Market Sinks Again As Trading Slips On Friday
New York bankers report a secondary market decline with 1 to 5 point drops for many industrials and rails. Volume was light at 2,695,700 shares, with Wright Aeronautical and Radio among the big losers.
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Newspaper
Bluefield Daily Telegraph
Location
Bluefield, West Virginia, United States of America
Date
Jun 16, 1928
Page
11
New York bankers report a secondary market decline with 1 to 5 point drops for many industrials and rails. Volume was light at 2,695,700 shares, with Wright Aeronautical and Radio among the big losers.
New York on June 15 reports call money easing with all loans at 5 percent and closing bids at 5 percent. Time loans show firmness with mixed collateral for 60 to 90 days at 5 percent and 4 to 6 months at 5 percent. Prime mercantile paper sits at 4 percent.
New York bond listings show Liberty 3 S and 3 S Treasuries with prices around 100.7 to 101.20, including Treasury 4s at 108.30, 14s at 108.28, 34s at 105.31 and 3s at 102.4, reflecting current market quotes. The report compiles varied Treasury issues with their latest per-cent prices for investors.
Bond prices moved slowly in a dull market with industrials and first grade rails finishing lower. Easing money conditions reduced buying interest while U S government issues showed irregular trading within narrow limits. Total bond sales reached 10 554 000 par value in New York.
New York June 15 AP reports poultry prices holding steady with live poultry showing limited moves. Broilers by freight 23 to 27 cents per pound, by express 20 to 48. fowls 22 to 27 by freight, 20 to 27 by express. roosters 16 freight, 17 express. turkeys 20 to 30 freight.
Irregular activity across major listings left investors cautious as Dow and Nasdaq showed mixed results. Notable movements included Union Carbide and Amoco sources with gains while several energy and industrials fluctuated.
Butter prices remained steady with slow trade as high grade supplies were liberal yet restrained for premiums. The centralized car market also stayed stable with slow activity and liberal 89 and 90 scores, while buyers showed little interest.
AP dispatch notes U S and Pa Dept of Agriculture reports produce demand moderate. Totals include 132 cars of potatoes with old stock at 1.75 to 2.00 per barrel, 1 car of beans steady at 1.25 per bushel, 28 cars celery steady with Florida crates at 3.00, and 4 cars sweet potatoes in Tennessee hampers at 2.35 to 2.50, miscellaneous prices for other items.
New York reported mixed foreign exchange quotations in cents and percentages. Cables and demand figures covered Britain France Italy Belgium Germany Holland Norway Sweden Denmark Switzerland Spain Greece Poland Czecho Slovakia Yugoslavia Austria Romania Argentina Brazil Tokyo Shanghai Montreal with rates shown for each.
In Chicago nutrients momentum rose from Winnipeg July delivery weakness and discounts. Wheat futures closed lower while corn declined slightly and oats were steady to higher. provisions held steady with a small rise for some items.
Seeds and grain quotes from Toledo dated June 15 show cash and bid prices for wheat corn oats rye clover and airside seed. Prices cover No 2 and No 3 yellow corn and various contract months with bid figures where listed.
General lines of cotton goods remained quiet with prices fairly steady. Demand grew for rubberizing fabrics for the auto trade. Raw silk rose 30 yen in Japan with 2,000 bales sold. Silk goods moved in clean up lots. Wash fabrics and burlaps showed activity while men s wear fabrics moved for summer lines.
New York June 15 amid quiet trading no sales reported in the raw sugar market. Undertone steadier with buyers holding 4.21 duty free while holders seek 4.27. Approximate sales 77 000 tons with July 2.51 Sept 2.63 Dec 2.75 Jan 2.69 Mar 2.63 and May 2.70. Refined prices unchanged at 6.05 to 6.10 for fine granulated.
Chicago grain markets weaken as large Argentine shipments and favorable Canadian growing conditions weigh on prices. Liverpool quotes move lower, and wheat futures edged down amid selling pressure.
Hogs receipts 16,000 market active mostly 10 to 20 cents higher. Barrows and gilts sold 7,000 head. old over 4,000 estimated. Cattle receipts 1,500 calves 1,000 with generally steady trade and top 14.50. Slaughter steers 1,300 to 1,500 pounds 13.40 to 14.85. lighter weights 13.40 to 14.90. Heifers 13.25 to 15.75. cows 11.50 to 11.75. bulls 6.00 to 7.50.
Sheep receipts reach 6,000 as lamb demand remains good for limited supply. Fat lambs are active and steady while trade shows a wide spread with cull and common stockers varying. Beef and veal cuts show mixed prices with good and choice grades leading the way and lighter weights quoted lower.
Cattle receipts 150 at Baltimore stockyard with steers showing varied bids from 14.00 to 15.00 for choice, 12.00 to 13.00 for good, 10.75 to 11.75 for medium, and 9.75 to 10.75 for common. Heifers range 10.50 to 11.50 for choice, 8.25 to 9.25 for medium, 6.75 to 7.75 for common. Bulls and cows listed with mixed grades, sheep and lambs receipts 200 with clipped sheep 2.00 to 6.50 and spring lambs 11.00 to 16.50. Hogs receipts 150 with light and heavy classifications, calves receipts 50 at 5.00 to 15.00.
Wall Street brief reports April shipments of all mobile tire related items reach 4 100 976 a rise of 57 760 from March and 66 976 more than April 1927 Rubber association notes April production 4 675 063 down from last year inventories of all pneumatic casings balloons cords fabrics and solids total 9 537 796 end of April vs 9 291 016 prior month Structural steel contracts placed in the last week fall to 28 6e tons from 33 000 tons prior week.
A large audience at the Business Men's club welcomed Governor Byrd and his party on Thursday night. With president Lee J. Barbee absent ill, vice president Geo. P. Crockett chaired. Miss Sally Litz sang, ending with "Kiss Me Again" to a rousing reception. The Methodist church ladies provided a fine dinner.
The Tankwagon price of kerosene in Pennsylvania rises by one cent to fourteen cents per gallon, as announced today by leading marketers and jobbers.
Dudley spoke on the governor's popularity beyond Virginia and read magazine excerpts praising progress under Governor Byrd. After a brief address by Byrd, the club adjourned until its next regular meeting two weeks from June 15.
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