Newspapers / Wilmington Morning Star (Wilmington, … / June 16, 1942, edition 1 / Page 7
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_ — .1 - ■■ mwmmnj oxjyjv, VY IXilYllINlrlUIN, IN. {J. fllAKKETB OEj V Hil'i Late Bids For Air Transports Steady New York Stock Market rally expected AGAIN ON MARKET Prying Up Of Offerings Believed Indicative Of New Start jjEty YORK, June 15.— (£1—-Late bids for air transports steadied the stock market today after consider able early hesitancy. The list shifted in irregular frac tions at the start. Selective im provement cropped up in the wake of the flurry in the aviations. Gold mine issues also wer# given a last minute push. Closing advances of fractions to a point or more were well distributed although many leaders were about even to a shade under water. A little short covering and new buying in the tail-end of the session was attributed partly to the belief drying up of offerings indicated the market might be ready to resume the rally interrupted by last week’s profit taking decline. The war news provided nothing much in the way of bullish incentives. Moderately revived demand for -the aviations, mines and other peace-time favorites, brokers sug gested, as based largely on what they referred to as the long-pull outlook rather than any idea the ii.-olrd conflict would come to a quick finish. The Associated Press average of 60 stocks was up .1 of a point at 35.7. Transfers of 262.840 shares compared with 220.220 last Friday. Of 552 individual stocks traded— less than half the number listed on the exchange — 237 were up, 156 down and 159 unchanged. American airlines was up 9. 1-8 points at one time and finished with a net gain of 1 5-8. Horne stake mining jumped 2 1-2 an d Dome Mines was up 3-4. Modest plus marks were retained by East ern Air Lines, United Air Lines, U. S. Steel. General Motors, Amer ican Telephone, Great Northern Eastman Kodak, Philip Morns, Anaconda. Westinghouse and Stan dard Oil (N. J.l. STOCK AVERAGES 30 15 15 60 Indut Rails Ulil Stks Xet chg._ a.l unch a.l a.i Mon. __ 52.1 14.5 24.1 35.7 Prev. day . 52.0 14.5 24.0 35.6 Month ago _ 49.0 15.2 23.3 54.1 Year ago __ 58.7 16.8 31.5 41.3 1942 high ... 56.0 17.6 27.3 38., 1942 low .... 46.0 14.5 21.1 32.0 1941 high 63.9 19.0 35.5 45.0 1941 low . 51.7 13.4 24.5 35.4 10-Stock Range Since 1927 1938-40 1932-37 1927-29 High .. . 54.7 75.3 157.7 Low _ 33.7 16.9 61.8 CHICAGO LIVESTOCK CHICAGO, June 15.— (IF) —Hogs gained 10 to 15 cents today, touch ing a high of $14.35. as salable re ceipts at 13,000 head were consid ered comparatively small for a Monday. " Most offerings sold at $14.10 to S14.30. Small packers took an ac tive interest in the market. Con tinued good demand for pork, as well as large lend-lease purchases, acted as price stimulating factors. The government discontinued re porting the number of hogs held over. There were so few hogs held over from day - to - day, it was ex plained. that these statistics had lost their market significance. At one time 5.000 to 10,000 hogs were held over, but the number now is usually between 500 and 2,000. Trading in fed steers and yearl ings was slow, but prices ruled steady to strong. Strictly choice hinds brought $16 with most sales at $12.50 to $14. Eastern shipping interests were active. Heifers were strong with choice weighty kinds at $14.40. All classes were steady in the sheep section. Native spring lambs again brought a $16 top while shorn old crop offerings went at $13.75 to S14.25. 'S. Dept. Agr.)—Salable hogs 13.000. total 21,500; active, gener ally 10 to 15 higher than Friday’s average: top 14.35: bulk good and choice 180 to 330 Lbs. 14.10 to 30; most well-finished 160 to 30 Lbs. 13-85 to 14.25: good 360 to 500 Lb sows largely 13.64 to 14.00; ship pers took 1,500; effective today. In formation on holdovers discontin ued. Salable cattle 14,000. calves 1.200 fed steers and yearlings slow, but steady to strong; early top 14.75; later strictly choice 1394 Lb aver ages 16.00; most sales 12.50 to 14 00 largely to eastern order buyers; oetfers strong; choice weighty hei fers 14.40; largely fed steer and heifer run; cows scarce, steady: hulls weak at 11.75 down on "’eighty sausage offerings; vealers s,®ady- mostly 14.50 down; mainly odd lots 14.75 to 15.00; stock cattle trmn ued sl°w and weak; around _ o head southwest bred stock calves and yearlings 25 lower at 12.7u to 14.75. 3 -V CHICAGO GRAIN CHICAGO, June 15—(TP—No cash "'heat. Corn, No. 2 yellow 84 1-2-86 1-4; 2, 84-85 1-2; No. 4, 83-85; No. '■ 84; sample grade yellow 77-78; sample grade white 79. Cau. No. 1 mixed 50-50 1-2; No. , 50= No. 1 white 51; No. 2, 50 !‘4: No. 3. 48 1-2; No. 4, 45 1-4; 'ampie grade heavy red 45. Barley malting 99-1.07 nominal; ana karley 81-87 nominal; feed fhd screenings 58-62 nominal, soybeans. No. 2 yellow 1.70 1-2 U: No. 3, 1.65 3-4-1.69 1-4. Closing Bond Quotations BT THE ASSOCIATED PRESS iRtABunr --1048 2V4s 45 ..105.3 DOMESTIC At and Sf 4s 95 . 109 U B and O Cv 60st _ 18 Cb and Q 4>As 77_ 64% Chi and E 111 Inc 97_* 22 ! Ri and P Rfg 4s 34__ 12% I Ha East Cst 5e 74__ 12% iud and Man Rfg 5s 57_ 43% .11 Cent 4%s 66 _ 44% -*ou and N 4%g 2003 _ _ 90% Vlk and T Aj 5s 67_ 16% * YC Rf 2013 _ 48% 'for Pac 6s 2047 .. 59% Penn Rr Gen 4%s 65_101% Phil Rd C and I Cv 6s 49 .. 9% 3eab A1 Cn 6s 45 _ 8% 3o Pac Rfg 4s 55_ 62 »o Ry Gen 4s 56 _ 63% Closing Stock Quotations BX THE ASSOCIATED PRESS Air neaucuon _ 31% Alaska Jun __ 2% A1 Chem end Dye_135 Alleghany _ y4 Allis Chal Mfg _ 24% Am Car Fdy - 23% Am Pow and Lt _ % Am Rad and St S_ 4% Am Roll Mill .._ 9% Am Smelt and Ref_ 36% ATT __ 116% Am Tob B_ 44% Anaconda .. 24% Arm 111 _ 2% RYE UP TWO CENTS ON CHICAGO MART Rises Early In Day But Reaction Wipes Out Nearly All Gains CHICAGO, June 15.—(/P)—Wheat prices rose almost a cent, rye near 2 cents and soybeans even more than that during early dealings in the futures market today but a sub sequent reaction wiped out much or all of the gains. Wheat closed unchanged to 1-4 lower compared with Saturday, July 1.18%, September 1.2iy4-% corn unchanged to Va higher, July 86-86%, September 88%-% oats % off to % up; soybeans 1-1% higher, rye %-% lower. Open High Low Close wheat: Jly. _119 119% 118% 118% Sep. _121% 122% 121% 121% Dec. _124% 125%* 124 % 124% CORN: Jly. _ 86 86% 85% 86% Sep. _ 88V* 89 , 88% 88% Dec. _ 91% 91% 91% 91% OATS: Jly. _ 48 Vi 48Vi 48% 48% Sep _ 49 Vo 49% 49 Vi 49% Dec. _ 51% 52 51% 52 SOYBEANS: Jly.', old — 173 173% 172% 172% Jly., new . 175Vi 175% 174% 174% Oct. _173Vi 173% 172% 173% Dec, -.175 Vi 175% 174% 174% RYE; Jly. _ 65% 66% 64% 64% Sep. _ 68% 69% 67% 67% Dec. _ 73% 73% 71 Vi 71% LARD: Jly. . 12.75 Sep. 12.80 Oct. .. 12.70 Dec. 12.70 -y RICHMOND LIVESTOCK RICHMOND, Va„ June 15.—CP) — (USDA)—Livestock: Hogs—Steady. Top 13.25. Good and choice 180-300 lbs. 13.25; 100 120 lbs. 11.75; 120-140 lbs. 12.25; 140-160 lbs. 12.75; 160-180 lbs. 13.05; over 300 lbs. 13.00. Sows under 350 lbs. 12.50; over 350 lbs. 12.25. Stags 9.25. Cattle—Steers fairly active, gen erally steady. Bulk good fat slaughter steers 12.50-13.00; medi um grade downward to 11.00. Cows about steady. Fat dairy type cows 8.25-9.00; good beef type to 9.50; canners and cutters 7.00 8.00. Bulls steady. Practical top heavy sausage bulls 10.75. Others 10.00 down. Vealers not fully es tablished. Quotable about steady. Around 13.50 top. -V CHICAGO BUTTER CHICAGO, June 15. — — (USDA)—But*er was steady to day: 93 score 36 3-4: 92. 36; 91, 35 1-4; 90, 34 3-4: 89. 34-34 1-2; 83. 32; centralized carlots. 90 score 35 3-4; 89. 34 1-4; 88, 32 3-4. Eggs: Fresh graded extra firsts: Local 30 3-4: firsts, local 30 1-4; cars 30 3-4; current reciipts 29 1-4-1-2; dirties 28 1-2; checks 27 1-2; storage packed extras 31 3-4. tr DUN & BRADSTREET NEW YORK, June 15.—(iP>—Dun & Bradstreet reported today that retail trade and commercial serv ice failures rose slightly during the week ended June 11 but total busi ness failures continued the recent downtrend at 173 compared with 191 the previous week and 230 in the corresponding period a year ago. -V STOCK EXCHANGE NEW YORK, June 15.—(#)—A seat on the New York stock ex change sold today for $23,000, off $2,000 from the last previous sale. -V NAVAL STORES SAVANNAH. Ga„ June 15—(A’*— Turpentine 54 1-2; offerings 114; sales 3,100 gallons; receipts 9 3; shipments 121; stocks 7,718. Rosin: Offerings 505; sales 137; receipts 361; shipments, none; stocks, 54,7’2. Quote: B 2.10; D 2.'1; E 2.49; F 2.65; G 2.79; H 2.78; I 2.80; K .95; M 2.96; N 3.01 WG 396 WW and X 3.1. (Saturday’s receipts and ship ments included in stocks'*. -V N. C. HOG MARKET RALEIGH, June 15—(£)—(NCDA) —Hog markets steady, with tops of $13.25 at Richmond and $13 at Rocky Mount. A T St- 32% ACL - 20% Atl Ref_ 16 Aviat Corp _2% Baldwin _ 10% B and O _ 3 Barnsdall _ 8% Bendix Aviat _ 29% Beth Stl _ 51% Boeing Airpl_ 14% Borden _ 19% Borg Warner _.-_ 23% Briggs Mfg - 18% Bugg Mfg - 2% Burl Mills _ 16% Bur Add Mach_^_ 7% Calumet and Hec _ 6 Can Dry ..._ 11 Can Pac _ 4% Case J I _ 69 Ches and O . 30y« Chrysler . 60% Coca Cola .. 76 % Colum G and E__ 1% Coml Credit . 20% Coml Solv _ 8% Comwlth and Sou .. 7-32 Consol Edis .. 13y« Con Oil _ 4% Cont Can _ 25% Corn Prod _ 49% Curtiss Wright _ 6 Curtiss Wright A _ 19% Del Lack and W _ 3 Vs DuPont _113 Eastman Kod _127 Elec Auto Lt _ 26 Vi Elec Pow and Lt_ 26 Vi Elec Pow and Lt _ IV'b Firestone _ 15Vi Freeport Sul _ 32 Gen Elec _ 25% Gen Foods _ 30% Gen Mot _ 37% Goodrich _ 17% Goodyear _ 17% Gt Nor Ry Pf_ 20% Hud Mot _ 3% m cent —. &% Int Harvest _ 46% Int Nick Can _ 27 % Int Tel and Tel _ 2% Johns Man _ 55% Kernecott _ 27% Kroger Groc _ 26% Ligg and Myers B_ 63% Loews _ 41 % Lorillard _- 13% Louis and Nash_ 59 Mack Truck . 28% Mo K T . 9-16 Mont Ward . 29% Murray Corp _ 5% Nash Kelv _ _ 4% Nat Biscuit _ 15 Nat Cash Reg -. 16% Nat Dairy Prod _ 14% Nat Dist .. 22 Nat Lead ___ 14 Nat Pow and Lt_ l7/s N Y Cent .:. 7% No Am Aviat _ 10% North Am - 8% Ohio Oil _ 7% Nor Pac _ 5 Otis Kiev .. 13 Packard _ 2y« Param Pix _ 14% Penny J C _ 66 Penn Rr _- 19Vi Pepsi Cola _ 21% Phillips Pet - 36% Pub Svc Jn_ 10% Pullman _ 21% Pure Oil . 7% Radio _ 3% Rad K O _ 2% Rep Stl . 13% Reynolds B - 24% Seab A L - 5-32 bears _ ^ Shell Un .— 11% Sc.cony Vac -- 7% Sou Pac -...— 10% Sou Ry . 13% Sperry - 24% Std Brands _ 3% Std Oil Cal . 20% Std Oil Ind - 24% Std Oil N J - 34% Stewart Warner - 5% Studebaker - 4% Swift - 22 Tex Corp - 33% Timken Det Ax- 25% Trans and West Air - 10% Un Carb _ 65V4 Un Pac . 07 Unit Aire . 24% Unit Corp - 11-32 Unit Drug - 5% Unit Fruit - 57 Unit Gas Imp . 3% US Ind Alco - 25% US Pipe _ 25% US Rub . 17% US Smelt and Ref. 42% US Steel . 46% Vanadium - 15 Vick Chem —. 36 Va Caro Chem . 1% Warner Pic - 5% Western Union- 25% West Elec and Mfg- 71% Wilson . 4% Wool worth - 26% Yell T and C . 11% Youngs S and T- 29 a Final stock sales. 262,840. CURB Assoc G and El A- 1*32 Cities Service - 2% El Bond and Sh - 1 Gulf Oil -. 26% -V STOCKS IN THE SPOTLIGHT NEW YORK, June 15—(fP)—Sales, closing price and net change of the fifteen most active stocks to day. Pan Am Air 9,400, 17 no. Unit Air L 7,200, 12% up %. Dome Mines 7,100, 13% up %. Unit Corp 4,700, 11-32—1-32. Int Min and Ch 4,300, 5y4 up %. Pepsi Cola 4,200, 21% up %. Colum Piet 3,300, 7% up %. Gen Elec 3,300, 25% no. Phelps Dodge 3,200, 23% up %. Kennecott 3,200, 27% up %. Consol Coal 3,000, 6%, up %. Homestake Mfg 3,000, 36% up 2%. Colgate-Palm 2,900, 15 up %. Consol Edis 2.900, 13%-y4. Co.isol Oil 2,700, 4%-%. ■I VOLUME LIGHT ON BOND MART U. S. Government Bonds Hold Firm During Entire Day NEW YORK, June 15.—UO—An irregular bond market today pro duced the lightest volume for a full session since Sept. 13, 1940. Turnover had a face value of $3, 718,800, compared with $5,006,000 last Friday. The rails continued to set what pace there was but their price changes held for the most part to minor fractions. At the close, the carriers were a shade lower, on average. Among the losers were Milwaukee 5s at 14 1-2, off 1-4; Baltimore & Ohio Stamped Convertibles at 18 5-8, off 1-2; Illinois Central Refunding 4s at 42, off 3-8 Nickel Plate 4 l-2s and 5s, off 5-8 and 3-8 respec tively, and Northern Pacific 3s of 2047, off 3-4 at 39 1-4. Minor advances included the 3-4 point added by Rock Island Gener al 4s of ’88, finishing at 22, and 38 by Delaware & Hudson Refund ing 4s at 53 7-8. New Haven railroad bonds were ex-interest today and showed cor responding declines. Most industrial and utility bonds were within a point, either way, of Saturday’s last prices. Foreign government loans were generally easy, Mexican Assented 4s of ’45 losing 3-8 at 6 1-4 and Buenos Aires 4 3-8s dropping 1-4 to 63 1-2. U. S. Government bonds held firm in the over-the-counter deal ings after the announcement the treasury would borrow $1,500,000, 000 more in the near future. BOND AVERAGES 20 10 10 10 Rails Indus Util For Net chg._ d.6 unch unch d.l Mon. _ 59.9 103.1 95.2 49.1 Prev. dav _ 60.5 103.6 95.2 49.2 Month ago - 64.2 103.6 93.9 48.U Year ago __ 64.4 104.9 101.4 45.0 1942 high — 65.6 103.7 100.6 49.4 1942 low ... 60.4 102.6 93.6 41.5 1941 high ___ 66.5 105.4 102.2 51.4 1941 low_ 58.3 102.9 98.9 38.0 10 Low Yield Ronds Mon. _ 112.0 Month ago - 112.0 1942 high_-_ 113.1 1941 high _ 115.1 Prev. day __ 112.1 Year ago _113.8 1942 low _ 112.0 1941 low . 112.1 wheaTconditions REPORTED AS GOOD Some Complaints On Rain But Overall News Is Heartening CHICAGO, June 15.— Mft-'While there were complaints from the southwestern wheat belt today that rain is interfering with harvesting and corn producers in some areas reported weather was too wet, ad vices from the spring wheat zone in the northwest indicated growers there regarded conditions as ideal. Traders said cool weather and frequent rains reported over much of the spring wheat area are con sidered good for progress of the crop in its early stages. Reports from the southwest said marketing of new wheat in important volume is not likely within two weeks be cause of recent rains. A few cars have been received at southern Kansas points the last day or so. Receipts of wheat at the 12 prin cipal interior terminals through at the country today totaled 897.000 bushels compared with 843 000 a week ago and 2,526,000 a year ago when the new cro movement was expanding. Government experts have re ported only a trace of stem rust on winter wheat ' - north central Texas and Oklahoma md as far north as Wichita, Kas. However, southern winds have been frequent recently an-" the Weather m i cral favorable for rust develop ment. The only stem rust found in spring wheat now is that which . spread from barberries to barley and grasses in some parts of Min nesota. this report said. ] Domestic visible wheat supply decreased 1.301,000 bushels last ] week to 184,202,000 compared with 1 119.506.000 a year ago. Corn visi ble decreased 1,157,000 bushels to 56.313.000 compared with 53,845, 100 a year ago. < -V- ] CHARLOTTE COTTON , CHARLOTTE, June 15. — GP> — , Spot cotton 18.75. ] THIS CURIOUS WORLD , 1 1 - - . — — . ' ___ J IIM—H ! PENGUINS j I CANNOT FOLD THEIR. I WINGS AS OTHER 8IRDS DO, BUT MUST W. CARRY THEM f/f. I j £Xr£A/0£0/ ,T. M. REG. U. S. PAT. OFF. “l v Last winter, on the Russo- i ) GERMAN FRONT, THERE WERE I RED TANKS PAINTED WHITE" I [ r Sayjp W. E. STRANZ, V LUBLIN, WISCONSIN. MOON REVOLVES AROUND THE EARTH AT A SPEED OF= 2..3GO M/L.£S AJS/R /VOO//C. ' — a l, U. S. RAILROADS SHOW INCREASE 33.5 Per Cent Given Over Many Revenues For 89 Roads WASHINGTON, June 15.—UP)— The Association American Rail roads reported today a 33.5 per cent increase in the May operat ing revenues of 89 class one rail roads. compared with the same month a year ago. The roads rep resent 81.5 per cent of the total operating revenues. Aggregate revenues of the 8 9 roads was $481,560,054, compared with $360,649,415 a year ago. Freight revenues were reported as $391,179,639, against $301,151, 330, an increase of 29.9 per cent. Passenger revenue for the com parable periods was $59,366,778, and $31,390,160 respectively, an in crease of 89.1 per cent. Thirty-five class one railroads, representing 90.4 per cent of total operating revenues in the Eastern district, reported estimated oper ating revenues of $257,915,150, for the month, compared w’ith $202, 797,411, an increase of 27.2 per cent. Freight revenues were $208,932, 658, or 23.6 per cent above a year ago, passenger revenues totaled $33,023,806, an incrase of 75.7 per cent. Seventeen class one railroads, representing 66.2 per cent of total operating revenues in the southern district, reported that estimated May, 19442 operatingg revenues were $56,764,740, compared with $37,335,706, an advance of 52 per ;ent. The roads showed freight rev enues of $46,054,597 an increase of 46.3 per cent, and passenger rev enues totaling $7,571,593, an in crease of 144.8 per cent. Thirty-seven class one railroads, representing 74.6 per cent of total operating revenues >n the western district, reported estimated rev enues of $166,880,164 compared with $120,516,298, in May. 1941. or an increase of 38.5 per cent. The western railroads listed freight revenues of $136,192,384 or an increase of 35.3 per cent, and passenger revenues of $18,771,379, an increase of 97.7 per cent. -V N. C. POULTRY MARKET RALEIGH, June 15—(£’>—(NCDA) -Egg and poultry markets steady. At Raleigh—U. S. extras large clean white) eggs 31; colored tens, 17 to 18. At Washington—U. S. e x t ra s arge (graded white) eggs 34 1-2 o 36; colored fowls, 21 to 22. -V_ COTTONSEED OIL NEW ORLEANS, June 15—W— Cottonseed oil closed steady; Reachable prime summer yellow inquoted. Prime crude 12 50b. ly 13.58b, Sep 13.62b, Oct 13.15b, )ec 13.10b. | National Power Company Application Oked By SEC PHILADELPHIA. June 15.—(JP)— The Securities and Exchange Commission today approved apli cation of National Power & Light company for an extension until Aug. 15 of the period during which holders of the company’s $6 pre ferred stock may exchange it for stock of Houston Lighting & Power company, a subsidiary. The exchange offer was to have expired tomorrow. It provides that two shares of Houston will be issued for each share of Na tional preferred up to 90 per cent of the National stock presented for exchange. At the same time, the SEC ap proved National's suggestion that the exchange be faciliiated by the use of a nation-wide group of se curities dealers headed by Smith, Barney & Co., Lazard-Freres & Co., and Blyth & Co., Inc. These securities dealers will be gin a campaign for* the exchange of the stock next week, as soon as plans have been completed for the program of operations. The exchange offer first was made on January 30, 1942. DRYGOODS NEW YORK, June 15—(J1)—Tex tile business was limited to the usual Monday check-up. Some selling agents reported small amounts of print cloth and related items sold to civilian users for 30 to 60 day shipments. With the establishment of ceil ing prices for women’s seasonal goods the woolen trade expected a pick-up in business from cloth ing manufacturers. Rayon converters met li(ir» suc cess in obtaining goods to fill the demand from dress manufacturers bank statement WASHINGTON, June 15. — UP) - The Federal Reserve board said today that commercial, industrial and agricultural loans of banks in 101 leading cities increased S10.000.000 in the week ended June 10. That was the first increase in four weeks, and brought the total of the loans to $6,552,000,000 -V N. O. SPOT COTTON NEW ORLEANS, June 15—UP*— Spot cotton closed quiet 20 points lower. Sales none, low middling 15.25, middling 18.25; good mid dling 18.70. Receipts 381, stock 362,751. -V— WHAT STOCKS DID . , Mon. Sat. Advances - 237 146 Declines - 156 92 Unchanged - 159 123 Total issues_ 552 361 -V- 1 FINAL BOND SALES $3,718,800. -V The umbrella b:'rd, found in •topical America, gets its name bom a muchroom-shaped crest of bathers on top of its head which t can raise at will. :OTTON DECLINES SAYS SENATOR )rganized Bear Raid Caus es Fall In Prices; Heavy Losses Are Reported WASHINGTON, June 15. — </P> — lenator Thomas (D-Okla) declar :d tonight that an organized bear aid upon prices had caused a lecline of approximately $10 a bale tnd a loss of $100,000,000 in the 0,000,000 bales in storage . In a statement he said that a :pecial senate committee which he leads is investigating an alleged irogram to depress farm prices, le said the committee had receiv :d a complaint stating that a mar ret forecasting service in New fork city had advised clients on Vlay 27 to sell October cotton fu ures and keep all short positions ntact until October cotton sold celow 18 rents a pound. “At the time the notice and ad /ice was sent out,” Thomas said, ‘October futures were selling around 19.50 (cents a pound) and immediately a short selling wave started and did not end until the advertised objective had been reached. “This organized bear raid upon cotton farm prices caused a de cline of some $10 per bale and a loss on the 10,000.000 bales in storage of some $100,000,000. The estimated loss on the government stocks of cotton alone arrtounted to almost one-half that amount.” Thomas also said that farmers were complaining that they were being discriminated against in that the prices of their products were being kept below parity with wages and the products of indus try. Complaints were general, he declared, that the law regarding price ceilings on commodities was being “disregarded, if not vio lated.” He cited one complaint as fol lows: “Congress by law has forbidden the price administrator to place a ceiling on the price of raw cot ton below 21.47 for middling 7-8 inch staple at the farm, yet for months the price^ administrator has had a ceiling on the products sf raw cotton far below the limi tation fixed by congress. “From the time this ceiling was placed on the products of raw cot ton, the ceiling of such products could not be raised until raw cot :on, itself had advanced 45 points ir multiplies thereof. The price administrator has now gone even lurther for he has not united the ceiling on the products of raw cot ;on from raw cotton itself by fix ng a ceiling on the products leased m raw cotton at 20.37 for middling 15-16 inch at the ten designated markets, and which is the equiva ent of not more than 19 cents lor middling 7-8 inch at the farm, ir some $12.50 a bale below the imit fixed by congress.” Another complaint to the com mittee, he said, was with respect o the purchase by the United States of some 200,000 bales of Peruvian cotton “at a time when ‘armers are being urged to reduce heir cotton acreage.” Thomas said the information be ng assembled by the committee would be used as the basis of ‘corrective and protective legisla tion.” One measure to be offer ed, he said, would bar the use of communication facilities for trans mission of information “having lor its purpose the depressing or increasing of commodity prices.” Frisco Railroad To Sell Equipment Certificates ST. LOUIS, June 15—Wi— Th* St. Louis-San Francisco (Frisco) railway was authorized today by Federal Judge George H. Moore to sell $2,120,000 in equipment trust certificates to finance the construction of 15 new freight lo comotives. The engines, to be built by the Baldwin Locomotive Works, will cost a total of $2,672,228. Twenty per cent of the cogt will come from the railroad’s revenue and the remaining 80 per cent will be realized from sale of the certifi cates to a New York syndicate, headed by S. Salomon brothers and Hutzler. -V N. Y. COTTON FUTURES NEW YORK, June 15.—(£>)—Cot ton futures closed 85 cents to $1.05 a bale lower today after wide price fluctuations on a small volume of tradings. A sudden withdrawal of trade buyers overturned efforts to con tinue the advancing tendencies un der way late last week. When the trade demand failed to broaden New Orleans interests turned to selling. The range: Open High Low Close Jly __ 18.11 18.23 17.87 17.87 Off 21 Oct _ 18.42 18.52 18.19 18.19 Off 17 Dec . 18.54 18.65 18.32 18.32 Off 18 Mch . 18.70 18.82 18.50 18.50 Off 19 May _ 18.80bl8.91 18.61 18.59nOff 20 Spot middling 19.41. -V N. O. COTTON FUTURES NEW ORLEANS. June 15.—(/Pi Cotton futures declined here today under long realizing and the gen eral view that the new crop was doing fairly well. The market clos ed barely steady 14 to 16 points net lower. Open High Low Close Jly 18.07 18.14 17.85 17.85 Off 16 Oct . 18.59 18.70 18.37 18.38 Off 14 Dec . 18.72 18.84 18.51 18.53 Off 16 Jan _ 18.76b_.18.57b Mch _ 18.94 19.01 18.79 19.69b May . 18.81 18.81 18.81 18.79b tr NEW YORK COTTON Futures closed 85 cents to $1.05 a bale lower. Open High Low Close Jly .. 18.11 18.23 18.87 18.08 Off 2f Oct . 18.42 18.52 18.19 18.20 Off 17 Dec . 18.54 18.65 18.32 18.33 Off 18 Jan-18.38nOff 19 Mch . 18.70 18.82 18.50 18.50 Off 19 May _ 18.80 18.91 18.61 18.59nOff 20 Middling spot 19.41n. off 19. -V N. O. MIDDLING NEW ORLEANS, June 15.— (/PI— The average price of middling 15 16 inch cotton today at ten des'g nated southern spot markets was 21 points lower at 18.56 cents a pound; average for the past 30 market days 19.49; middling 7-8 inch average 17.90. -V CHANGE NAME SHELBY. June 15—I#)—1The trus tees of Boiling Springs Junior Col lege near here voted today to change the name of that Baptist institution to Gardner-Webb Jun ior College. Q |/|M IRRITATIONS OF Oil 111 EXTERNAL CAUSE acne pimples, bumps (blackheads), and ugly broken-out skin. Millions relieve miseries with simple home treatment. Goes to work at once. Direct action aids healing by killing germs it touches. Uso Black and White Ointment only as di rected. 10c, 25c, 50c sizes. 25 years success. Money-back guarantee, gar Vital in cleansing is good soap. Enjoy famous Black and White Skin Soap daily. FOIL TIRE THIEVES We brand your license or any other number on both sides ol each tire. Investigate at once. CAUSEY’S Corner Market and I2ih RAPID PACKAGE DELIVERY | Between Wilmington and Jacksonville North Carolina Only Packaged of 150 lbs or loss accepted for ! Transportation FOR FURTHER INFORMATION Wilmington Jacksonville Dial 3311 Dial 3226 J THE GUMPS 7 the ONLY THING V °-k" t'LL ~ -ANP SO, LIEUTENANT BEAT IT WITH THAT ■ YOU CAN PO IS TURN \ THROW I'M HERE TO TURN PHONY JUNK, OR I'LL THAT SUITCASE OVER I MYSELF ON THIS STOLEN JEWELRY BOOK YOU FOR " - ,TO THE POLICE— THEIR MERCY OVER TO THE r IMPERSONATING ( YOU POLICE- f—' . A CROOK.' ^ PONT J ^ UNPER 6TAURI
Wilmington Morning Star (Wilmington, N.C.)
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June 16, 1942, edition 1
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