Idaho Free Press from Nampa, Idaho on January 29, 1975 · Page 5
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Idaho Free Press from Nampa, Idaho · Page 5

Nampa, Idaho
Issue Date:
Wednesday, January 29, 1975
Page 5
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Stock Exchange trading marks second busiest day in history The Idaho Free Press The News-Tribune, Wednesday, January 29,1975 - 5 {.NEW YORK (DPI, Bil | Moxley hurried off, elbowing Ihrough his 3,000 fellow workers lo place Iwo orders al trading posts on the floor of ihe New York Slock Exchange on its second busiest (fading day in history. . Moxley and brokers on similar errands Tuesday said "pardon me" and "excuse me" before ·gently shoving colleagues lo make their way Ihrough the paper-lillered aisles. The brokers, the traders the clerks, even the pages in their yellow-collared gray smocks, seemed exciled. There was an occasional shout or a wave of an order slip. But there was none of Ihe chaos pictured in some descriptions of a stock exchange in crisis. Moxley said it was the biggest day in his 14 years on the exchange. But he said, "Nothing is different really- there's just lhal much more of it." A market expert, viewing the thrce-story-high main trading room from a balcony below the vaulted ceiling, said the only major difference was that the crowd on the floor seemed to move around more. "And there's something else," he said. "That man in Ihe green livery carrying Ihe wicker basket. He's from the private members' dining room upstairs bringing sandwiches to Ihe floor. Mow you almost never see that. Their lunch hour is when they gel off their feel and they almost always take it." The exchange's public relations men said ihe day set records: biggest single hour's trading, biggesl (wo lionr trading period, uiggost three-hour trading period. Thai was in the morning. Al 2 p.m., willi two hours' trading left, there was a visible 710 690 670 _Market Climbs From a 12-Year Low Dow Jones Average 30 INDUSTRIALS Daily Clot* HIGHEST 694.77 LOWEST 1)77.60 610- change in activity al the horseshoe-shaped trading posts. Some brokers sal down on Hie stools they can unfold from the trading post sides. Trading had slackened. What Moxley and many experts predicted would be an alltime record day, would not. "Yesterday's record market look everybody by surprise -even the analysts upstairs," said Moxley. whose firm handled 1,200 orders Monday compared with 500 a day in recent months. "It's embarrassing when you can't eome.up with reasons and rationale why that would happen." "Yesterday was a sort of panicky surge caused by money managers silling on cash and afraid they were going to miss Ihe rally in (he market," said Fred Lowey of Cowen Co. "Today the public came in." Lowey said reduced interest rates on treasury bills and certificates of deposit made stocks' higher dividend percentages attractive. Robert Stovall of Reynolds Securities said lie is going to have lo give up handing out quarter-sized calling cards thai read, "The lack of orders from you has made tlu's economy size curd necessary." "The back of Hie bear market is broken," Stovall said. But he was careful to avoid sounding loo bullish and predicted, "We're due for a correction or selloff." Hack on (be exchange floor, (lie big action throughout Ihe day was at the IBM trading post where securities specialist John Kavanewsky ale an apple, gave quid orders to his assistants and said it had been a day of "orderly, even conlimiily in trading despite n seven-minute lape delay and a deluge in buying IBM"." HIM opened at 183 compared ID 1G2'» on Friday when trading was suspended after a Supreme Court decision favorable lo IBM in the Telex case. Kavancwsky's job is to insure even market trading and trade at pre-sct prices on behalf of others in the 22 slock issues for which his firm is responsible. He said Hie 88.000 shares lie traded included "a tremendous number uf 100 and 200-sliarc orders." This demonstrated the small investor, as well as the big in- slilution, was buying and boded \rell for the market, Kavancwskv said. IRS snooping suspended 'til guidelines set J,ARGE INSTITUTIONS, anxious to cash in 'on a rising market, ncr.t prices higher Tuesday on the New York Stock Exchange in heavy volume that fell just short of breaking trading records for the second consecutive 10 17 J«nu«ry 1975 clay. The Dow Jones Industrial tnripx rose 2.11 to 691.77 us Ihe market continued its climb from a 12-vear low set Dec. 27. 197-1. (In that dale the Dow closed al 577.CO. Details of Tuesday's trading on page A3. Antibusing leader doused by paint-tossing protesters BOSTON ( U P I ) -- Two diirnonstralors dumped a bucket ot'Vhite paint on antibusing leader John. Kerrigan Tuesday. Ke.rrigan used to be chairman of the city's school board and had la.k'Jh a strong stand against using busing to desegregate schools. A, freelance photographer, in turni said Kerrigan attacked him trying to get film he had Ehdl of Ihe paint-dumping incident. fterrigan was walking to a class he leaches al Boston Stale College and had ducked into a building to avoid a demonstration when he was assaulted from behind aboul 5 p.m. Kerrigan said the attackers were "just a couple of kids wilh low mentality --most likely journalism majors." Outside Ihe building a group of about 50 demonstrators organized by a group calling ilself the "Revolutionary Student Brigade" rallied in prolesl against Kerrigan's anlibusing stand. "This was well planned," said Campus Police Capl. Sal Balestricri. "The demonstration ilself was just a diversion for the actual painl throwing." Balestrieri said Kerrigan had been offered police proleclion on his way to class before Ihe incident hut had declined. Ashed if he would be accompanied by guards in the future Kerrigan replied. "No. What we'll do is wear older clothes." WASHINGTON (UPI) - Tile Internal Revenue Service com- puler spat out a name: Arm- si rong, John A. Then came a list of suspicious sounding documents: "Memo SA Johnson Re Gambling Juice." "ST Mob Union Link in Nevada Loan Bared." "CTRB Hoodlums Open Travel Agency." This is' how the IRS, for Ihe past year and a half, has kept track of thousands of citizens that agents suspecl might become targets of (ax investigation. Worried lhat the system may have been abused, the IKS suspended it. Officials insist Ihe system was not operating secretly, that its files will not be destroyed and that it will again be operating --as .soon as new guidelines are issued. The lillle-known Information Gathering and Retrieval System was set up in May, 1973, lo collect information on persons who might be involved in "potential tax law violations." The word "potential" sets Ihe syslem apart from the invesli- galion of those already suspected or charged wilh tax law violations. Agents in many of the IKS's 58 dislrict offices were assigned full-lime to chasing down potential violators. A description of Ihe system was published in the IRS Manual, a volume available for public inspeclion. The sample computer printout above was part of the manual, a guide to tax agents in preparing their reports. On Jan. 22, IRS Commissioner TIIK CIlAl'ia al Idaho Slate School and llosnllal receives its crowning touch, Ihe steeple. The fiberglass steeple, shipped lo ISSI1 from Texas, was lifted into place Tuesday by a large crane. The «hile brick chapel lias been financed entirely by donated funits and is a project nl the auxiliary al the school. Auxiliary spokesmen say that while construction is nearly complete, additional Donald C. Alexander temporarily halted 1GRS. Vaguely worded guidelines led lo confusion among agents over what material could be filed. Tbe'data is supposed lo he "lax related," but the manual says documents may include "information items." As one official said, "lhat could mean a lot of things to a lot of people." R1RTHS There is no indication how WEST - A girl, born Jan. 24 long the IGIiS suspension will ,°J io )h a "f , A !" VVe ? 1 ; last but the syslem will probably CaWTM I. at Caldwell Memorial ue revived. will, its files- inlact. , funds are needed to finish the interior. Under direction of the chaplain's office, the new ladlily will provide ISSH residents with the opportunity to worship in the faith of their choice or their parents' preference. Churches wishing lo hold services in the chapel are advised (o contact the Rev. Leo Reed, school chaplain. t Staff Photo I Vital Statistics _ PHONE «-7891 or j al ,. 24 lo Ronnie and Bonnie place your classified ad It's Eckhart, Parma, al Caldwell fast, easy economical. Memorial llospilal. I) I V II H C K D K C R E E S G R A N T E D Jimmy Nolen from Donna L. Nolen, Jerry Guerra from Maria fiucrra.. Carol L. DuBose from Mitchel L.' DuBose wilh the plaintiff restored her maiden name of Carol L. Mayberry. · · i ·· f^m n NOW!!! GRAIN FED QUALITY LEAN BEEF, FROM OUR OWN FEED LOTS. MONEY BACK GUARANTEE COMPARE OUR EVERYDAY LOW PR CKMJDSm T-BONE STEAK. $155 Ih. Today's weather HMIOtm WtATHII W I V I C I IdtCMI u "» (SI J0? Government ignores Irish hunger strikers CHUCK ROIST 10 Seven Bone SNOW is expected tonlghl over parts of the mid and lower Rockies as wtll asin the upper Grcal Plains. Rain or showers ' will orevall In the Pacific Northwest, the lower Mississippi Valley and across the Ohio Valley into sections of the mid · Atlantic slales. Generally fair weather should rule Atlanta Boston Coldwcll Chicago Dtijuth Houston Jacksonville High f-ow 62 47 35 30 33 20 29 15 M 44 38 H 11 -12 69 58 76 55 Us Angeles Miami Nampa New Orleans Now York Phoenix San Frnncisco Seattle St.t-ouis Washington 59 at 33 72 · 46 62 53 40 3G 58 DUBLIN (UPI) - A government spokesman said today (here will be no force-feeding to prolong Ihe lives of 17 Irish Republican Army prisoners whose "fast to the dealh" has blocked a cease-fire in Drilain and Northern Ireland. "II is not our policy lo force feed prisoners," ihe spokesman said. One of the hunger strikers demanding classification as political prisoners, 28-year-old Palrick Ward, was transferred under heavy guard Tuesday lo the hospital wing of Ihe Curragh M i l i t a r y camp in County Kildare. He was in serious condilion and had received the lasl rites of the Roman Catholic, church Sunday. Soamus Loughran, the Northern Ireland organizer of Sinn Fein, the IKA polilicnl arm, said there was no chance of a renewed cease-fire until Ihe Irish government gave in lo the hunger strikers' demands for improved conditions and polili- cnl prisoner status. Ward's 69-year-old mother and his girlfriend, MaryLawlnr. singed their own fast in a trailer parked in f'orllaoise town square, demanding to see Ihe prisoner. A Sinn Fein spokesman said five of the IB prisoners slill on hunger strike al Portlaoise were "very weak and deteriorating." He said protest demonstrations will he organized throughout the republic "lo force Ihe govern- mcnl to meet the prisoners' demands." "Our protests will he climaxed with a major deinonslralion in Dublin tomorrow (Thursday)," the spokesman said. An IRA source said Ihe hoped- for cense-fire was now in "cold- storagc...Therc will be no move on lhal fronl until this issue has been resolved." IRA sources said the truce mighl have been resumed in Northern Ireland last weekend if officials in the Irish Republic had granted Ihe prisoners' demands. The oullawed Catholic guerrilla group launched a wave of bombings in Britain and Northern Ireland Monday, injuring at leasl 24. Scores of bomb scares were' reported in Northern Ireland and Britain Tuesday, but most of Ihem turned oul to be hoaxes. In Norlhcrn Ireland, police evacuated hundreds of persons from homes in Newry, 45 miles south of Belfast, Tuesday night after a hijacked postal truck was left on a street. RUMP ROAST $ ..Ib. Bone(n WAR EM ART MEAT BOLOGNA Ib.' WAREMAKT MEAT WIENERS P1NATA M oz. CORN TORTILLAS GROUND BEEF c Ib. GROUND FRESH SEVERAL TIMES DAILY LEAN GROUND BEEF FORMERLY GROUND CHUCK I EXTRA LUN GROUND BEEF FORMERLY GROUND ROUND QUALITY LEAN LOCKER FRONT STEAK $135 4IMTLEM. SIRLOIN STEAK Son* In $138 WILITYIHI CROSS 1MB ROAST $122 ii, WARfMAlT THICK-BEEF BOLOGNA WAKMART12oz. BEEF WIENERS fb.l BANOU A^ SLEEP HEATS J/ 'ABEEF HMD 67* ,77* OPEN 24 HOURS NAMPA 152tfMMPA- CALDWfiLBLVD. BOISE «50 OVERLAND HO. WARE WART FOOD STORES OPEN 24 HOURS

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