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

_ SUNDAY, SEPTEMBER 7, 1924. Financ STOCK VALUES STILL ON THE DOWNGRADE Prices Give Way During Week Under Steady Hammenng of Bear Traders Continued in Short Session on Saturday. NEW YORK, Sept. 6.—Recessions in values marked trading today in the general list with some strength manifested by issues which reacted to recent declines. American Woolen developed further weakness and Chandler A 6 per cent stock sagged several points, while Lackawanna touched a new top at 143%. Sales for the day amount to 450,000 shares, A number of weak spots were un- covered during week by steady hammering on the part of bear traders, industrials yielding most readily to thelr attacks. Little ac- tivity was noted in pool operations and public participation in dealings also witnessed a decline. Good trade news was largely discounted by the pre-holiday rally, in the opinion of @ majority of traders. An important factor in boilster- ing confidence of speculators for the decline was the ommission of the American Woolen common dividend, that stook falling off 20 points. De- Dression in the textile industry was also encouraged by default of in- terest on outsanding bonds of B. B. and R. Knight, Inc., one of the larg- est cotton.’ manufacturers, in New England. The Daniel Boone Mills also postponed dividend action, Improvement in the steel indus- try gave some strength to these shares, pig iron production being reported on the upgrade again after falling off since March. Steel stock prices, however, lost ground with other industrials, United States Steel slumping off five points from its recent high mark. Increases in railroad car loading bolstered the rail issues, August shipments of the carriers having been unusually heavy. Better resistunce to pressure was noted in the oll shares, due largely to reports of decline in pipeline runs for last week. Better commod- ity prices had a favorable affect on the sugur shares while motors soar- ed on the strength of more optimis- tic outlook for the automobile in- dustry. Cotton Futures Trading Is Considered at Chicago By J. 0. ROYLE. (Staff Correspondent of Casper Tribune) (Copyright, 1924, Casper ‘Tribune) NEW YORK, Sept. 6.—Members of the Chicago Board of Trade will take a formal vote Monday to de- termine whether trading in cotton futures will become a part of their activities. There is a general belief that the proposal will be endorsed by # big majority. Approval is not like- ly to be so general in some other sec- tions of the country and among mem Ders of other exchanges, however. Chicago traders have been deal- ing in cotton through brokers in New York and New Orleans. This has not proven’ entirely satisfactory to them, but New York and New Orleans are equally opposed to the opening of the Chicago market to cotton trading. “The Board of Trade men take the stand that there is a demand for the addition to the list of commodities traded in there, that the charter of the board authorizes dealing in all agricultural products and that such trading would result in a broader and more liquid market without af- fecting prices except to make them respond more quickly to laws of supply and demand, This stand is enthusiastically sup- Ported by Houston and Galveston cotton men, since those ports would be made delivery points for cotton traded in, in Chicago, according to present plans. They hold the Board of Trade already has a broad clien- tele speculating in grain and pro- visions and that many of these trad” es will become interested in cotton. It is pointed out that half of the cotton producgl in this country comes from west of the Mississippi. A western contract for western cot- ton men and spinners buying west- ern cotton is expected by Guif busi- ness men to facilitate operations. They add that, by making deliveries at Houston and Galveston, cotton could be loaded direct for foreign destinations, with a saving of hand- ling charges, The report of the special South- Everyman’s Copyright, 1924, by Consolidated Press Association. Friendship Stocks and Kinfolks Investments, ’ve got to raise some money.” The remark was made by 4 shrewd, young accountant whose ftiendship YT have long enjoyed. I tried on a bon-commitai expression and waited. You know that little company my brother started?” ‘The accountant went on. I nodded, “Well, 1 think it's going under,” he replied: “How much of the company's stock haye you?” I asked. “Not a share, thank heavens. I don’t buy securities that way. No friendship stocks or kinfolks invest ments for me. I'm golng to make my brother a straight loan, or a gift of the money because ho my brother and I want to help him. But I haven't any fool notions that I'm investing, I refused to buy stock in the company when he first started. The risk was too great CRUDE MARKET Cat Creek -~-.--.---.-..-. Lance Creek 45 1.40 1.40 1.45 20 - 1.40 - 1.40 - 1.45 = 1.20 Osage - os Grasg Creek, light Gress Creek, heavy Greybull Torehlight Elk Basin - Rock Creek - Salt Creek 3.10 Big Muddy . 1.00 Mule Creek - +60 Sunburst 00 Hamilton Dome - 1.80 Ferris — 1.55 Byron Notches Pilot Butte lander .. ern Warehouse committee of the New York Cotton exchange recom mending the extension of delivery Privileges on New York future con- tracts to New Orleans is taken in some circles to be a move to counter- act the Chicago plan and the naming of Houston and Galveston as deliv. ery points. The report favors the extension of the delivery privileges iso to Galveston, Houston, Norfolk d Savannah “whenever state laws at these places fully protect opera- tions under the present cotton fu- tures act.’ In the southeast, few concrete re- sults are expected to follow inaug- uration of trading in Chicago except a “broadening of the market.” Cotton men in Georgia and the Carolinas say that while trading in cotton in Chicago can not add one bale to production or one spindle to consumption, it will result in more trading in contracts in a territory hitherto not interested primarily in the South’s great staple. Forward- looking interests in that section wel- come the acquisition of new blood in the field of cotton speculation, be- lieving broader markets mean better prices for producers. New Orleans cotton men are firm in the belief the Chicagd experiment, if tried, will not prove successful, since that city is far away from the fields and does not possess the ma- chinery and organizations with which to Rather the data necessary to operate an independent exchange. They declaré Chicago is not in any sense a cotton market, thai no cot- ton is consumed in that territory and that there is no necessity for cotton to pass through that center on is way to consumption. ‘Whatever effect the new plan will haye on the makets for raw cotton, the southern cotton textile maniifac- turers are going grimly ahead mak- ing adjustments on their goods to new price levels for the raw staple, Warehouse stocks and orders. Mills in Alabama, Georgia and th lipas are extending operating hours and many plants are holding accept- ance of orders down to the stock of cotton purchased. Investment | I'm ready to kiss the money good- bye, as a gift, and I've come to you to ask which of my few securities I should sell, to get money to help my brother,,and which I should Keep.’ The foregoing is an actual exam- ple of one of the best I ever ha‘ known of the right way to look at the buying of stocks or other secur. {tles from friends or _ relatives, Judging a security by friendship or consanguinity or in-law relation: ship 14 absolutely without sense or reason. No matter how near or dear the friend or relative that near: ness and dearnes# doesn't make a weak security strong or desirable. Any stock or bond should be judged solely on its own merits as a secur. ity. Is it a security well set up and in an honest, well-established, proved enterprise? Are the persona managing the enterprise honegt, caj able, ¢xperienced? Do they know what they are doing, your friends or relatives who have embarked in this enterprise in which they wish to interest you? Can they carry it through. Stock in virtually every new enterprise fs risky, no matter whether it is your brother or mine who is starting the company. My friend, the young accountant, was @ level-hended business man. He knew his brother was honest and deserving. He knew that his brother's enterprise was extremely risky. Ttightly, he refused to con- sider it an investment. Rightly, he staid out. Rightly, he came in with u Joan when his brother was hard pressed, declaring that he was per fectly willing to kiss the money good-bye, to help his brother. A great many people, however, contin- ually Jose money in backing rela- tives. That is, of course, all right when they wish to do so, when they realize that they are doing it for love, and ean afford it. Byt when the buying of stocks J# actuated by : Bonds | New York Stocks |! Gr. Lat eal i By Wilson, Cramner and Company. Allied Chemical & Dye --.--. 71% American Ca American American American American American American Anaconda International Corp Smelting and Refg. California Petroleum --.--... Cerro de Pasco Copper -... Chandler Motors ..-...._ Chicago and Northwestern —_ Copper Consolidated Gas Crucible Stee! ----.----._. Famous Players Lasky General Asphalt -.--.. General Blectric Gergral Motors Great Northern pfd. -— Gulf States Steel -. Inspiration Copper Int. Mer. Marine pfd. International Paper - Kelly Springfield Tire - Kennecott Copper Mack Truck --. Marland Oil Maxwell Motors -~-. Middle States Oi] --........ New York Central -----...-. N. ¥., N. H., and Hartford .. Pacific Ot) ed Pan American Petroleum B_ Producers and Refiners -..._ Republic Iron and Stee] Saers Roebiick ~.---------_. Sinclair Con Ol -.--... Southern Pacific Southern Rallway Standard Oil of N. J. ---. Studebaker Corporation Texas Co. — Transcontinental Oil ~ Union Pacific -... United States Rubber United States Steel Westinghouse Electric Willys Overland Colorado Fuel and Iron National Lead be SECURITIES Wien Cranmer & Ca. Bessemer «. Big Indian -..---.--- Boston Wyoming - Buck Creek Burke — Blackstone Salt Creek Chappell Columbine .. Central Pipe “. Consolidated Royalty - 1.15 Cow Gulon «...-..-. oF Domino -.-.. -na-= .08 Elborn ---..---—-— 04 * 6.60 27 4 00% 06 Ol 02 8.00 3.15 Mike 1% 22 Mountain & Gulf -... 1.25 1.30 New York OD ..--.--- 3.00 11.00 Picardy 02 ot Preston 01% 02% Bed Bank -~.---.~.--45.50 47.00 Royalty & Producers - .04 05 Sunset sake 09% 10% Tom Bell Royalty 08 4 Western Exploration - 3.12 3.37 Western Ot! Ficios -.. 15% 16% Western States 12% 13% Wyo-Kans mo Y on... a NEW YORK CURB Mountain Producers - Glenrock Oil Salt Creek Prds. -. Salt Creek Cons, New York Ol) Ohio Oil ~.... Prairie Oil .-...... Mutual 8. O. Indiana 90 a4 4 26 12 09 2.00 117 06 10 06 oF 1.00 29 —— Williams ~..~ . T. ates Jupiter ---.—~.. Kinney Coastal .---.. Lance Creek Royalty. 15 01 07 18.75 27 23.50 7.25 11.00 59.00 210.00 10.75 56,87 57.00 Standard Oil Stocks 14% 15% 60 43 OE RIEL Buckeye Continental 47 Tilinois Indiana Nat. Tran. N. ¥. Tran, Nor. Pipe -. Ohio Oil Prairie Oil Prairie Pipe Solar Ref. love or friendship for the seller the buyer should be prepared to get nothing but love or friendship in return. It {is of course very fortunate to have relatives or friends of tried, proved, expérienced business and in: Vestment sense from whom one can buy securities. In that case, how. ever. the rule still holds good for in that caso securities are bought on sound, experienced judgment and not merely on friendship. Friend. ship or kinship won't add a nickel to a share of wildcat stock. ae o Coal. Prt BOSTON—Retall coal pricus here have been advanced 25¢ a ton to $16. Che Casper Sunday Cribune Stocks Grain | 'S AND QUOTATIONS BY LEASED 1 ain Prices Show Loss For Week in Spite of Larger Export Business CHICAGO, Sept. 6.—Fractional change only developed in grain quo- tations in today’s short ‘session of the exchange here with the changes largely in favor of bears. Wheat prices were given a slight setback from opening quotations .and_corn scored slight gains. September wheat sold at $1.22% and December at $1.27 while September corn moved up to $1.17% and December to $1.12%. Declines in grain prices during the week were the result of persist: ent selling and lack of buying pow-|} er. Although fractional losses only were recorded jn some instances in comparison with a week ago, the market gave the appearance of be- ing on the downgrade. The market derived strength from. heavy wheat by Germany, -France, Italy and other countries following .ac- ceptance of the Dawes reparations plan. On the other hand more fa- vorable weather for threshing was reported in the northwest and esti- mates of probable yield were given a substantial boost: its chief purchases of to the maturing of the grain. High- er prices, it appears, would develop upon any announcement of adverse weather conditions, the market be- ing highly sensitive. Estimates on the probable produc- tion of oats were raised during the week and offset’ reports of frost damage in the northwest, Today's range of grain vision prices follows: VHEAT— High Low Close 1.21% and pro- Corn was governed largely. by Weather conditions and while the crop js reported late in most regions weather on the whole was favorable BELLIES— Sept. - Oct, Nov. — 13,00 18.05 13.00 New Oil Tests Projected For Colorado Districts DELTA, Colo., Sept. 6.—The first Ol test well in this Vicinity will be rilled by the Mid-Colorado Ot! com- pany, a subsidiary of a larger com pany. Drilling equipment is ,now on its way here, and an_ expert enced ofl man of the company’s is on the ground to take care of the preliminary work. Contract for the drilling follows the leasing of several thousand acres on what is considered a favor- able structure, seven miles north of Delta. The well will be drilled on the Tom Mower ranch, COLORADO’ SPRINGS, Colo., Sept. 6.—Reports emanating from Cripple Creek bring the news to Colorado Springs that the first oil well to be drilled in Teller county will be on the ranch of Gatley Jones, north of Florissant. nd other equipment have shipped from Tulsa, Okla., and pected to arrive in Florissant eek s came to Teller county years @go on account of his health, Since that time he has made a study of the possibilities of oll in that territory with the re- sult that he, and other members of the Jones family, who also have large’ oil holdings in Oklahoma, will drill the first test well to a depth of about 4,000 feet. Jones declared there Is every in- dication that the Florissan struc- ture is oil bearing, and that the chances of opening a pool are good. about three Gas Flow Is Increasing From Test at Arminto Reports coming in from the Ar- minto structure where the Wyland Syndicate are drilling a wildcat three miles east of Arminto indicate that the well has developed into a 5,000,- 000 foot gasser at 1,950 feet. The bit 1s eleven feet in one of the Fron- tier sands with the Third Wall creek and the Dakotas expected to be found within the next 350 feet. Just at present the drilling is be- ing hampered by the heavy gas flow which throws the tools up the hole|/ but it is expected that the well will| be finished within 30 days. | (Copyright, 1924, Caspar Tribune) Flour. KANSAS CITY—The majority of flour orders booked recentiy by lo- cal mills have been for 30, 60 and 90 day shipment, but in some cases they have been for delivery six months ahead, SEATTLE—August flour produc tion at Washington mille was o: 50 per cent of capacity, Business has been slack because buyers feel grain prices are bound to come down and are purehasing only for imme- diate needs. Export business for the Orient is at a standstill. i. WICHITA, Kan.—Oi drilling per mita in the Wichita district have averaged about three a day but there are signs that activity along thi line will be increased, FORT WORTH—Generous buying of oll.by pipe line companies has been resuined, the summer lull hav ing given place to reviving business in the Texas producing regions where*buying by pipe lines had beer on a pro rata basis until last weel lass PITTSBURGH—In the glassware field, novelties and colored glass are in better demand. Buyers are mak. ing price the outstanding. consider- ation but at. the same time demand good quality. Trade is slow in bot tles. Fruit. | PORTLAND, Ore.—Sales of Spit zenberg apples. to English interests have been confirmed at $1.80 net to} the grower for extra fancy 163's, | with fancy $1.15 and C grade $1.50. | Textiles. PHILADELPHIA—Factories mak ing cotton and wool mixtures, dre goods, overcoating, skirting, casi: | meres and kerseys are working at | 80 to 100 per cent of capacity, with enough unfilled orders to continue | this rate for 30 days. As a whole| the textile {industry is working at | about 50 per cent, of capacity, The Wyland Syndicate has control of the greater part of the acreage on the structure and plans to put the well down at least to the first Da- kota series. Only one well has ever been drilled on the structure previously, that by the Ohio in 1916 before the E. T. Willtams had tapped the See. ond Wall creek. The test was sent down only about 1,300 feet to the First Wall creek, and when no pro- duction was developed the hole was abandoned. rade News GRAND RAPIDS—The bulk of the Michigan white bean crop will not come on the market for ten ys. The market hero has Aavanceaf ow ing to rainy weather. A number of wholesale grocers have entered the market but farmers are holding for higher prices Shoes. ST. PAUL—Shoe factory output is beginning to expand under the stimulus of reports from salesmen on the road who report prospects excellent fe I1_and winter busi- PAGE SEVE! Livestock :: All Markets BUSINESS BRIEFS , PHILADELPHIA — Better firing methods are having an effect on de- mand for anthracite coal here. Num- ber one buckwheat is less in de- mand and there has been an increas- ed call for rice. Company prices for buckwheat and rice are $3 and $2.25 respectively at the mine. Pro- duction of anthracite has been run- ning well below that of 1923 but still ‘s ip excéss of demand. Domestic consumers are holding off from buy- ing winter supplies at present high prices, In the bituminous mar! pool ten coal which comes to market with buckwheat and rice anthracite is quoted at $1.90 a ton at the mine. PORTLAND, Ore.—Traftic negoti- ations of considerable proportions to this district are now in progress be- tween Union Pacific and MeCormick steamships. Plans invol' opera: tion of the steamer Rose City be- tween Portland and San Francisco, operation of the Portlahd steamship company, a subsidiary of the Union Pacific, by the McCormick company and thé rebuilding of the Ainsworth dock here by the railroad at a cost of between $350,000 and $400,000. BOSTO; Hotel men and passen- wer agents of New England roads repore that the summer resort sea- son has been below the average. Automobile campers, pilgrimages to Quebec and the heavy movement of tourists to Europe are held largely responsible. FORT WORTH—In the first sev- én months of this year a total of 774 cars of emigrants were deliver- ed by the Atchison, Topeka and Santa Fe road to points on the Tex- as plains. SPRINGFIELD, Il—Employmen in this state fell of 2.3 per cent dur- ing the last month, as compared with July and pay rolls declined 5-7 per cent in the same period. KUROPE AND TRADE REVIVAL DISCUSSED Roger W. Babson, Noted Statistician, Talks On Resumption of Trade and Its Effect Upon U. S. Business. BABSON PARK, Mi The negotiations on the Dawes Plan have brought European business conditions to the fore again and many busin men and investors are wondering how a revival -¢ trade in Europe will affect our own markets. Roger W. Babson's analy- sis of the situation, made public in a statement issued today, is then of unusual interest. “There is no doubt but what the reparations dispute is and has been one of the chief obstacles to bu: ness recovery in Europe,” says the statistician, ‘With this question even temporarily out of the way, everybody in Europe will feel lik going to work. In this country also there will be an immediate stimula tion of business. “We, should not, however, lose sight of the fact that conditions in Burope are far too serious to be immediately adjusted. We have seen in the United States the hindrances to busin activity which come from a lack of balance in the com- modity market. For some time past the grain raising farmers have been at a disadvantage in the market as compared with the Wage workers in the cities. This lack of balance has been restraining in- fluence upon business. “We have the same thing on an international scale in Europe. Na- tions cannot trade freely with each Sept. 6. ness. Production at the factories has been below normal for four months, Automobiles. 8ST. LOUIS—The Vesper Buick cormpany, after a canvass of 15 Tlli- no, counties, announces that its re- tail automobile business is better than it has been in the last nine months. Cotton, FORT WORTH-—Leaf worms are showing up in some south plains cotton fields although no apprect: able damage has been done yet. The farmers are getting ready to use ar- menate of lead spray, if the pests become more dangerous. Road Machinery. DETROIT — The Novo Engine company, makers of road building machinery, oil hoists and contrac- tors equipment, report very marked gains in sales in Central and South America and the West Indies, ow. ing to activity in hard road build, ing in those countries. Steel. YOUNGSTOW Ohio—-There has been an advancing tendency in the scrap market here and dealers have paid as high as $18.50 for heavy melting steel. Your Week-Ends IN THERMOPOLIS Fred Holdridge, Prop. “The French Lick of Wyoming” . Stop At the HOTEL WASHAKIE and PLUNGE Spacious Veranda, Cool, Comfortable Rooms Home Cooked Meals, Reasonable Rates $100,000 Mineral Water Swimming Poo} Operated in Connection With Hotel ashakie HOTEL WASHAKIE Thermopolis, Wyo, other unless there is a falrly close adherence to a common andard of production cos This is exactly what does not exist in Europe today. England, which has always been one of the large factors of trade in Europe, is confronted with ab- normally high production costs within her own gates, It is diffi- cult to soe how England can today sell British made goods in Germany, France, Belgium or Italy, not only because of the unfavorable ex- change conditions, but because of the tremendous difference in effi- clency of English manufacturing process as compared with those on the continent. We cannot have good -business in Europe until this lack of balance is removed, and its removal is not a matter of days or weeks, but in all probability a mat- ter of years. “If I were to list European coun- tris especially those which were engaged in the World war, accord- ing to their present condition and fitness in trade, I should undoubted- ly place Italy first. Next would come Germany and “Belgium, then France and last of all England. If this order is correct, it is worth the scrutiny of everybody who is in- terested in international conditions, It is almost a compléte reversal of a similar list that might have been made before the war. Furthermore, it is a list that is wrong if we look at the fundamental conditions in the various countries. There is no good and sufficient reason, fram the fundamental standpoint, why Italy should be placed at the head of the list. Upsets like these must be adjusted before Europe will go ahead very rapidly, but italy is in the best position to compete and trade today. Nevertheless, I, believe that with the settlement of repara- tions there will be an immed! ’ falrty continuous improvement business conditions throughout Europe. . “This situation is importang us in the United States not for from a Christian or ethical star point; but also because of what means to business in the Unit States. There will undoubt considerable buying of raw sm terials, food stuffs, etc., In the On ed States by continental Europe the year following the reparatio settlement. Just how long this .w continue and to what extent {ti fn: || &0 depends ypon the success whi: those countries have in restorfig balanced condition of trade anf i dustry. The recovery and return industrial prosperity in Europp, course, carries with it competitk for our industries in this countr The only way that Europe wil ¢ on its feet, restore its money Parity on exchange, and really con back into prosperity, is by produ ing and selling in the markets of t! world more than !t consumes look, therefore, for active compe! tion in all of the foreign marke of the world where our merchan and manufacturers meet with Ce many, Italy, Belgium and Franc 4 I do not, however, believe that En | land will offer active competition the immediate future. “If you would estimate the. effe: of this competition in any specif Une of industry, examine the lab cost of that industry as compare with ite material and other opera | ing costs. Europe wil have the.a vantage of aheap labor and .wi | compete keenly in Mnes where Jabc | represents a large factor in produ tion expense. The United State will have the advantage of chea . money and hold its own in mass pri | duction where great capital inves ments are necessary. We will eo: tinue to lead tho world in lines 1 | which labor is a relatively sma iter. \ “There are two means of protec: ,| ing oursel against losing any , thing by this new development i} Hurope. We can build up a hig tariff wall and attempt to maftai high prices here or we can take th opposite course and try to meet) th! competition by increasing our, ¢ ficlency and lowering productio costs until we can sell as cheaply a | they can. At present.we seem t be building the artificial level o Prosperity instead of following th! "(| second program. The recent “Er migration law tends toward the prc / tectionist policy, in fact tt will no ‘ work at all without a high protec tion tariff. So far as trade ts cor cerned it does not make any differ ¢ ence whether European labor is im Ported ‘on the hoof: or in the forn ¢ of merchandise. If either gate { \ left wide open the influx will offse + what has been kept out of the other ( “The Babsonchart shows that business in the United States i: | gradually getting back onto @ soun., »i basis—it now stands at 11 per cen 1 below normai—and there {is mm, doubt that within a fow years th: - Buropean situation will again. re , gain its commercial balance and wi , will be able to carry on interna tional trade to mutual advantage In the meantime certain maladjust ments and disadvantages to some 0 those involved are unavotdable | Postponing the rehabilitation of thr vorid’s business, however, will! no solve the problem. We might | jus as well roll up our sleeves and ge‘ to work. In short, the Dawes plar ‘ will help certain American indus ¢] tries at once; others it will ultimate ly harm, but as to how merely de pends upon us, Both employers anc employees in lines requiring @ large } amount of labor should wake up and on their That season of the year has about returned and we must remember the season which fc!lows when some ac- tivities cease has to be provided for In that sense a savings account is a very convenient asset to have Let us open an account with you which can be done by your depositing the nominal amount of $1.00 or more Citizens National Bank Consolidated Royalty Bldg. CASPER, WYOMING