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Newspaper
Tucson Daily Citizen
Location
Tucson, Arizona, United States of America
Date
May 20, 1940
Page
10
The Associated Press notes closing stock averages supplied by Dow Jones & Co through E F Hutton. Industrials sit around 122.4, rails about 23.6, utilities near 19.2, bonds close to prior levels. The summary indicates Saturday and Monday figures with small changes and minor shifts in the major indices.
In New York on May 20 the free sterling and Canadian dollar gained over recent lows as market faith in Allied resistance against the Nazi offensive grew. Dealings stayed light awaiting clearer overseas news. Swiss franc eased slightly while listed rates across major currencies fluctuated with numerous quotations and nominal figures.
May 20 report lists butter 138400 pounds, cheese 61800 pounds, eggs 1280 cases. Butter bulk .27% candled large eggs .20% mediums .17% smalls .15% market prices reflect the readout.
Hogs total 4625 with 4500 salable and prices largely 25 to 30 lower than Friday. Cattle 5500 total, calves 1100, slow trade for fed steers and yearlings with early bids down. Sheep 9900 total, 9000 salable, opening steady with spring lambs 10.75 to 11.00 and native clippers 8.75 to 9.00. Continuous market tone across hogs cattle and sheep.
Chicago and Los Angeles livestock markets show mixed demand and varied price shifts. Hogs in Chicago mostly steady to down a few cents with tops around 5.90 to 5.95 for lighter loads. cattle and calves weaken on medium to heavy offerings while bulls hold at 7.15. sheep firm on best lambs but general lull persists. In Los Angeles hogs show 900 head sold with steady to 10 cent declines. steers hold or rise modestly, calves and cows mix, lambs slower with most declines limited to light ewes.
On May 20 New York trading showed reduced war worry as steel and stock leaders rose 1 to 3 points before resistance. The day featured light turnover around 1.2 million shares and a choppy close with recoveries fading. Despite doubt over northern France, sentiment improved due to views the market was oversold and optimism about rearmament.
Financial briefs from Dahlberg Durand Co report Bohn Aluminum and Brass may post net profit for six months ended June 30 between 850000 and 740090 dollars, equal to 1.85 to 2.10 dollars per common share. This compares with 299613 dollars or 85 cents per share for the 1939 period.
Kimberly-Clark announces an extra dividend of 25 cents and a regular quarterly dividend of 25 cents on common stock, both payable July 1 to stockholders of record as of June 12.
Loaded cars handled gross revenues for the Pennsylvania Railroad in April are estimated at about 34.3 million dollars. This compares with 29,393,148 dollars in April 1939, up 16.7 percent, and with 35,722,506 dollars in March.
Paramount Pictures, Inc. declares a 15 cent per share common dividend and quarterly 1.50 on first preferred and 15 cent on second preferred, payable July 1. Record dates are June 10 for common and June 14 for preferred. An initial common dividend was paid last July.
Pan American Airways reports a stronger overall first quarter 1940 versus 1939 and plans a new Pacific coast to Australia service this summer. The company also intends to expand service on several Latin American routes.
Cotton futures rebounded today as offerings remained scarce and demand strengthened. Active buying and short covering supported gains despite a Liverpool trading suspension, with July and other contracts showing notable advances. Middling spot prices hovered near 9.91 cents.
Copper holds steady with Conn Valley at 11.37?4-50 export FAS NY 11.37?14. Tin remains at 54.00 spot and near by 51.75 forward. Lead trades 5.00-5.05 spot New York with 4.85 at East St. Louis. Zinc steady at East St. Louis forward 5.75. Pig iron No 2 FOB Eastern Pennsylvania 24.00 Buffalo 23.00 Alabama 19.38. Virgin aluminum 99 percent 19.00. Quicksilver 185.00-187.00. Platinum pure 38.00. Chinese wolframite duty paid 22.50-24.00. Domestic scheelite 22.00.
The piece argues the 1918 German push aimed at channel ports like Calais to threaten England, risking a rapid invasion. It notes Allied countermeasures under Foch, fears of a renewed blockade, and the need to prevent Germans from severing British and Belgian lines with France. It highlights dire Allied defense in Belgium against a widening German advance.
Last week's sharp wheat price drop reversed with gains up to nearly 8 cents a bushel as officials moved to curb the decline. Exchange leaders, at the request of Agriculture Secretary Wallace, set Saturday’s closes as new minimums for trading and the government announced the 1940 crop loan rate would average 64 cents a bushel, about a penny higher than last year.
J. D. McClintock has severed ties with Mammoth-St. Anthony Ltd and St Anthony Mining and Development in Mammoth Arizona. He had worked with late Foster S. Naething and managed properties in Yavapai County, with prior mining experience in Mexico and California. He plans to resume private consulting from Tucson.
The Alabama conservation department says fatal hunting accidents fell by 47 percent in the 1939 40 season statewide. No details on locations or individuals are provided.
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