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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
May 29, 1962
Page
17
Long Beach markets reflected national tension as sell orders surged across downtown brokerages. Spectators watched numbers flip on tickers while traders debated causes, with Dean Witter noting emotional selling and investor confidence concerns amid heightened war talk and geopolitical stress.
Israel's supreme court affirmed the death sentence for Adolf Eichmann, rejecting his appeal and deeming the penalty appropriate given the scale of his crimes. The 56-year-old former Gestapo official faced possible execution after a lengthy trial, with clemency as his only remaining path.
At Geneva the Soviet Union renounced a Franco Western pact condemning war propaganda, triggering a major crisis at the 17 nation disarmament conference. Ambassador Dean accused Russia of breaking its word as Valerian Zorin read a Soviet statement calling for changes to the draft declaration citing tensions in West Germany, Taiwan, and South Vietnam.
The Weather Bureau predicts Memorial Day will bring scattered showers and thunderstorms mainly in the eastern Ohio Valley to the East Coast and Gulf Coast states. A revised forecast calls for generally fair weather across most of the nation with possible showers in the northern Rocky Mountains and far northern Mississippi Valley.
In Chicago a Greyhound bus passenger Milo Savo Brekich 27 of San Francisco stabbed the driver and two passengers before police fatally shot him. Officer did not specify motives. Two hospitalized from shock. Brekich allegedly threatened to kill all aboard as the Marine driver escaped.
The Long Beach Press-Gebaram edition publishes Tuesday May 29 1982 as the Souishlandis Finest Evening News. It lists a 32 page issue with six editions daily and No 101 in section LXX.
Treasury Secretary Douglas Dillon urged potential tax cuts after a huddle with Democratic congressional leaders and the president. Commerce Secretary Luther Hodges announced an early write-off schedule amid a mixed outlook from European markets and Japan, suggesting relief may be aimed at stimulating activity.
G Keith Funston president of the New York Stock Exchange told 238 graduates at Trinity University that the market plunge was not a calamity but a reflection of a free economy. He cited selloffs to protect profits, auction dynamics, and pressures from Kennedy steel policy, the SEC, and wage bills as contributing factors, noting uncertainty about future trends.
The Financial Times notes vast losses in London shares while Swiss and West German exchanges show gyrations and a midday recovery. Frankfurt and Tokyo also see sharp declines amid a global selling trend sparked by President Kennedy pressing steel firms to roll back price hikes.
Malcolm Scott Carpenter, 37, received today a bachelor of science degree from the University of Colorado in a heat transfer course, though he failed to complete a prior year. President Quigg Newton noted Carpenter’s astronaut training had more than made up for any deficiency, and the ceremonies were held in the university football stadium.
Night and morning cloudiness give way to mostly clear skies by Wednesday. Highs reach about 65 degrees by noon today.
An Orange County housewife in Fullerton phoned a local paper to report her plan to trade her blue chip stocks before prices decline further. She stated, Stocks are down and I’m going to trade in my blue chip stamps before they fall too.
The notice outlines where to locate coverage on the Billie Lou Estes case and related public affairs across multiple pages including Agriculture officials on the stand, a Beach Combing feature, editorial commentary, sports pages, and vital statistics, with specific page references for each item.
The market recovered from a severe drop as heavy trading and late tape hindered pace. IBM rose 26.00, American Telephone up 6.97, Du Pont 7.50, Polaroid 4.50, Sears 4.25, and Jersey Standard 4.62 as the Dow aimed to claw back losses while volume surged and speculation grew. The day ended with a hopeful tone despite the earlier plunge.
Four workers died when a moving platform on a 43 story Equitable Building plunged to the sidewalk in Midtown Manhattan. Victims were Nicholas Sczerka 45 of Queens Alesces Johnson 33 of Manhattan Flagit Grover Zunk 38 of Astoria and Edward Bartelho 42 of Bayonne New Jersey. The platform failed apparently due to braking problems with the remote controlled engine atop the building. The incident occurred around 5 30 am across from Radio City Music Hall.
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