Salt Lake Tribune | 1917-12-12 | Page 14 | Federal Control of Oil Trade Discussed

OIL TRADE DISCUSSED. J. A. Tlozie & Co., 13 Miin street, fur- ! nisii te following d i.eest of financial 1 nt'ws received over their private wires: New York ni'-t;ils: Spelter quoted on ' the st. Louis lHs.M. 7.n fi T.-jO for prompt rnt:il, and r.tJu''! 7.7'f f'.'r futures. The principal h'iid proiu-'crn contmnc to quote: f'.r New York ih'hvery and tlie out- si-ie d--fi!ei h. ''!':. -".7 1 - for ail deiiverifS. ; Colorado I'uiver coinpHiiy declared I'trgu- j Ir iuiirt.er!y diviilenii pc-r eeni on com- : nion stock, ptiyable January lo, to eio-.-k ! u: record December ?,. ! Tiiicao Tribune says: Net earnings of C'entral Leather company for the last I thrrfj months of tins ear will sliow a' suhtantial increase over the September qunrter, according to men in touch with affairs of the company. Goodyear Rubber earnings 1917 were $ 14.044 .OL'tJ, an increase of ? 7 , 0 4 . S 7 u over the year before. Chicago Herald says: liispa tches from New York say that it is reported in In- ! vestment banking circles in that city that there is ground for the belief that the next war bond issue of the United States government will be offered on slightly better terms ihan the second liberty loan. This rumor is said to be having ihe effect of inducing liquidation of corporation cor-poration bonds. Old Dominion Copper produced 1.144.-000 1.144.-000 pounds of red metal in November, (rompared with 2,Ko,0r0 pounds in October. Calumet and Arizona produced 4.200,0"'! pounds in November against 5,230.400 pounds in October. New York: what will happen to the oil trade under government supervision was the subject of a discussion annmg dealers in outside securities all through the day. The general impression prevailed pre-vailed that the industry will be restricted restrict-ed both in developing work and in the prospecting branches hy the prices which will be fixed to govern the industry by the administration and there was a general gen-eral disposition in evidence to dispose of these stocks by those who have been identified with the management in many producing, companies. There was 11 tile demand for Standard Oil stocks, which declined on quotations wi thout much actual business. Independent oil stocks were all heavy with Merrltt dropping over one point to below twenty and substantial losses were sustained In Midwest refining" and others of the high-priced stocks. The Osage Issues Is-sues held fairly well, although these stooks aiso sold at declines. Houston Oil was In fair demand during dur-ing the morning, with sales early in the day at 1!:4 to 'Z'i. The mining shares reflected a tendency to accumulate these issues in expectation of larger production and better returns. Ni pissing, the chief silver stock, stood firm, with sales SSU. New pool took hold of Bis? L-edge, making safes at 2'-fe, but its advance was not long maintained. Magma was one of the weak features, selling- at 41U to .9. U. S. Steamship, which was a strong feature tip to a few days ago, reacted to 5Vfc. New York b'tock l.etter: Railway shares declined rapidly in the Inst hour obviously on the strength of the ill-timed remark of Mr. A damson, chairman of the house commerce committee, that the president In addition to "taking- over" the railroads during the war. would "hold them after the war" until congress can provide some plans for proper management manage-ment and efficient operation in peace and in war." Whatever the prospects for the adoption for such a plan, it went a good deal further than anything' yet suggested in the way of government control. The inability of most every one to arrive ar-rive at a definite conclusion as to what is likely to be the status of things in j the near future is a factor which is daily i being commented upon at a greater length ! and a factor which is having much to do j with complicating an already complicated I state of affairs. I