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Newspaper
Austin American
Location
Austin, Texas, United States of America
Date
Nov 18, 1948
Page
18
Nov 17 AP cattle 1500 calves 1200 steady movement with uneven bids. Hog and sheep activity steady with higher prices for select cuts. Chicago hogs 6500 head, market active and up. calves and steers mixed. wool futures rise on Australian drought fears in New York trading.
Dr. James I. McCord dean of the Presbyterian Theological Seminary in Austin spoke at Llano Lions Club semi annual ladies night banquet. Tom Gould served as master of ceremonies and introduced the guest speaker after dinner.
Market activity sank with total volume under 1,000,000 shares as the Dow edged down after a late rally failed to erase earlier losses. The stock list showed declines in utilities and energy names while Standard Gas & Electric traded as investors reacted to directors’ actions, with preferred shares showing modest gains.
The market shows a modest rise in cotton while trading locks on a cautious mood. Bonds edge higher on some issues as government securities drift with minor losses noted after an unsettled election period.
Chicago reports heavy mill buying lifting wheat to a post election high as flour demand from domestic mills fuels hedging activity. Corn and oats firm, rye weaker, soybeans mixed. Wheat closes 11% higher with other grains showing varied gains and losses.
In Galveston on Nov 7 the spot cotton market closed steady with cents per pound and bale terms for grades including middling 31.35 to 31.70 and good middling 31.70. In New Orleans on Nov 17 the average price of middling cotton at 15 16ths inch rose to 31.66 cents per pound, with 30 market days average at 31.23 and 29.56 for 1 inches.
The Association of American Railroads estimated October 1948 operating revenues were 99 percent higher than October 1947. Based on advance reports from 82 class 1 railroads, covering 83 percent of total operating revenues, the estimate reflects revenues only and not rising operating costs from wage and material price gains.
In San Francisco at Children's Hospital a 24 year old polio victim, Mary Elizabeth Mc Cormack, delivered a seven and a half pound daughter by cesarean section. Both mother and child were reported doing well after the operation and the mother remains in an iron lung.
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