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Newspaper
Independent
Location
Long Beach, California, United States of America
Date
Apr 01, 1958
Page
12
New York market closes with mixed figures as Industrial, Utilities, and Railroads show varied changes. Major stocks listed include Royal Dutch, Philip Morris, and General Electric with scores and prices fluctuating amid daily trading activity.
Wall Street closes largely lower with major industrials and rails slipping while a few utilities and tobacco issues resist the trend. Investors await first quarter earnings and dividend reports amid a cautious outlook as government anti recession moves register little impact.
Market news shows Monday declines in cotton futures with losses extending two to seven cents per bale amid hedging and profit taking. Spot cotton improved in the western and southern belt but most sales remained light. planting conditions and weather reports indicate slow but ongoing activity in key regions like the Grande Valley and meshing with earlier harvests and irrigation efforts.
Rehiring begins as DuPont recalls about 80 nylon workers in Chattanooga and cancels furloughs for 50. Chemstrand recalls 20 of 1000 nylon workers in Pensacola, Motorola adds 760 jobs to build new TV sets, and Martin Co. wins Pershing missile contract. Steel idle capacity rises, with production at 48.09 percent. United Air Lines cuts 20 co pilots and 10 flight engineers. Timken hours may drop 10 percent May 4.
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