Casper Daily Tribune Newspaper, May 13, 1922, Page 10

SRE as : ~~ POINTED OUT Supervisor, Ol and Gas Operations, | Bureau of Mines. ‘There has been a great deal of mis- understanding relative to contracts re- | cently made by the government for its royalty crude ofl from naval petroleum reserves one and two in California, ‘and especiiliy the Teapot reserve No. 3 in Wyoming. The facts relative to these contracts are as follows: The ect of congress, approved June “4, 1920, directed the secretary of navy to conserve, develop, use and operate / directly or by contract, tease, or other @wise unappropriated lands in the naval | “reserves. * By presidential prociamation, the} Saa@mainistration and conservation of all ‘oll and gas bearing lands in naval pe “troleum reserves one and two in fornia, aod number three in Wyom and naval! shale reserves in Col and Utah were committed to the s tary of the interior, subj to supervision of the president. prociamation stipulated that no gener-} ‘al policy as to drilling and reserving Jands located in naval reserve: be changed or adopted except consultation and in co-ope the secretary, or acting secr the navy. The present policy of tne This | up savy partment is to trade its ernde oil for steel storage facilities filled with fuel de. -ol] and situated as specified the navy. Since the loss of fuel oil by evaporation is only about 1-10 per cent) per year sud probably less than this after a few years in storage, such a policy is entirely practicable. Thus, the reserves of naval petroleum is to be taken from the sands, processed,| and placed in steel storage without cash outlay by the government. After a year's study and investiga tion, the secretary of the interior in cooperation with the navy depart ment, developed plans for this trans action that were sitisfactory to the mavy. Not jess than four prominent ‘ofl companies were consulted and given an opportunity to make offers to the ,_sovernment for handling these con- tracts. In ‘Teapot (Reserve No. 3) there were old mining claims which were given consideration, just as has "been the policy of the government in the California navai reserves and un- “der the leasing act of Feb. 25, i920. It so happened that the Teapot con. “tract was signed in the early part of ‘April, 1922, and the California contract was not concluded until the latter part of the same month. As the interior and navy departments wished to an mourfce these two contracts simultan- cously, the Teapot contract was not made public until a little more than “two weeks after it has been signed. ‘When rumors of the Teapot contract Scomménced to circulate and were Mneither confirmed nor denied by de- partment officials, many conjectures were mado as to the reasons for se-| $1.45%, which checked the advance. BENEFITS OF TEAPOT CONTRACT BY MINES EXPERT had this contract been in operation 1 to May 1, 1922, the total gov- Creek ernment royalty from Salt would have amounted to $3,327,000 in-|Frants . stead (¢€ $2,331,000, an Increase of near. ly a infllion dollars over and above the amount actually received. This means that the state of Wyoming would have received $374,000 more! than it did, that the recleamation serv- Ice would have received $523,000 more.| Mountain & Northwest and tho federal government $99 00° more. These fignres do not inclade any estimate for additional prodr.ction|Red Bank | Five Tribes Pet. Co, expected from Teapot. The oil resources of Wyoming could hardly be put to more profitable use| Royalty and Producers than the construction and maintenanco| Sunset of roads, educational institutions and) Tom Beil Royalty reclamation projects, thus developing! Western Exploration IS WEAK AGAIN 3%s .- Pan American Petroleum 4 First 4s. - Pennsylvania ...... : Second 4a People's Gas 3 r | First Bare ON eset ties. j ~ Foreign Demand Boosts | Second 43 Ray Consolidated Copper rhe i hird 44s Reading .......-. : Prices at Opening but (fourm aus Rep. Iron and Steel Increase Is Lost. CHICAGO, 13.—Strength in'] wheat at Liverpool today tended to help prices here and the market open-| ed firm with a rather strong under- tone in evidence during the earty trad- Ing, which, however, was more or less of a local character. Reports from Liverpool said the substantial increase in the clearances of wheat this week) from the Argentine was moro or less weak, however, is about one million bushels less than a week ago and this probably offsets the increase of two million bushels out of the Argentine. Export sales of wheat yesterday amounted to between 300 000 and 350,-| 000 bushels of wheat, and the receipts | May today were said to be 348,000 bushels.) Eges unchanged; receipts 32,645 Deliveries on May contracts this|C@Ses. . vf Poultry, alive, lower; fowls 26c; morning were 246,000 bushels of wheat. After starting unchanged to 1%c high- er, May $1.45 to $1.45% and July} $1.26% to $1.26%, values held firm for a time, ther. eased off slightly on account the action of the May but there was some selling of the latter at for the sixteon months from January |;ow 00> Jupiter |Kinney Goastai Victory 4%s creamery extras 33%c; firsts 30@33c; seconds 27@29c. crecy. The only reason for the temp-|Scattered selling set in later, but the orary secrecy relative. to the Teapot|outside trade femained light and tke contract was the desire for simultan-}wheat market lost all of its early ad- fous announcement of the two con-|vance. The close was weak, vtues tracts, as stated. This is borne out by|being %%c to 2c under yesterday's fin- the fact that both contracts were an-/ish, with May $1.43 to $1.43%4 and “nounced immediately upon the comple-| July $1.25 to $1.25%.- pysen of the second. Corn and oats were governed by the ~ In conclusion, I wish to call atten-| tion to a couple of the features of the ‘Teapot contract in which the people of Wyoming are particularly interested: First—If the Teapot strueture proves to be reasonable productive, a pipeline connecting it with trunk lines of the Mid-Continent will be built, thus put- ting the ofl industry of the state in di- rect contact with the large centers action in wheat, the markets hoNing within rather narrow limits with corn firm and oats a trifle easter. Initial quotations which were unchanged to %{c higher, with July 64% to 64% @%c, were followed by slight additional gains. ‘Trade tn corn was light and the mar- ket weakened with wheat. The close was weak, %c to Sc lower, with July of petroleum consumption. Of.course, {some of us wish to see all the crude foil from Wyoming refined within its| 1 lower, with July 39% to 40c, de- ‘boundaries, just as we might like to|ciinea! slightly further, then showed inee its wool woven into cloth witht} somewhat of a reaction. Strength in ithe state, and its cattle slaughtered] }o¢s tended to Ifft provisions. here, its hides tanned here, and here pacers made into shoes—but the economic structure of our nation is not con- structed along these lines. It has been found expedient in most indus: tries to transport raw material to cen- 'G64c to 64%%c. Oats, after starting unchanged to Closing Quotations. CHICAGO, May 13.— WHEAT— Open. High. Low. Close. ters of consumption where it is manu-| yay 4.481461. aa factured and whence the manufactured] 5.17 126% 1.27% 124% 1.25 products can be economically distrib 0 180% 118% 1188 tuted. In no industry is this advantage eae Gi. abt greater than in the petroleum industry, . % ra as crude ofl lends itself so readily to pe nett here is comparatively cheap transportation in Pe te eee eels pipelines. 6h y Second—Thit contract makes the Poy ar sere ee. .pipeline to the Mid-Continent a com raed or: : 9: sats mon earrier and provides that the gov- — 39% 4 39% 39% ernment royalty oil from Teapot will 41% 41% 40% 40% ‘be purchased at Mid-Continent prices, or the Salt Creek price in case that = price should be higher than Mid-Con- tinent price; and that any government 1.50 11,52 11.50 11.50 ofl shall have a prior right through| © 11.70 11.77 11,70 11.723 this Hne, being given preference even to the oil produced by the owners of i He the pipeline. SWEEPING PRICE CHARGES MARK WHEAT TRADING IN LAST WEEK CHICAGO, May 13.—Emergency rules permitting swift deliveries to fill May contracts for wheat have gone into effect here this week bat immense quantities tendered met with ready “cceptance.. Sweeping changes in price resulted, notably on one occasion a jump, of 714 cents a bushel. Com- pared with a week ago, wheat this morning was 1c to Ble higher, corn down a shade to It further provides that %c, About a million and a quarter bushels. | Bessemer .. Allied Chemical & Dye | Big Indian ; Allig Chalmers . Boston yoming 7 American Beet 5: oo Wuck Creek American Can th alll des Me ‘ ‘overnment royalty oil from Salt Creek/ Burke American Car & Foun “Misunderstanding Claimed™in | will be transported at reasonable rates ei stnae RS ee ee a ee = Regard to Details of De- | ‘tvush this line. |Chappell . Aroiam Locomative: <0. . velopment, Program, Of course, the government has the/ Columbine * ns - right to dispose of its royalty crude ‘n | Conso! Royaity . any other manner if it so desires. Capitol Pete BY F. B. TOUGE. It is conservatively estimated that)/Compass - Domino Gates € Chicago, MIL, and St. Shicego, R. I. ahd Pac. ... thino Copper tolorado Fuel and Iron werton Rete. ¢ c G a a permanent and increasing source of| Wind River Refg. 4 Great Northern pfd wealth that will support a thrtving| United Psto .. - {Ninois Central commonwealth long after its ofl in-| Wyo Kans = 1.05 Inspiration Copper ..... dustry has passed into history. Western Ot tredés .. {nternation al Harvester By this contract, the secretary of/ western States z peas ae: oa Bor pia. the interior has taken the most im-/¥ Oil a aper |portant step towards reallsing Mid- Springfield Tire Continent prices for Wyoming crude} NEW YORK Cc&S CLOSING Rantescll: Copiee | off that Jhas yet been made. Imountain Producers .$ 16.25 $ 16.50] rouisville and Nashville : Eee | Merritt |. - 1350 Mexican Petroleum é ft | Glenrock Ott 1.25 sahurnt Gonpart = . | Salt Creek Pris. ..... 18.25 Middle Stetes OW . 2 Salt Creek Cons .... 13-50 Midvale Best 3 Prod. and Refrs. .... 7.00 Missouri Pacific : | Marine > 100 New York Central 1...) Mutual + g¢925 . ¥., N. H. and Hartford . 8. 0. Indians . - 106.25 rfolk and Western iCties Service Gom. .. 237.00 Nosthara Peciftie ¢ LIBERTY SOND> - F Crude Market l U standards 33c. broilers 38@46c; roosters lic. Atl. Baldwin Locomotive Baltimore and Ohio Bethlehem Steet Chesapeake and Ohio . Corn Products Crucible Steel Famous Players Lasky - Genera! Asphalt . Sears Roebuck Sincliar Con On Southern Southern Railway Standard Oil of N. Studebaker Corporati Tennesse Copper - ‘Texas Pexas and Tobaceo Products ‘Transcontinental Union Pacific United Retail Stores U be Casper Daily Cridbun New York Stocks LAsT SALES Gulf and West Indies Sanadian Pacific Sentral Leather “handler Motors rie jeneral yeneral Yoodrich Co. oklahoma Prod and Pacific Oil Royal Dutch, N. ¥. Pacific 117% 11% 47% | 32% Co. Pacific S. Alcohol inited States Rubber Inited States Steel . Copper 56% 75% Arizona .. 8%B Northern Ore 41% SALT GREEK ACT tests which are being made. Wall Creek sand by the contractors B. Dyke and L. P. Roach. ‘This well known as No. 5 will be pushed to the second sand as soon as the ce- ment acts. The well is in proven ter- ritory but is located at a point where it is expected that large production will be secured. A new well on section 10-39-79 is be- ing rigged up by Gus Hardendorf who will conduct a test of the property for a syndicate composed entirely of Cas- per investors. This well is said to be an edge test which will hold the in- terest of operators in the field. ‘The Fensland Oll company is com- pleting a well on section 17-39-78 i the southeast enf of the field. This well is in the same vicinity as the Mosher Syndicate well. This well is located on the hump which separate the Teapot and Salt Creek field and is said to be well within the Salt Creek water Iine. A successful completion would add greatly to the limits of the south Salt Creek field. The Fensland company is also cas- ing off a shale well which was brought in recently on its government lease in the east end of the field. When the shale is cased off the well will be con- tinued to the sécond sand where it is believed that bigger production and steadier returns will result. ‘Tract K, a government lease owned by the Domino and Bessemer Ot] com- panies and Robert M. Birck, president of the Blackstone Salt Creek oll com- pany, will be developed on an operat- ing agreement with the Ohio Ol com- pany. The contract for the initial well on the tract has been let to Buck Sturm, a Salt Creek contractor. The Ohio O!l company is rigging up a well on section 3-39-79 on a lease owned by a local syndicate headed by Schulte Brothers, according to reports from the field. This lease will be op- erated by the Ohio company for the lease holders. An important change in title of lands in the field is reported during the week in which the Bessemer Oil MARKET GOSSIP AND FIELD NEWS At the close of the week in which several completions, were made at Salt Creek. despite the handicap of bad weather, the main interest in the field centers around many The Domino Bessemer association well on the northeast) quarter of section 10-39-79 has been cemented in the first, in | 38-7) VITIES. GROWING Livestock Mart Omaha Quotations. OMAHA, Neb., May 13.—{United States Bureau of Markets).—Hogs re- ceipts 4,000; market mostly 6 to 10c! higher; top $10.50; bulk of sales $10.20@10.40. Cattle receipts 300; market com- pared with week ago: Beef steers mostly 10 to 1$c higher. week’s top she stock and bulls, fully 25 higher; veal calves 25 to 75¢ higher stockers and feeders 25¢ higher. Sheep recespts 250; market com-| pared’ with week ago: Spring lambs! $1.50 lower; other lambs, sheep, year-| lings afd feeders,mostly 75¢ to $1.00) lower. j Chicago Prices. CHICAGO, May 13.—{United States Bureau of Markets.)—Cattle—Receipts 500; compared with week ago; beet steers and she stock largely steady; bulls 25c to 40c lower; veal calves 75¢ to $1 higher; stocker’ and feeders 10c to 25c lower; week’s top beef steers, 9.25; week's top prices beef steers, $7.75 @8.70; stockers and feeders, $7.25 @7.75; butchers, $5.85@7.75; canners and cutters, $3.85@4.75; bologna bulls, $4.90@5.15. , Hogs—Receipts, 4,500; market clos- ing active; ight about steady with Friday’s average; top, $10.85; bulk, $10.30@10.75; holdover light pisr. CHICHESTER S PILLS LBD BEE, Z tis pm?) Mee. peaied, with Blue Ribbon. 5 ra ifs peseNea es bres “Ask for C1 [OND MAND Pi Known as) SOLD BY DRUGGISTS EVERYWHERE active and firm at the opening cf to- , | day’s session but yesterday's spectacu- S| Rettiehem, Replogie, | Consolidated, | day bills on banks 4.42%, \demana 34 STEEL TRALING AULES MARKET Many Minor Issues 2.to 5 Points oy eS on New York “dominated the j Sheffield, *Gult States, | Replogle 5 | stricted proxtmated 650,000 shares. NEW YORK, May 13.—Stocks were jar features were lacking. Lacka- wanna Steel rose 1 point to a new high price for the current movement and Republic and Virginia-Iron were better by fractiuns to 1% points. Gas shares, especiully Columbia and Laclede, were in further demand. Low priced shares featured the oils, with trans continental the most conspicuous fea- ture. American Smelting. Davisan |chemical and Kayser gained 1 point each and rails were represented by Kansas City Southern preferred at a 2 point advance. Foreign Exchange Stoaéy. NEW YORK, May 13.—Great Bri- tain demand 4.44%; cables, 4.44%; 60 France de- Italy de- Belgium de- Germany Holland mand 9.12%; cables 9.1 mand 5.2534: cables 6.26, mand 8.31%; cables 8.32. cables 34%. cables 88,65. Norway demand 18.66; Sweden demand 25.67; Denmark 21 Switzerland demand 19.26; Spain demand 15.55; Greece de- mand 4.15; Poland demand .02%; Czecho-Sloyakia demand 1.93; Argen- tine demand 36.37; Brazil demand 14; Montreal 98%. x demand 38.6 Landon Money. LONDON, May 13.—Bar silver 35% per ounce. Momy 1% per cent Discount rates short and three months 2% per cent. Bank Reserves Gain. NEW YORK, May 13,—The actual condition of the clearing house bank and trust companies for the week shows that they hold $36,905,480 in excess of legal requirements. This is an increase of $6,169,460 from last week. Silver. NEW YORK, May 13.—Foreign bar silver 70%c; Mexican doliars 54%c. weak to lower; paci.ing sows about steady. Sheep—Receipte 2,000; today’s re- ceipts direct tu packers; compared with week ago: Prices mostly about $1 jower; weak bulk prices: spring lambs, $14@15.50; shorn lambs, $1p.50 @13.75; ewes, $5.50@7.50; wethers, $8.50@9; yearlings, $11@11.25. few wooled fed lambs up to $15.50; shorn feeding lambs, mostly $10@10.50. Denver Prices. DENVER, Colo., May 13. — Cattle receipts, 3,200; market stencty; bee* steers, $6.50@8.10; cows and heifers $4.75@7.50; calves, 7@10; bulls, $3@ 4.50; stockers and feeders $6@7.50. Hogs receipts 150; market stead; 0c higher; top $10.30; bulk $10@1| Sheep reecipts none; market changed; lambs $13.50@14.50; $7@8. —E——E ‘The year 1921, according to the rec- ords of 37 insurance companies, com- prising figures for 27,000,000 lives, was the healthiest year in the whole his- tory of the United States and Can- ada, un ewes | we “Boost the Children’s Fund. Buy a Barrel. Flour HEAVY Bethlehem-Lackawanna deal. fit from the demand for steels, but the general list showed a pronounce! letdown of public buying and spec: ulative support. ‘The more severe reversals were re- to specialtis, for which only a thin market developed. and investment rails west, orded mueh encouragement. terior sources, call loans relaxing to a marked extent. Firmness of foreign [t! misgivings arisirg from the Genoa}t conference. a od Copper Market Firm. NEW YORK, May 13. — Copper market has been firm during the week MARIE PREVOST DANCING STAR IN HUB FEATURE: “Does she dance, docs she twist, does she do those little things you} can't resist? I'll say she does!" You would think that old popular air was Inspired by the heroine of “The Dan- gerous Litde Demon,” the Universal special attraction at the Hub theater today and Sunday: For the “demon” is a most fascinating creature as por- trayed by the star, Marie Prevost. and the way she does things causcs panic in the hearts of ali‘ masculine bystanders. Dancing divinely and somewhat shockingly, she causes even the most blase of her snitors to feel a thrill. In fact, he gets such a kick out of it, he calls her down! ~ BAD BREATH Dr. Edwards’ Olive Tablets Get at the Cause and Remove It Dr. Edwards’ Olive Tablets, the sub- stitute for calomel, act gently on the bowels and ay, do the work. People afflicted with bad breath find ui eS Dr. Edwards’Olive ‘able! ¢ pleasant, sugar-coated tablets are taken for bad breath by all who them. _ Dr. Edwards’ Olive Tablets act gen- tly but firmly ‘on the bowels and liver, em to natural action, clearing the Blood clearinj and gentl, ifyit th ‘ae which does without any of the entire system. They do dangerous MATT the Benet of ckening, All the benetits of nasty, sickening, pring, cathartics are derived fi ns wards’ Olive. ADS SeEneSe , pain or any disagreeable effects, Br. - M. Edvards discovered the formula after seventeen years of prac- tice among patients afflicted with bowel and liver complaint, with the attendant . | bad brea ith. live Tablets are purely a vegetable ympound mixed with olive oil; you will know them by their olive color. ‘Take one or two every night for a weeks and note the effect, 15cand 30, Fancy Early Ohio SEED POTATOES CASPER STORAGE CO. 313 W. Midwest Ave. $20000000940000050600000900000000O0C0OSSOOSECESEOE STORE F In Ideal ARKEON BLDG. PHONE 1604-J Ask for McKeon or Archer OR RENT. Location BUYING OF STEELS PUTS |: ~ END TO STOCK MART REACTION NEW YORK, May 13.—Farther reaction of prices in the stock market this week was checked by heavy buying of in- dependent or secondary steel shares. A number of those is- sues made substantial gains following publication of the) Equipments and related stocks derived more or less bene- J, P. MORGAN TO AID COMMISSION ON REPARATIONS Money rates continued to show|&n milled on the Olymple today for ease on the inflow of funds frem in-|#outhampton. exchanges proved an offest to any|been invited to send a representative cial sub-commission of the allied re- parations commission, charge of indemnity payments to Ger- many’s creditors. on a continued fair demand for domes-jtions in financial circles both here tie consumption and export. Today's} nd abroad recently that a huge inter- quotations for electrolytic range from }mational loan to Germany, financed 13%c to 13%c, both for nearby and|>y popular bond offerings was being forward delivery. Iron was unchanged. | Considered. It is regarded as practic- —————_—_ rally certain that without such aid Ber- lin will have to be granted further ex- tensions of time for additional repara- Wyoming Theater, Sunday, May 14 | Homesteaders and Farmers SATURDAY, MAY 13, 1922: “Boost the Children’s Flour ‘und. Buy a Barrel.” = > | %, apaeitl, { + Markers And Cemetery Curbings. Casper Monument, Works 505 East Second St. Fy rt] a e ig bap > ¢° Bak NEW YORE, May 13. —J. P. Mor- Recent advices from Paris said that | he firm of Morgan and company had © accept membership on the finan: Which has EVER-BEARING STRAWBERRIES HORSE RADISH RHUBARB Now Ready for Immediate livery. » Phone 600 or Write {~ Wun. Mosteller ‘There have been numerous intima- tions payments to France. 1 Cates aiabtsal! “Boost the Children’s Flour ; wa Fund. i Box 1105, Casper, Wyod we Ls 1 aon bat ste en «al bu tal an Ai ATTENTION We are making special prices on CEDAR FENCE POSTS GLIDDEN BARBED WIRE Natrona Lumber Company. Phone 528 2 251 N. Beech Sti ge 4S I ee \ People Own Most of the Utilities Carl D. Jackson, chairman of the Wisconsin Railroad Commission, is quoted as saying: “The actual ownership of most public utili- ties is by the people themselves. The first liens on most public utilities are very often owned by trust companies, banks, and largely by insur- ance companies throughout the United States. : Nearly every man carries an insurance policy. The average citizen has a bank account, yet. not one citizen out of a hundred realizes that in one form or another his actual savings and insurance and his wife’s and children’s welfare depend upon the solvency and continued opera-. tion of public utilities. There is probably not « one man in fifty whom we meet on @he street who does not own a part of a public utility; ) | THE NICOLAYSEN LUMRER CO. eats unchanged to %c lower, and pro- ‘visions ranging from 15c decline to 97c advance. All else in the wheat market was subordinate to developments concern- ing the May delivery. With 30,000,000 ‘bushels of grain in store here, a rec- ord amount, and with a sharp differ-| ence of opinion existing us to the proper valus of whatever wheat might be avaflable for settlement of the cur- rent month's outstanding contracts here, board of trade directors decided to allow deliveries to be made from wheat standing in cars on railroad tracks, although the usual method for delivery is only from warehouses, from the cars was tendered instanter by traders who otherwise would per- haps have been in a dilemma to ful- fill their obligations. Opponents, how- ever, were found to be prepared and instead of prices breaking the market went skyward. On the other hand, later in the week, a’ downward tend- ency in values was apparent, owing largely to reports of more wheat be- ing wought to come here from the west, northwest and southwest, Excellent progress of field work tended to ease down quotations of corn and oats, company came into possession of 50 per cent interest in a tract of land em- bracing 40 acres on nection 18-39-79. ‘The interest is held jointly with the Blackstone Salt Creek company. The tract already supports one good pro- ducer known as well o. D 7. Important developments are being made in the northeast end of Salt ‘Creek where faults running from the heavy producing zone are sald to have backed up reservoirs that will support large producers when the wells are opened. One of these tracts at pres- ent is. being developed by The Five “WE PAY THE LOSS” Pelton & Hemry Insurance and Bonds Commission house selling weakened the lard market. Pork and ribe were higher with hogs ~ ‘Tribes Oll company where cevelop- iment has read?y reached « depth of 1,- ' 400 feet Everything in Building Material RIG TIMBERS A SPECIALTY FARM MACHINERY, WAGONS Office and Yard—First and Cenier Phone 62 whether he knows it or not. So the questio: Y relating to public utilities are not confined to. the consumers on one side and the public utili- : ties as such on the other, but the whole question is one involving financially nine-tenths of the entire population. Furthermore, public utilities ‘ should not only be solvent in themselves, bub — there should still remain a reasonable incentive i to reasonable development along the lines to be. demanded by future generations. Nothing” should take place in this country to discourage individual and collective efforts along progreds sive lines.” ' f=1} Natrona Power Co. Phone 69