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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Apr 27, 1958
Page
5
The Midweek Enterprise reports strong early activity from the new auto promotion with showrooms open late and higher traffic than last fall. Firms like Fabrics Office Burlington House and Swarm Supply expand locally, while Victor Adding Machine Co introduces two simplified automatic calculators.
The New York market advanced to a 1958 high amid heavy trading as prices broke from a five month range. The Associated Press average rose to 167.10, Standard & Poor’s 500 hit 43.36, while the Dow finished at 454.92, below the Feb. 4 close.
Pork receipts in Chicago for the week were the largest since January across 12 markets and the largest since Jan 17. Prices fell 25 to 50 cents with buyers seeking lightweight and No 1 grades, while average butcher grade cost slipped to 20.07 and top price dipped to 21.10. Cattle receipts rose about 2 percent with steer slaughter grades up. steer share was about 70 percent of the run, with Monday prices down before partial recovery.
March furniture shipments rose only three per cent above February, far below the expected ten per cent. By quarter end shipments were 11 per cent behind Q1 1957, and March orders were two per cent under last year, with total orders down from minus 13 per cent in February to minus six per cent in Q1. Cancellations eased, the average workweek fell to 38.3 hours, and employment held steady as John Snow forecast an upturn later in the year.
Aiken South Carolina obituary notes Thomas Leiter 46 heir to a Washington Chicago mercantile fortune died of a heart attack at his home. He was son of the late Mr and Mrs Joseph Leiter and grandson of Levi Z Leiter of Marshall Field fame. Services set for St Johns Episcopal Church Washington with burial at Rock Creek. In lieu of flowers family requests donations to the Washington Heart Association.
Unofficial bid and asked prices from the National Association of Security Dealers and other sources serve as a guide to approximate ranges for securities. Quotes indicate prices at which bonds and stocks could have been sold or bought at the time of compilation. Origin of any quotation available on request.
U S government bonds eased after a six week climb while corporate bonds rose on expanded volume. Utilities led gains with rails steady and top grade issues near 1958 highs. Volume on the NYSE reached 30.73 million, as banks sliced prime rates to 3 percent spurring liquidity.
A 1958 outlook notes more optimism among U.S. businessmen with construction and housing finance expected to improve. Savings and Loan reports hint at lower building costs since World War I, while machinery and chemical sectors show firmer orders though production still lags. Chrysler and Ford post large first quarter losses, auto output hits six-year low, and rail freight shows modest gains. Capt. Bartholomew Gosnold is noted as the first Englishman to reach New England in 1602.
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