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Newspaper
San Antonio Light
Location
San Antonio, Texas, United States of America
Date
Dec 31, 1937
Page
5
New York 91, Dee reports 1937 swung from boom to slump, with heavy industry and autos taking sharp hits as production collapsed after a summer peak. Steel, rail, and power sectors faced declines, unemployment rose, and government stimulus attempted to revive confidence amid a volatile year.
New York curb market ended the year 1937 at its lowest close since 1934 with wide price swings and reduced volume. The year featured erratic moves from March to October, sharp drops in October, and a busy day on October 19 with 1,621,605 shares traded and losses up to 14 3-4 points. Turnover in debentures reached 3,259,000. Regulators debated new privileges as curb firms faced investigations and SEC actions involving Abbott Proctor & Pring and Baker Weeks & Harden.
A year of extremes across Texas with cold waves, hail, heat, and floods. El Paso winds and icy Northwest highways marked a winter long show from January to March. Heavy rains swelled rivers Trinity and Brazos while drought worries grew in March. May brought abnormal heat and a record 106 degrees at Presidio. November snow hit Dallas, with Houston and other cities reporting heavy rain and record totals. December closed the year amid heavy rainfall and ongoing flood concerns.
Two leading economic forecasters Edie and Ayres spoke at a meeting of the American Statistics association in Atlantic City predicting a reversal of the downward business and employment trend in 1938. They forecast an inventory correction finishing by late January and a broader recovery as prices and costs fall, with improvement expected in the second quarter.
Economists Dr Edie and Col Ayres forecast a slow 1938 recovery amid deflationary policy shifts and rising inventories. They warn banks lack capital, foreseeing rate cuts or new pump priming, with railroads and utilities reshaping demand and unemployment rising while prices adjust for durable goods and construction materials.
The Harry M. Wurzbach Post, American Legion, will host a New Year's Eve ball at the Municipal auditorium Friday night to aid the child welfare program. Doors open at 8 p.m. for dancing with a floor show slated for 12:30 a.m. Saturday featuring Lucille Kavanaugh, DeLores Crouch, and Francis Carnesi.
Bexar Facts covers a holiday trip to Temple by John W. Davis and Mary, public figures sending holiday cards, a Kansas City visit by Frank and John Prassel, a 1930s typing contest in San Patricio County won by Hunt and Peckham, Sigma Gamma Epsilon convention at the University of Texas, a Theodore Roosevelt listed in a city directory, a knat-tying date for Jean Helms on January 16, Lieutenant Governor Walter Wondal visiting the mayor, Elsie Jane Allison winning a New York Olympic medal, Prosecutor Booker Ghamp hers and Bailiff Dixie Tucker swapping limericks in court, and a record crowd at Hindow terrace with wishes for a Happy New Year, plus classified ads for furniture and appliances."
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