The Wilmington morning star., June 08, 1947, SECTION A, Page 12-A, Image 12

About The Wilmington morning star. (Wilmington, N.C.) 1909-1990

Image provided by: University of North Carolina at Chapel Hill Library, Chapel Hill, NC

NEW CITY BUDGET
BUNG PREPARED
Conferences Leading To
New Tax Rate
Planned
City department heads will sub
mit their 1947-48 budget requests
to City Manager J. R. Benson
Tuesday in the first major step
toward adoption of a new mun ci
pal budge: and setting the next
tax rate figure.
Currently the city has a S! 35
tax rate, a figure that has p[e
vaded for several years. Budget
for the 1946-47 fiscal year was
$1,853,261.93. of which 71- .493.660.41
was for the general fund and $359,
601.82 for the water department.
Benscn said yesterday that as
' soon as he receives the budget r«
quests from the department head
he will begin a series of confer
i1 ences with each one in which eacl
request will be carefully gone over
After these conferences are con
eluded and revenue estimates fo:
the new year are compiled ant
given the city manager, anothe.
series of meetings will be held b;
’ citv councilmen and the manage:
! until all department budgets art
approved.
The new tax rate will be se
when the budget as a whole k
adopted by council and revenut
expectations for 1947-48 are agreec
upon.
Benson said yesterday that f
j would take all of this month anc
probably part of July before any
concrete action is taken.
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riANA ANDREWS
MAT. NITE (1I1I.IIKI N Ur till -_—-• ■ -
Mil 3SC — <»« anytime ac |ll’_“HOMESTRETCH”
Stock Market Barely Holds '
Its Balance In Past Weeks
_)
NEW YORK, June 7-—[IP)— The
i stock market barely managed to
: relain its balance tnis week.
A slow-moving advance in the
/inal session Friday just about can
I celled earlier losses. It was the
, third successive week in which the
share price average finished even
with or better than the close ol
the period preceding. The Associat
ed Press 60-stock composite was
unchanged at 61.2.
Wall street produced no decisive
response to new's of the week—
favorable or unfavorable. Clamp
iing a strait-jacket on bullish en
thusiasm was the persistence ol
doubts whether the tax and labor
legislation would become law. For
eign developments also were an
unsettling influence.
However, commission houses re
ported some customers were com
ing to believe that recent dim
| views of business prospects may
I have been over-pessimistic. One
analyst noted that “every one is
preparing for a recession in the
future but when what was once
the future becomes the present,
business is still good.'’ Some pro
fessional bidding was attributed to
the theory a summer rally is due.
Customers’ apathy toward mar
ket commitments was reflected in
the week's volume of 3,209,250
shares traded—one of the smallest
totals since the period ended Oct.
14, 1944. On two days. Monday and
Thursday, transactions dropped to
520,000 shares, lightest for a full
I session since July 5, 1946.
The week started with its widest
; decline since May 17. as some
aircraft and air transport issues
dipped in the wake of the Memorial
day holiday week-end plane disas
ters. Dealings were limited, how
ever. to the smallest number of
issues appearing on the ticker tape
since July 5, 1946.
■ The lost ground w'as more than
recovered by the list in general
| on Tuesday when a last hour rally
| was set off by the sharp jump in
i net profit reported by Standard
Oil company (N.JJ and volume
expanded to 690.000 shares. Jersey
standard and other oils displayed
strength through the remainder of
the week. Jersey establishing new
1947 highs.
Wednesday drew me oesi activi
ty of the week at 820.000 shares
but a midday buying flurry evap
orated and stocks lost ground as
doubts were expressed whether the
tax bill would be signed. Anoth
er noon rally on Thursday failed
to hold, although Pere Marquette
stocks jumped around three points
on news the w’ay was cleared fot
its merger with Chesapeake & i
Ohio, which was affected Friday, j
Feature of Friday's session, in
another light day of 660.000 shares,
was a 9 3-4-point decline in Pact
fic telephone common after reduc
tion of its quarterly dividend.
ST. LOUIS STOCKYARDS
ST. LOUIS National Stockyards,
HI., June 7—(UP) — tUSDA)—Live
stock:
Hog receipts 150. Market steady
yesterday’s average. Top 24.35 on
weights around 200 lbs. compared
with close last week; barrows and
gilts steady to 25c higher; sows
25c to 50c higher.
Cattle receipts 100; calves none.
Compared with close last week;
steers and heifers 25c to 50c high
er; cows mostly 50c higher; bulls
firm; vealers steady fo 5Cc lover;
decline on tops. Tops for the week:
choice 1293 lb steers 26.50; choice
776 lb heifers 25.50; good cowS
18.50; good beef bulls, 17.00; good
sausage bulls 16.50; choice vealers
27.50; choice replacement steers
22.25. Bulks for the week: choice
steers. 26.00-27.00: good to top g-ood
24.00- 25.75; medium, 20.75-23.75;
good and choice heifers and mixed
yearlings 23.50-25.50; medium 19.50
22.00;' common 15.50-18.00; good
cows 16.50-18.00; common to me
dium 14.00-16.50; canners and cut
ters 9.50-13.50; good beef bulls
16.50-17.00; medium to good sau
sage bulls, 15.50-16.50: good and
choice vealers. 22.50-26.50: medium
15.00- 22.00: culls and common, 8.50
14.00.
Sheep receipts none, uimpurea
with close last week; spring lambs
$1 to 1-50 higher; old crop lambs
steady to 25c higher; ewes mostly
$1 to 1-50 lower; top spring lambs
for the week 26.00; top clipped
lambs 22.00; bulk good and choice
native spring lambs 24.50-26.00;
medium to good, 21.50-24.50; culls
and common, 17.00-20.00; most
good and choice clipped lambs
with No. 1 to No. 3 ^elts, 21.00
21.75; few fresh shorn 20.75; me
dium to good lois 18.50-20.50: culls
and common. 15.00-18.00; bulk me
UftLidl&D dtv,Ui\l 1 iLJ>
bxw.x C_ ixealC'l^, AxiC. i.-‘U w.»l
_— ces out are unofficial. They ao
not. iepit^tiH acv^ai iran^acwiOiis, wacj
c.- - .. dc — euluC i<J XxiC MppxOxAx
iiixxcc -c.x0c wnexx uiese sc-unues
coulu nave been soid (.indicated by the
-u*uj or oougnc (inaicaceu by Uie;
"ashed’ ) at me nme of compilation:
Description *>ia Ask |
Acme Alum A1_ 7 i-b 8
nciuii AiUJxl Ai Pid_18 1-2 2j 1-1
Alabama Great South KK 81 84
Ain Air x Xitel’ _xj, 3-4 xo 3-4
Am Bak _2b 31
Am ixhKa _b9 71
Am wa i' ranee f oamite 8 9
Am 11' Go. _b‘, j 69u
Ain A am oc Pro _10 1-4 11
Am * am «x Pro 4% Pfd _ 90 94
Anderson xricnara Ou
$2,125 Con. Pfa___ 52 1-2 52 1-2
Basket f urniture And_ 25 3-4 l< 1-2
Bauscn 6c Lomb Optical _ 18 19 1-2
Bird cc Son _ 15 lb
Blue Beil __ 16 3-4
Buxiaio Belt _11 1-4 12
! Butler s _ 5 1-2 6 1-2
Butler’s 4 1-2% Pfd_21 . 23
Carolina Insuiance _aO 32
Carolina Mountain Tel — 2 3-4 2 7-8
! Carolina Pwr 6c Be _34 1-2 25 1-2
I Car Pwr 6c Li 4% Pld-117 119
Cnad Hos xViilxs_- 7 8
Chad Hos MiLs 4 l-2%Pfd 37 39
Cleveland Cliffs *5 Pxd __ 84 da 1-4
Coble Dairy Proa 5% Pxd 49 1-2 j2
Colonial Stores _ 21 1-2 22 1-2
Colonial Stores 4% Pfd_aO 52
Dan Kivers Mills _ 11 3-4 12 3-8
Ban Kiver 4 1-2% Pfd_106 107
Dixie Home Stores_16 1-4 17
Drexel f urniture _13 14
Dwight Manufacturing __ 25 26 3-4
Edison, Thomas A “B” _ 15 1-4 16 5-8
Empire Dist Elec_15 1-8 16 1-8
Erwin Cotton Mills _13 14
Erwin Cot Mills 6% Pfd__ 113 -
Foremost Dairies _13 3-4 14 1-2
Foremost nairies 6Vo Pfd 51 -
Funslen it E _ 6 6 1-2
Gamble Brothers _ 6 1-4 7 3-4
Garfinekei, Julius _ 16 3-4 18 3-4
Gar, Julius 4 l-2%Pfd_21 23 1-4
Garlock PacKing _19 21
Georgia Hardwood_ 9 3-4 10 1-2
Gleaner Harvester _19 1-2 21
Gordon Foods _ 5 3-4 6 1-2
Grinnell _ 23 1-2 25
Hanes, P H Knit (Par $5* 18 19 1-2
Houston O.l Field Material 6 1-2 7 5-8
International Textbook _ 12 13
Interntaional Detrola _ 8 3-4 9 1-4
Jefferson Stand Life Ins 26 27
Kendall __ _ 24 25 1-2
Kingsport Pi ess- 10 3-4 11 1-4
Life & Casualty Ins_18 19
xYlcBee - 6 3-4 6 1-4
May-McEwen-Kaiser _ 10 11
Moore Handley Hdw_ 6 7-8 7 1-2
Morganton Furniture _16 17
Nat Container 4 3-4% Pfd 52 1-2 54 1-2
New Britain Machine_ 27 1-2 30
N C RR___195
Northwestern Nat Life Ins 18 -
Occidental Life Ins_ 5 5 1-2
Ohio Water Service _17 1-2 19 1-4
O’Sullivan Rubber _ 4 3-4 5 1-4
O’Sullivan Rubber $20 Pfd 18 19
Peninsular Tel _ 45 43 1-4
Peoples Sav Bk Sc Tr_ 80 -
Piedmont Sc Northern RR 60 62
Pilot Full Fash Mills_10 1-2
Riegel Tex $4 Pfd _ 90 93
Robertson H H _ 36 1-2 38 3-4
Rose’s 5-10-25c Stores _ 48 51 1-2
Saco-Lowells Shops _ 34 36
Scott & Williams _ :9 1-2 21
' Seaboard Finance Pfd __ :1 34
j Security Life Sc Tr _ 60-|
j Sec Nat'l Bk_28 _
, Solar Aircraft Pfg _13 1-2-|
Sonoco Prod _ 29 1-2 j
South Atlantic Gas _ 9 3-4 10 3-4 i
Southern Webbings Mills 9 10 !
Standard Forgings _10 1-4 11 1-8 '
Standard Stoker _ 20 3-4 22 3-4
Stevens J P _ 29 1-4 30
Stonecutter Mills _ 6 7
Stromberg Carlson 4%Pfd 36 1-2 39 1-4
Talon __ 42 44 1-4
Textiles - 11 3-4 12 1-2 |
Textiles 4% Pfd _24 1-4_
Thiokol __ 1 3-4 2 1-4
Tidewater Pwr _ 8 3-8 8 7-3
Towmotor - 15 3-4 17 1.4
Twin-Coach $1.50 Pfd_ 25 3-4 27 3-4
United Transit _ 5 5 3-4 j
Victor Products _ 7 7 1-2
Virginia Electric Pwr_14 2-4 15 1-2
Wachovia Bk & Tr Co __ 58 60 1-2
Warner & Swasey __ 8 3-4 9 1-2
Wilmington Sav & Tr _ 49 _.
CHICAGO STOCKYARDS
CHICAGO, June 7—(JPj— (USDA)
—Salable hogs 500 (estimated),
total 4,500; compared week ago
weights under 240 lbs steady,
heavier weights and sows 25-50
higher.
Salable cattle 500 (estimated);
total not given, compared week
ago, fed steers and heifers 25-50
higher; market closed very ac
tive at advance; good and choice
grades showed most upturn, such
cattle closing largely at 24.75-27.50;
medium grade steers and heifers
very scarce; active; good beef
cows strong, all others unevenly
50 to 1.00 lower, with canners and
cutters mostly 1.00 down, bulls to
1.00 higher; receipts about 9,000
larger locally, 24,000 head more
than week earlier showing up at
twelve large markets; cow run a
little larger, with bigger percent
age showing grass; choice weighty
steers topped at 27.75; seven loads
at price; choice light steers reach
ed 27.60; choice 943 lb yearling
steers 26.60; mixed steers and
heifers 26.50 and choice heifers
26.00; very liberal supply week’s
average-good to average-choice
steer receipts sold at 25.25-27.25;
sizable supply choice steers 27.35
27.65; most good and choice heif
ers wound up the week at 24.00
25.50; several choice loads bring
ing 25.75-26.00; cutter cows closed
at 13.50 down, canners 9.50-11.00:
strongweights 11.50; good beef
cows reached 21.00; little passing
19.50 however; underweight native
southwest bulls 12.00-13.00, scaling
650 lbs down; weightier bulls 14.00
up with heavy sausage and beef
bulls to 17.50; vealers 26.50, mostly
26.00 down; most medium to choice
stock cattle 17.75-22.00 on 25 cents
or more higher market as replace
ment inquiry broadened.
Patient Slays Doctor,
Kills Self With Gun
LOS ANGELES, June 7 — UP) —
Police wrote off as murder and
suicide today the fatal shooting of
a 55-year-old physiciah by a pa
tient he had been treating for
stomach ulcers.
A former professor of pathology
and bacteriology at Rockefeller
Institute, New York, Dr. George
Wade Wilson was found dead in
his home, three bullet wounds in
his body.
Nearby lay the body of Ray
mond Wesley Hobert, 51, a bullet
through his heart. Beside him was
a .38 caliber revolver.
Det. Sgts. William C. Tilden and
Henry G. Wild said that shortly
before the shooting, Hobert return
fid from a sanitarium where Dr.
Wilson recently had sent him for
treatment.
- !
RALEIGH POULTRY
RALEIGH, June .7—MF>—(NCDA)
Raleigh egg market steady. U. S.
grade A large 46. Poultry market:
dryers and broilers steady at S"
o 33.
jm to good shorn ewes 7.00-7.50
-iter sales $7 down, cull and com
mon, 5.00-6.50.
GRAIN RANGE
CHICAGO, June 7—(£“)—
Open High Low Close
WHEAT
July 2.28 2.28% 2.23 2.24
i Sep 2.24U 2.24% 2.20% 2.21%
Dec 2.21 2.21% 2.18% 2.19
May 2.17% 2.18% 2.16 2.16%
CORN
July 1.89 1.90% 1.88 1.88%
Sep 1.77 1.78% 1.75% 1.76
Dec 1.61 1.63% 1.58% 1.58%
May 1.57% 1-57% 1.54% 1.54%
OATS
Juiv 97% 99 96% 97 %
Sep” 90 91 89% 89%
Dec 86% 88% 86% 86%
May 84% 851 $ 83% 83%
LARD
July 21.10 21.20 20.90 20.90
Sep 21.25 21.35 21.00 21.10
Oct.---20.37
Nov 20.00 20.25 19.95 20.20
HOG MARKET
RALEIGH, June 7—(£>»— (NCDA'
Hog markets steady. Tops of $22.50
at Greenville, Fayetteville, Smith
field, Lumberton and Rocky Mount.
---
Postal Inquiry
Seeks Economies
WASHINGTON. June 7—i/Pj—The ;
House investigation of the Post j
Office department will concentrate !
on seeking economies in 258 of the 1
42,000 post offices, Rep. Rees <R
Kans) announced today.
These are mostly the post offices
in big cities which employ 70 per
cent of all postal workers. Of all
the department's expenses, 78.11
per cent is for payrolls.
CORN ADVANCES
CHICAGO. June 7—OP)— Rains
and floods in midwesterr, agricul
tural areas, creating apprehension I
over the crop outlook, were respon
sible for price advances in corn
and oats on the board of trade to- ;
day. Wheat weakened under hedg-!
ing pressure.
Wheat finished 1 1-4—4 1-2 low
er, July $2.23 1-2—3-4. corn was 2
1-8 lower to 3-8 higher, July $1.88:
1-4—1-2, and oats were 1-8—3-4 1
higher, July 97 1-8—1-4.
TODAY AND MONDAY
Smashing Adventure ON The Raging Sea! Thrilling
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ANOTHER, YES ANOTHER OUTSTANDING SCREEN ACHIEVEMENT
Lf’afk HE CAME TO MT ARMS AND
4»|r NOTHING CAN TAKE HIM
FROM ME . . . NOT THE LAW
" ... HIS ENEMIES ... OR HIS
OWN FEAR OF MY LOVE !
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