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The Wilmington morning star. [volume] (Wilmington, N.C.) 1909-1990, August 17, 1947, SECTION A, Image 14

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

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WEEKLY STOCK
MARKET REPORT
Regains Equilibrium Is All
That Can Be
Said
NEW YORK, Aug. 16—W—Heat
and humidity crippled activity m
the bond market this week. Prices
moved lazily and on the average
showed little variation from the
preceding Friday.
A gauge of investor enthusiasm
was seen in Wednesday’s market,
in which only $2,290,000 face val
ue in bonds changed hands. This
was the smallest turnover since
$2,190,000 June 9, which in turn
was a low since August, 1940.
Total volume for the week
amounted to only $14,216,000, com
pared with $14,593,600 in the pre
ceding week and $17,439,000 a
year ago.
The Associated Press averages
of representative bonds indicated
that all groups, except utilities
which 3 a trifle higher, were
unch' from the end of the
previc , week.
New financing activity was as
glim as trading volume although
investment dealers were encour
aged by the favorable reception
given most issues offered for sale.
Two comparativly small issues
of utility preferred stocks met
with unexpectedly good contract
from the public, in sharp contrast
with the apathy which greeted
such issues earlier in the year.
“This suggests,” said the in
vestment dealers’ Digest, a trade
publication, “that, despite experi
ence with new preferreds sine
last spring perhaps investors are
glad to take them after all—at
a good price.”
Wall street looked forward to
expanded activity in new financ
ing in a matter of weeks, not only
by corporations seeking money
but also by local governments.
Triborough Bridge & Tunnel au
thority. for instance, disclosed
plans to market between $100,000.
000 and $115,000,000 of new tax
exempt honds, which would rival
the largest issue of this type ever
marketed.
And American Telephone & Tel
egraph Co. announced plans to
raise additional funds for its ex
tensive expansion through sale of
stock to employes on an instal
ment plan. The company register
ed with the Securities & Excha lge
commission 2,800,000 shares of
$100 par common which will be
offered to telephone company
workers at a price below the mar
ket. The stock closed on the ex
change Friday at 156 3-8.
Indications of a sharp diversity
in judgment over present condi
tions for marketing new securities
were seen in requests to th SEC
to withdraw rgistration for
American Broadcasting Co. com
mon stock and cancelation for
competitive sale of common stoex
of Public Service Co. of New
Hampshire. American Broadcast
ing said “market conditions at
the present time and for the fore
seeable future make it inadvis
able” to market stock.
grain range
Open Hi&h Low Close
Wheat— .. I
Sen 2 39% 2.40%' 2.38 2.38%
Dec 2.37% 2.38% 2.36 2.36%
May 2.33% 2.34 2.31% 2.32%
jly 2.14 2.14 2.12 2.12%
Sep0™ 2.38 2.39% 2.32 2.33%
Dec 2.21 2.21 2.13% 2.16%
May 2.15% 2.15% -2.08% 2.10%
Oats—
Sep 1.06% 1.06% 1.03% 1.04%
Dec 1.04% 1.04% 1.01% 1.02%
May 98 98% 95% 98%
Soybeans—
Nov 2.92 2.82 2.81 2.81
Lard—
Sep __17.12
Oct 17.30 17.30 17.30 17.30
Nov 17.50 17.50 17.50 17.50
Dec 19.15 19.15 19.10 19.10
TOBACCO EARNINGS
i NEW YOIK, Aug. 16 — (A1)—
American Tobacco company, to
day estimated earnings in the sec
ond quarter at $8,282,000, equal to
$1.39 a common share, compared
with $7,640,000, or $1.53 a share,
in the 1946 quarter.
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Mill & Contractors Supply Co
DEMING PUMPS
121 North Water St. Phone 7757
15 YEARS WITHOUT A DROWNING .
CAROLINA BEACH LIFE SAVING SQUAD— Members of the life saving: corps at Carolina Beach
have set a record unique on the Atlantic coast in not having had a drovyning in the patrolled area of
th„ strand since the squad first was organized back in 1932 by Ken Wooten Wilmington post office
employe. The 12 members of the present squad, headed by Bill McDonald, chief guard, and four others
including two girls, have jusi been graduated in an instructors class in life saving and water safety
sponsored by the American Bed Cross. Six of the 16 leave today for Brevard to attend the 10^ny na
tional aquatic school to be held by the National Bed Cross. Pictured you see Lucy Horne in white and
Betsy Baper in black. In tiie center left is Wallace B urke and center right is Tom Spittle. Top row, left
to right, shows Columbus Efird, McDonald and Jack Hammond. The girls are not guards but passed
the course with flying: colors. Others who took the course and are not shown are Bob Strickland, Giles
Westbrook, John Boyter, Wilbur Shearin, Henry Carr, Tom Efird, Les Salmon, Bichard Mclver, and
Doyle Bedsole. ____
CHICAGO LIVESTOCK
..CHICAGO Aug. 16—(TP)—(USDA)
—Salable hogs 300 (estimated);
total 2,300 (estimated); compared
week ago'; butchers under 280 lbs
uneven, 23-75 lower, heavier butch
ers steady; sows steady to 25
higher.
Salable cattle 500 (estimated);
total not given; compared week
ago.
Average — good and choice fed
steers and yearlings fully 50 high
er; common and medium grades
25-50 lower, most good grades
closing strong to higher than late
last week, sharp advances on
cattle grading good and better de
veloping early in week; closing
trade slow except on high-choice
steers and yearlings' all weights;
heiefr trade followed steers but
very sluggish markets finally de
veloped on medium to good heifers
scaling under 800 lbs; extreme
top steers 34.25; new high on crop,
and 75 higher than previous week;
best long yearlings 34.00; light
yearling steers 33.00; weighty
heifers stopped at 30.00 but strictly
choice kinds absent; average-good
and choice weightly steers closed
at 27.50-34.00; comparable yearl
ings 2.00-32.00 and similar grades
of heifers 25.00-29.50; common and
medium grass steers 17.00-22.00
mostly; cows fully 50 higher for
week, instances 75; bulls 40-75
higher; vealers steady but heavy
slaughter calves 50 to 1.00 lowei
at 19.00 down, against 24.00 choice
vealers; good beef cows closed
at 18.-20.00. __
UNLISTED SECURITIES
The following bid and asked prices
are obtained from the National Associa
tion of Securities Dealers. Inc. and oth
er sources but are unofficial. They do
not represent actual transactions, they
are intended ss a guide to 1he approxi
mate range within which these securi
ties could have been sold (indicated by
the “bid”) or bought indicated by the
“asked”i at the time of compilation,
Aug. 14:
Description Bifi Ask
Acme Alum Alloys - 5 5 3-4
Acme Alum A1 Pfd-14 1-2 16 1-2
Alabama Gt South Rail _ 85 88
Alabama Mills - 14 1-2 15 1-4
Am Air Filter -13 3-4 14 1-2
Am Brkeries Co - 31 1-2 33 1-2
Am Enka Corp _ 77 80
Am La France Foam Corp 0 9 3-4
Am Trust Company-680 -
Am Yarn & Proc Co 12 12 3-4
Am Yarn & Proc Co 4cfr 90 93
Anderson Prichaard Oil 4
1-4 Pfd _ - 54 1-2 55 1-2
Atlantic Coast Line Co.
(Conn) __ 55 1-2 59 1-4
Bassett Furniture Indus _ 28 1-2 31
Bausch & Lomb Optical 17 1-4 18 3-4
Bird & Son. Inc - 17 i-2 13 1-2
Blue Bell. Inc _13 1-2 14 1-2
Buda Company - -- 1C t7 1-4
Buffalo Bolt Co_12 1-2 13 1-2
Butler’s, Inc- - 7 1-2 8 1-4
Butler’s, Inc. 4 1-2 Pfd __ 21 1-2 22 1-2
Bank of Manhattan Co,
.. ,, oi 1 o off
Carolina Insurance Co -r 28 30
Carolina Mount Tel Co 2 5-8 2 7-8
Carolina Pwr & Lt Co — 35 3-4 36 1-4
Carolina Pwr & Lt Co $5
Pfd _117 1-4 119
Chadboirn Hos Mills, Inc. 7 3-4 8 1-2
Chad Hos Mills, Inc 4 1-2
Pfd __37 39
Chase Nat'l Bk of N Y _ 35 1-2 2G 1-4
Clev Cliffs $5 Pfd Old.... 92 95
Coble Dairy Prodt $5 Pfd 49 1-2 51 1-2
Colonial Stores, nc. - 24 3-4 25 1-2
Colonial Stores, Inc. 4cfc
Pfd _-_ 49 1-2 50 1-2
Dan River Mills-15 5-8 16
Dan River Mills 4 1-2 Pfdl06 107
Dixie Home Stores - 22 22 1-2
Drexel Furn Co-15 1-4 16
Dwight Manufacturing Co 34 34 1-2
Edison, Thomas A. “B’ — 16 3-4 18 1-4
Empire Dist Elec Co - 14 1-4 15 1-2
Erwin Cotton Mills - 15 1-2 16 l-~
Erwin Cot Mills 6c/r Pfd 110
Foremost Dairies, Inc — 15 16
Foremost Dairies, Inc. 6cj0
Pfd _— 51 -
Funstein R E- 5 „ ,
Gamble Brothers —--— £ 1-J J 3-4
Garfinckel, Julius & Co, _ 18 3-4 20 1-2
Garfinckel, Julius & Co-,
Inc., 4 1-2 Pfd- 23 24 S-4
Garlock Packing Co-22 24 .
Georgia Hardwood -14 1-4 la 1-4
Giddings & Lewis Mach T1 113-4 13
Gleaner Harv Corp-21 22 1-2
Gordon Foods, Inc - 1 < 3-4
Grinncll Corp 27 “9 3 1
Hanes, R. H. Knit Co 9
(Par $5) -19 29 1'“
Houston Of l Field Mat — £ 9
International Detrola £ 1-2 »
nternational Textbook Co 12 13
Irving Trust Co, N Y-15 3-8 16
Jefferson Standard Life
Insurance Co-- 28 «
Kendall Co-xd 31 o2 1 2
Kingsport Press -19 l'2 11
Life & Casualty Ins Co.
of Term ‘-« , .
McBee Co ---—— 1 1-4 1
May-McEwen-Kaiser Co - 12 13 1-2
Monumental Life Ins Co - , ,
Moore Handley Hdw _xd 9 1-4 9 S-4
Mooresville Mills —--— 10 10 1-2
Morganton Furniture Co - 15 16
National Cont Corp 4
4 3-4% Pfd --1-4 --
New Britain Mach Co — 30 32
N C Railroad Co-- ^
Norwestern Nat’l Life-Ins 19
Nat’l City Bk of_N Y- 40 3-4 41 1-2
Occidental Life Ins Co — J
Ohio Water Service Co. 18 1-2 70
O’Sullivan Rub Co —--- 4 4
O’Sullivan Rub Co. $zo „ _
Peninsular Tel Co 1-4 47 1-2
Peoples Sav Bk & Tr Co 80 -
Piedmont & Northern Rail 59 —
Pilot Full Fash Mills-10 1-4 11
Red Rock Bot, Inc - 9 3-4 10 1-2
R cgel Textile Corp-33 3o
Rigel Textile Corp $4 Pfd 93 96
Robertson H H_- 39 41 1-4
Rose's r C-... ' Stores-49 ——
Rulr • Gas Co - 4 4 1 -
Rular-e Gas Co 5 1-2 Pfd 50 52
3rcu-Loweli Shops -41 1-2 43
San Carlos Milling - 8 1-4 8 3-4
S-ott & Williams- 23 24
Seaboard Fin Pfd (With
Warrant) -87 39
Security Life & Tr Co — 63 -
Sec Nat’l Bank-28 -
Solar Aircraft Pfd-14 1-4 15 1-2
Sonoco Prod Co-30 1-4 -
South Webbing Mills- 9 10
Standard Forgings -10 1-8 11
Standard Stoker -xd 21 23
Stevens, J P & Co_ 32 1-2 33 3-4
Stonecutter Mills —i- 6 3-4 7 3-4
Stromberg Carlson 4 c/„
Fid _ 40 1-2 42 3-4
Talon, Inc. -39 1-2 41 1-2
Textiles, Inc -15 1-2 16
Textiles,s Inc 4Pfd _ 24 1-2 ---
Thiokol Corp - 1 3-4 2 1-2
Tidewater Pwr Co - 8 9
Towmotor Corp-15 1-2 17
Twin-Coach $1.50 Pfd_ 27 28 3-4
United Transit - 5' 5 1-2
Victor Prod Corp-10 10 1-2
Virginia El’O — Pwr Co 16 1R 3-4
Wachovia Bk & Tr Co _61 62
Warner & Swasey Co __ n 2-4 10 3-4
West Point Manu Co _2D 3-4 30 1-2
Wilmington Sav tz Tr Co 43 -
Pial 2-3311 For Newspaper Service
CORN PROFITS
ON INCREASE
But Retreat Into Losses At
Board Of
Trade
CHICAGO, Aug. 16— (&) —An
early upturn in corn ran into in
creased profit-taking on the Board
of Trade today and prices retreat
ed to close the day with losses.
Corn set the pace for the rest
of the market, as it has in all
sessions for recent weeks, al
though wheat showed resistance
to the late selling and finished
with prices practically unchanged.
At one time July wheat and De
cember oats reached new season
al high.
Wheat closed unchanged to 1-4
lower, September $2.38 1-2, corn
was 2 3-4 to 4 cents lower, Sep
tember $2.33 1-4—2.33, and oats
were 1 to 1 3-8 lower, September
$1.04 1-2-34.
uie tdiir auvduue in c-jin,
which carried prices close to rec
ord peaks, was based upon a
weather bureau forecast of clear
skies in Iowa. However, alate
forecast predicted scattered show
ers and private reports said light
moisture was received today.
Offerings of corn by the coun
try were fairly liberal for a Sat
urday, purchaes on a to-arrive
basis totaling 100,000 bushels. In
the spot market prices were
steady to 3 cents lower.
Wheat was aided by a some
what more aggressive Commodity
Credit corporation buying policy
and Washington reports that ex
ports will be heavy this autumn,
possibly exceeding allocations, as
the shipping situation has improv
ed and small stockpiles of grain
may be built up in foreign coun
tries.
Tire CCC raised its wheat buy
ing price 3 cents after the close
yesterday, offering $2.29 at Kan
sas city and $2.40 1-4 a bushel at
Chicago.
Oats move up or down in sym
pathy with com, following the yel
low cereal closely. Many traders
feel that higher prices for corn
will increase the use of dats as a
feed. The lard market was ex
tremely dull with active deliveries
closing 2 cents lower to 3 cents
a hundred pounds higher.
i t
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Futrelle’s Drug1 Store
Lane Drug Stores
Jarman Drug Store
Padgett Drug Store j
H. L. Herring Grocery Store
Carl Marshbum
Paul Marshburn
T. W. Wood* and Son
Mayhan’s
George’s Grocery Store
W. D. Mills
L. L. Mills
Open Air Market
Batson Gro. Store, Sunset Park
Ketchan Drug Store, Jacksonville
Bunch Drug Store, Carolina Beach
Seashore Drug Store, Carolina Beach
Lewis Gro. Store, Kure Beach.
Bame Grocery, Carolina Beach
Finley Carr, Wallace
Warsaw Drug Store, Warsaw
Joe Brown Grocery
Guarantee Food Store, Southport
Berkenhagen Grocery, Winter Park
A. A. Hobbs
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3he fiank of Wilmington
MEMBER FEDERAL DEPOSIT INSURANCE CORP.
WEEEY BOND ■
MARET REPORT
Heat, Humidity Cripple
Activity5 New
Issues
MARKETS AT A GLANCE
CHICAGO
Wheat—Steady; trade light.
Corn—Weak; profit-taking.
Oats—Eased' on profit tak
tug.
Hogs — Nominally steady.
Cattle—Nominally slow.
NEW YORK, Aug. 16—(VP) The
stock market regained its equib
librum during the past week but
that was about the best that could
be said for it. For the second
straight week there was not a mil
lion-share session. Commodities
continued to rise and bonds were
narrow.
Share transactions largely were
in the hands of professionals who
covered short commitments or
bought sparingly on the idea that
the substantial reaction of the two
proceeding weeks had served as a
normal technical correction of the
broad rise since mid-May and put
the list in shape for a fall rally
if the news warrants. Many sep
tics remained on the selling side,
however, due principally to dark
ening British and European eco
nomic skies in addition to doubts
regarding the business outlook at
home. Fears that the inflationary
wage-price spiral eventually would
lead to a “bust” also restrained
customers.
The Associated Press 60-stock
composite showed a net advance
of .8 of a point at 66.1 on the week.
Two years ago, upon the ending
of hostilities, the index stood at
64.6. Most of the week’s markets
were among the narrowest for
nore than two months. Transfers]
or the five sesions of 3,661,660
ihares compared with 3,592,113 the
week before which was a low
since the period concluded last
rune 6.
The overall average Monday hit
i bottom since June 30 on 720,000
shares with pessimism over the ex
aort-import situation inspiring of
ferings. Moving picture stocks
were an exception, rallying brisk
ly following word that a compro
mise of the heavy British tax on
United States films was a pos
sibility. Losses of 1 to 3 or more
points predominated. The average
drop of .4 of a point was the
widest of the week.
On Tuesday the market enjoyed
its second best recovery of the
week but activity dwindled to 690,
000 shares. A string of pleasing
dividend and earnings aided senti
ment. Steels, motors, rails and
special issues led the swing.
Slight irregularity ruled Wednes
day with transfers holding at 690,
000 shares. Gold mines negotiated
an early sprint on rumors from
abroad that Washington might
boost the price on the yellow met
al. The group subsided, though,
when adminstration officially spik
ed the report as wishful thinking
Packard motors was the speediest
racer on the largest turnover for
any stock in months. It totaled
140,400 shares alone and was ofl
1-38 at five. Offerins were reportec
to have come from estate hold
ings.
Modest gains ruled Thursday bu
dealings tapered to 680,000 share
smallest of the week and a mini
mum since Aug. 7. Mixed tenden
cies ruled until the final hour whei
activity quickened on demand foi
rails.motors, steels and ,
sortment of specials >,
Coverings for short's Vru
counted mainly for the k 7 »i
vance and the largest tl>; t
two weeks. Boardroom °V(;
mostly deserted because .’**
persistent heat wave hm° '
traders took over and im„ «i
and industrial specials 1 7
than 2 points. The day's ,1° ^
of 8880,000 shares was a t?11
July 30 and the average 7 !i5
.6 of a point the broadest
July 31. 5' 't
GRAIN RANGE
CHICAGO, Aug, 16—
taking appeared in the cc.'''
on the board o£ trade toda'"“;
prices slumped following a";,1
run-up. Oats followed the ac-5!
corn, but wheat held rc;?;
steady.
Wheat closed unchanged .
lower, September $2.38^ 1-2 5 ‘
was 2 3-4 to 4 cents'lov,-e- ?
tember $2.33 1-4-2.33, arid
were 1 to 1 3-8 lower, Set)tJ?
$1.04 1-2-3-4.
CASH GRAIN
CHICAGO, Aug. 16—
No. 1 red 2.423i.
Corn No. 1 yellow 2.43- v.
2.42-2.43.
Oats No. 1 heavy mixed
No. 1 mixed 1.07-1.08; No. 2 '<1
No. 1 heavy white 1.09-1,10-»
1 white 1.07.
Soybeans No. 2 yellow 2.23; r>
inal.
Barley malting 2.37-2.39 r.s>
nal; feed 1.53-1.75 nominal.
Field seed per hundredweij
■ nominal.
llational Clothiers, hint
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Established 1888
MEMBER THE FEDERAL RESERVE SYSTEM
MEMBER THE FEDERAL DEPOSIT INSURANCE CORP.

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