Valley Sunday Star-Monitor-Herald (Harlingen, Tex.), Vol. [30], No. 70, Ed. 1 Sunday, January 1, 1939 Page: 4 of 26
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28 .
*•’«
S'* j
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»‘a
8*a I
ns I
i*.
NEW YORK
Am Cyan B
A mSupar Bower
Ark Net Gai
As O * r A
■ Cities Service
j Cosden Oil Me
East Gee ft F
F! Bond ft 8h
Ford Mot Ltd
' Gulf OU
Humble Oil
Mount Frod
N»a< Hud Few
St Reft* Ftp
Shattuek Dena
B 06 Ky
I Sunray Oil
31
Previous Day
•4 2
Year
N. Y. Bonds
N. Y. Curb
23 »
IM 3
61 3
I 7
133.3
35 3
a 2
• 2 2
32 0
32 «
30 3
35 I
35 8
10? 3
30 3
64 a
102 3
Ago
H th
Loa
H.fh
Low
Low
Hi(h
uneh
BIT
33 7
33 4
35 3
100 3
33 0
103 4
35 5
40 «
S3 3
a 3
33 I
33 «
35 0
32 3
37 3
24 »
54.0
31 6
a 3
53 2
52 3
50 3
43 0 .
54 7
33 1
75 3
41 7
Dee
Net Change
Saturday
Previous Day
Msnth
Year
1938
1338
1937
1337
1932 Low 17 5
1929 H.gh 148 9
1827 Low 51 (
13 9
137 7
31 I
Dec
Net
Saturday
unch
•3 3
32 3
33 7
35 4
37 0
59 0
110 7
110 2
H<<h 110 7
H th 113 7
High . 1014
42 2 I
100 5
Fare'fw
Australian 44 56 98]«
Ger Govt 78 49 20'■«
Italy 78 1951 77
Panama S'* 53 100
r^o m I ir
Am If Chem 5'a 39 101H
Am T A- T S’* 43 lll’a
At A 8! 48 95 107*.
B ft O Rtf 395 20
Beth Stl 4'« 00 100'.
CB A- Q 4', 77 93
Chi Ot Writ 4 39 24’.
Crt and P 4'. 52A 9
Erie r: ss 75 13*.
Int Gt Nor Ad) 0 52 4
KC South 5 50 «*»
M K Tex Adj 5 07 18’.
Mo Pae Gen 4 73 OS
NYC Rf 5 2013 03
Nor Pac 88 2047 67’.
Sou Pac 4’> 88 54».
South Ry Cn 5 94 MS
S W Bell Tel 2'» 04 lll»*
Tex ft Pac 5 80D »4’a
Unhec let 48 47 118%.
By The Associated Prose
30 Ind IS Rys It UU 00 Stas >
a 3
23 5
23 2
20 0
10 I
23 5
12 1
49 5
19 0
Ago
Ago
H.fh
Low
Hifth
Low .
Movement la Reeent Years
Low
High
Prenoua Day 11M
Ato__100 8
1338 Low ___100 7
’937 Low 107 0
1932 Low ------ 80 I
____ 77 1
r — 70 9
73 7
______ 30.8
79 5
49 2
—__101 0
... 57 7
bond averages £-*.4 OSetao
By The Associated Press
31 30 Rys 10 Ind 10 Utl 10 For t
Change „ _ a 3
. 00 7
I 00 4
Month Ago 58 2
Year Ago 71 8
M938 High 70 5
I 1938 Low 46 2
1937 H.gh 99 0
I 1937 Low 70 3
1932 Low ... 45 8
1928 High 101.1
10 Low Yield Bonds
Saturday
Month Ago
1938
1937
1928
FOREIGN EXCHANGE
new YORK -vP Grtat Britain in dol-
| lars. others tn cents.
Great Britain 4 84 do day bills 4 82-
15-18 Canada. Montreal in NT 99 03'e;
New York in Montreal 106 90'e. Belgium
18 84 Czechoslovak.a 3 43'9: Denmark
20 72: Finland 2 07’.: France 2 42’». I
QenMR* 4<i!4: Bene' O'.ent 22 Trs •
22 75. Greece 86; Hungary If 85; Italy
S2S'*; Jugoslavia 2 34 Netherlands 54 41.
No-way 23 30 Poland 18 95. Portugal
4 23‘*. Rumania 75 Spain unquoted.
8»eden 23 89 switaer.and 22 55: Argen-
tine JOHN. Rrasil <free> 5 PON M-zco
City 20 25N Japan 27 07 Hongkong 29 12.
Shangha 4 55 r*'»? ?pr>- rai.es un-
less otherwise indicated
Citrus Markets
St
F.a
Vegetables
Totals t'R
Mixed
CITRUS
Total VS 4
Total L'S 13
10. Old 479
The
Fruita i
To same
ed to spur reinvestment demands
and the list generally pointed up-
ward from the start.
Transfers totalled 853.190 shares
the largest volume for a Saturday
since November 12 and compared
with 821.110 a week ago.
The Associated Press average
80 stocks was up .3 of a point
53 2 and. for the week, showed
net advance of 13 points,
average for 15 rails broke into new
high ground for 1938. but the indus-
trial and utility composites were
still somewhat under their years
best.
Prominent on the day’s upswing
were N. Y Central. Southern Paci-
fic. Chesapeake and Ohio. Delaware
and Hudson. Illinois Central. U. S
Steel. Bethlehem. Chrysler. Yellow
Truck. U. S Rubber. Douglas Air-
craft. Consolidated Edison, Loew s
continental Motors, Electric Boat
and Paramount.
Fl* 4
Fl* 13
T'A
ties fractions to a point or so. a
number to new highs for the past
12 months
Last-minute “cash** tax selling
and considerable profit taking was
overcome without difficulty, al-
though best prices were reduced at
the close.
Optimistic forecasts for 1939 help-
car rott
US 44
Mixed Vegetable' Texts 41. Arts 8.
Calif 39 Fl* 24. L* 1. N Y 3. V* 7.
Total 130
Peas
Pepper*
Potatoaa;
*89
Bp-.nach Texas 25. Total US 35
LOWER RIO GRANDE VALLEY CARLOT
SHIPMENT* REPORTED FOR
FRIDAY
Grapefruit 5S< include* 3 for rolioft.
Orans** 3 Mixed Citrua 9 Beet* • Bee’*
and Carrot* I. Cabbage 30. Carrot* 3.
Mixed Vegetables 27 Fruita and Vege-
table* 1 Parsley I Tematne* 1 Total 142
Total* to date thia season by rail and
boat Grapefruit 5013. Orange* 499 Mixed
Citrus 954 Tangerine* 2. Lemon* 8. Bear*
3. Beet* 146 Bee*« and Carro’a 41. Broc-
coli S Cabbage 829 Carrot* 37 Dandelion
3. Proaen Pea* 12 Frozen Vegetable* 3.
Mixed Fruita and Vegetable* 19. Grtona
12 Parsley |3. peas 10. Popper* 85.*
Potatoes 48 Rsdiahea 8 Spinach 4 Squasdl
1. Tomatoes 134 Turnip* 1, Mixed V-*-»
table* 962. Summary—Citrus 0081. Veg-^
table* 2150. Fruit* and Ve«ot*el*a 19
Total *256 To same date last Maser
Cttrua 5417 Vegetable* 1129 Fruita and
Vegetable* is Total 8778
CABLOT SHIPMENT* FROM OTHER
TEXAS niATRH TA FRIDAY
DECEMBER to
Laredo-Carrot* i. Broccoli 1,
Vegetable* 3
Winter Garden -Spin*ch IL
Eagle Paaa Spinach 14
LOWER RIO GRANDE
SHIPMENTS BY TRUER
DEC. 30
(Carlot Equivalent*!
Grapefruit 19.4. Oranges 16.1; Total 99 5
car*
To date this scaaen Grapefruit 1788 L
Orange* 1788 1: Total 3»M 3 ear*
CARLOT SHIPMENTS FOR THE
I SITED STATE* DEC. M
Grapefruit Artz 3. Texa* 55. F’.a
Total US 117
Orange* T«-xav 3. California 126
746 Total US 375
Mixed Citrus; Texas 9. Calif 3. Fla 71.
Total US 82
Beets Texas 2 N Y 2 Total UR 4
Cabbage Texas 3! Fla 2 NY 65 Oreg
L S C 2 Wig 2 Total VS 162
Texas 8. Aria 8. Calif 38 Total
Averages
market ushered out the old year
Saturday with a fast rally that lift-
ed selected rails, •♦eels and special-
Corpus
i waivvskin, I •J’J, *>»•
gore. Port Arthur. Tyler and Beau-
for year
Grain
71’*:
Low
Open H.<h
53H
FORT
I
2.
32-94
2. white 86-67
71
I 15
Mlnne-
52’«
-53»*
---54*.
Idaho russet
Colorado
30
93’.
28*.
53
54
55
69 a
83
White Motor
WUaon ft Co
Woolworth iFWi
CHICAGO GRAIN TABLE
CHICAGO - C—
Wheat
88».-».
_89',
99 ’.
IM
nom
Col ft South
Colam G ft Ei
BUeu.t
Dairy Pr
DUtillera
68*.
6IH
69’.
30
28’a
28*.
Close
88’,
89-83'.
4l'.-«9
69’.-’,
29*.
28>.
29’.
Houston Leads Other
Cities Of State
, Am M ft Fdy
Am Pow ft Lt
Am Rad ft St 8
Am Ro I Mill
Am Sme.’ A- R
Am Tel A- Tel
Am Wat Wk*
Am Woolen
Am Wool Pf
Am Itos LAS
Anaconda
6 056,730
5.751,444
5.189 995
3.979 468
3.570,133
3.275.939
2.821.239
1,754.404
Meh
May
Jly _
Sep
Corn
Meh _
May -
Jly _
Sep
Oat*
May
Jly
Sep
29’.
•.>8’.
28 ,
CHICAGO CASH GRAINS
CHICAGO. - P—Wheat No 2
ecn 71*»; corn No 2 white 56
1 hard 82 .-88 ,
nom 52,*-S3’*.
3 yellow mllo per
No. 3, white ka nr
1,546,510
1.515,115
1,305.589
1 259,859
1.239.927
1.02..306
845.324
497598
212,196 i Naal 'kelv.nator
I Kat
I Nat
Nat
Nat Pow A L^
By The Associated Press
Final reports from nearly a score
of Texas' larger cities added up Sat- Atch T ft sf
urday to one of the state's best
building years in a decade.
Nineteen cities reported they had
undertaken $79,185835 worth of
construction in 1938. and all but a
few disclosed building to be great-
er than last or since 1930. Hous-
i ton again finished far ahead with
$25,005,548. trailed in order by Dal-
~,--- --------- ------- uoum u
Amarillo. Galvestin. El Paso. Kil- Comi foiw.tt
Com'with ft South
I 1 C0M01 Oil
1 m°nt. : Cont Can
Dallas' total of $12,333,561 includ- Cort on l»
cd Highland Park and University , cunt,PwriUht*
Park, suburbs, and represented an o^Lg*** Aircraft
Du Pont D» N
El Auto Lit*
El Po»rr ft Lt
Fresport Eulph
Gen Elee
12 333.561 2*”
Gen Motor*
Goodrich <BF!
Goodyear T ft R
Gt Nor Ir Ore Ct
Ot Northn Ry Pf
Houd-Herahey B
Houaton Oil
How* Sound
Hudson Motor
Hupp Motor
Int Harvester
Int Hvdro-Elee A
Int Te! ft Tel
Johns-Ma nvtle
Kennecott Cop
Kresge SSi
Loew * Ir.e
Lor Illa rd <P>
Marshall Field
Mid Cont Pet
Mo-Kan-Tex
Montgom Ward
Midland ...
Abilene ....
Rig Spring 34 299
Corsicana 300
increase of $900,000 over last year.
The complete figures:
City for week
Houston $501,583 $25.005 548
; Dallas 243.132
Austin 71.065
Fort Worth .... 346 229
San Antonio .... 427.587
Corpus Christi .. 34 475
Lubbock 164 897
Amarillo 220 904
Galveston 348.633
F.l Paso -—
Kilgore 46.745
Port Arthur .... 20 400
Tyler 545
Beaumont 8 841
Wichita Falls .. 183.314
... 70.150
S3*. I3’.-M
58*. 9<’a
KANSAS CITY GRAINS
KANSAS CITY r*-WTte*t
unchanged t« '* higher.
No 2. hard nom 68’«-82l*.
Close May 63’a-1.; July to; Septem-
ber IS 4
Com: 27 car*: unchanged to V* higher;
No. 3. white nom 48*.-50
Close May 50%; July 51%.
Oats; 1 ear. unchanged to % higher.
No. 2. white nom 28’«-2!.
N Y Central RR
| North Amer Co
Northern Pacific
north onio Oil
Pae Gas ft Elee
Packard Motor
Penney <JCi
Penn RR
Petrol Corp
Phelp* Dodge
Phillip* Pet
Plymouth OU
Pub Sve NJ
I Pullman
Pur* Oil
Radio Corp of Am
52’. S2’a-58 Radio-Kelth-Orph
Rcmtng Rand
Repub Steel
Seaboard OU
Sear* Roebuek
Serve! inc
Shell Union Oil
Simmons Co
I Soeony-Vacuum
Southern Paeifio
Southern Ry
Stand Brand*
Stand OU Cai
Stand Ot! Ind
Stand Oil NJ
Stewart-Warn
I Store ft Web*ter
Studebaker Corp
Texas ft Faelfie Ry
Texas Corp
Texa* Gulf Prod
Texa* Gulf Bulph
ear*, ^ex Fee C ft O
Tex Fae L Truat
Tide-Wat A OU
Transamenca
Trane ft west Air
Union Carbide
Union OU Cal
United Aircraft
United Carbon
United Corp
United Gat Imp
CHICAGO POTATOES U S Gypaum
CHICAGO —uP Potatoes *6; tn track U S Rubber
70S sacked per ewt Idaho russet bur- ; K 8 Steel
bank* u* 1. 1 65-75. Colorado McClure* Warner Bros Piet
US 1. 192 '*-215 Nebraska bliss trium- West Union Tel
ph* U8 L 1 85; Wisconsin round white* I West El ft Mfs
j US 1 1 26. North Dakota bliss triumphs White Motor
I US L I «5 North Dakota and
aota eoebler* US 1. 127 %-l M
Atl Ref.ning
Balt & Ohio
Barnsdall OU
, Berdlx Aviat
Beth Steel
Borden Co
Budd Wheel
Cal'than Z-Lead
Calumet & Hee
Case <JIi Co
Cerro De Pa*
Certain-Teed Prod
Us. Austin. Fort Worth. Ssn An- Chry.i*r Corp
^aal A. flanfk
' tonio. Corpus Christi, Lubbock
WORTH CASH GRAIN
FORT WORTH-P'-Demand «ai good
for wheat but only moderate for other
grama at Fort Worth as the •ear rioted
Wheat No
I Barley No
Sorghum* No
lb* nom 96-98
! 92-S4
• Corn *helled No
Oat*. No 2. red 61-83
The
stock
NEW YORK -HP'-
IS RECORDED
FOR MARKET
Rails Lead Rally In
Session
Close
192
67’.
i«C’.
15’. |
18
2:>a
51’.
B0
1*
• <*
39
SPOTLIGHT
closing price
moat active
STOCKS IN THE
NEW YORK - r Sa'e*
and net ehans* of the 15
stock* Saturday
Cont Motor* 371M 3<« up **
Loft 2S70# 8*. up ».
NY Central 227M »!’• up •*
Budd Mfg 18606 7% up l»
Param Piet 141M !3>. up ’•
Yellow Trk 16500 70’. up 1>«
Elec Boat 13700 B<. up ’*
Aviation Corp 11100 8% up %
Cent Fdy 11006 S', up •»
Penn RR 10500 24', up *,
Coml Solv 9>oc 1!'. up *a
NY NH ft Hart 9200 1 no
North Am Avia 9100 19’. up %
BIG INCREASE
IN BUILDING
H gh
181
48
100»«
Al Chem ft Dye
( A.lii-Ch MfS
Am Can
NSW YORK STOCKS
By Th. Associated Pre*.
Low
182
47’.
100*.
I
I
A
TO BE FINALED
Wheat Strong;
Washington.
Delic.ou*.
82 23
iy
Livestock
late
9 75:
Saturday.
10 00
82 25
box
For week
top fed
lambs
PRODUCE
76’.-27
changed
if
tubing choke with tubing working
mandatory
that
lar S-year commercial leases on sev-
About two miles northwest of
was drilling
No. 1 solid*.
solid*.
2»e;
instead of burning the gas as face casing at 1.789 feet and was
Co and Shell Petroleum Corp, took
• g.OGO-acre lease from Yturria Land western Oil Co. No. 1 Dallas Joint
deep tests
Cotton
San Juan de Carncitos Grant
well to 8.000 to 9.000 feet
!
Year holidays, cotton here opened
Gov't Bonds
YORK-HP-Government bond*.
195
1MM
Aufust, 1037. as soon » tW > nosa Jurisdiction, northeast outpost
106 26
5 00-
Recycling Work Seen
For New Field
would be permitted to lapie.
M y Build New Plant
Phil ip Petroleum took
costing about $250,000 in its
nam» <
sey field in Jim Hogg-Brooks Coun-
ty.
medium sows 6 00-8 10.
Sheep 2.400;
lambs 8 75. '
10 lower;
and 910 metro f
9 15; freight paid.
■
1
8
6
1
11
114 18 114 17
102 25
Hogs 300.
age
400;
close
steer*
cow*
105 2
109 12
114 18
10? 27
107 10
104 23
5 75.
3 75;
811 25.
good
load
• 10 50.
including ' Produce Market
•round 270 Iba —
Egg? no arrivals; i
first* 2!. other pnees unchanged
Cattle 1200; cah’<s 400.
choice 1122 pound steer*
1009 pound yearlings 111;
pound steers 810 30, short
heifer* 110 25: real*:*
its as well as just outside the east
city limits
drilling below 1.800 feet. The test
In Willacy County. Cockburn Oil will go to 8.000 feet.
In eastern Starr County, Trans-
tij that time
depth ever i
as. and was
1037.
The latter called for be-
on at least six
7,000-foot holes not later than April
1, 1939 Harding said willingness of
landowners to permit pooling of terested a Wisconsin firm in con-
' - • three months, the well holiday season without the usual
killed when it started^making
feet east of discovery.
About 1.866 feet north cf discov-
in casing pressure of 400 pounds.
In the Sun field. Sun Oil Co. No.
two years by Shell on 1
acreage Planned development
gM area includes ^a
on
04.
175 feet of oil and mud in
San Salvador del Tule 20 minutes with 25 pounds pressure
white
colored ,
centra rest un-
9 IS late top 88 75.
KANSAS CITY
KANSAS CITY P - Produce
I eent.
workover job
the Shell No. 1 Yturria in Share
to 3
trade
slump. One new producer was re-
ported in the Samfordyce field in
Hidalgo-Starr Counties, two new
wells were nearly down in the Sun
field in northeastern Starr and two
Humble rigs were busy in the Kel-
::
I *'«
3’
lot
not
FORT WORTH LIVESTOCK
FORT WORTH—p.-Cattle 300! calves
300. including 150 through; nominal
creamery special*
extras <92i 26’
several miles west of Raymondville
The well was originally drilled to
Compared last
yearlings and
towed Mlt water. ty.
' Shell s No 2 Yturria was located The 218th producer at Samfordyce
about 7.000 feet southwest of the No was Weekley Oil Corp. No. D-2 F
1 Tturria and started operations m B Guerra. Share 12. Por 41. Rey-
COMMISS1ON MARKET
Almonds. California. 23e a lb.
Artichokes. 81 a dozen
Apple*. Washington Jonathan. 81 SO box
Apple*. Wash. Jonathan, extra fancy
82 a box.
Applet,
box.
Apple*. Wash Winesap. 82 IS box.
Avocado*. Cal.f 82.15 a flat.
Bananas, Central America, 4e a lb.
Beans. Fla . green. 82 a bushel.
Bean*, wax. 82 50 a bushel.
Beets, local 35e a dozen
IruaaeU sprouta. 14c a pound.I
Cabbage, local. Texas, 81 per cwt.
Carrot*. Texa*. 35c a dozen.
Cauliflower, local 8125 a dozen.
Celery. Colorado. 83 a crate
Eggplant. Texas. 81 15 a bushel.
Garlic. 10c a pound.
Grapefruit, Ttxa* 8120 a bushel.
Grapes. Cahfornia. Emperors,
_____1 tug.
A Cattle Co. tn the vicinity of two Stock Land Bank. Sec 226. about
deep tests drilled during the past two miles north of the Rincon field
two years by Shell^on the \ turns distillate discovery, was still await- feet east of production and 6.530
acreage.
ing orders at total depth of 5.025
feet. It was understood that nego-
tiations are under way to carry this ery. Humble s No 5 Ke’.sey-Bass.
tory to recompleting the well »s a
gas and distillate producer in one of
the three sands tested while Phillips
officials looked on several weeks
ago W A Harding, representative
of R E Harding, announced that inchaAged
leases in the McAllen area must be 1
pooled if he and McCollum
Wvi* w ... .
the area under terms of the original test was abandoned The No. 2 Ytur- well
lasses The latter called for be- ria went to total depth of 8.333 feet | 2.862-72 feet, the well made
finning ot work
pooled it he and ------------
were to continue development m
after shipper select* reached 12 00
Sheep l OoA including JOO direct, week's
■ lamb* top v 50 paid at mid-week for
choice fed weatern offering* to pack-
er*. closing top 9 15 to ahipper*.
bulk fed lamb* to packer* 8 85-9 00.
8our cream butter,
quarter*. 33c.
Sour cream butter. No 2,
j quarters. 30c a pound.
Sheep 400. nominal
week* close fat lamb*,
ewes 25*50c higher, other classes strong
CHICAGO COTTON
CHICAGO—F’—Cotten closed
| points net lower on the board of
a hoi .day spirit prevailed
the pit on the last day of the year.
With al! other markets cl *ed for the
New Year holidays, cotton here opened
1 to 2 points off.
FOVLTRT
Geese ,10c a pound.
Ducks. 10s a pound.
Guinea*. 30c a head.
Rooster*. 8c to »c a pound.
Turkey*. 16c a pound
Hena. 13c to 15c a pound.
Fryers, l<e to 16c a pound
Eggs. 87 50 to 19 a crate.
J18 wv WN wn /N ft ATTY earner* pace upturn. Curb—Improved; in- lots 150-220 lbs 7 25-75,
Ini I ■ r r r A |b| I 1 dustrial in demand Foreign exchange— . butcher* 7 00.
11Y U Ll KJ K MaBisJL* Erratic, sterling, franc continue to slip. I Cattie ViO calves 100; both yearling*
Cotton—Closed Sugar—Closed Coffee— and light *teer* reached 13 65. a new
Closed. h si. best reavtes 13 50. bulk fat stftSH
CHICAGO: Wheat-Strong; flour busl- 9 00-12.25 top heifers tn load lots 10 75
ness prospect* Corn—Firm: export sales strongwc.ght cutter cows to 5.50 sausage
Cattle—Kommally steady. Hogs-General- bulls to 7.3S vealers dosed at 100 down
steady.
— —n the gas back into the reser- Share C. 1
Jroir in order to conserve the pres- I Grant, cemented 10*i-inch o. d. sur- on drill stem test
sure i
waste
MARKETS AT A GLANCE I CHICAGO LIVESTOCK
NEW YORK —F—-Stocks—Firm ; rails. CHICAGO—F-Hogs 3 000
steels lead year-end rally Bonds Higher. 2 500 direct; top 7 75: scattered sales odd
carriers pace upturn. Curb -Improved; in-
dustrial in demand Foreign exchange—
Erratic, sterling, franc continue to slip.
Sugar—Closed
CHICAGO BUTTER. EGGS
CHICAGO—'F—Butter, no arrivals; un-
(93 score*
other prices
ducks 10's cents, down
steady; refrigerator duck* 9 cent*, down *a.
KANSAS CITY LIVESTOCK
KANSAS CITY —‘F—Hog? none
beneficially used, it has become al- j for production test within the next
— — ----—- r----- “.oct mandatory that recycling .’ew days The sand is the second for
in which the well was being cased plants to be built ifa distillate field the McKinney discovery lease. Drill
•nd tested. The company took regu- is to be developel. All distillate stem test of sand at 5 022 5-27 feet.
fields in the Valley are shut in at the which promised a fifth sand for the
8 50-10 25; best heifers
mostly 5 25-8 50; bulla
San Rafael Grant, in Jim Hogg
; County, was drilling below 3.540
feet.
> Three new wells were under way
in the Samfordyce field. Saturday a*
R S. Dean. Jr. No. 1 F. B. Guerra,
Tract 254. Por. 40. Reynusa Juris-
diction. was drilling in shale below
1.900 feet on inside location.
The field's new northeast outpost
was Weekley Oil Corp. No. D-3 F.
B. Guerra. 150 feet out of the north-
west corner of the northeast nine
acres cf Share 12. Por. 41. was rig-
ging up. It will test a sand cored in
the Weekley No. D-2 Guerra, on
the same lease, at 2.202-17 feet
Davis A Harrison’s No. 1 F B
Guerra. Share 12. Por 41. was rig-
ging up on inside location.
ed to permit production ot dislill- 5 068 feet and cemented 7-inch o
ate in South Texas' numerous high- d. oil string at 4.732 feet. Sand at
leases pressure fields unless the gas can be 4 654-71 feet will be gun-perforated
... ... own j benw""*-”------J ’ •* * ........
during the six weeks period most
THREE NEW PRODUCERS
IN SIGHT FOR VALLEY
McALLEN—Drilling activity con-
tinued steadily in Lower Rio Gran-
de Valley proven fields during the
McALLEN—New Year develop-
ments arrived a day or two ahead
of the actual New Year in the
Lower Rio Grande Valley oil area Compared close last week
’ ‘S®C h,<her. cow* strong
•BtUraaV calves 25-5oc higher bulk short fed
Activity was resumed tn the Me- .laughter steers and yearlings 7 oo-8 50.
Allen distillate field immediately Js„
after Phillips Petroleum Co. an-
nounced it would not exercise its
option to buy several thousand acres ' oalws «oo-7 so.
of leases leW ir the area by McCol-
turn Exploration Co. of Houston and .’d
R E Harding of McAllen fe* packing
Dr. Burtcn McCollum head of the *lth week
McCollum firm, instructed contrac- «
tors who drilled the R. E Harding
No. 1 E M. Card, at the McAllen
east city limits, to start drilling out
cement plugs immediately prepara- wooM
dium shorn aged
shorn ewe* 3 50.
feeders to 7 00 wooled at yearingv 7 00.
twolyear od wether* 5 75. me-
shorn aged wether* 3 75; good
tool depth of 7 662 fee', and was
completed as a <t»»n«te and gas
oroducer from sand at <.630-46 feet
ta September. lW*_After
for two or T “
was
wJt v .ter in Februa-y. 193/. It was
deepened to 10 286 feel, which un-
i had been the greatest
reached in South Tex-
i abandoned m August
if37. after several sands tested
•bowed salt water.
«ral hundred acres of land east of present time, except for those where field, showed sal', water and mud
Tenth Street and inside the city lim- the gas is being sold commercially.
its as well as just outside the east Two wildcat operations are now discovery. Sun Oil No. 1 N. R Mon-
21—" • under way in the Valley. talvo. southern part of Tract 3. Los
It <as understood that the Me- About 5.700 feet northeast of the Retaches Grant, was drilling M*
Collum and Harding interests plan discovery well and onlv producer in shale at 5,131 feet. It is expected
eventually to construct a recycling the San Salvador field in northern to go somewhat deeper Its only
— - * • a — a—A . 11 * • — I ** w • • a . * ■ ——
niBTH WIllVH wvwaw %.*••••-*• « — — — ftftavftaa^w JTBU 1”4"MUV1 4VMI1 riU« , MliU
from gas produced in the field and duction Co. No. 1 Juan de la Vina, showed
pump
DENVER in ESTOCK
DENVER— F —Cattle 50; calve* 25: car-
. _1 “ - . .
year. .<» 25- beef
“ higher 5.75.
Hogs 400; 220-281 lbs. butcher* 7 45
and 7 50 to packer; 300-350 lbs . 7 00-7 35,
---- ------------- --- -—- medium sows 6 00-6 10
i to 10 M. practical top cow* 8 00; kill- j Sheep 2.400; Colorado wheat pasture
.ng calves 4 25-7 50; stock steer calves i.mb? 8 75. for week feeders ttesdv to I
up to 8 35 most atocker yearlings and jo i0Wer. week* top 9 15 freight paid
I calve* 6 00-7,50. I »nd tin rn»rrn fed wooled lambs 8 65-
Several Wells Drilling
In the Kelsey field. Humble Oxi
i A Refining Co. No. 2 J. C. McGill. |
Enginitos Subd., I-a Blanca and San
Antonio Grants, southwestern
Brooks County, was drilling around
4.400 feet. The well is located 1.866
NEW
Treasury
43-40 June
49-46
54- 48
53-49
55- 51
00-55
Home Owners Loan
3 12-44 7
sawdust
Greens, mustard 40c a dozen.
Greens, turn p. 40c a dozen
Ko.rab*. 40c a dozen
Lemons. Texxa. 8125 a bushel.
Lemons. California. 84 50 a box.
Lettuce, 83 a crate.
Limes. 83 50 a box.
Okra. 84 a bushel
Onions, green. 45c a dozen
Onions, white. 81 50 per 50 lbs,
Graaces Caizf •anklst. 83 25 a
Psrtley, 50c a dozen
Parsnips. 6c a pound.
Pears, California. 82 15 a bo7.
Pears, bosk. 82 a box
Peppery. Texas. 81 25 a bushf
Peppers, hot. 15c • pound.
Potatoes. Calif . 82 50 a sack.
Potatoes, new. Texas. 81 75 * bushel.
Potatoes Idaho russet. 82 25 a sack
Bpmach. 75c a bushe..
Squash, white. 82 50 a bushel
Squash, yellow 82 50 a bushel.
Strawberries. 84 a erate.
Swim chard. 4Cc a dozen.
Tomatoes Texas. 82 15 a lug
Turnip*. Texs*. 50c a dozen
Walnut*. Cahforn.a 22c a pound.
Yams. Texas. 8165
Yam*. East Texas kiln-dry. 81 65 crate.
GROWER* MARKET
Beet? 15c a dozen.
Carrot*. 20c a dozen.
Collards. 30c a dozen.
Garlic. 5c a pound
Grapefruit. Texa*. Me a bushel.
Greens, mustard. 25c a dozen.
Greens, turnip. 25c a dozen.
Mushrooms. 82 a lug.
Okra. 82 75 a bushel.
Onion*, green. 35c a dozen.
Parsnips. 35c a dozen.
Pepper? g:eer 85c a bu»l e!
Persimmons. Japanese 81 75 a lug.
Potatoes, red new 8150 a bushel.
Potat -er. white. 81 75 cwt.
Radishes. 2$c a dozen.
Rutat.a;as. *c a pound.
Spinach. 35c a bu«he>
Sqisash. white. *2 *5 a bushel.
8puaah yellow *2 25 a bushel.
Strawberry*. S3 50 a crate.
Swisa chard. 30e a dozen.
Tangerine*. 80c half bushel.
Turnips 40c a dozen
Watercress 35c a dosen
DAIRY PRODUCTS
Sweet cream butter. 37e and 38c a lb
32c;
plant which would extract distillate Hidalgo County. Pan-American Pro- sand thus far. cored at 4.825-36 feet.
______^A..aaA IM tho flKblH and z4*a/*0 XTz'v I J- I. -U______I a -ft a a .
gas back into the reser- > Share C.
cows strong to 25c
bulk
25-50c
• steers
From the Wheeler sand at
an es-
before being abandoned as a dry timate 200 barrels daily on %-inch
hole.
The same operators have also m- pressure of 320 pounds and closed
AOIVAJ* l*a**4F a . (vavtiiAM ci vv iavviijsii gai 4*1 vvii*
Ipaf s Into 160-acre drilling blocks struction of a recycling and repres-
on which one well each would be surir.g plant in the field to handle 3 Mrs Amanda McKinney, about
drilled, would determine whether distillate production. Since the Tex- 2.700 feet north and a little east of
•he Hard ng and McCollum leases as Railroad Commission has retus- discovery, drilled to total depth of
steady with Friday's aver-
city butcher top 7 35: bulk good
choice 180-260 :b weights 7 25-35:
sows 6 50 down Compared ....
market mostly 25 high- enough offered to test values
week s top*
choice
1366
, ------ *te«r* 810 50. short load choce
top on wooled slaughter lamb* 7 75; few heifers 810 25 vtaleia 910 sn. yearling
stockers S9, medium and good fed steers
$• to 810 25. fed heifer* 87 75 to 89 75.
t o89 75: medium and good cow* 85 50 to
8C 75.
Sheep none.
TEXAS SHOWS
DAY'S NEWS OF NATION'S MARKETS
New York Stock Market
Harding - McCollum Interests Plan Gas Plant Near McAllen
FINAL SURGE
CARD WILDCAT ’
■■
Sunday, January 1, 1939
Pare 4
VALLEY SUNDAY STAR—MONITOR—HERALD
early 1037 will be topped—but this is a pretty
tacked on to my
are
long shot Considering all factors. I forecast
that 1939 will be a year of moderate prosper-
business. With the outlook
prices, wise shoppers will
early ’39 •■clearance" sales.
While 1939 looks like a
June
quite
more
there
as
MM
materials, air-conditiomng. advertising, real
estate, household equipment, and other Hees
can look forward to a real year.
Best sales areas should be the industrial sec-
tions. Cities like Detroit, Cleveland. Pitto-
burgh. Chicago. Birrungham. Toledo, and Buf-
falo may show the biggest percentage gains,
but trade in the agricultural sections should
also be brisk. The Southeastern and South-
western areas look particularly favorable. I
advise stepping up advertising budgets and
sales quotas by at least 15 per cent In reach-
ing 1939 s good markets, advertising managers
should not forget that newspaper coverage is
still the best and cheapest medium.
Nearly all industries can look ahead to bet-
ter business in 1939. A possible 25 per cent
gain in building (with costs creeping slowly
upward) will be the most important A sharp
increase—around 40 per cent—in auto assem-
blies will stimulate activity in many related
Industries Railroad material and equipment
buying should improve as the current upturn
In carloadings continues.
Gasoline consumption, electric power output,
and aviation manufacturing will hit all-time
record highs Steel operations sihould average
around 60 per cent of capacity for the year.
Textile mills, mines, shipyards, office equip-
ment plants, building supply houses, rummer
goods and tire factories should all be from 15
to 25 per cent busier than in 1938.
With industrial activity rising, it is only
logical to expect higher stock prices. Increas-
ed business, better earnings, pressure of idle
cash, healthier trends at Washington should
all help to strengthen the market. How far
the advance will go. I am not prepared to say.
There is an outside chance, however, that the
March 1937 Recovery highs can be broken
during the coming year. Naturally, transactions
on the various exchanges should be much
more active than in 1938
Readers ask that I name those stock mar-
ket groups which I feel have the beat outlook.
I do not like to do so. but will mention the
chemicals, oils, electrical equipments, rail
equipments, building, machinery, and steels
as having good prospects. For ten years. I have
never recommended a railroad common stock
and I do not intend to get messed up in this
sick industry now. However. I believe that
the rails may have the best chance of all
groups in 1939. for percentage gains This
especially applies to certain dafaulted bonds
During early 1939 1 would prefer tn buy
securities of ermpames in strong financial
condition, without funded debt if possible. But
no security can be put away in a safe-deposit
box and forgotten Sharper control over oper-
ating costs, brought about by the Recession, a
should produce the best profits since 1929.
cepUng only late 1936 and early 1937. Only \
higher taxes and labor costs will prevent earn-
ings from being the best since the Boom With
a big step-up In profits, investors can expect
many pleasant dividend surprises as the year
progresses.
The same factors which will help stocic
prices will also rule bonds Second-grade is-
sues may be the sensation of the market.
Force of capital seeking investment can keep
high-grade bonds steady—but by year-end
the pressure will be on the downside. I fore-
cast no material change in 1939 in our abnor-
mally low money rates. We are one year
nearer the time, however, when those inves-
tors who have over-concentrated in low-
coupon. high-grade, long-term corporate and
government bonds will be very sorry!
I urge investors to leave foreign bonds alone
because international relations will continue
in a turmoil. The Munich Pact merely post-
poned war—for how long, no one knows. I
am more optimistic than most observers, but
I am not willing tn predict—as I did a year
ago—that there will be no war in Europe dur-
ing the New Year. I feel, however, that Great
Britain, France, and the United States will
get twelve months more of peace.
Despite unsettled foreign relations, our
overseas trade will be better than in 1938. but
not as good as in 1937 lhe biggest gains will
be with Great Britain and the Dominions The
improvement in South American commerce
will also be considerable Secretary Hull s re-
ciprocal trade agreements and the recent
Latin-American talks at Lima. Peru, should
further these trade ga.ns. Germany and Italy
will remain poor markets and our trade with
Japan will suffer.
The above is a good outline of what I figure
the New Year has in store for us. While 1939
—and perhaps 1940—should be better, readers
must not think that I believe we are out of
the woods Our standards of living must soon-
er or later be readjusted to actual conditions.
Subsidies and other form* of government re-
lief must some day cease Many communities
are now living in a fool’s paradise. Ultimately,
we must get back to fundamentals
I am ocnvinced that we cannot have anH
lasting prosperity in America—nor peat
throughout the world—until we have a re*
birth of character. A revival of unselfishness,
and a renewal of our love for our fellowmsn.
When this takes place we will have truly
"Happy New Years”,
10. Building is on the threshold of a real
boom.
For these and other reasons. I believe that
the forces of recovery ar* still predominant.
Right now business stands at 99 on my Bab-
sonchart compared with 84 a year ago, 1939
will open, therefore, with activity 18 per cent
above the early days of 1938. Indications are
that as we work along through the first half
of the year, business will register a slow but
healthy gain over the January levels. The eh-
tire first half of the New Year should show
a 25 per cent increase over the gloomiest
months of early 1938.
The second half of 1939 should see a con-
tinuation of the gains. My forecast, however, is
contrary to the expectations of many people.
They look for business to taper off and even
to slide backward when government pump
priming ceases next May or June. Nevertheless
I am Avilhng to predict that the second half of
the year will be better than the early months
and will run 15 per cent above the last half
of 1938. The entire year s gain should average
around 20 per cent. This would put the Bab-
sonchart at 106 to 108 by next Christmas.
The absence of disturbing new legislation
may well spark this advance. Since 1933. the
cues for my annual forecasts have been found
on Pennsylvania Avenue. This year, we face
a new set-up. The marked increase in the
Republican delegation on Capitol Hill, plus
the unpurged Democrats, can lick any fur-
ther New Deal reforms On the other hand,
the President still retains enough ”100 per-
centers’’ to block any serious revision of ex-
isting laws.
The Wagner Act for instance, may be
amended, but only if the Pres.dcnt agrees to
the amendments Many tax law changes will
be proposed, but few will go through. The
biggest fiscal reform may be the elimination
of tax exemption on new government bends.
MjtoM’ver. it is possible that public employees
wi^yjp put under the same income tax laws
to which other individuals are subject A lot
of talk about "incentive” taxes to foster pro-
fit-sharing plans will be heard. Some change
in farm legislation is in the wind
As a result of my recent poll of reader opin-
ion on the Patman Chair Store Bill. I predict
its defeat. The defense program will go ahead
full blast after a strong debate in Congress,
but I doubt if any special taxes will be levied
to support it. There will be a drive tn abolish
the big Social Security reserve fund and put
the program on a ’’pay-as-you-go” basis The
only change I see in this program, however,
is the stepping-up of the benefit maximums
to bigger food bills, clothing will also cost
more in 1939—perhaps 5 per cent. An advance
in fuel oil prices from current low figures by
Spring is a distinct possibility. Soft coal
prices may rise slightly. The demand for coal
may increase as people find that a fully auto-
matic stoker gives certain sections cheaper
heat than does oil.
Rents should not move much in either direc-
tion except in the case of especially desirable
urban properties Taxes, of course, will be no
lower. Electric light and gas rates will con-
tinue their long-term downward trend. Home
furnishings, in general, will cost more. Adding
up all these various items, my estimate is that
by next Christmas we may find total living
costs 5 to 8 per cent above present figures.
Before leaving living costs, industrial com-
modity prices should be mentioned. They
have been trailing recovery to date. In fact,
they are actually lower on the average than
they were when business started to skyrocket
last June So an advance is in the cards for
prices of such raw materials as hides, leather,
rubber, gray goods, zinc, lead, lumber, and the
like. These gains mean that retail prices dur-
ing 1939 will reverse their long down-trend.
That is why I predict that home furnishings
and clothing will cost more next year.
A jump in retail price-tags and in house-
hold bills ordinarily means cutting into con-
sumer purchases—but the 1939 increase in
payrolls and farm income should offset them.
Consequently. I expect merchants,/ wholesal-
ers. and jobbers to have a better year than in
1938. Dollar retail sales ougnt to average 8 to
10 per cent above the las: twelve months
with the best comparisons coming in
Eiia October. Unit sales will not rise
so much because of the higner prices.
Stor» profits should i.icreaae even
than dollar volume of trade because
need be no stock write-down* m 1939
there have been during the past twelve
months A heavy demand for luxury and
semi-luxury merchandise is logical. Charge
account business will expand and. while I do
not like to forecast it. I think that instalment
sales will probably increase faster than cash
for higher retail
stock up during
and the applying of the Act to more people.
Because of the heavy defense program, the
spending faucets at Washington will be wide
open. Although the average citizen wants
economy, his wishes are not heeded by Con-
gress or state legislatures I think that public
extravagance is one of our three biggest long-
term problems History proves that, once
spending starts, it is almost impossible to
stop. Our experience so far bears this out A
balanced budget is not in sight. By the end
of the next fiscal year—on June 30. 1940—our
national debt may reach $32,000,000,000, com-
pared with $16,000,000,000 in 1930!
Better business next year naturally means
more jobs. There are about 9 000,000 jobless
today against 7.500.000 last Christmas. This
total ought to drop at least 2.000.000 during
1939. New building, railroad equipment fac-
tory machinery, and the tool industries, plus
the service businesses, should provide a good
portion of these jobs As business increases,
labor troubles may likewise increase. However,
I now foresee no widespread strikes such as
1937 witnessed. •
Wages may edge higher in 1939. but I do
not expect any general Increases, such as we
had two years ago. Hourly rates will be mark-
ed up only in special instances later in the
year. More jobs and slowly rising wage rates
should add up to the biggest payrolls and best
urban buying power since the Boom. These
payrolls would even exceed 1929 were it not
for the new Wage and Hour" Act which is a
ball and chain on most workers.
Farm income should also be better. Farm
products' prices can score moderate advances
led by wheat, corn, fresh vegetables, and po-
tatoes. Butter, eggs, and milk should not sell
for much more than they did in 1938. Cattle
will feature the livestock picture, while big-
ger supplies of lambs and hogs will hold down
their prices. With wool demand high, and
world supplies not burdensome, higher prices
are logical.
Indications now are that production of farm
products, while less than last year, will again
be above average So tarring drought or oth-
er abnormal weather conditions, farm income
may jump 10 per cent above 1938. Farmers’
profits will be somewhat better than this
year even though the goods which farmers
must buy will cost more. Because the outlook
is only moderately better. I see r«o reason for
farm and land values to change greatly.
Food eats up practically 40 per cent of th*
average family’s budget Hence, the strength-
ening of farm products prices is the biggest
factor in the living cost outlook In addition
Business Increase During New Year Seen By Babson
By ROGEN W. BABSON
BABSON PARK. Mass.—Total business by
the end of 1939 will be as good as—perhaps
better than—at any year-end since 1929. There
may be periods when business will mark time,
but the average volume for the year will be
•round 20 per cent above the 1938 level. Jobs,
wages, retail sales, stocks, and even farm
prices should all chalk up good-sized gains
It is even possible that the sharp p?aks of
ity
There are no "hedges” tacked on to my
forecast as there were in several years past.
In 1937. I feared that the sit-downers would
upaet the apple-cart. A year ago, Washington's
inertia worried me. But today. I can see no
reason why the tides of recovery should not
carry us vigorously forward—perhaps even
to new highs since 1929! This will merely be
a continuation of the uptrend which began
in 1932. Frankly. I do not consider the 1937-
1938 Recession as anything more than a tem-
porary, but sharp, interruption of the upward
•wing
I emphasize this bit of "back history” be-
cp jse I believe it has an important bearing
on confidence at the moment Millions of
people—as we get further and further away
from 1929—look upon that year as setting a
record which can never again be touched As
a result of the sharp ups-and-downs of the
pas' decade, they have come to believe that
hard times are now normal times in America!
I do not believe that 1929 necessarily repre-
sents the pinnacle of American business
It is true that some factors are less favorable
than in 1929 Among them are taxes, bureau-
cracy, and lack of faith. We have, however,
the following favorable items today:
1. Our population has grown 7.000,000 since
MM
2. Thousands of new products have been in-
vented.
3. Production efficiency has soared 50 per
eent in ten years.
4. A huge deferred demand for goods has
piled up
5. Credit reserves are the greatest in his-
tory.
6 Production costs are lower than last year.
7. Wholesale and retail inventories
relatively low.
8 Confidence is returning as "business bait-
ing" lessens.
9. Billions will be spent on armaments and
pump priming.
GOOD year for
merchants, it can be a BOOM year for sales-
men who have been patiently doing their
spade work through the last four or fi’ e
years Many jobs and orders that were killed
by the Recession should ’’break’’ in 1939 Sales-
men in the automobile, machinery, buiMing
to * to » to -4 *
8
3
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Valley Sunday Star-Monitor-Herald (Harlingen, Tex.), Vol. [30], No. 70, Ed. 1 Sunday, January 1, 1939, newspaper, January 1, 1939; Harlingen, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1327194/m1/4/?q=Lamar+University: accessed June 9, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; .