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Newspaper
Austin American
Location
Austin, Texas, United States of America
Date
May 18, 1950
Page
14
Weak early session turns bullish as oats and soybeans show gains while corn and barley hold steady. Cash bids midweek reflect strong demand with white oats selling near premium levels and futures spreads tightening as CCC eyes 10 million bushels of white oats for sale in store.
In Van Nuys two prisoners Marvin Petrie and Robert Dennis were jailed after attempting to dig their way out using a soup spoon. The plan failed when the hole led to another cell and they now face charges for breaking into a grocery store and destroying city property.
The article notes that Pennsylvania handles one sixth of U S carload freight and receives one eighth of all American carload shipments, highlighting its central role in national rail commerce.
New York cotton futures firm late Wednesday as heavy trade buying and short covering pushed prices higher. Nearby months showed gains to around 61.45 cents per pound while the market absorbed selling and export activity amid unsettled sentiment for the next period.
AP reports cattle receipts 1,200 head with calves 400, steers and yearlings steady, cows and calves weak to steady, hogs higher slightly. Beef cows $17.50-$22, calves $25, stocker calves $20-$30, feeder pigs steady. hogs around 1,000 head, supply tight.
The New York market ended mixed after a spirited late selloff. Industrials led declines while utilities barely budged and several rails and radios held up. volume reached about 1.18 million shares with 27 advances and 348 declines. The House tax committee favored reducing capital gains taxes from six months to three, a move Wall Street welcomed.
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