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Newspaper
Monroe News Star
Location
Monroe, Louisiana, United States of America
Date
Jun 06, 1949
Page
9
Markets at a Glance report weak New York stocks at a two year low with lower bonds and cotton due to liquidation and hedging. In Chicago wheat faces hedging pressure, corn shows a splendid early start, oats follow corn, while hogs trade steady to 50 cents lower and cattle ease 50 cents with tops noted.
A broad stock market slide accelerated in New York trading on June 6, driving the Dow and related averages toward May 1947 lows. Turnover ran about 1.4 million shares for the session as losses outpaced gains on the bond list. many prominent issues including Calumet & Hecla and American Sugar Refining posted declines while leaders like General Motors and United States Steel showed weakness amid a drumbeat of selling. The AP average of 60 issues neared the 1947 low, with sentiment unsettled and traders eyeing further downside.
Cotton futures slipped on June 6 as long liquidation and hedge selling hit New Orleans and New York markets. July closed at 32.12, down from 32.19 open, with other months lower by several cents per bale. Spot cotton in New Orleans closed 50 cents lower, with licenses showing steady prices but dull receipts. New York prices eased 25 to 40 cents, as traders anticipated first notice day for nearby July on June 24.
Steady selling pressure pushed Chicago grain prices lower with wheat off about three cents intraday. July wheat settled at 1.86 1/2 to 3/8, corn down 1/2 to 1 1/8, oats 3/8 to 3/4 lower, rye 2 to 2 1/4 lower, soybeans 2 3/8 to 3 1/4 lower, and lard down 26 to 37 cents per hundred pounds. July closes shown for wheat 1.86 12-3/8, corn 1.29 1/4-3/8, oats 57 1/8-57, rye 1.31 1/2, soybeans 2.15 1/4-1/8. Continuous movement with active dealings and absorbing rest orders under the market.
Potatoes arrivals 231 on track 206 and total U S shipments 1114 Friday 397 Sunday 19. Supplies moderate and demand good. Market slightly strong. Arizona Bliss Triumphs 6.00 25 California Bliss Triumphs 6.00 25 long whites 4.10 25.
USDA notes live poultry receipts 24 trucks with price shifts across categories. Fowl 29-30 cents, Leghorn fowl 27, roosters 3-37, fryers 28-22, broilers 27-28, old roosters 23-24, wholesale ducklings 23. Prices mostly steady to mixed, with two cents lower to one higher on some lines.
Salable hogs 8,500 with top 22.25 for loads 180-220 lb. and 21.75-22.25 for 170-240 lb. hogs. Heavier weights 290-325 lb. 20.00-21.00, 330-375 lb. 19.00-19.75. Sows under 400 lb. 17.50-18.50. some around 19.00. 425-500 lb. 16.00-17.00. heavier sows about 15.00. Salable cattle 17,000 and calves 1,000. steers to 29.50 for two loads, 26.00-28.50 for bulk good and choice. 23.50-25.75 for medium to low good. Heifers and yearlings 26.00-27.75. cows 18.00-22.00, canners 14.50-17.75. bulls 22.00-23.50. dealers 22.00-28.00. practical top 28.00.
U S pledges victory of World War II to a statesman level, assuring 16 Marshall plan nations that security and economy are essential for Europe. Marshall warns conditions require more than money and notes regret that some European nations under Soviet domination did not join the recovery program.
Special notice from A Dickinson of Monroe Louisiana states I will not be responsible for debts made by anyone other than myself. The notice is dated June 6 10 14 1949 and appears in a public notice section of a local newspaper.
At a Missouri state hospital a mental patient armed with a butcher knife and meat cleaver killed two other patients Richard McLane and Walter Gurley while they peeled potatoes. A hospital employee was critically injured. The slayer, Teddy Alva Lane, 49, had been confined since 1943 for killing his mother. He surrendered after the attack.
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