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Newspaper
Charleston Gazette
Location
Charleston, West Virginia, United States of America
Date
Jun 24, 1961
Page
6
The report lists Treasury cash positions and deposits, comparing June 20 18s with June 20 1960 figures. It shows balances around 6.56 billion versus 7.70 billion, with large fiscal-year deposits and withdrawals totals. Also noted are gold assets and other headings, with remnants of statutory-limit language.
Chicago hog market shows third straight advance with prices rising to as high as 18.75 per hundredweight for 193,730 pounds traded. Mixed No 2 and 3 grades sold around 17.50 to 17.12 with heavier weights at 18.75 and up. Week’s supply compared with 37,000 last week and slaughter hog demand weak. lambs offered at 10.07 with steady prices.
Ed Sullivan testified at a Federal Communications Commission hearing defending television and its rating systems. The New York Daily News columnist argued that the industry does a remarkable job day in and day out and criticized critics as talk through their hats.
New York markets show mixed tones with bonds steady to higher as commodities edge up. The article also covers Clyde Shulte and Marie McDentel bankruptcy petitions with modest asset figures. TV ratings come under fire from comedian George Jessel, while Ed Sullivan defends ratings and urges stricter industry self scrutiny over external censorship.
Pessimism rises among Wall Street experts as the Dow Jones Industrial Average hovers near 673, with cautions about a weak Kennedy stimulus, rising prices in steel and chemicals, and possible major stock tops. Analysts warn of reduced earnings growth, rising taxes, labor pressures, and foreign risk. A cautious correction may follow if earnings stall.
U S stocks closed mixed on light volume as defense shares led gains amid hopes for a rally. The Dow rose to 98.66 and the S and P 500 held at 65.16 while the AP average edged higher. Ford fell on secondary offering concerns, and U S Steel withdrew its export price list, signaling softer pricing.
C&O detailed a 232 million five year plan to modernize the Baltimore and Ohio system. The program aims to speed trains, expand tunnels and yards, and enhance piggyback service while forecasting over 45 million in five year net savings and annual savings of over 17 million thereafter. New York Central challenged some figures at an Interstate Commerce hearing.
Senator Estes Kefauver said the Justice Department will review testimony on discussions of electric motor prices by competitors for possible antitrust violations and may propose Sherman Act amendments. He noted hearings will be sent to the department, with witnesses reporting price talks among firms.
A two hour program to honor gallon blood donors will be held at 7 45 p m Friday in the Morris Harvey College auditorium. Some 1300 donors will be guests of honor with a stage show by area performers. About 100 corporate executives help finance the affair as part of the Kanawha Clay Chapter 10th anniversary. The program features tumblers acrobats dancers and orchestral numbers. John Lacaria's Rhythm Kings donate services via the Recording Industry Trust Fund and Local 136 of the AFM. Glen McDowell hosts the event with Mrs Charlotte Haviland Abbott coaching performers.
The House Appropriations Committee on Friday endorsed the full defense budget of 42.7 billion dollars for the next fiscal year starting July 1, nearly unchanged from this year’s total. The panel added 448.8 million for bombers, favoring B70 development over operational B52 and B58 assets, amid a shifting arms strategy as missiles threaten bomber primacy. The bill supports about 2,511,900 personnel, over 30,000 aircraft, and 817 ships, citing a deteriorating international climate and a need for firmness.
Adolf Eichmann testified in Jerusalem that he led the Gestapo Jewish Affairs Bureau from 1939, learning only at Wannsee in January 1942 that all trains to the east were destined for death. He said rumors existed before Wannsee and that Heydrich defined the plan, though Eichmann insisted the term was not his invention.
New York bonds closed unevenly with the U.S. Government list mostly higher while corporate issues on the NYSE softened. Industrials and high grade bonds rose, rails and utilities fell, gainers included Brooklyn Union Gas Surface Transportation Chicago Great Western and GM Acceptance. losers included Mountain States Telephone Shell Union Oil and Atlantic Coast Line Railroad.
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