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Newspaper
Tucson Daily Citizen
Location
Tucson, Arizona, United States of America
Date
Jun 13, 1958
Page
24
Coffee market report from New York shows futures inching lower across contracts. May and July positions traded near 8 cent declines while various nearby notes such as Sep and Dec shifted, with quotations and nominal adjustments noted for Santos Bourbons Seat 4800-4950A and related parcels.
Sugar futures in New York show modest gains and losses across contracts amid a choppy session. Declines appear in nearby months while several distant maturities hold firmer levels, with notable activity in June and Sep contracts and broader world sugar futures references noted for context.
Webb & Knapp purchased the Clarkdale Smelter and 3,500 acres in the Clarkdale area. William Zeckendorf Jr. confirmed the sale but did not disclose the price. The buyer acquired the property from Verde Valley Industries, which earlier bought the townsite and smelter from Verde Valley Industries after ownership had passed from Phelps Dodge.
Stocks higher as advances continue while bonds stay mixed and corporates rise. Commodities edge lower in cotton and wheat, with corn and oats mainly down amid rains. Soybeans slide on light liquidation. Hog prices rise 25 to 50 cents, top $24. Cattle see light slaughter steer receipts, peak $26.50 as Dow Jones final averages close.
MacGREGOR Market Letter argues gold price rises are unlikely and notes a large but not unprecedented outflow of monetary gold from the U S stockpile since February. It traces postwar gold movement, FRB production index changes, and Dow trends, with the June 11 write up.
In a June 1958 snapshot, gold inflows and outflows show little impact on production or stocks. The era’s biggest outflow ran 1950–1951, with concurrent rises in production and the stock market. Inventories hint at nearing lows, while steel orders seek immediate shipments. Analysts from Guaranty Trust describe a clearer recovery pattern. Paul H. MacGregor and E. F. Hutton & Co. provide the commentary.
Cotton futures weakened after early steadiness as broad selling hit the market. Reports claimed the Mouse Agriculture committee approved the cotton section of the omnibus farm bill aimed at expanding acreage and reducing support prices. Offers were absorbed as scale down trade buying kept prices from collapsing. By late afternoon, July at 46.00, October 35. and December around 42.
New York June 13 foreign exchange rates show Canada at a 0.87 percent premium of 187 US cents, various European currencies mostly unchanged. Great Britain pounds and euro/dollar futures listed with minor fluctuations, Latin American and Asian currencies also reported.
Los Angeles markets report slow cleanup trade with utility range cows at 14.25 to 19.00 and dairy cows 14.50 to 19.00 while bulls fetch 22.75 to 23.50. Chicago notes varied cattle and hog prices with several weight brackets and limited slaughter data. Denver, Kansas City, and other regions report mixed steady to higher hogs and limited sheep sales, with no broad market test for cattle or lambs.
METALS NEW YORK JUNE 13 Spot non ferrous metal prices to copper 55 26 cents a pound Connecticut Valley Lead 10 cents per pound New York Zinc 10 cents a pound East St Louis Tin cents per pound New York Foreign silver 88 cents per troy ounce New York
In Phoenix Union High Schools College District a new AFL-CIO local is bargaining for teachers for the first time. About 20 percent of the district’s 600 teachers are members, with 300 asking the union to bargain. Previously the district’s Classroom Teachers Assn and the Arizona Education Assn handled negotiations.
New York markets surged to fresh highs not seen since mid September with broad gains across industries. Du Pont Eastman Kodak and rail shares led, while oils and consumer issues like Lorillard U S Tobacco and American Can rose strongly amid better weekly economic signals and higher trading volume.
City Hall received nine letters today urging passage of a city sales tax by ordinance. The City Council plans to vote on the ordinance at Monday’s regular meeting. most authors favored the ordinance method though one did not specify a preferred enactment method.
June 12 report notes dividends declared with rate period and payable details for the stock on the record date.
The Sanitary District No 1 of Pima County Arizona invites sealed bids by 2:15 p.m. June 23 1958 for salvage operations at a land site east Broadway near Pantano Wash Tucson. Bidders must provide per ton and per unit prices for cans cardboard paper bottles glass and metals and arrange mobile receiving units. Contracts run to June 30 1959 with district right to reject bids and waive informalities.
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