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Newspaper
Long Beach Press Telegram
Location
Long Beach, California, United States of America
Date
Aug 26, 1948
Page
10
The column argues some Britons favor pegging the pound near five dollars, claiming it would reflect true value and counter inflation. It cites New Zealand’s recent revaluation and notes global currency shifts ahead of a World Monetary Fund meeting.
The Mexican government stopped minting one peso silver coins following a devaluation that lowered the coin’s value from about 20 cents to 15 cents. With silver near 75 cents an ounce, a loophole emerged where dollars could buy pesos, which could be melted for more dollars than the initial purchase.
A sprawling feed of NYSE prices shows Am Ice 16 percent, Am Tobacco 1. do pf -2.20, and numerous entries across Am Viscose Am Woolen, Armco, Celanese, Boeing, Ford, General Electric, Chase divisions, and many others. The compiled page lists closing percentages, preferreds, and notable movers alongside Totals of day and two year figures, with a final daily total of $540.
A Washington release lists August figures and prior year comparisons for receipts and expenditures. It details monthly receipts of 6 170,169.31 and fiscal year totals around 4 610 405 626.67, with total debt noted at 260 003 034 822.11 and gold assets near 11 288 301.04.
Currency totals show Great Britain and France with mixed moves while the dollar held firm. Sterling remains unchanged, other major currencies show small gains or stability reflecting market steadiness.
Spot prices for grain and livestock are listed with quantities and regional notes. The fragment lists corn and barley figures with unit measures and the line hints at market categories and supplier identifiers.
Fragmentary OCR notes from Sutter Eggs Poultry and the Federal-State Market News Service mention quantities like 168 cartons and figures such as Gris A. Owe, with an unclear date. The readable text hints at a market news item or shipment tally without complete context.
Livestock market notes from Los Angeles show cattle and feeders with slow to near steady demand. Prices listed include 30.25 for odd head steers, 25.00 for good feeder steers, 26.50 to 28.00 for 970 lb medium heifers, and 4.00 to 24.50 for range cows with cutters around 16 to 21. Cows and calves vary with holdovers and grain-fed calves around 31.75 for 270-290 lb lots, reflecting a generally softer market and mixed offerings.
Chicago reports hog prices mostly steady with receipts below expectations. Cattle rates ease up to $1.00, sheep about fifty cents lower. Hogs ranged from 0.75 to 30.75 with top at 30.75. sows 23.00 to 29.00. calves and cattle also noted with varied results across grades. Receipts included 4500 hogs, 3500 cattle, 400 calves, and 1500 sheep with packers taking 2000 hogs direct.
A brief notice promoting the Press-Telegram Want Ad service to save readers effort in house hunting by placing ads. Mentions phone number 6-9066 for ordering and staking the advertisement.
The page lists hundreds of company names with percent sales figures and totals for stocks and bonds. It notes approximate final totals for stock sales today at 150,000 shares and bond sales year-to-date or year-ago values, including mentions of Fairchild, Ford, and Pioneer Gold among others.
An UP report from N A D outlines developments in investment trusts. It covers market movements, fund offerings, and regulatory notices affecting investors and trustees.
AP reports New York bond market activity with corporate and foreign bonds listed. Prices close varied across issues including Amoco T&T and various government and international bonds, with totals showing today’s activity at 2.24 million dollars and year figures displayed for comparison.
Chicago grain prices firmed with wheat and corn gaining a few cents as trading slowed. Strong support from cash houses for wheat and moisture drought in the corn belt kept demand firm, while a frost in Canada’s Peace River area drew attention. September futures quoted: wheat 2.25, corn 1.62, oats 0.72, rye 1.65, beans 2.47.
Oranges steady, lemons firmer on packaged fruit, grapefruit softer in Los Angeles citrus trade. Local loose lemons per box reach 4.25 to 6.00 with sizes 50 to 75. Grapefruit local boxes range 2.25 to 4.25, varied by size. Sunkist first grade values span 3.46 to 6.69 across sizes, while second grade asks 2.86 to 5.59.
Creole Petroleum Corporation announced six months ending June 30 earnings of 100,020,000 dollars, or 3.87 dollars per share, versus 62,006 401 or 2.33 dollars per share for the same period in 1947.
Earnings figures from Ae Corporation for the nine months ending July show performance details across segments. The report highlights revenue trends and expense controls amid market conditions, with notes on key drivers and outlook for the next quarter.
New York August 26 Cotton futures held steady in slow trade as favorable crew reports and cautious mill purchases limited activity. Trade and New Orleans participants were active on both sides while Washington hinted at using part of a 150 million revolving fund for cotton purchases for Japan. Prices rose 5 to 25 cents with May and December contracts quoted around 30.75 and 50 10.
New York August 26 The stock market was firm overall but rail shares fluctuated as heat pushed traders to the sidelines. Volume hovered near 550000 shares, with notable gains and losses among rail and other large issues as earnings and dividends disappointed. Union Pacific rose briefly on a 1.25 dividend, while New York Central posted a strong July income with rising per share earnings for the year to date.
The Air Force to reopen a large wartime repair base in England to support expanded European air fleets. About 2500 maintenance men depart Sept 1 to service Berlin airlift transports and 100 Superfortresses, with headquarters at Burtonwood Lancashire, a major WWII repair center.
President Truman signed an executive order creating an emergency board to settle the Pittsburgh and West Virginia Railway dispute with the Brotherhood of Railway Trainmen. The action aboard the Presidential yacht Williamsburg at Yorktown, Virginia automatically delays a 6 p.m. Saturday strike.
The Associated Press weighted wholesale price index for 35 commodities rose to 186.22 today from 185.74 the previous day. A week ago it stood at 187.75 and a month ago 190.24, while the year-ago figure was 187.58 with historical figures shown in 1926 averages.
Markets at a Glance reports mixed returns with assets and rails steady and rails improving. Grain futures show dry Midwest conditions. hogs advance to the top with prices near 30.75 to 31.00.
Capt. Richard W. Ruble of Pasadena California, commanding officer of the aircraft carrier Valley Forge, is appointed aide to Secretary of the Navy Sullivan. The announcement came from Washington on August 26.
Industrialist Vivien Kellems announced that all property in Westport is listed for sale and her family will leave by December 1 1948. A court ordered cessation of manufacturing in a zoned district by that date, with the cable grips firm facing relocation as offers pour in nationwide.
New York August 26 The Coast Guard inquiry heard that Mrs Mary Sheriff of Covington Louisiana disappeared from the steamer African Pilgrim at sea the night of August 10 11 Friends of the family reported she had died aboard ship Master William H St George of Massapequa New York testified that after discovering the disappearance he reversed course and searched for hours while the captain ordered shipboard searches and notified nearby vessels.
Scores of riders panicked as a mysterious package carried by an unidentified man exploded and burst into flames aboard a B M T subway car in Brooklyn. Police collected bomb remnants for examination. about 200 passengers escaped serious injury.
London reports Llianfairpwl lgwyngyligogerych ro Ilandisiliogogogech in Wales boasts 58 letters, rivaled by New Zealand’s Taumatawhaka tangihangakoauauotamateapokaiwhenuakitanatahu with 57. The Times editorial notes both long names challenge proper pronunciation.
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