Casper Daily Tribune Newspaper, April 3, 1924, Page 9

stocks in the mills of the United States today are abnormally low. But manufacturers seem to be mak- assert their attitude is a bib saat ay Aare speculation in raw woo! demand for cloth dictate thelr wool hases. Growers, on the other hand feel that the policy in itself constitutes speculation, Stocks of wool at Boston, the lead- ing wool market of the country, are down: to approximately 50,000,000 pounds, an unusually low amount, It {s estimated that tho total supply in the Unite< States including mill amount to 260,000,000 pounds, ‘The domestic clip this year is esti- mated by some authorities at 250,- 000,000 pounds, without considering imports and exports, against a nor- mal consumption 600,000,000 pounds. In spite of the prospect of a shortage, as indicated by these fig- ures, the level of prices in the domestic markets is still far below those of other countries. The ac tivity in the markets abroad also ex- ceeds the trading here. This has led to the reshipment abroad of a very considerable amount of foreign wool, arriving here in bond, which had been bought by American deal- ers at advantageous prices. The Australian and South Amert- can seasons now are practically over and, with the exceptions of the wools which have been shipped to England to be sold at the English auctions, American consumers will turn to the domestic wool growers for supplies for some months. This fact already has had some effect on recent sales. Tho power clippers now are ripping thru the fleeces of the Arizona sheep and in a short time, the Texas “‘woolles" will be runnifg around without there winter coverings, The wool clipped so far in the southwest, tarsi ni) shipped largely on consignment these supplies have been readily i of MILLS REPORTED LOW Manufacturers Determined to Avoid Speculation In Raw Wool and Let Demand for Cloth Dictate Their Purchases. ° passed already into inanufacturers hands. Contracting for wool on the sheeps back also has become slight- ly more active. Boston buyers have ‘contracted for 1,000,000 of 1924 spring wools in Sutton and Schleicher counties, twelve months growths. This level is not materially above prices nam- ed there earlier this year but the poundage involved is much greater than in former contracts. Some con- tracts also have been signed in southern Utah and even as far north as Montana at prices only slightly above the levels of the Bos- ton market when losses from scour: ing and freight charges are taken into 01 leration. Nevertheless, the grow feel themselves to be {n a very strong position, This at- Utude has been strengthened by the growth of cogperative marketing or- ganizations thruout the wool pro- ducing stat ’ This move, it ts felt will ald ma- terially in making Portland, Oregon, a much bigger factor in the trade than heretofore, The position of the growers is emphasized by the fact that the number of spring lambs marketed this year probably will show a decided falling off owing to the strong position of wool, Woolen goods for their part, are moving fairly satisfactorily, The mills. are by no means at capacity and the worsted plants are far be- low that point but the demand for certain classes of goods, notably those for women's wear, has been steady and active. The influence cause by the style of womens suit this spring has been thoroughly ap- parent. A further factor in the woo! mar- kets is seen in the announcement that the British Australian Wool Realization association's | surplus stocks which have been in process of marketing for nearly four years now has been practically closed out so that thé British cloth makers now are dependent largely on the new wools. Crude Production Shows Increase for Last Week NEW YORK, April 3.—The daily average gross crude oll production of the United States increased 6,600 barrels for the week ended March 29, totaling 1,912,400 barrels, accord- ing to the weekly summary of the American Petroleum Institute. Tho daily average production east of the Rocky Mountains was 1,258,400 barrels, a decreane of 2,950, California production was 654,000 barrels, an increase of 8,500. Oklahoma showed « daily average production of 415,050 barrels,” in- crease of 8,200; Kansas 69,100, in- crease of 200; aorth Texas 70,750, increase of central Texas 211,800, decrease of 1: north Louisiana 49,900, decrease of 100; Arkansas 123,050, decrease of 4,250; gulf coast 95,300, decrease of 600; eastern 98,000, increase of 1,500, and Wyoming and Montana 125,450, in- crease of 1,900 barrels. Daily average imports of petro- leum at principal ports for the week ended March 29, were 304,143 bar rels, compared with 297,000 for the previous week. Dally average re- ceipts of California oll at Atlantic and gulf coast ports were 119,000 barrels, compared with 143,143 for the previous week. According to the Inland Oil Index, average daily pipe line runs in the various flelds in the Rocky Moun- tain region for the week ended March 29, showed a decrease of 2,540 barrel the record for the week being 127,626 barrels, as com- pared with 130,165 barrels for the preceding week. Comparative daily runs for the weeks ended March 29 and March 22, follows: Fields Mar.29 Mar. 22 Salt Creek ---.--+ 99,100 101,651 3,515 3,290 3,780 3,715 3,275 2,950 1,335 1,875 110 120 Rock River -.--.. 3,380 3.560 Lance Creek ..... 1,690 1,950 Polson Spider ~... 215 220 Osage -.---... 600 615 Hamilton Dom: 585 600 Lander -. = 875 385 Pilot Butte ~ 85 80 Lost Soldier 3,700 3,850 Ferris .. 145 135 Cat Creek - 4,360 4,475 Kevin-Sunburst - 625 530 Miscellaneous ~~ 850 690 Totals -...-..-.. 127,625 180,165 Market Gossip and Briefs On Operations in Oil Fields ‘The Standard Ot! company of Cal-, was based on rumors that the Eng- ifornia plans extenaive development work on an additional 1,000 acre lease in Baldwin hills, not far from the city limits of Los Angeles. Net income of the southern Call- fornia Edison company in 1923 to- talled $5,153, after taxes, inter- est and depreciation, which {s equal after preferred dividends to $9.31 a share on the common stock. This compares with net income in 1922 of $4,465,577. More Rex Wells. Within several weeks time the Ohfo Of! wil! begin preparations for the drilling of two more wells on the Rex Lake struoture near Lara- mie, according to recent reports. It is also probable that Harry P. Hynds interests will apud a well tn on section 25.16-77 of the new field. Another Copper Test Rumors in Laramie point toward another test the Copper Cove structuro in Albany county by the Utah Ol! Refining company. Loca- tion, if made, will probably fall on the MeNurline lease near where the Utah several years ago sank a hole without reaching the objective sand. Copper Cove practically adjoins the valuable Rock Creek field. The recent rise in rubber prices in bhe London and New, Xork markets sh rubber growere are forming a controlling organisation to poll thelr products and possibly fix a min! mum price. These rumors while un- confirmed. have led to extensive speculation in the commodity. Forty New Of] Companies NEW YORK, April 3.—Forty new oll compant wo organized in March with ‘capital investment of $61,465,000. In February, 48 com- panies were chartered with aggre- gate capitalization of $56,0 and in January 46 with total capital- {gation of $127,728,000. The Mexican Pacific, Marquette oi! Corporation, Pittsburgh Trent Corporation and Marland Ol! Corporation of Coio- rado were among the new com- panies formed last month. ‘The largest iasue tn today's new hond offering of about $10,000,000 Is $6,000,000 Northern states Power company first len and genera! Mor. teage series A six percent gold bonds, priced mt 99% to yield more than six percent. The company operates utility services in Iowa, Minnesota, Miss, and North and South Dakota. SILVER NEW YORK, April 3.—Bar ailyer, 63%; Mexican dollars, 4814. Allfed Chemical and Dye —--- American Can -_------—-.. 105 American Car and Foundry — 157 American International Corp American Locomotive American Smelting & Refg — American Sugar -... American T. and T. .. American’ Tobacco —--------~ 142% American» Woolen 70 bi % Atchison --..-------)——--~ 100% Atl, Gult and West Indies _.— Balawin Locumotiva ----—-- 117% 55% Baltimore and Ohio ~-2x_... Bethlehem Steel ---.-----... California Petroleum Canadian Pacific Cerro de Pasco Copper —.... Chandler Motors Chesapeake and Ohio Chicago and Northwestern -. 16% Consolidated Gay -. Corn Products Cosden Oil Crucible Steel .-..~-. Cuba Cane Sugar pfd. Brie -. aes EARS IR Famous Players Lasky ..-- Gentral Asphalt --.----.---. General Electric General Motors -------—-.-. Great Northern pfd. -. Gul States Steel —- Illinois Central Inspiration Copper International Harvester Int. Mer. Marine pfd. International Paper Invincible Ol! .-----y------- Kelly Springfield Tire ~~. Kennecott Copper Lima Locomotive ---.—. Louisville and Nashville Mack Truck Marland Ott Maxwell Mctors Middle States O11 _ : Missouri, Kan, & Tex (new). 12 Missourl Pacific ptd. New York Central -~. N. ¥., N. H., and Hartford __ owe 172% 85% 56% — 64% 26 66% 39 Northern Pacific -. Pacific Oll -.~--.-. Pan American Petroleum B_ Pennsylvania -__. People’s Gas ex div. .. Producers and Refiners Pure Oil U. 8. Ind. Alcohol -. United States Rubber United States Steel — Utah Copper Westinghouse Electric Willys. Over'and = 20% American Zinc, Lead and Sm. 8% Butte and Superior -_ Colorado Fue! and Iron a Montana Power 62% Nations] Lead 138 Shattuck Arizona 5 Anglo .-. Buckeye ----_-.. - 69% 7 Continental -. ~ 44% 46 Cumberland ~ 126 129 Galena 589 Iinols 138 141 Indiana 93% 95 Nat. Tran. 21% 22 N, ¥. Tran, Nor. Pipe Objo Oil - Priarie Ol Prairie Pipe Solar Ref. - Sou. Pipe - 8, O, Kan 8. 0, Ky ------—-. BL. O;:. Mbt isenaetes 240 Bi Or Me Zoieceemnene 8. 9, Ohio Vacuum 8, P. Ol 8, O. Ind. Torehlight Greybull ~ Blk Basin - Rock Creek Salt Creek - Big Muddy Mule Creek Sunburst Hamilton Dome ~.-.----~. Fee CP ANN Tae Byron . Notches ~ Pilot Butte Lander yy 3 Receivership for Ol Company. NEW YORK, April 3.—The Asso- clated Producing and Refining cor- poration, a holding company con ling the capital stock of various subsidiaries operating ofl properties in the south and southwest was in the hands of a receiver deral Judge Bord, pcs cho 22h. < Coal. KANSAS CITY—The operators and miners of the southwestern coal fie!ds were unable to reach an agree. ment for a now wage ecale today and the miners walked out follow ing a demand for a reduction of wages by the operators. _ Chicago, Mil., & St. Paul pfd 29% Chicago, R, I. and Pac, .... 25 25% 62% 219% 14% Norfolk and Western ~--.--. 125% Reading rec ieinn Republic Iron and Steel .....) 47% Sears Roebuck —-.-.____ 85% "Sinclair Con Oil Le. 22% Southern Pacific -.-------.. 93” Southern Railway --.----... 54% Standard Oil of N J. 2-2. 37% Studebaker Corporation -... 95 Texas Co. ... 42 Texas ond Pacific — 27% Tobacco Products A. - 86 Transcontinental Of1 —... 56% Union Pacific - - 131% 48.75@ 10.00; OIL SECURITIES By ‘Wison Cranmer & Co. ‘ Ind Ask Bessemer ------------ .23 2 Big Indian -----__ 07.09 Boston Wyoming ---- 1.00 1.12 Buck Creek -------- .21 .23 Burke Lardy BOLE? 680 Blackstone Salt Creek .29 33 Chappell --..-..-- 6 138 Columbine ....-.--. A ld Ceneral Pipe ~.-----.~ 1.80 2.00 Consolidated Royalty. 129 1.81 Cow Gulch 03.04 Domino ~-------—--- 08. 10 Elkhorn 03 05 E, T, Willams -.----. 5 T Fargo ------------n--= 07,09 Frantz -.------------ 5,50 6.00 Gates .--~..--—-------. -10 12 Jupiter ~------------ 00% 9.01 Kinney Coastal ---. 14% .15% Lance Creek Royalty. .01% .02 Marine ~--~-—~------~ 3.00 3,25 Mike Henry ----—---. .00% .01 Mountain & Gulf -—- 140 1.45 New York Of] ---.---11.50 12,50 PURI OT nee 03.04 Preston 01% Red Bank Royalty and Producera .07% .08 Sunset __ 04% 05 Tom Bell Royalty_ 02 04 Western Explaration. 3.65 3.90 Wyo- Kans 10.80 Western Stat 228 BOW om omereai 10 12 NEW YORK CURB CLOSING Mountain Pro@ucers * 18.25 18.50 Glenrock Oil Salt Creek Cons. .... New York Ot Mutual LIVESTOCK Chicago Prices. CHICAGO, April. §.—(U, mostly 6o off; sows, $6.65@6.75; killing pigs, changes bulk desirable weight, $6.00@6.50; 30 @7.55; ght, 36.00@7.35, $6.70@ 6.85; 36.55@6.70; 6.50. medium, $7.15 @7.50; $7.30@ packing sows, slaughter pigs, ors, strong to 15c¢ highe: nore; better grades weighty steers jy fed steer run, medium to good ight weight offerings; early top matured steers, $12.35; fifty-nine vead averaging 1,548 pounds to hippers at that price; several loads wetghty steers, $11.00@11.65; bulk. ed steers, $8.50@11.00; fat cows, scarce; bulk, $5.25@7.25; steer heif- rs, $6.50@P8.00; bologna _buils, teady; bulk, $4.90@5.15; vealers, ineven; bull desirable light and nedium calves, $10.00@10.50; choice andy weight, upward to $11.00 and xbove; country demand stockers and. feeders, slow. Sheep—Receipts, 9,000; fairly ac ive; fat lambs, unevenly strong to 150. higher; bulk wooled offerings early, $16.50@16.65; bulk shorn kind, $14.25@14.5 sheep, scarce, steady. Omaha Quotations. OMAHA, April 8.—(U. 8. Depart- ment of Agriculture.)—Hogs—Re- celpts. 16,000; slow, 5 to 10c lower; bulk 210 to 300 pound butchers, $7.10@7.20; practical top, $7.20; one oad early to traders, $7.30, out of line; bulic 160 to 210 pound weights, $6.80@7.10; common and light on jown to $6.50; packing sows, most- $6.50@6.60; average cost yester- lay, $7.16; weight, 241. Cagtle—Receipts, 4,200; moderate- ly active; killing quality, largely medium t good; beef steers and yearlings, fully steady; bulk steers, yearlin, $8.00@9-25; top steers, $10. best yearlings, best she stock, steady to ‘8 and bulls, vealers, steady; slulner kinds and heavy and medium weights, scarce, 250 higher; better grades, stockers and feeders, steady; others, 10 to lie lower; bulk butcher cows, $5.25@7.00; fed helfers, $6.00 @7.50; canners and cutters, $2.50@ 4.25; practical veal top, $10.60; bologna bulls, mostly $4.25@4.50; bulk stockers and feeders, $6.50@ 7.55, Sheep—Receipts, 3,000; slow; fat Iambs, strong higher; few loads choice 81 pound wooled lambs to shippers, $16.00; two loads 93 pound averages to $15.50; fat clipped lambs, epdy; ewes, steady; one load 104 pound ewes, $11.10; shearing lambs, scarce; .thres loads clipped lambs to feeders, $1 market to 16¢ Denver Prices DENVER, Colo, April 3—(U. 8. Department of Agriculture).—Hogs —Receipt 3,400; mostly 5 to 100 low- er; top $7.20; other desirable 190 to 250 pound nverages $6.90 to $7.15; few weighty pigs and Nght lights $6.00, weak; packing sows $6 ateady; few stock pigs $5.00. Cattle—Receipts 800; calves 50 cows dull; wenk to 18c lower: good kind $6.90 to $6.10; fat hoelte ahw to 10c higher; choice 702 to 733 pound lots $8.10 to $8.15; plainer grades $6.50; stock steers $6,50@7.35; ott classes steady; bulls $3.65 to $4.50; two loads good 1,156 pound steers $9.50; 1006 pound $8.60; choice veal- ers $11.50; ofd lots up to $12.26; feeder cows $4.50. Sheep—Recoipts 6,300; only 4,000 on sale others dipped and shipped to nearby fed lots; no early sales; talking slightly higher, 8S. De- partment of Agriculture.)—-Hogs— Receipts, 36,000; uneven, steady to 10c lower than yesterday's average; light weight show most decline; bulk good and choice 180 to 325 pound weight, $7.40@7.50; top, $7.55; bulk 140 to 170 ‘pound averages, $7.00@7.35; bulk packing un- heavy- heavyweight ght ght. packing sows, smooth, rough, 84.75@ Cattle—Receipts, 11,000; fairly ac- tive; beef steers and desirable heif- spots up howing most advance; lberal sup- PAGE NINE. [STOCK VALUES |WHEAT PRIGE AIRCRAFT COUNSEL ‘FIREO’ FOR WEAKEN AGAIN] IS UNCHANGED! IWTEREST IN FEDERAL PROBE * Early Dealings, Decline Follows NEW ‘YORK, April %.—Stock prices moved upward in the early part of today’s market with strength developing in the rails but fluctuations became confused later when selling broke out in some of the pivotal industrial issties. Sales approximated 800,000 shares. NEW YORK, April 3.—Stock prices registered further improve- ment at the opening of today's stock market. Added to continued short covering, fresh buying, well distributed throughout the indus- trial lst, stimulated fractional ad- vances in a large number of stocks. Independent steel ehares responded to favorable reports of conditions in the country. Prospects for early action on the Daw report, combined with a more favorable outlook at Washing- ton, alded the forward movement in the early dealings, Gains of 1 to 2 points were recorded by a wide variety of shares, including DuPont Schulte, Union’ Pacific, New York Central, Texas and Pacific, and Pittsburgh and West Virginia. A s-owing demand for railroad issues was reflected in buying of the divi- dend-paying stocks. Profit taking developed later {n several repre- sentative industrials, forcing Gen- eral Electric and Studebaker down a point. American Zinc preferred and Wheeling and Lake Erle pre- ferred also suffered sharp losses. Foreign exchanges opened lower. Brisk buying of representative railroad stocks, which advanced one to more than three points, sustained the general list despite intermittent bear celling of the motor i renewed liquidation of low priced in- dustrials, With fresh operations for the rise in progress, the demand broadened considerably, embracing oll, shipping, tobacco, merchandise and chemical Issues. Untted Fruit jumped 6 points,-Sears Roebuck 3, Woolworth ond Lackawanna 3% each. Southern Pacific rose more than a point to a new top price for the year at 90% “@hd Missourl Pa- Cigars minimum figure at 180. Call money opened at 4%. r tion’ against the leading industrials in the early afternoon, forcing down Crucible, Gulf States and United States Steels, Baldwin, American Can and American Woolen 1 to 1% below yesterday’s final figures. Gen- eral Electric also ran off six points, corn products three and Inter. borough Rapid Transit two. Rall- roads eventually yielded sympa. thetically to a fractional extent from their high prices. The closing was irregular. Mixed movements took place in the late dealings, bidding up of the ship. pings. being counteracted by heavy solling of some of the foreign oils and coalers. SUGAR NEW YORK, April 3.—The mar- ket for refined sugar was unsettled by thé further reaction in spots, and prices were unchanged to 10 Points lower, fine granulated rang- ing from 8.20 to 8.40. The demand, howe » Was still light. Refined futures were nominal. Sugar futures closed eas: ap Proximate sales 48,000 tons; May $4.78; July $4.91; September $4.86; Degember $4.37. POTATOES CHICAGO, April %—Potatoes. Firm; receipts 69 cars; total U. shipments 897; Wisconsin 8. sacked round whites $1.30@1.50; bulk $1.40 @1.65; sacked Kings $1.30; Minne- sota and North Dakota sacked Red River Ohlos $1.25@1.40; sacked round. whites $1.20@1.40; Idaho sacked Ruasets $2.65@2.75, fos scr Arta rohs METALS NEW YORK, April 8 —Copper— Easy; electroly+ic, spot and futures, 18%. Tin—Firm; spot and nearby, 52.50; futures, 51,87@52.00- Iron—Steady; prices unchanged. Lead—Steady; spot, 8.87 to 9.00, Zinc—Firm; East St. Louis spot and futures, 6.26@6.30. Antimony—Spot, 10.75. MONEY Ew : Ap 3 c 4%; ® ts c ar sgainst acceptances, 4; time Joann st0ady; mixed collateral, 60-90 days, 4%3" 46 months, 4%4@4%; prime commercial paper, 4% @4%. p 2 eerie add hod CONNELLSVILLE Pa.—Conne!s- ville furnace coke has grown easier both spot and second quarter offer: ings being made at $4 @ ton with- out takers. Somnq small sales haye been made at $3.70, if_le preferred reached a new high level at 39%. Renewed selling pres- sure against the motors brought a} RIBS: three point, loss in Nash and Willys Overland preferred. General Elec- tric ylelded two points and United | BELLIE: broke 10 points to a new] May The shifting of speculative opera- tons into railroad shares encouraged bear element to make a demonstra- Upward Trend Recorded In|Late Weakness Wipes Out Increase In Quotations At Chicago strength in grain prices develaped today after a little wavering at the start. Corn drew whoat and oats up, despite some selling of wheat wheat againet buying of corn. Re- celpts of corn continued exceeding- ly small, the total arrivals in Chi- cago today being only 82 cars. Corn opening prices, which varied from unchanged figures to io higher, May 79c to 7940, were followed by @ slight sag and then by a moderate general advance. In the later dealings, slowness of eastern demand served to temper bullish enthusiasm to some extent and brought aboyt downturns in price. The close was unsettled at ‘to %@%c net gain, May, 79%Kc Indications that millers were buy. ne @ ttle wheat here helped to rally wheat values. After opening at iéc, off to a shade advance, May 91.02% to $1.02% and July $1.03%, the wheat niarket underwent some- thing of a setback all around and then scored gains, Subsequently the market showed signs of being overbought, and prices reacted somewhat. The cIéso was easy, at a shade to %c net tower, May, $1.02% to $1.02%@\. Oats started unchanged to higher, May 46%c, eased a bit and then went somewhat above the init. jal range. Provisions held steady, standing that the big peared weak, notwith- market ap- Open High Low Close WHEAT: 1.02% 1.03% 1.01% 1.02% 1.08% 1.04% 1.03% 1.03% 1.04 Sept. -. 105 1.04% 1.04% CORN: May ---. .79 19 -T8% 79% July = 19% .BO% 179% -79% Sept, - -19% .80 -T9% 79% OATS: May ---. 46% 47 46% 46% July 45 ABM 44% 44% Sept. Al% Al% 41 41% LARD:— May ~10.80 10.87 10.80 10.87 JUV, wenn wsew. eee nce 1110 May — July — wweeeres ence - 10.20 July 10.55 10.55 10.52 10.62 Cash Grains and Provisions, CHICAGO, April 3—Wheat—No. 1 bard, $1.09%; No. 2 hard, §1.06%4@ 1.12. Corn—No. 3 mixed, yellow, 80% @82c, Oats—No. 2 white, 8 white, 47% @ 480, Rye—No. 2, 67440. Barley—70@83e. Timothy seed—$5.50@8.00, Clover seed—$16,50@23.50, Lard—$10.75 Ribs—$9.62 $10.25, > Flax; MINNEAPOLIS, April 38.—Flour, unchanged; bran, $22.00. 80c; No. 3 49% @50c; No. Flax DULUTH, Minn., April. 3.—Closo flax May $2.40; July $2.37%4; Sep- tember $2.32. 4 COTTON NEW YORK,’ April 3.—Cottoy spot steady; middling 29.65. ga feat ts ss Wyoming Oils NEW YORK, April 8.—Prices of Wyoming olls at 2 p.-m. today were Usted on the New, York Curb as follows: Standard Ot! (Indiana) 61%; Moun- tain producers 18%; Mutual 11%. —— Foreign Exchange NEW YORK, Apri! 3.--Foreign exchanges easy; quotations in cents: Great Britain demand 430 1-16; ca- bles 430 5-16; 60 day bills on banks 427 13-16 France demand 584; ca- bles 585. Italy demand $4.36%; ca bles $4.37%, Belgium demand 484; cables $4.85, Germany demand (per trillion) .22, Holland $36.95; Tor. way $18.64%; Bweden $26.46; Den mark $14.45; Switzerland $17.43 Spain $18.04; Greece $175; Poland demand .000012; Czecho Slovakia $298; Jugo Slavia $1.24; Austria 0014%; Rumania .52%; Argentina $33.25; Braziin$11.20; Tokio 42% Montreal $97%. LIBERTY BONDS 3.—Liberty 8%9, 99.7; firat 4%n. 99.26; second 4%s, 99.25; third 4\n. 100.4; fourth 4s, 99,29; U. 8. gov ernment 4 100,20, and Eggs CHICAGO, April 3,— Butter Higher; creamery extras, 400; stand NEW YORK, April bonds closed: Butter ards, 400; extra firsts, 39@39% firsts, %28@88%c; seconds, 3640 —Higher; receipts, 19,008 firsts, 214% @21%c; ordinary firste, ¢; storage pack extras, storage pack firsts, 23%@2340 ‘they went ahead and (Continued From Page One) before the committee got the wit: nesses,” said Senator Wheeler. “No, we were rushing these cases all the time,” “Rushing them for five years?" “About three "You wanted to rush this case over before the testimony came out to show the dilatory tactics you and the rest of them at the war depart- ment have been pursuing to protect cs," Senator Wheeler charged. “Absolutely not,” Volandt return: ed. The committee recessed until to- morrow-with Captain Volandt still on the stand. WASHINGTON, April 8. Thomas F, Lane, until a week ago legal adviser to the chief of the army air ser- vice, told the senate Daugh- erty committee today he had been ordered “by Captain W. F. Volandt, of the air service” to “stay away" from the committees atid the capitol. When he refused to be dlc- tated to he sald, he was “dismissed” from the alr service. On motion of Senator Jones, Re- publican, Washington, the commit- tee directed Chairman Brookhart to notity Secretary Weeks at once of Lang's testimony. The witness also declared that papers from his own personal files in connection with aircraft cases had been taken from his brief case by Captain Volanat. As legal adviser to the arr service, Lane said, he had recommended to the secretary of war that the gov ernment cases against the Stand. ard Aircraft Corporation and other contractors, who supplied war ma- terlals be reopened. He declared he felt “there was some ulterior pur- poce” behind his dismissal and that he had been “shocked and pained’ because he had “trusted” in Captain Volandt. The committee decided to call on Volandt, and direct him to. bring with him papers taken from Lane, nator Ashurst suggested that Vol- ‘attached’ if he did not “ap- pear soon. The papers, Lane said, “included his only copy of the report to Secre- “I presume I was dis- said. “I don't know what my is—yesterday 1 found my private files emptied, and all the papers taken from the desk where I have -worked for five years."" Fils files, the witness said, were “extra copies” of all papers that had gone through his hands in “follow: ing up $50,000,000 worth of war claims which I kept as a matter of personal pride."’ As far back a@s 1919, Lane said, he nad become. convinced that the situation regarding aircraft con- struction “was bad.” The Lincoln motor case was the first he dealt with which he thought was “bad” he said. It was “settled” for $1, 000,000 he added, while the govern ment claim was more than $9,000,- 000 The war department refused to accept the settlement in the Lincoln case recommended by Attorney Gen eral Daugherty, Lane sald, “but settled any- how,” Senator Wheeler, the committee prosecutor, brought out that Lane had not volunteered to testify but had appeared only when gent for, “I hadn't sought the limelight,” he said, “I had thought that what is going on at the war department would come out.” “I don't believe the secretary of war will indo: eny action of this kind," commented Senator Jones. “I Wasn't even given a written notice,” Lane continued, “and I told Captain Volandt that I was shocked and pained and that it look- ed to me as though some ulterior motive was behind the action.” nator Wheeler directed Lane to tell in detail of craft case. “I became convinced when I firat started that the situation was bad as to all of theno negotiated sett ments of war cases that involved uge sums of money,” Lane said. “In 1919 officers in the alr service re- signed and were discharged. About the Standard air the middie of 1919 a colonel came from the treasury. department and was put in charge. “The first cane called to my at tention was the Lincoln Motor. I was ordered to write an opinion as to a $1,000,000 Item. I recommend- ed instead that the Lincoln Motor ought to pay back $9,880,000. “I'd bet my ears that if a suit had been filed, the government would have got more than it did. I handl- od the case, and I know what I'm talking about.”* Lawyers foy the receivers of tho Lincoln Motors admitted greater lia- bility, Lane asserted. “Were the assete in the hands of the receivers enough to meet the government's claim? Chairman Brookhart asked. “No, there were about $8,000,000." “But the government's claim had priority against that sum and ahead of other creditors,” remarked tho chairman, “Did you hold conferences with the attorney general himself in these matters?” Asked Senator Wheeler. “Frequently,” Lane said “Mr. William D, Ryder, one of the assist- ant attorney generals was with Mr. Daugherty, Captain Volandt, J, M. Wainwright, assistant secretary of war, myself, and a dozen people rep- resenting the Lincoln Motors, who participated." The government paid the com- pany “a million for the privilege of cancelling the contract,” Lane sald, under the head of “antic'pated prot- its." He knew of no other case in which the government had paid “a nickel” to any other company under similar circumstances. Assistant Secretary Wainwright. Major Genera! Patrick, chief of the alr service, and other war depart- ment officials stated their objections “vigorously” In conference with the department of justice as to the’ Lin- coln settlement, the witness con- tinued, then ‘walked out" of the conference. The war department immediately “‘tled up" the remain- ing eight millions of the govern- ment claim in the Lincoln case. “And the department of justice untied them?” Asked Senator ‘Wheeler. 4 “Yes, sir.” Except for tax and legal expense, Lang insists, the government “could have gotten all of the $8,000,000." “Henry Ford had bought the Lin- coln plant and the money was in the bank to the credit of recetvers,” he said, The witness then came to the case of the Standard Aircraft corporation, Files in this case were scattered and “meagre,” Lane said, but his final Judgment ‘in August, 1919, was that the government should recover $2,300,000. The company then had pending a $3,000,000 claim of its own. During discussions with Harry RB. Mingle, head of the company, the witness said that Mingle told him of the connection with the Japanese banking firm of Mitsu and com- pany. Mingle's relations with the Japanese company, he sald, went back to a college friendship. with a Japanero student. He declared Mingle “never had a dollar and didn’t put a dollar into’ the Stand- ard corporation, Lane declared that the Mitesut company, in financing the Standard had charged in $1,619,000 which “represented a loss in financing the old Sloan Manufacturing com pany.” The government paid this charge In the Standard settlements, he said. He added that Mitsu! loaned the Standard between $5,000,000 anil $6,000,000 which they got back with interest ‘to say nothing of this $1,619,000," In 1919 the government, Laro said, “by a sort of lump sum settle ment, paid the Standard Atrcraft about $3,700,000." “T investigated,” he went on, “and thought the probabilities were that the company had been over paid already, I nptitied them they could not receive ahy more, and they can down with thelr officers an yers and besieged the office.” Audits and claim preparations went ahead. “They got about $3,400,000 paid to them on their fina? claim," the wit- ness said. ‘That was the total sum, It was a bad case. The files were scattered, some in New York, somo in St. Louls, som in the air ser- vice, “I completed my investigation and filed my report in August, 1919, rec- ommending that the government sue the Standard Aircraft for $2,200,000 after offsetting their claims.” oo @ jewelry repair. law Expert wate tne. Casner Ge. 0-8 Bide. 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