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Newspaper
Anaconda Standard
Location
Anaconda, Montana, United States of America
Date
May 07, 1920
Page
14
Excellent weather and price cuts lift corn as bears lead early trading. July and September futures rise despite initial declines, with No 2 yellow corn at 2 a bushel and Dutch banks reportedly buying Argentine corn for Germany. Cash quotes show varied wheat, corn, oats, and rye values, while hogs support firmer provisions and poultry remains unchanged.
Wheat and grain prices listed in Minneapolis with No 1 northern wheat at 3.11 to 3.15 dollars per bushel, corn 1.81 to 1.82, oats 1.04 to 1.06, barley 1.47 to 1.78, rye 2.09 to 2.10, flax 4.69 to 4.74. Flour prices up fifty cents. standard flour in carload lots quoted at 16 dollars per barrel in 9 1 2 pound sacks. Shipments totaled 54 082 barrels. Bran priced at 52 dollars.
Livestock receipts total 57,000 with cattle at Chicago May 6. Cattle markets show beef steers steady to 15 cents higher, yearlings and handy weights up, tops around 14.25 for mixed yearlings and bulk 11.75 to 13.40. heavy cows slow, other stock steady to higher. Hogs receipts 31,000 with early trade 25 cents higher, top 15.65 for 250 pound plus pigs. Sheep receipts 14,000 with no early sales and best shorn lambs steady near 19 dollars.
May 6 Spokane market steady for hogs and cattle. Prime mixed hogs bring 16.50 to 16.50 with others at 13.75 to 15.58. stockers and feeders around 14. Cattle receipts 827, prime steers 12 to 13.75, good to choice 10.59 to 11.75, fair to medium 8.25 to 9.25, cows and heifers 7.50 to 11.50, bulls 6.50 to 8.50. Prime jambs 16 to 17, yearlings 15 to 13.50, wethers 12 to 13, best mutton men 7 to 10.
Hogs receipts slow and uneven, top 14.85 with bulk 13.50. Cattle receipts 4,500, beef and butcher cattle active mostly 2S higher, best beef 13, stockers and feeders slow. Sheep receipts 6,500, lambs steady to easier, best clipped lambs 17.90, ring lambs 20, sheep and feeders about steady.
South St. Paul on May 6 saw hog receipts at 6,100 with prices 25 to 40 cents into a 14.14 to 14.75 bulk around 14.30. Cattle receipts 2,300 with fat steers 13 to 13.50, cows and bulls 6.50 to 12.50, calves steady at 5, stockers and feeders steady at 5. Sheep receipts 400, market steady with lambs 8 to 9, wethers 12 to 14.50, ewes 4 to 4.14.
Bar silver in York on May 6 reported Mexican dollars at 78% of value. In London on May 6 bar silver quoted at 62% per ounce. Discount rates for bills stood at 6 percent for both short and three month maturities.
Prime mercantile paper steady at 7 percent. Exchange steady. Sterling 60 day bills 3.8044. Commercial 60 day bills 3.804. Demand francs 16.38, Belgian francs 15.40. Lire 20.70, marks 1.90. Government bonds strong, railroad bonds irregular. Time loans strong 60 90 days and 6 months at 8 percent. Call money easy with last loan 7 percent. Bank accepts 6 percent.
In New York on May 6, metal market notes show no change in values. Antimony and iron remain steady, with a quiet tone for May and June. Mexican dollars quoted at 79 and 7.90 cents, while Mopar and related spots hold at 56.50.
New York sugar market notes slight firmness with Ra Steady centrifugal at 19.56 cents per pound and fine granulated at 17.50 cents. Refined sugar trades at 23 cents per pound.
May 6 New York stock market advanced on speculative demand with steel equipment and oil shares leading. Early gains in Vanadium Replogle Baldwin American Car Allis-Chalmers Food Products and American Sugar were seen before a later broad reversal. Consolidated Gas rose on legal news and Endicott-Johnson jumped after dividend.
The Heilbronner Company cites a world goods shortage and record wage fund as not preventing a Japanese financial crisis. Sugar fears in the United States could boost global imports. Germany may exploit Allied divisions, and fears of cutting commercial loans hinder readjustment. Oil shares draw interest while private stock borrowing declines and the shortage decreases.
Businessmen have funded themselves by selling bonds this year, tempering bond market gains and leading to a lag in stock rallies. Now selling has spread to stocks, with no clear reason to expect future rallies to endure.
The article notes no material sugar decline while world production lags behind demand. High prices attract sugar from distant sources such as Java, but aggregate offerings are insufficient to impact the market. Cuba remains the key factor shaping the situation.
Credit problems seem no nearer any effective solution. Money is acutely tight. It merely happens that from week to week the chief strain shifts from point to point. Developments to this writing suggest cross currents and irregularities in the stock market, accompanied by a few specialty bullish movements. General sentiment displays a mixed outlook at the moment and suggests a trading market.
More outside interest is manifested in the railroad list than for some time. The Reading decision has aroused attention for the attractions of the Harriman and Hill issues especially, as regards segregations, which, however, are considered in conservative quarters as some distance off because of the need of conservation of resources during the credit strain.
Some market observers warn that the main drag on a sustained rally is the poor state of the nation's transportation system. They note that vehicles and locomotives cannot be supplied overnight, yet carriers urgently require 10,000 engines and 100,000 freight cars to meet demand.
In the market's volatile stretch after the armistice, the oil division notes a surge of new firms. Their combined capitalization nears 4 billion dollars, reflecting growing activity and potential risk as security concerns persist.
A leading financial institution cites the impact of restrictive credit on merchants. If a seller borrows 260000 now, previously 100000 funded the same stock, the interest at 4 percent would rise to 8000 from 4000, while at 5 percent it would reach 16000, not 4000, highlighting the strain of tighter money.
May 6 report shows Replogle Steel manipulated claim dismissed, engineering a rise to 92 percent then 89. Major moves include Vanadium Republic Lackawanna Steel and United States Steel among pros’ picks. Atlantic Gulf and West Indies lifts to 170, May Department Stores declares 33 1 3 percent stock dividend and raises common to 8 percent. Others like Mexican Petroleum Pan American Shell Transportation Texas Oil Royal Dutch Sinclair advance. Baldwin weakens to 116. Rails edge up then retreat amid dullness. money at 7 percent.
Mrs. Bessie Kirsch, held in county jail on a postal money order charge, was moved to a hospital after jail officials obtained federal permission to avoid a jail baby. The baby was born there, shaping a notable incident in Chicago.
Kellogg Idaho reports outline planned development on the Jim Blaine lead-silver vein in the Pine Creek district of Coeur d Alenes. Drifts are advancing through 20 feet of mineralized face, with a five foot vein and talc footwall. A 300 foot crosscut aims to surface depth near 400 feet, and a 500 foot crosscut targets the No 2 vein traced on surface for over a mile.
Salem dispatch notes N H Pomeroy of the Oregon fire marshal’s office left May 6 under Pacific coast bureau direction to probe an arson case in an unnamed Montana town. A fellow operative, likely Frank J Parker, was attacked and throat cut but recovering in hospital. Parker’s wife planned to join Pomeroy on the train.
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