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Newspaper
Austin American
Location
Austin, Texas, United States of America
Date
Sep 26, 1950
Page
2
Stocks ended little changed after a volatile session in New York as traders faced inflation fears amid wartime pressures. The Dow industrials moved slightly lower while the broader market showed modest gains and losses, with averages finishing near the day’s opening levels.
New York reports show cotton futures dropping 70 cents to 3.10 a bale amid hedging and slow trading as Census Bureau notes July ginnings and carryover shifts. Market closes steady elsewhere with regional quotes at Orleans and Galveston reflecting price moves and state receipts.
SAN ANTONIO trading on cattle and calves shows wide moves with steers and stockers mixed. Prices for slaughter cattle and feeder lambs vary, with hogs and goats showing general softness and steady demand across categories as buyers eye fresh legs of meat.
Market closes with cottonseed oil futures down by 24 to 42 points as July and September bids shift. Trading activity shows weakness amid uncertain demand and price adjustments across the board.
Frosts across Illinois spurred modest buying in corn and soybeans on the Chicago Board of Trade. Wheat slipped before support trimmed losses. soybeans showed little immediate response to frost news while oats and other grains faced selling, with prices mixed across futures and cash markets in Kansas City and Chicago exchanges.
Allan B. Kline president of the American Farm Bureau Federation says price ration controls on livestock and meat would be a serious misstep. He warns such controls would cut meat production during a time of need and invite a black market. He notes cattle prices have stayed narrow since the Korean War and hog prices have fallen as spring pigs hit the market.
Major Charles J. Alton aged 32 from Baton Rouge Louisiana died of polio at Brooke Army Hospital in San Antonio. He had been sent from Fort Sill Oklahoma on July 24 marking the fourth polio death at the facility this year.
Wool offerings were subject to liquidation pressure as hedging and market sentiment shifted on Monday. Buyers faced lower bids with prices for wool tops easing across several contracts and months, while overall demand remained cautious despite favorable Korean War updates.
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