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Newspaper
Monroe News Star
Location
Monroe, Louisiana, United States of America
Date
Jun 18, 1930
Page
8
New Orleans cotton prices fell due to stock market weakness and July option liquidation, with July slipping to 12.90 and October and December down from highs. A late rally lifted active months to near day’s highs, closing steadier with slight net gains as stocks improved. Spot cotton closed quiet at 12.74.
New York June 18 The cotton market shows an opening advance followed by renewed weakness due to liquidation and weak weekly weather signals. Active months sell about 15 to 20 points, prices hit season lows, then close firmer with spot steady at 13.70 and futures around 13.3 to 13.6.
New Orleans June 18 Cotton moves with stock market, dipping to new lows before closing with small gains. Cables and optimism over easing market pressures lift early trading, while a bullish weather bureau report supports prices. Late selling from stocks and a possible liquidation for a suspended firm temper gains as traders await further weather signals and crop progress reports.
Call money remained steady at 2 1 2 percent throughout the day. Time loans showed varied but stable ranges with 30 days 2 1 2 to 2 3 4 percent and 60 days 2 3 4 to 3 percent. Prime commercial paper and bankers acceptances held firm.
New York June 18 foreign exchanges irregular with Britain at 4.85 5 8 in dollars and 5 18 in francs. France 3 92 5 18, Italy 6 23 3 8, Belgium 13 94 1 2, Germany 2384, Norway 26 75 1 2, Spain 21 68 1 2, Greece 1 29 6 16, Brazil 11 25, Tokyo 49 45, Shanghai 36 87 1 2, Montreal 100 00. Great Britain in dollars others in cents.
Chicago market notes show butter trading unsettled at 9 046 with creamery extras and standard levels listed. Eggs trade volume reaches 15 392 with prices across extra firsts fresh graded firsts storage packed and current receipts noted.
The Associated Press reports a renewed deflation scare in New York stocks with rapid share price declines and heavy liquidations. Major issues fell 5 to 10 points while trading volume reached about 7.25 million shares as prices neared 1914-era levels.
Stocks show weakness with leaders dipping 5 to 30 points before a rally. Bonds uneven as prime issues hold steady while convertibles remain weak. Curb markets and foreign exchanges weaken or hold firm with sterling firm. Commodities mix with cotton and sugar lower, coffee easy. Wheat and corn trends reflect easy prices and rain forecasts. cattle and hogs show declines or stability.
In Chicago trading, wheat slid early as Liverpool quotes softened and buyers were scarce. Openings dropped from 13-8 to 23-8e, with a lively further decline before closing unsettled 1 5-8 to 2 1-8 cents lower than yesterday. Corn, oats and provisions also weakened with corn down 5-8 to 1 cent, oats off 1-2 to 7-8 cent, and provisions down 10 to 25 cents.
A lengthy catalog of closing stock figures shows prices for many companies including Allied Chemical American Car American & Foundry American Sugar American Tobacco Consolidated Gas Continental Oil General Electric General Motors Phillips Petroleum and Pan American Petroleum among others. The list covers diverse industries from railroads to oils and utilities with varied per share values noted for each entry.
USDA Chicago notes show hogs 27 000 head with direct 12 000 steady to 10 lower. cattle 9 500 and calves 3 000 mostly dull. Prices span hogs 9.40 to 10.00 for various weights. cattle steers 10.50 to 12.50 for 1300-1500 lb. vealers 9.50 to 11.25. Sheep 10 000 with lower quotes for lambs and ewes across weight classes.
New Orleans seed oil market closes steady with April to December futures listed. Prime summer yellow refined at 7.10 while prime crude runs 6.50 to 6.62. Forward months show January 7.30 June 7.00 July 7.05 September 7.10 October 7.15 November 7.20 December 7.24 per unit.
Liverpool reports cotton spot demand firm and higher prices with American grades leading. Sales total 6000 bales, receipts 22000 with 1500 American. Futures steady with July at 7.05 and 7.08 for July. Six women set to marry in Canada recently sailed from Liverpool on the same liner.
Bids for Grand Street Lee Avenue and Jackson Street paving total 262188.50 with James and Company and Meyer Greenwald competing. Grand Street bids run 31193? to 31166.90 for Grand, Lee Avenue 112401.15 to 115,856.50, Jackson Street 127,375.24 to 130,344.00. Specs call for sheet asphalt on all sections. The group represents one of Monroe's largest paving awards, with 18 000 feet of paving across 3.5 miles 36 feet wide and neutral ground on Lee Avenue for streetcar use.
The Municipal Boys Band enjoyed a boat ride and picnic on the Ouachita River yesterday as guests of Fred Stovall. The group traveled about fifteen miles upriver aboard the Minnie Lee, a vessel of the Stovall river fleet.
Clyde Forbis 27 of Blytheville was found dead in a local hotel room. A coroner's verdict attributed death to poisoning by unknown dope, with funeral services planned for today.
Poultry alive totals include 3 cars 27 trucks with fowls 20 springs 32 broilers 22 roosters 14 turkeys 18 spring ducks 18 20 and spring geese 20.
Ouachita parish police jury, split previously over leadership, moved to unify on road graveling. Ward nine sought three quarters mile gravel for Cypress school road as parish work. others opposed adding to the annual gravel allotment. Road surveys ordered, Red Cat road for Ward Eight and Montgomery Avenue for Ward Five graveling approved. Committee to oversee private subdivision roads to be formed. fire and ambulance right of way granted. Bridges washed out in high water to be repaired with plan for creosote plant discussed. Two disabled former highway workers to be rehired for light duties.
Tom Lee, manager of the Hotel Kersh cafe, married Miss Billie Phillips of Muskogee Okla on June 16. The couple will spend their honeymoon in Kansas City and return to Monroe to reside in July.
New York prepares a grand noon welcome for Rear Admiral Richard E. Byrd and his Antarctic expedition team after sixteen months away. A harbor parade, thirteen-gun salute, and Broadway procession are planned, with Virginia Governor Harry F. Byrd and other officials attending.
In Darelene Idaho June 18 testimony in the Wallace bootlegger case shows education in the mining town funded largely by fines on bootleggers gambling den operators and resort proprietors. City clerk L L Leighty testified that about half the money sought by government funded the school district. Indicted include Mayor Herman J Rossi former Mayor W H Herrick ex Sheriff R E Weniger and Police Chief J W Bailey.
In Los Angeles on June 18 the Otto Sanhuber trial nears its close as prosecutors say they will rest their case. Roy H Klumb testifies that Mrs Oesterreich hinted at a lover who might kill her husband and that Sanhuber lived in the attic near the couple. Klumb also says Mrs Oesterreich handed him a gun to discard.
The Monroe Kiwanig club hosts a ladies night at Ki-Ro-Li Boy Scout camp at 6 o clock this evening. The event replaces the regular Wednesday noon luncheon.
Resolution urges legislature to approve toll free bridges paved highways and farmers roads funded without new taxes. It calls for cross party support and asks sending copies to legislative leaders and press to aid unemployment relief and economic stability.
The McComb Enterprise edited by J. O. Emmerich received the National Editorial association prize for greatest community service. The paper highlighted nine major projects including municipal government reform, state line to protect cattle, public health units, a full time chamber of commerce, and a bus tax. Other entries won various honors while nine projects marked the paper’s standout year.
Captain L. V. Cooley reports it took 11 hours for the Ouachita to cover 30 miles against the Red River current. The vessel arrived from New Orleans with freight and passengers and will depart tonight for Camden, returning Monday for a Legion excursion.
In New York on June 18 the stock market slid to near autumn panic lows as major shares dropped. Total trading totaled about 6.4 million shares, only eclipsed this year by May 5 when 8 million shares changed hands.
Washington reports no decision on continuing the 1 percent income tax cut granted for 1929 incomes into 1930. A 122 million surplus is now offset by 150 million in farm board expenditures and 75 million for a new soldiers pension bill. If kept, the reduction would cut revenue by 160 million, split over two years, potentially raising rates beyond 1928 levels. Officials expect but do not predict continuation.
Washington June 18 Income tax payments for the second quarter of 1929 incomes reached the treasury in the millions with a Monday total of 26 583 494 63. The 1930 fiscal year total rose to 1 968 546 855 up 119 000 000 from a year ago. Customs receipts climbed to 2 498 208 and miscellaneous internal revenue to 27 189 089 with miscellaneous receipts at 9 113 361. Total year receipts stood at 3 527 626 000 versus 3 410 990 000 a year earlier.
New Orleans June 18 E G Durbin a farmer near Holden Livingston parish was arraigned yesterday before a U S commissioner on a federal peonage charge The government says Durbin threatened James Wilson a indebted black laborer to keep him on the farm to labor off the debt Durbin bonded for trial pending proceedings
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