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Newspaper
Lubbock Avalanche Journal
Location
Lubbock, Texas, United States of America
Date
Aug 17, 1958
Page
5
The government raised the federal reserve discount rate for the first time since the recession began, triggering a stock selling wave on the New York Stock Exchange. Officials say inflation is a bigger danger than recession, signaling a cautious monetary stance ahead.
July shows record personal income and factory gains. Housing starts total 107,300 with seasonal pace 1,160,000 yearly. Auto sales rise in early August as GM projects 5.14 million cars next year. Fed rate hike seen as inflation control, while stock market pauses amid tighter money.
AP reports show hogs at 21.75 to 22.15 for No 2 and 3 230-270 lb butchers with lighter weights down to 20.25. Cattle totals around 200 head with steers mostly 24.25 to 28.75 and heifers 25.75 to 27.30. cows 16.00 to 22.00. bulls 21.50 to 32.00. Sheep 100 head with good lambs 21.00 to 25.00 and culls 16.50 to 20.00. Fort Worth and Kansas City data follow with mixed gains and declines across cattle and hogs.
York dispatch notes mixed market moves as cotton futures react to looming Congress action on a proposed 1959 60 acreage reduction plan. House passage splits loan rates by group A and B with parity based loans, Senate committee delays, and 1961 62 parity targets outlined for all farmers.
A list of marriage licenses shows Ernest Andrade Day aged 19 and Mise Matilde Vargas Martinez 18 both of Lubbock. Jerry Rolon Church 19 and Mise Clarice Jordon 17 of Rt 7 Wobock. Wudred Leon Matheny 90 and Mise Mae Beth Clark 19 of Lubbock. George Alexander Price 28 and Beverly Sue McDougal 21 of Rt 5 Lubbock. Orville Carpenter Toler 3% and Mona Marie Struve 1 of Abernathy. Robert Clark 27 and Mrs Lillie Mae Kelly 34 of Lubbock. Howard Dozier Hall 22 Reese AFB and Zoe Nell Morris 21 Lubbock. Tony Hernandez 29 and Josephine Martinez 17 of Lubbock. Edwin Joe Agnew 36 and Pegsy Lee Freeman 22 of Lubbock. Bryan Richard Baxter 12 and Miles Barah Lynn Richards 19 of Lub- CK.
72nd District Court Judge Lindsey Presiding cases from Rath Manufacturing Co. vs Garner Implement Co. note suits include Lennox Industries against Ray Face and others. Divorces listed for Ruby Southerland, Christine Donald. Name change for Nora Higging Jr. Also 140th and other district court actions with Western Motor Parts vs Southwestern Investment Co. and A M Gabrel, Anderson Claxton Co. vs Kenneth F. Moore, and state appeals in County Court at Law.
In Leon Spain during a wedding at San Marcelo Church groom Pio Cela told the priest he would not marry Maria Antonia Herrero. He walked out, left in his car, and relatives said he would consider marrying later. The bride fainted and guests were stunned.
An 11 year old Glen Bayless Jr. interviews President Eisenhower in the White House for Parade Magazine. Ike says the hardest part is satisfying yourself and making the best possible decision for today and tomorrow with ripple effects worldwide. Also notes 70 percent of South Africa's tourists now come from the Rhodesian area.
Senate rejects proposals to cut the 27 percent depletion tax allowance, defeating a 15 percent reduction on a graduated scale and a flat 15 percent cut. The votes signal possible future efforts amid oil industry concerns that the allowance spurs risky exploration and heavy investment.
The Austrian Finance Ministry reports a 12 million dollar loan from six New York banks to fund a 238 mile four lane express highway between Salzburg and Vienna. The loan covers two years at five percent interest.
Chile postpones formally seeking OAS intervention in the Snipe Island dispute with Argentina. President Ibanez received a personal message from Argentine leader Frondizi. Argentina had seized the island and dismantled a Chilean lighthouse, prompting Chile to recall its ambassador from Buenos Aires.
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