European Stars And Stripes (Newspaper) - August 28, 1959, Darmstadt, Hesse Friday August 28, 1959 the Stak and St web speaker Ray Burn says Bond rate action unlikely in 59 Washington a speaker Sam Rayburn a Tex said he does hot expect the House to consider this year repeal of the interest rate ceiling on government Bonds repeatedly urged by president Eisenhower. Rayburn told his news Confer ence i Don t think it will be taken up because there is not the slightest Chance the. Senate will do anything this he did not close out the possibility however of legislation raising the interest rate one and a savings Bonds bought by individuals from 3% to 3%, per . Eisenhower prodded con Gress again to act before adjourn ment on raising gasoline taxes to finance the deficit Ridden Highway program and to enact minimum essential housing legislation. Greatest importance but of greatest importance he told Congress in a pair of special messages is action on repeal of the interest rate ceiling to permit or Derly management of the record $290 billion Public debt but House leaders describe chances of interest rate legislation As very very number of factors were in is the probable Short time remaining before leaders were wary of pass ing an interest Bill now and the have the Senate fail to of the House democrats said they live been told the Senate plans no action. They said a legislative Layover until january could create chaos in the Bond Factor is that some democrats feel the urgency for passage of has eased because the Treasury has completed most of its major re financing for tvs year and will not need to compete again for funds until Early in 1960 when con Gress will be Back. Although the ways and mean committee has refused to recoil Sider interest rate legislation chairman Wilbur d. Mills dark and a number of democrats Are known to be sympathetic to Rais ing savings. Bond savings Bonds of the a and a variety now Haven interest limit of 3.26 p or cent. Securities which mature in five years or More have an interest ceiling of 4 i per cent. Interest rates on government borrowing for less than five years Are not under a the current tight Money Market it is impossible for the Treasury to borrow for five years at 4% per cent or . Eisenhower in his Appeal to Congress described the 4& percent interest ceiling As an artificial limitation which forces the Treasury. To rely on potentially inflationary Short term borrowing. Gains in steels autos Pace routine Market Miles Davis free on bail after Gash with police battered jazz trumpeter Miles Davis is led handcuffed into court for arraignment after grappling with a new York policeman on Broadway. Up photo new York a jaz z Trum Peter Miles Davis has been re leased on bail to await trial on charges of simple assault and Dis orderly conduct growing out of clash with a policeman. Davis 32, had grappled with policeman and had taken his night stick away before being Black jacked by a detective who was passing and saw the struggle out Side Bird land a Broadway jazz spot where Davis is musician was charged with felonious assault but the charge was reduced when Davis appeared in felony said the trumpet player was among about 30 persons stand ing outside Birdland when patrol Man Gerald Kilduff ordered the to Clear the sidewalk. Davis refused to move police said and grabbed Kilduff s night stick when the patrolman took Nimby the Arm. A detective standing nearby subdued Davis. The Musi Cian suffered a head laceration. New York up strength in steels and motors and a firm rail list wednesday highlighted an other More or less routine Stock Market session. Activity was stepped up a bit but volume of 2,210,000 shares still was far from heavy. Turnover tuesday totalled 1,960,000 shares and monday s ij860, vol ume was the lightest since March last year. Hopes for settlement of the steel strike now in its seventh week Rose As first string negotiating teams sat Down at the bar gaining table. Again. This along with recommendations of various investment services to buy steel Sand rails provided most of the stimulus for the Day s gains. Coming events Wiesbaden Germany special a hungarian Gypsy boys orchestra will present a concert at Wiesbaden s Rhine main Halle at 8 Phi aug. 29. At the same time a Garden festival is scheduled to begin at the Kur Garden to include dancing illumination and fireworks the neighbouring town of Marthin Sthal will Nold its wine festival aug. 29-31. American motors paced a group with a gain of 2% Points on volume which made ithe Day s third most Active Issua Ford gained 1%, Chrysler 1%. Gen iral motors a fraction. Utilities was the Only one of the major groups to close lower Ott average. Of a total 1,151 00% int. To 33% Jones & Laughlin 77% Kennicott Copper 102 Lockheed aircraft 27% Loew s. Inc. 31% Montgomery Ward 52 a Morris Philip inc. 60 National aviation 27 National Cash Register a 59 a National distillers 30 new York Central 29 North american aviation 38 a Olin Mathieson is a Owens Corning fiberglas 89 a pan american airways 24% Paramount pictures Pennsylvania r. R 7 /4 Pepsi cola 32% Phillips Petroleum 46 pure Oil co. 40% radio corp. O America 62 Republic aviation 20% Republic steel 78 Reynolds Metal 105 a Sears Roebuck 47% 56% 3 1 a 23% 50% 28 38 a 30% 65% 2 1 a 63 a 73 49 /4 30% 44 83/a 52 46% 5 1 a ii 46% 83% 20% 20 42 a 33% 42% 61 32. 103 48% 88 58v1 Mutual funds prices wednesday p bid asked bi.7.78 8.41 affiliated fund 7.77, 5.45 5.95 atomic fund 5.44 5.84 6.35 axe Houghton cd. A 5.84 8.84 9.61 axe Houghton cd. A 17.73 19.17 Boston fund 17.75 18.31 19.81 Canadian fund 18.28 14.90 16.11 Canada general 14.95 1161 12.56 chemical fund 11-62 10 09 10.97 Commonwealth inv. 10.09 15.81 17-18 Commonwealth St. Cd. 15.80 12.73 14.00 Delaware fund 12-70 3.14 3.44 dividend shares 3.14 14.50 15.76 Dreyfus fund 14.41 23 72 25.36 Eaton & How. Bal. 23.73 24 80 26.51 Eaton & How. St. Cd. 24.79 16.87 18.24 Fidelity fund 16.83 4 61 5.04 financial Industrial 4.60 10.89 11.84 founders Mutual 10.88 19.80 21.70 fundamental investors 19.77 19.25 19.83 growth Indus. Shares 19-21 5.21 5.69 Hamilton cd. H-c7 5.20 5.15 bid Hamilton cd. Hda 5.14 258 2.82 income found fund11.10 12.14 instil l. Found 11.09 11.73 12.83 i Asti tonal growth 11.71 10.99 12.01 invest. Co. Of America 10.94 24.37 24.37 Johnston Mutual fund 24.30 6.73 7.38 Knickerbocker fund 6.73 13.21 14.44 Lexington vent. Fund14.39 15.56 mass. Inv. Growth 14.38 14.15 15.30 mass. Inv Trust 14.14 3.59 3.90 Mutual Trust cd. 3.57 13.28 14.36 National invest. 13.28 4.35 4.75 Nat. 8eo.-div. Series 4.32 8.54 9.33 Nat. See growth 8.51 9.07 9.91 National Sec. Stock 9.03 6.50 7.10 Nat. Secur. Income 6.48 13.79 15.07 nucleonics c. & e. 13.74 8.81 9.58 Pioneer Mutual fund14.67 15.95 Putnam growth fund 14-66 38.75 40.75 state Street 39-00 9.64 10.54 Texas fund 9-64 15.77 17.19 television elect 16.71 13.09 14.23 United accumulative 13.08 li.53 12.53 United income 11.53 14.09 15.40 United science 14.06 8.26 9.03 Wall St. Inv. Prog. 8.25 10.63 11.62 Washington Mutual 10.62 14.65 15.97 Wellington fund 14-64 Eft Dividen o6m 8.94 6.35 19.19 19.78 16.16 12.57 10.97 17.17 13-Fll 3.44 15.67 25.37 26.50 18.19 5.04 11.83 21.67 19.79 5.68 bid 12.13 12.80 11.96 24.30 7.38 14.44 15.55 15.293m 4.72 9.30 9.87 7.08 15.02 18.93 41.00 17.42 14,22 12-43 im7 9.w 11.61 16.98
