Casper Daily Tribune Newspaper, July 31, 1924, Page 9

STATE CRUDE OUTPUT. Only Slight Falling Off in Salt Creek Shown For June With Aggregate Production for State of 3,401,477 Barrels. Total production of of] in Wyo- ming for June was 3,401,477 barrels. Salt Creek had an output of 49,752 barrels for the month. During June which was a month of 20 days, Salt Creek produced 210,826 barrels less than it did in May, @ month of 31 da: The daily average for May was 92,276.68 pacrels, while for June it was #&.225.07 barrels, or a daily average vecrease in ‘production of 3,951.61 barreis. In observing the following figures consideration should be given to the fact that June had one less day than May, and that other factors such as intentional curtailment .of production in some fields have bear- ing on the differences in some cases: Notable June decreases are seen in the output of Teapot Dome which produced 8,788 barrels less than in May; Grass Creek, 21,951 barrels Big Muddy, 6,965 barre! Soldier, 25,897 barrels less, Outstanding records in increased production during June are shown vy Lance Creek which made 20,796 barrels more than In May; Hamilton Dome, 8,477 barrels more; South Casper Creek and Polson Spider, 18,847 barrels more. Commodity Grain CHICAGO—Real “corn weather” —hot and dry—during the past few days, has revived the hopes of Il. Mnols farmers by sending their badly lagging crop ahead. . Beans DETROIT—Latest forecasts of the Michigan bean crop places the yield at 75,000, bushels less than last year, when the total was 6,532,000 bushels, Live Stock LOUIS—There has been @ scarcity of hogs at the National Stock Yards @ and prices have risen to the highest point since 1922, ST. Leather SAN FRANCISCO—Fifteen hun- dred reindeer skins are enroute from Alaska to New England shoe factor: ies and shipments of this grade are running tan thousand a month. Ship- ments of other Pacific coast leathers to the Atlantic seaboard also have been heavy recently. Lumber SEATTLE—During the recent aus pension of logging operations, the surplus supplies of British Columbia were heavily drawn on. Many Amerl- can producers intend to resume full operations at their camps and with more logs in the water, more saw mills will also resume and the pros- pects seem good for normal milling operations. Broom Corn TULSA, OKLA.—With the yield estimated equal to the record-break: er in 1919, the broom corn crop of Oklahoma is under way to market Ths full effect of the summer campaign of drilling in Salt Creek will soon be apparent. Completions during July have been increasing. At the same time, pumping ma- chinery installations and cleanout operations\\are noticeably reaching the peak. * Tabulation of figures showing total production by fields for June follows: Balt Creek Teapot -- Grass Creek Elk - Basin Notches ~.-._. Big Muddy -..-. Pilot Butte 2. Lance Creek — 649,752 78,000 South Casper Creek, Polson Spider ~ Mule Creek Trade News with buyers flocking to the Washita Valley, where 45,000 acres are plant> ed. Quality is good, Automobiles CLEVELAND—Auto manufacture here is spotty, One maker has two months orders on hand and is run: ning overtime. One large company which produced 18,000 cars last year, expects its output to reach 15,000 this year. Woot BOSTON—The volume of wool sales here has diminished slightly, ewing to the high range of prices, but the latter still are maintained, Dealers are not pressing their stocks on the market, Cotton HOUSTON—Cotton gins in this section are running day and night. Buyers are swarming into the lower Rio Grande valley and the movement to market has begun. The Italian cosulitch Hne will open offices here in August and inaugurate bi-weekly sailings of vessels carrying principal: ly cotton. Steel PITTSBURGH—Steel mill opera- tions in the Youngstown district are at a higher level than they have been at any time within the past two months. The increase was larger in open hearth steel making than in any other branch. LANCASTER, PA.—The Reading Iron company has posted notices at the Columbia Rolling Mills that worl will be resumed there August 4. The plant has been closed since June 15. Radio Manufacturers Are Enjoyi By J. C. ROYLE (Copyright 1924, Casper Tribune) NEW YORK, July 31.—Radlo equipment manufacturers are in the midst of what is said to be the best year in the brief history of the in- dustry. More sets have been: sold in the last seven months than in any similar period. This has had a dir- act effect on producers of non-fer- rous metals and manufacturers of wire and other materials. Manufacturers of recelving equip: ment declare the increase in sales has been espectally marked in the more expensive sets.. Thy account for this by the awakened interest of those who had previously determined to allow others to do the experiment- Record Year ment being out of date before they have obtained value from the invest~ ment. The makers seem to feel that, for the present, changes willbe of a minor character not involving radical alterations in des'gn. An executive of one of the largest radio manufacturing companies point-| © ed out today that since 1918 only two really new circuits have been in- vented, the basic principles of both of which were well known before the advent of popular broadcastin, The two raflo inventions he referred to were the super-generative system and the neutrodyine, the one based on the phenomenon of regeneration and the latter removing difficulties to application of radio frequently am- ing before they invested in expensive equipment. They have now decided there is no danger of present equip: —_—<—<—— plification thru elimination of radia» tion and squeals. Daily Pipeline Runs in Country on Increase Again NEW YORK, July 31.—The dally average gross crude of! production of the United States increased 10,200 barrels for the week ending July 6 totalling 1,967,700, according to the eekly summary of the American Petroleum _ Institute. The dally average production east of the Rocky Mountains was 1,263,500 barrels, an increas of 8,200. California produc: tlon was 624,200 barrels,;an increase of 2,000. Oklahoma shows a dally average production of 485,950 barrels, in- crease of 5,850; Kansas 79,700 bar- . decrease fifty; North Texas 76, central 50; north 300; 300; Arkansas 149,100, increase 1.850; Gulf Coast 123,200, increase 2,900; eastern 107,500, decrease 500; Wyom- Prag: Montana 123100, decrease of m a ‘ Daily average imports of petro- jeum at principal ports for the week ending July 26 were 185,714 barrel compared With 307,285 for the pry vious week. Daily average receipts of California ofl at Atlantic and Gulf coast ports for the week ending July 26 were 40,286 barrels, compared with 180,286 for the previous weelt- D a POTATOES CHICAGO, July 31,— Potatoe trading slow; market weak; receipts, 86 cars; total United States ship- ments, 661 cars; Kansas sacked Irish Cobblers, $1.25@1.40; few fancy sold early, $1.4! r low as $1.10; Virginia barrel Cobblers, few sales, $2.50. Tribune wantads bring results. Bonds Con (le Car & Foundry ~..172 International ~--.- 23% Locomotive ----.-- 80 Smelting & Ref'g -. 70% Sugar Tel, & Tel, ‘Tobacco American American American American a American Zinc, Lead & Smelt Anaconda: Copper ~. Atchison wererereses. Atlantic Coast Li Baldwin Litcomotive Baltimore & Ohio Bethlehem Steel California Petroleum Canadian Pacific Central Leather Cerro de Pasco Chander -Moters -.... Chesapeake & Ohio Ghicago &@ Northwestern Chicago, Mil, & St. Paul, foago R. 1, & Pacific --... Chile Copper Coca Cola . Colorado Fuel Congcleum_ -.-~-.. Consolidated Gas Corn Product: = 7 8B ~ 36% Crueihle Steel Cuba Cane Sugar pfd - Davison Chemical --.-... Du Pont de Nemours Mrie eeennenen- 34% famous Players Lasky General Asphalt General Electric General Motors .. =~ 14% Great Northern pfd -.-.0.-.- 67% Gulf States Steel Houston Oil (Mnois Central International Harvester Int. Mer. Marine pfd Int. Tel. and Tel.’ Invincible Oil Kelly Springtield Tire -... Kennecott Copper - Louisville and Nashville Mack Truck Marland Ot) <. ~~ Maxwell Motors A. Middle States Oil .. Missouri Kan and Tex. . Missour! Pacific pfd. .. Nacional Lead = w Or.eans, Tex, and New York Central. . wennn 147% Mex, --107% Norfolk and Western -.......122% Northern Pacific . newwe OH Pacific Ol ~... 2. seecwstdeus 4846 Pan American Petyoloum’ B.. 64% Pennsylvania. Producers and Refiners —-. Pure Oll Reading ® a Republic Iron and Steel --. Reynolds Tobacco B Sears Roebuck Sinclair Con. .... Sloss-Sheffield Steel & Iron .. 66% Southern Pacific Seuthern Rallway .. Southern Railway pfd, Standard Oll of Cal. .. Standard Ol] of N. J, ~. Studebaker Corporation Texas Co, — Texas and Pacific Tobacco Products Transcontinenta] Oil Union Pacific =. United Drug Ind, Alcohol United States Rubber .. nited States Steel -. Utah Copper -...... Westinghouse Dlectric Willys Overland Wodlworth Standard Oil S Anglo ---. Buckeye Continental --~.. Cumber‘and Galena Tiinots Indiana ~ Nat. Tran. N.Y. Tran Nor. Pipe Ohia Ol 213% 214% Prairie Pipe 103 105 Solar Ret. Nou. Pipe ~. Grass Creek, ght Grass Creek, heavy .. Greybu!l ---. Torchlight Rock Creek Salt Creek -------------------- Big Muddy - Mule Creek - Sunburst Hamilton Dome Ferris Byron ------- Notches --~--. Pilot Butte Lander Butter and Eggs CHICAGO, July 31.—Butter, low: er; creamery extras, 36%c; stand: ards, 364%c; extra firsts, 3514@36c; firsts, 834@35c; seconds, 32@3ac. Eggs, lower; receipts, 5,974 tases; firsts, 27@27%c; ordinary firsts, 25% @26c. Cal! the Tribune for highway In- formation, Che Casper Daily Crifune Stocks :: Grain AND QUOTATIONS BY LEASED OIL SECURITIES By Wilson Cranmer & Os. Bessemer 25 Big Indian --..--------- Boston Wyoming .--- .80 Buck Creek --.------- 14 6 Chappell /.-.-----.- Columbine .... Centra: ..pe ~~ Consolidated Royalty — 1.2 Cow Guicn Siietet aed Domino ~ Elkhorn ~.-.-. £. T. Williams Frantz ----—-.---.-. 6.60 Gath 08 JUPIECE nnn nennemnne 00% Kinney Coastal ....-. 09 Lance Creek Royalty . .00% Marine 8.00 Mike Henry --nens-<a5 00% U1 Mountain and Gulf -. 1.45 1.50 New York Oil -,...0-~ 3,00. 11.00 Picard: 02.04 1% 0% =-4400 46.00 Royalty & Producers - .06 07 416 Westérn Exploration - 3.30 3.50 Western Oi! bieias 15% 10% Western States - 4 15 Wyo-Kans —.-.------. #0 1.00 Y_ on. = NEW YORK CURB Mopntain Producers Glenrock Oil . Salt Creek Pras. Salt Creek © Ohio On Prairle . Pipe Prairie Oil Mutual =... 8. 0. Indiana 1 +10 OL $15 Chicago Prices. CHICAGO, July 31,(U. 8. De. partment of Agriculture)—Hoss— Receipts, 35,000; moderately active, mostly 50 to 75¢ Jower than Wednes: day's average or $1.00 lower than yesterday's best prices; lightweights show maximum decline: large re celpts and Nght shipping demand: top, $10.00; bulk good and choice 150 to 240 pound averages, $9.50@ .00; desirable 260° to 300 pound $9 60; packing sows, £508.50; better strong welgbt slaughter pigs, $8.75@9.00; heavy- medium weight Ughts, hogs, smooth, $8.15@8.60; hogs, rough, $7.75@8.15; » Pigs, $8.00@9.00, Cattle — Receipt better grades beef steers and yearling: spots higher; top matured welght, 1,458 pounds; numerous loads fat year: around $10.75; lower grades fat she stock, ¢anners and cutters and bull mdy; ve calves, steady to 25c hig packers few choice bulk fed steers and year: lings, $9.00@10,50; bulk fat grassy cows, $3.75@5.00; Mberal®supply of Ughtweight canenrs, downward to $2.50 and below; few weighty bologna bulls, upward to''$5.00; bulk lightweight grades veal $9,75@10.2 fers hand picking, upward to $11.00; Httle doing on stockers and feeders Sheep—Recei!pts. 19,000; fat lambs, mostly. steady; bulk ive, $13.00 @13.25; few to city butchers, § 0; prime Washington lambs, carly bulk rangers, $13.50@ good to choice yearlings, odd lots sheep, steady; fogs ing lambs, prospects at least steady. § light packing ughter Omaha Quotations. OMAHA, Neb., July. $1.-—(U,. 58. Department of Agriculture.)—Hogs —Receipts, 12,000; mostly 25c lower; better grades 180 to 300 pound weights, $8.75@9.10; top, $9.25; de- sirable 150 to 180 pound averages $8.25@8.75; mixed offerings carrying packing sows and lights, $7.75@8.00; straight lots packing sows, $7.50@ 7.75; rough on down to $7 bulk of all sales, $.775@9.10; average cost yesterday, $8.75; weight, Cattle — Receipts, 6,700 steers and yearlings, str between «grades, steady ends, weak; Killing quality, largely medium to good; bulk corn fed steers and yearlings, $8,75@11.00; top weighty steers, $11.15; long yearlings, $11.50; shipping cov and heifers, scarce, steady to strong; other grain fed offerings, stendy; ealers, steady; bulls, stockers and feed- bulk grain 008,50; ners and tical ves 00: fed cows and_ heifer grassers, $3.50@6.00; cutters, 5@ 3.50; top,’ $8.50; bologna $4.00@ 4.25, Sheep — Receipts, strong to 250 highe ly on fed clipped $13.60; paid for four loa fornias averaging 85 pounds; bulk fat range lambs, around $15 na tives. upward to $15.00; fed clipped lambs, $12.15@12.25; fed yearlings, $11.65; best range yearlings. $9.00; sheep, steady; feeders, slow) no oar sales. car pra bulls, mostly lambs, most: top, Call 10,000 advance offering Denver Prices DENVER, Colo,, July 31 Derartment of Agricultuye) —Receipts, 2,800; uneven, $1.00 to $1.50 lower; one sirable 190 pound averas' two londs to whippers. §° desirable 185 to 235 pound averages: $8,75.to $0.10, down to % pack: ing sows, $1.00 lower, 00; fat pig few plain loads, $7 25_ stock pigs, $7.00 to $7.26 Cattle—Receipts, 550 half of run billed through offerings mostly good fed held above $9.50; unsold early; other odd Joads mostly around steady; few heifers, $5.00 to $9.00; cows, around 0 down; desirable veale: ; canners, $1.50 to $1.8 Sheep—Receipts, none; on sale. . —~U. §. Hogs mostly load di calves, 50; salable steers + nothing STILL STRONG Motor Shares Included In Upward Movement at ew York NEW YORK, 31,—Stock prices surged upward today on a broad buying movement which car- Al industrials, rails, public utility and stocks to new 1924 high Motor shares rallied sharp- ly following a favorable earnings re- port by Studebaker. Sales approx! mated 1,100,000 shares, July specialty reeords, NEW YORK, July 31—The up: ward movement of stock prices pro- ceeded with renewed vigor at the opening of today's stock market. American Can forged ahead into new round for the year at 126 and n Water Works reached a 1924 top price at 117%, up 1% points, United States Steel, Baldwin and other pivotal industrials were higher nd some of the olls advanced in the face of anpther Increase In crude oll production Profit taking tendeneles later brought some trregularity to the market, forcing slight reactions in American Can, General Electric and several of the .rall shares. These failed to Check the general advance, however, most issués offering firm resistance to selling pressure, Gaing of @ point or more were registered by Colorado Fuel, West Penn Power, Al. led Chemical, G. R. Kinney, United Railways Investment, Sayage Arms «nd Atlantic Coast Line, the latter two reaching new 1924 high prices. Nickel Plate mounted to a new peak price following reports of progress in the proposed acquisition of Erie and Pere Marquette, Foreign exchanges opened steady. Bullish demonstrations were staged in virtually all groups revival of strength and activity in the motors being one of the featur Ralls followed in the wake of industrials. Nickel Plato common rose three paints to a record high at 105%, General Electric moved up more than two points, Some of the strong spots included United Fruit, Rem- ington Typewriter, American Agri- cultural Chemical preferred, Pierce Arrow preferred, Mack Truck, Max- well A and American Tobacco, up 1% to 3% points. — Call money opened at 2 per cent. fhe advance swung i{nto.a broad forward movement with gains of one to nine points setting many new high records for the year. Motor shares surged up under the leadership of Studebaker which re- sponded to a favorable second quar: ter earning statement, United States Steel reached a new high on the current movement at 107% and Nickel Plate at 106%, up almost four points. The closing was strong., New progressive records continued to be marked up in the late afternoon, General Electric climbing four points to 260%, Pere Marquette 4% to. 63 and Associated Dry Goods 5% ints Gains of one to five points were recorded by various specialties, including Fleischmann, Corn Products preferred and Na+ tlonal Lead, _ Market Gossip Gas Pipeline Permit Issued. DENVER, July 31—The state public utilities commission by a vote of two to one granted the Colo- rado Gas and O!l Pipe Line company a certificate of public convenience and necessity authorizing the con- struction of a pipe line from the Wellington field in northern, Colo- rado to Cheyenne, Wyo., and to various Colorado points incfuding Pueblo,’ Colorado Springs and Denver. Teton Test Resumed The test well being drilled by the Teton Oil company one mile east of the old shalfow Plunkett field, Fre- mont country, is again in operation, Last winter the well was shut down following the finding of water in the first Wall Creek sand at a depth of 1,915 feet. Derby Dome Tests Reports from Lander indicate that Derby Dome, Fremont county, is soon to be tested by the Derby Dome Wyoming Of] comygny and the Burn- sidt Oil company, both™ companies now rigging up for immediate spud- ding. Deepening Test Present depth of the test tn the Sage Creek district, Fremont county, being drilled by the Bridger Oil com: pany, is in excesh of 400 fect. Work is prodceeding satisfactorily, aie METALS NEW YORK, July 81.—Copper, steady; electrolytic, spot and nearby, 13%; futures, 13%. Tin, firm; spot and futures, $49.63. Iron, steady; prices unchanged. Lead, firm; spot, $7.50@7.75. Zine, quiet; East St. Louis spot, $6.00; futures, $6,065. Antimony, spot, $9.00, t } NEW YORK, 81.— Call money, steady; high, Y, 2; ruling rate, 2; closing bid, 2; offered at 2%; last loan, 2; call lpans against a’ ceptances, 1%; tinte loans, easier; mixed collateral, 60-90 days, 24%@ 4; 4-6 months, 3@3%; prime com- mercial paper, 34 @3%. PAGE NINE Livestock :; All Markets STOCK DEMAND [WHEAT PRIGES JGORE UPTURN Promise of Good Export Demand Encourages Buying on Exchange gen CHICAGO, July 31.—Assertions that black rust in its final form has appeared in Canadian wheat fields had a decided bullish effect early today on thé wheat market here. Ruptured postules on head stem of wheat plants were reported at Natinka, Pierson and Melotta in southwest Manitoba. It was said that a weak ago In the same dis- trict the rust was only moderately noticeable on the sheath, and that there was no visible sign of head stem infection, Largely as a result of these reports a new rush of wheat buying was witnessed here, Initial prices, which ranged from ic lower to %o advetnce with Sep- tember $1.31% to $1.32 and Decem, ber $1.34 to $1.35 were followed with upturns of more than 2 cents a bushel from low prices touched shortly after the opening. Subsequently, further advances took place owing to indications of iberal export business both in wheat and rye. On the bulge in price: however, selling enlarged, and the market reacted a good deal. The close was unsettled 3-4¢ to: 2c net higher, September $1.32% to 1.32% and Decemiber $1.35% to 1.36, Corn and oats rallied in sympathy with wheat after having been weak at the start, Corn opening prices were unchanged to 1c lower, De comber 96% to 97 market showed fra most deliveries. In the later trading, July delivery of corn displayed notable strength, and reached a new top record ¢or the season. Other month owever, were inclined to drag. The close Wee aeettiod %c net lower to 1#e higher, December 97% to 97 3-8c. Oats started at Me decline to 2% advance, the latter for July with September at 51% to 52c. Soon the declines were more than wiped out. A 47°" in hog values pulled down provisions. tional gains for Wheat— Sept. Dec. May Open High Low Close “i 1.81% 1.32 134. 1.35% 1.38% 140% Corn— Sept. - 1.07% 1.09% 06% 98% 98 1,00" 1.07% 1.07% 96% 97% 98 48% 51M Sie 50% 53 55% 48% 51 54M 18.17 13.20 13.42 13.50 12.35 12.00 42,10 July .. Sept, q. Oct, 13,07 13.07 13,15 Cost Grains and Provisions CHICAGO, July 31.—Wheat num, hard, $1,86@1,37; number $1.34. Corn number 2 mixed $1.12@1.18; number 2 yellow §1.12% @1.13%. Oats number 2 white 55% @%c. Number 8 white 54@54%o, Rye unquoted;. barley 81@83} timothy seed $6.00@8.00; clover seed $12.75@21.00, Lard $13.42; ribs $12.25; $13.25 @ 13.37, bellies Foreign Exchange NEW YORK, July exchanges irregular; cents: Great Britain demand 439% bles 440 1-8; alxty day bills on 486%. France demand 4.98%; bles 4.09%. Italy demand 4. bles 4.32%. Belgium demand 4 cables 4,55, Germany demand (per trillion) 23%. Holland demand 88,18; Norway demand 13,54; Swed- en demand 26.61; Denmark demand 16.08; Switzerland demand 15.60; Spain demand 13.33; Greece dernand 1,73; Poland demand 19%; Czecho Slovakia demand 2.96. Jugo Slavia demand 1,19%; Austria demand 0014 1-8, Rumania demand .44. Ar- gentina demand 33.00, Brazil do- mand 9.85. Toklo demand 41 18, Montreal 99%. SUGAR . Sugar futures closed stead, proximate sales, 21,600 tons. tember, $3.30: Docember, March, $3.22; May, $3.32. SILVER NEW YORK, July 31.—Bar silver 67 3-4; Mexican dollars 52 1-8. COTTON NEW YORK, July spot, quiet; middling, $32 Stage Coach Relic Given to Children 31.—Foreign quotations in ca anks ap Sep: $3.40 31.—Cotton ROCK RIVER, Wyo., July 31 An old stage coach has been pre- nented to the children of this town. It {8 @ relic that comes down trom ploneer days. At present it ts un- dergoing repairs due to an accident it had several years ago when it was a movio “star. _ Everyman’s By GEORGE T, HUGHES, (Copyright, 1924, by Consolidated Press Association.) “Callable” Provisions in Bonds. One of the provisions to which investors should give attention is the price at which a bond is callable or a preferred stock may be re- deemed. Bonds are divided into two, classes, non-callable and callable. The first named needs no particular comment. The buyer knows just what he is getting. He is sure that hiv Investment will be undisturbed until the bond matures If he cares to hold it that long. Most corporations, however, in; sert in the agreement a clause giving them the right to retire the issue before its maturity at a cer: tain premium, This is nearly aly ways the case with high coupon rate bonds put out at a Ume when money {s dear. This was the rule in 1920 and 1221 when so many 8 © cent bond issues were marketed, The borrower at that time had to pay a high price for his money but looking forward to a time like the nt when money is cheap pro- vison was made for retiring the issue before maturity so that it might be refunded lower rate, Wor example, in O 1920, the Bell Telephone comp of Pennsyl- vanla sold about 000,000 in 7 per cent bonds due 1945 at 95 but with the provision that the bonds shovid be redeemable at 107% on any interest date, Less than three Certain years later this issue was called at Investment 10T% and @ new 5 per cent bond put out to take its place, affecting a substantial saying to the company in interest charges, From the standpoint of the in- vestor these callable provisions are of importance in that they auto- matically limit the market price of the bond. No one fs willing to pay much above a callable price unless \ the securjty is so very high grade as to compensate in part for. the risk of having the issue paid off at less than the price paid, In the same way with preferred stock a provision that the stock may be retired at a certain figure holds down the ‘market price. It should not be inferred that elther bonds or preferred stock selling at or just above the prices at which they may be called or redeemed are undesir- able investment: They may be very desirable ta anyone to whom the necessity of reinvesting fs not an objection because a higher return can often be had from these callable securities than from the same grade which are non.callable, The point can be i!lustrated by two preferred stocks, United States Steel and Standard Oj! of New Jersey, fairly comparable in invest- ment quality but with U. S. Steel preferred gelling higher than Stand- ard Oil of New Jersey preferred simply because the former cannot be fetired while the latter is callable at 115, The investor then gets a little larger yleld on the Standard Oll issue for taking the risk that some day he may be compelled ta replace his investment, | ‘BUSINESS BRIEFS Wall Street Notes The American Sugar C has sold its entire holdings o Western Sugar, Company eommon stock which s shown in the last annual report to have been 1 shares valued at about $9,300,000, President Haggin of Cerro de Pas- co Copper Company announces, that the company's copper production at the Oroya Smelter in Peru had been curtailed to about fitty per cent of normal as a result of the Peruvian government's order to abate the smoke and fumes from the smelter, Last year's copper pro: duction for Cerro de Pasco was 92,000,000 pounds of copper and 50, 000,000 pounds for the first half of this year, BOSTON, July 31.—The New Eng: Jand Purchasing Agents’ Association held a meeting here to devise plans to help the success of the move to Sell more of the products of this section, Rock Island Earnings CHICAGO, July 31,—Net railway operating income of the Rock Island Lines for June, was $507,156, compared with $852,814 for Juno 1 SHARP TILTS . (Continued from Page One.) of murder I would favor it, but 1 have no such feeling,” “Cases have been clted here 75 years old," said Mr, Darrow, “They were decided before people knew what the mind was, or, more ap- propriate, what it was not, “These cases were read with no purpose but to pile up law books and ybody can do that, “There Is no question but that In Tinols legal insanity means such mental disease as makes one unable to distinguish or choose between right and wrong,” sald My. Darrow. He added that there was no claim that Leopold and Loeb were “legal: ly insane.” Mr. Darrow rajsed a snicker in the court rooth by saying that Crowe, states attorney, had acknowledged that Mr."Darrow's clients “are even ax sane as he is, “Courts today take account mental deficiency,” he said. Mr, Darrow touched upon youth @ mitigating circumstance, say- he reason for th'«is the state of mind, the lack of discretion and matured judgement that comes only with years. it is ed in our laws affecting minors, Mr. Darrew rapidly, with of ridicule for tho state’s case, Il Juminating his. argument for the legality of his own ot 1, His eye glasses, som held before his eves he Brief notes, were often ra above his head as he gestic Again his glasses tc ot recog flashes ah ulated. his yolee wo be raised sed rattiing on the do- cument table, and his right fint be clinched above his head as he den. ounced the states insistence on the death penalty. HEARING OPE LATER TODAY CHICAGO, July 41 sociated Press)—The ‘ore Judge John R. Ca y to: determine the fate of Nathan Leopold Jr., and Richard Loch, kidnapers:s!. rs of Robert Franks, was set for an open ing thirty minutdés liter than viously, this morning. The 1 rowd ¢ in nda possible ns they b court thre for entra: mar room & ba'liffs, The early part of mised little pease tho intere 1 since Thomes shall, indic and legal research expert for Rob EF. Crowe, state's attorney, le finished youterday his citing of pre ssion pro: to ap rs all | ter time } and $76,363 for May 1924, the com- pany announced today, Raiway operating revenue for June 1 Was $9,956,984 for June 1923, $10,688377 and for May 1034) $967},- 244 with raiway operating expenses $8,416,207; $9020,475 and $8,642919 respectively for the sime periods. ST. PAUL, Minn, July 31— Northwestern farmers have begun to harvest the most profitable crop they have raised jn ten years and bankers forecast that business in general will improve as the farmers come into the markets. Bank clearings show that the vok ume of business now is heavier thas & year ago, Retail business is re- sponding to a feeling of more confi- dence and seasonable mid-summer weather, PHILADELPHIA, July 31.—The large amount of public work in hand and pending here has brought an army of supply salesmen who are anxious to sell contractors anything from a shovel to structural steel. A new trade school for girls, a $750,00¢ garbage disposal plant, sewers cost- ing $1,500,000, a city hall annex and @ subway system are among the pro- Jects involyed, BETWEEN COUNSEL MARK FRANKS MURDER HEARING cedents from other commonwealth to prevent'Judge Caverly hearfhg ag a mitigating circumstance the testl- mony of various alienists called by the defense. Dr, William A. White, of Washington, D. C,, rested com- fortably four and a half hours on the witndéss stand yesterday while the state and the defense argued as to the admissibility of the evidence the prosecution thought he would be called upon for, A ohilly lake overnight and the be the first c since the hoaring opened eig ago. Only a few men were in room or the long | down from tt ‘ xth floor, wmen predomi ratio of about nine to one. Judge Caverly brought several lax books into court, Dr, Whi into the witness chair and t torneys grouped themselves in £ of the bench preparatory to 2 sumption of the argument Caverly tol breeze »secution S ¢ erday were ¢ in which a not guilty had been cases tried by J fore they werg not presen instance " Pennsylvania d ran along Hn cane so far, enist testimor Pennsylvania case plea of guilty erime second degre it was held that the introduce testimor fense to first degree “Well, we have ra in this case," { Crowe, state's a stand it.” “I just wished t clear,” said the Clarence H for the defens put upon the missibility of s that t para erje DULUTH, } Flax—July, $2 r, $2.34,