Casper Daily Tribune Newspaper, March 8, 1923, Page 7

THURSDAY, MARCH 8, 1923. he Casper Daily Cribune PAGE SEVEN cee omnes car _ TEA GELLING WHEAT CLOSING ~ BEAR PRIGES! —!SUNSETTLED Stock List Declines but Ral-|Expected Bear Raid Fails to lies Under Influence of Materialze, Some Ad- Steel Demand. vances Scored. NEW YORK, MARCH 8.—Specu-| CHICAGO, March 8.—vwWheat scored lators for the decline, taking advant-| moderate advance in price today age of the markets weakened tech-| during the early dealings, the chief nical position after a sustained rise| factor being unexpected strength in of two weeks, forced a recession of|the Liverpool market. Dry weather prices in today's early dealings. Subse-| in western Kansas and Oklahoma quently, however, stocks moved up-| tended also to aid the bull side of the ward again in response to the fresh} Market. Most traders, however, ap- buying of independent steel shares | Peared to be taking no decided stand, and a select assortment of special.| Preferring to await the government ties, Sales approximated 1,300,000 | Teport this afternoon as to farm re- shares. serves. The opening, which ranged from %e to %c higher, with May 3 ‘ $1.18% to $1.19 and July $1.14%, was NEW YORK, March 8.—Opening| followed by a little reaction and by prices in today’s stock market were/an upturn slightly higher than be firm, Buying of the equipment and| fore. automotive shares featured the early] Predictions in some quarters that dealings, Stromberg Carburetor, Bald-| the government report would prove win and Railway Steel Spring each| bearish failed to bring about any ma- selling at least a point above last|terial selling pressure in the last night’s clothing prices. Pan Amerl-| part of the day. ‘The closing was can A and B, Cosden and Industrial] unsettled at %ic to \c net gain, with Alcohol also moved to higher ground | May $1.18% to $1.19 and July $1.14% Independent stee's also were in bet |to 81.14%. ter demand, Vanadium rising a point] Corn and oats were firmer with and Crucible %. wheat. After opening %c to %c Prices, strengthened in the later| higher, May 74c to 74%c, the corn trading. Cosden established a new| market sagged somewhat, but soon high record for the year at 62, up 1%,| recovered. and California Petroleum and Pan] Trading was mostly in the nature American each extended their gains|of evening up to prepare for ‘the to a point. Pressed Steel Car, Pull-| government report. Prices closed man, Studebaker, Industrial A!cohol,| Weak, at the same as yesterday's Otis Elevator and Federal Mining and] finish to %c lower, May 73%c to Smelting preferred also sold a point| 73%c. or more above last night's closing] Oats started tar to %c up, May d5c prices, A better demand also was|and later held near to the initial noted for tHe railroad shares, Canad-| Tange. ian Pacific rising a point and Baltt-| Despite lower quotations on hogs. more and Ohio %. American Woolen| the provision market averaged higher, was the only conspicuous heavy spot,| influenced apparent! by the action of dropping a point. Foreign exchanges| other commodities opened steady; demand sterling selling at 4.69% and French francs at 6.05 Open High Low cents; WHEAT— The general market was less re-|May . - - 1.18% 1.19% 1.18% 1 sponsive this morning to the bidding} July - - - 1.14% 115 1.14% up of special groups, being unable to| Sept. - - - 1.12% 113 1.12% digest, except at substantial conces-| CORN— sions in quoted values, the large vo!-| May - - - 74 74% .73M_ 73% ume of realizing sales and the stock|Ju'y - - - -76 76% -75% 75% offered by professional short inter- Seok: TT (TTH .76% 76% ests. Gains in the equipment group TS— were speedily cancelled and General|May - - - -45 4514 44% 44% Asphalt, California Petroleum, Amer.|July - ~ - 44% 44% 44% 44% jcan Locomotive, Baldwin, Bethlehem | Sept. - - - 43 43% 43 43 “B," Stromberg Carburetor, Stewart |} LARD— Warner, Tobacco Products and Wel's| May = - - 11.95 12.05 11.95 12.00 Fargo Express dropped 1 to 2 points Se = - 12.07 12.16 12.05 12.10 under yesterday's final figures. There Ss were a few strong spots, Market| May - - - 11.12 11.20 11.10 11.17 Street Rallway second preferrea| July - - - 11.30 11.37 11.27 11.32 jumping five points and Maxwell S Motors A, Mack Truck, United Rail. h Grains. ways investment preferred and Sears| CHICAGO, March 8.—Wheat, “No: Roebuck climbing two each. A block | #red $1.29%; No. 2 hard $1.19@1.1912. of 10,000 shares of Maxwell Motors|Corn No. 2 mixed 78%@73%c; No. 2 B changed hands at 20%, up %. Call] yelow, 74% @74%5c. Oats, No. 2 white money opened at 4% per cent. 45% @46%4c; No. 3 white 444% @45c The spremi of the selling movement| Rye, No. 2, 81%@81%. Barley 68@ ultimately carried the major portion|71lc. Timothy seed $5.90@6.50. Clover of the list from one to three points|seed $13.50@20.50. Pork nominal under yesterday’s closing. Union Pa-|Lard $11.97. Ribs $10.62@11.50. cific and Stromberg yielded three points and a dozen or more other active !ssues two to 2%. Subsequent heavy buying of the Independent steels, which sent Gulf States up 2% Crucble and Slass 2, and Repubitc 1%, caused a hat in the general selling. The closing was irregular. Partial] CHICAGO, March 8.—Butter lower; from early heaviness took] Creamery extras 47c; standards 46%c Dace Goene the ateenttn when tnde-| extra firsts 46@4644¢; firsts 45@45tac; pendent steel shares were taken in| Seconds 44@44%c. ; ‘ 3 hand and bid up sharply. Coca Cola} Egss lower; receipts 12,685 cases: American Can and Rock Island were] firsts 31@31%c; ordinary firste 29% @ other individual strong spots. 30c; miscellaneous 30@30%c. ——>__—_— oo Butter and Eggs Sugar ; Foreign Exchange NEW YORK, March 8.—Foreign ex- NEW YORK, March 8.—Suger! changes irregular. Quotations in closed firm, approximate sales 66,000| Cents: Great Britain demand 4.70%; tons. The market for refined was! cables 4.70%; 60 day bills on banks quiet and prices were unchanged at!4 6s, France demand 6.05%; cables 8.75 to 9.15 for fine granulated. | 6.06. Italy demand 4.76 oes at ee |4.77. Belgium demand 5.23; cables |5.28%; Germany demand .0048%; cables .0048%; Holland demand 39.51; cables 39.54; Norway demand 18.10; Sweden demand 26.52; Denmark de- mand 19.10; Switzerland demand 18.65; Spain demand 15.54; Greece de- mand 1.04; Poland demand .0021; | Czecho-Slovakia demand 2.97; Argen ; spot and nearby 47.50; fu-| tine demand 37.25; Brazil demand Iron steady; unchanged.| 11.37; Montreal 9814. Lead ; spot 8.28@8.60. Zinc! steady; East St. Louis and nearby de- livery 7.75@7. Antimony spot 9. Metals NEW YORK, March 8.—Copper firm; electrolytic spot and futures 17. | Cotton Flax Seed. DULUTH, Minn., March $-—Closing| flax seed, March, 2.94 bid; May 2.78% asked; July 2.72% bid. WORLD’S OIL PRODUCTION FOR 1922 SHOWS STEADY INCREASE creased 10,700 barrels for the week| ending March 3, totaling . 1,795,400 barrels and compared with 1,754,000 for the preceding week. The only | average production east of the Rocky| |mountains was 1,165,400 barrels as! |compared with 1,154,700, an increase |of 10,700 darrels. California produc-| NEW YORK, March 8.—Cotton spot quiet; middling 30.95. NEW YORK, March 8.—The Amer- {ean Petroleum Institute estimated the world's petroleum production in 1922 at 851,540,000 barrels, compared with 765,865,000 barrels reported by the United States geological survey for 1921. The increase in 1922 amounted to 84,475,000 barre! | months 5@5%. 11.38 per cent. ‘The United produced 551,197,000 barre's in 1922, or 64.7 per cent of the total wor!d pro-) duction, ’ Mexico produced 185,057,000 barrels in 1922, amounting to 21.7 per cent of the world production. In 1922 the United States and Mexico combined Produced 86.4 per cent of the world Production and in 1921, 87 per cent. Substantial increases in production in 1922 were shown by Pera‘a. Peru, Sarawak, Argentina and Venesuela, while Colombia showed its first com- mereial production. The daily average gross crude production of the United States in- |tion was 630,000 barrels, the same as| the previous week. ‘There were no changes reported in| lerude oil prices for the major dis-| |tricts—Mid-continent being quoted at |$1.50 to $2.60 a barrel, according to \the gravity of the oi!, Bradford dii |trict, Pennsylvania, being quoted at |$4.25 a barrel and Gulf Coast being quoted at $1.50 a barrel. Imports of petroleum (crude and re- fined olls) for February totaled 7,221.- 931 barrels, compared with 8,608,562 in January. Imports for the week! jended March 3 totaled 2.4 bar-| rels, compared with 1,202 the} week ending February 24, Oil -:- Finance -:- Bonds -:- Stocks New York Stoc | Allied Chemical & Dye /_------- Allis Chatmers Pe a American Beet Sugar — American Aimerican American American American Locomotive ..------ 182% American Smelting & Refg. .. 66% American Sugar ----.. 0 American American American Chicago, Ml and St, Paul -. Chicago, R. I. and Pac -. 3635 Chino Copper 30% Colorado Fuel 30 Corn Products 132% Crucible Steel General Motors 14% Gwodrich Co, -..----. 35% Great Northern pfo, 3% llinols Central -.---.-. - 116% 41h 95 42% 55% 18% Kelly Springfield Tire 555% Kennecott Copper -- 43 Louisville and Nashville 151 Mexican Petroleum 2708 Miami Copper .. 29% Middle States Oil 11% Midvale Stee! 31% Missouri Pacifi 17% New York Central Okahoma Prod. and Ref. Pacific Oil -----.-----. Pan American Petroleum -. Pennsylvania Royal Dutch, N. Y. Sears Roebuck Sinclair Con Ofl Southern Pacific Southern Railway - Standard Of of N. J. Studebaker Corporation Tennesse Copper Texas Co. Texas and Tobaceo Products -. 8345 Trenscontinental O-. 11% United Retail Stores - a1 Union Pacifle --. 141% U. 8. Ind. Alcohol -. 67% United States Rubber Olha United States Steel 107% Utah Copper -- 74% ‘Weustinghouse Electric. -. 63% Wilys Overland American Zinc, Lead Butte and Superior Cala Petroleum Montana Power Shattuck Arizona -. Great Northern Ore Maxwell Motors B Consolidated Gas -- American Linseed Oil -. Cosden Ohio -. Vavuum 8, Penn Oil Bill Would Bar Aliens From Oil Fields in Okla. OKLAHOMA CITY, Okla, March $.—A bill providing that no subject of any king or potentate shall own or operate oil properties in Okla- homa untli European oll fields are open to Americans, was introduced in the upper house of the state legis- lature today. NEW YORK, March 8. — Call money firm; high 5; low 4%; ruling rate 4%; closing bid 5; offered at 514; last loan 5; call loans against accept- ances 414; time loans firm; mixed col- lateral, 60-90 days 6@5%; four-six Prime commercial paper 5. Potatoes CHICAGO, March 8,— Potatoes steady on northern stock, weaker on Idah: receipts 61 cai total United States shipments 878; Wisconsin sacked round whites 90c@$1.00 cwt.; few best at $1.05 cwt.; bulk $1.05@ 1.10 ecwt.: Minnesota sacked round whites partly graded 85@90c cwt.: Idaho sacked Russets unbranded $1.25@1.50 cwt }AND QUOTATIONS BY LEASED Oil Securities (By Wilson. Cranmer & Company) --Big Indian ------- 127 Boston Wyoming --- 1.00 Buck Creek -.....--- 20 Burke -...---------. 29 Blackstone Salt Creek .20 Chappe'l Columbine Jupiter Kinney Coastal 236 Lance Creek Koyatty. .02 Lusk Royalty -..... .02 Mountain & Gulf .. 1.60 Mike Henry wi Red Bank 19 Picardy ... 02 Royalty & Prod. 12 Bunset -...-.. 02 Tom Bell Royalty 01% 02% Western Exploration. 2.85 2.95 Wyo-Kan, .. — 80 Western Oi Ficids 3 Western States 23 Y on 20 el NEW YORK CURB CLOSING Mountain Producers-- 19.00 1925 Glenreek OM —--.. 1.62 1.88 Salt Creek Prod. — 24.00 Sat Creek Con... 12.75 Mutual ... 14.75 Marine Ol — - 5.00 S. O. Indiana -- 67.50 Citles Service Com. —. 189.00 Fenstond 18.50 &. ¥ OM 17.00 Mammoth Oil 49.50 LIBERTY BONDS Rock Creek Hamilton Grass Creek Torchlight Elk Basin - Greybull Sunburst Livestock MARKET GOSSIP. MIDWEST DRILLS - Grains -:- Livestock -:- All Markets AND FIELD NEWS IN NEW GUSHER One completion was recorded last week by the Midwest Refining company in the Salt Creek field, the Wyoming Oil Fields 29-A on the southeast quarter of section 24-40-79 be- ing brought in at 1,730 feet. Wildcat operations of the status in various fields: Midway test well No. 2, depth 6.415) feet; cleaning out, hole caving; lost bit, fishing for same. Nieber Dome test well; Gepth 1,775|being erected on the feet; underreaming. Baxter Basin Field. Well 1X, NE section 36-18-104; depth 1,890 feet; cleaning out. Well cleaning out. Western Exploration Statement Discovery of gas on the Billy Creek structure of Johnson county, where | it is jointly interested with the Con- working ing development in the affairs of the| Western Exploration company for the! ording to the sixth an-! year, nual statement just made public by C. B, Richardson, president of the company. The company stands to realize large returns in the future from the big gas production uncorked at Billy Creek. Although earnings of the company were at a low ebb in 1922, due to the drop in the price of crude, earnings for the present year would approxl- mate $185,000 on the basis of receipts from January operations. The com pany’s balance sheet follows: Assets Current assets— Cash banks --$ 17,978.41 Accounts recetvable 1,221.75 Notes receivable -. 75.00 $ 19,275.16 Permanent assets— Property, leases and con- tracts a oe--+----$1,687,653.90 Stock of other companies 252,000.00 Furniture and fixtures -- 1,593.89 $1,941,247.79 Total assets -~...-.------' $1.960,522.95 Current Liabilities— Accounts payable . Capital and surplus— Capital stock, authorized $3,000,000; issued Less treasury stock $ 2,377.20 $2,000,000.00 110,000.00 Surplus paid in Total Mabilities Chicago Prices CHICAGO, March 8.—{U. 8. Depart- ment of Agriculture.)—Hogs receipts 48,000; slow, 10 to 15c lower; bulk de- sirable 150 to 180 pound averages 8.20 top 8.25; some held higher; 200 to 225 pound butchers 8.10 é ulk 240 to 325 pound butchers 7.90@8.00; big packers bidding less: Packing sows around 7.2: desirable Pigs mostly 7.25@7.75; heavyweight hogs 7.80@8.00; medium 7.95@5.2 light 8.05@8.25; light light 7.75@5 packing sows smooth 7.20@7.45; pack ing sows rough 6,90@7.25; killing pigs 6.75@8.00. Cattle receipts 7.000; active; beef steers, better grade beef cows and heifers large'y 25c higher, spots up more on beef steers; desirable handy steers comparatively scarce; killing quality less desirable 8.10. Wednes day; top matured steers 9.75; few head about 1.150 pound average 10.40; best long yearlings early 9.60 bulk beef steers 8.25@9.50; canners and cutters 15¢ up: bulls strong to 10c higher; veal caives steady to 25c lower; stockers and feeders firm; bulk canners around 325; cutters 3.65 @4.00; bulk desirable vealers to pack- ers around 9.00; common light vealers 8.50 below; upward to 11.00 and above for choice 150 to 180 pound vealers to shippers; bulk desirable bologna bulls butk stockers and feeders Sheep receipts 14,000; generally steady to weak; early top 15.00 to city butchers, 14.76 to packers; light weight clipped lambs 12.25; four loads fall shorn 12.75; clipped 92 pound lambs 11.25; destrable fat ewes up to 8.50; one load 11.12 pound clipped wethers 7.50; feeders qu’et. Omaha Quotations. OMAHA, Neb., March 8.—(U. 8, Department of Agriculture.)—Hogs— Receipts 16,000; market slow, early market steady to 6e lower; bulk butchers $7.70@7.75; top $7.80; pack- Ing sows steady, mostly at $7.00; stags out at $6.00. Cattle—Receipts 3.700; beet steers and she stock steady to strong; top steers $9.00; bull $7.25@8.50; good and choice cows $5.50@6.50; best here $6.75; bulls strong: bologna bulls | | $4.40@4.65; veals dull, flower; top| | $10.00; stockers and feeders slow,! |steady at week's decline; top 1,000! pound feeding steers $8.05. Sheep — Receipts lambs strong; bulk $14.25@14.50; early top $14.60; sheep strong to higher; early sales light ewes $8.60@8.75; best held |at $9.00; feeders steady: 93 pound! | shearing lambs $14.00. Denver Prices. DENVER. Colo, March 8,—Cattle |recepits 400; market steady; steors $7@8.25; cows and heifers $3.50 @7; calvos $4@11; stockers and foed- ers $4.50@7.75. Hogs receipts 2,700; market steady to be lower; top $7.85; bulk $7.50@ 7.50, Sheep rec 400; market steady: lambs $12.50) feeder lainbs 1 $12.76@14.00; ewes $4.50@8, Treasurer. Officers and directors of the West- ern Exploration company are C. B. Richardson, president; S. A. Lane vice president; Roderick N. Matson, secretary; C. W. Sparr, assistant sec- retary; B. B. Brooks, treasurer; Carl F. Shumaker, assistant treasurer; Patrick Sullivan, Charles P. Whitney and Charles W. Hirsig, directors. Supplementing the report is @ statement by C. B. Richardson, presi dent, which follows in part: “It is a pleasure to report the pro- gress made by your company for the past year, as the development of its properties has greatly added to the physical assets of the company. “When the present officers were e'ected to take charge of the com pany’s affairs five years ago, it was seriously debated for two days by the directors whether it was better to at- tempt to refinance the company and so abead, or to ask for a receivership to liquidate its business. We have traveled a long trail and come a long y since then. During all that time no officer of this company has drawn one penny in salary and practically all the more yaluab'e properties and as- sets of the company today have been acquired, purchased and developed since the date of that reorganization. “It has always been the ambition and hope of your officers that the company would build up on conserva- tive lines to a point where the actual physical assets, measured In product- ive acreage and barrels of ofl, would represent a full one hundred per cent of value for every share of the cap- ftal stock outstanding. I believe th has been accomplished; and our hope to reach the dividend period will a'so be realized before the end of this year. Salt Creek Field. wel's have been drilled on the lands, in which we own fractional royalty interests, during the past year; and on the southwest quarter of section 5-39-78, :n which tue company has a twenty-five per cent working interest after the payment of govern ment royalties, six wells have been drilled during the year with an aver- age production of 650 barrels each, or a total of 3,900 darre’s daily produc- tion. The price of ol! was very low during the past year and the oll taken and run by the pipe line companies has been limited to thirty-five per |cent of the developed production from each lease. Estimated on this basis, our present developed production in “Many \the field is approximately 1,000 barre's daly The company also owns a twenty. Srowe well No, 2, Notches; depth) 0 feet; swabbing and cleaning out.! % seotion 26-18-104; depth 1,165! | |velopment of this field holds wonder ed Royalty and the Carter Oil) companies hrough a 16 2-3 per cent) interest, was the outstand-| The well has not been tested. Midwest show the following brought in on January 9, 1923, a gas well producing 58,000,000 cubic feet a day. Since then two new wells have been located and rotary rigs are now land. These wells will test three lower sands, be- low’ the gas horizon. We believe the field has been proven as a very large and important gas producing struct- ure, with every likelihood of o!l being found in the lower sands. The test now being made should be deter- mined in a few months, and there is every reason to believe that the de ful speculative possibilities for the future growth of your company.’ Mountain Producers Dividend Directors of the Mountain Pro due corporation at a meeting in the Denver office today voted to in crease the dividend from 20 cents a share to 30 cents a share, that is t to per cent. ‘The dividend will be able April 2 to stock of record March 15. The disbursement w amount to $492,490.80 on the 1,641,636 shares of stock outstanding. ‘The action. has been watched with Interest in view of the fact that Mountain Producers shares with Salt Creek Producers association the lease on section 36 in Salt Creek, about which there has been so much pub leity of late in connection with the extension of the lease. from an annual rate of 8 per c’ 12 New Kansas Oil Strike. Much interest is aroused in oil cir cles by the discovery of petroleum in a well in Barton county, Kansas, nine miles from Hoisington. The hole is 3,370 feet deep and oil is said to be standing 3,000 feet in the hole. ‘The discovery was made in what ts known as the Sooy well, drilled by E. H. Cooper fer the Empire State Oil company, according to A. W. Beach, who is interested in the sale of leases reported to be on the same structure. Dividends Declared Tobacco Products declared the reg- ular quarterly $1.76 preferred (ivi dend, dates April 1 and March 16. J.C, Penny declared the regular quarterly dividend of $1.75 on pre: ferred, dates March 31 and March 20 Manhattan LBlectrio Supply de- clared the regular quarterly $1 divi- dend, dates April 2 and March 20. Associated Oil company declared the regular quarterly $1.50 dividend, dates April 25 and March 19. Hercules Powder declared the reg ular quarterly dividend of 1% per cent on the common stock, payable March 24 to stock of record March 15. At a speqial stockholders’ meeting of the United States Tobacco com. pany an increase of authorized no par common stock from 360,000 to 600,000 shares was ratified, allowing payment of a 20 per cent stock dividend pre viously declared by the directors and payable April 16 to stock of record March 10. The authorized preferred stock remains unchanged at 90,000 shares of $100 par value. Westinghouse Electric and Manu- facturing company dec‘ared the reg: ular quarterly dividend of 1 per cent on both common and preferred stocks the common payable April 30 to stock of record March 30, the preferred April 16 to stock of record March 20. United States Tobacco company de- clared regular quarterly dividends of 75 cents on common and 1% per cent on preferred, both payable April 2 to stock of record March 19. The regular Homestake Mining company 50-cent dividend was de clared. Others included: Regular Kelsey Whee! $1.50 common dividend; regu- lar Sploer Manufacturing $2 quarter- ly preferred dividend; regular Loril- lard company 3 per cent on common and 1% on preferred; regular 2 per cent Royal Baking Powder common and 1% per cent on preferred stock sed ceil PRR ss Silver NEW YORK, Maroh 8.—Foreign bar silver 66%; Mexican dollars 61. SWAN UNDERREAMERS Ss AT. YOUR SUPPLY'STORE BRivécerort LOSE NO’ CUTTERS” Dominion of French Repu! french Republic, 7s - Kingdom of Belgium, 74s U.K. of G. B. & L, 544s. 1929 -. U, K. of G. B. and 5%, 1937 American Sugar, American Tel. and Tel. American Tel. Armour and Co., Baltimore and Ohio. cv. Bethlehem Steel ref., 5s Bethichem Steel p. m., 53 — Canadian Paciwic deb, 58 -— Chi. Burl. and Quincy ref., 5s A Chi, Mil. & St. Paul cv.. 4%s Goodyear Tire, 8s, 1931 Goodyear Tire, &s, 1941 Grand Trunk Ry. of Can., Grand Trunk Ry of Can, 6s Great Northern 7s A Great Northern 5 1-38 B Mo, Kan and Texas new aap., Missouri Pacific gen 49 ~ Montana New York ( Northern Pac Penn R. R. ¢ Penn R. R. Gen eading gen. nion P: first 4s t Rubber, 5s 108% 108 108 U, S. Rubber 748 88 87% BTM Utah Power and Light, 58 _ 89% 89% 89% Western Union 6%s, 109% 109% Westinghouse Electric 7s 107% 107% SHORTAGE OF GASOLINE LOOMS BEFORE SUMMER SEASON ENDS; CONSUMPTION TO BE GREATER CHICAGO, March 6.—While the present supply of gasoline {s suffice clent to meet the demands of the country, an anticipated one-third in- crease in the national consumption this summer {9 expected to stretch this supp'y to the maximum and may even create a shortage, W. M. Welch, presicent of the National Gasoline association, declared before the Amer- ican Oilmen's association. The daily consumption of gasoline will reach or exceed 2,000,000 gallons Caily this summer, according to the best figured and estimates Mr. Welch| sald. | Two factors will contribute to the| shortage, if there is one, he declared. One {is the increase of automobiles in the country, the number in the coun-| try jumping from 2,000,000 in 1912 to 12,000,000 in 1922, with 1923 ox- pected to show an increase of 26 per cent over 1922, and the shrinkage of oil production in many fields. Mexico, as an oll producing coun- try, is dead, he dedared, production there now being on a rapid Cecline. The Smackover field also has passed| maximum production and is facing the future with a daily shrinkage in output, he said. To offset these shrinkages production has been in- creased to 140,000 gallons daily in the Long Beach, Cal,, field; from 70,- 000 to 125,000 in the Tonkawa field, and other smaller fields have {n-| creased in smaller amounts. Im-| proved methods in refining gasoline} from fuel oils also have been em-| ployed. The general outlook for all lines of activity in the ofl industry is ex- ceptionally good for the coming sea- son, Mr. Welch sala. While he re-| fused to comment on the recent re- ports following the senate investica. tion that gusoline will go to $1 a gallon, other refiners and producers predicted an increase with the mar- ket going to 25 cents a gallon or higher before the end of summer. Government control would be a black plague of the off industry, if put into effect, D, W, Moffitt, vice president of Cosden & Co. declared in another address. Price fixing at which senators ex Pressed “open mouthed wonder.” he ceclared to be but a natural and un avoidable development of the ind try wherein the public benefitted much more than {f competition were indulged in to the fullest extent by the various compantes. The government now has ample power, he sald, to protect the pub- lic from extortion and unfair prac- tices. But the public cannot ask that the industry destray itself for brief gratification of cheaper gasoline which would soon ibe followed by even higher prices than ever before, he asserted. ————____ Two hundred and fifty years ago children in England were sent to school with pipes in their satchels, }and the schoolmaster called a halt in thelr studies whilo they all smoked. SWAN UNDERREAMERS - AT YOUR SUPPLY STORE Brivecsercort bre THE PIPE -FULLOWS INCOME TAX RETURNS COMPILED C. H. Reimerth Certified Public Accountant 400 O-S Bldg.—Ph. 767 OPEN EVENINGS .... Drilling Tools and Casing FOR SALE—Have several drilling tools with rigs complete. Also complete Star rigs and Nationals. Can furnish genuine wrought iron oil country pipe and casing in car lots. J. C. Rob- erts, Henning Hotel. strings of Standard OPPORTUNITY The United One Cent to One Dollar Affil- iated Stores Company is placing a limited amount of its securities on the open market lof section 18-39.78. jthe beef | five per cent undivided interest in the west half of the northeast quarter of the east half of the northwest quarter There {s one small well on this land at present, but as entire quarter !s exceptionally well located on the structure, future drilling will doubtless develop the average good producing wells found in the part of the fie'd. | Billy Creek Field. “The Billy Creek structure, cover ing mbout 5,000 acres, located in John- }son county, Wyoming, 60 miles north} INCOME TAX COMPILED Notary Public Service Open 8 A. M. to 10 P. M. Taylor & Clay Offices of Salt Creek, and in which the com Oil Exchange Bldg. tpany owns a sixteen and two-thirds |per o carried working interest | at original ground floor prices in communi- ties where it has stores and is to open them. These securities are being sold in amounts to suit and on a payment plan without interest. They participate in the profits of all stores now opened or to be opened. You also get a discount on every dollar’s worth of merchandise purchased from any one of the United Chain Stores. For details see John C. Roberts at Room 201, Hotel Hennirfg.