Casper Daily Tribune Newspaper, February 18, 1924, Page 7

— -.-—= PAGE SEVEI WYOMING CRUDE OIL PRODUCTION LOWER of 1,550 barrels; Central Texas an increase of 2,950 barrels; . North Louisiana a decrease of 800 barrels; and Arkansas a decrease of 150 bar- rels. In Oklahoma production of Burban¥ fs shown as 104,600 barrels against 99,200 barrels; Tonkawa 37,- 500 barrels against 33,700 barrels; and output of the Bristow pool was 45,000 barrels, against 45,300 bar- rels. The Mexia pool, Central Tex- as is reported at 34,200 barrels, 34,250 barrels; ell 99,- 600 barrels, against 95,900 barrels; Haynesville, North Louisiana 20,- 900 barrels, against 21,800 barrels; and Smackover, Arkansas, light 23,- 300 barrels, the same as the pre- vious week, heavy 70,250 barrels against 70,500 barrels. In the Gulf Coast field Hull is reported at 17,800 barrels against 17,150 barrels and West Columbia 12,150 barrels, Sgainst 12,200 barrels. BABSON ADVICES BUYING REAL ESTATE Increased transportation factflities through the more general use of &utomobiles and the extension of motor bus lines into the city’s en- virons, lower tax rates, cheaper land values, and the rapid extension of city conveniences, such as water and gas lines, electric light and tele- Phone ts causing a nation wide exo- dus of the city dweller to suburban locations. This condition, says Babson in his. genera] business forecast for 1924, is causing a tremendous boom in Suburban property and is based on sound and logical reasoning. With every family in three owning an automobile, with good roads and motor bua lines, {t is now possible for the city worker to take advant- ‘age of the lower land values existing in suburban locations and acquire a home of his own. The financial strength of a nation is measured by the thrift of the people and there is no better way to learn the habit of saving than to buy a home of your own, This new era that modern pro &ress is bringing to pass in the field of Real Estate ts thus making it pos- sible for an ever in num- ber of people to live under happier and more congenial surroundings, to become better citizens, to drive out the spirit of unrest and radicalism, make better workers, husbands, fathers and Christians, and this Spirit behind a business condition is the soundest the world affords. Market Gossip and Briefs _ On Operations in Oil Fields Leasing Near Dougias Residents of Irvine, six miles south of Dougias, are looking over plans presented by an eastern con- cern, for the leasing of a block of Jand in that section which will be Grilled during the coming summer. Tt {9 understood that several thou: and acres in that section will be leas- ed to this company and that opera- tions will be commenced as soon as the material can be shipped to the scene, Rumors At Riverton Rumora have been prevalent in in the Maverick Springs field near Riverton and are moving six rigs to thig point for drilling operations, equipment has not been seen to date, and efforts to confirm the ‘veracity of the reports disclose that there is either nothing to the rumor or it is premature to disclose any contemplated plan along these lines ly reliable oi! and refinery concern of Oklahoma to put down three test wells on the Wheatland flats this year in consideration of leases on 20,000 acres of land on the flats, A. L. Scofield of Fort Collins was in ‘Wheatland last week making ar- Tangemems for the appearance of the Oklahoma oil operators here in the near future, to present their Proposition to the people of the Wheatland flats. Bergius Process Described In the Bulletin de la Societe Chi- mique Belge appears an interesting article by P. Bruylante, relating to POLICE RAD TWO STIL (Continued from Page One) Police court and after their cases “re concluded there it is probable that they will be turned over to federal authorities since this is the Practice that has been followed in other similar cases during the last teow weeks. pe WN ip aed - LABOR MARKET GOOD IN WEST ! DENVER, Feb, 18,—Severe weath- ‘r in some localities has tunded to “urtail outdoor employment, but in- 1 activity In Colorado, Wyom- ew Mexico, Utah, Arizona Montana and Nevada, is j/01. In a half dozen localities there 22 Shortage of skilled miners. In- ai? Sericultural activity is in- cated, ood, investigations made by him on the Bergius process of hydrogenation. The ordinary cracking process are unsuitable for cracking heavy as- Phaltic ofls, and are even less suit- ed to deal with more solid carbona- ceous material. In all cases, crack- ing processes seem to produce more or less coke, which represents a loss of liquid. The Bergius process is applicable to wide range of material which can- not be worked up into Ught olls by any other known process. These ma- terials include asphalt, coke-oven tar, coal containing not less than 15 ber cent volatile hydrocarbons, but not high-carbon coals, such as an- thracites, etc. Experimental work on Bergius process can be carried out in bombs; butfor anything further than an experiment obviously other apparatus must be used. Bruylante's experiments appear to have been Umited to bomb method. Ready to Spud In Test well of the Shelburne Dome structure four miles southwest’ of ‘Thermopolis in Hot Springs county, is to be spudded in at once by the Oil Wells syndicate, according to Charlie Woods who is in charge of the syndicate’s operations. Nearing Muddy Sand Drilling in shale the Billy Creek deep test in Johnson county is now at a depth of 4,098 feet, or within two feet of the estimated depth of the Muddy sand. NEW YORK, Feb. 18.—Prices of Wyoming oils at 2 p. m. today were listed on the New York Curb as fol- low: Standard Of! (Ind.) 60%; Boston ‘Wyoming one; Glenrock .80; Moun- tain producers 16%; Mutual 12%; Omar .69; Salt Creek 19%. ,( French Francs At New Low Figures Blue Law Fanatic Questions Right To Imbibe Coffee NEW YORK, Feb. 18.—French francs today dropped to a new re- cord Jow level at 4.25 cents, a de- cline of 12 points from Saturday's closing price. The fall was apparently based on the difficulties of the French govern- ment in forwarding its fiscal pro- gram. ‘POTATOES CHICAGO, Feb. 18. — Potatoes steady,on northern stock: slightly stronger on Idahos, receipts 71 cars; shipments Satur- 6. Wisconsin sack- 4 §@1.40; bulle 1.40 @1.60; North Dakota and Minnesota sacked Red river Ohios 1,30@1.45; Idahos sacked russets U. 8. Number ‘L 2,00@2.25; ungraded 1.50@1.75. New York Stocks Last Sale MARELT rant. nC’G thto mok Allied Chemical & Dye -... 67% can - 110% Boston Wyoming - --1.00 1.12 : 28 132 14 238 onias See $3" | Consoli@ated Royalty 1.82 134 Amccess opt oT Hy [ooronee ae \ Sh ie Ge eat ~ ao ; Atl, Gulf and West Indies 151, | EUROPA © a= 0408 Baldwin Locomotive ot by Ds ae amon Weitinwre) and Ohta Frantz — 6.50 7.00 Gates _ a0 12 Jupiter _ 200% ‘01 Kinney Coastal — ae 33 Lance Creek Royalty - 102 102% Marine —.------. 4.00 4.25 Mike Hen: 00% 01 Mountuin & Gulf 1.55 1.58 New York Of -._10.00 12.50 Picardy — - 04 08 Preston ---------.. 00% .01% Red Bank — --.-.....6.00 7.00 Royalty & Producers. .09 .09% Sunset |. -.______- 01% 02 Tom Bell Royalty -.. .02 ‘03 Weetern Exploration 3.73 3.80 s 61% | Wyo. Kans -.. .156 80 Cuba Cane Sugar pfd -.. 66% | Western States... 18 19 Mrle (cheese a We. On SSS) aR TY NEW YORK CURB CLOSING Bid Ask Mountain Producers — 16.50 16.75 Great Northern pfd. -_._. 56% | Glenrock Oil ~. 43 Golf Mists tact. T= ryny [Salt Creek Pres. 19.68 Ilfnols Centra! _ 102% Ree aites Cone, Raed Inspiration Copper ----__._ 26% aim, 9 8. O. Indiana os 50.62 Ny ieranacrine ope nteal ars Sau, | Cities Service Com. -- 60.62 60.87 International Paper -____-_. 35% 5 Invineible Ol) > 13% ly Springfield Tire -- 24% Kennecott Copper -—----— ae|l LIVESTOCK Lima Locomotive _-——— 64% Louisville and NashvMe —-. 89 CHICAGO, Feb. 18—Hogs. Receipts 88,000; fairly active, mostly 10 to lic lower; bulk good and choice 225 to 300 pound butchers $7.20@ $7.25; top $7.25; bulk better grades 160 to 190 pound averages $6.95@ $7.15; desirable 140 to 150 pound Mack Truck gd Marland Of 222 Maxwell Motors Misecurt Kan and Tex. new Missour! Pacific pfd ...... 33 New York Centrai -..._ Se he tee % averages mostly $6.75@$6.90; bulk Waki Se ee 1osg | Packing sows $6.10@$6.25; killing Rirtnerhdevntic T77r "RDS | pigs unchanged; bulk strong weight muineiond TOTTI AEE | £8.00@86.50; big packers inactive; Ni ae ema ets d * | talking 15 to 25c lower; heavyweight Ponnesiivnnin Petroleum B- 48% | hogs $7.10@87.26; medium 87.060 Seopiea cue be | $725: Ment $6.80@$7.20; light light PRaiee aii $6.00@$7.05; packing sows smooth aga Shee “i $5.90@$6.20; slaughter pigs $4.50@ 36.20@36.40; packing sows rough Celanese G wae ag Sears Rosh cs ee fain | Cattle, Recetpts 23,000; killing Sinclair Con, Of! _-.......... 20% | Classes fairly active; outside demand Southern Pacifio 2-22. grag, | fairly broad; trade fully steady on Southern Railway 2. cls) agg | iat steers: weighty kind grading Standard Oll of N. J. ___. Studebaker Corporation POKES | Co tase Se. Texas and Pacific —.-..____ Tobacca Products A -. Transcontinental Of! -. Union Pacific U. 8, Ind. Alcohol United States Rubber — United States Steel _. Utah Copper -.... Westinghouse Electric Willys Overland - 1 American Zinc, Lead and Sm. Butte and Superior —__ Colorado Fuel and Iron Montana Power National Lead 38 good and better higher in spota; top 99% matured steers early $11.50; some ze held considerably higher; numerous . bulk fed steers $8.00@$10.00; best yearlings early $11.25; several loads $10,50@$11.00; plain short fed steers getting least action; kinds of value to sell at $7.00 @$8.00; bringing steady prices early; she stock fully steady; bulls. strong to 15¢ higher; best heavy bolognas $5.25; bulk sausage bulls $4.75@ $5.00; veal calves strong; bulk to packers $9.00@$9.50; shoppers up- ward to $12.00 and above; stockers and feeders comparatively scarce in fresh receipts, steady. Sheep, Receipts 15,000;. active; fat wooled.lainbs fully 25¢ higher; sheep 25 to 40c higher; feeding lambs around 25¢ higher; early bul fat wooled lambs $14.75@$15.00; one load $15.50 looks out of line; choice fat ewen $9.85; aged Navajo wethers 16 $10.00; one load feeding Jambs carry- ing short end killers $14.25, Anglo --. Buckeye ~.-.____. Continental OMAHA, Neb., Feb. 18—Hogs. Receipts 17,000; mostly 10c lower; 220 to 300 pound butchers $6.80@ $6.90; top $6.95; desirable 180 to 210 pound weights $6.50@$6,75; bulk packin gsows $6.10@$6.25; average comt Saturday $6.79; weight 241. Cattle. Receipts 8,000; fed steers and yearlings moderately active; steady; bulk $7.75@$9.15; top steers pore Pipe ---.--.-.. 94 96 O. Kan... 43% 48 $10.20; fed she stock 10@15c higher; 8. O. Ky. _---...-___ 107 109 | vealers 25c¢ lower; other killing §. O. Neb. --_-__-___ 228 239 | classes steady; stockers and feede: 8. 0. 'N. Y, ---—_ 42 42% | strong, 10 higher; bulk butcher cows Fara l® n-----—-- 805), 215) land heifers $4.00@$6,25; canners Ss. P. and cutters $2.25@$3.50; bologna SO. bulls $3,85@$4.35; vealers to pack- ers $8.60@$9.00 mostly; a few up- wards to $9.50; stockers and feeders $6.00@$7.25; top feeders $7.90. Sheep receipts 13,000; early sales moderately active 10@25c higher, wooled lambs $14.40@$14.65; sheep steddy to strong; two or three loads good to choice light ewes $9.00; feed- ing lambs strong; early sales $13.85 CRUDE MARKET Cat -Creek -. —-a=-$1,80 Lance Creek --..---------—--- 1.75 Osage 1.75 Grass Creek, light »—-----_ 1.80 Grass Creek, heavy — — 90] @$14.15. Torchlight --. 2,80 copes a ee Greybull — 1.80 Elk Basin . 1.80 Rock Creek =. - 1.55 Butter and Eggs Salt Creek 1.45 Big Muddy 1.35 Mule Creek NEW YORK, Feb. 18.—Butter Sunburst __. firm; receipts 4,821. Creamery high: Hamilton Dome Ferris . er than extras 60%@blc; creamery extras 92 score 50. Ditto firsts (88- Byron — 91 score) 48% @49%; packing stock Notches current make number 2, 29. Pilot Butte Eggs’ irregular; receipts 10,983, Lander .--.. Fresh gathered extra firsts 36@37¢ ditto firsts, 34% @35%4; ditto seconds and poorer, 33@84c; New Jersey and other hennery whites closely select- ed extras 43% @44; state, nearby and nearby western hennery whites fancy to. extras 39% @40c;. nearby hennery browns, extras 39@42; Paci- fic coast whites extras 41% @43; ditto firsts to extra firsts 38@41; re- frigerator firsts 3114 @32. Cheese irregular; receipts 145,061: State whole milk flats fresh fancy 21 34 @22%4; ditto average run 20@20%; stat: whole milk flats held, fancy to fancy specials 25@26%4; ditto average rin 24142414. CHICAGO, Feb. 18—Butter lower; creamery extras 49c; standards 40¢ extra firsts 48@48%c; firsts 47% @ 47%c; seconds 4614 @47 Eggs lower; receipts 15,823 cases; firsts 31%4c; ordinary firsts 29@30c. LIBERTY BONDS NEW YORK, Feb. 18.—Liberty bonds closed; 344899.4; first 4% 99.6; second 4%s 99.1; third 4%s 99.31; fourth 4%s 99.4; U. S. government 4's 100.2. MONEY NEW YORK, Feb. 18—Call money easier; high 4%; low 4%; ruling rate 4%; closing bid 4%; offered at 4%4; last loan 4 ; call loans against acceptances 4; time loans firm. Mixed collateral 60-90 da. 4%; 46 months 4%; prime commercial pa- per 4%. Oil Developments Cause Sharp Price Break— Strong Selling NEW YORK, Feb. 18,—Stock Prices fell back sharply again today under the weight of a large volume of realizing sales and short selling apparentiy based on the latest Washington ofl developments and the acute weakness of French and Belgian francs. Selling pressure was spread over a wide list but was most effective in the speculative indus- trial Sales approximated 1,150,000 shares. Stock prices made further re- covery from recent heaviness at the opening of today’s stock market. Otis Eievator and Continental Can each gained a point. Most of the Standard industrials, including United States Steel and Baldwin, opened fractionally higher. Specialties; and other ordinarily inactive issues showed the widest fluctuations in the early trading, gain of a point or more being re- corded by American General Tank Car, American Chicle, Texas Gulf Sulphur, Pullman, Pacific Gas and Electric, Owns Bottle and United Alloy Steel. Moderate strength was shown by several oils and independ- ent Steels, gains of a point or so being recorded by the Pan-American Yssues, Marland Oll, Gulf States and Sloss Shefield Steels. Cuba Cane preferred and International Tele- Phone each dropped a point and “Big Four” broke nearly two poin‘s. Foreign exchanges opened lower. When trading . quieted down, operators on the short side renewed their attacks on the general list. Baldwin, American Can, Chandler Motors, Davison Chemical, DuPont, United States Industrial Alcohol and Gulf States Steel all dropped 1 to 2 points. The wave of selling also en- gulfed the railroad group, Northern Pacific dropping 1% and Union Pa- elfic and St. Louis and Southwestern about a point each. American waterworks dropped 3 points to 40, a new low record. Independent strength ‘was shown however, by several issues, including Tidewater Inactive Buying Support and Enlarged Receipts Send Quotations Down CHICAGO, Feb. 18—Increased of- ferings and inactive buying support led to lower prices for wheat today during the early dealings. The sell- ing came chiefly from commission houses and from pit traders. En- larged receipts in the southwest counter as a bearish factor. The opening; which ranged from %c decline to %c adyance with May $1.10%@$1.11 and July §$1.10% to $1.105— was followed by a moderate general setback. With only limited buying in evi- dence, and with numerous commis- sion houses selling the market for corn and cats developed some weak- ness. Consignment notices on corn were reported Mberal and shipping demand slow. After opening un- changed to %c higher, May 80 to 80%@c, corn declined all around. Oats started unchanged to %o higher, May 48 to 48%o and later receded to below Saturday's finish. Provisions were easier in line with hog values, Subsequently shutting down of op- erations by a Chicago flour milling company because of lack of flour buying had a further depressing in- fluence the close was unsettled, %o to lc lower, May $1.09% to $1.10 and July $1.09%@% to $1.09%. An increase of the visible supply total took place as anticipated. The closing was unsuccessful % to \ to %c net lower, 79 to 79%c. CHICAGO, Feb. 18—Wheat num- ber 2 hard $1.10@$1.13; number 2 hard $1.09@$1.13. Corn number 3 mixed 75% @77c; number 2 yellow 80%c. Oats number 2 white 48@48%; number 3 white 47@48e. Rye number 2, 71c. Barley 65@80c. Timothy seed $6.50$8.00. Clover seed $18.00@$24.00. Lard $11.07. Bellies $10.00. WHEAT— May |-----1.40% 1.11 1.09% 1.09% July 110% 1.108% 1.09% 1.09% Sep. -----1.10% 1.10% 1.09% 1.09% Oll, Mexican Seaboard, Colorado 80 80% .79% .79% Fuel, General Mining and Smelting, — 80% 80% .79% Congoleum, Foundation company, w--—— 80% .80% 80 New York Airbreak and Natfonal Biscuit, the gains running as high| May _. 48 48% .47% 47% @s 2% points. Call money opened|yuly _-. 46 46 45% 45% at 4% per cent. ~ 43° 43 5.48% 43 With the short interest reduced by Saturday's covering movement, 11.27 the buying power in the early after- 11.47 noon was enabled to absorb the large volume of selling orders which were 9.67 executed In the recognized leaders, driving down Studebaker to 99%, United States to 103%, American Can. to 111 and Baldwin to 120, these Prices indicating losses to 4% to 4 Points. The closing was weak. Offerings were increased tn the final hour and the list continued to sag with Lig- gett and Myers, general Electric, U, §. Cast Iron Pipe and Nash Motors Selling four points or more below Saturday's final figure: McAdoo Will Be Demo Candidate that even hinted that the ofl lease scandal had injured Mr. McAdoo's chances. All had agreed that he must con- tinue his candidacy for the demo- cratic nomination for the presi- dency. Elgin Purchases Jacobs’ Interest fib radeanes =) Al Jacobs who has been a partner || Foreign Exchange with C. M. Elgin in the National Sample Coat and Suit company, 112 South Center street, and who open- ed this store, has sold out to Mr. Elgin. A dissolution of partner- ship sale is now being held starting NEW YORK, Feb. 18.— Foreign exchange irregular. quotations in cents: Great Britain demand 4,294; cables 4.29%; 60 day bills on banks 4.27. cables 4.20. 429% Belgium demand 3.54%; cables 3.55. Ge: iy demand .000- 00000022; cables .000000000022. Hol- land demand 3.722. Norway demand 12.18. Sweden demand 26.06. Den- mark Cemand 1.68. Poland demand .000011%%. Czecho Slovekia demand 29%. Jugo Slavia demand 132. Aus- trian demand .0014. Rumania de- mand 51%4. Argentine demand 33.87. Brazil demand 12. ‘Tok!o demand 45, Montreal 97 1-3: —.___ — During, the past few years a note- worthy change has come about in the attitude of the Chinese peoplel toward education for women and girls. Today there are 164,719 girls in 3,363 e'ementary schools and 1,- 138 in ten middle schools belonging to the government, and in addition more than 60,000 girls in the many Christia mission schools scattered throughovt China. There are 61 normal schools afd a teachers’ col- lege, and 21 voccational schools for girls. DENBY RESIGNS AS SECRETARY (Continued from Page One) nia reserves, is expected immediate- ly after the senate completes con- firmation of the oll counsel, prob- ably today. For the same reason, there have been reports that Theodore Roose- also would retire as assistant under Mr. Denby. Mr. also had a part in the framing of the oll leases. The retirement of Mr. Denby also ed rumors that the resignation Attorney General Daugherty would follow within a few days. A resolution relating to him, and some- today. A $35,000 stock consisting of brand new spring merchandise is being placed on the bargain coun. ter today. Coats, sults, dresses, furs, milli- nery,) lingerie and silk hose have been announced as being among the many fine things to be sold. These are all of high grade. The entire stock must go within 30 days and for this reason the com- pany 1s making prices that are un- usually attractive. The merchan- dise handled by the firm has al- Ways been well known for its qual- ity and this same quality is main- tained in the goods now on sale, asst ecn ome tay te) yelt SA aka it hatieeen oe Thomas A, Edison celebrated: his seventy-seventh birthday the other | day by working in his Orange, > d., office as usual, Czechoslovak Rep. Danish Municipal, 88 A __. Dominion of Canada, 6s, 1952 French Republic 7 Japanese 4s __ Kingdom of Belgium, 8s Kingdom of Norway’ 6s Rep. of Chile, &, 1946 State of Queensland 6s — U. Ki of G. BL & 1, 5s Railw: Smelting, 5s - Sugar és Tel. col, American American American Anaconda Copper 71 Anaconda Copper 6s, At. T. and San. Fe., 1955 gen. Bethlehem Steel con, 6s, series Canadan Pacific deb., 4s Chicago, Burlington and Quincy r Chicago, Milwaukee and St. Paul cv., Chile Copper, 6s Goodyear Tire 8s, 1941 Great Northern 7s, A Montana Power 6s A . Northern Pacific ref., 6s B Northwestern Bell Tel., 7s -. Pacific Gas and Electric 5: Penn. R. R. Gen Sinclair Con, . 3 Southern Pacific cv.. 4 Union Pacific first 4s Utah Power and Light 58 -- Western Union 6%s ~ Westinghouse Electric 7s Wilson and Co., cv.. 6s - what similar to that adopted some di ago asking for the resignation of Mr. Denby is pending in the sen- ate and its sponsors are pressing for quick action on it. The resolution in which the pres! dent was advised to ask Secretary Denby to leave the cabinet was adopted February 11 with the re- publican organization leaders oppos- ing it but with ten Republicans vot- ing in its support. The vote was 47 to 34. Y Immediately it was sent to the White House, Mr. Coolidge issued a statement declaring that such questions Iay wholly within the pro- vinee of the executive, but adding: “The president is responsible to the people for his conduct relative to the retention or dismissal of public officials, I assume that re- sponsibility and the people may be assured that as soon as I can be ad- vised so that I may act with entire justice to all parties concerning and fully protect the public interests I sha!l act. “I do not propose to sacrifice an innocent man for my own welfare. Nor do I propose to retain in office any unfit man for my own welfare. I shall try to maintain the functions of the government unimpaired, to act upon the evidence and the law as I find it, and to deal thoroughly and summarily with every kind of wrong doing.” Since then many conferences have been held by the president with other officials of his administration, senate leaders and personal friends of Mr. Denby. Two of those most frequently at the White House have been Secretary Weeks and Charles B. Warren of Michigan, both old personal and political friends of the navy secretary. The decision in favor of a resigna- tion apparently was reached soon after Mr, Coolidge went to his of- fice today but a formal announce- ment was deferred. EB, T. Clark, one of Mr. Coolidge’s secretaries, visited Mr. Denby's office to consult as to what form the announcement should take. Mr. Denby soon’ afterward left the navy department by a-pri- vate entrance, eluding newspaper: men and left word that for the pres- ent he would have nothing to say. The secretary's retirement makes the first break in the official family Mr. Coolidge took over intact from the Harding «administration. Mr, Denby was one of the original mem: bers of Mr, Harding's cabinet, hav- ing taken office on March 4, 1921. This selection brought to that de- partment for the first time in many years a man who knew by personal experience the viewpoint of enlisted men both in the navy and in the marine corps. He had served as gunner’s mate aboard the Converted cruiser Yose- mite during the war with Spain and through all ranks and grades from private to major in the marine corps during the World War. Mr. Denby also had a back ground of personal information as to the situation in China and in the Orient generally which he drew from ten years employment in the interna- tional customs service in China when that service was: directed by Sir Robert Hart. The service of Mr. Denby began during the time that his father, Charles Denby of Evans- ville, Ind., was American minister to Peking. Through this personal knowledge of the Chinese customs system, the navy secretary was able to be help- ful to the special committees as- sembled at the Washington arms conference which dealt with the Chinese abstracts of the supplemen- tary treaties, His executive func tions at the navy department were such however, that the task of disec- ing the deliberations of American naval experts who helped frame the technical clauses of the naval limita Uon treaty developed upon assistant secretary Roosevelt. Mr. Denby was born in Evans- ville, 54 years ago today. He passed through the public schools of that city. His alma mater, however, is the University of Michigan, from which he graduated with the degree of LLB. When he entered the cab- inet he was connected with the legal tirm of Denby, Kennedy and O'Brien of Detroit and was chief probation officer of the recorder’s court of De troit and of the Circuit Wayne county, Michigan After his return from China, Mr. Denby began his political career when he was elected in 1903 to the Michigan house, He was chosen to court of]: the 59th congress as a member o the public from Michigan and serv ed there from 1905 to 1911. He late was a member of the Detroft chart er commission and when the Unite: States entered the World war April, 1917, he promptly enlisted a a private in the marine corps an: was sent to the marine trainin; camp at Paris Island, 8. C., wher virtually all of his war service War rendered, the only exception being « trip to France in 1918 as an observ er of French methods of training. Although a provisional major ¢ the marine corps, reserve division a the end of the war, he resigned that commission before he became secre tary of the navy. He carried wit! him into the navy department, how ever, strong opinions both as a law yer and as an enlisted man as’ to disciplinary processes and through out his term, as secretary devoted much time to the study of the cases of enlisted men found guilty by courts martia), arriving at inde pendent conclustons frequently ag tc the degree of clemency which should be exercised. An outstanding characteristic dis played by Mr. Denby as a member of the. cabinet was his loyalty to the polices of the president. That loyal ty was tested to a marked degree when the principal object of the Washington naval limitation treat- Jes took shaps as Mr. Denby. is known to have concurred $n the views of those high officers of the navy who held that a five-three ratio of naval strength as between the United States and Japan would serve to tie the hands of the gov- ernment in the Pacific in the event of any future war emergency there. ‘The secretary believed firmly, how- ever, in the peace policies of Prest- dent Harding and at no time permit- ted any dissentiny view he might have on the tech ical side of the question to interfore with loyal co- operation by the department in tho treaty negotiations. Secretary Denby fought many bitter battles with the congressional committees during his tenure of of- fice in his effort to keep the authorized personnel strength of the navy up to the point which the de- partment felt was necessary for the efficiency of the service was to be Protected. He also was urgent in requesting funds for modernization of the American capital ships, The reorganization of the flect as one command under a single admiral was effected under his authority and. he recently had taken a leading part in the now suspended plans for the polar flight of the Shenandoah. From the beginning of the oil lease inquiry the secretary maintained that the lease itself, wholly aside from any possible question of cor- ruption that might be Inyolved, was of vast importance to the navy and the nation, He was convinced that the holding of reserve ofl supplies in the underground pools of the naval reserve lands was an impossibility, that the oil was being drained off through operations on surrounding private wells. He appeared several times before the investigating com- mittee, and although he firmly ma{n- tained that the leasing policy was sound, he, was unable to answer many questions put to him by mem- bers regarding the technical details of the proceedings. This circumstance led to repeated charges on the senate floor that the navy secreta although not sus- pected to any moral wrong doing, had not proven a sufficiently alert guardian of the vast reserves en- trusted to his care. There was nothing to indicate to- day that President Coolidge had given any thought to a successor to Secretary Denby. In some quarters it was said, he would be urged to appoint another Michigan man. to the place—perhaps either Charles B. Warren, who has been offered the post of ambassador to Mexico, or former Representative Patrick H. Kelley, who served in congress as head of the appropriations sub-com- mitteo in charge of naval supply bills. fn a LONDON, d per Feb. 18—Bar Money Silyer 2% per ounce. cent Feb. 18—Bar Silver 49%. NEW YORE 64%; Mexican dollars are