Casper Daily Tribune Newspaper, November 4, 1923, Page 32

PAGE FOUR Oil :: Finance STOCK PRICE GAINS RECORDED IN WEEK Iregularity From Profit-Taking Develops in Early Trading of aSturday Session But Offerings _ Are Readily Absorbed NEW YORK, Nov. 3.—Another] Advance in etock prices took place im today's short session of the New York exchange after some uncer- tainty which marked early sales, the movement being a continuation of the upward trend manifested during the week as a reversal of the reaction that had sent stocks to low levels for the year in the last six weeks. The early irregu- larity today was due in large part to profit-taking of the week-end, but offerings were readily absorbed and Year traders were unable to take advantage of the decline. Sales for the day amounted to about 500,000 Wheat Prices The week's advance was started by the declaration of an extra divi- dend by the United States Steel cor- poration, a development that was unexpected. Bullish reports were also put out by Wall street interests heretofore regarded as a bear specu- later. Leading industrial issues scored gains of from three to five points on the first day of the up- turn and the gains were well main- tained. until the end of the week. Reductions in crude oll prices and other unfavorable factors prevented oils from sharing in the advance to the degree shown in the market leaders. Maintained In Week Despite Setback CHICAGO, Nov. 3.—Notwithstand- ing periodical declines which feat- ured trading practically every during the week, what values fractionally higher for the week with December at 1.07%, May at 1.12% and July at 1.07% Readjustment of prices from an old crop to a new crop basis was under way in the corn market with the closing at and .73% for Ma: The buying movement of the week found its strength in purchases by houses with eastern connections but when this was exhausted the J bears had their inning and tempo rary setbacks were recorded. Move- ment toward a higher tariff for wheat failed to be accepted as a bullish influence. OILANDGAS WASTE | LARGE BUT REDUCED Encroachment of Water in Oil Sands, Wild Wells, Natural Gas Waste and Evaporation Are Main Causes of Loss to Owners Losses of off and gas through en- exoachment of water in oil sands in the different fields of the united ave been enormous, and en- eat and gas fields have been @amaged irreparably by flooding, states the department of the inter- for following @ study of the problem | ‘ef of and gas conservation made by engineers of the bureau of mines. Encroaching water traps under- ground of] that probably never will be ‘recovereci and causes losses of ges and natural gas gasoline. Wa- ter in an ofl well so increases uft- ing costs that many wells are aban- Goned before the normal recovery ef of] and gas is obtained. Corrosive waters, which attack easing and eventually eat holes‘in it, are found in many oil fields. In the Widorado field, in Kansas, it costs operators thousands of dollars each year to replace casing, tubing, suck- er rods, and other equipment de- stroyed by corrosive water. Poor or second hand casing has caused loss | of oil and gas in many wells. Connect Controls in Advance Drilling into gas cil deposits ef high rock pressure often results in a “blow-out” or a “wild” well. The gradual development of suit- able contro] heads and fittings, the ‘use of rotary drilling, and the intro- @uction of mud fluid have cut down the number of wells thay go wild. In fact, equipment and methods are €0 well developed at this time that there is little excuse for wells get tiig out of control, and repetition of such occurrences in the same field must be attributed to negll- gence. Natural gas 1s a valuable com- modity In most localities. Moreover, it is extremely valuable as a pro- @ucer of gasoline and much is now being saved. Unfortunately, in the early days more gas was produced than was needed and much was wasted. Large amounts of gas are being wasted in practically every oll field. In the Salt Creek fiet¢, in Wyoming and the Signal Hill, Huntington Beach and Santa Fe Springs fields of southern Cal!fornia millions of feet of gas and quantities of natural gas gagoline are being blown into the air daily. Operators and the pub- lic have been educated to consider the willful waste of natural gas lit tle short of criminal. However, there are still operators who do not recover their casing-head gas. Salt Creek Gas Loss In the Salt Creek field in Wyo- ming, large amounts of natural gas are produced with the oif!. Burean the of imines engineers estimatec gas production to be about 58,000. 000 cubic feet a day in November, 1922. The estimated amount of resi- das fuel in this field is 1,500 000 from oll wi used ns. Until recently of the rest of the and the da'ly loss of field was prob: cubic feet cuble feet 74% for December, } Prices of provisions were bolstered by reductions in stocks on hand. Today's range of grain and pro- vision prices follows: Open High Low Close WHEAT— ae CORN— Dec... « May . ) July OATS— Dec. . .-- 41% 41% 41% 41% AA 44% 44% 4 43% 43% 43% 43% LARD— | Nov. ----12.50 12.50 12.47 12.47 | Jan. +e--11.70 11.72 11.67 11.67 RIBS— "Jan. . - 9.35 ° 9.37) 9.85 9.353 States amounted to 662,052,000,000 ubic feet. This gas came both from wells and the casing heads of oil wells. The estimated production of casing-head gas alone reached the jastounding figure of 472,182,000,000 cubic feet. It is probable that 141.- 000,000,000 cubic feet of casing-head jseems probable that from abtut one- third to one-half of all the gas pro- duced is wasted. Evaporation Figures High. The evaporation of natural gas gasoline into the alr has been one of the greatest preventable losses in oll field history. As in the case with duced in the United States was be- ing wasted. By 1911, 7.426000 gal- lons of gasdline were obtained from 2,476,060,000 cubic feet of natural gas; in 1921, 449,934,400 gallons of natura!-gas gasoline were obtained from approximately 479,618,194.000 cuble feet. While no accurate figures on the losses of gasoline through failure to |treat natural gas are avnilable, it is estimated that since the first natur- Lgns gasolino was manufactured tn 04 at least 2.500,000,000 gallons of soline, or twice the amount actu- ally recovered since that time, have been wasted. The principal loss in natural-gas gasoline occurs from failure to recover and treat the rich casing-head gas from the thousands of smal oil wells which produce from 700 to 2,500 cuble feet of gas with each barre! of oil. Casing-head gas from ofl wells will produce 0.5 to 8 gallons or more agolin for ach 1,000 cubic feet fof gas. Oil Wastes Also Large. Oil water emulsions result in large wastes of cil Bureau of mines | engineers estimate that in 1920 and! 1921 more than 100000,000 barrels of cut ofl was produced in the Mid-/ Continent and Gulf Coast fields. Ap- | proximately one-half of this oil was treated, but the other half, worth | about $100,000,000, was lost. | oxperiments made by bureau of | mines engineers in the Mid-Conti- indicated that the annual | yn losses of crude oll from barrel tank amounted in| to $9,900 as gasoline, or $2,140 The loss from seepage on in large well-con- reservoirs, holding s mucl 0.000 barrels and cov- 1 with good roofs which prevent r currents from sweeping over the > of the ol!, varies from 1,500 | to 4,000 barrels per month for Calt- | foria ctudes of fairly light grade. A | loss of several thousand barrels per mc has been known to occur. Govern Interested value cruce oil. s lands pee ie =_ inevitably accompanies a period of Buckeye ~—------- intense activity such as the mills ex- Continental perfenced last spring, for it then be- heaps ee. comes necessary to keep a larger Catena supply on hand to insure uninter- Minois rupted operation, With — these Indiana N. Y. Tran must enter the market to cover new Nor. Pipe orders for copper and brass products Ohio Oil ------------— 56 66% | This basic reason for the present Prairie Ol -. |gas was lost in that year The yearly |S. O. Ohio ---------. 270 273 an abrupt drop in shipments from |loss of dry gas from gas wells is‘)Union Tank the refineries to domestic mills. In lalso large. These figures give an |Vacuum September domestic deliveries were |idea of the magnitude of the natur-|S. P. Ol -. only 93,000,000 pounds, the lowest al gas waste in the United States. It |S. O. Ind. since early in 1922 and over 30,000,- most oil field losses, the waste can | Osage hardly be estimated, either by bar-|Grass Creek - * |rels or by money values. The first frie ad - eee |mntural gas gasoline wes produced thee es ies Jin the United States at Titusville, | GreyPull Room 10, Daly Bldg. Pa., in 1904, when 4,000 gallons were | gait Creek made in one small plant. Big Muddy . gas gasoline from all other Hamilton ural gas, In the three-year period 1918-1920, fires in storqge farms, | ne systems, and refineries be : Stocks Grain Casper Sundap Cridune AND QUOTATIONS BY LEASED | New York Stocks | American Can ---~----------- American American American American American American American Anaconda Copper ----------- Atchison Bethlehem Steel --------. California Petroleum ------- Canadian Pacific Central Leather -. Cerro de Pasco Copper Chandler Motors - Chesapeake & Ohio -. Chile Copper -—- Chino Copper -. Consolidated Gas ~. Corn Products Cosden Oil —- Crucible Steel — Famous Players-Lasky General Electric -. General Motors Great Northern, pfd. . Julf States Steel International Harvester -. Kelly-Springfield Tire -. Kennecott Copper Lima Locomotive Mack Truck Marland Ol! Middle States Ot! New York Central ~. Northern Pacific — Pacific Oil Pan-American Petroleum B- terest of the investor. tion. the situation c’early. “The copper industry has for som: time been rolling in the doldrum: conditions,” says Mr. Babson. “From into the first quarter of this year. prices moved steadily upward. In and during the past the trend hay been markeciy dwn- ward. Present quotatiors are on} of 1922. “Apparent domestic consumption since the low points of 1921 has Ahout 700,000,000 pounds. were con- sumed by domestic manufacturers Ing 1922, and an estimate for the| Producers & Refiners ~. 18° . working sidewise and slightly down-| Glenrock OM1 ~ s present calendar year places the | Pure OM (——————— - 11 Amount in excess of 1,400,000,000, a|W#rd—the Babsonchart shows pres | Salt Greek Prd. Repu a alt ec) 5 ae figure closely approximating that of|€Nt activity 16 per cent below nor- = Bo ns. pan la ster $138 | maximum war activity during 1918.|™Al—may delay this recovery some- | Mutual —————— 10.25 Southern Pacific 86% | “The export sKuation is compara-| «rhe position of the industry, | Cities Service Com..-- 128.00 1 Southern Railway 34% ixety, one Looe bye daar mine al judged by itself, would suggest the Standard Oil of N. J. 32% | teures have’ rise! songs h Pipes coppe! tock: Studebaker Corporation 2... 101% | 5°4.000,000 for the fiscal year end- cit teeeeas, that the long pats foo Feo sueaeneoral situation » that Texas Oat. > “a7% | 17s June 1921 to an amount that/irend of the stock market and gen.|‘h® bottom has been reached, how- Tobacco Prod Ee, 557 bal ete, exceed , Tepimno. 902 eral buisness is still downward is) Ver, and the long swing upward !s Transcontinental Oil -.--. 02 satcaag band ae Lakes bincrsss ab deterring factor. A single group|in order, copper stocks should be Union Pacific ~-—. yaar. 's figure Is in excess of! o¢ stocks can not well run counter}among the first to benefit U: S. Ind. Alcohol any previous to 1912, and ciosely ap- ‘When | the rise.” United States Rubber --_.. proximates the years imuinediately preceding the war. United States Steel. 93% Utah Copper -------- 58%] “During the past seven months Westinghouse Electric ...-.. 59% | there has been no appreciable de- celine {in manufacturing activity. Actual .domestic consumption has had only a slight recession. Ex- ports have held well. The basic reason for the present low market is found in the cleaning up of stocks of raw material held by manufac- turers. “The accumulation of such stocks Amer. Zinc, Lead & Sm. Butte & Superior ‘greasing the machinery’ stocks now reduced to about normal, fabricators low point is in Itself a strong argu- ment for heavier purchases and con- sequent higher prices. “All indications point to the fact that the stage is being set for a long awaited buying movement. Nearly every appreciable upward turn in prices has been d:rect’y preceded by Prairie Pipe -. Solar Ref. 000 pounds below the average point for the first eight months of this year. Crude Market Surveying and Locations Geologists, Oil tKxperts, Oil Field Maps, Blue Prints WYOMING MAP AND Cat Creek -... Lance Creek Mule Creek Sunburst Casper-Salt, Creek Stage Leaves Arkeon Bldg. 8 a. m. Daily Telephone 144 J. J. Stanton, Mgr. in the United States is vitally in- terested in the conservation of those resources. With this end in view, T. E. Swigart and C. E. Beecher, pe-| troleum engineers of the bureau of mines, have, at the direction of the department of the interior, prepared a manual for ofl and gas operators conducteq gn leased public lands which contains the recommenda tions and requirements of the inter- for department designed to bring about the most efficient product of ofl and gas on the public domi: The American petroleum industry is now in its sixty-fourth year. Dur- ing this time recovery methods have ! been almost revolutionized. When | conducted properly the best practice | of today permits little waste of oil | and gas. Realizing, however, that ali operations are not s» conducted, the | secretary of the interior has charg- | ed‘the bureau of mines with the su- pervisidn of drilling and production | on public o!l and gas lands. ‘The recommendations of Messrs. Swigart and Beecher, looking to- ward the attainment of efficléncy andtrue conservation in the produc- tion of off and gas, have been em- badied in Bulletitn 232, copies of which may be obtained from the department of the interior, bureau of mines, Washington, D. C. aoe Oil Fire Losses High The yearly fire bill of petroleum | producers in the United States runs into staggering figures, states the) Department of the Interior, follow- ing an investigation of the subject! made by Bureau of Mines engineers, Statistics compiled by the bureau, covering a 10-year period, and includ- ing only the more extensive fires, indicate total losses of approximate ly 13,000,000 barrels of gil and more than 5,000,000,000 cubic feet of nat-! | | | of about COPPER INDUSTRY TO | PROSPER, IS BELIEF; Roger W. Babson Discusses Commodity and Secur- ities in Helpful Survey of Industry Now in Market Limelight ‘WELLESLEY HILLS, Mass. Nov.} “Copper buying has always come 2—Copper securities at a new low/in waves. for the year, reached during the market in a persistant tendency to last two weeks, have stirred the in-| follow the crowd, and is often the Roger W. deciding factor in the direction and Babson’s survey on the industry {s\extent of a price movement. particularly helpful in this connec-| other In a report of his findings strength is the length and extent of issued today, the statistician pictures, the latter part of March there has been o halt in the fall of copper prices. study of market fluctuations for declining market. of low prices and depressed market|the past fifteen years shows that six months is the maximum limit August, 1921 throughout 1922 and °f @ continued price trend. “For the time being these factors presumably have more weight | Picardy March a temporary reaction set in in the market than the relative stat-| preston seven months us of stocks, production, consump- tion, ete, not yet been properly adjusted to a par with those of the erry part | peacetime consumption. continued in an uninterrupted rise./ the during 1921; 1,100,000,000 pounds dur-|®"ds from producer to consumer. governs the entire market. livery This Advertisement Paid For by Friends Psychology enters the An |. T. Wi indication of approaching Since the Jupiter Mike He Postwar production has Until such DON’T PASS THIS OPPORTUNITY NATRONA POWER CO. PHONE 69 Columbine Central Pipe Line ---- Elkhorn -. Marnie - Mountain & Gulf. New York Oil Red Bank Royalty & Producers -. Sunset -- Bessemer . ---------- Big Indian --..----.. Boston Wyoming ---- Buck Creek Burke -~--. ------! Blackstone Salt Creek. Chappell ams. mry -. Livestock ee | @y a Bid Asked 24 2 95 AT 28 | Liberty Third 4%s ---. 32 ‘27 -|U. S. Government 4%s -----------------. ; aL 1.90 2.00 | Czechoslovak Rep. 88, 1.15% 1.16% | Danish Municipal 8s A ‘03.04 | Dominion of ‘oz o9.-—«| French Republic 7348 --—--. 03 «04 «| Japanese 4s _. _ ‘fo |Kingdom of Belgium as - a Kingdom of Norway 6s --------------------—------- 4% 94% 9% 25 .26 | Rep. of Chile 8s, 1946 ~—_______--__--__-_-----— 104% 104 = 104 4.75 5.00 |State of Queensland 6s --_._-----.-.--------------- 101% 101 101 OT U. K. of G. B. and I., 5%s "37 ---------------------- 101% 101% 101% 02 RAILWAY AND MISCELLANEOUS raed American Smelting 5s -----. 91 01 American Sugar 6s ~---.... 3.00 American Tel and Tel cv., 68 --:-----. H0% American Tel and col., tr.. 58 -----—------. 1.16 Anaconda 1938. -. Anaconda Copper 6s, 1953 —------ At. T. and San Fe., gen 4s 00% Baltimore and Ohio cv., 44: b m—— Bethlehem Steel con 6s, Se: 2.00 Canadain Pacific deb., 4s ~.--------. 05 Chicago Burlington and Quincy ref. é 01% Chicago, Mil and St. Paul ev., 445 ‘Tom Bell Moyalty 03 Chile Copper 6s ..-. an adjustment is made, prices will| western Exploration —-3.20 ‘oodyear Tire 8s, 1941 ——.. be determined not so much by the|wyo, Kana -.-------. .50 at Northern 7s A ~ |ration of supply and demand, as by| western States ~ VW Montana Power 5s A. rate of expressed Gemand in the] y oj) ee 68 Northern Pacific ref., 6s B | form of sales, that is, the volume of ne a im cuosinc eee Bell 2 7s -. | refi ‘EW JURB r nn. R. R. gen., 58 refined copper actually changing Bid Asked | Sinclair Con Oil col “The fact that general business is | Mountain Producers. 13.75 14.00 | Union Pacific First 4s NEW ELECTRIC IRONS FOR OLD Trade In That Old Iron of Yours On a New WESTINGHOUSE ELECTRIC IRON Call us on the ’phone and we will be glad to deliver the new iron and pick up the old one. The New Iron Costs You $6.75 We allow you credit on your old iron for 50c, making the new one cost you $6.25. You pay us $1.00 on de- of the new iron and then 50c per month on your light bill till the balance of $5.25 has been paid. You Well. J. E. Keith FOR COUNCILMAN THIRD WARD A Successful Business Man Who Will Serve SUNDAY, NOVEMBER 4, 1923 All Markets U. S. Rubber 5s _. Southern Pacific ev., 4s Utah Power and Light 58 ~ Western Onion 6%s - Westinghouse Electric 78 -..----...... Wilson anc Co., cv., 68 ---.. — CASPER “S + THE - FUTURE - CAPITAL. by Always Remember —that the Citizens National is a friendly bank, cheerfully willing to do anything possible for the convenience of its cus- tomers; ~ Z0-OMD. mroze - W-I4 + 2- § <4-0 + 4ND—-9 m4 mM er —that it is a National bank, and a member of the Federal Reserve System; : —that it furnishes any customer, without charge, the latest and finest Budgeting system in the country; —that it gives out the handsomest and handiest home banks yet invented; — that it has a Commercial department, a Savings department that pays 4 per cent interest compounded semi-annually, and Safe Deposit boxes for $2.50 and $3 a year; —that it handles Collections promptly, and Escrows carefully; ae a —that it welcomes the mail accounts of people living out over the state and hand- les them without loss or inconvenience. —and that it particularly invites the pat- ronage of women. . ZO-APNOr: FHN=-OOr MIA: MPT + 4-* M4dAW: MIA + 1G TION. CONSOLIDATED '- 50, OOO - POPULATION °+-s:4" “ma “Oa; A PRIZE FREE EVERY TIME YOU SHOOT AT THE SHOOTING GALLERY NEXT TO WYATT HOTEL TO OUR CUSTOMERS We are giving duplicate coupons with each $1.00 worth of laun- dry; no coupon to be given for bundles less than $1.00, and one coupon for each additional $1.00. We now have on display at the laundry office in the Publi Market the prizes which will be drawn foe Decembae 22, 1923, vat 7 p. m. at said place. Sign your coupons and leave them at the Troy office, 326 North Durbin or our office at the Public Market. Prizes not claimed by December 24, 1923 at 7 p. m. wil drawn for again at this time. . io tc pte PRIZES ARE AS FOLLOWS 1st—Leather Chair. 5th—Leather Vest. 2nd—Mertin Choker 6th—Boy Scout Outfit. 3rd—Wrist Watch 7th—“Mama” Doll. 4th—Remington Rifle No. 22 8th—Electric Train. Regardless of the prize number, any one holding the lucky number may have his cholce. TROY LAUNDRY CO. Telephone 1672W—255W