Disiribuflon Wcs&er 7 ML tmptratttr* H. fart' Today 19,575 r , I* tbt ITt tmtytf, TOTOWTW pwtly Dial SH 1-0010 RED BANK, N. J., TUESDAY. MAY 29, 1962 7c PER COPY PAGE ONE .;. i The Question* Has It Hit Bottom? Stock Market Struck By Worst Loss Since 1929 NEW YORK (AP) — The Volume of 9.35 million shares American Telephone, the to get rid of stocks on a wide- Keith Funston, president of stock market has been battered swamped the high-speed ticker most "actively traded issue on spread belief that inflation is the New York Stock Exchange, by Its worst loss since the crash tape. 282,000 shares, was particularly over. When inflation's in force, said the market drop "is not a year of 1929, The tape was one hour and 9 hard hit by margin calls. A investors feel that their money calamity." The big question: minutes late at the 3:30 p.m. technicality allowed stockhold- will grow in stocks. When a Funston, interviewed in San CAPTURED •*- A line of Viet Con$ guerrillas, captured during the Dan Tien opera- close, the longest lag since the ers with rights to buy addition- "Has it hit bottom?" non-inflationary trend sets in Antonio, Tex., where he went •jon »om« 48 milei louthweif of Saigon, are march«d toward camp. The Viet Cong speedy tape system was in- al stock to carry the purchases they convert to bonds and sav- to speak at Trinity University The market's long, sharp de- stalled in 1930. It finished re- on 25 per cent margin. ' guerrillas were reported to have Ibit 95 killed, 45 wounded and 34 captured. cline swelled to titanic propor- ings deposits. (See STOCKS, Page 3) porting the last transaction at What happened to bring on .•...-'•'v'•• (AP Wirephoto by radio from.Tokyo) tions yesterday as trading rock- 6 p.m. eted to the highest level since the stock price debacle while Oct. 28, 1929-the day before The massive selling gnawed the economy is rolling along at climax of the crash. deeply into the prices of blue a rapid pace? The plunge wiped out an esti- chip stocks—the solid, high- "The market is unraveling Police mated $19.5 billion from the priced issues , considered the the speculative excesses of the Small Investor quoted value of stocks listed on foundation of the market. past three or four years when the New York Stock Exchange, International Business Ma- anticipations of values far ex- ct Appeal based on the fall of the As- chines slumped $37.50 to $361, ceeded the realization of earn- sociated Press 60-stock average. Du Pont $12.50 to $202.50, Amer- ings and sales growth," sug- —How He Fared This cut the total value to ican Telephone $11 to $100.62, gested the big brokerage firm, $301.5 billion from $338 billion and Standard Oil Co. (New Bache & Co. NEW YORK (AP) — How did the small investor prepare Verdict at the end of 1961. Jersey) $5 to $46. "We cannot say that this will for the greatest daily stock market fall since 1929? » Eichmann The wave of selling—blamed be the low because who knows He was just a shade brighter than usual, based on statistics KEANSBURG —Several mem JERUSALEM (AP) — The Is-}e hanged soon after, behind the Average Falls on a panicked public—was ac- where emotion goes, but on the of "odd lot" purchases and sales. bers of the police departmen raeli Supreme Court rejected grim sandstone walls of Ram" The AP average fell 13.40 to celerated by- calls for more figures, the statistics, the earn- An odd lot is a transaction of less than 100 shares on the <a have appealed to S u p e r i o r Adolf Eichmann's appeal today prison, near Tel Aviv, * 211.20. The Dow Jones average margin. The requirement is for ings, the dividends and the gen- New York Stock Exchange. The small-time investor or specu- and left the former Gestapo, of- The modernistic auditorium in lourt's Appellate Division a 70 per cent cash down pay- eral healthy state of the U.S. lator buys in lots of 10, 20, 50, 60 shares, or so. The blg.shot court ruling upholding the bor plummeted 34.95 to 576.93. ficer only the slender chance of which Eichmann was tried las These were the biggest tumbles ment on stock but losses of economy, stocks are- rapidly be- doesn't deign to deal in anything less jhan 100 shares of the ough's ban on police ''moon- executive clemency to escape the year by a special three-judge tri taken by these averages since more than 30 per cent have hit coming realistic." usual stock. lighting.'" gallows for his part in the Nazi bunal was again packed with Oct. 28, 1929. many issues. Others blamed the great rush During the week preceding yesterday's huge decline, the - massacre of millions of Euro- spectators. Relatives of many of George E. Ostrov, borough at- odd lotter sold a total of 2,137,500 shares and bought 2,103,052. pean Jews. them were victims of the Nazi torney, said last night he is now On Monday (May 21) and Tuesday he bought more than he .The 56-year-Qld former chief bl slaughter which befell the Jews preparing briefs in reply to the 5 sold. On Wednesday and Thursday he sold more than he the Gestapo's Jewish Affairs Sec- Eichmann again sat in the bul- appeal. bought. On Friday—die session before the big blue Monday tion stared fixedly at the five Su letproof glass cage as the judg- In June, Borough Council 'Psychological Influence drop—he reverted to buying more than he sold. Purchases that preme Court judges as Associate ment was, read in Hebrew and adopted an ordinance prohibiting day totaled 573,214 and sales 572,241. Justice Simon Agranat began translated into German, English policemen from holding outside Statistics were not immediately available for his showing reading the judgment affirming and French. Still wearing the jobs. during yesterday's dizzy decline. '.'without hesitation or reserve" dark suit and stiped tie he wore Seven-Page Opinion Among his sales were 97,543 "short sales." This refers to. the death sentence imposed on through his 4'/4-month trial, Eich- In March, Superior Court /*• Cited in Zoning Issue the method of borrowing stock to sell at current prices with Eichmann last December. mann occasionally pressed hi Judge. Gene R. Mariano, in a the hope that the stock can be repaid in the future through buy- FJchmann's defense counsel, lips together and twitched hi seven-page' opinion, ruled that RED BANK - A potential of cause he is a paid borough em- whether or not Mr. Hoffman ing an equivalent amount at lower prices—thus making a profit. Dr, Robert Servatlus, wa% mouth as, one by one, every de- courts have previously upheld psychological influence's was giv-ployee and the area in question would be influenced by any In The small-timer sold short 97J543 shares' of the total pected to submit an appeal for fense he put up to escape tin the right of municipalities to sel en last night as a reason why a involves land owned by Mayor terest, but the potential for psy- 2,137,500. Peter W. Falvo." clemency to Israeli President Iz- gallowj was rejected. up "reasonable regulations . zoning classification in the Spring chological interest is present, and With the market declining every day of last week, these thus it becomes material, hak Ben-Zvi immediately. Justice The Judgment began with < and discipline of members of a St. area should not be changed. Integrity Not Involved were his short sale totals: Monday, 7,178; Tuesday, 15,956; ministry officials said a dec! brief review,of the 15-count in- police department, including th Albert f. Berich of the Wise, Mr. Berich represents a num- Mr. Berich quoted a state law Wednesday, 25,853; Thursday, 23,776, and Friday, 24,780. «ion is not likely before mid-June. dictment charging Eichmann right of their off duty hours." Wise and Wichmann law firm ber of Highland Ave. residents which states that no member of a So—to make real hay out of the swift decline—he was planning board can act on any ; Execution Order with crimes against the Jews an The policemen had claimed presented that argument to the who oppose a zoning change smartest, on Wednesday when he did most of his short-selling. matter in which he has a direc A certificate rejecting clemen- against humanity. Then It de- that the ordinance was arb Mayor and Council, which had which would permit garden apart- And he wasn't too much dumber on Thursday and Friday. cy would constitute an execution claredi,. called a special meeting solely ments on the east side of Spring or indirect personal or financial trary, discriminatory- and ille- interest. order,. Eichmann, probably would _. (See.APPEAL,. Page 2). gal., • to hear the opposing attorneys' St. The area is now zoned res! views. dential. Mayor Falvo's property Apy's Opposing Views Oral Agreement "The fact that S. M. Hoffman, at 239 Spring St. is within the Chester Apy, Red Bank at- They also claimed that police- area. torney representing the builders Telegraph Hill Road men appointed between Nov, 6, building inspector and a voting Mayor Opposes Use member of the Planning Board, Mr, Berich stressed that Mr. of the proposed apartments, ar- 1046 and June, 1955. had an oral gued that there is no conflic agreement with borough, official; voted on the proposal raises a Hoffman's integrity is not in conflict of interest." he said, "be- volved.