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Newspaper
Lubbock Avalanche Journal
Location
Lubbock, Texas, United States of America
Date
Jul 27, 1958
Page
3
New York AP reports growing business optimism supported by statistics. Dr Gabriel Hauge says a period of rising activity is beginning after a prior downturn. Government spending boosts defense and public works while stock prices reach yearly highs and mortgage debt grows to new records.
Weekly live stock market notes from Chicago and San Antonio. Hogs and cattle prices mixed with weekly receipts down from prior week. Hog barrows and gilts steady to slightly higher in Chicago. cows, calves, and feeders show varied activity. San Antonio reports slower cow and calf trade with hogs steady to a dime lower. calves and stockers moderately active amid price shifts.
Plainview area retail sales show gains in May with office store and each item up per cent, farm implement dealers up four, and building materials up three. For the first half of 1957 sales were down one per cent from 1956, with several cities improving in June and July.
Wall Street extended gains with the Associated Press average rising to a peak of 182.70 as volume surged to 18.9 million shares. Investors reacted to favorable economic signals and renewed confidence after steel car production and factory reports, despite earlier market volatility and a dip in some lower priced issues.
Navy Lt Frank Reeklee suffered a broken arm after a crash while riding a motor scooter. The incident occurred Friday near Realquarters. authorities cited loss of control as the cause.
Cotton prices fell sharply late in the week with Friday closes ranging 21 to 123 points lower than the prior week, as traders priced in a potentially amended farm bill and shifting loan and acreage provisions. Support came from commission houses and New Orleans brokers amid easing Middle East tensions and unfavorable weather reports. The USDA export program has spent over a billion dollars, shipping about 1.9 billion dollars worth of cotton overseas, with demand expected to drop in 1958-59.
Nacht Depeache reports Naseer of the U A R leaked Soviet Mideast strategy to Tito during a recent meeting. Tito supposedly shared the information with Washington and blocked an underground Soviet infiltration. No other sources confirmed this claim. Nigerian Railway to buy 18 diesel electric locomotives from General Motors in the United States per Lagoa.
Al fred Haley J R Frazier both of Tyler Texas and Charles D Miller of Huntington West Virginia were charged Saturday with kidnapping. They allegedly abducted Carson Robert Hanshaw and accomplice Rone Lee Rameey while hitchhiking in New Mexico and Texas. The car was stopped near Vega with Hanshaw gagged in the back seat and his wallet missing.
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