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Newspaper
Anderson Herald
Location
Anderson, Indiana, United States of America
Date
Jun 21, 1961
Page
25
Six month profit takers help drive recent stock market weakness a Wall Street observer said Tuesday Eldon A Grimm of Walston Co quoted a six month rule and cited heavy trading in Certain Feed Products Corp as an example of profits being booked for tax purposes in a rising market
Stocks slide as prices climb on rising rates and supply appears. Grimm notes feed futures fall to 56.75 from 64.50 as six month period ends. Major names cited include Standard Kollsman Magnavox Avnet Zenith MGM Emerson and more. Kidder cites Kennedy Khrushchev statements and copper weakness as key triggers.
Standard and Poor's notes a brake on rising prices but says the effect is limited in a favorable market. The concern centers on an expected increase in floating stock from secondary offerings. The first year shows unusually few offerings, with sellers typically favoring large blocks to big investors outside markets.
A market analysis notes that reinvestment of proceeds could dampen price gains, potentially supporting healthier market dynamics. It suggests the net effect may calm the advance, aiding internal market health.
Prices for butcher hogs rose sharply with gains of 25¢ to 50¢ in spots. Sows advanced 25¢. Reports show varied steady to higher bids across hog, steer, heifer, cow, and bull categories, including loads of large steers at 21.50 to 22 and lambs remaining active with prime lots around 17.50 to 18.50.
Livestock market at Muncie ends promptly by two o clock. Animals arriving late roll to next day. Hogs range from 11.00 to 17.50 per hundredweight with weights listed. Cattle steady with varied prices for steers, heifers, cows, and calves. Lambs and sheep show steady values across categories.
A garbled listing shows stock quotations for major companies including American Airlines Eastman Kodak Ford General Dynamics General Electric General Motors International Harvester Kimberly Clark Kroger Minnesota Mining Pfizer Sears Roebuck Southern Company Sperry Rand Standard Oil Texaco Texas Instruments Union Carbide U S Steel Westinghouse Zenith and Dow Jones Averages with approximate volume at close. Industrials rail and utilities indexes appear with shifts and a gain of about 3.28 million.
Hog prices rise 10 cents with 199 to 240 pound cattle at 16.75 to 17.25 and 240 to 300 pounds at 15.40 to 16.25 Sows 14.25 good steers and heifers 20.00 to 22.00 choice 22.00 to 23.00 ROE 5 va cas saciuas 30.00 down re aes 12.00 to 16.00 OE ge 19.00 down local grains Wheat and Bokhamian noted Beans Corn shelled 56 lbs Ear Corn 68 lbs New Beans.
Chicago AP market report shows 6000 head butcher hogs sold with prices up to 50 cents higher. Top at 18 dollars, few head moved at that level. most 17.85 and up. Heavier weights and other grades varied from 15.50 to 18, with slaughter steers and heifers also firm to strong. Lambs steady near 19.50.
Postal inspectors investigated a sealed mail car fire after Syracuse firefighters extinguished flames Monday. About a third of the mail was burned or water damaged though little first class mail was harmed. The mail, loaded in Washington, was headed mainly to Midwest and Far West destinations.
Mounds Stable advertises horse riding services at 1.50 per weekday and 2.00 on Saturdays and Sundays. The notice emphasizes accessible riding options and weekend availability.
The market recovered Tuesday erasing Monday's AP average loss and posting the largest gain in about two weeks. Dow up 7.19 to 687.87, AP 60 up 1.90, volume thin, with new orders and durable goods rising and Douglas Dillon predicting 8 percent growth next year.
The U S grain futures market opened in a generally firm range on the Board of Trade with prices fluctuating little aside from soybeans. Strength is credited to poor crop conditions in the Northwest risking deterioration without rain, with most contracts ending near day’s highs. Wheat rose about 1 to 2 cents, corn up fractionally, oats mixed, rye higher, and soybeans nearby mixed within small moves.
Executor Donald R Summers appointed for Ethel Featherston estate with six month claims period. final settlement for George R Shelby estate set for June 29 1961. taxpaying public invited to July 6 1961 meeting to discuss 10000 heating system modernization addition. Court notices by Eugene Creagmile Clerk Lawrence Robbins attorney.
NEW YORK UPI Neisner Brothers Incorporated will open its first discount department store next spring in Pittsfield Massachusetts. The company announced plans for expansion and a nationwide move into the discount field with additional locations in the future.
Creditors of Balfour Heating Company are summoned to appear in Superior Court No 2 Edison County Anderson Indiana on July 21 1961 at 10 A.M. to show cause why the final settlement and final report of the receivership should not be approved. Also sealed bids for heating system addition to Anderson Public Library due July 20 1961 at 4 P.M. Eastern Standard Time.
An assortment of classified items including wall paint at 1.99 a gallon, hypnosis weight loss programs with private consultations, discounted plastic and asphalt tiles, and a local lost items notice. Also includes a badminton game date and an Indiana legal notice list with numerous code numbers.
Advertising notice offers training for 18 to 45 year olds as IBM electronic machine operators and technicians with full or part time options. Includes free employment service and inexpensive course enrollment through Miller Institute Automation Division. Write B and H Box 222 for details with age address phone and occupation. Also mentions beauty salon special and yard work services with local phone numbers.
Stiner Gravel Co offers hauling and moving of gravel stone and top dirt. Contact phone 643-3940 for residential and commercial material delivery and site work. Local heavy hauling services with prompt scheduling and reliable load handling.
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