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May 09, 1963 - Image 3

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Publication:
The Michigan Daily, 1963-05-09

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9, 1963

THE MICHIGAN DAILY

PAGE

9, 1963 THE MICHIGAN DAILY PAGE

.ennedy Doubts Ban Passage,

ears Further Atomic

Testing

DOMINICAN DISPUTE:
Haiti Seeks UN Action
To Halt Battle Threats
By The Associated Press
UNITED NATIONS-Haiti called on the United Nations Security
Council yesterday to halt what it called "repeated threats of aggres-
sion" by the Dominican Republic.
The Dominican Republic quickly denied the charges and proposed
that the Dominican-Haitian dispute be left in the hands of the Or-
ganization of American States.
Meanwhile, in Washington, the OAS decided by a vote of 18-0
yesterday to send its special committee back to Haiti and the Domini-
can Republic to work for a settle-

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Hayes Views Stock Trends

By EDWARD HERSTEIN
"I don't see something like the
1962 drop in stock prices happen-
ing again," Prof. Douglas A. Hayes
of the business administration
school said yesterday.
Explaining that the New York
Stock Exchange is in a "much
more healthy situation" than it
was in December, 1961, Prof. Hayes
outlined the causes of the market's
sharp drop a year ago and its
spectacular rise back to near-rec-
ord highs this spring.
Prof. Hayes noted that, although
the market indices show that the
market is near the record highs
set in December, 1961, "the mar-
ket averages look better than the
market."

This is because "the rise has
been concentrated in blue chip
stocks," he said. "The stocks that
are the most speculative haven't
risen (see box)." Since market
averages are based largely on the
blue chips, the total value of stocks
today is considerably lower than
it was then, although the aver-
ages show little difference.
Prof. Hayes said that there was
"no real reason" for the market
to have dropped as it did in the.
spring of 1962. He referred to
claims that the drop was due to
President John F. Kennedy's pre-
vention of the proposed steel price
increase as "malarky."
However, there were many
small-time speculators in the mar-

ket that spring, he said, and "the
small - time speculator p a n i c s
quickly. This is why the market,
especially the 'glamor stocks,' fell
so rapidly."
Institutional Buying
The healthier state that the
market is in now is due to insti-1
tutional buying of blue chip stocks,
he added.
Price of Selected Stocks on the
New York Stock Exchange
Stock Dec.1961 May 1963
SPECULATIVE ISSUES

Brunswick
IBM
Polaroid
Zenith

53','
58l1Y2
216/4
75

p

BLUE CHIP STOCKS
DuPont 239%
General Motors 561
National Dairy 73s
Standard Oil 51

15Y
460%/
123%
571f
2514
71',g
66
65Y2

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With investment firms and in-
stitutions doing most of the buying,
while the individual speculator
stays out of the market, it is in a
"much better context" than it
was in 1961, Prof. Hayes said.
However, he felt that "the mar-
ket is now much closer to its up-
per limit than its lower limit.
Stocks are pretty 'full-valued' at
present."
Goldberg Hits'
New Proposals
CHICAGO (M)-Efforts to re-
duce some of the powers of the
United States Supreme Court by
action of state legislatures, says
Justice Arthur J. Goldberg, are
"ill advised and not well consid-
ered."
Goldberg, named to the Supreme
Court last year by President John
F. Kennedy, told a news confer-
ence yesterday three proposals are
"making the round" in various
states.
He said one seeks a constitu-
tional amendment to reverse the
high court's ruling a year ago
holding that citizens dissatisfied
with the reapportionment of their
legislative districts can sue for re-
lief in federal court.
Goldberg said that "any such
action would make the United1
States Constitution quite different
from that intended by the found-
ing fathers."
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Conference
Covers Laos,
Middle East
To Support Security
Of Israel, Neighbors
WASHINGTON JP) - President
John F. Kennedy said yesterday
that failure to ban nuclear shots
-and he is not at all hopeful of
an agreement to ban them-would
lead to more tests and "a great
disaster for the interests of all
concerned."
Conditions in the Middle East
came up early in the news con-
ference. Kennedy said he does not
believe recent developments have
changed the balance of military
power there.
Support for Israel
He said the United States sup-
ports "the security of both Israel
and her neighbors." In the event
of direct or indirect aggression,
the policy of the United States
has been and will be to back ap-
propriate measures in the United
Nations and to "adopt other cours-
es of action on our own to prevent
or to put a stop to such aggres-
sion."
On the subject of the current
Haitian crisis, Kennedy declined
to say whether the Organization
of American States should apply
diplomatic or economic sanctions
against the Haitian Francois Du-
valier regime. He suggested wait-
ing to see what an OAS peace-
keeping mission accomplishes in
the next few days.
Soothing Success
And there were signs that the
President was succeeding in sooth-
ing unrest in the Pentagon over his
decision to drop Adm. George W.
Anderson as chief of naval opera-
tions. He was gratified, he said,
that Anderson has agreed to ac-
cept another unspecified "position
of high: responsibility" in federal
service.
Asked why we have committed
ourselves militarily in Viet Nam
but not Laos, Kennedy said it was
because the two situations are dif-
ferent. He said we have. had a
commitment for years on the in-
tegrity of Viet Nam. He said hey
hoped Laos could be kept neutral
and that maybe it could not. He
said the effort was to adopt the
best strategy in each particular
case and wait to see what happens
in Southeast Asia.
Kennedy was asked the objec-
tives of the meeting he is to have
at Hyannis Port, Mass., with
Canadian Prime Minister Lester
Pearson this weekend. The Pres-
ident said the two countries have
many problems in common and
that he and Pearson plan to deal
with them all.

ment.
Since they are the countries in-
volved, Haiti and the Dominican
Republic did not take part in the
vote, but the United States and the
rest of Latin America were unani-
mous.
The committee, which in the
past had only power to investigate
the situation, will now perform;
"whatever service is necessary" for
the two parties to the conflict to
find a quick solution.
In related happenings, tension
between the two countries prompt-
ed the United States government,
to call for immediate evacuation
of families of American service-
men and diplomatic officials in
Haiti by air, as the United States,
Navy put on an apparent show of
strength by sending ships and
Marines into Gonave Bay, at Port
au Prince.
The converted aircraft carrier
Boxer led a squadron of Navy
ships and 2000 Marines to the very
fringes of Haitian waters while
two planes airlifted 178 American
wives and children from the island
of Hispaniola.
Thayer Expects
Special Session
Of Legislature
By MICHAEL HYMAN
The Detroit School Board of
Education has asked Gov. George
Romney to call a special session
of the Legislature to alleviate the
severe financial straits in which
the Detroit schools found them-
selves after the spring elections.
Though the probable result of
such a session would be a special
fall election in Detroit to recon-
sider the new school levies, Sen.
Stanley G. Thayer (R-Ann Ar-
bor) stressed that the levies were
"defeated by a large margin" in
April and thus chances for the
taxes' passage this fall would not
be good.
However, Thayer noted, since the
taxes alone would be on the bal-
lot, the issue would be more publi-
cized, possibly attracting more
supporters and emphasizing the
seriousness of the financial crisis
confronting the schools.
State law, Thayer explained, re-
quires that Detroit school bond
and millage measures be voted on
in general elections. A special ses-
sion of the Legislature would be
necessary to alter the existing
state laws prohibiting a special
election.
further real property taxes."
Thayer termed the April 1 de-
feat of school taxes as an expres-
sion of the "strong feeling against

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Grou pViews
Loan Plans
WASHINGTON - The House
Education subcommittee is con-
sidering Administration proposals
for enlargement of the student
loan program under the National
Defense Education Act.
Francis Keppel, commissioner of
the Office of Education, present-
ed proposals to the subcommittee
for two new types of loans for
needy college students. The first
would provide federally insured
commercial loans to students who
do not qualify for government
loans.
The second type would make
funds available to colleges and
universities to implement work-
study programs for students.
Also proposed were fellowship
grants for graduate students,
training and research in foreign
language techniques, institutes for
advance study for teachers and
the purchase of teaching equip-
ment for foreign languages, sci-
ence and mathematics.
Copyright, 1963, The New York Times

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World News Roundup

*.

Who says Oxford cloth has to be heavy ?

.I

By The Associated Press
VIENTIANE - Laotian Deputy
Premier Prince Souphanouvong re-
jected yesterday a move aimed at
breaking the deadlock in peace
talks between his pro-Communist
Pathet Lao and the neutralists of
Premier Prince Souvanna Phouma.
The Pathet Lao radio at Khang
Khay said Souphanouvong turned
down an invitation to attend a
meeting of the Laos council of
ministers, headed by King Savang
Vathana.
LANSING-A tentative starting
date of May 20 was set yesterday
for the recount of the April 1
election adopting a new state con-
stitution. The recounting will be
done by county boards of can-
vassers under supervision of the
State Board of Canvassers.
BOSTON - The Boston Globe
said yesterday it has been told
exclusively by Canada's Prime
Minister Lester B. Pearson that his
country will shortly announce
plans to join the Organization of
American States.
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WASHINGTON - The House
yesterday passed a $1.2 billion
military pay raise bill. It would
grant the nation's servicemen their
first salary increases in five years.
ANDOVER, Mass.--Sen. Barry
Goldwater (R-Ariz) has voiced
support of the use of federal force
in the South when local law, lo-
cal officials and the National
Guard fail to do the job.
NEW YORK-After two weeks
of irregularity, the New York Stock
Exchange rallied vigorously yes-
terday, bringing the averages close
to their 1963 peaks. Closing Dow-
Jones averages showed 30 indus-
trials up 5.99, 20 rails up 0.89, 15
utilities down 9.25 and 65 other
stocks down 1.39.

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