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Newspaper
Long Beach Press Telegram
Location
Long Beach, California, United States of America
Date
Aug 08, 1955
Page
15
The closing figures show Industrials at 434,062.33 with a 468.45 advance and 388.20 low for the day. Other indices include utilities at 15356, with notable shifts in bond and stock listings as markets end the session.
New York dispatch reports a subdued session with little activity and a narrow price range. Overall turnover was light as investors kept to the sidelines while a few issues saw modest moves, RCA merger news limited. Utilities and chemicals drifted, rails and motors eased, oils and copper held gains amid a cautious market.
A noisy recap lists New York and American exchanges with broad coverage of insurance stocks, utilities, and major industrials such as General Motors, Firestone, and Pan American. The page catalogs closing prices, bond sales, and market activity with numerous named companies, sectors, and figures, reflecting a volatile trading day and diverse listings across firms, indexes, and sectors.
Grain market notes show mixed listings including broilers and weights, with paying prices and different weights for farm products. Citrus market from Los Angeles reports unchanged prices for oranges and lemons, with regional listings from San Diego and nearby counties.
Fiscal year deposits amount to 943,510,095.201.3 FS.497,55T 4,78 withdrawals total 136,497,612 TERT 7,675,025. Substantial balances and statutory limits noted. Deposits and withdrawals illustrative of year to year fiscal activity.
New York cotton prices saw mixed moves with futures near prior closes as traders weigh government production forecasts and private estimates. The market shows shifts in bale counts and regional pricing, with notes on currency, exchanges, and global comparisons to Britain and Canada.
Market report from Chicago and Los Angeles shows bids for steers and heifers steady to firm with prime lots around 20 to 25 dollars per cwt. Vealers and calves sell from 15 to 28 dollars, with commercial cows and sheep in moderate supply and steady to higher ranges. Trade highlights include feed steadiness, limited supplies, and price spread between choice and utility classes.
The Chase Manhattan Bank increased the interest rate on broker-dealer loans to 3 1/4 percent, effective Wednesday, marking a second hike in two weeks. Banks expect similar announcements from other New York commercial lenders as July had already seen collateral loan rates rise to 3 percent.
Washington reports the Agriculture Department estimates a 1945 cotton crop at 12,728,000 bales, down from 13,678,100 last year and below the 12,952,000 bales 1944-45 average. Planting quotas and farm laws cap acreage to curb surpluses, with carryover and reserves about 73,000,000 bales. Market demand not expected to exceed 13,000,000 bales.
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