Casper Daily Tribune Newspaper, April 21, 1922, Page 12

PAGE TWELVE NMPKET GOSSIP AND FIELD) NEWS FOUR NEW WELLS ARE UNGORKED == The feature development of the Salt Creek field during’ ‘ the past week was the development of a 900-barrel producer! by the yoming Oil Filds company, a concern which has lead in development results in the field for the past three! weeks. The well completed this week is in the same vicinity / of the 3,000-barrel well completed by the company two} PROFITTIKING [2:22 FOLLOWS GAINS on the southwest quarter of section 24-40-79 and was completed Thursday.| The first 24 hours production was! 868 barrels and was completed at al depth of 1415 feet. Three other wells completed in the field were much ‘smaller producers. | The Salt Creek Consolidated Oil com pany weil on section 11-39-79 came ia| for ten betrels. The same company Increases in Wheat Prices! however developed a 390-tarrel pro ~ . ducer on section 31 The Midwest Recorded but Closing Is ceengeiny Cate ac ko-bactel ‘wetl"Ga Unsettled. section 34-40-79. 720 Feet in Week | CHICAGO, April 21—General com-| After having switched from rope to mission house buying in which individ-| cable tools the Five Tribes Petroleum ual operations counted for little swept! company which is conducting import wheat prices strongly upward todaylant development of the east side of during the early dealings. The May|tne Salt Creek field made 120 fect of} delivery, in which there have been! hole yesterday and reached a depth prospects of a big shortage went to! or 770 feet in just a week of actual the highest price reached of late by] arming. that month. An unlooked for advance in Liverpool quotations acted as aj pid progress in @rilling the hole stimulus to buyers as did optimistic| 28% @dded to the interest being taken reports about progress at Genoa, as|!0cally in the development. The com- well as bullish advices regarding do-|P&n¥ composed entirely of Casper and mestic crop conditions, both in the| Salt Creek people boasts of a unique) winter and spring wheat belts. ‘The|fimancing proposition which will en opening, which ranged from % to 1%c| able the participants to share heavily ys se /8 higher, with May at $1.44 to $1.44%,|1m all profits derived. The Taytor(Second 4s ~ was followed by decided further gains.| and Clay company is serving as fiscal Lowered : 39:64| Gossip was current that 200,000] ent in the disposal of 25,000 shares) First 44s | sh bushels of new crop domestic winter] Of Stock of the company. Third 4%5 . 99.50 | wheat had been sold for export and] With all expenses having been pro-|mourth 444s 99.58 that there had been Enropeen | vided for the company will retain ap-| Victory 4\s 100.66 buying of Canadian wheat. Reactions | proximately halt of its capital of $500-| which took place were ascribed chiefly] 000 in the treasury when the well is/ to profit taking. The close was un-| completed. This expense will include settled, % to 2%c net higher, with| development cf the first well, promo- May $1.45% to $1.45% and July $1.27% | tion expense and purchase of leases to $1.27%. on 160 acres of Salt Creek land. Sympathy with the wheat Bese Ae Jad to higher prices for corn and After opening % to &o higher, July GREYBULL STANDARD July 64% 65% to 65%e tho corn market scored @ moderate further advance. Oats started a shade to %c higher,| Many officials of the Standard Oil July 40% to 40%0, and later continued | company, with headquarters here are Subsequently, heavy profit taking sales brought about @ selback in prices to show a tendency to rise. in Greybull today attending the reg- Provisions were firmer with grain | yiar monthly conference of officials The close was unsettled at % to Kc net decline to a like advance, with ricatecter from all plants of the Standard com- = pany in the mountain district. WHEAT. i Bish. tow. | Chom aaa! eine wee a, 3 cooks, EAT— May - - 1 L r general mansger; R. M. Andrus, man: reer ts ies met: ae rin ager of plant No. 1; 7. J. Smith, chiet CONES en aN ARNG 18 area ot oumet Tee 8 ae 61% 62.61% 61% ] Thompeon, general superintendent; R. 65% 65% .645% 64%] B- Wood, assistant superintendent of plant No. 3; J. E. Rouse, assistant su- 38-38% =—«.37% += -38_‘| Perintendent plant No. 3. 40% 41% 40% 40%] The local officials were joined by J. 8. Cullen, guperintendent of the 21.10 | Laramie plants, No special significance is attached May -- 10-85 10.95 10.83 10.82 (45 the visit of the officials to Greybull pigs ht NAS 11.27 11.07 | cener than for the purpose of discuss. May = 1155 | 18 the business of the company, July -~1065 1080 10.65 10.75 BET cee as London Silver. Pattee sail Page. LONDON, Aprit zi-—Bar silver Chicago, April 21.—Butter higher. creamery extras 37%c; firsts 34@37c; Seconds 32@33c; standards 37c. —————__ SYNDICATE ORGANIZED HERE T0 DEVELOP COAL LANDS NEAR GEBO, WYO. 34%d per ounce; money 2 per cent. Discount rates short and three months’ bills 2% @11-16 per cent. Major Ormsby, H. H. Free, Frank Scherck, RC, Van Denberg and C. H. Reimerth is preparing for the develop- ment of the property. ‘The first undertaking to make the coal product marketable will be to con- struct a half mile railroad spur which will be used for switching Parpoees at the new mine site. With the initial maximum produc tion of the property contracted the company is desirous of getting on a With permits approved on a lease|large production basis before the win- totalling 1,720 acres of coal land ad-|ter months. The supply contracted al joining the famous coal properties at| ready arsures the company of a good Gebo, a local syndicate composed of financial return. EARLY OHIO SEED POTATOES CASPER STORAGE CO. 313 West Midwest Ave. . . . ; \ : \ ; \ \ . \ . ; B) Fishing Tackle AND Golf Clubs AT CAMPBELL HARDWARE CO. 1478. Center Phone 425 SILI D LILO SS ae: gees POE SS ae Tail | Blackstone Salt” Greek thappeil | Royalty and Producers Salt Creek Pras. |ic, i Oil Securities l| Nex Farnished by Taylor and Clay Pare ne cod apt 435 aa Bw Indian Boston Wyoming Buck Creek . | Burke Vee Columbine "* Consolidated Royalty Capitol Pete 13 119 00: Dans | Cow Gulch” | Domino . horn E T. Williams Frantz Gates . Jupiter . Kinney .. Luck Royal Lance Creek R¢ | Preston Mike Henry Mountain & Northwest Outwest Red Ban! Five Tribes | Picaray Riverton | Rete. | |Bunset ... Tom Bell Ri Western Exploration wise River Rete. 0 } Western Oi] iFeids .. 152 Western States eo ¥ OW NEW YORK conp cLosinG | Mountain Producers..$ 13.87 $ 14.00] Merritt SF 11.00 11.26} Gienrock Oil Salt Creek Cons Prod. and Refrs. Marine ... Mutual ... |S. O. Indiana Cities Service Com .: LIBERTY 24s Crude Market | STOGK MARKET STILL BUOYANT Secondary Issues Favored in| Trading on New York Exchange Today. | NEW YORK, April 21.—The vol-, ume of operations in the stock mar- ket today diminished perceptibly from recent high levels, secondary indus- trials and specialties took the place of the usual leaders at substantial gains. Sales approximated 1,200,000 shares. Aside from Studebaker and Gulf States Steel late activitiy centered around coppers, utilities and gas and express issues at gains at 2 to 5 points. The closing was strong. NEW YORK, April 21—Mexican oils were the strongest features at the opening of today’s stock market on denial of reports that the Tampico district showed salt water deteriora- tion. Mexican Petroleum made an ini- tal gain of 144 points and Pan-Ameri- can, Sinclair and Texas Company were fractionally higher. Union, Houston, Standard Oil of New Jersey, and Barnsdall “A” gained one to almost two points. Gulf States and United States Stecls hardened, but most of that group and the equipment division reflected moderate pressure. Coalers added to yesterday's gains and trans- continentals strengthened. Higher quotations for the leading foreign ex- changes accompanied over-night ad- vices of more hopeful developments at Genoa. ¢ Olls held their early gains but trad- ing shifted soon after the opening to the rails, motors, utilities, shippings and food specialties. Canadian Pacif- Texas and Pacific, Norfolk and Western, Pittsburgh and “West. Vir- ginia, and New York, Chicago and St. Louis common and second preferred rose 1 to 2 points. Studebaker, Elec- tric Storage Battery, Mack ‘Truck, Consolidated Gas, Manhattan Elevator, Market Street Railway, prior preferred, North American and American Ex- press also gained 1 to 2 points. Pos- tum Cereal common and preferred, Cocoa Cola, United Fruit, Atlantic Gulf and American Woolen were con- spicuously strong. Usual leaders in the industrial group lacked their recent prominence. Call money opened and renewed into next week at 3% per cent. The rapid upturn of prices in the afternoon in which some of the early laggards joined, including Baldwin S.ecomotive, indicatod (iat the pre- vailing warket sentiment continued bullish. Buoyancy was shown by num- erous of the usually inactive shares but many of the popular issues ruled @ point or more above yesterday's fi- nal figures. Manhattan electrical Supply jumped seven points, National Biscuit four, Postum Cereal 3%, Gulf Mobile and Northern preferred, Pull- man and Brooklyn Union Gas 3 and Laclede Gas and ‘American Shoe 2 points. Silver silver 68%c; Mexican dollars 52%c. Money. April NEW YORK, —Call mioney 3%. Closing bid 3; offered at 3%. Last Joan 3%. Call loans against accept- ances 3. Time loans easy;-sixty day: Ce LSE EEE EDD EP DLE 5] Louisville g|Northern Pacific .... | Pacific On Brake} . NEW YORK, April 21.—Foreign bar} steady; high 332; low 3%4. Ruling rate} €be Casper Daily Cribune New York Stocks Associated Press Leased Wire AST SALES Allied Chemical & Dye . Allis Chalmers . American Can “rican Car & Foundry American Hide and Leather pfd American Interna‘ Corp. . American ae |Americaa Smelting and ete. |Amecican Sugars... Bets [American Sumatra Tobaecso jAmerican T. and T. . | American Tobacco American Woolen Anaconda Copper Atchison , AtL, Gulf ané West Indies Baléwin Locomotive ... Baltimore and Ohio Baltimore Stecl “B” Canadian Pacific Central Chesapeake and O} |Chicoga, Mi, and St. Paul Chicago Mil., and St. Paul . Chino Copper .. ° Colorado Fuel and Iron ..).). Corn Products H Crucible Steel General Motors Goodrich Co. . Great Northern, Illinois Central Inspiration Copper .. International Harvester Int. Mer Marine pfd.’... International Paper Invincible Oil ... |Kelly Springfield Tire mnnecott Copper - pid Copper .. States Oi Norfolk and Oklahoma Prod and Ref. . Pan American Petroleum Pennsylvania . People’s Gas Pure Of . Ray Consolida Sinclair Con Oil Southern Pacific . Southern « Railway Standard Oil of > ‘> Studebaker Corporation Tennesse Copper Texas Co. . Texas and Pacific Tobacco Products .. ‘Transcontinental Oil Union Pacific ... United Retail Stores U, 8. Ind Alcohol United States Rubbe United States Steel Utah Copper ... Westinghouse Electric Willys Overland American Zinc, Lead and Sm Butte and Superior Cala Petroleum Montan Power attuck Arirona Great Northern Ore Livestock Mart Chicago Prices. CHICAGO, April 21—{United States Bureau of Markets).—Cattle receipts 3,000. market active; beef steers and “|butcher she stock steady to stron quality medium; top beef steers $8.70; bulk $7.50@8.25; bulla, calves and stockers steady; bulk veal calves $7.00, @7.50; bologna bulls largely $4.25@ 4.40 Hogs receipts 15,000. active steady with yesterday's best time 5 to 10c higher than yesterday's average; top $10.75; bulk $9.95@10.6! to 25c higher; good 100 to 130 pound hogs $9.00@10.00; packing sows strong. Sheep receipts 6,000; killing classes opening mostly 25¢ higher. early top shorn lambs $13.65; best not sold; light fleshed Mexican wooled lambs $15.00 good 88 pound shorn yearlings $12.00; fall shorn Texas wethers $8.25; wooled ewes $9.00 down; no choice lights of- fered. good 58 pound shearing lambs $14.25. DENVER QUOTATIONS. DENVER, Colo., April 21.—Cattle receipts, 800, marker steady and strong; beef steers, $6.50@7.50; cows and heifers, $5@7.28; calves, $8@11.50; bulls, $2.50@4;; stockers and feeders, $6@7.35. Hogs—Receipts, 400. market 10c higher; top, $10.20; bulk, $9.80@10.10. Sheep receipts, 5,600; market 25c higher; lambs, $13.75@15; ewes, $7.50 @8.50. Omaha Quotations. OMAHA, Neb. April 21.—(United States Bureau of Markets)—Hogs re- celpts 6,500; active, strong to 10¢ high- er; bulk 180 to 250 pound butchers $10.10@10.20; top $10.25. bullz 260 to 325 pound butchers $9.90@10.10; pack- ing grades $9.00@9.75. Cattle receipts 1,200; all classes gen- erally steady; top beeves $8.20. Sheep receipts 6,000; strong to 15¢. higher; bulk $15.00. top $15.30; bulk clipped lambs $15.25@15.50; top $15.50; sheep and feeders. steady. pct ss hs Foreign Exchange, Steady. NEW YORK, April 21—Great Brit-| tain demand 4.41%; cables 4.42; sixty day bills on banks 4.39%. France de- mand 9.31; cables 9.31%. Italy de mand 5.41%. cables 5.42. Belgium de cables ,8.56. Germany cables 36%. Hollund cables 37.93. Norway . Sweden demand 26.00. Denmark demand, 21.20. Switzerland demand 19.43. Spain emand 15.52. Greece demand 4.53. Poland demand 4%. Czecho-Sloyakia demand Argentine demand 36.62. mand 13.87.. Montreal 97 15-16. LSet meee. —— NEW YORK, April 21.—Copper steady; electrolytic spot and nearby %; later 12% @13. ‘Tin firm; spot and nearby 31. tures 31.87. Iron steady and unchanged. Lead firm. spot 5.10@5.45. Zine firm; East St. and 90 days 4%./Six months 4%@4 Primg mercantile paper 44% @4%,. 5.10. Antimony spot ,|Omar Oil & Ges company, the stock- |lins’ Development company, Fred 0. 4 jfore has served the best interests of 'S%* |would have suffered a direct financial pigs strong} 2.00. Brazil de Louis spot 5.00 (Continued from Pags One) ‘The applicants for a receiver for the! Bair company holding 25 per cent of its stock, allege a conspiracy between the holders of the remaining 75 per eent of the Bair stock, who are named as defendants in the receivership ap- Tiicationg and the Kasprning cory pany to defraud the applicants of bene- fits from their Bair stock holdings. An important and significant devel. opment in litigation took place Thurs- day afternoon when Judge T. B. Ken- necy granted the petition of owners of royalty rights in th~ Bair’s produc- tion from the Lost Soldier field to in- tervene as defendants. The petition was strenuously opposed by T. J. O'Donnell of Denver, chief counsel for N. E. Clark of Pittsburgh, and the holders in the isair company who seek to have a rereiver for the corporation appointed. The royalty right owners—the Raw- Funk and W. H. Taylor—intervened % jon the ground that the management | pan; of the company, of which Clurk and the Omar company complain, hes been under proper management and there- the royalty owners. The intervention of the royalty owners is significant in view of the contention of Clark and the Omar company that the Bair di- rectorate deliberately has sold the Bair’s production to the Kasoming Oil company at inadequate prices, with the intention of defrauding the Bair company. The Rawtins Development company owns a 5 per cent royalty in Bair pro- duction, Funk a 2 per cent royalty and Taylor a 1 per cent royalty. If the convention of Clark and the Omar company that the Bair production had been sold at an inadequate price were well founded, the royalty owners loss as a result of such sale. The hearing of the Omar-Clark ap-: plication for a receivership for the Bair company, now in its third day, is progressing so slowly that it ap- pears probable several weeks will be required to hear all of the 70 witnesses who have been summoned. What suggested a legal bombshxll was also exploded in hearing Thurs- day. The Omar company, a Pennsylvania corporation of which Clark was the chief promoting spirit, and Clark, in their petition for a receivership al- leged that direstors represénting the owners of 75 per cent of the stock of th Bair company had manipulate the management of that corporation with the deliberate intention of sérv- ing the interests of the owners of the 75 per cent of the stock at the expense of the interests of the owners of the other 25 per cent of the stock, the lat- ter, the pleadings alleged, being the Omar company and Clark. The developmont that suggested the torpedoing of this allegation as a ten- able causp for action by the Omar company and Clark was the answer of the defendants in the receivership suit \that Clark himself, in his capacity of jdirector of the Bair company, at the annual meeting of the company in ‘July last, had voted to ratify the past management of the corporation’s af- ‘airs of which he now complains in the receivership action and which are |the basis for the action. Regardless of the question of the correctness of Clark's and the Omar company’s al- }legations regarding the mamgement of |the Bair company's affairs—and the. defendants to the action very specific- ally and with voluminous detail of re- jbuttal challenge the correctness of these allegation—the reply of the d fendants placed Clark im the attitude of having approved, as a director of the Bair company, the conduct of the corporation's affairs during the period which he now charges was character: ized by deliberate and cunning mis- management. The defendants named in the appl, cation of the Omar company and Clark are the aBir company, the Kasoming Oil company, H. E. West, J. B. Haz- lett, J. lL. Havice, O. B. Garrett and George E. Brimmer. ‘The application for the receivership is based, express- ing it as briefly as possible, on the claim that the directorates of the Bair company and the Kasoming company are identical with the exception of one director of each company, the excep- tion on the Bair directorate being Clark and on the Kasoming directorate Havice; that Clark as a director of the Bair company represents 25 per cent of the stock of that corporation and the directors of the Bair company who also are directors of the Kasoming company represent the remaining 75 per cent of the Bair stock, and that the directors of the Bair company who also are directors of the Kasoming company haye managed the affairs of the Bair company with the deliberate intention of prostituting the Bair com- pany’s interests to the interests of the Kasoming company and to the ruin of the interests of the owners of the 25 per cent of the Bair company’s stock represented by Clark. The alleged mismanagement is set forth in a peti- tion of approximately 100 pages and includes allegation that the petroleum taken from the Bair company’s hold- ings in the Lost Soldier field, Wyo- ming, has been sold to the Kasoming company at an inadequate price for the purpore, it is alleged, of depriving the owners of 25 per cent of the Bai 'B stock of the return form the sale of this off which would have accrued to them had it sold at an adequate price, the owners of the remaining 75 per cent of the Bair company stock profit- ing from such dealing because they also were interested in the Kasoming company. * The defendants in their answers presented in court Thursday categor- ically denied every charge of misman- agement made by the Omar company and Clark. In the cold legal phrase- Slogy of the answers was embodied a field development and of the Bair company’s‘ survival of this adversity through the resourcefulness and finan- cial connections of Clark's original as- sociates in the Bair company, Hazlett remarkable story of adversity in oil} Swift, 7s, 1931 out to put in their Bair pocket, how- ever, the answers allege, the discrep- Oli PERMITS TO STAND mit contested on the grounds t! Permittee has not exercised due aut-! gence in developing the lands since the permit wes granted. FRIDAY, TOOK EVIDENCE FROM RECORDS IN | 7-4 BAIR OFFICE, ACCOUNTANT SAYS DESPITE LAGK = wen 1 The secre- tary thus serves notice that holders of prospecting permits who have been allotment sn< on the standing in his outside market because of freezing of the pipe line from the Lost Soldier unable to commence drilling within 0,000 of stock | the required time,, will: not have these @ result x permits taken away eyen on contest. that at a time when the Bair company in the act authorizing extension of was unable to get its production to an|time within which to commence drill-| ing. ‘The case decided was a contest to interpret the of congress as recently expressed field to the railroad, at which time| brought by Thomas C. Spencer against Clark was insisting on the payment of/ 5. G. eS acrats both of Newcastle. APRIL 21, 1922. dividends on the stock he represented. @ contract was ma/e.to sell the Bair’s production to the Kasoming company, which had storage facilities in the fiekl and therefore was in a position to take and hold the oi! until such tme as the pipe line should be in op- eration. This contract, it is asserted, contained the proviso that if the price received for the of] when it was sent delivery, then the Kasoming company should make additional payment to. the Bair company of the difference | between the two prices, but that the other hand, the aKsoming com- pany should be unable to market the oll at a price high as that paid the Bair company for field delivery, then | the Bair company should return to the Kasoming company the difference be-! tween the field price and the market price. Between delivery of the oi] in the fleld, and payment therefor, it is set forth, came the slump in pe- troleum prices which made 1921 a dis- astrous year for producers, with the result that the Kasoming company was compelisd, when the pipe line opened and the ofi was sent to market, to sell at a price so much lower than contract for the return to it by the Pair company of this difference, it is asserted, but Clarke, it fo alleged, com- Therefore the Bair company stock rep- resented by Clark, it 1s asserted, profited from the dealings with the Kasoming of which Clark and the Omar company complain in the appil- cation for a receivership, while the holders of the remaining 75 per cent of the Bair stock were losers, inas- much as they also held Kasoming stock and, therefore, could not profit from a transaction between the two corporations which enabled Bair stock- | holders to profit through alleged repu- diation of a contract obligation that resulted in loss to the Kasoming com- The body of the below the cutters underreamed is ture. The guide tool in the center FOLLOWS T: General Offices, Augusta, Kansas Branches—Tulsa, Kaw, Rising Star, Bi ' El Dorado, Shidler, Ok. Pipe Follows the SWAN Down Swan extends far enough te act as a guide when the tool is underreaming. This is of great value when the formation being of alternating stratas of hard and soft struc. then keeps the of the hole and reams a perfectly straight hol, instead of offsetting or key seat ing as is the case with unde Yeamers not so constructed. IT IS FOR THIS REASON THAT THE CASING ALWAYS HE SWAN DOWN You Can-Buy or Rent One - THE BRIDGEPORT { MACHINE COMPANY; j ! Underreamer Factory, Marietta, Obie Ft. Worth, Rangelg reckenridge, Florence South Bend, Tex. pany. . The defendants deny the claim of the Omar company and Clark that the Bair company’s holdings are capabie of a daily production gf 10,000 barreis of oil, asserting that potential pro- duction does not exceed 2,000 barrels daily. They assert that the $25,000 set forth as having been loaned to Clark by the Bair company, to enable him to comply with his obligation to take an allctment of treasury stock of the corporation, has not been repaid and that the debt, with accrued interest, now amounts to approximately $32,000; despite which fact the com- pany has refrained from withholding from Clark dividends on his stock which might have been retained and applied to liquidation of the Ioan, these dividends having approximated $70,- 000. There is no record on the books of the Bair company, the defendants set forth, that the Omar company is a holder of Bair stock, the 25 per cent of the Bair stock issued to Clark still standing in his name in the stock rec- ord. In this connection, tt is said, but not in the pleadings, that Clark promoted the Omar company, of the stock of which more than $6,000,000 is said to have been issued, and that Le and two of his sons are directors of the corporation. Clark formerly was the head of a successfui subsidiary of the Standard Oil company, it is related. ‘The piaintiffs are represented in the hearing by T. J, O'Donnell of Denyer as chief counsel, assisted by Percy C. Spencer of Cheyenne and W. D. Stewart of Pittsburgh. The defend-) ants are represented by N. E. Corthell of Laramie and George E. Brimmer of | Rawlins ‘as counsel, ‘The hearing, it is anticipated, win continue for a week or longer. “WE PAY THE LOSS” Pelton & Hemry Tnsurqnee and Bonds NOW IS THE TIME WITH SPRING HOUSECLEANING To Replenish Your Home China, Glass, Granite Alwainum Ware American Beauty Sad irong 2 e600 es Lunch Kits (complete, with Thermos Bottle) __________ HOLMES HARDWARE COMPANY Second and Wolcott You Can Do Better at Holmes’. SPECIAL FOR ONE WEEK With and $6.29 $2.59 Phone 601 2 e t