Casper Daily Tribune Newspaper, January 24, 1924, Page 7

“ PAGE SEVEN CRUDE PRODUCTION TAKES FRESH SLUMP Decrease of 6,850 Bartels Daily Is Shown for Wea Pdac Rac Aeewcal American NEW YORK, Jan. 24.—The daty average gross crude oll production of the United States decreased 6,- 3850 barrels for the week ending January 19, totalling 1,889,450 bar- rels, according to tho weekly sum- mary of the American Petroleum institute, The daily average pro- duction” @ast of the Rocky Moun- taing Was 1,190,450 barrels, a de- crease of 1,050, California produc- Hee See 699,000 barrels, a decrease of 6, le Oklahoma showed a daily average production of 372,250 - barre's, in- crease 12,050; Kansas 71,350; increase 300; North Texas 60.300, decrease 100; Central Texas 180.450, decrease 550; North Louisiana 52.550, increase 350; Arkansas 111,150, increase 650; Gulf coast $8,900, decrease 2,350; eastern 1$8,000, decrease .1,000, and Wyoming and Montana 144,900, de- crease 6,700. Daily average imports of petrol- eum at princtpal ports for week end- ing January 19, were 211,000 bar- rela, compared with 205,857 for the Previous week. Daily average re- ceipts of Calffornia oi! at Atlantic and Gulf coast ports were 119,143 barrels, compared with 261,143 for the previous week. Trade News in Commodity Corn Products --..---.--.... Markets of Country = | B== 282 is /Great Northern pfd. -----. Gulf States Steel -.... Tiino!s Central Inspiration International Harvester Drygocds 8ST. PAUL, Jan. 24—Wholesalers in the twin cities report a goed volume of house and mail order drygoods trade. Shipping of epring orders of drygoods and men's cloth- ing has begun and sales. of winter apparel has been stimulated ‘by cold weather, Produced by 244 gas wells im Ouachita, Union and Morehouse Parishes of Louisiana in 1928 ac: cording to state officials. An aver: age of 00 gallons of gasoline Was made from this gas dally. —= ‘ Copper ---.--- Tayincible Oi! ~..------... Kelly Springfield Tire -...._ Kennecott Copper Lima Locomotive -..-.---.. Louisville and Nashville -... Automobiles CLEVELAND, Jan, 24—Through the purchase of the Rubay company the Baker R. and I. company fs said to have become the largest indepen- dent maker of automobile bodtes in the country. The Cleveland plants will employ 1200 to 1500 men and will have a capacity of 25,000 closed bodies @ year. The conipany has orders for $3,000,000 worth, Lamber NEW ORLEANS, Jan. 24—An in- crease of 18.2 per cent fn new or ders last week was reported by the southern pine association mills as compared with the previous week. Shipments increased 14.5 per cent and production 7:4 per cent. There Were 109,766,459 feet ordered, 85,- 374,087 feet shipped and 74,765,459 feet produced. Orders on hand to- taled 356,208,153 feet. Colorado Wildcat Gusher Is Good for 1,000 Barrels One thousand barrels dally flow be PITTSBURGH, Jan. 24—Business in this district shows improvement over last: week .as_a result of sea- sonable weather and clearance sales. Department store business is better than at any time since the holl- days. , N. Y., N. HL, & Hartford . 18% Norfolk and Western - Northern Pacific ~— MOG + Ol nos Sects ee, Pan American Petroleum B — Pennsylvania People’s Gas ---.. = Producers and Refiners Pure Oi} Reading Livestock SAN FRANCISCO, Jan. 24—The continued long drought in the early lambing sections of the state threat- ens to reduce materially the size of the early spring lam crop and de lay its arrival at market from five ‘weeks to two months. Republic Iron and Steel -... Sears Roebuck -~-...----.... Sinclair Con Oil .. Southern Pacific Southern Rath sagen eee Standard Ol of N. Je BAS, Stucebaker Corporation --... ‘Texas Co. Gas SHREVEPORT, Jan. 24—A total 28,904,202,000 cubic feet of gas was Tobacco Products A --...... Transcontinental Oil ~~~... Union Pacific ---.---..--... United Retail Stores --.._ .. 8. Ind. APeohol ---.-.--. 75% tly increas2d when thé well Sp nessa me United States Rubber -.... 40% given by Texas company officiah | 18 finally and completely drilled in. United Statea Steel -------- 101% as the presen: potential rate the Plans for further development] c . ‘ depend entirely upon tho attitade| Utah Copper --———---._.--| 65% Texas discovery well, on Hamilton! j, the New York office of the com-| Westinghouse Electric -.... 64 Dome in Routt county, Colo.. which Willys Overland pany. There 1s no doubt but that is now one fvdt in the Dakota sand] other wells will be put down on] American Zino, Lead and Sm. 9% Hamilton Dome, but no definite | Butte and Superior --....._ 18% pak Pp Neaceenie edo ee ae) @ate for the drilling of these cr| Colorado Fuel and Iron -2.. 28% will probably remain so until early| the completion of the present dis-| Montana Power ~-...__.___.62% B National Lead © ---.--._-_. 148 estes tte pieaat ee See all BRACE Ce ea Stndeaiis liane weather {is unusually severe in Routt county, the whole region be- ing covered with very deep snows. Sleds are being used for the trans- Portations of all materials from Craig, Colo., to the well 16 miles Cistant. jummer. P The size of the hole of this well is 6% inches. Since it is easily cap- able of producing 1,000 barrels per day and is only one feet in the sand, which is believed by geolo- gists to be close to 100 feet through, it ig safe to say that its output will Three New Producers Are Anglo Buckeye — Continental 113% 114 Galena ~ ~--.-___.____.67 Minots ~~ 158 2 . ° Indiana - ~---.-.____91% 92) Nat. Tran. aed 25 Drilled In By the Midwest|#<". === % oe, Nor. “Pipe 298 100 oa . Onto ON rey 17% Three completions are” reported y 13-45-90, $3,450; side tracking casing. ie by the Midwest Refining company Grass \Creek—Well 19-A, Meet- 218 for its Salt Creek operations. On @ Midwest Oil and Wyomting-As- sociated lease, well No. 23A, NE- % 25-40-79, was brought in at 1,824 feet, good for 460 barrels. Midwest Oi company well No. 7-A, NE-4 22-40-79, was completed at 2,385 feet; nc report on production. Well No, 12-A, SW% 22-40-79, Midwest Ql! company, struck production at 2, 490 feet but Cid not flow; will probabiy be shot. An account of eetse 15, 3,615. shut down cemént- ed. Sou. Pipe --——-.___96% 97 8. O. Kan --..--.--47% 48 8.0. Ky momen menwennl 16% 116% S. O. Neb. -._---.-.----245% 248 S. O. N.Y. 2-2 46% 46% 5. O. Ohio --.-.-.... Baxter Basin—wWell 6-X, NE\ 11-17-101, 3,025; drilling by tocts. Golden Eagie—Well No. 1, SW- % 1245-97, 2380’; cement cid not set, trying to get circulation. New Mexico Jones Dome—Wel No. 1, SW% (26-12-28, depth 600; drilling. San Mateo—No. 1, SW% 14-14-8, depth 946 feet; drilling. CRUDE MARKET follows: t Hogback—No. 7, NE\% 19-29-16, Nieber Dome—Well No. 1, SW% | location made, my RC SUBeA Lance Creel -------—~------. 1.50 Osage a wewwenee 1.50 Market Gossip and Briefs On Operations in Oil Fields Grass Creek, Hght eown= 1.55 Grass Creek, heavy .. — 90 Torchlight ~....-. ewenen= 1.55 weeee ree ne eee ee 1.55 wecewe= 1.30 Rock Creek eon Salt Creek -..-..--~--. Big Muddy ----~-~.... Mule Creek ~—-~~-...-. Sunburst -~..-.--.-.-.. Woodside. Test Report. The Woodside well, a Utah Ot! Refining test, located on: the Wood- sids Dome, in. Emery county, Utah. 15 miles north of Green River, and ~on practically the same ‘structure as the -Farnlam, is down a total depth of 3265 feet, At 3120 feet the hole developed a strong flow of wet gas, which soon stepped up to 785_pounds pressure per square inch. Considerable oll showing came in at 3145 to 3165 and a small flow of salt water was struck at 3165. today voted to amend the company’s charter to permit the sale of sev. eral hundred thousand shares of stock to a banking-eyndieate. The sale is understood to be for the. account.of the Standard Oil com- pany of New Jersey. Approximately 200,000 shares will be sald at this time at a price under- stood to be about $38 a share. An option will be given the syndicate on several hundred thousand addi- tonal shares. Net earnings of the company for 1923, President F. W. Marland, estimated, were approximately $2,- 340,000. —— “New Corporations CHEYENNE, Wyo., Jan. 24-— Articles of incorporation have been filed in the office of the Wyoming Secretary of state by the following concerns: Arlington Of] company, capital stock $250,000, Cheyenne, directors I. P. Clark, D. C. Green and A. X. Erickson. McInerney & Conway, Cheyenne, capital stock $100,000, directors John WH. Conway, John J. McIner- _ Farnham Shut Down. At 3.235 feet the Utah oll test ig in shaley, sandy formation and two. strings of tools are lost. In fishing for these lost tools two ad- ditional bits were lost. None of thess™have been recovered. Water in the casing is now frozen and drill. Will. Reopen Plant. Mutual Oil has directed that its gasoline plant at McFadden, Wyo,, in the Rock Creek field of the Ohio Oll company, shall be opened as soon ing has been stopped until spring.|as possible—wihin the next week—| ey and Herbert N. Boyd. 3 ——_.—_ ‘ Marland Sells Stock. for the manufacture of gasoline. The NEW YORK, Jan. 24.—Stock-! plant has been closed down for sev- For results try a Tribune Classh } holders of the Marland Oil company eral weeks, fled Ad, T. Williams -.... Franti +-------..----- Mountain & Gulf -... 1.59 3.61 Mosher Okla <....—..100.08 126.00 New York Of) -+---.--12.50 14.00 Preston 01% 01a cendewe Gea’ sae 08.04 - 6.00 8.00 Royalty & Producers . .09 10 Sunset --------------. .03 08 Tom Bell Royalty .... .03 03 Western Exploration .-3.25 3.35 Western Oi! Fields .. 26 Western States ----..- .28 20 Wyo-Kans -..-.----.- 55 65 YOM i eccnc cence OT. 09 NEW YORK CURB CLOSING Bid Ask 19.37 58 23.50 10.25 Mountain Producers . Glenrock Oll -~...---. Salt Creek Prds. -... Sait Creek Cons ~. Mutual = ~---.--.—. New Bradford New York Oil Cities Service Com. ~~ 160.00 -_——--——_—- LIVESTOCK Chicago Prices CHICAGO, Jan. 24 — (U. S. De- partment of Agriculture-—Hogs— Receipts 62,000; Slow, mostly steady; good and choice 250 to 300 pound butchers 7.256 @ 7.30; top 7.35; bulk desirable 160 to 225 pound averages 7.00 @ 7.20; better grades 140 to 150 pound ‘erages mostly 6.50 @ 6.80; packing sows largely 6.55 @ 6.70; slaughter pigs dull, 25 lower; bulk desirable strong weight 5.50 @ 6.00; big packers not buying; heavy weight hogs 7.15 @ 7.35; medium 7.10 @ 7.30; Ught 6.75 @ 7.20; Ught light 5.76 packing sows ; packing sows slaughter pigs 9,000; slaughter classes slow at week's ex- treme decline; killing quality plain; killers - neglecting lower grades; some of these carrying consfderable flesh and showing sufficient quality going into stocker and feeder chan- nele at 7.25 downward; most fed steers 7.50 @ 9.50; few here eligible to exceed 10.00; some handy weight to shippers at 10.25; some welghty relatively short fed steers down- ward to $.25 and below, 1,300 pound offerings at 8.40; some better fin- ished about same weight arrivals at 9.40; few fat cows above 6.25; bulk 4.25 @ 5.50; most beef heifers 5.00 @ 6.50; canners and cutters bulls strong to shade higher; few weighty bolognas 5.00 and ‘slightly better; plainer kind 4.65 @ 4.90; vealers sharply higher: packers paying upward to 12.00 and above for good light calves; out- siders hand picking upward to 13.50; shipping demand for choice handy weight vealers broad. Sheep--Receipts 17,000; best fat lambs fairly active to small killers and outsiders; fully steady; sheep and feeding lambs steady; bulk fat wooled lambs early mostly on ship- Ping account 13.65 @ 13.90; choice fat ewes 8.25; feeding lambs 12.50 @ 13.25, . — OMAHA, Jan. 24.—(U; jan. nited States Department of Agriculture)—Hogs —Recelpts 22,000; market slow; butcher grades ten cents lower; late bids 15 to 25c lower; bulk 210 to 300 pound butchers $6.25@6.85; top $0.90; packing sow $6,40@6.55; aver- age cost yesterday $6.79; weight 237. Cattle—Recelpts 7,500; close fed steers and yearlings 10 to 26c lower; best steers $9,70; yearlings $9.50; bulk $7.85@9; she stock dull, 10 to 260 lower; butchers and heifers $3.85@6.25; canners and cutters $2.23 @3.50; bologna bulls 10 to 150 low- er; bulk bolognas @$4.004.35; beet] bulls $4.76@5.25; vealers steady; bulk to packers $2@10; stockers and feed- ers weak to 10c Jower bulk $6.25@ ee stockers and feeders $6.25 rs Sheep—Receipts 11,000; market 15 to 25c lower; desirable lambs $13; top. $18.10; strong and medium welght quality $12.75@12.90. Denver Prices. DENVER, Colo:, Jan. 24.—(U. S. Department of Agriculture.)—Hogs —Receipts, 2,900; mostly 5 to 19¢ lower; top, $6.99; bulk of medium to choice 190 to 240 pound averages, $6.75 to $6.95; few plainer kind, $6. to $6.65; packing sows, steady, mostly $5.75; fat pigs, weak, mostly $5.50. Cattle—Receipts, 600; calves, 50; slow, around steady; quality plain; two loads bulls, $8.60; odd lote plainer grades cows, $3.50 to $4.50; few heifers, $6.00 down; canners and cutters, $2.00. to, $3.00; fairly good yealers, $9.00; beef steers, late yes- terday, $8.30. Sheep—Receipts, 800; slow; no fat lambs sold early; sheep, strong to ibe higher; $7.65 freight paid for choice 94 pound averages; few com- mon 40 pound feeding lambs, $12.25 flat, or around steady. ee FLOUR. MINNEAPOLIS, Minn., Jan. —Flour, ‘unchanged; bran, 27.00. 24. 25.50@ most Speculators for Advance Control Trading On Exchange NEW YORK, Jan. 24.—Specu- lators for the advance assumed con- trol of today’s stock market at the opening, and sucteeded in lifting Prices one to six points before a re- action set in towards the close. Pod] operations based on favorable trade reports and extensive” short covering were responsible for much of the buying. Sales approximated 1,000,000 shares, NEW YORK, Jan. 24 — Stock Prices were churned about at the opening of today’s stock market but the main tendency continued up- Ward. South Porto Rican dugar ad- vanced 21% on speculative expect: tion of an early resumption of divi- dends and American Hide and Leather preferred moved up one. Corn products established another new record high at 176. Buoyancy of high priced indus- trial specialties featured the early dealings, Corn Products moving up 8 points to 177 38 and gains of 1 to 3 points being recorded by Gen- eral etric, United Fruit, Amert- can Can, Gulf States Stcel, Pan American B, Marland, Kelly Spring- field, Studebaker, Stewart Warner, Mack truck, Fiske Rubber first pre- red, U. 8S. rubber first preferred, and Austin Nichols preferred. Con- Solidated gas and American Sugar refining were heavy Foreign ex- changes opened irregular, Stock prices moved unmistakably upward, speculative offerings of the chemical and -fertijizer shares and a four point drop in Consolidated Cigar preferred having no effect on the general list. Steel, automotive and merchandising issues gave the best demonstrations of group strength. Record high prices were established by Maracaibo Oil at 34% and Brooklyn .Manhattan Transit preferred at 54%. “United Fruit ex- tended its gain to four points and Chandler, DuPont, Nash Motors and Natlonal Cloak and Suit sold two or more points above yesterday’s final quotations, United States . steel common again crossed 101. Call money opened at 4 per cent. ‘With prices of some of the liberty some time and time money’ rates attesting tothe glut of funds at this center: for investment and speclative Purposes, buying beearme of a more character, when many shares sold two to five points above yesterday's final figures. Corn Products: reached 178%, Baldwin 125%, and: American’ Can: 110%. The ‘closing was easier. Liquida- tion of Famous Players, which dropped moro than four points and heavy selling of the Pan-American issues on publication of the testi- mony of President Doheny that he loaned former Secretary Fall $100,- 000 in November, 1921, encouraged considerable profit taking and short Selling in the late dealings. MONEY NEW YORK, Jan. 24—Call money steady; high 4; low 4; ruling rate offered at 4%; lust ; call loans against acceptance -4; time loans easter; mixed col- lateral, 60-00 days 4% @ 4%; 4-6 months 4%; prime commercial pa per 4% @ 5. p METALS NEW YORK, Jan. 24 — Copper firm; electrolytic spot and nearby 12%; futures 12% @ 12%. Tin ‘weak; spot and nearby 49.00; fu- tures 48.50 @ 48.75. Iron steady, prices unchanged. Lead steady, Spot $.00 @ 8.37. Zinc quiet; East St. Louis spot and nearby 6.50. Antimony spot 10.30. W: Oils. NEW YORK, Jan. 24.—Prices of Wyoming oils at 2 p. m. today were Usted on the New York ‘b as follows: Standard Oil (Indiana), 66%; Bos- ton Wyoming, 1%; Glénrock, .54; Mountain Producers, 18%; Mutual, 13%; ‘New York, 11%; Omar, .70; Salt Creek, 2 Went th Canyon. A car driven by B. W. Musser, general field superintendent of the Utah Oil Refining company, uccom- panied by Lew Warner, superinten- dent of the Utah at Bleck Mountain, was the first alitomobile of the cav- alcade through the Wind River can- yon on the new highway, to reach Casper from Thermopclis. Texas Moneta Well. At 1,200 feet the Texas Production company well on the Dutton anth cline near Moneta, Wyo., is prepar- ing to run a string of 10-inch cas- ing. SILVER NEW YORK, Jan. 24.—Bar-silyer, 63%; Mexican dollars, 48%. DULUTH, Minn., Jan. 24—Close flax, January 2.49%; February 2. May 2,50 2-4. | The world's longest single span telephone cable of maximum size is to be found near Rochester, N. ¥. The span is 462 fect between tow- rs and located over a deep gorge about 150 feet above the Genesee river, bond issues at the highest levels’ in | Wheat Closes Higher and Corn Touched New Top for Season CHICAGO, Jan. 24.—Government moves toward helping agricultural interests in the northwest led to something of an upturn in all grain values today at the start. A preva- lent opinion was that the attitude of the federal authorities seemed likely to avert more or less liquida- tion by farmers, Corn trading con- tinued to lead in activity, with un- favorable weather a bullisi: factor and with other markets outbidding Chicago. After opening % to %c higher, May 80 to 80%c, the corn market held firmly above yesterday's latest ‘igures. Wheat trade lacked volume, but railroad responded to an upturn in quotations at Liverpool and to scantiness of domestic receipts. The opening here, which ranged from \%e to “jc higher, May §1.09% to $1.09% and July $1.07% to $1.07%, was followed by a slight sag and then a little rally. Fears wero expressed that crop damage might result from a cold wave succeeding rains. Another; bullish influence waa strength of corn and oats. Whi closed firm, \% to %c net higher, May $1.09% @% to 09% and July $1.07% $1.07% @%. Subsequently, as a result of com- mission house buying, all deliveries of corn and oats went to a new high price record for the season. Corn closed strong. % to 1%c net higher, May 80% @% to S0OK@ %: Oats started at a shade lower to a shade higher, May 47% to 47\%c, and later held near to the initial range. Provisions were steady, appar- ently governed by the course of hog values. to Open High Low Close WHEAT: May ~--- 1.09% 1.09% 1.08% 1.09% 1.07% 1.07% 1.07% 1.07% = 1.06% 1.06% 1.06% 1.06% 80% 79% 80% 81% .80 81 Sli 80% 81% 49 47% 48% Ay . 44% 11.87 11.80 11.80 11.65 11.60. 11.65 9.65 9.65 9.65 9.95 9.95 9.95 CHICAGO, Jan. 24.—Wheat—No. 3 red, $1.11; No, 2 hard, $1.10@1.13. Corn—No. 3 mixed, 79@7940; No. 2 yellow, 80@80%c. Oats—; 2 white, No. 3 white, 47@48tic. Rye—No. 2, -72%c. Barley—63@80c. Timothy seed—$6.00@8.00. Clover eeed—$18.00@23.75. Lard—$12.12. Ribs—60 pound average, $9.62. + Bellies—$9.62. Ba hdc Al a 47% BA8%c; Butter and Eggs | CHICAGO, Jan. 24—Butter high- er; creamery extras 6014c; stand- ards 60%3c; extra firsts 49 @ 50c; firats 4712 @ 4814c; seconds 4514 @ 4640. Eggs lower; receipts 5,386 cases; firsts 38% @ 39%c; ordinary firsts 36 @ 36c; refrigerator extras 25 @ 25%e; refrigerato~ firsts 2314 @ Bee. NEW YORK, Jan. 24.—Spot cot- ton, quiet; middling, 33.80. Se RE Ee: SUGAR } NEW YORK, Jan. 24.—While no change was noted in refined sugar prices, a continued good inquiry was in evidence on the basis of $8.25 to $8.60 for fine granulated. Refined futures nominal. Sugar futures closed casy; ap- proximate sajes, 334,000 tons. March, 4.85; May, ; July, 4.97; Septem: ber, 5.00. , LIBERTY BONDS 24.—Liberty NEW YORK, Jan. bonds closed: 3's, 99.1 99,14; second 4%6, 99.14; third 4 ; fourth U. government 4\s, 100. (Continued from Page One) is completely cut off from thé capt- tal unless Obregon cuts his way through to Celaya, it is claimed by the De Le Huerta junta in El Paso. REBELS LOSE ONE POINT TAMPICO, Jan. 24 — Federal forces engaged in driving rebel bands out of the oll district. have taken the town of Ozuluama in the Huasteca region: Rebels yesterday took Linares be- tween Monterey and Ciudad Vic: torla, but a federal column sent from Monterey gained the town again. More than fifty revolution- aries were killed. It is expected that rail service between Tampico and Monterey will be resumed soon. The first officer of the United States cruiser Richmond received a representative of the newspaper El Mundo and in the name of Rear Admiral Magruder extended greet- ings to the Mexican people, RAIL JUNCTION TAKEN BY REBELS EL PASO, Texas, Jan. 24—Celayn. important railway junction and Scene of historic battles, has been] captured by General Enrique E da, rebel chief in tho western » ter, according to unofficial adv reach'rg Juarez toda, General Estrada in reported to have completed his encircling move- ment, and is now in the rear of the Omegon armies advancing toward Guadalajara, capital of Jalisco state. Celaya is the function of both the National Railway Mne running to 3 (Continued From Page One) 3s... Fat acceping the loan was that we had been friends for more than 30 years, He had invested his savings for these years in his home ranch in New Mexico, which I un- derstood was all that remained to him after the fatlure of mining in- vestments in Mexico and nine years of public service in Washington, during which he could not properly attend to the managament of his ranch, “His troubles had been increased in 1918 by the death of his daughter and his son, who, up to then, had taken his place in the management of his ranch.” When Mr. Doheny concluded, his attorney, Gavin McNab, suggested that President Coolidge be request- ed to appoint a board of experts to examine all facts regarding the con- tract and that if this board reported that the contracts at the time of their making were not “wise, desirable and advantageous for the govern- ment to make the Pan-American company would reconvey to the gov- ernment all interest in such con- tracts,” “In our frequent talks, it was clear that the acquisition of a neighboring property controlling the water that flows through his home | ranch was @ hope of his amounting to an obsession. His failure to raise the necessary funds by realizing on his extensive and once valuable Mexican mine holdings had made him feel he was a victim of an un- told fate. “In one of these talks I indicated to him that I would be willing to make him tho loan and this seemed to relieve his mind greatly, In the autumn of 1921, he told me that the purchase had become possible by reason of the willingness of the then owners of the Harris ranch to sell, and that the time had arrived when he was ready to take advan- tage of my offer to make the loan. “The lease on naval reserve num- ber 1 was the direct outgrowth of the contract which the Pan-Amerti- can Petroleum and Transport com- Pany made with tho navy as a re sult of competitive bids, in which that company was the lowest bid- der, for the construction of certain storage facilities and the furnishing of fuel of] at Pear] Harbor, T. H., and in the absence of that contract, the leasé would never have been executed. “The ‘navy department, through its representative, took up with the question of constructing the im- provements and facilities at Pearl Harbor and of paying for them with the royalty oil which the navy was then obtaining from the various leases in naval reserves numbers 1 and 2 and of filling the tankage constructed with a large quantity of fuel oil. i “I was entirely in sympathy with the purpose of the navy, the reasons for which have perhaps been better explained to your committee by the navy's representative, Admiral Robison that our company: would at | Foreign Exchange | NEW YORK, Jan. 24 — Foreign exchanges easy; quotations in cents; Great Britain demand 422%; cables 422%; 60 day bills on banks 420. France demand 4.4645; cables. 4.47. Italy demand 4.33%; cables 4.34, Belgium demand 4.0613; cables 4.07. Germany -demand = .000000000028; cables -000000000023. Holland de- mand 37.03. Norway demand 13.80, Sweden 25.90. Denmark 16.21. Swit. zerland 17.2414. Spain 12.63. Greece 1,94. Poland 1000011. Cze. Slova- dia 2.90. Jugo Si Aus- tria .0014. Rumania Argentina 32.62. Brazil 10.9) Tokio 44 7-8, Montreal 97 7. least submit a bid to perform the work under those conditions; that is, furnish the money to pay for the work of construction at the harbor and of filling the tanks with oil and recelye in return royalty oil at the Posted field price to the value of the money so expended. The inci- dents up to the date of the contract and the fact that the contract was let on competitive bidding, elfminate any possibility of favor to the com- pany by either the navy department or the interior department. “The negotiations for this con- tract between the navy depart ment and the conipany were con- ducted by our local Washington at- torney who was assisted in éeter- STOCK TREND CROP DAMAGE \OBREGON MOBILIZING FORCES 10 UPWARD AGAIN) BOOSTS GRAINS HEAD OFF REBEL ARMY, REPORT the border and the raliway running to Laredo. Trains yesterday were routed from Aguas Calientes, where General Obregon now is said to be, to San Luis Potosi and thence back to the national Yne. No trains are teaching Juarez from Mexico City. PRIVATE PURCHASE OF ARMS DROPPED WASHINGTON, Jan. 24 — though no legal barrier ex: against the sale to Mexico by pri Yate citizens of war vessela dis posed of by the United States gov ernment prior to Washington- arms conference, the Obregon represen- tatives in this country are expected to drop negotiations for such pur. chases because of the feeling of administration officials that the transactions would violate the spirit if not the letter of American treaty obligations. A number of vessels suitable for use by the Mexican government against the evolutionists are in private hands in the United States but the Obregon representatives ar understood to have been informed that these ships are regarded as subject, normally at least, to the same restrictions as have been im posed upon the resale of naval craft sold by the navy department since the conference — that they must not be permitted to become part of the naval forces of any other country without the sanction of the government. The Obregon government's request for purchase of surplus war craft direct from the United States was refused in con- formance with the same obligations as dictated by the naval Jimitation treaty. FALL FINANCED BY DOHENY 10 EXTENT OF 100,000, (5 CLAIM mining the necessary calculations by our California general manager, who is president of the California company. As a result of their ex- change of {deay, our California gen- eral manager decided that the terms of the proposed contract were not such as to be of any ad- vantage to the company and that the company could not afford to take the risks attached to the per- formance of the contract for the conjectural profit that might re- sult therefrom and he so stated in @ letter which he wrote to our Washington attorney. “Neither gur Washington attor- ney nor our California general man- ager nor any other officer or at- torney of the company had any Knowledge of the loan which I mafp to Mr, Fall, that being an entirely private matter, involving in no way the company’s funds. “When the bids were opened it was found that the bid of the Pan American Petreleum and Transport company was the lowest. ‘The Washington attorney of the company had concetved the idea of making, in accordance with the provisions of the call for bids, in addition to an unqualified bid, an alternative bid showing a consider- able savings to the government in the actual cost of the construction under the contract, and a recom- pense to the Pan American Petrol- eum and Transport company for such waiver of profits by giving it an opportunity later on to ex- tend its petroleum business in Cal- ifornia through the acquisition of additional of! territory whenever the navy might be disposed to make additional contracts: for the devel- opment of its reserve. “The alternative bid was consid: ered the most favorable by the rep- resentaatives of the government as is shown by a lotter’ addressed to the Washington attorney. of the campany under date of April 25. 1922, and signed in the absence of Mr. Fall from Washington by the acting secratary of the interior and the secretary of the navy." Mr. Doheny read the letter into the record: “These facts conclysiye!y demon- | strate,” he continued. “that there could not have been any collusion between the Pan-American’ Petro!l- eum and Transport company and anybody whomsoever.”* NO LACK OF FUEL FOR DEBATE. WASHINGTON, Jan. 24—The resolution of Senator Caraway, Democrat, Arkansas, calling for cancellation of the lease of the Tea- pot Dome naval of! reserve to Harry F. Sinclair, provided further fuel for debate in the senate today, while the committee investigating that and similar transactions was prepared at a meeting in the afte: noon to question Edward L. Doheny, lessee of naval ofl lands in. Call- fornia. Mr. Doheny arrived this morning from New Orleans and he is expect- ed to be followed shortly from the same city by former Secretary Fall, who headed the interior department when the leases were negotiated. Mr. Fall has been subpoenaed for questioning tomorrow with refer- ence according to Republican mem- bers of the committee to a $100,000 fund he is said to have taken with him when he left Washington after resigning from the cabinet to use in enlarging his ranch holdings in New Mexico. Today's session of the hesring was call unexpectedly late yesterday af t Previously had decided not to re- sume its investigation until tomor- Tow. | EEO