16 Aug 1928
Page 1
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Newspaper
Monroe News Star
Location
Monroe, Louisiana, United States of America
Date
Aug 16, 1928
Page
1
Following an opening decline nearly a dollar and a half per bale the cotton market recovered as shorts covered amid reports of rains and rising weevil depredations. October 18.62 December 18.72 January 18.78 with 2,266 bales exported and closes steady with modest gains.
In New York on August 16 the cotton market recovered from initial losses as nervousness over the crop and reports of boll weevil damage spurred buying. By mid afternoon prices firmed to around 19 14 percent, with spot cotton closing 34 points higher and futures 27 to 36 points up.
In New Orleans on August 16 the market reversed course and advanced after an early dip tied to Liverpool weakness. Gains followed heavy rains in the Atlantic states and reports of crop deterioration in the Mississippi Valley and east, amid talk the government may cut western crop forecasts on September 1.
Liverpool reports firmer demand for cotton with several grades lower. American fair to good middling bids quoted. sales reach 6,000 bales, including 3 200 American. Receipts total 1 006 bales, futures steady with Aug 20 at 01 and backward curves ending near 9.80 to 9.88.
Charles C. Girod aged 73 died last night at the Marine hospital in New Orleans after a several week illness. He had lived in Monroe for eighty five years and his body will be brought here tonight to be taken on arrival of the Missouri Pacific train for Peters funeral puriors. He leaves a wife and one son L. L. Girod of Toledo Ohio. Plans for the funeral are not complete.
United States stocks advance broadly as stronger trade news and a revival in railroad shares push prices higher. Major gains appear across industrials while utilities show strength. call money dips to 5 percent, and time money near 6 1/4 percent as investors bet on fall crop movements boosting rail demand.
Wheat fell early in London and Liverpool trading before modest recovery in Chicago. Corn and oats eased at first with later strength in September corn. barley and Timothy and Clover seeds little changed. Provisions rose with wheat closing 1 1-4 to 15-8 cents higher and corn up 1-8 to 1 7-8 cents.
Hogs led by top at 13.00 dollars, 16 000 head in Chicago on August 16. Butchers 250-850 lbs quoted 11.85 to 12.60, with 200-250 lbs at 12.00 to 18.00. Cattle and calves seen mixed with steers 1300-1600 lbs 24.25 to 16.60. Sheep and feeder lambs showed steady to lower trends with fat lambs down 15 cents.
New York August 16 Liberty bonds closed with Liberty 3 1 2 99.16 Liberty 1st 4 1 4 101.4 Liberty 8rd 4 1 4 99.31 Liberty 4th 4 1 4 101.8 Treasury 4 I 48 111.10 Treasury 4s 206 19.
Dr Warren K Stratman-Thomas a University of Wisconsin research pharmacologist recipient of the Gurcenheim Memorial Foundation fellowship heads an expedition that began on August 2 to test a new treatment for sleeping sickness in the African jungles.
J. W. Ray, a Coco Bend farmer near Bosco, was arrested by Sheriff Milton Coverdale and deputies after a whisky sale charge. Officers found several pints hidden near his home and expect a possession charge. He was lodged in the parish jail with no bond set.
In New York on August 16 cotton seed oil prices closed strong with prime summer yellow at 9.50 to 9.90 and crude at 7.75 to 8.00. January to December futures ranged from 9.45 to 9.98, with 12,300 contracts sold. In New Orleans on August 16 prices also rose, prime summer yellow at 8.49 and prime crude at 7.56 to 7.62, with futures for months from January to December listed from 3.86 to 9.02.
Call money wear high 6, low 4 1 2, ruling rate 6, closing bid 4 1 2. Time loans easier with mixed collateral 69-90 days 6 1 4 to 6 1 2. 4-6 months 6 1 4 to 6 1 2. Prime mercantile paper 1 2 to 1 2. Bankers acceptances unchanged.
Poultry alive in Chicago August 16 remained firm with receipts of three cars. Fowls sold 22 to 29 cents per pound, springs at 37, broilers 32, spring ducks 25, and spring geese 19 cents.
A fallen electric wire at Walnut and Washington streets ignited upholstery on a Monroe Store and Office Equipment Co. car, causing a blaze at 3 40 p m yesterday. A truck likely struck the pole, snapping the hot wire and burning insulation in two directions, endangering nearby houses. The fire department stopped the fire and about $10 in damages was estimated. City servicemen replaced nearly 100 feet of damaged line, some in the street with live ends around the car.
Police lodged several charges after traffic violations last night including four speeding offenses three counts of crossing a white line and one charge of allowing more than three persons in the driver’s seat.
Vincent Marsala of 13 Layton street collided with a street car on Jackson street between Grammont and Harrison at 11 30 p m yesterday. The impact damaged the car’s fender and radiator as Marsala said his view was blocked by a truck while entering Jackson from a driveway.
Percy Grainger the famed conductor wed Ella C Strom Swedish artist and poet after an evening concert in Hollywood Cal The ceremony followed Grainger’s guest conducting and he led the wedding march at the altar after the performance.
A nun named Concepcion Accbbedo De La Lata is detained on influence claims tied to Jose De Leon Toral, the man accused in the assassination of President-elect Alvaro Obrefron. Toral’s trial date will be set soon.
James Sampson 37, a city waterworks worker, suffered a broken arm and elbow and facial injuries when a 24 inch iron pipe slipped while being lowered during drainage work from the power plant to the spray pond. He was taken to St Francis sanitarium for treatment.
Deck Purdy and Alma Purdy of near Calhoun were bound by the sheriff for alleged August 14 offenses. Purdy faces disturbing the peace charges and Alma Purdy is accused of disturbing the peace fighting and assaulting Dewey Turbeville, the complainant in both cases.
St Louis Aug 16 Missouri Attorney General Stratton Ss Martel says he will authorize information against Drei E Morgenstiern Chicago vice president of International Life Insurance Co and a Toombs associate for grand larceny linked to 104000 Texas and Montana bonds recovered from company assets. Witness Bee Barclay alleges deposit box theft of 500000 bonds October 1 with Morgenstiern and B O McReynolds aiding.
In the Arkansas Democratic primary only scattered precincts remained unreported. Governor Harry Parnell held a lead of about 25 000 over runner up Brooks Hays with Missouri River precincts unlikely to alter the result. Terral ran third and Cone fourth in the gubernatorial race. In congressional contests Reed trailed Glover by about 1 000 votes as two thirds of precincts reported. Parks led Creenlaw in the seventh district while Fuller led Creenlaw in the third. Ragon led Winn five to one in the fifth. Wingo had no opposition in the fourth. Two railroad commissioner races remained unsettled with Earhart close behind and Harper leading in the third.
War Department announces allotments for flood control repairs on the Arkansas river in Arkansas totaling 42000, White river Arkansas 93980, and St Francis river Missouri Arkansas 3000.
Nine men sworn in as temporary federal census employes work daily on the Monroe and surrounding districts. Laws protect enumerators. one prohibits noncooperation by anyone 18 or older with fines up to 500 dollars. Hotels and boarding houses must furnish occupant counts when requested.
Fire broke out in a rear metal shed of the Lyceum Theater around 6 04 p m yesterday due to careless smoking. The blaze, though potentially serious, was quickly controlled by firefighters and caused about 25 dollars in damage, mostly to old seats stored in the shed.
A large producer backs moving a presentation to Louisiana as Vitaphone promises a film revolution. Academies will be set up to teach vocal expression, with talkie films enabling actors to express emotion without special training.
A week of floods and storms leaves Beaumont and Erkwright at Spartz burg submerged, bridges on Tiger river swept, and Okapilco creeks dams Brit and Melton collapsed. Bath South Carolina suffers a tornado injuring a woman. Newberry and Charleston report heavy damage. Georgia isolated towns milled by rising rivers, with drinking water cut in Milledgeville and rail lines disrupted as rainfall totals exceed seasonal norms.
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