Casper Daily Tribune Newspaper, March 20, 1925, Page 7

FRIDAY, MARCH 20, 1925 Oi: Finance WESTERN EX SELLS CRUDE OUTPUT AT INCREASED PRICE Mid-Continent Quotations to be Received. in 1925, Says Annual Statement Showing Earnings of $135, 746 in Dull Year Western Exploration company of Casper, which is officered in part by interests prominently identified with the Consolidated Royalty Oil com- pany, is among the companies that have contracted thelr Salt Creek crude production at Mid-Continent prices. This is set forth in the eigtith annual statement of the company, just issued, By C. B. Richardson, President; Roderick N. Matson of Cheyenne {s secretary of the com. pany and B, B. Brooks of Casper is treasurer. ‘The company’s gross earnings dur- iug the year 1924, admittedly a slow period in the of! industry by reason ofthe declining prices for crude, amounted to $135,746.56, derived from ofl sales’and royalties. Net in- come amounted to $111,436.78, of which more than $78,000 was pald out in dividends to stockholders, Although the company has a stock issue authorized of $3,000,000, the amount issued stands at $2,000,000, of which $29,250 !s in the treasury. It is interesting to note that several years ago officers of this company considered the advisability of dissoly- ing the concern and disposing of Its Shortly thereafter it came into additional earnings and Sts pres- ent thriving condition is shown by the financial statement of March 1, 1925; Assets. Cash in banks and due from associated com- panies —$ Stock of other compantes 59,530.: 252,000.00 O11 property — Lands, leases, royalty inter- ests, etc. -.. 1,782,913.90 Field equipment -. 71,450.02 Office furniture and fix- ~_ tures 1,685.39 Less reserve for deple- tion and depreciation_ 87,082.94 $2,130,447.66 Liabilities, payable ~._. none Capital stock — Author- ized, $3,000,000, issued 2,000,000.00 Less treasury stock - 29,250.00 Surplus accrued and paid 1B: seeeense y ie Fe ~- 189,697.66 Motel: Ante, ona! $2,180,447.66 The company has holdings In the Salt Creek, Milly Creek and Wallace Creek fields, all in Wyoming, and in nothern California, on which the president of the company, ©. B. Richardson, reports as follows: Balt Creek Field. “During the year the gas from the upper sands in this field, fell off rapidly making it necessary to place several hundred wells in the field on the pump. The large electric power plant, costing several million dollars, which wilh eventually furnish the power to pump all the wells in the field that are operated by the Mid- Nwest companies, was under construc- tion and a large number of wells could not be produced for several months, Recently, one unit of this new pumping plant has been com- pleted and all of the idle wells are being placed on the pump as fast as they can be equipped for that pur- pose. “By far tho most Important new development in this field during the year was the discovery'of oil In large quantities in the Lakota sand. A well drilled on section 23-40-79, in which your company has a fraction- al royalty interest, come in with an approximate dally. flush product‘on of 6,000 barrels from this new sand, The probable productive area of this sand {s as yet unproven, but it fs belleved to cover several thousand acres. Your company has fractional royalty interest in approximately 8,500 acres in this field, a large por- tion of which {s belleved to be pro- ductive in the Lakota sand. There are now 282 wells producing from the two upper sands and 37 oelis drilling, or equipped with new rigs preparing to drill on this land. Billy Creek Field. “Pive large gas wells haye been completed in this field. Negotiations are now pending for the marketing of this gas and it {s expectéd that ar- rangements will be made this year for the building of a gas line from this field. A core taken from one of the lower sands has shown several feet of oil sand saturation and an- other well will be drilled Jower down on the structure with the hope of developing oil production in this field from the lower sands. Wallace Creek Field. ‘The test well on this structure has reached a depth of 1,780 feet. The work was suspended during the winter months,, but it is now being resumed. The objective sand in this field 1s expected to be found at about 8,600 feet. The sand has a thickness of about 200 feet and is well satur- ated with oll where it outcrops on the surface. This test is a very im- portant one and has every indica tion of ultimate success. Your com- pany has a 26 per cent carried work- ing Interest in approximately 6,000 acres in this field and the first well is being drilled, without cost to us, by the Continental Ol] company. Northern California. “The test well on this structure has reached a depth of 1,875 feet and has had many gas and oll showings all the way down, At one time, be fore casing off the gas, it was esti- mated that the well was making about a’million feet daily. Just at the present tlme, they are fishing for a Jost string of tools in this well and expect to recover same and resume Grilling at an early date. Our com- pany has 18% per cent carried work- ing interest in leases covering about 80,000 acres in this field, and the first well is being drilied free of cost to us. The property is being devel- oped by the Continental Oil ‘com- pany. = Earnings. “The marked improvement tn the price of crude of! during the past few weeks and the threatening world shortage tn the production of crude oll, which appears tq be inevitable this year, would seem to warrant the conclusion that the ofl industry, after several very discouraging years is about to come into its own. With consumption rapidly increasing, and production rapidly decreasing, con- siderable highexy prices are confident- ly expected. Notwithstanding the falling off of the flush production from the upper sands in the Salt Creek field, it is belleved that the production is now pretty well settled and that with the development of the lower sands and the increased prices being paid for crude oll, the company will be énabled to show materially increased earnings for the present year. WHITAKER GUSHER GOES ON RAMPAGE Attempt to Deepen Discovery Well in the Fort Collins Field Brings Rush of Oil and Effort is Given Up ‘The roar of the Whitaker gusher, as a@ burst of ofl under gas pressure shot through the crown block and boiled over the top of the derrick, could be plainly heard at Country Club No. 1 well at Atlantic Petrol- eum corporation Wednesday, Oll gushing over the top of an 82 foot derrick, is a new thing in Col- orado. This unusual spectacle how- ever may be duplicated many times as the Wellington-Fort Collins struc- ture is coming into national promi- nence ag & pressure gusher oil field. On Wednesday the drilling \crew started to clean out and deepen the Whitaker well. The original oil flow from the Wittaker, the pioneer dis- covery well at Fort llins, came when tools barely scratched the oil sand. Drilling difficulties which arose, necessitated the immediate capping of the well and during the past reven month a 700-barrel daily production has been maintained through a leak in the casing head. The Whitaker, it 1s estimated, has thus leaked more than $200,000 for its owners, Recently it wAs decided to put the tools into the well again and bore deeper in the ofl sand, with the view of increasing the flow. To the sur- prise of the workmen drilling was interupted almost immediately when the drill had penetrated but a few feet and «4 six inch stream of oll burst from the casing head and shot over the derrick The spouting continued for half an ‘ could stamp the flow and divert it through two four inch nozzels In the casing head. The Whitaker event is the most outsanding in the annals of Colorado oll exploration and development, The Whitaker geyser, a repetition of the striking of gusher oll in the Ver Straten but a few days ago, means to oll men that they have been deilling according to accurate geological esti- mates and proves that a vast pool of oil underlies the Fort Collins field. Auantic Petroleum corporation is drilling on this same structure a short distance from both the Ver Straten and Whitaker gushers. At- lantic’s Country Club No, 1 ts now drilling below 2,000 feet. The Whit- aker fs on gusher production at 4,472 fet. The Ver Straten is on gusher production at 4.502% feet. oe NEW YORK, March 20.—Foreign exchanges, stead quotations = in cents: Great Britain, demand, 477%; cables, 478; 60-day bills on bank 474%. France, demand, 518% cables, 6.19; Italy, demand, 4.06; cables, 4.06% tendencies Flax, DULUTH, Minn, March 20.— Plax, March, $2.82%;. April, 2.62% hour before the surprised drillers | May, $2.82%; July, $2.50 , _ New York Stocks Last Sete ‘ . Allis Chemical and Dye .----- 86%§ American Can ---~. 116% American Car and Foundry -- 212% American Locomotiye -------- 182% American Sm, and Ref. .----- 96% American Sugar --------.--- "63 American Tel. and Tel. ---- American Tobacco - American Water Wor! ‘American Woolen --... 39% Anaconda Copper 881% Atchison -.. 120% Atl, Coast Line -. Baldwin Loco, Baitimore and Ohio Bethlehem Steel California Pet. -.. Canadian Pacific Central Leather pfd, -,----. 53% Cerro de Pasco --~... - 47% Chancler Motor ex diy. -. - 32 Chesapeake and Ohio .....--. 96 Chicago and Northwestern .. 65 Chicoga, Mil. and St. Paul pfd. 10% Chieago, R. I. and Pac, Chile Copper - Coco Cola - Colorado Fuel Congoleum — 36% Consolidated Gas -----... - 76% Corn Products - 39% Cosden Ol - 30% Crucible Steel ..-.~. - 70 Cuba Cane Sugar pfd. -. - 59 Dayison Chemical -. - 35% Du Pont de - 142% Erte -- ~ - 805 Famous Players 95% General Asphalt - 48% General Blectric - 264 General Motors - 72 Great Northern pfd - 65% Gulf States Steel ex di - 2 Houston Otl ~~... - 0% Hudson Motors ~ - 43% Illinois Central weozeeen= 114% Int. Harvestter weeneceeee 103% Int. Mer. Marine pfd. -------- 42% Kelly Springfield -----. ih Kennecott Copper ---.. 49% Lehigh Valley ~--..---------- 74 Louisville and Nashville --.100%B Mack Truck 180 Marland Oi! —. - 39 Max, Motors A ~. Mex. Seaboard Ot! Mo,, Kan, and Texas -. Missouri Pac. pfd. - Montgomery Ward ~. Nat. Biscult ----------. National Lead ~~~... New York Central --.- N) Y. N. H. and Hartford -. Norfolk and Western -. North American Northern Pacific Pacific Ol _~~----.0.--=: Pan American Pet, B,. Pennsylyinia ~~~ Phila and Rdg. C. Phillips Pet. -.-----. Pure Of] -----~. Reading --~-. Rep. Iron and Steel mene 50M Reynolds Tobacco B -------- 73% St. Louls and San Fran. ---. 70% Seaboard Air Line wervene 24 Sears Roebuck Sinclair Con * Slosa Sheff Steel - Southern Pacific --. Southern Railway - Standard Oll, Cal. ~. Standard Ot1, Stewart Warner --~ Studebaker --.-~----. Texas Co. Texas and Pacific - 54% Tobacco Products 75% Transcont. O1l —-. 4% Union Pacific -.. 143% United Drug -. 5 116 S. Cast Iron Pipe — 194% U. 8, Ind, Alcohol --..---.--- 80% U U, S. Steel - Utah Copper ex div. - Wabash pfd. A -~ 8. Rubber Willys Overland Woolworth CRUDE MARKET Big Muddy ~---~-------------- 2.00 Mule Creek 1.35 Supburst 1,40 Hamilton Dome s--s—so— 1.08 @erris - --. 1.08 Byron .~-. nat aen—— 1.90 NOtChO® ~ --—nnnnne wenn ane 66 Pilot Butte 1.386 To Lance Creek Osage Grass Creek, light ~ Greybull -~ Torehlig ht Rock Creek Salt Creek METALS NEW YORK, March 20.—Copper, easy; electrolytic, spot and futures, 14% @14%. Tin, firm; spot and f tures, $54.25. Iron, steady; price unchanged. Lead, steady; spot, $9.00. Zine, firm; East 8t. Loul, spot and futures, $7.36@7.40, An- Umony spot, $15.00. v POTATOES CHICAGO, March 20.—Potatoes early morning trading slow; market steady; recelpts 76 cars; total U. 5. shipments 927; Wisconsin sacked round whites $1.00@1.06; very few sales §1.10@1.15. Wanted to Buy E. T. Williama Connolidated Royalty Jupiter Elkhorn Royalty Producers Preston Oil Wertern States Blas Vucurevich 208 Consolidated Royal Telephone 166° m Bonds :: Stocks NEWS AND QUOTATIONS BY LEASED WIRE STOCK PRICES GRAINS ALLY Che Casper Daily Cridune WYOMING OILS (Quotations by Blas -Vucurevich, Broker) 208 Consolidated Royalty Bldg.. Bld Ask Western Exploration - 3:00 3.05 Consolidated Royalty ~ 1.10% 1.11% Central Pipe line 40 +50 E. T, Willams ------2- 12% 4 Bessemer --.---------- -17 | ‘Western States — 13% | Kinney. Coastal — on | Columbine ~ 107 Jupiter... 06 Elkhorn 0d Domino 08 Royalty Producers - 0445 hSunset. - 01% Picardy 01 Atlantle Petroleu m--2. .01 Great Northern *,00% Quaker Ot! 0146 Preston Oi! 00% Curb ‘Stocks Mountain Producers - Salt Creek Producers — Continental ___ : New York Of! - 0 Salt Creek Con: ™ 8. O. Indiana — 62% LIVESTOCK Chicago Prices, | CHICAGO, March 20.—{U. S. De partment of Agriculture).—Hogs— Receipts, 33,000; slow; steady to 10c lower than Thursday's low point; or 15 to 26c lgver than average; lig lights and slaughter pigs, 250 off; shipping outlet-narrow; extreme top, $14.25; bulk, 170 to 325-pound welgit $13.75@14.10; 140 to 150 pound ay- erages, $13.00@13.50; bulk packing sows, $13.15@13.40; strong weight slaughter pigs, mostly $12.00@12.50; heavywelghts, $14.00@14.25; me. dium weights, $18.90@14:15; light weights, $13.25@14.00; slaughter Pigs, $11.00@12.50. Cattle—Receipts, 3,000; mostly kill- ing classes strong to lic higher; fairly active; killing quality of fed) steers largely medium; bulk $8.50 to) $10,00; few weighty steers here; best handy weights, $11.1 few loads $10.50 to $11.00; well finished year- lings scarce; few above $10.00; light heifers in fairly urgent demand, Rbove $7.06 to $9.00; recent: decline on better grade fat cows regatned; bulk bologna bulls, $4.25 to $4.75; vealers, steady; mostly $9.50 to 10.50, according to weight; 160 to 175-pound averages, $12.00 to $12.50 to shippers; fairly Mmited demand| for weight calves, others than choice kind; stockers and feeders, steady; mostly $7.00 to $8.25, BSheep—Receipta, $8,000; active;- unevenly steady to 26c higher; most- ly steady; bulk good to choice 84 to 89-pound ‘weight, $15.00 to $16.00; early top, $16.00; weighty kind most- ly $14.00 to $14.25; choice 82-pound Uppers, $11.25; fat sheep. and feed- ing lambs, unchanged; good ewes, $9.50; bulk shearing lambs, $16.30 to 16.60. Omaha Quotations OMAHA, Neb., March .20.—(U. §. Department of Agriculture}—Hogs— 9,500; 10%@15¢ lower than Thurs day's average or steady with close; bulk good and choice 200 to 300 pound butchers $13,50@13.6i top $13.65; some held higher; desirable. 160 to 200 pound weights mostly $13.25@$13,50; bulk of sales $13.35 @$13.65; average cost Thursday $13.55; weight 234. Cattle—700; fed steers and year lings moderately active; steady to strong; bulk §9.28@10.25; medium welghts $10.40; other killing classes and “stockers and feeders mostly steady; bulk butcher cows $5.00@ $7.00; small lot choice cows upward to $8.25; heifers $7.00@$8.50; prac. tical veal top $9.50 Sheep—3,000; lambs 26@50e high- er; most advance on strong weight lambs; bulk 90 to 93 pound lambs $15.25@ 15.50; 82 to 85 pounds $18.75 @16.00; sheep steady; ewes upward to $9.50; feeders steady. Denver Prices. | DENVER, Colo., March 20, (1 Grain ARE STRONGER Buying Demand Develops Today After Uncertainty of Thursday NEW YORK, March 20.—Stock prices railled sharply today~ with buyIng f£ both aceow' influong- ed by the rapid come-back {i wheat] prices and the reassuring statements on business condit! Hoover and “Mellon. y Secretaries Trading how ever, was in-reduced volume,’ the day's sales aggregating about 1,200,- 000 shares. NEW YORK, March 20.—Stock prices displayed a strong tone at tt opening of today’s n with ex » short covering again in evi Savage Arn anced 1%, rican Car and I y 1% and n American B, oration American Smelting, Mack Trucks, Great Northern Preferred, and Sears Roebuck moved up a point or so. Buying was stimulated by the statements of Secretaries Mellon and Hoover that business conditions were sound and by the maintenance of freight car loadings at -record proportions. Nash Motors jumped 8 points to 293, a new record high; U. S, Cast Iron Pipe climbed four points, American Chicle 8, General Hlectric 2% and the Pan American issues, Ludlum | and Commer. clal Solvents Be: Jed their early gains to “% points or more. Among the many issues to ll a point or so above terday’s final’ figures was Northern Pacific. Further selling took place the rally, U. 8. Cast Iron. Pipe being | depressed threo; points from *he| early high and American Can and Baldwin a point each, but all offer- ings were well absorbed and the market was soon. headed upward |again, ignoring another sharp drop in wheat prices, pools resumed their operations for the advance on the thepry that with necessitous selling apparently ended, the technical po- sition of the market improved by the recent drastic reactions and plenty of money avallable for st market purposes at low interest rates, condi tions. were propietous for vance In prices. Qil, motor, metal, chemical and public utility issues gave good demonstrations of group strength. Rails were not as active, but a brisk demand was noted for Pittsbuygh and West Virginia, which and ad advanced. 4% polnts. sh Motora extended its gain to 9% and Cx Tron Pipe to points, while St Joseph Lead, Commercial Solvents, B., American Chicle and the Cer tiffcates, and Columbia Gas sold 2% points to 4 points at yesterday's final quotations, Call money opened at 814 per cent then dropped to 3. The closing was strong. A sharp rally in wheat prices brought about more urgent short covering in stocks in the late trading, final prices show- ing gains of 1 to day. 10 point on the Standard Oil Stocks Angio American Oil 19% Borne Scrymser 218 Buck 65 65% Chesbrough Mfg. Chesebrough Pid. Crescent ,--.£ Cumberland ~ 59 Bureka -. Gal. Sig. Com, ~ Gal. Sig. Old pfd. Gal, New pfd. ig. Illinois Pipe - Indiana Pipe ~. National Transit — New York Transit Northern Pipe . Ohio Oil Per Mea Prairie Pip: Solar Refg Pip Department of Agriculture).—Hogs —Receipts, 79¢; most low er; four Joads 190 to pound | Weights, $18.50 to $15 . $13.85) 8 paid for choice 222 ins other drive ins, $13.6 few 150 16° 160-pound loa ing sows and pigs, bulk p ing sows, $12.50; few fat $12.00. Cattle—Receipts, 500; calves, 100; around steady; two loads beef steers $9.00 to $9.50; one load feeder steers, $8.50; stock heifers, $5 food and choice vealers, $10.00 to $11.00; prae- tically no call for stock steers, Bheep—Receipts, 2,000; fat lambs, Active; generally to 40c hisigr; three loads averaging 81 pounis, $16.25; one load 91-pound $15.00; three loads averaging 101 pounds, $14.25; ‘one deck, $15.00 flat; com- mon to medium fat ewes, $9.35. > » ! MONEY NEW YORK, March 20,—Call money easier; bigh, 344; low 8; ruling rate, 3%; closing bid, 3; offered at 3%; last loan, 3; call loans against 3; time loans steady; eral, 60-90 days, 4; 46 months 4%; prime cpmmercial pa- per, 3% @4, Butter and Eggs CHICAGO, March 20,—Butter low- er; creamery extras 48; standards 48%; extra firsts 46@47c; firsts 40% @44%40; seconds 34% 36c. Eage higher; receipts 20,881 casos; ft 29%; ordinary firsts 28@ 28%; wtorage pack firsts 8040, pt hates <a Canned Goods. DONIPHAN, - Mo~Six additional canning plants are to be erected 8, O. Net nase S88 60 nib sateen lot 4 Ford To Build Planes DETROIT, Mich, March 20.— The Detroit Free Press today quotes cdsel. Ford, president of the Ford Motor Company os saying that his company will go into the production of atrplano motors as soon as exper {ments in progress at {ts laboratories are completed. 4 Mr. Ford also {# quoted as saying that construction will be started at once’at the Ford Airport of the lar gest dirigible mooring mast in the world, to be constructed at a cost of $75,000 for the mooring of the Shenandoah and Los Angeles or any other craft of similar or even great- er size. 174 Ellis St. near Powell tions ine hotel at reasona rooms are outside rates dis q rooms the sme Ta here and in adjacent town: cord: ing to plans announced today I if | pruary, 1924 PAGE SB\ Livestock :: All Markets AFTER SLUMP Prices Recover from Earl Losses on the Chicago + Exchange CHICAGO, March 2 grain tmderwent a severe fall in val | | BOSTON, Mass., March 20.1 day as soon as the-market of wheat tumbling down es much as 5% cents a bushel and rye wbout 7/ Commercial I n cents. Reports of an impenc failure of a grain firm in were in circulation and today FOREIGN DEMAND IN WOOLS IS IMPROV | ~ . ~ |Boston Trading Rules Firm on Strength! | Reports from Abroad; London and} Colonial Centers Higher érpool quotations showed a big drop eir wool ci ry as compared with yesterday. Under e of the we oO such circumstances, a selling stam markets, prices | § : pede took place here, but a goo oO number: 195 sized volume ofsbuying developed, 2 FM co? and the wheat market quick lose yester: e rn clothing {1 eadied. Chicago opening pri tinuing i umber” 1, $2,30+ hich ranged fram 1 cent to ndency fohtat cents lower with May 1.58% to|against the buyer $1,860 and- July, $1.38% to $1 , I $1.40@ 1.42; % bl were followed by many — swift tl $1 i blood’ ..cof changes but with a general up t ; . Laine :¢ ward trend that lifted May who: s be »more| 167; AA $1 A Soper’ to $1.61%. 61.35 : The market closed strong, Ke tol «ratio change Is reported in the chair. beat cotbbing 8 4%c higher than yesterday with to Rood acct athencn it cnyaune oarblie Teens day's finish $1.67% to $1.68% for] what change there is is in t ey: aa A pe Bears tion of better busine y Bea ‘orn al oa y overned| won Js bounc Me a one but 3 >, chiefly by the action of wheat. Af.| "02/8 bound He Pirsro eis ick |Insuranc e Man Tel ter opening at % cent to 4% cents] .on | of Friend’s Recoy off May, $145 to $1.16, the com]! “Ustonair tw rat tet andl price 7 mri : market reacted to a fajr extent. gendsnties: are yatt vainst: “the : isered marti Late strength in the wheat mirket| ote. ) failed to bring about a full recovery | “at. Commerc nd was, ve in cornr prices, lish the following we 7 I Corn closed unsettled at the same| tonorrow as yesterday's finish to 1%c iower, diieatio: Onis’ ‘aha “Bennet May $1.17% to $1.17% eibeson: De Laine waweaned “30 ee pp Patite thei, Oats started at % cent to 1%cl nae blood combing 60% M61: sat noe aaah loss, Ma: h@Adc,. Later, railles! yiooq cambing Gotséic; tine } Bap). 26 ae Re ee were mado but only a part of the| Wena ts@ene nt \hageneuta oepeueeeioatl tieeta decline was overcome. “ 3 save tro PRR ho boats eal xh Provisions reflected the weakness |, 2UCMEa" GW aeN te Lea AH Bhs tg Agua dah of grain and also of the hog market. |11o9q unwashed 56@b7% Todd eh 4 whic son : practica ae 1.88% 1.68% 1.58% 1.67% | 752° dose ‘will ¢ e or money My Taste rast Lae” Las | Wiseonslf, Missourt and average] ed. For by druggists Sent. 1.80 135 1.80 1.34% where.—Advertisement Corn— May 118 1.44% 1.17% Wherever they sell good « July 1.21 1,174" 1,20% ve Sept 1.20% 1.16% 1.20% | > Oats— NEW YORK, March 20.—Demafid| May ---. 43% for refined sugar today was again July 6 light and list prices w ur Sept. at $6.00 to $6.20 for fing & Most refiners weré still ders below list ures nominal anulat epting , Refined quotations ree COTTON May 19,02 NEW YORK, March July 18.95 18.95 18.80 18.90 | enot, steady; middling Bellies— May “ 21,60 21.25 21,50 | July -.-- 21.40 | | CHICAGO, March 20.—Wheat number 4 hard, $1.62; corn, number 3, mixed, $1.09; number 3 yellow, | $1.13; sample grade, 09c. Oats, num ber, 2, white, 47%c; number 8 white, 45 to 46%c; timothy seed, $5.25@ 6.60; clover seed, $21.50 to $380.00; lard, ; ribs $18.95; belifes $21.50. = a nee NEW YORK— Sales of Genera! 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