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Newspaper
Daily Review
Location
Hayward, California, United States of America
Date
Aug 07, 1957
Page
20
Wall Street watchers shifted to a cautious mood as the prime rate rise sparks stock sales. They expect higher discount rates in coming months and warn the Fed may act if deflation looms. A freight-rate uptick adds about $879 million annually to railroad revenue, easing some tensions.
Stocks opened modestly higher as mild support emerged after yesterday's dip to April 29 levels. Industrials led gains with rail and oil groups advancing, while airlines faced declines and metals prices stayed soft. Trading volume reached 460,000 shares, the heaviest since July 26.
Castro Valley county supervisors awarded a contract for a reinforced concrete conduit to drain storm water. The project on William Street and Anita Avenue went to C. C. Jones & Sons of Berkeley for 408 dollars. other bids reached 13,261 dollars, with engineers estimating about 8,100 dollars.
Ship report notes arrivals including Edward Luckenbach from Portland Jane Planter from Hew Crockett from Vancouver Mary from Vancouver with August 8 date. Ships listed amid a San Francisco split reporting schedule.
Commissioner Donald McMillan named the Salvation Army national commander announcing a Western Territory shift. Col Samuel Hepburn, longtime Western chief secretary since 1952 in the Bay Area, will helm the entire Western Territory. Lt Commissioner Holland French ascends to full commissioner in the Eastern Territory based in New York City. Col P L DeBevoise retires after 41 years.
New York traders saw the Dow Jones average slip while rails and industrials fluctuated. Unofficial quotations showed active transactions across utilities, oils, and steel, with total sales yesterday reaching into the millions and emphasized by American, Kaiser, and DuPont listings amid a broad market mix.
Defense Secretary Charles E Wilson ordered U S military services to stop civilian hiring immediately and draft plans to reduce civilian employment from about 1 160 914 workers. He also announced moving the 9th Marine Regiment from Japan to Okinawa as a strategic step, plus a broader 2 2 billion dollar cut in defense spending and a 100 000 man reduction by next January. The stock page follows with Dow Jones averages and market notes.
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