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Newspaper
Long Beach Press Telegram
Location
Long Beach, California, United States of America
Date
Dec 02, 1950
Page
5
New York report notes crippling storms across six states and south to Florida hit all sectors from vendors to steel mills, causing millions in equipment damage and disrupted production. Banking data shows loans reach a record 16.989 billion while gold stocks fall to 23.037 billion, with electricity output also dipping from the prior week.
The Dow Jones average slid nine to ten points on Tuesday and Wednesday, rebounded about eighteen points on Thursday, and faces a market driven largely by war news. If Korea conditions improve, prices could recover quickly. if adverse, a renewed decline is likely. Caution remains urged amid 1951 tax concerns and the possibility of broader conflict. The note favors buying low priced shares in raw materials and processing goods from raw materials.
Week's selloff was nearly perfect technically with a 16 point advance and a retracement to 224 229 area, suggesting a mid January rise but likely confined to 224 232. The dollar value, purchasing power, and French stock index are discussed as inflation hedges and asset selection remains crucial.
The Army announced that reservists ordered to report for extended active duty at U S stations may take a Christmas furlough from December 16 to January 1. Those assigned to embarkation ports for overseas duty will not receive a break due to commitments with overseas commanders and ship sailings. Departures in the continental United States during the holiday period may be delayed to January 2 to 5, with reporting dates set by Army commanders.
The Department of Agriculture designated 14 California counties as disaster loan areas: Butte Colusa Fresno Kern Kings Madera Merced Placer Sacramento San Joaquin Stanislaus Sutter Tulare and Yolo. Farmers with severe flood damage may apply for Home Administration loans.
Florida temperatures returned to normal after a cold wave that damaged crops worth more than 10 million dollars. About 90 percent of bean plantings near Lake Okeechobee were destroyed. Truck crops suffered in north and central Florida. potatoes, cabbage, and endive were damaged. Citrus largely spared according to Warren C. Johnson.
Witnesses Joseph and Patrick Irvine testified in the libel suit filed by California Attorney General Fred Howser against columnist Drew Pearson. They denied contributing to Howser’s campaign or having financial ties during his time as Los Angeles district attorney. Irvine revealed a past bookmaking defense fee. both noted associates Warren Suter and Ed Jenkins served jail terms. Upcoming witnesses and a tax expert, Bruce Thomas and Jill Howe, were scheduled to testify next.
Pete Moore, president of the International Longshoremen and Warehousemen Union, defends harbor screening plans while opposing government overreach. He cites workers removed from jobs without proof, notes Coast Guard context, and warns of a strike if the program becomes punitive.
Tickets for the Junior Rose Bowl game between Long Beach City College and Boise Idaho Junior College go on sale at Aggie’s Sporting Goods Wa Pine Ave and two Ginsinger’s Drive‑ins at San Antonio Dr and Atlantic Ave and 1632 E Fourth St All seats are reserved and the game will not be televised according to Ben Markus Pasadena Junior Chamber of Commerce sponsor.
Floridian fighter Smathers rises from Congressman to Senator after a bitter campaign against veteran Claude Pepper. He banners anti communist rhetoric, vows a middle ground path, and cites a record as a hard fighting dissenter within his party. Smathers, born 1923 in Atlantic City, moved to Miami, and is a Marine veteran with two children.
Union Pacific completes four new pumping wells in the Wilmington field adding 871 barrels per day. New producers Nos 477 505 E110 and E-43-R are in the southeast Signal Hill area. Shell plans Irvine Ranch deep test Irvine Four 130-1 near Sec 573-1 QW. Harbor 23 new well and Harbor Community 18 foundation. Oklahoma operators report 15 producers 7386 bpd. PAC urges steel for 43000 wells in 1951. Abandoned Signal Hill wells listed Vernon Cunningham Yonkers No 6 Hondo Pete Venago No 1.
Police investigated a beating and robbery at a Tone Beach home. Frances A. Kenney, 70, of 1040 Virginia Ct, was taken to Seaside hospital with a possible fractured nose and bruises after she was assaulted and robbed of diamond earrings valued at 600. Her husband said he left at 7 30 pm and found her injured when he returned. She reportedly recalled nothing after answering the doorbell and was treated by a private physician. Neighbors alerted officers to the incident Monday night.
Louis V. Lozano Jr from Bellflower is recovering at home from a skull fracture after a bicycle fall and is expected to be bedfast until Christmas. A daughter Barbara Lee Davis was born to Mr. and Mrs. William F. Davis of Pine Avenue in Seaside Hospital.
Berkeley observers report a sharp earthquake at 7:29 a.m. centered in western Brazil. Assistant seismologist Don Tocher says it was very deep, about 400 to 500 miles beneath the surface, and lasted about 15 minutes on the record.
General MacArthur addressed the war in Korea, noting the possibility of a 200,000 Allied total and expressing hope for a negotiated settlement. He denied proposing to bomb Chinese forces north of the Yalu or use atomic weapons, saying such decisions rest with higher authority. He defended harmony with higher command and described Chinese Red Army support to North Korea.
A film titled Preface to Life will be shown Thursday at 8 p.m. in the W. C. A. auditorium under the auspices of the Long Beach Mental Hygiene Society. Admission has a small charge. Dr. Virginia Bailard will preside with a panel including Dr. K. C. Brandenburg Dr. John Russell Dr. Mantle Magree and Miss Dorothy Stone to discuss the film and answer questions from the floor. Mrs. Rebecca Loy is program chair of the Mental Health Society.
A thief cut a window screen and stole a purse containing $17 from a bedroom in Mrs. Emma W Walthausen’s home at 35 E Lard Street last night. The purse lay on a bed when taken.
Grim reports from Pyongyang describe Chinese armored and infantry advances bearing down on the city. Eighth Army prepares to destroy military targets and evacuate Pyongyang if needed, while U S and allied units hold a line within about 25 miles of the capital amid heavy Chinese artillery near Sunchon and Songchon.
British Prime Minister Attlee and French Premier Pleven prepared for Washington talks on East West tensions and German rearmament while a Korean Manchuria buffer zone proposal drew comment. Attlee to travel with 17 officials. Pleven abandoned plans to join in Washington. Pleven’s cabinet won a strong 347 to 184 parliamentary endorsement, with only communists and some Gaullist followers voting against.
The 1999 ton Danish steamer I. P. Suhr sank off Sweden's coast. Of 21 crew, 20 are missing and one seaman was rescued clinging to an overturned lifeboat.
Tides and temperatures listed include high tides at 4 29 a m and 3 51 p m reaching 4 5 and 3 7 ft, low tides at 10 44 a m and 10 12 p m at 2 1 and 9 ft, with sunset at 4 44 p m and moonset at 12 53 p m. Foregoing data credited to the U S Coast and Geodetic Survey.
A newborn in Youngstown Southside Hospital born with two heads four arms and two legs died after living less than 20 hours. The infant fed twice and showed Siamese-twin characteristics.
Thieves in Illinois looted cars in East St. Louis and Rock Island. Donald H. Merritt lost 100 left-foot shoes valued at 100 dollars, all size 7-C. Patrick R. Conaghan reported 110 left-hand gloves stolen from his Rock Island car, all samples for the left hand.
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