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Newspaper
Indianapolis Times
Location
Indianapolis, Indiana, United States of America
Date
Dec 07, 1929
Page
5
Hog trade held firm at the city stockyards with 160 to 300 pound hogs selling 9.25 and top prices at 9.35. Receipts around 8,000 with holdovers 863. Cattle and veal mixed as sheep and lambs show strength and steady market signals.
A late burst of buying lifts stocks on the New York Stock Exchange with United States Steel at 171½, up 7 points, and General Electric gaining over 20 as electric, machinery and utility shares surge. Radio, Westinghouse, American Can, International Nickel and others post solid advances amid revived bullish sentiment.
Indianapolis bank clearings on December 6 reach 3 957 000 and debits 7 092 000. Chicago clearings total 120 100 with balances not shown. New York bank clearings sum to 1 476 000 000 with a clearing house balance of 195 000 000 and a federal reserve credit balance of 154 000 000. Treasury net balance on December 4 stands at 103 867 548.03 with customs receipts for the month to that date totaling 5 812 426.41.
In New York on December 6 the stock market reversed Thursday's trend and began a new recovery. Aggressive buying absorbed early sales as investors welcomed General Electric's stock split and the National Ferrente Company split gained banking sponsorship. Electrical equipment, utilities, copper stocks and rails showed improved tone amid hopes for a favorable consolidation report. The market's strength and investment demand suggest clearer conditions and justified value in leading stocks.
Philadelphia Title and Trust Company messenger Cameron Cook was shot and killed by three bandits who fled in a closed car. Cook was delivering a payroll for a textile mill to a city east section branch.
Financial circles discuss possible aftereffects of the government antitrust action against Fox and Warner interests. Hearst and Mayer arrive from the west coast as talks focus on Fox holdings in Loews and Metro-Goldwyn-Mayer.
Brand names and prices for fruits and vegetables appear in a compact price list. Items include apples, oranges, lemons, grapes, cranberries, beans, beets, carrots, cabbage, celery, cucumbers, eggplant, lettuce, onions, potatoes, peas, radishes, sweet potatoes, and more with varied regional sources and per unit or per crate costs.
Market notes show livestock trading uneven with Unitea Pres Mara takings and steady nags. Sheep demand remains light while steers and market sections show slower turnover amid cautious buyers.
Wheat rallied late as export demand improved and foreign markets strengthened. No. 1 hard sold at a high basis at the gulf while Argentina yields were docked. wheat, corn, and oats mostly rose, with provisions weak and cash demand mixed amid rising receipts.
Times Special reports cash grain close with No 2 red and No 2 yellow wheat values and mixed corn prices. December futures show wheat at 1.345 to 1.35 1/2, corn 94 1/2 to 95 1/2 cents, oats 50 1/2 cents, barley around 65 to 67 cents, with Timothy hay and clover figures listed and December March prices. Primary receipts and ship- ment figures for wheat corn and oats are given, alongside names of several local individuals and a landscape architect.
Bids for grain at the Indianapolis Board of Trade show prices for wheat corn and hay with 416c New York rate basis. Inspections list multiple carloads by wheat No 2 red yellow white and mixed varieties along with hay timothy and clover. Summary totals 55 cars inspected with various No numbers and colors listed.
Liverpool trading fed by some buying orders while locals stayed bearish and sold early. Eastern houses bought modestly as hedging diminished. By noon prices rose about eight points and the market remained firm. The textile outlook suggests little chance of a decline before next week's government estimate.
General Electric directors announce a special stockholders meeting for January 15 to approve a 10 to 29.6 split of common stock and issue new stock on a $1.60 annual basis. A $1.50 dividend on the current stock will be paid January 1 to holders of record December 16, the last on the present shares. After approval, quarterly dividends on the new stock would be 40 cents, totaling $1.60 annually.
New York, Dec 6. William Fox consents to form a trusteeship committee to oversee his film interests. The panel includes Harry Stuart and John E. Otterson, with Fox remaining president and retaining full voting control of 100,000 Class B shares. Fox Film profits are forecast at 13 to 15 million for 1929 amid a stock crash and recent Loews and Gaumont acquisitions.
Chicago New York and Cleveland market notes list wholesale and retail prices for butter eggs cheese and poultry. Hens turkeys ducks and fowls appear with per pound and per unit figures, plus potato prices from Wisconsin Minnesota North Dakota and Idaho.
A federal health survey ordered by a White House conference on public health and child welfare begins in Montgomery county Indiana. Dr William F King secretary of the state board of health says Montgomery was selected and Dr Charles B Crittenden of Washington is in the county conducting the survey.
George Kojac of Brooklyn broke the world record in the Winged Foot swimming meet with 2:36.15 for the 220 yard backstroke, besting the previous mark of 2:38.25. The achievement occurred Thursday night in New York.
The federal radio commission issued a general order requiring stations to announce that all canned musical programs are mechanical reproductions rather than live performances. The rule also covers broadcasts of records or transcripts made for radio use.
Alice Corbett, 16, an orphan, was acquitted of murdering her employer Patrolman Charles McHale in Newark New Jersey. Wealthy women pledged to help her start anew after the verdict and an immediate opportunity was announced. Mrs Clara Wright led the group overseeing the case.
Hog receipts in Chicago show 43 000 with top at 9.25 and a broad spread by weight. Cattle receipts around 2 000 with steady to lower tone, good and choice steers 12.25 to 15.50 for 1100-1500 lb, heifers 12.25 to 18, cows 5.75 to 10.50. Lambs and other livestock listed with regional quotes for Buffalo Pittsburgh Cleveland and Louisville markets.
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