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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Jan 27, 1957
Page
5
Wagner Tire Service installed several thousand dollars worth of new equipment including a large wheel balancer and a tread builder. Staff trained to operate an automatic buffer aims to ensure perfectly circular tires before tread. The balancer, a synchronoscope, balances wheels without removing them from the car.
The report highlights a 21 store gain for the year and Atlantic Life Insurance’s top producer R B Sutton of Greensboro. Piedmont Natural Gas declares dividends of 1.375 per share preferred and 0.20 common with revenues rising 16.7 percent to 7.699 million. J C Penney posts a record high sales of 1.29 billion for 1956, up 5.9 percent from 1955.
Walter Bree de Jr. reports a mixed economic picture with ongoing growth yet warning signs. Auto output is restrained with Ford showing overtime production while inventories outpace sales across several lines. Home appliances, TV sets, and shoe production falter and machine tool orders trend downward. Cost of living hits new high as the index rises about 3 percent in the last year.
An Atlanta area veteran state trooper calls intoxicated pedestrians an awful hazard on Georgia highways. Sgt. Richard Hamrick notes drunken foot travelers are worse than expected and pose increased danger to drivers.
Ellis M Blakely of 410 Lindsay St retires from Heritage Upholstery Plant on Dec 21 1956 as the first retiree under the disability section of the profit sharing retirement plan. He joins since 1951 and received 413.39 credited to his account with further benefits due April 1957.
Wall Street consensus expects a 1957 pause in the seven year bull run with trading within a range. Some foresee a temporary drop while a minority warns a bear market has begun and a sustained decline could follow. Leaders like T. McCormick and Gerald M. Loeb predict a rebound after near term dips.
Realty transfers list multiple deeds including Hedgecock to Hauser on Mary Wens Road. Cochrane to Ye on Mary Wood Road. Stanford party to Morakis on Wend and Clark to Stone on Carrick LE. Avett to Cummings on N Hamilton Street. Boggs to Snead on Oak Hill Forest.
Highland Cotton Mills completes an extensive modernization costing about 11 million dollars, placing the company among the most up to date in the textile industry. W. B. Hill is named executive vice president, with H. F. Hunsucker continuing as chairman. The overhaul updates combed and carded yarn mills with new equipment from Aldrich Whitin Saco-Lowell Mod el J and Penumafil stop notions, plus 11,088 Whitin Superflex spindles to produce finer yarns. The leadership team includes N. M. Ayers as president, H. F. Hunsucker Jr. as vice president and treasurer, and James Wall as secretary.
The bull market died last August as leading stock averages failed to exceed the all time high reached last April, signaling a shift in market momentum.
The week saw slight gains with the Associated Press 60 up 20 cents to 176.20, but the rise lacked conviction. January trends hint at a weak month with low volume and a probable early bottom, echoing last year’s performance.
Morganton Furniture Co and Heritage Furniture Inc merge with a single board. Elliott S Wood of Heritage elected president of the new board. 95 percent of Morganton stock and all Heritage stock exchanged for Drexel Furniture Co stock. Joint operations include one sales force and combined showrooming.
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