Casper Daily Tribune Newspaper, November 2, 1924, Page 21

* a Oil STOCKS CLOSE WEEK _ INSTEADY ADVANCE Uptum Scored in. Several Days Continued Through ~ Many Factors to Encourage It. NEW YORK, Noy. 1.— Strength throughout the general lis§ was again outstanding in today’s brief session of the stock exchange, buy- ing benig influenced largely by fa- vorable mercantile reviews, abund- py of money and another advance sterling. Sales for the day approxi- ™mated half a million shares and the closing was strong. ‘Todays’ movement of the stock market followed an upward trend established toward the end of the week after backing and filling had been in evidence for several days. Buying that developed was influenc- ed Jargely by favorable trade news although “discounting of the presi- dential election also had something to do with market trends, Easing of money rates and strength of sterling exchange following the labor party defeat in the British election also lent material stability to trading. Railroad shares witnessed a revival tive interest as a result of king car loadings for the week ended October 18 ,and in- creases in earnings as reflected in September statements., The strong-might be Election Influence Puts Damper on All Kinds; By J. C. ROYLE. Copyright, 1924, Casper Tribune. NEW YORK, Nov. 1.—One of the crosses which’ business has to bear is the cross placed under a party qblem every four years in a presi- deMial election. Today business un- doubtedly is slackening, owing to election influence. This does not re- flect doubt of future prosperity in the minds of manufacturers, bank- ers and merchants, It simply means that, for the moment, buyers all over ‘the country are withholding orders until they are sure who is going to be president. A distinct difference of opinion ex- ists in business circles as to the ef- vise of the election. Judge B. H. chairman of the board of the Guitth Biates Bisel corporation, lays strong stress on the election result as a business factor and has said| plainly that/on the result depends the future of the steel demand. His utterances undoubtedly have had some effect in slowing down the movement of steel Into consumers’ hands, > On the other hand, the house of Kuppenhelmer, large factor in the clothing trade, declares the farmers, megshants and manufadturers them- Fves hold the key to prosperity and that the election is not a factor in guaging supply and demand. A re- view by this company declares that a period of sane prosperity attended by neither boom nor gloom may be * anticipated. “For some months,” says this concern, “business generally has been a stage of doubt. It seemed that having burned its fingers a few years ago, business had decided to freeze rather than take a chance of warming up at all, , “Manufacturers went ahead pro- ducing as though they meant busi- ness, but distributors held back £ bs we they did not mx result, produetiog hs obs res ap cop sumption. Consumption now is| catching up and the readjustment necessary is well on its way. ‘About @ billion dollars additional has been placed in the farmers’ pocketbooks. This will bring eco- nomic relief to those who needed it most. “The merchant has been a self- martyr In his attitude toward the Liquidating Sales Bring Decline in Grain Prices CHICAGO, Nov. 1,—Improvement which developed in the grain mar- ket during the week received a fet- back today as a result of lquidat- ing sales preparatory to the elec tion holiday. Rye developed the greatest weakness. Corn prices, which were marked up in late trad- {ng, shared in the slump, December closing at $1.05% and May at $1.09%4, while December wheat clos- ed at $1.40% and May at $1.46%. Corn derived its chief support dur- ing the week from field reports showing a smaller yield than had been anticipated and this movement was reflected also in wheat and oats, all of which scored upturns for thgyweek. Corn jumped 4 cents in ce in a single day when reports e in of poor husking returns. Iowa estimates place production at 100,000,000 bushels Jess than last year while sections of Illinois also confirmed reports of low estimates. On the other hand bear factions voloed the claim that feeding of corn had fallen off materially and that the actual supply would ap- proximate last year’s total. Slackening of export demand act- ed as © restraint on wheat prices while provisions were irregular fol- lowing heavy receipts of hogs. Today's range of grain and pro- vision prices follow: SUNDAY, NOVEMBER 2, 1924. Finance Trading Is Short Session With est demand was found in the low priced carriers with favorable mer- ger or devidend prospects, although high grade rails were also bought heavily. Atl,, Gulf and W. Indies Baldwin Locomotive Baltimore and Ohio hem Stee] --------.-. 41 Bears found encouragement for op- Bothiel erations in the eatly part of the eu Seaton s ot: ee week in the report of the United ‘et? eae Ack 6g States” Stoel ston “tor the {Central Leather --.-—-... 14% third quarter show: earn | Cerro de Pasco Copper ---.-. 46% fixed charges and dividends, but thin briana, <pqirhipinr ng Ry ‘was offset in part by the fact that Chica ‘North Wweatera <. 60% cutrent operetions 06'65 pac cent O81 Gai eo, Sri, and Bt Paul ped sim AIS Re more than double those SNe an Paes acco. 34% Group " thi wan. 6 natrated Chile Copper 32% by the merchandising issues which Re Seiten para aac tne d ae nso! A ese es responded to the statement of one Coen Prodiicts 2. le. | OF, mail order hous that it -proposed to retire its preferred stock.* Marked improvement in the condition of oth- Cosden Ol Crucibie Steel -. Cuba Cane Sugar pfd. ------ 58 ovate gave impetus to bUY-lFonious Players Lasky — 84 ¢ General Blectric 256% ‘Another Gecreagp in crade-oll Pre) Goreral. Motors ._—-- 5o duction, making the ninth in aa) coo.) Northern pia; 61% many weeks, failed to bring the oll Gulf States Steel _ 71 ree demand Bip ttite Praitie Tuspiration Copper 24% and Gas company intimated that | ntecnational Harvester ---. 94 a temporary reduction in dividends Int. Mer. Marine pfd. International Paper -—--. Kelly Springfield Tire -.. Kennecott Copper ~-...---- Mack Truck Marland Oil Motors New York Central -.-. Northern Pacific Business of Revival Near business waiting for him. Instead of looking ahead and preparing a strong selling campaign, he has been hesitating in his buying and discour- aging customers by his attitude, But the merchant seems to have realized that short orders are shortsighted and freight car loadings of merchan- dise now are surpassing records of all time. .. “It probably will be found that the political situation has no more harmful possibilities than the world’s baseball series. If we do not fritter |W away our opportunities by sullen holding back or wild speculation. safe and sane prospérity is certain.” This optimistic prediction is borne out by a review of the activities in basic products. The additional divi: United States’ Steel Republic Iron and Steel Sears Roebuck ~-.-.--..---.- Sinclair Con Oi Southern Pacific Southern Railway - Standard Ol! of N. J. Studebaker Corporation inion Pacific --.. U. 8. Ind. Alcohol - United States Rubber -. United States Steel dend on cleared the situation so Prtgya as that commodity is concer Railroad traffic has never and net earnings are in the main, The automobile industry is straining at the leash, prepared for inereased consumption as soon as November 4 has passed. Electric equipment orders are steady if not phenomenal. Farm machinery sales re increasing steadily and while competition in the tire and rubber industry is keen, production is on a high and profita- ble basis, Producers of copper, lead and zine are doing a big business, al- though at a relatively low margin of profit. Coal demand is increasing with consequent additional activity in the anthreite field and a gain in bituminous production. The textile trade is showing some |: improvement, although the situation ‘01 in New England still leaves much 200 to be desired so far as cotton cloths OL are concerned. loor coverings how- 1.35 New York Ol] ---------10.00 11,00 Picardy -------------- .02 03 Preston OL 01% | Red Bank --..~--~----27.00 28.00 Royalty & Producers - .03% 04% Sunset ----- 05 (07 Tom Bell Royalty ---. .02 08 Western Exploration - 3.15 3.30 Western States 138 15 anticipate an in af-|¥_Oll ---------.. 05.06 demand ter election. The ofl situation sti| NEY’ YORK CURB CLOSING is clouded by heavy production, which has run higher even than the| Mountain Producers increased - consumption recorded|Glenrock Oil os 15 25 this year. Salt Creek Prds. ----. 26.25 26.50 Salt Creek Cons. --.. 7.87 8.00 New York On 9.00 11.00 Prairio eoemennene= 209.00 210.00 Mutual ~---.--.------- 11,12 11,25 Open High Low Close + 1.41% 1.42% 140 140% any 2 1.46 5 Buckeye ----------.-— 60 yi tase 138% Pai ppt Chesebrought Mfg. ---- 47% 49 Chesebrought Pfd. ---. 112 115 1.06% 1.06% 1.04% 1.05% | Cantinental 1.10% 1.10% 1.08% 1.09% 1.10% 1.10% 1.09% 1.09% 49% 40% AB 48% Bi 54 5B 8 - 81% 51% 51% .51% + 1.21% 1.21% 117. 1.18% + 1.24% 1.24% 119 1.20% - 111% LIL 111% 11% . |Northern Pipe -.------ 74 17 15.05 16.00 15,00 |Ohio Oil ----_--._.. 64% 65 13.95 13,85 18.85 [International Pete -. 19% 19% Penn. Mex. + a ee 12,00 |Pratrie Of1 —...... 202 203 eee 11.65 |Prairie Pipe -------.-. 103 108% Solar efg. -----------. 182 184 1812 18.12, 13.13 | 0. Pipe -------------- 86 87 12.20 1246 12.15 |So. Penn. Oil ------- 122 135 W. Penn Ol --—--. 73 79 Grain, De INOS mer centtanec!) O1%. US DULUTH—With one million bus! O. Kans -nnnn-nnnenn 36 els of grain arriving here daily, tl 319 total shipped to this terminal since 2% August 1 is expected to reach 100,- 316 000,000 bushel mark by November 1, O, Ohio pf, .. 117% breaking «ll previous records, Swan and Finch 40 ——— Vacuum 1% For results try a Tribune Classl- aL Ads. TTA heat nae 242 Bid Asked 20.00 20.12 Stocks PAGE NINE Grain Roger B. Se Fees oad Uns of Av ion * in Future Following Recent Record Flights. BABSON PARK, Mass., Nov. 1.— The fourth milestone in the pro- gress of transportation has been reached, according to Roger W. Bab- son, who points out some exceed- ingly interesting developments pos- sible with the perfection of lighter than air transportation, ‘The Shen- andeah’s transcontinental trip and the landing of the ZR-3 at Lake- hurst, New Jersey, after a record bréakfng flight, make possible cer- tain revolutionary cbznges accord: ing to the statistician. “We have nad iveavier than air machines for man}! years," says the statistician, “and everyone re cognizea their great value during the war. Many prophesied a _tre- mendous commercial success for the aeroplane as a result of its war de- velopment, but so far, this com- mercial use of heavier than afr ma- chines has been a distinct disap- pointment. Flyers go to great heights, attain terrific speed and vie with one another for the record in somersaults. Stunt flying, how- ever, is only practical in commercial fields as exhibition of daring. The rourd the world trip which has just been completed has received a great deal of attention. While it represents a remarkable feat it is of relatively small economic {mpor- tance. The only real practical use being made today of the heavier than air machines is in connection with the mail route, but even these cannot be said to be a commercial success. “They hre really being op- erated by the government to en- courage experimentation and to maintain the industry so as.to have machines and trained men ready in case of war. “The Zeppelin, however, offers the possibility of practical, rapid, and safe transportation. This is probably the real reason for our government purchasing ZR-3. Wash- ington doubtless felt that the Zep- pelin company had valuable infor- mation and experience which it would be very unwise for the world to lose. The wisdom of this pro- gram has been thoroughly justified by the record made between Ger- many and America by this newest and most advanced type of lighter than air machine. Whether or not the government is justified In op- erating commercial, ventures is & ery debatable question; but certain: the government is justified in carrying on experimental work in al! important lines of industry. “The two drawbacks which have held up the development of the dirigible have apparently been over- come. The first ‘problem was that of the danger of combustion. This weakness has been success: fully overcome hy the use of helium gas in place of bydrogen. It is not only non-inflamable but is much more stable and will sustain a ship for a greater length of time. The second danger in the early dirigibles was the possibility of loss in a storm. Their speed of around 26 miles an hour was not sufficient to cope with a high wind. Once they were driven from their course, they floundered helplessly, a victim of the elements, Today the wireless provides a means of constant com: munication by which the dirigible may be warned of storms or other threatening weather. The speed of 75 miles an hour and upward en- ables the ship to maneuver its way around the worst of the storm and to make a satisfactory progress against a high wind if necessary. “The two major requisites of speed and relative safety have been thoroughly — demonstrated,” con- tinued Mr, Paneer “and while the pveryagar, s Since my no are abn on ‘pullding and loan associations was written my attention has been called to a statement of the récCida Bf tues associations in some thirty states. This record was compiled by a Cin- cinnati association and consists of reports by the state banking com- missioner or other state official charged with supervision of building and loan societies as to the results over a series of years. The showing is a remarkable one. Failures have been almost unknown and the exceptions nave been due almost invariably to a defalcation. Losses to depositors and to stock- holders have been negligible. There is only space to mention a few typi- cal experiences. For instance in New York, except for one small so- clety where there was a defalcation, there have been no failures in 25 years. In Maine there has been no failure in half a century. In In- diana losses in the last seven years have been one four-hundred and fiftieth of one per cent. In Nebras- ka there has not been a fallure or recelver in the last 20 years. In Louisiana not a failure of a building and loan association has occurred in 20 years, In Kansas there has been One building and loan association in 25 years. In Oklahoma there has been no fatlure since 1910 and at that time the loss was very small. In Minnesota no local building and loan aasoctation has fatled in 20 years. In Colorado there has been no failure since 1911, Montana re- ports that there has never been a failure in the history of building and loan associations in that state. Tt {# doubtful whether any other financial institution, unlese it be a savings bank, can duplicate thie high cost of hellum gas and un- standardized manufacturing of equipment may make the cost of dirigible transportation seem pro- hibitive at this time I am confident that further ‘research will make such transportation economically Practical and readily available. Within a few years we shall have a regular trans-Atlantic passenger service by Zeppelins, It may t some more than steamshtp fare but {t will be within the reach of pas- senger who prefer swifter, safer and more comfortable means of trans: portation. These great ships will not only be able to cross the water at a speed of from 75 to 100 miles an hour but they will also be able to cross plain and river, mountain and valley with equal facility. Pas- Sengers for Europe will board their ship at Chicago, Cleveland, St. Louis, Kansas City or any other large inland cities and will go di- rectly to their European destination without change. This will in effect make every city a seaport. It is even possible that several ships from different inland points will join and cross as a fleet or even as a gigantic string of cars. The pos- sibility of “inland ports’ itself por- tendy a great change in our com- mercial structure. “I am well aware of the fact that this may seem Uke a far fetched fancy to a good many so-called hard headed business men, but I should like to remind you that Fulton's folly was the joke of his time, The first steam railroad was ridiculed and there are those of us today who can remember when the ‘horseless carriage’ was looked upon as an in- teresting but impractical toy. “Mere newness does not neces- y justify the acceptance of a de- velopment as commercially practical. The aeroplane for that matter is newer than the dirigible. It, how- ever, lacks the fundamental quall- Ues necessary for economic adop- n. The Zeppelin has these quall- cations. It provides the swifest, safest and most convenient means of transportation for long distances. {t is the only method of transporta- jon which enables one to take the shortest route between two given »oints. The cost, the one inhibiting ‘actor at present, will doubtless be brought down to a reasonable evel by further experiment and de- As this is done a great industry will develop to supply this new means of transportation to the world, “I, therefore, urge investors and business me concluded Mr. Bab- son, “to give this situation serious thought and to anticipate the ef- fect of such a deyelopment upon their present interests. In such an event all corporations connected with long distance transportation would necessarily be affected. In the dirigible industry itself fortunes will doubtless be made and possibly lost. Most of the commercial aero- plane work is being done at the Present time by the Wright Aero- nautical corporation and the Curtis Aeroplane and Motc> company. It is probable that both of these con- cerns will take up the manufacture of lighter-than-air machines and if so they should profit thereby. Chances are, however, that the greatest development along this line will be undertaken by other In- terests such as the Goodyear Rub- ber people, who I understand have Senesy. secured certain rights from the Zeppelin interests in Germany and are preparing to undertake the commercial manufacture of dirig- Ibles,. It will pay you to watch closely the growth of this new in- dustry.” Investment story of solvency. There is, of course, always the possibility of ‘losses in any form of savings insti tutions no matter how extensive the safeguards, Moreover the law regu- lating these associations {s not tho same in all the states. Some bank- ing departments are more strict than others. On the record, how- ever, the building and Ioan is en- titled to the confidence of small sav- efs everywhere. One other point about tless associations deserves emphasis. MoneyS invested with them go to building up the community in which the investor lives. A strong building and loan association is a real asset to city or town in which it operates, Home Field First I wonder how many of my readers when they have money to invest turn their attention to the home field, .By this I mean the securit- ties of “corporations whose business is conducted in their own immediate neighborhood, It {8 a curious trait of human na- ture to think that something far off is better than at home. So it comes ‘about that people take the longest kind of chances with their money in enterprises about which it 1s impossible for them to secure any kind of reliable information. The inclination is to overlook oppor- tunities; in their own city or town. Somehow it is more interesting to take a risk where distance lends en- chantment.* City people want to put their money into some agricul- tural enterprise, a tropical fruit Plantation or a “unit orchard.” Country people will ‘buy real estate Livestock particular ‘locality will not justify in a quarter of a century. Some- times, of course, they win, but more often they lose, My suggestion {s that you reverse this policy the next time you kave a few hundred dollars to invest. Look around at home first. It may be that the public utility which serves your neighborhood is offering an issue of preferred stock to its customers: Certainly it is worth considering whether your funds gre not safer in some business the pro- gress of which you can watch every business day in the year than it is to take a venture in the dark. It ought to be a matter of local pride to help bulld up your own industry It may be, too, that there is a good bullding and loan association righ. around the corner lending money to build more homes for your neigh- bors and so increase the wealth and prosperity of the locality as a whole. Why not investigate here before you reach out elsewher Mr. Hug eighty-elghth article will appear in the Casper Tribune next Monday. | Grain and Stock | Opinions From | Brokerage Wire| Stock Opinions. Hornblower and Weeks—Until the market indicates that a sustained upward movement has actually started, or is about ready to start we think nothing will be lost by waiting for more evidence. Block Maloney—New York Cen- tral, Atchison and others are likely to work higher in our opinion. The market will not run away we doubt- less will see more: reactions. These may be used for purchases. Pynchon and company—The in- dustrial averages passed decisive levels of the past three weeks and are within 2% points of the high for the year. If this point is bettered, the results should be a margined of broad markets advance as accom- plished by outsiders. This of course is dependent upon the election of Coolidge and a constructive con- gress which seems assured. Miller and company—Until the election is out of the way and it» re- sults fully appreciated, no listing change in the present trading char- acter is likely to be seen. Livingston and company—It we believe the market would have a dig upswing right after election, we would buy stocks now rather than await until next week. It is thought the market will lose the course after election. Coming Events—Little change is expected in the character of trading in today’s short session. In dis- counting favorable election results, in some development which they have never seen, paying which the normal growth of that prices | an atempt may be made for strong weekend closing. Grain Opinions. Harrie Winthrop—We would lke to see a beter demand for cash wheat. We cannot enthuse on the buying side of corn. Stein Alstein—Forelgn news 1s much bearish. On the whole the action of the market was disappoint- ing. Bartlett Frazier—We expect the market to show strength in the near future. Thomson McKinnon—The foreign demand and Argentine situation do not afford a reason for higher wheat prices. It 1s doubtful if the advances on coarse grains will hold. pak a cata rh 2 Market Gossip Oil Summary. Blended gasoline advanced halt cent gallon in Northwestern Penn- sylvania refined markets. Citles Service company to segre- te its power and light properties rom Doherty oil properties. New corporation now in final process of organization will have authorized capital of $100,000,000 consisting of $20,000,000 bonds, $10,000,00 pre- ferred stock, $5,000,000 second pre- ferred and $65,000,000 common. Uub- lce offering of bonds expected next week. Mexican Eagle O!l company pro- duction for week ended October 16 was 192,000 barrels against 161,000 for week ended October 11, and 128,- 000 for week ended October 4. Oll imports into United Kingdom for week ended October 27 were 46,- 250,000 Imperial gallons against 35,- 000,000 in preceding week. General Summary. Munsingwear declared regular dty- idend. Maine Central declared quarterly dividend of $1.25 on preferred, first since August, 1920, Duns says even with restraining of election, business as x whole has made further headway and despite walting attitude in many quarters the trend has been toward moderate expansion, Duns reports 413 commercial fall ures in United States this week against 402 Iast week and 388 year ago. Treasury calls for redemption on February 2 of $118,459,000 four per cent bonds dated February 1, 1895; will reaulre retirement of equal amount of National Bank tiotes. Formal announcement made that Southern Pacific completed merger with El Paso and Southwestern by exchange of stock, and properties hereafter will be operated by the Southern Pacific under a unified aya- tem. Jome Livermore will offer next week 75,000 shares De Forest Radio corporation stock. It is expected stock will be- Mated on New York curb market. pecs nalts NE Sa Coal and Coke PITTSBURGH. — Spot furnace coke remains at $3 to $3.50 in this market. Spot foundry is quotable at $4 to $4.50. A moderate amount of short time business has been done. All Markets MIDWEST DRILLS IN NINE NEW PRODUCERS Wells Reported as Completions for Last Week In Salt Creek Show Up for Good Output After “Shots”. Nine Salt Creek completions are] Wyoming Associated.—No. 29-A, listed in this. week’s report by the sw Seo. 28 tly) isa pate Lovti rels pumping from first sandr Midwest Refining company. Four of | xo "oy, NW Ree. 3540-79, depth these are on Midwest Oil company | 1,395 feet: leases. Following are descriptions | first sand. of the new producers: Creek Consolidated.—No. 33- Midwest Oil.—No. 13-A SW Sec. 2% Sec. 81-40-78 depth 2,257 35-40-79, depth, 1,485 feet; 165 bar-| fect; 15 barrels from first sand. rels after shot; No. 3-A, NW% Sec.| Mountain ané Guif.—No. 2-A, SE 14-4079, depth 2,230 feet, 722 barrels | 4 Sec. 13-40-79, depth 2,256 feet; 21 after shot; No, 34.A, S barrels after shot. 40-79, depth 2,296 foe Midwest Oll' and Wyoming As- after shot; No. 18-A, NE% See, 35-40-| soclated.—No. 24-A, SW% Sec. 12- 79, depth 1,425 feet; 175 barrels after | 40-79, depth 2,251 feet; 475 barrels shot, after shot. 36 barrels pumping from Commodity Trade News 1924, Casper Tribune.) Steel. PITTSBURGH.—Idle for a year, (Copyright, Wool. SAN ANGELO, Te: values since war —The highest for fall wool the Derry plant of the Latrobe-| of eight months growth was paid Connellsville Coal and Coke com-| here Friday when 300,000 pounds pany at Derry, Pa., has resumed| was sold to Boston firms by the operations, furnishing employment ‘Wool Growers’ Central Storage com- for a large number of miners. pany at 53 cents In the grease. CHICAGO.—Steel inquiries this month have been heavier than for any month in two years. Twelve new blast furnaces were blown in this district this month. Cotron HOUSTON.—The holding move- ment among east Texas producers is spreading. Growers are pooling their cotton with the intention of — selling direct to spinners. Automobiles. DETROIT—The Maxwell Motor Grain corporation production for last CHICAGO.—The slight falling off month was 7,553 cars of which 4,253 were Maxwells and 3,283 Chryslers. The Chrysler unfilled orders total 17,057 cars. In car loadings of grain reported by the railroads since October 4 tndl- cate that the peak of the wheat novement has passed. BUSINESS BRIEFS (Copyright, 1924, Casper Tribune.) SAN FRANCISCO.—Decision by the government to withdraw trans- ports from carrying of freight to Guam hag resulted in restoratien of Cat Creek $1.20 | 2 sailing service from San Francisco Lance Creek to that port formerly, conducted by Obike-. sccck the H, H. Hickman company. Grass Creek, light .._. aa Greybull - x NEW ORLEANS.—Deposits in Torchlight -20] state banks have tncreased $13,900,- Elk Basin”... -~;+ 1.20] 000 since June 30 and are $31,000,000 Rock Creek’ 95] higher than a year ago. Deposits Salt Creek -- .85/ aggregate $306,000,000 and loans and Big Muddy . sos) +16} discounts $237,000,000. Mule Creek ----.-----.-.----. .6U) Sunburst --------------...---= 90 nin Hagailten Dine eae ee kp, PHILADELPHIA. — Ninety- ie savings banks in this district report deposits 6.9 per cent larger than one year ago. Pein se ea For results try a Tribune Classt- fled A Pilot Butte Land Republican Nominee FOR Justice of the Peace DISTRICT NO. 2 (Everything South of C, & N. W. R. R. Tracks) (This advertisement paid for by local business men) litical Advertisement