Casper Daily Tribune Newspaper, June 15, 1924, Page 17

» SUNDAY, JUNE 15, 1924. a —— L * :: Finance PAGE SEVEN. Livestock :: All Markets Che Casper Sunday Cribune 4 Bonds b Stocks :; Grain rorweenersedl ‘Watch Wyoming Business, ing Year the country: over. Below are given erat current reports on conditions in. different sections of the state. Théy come from _the banks and are thérefore reliable. Each week the Tribune carries this business feature and it will pay every Wyoming citizen to follow it from week to week. » Livestock EVANSTON (UINTA CO! ‘Most of the wool in this vicinity has been: contracted for at around 40 cents a pound. ARVADA (SHERIDAN COUNTY) —Iivestock doing exceptionally well, Continued rains and cool ‘weather have brought out better grass and range conditions than for several seasons past: Calf crop will be about normal after deduct- ing losses in spring storms, Sheep nearly all sheared but no wool sold to date. Lambs will probably not be contracted, but shipped to fall markets. There is a considerable ncrease in.the number of dafry cows around here. KEELINE (NIOBRARA. CO} —Otis Hughes shipped a car of year- ling steers that have been fed on the Hitshew ranch. six milea. north of Keeline, to Omaha, They brought $9.10. These steers were fed on ground corn and alfalfa. Mr. WALL STREET SHOWS RECORD STOCK JUMPS Industrial, Railroad and Government Bonds Up to New High Levels in Tune Markets. With NEW YORK, June 14.—Doings at the Republican national convention giving confidence to Wall Street, and exceptionally low money rates, put a kick {nto stock and bond prices in the market this week. Profit taking threw somewhat of a reaction into stocks jn the closing day. Withstanding this, however, were industrial, railroad and gov- ernment bonds which continued up- ward to new high levels. Money is dragging and begging attention, proof of this lying in the reduction in the local and Boston federal reserve rediscount rates to 3% per cent. This action brought relaxation on time monty and com- mercial paper rates. Time funds fo. 90 Gays stood available at rates ow as 3 per . Call money flopped to 2 per cent on the stock exchange, the bottom since 1917. On .the “outside” call money mean- dered for takers at rates reported cringing at 1% per cent. Rails were unbuckled for a faster stride and made a showing, espe- cially those railroad shares around which merger stories have been draped, Some 20 or more rails jumped to a new high plane for the year. In particular, speculative at- tention was directed upon railroad shares on Saturday's market. Sev- WHEAT PRICES TAKE TREMENDOUS BOUNCE Lower Canadian Crop From Severe Heat Two of Main [HIGH GRADE BONDS. NEWS AND QUOTATIONS BY LEASED } Probably prove to be the low level of the year, sales of cars at retail Wyoming Business and- , Special Tribune Reports Remember: 1925 is to be Wyom. | this load aivises that the profit on ‘Was very satisfactory, Agriculture EVANSTON—Some alfalfa frozen &p result of very heavy snowfall last damage Hh wenennananm 108% Atlantic Coast Line ...-..-124% B ldwin Locomotive wh week which did considerable timore and Ohi 87 to trees. Practically 37 inches of| Bethlehem Bteel ee-2ieena.. 46% snow was precipitated. 21% ARVADA—Winter grains in very | Canadian 146% God condition but spring grains 1 need warmér weather for good grow- ing. ' Corn backward but nearly all seeded and out of the ground. Pienty of rain.Some corn but little of other Brains carried over from last year. KEELINE—All crops are a little backward because of the cold apring weather. A few Warm days and everything will grow rapidly. A large acreage of corn ‘has been planted, as the corn crop last year was the best paying crop ralsed. Chile Copper -2....2------. Cota Cola -2s esse ese nessee Colorado Fuel and Tron .... ewewsenns 68 | Miscellaneous Cuba Cane Sugar pfa, -s... + EVANSTON—Union Pacific ratt-| pu pont de Wonollee Done road seems to be picking up during past few days. \ ARVADA — General merchandise business reports sales to date ex- ceeding last year for each month. KEELINE—The Lusk State bank at Lusk, Wyo., which opened for Great Northern A wae ee Gulf States Stee) -..__. business May 26, reports a very good | Houston Oil... oe 8 business, with deposits around $100,.| 1} Nols Central ---———.-—--« 103 B 000. ‘Mr. Erwin, cashier, is welll Int aor Mating pean ena ae pleased with the support given by] Int, Tel, and Tél. c-ccccc-.. 74 the citizens of Lusk and the sur-|Invinctble Oll :.--..--s220--. 11% rounding country. Kelly Springfield Tire ...... 14% Kennecott — 8t Louisville and Nashvil! Maxwep Areas. 5 48 Middle States Oil ---..,... 2% Missourl, Kan. and Tex. .... 18% Missouri Pacific pfd. ........ 4814 National Lead ...-.-........ 187% New Orleans, Tex and Mex... 100% RPA cp oicncon 104% 21% Norfolk and Western ..-. 128% Northern Pacific ---e.0---.-. 57 Pacific Ol’. wesennaenemsecws 47 Pan American Petroleum B. 49% Pennsylvania ----ge-ennen-- 444% Producers and Refiners ~-..24% B 21% eral Jeaped up, but the mafority stood by and held on to their re- eee ecentecene Sinclair Con -.0--¢esunm---. Sloss-Sheffield Steel ‘and Tron Southern Pacific —--_- gee Southern Railway. . Southern Railway pfd. Standard O!) of Cal. a Standard Of! of N. J. ----- which way to travel when word came of the cut in Pennsylvania crude. There was some irregular- ity falling on high priced coal car- riers. Lackawanna made it up to a new 1924 record by showing at 126. Profit taking dented Delaware and Hudson and Norfolk and Western, using them to do a little retreat. five-point climb was made by Woolworth (néw) to 9, doing a reo- ord for the year, and 16 points higher than closing figures on it last Saturday. Both Fisher Body and Kresge made it up five points. Closing was firm. Sales were close Texan Co... -.--pepinee epee: Texas and Pacific ----.-- to 550,000 shares. Westinghouse “Blectrio During the week trade news was| Willys Overland — not so good. What stood out as | Woolworth impressive was the report of the May unfilled tonnage statement of the United States Steel corporation. A decrease of approximately 600,000 tons was indicated, thus making it evident that orders on hand were at the lowest level in 10 years. Not- withstanding, steel shares travelea| Bessemer --. 2628 upwards not long after the state-| Big Indian ---------- .04 — .05 ment was issued. Weakening of] #oston Wyoming -.-- 1B .80 commodity prices reacted against oe Creek ~---..-. od ae sugar and co hares. UPK® o---A—<eewen=— +i S a tases Blackstone. Salt Creek .27 32 Cow Gulch ----..---. 03 05 Doraino weewenne UC 08 Elkhorn —------—--- . .04 06 Fargo -.—-0--+-----= Frantz Gates --pneeaqeaienon Jupiter and Possible Damage Kinney Coastal --s-.. 076 .08% Lance Creek Roylilty .. .01 .016 Marine .. = += 3.15 8 534B 1% BABSON PARK, Mass., Juhe 14. —There is @ bright spot in the more or.lesa cloudy business_outlook .ac- cording to Roger W. Babsop, the statistician, who today predicts that We ‘will again seé the day when sound bonds will sell on a 8% per cent basis. “A detailed study of Investment conditions made by my associates in Babson Inatitute shows that the investment market travels a broad trend running Between 3% per cent as a low average yield 16 around (6% per cent as a high point,” days Mr, Babson. “Diiting the last: two hundred years this swing has been repeated four times and all indica, tions are that we have. now. star’ on the fifth movemeént.. Bond priv’ for instance, were very low in 1575, oud bonds were theh yielding € 20 per cent. By 1880 the market had risen so that securities were selling on @ 4.90 per cent basis. Five years fater in 1885 we find. tha'.- prices Lave risen so as to give an average seld of about 4.30 percent and by 3900 we had good sound bonds sell ing as high as to yield 3% per cent. “Then the down swing began and by 1905 bonds sold on a 4 per cent basis, In 1910 they-were around the 4.80 per ¢ent level. The © per cent basis was reached in 1915 and by 1920 we found these same good bonds selling on a 6.40 per cent basis. We have charted the bond ta'het since 1920 against this pre vious swing and the parallel be- tween the action of the investment markets of the late eeventies and the early ninetesn twenties is re maikable. Bonds rose from the 6.40 ait cent basis to 4.85 per cent in the first five years cf the present wing, exactly as they did in the last century, and have now started on & sidewise movement exactly es they did in the early ties. ‘If the swing is completed, and both history and the action of our current market indicate that it will be, bonds will be selling at prices that will again yield less than 4 per cent. While this strengthening of prices will not be steady, the: broud trend should be distinctly upward and the investor will benefit both from his interest and from: ab in- crease in equity.” ‘ ‘When aske} about the immediat® outlook for bonds Mr. Babson re piled that he would give us the facts By GEORGE T. HUGHES. c ht, 1924, by Consolidated (Copyright, , ; Government Bonds. Bonds may be. classified under four general heads. First there are government and municipal bonds. Second come the obligations’ of rail- roads, third those of public utili- ties and fourth those of industrials. A well-balanced list will contain rep- reséntatives of all thee Classes. There are advantages and disadvan- tages connected with all four. The difference between the government issues and the other three is moré marked than are the distinctions among the rest. Generally speak- ing & government bond has no spe- cifle security such as is back of a raflroad or an industrial corporation issue. There are a few foreign goV- ernment issues, mostly of countries of relative financial weakness,which are a specific Men upon certain cus- tom revenues or internal’ receipts but these are the exception. For the most part a. government bond depends for its rating ‘solely upon the tredit of the government. 60 | GOOD BUY-BABSON Improying “Marked for All Issues. in: Forecast Of Future Trade Conditions. —_—aA___ and let us draw.our own conclu- sions. “Bond __ price: says he, “are de pendent upon several factors but react most quickly to changes in myey rates and In the levels of commodity prices, Business, for inatance, is slowing up at the pres- ent time (the Babsonchart shows present activity at-13 per cent be- low normal) and the demand for leans by high grade. . ¢ommercial firma is small. Money that ts or- dinarily loaned to business men is Piling up in the banks. Rather than lose all the interest on it the bank- ers put it into bonds temporarily. d This buying by the banks increases the demand for good bonds. At the *|same,tima the business man finds that his operations do not require additional investment as they do when things ars booming. He in turn buys bonds with his surplus and the demand fs again increased. Later when business picks up and the banks again have a demand for commercial loans they sell their bonds to supply. the cash to their commercial borrower Business men likewise liqvidate part of theif holdings to invest more money in their business and the bond market suffers temporarily from too many sellérs and not enough buyers. “It business gets worse, the de mand for good sound bonds for sur- plus funds of banks, truet funds and private enterprises will increase proportionally and prices will tend to strengthen. Later when things begin to boom again money — will flow back into industry and the bond market will show signs of soft- ness. Whether bonds .rise furthe: holds present levels, or Slightly, will depend upon the sever- ity of the present dullness in gen- eral business, “My advice.to the investor, how- ever,” concluded Mr. Rabson, “is to disregard all these slight inter- mediate fluctuations and. to buy good sound bonds with his funds just as fast as he acoumulates funds, depending on the broad swing over the next twenty years rather than trying to catch a two penny profit on some minor fipotua- tion, Buy good bonds for steady in- apme and for a substantial increage in equity between now and the time you, will’need the money.” Investment when one speaks of ‘the safety of any particular government issue what is meant is the financial sta- bility and the reputation for meet- ing its obligations of that particular country. The only two points to be considered in the case of a gov. ernment bond are the ability and willingness of the borrower to make payment of Interest and principal pal atthe, appointed time. Every: thing else may be disregarded. Now. \t,{s at once apparent there Is no nation on earth that stands #0 high in both of these respects as the United States, Liberty bonds, there- fore, demand, the highest price in all the matkéts. No one is insane enough to doubt that the pledged word of this government will be kept and everyone recognizes that there is. no. other country with such enormous resources back of the pledge, Apply these tests to the government bonds of other nations and you have a gulde to their invest- ment rating. You. will find that Canada-and-Great Britain rank next to the United States with such countries as Holland and Switzer- land not far behind. Trade News Fruit, MONETT, Mo,, June 14—The Te- turns from the strawberry auction sales here thie season up to June 8 amounted to $1,192, The sales have yielded from $80,000 to §120,- 000 a day, They ha eon- ducted by co-operative fruit “grow: ers’ associations, » WINCHESTER, Va.; :Juné. 14.— Boya.C.. Richards, apple grower and exporter, just home from abroad, stated today that all foretgn mar- kets will shortly accept only official. ly Inspected and passed fruit front America. on, ' LOB ANGELES, June 14.—Bigh- teen of the thirty-four néw wells started last week were located in the Torrence field. “Return of ac- tivity to the Kern county field i# indleated by inauguration of work on six new welts. The total new operation aincé January 1 is 707, compared with 702 a. year ago. ‘Wheat, 8ST. PAUL, June 14.—Reduction in the estimates of t Minnesota wheat crop which makes it the lowest crop since 1872 Is attributed to reduction of acreage as the con. dition of the wheat is satisfactory. The estimate is for 16,000,000 bu shels, or less than half the five-year average. ; Vegetables, BOSTON, June 14+—-The over supply of lettuce this season has brought prices 86 low that growers May abandon théir fields. Prices quoted are 25c a box 18. heads. Some farmers are feeding lettuce to farm animals. SEATTLE, June 14.—shipments of lettuce from Puget Sound valleys will be only about half as large as earlier anticipated. The mdve- ment is expectéd to total 700 to 800 carloads, which will be distributed as far vast as Minnéapolis, Chicago and Cineinnat!. Automobiles. CHICAGO, June 14.—Auto dealers here report new oar sales on a par with sales of last year this time and sales gradually increasing with ‘warm weather, The used car situa- tion ls reported, however, as drag- ging. Tron and Steel. READING, June 14.--The Read- ing Hardware company has laid off some wofkers in the last fortnight, owing to decrease in demand for builders’ hardware. Business is improving, however, at other iron plants, Coal. PITTSBURGH, June 14.—SMok Prices are easfer in the coal market here, with steam grade down to $1.20 a ton and gas slack at $1.80, changed. Hand’ to mouth buying Mine ‘run prices are generally un- early improvement. continues with little prospect. for INSURANCE COMPANY IS ORGANIZED HERE The Yellowstone National Life Insurance company, the first com- pany in this line of business to have headquarters in Casper, has just been organized. Headquarters are temporarily in the Zuttermeis- ter bullding. Officers are T. J. Dia- mond, president; C. A. Bartan, vice president and general manage! E, Beal, treasurer; P, HM. Smith, seo- retary, and Harry-L. Barton, assist. ant secretary. Diamond, Beal and Smith have been connected for sometime with the Guaranteed In- vestment company here and = con- sequently have a Wide knowledge of fnence and security. The Bar- ton b*others have*been in the in- surance business for 12 years. Last lence and experience ing money is thus .obtained, a necessary ability on the part of those who would start in such & game. Like all insurance com- panies the Yellowstone National Life is under the supervision of the laws of the state: The state insur- ‘ance "commissioner has practically in invest- J. | dictatorial powers when it comes to questions of investing funds, thus making failure of a company prac- tleally impossible, Confidence in the future of Casper was expressed yesterday by the of- ficlals of the company. C. A. Bat- ton who came here recently has al- reddy purchased a home and intends to stay, as do the other officifils. It is expected that at least 20 men will year in North Dakota they produced $6,985,000 worth of business and in four and one-half years produced more than $16,000,000 worth. A combination of insurance exper- be employed in a short time: after the company {sin full operation. The Yellowstone National Life Insurance company {s capitalized at $160,000, Car Manufacturers Will Cut Down on 1925 Output By J. ©. ROYLE. (Copyright, 1924, Casper . Tribune.) NEW YORK, June .14,—The mobile manufacturers who began this. year leaning forward in their anxiety to have enough cars prob- ably will begin 1926 leaning well back in an effort to avoid having surplus machines on t hands. It is generally agreed that the auto- mobile companies are not likely to enter another winter manufacturing campaign similar to that just past. The theory that sales were lost large numbers in past years in owing «to inability to. deltver tn April, May and June, was pretty thoroughly punctured by experi- ences this spring. Sales analysts now admit that the public is likely to rush in and defmand cars when they are not plentiful, but will hold back orders when they know that every maker has ample stocks on hand. Next spring, there ts going to be careful guard against over- Production, and as a result there may be another spring rush. While production in May and eo far this month fell to what may in many sections during the last six ‘weeks have shown a decided in- crease oyer April. The discrepancy between production and sales repre- sents the reduction in stocks of cars manufactured earlier tn the year and means a gradual return to normal. Had retail sales declined along with production, there might have been something for the automobile men to worry about. But as mat ters stand, nearly ull the prominent makers have established a balance betweetr cars on hand and in pos session of dealers. Financiers clos ly allied With the industry feel th this indicates production shortly ‘will increase to care for late sum mer and fall demand and for mak- ing of new models. Total fetail sales in Wayne coun- ty, including Detroit, were 8,607 in May. This compares with sale of 7,767 for May, 1923, which was the previous highbrecord month in that looulity. Sales for the first five months of the year in Wayne county were $4,882 as compared with 27,442 last year, ‘ Dodge Brothers retal! deliveries in May totaled 23,297 as compared with 20,790 @ year ago. This was t largest May business tn the history of the company and stocks aro lower than at any time since volume Production was started. May retail deliveries of the Paige Detroit Car company amounted to 5,294 Paige and Jewett cars, as compared with 4,800 In May, 1923. Tho total sales of the company for five months amounted to 18,850 as ngainst 17,806 for the corresponding period of last year, The Ford company has let the contract for a new assembling unit at Dallas, which will bring the plant there to 105,000 cars and trucks a year. The Ford concern has reserve timber supplies at L'Anse, Mich., amounting to 36,000,000 feet, of which 23,000,000 feet are already cut The Ford mill ts sawing 180,000 feet daily. A place has been made for Edsel Ford on the board of the National Bank of Commerce of De- troit by increasing the number of dirtetors to 19. —— Inspecting Mining District. Five auto loads of Casperites left here Saturday morning for a trip to the gold mining district surround- ing old Atlantic City in. Fremont county. They took with them the piacer machine recently en display at the Van Sant garage, and will test jt while there, Expectations are that there will be considerable cetivity in the district during thé rummer, the Homestake Mining and Milling company being already hard at work there. found in the Rozet test well near GNette. Ths hole ts betus drilled at 1,570 feet. [Standard Oil Stocks } Anglo . 14% 15% Buckeye - --—~ -- 62 63 Continental . ——-----. 3941 Cumberland - —-------125 128 Calta - —..._ Bi6t Tiinole . -—. 180 In@ana . 90% Nat Tran -.. 21% N. ¥, Tran . .——----.. 70 Nor. Pipe, ascacercng-e> Ohio On Solar Sou. Pipe & 0, Kan .—.. 6. Oi By ceeneesnseee: 8. O. Neb. 8. 0. N. ¥. EY + -- 38 8. O. Oblo .. 282 WHEN THE DOOR to our Safety Deposit Box Vault is open you can swin it closed with one hand, but it Reasons for J ump. CHICAGO, June 14.—Wheat prices were given a tremendous bounce up- wards this week by a sudden clip+ ping of the government estimate of the 1924 domestic crop. Uncer- tainty as to possible damage by heat waves, and the predictions that the Canadian crop will be close to 125,000,000 bushels less this year, Were additional factors in shoving Prices to a high level. A gain of 6% @6% to 7% cents ‘was shown today over the’ quota- tions on wheat a week ago. Corn] atood up 3% to 4 cents, Oats jumped 1% to 24% @2% cents. Pro- visions played from 15 cents decline to 17@20 cents advance. ‘What popped out to excite traders and catised them to boost prices, was the unexpected official forecast of a radical curtailment in the prob- able yield of wheat in the United et this season, Individual ex- perts counted on a shortage but their figures fell far short of those Dut out by the government. Along came forecasts on Canada’s Probable yield this season, and they chalked up only 275,000,000 to 925,- 000,000 bushels for 1924 against 450,- 600,000 bushels for last year, This fave impetus to the upward trend of price. Add to this the uneasy feeling that a hot wave in the south- west was a possibility for further decreasing the total output, and the A—B—C ELECTRIC WASHER FREE at the 1c FASB: St Phone 10682 cause of the rise in wheat fs seen. At the same time there has been profit taking in an unusual degree, more than there has been for months. i. Corn and oats kept up to some extent the pace set by wheat. In the background to holst prices of feed grains has been plenty of un- favorable weather and grop condi- tions. Lard was given « run for export#, putting a new feature on provisions. CHICAGO, June 14— Open High Low WHEAT: July ----- 1.11% 1.12% 1.11% 1.12% Sept. ---~ 1.13% 1.14% 1.18% 1.14% 1.15% 1.16% Close 1.15% 1.17 4% A 4 ATH ATH 46% 42% 42 Al 44 48% 4 19.60. 10.87. 10.50 11.87 10.80 Sept. ---- BELLIBS: July ase Sept. Wool. PORTLAND, June mated here that about 4—It in onti- been sold, “The total clip ia éatimat- 6d At 18,000,000 to 20,000,000 pounds. Locally prices seem to be ebbing With 36446 bid for fine woot. six million | Notches pounds of the Oregon wool clip has) Pilot Butte os..sssssessassas Mike Henry .----~<= 00% 01 Mountain & Guif —..140 1.60 Picardy -----s----ense 02 Preston 1% Glenrock Oi) -.-.-2:.. Salt Creek Prds, -... Balt Creek Cons, -- Prod, and Refrs. -... Cosden Mutual ——.—........ 8. O. Indiana -.._----. CRUDE MARKET atone sa ny F Cat Creek Lance eon nnn ene nnn 1.05 ef | 1.95 1.10 1.60 1.50 1.10 1.05 1.40 1 Sunbugat Hamilton Dome -------—.~--- Ferris Byron siedaasioncssenseonssees 1? ? Wyoiting Motorway ft 2 Further Recession Is - Noted in Wool Prices nearby farm lips 6r Bates delivered at the door, for 80 and 82 cents, the latter for the best Colorado wool, which may be roughly class ed as worth 3 cents a pound below Further recession af 1% to 2 cents & pound fn the nominal prices of raw wool, and an almost complete withdrawal of buyers from the sources of production in the Rocky Mountain region, are’ the distin-|the average Wyoming grade. Off guishing features of thé industry in| grades in small lots are being thie #ection. bought at as low as 26 and 27 cents. Coloradé shearing is now quite generally under way in those sec: tions of the state where it was not finished before Jambing began. A few. of the sections..will not begin until, June 15, delayed either by lambing or awaiting settléd weather so that the flocks will not be en: dangered by cold and rain, In Wyoming, the Warren Live- stock company, with offices in Cheyentie and shearing pens at Pole Creek and Willow’ Springs, began shearing on May 31. This company’s output of 350,000 pounds is unsold. King Bros., at Laramie, aré shéar- ing now, and thelr 100,000-pound clip ts also unsold, . June 15 will see miiéating Under way with Alex: jces are now fully 8 cents a pound below the top contractin, prices of last February, and 10 cents & pound below the prices paid in February for 1923 wool, At the same time, they are 5 cents a pound be- low the prices at which — shorn wool was selling three weeks ago. ‘The only important sale in thig region during the lest 16 day was that of the Swan Lahd & Cattle C6,'@ 500,000-pound output in We ominz, contracted at 41° conte a@ ind by Dewey, Gould & Co., of ton. ‘This contract was njade on N 1, since which time prices ha weakened at least 4 conts a pound. ‘The price at the time Wak acknow!l- @dgén to have been high, but It is & Véry choice clip and this i® thé] andér Nimmo, who will — product fourth year that the sathe housé has| 40,000 pounds near Cheyenne, and bought it, so a premium was paid, | with James Wiikerson, whose ou *Pini gbert. John Clay & Co. control the Swan Land & Cattle Co., whose head- quarters are at Chugwater, .with shearing pens at Slater and Look- out. Shearing of the Swah flocks began June 6 at Slater, Where 300, 000 pounds will be produced and will start in 10 days at Loékéut, where the yield will be. 200,000 pounds, With the buyers out of the mar- ket, nothing better than nominal quotations are Available now, Den- ver Wool houm ve bought a few put will. be 25,000. pounds Bluffs and 35,000 pounds at Thess lots are unsold, (hose houses that contracted last February to buy Rocky Mountain wools at the top price of 41 to 43 cents, “Already haveran 18 t6 20 per cent lox#, as this wool is only now being. shorn, and myst either be held or Zo into manufacturé In com petition with, wools of the same quality {hat ean be bought now, at least in the smaller clips at 35 cents, "weighs FOUR TONS. ‘Safety Deposit Boxes Rent For Four Dollars ' and Up Per Year — ‘THE CASPER NATIONAL. BANK CASPER, WYOMING A, J. CUNNINGHAM, President PATRICK SULLIVAN, Vice- President |. K, DBAVER, View President ©, Ht. MeFARLAND, Cashlex A. EB. Smith, Assistant Cashier H, J. WALTERS, Assistant Cashier R. EB. BARTON, Auditor P, ©. NICOLAYSEN ESTABLISHED 1889 35 Years of Service-May We Serve You? oPARa etser esorTrs?T i