Casper Daily Tribune Newspaper, May 22, 1922, Page 6

PAGE SIX WMAKET GOSSIP AND FELD NEWS THREE MONTANA TOWNS GET 6 HELENA, Mont., May 22.—The Northwest Public Util New York Stocks Associated Press Leased Wire Che Casper Daily Crbune SS! LAST SALES LOCAL “OLL STOCKS, ¢ - Bessemer 23 23 Allied Themical & Dye . 68% | Big Indian . 32 Allis Chal + 560%! Boston Wyoming el Americ + 44% | buck Creek . 2 Americin Can .... ~ & K 23 American Car & Foundry ...... 04 Anierican Hide & Leather pfa . : Am ‘ international Corp, 48% ties company, owned by interests in Joliet, Aurora and Ch plan + ts age A pes : / $535 cago, Illinois, and formed by Joliet men, will Pipe gas inte American 76% Glendive, Terry and Miles City, Montana, according to word 36% received in Helena. This company has interests in the) + cy ohas Baker-Glendive, Cedar Creek anticline, and has engineers | Americen Woolen 92% already at work on the project which [sent to Casper by F. E. Kistler, presi- ava Copper 55% officials of the campany have stated|dent of the conwern are embraced in| Atl Gait and a will furnish eastern Montana withithe following fields: Lyons, Phillips,| Baldwin Locomotive 11744 cheap fuel. According to information| Okmulgee, Youngstown, Holdenville, given out by officials of the cor-pany, $1,500,000 will be spent on the devel opment of the enterprise, which when finished, it is said, will have an earn- ing capacity of $3,000,000 a yedr. The company now has gas capped and ready to turn into the mains as soon and Okfushee. The Lyons ‘company was incorpor ated in December 1919 and many of its wells have been producing since that time and have steadily increased pro- ductoin by drilling and bringing in new wells. as the Jines can be laid and con-| py this deal the Producers and Re nected up, on which work will bel frers company materially in $2 rushed. The Northwest Public U phar <4 already substantial crude oil produc- ties company has seven directors, tion and oil reserves thus fortifying Schuyler Scholtenberger, of Joun V. itself to meet future crude requin> Farwell company, Chicago, ix presi-| ments for its refineries. dent, and S broker of “In my opinion this is the most Jolie is = ry. important acquisition in the history Ol geole who now are inspect-|o¢ the con.pany,” said Mr. Kistler. ing terrot the Baker-Glendive| special significence is attacked to the anticline for tt tussell com purchase on account of the impending Broadus | propability of an advance in crude oi) > examine | prices. The value and increased earn. land according °/ings of this acquisition should be re- word ri from Mi City-| nected in the market of Producers and The New Y anciers are s Refiners shares.” be contemplating investing $100.0 True to prediction the market assim- in Montana ofl development, and sre/ noted the news of the now purchase said to look with favor on the f and the stock rose steadity over five points to a Saturday close of $45 for common stock. on Yy expect ndive with a ef eastern Montana, Anna Belle to Resume. Anne. Belle-Wyoming Oii well} The com for the a rot scgneeet hich |Pany will resume operations on its| Dawson county, following which} Pony, will resume operations on ite they will transfer their operations | Sweetwater county during the comping the Powder River fie. ina|Week, three trucks Yoads of supplies expect to locate thelr first well there] Te claw having left Casper Sut-{ ata distance of only’ five miles north: | 200 8 at eee ne etter nat so | ahekdh saath nahi! land in| feet to #0 to finish the well was shut) ashlar? Acres OF Ot ane ed {down last night the Anna Belle com.! eee cutter, chiet geologist of | P&BY expects to complete the hole to-| the University cf Minnesota, has been] ¥2rds the last of June. in Garfield county rechecking the cat — Guat strocture, a eotlogical apcvey, oD Deer Creek Well in Sand. which he made some months ago for] ‘The Western States Oil and Land); the Garfield Dev: t comp: ompany well, Stewart No. 1, at Deer| It is understood t tal is re “reek, drilled into the sop of the sand to develop cture, but at pres {with more gas than oil. The gas ont there appears to be a divergence of | will be connected up xtith the pipeline Spinion among geologists as to the}and when this gas is exhausted the| feanibility of drilling in that locality.| well will be drilled deeper into the| ffen’s latest investment probably | sand. mine the matter. the Frantz corporati good showing of oil in d in the test well off Sec ‘New State Leases Awarded. John F. Lewis, Douglas, Wyo., all of 16-38. - most encouraging word| Mf, B. Stanton, Casper, Wyo., alll Winnett for some] of 36-29-68. a in Helena.| Marion N. Wheeler, Casper, Wyo., i tically the first}all of 16-34-78. time the d has been] Lee Simonsen, Thermopolis, Wyo.,| the Winnett oil field and] Ni: W% SE%: SW% of 36-44-98. | t such a showing is evident at enthusiasm through The Apollo Oll company, Salt Lake! City, Utah, all of 16-29-1 t 1 fields and at Winnett. Cas] W. C. Lawrence, Rawlins, Wyo., all} ing ni being set to bottom of hole|of 36-22-87. preparatory to drilling at an early Skinner, Jr., Casper, Wyo., all date. Oil men generally concede that]of 16-34-77. when the well is brought in it will be] Matthew Foreman, Detroit, Mich., zest producers in Mon-|NE\% of 14-22-61. | Titcomb, Laramie, Wyo. one of the bi tana. New developments which v William ¢ follow ope ons on this well, it isfall of 36-1 estimated, will increase the production ‘arl F, Shumaker, Casper, Wyo., all! ofthe field 50 per cent. of 36-38-78. The well of the Montana Pioneer in section 19-11-23, Wil 1 tributary to Roundup now is drilling in the red beds, geolog Hamilton Dome Opened. | The Denver office of the Western States Oil and Land company an- ically known the Kootenai forma- nounces the opening of the Hamilton tion, and depth is being made rapid-} home field where the company has 14 ly, according to word received from|cmpleted wells, the developed produc- Difficulties that have held Oil company low Creek fie the camp. tion being about 750 barrels per day. up progress at this well for. nearly.) with the opening of this field all year now have been overcome, and/the fields are now under production a completion is expected at an early] except Soap Creek. Arrangements for date. There is a chance for produc | onening this field are to be announced tion in two sands on the Kootenail s+ a later date which will (be penerated jwith the} Storage oil in big tanks at Hamil- next few hundred feet of drilling. How-]ton Dome is now being run to ever, if production is not found in|put refinery by the Midwest Refining these sand: which now is| company. in exce be carried down to test all the possible producing hori zons, At the well of the Roundup Oil and Gas company, in the Devil's Basin, a Livestock Mart string five-inch has been run and cemented, © well soon will be tested for production. Off OMAHA, Neb, May 22—(Unitea cials of the company are confident) States Bureau of Markets.)—Hogs— the well will good Pro-} Receipts 9,000; mostly 15c to 25c ducer, oil showing having been high-| ower; bulk, 180 to 240-pound butch- since the well was charge of nitro ng heavy ers $10.30@10.40; top $10.40; bulk 250 to 325-pound butchers, $10.15@10.30; packing grades, $9@10. Dritling crews have left Winnett] Cattle—Receipts 6,000; beef steers for the Cat Creek field en route to|steaay to 10 cents lower; top, $8.50: the camp of the 5 mpany, where|g#he stock and veals mostly steady i in a new t holdings. has been ried on well as the 56 has arranged to s well to offset the A new standard de erected and drilling wi with standard tools to expeditiously as possible The Mid-Northern Oil compa rigging up for its Centana No. in the Winnett field, and it is planned to follow immediately with Centa well No. 4.— Both these Jr bulls 10c to+25e lower; stockers and feeders unchanged. Sheep—Receipts 5,500; lambs strong to 25c higher; best wooled “lambs, $14.50; spring lambs, $14.25; early top clipped lambs, $12.25; sheep and feed- ers steady. Chicago Prices. CHICAGO, May 22.—(U. Markets)-—Cattle receipts $24,000; S. Bureau of on proven ground, and drilling willl market slow; few early sales beef be carried forward as rapidly as pos-} steers and bulls weak to 15 cents sible. lower; early top beef steers $8.90; bulk The Adams Oil & Gas company beef steers $7.75 @ $8.50. Better grades nanced by North Dakota and Minne-|ehe stack steady; others weak; veal sota interests, conteny testing | calves slow, bidding 25c lower; few out its acreage in section 813-30 in| choice handy weight vealers to out- the Winnett field. The company has! Jigers around $10.00; packers bidding bad geologists examine its holdiges.'rrom largely $9.00 down; stockers and the report scarce, dull. that the company expects sink @) Hogs receipts $62,000; market ac- deep test well to the } sands, tive; light 20c to 25c lower, other. 25¢ where is hoped to luction-!to 35 lower than Saturda average: It is expected op com- top $10.75; bulk $10.30 @ $10.75; pigs ¢ lower; mostly $9.50 @ $9.75. receipts $18,000; market © 26c higher; early sales good mence within the ne: sheep stead dry fi has acquired control of the! some high, troleum company, assuming jambs $14. t of its properties and com reorganizing the concern. The native ew. company owns and controls|jambs $14.50@14..75. s leases covering 33,000 acres 1 there are 72 producing js having a daily production of| 1 barr of oll, In addition the|ceipts any six wells drilling all|beef steers $6. its of established andjers, $4.00@ @$7.00: actice oil producing districts | $11.00; bulls $3.00@$5.00; stockers and P. & R. Controls Lyons. The Pro2ucers and Refiners corpora: ation Lyons and ¢ Denver Prices. Colo., May 2 has $8.50; cows and heif. calves $8.00@ a in Olfuskee, Okmulgee | feeders $6.00$7.50. McIntoch, and Musko-} Hogs receipts $1,700; market lower; top $1 bulk $9.85@$10.20. according to a report] Sheep rece noni market un _|erops, the same general law, which, if i shorn lambs $12.50 @ $12.75; ; medium California spring choice held at $15.25; three loads feeders $12.25; best handy 00; good native spring —Cattle re- ; market steady to strong; Baltimore and Ohio Bethlehem Si Canadian Central Leather [Chandler Motors ©. 1! | Chesapeake and Ohio Chics I Pacific B T. and Pac. Chino Copper . ° colorado Fuel and Iron ‘orn Prodicts ral jeneral neral Asphalt Electric is Central ... [Inspiration Copper | International Harveste: Int. Mer Marine pfd. . International Paper jInvincible Oil ... |Kelly Springtiea Kennecott Copper ... | Louisville and Nashville Mexican Petroleum |Miami Copper . | Middle States Ol |Midvale Steel ... Missour! Pacific New York Central .... |N ~ H. and Hartfor Norfolk and Western Sorthern Pacific ....... klahoma Prod. and Ref. POAMA Ops. kas |Pan American Petroleum |P Pure Oi Consolidated Copp: eee p. Iron and § Royal Dutch N. ¥ Sears Roebuck Sinclair Con Ov. Southern Pacific Southern RaHway dard Oil of United States, Steel Utah Copper ...... Westinghouse Electric Willys Overland American Zinc, Lead ani jutte and Superior ala. Petroleum Montana Power Shattuck Arizona a Sm! SS i Crude Market | Chappell Columbine Cow Gulch Romine sSlkborn BE. aT. Compass Frantz Gates Jupiter Coastal = Kinney Coastal Lance Creek Royalty Lusk Royalty . Preston .. 1% Northwest . 18 Mike Henry | 03 Mountain Producers .$ 16.57 Outwest Red Bank Five Tribes Pet. Co. Picardy . 04 Riverton hikeeeeee OL Royalty and Producers 13% ; Sunset 7 03 Tom Beil Royalty .... 04 Western Exploration . 280 Wind River Refg. .... 02 United Paste . oo WyoKans . . 1.10 Wyo-Tex . i 01 Western Of: Fields .. 63 Western States ‘ 40 Y ou 19 NEW YORK Curs CLOSING Mountain Producers .$ 16.37 $ 16.50 Merritt ...~. 13.98 15.00 Glenrock Oil. Sait Creek Prds. Salt Creek Con. Prod. and Refers. Marine Mutual . S. O. Indiana .. Cities Service Com 3%s .... First 4s Second 4s First 4% cond 4\s jThird 4%8 Fourth 4\s . Victory 4%s . Studebaker Corp ‘ jTennessce Copper. Grass reek ,.. $1.90 Texas and Padlfic’. Tance Greck : a) Tobacco Products .. Hamilton Dome rh |fInion Pacific ... Balt Creek «7 140 Tnited Retail Stores’. Big Muddy"... ro U. S. Ind. Alcohol alencraax os 13s United States Rubber aoe 2 ATHENS, May 22.—Slow improye- ment is noted in the condition of Prin- ‘cess Elizabeth, wife of Crown Prince George, who has a pleural abscess, and (OTOGKS UP ON N.Y. EXGHANGE Demand for Major Issues Ex- ceeds Offerings and Prices Climb. NEW YORK, May 22.—Buying of ‘seasoned issues in the tock market today again exceeded offerings, with extreme gains of one to three paints among rails, stels and motors. Sales approximated 1,500,000 shares. Call money's rise (o five per cent the final half hour had little adverse effect upon representative rails and industrials but oils and specialties yielded. The closing was irregular. NEW YORK, May 22.—Transactions during the morning were on a very large scale, foreshadowing one of the most active dayy of the year. Rumors of a deal, invo’ ‘ing Midvale and Re- public, accompanied the early rise of these stocks. Other steels moved un- evenly, crucible strengthening, while United States steel eased. Tho list showed temporary irregularity on of- ferings ¢: Mexican Petroleum and sev- eral of domestic ofls, and selling of rails, notably New Haven and the ‘eoalers. Before noon, however, the prices rose again under lead of junior rails, motors and ;.quipments. Exle Studebaker, America Care, Westing- house Electric and American and Lima |locomotives were especially strong. (Call money opened at 3% per cent des- pite last week's heavy loss of excess reserves. Little attention was paid to the stiffening of the call money rate, which touched 4 per cent in the early afternoon. Buying was large in stécks which ordinarily do not. sway the general course of the market. Amer- ican International Atlantic Gulf, Fa- mous Players, Allied Chemical, Com- puttng Tabulating Recording, Brook- lyn Union Gas, Delaware, Lackawan- na and Western and Delaware and Hudson were marked up 1 to 3 half points, Mexican petroleum was un- der pressure, losing a point, and Sin- clair Oil also fell back fractionally on profit taking. Silver. NEW YORK, May Foreign bar silver 73%; Mex'can dollars 56%. London Money. LONDON, May 22.—Rar silver d per ounce; money 1% per cent. Discount rates, short and three months bills 2% per cent. Foreign Bar Silver Up. ‘NEW YORK, May 22.—Foreign bar silver made a new high record for the year today, being quoted at 73% cents an ounce, or % cent over the previous high last week. The price followed that of a new high record in London, Great Northern Ore her physicians believe she is out where the metal was quoted today at 37% pence. The increase is believed to he due to the heavy: exports of the metal to of China and Ifidia to balance trade ac- Quotations Furnished Inquiries BOND SECURITIES Securities Corporation, Cheyenne, Wyo., counts in those countries. Metas. NEW YORK, May 22.—Copper firm electrolytic spot“and nearby 13%; lat- er 13% @13%c. Tin easier; spot and nearby 30.87@ by the John U. Fish Answered. SHORT COURSE IN BONDS—NO. 1 By John U. Fish. The following article, which will appear in serial form, will attempt to cover in a general way the more prom- inent phases of finance. It being the intention to give the reader a working knowledge of the facts and conditions governing the rise and fall of bond Pri¢es without becoming complex. There is in finance, as in manu- factured products and agricultural understood and properly applied, will give the investor, in a general way, the reasons for the movement in toney rates and the prico of invest- ment securities. It will also touch upon the various classes of securities and their subdivisions. It must be understood that it is not the intention 31.00; future 31.00. Iron steady; No. 1 northern 24.00@ 26.00; No. 2 northern 23.00@24.00 So. 2 southern 17.50@18.00. Lead steady; spot 5.50@5.85. Zinc steady; East St. Louis spot and nearby delivery 5.15@5.20. Antimony spot 5.37@5.50. STANDARD BONDS. Security Bia Anglo-Am. Oil, 7%4¢, 1925 103% Am. Sugar Ref., 6s, 1937 100% Am. T. and T., 68, 1924. 101% 99% 1925 ..... 102% 7%s, 1945 108 Bal. Gov. S. F., 8s, 1941 106% Balt. & Ohio., 6s, 1929.. 6e, --- Foreign Exchange, Irregular. --- NEW YORK, May 22.—Great Brit-! British, 515,199 . 10834 ain demand 4.44%; cable 4.45; sixty British, 5%s, 1937 - 102 day bills on banks 4.42%. Can. Pac., Ry., Deb. 78% France demand 9.01; cables 9.0114. Cc + 98% Italy demand 5.10%; cables 5.11. Can. Pac. reg. 6s, 1924.. 101% Belgium demand 8.30%; cables 8.31. to attempt to convey any rule of thumb as to movements in the market, ex- cept as are governed by general runda- mental laws. It is not presumed the prophesy and security which may be quoted as an example filustrating some particular feature of finance is not thereby guaranteed, but used sole- ly for illustrative purposes. On a comparison of price move- ments with which everyone is fa- |miliar, let us consider briefly reasons for the rise and decline in the price of wheat and potatoes. If there is a shortage of crop, it is a natural con- sequence that all can see that the price must of necessity rise, because there are more buyers than there is either wheat or potatoes, with the re- sult that there is competitive bidding, which, in itself, forces the prices up- |ward. On the other hand, if there is an over-production, there is more on hand than the consuming public can use, and the price consequently falls. Let us presunda for dxample that wheat is selling today at $1.25, and there appears in the American press reports of gigantic crop failures in Europe there immediately ensues heavy purchases by European buyers which would cause the price to rise above its previous level. Inversely, exactly the same thing takes place in| finance. During the period from 1917 until 1920, there was a continuous and un- precedented rise in wages, then, in the price of raw products, finished ar- ticles, transportation and other phases of commercial activity. During this period, interest rates, which were af- fected by. supply and demand se- cured the same as the price is affected, due to this commercial activity, rose to levels almost without parallel in his- tory. Honey could not be called scarce, but the number of bidders for the given quantity was so great that ntarest rales reached as high as 18% per cent on commercial pape: \from 7 to 14 per cent on bonds, and | jchanged, Wooled lambs $13.00; ewes $7.00 @ $8.50; spri - $12.00@ $13.7. $12.06@ lambs THE TEAPOT DOME OIL CONTRACT AS SEEN BY WYOMING OIL OPERATOR, IN THREE ARTICLES On May 5 there an eminent political partisan, serve oil development con state Republican organi: port the oil from Wyoming tn a crude be at some eastern refinery instead of its being refined) ut on” or more of the half dozen Wyo- ming refineries, The political asso- ciates of the gentleman who assumes responsibility for the defense of this contract not having made reply there- to, someone who has never “een iden- fled with ste politics may Se jus. tified in making answer. In the first place it is suggested that some of the criticism of the Tea- pot program may have political base. Let us hope s0. Nothing could pos- sibly divide the 170 schools of politi- cal thought today more clearly than attack and defense of the plans t secretly hand out a billion-dollar con- tract to develop public resources, and (as far as Wyoming state politics are concerned) to plan that development! pon a basis of shipping the oil out) of the state for refining and\ other; treatment. ‘The first part of this) Premise marks the differences be- tween those who believe in invisible government and rewards to the faith-| ful partisan from assets of the gen- eral public and those who do not be- Heve in such procedure; and the sec- ord division will separate those who believe that defense of a national party organization or prominent party official is of greater importance than the welfare of the people bf a single state. Whether you are Republican or Democrat has nothing to do with this matter, That Is a matter of po- litical pedigree. But whether you be- Neve in 4 square deal or just a deal, believe in the open road and open oor, or in the back stairs and a pri- vate entrance, believe in open bidding and open discussion of public con tracts, or in the infallibility of public servants in secretly selecting the best terms and most deserving reciptent of official recognition, are all matters which go to your real political prin-| ciples, and also determine whether you are for or against the Teapot contract, Whether you favor one or| the other of these ideas will, if you happen to hold public affice or to vol- unteer political advice, tell whether you are a politician or a mere parti-| san. Naval Reserve Leasing Laws. The defense of Teapot dome oil ex-’ ploitation begins with the assertion that the contract has the express au- thority of law for its making. That is admitted. Those who secretly se- eure government contracts worth mil- Mons always know before hand that there is “express authority of law” for the making of the contract. If the law Is deficient when plans are formulating, then the law necessary is created. In the instance case a public off and gas leasing law wis passed by congress on February 25, 1920. This law had its inception in 1914, and was put forward as a last resort by those who had made devel- opment of, oll upon government res- ervations, either originally in ignor- ance of the fact of withdrawal, or upon reliance of erroneous legal ad- vice as to what effect the law had upon existing but unperfected mining || claims, In addition to our many gen- eral withdrawals of areas for oil and gas, there existed three such with- drawals which President Taft had de- clared to be withdrawn for the spe- cific purpose of supplying the United States navy with oil. They were des- ignated naval reserves, two in Cali- fornia; and one in Wyoming known as the Teapot dome, being a good sized structure lying to the southeast of Salt Creek structure, and fap- arated from it by a low saddle or { j | j Chile, 8s, 1941 ..... = 105 i One or both of the Call-// z Germany demand 32. cables 32%. , |syncline. One f Conteh Cost Se) 1850 aes Holland demand $8.80; cables 38.85. (Continued on Page Seven) Conper Rxpt., 85, 1834 <5 103% 03, | Noeway; demand 19.25. Copper Expt., 8s, 1925 .. 103% 104%| Sweden demani oe i Locations Cub. Am. Sug., §s, 193i, 10434 105 | Denmark demand 21.30. Surveying and a rai Cuba R..R., 7%4c, 1936 . 102%4 104%] Switzerland demand 19.08. ~ |] Geologists Oil Experts Gubanictels 7 Am BEL: v ey Spain demand 15.88. Oil Field Maps, Blue Prints nechosovak, 8s, EN ~ Paes Dan. Con. Mun, ge, 1946 110% 111 | Breca Gomeng ‘ogg WYOMING MAP AND Del. & Hud., 5148, 1937 . 99% 995% aarnana 2. BLUE PRINT CO. Denmark, 63, 1943 ...... 98% 993 | CzedhoSlavakla demand 1.92. P. O. Box 325 Denmark, 8s, 1945 .... 110% 111 | Argentine demand 36.50. “10, Daly Bld; DuPont, ‘7348, 1931 1... 10734 Brazil demand 13.85. Room'10, Daly = Framerican, 748, 1942 .. 993% 99% | Montreal 99 1-16. French Gov., 8 1945 >. 10414 Grench Gov., 738s, 1941. 101% 101% Great Nor., 5348, 1952 .. 9934 99% Great Nor., 7s, 1936 1.109 109% Rock. Valley, 6s, 1924 11 100% 100 LaBelle Iron, 6%, 1940. 99 100 Jap Gov., 4s, 1931 .... 76% 77 Jap Gov., 1st., 448, 1925 90% 90% Jap. Gov., 2nd, 44s, 1925 89% 90 Missouri Pac., 6s, 1949.. 9915 99% ; 1947 9735 , 63s, 1936 105% 105% N. ¥. Cen., 5s, 2013... 95% 95% N. ¥. Edison, ‘6%s, 1941 109% 110% Jackard, 8s, "1931... 107% Pen R.'R., 6%s, 1936 109% Paris, L-M-R-R, ‘6s, 1958 82% 83% Queensland, 78,1941 ....110 111 Queensland, Gg, 1947°111 102% 102% Seine, 7s, 1942’ .......... 94 94% Sin Crude Oi, 5365, 4 9935 2 Solvay & Cie., 8s, 1927.. 105% 108 I Y P. Ik ah fesse’ te “S$ Now Is Your Time to Pic W. Bell el., 7s, 1925 102% 102% s Gov., 7s, 1940 .... 117% “118 Swiss Gov., 54s, 1929 .. 102%4 102% Uruguay, 8s, 1946 .. 108° 10834! Virginian Ry., 5s, 1962. 95 96 Whitaker Gless., 65, 1941 98% 99% Pac. Tel. & Tel., 5s, 1852 94 94% Un, Bag & Pap., 6s 1942 97% 9834 es on New York call money as high’ as 25 per cent. There is a law, in ad- dition to the law of supply and de- mand called the law of action and interest rates reached as high as @ certain point above normal, then, it must also ultimately drop to.a simi- lar degree below normal, or, the law as it is commonly called is the law of the pendulum. ‘Then, came the break in commodity prices which be- gan early in 1920 and there was a cessation of the heretofore expansion of credit. ‘There was a contraction, which began with the federal reserve banks and extended through finan- cial and banking circles, with the re- sult that there was a subsequent de- cine in wholesale, retail and labor prices. This in turn caused an ac- cumulation of funds, due to the con- sequent lack of activity in manufac- turing and export shipping centers, the Car 4 OUR SHOWROOM IS AT YOUR DISPOSAL OUR SALESMEN WILL GLADLY DEMONSTRATE THE EASE OF OPERATION AND ALSO EXPLAIN THE WONDERFUL RIDING QUALITIES OF THESE CARS By H. 1. SCHWARTZ. (First of Three Installments.) MONDAY, MAY 22, 1922. appeared in the daily newspapers in Wyoming, under the name of an article intended as a defense of the Teapot Naval Re- tract. The evident purpose of thi: article was to commit the ization to the support of this contract to drill Teapot and trans- WHEAT PRICES CLOSE LOWER Bullish Trend Develops With Liquidations on Chicago Market. CHICAGO, May 22.—Despite big re- ceipts of wheat here today, 585 car loads, and nothitwstanding deliveries of 385,000 bushels on May contracts the wheat market averaged a little higher in price during the early deal- ings. The upturn in quotations re- sulted from speculitive buying based on opinions that the market had be- come oversold. Demand, however, lacked volume. ‘The opening, which varied from %e decline to %c advance with May $1.36 and July $1.23% to $1.23% was followed by moderate gen- eral gains and then something of a re- action. Liquidating sales on the part of holders had a pronounced bearish ef- fect late, especially on the May de- livery. The finish, though, was un- settled at 2%c net decline to %c ad- vance with Maq $433% and July $1.23% to $1.23%. Commission houses that recently have been ,bulllsh were free sellers. setback. % to to 64%e. Corn and oats reflected the action of wheat. After opening \c off to %c advance, Julq 64% to 64%c the corn market hardened a Mttle all around. Oats started % to ‘jc lower, July 39 to 39%c and later rallied a trifle. Lower quotation on hogs weaken- ed the provision market, Closing Quotations. The close was nervous at “Mc net decline, July 64@64% Open. High Low. Close. WHEAT— May - - - 1.36 1.35% 1.32 1.33% July . - = 1.23% 1.24% 1.22 1.23% Sept. - . - 1.18% 1.19% 1.17% 1.19% cORN— May - = - 61% .61% 60% 61% duly - - - 64% 64% 63% .64 Sept. - - - 66% 66% .65% .66% OATS. May - - = .37% .37% .36%. .36% July - = - .30 89% 88 88% Sept. - - - 40% 40% .39% 40% PORK— May .- - 23.20 LARD— July . - - 11.37 11.40 11.37 11.37 ance but will save the surfa: value. manufacturers. lowing the simpl: They are Finish, A Paying Investment Refinish your automobile with Acme Quality Mo- tor Car Finish. It will not only improve the appear- the destructive effects of hard usage in all kinds of weather, lengthen its life and add many dollars to its ACME QUALITY MOTOR CAR FINISHES Are offered in popular colors as used by the leading le instructions a beautiful and lasting finish may be obtained with little expense. Call at our store and let us show you the beautiful results you can obtain with Acme Quality Motor Car ING AUTONOT EY TaN 10 raul Sept. . - . 11.60 11.70 11.60 11.65 RIBS— jauly --- 11.97 Sept. - 11.80 aoe Butter, Eggs, Poultry. -. -_ CHICAGO, May 22.—Butter higher; creamery extras 34%%c; first 31@33%c. seconds 28@29%t; standards 34%\c. Eggs unchanged; receipts 50,617 cases; firsts 24@24%c; ordinary first 22@22%c; miscellaneous 23D23%c; storage packed extras 26%c; storage lpacked first 26c. Poultry alive higher; fowls broilers 40@48c. roosters 15c. pint it arate Money. NEW YORK, May 22—Call money stronger; high 5; low 344; ruling rate 3%; closing bid 4%; offered at 5; lest Joan 5; call loans against acceptances 3. Time loans steady; 60 days 4@4%; six months 4%; prime mercantile paper 4% PAGKING HOUSE OFFICIAL TAKES ~ STANDIN TRIAL | | when the wheat market underwent a Trial of Governor Small in Fifth Week With Story of Bank Relations Continued. WAUKEGAN, Ills, May 22.—(By |The Associa¥¥d Press)—The trial of |Governor Len Small, charged with conspiracy to embezzlo state funds en- |tered into its fifth week today with W. W. Sherman, assistant treasurer of Swift and company, Chicago pack- ers, on the stand. Mr. Sherman, who was in the wit. ness chair at adjournment last Friday, transaetions between his company and the ‘Grant Park bank. The state al- jleges Governor Small, - Lieutenant Governor Ferd E. Sterling and Vernon Curtis, president of the Grant Park ‘bank, conspired to defraud the state jof interest on state funds loaned to |the. “big five” packers through the bank. ——~.. The word bungalow ts an Anslo- Indian version of a Hindu word, which primarily means Bengali, or of Bengal, and fs also applied to a thatched hut. ce and protect the car from easy to apply and by fol- (0 SE” Building Materials Weare equipped with the stock to supply your wants in high grade lumber and build- ers’ supplies. Rig timbers a specialty. KEITH LUMBER CO. Pho 2 ne 3 BELES 90000000 0000000000000000000000000000000 OCOD OOS jeontinued his Story of the financial