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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Dec 29, 1957
Page
5
Economics expert Roger Babson predicts a good 1958 for High Point though plant operators doubt widespread gains. Hosiery faces ongoing price-cutting while seamless and full fashioned divisions reshape profitability. Colonial Stores projects 4 percent sales rise to $440 million with 40 new supermarkets planned.
Efird's Department Store in Charlotte plans a two week textile display starting Jan six showing every textile process in store. The Simmons Company announces expansion plans and new product lines including orthopedic mattresses children bedding and living room furniture. Dayton Rubber Co plans a Stafoam plastic foam division and Koolfoam latex products. Lexington Chair Co will be reorganized not sold and will halt dining room chair orders for the moment.
Wall Street marks its first weekly advance in four weeks as the Associated Press stock average climbs to 154.30. The week features cautious gains amid hopes of Fed rate moves, but a GM forecast of 1958 auto sales sparks dismay and a dampened yearend rally.
Betty Brand Barnette of Longwood College wins the Tobacco Festival Queen title after Associate Dean H M Bittinger offers to forgive her cuts and buy lunch if she is chosen. Barnette’s win earns a benediction of leniency and a celebratory meal.
New York scene reports P. Lorillard Co president Lewis Gruber predicting another record year for 1958. He cites industry shifts toward menthol and filter cigarettes, new packaging, and declining non filter lines. Gruber stresses ongoing research and product evolution to meet smoker needs two to five years ahead.
The report notes a continued strong economy but hints at a shift downward with additional layoffs reported, signaling cautious momentum ahead.
Corporate bonds continued to advance in the final week of 1957 with fair volume while U S government bonds held steady or fractionally higher in a thin market. Industrials reached a yearly high on the Associated Press index, with quality investment corporates and utilities near midrange, signaling broad strength in the credit sector.
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