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Newspaper
Southern Illinoisan
Location
Carbondale, Illinois, United States of America
Date
Dec 11, 1960
Page
27
The stock market last week defied recession talk with the heaviest turnover since June end. Boeing’s $350 million jet airliners deal boosted gains while blue chips firmed. The British bank rate cut to a lower level and a rise in U.S. gold holdings supported sentiment amid ongoing balance-of-payments concerns.
Rising unemployment darkens the economy as the Labor Department reports joblessness rising in 51 areas, with substantial unemployment in 32 prior and new centers including Corberthut Indiana Washington Okla West Virginia and California. Principal cutbacks hit steel aircraft aluminum and durable goods. Dow Jones rose to 2010 average, AP average up to 217.80, volume 18 14 875 shares.
U S bond prices rose last week amid a continuing business slowdown with forecasts it may persist through mid 1961. Treasury securities rallied while corporates remained firm. stock averages rose slightly on demand for new issues and insurers. Analysts noted mixed signals from industry and consumer spending, with December car sales and Christmas buying activity uncertain.
The week’s livestock and grain futures show mixed moves with hogs, beans, and wheat at varied levels. Cattle and dairy products display price ranges with steady to lower tones across grades, while bean and soy markets reveal subdued activity and volume around 2,500 bushels.
Chicago grain futures rose across most contracts in a generally bullish week with old crop wheat and soybeans leading gains. December wheat up nearly five cents. December corn higher to around 1.04. oats and rye show smaller moves while soybeans rise about 1.5 to 3 cents. Trading volume remained good as bearish sentiment faded and cash offerings slackened.
Washington reports an Agriculture Department study showing marketing margins hit new highs last year for pork beef and lamb. Pork margins rose 41 percent from 19 to 29.59 cents per dollar and beef margins up 57 percent while lamb margins grew 45 percent as costs of marketing services increased.
Weekly market summary for hogs cattle and sheep in Chicago shows barrows and gilts under 220 lbs up 25 to 50 cents while heavier weights fall 25 to 75 cents, sows down 50 cents to 1.00. Cattle slaughter steer prices steady to 25 lower, cows 25 to 75 lower, bulls steady. prime loads and choice steers reported with varied weights and prices. Sheep and lamb values are mixed with slaughter lambs around 17.50 to 18.00 and ewes at 5.00 to 6.00, with wrangling bid and ask ranges noted.
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