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Newspaper
Monroe Morning World
Location
Monroe, Louisiana, United States of America
Date
Jun 30, 1957
Page
14
Sen Carlson commended presidential action to curb imports under tariffs law. He warned the situation is critical and urged an early committee report. He said curtailing imports is imperative and Congress may act if executive steps fail.
Walter Bree de Jr reports on the first half of 1957 showing rising costs and prices amid scarce credit, with goods flowing from factories. Steel, auto, appliance, aluminum, and fuel sectors raised prices while production lagged. Some indices fell. others rose, painting a cool but climbing overall business picture.
Cotton futures rose for a fourth straight week on the New York Cotton Exchange led by expectations of a strong 1957 support price and delayed Congress action. Bulls cited potential hurricane damage to the new crop in Louisiana and Texas as a bullish factor.
The AP average of 60 stocks closed the first half of 1957 at 182.20, up 70 cents from year end. Prices swung from 185.40 on June 13 to 168.00 on Feb. 12, with factors including credit tightness, inflation, and Suez concerns shaping rallies and declines.
Houston June 29 A new system for adjusting prices may be developing in the oil industry with a half dozen companies raising wholesale and consumer costs. Increased wages and benefits, including a six percent raise retroactive to May 1, are cited as the main drivers behind the hikes. Sinclair Continental and Gulf are among those boosting prices for gasoline kerosene and fuel oils to offset higher costs.
River stages climbed over 24 hours prompting warnings for low lying areas. Hydrologists note rising levels along River Street threatening nearby homes and infrastructure as rainfall continues.
The Monroe office of the State Conservation Department listed four completions and four new locations in its weekly report. It notes 23 active rigs across the district with completions in Tullos Urania, Union, and several wildcat and oil fields, detailing depths, production, and spud dates for multiple operators.
In Chicago on June 29 the wheat market surged as bulls returned to the pit. Wheat futures rose 5% to 7 cents for the week, with bread cereal up 10 to 12 cents over three weeks. Other grains followed higher amid widespread rainfall. New style wheat closed 5% to 7% higher than a week earlier. Corn up 0.5 to 2 cents, oats up to 4s down, rye 1 to 2% higher, soybeans 2% to 4% higher.
Northeast State joined a cotton workshop for teachers at the Northeast Louisiana Experiment Station in Calhoun. Led by L L Price and E H Allen, participants from colleges and schools explored cotton research, defoliation, insect control, and spraying calibration with sponsors from the American Cotton Council and Louisiana Experiment Station.
Washington June 29 Oil state congressmen welcomed President Eisenhowers call for a new study of oil imports. Sen Kerr Oklahoma criticized the move as belated and delaying while Sen O Mahoney Iowa urged a positive program. Rep Steed Oklahoma feared postponement but hoped for action as President named a six man cabinet committee headed by Weeks to study imports.
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