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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Jan 22, 1958
Page
5
New York stocks opened with a brief surge then showed irregular trading. Gains were mixed, with American Telephone leading at first before trimming to about one point as the market paused after the Philadelphia Fed cut its discount rate to 2 percent and banks lowered prime to 4 percent.
Cotton futures open ten cents higher to forty cents lower amid mixed market tone. Mixed industrial shares weigh on utilities and chemicals while oils, metals, and aircraft show softness. The Associated Press average climbs modestly as rails and utilities gain, with several major corporations listed in a closing notebook of prices and notations.
The Dow Jones Averages show figures with prior noon and close values, listing steel rails and GB stocks along with corresponding volumes. Data include 447.55 and 106.52 for notable indices, with volumes around 1.08 to 2.16 million shares traded.
A 17 year old, James William Connor, was sentenced to 10 to 20 years in Central Prison Raleigh for armed fruit stand robbery with accomplice James Everett Smith, who received 5 to 10 years. The case arose from a Dec 8 incident when they looted about 275 dollars in receipts. A 13 year old aided their getaway in Alabama before being returned to High Point for trial.
The Maxton courtroom heard testimony that Klansmen were ordered to carry arms at rallies from Charlotte to Greensboro. Martin, Grand Titan of the North Carolina Klan, said he joined for segregation and was armed at several rallies. The case ponders extradition and raises questions about Klan aims alongside a note that the American Cancer Society estimates the annual cancer bill at 300 million dollars.
The article notes a Philadelphia Federal Reserve action lowering the discount rate from 3% to 3% on November 15, reflecting a shift from tight money to easy credit as the economy moves from recession toward recovery. It compares current rates to 1% in early 1954 and highlights President Eisenhower’s remarks on favorable factors for business.
The United States calls the Soviet claim that Dulles will push U S missiles on Baghdad Pact states totally false and incredibly arrogant The secretary plans Tehran after a White House meeting then Ankara for Baghdad Pact ministers The trip aims to reassure pact members against Soviet pressure and Communist influence.
Police pursue fingerprints and witness reports after a bank robbery. A 1955 green Oldsmobile may have carried the suspect, described as about 5'8" and 155 pounds in a brown overcoat and dark brown felt hat. Teller Robert Schoolfield, 20, provided the clearest description.
Schoolfield described the weapon as a short-barrel .23 caliber revolver. The report focuses on the firearm's appearance and the details provided by the witness.
An advertisement touts Dean's Pills as a remedy for backache and sleeplessness. It promises relief from aches, better rest, and affordable, quick dosing with claims of economy and effectiveness.
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