Europe Faces Currency Shortage Hit Across Western Europe
Western European trade falters as nations lack hard currency to buy among themselves. Britain eyes intra European payments and currency pools. France, Belgium, and Italy suffer from dwindling sales and factory curtailments amid Marshall Plan delays.
MENTIONED IN THIS ARTICLE
Ondon
Europe
United States
Garter
France
Britain
International Monetary Fund
U. S
European Economic Co-operation Administration
Paris
Belgium
Whitehall
Italy
Security Market Sets New High
NEW YORK July 3 The stock market recovered from a severe beat and ended at a general high not seen since August 1946. Trading slowed with only one day above 1,000,000 shares as rails and oils led gains while foreign news drew close attention. Overall sentiment was cheerful as inflation worries rose and peak prices posed a danger to stability.
MENTIONED IN THIS ARTICLE
New York
Wall ‘Street
Aluminum Used to Build Factory in Davenfort
The Aluminum Company of America opens a new plant along the Mississippi east of Davenfort. The $30 million facility uses 6,250,000 pounds of aluminum in its construction and aims to produce 20,000,000 pounds of aluminum sheet and plate monthly. The site covers 52 acres on a 400-acre property with a 48 inch rolling mill. aluminum housing for 112 plant employees is planned.
MENTIONED IN THIS ARTICLE
Alcoa
Untimely Rain Rushes Wheat Harvest in 1948 Southwest
Kansas City July 3 The wheat harvest in the southwest is disrupted by unseasonal rains delaying ripening and swelling storage needs. Nebraska and Colorado catches up with Kansas, swamping harvest supervisor W. Stark with demand for combines and labor. Railroads report 13 000 more freight cars available, easing transport as Texas and Oklahoma stores handle peak movement toward a record crop.
MENTIONED IN THIS ARTICLE
Kansas City
Midlands
Nebraska
Colorado
Kansas
W. ©. Stark
Great Bend
Kan
Stark
Saasvanner
Texas
Oklahoma
Dodge City
Ralph E. Clark
Clark
Weekly Market Comment Foresees Possible Down Move Before Rally
The week ahead may test whether stocks push higher from Monday's 186.56 low or slide further, with light volume and waning momentum suggesting a bear bias. Analysts point to low short-interest ratios, rising new highs then fading, and the steel wage stance as factors shaping a potential major low by mid July. General Motors is cited as a timing tool by Stephen Sanford for signaling bull or bear phases over the next four months.
MENTIONED IN THIS ARTICLE
U. S. Steel
J. A.wall Street
Stephen J. Sanford
General Motors
D. J
General Motors Common
G.M
Sanford
Cotton Textile Market Quiet in New York Trade
The cotton textile market remained quiet as Fourth of July week’s approach and mill shutdowns cooled demand. Buyers awaited crop size signals while print cloths moved slowly and prices eased on some constructions. Tobacco cloth prices fell in hopes of prompting sales amid slack demand.
MENTIONED IN THIS ARTICLE
New York
Steel Production Faces Big Slump
Pittsburgh July 3 4 The steel industry teeters as 18 major firms refuse to sign a new coal mining contract and press for a union shop. U M W leadership and U S Steel executives discuss terms while 35 000 captive miners threaten work stoppage affecting 400 000 further miners. Royalty and pay changes ensue with potential one month or more production delays depending on coal stockpile use.
MENTIONED IN THIS ARTICLE
Pittsburgh
United Mine Workers Quickl
John L. Lewis
U. M. W. Lewis
Contair
Harry Moses
U. S. Steel
H. C. Frick Coke Co
Steel
U. M. Jy
NLRB
Corn Prices Fall On Weather And Forecasts
Chicago July 3 Corn prices drop sharply as weather and a private forecast of a large harvest weigh on the Board of Trade. Wheat and oats also slide with government price cuts and weaker soybeans. Crop expert C M Galvin projects 137 million bushels of corn, plus large wheat and oats crops, amid hot dry conditions.
MENTIONED IN THIS ARTICLE
Chicago
Board of Trade
C. M. Galvin
Prt
Galvin
Ewing Realty Firm Bought by Town and Country Partners
Olive Graham and Marvin Lightfoot, operators of Town and Country Real Estate Co, have purchased Weyland U. Ewing's real estate business. The sale took effect Thursday, with the Ewing office at 429 E First St continuing to operate under Town and Country. Graham and Lightfoot gain entry to the business after being introduced by Ewing six years ago. Ewing departs to focus on other ventures, including Utah Coal Co and Western Refining and Chemical Co, while Panaka Minerals distributes organic soil conditioners in Southern California.
MENTIONED IN THIS ARTICLE
Olive Graham
Marvin Lightfoot
Town and Country Real Estate Co
Weyland U. Ewing
Town and Country Partners
Ewing
First St
Pacific Coast Hwy
Graham and Lightfoot
Utah Coal Co
Western Refining and Chemical Co
Salt Lake City
Panaka Minerals
California
Economy Surges as Inflation Fears Loom in Midyear
In New York July reports show inflation pressures rising with wage and price records set across sectors. Strong industrial output, a building boom, and the European Recovery Program spur growth while stocks rally to highs since 1946, signaling a potential turning point if weather and production stay favorable.
MENTIONED IN THIS ARTICLE
York
Canadians Debate Topic of U S Economic Union
Canadians weigh economic union with the United States as a solution to a dollar shortage yet split on sovereignty. A New Liberty poll shows 23 percent favor full union, 32 percent want withdrawal from the British Empire, while 69 percent fear American policies and bigotry. Macleans and New Liberty publish studies.
MENTIONED IN THIS ARTICLE
U. S. Economic Union
UAWA
Canada
United States
Adi
Dominion
MacLean's
New Liberty
Ediett Raynes Ltd
United
British Empire
Arthur R. M. Lower
Queen's University
Kingston, Ont
Washington
Also Mentioned on This Page
Frige
Lena
Wis
John Frige
Louis
Tony
Pasquale
Frigo Brothers Cheess Company
Frigos
Wide World Photo
Brussels
Holland
DEECO
Reqwood
Passhable Rentals
William D. Horgan
LAGO
Haven
Petes
Bobwaen Terrence
Wilmisgter
H. DE LA Chapelle
JF. Mutton & Co
Aye Vay
Amy Wu
Ceva
New York Stock Exchange
Barror‘s
Ewing Realty Firm
Lakewood
Business Triangle
Carson St
Bellflower Blvd
John Griffith
Press of Griffith, Walker and Lee, Inc
Coldwell-Banker
G. A. Phillips
L. W. Berry
D.C
Pine Avenue
Apgolatersat
Sveturn
Arctic
Anaheim
Ald
Neal J. Cook
J. M. Soss
Pine Ave
Long Beach
Tow Ag
Wilminaten
Sud Harbor
Absees
Eatenee
Teuse
Bsieverde Wirningtes
Ares
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