Newspapers / Wilmington Morning Star (Wilmington, … / June 12, 1940, edition 1 / Page 7
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business outlook inspires strong mart rally ___— ★ __ |T ___ _ _x STEELS, MOTORS, OTHERS ADVANCE PreSs Average Of 60 Stocks Scores Net Advance Of 1,4 Points At 38.4 NEW YORK, June 11—(At—Do tic business prospects over ldowed cloudy war news in to v's stock market and leading Usues rallied one to more than Price”m°ved up from the o#en . „ and attained best levels in the hour, with steels, motors, air ru, coppers, ons and special f / out in front. Light selling at the close shaded top quotations in Trianv cases. The day's recovery more than Ld out yesterday’s relapse on I lonre The associated press ora oe of 60 stocks came back Tr a net advance of 1.4 points at ,84 widest upturn for a single .’ion since Oct. 17. last year. The composite was off 1.2 points ^Dealings were relatively slow the ....ater part of the day, but picked f in the afternoon. Transfers "mounted to 769.890 shares com naied with 971,440 the day before. Technical factors, brokers said, -ided the revival. Short covering ■ the morning, on the theory the market may have been “over sold ” brought modest buying from investment sources. The opinion was expressed by some the recent decline ,--— —r 0f the adverse developments abroad. , , Bullish contingents appeared heartened by the way the market took the announcement of Italy’s -lunge into the European conflict on the side of Germany. A further spur to industry was also seen in lie President’s speech last night in dicating defense spending and aid for ihe Allies would be much big ger than previously contemplated. Sharp expansion in the country’s gold stocks brought a slight touch of inflation psychology to specula tive forces. Prominent share gainers includ ed U. S. Steel, Bethlehem, General Motors, Chrysler, Douglas Air craft. Sperry, Westinghouse, Ana conda. Kennecott, Standard Oil of K. J„ Dow Chemical Allied Chemi cal, American Can, International Harvester, Norfolk Western, American Telephone and Mont gomery Ward. 8 STOCK AVERAGES 30 10 30 eo Indus Rails Util Stks Net change _ a2.2 a.5 a.5 al.4 Tuesdav_- 54.5 13.5 81.4 38.4 Prev. dav 52.3 13.0 SO. 9 37.0 Month ago __ 61.3 15.4 34.0 42.9 Year ago 67.8 18.1 37.7 47.7 3940 high_ 74.3 20.5 40.6 52.2 Dili low 52.3 13.0 80.9 37.0 1939 high _, 77.0 23.8 40.6 53.9 1939 low_ 58.8 15.7 33.7 41.6 60-Stoek Range Since 1927 s 1937-38 1932-36 1927-29 Rich .— 75.3 72.8 157.7 Low .. 33.7 16.9 61.8 What Stocks Did Tue. Mon. Advances_— 520 87 beelines _- 82 681 tnehangee! ____ 95 126 Total Issues -__ 697 794 NEW YORK SUGAR NEW YORK, June 11—(fl—De aand for domestic sugar futures gathered momentum today and prices rose 3 to 5 points. Especially encouraging to buy «-io naa me ucnci action this session would extend the present sugar act through next year, Possibility of buying for European relief distribution was also mentioned as a bullish factor. Sales totaled 19,250 tons. The world list added 1-2 to 2 Points on sales of 2,850 tons; July U7B. Sep. 1.14 1-2B. Most of the demand was predicated on the theory purchases of world sugar must increase, regardless of out come of the war, because of beet cr°P destruction in war areas. Spot sugar declined 2 points in the raw market on a sale of 4,000 tons of Philippines due June 19 at 268 cents a pound. Other business beared offerings at the close. Refined remained at 4.50 cents * pound in eastern territory. No. 3 range follows: High Low Close f'y- 1.84 1.80 1.83B ‘W.—.. 1.90 1.87 1.89B S” .. 1.90 1.87 1.91B y™- 1.94 1.90 1.94B M,y.. 1.96 1.94 1.98B B-Bid. RICHMOND LIVESTOCK RICHMOND, Ya„ June 11.—UP)— SDA)—Hogs: Steady, unchanged. ,otld and choice 180-225 lbs. 5.05-5.25; ,.'120 lbs. 3.25-3.75; 120-140 lbs., 'H50; If0-160 lbs., 4.50-4.80; 160 lbs; 4.80-5.05; 225-250 lbs- 4.55 t1, 250-300 lbs. 4.35-4.85; over 300 ];' 1’3_s' f-20-4.70; sows under 350 ■3-50-4.00; over 350 lbs. 3.00-3.50. 5ijr,tlc: Steady. Medium grade jC(i! tyi)e cows 4.50-5.50; canners f., ’"“Iters 3.50-4.50; weighty grass Vea], 6-00-6.50; lights 5.00-5.50. fermiT Sl°W’ market dull. Most of Umbs in r!n°° down- Good apring ■U|R mediums 8.00-8.50. NEW v'J- C- REPORT York piGRR- June 11—Itf)—New Ported fn!l a ,railroad today re fised rtf Apnl a net deficit after With r,.,r®es„ ot $932,058 compared April, iLdeIicit of $3,016,614 for ended a»,;. ,Tor the four months el M450 C-, 30 there was a deficit 321.287' W ,la?ainst deficit of $7, Jear. ’ lhe similar period last POTATOES t0PS ""changed Une J Closing Bond Quotations (By the Associated Press) Adams Exp _ 6 Adams Millis_16 1_4 Air Reduct__ Alaska .Tun _ 4 i_j A1 Chetn and Dye___141 1.4 Alleghany___ 1_2 Allis Chal Mfg_25 1-2 Am Can _91 Am Car Fdy-23 1-4 Am Coml Alco_ 4 7.3 Am Pow and Lt _ 2 1-2 Am Rad and St s_ 5 1-4 Am Roll Mill_n 1.4 Am Smelt and Ref_36 Am Sug Ref_IS A T and T___ 153 Am Tob B_73 7.3 Anaconda_21 1-4 Arm 111_ 4 i_4 A T and Sf_ 14 7.3 ACL-10 3.4 Atl Ref - 20 3-8 Aviat Corp _ 5 1.3 Baldwin_15 B and O - 3 ].g Bendix Aviat _ 27 5-8 Beth Stl _71 Boeing Airpl_14 3.4 Borden-17 3.g Borg Warner_15 1-4 Briggs Mfg _16 Budd Mfg _ 3 1.2 Budd Wheel _ 4 Bur Add Mach _ 7 5.8 PoIim-waT «« J TT._ — _ — - —-——— <1 0-0 Can Dry -13 3.8 Can Pac _ 3 3.4 Caterpil Trac _ 46 Ches and O_32 5.2 C M St P & P Pf_ 1-8 Chrysler _._ 57 1.3 Coca Cola _105 Colum G & E _ 4 1-2 Coml Credit_ 28 1-4 Coml Solv - S 5-8 Comwlth & Sou__ 13-16 Consol Edison _24 1-8 Con Oil _ 6 1-8 Cont Can-35 1-8 Corn Prod _45 Crtiss Wright_ 7 7-8 Curtiss Wright A __ 25 3-4 Del Lack & W _ 2 7-8 Doug Aire _ 75 Dow Chem _144 Du Pont _ 149 3-4 Eastman Kodak _120 1-2 Elec Auto Lt_29 Elec Pow & Lt__ 3 3-8 Firestone _.... 13 1-4 Freeport Sul_ 28 Gen Elec _ 30 Gen Foods_ 38 3-8 Gen Motors __ 41 3-S Gillette __ 4 1-8 Glidden __ 11 1-2 Goodrich __ 10 5-8 Goodyear____ 13 3-4 Graham Paige _____ 3-4 Gt Nor Ry Pf_18 7-8 Hud Motors ..._....__ 5-8 111 Central_ 6 1-2 Int Nick Can- 22 3-4 Int Harvest ...... — _42 Int Tel && Tel_ 2 1-4 Johns Man __ 45 Kennecott _...__ 27 5-8 Kinney __ 1 1-2 Kroger Groc_27 1-2 Libby O F G1_ - 32 1-2 Ligg & Myers B _- 88 3-4 Loews _24 - MI Lorillard -19 3.4 Louis & Nash _44 1-2 Mack Truck_2i 1-4 McCrory Stores_11 3.8 Mont Ward_36 Murray Corp_ 4 j-8 Nash Kelv_ 4 Nat Biscuit _17 1-2 Nat Cash Reg _10 1-2 Nat Dairy Prod_12 5-8 Nat Dist _17 7.8 National Lead _16 National Pow and Lt_ 5 7-8 New York Central __ 10 No Am Aviation _17 3-4 North Am _16 3-8 Northern Pacific_ 5 1-4 Ohio Oil _ 6 1-8 Otis Elev _31 3-4 Pac G and E _26 1-8 Packard _ 3 3.3 Param Pix _ 4 1-2 Penney J C _73 i_2 Penn Dix _ 2 Penn Railroad _17 Phillips Pet _30 1-4 Pitt Scr and B _ 5 1.2 Public Service N J_ 32 3-4 Pullman -19 3_g Pure Oil _ 7 3.4 Radio _ 4 i_2 Rad K O - 5-8 Remington Rand _ 7 Rep Stl-15 7.8 Keynolds B_33 1-2 Seab A L_ 3-16 Seab Oil _13 1-4 Sears_64 Shell Un _ 7 7-8 Socony Vac_ 8 3-S Sou Pac _ 7 3-8 Sou Ry _ 9 1-4 Sperry - 39 3-4 Std Brands _ 5 1-4 Std Oil Cal __ 19 Std Oil Ind _21 3-4 Std Oil N J_ 35 7-8 Stewart Warner _ 5 3-8 Studebaker_ 6 5-S Swift_19 Tex Corp _36 1-2 Tex Gulf Prod_ 2 3-4 Tex Gulf Sul_ 27 5-S Timken Det Ax_ 22 7-8 Transamer _ 4 3-8 Trans and West Air_14 3-4 Union Carbide _62 1-2 Union Pacific _73 United Aircraft _43 1-4 United Corp _ 1 3-S United Drug -_ 4 United Fruit _63 United Gas Imp -_10 1-4 U S Ind Alco _17 U S Pipe _23 U S Rubber_17 U S Smelt and Ref __41 1-8 U S Steel _48 Vanadium _30 1-2 Va Caro Chem _ 2 1-8 Warner Pic _ 2 Western Union _15 3-4 West Elec and Mfg_85 1-2 Wilson _ 4 1-8 Woolworth _ 30 7-8 Yell T and C _11 3-4 Youngs S and T _30 1-8 Total sales 769,890. CURB Cities Service _ 4 5-8 Colon Dvmt _ 3-4 El Bond and Share_*_ 4 1-8 Gulf Oil _ 27 NEW YORK COTTON NEW YORK, June 11—Wl—Cot ton futures climbed 19 to 29 points today while traders optimistically considered administration pre paredness plans and agricultural policy. Moderate opening losses under foreign selling were soon elimi nated when overseas offerings had been absorbed. Vigorous buying by speculative interests and trade accounts, mo tivated in part by an advancing securities market and price gains in most other commodities, sent the list skipping ahead. A considerable share of buying orders came in for July, which reflected limited offerings and high prices of spot cotton in the south. Bullishly inclined operators ar gued government buying of the staple as part of the defense pro gram might increase domestic con sumption to as high as 9,000,000 bales next season. Such demand, it was reasoned, would go far toward offsetting curtailed exports because of war conditions. Another buying argument was advanced in the belief cotton stored in France was threatened with destruction by the German invasion. In Havre alone, it was estimated, 200,000 bales of cotton were held in warehouses. Worth street reported only minor activity in textiles. Exports Monday 4,719 bales; season so far 6,196,11. Port receipts 3,030. Port stocks 2,521,905. Range follows: 4 New: ^ TTi _.T_ T July _ 9-74 10.12 9.74 10.12 up 29 Oct - 8.58 8.85 8.58 8.85 up 19 Dec — 8.52 8.78 8.52 8.78 up 21 Jan „ 8.56 8.69 8.56 8.69 up-21 Mch . 8.28 8-56 8.28 8.56 up 22 May -- 8.12 8.43 8.12 8.41 up 22 Old: July .. 9.50 9.78 9.49 9.77 up 23 Spot nominal: middling (%-inch) 10.65. dry goods NEW YORK, June 11—Ifll—Dry goods: Rayon—Spot print cloths and sheers sold well. Silk—sales of full fashioned hosiery reported encouraging. Wool buying improved, particularly in men’s wear division; although there were no indications of shortages, pro posed government buying lent a firmer tone throughout the indust ry. Cotton goods — dealers re ported limited demand aside from orders for cotton gauze. 3 PEANUTS SUFFOLK, VA. June 11 — M>l— Peanut quotations: jumbos 3 .60 to 4; bunch 3 1-2 to 3.60; runners 3 3-8 to 3 1-2. Market weak. 3 1 CHICAGO POTATOES CHICAGO, June 11— MB— (U. S. Dept Agr.)—Potatoes, total U. S. shipments 540; arrivals 103; on track 283; new stock, supplies moderate; California long whites demands good, for southern triumphs demand moderate; mar ket slightly stronger; California long whites U. S. No. 1 washed under initial ice 2.25 to 30; U. S. No. 1 under ventilation 2.05 to 25; small to medium size 2.05 to 2.10; U. S. commercials under initial ice 2.10; California bliss triumphs U. S. No. 1 washed under initial ice 2.25, car of 50 lbs cotton bags fair quality 2.50 a hundred weight; U. S. commercials under initial ice 2.05 to 2.20; late Mon day U. S. commercials under ven tilation a few at 2.00; North Caro lina cobblers U. S. No. 1 cars showing heated some spotted sacks sacks 1.80; Mississippi bliss priumphs U. S. No. 1 size B un washed 1.05; late Monday U. S. No. 1 unwashed a few sales at 1.85 to 1.87 1-2; Alabama bliss triumphs U. S. No. 1 at 2.10 to 20: mostly 2.10 a car showing decay spotted sacks 2.00: U. S. No. 1 unwashed 1.85 to 2.00; mostly 2.00: U. S. No. 1 size B washed 1.15 to 250 unwashed a few 1.00; long whites U. S. No. 1 washed a few sales 1.35; Louisiana bliss trium phs U. S. No. 1 unwashed 1.90 to 2.00; U. S. commercials unwashed 1.60 to 75; U. S. No. 1 size b , , „ i . _ _ t nn AU UI • W dollCU A AC W SAX CO UI stock supplies very light, demand very light, market about steady, Washington russet Burbanks U. S. No. 1 a few sales 2.25. 3 NEW ORLEANS COTTON NEW ORLEANS, June 11.—(A3)— Cotton futures advanced slightly more than a dollar a bale today, in fluenced by private bullish crop news and strength in other markets. Closing prices were steady 16 to 21 points net higher. Open High Low Close July „ 9.62 9.88 9.62 9.88 up 21 July (N) 10.07 10.07 10.07 10.13B Oct 8.65 8.90 8.65 8.88 UP 16 Dec ’.I 8.71 8.78 8.67 8.78 up 19 Jan 8.72 8.72 8.72 8.68B Mch 8 32 8.58 8.32 8.58 up 20 May I- 8.19 8.44 8.19 8.43B B-Bid. _• CASH GRAIN CHICAGO, June 11 —tM— No wheat. Corn No. 1 yellow 66 1-4 to 67 1-4. Oats No. 3 white 34; sample grade 34. Barley malting 55 to _60; feed 40 to 48; No. 3, 52. Sov beans No. 3 yellow 80 1-2; No. 4, 79 to 79 1-2; sample grade 76. ( MANY BONDS GAIN IN LATE TRADING Fair Sized Group Of Rails, In dustrials, Utilities Make Fair Advances NEW YORK, June 11.—Mi Bonds made a belated gesture to ward higher prices today after lag ging behind most of the session under the handicap of weak foreign dollar loans. At the close a fair sized group of rails, industrials and utilities had established net gains of fractions to more than a point and some of the heaviest losers in the foreign section recouped part of the day’s losses. U. S. governments were out in front throughout. The turn around followed a bet ter performance in stocks and commodities which was attributed in financial quarters to a calmer view of the European war and fresh appraisal of domestic busi ness prospects. As on Monday, heaviest losers in the foreign section were obliga tions of Italy and some of the South American countries. Argen tine 4s, 4 l-2s and 5s lost 5 to 6 points; Rome 6 l-2s yielded nearly 2 and French 7s were off nearly 5. Japanese 5 l-2s and 6 l-2s were ahead 1 to 2 points. Domestic loans closing higher in cluded Southern Pacific 4 l-2s at 33 1-4, Southern Railway 4s at 45. Republic Steel 4 l-2s at 94 1-4, New York Central 5s at 47 and Alleghany 5s at 31. Unchanged to lower were 'Wal worth 4s, American & Foreign Power 5s, Detroit Edison 4 l-2s and International Telephone 5s. TT C ---x_ __ J _ J 1 oo ^ — ■ “• viiuv-u i-otd tu 10-32 of a point higher. Government bond dealers expressed satisfaction at the reception accorded the trea sury’s new financing operations. Total sales of $4,356,505, par value, compared with $5,709,500 on Mon day. 4 CHICAGO GRAIN CHICAGO, June 1—UP)—A late rally in wheat, spurred on by stock market stretch and increasing re ports of rust affecting the late southwestern crop, drove prices 2 1-2 cents a bushel higher today. Wheat started strong, sagged a bit under profit taking, and then dragged through most of a dull session before the last hour rally brought buying orders into the market. Traders were impressed by a 2 cents a bushel advance in Winnipeg prices, attributed to hea vy flour sales overnight to Great Britain, and by the stock market’s favorable reaction to Italy’s plunge into the war as an active belliger ent. Yesterday official government estimate indicating a much bigger 1940 wheat harvest than was ex pected a month ago seemed to be ignored. The trade was more im pressed with reports of black stem rust in late wheat in the southwest which, if the weather turns off hot following recent rains, may effect the harvest. Wheat closed 2 to 2 1-2 cents higher than yesterday’s ginish at the day’s best levels, July 83 to 83 1-8, September 84 to 84 1-8, corn 1-2 to 3-4 cent up, July 63 3-4, September 62 3-8, oats unchanged to 1-2 cent higher, rye 1 3-8 to 2 cents up, and provisions unchang ed to 17 cents advanced. Pit traders were tense at today’s opening, knowing hardly what to expect. The Winnipeg advances were posted before the initial Chi cago trade was made and the firmer stock opening in New York was already on the tickers. An easier feeling swept over the pits after the start, but trade lagged until the late rally. Corn finished the day at the high est prices noted. Receipts showed more than falling off and were estimated at 87 cars, compared with more than 2nn riniiv l a * + week. Rye spurted with wheat after a lagging start, oats were mostly steady, and provisions rose in sym pathy with grains despite a steady hog market. 4 Open High Low Close W HEAT: July -81 83% 81 83% Sept -82% 84% 82 84% Dec -- 83% 85% 83% 80% CORN: 1 July -63% 63% 62% 63% Sept -- 62 62% 61% 62% Dec -59% 60% 59% 60% OATS: July _33% _ _ 33% Sept -- 31% 32% 31% 32% Dec -33% 33% 33 33% SOY BEANS: July - - „ 89% Oct _ _ _ 77 Dec _ 78% RYE: July _44% 46 44% 46 Sept -;_46% 48 46% 48 Dec - 49 50% 48% 50% LARD: July - 5.37 5.40 5.35 5.40 Sf - _ 5.57 5.62 5.52 5.62 Oct __ 5.62 5.72 5.62 5.72 Dec _ 5.75 5.85 5.75 5.85 BELLIES: July _ 5.85 _ __ 5.85 Sept _ 6.60 EGGS ~ NEW YORK, June 11—UP)— Eggs 44,310: easy. Mixed colors: Fancy to extra fancy 18 to 20 1-2; extras 17 1-2 to 3-4; storage packed firsts 17 to 17 1-4; graded firsts 16 1-2 to 3-4; current receipts 14 3-4 to 15; mediums 14 to 14 1-4: dirties No. 1, 14 1-2; average checks 13 1-2 to 3-4. N. O. COTTONSEED OIL NEW ORLEANS, June 11—(A>)— Cottonseed oil closed steady. Bleachable prime summer yellow 6.15n; prime crude nom. July 5. 65b. Sep. 5.75b, Oct. 5.78b, Dec. 5.83b. B-bid ‘ 3 Closing Stock Quotations (By the Associated Press) GOVERNMENT BONDS Treasury 394 s 43-40 _100.20 314s 41 _103.20 3%s 47-43 _107.16 314s 45-4.._._107.12 314s 46-44 _108.3 2 94s 47-45 _106.27 2143 45 - 106.18 414 s 52-47 _117-9 2s 50-48 Reg._101.17 314s 52-49 _ 109.21 2%s 53-49 _ 103.4 214s 52-50 _103.15 294s 54-51 _ 104.30 3s 55-51 - 107.28 214s 53-51 _101.16 2%s 60-55 _105.6 294 s 59-56 _103.24 2 94 s 63-58 _103.24 294s 63-58 Reg._103.14 294 s 65-60 - 103.20 Federal Farm Mtg. 3s 49-44 _105.24 Home Owners Loan 3s 52-44 _ 105.15 114s 47-45 _100.7 DOMESTIC AT and SF 4s 95 _103 Can Pac 4s 2340 _ 4094 C and O 41£s 92 _119 C B and Q 4y2s 77_ 72 Chi E 111 5s 51_ 11% Chi Gt West 4s 59 _ 21 Clev Un Term 5%s 72_ 77 Clev Un Term 4%s 77C_ 63Ya Fla East Cst 5s 74_ 4% Hud Coal 5s 62A_... 25% Hud and Man Rfg 5s 57_ 39 Int Gt N Adj 6s 52_ 1 Int Mer Mar 6s 41 _ 54 M K and T Adj 5s 67_ 3% Mo Pac Gen 4s 75_ 1% NYC Rt 5s 2013 _ 47 Nor Pac 6s 2047 _ 50% Penn RR Gen 4%s 65_ 96% Phil Read C and I Cv 6s 49 .. 2% Purity Bak 5s 48_ 99% Seab A L Cn 6s 45_ 3% So Pan Rfg 4s 55_ 52 So Ry Gen 4s 56_ 45 Third Ave 4s 60_ 47% West Md 4s 52 _ 74 FOREIGN Australia os 55 _ 40 Australia 4%s 56 _ 34 BelRium 7s 55_ 46 Brazil 6%s 26-57 _ 8% French 7s 49 _100% Ger Govt 7s 49__ 16 Italy 7s 51_ 35% Japan 6%s 54_ 87 Orien Dev 5%s 58 _ 52 Rio Gr Do Sul 6s 68_ 5% FOREIGN EXCHANGE NEW YORK, June 11—(/PI—The free British pound bounded 32 cents today in the latest violent twist since England announced it would no longer be acceptable as payment for empire goods. The French franc, closely tied to sterling, jumped .20 of a cent. Chief reason, according to one money trader, was plans are under discussion among leading interna tional banks to substitute the offi cial pound for the free pound in the local market. Since the bank of England con trols all supplies of sterling at the official price function of the loAl market would be merely to act as agent for the bank of England, according to money experts. The Bank of England currently offers to buy at $4.02 1-2 and sell at $4.03 1-2. The Canadian dollar gave little attention to the gyrations in ster ling and ended 3-8 of a cent higher at 78 3-8 U. S. cents. On another financial front the Mexican peso came to life with the biggest jump in weeks. Mexican merchants who have kept large dollar balances in New York, it was said, were troubled by Roosevelt’s speech denouncing Italian entry into the war. The balances were transferred back to Mexico City, a plethora of dollars resulted and the nominal price of the peso in New York jumped to 20 cents from 16.85 U. S. cents. Closing rates follow (Great Brit ain in dollars, others in cents.) Canada: Official Canadian con trol board rates for U. S. dollars: Buying 10 per cent premium, sell ing 11 per cent premium, equiva lent to discounts on Canadian dol lars in New York of buying 9.91 per cent discount, or 78.37 1-2 U. S. cents. Europe: Great Britain, demand unquoted, cables 3.85, 60 day un quoted, 90 day unquoted; Belgium unquoted, Denmark unquoted, Fin land 2.05n, France 2.19, Germany 0.05n, (benevolent) 17.00, Greece .62n, Hungary 17.07n, Italy 5.05n, Netherlands unquoted, Norway un quoted, Portugal 3.75n, Rumania ,52n, Sweden 23.85n Switzerland 22.43, Yugoslavia 2.35n, Argentina official 29.77, free 22.25, Brazil of ficial 6.05, free 5.10, Mexico 20.00n, Japan 23.48, Hongkong 24.35, Shanghai 6.85. (Rates in spot cables unless otherwise indicated.) N—nominal. 4 N. Y. COTTONSEED OIL NEW YORK, June 11—UR—Cot tonseed oil futures jumped 14 to 19 points today on expanded turn over of 153 contracts. Much of the demand was said to fall into the investment class, tempted by firmness in Allied mar kets and only small offerings. Evening up prior to tomorrow’s consumption report and short cov ering helped keep prices pointed up. July closed 6.16, Sep. 6.22 bid, Oct. 6.26, Dec. 6.28. Crude oil was quoted nominally at 5 1-8 to 5 1-4 cents a pound in the southeast Und valley and 5 to 5 1-8 in Texas. 3 BALTIMORE HOGS BALTIMORE, June 11 — UP!— (U. S. Dept. Agr.)-Hogs — 400. Steady. Good and choice 170 to 210 lbs. 5.40 to 65; practical top 5.65; 220 to 240 lbs 5.15 to 40; 250 to 300 lbs 4.65 to 5.20; 150 to 160 lbs. 5.00 to 25; 140 to 150 lbs., 4.55 to 90; 130 to 140 lbs 4.40 to 65; 120 to 130 lbs 4.25 to 50. Packing sows 3.55 to 4.05. 3 ^ NAVAL STORES SAVANNAH, June 11—M—Tur pentine firm 26; offerings 228; sales 28; receipts 386; shipments 134; stock 9.244. Rosin firm; offer ings 432 all sold; receipts 2,035, shipments 1,320; stock 166,358. Quote: B, 3.30; D, 3.40; E, 3.65. F, G, H, I, 4.00: K, 4.05; M, 4.55; N, 5.00; WG, 5.25; WW,5.70; X, 5.90. 3 MIDDLING COTTON NEW ORLEANS, June 11—(A>)— The average price of middling 15 to 16ths-inch cotton today at ten designated southern spot markets was 16 points higher at 19.39 cents a pound; average for the past thirty market days 10.02 cents; middling 7-8ths-inch average 10 to 2J cents a pound. 3 CHICAGO BUTTER CHICAGO, June 11.—<A>)—Butter 1,222,151; steady, prices unchanged. Eggs, 32,755, steady; prices un changed. * ‘I, Minimum Grain Futures Prices To Be Abolished CHICAGO, June 11—(®—Mini mum prices on grain futures will be abolished by the Chicago board of trade effective at the opening of business Friday, June 14, it was announced today. The board of directors decided to discontinue the “pegged limits” at a meeting today. The minimums were established May 19 after huge waves of selling orders had forced prices down almost 30 cents a bushel in wheat. A statement by the directors said that “public confidence in the soundness of our national market ing system has again been demon strated, it is now apparent that there is need for freedom in the markets in order that the new crops the farmers are about to harvest may be marketed to their best interests.” 3 CHICAGO LIVESTOCK CHICAGO, June 11— (IP)—1The late cattle market today was slow and declined, fed steers and yearlings being weak to 25 cents lower and good and choice offerings with weights mostly 12-25 cents down. Today’s down turn reached Mon day’s average. The closing was active. The top was $5.30, the same as yesterday’s shippers took 500 and estimated holdovers amounted to 1,000. Spring lambs were mostly steady and other classes steady. Prices ranged 10 to 25 cents higher. 4 SPOT COTTON NEW ORLEANS, June 11—(AO— Spot cotton closed quiet 21 points Higher. Sales none. Low middling 9.72; middling 10.72; good middling 11.17. Receipts 2,141. Stock 604, 522. 3 NEW YORK BUTTER NEW YORK, June 11—(iTI—But er 2,15.977, steady. Creamery: Higher than extra 27 to 27 3-4; sxtra (92 score) tubs 26 3-4, car tons 26 1-4; firsts (88 to 91) 25 to 26 1-4; seconds (84-87) 24 to 24 3-4. CHICAGO LARD CHICAGO, June 11 — UP)— Lard tierces 5.42; loose 4.55; bellies 5.75. 3 CHARLOTTE COTTON CHARLOTTE, N. C., June 11— ffl—Spot cotton 10.40. 4 SHIPPING NEWS ARRIVED Tanker Frederickson from smith Bluff with cargo of gasoline and petroleum products, Cape Fear Shipping com pany, agents. Steamer West Gambo from Charleston with cargo of nitrate of soda, Pryde For warding company, agents. CLEARED AND SAILED Steamers Elizabeth, 2,993 tons, for Norfolk after discharging part general cargo C. D. Maffitt and company, agenis, (Norwegian) Norda, 2,60(1 tons, for Norfolk after discharging part cargo of nitrate of soda, Pryde Forward ing company, agents. IN FORT Barge Raleigh, 740 tons, loading cargo crossties, Southeastern Shipping Service, agents. Yacht Northwind, 126 tons, at C. D. Maffitt’s dock at Wrightsville Beach. Drifter, 87 tons, at Marine Serv ice Terminal, Wrightsville Beach. Cutter Modoc, 1,290 tons, U. S. coast guard cutter, docked at customhouse wharf. Steamers (Italian) Villarperosa, 3.621 tons loading cargo of scrap iron. Cape Fear Shipping company, agents. Barge Herbert.. 740 toss lnerlinrr rarpn of lumber at J. Herbert Bate Lum ber company. INWARD BOUND Tankers Esso Boston, 4.GG4 tons, from Bay town with cargo of gasoline for the Standard oil company. C. B. Watson, 3,292 tons, from Beaumont with cargo of gasoline and petroleum products, Cape Fear Ter minal company, agents. Barge Proctor from New York w’ith cargo of lubricating oil, Southeastern Shipping service, agents. Steamer Panaman from Pacific coast ports via Puerto Rico and South A.lantic ports with genera' cargo, Cape Fear Shipping company, agents. Former Kaiser Follows Reports On Nazi Drive': DOORN. The Netherlands, June 11 —(AT— Surrounded by a special guard of honor of men who served once in his imperial army, former Kaiser Wilhelm of Germany is fol lowing closely reports of the New German push to Paris on battle fields where his own armies fought. The guard of old veterans was offered by a high Nazi official who visited the former kaiser when German troops occupied Holland. Attendants said life within the castle has been “quite normal,” with the former kaiser continuing daily walks in the garden and mapping the progress of German armies with white flags and pins with his own aged hand. 3 “WAR ZONE ROME, June 11.—CP)—An Italian “war zone” was declared today which includes the Piedmont area facing France, the Tyrrhenian coast on the west, parts of the Appenines moun tains to the sea in the northwest, the province of Taranto and Calabria in the southeast, Sicily, Sardinia and nearby islands. Officials said a “zone of operations” wou'd be fixed later. ' PROPELLER CLUB TO MEET TOM Action On Two Prcncse^ l .3 je^fs EtitcVH To He Taken At Seysxn Action cn two p-nprrrd prrj"ts, the dredging of Mer-nbam f vet and p-*ov'sina f-'i* a c’v"*-p"l f' om the inlet to the intrnconstnl we r v-ay. will be taken at th" men '-i-y dinner meeting of th° P-nnc .at club of the Unded S'ater. Per of Wilmir "ton. at 7:20 o’clock tan "lit at 1he Cm-ntry Club annex cn i- ar bor Island. Lorain Anderson, li-i-t.-nant r mandcr. retired. United S’ntrs \a vy, who is president of th” c ub. is schedu’od to preside. Li uton ' '.t Colonel George W. Gillette. Li« mington district army engin: cr. has been invited to attend and speak briefly. David S. Farriss, secretary and treasurer, will present, a resume of current activities of the cub which is actively supporting Lie deviepment of needed rivers and harbors projects in Southeastern North Carolina and tho furtherance of an American merchant marine. The Propeller club will also hear reports' from the following com* miltee chairmen: E. C. Snead, coast guard; George Rountree, Jr., nautical school and naval reserve; Henry E. Boyd! Sr., the Wheeier Truman bill in Congress. W. W. Storm, expansion of ship yard facilities for the Port of Wil mington: M. C. Brown, establish ment oi buoys at iviasonboro inlet, J. Max Gregg, Sr., intracoastal waterway signs; George L. Stearns, hurricane insurance: and E. Fleet, Williams, turning basin and anchorage basin projects. The club will consider further ways and means rf nromot'ng the establishment of a U. S. coast "uard station at Wright svi He Beach, erection of markers in the inland waterway, a nautical school and naval reserve in Wilmington, additional port terminal facilitr s, repeal rf the Wheeler-Trimn i measure in Congress, and tired ’ 1 rivers and harbors improve,men r. Tim Propeller club is vigrrm y opnese 1 to the Y71ic?.lcr-Truin'ri bill, wh'eh represents an attempt to put all waterway c-rrmrs me >• Hie jurisdiction cf the Intsrstft-i Commerce commission and n a vide commercial advantages f < r other lyp-s rf carriers. A repeal cf a section <f th- b:'\ a rep-rt to be submitted t"> t , ? club tonight by Henry E. Lcyd. Sr., committee chairman, v, :1 show, gives the merchant mori ’e the right to lease or sell the v sels in the tied up fleet as are \ - commercial purposes and will of great assistance in maintainii : inter and intracoastal trade. i HEARING SCHEDULED RALEIGH, June 11. — (71b -- The state utilities commission wi l coo duct a hearing June 28 into the ap plication of the Carolina Seen o Coach Lines for franchises to opt r ate from Rutherfordton to Tryon, and from the North Carolina-Soutii Carolina line to Chimney Rock. CIRCUIT INTERRUPTED NEW YORK, June 11.—(TP) Com mercial cables reported its trail <• Aliantic circuit with Italy was i .■ terrupted today. Although the re • son was not given, it was re-nlic I lhat Britain cut lhe Gernrn m’n.'e luring the World War in Hi!-! ar i ’gain in September, 1!K'9, when si:a ,vcnt to war with Germany. |THOSEmJ?**^M$PR!CEDTRUCKS , IW • You want a truck that fits your job! 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Wilmington Morning Star (Wilmington, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
June 12, 1940, edition 1
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