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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
May 23, 1928
Page
10
New York stock summary notes Union Carbide announces a regular quarterly dividend of 1.50 while Col Lindbergh is named chair of the technical committee at Trans Continental Air Transport. The market shows declines with average industrials down 2.60 to 211.75 and rails down 1.20 to 142.02.
Whitney argues that Monday's market failed to deliver a rally and Tuesday's session showed an artificial close that could mark a bottom for the February decline. He urges investors to buy stocks today with selective security choices.
Stock letters note wheat could rise if hot dry weather in the north west continues. Analysts urge buying on weakness while urging caution amid broader market irregularity. Sentiments vary about copper oils strength and the need for readjustment before a potential rebound.
Local notes indicate favorable weather may lift activity at lower levels. Hubbard Bros. advise purchasing on minor setbacks while Orvis Bros. continue to recommend buying on ease, signaling cautious optimism for traders.
The report notes Liverpool futures and American points, with July at 11.63 and October at 57, plus 7,000 bales in spot sales. It cites cloud cover in the south, showers in the Carolinas, and forecasts for fair weather in the east. Carryover estimates reach 5,200,000 bales for July 31, with spinners at 14,970,000, while a weevil threat looms amid recent rains and weak Worth Street activity.
Memphis reports show cool temperatures with light to moderate rain across the central and eastern belts. Forecasts predict showers in the eastern belt and fair conditions in the central and western belts with warmer spells in western Texas. Overall belt conditions remain unfavorable due to heavy rains, delaying field work in Georgia, Alabama, Arkansas, and Oklahoma as warm dry weather is needed.
Spot cotton in Charlotte on May 23 stood at 20 cents per pound amid daily market notes. The terse report records no further price movement or buyer activity.
Bar Silver 62 7 8, Mexican dollars 48 3 4. Market notes show metal prices with little variation and typical daily fluctuations. No major shifts reported in the bullion market today.
Chicago May 23. Potato receipts total 122 cars with 348 on track. Total U S shipments reach 649. Canada 2 Bermuda 1 and new stock noted.
Mrs J W Hedrick of High Point North Carolina 1401 King Street credits Miller's Herb Extract with reversing age related ailments including constipation poor appetite and low energy She says the medicine works quickly and should be in every home highlighting Herb Juice as the same tonic laxative and Nature derived remedy promoted by Hart Drug Co and marketed nationwide
Demand remains fair but market slightly weaker with price declines noted. Alabama Louisiana sacks Bliss Trumps 2.76 2.85, decay to 2.50 2.65. Florida Spalding Rose 4.865 4.75. Old stock demand very slow and market weak. Wisconsin sacked round whites 1.20 1.40. Minnesota sacked round whites ordinary quality 1.10 1.20. Idaho sacked Russetl No. 1 1.35 1.50, mostly 1.40 1.50, commercial 1.20 1.30.
Chicago May 23 wheat rose early on reports of persistent hot dry weather harming spring crops in the Northwest and a 98 degree high in Canada. Corn oats and provisions followed firm, with corn opening slightly down then climbing toward initial quotes.
New York on May 2 reports show no further raw sugar sales yet a steady undertone. Better refined demand and favorable abroad advices spurred covering and some trade buying in raw futures, with mid-day prices up about one point. Refined stayed unchanged to 5 points higher as list prices held 5.95 to 6.00 for fine granulated.
U S government bonds closed with Liberty 3 1 2s at 100.9 Liberty 41 4s first 28 100 Liberty 41 4s second 41 4s at 100.3 Liberty 41 4s third 41 4s at 100 Liberty 41 4s fourth 41 4s at 102.5 Treasury 41 4s at 114.6 Treasury 48 at 109.5 Treasury 33 48 at 106.9 Treasury 33 8s at 101.29.
Spot cotton gains type by type with American grades leading. Sales reach 7,000 bales including 5,000 American while receipts total 11,000 with 200 American. Futures close steady with May 1120 and June onward around 1090.
Butter steady with 14,070 receipts and current make at No 1 33 33 1 2 and No 2 32 32 1 2. Eggs unsettled with 49,416 receipts. fresh gathered extra first 30 31, first 28 3 4 29, seconds 28 28 1 2, storage packed extra first 31 1 2 32, first 30 1 2 31. Cheese steady with 105 196 receipts.
Naval Stores at Savannah Georgia on May 23 reports Turpentine sales 461-4 with receipts 718 and stock 11555. Rosin sales 1774 receipts 1694 with stock 71154. shipments for both none. Quoted prices include E 660 D 670 E 705 F 720-25 G 730 H 785 I 735-740 M 760 N 860-845 WG 895 WW 930 X 930.
The article lists irregular foreign exchange quotes across currencies and markets. It details demand and cable rates for Great Britain and France, plus multiple European and global currencies including Belgium Germany Holland Norway Sweden Denmark Switzerland Spain Greece Poland Czecho Slovak Yugoslavia Austria Romania Brazil Argentina and major Asian markets Tokyo Shanghai and Montreal among others.
The New York cotton market showed ongoing nervousness with irregular early action, then steadied on moderate demand tied to eastern belt rains and uncertain new crop outlook. Futures ended barely steady with modest shifts. middling spot price at 150.
New Orleans cotton prices firmed in the afternoon as New York stock rallies support demand. Trading earlier had been uneven with prices wavering through the morning session.
The text notes a veto of the McNary-Haugen farm relief bill and cites a private acreage estimate of 3.8 percent. It also records cotton futures with figures across May July October and December contracts, showing mixed closes and intraday moves.
Governors of the New York Stock Exchange voted to restore the five hour trading session effective next Monday. The closing hour moves back to 3 p.m. from 2 p.m. this week, ending congestion from the recent 8,000,000 and 4,000,000 share markets.
A sweeping market recovery followed a sharp decline with air plane stocks and high priced issues rallying 56 to 12 1 2 points. Houston Oil led gains up 12 1 2, Curtiss and Wright up around 10 points, and several major firms like General Motors and Montgomery Ward rising 4 to 6 points. Total volume near 2.6 million shares as traders eye potential restoration of five hour sessions.
Call money firm All loans 6 closing bid 6. Time loans easier with mixed collateral for 60-90 days 51-4 51-2. For 4-6 month 51-4 65 1-2. May 23.
Spot cotton ended steady five points lower in New Orleans trading on May 23. Sales reached 1,002 bales, with middling grades quoted around 1987 to 2062 cents per pound and good middling near 202. Receipts totaled 2,797 and stocks 311,542 bales.
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