European Stars And Stripes (Newspaper) - May 13, 1962, Darmstadt, Hesse Thuc stars and stripes Page 23 rocked again by Sharp declines.c7 1 two blow prices reeling. Was a secondary offering shares1 of pm Stock an president indicated to the United Auto workers that govern Arena a neg losing prices a Abies 1 a -5 5j Elf la if Ltd fatty fid rip 8�rry r a Brandt try Cut 20thcfitf in garb Obel a in of cd Yunpu Uwar uld All Utic cd fruit it Del Ini a prices re i. A i fun 71 i bid a8keo Sio 134 let 4 a j my 4.w of i7.11 1146 of a 16.4v lid of i smbi3ms ,l Fly 4b by a zip i hj8ii 4j j i8.wjirti- i b.7j 10.63 1148 i lot d.97 iz.30 s.3i 10.17 m.7j 14.86 8,02 8jo my 8.32 i a 18.90 i8.sb 9lt d Antrum a Sharei Sun pm own bad ? to let re in eme Tullet 1"7 Cluj cum ,flj6 1b.j6 to.23 urls it Aura unto Iselma wll it a fund 1,8.9835,b4737 1 1,44 8,60 ,- ii 14.34 9.72 s7.lte.pt 14.24 7.0s is.b3 14.78 8j8 Iuo 14,16 7.18 permanently in its determination to prevent inflation. With Confidence already Low this combination was enough to dry up demand almost entirely an give the bearish element a new burst of Selling Energy. The Market had broken through its May 1. 1962 lows by wednesday touching off further Stop loss or Ders in Many issues which further aggravated the Calls were going out As the week progressed increasing 120,000 idled shutdown halts. Ilif. Building san Francisco Topi con str Colon has been halted on $3 Pillion Worth of projects in 46northern j California counties. Northern California building contractors hit by scattered strikes since several Union contacts expired May 1, have ordered the mass shutdown if retaliation. The shutdown,.,will immediately Idle More than 120,000 other construction workers and probably throw other thousands of men out of work in related industries such As lumber steel and Petro Leum. To Secretary of the Treasury Douglas Dillon estimated that the loss of unpaid taxes due on dividend and interest income would reach $1.1 billion by next year. He made this estimate highest he has Given so far in the dispute Over the withholding system on such income just before the Senate finance committee finally ended its hearings on presi Dent Kennedy s tax revision was the opening witness april 2 and offered the concluding testimony at the closing session six week later. T sen Albert Gore d-tenn., act ing chairman told Dillon he had shown a perfectly remarkable grasp of the Complex legislation and High ability o answer a Lien uly and competently hundreds of questions. Other members joined in the Praise. Several provisions of the Meas ure which passed the House in March remained in serious trouble in the finance group. The committee erupted in a Row with democrats accusing republicans of filibustering the Bill and gop senators replying that an at tempt was being made to gag them. The withholding Section one of the most controversial Bill came tit for much attention at the final hearing. Senators have been deluged with mall in opposition to the with holding plan from savers and investors. Queen to shift to Nassau cruise Liverpool England a the Cunard line said in a Surprise announcement Here it is switching its Queen Elizabeth liner from the transatlantic run to cruising next Winter. Cunard officials admitted the Yare cashing in on the Dollar earn ing cruise Market because of dwindling passenger traffic on the North Atlantic during the Winter and Keener Competition from euro Pean shipping 83,000-ton liner will make 3iree five Day cruise from Newyork to Nassau in february and March making the 960-mile voyage 39 hours and giving a two Day stay in the Bahamas before re turning to new Fork. Al Cio except for the Independent teamsters. Unions applying the no con tract no work policy already had shut Down about 20 per cent of the construction have been offering what amounts to a 32-cent-an-Hourincrease in a three year package. The unions have asked for a pack age amounting to j1.15 an hour in creases during three now make $3.324 an hour carpenters �4.19, teamsters$4.28, and Cement finishers $3.97. Electrical workers recently negotiated a new agreement calling for More than $5 an shutdown will halt work on Public buildings schools state col Leges. Hospitals Bridges highways Homes and dams including the massive Feather River project. It could spread to Southern Cali fornia where contracts expire May i though a 15-Day Cooling off period extended the deadline to next tuesday. Some employers have urge president Kennedy to intervene but Soso. Far he has declined to do Russ Block exhibit of . Capsule Washington Opi Russia has refused to allow the United states to exhibit astronaut Johnh. Glenn or s space capsule in the soviet Union it was . Information Agency Usia sold it was surprised and Alsap plated at the russian refusal to permit the spacecraft Tob. Shown As part of a . Cul Tural Exchange exhibit on Medicine in Leningrad next month a spokesman said the Agency was particularly disappointed because a russian a Albu on Medicine in this country last year featured soviet space accomplishments. Investor jitters. A customer called on margin is asked by his broker to put up the full Purchase Price for hard hit issues he has bought on credit. Such Calls tend to increase sell ing pressure for two reasons. They indicate that professional As Well As Public Confidence is extremely Low and they give the broker the right to sell the customers stocks if the latter is unable to put up Cash for the margin loan the broker has extended to him. One Walt Street source said itis rare indeed when the Market shows a 100-Point decline a it has since dec. 13. In View of essentially favourable business news rally can be expected but another source chimed in there has Bee no logic in this Market for months. The majority know this and there fore they Are still afraid to As the week ended the prevalent expert View was that investor would have to wait for another big Selling Climax at lower Levels or a slow drying up of Selling pres sure before Confidence can be re the popular averages the new York a Standard and poor s so Stock Index May m 4is 1ntnlruli is a i 30.47 3t.7� � Ute shul bk39mostwin us break was even greater than two weeks ago which was the worst performance of the year up to that time. Standard and poor s inclusive 500 Stock Index dosed with loss of 3.59 at 62.65--its lowest level since feb. 23, 1pg1.in the Dow Jones averages. Industrials slipped 30.57, rails 6.44,utilities 5.16 and the 65 Stock average 10.31. Trading for the week amounted to 18,419,640 shares against 19,370,710 the prior weekend 23.065,800 last year. American Telephone the world largest corporation saw its Stock drop 8% on 280,000 shares making it the week s most Active Issue. Following it a volume were kor Vette off 5%, general motors off 3h, us. Steel off 1.other Blue chips were also marked Down sharply Dupont 11%, ism 3914, International Nickel 4%, Alcoa 3tt. Kodak 5%, Ford 4%, general foods 5&, Sears Roebuck 3 and a number of others 2 or More. During the week 1,480 Issue were traded with 394 advancing to 1962 highs and 1,170 declining,614 to lows for the year. 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