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Newspaper
Lubbock Avalanche Journal
Location
Lubbock, Texas, United States of America
Date
Jul 13, 1958
Page
5
The Dow closes at 482.85. railroad and utility averages reach new highs while overall volume remains light. Ford’s surprise one third dividend cut triggers intraweek volatility, despite gains in industrials and select issues like General Motors and Caterpillar Tractor.
U S government bonds fell again this week despite a brisk rally spurred by news the treasury bought bonds on Wednesday and Thursday. Corporate lists were mixed with little price change, while quality domestic bonds fell and convertible issues rose with stock gains. Trading activity increased from a lighter prior week. NYSE volume reached 23 806 000 in value, up from last week and the prior year. British printers face growing competition from continental Europe, per J D Metcalf at a Belfast gathering.
Hogs total 100 with No 1 200-225 lb hogs trading 23.75 to 24.00, other weights 23.25-23.75, under 180-195 lb 22.25-23.25, lighter livestock 19.75-21.50 and up to 550 lb 18.00. Cattle total 200 with steers steady to 50 lower, prime steers 29.50-30.50, heifers 27.75-29.25, cows 18.00-21.00, bulls 23.75-25.00. Sheep total 100 with lambs 25.00-26.00, bulk 24.00-25.00, culls 17.00-22.00 and ewes 4.00-6.00.
British cigarette manufacturers announce a one penny increase for a 20 pack, lifting the price to 56 cents for standard brands. The move signals a new pricing level in the tobacco market with broader consumer impact.
Asst. Dean George 0. Elle of Texas Tech demonstrates firing an M-1 rifle during a two day ROTC training tour at Ft Hood. About 28 college representatives from the Fourth U S Army area observe cadet drill. Instructors include cadets James Collins and Duane Miller, both of Texas Tech.
Educators from 28 colleges and universities in the Fourth Army area joined Col John D Cone for a weekend look at ROTC training at Fort Hood. Maj General William S Biddle led the corps and fort Hood command staff in the briefing on how the Army trains its future officers.
Educators observing the 1958 ROTC summer camp at Fort Hood noted 1,161 cadets from several states, with visits from Maj. General Guy S. Meloy and LSU and Oklahoma State officials. A Legion Post meeting in Lubbock will discuss switching training to jet aircraft at Reese Air Force Base, with Lt. Dennis Gray as speaker and officer slate to be nominated for 1958-59. Delegates to the state Legion convention in Fort Worth Aug 1-3 will be chosen.
Lone Star Steel Co. posted six month net income of 482,829 versus 6.66 million a year earlier due to oil industry cutbacks. President E B Germany said operations are returning to normal and recalls were made for workers. An $8 million expansion and new mills are expected to boost production later this year.
UPI reports weekly Dow Jones averages with gains across indices. Industrials closed at 482.85, rails at 122.34, utilities at 80.55, and stocks at 167.45, with all main groups finishing up for the period.
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