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Newspaper
Long Beach Press Telegram
Location
Long Beach, California, United States of America
Date
May 05, 1948
Page
12
Three aviation firms Lockheed Douglas and North American Aviation show first quarterly profits signaling a shift from losses. Lockheed eyes dividend if military orders remain strong, while Douglas posts 23.862 million earnings for the quarter and North American 0.73 million. Trade groups warn inflation persists and apparel sector struggles persist with 90 retail failures in Q1 and 178 in 1947.
New York May 3 Union Pacific Illinois Central New York Central United Aircraft and other rails led the retreat as a nationwide strike call loomed within a week. Central Railroad of New Jersey moved erratically while Textron hit a yearly high after dividend declarations. Utilities and big industrials showed mixed results as bonds narrowed and commodities varied.
SANTA MONICA May 5 Douglas Aircraft Company reports a net income of 23862 for the first three months of the 1948 fiscal year ended Feb 2 announced by Ronald W Douglas president These nominal earnings of 0 04 per share on 13251568 of sales compare with a net loss of 107109 on 25981164 for the first three months of 1947 The backlog on April 1 stood at 153943000 Military activity centered on the AD series Navy attack bombers and various Army and Navy research contracts.
New York May 5 The Iron Age trade journal says banning basing point pricing could trigger widespread steel company ruin and anarchy in selling. The Supreme Court recently ruled against basing point systems in the cement industry and the FTC has challenged 21 similar steel practices. The piece warns towns distant from mills would pay freight or face higher prices while mill-city users gain advantage.
Jones Laughlin Steel Corp announces price reductions effective at noon tomorrow in Pittsburgh. The plan aims to save customers about 3.5 million dollars yearly across products including floor plates hot rolled steel wire and enamelite products.
The market reports a range of currency values with the dollar around 0.87 for some pair, while other currencies such as the Swedish krona at 27.55 and the euro near 1.0 show little change. Brazilian real and New Zealand dollar are noted with small adjustments amid overall flat activity.
New York May 5 Edison Electric Institute reports weekly power production rose to 5,042,352,000 kilowatt hours from 5,027,280,000, up 187 percent year over year. Regional gains include Rocky Mountain 12.8 percent, Southern states 14.9, West Central 10.4, Pacific Coast 8, Central Industrial 13, Mid-Atlantic 6.5 and New England 3.9.
Boston May 5 Dr Albert Einstein called for a world government to curb the armaments race and avert war. He addressed Methodist leaders at a general conference urging church backing for a global organization and argued religious leaders enjoy greater freedom than the press and radio. He warned war would end civilized humanity.
Actress Joan Leslie announced plans to take her fight over a seven year contract with Warner Bros to the Supreme Court. The California Supreme Court ruled the contract valid as signed at 17 and approved, though the higher courts had refused to enforce after she turned 21 in 1946. She promises further constitutional challenges.
Readable sections show Abbott Labs and many major names with mixed figures and percentages. The list includes companies like Magnavox, C I Tab and United Fruit, with varied price quotes and net sales figures across sectors and months.
A dense page lists various insurance stocks and financial entries across multiple banks and companies. It names firms such as National Life, Providence, Standard Acta, Guaranty Trust, and American Trust, with percentages and positions typical of a stock table. It includes references to banks, manufacturers, coast lines, and regional entries, reflecting a broad market snapshot.
Earnings reports from A. Endison, Inc. and Timken Roller Bearing Co. detail quarterly net income and per share figures. Endison reports 367,277 dollars in quarterly net income with a per share value of 38 cents. Timken posts 3,456,069 dollars in net earnings or 1 dollar per share for the quarter ended March 31.
Union Pacific Railway Co. plans seven new wells on its Wilmington field holdings under announced locations. Richfield Oil Corp. to drill A-72 in city harbor lend under another location. Texas Co. reports Scouts note deep wild Baumann No. 9 and new pool 60 miles north of Hobbs. No.9’s production not yet established.
Greek rebels are said to receive training in Albania, Bulgaria, and Yugoslavia with camps in the Soviet orbit. The Greek liaison group to the U.N. Balkans committee cites seven secret bases and says recruits receive arms and uniforms before returning to fight. Frontline veteran Christos Kambouris reports multiple border crossings for training since 1945 and two Bulgarian schools between 1946 and 1947.
Costa Mesa residents are invited to a Friday After Home Club meeting at 102 th Legion Hall on Thursday. Clyde Ashen will lead corner tooling work during the craft session. A nominating committee report will be presented in the business meeting. Members should bring sack lunches.
Investment trusts performance and fund listings shown with figures for various funds and shares. Numerous fund names, units, and prices appear, including mentions of Fidelity, Union Bend, and Diversified Trusts, with values and date references scattered throughout.
A chaotic May 6 livestock market note shows cattle and hogs trading with varied prices. Beef steers mixed, slaughter cows around mid twenties, hogs fluctuating while dairy and feeder stock see gains and losses across packages of 1200 head and multiple shipments. Prices show volatility as buyers assess demand and futures.
Dr. H Orin Halvorson heads a University of Minnesota team that concentrated the polio virus to near pure form a breakthrough toward a serum or vaccine. The next steps include a blood test to detect virus presence and extent, followed by vaccine development. The purification was led by Dr Cyril S Stulberg with researchers Mrs Helene Brumfield and Eben A Slater.
The Senate banking committee voted unanimously to increase the Export-Import Bank's lending authority by 500 million dollars to aid Latin American countries. The bill, endorsed by Willam McChesney Martin Jr., follows a request from President Truman before the Bogota conference.
London stocks report at 12 04 with market movement noted on page C4. Shares across blue chips show typical trading patterns as investors weigh earnings and economic data.
An initiative petition to place a state housing agency funding measure on the California ballot was filed in Los Angeles. It would authorize spending 25 900 a year for public housing and requires 204 000 signatures statewide to qualify, with an estimated 200 000 collected.
Chicago May 5. The Julius Rosenwald fund announced fellowships totaling 100000 to 29 Negroes and 18 white southerners as final disbursement from a two million dollar fund. Average award is 2000 dollars. Recipient L'Tanya Griffin, fashion designer from Los Angeles, to study sketching and design at Ecole de Chambre-Coutier under Schiaparelli in Paris.
President Truman nominates Maj. Gen. Muir Stephen Fairchild to be vice chief of staff of the U.S. Air Force with the rank of four star general.
Prices for butter eggs and poultry listed by retailers include Grade A butter at 587c and Grade B at Bade. Eggs and poultry categories show varying weights and regional figures. The item notes May 1 as the price reference, with multiple figures across categories and brands.
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