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This newspaper page contains 9 articles. Subscribers can read the full text of each article.
Newspaper
Daily Review
Location
Hayward, California, United States of America
Date
Dec 26, 1957
Page
9
United Press story uses a parable of a blind hamburger vendor to argue that even in a recession customers still seek value. The tale contrasts the father’s booming sales with the son’s warning that people can’t afford hamburgers, illustrating differing views on market demand amid downturn.
Automotive News reports a 41.8 percent drop in weekly car output due to heavy inventories and holiday schedules. Estimated production reached 82,720 units versus 140,457 last week and 99,? for the prior year. For 1957, total output was expected around 6,087,752 cars, with manufacturers needing 47,072 more to reach 6,234,823 units set in 1953. The record remains 7,942,135 cars in 1955 and 6,802,865 in 1950.
Berkeley Savings, a major East Bay savings and loan, will pay a record $500,000 in interest for the six months ending December 31. Reeze H. Door, EVP, says the 31 year old institution posted its largest semiannual disbursement as savers receive 4 percent per year, bringing 1957 total interest to $865,000.
New York stocks rose slightly in dull trading as leaders added fractional gains. Alcow nonferrous metals climbed 1 point, Climax Molybdenum up 2, while Anaconda and Kennecott slipped. Autos were firm led by General Motors and Chrysler with mixed gains in steel and other firms. Notable movers included Corning Glass Filtro National Atme Beckman Instruments and Thompson Probes, with Santa Fe Erie International Nickel Montgomery Ward United Aircraft showing losses.
Sacramento reports California’s November unemployment at a record high with 228000 out of work in November and total employment down to 5642000 from October. Officials cite continued layoffs in aircraft manufacturing and seasonal cutbacks in agriculture and canning offset by pre holiday hiring in retail.
Washington reports a scheduled drop in dairy price supports from 90 to 73 percent of parity by next April threatens higher pressure on farmers to boost efficiency. Cows not covering costs may be culled as Benson signals a push to rid farms of unproductive stock and push herd improvement through cooperative programs and sire-proving efforts.
A crowded list shows ships expected to reach San Francisco in late December including the M. M. Dant from Yokohama, the Evanger from Vancouver, the Horace Luckenbach from Portland and the Grain Trader from Los Angeles. Also noted are the Flying Dragon from Eniwetok and the Keystone Mariner from Yokohama with arrivals targeted for December 28 and 27 as part of Pacific shipping schedules.
In Tokyo the Japanese Foreign Office told the U.S. Embassy that no American official was on a policy blacklist of undesirable aliens. An embassy spokesman said Horsey visited the Foreign Office to learn the basis for any press statements about inclusion.
Readable market commentary notes pessimism for next year with Dow Jones Industrial Average near 1958 close and forecasts ranging from 420 to 550 by year end. Analysts cite budget totals, spending and policy expectations as factors behind a slow recovery, with mixed forecasts from Mitchell Hutchins and Oppenheimer.
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