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Newspaper
Long Beach Press Telegram
Location
Long Beach, California, United States of America
Date
Sep 30, 1950
Page
4
A market column argues that short term price patterns before and after Korea indicate underlying strength. It notes pre-Korea declines around 4.17 and post-Korean declines near 4.16, with recoveries suggesting a bullish trend as investors shift to equities for inflation defense. The piece contrasts shallow and deep thinkers in buying behavior.
The article analyzes how inflation and income trends affect the economy postwar, noting rising personal income and production activity. It discusses price levels, deflation risks, and near term market outlook with expectations of new highs in industrial averages within weeks while noting past sessions hovering around 226-228.
The article discusses how production levels and price changes affect national income. It notes wheat prices rising from 1.50 to 2.50 per bushel can boost income despite stable output, while falling prices shrink earnings and tax revenue. It warns of a possible postwar deflation and outlines market expectations for 1950 trading ranges and buying opportunities.
Fundamentals of stock market and investment problems course opens for registration on Wednesday evening at 7 p m at the Masonic temple 435 Locust St. Sponsored by the D E Hayes Investment Institute it aims to teach practical stock and bond trading from an average investor viewpoint. The Wednesday lecture will cover How Profits Are Made in the Stock Market and The Dow Jones Theory.
Market brief notes cotton futures were weak amid mixed demand signals and ample nearby supply. Reported interest waned with prices for nearby months easing and new crop expectations shaping trader sentiment.
New York September 30. UP Commodity prices fell this week on favorable Korea war news. The Associated Press wholesale commodity index dropped to 190.14 from 194.05, its steepest decline since March 1948, in the first drop after 15 consecutive Fridays. Six commodity groups including food, livestock, and textile saw declines.
Fragmented market notes indicate corn prices edged higher on the 1880 crop amid expectations of northern production gains. Market chatter cited hopeful forecasts and cautious buying as traders reacted to evolving supply outlooks.
Pittsburgh September 30 inflation sharpened as eight major steel companies announced price increases, Sharon Steel Corp boosting most products $5 to $10 per ton. Auto makers including Hudson and others raised model prices, while Westinghouse, GE, Frigidaire raised home appliance costs. Sharon operates mills in Farrell, Pennsylvania and Lowellville, Ohio as a top ten steel producer.
New York reports strong weekly industrial gains with record steel output and plans to raise capacity amid wartime and civilian demand. Railroad carloadings hit two-year highs, auto output near peak, power use and paper production rising, and bank lending up as merchants stockpile. retail trade shows a slight dip, while prices push higher across goods. Wage increases widen, and government controls on production loom as Korea war dynamics unfold. Crude oil output slips yet remains well above a year ago, and engineering contracts surge. Stock market ends the week nervy with prices fluctuating amid uncertain war expectations.
Shortages of aviation fuel on the west coast threaten civilian gasoline. Government officials, including Interior Secretary Oscar L Chapman, warned the National Petroleum Association that high quality gasoline ingredients may be diverted to aviation fuel. Western supply gaps and planned production cuts loom as Texas output dips and Louisiana raises October allowances. Southern California drillers plan to attend the Tulsa convention, with California delegates coordinating.
Market brief notes uncertain phrases about wheat firm movements and rumors involving several named entities. The readable segments imply trading activity, valuation concerns, and potential shifts in prices, with references to individuals and possibly organizations.
Los Angeles prepares for a recall election against Mayor Fletcher Bowron after City Clerk Walter C. Peterson certified 89 427 signatures plus 206 more. Bowron, mayor since 1938 following Frank Shaw’s recall, faces petitions alleging crime and corruption claims. all were later cleared in court. Bowron welcomes the opportunity to stand on his record.
Cattle and sheep sold at nominal gains and declines across categories. Prices hovered near week’s end with slaughter weights around 214,950 pounds. cuts and grading showing mixed demand as buyers debated seasonality and market tone. Other notes indicate steady to weaker trend in certain classes and average per hundredweight near 19 dollars.
Friday's weather statistics list sunrise at 5:46 a.m. and sunset at 5:40 p.m. Tides show high at 10:30 a.m. and 5.5 feet, low at 4:06 a.m. and 2.2 feet, and another low at 5:53 p.m. 0.8 feet. Moonrise is at 0:01 p.m. and moonset at 10:05 a.m. Water temperature is 62 degrees with calm surf.
Mrs Margaret Petersen 78 of 1175 EF Second St Long Beach native of market and immigrant from Denmark settled in Pipestone Minnesota then Long Beach since 1927. Surviving sons Eldo R Alvin William Harok. daughters Millie Mann Vesta Petersen Margaret Hansen Mia Leone Howard. brothers William Jordt Em Jorat. sisters Ann Mussman Martha Welne Sophia Clap. 14 grandchildren six great grandchildren. Funeral Monday noon Motter's Chapel Rev Shattuck presiding. Interment Forest Lawn Glendale.
Beverly Hills September 30 Employers who refuse to hire or promote reservists because they expect mobilization were condemned by Brig. Gen. James T. Roberts commander of the 13th Armored Reserve Division. He called reservists performing an obligation to defend the country and urged employers to grant equality of employment and promotion opportunities.
A Van Nuys housewife testified in a Superior Court in Los Angeles about being driven to Tijuana for an abortion. She described meeting a Long Beach doctor and a co defendant Rankin on a conspiracy case to violate abortion laws. She recalled a man arranging the trip, a private Tijuan residence, and a $500 payment.
Hiram A. Dascomb, 76, died by suicide in his driveway at 801 Cherry Ave. Police say relatives heard a shot, found him with a .38 caliber revolver in hand, and he was pronounced dead at Community Hospital. Family stated he had been despondent over eyesight loss.
A television set valued at 236 dollars was stolen from the Radke Nelson Furniture Co showroom at 2300 Pacific Ave. Two company officials reported the burglary to authorities.
In Surte Sweden a massive landslide dumped part of the town into the river. Police report one fatality and two injuries with about 300 people left homeless as factories and homes along the Got a River were destroyed. The disaster is described as Sweden's worst in two centuries.
Chicago public library selects a woman as head librarian, the first leader since the 1873 founding. The appointment marks a milestone for the institution and the city.
Funeral notices list remaining to be published with readable fragments from the obituary section. Names and dates are partially visible, indicating a local community notice of deceased individuals and forthcoming rites.
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