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Newspaper
Monroe Morning World
Location
Monroe, Louisiana, United States of America
Date
Dec 29, 1963
Page
15
AP reports strong end to 1963 with November lag reversed as the Commerce Department notes a robust economy. GNP stands at an annual rate of 592 billion dollars versus 554.9 billion in 1962, and the Federal Reserve index of industrial production indicates continued strength through year end.
Production tests are underway at Hughes and the Pyrnes Sweet Auntie No 1 in Adams County. The well is reported to be flowing at 130 barrels per day with completion depth in the lower Tuscaloosa sand. Nearby activity includes the Nelson No 1 in Rankin County and the Deason No 1 in Yazoo County as operators pursue new wells and logged shows. For state totals, Mississippi’s 1963 wildcat results include 17 new fields with 15 oil and 2 gas finds and hundreds of wells drilled through December.
New Orleans reports mark a historic low in cotton trading on all exchanges with the outlook dim for 1964. Kennedy's assassination halted activity briefly. prices recovered after the pause. The 1963 crop was 15,322,000 bales with exports at 5,000,000 bales and carryover expected near 12.9 million. Domestic use reached 8.8 million, while spot prices averaged 34.16 to 33.05 cents per pound amid a narrow trading range.
A Mountain Brook Country Club blaze caused $150000 damage and forced 400 debutantes and guests to flee from windows during a debutante ball. The Christmas tree in the parlor ignited around 1 a.m. CST, cutting lights and turning music by Pete Fountain into screams. No mass panic reported.
Charlie S. Wilkins of the Louisiana Arkansas Division predicts 1964 will mirror 1963’s record oil and gas activity with about 10 percent growth over 1962. He notes refinery and petrochemical capacity boosts, and says investment in 1963 will exceed $600 million, the largest in state industry history.
New York cotton futures ended the week with modest gains after earlier losses. Trading remained routine as traders waited on Congress to act on new cotton legislation. Prices finished unchanged to 8 points higher on Friday, with a weekly range of unchanged to five points higher.
The Monroe Oil & Gas District did not issue the weekly drilling report due to Christmas holidays. Next report due Sunday Jan 5 1964. District Manager Duncan Cook notes activity was almost at a standstill with snow and cold making many areas inaccessible.
New York AP report shows the Dow Jone industrial average up 0.87 to 762.95 for the week, while the AP 60-Stock average fell 0.5 to 284.6 amid light year-end activity. Volume dropped to 16.6 million shares.
Winter’s late arrival altered oil consumption patterns with gasoline demand up 3.4 percent from 1962 while home heating oil dropped 4.3 percent. Inventories rose to a year end high as December warmth reduced heating needs. total 1963 petroleum demand near 3 percent above 1952 despite lower heating oil sales.
Mississippi's 1964 oil and gas outlook is rosy say state geologist J. F. Bortwick and Mid- Continent Oil and Gas Association executive vice president E. D. Kenna. Increased activity follows the Smackover oil discovery in Smith County and a new Chickasaw County gas field indicating a stronger market. In 1963, oil output reached 58.7 million barrels and gas production 220 billion cubic feet. about 674 wells were drilled with 235 oil producers and 19 gas producers.
Chicago reports mixed grain futures with soybeans fluctuating. Near by soybean contracts fell, while wheat rose 1 to 2 percent, corn gained modestly, oats advanced, and rye increased about one to two percent according to UPI.
Chicago notes a lull in the grain futures market with scarce influence and thin participation. After a Thursday Commerce Department license for wheat shipments to Russia, activity briefly rose but no Soviet bookings were confirmed. week end prices showed modest gains across grains with March wheat at 2.19 to 2.20.
Prices on the New York Cotton Exchange stayed in a tight range last week with Friday closes showing an 5 cent drop to 55 cents gains. Activity remained weak with deferred deliveries sidelined awaiting lawmakers on the legislative outlook and minor switching trades noted. Exports for the week ended Tuesday reached 152000 bales, while season totals through Dec 24 rose to 1,729,000 bales versus 1,038,000 a year earlier.
The 1963 stock market endured the assassination of a president and a major financial scandal, reaching new highs as trading volume topped a billion shares for the third time. A return to pre-crash levels erased 1962 losses, with optimism for 1964 fueled by tax cuts and continued business strength.
Wesley S. Shafto, field underwriter for Mutual of New York in Shreveport, ranked fifth in MONY's nine state southwestern region for sales through November. Also notes include Southland Life dividend of 25 cents per share, paid Jan 14 1964, and retirement of Illinois Central solicitor John W. Freels.
Dun and Bradstreet reports a 232 weekly total of commercial and industrial failures for the week ended December 19, down from 257 the prior week. Small liabilities under 100000 fell to 203, retailers 99, manufacturers 39, wholesalers 23, and services 22, while construction casualties rose to 49. Regions mostly declined or held, with mixed year-to-year trends. Canada eased to 38 failures, above 1962’s week.
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