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October 24, 1962 - Image 3

Resource type:
Text
Publication:
The Michigan Daily, 1962-10-24

Disclaimer: Computer generated plain text may have errors. Read more about this.

THE MICHIGAN DAILY

IDA cni trm" vv

PAGE THREE~i

K

Soc ufers Beating

Aden Demands Independence

Cuba Crisis

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Precipitates
Late Selling
NEW YORK (9) - The stock
market yesterday suffered its worst
beating in more than four months
as fears over the Cuban crisis
brought a powerful wave of late
selling.
There was open talk throughout
the financial community about the
possibility of a clash between Rus-
sian shipping and the United
States Navy ships of the Cuban
blockade and this brought "scared
selling," analysts said.
The late pressure weakened the
defense issues that had shown
strength most of the day, leaving
virtually all categories on lower
ground.
Dow Jones Average
The Dow Jones average of 30
industrials-slid 10.54 at 558.06 and
the Standard and Poor's average
of 500 stocks dropped 1.47 at 53.49.
The Associated Press average of
60 stocks was off 4.4 to 208.0, with
industrials down 6.2, rails off .1
and utilities off 3.9.
It was the sharpest one-day drop
since June 12, when the average
went down 4.7.
Wiped Out,
An estimated $6.3 billion was
wiped off the paper values of is-
sues traded on the New York Stock
Exchange, based on the AP aver-
age.'
Volume was 6.11 million shares,
the heaviest since 7.12 million
were traded July 10. On Monday's
slide, 5.69 million issues changed
hands.
The ticker tape was late for the
entire morning and again on the
late selloff, falling 23 'ninutes be-
hind transactions at the close of
trading.
New Laws Set,
Of 1,316 issues traded, there
were 1,015 declines and 154 ad-
vances. New lows for the year num-
ber 239 and there were no new
highs.
Most foreign exchanges and
other United States stock markets
also were lower for the day.'
Commodities, however, soared
again, as they had on the first
news of war scare Monday.'
Analysts noted that defense is-
sues-rails, steels and aerospace
stocks-fought the downtrend as
investors looked to them to benefit
from renewed military activity.
Many analysts said that in their
opinion, barring all-out war, the
longer range effect of the Cuban
action on the market should be
good..

Chinese Offer

Truce

After

Border

Attacks

<

Eisenhower
Pledges Aid
To Kennedy
GETTYSBURG (P) - Former
President Dwight D. Eisenhower
called on all Americans last night
to assist President John F. Ken-
nedy in the present crisis.
But he also signalled for the
GOP to press its campaign for
victory in the Nov. 6 elections.
"For though we support the
President in foreign crisis," the
former President said, "we do not
have to support him when he
speaks or acts as head of a poli-
tical party; and indeed we do not."
Free To Ask
- Eisenhower also said that "we
are free to ask and to learn how
we arrived at our present state,
even in foreign affairs."
And when the present crisis has
passed into history, he asserted,
"it will be entirely proper then
to examine and analyze and cri-
ticize decisions and actions taken."
In remarks prepared for a rally
of Adams County Republicans at
Gettysburg College, Eisenhower
said: "We meet in the aftermath
of a grave message of the Presi-
dent of the United States. The
decision he anounced last night
may seriously affect the lives of
all Americanis and the future of
the Republic.
Resolutely Ennunciated
"In -the circumstances of this
present time, as described by him,
the decision had to be made. It
had to be resolutely enunciated by
the one man who speaks for us
all in critical foreign affairs.
"As is all crises, America-as a
unit-follows her constitutional
leader. We must pledge him our
help in whatever way we can be
of help."
Kennedy, the White House an-
nounced, has cancelled all his re-
maining campaign dates in order
to concentrate on his presidential
tasks in the crisis.

BELOW REQUEST:
Sign Law for Aid;
Ban Communists

WASHINGTON
the foregin aid bill,

(P)--President John F. Kennedy signed yesterday
a $3.9 billion appropriation which is 20 per cent

below the amount he had requested.
The bill contains a clause prohibiting aid to any country providing
military or economic assistance to Cuba or which permits its ships to
haul cargo for the Castro regime.

There is
However, the

a similar ban on 18 designated Communist countries.
President maywaive these provisions provided that he
. inform the Foreign Relations Com-

Asks Student
Loan Fund
Democratic candidate for con-
gressmen-at-large Neil Staebler
has proposed a federal self-liqui-
dating loan fund for public and
private students.
Repayment, he suggested, would
be made through an actuarially
determined charge on each stu-
dent's income tax return, begin-
ning one year after he is out of
school. Congress would appropri-
ate sufficient money each year to
hold the revolving fund at a $200
million level. It would become self-
liquidating as repayment is made.
Staebler advised that participat-
ing schools would administer the
program "to insure protection
against federal control." Grants
would be based on tuition, room
and board and other education-
related needs.
He said that the "critical na-
ture" of competition between the
United States and Russia forces
the need for expanded education-
al opportunities.
Staebler said that he supports
the Kennedy administration's pro-
gram. "But in the area of helping
students finance their education,
I don't believe we have gone far
enough."

mittees of both houses of Con-
gress.
Money for the regular assistance
programs is included in a $6.2 bil-
lion package to finance a variety
of related international activities.
Major Categories
The major categories of funds
made available for spending or al-
location in the year ending next
June 30 and the reductions im-
posed by Congress are:
1) Economic grants $225 million,
down $110 million;
2) Special support for poorer al-
lies receiving military aid $395 mil-
lion, down $86.5 million;
3) The President's foreign assist-
ance contingency fund $250 mil-
lion, a cut of $150 million.
Less Than Requested
The Alliance for Progress in
Latin America gets $525 million,
or $75 million less than was re-
quested.
Funds available for long term
low or no interest loans to de-
veloping countries $975 million, or
$275 million below the Adminis,
tration's program.
Direct military assistance was
cut $175 million to a reduced total
of $1.325 billion.
Also provided are $8.9 million
for economic development in the
Ryukyu Islands, $14.9 million for
general migration and refugee as-
sistance, and $73 million to com-
plete payment of war damage
claims in the Philippines.

Communist
Armaments
Hit: Towang
Reds Use Automatics
Employed in Korea
TOKYO (P)-Red China propos-
ed yesterday a cease-fire and troop
pullback along the bitterly contest-
ed India-China border.
The Chinese also called for a
summit conference of Prime Minis-
ter Jawaharlal Nehru and Pre-
mier Chou En-lai to settle their
border dispute.
Peiking proposed that troops of
both nations pull back 20 kilo-
meters (12.5 miles) from where
the fighting is now going on. If
India agrees Peking said, the Chi-
nese would be willing to withdraw
its troops in the northeastern bor-
der sector where they have pene-
trated into territory long claimed
and occupied by India.
There was no immediate Indian
reaction to the statement. How-
ever, a Chinese call last Sept. 27
for a similar troop pullback was
rejected by the New Delhi govern-
ment. India said then that it would
not enter into any talks under dur-
ess or the continuing threat of
force.
Chinese Communist troops, arm-
ed with the same type automatic
weapons they used in Korea, drove
on the important monastery town
of Towang yesterday.
The influential center of Tibetan
Buddhism is at the end of an In-
dian jeep road into the steep jun-
gled Himalayas along the route
the Dalai Lama took in fleeing
from the Reds in 1959.
An Indian spokesman said the
Chinese launched a new attack
aimed at Towang across Bum Pass,
an important trade route from
eastern Tibet.
Indian forces, outnumbered and
outgunned, were forced to fall back
but were reported holding their
own on other sectors of the flam-
ing frontier.
Towang is about 17 air miles in-
side the 48-year-old Himalayan
boundary that Peking has repudi-
ated.

By DAVID LANCASHIRE
Associated Press Staff Writer
ADEN-Aden, once the neglected
stepchild of the British Empire, is
blooming into a bustling boom
town amid demands for independ-
ence.
This Cinderella of Britain's col-
onies lies on the tip of the Arab-
ian Peninsula, hedged in by spiky
mountains and fringed by sweep-
ing deserts.
Its bunkering port--7,000 ships
a year-is among the busiest in
the world, its population has soar-
ed and new buildings overlook
graceful old Arab dhows along the
waterfront.
Tax Free Shops
Camel carts and goats meander
through the traffic. Thousands of
tourists flocking ashore from pass-
ing ships buy radios and cameras,
Indian silks and French perfume
from a jumble of tax free shops.
The city's 300,000 residents-
Aden and Yemeni Arabs, Indians,
Somalis--enjoy a standard of liv-
ing unmatched on the Arabian
Peninsula.
Aden in ancient times was a
prosperous center of the incense
trade. Later it was a dwindling
fishing village that sheltered pi-
rate vessels. It was colonized by
the British 123 years ago as the
only good harbor between Egypt
and India.
New-Found Prosperity
The colony's new-found pros-
perity comes from a $125-million
oil refinery that fuels almost every
ship passing through the Suez
Canal and from Britain's big mili-
tary base, whose 7,000 troops pour
$30 million a year into the econ-
omy.
Aden is headquarters for Brit-
ain's 40,000 troops in the Middle
East, defending Western interests
and Persian gulf oil. Britain in-
tends to hang onto it, but revolu-
tion in Yemen to the north has
bolstered Arabs' demands for in-
dependence.
As a prelude Britain and five
ministers of Aden agreed to merge
the colony, 75 miles square, into
the South Arabian Federation.
Protected Principalities
The federation is a sprawling
series of British-protected prin-
cipalities with picturesque names
like Quishn, Yafa, Haushabi and
Dhala. Their turbaned rulers sign-
ed treaties with the British in the
19th century. Tribal raiding was
put down.
Fire Pershing;
Beacon Ready
By The Associated Press
CAPE CANAVERAL - A Persh-
ing artillery missile was fired un-
der simulated battlefield conditions
on a successful 300-mile test flight
Monday.
For the first time, the tracked
launching vehicle was on sandy,
sloping turf.
The Defense Department hopes
to launch a flashing beacon satel-
lite today to make more accurate
measurements of the earth.

British advisers still sit in mud
forts through the federation. The
Registration
Case Appealed
The latest development in the
case of a Brooklyn youth denied
admission to Brooklyn College be-
cause his gradepoint was .7 points
shy of minimum requirements took
the form of a city appeal of an
earlier Brooklyn Supreme Court
decision which upheld the stu-
dent's right to register.
The case is threatening to swing
into a full-scale investigation of
New York City University admis-
sions procedures.
The youth's average was 84.3 per
cent. President Harry Gideonse of
Brooklyn College said if the stu-
dent were admitted, "this would
cal for the admission of an addi-
tional 1,997 students in the four
senior colleges of the City Uni-
versity."
In his decision, Dr. Gideonse
was supported by Board of Higher
Education Chairman Gustave Ros-
enberg, who explained that "to
admit one student who gets a
court order would flood us with
thousands of appeals and similar
cases. . . If we admitted them,
just that many who were quali-
fied by their 85 per cent average
would have to be turned away."
In suing for admission to
Brooklyn College, the plaintiff, 17
year old Melvin Lesser, a Brook-
lyn high school senior, contended
that he had taken a special honors
program in high school and the
heavier work load caused his aver-
age to fall below 85 per cent.

The move to link sophisticated
Aden with backward protectorate
states stirred a wave of protest.
Three persons were killed in tear-
gas riots Sept. 24 as the colony's
legislative council-a partly elected
and unrepresentative body-ap-
proved the merger, slated for next
month.
Last Chance
Abdullah Asnag, peppery 29-
year-old labor leader who seeks
to lead the colony to Independ-
ence, says: "We are determined to
go all the way to oppose it with
peaceful resistance and civil dis-
obedience. The struggle must end
with the British leaving here al-
together. We shall be independent.
Britain has lost her change to
negotiate for keeping her military
base here."
Asnag heads Aden's 17,000-man
Trades Union Congress and its
People's Socialist Party, by far
the colony's strongest political
body. The congress has called 250
strikes in three years-despite a
no-strike law.
Even Aden ministers who voted
for the merger are having second
thoughts.
The pro-merger National Union
Party was trounced in recent mu-
nicipal elections. Arab nationalists
are pressing for a referendum on
the move.
British Colonial Secretary Dun-
cair Sandys has affirmed Britain
intends to give Aden eventual in-
dependence through the merge*.
But the merger may be doomed
and the Nationalists are impatient.

Emirs,
sharifs
council
Ittihad.

sultans and sheiks and
have formed a federal
at the new capital of Al

NEWMAN CLUB
LECTURE SERIES:
UNDERDEVELOPED DEMOCRACY"
eaker: DR. ALBERT WHEELER
Wed., October 23-8:00 P.M.

Newman Center

331 Thompson

It
BOX OFFICE.
TRUEBLOOD AUD., FRIEZE BLDG.
OPEN TODAY
THRU FRIDAY-12:30-5:00 DAILY FOR
University Plaers
Dept. of Speech
' SEASON TICKETS
next week THE SERVANT OF TWO MASTERS
opens Tuesday * CARMEN Dec. 5-8 * SIX
CHARACTERS IN SEARCH OF AN AUTHOR
Jan. 9-12 * opera THE HUNTERS (WILD-

CHRIST
and
BAHA'FULLAH
"Followers of the Gospel",
exclaimed Baha'u'llah ad-
dressing the whole of
Christendom, "behold the
gates of heaven are flung
open." He that hath as-
cended unto it is now'
come. Give hear to His
voice . . . announcing to
all mankind the advent of
this revelation . . . that
which ye were promised in
the Kingdom of God is
fulfilled . . . verily the
Spirit of Truth is come to
guide you unto all truthj
... The Comforter whose
advent all the scriptures
have promised is now
come that he may reveal
unto you all knowledge
and wisdom. Seek Him
over the entire surface of
the earth, happily ye may
find Him."

I

By The Associated Press EDWARDS AIR FORCE BASE help stabilize the X-15 in atmos-
SAIGON-Communist gunners -An X-15 rocket plant, hunting a pheric flight, but United States
et fire to one of the United States safe way to top its 314,750-foot space agency engineers believe it
army's new turbine-powered es- altitude record, zipped to the may have the opposite effect dur-
ort helicopters yesterday, but the fringe of space and back yester- ing re-entry from space.
>ilot put out the flames by landing day without its bottom tail fin. * * .
,n a flooded rice field. This ventral fin was designed to WASHINGTON-A 24-hour de-
lay in a high altitude nuclear test
shot in the Pacific testing area
was announced here yesterday. It
was rescheduled for 2:30 a.m. to-
day.
* FREMONT, Mich.-President of
the Constitutional Convention
Stephen A. Nisbet remained in cri-
tical condition yesterday under
care at Geiber Memorial Hospital
after a coronary thrombosis but
attendants said he had spent a
fairly comfortable nigh.t
* * *
WEYMOUTH, Mass. - Massa-
chusetts State Police sent out a
pickup order yesterday for Thom-
as R. Richards, saying he was
wanted for questioning in the rec-
ord $1.5 million mail truck rob-
bery in Plymouth Aug. 14.
Delicious Hamburgers 15c ***
TOYKO-North Korea's rubber-
Hot Tasty French Fries 12c stamp parliament installed Pre-
mier Kim Il Sung in office once
Triple Thick Shakes.. 20cgs nra n oeao
R gi yesterday and approveda
cabinet with only one major
change. The former army chief of
2uuu W. Stadium Blvd. staff, Gen. Kim Chang Bong, be-
came defense minister.

Concert of French
QPopular Songs
by 0
MARC et ANDRE
U from
L'ECLUSE of Paris
Trueblood Auditorium November 5 at 8:30
Tickets: $2.00, 1.50, 1.00 2076 Frieze
Mail orders accepted now
Checks payable to:
Dept. of Romance Languages
Uo o o oo co oo <o < o<

SCHUTZ) Mar. 5-9

* THE HOUSE OF BER-

NARDA ALBA Mar. 27-30

* THE MAD-

WOMAN OF CHAILLOT Apr. 24-27 * A

MATTER OF STYLE May 16-18

* all per-

formarkces 8:00 p.m.
tickets for individual shows
and Cultural Activities Ticket exchange
starting Mon., Oct. 29, 12:30-5:00
for information-66-3-6470
or university ext. 2235

N

Sale
Playtex $250 Bras
2 for 399

A

s

THE LORD OF
THE NEW AGE
will be discussed by
WINSTON G. EVANS
author and lecturer of
NASHVILLE, TENN.
Mr. Evans has discussed
Baha'u'llah and the
Baha'i Faith with
many well-known
Christian leaders.
Thurs., Oct. 25, 8 P.M.
Auditorium A, Angell Hall
Public Invited
Questions answered
Free literature

" . : K"' 4f . :: ''

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