Pampa Daily News from Pampa, Texas on June 21, 1936 · Page 11
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Pampa Daily News from Pampa, Texas · Page 11

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Sunday, June 21, 1936
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SUNDAY MORNING, JUNE 21, 193(! THE PAMPA DATLY NEWS, Pampji, Texas PAGE ELEVEN OIL NEWS • • From Panhandle and Other Southwest Fields : f OIL ILLS nsra IN COUIITYMS LI .3,762 BARRELS ADDED TO DAILY POfEN- TIAL FIELD Eight new oil wells and two new gassers were tested in the Pan- 'handle field last week. Gray county led in last announcements with five .new wells. Hutchinson county had two and Wheeler county one. The new producers added 3.7G2 barrels to the dally potential o£ the field. Two new gas wells, one in Moore and one in Wheeler county added 108,950,000 cubic feed of gas .dally. .Drilling continued active and on top of many recent first announ- .cements the last month, 12 new locations were recorded with the Railroad commission last week. Completions tested by the Railroad commission were: Gray County Gulf Oil corporation No. 14 ^Thompson, section 120, block 3, ;T&GN survey, tested 283 barrels .dally. Total depth was 3,280 feet in lime, with pay following a shot .of 520 quarts from 3,165 to 3,280 feet. Kewanee Oil and Gas company •No. 20 Smith-Rest, section 149, block 3, IcfeGN survey, tested 729 barrels daily with total dept at 3,250 feet. A shot of 440 quarts ,was placed from 3,152-3,250 feet. Texas company No. 3 C. S. Bar- ,.rett, section 112, block 3, I&GN survey, made 455 barrels dally. Total depth was 3,240 feet. A shot of 550 quarts was placed from 3,,164-3,240 feet. Dyck Oil company No. 4 L. S. :McConnell, section 287, block 3, H&GN survey, tested 605 barrels from a total depth of 3,280 feet. Pay was from 75 feet higher. Gulf Oil corporation No. 3 E. ,Q. Barrett, section 128, block 3, I&GN survey, tested 505 barrels after a shot of 420 quarts from 3,215 to total depth, 3,282 feet. Hutchinson County Stanolind Oil and Gas company •No. 6-B Pitcher, section 19, block :M-21, TC&RR survey, tested 434 .barrels. Total depth of 3,115 feet. A shot of 436 quarts was placed from 3,027-3,113 feet. Stanolind Oil and Gas company No. 9 Ware "C", section 20, block M-21, TC&RR survey, tested 481 barrel. Total depth was 3,100 feet. A shot of 582 quarts was used from 3,015-98 feet. Wheeler County Skelly Oil company No. 19 Johnson, section 47, block 24, H&GN survey, tested 270 barrels witli pay from 2.475 to total depth 2,495 feet. Lone Star Gas company No. 1 Fan-an, section 34, black 24, K&GN survey, tested 32,112,000 cubic feet of gas. Pay was from 8,075-2,260 feet. Total depth was 2,448. feet. Moore County Anderson and Ken- No. 1 Strunk, section 315, block 44, H&TC survey, tested 66,593,00 Ocubic feet of gas. Pay was from 3,500 feet to total depth, 3,560_ feet. Oil Companies Building Roads OKLAHOMA CITY, June 20— Oil companies operating in the new Oklahoma City field pave and improve the roads and streets Into the Mansion area as they go—with oil saturated sand taken directly from the wells. The Wilcox sand produced with the oil is hauled from the wells in {Jump trucks and placed as surfacing ' on the streets serving the area. The heavy trucks hauling pipe and casing to the wells pack the surface into a firm, compact and economical pavement. The result is conservation of resources and conservation of taxpayers road slid street assessments. «• Mrs. W. W. Merten and son, Walter Merten, of Clay Center, Kan., former Pampa residents, a nephew jjonald Merten, and Miss Lizette Stegemeyer, also of Clay Center returned to Kansas yesterday after Visiting friends here for several 4ays. MARKET Am Can , Am T&T . Anne AT&SP .. Avin Corp Bldw Loc B & O ... Barnsdall Ben Avla Beth Stl . Case J I Chrysler ., Coml Solv Comw & Sou 26 GrEn Elec — Gen Mot .... Gen Pub Svc Goodrich .... Goodyear .... Int Harv 7 133',i 133 7 167 16614 14 33 "i 3 77V, 14 5!£ 2 7 2 33 vi 77 19 18',i 10 10 G 27% 27 1.4 23 53% 52% 4 181% 179 Vi 160 101',4 98 vV, , 2 14 13'!i 3% 3U 21 38% 38"i 82 65 Vi 64 '!.', 1 4'!., 41.', 6 20 19 vi 4 25 VI 8 88 25 87 % Int Nick Can 35 49% 4D Int T&T .... 10 14Vi 14Vi Kelvin 7 19'fi 19 Oi Kennec 10 38"i 38Vi M Ward .... 25 44Vi 44Vi, Nat Dairy ... 49 25U 24TJ Nat Dist .... 2 27% 27% Packard .... 5 510 Vi 10 \i Penney 14 84 Vi 84 Vi Penn RR .... 20 32?i 32Vi Phil Pet .... 5 41 40 r ;i Pub Svc N J 3 45 Vi 45 Vi Radio 56 llTi 11 Vi Rep Stl .... 2 220 19Vi Sears 11 74W 73'!i Skelly 2 2414 24 Soc Vac . S O Cal S O Ind S O N J Studebaker Tex Corp U S Bub U S Stl 2414 31 12 T« 12 r ,'i 3 37 <& 37 Vi 4 34 33% 15 59% 58 Vi 10 llV-i ll'/i 8 33% 33 \' a 4 2DV4 29 Vi 84 63% 62% 133V1 167 33 ?i 77 V4 f>% 3% 19 10 27% 53% 181 101V. 13% 3!i 38% 65 Vi 4 : !i 20 25 W 87 Vi 49% 14 Vi 19-T, 38 : !i 44 Vi 25 27% 10 Vi 84 Vi 32 ; !.i 41 45V, llii 20 74 24'/i 12 ; !i 37 Vi 33% 59'/i HVi 33 Vi 29 Vi 63 'Ti New York Curb Stocks Ctes Svc .... 23 4% 4% 47* Elec B&S ... 42 21'/-i 20% 2114 Gulf Oil 4 81 80% 80% Humble 9 60 59% 59% 'Happy Days Are Here Again' BUT THettB'Ll- BE PUEMTY OF TH/vrf TOTAL IN LOCAL FIELD IS 42 FOR MONTH, 3 IN GRAY COUNTY Next Oil Pool May Be Opened In Northwest IDSTiy PUTS FOR SALE! Bargains that are outstanding, Used Ice Refrigerators $2.00 and up. Used Me Kee Evercold $25.00 and up. Used Frigidaire $39,60 and up. Used Trucojda $40.00 and up Used General Electrics $75.00 and up Lot* of Other Bargains Used Refrigerator Exchange 412 South Cuyler CHICAGO GRAIN CHICAGO, June 20. (Vf 1 )—In strenuous new upturns, wheat tcday .showed a rise of more than 10 cents a bushel this week. Simultaneously corn was up about 7 cents, oats 5 cents and rye about 9 cents. Evidence that Europe is becoming alarmed over disastrous crop conditions in the American northwest did much to rush all grains today to season fresh top records quotations. The maximum overnight jump in the Chicago wheat market, 3!L- cents, was surpassed both at Minneapolis and Kansas City, especially the latter which went skyward an extreme of 4-?i cents, responsive to reports of damage by drought and high temperatures not only to spring crop areas northwest but also to hard winter wheat southwest. Despite heavy profit-taking sales that at the last shaded gains somewhat, wheat in Chicago closed strong, 2 cents to 3 cents above yesterday's finish, July 939.1-94, Sept. 95H- 1 /!, Dec. 97-97Vi, corn IVj-SYt up, July 66%, Sept. 65-65Vi, Dec. 61% -Vi, oats 1%-2',B advanced, Sept. SOVi-'Ji, and rye showing 2 cents to 2V4 cents bulge, Sept. 64V's. In provisions, the outcome was 20 to 50 cents higher. NEW ORLEANS COTTON NEW ORLEANS, June 20. ({?)— Buoyed by a heavy trade demand cotton prices ran up from 50 to 75 cents a bale today in active trading. Every option on the board touched a new high for the season as October crossed its previous top price of 11.45. Oct. closed at 11.53, Dec. at 11.48, Jan. at 11.48, and May at 11.51. The July position was not as active as in Friday's trading but moved ahead 50 cents a bale to finish at 12.22. Spots at New Orleans gained 50 cents a bale with middling at 12.42. Outside speculation appeared in the market, but most of the purchases were for trade account. .». KANSAS CITY LIVESTOCK KANSAS CITY, June 20. W— (USDA)—An improved demand at eastern dressed beef markets reflected itself in the live trade at midwestem points this week, and fed steers and yearlings, after open- Ing on a lower basis, closed firm to higher at several centers. Light yearlings scaling under 900 Ibs continued to move to the best advantage. Grass cattle were in increased supply and finished weak to 25 or more lower, grass fat cows as much as 50 off. Spring lambs and yearlings are steady to unevenly lower than a week ago. The market, however, is materially higher as compared with last Saturday. .*. Tire Company Opens in City The Adkisson-Baker Tire company opened a store in Pampa last week* from which they will distribute General tires. The new store will he managed by Jack Baker, who was previously in the tire business in Pampa for several years. The new store and filling station is located at 3QO West KlngsrniJl where they will handle the complete line of General (ires. IHGJIEUE FIGURES DISPROVE ANY OUTSIDE CAPITAL EXPLOITATION Exposition's Beauty Impressive BY H. J. STRUTH Petroleum Economist More money lias been put into ground in developing T'oXaH oil than has actually been received in vales value for all the oil produced to date! Pacts to prove this have just been compiled by The Mid-Continent Oil and Gas Association of Texas, and they show that the Texas oil industry has actually spent $5,600,000,000 for oil development, from which the cumulative sales value of all crude produced to date has amounted to about $4,985,000,0000. These facts contradict unsupported statements purporting to show that Texas oil is being 1 exploited by outside capital, the financial returns from which are kept outside of our state borders. The truth is that the Texas oil industry not only reinvests all of the money received from sales of crude oil in extending developments to all parts of the state, but has actually spent $15,000,000 more than its total receipts to date in the development of this great Texas industry. These figures show further that for every dollar received from the sale of crude oil, this industry has put back into Texas oil developments one dollar and twelve cents! This noes not mean that the Texas oil industry as a whole is an unprofitable venture. Profits in the oil industry are the ultimate result of combining the various operations incident to its many activities. In the producing branch of the industry, there are many wells that show a loss in their operation, which in some instances may be absorbed by profitable operations in another producing field. It is a principle of conservation of natural resources to continue to produce oil from high-cost "stripper" wells in order to obtain the maximum ultimate recovery of oil in place. This, obviously, benefits many thousands of oil industry employed Texans, whose jobs might be terminated if all unprofitable oil wells were abandoned in favor of new, flush producing possibilities. Producing crude oil might have returned substantial profits to the industry if all non-profitable wells had been abandoned and had all money received from the sale of crude oil been stowed away in the vaults of the producers. However, as these facts prove, the oil industry lias not hoarded its profits, nor spent them outside of our state borders, but has reinvested all and more money than it received in the statewide development of an industry that has made Texas lead the world in oil. As a result of this continual reinvestment of profits in the search for new sources of oj! supply, Texas has nearly half of the ol.l reserves of the United States. prilling for oil and gas in Texas has involved a total cost to date of $2,777,000,000, including' $96,000,000 spent for gas wells. The net cost of oil wells tipd dty holes Twelve new .locations were recorded for the Panhandle field last week, bringing the total for tln> month to 42 Moore county led the way with five, followed by Hutchinson with 3. Gray 3. Wheeler 1. and Carson. The Panhandle fit-Id, despite rumors of shutdowns, continues to be the most active .section of Texas' oil fields. Intent ion to drill wfre filed ns follows: Lela Oil & Gas company, A. J. Loycock No. 9. GOO feet from north and 330 feel from west of SE corner of of NE-4 of Section 9, block 27, H&GN, Wheeler county. Harry Stokoll, B. Wisdom No. 2. 1230 font from the south and 330 feet from the cast of section 33. ! block M-25, TC&RR, Hutchinson I county. | A. & K. Petroleum company, W. J. Morton No. 4. 660 feet from the south and east lines of SE-NW of section 204. block 3-T, T&NO. Moore county. A.'<t K. Petroleum company, A. P. VVilbor No. 3, 660 feet from the south and east of the SE-NW of section 230. block 3-T, T&NO, Moore county. A. & K. Petroleum company., W. H. Taylor No. 3, 660 feet from the south and east lines of the ;-N"W of section 233, block 3-T, T&NO, Moore county. Magnolia Petroleum company. Fee No. 244, No. 17, 330 feet from HIP north and west lines of E-4 of .section 108, block 4, I&GN, Carson county. Empire Oil & Refining company, A. E. Shields No. 9, 330 feet from the south and 1320 feet east of center of .section 151, block 3, I&ON, Gray county. Cy Ricgcr & U-Tex Oil company, Ware "A" No. 6. 330 feet from the west and 990 feet from the south of NE-4 of section 20, block M-21, Hutchinson county, TC&RR survey. Cy niiiBLT. Hodges No. 3, 330 IV'.'l from the uurth and MO feet from the fast of the No. 2 of NW-4 of Sec. 14, block Xo2, L. A. Patti.'lo survey. Hutchinson county. Fmpire Gil & Refining Co., Mag- nollu "D" No. 3, 450 feet from N and 3311 t'cet from W lines of NW-4 of section 1U9 block 4, I&GN, Carson county. H. C. Glass, J. C. Wilson No. 1, ID feel from the north and west lines uf the NW-4 of section 198, Llocik 3-T. T&NO, MOOR- county. Stanolind Oil & Gas company, G. L. Holmes No. 4, 330 feet, north and 09(1 foot east of the SW corner of section 8G, block 3, I&GN, Gray county. Tlic next oil pool may be opr-n- ed on the Zurick Ranch In the south part of Union County which is located in the northeastern part of New Mexico and is In the northeastern part of New Mexico and is in a northwestern direction from Pampn, Borger, and Moon- county, Texas, pools. Tile Quaker State Oil company, with home offices in Pampa, blocked 40,000 acres covering the south half of the Clapham structure In June and July, 1935. At that time they had in mintl bringing in an extension to the Moore county oil and gas pool. A heuvy flow of gas was struck In the Zurick No. 1 being drilled by the Superior Oil and Gas company and the Olson Drilling company of Tulsa, Oklahoma, at a depth of 1.200 feet. It was necessary to case the gas off before .trilling deeper. The company has set in inch casing and is now drilling ahead at 1.400 feet. Spreads of acreage around this well has been purchased by the Gulf Oil corporation of .Tulsa, Oklahoma; ,T. F. McManmon and associates of Enid and Tulsa, Oklahoma; and by Glcd Oil company and the Travis Brothers of Tulsa, Oklaho- Early visitors call the 525,000,- the Esplanade of State and the 000 Texas Centennial Exposition, now running in Dallas, "the most beautiful World's Fair in history." The photograph shows a section of $100,000 Hall of Varied Industries. Night lighting along thd Esplanade reflecting pool is of indescribable drilled to date is $2.691,000,000. Farmers and landowners have received for leaso rentals, bonuses and royalties, the stupendous sum of $1,141,000,000. Cumulative expenditures by the Texas oil industry for wages and salaries, materials and supplies, taxes, insurance, interest and overhead have amounted to $1,775,000.000. In addition, many more millions of dollars are represented by investment in properties, plant anci equipment. All o fthis money has extended the benefits of oil development to every section of our state and has materially strengthened its future industrial position and economic welfare. COURT RECORD Damage Case Settled Settlement of a damage action brought by W. J. Poster, et el. against Otto Studer was approved in district court yesterday. The case was settled for $1,250 by mutual agreement. Two Divorces Granted Divorces granted yesterday in district court: Lottie Abbott versus Jobe Abbott; Lebisa Sapp from I. E. Sapp, maiden name of H-bisa Rafferty restored. Sentence Suspended W. N. Simmons received a fivn- year suspended sentence following his plea of guilty in district court to pipe theft from Baker Salisbury. Thirty-first district court tomorrow will open its fourth week for consideration of criminal cases. Jury list (or this week is as follows: O. B. Jeter, LeFors; D. W. Osborne, Pampa; W. If. Blakeney, Alanreed; James Noel, McLean; J. P. Johnson, Lei-tors; W. H. Davis. Alanreed; Sam McClelland, McLean; B. L. Calvert, LeFors; L. D. Hamrick, Pampa. J. O. Wllkins, Denworth; Milton Carpenter, McLean; Bob Cecil, Pampa; Elmer Hill, Pampu; B. F. Hodge, Pa,tnpa; Lather Petty, Mg- Lean; Harry Nelson, Miami: Troy West, McLean; Roy Chisum, Fampa. F. E. Bull, LeFors; John I. Bradley, Pampa; A. O. Post, Pampa; L. C. McMurtry, Pampa; R. E. Stubblefisld, McLean; F. J. Lind- duist, LeFors; H. Fowler, LeFors; P. O. Sanders, Pampa; L. R. Bush, Geo. A. Smith, Pampa; Fred C. Culluin, Pampa; Creed Bogan, McLean; T. W. Jamison, Pampa; Lloyd Mathis, LeFors; Johnny B. Back McLean; C. W. Lawrence, Pampa; Ray Stepp, Pampa; C. N. Saye, Pampa. 'j.. L. Lively, LsFors; Roy Middleton, LeFors; F. E. Scheig, Pampa; Warren Finley, Pampa; Jno. V. Andrews, Fampa; Allen Cumberledge, LeFors; G. J. Adamie, Pampa; R. Tarketon Goes To Oil Meetings L. W. Tarkenton left early Saturday morning- for Fort Worth and Dallas where he will call on several of the major oil companies in the interest of the Quaker State Oil company which is now drilling; the Zurick No. 1 in south Union county. New Mexico. Mrs. Tarkenton and their grandson, Jimmy Lee, accompanied Mr. Tarkenton and will visit a few days in Fort Worth with her brother, J. E. Howard and family. Mr. Tarkenton expects to return Tuesday or Wednesday. TO TUB HIT IN REPORT MOTORISTS PAYING FOR HIGHWAYS, GET HATCHERIES WASHINGTON, June 20—Motorists in 1934 paid one billion dollars in gasoline taxes and license fees in the naive belief they were buying new roads anst maintaining old ones. Actually, the Bureau of Public Roads reveals, they bought some very fine fish hatcheries and several first class oyster beds—and a few mUes of highway. 'iH><$ More than $140.000,000 of the motorists' supposed investment in highways, according to the Bu- renii's analysis, were diverted to such projects as fish hatcheries, oystevbeds, government buildings, docks and sea walls, the payment of salaries and pensions and the retirement of' government debts. The diverted funds, the Western Petroleum Refiners association reports, deprived motorists of some 28.000 miles of well surfaced, all weather highways, an average of 580 miles in each state. The gigantic diversion also deprived farmers of about $200,000.000 in land value since it has been estimated that the improvement of I 1 , dirt road with a low-cost, all- year surface adds $21 an acre to the average farm value. Each mile of improved rural road serves about 360 acres so about 10,000,000 acres were deprived of mud relief—at $21 an acre. In lieu of the highway facilities they expected from their investments, both motorists and farmers are invited to inspect the fish hatcheries and the oyster beds. Gasoline taxes and license fees may be paid en route. Read The News Want-Ads. Fairground Work Resumed Friday Work on Pampa's No. 1 WPA project. Fairground park, was resumed Friday after being shut down for several days until new plans could be completed. A new supervisor, W. F. Richards of Amarillo. took charee of the project, replacing Paul Hill who resigned to re-enter business here. First work will be to finish setting posts around the outside of the race track and placing of braces on the fence. Grading of the inside of the track will also be completed j on the first part of the program. Application was made yesterday for S3.800 worth of material for building stables. That amount is still due from WPA. Plans for the stables was mailed yesterday. B. Archer, LeFors, and Don M. Conley, Pampa. 1932—CHEVROLET 4 Door Sedan—6 wheels— Fenders painted 4l^R^ Milage 32 thousand _ - «J>fciOtJ 1934—PLYMOUTH Coupe—Motor reconditioned New tires ^JA^^ Upholstering re-covered «pTr£i/ PAMPA MOTOR COMPANY Phone 365 211 No. Ballard CAP ROCK BUS LINE ADDS NEW SERVICE TO THE LINE Leaves Pampa at 7:15 a. m., 10:40 a. in. and 4:30 p. m. for Childress, Wichita Falls, Ft. Worth and Dallas, For Okla. City at 10:40 a. m. and 4:30 p. m. over the Cap Rock making direct connections with the Greyhound Lines at Shamrock and ride big nice buses over all paved route. Don't ask for next bus, ask for the Cap Rock Bus. Call your local agent at Bus Terminal, Phone 871. First National Bank In Pampa Member Federal Deposit Insurance Corporation | QUESTIONS THAT ARE ASKED ABOUT BANKING | f -f f "VT'ES, most banks welcome new checking •*- accounts. At least, we know that our bank is glad to have them—for checking accounts constitute one of the most important financial services we render to the people of this community. A checking account is a valuable service to depositors. Naturally, it costs the bank money to handle every account. These expenses include check books, signature cards, deposit slips, other supplies and necessary time and cost of handling the account. Consequently, the bank expects an adequate balance to be kept in the account in order that its earnings will help to cover its cost. Otherwise, a moderate service charge is ordinarily made. If you do not have a checking account now we invite you to.open one here. OFFICERS A. Combs, Chairman of the Board DeLea Vicars, President, J. R. Roby, Vice-President, Edwin S. Vicars, Cashier, J. O. Gillham, Asst. Cashier, B. D. Robison, Asst Cashier, F. A. Peek, Asst. Cashier, E. Bass Clay, Asst. Cashier BUS TRAVEL IS BEST NORTH, EAST, SOUTH OB WEST Modern, Convenient, Comfortable Coaches I FARES ARE LOWEST IN HISTORY! 1. Liberal Stop-Overs Allowed. I. Seductions on All Bound Trip Ticket*. I. Vast and Close Connections. «. Safe and Competent Driven. LET US HELP PLAN YOUR TRIP OR VACATION NOW, Agent* Will Gladly Furnish Detail Information PAMPA BUS TERMINAL 115 South Ru»»ell St. Pbon. 871

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