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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Aug 20, 1958
Page
10
New York stocks edged up in a sluggish session with gains mostly fractional. Major players showed limited advances while lower priced issues attracted activity as investors monitored refinancings and dividend news.
The money market tightens with rising rates as the Treasury plans to borrow more. Businesses eye increased borrowing for autumn production and stock, while inflation fears and Fed actions affect short and medium term securities and postpone new offerings.
Two unidentified firemen were overcome by fumes while fighting a blaze at the High Point Chemical Manufacturing Co on Taylor Street. They were revived and taken to High Point Memorial Hospital for examination as heavy chemical fumes filled the concrete block building. Flames began around 11 40 a m with thick smoke and limited interior access. Chief Claude Canady said the chemicals could not be easily put out with water. Fire crews planned to let the chemicals cool before investigating the fire’s cause. No property damage estimate was available.
A financial advisor warns against buying securities when planning to start a business, recommending keeping funds in the bank until the decision is definite. He cautions a retired person about risky stocks and suggests switching to five percent yielding utilities or telecoms if income is needed. The column notes poor past advice and stresses avoiding a reckless broker.
Bernard M. Baruch turned 88 yesterday and declined fanfare. The adviser and financier, visiting Saratoga for his annual spa and race trip, brushed off questions about his health with a quick quip to a reporter.
A 29 year old man Marvin McGuire received a 90 day sentence after admitting stealing two police nightsticks from a patrol car during a disturbance at a drive in on S Wrenn Street. Wade Johnson faces October jury trial for receiving stolen property linked to the same incident. Arthur Harrison drew a nine day term for throwing a glass window at Ralphs Grill. Jimmy Lee Davis was found guilty of drunken driving and given a four month suspended term or to pay 100 dollars and costs. David F Walker and others were involved in related cases.
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