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Newspaper
Phoenix Gazette
Location
Phoenix, Arizona, United States of America
Date
Oct 11, 1949
Page
33
Chicago trade closes with wheat modestly higher amid profit taking while corn slips and soybeans gain on strong demand. Lard firm on Army purchases and a firmer hog market, with December prices for wheat at 2.12, corn around 1.18, soybeans about 2.34, and lard near 11.47 per hundredweight.
In New York on Oct 11 the bond market saw higher fees and stronger turnover as trading gained momentum. Several issues rose up to two points while others eased, with Pacific Railroad bonds and 1965 and 1982 series notes among notable gainers. some issues faced declines, and overall activity remained sluggish in revenues amid mixed price moves.
Copper futures closed 20 to 25 higher in New York, with March at 14.35 and May at 14.30 as 5 contracts traded. Zinc futures remained unchanged, with March at 9.25 Bid as 4 contracts sold in brisk but steady activity.
The Association of National Advertisers says rising competition will push some advertisers to raise budgets for 1950, while most keep budgets near 1949 levels. Expenditures this year are seen near the 4.8 billion dollar record set in 1948.
New York stocks rose to fresh yearly highs in active trading led by rails and motors. Volume reached about 1.5 million shares. General Motors Studebaker Northern Pacific Lion Oil Allied Chemical Westinghouse posted new high prices as the market again climbed, with rails and motors turning positive early and holding gains through the session.
Dun and Bradstreet reports total business failures at 182 for the week ended October 6, up from 181 last week. Retail failures dropped to 78, wholesale to 20, and manufacturing bankruptcies rose to 49 while other groups showed increases. More concerns failed than a year ago across all lines.
Cattle salable totals at Los Angeles and Kansas City show steady to firm tone with feeders and cows varying by class. Hog and sheep bids move, with hogs around 18 to 21 dollars in major markets and sheep markets slow or unsteady, several lots selling to feed lots or at higher bids in different regions.
Foreign exchange rates listed for global currencies with figures in dollars and cents. Highlights include Great Britain pound near 2.80 dollars and various futures, plus Argentina Brazil Mexico rates with small changes noted.
Los Angeles reports mixed poultry and egg price activity with cartons for large eggs at 62 to 66 cents, medium eggs unsettled. Live poultry receipts show 37 trucks, broilers unchanged outside at 26 to 30 cents per pound, and overall prices steady with a minor cent decrease in some categories.
In Minneapolis on October 11, flax market reports No. 1 grade at 3.65 to 3.85 dollars per bushel, reflecting early trade levels and standard price range for the commodity.
Washington reports that a speedy settlement of the steel and coal strikes could spark a new economic rally in late 1949. Despite high savings and strong income, consumer spending is already dampened by labor strife. Analysts warn prolonged shutdowns in steel and coal threaten production in autos, refrigerators, steam power, and electricity, risking a buyer's market with broader damage.
Financial and commodity markets across the United States will be closed on Wednesday October 12 Columbus Day. The Department of Agriculture will issue various livestock reports.
The Agriculture Department estimates this year’s corn crop at 3.476 billion bushels, down 48.8 million from last month’s forecast and below last year’s record of 3.651 billion. Wheat production is placed at 1.126 billion bushels, down 2.86 million from last month, with winter wheat at 894.874 million and spring wheat at 231.352 million.
The Gas Appliance Manufacturers Association reports August gas range shipments totaled 187000 units, up 64 percent from July. It notes August sales usually exceed July, with last year’s rise at 21 percent and the prewar average at 23 percent.
The Arizona Corporation Commission today set October 24 as the rehearing date for Mountain States Telephone and Telegraph Company. The case concerns an application to increase telephone rates and future charges for customers.
New York reports weaker wool futures and tops trading amid ongoing auctions. Estimated wool sales reach 120,000 pounds with futures showing modest gains and spot certificates firm. Legal notice: C E Stores Inc plans a bulk sale of stock in trade at 14 North Point Avenue Phoenix on October 17 1949 with creditor claims to be presented to the Department of Eppeste Arizona. J Teens seal acts as corporate officer witness Henry Steuer notes commission expiration.
New York Oct 11 Hilton Hotels Corporation is negotiating to buy the Waldorf Astoria. The plan would involve about 366,380 shares at roughly $16 a share, totaling nearly $6 million, depending on a final agreement.
New York Oct. 11 Nearly 60 percent of 25 recently adopted industrial pension plans are contributory. A National Industrial Conference Board survey of 1,500,000 workers shows plans underwritten with group annuity contracts are usually joint contributory about 75 percent, while self-administered trusteed plans on an actuarial basis with irrevocable trusts are mainly non contributory at 52.5 percent. The board notes the share of contributory plans varies by industry, but most industrial groups require employee contributions.
Cotton futures held firm in New York as trade and commission houses bought on hedge liquidations. The market avoided declines despite a half million bale rise in the government October crop estimate for 1949 and support from near term October delivery. Outlook tied to parity loan policy and Washington sentiment.
Turpentine totals show 38 percent and 320 offerings and sales with 220 receipts 20 shipments and 14 303 stocks. The Savannah Naval Stores Exchange is due tomorrow for Columbus Day holiday observance.
Boston Oct 11 AP America's top retailers are more hopeful this fall than earlier in the year. They cite a pickup in business despite a lingering slack, expect prices to ease slowly, and foresee competition on quality and salesmanship boosting volumes. Some plan modest imports amid currency shifts as a Harvard professor critiques antitrust balance.
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