16 Feb 1958
Page 1
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Newspaper
Monroe Morning World
Location
Monroe, Louisiana, United States of America
Date
Feb 16, 1958
Page
1
Butter on the Chicago Mercantile Exchange shows steady tone with receipts at 929,000 and wholesale prices unchanged. Grade scores run AA 93, A 92, B 90, C 89 with varying percentages. eggs steady to firm with receipts 9,100 and wholesale prices up to 42, whites at 37, mixed 36 12, mediums 34 12, standards 33, dirties 31 12, checks 30 14.
New York reports the day’s most active stocks with closing prices and net changes. Royal Dutch Shell Transport U S Steel Cent Motors General Motors Standard Oil New Jersey Chris-Craft Gen Dynam Johns Manville Safeway Stores Bethlehem Steel Standard Oil Indiana Colgate Palmolive each show varying gains and losses.
Republic Steel asks 150 laid off workers to return to the Youngstown plant next week, restoring two of five blast furnaces to operation. International Paper nears final steps to acquire Harbor Plywood assets in Southwestern Washington for about 15 million. Tin prices rise 2.3 percent on March 10 across major producers. Pentagon plans indicate a missile test surge with Atlas Jupiter Thor and Titan missions possibly this summer, Cape Canaveral expanding pads. Westinghouse cuts Columbus Ohio appliance plant to four days weekly and scrapped furlough for 250 workers. General Electric wins Navy propulsion machinery contract worth 6,360,341 dollars.
IR A heavy demand surged wheat futures in the final minutes on the Chicago Board of Trade. Wheat closed up 14 to 32 cents. corn oats soybeans and lard moved variously with gains and losses across contracts. Prices for March May July and other months are listed for each commodity.
Cotton futures closed up 15 cents a bale amid slow mixed trading as traders booked profits in new crop months after an earlier brisk advance. Nearby March stayed firm while old crop July showed demand from traders and commission houses amid Washington farm-legislation hearings. New Orleans prices closed steady to slightly lower with spot values near 34.63 cents.
Esso Standard Oil Co says its crude runs have been reduced since late 1957. Current runs are about 35 000 barrels a day below the October December average, 11 percent under December levels, and 19 percent under the first quarter of 1957.
The Bureau of Mines reports total domestic and foreign crude petroleum stocks at 278,982,000 barrels on February 8, down 2,239,000 from the prior week. Domestic crude rose 224,000 barrels while foreign crude fell 2,463,000. Daily production averaged 6,858,000 barrels with runs to stills at 7,325,000. Stock by origin shows varied changes across regions, including Arkansas up 61, Gulf Coast Louisiana up 67, East Texas up 515, Gulf Texas up 102, and other areas with decreases.
Merrill Lynch notes the market holding to a narrow range with reduced trading. Much of the activity consists of new trade hedge sales while liquidation by commission houses is limited. Boston shows modest improvement but buyers fear Australian auction declines. Japan may cover needs without bidding prices higher. London futures close irregular with wool tops selling below replacement costs.
Prices were mixed in routine cotton trading with light volume as the professional crowd waits for Senate sub committee hearings on the Eastland bill next week. Legislation to fund 1.3 million acres in the soil bank could raise the support level by about 100 points to near 84 percent if enacted. Demand on Worth Street and in spot markets showed little change, though merchants expect a substantial rise in 30 to 60 days.
Salable hogs 5500 with mixed grade lots at 190 to 270 pounds traded around 19.00 to 20.60 per cwt. Sows 17.00 to 18.50. Cattle and calves shown with steers 19.00 to 23.00, heifers 19.00 to 22.00, cows 13.50 to 18.00, bulls 19.50 to 21.75, dealers at 27.00 to 33.50 per cwt.
New York stock sales report shows today’s approximate final total of 2,070,000, up from yesterday’s 1,880,000. Weekly and monthly figures are listed, with year-to-date and long-term totals including 1957 to date 72,218,440 and 1936 to date 74,131,532.
In Savannah Georgia receipts show gum naval stores gains today with turpentine at 55 and rosin flat. Stock levels: turpentine 2314 and rosin 201.
New York stocks rise in a quiet but steady recovery. Bonds show corporate gains with government prices irregular. In commodities, cotton falls as commission houses sell and hedge. Chicago wheat jumps on a strong rally while corn and oats trade lightly. Soybeans rise amid fair demand. Hogs and cattle hold steady to slightly lower, with hogs at 20.65 and cattle up to 23. Poultry remains steady and eggs are unchanged to firm.
Eight members of Boy Scout Troop 16 received tenderfoot awards at a Dad's Night banquet held this week at Farmerville High School cafeteria. Recipients include Randy Gillum Jimmy Long Eric Green Barry Wade James Pickel Robert McMurrian Freddy Stewart Curtis Nyegaard. Jerry Allen earned his second year attendance pin.
A supervisors safety training program runs at the Fifth District state highway office from Monday through March 15. Wayne Huckaby district engineer announces sessions daily 9 to 12 and 1 to 4 led by J. M. Semmes safety engineer with Henry L. Thorpe as instructor. Both are Baton Rouge safety experts. Thorpe hails from Ward 8. Objectives include reducing highway personnel accidents and emphasizing protective devices such as directional warning signals and flagging traffic.
Three Rivers Michigan lies where the St. Joseph, Rocky and Portage rivers meet, forming a notable geographic junction. Local geography highlights the confluence as a defining feature of the city.
The stock market rebounded for its only rise in eight sessions with about 1.9 billion added to NYSE quotes. The AP 60-stock average rose 1.50 to 161.00 as industrials gained 2.50 rails 1.50 and utilities 0.20, with bonds also advancing in active dealings.
Dow Jones closing range shows gains with Industrials up 4.20 point to 444.44 while Rails rise 1.65, Utilities up 0.31, Stis up 1.45. Bond prices edge lower across major issues and the commodity futures index ends at 156.02.
Live poultry receipts reach 69,000 pounds yesterday in Chicago with wholesale buying prices unchanged. Old roosters quoted 13 to 14, broilers white crosses 19 to 20.
Potatoes arrivals numbered 44 with on track 186 and total U.S. shipments 746. Idaho Russets priced 3.90 to 4.20, Idaho Utility 3.50. Minnesota North Dakota Red River Valley Pontiacs quoted at 3.90.
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