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Newspaper
Long Beach Press Telegram
Location
Long Beach, California, United States of America
Date
Jun 03, 1950
Page
5
Memorial Day shortened activity across many sectors while steel mills ran near capacity and autos surged past last year’s output. Electric power rose, freight loadings improved, soft coal and crude oil output held steady, and banks trimmed business loans as markets barely moved.
Market outlook weighs June to July August path with possible summer bottom and Election period rally. Analysts note 223.42 May 31 close, potential 217-214 downside, and volume weakness as key risks, while July and August history suggests varied gains and a caution on rails performance.
Market pattern republished for reader convenience shows a persistent trend since last summer. Excluding the June 13 1949 to Aug 18 rebound, the stock has been recoverable amid oversold conditions. Optimism persists that prices may rise further as commodity prices stay strong.
The report analyzes price swings and duration of market moves from June to May 31, noting an average rise and decline, with a 10.45 point swing and 4.41 point decline. It highlights General Motors UAW contract as a factor, stressing the influential role of GM stock in the industrial group and forecasting possible continued strength with caution on a 3 to 5 point correction. The piece advises readers to monitor economic effects closely and promises further discussion next week.
Santa Paula California Oil Museum to be dedicated today. The museum, the only one of its kind west of the Mississippi, houses rare maps documents and field equipment reflecting western petroleum development and includes a full sized drilling rig. A reconstructed lower 30 feet of a Bardsdale wooden derrick is on display in operating condition.
In a garbled item, names Buster Egas and Baxinor Priento appear with Poultry Tos Angeles and Bak as a dealer near June 2 1350 ee. The fragment mentions Drives salon Datecen dealers and cartons scents highery with unclear connections to a retail context.
New York June 2 markets in the United States and Canada closed for a summer time schedule through September 30. Most commodity exchanges were also closed though the Chicago Board of Trade remained open.
Markets at a Glance report shows Sevier creamized after early weakness. Oats moved firm with steady tone. Market notes indicate acreage sown below normal levels and trading activity mixed across grains.
A VA report details that Truman economy cuts in the veterans hospital program cost over 10 million dollars. Plans sites and preliminary work for 24 eliminated hospitals and bed reductions in 15 others drove the losses, with potential salvage of some final drawings and site purchases. Rep. Van Zandt cited the sum as money that could have funded a hospital, as Congress weighs restoring the beds and awaiting Senate action.
A detailed market summary covers hogs lambs and cattle with quotes and weekly changes. Hog prices weakened slightly while heavier cattle and steers showed mixed gains and losses. Sheep and lamb values held near steady with some declines for lighter weights amid holiday slowdowns.
Oil firms award contracts for a new community at Cuyama including a general construction plan by Griffith Co and a sewage plant. Roads sewers water gas and electric lines to be built with completion targeted Sept 1. Five residents may buy lots or homes through the development group. Shell Oil reports progress at Cherry Hill and Edison No 54 completion near Ventura Avenue. Oklahoma and Texas wells progress noted with several completions and drillings in 61 oil wells last week.
In Chicago grain trading June 3, wheat led with tentative gains while bread cereals lagged. Oats rallied on early season strength, boosting corn and other grains, as winter wheat provided drag. Soybeans rose with the August contract advancing, and pricing showed mixed results across grades and months.
Fragmentary OCR shows hay prices around 25.00 and grain values at 25.00 in a Federal market notice. Mentions United States market terms and small listings, but details are damaged and ambiguous. Exact locations and entities are unclear due to transcription errors.
Mrs Katherine B S Williams Arthur A Hedges and James B Cauley of the Juneau federal employment office warn that Alaska is not a land of abundant jobs. They advise bringing $2000 for initial needs, note high living costs, scarce housing, but good wages for those placed. They also claim Alaska heavily favors single women finding husbands.
Former residents of Warren County Pennsylvania hold a picnic in Sycamore Grove Los Angeles tomorrow. Temple Sinai Sisterhood hosts a square dance tomorrow evening at Sinai Center Moline Ave and Seventh St. A beginners class will be taught and refreshments will be served. The event is open to the public.
Rev and Mrs Raymond Aikens of the Christian and Missionary Alliance returned from a motor trip to Seattle where their daughter Carmen Aikens graduated from the Missionary Training Institute. She plans missionary work in Africa and will begin nurse training next fall before entering the mission field. The family traveled to Seattle via Grand Canyon and Hoover Dam and returned along the coast.
Six West Nations debate pooling coal and steel under the Schuman plan. Britain balks at preapproval and advances talks while France seeks progress updates. Paris hopes Britain will join, amid historic Franco German leadership stakes. Negotiations to set details begin June 15.
A severe weather outbreak caused Chicago to suffer an electrical storm with heavy rain and winds up to 45 mph. Two inches fell, basements flooded, dozens of viaducts flooded, and thousands faced power outages. Fire departments handled hundreds of alarms as lightning caused factory fires and infrastructure damage. A nun died in a flooded basement while attempting to salvage food from a refrigerator. Elsewhere, King Edward Island in California was lost to flood waters with heavy winds and rising tides threatening Bradford Island and cattle.
Washington reports May 1949 construction valued at over 1.9 billion dollars, a 14 percent rise from April and 23 percent above May 1948. Private home building led the gain, driving much of the expansion while total new starts exceeded past seasonal highs.
Obituaries list Isabel H Pearson 84 of Big Bear died June 1. Other notices include Dr Albert W Hamilton 67 of Indian Head Md who died May 9 in DC area, Hester Jar dow Mitchell 77 of Long Beach, Louis Barron Mariques 26 of Long Beach, Roy Herold Simpson 48 of Cambria, Mary Emma Whitezell 71 of Buena Park, Millie Bryant 82 of South Pasadena, Millie Bryant and family details, and infant McNutt of Long Beach.
Park Department asked to trim a shrub blamed for a morning crash at Tenth St and Cedar Ave when traffic officers said the plant hid a stop sign. Drivers C. Coleman of Palos Verdes Estates and Lucelle Campbell of 430 E 15th St were involved. no injuries reported. Dr Bernard Cullen of 485 Myrtle Ave escaped harm after his car hit an ornamental light standard at Sith St and Olive Ave. Georgia Mae Olsen of 1430 E Ninth St was uninjured.
Negotiations to settle a wage dispute between the A F L Carpeters Union and California contractors continued. William Reese, the union’s representative, said carpenters may vote next week to authorize a strike if talks fail.
Rev. Cecil Poole succeeds Rev. Ray Smith as pastor of the Pentecostal Church of God in Buena Park. He and his wife, with daughters Ladonna and Joyce, moved into the parsonage at 6561 S Olin Ave Fuller Park. Poole, a former youth director for the Southern California district, previously served in Vallejo and is a graduate of the Bible Institute of Los Angeles. Before ministry he worked in motion pictures and as a gospel recording artist and now hosts a Sunday radio Pentecostal program.
Rev Charles Bysegger a 25 year Navajo missionary will address Second Presbyterian Church tomorrow morning. He partnered with Dr Charles Salsbury at Ganado near the Russell Sage Memorial Hospital where his work has been centered.
The forecast calls for mostly low clouds with some sun in the afternoons. Light drizzle is possible tonight and tomorrow morning. A slight warmup to near 70s is expected, while desert winds reach 25 to 30 mph and temperatures rise into the low 100s. Scattered showers may occur in the mountains with highs in the mid 70s.
Mrs Bertha Hughes a 30 year Long Beach resident who has been living with a sun at Calistoga for six months died there last night. Funeral services will be held there. She came to Long Beach from Pueblo Colorado and had lived at 731 Seventh St.
An obituary notice lists survivors and funeral arrangements. Interment follows at Lee AnEe with services at Mey Church and a chapel service on Monday. Family members are advised of the time and place of the ceremony and burial.
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