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Newspaper
Decatur Daily
Location
Decatur, Alabama, United States of America
Date
Dec 01, 1957
Page
8
New York reports an “Eisenhower market” as stocks rise for a third week. Markets rebound after news of President Eisenhower’s illness spurred optimism about defense spending and missile production despite ongoing economic indicators showing gradual decline.
New York futuress on the New York Cotton Exchange ended the week with net losses as most active contracts moved lower. Traders noted broad softness across the market and limited gains amid cautious demand.
U S corporate and government bonds rose for the third and fourth straight weeks, aided by industrials, foreign dollar liens, and rails. Corporate convertibles slipped early but recovered, while government issues posted steady gains. Volume on the primary tape declined from the prior week.
Prices fell from 60 cents to 3.00 a bale as hedge selling and EC fiber sales weighed down the market. The decline followed news of President Eisenhower's illness and stock market drops, with occasional support from a 25 point rise in the mid November parity price. Exports for the week and season lag previous year by about 18 percent.
An earth tremor startled Cornwall Ontario early today at 1 25 a m. Observers said it resembled an earthquake but there were no reports of damage. The area had a damaging quake on Sept 5 1944 that caused about 1 000 000 dollars in damage.
In Wellington observers called the Labour Party the winner as unofficial returns put Labour at 41 seats to 38 for the Conservatives with one seat to be decided in January. Prime Minister elect Walter Nash, 76, pledged peace and tax rebates as Labour seeks a slim majority in Parliament. The ConservativeNational party lost two ministers, while Keith Holyoake kept his seat as leader of the National party.
The new four lane highway tunnel under the Baltimore harbor opened at 12 03 a m. Fifteen minutes later the first car crash injured both drivers. A second driver faced reckless driving charges for not wearing glasses. At 1 10 a m a car stalled from a dead battery. The report then mentions Jose Ressel and his 1857 death with a will about the marine propeller rights.
Cotton inch middling 44.50, loan 32.79, cottonseed 25.00 ton, milk grade A 6.33 per hundred. Wheat 1.50, No 2 yellow corn 1.17, shelled 1.23, No 2 white corn 1.30, 1.37, soybeans 2.25, oats 0.68, milling wheat 1.90. Poultry prices and timber values listed. cattle, calves, hogs ranges shown with weights and terms.
A three man Jordan army delegation led by Col Jubran Hawa arrived in London amid talk of seeking restoration of British military and economic aid. The group would test renewal of aid after a 12.5 million pound cut following the dismissal of Gen Glubb.
A U.S. District Court order is sought to restrain Sunny Souths sawmill operator Jim Hightower in Selma Alabama from alleged FLSA violations. The Labor Secretary's complaint accuses employing under 18 year olds paying under one dollar per hour and exceeding 40 hours weekly without proper overtime.
Izvestia accuses Vice President Nixon of distorting peaceful aims and of using abusive language against the Soviet Union in response to his Philadelphia address. The piece cites Nixon’s warning about a Soviet nonmilitary offensive and references a November 22 manifesto.
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