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Show Tightening of Credit Reins Causes Stock Market to Show Slight Dip - VEW YORK LTD The hike in the discount raie the market's liock phenomenal second boost In a little more and the ensupeace rally died hard this past than a month Teek with prices finally giving ing rise in prime rates caught j'ight ground in the wake of the market off guard Friday further tightening of the na- -' and triggered an early wave of ton's credit reins and a gloomy' selling. teonomlc prediction, Later on. a statement The United States and North William McChesr.ey Vietnam spent the week spar-- ; Martin Jr. that the United ring about a site for the prelim- States was amidst the worst Traders' economic crisis since 1931 inary peace talks. marked time, pushing prices; killed chances of a rally and higher for the mos; part but; handed the market its first de taking liberal profits on previ- cisive drop since President Johnson made the initial peace ous gains at the same time. flow of higher Did to North Vietnam. A floodtide Brokers said the fact that first quarter earnings and other corporate news provided most many large institutional tradof the incentive early in the ers, such as mutual funds and neek. pension plans, now seem to be The federal reserve board's much more aggressive buyers, Utah Power Firm Wins Bid On Magnesium Project Pact SALT LAKE CITY (UPI, -- Salt Lake if they could cot buy An Idaho electric cooperative power at the Raft River rate. Utah Power & Light Co. has lias lost its bid to supply power to the Magnesium Project opposed the Raft River plan to on the shores of the Great Salt bring Bonneville Power Admin- Lake. Instead, a contract will go to Utah Power and Light. Utah's Public Service ComUP&L mission has ordered to negotiate with the Magnesium Project at a rate of three h mills per kilowatt and a critical rate throughhour a - half out the year . and hearings. UP&L testified it could meet the figure, which Magnesium Project officials said was the sole requisite for locating their plant in Utah rather than the Pacific Northwest. one-tent- The three - man commission announced its decision against Raft River Rural Electric Coof Malad, Idaho, operative following a series of hearings on the matter. istration electricity from the Columbia River Basin into northern Utah. UP&L a private firm presently is the sole major source of power in the region. decision The commission's also for the first time restricted the cooperative to defiboundaries nite geographical and placed it under PSC regulations as an electric public utility. It said the nearest Raft River service could come to the proposed Magnesium Project on the lake would be a point some 25 miles to the northwest. The commission also denied Raft River permission to serve Tooele County, Utah. However, federal power regulations permit rural cooperative to serve within a radius of the Columbia River drainage basin. The Raft River Mountains of; northern Box Elder County, Utah, form the Columbia basin divide in Utah and the zone would extend some miles south into Tooele Coun-- , The largest of the industries Raft River planned to 6erve was the proposed $50 million Magnesium Project. Backers of the project National Lead Co., New York, N.Y., and H.K. Co., Salt Lake City have indicated they would not be able to locate the plant on the shores of the Great ty. le 5-- has helped maintain the up- swing. Traders were much more selective in their purchases this week and many second line issues were favored over the glamor stocks and blue chips which had been in the spotlight in the previous two weeks. The trading pace continued to average about 15 million shares daily, totaling 74,463,988 shares compared with the 47,- 661,340 shares churned out in the three sessions last week. It was the second busiest week in the history of the exchange. Of a record 1,651 issues crossing the tape, 923 advanced and 612 declined, leaving 116 unchanged. There were 35 new 1968 highs set and only 48 new lows. The United Press Internation al Stock Market Indicator jumped 1.35 to 115.49 but the New York Stock Exchange In dex of common stocks lost 0.21 to 53.39, The Dow Jones Industrial Average fell 8.04 to 897.65, re flecting the cool attitude of traders toward blue chips, but the rail component soared 6.91 to 236.31. S. L. Employees Plan Test of State Statute SALT LAKE CITY (UPI) -SLake City employes have filed a law suit in an attempt to overturn an ordinance requiring them to live within a radius of the City and County Building. The suit, filed by a coalition of city employe associations which claims to represent some 1,700 employes, was entered in Third District Court Friday. The action questions the constitutionality of a state statute which provides the basis for the city ordinance. The state law stipulates that all elective officers of municipalities and towns must be qualified electors of the municipality where they are elected. This would mean they must reside in the city. alt A 4&PIE FINISH 'x ..... I " Senate Approves $1 Billion Cut I In Defense Procurement Program r H"M lw'.f ...in ainri ! jrmZXJL i I s - WASHINGTON tlTli The Senate, voting to require the Pentagon to tighton its belt as has the domestic economy, has approved a $1 billion cut in the authorization procurement scugnt by the Defense ri k kZ Honor ,? J Mif. s 1 : If fir. 1 S2 mii .,, $ CK . M 'fJ J fe. ,? j r Partly for economy reasons and partly in prottst against' ' V O J He said the purpose of the test was to find out the reaction of underground rock formation to shock waves caused by surface blasts. The project will be carried out in the Three Peaks area about 10 miles northwest of Cedar City. Lewis said initial activity will consist of small detonations to of TNT. Some 75 to 100 civilians and military scientific and technical personnel are expected to be involved in the testing which is to get underway sometime in October. Breach of Pact Sen. John J. Williams, the cutback sponsor, said the 3 per cent figure was the sama ratio the Senate used when it recently approved a $6 billion lout in overall federal spending to go along with a 10 per cent income tax increase. PANMUNJOM, Korea tl'PD. to the aimistioe commission, Same Formula Required North Korean infiltrators' asked the Communists to help "This is the same formula we conduct a joint investigation opened fire on a U.S. Army, are going to be required to latest incident. Pak ignored patrol south of the truce line apply to all other programs if the request. we are going to realize the $6 Saturday for the third time this An Army spokesman said the billion week, North Korea blamed the savings," Williams said. incident on the Americans and latest attack occurred on the; "We can make some reductions challenged the U.N. Command; western truce front in a sector; not only in domestic programs U.S. the to "openly declare war if you' guarded by 2nd; but in military programs" Infantry Division. Army of f intend to provoke war." Sen. John C. Stennis, The U.N. Command said one cials said the American patrol! fighting to keep the Armed American and two North spotted one Communist infiltra- Services Committee figure intor on the U.N. side of the Koreans were wounded in the tact, stressed that his panel truce line. already had reduced the admiexchange of fire which it said The U.S. patrol suddenly was nistration's started when a UNC patrol original request by detected several Communist caught in a crossfire from $383 million. un the final roll call, Sens. intruders four miles south of automatic weapons being fired ErThe patrol was from positions both South and Mike Mansfield, Panmumjom. North of the truce line. nest Gruening, and pinned down by a crossfire voted the between intruders and The attack was the third since Gaylord Nelson, North Koreans north of the Easter Sunday. Two U.S. and against the bill. two South Korean soldiers were Sen. Wayne Morse, truce line. in an ambush killed near who was absent, was paired North Korea immediately truce village Sun- against it. Al! are critics of U.S. asked the U.N. Command for a Panmunjom day policy in Vietnam. night meeting of the Military Armistice Commission where No'th Korean Maj. Pak Chung Kuk SEE MORE DO MORE his issued war" "declare U.S. He the accused challenge. In Have More Command of continuous violations of the armistice agree-mtf- lt and said Saturday's inciVI dent was an example. dl "It is you North Korean With Tour Conductor iloto Morloy DUANE BUNNEU Communist who aggressors have been exposed at this table as violators of the armistice agreement, purveyors of fraud and propaganda, creators of tension in Korea, aggressors who scheme and prepare to Call the agency showing thia emblem of dependability invade the Republic of (South) Korea but are frustrated by the Wwkdcyt t a.m. to l;M p.m. UK t a.m. I 1 M presence of the UNC," the U.N. Fun Suit Filed HAWAII - By Film Actor LOS ANGELES economy 1 Blasting Experiment Set For Iron County Project - other American Soldier Wounded In Another Korean Fracas I AUTO is like a fish tank on wheel. The British vehicle is glass all around with sliding doors. It can carry six persons at speeds up to SO miles sn hour and is said to be an ideal city car. A CEDAR CITY (UPI) blasting experiment to determine the effects of surface blasts on rock formations has been outlined by the U. S. Aarmy Corps of Engineers. John Lewis, of the corps' D Supporting Agency, said the Iron County experiment-tabb-ed "Project Mine Shaft" will culminate with explosions in the magnitude of 100 tons of TNT. was to vark'v of The bill, authorizing funds for proposals. l., KP45F ? of former Defense ships, planes, guns, missiles and Serreiary Robert S. McNamara, military research and developthe Senate has settled for a ment, was originally trimmed to $22 billion by the Senate $21 3 biilion authorization bill in Armed Services Committee. place of the $22,385 billion the This was further cut 3 per cent Pentagon originally asked. Tie $660 million-- by a 45 to U roll call vote sending it to the "ote after senators rejected a 54 3. House policie (UPI)-Ac- tor JUNE 7 14 DAYS Peter Lawfbrd filed a $160,000 lawsuit against two motion picture firing Fridiy, charging they breached a contract to star him in a film. 4 ISLANDS BOOK NOW! provide information for formuParamount Pictures and Em lating safety precautions. were spokesman replied. The last two blasts on the bassy Pictures Corp. project schedule will consist of named codefendants in Law- - U.S. Navy Rear Adm. John V. the detonation of about 100 tons ford's complaint. Smith, U.N. Command delegate TRAVEL DESERET 58 N. Univ. 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