Nourse insists on quitting November first
Dr Edwin G Nourse chairman of the Presidents Council of Economic Advisers tells the White House he will resign on November 1 whether or not his resignation is accepted President Truman has not acted but seeks a successor Vice Chairman Leon Keyserling may assume acting chair If no successor is found by Nov 1. Weather notes: record low 90 below zero at Verkhoyansk Siberia in 1892 and Los Angeles leads in TV stations with seven strong. New York second with six.
MENTIONED IN THIS ARTICLE
Washington
Edwin G. Nourse
President’s Council of Economic Advisers
White House
Truman
Nourse
Charles G. Ross
Ing
Council
Leon Keyserling
John D. Clark
Congress
Keyserling
Dr. Nourse
Los Angeles
New York
U. S
Failures Held To 172 In Week
Dun and Bradstreet reports 172 commercial and industrial failures in the week ended Oct. 13, down from 182 the prior week and far below the 237 in the prewar year. Retail trade rose to 87 from 78, while manufacturing, wholesaling, construction, and commercial service all declined or varied, with most regions posting higher failures than a year earlier.
MENTIONED IN THIS ARTICLE
New York
Dun and Bradstreet
Credit Reporting Agency
Mountain States
Soviet Calls for Atomic Weapon Census in Security Council
At Lake Success New York Soviet delegate Jacob Malik urged the west to reveal its atomic arsenal and accused ruling circles in the west of preparing for war. Meanwhile chief Soviet delegate Andrei Vishinsky dismissed charges that Cardinal Mindszenty was forced to confess treason through drugs and psychological tactics as fairy tales.
MENTIONED IN THIS ARTICLE
Security Council
Jacob Malik
Lake Success
N. Y
West
Andrei Vishinsky
Cardinal Mindszenty
Fuels To Last 1000 Years Say GM Researcher
Dayton native Charlies F. Kettering told 850 attendees at an Oil Progress Week dinner that America's total mineral fuel reserves could sustain consumption for more than a millennium. He noted that if petroleum depletes, shales coal and natural gas can be converted into liquid fuels, and research in this area continues.
MENTIONED IN THIS ARTICLE
Dayton
Ohio
America
Charlies F. Kettering
General Motors
Grain Prices Decline No Buying Incentive
Chicago reports early grain trading showed declines with July wheat leading losses as congressional talk on new crop support lingered unresolved. Lack of buying interest kept markets muted, while harvest weather kept soybeans and corn soft.
MENTIONED IN THIS ARTICLE
Chicago
Board of Trade Today
Congressional Conse
Raders
Aircraft Issues Lift Market Amid Mixed Fed News
The stock market showed a generally steady tone as aircraft shares jumped more than two points and fractional advances appeared for Boeing United and Lockheed. A House Senate conference plan funding a 58 group Air Force boosted demand while price changes elsewhere remained mostly fractional and the day followed yesterday's sharp market drop. Gains favored Youngstown Sheet Goodrich Sears Roebuck Anaconda Copper Allied Chemical International Paper Gulf Oil Standard Oil Johns Manville. Losses included Bethlehem Steel Studebaker Philco American Telephone Kennecott Copper Homestake Mining General Electric Southern Pacific U S Gypsum.
MENTIONED IN THIS ARTICLE
New York
Boeing
United
Lockheed
House-Senate
Youngstown Sheet
Goodrich
Sears Roebuck
Anaconda Copper
Allied Chemical
International Paper
Gulf Oil
Standard Oil
N.J
Johns-Manville
Bethlehem Steel
Studebaker
Philco
American Telephone
Kennecott Copper
Homestake Mining
General Electric
Southern Pacific
U. S. Gypsum
Three American Soldiers Released by Soviets in Vienna
Three U S Army private Porter J Portillo 34 Cleveland Pvt Carl L Ruhnke 30 Miami Arizona and recruit Charles Praester 30 Newark New Jersey were freed by Russian occupation authorities in Vienna after more than four months in custody. They appeared in good health and were flown home. International.
MENTIONED IN THIS ARTICLE
Vienna
Porter J. Portillo
Cleveland
Carl L Ruhnke
Miami
Ariz
Charles Praester
Newark
N. J
Senator Long Attacks Proposed Bas ing-Point Pricing Bill
Washington reports Senator Russell Long of Louisiana launches a lengthy critique of the basing-point pricing bill, warning it could drive small merchants out of business and repeal the Robinson-Patman Act allowing deep discounts to chain stores. Senator Douglas denounces the measure as Booby trapped and anti competitive.
MENTIONED IN THIS ARTICLE
Washington
Russell B. Long
Louisiana
Paul H. Douglas
Douglas
Senate
Long
House
House Met
Herbert R. O’conor
Maryland
Senate House
O’conor
Cotton consumption and stock figures by September
The Census Bureau reports September cotton use totaling 709,958 lint bales and 140,720 linters, up from August in lint and linters. September spindles active reached 19,975,000, down from last year, with large on hand and storage figures shown for consuming establishments and public storage.
MENTIONED IN THIS ARTICLE
Washington
Census Bureau
Department Considers Lowering Egg Support
The Agriculture Department weighs ten tentative plans to cut price guarantees to poultrymen, potentially letting consumers pay about 10 cents a dozen less for a 1950 egg supply. Officials note top eggs retail up to 80 cents a dozen in some areas while law requires support at 90 percent of parity until January 1.
MENTIONED IN THIS ARTICLE
Washington
Agriculture Department
Department of Agriculture
Government weighs lowering egg price support to 75 percent
Officials estimate reducing the price support from 90 to 75 percent of parity could raise demand and reduce government purchases of surplus eggs. Elastic demand suggests consumers would buy more as prices fall, but production may drop for high-cost farmers. The government plans to shed dried eggs abroad at a loss, forecasting up to $85 million on stocks. About 203 million dozen eggs are in government stock.
Second jury continues in Chicago case against Tucker group
Financial briefs note a second jury underway in Chicago for Preston Tucker and seven associates on conspiracy and mail fraud. Doheny heirs to receive 22.4 million dollars and 600 thousand Union Oil shares for Los Nietos stock. Mexican silver destined for Nationalist China moved to Manila. Japan's sterling trade outlook near 300 million dollars with carryover pushing to 400 million. Hog prices near support guideline at major Midwest markets. Government buys 1,171,477 bushels of grain and rye flour for overseas use, stirring total since July 1 to 42,732,494. Cotton futures open contracts rise 160,900 bales amid trader positions.
Bond Market Mixed As Treasuries Hold Steady In Early Trade
New York bonds opened with uneven moves across issues. Railway 4's rose about 4 points to near 49½, while Rock Island and Arco fell slightly. Western Income 4's and Ess and Soutine assets showed muted activity. Government bonds were quiet with over the counter trading light. Norwegian issues edged up about 0.79, amid overall torpid foreign markets.
MENTIONED IN THIS ARTICLE
New York
la West
Denver
U. S
Cotton futures slip in early trading on weak demand
Cotton futures opened 15 to 45 cents per bale lower with Dec 29.59, Mar 29.51 to 29.52, May 29.43 to 29.46, July 29.00 to 29.01, Oct 27.10 to 27.11, and Dec 27.00. Census reports September consumption at 709,958 bales, above trade guess of 695,000. Mill stocks end September at 744,602 bales. midmorning prices 10 to 30 cents lower.
MENTIONED IN THIS ARTICLE
New York
Census Bureau
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