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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Jun 06, 1930
Page
12
Bearish trading dominated the New York market as copper and rail shares fell and stop losses triggered heavy selling. Short covering pared most losses by the close, while bank credit demand stayed weak and leading bank stocks hit new yearly lows.
Credit conditions eased further prompting gains in gilt edge bonds on June 5 1930. Trade surged in United States government issues with Liberty 4s Treasury 4s and other domestic bonds rising. American Telephone 5s National Daily 5s Erie 5s and Pennsylvania 4s led the advance as rates held steady in time and call money.
The report notes stronger improvement in utilities and better grade industrials than rails. It also observes ongoing strong foreign bond purchases by international investors, though price gains were generally modest aside from a few exceptions.
On June 5 in New York call money remained steady at 3 percent all day. Time loans showed stability with 30-60 day notes at 8 percent and 60-90 day notes near 3 percent with assorted minor inconsistencies. Prime commercial paper quoted around 34 percent, bankers acceptances eased with rates around 2 to 4 percent across 39 day to 6 month maturities.
Foreign exchange shows irregular trading with Britain at 4.855% demand and 4.83% 60 day bills on banks. France and Italy demand and cable rates cited, while several European and global currencies list varying figures including Belgium Germany Holland Norway Sweden Denmark Switzerland Spain Greece Poland and Czechoslovakia. Japan and Canada rates noted in dollars and cents with Britain quoted in dollars.
Butter markets in Chicago show barely steady quotes as supplies remain liberal. Fresh 93 score offerings range from 32 to 33 cents with varying scores and prices across centralized and bulk categories, reflecting a mixed but softening pattern in the June market.
New York June 5 raw sugar markets firm with spot up 1 32 cents to 3 24 cents. Futures close down 1 to 2 points. approx 29 600 tons traded. No. 2 contract saw seven lots swap July No 2 for July No 1 at 180 points. No. 1 and No. 2 futures quotes listed. refined sugar demand fair but limited to nearby needs with fine granulated steady at 4.50 cents.
The June 5 report notes cotton goods in slightly better demand but still low bids. Finished goods show more business, fall gingham prices unchanged, silk prices up due to May statistics, and silk goods moving steadily to cutters. Burlaps and wool goods sold in small lots.
Pittsburgh June 6 report shows slow demand for produce. Apple receipts listed at 15 cars with New York Russets and Baldwins varying in price from 5.65 to 5.75 per bushel and 2.00 to 2.25 for russets. Cabbage receipts noted at 34 cars with Mississippi crates, prices not fully readable.
Receipts show mixed crates and potato prices across regions. Tennessee 60 pound crates ranged around 2.00 to 2.25 dollars, No 1 Texas bushel yellows 1.50 to 1.75, whites 1.00 to 1.50. Potatoes 83 cars weaker with No 1 120-pound sacks near 3.25 to 8.50 for Maine and 4.00 for Bliss in Louisiana, 5.25 to 5.75 for cobbler barrels in North and South Carolina.
A Toledo seed price listing from June 5 shows No. 2 red wheat at 1.11 and corn No. 8 yellow at 0.86 with rye No. 2 at 5c, while other grain prices remain unchanged. The report reflects small fluctuations and stability in commodity quotes for the day.
Hogs receipts 1 500 head uneven market steady to 250 lower with range of prices for medium to heavy hogs and sows. Cattle receipts 25 head mixed quality steers heifers cows and bulls with prices listed across weight categories. Calves and sheep receipts noted with top dealer prices and range for lambs yearlings and ewes.
Chicago June 6 market notes show hog receipts at 27 000 head with weights 160 to 200 pounds and mixed prices from 9 00 to 10 59 per cwt while cattle receipts reach 7 500 head with calves 3 900 and overall trade weaker week to date with steers and cows showing declines and fat lambs easing 0 25 to 0 50.
New York June 6 poultry prices show dressed fowls at 21 to 28 cents for fresh, 20 to 21 cents frozen. Live firm broilers at 20 to 44 cents by re, 118S ATc, and roosters at 12 to 1 1/2 cents for freight or express. Eyes receipts reach 30,188 cases with steady to firm demand. mixed colors unchanged and other grades steady.
In May 1930 bond offerings reached 630.92 million dollars, the highest month so far this year, lifting 1930 year total to 2.7647 billion. May surpasses January as the previous high and over doubles May 1929. F R Berry of Inland Utilities warns of a major gas subsidiary expansion with plans to drill sixteen wells in West Virginia and Kentucky.
A fragmented OCR listing shows Hancock Investments in Bluefield with addresses in the First National Bank Building, alongside several companies such as Tug River Lumber Co and Pocahontas Fuel. The document cites market figures and closes for various securities in Indian Territory and nearby regions, including Cities Service and Appalachian Electric Power with prices ranging from 50.00 to 120.00.
LAN STEYNE a rising New York artist falls for Judith Grant a Greenwich Village dancer who wants him to marry her friend Clarissa Morley Judith agrees yet insists on marriage to Clarissa The melodrama unfolds in the new story Dancing Judith slated to begin June 11 in the Daily Telegraph.
Officers and members of True Delight circle No. 649 are urged to attend a 2:30 PM meeting at the matron Mrs. Cecil Richards home 222 Ellis Street and candidates for initiation. Miss Ardella Richardson presides. The Rainbow wedding at Scott Street Baptist church is indefinitely postponed with further notice to follow. Mrs. C. C. Williams directs.
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