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Newspaper
Austin American
Location
Austin, Texas, United States of America
Date
Dec 27, 1950
Page
3
Holidays and probable price control stall cotton trading as early gains in nearby deliveries rise about a dollar per bale. Prices eased later on hedge selling and the shift to new crop months, which had shown strength, dragging futures lower. Traders say new crop prospects may depress distant months if next year yields improve. Some anticipate year end mill covering against textile operations.
The United States and possessions church reports 1950 gains in membership to 8,935,647 from 8,792,569 and total contributions of 244,676,674. Building expenditures rose to nearly 474 million, debt payments reached 8,315,273, and 37,912 church schools served 5,958,644 members. The Woman's Society of Christian Service totals 1,576,047 members in 36,480 units. Reverend Albert C. Hoover notes figures come from 40,154 preaching places.
Fred Crawford, 54, of Columbus, remained at Columbus City Prison to cook Christmas dinner for 142 inmates after his term ended on Saturday. He left on Monday saying the menu might attract customers.
A historical note recalls two centuries ago in England when traveling peddlers sold bars of iron across the countryside. The image highlights mobile merchants delivering metal goods to remote communities.
Spot cot ton closed steady with varied grade quotes in Galveston, including middling at 42.90 and strict middling 43.15. New Orleans reports steady declines in sale prices with good middling around 43.80. The regional average shows a Tuesday uptick of about 25 cents from prior values as markets sum up recent activity.
Wool markets show unusual strength as Commission houses report tight global wool supplies. Estimated wool tops sales reach 215000 pounds while wool futures trade around 55 to 60 cents higher by March. Prices quoted with bids and nominal figures amid overall market uncertainty.
A broad market decline Tuesday pressured stocks as selling intensified and prices fell across many sectors. Airlines bucked the trend by ending higher, while major industrials and rails slid with volume around 2.66 million shares as traders weighed year end considerations and tax implications for 1950.
San Antonio market reports show slaughter cattle and calves steady with mixed price movements yet overall steady after Christmas trade. Fort Worth and Chicago livestock markets reflect unevenly higher heifer and steer prices, with sows and hogs also firming and calves and lambs showing varied gains.
AP reports closing currency figures with the Canadian dollar at 54a per cent discount, British pound at 2.80 1/16, and various European and Latin American rates largely unchanged. Other entries include Belgium France Holland Italy Portugal Sweden Switzerland Argentina Brazil Mexico Venezuela and Hong Kong values.
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