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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Oct 18, 1958
Page
12
The Federal Reserve raised margin requirements to 9 percent, sparking a volatile midweek as traders reassessed risk. Officials forecast stronger steel output and higher oil demand next year while auto and banking sectors show cautious optimism amid shifting liquidity and Treasury financing expectations.
In Hot Springs Virginia UPI reports private remarks from Business Advisory Council members diverge from the official forecast. Despite the group’s release predicting stable consumer prices in 1959 some executives privately expect continued price increases as business activity climbs to record levels.
Dr. David A. Lockmiller, president of the University of Chattanooga, was named to succeed Dr. Arthur E. Flemming as president of Ohio Wesleyan University in Delaware, Ohio, capping a 16 year history.
CLEVELAND AP Gov William ONeill ready to pick the westerly link for the Cuya hoga County section of the North South freeway. He will likely back a route via Strongsville to Brook Park Road, aligning with local group recommendations and aiming to ease a major construction bottleneck before the 1960 fiscal year. Lockmiller becomes Wesleyan's 10th president and brings a long career in higher education to the post.
President Eisenhower and Vice President Nixon campaigned in the West while Truman warned Democrats about “Deweyitis” as they rally. The piece notes early campaign jitters and the GOP’s cautious optimism ahead of events and speeches in Denver and beyond.
United Press International reports Californians welcomed a Pacific Coast storm that would drop temperatures by up to 10 degrees after a week of record heat. Los Angeles hit 102 on Friday, peaking at 104 Thursday, while rain fell Friday night mainly along the Gulf Coast and in the Northwest with scattered showers elsewhere.
LITTLE ROCK Ark UPI leaders warn Negroes against attempting to register at a planned private school in a two story brick building recently purchased from the University of Arkansas. Officials say they will address entrants but hope to avoid trouble as registration for all white high school seniors opens Monday. Local NAACP officials foresee possible challenges but stress peaceful actions while the private school effort draws scrutiny from civil rights groups.
Detroit based American Motors Corp and the United Auto Workers reached a three year contract after a seven hour Friday strike by 14 000 workers. Production will resume Monday with pay raises of about ten cents an hour and a Kelvinator section at Grand Rapids frozen for two years before matching auto production raises in year three.
Pierre R Smith and Co member of Midwest Stock Exchanges issues a stock quote service notice via Fairfax contact number 3 3278. The brief notice lists brokerage duties and regionally focused trading information.
Rio Grande City Texas residents flee rising flood waters on both riverbanks as 5000 more people abandon homes. UPI reports the evacuation extends across banks with warnings of worsening conditions and ongoing relief efforts.
Five young contestants aged up to 18 compete for the first national hula hoop championship crown in Lima Ohio. UPI notes Connie Hagedorn of Mason City Iowa thrilled spectators by spinning 18 hoops at once and moving a hoop along her raised arms from head to ankles. Other finalists included Sandy Levin Philadelphia Sylvia Gilham Springdale Ohio Mary Barkay Detroit Brenda Willary Lima. Weather and floods in the Rio Grande valley dominated local coverage with Red Cross setting up disaster centers in La Joya and La Grulla and evacuations continuing as roads flooded and levees threatened towns.
Cordova Alaska APD Charles Chuck Banfe planning a new attempt to set a nonstop flight distance record for light planes after his Tokyo to Miami run was halted by rain. He landed Friday night after 29 hours aloft, failing to beat the 6782 mile mark set last August by Marion Bolling. Banfe, a Pan American pilot, arrived with 35 minutes of powered flight to maintain lift into Cordova.
Hollywood reports say Marilyn Monroe’s second day absence from a film set and talk she is under obstetric care have spurred pregnancy rumors. Monroe, wife of Arthur Miller, told UPI the rumors are unfounded. Her doctor could not comment.
A nine part series on the Right to Work amendment explains Taft Hartley Act provisions on union dues initiation fees and membership. It covers how a worker may be expelled for not paying dues and how unions and employers may or may not legally enforce union membership under the act.
Several Democrats voice concern over overcontitence as Truman and rivals debate foreign policy in campaigns. Dr Louis Bean, a leading forecaster, predicts Democrats will win 40 to 48 House seats and 10 to 13 Senate seats this year amid a 230-198 House and 49-47 Senate margin with seven vacancies.
Democratic candidate Michael DiSalle charged Gov. C William O'Neill with over spending and using state departments for campaigns. DiSalle cited payroll rises from 158 161 000 to 353 4 000 and named Skipton as an economy offender. ONeill defended Ohio as attracting new industry noting high public works spending supports growth.
Vatican City UPI reports Secretary of State John Foster Dulles arrived to represent President Eisenhower at the funeral for Pope Pius XII. Dulles landed early in a converted jet tanker from Patuxent, Maryland, with Italian honors observed at the ceremony.
Governor C William O Neill announced that unemployed ex servicemen may be eligible after October 27 for unemployment benefits. The Ohio Bureau of Unemployment Compensation will act as federal agent to compute benefits based on military pay allowances under a new law federally financed. Veterans discharged in the last 15 months who meet Ohio requirements, are able to work, and are actively seeking employment qualify.
SHANNON Ireland (UPI) A 3.53 Navy transport with one of four engines burned out landed safely at the International Airport there early today after nearly 1,000 miles over the Atlantic on three engines. None of the 18 persons aboard was hurt in the ending or by the fire that struck the plane's right outboard engine.
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