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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
May 01, 1928
Page
10
The New York market rose with rails at the forefront as active issues climbed 1 to 12 percent. Trading topped 2.9 million shares in early afternoon. Southern and Southwestern rails surged while tobacco, copper, and oil issues lagged. Calls money fell to 5 percent signaling liquidity.
The home of Dr. C. S. Grayson at 1009 North Main street suffered heavy damage after a basement fire fed by papers in a clothes closet spread to the roof. Two women roomers on the second floor escaped by climbing to the roof and were brought down by firemen using ladders. Officials could not determine the exact cause, with theories including an oil burner explosion or a fire starting from papers or an electrical wire. Fire chief A. B. Horney used two 40 gallon chemical tanks and water to combat the blaze.
Nearly five years of vigil at the tomb of President and Mrs Warren G Harding ends as the guard detachment of the tenth United States infantry is ordered to report to various army posts. Since the post was established August 9 1923 more than 1 000 000 visitors have viewed the tomb at Marion cemetery and shrine.
Contractors from across this state and others submitted bids on a dozen highway projects of the state highway commission. Work will spread across Craven Johnston Wake Warren Alamance Davidson Moore Cabarrus Richmond Davie Wilkes and Cleveland counties.
Domestic crude production sits at 2,404,500 barrels daily for the week ending April 28, down 7,475 from the prior week. Earnings reports include Intl Combustion Engineering and subs earning $2.61 a share in 1927 vs $2.80 in 1926, and Diamond Match Co posting first quarter net of $414,800. Town Topics notes Panhandle, Curtis aero, and Pan-American stock movements with weather and grain outlooks.
Liverpool markets opened strongly with mids at 1196 and U.S. spot sales about 7000 bales, of which 6000 were American. Weather across cities from Abilene to Tennessee remains unsettled or rain affected, with forecasts predicting varied conditions from the Carolinas to East Texas. Industry voices warn of possible under production this year and advise preemptive buying to counter potential higher prices.
J. F. Clark reports in Whitney's letter that the six percent call money stirred the market but failed to stop broad advances. Loans reach 40 million, with expectations of a lower money rate soon. Brokers loans resolution seen as unchanged. Seven cent fare case decision anticipated. Recommendations: Brooklyn Manhattan Transit, Manhattan MGC, Goodrich, Collins and Aikmann, Westinghouse Electric, American Steel Foundries, and Pullman noted with respective targets and hold guidance.
Jackson Bros Boeschel and Co. expect rising oils stock to lead a stronger market this week. Horn Blower Weeks notes oils and copper show current strength that could sustain gains despite potential higher money.
The New York stock market opened with narrow moves and an upward tendency. Rails led the advance as St. Louis Southwestern rose 2 points, Delaware and Hudson up 1.5 percent, and Western Maryland and Southern Railway common reached fresh highs. Curtiss Aeroplane jumped 2 percent to 99, a new high, while Wright Aeroplane slipped 1/2 point on initial sale.
In New York on May 1 the cotton market saw further advances with substantial selling off. Prices rose to fresh highs for the movement as modest reactions were absorbed and trading continued into the early afternoon.
In New York on May 1 raw sugar firmed with May up 1-32e to 4.40 for Cuban duty paid. A 10,000 bag sale of Cuban prompt shipment appeared, while favorable weather forecasts prompted some profit taking. Active months regained 29 to 27 points from intraday highs as futures steadied amid cautious demand.
The New Orleans cotton market showed underlying bullish tone but failed to hold early gains. Prices firmed later on expectations of a bullish weekly weather report with July around 21.65 and October December near 21.40, while exporters moved 37,913 bales.
New Orleans May 1 cotton futures opened steady with May at 9 149, July 21.35, Oct 28.11, Dec 21.098. Strong buying lifted July to 21.60 and Oct to 21.40 while Dec reached 21.35, before selling pressure pulled July back to 21.26 and Oct and Dec to 21.03. Prices then climbed again to new highs as rains were confirmed, July at 21.65 and Oct/Dec at 21.40, about 43 to 45 points above yesterday's close.
Mixed quotations show demand and cable rates for major currencies including Great Britain France Italy Belgium Germany and others. Details include 69 day bills on banks 483% and various country prices such as Tokyo 47.20 Shanghai 64.20 and Montreal 99.93%.
On May 1 eggs held steady with receipts of 67,390. Butter unsettled with receipts of 18,539 and creamery extras showing 92 score at 441% and firsts at 88 to 91 score at 43% to 44%. Cheese remained steady with receipts of 360,185.
United States government bonds closed with Liberty 34s at 101.9 Liberty first 4s at 102.5 Liberty third 4s at 100.8 Treasury 4 4 48 at 115.1 Treasury 3s at 107.1 Treasury 3s at 102.4
Cotton futures closed in New York on May 1 with mixed results across multiple contracts. Jan at 2126, May 2186, July 2156, Oct 2159, Dec 212? and other nearby levels showing slight changes from prior session.
New Orleans May 1 price report shows steady cottonseed oil with prime summer yellow at 1015 and prime crude around 9.00 to 9.12 percent. Nearby months May 1030, June 1035, July 1046 and months August through December at 1070 or near.
Cottonseed oil closed steady as summer yellow and crude quotes move in narrow ranges. May June July and August futures show slight gains with oil prices around 1080 to 1108 and later months at 119 to 1223, with total sales 36 400.
Turpentine firm records for Savannah on May 1 show sales 516, receipts 889, shipments 217 and stock 10976. Resin firm posts sales 1727, receipts 2862, shipments 234 and stock 68061 with quoted codes B690 to WW2985.
New York copper prices hold steady on spot and futures at 1414. Iron remains unchanged. Tin at 5112 spot and 5087 futures. Lead steady at 610 in New York and 600 in East St. Louis. Zinc firm with 585 spot and 587 futures in East St. Louis.
May 1 Liverpool market reports cotton selling in fair demand with higher prices. American grades show strict good middling at 12.46 and middling at 11.96, with sales totaling 7,000 bales.
Futures closed firm with May at 11.58, July 11.50, October 11.33, December 11.24, January 11.23, and March 11.22. Mentioned receipts include 6,000 American with 36,000 bales and American 23,500.
Cotton futures opened steady in New York with May at 22.00, July 21.70, October 21.50, December 21.32, and January 21.28, reflecting a calm start for the session.
The cotton market opened higher by 17 to 34 points amid general buying supported by firm cables and rains reported in Tennessee and North Carolina. Bullish notes on recent crop setbacks reaffirm market strength.
The market advance was aided by seed scarcity and replanting needs, lifting May to 22.00 and October to 21.66, with gains about 36 to 88 points over yesterday's close. Prices held near highs in early trading as selling was absorbed by broad demand, with private cables noting buying in Liverpool on weather news and a contract shortage.
In New York May 1 the cotton market opened firm on strong Liverpool cables and rain in the north central and eastern belts. First trades gained 13 to 15 points with July up to 21.16 and October and December to 21.29, about 38 to 34 points above yesterday's close. After the first half hour the market remained very steady at the top.
Chicago May 1 AP officials noted crop reports showing bullish wheat outlooks but large profit taking pulled prices lower at the open. Private estimates pegs winter wheat at 474 million bushels as corn oats and provisions show relative strength with mixed early moves.
Mrs. George E. Hilton 41 was found dead by her children in the basement of their home near Reeds four miles west of Lexington N C. A note to the children urged them not to worry and to love their father. The body was taken to Hickory for burial. relatives say ill health contributed to the act.
Bow ers of the New York Evening World editorial staff who was chosen to keynote the Houston democratic party convention is not a stranger to many North Carolinians. Last year Mr Bowers addressed the North Carolina Bar association in Pinehurst and later spoke in Raleigh Dewen, the State Historical society. Outside his state it is doubtful if he is so well known to the people of any estate as North Carolinians.
A truncated Modern Way item questions how to react to a breakup with Jack. The fragment hints at emotional impact and personal response, without clear context or full quotes.
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