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Newspaper
Independent
Location
Long Beach, California, United States of America
Date
May 17, 1958
Page
12
Closing prices on Friday at the New York Stock Exchange show mixed results for major stocks. Trading activity reflected cautious sentiment as investors weighed earnings reports and macro signals.
Washington reports Mayor Robert F Wagner of New York City urging a seven to nine point one billion dollar tax cut and federal grants for local governments to fund short term public works and boosts in social security. Denver mayor W F Nicholson questions metropolitan area relief. Unclear details persist on local borrowing and broader unemployment relief measures.
Markets at a glance show corn lower and cattle lighter demand. A Baltimore mayor urged direct city grants and favorable loan rates to boost economic health, calling for urgent federal action and a new tax with guidance to distressed communities.
An unsettled New York market posted irregular prices and light volume the last trading day before the weekend. Kennecott rose on news of its dividend, while many leading stocks drifted with modest moves. The Associated Press index dipped, with rails and utilities mixed and low priced issues dominating activity as investors waited for clearer signals.
The Standard and Poor's 500 stock index shows a low close and mixed movement with figures like 46.11 and 701, while broader industrials and railroads are referenced. The summary notes a downslide in the market with varied sector performance and index points cited, including 4338.02 and 425 references.
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