Arkansas Natural

It has been several weeks since stock market daily turnovers have approached the records set by the Big Hoover Market and the Big, Bad Federal Reserve. Last week, however, the Manhattan Curb reported a day's turnover of 2,537,000 shares, third largest in Curb history and considerably exceeded only by Nov. 28, 1928 with its three million record. Artificial, however, was last week's large statistics, inasmuch as the high figure resulted chiefly from frenzied trading in one issue. Opening the day with a 35,000-share order, Arkansas Natural Gas Corp.--almost inactive for months--turned over 516,400 shares in the day's trading. Arkansas Natural Gas is a subsidiary of Cities Service Co.--unique Henry L. Doherty being president of both companies. A. N. G. supplies Little Rock, Ark., with gas; owns some 635 miles of gas mains and transports some 35 billion cu. ft. of gas per year. In addition to its 16,000 acres of proven gas leases, however, it also controls 33,000 acres of proven oil leases, and almost 300,000 acres of undeveloped gas and oil lands. Its securities have been somewhat in the "dollar a dozen" class, the half-million-share day closing at 8 1/4, a net of three. Most of the buying came from the West, was explained as originating in a rumor that the company had struck a new large-volume well.