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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Dec 28, 1958
Page
5
Merchants report the week before Christmas strong sales, especially in department and ready-to-wear stores, with some 16 percent gains over last December. Hard goods see softer demand due to less cooperative advertising, while stock promotions and Friday Saturday bargain hunting boosted weekend traffic.
Joseph Seitz outlined a Southeast field reorganization effective January 1 moving Columbia division to the Southern Region with Atlanta HQ. The Southern Region will now include 9 North Georgia Alabama Tennessee stores and 45 Florida South Georgia Jacksonville outlets. Edens moves to Atlanta to coordinate sales buying merchandising advertising and promotions chainwide. Colonial operates more than 470 stores in 11 states east of the Mississippi.
In cautious trading sessions, security quotations drift as investors weigh inflation signals and policy hints. Analysts note thin liquidity in midweek trade while some blue chips hold steady amid small gains and selective declines.
New York Central will terminate its Railway Express Agency contract January 1 1960 signaling a potential overhaul in parcel and express transport. The agency, 121 years old, faced possible withdrawals by Peoria and Eastern and Georgia and Florida with other Eastern lines weighing implications. Central claims annual losses of about 11 million dollars and seeks coordinated rail highway solutions like piggy back transport ahead of withdrawal.
Paris reports a crackdown on reckless driving with fines from 14 to 86 dollars and potential prison for repeat offenders. Jaywalking penalties range from 1 to 5 dollars. Last year road accidents killed 10,000 and injured 150,000.
Commerce and industry outlook turns brighter with retail surge, stock rally, and higher 1959 production forecasts. Auto output up 31 percent, steel to 105 110 million ingot tons, electronics eye 8 billion in next year. But risks include mid 1959 steel strike and credit tightness.
U S Government bonds closed mixed during the short holiday week while corporate securities declined. Utilities and industrials fell sharply for the 3 day week as foreign dollar liens drifted lower. investment quality issues and rails held steady. Treasury securities posted light activity with volume at $17,741,000 on the Big Board. Bond quotes showed mixed losses for Victory 2s of 1975-67 and 3s of 1983-78 alongside a dip for 2s of 1963.
Southern Bakeries Co. announced the purchase of the Schneider Sunbeam Baking Co. bread plant in Washington and Ogden A. Geilfuss stated the change affects all plant facilities and equipment except the cake division, which will be abandoned. The December 27 transfer expands Southern to 18 plants, with locations in Virginia, North and South Carolina, Georgia, and Florida. The Greensboro plant on West Lee St. is managed by R. W. Black.
Charlotte Raleigh New York City listing for Chas E Diffendal Jr with telephone 28531 based in High Point North Carolina.
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