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Newspaper
Independent
Location
Long Beach, California, United States of America
Date
Jun 11, 1958
Page
15
Washington AP reports that May retail store sales totaled 17.3 billion dollars, up from 16.522 billion in April but virtually unchanged after seasonal adjustments. The gain equaled about one tenth of one percent, with May 1958 sales seven tenths of one percent below May 1957.
The report lists Tuesday closing prices on the New York Stock Exchange with daily movements across major banks and industrials. Trading showed modest gains in high capitalization issues while utilities and transports posted mixed results amid market fluctuations.
The Dow Jones averages eased on a broad moderate decline with copper shares leading losses after a government stockpiling proposal. Industrials and rails slipped while utilities rose late. Kennecott and Phelps Dodge climbed on copper news, and Navy shipbuilding cuts affected Bethlehem and others.
A new savings institution named Reliant Savings and Loan Assn will open Thursday at 5200 E 2nd St Belm and Chass. The subsidy program would pay domestic copper producers an equivalent stabilization price of 2744 cents per pound with an annual cap of one million tons, aiming to drain domestic surplus and restore copper industry employment.
Interior Secretary Seaton announced support for a one year program to buy up to 150000 tons of domestically mined copper at market price not exceeding 27.34 cents per pound. The plan would modify the administration’s five year subsidy program for copper and other metals, with an estimated cost of 368.75 million dollars. Eight western senators urged a larger purchase of 175000 tons at 27 cents per pound to aid domestic ore production.
Market notes show commodity price fluctuations with references to staples and varied values. Historical context mentions changes from 172.33 to 172.424 and later 178 and 1784, indicating a volatile period in prices and references to weekly and yearly comparisons.
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