Casper Daily Tribune Newspaper, February 17, 1924, Page 8

’ | Oil Pr, S:Depression Exerted by and : Finance “STOCKS RALLY IN SATURDAY SESSION Developments in Oil a> Hearing at Washington Lifted When _Me Ten-Day Recess Is Ordered. One NEW YORK, Feb. 16.—Adjourn- Onement for ten days of the oil lease Six hearing at Washington, said in ‘gome quarters to have undermined PBL public confidence tn the stock mar- ket, today was marked by a large One Volume of supporting orders and One substantial recovery from Friday's Sia sharp collapse of market leaders. Threphe advance was given tmpetus by short covering and was also encour- aged by an optimistic trend in the tion Weekly mercantile reviews. Some ~— proceeded on the theory that the Imarket had been strengthened by If yesterday's weakness. full " Leading the recovery were Hous- Of] and Chandler Motors, each of which added four points, while three-point gains were recorded in 2 American Can, General National Lead, Corn Prod- yg ucts and Rock Island. Sales for the session amounted to about 700,000 shares and the closing was had strong with general improvement Dy o’ck ture recorded throughout the list. and hay the war alle pos rec gro law uk the | BABSON PARK, Fia., Feb. 16.— tee: “The East Central section is more active and fs distinctly In a better = position business-wise than either wh SCC son, statistician. New England or the North Atlantic group,” according to Roger W. Bab- The third section’ fec of his detailed report on business ure conditions In the United States and shs Canada, issued today, gives his b findings in the six states compris- ing , 298 this group. or. _ “Michigan ts leading,” says Mr. Babson, “with a gain of 25 per cent as compared with business a year Plo Ggo. Kentucky comes second in TeB the group showing a gain of 17 per cer cent; Indiana follows with a gain am of 16 per cent; Ohio also shows a 1 lar ain of 16 per cent while Wisconsin cit, figures 11 per cent better than last for year. Illinois is running an even 10 per cent ahead of the figures of Vit _ twelve months ago. This section as abt a whole shows an increase of 13 per J cent over last year. of “The fact that Michigan {fs lead- sec ing in this iss eri section, with Illinois 1 (trailing may possibly be due to the fect that Michigan manufactures the greatest number of automobles and Illinois purchases the greatest num- fal ber of new cars. Today Mlinois has bri the cars and mé © mone: Michigan has the It is too early to decide f{ which is the better off, this will de iny Pend. of course, upon the use to re Be} which cars and money is put. Con- servative bankers in the meantime are favoring Ilinols because of its ne, diversified sources of income. fet “Twenty-five years ago this sec- tal "tion was almost entirely agricul- if “tural. But since that time I have wi «,been more and more impressed on wk | each visit with the increasing di- fo; . versity of interest and the changes to _ that have taken place in the sources of purchasing power, Today we PF © find income derived from the follow- sp ing sources: “Tilinois, manufactures 61 per cent, crops 27 per cent, mineral pro- ducts 7 per cent, live stock products 5 per cent. “Indiana, manufactures 52 per g cent; crops 35 per cent, mineral pro- Ce gucts 6 per cent, live stock products 7 per cent. fa “Ohio, manufactures 69 per cent, bi crops 19 per cent, mineral products 3 @ per cent, ive stock products 5 oD per cent. er “Kentucky, manufactures 24 per ent, crops 52 per cent, mineral pro- dr © ducts 16 per cent, live stock pro- ed 8 per cent. ad consin, manufactures 52 per a rops $2 per cent, mineral pro- Mucts 1 per cent, live stock products th 15 per cent. of 4 fichigan, manufactures °71 per th cent, crops 18 per cent, mineral pro- 4 Mi d “¢ ducts 6 per cent, live stock products 5B per cent. “These statistics show that 55 per cent of the income of these elx states is industrial rather than agri- cultural. The crops of course are still important and interesting to compare returns on scource of income with lest year for instance, shows a gain of 16 per cent in 1923-1924 crops over 3922-1923. Illinois, shows an in- crease of 11 per cent in return; Qhio, 15 per cent gain; Kentucky, 5 per cent gain; Michigan 13 per cent gain; Kentucky, 56 per cent gain; Michigan 13 per cent gain; and Wis. consin a 3 per cent gain. “Wisconsin, however, is doing ex- cceedingly well with its dairy inter- ests. During the downward swing of business which began in 1920, c most spectacular fe lative strength ative good even when sales were at their worst in other agricultural ter- ritories. The resistance which the dairying regions shows to business pression 14 worth bearing {n mind. altho it may be dangerous to go en- ely on precedent. It is probable business men who find regions an farming unfavorable Lander ~.. ‘The week's trading was featured by favorable trade news. The volume of freight traffic was un- usual for this season of the year, unfilled orders of the United States Steel corporation reflected a sub- stantial gain, and a $150,000,000 Japanese loan was subscribed with assurance that most of the money would be spent in this country. Bearish attacks which reached their climax on Friday were direct- ed first against the oil shares, which receded in price in the face of crude oll price advances. Profit taking and unloading on strength manifested in copper shares pre- vented thelr being maintained at higher levels. In the motor stock market only & weak response greeted the an- nouncement ‘that January produc- tion was 40 per. cent higher than a showed wide result of pool “specialties fluctuations, the operations. STATES IN THE EAST #¢ CENTRAL REGION ARE AMONG MOST ACTIVE market may do relatively well by concentrating their sales efforts in the dairying localities of Wisconsin, Ohio, Ilinols and Michigan. “In all of these East Central states, with the exception of In- diana and Ohio, I find a distinct de- crease in failures, running from a 40 per cent decline in Kentucky to around a 60 per cent decrease in Illinois, Michigan and Wisconsin. Further, a diversified interest rep- resented in this sectfon promises to keep it in fair shape regardless of what may happen to other sections of the countr, If business, for in- stance, slackens in certain manu- facturing centers during 1924 it should pick up in the agricultural regions. What will be lost in one field for these states wil] be gained in another. In addition I feel that the manufacturing interests of the central west are in @ stronger pos!- tion than those of the east because they are ‘protected’ both from fore ign and home competition by high freight rates, “When in Washington recently I spent considerable time studying the prospects for railroad legisla tion by the present congress, I am convinced of two things in this con nection: First, that the Esch-Cum- mings Act will not be repealed as the railroads need more rather than less credit at the present time. In the ‘second place, freight rates on farm products are too high com pared with manufactured goods and some readjustment will be made. With the farmers getting only pre- war prices for thelr products and being obliged to pay about 70 per cent higher freight rates, it is fairly certain that an adjustment {s due and that freight rates on farm pro- ducts will probably be lowered while the freight rates on manufactured goods will be slightly increased as far as this section of the country is conaerned. Such a readjustment should help the business interests of these states in two ways. First, by saving the farmers a part of the money that would otherwise go out of the East Central states in form of higher freight rates. Secondly by giving the manufacturers of this section even more protection than they now enjoy in the form of high freight rates on manufactured goods which effectively handicaps outside competition. Such a change in rail road tariffs will do much to build up the industrial centers of the middle west, the Mississippi! aVlleyy, and the Pacific Coast.” Mr. Babson also noted the fact that the six states comprising this East Central section contains ‘the three economic centers of the United States. “The center of population,” he “is today located in south- Indiana, the center of manufactures {s lovated !n western Ohio, while the center of agricul ture will fall in the southern parts of Miinols. “With general business in the United States running at about 1 per cent below normal as indicated by the index figure of the Babson- chart, the six states comprising this East Central section certainly en joy an unusual advantag CRUDE MARKET Cat Creek . Lance Creek rasa Creek, chlight Greybull Elk Basin —. Rock Creek Balt Creek Big Muddy Mule Creek Sunburst -_. Hamilton “Dome Ferris — Byron . - Notches = 68 Pilot Butte - 120 = 310 Bonds :: (By Wilson, Cranmer & Company.) Allied Chemical & Dye American Can American Car American International American Locomotive -_--.. American American American American. Tobacco American Woolen Anaconda Copper Atchison ne Atl. Gulf and West Indi Baldwin Loqomotive Ba'timore and Oho Bethlehem Steel __ California Petrdleum Canadian Pacific .— Central Leather - Cerro de Pasco Copper Chandler Motors ~... Chesapeake and Ohio - 52% Chicago, Mil. & St. Paul pfd 15% Chicago, R. I. and Pac. -. Chile Copper Chino Copper Consolidated Gas Corn Products Qosden Ol! Crucble Steel _ Cuba Cane Sugar pfd. Famous Players Lask: meral Arphalt — eneral Electric — General Motors ~ Great Northern pf. f States Steel -— Inspiration Copper — Int. Mer. Mar’ne pfd ~. International Paper Kelly Springfield Tire Kennecott Copper -.--— 38 Lima Locomotive 66 Mack Truck ~ 86% Mariand Of 39% Maxwel! Mators 50% Middle States Oil New York Central Pacific Oil -—- Pan American Petroleum Producers and Refiners - Pupre Ol - Reatling - Republic Iron and Steel -. Sears Roebuck Sinclair Gon Of! Southern Pac'fic — Southern Ral'way Standard Oil of N. J Studebaker Corporation ‘Texas Co. dis Totmeco Products A Transcontinental Oil Union Pacific -... Ty, 8. Ind. Alcohol Tinited States Rubber Tinited States Steel - Titah Copper Westinghouse FE! Willys Overland Tutte and Superior -. rado Fuel and Inon National Lead Bid Ask Cement. has bought 75 per cent of the stock Beseemer - -. - 25 21+ HARRISBURG, Feb. 16. of the Denver Dry Goods company Big Indian — - i 13° | state department of highways has | for approximately $5,000,000, will Boston’ Wyeming - ~--1.00 1.12 received a suggestion that cement | take over control April 1, Buck Creek - 20 23 ised in constructing state highways Burke — ~ - 26 .28 | 5 hereafter colored with henna or Black Stone Salt Creek .30 82 sreen, to relieve eyes of motorists}. PORTLAND, Feb. 16—A new Chappell . - 24 from the glare. high market for livestock prices Columbine 10 tentral Pipe I Qonsolidated Royalty. Cow Gulch .. Domino ~ 10 Elkhorn ~ 05 E. T. Williams 51 Fargo -. 15 Frantz - 4 vent. Tin plate operations are ai| dition in Texas is estimated at 90 Gates - 12 | ull capacity with prices unchanged, | per cent of normal, or six points Jupiter - $1 | while the market for rails continues | higher than at this time last year, Kinney Coastal 48. | quiet. Stock entered the winter in fair Lance Creek Royalty ~ te Sere condition and have held their own Maes Or Beans. with less feeding than usual. Sheep vine rd Gaz = ia GALAX, Va., Feb. 16.—The bird} condition is placed at 96 per cent New York Oil --.----10.00 12,50 Picard: Royalty Sunset . -_--.-.--. 01% .02 Tom Bell Royalty ---.- 02.03 Western Exploration. 3.70 3.80 Wyo. Kans ...----.— .75 .80 Western States ---. 18 19 Zo OW) (ese ee ee NEW YORK CURB CLOSING Bid Ask Mountain Procucers — Glenrock Ol} Anglo -- Buckeye Continental Cumberland Galena ~. Illinois Indiana Nat. ‘Tran N. ¥. Tran Nor. Pipe Ohio Oil -~.. Prairie Oil Prairie Pipe Solar Ref. Sou. Pipe — s. s S Help for Baby a SCOTTS ° ja. EMULSION la a Builds y#s > Strong Bones Surveying and Locations Geologists, Ol Kxperts, O11 Field Maps, Blue Prints WYOMING MAP AND BLUE PRINT CO. ¥. 0. Box 325 Room 10, Daly Bldg. Stocks : Grain EWS AND QUOTATIONS BY LEASED WIRE day After Losing Ground During Week in Sympathy With Stock Market. pathy with the upturn in stock | year ago. market values at New York with predictions of a cold wave also | vision prices follow: interpreted as a bullish factor, and Open High Low Close the closing was strong with May | WHEAT: wheat at $1.10%, and. July at} May -__ 1.09% 1.10% 1.09% 1.10% $1.10%, while May corn closed at | July - 1.09% 1.10% 1.09 80 cents. - The wheat market was adversely affected during the week by sudden 79% 80% .79% 80 breaks in the New York stock mar- 80.80% ket, much of the selling of eastern 80% 805% houses being of a liquidating char- acter, Trade news likewise proved AT 48 disappointing throughout most of A5% 45% the weel, no marked improvement 42% 43% greeting the proposal to raise wheat tariff rates, while the effect of meas. ures taken to insure financial aid for the northwest was also dis- counted on the ground that prices 9.72 9.6 already reflected these advantages. | July 00 10.00 9) The decline in corn was charged | BELLIE: principally to enlarged receipts and | May the same condition prevailed in the’ July Trade News in Commodity _’ Markets of Country Hardware. season. One local merchant has PHILADELPHIA, Feb. 16.—The| shipped 65 carloads thus far, the National Retail Hardware associa-| produce going to every state in the tion is making strenuous efforts to | union. : simplify style of implenients car- cied_by member dealers, according Oil. to Herbert P. Sheets. He said it KANSAS CITY, Feb. 16.—Nego. was not uncommon to find as many |tiations by which the Mutual Oil as 6,500 styles of axes in stock or/company, producer and_ refiner, pictured in catalogues and he knew | takes over the Continental Of] com- of one dealer who had 22,000 styles. pany of Denver, a marketing con- —_— cern, havo been completed. The Flax. combined company, with a capital ST. PAUL, Feb, 16.—Estimates| of $30,000,000 will operate more compiled Friday indicate the flax|than a thousand tank and service acreage of the northwest will in-| stations in the middlewest and crease 1,000,000 acres this year and} Rocky Mountain regions. »ring from ten to twenty million jollars addition to’ farmers, The nerease will be largely in North Dakota and Montana. 11.30 11.20 11.30 11.50 11.40 11.50 aa Dry Goods. DENVER, Feb. 16.—The Scruggs Vandervoort and Barney Dry Goods company of St. Louis, which STRONG IN CHICAGO |222s2iee ace Sharp Uptum Recofded in Short Session Satur-| a:tsrnocn was by the Utah Of! Refining company of Salt Lake City, with the Cretaceous Oil company, where- by the former company, which is a Midwest some 900 acres of leases and sev- eral wells in the Big Piney field. Announcement of this transaction CHICAGO, Feb. 16.—Grain prices ]oats market. Primary receipts of was made Friday afternoon by developed strength in today’s short | corn were reported as being larger | Judge Robert R. Rose, who is presi- session of the exchange in sym-|than for corresponding periods a} dent of the Cretaceous. For sev- eral months the deal was pending. Today's range of grain and pro-|‘The Utah has agreed to begin drill- ing within 30 days’ time and is moving rig material to “Hae ik th 2205 INCOME TAX RETURNS SHOULG BE MADE EVEN IF GUTS ARE ORDERED The relation that the 25 per cent reduction, through the Mellon tax bill now in congress will have-on income taxes for 1923 the measure is passed, has been a source of considerable speculation to taxpayers throughout the state. Cc. H. Relmerth, certified public accountant, has submitted the fol- ‘owing opinion on the matter, “In response to quiries during the past few weeks concerning the income tax returns for the year of 1923 and what pos- sible action congress might take in regard to reducing the taxes for the year of 1923 I have been in con- stant communication with tax au thorities in Washington and with Livestock : GRAIN CLOSING IS. j= ibsidiary, takes over proposed Winter and from present indications there is an excellent chance for a general reduction of 256 per cent on all individual income tax returns but under the present plan which is now a part of the bill being ar- sued on the floor of congress, there will be no change whatsoever for corporations and any such corpor- ation would be safe now in prepar- ing thelr return and paying the usual quarter of the tax as the in- itial Installment the ‘Dill .carrying the reduction for individuals, before March15th are problematical and it is advised that these returns be prepared now and a* quarter of the entire tax be re-|the contractor who last year built mitted with the return and. then should the bi'l be passed, the tax- payer could deduct 25 per cent of his total tax elther in the succeed. ing installments or pay his tax up in full when the bill becomes a law. Passenge: pa Fee CHEYENNE, Wyo., Feb. 16. — Four applications for certificates of convenience and necessity authoriz- ing the operation of passenger and freight carrying motor bus Ines have been filed with the Wyoming Public Service commission. Robert J. Beal and M. H. Pappas ‘seek authorization to transport pas- | @Sh- sengers between Thermopolis and the state hot springs reserve on the outskirts of Thermopolis. Real seeks, in aftlition, authorization to carry passengerq and freight be- tween Thermppolis and the Grass A hearing on the li be held at Ther- Creek oll field. applications mopolis March tL Woc authorization Johnson French of Laramie seeks to carry passengers and freight between Laramie and Centennial, in competition with the Colorado, Wyoming and railway. A hearing an this applica- tion will be held at Cheyenne, Feb- numerous in-| Fuary 20. L. W. Harvey of Sheridan seeks authorization to carry passengers and freight between Buffalo and Salt Creek. A hearing on his appli- cation will be held at Sheridan on March 1. CHANGES HAND Purchase of a benutiful home at Twelfth and Durbin streets was made Saturday by A. J. Gerry from J. A. Johnson through John G. The chances of| Jones of the Harry Free agency. Mr Gerry is the owner of a large fleet of trucks and is well known among Casper oil men, while Mr. is equally prominent as the Ubrary at Wyoming university and who {ts now constructing the new gymnasium there. The Gerry residence is one of the best constructed homes in Cas- per. It is built of red brick on the Eastern | Hamilton and breakfast nook. are oak, and every room except the heating plant. tached to the house. oS — GANG INTERESTS We have a smal! block of Per will sell to the best bidder. Make us an offer. This must be turned into — has been touched this week In the Steel. stockyards here when steers sold PITTSBURGH, Feb. 16.—Demand | for $9.25 a hundred. Contracts for semifinished steel is stronger] have been made-in central Oregon and prices are firm. Nuts and bolts| for March delivery up to $8.50, have been advanced 5 per cent.| which means better than $9 hero. Makers of wire products report operations at approximately 75 per HOUSTON, Feb. 16.—Cattle con- eye bean is in great demand this] and goats at 95. Market Gossip and Briefs On Operations in Oil Fields Hundred Platinum Claims. near their properties, and which it Every likely spot in Middle Fork] is said will be under construction canyon, the little canyon west of]as soon as the frost is out of the Centennial ridge, where Jacob| ground: This expense wil] be borne Schr itzler discovered platinum ore | jointly by the United States Mica last fall, has been: located by a|company of Laramie and the Inde- small army comprising a woman] pendent Mica company, the latter school teacher, cowboys, veteran | concern being coraposed of Denver, prospectors, business and profes-| Rawlins and Saratoga men. sional men. Claims to the number The Independent company has of 125 have ‘been recorded at the] already disposed of several hundred county clerk’s office in Albany | carloads of the mica, to be delivered, county. and they expect to start shipping Semmens as soon as the cars can be handled Ohio Oil Dividend. on the loading track. They are FINDLAY, Ohio, Feb. 16.—Direc- } now Prospecting on thelr property tors of the Ohio Oil company today |'to determine the depth of the do declared a quarterly dividend of 25 | posit, which apparently is an almost cents a share payable March 31 to | inexhaustible supply. The Laramie stockholders of record February 25.] company, it is reported, is also plan- —_—— ning many improvements on its Siding to Mines. holdings and expecting to ship out SARATOGA, Wyo.—A construc-| large quantities of the mica the tion engineer of the Union Pacific | coming season. system has been in Saratoga a few days conferring with local parties Wyland Syndicate Resumes. who are interested in the mica de After having been shut down for posits in the Baggott Rocks section,|the past several months, the with reference to a proposed siding | Wyland syndicate has again started which the companies desire to build | drilling its test of the Arminto “Seeking New Business on Past Record’! C. H. REIMERTH ertified Public Accountant INCOME TAX SERVICE 401 O-S Building. Phone 767 M. J, Burke, Pres. dome, _ All Markets 2222 FUR PERMITS FORBUSLINES (===: NOW ON FILE r and Freight kitchen, is. sintshea Business S. F. Eshelman who started the drilling of the big Texas company, is president of the above cpmpany. After he felt sure of production from this well he join- ed forces with parties who had leases on nearby acreage and also with owners of acreage in other domes of that field as well as the owners of government permit on 1,800 acres in the Salt Creek terri- tory of Wyoming. This acreage near Salt Creck- Pagoda, Beaver Creek and other domes of the Craig, Colorado, territory was put Into the Hamilton Salt Creek Oil corpora- tion capitalized for $600,000, 6,000 shares par $100 each. We understand practica’ly none of this company's stock has, been offered for sale. Mr. Eshelman has been negotiating with big compan- fes who plan on developing the company’s lands on a percentage basis, at the same time paying this company @ big cash bonus for same. The stock we offer is not the com- pany’s treasury stock, but stock siven for leases when the company was first Incorporated—hence your opportunity to purchase same. Title is O. K., and we guarantee proper transfer as purchaser may wish. We believe this company has a wonderful future. Send in your bid for any amount from one to forty shares (Par Value $100). Sabin & McGlashan, Attorneys Boston Building, Denver, Colo. Halls to Rent For All Occasions Union Labor Hall 820 North Wolcott Phone 400-W Finance Connects the Links Success — to the rancher, tradesman, business man, craftsman, professional out finance these men would be like a rious sea without a rudder. How often do we find the ma tle things, and simply becausi thoughts with that of finance. Upon the banker depends the circulation of the wheels of industry. We render many financial services—acquaint yourself with them. man, means finance. n with big ideas doing lit- e he cannot connect his CITIZENS NATIONAL BANK Consolidated Royalty Building, Casper, Wyo. J. R. Schlueter, Cashier W. J. Lindsay Fred W. Cottman Resources Over $1,300,000.00 OFFICERS AND DIRECTORS . H. Horstman, Vice Pres. DIRECTORS Patrick Burke C. V, Norris, Vice Pres. Karl K. Barnard, Asst. Cashier Dr. T. A. Dean Wm. Cronin well With sail boat on a-fu-