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Newspaper
Phoenix Gazette
Location
Phoenix, Arizona, United States of America
Date
Dec 28, 1949
Page
34
New York December 28 AP High level steelmaking operations at 85 to 95 percent capacity will continue through March says the Iron Age weekly. Current week output sits at 85.5 percent. The forecast notes auto makers are optimistic and cites public works plans utilities buying housing and road programs as signs of ongoing demand.
Figures show New York Stock Exchange prices for Zenith Radl 2 and Zonite Pro, with sales totals for previous day, week, and year. The data includes yearly comparisons, dividends, and payment estimates, noting cash or stock options and last year figures in a condensed tabular form.
New York market closes at a fresh 1949 high as railroad shares lead gains. Volume nears 1.6 million, with New York Central and Pennsylvania Railroad among leaders. Western Union and Union Pacific post notable advances amid optimism around Pennsylvania R.A. earnings. Franklin projects 1949 net income near 19 million. November income for N Y Central rises, but year to date remains below 1948.
Federal Trade Commission economist Dr Corwin D Edwards called the steel industry bid to adopt pricing standards loose vague and easily evaded He urged the FTC not to accept a consent order drafted by the American Iron and Steel Institute and nearly 100 steel producers The offer would end the price fixing prosecution against the industry The basing point system previously used for delivered prices across areas was ruled out by a Supreme Court decision in cement cases
A slight drop in steel output is expected this week as operations in a few plants closed on Christmas Day. The American Iron & Steel Institute estimates mills will run at 93.1 percent capacity, producing about 1,716,300 tons. Last week 94.5 percent and 1,724,100 tons. a month ago 87.7 percent and 1,616,800. a year ago 97.3 percent and 1,753,800.
New York copper futures finish higher with 18 contracts traded as May at 15.40. Tarbes Aid copper contracts show quiet activity with 20 contracts. zinc markets also mixed with March near 9.80 and September around 9.945.
The Associated Press reports commodity index trends with figures from 1949 and earlier years. Data show daily and monthly levels with highs and lows, including references to averages and historical baselines for comparison.
In New York on December 28, cottonseed oil futures climbed as prices advanced. The market showed a modest gain driven by demand signals and trading activity, with traders noting a cautious tone amid holiday-market conditions.
The Nash-Kelvinator convention releases earnings totaling 26,229,930 dollars for the fiscal year, with a reported 4.04 dollars per share. The release notes results through December 28, as provided by AP.
John C. Brennan vice president of Great Atlantic and Pacific Tea Company warned at the American Marketing Association Conference that the government anti trust suit against A and P could end the company. He argued it would dismantle processing and buying affiliates and dissolve seven retail divisions. He claimed the action aims to enforce a new economic policy deterring competition.
Chicago futures opened firm then slipped as liquidation hit grains with little demand. corn held better aided by export talk while soybeans sank over 2 cents at times. Government buying of soybean oil and dwindling wheat news weighed on sentiment. visible corn and wheat supplies shifted slightly lower, with traders eyeing potential corn allotments.
Local grain market quotes show No 2 white or red wheat at 3.70 to 3.75 per cwt No 2 western barley at 2.70 to 2.76 No 2 yellow corn at 2.81 to 2.85 No 2 mile at 2.60 to 2.62 oats at 3.25 to 3.28 reflecting yesterday’s levels. Prices listed for bulk 100 weight and other barley oats and corn variations noted.
Notations from Phoenix show bids and percent figures for banks and firms including First National Bank, National Bank, Edison Inc, Central Ariz L and P, Tucson Gas, Arizona Flour Mills, Goldwaters Incorporated, and Southwest Lumber Mills with percentages ranging from 18 to 73 percent.
Foreign exchange rates as of December 28 show Britain in dollars and other currencies in cents. Canadian dollar parret at discount. Great Britain pound unchanged. European francs and lira inching. Sweden krona and Swiss franc posted with minor changes. Latin American currencies Argentina Brazil Mexico all listed as unchanged.
Columbia University marketing professor Paul H. Nystrom questioned whether the nation can sustain a self balanced, surplus producing economy under a 40 hour five day week. He warned the policy has never been proved or measured and could reduce sales by shortening customer exposure and production need.
Cotton futures drifted lower in slow trading amid scattered hedging and New Orleans selling absorbed by mill buying and short covering. Quiet textile markets and lack of interest kept futures steady with a 12 to 25 point mid-December parity rise expected by some, while December parity stood around 29.76 cents.
New York December 28 The bond market held a narrow range as rail issues led modest gains but failed to steer the session. Delaware and Hudson 4s traded around 96 up a fraction, Manati Sugar 7s rose to 89, while Missouri Pacific group and American Telephone list trended lower. Long-term Treasuries saw light activity and over‑the‑counter trading remained slow.
New York traders see wool and wool futures ease on profit taking ahead of year end. Spot sales of wool tops estimated around 70,000 pounds, with futures slipping to around 173.08 in March and 169.08 for May. Certificated wool tops quoted at about 177.0N to 177.0N.
Los Angeles reports wholesale price moves with Grade A medium butter at 67 to 69 cents, Grade A 66 to 68, Grade B 66. Eggs remain firm at 38 to 85 cents per dozen, with small 2 cent shifts noted. Poultry and toaster notes indicate minor fluctuations and a general price firming trend.
Arizona Automobile Company displays five 1950 Buick models in the Special and higher series to introduce the line. W. Burns announces reductions on Roadmaster and Super models with top price $3,876.10 plus tax. Roadmaster estate wagon now $4,176.10 before cut. The Special three passenger business coupe starts at $2,111.85 plus tax. Buick offers 19 models with distinct body styles and modern styling features.
Business bankruptcies rose to 196 in the week ended December 22 from 161 the prior week, per Dun and Bradstreet. Failures with liabilities of 5000 or more increased to 154 from 124, while the lake week of 1948 saw 116 failures.
Goodyear Tire and Rubber Company announced a minimum 5 percent price increase on tires to automobile and truck manufacturers, effective January 1, due to higher labor and material costs not reflected in current prices. Earlier, two 3 percent raises on replacement tires were implemented by major producers. Industry sources estimate about 25 million of 66 million passenger car tires made in 1949 will be used on new cars.
Market notes from Los Angeles, Kansas City and Chicago show cattle, calves, hogs, and sheep trading with varied steady to uneven moves. Key figures include steers 21.00-26.00, calves 24.00-28.00, hogs 15.75-16.00, cows 11.50-18.00, and vealers near 25.00-25.50, with different regions reporting differing demand and weights.
Turpentine offerings and receipts gather modest gains as shipments and stocks are reported with a 10.43 percent rise in the latest market updates. Prices and trade activity remain active among producers and distributors in the regional market.
Arizona Plymouth dealers and press previewed the 1950 model in the Fiesta Room of Hotel Westward Ho with a public display set for Jan 12. Bruce K. Steele cited rising real purchasing power and a large pool of potential buyers as supporting a strong selling drive, noting 14 million cars over 10 years old remain in service. He urged organized, intelligent selling to tap a revived auto market.
Chevrolet will publicly unveil its 1950 model automobiles on January 7 with automatic transmissions as optional equipment. Promoting the new cars will be the broadest in Chevrolet history, with details released January 6. The company has over a quarter of a million unfilled orders.
Andrew Fletcher of St Joseph Lead Co says the lead shortage is over and producers must seek aggressive selling. He blames foreign imports for a price drop from 21.4 to 12 cents per pound, noting 1949 imports at 400,000 tons driven by dollar exchange needs of foreign countries.
In Cincinnati on December 28 AP reports Procter and Gamble announced a 4 percent cut in wholesale prices for household soaps. The move lowers shortening prices by 5 percent. Kroger Company spokesman says savings reach about 2 cents per unit and up to 3 cents per pound for consumers.
James S Kemper, chairman of Lumbermen's Mutuel Casualty Company, warns at year end that disability insurance developments push toward a complete state insurance bureaucracy. He cites laws expanding non-occupational disability coverage and a shift from private to state monopoly financing, calling it a socialistic threat.
New York report shows the Dur' and Bradstreet wholesale food price index falling one cent from last week to 5.72. It sits 7.9 percent below the year ago level of 6.21 and remains 2.7 percent above the year's low of 5.57 and 6.5 percent below the year's high of 6.12.
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