Casper Daily Tribune Newspaper, July 29, 1923, Page 16

Matiecman PAGE EIGHT. WOYMING’S LEADING OIL, BUSINESS AND FIN OIL ISSUES INCLUDED IN STOCKS SETBACK GIVEN BIG IN TRADING Professional ‘Traders Launch Bear Raid at End ot Week's (Trading; United States Steel Marked Down to New Low for Year NEW YORK, July 28.—Another sharp setback in stock prices was recorded in today’s short session of the exchange ere as the result of raids by professional bear traders, who resumed short selling on the oils, rails, steels, motor acces- ®ories, textiles and coppers. United States Steel reached a mew low level for the year when it sold at 86 3-4. Extensive liquidation was forced by the decline and the closing was weak, wales approximating 610,000 shares, Today's bear raid was a continua tion of a movement started Friday after stock and bond prices had point- fed upward during the early days of the week. Commodity prices, particularly of wheat and cotton, sustained a sharp break, the former touching new low quotations for the year on reports of poor export prospects and the latter yielding on reports of favorable wea- ther in the cotton belt which would make for a larger crop than origin- ally estimated. Special atention was again pala dur- ing the week to the reign situation but there wag no disposition to dis count possible developments pending the publication of the French reply to the British note on reparations, Ger- man marks continued their course to- ‘ward the vanishing point, being quot- ed at less than $1 a muflion following the announcement that German print- ing presses were now grinding them @ut at the rate of more than two trillion daily. Oil shares continuee to feel the de- Presing effects of heavy overproduc- tion in the western fields which has more than made up for the loss in| Mexican output. | Heavy liquidation took place dur- ing the week in the shares of North- western railroads, Northern Pacific and Great Northern preferred selling at their lowest levels since 1896. This | selling was influenced by the increas- ama Canal in coast to coast traffic, the prospects of reducted freight traf- fio this fall because of the low wheat prices, speculative fears that the re cent growth of the farmer-labor move- ment might lead to a reduction in freight rates and the expected de- mands of the big four brotherhoods for higher wages. Other roads failed to make any ap- preciable response to tne excellent June earnings statements, which show increases in net income as high as six per cent over the preceding month and to the continuation of recortl breaking car loadings for this season of the year. Steel shares were benefited some- what by the declaration of the reg ular quarterly dividend by the Beth- lehem Steel Corporation, setting at rest rumors that it was in danger Hy the favorable quarterly report of that organization and by reports from steel trade centers that the demand for steel was increasing and that can+ cellations were negligible. Tha up- ward movement in these issues has been held in check by the gradual adoption of the eight hour day in the industry, speculators showing little disposition to extend their commit- ments in these shares until the effect of the shorter work day on earnings is definitely known. Money continues relatively easy. Several large institutions are reported to have been switching lately from short time notes to long term govern- ment bonds, this being construed as ing competition provided by the Pan- Wheat Prices Sympathy, Wit indicating that they expected a lome period of easy money rates. Decline In h Stock Trend CHICAGO, July 28—Downturns in the stock market had a bearish effect on late dealings in today’s short ses- sion of the wheat market, after a week of declining values. ‘The close was heavy, 1%@1%c net lower for the day, September 95% @95%o and December 99% @99%0. Good raina east of the Mississippi had a bearish! Anfluence on corn. The close was easy, %o net lower to %o gain, Beptember 77% @77%0. ‘With wheat traders generally hold- ng to the view that the new crop| movement this season would virtually, be over before preliminary arrange- ménts could be made to put into wide operation the American farm bureau's plan for government financed farm storage of wheat, the market ehowed @ declining tendency nearly every day of the week. Sharpest declines| took place on the days when weak- ness of securities in Wall Street was most evident, especially when values gave way after a leading Chicago banker expressed bearish opinions re- gerding prosperity of improved trade swith Europe. Increasing recetpts of wheat here fand at other primary points were re- flected by persistent hedging sales, and with harvesting already begun in Canada and a liberal yield there ex- pected, buying orders lacked sufficient volume to maintain the few price] rallies which were witnessed. One such rally came in connection with reports thet black rust was impair ing the crop outlook in the Canadian northwest, but the effect was soon offset by word that Great Britain was Ohio Drills in In Kevin-Sunburst Field ‘The Ohio O{l comany completed one ‘frell last week on section 15-85-2w in the Kevin-Sunburst fleld. The well ‘was brought in for 75 barrels at a @epth of 1, feet. Other operations of the company ro as follows: Kevin-Sunburst. No. 1 Holloway, section 84-862w, funning liner at 1,777 feet. No. 2 Barr, section 2-35-2w, pulling 20-inch at 1,535 feet. No. 3 Larsen, section 17-35-2w, Bidetracking tools at 820 feet. 10 O'Haire, section 85-86-2w, 5 feet. ker, section 8-86-2w, drifl- ing at 626 feet. ker, it. section 8-35-2w, drill- down at 2,165 feet. No. 1 Malta, section 20-24-24, @rin- ing at 1,175 feet. Grasa Creek, No. 19 Wiley, section 18-46-98, a@riMm- ing at 1,797 feet. No. 89 State, section 19-46-98, bufla- ne wrig after fire at 1,680 feet. No. 68 Milliron, section 20-46-98, ing for casing at 2,178 feet, Lance Creek. section 5-35-65, @ection 5-35-65, selling back United States wheat and taking Argentine wheat instead. Dearth of rain much of the week, together with scarcity of present sup- plies of corn, made prices of corn and oats average higher. Provisions were depressed by un- favorable advices from Germany and a heavy domestic marketing of hogs. Today’s range of grain and provi- sion prices follow: Wheat— Open High Low Close July 97% 97% 96% 96% Sept. 96% 97% 95% 195% Deo. 1.00% 1.00% 99% .99% Corn— July 88% 89% 88% BB Sept. TK AT TT ITH Dec. ——. 63% 63% .63 .63% Oats— July Al% Al% 40% 40% Sept. ——. .85% .35% 84% .84% Dec. BT BT 26% 36% Lard Sept. ———20-75 10.75 10.50 10.55 Oct. ———10.85 10.85 10.57 10.65 Ribs— 817 8.17 810 8.10 CHICAGO, July 28.—Wheat—No. 2 red, 97% @97%40; No. 2 hard, 97@980. Corn—No. 2 mixed, 89% @90%c; No. 2 yellow, 89% @90%c, Oats—No. 2 white, 42% @44%c; No. 3 white, 39% @41%c. Rye—No, 2, 65c. Barley—62@69c. Clover seed—$15.00@17.00. Pork—Nominal. Lard—$10.42. ¥ Ribs—$8.00@8.75, New Well - No. 2 Tract G Account No. I, seo tion 17-89-78, drilling at 9,295 tive No. 1 Tract G Account No. 2, sec tion 17-39-78, shut down at 2,785 feet. No, 7 Harri lt . ison-Cooper, mi 10+ 78, fishing for swab ats seen . No. 8 Harrison: fection 3-19- 78, swabbing at 8,092 feet, No, 2 Harrison-Cooper, east halt of section 919-78, ariltt 2,790 feet, " og Ne, &- half pf section ¥ feet, t Na, f# Plamend, pection 97-20-78, Grilling at 086 feat, Wo, 11 State, seotiow 86-R0vr8, arill- ing wt §80 foot, Baxter Rnsin, No, 2 Poston, section 22-16-104, rifling at 1,515 foot, bo. 1 Hay, pootion 14474104, fish- ing for tools at 3,150 feet, Hex Dome—No, 1, section 20-16-77, firilling at 604 feet, Oregon Basin=-No, 1, section 8-51- 100, cleaning out at 1,080 feet, Hidden Dome,—No, 1, section 81-43- 00, drilling at 9,000 feet, O'Brien Bpring,—No, 1, section 2-24- 47, dpilling eut Mahone; 0, tien A6-84-88, drilling at 9,525 fect. Utah=No, 1 Coalville, section 6-2n- Go, dvilling at 1,020 foot, one at h weat one drilling at 440 feet , nection 4-26-65, Salt Creek 4 Tract ET, © No, Grilling at 2,414 ton @rMing | | | ‘The worl 20-39-78,) held by Ar Byron—No, 1, section 82-56-97, rig up. ——_>——____ ‘a's record in premiership fs Istide Briand, who has been oven times prime minister of Vrance New: York Stocks Allied Chemical & Dye ----_ American’ Can a22--— American Car and a American International Corp — American Locomotive -—_-... American Smelting & Refg. — American Woolen Anaconda Copper Athigson Atl, Gulf and West Indies -_11%B Balé@win Locomotive .. Canadian Pacific Central Leather Cerro de Pasco Copper -———. Chan¢ler Motors —— Chesapeake and Ohio Chicago and Northwestern _... 64% Chicago Mil,, and St. Paul pfd . 30 Chicago, R. I. and Pac. 22% Chile Copper Chino Copper -. Consdiidated Gas —_______ Corn Products ~——. 118 Cosden Oil -.. 34 Crucible Steel - 59 Cuba Cane Sugar sees 4088 TEENO receceeensaeeq—ueens 11% Famous Players Lasky General Asphalt General Electric -. General Motors -—--___. Great Northern pfd -. Gulf States Steel THinois Central - Inspiration Copper -. International Harvester Int. Mer, Marine pfd. ——. 23% International Paper Invincible Of! -____-. Kolly Springfield Tire 31% Kennecott Copper 82 Lima Locomotive .. 61 Louisville and Mack Truck Marland Oil Maxwell Motors -B Middle § Mirsctiri Missouri Pacific . Y., N. H. and Hartford Norfolk and Western Nowthern Phicific -. Pacific Ol —-.. ceamare Pan American ePtroleum B, 52 Pennsytvania 43% People’s Gas 86% Producers an. = 30% Pure Oil ——. - 17% Reading —- ——— - 72% Republic Iron and Steel ~ 42 Sears Roebuck -—. 67% Sinclair Con Of ~— 22% Southern Pacific 85% Southern Railway -.-. 31% Standard Oil of N. J. -—. - 81% Studebaker Corporation Teeae), (57 cee: de Casper Sunvap worning Cribune —-- -23 25 Big Indian 10 13 Wyoming —-. .80 90 12 13 Brie pees ae Blackstone Salt Creek .28 Cliappall 29 Columbine ——. -10 Capitol Pete ~—.----- .00% Consolidated Royalty. 1.20 Cow Gulch —-..---. .0L Lance Creek Royalty. .00% Lusk Royalty -. 01 Marine 04% Mike Henry . -- 00% Mountain & Gulf ~—— 1.20 New York Cil -—~..-12.00 16.00 Picardy -—.. 03% 04% Outwest --.. - 00% 00% Red, Bank —. - 208 204 Royalty & Producers . .05% 07% Sunset —_.. = 00% = .01 Tom Bell Royalty 01 10145 Western Exploration — 3.30 3,50 -70 Wyo Kans -_---____ .60 Western Oil Fields -70 80 Western States ---. 15 16 Y on -——.-. —- 09 a New York Curb Ciosing Mountain Producers .$ 13.75 §$ 18.87 Mammoth Ol] ---—- 61.75 Glenrock Oi} 60 Salt Creek Pris -___ 16.62 Salt Creek Cons 8.00 New York Ol] --. 9.00 Marine --..--. 4.50 Prod. and Refrs, -.. 35.25 Cosden -... 38.50 Mutual —__.. 10.37 S. O. Indian ---- 54.00 Cities Service Com. ~ 134,00 Liberty Bonds 3%s ---—-- First 4s Second 4s First 4%s Second 4s Third 4% Fourth 4%s Livestock Chicago Prices. CHICAGO, July 28.—(U. S. Depart- ment of Agriculture.) — Cattle—Re- ceipts, 1,000; compared with week ago: Weighty beef steers of value to Sell at $10.50 and above; better grades Texas and Pacific Tobacco Praducts A -.._—-79%B Transcontinental Oil ——_____ Union Pacific -. United Retail Stores 70 U. 8. Ind. Alcohol 45% United States Rubber 40% United States Steel 86% Westinghouse Electrio —__. 54% Utah Copper b8 American Zinc, Lead and Bm. . Butte and Superior —____.__ Colorado Fuel and Iron Montana Power National Lead Shattuck Arizona Anglo 15 Buckeye 86 Continental 35% Cumberland qu Calena 206 Tilinofs —_-________159 160 Indian 96 98 Nat Trans 33% 24 N. ¥, Tran -_____ 95 99 Nor Pipe —. 104 = 108 Ohtd O11 - 55% BT Prairie Ol 175 «180 Prairie Pipe — 9 100 Solar Ref. 182 «4187 Sou. Pipe 95 96 Cs ag GL ED) 43 8, 0. Ky —— 89% 90% S. O. Neb. —__ 385? 820 8. 0. N, X. 20% S. 0. Ohio 285 Vacuum ..—-------___ 42% 8s. 0, In@ ———- 51% 61% Crude Market Grass Creek .. 1 Torchlight ——.— ~-.-..-.--.. 1. Ek Basin oon 1, Gexoull one | coumeosenerenen 2. Rock Creek Sait Creek Big Muddy Hamilton Mule Creek Sunburst First Producer on Circle fat cows and heifers, 250 higher; other. grades most killing classes, 15 to 40c lower; spots, 750 off on com- mon weighty steers; top matured steers, $11.70; best long yearlings, $11.15; canners, “and vealers, about steady; bulls, 750° lower; stock- ers and feeders, 500 lower; week's bulk prices follow: Beef steers, $8.85 @10.25; stockers and feeders, $5.25 @6.50; she stock, $4.65@8.15; canners and cutters, §$2.75@3.40; veal calves, $10.50@11.25. G Sheep— Receipts, 1,000; today’s Practically all direct; for week, less than 10 per cent direct; western lambs runs largest of season; com- pared with week ago: Fat lambs, 75¢ to $1.00 lower; feeding lambs, 25- to 5Qc lower; yearling wethers, mostly 500 lower; culls and aged stock, gen- erally steady; closing top lambs, $12.85; natives, $12.25; culls, $8.00@8.50; medium and handy weight ewes, $5.00@6.50; choice light weight, $7.00; heavies, $3.50@4.25; feeding lambs, mostly $11.75@12.75. Hogs — Receipts, 8,000; 100 higher than Friday’) * bulk 160 to 240 pound averages, $7.55@7.75; practical top, $7.85; bulk good and choice 250 to 300 pound butchers, $7.35@7.55; bulk packing sows, $6.00@6.25; strong weight pigs, mostly $6.75@7.15; heavy weight hog: $7.00@7.65; medium, $7.35@7.80; light, $7.156@7.85; lght light, packing sows, smooth, packing ing pigs, $6.25@7.25; estimated hold- over 7,000, OMAHA, Neb., July 28—{U. 8. De- partment of Agriculture.}—Hogs—Re ceipts, 12,000; uneven, strong to 150 higher; bulk 200 to 825 pound butch- ers, $7.00@7.40; top, $7.50; bulk mixed loads carrying packing sows and lights, $6.35@6.90; packing sows, mostly $6.00@6.40. Cattle— Receipts, 425; compared with week ago: Better grades beef steers, 15@25c higher; other grades mostly 15@250 lower; medium and common yearlings, 25@50c lower; extremes of quality of @ atock, steady; in-between grades showing some weakness; bulls, 250 higher; veals, unevenly 250 lower; best fleshy feeders, scarce, stea( others dull, fully 25@500 lower; closing bulks follow: Steers, all weights, $8.25@ Ridge Tests {150 Barrels RIVERTON, Wyo., Juty 29.—C. H. Sherman of the Union Oil company, was out at Circle Ridge and while there a test for production was made on the well just completed by that company there ‘The well showed a production of 150 barrels a day, the oll being almost identical to that pro- duced at Maverick Springs, The production-ecomes from th Embar sand, at a depth of 555 feet. Following the striking of oll in the o-| Embar, the hole was drilled on down to a depth of 655 feet, into the ‘Ten- sleep sand, but jt is not thought-that any additional ofl was encountered there, Preparations are now being made for the drilling of a second well on Clrele Ridge at once. Two more wells will be drilled tn the Maverick Springs field thia sum- ™mer by the Union Of company. Ev- company thus far has proven a@ pro- ducer, Ketch & McLennan, drilling on the Burley Ol company holdings have reached a depth of 1278 feet at the base of the Red Beds, expecting to land casing on top of Mmestone cap rock—on top of Ember sand and test the sand early next week. ‘Washouts and bad roads have de layed this est for a few days, but no serious trouble: has been had in 4rilling operations, Geologists and scouts of many larger operating companies are watching with interest this important te: it will prove a lareg area, ly-| ing as it does 4 miles east of the Big ery hole drilled in that field by this) finers’ corporation. house has bene completed and is also projected. The Hammond Iron Works, War- ren, Pa., and the Kaw Koller Work: of Kansas City have been awarded contracts for the delivery of ma- chinery and plent construction, Or- ders have already been placed for steel construction material. R. R. Irwin, vice-president of the) White Eagle company, E. C. Mar-| shall, general refinery superintend- ent and W. E. Dickerson, refinery en- gineer, arrived in Casper last week to direct plans for the plant. The crude supply for the new plant CONSTRUCTION WORK ON NEW REFINERY TO BE RUSHED IS CLAIM White Eagle Oil & Refining Company Officials Start|Pimr * Ball Rolling on Arrival; Contracts for Materials and Building Are Let Construction work is starting on the new 8,000-barrel re- fining plant of the White Eagle Oil & Refining company four miles east of Casper, where preliminary surveys have been completed on land purchased from the Producers & Re- At Stroud station a temporary ware- ‘ the erection of other buildings wit pe furnished by the Producers & Refiners corporation through the pipeline now being constructed from Salt Creek to Rawlins through Cas- per. The main line will pass the Producers & MRefiners absorption plant just west of the city and a lateral line will be run down the river to the White Eagle plant. The White Eagle company last week filed articles of incorporation with the secretary of state at Chey- enne. The company is a Delaware corporation with an authorized capi- SUNDAY, JULY 29, 19 ANCIAL DEPARTMENT Kingdom of Ni r, 6B Republio of 8s, 1941 Republic oF Chloe tal of 320,000 shares of no par value.| Utah Market Gossi Gas Struck in Buck Creek. LUSK, Wyo., July 29.—While drill- ing through the first sand, a very strong gas pressure was encountered in a Buck Creek well on section 26, but every effort was being made to drill through to the pay sand, accord- ing to latest reports. Visitors at the oll fields state that the roar of the gas can be heard a long distance from the well. Those familiar with the amount of work being done at the Lance Creek field say that more activity is being shown there this summer than for the past two years. Six new wells are now being drilled by the Union, Ohlo and Buck Creek companies in this locality and it is understood that the Western States expects to start work on a couple of wells at Mule*Creek. Rock Springs Lease Closed. ROCK SPRINGS, Wyo, July 29,— J. B. Davidson and C. B. Bass of Portland, Oregon have been in Rock Springs completing an oll deal with Messrs. 8. A. Mock and W. of Balt Lake City. finally developed by the former gen- tlemen joining with the Baxter Basin syndicate. and heifers, $5.25@8.25; canners and cutters, $2.50@3.50; calves, $7.50@9.' @5.25; beef 1. fleshy stockers, $5.00@6.50. Sheep—Receipts, heavies, $6.7! p and Briefs On Operations in Oil Fields Mr, Davidson is to furnish a big compared standard rig, now located at Rawlins, and which will be transferred to Sec- tion 14, township 19, range 104, the location being about three-quarters of a mile northwest of Baxter station. Mr Davidson has spent many years in drilling ofl wells in this country and abroad, and has several more strings of tools which he will move into the field as production warrants them, s July 28.—Potatoes slightly weaker; receipts, 53 cars; total United States shipments, 549 Kansas sacked Cobblers, $2.00@2.15 ewt.; Kansas sacked Early Ohi partly graded, $1.60@1.75 cwt; graded, $1.90 cwt; Virginia barrel Cobblers, $5.25. NEW Th 1. 6%—, 1987 YORK, spot, quiet; middlings, $33.45. —————_—_ July 28—Cotton, October, $2.28%; November, $2.28%. Progress Made on Test. THERMOPOLIS, Wyo., July 27.— H. D. Curtis is down near the 1,100 foot level in the well he is drilling on South Fifth street in the city limits of Thermopolis. He has encountered no very serious difficulty up td the pres- ent time, and finds the structure all in place, removing any fears that might have existed on that score. It appears that the formation is favor- able for the existence of oil and it is Mr Curtis’ intention to go down to the sands that are usually found to be productive, |. The Berry Syndicate, headed by R. D. Berry, which is drilling at Kaycee, is reported to have struck a second flow of gas at 400 feet and to have excellent prospects for oll. New Wilcat Started. TORRINGTON, Drilling was begun this week on an oil test well in the northern part of Rawhide valley. Operations at this | g5:c0@6 50: ient| Well will be watched with keen inter- sondera, $e 0dDT BGs ene] est by the entire county, as many of 4 the most able geologists who have ex- amined this field have held it to have with week ago: Lambs, 50@76c! Sreat possibilities lower; yearlings, sharply lower; sheep, steady to strong; feeders, mi fat lambs, $12.00@12.15; natives wethers up to $8.01 @6.00; week's top, $6.5 $3.50@4.0 feeding lambs, 12.00; week's top, $12.25. Denver Prices. DENVER, Colo., July 28—Cattle— steers, $6.50@11.00; cows and heifers, | *° atock- Heceipts, 30; markets steady; $3.50@7.00; calves, $4.00@9. ers and feeders, $4.00@7.25. Hogs—Receipts, 160; higher; top, $7.75; bulk, $7.30. Sheep — Receipts, steady; lambs, 1.00 @ 6. Butter and Eggs CHICAGO, July 28—Butter higher; creamery extras .40; standards 4! extra firsts 38@.3! 86@37; seconds .34%4 @35. Eggs unchang receipts 18,185 cases. market 250 man plans to put down two other test wells in this section of the country. t| As to the authenticity of this rumor $10,00@11.50; ewes,| We are unable at this time to state. NEW YORE, July 28.—Bar etlver, 62%c; Mexican dollars, 47%c. LONDON, July 28—Bar silver, 80 18-164 per. ounce. Money, 1% per cent. ‘Wyo., July 27— Matthew Foreman of the Detroit- ostly} Wyoming company, became interest- Ri eaay: “chbchina? ATES estern|-e@ in this structure, and, after mak- (Bet Fr crete tb ing certain examinations and investi- ey ings, $10.00;| tions, purchased an entite new rig Cee et eert ewes. gute] anid, auaved it 40 the Rawhide tela, heavy ewes,| Where it is now in use, A derrick $11.00@ | and suitable residence bufldings mak- r ranch, 13-miles northwest of Torring- n. It is rumored that as soon as proper arrangements can be made, Mr. Fore- That Trip advance? This is the crowded what you want by telephone, night. twenty-five per cent, yo Yea Company Service pleasure. ‘A shaving is always on tap, wh hot water service, Enjoy the conven instant hot water su Phone 711 Sand Draw gas tleld . PLENTY OF HOT | WATER makes bathing a source of health and day pays for it quickly, and the modern equipment is always dependable, Let us explain our time payment plan. Schank Plumbing & Heating Co. mug full or a tub full en you have modern ience and comfort of pply. ‘A few cents a 359 E. Second St. The Following Job Printing . Wyoming. new. 2-page Imposing Stones, Metal Pot and Gas Furnace, and Pig Molds. Faces—a complete assortment of Job which has never been out of cases. oe Sheridan Post-Enterprise When You Take™ You pack your bags, get your ticket or gas the car, see that the office and house doors are locked and get aboard. But— WHERE WILL YOU SLEEP?, ~~ Do you always make your reservations in all hotels. A telephone message quickly. settles the point. You can’t wait for a re- ply to your wire but you specify exactly. answer and start on the trip with full as- surance that you will haye a comfortable A station-to-station call will suffice for this conversation. That‘cuts the cost down by . The Mountain States Telephone and Telegraph ' One Policy, One System, Universal Service, and All Directed Toward Better , _ Notice to Printers * Rigs ». by the Sheridan ear Bg Fhe 1 Model 8 Linotype—rebuilt 6 months ago. 1 Model 8 Linotype—fair condition. 1 Duplex 8-page Flat Bed Press—excellent shape, 1 Cranston Cylinder Press—6 columns quarto. / 1 12x18 Chandler & Price jobber. 1 10x15 Chandler & Price jobber. 1 86-inch Chandler & Price cutter—good one, 1 86-inch Roseback Perforator—practically new. 1 Boston Wire Stitcher—14-inch, practically, Small Casting Box A big buch of Job Cases and Type J. D. Sullivan * season in get your bas ks He Type, some of Sheridan, Wyo.