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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Sep 05, 1928
Page
7
The New York stock market shows frequent shifts in speculative sentiment with wide swings in high priced shares. Warner Bros and Radio lead the rebound after early losses as rails and several industrials gain. total volume around 3.9 million shares.
A chaotic OCR snapshot records varied movements across major issues. Notable postings include American Telephone and Telegraph, General Asphalt, Allied Chemical, Du Pont, Chrysler, Goodyear, Goodyear Rubber, and Kennecott Copper with fluctuations within small percent ranges amid broad market uncertainty.
Chicago wheat prices eased in a dull session on September 5 as bearish sentiment dominates the pit. September corn held mixed with late rallies but overall firming for some contracts, oats uneven and provisions rising slightly amid favorable harvest news and light export demand.
Wheat No 2 hard 112 No 2 northern spring 108 Corn No 8 mixed 97 100 No 2 yellow 99 100 Oats No 3 white 38 40 No 4 white 37 38 Rye no sales Barley 62 78 Timothy seed 41 0 479 Cloverseed 20 50 28 75 Lard 157 Ribs 1462 Belly lies 1612 Open High Low Close
Cotton spot in fair demand with prices lower across grades. American strict good midling 10.97 and good middling 10.72 lead a mix of values, with 8 000 bales sold including 4 000 American. Receipts total 9 000 American and 1 800. Futures closed steady with September 10.09 and subsequent months around 9.8.
Naval Stores in Savannah shows Turpentine firm sales 45, receipts 1,794, stock 24,227 with no shipments. Rosin firm reports sales 1,197, receipts 5,603, stock 128,799 with no shipments. Prices quoted for various grades: B L 7.40-50, M 7.45-60, WN 17.76-85, WG 8.75-80, ww-X 9.60.
Liverpool prices hold steady or improve by four points with cotton market notes. Heavy rains and cool nights affect the Eastern, Central, and Western belts including increasing weevil damage and poor outturn in East Texas. A forthcoming bureau report next Saturday is expected to drive narrow fluctuations. Journal of Commerce pegs crop at 59.8 percent for 14,591,702 bales.
The market opened 5 to 10 points higher with active trade led by spot houses and rain influenced demand. Traders await the government report for Sept 1, estimating a crop around 14.5 million bales, with a 60.4 condition index, down from 69.0 last month, suggesting an unchanged stance ahead of the release.
Prince and Whitely express confidence in higher prices as future events justify current levels. E F Hutton notes intrinsic values unchanged but trading commitments require careful watching. E A Pierce observes rail market improvements not yet lifting all stocks.
Hirsch Lilenthal notes a bullish mood for the week ahead, expressing strong optimism about market performance and prospects for gains.
Closing stock letters show mixed movements with a vigorous forward move in motors and utilities led by G. M. The market remains in an uptrend awaiting a broker loan report after tomorrow's close, with irregularities likely during the next session. J. Bache & Co.
Reliable sources report ongoing speculative buying for the long pull in sizeable volume across several sectors. No single group dominates as copper utilities iron and steel rails and oils are all included in the activity.
Wade Bros expect a trading balance for the week. Wrenn Bros see a continued inactivity and no trend. F. B. Keech says current prices are too low. Hirsch Lilienthal anticipates a trading market.
Walter Hagen and Gene Sarazen led Bobby Jones and Johnny Farrell by five holes after the opening 18 holes of a 36 hole four ball exhibition on the Woodland course at Newton Mass. The contest paired Hagen Sarazen against Jones Farrell.
Negotiations among France Germany and Switzerland are under way to improve Rhine navigation between Strasbourg and Basel. Swiss cantonal expense apportionment is seen as the main delay. Low water this year has hindered navigation.
Goldsboro and Wilmington Eastern Carolina League post season game postponed due to wet grounds. Weather permitting, two games to be played tomorrow with a morning contest in Goldsboro and an afternoon game in Wilmington.
Hamburg based Compagnie Generale Transatlantique orders two steamers and one motorship from a German yard for Havre to the West Indies Mexico and the North American Pacific coast service. The 10,000 ton vessels will be named Oregon Wyoming and Wisconsin.
High Point plays Winston-Salem, Salisbury faces Durham, and Raleigh visits Greensboro in Piedmont League action.
Detroit visits Chicago while Washington travels to New York in American League action.
The National League slate lists Brooklyn visiting Boston and New York traveling to Philadelphia for key matchups.
Atlanta at Birmingham Memphis at Nashville Little Rock at Chattanooga schedule items listed for Southern Association play without results or dates.
The schedule lists Charlotte at Knoxville, Asheville at Augusta, Greenville at Macon, and Columbia at Spartanburg as the key games in the South Atlantic League. Local teams face rival cities with season implications and regional interest growing.
A federal grand jury in Boston returned a joint indictment charging seven midwestern financiers with conspiracy to use the mails to defraud through selling nearly 1,000,000 dollars of securities in farm companies.
Cottonseed oil closed strong in New York with quotes for prime summer yellow at 950 to 1025, prime crude 800 to 825, and futures across Sept to Apr ranging 985 to 1025. Sales totaled 12,900.
A few hours before Detroit international hydro plane trials Ralph Snoddy chosen to win for Miss Los Angeles was operated on for appendicitis and forced out of competition. He is pictured at the wheel of the craft he was to pilot for James Talbot Jr owner of Los Angeles in the race.
Enterprise reports from Raleigh on September 5 quote C L Newman of the Progressive Farmer warning excessive rains over the past weeks damage the cotton crop. Leaves stalks overwhelm bolls and rot near the ground, while boll weevil favorable conditions emerge. He criticizes federal reporting limits on crop data as illogical.
Whitney outlines a bullish market view saying August broker loans rose sharply, with 217 active issues up about 1.28 billion in value. He urges purchases while prices stay under 45, highlighting leaders like Allis Chalmers Union Carbide Kroger Hupp Columbia Gas and rail names Rock Island Missouri Pacific and Atlantic Refining along with General Electric.
Raw sugar stayed quiet with 21,000 bags of Philippines due to a local refiner at 4.11 delivered, down 0.12 from the prior close. Raw futures opened flat to two points lower amid liquidation and selling by Cuban and European houses. Refined sugar held at 5.65 for fine granulated with light trading and moderate withdrawals on old contracts.
Unfavorable southern weather and bullish bureau notes push early cotton futures up 23 to 27 points in New York trading. Activity is brisk on the initial advance but eases as southern selling appears, leaving mid afternoon levels about 10 to 14 points below the day’s best.
Call money easier with all loans at 7 percent closing bid. Time loans 60 to 90 days at 6 percent and 4 to 6 months at 6 percent. Prime mercantile paper 5 percent. Bankers accepts 30 to 90 days at 4.5 percent to 4 percent, 4 months at 4 percent, 5 to 6 months at 5 percent.
New Orleans September 5. After advancing 21 to 23 points above yesterday's close the cotton market eased 11 points from the highs on a profit realization. The rise was blamed on stronger Liverpool cables and poor belt weather. Exports reached 56,886 bales.
Cotton futures in New Orleans on September 5 closed steady with net gains from 7 to 15 points. Highlights included Oct at 1815, Dec 1822, Jan 1822, Mar 1825, and May 1827, with higher intraday highs signaling modest strength across contracts.
Metals prices in New York show copper firm on electrolytic spot and futures at 14 percent. Iron remains unchanged while tin softens with spot at 47.50 and futures at 46.25. Lead holds at 6.40 in New York and 6.25 in East St. Louis. zinc firm at East St. Louis 6.25. antimony at 10.25.
Cottonseed oil closed firm as traders quoted several contract months. Prices listed include prime summer yellow 8906 prime crude 8090 Sept 990 Oct 905 Dec 20 Jan 922 Feb 925 and March 930.
Butter higher with receipts 12 392 but eggs unchanged at 14 221 cases noted in Chicago market update dated September 5.
Standard Commercial Tob Co sets Oct 1 dividend date with record Sept 20 after a 25c payout. American Cyanamid announces regular 30c plus 10c extra on A and B shares payable Oct 1 with Sept 15 record. Loews pays 50c quarterly on common Sept 22. Gulf Oil 37 1 2c quarterly. Packard to price seven passenger standard 8 models from 2435 to 2835. Market summaries show brokers loans up in August.
Special Liverpool cables report selling delays and hedging by buyers amid general disinclination to operate. Buyers remain cautious across the market.
The forecast calls for the eastern belt and scattered showers in Oklahoma. Wednesday should bring showers in the eastern and central belts with the western belt mostly partly cloudy.
Wade Bros anticipate a trading market with balance for the week and possible higher prices if a gulf storm causes short covering. Bache expects gradual price declines unless the government report is far below expectations. Orvis Bros maintain selling on rallies amid rising crop movement. Hubbard Bros remain bearish and buy only on market breaks.
J F Clark notes extra dividends announced for ASA BYC CHL EU and NA. Market observers track payout timing and potential impact on investors and shares as filings confirm distribution details.
Liverpool at 12 15 p m shows 2 to 4 American points better than due. Spot sales 6000 mids 1052 vs 1065 yesterday. Southern weather clear night west central with rain at Macon and Raleigh. Eastern belt showers occasional western belt fair or partly cloudy. Tropical storm 200 miles NW of Swan Island moving toward Yucatan. Journal Commerce condition 59.8 crops 14 491 702 bales. August deterioration less than expected. Fair business in Worth Street larger at
Prince and Whitely expect cautious gains with E. F. Hutton endorsing value. Hornblower and Weeks foresee strong oil movements with Barnsdall leadership. Motor stocks look poised to advance with related accessory sector gains while Halle and Stieglitz anticipate irregularities and broadening rail and oil activity this week.
Thomson McKinnon says demand must improve to support wheat prices. Hubbard Warren notes heavy will press the market this year and bulls face hopeless prospects for price gains. They still advise buying new crop futures on weak corn spots. Bartlett Frazier warns bearish sentiment makes selling corn unwise.
Chicago livestock prices show hogs at 18,000 head with early top at 18.00 for choice 180 to 215 lb loads and cattle at 14,000 with steers and yearlings strong, slaughter classes mixed, lambs down 15 to 25 cents with steady sheep and active demand for feeder animals.
UNC alumni receive early access to reserved seats for five home games at Kenan Stadium. Applications go to active alumni on Sept 4 and to all others on Sept 10 for games against Wake Forest, VPI, Georgia Tech, South Carolina, and Duke. Stadium capacity is 24000 with expected sellouts.
Foreign exchanges show steady quotations in New York with demand for Great Britain at 48. cables at 48 5 16 and 60 day bills at 48 11 16. Rates for France Italy Belgium Germany Norway Sweden Denmark and others listed with varied figures.
U S government bonds listed with various Liberty and Treasury issues. Prices shown include Liberty 3s at 99.3 Liberty Ist 41s at 101 Liberty Ist 2nd 4s at 100.14 Liberty 3rd 4s at 99.31 Liberty 4th 4s at 101.2 Liberty 4s at 112.4 Treasury 4s at 107.5 Treasury 3s at 109.8 and Treasury 3s at 99.11.
Chicago September 5. Potatoes receipts 83 cars on track 315 cars. total U S shipments 510 cars. Wisconsin sacked Irish cobblers 90 to 100 cents. Nebraska 75 to 80. Minnesota 75 to 80. Kansas and Missouri 65 up. Ohio prices $5 mostly 80. Market steady trading.
Lexington records show August arrests peaked with 73 total. 31 liquor law violations led. Among those arrested were 11 white men and 5 negro men for drunkenness. Seven whites were convicted of liquor possession transport or sale. Seven whites and one black were convicted for drunken driving. Seventy three arrests yielded seventy convictions. two bound over to superior court.
The table lists cotton futures prices across months including Oct Dec Jan Mar May with open high low and close values such as Oct 1892 1905 1886 1896 1881 and Dec 1875 1892 1870 1880 1865 for the period shown.
Dairy trade data from New York on September 5 shows Putte steady with receipts of 24 868 and Cheese firm with receipts totaling 211 564.
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