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Newspaper
Kansas City Star
Location
Kansas City, Missouri, United States of America
Date
Jun 15, 1948
Page
23
Market report notes fat steers reaching $37 with several lots advancing by 50 cents during today’s trading. Dealers and buyers watched steady demand from local buyers and feeders, lifting prices on the peak cattle names.
Kansas City livestock markets show steady gains with hogs peaking at 25.75, cattle prices setting new highs. Nebraska fed steers around 1,150 pounds fetch $37 per hundredweight, Missouri fed steers at 36.75, and light heifers reaching 35 to 36. Averages rise across grades as buyers stay active amid ample receipts and sturdy demand.
Trading opened with prices slipping but demand surged to lift many issues, oil stocks leading late gains to near yearly highs. Major movers included Central Railroad of New Jersey, Radio Corp, Emerson Radio, Atlantic Refining, U S Steel, Chrysler, and du Pont while some names like Montgomery Ward and General Electric slipped. Bond market favorites slid slightly as munition board moves supported long-range sentiment amid steady U S government quotes.
Opening grain futures show wheat, corn, soybeans and oats with varied ranges in Kansas City and Chicago. Prices reflect July and September contracts with highs and lows, including wheat around 218 to 220 in KC and 227 in Chicago, corn near 217 and 195, soybeans about 407 to 339, and oats near 94. Continuous notes on daily shifts are included.
U S stocks and bonds list closing figures across many names including Ford, United States Steel, Atlantic, Northrop, Pennroad, Ashland, and Lyons with prices and percentages. The page notes bonds such as So Cal Ed 3s and Cities Service 5s, outlining varied yields and 52-70s series.
Oswald B. Higgins 54 resigns as vice-president and general operating manager of Montgomery Ward. He is the third senior executive to quit since May 1 amid a power struggle at the retailer. Higgins cites in the best interests of himself and the company, offering no further reasons.
The Associated Press provides the closing averages for sixty representative stocks with breakdowns for industrials rails and utilities. Net changes compare today with the prior week, noting a new 1948 high and slight shifts in bond group averages.
Oil and Gas Journal reports for the week ended June 12 that U S crude production rose to an average of 5 475 465 barrels daily, up 1 820 barrels from the prior week. Gains occurred in California Wyoming Montana Michigan Oklahoma Texas and Louisiana while the eastern region Indiana Kentucky Illinois Kansas and Mississippi showed declines.
New York June 15 AP Cotton futures moved in a tight range as liquidation pressed near by July ahead of the June 24 first notice day. Export demand was slow and spot prices dipped while mill buying remained light. Traders eyed shifting to later months amid expected tender pressure, with France and Japan discussed as potential buyers. Futures ranged with modest gains and losses around the 115 point area. spot cotton fell to 38.19 cents per pound.
Government plans to buy grains as part of a forecast for higher loan rate support futures. Officials expect price support measures to influence market stability and farmer proceeds in coming months.
Government buying and rumors of a higher loan rate lifted wheat futures in Kansas City and Chicago. CCC purchases in Kansas City reached 330,000 bushels as supplies moved to storage or Gulf delivery, with parity and loan rate expectations keeping prices buoyant amid a late harvest rush. Corn fell on rain forecasts and lingering harvest pressure.
Kansas City cash grain prices showed small advances and steady to firmer trends across wheat corn oats and milo soft wheat generally steady to higher demand remained good for several grains. Prices for No 2 white corn No 2 red wheat and milo varied with nominal values and scattered gains noted amid overall firming tone.
Today's closing bond prices feature_nr Goodrich 2s65 World Bank ch 2s 72.99 8 and various Int BR&D 3s 72.99 8. Highlights include Am & F P 5s 2030 at 95, MT&T 6s 61 at 0 0, and sources noting York Stock Exchange listings. Foreign bonds show Braz 6.5s26 57, Chile 6s62, and Denmk 4s62 among others.
The Treasury reports May totals show money in circulation at 27,807,389,759 dollars, equating to 190.18 dollars per person. After four months of decline, the May rise marks a shift as the nationwide money supply increases.
New York reports 110 commercial and industrial failures in the week ending June 10, up from 91. Failures with liabilities of 5000 or more total 92, versus 77 last week and 57 a year ago. Small failures under 5000 number 18, compared with 14 and 9 in prior periods.
Extra eggs rose to 2 cents higher per dozen in wholesale trading in Kansas City while other eggs poultry and butter remained at the previous day’s levels. Representative prices show open market values with cases and cartons noted for eggs and butter in pounds.
Chicago market report shows Enos receipts 39,191 cases, Butter receipts 873,659 pounds, and live poultry receipts 28 trucks. Wholesale price quotations list various egg grades with small changes. Shell egg futures and butter futures in Chicago close with modest moves and union futures slightly down.
A potato market brief notes carlot arrivals totaling 27 with 68 diverted and 23 unloaded on track 92 total shipments yesterday across the United States. California Long Whites show mixed pricing with washed No 1 at 3.50 to 3.20, Arkansas Oklahoma and Texas entries vary.
A snapshot of noon bid and asked prices from the securities dealers association shows varied quotes across firms with minor net changes since Saturday. Columbia Pictures reports consolidated net profit for thirty nine weeks ended March 27 of 855000 dollars, equal to 98 cents per common share, down from 2935000 dollars or 4.34 dollars per share a year earlier.
Industrialist Preston Tucker battles federal agencies as the SEC refuses to comment on his demand to inspect records, while the War Assets Administration also won’t discuss reconsidering a bid rejection for a Cleveland iron plant. He rates production at 114 to 214 cars daily and aims to price the rear-engine Tucker around 2485 dollars fob Chicago. He warns the Chicago plant could close without SEC access and notes selling car accessories in advance with sequence-number guarantees for delivery.
J S Freeman succeeds H M Stalcup as Skelly Oil Company vice president in charge of production. Freeman, formerly general superintendent of production, takes over after Stalcup resigned for health reasons after 23 years in the post. Stalcup will stay as adviser and retire to a farm near Rogers Arkansas.
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