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Newspaper
Long Beach Press Telegram
Location
Long Beach, California, United States of America
Date
May 26, 1948
Page
8
Daily bullet of early New York stock prices shows Bulow era quotations on the Exchange. Prices, sectors, and notable movers are listed as trading opens. Market activity reflects broad movement across key industries including industrials, utilities, and rail.
YORK May 26 Despite higher prices American shoppers buy more groceries this year with rising total spend. Officials predict continued demand for vegetables fruits and margarine while meat may drop due to shortages this fall.
Reports from Nanking say Nationalist troops pushed south along the Peiping Hankow railway, seizing 88 miles of the line. Government units recovered Hsuchang and pressed toward Linying and Hsipping, marking a 40 mile advance in two days.
In New York in May 2014 traders quoted firmer cotton futures after the ECA authorized shipment of 427,871 dollars of cotton to four European nations. Market participants expected France Italy and others to use credit from private banks to buy approximately 135 000 bales, lifting near term demand and prompting short covering for July delivery.
May 24 New Orleans and other markets report Wesson Oi and New Opieans declare a 29 cent extra dividend per share payable July 2 along with the regular 1 percent quarterly. additional details include 25 cent regular dividend and July 15 payment for some issues.
The Argentine cruiser La Argentina will reach San Diego on May 27 for a 10 day stop as part of a world cruise. This will be its only United States stop, connected to the commissioning of midshipmen at the Argentine Naval Academy.
Leon W Harmon of 1615 Cedar Ave was named second lieutenant in the California National Guard. Announcement came from Maj General Curtis D O Sullivan adjutant general. Harmon is assigned to Long Beach Medical Detachment 720th Antiaircraft Artillery Gun Battalion as administrative officer. In World War II he served as a staff sergeant.
On May 26 ICAGO reports a brisk rally as white wheat spreads to other crops. Trading shows buyers betting on government moves, with prices and futures edging higher amid speculation the new crop year will bring tighter supplies.
Britain explains procedures to purge Communist and Fascist civil servants from government posts. A department head acts as final judge, with a three adviser board to review evidence if needed. Dismissal or resignation losses pension rights. transfers possible to non secret posts. Trade union representation is not approved.
In New York on May 26, demand for stocks revived and prices rose fractions to gain. Leading industrials led the upswing with General Motors and General Electric reaching new 1948 highs aided by dividend news. Bonds were narrow and cotton futures rallied after Euro pean shipments were authorized.
The Iron Age says there is an even chance of renewed coal strikes by July or sooner. It notes strong steel demand and a buyer's market unlikely for at least a year. It cites European Recovery Plan and defense needs pushing for more steel capacity while mills have yet to fully use current capacity.
U S electric power production fell for the first time in four weeks in the period ended May 22. Edison Electric Institute reports total distribution at 3 085 412 000 kilowatt hours, down from 5 108 673 000 the prior week, yet 9.1 percent above the 4 662 858 000 kilowatt hours a year earlier. Regional gains were reported in several areas including the West Central and Pacific coast.
Four hooded gunmen raided an auto repair shop in Cicero as Dagy 51 welded a fender. Dagy said a thief pressed a torch to his face and the assailants fired several shots before fleeing in a car.
Adjutant General Curtis D. O'Sullivan of the California National Guard told an American Legion luncheon that the army failed to mobilize the National Guard as units. He said plans to transfer California men to the 40th Division and return them as a unit collapsed, leaving the organized force as mere paper units.
Harold E. Stassen announces he will seek second choice votes from California delegates with Gov. Earl Warren’s knowledge and consent. He plans a west coast trip to meet California Republican leaders including Warren, who is also a candidate for the G O P nomination.
London stock movers show mixed activity with shares across financials and commodities. Traders monitor early gains and losses as indexes edge higher on modest volume.
Early New York curd price quotations show a drop in the morning trade. Market observers note softer tone in trading as dairy prices trend downward amid quiet activity at the wholesale level.
The record shows Dow Jones as of 2 p.m. with market figures for industrials rails and bonds. The page includes fluctuating values for various stocks and a note on changes, reflecting midday trading activity.
President Truman urged the House to pass a Senate bill providing 300 million dollars in federal aid for schools. He argued such funding is essential to American democracy and national defense and pressed Democratic leaders to act this session.
Queen Mother Mary turned 81 in good health and received staff greetings after breakfast. She planned a Buckingham Palace balcony appearance later, with a possible theater visit. Badminton school children sent wildflowers as part of birthday wishes.
Washington May 26 Dr James H Jensen named chief of the Atomic Energy Commission biology division. A Madison Nebraska native, he led North Carolina State College pathology since 1945 and will direct research on atomic energy applications to biology and agriculture. He has studied sugar cane and other crops in Cuba and Puerto Rico.
James D. Zellerbach president of Crown Zellerbach Corp was chosen to head the Economic Cooperation Administration mission to Italy. He will assume duties next month after serving as American delegate to the ILO and as vice chairman of the ILO conference to be held in June.
Chicago livestock market report notes varied demand with steers, heifers, and cows mixed. Prices show slight gains for good lambs and beef cattle, while stock cattle remain scarce and feeders uneven. wholesale totals indicate thousands of head traded across cattle and hogs with fluctuating scores and weights.
Treasury figures for May show total receipts near 99 million and expenditures around 37.5 million. The report lists month totals, balances, and year to date figures with several large aggregate totals in the hundreds of millions.
In New York on May 2, British pound and Canadian dollar rates showed modest moves while European currencies edged in thin trading. The report notes slight changes in exchange values with minor shifts in francs and lire amid a calm market session.
The fragment reports hay prices and market figures with reference to barley and oats. It mentions numbers such as 25.50 and a large figure 94,009.29.00, with notes on new crop oats and open prices.
Federal market note lists wholesale and retail prices for butter eggs and poultry in Los Angeles on May 3 1948. Includes grade A eggs large medium and small cartons pricing, poultry items and weights, and notes on wholesale vs retail cartons and color varieties.
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