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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Jul 18, 1959
Page
4
Industry braces for a major walkout as stockpiles are reported adequate. Local plants report preparations for possible prolonged stoppage, with few layoffs and uncertainty about duration. Shippers like railroads and trucking face immediate disruption as the strike threatens fabrications and deliveries.
Reader from New York asks if fixed-income preferreds pay dividends in a depression and whether to move funds into investment funds. Expert warns no stock is mood-proof, notes preferreds have fixed claims but can skip dividends. recommends selling Bigelow-Sanford, diversify with General Electric, keep Boston Edison, trim Penick & Ford and Sterling Drug, and pivot to Corn Products and Consolidated Edison. Also suggests Tri-Continental as a balanced closed-end option. cautions on 1932-style depressions. Separate Indiana reader asks about selling General Motors after a rise. adviser says hold, GM likely to rise above 60 amid strong industry outlook.
Vacation prep takes center stage at the Men's Shop sporting goods department with Norm Stark and Bob Dyke on hand for expert advice. Coleman camping gear, sleeping bags, tennis, golf, fishing, archery, Red Wing footwear, Voit swim gear, life preservers, and the 1990 Steeger Shooters Bible are featured along with Broaning shotguns and Sheridan air rifles on display.
Dwaine H. Smith from Elyria has joined Sinclair Research Laboratories in Harvey Illinois as a Laboratory Staff Aide in the Process Division. A June MIT graduate in Chemical Engineering he ranked in the top third of his class and was a Theta Delta Chi member. He resides at 119 East 155th Street Harvey.
Baltimore and Ohio Railroad sent a check for 88120.59 to the Lorain County treasurer for the second half of 1958 property taxes. For the year the B&O taxes in the county exceeded 176200.
Myron B. Phipps will become executive vice president of the Nickel Plate Road on August 1 after three years as vice president operation. G R Bochman will shift to vice president operation and H P Thinnes to general manager at Cleveland. Phipps Bowman and Thinnes have long rail careers and live in Rocky River Shaker Heights and Bellevue.
UPI reports observers predict continued strength in stock prices through summer with limited technical pullbacks. Analyst Alan Van Janover of E F Hutton cautions that ongoing gains without a 10 percent selloff raise risk of a coming market adjustment while Reynolds & Co notes Southern Co. offers income and long term upside with earnings near a dollar eighty one per share in 1958.
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