40 YEARS AGO THIS WEEK:
Chrysler entered the small-car field by buying out Ford’s interest in Simca, a French passenger-car company … Union Oil abandoned its exploratory wildcat drill on the Paramount Pictures lot in Hollywood after disappointing results … Bank of America was again rated the biggest commercial bank in the United States and “the free world” by American Banker.
THE NEWSMAKER:
Walt Disney Productions President Roy O. Disney had good news for shareholders: net income of $2.9 million, or $1.89 a share, for the nine months ended June 28. That was up from earnings of $1.57 a share for the like period in 1957. One reason for the boost: the continued success of Disneyland Park, which saw attendance increase 6 percent to 8 percent over the year before.
THE NUMBERS:
July 27, 1958
Dow Jones Industrial Average: 502.81
Silver: 88.6 cents oz.
Mink cape: $188
Phonograph needle: $8.77
