Casper Daily Tribune Newspaper, July 1, 1923, Page 11

SUNDAY, JULY 1, 1923. OYMING’S LEADING OIL, BUSINESS TEAPOT OPERATION B. COSTS ARE DETAILED Report Filed by Mammoth in Connection With Im- pounding of Returns From Section 20 Holds Interest for Operators Interesting data on the cost of operations by the Mam- moth company in developing the Teapot structure has been gleaned by Frank Taylor, Gerken City Derrick, from correspondent of the Oil Journal statements filed in federal court eyenne by the Mammoth in connection with the im- pounding of revenue from the southeast quarter of section 20-89-78, title to which ts claimed by R. G. Taylor and others. The Taylor group has litigation pending in fed- eral court as the outgrowth of de- velopments which reached a climax ‘when they were stopped from drilling om the land by marines sent from ‘Washington. On June 15 the Mammoth com- pany filed a check for $84,405.90 with clerk of the federal court, repre- iting returns during May from the 0 acres, less 10 per cent for operat- ing costs. The Mammoth company Bas eight wells drilling and operat- ing on the quarter at a total invest- ment of $141,268.39, and the deduc- tion is made thet on this basis, the cost of developing the 9,481 acres on Teapot to a point similar to the de- velopment on the southeast of section 20 would be $8,375,151. However, 36 wells would have to be drilled to bring a quarter section of land to full development, thereby multiplying the aggregate cost many times. The report of operations filed with the federal court at the time the check was placed in escrow follow: ‘Well No. 401 was completed dri! ing on April 12, 1923 to 2,697 feet, being the bottom of the second Wall Creek sand. On April 14 this well was shot with 100 quarts and started Producing 109 barrels per day on that date. A string of 2% inch tubing ‘wae run in this well with a tubing Packer, through which the well is now producing. ‘Well No. 402 was completed May 12 at 2,742 feet. The well immedi- ately started flowing and no change has been made in this well from that Gate to the present time. The drill- derrick has been torn down and placed with a pumping derrick. Well No. 403 started drilling on May 7 and on this date (June 15) is Grilling at 1,388 feet. ‘Well No. 404 started drilling on May 2 and on this date (June 165) was drilling at 1,225 feet. Well No. 406 has a standard drill- ing rig completed awaiting drilling tools. Well No. 405 also has a standerd arilling rig awaiting drilling tools. Well No, 407 started drilling on May 12 and on this date was 1,145 feet. Well No. 408 started drilling on May 17 and on this date was 105 feet. All necessary tanks, flow lines, gas and water lines have been constructed on this property. Costs of Operation, The statement of costs of operation on this tract is given in the following Usting of expenditures by the Mam- moth Oil company. This account is a fair figure on the cost of operations in the Salt Creek or Teapot fields where the operating companies have the funds to make preparations for an extensive drilling campaign and would thus eliminate much of the ex- pense that a smaller firm would have were it to enter the field to drill only one or two wells. Drilling Drilling Drilling Drilling Drilling Drilling Drilling well Drilling well No. Water line to No. 40) er line to No. 40 Water line Water line to Water line to No. 403-.... ‘Tank battery No. 1-. Tank battery No. 2. Tank battery No. 3-. Boller station -. Operating expense — well well well well well well Total expenditure: Marine Preparing for New Operation at Salt Creek Marine Oil company has completed rig for its Marine No. 4 well on sec- tion 1739-78, Salt Creek, where a completion is pending in the com- pany’s No, 5. In the latter well elght- inch caging has been run and ce- mented at a depth of 2,432 feet and drilling will be resumed as soon as it ham eet. On section 20-39-78 the company’s Taylor No, 3 is down 1,720 feet, and Taylor No. 4 is being cleaned out at 2,776 feet. The Carneiro, Kan., test of the company has reached the stage where 5 3-16-inch casing is being run. C. L. Ferguson, field superintendent for company, fs in Kansas for a few days lcoking after the property. onditions Still Favorable For Oil Companies, Report Go far as most ofl companies in hich Wall street is interested are cerned, prenent conditions are not worable. Companies hardest hit strictly producing organizations. street's interest in that type is Tt f@ almost entirely in the all nd companies, those producing, re- ning and marketing oil, according © & Dow-Jones telegram to Wilson mer and company. ‘With the latter clasd, the profit in periods of law priced ude and refined oil, generally is as factory as when both crude and fined prices are high. A period of high priced crude oll is to the benefit strictly producing cdmpanties, Refining and marketing of cil is a manufacturing and merchandising position. Many refiners and mar- S Oil Pipe keters prefer low price because of ex- pansion in business which develops with lower prices, Standard Oll for the most part ts in that group. There are only three im- portant Standard Oil companies which are solely producerm of oil, namely Prairie Oil and Gas, Ohio Oil and South Pennsylvania. The situation as affecting the Stanard Oil of California is more fa- orable than formerly, It is directly benefiting from @ great amount of cheap oil and on account of its abil- ity to move the ojl from a locality of overproduction to more distant points ‘where prices are higher. \As @ group Standard Oil companies probably will emerge from the pres- ent situation with greater advantages than the independent group. line Runs Show Slight Gain During Week Daily average gross pipeline rund for fields of the Rocky mountain region during the week ended June 8 amounted to 129,090 barrels, an in- of 415 barrels over the daily erage for the week ended June 16. Salt Creek increase amounted to n than the difference. A comparison for the weeks named daily runs by fields follows: June 23 June 16 -90,750 94,040 wonnchoueawenn 4,490. °3,800 4,150 760 nee Creek ..—. Pilot Butte -.... Lander - Lost Soldier Rock River Grasa Creek —____ Hamilton Dome -_____. Bik Basin... Greybull Osage 100 580 6,525 4,275 9,250 475 2,015 200 985 Ferris 210 Cat Creek ~.....__.. 6,735 Kevin-Sunburst .__.. 1,220 Miscellaneous 675 ----129,090 95 230 3,870 4,250 6,275 470 1,975 190 1,015 145 6,680 1,120 510 Totals Alaska Development Rigs Up for Pine Mountain Test he Alasakn Development company eins BD ® standard derrick on norfiwest of the southeast quar ef section 35-35-84 in the Pine untain field and it is expected that ing in will bp started on Wed day of this week. This location is t Alf — mile southwest of ip und wilt be stirted with 15% casing thet it may be carriba to | dl dveper producing horions. |m the | hele w Which in now Crilled to the Ten-|t Fallure of the cement to”hold neces: sitatea & yew job in the formér op- cration. Which will cause another de- lay in ttf completion, It is planned to pull the) casing high enough to in- sure ciulation and §t will be r hted during the present week. This « drilled to the Tensleep some “Ho at 2.624 feet and with ex Pehowing of oll and gas in evi- A commercial well js assured f . New York Stocks Allied Chemical & Dye = American American American American American American ‘American American American Anaconda 64% 85% - 157B International Corp, . 1814 Locomotive Copper .-.-.-..... Atchison JD Raa Atl, Gulf and West Indies Baldwin Locumotive -. Baltimore and Ohio .-. Epthelahem Steel -—--....... California Petroleum Canadian Pacific Centra! Leather —_.. Cerro de Pasco Copper Chandler Motors —-. Chesapeake and Ohio ~__... Chicago and Northwestern Chicago, Mil. ,and St. Paul Chicago, R. I. and Pa Chile Copper - Chino Capper Consolidatea Copper Corn Products -. osden Ol... Crucfole Steel — Cuba Cane Sugar pf Eria a a Famous Players Lasky .. Genaral Asphalt General Electric General Motors - Great Northern pfd. -. Gulf States Steel Illinois Ceistral - Inspiration Copper Internationa! Harvester Int. Mer. Maren pfd .. International Paper -... Invincible Oil Kelly Springfield Tire — Kennecott Capper Lima Locomotive Louisville ang Nashville Mack Truck - Marlind Oil --.... Mexwell Motors B Middle States Ofl ___. Missouri, Kan. and Texas new Missouri Pacific pfd. New York Central Pennsylvania .. People’s Gas .. — Producers and Refiners -. Pure Oil Reading Republic Iron and Steel -. Sears Roebuck Sinclair Con Ol ~ Scuthern Pacific Southern Railway Standard Oi) of N. J. -—. Studebaker Corporation Texas and Pacific Tobacco Products A Transcontinental Oj1 Union Vacific -. United Retuil Stores -----.. U. 8S. Ind, Alcohol -—~.---. United States Rubber ----.... United States Steel -. Utah Copper Westinghouse Electric ~-.--... Willys Overland -----— American Zinc, Lead and Sm. — Butte and Superior -----..___ Colorado Fuel and Iron ~-.--_ Montana Power Nationa! Iead -..... Shattuck Arizona 145% 83% 36 100 14% 84% 26% 102 106 148 Cumberland Calena . IMinois Inciana Nat. Tran N. Y. Tran Nor Pipe Ohio Ol Prairie Ol Grass Cree! Torchiight Esk Basin Greybull — Rock Creek Salt Creek Bunburst | Foreign Exchange | NEW YORK, June 30.—Foreign ex- changes irregular. Quotations in oents, Great Britain demand 457 cables 457%; 60-day bills on 457 13-16, * French demand 6.03%; cables 6. Italy demand 4,88%; cables 4. Belgium demand 5.13; cables 5.13%. Germany demand .0005%; cables 0005%. Holland demand 39.15; cables 39.18. Norway demand 16.35; Sweden demand 26.45; Denmark demand 17.49; Switzerland demand .17.61%; Spain demand 14.48. Greece demand 4.95, Poland demand .0008%. Czechoslo- vakla demand 2.99. Argentine demand 46,80. Brazia! remand 10.90, Montzeal 97 9-16 veld SS, Moonlight schools are —--- +80 established Yisey’ durthos, Peneration of the sand.in 22 states of this country, Che Casper Sunday gorning crioune Oil Securities Boston Wyoming Buck Creek _ es ee Blackstone Salt Creek Chappell Columbine _ Capitol Pete _. Consolidated Royalty_ Cow Gulch Domino Elkhorn Frantz E. T. Willams .. Gates Kinney Jupiter Kinney Coasta’ ...... Lance Creek Royalty. Lusk Royalty Mike Henry Mountain & Guift New York Cit Picardy Red Bank new Royalty & Prgducers Sunset Tom Bel Western Exploration. 3.55 Wyo-Kan Western Oil Fields Western States Y on ro 08 New York Curb, Closing Mountain Producers -$ 1375 $ Mammoth __. 52.00 Glenrock Oil Salt Creek Prdi Salt Creek Con: New York Ol Marine Mutual 8. 0. Indiana 55. Citles Service Com —. 132.00 LIBERTY BONDS. 3%e ___ First 48 _ Second 4s First 4%s Second 4\s Third 449 Fourth 4%s -. 00 Livestock | Chicago Prices. CHICAGO, June 30.—(U. S. Depart: ment of Agriculture.) — Cattle—Re- ceipts, 1,000; market for week: Most killing classes unevenly 25c to $1.00 lower; lower grades yearlings sho ing maximum decline; many grass fat cows, 50@75c off; least decline re- flected by strongly long fed matured steers; bulls, largely higher; veal calves, to stockers and feeders, 25 to 5 spots more on plain light stocker: extreme top matured steers, $11.40; part load long yearlings, $11.00; few ers above $10.50; week's bulk prices follow: Beef steers and year lings, $8.90@10.25; stockers and feed ers, $6.00@7.50; beef cows and helf- ers, $5.25@8.25; canners and cutters, $2.25@3.50; veal calves, $9.00@9.75. Sheep—Receipts, 4,000; practically all direct; market for week: Direct around 40 per cent compared with a week ago; good and choice lambs, 25@50c higher; lower grades and culls, steady; sheep, steady; closing top native lambs, $15.75; bulk desir- able killers, $15.00@15.50; culls, $8.50 @9.00; bulk medium handy weight ewes, mostly $5.00@6.50; top, $7.00; extreme heavies, $3.50@4.00. Hogs—Receipts, 8,000; fairly active; better kind, 10@15c higher; others, strong to 10c higher; bulk good and choice 160 to 300 pound averages, $7.05@7.20; top, $7.25; packing sows, mostly eround $6.25; strong weight pigs up to $6.75; estimated holdover, 3,000; heavyweight hogs, $6.65@7.15; ice 25 up; lower; medium, $6.75@7.25; ight, $6.65@7.29; ight light, $6.60@7.10; packing sows, smooth, $6.00@6.40; packing sows, rough, $5.60@6,10; killing pigs, $6.00 @6.75. OMAHA QUOTATIONS OMAHA, Neb., June 30. (U. 8. De- partment of Agriculture)—Hogs—Re ceipt 9,500; mostly 5@10c h'gher; bulk 200 to 350 pound butchers $6.35@ $6.65 to $6.75; bulk six loads carrying packing sows and Itghts $6,00@ $6.85; bulk packing sows $5.50@$5.75. Cattle—Receipts 100; compared with week ago: Steers mostly 25@50c lower; medium yearlings 50@75c 25@50c lower; bulls 25c higher; stockers and feeders steady to 15c lower; clos- ing bulks as follows. Beef steers $9.00 @$10.35; week's top $10.90; cows and heifers $5.75@$8.25; canners and cut- ters $2.25@$3.25; bologna bulls $3.75@ $4.25; veals $9.00@$10.50; stockers and feeders $6.25@$8.00; best fleshy feeders $8.35. Sheep—Rece'pts none; compared with week ago: Lambs and yearlings 50@75c lower; medium and common grades off most; sheep steady to higher; feeders around 25c lower; closing bulks follow: Lambs $14.75@ $15.25; week's top $15.25; fed clipped lambs $13.25 @$13.80; light ewes $5.25 @$6.00; heavy ewes $4.00@$4: feeding lambs $12.25@$12.60. Denver Prices DENVER, June 30.—Cattle— Re- ceipts 84; market steady; beef steers 8.00@10.75; cows and heifers 6.50@ 8.00; calves 4.50@7.60; bulls 3.50@ 5.25; stockers and feeders 5.00@7.50, Hogs—Receipts 100; market steady. 10 lower; top 6.75; bulk 6.50@6.75. Sheep — Receipts 1,400; market strong; lambs 13,50@14.60; ewes 4.50146.00. SWAN UNDERREAMERS THE PIPE FOLLOWS NEW LOW RECORDS IN | PAGE ELEVEN. AND FINANCIAL DEPARTMENT STOCKS MARK TRADE Saturday's Business on Big Exchange Heavy and Dull At Close of Week Which Witnessed Sharp Decline in Leading Issues NEW YORK, June 30.—The price trend continued down- ward in today’s short session of the New York Stock E change with a heavy closing and sales approximating 450,- 000 shares at the close of a week in which both stock and bond quotations broke through their low records of last No- vember. fresh signs of weakness noted yester- day were still evident today, par- tcularly in the independent steel and railroad shares. Except fo> sporadic buying by so called “bargain hunters" there has been marked absence of public buying support in the market for sever! weeks. This has been attributed in part to the uncertainties concerning the trend—of business and securities prices this fall and the fears en gendered by recent failures and dis- closures made in the investigation ot broker year or more ago. Railroad have made little response to the un- precedented earnings reports for May which began to make their appearance | this week. Practically all the principal systems reported large increases in Sross income but some of the north- western carriers showed a reduction in net, as compared with May last year, The last fifty-four roads to re. port show combined net income of $61,552,900, as against $58,136,000 in April and $42,133,000 in M. 1922 Thursday witnessed a partial * bankruptcies taking place a| shares | recovery but fresh Failure of the board of directors of the Baltimore and Ohio ra{iroad to resume dividends ag this time brought about some selling of that stock. Steel stocks were depressed because of pessimistic advices from the steer trade centers and unconfirmed reports | £ that there wag danger of a reduction or omission of the next quarterly Bethlehem dividend. A new low price for crude rubber and recent tire cuts have had a re |actionary effect on rubber company issues. Firmness of money rates this week Was attributed to withdrawals of in terior funds from this center in an. ticipation of mid-year settlements Call money renewed at six pe on Thursday and Friday for the time in many months, Bankers de mand 6% for money with five bid and business consisting largely of renewals, Loans b: the federal re serve bank of New York for the week ended June 16 were the lowest this year, and the total earning asset were the lowest since 19 Wheat Prices Bolstered by Rust Reports at Close of Week Featured by Decline CHICAGO, June 30.—At the end of ® week marked new low price records for the season, the wheat closing to- day was firm at 1% to 1%c net higher for the day with September 1.03% to 1.03% and December 1.06% to 1.06% On the other hand favorable crop reports, together with prospects of fairly good sized deliveries Monday on July contracts, gave some advantage to the bears in the corn market, which closed unsettled at a range varying from one cent decline to a quarter cent advantage with Septem- her .75% to .75%. Black rust reported throughout the northwest was the bolstering infin ence in the wheat market today after all future deliveries had been markeo down for days. Previous to today's bullish reports weather conditions had continued favorable for the harvest- ing of winter wheat and rains and low temperatures were aiding the growth of the spring crop. Persistent liquidation of wheat hold- ings on the part of houses with east. ern connections gave special emphasis to the disturbing general effects of the stock market declines and were offset to only a moderate degree by reports that within the last two ‘lays, 4,000,000 bushels of future. de iveries of wheat had been taken by exporters, Word that black rust had been dis. covered in South Dakota fa‘led to act as a stimulus to the buying side of the wheat market, and it was ap- parently the view of most traders that important actual damage from rust might have to be shown before prices would respond. European ex change rates at new levels for the year and a seeming dearth of export purchasing for nearby shipment ex- cept on a hand to mouth basis were also a decided handicap to bulls. Favorable weather conditions for the new crop together with indica tions that the stock of corn here would show an increase this week had a bearish influence on the corn mar- ket. Oats followed corn. Provisions deolined with hogs and grain. ‘Today's range of quotations follows: | low 101% 1.02% 1.05 High Close 1.03 1.03% 1.08% 79% 15% 64% 1.03% 1% 1% 62% 18% -75% 40% 36% 38% 10.75 11,00 40% 36% 38% 10.72 10.97 Ribs: July . Sept. - 187 9.05 8.95 9.17 8.87 9.05 8.95 9.15 Cash Grains and Provisions Chicago, June 30.—Wheat number 2 hard 1.05%; corn number 2 .79%@ 804; number 2 yellow .81% @.82%4 Oats number 2 white .42%@.43% number 3 white 414 @.42%. Rye number 4, .62. Barley nominat Timothy seed 6.00@6.50; clover seed 15.00@17.00; pork nominal; lard 10. Ribs 8.70@8.95. Potatoes CHICAGO, June 30. — Potatoes. slightly weaker; receipts 42 cars; total U. 8. shipments 608; southern sacked Triumphs 2.50@3.00; few at 3.10 North Carolina barrel Cobblers 5 @5.50; mostly 5.25; Virginia barre cobblers 5.75@6.00 Butter and Eggs CHICAGO, June 30.—Butter, lower; creamery extras, 37%c; standards, 8%c; extra frets, 35% @36%c; firs 33% @34%0; seconds, 32% @3bc. Eggs, lower; receipts, 16,576 cases; firsts, 20% ordinary firsts, 19@ neous, 20@20%c; storage 1.02% | 1.06% | 63% | pack 7 storage pack firsts, 23%c. Surveying and Locations Geologists, Ol Experts, Oil Field Maps, Blue Prints WYOMING MAP AND BLUE PRINT CO. P. 0. Box 325 Room 10, Daly SWAN UNDERREAMERS ENGINEERING WORK THAT WILL STAND THE ACID TEST Surveys Of All Kinds Additions Lots Placer Claims Homesteads ESTIMATES FURNISHED Water Rights Reservoirs Irrigation Ditches Pipe Lines SURVEYS MADE CONSTRUCTION SUF'ERVISED Competent Force of Engineer, and Draftsmen to Handle Work Without Delay KENNEDY & PENNEY ENGINEERING CO. Wyoming Eng. License 101 Townsend Bldg. No, 12 Phone 440 first American Smelting 5s American Sugar 68 American Tel. and Tel., American Tel and Tel col {Anaconda Copper, 7. 19 }Anaconda Cpper 8s, Ohio vel con ley ref, 59 A Paul ov., 444s treat Northern 7s A |Montana Power 6s A Northern P; Northwestern Pacific Gas an Light Westinghouse Electric 7 Witson and Co., cv., Fast Progress Being Made on Poison Spider Pipeline With all the pipe strung fram Cas. { per to the Polson Spider field, over s of which is screwed an and ditching for ove five miles more, excellent progress is ob-| taining with the six-inch line of the Fargo Oil company and {t is practic- pd that this line wil! carrying oil by the first of the com ing month Foundations for the pumping eau!p- ment the field end and at miawvay staticn are nearing completion and the equipment which has arrived will be placed as soon as this job is done The derrick Ne which nce the one de oyed by fire ed today and rigging started Monday morning. PRICES SMASHED We are now dismantling and selling the large plants of the American Potash company in Western Nebraska. All the equip- ment is high grace, modern and in excellent condition. Now offered t for sale at prices th ave you one-half to one-third. Below are some of the items: Rigging up on No. completion and 24 ts nearing well will prob. ably be spudded in on Tuesday. No, 27 1s still tied up by a crook in the casing which is 17 feet from the bottom but thia trouble ts being overcome. Fishing for Gropped under- jreamer lugs is still holding the ate tention of the crew. The water well in Emmigrant Gap Is drilling at below 600 feet. A water 115 feet in thickness has been ed which carries an ample {supply for the needs of the midway station by pumping but the ho being continued with the expe of striking a fidwing well at a great- lor depth this san pene on is will be com up will be principal Heine Water-Tube Bollers. Sterling Water-Tube Boller. Heine W fube Bollers. Tubular Boilers Boilers There are over 100 tanks in this sale, con sisting of all «izes and dimensions. The largest are 100,000 gallon capacity, for ol! storage. Write us your tank requiremer Tanks ere are 300 pumps included in this sale. There are boiler feed pumpa, triplex plunger purr vacuum pumps, deep well pumps and circulating pumps. All sizes and capacities, Write us your requirements, Wood Pipe derful Pumps Over 100 miles of 6-inch and 8- inch wire wound wood pipe, Only five years old; eound condition; can be reused for irrigation, drainage or water supply. A won- opportunity to buy at low prices. Steel Buildings 140 feet long, 30 fect high to eaves and 50 feet high to eaves, with 120 fect, 15 feet high to eaves ‘Three matern first class stee! buildings; one 60 f wide and One 60 feet wida, 160 feet long nm-ton crane runway. One 60 feet by ‘Two quadruple effect and two 30 Gasoline and Ol H. P. sizes. sizes. Very “ Engines, 6-10-2 Also Steam Engines of many Engines ro ge ee ec 200 K. W. D. connected Generators ;: Write or Wire for Free Catalog No. CT5 Alllance, n below We have a s representative at the plant and you may direct all inquiries to the address giv: We suggest that you inspect, aul The 5 {s located 16 miles from Neb., &£Q way Alli i action nt ance, on the ¢. B FRANK HARRIS SONS ¢ Home Office: McCormick Bldg. P. O. Box 1043 e Alliance, Nebr. Chicago, Ills, TS CLEAR SOFT AND PURE Order HILL CREST WATER WE DELIVER 2cond St. ’ the case or 5-gallon bottles. Phone 1151