Casper Daily Tribune Newspaper, September 4, 1924, Page 7

THURSDAY, SEPTEMBER 4, 1924, Oil 3 F inance 78 NEW WELLS ARE COMPLETED IN MONTH New Production From Wyoming Fields During August Shows Decline From Total Hung Up in July. New production from wells com: pleted in thé Wyoming fielas during the month of August is estimated at 7,525 barrels a day as cgainst cafe barréls dally in July, accord: to figures just compiled showing the drilling in of 78 wells last month two less than were finished in » Five dry holes were found August as compared with six in and néw work shows little ernst BA beret ierg arid rigs up and drilling By districts follows: + Rigs Rigs i : Stand- Dril District Comp. Prod. ing ing it Creek....63 - 6.205 66 125 Muddy_.. 0 0 0 4 ce Creek._ 1 0 C) 3 Horn ; Basin .-...- Lost Sgidier and Carbon Ferd Ln 1 ° 1 43 ock River 20 25 0 0 ) 4 A ot Aug. total..7) ) duly Pers i 7,526 3,760 Sunburst ~....22 2,997 ‘Miscellaneous... 0 total... 8,022 26 July total.s26 6200 20 es ol Difference. 2 8,178 5 8 Eleven new producers have been added to the wells in Salt Creek dur- ing the past week by the Midwest Refining company. Of the 11 com- pletions but two were brought’ in flowing and all will require shooting in order to induce flowing or a largér pool for pumping. The list of the new wélls follows: WYOMING ASSOCIATED—Né. 19 A, NW% 1-39-79, depth 1,840 feet; no flow, will be shot, No. 24-A, NW% 1-29-79, depth 1,880 fest; no flow, will be shot, NO. 4-AX, NW% will be Shot. No. 1%A, SHY 85-40- 79, depth 1,568 feet; no flow, will be shot. SALT GREEK COMSOLIDATED= No. 25 A, NW% 3-89-79, depth 2,866 feet; no flow, will be shot. MIDWEST OIL+-NO. 34-4, NEY 95-40-79, depth 1,565 feet; 60 barrels, Will be shot.. No. 10-A, NW% 1-3% 79, depth 1,780 feet; no flow, will be shot. No, $1-AX, SEM 27-40. depth 2,095 f ho flow, will be shot. No. 4A, NW% 2-30-79, dépth 1,588 feet; fo flow, Will be shot. No. 2A, NBM 22-40-79, pth 1,905 feet; no flow, will be shét. MOUNTAIN AND GULF—No. 33- A, NEY. 11-40-79, depth 2,420 feet; no flow, will be shot. At Néeiber Dome the Midwest's test well is drilling and underreaming at a depth of 4,111 feet. Crude Oil Production in ‘ i NBW YORK, Sept. 4—The daily fiverage gross crude oil production of the United States decrefsed 7,000 Barrels“for thé week énded August 90;-totaling 2,080,700 barrels, accord: ing to the weekly summary of the American’ Petroleum Institute. The daily average production east of the Rocky Mountains was 1,415,500 bar+ rels. a decrease of 8.500, California ‘was 615,200 barrels, an of 1,500. peel showed a daily average it of 647,050 barrets, ot 4,000; Kansas 83,900 bar- Fels, inerease of 1,160; North Texas 74,200, decrease of eentral Texas 180,300. decrease of 900; north Louisiana; 53,900, dectease of 1,150; Everyman’s By GEORGE T. HUGHES (Copyright, 1924, by Consolidated Press Association.) Construction Loans. In @ preceding article I pointed out that more cate was needed in investing in the securities of a new enterprise than in one which had demonstrated ite earning That article considered only stocks. from this standpoint. To @ less de- gree, howéver, the same appliea to bonds. . For instance only the other day an investor wrote me that he was the owner of the bonds of a rail- road company outside continental Tnited® States which had just de- faulted their interest. He said that he had bought the bonds in good faith as an investment and not as a speculation and that they were recommended by a reliable banking house. Probably ut the time he made his investment he‘did not no- that these bonds were issued on a road to be built. In other words it was a so-called “construc- tion joan". There is no record of earnings, only estimates of what the property. would earn after the road had been built and had been Country Slumps in Week Arkansas 136,800, decrtase of 2,550; gulf coast and southwest Texas 112 450, decrease of 7,400; eastern 108, 000; increase of 500; Wyoming; Mon: tana and Colorado 110,900, decrease of 800; California 615,200, increase of 1,600. Daily avérage imports of Petrol éiim at principal ports for the weep ended August 30, were 281,286 bar- relé, compared with 277,857 for the week.- Daily average re- ceipts of California ol} at Atlantic and gulf coast ports were 186;857 barrels, compared with 164,714 for the previous week. There were ho changes reported in erude oil prices for the major dis- trigts, Investment put into operation. These estimates wire never realized, the project failed and the bonds defaulted. There are many of these coristruc- tion loans offered to investors and some of them afe entirely sound but as @ class they do not grade as high as bonds which are a lien on prop- orty already income paying. When you ate asked to buy @ security based on future prospects rather than upon accomplished results’ it is necessary to examine the situa- tion with éonsiderable care. You have no income stateménts over ao period of years to go by. You can only judge the offering first by the investment banking house that un- derwrites it and second by the record of the management qf the corporation in similar efiterprises. In any case you must take 4 little more risk than if you were buying a bond the record of which is avail- able for examination. In return for this glightly greater risk which varies with the security you are entitled to a little higher return. You will find too that the open mar+ ket appraises bonds in this way making the same distinction that I have tried to make. Silk Industry Not Likely To Be Affected by War By J. C. ROYLE (Copyright, 1924, Casper Tribune) NEW YOR Sept. 4.—The civil strife which is now going on in China does not seem likely to have any extended effect on the silk in- dustry in Ameriéa, even if the great port of Shanghai be tied up by arm- €4 confilet. The better gtade of can- ton silks are fairly strong in price but American manufacturers will be called on to face no serious short- age. The Japanese varieties have ‘so shown marked firmness due, part, to unfavorable weather affect- ing thé Miu!berty trees in the is‘and empire. But the real factor in the silk @ituation is the improvement in @emand for manufacturéd goods. ‘This has beén more pronounced in the silk trade than,in either the cot- ton of woolen indistries. It has been felt especially by broad silk makers whose Ordéra, in some instances, have nécessitated capacity opera tion 6f thelr tills. "The-atrike of silk workers at Patterson over the num: ber ‘of looms each workers is ex- to look after has been instru in keop:ag down output there. Although about 2,000 workers are sald to have gone back to work some mills still ate closed. Mills that have Apecialized in fine satins, failles and bengales in all- silk and silk and wool mixtures are in su¢h demand that some mills have been unable to fill orders while the call for crepes has been steady. The causes which have produced this sit- uation have included better weathér selling conditions and other factors but some experts place special stress on color. Industry, they say, especially that rt of it catering to women, is dé. pendent to @ great extent on style changes for the méhchantability of its goods. Stylé of any garment or fabric is dependent on three factors texture, life and color, Color, there- fore, has become as great @ question 2 any other factor in textile pro- duction. This fact has resultéd tn development of color experts whose job it in to analyze the world of fashion and to deduce for industry what the populaf colors will bé. sometimes placing such tnformation in the hands of manufacturers 4 year in advance. . Bonds <anwencees, 6H American Zine, Lead and Sm.84% B Chandler Motors -........... Chesapeake and Ohio ~...-.. ¢ and Northwestern .. Chi ) Mil. & St. Paul, pfd. Colorado Fuel and Iron -.-.. Congoleum oon Consolidated Gas Corn Products new Coaden O11 -... Crucible Steel —.. Cuba Cane Sugar pid. ..... Davison Cehmical .... Du Pont de Nemours ie Famous Players Lasky ..... 79% Général Asphalt .2........ 42 General Electrié 6x div. -... 260% Général Motor# s.s..-.-.... 14% Great Northern pfd. s1s.... Gulf States Steél .......__ Houston Ol 222.241 Illinois Central ...2.-... Thternational = Int. Mer. Matine pfd. -...... Int&% Tel and 7 Invincible Olt Semweteon Kelly Springfield Tire ..... Kerinecott Copper as. Lelisvilie and Nashville .. i ‘Truck arland Oil ...... MAxwell Motors A Middie States Of1 22.1 Missouri, Kan. and Tex. .... Missourt Pacific pfd. ...... Missouri Pacific pta. Nationa! Lead N. ¥. N. HL, and Hartford _. 23 Norfolk and Western ....... 1 on Northern Pacific -........... 65 Pacific Oi wennee 46% Pan American Petroleum B — Pensayivents saeatancceansee 45 roducérs and Refinérs -.....274 B Puré Oil aenecese Fr Reading ..........2.. 60% Republic Iron and 8| 47% Wig} B nsec... 16% ir Oo dddnnntinn 14% Seara Roebuck ........L... 10: Sinclair 1 aaa eaeeenee 13 BlossShetfiela Steet I Southern Pacifio shane Southern Railway ...2__..- Southern Rajlway pfd. -. Standard Oil of Cal, 1... Standard Oil of N. J. aaeeeenn. 6 Co. Texas and Pacific ~....... Tobacco Products --_.___.. Transcontinental Ol) -.2... Union Pacitio en neenes 140% United Drug .....--..- 84% u Cast Iron Pipe ~...... 106 Uu Ind. Aleghol +......-.. 71 United States Rubber ...... 35% United States Steel ......... 107% Utah. Copper Westinghouse Hlectric Willys-Overiand .-...--2.... Woolworth A evweennewewens 110 Standard Oil Stocks ee Rend Buckeye -----------... Continental ~-------... Cumberland ~~~... Galena 14% 16% 60 60% 43°47 143 55 Milinoie ..--------.+-_- Indiana ~+.--.--.--..- Nat, Tran. ..-..-..... N.Y. Tran, cone. Nor. Pipe .-...2+.--.. @. 0. Neb. sees 8. 0. Ohio 2 aaa Vacuum - wenceencnns 64 QA Check, ssc rescnownfl U5 Lance Creek perenne eee 1.40 Pilot Butte Lander Butter and Eggs CHICAGO, Sept. 4-—Butter un- changed. Eggs unchanged; receipts 885 cases. A modern alternating currert dy: namo will revolvé at any sped tp t® 3,000 times per minute, the elec- tric current generated reversing its diréction 200 tines a second. ae Che Casper Dail Stocks Cribune Grain EWS AND QUOTATIONS BY LEASED W OIL SECURITIES Buek Creek Burke ~ - Black Stone Salt Crk. Chappell ed Columbine . .-.----- Géntrai Pipe sss.s.. 1.25 Consolidated Royalty . 1,15 Cow Gulen ....-... 03 n 5B. T. Willfams ----.. Western Exploration ~ 8.40 Western Oi! Fieias .- Western States - Wyo-Kans «-.--—-- ¥. on alias OS 108 NEW YORK CURB CLOSING Mountain Producers 17.50 » 18.00 Glenrock Oil ary Salt Créek Pras. 22.50 Salt Creek Cons. 7.26 New York Ol] .-...... 9.00 Ohio Oil 58.50 Prairie Oll 209.00 Mutua! 10.62 8. O. Indiana 56,87 Chicago Prices. CHICAGO, Sept. 4.—(U. 8. Depart mént of Agriculture)—cCattle— Re- oeipts 15,000; fed steer trade snappy all interests buying. generally steady to 15 cents higher; spots up more, désifable light weight heifers shar- ing advance; eatly top $11.25 paid for both yearlings and matured stee: some long yearlings held higher; several hundred head year+ lings and matured.steers at $11 and above; fat cows in more liberal sup- ply; Weak to 26¢ lower} better classes 23,00 7.50 11.00 210.00 57.00 geherally steady; bulk bologna bulls $4.25 @4.75; bulk veal calves to pack: } smal killers pay- ing upword to $14; country demand stockers and feeders rather slow, supply small; killers taking practl ers $12.50 @13.2 cally everything showing kill. Hogs—Receipts 27,000; slow;- whe even, mostly steady;* desirable med- jum weight steady to Se higher: éady to 266 lower: big backers inactive: top bulk better 160 to 326 pourtd and choice 140 to 150 pound weight is light light and Killing pies $10.! averagi 70@10.15 good argely $8.40@9; bulk packing sows $8.65@9; majority desirable strong weight ughter. pigs $7.25@7.50; heavy weight hogs $9.60@10.15; med- 5; lights $910.20; packing hogs ¥ packing hogs rough $8.15@8.70;- slaughter pigs Sheep—Receipt 22,000; active; fat lambs strong to 26c higher; sorting light, early bulk desirable: natives at $13@18.20; few to packers at $13.40; choice westerns early $13 sheep strong; cholce range ew $6.50; feeding lambs steady; choico feeders early $13. : Omaha Quotations OMAHA; Sept. 4.—(U. 8. Depart- ment of Agriculture) — Hogs—Re- ceipts 12,000; fairly active to ship- Pers on better grade butchers steady to 10¢ lower; packers demand in dif- ferent 10c@% decline; bulk 200@300 pound butchers. $9.25@§9.50; top $9.50; bullc 160 to 200 pound weights $9.00@39. packing sows §8.35@ $8.60; smooth grades $8.60; bulk of snles $8.40@$9.50; average cost Wed- nesday $8.93; weight 262 Cattle—Receipts fed. steers and yearlings active strong and from 10c@16c higher; several loads me dium weight steers $10.0@$11.50; top $11.10; Weighty, steers averaging 1, 360° pounds 10,45; bulk $9.00@$10.5 she stock strong to 15¢ highe: and bulls steady; stockers and feed ers scarce; nominally stead, grass cows and heifers $3.50 5 eanners and cutters $2.50@$3.40; bologna bulls $3.25@$8.75; practical veal top $9.50; few loads stockers and foeders $5.25@ $6.25. Sheep—Receipts 21,500; enrly sales Killing classes strong to 2ho higher; native lambs $ @$13.00; clipped lambs $11.95; good quality western fat lambs $12.00; choice offeings held higher; heavy ‘welght fat ewos $4.50 @$5.00; teeding classes 10e@15c high er; range feeding lambs $11.60 $12.75; top $12.85; feeding ewes DENVER, Colo.,! Sept. 4.—(U. S Department of Agriculture.}—Hogs Receipts, 2,400; quality generally g008; mostly weak to 160 lower; top 4and, «$9.80; few head, $9.65 to $9.80; plainer kinds, $9.50@9.60; packing sows, steady to unevenly lower, mostly $7.50 to $8.00; tew fat ples, steady at $7. kind, weak to 25c lower, at $6.75. ‘attle— Receipts, 1,400; calves, plain, steady; few grase grasa. heifers, $3.00; fairly good grade steers, $ few “mixed yearlings, $7.85; lve! $5.00@8.50 New Mexicos held around $6.50; few stock steers, $5.00@5.60. Sheep — Receipts, 9,200; sold early; talking strong higher; two loads fat ewes ear? to unsold —> Flour. MINNEAPOLIS, Sept. unchanged; bran, $25.00, 69.00 10.78 | </@xehanges closed easy. nothing STOCKS RALLY IN LATE SALES Shorts Forced _to Cover by Selective Buying In Afternoon NEW YORK, Sept. 4—Specula- tors for the decline retained contro) of today's stock market, belng aid- ed in thelr operations by the passing of the American Woolen dividend. Special strength developed, how- ever, in a number of issues, includ- Nickel Plate, Norfolk and West+ Lackawanna and Studebaker. Sales approximated 750,000 shares. ——eeings NEW YORK, Sept, 4. —Stock Prices drifted to lower levels at the opening of today's market on a con- Unuation of profit taking sales and bear selling, reflécting speculatively disappointment over the failure of the market to rally after the Labor Day holiday. American Woolen opened unchanged and then dropped 8 points, Norfolk and Western > and & number of other pop- ues eased fractionally. Colo- ado Fuel rallied a point on short cover! Continued heaviness of the princl bal European exchanges, which was construed as an indication that the benefits {rom the Dawes report might not be félt for some time, also Was considered a factor in the sell: ing, demand sterling again falling more than &@ cent to $4.46 3-8. The decline in the stock market was an orderly one, losses of a point or so ing recorded by National head, Republic Steel, DuPont and Marlin Rockwell while American Can, In ternational Harvester, Texas Gulf Sulphur and many others dropped half to 3-4. Jones Brothers. Tea which was. weak yesterday rallied 1% points and American oolen ral- lied a point from its early low. People's Gas advanced fractionally Ww 1924 high, Professional bear traders continu ed-to seek out weak spots, particul- arly among the industrial specialties hich, with the lack of inside buying power for the standard rails and in dustrials resulted in a rather gen- éral reaction during the morning. Lowering of the renewal rate on call money to 2 percent failed to stem the tidé of selling. Offerings of the popular rails were more abun- dant, Union Pacific, Norfolk and Western, Great Northern preferred and several of the low priced issues sagging 1 to 2% point. Despite the generally weak tone, the large ma- jority of issues developed resistance points about last week's lows, which . | Sperators for the advance construed as an encouraging sign. Among ’the many industria, issues to sell 1 to 2 points below last night’s final prices were American Can, Gulf State: Steel, "Mack Truck, Pan-American B, Marine Preferred, International Paper and Brooklyn Union Gas. Good buying support developed for Colorado Fuel, which rallied 2% points and for American Wool and United States Cast Iron Pipe. Selective buying caused various stocks to give an impressive de- monstration of strength in the af- teruoon which ultimately caused short covering in spots. Nickel Plate common and preferred rose to 117 ana 9 respectively, both new high figures. Sugars went up on the further advance in raw and refined grad and Stromberg Carburetor, Stewart Warner, Davison Chemical, Ameri ean Ice, Interborough Rapid Tran- sit and United Frult were also strong. American Woolen got up to 72%, compared with its early low of 69%. The closing was irregular. The unexpected omission of the quar- terly dividend on American Woolen common resulted in that stock breaking over 12 points to 60%, a new low, and bringing about fur- there unsettlement in the general list. Subsequently buying of Stude- baker, which touched a new top at 40, and a brisk demand for Lacka- wanna caused a general strengthen: ing of prices at tho close. aan Foreign Exchange NEW YORK, Sept. 4.—Foreign Quotations in cents: Great Britain, demand, 446%; cables, 446%; 60-day bills on banks, 44514; France, demand, 5.80; cables, demand, 4.37%; cables, Hum, de- mand, 4.99%; cables, 5.00; Germany, demand per trillion, 23%; Holland, $8.42; Norway, 13.79; Sweden, 26.57; Dehmark, 16.69; Switzerland, 18.83; Spain, 19.17; Greece, 180; Poland, 19%; Czecho Slovakia, 299%; Jugo Slavia, 13344; Austria, ..0014; ‘ mania, 63; Argentina, 3 987; Tokio NEW YORK, Sept. 4.—Call money, easier; high, 2%; lew, 2; ruling rate, closing bid, 2%; offered at 2% last loan, 2%; call Joana agatni acceptances, 1%; time loans, firm: mixed collateral, 60-90 days, 2% @3; 4.6 months, 3% @814; prime commer. olal paper, 8% @3%4. pata don POTATOES CHICAGO, Sept. 4 ing fair, market about steady on early Oblos, strong on good | stock; receipts 38 cars; total 1 shipments 512; Minnesota s early Ohion 90@$1.10; bulk 85@95; ed round whites $1.40; Kansas sacken Irish cobbiere $1.45; Mie sourt sacked Irish Cobblera $1.30@ 31.40; New Jers tacked Trish Cob: Potatoes trad- blers 210; Colorado Sacked peoples russets $1.55. PAGE SEVEN, Livestock :: All Markets GRAIN PRICES GIVEN SETBACK Corn Falls In Line Behind Wheat In Slack De- mand Today CHICAGO, Sept. 4—Wheat dis- played a heavy undertone here to- day on unresponsive Liverpool ca- bles and hedging pressure. Préssure camé mostly from houses with northwestern and southwestern con- nections, but the traile was not ree during the éatly dealings and when buying appeared the market rallied, Sentiment appeared mixed with expectations generally of a two-sided market. Export demand and bullish foreign crop news off- set to a largé extent the pressure of spf wheat on both sides of thé International line. Buying by a strong individual house which ab- sorbed the surplus in the pit caused shorts to cover December for sale above 12015, Which checked the ad: vaneé and made a réaction. After starting %c higher to 1%c lower with September 123% and Decem- ber $1.29% to $1.29%, the market scored trifling gains all around and then receded slightly. As trading died out the market required but little buying or sell- ing to cause fluctuations. The close Was weak at a nét loss of % to % cents with September §1.23% to $1.24 and December $1.28% to $1.29. Corn was affected by. reports of generally favorable weather for the new crop. There was some pressure early but the marekt was unusually quiet. After opening %o lower to eo higher, with December $1.14% to $1.14%, corn underwent a@ decline all around. Confirmation of frost in parts of the Canadian northw lifted oats. Starting %c to %o hig! er with December 520 to 52%, sales sagged a trifle and then hardened around the initial figures. Provisions lacked support. Corn appeared overbought with buying power lackin; market eased down with wh finish was weak, with prices % to Yeo off, December, $1.13% to $1.13%. Wheat— Open High Low Close Sept. ~ 1.23% 1.26% 1.23% 1.23% Dec. = 1.294% 1.80% 1.28% 1.28% May — 1.34% 1.86% 1.34% 1.35% Curn— Sept. -.-. 1.19 1.19% 1.18% 1.19 Dec. ss-- 1.14% 1.14% 1.13% 1.13% May w+ 1.14% 1.15% 1.14% 1.14% Oats— Sept. -.-. 48% 48% 47% 47% Dec. 52 52% 51% .b2y May «.-- 56% 57% .56 56% Lard— Sept. +...13, Cash Grains and Provisions. CHICAGO, Sept. 4.—Wheat, num- ber 2 red, $1.29% @1.80%; number 2 hard, $1.2516@1.27%; corn, number 2 mixed, $1.20; number 2 yellow, $1.21% @1.22; oats, number 2 white, 48% @49%oc; number 3 white, 46%@ 47%4c; rye, number 2, 91%c; barley, timothy seed, $5.50@7.25; Clover seed, $11.50@21.50; lard, $13.82; ribs, $12.50; bellies, $13.37. pect chet < Mitre Fi Flax. DULUTH, Minn., Sept. 4.—Close: Flax—September, $2.25%: October $2.23%; November, $2.28%; Decem- ber, $2.20; May, $2.24. ——_——_ COTTON NEW YORK, Sept. 4.—Cotton— Spot, quiet; middling, $25.65. {71> — z SUGAR NEW YORK, Sept. 4.—Refined sugar showed further partial gains ot ten points, the list ranging from $7.10 to $7 for fine granulated. Refined futures were nominal. Sugar futures closed firm; approxi- mate sales, 42,000 tons; Septembe: $4.14; December, $3.97; January, $3.60; March, $3.87/ es METALS NEW YORK, Sept. 4.—Copper— Fasy; electrolytic, spot and futures, 13%4e. Tin—Easy; $52.37, Tron—Steady. and unchanged. Lead—Steady; spot, $8.00@8.25. Zine—Steady; Bast St. Loula spot, $6.25; futures, $6.25@6.27. Antimony—6pot, £10.50, pt den ich rch spot and futures, LIBERTY BONDS NEW. YORK, Sept. 4—Liberty bonds closed: 8448, 100.27; first 4% ment 4%8, 104.27. SILVER NEW YORK, 68%e; M 4.—Rar silver The superstition that megples are unlucky is based on the belief that they are the only birds which 4id not go into. the Ark with Noah. | BUSINESS BRIEFS | Gasoline Prices Fought. BOSTON, Sept. 4—The Massa- chusetts commission on the neces- sities of life have asked a hundred ofl dealers and refiners why gasoline ig higher in Massachusetts than else. where and why it is retailing at only two cents lower than last spring, when wholesale priced have dropped four cents. They request a report on costs and profits. J The strikers at the Waltham Watch plant have offered to submit their wage demands to arbitration, but the company demands that the men return to work before this is done. The strikers say they will re- turn but must be paid the scale of wages’ which previously obtained Until the question is settled. ATLANTA, G Sept. 4—Volume of newspaper advertising has in: creased perceptibly in the last week. Labor Day was followed by large displays. There is more solid pros- perity in the rutal districts of the southeast than at any time since the depression of 1921. BOSTON, Sept. 4.—The Boston and Maine railroad has applied for authority to abandon the Nashua and Acton railroad, a 22-mile branch line. Railroad executives say traffic along thé line has dried up. CHICAGO, Sept. 4.—Better bust- Ness this fall is indicated by general reports from wholesalers that their Aggregate sales are increasing. Grocery, hardwate, drugs and dry Commodity, (Copyright, 1924, Casper Tribune) Automobiles. DETROIT,—The Ford Motor com. pany of Canada will not reopen un- til September 8, using the oppor- tunity presented by the short week to accumulate a larger bank of orders. The plant has been running four days © week. LANSING.—The Reo Motor com- pany now is producing 2,000 cars and trucks a month, employing 4,200 men two thirds time. Sales have been on the increase. oil. FORT WORTH—The Ifting of the pro-rating regulation on ‘crude oil purchased in north Texas last week is accepted here as indicating that prices have reached bottom. Silk. SEATTLE—The August oriental raw silk imports through this port amounted to 20,450 bales, valued at approximately $16,300,000 One shipment sent August 14 established a new record of 72 hours and 655 minutes between Seattle and New York. ATHENS, Ga.—Spectaoular * de- monstrations of ‘‘dusting’’ cotton fields with calcium arsenate from airplanes, to kill boll weevils, are drawing planters in thousands from all sactions of the south, but con- servative cotton men anticipate more practical resulta from the ex- goods dealers all count on improved buying. Power Merger Ai . DENVER, CGolo., Sept. 4.—Ap- proval voted by stockholders of both companies perfected the merger. of the Colorado Power company with the Public Service company of Colo- rado, By the merger the latter cbm- pany takes over the first and as- sumes direction of the co-operating of the two companies. The action today makes the Pub- lic Servicé company one of the West's largest public utility organt- zations, serving as it will the north- ern part of Colorado and the city of Cheyenne, Wyo. The Public Service company was formed a year ago by thé construo- tion of the Denver # and Electric company and the Western Light and Power company. Electric power of 107,000 horse poWer vill be under the control of the new Public Service company now, with nine steam, four water- power. ¢lectric plants, 355 miles of transmission lines and 1,500 miles of distribution lines included in the syetem. Woolen Dividend Passed. NEW YORK, Sept. 4.—Directors of thé American Woolen company today omitted the regular quarterly dividend of 1% per cent on the common stock due at this time, The regular quarterly dividend of 1% per cént on the preferred stock Was declared. ‘Trade News periments of the chemical warfare service of the army. Steel. BUFFALO.The Niagara Steel and Wire company, which makes 90 per cent of the hair pin wire sold east of the Mississippi, is working its Stroudsburg, Pa., plant Might and day to fill demand. So far this month the company has shipped 111,240,000 féet of wire. Nuts. SACRAMENTO.—Opening prices for California almonds are expected to be sifghtiy higher than for the 1923 crop. The Grop ts estimated at 9,200 tons or 61 per cent of nor- mal. Farm Implements. CHICAGO—The berating ratio in the manufacture of agricultural implements was 50.5 pér cent of normal for July, manufacturers te port. Gains in sales of threshers, grain storagé, machinery, corn eut- ters, huskers, and shredders are off- set by declines in planting, cultiva- tion and tillage machinery, Lumber. SAN PANCISCOTho revival of lumber activity i# shown by the fact that seven large schooners luld up for lack of cargoes, have depart- ed for northern mills points to take on loads. It is expected ali lum- ber boats will be back in commis. sion by October 1, BATTLE OF SHANGHAI UNDECIDED AFTER 24 HOURS OF FIGHTING (Continued from Page One.) the seventh day Baptist mission hospital there. When the firing began Gross unit from Shanghai retreated 12 miles, to the village of Lutl, but Miss Crandall and Miss Burdick re- fused to abandon the patient# in the hospital, who were not war casualties. y long tho shells whistled Several of them passed through thé hospital building. Late th the day the Associated Press cor: respondent obtained the use of an Automobile truck, and by using the truck and his own automobile, man: wed to remove the patients, to- gether wih the American women, to safety in Shanghal. The rain of bullets continued, however, while the escape from the hospital was being effected. Conscription of both men and wo- Men workers for wat work, was re. Ported today in many sections of the Chines rritory adjacent to Shangha!. This drafting was start- @d a week ago, when hostilities be- camé probable It has had the ef. fect of bringing thousandy of Chinese into thé French and ational settlements here, see foreign protection against th« séription offic! OIry OLAIMS VICTORY. SHANGHAT, Sept. 4.—(By The A Soclated Press.}—After 24 hours of fighting, within 15 milén of the cov éted city of Shanghal; forces of Gen @ral Lu Yung-Hsiang, ruler of the territory, repuleed the armies of General Chi Shich-Yuan and gained about two miles, according to a statement issued from the headquar ters of Ho Feng-Lin. defense com Missjoner of this city. Many casual tles were reported. Shanghal, ctowded ers who huddled } the firing the Red with o tk today vi foreign clty from wed the ig of hostilities with apprehen: 4 fear that the nightfall. Thé éngagement now In progress is becoming géneral in the area from the line of the Shanghal-Nanking railway to the coast afd heavy can nonading along the railway lines lines Was reported. The temper of foreign. govern. ments toward China’s provincial civil war was Indicated yesterday when several contingents of Brit+ ish marines were landed in the for- eign section of Shangha! and 400 French sailors were sent ashore diso from war craft now In the harbor here, The French troops supple Ment @ volunteer company on duty to defend the French settlement in any possible emergency. An indication of the proximity of Actual fighting to Shanghai was given rday when encounters between the Chin soldjery and players. on the Shanghai golf dub Inks, located in the northern sub- urb of Kiangwan Jed to an order from the elub governors suspending play until further notice. While the general. tople among the foreign population today was the actual etarting of fighting, me- thods by which the rival tuchuns propose to finance an extended eon were discussed. The Chi- ral chamber of comméra a letter to the Hong Kong and Shang banking corporation, protesting nst @ reported proj- ect to 1 Peking government one ounds sterling, the lon to be man ponds. Behind the two tuchun contenders for Shanghal today was the respec: tive support of General Wu Pel-Fp, head of the Pekt; rnment, al- Hed with Chi, the "u governor and Chang Tso-Lin, war lord of Man- churia, who was reported in dé patches from Peking to have con- triputed $3,000,000 to Géneral La Yung-Helang The Manchuria war lord however, wos content to lend his financial ald to General Lit for the present, but bas promised him military aid when it is opportune. ee ye addre ALI D rie McClain al SIOVX ¥ ch must civ) Aled oe today for $200,000 promice. ealthy for wed breach of ATLANTIC CITY denied that he Batelle Taylor, Jack Dempsey waa engaged te