Casper Daily Tribune Newspaper, July 23, 1924, Page 11

ATI ae al ya WEDNESDAY, JULY 23, 1924. Manufacturing Prosperity H angs on Tariff; Sugar Regions Are Marking Time By J. C. ROYLE. (Copyright, 1924, Casper Tribune.) NEW YORK, July 23.—The pur- chase this fall and winter of hun- dreds of thousands of dollars worth of manufactured goods, ranging from millinery to flivvers Is hanging im the balance at present. Growers of sugar beets and sugar cane in the continental United States, Hawai! and Porto Rico, are holding back their purchases to see what the tariff commission will recom- mend with regard to the proposal to lower the duty and what action President Coolidge will take on that resolution under the flexible pro- yisions of the tax law, The department of agriculture estimates that 917,000 acres have been planted to sugar beets this year and that this acreage should yield 838,' long tone of sugar. Both beet and cane sugar men de- clare the latter figure is over- conservative, Last year the acreage harvested yielded 1.075 long tons per acre, with a total outturn of 786,607 tone. Tf that rate is main tained this year, the yield would be 985,775 tons. Cuba had @ tremend- ous crop this year, production there up to July 1 ounting to 4,063,179 tons against an outturn last year of 3,601,605 tons for the entire crop. If the present ‘duty of 1.76 cents ® pound should be, lowered by th president, domestic beet and ¢ane srowerg declare it would mean a terrific loss to them and practically would put. control of the price of sugar in the hands of the cane sugar refiners. 8 are excellent for an equally large Cuban crop next year. In addition, the European beet crop is of tremendous proportions. It is estimated that the French plantings have been 30 per cent heavier than last year and the acreage in that country should produce 630,000 to 650,000 tons if the weather remains normal and 30,000 to 40,000 tons more if the weather {is favorable for the next two months. Consumption in Hurope is low, since many can not afford to buy as much sugar as in former years. A total of at least 1,000,000 tons of European beet sugar will be avatl- able for export and already some German offerings have been sold for November-December shipment on a basis of 3.81 cent pound London. The estimate of the Polish crop is for 410,000 tons, The present nominal quotation for beet sugar, which is always under the price of cane sugar, is under 6.50 cents a pound. Since the do- mestic crop, in order to compete in Atlantic coast markets, must be hauled long distances by rail, the menace of foreign sugars coming in under a reduction of the present tafiff of 1.76 cents a pound ts fully realized by the domestic growers. Actual consumption and distribu- tion of sugar for the first half of this year totaled 2,684,972 tons. The ‘amount to be consumed during the second part of 1924 is variously eatt- mated. The American Sugar asso- clation figures place the total for the year at 5,369,944 tons. Some re- finers, however, declare that the consumption for the next six months will not exceed that of last year, which was 2,186,993 tons, making the 1924 total only 4,871,965. The tariff commission is expected to submit its report regarding rela- tive cost of production at home and abroad and its recommendation as to a reduction of duty to the presi: dent this week. For a time. the trade expected the commission to recommend a reduction from 1.76 cents a pound to about 1.35. Now, however, men in close touch with the situation are far less certain that such a recommendation will be. made, Domestic sugar consumers have pressed home vigorously the point that comparison of production costs made over a period of late years do not give an accurate picture of production costs today and say that while they are willing to rest their case on comparative farm costs in Cuba and this coumtry, they are unwilling that our farm costs in Cuba and country, t¥ey are unwill- ing that our farm costs should be placed against Cuban mill costs, which they declare includes a profit to the producer. The political bearing of the matter at the present time is likely to cause considerable deliberation on action one way or the other, since sugar beet production is a major factor in the prosperity of thousands of farmers in Michigan, Ohio, In- diaa, Nebraska, Colorado, Wyoming, Utah, Montana, Idaho, Minnesota, California and other western state: Everyman’s Investment By GEORGE T. HUGHES. 1924, Consolidated Press Association.) Investors are continually advised by financial authorities to “keep in tosch” with the status of their se- (Copyright, . curities, They are told that condl- tions affecting trade and industry constantly change and that these changes are bound to have an effect upon the companies in which they are interested and so upon the bonds cr capital stock of those companies. This is all perfectly true and very important, but the average investor does not know how to keep himself informed. Usually also the amount of time he can spare for this pur- pose is strictly limited. As has already been pointed out in this series the best plan for such an in- vestor is to have his list periodically revised by some competent author- ity. There are, however, some things he can do for himself pro- vided the security is the obligation of a corporation which publishes regular earnings statements and gives the holders of its stock and bonds information as to its business. Conspicuous among corporations under this classification are United States Steel among industrials and American Telephone & Telegraph among public utilities and this. is one of the reasons why the obliga: tions of both these corrorations meet with so much fayor among the great mass of investors. Both these companies have adopted this en- lightened policy with happy results. Nor is there now any excuse for anyone really interested not keeping posted on the progress of the rail- roads in general or of any railroad in particular. Every week the finan- cial pages carry a report of the car loadings showing the rise and fall of traffic on the railroads as a whole. Every month there are published earnings statements of all the large roads showing how operating re- sults compare month by month with those of the preceding year. The railroads are obliged by law to make those monthly reports and the Information is available to all. In much the same way public utilities make regular statements which should be carefully studled by those Interested. Coftee CHICAGO—Coffee merchants here report a limited supply in ware- houses and express concern over supply should the Brazilian revolu- tion eqntinue. Grain SEATTLE—Both coast exporters and millers are combing the Pacific wheat districts for September de- livery, but country selling is limited even at the hew high prices offered. Orders for European delivery have released little old grain. Fruit ATLANTA — Surplus frult and vegetable production In Georgia is being canned to a greater extent than ever before. Small community plants are operating night and day. Early prices for fresh products were Satisfactory but the recent heavy movement glutted the market. Potatoes BOSTON—The potato acreage of New England is about 6.5 per cent higher this year than in 1923 and the prospects for,a large crop are ex- cellent. Clothing CLEVELAND—The Kaynee com: Pany reported today its plant manu- facturing childre: clothing was operating 90 percent. Cotton FORT WORTH—The cotton erop expected to bring to farmers this year at least $650,000,000 or 16 per cent more than the 1923 crop in this state. Non Ferrous Metals PITTSBURGH— Follansbee Bro- thors, steel manufacturers, have per: fected the first all-lead roofing ma- Commodity Trade News terlal in the history of the industry and are making large quantities of it at the Follansbee, W. Va,., plant. Perfection of the product fs attri- buted to C. W. Manning, of New York. ou SHREVEPORT—Recent cuts in the price of Arkansas and Louisiana crude are reflected in a drop of 8,- 896 barrels in daily average produc- tion in those fields last week. 'Thirty- five new wells, twenty-five of them in Smackover, added 5,225 barrels init!al production. Textiles HOLYOKE, MASS.—The No. 2 di- vision of the American Thread com- pany here is now operating on a 5- day-a-week schetule, instead of three days weekly, Automobiles DETROIT—The Chevrolet com- pany reduced its stocks of finished cars by 17,000 in June and expects to make still further reductions this month with an increase to a sche- dule of 37,500 cars in prospect for August. Flour MINNEAPOLIS Minneapolis flour mills are operating at only 35 per cent capacity but flour prices have Increased more than $1 a bar rel for best family patents since June 15 on the strength of advance. ing gain prices. Wool BOSTON—Wool is being bought froely in this market at advancing prices and speculators are showing a keon interest. Buying {# tn anti- cipation of probable needs by cloth manufacturers later in the year. Bonds New York Stocks Last Gale Allied Chemical & Dye -...-- 76% American Can wenn yeeene--118 American Car & Foundry --113 American International -----. 23% American Locomotive ---.---- 80% American Smelting & Ret’ American Sugar .. American Tel. & Tel. American American Woolen Amer. Zinc, Lead & Smelt. --. 9% Anaconda Copper --------—-- 36 MALOMIBOR © we semse nee 106% Atlantic Coast Line ----—..--128 Baldwin Locomotive ---------117T% Baltimore & Ohio -... 61% Bethlehem Stee} ---—--—---- 43% California Petroleum --------_ 22% Canadian Pacifico ~------.----1@0% Central Leather ~-----------— 1 Cerro de Parco -.--------—-- 48% Chandler Mowrs -------~----47% Chesapeake & Ohio --..--.- Chicago & Northwestern -.---62%4 ‘Chicago, Mil. & St. Paul, pfd.. 38 Chicagy, R, I. & Pac. -ee-new 84% Chile Copper Colorado Fuel & Iron .~---0~ 45% Congoleum -,.-.--.. Consolidated Gas Gorn Products, new -. Cosden Ol! -2----ecneene we Crucible Steel ~--—--.0------= Cuba Cane Sugar, pfd. ----— Davison Chemical -ee Du Pont de Nemours —.----~-128% Erle een: - 82% Famous-Players Lasky ~-----~ 82 General Asphalt -. General Electric - General Motors Great Northern, pfd. ---. Gulf States Steel ~-..-ecere--= 71K Houston Oi] . Illinois Central aeons International Harvester Int. Mer, Marine pfd. .. Int. Tel. & Tel. --. Invineible Oil ..... Kelly-Springtield Tire ~-~----- 15% Kennecott Copper Louisville & Nashville Mack Truck -. Marland Oil Maxwell Motors “A' Middle States Of! ~~~. Missour!, Kan. & Tex, Missourt Pacific, pfd. -. National Leed - New Orleans, Tex. & Mex. --.100% New York Central -...-.----.108 Northern Pacifio Pacific Oll -yecereoreceoee. Pan American Petroleum “B" Pennsylvania Producers & Refiners ~.-----~ Pure Oil - Reading Republic Reynolds Tobacco “B" ene TOY Seaboard Air Line ----. 16% Sears Roebuck --..-. Sinclair Con. ..--..-. Sloss-Sheffield Steel & Southern Pacific -..--. Southern Railway --. Southern Raltlway pfd. -. Standard Oll of Cal. ~~... Standard Oil of N, Tron.- Texas & Pacific ~. Tobacco Producta Transcontinental Oll 5 U. 8. Ind. Alcohol -..--.-.---- 71% United States Rubber -------. 31 United States Steel -. Utah Copper --... - 76% Westinghouse Electric —--- 64% Willys-Overland 9 Woolworth Indiana ~..----.-...... Nat. Tran, —--.-------. Prairie Oil Solar Ref. ie). pean ACUUM § seneweeneeee— 62 63 8. P. Of) —.wecengene 134 136 8. O. Ind. --.--------. 56 eu CRUDE MARKET. Cat Creek ~---------~-,------.$1.70 Lance Creek ~-.--.--..---.-.. 1.65 Fe a eRe SS SRST, Torchlight --....... oe Elk Basin ~...----ccceeeee-ee Rock Creek 2scccercceceeeee Salt Creek .. Big Muddy ----.--....-.. Mule Creek . Sunburst ~.--..------. Hamilton Dome Ferria Byron Notches Pilot Butte -.... Lander ~..-.-... CHICAGO, July 23.— Potatoes. trading very dull, weak; receipts, 35 cars; on track, 198; total United States shipments, 642 cars; Missouri and Kansas Irish Cobble: $1.30@ 1.45; poorer down to $1.00; early Ohios, $1.25@1.40; North Carolina barreled, $1.75@2. Virginia bar- reled, $2.50@2.50, he Casper Daily Cridune Stocks NEWS AND QUOTATIONS BY LEASED | OIL SECURITIES’ Blackstone Salt Creek .28 30 Chappell ------~------ 16 8 Columbine .----------- +! 09% Central £ipe -—------ 2. Consolidated Royalt Mike Henry ———-.. Mountain & Gulf .—. 143 1.45 Mountain & Gulf ---. 1.33 1.36 New York Ol -----~~ 9.00 11.00 Pleardy ..... 04 06 Preston O1% 02% Red Bank .. 989.50 80.00 Royalty & Producers . .04 06 Sunset Western Exploration . 3.00 3.25 Western Ol Fields .. 15% .16% Western States -..--. .14 6 Wyo-Kans 20 1.00 ¥ Ol) --vepuscunsonte | 06 06 NEW YORK CLOSING Mountain Producers - 17.50 17,75 Glenrock Oll ~.-e-e--= Salt Creek Prds. ..... Salt Creek Cons. ONG! peuscentedesGaran Na Prairie Ol ----------- 204 Mutual -~.....--.-. 8, O, Indiana Chicago Prices, CHICAGO, July 23.—(U. 8, De: partmént of Agriculture.)—Hogs— Recoipts, 19,000, slow; desirable grades, 25@50c higher than Tuer day's averag ughter pigs, mos ly 50c higher; others dull; light ro- ceipts; packers inactive; top light and medium weight, $9.36; bulk good and cholee 160 to 250 pound weight. $9.20@9.35; better 260 to 860 pound averages, $9.15@9.25; packing sows, $8.00@8.35; desirable strong weight slaughter pigs, $8.00@8.25; heavy: welght hogs, $8.90@9.25; medium, $9.00@9.35; Mght, $8.60@9.35; light ght, $7.75@ packing smooth, $8.15@8.50; packing sows. rough, $7.75@8.15; slaughter pigs, $7.25@8.25. Cattle—Recetpts, 13,000; better grades grain fed steers and year- lings, strong to 10c higher; others and grassy kind dull; better ship- ping demand for grain fed cattle; early top matured steers, $11.30; several loads handy and heavy bullocks, $10.75@11.00; most long yearlings, early, $10.75; bulk fed steers and yearlings, $8.75@10.50, grassy kind generally below inside figures; grissy cows and heifer: comparatively numerous, very slo about steady; better grades cows ani heifers getting some action; bologna bulls, Uberal supply, weak to 15c lower; few weighty kind above $4.75; bulks, $4.50@4.75; packers bid- ding sharply lower on veal calves; outsiders getting choice kind at $10.00 and slightly above; stockers and feeders more numerous; bulk, $5.25@6.75. Sheep—Reecipts, 16,000; dull; no early sales fat lambs; bidding around 50c lower; talking $13.00 on native; sheep and feeders, steady; range ewes to killers, $6.50; choice feeding lambs, $12.25. Omaha Quotations. ! OMAHA, Neb., July 23.—(U. 5. Department of Agriculture.)—Hogs —Recelpts, 13,500; mostly 25@40 higher to shippers and yard trad big packers holding back; bulk bet- ter grades 180 to 325 pound weights 8.75; top, $8.85; desirable 150 to 180 pound weights, $8.00@8.50; packing sows, mostly $8.00@8.10; smooth cows, upward to $8,560; bulk of all sales, $8.00@8.75; top, $8.95; average cost Tuesday, $8.11; weight, 251. Cattle—Receipts, 6,900; beef steers and yearlings, moderately active; steady to 15c higher; killing quality considerably improved; bulk dry lot steers and yearlings, $7.50@8.25; sprinkling of well finished offerings, $10.00@10.40; top weighty steers, $10.60; better grades dry lot cows and heifers, fairly active, strong to 10c higher; in-between kinds and plain grassers, dull, about steady; vealers, steady; bulls, 10@15c higher; stockers and feeders, nominally steady; bulk dry lot cows and heif- in ers, $5.25@7.50; choice heifers load lots, upward to $9.00; $3.50@5.25; canners and cutte $2.00@3.50; practically veal . top, $8.00; outsiders paying upward to $9.00; bologna bulls, $4.50@4.85. Sheep—Receipts, 14,000; lambs, 23@50c lower; mostly 50c lower; fat range lambs, mostly $12.85@13.00; top, $18.15; natives, $12.00@13.00; sheep and feed steady; early sales feeding lambs, $11.00@11.25. Denver Prices DENVER, Colo., July 23.—(U. 8. Department of Agriculture).—Hogs— Receipts 400; generally 40@50c high- er; several good 185 to 240 pound bute! $8.90@9.00; some held high- er; plain drive-inw $8.60@8.85; pack- ing sows steady; mostly $6.25; pigs and Ught Mghts scarce. Cattle—Receipts 350; calves none; active; fully steady; ring steers $7.40@8.90; mixed yearlingn $8.00@ 8.25; heifers §7.00@ grassers $5.00@6.00; o64 cows $3.5045.50: bulls $4.10@5.00; canners $1.60; odd calves $4.00@9.00; two loads choice 734 pound heifers late Tuesday $8.50. Sheep—Recelpts 900; bulk of run Idaho lambs; talking 25@50c lower; three Ioads 76 pounds. under sort, $12.25; one deck out at $10.50. For results sified @4. try a Tribune Clas Grain Short Covering Followed by Upturn Today In Many Issues NEW YORK, Jan. 23.—Improved steel trade reports, rising commodity prices and cheap money combined to lft stock prices higher today. Public utility issues, gaining 1 to 3 points, shared in the advance with rails, motor accessories and food issues but early gains were reduced in the late trading. Sales approx!- mated 1,200,000 shares. NEW YORK, July 23.—Conflicting price movement marked the opening of today’s stock market, with the steel issues manifesting heaviness on the federal trade commission's order irecting abandonment of the “cost plus" system. United States Steel dropped to 101%. Copper and oil shares, however, continued to move upward and popular rails were in demand, Buying later became of a more selective character with inquiry most Pronounced for foreign oils, grain carriers and sugar company, shares, Several representative issued reach- ed the highest levels of the current rise but the general advance was re- tarded by the lagging tendency of the steel shares and profit-taking in such Davison Chemi New 1924 high records were biished by Union Pacific, Great Northern preferred, Northern Pacific, Illinois Central. Omaha and Union Tank Car. A two point rise in Union Pacific carried that stock to 142, Foreign exchanges opened steady. The continued flow of buying ord. ers led to short covering which pushed prices up further, Demand for steel from selling centers, re- ported by the weekly trade reviews, outweighed the adverse “Pittsburgh plus’ decision as a market factor and the steel shares threw off their early heaviness. An unexpected de. mand developed for the motor and sugar issues, High grade rails forged ahead, Atchison climbing to 107. Gains of 3 to 4 points were recorded by South Porto Rico Su- gar, Tidewater Oil and Union Task Car, Call money opened at 2 per cent. With business reports becoming more favorable and money abun. dant the demand for stocks was unabated during the afternoon al- though the rise proceeded in a more moderate fashion. The mar- ket for public utility shares was mtuch better, American Waker Works and Electric being pushed up 7 points and United Raflways Investment preferred 31%. The closing was irregular. Va- rious rails and specialties fell back in the late trading under realizing sales and pressure from bear opera- tors. The principal targets were St. Paail preferred, Louisville and Nashville, National Lead, United States Cast Iron Pipe, General Elec- tric and Davison. Butter and Eggs CHICAGO, July, — 23,—Butter, l@shert creamery ‘extras, 374% qj extra firsts, 3544@36%4; firsts, 3414@35; seconds, 33@34c. Eggs—Higher; firsts, 25% @26%5; ordinary firsts, 24% @24% Poultry—Weak; light fowls, 160; heavy fowls, 20%c; light broilers, 28@29c; roosters, 14c. SILVER NEW YORK, July 23.—Bar‘allver, 67%; Mexican dollars, 51%. ——_. SUGAR NEW YORK, July 23.—A better demand was noted in the refined sugar market but quotations were unchanged at $6.40 to $6.50 for fine granulated. Refined futures were nominal. a ee MONEY NEW YORK, July 23.—Call money steady; high 2; low 2; ruling rate 2; closing bid offered at 2%; last Joan 2; call loans against accept- ances 1%. Time loans steady; mixed collateral 60-90 days, 2%; 4-6 months 3@3%; prime commercial paper 34)@3%. | Flour. MINNEAPOLIS, July 23.—Flour, unchanged to 150 lower; family patents, $7.60@7.65. Bran, $23.00. Livestock : Rust Reports From Canada and Short Crop Speed Upturn CHICAGO, July 23.—Wheat quick- ly advanced in price today after a wavering start. The upturn was due chiefly to active buying based on announcement that a complete sur. vey of crop conditions in Alberta indicated only 40,000,000 bushels yield this season as against 166,000,- 000 bushels last year, Canadian as a whole would produce less than half the 1923 totalling. Opening prices, which ranged from one cent decline to one cent advance, with Septem. ber $1.23 to $1,28% and December $1.25%% to $1.26%, were followed by gains all around. Subsequently black rust reports from Manitoba brought about an excited further advance. All high price records for the season were broken and the upturn from the day's bottom figures amounted to 8 cents, Buying on the advance was of huge proportions. The close was wild, 6% t6 7%c net higher, September, $1.30 to $1.20% and De- cember $1,.32% to $1.32%. Corn advanced with wheat. Be- sides, country offerings were report- ed to have been sharply curtailed, After’ opening %c to lc down, De- cember 89% @89%ec, the market rose to well above yesterday's finish. Corn responded to the late ad: vance of wheat and closed strong, 2% to 4\%c net higher; December, 924492 %o. Oats rallied, influenced by the ac- tion of other cereals. Starting at half cent off to %o advance, Sen- tember 44% @45c, the market soon hardened. Provisions were strong owing to higher quotations on hogs. WHEAT Open High Low Close July 260: 1.92% 1.98% 1.92% 28 1.905% 1.22% 1.30 26% 1.98% 125% 1.92% CORN 1.09 1.04 1.08% 1.05% 1.00% 1.05% % 93% 89% .92% OATS 54% 62 54 44% AT AT 49M 12.90 13.02 19.00 13.17 1115 11.25 11,55 11.20 11.55 BELLIES Sept. --.12.05 1245 12.05 12.45 Oct. 12.40 12.65 12.40 12.55 Cash Grains and Provisions. CHICAGO, July 23.—Cash wheat —No, 1 hard, $1.28@1.33; No. 2 hard, $1.27% @1.29%. Corn—No. 2 mixed, $1.09@1.09%; No. 2 yellow, $1.09% @1.10%. Oate—No. 2 white, 55@56c; No. 3 white, 53@53 %e. Rye—No, 2, 84%c. Barley—77@860. Timothy seed—$6.75 @8.75. tA, Foreign Exchange NEW YORK, July 23.—Foreign ex- change easy. Quotations (in cents). Great Britain demand 439%; cables 440; 60 day bills on banks 436%. France demand 5.13; cables 65.14. Italy demand 4.31%; cables 4.31%. Belgium demand 4.59; cables 4.60. Germany demand (per trillion) .23%. Holland 38.24; Norway 13.41; Swed- en 26.60; Denmark 16.15; Switzerland in 13.36; Greece 1.75; 'Po- Czecho Slovakia 2.97%; Jugo-Slavia 1.19; Austria .0014; Ru- mania .44%; Argentina 32.87; Brazil 978; Tokio 41%; Montreal 99 6-16, os Sal cul METALS NEW YORK, July 23.—Copper, firm; electrolytic, spot and nearby, 12%; futures, 13. Tin, spot and futures, $45.00@48,: Iron, easy; No. 1 northern, 19.50 @20.00; No. 2 northern, 19.00@19.50; No, 2 southern, 18.00@18.50. Lead, firm; spot, 7.00@7.25, Zinc, firm; East St. Louis spot, 6,02; futures 6 05. NEW YORK, July 23.—Liberty bonds closed: 3%s $101.16; first 4%s $102.10; second 4%8 $101 third 4 $102.12; fourth 4\%s $102.11; U. 8. Government 4%s $101.13. ee: USINESS BRIEFS (OS ST ED: Nee PHILADELPHIA—The building boom has hastened the passing of some of the old afristrocratic di tricts, especially at Rittenhouse square, on Pine, Spruce and Walnut Streets. The A. J. Cassatt home is now the headquarters of the Episco- pal church in this district. The Mc- Fadden mansion on Walnut street given place to a big apartment house, as has the home of W. W. Gibbs. The Lankenau home, whone owners were connected by marriage with the banking house of Drexel and company, has been razed, as has the Robérts residence, belonging to the family of the former president of the Pennsylvanian Railroad, and the A. J. Drexel, Jr., hou: owned by the late Thomas B. Wannamaker. An athletic club and insurance build- ing and a conservatory of music will occupy former famous residence sites, FORT WORTH—E nkruptey pro- ceedings in this section in the first half of the year showed a marked decrease as compared with 1923, So far only 63 have been filed as com pared with 85 in the corresponding period of last ye BOSTON—Boston and Maine traf- fie officials are optimistic over the Prospect of a revival of business in New England soon,. The company has installed gasoline motor ear ser vice on its Ashburnham branch, First Six Months Consolidated Royalty Ol! company In {ts semi-annual report matled to stockholders with the 27th consecu- tive quarterly dividend shows in- come for the first half of 1924 of $815,263.40. Dividends paid on out- standing stock during the same per- fod amounted to some $234,000, while the excellent financial condition of the company is reflected in the state: ment that bonds, cash on hand, and due from accrued royalties and as: sociated companies amounts to over $861,000. The quarterly dividend was three per cent. The semi-annua! report of the president, B. B, Brooks, will be of interest to the oll fraternity in gen- eral and follows in full: . ‘To the stockholders of the Con- solidated Royalty Oil company: “In submitting our customary brief semi-annual report of the de: velopment of old properties and the acquisition of new ones, I am pleas. ed to be able to report sub: ntial progress and also very satisfactory returns from the proven producing fields, as shown by the financial statement for the first half of the year 1 Salt Creek Field, Wyoming. “Approximately 200 wells will be drilled during the year, on lands in which your company holds fraction: al royalty interests, of which forty have already been completed, ap- proximately sixty-five are drilling and location have been made for the others, While the additional drill. ing in this field will probably not greatly increase the present output it is expected that it will maintain the present settled production fe a long time. “In addition to these royalty in- terests, the company owns a 25 per cent carried working interest in 320 acres in Salt Creek, In the South- west quarter of section five, town- ship thirty-nine, range seventy-cight, eight wells have previously been completed and four new wells will be dried this year, the first of which is on top of the oil sand and shows for a very good well. The other 160 acres, the west half of the northeast quarter and the east half of the northwest quarter of section eighteen, township thirty-nine, range seventy-eight, is well located on the structure, where there is no danger of drainage from adjoining proper- ties at the present time, and will be held in reserve for future develop- ment, Billy Creek Field, Wyoming. “Approximately 0 acres, Drill- ing by Carter Oi] company, Our ownership carried working interest of 16 2-3 per cent. ‘There are four large gas wel developed in this fief from three lifferent gas horizons, The fifth well ts now drilling at 1,443 feet. ‘TI number 3 Graham well has been deepened to the Muddy rand, cas- ing has been set at 3,950 feet, with some oil showing through the rotary drillings. This well will be tested for oil this Kk Wallace Creek Field Wyoming “Approximately 7,000 acres. Drill- ing by Mutual Oil company. Our owneship, 25 per cent carried work Market Gossip Union Of! company will rebuild its rig recently destroyed while working on a test of the Hale dome near Thermopolis, Wyo., and drilling will be resumed. New York. Oil company officers re cently inspected the Rex Lake dome west of Laramie with a view to starting a test well in that region Threo new wells have been com pleted in the Osa (Wyo,) oll field, | one Joe Ralston in the shallow section of the field and two by the ming High Test Oil company In section 18-46-63. The latter two 20-barrel outputters, are Ten-inch casing has been set at 592 feet by the Bradford Wyoming Ol company in its test of the Emt grant Gap anticline, 18 miles west of Casper, whero it started a second test this year after striking good oll Indications in a well driled last year and abandoned. Seattle is syndicate preparing to spud in for a test of the Burris dome just north of the Salt Creek field in Johnson county, Wyo California Ol company of Wyo: ming will be drilling soon In its firet test of the Gothberg dome in Na trona county, Wyo., where rigging up is now in progress on sect 36-2. The Gothberg dome is r ed as an extension of the North Cas per Creek structure where the Mid west struck a big gas flow at a shallow depth and is now drilling to lower levels, Carter Oil company fs cor two new wells in the field. No. 9 Richards the southwest solidated flowing from t at 24 northw 1,000 lea. 1 Wall ¢ mpany feet of crude shooting of 5.000 bar } storage n Spider field [west of Casper, New York Ol! com All Markets STOGK TREND |WHEAT PRICES {CONSOLIDATED ROYALTY COMPAN UPWARD AGAIN SOAR IN MART/PAYS ITS 27TH DIVIDEND HER Earnings of More Than $315,000 Shown in Semi Annual Statement of President Covering ted in] $4.40, establi PAGE ELEVEN of Present Year. ing interest. ‘This property je t cated about fifty miles west of C per, Wyo. It has been given a ough and carefully checked, geolog} ical examination, is a well defin closed, Nght oil structure, and of the objective sands will be ed within 4,000 feet. The deepest is 200 feet thick and well sat with ofl on the surface where it out crops. A wel! is now drilling, wil twenty-two Inch hole, at 210 feet] The first well drilled is free to yo company. Northern California, Colusa Count “Approximately 80,000 acres, Drill ing by Mutual O!l company. O1 ownership carried working interest] A well ts now drilling wit 12%-Inch hole, at 1,475 feet. Al of the sands so far encounte: have shown and at on time the well was estimated be making as much as three to fi million feet per day. This gas hi been cased off in order to test numerous sands below, several o| which will be encountered at depth of less than 4,000 feet, Southern California, Orange “This property has not previow ly been reported, Appreximate!: 800 acres, Drilling by Mutual Off company, Our owneship, q working interest of 25 per cent. Thi structure is very favorably located in what is known as ‘gusher’ tei tory, a short distance from San! Fo Springs. Within a few miles o} this land numerous fields haye be devoloped with enormous productio The structure has been very cai fully and thoroughly examined, wi found to have a good closure, and hag been favorably reported upon b; our own and several other geolo gists. The property was pured b; The Consolidated Royalty Ol] co pany and The Western Exploratio company and arrangements wei made to have it drilled by the Mi tual Oll company. The first wi will be free to us. There are two o the most productive sands to b tested; one at 3,300 feet, which 4 about 800 feet thick and has bee: very productive in the Olinda field and the other, a sand 1,400 fe thick and the sand that has con tained most of the large productio found in Southern California, wil be reached at about 4,500. ‘This wel is now drilling at 2,140 feet. T! first producing sand will probab! be reached in the next few da: of the tests made from the s] and vands, so far encountered, hay shown some oll. The possibilities o this field are certainly very ° and we expect both the lower san to be thoroughly tested in the nex] two months, Earnings. ‘The income from the first st: months of the year, received an due from royalties and associates companies, amounted to appro: mately $315,263.40, The dividend patd on outstanding stock for th ame period amounted to $234,028.. Bonds, cash on hand, jn banks, an due from accrued royalties and assd ciated companies $861,616.17. “Respectfully submitted, “B. B. BROOKS, president. pany has started to run crude t¢} Casper through the Fargo olf pip ine, The New York has a new w cemented on top of the sand a 1,385 insection12.33-8 E. T, Willams Oil company drilling in the second Wall Cree! sand with good showings for gas an| oll in its No. 4-A well, section 19-4q 78, Salt Creek, at 0 feet. Th same company is nearing compl tion in its No, 23-A well, sectio} 22-40-79, which Is drilling at . 2,65} feet. Midwe starting ‘orth Casper ek trona cour , where casing being r red in the initial test wel at 1.490 feet. A gas flow of 10,000 000 feet was struck in this well at depth of about 1,000 feet. Oth wildcat operations of the Midwest { Wyoming show the following statu: ber dome, drilling at 4,005 fe etches dome, fishing for tools 2,800 feet; Tisdale, drilling at 3 feet; Buffalo Basin, spudding at feet st Feefining company 4 two validating holes on th structure, Ng | | | | Cotton Prices Soar. V YORK, July 23.—Cotto} made another big advance opening toc reaching ne high levels for the movement wit October selling at $28.10 and Decer ber at $ 0, to 80 point! above the previous close. prices the or 2 Sterling Demand Grows. NEW YORK, July 22.—Promise q American ance to Europe growing confidence that the presel inter-allied conference will pave t for European accord on t Dawes plan stimulated buying q sterling today, carrying the dema: rate above $4.40 to the highest ie of the year. An early quotation of $4.40% eclip ed the previoun 1924 high mark don April 23, ap overnight advance q Since the first q has scored a gall ch france he! 1 to share r the Britt > For results try a Tribune Cl sified Ad.