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Newspaper
Long Beach Press Telegram
Location
Long Beach, California, United States of America
Date
Jul 08, 1950
Page
4
Market analysis notes a rise from 206.33 to 217 with a rebound to 212, predicting a ceiling at 217 220 and a return to a trading range. Conflicting views exist on near term, with a secondary decline possible to the 203 201 zone, while rails and airlines may lead postwar psychology.
The Chicago livestock market saw steady to higher prices across hogs cattle and sheep with notable gains over the week. Hogs topped near 24.26 while cattle and feeders moved higher though some classes remained slow. Sheep and spring lambs posted gains with strong demand and high grades maintaining price strength.
A broken brake casting on the El Capitan coach caused a derailment near Monica, killing nine and injuring about 75. The train jackknifed into the Kansas City Chief on a parallel track, with eight in serious condition and others under treatment in Peoria and Galesburg hospitals.
Bradford Ontario report says a car and a bus collided near here early today, killing at least six people. Victims include Charles McClay 36 and his wife 30 with their 6 year old son James, Marjory Davis 21 and Robert Davis 19 both of Norwood, and Lyle Reddick. Bus driver Pat Patterson of Toronto and a single passenger Applegarth escaped with minor injuries.
Manila reports the death of octogenarian Henry Becker on Campiguin Island off Luzon. An American Army veteran of the Spanish American War he chose to settle in the Philippines after discharge. Becker, a Philadelphia native, was among the colorful old-timers in the islands.
Grain market activity shows soybean gains in early July while corn options stayed heavy as dealers cover positions. Wheat futures rallied with mills active buyers amid profit taking and domestic and Canadian sourcing. prices for July and May contracts posted advances. Range data and basis quotes for No 2 and No 3 wheat across regions indicate firm support and ongoing demand.
A fragmentary listing references Butter Eggs and Poultry with numbers 50 and 8, mentions Ankles Tulu and Joppink Butter AA carou Grade BH and a string of unreadable codes. The readable items suggest a market or catalog entry with product grades and quantities.
Fragmentary OCR notes show hay price listings with various quality grades and figures such as 25.00 and 24.00. The text is garbled but indicates market quotes for hay, possibly including No 2 des, and other grade descriptors.
In San Francisco and Washington, ex trust fighter Arnold contends the U S Supreme Court should hear the case linked to Giannini and Transamerica. He accuses the Federal Reserve Board of a hasty action against Giannini and Husbands, while the Ninth Circuit weighs contempt against Giannini and cites a halted $19 million Bank of America deal.
General Electric disclosed a 3 percent wage raise for about 160000 employees nationwide. The raise mirrors a prior offer tied to pension and insurance upgrades, which two rival unions had rejected. One union indicated acceptance of the raise but will continue pursuing higher pay.
New York based Associated Press reports the commodity price index jumped sharply this week, marking its strongest gain since November 1947 and reaching its highest level since mid January of last year. The index stood at 174.94, up from 172.11, with all major groups advancing and four hitting new highs for 1950.
Tin prices rose about 3 percent this week as traders weighed war prospects in the Far East. Copper imports were stored in bonded warehouses after a tariff restoration. The tariff debate continued with House and Senate committees considering suspending or extending duties, hearings set for July 10.
York reports a mixed but strong holiday week with big gains in steel, auto, and building output. Retail sales rose, demand for tires sugar rubber and metal products surged, while auto plants paused briefly. Power output hit a record high as construction and banking figures shifted with holiday effects.
California crude output for Jan 1 to July 1 averaged 861 026 barrels daily with six month total 156 706 797. Gasoline production last week 2 788 000 barrels. stocks July 1 at 17 105 000. Shell and other operators report drilling activity across Ventura Ave, Brea Canyon, Puente Rez, Cantua Creek, Signal Hill, and South Cu ayama. Porter of API says production can rise to over 6 000 000 barrels daily with no delay.
The United Nations Commission on Korea will set up headquarters in the port of Pusan in southeast Korea. Col A G Katzin said the body will establish military liaison with the South Korean government. Two UN military observers will form the liaison for now.
Penny Lil Springer, born premature July 3 to Mr. and Mrs. Clark Springer of San Diego, weighed 2 pounds 4 ounces at birth. In an incubator at St. Mary’s Hospital, she was one of the hospital’s smallest infants, with life considered fragile. The baby arrived about 45 minutes before a physician was obtained, and mother and child were later attended by a doctor. Mrs. Springer is a Polytechnic High School graduate who studied at City College. her mother Mrs. Clay Smith of Orcutt was visiting at the time.
Wilbert H. McFarland, 78, longtime Long Beach civic worker, died at home after a life of service. He led the Improvement Association, participated in the Chamber of Commerce, and advocated parks and community facilities. Survived by widow Pearl, sons Harold G. and Lloyd E., John W., daughter Edith Grimes, sister Ma Moser, 11 grandchildren, three great grandchildren. Funeral at Mortell's Mortuary with interment in Westminster Memorial Park.
Vital statistics list births at Seaside Memorial Hospital with names and family details including Abbott Downer Bow er Bennete Byer O R and others. The page also records engagements and marriages, plus a section noting divorces granted and individuals named in notices across communities.
Obituaries record Peggy Callender, Katharyn Reid, Edward Young, Norma Davis, Louise Magill, Reginald Hudson, Edward Miller, Alene Maloney, Ross Fields, Mary St Clair, John Pike, and Henrietta Degman. Entries note ages, origins, survivors, funeral details, and interment sites across Paramount, Long Beach, Huntington Beach, Bellflower, and nearby communities. Funeral services planned or conducted at local mortuaries with Sunnyside Memorial Park and Graceland Cemetery among sites.
A Conservative MP urged Prime Minister Attlee to visit Washington to discuss Korea war plans with President Truman. MP L D Gammans filed the question for next Wednesday in the House of Commons. No sign of formal Conservative party support. British and American military talks typically go through the joint chiefs of staff in Washington.
A faulty switch blamed for a derailment of nine Southern Pacific freight cars near Gila Bend Arizona. A railroad dispatcher said an object caught in the tracks caused the cars to jump the rails yesterday. There were no injuries and the cars were repositioned within an hour.
Theft reported at 16824 3 Pioneer Blvd as an electric motor and a set of drills were stolen from an implement shop. Value listed for tools was $3. An auto radio and heater, valued at $53, were taken from a garage at 15118 Orizaba St in Paramount. Reports on file with deputy sheriffs.
The body of Brian Marshall, a year old, who vanished from the Port Huron home of wealthy foster parents on May 1, was found floating in the St Clair River. Coroner Stewart indicated all signs point to a mild growing tragedy. the lad was once believed kidnapped.
Funeral notices list several residents including Aly Baity and William Ane, with surviving relatives and service details. Private service to be held at Selby Chapel with officiating pastor. Local memorials reference grandchildren and extended family, with dates and locations noted in fragmented OCR.
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