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Newspaper
Press Telegram
Location
Long Beach, California, United States of America
Date
Jan 10, 1961
Page
6
Rex A Alpen Dunn, president, reports United Nations secrecy stance on resources. Dag Hammarskjöld notes social and economic shifts as funds, including for individuals and trusts, move toward a new government. Over 27,000 incinity savings assets rise to 64 million dollars amid racial problem debates in South Africa.
Analyst says new unemployment figures and a looming shift in policy will press Congress to act on the jobless problem. The incoming administration's advisers propose a large spending agenda, including defense, education, health, housing, and foreign aid, while Treasury aims for a balanced budget to curb inflation risks.
Public health notice explains psoriasis causes, symptoms, and misconceptions. Medical authorities emphasize it is not due to dirt or contagious, and a booklet with facts is offered free while products SIROIL and SIR O-LENE are available without prescription through the laboratory or drugstores.
William Bellano former Gulf Sulphur executive was elected executive vice president of Glen Alden Coat Co. He previously served as vice president at International Minerals and Chemical. Bigelow Rugs and Carpets cut prices on six woven wool carpets and three needle tufted rugs by 1.7 to 65 percent to stay competitive. Sperry Gyroscope Co won a contract to reactivate design and manufacture of a gyro platform for the Stra tegic Air Command B70 intercontinental bomber, using two identical directional gyros to create a stable space reference. Edwin O Bennett of Houston received the 1961 Anthony F Lucas Bold medal from the American Institute of Mining Metallurgical and Petroleum Engineers for gas-pressure maintenance work in oil reservoirs.
AT&T and Bell System earnings for the fourth quarter of fiscal 1960 rose to a record 321.84 million dollars, about 1.42 dollars a share, with a dividend set at 90.0 cents per share starting July. Chief executive Frederick R. Kappel announced the 1961 annual meeting will be held in Chicago, and noted 1960 saw 2.8 million phones added and long distance calls up about 7 percent.
Occidental Petroleum launches a $2 million natural gas well project in Northern California with 14 wells planned in the Metshoy Nose area near Yolo County. Dr. Armand Hammer notes current pricing and prior drilling in the Sacra and Valley regions while plans to expand remain contingent on market conditions.
The U S Treasury fears a weakening grip on the international silver market by mid 1963 could erode its power to set silver prices. A loss of control may raise costs for goods from jewelry to film, affect world coinage values, and shift profits to silver miners with expanded payrolls.
B C Morton & Co expands with a Downey office at 10751 Lakewood Blvd. Howard Eugene Alloway is named resident manager. The firm operates 78 offices across 35 states focusing on mutual funds savings accounts and bank time deposits.
The Lakewood office of California Federal Savings reports a 1960 total dividend of $19,855,383, with a Dec 31 fourth quarter payment of $5,234,225, the highest ever paid by the nation's federal savings associations. Donald Flypaw, manager, notes strong cash position despite complex financial figures and regional customer accounts in Lakewood Artesia.
Markets at a Glance report a continued rally in New York stocks while government bonds weaken. Trading notes show erratic activity in housing, declines in certain government issues, and mixed results in agricultural futures with wheat and corn trading lower overall.
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