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Newspaper
Phoenix Gazette
Location
Phoenix, Arizona, United States of America
Date
Dec 28, 1949
Page
25
New York date notes high level steelmaking operating at 85 to 95 percent capacity will persist into March. Iron Age reports current week at 85.5 percent and cites auto industry optimism, public works plans, utilities buying, road building, housing, and office building prospects as reasons for sustained output.
James S. Kemper, chairman of Lumbermen's Mutual Casualty, warns in a year-end statement that disability insurance moves toward a complete state monopoly. He notes many states enact non-occupational disability laws allowing private or state carriers, but a strong trend favors state-controlled funds, seen as a socialist victory and threat.
New Orleans strong on December 27 1949 report notes price fluctuations in the cotton market narrowed versus 1948. Futures volume dropped sharply while Dec 8 average rose to 30.11 cents per pound from 32.29 the prior year. Highs reached 33.47 in April with lows at 24.90 in June as parity and government loan factors shaped a volatile year. The year ended with prices firming and a mixed outlook as Congress settled a two parity formula farm bill. The New Orleans Cotton Exchange noted futures trading down about 50 percent for the year ending Oct 31 with 18,664,750 bales traded versus 38,162,100 prior year.
The stock market steadied after a downturn with minor moves across shares. New York Central rose a fraction to 11 after reporting sharp November net income growth, though eleven month earnings lagged the 1948 period. several major names advanced while others declined.
New York reports cotton futures opening 10 to 25 cents per bale lower with active contracts showing declines. At midmorning, prices for March, May, and July futures were each 25 to 35 cents lower than the prior close, reflecting broad weakness in the market.
Five models from Buick’s 1950 line go on display at Arizona Automobile Company in Phoenix to introduce new styles and price points. The lineup includes the four-door and six-passenger sedans in Super Roadmaster and Special series, with prices ranging from 2111.85 to 3876.10 plus tax, highlighting larger glass and tapered fenders.
Chicago December 28 AP Corn futures rose on very light country receipts of 24 cars with two CCC-owned cars. Oats held firm with corn, wheat firm after early weakness, soybeans mixed then firmer. Soybean oil purchases and government buys cited. Traders anticipate possible corn allotments from the Agriculture Department amid a weekly rise in total visible supply.
Hollywood reports singer Ginny Simms practicing lullabies after becoming mother to her second son yesterday. Her husband Hyatt Dehn, an architect, and she already have son David, age 3. The Dehns wed in July 1945.
Mobile set a record high for December 27 as the temperature rose to 76 degrees yesterday. The previous record was 73 degrees, set in 1942 and tied in 1946.
Nash-Kelvinator reports net earnings of 26,229,930 dollars or 6.04 dollars a share for the year ended September 30, down from 20,132,954 dollars or 34.63 dollars a share in fiscal 1948.
Federal Trade Commission economist Dr. Corwin D. Edwards called a proposed pricing standards offer by the American Iron and Steel Institute and nearly 100 steel producers loose vague and easily evaded. Acceptance would end the price fixing prosecution against the steel industry, which previously used a basing point system outlawed by a Supreme Court cement decision.
In New York on December 28, the American Iron and Steel Institute reported mills would run at 93.1 percent of capacity this week, manufacturing about 1,716,300 tons. This follows last week’s 94.5 percent and 1,724,100 tons, with year-ago figures at 97.3 percent and 1,753,800 tons.
CHICAGO Dec 28 AP Sears Roebuck and Company released its mid winter sale catalogue with price cuts as high as 36 percent from the prior Fall and Winter general catalogue.
In New York dec 28 AP small price changes favored the minus side as bonds extended yesterday’s slow decline. Medium and low priced railroad issues slid with the downward drift mirroring softer stocks and November revenue and profit outlooks. Notable price movements included Baltimore and Ohio 5s and Northern West Shore 4s amid reduced trading and general market lethargy.
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