Casper Daily Tribune Newspaper, July 7, 1921, Page 7

WEDNESDAY, JULY 6, 1921 COMPLETIONS FO WYOMING, NEW WORK HOLDS U A JUNE LESS IN — Setback Given Oil Industry Not Yet Reflected in Field Reports; Development Expected to Take Slump With Completions Pending Drilling operations in Wyoming, despite the setback given the oil industry in recent weeks, were at high tide at the close of June although completions showed a falling off from. May | Blackstone Sai figures. . Twenty-two wells w ith an aggregate production of 7,410 barrels, six of them dry, were completed during June as against 25 wells in May rated for a total of 9,600. barrels | a day. At the closo of the month 644 Tigs ‘were up, of which 440 were drill- ing, while on the first of the month | branch office is maintained at Ther-| Eikhorn only 629 were up and 423 driliing. Coming months, however, are pected to reflect a large falling off | able changein the management of the Gates in new work and completions, the de- pression having come too suddenly to|0f the syndicate have been” consider-! Hutton Lake been | ably increased... They also have valu-| Jupiter affect wells which had alrea started for tho sands. Completions and new work in Wyo ming and Montana fields for tc month ot Juno follow: ex-| Bovacar ‘The headquarters of the car | poration are in New York City-and a mopolis. There has recently been a consider- | Bureka syndicate, and the holdings able nereage In Montana, scne = of which is “now being drilled, inctuding acreage on the Twin Butte structure | in Carbon county andor the Huntley dome. Com- Pro Drill- Total District. pleted. duction. ing. Rigs.! ——- Big Mudéy oe) 135 18 *20} Rotary in Ferris Field. Galt Creek .-.--. 7 8.950 %3 173) 4 rotary: drifiing outfit. was -intro- Lance Creek S| Pe 16 23/duced into the development of the Warm Sprin Ferris field in southern Wyoming this Grass Creek and week by thé” Colanibia Ol! company, " 3 31 The rotary. dfill ‘Was set-up on the ThestOppous.-- 7 45 | southwest quarter of ‘section 28-26-86, ie Hee Bae - e with Ruseel F. Collins, a practical oil om Bwarey he 5271) an, in-charge of development... The Peredg - Soar = owen BFS") Columbia: camp has’ been completty we Modivine Bow. Fremori County. 1 Mule Greek Osage -- Natrona County Tfheoln County -- - Miscelinneous — > 644 629 449 423 Total for Juni Total for Ma: Difference, .-- 3 Montana t Creek iscelaneous -2- Total for Juno. 4 Total for May-17 Difference 1-213 15 One gas well with estimated pro fuction of 5,000,000 fcet was complet ed during the month. Cody Tests In Trace. A race is on between the Northert brilling company and the Park Cain ly syndicate to put Cody, Wyo.,’ ¢ the state map as an oll town, The arilling company has taken the lear and already *has a big standard ri on its property in’ the ,Coftonwouc structure... The Park Count ndi cate, finanéed — by 'p@pular uP tion, has started operations which wil test an entirely new structure lying about five miles “north of Coady. ‘The syndicate’ will develop lands se Icted by Irvine F, Stewart. skid t: have former'y: been connected with thy geological staff 6f the Midwest It (ining company. It has a lease uf, 2 560 acres in the field where the firs arilling will’ be “started. Washington Concern Gets Leases. ‘A Washington company will be in troduced Into coming development this summer if the efforts of A. C Hallam of Basin are successful. Thr fiyst lands’ secured for the tost li just south of tho famous Bonanzs DN spring moar. Basin and the Collins and Jesseph permits will, be taker over. It is. expected that develop ment of this land will be undertaken before the end of July, Singer Interests in Pilot Butte. The Singer Securities corporation ot New York, Which has extnsive inter ests in the Warm Springs field n Phermopolis, will widen its operations to. undertake development of Jeascs which it has secured in the Pilot Butte figid, according to Riyertdn announce ments. A- contract has been. made with Maurice Singer of the Security con tern to drill a lease belonging to the Hureka Oil company, adjoining the present production of the latter com pany in Pilat Butte. The Singer Sécurities corporation ‘5 capitalized at $7,500,000, and is an yrganization finan@lally able to do things. At the present time this cor poration owns several producing leases in the Warm Springs field, the Phermopdiis refinery and electric light imd power plapt at that place, the Darter hotel and is building a new $100,000 theater there; it 1s also re ported that the Singer Securities cor- poration are about to build refineries it Billings, Miles City and Winnett, modernized and made permanent de. fore operations “were the winter lay-off. Late in starting we k this spring, a rotary outfit was’ decided upon to fa cilitate” rapid” drilling. Mr. Collins believes that the rotary will average 100, fect « dy td the 3,000-foot sands barring bad luck, . med after p FURNISHED B Big Indian |Buck Creek | Burke | Black Tail |Capite!l Pete |Columbine Bs Consolidated Royal, Chappelle Cow Gulch | Domino E. T. Wiliams Frantz . |Great Western Pet. Kinney -- Lance Creek Lusk Royalty Lusk Petroleum... . ‘Mike Henry .... . Mountain & Gulf . thwest Jutwest Picardy Riverton Roy: Refs. a Royalty & Producers Sunset Tom, Bell 5 tern Exploration . 1 Wind River Refs. WroLNG Grass Creck Torchlight Elk Basin Greybull Lance Creek - Lander «.-.. he Casper Daily Cribune Y TAYLOR & CLAY Ground Floor Oil Exchange Bldg. ' Phones 203-204 Western Oil Fields .. 16 9 + .17 rma: Ceo ae 2 (00% NEW YORK CURB CLOSING ra | : Bid. = Asked. dp | Midwest. Refs. - $128 r* Midwest Com. 2. 3S) | Midwest Pret. ef ' Merritt He Se sete | Allen = |Cities Service Com. . |S. O. Indiana .... | NEW | Mexican Petroleum |Sinclair O1 | Texas OU . \Pan-American Pete . U. 8. Steet . Union Pacific FOREIGN EXCHANGE. +-$3.71 % | Sterling Francs 794 | Marks 132% 17 |Lire. . <sae¢ + 407 00% |Call Money . + B%@ per cent 06 | LIBERTY BONDS. 6 i3%s seeeee . i First 03 | Second 4: O48 First 44s 1.60 |Second 4\%5 04 ‘'Third 4%s 1.50 |Fourth 4\s 03 |Victory 4%s CRULE OIL MARK 5.Revk Creck Salt Creek ig Muddy - Pilot Butte Hamilton Dome Mule Creek .... BUSINESS DEPRESSION AT LOW EBB IN COUNTRY, EXPERTS SAY Opinion Crystallizing That Improvement Is Due With Exception of Some Lines Sill Facing Readjustment Needs; Optimism Grows BY J. A. MALONE Staff Correspondent of The Tribune. 1ess declines are about scraping bottom has received another mpulse by the developments of the past week. While there is ijon. As a matter of 10 feeling of great optimism, the idea is crystalizing that a) system ! since January of this year, with exception of ihe month of April the ‘The federal reserve bank reports a | beneficial confraction in’ Indebtedness jand @ general bettering of conditions wholesale prices having declined 44 |per cent, loans of member banks re Jduced 11 per cent, federal reserve |notes in circulation deciined 22 per fcent,- and totals of checks drawn o¢ bank deposits showing a decline of 29 \per cent. Daily reports indicate strenuous ef forts on the part of business leaders | jall over the country to stimujate a |the resultant effect on the wheels of |resumption of normal buying, business in general. appeared from time to time that with Statements have the depression in business was sentiment r . al, but a continued decline extending NEW YORK, July 2.—The growing sentiment that busi-jover many month indicates a more |serious basic derangement than \be accounted for by a act can mental condi our credit been put under the most -padual reeovery in general business has already begun, and | terrific strain which could have been hat further recessions on any large scale are not to be ex- the bureau of} per cent over yected, There are, of course, certain nes of trace, which are slated for re djustment. this not having. run ite ‘ull course» ‘There has been somo dis ussion aS fo whether further reduc ions are ta be looked for’ in the stee! nd iron industry, but “the “general non seems to be that bottom prices ¢ not yet been reached in this ba ds In any case, “hether the steel manufacturers emplate further price recessions 01 vot, the fact remains that large buy ng orders on steel pretiucts are stil} wing held off, and this will ineyitab ¥ prodiice an easing effect on prices Broadly speaking, prices are about 0 per cent above the levels” prevail ng in 1914, This comparative figure neludes all elements, but if we take aw materials alone, the index is only 5. per cent above pre-war prices. Ounn’s index shows 37 per cent high- x than in 1914. - The obvious conclu nufactured articles as well as raw naterials. The bureau of labor keeps an index which is mdre comprehen sive than either of the above, includ- ng as it does the element of labor at ts full value, and the index worked out on this basis is 60 per cent high: than in 1914, The obvious conclu sion from an analysis of these figures ss that the producer @ raw materials aas.taken his loss, the manufacturer has ‘stil to make a revision, and la bor has, up to the present, suffered ‘east from business depression. This should be modified by saying that, while there has been much unemploy- ment in certain centers, the wage scale still remains at a disproportionately high level. Probably we will never again return to exactly the same levels existent before the war, but financial authori- ties appear to feel that it would not OUR ICE Cream Ask for It By Name CREAM BRICKS WILL PLEASE YOU. Phone 471 be out of thé way to or index fall to the prewar figure be justment is ccnplete. R imagined, and we are just ¢ right side up but considerat |The Guaranty Trust company, our largest financial institutions, that the credit situation h {major factor in the depression, read nerging, been a but G, Dun & Co. report a decline in| that the adjustments and contractidas the number of commercial failures./which have taken place now put busi The June suspensions over the whole|ness in a position where credit is no United § with 1,3 ary. in Me y and 1,895 in ates were 1,290, as compared |longer a retarding factor. Janu-|al is the smallest since last November,|tion of “business as usual.” and 4 rare air, ady decline has been shown "“AKE the family! Go first to Rocky Mountain National-Estes Park, the charm of which is not to be catalogued—merely to breathe in the scented with the rich pine odor, is a healing delight, brings glow to the cheek and sparkle to the eye. There, amid the peaceful beauty of its flower- crowded valieys and sun-lit peaks, its } waterfalls and virgin forests, you can settle dovn for a few blissful weeks, to do just as fancy dic- fish, golf, tennis, rest or just loaf to your heart’s content. ie Qa-veussetikn, stop oftand eniey Colbeadsraamergns, Burlington Route... Don’t delay too long the ments for accommodations side trips — to Colorado Springs, i Parks, matter of making arrange- and be disappointed. If Tcan help you, let me know. When you are ready to start the Burlington will take you there. L. J. EDWARDS, Ticket Agent Casper, Wyoming. Sentiment reasons would thus appear to be The numbr of failures for Junc!the only factors checking a resump- ‘Tre cisinion has been advanced by jmuch attention to for one financial writer that a statement from President, Harding on business conditions, cougbed in terms as, opti mistic as conditions warrant, would have the effect of dissipating much of the pessimism prevailing. Tle re cent conferences with business and financial leaders at the White H sis have been the subject of favorab comment, as it is feit that this « ables the: chief executive to feel the Pulse of the nation in the matters which are most The shows up in a tangib dend paying stocks. The re meu than 50 stocks listed ¢n New York stock exchange which have passed dj vidends thus far in 1921. It is esti mated that the decline in market value attributable to this cut is in the neigh borhood of $25,000,000, while the to investors in revenuo am an equal sum. It is, cf cour that have been paid, vital today. extent of business w contraction y in divi , true in many cases dividends couk the passing of the Payment being dictated by conserva tive business policy. Echoes are still heard in e. financial quarters of the addr: George M. Reynolds, chairman board of directors of the Continents and Canmercial bank of Chicago, 4 the conference held between Pre Harding and western bankers on Jv 23. Mr. Reynold’s remark the effect that we to the detriment of our own dom: needs. Our foreign de, hé stated. amounted to about 7 per cent of our total business. In some qt ts felt that Mr. Reynolds, man for the we ers, ha’ made a declaration’ of inde pendence from the leadership the New York banking group. It is held that by being so closely inv@ived in rters it as spokes Pp of bank foreign trade, the eastern banks have a biased view of this branch of our business life, and some who think strongly, state that the different for clgn financing schemes sacrifice th assets of this country for the further ing of the trading Ss of eastern financial grips. Whatever the ulti mate result, Mr. Reynold's views have resulted in strengthening the senti ment, “America first.”’ | Potatoes. CHICAGO, July 6.—Potatoes—Mar + Receipts, 49 cars; Virginia. | -18 harret: C¥rolina. $3.00@ | 3.40 barrel Early Ohios, $2.90 ewt - —— The first cotton mill scarcely more than 20 the nation has today 1 and 5,000 power looms. producing an nually more than 250,000,.000 pounds n China ts ears old, yet 50,00 spindles of yarn and 60,000,000 yards of cloth But this is sure— similar appeals. they stick to it, J. A. LEARY, Division Freight and Passenger Agent PROFIT SHVES DECLINE General Selling Weather Reports Offset by Later Buying of “TAKING Livestock Mart CHICAGO, ceipts §,000 hea stock, steady t bulk fat steers, top, $9.0 36.755. bulk f on Favorable| Hogs—Receipts 16,000 mostly higher _ th yesterday's CHICAGO, July 6.—General selling | NEMS and fel > resulted today from orl 25e higher sirable, wheat able weather including good rains in some sections. ver, led to rallies, e2 Sheep—Recoipts © higher Profit-taking, how Most of the trade 8,000 head; most was local, Opening quotations, which |? somo western sheop. 1 -anged. from %0 to 2c lower with|UP). top native lambs to packer eptember, $1.14@1.15 and December | $10.25 one deck, $10.65 to shippe 31.16 were foliowed by slight further] Very Sood Idahos held $1i.0 leclines and then by upturns which in}Ccholce dry fed yearlings, some cases went. above yesterddy’s|*WSs. mostly $3.00@4.2 ish. Subsequently from winter wheat threshing had a bullish influence, and so likewise did prospects that report would shi imated yield. @1.17, narative strengt ing R@tec off September at 57% to 58%c, the mar. a little but then scored Ket sagged moderate gains Dry weather diana and Ohio firm tled at the same as yesterday's finish to 2%4c higher with September $1.16% and December, $1.18% @1.18% Commission house buying gave com appointing returns ~ seer DENVER, July 6.—Cattle 3,700 head; market steady to 10c beef steers; $6.25@7.50: cows the government crop ow a reduction of the|Deifers. $5.00@6.60: — calve Prices closed unset-| 9-00; bulls, $3.00@4.00. Kogs—Receipts 25@40c higher; ¢ t h to corn. After open. to % higher, including and Exchange. all around. in Tilinois, Towa, In was effective later as per cent Exe an aid to the bull side. Prices closed cling —Demand. 70%; cabl at %o to Itc net gain with %- x September 59% @59%c. nes—Demand, 7,91« cite Oats wore firmer, owing to the corn virante idvanoe. starting unchanged to “4 @ Pligg higher. September, 36% @36%c. See and later continuing to~ harden aa pans , Provisions showed lack of support sista ta? 4 Demand. Closing Quotations. <. . Demand CHICAGO, July _6.—Wheat—Sep-| Sweden—Demand $1.16%;. December, $1:18%. Norway—Demand September, 5 December. | Argentine—Demand, 29.8 g i Trazillan—Demand,” 11.60 September 6: December.| Montreal—12% per cent discount Time Loa ner cent July, $17.90; September, $18.] Gall Money Easier hich, Lard—July, $10.72; September, $11. | 51: ruling Ribs—Suly $10.25: September, $10.50. | offered at BS Provisions. CHICAGO, July 6 NEW YORK, July 6 7 higher; creamery Domestic, 99 c: foreign, 59! ndards. 6c; firsts, 31@35%¢:] oor aotlare, 45tae 27 @ 20c. <= soos Figge-—Receipts 28,414 cases: firsts.| she encroachments of salt 28e: standards, 281s¢: ordinary first sia Peano oll 25@26c; at mark, cases included, Hadi ih Saal pee paid ta aroduction about 59 percent Live Poultry—Unsettled fowls, 24¢ | ‘timation of prominent oil broilers, 22@30c. i OsT everybody knows the j easy-going sort of man who _ How long he will resist universal tire education is a question. More people are finding out every day that between leaving things to luck and getting real economy there is a big’ difference. Many a car-owner has come to U.S. Tires because he couldn't afford to keep on paying that difference. Probably seven out of ten users of U. S. Tires came to them only after they’d had enough of “dis- counts”, “bargain offers”, “clearance sales of surplus stocks” and other They have found economy—and United United States CASPER MOTOR CO., (Inc.) Casper, Wyo. Cc. W. GREGORY Casper, Wyo. Mexico. No matter where they live there's @ nearby U.S. Dealer with his nearby U. S. Factory Branch” They Pay a net price—not “some- thing off list” that may not mean | never takes a tire seriously until he anything i j gets a blow-out. At: ahagon | 4 They get fresh, live tires, being made and shipped while this mes- sage is being written. No matter where they live there's a nearby U. S. Dealer with his nearby U. S, Factory Branch. U. S. Tires keep moving. No opportunite to get old and dried out. Noshifting here and there trying to find.a market. Every U. S. Tire a gowd tire, wherever you find it anywhere & the country. Because the U. S. policy is a good policy that serves the car-owner all the time, eB Doing’ the very best for him human good faith can do. 6.—Prime mer that U.S.RED& GREYTUBES States Tires @ Rubber Company THE WHITE MOTOR TRUCK CO., (Inc.) Casper, Wyo. POWDER RIVER MERCANTILE CoO. Powder River, Wyo. PAGE SEVEN (ONS WEAK AT = MART OPENING Liquidation of Foreign Issues Continues With Resumption 4, an n-Amer Metals. YORK, July 6 udy: leectrolytic NEW ket ste Copper—Mar ot and near tunchanged $4.40. spot, One of the few tires of which it may be said that they deliver economy year in and yeer out and tire after tire, The U.S. Chain Tread gives sufficient traction on all ordinary road sur- faces. It is probably the handsomest, and by all odds the most popular, of the whols U.S, Fabric Tire line, United States Tires are Good Tires U.S. USCO TREAD U.S. CHAIN TREAD U.S. NOBBY TREAD U.S. ROYAL CORD