Casper Daily Tribune Newspaper, November 23, 1924, Page 11

SUNDAY, NOVEMBER 23, 1924 — Oil :: Finance STOCKS MARKED UP TO NEW TOP PRICES DURING LAST WEEK Profit Taking Halts Upward Movement in Short Session but Reaction to day’s £ % tur- Climb Is Short-Lived. NEW YORK, Nov. 22.—Sensa- tional march of the stock market prices toward higher and record levels continued throughout the ‘week with hardly a halt until today’s Short session of the exchange when profit-taking served as a temporary check on buying operations. The reaction was barely under way, how- ever, when renewed demand develop- ed and the closing was steady at ‘values that reflécted partial recov- ery from slight declines, Approxi- mately 900,000 shares changed hands during the brief period of trading. Increased activity in the oil shares was noted during the week after lagging behind the general list since the uward movement started the day following election. Large blocks of popular issues changed hands at higher prices, the demand being based on reports of an impending in@rease’ in crude prices. Industrial shares reacted some- what to recent sensational advances but the general average of prices, du¥ing the week reached the high- est point recorded on the in 11 years. Speculative interest shifted from one gfoup to another but the railroads came in for the share of attention. Low- priced dividend payers came into the best demand, favorable develop- ments in connection with expected consolidations belfig responsible for the movement. . Record breaking October traffic and earnings were also respohsible for the heavy ac- cumulation of the dividend carriers. For the first time in nearly six years United States Steel crdssed the 117. mark but considerable irregu- larity developed in ‘the general in- dustrial list as the result of profit taking. GRAINS CLOSE WEEK '- AT HIGHER PRICES Rally Yesterday Resulting From Reports of Wet Harvesting Conditions in Argentina Evens Up for Loss During Week. * CHICAGO, Nov. 22.—-Wheat prices at the close of today’s session of the Brain exchange ranged fractionally higher than a week ago, corn had recorded another advance and oats showed improvement for the seven- day period, today’s upturn being Jargely responsible for the gain, De- cember wheat was marked up to 1.53% and May to $1,61%, while Recteiae corn was at $1.14 and May ‘at $1.20%. - Recessions which marked the wheat market at times during the Week were. the result of an ment in the visible supply in tho United States to nearly 100,000,000 bushels, but sis sores ottaet peay by repo from ntina of~ Musnthe, conditions and damage to the grain. Liverpool prices and demand ‘weakened perceptibly during the week, due to accumulation of sup- plies. Soaring prices for cars featured the grain trading. new top prices being chalked up on two succeed- ing days. The demand was inspired in large part by a government re- port that the amotint of merchant- able corn this season is tho small- est in 20 years. Oats responded to the advance in corn while in the provision market the dominating factor was the upward movement of the feeder grain. ‘Today's range of grain and provis- fon prices follow: Open High Low Close ‘Wheat— Dec, .--~ 1.50% 1.54% 1.50% 1.53% May ~--- 1.58% 1.61% 1.68% 1.61% July -.2- 140° 148 #140 141% Corn - 1413 1.14% 1.12% 114 - 119 1.21% 1.19 1.20% wane 1.20% 102% 1.20% 1.21% Oats— B2% 53% B25. 53% A 58% 58 BH BO% STH 56% 57 Dec, ---- 1.33% 1.86% 1.38% 1.36% May = 1.36% 1.39% 1.364 1.39% July “---- 1.24% 1.27 1.24% 1.27 Lerd— July --— Rye— Nov. ---- Jan. ----14,07 14,25 14.07 Ribe— Nov. Jan. Bellies— 14,35 14.25 12. 12.95 12,95 123.95 12.95 Noy. ---- “¥s 14.63. ~ Jan, -.-13.15 13.15 18.15 13.15 NEW YRK, Nov. 22. — Refined sugar was changed at $7.15 to $7.50 for fine granulated. Refined futures were nominal. Commodity Trade News Coy ht, 1924, Casper Tribune.) PHILADELPHIA.—A huge quan- tity of lumber is being brought here ‘to: cover streets. opened by the new Broadway subway. on. HOUSTON.—Average daily crude oi] production in the Gulf coast and south Texas flelds in the past week was 149,000 barrels, a decreaso of 2,380 barrels a day. Thirteen new producers were brought in, in the Gulf. coast region. Alcohol. EH, s BOSTON.—An acute shortage o' denatured alcohol has followed the cold snap ‘here, owing to the demand for nonfeezing mixtures {n auto- mobile radiators. Garages are choked with cars damaged hy the drop in temperature* .o eee on dds raced ‘2. Over 300,000 ons of al mh been sold in the last three days. Nuts. ‘ NEW ORLPANS.—The pecan crop of, Louisiana is estimated at only €9 ner cent of normal and reports from adjoining states indicate there has been a similar falling off elsewhere. The carry-over from last year is small. Dairy Products. POPLAR BLUFF, Mo.—The num- ber of. dairy cows in this section has fallen off 30 per cent from last year, according to a survey just completed by state officials here. Livestock. Sat ig -ST, PAUL.—-Hog receipts South St. Paul yards have run above 35,000 head on somo days this week. These receipts have ovly been ex- eneded by those of January 10, 1916, when 43,875 head were unloaded. MEXICO, Mo.—The shipment of 8,000. sheep from this market this week was the largest that has been made from this county in many years. Wheat. FORT WORTH.—Farmers are planting spring wheat right along in the cotton: rows, even before the cotton stalks are plowed under. Th g00d season, high prices and new ground opened for farming have ré- ayited in a larger wheat acreage than Jast year. Clothing, KANSAS CITY, Mo.—A leading work clothing manufacturer here 801d 4,000 pairs of overalls in the last week, the largest weekly sales since last year. Two wo- men's dress manufacturers are work- ‘| ing at capacity on holiday orders. Non-Ferrous Metals. JOPLIN, Mo.—Zine ore bas reach- ed a new high for the year, selling at $41.50:a ton. Lead is strong at $81 a ton for ore, Fruit. LODI, Cal.—Grape shipments trom this district have exceeded ten thou sand cars this year and shipments are continuing at the rate of 20 cars a day. The crop was undamaged by recent rains. ig > — Produce. MADISON, Wis.—The cabbage crop {n Wisconsin this year was 102,000 tons, or 20 per cent under 1923. Floods and -heavy rains in the Racine Kenosha district were responsible for the low yield. Wool. PORTLAND, Ore, — Co-operative wool growers of Oregon and Idaho obtained an average price of 43% cents a pound for territory wool this year and 44% cents for medium clothing, The clips totalled nearly three and a half million pounds. CRUDE MARKET Grass Creek, light . Greybull Torchlight Big Muddy ...-. Mule Creek -<------—--------- Sunburst Hamilton Dome -------~-~-.-- Ferris Byron Notches ---------—--~---------- Pilot Butte - Lander Cait the Tribune for highway tn- jon. - Burke -----~--------- Blackstone Salt Cree! Central Pipe Consolidated Royalty._ Cow Gulch Domino Elkhorn CN gee ere Yaaee Jupiter 1% Red Bank ~-.-.-_....30.00 $2.00 Royalty & Producers. .03 204 | Western Exploration. 2.90 Western States --.... . Zo OD sevewe-secneses 06 NEW YORK CNRB CLOSING Mountain Produce: Glenrock Oi] ---.-. Salt Creek Producers_ By Wilson Cramner and Company. Allied Chemical & Dye ---. 76 American Can -.....------. American Car & Foundry -- 172 International Corp. 33% Locomotive -----. 83% 84 American American American American Anaconda. Copper Atchison ...-.. — Atl, Gulf and W. Indie: Baldwin Locomotive ---. Baltimore and Ohio -.-----.- Bethlehem Steel -----------' 44% California, Petroleum -------- 2374 Canadian Pacific -,---------- 153 Central Leather -------------. 18 Cerro de Pasco Copper -.---~ Chandler Motors Chesapeake and Ohio ~------~ Chicago and Northwestern -- Chicago, Mil, & St. Paul pfd. Chicago, R. I. and Pac. -. Chile Copper .------. Cuba Canc Sugar pfd. -. Famous Players Lasky General’ Blectric General Motors -. Great Northern pfd. Gulf States Steel Inspiration Copper ----.-. 27% International Harvester ---- 102% Int, Mer. Marine pfd. 43 International Paper Kelly Springticia Tire Kennecott Copper Mack Truck --- Marland Of} - Maxwell Motors New. York Central Northern Pacific Pacific Oil Pan American Petroleum B- Producers and Refiners - Southern Peéii Standard Oil of N, J. ---~-<-- Studebaker Corporation ----- Texas Co, ----------0------- Transdontinental Ot) Union Pacific .----+------- 148 U. 8. Ind, Alcohol --.--.. United States Rubber -. United Btates Steel Westinghouse Electrio Willys Overland ---~ Colorado Fuel and Iron ----~ Nationa] Lead ------------- 156% Standard Oil Stocks Anglo Am, Oil - Borne Scrymser -.-.-- Buckeye -----+-------= Chesebrough Mig. ---- Crescent -~-----+------ Cumberland -. Eureka Gal. Sf Gal. Sig. New pfd. -. Tlinois Pipe -------. Indiana Pipo. ~ National Transit - New York Transit -. Northern Pipe Ohio Of International Pets Penn. Mex. -. So. Penn Oll~-..------ 8. ‘W. Penn, Ol -~. Ind. S. O, Neb. SPRINGFIELD, Il).—Illinois broom corn ‘production this year totalled 9,600 tons, as compared with 8,800 tons Jast year, The crop averaged 435 pounds the acre, : Stocks fhe Casper Sunday Cribune Grain EWS AND QUOTATIONS B¥ LEASED WIRE om securities ||INVESTMENT MARKET Nation’s Railroads Will ; BROADENS RAPIDLY Spend Billion Next Year Statistician Proposes Federal Protection for Army} ccorssish?” ~Of New Investors; New Issues Absorbed BABSON PARK, Mass., Nov. 22. —The ability of the investment mar- ket to absorb a tremendous and al- jost continuous stream of new is- sues has: puzzled many students of finance. When questioned today re- garding this unusual condition, Rog- er W. Babson gave at least one good reason for this apparently insatiable appetite for bonds—and more bonds. “We are rapidly bécoming .a na- ton’ of investors," says the statistic- jan. “New bond issuess are very largely. put) out) in $100 and $500 as well as larger denominations in order that they’ may have a more widesprea appeal. The flotations of recent years have reached truly ex- traordinary proportions and the ease with which new bond issucs have been distributed indicates that the market for investment securities has by no means reached even a temporary saturation point. “Years ago investment by the masses was carried on through a relatively indirect route. A number of investors put small sums into the savings bank. The bank then in- vested these combined funds in bonds. This same procedure is, of course, going on today, More and more, however, the increased atten: | Uon given to the small investor is resulting in direct sales and the joy of clipping coupons {s today by no means confined to the man whose large income puts him fn the surtax group. “The "situation brought about by war conditions must be given credit for supplying the greatest impetus to bond buying among .the lower sal- aried and laboring classes. Ior term if not hundreds of thousands of idents in tht United States, Liberty bonds constituted the first invest, Ment purchase. ‘The sales com: paigns of 1917 and.1918, in connec: tion with financing of the war, al- Most over night added tremendous- ly to the number of prospects for Investment houses. No other meth: od of education jn finance could have given anything approaching the impetus to bond buying received through the = Liberty bond cam- palgns. Today American industry, in its ability to obtain readily funds for Improvements and. extensions, is reabing tho benefit of this teach- Ing. Bond syfidicates have learned thatthe small investor of today, is thie big Investor and” Valuable cus- tomer of tamorrow, and every éffort is made to appeal to the man with limited funds! as well as to the wealthy individual, insurance com- pany, banking institution and trus- teo of estates “An interesting expefiment has re- cently been inaugurated in one of the largest cities of the country. A store for bonds, similar to a store for provisions, dry goods, furniture or any other product, has been opened, The man on the street ts {nyited, through advertisements and window dispiays, to come in any buy any bond of any denomination that he may desire. The salesman behind the counter is prepared to show his wares and, explain. the worth of his offering, Naturally, the goods on display must be rel: express his desires for later delivery express hi sdestres for later delivery as the ‘store’ {s able to fill his or- der, “Such developments, coupled with the plan of customer ownership so Jargely used by utility companies in connection with ‘preferred stock of- ferings, cannot but haye a salutary influence on tho investments as well as’on industry. In spite of the mouthings of certain soap box ora- tors, i Is difficult to dissociate the ordinary individual from some form of capitdlism. The man with a $100 savings deposit inevitably owns a $100 bond in a railroad, utility or in- dustrial concern, or, more exactly, has a fractional interest in hundreds of such companies. By; that very fact he is just so much more inter- ested in political and social develop- ments calculated to safeguard his investment. “The course of investment securi- tles since 1920 has been most en- couraging to the novitiate. The old time bond buyer er financial student will recognize that the security and yiela of ‘his bond and not the mar- ket fluctuation 4s the important fac- tor. The new comer in the ranks however, {s as yet unduly influ- enced by temporary market- fluctu- ations. The fact that such fluctua- tions have recently been greatly in his favor encourages him to add steadily to his investment holdings. Through August the year 1924 has seen almost a steady advance in bond prices. While the market has shown no advance since, neither has it declined. It has simply been marking time. “Extreme ease in money ts an en- couraging factor to the man who has b8en delaying purchase because of question ‘as to possible reaction., In this connection there are such factors to be considered as heavy prospective flotations of ‘foreign bonds {n our market, transfer of certain funds from investment to business channels in case of any worthwhile business recovery, and gold expertations. It does not ap- pear, however, that any of these matters will go to such extremes as to worry the bond buyer. The man with funds available should put them to work earning an tncome. Aside from any temporary. move- ment, he can foe! assured that the progress of investment conditions over a period of years will be in his favor. he path of the small investor (s not wholly free from thorna- Obvti- At Wholesale Rate. Se Sea bonds. Attempt to get more than a conservative yield, now around 5.50 per cent to 6.00 per cent, inevitably means. acceptance of risk, It is fol- Ay for the sake of 1 per cent or 3 per cent extra return to jeopardize safe. ty of principal, It is not in bonds, however, to any such degree as in stocks that tye greatest danger faces the buyer. “Fly-by-night promoters are al- Ways on the trail of the unwary. Through various laws different States have attempted to cope with this situation but usually with rath- er indifferent success. So-called ‘Blue Sky Laws’ exist in many states and unquestionably have their fa- vorable Influence. On the other hand, they do not, as a class, go far enough nor have sufficient teeth in them. “Moreover, this is really a matter for Federal action. While perhaps ally beneficial, it Is of no great advan @ to the people of the Unit- ed States as a whole, that the fraud- ulent promoter, kicked out of one State, can hop over the border and bo undisturbed in peddiing his cer- tificates in adjoining territory. In- cidentally, at the thirteenth annual convention of the Investment Bank- ers' Association, September 22 to 24, ® committee report recommended, in view of most states now having blue sky commissions, that arrange- ment should be made ‘whereby when any security is disbarred from any one state or any security is investl- gated in any one state and found to be fraudulent a notice could be sent to all other group: ational and state Iaws are de- signed to protect the citizen in his banking relationships. On the other hand, unless definite misrepresenta- ton can be proved, it Is too often true that the wily promoter can ply ously there are bad, os well as good, his trade without interference. The result is a loss of hundreds of mil- Hons annually to United States in- yestors. The money that is thus thrown away is clearly just sq much lost to legitimate business. In adat- tion It’ has the two-fold effect of wiping out a portion, and in sem cases all, of the savings of people leaet sble to “bear ‘the loss and of giving them a false perspective on the matter of the stock and bond business. “If only a matter of Personal ad- vantage {t 1s but common sense that reputable banking houses should do what they cpn to clean up this type of offering,” concluded Mr. Babson. “It would be difficult to find a more pernicious or low-down business than that of taking the life savings away from guillable public and at the same time destroying confidence in & legitimate line of business, Both from the standpoint of commén de- cency and of the security business in general, efforts looking toward the operation of Blue Sky Laws, na- tonal in scope, should be very much worth while. General business as refiected by the Babsonchart {is running at 3 per cent below normal. Market Gossip on . Northwestern Pennsylvania refin- ers advanced fuel ofl \c a gallon or approximately ten cents a bar. rel. Oil, Workers syndicate boycotts oll company in Mexico. Imports into United Kingdom for Week of November 1, exceeded 31 000,000 Imperial gellons against 1 800,000 week before. International Cembustion to of- fer 27,372 new shares at 33 to stock of record December 1, on basis of one share for each 15 held. During six months ended June 30 net earn- ing after taxes, etc., were $518,378 or $1.25 a share,- against §265,926 or $1.31 a share in the first half of 1923. ———_ The only trouble with the Shop-o-scope is that it was not thought of years and years ago. 3. 0. ROYLE 1924, Casper Tribune) NEW YORK, Nov. 22.—The rail- reads of the country have been given the “highball,” the signal to go ahead. As a consequence of their Present position, they can be de- Spended on to spend nearly a bil- Morf dollars in 1925 for new equip- ment, maintenance and materials. Those facts have become evident at the meeting of representatives of the class one roads in session here to- Since the railroads are the best customers of a score of different in- dustris this spells activity and Prosperity in certain lines from one end of the country to the other, Maintenance alone requires a tei ritic expenditure, It is the general impression of the public that the days of railroad construction have passed except in the movies. But W, PAGE ELEVEN, H, Kirkbride, engineer of mainten- ance of way and structures of the Southern Pacific company, declares it has just begun. he declares, {s constantly being re-built and old materials en- urely replaced. The old tracks con sisted of rulls weighing 56 to 60 pounds to the yard. Now 110 pound ralis are being used, In the last year over 400 mites of old track have been entirely reconstructed and over 60,000 tons of rails replaced on the Southern Pacific. Each year, about 00,000 ties are required for this road alone. These cost from $1 to $2.30 each and cutting them re quires the services of thousands of woodsmen. Substitutes have been at- tempted but so far railroad engi- neers says that wood ties present the™best medium for transferring ermendous traffic loads from steel fails to stone ballast. BUSINESS BRIEFS SHREVEPORT, La—Plans are under way for t! formation in Loulslana of Louisiana, Inc., the Purpose of which will be to launch a gigantic nation-wide advertising campaign, telling of the state's min- eral and agricultural resources, The movement has been endorsed by Governor Fuqua and Senator Rans- dell. ‘ MINNEAPOLIS, Minn.—Minne- seta trust companies increased their resources 28 per cent in the Inst year to a total of $66,680,000, ac- to a report made public Friday. $ CHICAGO.—The American Farm Bureau Yederation estimates that Grain and Stock | Opinions From Brokerage Wire Grain Opinions, Hulburd Warren—We recommend buying wheat at present prices on all weak spots. get Harris Winthrop— We prefer to see .more interest in nearby wheat before taking a permanently bullish stand, We believe there will be op- portunities to buy corn cheaper. Stein Alstrin—Wheat acts sold- out. : Jackson Brothers — We believe wheat prices later will be higher. Ro- ceipts will be a factor in the corn market, Stock Hornblower and Weeks—Sonie- where hereabouts a movement {: Ukely to start in the ol] shares which will duplicate, later on, the perfor. mance that recently has taken place in the rail issues. When this occurs would not be surprised if the public is found to hold & majority of rails and few oils. Converse movements in the two groups very occur at the same time, fact that sometime, next probably will sell to higher levels, Buy oils at market. Miller and Company—we stil! be: lieve it wise: to turn available paper profits into cash and take advan- tage of reactions to make fresh commitments. Block Maloney—We see no halting in the upward trend of stocks, Pub- Ne demand is as keen as ever and only when thig lets up is there likely to be much of a Or a set: back might come because of some unexpected developments which w: cannot now foresee. This is often the case. Raila continue the leaders, * Southwest Casper Automobile Repairing Dunn Bros. Motor Co. We save you $$$’s TRY US!- Phone 1991W 821 CY Ave. SS iy WILSON, CRANMER AND COMPANY Announces the Appointment of - “MR. JOHN J. SULLIVAN as Manager of Their CASPER BRANCH OFFICE Henning Hotel Building Members of NEW YORK STOCK EXCHANGE CHICAGO BOARD OF TRADE the value of American farm _pro- ducts this year will exceed $10,000, 000,000, over $3,000,000,000 more than for the low year of 192 but $4,000,000,0000 less than the high mark reached in 1920. The este mates are that the farmers in tne wheat belt. from Kans to Mon- tana will have about 25 per cent more income and growers in the cot- ton. belt about 5 per ent more. This trend, according to the survey, does not extend to the Pacific coast, where farmer income is estimated at 10 per cent less than that of last year. The tobacco belt, the corn belt and the western range states are believed to- have secured at least as much profit as they. gain- ed in 1923, UNION PACIFIC MAKES READY FOR EXTENSION _ WORK AT CHEYENNE CHEYENNE, Wyo., Nov. 22.— The Union Pacific Ratlroad com- pany is advertising for sale, with the stipulation of immediate re moval, buildings on ground in South Cheyenne which it purchased 18 months ago for use in extension of its yards and installation here of a central freight transfer plant. While no official statement, is obtainable here, it is blefeved that the offering of the houses for sale forecasts re- vival of the extension and transfer project. This project, if carried through, ‘will make Cheyenne tho freight re-distribution center of Union Pacific main and radiating lines. - ——————— WYOMING MAP AND BLUE PRINT CO, Geologists, Petroleum Engineers Drafting, Blueprinting, Maps, Photocopying All work confidential : Livestock a All Markets FIGHT DIVORGY CASES FILED IN DISTRIGT COUR Marriage Record to Bi Eclipsed by Divorce Total, Is Belief. Eight Just filed in t district court here Indicate that t divorce proceedings instituted in t city in 1924 will be Rreater num feally than the marriages, Andrew J. Wilson, marrie® Emily B. Wilson in Casper Febru: 21, 1920, is suing tho latter: ¢ divorce on the grounds of desertio Freda 1. B has {natituted divorce sult against Vernon Bet on the grounds of cruelty. “Ph were married at Greeley, Cold Auguet 8 last and the plaintift ast the return of her maiden nam Freda L. Carman Anna M. Oliver wants a diver from Joseph P. Oliver on-=til grounds of cruelty and al the rr turn of her maiden name, Anna ¥ Boswell. ‘They were married divorces Boise, Idaho, October 18, 1919. <. Clark has sued for @ 4 lorence F. Clark, wh last known address was Loa Angel Calif, on the grounds of desertia! They were rrarried at Douglas, Ni vember 7, 19 B, Frank Strobe {s suing for aivorce from Loretta Strobe, whe last known address was Alligi Mich,, on the grounds of erwelt| They were married September 1905, at Grand Rapids, Minn., ag] have three children, ranging $n aq from nine to 16 years, ! Teal H. Pierce has {natituted voree proceedings against Whal K. Pierce, whose last known addrel was Lebanon, Mo., on the groyni of failure to provide. They w married Decmeber 2, 1917, at U banon, Mo. Eva Kingery is suing for a q vorce ffom Michael Kingéry, w! last known address was Denveél Colo., on the grounds of desertio They were married March 14, 19: at Loveland, @olo. Laura Ostrander has sued for divorce from Roy .O. Ostrand whose last known address was 8 Francisco, Calif., on the grounds desertion and faflure fo suppo They were married August 29, 191] at Salt Creek. FOR SALE r Chevrolet Coupe le, the six months old. bar. gain. Call 754 A. H. Cobb Warehouse Co. TRANSFER. STO! CRATING 136 West B. PHONE S13 NOW Real cold weather is on the way. - FOR PROMPT DELIv- ERY ORDER NOW Casper Supply Co. Phones 913 and 914 448 South Center TRAIN SCHEDULES CHICAGO & NORTHWESTERN Westbound No. 603 - Arrives 1:30 p. m. 1:00 p.m. Arriv 5.45 p. m. Departs, 50 CHICAGO, BURLINGTON & QUINCY Eastbound Arrives 8:10 p.m Arrives 50 a. Bp.