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Newspaper
Amarillo Daily News
Location
Amarillo, Texas, United States of America
Date
Jun 01, 1934
Page
13
Wheat prices in Chicago surged past $1 a bushel driven by heat and crop damage forecasts. Traders faced daily limits as corn and oats also rose, with futures reflecting drought impact while official outlooks debated upcoming crop summaries.
Kansas City midwest cattle receipts near 64 000 with better fed steers and yearlings holding steady while light hogs advance. Trade varied with in between runs slow and weaker. cows weaker. Chicago and Kansas City show mixed gains for select weights, good and choice cattle firm or higher. Sheep and lamb prices soften slightly. regional reports note top hogs around 3.50 while calves and stockers fluctuate.
Wheat and corn prices varied across markets with No. 2 red wheat around 1.02 to 1.0245 at Chicago, No. 2 dark hard near 1.09 and corn mostly 57 to 82 cents, oats around 43 to 45 cents, and Fort Worth citing No. 1 hard wheat near 1.08 to 1.97 per bushel plus various sorghum kafir and barley quotes.
Amarillo market report lists grain and truck prices at local houses. wheat No 1 hard, oats and barley per bushel. colored hens, leghorn hens, turkeys, capons, guineas, leghorn springs, and fresh eggs with per unit figures and a 3.45 dollar price for a case of eggs.
Denver stockyards report May 31 with cattle receipts around 1400 and hogs 3500. Beef steers bring 4 to 7 dollars, feeders 3 to 5, bulls 2 to 3.40, while hogs top near 3 dollars and packing sows bring 1.75 to 2.25. Sheep totals around 13000 show steady to lower demand, Amarillo market notes hogs at 2.30 for 186-260 pound animals.
New York May 31 coffee firm as speculative and European demand boosts. Santos futures gain 3 to 7 points and close 3 to 6 higher with 16,009 output. No 7 contracts rise 7 to 10 points, 18,000 traded. Notable closes: Santos July 10.99. Sept 11.87. Dec 11.49. March 11.56. May 11.63. No 7 July 8.50. Sept 8.55. Dec 8.63. March 8.71. May 8.78. Spot Santos 46 1/4.
Poultry prices show spring chickens 20 cents and hens 10 cents, turkey toms unseen, turkey hens higher. Eggs No 1 handled 83.85, butter packing 5 cents, creamery butter fat 16 cents.
Stocks traded lower in a drab close as steel shares faced strike threats and demand slack. U S Steel and Bethlehem eased while A M Byers preferred fell. volume lingered near decade lows as grains drew attention and bond demand steadied.
Prices on the curb exchange slid quietly lower with dull trading. A long list of favorites such as American Gas Cities Service Creole Petroleum Distillers Corp Seagrams Electric Bond and Share Hiram Walker Ihe Shore Mines Sherwin Williams Standard Oil of Indiana Swift and Co slipped. Some issues in the specialty group gained modestly while Greyhound Bus Wright Hargreaves International Petroleum Pioneer Gold and National Rubber moved up. Trading in stocks linked to United Aircraft and Transport Corp and Armour & Co was suspended due to FTC action with no immediate explanation.
Stock leaders today include Steel down 2.14 points with 18 600 shares, General Motors 18 300 shares down 1.31, Chrysler 10 800 shares down 0.44, Monty Ward 9 500 shares down 1.11, International Nickel 8 900 shares down 0.57, General Gas & Fluids 7 100 shares flat, Sperry Corp 6 800 shares down 0.04, Radio Corp 6 100 shares down 0.07, National Distill 6 000 shares down 0.14, Comwish & Son 5 400 shares flat, Specony Vac 5 100 shares up 0.14, Repab Steel 5 000 shares down 0.06, Moth Steel 4 900 shares down 0.31, Y Central 4 700 shares down 0.04, Sie Roeb 4 500 shares down 0.14.
Markets in brief report from New York notes heavy steel losses led stocks lower. Bonds show irregular trading as government issues remain firm. Foreign exchange seen easy, labor news weighs on trades. Chicago wheat markets excite on crop losses, cattle and hogs rise with top price details.
Market unsettled across vegetables and dairy with receipts of 24 776 cases and 17918 butter tubes. Poultry markets weak with hens and turkeys showing declines. Potatoes steady to moderate with mixed stock prices across Idaho Wisconsin Alabama Louisiana and Texas offerings. Arrivals and shipments indicate active distribution with on track 286 and shipments 796 Tuesday and 908 Wednesday.
Raw sugar remained unchanged with refiners at last bid 2.75 and asking 2.80. Sales included 9,000 bags of Philippine sugar due next week at 2.75 and 18,500 bags due next month at 2.78. Futures closed 1 to 2 points higher. Refined demand remained good with fine granulated priced at 4.10.
Boston dealers traded several grades of new fleece wool with modest activity. Sales of 64s and finer Ohio wools ranged around 29 to 30 cents in the grease for combing lines and 26 cents for clothing. combing lines of graded bright fleeces brought about 39 cents in the grease for 58s 60s 14 blood, 32 cents for Shs %& blood, and 81 cents for 48e 1% blood. Many houses kept fleece wools at higher prices.
New York May 31 Reuters reports a slight early drop on easy Liverpool cables and favorable weather, then a wheat-led rally as July and December cotton paused near highs. Late, prices eased again with light volume and Liverpool trade ending near day lows. New Orleans market followed, closing steady with a day’s decline about 3 cents, July at 11.87 and October 11.57, amid mixed weather and export data.
New Orleans spot cot ton closed steady four points lower amid 289 bales traded. Prices showed low middling at 10.81 cents, middling 11.46, good middlings 11.91. Receipts reached 5,969 with stock at 645,561 bales.
Galveston Texas May 81 Spot cotton closed steady with declines across grades. Listing prices show low ordinary at 8.80, strict good ordinary 10.30, middling 11.70 and higher, with no sales on spots and F. O. B. 100.
In New York on May 31, bleachable cottonseed oil held steady with final prices 4 to 8 points higher on active positions. Total sales reached 94 contracts including 28 exchanges from July for December at 45 points. Spot prices remained nominal with July at 5.18, September 5.38, October 5.44, December 5.59, and January 5.65.
Fort Worth May 31 news reports Western Feeders Supply Co quotations for cottonseed fob Texas Mills. Prime loose hulls per ton range ten to eleven dollars. Prime cold pressed seed per ton twenty to twenty one dollars. Prime cracked screened meat and cake with 48 percent protein per ton twenty five to twenty six dollars.
Metals markets in New York report a quiet copper scene with spot and futures steady around 8.50. Tin softens at 52.65 for spot and near term, iron holds firm, lead stable with quotes 4.00 in New York and 3.85 in East St. Louis. Zinc subdued with Fast St. Louis spot and future at 4.80, antimony at 8.50 spot.
Carl L. Estes editor of the Tyler Courier Times urged the Interstate Commerce Committee to amend the Disney oil control bill limiting the interior secretary’s powers. He backed regulation only where state commissions fail to curb over production, warning the measure targets East Texas and passes control to a federal dictatorship over the oil industry.
Call money stays at 1 percent through the day and time loans hold at 6 and 60 day terms. Prime commercial paper remains unchanged as bankers' acceptances mirror prior levels. The rediscount rate remains at 1.14 percent for the New York Reserve Bank.
The May 81 report lists external currency values in dollars and cents for Great Britain, France, Italy and a dozen nations along with a few cross market figures. It includes Sweden Denmark Finland Switzerland Spain Portugal Greece Poland Czechoslovakia Yugoslavia Austria Hungary Romania Argentina Brazil Japan China and Canada with various demand and cable quotes. Some entries show nominal or mixed figures including Tokyo Shanghai Hongkong Mexico City Montreal and New York cross rates.
Cotton goods markets stayed quiet with merchants not expecting shortages from strikes. Rayon anti trust hearings before the FTC continued after a short session. Rayon yarns sold in small lots. Silk goods in moderate demand. Wool goods improved in men’s wear. Burlap markets remained very quiet.
The article notes generally below normal atmospheric pressure across the country with a trough from Central Texas to Eastern South Dakota and a main low centered over Huron. It reports showers in Eastern New Mexico, Eastern Colorado, and Southwestern Nebraska, while high temperatures persist in the upper Mississippi Valley this morning.
TEXARKANA Texas May 31 The state lost in its case with four refining companies in the sixth Court of Civil Appeals over oil proration enforcement. Injunctions against Locke Drilling Southport Foshee and Century Refining were dismissed because pleadings failed to show defendants were engaged in producing storing or transporting oil. The separate injunctive relief sought by the Railroad Commission was not part of the penalties case.
May 31. Louis R. Glavis oil control chief, flown in from Washington, met agents and officials in East Texas as part of an intensified war on hot oil running. He announced the Tyler office, which enforced oil code production, would be moved to Dallas where the marketing control office already operates. It was unclear if the two offices would be merged under one head or how the reorganization would be structured.
In East Texas concerns arise over oil theft and perceived federal overreach. Estes argues a pending bill would grant sweeping authority to Harold Ickes, comparing it to a federal dictatorship that could empower government control at the expense of private oil interests and local property rights.
Austin May 31 Arguments and testimony before Judge W F Robertson were to determine if Lone Star Gas Company must answer Attorney General James V Allred's suit seeking lower natural gas rates The relationship to Lone Star Gas Corporation Delaware as owner of more than 99 percent of stock and receiving one percent of gross receipts is questioned The corporation services Texas with an $18 million annual purchasing role and loans at six percent The case notes inter state gas origins with 30 percent from Oklahoma and a peak load of 280 million cubic feet daily
The Dallas office leads FE operations under B. E. Johnson while the Tyler office operates under J. R. Cannon. Both offices handle specified duties and report to the central FE command.
Harold S. Bucher and E. C. Suggs, former officers of the Big Indian Oil Company, were acquitted in Dallas on mail fraud charges. The government alleged they used false pretenses related to Big Indian properties in the East Texas field.
The State Railroad Commission issued a formal order continuing present oil production allowables for all Texas fields. Estimated output under the orders runs about 1,040,000 barrels daily. The action follows a Monday hearing to consider possible changes.
Popular Scottie embroidery pattern 747 offers a 12 inch dog transfer with wool or rope silk options. Includes material needs, stitch illustrations, and framing idea like the kitten and cat pillow series. Send 10 cents in stamps to The Amarillo Daily News Needlecraft Department.
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