Casper Daily Tribune Newspaper, December 5, 1924, Page 8

A ate Bel; day fet ece sift thi ]| GASOLINE PRICES IN COUNTRY FRIDAY, DECEMBER:5, 1924 DISCUSSED +! Fdllowing. «Addkess: Befte (Oil . Convention by Max W--Ball Sheds Light on Problems Facing Industry - MAX W. BALL. Thé development of modern clyil- ization has added another element to the list of the necessities of -mo- dern Afe. A hundred years ayo the necessities were food, clothing and shelter, but during the century a fourth class of almost qual fmport- ence has been sdded and that fdurch class is traasportation. Today we must recognize *ransportotion a: one of ‘the fundarrental necessit! whieh modern man ‘cannot and will not Ge without. ‘Tsansportation played an import- ent “art in human history when it te uve of human 4d the means of gnugrations of al- tripui and racial most Incondelvable moment; it play- edn more spectaciliar part with the development of thy use of animal and made pogrible such great nents As the Vosiein conquest * the Crusades; it began to chang the industrial life of nations with the development of steam; but its intimate influence on the everyday life of great multitudes of people only began with the development of the gas engine. Today transporta- tion is an essential part of the exist- ence of the civilized peovies, and the transportation pow2r that more elvilized people use and uae more cbnstantly than any other is gaso- line. The uverage Amerftan moves many miles on gagoline for every mile moved on any other power. But," someone will, cbject. “Man could live without gasoline; it is not 8D absolute necessity.” True enough —and man, and even woman, could live without clothes or without shel- ter. There is only one absolute ne- cessity, and that is food. But though food is the only essential to human life, clothing, . shelter and transportation are essential to hu- man happiness, and are therefore necessities. Gasoline has taken its Place along with bread and shoes and house rent as one of the requis- ites—and nulsances—of living. Public Has a Right to Kick, * Now people are always interested, end rightly, in what they have to pay for their necessities. One of the guardians of continued public Welfare is public discussion of the price of necessary commodities. Thus the price of gasoline has become a matter of constant interest, and is discussed as frequently and aa feel- ingly as the price of coal or pota- toes or woolen goods. In fact, it seems that the price of more than its share of public attention, and that a two- cent increase for a gallon of gas be- gets more acrimonious comment than a five-cont increase for m dozen eggs of a yard of gingham. This is a condition that no one {nterested in the oil industry should regent. In the first place it is a definite indication of the growing importance of the industry; in the second place the industry — will never attain its possibilities as an efficient and well-paid public servant until it has a full measure of pub- Me-understanding. So far from re- sisting public discussion of gasoline prices, every oil man should en- courage discussion, and should do his utmost to see that it is well in- formed, and based on an accurate knowledge of conditions. When a man buys a gallon of gasoline one of the things he pays for is the right to kick on the price, and this inalienable and indefeasible right will be exercised, you may de- pend upon !t. The oil industry's only duty is to see that the kick Is not de- served and is not made in ignor- ance. , The War Boosted the Cost of Living. Now since the price of gasoline is being discussed as earnestly as the price of butter or sugar or a new house or a suit of clothes, let us see how gasoline compares in price with these other commodities. Everyone knows all about the increase in the cost of living since the world war started. Even the South Sea belle pays trice what she did.for the cot ton cloth to drape about her middie and several times as much for the glass beads that complete her at- tire. Thus the basis for all price discussions has comé to be a com- parison between present prices and prices before the great war. The year 1913, the last year before hell broke loose, has been universal- ewe furniture and furnishings; they found it took $915.00 to buy what they bought for $500.00 before. Despite these misfortunes they manage somehow to run a car, and when their friends ask them how they do*it they answer, “why, the price of a dollar's worth of gas is only “12 cents higher than in 1913. It's really the only thing we can still afford.” ~ These are not my figures, or those of. the American Petroleum Insti- tute, or those of any other partisan. They are the official figures of the United States Department of Lab- or and Commerce, They show that, taking the price of each commodity in 1913 as 100, the pricé of gasoline in 1923 was 112, compared with eggs at 139.3, potatoes at 142.4, milk at 171.6, hor furnishin; at 183, building materials at 189, and cloth and clothing at 200, Even farm products. about which there has been so much outery, were up to 141, and the aver- age of all commodities ‘was 154. And gasoline was only 112, 27 points less than the next lowest commodity, and 42 points below the average for all commodities. Truly these fig- ures are worth public consideration. Costa Have Increased. This price record, notable enough ‘on its face, is even more noteworthy after considering the various items that enter into .the cost of gasoline. In 1913 it cost, on an average, about $10,000 to drill a well. Today the average well in the United States must cost at least $25,000. Taking only a few of the items: Drillers received $5.00 and $6.00 a day in 1913; today they receive $10. Casing that cost $2.26 a foot in 1913 costs $2.83 today. It takes $10,000 to buy a string of tools that could be bought for $5,000 in 1913. The average we'l was then about 1,500 feet deep; today it is about twice as deep, Thus today's drilling cost is about 250 per cent that of ten years ago. Production costs have increased similarly. IT haye no figures as to the exact amount, but labor, equip- ment, arid supplies have increased in the same ratio as the same ftems for jrilling, and the greater average depth of the present day well has xreatly increased tho lifting cost. It is safe to say that today’s average cost of producing a barrel of o!l is at least twice the cost in 1913, Re- finery costs per barrel of crude, for fefineries of unchanged capacity, have also increased materially. As indrilling and production costs, 1 or is higher, steel products are hig! er, eupplies are higher, taxes are higher, and almost every other item of refinery costs, for a refinery of the same capacity and equipment, is 50 to 150 per cent above 1913. Finally, marketing dosts have also increased. The increased cost ‘of labor, the necessity for larger and more elaborate filling stations, the public demand for increased grati- tous services, higher taxes, and num- erous-other items have boosted mar- keting, coats, for stations. marketing the same amount as in 1913, to a Point that might. have been con- sidered ruinous in that remote year. It costs a good deal more to drill a well, produce therefrom a barrel of oil, refine it, and market the products, than it did ten years ago. Why the Price Is Low. Why, then, is the price of gaso- line so low? When consumption and costs have both increased, why has selling price not increased pro- portionately? There are several proximate rea- sons, and oné fundamental reason underlying them, Chiet among the proximate reasons is the fact that more gasoline is produced from a barrel of o!l, so that the increased costs are distributed over a greater refinery practice and the develop- ment of cracking processes. A sec- ond and similar reason is the greatly increased amount handled, and the greatly increased facilities for hand- ling Jt, with resultant economies in both .refining and marketing. A third has been the over-production of crude oil, much of it sold to the refinery at less than the actual cost of discovery and production. Underlying these’ reasons for cheap gasoline, however, is a fun- damental reason without which these proximate reasons would bp of little effect. That fundamental rea- son is competition. Yes, competition. ly selected as the standard for com- parisons, It happens to havo’ been ® year when human affairs {in Amer: fea, including the oll Industry, were about normal; reasonably prosp*r: ous, and neither inflated nor Ue. pressed. It furnishes a good start tng point for the consideration of reiative ‘rrices. ‘Yearly figures for 1624 are not yet available, so those for 1923 must be used as present day prices. Let us, then, compare a few prices for Inst year with those for ten years earlier Gasoline Price Relatively Low. A certafn household, for example, ubed $10.00 worth of sugar !n 1913— and doubtiess thought the price w: high. ‘The same amount last y cost $19.77. They used $25.00 worth of flour in 1912; the same amount of the same grade gost them $84.82 Inst year, In 1918 they buttered their bread for $50.00; in 1923 butter for the same amount of bread cost them $74.15. The'husband, a conservative man, has two suits made of the same ma erial by the same tailor every year. hey cost him $100.00; in 0.00. They built a house in nd them $5,000.00. ea ned down, and it them t duplicate it aro fond of familiar things and decideg to duplicate thelr former Keen, fentless, aggressive competi- tion from one end of the industry to the other, from geologist to filling station attendant, If it were not for this competition the production of crude of] would be a traction of the present amount the number of gallons of “gasoline Produced from each barrel of of! would probably be about the same as ten years ago, refinery and market ing capacities would be low, the gas- oline supply would nat meet the de- mand, and the price would probably be two or three time what it now is, ‘The Monopoly Myth. We are all aware; of course, that the general public does not believe in the existence of this competition. Because there was once a dominant organization in the oil industry, and because, years ago, when the indus- try was about one-tenth its present size, that organization was domin- ecring as well as dominant, the aver- age man Btill clings to the monopoly myth and believes that the oll bus iness and Standard ofl are synony mous terms. Ask the maf.in the street or in the class-room, the man behind the counter or the men behihd the pul pit, to name @ typical present-day monopoly and without on instant’s hesitation he will say ‘The Standard Oil Company.” If you ask him which one he is puzzled and grieved, but ts belicf fs unshaken. The out- worn myth js as persistent as t! Coolidge is a mute, or that the ¥. M.C. A. robbed the boys in France, | All. or that®a* porcupine throws his}. quill, pe Even the ofl man is prone to speak carelessly of The Standard O11 Com- pany, as though there were still a influence, and so much more con+ American American Anaconda Copper venientto believe in a hidden power | Atchison than to understand the complexities} Atl. Goast Line: ~----.-----.- Of the lawtof supply and demand. Baldwin Locomotive ex div__ And so™*when we can’t interest | Baltimore and Ohio --....._ anyone in a lease woe hold, or we | Bethlehem Stee] ----_---_-_-_ can't get a-pipeline to connect to} California” Petroleum --_--_-_ our wells, or the price of crude goes} Canadian Pacific below the cost of production, or our | Central- Leather pfd. Sennen supply or crude runs below our re-| Cerro de Phsco ~..------.-. fininy requirements, or the price of | Chandler Motors ~-.----.-2.. gasoline puts us out of business, or we can’t get all the \gasoline we could sell, or some other sad thing} Chicago, Mi! ana st. tern -— Paul pia” happens: to us, it’s’ an easy and] Chicago, R..L and Pacific__ conforting alibi to say, “The Big} Chile Copper --.--..-..--.--. whipped. ‘Tho Name of Standard Oil, industry of that day. the Supreme Court, ference. But that was thirteen years ago, the stocks of the oringinal compan- jes have drifted into divergent chan- attained, however, the oil industry is no longer given over to any com- Pany or group of companies. Int. Mi nels, and the comuunity of interest | Invin Hudgon Motors 4---+.-,----- Illinois Central -------.------ Int, Harvester ~------------- 102% Marine pfd. -----..- Associated-Pacific group, the Gulf} Norfolk and Western —-.----.- and ssociated companies, the 8in- clair interests, the Union of Call- fornia—these and many others com- No North American ex div ern Pacific fie Oll -.---------------- pete in every branch of the industry | Pan American ePtroleum B -. and keep the business from any ten-| Pennsylvania ---------.----.. dency ‘toward monopolistic stagna-} Philadelphia and Rd; Phillips Petroleum —---..-... tion. One, at least, of these compeit- cat. tors is larger than any former Stan-| Pure Oil: -...--.-----2-~=-~--- dard component; several ate larger | Ri eading§ than the whole Standard group at] Rep. Iron and Steel -/..---- the time of dissolution; and compet-| Reynojds ,Tobacco B ---.---. ing with them are dozens of smaller independents, striving for, and get- margins. A Competitive Industry. No, the oil industry is not any- body's monopoly. Those of us who are in it, and who keep our minds and eyes open, know how hotly competitive it 1s. We see lease men out-bidding and out-talking another for lands that the. company geologists have recommended, when Production is low we see pipelines and purchasing companies beseign- ing the producer for his grud refiners cutting another's throats for a plece of the foreign market; we see rival filling stations on nearly every other cor- ner, more filling stations, it would seem, than can possibly survive; we | wy watch the shock and sweat of battle | yw, among the giants, and the strain of wits and strategy among the smaller sroups; we notice the former broth: era of the Standard family in bitter contests over production or transpor- tation, with signs that they may soon compete in domestic market- ing; we see ‘new giants striving with the old and with one another for a share of the business; and we con- clude that, whatever may once have been, no dominant force now pre- serves the peace jn the oil industry. It's no parlor game we're playing. ‘It's rough and tumble, catch. catch can, with a larger measure of good sportsmanship but with no fixed rulé save the survival of the fittest. About the most keenly com- petitive business in America is the oll. industry, and the most conclusive proof is the price of gasoline. CHICAGO, Dec. 5.—Butter lower; creamery extras 43%; 35@37c; seconds 32@33c. cases. POTATOES CHICAGO, Dec. 5.—Potatoes carly merning trading lmited, market tal U.S, shipments 602; Minnésota, sacked round whites fair to ordinary 85c@$1; few shade higher; Wiscon- sin round whites fair to good condl- | tion 90c@$1.10; mostly $1@1.1 Idaho sacked round whites $1.4 1.60, Market Gossip Marine Ofl Operations pany in Salt Creek are shown as from, 1,480 to 1,536, bard shale, Wabash pfd. Westinghouse Electric illys Overland - Anglo ‘Am. Indiana Pipe ~~ National Transit - - New York Transit ---- Northern Pipe -~----. Ohio Oil International Pef SS 8:,W. Penn. Oil Eges unchanged; receipts 1,386] s, 0. Ind ------. 8. O. Kan ---------. 8. 0. Ker 8. O. N.Y. -. 8. 0. Ohio 8. 0. Oblo.pfa <. Swan & Finch -. Vacuum - about steady; receipts 53 cars; to-| SO: Neb. -- Salt Creek Big Muddy Mule Creek Operations of the Marine Of] com-| Sunburst Notches Pilot Butte LANAOE 22s n poe na- ene s, | follows: + | Seo, 18-40-78,—Wyokana, 6, depth | Byron 1,979 feet.. Fishing for 10-Inch cas: ing, Wyokans 6, depth, 1;585 feet, = ee on Hamilton Dome Fe and San Fran. ...- Alp Line --.....-..- ting, their shares of the profits and| Sears Roabuck ~.. losses, and joys and griefs, of a bus. | Sinclair’Con. -------. {ness of quick fluctuations and-small | Sides Sheff, Bteel ----- Southern Pacific ..---------- Southern Ry -.--------2---- Oll of Cal. --.422--- fe Ss neon Studebaker ~--~-.~----------- Teaxs Co, ex div. --. Texas and Pacific ----------~ one | Tobacco Products Transcgnt. Ol] Union Pacific -. United Drug --- 85% | Buck ES AOI BI 147 33% 116% Standard Oil Stocks Rid Ask woo -nn =~ ~5014 Te wnnn---- 17% 17% 237 63 soe 81.20 1.15 1.16 1.20 1.20 1.20 1.20 95 85 8 Burke _ -....--------- 20 33 Bessemer -. Boston Wyoming Creek’ Chappell — -----------. .08 10 Columbine — =~ 05 06 Central Pipe -------. 1.00 1.25 * Consolidated Royalty -.1.08 1.10 Cow Gulch -.-..---.-. .02 Kinney. Co Lance Creek Royalty, — .00% 01% San eh F100 Mike Hen@ -----_ 00% .01 Mountain & Gulf --22.1.20 1.25 New York Oll -----=-- 8,50 9.00 Ploardy “_-..---2---d-~, .02, - .04 Preston ~-----<~------ 01 01% Red Bank -~.-~.------27,50 25.00 | Royalty & Producers — .03 204 Sunset — _--_.. SRRALR ET) hee Tom Bell Royalty --.. .02 03 Western Exploration -2.90 3.10 Western States ------_ .10 12 ¥. Ol 2. eee OF 08 NEW YORK CURB~CLOSING - a Bid Ask Mountain Producers -19.00 Glenrock O11 ce ae 25 Salt Creek Producers-_24.75 Salt Creek Consolidated 6.50 New York Oil Mutual . _ TAKE UPTURN Heavy Buying Orders from : East Stimulates Demand for Wheat CHICAGO; Dec, 5.—Active buying on the part of houses with eastern connectfons carried wheat prices up ward today after a wavering start. Offerings were light early and the fact that Liverpool and Buenos Afres quotations showed strength was helpful toward the lifting of values. here. Bullish .crop advices from Argentina counted also as something of a factor. The opening, which ranged from” %c decline to Y%o gain with May $1.59% @1.60%, and July $1.41% @1.42, was followed by a slight general sag and then by arise all around to well above yes- terday’s finish. Subsequently additional advances took place on account of reports that excessive heat had damaged the late Argentine crop. Closing prices were unsettled %c to 1%c net high- er; May, $1.61 to $1.61% and July, $1.42% to $142%. Untavorable weather condiifons in Argentina os well as-a blizzard in tks :: Grain :: cs OCK CLOSING =) 1S TAREGULAR After Strong Opening Today NEW YORK, Dec. 5.—The’upward movement of prices was halted late today by an aggressive bear attack against a few vulnerable’ specialties and an unusually heavy volume of week erid profit taking by profes- four score stocks however, establish- Pyrapndyh “hyo poe eagehe mopar a the early part of the session. Sal approximated 2,500,000 shares. NEW YORK, Dec. 5.—Stock prices contiued to surge upward at the opening of today’s market with large buying orders distributed among the rails,.oils and industrials specialties. General Electric ad- vanced 2% points and H. R. Mallin- son, DuPoyt, .Baldwin, Davison Chemical and U. S. Realty climbed a point or more. Texas and Pacific, Pennsylvania, Allis Chalmers and Pure Oit established new 1924 tops. The advance continued tn orderly fashion throughout the early trad- ing, the only heaviness being noted in the sugars which nave.been ad- versely affected by the sale of the European beet product in this coun- try at prices below those prevailing for the domestic and Cuban crops. Atchison made a new high. For- elgn exchanges opened reactionary, demand sterling dropping about a cent to $4.67%. “Another koom in raiload shares was staged during the morning, “Katy” common rising 3 points and fully more than a score other car- ers going into new high ground, Increased activity and strength also was noted in the industrial group with the so-called pivotal shares | surging forward on heavy accumu- lation, American Can standing out with a gain of 2% points at 151. Buying orders continued to pour in: to the market from all sections of the country with “commission houses reporting unusually heavy westerne buying. Fisher Body soar- ed 7% points and Pullman, 5, while United States Realty common and preferred sold 3% to 4% pointa above last night's final quotations. Call money renewed at 3 per cent. Heavy selling broke out in Unit- ed States Realty after midday and the stock toppled 8 points from its high figure on rumored uncertainty as to the reported affiliation with other interests. Malinson also slump- ed five points on extensive profit taking with the weakness of these shares taking tho edge off the ad- vance in the general st. A few stocks, however, continued buoyant, Pullman ‘going 8 points’ up and American Car and Foundry, Coca Cola and General Asphalt, 3. The closing was irregular. Heavy the domestic. porn belt gave inde.| Week-end profit taking combined with pendent strength to corn here and to oats. After opening unchanged to ‘sc higher, May $1,23@1.244%, the corn market receded a little and then scored material gains. ~ In the last part.of the day prices were upheld by the fact that coun- try offerings were smaller, ‘The close was firm, %c to 1%4c net high- er, May, $1.24 to $1.24%4. Oats started at %@%c_ higher, May 59%4@59%c and later showed a further advance. Provisions were influenced by grain strength, lower hog prices be- ing virtually ignored. ef Closing: on Lat. T weeeenennne-- 1.61 ene nnnen-------- 142% MESSE TST Ts owe cn nnn ee 1,24 ee ee a 54% 60% 58% January -.------~----------+13.05 My nna 4.35 Bellies— January ---...-~.-.~-------14.85 meptecnanweew nnn -n ee enl5.25 Cash Grains and Provisions CHICAGO, Dec, 5.—Wheat num- ber 3 red $1.65%3; number 3 hard $1.57%. ,Corn number 2 mixed $1.18%; number 2 yellow $1.20@$1.20%. Oats number 2 white Bic@57%c; number 3 white 53c@55c. Rye number 2, $1.33°@$134%. Barley 80c@95c. Timothy seed $5.60@$6.75, Clover seed $24.00@$31.25. Lard 15.50, Ribs 16.40. Bellies 15.62. -MONEY NEW YORK, Dee. 5.—Call money, steady; high, 3; low, 3; ruling rate, 8; closing bid, 3; offered at 3%; last loan, 3; time loans, steady; mixed collateral, 60-00 days, 34%@3%; 4-6 months, 3%4@3%; prime commer- cial paper, 31%. METALS NEW YORK, Dec. 5.—Copper, firm; electrolytic, spot and futur: 14%; tin, steady; spot and futures, $55.25; iron, steady; prices unchang ed. ‘Lead, steady; spot, $$.65@9.00 antimony, spot, $14.37, sporadic bear’ selling forced prices downward in the final dealings al-, though independent strength was shewn by a number of minor rails and U. 8. Distributing which soar- ed 20 points, = pa LIVESTOCK CHICAGO, Dec. §.—Hogs, 73,000; mostly 10 to 15¢ lower; weighty butcherg 5 to 10c off; top $9.60; bulk good and choice 225 to 850 pound butchers $9.10@$9.50; bulk packing sows $8,50@$8.75; majority strong weight killing pigs $5,50@$6.00; re- ceipts for week to date approximate- ly 870,000, heaviest of record; heavy- weight hogs $9.20@$9.60. Cattle—Receipts 5,000; quality ‘considered. Fed steers steady to strong; closing at week's high time; bulk 7.50@$9.00; three loads weighty horned. offerings $8.50; few lots 9.00 @$9.50; part load yearlings $13.25; mst other killing classes unvven. rather brisk demand for canners and cutters; vealers unevenly lower than Thursday's high time; bulk $9.50 downward; low grade stockers fairly numerous, weak; 25c or more lower for the week; better grades scarce, steady. K Sheep—Receipts 10,000; fat lambs generally 15 to 2§c higher; early bulk fat natives and fed westerns $15.00@$15.25; top $15.50; fat sheep steady; handy weight fat ewes $8.00 @$8.50; feeding lambs steady to strong; early sales $14.25@$14.75. Denver Prices, DENVER, Colo., Dec, 5.—(U. 8. Department of Agricu!ture)— Hogs Receipts 250; active, strong to 10¢ higher quality considered; good to cholce medium weight butchers $9 to $9.15; packing sows largely $7.50; (af pigs steady, few $6.25, Cattle—Receipts 300: steady; few heifers $5. load 1,016 pound steers. $7.50; Utah mixed stock cows and heifers $2 to $3.75; Utah stockers and feeders steady at $5 to $6.25; few Utah stock cows $5 Ives none, to $6; few stockers and feeders steady; late Thursday 637 pound heifers $6.40, Sheep — Receipts 2,700; mostly through; early sales steady; one load 92 pound clipped lambs, $11.40; two loads g00d 63 pound feeders $13.85; freight paid; no sheen offered. pers te Bore o SILVER NEW YORK, Dec. 5.—Bar, silver; 69e; Mexican dollars, 5 COTTON . NEW YORK, Deo, 5,Cotton “eet quiet; middling $23.30, x ! Livestock :: All Markets _ Fifty-Seven Wells Are : Completed in Wyoming : Fields During Montl + November completions in the Wy- oming oil fields numbered 57 wells, one less than during October, but with production amounting to 6,450 barrels a.day as compared with 6,047 barrels for the month previ- ous. A falling in new work was re- corded during the month, coincl- dent with the advance of the cold weather season, rigs up and drilling numbering only 360 at the close of November as compared with 421 a month earlier. Completions, new productions and operations by districts are covered rin the following summary for De- cember 17 alps f ‘Total District ; (Copyright, 1924, Casper Tribune.) Automobiles. LANSING, MICH.—The Lahsing plant of the Durant Motor company will operate on a schedule calling for 2,800 cars during December and the same number during January. The plant started the winter sched- ule without any cars in storage. ATLANTA—Automobile dealers in Atlanta are offering special in- ducements in an effort to move clos- ed cars during the Christmas holl- day season. They report fine sales for delivery by Christmas. MINNEAPOLIS.—The Minnesota Western Railway Electric ine has +b@gun operation of a fleet of motor busses on four highway routes in Western Minnesota and South Da- kota in an effort to combat bus line competition, é Flour. KANS SS CITY. — Flour prices have ris™1 10 to 20 cents a barrel but bookings are light. Until the baking mergers are settled and the wheat market established, there is not likely to be much volume buy- ing. Cotton, CHICAGO.—Traders on the newly established cotton market of the Chicago board of trade are elated over the yolume of business they hye done since the opening this week. The majority of brokersjon the New York and New Orleans cot- ton exchanges have made connec- tions with the new Chicago field. «Electrical Equipment. PHILADELPHIA—Sales of elec- trical supplies here are improving Dut are still less in volume than those of last year at this time. ST PAUL—Holiday trade In the northwest will be the heaviest in years, according to Twin Cities mer- chants who already are ordering fill- ins from some lines from eastern manufacturers. Buying tn the agri- cultural districts still is conserva- tive but is of large volume, Jobbers fee! that as a result of farmer pros” perity sales in some lines, will ex- ceed that of last year/from 10 to 16 per cent. NEW YORK, Dec. 5.—Foreign ex- changes, firm; quotations in cents: Great Britain, demand, $4.67%. LONDON, Dec. 5.—Sterling ex- change temporarily lost its bouyancy In the early dqlings today, touch- ing 4.67 but as soon as New York tame in with buying orders the rate rose to 4.68%. The exchange market takes this to some extent as con- firming the impression that the principal factor in the recovery is coming from across the Atlantic. ———————— NEW YORK, Dec. 5.—Business in refined sugar continued on a hand to mouth basis at former prices which ranged from $7.15 to $7.60 for fine granulated. Refined . futures nominal, Sugar futures closed irregular. Approximate sales, 13,000 tons. De- cember, 4.33; January, 3,46; March, $.06; May, 3:12. President’s Power To Fire Appointees Is Argued in Court WASHINGTON, Dec. 5.—The pow: er of presidents to remove govern. ment appointees from office was ar- sued at length today in the supreme court, Solicitor General Beck declared the ver has decided the question d that it determine wheth ess had any right to place ions upon the power of re The question came up in an appeal Frar Ts who as postmas. ter-at Portland, Ore., wag joved by President Wilson. we Comp. Prod. Drill. Rigs Difference Commodity Trade News BUSINESS BRIEFS eee sd none Ape Foreign Exchange Big Muddy ..-.. 0 o° 2 43 Big Horn Basin 1 10. 50 62 Lance Creek --.. 0 o 5 6 Lost Soldier and Carbon County - 5 135. 38 42 Salt Creek. --..48 6305 71 126 Rock River and > Medicine Bow ..1 o wi 4s Fremont County 1 0 26 26 Osage ..-.-+--++ 0 a1 96 Natrona County 1 o 19° 19 Lincoln County . 9 ° 4 433 Baxter Basin .. 0 o 4 42 Miscellaneous -.. 0 0 waz November total 57 6,450 277 360 October total. 58 6,047 331 421 seced 408 G4 1 Stocks in the hands of retailers, however, are small. : Lumber. NEW ORLEANS—Orders receiv- ed by Southern Pine association mills in the last week were .5 per cent over the past week. Shipments decreased 2.1 per cent and produc- tion fell of 1.2 per cent. Reports show that 85,700,000 feet were or- fered; 77,400,000 shipped and 67,- 000,000 produced. Unfilled orders totaled (251,900,000 feet. Textiles. : EXETER, .N. H.—The Exeter Cotton Manufacturing company is now operating at 75 per cent of ca- pacity after having been closed all summer for repairs. Orders on the books well keep the pant busy at this rate for from three to four months. ou. HOUSTON—Average ofl produc- tion in t Gulf coast and south Texas fields during the last weeik was 142,065 barrels, an increase of 1,655, Twelve Producers were brought in. y f Frat. JACKSONVILLE, FLA.,—Freez- ing be eae that enveloped the southedst and brought killing frost to central Florida did extensive dam- age to winter vegetation in the southern portion of the central dis- trict. Iron, 6s : CLEVELAND—Cleveland pig iron Producers are practically sold up for the first quarter delivery and while taking orders from old customers at. $21.50 a ton, are not seeking outside business. Furnaces are being re- lighted as demand warrants, ~~ ‘KANSAS CITY—The number ‘of ‘ duilding permits issued the first eleven months this year totaled 4.915 as compared with 5:679 in the first cont this yG8E) was $19,177,192 “as compared with $23,716,000 & year ago, DETROIT—A new trust company, capitalized for $2,000,000 is jm pro- cess of formation and will occupy the ground floor of a new 24-story building planned to open for busi- ness April Ly MURDERER OF IG ANXIOUS TO . PAY PENALTY HANOVER, Germany, Dea) §— (By The Assoctated Press).—"T want to be dead before Christmas,” 1s thw insistent demand cf Fritz Hanr- marin, the Hanover butcher whose trial for the murder of 27 mien since 1918 opened here Gay,’ , Haarmann, when arrested glonk over the murders he had pet nae how acts ike a man violently in. sane, jumping about, excitedly tear- young yester- ing his hair. and suddenly ly breakin, off in the middle of sentence ied parently — losing —_ continuity of thought. Haarmann ‘confessed to the mur- ler of 16 of these he is detoattes laying but agrees with a sugges. on that his victims may have ex- ceeded this number. He admits cut. ting up the bodies and disposing of them, a task-which: he says usually took him two days, but denies seli- tng. the flesh ag animal meat. “My last word before bei . headed will be a curse upoe me father," he cried on. one occasion, His father 1s dena, N General Taylor Opposes Work On Rid Grande WASHINGTON, Gen. Taylor, chief of army engineefs in a report to the “house today nd- vised against expenditures of federal funds for improvement of the Rio Grande river at El Paso, ‘Texas, to Provide additional flood protection. Dec: 5:—Brig