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Newspaper
Monroe News Star
Location
Monroe, Louisiana, United States of America
Date
Jun 28, 1928
Page
9
RSEANS June 28 market opened quiet then rallied as weather and crop prospects dampened demand. By afternoon prices advanced to new season highs with October and December contracts around 22.25 and 22.26, up 43 to 56 points from early lows. Exports for the day reached 4,586 bales. spot cotton closed 38 points higher.
Advancing cotton prices push to new highs after early declines. Realizing trades absorbed on the downside while offerings stay light, active months climb sharp in the afternoon. First private report shows crop condition at 67.6 versus 8.9 a month earlier with futures closing 31 to 37 points higher. Spot middling steadies at 23.00.
In New Orleans on June 28 the cotton seed oil market closed firm with prices noted for multiple contracts. Prime summer yellow at 9.80, prime crude at 8.87 1-2 with 9.00, and futures ranging from January at 10.20 to December at 10.20.
Liverpool reports cotton demand uptick with higher prices across grades. American good middling and higher show gains while sales reach 000 bales, including 7 800 American. Receipts total 8 000, futures closed steady with July at 11 81 and other months around 11.5.
Cotton Letter shows a rise above $2 a bale during today’s activity with most gains held by session end. The market benefited from showery forecasts and private condition figures, while liquidation and initial bulges faded as prices climbed to new high records for new crop positions. Rain fell across much of the northern belt including Alabama Georgia and the Carolinas with more rain predicted elsewhere. Private bureau reports a June loss of 1.2 points and a condition index near 67.6. The outlook remains bullish as speculation broadens and values trend higher.
Trading lacked uniformity but the market rose overall. Call money at 7.5 percent, highest since 1921, reduced buying and spurred profit taking in some leaders. General Motors rose over 3 points on rumored large purchases by Raskob and allies of Governor Smith. Case Threshing and Warren Bros gained. others like American Encaustic Tiling and DuPont edged higher while several issues slipped after selling.
In Chicago trading the harvest area southwest of the region brought higher wheat values early. Wheat No. 2 hard around 1.41 3-4. Corn No. 2 mixed near 1.05 to 1.05 1-2, oats No. 2 white 67 to 71, rye and barley quoted with slight activity. provisions declined.
Hogs 30,000, market uneven mostly steady with Wednesday's average. Top 10.75 paid for 200-250 lb hogs. Cattle 7,500 with calves 3,000. active trade strong to 2i higher on most killing classes. Sheep 16,000, ready undertone, slaughter lambs improved. lambs good and choice 92 lbs down 15.25 16.90.
New York June 28 call money firm with high 71-2 and low 7, ruling rate 71-2 and closing bid 7. Time loans firm with mixed collateral 60 90 days and 4 6 months. Prime mercantile paper 43-4. Bankers acceptances unchanged.
Chicago market note shows butter prices at 11,850 tubs with creamery grades extra 43.5 and standard 42.5, extra firsts 42.0, first 41.5, and choice 38.5. Eggs unchanged at 15,956.
Liberty bonds closed with varied results as Liberty 3 1 2 100.8, Liberty 1st 4 1-4s 10110, Liberty 3rd 4 1-4s 100.1, Liberty 4th 4 1-4s 101.18, and Treasury 45 at 108.14. The report from New York by Associated Press lists bond prices for the day.
Dr. C. H. Mosely told police a Hudson sedan was stolen from its parking spot near the Riverside sanitarium on the night of June 26.
Poultry market report from Chicago June 28 shows steady balance with rising hen prices. Receipts include 4 cars with poultry categories: fowls 24, broilers 29, springs 34, spring ducks 20 26, spring geese 22.
The Louisiana house approved a bill prohibiting gambling within five miles of Lake Charles High School. The measure shifts authority from courts to police to determine who receives mothers pension aid. The bill, backed by Representative S. O. Shattuck and the district attorney, passed 67 to 14.
F. J. Bonner returns to his parents at 211 North Fifth Street from Boston Massachusetts after enlisting in the United States Navy on June 26 1926. After two months at Hampton Roads Virginia he was assigned to the USS Raleigh and now holds the rate of Seaman First Class. He reports satisfaction with naval life and notes many travel and education opportunities in the service.
The report quotes several speakers including Cone Johnson of Texas and Clifford Walker of Georgia as part of continued coverage of Democratic efforts to win the White House.
Byron Price reports from Sam Houston Hall in Houston on June 28 as the Prohibition tangle unsettles in committee and the Democratic National Convention nears its close with ongoing debate and decisions shaping the party’s path.
The Democratic National Convention in Houston refrained from final action as nominating speeches continued into the night. Governor Albert C. Ritchie and others praised Alfred E. Smith, while Missouri and Nebraska supporters clashed with Reed backers in a raucous parade.
Princess Odescalchi of Hungary formerly Virginia Glass of Chicago asks court to rename Patricia Glass to Patricia Deuell aligning with her father who changed his name to Deuell and plans to make the girl his heiress.
Captain Bonita Shivers assumes active charge at the Monroe Salvation Army unit after Captain Poebe Smith departs for Fort Smith Ark. Shivers arrived from New Orleans where she led No 1 corps for nine months. Lieutenant Lucille Riddle joins from Atlanta Ga to assist in Monroe.
Senator Pomerene of Ohio Jesse Jones of Texas Senator Harrison of Mississippi and Huston Thompson of Colorado form the anti Smith bloc while most pledge to the leader. Robinson of Arkansas leads the Democratic Senate caucus and is seen as securing near nomination. Rumors say Arkansas man boosted by religious equality stance in inaugural amid large Smith crowd.
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