Monday, Nov. 14, 1960
TIME CLOCK
JOBLESS RISE totaled 200,000 in October instead of taking usual seasonal drop of 200,000 in month. Employment fell by 300,000, instead of rising by normal seasonal increase of 400,000. Number of jobless hit 6.4% of the work force on a seasonally adjusted basis, up from 5.7% in Sep-tember--highest level since October 1958. Total employment of 67.5 million was still record for month.
OCTOBER CAR SALES of 538,000 v. 527,000 last year were record for month. Ten-month sales ran 7.8% above last year's level. Compacts accounted for 28.9% of October sales, with the Falcon continuing to lead the pack, putting Ford division ahead of Chevrolet for the month, 134,000 to 130,000.
MORTGAGE FORECLOSURES on nonfarm houses have climbed 78% in seven years since 1952. Reason: the price rise of real estate has been slowing, making it harder for a debt-ridden householder to sell out and cover his mortgage arrears. CIGARETTE IMPORT ban lifted by the Japanese as part of their trade liberalization program with the U.S. will bring nearly $3,000,000 in sales to U.S. cigarette makers this year. First order of U.S. cigarettes, $950,000 worth of various brands, sold out in three days despite high prices --36-c- per pack for regulars, 41-c- for kings and filters.
BILKED CUSTOMERS of Du Pont, Homsey & Co. were offered $690,000 by the New York Stock Exchange to make up for their losses because of the Boston brokerage firm's misuse of their securities. It is the first time in the exchange's 168-year history that it has agreed to accept responsibility for losses to a member company's customers in a case of fraud.
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