Casper Daily Tribune Newspaper, June 22, 1924, Page 8

atone Sata Dew Seb ames meee BOQ Fee rss oposesureuscen sae 2 PAGE EIGHT { Current business reports from sev- ral different sections of Wyoming, as submitted by the banks, are given as follows: Livestock. Manville (Niobrara)—Cattle are in good shape; calf crop averaging alose to 90 per cent. No market. = Worland (Washakie)—Range con- ditions continue to be above normal, stockmen ‘reporting them to be bet- ter than for the past 15 years. Re- ports on lambing show it to be 10 to .15 per cent above normal. Favor- gble weather has aided in shearing. The wool is of good staple“and ex- eptionally clean. [ Shawnee (Converse)—Range. catt!s fn fne condition, Ranges are better than they have been for years. ; Dubois (Fremont}—The range is Getting to be very good and cattle @re showing quite an !mprovement. Horses are also in good condition. Evanston (Uinta)—One herd of mixed cattle sold here at $40 a head. Agriculture. | Manville—Wheat and oats are ooking good but have not been mak- ing the showing the yshould have for this time of the. year because of the late spring. Potatoes not all planted yet and practically none up. Worland—Prospects are good for Bifaifa this year. New plantings tre making good progress. Small grains and corn promise good yields. Fhe bonus on last year's beet ton- the recent slowing up of tivity mean that business is on Enc toboggan or will the present dull ive way to another boom? The fuestion is uppermost in the minds Sf nine out of ten business men and not a few who are not in business Yor themselyes. It was put itoday to Roger W. Babson,’ statistician $rQ ‘authority, who has the: figuree jf present activity’ for every im- fportant Industry in the country and Zor practically every trading center. * “Whether we are having a bust- ess depression or not,” replied Mr. fBalson,, “depends a great deal upon fyour point of view and upon what fou mean by depression. The Fovacors flood probably would not ye impressed Noah but it’ was lenty serious enough for those who fwere involved in. it, Technically, Does Sbusiness ts below the normal; zone. lines the: |depression is but a slight slack- Tening in trade is being felt. Per- Shaps the easiest way to get at the ‘present position of general business 3s fo compare it with the depressions fof the past that we have had an eppertunity to view in retrospect. We look back, for instance, on 1907 jes a panic year,—we still carry ‘some of the scars inflicted by the Slack months of 1920-and 1921. Will Bre look ‘back on 1924 as a year of feerious depression or merely’ as a year when things were a Bit slow? = “During the year 1907 general Musiness activity fell. from a point A6\per cent above normal to 24 per leont below normal, a most pre. Sipitous decline, making a total! loss fof 40 points in twelve months. So Bar in $924 general activity as re Sflected on the Babsonchart -has de- #iined from about 4 per cent above mal in January to its present dition, 11 per cent below normal. Dommodity prices lost about 21 nts in the panic of 1907 and .cém- ity prices today are higher than Whey were-at the first of the year. fhe. index of stock prices in 1907 Zell from 105 in January to a low thf'55 in December, one of the sharp- ‘dst declines. in. recent. stock market Thistory. There is relatively little ichange between stock prices today nd those of January first. ‘Money ras scarce in 1907 and real. panic Fonditions prevatied. We have, noth- Gng similar to this situation today fnor is there any prospect of such a Bevelopment ‘at ‘the ‘present time. £ The difficult years of 1920 and $921 which stood the brunt of post- rar readjustment are fresher tn our gainds.” In January, 1920. . general ivity was 21 per cent above nor- §mal. By the spring of 1921 it was . By FRANK D. McCLAIN. — PHILADELPHIA. — Bion of the United States fell off at feast 16,400,000 pairs the firs Jour months as compared with tho ame period of 1923. This appar Sntly has been due to the drop tn Bomestic consumption. England's Bhoe trade, Jocal manufacturers say x much improved and this ts find | liad ale tle een tn laa NOTICE A meeting of the Stockhold- ers of the Mining Develop- ment Inec., will be held Mon- day evening, June 23 at Harry Martin’ « office in the th z at 7:80 p. portance Shoe produc in IRONS, Pres Wyoming Business and. Industrial Survey Fra Sk =e Special Tribune Reports nage, amounting to $1 s» ton, is, being paid by’ the’ Wyoming Sugar. company. This is of great assist- ance to the farmers in taking care of their beet labor. Shawnee—Corn is late, replanting being necessary in* some’ cases. Wheat is In good condition. Oats are looking extra good and large yield 1s expected. Duhols—Alfalfa is growing rapid- ly and recent rains and snow gave oat good start. Miscellaneous. Manville—Prospects are excellent for good crops. However, rain is badly reeded at this time. ‘Ranges are still good but need rain. Shawnee—Prospects for returns to farmers this fall,are the best in the history ‘of this community, There is a great improvement com- ing over this section due to farmers getting into the raising of corn and hogs. Cream checks are helping, too. Duboisa— There is considerable building and a good demand for labor here. The mercantile busi- neas is showing improvement. Evanston—Work of the ‘Unfon Pacific railroad seems to be picking up a little. Those turning in the above re- ports are the First National bank of Manville, First National bank of Worland, Bank of Shawnee, Dubois State bank and the Evanston National bank. \. PROSPERITY IS DUE SO BABSON STATES BABSON PARK, Mass., June 21./ running at 25 per cent below nor- mal,-a loss. of. 46. points in about 15 months. Our present situation in which we have suffered a loss of approximately 15 points. daring the first half of this year does not look so ser.qus by comparison. There was no money panic in 1920 and 1921 due largely to the ‘operation. of the Federal Reserve gystem but. commodity, prices sufferéd the most drastic’ decling in history, dropping from the high point of 297 to @ Tow point of 130 in less than 12 ménths: Stocks dropped from 93. to 66 and heavy inventory losses forced many reputable concerns into many of them eventually into. the hands of the recetver. “The present more or Jess uncer- tain businéss weather then «can hardly be d@ased with’ some of) the storms we haye experienced during the past few years. ‘hs most re: show that the 42 leading industries now average about’10 per cent Jess busy than they, were a. year-ago. In spite of this fact we find that 14 of these 42, classifications are. pro- ducing as much or more than they Were at this same” period, in \1923. Bakery products are running about 6 per cent ahead of last. year, the beverage business ts leading by prac- tically that same margin. Brick manufacturing is about 10 per cent ahead of a year ago, cement shows just a 5 per cént increase. Women's clothing,. Jewelry. and. printing and publishing are running about the same as last year. Meat packing is 2.per cent ahead .of last: year's fig- ures while petroleum products show an 8 percent gain, and piano manu- BUSINESS BRIEFS facturing is running 10 per cent ahead of last year. “The slowing up of business has surely not developed. panic dimen- sions. As a matter of fact, its down swing which has developed’ was clearly Indicated by ‘fundamental conditions a year ago. It is a natu- ral normal-completion of ‘the period of ‘readjustment which was inter: rupted bya sudden spurt in’ bus ness in: late 1922 and’ early 1923. For five years between 1915 and 1920 business ran continuously above normal and developed a great period of inflation. During 1920°and 1921 and. early 1922 we suffered a rsther drastic readjustment. It did not entirely offset the inflation of the previous area, however, and the premature boom of early 1923 could not last under such coniitions. Apparently we are now going to complete the .readjustment in an orderly fashion and prepare for'‘an- other real period of prosperity.” ing a oréfiection here | orders for shoe leather: NEW ORLEANS.—Custom house in “increaged receipts show .259 vessels entered this port’ last. month. Their’ ton- nage was 704.264. Two. hundred and sixty-four vessels with a.ton- nage of 696,000 cleared for other potrs. These figures, a big increase over March or April, was due to in- creased ofl shipments in» the: inter: coastal trade ~There DETROIT.- has been) a marked change in the status of: the farm labor situation in Michigan, | due to slowing down of the guto: mobile industry. ‘The ratio of sup- ply to demand has advanced from 85 per cent April/1 to 89 per cent May 1 to 98 per cent | DENVER. — Put prover | costing ments progress nal ww let haye been here. Ce |to cost § beer | expenditures of $791,421 authorized. the» hands of the banks, and too cent figures on ‘industrial activities oie ers ‘Western: Western Oll Fields ---» 18%” 14% Western States -.-.. 14 15 Wyo-Kans -...--—-- 0 1.00 bans Sa SLADE TA Agent a: NEW ‘YORK CURB CLOSING Mountain’ Producers ~ 18.50 18.75 Glonrock~Oll ---24--- 84 Salt Creek Prds: --... 23: Hd 24.00 Salt. Creek Cons. (=. (7.75 8.50 Ohio 61.75 62,00 Prairie 214.00 216,00 Prairie Pipe x Mutual .. 8s. oO, (By Wilson, Cranmer & Company.) Alliea- Seca, ray & Dye American American American American American American American Anaconda Atchison Atl, Gulf and) W, Indies Baldwin Locomotive Baltimore ana Ohio -. Bethlehem © Steel --. California Petroleum ~—~---~ Canadian Pacjfic Gerro e Pasco’ Cop) Chandler Motors Chesapeake ard Chicago. & - Northwestern. Chicago, R.\ I. ahd’ Pac. -.. Ghile Copper« ---...._..-. Chino Copper -.. Consolidated Gas .. Corn Products . Cosden Ol! Crucible’ Steel Cuba: Gane Sugar pid . aerate — Smelting & Refg -- Sugor --------..-- General Electric -.. General Motors, -------2-.-.- Great Northern pfd.--.----. 60% International ter 8% nt. Mer.” Marine pid: 344g International Paper Abts Kelly Springfield) ‘Tir 10% Kennecott. Copper we- 89% Meck, ‘Pruck ~ 85 fariand Oil 31% faxwell Motors 60 Middle States Ot - 2 New: York Central 104% Northern Pacific 56 Pacific Ol -.-.. 43 Pan American Petroleum Bu. - 50% Producers and! Refiners. - 26% Pure Ol 21 Reading 55% Republic ‘Iron and Steel — 45% Sears , Roebuck © _ Sinclair. Con. Oil Southern Pacific Southern” Rallway Standaré Oi] of N, J. Studebaker eres Texas Co.) 225. Tobacco: Products bi United States Steel Utah Copper _-... 69% ‘Westinghouse tater - cox Wil'ys" Overland | 7% Butte and Superior 14 Colorado Fuel and 1 = Standard Oil Stocks Anglo _ ee oi) wetennnaann' 90% 92 21% 21% 70 a3 Ohio Oil * HH Prairie Pipe ---...... 03 104 Solar Ret Sou. Pips 8,0. Kan . Cat Creek PWNS ranatseae 2 Lance ‘Creek ORREO) ani ens peroceeresenne Grass Creek light’ ..... Urday Creek, heavy Greydull + | .cosevcctepspeeneccon Torcbiight --------seeeenee Bik Basm -------.-. Rock Creek ~.------- «-+----+ 1.70 Balt Creek .---neencnmennnvnne 1.60 Big. Muddy ..... - 1.60 Mule. Creek 1.10 Sunburst ... . 1.05 Hamilton Dome ~ 140 Ferris |. <4 Byron . 24 Notches ~ - Pilot Butte . ~ 1.10 Lanter ~~~ -0-n0---enenccncnen +10 sorvative investor, NEW YORK, June 21.—Ol] shares furnished the, feature of. today’s} gra .| Prief session of the. exc! by coming into such strong demand that shorts were forced to cover in many instances and. prices m higher in sympathy with the gen- eral trend of the market for the lest’ week. Both stock’ and “bond baerint showed marked im ent. juying of ‘a Beléctive * kee area governed today’s trading,” to}¢ some hesitancy on'the part of trad- ers inspired: by the steady’ advance in ‘prices. ~ The closing was ‘firm, however, with ‘total ‘sales for the day “amounting ’'to approximately 360,000 shares. * “The most consistent | demand | of the week was noted)in the railroad] shares which scored striking gains along with a few industrials. The demand for rails was influenced by increases in car loadings and sid sion of investment funds into high le rail issues. erin prices prevailed in steel sbarcs although no improvement in the trade was shown in weekly re- views. of industrial. conditions. ‘Considerable selling of the rubber issues followed announcement of re- duction ‘in tire prices by a leading manufacturer andthe passing of a lend. by: the Kelly Springgeld ye" ‘High current ‘earnings gave ‘im- petus to-the demand for aang store’ stocks whilé oil shares early in the ‘week reacted t> reports of another increase | in ‘crude, oll. production. Interest - in shipping» shares — was also revived. * “Public utility shares scored. sonie of the best gains of the week, result- largely from the federal court: de- cision holding the local $1 gas law Taigonstitntjonel: GRAIN PRICES TOUCH NEW TOP LAST WEEK Reaction Sets in but Closing “Quotations «at Chicago ‘Show Substantial Increase. corn prices, ‘eapite a ighere setback {n today’s short session of the’ grain exchange; Closed the week at-higher prices than a week ago and estab- Ushed ‘néw high ‘records for the present season. July wheat closed at $1.13 and. September at $1-14% while July corn closed at 86% ‘cents and September corn at 85 conta. Z Beorching heat’ in the: southweat and reports of a prospective eit shortage were largely respon for soaring priceé during-the ) in the wheat market but a ella of conditions reacted fa upon corn trading, wet weather con- Gitions being Interpreted as) unfavor able ‘to the growing crop. ‘Reaction from the persistent climb did not | Sep' develop for nine days, when top figt ures were ‘slashed sevéral cents. The volume of sales was heavy. vision Lk follow! * Open High Low Close WHEAT: July -. 1.146% 1.15% 1.12% 1.13 ae w--- 1.16% 1:16% 1.14% 1.14% Dec. ~ 118% 1.19 » LIT Lith “86 % 85. Th 6% 85% 18% Wyoming Crude Output .Holds Steady in Month Of May; Figures Given ‘Total production of of] in. Wyom- ing for May was 3,652,539 barrels. Salt Creek had an output of 2,860,- 577 barrels for the month. Output from. Salt “Creek last month..was 63,029°. barrels more than in April. ‘Since Apri! was a month ;of 30 days, average figures indicate that Salt Creek: produc: duction decreased slixhtly, in May on the basié of. the, daily average be- ium in excess of 92,000 barrels. “Comparative figures show, a de- grease in the total for the. state of 622,406 barrels: from: the record out- put of January. During” the ‘first month of the year Salt ‘Creek; pro- uced 650,907 barrela more than it did ‘in May. n: $ Complétions {n. Salt Creek, are coming tn rapidly. Cleanout strings of tools are on. the job night! and d@ay,, and pumping; equipment is be- ing installed “in scores of '- wells. This. means, that production ‘from that field will climb again to 100,000 dally average for May amounted to barrels’ @elly “production. 92,276.68 barrels. ‘Tabulation of figures: showing’ to- tal production by fields for May fol- Mule Creek ~-----.-c-s---> Lost ‘Soldier Dallas-Derby Hudson Polson Spider South Cas per, Creek -. 17,992 Total -- 652,539 California Oil Supplies Still.on Increase, Claim SAN -FRANCISCO,, June -21,— duction, California of} supplies are increast: May. production amount- od to 19,833,676 barrels, an average of 639,793 barrels a day or 3,536 barrels daily leas than in the pre vidus month. Surplus stocks in- creased during the month by 2,- 176,286 barrels, making total surplus now on hand ‘99,511,937 barrels. Long Beach continues to "By GEORGE T. HUGHES. (Copyright, 1924, by Consolidated Preas Association.) Industrial Bonds. The rating of industrial bonds de, pends upon consideration quite dif: ferent from those essential to the appraisal of. rallroad “or public utility-issues, We know that a rall- road and a public utility: furnish easontial eprvice, Industrial cor porations, on the other hand, cover a wider field.’ Some of them supply fundamental wants. Others cater to the demand for luxuries. Now a bondholder is or ought to be a con- The man ‘who is Everyman’s Investment lead ,the, other California .fields in Despite continued decreases in pro-| May with an output of 5,172,472 barrels. Renewed drilling operations gnc the release of shut-in production in the midway sunset Meld put that Sectioh in second place, ‘byt Santa Fo springs fell off. ‘There are now 514 new wells tn ‘process of drilling new derricks are. being the new Torrence field’ leadg with 140 and<112 erected. Of these operations, new wells 'under way. willing to take some chances for the sake of a larger return can’ af- It follows then that from an investment standpoint the bonds. of corporations whose business ts fundamental such as, for Instance, iron and steel] manufactur- ing; command a higher rating than do thone of companies whose.activity ford to buy stock. fo not absolutely essential such as for inatance, theatrical enterprises, latter classification cought their financing practically stock issues. to all entitled to the larger. profit -sible.in these enterprises in in feturn motion’ picture and As.a matter of faqt corporations coming in the do by The stockholder: is ness in which the corporation is en- By, J.C. ROYLE, | (Rey eR 1924, Casper Tribune.) NEW YORK, June 21.—Mark Twain was writing about the weather. Hé sald everybody talked about it but nobody did anything about it. Merchants and buyers and »job- bers in a score of different. sections h is now under way and with the advent of warmer Weather the buying power .of the dees bulk of the population of the nited States has {ncreased. Industries which have no connec- tion with agriculture are benefitting from the increase {n the farmers’ purchases. The wheat harvest is or in Texas and Oklahoma now. and will start in. southwestern "Kansas about June 25 fo July 1. Reports from Fort ‘Worth and Amarillo indi- cate that (he farmers of that. section will market their wheat at present Prices, That means a power to spend between fifty and eighty-five cents for every bushel , ke in the southwest. |. There are enough men ‘to. handle ithe harvest in.north central’ Texas, Panhandle’ and plain of, Texas. ‘They are recelving around $4 a day. Government. labor ~ agencies’ an- founce, however, that ‘fifty thou- sand men will ‘have to ‘be brought in from the outside to accoramodate /}the needs of the southwest, That Means a potential purchasing power of Tasers day from the harvest BUYING POWER WILL TAKE SPURT IN U.S. Prudential ROOM 5 ZUTTERMEISTER BLDG. ‘SUNDAY; JUNE 22, 1924." What the bond buyer wants is stability in earnings. Finally he should ex- amine ‘the question of marketability. As to that, however, I shall have more to say in.a subsequent article. Gets Large Well. Most recent of this year's sen- sations in the Lance Creek field) {s the well brought in this last, week by the Ohio Ol] company. This new producer is declared to be good for close to 3000 barrels of oll daily from a depth of 3557 feet. The bit pene- trated the eand 12 feet. Locationcof the well is on: sec. 4-35-65. Produc- tion {s.at present pinched in wait- ing erection of storage tanks. — , - Hatfield Strikes Pay. Recent reports show Hatfield well No, 2 on Bight Mile Lake structure near Rawlins to have encount a godd* showing of of] at 3,200: feot just below a string of casing set-to shut off a water flow in the second Wall Creek sand. Underreaming is now being done. —_—_—__ ‘ SPATTLE.—The wheat carry-over at the Pacific northwest states will be exceedingly large this year, but farmers are refusing to sell even: at the present price of $1.21 a bus! ve for fancy milling wheat. Topeka, Kans.—Employment of. fictals here estimate’ that this. state. will require 10,000 more harvest hands than last year. Wiather con ditions improving the croy. Four thousand men will be needed next week in Harper, Beaver and ‘Texas counties, Oklahoma, and they will-be paid not less than $3 to $3.50 a day with board and lodging. Kansas will need forty thousand men from outstde the state to har- ‘vest its wheat crop and will begin ‘paying them $3.50 to. $5 a day ani board Inside the next week. The southern part of Nebraska will start to. spend money from crops and wage returns about June 25 In the southern section while the impetus: to trade probably ‘will not strike Colorado merchants — until July 1 or later. Who benefits? First, thé mer- chants, for the buying of farmers ‘and farm hands is dependent at least to some extent on the harvest and the weather, Merchants have not had their shelves overfilled. If the buying of their sections is active, they must renew their stocks with consequent profit to the manufac: © Springfield, Tl, June. Some damage: to wheat crops {n southern and western Illinois appears’ as ‘re- sult of the past of joint worms. © pocdnseri i. viet busny Flour Atlanta—A consolidation of south- ern baking companies {s in process of formation, built around the Caro- lina .Baking company -of «Charlotte and the Stone. company of Atlanta. The concern is expected to have a capital . of $20,000,000 under . the turer, the “industrial wor! the| leadership of H. P. Tipton, of New producer of raw materials, and the] York. railroads. ‘ ea ~ ele preuronts already are making con- = Wool ¥ jones, to harvest hands in order San. Angelo, Texas—The V’ool! ae wile ite grain shipments, Scores of thousands of cars.are being held on. sidings their burdens of wheat which will yield “revenue to the carriers. These rates are usually applicable only to groups of 25' or more Higine on one ticket to a definite point. “rain” Which* fel! ever Kansas Fi the early part of the: week is declared by. farmers to erie benefited crops 100sper cent. in the cotton growing Growers’ Central storage company this week has disposed of 350,000. pounds of 1924 ‘wool for which as high as 46 bedi for 8-months cll was ‘paid... Fruit Portland# Ore,—The apple crop in the northwest is éxpected to be s! in some districts but the Wil te valley is counted on to fill any de- is ciency. Production in west~ FOR FIRST FIVE YEARS A NEW LIFE POLICY Frederick B. Andrews, Aus't. “Manager, Wyoming. 226 East Second Street Phone 1910J—Box 1042 CASPER, WYO,