Casper Daily Tribune Newspaper, May 15, 1924, Page 9

THURSDAY, MAY 15, 1924, Oil CRUDE PRODUCTION UP AGAIN IN WEEK| Increase in Pipeline Runs Amounts to Over 10,000 Barrels Daily From Fields of Coun- _ try, Institute Figures Show. NEW YORK, May 15.—The daily average gross crude of] production of the United States increased 10,300 barrels for the week ending May 10, totaling 1,959,350 barrels, accord- ing to the weekly summary of the American Petroleum Institute. The daily average production of thi Rocky Mountains was 1,315,450 bar- rels, an increase of 14,700. Califor- nia production was 434,900 barrels, a decrease of 4,400. Oklahoma showed daily average production of 430,400 barrels, in- crease of 4,750; Kansas 69.950, in- crease of 600; north Texas 77,250, Petroleum Laboratory at University Opens July LARAMIE, Wyo., May 15.—(Spe- celal to The Tribune.)}—The Petroleum Research laboratory at the Univer- sity of Wyoming will be opened July 1 of this year, “The Branding Iron,” student publication at the university announced last night. President Crane of the university is in receipt of a letter from Direc- tor H. Foster Baines of the Bureau of Mines, department of the interior, stating that the appropriation for maintenance of a petroleum research laboratory at Laramie has passed both house and senate and seemed quite definitely assured, Director Baines requests that the university complete the preparation of building and equipment for the use of the department by July 1. A portion of the new engineering building has been reserved as a laboratory for the department. It will be divided into convenient rooms and the necessary piping and Market Gossip On Operations in Oil Fields Wall Street Briefs. George Whitney, partner of the * firm of J. P. Morgan and company, has been elected a director of the Marland Oil company to succeed F. W. Hayes. The banking house recently bought 300,000 shares of the company’s stock, part of which was resold, but took an option on an additional 275,000 shares at $39 a share with an agreement to pay $1 a share, thus giving the company $40 a share should the option be exercised within nine months. <A new executive committee also was elected, headed by E. W. Marland, president. New loss of $3,783,624 in 1923 against net income of $5,476,029 in 1922 is reported by,Cosden and com- pany, and its subsidiaries. In the quarter ended March 31, net earn- ings were $3,942,875 before deprecia- tion and depletion. Invicible Oil earned net income of $1,132,396 before depletion in the first quarter of 1924 against $710,500 “in the same period last year. Bx: penses and interest decreased from $197,185 to $64,662. Gas Line Connected Connection of the gas line from Hatfield well No. 1 on the NW% of sec, 2-19.88, Eight Mile Lake struc: ture, to the Producers refinery at Parco has been completed. Wyoming ofls were lsted on the New York curbs at 2 p. m. as fol- lows. Standard Ot! (Ind) .66%; Mountain Producers 18%; Mutual 10%; Omar 65; Salt Creek 24%. CONGRESS TO FINISH LABOR EARLY IN JUNE WASHINGTON, May 15.—Agree- ment was reached by Republican and Democrat house leaders at a recent conference with President Coolidge to work for adjournment of Congress on June 7. Legislation before the house was discussed in a general way with the president by Reprerentatives Longworth of Ohio and Garret of ‘Tennessee, the Republican and Democrat leaders, Chairman Snell of the house rules committee, and Representative Garner, Democrat, of Texas. Consideration was given to these bills which could be dis- posed of in time for adjournment for the national political conven- a Cal! the Tribune for highway in- formation. ny East Terraces “a loolkc means a lot.’’ corner of Center and Seventh. Finance New York Stocks Allied Chemical & Dye ...--- American American American Bugar ~-----s----- 43 T. and T. -... American Woolen .«. ~-- 64%| Central Pipe Line . Anconda Copper --.--------- 30%] Capitol Pete 1.85 a dec: of 250; central Atchison ~~. enennnen=~ 102% | Consolidated Royalty— 1.21 Otl, Gulf and West Indies . 16 196,850, decrease of 250; north Louts- Baldwin Locomotive ...-.--- 107 lana 64,650, increase of 1,850; Ar- 300, increase of 800; gulf 71% | Bessemer . American Can ---..-..--..-. 100% | Big Indian American Car and Foundry -- 156B| Boston Wyoming --- 125% | Columbine Tobacco ~....---.. 139% | Central Baltimore and Ohio -----.--- 62% ]Elkhorn — -. fhe Casyp Stocks American ~International Corp 22 || Buck Creek -—..-... 14 16 American Locomotive :.-... 71 | Burke -------..---. .25 +26 American Smelting & Refg. - 61% | Blackstone Salt’ Creek Chappell Cow Gulch —---.---.- .03 Domino . --~.----------,08 02 .|®ethlehem Steel ---.---_... \47™%|E. T. Williams ee | 40 Sonat e800, increase of 6.200; | canrornia. Petroleum ---2-205 22% | Fargo’. -.------- 06 ~-.08 eastern 103,500, unchanged; Wyo- ming and Montana 128,250, increase | C@@dian Pacific -----.--- 148% | Frantz - --------------5,00 6.00 of 2,000. vandals aieslae Leather -------—~= 1% yaiee oseeeeerr= 10 i erro de Pasco Copper ------ 44) UPIGT - ------------- tae ars Dany, Syerage. sriporis ot Pete | cuancter Motors = 43%|Kinney Coaste! ---.-.- a3 leum at principal ports for the week Chesapeake anc Ohio ~..---- 76 | Lance Creek Royalty. OL 0145 ended May 10, were 231,143 barrels, Chicago and Northwestern - 63 | Marine . -.... 00 «3.25 compared with 306,143 for the pre- vious week. Daily average receipts | Chicago, Mil, & St. Paul pfd 244% |Mike Henry -~---.---- .00% .01 of California of! at Atlantic ‘and gulf | Chicago, R. T.@ Pac. --.---.- 23% | Mountain & Gulf -. 145 1.50 Chile Copper --.------------ 27% | New York Of] ~---._.12.00 13.00 coast ‘ts were 125,000 barrels. 4 compared with 129,714 for the pre] Chino: Copper _---..------—--15% B| Picardy — aon- 03. 04 Sitka wank Consolidated Gas -..----. 68 | Preston — 01% 02 Corn Products new --------. Cosden O'l ---__----------. 28% | Roya’ty and Producers .05% .06% Crucible Steel ~------------. 49% | Sunset -___. 05 Cuba Cane Sugar, pfd. -.. 56 | Tom Be'l Royalty 03 MOFIG. Soya ees wwwecee 25 Western Exploration. 3.50 8.75 Famous Players Lasky -. 10% | Western States 6:4) 17 Genera! Asphalt -- 34 | Wyo-Kans -.. 90 1,00 General Electric - 215%] Y On 05.06 General Motors ... 13% NEW YORK CURB CLOSING Great Northern pfd. -...... 57% | Mountain Producers - 18,00 18,12 Gulf States Stee! — 63% |Glenrock Ol __ 4 20 40 electric connections made to give] Illinols Central _..-.. 102%4 | Salt Creek Pras, ----_ 24.00 24.12 suitable modern conveniences for] Inspiration Copper ~~... 22% | Salt Creek Cons ---.. 8.50 8.75 the work: of the laboratory. International Harvester ----.83% B/ Mutual --..--------- 10.12 10.25 Several specialists will be assigned | Int. Mex Marine pfd. -----. 3%|S. O. Indiana 56,37 56.50 to this station and important re-|International Paper -----.-— 36% search work on petroleum problems | Invincible Oll 12% started at once. It is planned to| Kelly- ‘Springfield Tire ---- 138% LIVES place Mr. D. B. Dow in charge of | Kennecott Copper ---. 37% VESTOCK the Laramie field office. Mr. Dow] Lima Locomotive ex div. - 58 has been connected with the Bartles- | Louisville and Nashville -. 93% ville, Okla., station for several years | Mack Truck . Chicago Prices. and has conducted seyeral important | Marland Oil CHICAGO, May 15.—{U. 8. De- investigations. He {s an author of| Maxwe!l Motors ~ %B{ partment of Agriculture.}-—Hogs— n*tional repute on probiems of natu-| Middle States Ol 3% | Receipts, 20,000; generally 0c ral gasoline and oil field emulsions. | Missouri, Kan. & Tex. new. 10% | wher; HUsht receipts; big packers A conference will be held in the near future between university authori- ties ard those of the bureau to make detailed plans. It is very fitting that a ‘strong Misrouri Pacific pfd. New York Central . Northern Pacific petroleum department should be| Pacific Oil .-~--.. maintvined at the University of] Pan American Petroleum B. 46% Wyoming, when one realizes the tre-} Pennsylvania ---.--..--. 43% mendous developments in petroleum in this state and the great possi- bilities for the future. and Briefs People's Gas Producers and Pure Ol Reading -. Republic Iron and Steel -. Sears Rcebuck Sinclair Con. Ol q. Southern Pacific — Southern Railway Standard Oll of N. J. -..----- 34% Studebaker Corporation 31% Texas Co. --.. tchehoet) 89% Texas and Pacific -----.---- 28% ‘Tobacco Products A Texas Gets Well Transcontinental Oil At Lost Soldier the Texas Produc- Union Pacific --.. tion company has brought in, its U. S. Ind. Alcohol wwannn= (64 Well Good No, 2 as a 700-barrel pro-| United States Rubber ——.-. 27% ducer, according to a report reaching | trnited States Steel -—.. 96% hero yesterday evening. This new] tah Copper —-. ae well considerably improves the out-| westinghouse Electric. 55% look for the northwest part of Lost Willys Overland -. 1% Soldier field which looked last year American Zinc, Lead and Sm. 78 as though it would amount to little. Butte and Superior -....---. 15 The Texas company has had a great Cclorado Fue! and Iron _... 29% deal of fishing No, 2. Black Mountain Spudding For the past several days the Utah Of] Refining company hag been spudding its No. 2 well on the Black Mountain structure in Hot Springs county, Last fall the Utah proved the structure by bringing in a black ol! well that was good for a daily production of 260 barrels on the trouble with Good] stontana Power National Lead Shattuck Arizona Anglo Buckeye .-. Continental -. jump. Cumberland -—. +d Ga'ena ----2-- Illinois ~~-~----------- 131 134 Indiana --------------- 90 91 Nat. Tran. ~. N. Y¥. Tran. BIKE RAGE TO Nor. Pipe -.--. 84 Ohio Oil .~------------- 60% 60 Prairie Of] —--—-.--.- 212 214 Prairie Pipe 102% Solar “Ref. -—---2----- 186 Sou. Pipe wonwcccece 99% 94 S. O. Kan. ~ 8. O. Ky. -------—~----- Saturday morning at 9:30 the big} S: 0. Neb. ----------- Elks marathon bicycle race will be|S. O. N. Y. -------—~- 38% 39 started. 8. O. Ohio —--------- 280. 284 The starting point is at the cor-| Vacuum ner of Center and Eighth. 8. P. Ol . The course is east on Eighth to|S. 0. Ind. Lincoln, north to Second, east to Sener rene, Evansville, circling around to C street, west to the courthouse and/| CRUDE MARKET south on Center to the finish at the Gat, COON athonnaepnsnanbenee tl Oh Lance Creek Osage Grass Creek ght ~....--..--. 1.95 All boys not more than 16 years old are eligibl Entries must be in by 6 o'clock tomorrow night. Entries should eoe-eee---------- 1 oe | be handed to Red Row, athletic di-| Grass Creek, heavy -----..-.. .90 rector of the Elks. Greybull eee en-n------- 1.95 ‘The race will be a handicap affair) Torchlight with every boy getting chance at the big prize I! Thieves Search For Silk Cargo FREEPORT, Ill, May 15.— Thieves broke into six cars of a fast westbound merchandise train on the Chicago, Great Western rall- road, supposedly in search of a valuable silk cargo, The robbery gave rise to a false report that the Chicago and North- western passenger train had been held up. METALS nm even) Wik Bash Rock Creek Salt Creek ig Muddy ~-~----J.---------= Mule Creek cnnnccneeeceennce Sunburst Hamilton Dome Ferris .. Byron -..-. Notches ee | Pilot Butte -.-------<--------= Lander” POTATOES CHICAGO, May 15.—Potatoes, old stock, firm; receipts, 64 cars; total U. 8S. shipments, 62! ‘Wisconsin sacked round whites, $1.15@1.30; bulk, $1.36@1.45; Idaho sacked Rus- nots, $1.90@2.15. New stock, barely steady “orida barreled Spalding " Rose, $8.00; Texas sacked Billss NEW YORK, May 15—Copper: | rriumphs, $4.75@4.90; Loulstana prererece: e c, spot, 13; futures, | sacked Triumphs, $3.6004.50 accord- in, easy; epot and nearby, $44.60; | 228 tO Quality. futures, $43.75. Iron, steady; prices unchanged. Lead, steady; spots. $7.37@7.50- Zinc, quiet; East St. Louls spot and nearby, $5.85@5.90. Antimony, spot, u Two choice lots on South M Kinley St., $675 each; termi Ity Co., Zuttermeist- Dobbin R. er Bldg., 226 E. 2nd St. 31% | Red Bank alking steady; bulk good and choice 230 to, 350 pound butchers, $7.45@ 7.60; top, $7.60; bulk desirable 160 to 210 pound averages, $7.30@7,50; better grades 140 to 150 pound weight, largely $6.90@7.25; bulk pack'ng sows, $6.80@6.90; slaughter pigs, 15 to 25c higher; bulk good end choice strong weight, $6.00@ §.#0; heavyweight hogs, $7.40@7.60; Ught, $7.50@7.55; ight ght, $6.00@ 7.40; packing sows, smooth, $6.85@ 7.00; packing so rough, $6.50@ 3.85; slaughter pigs, $5.25@6.50. Sheep—Receipts, 10,000; slow; few early sales fat clipped lambs, strong to 25¢ higher; sheep, steady; good clipped lambs, $14.75@15.00; some held at $15.50 and above; choice fat clipped yearlings, $12.25; good to choice fat ewes, $8.25@8.50. Cattle—Receipts, 12,000; generally steady; fairly active demand; most killing classes, steady; fed steers and yearlings, moderately active, un- even; few spots weak early; killing quality, generally plain; bulk fed steers, $8.75@10.50; early top Ne- braska, $10.75; others, $11.65; sev eval loads weighty steers, $11. hoice yearling heifers, bid above $10.50; fat cows, scarce; bulk beef heifers, $6.75@6.85; common fat cows and canners and cutters and bulls, slow, about steady; few heavy bologna bulls, above $8.00; bulk veal calves, $9.25@10.00 to packers; out- siders, upward to $11,00; thin fleshed stockers and feeders strong; bulk, $6.F0@8.50. Omaha Quotations OMAHA, May 15.—Hogs—Receipts 11 500; better grades butchers active 10@15c higher; others and mixed of- ferings slow; strong to 10c higher; bulk 210 to 300 pound butchers $7.10 @$7.25; top $7.25; 160 to 210 pound weight $6.85@$7.10; plainer grades of lights on down to $6.50; packing sows $6.40@$6.50; mostly $6.50; average cost Wednesday $6.90; weight 249. Sattle—Receipts 7,200; slow; beef steers and yearlings generally 10@ 25c lower; killing qualities mostly medium to good; top steers early $10.75; some held above $11.00; bulk steers and yearlings §7.75@$10.50; she stock weak to 15c lower; plainer kind off most; vealers, 25@50c high- er; packers paying upward to $10.50; bulls 10@15c higher; stockers and feeders scarce; steady; bulk butcher cows and heifors $5.00@$8.00; choice heifers up to $9.10; eanners and cut- ters $2.35@$4,00; bologna bulls $4.25 @$4.60; few at $4.75; bulk stockers and feeders $6.75@$8.00. Shéeep—Receipts 3,000; fat lambs strong to 10c higher; no carly sales of clipped lambs; $15.10 bid; three decks 87 pound wooled lambs $17.00; small lots clipped ewes strong at $6.50@$7.25; spring lambs $17.00@ $17.16; few head at $17.25; one load 77 pound shearing lambs $16.60. Denver Prices DENVER, Colo., mostly 10 to 150 higher; top $7.15; bulk destrable 190 to 285 pound weights $6.95 to $7.05; few $7.10; 125 to 145 pound aver mostly $5.75; few $6.00 packing sows steady; mostly $5.75; stock pigs $5.00. Cattle. Receipts 600; calves 100; steady; few loads steers $8.60 to $0.35; heavies held higher; desirable 812 pound heifers $8.35; mixed cows and heifers $7.75 bulis $3.75 to $4.00; several loads cows $7.00;. others $6.35 down: des!rable vealera $11.00. Sheep. Receipts 2200; fat wooled lambs around 16c higher; top $1690 few loads including 84 and 85 pound averages $16.60 to $16.75; no other classes here. 0 CHICAGO, May 15.—Butter lower; creamery extras, 37%¢; standards, extra “firats, 3544@364c; 34% @abc; seconds, 30@33%c. Eges, higher recotpt cases firsts, 23%; ordinary 21%@2%c; storage pack 2640; Arats, 24%@25c, extras | /t Daily Cribune Grain NEWS AND QUOTATIONS BY LEASED W STOCK TRADING I AREGULAR Equipment and Motor Shares Show Price Improve- ment Today NEW YORK, May 15.—Irregular Prices movements characterized to- day’s dull market. Operation for the rise were successful in the equip. ment and motor shares while selling Pressure was effective against the merchandising and food issues and certain specialties. Sales approxi- mated 600,000 shares. NEW YORK, May 15.—-Stock prices developed an uncertain trend at the opening of today's market. Standard Oll of New Jersey moved up sharply in response to a pub- Neation to favorable earnings, but Cosden dropped almost a point to a new 1924 low at 27%. Philadelphia and Reading, which displayed marked buoyancy yesterday,. fell back a point and steel shares also yielded slightly, Gulf States touch- ing a new low for the year at 62%. Gains and losses were divided in the early trading with, however, an upward tendency in stoc! which normally govern the market's trend, chiefly American Can and Baldwin. Predictions of favorable dividend buying of both Coast Line and Louisville and Nashville shares, while shipping issues reflected the better outlook for increased traffic. Marland Oil advanced about a point. Weaknoss persisted, however, in a variety of specialties, with Ana- conda Copper, Willys Overland pre- ferred, National Enameling and Electric Storage Battery falling to the year's lowest levels, tho latter yielding two points to 51. Prices wavered later as selling pressure was renewed against Baldwin. For- sign exchanges opened lower. The inability of bear operators to depress Baldwin, Studebaker and other market leaders, on which a concerted attack was made, intimi- dated the shorts and led to a re- sumption of short covering which carried pripes of leading industrials oae to two points higher. Atlantic Coast Line common broke almost four points at 122. Substantial ad- vances ,weve scored by American Can, American Locomotive, Genera! Electric, DuPont, Stewart-Warner and Cuba Cane Sugar preferred. Philadelphia and Reading after early reactions, rebounded to a regord high at 60%. Reading eights alsd. touched a new top price at 23%. \A reduction in the price of metal contributed to heaviness of the copper shares, and selling pres- sure continued, hough a number of specialties, including Chicago Pneumatic Tool, dropped three points to 80, Call money opened at 3% per cent Bull operators apparently had the market sufficiently well in hand to be able to resist spasmodic selling of various specialties, Congoleum was forced down 1% to 34%, a new low figure for the year, while New York Dock sagged 344. and Fisher Body 6 points. Meanwhile the steels, motors, General Electric, C. and O., and Man- hattan Elevated issues were car- ried to considerably higher levels. The closing was irregular, Bear pressure was resumed against the textile and merchandising issues in the late dealings, Associated Dry- goods breaking 3 points, but pivotal industrials continued to improve on short covering. LIBERTY BONDS NEW YORK, May 15.—Liberty bonds closed: 31s 100.1; second 48 100.9; first 4%s 100.20; second 4%s 100.17; third 4%s 101; fourth 4s 28; U. 8. Govt. 4%8 102.20, « Site tel ~llnadatntc Foreign Exchange NEW YORK, May, 15.—Foreign exchanges, easy, Quotations in cents: Great Britain, demand 436%; cables, 436%; 60 day bills on banks, 434%. France, demand 5.82; cab 5.83. Italy, demand, 4.44; cables, 4.44%. Belgium, demand 4.8 cables, 4.89. Germany, demand per trillion, .23%. Holland, 37.38. Nor: way, 13.87.. Sweden, 26.54, Den- mark, 16.90. Switzerland, 17.71. Spain, 13.86. Greece, 2.05. Poland, 000012. Czecho Slovakia, 2.94%. Jugo Slavia, 1.23%. Austria, .0014%. Rumania, .50%%. Argentina, 33.00. Brazil, 11.25. Tokio, 40%. Mon- SILVER NEW YORK, May 15.—Bar silver, 65%; Mexican dollars, 49%. SUGAR NEW YORK, May 15.—Refined sugar was unchanged at 7.15 to $7.50 for fino granulated, with business ght. Refined futures were nominal, Sugar futures closed firm; approxt- mate sales, 54,000 tons. May, $4.00; July, $4.12; September, $4.20; De- cember, $3.89- — MONEY ' ‘Ww YORK, May 15.—Call money, easier; high, 344; low, 3; ruling rate. 3%; closing bid, 3; offered at 3%; last loan, 3; call loans against acceptance, 3%; time loans, easier; mixed collateral, 60-90 deys, 4; 4:6 months, 4@4%; primo commercial paper, 4444 ee ps. PAGE NINE. Livestock :: All Markets | CORN TRADING BEARS WHEAT Closing Prices Show Little Change After Reaction In Market CHICAGO, May 15.—Persistent selling, based on improved conditions for planting disclosed a lack of sup- port for prices in the corn market today, and led to a material drop of values. The close was unsettled, % @% to 1%c net lower, July 75% to 76¥4c, nearly identical with May. CHICAGO, May 15.—Influence by an upturn in Liverpool quotations, when prices here averaged a little higher today during the earller trad- ing. Estimates that Ohio this sea- son eastern produced 10,000,000 bushels less wheat than last year had some bullish effect. Buying, however, was of only a scattered sort and there was some selling of wheat into store. After opening at Yc decline to Kc advance, with July $1.06% to $1.06% and September $1.07% to $1.07%, the market held near to initfal top figures. Later the wheat market was de- pressed by corn weakness. Wheat closed unsettled at the same as yes: terday's finish to %c lower, July $1 OC@1.06% to 23.06% and Sep.ein- ber, $1.07 to $1.07%4. Better weather tended to curtail demand in the corn market. The opening, which ranged from the same as yesterday's finish to %c lower, July 76% to 76%@%c was followed by a moderate general set- back. Slowness of shipping demand from the east, as well as likelihood of rapid progress hereafter in plant- Ing kept prices later on the down grade. Oat traders took their cue from wheat rather than corn. Prices started at 4c there to %c up, July {4c and later made slight gains. Provisions were steadied by a rise in hog values. High Open Low Close May -..1.04% 1.04% 1.04% 1.04% July --1.06% 1.06% 1.05% 1.06 Sept. 1.0644 1.07 CORN 18% -.75% 15% 75% 74% 75% 46% 46% 43% 43% 39% 49% 10.65 10.65 10.92 10,92 9.85 9.85 Sept. 10.00 BELLIES: July ---10.47 10.50 10.45 10.45 September 10.70 Cash Grains and Provisions CHICAGO, May 15.—Wheat No. 3 red $1.04% @$1.06%; No. 3 hard $1.07 @$1.15. Corn No. 2 mixed 77c; No. 2 yel- low 77% @78c. Oats No. 2 white 48% @49%c; No. 3 white 47% @48\%c. Rye No. 3, 65c. Barley 66@78c. Timothy seed $5.00@$7.25. Clover seed $10.50@$18.50. Lard $10.47 Ribs $10.12, Bellies $10.25. Re owe deol Flour MINNEAPOLIS, May 15.—Flour unchanged. Bran $17.50@$20.00. soe Ll Flax DULUTH, May 15.—Close flax, May $2.60%; July $2.41; September $2,181. COTTON F NEW YORK, May 15—Spot cot- ton steady; middiing $32.05, Noted Surgeon Dies in East PHILADELPHIA, May 15.—Dr. Ernest La Place, noted surgeon, and well known in French circles here and in Hurope, died today from heart disease. Dr, La Place had contributed much to the advance ment of surgery and medicine, and was the inventor of tho first forceps for intestinal anastomosis. He was the author of numerous articles on surgery of the brain and the in- testines, and was the recipient of high academic recognition for his achievements. He was born in New Orleang in 1°61 Dr. La Place was the possessor of one of a number of small flasks containing a few ounces of veal broth sealed 76 years ago by Pasteur, to prove the theory that there can be no decomposition with- out germ growth and no germ growth without contagion. nea GOLF COURSE BEING ROLLED Work of rojling the course at the} Community golf links was started | today, the Warren Construction com: | pany havin « nto | and the this week. With good weather prevailing dur- Ing the last few days many golfers have taken advantage of it and golf- ing has finally started In earnest for the summer. Secret eile WANTED—Clean Cotton Rags at “ah tre course will be mowed | 4 The Tribung Office, FOREIGN. Czechoslovak Rep., 8c Ctfa. -.-. Dominion of Canada, 5s, 19 French Republic, 7%s -. Japanese 4s Kingdom of Kingdom of Norway, 6s Rep. of Chile, 86, 1946 State ot Chester opi fs. UK ot G B&l, 5 American. Sugar, 68 American Tel. Col,, tr. Anaconda Copper 7 Anaconta Copper 68, 1956 At. T. and San Fe., gen. 4 Baltimore and Ohio, o Bevhiehem ‘Stee; con., Canadian Pac'fic deb., Chicago, Burlington and Quincy ref. Chicago, Milwaukee and St. Paul cv., Chile Copper 6s Gooayear Tire Great Northern, 7s A Montana Power, 5s A_ Northern Pacific ret., Southern Pacif Union Pacific first 4s . U. 8S. Rubber 68 -~. Utah Power and Lights Os Western Union 6%8 --.--.. Westinghouse Electric 78 Wilson and Co., cv., 68) () Pe way and Miscellaneous American Smelting 65 -..---..-------. + 448 --~--~--------------- GOOLIDGE VETOES BONUS ACT ON GROUND OF NATIONAL ECONOMY (Continued From Page One) mnounced that an-attempt would be made to pass it over the veto on its original passage as it received more than the necessary two-thirds vote in both senate an house. The veto message, based on estimates of probable expenditure provided by the budget bureau, wag addressed to the house where the bill originated and where the first test of strength must come in the effort to override the president's disapproval. The president in his veto message estimated that payment of the bonus would commit the nation to a2 averago annual expenditure of $114,000,000 for the next 20 years. At the end of the 20 year period, hé said, the government would be faced with the necessity of selling $2,500.000,000 in bonds, a major financial undertaking which he argued might jeopardize tho value of federal securities then outstand- ing. He added that regardless of party affiliations, the public is clamoring for tax relief, and that the govern: ment has no money to bestow on any particular class, Veterans would be better off, he said, if relieved of the high taxes which the bonus legislation would make necessary, tax reduction, he mentioned in particular would be a great help to agricultural interests “We must either abandon our theory of patriotism,” said M ide ‘or abandon this bill. “We owe no bonus to the able bodied soldiers of the world war.” “Patriotism is one of the highest and finest of human virtues,” the “and it cannot To offer money president continued, be bought or sol for it destroys it.” The executive declared that “America as a whole does not want the bill. “Thore is no justification for it," he said, Enactment of ‘the measure, the president continued, would mean abandonment of one of our most cherished American ideals," in that it would sanction an attempt ‘to make a money payment out of the rnings of the people to those who are physically well and financially able.” “Our country cannot afford tt," the president said. ‘The veterans as a whole do not want it. All our American principles are opposed to it There is no mor justification for it © ¢ The property of the people be- longs to the people, To take it from them by taxation cannot be justified except by urgent public necesalty. Unless this principle be recognized our country fs no Jonger secure, our people no longer free.” The president estimated that the measure would require an appropri- ation of $146,000,000 for the first fiscal year in insurance and cash payme with an additional ad ministrative cost of $6,500,000, ‘The estimated at 1926 appropriation $155,500 000. Fear was expressed by the execu- tive that If the bill should become law, further efforts would be made along the same line. He asserted that already suggestions had been made for a cash bonus in addition to the benefits carried In the pend- ing bill, and added that “such action logically would be encouraged if this bill becomes law." “Neither the rich nor the will meet thin “All of this enormous eum bo earned by tite ople country through thelr toll must earn it, they must pa They not deserving of any expense, he sald has to of this They > high after the been on that th had recelved re insistent demands for an im- te vote. Republican leader Longworth tried in vain to get an agreement to delay the roll call until next week In objecting to the proposal of Mr. Longworth, Representative Rankin, Denwcrat, Mississipp!, declared the message of the president “an insult” to the veterans of the war. When Mr. Longworth moved that the bill be taken up for re-passage a the advocates of im- mediate action voted the proposal down 112 to 105 on a. standing vote. A roll call on the Longworth motion then was demanded and ordered, It was the second time in twenty months that a bonus bill had been returned to congress by the White Hoyse without presidential :sanetion. Late in 1922 President Harding ve- toed a bill to give an optional bon- us to former service men, It was passed over the veto by the House, but failed of re-passage in the Sen- ate. By this action today Mr. Coolidge not only .re- emphasized the- policy of governmental economy he had outlined in vetoing the Bursum bill, but carried forward a tendered political faith announced in his first message to congerss last fall.’ In that message he devoted exactly nine words to the bonus issue: “I do not favor the granting of a bonus." The veto mesage today enlarged upon this policy at length, quoting the treasury figures on the -proba ble cost of the measure and citing the fact that no provision is made in the bill for raising the additional revenues to meet these expenditures. Despite his previous firm convie- tion ‘in subject, the president had studied the measure carefully, had sought advise not only from th treasury but from the veterans bureau and had waited to act until the last day but one allowed him under the law, In the case of hig veto of the Bursum pension bill, which was his first exercise of the veto power, the firat test in the effort to repass it came in the Senate wihch refused by a margin of a single vote to over-ride him. Advocates af the bonus bill, however, inaluding some of tho Republican organization leaders in both Senate and Hou: declared today they were confident they could muster the necessary two thirds of both chambers, So overwhelming has been the sentiment for a bonus in the House that repassage there {s generals conceded. In the senate, the count will be closer. PEACE DISTURBERS ARE FINED $15 BY COURT E. D. Batley and Fred Carter wero fined $15 and costs in justice of the Peace court yesterday on thelr plea of guilty to fighting and disturbing the p The incident occurred early yes- terday morning in front of a dance hall in Evansville. British Flyer On the Move ALLAHABAD, British India, May 4.—-The British aviator Stuart MacLeren, engaged in an attempt- ed flight around the world, arrived here today from Nascinbad. He plans to hop off for Calcutta to morrow ee U.S. TREATY IS RATIFIED DOBBIN REALTY CO, Have Lots in All Parts of the City On Easy Terms, e 11 Zuttermeister Bldg. East 2nd St.