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Newspaper
Amarillo Daily News
Location
Amarillo, Texas, United States of America
Date
Jun 08, 1954
Page
10
The stock market edged lower in a mixed session with narrow moves. Canadian Pacific Railroad led trading up 27 percent, Burlington Mills rose 15 percent, Columbia Gas held steady, Boeing slipped 4 percent and Textron gained 10 percent.
The Dow Jones ended little changed with a 0.33 point gain while energy shares fell. Aly Petroleum slipped about 1 percent after the Supreme Court ruling that its natural gas sales to interstate pipelines fall under federal regulation. Panhandle Eastern Pipe Line and Paso Natural Gas also declined amid earnings drops.
New York markets show mixed activity with early firmness fading across stocks and bonds. Wheat weak with new crop months steady to 25 cents lower top 26.60. Cattle: steers and heifers steady to 50 cents higher, top 27.00. Over the counter quotes include Amer Maracab Atlas P Berium and several oil and gas firms with varied percentages.
New York June 7 cotton futures closed 55 cents higher as buying and covering supported near months then hedging and July liquidation pressured later trading. Traders looked for farm legislation details while scattered thundershowers hit Texas. Galveston spot prices edged steady while New Orleans averages rose slightly.
New York markets close with Merrill Lynch quotes listing price changes for leading stocks including Pan American, Boeing, Texaco, Union Carbide, and United Airlines. Notable active issues show gains and losses across sectors, with prominent names such as International Paper, General Electric, and IBM reflected in daily movements.
AMS notes cattle and calves at Amarillo auction dominated by stockers and slaughter cows. Slaughter steers and heifers strong, cows and bulls weak to steady. top slaughter steer and heifer prices around 21 dollars, cows 7 to 13 dollars, calves 18 to 21 dollars. Kansas City and Oklahoma markets cited with steady to strong prices for stockers and feeders. Fort Worth and Chicago markets show varied demand across cattle, hogs, and lambs.
Butter remains steady with AA 93 score at 56.75, A 92 and B 90 at 56.75 and 54.25, C 68 at 52. Eggs unchanged with U S large at 34, mediums and standards at 30.5.
Washington, Oregon, Idaho, Maine and Vermont lack natural gas pipelines as of 1953 despite a nationwide expansion. New Hampshire, Florida, Nevada and Utah show rising demand. Since 1942 the FPC authorized 55 000 miles of lines and 4 million hp, adding 20 percent daily capacity. in 1953 6 800 miles and 544 180 hp were approved at a cost of 725.6 million dollars. Applications pending total 10 255 miles and 260 000 hp to expand system further.
Receipts of beef and calf brisk, lamb mostly springers with spring lamb prices about two dollars higher. Prime steer beef 600 to 700 pounds at 44 to 45 dollars, 700 to 800 pounds 43 to 44, choice 42 to 43, 700 to 800 pounds 41 to 42. Pork cuts moderate, prices up 4 to 6 dollars for loins. overall demand slow with mixed movements across meats. Local markets show steady to higher hindquarter and kosher beef and lamb demand. supplies normal to ample in several categories.
The Supreme Court ruled the Federal Power Commission may regulate prices Phillips Petroleum Co charges interstate pipelines for natural gas. The five to eight decision, with dissenting opinions by Douglas and Clark, upholds FPC authority and rejects Phillips’s claim of non jurisdiction under the Natural Gas Act.
The Bureau of Mines reports crude oil stocks at 279,256,000 barrels for May 29, up 3,347,000 from the prior week. Texas holds 128,068,000 barrels with a 548,999 barrel drop, while Kansas and Oklahoma show gains of 122,000 and 1,275,000 barrels respectively. California increases 252,000 and Louisiana 61,000 barrels.
Texas officials respond to the Supreme Court ruling that Phillips is a natural gas producer under federal law. Railroad Commissioner Murray warns against FPC regulation of production, while Sen. Johnson blasts the decision as shocking and calls for study. Kansas official Robertson weighs export restrictions pending a full read.
Chicago trading saw grains slip modestly after early resistance as demand cooled. Wheat eased to about 1 cent, corn and oats dipped slightly, rye down modestly, soybeans off up to 5 percent, and lard fell 35 cents to 1.95 per hundred pounds amid higher hog receipts. Oklahoma Texas and Kansas cash quotes show No 2 white corn around 1.68 and No 2 white oats near 69 to 90 cents.
New York will feature Frank M. Porter of the American Petroleum Institute discussing oil finds in the Williston Basin on the Better Living Theater on DuMont TV Wednesday June 9 at 10 30 PM EDT. The show will also screen the documentary American Frontier about Williston Basin oil exploration and growth. Fischer Black of Electrical World Magazine will introduce Porter. The program is part of DuMont special documentaries on modern business and industry.
A Texas report shows a sharp drop in oil well completions last week with 108 oil producers and 37 gas wells among 288 drillings, while 143 were dry. The year totals reach 4,936 oil completions and 542 gas wells, with 62 dry holes this week and crude oil allowable averaging 2,975,098 barrels per day, up 10,713 from the prior week.
Cities Service Oil Co announces an oil discovery on the Swenson Flat Top Ranch in Stonewall County North Texas. The well in the Swastika sandstone yields about 100 barrels daily from perforations at 3290 to 3298 feet. Located three miles north of Pastura and 120 miles southwest of Wichita Falls the nearest production is the East Hamlin pool three and a half miles south. Cities Service holds a majority stake with Lone Star Oil and Signal Oil and Gas as other interests.
Shell Pipe Line Corp. announces transfer of its West Texas area offices from Colorado City to Midland. About 45 employees and their families will relocate in August due to growth in the Permian Basin. Company VP D F Sears cites Midland and Odessa as main oil shipper hubs.
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