Business Notes The summer upturn in furniture demand evident
An industry executive links the upswing to Middle East tensions and spring conferences, noting shoppers spend more as recession talk fades. After a surprisingly strong market, retailers curb inventory while wholesalers push road sales. Steel price hikes threaten higher finished furniture costs, and unemployment data hint at broader weakness. Produce prices are down from 1951 levels, with good quality, aided by favorable rains. Thomas E. Myers is promoted to associate manager at Life Insurance Company of Virginia in the High Point area.
MENTIONED IN THIS ARTICLE
Middle East
Paxton Judge
Kroger Company
Thomas E. Myers
High Point
The
Life Insurance Company of Virginia
Myers
Thomasville
Virginia
Gordon B. Weathers
C. Mack Combs
George H. Luther
State Caprece
Adams Engineering
Aerotr Sete
Allvac Peeeeee i
American Commercial Bank
American & Efird Milis
American Heritage Coves OU
American Mariette American Hosp
American Marietta
Arden Farms Ee Reetegeeeter
Arnold Stone Company
Rod Atlanta Ges Light
Atlantic Seeweese
Atlas Sewing Denvers
Wenete Auto Pinance Common
Po Bank of America
Basset Furniture
Eeewee Bayless
Seveee
Beneficial Corporation
Black Panther Co
Brave Bell, Inc
Blue Rider Irs Co
Brush
Berylium
Ie Butler's Inc
Canon Mils
Cape Fear Wood Press
Caroling Casualty Ins
Caroling P&l
Carolina Tel & Teleneeenee
Caroling Wholesale Pioriat
Central Electric & Gas
Central Telephone
Century Food Market
Cerliat
Chathem
Colonie
Colonial Stores
Colonial
Eeeeenee Eeeee Ae
Itv Cone Mills
Eearee
Coveiana
Delhi Taylor Eeveeves
Ree Donnelier, R.R. & Gons
P&p Finance Saeeneene
First Union Natl. Bank
Frankiin Life Insurance
Ovenee O
Garfinckel General
Leeeeneeee Bs
Gulf Life Oeenee Hanes, PH. Knitting
Lou Blower Eee
Eeeeeweenee Lenoir Finance
I. 1
Levingstone Shipbuilding
Casualty Sereeeer
Life
IME Ovseees
Life Ins. Co Co
Sneene
Lithium Corp of America
Lone Star Steel Aeeeewentene
Stock Market Reverses Weekly Rally After Friday Decline
The Associated Press average of 60 stocks fell to 183.40 for the week, ending seven straight gains. Volume slipped under three million shares daily for the first time in a month as rates rose and the Fed boosted the discount rate to 2 percent signaling inflation concerns.
MENTIONED IN THIS ARTICLE
New York
Associated Press
Federal Reserve Bank of San Francisco
Federal Reserve
Army Unveils Nike Zeus Anti Missile Unit
RALEIGH AP The Army says it is in the initial hardware stage of a Nike Zeus missile designed to counter intercontinental ballistic missiles. Col John F Smoller noted over 200 million dollars in the 1959 budget for continued Nike Zeus development. He warned that later ICBMs will compel improvements to defeat evolving threats.
MENTIONED IN THIS ARTICLE
Raleigh
Army
North Carolina Exchange Club
John F. Smoller
Col. Smoller
Tobacco Prices Stay High Across South Markets
Federal State Market News Service reports South Carolina Belt and North Carolina Belt sold 40,467,004 pounds of tobacco last week at an average of 61.53 per hundredweight, up 2.01 from the prior week. Season totals reach 65,674,676 pounds at 60.76 average, while 70 percent of sales went to Stabilization. Last year’s period saw 50,502,980 pounds at 54.84.
MENTIONED IN THIS ARTICLE
Associated Press
South Carolina
North Carolina
Federal State Market News Service
Stock Market Bid and Asked Prices Overview
The document lists unofficial bid and asked prices from NASD and other sources to guide approximate ranges where securities could have traded. It clarifies these figures are not actual transactions and are intended for reference only as of mid August.
MENTIONED IN THIS ARTICLE
National Association of Securities Dealers, Inc
Short Term Rates Rise as Fed Signals Inflation Risk
US government and corporate bonds fell last week as short term rates climbed and the San Francisco Fed raised its discount rate to 2 percent. The Fed hinted the recession may be ending and inflation remains the major threat, with bankers acceptances and commercial paper rising while Treasury bills edged higher.
MENTIONED IN THIS ARTICLE
New York
San Francisco Reserve Bank
Federal Reserve Board
Fed
San Francisco
Federal Reserve
West Coast
Treasury
A.P
Early Modern Roads: France 1764 by Tresaquet and England 1805
The first modern scientific highways emerged in France in 1764 with Pierre Tresaquet's stone base roads. In England around 1805 Thomas Telford designed a similar road with a thicker layer of broken stones and a curved surface to improve water runoff.
MENTIONED IN THIS ARTICLE
France
Pierre Tresaquet
England
Themes Telford
Tresaquet
Prices Fall On Futures In Cotton
Cotton futures on the New York Cotton Exchange posted weekly losses with declines from 55 cents to 4 per bale. Nearer contracts soft due to a larger crop forecast and a small 1958 loan rate, while distant maturities fell after the erroneous belief that a farm bill would not pass. Prices steadied late as short covering and technical factors kept some support. News from Washington that the farm bill moved to a conference committee followed further selling.
MENTIONED IN THIS ARTICLE
NEW York
New York Cotton Exchange
U.S
House of Representatives
House
Washington
Senate House
Man Arrested for Car Theft After Quoting Inmate Release
William P. Loudermilk, 33, was arrested for car theft in Wilmington California after stating he took the car to pick up a friend released from San Quentin. He cited 11 years in public service and a quote attributed to Vice President Nixon.
MENTIONED IN THIS ARTICLE
San Quentin
William P. Loudermilk
Wilmington
Calif
Vice Pesident Nixon
Nixon
Also Mentioned on This Page
ORD Shopping Center
ORD Enterprises Inc
Bessemer and
Summit Avenues
Greensboro
Robert Conner
Robert L. Hutchens
National Food Stores Inc
Ig Bear Super Markets
By Joe Brown
Stock Mart
Seer Erweeesenee
Jwy Ty
Maxson, W.L. Corp
Mississippi Idwa
Nationwide Corporation
National Life & Accident
North American Life
North Ca
A Tel
Pyramid Life
Ereeeteeee
Rewleigh, M
Bonceo Products
Southern Heritage
Southeastern Factors
Southeastern
Southern Plastics
Eee
Southland Life Eeeevsese
Sterling
Superior City
Sutton
Ebentevers
Tampax
Inc
Tidewater Gas
Time, Inc
Trans Gas Pipeline
Towmotor Corporation
Oeneee Twin Coach
United Ins. Co. of America
U.S. Life Ins
Nile Wachovia Bank & Trust Heim Jim Waller, Corp
Watson Brothers Transpost Travelers Insurance Eenewee Wem Point
Zonolite Company
Eeteeee
Uate Tele Dy AO
Tomasvi
Public Service OF
N. Carolina
Wachovia Bank & Trust
Scripto, Inc
Jefferson Standard Life
Piedmont
Fiere Ee
J. Sturgis May & CO
Stock & Bonds
Ith
High Point, N
High Point Savings and Trust Company
Hick Pony Savings and Trust
North Main
S. Main
Member
Federal Deposit Insurance Corporation
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