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Newspaper
Greeley Daily Tribune
Location
Greeley, Colorado, United States of America
Date
Jun 29, 1962
Page
2
The AP reports Wall Street remains unsettled a month after Black Monday with analysts divided on whether prices will drop further or rebound. Some expect a calmer summer rally while others call the decline a crisis and point to steel price battles and investor shakeout as triggers.
As markets slid, small investors bet further declines while short selling rose. The NYSE study showed public funds flowing into big-name stocks despite the drop, while professionals reduced holdings. Debate grew over policy action, from tax cuts to lower depreciation allowances, as brokers noted many new accounts opening during the May downturn.
Edward M. Gilbert a Wall Street financier and former president of E. L. Bruce Co was indicted on charges of unlawfully converting about 1.95 million dollars of company funds to his own use after admitting to withdrawing nearly 2 million without authorization. He fled to Brazil following the May 28 stock market crash and surfaced in Rio de Janeiro hours after the indictment. A separate note mentions a Salisbury Rhodesia fashion parade of shoes.
Government commodity highlights show little change in five month cash receipts and marketings. May cash receipts rise slightly from last year while payments under feed grain and wheat programs may total about 400 million, exceeding 1981. Hog prices drift lower, cattle slaughter up, dairy receipts fall, and 1962 wheat production may drop 14 percent. Feed grain CCC sales slowed as certificate pool value was reached.
Berkeley California reports Rose Marie Fangborea, a UC food researcher, found men tend to rate foods as sweeter than women do. The finding highlights gender differences in taste preferences.
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