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Newspaper
Tucson Daily Citizen
Location
Tucson, Arizona, United States of America
Date
May 08, 1940
Page
13
Market figures show closing averages from Dow Jones and Co with leaders in industrials rails and utilities. Bond prices are listed alongside the major indices as of the latest session.
Copper steady at 11.12 percent and 11.50 export FAS NY. tin stable at 47.62 spot and 47.25 forward. lead firm at 5.00-5.05 New York and 4.85 East St. Louis. zinc steady at 5.75 East St. Louis forward. quicksilver 171.00-173.00. pig iron aluminum antimony platinum Chinese wolframite and domestic scheelite unchanged.
Los Angeles on May 8 reports butter receipts at 101000 pounds, cheese 47600 pounds, eggs in cases, bulk butter 0.27, candled large 0.20, candled medium 0.17, candled smalls to be added per market listings.
Salable hogs 10 000, total 14 500, opened 10 higher but closed slow with gains partly lost. Hogs around 10 higher on bulk, top 6.10, weights 180 270 lbs 5.80 6.00, 270 350 lbs 5.50 5.85, sows 10 higher 400 550 lbs 4.75 5.10, light weights up to 5.25 5.40. Cattle salable 8 000, calves 1 000, steers up to 11.90, many loads 11.25 11.50, large run 10.25 11.00, killers 8.00 8.75, heifers steady to 10.50, cows light supply, bulls weak to 15 lower, vealers firm 11.00 11.50. Sheep salable 1 500, total 5 500, lambs barely steady, woolskins 10.25, clippers 9.00 9.25, California springers 11.25 11.35, fat sheep scarce mostly steady.
Hogs with 400 head salable steady to strong versus Tuesday's average. Sows 4.50 to 4.75, medium to good packing. Cattle 600 salable with steady to firm demand for steers, Californias and Arizona fed goods around 9.40 to 9.65 for steers. Calves 200 salable with grass vealers at 12.00 and medium to good calves 10.50. Sheep 300 salable with steady tone, springers up to 9.60 and feeders around 5.50 to 6.50.
Hogs total and salable 2 500 with most 10 to 15 higher than Tuesday average. sows scarce and stock pigs 4 85 down. Cattle total 1 600 salable 1 500 with fed steers and yearlings a bit active and steady to higher. stockers and feeders weak. Sheep total 7 500 salable 6 500 no early action, undertone steady to weak.
Rising tendencies centered on steels and aviation with some specialties. Major leaders showed apathy as gains were limited and many stocks closed down slightly. Bethlehem Steel hit new yearly highs while U S Steel Boeing United Aircraft Eastern Air Lines American Airlines Amer ican Smelting Loft Bendix Lockheed Eastman Kodak advanced intraday. General Motors posted best April consumer sales since 1937. Newmont Mining rose after a 100 percent stock dividend. NY Shipbuilding won bids for two light cruisers. Transfers around 700000 shares.
In Chicago on May 8 wheat advanced to gains over a cent while corn climbed nearly 2 cents to the highest since 1937. European tensions with Britain in crisis and rumors of a UK purchase of U S corn spurred unease among traders and late covering. Wheat finished up about a half to a cent and a half, with May at 1.06 1.06 and July around 1.05 to 1.04.
A brief item notes the potential introduction of American compacts into Belgium, signaling possible changes in policy or international agreements. The report highlights interest from officials and mentions the broader context of postwar European adaptation.
United States Steel Corp has registered with the SEC a $75,000,000 issue of serial debentures due 1940 to 1955 offered at 100 with varying coupon rates. The plan splits into thirty $2,500,000 bundles paid semiannually. Shorter terms likely carry under 1 percent. Proceeds refinance $95,140,000 3 1/2 percent debentures due 1948 expected to be called at 103 by July 15.
Continental Diamond Fibre earned about 35 cents on common in March quarter versus four cents previously. Celotex April quarter earnings may offset a $194,865 net loss in January period. Aero Supply midyear sales and earnings are forecast to exceed 1939 full year results. United Electric Coal Companies appear headed for best earnings in a decade during the July 31 fiscal year.
Eastern Air Lines reports business for the first four months of 1940 up 60 percent from the same period in 1939. Douglas says unfilled orders total about 110 million dollars, not counting the Allied order exceeding 75 million. Martin plans to demo a puncture proof airplane fuel tank next week.
Curtis Publishing stockholders will vote on July 2 on a recapitalization proposal that would issue new $4 preferred stock 3 percent debentures and common stock to present holders of $7 preferred.
The American Chicle Company announces an extra 1.25 dollar and regular 1 dollar dividend on its common stock, payable June 15 to holders of record June 1. A similar pair was paid last June 15.
May 8 report notes unfavorable weekly weather offset by beneficial rains in Texas and Oklahoma. Gains in securities and grains lift Wall Street late while softer overseas markets and sterling declines trigger Bombay commission house selling. Futures close mixed with minor gains east and declines west.
In New York on May 8 the bar silver price remained at 34 percent, unchanged from the prior quote, indicating steady demand and market conditions.
Vatican pilgrims including 41 French children heard Pope Pius XII condemn a world poisoned by lies and war while Italy watches Balkan moves and the Chamberlain government. Virginio Gayda says Italy will stay in peace with the Balkans as Il Messaggero criticizes Allied reports and troop reinforcements on the Yugoslav frontier are denied.
In London reports, Prime Minister Chamberlain confirms he will lead the war effort until victory. He cites his age of seventy one yet says his strength remains, signaling he will stay on despite questions of succession.
London observers report Prime Minister Chamberlain granting Winston Churchill day to day oversight of military operations. Churchill will work directly with army navy and air force chiefs, signaling a shift in wartime command. Some see it as a possible fresh start for the Allies with Chamberlain remaining as a stabilizing influence.
In Parliament Prime Minister confronts critics as he accepts a labor challenge amid calls for support. Eden warns of a harsh, long war and the need to marshal all resources. Butler cites Denmark aims, while Strabolgi faults Norway handling and Chamberlain’s complacency.
Navy A Loudon, minister to the United States, was appointed to act as general paymaster for all Dutch officials abroad in emergency. A spokes man at the legation warned we will fight if invaded. Bernard Baruch and James W. Gerard urged strong defense and warned of a potential German, Italian, Russian, or Japanese advance into the hemisphere. Gerard said Latin America encroachments would threaten the United States and discussed meetings with President Roosevelt. The defense push backed by Secretary Edison aims to boost the fleet by 11 percent while opponents press for a larger air force. Senate foes vow to resist the navy expansion, favoring air power, and three air corps officers were assigned to Allied capitals with two to London and one to Paris.
Three Mexican guard cutters patrol the coasts of the Lower California peninsula. No reason given for the patrol, but observers think it guards against illegal fishing in Mexican waters. Guard cutter G-22 sails to reinforce Guadalupe Island garrison in the Pacific.
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