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June 03, 1965 - Image 3

Resource type:
Michigan Daily, 1965-06-03

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Reiect Junta Election Offer

Labor Tax Reform Bill Will the Stock Market Crash?



.. 1n V.. V V 11 . is

Republic (P)-Rebel leaders yes-j
terday rejected a junta proposalI
for new elections to settle the Do-
minican conflict.
Col. Francisco Caamano Deno.
who presides over the rebel re-
gime, turned aside. as "a fable,"
the ' election formula laid down
Tuesday by the civilian-military
Caamano told newsmen that be-
fore any election could be con-
templated by the rebel. faction a
new government operating under
the 1963 constitution must be re-
Calls'for Elections
The junta, headed by Gen. An-
tonio Imbert Barrera, called for
elections as early as possible ,un-
der the supervision of the Organi-
zation of American States. The
tD 9
Btndy Defends
Foreign Policy
Bundy said yesterday American
power is being used in Viet Nam
and the Dominican Republic in
the interest of peace and the peo-
ple involved.
The U.S. action should be judg-
ed by its results, he added.
Bundy, who is President Lyndon
B. Johnson's national security af-
fairs adviser, defended the ad-
ministration's policies against cri-
ties of the right and left in a
speech to an International Pub-
lishers Association luncheon spon-
sored by the Readers Digest.
Bundy said that the United
States entered the world scene as
a big power with the fall of France
in 1940 and since then has been
faced with the need to act or not
act in international circumstances
that arise.
But U.S. foreign policy goals
have been steadily for peace and
for the interests of others as well
as Americans, he said.
And while immediate and un-
animous approval is not antici-
pated, he said, "we expect . . . to
be judged in the end by the re-
sult, by the effect" of what is
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-WN W '" " " -- By SAM DAWSON stock market had its worst crash the business cycle was old hat.
ONOWYRoueoCo oscm pwtativo1929 since 1929. It revived and prices This belief was strengthened in
election would be open to all LONDON ()-The House of Commons came up with a tie vote, YORK ()-Could the early this May were at record both instances by a long period
pate.crash hphighs. FdealR
"281-281, last night on a major tax reform measure of the Labor Party happen again? Federal Re- hs. The very heighth of these of economic growth. In both years
In another development, battle-government. serve Chairman Wilam h prices make some observers dizzy. private debt was growing rapidly.
In another developmnt, battle- The bil a Conservative whoney Martin sees the current boom picsUwngI ohyastem eyupl
ready Brazilian troops pushed the The bill was saved by the acting chairman, psychology as having "disquieting BusinnUpswinglin both years the money supply
international security zone south "went along with the tradition that the chair always votes to keep an similarities" with that of the Businessmen are more inclined was t15idifr
and west to embrace the battered issue before the House 1920's toconcentrate on the evidence of But 1965 is different from 1929
national presidential palace. Jubilant Conservatives set up a roar as the tie vote was announ- But the Johnson administrati ,continuing strength of the 4-year in many ways: excesses of the
The operation, carried out ed. holds that there's small likelihood olde the brakes on booms and the credit are under close supervision
smoothly by units of a battalion of I Then Sir Herbert Butcher, deputy chairman of the Ways and of a repeat performance-if the
" z cushions for downturns that have now, while Iin 1929 the sky was
infantry, took out a sizable chunk Means Committee, gave his deciding vote to the Labor government for Federal Reserve, business and la- been do nce the 1929 the ky pas
of city area lying between rebel a one-vote margin. Defeat for the proposal to introduce an American- bor all will cooperate with gov- besn dit h o there
lines and the American controlledsyecrorto a i rti ernment in keeping the economygas. w.h'corporate profits.An ere
east-west corridor. style rporationtax Brtai on a one-way street to prosperity. Bankers study the clash in eo- is now a vastly expanded middle
Erwould have been a serious blow to nomic and monetary thinking in class with higher incomes and im-
Effect of Operation n. a" ' FEF This doctrine is called the new
The effect of the operation, N avy Planes the prestige of Prime Minister Washington to glean clues as to pressive liquid assets-as well as
. Harold Wilson's Labor govern- economics. It contends that the the future course of interest rates debts. Wholesale prices are fairly
howeerpraticaly emoed te ~j- ~business cycle can be licked.01' at
possibility of a dangerous clash meot Down nient. least tamed and that 1929 need and the recently noted trend to- stable now, while in 1929 they
b nj r nGovernment Whips ward tighter money and credit. were declining.
between the 350 junta troops innerhapngi.
the palacek and the rebel forces °;,y;;'"aiieseIt probably would not have np. The trends-and the clash, if it Business expansion of capacity
only a block away. brought the government down, butOld Memories becomes sharper-can affect both now is being tailored much closer
Under the agreement reached the government whips responsible The Martin rattling of old men- the course of the domestic econ- to consumer demands. Social se-
Unde theairementreacedhtevgoernmnthwipsgesposibl
Tuesday between the contending SAIGON (R)-North Vietnamese for getting members of Parliament ones sent shiveis through U.S. omy and the troubled interna- curity. unemployment benefits,
factions through OAS negotia- COL. CAAMANO DENO gunners downed two U.S. Navy into the voting lobbies would havea k London stock markets this tional monetary situation. dozens of government projects in-
tions, the junta forces in the pal- planes in succession about 70 been called on the carpet-as they week There are a number of things sure against the disastrous drop
ace will be reduced to a token ( The maneuver places the Bra- miles south of Hanoi and all their probably will be anyway. Stock traders were alarmed that that make 1965 look like 1929. But in private income that the 1929
force of 25 men. zilian forces within a few blocks five crewmen were reported killed The House of Commons was sit-; the smoldering dispute between even Martin concedes there are crash triggered,
The extension of the interna- of rebel lines in an area where yesterday. A rescue pilot said there ting as a Ways and Means Com- administration economists and the many differences, too. Psychological Hold
tional security lines began at 11 rebel exchanges with American was no chance they survived. mittee to consider amendments to money managers was coming out The similarities: in both 1929 And, as the 1962 stock market
a.m. The Brazilian troops moved forces have been the heaviest. The loss of the five Americans the annual finance bill. That was into the open. and 1965 government and business crash showed, general prosperity
in two columns on opposite side- Shooting Incidents was the heaviest on any single why Butcher was in the chair in- They also were aware that it leaders were convinced that pros- isn't as closely tied to the market
walks of a street leading east to- Of the 19 shooting incidents day of the raids that were launch- stead of the house speaker, Sir was just three years ago that the perity would last forever and that as it was in 1929. The stock mar-
ward the palace grounds. Tuesday night, 11 were in the cor- ed against North Viet Nam Feb. 7. Harry Hylton-Foster. ket still has great psychological
Brazilian Troops ridor or in the area just north But other planes of the Navy and Hylton-Foster hold on the public. But the public
At the head of the columns of the palace. One paratrooper U.S. Air Force maintained the Hylton-Foster, also a Conserva- F7 now takes the ups and downs of
marched two infantrymen carry- was wounded by a rebel hand pressure with strikes at bridges, sip was retaed thespeaker- W o l e sou the market without panicking.
ing the blue OAS standards. The grenade. boxcars and radar sites. ship by the Labor government The 1962 crash disturbed the
Brazilian troops moved cautiously, Intensive gunfire was reported South of V C after its narrow victory the public
arms at the ready, along the side- m the residential areas east of installations thebo dei, etCon last parliamentary elections. Theys little scars from it.
walks. They were trailed by knots the Hotel Embajador. but there in the Ba Gia area Laborites chose this course rather! Y The Associates Press The 1929 crash in the market
of newsmen and television crews. was no official account of the of the Ngai province, the scene than sacrifice one of their own WASHINGTON-The Peace Corps said 24 volunteers arrived in spread inevitably through the
Dominican junta troops inside 1auses. e avet kby nealyfighting, 100members in the normally non-vot- the Dominican Republic yesterday with the approval of rival factions whole economy. It brought on both
the geounds peered quietly through The rebel proess office reported cameundercattackrbydnearyi100ting role. in the strife-torn Latin American natin.g
the fence at the Brazilians. There ight mortar shells were fired into American and South Vietnamese Edward H e a t h, opposition m* n to correct it.
was a wave here and there but no the rebel sector Tuesday night, war planes. Returning pilots said spokesman on taxation, challeng- These measures have expanded
waesgnoregnin nounen one .hydsryd25bidnsadedtegvrmn oaohrvt PRAGUE, Czechoslovakia-President Tito of Yugoslavia arrived steadily and the latest refinements
fortifications and damaged 110. as his party savored the near- yesterday for a week-long state visit to Czechoslovakia and a round on moderating the business and
But the Viet Cong had struck victory of the tie. He laced into of talks on the Moscow-Peking feud. The tour will take him later monetary ups and downs are dub-
again 100 miles away with an at- the Laborites, berating them for to East Germany and the Soviet Union. Tito was greeted at Ruzyn bed the new economics.
CTOS am p u s-. tack on the district headquarters a failure to answer Tory argu- airport by President Antonin No -___
town of Le Thanh and a series of ments against the tax or muster a votny.
three ambushes on the Pleiku-Le majority to get it through. Then W -
Thanh road that left 175 South he called for a test vote toad- WASHINGTON- The United
THURSDAY, JUNE 3 Era and After" will begin with; Vietnamese troops dead or miss- journ the t he finance States yesterday ordered a first
9 p.m.-Registration for a con- morning addresses by Prof. Mar- ing. bill. secretary of the Soviet Embassy
ference on "The Khrushchev Era shall Shulman of the Fletcher This was the action, 220 miles The government regrouped its to leave the country as soon as
and After" will be held in the Schol of Law and Diplomacy at northeast of Saigon, in which the forces on this vote, and came possible for engaging, In "activi-
lobby of the Rackham Bldg. The Tufts University and Richard death of two U.S. army advisers through with a majority of 5. The ties incompatible with his diplo-
conference will take place on June Lowenthal of the Research Insti- was reported Tuesday. The De- vote was 284-279. matic status."
4 and 5. For further information tute on Communist Affairs at Co- fense Department identified the - Th mn dclarpersna non

a ':
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contact the Extension Service,
9 a.m., 2 p.m. and 8 p.m. - "The
Conference on the Khrushchev
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lumbia University.
At the afternoon s e s s i o n
Prof. John Hazard of Columbia
University will deliver an address
on "Are Post-Stalin Russians Be-
coming 'Rights Oriented'?" and
Prof. Alec Nove of .the University
of Glasgow will discuss "Economic.
Causes and Consequences of
Khrushchev's Fall." An address by
Patricia Blake of the Russian In-
stitute at Columbia will highlight
the evening program.
7 and 9 p.m.-The Cinema Guild
will present Harold Lloyd in "Nev-
'er Weaken," Laurel and Hardy in
I "Battle of the Century" and Har-
I ry Langdon in "Lucky Star" in the
I Architecture Aud.

American ambush victims as Maj.
Bernard W. Dibbet, 38, of Fay-
etteville, N.C., and M. Sgt. Hugh
M. Robbins, 46, of Lawton, Okla.
Three government battalions
moved cautiously to reclaim Le.
Thanh,_ which was overrun early
Tuesday by a battalion or more
:f the Red guerrillas. Survivors
said that, of the 100-man militia
garrison two-thirds were dead or
missing. Ambushes on the road
from Pleiku, 25 miles northeast of
Le Thanh, accounted for the oth-
er government casualties.
Helicopter gunners said they be-
lieved they killed 20 of the Viet
Cong. This was unconfirmed by
body count.

Heavily Active
Exchanges 0Dip
NEW YORK (AP) - The stock
market dipped sharply yesterday
on the heels of Tuesday's severe
setback, but cut the day's worst
losses in half at the close.
Trading was heavy, with, vol-
ume rising to 6.85 million shares
from Tuesday's 4.85 million.
Bargain hunters bought heavily
near the close, shrinking a loss
that for a time looked as if it
might equal- Tuesday's, one of the
worst slumps of the year.

Full Time & Evening Employment
MEN ONLY 18-35
If you are free from 6 p.m. to 10 p.m. four evenings each week end
occasionally on Saturday, you con maintain your,studies and still enjoy
a part-time job doing special interview work that will bring an average
weekly income of $67.
If you are neat appearing and a hard worker call Mr. Jones at 761-
1488 from 10 a.m. to 12 a.m. Monday-Friday. No other times.
We are also interested in full-time employment.

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grata" is Stefen M. Kirsanov.
NEW BERN, N.C.-Three white
men, one identified as a Ku Klux
Klan leader, pleaded guilty yester-
day to charges of dynamiting two
cars outside a Negro church dur-
ing a civil rights rally last Jan.
The three were given suspended
jail sentences by Superior Court
Judge Albert Cowper.
DIAL 8-6416
(the beautiu/baby from "The Prize )
DIAL 2-6264

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official publication ,of The Univer-
sit) of Michigan, for which The
Michigan {atiy assumes no editor-
ial responsibility. Notices should be
sent in TVI'hWItITTEN form to
Room 3564 Administration Bldg. be-,
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publication, and by 2 p.m. Friday
for Saturday and Sunday, General
Notices may be published a maxi-
mum of two times on request; Day
Calendar items appear once only.
Student organtzation notices are not
accepted for publication.
Day Calendar
Bureau of Industrial Relations Per-
sonnel Techniques Seminar - George
S. Odiorne, Bureau of Industrial Re-
lations, "Human Problems of Quality
Control": Michigan Union, 8 a.m.

Training and Development, Personnel
Office, University Management Seminar
-Clark C. Caskey and Mitchell S. No-
vit, Bureau of Industrial Relations,
"Orientation to Supervisory Practices":
Michigan Union, 8:30 am.'
Michigan Fire College-Registration,
Civil Defense and Disaster Training
Center, 8:30 a.m.
Conference on The Khrushchev Era
and After-Registration, Rackham Lob-
by, 9 p.m.
Doctoral Examination for Soonsung
Hong, Electrical Engineering; thesis:
"Application of Conformal Mapping
to Scattering and Diffraction Prob-
Use of This Column for Announce-
ments is available to officially recog-
nized and registered student organiza-
tions only. Forms are available in Room
1011 SAB.
*. * *
Christian Science Organization, Regu-
lar testimony meeting, Thurs., June 3,
7:30 p.m., 3545 SAB.
* **
Folk Dance Club, Folk dance with in-
struction, Fri., June 4, 8-11 p.m., Wom-
en's Athletic Bldg.

lems," Thurs., June 3, 2310 E. Engrg.
Bldg., 10 a.m.
Physical Chemistry Seminar: Walter
Duerksen, University of Michigan,
Chemistry Dept., "Significant Structure
Theory of Liquids," Thurs., June 3, 4
p.m., Room 1400, Chemistry Bldg.
Archer Daniels Midland Co., Minne-
apolis, Minn.-Parlous openings for mir.
of argic. & chem. products including
1. Admin. Chemist, B9 Chem. or Ch.
Engrg. 2. Tech. Sales Trainees, BS
Chem. or Ch. Engrg. or Bus. Ad., Lib.
Arts plus some chem. bkgd.
City Planning Comm., Allentown, Pa.
--City Planner, MA, some exper. Up-
date planning program & assist in com-
Imunity studies.
Chemical Fund, N.Y.C.-Attn.: Recent
grads. Security Analyst. Chem. or Ch.
Engrg. plus finance or bus. admin.
Analyze bus., econ., & tech. factors re-
lating to investments.
Atlantic Refining Co., Phila., Pa. -
Evaluation Engr. BS Ch. Engrg. Con-
duct econ. analysis of research pro-
grams. Financial aid available for grad
study leading to MBA or MA Indus.
Merck & Co., 'Rahway, N.J.-Virolo-
gist. PhD. Conduct virus & immunolog-
ic studies in cancer research program.
Located in West Point, Pa.
* * *
For further information, please call
764-7460, General Div., Bureau of Ap-
pointments, 3200 SAB.

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DIAL 5-6290

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