May 30, 1970

ed hails ruling

King drops bid for control; cites SEC ruling; SEC points to financial difficulties as cause; Delafield Capital Corp, King's investment bankers, sees no way in which King Resources can take control in light of SEC decision; King says he will go ahead only with $8-million loan to IOS, which gives King Resources right to designate 3 bd members until repayment and permits King Resources subsidiary to retain 3-yr preferred stock warrants; asserts there is no serious question of financial stability of IOS, adding that its cash position appears to be sound; pledges King Resources assistance to any Fur inst interested in forming consortium; IOS publishes '69 audited accts of its ins interests, indicates audited accts of parent co will not be ready until June; accts are expected to expose more fully dealings between co and King interests; co repr notes progress in reducing co costs and operating expenses; chmn Wyndham White says co is continuing active negotiations for backing

Priest at mass at which Pope marks his 50th anniv as priest prays that world govts and peoples heed Pope's repeated appeals for peace

S Vietnam repts its marines battle N Vietnamese and Vietcong troops in Preyveng to relieve besieged Cambodian garrison, marines kill 81 of enemy; Cambodian mil sources deny marines entered town but S Vietnamese spokesmen confirm entry; heavy fighting reptd E of Kompong Cham; Cambodian forces reptdly withdraw from Prek Kak rubber plantation; illus, map

rept by Adm official that Nixon will not raise taxes further this yr even if Fed deficit reaches $5-billion spurs stock mkt rally