Casper Daily Tribune Newspaper, December 30, 1923, Page 14

Oil :: Finance z Stocks : Grain = Livestock : OIL INDUSTRY OUTLOOK BRIGHT AS NEW YEAR DAWNS: CURB EXCHANGE PUT [new vor stocks paar, | Pipe Eee ee See ee SECURITY MARKET | IN ORDER THIS YEAR | sveecereemmn| Promise of Active Year Ray mae a see cel FACTORS REVIEWED STOCKS—LAST NEW YORK saun ply figures exceed those of the pres- 1 _ 69% Asaicha Cin ois = 10435 ent date and this was when Canad!- * American Car & Foundry —-_ 16% The oil industry has had a disquieting year but the | * wheat was admitted free of duty Factors Fi in Price itt ‘ a ; 1924 roe at fee Good Siaciien \Looamaetber ee: AON ieinieaiate Fitics holds eeeacecen ent for a change for | *21, ‘he statement contained = large Many sent Fluctuations of ssues in lourishing ondition as American Smelting and Refg- ¢'s/the better and the tremendous increase in consumption : American T. and T. --------- 125 |is a factor which cannot but be reassuring. Result of Housecleaning. American Tobacco“ Oil operations should continue to be the great factor | *t the 30° duty because our prices) = Aanaconda Copper ~--------- in Casper's Prosperity saring the coming year, hoth | by | country. oan " Baldwin Locomotive --.-.-.. reason of resumption drilling ‘3 im from aroun , A the low of BY WILLIAM F. HEFFERNAN. [ws, for those desirous of dealing in Saltieers ‘and Ohio... Balt Creck'on ai extensive Selle asi 760,000 barrels. tae esther Pu AR sine thee wasn ite ee iquetls (Copyright 1923 by the Casper Dai!y|this manner. Bethlehem Steel -------—. the fact that crude oll prices are] No sooner was the peak of Califor-| pared by the eminent internat‘onal pied 4 bprarection 74 Tribune) Standard Oi] companies are en| California Petroleum -~— again on the upgrade, which means| nia production , however, than| statistician, reper dof pets Canadian Pacific ~ Foremost among the accomplish-|instancé of the class af corporations|Gentral Leather —~ ments of the New York Curb Mar-| whose securities are listed on this|Cerro de Pasco Copper ket Curing the year 1923 has been| exchange. Thé curb has always been Chandiee Motocs — the genera! “house-cleaning”. known as the hame market of the| Chicago, Mil and St. P: The Board of Governors of the| Standards Oils. Despite the trans- eal Curb Market association has string-|fer of several of these issues to the| Gonsolidated Gas ently enforced the laws governing |New York-Stock Exchange, the ma-|Corn Products ----. dealings in securities on this ex-| jority remain and are dealt in ac esis ig ly ee change and has worked tirelessly to|t!vely from day to day. Cuba Can Stgar pra. a aan There has been no limit to the| Pam ce anavers Lasky 2 rid the organization of undesirables speculative and investment opportu-|Generat Asphalt who were privileged through mem: | nities afforded ‘those who were de-| General tric bership or associate membership, to|sirious of trading in curb securit-|General Motcrs - trade on the New York Curb Mar-|ies during the last year. Price fluct-|Great Northern pi ket . uations have been wide and as the Gale, Beate (Sress 3 3 \erous | Inspiration opper . Let it not be forgotten however,|year draws to a slope eager) PEE TIS Hicie roae that it is not the Curb Market alone|stocks are substantially abgve what | Tnreriationsl Harvestes that has been troubled with these|they were selling at the cutset. International Paper undesirables, commonly known as| Influences governing the oUltnvincible Oll ~~. bucket shop operators. Other promi-| trade situation have been an import-| Kelly Springfield Tire nent exchanges have been compell-|ant factor in the movement of Curb| Kennecott Copper R. Broomhall. the security mark 923° may larger dividends and earnings. Wild-|the total output was raised by the| ysr, Broomhall shows that the im: be Pind, shred shad Dur- = catting will also be encouraged. It] expanding flow from the Powell field port needs of Europe are 560,000,000 ing the first three months of the is estimated that 600 wells will be|in Texas which showed increases] bushels and non-Burope, 128,000,000 y 1 drilled in Salt Creek alone during| from 262,000 barrels in September to| pUsPels 2 A year (Spore wae) 's continuation of of the smal'er and bushels, a total of 688,000,000. These| the rise which had marked the clos-| weaker o!1 producers: the year, exclusive of Teapot, and) around 420,000. The reduction in| needs cover a period from August 1,| ing monthe of 1922, The high ‘evel| of the yeas, lneutér 5 he ete installations of pumping equipment} California output of 100,000 barre’s| 1993 to July 31, 1924.. For the same] was reached in March. In the|has been falling off ‘and the cri in Salt Creek will also require much|a day therefore has beer. met by an period United States has a surplus|closing days of that month and all| appears to have passed. Oil stock: abor. Refinery operations probably}increase in the Powell field of for export of 176,000,000 bushels,|through April a large and general| have begun to regain favor ard as. will approximate capacity and the| around 155,000 barrels. As the year|Canaiia, 360,000,000 bushels, Argen-| decline set in which interrupted by|{s generally the case the stronger operations of the new plant of the|closed however, the peak of Powell| tina 200,000,000 bushels, moderate rallies continued all thru|companies appear to be better in. White Eagle Refining company will/ field production also appeared to] 45,000,000 bushels, India, 43.000,000|the summer and fall until the last| trenched than ever. dhe industry here a substantial| have passed. bushels, Russia 22,000.000 bushels! day of October, when there was] Even more remarkab'e than the ost. National datly output, in spite of ther countries, 32,000,000 bush- | a sudd \ | a j early ‘uit Sear eae ee gittmpts “at euviaterentiia running and othe: 5 len and spectacu’ar turn-| attention pald to the factors already in production in the Mexican fields | above 000 barrels and there| Saino Ue Ot Susman nee thevraversat Pip saos ergy the fone es heehee § the ae v1 y m accor: o situation e but w im: will counterbalanced by the territe fas | barrels’ of erase ail ie. tock, wiven| President Coolldge reaitzes the dec ol pocpbeazion: ot: dn eetsee antl rate ose cakes for production of the Huntington Beach,| 1924 comes in, Moreove! Ide fist youssage to Cotigrans ractel | tooddaan tix loptssacn, atoeks ceesoie:| chetees Maat aa Long Beach and Santa Fe Springs|dustry at the moment {a in’a period Mz first message to Congress recomi.| fend 9®. tts comm: wetedl, Favnabts | oat etenne there been any tmnport. felds of California. New wells| vt seasonable inactivity of consump-| mended the financing of exports to| Danke by an unexpectedly favorable ve ection .of condi. Were started as fast as drillers could|t'cn. Even in September. normally | Urepe by the War Finance corpora. | caoningn a Perens lions in Europe. American work. The peak of this output was|an active consumption raonih, pro-| on in order to dispose of our sur- haar cegitt salferee ieee ae Tat ben cna erane apeSE moves with reached in mid August when the|Juction outran consumption by nine} Plus. He also suggested to the farm.| has of the 9 Ravn vatiroad , 4 bog 4s “yee oe eset. ed to expel members who failed to| stocks in that this group represents ae Toouacdys - daily average flow was 872,000 bar-|and a half billion barrel: er that he diversify crops and re- perypeto =, Se sare Asi s rs “t ai most conspicuous fea. conduct their business according to} practically 33 per cent of the class errr TS rel: Efforts to curtail production! Price cut has followed price cut| “ce his area and promote co-operm Gaattiate ton mnrerg A sist ae ate bs year’s. trading in bonds required rules and regulations. As|of stocks traded tn on this exchange. | Marlant Cul ——- err were unavailing for leasers and|in both crude off and gasoline but| “Ve marketing. lattactatvaltomact Sey: iD. v4 brook lemand from abroad, prin- Se emaiiar, CF fact iy shwe uae | OO Dora len ase ne (tae ed Aas ROC owner forced the possibility of ojl|it has proven almost impossib'e to| The corn farmer has been riding based not |cipa'ly from Holland, for railroad with direct membership on the cur! avo been e ef simply on the improved financial| mortgages the c” New York Centra} -. 4 being drained from below their prop-| restrict production in the la on the wave of prosperity the past . of | which have been campelled to close thelr|prob!em of overproduction. This has| Northern Pacific -2..-2_2.. erty 18) thay, Gia wee te. Rar eto] datas. ress) oot sae arr Wa wey ky oettlon of the carriers for that had|could not be questioned, A good doors in the last year. resulted in numerous price cuts|Pacific Oil --.-.---.--. > wel's and tap the immense subter.| Factors which worked to depress be ari as well os unheard | 02en © ent for months but rather|deal of this buying {s to The, regular quota. { jlmited to} throughont:, the: jeer -end. has] Pen “Ametiqas Weteoienn) B= ranean reservoirs. the Industry in 1923, however, are| of. No. 2 yellow corn sold as high| “PO confidence that the adminis-|have been for Gente <a ie 550 members who operate under a| brought about sharp declines in for-| Producers and Refiners .--.- , ms bal pracy iceecrrh diargt eadieorg eld Prat The peak of the California produc-| rapidly being ellminated and pros-|as $1.14 a bushel and at the time,|‘fation at Washington would insist|seemed as if German capital. ter. constitution which provides max: elgn Re: Z pare ase eptember | pects are mmediati ice was greater was be.| "Pon fatr treatment for rai'roads|rorized by the collapse of the ma. tion ap} ntly passed in September | pects bright for the it o | this pri greater than was .of ie ats - mum safeguerds for the investing|stocks. The peak of domestic pro- Republic we for since that time dally production|future, especially in Wyoming. ing paid for wheat. ‘The farmer; |%?4 that threats of radical action|and t!morous even of the stability — public. In addtiion to the regular|@uction was reached during the eee ©|Searn Roebuck members there are some hundreds} week ended September Sth namely Sinc'air Con © of associate members. This latter 0,700 barrels daily, But this sit-| Southern Railway quota is composed largely of New|uation gradually began to right it-|Standard Oil oc N J in congress would never get beyond solved their own difficulties by con the stage of talk. This in brief 1s oe ied: sterling -was taking _ rs refuge in obligations payable in do!- suming most of the corn they: had} is summary of a year of unusual|lars and that return on the invest. ba. 1 scon en ur bs T ain “ 100) is ( : ( ; pd and marketing it on the hoof. | f ; t t interest. ment was of no importance com- York stock exchange members who|self and es the year closes, the de-| Studebaker Corporation The outlook for 1924 not so en. The reasons assigned for the spec-| pared with the intense desire f 3 couraging. In consuming the 1922 a transact an immense business in the|mand and supply in this industry | Texas Co, —--—-----ccawocsan . 3 e crop the farmer produced an over-| arg Varied hey echo ua Seer | Absolute safety. Repeated’y dur. Curb Market stocks, Tho damand/has drawn more into line. Transcontinental Ol! supply of I've stock and as a result di vanc-| Ing the year there would be an in- _ for membership in the organization] This has been reflected in the|7! ra urin: ear; 12 U. 8. Ind. Alcohol — the price of cattle, hogs’ and sheep ng labor costs which it was argued| flux of buying orders of this kind Operators Marking Time % facturers could not on to| which kept the hi; is greater than at any previous time.|turn for the better during the last|triiteq States Rubbe manut pass 0 pt the high grade savings The sale of the last ten seats on the|three months of the year, and the|tnited States Steel —-. Ae pope te) Pisedl re lao 4 consumers in higher prices for fin-|bank railroad bonds selling on a Curb Exchange were purchased by|outlook for 1924 in all basic Mne]Utah Patkess a SS Joes fo Shed. Warmers: thaaatore ane cay soods and so must necessarily|4% to 4% per cent basis, Cer. men connected with stock exchange|of industry is brighter than at any| Westinghouse Electric becoming panicky and are market-| @2U't {8 smaller profit margins.| tainly there was no excuse in the d this is given as an ex-| tt during the it 12 montha. Willys Overland Predictions of a buyer's etrike sim-|mdney market. for the riges at cae 23 the f os Reeser who op: The New York Market really came| Butte and Superior ----. ing thelr stock and holding their DI a grain trade during the year 1923.|also has been a retarding factor. The| trade. Not only have the grain traders|tax and commission on wheat grumbled but the producer of wheat; amounts to 3-8¢ a bushe! and this is has been also loud in his complaints}a big handicap to the trader, espe- over prevailing conditions. Trade|cially when markets have been as in the speculative wheat market has| narrow as they have been this year. dwindled down to small volume. | The 1923 wheat crop as whole has The operation of the Capper-Tinch-| sold at slightly lower prices than that er regulations on organized grain of 1922. This can he attributed dustry and eight hours made the|break in these securities came in basis. This, it was held, could not|!ate January and early. February but affect adversely net income ir,|When the French first invaded the the steel trade. In the textile in.] Ruhr. French. bonds lined to dustry also much ado was made|the lowest prices on record and the over high labor costs but the chief} ™ld-Buropean issues went down in Struggle came the building trade | Sympathy. The subsequent rally end; for a time, construction was| carried quotations unm to the high halted and financial institutions. of the year in April but in the late which made a business of loaning sues dealt in as against those at the |itself on Monday, June 21, 1921. close of 1922, Listed stock 285) In summing up the progress of against ; unlisted stock 970|this organization during the year. against 858; bons 185 against 143./1922, attention was called to its rigid The listing committee declined tolexpanrion following immediately Rccept approximately 50 issues of the commencement of business in its | Grass Cre various companies due to their fail-/new quarters. At that time renewed or pd ure to meet the requirements set|enthusiasm-and confidence was born | Elk Basin down by this body. Included among |in people interested in the vast num: | Greybul lar to that of two years ago were|which these bonds Were sold. . 3 1 Colorado Fuel and Tron - gorn.. Some .are marketing both | freely made. .In- April the. steel| Nat park “Gors sting requirements are|ar its ‘place, of business, trom’ the) seuenel, Load BY GEORGE C. SCHNAOKEL, act with suspicion and has refused This reduetion tn farm consumption | corporation announced a. higher ceo aene roaabien tae aonare s will re in ressiv 3 now more exacting and this has re-/open market, at the corner of Broad (Copyright 1923 by the Casper | to be enticed Into making trades. Ot oth kad“ probtene of dianebiae, wage scale for its employees. have responded smore directly to sulted in an influx of the highest}and Exchange gory ae poeeni Tribune). |. The war tax {mposed on all trades} the same will tax the’ ingenuity of ee pa in re ‘dee he reer uety begat in aman Cane on™ on grade srcurities. The following !s|{cent quarters at 78 Trinity Place, Crude Market Discontent has been rife in the|in grain in the speculative markets cer 1 the grat was- abot in. the “steal in| the other side. he. sharpest a comparison of the number of is-4 New York City, where it established Ri ne oe producer as well as the in | Oats prices have been a little bet- ter at the end of the-year than in 1922. The farmer, impressed wit? Ils success in feeding corn experi- inented with oats, sybstituting this srain for corn in order to market the high priced grain and consumed the cheap feed. This resulted in a fall when it appeared that there was trial and oil stocks. on the Curb Market. These investors = 3 t ibe f if s ‘rom the market. and Great Britain, come a second ‘The nominal listing fee at theland ‘speculators were given, the| Sis Muddy — fact that the trate, is cornpalind to whieh Raton eat farmer pee realize a the moment. However, the] “ooo sng to the matter of wages at|2°P but not nearly as Beyere as In present time, amounts to $200 but it|rame privileges enjoyed by traders |Muie Creek make reports of the amount of open|ed leas wheat than the year before| continued light receipts with almost Sunburst the first instance, trades whenever the supervisor of) his acreage was much over a pre-war As the year closes market prices r grain exchanges calls upon them tojlevel. His yield per acre, however, {= learned on good authority that/in stocks and bonds listed on the the charge for admission of stocks|New York Stock Exchange. The in- adverse factor speculators put great half of the cro; ear gone {, PY 5 2 eee emphasis on the prevailing low ing speculators to awaken to the pos ; for these foreign ob'igatio ——————_— do so is the fly in the o!ntment to| was light, the big wheat belt in the] s‘bility of profits in this grain ana| Tice for agricultural products, ow oie Fae 500 |= i 1 | fa yi 5 tometime-after the first of the year {ts that of the latter exchange In at]. 1 England a tradition exists that|the big speculator. The success of southwest being hit by drought and| the interest on the beste ee | notably wheat, ealtoch partis geek pies tar WA Ghantidie otuné ‘shaliaks “to thas | the ateneeas meee customers so that| the ghost af Lady Jane Grey drives| his operations are based on the sec-|at harvest time by excessive rains.| broadening. Varlous schemes, including price! ytatments in fo ign Sequeitios. have { {the New York Stoak Exchanseltransactions are recorded within{round the grounds of Bradgato|recy of them and while the govern-|Spring wheat was a light crop that ——_——_—_. fixing, the taking over of the sur-| "according to the Ge Dele has been established and over 1i3\iess than a minute of the time of| House, in Leicestershire, each|ment stated that it would in no way| territory being hit hard by rust and| A school to teach women the|vlus by the government and Umlt-| concern en eget ey pepattment. of aa Arete Wiearea: Galler at Peale le sation. Christmas eve, in a phantom car-| interfere with the functioning of the| blight. This ordinarily Would have} trades of bricklaying, lathing and| ‘ng future production were pro- foreign gids io aaa esa hag parame te peal bs ys; ora pee rlage drawn by four spectral gray grain exchanges yet the big specula-|resulted in high prices but unfort-| plastering has been opened in New| posed. That the exclusive'y wheat ¥ Yeparted that the eraation f Rene ates sea peer ytd horses. tor has looked upon the regulatory unately for the {armer our northern’ York, farmer has had a bad year ts not fa pias Ries ore sie under serious consi¢eration. Such|large western and middlewestern —-jopen to argument, His misfortune an organization would be of great|cities has been consi¢ered. The idea benefit to traders interested in curb|has materialized in Pittsburgh and securities. Acceptance of .curbs|Chicago with satisfactory results, stocks as collatera! for loans would |and it wil! not be Jong before other fo a long way toward bringing | cities in this territory will have the about # regular marginal trading ba-! benefits of the Curb ticker. By STUART P. WEST. | expression of confidence in the ‘- (Copyright, 1923, by The Casper ture. It led the way to a reversal s Tribune.) in sentiment on the stock ex: fe = man: .| change, which, in the last few Cotton Movement Violent | .27%22882" 2-27 mn SSE eine ita cial review ought not to he to re-| Senerally in outside trade, A R It f Sh C state facts with which the public| Domestic Polities Big Factor. is alraedy familiar. It should be,| It seems fair to regard the Wall LAS esu O ort rop so it would seem, to examine what| street advance of the last two has happened during the past| months as something more than a twelve months with a view to the| recovery from prices that were un- BY GEORGE DEWITT MOULSON] was the anticipation of am Jtarge| light it may throw upon the future.|warrantably low. It has also been (Copyright 1 by Casper Tribune) } e and a good crop that mills Possibly the most distinguishing|® genuine expression of opinion In view of the dependence of| refused to buy freely, and began} thing about security markets ea) bees pea peemene faeptnsuesd Revie mankind on at least a certain} to consume stocks on hand pending| 1923 is that, over long periods, they | tions obtaining at the present time & amount of clothing, it is nét at alll the maturity and marketing of new| lost thelr traditional function whien | in most nes of business will cou- pie Say cite one ont vp Rereunrs, surprising that the present high|cotton from the growth of 1923,|1s to foreshadow and discount | tinue well into the new year. What | ‘mer. ah wie * ve reat “ The French franc has come down cost of cotton should have become! This cessation of buying halted the| changes in the business world. In| Will happen later will depend, prob-| to justify ich Sam! Be cc teeoe [eo DER. Of @8> canta: inthe | PPat ef he one of the most interesting and|rise in prices, and in about three|the excited rise of February and/ ably more than anything else, upon Sagas ad ct Wethay Pewsey spring of 1922, and 7.42 cents at i ae ie lon in the ofl indus- much discussed events of the day-| months a decline of § cents a pound| March Wall street was talking | domestic politics. It is traditional | ix months ago, and they inne the beginning of 1923, to where it | try another condition which in- More and more the past two years,| had occurred. about another inflation and busi-|in a presidential year that both| lied the prediction, made at that|has been quoted at a record low. = = = has beer. reflected more or less in vid js Ya uahieaae this writing, is reas nes OC, Sate porthereeterar Tella not open to debate that the ~ ‘There are two considerations to be! confidence ty ae aunts Has ttle co kept in mind, however. The first ' lence in foreign \securities. is that while the price of wheat is, Indeed low, it has displayed a re- markable resisting power in the face of the statistical position. The CASPER CAB Co other point which is vital in this * connection is the small proportion of the farming commodity which is PHO | E I3 2 dependent entirely upon wheat. There has been no depression ir corn and cotton has soared to sen- sational heights. Examination of| the sa'es statistics of the mail order houses for the year shows that the alleged loss of buying power in the agricultural section has been great- ly over estimated as a factor bear- ing upon the country’s economic Position. unparalleled raflway traffic with general outlook certainly has not consequent maximum gross earn-| been improved but on the whole has ings, grown more dubious than {t ap- This characteristic of the 1923|peored a year ago. The best e situation is likely to be carried over |dence of this is afforded by the into 1924, course of the exchanges, the pound Wheat Farmers Suffer, sterling is selling roughly 30 cents The two most important remain-|in the pound under what it was at ing aspects of the situation are|the start of last January. Partly agriculture and Europan affairs.|this has been due to the swing in The department of agriculture has|the trade balance more and more estimated the total value of the|#sainst Great Britain in the latter past year's cropps $880,000,000 in| half of the year. Partly, it has excess of the year before. Outside| been the result of large purchases of the wheat country, it has been,|/0f American securities “by British ELECTRIC SUPPLY & CONSTRUCTION CO. Wiring and Appliances Let Us Figure with You. 142 East Midwest Phone 483W ae time that the purchasing capacity| below 5 cents. This decline has the world is gradually awakened to] wort ‘ ness boom like 1919. From April| business and the markets maintain s the fact that a revolution ts going}, much larger Son sraae to the end of October with the ex-|@ Waiting attitude for ‘some ‘time ps Eos fas Baeoe darean a ue Bylaiten despite a steady. improve. on, one calling for a revision in| tgs o. : han ception of a brief revival, in mid.| Prior to the nominating conven- in rench foreign trade ideas as to the relative value of silk,| trom Viol aes Ao purchased summer, the financial community | tions and that unless the elections Upon Sener ay trade. The kestimony |and inereased activity in industry wool and cotton. The three com-| operations on the three large con.| Went to the opposite extreme, aban-|Tesults are reasonably well fors-|t© the contrary les in the unsur-/at home. In 1923 French exports modities are fast entering into @c-| tract exchanges were almost. en,| Ming itself to pessimism as extra-| Cast, they go very slow through the — belt abil dactinry platter ‘Reape per eri and imports 37 {ve competition with each other. | tireiy Ga tha ens Wadeitiaatitione natmmaen’ summer. ‘The discounting move- panies, nt over 1922. B The era of cheap cotton appears] However from the mae iB Wall Street Went Wrong. ments have really started until a] ™ain business is in ‘the farming| tr the nation’s credit were est! 2 h or 80 before the November | States and in the extraordinary | mated by the state ofits forel to be passing and until science dis-| April to late October, the cron fec-| The point {s that, in both in-+ Mone e of railway traffic during the y se closes somo method of exterminat-|ord is chapter after chaptes ce enn The poin' + in both in-| poning. volum: y s icommerce and domestic industry - £ stances, Wall street completely mis- autumn and early winter. 7 ing the destructive boll-weevil | in| vicissitudes as seldom, if ever, oc-|read conditions. A serious danger| Favorable Sign Predominate. ‘The unprofitable conditions in the | ocsh for the wal nay een te SALT CREEK BU: See ere Cra countries other than |cur in a single growing season. Jt| existed that the speculative move-| Outside of the presidential un-| wheat trade are purely an episode But = sti wore’ auportank ohn . SSES the United States expand their cul-lgeemed as though every known|ment on the stock exchange would | certainties there are few points that by themselves. They must be dealt portant (oon: 3 Busses a Day Each Wa tivation of the cotton plant, thefmenace Including drought and flood, | influence the calculations of buci-| are unfavorable in the general out-|qith first of all through a clearer | Sacration is the condition of. the P! y eee oe an eceduate Supply of| had been assembled in a final effort | ness men outside, getting them to| look. Under the wise direction of| understanding of the causes which | "tional debt whether it is Wkely to|| LEAVE CASPER—ARKEON. BUILDING| Leave Salt Creek B: Ti ress Rae ee eee eect Of to overwheim the grower and frus-| overstock with high priced goods | ihe federal reserve heads fears that| brought them about. For a long|S°¥ ot diminish, and whether or Called fer ty ts and Deli all {Wil grow steadl'y more Pper- trate his attempts to produce a good! during the excitement of the spring, | the great gold accumulation in this | time the farmer was,persuaded that Dee aie cet t Geseg deh plexing, — crop of cotton. and scaring them into a shutdown | Country would be a temptation to/the trouble lay in Europe's inability 4 i 2:30 p. m. Company Tel 144 The violent advance in values dur-| It was not until September that} by the display of persistent and] OVer speculation and inflation have to buy for her normal needs. In| Germany’s Financial Problem ing the summer of 1922 had carried|the world became aroused to the apparently unexplainabie weakness | been dispelled. reality if this has been a factor at both spots and futures steadily up- menacing nature of the situation| through the summer and early fal!.| The American credit system has/|all, it has been only a minor one. ward until cotton in the various] confronting the trade. As a matter of fact something of} never been more sound than it is ‘The essential points were, first that markets of the country sold above! The realization of a crop failuro|this sort did acMally happen. In| today. Legitwmate business hes |in view of the largely increased pro- | ment with the new renten markeun, 30 cents a pound in the spring of] pointea to but one outcome, namely,| certain basic lines of industry there | never been more assured‘of obtain-| duction in other countries, the] rency will fail, because no amount this year. The upward movement/_ supply and demand problem so] was overbuying early in the year|ing all the bank accommodation | American farmer planted altogether | of abridging the paper money unit had lifted the level to 31% cents on /eerious that al! adjectives known|and later on when Wall street | necded, and on moderate terms. too much wheat in the fall of 1922] will avail while a terrific budget se a hes aed exchause ue ae to the industry became weak and| prices were tumbling. a feeling of] At the same time the reserve|and the spring of 1923 and second, | deficit remains. Much is hoped ‘or middie of March. So preva‘en Still Unsolved. As the German financial position appears at the year end the experi- TRAIN SCHEDULES Chicago & Northwestaro Arti Departs colorless, excessive caution began to spread | board has given proof, as it did last | that on account of the disparity in| for the two investigating commis- ones pt enn SARC 2:35 p. 1m. When the September report from| in business circles. spring, that it proposes to shut | wage costs American wheat growers | sions which will go into Germany th Arrives Departs . 7 Washington was received, prices} | Happily the financial markets | down upon any excesses—any over-|can no longer compete in the for-| the middle of January. But sooner |[ No. 622 -----__-____a p, tme 5:00 p. m Surveying and Locations || ound 24 cents. In less than| righted themselves before much | buying and overborrowing—such as| eign market and make money. The] or later the solution of Germany's Geologists, Ol Hxperts, Oil Field J/three months they were 37 cents. harm was done. The turn came at | led up to the crisis of 1920-21. correctives le in a diversion of | financial problem would seem ta be Mape, Blue Prints The threatened shortage the bal-| the close of October with the declx- The buying capacity of labor has WYOMING MAP AND year is so acute that] ration of an extra dividend by the | been the chief sustaining force back 5 rket, like a tourniquet, is at-| United States Steel corporation. | of the general business volume. To Bieter Pea TCO: tempting to stop the flow of cotton] ‘This action by the largest American | it may be credited the record break- Room 10, Daly Bldg. into consuming channels by making} industrial organization was instant-| ing totals in the-retail distributive the price prohibitive. [iy interpreted as an authoritative | trade. To it may be: ascribed the wheat territory to other crops, adop- tion of the idea of producing for the home demand alone and some form along the lines which has worked Successful in Austria, namely the use of international credit to sta- Westbouna of co-operative marketing. bilize the monetary system on con: {$f No. 29 _ European Outlook ‘Worse. dition of international control of ihe || No 31 Turning to European affairs the | German budget.