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Newspaper
Austin American
Location
Austin, Texas, United States of America
Date
Jan 16, 1951
Page
3
Cotton futures fell 35 to 75 cents a bale as traders weighed foreign policy in Korea and a proposed budget. Gains arose briefly on news of Truman's budget message but were not sustained amid export allocation uncertainties and mixed overseas demand.
New York wool market ends steady to higher as dealers cover against actual tops. Estimated sales reach 220,000 pounds with futures around 288,000. March to December contracts show varied gains, with certificated spot wool tops around 390.5 to 328.5.
Suzanne Coats, aged 11, announced she would abandon her Republican upbringing and become a Democrat. She sent a letter to President Truman, who replied on White House stationery praising her choice. The parents were unaware of the decision until the letter arrived.
Tokyo dispatch reports Major Harvey H. Storts of La Feria Texas listed as missing in action. He served with the Seventh Division and has been awarded the Silver Star per US headquarters announcement on Monday.
President Truman proposed a 71.6 billion dollar spending program stirring a brisk stock market rally. Many leading issues rose with gains up to over $3 while morning trading lagged. Investors cheered the war budget focus and expected tax measures as the AP average and volume surged.
New York stocks rallied after early losses as some sectors recovered. Hogs rose to 21.75 while cattle traded up to 40, with firm or mixed futures in grains and cotton showing irregular activity.
Texas traders report stocker calves advancing about 50 cents or more with 34 to 32.50 dollar ranges for steer and heifer calves. In Fort Worth, cattle numbers around 2,500 with calves near 1,000 show steady to strong demand, strong bulls, and feeder lambs higher on activity. wholesale prices varied across fat cattle, calves, and feeder stock.
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