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Newspaper
Amarillo Daily News
Location
Amarillo, Texas, United States of America
Date
Jun 17, 1950
Page
9
In New York the stock market shows minimal movement in one of the year’s quietest sessions. Final quotes show small gains and losses, turnover about 1.2 million shares, and little reaction to news of the President’s veto on basing point legislation. Investors await Congress action on a new corporate tax rate ahead of the weekend.
Jerry Pool returned from a week at Boys State in Austin where the American Legion sponsorship guided study of government. Pool was elected reporter of his city, cheerleader of the Longhorn Political Party and named to the House of Representatives.
New York trading session shows broad activity with leaders including Chrysler, US Steel, General Electric and Chrysler among the top performers. Notable gains posted by International Nickel, Radio Corp, and Johns Manville while aviation and oil groups show steady movement. Market breadth remains strong as indices reflect widespread participation across industries.
Chicago reports a lively upturn in wheat with the May contract rising over three cents as cash selling eased. Other grains followed with oats, rye and lard firming while corn lagged. wheat closed about 1 1/2 to 2 percent higher amid a strong session.
Stocks steady with small price changes. Bonds mixed with convertible issues in supply. Cotton firm with trade covering. Chicago wheat firm with light cash receipts. Oats mixed with active trade. Hogs active with gains of 25 to 50 cents reaching up to $20.25. Time life? TLE steady to 50 cents lower.
The Dow Jones 30 Industrials eased to 222.71 points higher with 20 railroads and 15 utilities slipping. overall market ticked down as stocks traded at 7814 with total sales around 1.18 million shares.
Cattle salable limited with no test of market in Kansas City points while Chicago shows hogs uneven and higher by 25 to 50 cents. Oklahoma City Fort Worth and Chicago report mixed cattle calves hogs and sheep with steady to higher prices for good quality and lighter weights.
Kansas City and Fort Worth markets show bids for wheat, corn, oats, and sorghum with varied quotings. Amarillo and Chicago indicate cash and futures activity, with crude summaries of prices, bases, and delivery terms alongside New Orleans spot cotton and New York wool futures movements.
In New York and New Orleans today cotton futures edged higher as demand met limited supply. July and October prices ticked up before late-day profit taking cooled gains, while spot middling price in New Orleans slipped to 33.65 cents per pound amid mixed weather and pest concerns.
Galveston reports cot ton market closed steady with prices across grades. Good ordinary 24.35 to 26.35, low middling 28.35, middling 33.35, strict middling 34.55, good middling 34.45, fair 34.45. Also notes a 1030 bale sale at FCR. Coal strike ends in Bismark with five month stoppage at Zap lignite mine. contract signed, terms undisclosed.
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