Casper Daily Tribune Newspaper, May 6, 1924, Page 9

om 4 ‘TUESDAY, MAY 6, 1924. Oil st Finance ommunity Advertising Is 3 -Projected on Extensive — _ Seale This Season in U. By J. C. ROYLE, (Copyright, 1924, Casper Tribune.) ~ ANEW YORK, May 6—‘I'll tell the world" may have been the way oft other worn out slang phrases but ‘It fs still being followed as a policy ‘by many of the states and com- munities of the country more faith- fully than ever befora Community ’ advertising ts heavier at present «_ than it ever, has been before and is » more widely disputed. - M& of thousands of dollars _will_be expended in the next few months in outlining the advantages of states, districts and cities to the remainder of the country.’ Of these sums, {it is probable that daily news- papers will secure between 60 and 70 per cent, the remainder being split between magazines, pamphlets and mail matter. This tendency to advertise com: “, Munity advantages {s not confined to any section of the country. Organized business effort devoted to ‘advertising by railroads, hotels and communities has done wonders in popularizing New England as both @ summer and a winter playground and this effort is being continuously exerted. The state of Maine is spending $30,000 this year for news: paper advertising, At the other cor- ner of the country, the All-Year club of Southern California ts followingf up its successtul campaign of 1928, when $200,000 was spent; by an ad- vertising effort which will cost $350,000. ; The Atlantic City Hotel Men's association now is sponsoring a proposal to raise a fund to advertise New Jersey, its homes and resorts. The.Oregon Hotel Men's associa; tion Is playing up the slogan, “The Pacific northwest—the summer play- ground of America," and in addition to the newspaper advertising, Oregon business men and merchants are using tbat phrase on their bus!- ness stationery and advertising ma terfal. The Portland, Qregon, Cham- ber of Commerce has Inaugurated a two-year campaign fer which $300,- 000 has been raised. During the next five years, the state of Florida will spend at least $200,000 a yeor in outlining its at- tractions to the remainder of the nation. Across the country Calli- fornians incorporated, report that their advertising appropriation for Glass PITTSBURG—Plate glass contin- ues active with orders sufficient to take care of production. The auto- mobile trade continues to take large quantities of plate glass and an in- crease in demand from the building trades is developing. Factories con- tinue to capacity. Fish PORTLAND — Canned salmon prices have been established on a basis of $2.20 per dozen per half flats. $3.60 for pound flats, $5 for pound ovals and $3.20 for half pound ovals. Cotton AMARILLO, Tex.—West Texas cotton planting is proceeding at a rapid rate with the prospect that some 200,000 acres of new land will be cultivated to cotton this year. Office Equipment CLEVELAND—A narrower mar- gin of “profit is indicated by latest reports of the American Multigraph company. Sales volume has in- creased 6.8 per cent over the late months of 1923 but there has been a decrease of 2.7 per cent in net profit. Shoes 8ST. LOUIS—The International Shoe company has been turning out about 130,000 pairs of shoes a day for five months, which is almost up to the high point reached a year ago. Textlies NEW BEDFORD, Mass.—New Bedford mills are operating at fifty per cent of capacity, those operating claim they are doing so at a loss. Fall River is operating at ahout 20 per cent of capacity. Local manu- facturers still are complaining bitter. ly about foreign imports, laring the March imports of 15,000,000 yards of goods similar to those made here Would run 150,000 spindles at capac ity for seven months Livestock SACRAMENTO — Reports from rangers in the government forest reserve where many head of Call- fornia Mvestock will graze this year State that grass is in poor condition and many streams at which stock water are extremely low. Sugar ATLANTA—Candy and soft drink manufacturers in this section are anticipating a prosperous season es ®@ result of the lower prices for sugar now quoted. Earnings of candy makers are showing a satisfactory condition in spite of the recent 20 per cent reductions in price of some products. Mens Furnishings DETROIT—The loca! branch of Cluett Peabody and company, mak- ers of shirts and colors reports buy ing ‘very brisk. but much of {ft for immediate delivery ‘Tractions CHICAGO—Valuation of the Chi- tago surface lines placed at $162,500,- 000 ‘by’ traction company officials brought a halt to negottations tor municipal ownership. Mayor De 1923 was $400,000 and that. last November a special additional cam- Palgn was started which will cost approximately $250,000. National magazines, _newspa| and other vehicles are being Deed. The Salt Lake City Chamber of Commerce was so successful in obtaining results from the $50,000 worth of advertising placed in 1923 that the quota -for this year) has been raised to. $70.000. ‘The .tenta- tiye advertising of the Den- ver Tourist and Publicity Bureau {s $150,000, or double what was spent in 1923, The Sunshine Climate club of Tuscon, Ariz., has raised $50,000 to spend for advertisements in east: ern magazines and newspapers. El Paso, Texas, started a campaign October 27 last which will cost 3150,000. In the southeast the state of Georgin has $50,000 to spend in outlining the industrial possibilities of that region, Hotels and railroads are playing a big ‘part in the advertising 0: communities. The Northwest is recelving invaluable aid from the campaigns being run by the Chi cago, Burlington and Quincy,. the Northern Pacific and the Great orthern roads. Newspaper and magazines are being used by the carriers ‘to tell of the development nd history of “the northwestern states, This campaign will continue for three years. The Baltimore and Ohio ts mak- ing strong efforts to place the won: ders of the nation’s capital before the mind's eye of possible travelers through space in newspapers. and magazines. The Southern -Ratlway is doing similar work for the south and the Southern Pacific is taking & promineht part in Calffornia's publicity appeals. ve expect newspaper ads to sell the Pacific northwest to those who are immediately contemplating a vacation, just as the railway news- Paper advertisements sell similar business," Herbert Cuthbert, secre- tary of the Pacific Northwest Tour- ist association, said: “The railroads do not look letters asking booklets and Anseiiees tion so much as they look for the actual buying of tickets. We be- lieve the best way to accomplish this result i8 to use néws; T-Space at the right time.” Stee ver refused to consider the price and unless the company reconsiders. its offer the negotiations will fail. . Steel YOUNGSTOWN — Sheet buyers’ cautions against extended commit. ments is resiilting in further cur- tallment of operations in the Youngs- town district. A total of 14 hot mills shut down today, lowering the rate of valley operations from 80 to 53 percent. Coal COFFEYVILLE, Kans.—The Cen: tral Coal and Coke company of Kan- sas City has purchased nearly 30, 900 acres of coal land south of this The Santa Fe Railroad is expected to bulld a spur into the new field. Oil FORT WORTH—North Texas Oklahoma refiners are i tng crude runs to stills as storage for eit A hoped now is practically a t is expected 4 tailment will } ye y isos tions 20 per cent in this te: HOUSTON—April was record month in #o far as drilling activities in the Texas oll fielda are concerned A total of 780 wells were sunk, of which 562 were completed, 384 being producers, ROBBED BANDIT GETS 10 YEARS (Continued from Page One! be taught that such acts revi committed cannot be committed tn this community and go unpunished, T send you both to prison for from ten to twenty years, you to Auburn and your husband to Sing Sing Mrs. Cooney bit her Up, stood for @ moment motionless and then turn: ed slowly to glance at the spectators who filled the little court room. Then Preceding deputy sheriff’ she walked briskly out of the chamber as she had entered a few minutos before. Her husband followed. Judge Martin, conferring with the couple tn his rooms before gotng to the bench, had drawn from them the admission that they had participated in ten holdups. The girl assured him that when she had done her time sho would “go straight.” Coo ney was silent, but indicated that he soconded his wife's resolution. When the judge left his chamber, Celia scribbled this note which she sent to Judge Martin by an attend. 'To those girls who think they would like to see their names in the papers as mine has been, or think they would like to do what I have done, let me say: ‘Don't try to do it. You don’t know what you suffer. While I smile, my heart is breaking in me.’" Pat ie A wreath frozen in a block of ice was gent by women in Austra- Ma to be placed on the Cenotaph in London onthe last Anzac Day. : Bonds ee ie Che Gasyer Daily Cridune Stocks | Grain NEWS AND QUOTATIONS BY LEASED ‘Smelting and Refe Sugar’ ----- 82% Atchison woerereseansene= 100% Atl, Gu'f and West Indies .. 16% Baldwin Locomotive -...-<-- 113% Baltimore and Ohio ----.-..- 53 49% Chicago and Northwestern .. Chicago, Mil., & St. Paul pfd agg R. I. and Pac. “hile “nba Cane Sugar pid etn TY1O - 2 swrnewerrewnmennre--= “amous P'ayers Lasky -. General Asphalt General H'ectric General Motors Gulf States Steel Ulnols Central -~----------- 103% ‘nspiration Copper -.--+----- 24%, ‘nternationa! Harvester 84% ‘nt, Mer. Marine pfd. 37 ‘nternational Paper --.. 38B Mvincible Ol —_..-. 12% Kelly Springfield Tire bw Kennecott Copper ... fama. Locomotive ‘oulsville and Nashville Nack Truck -. Marland Oil Middle States Off Missouri Kan & new... Missourl Pacific New York Central .... N.Y. N. HL, and Hartford Norfolk and Western Northern Pi Pacific ON rigan Petroleum B - "roCucers and Refiners “ure Oll Reading eeennen=: Republic Tron and Steel Sears Roebuck ~. Sinelair Con Of! Southern, Pacific Southern Railway Standard Oil of N. J. = Studebaker Corporation: .... TORRENOCOS -visegeewcecun--—~ Texas and Pacifio --..---- Tobacco Products A --...... Transcontinental Oil -.--.--- ‘Inton Pacific -. ‘. S, Ind. Aleshol = “Inited. States Rubber -..... United States Steel _. "tah Copper — Westinghouse. Electric Willys Overland beetle American Zinc, Lead and Sm Sutte and Superior _-...-... Anglo Buckeye Continental Cumberland Calena Minols curtailing 1 Grass Creek, heavy Greybull Torchlight Wik Basin - Rock Creek Salt Creek Big Muddy .. Mule Creek ... Sunburst POTATOES CHICAGO, May 6.—Potatoes, trading very slow; market dull; re- ceipts, 41 cars; total U. 8. shipments, $97; Wisconsin sacked round whites, $1.10@1.25; bulk, 11.10@1,80; Minne- sota and North Dakota sacked’ Red River Olijos, $1.25@1.40. a —_— TOO LATE TO CLASSIFY two gro- cery clerks,.only good men need apply. Box B-52T, Tribune. NEW YORK, May 6.—pot cot- ton quiet; middling 30.25. ~. Burke sence. In view of the close ‘vote, Chappell ls Columbine .-..... Central © .~~..-+.---.-- Conrolidated Royalty. GALORE pos puewencederees, Jupiter Mike He Mountain 00% » 01 1.80 Gulf ,--- 1.05 05 02% 07% 05% 03 3.75 1.00 19%. 20% 06 07 CLOSING 19.12 19.25 30. 40 25.50 25.75 912 9.50 12.00 12.50 10.37 10.50 58.25 68.50 6% 04% 02 3.50 -90 Tom Bell Royalty --- Western Exploration — Wyo-Kans .. AVestern States Y OW .22--n- een. NEW YORK ccnp Mountain Producers. nrock Oll .... alt Creek Pi Salt Creek New York O/l .. Mutual ie a S. O. Indiana, -..-.--- LIVESTOCK bd Chicago Prices, CHICAGO, May 6.—{U. 8. Depart- nent of Agriculture.}—Hogs—Re- elpts, 28,000; | uneven; welghty vutchers, steady to strong: light- weight, steady to 5c lower; packing ows, steady to 10c higher; killing rigs, unchanged; big packers bid: Ung 10 to 16c lower; bulk good and hoice 250 to 325 pound butchers, 17.40@7,55; top, $7.55; bulk desirable 160 to 225 pound averages. $7.20@ 745; bulk better grades, 140 to 150 yound weight, $6.80@7.10; packing sows, $6.70@6.90; .bulk good and shoice 120 to’ 130 pound pigs, $6.00 @6.50; heavyweight hogs, $7.25@ 7. medium, . $7.20@7, 36.95@7.45; light” ight; vacking sows. smooth, $6.75@7.0 nacking sows, " rough,, $6.59@ v‘aughter pigs, $4.75@6.50. Sheep—Receipts, 13,000; slow; few ~arly sales fat shorn lambs, steady. ‘o strong; sheep, strong to 259 Sigher; early bulk good. and cho'ce ‘at’ clipped lambs, $14.50@ 15.00; hoice clipped ewes, upward to $8.00; dd lots. choice medium weight wooled ewes, upward to $8.00; odd ots choice medium weight wool wes, upward to $3.00. ) Cattle— Receipts, 16000; beef jteers, uneven, weak to 25c lower, vnostly 16 to 26¢ off; in-between trades showing most decline; killing ‘uallty, medium to good; shipping lemand leas active than. Monday; carly top matured steers, $12.26; few ds, $11.00@11.76; best yearl'ngs, early, $10, stockers and. feeders, ‘active, strong to higher; bulk, $6.75 @8.50; Mineral Point finish: pays ing upward to $9.50 and above for meaty kind; fat she stock compara- tively scarce, slow, about steady; vealers, strong to 25c higher, large- ly $8.00@8,50 to pack bulls, seady, $4.50@4.75 for bulk weighty sausage bulls: run includes several loads Montana hay and grain fed steers. Omaha Quotations OMAHA, Neb., (U. 8. Department of Agriculture) Hi receipts 17,000; market. slow; steady grade butchers. weak to Be lower; light 5 @l0e off; bulle 210 to 300 pound butchers $6.85 @ 87,00; top $7.00; good ‘weight 160 to 210 pounds $6,60@$6.86 plainer grades of lights on down to $6.35; packing sows weak to 10c lower, $6,385 $6.50; bulk around $6.40; average cost Monday $6.88; weight 96! Cattle receipts 8,500; beef steers and yearlings slow; steady killing qualities medium to good; top steers $11.40; sbeef steers” and yearlings $7.75@$10.50; she stock fairly ac tive, steady; v ity considered; bulls and and feeders steady; , bulk butcher cows and heifers $5.00@$7.75; can- ners and cutters $2. tical veal top $8.60; bologna bulls $4.25@ 85.60; bulk stockers and feed- ers $6.75@87.76, Sheep—Recelpts 6,000; fat lambs moderately active; steady to strong: two loads 83 pound wooled lambs $16.80; clipped lambs $14.50@$14.76; small lots spring lambs $16.00; sheep mearce, steady; few clipped owes $6.50 Denver Prices. DENVER, Colo., May\6.—(U, 8. Department of Agriculture.)—Hogs —Receipts, 4,200; slow; little done; good medium weights, 100 lowe few desirable medium weights, 6.85 Cattle—Roceipta, 1,700; calves, 100; slow; Opening’ sal: neven ly weak on steers and fat she atock; best cows, $7.00 to $7.10; few good heifers, $8.00; $3.06 to $4.26; prac tical ,top veale: $12.00; some higher; desirable stock heifers, around $10.00. Sheep—Receipta, 7,500; active; fat around 10¢ higher; best load. others, $16,00; several decks averaging 74 to 81 pounds, $15.90 Mat; few $15.75; two loads to shearers, $15.85, freight paid. DOBBIN REALTY CO, Now Located in Zuttermeister Bldg, East 2nd St. RALLY oAVES STOCK PRICES Early Losses Wiped Out On Recovery Lead by Copper Shares NEW YORK, May 6. — Stock prices, after being unsettled in to- day's early trading by the senate's adoption of a forty per cent sur- tax, firmed up later on a renewal of constructive operations, Profes- sionals, failing to make headway in attacking, pivotal issues, reversed their tactics and brought back .stock under the {impetus of accumulation of the coppers. Sales approximated 600,000 shares. NEW YORK, May .6.—Resump- tion of short selling . operations, which were checked temporarily by the reduction in the rediscount rate, imparted a reactionary tone to stock prices at the opening of today's market, Oil shares were sold freely on the publication of unfavorable production figures, and bear attacks were opened on Baldwin, American Cain, Davison Chemical, Colorado Fuel and other active issues. The ease with which professionals made headway against Davison, Marine preferred and Colorado Fuel, in ‘which bullish pool operations presumably have been under way encouraged renewed selling of other standard indi Pressure was applied to United States Cast Iron Pipe, General Electric, Studebaker, Crucible and Yellow,Cab Manufac- turing, all of which were depressed one to two points, Sugar stocks iso sold down as a result of recent pr’ concessions in the industry. United States Steel and Bethlehem yielded fractionally. Moderate ad- vances were registered by a few railroad shares, including Rock Island and Canadian Pacific. Nash Motors was an outstanding excep: tion to the trend of the industria) lst, Jumping four points. Foreign exchanges opened steady. The senate adoption of the 40 per cent surtax rate provided the ex cuse for much of the early. selling but uncertainty over the ultimate fate of the tax bill vitiated its {1 fluence as a bearishsmarket, factor, After early recessions prices steadiec and feeble rallies took place in some sections of the list. Drives against individual issues failed to bring about any important liquidation and indicated rather a sold-out condition. The effect of constructive operations in the tobacco ‘group as reflected in gains of a point or more scored by Tobacco Products and Reynolds B, Fishers Body advanced almost five points, “Standard Oil of Californ'a and, Houston were added to the list of dectli in the ofl shares with Willys Overland preferred and Chi- cago Yellow Cab losing ground in the moter group. Call money opened at 3% per cent. A burst of activity in the copper shares, several of which advanced one to 2 points, with American Smelting reaching 64%, the highest figure of the year, revived the fag ging spirita of the bulls and intim| dated the shorts into covering, with the result that the forenoon decll: were largely cancelled; A number of specialties ruled a point or more beyond yesterday's closing, with General Electric gaining three points. The closing was firm, Railroad and gas company shares were marked up briskly in the late deal ings. Iutland preferred rising 3% points. Foreign Exchange NEW YORK, May 6.—Forelgn ox- changes, firm. Quotations in cents: Great Britain, demand 438%; cables, 439; 60 day bills on banks, 436%. France, demand 6.60%; cables, 6.61%. Italy, Gemand 4.51; cables, 4.51%. Belgium, demand 5.34; cables, 5.35. Jermany, demand per'trillion, .23%. Holland, 37.48; Norway, 18,89; Sweden, 26.47; Denmark, 16.99; Switzerland, 17.81; Spain 13.82; Greece, 2.14; Poland, .0000 Czecho Slovakia, 2.93 Jugo Slayia, 1.24%; Austria, .0014%; Rumania, .61%; Ar- gentina, 33.20; Brazil, 11.45; Tokio, 40; Montreal, 98 13-32, Cee Butter and Eggs CHICAGO, May 6.—Dutter, lower; creamery extras, 86% @36%c; stand- ards, 36%c; extra firsts, 35@35%4c; firsts, 9814@34%c; seconds 30@ 32%e. Eggs, lower: receipts, 49,640 cases; firsts, 22%; ordinary firsts, 20%4@ 2icy storage pack extras, 24c; firsts, 24Mo. SUGAR NEW YORK, May 6.—The refined sugar market was unchanged at 0 to 7,70 for fine granulated. Refined futures were nominal, Sugar futures closed easy; approx imate si 35,000 tons, May, 4.21 July, 4.86; September, 4.40; Decem:- ber, 4,05. MONEY NEW YORK, May 6,—Call money steady; high, 3%; low, 3%: ruling rate, 3%; closing bid, 3%; offered at 3%7 last loan, 34%; call loans against acceptances; 3% mixed collat 4%; 4:6 months, merc!al paper; 4 The Sin’ Francisco Seals evidently believe In the virtue of getting a good start fn their.race to annex another ‘Pacific -Coast league pen- nant, 44@ prime com teady; | WHEAT PRICES CLOSE HIGHER Broad Buying Power De- velops In Late Trad- , ing at Chicago CHICAGO, May 6.—Wheat aver- aged higher {n price today during the early dealings, Talk of 10 per cent decrease in the wheat acreage ot Saskatchewan was a_ bullish factor, and so to, was gossip about Ukelihood of a prolonged strike in Argentina. Beside, predictions were current that Europe would require Uberal supplies of wheat before har- vest: The opening here, which varied from unchanged figures to %c pishete with May $1.01% .to $1.01% and $1.06% to $1.06%. was fol- lowed by a slight sag and then by a moderate general upturn. ‘Wheat prices held up well in the later trading. Buying power was broader than has recently been the rule. Closing quotations were firm ‘ec to%c net higher, May $1.04% to $1,04% and July $1.06% to $1.07. Corn and oats were relatively sy. Yor the most part, trading loeg]. After open ng unchanged o %o higher, July 78%, the corn market underwent something of a setback but then rallied to about the initial range. , The market was affected by slow- ness of eastern shipping call.and by fsaies into store here. Corn closed steady, at the same as yesterday's finish to %c lower, July 78%c to T8i¥ec. Cats started at a shade to \o up, Iply 44%c. Later, fluctuations were narrow. ‘ Provisions held steady in line with the hog market. Open Close WHEAT— May . uly ept. ORN— May . Tuly - jent. ATS— fay .. High Low 1.04% 1.04% 1.03% 1.06% 1.07 1.06% 1.07% 1.07% 1.07% 1.04% 1,01 1.0' 8 78% 78% % 1 =f 46% 444 40% AT AMM A0% 10.80 11.05 10.02 10.20 10.5 10.83 Cash Grains and Provisions. CHICAGO, May 6,—Wheat—No. 3 red, $1.05; No, 2 hard, $1.004@ 114% Corn—No.2 mixed, 79c; No. 2 yel- ow, 79% @79%40. Oats—No. 2 white, 49@50c; No. 8 white, 47@48\c. Rye—No sales Barley—72@82 Timathy seed—$5.00@7.50. Clover seed—$13.50@21.00. Lard—$10.57. Ribs—$10.12. + Bellies—$10.37. LIBERTY BONDS NEW YORK, May 6.—Litberty bonds closed: 344, 99.28; 4%, 100.10; nocond 4%s, 100:6; third 4%s, 100.21; fourth 4%{s, 100.13; U, 8. Govern ment 4%s, 101 GLOBE FLYERS HOP OFF TODAY (Continued From Page One) two men at Port Molley, 100 miles west of Chignik on the north side of the’ peninsula had observed some thing moying in the’ sky Sundey which they “felt certain was an ¢ plane.” On tho strength of this, ad ditional searching parties invaded the vicinity today. No word ts ex pected from these searchers until to morrow at the earllest. Ideal weather for this time of the year has prevafled in the vicinity of Attu and Atka island the last two days and {t was believed that Lieu- tenant Lowell H. Smith, command. ing, Lieutenant Erik Nelson and Lieutenant Lelgh Wade today would be able to leave Atka island for At tu island, their last stop in Amert. can territory on this side of the world, The coast guard cutter Algonquin still was seurching along the south-/ for Ma Staft ern coast of the peningula jor Martin and his companior Sergeant Alva L. Harvey. WASHINGTON, May 6.—Liouten ant Clayton L. Dissel, advance off! cer for the army world flight expe- dition, advised the war department today in a dispatch from Dutch| Harbor, Alaska, that nothing more could be done on the Pacific stdg of | equal the peninsula to locate Major Fred. erick L. Martin, commanding offi cer of the squadron, missing since | 28 thing ae!by t le of the Bisse! cutter A the Be of eloped now mis een started on the no pe ningula,”” Liouter adding that the would be sent to search that not! nto ide th oft. {s ing © her off: commander trol nforre the Bering sea p Haida will sail Sunday and tinue along the westward route fc lowed by the three army machine which ar ulng the flight with force. The out wait Major Martin to found. e| ao for Czechoslovak Rep., 8c Ctfs. Dominion of Canada, 5s, 1952 French Republic, Japanese ds... Kingdom of. Belgium, Kingdom of Norway, Rep. of Chile, 8a, 1946 _ State of Queensland, 6s U. K. of G. BL EL, 88 American Sugar, 63 -..--. American Tel, Col., tr. Anaconda Copper "7s, Anaconca Copper 68, 1955 .-.. At. T. and San Fe., gen. 4s ~.....--...----.-------- Baltimore and Ohio, ov, Bevhlehem Steei con., 6s, Canadian Pac'fic de! 4s ...------— Chicago, Burlington and Quincy ref. Chicago, Milwaukee and St. Paul cv., Chile Copper 6s ........ Goodyear Tire 8s, 1941 -..--.-... Great Northern, 7s A --.s------. Montana Power, 5s Northern Pacific ref., 6s Northwestern Be'l Tel. 78 Puclfic Gas and Electric Penn. R. R. *gen., 68 Sinclair Con. Oil, Southern Pacific cv,, 4s Union Pacific firat 4s . TW, §. Rubber 6s ... Utah Power and Lights 5s Western Union 6%a ....~. Westinghoure Electric 7s Wilson and Co., cv., 68 Everyman’s BY GEORGE T. HUGHES Debenture Bonds and Why a Corporation's Word is Better Than a Good Man's Word Sixteen million dollara of 5% per cent debenture bonds were offered recently the Gulf OM! corporation of Pennsylvania. A few weeks be fore that the American Telephone and Telegraph Company offered 100 million dollars of 5% per cent de benture bonds. Both issues were sold immediately. ‘Those two issues ilustrte a valuable and simple phase of financing that ts not fully appre cluted by the public, In persona business transactions men and banks réadily aecept unsecured, promissory notes when the general credit of the debtor is high. In a sense a de- benture bond is similar to a promis: sory note. It is, however, much more than that. Jt {!s true that the loan is unsecured in that noth ing is specifically mortgaged. Nev. ertheless there are certain protective provisions in all sound debenture is sues wihch raise the iInvestmene above the promissory nete, Consider for tnstance the sions under which the two deben- tures referred to were sold. The Gulf Ot! Corporation agrees that so long as any of these 5% per cent debentures are outstanding and un- paid it will not create or permit to exist any secured indebtedness upon or against its properties including the properties of subsidiary com- panies excepting purchase money obligations on hereafter acquired provi- 5a A. 4% ----. Investment property, It also agrees that the quick assets of the company and ita subsidiaries shall at all time be at least equal to the aggregate amount of thelr indebtedness including the amount of these bonds then outstand- ing. In the same way the American Telephone and Telegraph company undertakes not to put any mortgage upon any of its telephone lines oF plants unless at the same.time it puts up security for these debenture stocks and bonds of its operating companies. In other words {t will not increase its secured indebtedness unless at the same time it puts up collateral for these now unsecured debentures. The {dea ts that if at any time in the future the company finds it necessary to give security for new capital the interests of the hold- ers of the debentures will not be sub- ordinated. Similar provisions have been embodied in many railroad de bentures. In some cases they have proved of great value to the holders. Before purchasing a security of this kind the particular provisions should be carefully examined in each case but when to the restrictions upon the company in a debenture bond are added a long and honorable record of promptly meeting its obli- gations, a sound finanelal condition exhibited by its balance sheet and Profitable operation testified to by earnings statements debenture bonds rank with many mortgage loans. (Mr. Hughes’ thirteenth article will appear in the Tribune next Monday) BUSINESS BRIEFS ATLANTA—A prospect of cheaper lumber by midsummer is checking building {n the southeast to some extent altho in the city the volume of construction passed the $1,500,000 mark for the first time this year in April. Small builders admit they are playing a “hunch” based largely on the fact that orders are running below production at the majority of the southern lumber mills, Shortage of farm labor and the necessity of replanting large acreages damaged by storms and bad weather has made ihe agricultural outlook less favor- able than at any time this spring. CLEVELAND—Attempt to raise telephone rates here has been checked temporarily as the utilities commission has suspended the pro. farket Gossip On Operation Beet Sugar Earnings. American Beet Sugar com- reports net income of §1,- for the year ended March 31 after preferred dividends to 2 #hare on the common stock, with $686,482, or $2.57 a the preceding year. Sur $449551, a gain of 89.896 celpts totaled’ $6,418,674, an of $761,879. Gasoline Stocks. Jump Just as the off trade was bogin ning to receive e nent from | the increase in consumption of gaso line, sentiment was hard hit by publicat of the governme statistics showing a 200 000,000 gals lon jump in stocks in duction of erud pany 515,9 8.10 mpared e in 1s wa | Grogs r cer Effected, Manufacturtr bt « Mer Wyokans Paid Of. Jers of Wyokans stock laced in escrow which some months conversion into cash att of $1.07 a share because he rate posed unified rate of the Ohio Bell Telephone company in Cleveland and Dayton, for 120 days. ST LOUIS—Bullding permits here totaled $2,810,065 in April compared with $3,890,805 for April 1923, but the number of permits increased by 160. The value of new building in the first four months here has been $11,091,942 as compared with $15,- 853.616 for the corresponding period a year ago. SAN FRANCISCO — Hawatian bound vessels will carry a heavy volume of freight from this port in the next few weeks, The embargo against Californ shipments — be cause of foot and mouth disease which caused heavy congestion here, has now been lifted. and Briefs sin Oil Fields of absorption of the company by the Western Oll company, today re ceived checks in payment for their stock. Each share of Wyokans brought $1.07 less .003 of a cent de- ducted for commission pala and revenue stamps, made principal to cover of interest sustained by reason of settlement being mad at this time instead of July 15, loss Wyoming Oils YORK, M 6.—Prices of tix at 2 m, today were New kk curb as fol- NEW Wyoming k Usted on Yor Hows Standard Ott (Indiana) 58%; Moun- tain Producers, 19; Mutual, 10%; Salt Creek, 26% hil bien oe CREE Sa: METALS YORK, M firmer; electr nearby, 1 fut Tin NEW per Ir Ste Lead Zino—Quilet and y Flour. EAPOLIS, Minn unchanged. Bran, May 6 H9.50@