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Newspaper
Anaconda Standard
Location
Anaconda, Montana, United States of America
Date
Jan 06, 1928
Page
14
Price breaks hit grain futures as stock market weakness and a leading trader’s comments cloud outlook. Wheat down 6 to 12 cents, corn and oats lower, hog values slide as buyers retreat. Minneapolis cash quotes show varied spreads for wheat and oats while London copper and tin edge lower.
The Boston wool market strengthens with Ohio fleece dealers asking 50c grease for all grades. Fine Ohio delaines bring 49c to 50c grease, while 64s and fine fleece wools sell 1.15 to 1.20 per pound clean. Cotton futures in New York close steady with January at 19.10c and July at 19.13c.
The report shows 48 50s wool grades averaging 49 cents and 50 cents for choice offerings, reflecting market pricing for the period.
The stock market plunged as a large rise in stock exchange member loans triggered heavy selling. The Dow like declines ranged two to six points with notable drops in high price issues, later partly recovering after call money fell from 40 to 4 percent. Volume hit 3,404,100 shares, a record only matched by 1929.
United States Department of Agriculture reports cattle receipts in South St. Paul at 2200 with steady prices for steers, yearlings and cows, hog bids weaker though some 210 to 300 lb tops noted. Chicago, Denver, and Omaha show varied declines and gains in cattle hogs and sheep with tops around 17 dollars for steers and 8.70 for hogs in Chicago and mixed movements elsewhere.
New York closing bond quotations reported from New York Stock Exchange and Western farm markets list. Seattle cattle receipts none with steady hogs and steady sheep. Spokane cattle receipts 68 with cows up 50 cents and range 7.50 to 8.50. feeder lambs up 50 cents at 11.12. hogs receipts 537 steady.
New York stock activity centered on United States Steel and General Motors as market leaders. Green Cane anea and Midland Steel Products preferred faced thin demand and sharp declines while New Haven and Certain-teed Products drew strong interest. Pan-American issues rallied despite selling, and Dodge Light Six price discussions stirred views on competition.
In Chicago trade on January 5 prices for wheat slid after early strength as commissions sold and news from Cutten cooled buying. Cash wheat remains firm with strong milling demand and cheerful flour trade due to low stocks. Argentina ships heavily while Russia and Black Sea exports lag. Corn fell after an initial advance, with limited export bids and small country offerings, while oats and rye also softened amid weaker corn.
Minneapolis reports January 5 a flour price rise of 100 cents in carload lots with family patents at 7.55 to 7.65 a barrel in 98 pound sacks. Shipments reach 44 729 barrels while bran ranges from 30.25 to 30.50.
Foreign exchange varied with Great Britain at 4.8717 16 dollars on demand and 4.877s on cables. France 3.93 on demand and 3.932 on cables. Butter in Chicago rose with creamery extras at 50 2 cents and standards at 47 cents. Bar silver traded at 57 8 cents with Mexican dollars at 55 4 cents.
Poultry market notes from Chicago dated January 5 show six cars of fowls priced at 21 to 27 cents, springs at 21 to 28 cents, turkeys at 25 to 28 cents, roosters 18 cents, ducks 18 to 23 cents, and geese at 20 cents. Eggs receipts total 3,011 cases with no change.
Department of Agriculture reports receipts of 28 cars on the track with 158 total U S shipments, and 549 cars shipped overall as prices remained unchanged.
Cattle receipts 50 steady to strong with medium grade steers at 11 dollars, medium to good heifers 949.50, few cows 8.65, others 7.25 down, good to choice veals 11.15. Hogs receipts 285 all on contract nothing offered for sale. Sheep receipts none, market nominal.
Call money in New York eased with higher spans and lower bids on January 5. Ruling rate 4 1/2 percent. time loans steady with 60 to 90 days at 4 1/2 percent and 4 to 6 months at 4 1/4 percent. Prime mercantile paper quoted at 3 to 4 percent.
One of two traveling authors faces a fatal end after a wreck. He whispers goodbye to his companion, who begs him not to finish the sentence with a preposition, a comic interruption amid tragedy.
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