Casper Daily Tribune Newspaper, July 15, 1924, Page 9

TUESDAY, JULY 15, 1924. ~—Oil :: By J. C, ROYLE. « ht, 1924, Casper Tribune) ‘YORK, July 15.—The June and July drives of the insurance com panies this year lave produced un- precedented results, The business of the Ife irisurance companies of the ‘United States has doubled in the last 10 years and the percentage of in- crease has been more than maintain: ed 80 far in 1924. The heavy Yolume of building has brought about cor; responding increases in fire insur ice while the increases in the use automobiles has brought a tre- méndousiy° augmented business to threft, aceerding to accident and Mabjlity men. : The practiee of insuring executives for large-sums by big business con- cerns has become more common and the million dollar life policy no long- eris unusual, Now that the presidential candi. dates have been namoed, ‘It ts proby able that policies for large sums will be taken out on thelr lives by bettors It has never been the policy of the political parties or their national committees to insure candidhtes, Qne notatble development in the insurance field in the last year has bean the increased number of an: Employment conditions in Wy- oming during the month of June are given in the following report from the Denver office of the de- partment of labor: General.~—An increase {n employ- nfent was noted during the past month in oil-field activities, agricul- ture, municipal improvements, and highway construction, while a slowing up in building and coal min- ing and a continuation of curtail- ments in railway shop employment was reported. There is and will be for two months strong demands for compércent farm hands, but indica- tions are that very little outside agricultural hélp will be needed. An increase in employment was made in the Salt Creek ofl field and also in the Salt Creek gas plant to care for the summer program of construction work in that depart- ment; the drilling department in- creased forces to care for the pres- ent drilling program. The large program of highway construction and municipal improvements is affording employment to large num- bers of workers. Most all industrial manufacturing plants are operating steadily. Indications are: that coal mining, which continues on part- time pperations, will show some im- provement by August. Many of the miners have been provided with tempotary employment on highway construction and in agricultural ursuits. Cheyenne—Resident labor is well employed, except that the shops of a railway company continue op- erations on a part-time basis. A surplus of transient common labor exis a considerable portion of Commodity Fruit. ATLANTA.—Georgia peach and watermelon shipments are increasing daily and will be at their peak in 10 days. The cantaloupe movement is failing off, the product selling at $2.75 to $3,25 a crate. The heaviness of the Georgia and Texas watermelon shipments .will more than offset the short supply from Florida, although prices have weakened about $100 a car. SAN FRANCISCO.—California will ship more cantaloupes and water- melons to eastern markets this year than last, despite early drought. Cantaloupe shipments are expected to reach 875 cars compared with 502 last year and watermelon shipments 1,555 against 755 in 1923. WEATHERFORD, Tex.—The movement of West Texas watermel- ons is 10 days later than usual. The first shipments brought growers a re- turn of $40 a ton. with individual melons averaging 27 pounds. Flour. KANSAS CITY.—Last year at this time, local flour mills were contract- ing to ship flour six months ahead, but this year orders for deferred ship- ment have been taken. The output of Jocal mills showed a falling off of 7,000 barrels last week. ATLANTA,—Rains recently have —Rains washed the calcium arsenate from the cotton plants in some sections, giving the boll weevil an uninter- rupted opportunity fom damage. ts are being recovered with tho ‘poison where fair weather is in pros- pect. : Automobiles. DETROIT.—A number of automo- bile plants here still are on short time or closed for inventories and vacations, , Industrial employment has-fallen off to 105,078, compared with nearly 223,000 a year ago. MINNFAPOLIS—Twin Cities ‘RAPO} —' who! trade hes been stimulated by warmer weather and better crop prospects, Orders for fall and winter delivery still are delayed but/a greater volume of sales is ex- pected than two months ago. _ Insurance Business Good During Last Two Months State Employment Steady; No Outside Help Needed Finance Bonds Allied Chemical & Dye ex div 16 American Can 4 um% American \Car and Foundry ~ 110 American International 22% nuitles purchased. Many men of American Locomotive ... 79% large wealth and beyond middle lite are turning to this form of invest- ment, undoubtedly as a result of heavy income tax payments ental!- ed by other investments. Annuities bald by insurance eompanies are free from income tax until the beneficiary shall have received in such pay- ments the amount which the annuity Policy cost, In purchasing such an annuity, the buyer, of course, releases all title to the principal, but an income tax does Not become operative after the amount paid back to him exceeds the American American American American American American Smelting & Refg -.65 Sugar .---. Tel and Tel. - Zine, lead and Sm. 1% Anaconda Copper ~------~e5e 30 Atchison ---------emn-neeewe 104% Atlantic Coast. Line. ~.------- 123% Ba'dwin Locomotive Baltimore and Ohio -. Bethlehem Steel —-_--_---... California Petrofeum -_---.-- Canadian Pacific ------2--- cost of the policy, ' Many of these| Centra] Leather -.---.. 13% annuities are being taken out for the| Cerro de Pasco ---- 45% Joint benefit of husband and wife and| Chandier Motors -----.------ 46% Provide for payment of a fixed sum | Chesapeake and Ohio --.-.---. 86% annually while elther or both are| Chicago and Northwestern .. 57% alive. Chicago, M{l and St. Paul pfd 34% Group insurance has been of ex-| Chicago, R. I, and Pac, ------ 31% traordinary. volume in the last stx| Chile Copper weerere—wern 38% months, Many large corporations| Coca Gola ---------s0cceceew 12% have insured their employes and jin other instances, men of similar oc- eupation or Interest have banded together to obtain such protection, An instance js the recent group in, Colorado Fuel and Iron Congoleum ex div, --.. Consolidated Gas ~~~... Corn Products new Cosden Oil Surance plan, worked out for ‘em-| ~ rs ployes on the New York stock ex- Gate, Cat eueke Pf. esa isd ohanee, wrrereby the employes Pay] Davison Chemical ---...--. 59% tec tenes : Hw guctog bo ae a i Se de Nemours -..-. bet Famous Players Lasky ...--- 79% General Asphalt ~----------- 42% General Blectric ---------.-. 242 General Motors -...--~.. 4% Great Northern pfd, .-.. 63% Gulf States Steel ---_____.. et Houston Ol) 63%% Mlinois: Centrat ----~ 108% International Harvester -. 90% Int. Mer Marine: pfd. -_.-. 36% which is migrating to the harvest fields. Steady operations of all in- dustrial plants continu An ex: tensive municipal: street paving pro- gram is in progress and. will pro- vide employment to approximately 30 workers until late fall. Casper.—Industrial plants, includ- ing the large oil refineries, continue operations on a steady basis. Em- ployment is now sufficient for resi- dent labor, but insufficient for the existing surplus of transients. Ow- ing to slackening In building, a mod- erate surplus of carpenters exists. There is also @ slight surplus of Int. Tel. and Tel Invincible Oil Kelly Springfield Kennecott Copper Loulsville and Nashvil Mack Truck — Mayland Oil _ Maxwell” Motors nes Middle States Oi! -_.-.... Missour! Kan. and Tex. .. Missourl Pacific: pfd. National Lead -. ew Orleans, Tex and M New York Central N. ¥., N. 1. , and Hartfor: Norfolk and Western -.. clerical workers. Ax considerable} \csthern Pacific ay program of munietpal Haproverienta Pacific On woessernrers 4% is under way which is providing em- baat ers pade ployment to approximately 400] 52" American ePtroleum oH workers, Increased oll‘field activi-| p oaicers and Refine” . % ties near by has caused employment Pure Ot Refiners -.. 4% of additional workers, but a Pres: | ea, dine Shalit iad cated nt} thin work ie eufficients Competent | RePublic Tron and Bisel <-> 46% farm hands are in demand. New| Reynolds Tobacco B 0% Seaboard Air Line --. ralwer_ Une’ Uninpen, Gaapee BH cory Rosticly ax diy, Salt Creek, now operating, has ma- terially affected employment in the} Sinclair Con. —--=__.. ie 16% trucking business between these | S:0ss-Sheftield Steel @ Iron 2. 67% two) points: Southern Pacific hentia Southern Railway -.-.----.-- Southern Railway pfd, --.--. Standard Ol of Cal ~.--..... Standard Oil of N. J. -----.-- Studebaker Corporation .. TORRE 'CO. cecweecocceseesere Texas*and Pacific ---------. Tebacco Products --........ Transcontinental Of ~. Union Pacific Uniteq Drug Rock Springs.—Coal mining con- dition simjlar to that which has ex- isted for the past few months— mines operating but 2 or 3 days a week. Many of the miners are temporarily employed in outlying districts and work on highway con- struction in this vicinity, Installa- tion of a gas line 15 miles south: of Rock Springs is also providing tem- porary employment to some of the coal miners. Quite a mumber of] U. S. Cast Iron Pipe —... residences are under construction) U. S. Ind. Alcohol —-....... 73 and building mechanics are well em-| United States Rubber . 27% ployed. - United States Steel -...---. 100% Utah Copper Woatinghouse 70 62 Willys Overland ~--2.2.... at Woolworth. 6.--------------~ 113 ae 1.95 Grass Creek, heavy -—..... .90 Trade News} Grain. : CPRINGFIELD, Mo.—Missouri|" farmers are planting buckwheat as an emergency crop to take the place of crops which were delayed by the late spring. Greybull 1.95 Paper. Torchlight ----..-. 1.95 BOSTON.—The mills of the Ameri-j Zk Bast wonewnns nnn nn= 1.95 can Writing paper company are op- 1.70 erating on full time, with an accumu- lation of orders which piled up dur- ing the recent shutdown: ou. SHREVEPORT, La.—Datly aver- age oil production last -week in Loulsianna and Arkansas gained 8,108 barrels, to 211,957. Twenty- eight new wells added 10,140 barrels to output. . Steel. 2 PITTSBURGH.—Officials of New: ton Steel declare there are unmistak- able signs of business betterment af- fecting the steel industry. The New- ton company has resumed on a larg- er scale. It has received several large orders for finished sheets. — Coal. BOSTON.—The average cost of N eos] to New England railroads for the first part of 1024 was $5.45 a toh, @s compared with $6.26 for the cor-} <0 17). responding period Jast year. Ice, CLEVELAND.—Although the weather this year has been 4 per cent colder than usual, sales of ico and coal for the first five months of 1924 showed an increase of 20,000 tons of ice and 10,000 tons of coal, compared with last year. POTATOES Rice. HOUSTON.—Over 16,000 acres have been planted to rice this season in Texas, making this stato second| market weak; trading fair; receipts, in land so utilised. Condition of the| s¢ cars; 267. on track; total United crop is placed at 90, indicating a/'states shipment, 1,006; Kansas and yield of 5,500,000 busk-ls. Missour! sacked Irish Cobblers, Sram <5 ae '$1.85@1.50; few fancies a shade curious , which’ does not be-| higher; poorer down to $1,00; sacked pied to perth atad species, was re-|early § Ohios, $1,251.40; Illinois cently caught off Iceland. Three} sacked early Ohios, $1.26@1.40; Vir- fost long, it ts Jet black in color, the| ginia barrol Irish Cobblers, $3.2! whole skin spines, CHICAGO, ' July 15.— Potatoes, Ede Casper Daily Cridune Stocks 3: Grain PAGE NINE Livestock :: All Markets WS AND QUOTATIONS BY LEASED WIRE Blackstone Salt Creek Chappell Columbine CENtral Fipe emewenn- 2: Consolidated Royalty. 1.21 1.23 COW GUICR encemnrne 05 Domino - u BUChorn ---newenmnne 04 06 BE. T. Willams -.---. .30 32 wate mereeesenen 08 OT FEMS --.-wereee-e--= 6.60 7.00 Gates -..--.---------- 08 09 Jupiter .----.------ 00% 01 Kinney Coastal .---- 08% .09 Lance Creek Royalty - .00% .01 MATING -rewnerewnewen 5,00 . 3.15 Mike Henry ~~... 00% .01 Mountain & Gult -..- 4.43 1,45 Mountain & Gulf ..-- 1,88) 1.36 New York Oil -.ee---~ 9.00 10.00 Picar oo oe 08 Preston 01K 08% Red Bank ~-~-------29.50 30.00 Royalty & Productrs . .04 05 wean---- 308% 204% Western Exploration - 3.00 3.25 Western Oi} Fields 18% .16% Western States -. 1¢ . 18 Wyo-Kans 20 100 FO a rren erin Ge OS NEW YORK CLOSING Bid Ask Mountain Producers - 17.87 18.00 Glenrock Oll .-----0- — .25 3 Salt Creek Prda. .. Salt Creek Cons. .. Prairie Oil .... Ohio Ol . Mutual LIVESTOCK Chicago Prices. CHICAGO, July 15.—(U. 8. De- partment of Agriculture.)—Hogs— Receipts, 31,000; desirable grades active, 10¢ to mostly 1c highe: others slow; big packers inactive; shipping demand broad; 5! pigs, weak to 250 lower; to; better 170 to 825 pound erages. $7.40@7.65; good and: choice -140 to 160 pound offerings, $7.00@7.35; sows, $6,75@7.10; strong weight kill- ing pigs, $6.00@6.25; heavyweights, $7.45@7.65; medium weight, $7.40@ 7,65; Ughtweights, $7.00@7.60; light lights, $6.00@7. packing hogs, smooth, $6.85@ packing hogs rough, $6.45@6, slaughter pigs, $5.26@6.25, Cattle—Receipts, 8,000; beef steers and yearlings, uneven, generally steady to strong; yearlings, active; top handy weight steers, $11.00; few. yearlings above $10.00; bulk fed steers and yearlings; $8.75@10.25: fat she stock, rather slow; bulls, 25 50c lower; vealers, mostly B0c lower; $10.00 10.50; stock. nominal. Sheep—Recelpts, 9,000; active; kill- ing lambs and yearlings, around 25¢ higher; spots on natives, 50¢ higher; sheep, strong; feeders, steady bulle better grades fat native lam $13.00@14.25; few to packers, $14.60; sorting Mght, no cholee rangers offered; few good westerns, $13.50; culls, scarce, mostly $9.50@10,00; bulk choice yearling wethers aver- aging..103 to 105 pounds, $11.50@ 12.00; odd lots fat ewes, $5.00@5.75; feeding Iambs, $12.00. Omaha Quotations. OMAHA, Neb,, July 15.—(U. 8. Department of Agriculture.)~Hogs |.--Receipts, 21,000; fully 15¢ higher; bully to $25 pound butchers, $7,187.35; top, ¥ good choice 160 to 220 pounds averages, 36.750 7.25; packing sows, $6.40@6.75; bulk Of all sales, $6.65@7.30. Cattle—Recelpts, 8,000; Nght and medium weight steers and yearlings, moderately active; strong and higher; weighty steers slow, steady to weak; killing quality, largely medium to good; two loads steers averaging 1,241 pounds, $10.50; weighty steers and yearlings, $9.75; part load yearlings, $10.25; few loads western grassers, $6.00@7.35; ship- ping cows and helfers, strong to 10c higher; others steady; grassers slow; feeders and bulls, steady; stockers and feeders, fully steady; bulk butcher cows and heifers, $3.75@ 8.00; caners and cutters, $2.00@3.35; bologna bulls, $4.60@4.85; vealers to packers, $9,50@10.00; bulk stockers and feeders, $6.00@7.25. Sheep—Receipts, 11,500; lambs and yearlings, opening fully 25¢ higher; early sales natives, $13.50@13.75; yearlings, $11.35@12.00; no action on westerns, these held unevenly higher; sheep and feeders, firm; best ewes, $5.75; grange feeding lambs, $11.50@11,75, July 15.—Hogs— , 3,000; active. mostly 10@ er; top, $7.30 for choice 199 weights, best bid $7. other desir- able 170 to 250 pound averages, $7.10@7.25; plainer grades, down: ward to $6.90; packing sows, $5.50; few 120 to 150 pound averages, $5.50 @5.75; stock pigs, $5.00. . Cattle—Receipts, 650; calves, 250; steady to good, top, $8.85 to $8.75, medium to mixed yearlings, $7.7! common to good cows, $4.50@6,0 canners, $1.75; bulls, $4,00@4.5 good to choice heifers, $8.25@8.50; calves, steady to lower; natives, mostly steady to $8.50; three loads good 119 pound averages, $7.75. Sheep—Receipts, 1,000; slow; bid- ding around 25c’ higher; few Colo- rado fed Texas yearlings, $10.50; wethers, $6.50. COTTON NEW YORK, July 15.—Cotton spot. quiet; middling $31.05. FLAX DULUTH, Minn., July 15.-—Close being covered with white | North Carolina berrel Irish Cobblers,| flax: July $2.49; September $2.25 %4; Aiikyit's $3.00@3.15. _ October $2.29%. STOCKS RALLY |WHEAT PRICES || Everyman’s Investment IN AFTERNOON LOSE GROUND Short Interests In Many Is- sues Are Forced to Cover NEW YORK, July 15.—Standard rail shares gave an impressive dem- onstration of strength in today’ stock market, with 20 issues achie ing the year's highest levels, Weak- ness, howe cropped out in many ether sections of the list, particul- arly in the olls, which were liqu!- dated on dividend uncertainties. Sales approximated 950,000 shares. The closing was irregular. x Increasing weakness in the indus- trials, which reacted with U. Steel, retarded the upward move. ment in the ralls in the final hour. —— NEW YORK, July .15.—Stock prices continued their upward trend today as the purchase of large blocks of low priced rail shares en- couraged trading ventures*on the long side in other sections. Special: ties again were in good demand. Heaviness persisted, however, in Sinclair and Stewart-Warner, the latter dropping a point. Wheeling and Lake Erie preferred reached a new 1924 high price. Numerous selected stocks, in which pool operations presumably are at work, moved forward vigor: ously, but little change occurred in pivotal Indu ‘Western rail- roads also fajled to share in the strength shown by the eastern car: riers. United States Cast Iron Pipe advanced 1% points to a record high level at 102% and gains of a point or more were scored by DuPont, Houston Oil, Sears Roe- buck, Lackawanna, Erie second pre- ferred, Jones Tea and White Motor. Scattered realizing sales caused a fe wsharp recessions, Davison Chem- ical and General Electric each fall- ing 1% points. Stewart-Warner ex: tended its loss to three points and Sinclair preferred declined a point on unfsyorable dividend rumors. Foreign’ xchanges opened irregular. Streng\h of the railroad shares was useG as a screen for profit: taking and bear selling in the popu- lar industrials, several of which dropped 1 to 8 points. The demand for rails, which started with the low priced carriers, soon spread to the seasoned divniend paying issues, New York Central, Lackawanna, Delaware and Hudson and Norfolk and Western, among others, moving up 1 to 2 points. American Can and a few public utilities also developed indepefident ngth. “Weakness was most pronounced in the chemicals, motor accessories, Atlantic Refining, U. 8: Industrial Alcohol, Congoleum and General Blectric. Despite the unsettled char- acter of the dealings, twenty-four stocks established new peak prices for the year, Call money opened at 2 per cent. Squeezing of the short Interest in Davison Chemical which carried it up over three points from the low level of the forenoon and the pur: chase of round amounts of public utility shares, American Water Works and Electric rising five points caused many stocks to rise briskly in the afternoon. The oils, however, continued heavy, Atlantic Refining and Tidewater establishing new min- imum prices for the year at 82% and 118% respectivel; Pictorial Review College Boys Are Canvassing City A group of Pictorial college boys, who are obliged to earn their own way through college, are making Casper thelr headquarters for the ensuing week. They will call on every home to. explain the special Pictorial offer through which they are awaried scholarships that are sent by the Pictorial company direct to the university officials. Pictorial {s awarding $300,000 in scholarships for the coming college year. The boys who are now in our elty are: Jami Gano, ‘27; Alva Taylor, '86; Murray Heindel, '27; Law- rence Robinson, '28; Eugene Beck- strom, '27, and Donald O'Rourke, "26. ‘These boys are working through the courtesy of the Golden Ryle, who handle a complete stock of the latest Pictorial Review patterns. —— ~ SUGAR NEW YORK, July 16.—Refined sugar quiet and without change at $6.70 .to $6.90 for fine granulated, Refined futures were nominal. ——_—_ MONEY NEW YORK, July 15.—Call money steady; high 2; low 2; ruling rate 2; closing bid 2; offered at 2%; last loan 2; call loans against acceptances 1%. Time loans easy; mixed col- lateral 60-90 days 2% @3; 4-6 months 8@3%; prime comme¢e'al paper 3% @3%. METALS | NEW YORK, July 15,—Copper steady; electrolytic, spot and futures 12% @12%. Tin steady; spot and nearby $45.2! futures $45.37. Tron steady; prices unchanged. Lead spot $7.00. Zinc steady; East St. Louis spot $5.85; futures $5.85@5.90. Antimony spot $8.25. Profit-Taking Offsets Effect of Black Rust, Re- ports CHICAGO, July 15.—Immense Profit-taking together with a let- up in buying brought about a s den break in wheat value today during the last half of the board of trade session. The close was unset- tled, % to 1:0 net lower, September ate abit and December $1.24% 0 $1.25. CHICAGO, July 15.—With Winni- Pes prices jumping wildly, and with continued unfavorable crop reports from Canada, the wheat market here ran up quickly today to new high prices for the season, Fore: casts for showers in Canada, how: ever, led to increased selling pres: sure on the advance and caused un- usually rapid fluctuations, that ex tended over a range ‘of about three cents. Trade was on a large scale but much more of a two-sided char: acter than hes recently been the rule. Opening prices, which varied from unohanged figures to 1%c higher, with September $1.23 to $1.24% and December $1.26% to $1.27%, were followed by decided further gains and later by a cession of swift changes, mostly well above yesterday's finish. Black rust reports from Minnesota and the Dakotas and dry weather complaint from Montana had a bull- ish effect on wheat during the mid- die of the day, but was more than offset by profit-taking sales later, Flurried buying by previous sell ers carried September corn up above any price heretofore reached this year. As soon as demand from this source was filled, though, the market underwent a sharp reaction. The extreme spread between top and bottom figures for September during this operation amounted to five cents per bushel with the mar- ki @ whole finally steadying at & fraction under yesterday's finish. The opening was at unchanged fig: ures to 8%c higher, September $1.06 to $1.08%, the latter the toy point attained. The market ap peared to be governed almost alto- gether by temporary speculators in pit conditions. Better weather had a bearish in- fluence on future deliveries of corn Cath corn nevertheless was in’ ur- gent demand with No. 2 yellow at $1.14%, a new top record for the present season, Futures closed weak le to 4%c net lower, September 6.01. De Oats followed the changes in corn but kept within relatively narrow limits, Starting unchanged to %%4c higher, September 47% @47%c, the market scored the small genera] ad- vance and later showed some loss all around. Higher quotations on hogs gave a material lift to the yrvvision market. Wheay July —-..1.24 Open High Low Close 1.26 122 1.22% 1.25% 1.21% 1.21% 1.29 1.24% 1.24% 1.06 1,01 86 4% 45% ATH 11.90 12.07 12.20 1.11% 1.08% 87% 105% 1.00% 35% Ay Ad ATS 12.07 12.20 10.25 10.45 10,75 10.25 10.50 10.70 10.85 11.07 11.30 11.07 11.30 Cash Grains and Provisions. CHICAGO, July 15.—Wheat—No. 1 hard, $1.28; No. 2 hard, $1.28%@1.31. Corn—No. 2 mixed, $1.18@1.14; No. 2 yellow, $1.14@1.14%. Oats—No. 2 white, 59@60c; No. 3 white, 574 @58%c. Rye—No. 2, 86% @86%c; 71@86c; timothy seed, clover seed, $11.00@11.50. Lard—$11.90; ribs, $10.50; bellies, $11.12. barley, $6.25@8.25; Foreign Exchange NEW YORK, July 15.—Forelgn exchanges easier, quotations in its. Great Britain demand 436%; cables 436%; 60 day bills on banks 433%. France, demand 5.16; cables 5.17. Italy, demand 4.30%: cables 4.57%- Begium, demand 4.57; cables 4.57%. Germany, demand (per trillion), .23%. Holland, de- .jmand 37.80; Norway, demand 13.47; Sweden, demand 26.59; Greece, de- mand 1.71; Poland, demand .19\; Czecho Slovakia, demand 2.95%; Jugo-Slavia, demand 1:19; Austria, demand .0014%; Rumania, demand 4B; lemand 32.75; Bra- zil, Tokio, demand 41%; Montreal, 99 11-32. Siac July 15.— Butter, pts, 20,946 tubs; cream- ery extras, 38%c; standards, 38%c; extra firsts, 37%4@38c; first, 36@ 36%c; seconds, 33@35c. Eggs, unchanged; receipts, 25,997 cases; firsts, 25@26c; ordinary firsts, 24@24% orage pack firsts, 26%c. | SILVER NEW YORK, July 15.—Bar silver, 67%; Mexican dollars, 61%. By GERGE T. HUGHES, . The Lady Was Wrong. A woman evidently untrained in financial affairs went into the of- fice of a prominent investment bank- ing house the other day and told the manager she had $10,000 In IAberty bonds on which she thought she was not receiving a high enough return. Sho sald she wanted to cell th bonds and buy some other security Under a little tactful questioning the investment banker found that the $10,000 represented her entire capital, He told her fn the first place that there was nothing so good as a Lib- erty bond and urged her not to dis- turb her holdings. She would not Usten to him, however, and so he made Op for her a list of high grade railroad mortgages and public utility bonds on which the average return was from 5 to 5% per cont. With these she was nosbetter satisfied, hy I have been told," s! said “I could get 7% or 8 per cnt with perfect security.” Watiently the banker explained to her that the rule was the higher the return the greater the risk and that she was in no con- dition to take any risk at all. He didn't make much headway. As a ie asked her why she tors were willing to pay prices for good bonds so high that the return would be only 5 or 5% per cent, ‘Because they ar fools,” she replied and indignantly folunced out of the office, The lady was wrong. It is not the fools who buy high §rade security but the wise. She doubtless found some less conscien- tious adviser who was willing to let her take chances with her small capl- tal and probably to her sorrow, It is one of the mysteries of human na- ture that when people come to sell Uberty bonds in order to buy gome- thiny else that will incremse thelr in- come they want to jump at once from the safest investment in all the world to one which at best {s more or less speculative. If you must make the change and {t is not always in- advisable to take something that does not make too violent a con- trast. Five per cent ts a generous return on a high grade investment at this time. CHICAGO,—Tremendous increases in the trading in grain have taken place in the last month In the vari- ous markets, according to experts in the middle west. During June, trade sn all grains involved 1,443,067,000 bushels of which 850,055,000 bushels were wheat, 426,320,000 corn; 89,- 435,000 oats and 75,407,000 rye. On the Chicago Grain exchange, the gain in volume of business in all grain futures was 66 per cent, as compared with May, In Minneapo! the increase w 125 per cent, Du- luth, 94 per cent; St, Louis, 105; Mil- waukee, 78 tnd Ban Francisco, 161, Employment in this state con- tinues to decline, with about 80,000 men idle. The closing of coal mines s held respons:ble in part, although factories are curtailing production and farmers are using fewer men. ST. LOUIS.—Contracts have been let for $6,000,000 worth of road con- struction in the state and $3,000,000 AUTOGRAPHED QUILT SHOWN (Continued from Page One) India philosopher, and hundreds of others of like importance. The quilt has never been offer- ed for sale, and no valuation ever placed on it. Offers havé been made from various coNectors and institutions of thousands of dollars, and the English government made a@ request, that was granted by the Wright family, that if the quilt was éver cut up for signatures, that the British government have an option on the English collec- tion, numbering as it does the British leaders of thought. The British India collection of the seven refgning marajahs of In- dia is declared to be beyond value in money. MANY ESCAPE FOREST FIRES (Continued from Page One) feared to have been overcome in a fire through which 12 of the colony, at first reported killed, made their way late yesterday. Greatest monetary loss has been in the forest of the Pacific porthwest on both sides of the: intérnational boundary. In Idaho, mine bulldings have been burned, and in Washing: ton .and Oregon logging camp equipment of the lumber companies has been destroyed. Blazes in the coast region of Wash- ington and Oregon were reported vir- tually all brought under control last night with the aid of rainfall yester day, but in the national forests of California, four major fires were still raging today, threatening ranches and livestock and battled by thous- ands of men. So great has been the call for fire fighters that automobile tourists have been forced into the work in some instances and calls have been sent to the larger cities of the state for men Flames, which for a week have swept the Senta Barbara national forest north of Los Angeles, were at latest reports, increasing an area and intensity and statements were made by federal forest service officials that it might be necessary to conscript men from the streets of Los Angeles for fire fighters. In the Klamath national forest, Sis- kiyou county, in northern Californ the fire menace had been intensifie: today by the growth of o number of minor fires into a conflagration which was burning in heavily timber- ed regions in the vicinity of large saw mills. In the Tahoe national forest the latest reports were that the flames were leaping along the north and middle forks of the American river. despite the efforts of 400 men, and in some places had left the national forest and burned on to private lands, threatening farms and livestock. In the Sterra national forest the fires were reported to have burnt BUSINESS BRIEFS in aditional work will be allotted this Spring. United Railways here car- ried 1,097,000 fewer passengers in June than in June, 1923. The slump 4s attributed To business depression and bus competition, CHICAGO.—The muntoipa) power plant at Columbia, Ill, has been pur- chased by the Illinois Power and Light company, The plant will be junked and power for the town will be furnished, over a high tension line. The company also purchased the plants at Cerro Gordo, Argenta and Warrensburg, Ill. SY continued outbreak and seriousness Of the forest fires in the Pacific coast and Rocky mountain «i and are taking steps to combat the flames, as well as to prevent their outbreak, Reports today from the district for- ester at Missoula, Mont., said there had been 280 fires in that district in the last 10 days. Of these 322 were started by lightning. In the Clear- water national] forests there were 90 Ughtning fires. The clear weather, high temperature and low humidity are favorable to outbreaks of fires in the forests, which are reporte® ex- tremely dry. Ten fires are still burning in the district, but the dis- trict forester reported that chances of con them were trolling reasonable if weather conditions are good,, To prevent fires being caused by campers, the hazardous areas in na- tional forests have been closed to them except on special permits, —>- through control lines north of Oak- hurst and to be threatening a big stand of timber. FOREST SERVICE OFFICIALS ALARMED. WASHINGTON, July 15.—Forest NEW YORK, July 15.—~Liberty bonds closed: 34s, $101.13; first 4%e, $109. ond 4s, $101.15; third 4, 9.6; fourth 4%s ,$102.8, United States government 4s, $104.22. a ne OU Dividend. At @ metting of the board of 4i- rectors of the Domino Wyoming Oi! company, held today a dividend of one per cent on the outstanding stock of the company was declared, payable on August 1, 1924, to stock- holders of record as of July 20, 1924. FIRST AWARDS OF AED RIVER LANDS, PENDINE WASHINGTON, July 15.—The general land office today recommend- ed to the Interior department ini- tial awards in 36 of the 178 long pending claims filed on lands in the Red River of] district border- ing Oklahoma and Texas, jurisdie- tion over which Passed to the department by the supreme eourt June 30. Only two of the 36 claims adjudi- cated were undisputed and conflict- ing claims were filed in all but 16 cases. Claims rejected totalled 142. All claimants whose applications were rejected, may appeal to the sec- retary of the interior before August 31. They must serve notice of ep- pea] on all other contending. clatm- ants, the latter being given until September 15 to reply. The ques- tion of oral hearings will be decided after the cases have been appealed and replies made. ‘i The land office commissioner's re- commendations, a department an- houncement said, do not bind the government to issue ol] leases to the applicants granted awards, but mere- ly settle the question of land rights between the rival claimants, N do they affect the funds derived from ofl operations in the Red River, which were recently transferred to the secretary of the Interior by the supreme court. These funds will be held pending a decision on thelr final disposition. Clatms filed and covered tn the awards include: Colorado: Ben Bergman, trustee, Pueblo, three claims: Pacific Wy oming O!l company, Denver, \three claims; D. V. Burre] and others, and National Exploration company, Den- ver; Carl C. Staley and others, and Nationa] Exploration company, F. A. nd others, Denver. ———— JOS, I. Schwarts for diamonds. service officials are alarmed at the—Adv,