Casper Daily Tribune Newspaper, January 7, 1923, Page 22

PAGE EIGHT WYOMING’S LEADING OIL, BUS CINE SIXTH NATIONAL INCOME GOES FOR TAXES, BABSON SAYS Every Business Man Must Spend One Day a Week for Upkeep of Government, Federal, State and Local, Financial Authority States. WELLESLEY HILLS, Mass., Jan. 6.—How much of your productive time during 1922 was used in paying taxes? Roger Babson, the statistician, answered the question to- day in a statement that shows the equivalent of one day each week spent to meet the direct and indirect taxes that nation. state, county and city levy. “One hour and twénty minutes of; each business day—or one entire day & week—is dem oflied person in t maintain government “That is the i New York Stocks Allied Chemical & Dye Allis Chalmers 10% 48% 3B 805% 180% 6% B oe Capitol Pete 2 and West Indies - Taig | Cow Guicn ---.---.~ Baldwin Locomotive Baltimore and Ohio Bethlehem Steel “B' Canadian Pacific |Central Leather |Chandler Motors |Chesapeake and Ohio — Chicago, Mf and St. Paul |Chicago, R. I, and Pac. {Chino Copper Cocorado Fuel and & Iron . Corn Products — Crucible Steel tain number of potential labor hours represented in the individuals making of every able-|up any community. ted States to says Mr. Bab- on of @ recent one-sixth of our national income goes for taxes, federal, state and local. divides almost tional taxation and for state and The number of labor hours which {t takes to protect his property, make safe his home ad educate his children are just so much taken away from the possi-| bility of establishing that surplus of wealth upon which the community The amount between na- the expenditure | j)Famous Pleyers Lasky |General Asphalt -. |General Electrio |General Motors |Goodrich Co. Ee {called on for five daxs' work on the|Great Northern pfa -. “This habit of ‘getting the govern-| roads a year in lieu of taxes and when| {ilinois Centro} ment to do something about it’ is one/the ‘nightwatch’ was maintained by|Inspiration Copper _~ of the most costly and wasteful ideas | periodic service of the townsmen. How that we Americans have developed. It| would you lke to go out and patrol has grown upon us since the war. &@ police beat one day each week, year ‘We became acoustomed to things then{in and year out. that would not have had considera-| ike to take your turn as a member of tion before. Now we are exceeded by) the fire department one day in every one nation only, Great Britain, in our| six? This would be our lot if we paid ‘There the| our taxes in the old way today. “unemployment doles’ and other legis-| applying it to road work—nearly sixty stronger | days’ service on the roads would be labor vote have exceeded arything at-/ required instead of five. tempted here as yet. But this tend:| ency must be checked abrouptly “The truth of this situation was The) perfectly clear in the old days when question is not, therefore, one of any|every man in the community was particular party politics. International Int Mer Marine pfa. International Paper Invincible Oil Kelly Springfield Tire Kennecott Copper Lousiville and Nashville ~ |Mexican Ptroleum ~ (Miami Copper Middle States Midvale Steel -.. |Missourt Pacific -—-..- |New York Central —.. \N ¥. N. H. and Hartford Norfolk and Western -— Northern Pacific Oklahoma Prod and Ref. Or how would you cost of being governed. Yation put forward by “What wonder living costs are high if] when this toll comes out ahead of the ‘American business is to survive in the | prodyctive tapacity for benufit of the| faces over the| community. not tell the whole story. lection, particularly under our sys- tem of federal taxation, treble the amount actually received by Any move to restore S profit taxes or special classified on trade is bound to make the competition which it Mext five to ten years. “Because any one individual does not seo the tax collector, he thinks perhaps that he does not pay, but he does pay just the same. Taxation costs represent an item of everything that any one buys, con-| lev gumes, or uses in process of working | *!tuation worse. ‘up to a finished product. burden is inevitable. MANY FAGTORS DEPRESS GRIN The actual taxation does Costs of col- Pan American Petroleum | Pennsylvania |Peoples Gas the government. Ray Consolidated Copper “We should be able to make the There are a cer-| People understand that fads and frills It is all right to be | Progressive in our ideas but it ts not aways true that ‘progressive’ legisla- ms an improvemént over the of tending to our business at The country was swept by the for ‘more business in governmen government in busines: t as yet succeeded in edging government very far toward the door of the bustess office. toward remedying the con: | tyiion dition of burdensome taxation which| trite now hampers business would be to let| everybody know wl Rep. Iron and Steel ‘Royal Dutch N. Y. |Sears Roebuck {Sinclair Con. ON - Southern Pacific all cost money, Standard Ol! of Studebaker Corporation | Transcontinental CHICAGO, Jan, 6.—With most com- mission houses having orders to sell nd the demand being confined to ing taxes and how small speculators, wheat swung do ward this morning. fng bearish factcrs parative smallness of export busines S. Ind. Alcohol --. hen they are pay-| {nite States Rubber - States Steel - Among the lead- 38 Westinghouse Hlectric - Willys Overland i can Zinc Lead and Sm. -16% B Butte and Superior - BAS SHOULDBE SEQ WISELY WASHINGTON, D. C., Jan. nation's supply of that {deal fuel, na-| tural gas, is distinctly limited, and it} highly essential learn the efficient _complaints of 1 for winter wheat had some effect on sustaining prices of the May and July Opening quotations which ranged from %c decline to a like ad- vance, with May 1.18% to 1.18%, and , Were foliowed by a set ack all around to well below yester- Montana Power Shattuck Arizona Chicago Northewestern -.. Great Nortuern Ore Consolidated Gas American Linseed Otl Maxwell Motors B -. Assertions that country offerings of| |users of gas can benefit | cause a collective effort waste will improve the quality of the service during cold weather, when na | tural-gas systems are working. at full In addition, prevention of waste will help to postpone the deple. tion of gas fields, thereby delaying the rising cost of supplying natural gas and lengthening the time that if will be available. ‘The responsibility for the’ efficient use of gas Mes primarily with the | consumers, make of gas is beyond the contro! of the gas companies. companies should always be ready to assist thelr customers in preventing waste of gas. For this purpose many of them maintain. service depart: ments, with trained employees whos Guty is to advise and assist the custo: Consumers of should therefore i panies to show them how Ereater benefit from the gas they ded to rally the market u iuminating in order that the exhaus- tion of this groat national asset be delayed as long as possible, declares the Federal Bureau of though there has been an energetic | search for of] and gas throughout the United States, fields are confined to a few states, and only about 11,000 square miles, or | less than one-half of 1 per cent of the| |country’s area has produced natural gas, according to R. A. Cattell, na- tural gas engineer, who has just com-| pleted a general study of gas conser. There are without doubt oth- er g4s fields yet to be discovered, but geologic studies and prospecting ind!- cate that only a small-part of the United States will ever produce na- » ¥o to lo net to $1.18 and $1.10% to $1.10%, Corn and oats fell with wheat. After opening %40 off to %o up, May 71 to the corn market underwent a| decided general sag. evidence that other| Ss were outbidding Chicago for corn shipments led to something of a recovery in prices here. was steady at %c to Yo net decline, Oats started unchanged to to high- ‘er, May 44% to 44%, and later showed losses on all the active months. ) Provisions were firmer, the course of hog values. comers natural gas ik thelr gas com- Those who can be served with na- | tural gas are fortunate, as this clean and convenient fuel is available only . 2) within Imited areas and will eventu- ‘ally be exhausted. To make the most 2) of natural gas while it lasts, the Bu- |reeau of Mines advises consumers to avold wasting it through leakage or economy will $o. 1 northern 1.26%. 2 mixed 70% 9701 The results of the investigations of eee: A the Bureau white 42% @43% ‘Natural-gas * which is ob- manual for the home, tainable from the superintendent of gas/ documents, Washington, D. C,, at a Moreover,! price of 10 cents per copy. ... GRAIN PRICES FOR WEEK SHOW DECLINE ON FOREIGN EVENTS too, on breaa- seed 6.0004. : | benefit consumers, er seed 16,50@20.25 Relative steadiness, stuff prices at Liverpool tended fur- ther to induce the bellef in some quar- ters here that there had been declines enough, and as the week drew to an end considerabl notice was also taken of gossip that flour in evidence morning at the opening, |to the breaking up of | tions conference this morning showed declines of from to 3% cents in comparison with a 41.02| week ago, oats held about even and 11.32/ corn ranged from % to % cents low- Gains of from 2 cents to 40 cents 10.75| were made in provisions: Before hope faded that the Paris conference would solve the tions problem, confidence of holders had been disturbed by big by knowledge the new crop in Argentina was beginning to move, as well as by evi-| Canada was competing! a substantial crease to the United States’ visible had tn the volume of corn receipts helped to prevent corn and oats from following to any’ great ex- tent the decline of the wheat marke! the value of hogs strengthened the provision market. UNDERREAMERS <REAMERS vy arrivals of wheat at primary} quadruple t gs amounts a’ year ago. | Purchasing of wheat to be shipped from ports on the Gulf of Mexico and indications that « rye has also been bought for export | to moderate rallies, the wheat market at times, AT ‘YOUR UPPLY STOR AT YOUR SUPPLY led, however, ESS AND : === EDITED BY L C. BAILEY Oil Securities Furnished by Taylor and Cisy. 4; | Consolidated Domino |Etkhorn .. B. T. Wil |Kinney Coastal _---- Compass ....._...... Erants -....- 2 6.25 Frou ps. NEW YORK CURE CLOSING Bid ask LIBERTY BONDS. Victory 4%s Crude Market Hamiltone -. Cat Creek - Mule Creek -. 95 Big Muddy 1.05 Salt Creek 1.05 Rock Creek 1.50 Osage ----- 1,50 Lance Creek 1.50 Grass Creek 1,50 Torchlight 1.50 Sunburst, -. 70 Elk Basin 1.60 Greybull 1.50 Lander 1.05 a aaa Live Stock Chicago Prices. CHICAGO, Jan. 6.—{U. 8. Depart: Agriculture.) — Hogs—Re- 3; active, 0 to 190 pound averages $5.80@8.90; top $9.00; hulk 285 to 300 pound butchers $8,55@ | 8.60; bulk 210 to 225 pound butchers $8.70@8.75; packing sows mostly $7.60 @8.00; desirable pigs around $8.25@ 00; bulk! heavy medium ight! sows ment of celpts 9,000; held over 8, 10 to 1be higher; bulk 8.65; estimated hold over of sales $8.40@8.65; top $ weight hogs $8.50@S8.65; ; Meht $8.70@9.09; packing lights smooth — $7.80@8.25; 8.65. Cattle — Receipts with, week ago 1,000; beef steers and feeders largely 25c higher; grades calves mostly 50c lower; weel and feeders $6.00@7.00; butcher Sheep— Receipts 3,000; market steady; compared with week ago, fat lambs weak to 150. lower; fed year: Ungs 25¢ higher fat lamb top $15.85 paid by particularly in New York city. Federal reserve district. District No. Mountain ProCucers -$ 17.50 $17.15 Merritt Ra - 9.00 9.25 Glenrock - 1.00 1.12 Salt Cresk Prds, -.-. 21.37 21.50 Salt Creek Cons, — 11.50 12.00 Prod. and Refrs - 10.00 16,00 Marine new * - 6.00 6.00 Mutual - 12.75 12.87 8. O. Indiana = 61.25 61.75 Cities Service Com. - 173.00 177.00 Fensland | — 186.50 17.00 Mammoth Oil - 49.75 60.00 New York Oil 16.00 18.00 Atchison, Bartlesville, Okla. Casper, Wyo. — Cheyenne. Colorado Springs, Colo. Denver. Enid, Okla. — Fremont. Grand Island, Neb, Grand Junction, Colo. Guthrie, Okla. Kansas City, Kan. -.... Kansas City. Mo. Lawrence, Kan, McAlester, Muskogee, Oklahoma Cty, Okla. Okmulgee, Omaha, Neb. Parsons, ‘Kan. Pittsburgh, Kan. Pueblo, Colo, St. Joseph, Mo. Topeka, Kan. °.. packing sows rough $7.50@7.90; killing pigs $3.26@ No. 1 Baker, ning 8%-in. casing at 1835 feet compared) No, 3 Baker largely, 26@7the higher; spots $1 up; medium! and good grades showing most ad- vance; extreme top matured steers) $11.50; best yearlings $11.40; stockers; ° stock largely steady to strong; better light beef heifers 25@b50c higher; bu:ls weak to 25c lower; veal bull prices beet steers $8.00@9.75; stockers © tock $4.50@6.75; canners and cutters $3,00@3.65; veal calves $10.25@11.00. included. . 2, New York.. 4, Cleveland.. 12, San Francisco Total . In the tenth district reporting to Kansas City, Casper slipped to twelefth position from its place at tenth the previous week, being passed by Pueblo. Colorado and Hutchinson, Kansas, in the amount of business handled. The following table shows the amount of business handled by the various centers reporting In this district: Debits to Individual Accounts by Banks in Reporting Centers. 10— Kansas City Kan. Wyo. Colo. Neb. Hutchinson, Kan. Independence, Kan. -.--.. Joplin, Mo. Okla. — Okla. - Okla. — (BG HOLIDAY BUSINESS SHOWN BY FEDERAL RESERVE BANK REPORT Bank debits for the week ending December 20 $1.560,000,000 more than for the preceding week. This large increase reflects the greater volume! of the holiday trade all over the country, the large amount of tax collections, also the increased activity of the stock market. all the more Important centers, except Pittsb 2 New York clty ahh ta a he ow ir oe of $1,049,000,000, or over two-thirde of gies 8 fh Wee! , As compared with the corresponding week !n 1921 bank debits for the CATES Dimtives, a8 Somipeces Win taat Weer are ‘ger figures as compared with last year are repoted ior ail larger. = ters, except Baltimore and San Fanciaco, oh amen ag) Debits to individual accounts were reported to the federal reserve board for banks in 250 centers, of which 164 are included in the summary by fed: eral reserve districts, e Debits to Individual Acoounts by Banks in Reporting Centers. Summary of Federal Reserve Districts. Number of centers totaled $10,070.000.000, or the total increase for the for all tho targer cen- Week ending Dec. 20, 1922. Dec. 13, 1922. (In thousands of dollars) 547,704 462,025, 5,399,532 4,323,341 472,009 431,228 562,702 577,745 240,470 218,381 289,445 1,111,107 296,204 260,186 149.616 639,252 10,069,537 509,456 ‘Week ending Dec, 20, 1922 Dec. 13, 1922 (In thousands of dollars) 1,581 2.244 3,630 2146 3,007 36.599 2,754 762 1,300 679 79a ‘3.776 1,748 3,207 3.817 70,750 994 896 6,848 16,432 2.142 48,126 785 1.501 3,151 15,418 Tulsa, Oxla. i tid Wichita, Kan. ay!ae0 MARKET GOSSIP AND FIELD NEWS OHIO DEVELOPS GAS AT KEVIN The Ohio Oil Kevin-Sunbarst. section 4-35-2w; run- ction 4-35-2w; rig up. No. 1 Thornton, section 18-35-2w; rigged. No. 1. Holloway, section 34-36-2w; fishing for second string. No. 1 Stevenson, section 3-35-2w; shut down, No. 1 Kaskin, section 25-36-2w; rig | up. No.; 1). Emmert, section 15-35-2w drilling at 110 feet. No, 1 Sanby, section 13-34-2w; drill- ing at, 375 feet. Salt Creek. No. 2 Tract K, section 20-89-71 Grilling at 2245 feet. No, 2 Tract ET, section 20-39. sheep about steady; set 10-in. casing at 2100 feet. is Lance Creel feeders strong to 10c higher; we) i clty* ik No. 3 Comverse, section 82-36- butchers; closing top $15.25; bulk fat rigged. wooled lambs $14.50@15.00; desirable fed clipped kind $12.50@13.00; cho! fed yearlings up to $13.00; heavy fa: ewes $6.00@7.00; choice handy weights quotable at $8.75. Omaha Quotations. OMAHA, WNeb., Jan. Hogs—Receipts 550; active, mixed grades; top $8.45. Cattle—Receipts 225; compared with week ago: Beef steers, sho cutters | $2.50@3.76; 500 higher; top $11. Sheep—Receipts none; with week ago: Medium’ and lambs fully 25 yearlings stead: feeders steady. Butter and Eggs CHICAGO, Jan. ¢.—Butter higher: | creamery extras 61; standards 49; ex ara firsts 48@50; firsts 45@46% | onds 43@4415 Eggs lower; recelpta 4,375 cases | firsts 42; ordinary firets 36@38, 6.—(United States Department of Agriculture!)}— mostly 16c higher; spots 26¢ up on heavy bulle packing grades $7.40@7.75; bulk butchers $8.30@8.40; stock, bulls, stockers and foeders 15@ 260 higher; bulk ted steors $7.25@8.75; week's top $10; cows and heifers 4@| 6; bologna bulls $8@4; canners an’) 99; shut down at 1447 feet. veal calves 25@ compared light higher; ‘heavies and sheep 25@500 lower:! sec) that the trip was made for the pu | pone ; }local No. 4 Lamb, section 5-35-65; rig up. Rock River. No. 2 university, section 26-20-78; Grilling at 3564. No. 7 Dixon, section 94-20-78; drill- ing at 4010 feet. No, 8 Stateland, section 34-20-' Grilling ‘at 8087 feet. No. 2 Trapshooter, section 34-25-78; fishing at 3060 feet. No. 1 Harrioon-Casper, section 3-1% 78; met 10-In. casing at 2560 feet. (o. 7 Harrison-Cooper, section 2-19- 78; cemented 626 feet. Wildcats. Basin No. | 8-51-100; rigged. fi Mercer Dome, No. 1 section 33-51. 95; drilling at 650 feet. Hidden Dome, No. 1 section 81-48: Hidden Dome No. 2 section 31-48-90;' Miscellaneous --.-. reaming at 1440 feet. Sinclair Offictals Leave. After spending several days in this city and in the Teapot Dome, the party composed of John R. Manton,) pres‘dent, and Frank Hadley, chief en: gineer of the Binclair Pipeline com- pany; H. L. Phillips, president, and, E. P. Marlow, vice-president of the Sinclair Crude Oi] Purchasing com-) |pany, left on Saturday‘s Burlington | train for headquarters Tulse Manion stated Before leaving, Mr. becoming acquainted wit! and. for ot conditions 5;| over the 1 nw section company has drilled its Berg No. 2, section 6-32- 1W in the Kevin-Sunburst field, 10 feet deeper and is now at a total depth of 1,408 feet where it is making 2,000,000 feet of gas. The boiler has been moved back and unless a greater output is de- be since the hole will be continued with the expectation of striking mooie la tbe status of other op: erations of thé company in this terri. tory: tory in which the companies would soon be operating. 1 A great deal of preliminary work has been accomplished and the survey for the line is nearing completion, but it was stated by Mr. Manion that ar- rangements for starting actual con- struction had not yet been. completed and that he could not say when this would be started although he expected that {t would be some time early in the spring. When asked what the cost of the pipe Une ‘would be which will extend from Teapot to a point near Kansas City, Mr. Manion stated that !t had been estimated at approximately $20,- 000,000; but due to the fact that the material had not yet been this figure was subject to revision. Pipe Line Tuns. Pipe line runs for the week ended December 30 in Wyoming and Mom tana showed a substantial increase jous seven day period, practically all of which was accounted for by a gain from the Salt Creek field. The following table shows the aver- age ‘daily crude runs from ali flelds for the weeks ended December 30 and December 23: Pilot Butte Lander .. Rock River .. Grass. Creek Hamilton Dome --.- Mk Basin 7,955 Cat Creek —. 6,515 Osage - 490 Greybull, etc. ---+---- 170 Ferris - Sunburst ‘Total itive January 6. becoming | familiar with the fleld and the terri! and production, that earnings for the Crude Price Reduced. Standard Oil of California has re- duced offered price for crude oil effec. ‘There is no change in base price of 60c a barrel for 14 to 19 degrees gravity. Reduction ranges up to 60c # barrel on higher grades. Better Prices Expected. Stating that Willys-Overland in the last half of 1922 developed a healthy in sales and production, that joped a healthy tner Dom. of Can., 5%% notes, 1920 _.. French Republic 74s. - French Republic, 748 - Kingdom ‘of Bé:gium, 7%s --------. Kingdom of Be! . Mil and St. Paul cv., 44s Gootyear Tire 8s, 1931 Goodyear Tire &s, 1941 Grand Trunk Ry of Can., 7s - Grand Trunk Ry. of Can., 6 Great Northern 7s A Great Northern’ 6 Mo. aKn, & Texas, new adj Missouri Pacific gen., 4s - Montana Power 5s A . New York Central de! Northern Pacific pr. lien 4s Oregon Short Line ref. 48 — Pacific Gas and Electric, 6s — Penen R: R. Gen 68 Reading General is Standard Ol of Cal., dei Union Pacific first 4s - U, 8. Rubber, 7 U. 8. Rubber, bs — Utah’ Power and Li Western Union, 6% Westinghouse tectri 102 101% 97 10743 NEW YORK, Jan. 6.—Upon receipt of the’news that the reparations con- ference at Paris had broken up, be- fore reaching an agreement. Bond, stock foreign exchange, wheat and eotton markets took a sharp reces- sion but this was followed by a re- covery later. Despite the heavy speculative sell- ing which the unfavorable foreign news had caused, stock prices gen- rally closed last night at levels well above those of a week ago. Bond prices were more sluggish, probably) | Appleton Mills of Lowell SHARP REACTIONS MARK STOCK TRADING DURING WEEK, REPORT that it has fallen below the 100,000 car, mark, Considerable interest was aroused by the reported movement of New England cotton mill interests to the southern states because of the adyan- tages in hours of work allowed by law in the south, the lower wago scales and exemptions. Actual trans- fer of a part of thelr plants or equip- ment has been announced by the an dtho Jenckes Spinning company of Paw- tucket, although the movement gen- Because mostiof the new buying power| erally is confined to the extension of was diverted to the large amount of, new capital fesues during the week, most of which were over-subsoribed. Foreign bonds yielded comparative- ly slightly to selling pressure, the financial’ community generally ap- parently being of a hopeful frame of mind ‘concerning the eventual satis. factory solution of Europe's economic problems. Montague C. Norman, gov- ernor of the Bank of England who arrived here this week as a member, of the British debt mission, expressed the belief that America’s participation in the settlement of European eco- nomic problems was near. German marks circulation of which has now passed the trillion mark, dropped to 1,15 cents a hundred, a new low record for all tl the French francs dropped to 6. the lowest price in more than two months, following the premiers’ meeting, but both made good recovery later. De- mand sterling held steady around 4.64%." : The iron and steel industry started the new year with increased produc: tion, an expansion of demand on the Dart’ of new consumers, a. striking contrast to the pessimistic outlook at/ reparations. this time last year. Improvement in the copper industry was reflected in the stabilization of prices on a 14%c basis and the announcement that the last of the secured notes of the Copper Export assocation probably would be! paid off this year. ‘The outlook in the automobile and tre industries for the coming year is reported as unusually good, Freight traffic continues @ com: paratively high e and most of the railroads have written off the bulk of the losses sustained in the miners and shopmen’s strikes Jast year. The American Railway association report- ed that the freight car shortage on December 23 was 99,908 cars, a de- crease of 5,110 from the week before, and the first time since September 15 last half of 1922 are equal to best Previous -records, reliable Wall. street interests are expecting better prices in anticipation of the company's emerging fromthe “‘woods.* Amendment Urged. Secretary Mellon is again urging the adoption of a . constitutional amendment prohibiting the issuance of tax exempt securities. Car Loadings Increase. Car loadings for the week ended December 23 totalled 834,591 cars, an increase of 167,086 over the same week in 1921 and 186,185 over the game period in 1920. Bo Dismissal Refused. The Federal court at Chicago re fuses to dismiss the injunction re. straining railroad employes from in terfering with the operation of rat) réads. Stocks Make Gain. ‘The average price of twenty active ‘udustrial stock traded in on the New “ork ‘stock exchange on Friday was 93.88, a net gain of .31. Phe average 110,780 vrice of twenty active railroad stocks ‘Treaty Made. PARIS, Jan. 6.—Turkey and France have negotiated a separate peace treaty which will besmade public and signed ‘at once {ff the near east peace conference at Lausanne collapses, it was learned this afternoon. Special Meeting Called. A special meeting of the stockhold. ers of the Anria Bell Wyoming O11 company has been called for Monday night at 7:830 at the court house. ‘This meeting is said to be of particu Jar importance and all members of the assoclation are requested to be present. { branches that have their principal plants in New England. Evidence of easier money conditions was seen this week in the lowerlng of the call money rate to 3% per cent and the * transaction of time loans on a 4% Der cent basis for 45 day loans and 4% per cent for the longer maturities, STOGK TRADING IS IRREGULAR NEW YORK, Jan. 6.—Another at- tack by the bears today forced a ma- terial downward movement in several of the industrial shures. Less vizor- ous support was offered this morning by the professional interests with more attention apparently being paid to consequences made possible by a disagreement of the British and French interests over the German Nash Motors broke 10 points and losses of 2 to 3 points Were sustained by Studebaker, Bald- win, Consolidated Gas, Willys-Over- land preferred, Chandler,- Gulf States Steel, Standar! O11 of Callfornia, American Can and National Enamel- ing. The closing was heavy. Sales approximated 550,000 shares. NEW YORK, Jan. 6.—With selling Pressure effective at the opening td- day, especially in the oils, Pan-Amer lean “A” dropped a point and fraé- tional recessions took place in the “B" jssue and also in Royal Dutch and California Petroleum. Upon the news of the declaration of an initial quarterly dividend of $1 a share ‘Pro- ducers & Reflners advanced a pcint. Independent steel shares moved against the downward trend, Bethlée- hem “B" rising a point and Crucible, Gulf States and Replogle each advanc- ing ¥%. There were a few strong spots. notably Atlantic Refining up 3, and Delaware and Hudson up J, but the general list was inclined to weakness. Pacific Gas and Electric and Unitod States Realty each dropped 1% points and All’ed Chemical, Texas and Pa: cific and United Drug each ylelded a point, while substantial fractional re- cessions took place in Marine pre- ferred, Baldwin, Southern Rallway preferred and American Locomotive. Foreign exchanges opened easter. AT SACRIFICE Wyoming producing oil property. Fully equipped, including pipe line to rail. road. All wells on patent- ed land. Plenty acreage for development. GEORGE W. DANLEY 410 McIntyre Bldg. Salt Laks City, Ut