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Newspaper
Tucson Daily Citizen
Location
Tucson, Arizona, United States of America
Date
Jun 28, 1957
Page
22
Stocks higher in steels and motors with gains across sectors. Bonds mixed as governments decline while commodities show varied movement. Cotton and oats mix gains and declines. wheat and corn rise on rains and crop damage. Soybeans rally on heavy rainfall while hogs fall 25 to 50 cents. Cattle remains steady.
The Arizona Supreme Court sets a middle ground on insurer duties balancing company and client interests. It rules insurers need not post bond or pay judgments pending appeal, orders a new trial limiting damages to the sold laundry value, and preserves the case for Henderson of Tucson against Farmers Insurance.
A Tucson attorney warned that part of the Arizona Supreme Court ruling on insurance company liabilities leaves the insured unprotected if the company appeals a judgment. Norman Herring, representing George Henderson, said the decision protects insurers more than insureds and questioned the effect on bonds and sheriff sales. He cited Henderson's $4,000 laundry sale as worth up to $28,000 in value and argued a key code provision would be nullified by the ruling.
New York traders saw wool futures end unchanged to fractionally lower with July and December contracts listed around 159.5 to 152.0 cents per pound. Certificated wool spot and wool tops prices drifted with mixed bids and nominal quotes reflecting subdued demand.
A 21-year-old Tucson woman, Margaret M. Quintela of 338 S. Convent Ave., is in poor condition at Pima County Hospital with possible fractures after a one car crash on the Nogales Highway. Passenger in Edward M. Corral's 1950 sedan, Quintela suffered vertebrae and left forearm injuries when the vehicle overturned after leaving the road. Corral, 26, of 225 E. Michigan St., said he lost control while heading north about 15 miles from Tucson. No citations were issued.
Deputies search for two young men after their car overturned at the W Speedway and the Freeway. They leaped from the wreck and headed west toward the Santa Cruz river. Blood in the vehicle suggested one may be injured as officers investigated the crash.
The House passed a $1.675 billion omnibus housing bill with no debate by voice vote. It combines Senate and House housing measures and now goes to the Senate for consideration.
Butter is steady with receipts at 2,019,000 and wholesale prices unchanged. Eggs remain about steady with buyers buying 65 percent or better and current receipts at 26. Prices list various grades for butter and eggs with small differentials.
Dividends declared on a rate period stock at record date payable details appear in the New York bulletin dated June 27. The notice lists the stock and payment timing but lacks full figures in this fragment.
Cotton futures were mostly lower as profit taking followed a seasonal high, with losses extending to nearly 1 for a bale before partial rebound from short covering. Old crop July held steady and hit a new season high amid scale up liquidation and hedging.
Nonferrous metal prices quoted in New York describe copper at 29.29 cents per pound, lead at 14 cents, zinc at 10.5 cents, and tin at 97.5 cents per pound with foreign silver at 90.5 cents per troy ounce. Prices are listed for regional markets including Connecticut Valley, New York, and East St. Louis.
West Germany will not promise to renounce atomic weapons to the Soviet Union. Bonn says no current possession or request for A-weapons, awaiting outcomes of the London UN disarmament talks. Kremlin calls Bonn position campaign propaganda as Strauss says outcome will decide if West Germany arms.
New York stock market stayed higher late in the day though off its best as steels and motors led a rally. Key prices included Youngstown Sheet at 10514, Lukens Steel at 12114, Goodyear 8814, Chrysler 7614, GM 43, American Telephone 17344, Du Pont 19244, General Electric 6814, Illinois Central 53, Southern Railway 41, Texas Company 71.
Cattle and calves mixed with steady to lower tones in Los Angeles Denver and Kansas City areas. Hogs and sheep mostly steady with limited sales. Chicago notes varied hog prices and steady slaughter cattle with strong spring lambs and mixed weights across several markets.
Chicago Board of Trade figures show old and new wheat contracts dipping and rising through July to December while corn and oats trade narrow ranges. Rye lags with steady to higher prints. lard edges up in July and September with varied futures across months.
Arizona Livestock market brief notes indirect signs of trade in slaughter steers and heifers from feedlots. Several loads of heifers and calves are listed with few details, including two loads of choice 500 lb heifers at 23.00 and three loads 725 lb at 22.50 through late July.
Foreign exchange rates in New York on June 2 show the Canadian dollar at a 4 15/16 premium or 104.934 U S cents, and various European and Latin American currencies with small changes. Specifics include the British pound around 2.7938 dollars, Deutsche mark 23.80, Swiss franc 2.94, and Hong Kong dollar 17.60, all listed with minor daily moves.
Standard Mortgage Co located at 1068 North Campbell Avenue lists J Lee Gentry as manager. The ad includes a contact code EA 7 153 with unknown meaning.
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