Hanrlipatpr lEuening Iftpralh MANCHESTER, CONN., TUESDAY, JANUARY 28, 1 9 7 5 - VOL. XCIV, No. 100 Manchester—A City of Villafife ('harm TWENTY-FOLR PAGES — TWO SECTIONS I'm ci,: I II I EE\ ( IM S Big Board Sets Record 2 \ , Share Trading Volume im Another contributing factor, said By RICHARD HUGHES Trading was just as hectic Monday when the exchange’s tape ran three minutes economists, was the cutting of the prime L'PI Businesg Writer interest rate from 9% to 9% per cent, and Hectic traders and investors rushed late. predictions the rate could drop to as low as through a record number of orders in the The trigger apparently was set last 7 per cent later this year. first hour of trading on the New York Friday when the U.S. Court of Appeals in Denver reversed an antitrust ruling Stock exchange today following the The rally on Wall Street, always sen­ against International Business Machines biggest volume day in the 183-year history sitive to news developments, came in the in a suit brought by Telex Corp. ’That ac­ of the market. face of government reports of a trade tion came after the exchange closed There were so many orders when the deficit of $3 billion for 1974, the second Friday, and the pressure built over the opening bell was sounded at 10 a.m. that highest this century, and of a decline in the exchange’s computer became weekend. productivity of 2.7 per cent. overloaded and the ticker tape recording On Monday, the Securities and transactions ran seven minutes late at one Exchange Commission lifted its suspen­ The Bureau of Labor Statistics said non­ point. sion of trading in IBM stock, and the farm productivity fell 5.1 per cent in Oc­ The frenzied activity followed Monday’s market was off and running. Of the 32.1 tober, November and December for the record trading of 32.1 million shares that million shares traded, 9.29 million crossed seventh consecutive quarter. It is the eclipsed the old mark of 31.7 million the counter in the first hour alone — longest slide in productivity and the first shares set Aug. 16, 1971, the day after another record, topping by 50,000 the mark annual rate of decline since such records President Nixon declared a wage-price set Feb. 13, 1974. were begun in 1947. freeze. First, Hour Heavy In the first hour of trading today, 9.8 President Ford Seeking million shares changed hands, a record that exceeded Monday’s heavy first hour by 600,000 shares. Prices were higher in the first hour. Spirit of ^Fellowship’ The Dow Jones industrial index, which soared 26.5 Monday in the eighth largest WASHINGTON (UPI) - President is described in the familar hymn as the jump in history, was up 5.87 at 11 a.m. It Ford, carrying on the spirit of com­ ‘fellowship of kindred minds.’ was expected to go even higher when promise that emerged from his meeting “I might say, in a secular way, I am still trading in IBM, delayed because of heavy with Republican leaders Monday, said hoping for some of that spirit with the new Legislative Insight '75 Participants orders, was opened. today he seeks a spirit of “fellowship” Congress.” Participants in this morning’s dent; State Sen. David Barry, Fourth left, Mark Kravitz, chairman of the Early indications were that the price of with the Democratic-controlled Congress More Meetings Today “Legislative Insight ’75” Greater District; Burl Lyons, chairman of the Chamber’s Legislative Affairs Coun­ IBM, which helped spark the rally with a that is studying his economic-energy Ford meets today at the White House Chamber’s board of directors; State cil; State Rep. Ted Cummings, 12th victory in an antitrust suit over Telex, program. with congressional leaders. A similar Manchester Chamber of Commerce Assembly District; State Rep. would leap from 162% per share to Ford told a congressional prayer meeting Monday, held shortly before gover­ breakfast were; standing from the Sen. George Hannon, Third District; between 185 and 195 when trading is breakfast audience such meetings give nors of eight Northeastern states filed suit left, George LaBonne, the Chamber’s State Rep. Muriel Yacavone, Ninth Abraham Glassman, 14th Assembly allowed. him “that powerful encouragement which to block Ford’s increased fees on imported Business Services Division vice presi­ Assembly District; seated from the District. (Herald photo by Pinto) oil, brought reports of compromise on the President’s behalf. Senate Republican Leader Hugh Scott said Ford offered a compromise in a Energy Office Spokesman meeting with 23 Democratic and Legislators Seek to Ease Pain Republican senators Monday. That Denies Concessions Are New followed several days in which Ford used Of Recession, Inflation in State words such as “irresponsible,” “nit­ picking,” and “diddling and dawdling” to 16 t BOSTON (UPI) — A spokesman for the The development came as eight By SOL R. COHEN Manchester Chamber of Commerce. It 1975 legislative sessions will feature regional office-of the Federal Energy Ad­ Northeastern states filed U.S. District describe criticism among lawmakers of If there’s any one thing Manchester- was held at The Colony restaurant, austerity, that it will be a frustrating ses­ ministration today denied that two reports Court suits to block the tax increase and his program.. area legislators agree upon, it’s that Talcottville, and was attended by about 50 sion for many, that it will be a session of of concessions from the Ford Administra­ Congress debated how to block Ford’s sur­ Denies Confrontation Talk there’s very little the State of Connecticut business and community leaders. cutbacks for many programs, and that i t ' tion over the proposed tariff on imported tax, which was designed to curb fuel con­ “’There is nothing to this talk that the can do to change the economic situation Attending were State Sens. David Barry will be a session of planning for those oil were new. sumption. JTCITY 1 President wants confrontation,” said that prevails nationwide, and the best it and George Hannon, and State Reps. Ted years when funds again will be available. “Someone has been throwing out a Massachusetts officials said they were Scott. He said Ford was inflexible only on can do is ease the pain of inflation and Cummings, Muriel Yacavone and Moderator of the program was George bunch of figures that were already there,” not sure what Zauser’s statement meant. his opposition to gasoline rationing. recession, if only just a little bit. Abraham Glassman. State Rep. Francis LaBonne, a vice president of the Chamber Robert Ruttenberg said. “They’re the Judith Carlson, deputy director of 4? A White House aide, when asked The legislators, all Democrats, Mahoney was unable to attend and sent his and chairman of the Legislative Affairs 1 same ones that the President offered in his Federal-State Relations, said “Every whether Ford now seeks compromise appeared this morning at a “Legislative regrets. Council when it was formed in 1974. He in­ economic message.” time they’ve described their program, after a week of verbal political warfare Insight ‘75” breakfast, sponsored by the troduced the notables and ably handled the 1 they’ve described it differently.” Austerity Ahead Figures Vary with Congress, replied: “Cooperation, Legislative Affairs Council of the Greater questions from the floor and the answers Jack Harvey, Weicker’s energy advisor, It was the consensus of the five that the 1 An aide to Sen. Lowell P. Weicker had cooperation is the thing.” from the speakers’ stand. said the Ford administration had made the said the Ford administration had come up r alleged concession in a meeting between Goal Outlined with a plan whereby New Englanders IS Interior Secretary Rogers Morton and the Mark Kravitz, present chairman of the might pay only $1.20 of Ford’s proposed $3 75. New England senatorial delegation. Parent-Teen-ager Communication council, said the goal of the council is to be d in tariff. productive —to meet the legislative needs In its morning edition. The Boston Feb. 1 Increase Skipped and know-how of the business community. mm. Herald-American reported acting deputy Harvey said the $1 increase slated to go He stressed the importance of infor­ f t director of the Federal Energy Ad­ into effect Feb. 1 would not be applied to Topic at MMH Auxiliary Meeting mational meetings with legislators. TV ministration Eric Zauser announced New the New England states and only M cents Burl Lyons, chairman of the Chamber’s England would only pay an increase of of the $1 increase scheduled for March 1 (3) Responsibilities, controls, By JUNE TOMPKINS to approach the teen-age group. (Jetting board of directors, remarked, “Let’s all $1.80 as part of an amended tariff would actually be charged. input from the teen-agers was considered freedoms; how much control do parents, believe it — politics is here to stay. We in package. Harvey said Morton was unclear about Editor’s Note: Manchester Memorial an important factor in setting up the teachers, agencies have over the teen, and business spend time and money to find the >IT CITY Ruttenberg called the Herald’s report the third $1 levy, slated to go into effect on Hospital Auxiliary has committed itself to program. how much responsibility, freedom should best lawyers and accountants, and yet we inaccurate, noting under the President’s April 1, but indicated the government a large community outreach program. Beginning last October, with the help of the adolescent have? spend almost no time at all to learn of our announced program New Englanders hoped New England would have to pay One of its concerns'is community health.