Credit Stringency Evident In Stocks
Extreme nervousness over the credit situation shaped a volatile stock day in New York. Prices rose at open, fell sharply before noon, then recovered unevenly as brokers eyed higher loans and a possible discount rate rise. Midday relief came from a cut in call money from 14 to 12 percent, while bankers hesitated to supply funds and out of town banks held back. Major declines hit Case Threshing, Union Carbide, United Dyewood, Montgomery Ward, Johns Manville, and U S Industrial Alcohol, with some large names like Nadia and General Electric showing partial rebounds. Utilities led a late rally as rails barely fluctuated and several key lines hit yearly lows. The note closes noting March named for Mars.
MENTIONED IN THIS ARTICLE
Stanley W. Prenosil
Associated Press Financial Eoitor
New York
Wall Street
U.S
Federal Reserve
Union Carbide
United Dyewood
Montgomery-Ward
Johns Manville
Alccohol
Bethlehem Steel
Nadia
General Electric
United Aircraft
Utilities
American Power and Light
One Legged Man Is First Victim of Jones Law in State
A one legged man, Henry Cobb, aged about 55 to 60, was the first defendant under the Jones five and ten prohibition law in Federal Court in Raleigh. Cobb was sentenced to 18 months in the Atlanta federal prison after a jury found him guilty of possessing and selling whiskey. Witnesses said Cobb sold liquor for years and the district attorney charged he sold whiskey to high school students in Sampson County.
MENTIONED IN THIS ARTICLE
Raleigh
May
Henry Cobb
Atlanta
Meekins
Cobb
Irvin B. Tucker
Sampson County
Drowning Probe in Marshall Area Seeks Victim Body
A search for Bill Tyson 20 near Marshall follows a drowning in the French Broad river. Zack Ramsey, reportedly in the boat, is jailed without bond as deputies seek other boat occupants. An inquest is postponed awaiting the body.
MENTIONED IN THIS ARTICLE
French Broad River
Marshall
Bill Tyson
Zack Ramsey
Tyson
R. R. Ramsey
Cotton prices ease as Liverpool offers clear spot demand
In Liverpool on May 9, spot cotton shows easier prices across grades with American briefs leading demand. Prices for American good middling fall to 10.56 and middling to 10.16 while sales reach 6,000 bales, including 3,800 American, against 10,000 receipts and 3,100 American noted. Futures close steady with May at 9.91 and July 9.89.
MENTIONED IN THIS ARTICLE
Liverpool
Wheat Falls to New Low for Year in Chicago Market
Chicago May wheat prices sank to new yearly lows as traders grew discouraged by the failure to spur demand. By 11 a.m. May futures fell to about 24.4 to 24.5 cents above the prior close, with overall export demand weak and foreign buyers choosing Canada or Argentina over U S wheat. Flour quotas at Minneapolis also declined, underscoring a broad downtrend.
MENTIONED IN THIS ARTICLE
Chicago
United States
Canada
Seaboard
Minneapolis
Tortoise with ruby studded back found in box
Officials of Imperial Airways received a small flat box from a passenger containing a live tortoise wrapped in pink cotton wool. The animal’s back was studded with rubies emeralds and other precious stones. The report notes New York Stocks and percentages from the period as context.
MENTIONED IN THIS ARTICLE
London
Imperial Airways
South's Ex Lightweight Wrestling Champion Found Dead
Charleston South Carolina May 9 former southern lightweight wrestling champion Jack Fichtner was found dead in his home. Physicians cited heart trouble as the cause. Fichtner moved from Baltimore 25 years ago and left a wife and two children in Jacksonville. He recently returned from a winter in Miami. He also served as a boxing promoter in the area.
MENTIONED IN THIS ARTICLE
Charleston
S. C
Jack Fichtner
Fichtner
Baltimore
Jacksonville
Miami
Eastern Railroads Limit Wheat Freight Rate Cut Action
Eastern trunk line railroads decided to limit the recently agreed freight rate reductions to wheat and wheat flour as a farm relief measure, signaling amendments to their export grain rate applications. The move follows a New York meeting of eastern executives and millers and was reported to the Interstate Commerce Commission by Robert N. Collyer.
MENTIONED IN THIS ARTICLE
Washington
Eastern Trunk Line Railroads
Western Trunk Line
Interstate Commerce Commission
Robert N. Collyer
Eastern Trunk Line Association
New York
Eastern Railway
Collyer
Interstate Cameron Commission
Eastern
Eastern Territory
Cotton Futures Drift After Rain Reports In West Texas
New Orleans on May 9 reports initial futures declines of 12 to 15 points as rains in drought zones of west Texas prompted selling. July and October fell to 18.42 with December at 18.51, later recovering. by mid-morning July 18.68, October 18.59, December 18.70. Prices closed with small net declines of 5 to 6 points.
MENTIONED IN THIS ARTICLE
New Orleans
Liverpool
West Texas
P. C
Cotton market opens barely steady with declines in New York
New York cotton prices opened barely steady today and slipped early as July eased to 18.53 and December to 18.70. Trade was pressured by reports of heavy fertilizer tag sales in April and private notices of beneficial rainfall in Texas, with initial offerings readily absorbed.
MENTIONED IN THIS ARTICLE
New York
Texas
Chicago Livestock Market Quotations May Slaughter Steers Rise
Chicago wholesale livestock prices show hogs around 9.25 to 11.70 for medium to large weights and cattle trading steady to 25 cents higher. Slaughter steers 1300-1500 pounds rang e 13.25 to 14.75, vealers 9.75 to 12.25, cows 9.75 to 12.25, stocker and feeder steers 12.26 to 13.65, wooled lambs 15.85 to 16.90, and sheep 6.50 for fat ewes with shorn lambs 14.50 to 14.85.
MENTIONED IN THIS ARTICLE
Chicago
May
Sugar prices steady in New York market
Raw sugar held at 3.58 duty paid and refined fine granulated stayed at 4.94 as of early trading in New York.
MENTIONED IN THIS ARTICLE
New York
Also Mentioned on This Page
Mars
State
Marshall Lad
Chicago Grain
Yoo
Beth Steel
Chrysler
Davidson Cher Ee
Dupont Ter
el Pow & Steee Ewer
Gillette
Nickel
Liggett & M B
Sorillard
Monty Ward
Nash Mtrs
Central
Packard
Pan Am
Lasky Penn RR
Phillip Morris
Postum
Ee Pullman New
Studebaker
Texas Corp - Timken Roll Br c
Union Paper Ang Bag
UA Pac
S. Ind
US Steel
Univ Leaf
Vick Chem
Mae - Va Car
Ees Ward Baking Eae
West Elec
Willys Overland West Union
Vee Woolworth
Rexall
Cecil
Castoria
Linament
Hepatica
Johnson
Hollingsworth, Schraffts
Foss
Ben Hur
Cardus
Hinds
Melba
Hawaii
Hoover
Island
Lawrence Judd
Honolulu
Wallace R. Farrington
Farrington
Judd
Territorial Senate
South
Cheapside
England
Great Britain
Gramm
Michaelson
Key West
Fla
Walter Gramm
M. Alfred Michaelson
Illinois
Cuba
Duval County
W. C. Crumbley
Crumgley
Federal Building
Bliss
Alabama
Louisiana
Wisconsin
Minnesota
North Dakota
Idaho
Chicago Livestock
R. R. Ragan
W. L. Éeckson
L. Amos
M. H. Folger
L. W. Flythe
Chas. TL
W. J. Frazier
W. L. Jackson
Jones
E. T. Kearns
the Hood System Industrial Bank
High Point, N. C
Wachovia
North Carolina
New York City
State of
Asheville
High Point
Winston-Salem
Salisbury
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