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Newspaper
Tucson Daily Citizen
Location
Tucson, Arizona, United States of America
Date
Jun 18, 1956
Page
24
Stocks mixed as trading remains quiet with bonds steady and duties varied. Cotton and corn show hedging and rain impacts while soybeans fall sharply as July contract weakens and hogs and cattle edge lower in preliminary close.
The cotton textile market was easier with mills cutting prices on print cloths and broadcloths. 45 inch print cloth declined to about 16 1/2 cents per yard on spot sales while wool goods showed dull activity with small rayon taftas and seating orders reported at delivery.
Chicago Mercantile Exchange notes butter prices steady for wholesale and receipts at 24,500. AA score 58.75 and 92 A 58.75 shown. core 90 B 56.78 with 29 C weak. Prices for wholesale products vary, dirties at 31.28 and checks 30.00, current receipts 32.50.
New York stocks closed lower in quiet trading after a session marked by irregularity. Major issues edged down with Kennecott Copper 1% lower at 124 1/4, Gulf Oil down 2% at 120, U S Steel off 1% at 57, Chrysler 1% lower at 63 1/2, and Cosden Petroleum down 1% at 44. Volume was about 1.4 million shares, down from Friday. Rubber stocks rose slightly while oils and other divisions mixed. The market showed little total change despite some intra-day activity.
The City Council approved a $1,350 sale of about 9,000 square feet north of 10th Street on Mountain Avenue to the First Church of the Nazarene for church parking. A proposal to buy a 30 foot strip on South Alvernon Way was rejected. The vote followed a dust proofing ordinance delay and noncontiguity with the church property. The council also approved $23,500.97 for water mains in City Parkside, with savings from salvaged pipe. An extension for FE P Hunziker waterworks work was granted to June 15. The council deferred ASME inspection plans for Austad Steel pending city manager input.
A moose wandered into New Liskeard Ontario drawing dogs, cars, and police. Mrs. Caron Plaunt slammed her door to scare it off as bystanders pursued the animal through a baseball game before it headed for the hills.
Chancellor Konrad Adenauer announced a direct approach to the Soviet Union and the western Big Three on German unity. He said the foreign office is one and will send a note to the Soviet, American, British and French governments, timing to be discussed with the powers. He spoke after a seven day U S tour. Foreign Minister Brentano said Germans have cast their lot with the West and a reunified Germany will belong to a European security system.
In Winslow a 40 year old man Elmer Hadley of Waterfield California is critically burned after a motel cabin gas explosion. Police say Hadley planned to die by lying on the gas flame and lighting a cigarette when the blast occurred. He rolled outside and bystanders doused the flames.
Cotton futures and spot prices moved irregularly as the CCC sold 1,567 27% bales of export cotton on June 12 with light offerings. Early declines eased into modest gains as trade buying and New Orleans demand supported futures and late-day prices rose.
Funeral services for Jonathan Gordon mining consultant who lived in Tombstone since 1883 will be held at 4 p.m. tomorrow at St. Paul’s Episcopal Church. He owned the San Juan zinc mines in the Dragoon Mountains and is survived by two sons, Marvene Gordon of Fort Huachuca and Dugald Gordon of St. Clair Shores, Michigan.
Robert Patterson & Co investment bankers won the bid for Maricopa County School District No. 25 bonds totaling 150000 dollars at a net interest cost of 3,283 per cent. The district lies southwest of Phoenix. The bonds to the public yield 2.50 to 3.25 per cent and mature from July 1 195% to July 1 1976 inclusive.
Former President Harry S. Truman jokes he will not accept an Oxford honorary Doctor of Law in Latin. He notes his schooling was limited and recalls arriving in Britain with a leg ailment from carrying luggage. The Trumans begin a 10 day European visit hosted by Queen Elizabeth II and Prime Minister Eden.
Chicago markets show soybeans slipping as July futures briefly touched the daily limit amid broader grain weakness after weekend Midwest rains. Oats, corn, and wheat also declined, pressured by hedge activity and weaker soybean oil, with July soybeans trading down to about 2.95 and lard futures easing.
A handful of railroad and industrial issues moved higher in light trading. Soo Line 4s rose fractionally by one point, with Delaware & Hudson 4s Missouri Pacific 4s and Northern Pacific 4s and Scott Paper 3s advancing slightly. Falls were seen in Standard Oil products Bethlehem Steel and Cities Service. Treasury obligations edged up in OTC trading while long-range bonds held steady. Pacific Power & Light plans a 341550 share offering for stockholders of record July 11 at a one-for-ten basis.
Spot nonferrous metal prices quoted in New York Connecticut Valley and other markets ranged from 13 to 46 cents per pound with East St. Louis at 95 and foreign 90 cents per troy ounce. The report notes prices in New York and nationwide movements for the day.
Currency markets report New York opening rates for major currencies. British pound trades around 2.90 dollars with futures near 2.90, while several European and Latin American currencies show stability with small variations unchanged. Hong Kong dollar listed at 17.0.
Livestock prices show hogs down about 50 with lighter weights 75 lower in Chicago. Cattle at Chicago and Kansas City mostly steady to lower with bulls up, cows down. Hogs in Kansas City also lower, sheep prices easing with prime lambs and ewes noted.
The Chevelon Canyon blaze in Sitgreaves National Forest was contained after devastating 20 800 acres. Two other major fires remained threats in Southeastern Arizona.
Market commentary notes a strong base after June 8 downturn caused by Eisenhower hospitalization. Industrials held above May 28 lows as leaders Chrysler GM Ford show sound bases. Signs point to higher activity later in autumn, with easing loans and road programs aiding construction. Closing Dow at 487.08.
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