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Newspaper
Monroe News Star
Location
Monroe, Louisiana, United States of America
Date
Dec 02, 1930
Page
8
In New Orleans on December 2 the cotton market began weak on poor cables but reversed sharply as stock gains and bullish ginning estimates supported early January at 10.61 and March at 11.10. Exports reached 54,291 bales, with prices closing near session highs and gains of 14 to 18 points on the day.
New York dealers reported a late day advance in cotton futures after a morning drop driven by liquidation and Liverpool selling. March contracts rose to around 10.84 cents, about 14 points above the prior close, with mid afternoon activity showing 5 to 10 point gains as steadiness returned in the stock market. Spot cotton held at middling 10.60 cents as futures closed steady to 13 to 17 points higher.
Chicago grain markets opened with wheat up 1 to 4 cents, corn 3 to 8 cents higher, and later gains broadened. Wheat finished unsettled 1 to 2 cents higher, corn 1 3 4 to 2 3 4 cents up, oats 5 8 to 1 1 2 cents up, and provisions steady to up 6 cents. Frost in Argentina pressures late sown crops while forecasts of large yields are questioned.
New Orleans December cotton markets recovered from an initial drop to close near the day’s high, aided by stocks and grains gains following the president’s message. Traders cited improving textiles, bankers pushing acreage reductions, and optimistic farm board outlook as drivers of renewed investment and cautious optimism in late trading.
Call money steady at 2 percent a day. Time loans ease for 60 to 90 days at 2 1 4 percent, 4 months at 2 1 4 percent, 5 4 months at 2 1 2 percent, 2 3 4 percent. Prime commercial paper at 23 4, bankers acceptances unchanged.
Potatoes at Chicago on December 2 from the U S Department of Agriculture show prices 84, trading very slowly with too few sales to quote and the market nominally unchanged.
Chicago market notes list butter prices at 228 firm rates and egg prices around 3272 with varied grades and current receipts from 23 to 32 cents. Fresh graded firsts and refrigerator items show fluctuating values, reflecting daily commodity trading.
Markets at a glance show stocks firm with U S Steel leading the advance. Bonds irregular domestics improve. Curb firm oils improve slightly. Foreign exchanges firm sterling strong. Cotton steady trade buying. Sugar easter larger European beet crop estimate. Coffee higher steadier Brazilian markets. Chicago Wheat firm decreased world's visible supply and good export demand. Corn firm small receipts and bullish weather. Cattle steady hogs steady to lower.
Raw sugar slipped in early trading while demand remained weak and only 20000 bags from the Philippines to a refiner were reported sold at 342. Raw futures opened flat then gained before selling off on liquidation and Cuban selling, closing barely steady after about 45350 tons moved. Prices finished December 132, January 134, March 142, May 148, July 155, September 162.
Fresh produce prices in New Orleans show turnips 40 to 50 cents per dozen bunches and spinach similar ranges. Other items include parsley 15 to 25 cents, mustard 30 to 40 cents, carrots 20 to 25 cents, beets 30 to 49 cents, sugar cane 35 cents per dozen stalks, and sweet potatoes $1.50 to $1.75 per 100 pounds.
Chicago December 2 poultry market prices list live fowls for sale by car or truck. Counts include 2 cars 18 trucks with live fowls priced 16 to 20 for springs and 15 for roosters and 23 for turkeys ducks 16 geese 14.
Dr Will Mayo surgeon from Rochester Minn cruises the Louisiana Gulf coast aboard his private yacht and will visit New Orleans during the trip United Press reports.
Stocks advanced modestly after brief gains as investors weighed President Hoover's congressional message. U S Steel Bethlehem Steel Johns Manville Allied Chemical American Banknote and Continental Baking led the move with about 2 point gains. International Business Machines climbed sharply while Mack Trucks faced a dividend cut impact. Credit conditions held steady with loans and securities showing mixed moves.
Lions Club sets major activity for the coming year on behalf of undernourished and underprivileged children. Sam Goldman reports the plan after member suggestions, with two carloads of clothing collected for rural poor via Red Cross chair Barney Oakland. Dr. John Snelling discusses the history and progress of surgery, noting life expectancy gains. Members report on Colfax charter celebration visits and plan to attend International President Earl Hodges’ address in Minden tonight.
New Orleans December 2 cotton seed oil closes steady with prime summer yellow at 7.00 dollars and prime crude at 6.12 1 2. Futures cited for January through December with values ranging from 6.98 to 7.42 dollars.
Cotton spot in limited demand with prices lower. American grades show strict good middling at 6.41 and lower grades down to strict good ordinary 4.56. Sales reached 4,000 bales, including 2,900 American, receipts 12,000 with 11,600 American. Futures closed steady with December to October futures listed.
D L Davidson of Bella Scherck Davidsons The Women's Shop is in New York on a buying trip. He wires that he has secured a large lot of new spring merchandise to be shown in the Monroe store soon.
The body of trapper William Norris was found with buckshot in the back of the head near his Bayou Grasse Tete camp. An empty pocket book lay beside him. authorities consider murder and robbery the likely motive. A separate bill to create a national defense department with an air force and unified leadership under one secretary was introduced by Rep Williamson.
A local plan announced Tuesday will collect old clothes at the Hollywood Store for Salvation Army aid to Monroe and West Monroe. Coats dresses suits and overcoats will be especially distributed to the needy.
Sheriff Milton Coverdale arrested Tom Gray and Tom Clark south of Bosco on highway robbery charges. They allegedly stopped W. Z. Norris a white man last Sunday taking a 22 caliber rifle and $250, and were jailed in the parish jail.
L Miller cashier of the Farmer's State bank Hunnewell and Walter Edward druggist were kidnapped by bandits who robbed the First National bank of Braman Oklahoma yesterday and were released unharmed near Lehigh Kansas this morning. Miller notified his wife by long distance call.
An official delegation from L. Barkdull Faulk American Legion posts will travel to Ruston for a joint session with the Ruston post. Commander Sam announced the 25 strong group will meet in Ruston hosted by Commander L. J. Fox as guests of Ruston legionnaires.
Commander Maurice J. Conmor addressed the Monroe post on Legion service for veterans. Commander Orchard welcomed attendees and spoke of talks with National Commander Ralph T. Obes about securing legislation to aid disabled ex servicemen, especially hospital facilities. Sam Goldman urged legionaires to press government to pay off adjusted service certificates immediately to ease the economy.
The Louisiana conference board of lay activities in Alexandria prepares for the eighty-fifth Louisiana conference of the Methodist Episcopal Church South. Hundreds of delegates are expected for six days starting tomorrow with Bishop Hoyt M. Dobbs presiding and opening with officer elections.
The conference features messages for distinguished representatives and routine business as Bishop Arthur Moore of Texas preaches. No presiding elder will change districts this year due to tenure limits, though pastors may be moved after four years. thirteen pastors will be eligible for new appointments.
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