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Newspaper
Amarillo Daily News
Location
Amarillo, Texas, United States of America
Date
Jun 01, 1957
Page
5
The stock market advanced led by oils and steels with key issues rising. Industrials carried the gains while rails and utilities showed mixed moves as investors pressed ahead before the weekend.
The Associated Press report notes the Dow Jones average up 60 cents to 184.30 on a four day Memorial Day weekend. Industrials gained 60 cents, rails 10 cents, utilities steady. Volume reached 2,050,000 shares, below Wednesday’s 2,270,000. Industry data cited improved steel output and stronger business demand.
Markets at a glance show stocks higher while oils and steels rise. Bonds ease and changes narrow. Cotton irregular with selling by commission houses. Wheat about steady as rainfall causes damage. Corn steady with planting delayed in some areas. Cattle about steady.
New York reports sluggish cotton futures dealings as market watchers note tentative demand. Amid broader bond results, traders weigh potential shipments from Papua New Guinea, where cocoa outlook for 1957-58 targets around nine thousand tons.
Chicago markets drifted with most grains steady and prices near session lows. Rye rose over a cent on short covering spurred by dry prairie weather reports, while wheat, corn, oats, soybeans and flax moved within narrow ranges along with Fort Worth and Amarillo cash quotes.
About 200 persons danced to merry tunes at a benefit dance for Gen. Walter Williams the nation’s oldest Confederate veteran aged 114. About $160 will be donated to Williams who lives with his daughter in Houston.
AP livestock roundup lists steady hogs and cattle in Fort Worth with calves and yearlings mixed. Kansas City shows slight price shifts for cattle hogs and lambs, while Chicago notes steady butter and unsettled egg prices across wholesale levels.
Peiping radio quoted Hong Kong reports that Chinese Nationalist artillery fired 1,100 shells at Quemoy Island’s coastline in the heaviest bombardment of the mainland this year. It said the Reds opened heavy fire in response.
President Eisenhower urged wide observance of Flag Day on June 14 marking the 180th anniversary of the flag’s adoption. In a proclamation he called the Stars and Stripes the symbol of freedom and unity and asked Americans to display colors at homes and other suitable places.
The weather bureau reports Fort Worth received 24.10 inches of rain in April and May, the highest two month total in the city's records. Through the year, rainfall reached 31.89 inches, well above the 16.43 inch normal. last year’s total was 18.55 inches.
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