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Newspaper
Monroe Morning World
Location
Monroe, Louisiana, United States of America
Date
Jun 28, 1958
Page
7
A broad list of ticker symbols and percentage figures appears, reflecting stock activity and performance across numerous companies. Names include giants like Boeing Coca Cola General Electric IBM Dow, with varied percentage changes and legacy tickers.
Dow Jones averages show gains with the 30 industrials at 475.42, up 1.41, the 20 rails at 118.95, up 0.41, and utilities at 78.83, up 0.14. The total stocks traded: 297,800 with utilities at 93.60 and the commodity futures index finishing at 157.47.
Markets at a glance show selective stock advances with higher signals. Bonds mixed as government yields edge. Cotton irregular with hedging and liquidation. Chicago wheat higher on mill buying while corn falls on selling. Soybeans mostly lower with liquidation. Hogs weak to 25 cents lower, top 24.50. Cattle slaughter steer offerings too light to test prices, top 28.
AP reports New York stock sales figures with Friday close about 2.8 million shares and prior day 2.91 million. Week totals show 591 thousand. month and year figures are listed as well as year-to-date totals for 1957 and prior years.
Potatoes arrivals 132 on track 309 total U.S. shipments 643. Old supply and demand moderate, market about steady. Idaho russets 4.00 with new supply moderate and demand slow. California long whites 4.15 to 4.50, California round reds 4.10, Arizona round reds 3.75.
Live poultry receipts yesterday reached 45 000 pounds in Chicago. Wholesale buying prices remained unchanged with old roosters at 15 to 18 cents per pound and white crosses at 23 to 24 cents per pound.
Cotton futures moved in a narrow range until late Friday when a decline in the mid-June parity from the May figure caused a sag. Final prices were 35 to 75 cents a bale lower with the exception of nearby July which was 40 cents a bale higher. The lower parity reduced ideas on the probably final loan for the 1958 crop. It will be based on the mid-July parity. Traders generally awaited further legislative developments. Light trade buying and professional short covering accounted for the support at times with liquidation and hedging discouraging rallying tendencies. The Department of Agriculture fixed the mid-June parity at 38.55 cents a pound, basis % inch middling. Dealers figured this equivalent to a loan of 35.08 cents a pound for middling one inch cotton. A month ago the parity indicated a loan of 35.18 cents. The loan on the 1957 crop for mid dling one inch was 32.31 cents.
USDA Chicago market news lists hogs steady to weak with 2 3 190 230 lb butchers at 93.75 to 94.00 and 200 220 lb lots at 24.25 to 24.50, several 240 270 lb hogs at 23.25 to 23.75, heavy weights scarce, sows 19.00 to 21.50. Cattle and calves total 600 with steers 95.50 to 128.00, cows 16.00 to 22.00, bulls 21.50 to 24.85, stockers 25.50 to 27.00. Sheep 200 head bids for spring lambs 23.50 to 27.00 and ewes 5.00 to 7.90.
Burlington Vermont UPI reports Charles W. Waterman set a scholarship at the University of Vermont with the recipient required to be a non-smoker and non-drinker. The condition draws attention to the ethics and standards attached to the award.
Government bonds eased while corporate issues closed steady amid sluggish trading. Utilities rose, rails eased, and industrials along with investment grade and foreign dollar bonds finished firm. Big board volume totaled 5.42 million dollars versus 5.67 million yesterday.
The market opened lower on commission house liquidation and hedge selling but buying by commissions and mills steadied prices. Lower London cables triggered the drop while ongoing buying and mill price fixing helped rally futures in New York and London. Resistance formed near 1.15 for December wool amid ongoing trade hedge selling and softness in Boston and Bradford. Middle East tension tempered aggressive selling as activity remained moderately active and prices improved from daily lows.
Senate agricul ture committee is set to send an omnibus farm bill next week. It covers cotton corn and rice with dairy and wheat excluded. Midwest farmers may push for dairy and wheat provisions. a delay could occur. Trading was light with few notices and December contracts showing modest liquidation near 37 cents.
The Honeycutt Bible Class of Monroe Memorial Methodist Church in Monroe La. formally protests the Shreveport annual conference resolution supporting Louisiana lawmakers' plan to preserve school segregation. The group states clergymen are dictating policy to state education and legislative bodies and rejects the resolution.
The Bureau of Mines says U S and foreign crude stocks rose to 260 693 million barrels on June 21 up 228 thousand from the prior week Domestic crude added 387 thousand while foreign crude fell 139 thousand Daily output averaged 6 345 million barrels a day up 19 thousand Runs to stills declined 137 thousand. Stocks by region show gains in Arkansas northern Louisiana Gulf Coast Louisiana and Mississippi with Mississippi dipping slightly.
A Isle of Man report says Buckingham Palace told a Manxman not to worry about Prince Philip going bald. The Queen's husband is thinning in public, but his secretary replied that His Royal Highness is not particularly alarmed and has no fear about balding.
A shop notice in Ipswich declares they stock crash helmets in every size and style, ranging from small and tall to big and fat heads. It emphasizes a wide selection for all customers.
New York shares rose for the third straight session with the Associated Press average up 70 cents to 174.30 and the week showing a slight gain for the market. Volume remained active at 2.8 million shares as oils, motors, steels, aircrafts, utilities and chemicals led gains.
American Smelting and Refining announces a further 12 percent cut in prime western grade zinc output, equating to about 500 tons per month, effective July 1.
Negotiation Server Inc. said it is negotiating to acquire Hydrill Co., a Los Angeles based maker of oil drilling equipment, for an unspecified cash price.
Milling and baking interests continued heavy buying of wheat in Chicago ahead of needs, lifting prices despite some late-session trims. July wheat at 1.80 1/4, corn 1.47 lower, soybeans mixed, rye firmer on poor Plains and Canada weather.
Wells College in Aurora New York aims for a 5 million dollar centennial drive in 1968 President Louis J Long notes a 2.5 million dollar endowment fund as part of the effort.
Sen. Allen J. Ellender will head the Louisiana state society Twelfth annual Mardi Gras Ball in Washington early 1959. Felix M. Broussard, society president, announced. Rep. Hale Boggs led the 1958 ball honoring Louisiana waterway industries. 1959 honoree undecided.
The Army awarded seven contracts totaling more than 136 million dollars for tank production missile work and defense facilities. One contract valued at 17.92 million went to Phio col Chemical Corp Trenton New Jersey to produce guided missile and rocket fuels and solid propellant motors for Nike Hercules LaCrosse and Falcon missiles.
A late model car crashed into a concrete bridge railing on U S Highway 79 near Wabbaseka injuring and killing three members of a Louisiana family. Charles A Featherngill 37 his wife Jeannette and daughter Bonnie Jean 12 died. Linda Lee 9 remained hospitalized in Stuttgart in serious condition. Samuel Harris 6 escaped unhurt. The Featherngills auditor for Hartford in Shreveport were en route to Collinsville Illinois with their children when the wreck occurred.
Polish Embassy first secretary Marian Dobrasielski, 35, was kidnapped, blindfolded, and robbed early Friday in D C. He was dumped into Rock Creek after a ride through city streets. Three men Watts 24 Coale 19 and Anthony 18 are held for investigation.
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