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Newspaper
Long Beach Press Telegram
Location
Long Beach, California, United States of America
Date
May 28, 1948
Page
10
An overview of inflation effects across sectors, noting that higher corporate earnings and wage gains coexist with rising costs for raw materials and equipment. Forecasts predict shortages easing and real competition returning, though deflation would hurt incomes, while retailers report strong April sales and Memorial Day travel boosts.
Livestock prices edged mixed in Chicago and Los Angeles markets on May 28. Hog prices held steady to up to 35 cents, with lightweights steady and heavies down. cattle were mostly steady with some weakness in select classes. sheep offerings remained light and quotes nominal. Stronger demand and steady to higher cow and bull prices, with varied receipts for week and packer direct sales, characterized the day.
Grain prices at Chicago show soybeans firm while corn and oats gain modestly. Wheat closes higher on firmer cash demand and reports of government purchases. oil and other commodities show scattered action across the futures board as traders weigh dampened sentiment and nearby delivery needs.
New York cot ton futures held steady as market watchers noted slow late buying and a firmer outlook. Nearby months lagged but contract trends showed mild gains while old crop supplies remained in play and private reports cited spot buying near the late afternoon.
Foreign exchange rates show Great Britain steady with minor European movements. Canada and country quotes listed with U S dollars and francs in cent units, currencies including Sweden Switzerland Argentina Brazil Mexico and others showing little net change at opening.
A brisk demand for aircraft issues slowed a market dip in New York trading. Volume around 1.2 million shares. Gains and losses were mostly fractional with aircraft issues leading gains for Douglas, Boeing, Grumman, and Gulf Oil while Pennsy posts a loss in April, Warner Bros. faces dividend pressure, and Todd Shipyards rises on a five for one split plan.
New York data from May shows Rosal Typewriter Co Inc posting revenue of 33,818,000 and earnings of 2.27 per share against the prior year period. Consolidated Coppermines Corp reports a unit loss of 1003 in the March quarter versus 322,009 in the same period last year.
Treasury figures show balances and outlays with totals in the hundreds of millions. The report notes expenditures and receipts along with various fiscal measures. Market notes from Los Angeles and Valencia oranges show slight shifts, while a bond market roundup lists several government and corporate bonds with yields and prices.
An unclear summary notes slight movements in the Dow Jones averages with mixed results during a quiet trading session. Investors monitor small gains and losses as markets reflect cautious sentiment.
NEW YORK May 28 Mf Dob lar volume of retail trade increased more than last week and was from 7 to 11 percent above a year ago Burt & Bradstreet reported today Seasonal merchandise was stimulated by graduations and vacations Wedding gift specialties were in demand Credit requests were numerous Summer apparel demand increased moderately Selling well were medium priced cotton dresses beachwear lightweight blouses scarfs hosiery and coffin petticoats Men's lightweight suits slacks sport jackets straw hats and summer accessories in demand
In a postconvention session the board of managers of the National Congress of Parents and Teachers chose Mrs. Gertrude G. Wyness of Boulder City Nevada as director of the Nationwide PTA magazine The association magazine.
New York May 28 The Associated Press reports wholesale price index for 35 commodities rose to 188 20 from 87. Week of May shows higher stock prices and London market activity noted.
Investment trusts and affiliated bids shown with multiple fund names and share prices. Various funds including Bullock, Chemical, Petroleum, and State Street list prices and bid values. The fragmentary text references brokers, dividends, and fund abbreviations amid a chaotic listing of investments.
A fragmented OCR passage lists numerous financial and insurance entities. It mentions banks and Trusts, Hartford Fire, Westchester Fire, Providences, and various brokers, with scattered percentages and references to securities and insurance products across multiple firms and regions. The text is garbled with many nonsensical fragments.
Market summary from New York reports mixed signals with some gains in cattle and grain while dairies show varied butter and eggs prices in Los Angeles and nationwide grain and hay price notes. Includes references to futures like No 2 yellow corn and U.S. No 9.00 grain variants and notes on butter and broiler prices amid school year consumes.
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