Casper Daily Tribune Newspaper, April 16, 1924, Page 9

Casper Daily Cribune : Bonds Stocks Grain PAGE NINE.’ Everyman’s BY GEORGE T. HUGHES (Copyright, 1924, by Cvnsclidated Press Association) FIFTH ARTICLE An Oil Stock Rises 10 Points and Worries a Young Bond Salesman He was a bond salesman of five or six years experience in one of the oldest and best known bond houses; and he was a bit worried. About six weeks previously he had sold sey- eral bonds to a customer, who had disposed of stock of one of the Standard Ofl companies to buy the bonds. Meanwhile the stock had ‘ad. vanced about 10 points. ‘The bonds, as could be expected of a sound in- vestment, had not _ materially changed in price. How was he go- ing to explain to his customer, the salesman wanted to know. It was ‘a remarkable confession, from even @ young bond man. It explained, in a way, one of the most curious mistakes of intelligent peo- ple; that is the confusing of invest- ing and speculating. They are two entirely different things—almost dia- metrically opposed—yet if a pretty capable bond salesman overlooks that fundamental, ‘how can the pub- Mec be expected to know it? When a man puts money into anything he either invests, speculates, gambles or throws his money away. Obvious- ly there's a difference. “Your customer bought bonds be- cause he wanted an investment, didn’t he?" TI asked. “He had a good stock, but it fluctuated widely, He wanted some- thing steady, dependable, that he could sell at approximately the fig- ure he paid for it at any time, that he could cash in for its face value at maturity and that would give a definite return regularly.’’ “If the stock had gone down after he sold would you have had to explain?” ‘No, Investment “It was unfortunate perhaps that he sold it near the tag end of the oll slump. But he might have done worse, If your customer sold his stock and bought bonds as a specu- to dr it, you've got a lot to explain. lative investment, and you urged him But, {f, as I assume you did, a he sold him an investment, the 2 dent of his getting out of a specula- tion just before a rise is no argu- ment against investing and no ar- gument in favor of speculating. His experience easily might have been the other way round.” People lose a good deal of money because they do not realize that in- vesting and speculating are entirely different. A few days after my talk with the bond salesman, I read a news story of a 26-year-old army Ueutenant, tho son of a distinguished official, who had, it was said, cleaned up $700,000 or $800,000 trading in stocks. The news story filled three columns and throughout the first column the Heutenant's operations were constantly referred to as “in- vestments.” Even a clever, expe- rienced writer apparently did not know what an investment was. Many intelligent people do not know that an investment, usually represented by bonds or mortgages, is a security that promises a definite income reg- ularly and the return. of the princ!- pal at a given time. The army Meutenant was not in- vesting in any sense of the word. He was taking chances. He was lucky. Usually the person trying such tactics meets disaster. It was good strategy for the ‘leutenant when he obeyed the war depart- ment’s order to cease his financial operations, He could keep his gains. If he had continued he might have lost all his profits. (Mfr. Hughes’ sixth article will ap- pear in the Tribune, Saturday af- ternoon.) Mortgages on Estate Find City Real Good Market By J. OC. ROYLE. 5 (Copyright, 1924, The Casper Tribune) NEW YORK, April 16.—The tre- mendous amount of bullding con- struction now in progress all over the country has had a® decided effect on certain forms of investment re- cently and these investments in turn have reacted favorably on the building industry. There has been a decided change in the attitude of bankers and investors . first mortgage real estate , Becord- ing to financiers in the middle west. Many inyestment houses in that section feel that as a result of meas- ures calculated to give federal aid to the farmer, the government has be- come a competitor in the farm mort- gage business, according to Walter J. Greenbaum, a Chicago banker, Federal entry into this field has come about through the farm loan banks and the Intermediate credit banks in the various sections, As a result of the governmental ac- tivity, large houses which formerly made specialties of farm mortgages have transferred their activities to city real estate mortgages. Many houses which formerly op- posed this type of investment now are offering them to their clients. Fire insurance companies which in the past bound up Hittle of their funds in such securities now are buying them in large quantities. The [ife insurance companies always have bought such bonds, and sta- Sstics at present show that there is more life insurance money in these investments than in any other form of security. The small denominations of real estate first mortgage bonds and the Partial payment plan on which many of them are sold, are becoming par- ticularly appealing to persons of Umited means, according to Mr. Greenbaum. While many of the re- sults of this kind of investment have eaten oes both to bankers, the public and the building. dudustry he |, because of their inexperience in ‘such securities, the public and the banks should pay close atten- tion to see that the securities are sound and adequately protected. ‘The money raised by these bonds has made possible a tremendous amount of construction, and the general volume of building prom- {ses to continue for from one to two years longer at least; unless there are appreciable advances in costs of material and labor. As a result of this activity the question of legislation governing building codes has become a pressing one in nearly every community. The dif- ficulty has been to secure a code which would provide for proper construction, alteration, repair or removal of buildings in each com- munity without unduly limiting or restricting building enterprise or causing unnecessarily high costs. This problem must be settled by each community for itself, but grad- ually general regulations gre being put into effect in most cl which provide structural safety, a lessen- Ing of fire hazard and reasonable economy in building costs. new wells were spudded in in the Elk Hills, Midway district im the last week and locations have been picked for seven new operations this week. The shut-in production of the Kern fields now has been prac- tically all opened up. SHREVEPORT, La.—The com- pletion of a 75 million cuble foot gas well in LaSalle parish, forty miles from previous producing terri- tory, has started an extensive drill- ing campaign in central Louisiana. Wool. * PORTLAND, Ore.—Willamette val- ley wool is moving slowly to this market and limited amounts are be- Ing received from southern Oregon, where shearing has started. Sales have been made at 36 to 40 cents a pound for fihe to medium three- eighths and half blood offerings, with coarse and quarter blood bring: ing 83 to 36 cents, —_— Shoes, PHILADELPHIA -~-Demand for black shoes for women has improved materially in local shoe circles and gazed kid is also.coming more into demand, much tp the delight of local makers, as this is the center of the glazed kid industry, Textiles. PROVIDENC ‘The Rhode Island yarn finishers now are run- ning their plants at a rate of about 35 per cent of normal capacity. Iron and Steel. CLEVELAND.—Tho first sale of fron ore of thig séason’s run was made ten days later than usual and at a reduction of & cents a ton in price. Cleveland booked 1,000,000 oil. BAKERSFIELD, ¢al.— Drilling operations are being actively re- newed in the Kern fields. Eight Commodity. Trade News tons at the start and since then the Ford company has been in the mar- ket for 250,000 tons. Bar prices here are about 10 cents lower. PITTSBURGH.—Orders for hoops and bands are heavy, compared with hot strips of the wider variety. One maker whose hoop and band mill was idle for three weeks, collected in that time enough orders to keep the plant in operation at full time for thirty days. The majority of the makers are from five to Beven weeks behind In deliveries. CHICAGO.—High labor and ma- terial costs are said to be deterring contemplated construction here. Electrical Equipment. PITTSBURGH, —The __ electrical trade here {s somewhat dull at pres- ent, especially in household appli- ences, Livestock. SPRINGFIELD, Mo,—The farm- ers and stockmen of southwestern Missourt have formed an association to finance a $400,000 stockyard to be located here. POTATOES CHICAGO, April 16.—Potatoes— Trading slow; market about steady; receipts 45 cars; total U. 8. ship- ments 832; Wisconsin sacked round whites $1.25@1,40; bulk 31,30@1 Minnesota and North Dakota sacke Early Ohios $1.25@1.45; Wisconsin sacked Kings $1.26@1.35. SILVER NEW YORK, April 16.—Bar silver 64%; Mexican dollars 4914. NEWS AND QUOTATIONS BY LEASED New York Stocks Last Sale t Allied Chemical & Dye -.-.. American Can 67% 97) T. & T, 2. -3--- american Tobacco ~ -..--.-. American Woolen -..-...--. Anaconda Copper ..-.-..---- Atchison - ~-...-......-.-.. Au. Gulf & W. Indies --______ Baldwin Locomouwe ....... Ba.timore & Ohig — Bethlehem Steet Cerro de aPsco Copper -.... 46 Chandler Motors --. —- 43% Chesapeake & Ohio | ~~... 12% Chicago & Northwestern -... 52 Chicago, Mil., & St. Paul, pfd 25% Chicago, R. I. & Pac. .---.2 28% Chile Copper -~------------ 27% Chino Copper -~----.---.---16% Consolidated Gas — --.---. 62 Corn Products - .. 16744 Cosden- Oi] —----------—2--- 33% Crucible Steel -------1-----, 52% Cuba Cane Sugar, pfd ----- 67% oe epee RK “a eS famous Players-Lasky - --- 67 General Asphalt -.-.. Bectric Great Northern pfd -----—- Guif States Steel illinois Central ---.---------- Inspiration Copper --------- 26 international Harvester ~ --- 84% int. Mer. “Marine pfd »------ 31% International Paper -. "invincible Oil Kelly-Springfield Tire Kennecott Copper --. Lima Locomotive - -. Louisville & Nashville Maxwell Motors Middte States Ol %---% 4% Missouri, Kan & Tex (new)-. 11 Missouri Pacific, pfd ------- 39% New York Central ~------- 100% N. ¥., Ni H. & Hartford... 17% Norfolk & Western -------— 126 Northern Pacifig. - wens, 51% Pacific Ojl ---.. wewwewncne 49% Pan American Petroleum B. 44% Pennsylvania — ------------- 43% People’s Gas - --.----------- 9% Producers & Refiners - ----- 27 Pure Oll - ---se------------- 23 Faeading ~ --------------—- 53 Republic Iron & Steel ‘---.-. Pri Sears oebuck -~. Sinclair Con. Oh -. Southern Pacific Southern Railway --. Stanéard Oil of N. J. ------ 36% Studebaker Corporation ---- 85% Texas Co, ~----------------- 41% Transcontinental Oil - Union Pacific --.--. U. 8. Ind. Aleohol -. United States Rubber - United States Steel Utah Copper Westinghouse Electric Willys Overland Amer. Zinc, Lead & Sm. Butte & Superior --. Colorado Fuel & Iron Montana Power ~. National Lead Shattuck Arizona - New York Curb. Anglo ---------------- 16%. 16% Buckeye jecewnnnnes 65 67 Continental ------.---- 43 at Cumberland -----.--— 128 129 Galena --------------- 57 60 Ilinots -—------------ 128 132 Indiana -------------. Nat. Tran wowersese S134), 22 N. ¥. Tran, 79 82 Nor. Pipe 97 98 Ohio Oil 65 Prairie Ofl 232 Prairie Pipe ..-.. --102 104 Solar Ref. weecenes-= 196 200 Sou Pipe .-.ss------~. 94 96 8. O. Kan. wencnmene 423 43 S. O. Ky. -~----L2--+ 105 106 8. O. Neb. o-cn-na-o-- 239 240 8.0. N.Y. aconcnconan 89 40 8. O. Ohio -- 301 303 Vacuum .. wewennees=- 60% 61 8, P. OU -—--------- 185 187 8. O. Ind ~..--------— 58% 8% Cat Creek Lance Creek .. Osage ----- wenn ann---- Grass Creek ight -------.--. Grass Cree, Neavy .---.--0-- Torchlight .. Greybull Sci tnaiencabesboeee Elk Basin 22. cncene-os-ncenne Rock Creek -.. Salt Creek -.--. weeneecnenee Big Muddy ..-.-...... Mule Creek Sunburat --------------------- Hamilton Dome -. Ferris . ---. BYTON . anconnocsnennnsnween= 1.95 Notvhes Pilot Butte Lander Butter and Eggs CHICAGO, April 16—Hutfor— ywer; croamacy extras 37¢; mand 8 86%0; extra firsts 25%4@2Go; seconds 35)54c. ceipLs 28,880 cares; firsts 34% 053% Eggs—Lowie; firsts 21%: ordinsry firets 70@ 20%0; storage” pack extras 240; firsts 23%. Flour MINNEAPOLIS, April 16.—Filour unchanged. Bran $22.00. % Car & Foundry_-..155 B OIL SECURITIES By Wilson Cranmer & Co. Bid Asked Bessemer . ----.-.-. .26 28 Big Indian -----.----2 ,.06 07 Boston Wyoming 12 Buck Creek --_.. 18 Burke’ . ----~--. 26 Blackstone Salt Creek .30 33 Chappell . ~--.-... 1s Coluthbine - -.. 15 Central Pipe Line. 2.00 Consolidated Royalty 1.25 1.27 Cow Gulch -.-.---.. .03 04 Damino . ~-.-..------ .08 10 Blkhorn ~ ..--------- .02 04 49 52 05 07 5.00 6.00 10 12 Jupiter ~-----..-----. 00% .01 Kinney Coasta) -.-.. .13 4 Lance Creek Royalty — .01 02° Marine -~-.---------- 3.00 3.55 Mike Henry ---.-.--. .00% .01 Mountain & Gulf — ---1.55 1.60 ---10.50 11.00 03.05 01 02 Red Bank ~ -----.--18.00 19.00 Royalty & Producers — .07 -08 Sunset — 06 06% 02 03 Western Exploration — 3.60 3.80 Wyo-Kans . --.--.--. .80 90 Western States 19 +20 We OU * eccrine teee 410. 12 * NEW YORK curs CLOSING Mountain Producers_.17.62 17.87 Glenrock Ol! .--..-..-. .30 40 Salt Creek Pras —..... 8.00 8.50 Salt Creek Cons 8.00 8.37 New York Ol} --.--..10.75 11.25 Mutual . -.-..... HH.12 S. O. Indiana -.. 68.87 Chicago Prices CHICAGO, April 16.—(U. 8. De- partment of Agriculture)—Hogs— Receipts $19,000; slow, uneven; de. sirable butchers and mixed kind five ,to 10 lower; lights mostly 10 off; light Hght 15 to 25 lower; killing Pigs 25c lower;" shippings orders Umited; all interests buying; bulk 00d and choice 260 to 325 pound butchers $7.35@7.55; top 7.55; better grades 160 to 280 pound averages, ‘argely $7.15@$7.45; desirable 140 to 150 pound weight mostly $6.80@$7.10; bulk packing sows $6.80@$6.90; bulk good and choice, Strong weight Digs $5.75@$6.25; heavyweight hogs $7.30@$7.55; medium $7.25@$7.50; Nght $6.90@$7.60; light light $5.85@ $7.25; packing sows smooth $6.80@ $7.00; packing sows rough, $6.60@ $6.80; slaughter pigs $4,50@6.25. Cattle receipts 8,000; beef steers uneven; weighty kind about steady; yearlings weak to unevenly lower; killing quality largely medium; bulk fed steers and yearlings $3.50@ $10.50; few heavies here eligiblé to exceed $11.00; early top $11.75; some chotce yearlings held higher; run in- cluded about 20 loads string; grain fed Dakotas and Ten loads Mon- tanas; fifty-one head Montana steers averaging 905 pounds on country ac- count ight weight beef heifers weak in sympathy with general trade on yearlings; other classes generally steady; bulk vealers $8.00 @$9.00; few $9.50 to packers. Sheep—Receipts 12,000; fat lambs very slow, most bids low sheep moderately active, around 25c lower; good and choice fat wooled ewes $11.75 @$12.00; clipped ewes $9.75@ $10.00. Omaha Quotations OMAHA, Neb. April 16.—(U. s. Department of Agriculture)—Hogs —Receipts 12,500; fairly active, most- ly 5e lower; bulk 210 to 300 pound butchers $7.00@$7.10; latter top; good 160 to 210 pound weights most- ty $6.85@$7.00; plainer. grades on down to $6.75; bulk packing sows $6.50; smooth grades up to $6.65; average cost yesterday $7.01; weight 244. Cattle — Receipts 7,800; better grades weighty steers to fill ship- Ping | orders, strong; others slow about steady; top steers $11.40; bulk steers $8.75@$10.75; yearlings $8.00 @$9.50; she stock moderately active, steady; beef bulls steady; bolognas dull; vealers steady to 500 lower; stackers and feeders scarce, steady; bulk butcher cows and heifers $5.50 @$8.00; vealers to packers early $10.50; now bidding lower; canners and cutters $2.50@$4,25; beet bulls $5.00@$5:50; bolognas $4,35@4.50, mostly; pack nd feeders $6.50@ $7.75; one load $8.90. Sheep—Receipts $6,000; fat lambs slow, weak, 10@15c lower; early sales wooled lambs $16.00; slipped lambs $14.25; small lots spring lambs $19.00 $20.00; sheep steady; clipped ewes $10.50; shearing lambs 25c low- er; early sales $15.65@$15.85. Denver Prices. DENVER, Colo., April 16.—(U. 5S. Department of Agriculture)—Hogs —Recelpts, 1,700; quality plainer; early sales, steady to 10c lower; odd cholee driv 8, $7-10; | top loads, $7.05; bulk 190 to 260 pound aver- ages, $6.95@7,00; few loads, $6.90; lg ghts, $5.75@6.25, eady to strong; packing sows, mostly $5.75; fat pigs, $5.50@6.75; stock kind, $56.00. Cattle—Recelpts, 660; calves, 60; steady; plain to fairly good cows, $5.25@6.00; mixed cows and heifers, $7.00; destrable fers, $8.00; some held higher; bulls, $3.50@4.50; bet ter grades vealers, $11.00 to $11.50: few $12.00; good heavy cows, $8.60. good 1,199 pound steers, $9.00 flat; choice heavy helfers, around $11.00 stockers and feeders, early, $6.65 @ 7.75; best stock cows, $4 Bheep—Receipts, 3,900; run in cludes 1,500 breeder ewes in transit fat lambs, steady; few bids lower; top, $15.40, freight paid for desir: able 756 pound averages; 91 pound weights, $15.15@‘5.25 flat: one load 94 pound kind, 415.50 flat; no good stock offernds SHORTS COVER, STOCKS CLIMB Strong Tone Imparted to Market by Buying Move- ment Today. NEW YORK, April 16.—Further short covering, induced by the bet- ter domestic trade news and favor- able reparations developments, im- parted a strong tone to today’s stock market. Standard industrials were strong from the-sfart although temporary weaknegs again cropped out In some of the Chicago special- ties. Sales approximated 700,000 shares. NEW YORK, April 16.—Strength of the motor and motor accessory iss featured the opening of to- day's stock market, Willys Over- land preferred advance 1% points: Nash Motors one and a number of others gained large fractions. The seneral list was irregular but main- ly higher. Sugar shares were bid up on the announcement of higher refined prices by the American Sugar Re- {ining company, Cuban American Spreferred, South Porto Rican, Td Punta Alegre moving up 1% to 2 points, Except for a break of 414 points in Yellow Cab to a new at 63, the motors continued firm, Mack Truck, Strotnberg and Fisher Body advancing 1 to 2 points. Gains of a point or so also were registered by American Can, U. 8, Industrial Al- cohol, Marine epreferred, Wifson company and Chesapeake and Ohio. Schulte dropped 1% to 97%, a new low and heaviness cropped out in some of the coal shares. FIRST ADD STOCK MART -____ Early buying was based on news that France and England had ap- Proved the Dawes report and. re- ports of an increase in incoming or- ders of the United States Steel Cor- poration for the first two weeks of April. New minimum prices were estab'ished by National Supply and American Radiator while heaviness was noted in Crucible Steel, Norfolk and Western and General Electric. Towards noon prices stiffened again on active buying of the oils, Gali- fornia Petroleum leading the early advance with a gain of 1%. Corn Procucts, International Paper, Com- mercial Solvents B and Associated Dry Goods, advanced to four points and the sugars materially increased their early gains. Call money opened at 4% per cent, The sustaining value of the short ‘nterest was shown by the manner in which prices forged ahead. The failure of the bear faction to un- settle the lst by hammering selected shares caused a subsequent scramble to cover short contracts which carried a great many in- fluential stocks anywhere from one to three points beyond yesterday's closing figure. ° ‘The closing was strong. Active buying of investment issues and industrial specialties was the fea- ture of the late dealings, Fisher Body extending its, gain to 14 points. METALS NEW YORK, April steady; electrolytic, tures, 13%. * Tin, firm; spot and nearby 49.87; futures, 49.50, Iron, irregular; No. 1 northern, 22.00@23.00; No. 2 northern, 21,00@ 22,00; No, 2 southern, 22.00@22.50. Lead, steady; mpot, 8.00@8,25. Zinc, steady; East St. Louis spot and futures, | 6.05@6.10. Antimony, spot. 10.00. sGORE CLAIN THANE IS SANE (Continued Froin Pago One) tered quickly into the rabbit episo- des at the Pennsylvania hospital for mental and nervous diseAses in West Philadelphia where Thaw has been confined since 1917. The hospital records read {n court yesterday and Monday sald that Thaw fondled and abused in turn, the rabbits that he named “Tweedle- dums"” and “Tootsies,” that he had beaten them with sticks, kissed them and talked to them, “I would consider that evidence very flimsy," said Dr. Wilson who then criticized the hospital author! tles for permitting Thaw to “mis treat the rabbits.” “Most certainly I would have taken away the op portunity for such a thing,” he sald. Taking up different forms of in- sanity, Dr, Wilson replied to a ques- tion that perversion is not evidence of insanity. Dr. Wilson said he examined Thaw on April 2 and 6, for about four houra and found no evidence of hal- luctnation, dementia, or mental de- terioration, 16.—Copper, spot and fu GHAIN PRICES ARE STRONGER Winter Wheat Damage in Ohio Is Bullish Factor At Chicago. . CHICAGO, April 16.—Corn made a sudden display of strength today dur- ing the early dealings. Wet weather, likely to delay receipts, was largely responsible. The fact that future de- very offerings were scarce made ‘he market quickly responsible to purchasing of a scattered sort. In- itinl quotations, which ranged from %@o decline to %c advance, May 76% to %c, were soon followed by a decided upturn all around. The market continued to advance in the later trading. Receipts here Were meager and Missouri river points were persistently outbidding Chicago, both for corn and oats. The close was firm, 1% to 1% @1%c net higher, May 78% to 78% @%c. Wheat and oats became firmer in sympathy with corn. After opening Y% to %o higher, May $1.01% to $1.01 % and July $1.038% to $1.038%@% wheat prices sagged a little, and then scored slight additional gains. Wheat prices bulged sharply in the later trading. A report of fifty percent damage to winter wheat at one locality in Ohio helped along the advance, and so too did reports that Germany had officially pronounced the Dawes plan the basis for a swift solution of the reparations problem. Wheat closed unsettled, %@1lc net higher, May $1.02%@% to $1.02% and July $1.04% to $1.04K%@%. Oats started at a shade lower to Ye advance, May 46144@% to 46%c. Later there was a small but genera) upturn. 3 Higher quotations on hogs gave firmness to provisions. Czechoslovak Rep., 8¢ Ctfa. Dominion of Canada, 5: French Republ: TMs Japanese 48 Kingdom of Kingdom of Norway, és Rep. of Chile, Ss, 1946 — State of Queensland, 6s ~. U. K. of G. B. & 1, 54%48, 37 1952 Railway and Miscellaneous American Smelting 58 - American Sugar, 6s --- American Tel. Col., t 5 Anaconda Copper 7s, 1938 Anaconta Copper 6s, 1955 At. T. and San Fe., gen. 4s - Baltimore and Ohio, cv., 4%s -. Bethlehem Steel con., 6s, Series A - Canadian Pacific deb., 48 -.. Chicago, Burlington and Quincy ref., 5s A-. Chicago, Milwaukee and St. Paul cv., 4445 ChiJe Copper 6s Goodyear Tire 8s, 1941 Great Northern, 7s A Montana Power, 5s Northern Pacific Nerthwestern Be Pacific Gas and Penn, R. R. gen Sinclair Con, OlL, Southern Pacific cv,, Union Pacific first 4s - 1. S. Rubber 6a ~..... Utah Power and Lights 6s Western Union 6% ~~ Westinghoure Electric 7s Wilson and Co., ev., 68 ~--- 107% 90 87M 88% DAUGHERTY RECEIVED SHARE OF WHISKEY GRAFT, WITNESS SAYS (Continued From Page One) sel for H. M. Daugherty, “produce keap the committee off the trail of| Manington who is standing in tho the “real men” the department had/ back of the room.” WHEAT Os ne mS | sent, to: Montana: May ~.1.01% 1.02% 1.01% 1.02%] During the Daugherty impeach- July ~-1.03% 1.04% 1.03% 1.04% | ment proceedings in the house more CORN than a year ago, Mseos: said he t. 1. of A 4 a “knew” department of Justice agents May a6 cree “zed ‘Ureh [hind “inveatigated Representative July ...77% 19% 77% 78% | Woodruff of Michigan and other Sept, -. .77% 79 .77% .78% | members of congress, OATS “Did Daughorty tell you to take May -. 46% 47% .46% 47% [orders from Joss Smith?" asked July .. 43% 44% 49% 444% |Senator Wheeler. Sept. --. 39 40% .89% .40%| ‘He told me to do anything Jess LARD Smith ordered me to do. And he May .. ~------10.97 10.97 10.95] said he liked me becwuse I never let July eeeena1116 11.20 11.15 11.17] my left hand know what my right RIBS hand was doing.” May . 9.87 9.92 9.87 9.92) “How did Jess Smith handle July. 0,22 1022 10.17 10.17] money?” BELLIES “In a roll—the most I ever saw May 10.40] him have was $100,000—I brought July 10.7%] that to him.” “How much did you pay him alto- Cash Grains and Provisions, gether?” CHICAGO, April 16.—Wheat—No. hard, $1,07%, Corn—No, 3 mixed, 77@77%¢; No. 3 yellow, 77% @80c. Oats—No. 2 white, 50@50%c; No. 3 white, 48% @50c. Rye—No. 3, 65%c. Barley—71 @90c. Timothy seed—$5.00@7.60. Clgver seed—$16.50@22.50. Lard—$10.85. Ribs—$10,00. Bellies—$10,37. Foreign Exchange NEW YORK, April 16.—Foreign exchanges {rregular; quotations in cents: Great Britain, demand, 434%; cables, 435; 60-day bills on banks, 432%. ‘rance, demand, $.23; cables,, 6.24.’ Italy, demand, 4.44; cubles, 4.44%. Belgium, de- mand, 6.29%; cables, 6.31%. Ger- mand, demand, per trillion .22%. Holland, 37.14; Norway, 13,79; Swe- den, 26.37; Denmark, 16.59; Switzer- land, 17.59; Spain, 13.64; Greece, 1.88; Poland, .000012; Czecho Slo. vakia, 2.95; Jugo Slavakia, 1.25%; Austria, .0014%; Rumania, 62%; Ar- gentina, 33.00; Brazil, 11.20; Tokio, 40%; Montreal, 97%. SUGAR NEW YORK, April 16—The mar- ket for refined sugar was firmer and unchanged to 26 points higher with fine granulated quoted from $7.90 to $8.25. There was a better withdrawal demand, but new busl- ness was still light. Refined futures were nominal. Sugar futures closed steady; ap- proximate sales 93,000 tons. May, 4.38; July, 4.59; September, 4.59; December, 4.20. —— qa COTTON NEW YORK, April 16.—Cotton spot steady; middling 30.80. pans pace LIBERTY BONDS. NEW YORK, April 16—Liberty bonds closed: 3%#, 99.5; second 4s, 99.22; first 4%a, 99.28; second 4\s, 99.27; third 4%, 100.5; fourth 4 ANOTHER WELL IN SALT CREEK FIELD One Galt Creek completion ts re ported by the Midwest Refining company. The well which came in from a depth of 1,846 feet making 1,822 barrels daily is No. 17-A on NE% of section 24-40-79, credited to the Wyoming Associated Oil company. An account of other | Midwest operations follows: Nelber Dome, test well; 3450 feet shut down cemented. Grass Creek, 19-A Meoteetse 15, 4-48, swabbing. Baxter Basin, 16-X NE 104; 3605 feet; underreaming. New Mexico, Hogback No. 8, 370 feet; shut down walting for clutch. 11-17- “Oh, anywhere from $225,000 to $250,000. The night before he died, Smith told me that he wanted me to return some money to New York bootleggers. I wouldn't have any thing to do with it, and told him to see thelr lawyers. “Maningon, on turn back $20,000. wanted $200,000. Everybody knew Manington and Smith represented the attorney general in the whiskey permits.” “I wish you'd be a Uttle more par- ticular,” Senator Jones, Republican, Washington, remonstrated. “I mean everybody in the whiskey ring, Will Orr, Tom Felder, John Gorin," said Means. Senator Wheeler then brought up the subject of his own indictment tn Montana. : “Mr. Daugherty says he had noth- ing to do with my indictment,” he observed. “Oh, Burns told me he hed advis- ed Daugherty agains! indictment weeks ugo," Means said. “The attorney general went ahead with It against his advice.” “Do you know anything of searches of senate office during the tariff fight?” “We had the whole tariff commis- sion under surveillance. We followed up all the expert on it to the chairman of the commis sion and,to Mr. Fordney over in the house. I had four or five men help ing.”* “What did the department want to find out? asked Senator Jones. “One thing, some Japanese im- porters wanted a special rate, and one of the commission experts was actually employed by a Japanese concern. Another expert was deal- ing with the sugar crowd.” “Then it wasn’t the tariff commis sion, it was their experts,” Senator Jones said, “That's right,” Means replied. Ho was excused for the time being and other deals did The bpotleggere the committee recessed its hearing until tomorrow, WASHINGTON, April 16.—Plans to compel the attendance of How- former occupant of the “little green house on K street’ were before the senate Daugherty investigating com- mittee today because of his action through counsel yesterday in ques- tloning its authority te examine him. Manington, who has been named by previous witnesses in testimony relating to whiskey, fight film and other matters, was the second wit ness subpoenated by the com mittee to challenge its power, The committee already had decided to cite M. 8, Daugherty, broth the former attorney general banker ause of his refusal to answer to general examina of his bank When today's Chairman Brookhart name of Manington Manington who wante tostify when he was in Paris." re was no answer and George W. Storek, de- partment of justice accountant, was called to the stand. Senator Wheeler, 4 subpoana or to permit fon of the records session opened, 1 the “the same however, inaist- ed that George Chamberlain, coun- became of my report,” gave reports} “I also ask if it is not true,” con- tinued the committee prosecutor, “that Mr, Manington was indicted in New York just before he went to Europe, in connection with the is- suance of liquor permits. I ask also what were the facts as to what be- came of that indictment.” “You'll have to get that from the district attorney in New York,” Mr. Chamberlain responded. Senator Wheeler consented to drop the subject for the moment, and proceed with the testimony of Storcic who declared that Martin E. Kern, purchaser of the Bosch"Magneto pro- erty from the alleri property custo- dian, ‘had paid Joseph F, Guffey, a Democratic leader in Pennsylvania, and former director of sales of the alien property custodian, the sum of $10,000 “to influence the release of liquor.” The witness produced a letter from Kern's attorney in Allentown, Pen- nsylvania, referring to a $10,000 pay- ment in 1920 as a * n” which not returned by Guffey. The cor- respondence did not indicate that Kern ever obtained the whiskey re- lease permits he sought. Reading from department of jus- Uce files, “by permission of the new attorney general” he said “Storck declared he had been told by Kern of the $10,000 transaction.” Storck testified that since he had been a witness before the committee, his brief case containing his papers had been “cut open” in his. hotel room and his locked cabinet at the department of \justice had been jim- mied.”” Note of his papers had been “ab- stracted" from the brief case, ho seid, adding that another department of justice agent had been similarly visited “last Sunday.’ The witness said he had “reported getting that) the facts to Mr. Burns.” His own work in the investigaton ot Kern, Guffey and the Bosch Case, Storck said, had been completed. “I think the government could get back $1,000,000 in the Bosch case right away," Storck said. Asked how much the government could back in the Old Hickory case, he replied: record as saying $5,000, Others have estimated up to $20,000,000, He n took up the alien property an’s seizure of the property of Otto Weber, a member of the firm of EB. HL. and Otto Weber, doing busi- ness in the Philippine islands. He declared the case had been followed by the department of justice. Reverting to the Old Hickory case, Senator Wheeler said he thought T. Coleman DuPont, former senator from Delaware, should be called as a witness. The Old Hickory plant now {s in the hands of the DuPoint interests, Storck sald his reports on the Weber transactions had found sey- eral commercial charges applicable but ‘not a step, nor a conference has followed, and I know that no In- vestigations have been made.” “Franels Burton Harrison, then governor General of the Philippine Islands acted as the Agent of A, Mitchell Palmer the custodian,” the witness sald. Various other properties owned by Germans werg seized by Harrison, and “sold by Fraud to Dummies,” Storck charged Horace R. Kelly and company, “an American firm handling Phillppine tobacco from German owned planta- tho witness “said, was award. 000 for damages to business reputation by “Palmer, through Mal colm Summer, whose right name is declared Ge » Philippines were rele would “sign on thelr appro rmans interned dif th dotted ine,"* in ul of the selzure and wale of thelr prope He said ha inventigated ned & score ot transactions of the custodian in the island and recommended criminal prosecutions, but added: I don't know a thin, about what