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Newspaper
Lubbock Avalanche Journal
Location
Lubbock, Texas, United States of America
Date
Jul 12, 1959
Page
4
Washington dispatch notes tension in a proposed cotton market plan amid congressional friction. ABS reports Uncle Sam entangled by flu relief programs as OVIN A and Martin push for a fair market framework.
Grain prices climbed with late buying lifting oats and corn futures. Reports show wheat and rye strength amid price gains as traders reassessed supplies and demand, with mill and port activity contributing to the rally.
The article details weekly livestock receipts and prices with mixed cattle and prime slaughter steer notes, plus fluctuating weights and loads across categories. It also covers the U S cotton market, export subsidies, and the National Cotton Council urging protective tariffs to shield domestic textile firms from foreign competition amid wage and raw material cost pressures.
In Austin the state Agriculture Department reported mixed opening activity with South and East Texas showing varied price changes while overall poultry prices remained generally stable. East Texas saw declines while South Texas maintained steady demand. intranet and intercompany trading patterns varied with closing prices reflecting mixed week activity.
New York stocks extended gains for a fourth straight week with the industrial average near its all time high. The market strength came from auto, chemical, and steel shares as traders weighed holiday demand and potential strike impacts while rail and utility stocks climbed modestly.
Cotton prices stayed in a narrow range amid limited deliveries and active futures trading on the New York market. Weather developments and lower exports influenced the week, with July futures easing as plantings appeared smaller than expected and underplanting noted in official estimates.
In Mexico City pilots threaten a walkout over airline policies and union disputes. They shunned insignia to protest management, vowing not to fly if punished for their actions, signaling potential disruption to flights and labor conflict within the industry.
In New York trading the Dow Jones index shows small gains across several listings. Minor advances are recorded for multiple components with modest percentage increases, reflecting a cautious session as investors monitor market cues.
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