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Newspaper
Kansas City Star
Location
Kansas City, Missouri, United States of America
Date
Jun 08, 1948
Page
17
High choice Kansas fed steers 1462 pounds hit 35.50 tying the prior record while Missouri offerings yesterday topped 35.50. Slaughter steers led a strong day with many loads at 35 to 35.25. Weighed heifers and cows showed steady to firm price trends amid light supply and soft demand for cows.
Prices of representative issues on the New York Stock Exchange were reported by the Associated Press. The brief market round includes factors affecting share values and notable changes for trading session insights.
Readable text shows mixed stock quotes and cattle market data with prices, highs and lows. Names of commodities and firms appear alongside livestock auction figures and USDA quotations, reflecting a dense market update.
New York stocks rose for the first time in days with gains of fractions to about three points. Steels rails and oils led, lifting many issues to new highs for the year. volume picked up. Names such as Youngstown Sheet, Westinghouse, Richfield Oil, U S Steel, General Motors and United Airlines were cited among movers. Rock Island Railroad gained on news of a 7 cent dividend.
The report lists closing prices of leading stocks on the curb market with values for Fair Child, Fansteel, Salat, Am ngs, and many others. It notes bonds and domestic and foreign issues, including Kaiser, Kinb, Phip, and New York Stock Exchange parity, reflecting a snapshot of curb trading activity.
New York reports 91 commercial and industrial failures in the holiday-shortened week ended June 3, down from 112 the prior week. The figure is about one third higher than the 66 failures of the same week last year and far below 279 in 1939. Failures of $5,000 or more dropped to 77 from 91. under $5,000 totaled 14.
The report shows the Dow Jones average and Associated Press indices with mixed changes. Industrial, rails, utilities, and curb stocks are listed with closing values, net changes, and weekly comparisons amid volatile trading.
Fresh Oil and Gas Journal data show U S crude production rose to 5,473,645 barrels per day in the week ended June 5, a new record. Texas led gains adding 27,175 barrels to 2,446,500, with increases also in Oklahoma New Mexico Kansas Louisiana Mississippi and Colorado. Michigan Wyoming Illinois Montana and California saw declines or minor changes.
Walt Disney Productions records net profit after charges of 68128 for the first half of its fiscal year ending April 3 equal to 8 cents a share on 652,840 common shares. Roy O. Disney says total income for the period was 2543286, down from 2984097 the previous year.
The Chicago Rock Island and Pacific Railway declares a 75 cent per share dividend on common stock, payable July 15 to holders of record June 18. Directors also approve two $125 quarterly payments on preferred stock, payable Sept 30 to record Sept 10 and Dec 31 to record Dec 10.
New York June 8 AP notes mixed figures for currencies with most major pairs unchanged. Canadian dollar cited at 61 percent discount or 93.43, US and European rates listed for Britain France Italy Sweden and Switzerland with minor or no changes and Latin American currencies shown as free with Brazil Mexico and Argentina examples.
The Kansas City clearing house shows daily bank clearings of 4.2 million dollars, down from 66.4 million a week earlier and 38.8 million a year ago. Bank exchanges in Kansas City, Missouri reflect a sharp drop in activity.
Wheat futures drifted lower after an initial rise as harvest accelerates. Enid and Fort Worth terminals logged large arrivals with more than 2,700 cars in two days, while government agencies boost cash wheat purchases ahead of exports and ER program shipments. Corn softened on dry conditions and a weakening carrot market.
Grain futures in Kansas City show July wheat at 220 and December 220 4 with May near 218 1. Carlot receipts report wheat 177 cars and corn 43 today, with elevator wheat stocks down to 10,480,289 bushels. Nearby locations include Wichita and St Joseph reporting mixed totals.
World Bank bonds and corporate issues listed with varying yields and maturities. United States Treasury and municipal issues shown alongside international bonds from Denmark, Greece, Norway, and other markets.
Cotton futures drifted in a narrow forenoon range with small local buying offsetting liquidation. Near term July shifts to later months and Dallas reports show West Texas irrigated areas expanding three to four times normal plantings. Futures closed 5 to 11 points lower while spot cotton eased 10 points to 38.69 cents.
Spring chickens and broilers were one cent higher in Kansas City wholesale trade. Egg, butter and other poultry prices held steady from yesterday. Chicago notes show eggs receipts at 38 708 cases with current receipts 40 cents and dirt 38 1/2 cents, butter at 76 1/2 to 75 cents, and live poultry prices steady with grade1 flyers at 43 to 47 cents per pound.
Carload arrivals totaled 11, diversions 19, unloadings 8, on track 9. US shipments yesterday reached 1,148. California Long Whites washed No 1 size A priced at 4.05 to 4.20, unclassified 3.30 to 3.45. Pontiac No 1 size A washed 5.20 to 5.25. Arizona Triumphs No 1 size A washed 5.25 with 1 car.
Securities prices and dividend rates from the National Association of Securities Dealers show ranges for noon trading today. Net change compares to Saturday figures, reflecting market movement across listed securities.
Kansas City cash grain prices show mixed movement with wheat mostly higher and corn modestly lower. No. 1 hard and dark hard wheat around 2.24 to 2.64. white corn about 2.50 to 2.58. oats and kafir milo prices given with varying lots and nominal bids.
Treasury figures show a net balance and receipts for the year with a total debt of 998.186 million dollars as of June 4 a decrease from the previous day. The report compares the current and prior year fiscal data and notes the condition of the fiscal year.
Defense Secretary James Forrestal told West Point’s 1948 graduates that readiness is essential though war is to be avoided. He warned of global friction three years after WWII and criticized UN limits while urging Western Europe’s recovery to stabilize world affairs and curb two great powers.
Lockheed Aircraft corporation declares a 50 cent dividend on capital stock payable July 2 to stockholders of record June 18. The company paid the same amount in June 1946. S. H. Kress & Co. reports five month sales of 57,217,839 a 3.7 percent decline from last year. May sales totaled 12,609,779, down 1.2 percent from May 1947. McCrory Stores posts five month sales of 34,498,619 up 7 percent from last year. May sales 7,277,495 up 2.1 percent. A. S. Beck Shoe reports five month sales 16,873,458 down 2.7 percent from last year. May sales 3,858,401 down from 4,238,285. Lane Bryant five month sales 22,397,894 up 2.9 percent. May sales 4,819,045 up 1.1 percent.
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