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Newspaper
Anderson Herald
Location
Anderson, Indiana, United States of America
Date
Jul 08, 1958
Page
22
New York shares reached another peak in 1958 with irregular advances in active trading. The Associated Press average rose 50 cents to 176.10 as industrials gained, rails fell, and utilities rose. Volume totaled 2.51 million as gains spread through secondary issues and new highs outpaced new lows.
Wheat contracts rise more than a cent as harvest in Kansas peaks and hedge selling expectation fades. July wheat at 1.88 per bushel. corn mixed, soybeans varied, oats steady, soybeans and lard futures show light changes amid near term cash receipts and cautious new crop activity.
Hog prices edged down as lighter weights sold unevenly while larger lots showed limited activity. Barrows and gilt ranges varied, with 180 to 250 pound hogs improving slightly against a broader market softness. Cattle trades remained slow, with cows weak and bulls steady, while steers and heifers moved at reduced levels.
Market notes show hogs ending up to 50 cents lower with a top around 24.75 per hundredweight for selective No. 1s. Cattle receipts after a holiday weekend reached 24,000 with a general drop of about 50 cents, while heavy hens and poultry prices eased. Buyers faced a weaker market across weights from 190 to 360 pounds, with several lots reflecting declines in price.
Auction data from Muncie shows cattle and hog prices with bids at 24.00 and 21.50, finishing mixed as load counts and weights vary. Some entries indicate declines from prior sessions, while others hold steady.
The report describes bond dealers trading at lowered levels with high to prime debt cited around 24.75 to 30 dollars, and a few wall street sources noting sellers outweigh buyers. Bond sales on the New York Stock Exchange reached 4,990,000 at value, contrasted with 4,060,000 previously, as the market reacts to a Treasury remark about market overexposure and continued selling pressure.
In New York the cotton textile market remained quiet with some mills lifting asking prices slightly on print cloths. Wool goods also stayed quiet while rayon saw minimal interest during the industry’s annual plant vacation shutdown period.
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