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Newspaper
Amarillo Daily News
Location
Amarillo, Texas, United States of America
Date
Jun 13, 1944
Page
7
Hopes for quicker peace and higher civilian production sent stock prices soaring on Tuesday. Acetime stocks and low priced motors traded in large blocks as Allied gains in France boosted optimism. Blocks of 1000 to 10000 shares moved, with total volume reaching 2,236,780, the highest since Nov 8, 1943.
New York June 12 old contract July cotton futures hit 21.34 cents a pound matching a 16 year high. Demand hopes for textile production and reconquest needs push trade buying with profit taking trimming gains to 30 to 45 cents a bale. New Orleans prices closed higher on the season, with spot cotton up 50 cents a bale and middling around 21.30 cents.
The June 12 market brief lists the 15 most active stocks with closing prices and net changes. Major movers include Packard, Con Motor, Tel and Tel, Curtis Publishing, Aviat, Radio, Graham Paige, Willys Overland, Columbia & B. L., Am Rad & Sid, Hupp Motor, Nash-Kelvinator, Am Cable & Radio, Studebaker, Gar Wood Ind, and curb listings for Am Cyan Bll, Ark Nat Gas, Cities Service, El Bond & Sh, Humble Oil, with varied percentage changes noted.
Fourteen thick volumes listing American names on Nazi mailing lists were presented in a mass sedition conspiracy trial in Washington. Prosecutor Burns planned to use only some names, but defense lawyers highlighted additional individuals including Senators Smith Byrnes, and even J Edgar Hoover and Justice Black were mentioned.
Stocks higher in active trading while government bonds are irregular. Curb stocks rise and Chicago stocks firm. Cotton futures advance up to 35 cents a bale. Wheat futures in Chicago fall as much as 149 cents per bushel with oats rye and barley fractionally lower.
The Dow Jones Industrial Average rose 1.55 to 144.08 with gains across indices. Stocks overall total sales reached 2,236,780 while utilities gained 53. Wool market in New York on June 12 reported minor fluctuations with spot wool certificates noted as 134.0 for B-bid and N-nominal.
Wheat futures fell sharply on weak demand and hedging sales amid mixed global signals. July wheat closed down about 1 percent with prices at Chicago and Kansas City showing declines, while oats, rye and barley posted smaller moves and cash grain in Fort Worth also quoted lower on June 12.
Margaret Roosevelt Pallavicini, cousin of the President, and her six year old daughter Julia survived the German occupation by living in a Rome convent. Many American women in Italy faced Gestapo pressure but reportedly suffered no injuries.
Hogs sale activity steady across markets with top prices for 180-270 lb hogs at Kansas City and 180-270 lb hogs at Chicago. cattle and calves show mixed movement with steers and yearlings near steady, cows and bulls steady, vealers unchanged. Fort Worth reports slower cattle sales but steady hogs and strong sheep market with lambs holding above 13.50.
In the Midcontinent, heavy farm demand over three weeks cut gasoline stocks as rains in Iowa slowed third grade motor fuel orders. Spot car prices posted little change, with U S Motor octane grades 60 to 74 and related fuels listed alongside regional price ranges for natural gas liquids and fuel oils.
The Senate approved a compromise G I bill of rights for veterans covering hospitalization education unemployment compensation and loans for homes farms and businesses. Estimated cost ranges from 3 billion to 6.5 billion dollars.
Texas oil leaders plan a seven state PAW District 3 conference in Houston to discuss federal well spacing controls with Ralph K Davies and other PAW officials attending. Republic Refining debuts a new 100 octane unit at Texas City with Beauford Jester and a Houston Chamber dinner. API division meeting opens in Houston with W R Boyd Jr leading technical discussions on production problems.
The Texas Railroad Commission reports total daily oil output from 101 216 wells rose to 2 204 174 barrels, up 2 567 barrels from the prior week. Production wells increased by 50, with 65 completed in the week, including three wildcat, and 48 plugged.
The SEC reported that 202 electric and gas subsidiaries of public utility holding companies paid 7.59 percent in common stock dividends on aggregate common stock and surplus in 1943. Of $248.05 million available, $174.69 million was paid as dividends. 23 companies held $129.86 million in preferred stock arrears.
The District Three Office of Petroleum Administration for War authorized operators in the south Bruni Field Webb County and the Noelke field Crockett County to drill and complete wells to depth not exceeding 2000 feet. The U S Navy names large aircraft carriers for famous ships and battles and names escort carriers for bays and islands.
Mississippi leads in wildcat oil drilling with 16 active projects as of April 1, according to H. M. Morse state oil and gas director. Alabama Florida Georgia South Carolina and North Carolina together total 19 projects, placing Mississippi ahead in new well activity.
Hazel Jean Simon aged 20 wife of H A Simon died in an Amarillo hospital early Monday. She is survived by her husband two daughters Roma Jean and Lucille her mother Mrs F A King of Amarillo three brothers Marshall King Panhandle Irving King Dimmitt and Carl King Derby Kan five sisters Ruth King San Antonio Mrs Elmer Winters Amarillo Mrs Ancil Robinson Shedon Mo Mrs L M Cope Orshorne Mo and Mrs Wayne Purkines Des Moines New Mexico Funeral arrangements are with Blackburn shaw and awaiting arrival of relatives
Members of the St Francis Farmers Union host a leap year pie supper at St Francis School Friday evening. All are cordially invited to attend by the union.
Final rites were held yesterday for Forlan Stanton 74 a retired farmer who died Saturday at home of his daughter Mrs Brown in Shattuck He is survived by a sister Mrs Raymond Lynn of Amarillo Burial was in Sharon Cemetery at Sharon Oklahoma.
Funeral services were held today for Harold I. Johnson, 54, Kilgore oil operator for 10 years, who died Sunday after a year's heart illness. A native of Alvarado, Johnson was a Burnett businessman for 15 years before entering the oil business. He is survived by his wife, mother and daughter.
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