Casper Daily Tribune Newspaper, December 4, 1924, Page 2

am ate ois. rere) bt eh hee Unt eBeuesney ios Zh) “ee PAGE TWO. REPEAL OF ACT REFLECTING ON * IRELAND URGED LONDON, 1 4.—The govern’ raent committee appointed in 1928 to review the provisions of the restora- tion of order in Ireland act of 1920 recommends the repeal of the act by the end of 1925 on grounds that the creation of the Irish Free State makes the act redundant as affect- ing southern Ireland. But, adds the committee, since the omoters of disorder in southern Ireland design to continue their ac- tivities in England, it is advisable for the present to retain those pro- visions of the act which empower the authorities to search for incriminat- ing documents and secure informa- tion from persons able to give it, The committee finds the British jaw deficient in these two respects and advises that this defect be rem edied by regular statute, KORETZ GIVEN PRISON TERM IN SENTENCE CHICAGO, De 4.—leo Koretz, master swindler, today was sen tenced to prison for from one to ten years on the charge of larceny, the first of four charges to which he pleaded guilty yesterday. FUNERAL 19 HELO FOR FIVE-YEAR-OLD CHILD Charles M. Brunk, five-year-old son of Mr. and Mrs. Martin Brunk of Midwest, was buried this after- noon fotlowing private services at the Shaffer-Gay funeral chapel. He dled yesterday in Midwest of scar- let fever. $a LATE SPORTS HARTFORD, Conn., The Associated Pre: resolutions condemn league president” for confusion and a condition inimical to’ the Welfare of baseball and re- affirming its faith and confidence in Commissioner Kenesaw Mountain Landis, the national association of professional baseball leagues closed up its business today in a brief final session. Dec. 4,—(By HARTFORD, Dec. 4.—Thomas L. ‘Turner, president of the Portland Pacific Coast league team, an- nounced today that he had sold Hughie Bedient, former Boston Red Box pitcher, to the Atlanta club’ of the Southern Association: He re- fused to reveal the purchase price, but said the amount was large. — —— Car Inspector Assaulted by Man and Woman DENV Colo, Dec. 4.—Guy Nowlin, 35, car inspector for the Chicago, Burlington and Quincy rail: road, is in the general hospital with a fractured skull received at the hands of a man and ‘woman who assaulted him last night and beat him with a piece of lead pipe, accord: ing to the tale he told police today. Rowlin said as he approached a dark corner near Twenty-sixth and Blake, the pair stepped out and with the words “we've got you now, you - -" began to beat him. He OIL MATERIAL AND LABOR COST IN MOUNTAIN COMPARED WITH COMPETITIVE FIELDS REGION Discussion Presented by C. A. Fisher of Kinney-Coastal Company at Recent Convention Is Interesting By C. A. FISHER Vice President, Kinney Coastal. Oil ©o., Denver, Colo, There has existed a differential in the price paid for Mid-Continent and Wyoming crude oll ever since Wyo- ming became a factor in the produc tion of petroleum in this country. This differential has varied from jan average, for the entire year, of 21c in 1912 to about 77c in 1920, the year in which the greatest iffer- ence was reached. The small differ- ential in existence in 1912 is believ- ed to have been due to the fact that Wyoming's total production was. small and its marketing territory had not been extended sufficiently far to come into competition with outside fields and thus be affected. Since 1920; owing probably to a gen- eral re-adjustment of prices follow- ing the war period the differential decreased during the summer of 1928 to Jess than 10¢ per barrel con- tinuing for a period of about four months. This was brought about by the country-wide over-production reducing the Mid-Continent prices and the unwillingness of the Wyo- ming operator to go below a certain price level. During September of 1923 the spread in prices increased to 89c and at the present time is about 40c per barrel, It is signifi- cant while the differential in the price of crude ofl has fluctuated to some extent in the past an average, over a period of thirteen years, of about 4bc per barrel has been main- tained. This fact is believed to re- flect the fundamentally different conditions under which the oil bust- ness is carried on in the two regions and to my mind is one of the strong: est arguments that a differential should exist. ‘The selling price of a barrel of oll in any locality must depend, in its last anayses, on the total realization from the various products derived from that barrel of ofl when sold in the open market. This realization is governed by a number of factors, chief of which are quality of ofl and the value of the products that can be made from it, cost of material and labor incident to operation, and finally the marketing of products de- rived therefrom. The cost of mate: rial and labor and the marketing of the products increases or decreases depending upon the accessibility of the region in which the operation takes place. There are also other causes of a physical nature which make for increased cost in produc- ing, transporting, refining and mar- keting of off such as climatic and topographic conditior Of course, the high cost of material and labor affect the producer to a certain ex- tent, but the purchaser of the oll, who pays the price, is affected by this higher, cost both in the refining and marketing of its products, During the early part of 1921 in connection with the adjustment of certain values in the Salt Creek field between the officials of the in- terior depagtment at Washington and the Midwest Refining company an opportunity was afforded for me to make a study of the comparative realization and selling price of a barrel of oil from the Cushing and Salt Creek fields, These two fields being selected as representative of the two regions and also on account of the similarity in the quality of the two oils. Facilities were placed {at my_disposal by the officials of some of the larger ‘companies in both the Mid-Continent and Wyo- ming fields, The resultant of this study, which was carried on for a number of weeks, was submitted as confidential material to the govern- ment. Owing to the confidential character of this data only general- izations based on the information obtained at that time are here given. It is sufficient for present pur- poses to state that our findings at that time clearly showed. First: That a differential in price of crude oll between the two regions was en- was found later unconscious “by passersby. Lamp Shades & Hand-made, Silk and or Gold rors—Pottery and Lamp Imported direct from Japan XMAS GIFT SALE Hand-made Handkerchiefs _________ 50c¢ Perfumed Candles—Polychrome, Sticks, Frames, Mir- Burners—Fancy Work and Favors, EVERY ARTICLE IN STOCK ONE-HALF PRICE Hand-painted Silk Fire Screens. Kopper Kettle Art Shop| O-S BUILDING tlrely justified. Second, That the amount of an equitable Gicterentiat Painted Lace. 0 to $30 archment, Bases—Bronze Incense Bridge Sets— of in, tained at certain times but did close- ly approximate the average differ- ential which had ed for all previous years. Third, That it ap- peared impossible to ever completely eliminate a differential in favor of the Salt Creek oils. In my detailed study of this prob- lem certain points were brought out which I believe are worthy of men: tion in this paper. Oils of similar gravity in the Mid-Continent and Wyoming fields might be expected to give similar results in their re- fining. However, actual experience has shown that considerable ‘differ- ence in the amount and value of products recovered, by the ordinary methods of refining of two oils of similar gravtly, very often takes place. From the percentage of var- fous products obtained from the ol! fnultipliéd by their average selling price we obtain the total value of the products recovered from one barrel of Cushing and Salt Creek oil re- spectively, A comparison of the net realization from each crude resulted in a difference exceeding the then existing differential between the sell- ing price of the two oils. One of the primary factors in oll operation is the cost of material. Thig cost is greater in ‘Wyonting than Oklahoma due to the fact that practically all of the commodities used have thelr origin in common eastern supply points, thug creating an increased freight rate charge against the Wyoming operator. True, this applies to the producer well as the refiner and marketer but not to as great an extent. ‘This increased cost of material in Wyoming may be modified in a measure by local dis- tributing points, but jt cannot be materially reduced. The comparative cest of labor in the two localities js ,also another item which will bear analyses. In Wyoming, due to its isolated location and unfs.vorable climatic conditions, the cost of labor is greater than in Oklahoma. This again affects the purchaser of ojl who refines and markets his product more than the producer, In my investigation in 1921 it was found to be true in rfearly every case, where a careful com. parison was made of the relative costs of specific kinds of labor con- nected with the .ofl business, that wages were higher in Wyoming than Okiahoma. One of the reasons bringing about this condition is the fact that the re- fining industry has existed in Okla-|* homa for the past quarter of a cen; tury or longer and during that timd hag developed a class of labor both skilled and unskilled familiar with every detail of the of industry. This is not true to the same degree in Wyoming. Oklahoma is also more thickly populated than Wyoming and it therefore follows that the re- quisite labor is much more easily obtaained and at lower prices in the Mid-Continent field than in Wyo: ming. A detailed comparison of wages paid in both localities from 1918 to 1921 showed a_ substantial percentage increase in the Wyoming fields particularly in regard to la- a fe to for fu in| in co} cay 0" th tu th pre th ru tur ue! tu thi ot fa su! £0) an Centinent crude. based on the then existing prices for the various products in the Mid; Continent <and Wyoming regions, If, for the sake of analysis, the total cost of refining ts divided into operation, maintenanc: ahd administration we readily see that all these items in each region are affected to a greater. or less ex: tent by.cost of material and labor which have beer shown to be higher ber connected with the refining end the business. It is believed this percentage has not been materially reduced in the past four years. At the time the comparative study between the Salt Creek and ing fle:ds was made it‘was,felt that this comparison might be unfair ow, Cush- ig to the fact that Cushing crude reliable comparison was made between the Salt Creek oil, which constituted a very large percentage of Wyoming production, ‘homa ofl as determined by q large eastern refinéry handling Mid-Con- tinent crude, The results of this comparison which {s described in de- tall below, still sustained the’ dif- and an average Okla. rentia] then existing between the price of crude in the two regions. In comparing the relative prod- ucts deriver from Salt Creek with those from the ay ent crude oll, it was not practical fe Mid-Contin- use refinery runs as q basis of comparison. This, because the var- us refineries did not make the samo crudes. It was therefore neces. sary to use records of complete dis- tillation arsuming the use of pres- sure stills premitting a maximum of cracking between refined oll and coke. The comparison thug being on the basis 6f the maximum yield of gasoline and the minimum yield of el oil, Tt was not possible to go to the relative yile:d of lubricants this*comparison because of the mass of detail required for which mpartive data was not then avall- able. It is, however, generally known that the Mfd-Continent crude, as a whole ylelds a percentage of lubri- nts equal to that of Wyoming with much less treament since the Mid: Continent crude yields. bests es cylin, der stocks. The percentage of Srodiaen re vered in this distillation, assumin, @ pressure still stock to produ definite amounts of motor-spiri el oll and coke and reconyerting ese back into total percentage of ‘oducts derived by re-running and en adding the percentage so ob- tained to the percent of straight in products, we obtained the total percentage of final products recov- ered which showed a slightly higher percentage of gasoline, kerosene and el oll from the average Mid- ‘When these pro ts were converted into total re- rns from a barrel of crude oil ere finally resulted a differential between 11 and 12 per cent in wor of the Mid.Continent crud which would naturally make {t com- mand a higher price in the open market. The above comparison, between an average Mid-Continent crude and Balt Creek oil, based on a complete distillation of the respective . oils, not only gave a broader and perhaps more reliable application of the Its, but further substantiated the mparison between the Salt Creek jd Cushing crudes, lepreciation aeae: who later refines and there is added the Meher Scat od canaietion pier vailing in the Wyoming fields. This marketing cost is higher -in Wyo: ming than the Mid-Continent on ption. Not only does: the refined product have to be loaded with a heavy freight charge to the point of eon: sumption but the amount of gaso ine wie at the filling: station is @mall in comparison with similar distributing stations in a more thick- ly ulated r . The cost of catieining a. a filling station in a sparsely populated region is prac- tically equal to that of more thickly Populated districts and the amount of sales are perhaps not more than §0 per cent as laf; Of course this increased cest of marketing applies nly to that portion of olf produced by the Wyoming refiner which is consumed in the sparsely populated surrounding . marketing territory. The remainder of his output, com: prising perhaps 80 ‘per cent, miust |] be sold in the more remote open competitive markets burdened with an increased’ freight charge neces; sary to deliver it to this larger’ mar- keting territory, In fact, the Wyo- ming refiner and marketer who pur- chase the crude at a price governed by Chicago tank wagon price of gasoline is not only penalized by having a sparsely populated district tributary to hia‘ operation, which consumes only a small amount of his total output, but also by a re- mote market for the bulk of his output against which there is an added freight charge over the Mid: Continent producer.’ The large local markets which the Mid-Continent operator enjoys will always give him an advantage over the Wyo- ming operator. In summing up this entire situa- tion it is believed that a differential between the price of Mid-Continent and Wyoming crude oll is entirely justified and will continue te exist for a long period of time owing to the fundamentally different ‘condi- tions under which petroleum is re- fined and marketed in the two region! That some of the factors responsible for this difference in price are variable and will naturally change from time to time under varying general country-wit ditions is true but that other ‘and governing factors are constant and can never be entirely overcome is equally obviou: HOLDUPSGET $41,000 CASH SAN FRANCISCO, Calif., Dec. 4, A messenger from ‘the ific Gas and Electric company was held up in the company's offices on Sutter street fiere today and robbed of $41,000, according fo @ report to the police, PISO’ S coughs OFFERS STARTLI $85.00, your choice ay The Grace Shop NG REDUCTIONS IN Coats, Dresses and Hats FOR FRIDAY AND SATURDAY ONLY Any HAT in the house —a varied selection to choose from, your choice COATS Just 50 coats left in stock. Values up to my_ store. TWO DAYS ONLY, YOUR CHOICE * §2 S crepes; goat $15.00 Every article in the store —everything on sale. The( race Shop “Something New Lvery Day” Main Floor O. S. Bldg. 3.95 $50.00 Two other smaller groups at $18.00 and $30.00 DRESSES Beautiful assortment, including the best dresses in Values up to $85.00. satins, crepe meteor, crepe de chines, WAC 9 wane pce i Flat crepes, taffetas, etc. reduced—no' hold-backs attendant upon airplane flight has noiseless escape of exhaust. gases from the motor without interfering with the speed or lifting power of the plan rates without the loud whirr, has been devised by an engentous ar- { rt THURSDAY, DECEMBER 4, 1924 rangement, gears attached to the| rushing wind through the wires and * spars ig avoided. é reds engine. By increased use of internal brec- 5) ing, much of the Hole enused by the ‘Tribune a Elizabeth’s — for fina and Saturday Some values up to tie s Bpeciai 6.95 ““ $7.95 TABLE RU am tase tapestry, new shipment, they are priced fro $2.95 $15.00 BATH 63.05 $14.50 are priced from $3.9 SILK eh Oe $1 50 and 3 ee willow—Gowns, Bloomers, Teddies, Vests, Ste: etc., some in out-sizes, Reasonably priced. FILET DOILIES—For tumblers 33 Italian ‘§ i3 in Airplane to Race Shadow PY Ln Snoe WASHINGTON, Deo, 4-—An airplane will race the shadow of the moon nearly four hundred miles across New York state dur: ing the eclipse of the sun on January 24. Carrying @ Ligon 4 designed camera, p) be taken from the plane Py Aa flam! visible He 4 urpose of the experiment, ~as worked out by Dr. David Todd, professor emeritus of astronomy of Amherst college, is to permit photographing for a longer period than the approximately two min- utes for which -the eclipse will be visible from the earth. ERE and THERE Do IT Now Phone 2702 and make appoint. ment for your Credell Studio, 131°8. stairs. PLANE NOISE ELIMINATED BY MUFFLER LONDON, Dec, 4,—The problem of eliminating the excessive noise HUB Ce and finger bowls, per ovo hae aeaermeeen KAY: CHIFF The new shades, IMPORTED GU! fast colors, eee desiene B15 Regular a oe, 8} pee a 21, eac! ee ae pees sas wees ae to Ce ee Another New Shipment of MADAME X GIRDLE FRONT CLASPS SILK BED SPREADS—lIn blue, orchid, yellow. HANDKERCHIEFS—Fine lawn, 3 FOR $1 white and colors...__.-.----------~ Elizabeth 's Shop salty 141 East Second os 736 HEMSTITCHING AND PICOTING er be ong Gee NY T TOWELS—! been practically solved in experi: ments in progress here, according to the Daily Express. A new device, the ir says, has been invented whic! - j Permits the while a propeller that ope- WE CLCSE OUR DOORS JANUARY 1ST We must unload our entire stock by that time. Our closing out sale gives you an opportunity of buying 3 THE HIGHEST CLASS DIAMONDS, JEWELRY, . WATCHES AND NOVELTIES = ‘At the Lowest Prices Ever Quoted in the State of Wyoming We have been in business in Cag: apes ye TOUAGS given us and will say good people, BELOW WE ARE QUOTING A FEW vied THE MANY BARGAINS OFFERED Y' SEEPS TPS A MER six years and ePyrncate the generous pat- with the best of feelings for Casper and its ¥,- KARAT DIAMONDS LADIES’ DIAMOND RINGS Regular $200 and.$225 values. Quit- 14-karat white gold, box mountings. Pe $99.00 | SE tinal" ge ic LADIES’ DIAMOND RINGS | 14 and. 18-karat white gold, -box mountings. Regular $40 values. Quitting Business . $ Pric@ ce ooo tee ROGERS SILVERWARE In mahogany case, 26-piece sets. Regular $15 value. $7 49 e Quitting Business Price __ SHEFFIELD SILVER BREAD TRAYS Regular $5 value. $1 85 e' Quitting Business Price.__ SALT AND PEPPER SETS i INDESTRUCTIBLE PEARLS In fancy cases. Values up to $15.00. Quitting Business Prise; Soe. LADIES’ WRIST WATCHES Beautiful rectangular shape, white | Sterling rok sag set. Regular $7.50 gold, fancy engraved Wrist Watch; value. Quitti $2 98 case fully guaranteed. Regular $15 Business Pred le Saale ahs ak e zpluee Quitting $7. 49 usiness Price ~-..___ e id j es STERLING SILVER : THIMBLES | egular $1.25 value. Quitting Business, Price: &9@ MAHOGANY CLOCKS Regular $17 value. $8 50 e Quitting Business Price__ We Have Everything in Jewelry and Novelties at Prices Cut to , the Lowest Possible Notch CIGARETTE CASES Best quality, Bree and gold finish. Regular $6.50 value. 1. 98 Quitting Business Price___ $ We Carry the Largest Stock of Diamonds ih Casper: q t asper Jewelry Co. 0-S Building—OPEN EVENINGS Fixtures for Sale