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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Nov 09, 1958
Page
5
Allred Metal Stamping Works received exclusive rights from Progress Mercantile Co to manufacture a metal clip used on resilient webbing for hooked furniture parts. Allred will serve Progress distributors in Canada non-exclusively. The tie-up follows months of correspondence and a London visit to Allred’s plant.
A dated note explains unofficial bid and asked prices from the National Association of Security Dealers and other sources as a guide to the up sold or bought at compilation on November 6, 1958. Quotations' origin available on request.
Democratic congressional victories this week did not notably affect corporate and government bond markets. The four day trading closed slightly higher for corporates, rails, investment quality issues and industrials, while utilities and foreign bonds fell. Trading on the Big Board totaled 29,466,000 per value, down from the prior week. Prices shifted with few orders, with specific issues such as 2 1/2s of 1963 at 94 18-32 and 3s of 1995 at 87 28-32 showing minor changes. The Victory 2s of December 1972-67 stayed at 87 20-32, and 3s of 1983-78 rose 4-32 to 94 4-32.
The persimmon wood is very hard and heavy and takes a high polish. It is used for billiard cues parquet flooring mallets and veneer.
The stock market rose to new records as Democratic election wins boosted hopes of government spending. The AP index averaged 60 stocks rose to 202.40, the highest weekly rise in weeks, with Thursday pushing it to 202.70 and the Dow at 554.85 and S and P at 52.45. Top active issues included Studebaker-Packard, General Motors, American Motors, United Aircraft, and Standard Oil Products.
The Jackson Day event honors Democratic president Andrew Jackson and commemorates his 1815 victory over Britain at the Battle of New Orleans, reflecting party tradition and historical pride.
Washington AP reports the construction industry is divided on union run hiring halls. The General Contractors of America oppose exclusive union halls, while unions and other groups push for union control to ensure qualified non union workers are dispatched. A third group, the National Constructors Assn., already signs contracts with unions.
Dr George B Tindall of the University of North Carolina lauds the South as in economic and social transition noting gains in factory employment for Negroes and new opportunities post World War II. He warns race relations could shift profoundly with rising Black training and skill demand. The article cites installment buying and broader economic boosts alongside wartime migration patterns.
The Federal Trade Commission reports voluntary cooperation from businesses to curb false price advertising. Charles E. Grantley cites positive responses to FTC guides, while K B Willson of the National Better Business Bureau urges national advertisers to drop fictitious list prices and false pre ticketing. Support also comes from the National Association of Broadcasters, the American Newspaper Publishers Association, the Advertising Federation of America and the American Retail Federation.
A House Civil Service subcommittee charged a large rise in higher level federal jobs since 1942, noting that while staff numbers stayed similar the average civilian pay climbed 153 percent to 5510 dollars. It warned that unjustified promotions have boosted payroll costs by about 1.2 billion annually and urged officials to curb upgrades. The report also notes Jordan’s population around 400,000 residing on 5 percent of its land.
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