POPE PAUL VI WORLD HAILS NEW PONTIFF: Throngs in St. Peter's Square wait patiently and prayerfully for the puff of white smoke that announces a new Pope has been elected. On the fifth ballot Giovanni Battista Cardinal Montini becomes 262nd Supreme Pontiff of half-a-billion Roman Catholics. He takes the name of Pope Paul VI and pledges to carry on the work of Pope John XXIII who pledged the Church to taking an active role in world affairs.