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Newspaper
Amarillo Daily News
Location
Amarillo, Texas, United States of America
Date
Jun 16, 1932
Page
9
Wheat futures surged on June 15 as eastern buyers spurred a sharp market rise near a 1932 bottom. Reports cite 2,000,000 bushels bought by eastern speculators within minutes, with prices for July at 494 to 5 birds, and cash grain quotes showing No. 2 red at 511/4 to 6144 cents.
Wheat up to 244 and 44 to 49 cents gains across No 2 dark hard No 2 hard and No 2 red futures. Corn rises about 1 cent with No 2 white No 2 yellow and No 2 mixed prices listed. Close figures show July and September contracts higher for wheat and corn futures.
Demand for grains remains good on the cash market with quotes for delivered Texas Gulf ports and common points. No. 1 hard 5244 60 %c, Barley No. 2 82 438c, Sorghums No. 2 yellow and No. 2 white 73 74c per 100 lbs. Corn No. 2 mixed 42 48c, No. 2 white 4219 48140, No. 2 yellow 4914 50c. Oats No. 2 red 2114 224oe.
Government bonds and money market figures show Liberty 344s at 100.22 and 34s at 102.10 with various issues around 99.24 to 105.01. Call money holds at 2. per cent, time loans steady across 60 to 180 days, prime commercial paper at 2 to 3 per cent, bankers acceptances unchanged.
Raw sugar held steady with spots at 2.75 and demand steady at that level. No sales were reported below 2.80 and closes were unchanged on all positions except each which fell 1 point. Daily business reached 26 700 tons including 5 600 tons from July to later deliveries. Refined sugar remained 3.70 with a planned ten point rise to 8.80 tomorrow.
Midland livestock report shows fed Steers and yearlings selling at steady to strong levels with some advances up to 25 cents. Chicago and other markets posted top weights around 7.65 to 8.80 for hogs and cattle, while Texas and Oklahoma streams varied with bottom ends around 3.00 to 4.50 for cows and calves.
Markets advanced as investors rated the banking system reassurance amid easing gas export strain. Stocks posted gains near June highs with solid support for preferred shares as gold shipments and foreign exchange moved favorably. Curb market followed a steady uptrend led by Commonwealth Edison and American Gas amid mixed petroleum and utility activity.
New York stocks stay firm with demand for representative shares. Utilities rally while government securities stay strong. Foreign exchanges ease as gold currencies decline. Cotton remains high and steady with firm stock markets. Sugar rises on Cuban buying. Coffee quiet with Brazilian support. Wheat firm with sharp gains in London cash. Corn steady with export interest and an insect report. Cattle steady to higher and hogs strong to higher.
Nervousness over boll weevil damage and firm stock and grain markets pushed cotton futures higher. July contracts rose to 6.25 in late trade, closing near 5.24 with modest gains across the day. New Orleans market firmed with highs near 5.25 July and 6.60 December, aided by bullish weather data and strong cables. Liverpool and U S port stocks show movement, with weekly exports around 1.85 million dollars and port stocks expanding. Port receipts and shipments figures are listed for the week and season, with comparative prior totals noted.
Leases for Sabine River bed oil development in East Texas await signatures by the State Board of Mineral Development. The Rhoades Drilling Company and Farrell & Company plan to drill at least two wells on each of eight tracts within 60 days. The state expects revenue over 3 million dollars.
Cottonseed and related products show uneven movement led by firming cotton and steadier crude oil markets. Bleachable cottonseed of a closed firm rose to 212 points. prime cottonseed oil quoted around 2.54 to 2.66 with other meal and hull prices noted. In Chicago produce, eggs, butter, poultry and potatoes show varied receipts and steady to stronger tones across items, with Wisconsin whites around 65 to 78 cents and Idaho russets at 1.25 to 1.40 per bag.
Coffee futures in New York edged lower on European selling then rallied with Brazilian buying. No 7 contracts closed unchanged to 4 higher with July 6.28 and other months around 6.10 to 6.28. Boston wool market shows a firmer tone as manufacturers bid more, with French combing at 64.8 and finer wool at 36-37 scoured, Texas wool at 86-88.
A tally shows 650 companies in London have surpassed the 100 year mark highlighting enduring business in the capital. These historic firms span diverse sectors and illustrate long standing commercial resilience.
Reports indicate East Texas field wells will be cut to 51 barrels per day each to stay within a 325000 barrel daily allowable. A hearing is set for June 21 in Austin to reconsider the field limit as details remain incomplete.
Dallas June 15 J B Davis an oil promoter was found guilty in federal court on five counts of mail fraud tied to a Lampasas County promotion scheme. Sentence was deferred. Mrs Carrie Dunnagan and B Roberts acquitted.
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