Cotton Market Summary Shows Gains and Steady Close
Cotton buying rose in the last hour while the market finished steady with net advances of 22 to 30 points. Futures closed 22 to 80 points higher, spot middling prices around 13.95.
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Newspaper
Monroe News Star
Location
Monroe, Louisiana, United States of America
Date
Jun 19, 1930
Page
10
Cotton buying rose in the last hour while the market finished steady with net advances of 22 to 30 points. Futures closed 22 to 80 points higher, spot middling prices around 13.95.
New York reports mixed trading as Liverpool prices gain 20 to 85 points before partial profit taking. Daily action keeps futures steady with Oct contracts around 23.14 and July near 13.48 to 13.71 region so far. Spots end at 13.10, up 36 points.
New Orleans reports show strong cables and trade buying lifting cotton about 1.5 dollars per bale for new crop months and a bit more for July. Liverpool spinners and London buyers on this side signal a shift in price outlook with European demand ahead of harvest.
In New Orleans on June 19 the cotton seed oil market closed steady with prices listed for prime summer yellow and prime crude grades. Futures for several months show values from 6.50 to 7.22 across January through December contracts.
Chicago market notes show butter at 8695 unsettled with creamery extras 32 standards 221 1 2 extra firsts 30 1 2 and firsts 28 1 2 29 1 2 plus seconds 26 27 1 2. Eggs recorded at 13032 steady with various grades: extra firsts 23 1 2 2 3, fresh graded firsts 22 1 2 23, current receipts 21 22, storage packed firsts 233 4 and storage packed extras 241 2.
Liverpool jotting shows cotton spot in fair demand with higher prices. American grades listed. sales total 5,000 bales with 2,000 American. Receipts 4,000. Futures close steady with July 7.24 and other months around 7.06 to 7.26.
The stock market snapped back in lightly traded volume after liquidation fears ease. Gains were broad across sectors with notable increases in Case, Allied Chemical, Ingersoll Rand, Westinghouse Electric, American Tobacco, Eastman, Foster Wheeler, Electric Power and Light, and others. U.S. Steel, General Electric, Radio, and American Telephone rose modestly as late gains widened, with total volume near 8.7 million shares.
Stocks rise for American Telephone by over six points while bonds stay uneven. Curb leaders gain 2 to 6 points as foreign exchanges show irregular activity with the Spanish peseta up 16. Commodities list cotton firm on stronger trade demand, sugar steady, coffee weak from new crop offerings, and grains mixed with wheat steady on export demand and corn pressured by poor regional crop reports. Cattle hold firm while hogs ease to lower.
Chicago grain prices opened steady to up, with wheat and corn showing gains as Liverpool quotations strengthened and stock market rallies supported buying. Wheat closed firm near yesterday, gains to 8 8c, corn up to 7 8c, oats and provisions mixed with modest advances and declines.
A dense ledger of closing stock prices lists numerous companies led by Allied Chemical American Dye American Car and Foundry American Tobacco Bethlehem Steel Canadian Pacific Chicago Great Western Consolidated Gas Continental Oil Du Pont General Electric General Motors National Petroleum and other securities. Prices vary, with values ranging across dozens of firms including Reading Co and Pullman.
Livestock prices in Chicago show hogs at 31 000 head with direct 11 000. butchers steady to lower. Cattle and calves total 7 000 with best fed steers around 12.00 and slaughter class steers 10.00 to 12.50. Sheep 10 000 with native lambs 12.00 to 12.25 and fat ewes 3.00 to 3.50, lambs 11.50 to 12.50 for good to choice.
New Orleans June 19 sharp but uneven price shifts across vegetables fruits and onions. Peppers cucumbers and cabbage mixed, okra steady at 3.00, Louisiana sweet corn 1.00 per 100 ears, tomatoes 25-60 cents per 30 pound box, Florida watermelons around 60-65 cents per melon, best peaches 3.00-3.50 per bushel, apples 3.15-3.65 per box. Wednesday shipments: 14 peppers 8 mixed vegetables 4 cucumbers 2 carrots 2 cabbage.
New York call money held steady at 2 1 2 percent all day. Time loans eased with 30 day rates at 2 1 2 2 3 4 percent and longer terms at 2 3 4 to 3 1 4 1 2 percent. Prime commercial paper at 3 1 2 percent and bankers acceptances unchanged.
Chicago June 19 Potatoes on track 158 total U S shipments 899 steady trading fair southern sacked Bliss Triumphs best 2 75 to 8 00 ordinary 2 25 to 2 65 Arkansas and Oklahoma sacked Irish cobblers 2 55 to 2 65 North Carolina varieties 4 65 to 5 10
The committee reviewed a measure to protect naval petroleum reserves from private drilling on adjoining lands. It would allow purchase of private holdings within a reserve by cash or exchange and let joint drilling on boundary lines share proceeds to avoid offset wells.
New York June 19 report shows irregular foreign exchange rates with Great Britain at 4.8658 in dollars and 1. in cents, France 3.92816, Italy 5.2312, Belgium 13.9412, Germany 23.8312, Norway 26.75, Spain 11.8412, Greece 1.2938, Brazil 11.35, Tokyo 45.45, Shanghai 36.8712, Montreal 100.00.
Chairman Hawley of the House Ways and Means Committee announced that action on his resolution to limit cigar imports in shipments of less than 300 has been postponed until the next session.
In Hanford California Mrs. Nerle Fitting triggered the arrest of John Sorder after a car collision with a man. The court will determine if her behavior while driving was justifiable under the circumstances.
Mobile Alabama June 19 authorities pursue Harold H Schroeder presumed alive after two letters found with a raincoat worn by a hitchhiker and a burned body near Indianapolis May 31. Investigators seek missing southern high school students tied to the coat marked S A H S S and check St Andrews School Nashville Tennessee for clues.
United Press reports 27 dead from storms and a tidal wave. Seven killed by a sudden rain and electrical storm in Southern England. Twenty sailors drowned after an earthquake in New Guinea triggered a tidal wave. Notable death: Walter Holbein struck by lightning near Ascot Royal Box as King George and Queen Mary watched. Three drowned near Manchester.
Policeman R. J. Goza is asked by the Monroe Welfare association to translate a Spanish letter from relatives of a Genoa Texas family seeking support. The husband is paralyzed and his father is too old to work. the welfare group has been aiding them and now relies on Goza to interpret the translated message.
Arkansas authorities continued the hunt for Frank S. Green charged with holding up Ora A. Ash in Hot Springs. Green, said to be with his wife, is wanted in Missouri on several charges and has prior prison terms in Jefferson City Missouri and McAlister Oklahoma.
Major General Frank T. Hines director of the veterans bureau in Washington and Congressman John E Rankin of Mississippi join the Disabled American Veterans convention in New Orleans this weekend. The gathering opens Sunday with several thousand veterans expected from across the nation.
R. Axline of Chattanooga awoke in a Memphis hotel to find a thief had entered during the night and left with his clothes and a brush and comb. In a separate note, a report mentions Japan cocoons once valued at 3.5 million dollars.
William M Moyle of Charlotte a radio amateur says he has perfected a mechanical-chemical device that eliminates radio static. The Charlotte Observer reports Moyle has received several patent bids for a six inch tubular device.
In Atlanta six defendants face possible death sentences under an old Georgia law if convicted of attempting to incite insurrection. Bond fixed at 33 000 dollars, defense seeks reduction while prosecution remains committed to the death penalty. trial could occur in two weeks if bond not met, or proceed at the September term if bond is posted.
O B Morton vice president of Ouachita National Bank spoke at the Rotary Club meeting in the Hotel Virginia on the relationship of Rotarians to the community. He argued fellowship should be universal and Rotary fosters this spirit. Herbert Rosenheim proposed supporting the Boy Scout troop at the Louisiana Training Institute sponsored by Rotary. No musical program due to the director of music’s absence.
In Wartburg Tennessee John Alley 44 is jailed on a murder charge for killing his cousins Dee Alley and Newt Alley with a shotgun in two incidents. Alley could not post 10000 bond after a Wednesday hearing before Squire Bruce Schubert. Dee died August 6 1929 and Newt June 3 this year. Alley claimed accidental discharge in the first shooting and self defense in the second.
Amsterdam June 19 Two accidents marred an outing of former Kaiser Wilhelm II and his family. A boat exploded and sank on Lake Kaag near Leyden injuring two household members, C. Graefin Lehndorf of Prein and H. Graf Donhoefof Friedenstein, plus a mechanic. The Kaiser and Princess Hermine were aboard another boat aiding victims. The explosion's cause was not explained.
Nashville police and state investigators search for Harold H Shroeder whose death in a burned Indianapolis area car on May 31 is questioned. Mrs Shroeder said a June 6 Nashville letter claims he is all right. Det. Chief Elkin Lewis vows a vigorous investigation to locate him.
A federal jury in New Orleans acquitted 11 men charged with conspiring to steal 5,500 gallons of high grade alcohol from the American Commercial Alcohol distillery at Greta. Four defendants were freed by directed verdict.
Two automobiles caught fire in separate incidents today. A Chevrolet sedan owned by G. M. Maddox on Grand and Plum streets was nearly destroyed after overturning, and Maddox’s car caught fire in a ditch during the incident. A Chrysler sedan owned by Dr. C U Johnston at St Francis sanitarium sustained minor damage from a wiring short.
Net receipts for last year reached about 214.5 million dollars, about 17 million dollars higher than 1928, according to a recent preliminary state report.
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