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Newspaper
Long Beach Press Telegram
Location
Long Beach, California, United States of America
Date
Aug 24, 1948
Page
20
Global markets shift toward peace-time levels as US inflation influences currencies and prices. Articles note declines in eggs, butter, wheat and others while US industrial prices rise. government support and parity concepts shape farm incomes.
Chicago Aug 24 Livestock market prices drift lower with cattle and hogs weak to steady. Cattle top around 20.76 per cwt for high quality steers and heifers selling near 20.00 to 25.00. Hog bids show lower quotes with typical loads 190 to 276 pounds at 34.00 to 36.50, while calves and stockers move unevenly and Canadian feeder steers bring 94.00.
Los Angeles reports mixed livestock markets with salable cattle around 1400 head and calves about steady. Medium and good hogs range 24 to 32 dollars per hundredweight, sows at 24 to 26 dollars, slaughter calves near 31 to 32 dollars, with overall price movement described as slow to steady.
Markets at a Glance reports quiet gains as leaders improve and short covering strengthens near-term contracts. In Chicago, cotton prices rise while cereals ease. cattle market holds steady with slight declines noted in top contracts.
In Chicago on Aug 24 grain trading receded from session lows with near by corn, soybeans, and wheat showing gains on short covering. May wheat and May oats posted fresh crop year lows. soybeans ended higher with November at 2.43% and other contracts mixed amid irregular range quotes and deliveries noted at season’s end.
The New York Stock Exchange shows mixed activity with notable moves in energy and industrials. Investors watch swings in oil majors, steel firms, and major blue chips as prices fluctuate and trading volume totals approach daily benchmarks.
Federal State Market News Service reports retail prices for Grade A Grade B Grade 4 and fowl categories. Prices vary by weight and by class color with notes on colored and white fowl and Leghorn lines.
Financial listings reveal several investment trusts including Putnam and State Street affiliates with varied prices. Values hover around mid-teens to low twenties in several funds, while some entities trade near upper teens.
The New York stock market edged up from a slide with gains beyond 2 points late, amid low volume around 600,000 shares. Berlin received credit for the improvement as prospects for a settlement of the German capital dispute improved, with rail stocks among the leaders and several major issues advancing or declining as traders reassessed. Textron rose after a six month earnings boost to 3,805,000 while Savage Arms showed ticker tape activity amid mixed moves.
New York August 24 cotton futures showed a steady tone amid slow trading as aggressive mill buying and short covering provided support near the 1 bale gain mark. When buying faded, prices eased from highs with scattered selling by commission houses and New Orleans sellers. Late afternoon quotes held near 30.60 to 30.75 cents.
Washington reports the War Assets Administration denies any secret dealings in the lease of a government blast furnace in Cleveland to Kaiser-Frazier for 14.2 million dollars with a buy option. Senate and House committees plan a joint hearing into the WAA disposal of the 28 million dollar plant now operated by Republic Steel. Kaiser-Frazier set to take over Sept. 1. Republic Steel president C M White accused WAA of clandestine negotiations, a charge denied by WAA Administrator Jess Larson.
New York August 24 Dun and Bradstreet reports week ended August 19 saw 94 commercial and industrial failures, down from 103 the prior week. This level outpaced 1947 but remained well below the prewar 1939 period, with over 75 percent of liabilities at or above $5,000.
Treasury data shows receipts of 79.98 million and expenditures of 625.1 thousand for August 20 with total debt at 253.187 billion. Gold assets rise to 23.708 billion while counts cite annual comparatives and notes on foreign cooperation failures.
The snippet lists various securities, insurers, and financial entities with percentages, referencing fire related sectors and utility stocks. It mentions banks, trust companies, and mutual funds among names like Chase National, Providence, and Indiana P.
Hancock Oil Co of Chitorsia reports net earnings of 1.317-40 per share for the year, versus 4. a or $16.97 a share previously. Net sales figures appear, with references to Fabrics Inc. and Extron, Inc. showing ceased affiliations on February 28 and June 26, 194...
London stocks index 113.4 in FT daily report up 0.2 points as of Aug 24 with gains led by blue chips and financials in the market roundup.
Regional Planning Commission receives broad cooperation from communities in freeway planning. Earl Esse warns a Los Angeles River bed canal freeway could be dangerous due to flash floods and would close during peak months. Thomas Rafferty chairs Long Beach Engineers and Architects meeting at Huntington Park.
Twenty eight blind veterans, some sightless since World War I, will attend a noon dinner hosted by the Long Beach Chapter of American Gold Star Mothers at the Veterans Memorial banquet hall. The event includes home cooked dinner and entertainment following. This marks the chapter's 17th annual party for blind veterans.
The Associated Press notes a preliminary momentum in staple prices with the Wissensce index rising toward 184.98 against a 1948 base, reflecting broad gains across 35 commodities. Market observers cite slight strength in key staples and general inflation signals.
In New York markets the foreign exchange rates show the Canadian dollar at 74% discount or 92.75 U cents. Europe remains largely steady with the British pound at 4.03 dollars and 30 day terms unchanged. Sweden and Switzerland quotes are listed with minor fractional changes, reflecting a generally flat foreign exchange landscape.
Hay prices listed by the Federal State Market News Service show various grades and figures. Grain hay is noted with per ton prices and quality designations, including numbers such as 26.60 and 36.00 in the scattered OCR data.
An extra dividend of 10 cents a share plus the regular 35 cent quarterly dividend are payable Sept 15 to holders of record Sept 3 for Aga Chain Cable Co. This is its first extra. Other firms like Creameries of America and Electrical Products Co declare quarterly dividends of 25 cents payable in late September or early October to record dates in September. Multiple companies list various record and payment dates for their respective dividends.
In Los Angeles on August 24, fruit prices show oranges slightly weaker while lemons and grapefruit hold steady. Descriptions note varying orange sizes and lots, with modest price points for mid and larger boxes and 150 to 200 count ranges.
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