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Newspaper
Tucson Daily Citizen
Location
Tucson, Arizona, United States of America
Date
Jun 03, 1957
Page
29
Today's market closes with stocks lower across most major indices. Bonds and corporate issues fall while commodities trend uneven with grains and livestock showing mixed movement and the Dow Jones final averages summarized.
The Supreme Court ruled Du Pont illegally controlled GM stock in a 4-2 decision, sending the case back to Chicago for relief proceedings. The ruling clarifies that any acquisition of stock by one firm may violate anti trust laws if it risks restraining trade or creating a monopoly, even without direct competition.
Phoenix cattle traders report direct Arizona feedlot sales moderate to slow over the weekend with steady prices. Loads include low choice steers 850-900 lb at 23.00, 950 lb at 22.50, crossbreds at 20.00, low choice 970 lb heifers 22.50, and high choice 1125-1200 lb steers at 36.00 to 39.00 depending on weight and grade.
Cattle and hog markets show varied moves with Los Angeles selling 4300 cattle and calves steady to higher in parts, Chicago and Denver reports mixed, Kansas City noting higher fed cattle with steady cows and bulls, lambs strong to slightly higher. Sums indicate strong demand for select grades and limited feeder availability across regions.
Japanese salvagers raise the Naruto Maru, an 8000 ton submarine mother ship found largely intact in Rabaul harbor New Guinea. Divers found human bones in the flooded engine room and the ship will be towed to Hong Kong for scrapping.
Bisbee rancher Albert Thomas faces a manslaughter conviction appeal tomorrow before Superior Judge Frank Thomas. The case stems from the fatal shooting of neighbor Frank O. Crane on November 30, with Thomas’ wife Elinora acquitted. Sentencing is scheduled alongside the appeal.
Cotton futures firm as heavy southwest rains delay crop prep and planting. Traders expect little farm legislation change this year, boosting July and October positions. Cert stocks drop 1,084 bales to 10,503. Late quotes: July 35.20, October 34.47, December 4.45. closes up 15 cents to 1.55.
Spot non ferrous metals listed with prices in New York and Connecticut Valley. Copper 30 to 32 cents per pound. Lead 15 cents per pound. Zinc 1.6? cents per pound. Tin 98 to 99 cents per pound. Foreign 90 percent at cents per troy ounce.
Washington IP Robert D Allred, a 29 year old former Army flight instructor, pushes a national air youth training plan. He argues teens need affordable flying lessons and government backing to build future pilots, but says Congress and officials have not acted. He plans continued outreach and a possible educational film to persuade lawmakers.
The piece argues against optimism in airlines citing an 83.2 percent earnings drop in Q1 1957 versus 1956 and cites the jet order costs of $1.07 billion. It projects strong growth in personal consumption and GNP by 1966, notes rising capital needs, and highlights optimistic steel industry forecasts from leaders like Fairless Adams Gray and White. Written May 28.
County inactive funds totaling 2.5 million for 1957-58 were deposited in Tucson banks. The Southern Arizona Bank & Trust Co. receives 54.5 percent, Valley National Bank 37 percent, and Bank of Douglas 8.5 percent. Interest up to one percent is paid.
SAN FRANCISCO The State Industrial Welfare Commission raised the minimum wage for women and minors to one dollar an hour, effective October 1. The move affects about 1.5 million women and an unknown number of minors, with some already earning the higher rate under federal law for interstate firms. Commission Chairman Dan Koshland opposed the increase along with one employer member. two labor members and Neutral Eleanor Hewlett supported it.
The Supreme Court ruled that federal courts may compel employers to honor arbitration clauses in collective bargaining agreements even when state law would differ. The decision clarifies enforcement across many union-management contracts that require arbitration for grievances during the contract term.
In Belgrade a special building for gifts to President Tito on his birthday needs enlarging due to overwhelming donations. The presents include Egyptian filigree work, Indian ivory miniatures, and weapons used in Yugoslavia’s liberation from Germany.
Chicago reports butter and eggs prices steady with wholesale buying prices unchanged. Butter receipts reach 1,445,000 with grade breakdowns listed. eggs receipts total 154,000 with mixes and standards noted and percentage quality figures indicated.
June 3 market report shows Canada at 4 11/16 premium or 104.681 U S cents, pound at 2.791 32 dollars, various futures up modestly, plus misc Europe Latin and Far East rates. Subtle shifts seen across currencies including Deutsche mark 23.80 and Hong Kong dollar 17.60.
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