Pampa Daily News from Pampa, Texas on May 31, 1936 · Page 39
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Pampa Daily News from Pampa, Texas · Page 39

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Sunday, May 31, 1936
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}, MAY 81)498.6* 3pE£^^^*lJ!g^^ .,, ^.,, .. .., . . MB PAMPA DAILY mm, Pampa, Tern pAQfijggf, fiUGE OIL AND GAS RESERVE REMAINS IN PANHANDLE FIELD ORDERLY DEVELOPING CONSERVES FUEL SUPPLY ; The Panhandle oil and gas field structure lies along; a buried mountain ranjje known RCoIosi- as the Amarillo arch, that ds alonfr the length of the [field, continuing- in a soiitheast- |pjply course Into the southwesterly portion of Oklahoma, where it aes to the surface as the ['IcJifla mountains, at an clcva- of" approximately 1,000 feel bve sea level. The field is a It lying in a southeasterly orllnvesterly direction and extends from eastern Wheeler county to northern Moore county. It is approximately 124 miles in length with an average width of approximately 20 miles, containing ..., 1.&Q$,386 acres; there being 1,060,002 acrds of sweet gas, and 437,724 acres of sour gns territory, The field Is located in the counties of Hartley, Moore, Hutchinson, Potter, Carson, Gray and Wheeler. The oil. producing area covers a belt about 90 miles in length lying on the northeast flank of the struc- $ure and contains about 198,000 acres. •The oil and gas so far encountered In the Panhandle Field has been found, with minor exceptions, in four separate strata, namely: the dolmite, the arkoslc-dolmite, the gray limestone, and the granite-wash. These four formations oVoi'lle one another, and though they, are normally separated one from another by impervious strata, they, are interconnected as is shown by the fact that the virgin pressure of-, the oil and gas from all of them was 430 pounds per square Inch at sea level, regardless of the location in the field. •In the latter part of 1918, gas was first discovered In northern Potter county. Following the completion of this well, several other gas wells were drilled; however, it was not until May, 1921, that oil was. discovered, the discovery well being- Gulf Production company No, 2-Burnett in northern Carson coun- •ty;;- This well was completed for aooi; barrels. Following the completion of this well, development wasvslow and was confined to the arew surrounding this well. At the .close of 1924 there were but 16 wells producing 1600 barrels per day. During 1925, 44 new producers were completed in this area., raising the total daily productions to 5500 barrels. !In July, 1925, the Mid-West Exploration company completed their Laycock No. 2 well which was the first well in Wheeler county. This well produced 120 barrels daily. The Gibson Oil Company—Bentley No. l,i completed in January, 1927, for ' 750 barrels, was the next important > well completed in Wheeler county. In- the curly part of lOHG, the Dixon-Creek Oil & Refining company completed the discovery well Ini'the Borger pool in Hutchinson county. This well started the real development in the Panhandle. By September, 1926, there were 813 wells producting 165,000 barrels of oil iper day. j'uly, 1926, marked the opening of -fffny county when the Sham- nick Oil & Gas company completed their Worley-Rcynoids No. 1 for 1200 barrels south of Pampa. Development was confined to the couth Pnmpa area until the latter part of 1928, when the Bowers pool was discovered. Following the Bowers pool, the Marlancl-Finlcy pool was brought in. Development has continued in all areas. Other clnta on the field: Total producing acres 75.000. Produc'ug acres per well 28.880. Scml-|)rovcn acres 198.000. Semi-proven acres per well 76.22. Number producing wells, Dec. 1, 1935. 2,597; flowing, 207; gas lift 11; pumping. 2397. A later report, showing steady development this year, appears elsewhere in this issue. Oil production lo Dec., 1935, was: Cumulation to Dec. 1, 1935, 252,205,545 barrels. Estimated reserve 012,895,000 barrels. Total field potential (10 and 5 day gauge) 591,551 daily. Largest well potential 5,885 daily Largest well allowable 2CO daily Average well potential 228 daily. Average well allowable 21 daily Panhandle field production on January, 1932, was: Number wells, 1868 (gauge). Field potential (5 day; gauge. 105,520. Largest well potential 1410. Largest well allowable 309. Average well potential 59. Average well allowable 29. M450* First Charter To Railroad Has Famed Stokowski a Ranger MONTELL, May 30. M')—Records of the first Congress of the Republic of Texas, meeting at Columbia in 1936, show the legislative body granted the first railroad charter in the Republic to Dr. Branch T. Archer and associates. The charter authorized Archer and his associates to form a corporation to "connect the waters of the Rio Grande and the Sabine by means of internal navigation and railroads from and to such particular points of connection as might be agreed upon and selected by said company with the privilege also of constructing branches, either by canals or railroads, to connect with the main line." In that year not more than 30 miles of completed railroads .existed in the United States and the first charter brought forth no transportation lines in the Republic. Railroad construction in Texas began in 1841, however, when rho Harrisburg Railroad and Trading company received a charter from the Republic and started laying rails between Harrisburg and the Brazos river. Andrew Briscoe and associates were the builders and to them belongs the distinction of creating the first operating railroad line in Texas that subsequently became part of a trans-continental system. Leopold Stokowski, left, famed conductor of the Philadelphia Symphony Orchestra, is shown here as he arrived in Dallas and, in behalf of the Texas Centennial Exposition which opens there June 6, was pro- 1 sonled with a 10-galIon hat atic'i a 1 Texas Hanger's commission by Dr. 1 Paul Van Kntwijk, director of thc[ Dallas .Symphony. WASHINGTON, D. C.. May 30— Only four labor union banking institutions are left of the thirty- six which existed a decade ago, but ns those four survivors have shown increasing strength in the last couple of years, there is some possibility that a general recovery in the experiment of lubor banklm; may be expected. The idea of organized labor entering the banking business was a revolutionary one when it started in 1920 and, for a time, there were indications that increasing and permanent success would bo met. The early promise was not realized. However, in considering the fate of the labor banks sattention should oe given lo the banks of capital They failed at the rate of one an hour at one period. As there were ;o many more of them to fail, they sauscd far greater losses to working and other people than the suspension of all the labor banks. The joint of interest now is whether ;he labor union banks will come :ack. Some of the capitalist janks have come back, although many sl:ill are closed and of those which reopened some 7,000 of them ,iow have the Federal government, .-hrough the Reconstruction finance corporation, as a partner. The matter of broad and 'deep nterest is whether the union labor nan can enter the capitalist's 'ield and succeed. Capitalists and ndustrialisl.s failed rifshl, and Irft n tho distressed year.s and work- up men lost their Jobs by the •uillions or had their wages reduced. In a sense, everyone is start- ng from scratch again and it re- iiains to be seen whether the union abor bank can make as great a recovery as the capitalist bank. The labor union bank idea started about 1920. Of course, labor unions had had experience with finance lirought tho handling of their ac- cumulations of dues. Also, certain j cooperatives made up very largely| of working people had accumulated substantial sums which they handled and invested. But this was not banking business in the sense ol accepting money on deposit and then renting it out at intcrnst Lo borrower. A book called Labor's Money, by Richard Boeckel. which appeared soon after 1920 invited attention to what the labor unions had started to do in the way of entering the bonking business. The book attracted wide attention both here and in, Great Britain, and doubtless had; much to do with the multiplication i of labor banks. The book told of the.' success which had been encountered i where a groping start had boon ! made. Early Success of Enterprise Where there had been but two labor union banks in 1920 there were ten in 1922. The early success can be shown clearly by tho figures. Those first pioneer banks, the two which existed in 1920, had share capital of $960,000, but they had deposits of $2,258,561 and total resources of $3,628,807. Already, they had accumulated surplus and undivided profits of $194,446. These were not large sums, relatively, but they seemed largo to tyros In tho bunking business who wore nnl; supposed to know the profound mysteries of finance. By 1922 when Uicrn were ten labor banks, HIP share cHpital had reached $2,050,473; tin- deposits, $21,901,641; and Uir total resources, S26.506.723. Then i surplus und undivided profits amounted to $742,689. Some of the enterprises the labor bankers went into were bold as any stroke of a capitalist of long standing. One of the strong banks was that started by the Brotherhood of Locomotive Engineers. II took over the Empire Trust company, a large Wall Street institu- tion, in the most approved manner of that period of mergers. It bought the Equitable Life Building, one of the largest office buildings In New york, in the heart of the Wall Street district. The engineers had become powers in the world of finance. Some of the labor union banks employed skilled bankers as presidents and some used their own union officers employing, of course, such professionals as tellers and the like pending training some of their own union men. But the ownership was labor. And even where an old- fashioned professional banker was employed as a president-manager, the policies of the bank followed the interests of labor-unionism. In 1925. at the top of the union bank wave, the aggregate share capital amounted to $9,069,072; the deposits to $98,392,592; and total resources to $115,015,273. Surplus and undivided profits were $3,467,829 While 1925 marked the top as to number of banks and share capital, H wns not until the next year that the greatest financial striigth was attained. In 1926 there were 35 banks, but total deposits had risen to $108,743.550 nnd total resources to $126,533,542, while surplus and undivided profits stood at $3,837,377. Mergers and Liquidations From then on the sun of the union labor bank movement seems to be descending.'There wcie mergers and some liquidations, but in the first year of the depression, when there were but 14 banks left, total resources were nearly $69,000,000 and surplus and undivided profits were still over $3,000,000, By 1933, the lowest year of the depression, there were but four labor union banks left. These had share capital of $1 725,000; deposits of $15,388,505; and total resources of $18,653,355. Surplus and undivided profits stood at $436,431. * These four banks were the two great banks of the Amalgamated Clothing Workers of America, the larger labor union of the garment industry. One is the Amalgamated Bank of New York and the other the Amalgamated Trust and Sav- ings Bank of Chicago. The third is the Telegraphers' National Bank of St. Louis and the fourth the Union National Bank of Newark. N. J. While these labor union banks attract practically all of the savings of members of their own unions as deposits, they also attract the deposits of members of other unions. For example, the Amalgamated' banks have not only the accounts of garment workers but of plasterers, carpenters, and all sorts of other union members. And an interesting fact is that quite a large number of professional persons and members of the capitalist class were depositors, especially during the depression, because it was felt that these banks were practically impregnable. They paid no large salaries and no dividends and wore not run for profit in the usual sense. Although so many union members were out of work or had scarcely enough money to buy bread, deposits continued substantial in no small part because of the confidence of non-union persons in the institutions. What sounds almost like a story book tale is that the Amalgamated Trust and Savings Bank of Chicago has greater total resources than it had in the boom year of 1929 and also more deposits. The fact that these four banks have gone through the worst of the crisis and have come out safely and now are gaining with every report may encourage other labor unions to re-enter the banking business and compete with professional bankers and capitalists. Modern Port For Acre JERUSALEM (Palcor)—The crusader's port of Acre, with its fortess in which the "mad Englishman,' Sydney Smith, stemmed Napoleon's advance in the Holy Land, is to be enlarged and made into a modern harbor says the Arabic daily, Al Liwa. The plans include extension of the narrow-gauge railroad from the station to the port. ••• Donald Cook has a fan who writes him continued letters on postcards. France Balks At Dyed Fish PARIS (/P) — France Is taking steps to see that no more dyed fish comes into the country. Canned "salmon" from Germany and Holland has been found to be colin, a ccmmon European fish, dyed pink, officials says. ^ Lithuania Jails Rioting Peasants KAUNAS, Lithuania t/P) —Nine peasants, charged with participation in anti-government disturb* ances in southern Lithuania last fall, have been sentenced to from one and one-half to five years' lm- prlsonment by a military tribunal here. Thirteen others were acfjultted. -» McCamey, Tex., held Texas' first rattlesnake derby as a feature of the tenth birthday of the oil towri. Welcome Visitors! We want you to visit our plant while in Pampa. See the best equipped MACHINE and FORGE SHOP in the entire Panhandle. / THIRTY-FOUR YEARS DEPENDABLE \ Jones-Everett Machine Co. M. W, Jones Established 1902 C. H. Everett Oxygen-Carbide, Acetylene, Welding Supplies, etc. AKpiyiORE, OKLA, - PAMPA, TEXAS Compliments of The Shamrock Oil & Gas Corporation Amarillo, Texas \ CCflH TREE & JEFFRIES OIL PRODUCERS Pampa, Texas ALMA OIL COMPANY OIL PRODUCERS "N OklahorfnuCity, OJtla. Pampa, Texas CAMBRIAN OIL COMPANY OIL PRODUCERS CREE AND HOOVER DRILLING CONTRACTORS COMBS-WORLEY BLDG, gAMPA, "TEXAS X,

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