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Newspaper
Amarillo Daily News
Location
Amarillo, Texas, United States of America
Date
Jun 25, 1935
Page
8
In Chicago trading, corn favored by reports of urgent dry weather lifted grain markets while wheat declined. Prices showed mixed shifts across futures and cash markets in Fort Worth and Kansas City as rainfall forecasts and harvest progress influenced supply outlooks.
Amarillo markets report Chicago Produce with 20,088 cases of fresh traded firsin receipts and 22 percent dirty counts. Butter-Weak receipts 17,526 tubs. various poultry and cheese notes. New York sugar prices show spot gains of 9 to 10 points, July futures firm on covering, with refined steady, and Boston fleece price activity notes hesitancy and regional quotations.
Cattle trade slowed as buyers edged prices down 2 to 4 cents across most killing classes. Strictly good and choice fed steers and yearlings held steady to weak while other slaughter categories were unevenly steady to 2.5 cents lower. hogs and spring lambs showed mixed moves amid tight receipts and active demand in several regional markets.
Cotton markets show declines across New York and New Orleans with July futures trading near previous closes. News on weather and Liverpool cables influenced prices while first notice days and port stocks remain key factors.
The New York stock market digested recent gains with a steady day followed by mild profit taking. Activity stayed above a million shares. leaders moved fractionally while declines were slight and some gains seen in rails and utilities. Turnover hit 12,116,870 shares.
In New York June 24 sales, closing prices and net changes are listed for the fifteen most active stocks. General Motors shows 67,890 shares with a 33 percent rise while Unit Corp adds 4 percent.
Markets in Brief reports mixed Up stocks irregular with slight gains in some sectors. Curb mixed with utilities down while foreign exchanges firm and gold currencies higher. Cotton steady and sugar higher amid favorable weather and liquidation. Coffee easy. European selling. Wheat lower in Chicago as harvest conditions improve. Corn higher on hot weather. cattle weak and sea slow to 19 cents down.
Galveston spot market steady to down five points with various grade figures listed for cotton. Cottonseed oil in New York fell 2 to 1.5 points with 145 contracts traded and July switches. New Orleans futures closed steady with July at 9.68 and September 9.68, other prices shown for seeds and yellow variants.
Copper steady with spot and future at Blue Eagle 9.00. Tin quiet with spot 51.00 and near 50.45. Lead steady in New York at 4.067410. Zinc quiet East and Lonspot futures. Aluminum antimony pot 12.75. Silver 71.50. Wolframite 15.00.
The report lists foreign exchange rates for many currencies with figures for Great Britain and others in cents, plus a separate note about a German survey showing 15 500 public libraries available to 45 800 000 people. It blends exchange demands and a German library count in a single item.
A hearing before Olin Culberson of the Texas Railroad Commission scrutinized the 40 cent per thousand cubic feet gate rate charged by West Texas Gas Company for domestic gas delivered to 42 West Texas communities. The commission may overrule objections on the agency’s power to fix gate rates and burner up rates, with related questions tied to cases before the Third Court of Civil Appeals. The meeting affirmed $5,640,609 as reproduction cost for physical transmission properties, including $115,174 land rights and $535,927 overhead, leaving goodwill and ongoing value to be contested.
Floods and heavy rains hampered work in North Texas oil fields but 34 new locations were staked. Grace and Woods No 1 J H Turbeville, producing from a new deep sand at 2830 47 feet, was set for a three day test by the railroad commission with expected average production around 100 barrels.
In Olney Texas on June 24, the Hammond No. 1 J. G. Elliott, a wildcat well, was found with a hole full of water and no oil discovery at about 4 012 18 feet, raising the possibility of abandonment.
World Petroleum magazine estimates New York June 24 that global crude oil production for May reached 131,846,020 barrels, up 2.3 percent from May 1934.
In Rusk Texas three miles south of the discovery well Scott and Turpin’s No 1 Whiteman and Decker abandoned at 5383 feet after the Armstrong survey traced salt water.
R L Wheelock of Corsicana president of the Texas Petroleum Council said he had information that about 30 000 barrels of hot oil were being produced daily in the East Texas field. He attended a Texas Petroleum Council meeting in Dallas.
Cotton prices held, silk rose two cents per pound, wool steady. Piece goods in fair demand, rayon moderately active, knit goods stronger, burlap steady. Markets were quiet overall with no price changes except silk.
Z. E. Marvin of Dallas, a leading figure in Texas insurance, was drafted from retirement to chair the Texas State Mutual Life Insurance Company. He had resigned last week as president of Gulf States Security Life Insurance, which he founded, but agreed to return after more than 100 underwriters urged him by telegraph to lead the state mutual firm.
Attorney General William McCraw told the Dallas Petroleum Club that open oil storage pits must be abolished to halt hot oil and illegal gasoline production in East Texas. He said enforcement obstacles include pits and noted a court ruling pushing proration to an acreage basis, with the Railroad Commission to apply orders.
Judge W. E. Gee opened the June term of the 108th District Court yesterday. The session lasts one week before a recess on August 19. The May term concluded Saturday.
Johnnie May Davis charged with the fatal stabbing of Carl Everhart was continued to the August term by Judge F E C Nelson in 47th District Court due to witnesses not arriving for the trial.
Mrs. Molly Foster of Pauls Valley Oklahoma files in Houston federal court for trespass to try title and damages on 320 acres in the Conroe oil field claiming dispossession in 1932. The suit names Humble Oil and Refining and 16 others plus 78 defendants alleging land valued at about 25 million and oil output exceeding 7 million barrels.
Half interest in the King-Wood Oil Company holdings in the Sam Fordyce oil field including the discovery well was sold Saturday by Ralph E. Fair and associates of Dallas. Fair organization will assume operating control and begin sinking six wells in the producing area under the sale terms. Consideration not disclosed.
Mr and Mrs Garford Wilkinson and their children of 1109 West Nineteenth Avenue returned Sunday from a ten day vacation in Missouri the home state of Mr Wilkinson. He serves as assistant secretary of the Amarillo Chamber of Commerce.
Mrs. Hannah Cline, 71, who moved from Michigan to Texas 40 years ago with her husband, died after slipping and falling while helping to serve a church banquet in Fort Worth. She traveled by bicycle to Texas with her husband decades ago.
Pattern 793 offers a transfer design and materials for cutwork projects. It includes a piece sized 914 by 15 inches and two 6 by 9 inch pieces plus instructions and stitch illustrations. Send 10 cents to Amarillo Daily News Needlecraft Dept. in New York for the pattern.
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