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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Feb 15, 1957
Page
2
Stock prices moved in a choppy pattern with gains and losses across major issues. Notable increases included Youngstown and Lukens while Anaconda and Gulf Oil slipped, and the Associated Press index edged higher as midday activity showed rapid turnarounds and thin volume.
Cotton futures opened at a base around 35.25 to 35.34 cents per pound with May and December positions shown. The page also lists fluctuating equity values for major corporations including Eastman Kodak, General Electric, General Motors, U S Steel, United Aircraft, Westinghouse, and others with percentage changes and share quotes.
The record gives a brief note on the Dow Jones Averages with a closing figure and index components. It mentions Bache & Co as the furnishing source and lists a few numeric values indicating performance across sectors.
The Treasury faces a cash squeeze with about 2 billion in cash balance, rising expenses, and 800 million in cash redemptions on maturing securities last week. Foreign aid requests and a planned market loan add pressure while higher savings rates lure investors away from new issues. March and April tax payments approach, and tighter money plus higher yields drive redemptions of E Bonds.
A driver training bill was presented as liquor referendum bills move through the Senate. Sen. Paul E. Jones of Pitt will chair the Senate Roads Committee with Sens. Todd H. Gentry of Ashe and Henry W. Jordan of Randolph as vice chairs. Sen. Adam J. Whitley Jr. of Johnston heads the Trustees committee for the Consolidated University of North Carolina, and Sen. O Arthur kman of Guilford leads the State Government committee with Sen. Edward B. Clark of Bladen as its vice chair.
A state study favors expanding Wilmington and Morehead City ports noting 106,000 square feet of warehouse space listed as deficiencies. The 1960 65 period projections foresee 4.9 million tons annual capacity for the two ports with future growth dependent on trade facilities rather than deeper water. The report urges annual general fund support to administer port facilities and promote waterborne commerce, highlighting North Carolina’s ocean trade currently going to other states.
Sheriff's deputies continued an arson probe after Roy Chilton reported finding a partially burned torch in a woodpile beside his Hedgecock Road house. He had recently moved from Virginia and said the torch comprised a small stick with a rag, burning when found.
City police report two Negro men arrested after a break in at West End Fuel Co. William J. Frazier aged 39 and Otto Jackson aged 34, both of E Washington Street, charged with breaking and entering larceny and receiving. They allegedly stole cigarettes cigars and two jackets valued at 15 dollars. Bond set at 500 dollars each.
Greensboro based Burlington Industries announced Raymond E. Kassar will become president of Burlington Decorative Associates. Spencer Love said James S. Love Jr. will succeed Kassar as president of Burlington Narrow Fabrics Co. Kassar replaces Walter Horne who moves to a staff role at Burlington Industries.
Forsyth Airport Commission chair Stratton Coyner said the next step to secure a tri city airport for High Point Greensboro and Winston Salem is appointing attorneys to draft the needed legislation. He hopes outstanding lawyers can be retained within a few days and believes chances for a single airport are improving.
Supporters of a single airport in the area push for action as a Civil Aeronautics Board hearing on air service needs is set for May 7. Backers expect positive reaction in High Point to influence Guilford County Commissioners toward a firmer position.
Legislators note that creating a bi county airport authority requires North Carolina General Assembly action and must be ready before the spring adjournment to proceed.
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