Casper Daily Tribune Newspaper, November 9, 1924, Page 17

Finance BREATHING SPELL IN BUSINESS BENEFICIAL Roger W. Babson Discusses Effect of Lull Preceding Election and Says It Should Proye Advantage. BABSON PARK, Mass., Nov. 8—level of all commodities advanced Roger W. Babson today tasued the following statement regarding the election and business: Eyerything in this world has its g tages and its disadvantages as 1 ag its uses and abyses, This applies to the effect of presidential elections on business as well as to everything else, Even sicknesses have their Uses since they foree men to Ue quiet for a while, rest up, re- view their plans, make new resolu- tions and start afresh. A great English statesman once said: ‘Ameri. can business men need only one thing, namely, to bes locked in a room for about three weeks each year and forced to think and get their bearings.’ In this general way the ,election does a good thing in slofing down business for a few weeks preceding election day. Byary- one can use the election as an alibi, or as an excuse, to do what he has not the self control to do without such an alibi. This applies to all Mines of business, and really is a good thing, “The banks hold off loaning money until after election. This gives them d chance to get cleared up and in a strotg financial position. The merchants tell the salesmen who call on them ‘to wait unti! after elec- tion,’ This givés them a chance to get their shelves cleaned and work off old stock preparatory to some real buying. The manufacturer ‘uses, the election as an alibi to re duce overhead, adjust wages and introduce some real efficiency in the business. Of course, all these make business quiet for two or three months preceding election day, but they are all helpful. Hence, althcugh business has been pretty poor in many lines during the sum- Rer and fall, yet "tle has been lost bait much gainece vy the house: cleaning and rest ‘riod that this fpre-election cons: ‘on has caused, Business ag shown ‘Y the Babson- chart, ip today 8 ,.., cent below norma} as compare: with 16 Pi cent below normal a year ago. Obviously the fundamental situation is much. better than it was then, “It is interesting to note the ac- tion of the commodity market in election years. Taking the last five election |"years—1904, 1908, 1912, 1916, 192 ON ELECTION RESULT ) Crucible Steel _—--_-_- NEW YORK, Nov. °8.—Upward movement of stock issues given im: pete by confidence besad on. Tues. Republican victory at the elec- as of railroad shares ng the feature of the trading period. For the first time In any short ses- ion in five years, total sales cross- d the million mark and new high cords for the raff issues amount. d to 1 to 3% points, * The industrial group shared in ‘the buying movement, new top prices being marked up for United es Steel common, American Can Wheat Prices T: ake Jump in four years and declined in one. ‘The decline was shown periph 2 the Grastio readjustment and depreasion of 1920 and 1921. Bradstreet’s index t-th price level reached a low of 7631 in July, 1904. "Thea there steady climb to a poing siz months later of 5 1909 was an exact duplicate of the 1904 movement, 1912 and 1913 was no exception and four years later, we again see a similar move—a low in August, 1816, of 11.441, then a stecdy rise ¢ix months later to about 14.1€0. The next election year, 1920, found prices steadily downward. So far, 1924 hag followed exactly the movement noted in the four years of rising prices, “Both groups of commodities, in- dustrial and agricultural, sympa- thised with the trends mentioned above. The main erence, how: ever, is noted In the fact that indus- trial commodities, as shown by the Babson Industria, Index, in 1904, 1908, 1912 and 1916 reached the yearly low point before the election and held a higher average, into the inaugurate year, while agricultural products in these same reached their low after election. “The results of the election are Not satisfactory to everyone. Many people who have worked hard are disappointed with the result, All of us—whatever our allegiance—would Uke to have had something differ- ent. The fact, nevertheless, re- mains that the election is over and the alibis and excuses of election ean no longer be given. Now it is up to the banker to make loans; up to the merchant to buy the goods; and up to the manufacturer to start the wheels of industry. We should all _ get busy and forge ahead. We annot expect to get back at once: to boom times. The readjustment process is not yet compl but we have passed the low point and should steadily work upward. All statistics indicate that business should pick up for the next few months at ,cast. is a great pe eg world. © vel which have taken place in during the past few days should materially help the situa- b son." tn. 8c Fie The ral out heavy offerings Were readily absorbed in most instances and the closing was Ince July, 1923. reg capital to Londen ited remittance of the various American loang On Export Purchases and Rapobts of Cold Weather CHICAGO, Nov. 8.—Weather con- ditions, heavy buying for export and word that Australian and Argentine wheat shippers were buying back Miacts made earlier in the season hef™®crop prospects were more Promising contributed to a sharp up- turn in values today on the grain exchange, marking a continuation of the buying market that held sway through most the week. Decem- ber wheat was marked up to $1,51% at the close and May to $1.57% ‘while December corn sold at $1.10% and May at $1.14%. ‘The improvement of the week was also credited in large part to the re- moval of uncertainty regarding the election and a resultant increase in the demand for flour, More optim: istic views on the business outlook were in evidence. Hamilton Dome -------—-n--- Ferris Byron Yor results try a Tribune Classi fed Aw ery ot grain and pro- Open High Low Close Wheat— Dec. + 140% 152% 1.49% 1.51 1.65 \ 1.57% 1.54% 1.67 1.37% 1.88% 1.36% 1.37% 1M ert % 110% 1.11%" Al% 1.14 112% 16 112% 1.16) 61 52% =.50% 55% 57% 55% be 55M YS 54 Bring Sb ied + 1.82% 1.36 1.32% bbe | 184 #137 134 * 118% 118 i 18% 14.95 14.32 14,87 14.15 14.95 14.32 13.60 12.30 12.60 12.00 12.60 12.30 13.87 12.75 12.76 12.75 For Sale—HAY One to 15 carloads -of first class alfalfa hay st $14 per ton F. O. B. Douglas, for quick- . Write or eall on T. J. BROWNFIELD DOUGLAS, WYOMING. rrr Solumbine od Central Pipe ------—~ Consolidated Royalty — 1908 and | Marine Royalty & Producers Sunset ~.-------~~ fom Bell Royalty Western Exploration Western States ¥ Ofl. --..--------: NEW YORK CURB Mountain Producers -- yeare |; SECURITIES — orume 6 Ge ‘08 Bid Asked 19.25 19.50 15 26 26.25 25.50 7.25 7.50 9.00 11.00 209.08 210.00 11.37 11.60 A —_—— New York Stocks- Last Gabe ian American Can American Car & Foundry ---- American International Corp American Locomotive. --. American Smelting & Ref; American Woglen ---------- Cuba Cane Sugar-pfd -------- Lasky Northern Pacific Pacific Ol Pan American Petroleum B - Producers and Refiners icssca Oil of N. J. --.----- pupperaker Corporation Texas Co. Transcontinental Ofl Union Pacific --~-. UD. 8S. Ind. Aleohol United States Steel ~~~. Utah Copper - Willys Overland Born Buckeye Chesebrough Mfg. Chesébrough pfd. Continental - scerit Gumberiaie Bureka ~ Gal. Sig. Com: Gal. Sig. Old pfa Gal. Sig. New pfd. Minois Pipe ... Indiana Pipe. ~_ National Transit — New York Transit — Northern Pipe Qhio Ot Internationa] Pete ~~.~ Penn. Mex. Prairie. Oil -.--------— Prairie Pipe ---------- Bolar Refg. So, Pipe --... So. Penn Oil 8. W. Penn Oil & 0. Ind. -siitee—nicee 8. O. Kan. 8. O. Ken. 8.0. N. ¥. §. 0. Ohlo O. Ohio pf Swan and Finch new Vacuum --.. Washington — 8, O. Neb, 207 104 184 89% 134 Cramner and compen: mical & Dye ------ Mi% 168% 30% 81% 83% 4% 12845 167 54% amy U2 "| than $5,000,000 pl oly Stocks = Grain S AND QUOTATIONS BY¥ LEASED YV PROSPEROUS HOLIDAY Wool Buyers Feel Sure SEASON IN PROSPECT Enormous Business... Expected by Merchants And Manufacturers in Christmas Shopping This Season. By J. ¥: ROXLE. (Copyright, 1924, Casper Tribuné) NEW YORK, Nov. 8.—There are just 39 shopping days before Christ: mas, if Armistice Day be eliminated, and merchants and manufacturers are determined to make every one of them count. They to do an enormous business duri the holl- day season, The Christmas clubs will distribute a larger sum by a good many millions than ever be- fore. Employment is general. Wages are at a high level, the farmers have money. Cash is not lacking, but what mer- chants need to give the initial stim- ulus to buying is cold weather. The first things they look at each morn- ing are the thermometer and the weather forecast, but they are going ahead with preparations neverthe- less. Many merchants and distributors are seeking to overcome the unsea- sonable warmth by advertising, and advertising men are after them hot foot, urging the necessity of cam- Ppaigns continuing throughout the season. A very considerable amount cf advertising, previously planned, was released this weclv. This applies to both local and national advertis- ers. One large New York agency was telephoned today to start the campaign of its largest customer next week. ' The papers of the southwest have already begun to carry the foreign advertising which had been held up until after election. This was espe- cially noticeabie in Texas, where agr-{ cultural conditions have been excel: lent. St. Louis and Denver provide other examples of sections where unseasonable weather is being over- come through the- medium of the newspapers. Merchants in the northwest, ac- cording to dispatches from Seattle already have started extensive win. dow dressing, featuring toys’ and Christmas gifts, and are purchasing extensive space in the newspapers, The efforta of the jewelera are es: pecially apparent. They are stress: ing diamond and platinum rings and bracelets and watches. ‘This trend extends clear across the country. Atlanta shoppers are be- (Copyright, 1924, Casper Tribune) Coal. RICHMOND, Va.—Householders here are paying $10 a ton for New River and Pocahontas egg and stoye coal. Expectr ous are that it will cost $11 shortly. Anthracite is bringing $16, splint $9 and run of mine, Pocahontas, $10, Vegetables. ANTIOCH, Cal.—Nearly 1,800 carloads of celery will have been shipped from here by the close of the season, according to an estimate by Antioch shippers, In the next Tew weeks a large crew will w at water front warehouses where the Delta crop has been brought for shipment east. ae members. Building Supplies. ST. LOUIS.—Building materials have recorded increased sales, but hardware and lumber (prices are hefd at a steady level, here has been a slight decline In the demand for brick with lower prices but the volume of sales to date have been ahead of those of last year, Textiles, . BOSTON.—Two important textile mills have cut their dividends since election but this has not had a de- pressing effect on the industry in general, since it is taken for, grant- ed that this was done because of unsatisfactory conditions at the mo- ment rather than lack of confidence by directors in future improvements. Automobiles, DETROIT.—The Ford sompany's domestice plants produced 147,415 cars and trucks in October, accord- coming more numerous with shops taking on a distinctly holiday ap- pearance. In that city, colder weath- er at the week-end has done more to aid business than ever the passing of election, In connection with the jewelry trend, Fred G. Gruen, president of the Gruen Watchmakers’ Guild, one of the largest manufacturers of watches fn the country, said today: “Now that election is over, the watch industry as a whole can look forward to an increased volume of sates due to reflection from pros- perity in other lines and increased farmers’ buying power and the in- creased desire of persons to have more than one watch. I predict a period of prosperity that will com- pare favorably with any previous era of expansion.” Toy dealers are laying in heavy supplies and the larger portion of the articles this year have been manufac tured in America. In Germany, toy makers found comparatively few American customers as compared with other years but still are a fac- tor when it comes to the cheaper dolls and wooden toys, The laek of this competition, however, has been counter-balanced to some ex: tent by the advent of the French manufacturers into American mar- kets. French toy shipments to the United States this fall have been heavy but there is every Indication. that American manufacturers this Fear will exceed their record of 1923 when they turned out over $56,000,- 000 worth of toys and games. This did not include children's carriages ‘wagons and sleds, which brought the total to over $90,000,000, Candy manufacturers are work; ing at top sped to fill orders already received and cigar manufacturers all over the eountry have increased thelr forces and speeded up equip: ment to meet holiday requirements, Musical instrument sal have taken a decided spurt in several sec: tions of the country. Dealers feel that these sales have been aided rather than checked by the public in- terest in radio broadcasting, which they say has given thousands of people an interest in and a knowl- edge of music which they never had before. Trade News| ing to preliminary figures, This compares with 149,906 in September and 185,924 in October last year, Holiday Goods. ST, PAUL.—Holiday lines already have shown a gain of 15 per cent in volume of wholesale buying, as com- pared with last eg The money is here iakenee bound to be substantial buying for the remaind- er of the year. eee Leather. PHILADELPHIA.—There is a strong demand for sole leather here and prices are higher. There is a scarcity of heavy leathers of all de- scriptions, The market is firm on a basis of 44 to 46c a pound for heavy backs and 40 to 42c for light backs. <= by road at a cost estimated at $350,000. De- livery will be at Seward. Firms from Pittsburgh, Gary, Roanoke, Oaklana and Seattle submitted bids. —- PITTSBURGH.—Business in pipe looks better. Two or three new pipe Mnes have been authorized and Na- tonal Tube is expected to get the order for 1,250,000 feet of black gas pipe for Japan now in the market, Mall 0; Houses, CHICAGO.—Although warm wea- ther in the midwest has caused buy- ers to hold. p Ved abe menback wie com pan; and pany expect November to set @ mew record in gales volume. ———_ Sugar. NEW ORLEANS.—The New Or- Jeane sugar cane crop has been cut by drought to about 100,000 tons ore one third normal. Growers, how- ever, feel that there {s less likelj- hood now of a cut in the tariff on Cuban sugar. | BUSINESS BRIEFS | Icons riant, 1924, Casper Tribune) PHILADELPHIA,—A good retail business is being done in this sec- tion and in the anthracite section. Gain of some stores in the last month will compare favorably with that of similar establishments doing business in any cities. There is no boom in sight and no strong ten- dency toward extravagance. The anthracite Mines are very busy but orders are not so large ag they would be had cold weather prevat!- ed. DETROIT—This month marks completion of the first year of the Detroit Toledo and Ironton Railroad Investment plan for employes. Fifty-six per cent of the latter now hold certificates of stock valued at $239,395, Two interest payments, at, the annual et of 12 per cent have been distribut READING, Pa.—The total num- ber of workers in this, district has increased 8 per cent and many plants which haye been on part time now are fully occupied. The work: ers on part time now are only 20 per cent of the total employed. ST. LOUIS.—Tho tone of general business in this territory has im: proved and outlets widened since election. Steel milla are on. better schedules with an increased number of unfilled orders. Makers of wo men's clothing complain of inability to get materials fast enough. Un- seasonably warm weather has slack- ened retail trade but this has been overcome partly by increased adver- Using. . Of Ground This Season (rom tke Daily News Record) BOSTON, Nov, 8—The talk of the street centers upon what is being done in the west. Conservative wool men are not reconciled to contract ing at the earllest period on record, and some of them are predicting all kinds of dire things to follow this year’s action. On the other hand, these who are deepest in this busi- ness feel sure of their ground and Say that both foreign and domestic markets have a long way to go be- fore prices can reach a level low enough to take way the profits al- ready in sight. It is claimed that if the wools now being contracted were arriving in Boston today, they could be turned over promptly at a Profit. As one large handler of do- mestic wools sald today: “If I had 10,000,000 pounds of wool today and I wish I had, I would have no diffi- culty at all in finding a customer for every bit of it.” Hitherto, there has been consider- able talk about a desire to keep this market on an even keel in order that Everyman’s By GEORGE T. HUGHES. (Copyright, 1924, by Consolidated Press Association.) Low-Priced Stocks, Have you ever sold a perfectly good bond to buy a low-priced stock? If so, you probably acted on infor- thation that the stock was so low it couldn't go lower. The turn was in sight and you might make a large profit, For some strange reason people like to follow that ‘sort of advice rather than to obtain information from some one who can actually analyze the company and reach # dependable conclusion with neither an excess of optimism or prejud Only the other day a customer went into a bond house with this query: “I want to know if this company has a chance to get back on its feet?’ he said. “I'm thinking of buying some of the stock, but I can’t get any information, except the meager, periodical statements the company puts out.” a Grain and Stock | Opinions From | | Brokerage Wire Stock Opinions. Block Maloney: There is consider- able bearishne: mong traders and this is an element of strength. On weak spots we think all good rails may be bought, as well as industrial with a good margin of earnings above dividend, Livingston & Co.: The #mall rails have justified all the bullish talk which we have heard on them for some months and we do not think they are through yet. Among the industrials the coppers, oils, stores stocks and some of the specialties like Hide and Preferred, and Indu trial Alcohol should be bought. J. 8. Bache & Co.; Excellent buy- ing continues in U. 3. Steel, this accumulation is in anticipation of substantial improvement in earnings for the fourth quarter and algo is predicted on sheet iron prices in the near future. Grain Opinions, Stein Alstrin: Situation in broad grains exceptional strong and atill higher prices indicated. rtlett Frazier: For time being adyise caution on buying aide in wheat and expect higher corn prices lester. Cold weather should bring better demand for cash oats. Harris Wihrop; Feel wheat des- tined fer higher levels if Buropean strength holds. Corn will get its imyulse from wheat trend. homson McKinnon: With @ per- sistent European demand there is only one course to the mark flat See! Market Gossip General Summary. White Star Liner Majestic will carry 2,150 silver bars valued at $2,000,000, largest shipment ever sent, from this country to India. Canvass of Consolidation stock exchange members indicates it will not raise its rates; no consideration of change by curb market, oher production of steel ingots approximated $,111,453 tons 2,814,998 in September end ,090 in October, 1923, German budget balancos for first time since war, Oil Summary, Superfor Oll corporation for quar- ter ended September 30, had a deficit of $5,862 after depletion, de- preclation ard bond interest against a. deflolt of $229,898 in 1928 period. Northwestern |'Perinsylvania Re- finers advanced on gasoline one cent @ gallon. Herald-Tribune says: Invincible Oil directors held a mysterious meet- ing and officials refused to give out information, Yes, the Hudson Coach has been reduced in price. western growers might not become too excited to sell the next clip at reasonable figures. Though all the Boston houses have not yet branch- ed out into active buying, enough of thém haye done so, and among these a majority of the largest houses, to show that all qonsidera- tions of future prices have been thrown aside and that contracting has become a scramble for the best clips. Compared with a possible territory clip of 150,080,000 pounds, a possibile 15,000,000 pounds contracted to date may not seem such a big total. But it is the time and the condition of the goods market that make it some- thing unique in the history of the wool trade. Recent auctions sales at Sydney and Méefbourne closed with prices firm and tending upward, Americans are sald to haye been buying quite freely at Melbourne, paying top Prices for guitable wools. Consider- able interest attaches to the Bris bane sales of next week, when 85,- 000 bales are to be offered. Investment. Now the statements put out by that company were in no sense meager, as the bond man quickly demonstrated, They consisted of quarterly income stateme: and semt-anntal balance sheets that were amply sufficient for anyone to form a pretty fair estimate of the company’s condition and the stock's worth, if he would but carefully compare and analyze them year by year. The bond man read, and explained the company's record yearby year, from its own statements, which showed that for four or five years the company had lost money stead. ily. Yet it had actually invested more money in this losing business by expanding its plant. It had been able to do this by selling more and more atock, The record indicated that the stock was worth very little and there was no evidence to show that it “wag going to double in price next week,” as the grape vine infor- mation had it. “Why don't you fellows who un- dertake these thin, the customer demanded indignantly, “come out and say this stock can't possibly double next week?” “No one can gay that,” the bond man replied, ‘Here's the past rec- ord of the company, but no one knows what lucky chance or acol- dent might turn up in the immediate future.” It is almost always exceedingly because “you can’t lose niuch,"’ or in grape-vine information that the stock will “double next week.” If balance sheets and income atate- ments mean anything to you, and they should mean a lot to every mam who has accumulated and in- vested a dollar, give them «@ little consideratior or go to a dependable person who can quickly interpret them to you, Then, !f you wish to gamble, you can judge what the odds are againgt you and whether or not you wish to swap safety for a 1,000 to 1 obi PAGE FIVE. Livestock :: All Markets 58 New Wells Completed in Last Month Completions tn Wyoming ofl fields during October numbered 68 wells, five of them dry, with aggregate hew production of 6,047 barrels daily as compared with 110 wells in September with gross, new produo- tion amounting to 17,288 barrels. New work showed a falling off on the first of the month with rigs up and drilling totalling 421 as against 428 the month previous, A summary of completions and new operations by field follows: Rock River and Diatrict— Salt Creek Big Muddy Big Horn Basin — Lost Soldier and Carbon county. Rock River and Medicine Bow ~ Fremont County — Osage -. Natrona ¢ Lincoln County Raxter Basin Miscellaneous Com. Pro, Dri. Rig 40 4,952 99 167 o 3 38 55 2 46 21 October total ..- 68 September total 110 17,238 Difference 62 11,191 USEDCAR WEEK AT VAN SINT GARAGE HERE This week is used car week at the R, N. Van Sant agency. Every salesman is going to step on ‘em, and when the end of the week rolls round cars at this agency will be conspicuous by thelr abence. They will all have found a new home tn the hands of some satisfied owner, “The used car"situation in Casper, while not bad, is considerable of a Problem to most dealers, but there are many Casper people who are in the market for used cars, and will buy when presented a car that is worth the money.” said R. N, Van Sant to a reporter last night, “Tak- ing the uted car in right, coupled with good selermanship will keep the dealers floor free from used vars,” he continued, “and these are the things that I insist on in my organization, “The market will not justify al- lowing an exhorbitant price for a used car, and when presented with the exceptional value that ig found in the Hudson and Hesex Coachas, it is not a hard matter to convivice the prospective buyer to accept a reasonable allowance for the old car," As ES SE a Equip. your doors and windows with Ideal Metal Weather Strips. Keep out 90% of du and wind, saves 20% fuel. Phone 2285R for sal wh I call and figure WHATIS YOUR to buy low-priced stocks you'll not have cessful! If you have a well tended sav- ings account in this strong bank, to look into a crystal gazer’s bowl. You'll be suc- He'll tell you to save! That is the first step towards inde- pendence and ultimate; happiness. Citizen’s National Bank Consolidated Royalty Building