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Newspaper
Phoenix Gazette
Location
Phoenix, Arizona, United States of America
Date
Feb 27, 1950
Page
34
On the Chicago Board of Trade Feb 27 the market turned after an initial steady start. New crop March wheat deliveries sank slightly below the prior close, with deferred contracts sliding about two cents and failing to muster a meaningful rally.
Cotton futures were irregular in moderately active trading in New York led by commission house buying of new crop months. Gains extended beyond $1 a bale before profit taking and hedging. old crop deliveries lagged under March liquidation. New season highs set for October forward, with parities eyed for a potential smaller crop under acreage controls.
Wheat rises to a new seasonal peak of 2.22 percent in early dealings while other cereals slip. Visible wheat supply falls 1.226 million bushels to 169.349 million. corn rises 438,000 to 44.335 million. oats drop 199,000 to 12.464 million. rye down 76,000 to 7.756 million. barley down 111,000 to 23.449 million. soybeans off 320,000 to 11.362 million.
New York bonds edge to even gains as rail issues show mixed moves in late trading. Missouri Pacific bonds led activity with notable fractions of gains, while Baltimore and Ohio and other carriers slipped. Coal crisis stalemate and bleak January earnings dampened sentiment. only a few corporate deals scheduled with a total of about 21 million dollars in certificates and bonds.
New York February 27 PT. Up reports today s custom smelters prices for delivered metals in cents per pound. Valley Topper Co export FAS New York 18 percent, Lake delivered common price around 12 to 10.47 cents per pound with St Louis and foreign delivery noted.
The Associated Press notes the weighted wholesale price index for 35 commodities shows figures such as 161.25 with prior 61.57 and weekly 161.09 as well as monthly 160.29 and yearly 167.57. Historical series reference 1949-50 and earlier years with 1926 average set at 100.
Legal ad sets a hearing date and meeting location in the Water Users Building Phoenix Arizona with the United States Bureau of Reclamation. It notes the chairman L C McManus and the date February 24 1950. The notice references renebilization and by laws of the association and is witnessed by Griswold.
The records show Western Union Telegraph Co posting a $5,260,235 profit from estate sales, Denver and Rio Grande Western Railways net January income at $20,231, and S.S. Kresge Company reporting 1949 net income of $18,087,317 with $3.28 per share. Other firms like American Home Products, Davennert Heelery Millis, Peoples Gas Light and Coke, and Easy Washing Machine Corp list varied yearly profits and per share figures.
Los Angeles market notes show varied egg prices by grade from AA to B, with large and medium sizes cited. Butter, eggs receipts, and dairy items listed with cents per pound or per dozen, while poultry items include broilers, fryers, capons, hens, and rabbits with scattered price ranges and unsettled receipts.
In New York on February 27 the wool tops and wool futures eased as hedging and profit taking dominated trading. Australian cables reported Sydney Wool Auction firm with buyers favored, general competition at the sale. Estimated top sales and futures closed modestly lower with July wool futures down about a cent and other months easing. Spot top prices cited around 179.5 to 179.0, with nominal quotes for nearby months.
In New York on February 27, prompt oil closed March at 14.42, contract yu 14.15, Sept 13.96 and Dec 13, with November figures not provided. The brief price movements indicate modest declines across the listed contracts.
Turpentine offerings and sale details appeared in Savannah on February 27, with references to shipments and prices amid broader market activity. The brief item notes entir 43 and 497 figures among the trading terms, indicating a structured sale event.
Foreign exchange rates in New York on February 27 show the Canadian dollar at 89. S. cents, with slight changes in other currencies. Pound and Italian rates are listed with minor movements, and Switzerland and Sweden quotes are provided. Latin American currencies including Argentina are also noted with small shifts in value.
In New York on February 27 AP reports a waiting day in stocks with moderate turnover about 1.3 million shares. Trading held steady as coal strike negotiations dominated attention after a week of calm, while major groups showed mixed moves including rails fluctuating, steels and motors near unchanged, oils edging up, and aircrafts displaying strength with Douglas rising over 2 points at times.
Western and midwest trading reports show cattle salable in the thousands, with bids mostly steady to higher in some grades. Hogs strong in Chicago and Kansas City with active demand, while sheep and lambs vary, vealers steady, calves limited. Prices include fed steers 22-26, heifers 20-27, cows 14-19, hogs 15-17.25, lambs 24-26, with regional figures from Los Angeles, Kansas City, and Chicago.
Pittsburgh area plants face drastic curtailments as United States Steel and Carnegie-Illinois reduce operations to about a third capacity. Nationwide coal shortages idle hundreds of thousands, with widespread layoffs and rising tensions as miners threaten action and pickets.
Internal Revenue Bureau reports January receipts fell 214,935,339 year over year to 3,464,664,093. Declines hit individual and corporate income taxes, while liquor, tobacco, excise and miscellaneous taxes rose. Retail sales tax receipts dropped about seven percent as Truman contemplates halves to offset losses.
Senator Elmer Thomas of Oklahoma argued Eastern senators seek to depress farm prices as the Senate closed in on a vote on potato price supports and cotton acreage allotments. He condemned an amendment by Senator John J. Williams to reduce government price supports for cotton and wheat, noting current parity at 90 percent for 1950 and explaining parity as a measure of farmers purchasing power.
Hoboken Feb 27 AP stockholders of United States Steel Corporation overwhelmingly approved employee pensions and insurance.
Standard copper futures closed unchanged with seven contracts traded. March and July prices steady while September shows little movement. Zinc futures closed quietly with March at 9.40 bid and May weaker. Lead was unchanged amid sparse activity with no sales reported.
Mercado de heno en Los Angeles reporta cotizaciones por tonelada para entrega al contado. Se detallan precios de heno No 3 y otros grados, con variaciones según calidad y procedencia.
The CAB hearing starts midweek on the Pan American World Airways AOA merger. President Truman will decide whether Pan Am can buy American Overseas Airlines for 17.45 million dollars and if TWA gains access to London and Frankfurt airports. The fight centers on monopoly risks, route control, and subsidies.
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