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Newspaper
Long Beach Press Telegram
Location
Long Beach, California, United States of America
Date
Aug 01, 1947
Page
8
The page lists broad stock activity with numerous tickers and company names such as Kennecott and Union Carbide amid fluctuating prices. Investors, brokers, and exchanges show mixed demand across sectors, with no clear single leader emerging in the session.
Historic stock page lists Abe Dow and Jones Averages with figures for Hutloc & Co and others. Indices show price ranges, highs and lows, with brief changes and sector listings across Industrials Utilities and Bonds. The garbled text notes today’s values and movement amid a mixed market snapshot.
Readable excerpts show mixed activity in wholesale prices and commodity markets. Grain futures edged higher with no. 2 red wheat around 2.48 and oats near 1.69, while butter and eggs display fluctuating wholesale quotes.
Market notes from New York and Chicago show a mixed stocks session with uneven government bond activity. The report reflects general uncertainty, with some grains and industrials steady while others drift, and prices showing small gains in places before closing.
An armada of bombers saluted Long Beach San Diego and other Southland cities in California as the Army Air Forces marked its 40th anniversary. Open houses at bases included flight demonstrations by a liaison plane from Consolidated Vultee San Diego. Medals were awarded to veterans or their kin for Defense Foreign Service Victory medals among others. six had received them by noon with more expected.
R. A. Reid of the Long Beach office said California Bank, with deposits over 440 million dollars, has risen to 34th among the nation’s largest commercial banks. He noted the bank was 35th at the start of the year and 37th the year before, per a June 30 condition statement.
LA Aug. 61 cattle trade slow in cleaning up market. Mexican steers sold 18.00 to 18.50 with many weightings and cows and bulls around 18 to 22 dollars. Hogs steady to 50 cents lower. most hogs 22.50 to 28.00, sows 20 to 4.00. Lambs 20.00 steady. ewes 7.60 to 8.70. Chicago prices mirrored decrease with hogs 22.50 to 28.00 and sheep steady to higher. Top cattle 27.00s, good steers 25 to 27, calves 20 to 28. Values varied by weight and grade across the two markets.
New York August 1.4 percent cotton futures edged lower as mills in New Orleans and others sold on slight consumption and cover activity. Analysts stated government purchases for Japan could total 75,000 to 100,000 bales, with Germany eyeing 25,000 bales under a weekly rate program. Private traders remained cautious as late session quotes showed declines, with prompt months and futures closing down.
Treasury data contrasts receipts and expenditures with figures for the month and the year. It lists totals for Receipts 76,079,021,45 and 99,065,171,75 against Expenditures 84,188,351,03 and 3,535,014,168.29, noting a total defense of 200,278,622,992. The report highlights year over year changes, balance, and assets including golf assets valued at 30,20,207,185,214.04.
Standard of California declared a dividend of 85 cents a share payable Sept. 15 to stockholders of record. Second quarter 1947 net income rose to $1.72 a share from $1.28, with gross operating income at $124,981,477 versus $65,?6,125 prior year. For the first six months of 1947 net income reached $40,808,200 or 4.14 a share, compared with $31,254,061 or $2.40 a share in 1946. gross income totaled $232,220,088 against $163,652,408.
Washington August 1 The Agriculture Department reported this year's lamb crop at 22,369,000 head the smallest since 1925 a nine percent drop from last year A further decrease was forecast for 1948 The decline has contributed to higher lamb prices this year
General KURE dispatch reports Lt. Gen. H C Robertson remarks on Hiroshima's postwar recovery. He notes the city’s democratic progress, if continued, would have a beneficial and enduring effect on Japan. The report emphasizes rebuilding efforts after the atom bomb.
New York reports slow market activity with mixed leadership as several stocks advance while many decline. Coca-Cola jumps to a yearly peak after a price halts on transfers, GM and Chrysler rise briefly, others like Pfizer and American Locomotive slip. Trading slows ahead of the weekend, with a stock exchange seat selling for 68 thousand dollars and rough gains in bonds. cotton slips late and Chicago wheat remains steady.
In a brisk session buyers drove corn futures higher, with nearby contracts climbing to 141 while grain demand strengthens. Traders note a persistent rush for feedstock and export interest supports the rally, as processors seek supplies amid tight stockpiles.
PalmdaIe Aug 1 A car crash at Elizabeth Lake left Mrs Marion Pierce 50 of Green Valley drowned after her vehicle overturned and sank in five feet of water. Her companion Charles Lindeman 67 escaped and reported the incident.
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