Casper Daily Tribune Newspaper, July 20, 1924, Page 12

GE TWELVE. Oil ,EADJUSTMENT OF | BUSINESS IS SEEN Ss Iogress Shown by Roger W. Babson, Statistician, a: In Soundings of Business and Financial Finance sd Position in This Country. s! ‘ABSON PARK, .Mass., development ut it. also was fore- Is there anche shadowed the figu st fall from the rcer ord early sipri © percentage of uj s in vtain irdustries increase In gencral business, as re- , tion was put tecey to F a d in k clearings, nd in ‘ Woson the bus authority, os be} cur loadings—loth az 7 * mpleted a 49° of business rojiast year—bave Hated ns ‘i year. ¢ ie. ‘Tie mo in have ad ‘here is notes urprising in| Marrowed until w finally + & recent slow'1g up of busit ctoswed ‘put ar w cunnics -ce the decline has been teow last Nera ated in the ntal in tertile i noto- fundéam M ever a@ ye 8 Mr. Basen, | tious avd t & ke are still through betding y Mc? seats fe! trish th stl running at b'gh figares for some < HéGhasaha shear shrie think tions, has furnished the color for to look the facts in the un otherwise deci. f ure our true position, and plan -oking forward to the I Imeet conditions as they exist in-]of the year,” continued Mr id of sitting around wishing for| ‘the figures would indicaro the pros- business boom. During the first}pect of a moderate improvement- If of this year we made progress|with the accent on the the matter of this rfecesso her than upon the ‘imp stment. Commodity prices Several factors support this expec: nlinued their broad swing down-|tation. The decline during the first ard. Since Industrial commodi-} half of the year bh P and s hay ffered more than agri-}in many instances ie. Present ie this half yéar we|tndleations would sugges: that cer- i " prosent adjustment between | tainly the rate of desceiit must slow hpi cae two groups much more is-}up and eventually give w ide- © tory and much more sounder fur-|¥ise movement. Gener: ese td mentally s when the |/activity, for instanc which has © rmer was ewar prices}heen running at 13 per cent below r his crops b < to pay post-jnurmal for the last two weeks shows prices for everythiag he bought. in this week's readings Industrial activity ha also slow- sonchart which stands at down. At the beginning of the r cent below normal. Money is r we found manufacturers gen+ » The fact has been used as an ally divided into two groups./argument for expecting the imme- ‘ose who had enjoyed considerable return of prosperity. Money, vity during the lit pert of| however, plays the part of a brake planned for increased produc-|rather than the prime mover on the on during the year The oth business machine. Tight money can ‘oup planted. for an ave slow ‘things down very effectively ne and made no elaborate but y money does not, in and of 1 nsion. The first group|itself, start business improvement. and is suffering rather] ‘There is no question that avail- vere disappointment. the second] able credit and favorable interes cup {sin a much sounder pesiticn|rates at the present time eonstitutte this time. Statistics compiled on|a favoring factor for any improve- 1e activity of sixty leading indus- ces of New York state show that industrial commvdt ages paid, which in January total- 1103 per cent of the previous year,|tuve already mentioned makes the ‘ave dropped to 85 per cent by the|farmer a more representative buyer ‘id of June. The num of em-|in our markets. His probiem is not orees, meantime, have declined} solved by any t.can3, but so far so om $7 per cent in January £9|go0d. The hand to mouth . buying wr cent by mid-year. On yolumo| policy which ins been the fashion goods thy Rabson Production In-|for the last few months bas tended 2x which #1. ¢ 189 {in January|to desrease gtocks +n anand. This jesisters 142% six months Iater,|means a resumption cf buying for ‘owing a drcp of no less than 25|riary industries which have suffer- 1 cent in the volum> of goods|/ed extreme depression while surplus sanufacturede ovke were peing used up. A mod: Sales, meantime, erate improvement {2 business thi« fall nay come; but it ~ill be well men: which may Cevelov. ter rilgnment of The bet- hav> naturally len off. Today nearly every state * showing #n amount of business] ty remember that she i.adjustment naller than that of the correspond-/is mt yet complete! and no one for 1 knows that the dulauce of the year be will show." SEATTLE — Soaring prices for] was last year and estimates place the pncy milling wheat, the advance in| yield from Dunklin county at 569 thich has been 19c a bushel within | cars and from Scott county, 400 cars. 0 days, have been followed by an in-| - se $8.10 barrel for t | Electrical Equipment 1 our by t Sound and IREVEPORT—During the first nbia rive Be ilar In x months of this year, new tele. s have t nm place in bakers | phon installations in the six leading nd there } en an advance | cities of this ate cost $400,000 ac $1 in mill ¢eec cording to the report of the Cumber- nd Telephone company to the state Grain public service commission. ;COLN 3.—Nebraska has WEES 3,000,000 acres of wheat this , ch promise to produce abi S¥oot p altho the ucreage is somewhat | better tone in the Boston wool : market and prices are firmer in near- ly all Unes of domestic wool ar he impressfon in the trade is t ‘ork o hd ee Far HOUSTON—Condition of 67 per. | 22¥ further change will be upward. t and decline in acreage this Year LTS for 16 per cent are the res given ‘otatoes it by the ate commissioner of CITY—The potato ie io the state's corn | in the Ney and Missouri river ak Sana 1 almost ruined; bottoms aggregate about 200,000 nied careathanioonaltions bushels. The crop is beginning to move. More th 000 «: 1s of os - | 500 bushels each will eted. ‘ ae busi] TWelve hundred, cars will come from 3 tion is slightly less ac.| the Orick district and the remainder ‘ive, but there is still a good‘demand | ftom the Kaw Valley from Topeka plate glass and « to Kansas City. window glass and ts Fruit SAN California's ATLANTA—Light melon growing | honey crop will be cut one third this tates are expec hip 7,690 « year because of dry weather. An in- 1 to the bureau | crease of 2c a pound is forecast for here. Of+thig amount, | California honey this fall. A # expected to account for rs “Bs California 1824, Florida 6,-| ol ps olina 1,288, South Care-| HOUSTON—OIl production in the : exas 6,930 and G 1/ Gulf coast and South Texas fields oP 4,384 the past week averaged 118,602 bar - | daily, an increase of 11,453. tT. LOUIS—The melon acreage in| Twenty new wells were completed in Missouri is higher than it” the Gulf coast region - BUSINESS BRIEFS _| S SEATTLE, July 19.—Retail bust: 1 slack, shown marked improve Tness in the leading . department | ment during the past fortnight, x2 “stores haberdasheries during | cording to steamship companies the first half of July indicates | ‘Trade with the Orlent also is provid Hiurn.over fully up. to with | ing good cargoes and shipping rates Bonly slight recessions in cer-| are stable. Ftain lines. An accurate reflection of the business trend is seen in the ADING wee et Tha fact that local bank earings for t aro lee y's tent near one of the the last week ave been higher | municipal Pumping stations, now js than for any corresponding pertod| occupied by nearly 1,000 residents. }in the past. Inventories show | rhe colony was started when hous. stocks are low and while there has|ing pecame inadequate durin, “the been some buying of men's clothing war. Strict sanit. ary regu ms jons for fall, in most _ary goods ne are enforced and a motor bus route buyers are eee ss Ae ta | makes travel to the business district ion the prices will soften ftom, the pire oe A ebay particularly in cotton and woolen cid Boas sh een Chinese women are partial to jade SAN FRANCISCO, July 19.—In-/ earrings, believing they bring good ter-coastal shipping, which has been ‘ luck. Bonds By J. C. ROYLE (Copyright, 19 NEW YORK a re sult of fire losses in the northwest no material timber shortage is ex- pected and no immediate raise in lumber ‘prices is looked for. Dispatcbes received durimg the last 48 hours from reltable sources in Oregon and Washington indicate that damage to timbers so far from fires has been remarkably small, compared to some first estimates. In Oregon fires have been confin- ea mostly to logged-off lands and the damage to green timber has been extremely limited. Much re-forestration work has been wiped out, Lowever, and prospec- tive loss along this line will be con- siderable. The forest service de- elines to place a figure on the dam- age, but in the past losses have us- ually been about one tenth of the first estimates, compiled thriy smoke filled eyes. In western Washington, as In west Oregon, the,damage has been nomi nal and tatol loss west of the s will not be much above mal at this season of the year, when some brush blazes are {nevitable. Rain and cooler weather this we have combined to better the situa tion, so far as brush fires and blazes in cut-over land is concerned. In the Panhandle of Idaho “and in northeastern Washington, conditions are worse then west of fhe Cascades, but the money damage to green tim ber and logging machinery will be less than $500,000 according to chief warden of the Washington forest fire association in charge of all pat- rols. More conservative authorities, while they donot minimize the poss ible danger if the California blades get beyond control, doubt that damage to green timber so far has been heav3 California seems to have suffer- ed severly from alarmists this year. Damage, to crops from drought was overestimated in estimates this spring, as harvesting activities since New York Stocks Last Gale Atlantic Baldwin Coast Line Lotomotive Colorado Fuel and Iron Congeloum dated Products new . tes Steel oil ntral national M Ulinois Inte Int. Int. Tel Inyinclble Kelly Springfield Tire — Kennecott Copper - Loulsville and Nashville Mack Truck Marland Oi Maxwell Motors A - Hary Marine pfd. nd Tel, ~ on . Pennhylvania Producers and Refiners Pure Oil Reading - $ Republic Iron and Steel - 45% Reynolds ‘Tobaceo B 71% board Air Line 14% Sears Roebuck Sinclair Con. S'oss- Sheffield Steel and Iron jouthern Pacific ~ Southern Rallway Southern Railway pfd. tandard Ol] of Cal ~ itandard Oil of N. J. Studebaker Corporation Texas Co. Texas and Pacific Tobacco Products ‘Transcontinental Union Pacific — 94% 101% on United Drug U. S. Cast Iron Pipe Uv. S. Ind. Alcohol United States Rubber United States Steel _ Utah Copper : Westinghouse Electric Willys-Overland —.—. Woolworth —-_ , Middle States Ol __ z Reet: tr 3 Missouri Kan and Tex = pour: Fipe Missouri Pacific pfd. < poe National Lead Neb. Orleans, Tex and Mex__ N. ¥. y York Central. Ohio "- % N . H., and Hartfora Vacuum Nor and Western - s: Ss. P. Olt = Nor Pacific... 8. Oy .Ind. Paclife Oi. Pan American Petroleum B Che Casper Sunday Cribune Stocks NEWS AND QUOTATIONS BY LEASED ‘Forest Fires to Have No Effect on Lumber Prices; Loss Exaggerated, Claim has proven. The foot and mouth disease was much less widespread and dangerous than some reports painted tt and damage from the an- nual forest fires is believed by lum- ber men in other sections to be Itke wise exaggerated. Damage ta.timber has not affect ed business on the const, as the amount burned Is insignificant, com: pared with the available supply: Lumber men expect a steady ad- vance in prices between now and fall, but as a result of improving business conditions and not as a re- sult of fires. Builé@ing operations are increasing and there is every reason to believe that the rate of activity has been more than maintained this month, tho the saturation point of build: ing has undoubtedly been reached In some communities. Dougiag fir prices. have been steady but pine quotations are slightly lower in some sections, ——— , OIL SECURITIES By Wilson Cranmer & Oo Gessemer Big Indian Boston Wyoming Buck Creek - Burke Gluckstone Chappell - Columbine — Salt Creek RLPAL LAp@ ane. Consolidated Roya'ty Cow Gulen .. -- Domino . flichotn Stoo 06 BE. T. Wiliams ~ 129% woe -ene nese 07 a wenee 6.50 7.00 08 09 Jupiter 00% 01 Kinney Coastal 08% 09 Lance Creek Royalty - .00% .01 Marine weee~ 3.00 3.15 Mike Henry --..------ 00% .01 Mountain & Gulf .. 143 «1.45 Mountain & Gulf .. 1.33 «1.36 New 9.00 11.00 04 06 = O1% 02% 29.50 30.00 05 & Producers . .04 Allied Chemical & Dye eet 03% American Can ~.- atern Exploration - 3.00 American Car & Foundry -. Western Oil Fields ~. 15% American Interhational % | Western States -. 14 American Locomotive ~ Wyo-Kans .... 20 American Sfhelting & Refg. ¥ On 04 American Sugar -. 2 NEW YORK CURB CLOSING American Tel and Tel. ------ 123% | Mountain Producers ~ 17.50 American ‘Tobacco ~ Glenrock Of... 25°. 30 American Woolen Salt Creek Pras. 28.37 “23.50 American Zinc, Lead and Sm. 87% | Salt Creek Cons. 8.25 8.50 Onaconda Copper Ohio 59.00 60.00 Atchison Prairie Oll Mutual S. O. Indlana jtimore and Ohio —.. Soe a Bethlehem Steel — Callfornia - Petroleum 72 CRUDE MARKET Canadian Pacific Central Leather -. Cerro de Pasco Creek Chandler Motors —. Lance Creek Chesapeake and Ohio Osage - Chicago and NorthweStern __ 601, | Grass Creek so, Mil and St. Paul pfd rass Creek, heavy cago, R. I. and Greybull - Copper -.- Torchlight sasin Creek - k Salt Creek Big Muddy -. Mule Creek ~ nm Ol . - Sunburst - Crucible Steel — = Hamilton Dome Cuba Cane Sugar pfa. E Ferris ~ ‘ Davison Chemical = Byron - - 1.65 Pont de Nemours Notches - 65 Pilot Butte Larder Standard Qi) Stocks Anglo Wh ckeye Continental - Cumberland Galena - Illinois - Indiana - 15% Nor. Ohio Obl Prairie ON -. Prairie Pipe SALT CREEK BUSSES 3 Busses a-Day Each Way LEAVE CASPER Townsend Hotel 8 a. m., 10 a. m., 2:30 p. m. LEAVE SALT CREEK 8a, m., 2:30 p, m., 5:30 p. m. BAGGAGE AND EXPRESS Bus Leaves 9:30 Daily Salt Creek Transportation Company TELEPHONE 144 Grain E ‘veryman’ s Livestock :: All Markets jTivestonee | ACCRUED INTEREST Apparently simple financial term; may\ be confusing, to the rea f enced. Most women and not a few men would shy at trying to define “accrued interest.” Yet you see cerued interest" Included in the prices of bonds a dozen times a day, if you read financial news. It's a very simple thing to get straight once and for al], To take the strange sound of “accrued interest” let u consider that you have a $1000 bond pu wish to sell. We will say that it is a 6 per cent bond and that the interest is payable and July 3 get par, that is the bond's p a wathe of $1,000 and accrued interest for your bond. On, May you sell the bond at $1,000 and accrued interest Now the last interest payment w Sanokly 1. From January 1 to May , four months, the interest had been Batch or accumulating, but had not been paid because the coupons can be cashed only on interest-paying dates, January’ 1 and July 1. That four months interest will not be pald until July 1 at which time the interest for the whole previous six months will be paid. Hence when you sell your bond on May 1 you charge the buyer for the four months interest. which will be paid him July 1. You charge him $1,000, the par value of the bond, plus $20 the amount of four months’ interest. On July 1, the next inter- est-paying date, the buyer of your bond receives $30, six months’ inter- est, although he has owned the bond only two months. Thus he gets back the $20 he paid you*for four months’ accrued Interest on the bond. Most bonds ‘pay interest seml-an- nually. January 1 and July 1 are perhaps the greatest interest-paying dates. More bonds pay interest on those dates than on iyportant investment months, since a Piaget of interest, paid on those dates reinvested. That is a nat- ural development from the fact*that ‘the fiscal year of the government and .of many corporations begins July 1 and the calendar year begins Jan- mary 1. However, the January 1 and July 1 interest payments are not nearly so large proportionately as they were some years ago. An in- creasingly larger number, of bond bond issues are being made with other months of interest payments, It is practicable now to select bonds with coupons payable in any month desired. By proper diversification in- come from bonds may be spread out over the entire yea RAILS HOLD LEAD IN N. Y. STOCK TRADING Closing Is Strong on Exchange After Bnef Session Featuring New High Prices for Score of Popular Issues. NEW YORK, July 19.—Ratiroad shares led the way to stronger de- mand for stocks in today’s brief session of the New York exchange, approximately a score of issues climbing to new top prices for the year. More untform strength was shown by industrials with buying good in Pacific coast oils and the rubber issues. High grade and non- dividend stocks among the rails were both strong, Tumors of possible increases in dividends and larger earnings acting as a general boost. Sales for the day amounted to 500,000 shares and the closing was strong. Leadership of the rails was main- tained throughout the week after an early period of irregularity which apparently marked the correction of a weakened technical position. Buying of the rails was influenced by. talk of mergers and tho decision of the interstate commerce commis: sion denying farmers a reduction in freight rates on grain. More than two _ score railroad shares established new peak prices for the year during the week, in- cluding Southern Pacific, Northern Pacific, Missourt Pacific and Great Northern preferred, Pere Marquette and Chicago and Northw€stern. Some ground was lost by steel shares on the publication of a reia- tively poor quarterly earnings re- port by Republic and rumors ‘ques- tioning the safety of the Bethlehem Steel common dividend. Extension of gagoline and crude price cuts and the omission of the dividend on Sin- clair common brought a flood of selling orders into oil shares, but they steadied’ later in the week on reports that pro-rating in the Mid- continent fleld would be abolished about August 16. Revival of speculative interest in the copper shares was based on ex- pectation that the repsrations con- ference now in session in London Probably would stimulate Buropean consumption of the red metal. Total sales in the last few sessions of the week were at the rate of more than 1,000,000 shares daily. SUNDAY. JULY 20, 1924. GRAIN PRICES CLOSE WEEK AT TOP LEVELS Sensational Advances Mark Trading Last Week On Chicago Exchange and Demand Is Streng at the Close. CHICAGO, July 19.—Rallies based on the failure of Winnipeg prices to follow the trend of trading here brought the week's trading in grains to a flourishing close here today, prices registering a general gain in sympathy with the movement that carried them to new record-breaking levels during the week. Buyers found offerings light and the expan- sion of trading continued. July wheat closed at $1.28% and Septem: bef at $1.26%, while July corn sold up to $1.09% and September at 31.04%. Much of the excitement among grain traders arose from assertions that as a result of drought and hot winds the wheat crop outlook for Canada was the worst in twenty years. A tremendous rush of buy- Ing ensued. At the crest of the advance in wheat prices, a gain of about 30c a bushel was shown since the low level six weeks ago, and the volume of transactions had multiplied mil- Hons of bushels. Toward the close of the week, however, drenching rains in Cantgla were reported. Corn and oats swung upward with wheat. Temperatures remained too low for corn to grow well and re ceipts were abnormally meager. Provisions and hogs kept pace with the extraordinary ascent ol grain. Today's range of grain and pro- vision prices follows: Wheat— Open High Low Close July 1.26 1.26% 1.25% 1.28% Sept. 1.24% 1.27. 1.28% Dec. 1.27% 1.29% 1.26% 1.29% Corn— July 1.09% 1.09% 1.09% 1.09%. Sept. 1.04%" 1.05% 1.03% 1.04% 192% 24% | 98% 54 54% = .58% = .53 ATH 48% AT AT 49% BOM 48% 0% July ----12.47 12.60 12.47 12.87 Sept. ----12.57 12.72 12.55 12:70 Ribs— * --- 10.60 10.85 10.85 10.87 10.85 10.87 July ---- -— ace mee 11:80 11.78 11.93 ‘All stores and shops of the Oil Well Supply Company will be closed Mon-: day afternoon out of respect to the memory of Mr. Grant Hubley our Vice President and General Manager,’ who died Saturday, July 19th. OIL WELL SUPPLY CO. VAN ANAL ALS Ae 44 te + + + +. A Re $4 + + CELE KEES Et % re At ca as ++; cx <x — NASA AALS (PIII ILI IOI IMI NAN IN PS ee Rees PSISTSIST SILI SID ZF YELLIN NANA SNANZANANZARZS > > SSE SASS A COMPLETE BANKING SERVICE Every service that a modern, progressive bank can perform is available to you here. It is our endeavor to take a personal interest in our customers so that we may serve them better. WYOMING NATIONAL BANK Corner Second and Wolcott SAFE DEPOSIT VAULTS RRR ANAL AI ANG aK ENZANZANZSZ aN +t + HHH Sooo eee t+ + $4 $ 444; KR