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Newspaper
Long Beach Press Telegram
Location
Long Beach, California, United States of America
Date
Dec 23, 1950
Page
4
The report discusses a market rise amid fears of inflation and a looming excess profits tax. It advises traders to liquidate near top, and investors to review portfolios for strength criteria, prioritizing war beneficiaries and raw material producers as the new tax bill unfolds.
The piece urges generous bond purchases from a patriotic stance while noting Treasury step-ups and liquidation exceeding purchases. It discusses six month figures with July and October expected to show larger buys post quarters, markets rising on heavy volume then turning down suggesting a corrective sell-off, and the need for tax shelters for rails and utilities while praising select management in tough conditions.
California gasoline production rose by 415000 barrels last week led by war demand, reaching 3,144,000 barrels in the district. Inventories stood at 15,135,000 barrels, with year to date output around 313,203,765 barrels. Shell Oil reports 20 drilling strings in state, including 13 wells at Ventura Avenue and five new locations, while operators announce several pumpers and new wells planned in Wilmington, Cat Canyon, and Placerita.
The Office of Defense Manpower reported a sharp rise in U S synthetic rubber production from January to October. Government plants added 17 percent to 7400 workers between August and October, with expectations of further workforce expansion through the winter months.
United Press reports across the west from mid October to mid November show all time price peaks in Los Angeles and Seattle with Portland near a record. San Francisco food prices rose .6 percent over 30 days, while the overall November food level rose 0.2 percent and the commodity index set new highs.
The Associated Press wholesale commodity index rose for a tenth straight week, reaching 205.60 the highest since January 20 1948. Food prices eased slightly due to a drop in wholesale egg prices while all other groups hit new highs for the year.
New York stock and commodity markets closed for Christmas holidays today. A few livestock markets operated as usual, with all activity set to resume next Tuesday on both stock and commodity markets.
Chicago livestock bids show hogs ranging from 16 to 50 dollars with steady tone on some sizes while cattle and sheep saw mixed gains. Slaughter steers strengthened to 37.00 and vealers climbed, with varying prices for hogs, cows, and yearlings as buyers pressed steady demand.
Market News Service reports price listings for butter eggs and poultry. The readable items indicate commodity prices and availability, with scattered references to origins and packaging. Several lines show price ranges and handling notes, though the OCR is fragmentary and difficult to interpret.
President Rhee paid tribute to Lieutenant General Walton H. Walker, commander of the U.S. Eighth Army in Korea, who was killed in a Jeep truck collision. The ceremony occurred as the alliance mourned the loss of the senior American officer steering the UN forces in the peninsula.
New York December report shows booming retail sales and high factory output led by weather and labor peace. Heavy industry set records in steel, construction and power while banks reported loan and money supply highs. stock market hit multiple 20 year highs as total listed shares climbed.
Obituary notices list Fred Clayton 55 of 117 W Ocean Blvd died yesterday. widow Creda and children Fred Clayton Jr Doris M. Wright survive, service Tuesday at 1 pm at Motell's chapel, interment Rose Hills Memorial Park. Also Mamie Ballweg 81 of 815 Pacific Ave died Thursday in a Long Beach hospital. born Cincinnati. long resident Indianapolis then California. husband died. service Tuesday 10 am at Motell's, interment Rose Hills. Also Fannin Warwick 76 of 2498 E 10th St died yesterday. survivors include George W Warwick Mabel Youderian William C Warwick. service Tuesday 1:30 pm Patterson Snively Chapel, interment Inglewood. Also Bettie J Hart Montgomery 30 of 11042 Claremont Ave died Thursday. survivors Leonard Edward Montgomery Ronald Aber parents Charles W Hart Helen H Moulton. service Wednesday 2 pm Motell's, interment Sunnyside Memorial Park. Also Henry Frederick Fahrmeyer 52 of Barber Dr died December 20. former Long Beach resident. retired Denver & Rio Grande locomotive engineer. son Earl Fahrmeyer Vista. interment Rose Hills.
Long Beach police logged about twenty wreck calls as dense fog snarled freeways and intersections. A 73 year old woman, Jennie Swain, suffered a broken wrist after being struck by Wesley Jackson, 30, who was cited for failing to yield to a pedestrian. Swain was taken to Seaside Hospital. Herschel King, 47, fractured his skull when his car hit a center island near Lakewood Boulevard and Pacific Coast Highway. He was hospitalized. Robert Lyons, 4, was treated for skull injuries after being hit near his home. the driver Virginia Balton was not cited. Several drivers pulled into service stations to sleep, and three cars went into ditches.
Washington dispatch notes Lt Gen Walton H Walker may wear the same three star insignia once owned by Eisenhower and Patton. An Army spokesman cites Walker’s official biography showing Patton gave him the insignia on April 27, the day he became a three star lieutenant general.
General Walker died of injuries after his jeep collided head on with a truck near Seoul. His son Captain Sam Walker, a U S Army officer, mourned by family as high ranking officers and Maj Gen Milburn expressed the loss. The other jeep occupants were injured and treated. the body was to be flown to Tokyo for formalities with MacArthur’s staff.
A field dispatch reports Communist artillery shelling the crowded beachhead on Saturday while Allied air and naval forces strike at enemy groups. MacArthur’s HQ notes Chinese forces massing near Parallel 38 as Eighth Army patrols encounter reds near Chongye. Reports describe large Chinese reinforcements crossing from Manchuria into Korea and moving toward Kuhwa, Ruhwa, and along the Kumshon Sibyon corridor as heavy combat persists.
General Soule sends a Christmas message to U S Third Division troops from Hungnam Beachhead in Northeast Korea praising their courageous struggle under United Nations leadership. He expresses best wishes for peace on earth and a new year, noting the hope that their efforts may make that ideal a reality and that liberty and freedom of individuals are shared worldwide. Their thoughts are with the troops as they fight to secure peace.
The Pope announced the discovery of Saint Peter's tomb and reiterated his call for peace amid global tension. He defended church state compatibility, warned against ideologies, urged action against unemployment, and stressed that most people are ready to sacrifice for peace as he addressed pilgrims in six languages to about 40,000 attendees.
DERIDDER La Dec 23 Twenty five planes today will transport 275 Camp Polk soldiers to their home towns in Oklahoma for Christmas. They will depart in shifts from Camp Polk and Alexandria Air Base in planes supplied by oil companies. The Polk GIs will be flown to Lawton McAlester Tulsa Oklahoma City Enid and Muskogee.
The widow of Mr. Fenni, aged 33, is notified of funeral arrangements. A funeral service will be held at the chapel, with surviving relatives mentioned. Details are limited due to damaged text but indicate a private family ceremony.
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