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Newspaper
Anaconda Standard
Location
Anaconda, Montana, United States of America
Date
May 04, 1928
Page
14
Wide rainfall in West and Southwest spurs a volatile open as wheat futures slide with July dropping to near day’s low. May wheat falls sharply, corn and oats vary, provisions ease. traders weigh moisture benefits against prior drought fears while Liverpool prices provide some support.
London copper prices show spot at £61 10s for standard and £66 10s for electrolytic futures £67, tin spot £234 5s, zinc spot £26 5s. Chicago butter receipts 5,945 tubs with creamery extras at 43 14c and standards 43 12c, extra firsts 43 2c, seconds 41c.
Stock market prices showed an overall rise led by stronger motor shares and utilities while calls money fell from 5 to 4.25 percent. A federal reserve stance remained unchanged, new highs were hit in brokers loans, and earnings reports supported optimism despite declines in cotton and wheat.
Stock quotations from Minneapolis on May 3 show receipts of 156 cars versus 145 a year ago. Cash wheat prices include No 1 northern at 1.51 to 1.51 1/2, No 1 fancy northern at 2.01 1/4, and No 1 hard spring at 1.61 to 1.72 2/3, with various grades and delivery months listed. corn at 1.04 5/8, oats at 60 1/2 to 61 1/2 cents, barley at 85 to 96 cents, rye at 1.23 1/2 to 1.25, and flax at 2.33 1/2 to 2.41 1/4.
May 3 Chicago reports show potato receipts and stock levels totaling 672 shipments across new and old stock. Prices vary by variety with Wisconsin sacked round whites at 1.75 to 1.90, Minnesota 1.65 to 1.70, Idaho 1.65 to 1.80, and Texas Bliss Triumphs at 3.25 to 3.50. market described as slow and dull.
Call money eased but remained firm with a ruling rate at 5 percent. Closing bids showed 42 for time loans, with 60 to 90 day and 4 to 6 month maturities at 5 percent. Prime mercantile paper quoted at 4 percent and bankers acceptances unchanged.
New York reports copper steady electrolytic spot and futures at 14c. Tin steady at 51.87 spot and 51.62 futures. Lead steady NY 6.10c and East St. Louis 6.00c. Zinc firm East St. Louis spot and futures 5.877 to 5.90c. Antimony 10.50c. Rye weak with other grains as stop loss selling drives a sharp break. Murray estimates the crop at 42,000,000 bushels versus 58,572,000 last year.
The market showed mixed tone with local traction issues and profit taking in steel shares while motors led by General Motors and Chrysler stayed strong. Utilities bought actively, copper weakened, and oils were moderately supplied as investors awaited the New York Federal Reserve Board decision and its impact on future action.
Chicago wheat eased after early heavy short covering and selling. Cattle cash exposures muted as rains press Western Kansas frost forecasts. Argentina and India shipments noted. winter wheat crop estimate 466 million bushels with spring wheat acreage up 2.4 percent. Corn showed a sharp break then steady cash activity with stocks seen bullish at 590 million bushels. Oats remained firm early before retreating, with export business reported aboard.
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