07 Feb 1928
Page 1
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Newspaper
Monroe News Star
Location
Monroe, Louisiana, United States of America
Date
Feb 07, 1928
Page
1
The cotton market in New Orleans showed steady gains as drought conditions in the western belt and firmer Liverpool cables boosted prices. March climbed to about 17.47 with May near 17.45, amid midday strength and slight profit taking before closing mixed but higher. Exports reached 29,493 bales.
New York February reports of steadier trading and West Texas drought complaints boosted early cotton prices. The mid afternoon market was quiet and near steady with gains of 7 to 12 points, March near 17.59 and October around 17.54 as trading absorbed early offerings and buyers covered.
Liverpool notes cotton prices with American and other origins, prices quoted for several grades from strict good middling to ordinary, with 20 000 bales received including 6 000 American. Futures quoted for March May July October December and January. Market quiet yet steady as shipments and receipts are recorded.
New York stocks failed to sustain an early rally as call money renewals rose to 112 percent. Rails and several large names fell while General Motors and U S Steel shed gains. Weak 1927 earnings and $20.6 million bank loan calls spurred liquidation in many industrials.
Market notes from New Orleans show cotton seed oil prices and futures for several months. Crude and refined grades quoted with values for February through September and premium varieties noted.
Chicago on February 7 reports butter prices with receipts totaling 3 776 barrels with lower exports. Butter we changed. receipts 14 738 cases. firsts 31 1 2. ordinary firsts 39.
Poultry arrivals listed as four cars with alive birds steady and prices unchanged per Associated Press dispatch from CHTGA.
New York call money firm with all loans at 41-2 closing bid 41-2. Time loans ease with mixed collateral for 60-90 days at 41-4 43-8 and 4-6 months at 41-2. Prime mercantile panel rated 33-4.
Sallie Long Trezevant died in Delhi at four this afternoon aged, with services to be held in Memphis and burial in Elmwood cemetery. Howard Hawkins died in Delhi after a Monroe sanitarium stay. funeral at Delhi Masonic Cemetery with Rev. John Rasmusese conducting. Robert W. Fox infant son of L. O. and family, died yesterday. funeral held at Peters' chapel with Rev. L. T. Hastings, burial at Riverview.
C Thomas aged 45 of Winnsboro died at a local hospital shortly after noon today. He is survived by his wife and eight children. The body will be sent to Winnsboro tomorrow where funeral and burial take place.
The market swung for cotton with early advances fading in the afternoon as drought in the northwest and limited rains across the belt reduced demand. Weather reports foreshadow clearing and a colder west with more rain in the east, while Huntsville mills resume full time. The Federal Reserve Bank of Boston raised the rediscount rate from 3 1/2 to 4 percent effective tomorrow.
The Chicago Milwaukee St Paul and Pacific Railroad company restructured from the Chicago Milwaukee St Paul Railway after receivers took control in March 1925. The line, spanning 11 states, faced dividends cuts, competition from the Panama Canal, and high costs. Receivers report about $30,000 spent on improvements including Yellowstone entrance and rolling stock upgrades. Engineers project $17,000,000 yearly for future work over the next decade.
Four bills offered in the Mississippi Senate call for a state owned printing plant to produce textbooks for public schools. Gov. Theodore G. Bilbo backs the project, seeking a $500,000 appropriation for buildings and equipment, with total funds requested around $600,000.
Washington report notes B W Kilgore of the American Cotton Growers Exchange endorses the equalization fee as part of the McNary Haugen farm relief plan. Kilgore argues it offers effective surplus control and price stabilization beyond loan-only schemes. Rep Ketcham agrees the stance follows from studying the experiment plan amid opposition from Haugen.
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