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The Wilmington morning star. (Wilmington, N.C.) 1909-1990, August 29, 1947, Image 8

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

Persistent link: https://chroniclingamerica.loc.gov/lccn/sn78002169/1947-08-29/ed-1/seq-8/

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Special Stocks Demand
Keeps Exchange Balanced
Short Covering, Account
Trimming Offsets Mild
Buying Spree
markets at a glance
NEW YORK, Aug. 28.—re
stocks—Uneven; special is
sues advance.
Bonds — Steady: Late firm
ing in rails.
Cotton—Irregular; trade buy
ing, hedging.
CHICAGO
Wheat — Firm: Reports of
drought in Europe.
Corn — Easy: Minor profit
taking.
Oats—Lower with corn.
Hogs — Generally 50 to 75
cents higher: Top S28 00.
Cattle — Steady to 50 cents
more: Top $34.50.
NEW YORK, Aug. 28. — UP) —
Timid demand for special stocks
kept the market fairly well bal
anced today although many lead
ers wavered and dealings remain
ed on the sluggish side.
Short covering and trimming of
accounts for the forthcoming-long
week-end were offsetting factors.
A little buying here and there for
a possibly fail rally again provid
ed a prop. Numerous customers
stood aside pending business de
velopment at home and more light
on foreign economic complica-,
tions which seriously threaten
American exports.
Volume was aided by fair-sized
blocks of small-piiced issues but
the ticker tape frequently halted
Whiehever you prefer-tengy
Ginger Ate or. sparkling Water
— Canada Dry it your byst
bet for better tatting drinks.
Keep both on hand .., and
you're tare to please every*
, body. Here are four good rea*
sone-whyl
1 • Tin-Point'Corkonotlon
2. Exclusive Formula x
3* Special Processing
4. Uniform Quality
PARTY SIZE
BOTTLES
PUIS
limit
from the opening on. The first
hour’s aggregate of 95,390 shares
was a bottom for this period since
April 10. 1945.
While gains of fractions to a
point or more were a shade in the
majority at the close, the overall
average was lower because of the
presence of a number of pivotal
losers in the index. It was the
fourth straight session without an
average advance. Transfers of
580,000 shares compared with
Wednesday's 480,000 which were a
minimum since Sept. 18, 1944.
Composite Off
The Associated Press 60 - Stock
Composite was off .2 of a point at
64.7, a low since June 30. The
market again was narrow, 876 is
sues registering against 843 the
day before, slimmest since June
5. Of the day’s total, 343 rose and
301 fell.
Dividends were ignored by most
stocks concerned but pleasing pay
ments lifted American Agricultur
al Chemicals 3 7-8 to 47 7-8, a 1947
peak; Abbott Laboratories 2 at
80, Thomas Steel 1 1-4 at 21 3-4
and Black and Decker 7-8 at 30.
Norfolk and Western added 3 1-4
at 243, Macy 1 1-2 at 36 1-2, Co
lonial Mills 1 1-2 at 19 7-8 (a new
year’s high) and American Tele
phone 1 at 156. Pacific Telephone,
a recent weak spot, was up 2 1-2
at 100 in reflection of the granting
of a rate increase. Resumption of
dividends by the Illinois Bell Co.
buoyed communications securi
ties.
N. Y. and Harlem Railroad
common, on its first sale since
July 1, was off 12 points. On the
second of the day’s transactions
it finished down 10 at 255.
Caterpillar Down
Losers of a point or so included
American Woolen at 40 7-8,
Youngstown Sheet 67 1-2, Cater
pillar Tractor 56, Owens-Illinois
72 3-4, Philip Morris 28 7-8 and
J. C. Penney 43 1-2.
Bonds did better selectively.
Cotton was up 40 cents to $1 a
bale. At Chicago wheat ended
ahead 1-4 to 1 3-4 cent? a bushel,
com off 1 to 2 and oats down
1-8 to 3-4.
In the curb Pepperell pushed up
on a good earnings showing. For
ward movers were New England
Telephone, Elliott Co., Tampa
Electric, Colts Mfg. and Went
worth Mfg. Minor recessions were
posted for Cities Service, Ameri
can Gas and Derby Oil. Turnover
here was 120.000 shares versus
110,000 yesterday.
STOCK AVERAGES
Compiled by The Associated Press
Aug. 28—
30 15 15 60
Ind Rails Util Stocks
Net change D.2 D.3 A.l D.2
Thursday 91.4 33.7 42.6 64.7
Prev Day 91.6 34.0 42.5 64.9
Week ago 92.5 34.6 42.8 65.6
Month ago 94.7 35.5 42.4 66.8
Year ago 96.5 41.9 49.6 71.6
1947 High 96.9 38.5 47.2 69.0
1947 Low 83.2 27.7 40.6 58.5
1946 High 110.4 51.2 ,55.4 82.4
1946 Low 82.0 30.9 42.5 59.4
WHAT STOCKS DID
NEW YORK, Aug. 28-0P)—
Thu Wed
Advances _ 343 357
Declines _ 301 267
Unchanged _ 232 222
Total issues -_ 876 846
UNUSUAL
OPPORTUNITY
Exclusive territory available in Wil
mington and surrounding area for
experienced salesman. Age 25-40. AH
around territorial management ex
perience necessary. State expereince
and present earnings. Do not apply
if unemployed at present. Write Box
1286, Raleigh N. C. Interview in
Wilmington at a later date.
RAILROAD LIENS
PACE BOND MART
Other Groups Shift Aim
lessly In Narrow Range
Throughout
NEW YORK, Aug. 28.—(/?)—A
sizable group of rails held the
favor of buyers in today’s bond
market while other groups were
neglected and shifted aimlessly in
a narrow range.
Big dealings in various Chicago
traction bonds, a feature in the
preceding session, were lacking
as final consummation of the pub
lic sale of $105,000,000 of Chicago
Transit Authority bonds shifted at
tention from the individual issues
of the old companies to the new
transit bonds.
The latter made their initial bow
in unofficial outside market deal
ings and established a premium
ovei the offering price of $10 in
a matter of minutes. Late in the
day a prominent firm quoted the
bonds at 103 7-8 bid and 104 1-8
asked.
RaiJs Predominate
Rail loans took the leadership
in a small-scale advance among
domestic corporate issues but the
movement was by no means uni
form. Tacking on a point or so
were Consolidated Railways 4s,
Hudson Coal os. City Investing 4s,
Boston and New York Air Line 4s,
New Orleans, Texas and Mexico
5s and several bonds of the New
Haven.
Smaller gams were posted by
Western Union 5s, American Tele
phone 2 3-4s of 1961. Baltimore
and Ohio stamped convertibles of
I860, Central of New Jersey 5s
and Rock Island refunding 4s.
On the losing end were Colum
bia Gas and Electric 3 l-8s, De
troit Edison 3 l-2s, Illinois Cen
tral 4s, Northern Pacific 3s, Pa
cific Gas 3s, Peoria and Eastern •
income 4s and Shell Union 2 l-2s.
World Bank Treaties
U. S. Governments were without
important change in either the out
side markets or the stock ex
change, but there was an appre
ciable widening between the final
bid and asked prices for some- of
the medium maturities. World
Bank issues also were steadier.
. Foreign dollar bonds were quiet.
Sales of $2,560,000 compared
with $2,680,000 on Wednesday.
BOND AVERAGE
Compiled by The Associated Press
AUG. 28—
20 10 10 10 10
Rails Indus Util Fgn Low Yd.
i Net change Unch Unch Unch D.l Unch
Thur 94.0 1 93.4 105.2 70 4 114.7
Prev day 94.0 1 03.4 1 05.2 70.3 114.7
Week ago 94.2 103.4 106.3 70.7 114.9
Month ago 94.7 1 03.4 105.2 71.3 114.7
Year ago 100.1 103.5 >07.4 77.7 117,4
1947 High 97.1 104.2 1 05.7 76.6 116.3
1947 Low 89.8 103.2 104.0 70.4 114.7
1946 High 106.9 105.2 1 09.5 79.0 120.2
1946 Low 92.0 102.7 103 3 74.4 114.3
BOND QUOTATIONS
NEW YORK, Aug. 28— (#>)—
AT and SF 4s 95 -._ 128%
ACL 4%s 64 _ 108%
CB and Q 4%s 77.. 113%
CRI and P R 4s 34 .. 52
Fla E C 5s 74 __ 56
Hud C 5s 62A .. 88
H and M 5s 57 _-_.... 58
Ills-Cent 4%s 66 _ 80%
Int G N 6s 52 _ 19%
MK and T AJ 5s 67 .. 63%
NYC R 5s 2013 .. 81
Nor and West 4s 96 _ 134%
Nor Pac 4%s 2047 -_ 97%
Penn R R G 4%s 65- 105%
Sou Ry Gen 6s 66 ... 111%
Sou Ry CN 5s 94 .. 118%
' West Md 4s 52 _ 102%
FOREIGN BONDS
Aust 5s 55 __-... 101 Vi
Aust 3Vis 56 ...- 93%
DAIRY PRODUCTS
CHICAGO, Aug. 28.——Butter
firm and unchanged. Receipts
495,339. Eggs: top firm, balance
steady: receipts 12.397.
^ Dial 2-3311 For Newspaper Service
DESOTO PLYMOUTH SERVICE
Threat!-Jordan Motors, Inc.
Eleventh and Princess Streets
_Dial 2-1105
H. Berger & Son
Furniture and Home Furnishings
UTILITY CABINETS 17.95 Value_SPECIAL $9.95
707 NORTH FOURTH ST. MAJ. 6128
I . II, ( ummin^ <& ^«h
PLUMBING & HEAVING
B.a, 2-0658 At NUht- 5207
MOVING
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Moving need be no trou*
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We relieve you of needless
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of safety for your articles,
\yhen we Move or Store
home furnishings, furniture!
Get our rates now.
Farrar Transfer & Storage Warehouse
Phone 53171121 So. Front St.
MANUFACTURED TO ORDER
Wholesale and Retail
-
it Window Units Completely Weathersiripped
it REGULAR WINDOW UNITS
it SCREEN DOORS ★ WINDOW SCREENS
it DOORS it SASH ★ CABINETS
j Castle Hayne Road Phone 9695
Stock JMarket Quotations
Pre- Yes
vious- terday
Close Close
Alleghany -... 3% 3%
Allis Chal Mfg - 36 3594
Am Can — -...... 8894 88
Am Car Fdv - 49 4994
Am Roll Mill _ 3194 31%
Am Smelt and Ref . 61% 61%
AT and T .155 156
Am Tob B .. 7394 74 ,
Anaconda .. 3594 3594
Arm 111 - 1394 1894
ACL .. 52 51
Atl Ref _-. 36% 3694
Aviat Corp . 5 5
Baldwin —.- 1794 1"94
B and O - 129s 1294
Barnsdall --— 29% 299a
Bendix Aviat __ 31 94 31
Beth Stl —.— 8694 869s
Boeing Airpl .....— 1694 16%
Borden _ 4394 4394
Budd Mfg Co — 1194 1194
Burl Mills _ 1894 18%
Bur Add Mach_ 13 1394
Cannon Mills __ 7494 7494
Case J I ..- 38 94 38Vs
Caterpil Trac ...- 57 56
Ches and O - 4794 47
Chrysler --- 5894 58
Coca Cola . 181 181
Coml Credit - 4594 45%
Coml Solv - — 259s 2o%
Comwlth and Sou — 394 3 ,4
Consol Edis - 2594 2594
Cons Vultee - — 1294 12%
Cont Can .—.... 37 3794
Corn Prod - 63 63%
Curt Wright —. 594 o94
Curt Wright A - 1894 1 89s
Doug Aire —-- 55 55
Dow Chem ....-— 3794 37
Du Pont - 190 18994
Eastman Kod - 44% 4494
Gen Elec - 3694 3694
Gen Foods - 3994 39%
Gen Mot _ 58% o8%
Goodrich - 5094 50/4
Goodyear -- 4394 4o A
LOCAL QUOTATIONS
Furnished by Allen C. Ewinf ic Co.
BID ASKED
Aviation Shares .50c
Ex Div .01c 4.75 5.16
ACL of Conn 4.00a 55 56 3-4
Boston Fund 2.16b 19.84 21.45
Carolina Insurance 1 40a 27 29
Chase Nat Bank 1.60a 34 5-8 36 5-8
McBee -40a 7 1-4 7 3-4
Mass Inv Tr 189b 25.27 27.32
National Transit .75a 15 1-2 16
Peo Sav Bank & Tr 3.00c 80
Red Rock Bot (Inc.. Ga.j 9 1-4 10
Security Nat Bank .80c 28 —
Standard Stoker 3.00c
Ex Div ,50c » 1-4 22 1-4
T W P Common ,60a 8 3-8 9 1-8
Wil Sav & Tr 2.00c 49 —
a. Indicated annual dividend rate.
b. Income and profits dividends paid
in past 12 months.
c. Paid in 1946.
The above quotations are nominal and
are believed to be indications of the
price at which the securities may be
purchased or sold.
LIVESTOCK
CHICAGO LIVESTOCK
CHICAGO. Aug. 28 —(!?)—Hog
prices shot 50 to 75 cents higher
today to recovery half the week’s
losses. Cattle were mostly steady
to 25 cents higher on cows and
50 cents up on bulls, while sheep
generally were steady. Slaughter
lambs were steady to weak.
Most good and choice barrows
and gilts sold from $25.00 to
$28.00, the top, with weights over
330 pounds too scarce for a test.
Similar quality sows sold between
$19.00 and $25.00. Shippers bought
1,000 of the 5,000 hogs on sale,
packers getting 2,000 direct. Clear
ance was considered good.
Choice steers topped at
$34.50, with most average-good to
choice steers and yearlings rang
ing from $28.00 to $34.25 and good
to low-choice heifers $25.50 to
$28.50. Choice mixed steers and
heifers took up to $32.25, good
beef cows to $21.00, heavy saus
age bulls to $19.50, and vealers to
$24.50.
Western slaughter lambs topped
the trade at $24.50 and natives
followed at $23.65, both tops
steady with Wednesday’s levels.
Choice slaughter ewes sold for
$8.50 and good and choice year
lings for $19.50 to $19.75.
Total receipts included 5,700 cat
tle, 600 calves, and 4,500 sheep.
RICHMOND LIVESTOCK
RICHMOND. Va.. Aug. 28.—'?)—
(USDA) — Livestock: Hogs —
Thursday’s market 50 cents high
er on all weights; top $26.00 for
good and choice 180-240 lb. bar
rows and gilts; 90-100 lbs. $18.00:
110-120 lbs. $10.00; 120-140 lbs.
$23.00; 140-160 lbs. $24.00; 160-180
lbs. $25.00 ; 240-300 lbs. $24.00; 300
lbs. and up $23.00; good sows un
der 350 lbs. $19.50; 350-500 lbs.
$17.00; over 500 lbs. $16.00; good
stags under 350 lbs. $17.00; over
350 lbs. $15.00.
Cattle — Market about steady
on moderate supply of cows; trad
ing rather slow; canners and cut
ters $9.00-12.00; common and
medium $12.00-14.00; good cows
quotable $14.50-16.50; few weighty
sausage bulls $14.00-16.00; vealers
fully steady on top grades, dull on
undergrades; top $23.00; medium
to good $18.00-22.00; common $17.00
down; good spring lambs $21.00
22.00, odd head choice higher.
NC-VA., HOG MARKETS
RALEIGH, Aug. 28—(?)—(NC
DA)—Hog markets slightly strong
er with tops of 26.25 at Rocky
Mount, Smithfield-Mount Olive;
26.00 at Richmond; 25.50 at Green
ville, Ointon-Warsaw-Lumberton;
and 26.25 at Smithfield-Mount
Olive.
FALEIGH POULTRY
RALEIGH, Aug. 28—(A1)—(NC
DA)—Raleigh egg and poultry
markets steady; U. S. Grade AA
large 58; fryers and broilers 34.
STOCKS IN THE SPOTLIGHT
NEW YORK, Aug. 28 — (£>) —
Sales, closing price and net change
of the fifteen most active stocks
today:
Gar Wood Ind 8,600 6 D
Sunray Oil 7,400 il A 14.
Celar.ese 7,300 25% A %.
Pepsi-Cola 6,800 30 no.
Canad Pac 6.700 11V4 A %.
Colum Gas and El 6.700 11%
A %.
Laclede Gas 6,600 6 A %.
Cent Violeta Sug 5,200 14 A %.
Colonial Mills 5,100 19% A 1%.
Comwlth and Sou 4.800 3% A %.
Curtiss-Wright 4,800 5% A %.
Nat Container 4,400 14 D %.
Chrysler 4,300 58 D %.
Am Tel and Tel 4,200 156 A 1.
Sears Roeb 4,200 38 D %.
Socony Vac 4,200- 16% D 14.
Am Woolen 4,200 40% D %.
_
TREND OF STAPLE PRICES
NEW YORK, Aug. 28—The Asso
ciated Press weighted wholesale
price index of 35 commodities to- ]
day advanced to 187.58.
Previous day 187.16, week ago 1
187.30, moil h ago 184.63, year ago -
147.54.
1947 1946 1945 1944
High 188.65 169.72 112.81 108.73
Low 184.05 112.02 107.90 106.03
(1926 average equals 100!
Gt Nor Ry Pf -. 40-8 40,,
Int Harv --- 85% 80%
W T and T ..
Johns Manv .- 4
Kennecott - 4o.s 4
Loews - tIl8 127.£
Lockheed -. i ga?
Lorillard .—
Mont Ward - ^9% 5
- W* 30%
?iS x,";'". 38% 38%
NCashRe* ------ 2Qlii 20%
lN:at UlSt 1414 14%
NY Cent -*'—•■. 14j2 ll£
No Am Avia .- ‘ •* •*
Nor Pac ...-.- 29
Param Pic . * 23
Penn — Qn on
Ph?nPCe°tla ‘------ 5938 60%.
PulLL . 261* If4
Pure Oil .- 29 * 29
Radio .-—- 81* 8%
Rad K O - “ft “*
Rem Rand .. 15^4
Repub Stl -.-- 26|8 26%
Reynolds B - 41% 40 A
cparc -_ 38% Jo
sSS pac _ 44% 42%
lou Ry -_ 38 37%
Std Brands .. 30 2»%
Std Oil NJ '6%
Stew War - 15% %%
Swift —-...... 33,8 33 /4
Un Carb .----- l?j>% 106%
Un lire .----- 19,
Un Corp .. 3% f
Un Fruit - 52 51,8
Un Gas Im,p -- 21 4i
US Ind Chem -* 43% 44
US Rubber —44% 44/4
US Smelt and Ref . . 44 46 2
US Steel - 70 69%
Vanadium -.—- IjjA 15 ,s
Vick Chem -- 30% ——
Warner Pie —. 14% 1|%
West Un A . 24% 24
West El -- 27% 26%
Woolworth .. 47 46,2
CURB
Can Marc - 1%
Cities Service 36 35%
Colon Dvmt. . 3% 3%
El Bond and Sh- 12% 12%
COTTON
NEW YORK COTTON
NEW YORK, Aug. 28—(A3)—Cot
ton futures closed firm today with
oains of 40 cents to $1 a bale, fol
lowing reactionary tendencies dur
ing most of the session. There
was considerable professional trad
ing with selling attributed partly
to”larger crop ideas. When short
covering developed near the close,
offerings proved scarce and Prices
spurted forward sharply. The
lightness of hedging was attribut
ed to delays in the crop movement
due to the recent heavy rams in
some* parts of the Cotton Belt.
There was further liquidation of
nearby October, anticipating first
notice day which was absorbed
through mill buying.
Futures closed 40 cents to 51 a
bale higher than the previous
close. _ _
Open High Low Last
Oct 31.47 31.70 31.34 31.70 up 20
Dec 31.23 31.36 31.03 31.36 up 13
Mch 31.12 31.30 30.93 31.23 up 13
May 30.74 30.88 30.60 30.84 up 13
Jly 30.15 30.15 29.90 30.10 up 8
Oct 27.90 27.90 27.90 27.90b up 13
Middling spot 33.63n up 8.
N-Nominal; B-Bid.
NEW ORLEANS COTTON
NEW ORLEANS, Aug. 28—W—
Cotton futures were erratic here
today. Closing prices were very
steady. 55 cents to $1.25 a bale
higher. „
Open High Low Close
Oct 31.36 31.63 31.25 31.63 up 25
Dec 31.14 31.31 30.95 31.30 up 19
Mch 31.14 31.25 30.88 31.25 up 20
May 30.77 30.88 30 56 30.8« up 25
Jly 30.03 30.13 29.90 30.12b up 11
B-Bid.
NEW ORLEANS SPOTS
NEW ORLEANS, Aug. 28—</P)— |
Spot cotton closed steady, 50 cents
a bale higher. Sales 1.184. Low
middling 27.60; middling 32.60;
good middling 33.20. Receipts
7,117. Stock 98,069.
CHARLOTTE SPOTS
CHARLOTTE. Aug. 28. - (/P) —
Spot cotton 32.70.
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Copyright. 1947.
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*M»W
SMAU.
ORANGES
Again this summer small oranges are mighty good. Thin
skinned. Extra sweet. Packed with vitamins. Bursting with
healthful juice. Perfect for breakfast or refreshment any
time.
Put two small oranges in the lunch box for an ideal des
sert. Children will go for them between meals too.
BUY A BIG BAG FULL and save. Ask for Sunkist. finest
from 14,d00 cooperating California-Arizona citrus growers.
" .
Sunkist
CALIFORNIA ORANGES
BIST FOR JUICE - and Suck/ute f
NEW ORLEANS MIDDLING
NEW ORLEANS, Aug. 28—f/P)—
The average price of middling 15
16ths-inch cotton at ten Southern
spot markets today was 30 cents
a bale higher at 30 qi ^
pound; average for the LC*‘* ,
market days 34.70. Middfin
inch average 31.34 err/, :g

US
^WEN'S,
LADIES' j
CHILDREN
SEWED OR
H. L. Green Co.
258 North Front Street
LABOR DAY
WEEK END SPECIALS
Dressed
FRYERS. lb. 5|
Armour Star
ROUND STEAK. lb. 75,
Armour Star
SIRLOIN STEAK. lb 74
Armour Star
T-BONE STEAK. lb 77
All Meat
STEW BEEF, . lb. g
———■—^■*^— m
%
Fresh
GROUND BEEF.. lb. $
Tender-lined
CUBE STEAK, lb. ft

Topping’s
SAUSAGE. lb Jc
Armour Star
FRANKS, . lb. 45c
All Brands
OLEO. lb. 3ji
Pet or Carnation
MILK, . 3 tall cans
Heart of Florida
ORANGE JUICE. No. 2 can ]|
Ripe Pack
TOMATOES. . No. 2 can \$
April Showers
PEAS.No. 2 can, 2 lor 31
All Strained
BABY FOODS. 3 tor 2J
Armour's
TREET, . can |
Fleetwood Vacuum Packed
COFFEE, . lb. can fl1
__ _
Chase & Sanborn
COFFEE. can fl'
Ballard’s
PANCAKE FLOUR. pk5.Jft
Kent’s Pride No. 2 0»
FIELD PEAS (Wiih Snaps) .
TOILET TISSUE. roll IS1
WE WILL REMAIN OPEN ON
MONDAY — TO SERVE YOU
jgggig^^

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