Casper Daily Tribune Newspaper, February 1, 1923, Page 8

Oil STOGK TRADING fo TAREGULAR Motor. Shares Sold Heavily, | Minor Oils Gain Ground in Late Sales. NEW YORK, Feb. 1.—Standard rallroad and industrial shares moved within narrow and !rregular limits in today’s stock market took place during the early the session in response to newed heaviness the con nd thi part the re- of nental ss ©: points, C! 5 IUinots preferred ad 11% points and gains of 1 to 1% points were recorded by Phillips Petroleum, Royal Dutch and Famous Players. Chandler Motors also mace partial recovery from its heaviness of yesterday. Fore!fgn exchanges opened irregular. Demand sterling ad vanced % of a cent, to $4 French francs dropped six points to $5.94 cents and Belgian francs drop ped 10 points to 5.11 cents. erman marks were quoted at .0025 cents. Sem!demoralization of the Durant Motor securities both on the “big board” and the curb induced short selling of the motor group generally. This was supplemented by pressure against equipments, chemicals, and a number of pecialties, ome of the liqui. dation representing the touching off of “stop loss” orders. Fisher Body extended its loss to 10 points, and Durant Motors of Delaware broke @bout 4 on the curb. Chandler drop: ped 2%; Stromberg Carburetor 2; Continental Motors 1%, and Stude- Baker 1. Railroad shares generally were quiet but market heaviness w: apparent in a few investment issues, notably Louisville and Nashville, off 2% points, A higher renewal rato for call money which opened at 4% per cent and renewed heaviness of the Sontinental exchange also ifluenced Bear ssetiment. Pressure relaxed toward midday, Baldwin, Amer Bmelting and Chandler rallying Zipoints while strength developed ir Gémeral Electric, Pan-American and American Can. Trading slackened Déreeptibly when the higher levels reached. “Barly afternoon dealings were un- ‘iBually quiet, with fluctuations in the most active shares narrow except vor Baldwin which dipped to 129% Ghd then rallied to 130%. Shippings 424 some of the other minor olls and fod tasues tmproved but the tobaccos and low priced steels lost ground. Genera! Electric extende! its rise to 3% points and Chicago and Hastern Dlinols, Beechnut Packing, Corn Pro- ducts, Cuba Can Sugar preferred and Punta Alegre Sugar advanced 1 to 2 points, United Retail Stores, Amert- can Sumatra Tobacco and Iron Pro- ducts yielded two to two and a half points. ‘The closing was steady; further re- covery by standard industrials and a ecéntinuation of the demand for food shares took place fn the late dealings. Moon Motors was heavily absorbed ope block of 12,200 shares changing hands at 19 after which the stock ad. vanced to 1 up 14 METALS NEW YORK, Feb. 1—Copper firm; electrolytic spot and futures 15@15 %c. Tin firmer; spot and’nearby $40.01@ 40,12; futures $39. Iron steady; p: unchanged. Lead steady; spot $5.00@8.25. Zinc steady; East St. Louis spot and nearby delivery $7.10. Antimony spot $7 NEW YORK, Feb. steady; approx The mark with list p $420 for fine gran ry was rer THREE ARRESTED FOR ILLEGAL POSSESSION OF | ee IN LATE al ns and 1.—Sugar closed te sales 43,000 tons. refined was firmer from $6.50 to on the Sar yoste: illegal pi were ap retu supply in th: their posses deputies who gallons of rn The ra Brought the total month of Ja pice to T5. A Finance - Some selling | of | WHEAT PRICES ARE OTRONGER Farm Credit Legislation Bol- steting Facor in Grain Market. CHICAGO, Feb. 1.—Prospects that the Lenroot farm credit bill would | pass the senate tomorrow led to a derate advance in wheat prices to. notwithstantg that the market | irst showed weakness. The close was unsettled, % to 1% net higher, May 1.17% to 1.18, and July 1.124. AGO, 1.—With greatly od ed CHIC, Feb. T hipments Price today | Downturns erpool quotations put an addi- handicap the bull side of| Ket, and so too did rains Sr the domestic winter wheat belt. On cks in pric ywaver, offer- dwindled, and a rally ensued. which ranged from 3 with May $1.16% 1 July $1.11%, was follo rv drop and then oy the samo as| der new 4 juring the early dealings. I tlor ings The opening KC : above ‘day's finish. ubsequently, buying » market scored an op! of the mroot bill could be discounted through an ad vance in price for all grain. Corn and oats were caster with wheat and as a result of rains in Argentina, After opening %c to %c lower, May 72% to 73c, the corn mar- ket reacted somewhat. Later the corn market went up when wheat developed strength. It was said also that Argentine rains had been insufficient. The close was firm, % to % to % nea higher, May 73% @73% to 73% Oats started %e to %e to Ko off, May 44e and later showed slight gains. Provisions hog values. increased and reflected weakness of Wheat— Open -1.16% July 1a Sept. 1.09% Corn— May Tuly Low 1.16% 1.11% 1.09 High % % 11.47 10.90 10.90 Cash Grain. CHICAGO, Feb. 1.—Wheat vard § Corn 2 yellow 7 : white 43% @44%c; No. 3 white 43@, 43%c. Rye, No. 2, 87c. Barley, 68@ 6c. Timothy seed $6@6.50. Clover seed $13.50@20.50. Pork nominal. Lard $11.17, Ribs $10.50@11.50. No. 2 POTATOES CHICAGO, Feb. 1.—Potatoes dull; receipts 62 cars; total United States shipments 602; Wisconsin sacked round whites 76@85c cwt.; few best at 90c cwt.; Dusties bulk 90@95c cwt.; Idaho sacked Russets branded $1.45 ewt.; Michigan bulls round whites 75@80c cwt. PAYLOAD TO BE MMOTH BOON (Continued from Page One) many industries that have not been developed owing to poor trans- portation facilities. I would lke very much to see jt built.” Cc. V. NORRIS, Norris Market— “Railroads are what we need. Every business man who has been hero for any length of times knows that they are big assets to the com- munity. The north and south rail- road {s ono of the things we have been waiting for. It is something that every man who fs interested tn Casper should get behind and work for.” RAY J. COOK, Casper Pharmacy— “Tt will make Casper the head- quarters for salesmen. This means that their families will move here. It will help regulate freight rates If we can get freights so that we can handle them, will be able to make this the Jobbing center of yorning. The northern part of the state will order from Casper in Bu for are n than Mor mean increased popu aper Iiving in Casp ull sorta of possibilities MEISTER, Casper we eference to we the er transportation thus 41 will mean the lowering of prices on articles which we get from northern or southern points. My business will be most effected {n this regard by the price of four which we obtain di- ct from Sheridar - Flax Seed. Feb. need. February, 54% bid: obtalr 8 own eal estate, owners of wnsite. Kepresentatives wanted. Call or write us. Teapot 1-—Closing | May, |cables 4.66%; sixty-day bills on banks Development Co., 218 Midwest Bldg., | Casper, Wro. 1-8+tf| silver 64%; Mexican dollars 49%. Bonds - New York Stocks Associated Prose Leased Wire, Allied Chemical & Dye Allis Chalmers American Beet Sugar -. American Can American Car & Foundry - American Hide & Leather pfd. American International Corp — American Locomotive American Smelting & Refg. American Sugar American Sumatra Tobacco - American T. and T. American Tobacco American Woolen Anaconda Copper Atchison Atl, Gulf and West Incies —. Baldwin Locomotive -. Raltimore and Ohio Rethlehem Steel “B" — Pacifte eneral Leather Chandler Motors Chesapeake and Ohio and 8t. Pa . I. and Pac. > Copper Colorade Fuel and Iron - Corn Products ~ Crucible Steel Erie 73 46 35 BY 81% 178 67% pets, 18) layers Asphalt Blectr General Motor: Goodrich Co. Northern i Central Inspiration Copper International Harvester Int. Mer Marine pfd. International Paper Invincible O!l Kelly Springfield Tire Kennecott Copper Louisville and Nashville Mexican Petroleum Milam! Copper ex div. Middle States Ol} -. Midvale Steet Missour! Pacific ew York Central ay, H., and Hartford Nortolk ‘and ‘Western Northern Pacific Oklahoma Prod and Ref. Pacific OM - Pan American Petroleum ylvania ex diy. Generat General Gre: n | Mlino: Pure Oil Ray Consolidated Reading Rep. Iron and Steel - Royal Dutch, N. ¥. Sears Roebuck Sinclair Con. Of - Southern Pacific Southern Railway Standard Oil of N. J. -. Studebaker Corporation Tennessee Copper Texas Co. Texas and Pacific -. Tobacco Products Transcontinental Union Pacific --- Julted Retail Stores - U. 8, Ind Alcohol United States Rubber - United) States Steel Utah Copper ---- Westinghouse Electric Willys Overland --— American Zinc, Lead and Sm. Butto and Superior Calt Petroleum Montana Power Shattuck Arizona Great Northern Ore Chicago Northwestern Maxwell Motors B American Linseed Ot! Consolidated Gas new - SUPPLY HOUSE TO BUILD HERE Frick-Reid Company Takes Out Permit for Warehouse and Offices. on The Frick-Reid | Supply company, manufocturers of the famous Frick- Reid gas engines and a full line of ofl well supplies, with headquarters in Pittsburg and a subsidiary manufac- turing plant at Oil Clty, Pa, was granted yesterday a permit to build a $34,000 warehouse and office bulla ing in Casper. ‘The building will be on the lot at| the rear of the public Ubrary and will faco on Durbin street. It 4s to be two stories and of brick and steel construction. The outside measure- ments are 60x116 feet and the build- ing will contain lx rooms. Larsen ind Jourgensen have been given the contract on the work. The company has maintained offices here at the corner of Durbin and Midwest avenue for the last year and increasing business necessitates a new and modern home. Foreign Exchange NEW YORK, Feb. 1.—Forelgn ex- hanges {rregular, Quotations tn| cents. Great Britain demand 4.66%; 4.64. France demand 5.92%. cables 5 Ita'y demand 4.72%; cables 4.73. Belgium demand 5.11%4; cables 5.12. Germany demand .0024%; cables .0025. Holland demand 39.19; cables 39 Norway demand 18.64, Sweden ‘e- mand 26.73. Denmark demand 19.03. Sw and demand 18.72, Spain de- anc s1. Greece demand 1.19. Po- land demand ,0023, Czecho-flovakia demand 2.87. Argentine demand 37.12 Brazil demand 11 Montreal 99%. 1 SILVER NEW YORK, Feb, 1—Foretgn bar | |Cow Gulea | Outwest iR | Prod. | Cities Service Com. | ly 15 to 25c lower; Che Casper Di Stocks -:- Grains - ailo Cribune 'S AND QUOTATIONS BY LEASED Oi! Securities Furnished by Taylor and Clay. LOCAL OIL STOCKS Bessemer ... 20 Big Indian an 6 Boston Wyoming --- 1.00 Buck Creek 4 Burke --. - 27 Blackstone Salt Creek .18 Black Tail Chappell Commbine - B Consolidated Royalty - 1 Capitol Pete -.. 32 at 1.15 16 31 20 Domino Slichorn E. T. Willams. Kinney Coastal {Compass ~~... Prana Gates Jupiter Lance Creek Roy Mike Henry Mountain and Gulf -. 1 Red Bank — | Picaruy Preston alt, Sunset Tom Bi Western Exploration — 2 /yo-Kans, ‘Tex. States sw YORE ci URE ere! Mountain Producers -$ 16.7 Merritt -. nrock Oil Salt Creek Pras. c Con and Refrs. Marine new Mutual 8. O; Indiana -. ult ensland New York Oil Mammoth Oil LIBERTY »9:<D=. 3% First 48 Second 43 irst 44s — Second 4%s - Third 4%5 Fourth 4%s Victory 4% Hamilton Cat Creek Mule Creek Big Muddy Lance Creek - Grass Creek Torchlight -- --- B'k Basin Greybull Sunburst Live Stock Chicago Prices. CHICAGO, Feb. 1.—(U. S. Depart- ment of Agriculture.) —Hogs—Re- ceipts 53,000; fairly active, 10 to 20c lower; bulk 150 to 200 pound averages $8.50@9.70;, top $8.75; bulk 230 to 300 pound butchers $8.15@8.30; weighty ng sows around desirable 100 to 118 pound pigs $7.75@8.00; heavyweight hogs $8.10@8.30; me- dium $8.20@8.55; Ught $8.50@8.75; light Ught $8.25@8.65; packing sows smooth $7.20@7.60; packing sows rough $6.90@7.25; killing pigs $7.75@ 8.35. Cattle—Receipts 9,000; beef steers and butchers she stock fully steady; spots. stronger on better grades ‘at steers; trade more active; early top matured steers $10. bulk $8.00@ 9.50; beef cows of value to sell under $5.00 and lower grades beef heifers in best demand; bulls weak; tending lower; veal calves weak to 25c lower; stockers and feeders uneven; kinds of value to sell under $7.00, weak and lower. Sheep —Recetpts 13,000; opening very slow; few early sales fat lambs steady; tendency lower; top $15.00 to pacers: practically no yearlings offered; sheep scarce; no early sales; around three decks desirable 55 pound comeback lambs $15.35 to yard traders; looks fully steady. Omaha Quotations. OMAHA, Neb,, Feb. 1.—(U. 8. De- ceipts 17,000; mostly 100 lower; clos- butchers $7.95@8.05; top $8.10. Cattle—Receipts 3,000; beef steers strong; bulk fed steers $7.25@8.75; top $9.50; she stock, steady; bulk cows $4.00@5.25; grades up to $6.25; bologna bulls $3.75@4.00; veals $10.00@11.00; stock. ers, and feeders uneven, | steady. Sheep—Receipts 12,000; lambs most- bulk $14.00@14.50; top $14.60; other classes steady; best yearlings $11.30; wethers $9.00; bulk ewes $7.25@7.85; top 8.00; best feed ing lambs $14.65. Denver -Prices. DENVER, Colo., Feb. Receipts 800; market steady; steers $7.00@8.50; cows and heifers $3.50@8.00; calves $4.50@7.75. Hogs—Receipts 2.500; market 15 10 250 lower; top $8.25; bulk 58.15. Sheep — Receipts 3,500; market wteady to 25c higher: lambs $13.00@ 14.00; ewen $4.50@7.10; feeder lambs $13.00@14. 1.—Cattle— Butter and Eggs CHICAGO, Feb. creamery extras 47c; st extra firsts 44% @46c 43440; weconds 41% @4 eg3 unchanged; 1—Butter lower; landards 44% firts 42%@ receipts 10, v cases. eT ETSI TC partment of Agriculture.}—Hogs—Re- ing active and strong at the decline; bulk packing grades $7.10@7.35; bull bulls and veals choice stow and beet MANY WELLS PL ANNED FOR YEAR With the letting of a contract by the Midwest Refining company to the Columbian Steel Tank company of Kansas City, for 500 steel tanks each of a capacity or 500 barrels, the largest single order for bolted steel tanks ever made in the approximate'y a quarter of a million, will be used exctusively in Salt Creek and {s significant in that it gives an {dea of the company’s plans for the ooming summer. These tanks are used in batteries of tive which are placed for handling the ol! from new wells which means that 100 new wells will be drilled by that corporation. Tho drilling» of these wells will mean the drilling cf that many offsets by other companies and it can 1 fely predicted that at least 200 more wells wi!l bed riled in that field a the present year which should approximately 59 Fer cent to its output. All Stocks Average Down. Tho average price of twenty active Industrial stocks traded ‘in on New York stock exchange of Wednes- day was 97.43, a net loss of The average price of twenty active rail nd stocks was 86.26, a net loss of Pennsylvania Shows Gain. The statement for December of the Pennsylvania Railroad shows a net operating income of $6,028,306, an in- crease of $5,571,232 over the previous month, Senate Directs Cotton Probe. The senate has directed the fed- eral trade commiss’on to make a sweeping probe of all phases of the cotton industry, Including exchanges, production, marketing and mill op- erations. Quick Action Expected on Debt. Prompt action of congress author. the funding of Britain's war to this country on ter ap- proved by tho British cabinet is fore- cast by administration leaders. Farm Conditions Improve. The federal reserve board finds renewed indications of agricultural recovery after months of depression with heavy buying of farm imple- ments during December and January. Dividend Rate Increased. The Southern Pipeline company has declared a dividend of $4 a share, a 100 per cent increase over the prev- sous rate of $2 quarterly. Wells Fargo to Distribute Surplus. Stockholders of Wells Fargo Ex- press company meet today to approve the distribution of $50 a share in its Mquidation move. Increase {n Net Income. - The Illinois Central system shows a net operating income of $3,464,357 in December, an increase of $2,065,- 987 over the previous month, Hamon Estato Interested Here. Frank L. Ketch, administrator, and A. R. McLennan, production superin- tendent of tne Jake Hamon estate, jeft last night for headquarters at Ardmore, Okla., after having spent several days in this city and vicinity looking after business interests. No statement was made as to what ex- tent the estate was becoming inter- ested in the ofl game here but is known that some property has been acquired and it is highly probable that within the next few weeks an- nouncement of its entrance on a scale of considerable magnitude will be made. Denver Firm Buys Taylor & Clay. With the opening of business this morning the brokerage business of Taylor and Clay, Inc., the oldest firm ot that kind tn Casper passed to the ownership of Wilson, Cranmer & Co.. with headquarters at Denver. The deal for this business was con- eumated some time ago but the act- ual transfer occurred this morning, The new firm will continue the business as a branch of its Denver office and it will be conducted ac- cording to the rules of the New York stock exchange of which {t is a mem- ber. that capt o. the position of general manager. F. office the transfer. R. G, Taylor and I. N. Clay, for. mer owners of the business have not yet announced their plans for the fu ture, but 1t 1s understood that both Il continue to be identified he “local of? industry ‘re both heavily interested Clay will take n rest of months before again entering into ac tive business while Mr. ‘Taylor will di Mr. Denver where he at present has his home. Western States Drilling {n. Western States Of] and Land: pany {# drilling in its No. 30-A o northeast quarter of section and ia now in the second Wall Creek com: full of off. It 1s psstble that this well will require shooting as big pro- duction {s not expected at this lo- cation. No. quarter of section 17-39-78 ts being cemented after having pulled collap- sed casing at 65 feet, and this will probably be completed within the next couple of weeks. A new well has been started in Mule Creek and ts now drilling at 250 the There will be no change in the per sonell of the office at present ex- S. Reid who has for some time been manager of the trad- ing department has been promoted to G. Harrington, of the Denver js in the city today attending to the detafls necessary to complete with in which they several rect his interests from here and from | at a depth of 2.615 feet with the hole} Your under consider, 29-AX on the northeast | history of the Wyoming oil industry, was recently consum- mated. These tanks, which represent a total expenditure of feet and as soon as this is cemented at around 1,200 feet another wiil be started, Both wells are offsets to progucers and will not prove addl- tional territory, Stewart No. 4 in the Deer Creek field of Oklahoma is also being start- ed on the southeast quarter of section 3. This will also be an offset to other producers, the company bay ing three in the field. The depth of the hole will be around 4,200 feet when completed Oil Production Increases, NEW YORK, Feb. 1.—The daily average gross crude production for the United tes increased 18,400 barrels for the week ending January totalling 1,75 as com- pared with 1,736,900 barrels for the preceding week, according to the American Petroleum Institute. daily ge producti the Rock mountains was barrels, a decrease of 1,600 California productions was 550,000 barrels, an incr e of 20,000 barrels. y Sears Roebuck Sales Increase. Sears Roebuck sales for January totalled $13,930.082 against $14,188,- 432°for the same month a year ago. This is an increase of $4,471,660 or 33.42, Raise in Rates Denied. The proposal of severa Irailroad companies to increase the rates on fruits, melons and vegetables from southwestern points to the central frelght association trunk lines and trunk line teritories was denied today by the interstate commerce commis- sion. Oil Freight Rate Cut. A rate of 40 cents per hundred on crude oil shipments from Casper, Osage, Cowley andd Greybull to Mon- tana points, effective February 20, has been announced by J. S. Beck, general agent of the Great Northern railroad. This is a cut of 10 cents a hundred over the previous rate of 50 Pipeline Nears Completion. The Illinois pipeline from the Sun- burst field to the tank farm at Coutts, A'berta, is nearly completed. Ditch- ing and stringing !s done and there remains only a small portion of the pipe to be screwed and laid to finish the job. This is being done by a ma- chine and the next few days should see its completion. Preparations are now being made for a telephone line which will be installed along the right-of-way for the use of employes of the company. ‘Two More in Sunburst. Two more wells are being pleted in the Kevin-Sunburst both by the Oblo Oil company. Ohio-Emmert on the southwest quarter of section 15-35-2W struck the Ellis sand at 1,472 feet and drilling was stopped after penetrating this stratum to the depth o fone foot in order to set casing and put on a con- trol head Owing to its proximity to the Hogan well, the largest in the field, this {s expected to show large production. Ohio-Saubey on the northwest quar- ter of section 18-24-2W found the pay at 1.373 and drilling In this was also stopped. It is probable that this witl be shot as the sand ts tight at this com- field, Livestock | MARKET GOSSIP AND FIELD NEWS point. A good producer is expected, however, with {ts completion. ae INCOME TAX ON OIL 1 FAILURE (Continued from Page One.) the market value of oll, and this mar- ket value is, I think, fairly and accurately established by the returns made by the 56 petroleum corpora- tions. This company sold in open competition during »the first nine months of 1922 a monthly average of more than 12,000 barrels of crude vil produced by its wells in the Cat Creek field. It received for its total of 116,000 barrels sold during that period an average cash price of $2.15 per barrel. Multiplying the total produc- tion of 2,600,000 barrels by this first market value gives a gross value of $5,375,000. “There are, however, marked dis- crepancies shown. in the reports as to fair market value. The Frantz corporation reports a market value of $1.63 per barrel, and the Mid Northern company a like valuation These are the two big producers of » the Cat Creek field, their joint pro. duction for 1922 having been approx- imately 2,100,000 barre’s. Tho gross | of the market valuo reported by these | companies for the purposes of tho one nt Mcense tax on production, 4s | roportionably less than the market | lue as reported and patd upon by the 56 Petroleum corporation by nearly a million dollars, for the aineie| If { am cor- rect!y informed, the Frantz corpora- tion is owned by the Mutual O11 com-| pany, having largo refineries in Wy-! oming. The Mid-Northern company is| owned by the Midwest Refining com pany, operating one of the largest re- fneries in the country, and also located in Wyoming. The market ' value reported by these companies is, | therefore, a price paid to the com- jpanies by themselves for their own} THURSDAY, FEBRUARY 1, 1923. All Markets Dom of Can., 5% per cent note: French Republic, 8s French Republic, 74s Kingdo mot Belgium, 7% - Kingdom of Belgium 6s - Kingdom of Norway, 6s K. of G. B, & I., 5%s, 1929 U. K. of G. BL & 1, 54s, 1937 American Sugar, 63 -. American Telephone and Telegrap American Telephone and Telegraph col. tr, bs - Armour and Co., 4348 Baltimore and Ohio, Bethlehem Stee! rei Bethlehem Steel p. m., nadian Pacific deb., Bur! and Quincy, ref., i oe & ul ev., 41gs 1931 7/1941 ot Can., A las F new ad. ae A » deb. ¢ pr. lien. ne ref. ft Tire Se Grand ‘Trunk Ry. Pow 2 York C Northern Pac i 6 4s. Penn R. R. Gen., 58 — ding Gen., 48 ndard Oil of ¢ Union Pacific first Rubber, 7%s 90% 79% 99% 66 101% 116 104 108% oil, and the state should not consent! thereto, when the market value thus/ assumed is far below the market value as shown by another company | for the same kind of oi! from same field. “It has been urged that would be an unfairness in levying an identical license tax upon the oil pro- duced in the Kevin-Sunburst fields and that of the Cat Creek field, due to, the higher value of the lattr produc- tion. As the values of crude are usually fixed with re'ation of their Baume gravity, It has been suggested that the legislative assembly might meet the equities in the case by es- tabl'shing standards of ofl, one of forty per cent. Baume and above, and another of less than forty per! cent. Baume, the latter to bear the] lesser license tax. “This plan, however. Ject to the criticism that it would invo!ve a complicated system of audit on the part of the state. The prob- abilities are that a s’ng! to the law enacted two years ago, fixing the license tax at three per cent of the gross production, in leu of the present one per cent rate, would be the best solution of the problem. “For instance, the three per cent gross rate applied to the current pr'ce of one dollar for the Kevin field would be the equiva'ent of three cents per barrel. As applied to the current price of two dollars in the Cat Creek field, the equivalent would be six cents per barrel. “The 56 Petroleum corporation in 1921 produced 122,594 barrels of oil, from the proceeds of which it pa'd on a net income on $167,255. The Frantz corporation produced 519,921 barrels of oil, from the proceeds of which {t paid on a net income of $478,140. The Mid-Northern O11 com. pany produced 492,685 barrels of oll, but accounted for a return on but $16,600 net income. In other words, this company, drilling wells of prac- tically the same depth and at the same cost in the same field as did the 56 Petroleum corporation, and pro- ducing four times as many barrels of the samo grade of crude oi!, made return on one-tenth of the net profits repoted and paid upon by the 56 Petroleum corporatioh. ‘The contrast between the reports of these three companies demonstrates, beyond fair discussion, that the theory of net in- come is wholly discredited.” Peters hans ae Saar ioe Cotton. NEW YORK, Feb. 1.—Spot cotton auiet; middling $27.40. may be sub- SW UNDERREAMERS i YOUR STORE AT SUPPLY BR RUPERT the | there| Buckeye -. | Continental e amendment} | Standard Oil Stocks | Anglo 17% 88 158 87 59 167 96 18% 90 161 90 60 169 98 28 134 109 Cumberland Galena ~ Ill. Pipe ~ Ind. Pipe Natl. Transit - N. Y¥. Transit Northern Pipe | Ohio Off ___.. |Priarie Ol Prairie Pipe ar fs. ! Southern 27% 130 Pipe | Union Tank Vacuum MONEY NEW YORK, Feb. 1.—Call money firm. high 5; low 4%; ruling rate 4 closing bid 5; offered at 5%; last los 5: call loans against acceptances 4%: time loans firm; mixed co‘lateral, 60- 90 days 4%; 4-6 months 4%. Priano commercial paper 4% @4%. SWAN UNDERRE ja AT YOUR SUPPLY i And You Will Sell Them! Be sure you tell them in the big Industrial num- ber ofthe Tribune. Make your advertising reserva- tions now. HUGHES GREAT DOMESTIC COMEDY-DRAMA eam! YOU CAN SEE IT TOMORROW OR SATURDAY AMERICA THEATER D. B. SULLIVAN, BROKER NEW YORK CURB STOCKS AND LOCAL OILS Latest Quotations on Oil Stocks, Margin Accounts Carried. Phone 1954 231 Midwest Bidg.