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Newspaper
Monroe News Star
Location
Monroe, Louisiana, United States of America
Date
Jun 12, 1930
Page
12
Prices for July slump sharply due to liquidations and weak stocks, with July closing around 14.50 and October at about 13.71. Late rally steps tied to speculation on cooperative marketing support. Exports for the day totaled 3,498 bales as markets steadied near day’s end.
The New York Associated Press reports a session of general liquidation in cotton with July futures dropping to 14.21 and new crop October sliding to 18.48 amid favorable weather. Prices recovered late with July around 14.50 and October 13.63, closing steady to 2 to 32 points lower. spot middling at 74.80.
Cotton futures fell to new lows then partly recovered after a broad rally though July remained weak. Heavy liquidation in July appeared tied to rumors the Farm Board or brokers were selling holdings, fueling talk that the board would not back July as it did May. Differences between July and October narrowed 50 to 53 points as spot houses bought July. Weather outlook for the belt showed clear in the northwest and showers elsewhere with rain limited to the southwest. Market sentiment weighed on cotton, with chances of further declines if sentiment stays negative.
In New Orleans trading, cotton seed oil recorded steady values across futures with summer contracts at 7.35 for prime, crude at 6.75 to 6.87, and nearby months Wan 7.62 June 7.34 July 7.40 August 7.43 September 7.48 October 7.51 November 1.35 December 7.57.
New York reports mixed cottonseed oil trading with nearby and deferred months showing slight declines. Prices for prime summer yellow and prime crude ease while several deliveries across months register modest movements amid ongoing contract activity. Sales include two old contracts and four new ones.
New York June 12. Foreign exchange irregular with London at 4.85 11-16 dollars per pound and France at 3.92 4-8 francs per dollar. Rates shown for several nations including Germany 28.44 1-2 marks and Tokyo 49.387 yen per dollar. Montreal 100.00 in Canadian dollars.
New York stocks opened with losses amid liquidation and bear raids but found support as midday buying returned. A late rally lifted leaders like U S Steel, American Can, Eastman Kodak and Johns Manville, with short covering and strong volume around 3.8 million shares traded.
Stocks irregular with leading shares hit new lows before a late rally. Bonds firm with German issues at a one point premium. Electric Bond and Share recovers four points. Foreign exchange mixed with sterling firmer. Cotton down on July liquidation and favorable weather. Sugar steady with better spot demand. Coffee down on July liquidation. Chicago wheat down amid rain in Canada. Corn easy as Iowa repair parts ease. Cattle weak and hogs steady on mixed demand.
In Chicago on June 12 rains in Canada eased drought concerns and pushed wheat prices lower at the start before a partial rally. corn oats and provisions followed a softer trend with modest declines. Wheat closed unsettled down 1 1/4 to 3/4 cent per bushel from yesterday. Corn and oats also fell, while provisions held steady to down modestly.
In Chicago on June 12, potatoes held steady on barrels and weakened on sacks as trading remained very slow. Southern sacked Bliss Triumphs traded around 3.00 to 3.15 per unit.
Poultry alive in Chicago on June 12 shows 1 car 15 trucks steady prices for fowls 21 to 22 cents per pound springs 28 cents broilers 22 cents roosters 131 to 132 ducks 18 to 19 geese 20 cents per pound turkeys 18 cents to 18 1/2.
Liverpool reports quiet trading with lower prices across grades. American cotton remains a large share of sales and receipts, with futures steady. weekly statistics show sizable imports and stock, alongside steady exports and sales including American shares.
Chicago June 12 Butter 11,732 steady prices unchanged Eggs 11,796 steady prices unchanged.
A long list of closing stock figures and company names appears, covering Allied Chemical, American Car and Foundry, American Sugar, American Tobacco, American Woolen, Anaconda Copper, Atlantic Coast Line, Baltimore & Ohio, Bethlehem Steel, Canadian Pacific, Chesapeake & Ohio, Chicago & Alton, Continental Gas, Continental Motor, Continental Oil of Delaware, DuPont, General Electric, General Motors, Illinois Central, Merck, Kansas City Southern, Louisville & Nashville, New York Central, Missouri Pacific, Montgomery Ward, New York Central, Northern Pacific, and more. The sequence presents price changes, tickers, and miscellaneous notes in a dense financial roundup.
Toma toes from nearby farms sold 50 to 75 cents per 30 pound box. Green corn steady near $1.50 per 100 ears. Eggplants 60 to 90 cents per dozen. Snap beans 50 to 75 cents per bushel, butter beans $2.25 to $2.50 per bushel. Peppers 50 cents, okra 3.00 to 5.00 per bushel. Squash 15 to 25 cents. Cucumbers 50 to 75 cents per bushel. Garlic 5 to 10 cents per pound. Cabbage $1.50 to $2.00 per cwt. Creole onions $2.75 to $3.50 per 100 lb sack. Potatoes $2.25 to $3.00. Peaches steady. (Obscure financial listings and corrupted items follow.)
A preliminary hearing in district court before Judge J. T. Shell examined whether D L Whitman should be granted bond for murder in the death of Aace Windham at a local sanitarium. Witnesses Mr and Mrs H J Cason testified they were present when Windham was shot and that Whitman attacked them next, while defense claimed drinking and verbal abuse by the Windhams and Casons. The shooting occurred eight miles west of West Monroe, drawing nearly the entire Drew community to court.
Reverend E. L. Thompson of Shreveport pastor of Central Christian Church attends the annual meeting of the Christian churches of Louisiana and serves as president of the state board.
Washington, June 12. A formal statement by Chairman Reid closed the house flood control inquiry into land appraisals in the Bonnet Carre spillway area near New Orleans. Testimony resumed on proposed Jadwin flood control plan as reports said property owners sought high prices. the government valued land at about $21 an acre, owners at $10, appraisal by J. P. Kemper. the Kemper commission was later dismissed by a Louisiana district court. Reid stated nothing unfavorable about Kemper and Danziger, a landowner, while stressing constitutional compensation for taken property.
U S Dept of Agriculture livestock figures show hogs total 18 000 with 3 000 direct mostly steady top 10 15 per hundredweight. Cattle and calves combined about 9 000 head and 3 000 calves with dull demand on slaughter classes. Vealers and fat lambs listed with price ranges. ewes and lambs shown with declines and steady to lower trends.
Call money eased with rates at 2 1 2 to 3 percent while time loans held steady. Prime commercial paper stood at 3 1 2 percent. bankers acceptances unchanged. Georgia shipments saw crates of early roux, cantaloupes, watermelons, apples, and mixed vegetables moving to market. Louisiana reported carloads of vegetables and potatoes with peppers and beans among the cargo.
At the Hotel Virginia Rotary club meeting, L. R. Simpson spoke on flag history and Billy Barnett urged flag respect. Tiny flags adorned each place, Mrs. Kate Allison sang two solos, and J. E. Homer Kerr invited members to his talk on Team Work in Business tomorrow at City High School auditorium.
Baton Rouge June 12 Chairman Francis Williams and Commissioner Dudley Leblanc of the Louisiana Public Service Commission announced that if funds are available they will appeal to the U S Supreme Court to overturn a federal court ruling upholding I C C rate increases on sand and gravel west of the Mississippi. They fault the decision as discriminatory and said records fail to support the I C C findings.
A Texas company refinery blaze in Port Arthur killed Leonard Hatch and injured eleven others with severe burns after three high pressure tanks exploded. The fire destroyed a whole refining unit and scarred an eight block square area, with damages estimated between 1 and 3 million dollars.
New York June 12 The New York Stock Exchange suspended Alexander B Johnson a floor member of Throckmorton and company for one year The charge involved secret profits from November 1929 to April 1930 through a fixed investment trust with Chatham Phenix National Bank and Trust as trustee Two partners of Throckmorton received advance information about stock rights sold then bought rights cheaply from the trustee and repurchased from the trustee at lower prices The two partners resigned restitution was made and other partners deny knowledge of the practices
June reports from Washington describe the U S State Department’s stance on divorces obtained abroad. It notes inquiries from Americans and foreigners seek opinions on foreign decrees, custody and property issues, but the department defers to the laws of each state where the principals reside and to the courts of those states.
Baton Rouge report announces Cecil B. McClung chair of the judiciary committee section C says a hearing will be held June 18 at 3 p m on House Bill 609 by L L Williams concerning the practice of architecture.
A third warrant in the Downsville shooting case was sworn out against Fred Hamilton, partner of Jim Hinton, by J A Horton. Hamilton is charged as an accessory before and after an attack on Horton. Hinton faces a charge of shooting at Horton with a shotgun from a bush. Horton says he stopped at the store to repair a tire. Horton faces breaking and entering and shooting with intent to kill. charges framed by Hinton.
In Chicago June 12 a vast turnout gathered for the funeral of Alfred Jake Lingle, the Chicago Tribune crime reporter slain by gang rivals. The city faced a police sweep of 6,400 alleged hoodlums, while leaders stayed hidden or fled. A mounted escort and flag-ornamented coffin marked the somber proceedings near Our Lady of Sorrows church. A train stop identified Moran gang leader Ted Newberry among nine gangsters found by New York police.
Washington today extended an official greeting to President-elect Julio Prestes of Brazil. State officials welcomed the third Latin American president-elect to visit Washington in six months as a state banquet acknowledged Brazilian courtesies after a fog delay in New York harbor.
Mrs. P. H. Walter, 48, living near Delhi, died at a local sanitarium late yesterday. Survived by her husband, ten children and eight brothers and sisters. Her mother, Mrs. Betty Stuart, also survives. Funeral held at Crowville cemetery this afternoon.
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