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Newspaper
Long Beach Press Telegram
Location
Long Beach, California, United States of America
Date
Dec 29, 1953
Page
13
Financial brief notes Dow Jones averages with industrials rails utilities and bonds. Markets show Tuesday close with mixed highs lows and a London financial union reading at 130.2 up 0.2, indicating modest gains in early 1953 trading.
Profit taking spiked on the New York Stock Exchange as trading ended, dragging major indices lower. Dealers cited caution after a rally, with technology and finance shares leading the retreat and volume remaining steady across the session.
A surge of profit taking pushed prices lower on the American Stock Exchange with widespread declines. The bulk of losses occurred in a late morning selling spurt, though some shares managed modest rebounds in later trading.
A chaotic ledger of stocks, currencies, and bond quotes. Names like Lincoln, Lockheed, and various corporations appear amid foreign exchange rates and market notes. The item lists dozens of entities, prices, and percentages in a dense, period-voice style.
Cotton futures show irregular trading with near month slipping and later rising on hedging liquidity and demand uncertainty. Spot inquiry remains weak while year end demand may pick up post turn. San Joaquin valley harvest nearing completion while Texas harvest progresses. prices mixed with small changes.
Sunkist Growers and agents report steady market for citrus with lemons and oranges unchanged and selective whites mixed. Prices shown for various grades and coastal regions reflect limited auction activity and tighter California listings.
SAN FRANCISCO Southern Pacific Railroad president JBussell reported an all time high operating efficiency for 14 with an estimated 53 040 gross ton miles per freight train hour. He said traffic is 53 percent higher than a decade ago and year end accounting may show only a one percent decline in gross revenue from the 1952 peak. The company is now nearly diesel powered with an average of one new diesel unit every two days.
The Associated Press reports a new price index for staple commodities shows a drop to 172.76 from 172.91 the previous day. The week stands at 171.9 percent and the month at 173.03 amid market fluctuations.
Continental Can Co. obtained a court order delaying a 1950 decree clause that would raise rents next year by over 75 percent for container closing machines. Judge George B. Harrie of the Federal District Court in San Francisco suspended the rental and service charge provisions for one year, delaying increases after January 1, 1954.
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