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Newspaper
Monroe News Star
Location
Monroe, Louisiana, United States of America
Date
Dec 11, 1929
Page
8
Trading was quiet in the New Orleans cotton market with prices easing after opening lower on Liverpool cables. January traded around 17.19 and March near 17.38, later rebounding before a late decline to near the day’s lows. Exports reached 19 862 bales as prices closed steady to slightly down.
The cotton market showed a quiet to irregular day within a narrow range. A morning drop due to easy cables, partial recoveries from trade buying, then renewed declines on Manchester trade news kept futures steady to lower, with spot at middling 17.50 and most active futures around 17.60s.
New Orleans December Cotton market saw a small loss as trading stayed light until the Memphis talks between farm representatives and the farm board began. The board’s plan to create a marketing corporation with 81 million dollars failed to lift prices. Weather bureau notes limited early picking in north central areas, with better activity later. traders expect potential halladation in January could disrupt sentiment.
New York December 11 call money steadies at 4 1/2 percent with time loans slightly heavier. Rates quoted 50 days 4 3/4 to 5, 60 to 90 days 4 3/4 to 5, 42 months 4 3/4 to 5. Prime commercial paper at 5 1/2 to 5 3/4. Bankers acceptances unchanged.
Cottonseed oil closed easy in New Orleans with prime summer at 785 and prime crude 700 to 725. New York quotes show prime summer around 709 to 725 and other months ranging up to 816, with total trading around 12,300 contracts.
Hogs receipts total $2,000 with 10 000 circuit butchers. Cattle and calves receipts large with slaughter classes listing weights and price ranges. Sheep numbers reach 14 000 with fat lambs and ewes noted at specified prices. Mortality and softer markets not indicated.
New York stocks slipped late as heavy selling hit pivotal industrials and major shares. U S Steel fell about 4 3 8 points, while dip losses extended through General Electric Westinghouse and others amid a weak close after 3.9 million shares traded.
Stocks were irregular with U S Steel sinking to the week’s low. Bonds dull and volume thin. Great Atlantic and Pacific rose 40 points in curb trading. Sterling at 1.8 cents. Cotton soft, Liverpool cables weaker. Sugar steady with firmer spot. Coffee weak on Brazilian supply. Chicago Wheat bearish amid government weather notes. Corn soft, markets in the southwest lower. Cattle firm to higher with hogs steady.
Early today wheat futures in Chicago fell as owners sold to stop losses. Wheat opened unchanged then dropped 14 to 8 cents, with May limits showing 154 high 133 1-2 low 121. Corn oats and provisions weakened, with corn sliding 1-4 to 3-8 and then 4 ag¢. oats and provisions largely unchanged to losses. Wheat closed unsettled down 2 1/8 to 2 1/2 cents from yesterday, corn and oats also lower, receipts show mixed closures.
Liverpool by ase reports cotton market activity with prices for various grades, totals of sales at 6,000 bales including 3,500 American, receipts of 7,000 with 5,300 American, and futures closing quiet and steady with listed December through October values.
Slow demand on the New Orleans produce market with beans squash and lettuce weaker while most other lines held steady. Prices ranged from $5 to $6.50 for unclassified apples, $2.90 to $3.65 for fancy apples, $9 per 50 lb cranberries, and assorted figures for citrus melons greens and root crops. Louisiana shipped two cars of oranges and four cars of sweet potatoes Tuesday.
At the noon Kiwanis luncheon in Hotel Monroe committee chairmen reported excellent progress for four underprivileged children sponsored by the club. The youths had tonsil and adenoid removal, dental work, and a daily milk allotment, with notable physical and academic gains. Dr W W Drake was introduced as a new Kiwanis member aligning with local civic efforts.
A July Auburn prison riot killed two inmates eleven were wounded and four escaped. Damages reached 250000 as buildings burned officials and state troopers helped quell the outbreak part of a four month wave including Clinton Dannemora Leavenworth and Canyon City uprisings with fatalities and injuries.
Two Minnesota women Regina Mehre age 19 and Evelyn Johnson age 21 told federal agents and local police they were lured from St Paul by Claude Ryan 25 and William Brusek 31 who promised marriage and coerced into immorality. A motorcycle officer found them with the men in an automobile and all four were arrested for questioning after they could not explain their actions. The case may lead to Mann Act charges.
Helen Moss a centenarian former slave in Henry Moss’s household died after a lamp caused fatal burns. Coroner’s inquest says she locked herself in a room poured lamp oil on clothes and ignited them. Children found her unconscious as flames burned her clothes beyond recognition.
New York raw sugar opened steady at 3.74 for spot duty paid with no sales. Futures opened unchanged to 1 point higher amid cover and trade buying. Demand from liquidation and Cuban selling kept market quiet. operators limited new commitments awaiting developments. Midday quotes near initial levels with refined sugar at 5.00 for fine granulated.
City schools close Friday December 20 for Christmas vacation through December 31 with studies resuming January 1. Superintendent E L Neville says attendance on New Year’s Day is required to meet the minimum school days before June 6. Parish plans unclear due to absence of Supt T O Brown.
Investigators say gravel on the roadbed by a group of children caused the two car interurban to derail two miles west of Dallas. Twenty injured, four seriously, as front car turned and rear car toppled against an embankment. Motorman Joyce cites heavy object. none found. Injured include Dallas residents and out of town travelers P. J. Turner Edmund Silverbrand and Charles F. Fykes.
Mrs Ella Marsman resigns as secretary to the United States commissioner in Chicago saying prohibition cannot be enforced after eight years of effort. She criticizes the inability to reach higher officials and congested courts delaying cases and continuations of prohibition actions.
Three Washington Times reporters Jack Nevin Jr Linton Burkett and Gorman Hendricks finished 45 day sentences for refusing to testify before a grand jury investigating liquor conditions. A crowd greeted them at the jail exit as news cameramen photographed the scene. Nevin's father a fellow newspaper man and his mother were among the welcome group. In Detroit a 65 year old Peoples Wyne County bank employee Alexander W Mercer drowned himself in the Detroit river after losing 75000 in the stock market crash ignoring a life preserver tossed to him.
Travis Oliver P M Atkins Irvin S Cobb Ray Long and James R Quirk, famous to readers, are expected to fly from Arkansas to Monroe late today. They will stay several days with Oliver and Atkins and plan a duck hunt in southern Louisiana later in the week.
Police court records show G D Judy McHenry James and A Pierce charged with illegal whiskey possession with $25 city fines and $1 state costs. S Davis pool hall employee similarly fined. Others face jail terms for trespassing fighting drunk and disorderly or vagrancy. several acquittals and traffic charges noted.
Memphis Tennessee December 11 The creation of a 30 million dollar centralized cotton marketing corporation is virtually assured. Alexander Legge chairman of the federal farm board said major provisions are voted with minor details to be settled later. A committee may be appointed to finalize plans. The organization will be owned and controlled by 15 cooperative associations with government lending the money.
W E Thompson superintendent of the Jackson orphanage was to be tried today on a charge of whipping a girl inmate Beulah Cox. Indicted by the Hinds county grand jury he pleaded not guilty at arraignment before Circuit Judge Wiley H Potter. The board of trustees re elected him superintendent for another year at yesterday’s meeting.
Weather across the north central and northeastern belt stalled cotton picking early in the week due to severe cold. Later, milder conditions allowed more harvest with much of the outstanding crop gathered. Western belt scraping conditions improved and fields were greatly cleaned.
The McGough family thanks friends and acquaintances for kindness and sympathy shown during their recent bereavement and for the many floral tributes.
An emergency storage addition is being built at Selman field to relieve hangar congestion. Delta Air Service manager C. E. Woolman says wings can be removed for repairs and stored. He notes at least 100000 of equipment is left outdoors, risking weather damage.
The Credit Men's association will hold its luncheon at Hotel Monroe Friday noon, according to H. B. Rye land, manager. An invitation is extended to all interested whether members or not. Last week's luncheon was successful with new members. more may join. Luncheons feature open discussion with no set talks or speakers.
E. E. Wilson, tried previously on a confidence game charge, was found guilty of issuing a bad check and sentenced by Judge Percy Sander to pay a $100 fine plus costs.
Mrs. Lillie Standford 58 died at 111 Oakland Street West Monroe Funeral held at 3 p m at the residence Interment in Drew Cemetery Rev E L Tanner officiated Special to The News Star Mrs R Whitted 23 died at Baptist hospital Memphis buried at Wesley s Chapel old family burial ground She leaves husband a daughter Doris Lavern four brothers and a sister Lois West
New York spot foreign exchange shows easy markets with several currencies listed in dollars and cents. Notable rates include Great Britain at 4.87 3-4, France 3.93 5-8, Italy 5.223 1-4, Belgium 13.98 1-2, Germany 23.92, Norway 26.80, Spain 13.90, Greece 1.30, Brazil 11.64, Tokyo 48.95, Shanghai 64.93, and Montreal 99.06 1-4.
Chicago dispatch reports poultry market activity with alive steady receipts of six cars next day. fowls chiefly 21 1 2 cents, springs 20, roosters 17, turkeys 26, heavy ducks 18, geese 16 to 64.
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