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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Sep 03, 1966
Page
4
The week shows a drastic overhang in market psychology with many indicators near historic lows. New highs faded, while new lows surged. weekly declines outpaced advances, signaling one sided selling. Chrysler and other major stocks appeared on the buy list as potential mid term bargains amid a broader weakness.
United Auto Workers President Walter P. Reuther will press President Johnson in Detroit for support to curb price increases on 1967 cars. Johnson is to speak at Detroit's labor day event where Reuther may raise the issue. The session follows a slate of mixed market moves as investors await potential tax policy news.
The article notes market reaction to potential federal safety rule costs as observers debate whether higher auto safety standards will push prices up. Senators Magnuson and Ribicoff weigh in while Reuther discloses talks with lawmakers about absorbing safety costs without escalating prices. Chrysler's George H. Lave comments on hoped outcomes.
As Senate hearings reveal plans to shift added safety item costs such as collapsible steering columns and dual brake systems onto consumers, industry observers expect price increases on 1967 models. Experts note regulators and manufacturers face new price pressures amid talks of year‑ahead model pricing and inflation.
Washington reports more than 1.2 million Americans now benefit from the two year old federal food stamp plan. Agriculture Secretary Freeman told President Johnson that the program has expanded from 43 pilots in 22 states to 327 areas in 40 states and DC, enabling poor families to swap food budgets for higher value coupons redeemable at grocery stores.
Washington report details rising joblessness among Black workers and the unskilled while overall unemployment holds at 3.9 percent. Total employment climbs to 76,369,000 with payrolls near 64,580,000, yet the prior five-year trend of improving Black unemployment appears to stall, August rate at 8.2 percent versus 3.49 percent for whites.
One of the Navy’s oldest ships paused Friday to celebrate her 25th birthday. The 163 foot Butternut joins three others to reach No 25 and remain in commission. It serves the NOTS Pasadena testing the Navy’s latest antisubmarine weapons and MK 46 torpedoes. Attendees included Rear Adm. Frank A. Bradley and Capt. G. H. Lowe. Lt. Donald L. Solowion is the commanding officer.
A Los Angeles jury awarded A Torrance woman Rose mary Cantos and her daughter Joann Cantos 66,000 against General Motors Corp and Three-Way Chevrolet Co after a 1960 Corvair overturn on U S 99 north of San Fernando. The verdict found fault with the car design and possible defective components, while GM sought a new trial.
Thomas C. Mann, former under secretary of state for economic affairs, will be president and CEO of the Automotive Manufacturers Association. Roy Abernethy of American Motors will serve as chairman, with industry leaders rotating the role as in the past.
New York economist Homer Jones of the Federal Reserve Bank of St. Louis suggests the Fed may need to slow new credit to curb rising interest rates. He argues restricting money supply could dampen overall economic activity and reduce demand for bank credit, lowering rates. Data show money supply declined from June to August while total reserves fell from mid-July peaks.
Washington based AFL CIO urges Congress to back a measure from the House Banking Committee to cap time deposit interest at 4.59 percent for one year. President Johnson supports a flexible ceiling within a range rather than a fixed rate, with action expected next Wednesday.
Russian spy George Blake, serving a 42 year sentence, has filed for divorce from his wife Gillian Blake of Ljubljana Yugoslavia. One of the injured in a 1961 crash dies today, bringing the total death toll to 96.
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