Casper Daily Tribune Newspaper, December 22, 1924, Page 9

MONDAY, DECEMBER 22, 1924 Oil Finance | Billions Added To Quoted Value of Stocks in Eight. Booming Weeks Advances NEW. YORK, Dec. 22.—(By the Associated Press)—The post-elec: tion boom in stock prices, which to- day enters upon its eighth consecu- tive week, has added billions to the quoted value of securities, and has brought sizeable fortunes to part- mers in. New York stock exchange _ “houses, many of which were barely meeting expenses during the sum- er months. Total sales since election day have n approximately 75,000,000 shares ith nineteen 2,000,000 share days thin that period, an unprecedent- d record of heavy trading. The verage of leading industrial stocks been elevated to the highest el since the peak of the post-war m in 1919, while the general rail- oad average is at the highest figure in seven years. Fifteen active issues alone have dded nearly $400,000,000 to their fmarket value, and there are nearly 900 issues listed on the exchange, nearly halt of which are traded in each day, The extent of the rise may be visualized from the following table which gives the name of 15 active stocks, the extreme gain from thelr low point on the day before elec- tion, and the monetary appreciation in quoted value on outstanding capl- tal stock, Extreme Stock Gain Am. Telephone -- 6% U. 8S. Bteel com. 10% Southern Pacific 11% Baltimore & Ohio 23% New York Central 114 Atchison -----.-.13) Union Pacific 13 Fisher Body - 46 Rock Island com. -16% New Haven Me Nash Motors = 47 St. Paul, pref’d - 10% Fw. Woolworth -18& American Can 11,236,074 Erie Common 8,717,347 $59,401,197 57,736,388 40,464,756. 27,282 33,012,508 27,600,000 14,050,303 Railroad Improvements BY J. C. ROYLE (Copyright 1924, Casper Tribune) NEW YORK, Der, 22.—"I've been working on the railroad. That half century old song accurately describes the business occupation of thousands of men during the past year and there is every indication hat fully as many handlers of the wick and tamping bar will be found along the: rights of way in 1925. Construction and betterment work las been active in all sections, but he west has witnessed more new construction of ‘rail lines than all the remainder of the country com- bined. The construction program of the Southern Pac'fic called for the ex- penditure of $49,000,000 and about half this sum will be carried over for disbursement during the coming year, Altogether 382 miles of new road were started by the company in Oregon, California, New Mexico, Nevada and Lower California, Thi contruction in the latter district will serve to link the west coast of the Un'ted States with Mexico City and to develop valuable trade ‘With Mexico. The Atchison, Topeka and Santa Fe road laid 133 miles of new rails this year and will spend $11,000,000 for 119 miles’ of additional double. track the coming season, providing double track system all the way een Leos Angeles to Chicago, Each road has ordered thousands of new ‘Everyman’s (Copyright, 1924, Consolidated. Press Association.) Buying of Common Stocks, The preceding article in this series was devoted to a discussion ef common stocks as investments. It. was pointed out that in times of industrial prosperity and increasing business activity corporations foupd it easy to sell shares in thelr busi- nesses instead of being obliged to borrow their capital by issuing bonds, ‘What was said in that article about new issues applies: more or less to stocks which have been on the mar- ket for many years. A speculator Is perhaps justified in buying stocks when he sees the market price advancing day by day. He buys with the idea of benefiting by, the enhancement in market value of his holdings. He is not an in- vestor in the sense that he Is buying for income. Now, however, proper that may be from the speculative standpoint—and we are not discuss- ing speculation now—the same rule does not apply to investment. If you are tempted to take the risks of stock ownership at a time lke this you shou'd see to ft that the return actual or prospective is com: mensurate with this risk. Numerous in Last Year these {mprovements will open up. Gold Mines in Sand Pits A gold mine has always stood as a symbol of riches and prosperity but while gold production in Call- fornia mines yielded approximately $14,000,000 in 1924, the amount of cement produced there was valued at approximately $26,000,000 and sales of sand, gravel and crushed rock totaled $15,000,000. Develop- ing of lime deposits for industral uses increased 100 per cent. In spite of the fact that there (as a general revival of mining in ‘the late months of this year, the Part played by coinage tn consump- tion of the precious metals was a minor one compared with other years, The value of the gold used in the arts and sciences totaled $10,- 000,000 more than the total amount Produced during the year in the United States. Copper owed its advance in value to industrial consumption due in large part to development of new uses and this was true also of lead and . zine. Silver mine owners made a détermined and successful attempt to increase the use of the white metal and production was pressed in consequence. Alaska alone turned out $4,200,000 worth of gold and silver and $10,- $21 641 worth of copper in the first refrigerator cars and other equip- ment to handle the traffic which eleven months of th’s year. Investment Stocks sell in the market place not alone on the dividend being pald at the time of the sale but on the Prospect of a higher rate in the future. Very often the market price has advanced beyond what would be justified even if the expected divi- dend increase were already being disbursed. Then when the finally is changed the quotatioin de- Clines. In Wall Street parlance “thé good news" has been “discount- ed." Much disappointment would be avoided if investors would face these facts before they make their commitments instead of being car- ried away by the excitement of a fapidly rising stock market. It 1s safer from an investment standpoint that is when one is going to buy to ho'd, to take stocks when business is depressed and speculation is at a low ebb. Even then you are tak- ing chances. Some depressions are so sharp that a corporation is pe! manently crippled. Still there are two maxims useful as guides. One to be borne in mind, when prices are mounting with no mit in sight is that “trees never grow to the sky.’ The other to emphasize’ when the gloom is the thickest is that “it always stops raining.” Commodity Trade News BOSTON, 22—Hallowell, Jones and Donnell have purchased the ungrown wool from 60,000 sheep raised by Utah growers at 50c a pound on the sheep’s back. They have advanced $1 a head to the flock masters. Raflroad Equipment HOUSTON, Dec, 22,—Five million dollars worth of new equipment, in- cluding 2,000 refrigerator cars and fifty express cars are being added tothe rolling stock of the Gulf Coast Line, This equipment will be used to serve the lower Rio Grande valley. The company now has 9,500 refrigerator cars. Cotton. NEW ORLEANS, Dec. 22,—Banks throughout the cotton belt ara en- | _BUSIN SEATTLE, Dec. 20.—Seattle bank deposits today approximate $175,- 000 000, a gain of nearly $15,000,000 during the year, Discounts all year have run less than at any time in the preceding five years. BOSTON, Dec. 22.—The new plans of the Boston and Maine Railroad, calling for the abandonment of ESS couraging the holding of spot cot- ton by offering the cheapest money producers have ever been able to obtain. Exporters and_ shippers who need cotton to fill orders are finding it hard to obtain. Vegetables HOUSTON, Dec, 22.—Outlook was bright for a prosperous strawberry season if the recent cold snap had not dampened plants. First ber- ries of the season sold at $13.50 a crate. SAN FRANCISCO, Dec. 22.—Cel- ery and other vegetables in the Sac- ramento valley were damaged by the recent cold spell and southern California c'trus production {s re- ported to have suffered in. some sections, BRIEFS 1000 miles of unprofitable ra’'l lines does not necessarily mean that ‘the road is to abandon the territory ered by thors lines. Transporta. tion men here see in this move the entry of the Boston and Maine into the motor bus field on an extensive scale through the Boston and Mat Transpoftation company. Allis Chemical & Dye -------- American Can American Car and American Sm. and Ref. ------ American Tel and Tel. ~.---- 130% American Tobaceg ---------. §&% American Water Works --.- \merican Woolen ---.------. \naconda Copper ~.--------- Atchison ...-----,--------- Atl. Coast Line -. Saldwin on 3altimore and Ohio ~---—--- Bethlehem Steel ---------~-- California Petroleum --. Canadian Pacific Céntral Leather pfa. Cerro de Pasco -. Chandler Motor Chesapeake and io Chicago and Northwestern - Chicago, Mil, & St. Paul pfa Chicago, R, I. and Pac, -..--- Chile Copper ~--------------- Cota Cola -. Colorado Fuel and Iron ~~. Congoleum ... Consolidated Gas — | Sorn Products General Electric General Motors Great Northern pfd. ...-. Gulf States Steel Houston Ot] ~......--------. Hudson Motors: ---.--------- Tilinols Central ~--.--------. Int. Harvester ~-----.------- Int. Mer. Marine pfd, ---.--- Invincible Ot) -.-.. Kelly Springfield -.-----..-_- Kennecott Cone Lehigh Vi Louisville in Nashville .-.- Mack. Truok- H. and Hartford — Norfolk and Western ----. North American -~. Northern Pacific - Pennsylvinia -.-----. Philadelphia and Rdg. C. & af Phillips Pet. ----_-_.. St. Louls and San Fran. -... Seaboard Air Line -. Sears Roebuck ---. Sinclair Con. Sloss Sheff Stee! Southern Pacific ~~~. Southern Ry. -. Standard Ol Cal. — Standard OU, Stewart Warn Studebaker Texas Co. Texas and Pacific Tobaceo Products Transcont, Oil - Union Pacific ~. United Drug U. 8. Cast Iron Pipe rate | Westinghouse Willys Overjand --... Woolworth -...--.. Standard Oil Stocks 17% «17% 240 59% 14 a Anglo American Oll -- Borne Scrymser Buckeye .- Chesebrough "Mfg. Crercent Cumberland Gal. Sig. Com. Gal. Sig Old pfd. .----. Gal. Big. New pfd. ----- Tilinois, Pipe --.---.. Indiana Pipe National Transit --. New York Transit -. Northern Pipe Orio Oit -- International Pete Pe ~™ Mex. Praine Oil Prairie Pipe - Solar Refg. -. So, Pipe -- So, Penn Oil 8. O. Ind. Swan and Finch —... Vacuum ~--4--e-ee--e Washington 122,52. 28 8. O. Neb. ------------~ 158 nee be Casver Dailp Cribune : Grain :: Livestock : : All Markets AND QUOTATIONS BY LEASED STOGK PRICES (WHEAT CLOSE (RADIO PROBLEMS AMONG THOSE SUNSETTLED 10 GE CONSIDERED BY SOLONS Too many Stations Broadcasting Among Bad Features Demanding Supervision 2: Stocks :: Blackstone Salt Greek Chappell Columbine - Central Pipe ---. Consolidated Royalty — = Cow Guloh Domino ---- Elkhorn: -. wiepts —yepo Jupiter ae Kinney Coastal Lance-Creek ‘Royalty _ Marine ---.. Mike Henry — Mountain and New. York Oil Picardy Preston Roya'ty and Producers Sunset Superior Tom Bell Reyalty — Western Exploration — Western States - =. Cn: 2.30 +10 05 Mountain Producers — Glenrock Oil -.------_ Salt Creek Producers — Salt Creek Consolidated New York Oil 18.50 15 14.25 6.25 8.50 12.00 61.50 LIVESTOCK CHICAGO, Dec. 22.—Hogs—Re- relpts, 72,000; unevenly strong to lOc higher; heavy butchers top, 310.40; bulk better 200 to 225 poun! averages, $10.00@10.20; 175 to 190 yound weight, mostly $9.50@9.90; weavy packing sows, mostly $9.65@ 1.90; pigs, steady; bulk, $7.50-and heavy weight hogs, . $10.10@ 10.40. Cattle—Receipts, 20,000; fairly ac- ive; fed steers, yearlings and fat she stock, strong to 25c higher; veighty steers, mostly 15c to 25c up; spots more; shipping demand fairly nvoad; better grades — yearlings, searce; sharing weighty steer ad vance; early top yearlings, $14.00; sest matured steers, $11.00; big veight, $10.60; bulk fed steers and yearlings, $8.00@10.50; fat cows, ~scaling- medium and better, 10c to \Se higher; bulls, steady to strong: ‘gely $3.75 to $4.10 on bolognas, eifers, active; good to choice handy SHER. largely $9.50@10.50; stockers feederg in fresh receipts com- batiatvely scarce, Sheep—Receipts, 18,000; active; fat lambs, 5c to 50c higher; early bulk tat natives and fed westerns, $16.75 17.00; top to outsiders, $17.50; fat sheep, 25c higher; handy weight fat @8.50; teeding lambs, 15¢ © 26¢ hi sher;, top, $16.10. OMAHA, Neb., Dec. 22.—-Hogs 14,- 300; mostly 5@10c higher; bulk of all sales $9.40@10. Cattle 6,500; fed steers and y ings active; strong to 10@15c high- er; bulk butcher cows. and. heifers $3.50@6; canners and cutters $2.35@ bologna bulls $3@3.25; beefy 3 $3.50; practical veal top $9. Sheep $6,500; lambs 25@50c high er; sheep strong; ewe tops $9; feed- ers 25c higher. DENVER, Colo., Dec. 22.—Hogs— Receipts 1,300; active; mostly 10c to lc higher; top $10.15 paid for few lots, mostly good to choice lots 190 to 230 pound averages $10; few drive- Ins down to $9.85; packing sows $7 50 to $7.75; fat pigs and light lights -argely $7 to $7.50; stock pigs up to $6,50. Cattle—Receipts 2,100; calyes 200; stocker and feeder steers strong to 25c higher; other classes uneven; mostly steady; stockers and feeders $4 to $6.75; few loads cows 4.75 to $4.85; short fed heifers $4 to $6.75; canners and cutters # to $2.90; stock calves $4 to $6. Sheep—Receipts 4,100; run most- ly fat lambs; acti fully 50¢ high- er; top $16 paid for four loads choice 82 pound weights; six loads 94 pound weights $15.25; late Saturday choice feeders $15. POTATOES CHICAGO, Dec. 22.—Potatoes, re- ceipte 29 cars; total U. S. shipments Saturday $33; Sunday 19; trading lim: ited account weather, market tsrong; Wirconsin sacked round whites, mostly $1.05@1.15; fancy ahade hi, 05 @1.10. Rail Dividend Is Authorized NEW YORK, Dec. 2: Directors of the Texas and Pacific Railway company today inaugurated divi- dends on the road's preferred stock, issued last May at the annual rate of five per cent. The payment au- thorized toda: covers the period between the date of issue and De- cember 81, 1924. Butter and Eggs ———— YORK, Dec. 22.—Butter, Greybull -1----seccsemeecooeee 1,20 pea ears ea) Tribune Wantads bring results. ; §,808; creamery higher than extra, 44% @4bc; creamery: (92 score), 440: $1 poore), 38@43c; packing stock, current make No, 2, 26%4c. Eggs, irregular; 7,224; freah gath- ts, 61@GIc; ditto, Pacific coast ditto, firsts to extra firsts, 58% @63c; refrigerator Mirats, 41@41%40, CONTINUE UP Bullish Operations Effective in Popular Industrial Specialties NEW YORK, Dec. 22. — Stock prices continued their upward trend as trading was resumed today, with bullish operations most effective in Popular industrial specialties, such as Baldwin, General Electric and Universal Pipe. which moved up one to two points. Profit-taking however, caused recessions in several inv ment issues. Atlantic Coast 1 yielded a point. Philadelphia and Reading Coal and Iron. broke 2% points on official denials that strong banking interests had acquired a large: block of the stock. High priced goaiers and equipment issues attracted most of the early buying orders, with a brisk demand, also de s for a few misce‘lan- cous 6h: Selling pressure, however, cropped, cut in spots, causing losses of 1 to 2 points in Manhattan Shirt and the Maxwell Motor issues. Some of the western, ratls, including Southern Pa- cific, were slightly lower in contrast with gains of 1 to 2 points recorded by Lackawanna, Jerrey Central and Norfolk and Western.Atlantic. Coast Line, after an initia] decline, snap- ped back to a new high price for the year. Expectations of higher dividends contributed to a further rise in the Pan-American Petroleum issues. General ctrie extended its gain to 5 polnis, attaining a new 1924 top of 290. Foreign exchanges opened steady. Marking up of the call money re- newal rate to three per cent as a result of the deficit in reserve shown in the New York clearing house statement Inst Saturday, brought about active selling for both ac- counts: before noon. Motors and ac- cessories first felt the brunt of the selling pressure, which soon extend: ed to the specia‘th equipments and other standard issues, reveral of which had displayed a strong tone at the outset. Baldwin, which had advanced 1% points in the first few minutes of trading, cancelled its gain and sold a point below Satur- day's close, General Evectric jumped six points to 293, a new top. The com- mercial Solvents issues each broke five points, American Express four, U. 8, Cast Iron Pipe 3% and Ameri- can Woolen, Du Pont, Worthington Pump and Gimbel Brothers 3 to 3% with American Can, Reading, May Department Stores and a score of others sagging 1 to 2% points. Flushed with their early success in undermining prices, bear opera- tors attacked some of tlie mercurial issues with more confidence when call money rose still further to 3% per cent, The Commercial Solvents shares dropped 10% to 11 points, while U. 8. Cast Iron. Pipe broke 34% and American Can 8%. The closing was steady. Violent bullish demonstrations in high pric- ed specialties caused active short r~overing in other quarters in the ‘inal hour. General Electric cross- ad 2.95 for a gain of more than § points. American Car and Foundry touched 189% and U, 8. Cast Iron Pipe, which sold as low as 152, ral- led to 160, Reactionary price tendencies pre- vailed in today’s stock market. The extensive calling @f loans by banks, estimated in some quarters as high as $30,000,000, which resulted in the marking up of the call money rate to 4 per cent, inspired considerable short selling, which was augmented by heavy Christmas profit taking. Buoyancy of high priced specialties »rought about some recovery toward the close. Sales approximated 1,- 450,000 shares. SUGAR NEW! YORK, Dec. 22. — Refined sugar was easier and unchanged to 20 points lower, with liet prices now ranging from $7.10 to $7.30 for fine granulated. Refined futures were nominal, METALS NEW YORK, Dec. 22.— Copper firm; electro‘ytic spot and nearby 14%c. Futures 14%. Tin firm; epot and nearby $57.12; futures $57.25; iron firm, number 1 northern $2 @25. Number 2 northern §23@ 0. Number 2 southern $20@20.50; lead firm; spot $9.3544 @$10.25; zinc firm. East St. Louis spot $7.57%; futures $7.50. Antimony spit. $14.37, MONEY NEW YORK, Dec. 22. — Call money strong; high 4; low rate 3; closing bid 4; offered last loan 4; call loan ainst accept- ances 24%. Time loans firm; mized collateral 60-90 days 8% @3%; 4-6 months 8%@4; prime commercial paper 34 @3%. oo TOO LATE TO CLASSIFY MAN and wife desire position on ranch, Lady excellent cook. Man frat class stockman, Box 5-155, Tribune, WANTED—Janitor or porter work. Phone 1138. FOR RENT—Furnished four-room house, bath. Call after 6 p. m. 805 CY. Phone 1923M. FOR RENT—Three-room furnished house. Phone 2794WW, Heavy Selling Brings About Sharp Setbacks in Mar- ket Prices CHICAGO, Dec: 23,—Heavy sell- ing led by a house which had re- cently been a large buyer brought about a sharp setback in wheat prices today. The selling was based more or less on opinions current that advances of late had been too rapid, and that something of a re- action was overdue, Today's opening - which from unchanged figures to half cent higher, with~May $1.75% to $1.76%, and July $1.50 to $1.50%, was followed by a break that in some cases amounted to 4% cents from the initial top prices. Persistent selling by commission houses weakened corn and oats. After opening unchanged to %c off, May, $1,274 to $1.28, the corn market underwent a general de- cline of about half cent. Onts start- ed unchanged to %%o lower, May, 634% to 63% and later showed mod- erate losses all around, Provisions were easier, sympathiz- ing with grain, Subsequently wheat rallies falled to hold well. Slowness of export The close was unsettled, 2% to 37%c demand was a bearish influence. net lower, May $1.72 to $1.72% and July $1.47% to $1.47%. Undoing of spreads against wheat gave corn relative strength later. Corn closed easy, %c to 1%e net lower, May, -$1.28% to $1.28%4. ‘Wheat— Open High Low Dec, 1.72% L72% May 1.75% 1.50 varied 1.4544 . 1.53% y 1.83% 1.34% 1.32% 1.33% Lard—, 16.77 18.77 16.60 17.13 17.15 16,90 16.60 17.00 15.25 15.10 15.10 15.65 15.70 CHICAGO, Dec. 22.—Wheat num: Miers ber red $1.84; number 2 hard at $1.71 @1.72 44; corn number 2 mixed $1.23; number 2 yellow $1.25%@1 Oats number 2 white 68; number 4 white 56%c, Rye number 2, $1,464 @ 1.46%. Barley 77@97c. Timothy seed $6@7.15. Clover seed $25.25@30.50. Lard $16.55. Ribs $15 Bellles $15.87. REY MINNEAPOLIS, Mihn., Dec. 22.— Cash number 1 northern $1.65%@ 1.69%; number 1 dark northern spring; chcice to fancy $182%@ 1.95%; good to choice $1.72% @1.82% ordinary to good $1.66 @1,95%; number 1 dark hard Montana on track, $1-68%@1.85%; to arriy $1,68% @1.85%%; December) $1, May $1.68%. Corn number 3 yellow $1,17%@ 1.19%. Oats number 3 white 544@ 54%. Barley 73@90c. Rye number 2, 1.37% @1.37%. Flax number 1, $2,954 @2.99 8 Soba Ae al aa Market Gossip Visible Grain Supply NEW YORK,. Dec, 22.—The visible supply of American grain shows the following changes in bushels, Wheat, decreased 1,256,000, Corn, increased 2,510,00. Oats, increased 1,636.00 Rye, increased 990,000 Barley, increased 229,000, Foreign Exchange NEW YORK, Dec. exchanges steady; cents: Groat Britain demand 470 9-16. = bcs Poultry Plague Will Be Fought 22.—Foretgn quotations n WASHINGTON, Dec. 22,--The campaign against the European fowl plague and otber poultry diseases which have disorganized the trade in some sections of the country was put under way today by the depart- ment of agriculture, Congress, having voted on Satur- day to appropriate $100,000 for the fight, the bureau of antmal industry which has the work in charge. ordered federal inspectors to con- duct a survey to determine the in- fected areas. These will be quaran- tined and all poultry, chicken coops and railroad care will be denied interstate transportation until dis- infected and ified by Inspectors. GREEKS TO BE NEUTRAL LONDON, Dee. —The Greek government in an answer to a query from the British minister regarding {ts attitude in view of the uation in Albania, has declared that it will maintain a position of strict neu- trality, according to a dispatch from Athens. So Fans By HERBERT LITTLE. (United Press Staff Corrospondent) WASHINGTO: Dec. 22.—-Con- gress is taking up one of the most important questions of the decade— the freedom of the air this winter. The question, of paramount inter. est'to the 10 to 20 million radio fans in the nation, may not be de- cided, but one conflict has occurred on the question already and others are in the making. Secretary of Commerce Hoover, whose department nominal control of the ether, with- | drew Ms support of the bill intro-| duced last spring by Congressman Wallace IT. White of Maine, which would impose extensive regulations on the industry, The bill is now pending before the house marine and fisheries committee, which White is chairman, Another year {s necessary for fur ther development of the “radio art” program to regulate it properly, before congress can formulate a Program to regulate it properly Hoover believes. Hoover, who en- dorsed: the White Dill last spring, Proposed a short bill which would merely affirm ‘the right of the People to the ether’ and give his department tho regulation of wave lengths, character of apparatus, and time of transmission of programs from regularly licensed broadcasting stations. The department of commerce now controls the radio industry by virtue of a law passed in 1912 on the basis of the radio-telegraphic develop- ment at that time, The radio-tele- phone had not yet been developed. 561 Stations. Now there are 561 broadcasting stations in the country, each send- ing out six to 20 programs a week. The fans tune in and out of speeches, jazz and classical music, humor and advertising. Some com plain of interference because of the large number of broadcasting sta- tions, some kick because of the large number of broadcasting sta- tions, some want larger and fewer stations, and others want more lo- cal stations. The crush of proposed legislation in the present session which ends next March {s so great that {t is un- nat flnai action can be taken on any radio proposal, even the short bill proposed by Hoover, But when the 69th congress meets next December, Hoover will be ready with a program to cover all emer. gencles. A final and complete national pol-| icy on the radio questions must be adopted, Hoover believes anf con- gress must do it, instead of feaving it to an administrative officer. The radio industry contains no monopoly at present, the secretary holds, as no one corporation pos: sesses more than f stations The problems of radio which have come up so far, which must be| solved in formulating the govern mental policy toward the “art, Hoover outlines as follows: Only 57 Wave Lengths. “With only 57 wave-lengths avail- able and the number of stations ap- Proaching 600 and rapid'y increas- ing, we are forced to certain dupli- cation of waves and to the division of time’ between stations. If there were enough wavelengths for alll the matter would be much simpler. Any attempt to give preference in the allotment of wave-lengths on tho basis of qualty programs, however, raises the question of cen- sorship, the implica of which I cannot at present pt “Another is the Interconnection whieha single voice ast from ail parts of the United States. ‘Thia intercon | nection has been most suecessful'y carried out by the use of wire sys tems between broadcasting stations but other methods of interconnec tion are in process of development It Ja diffioult to see as yet what the | public implications of Inter-connec- | tion will be “During the jast year been discoveries in the er power and therefore larger areas of brondeasting, which may result cover a large portion if not all of in a single station being able to the country. This raises the rights of local stations and the rights of local listeners. “Still another development thas been the fact that it has been found possible by Indirect advertising to turn broadcasting to highly profit- | able use of this situation | there is growing up a demand for Herbert holds of of there have use of high- Jocause the limitation of the number of sta- tions {1 a given area and that such Umitation be based on the service needs of the community, just as public utilities are generally Ilmited by the rule of public conventence and necessity. aeny this enters the dangerous ¢ f recognizing Puzzles Lead To Difficulty For Library Calif, Dec. As a result of the abnormal popu larity of dictionaries due to the crossword puzzle craze, the Los An- geles public library has been com- Pelled to set a time Imit of five minutes on the use of the dictionary by any one person at one time. In case. of argument among those in the waiting line, parties to the dif. 22,.— Los A }ly, b PAGE NINE - Declare. monopoly and implied censorship. Craze May Abate. “On the other hand, we may be in q rush to broadcasting, which may die down and cut down the number of stations. Improvement of the art may !nerease the num- ber of available wave-lengths, and no prioritles need then be contem- plated. “We may have to come to the con- clusion that many station owners must be considered as having left | the field of private enterprise and entered that of, public service, and in view of these changes now going | on we may have to reconsider the regulation of the whole are from tho point of view of the Istener, Interest in radio is Increasing ra- pidly. Entertainment and amuse ment have ceased to be its principal purposes. The public, especially our People on farms and in {solated communities, are coming to rely on it for the information necessary to the conduct of their dally affairs. It is rapidly becoming a necessity, and the people feel that they have a direct interest in the manner tn § which the radio industry is con- ducted, HORATIO ALGER TYPE BUDS ON STOGK MARKET’ John C. Heffernan Goes | From Gob in Navy to Trader in Six Years. By C. G. MARSHALL, (Copyright, 1924, Casper Tribune.) NEW YORK, Dec. 22,.—Six years ago he was only a “gob” in the navy at thirty per. Today, he ix a mem: jf ber of the New York Stock Ex- change, owner of a seat worth $101,000, That tells in a few words the romantic rise of John C. Heffernan, aged 24, who appeared on the floor of the exchange for the first time | last Thursday and became accepted as the youngest member of the most clusive—and most expensive—club | In the world. ‘| Mr, Heffernan did not win his | seat on the exchange by making ai immenso sum of money through speculating in the stock market He won it by faithful attention to the business of the brokerage firm by which he was employed. Rich ards, Pell and Hume, Within the | short span of a week, he has jumped from the position of a salaried em- ploye to the role of a partner in the firm, sharing in its profits. And the profits of a big brokerage firm are not small in these times of two million share days in the market. In other periods cf unusual ae- tivity in Wall Street, other broker- age hou have found it necessary | to increase thelr membership on the floor of the exchange in order to handle all thelr business. But on such occasions {t usually has been some old and faithful employe who has been rewarded by the firm pur- chasing for him In thie it ¥ y young employe J and length of his service with this particular firm was just three years. Mr. Heffernan began his career in Wall Street {n 1915 as a clerk in the brokerage firm of M. N. Whitney nd Sons. In those days, he never | even dreamed that he would one day be a member of the stock ex: ll change. Probbaly that was still be- ond the range of lis ambition twe y * later when he threw up his job Joined the navy. The war ended hefore he had a chance to be- come an admiral but he was pro-@ moted to quartermaster before he left the navy flat on its back and returned to his old desk in “the Street." Three y case, ars ago, he changed firma becau he the the new one ered him a better opportunity for advancement It probably would ruin many a« young man to be advanced so rapid- yut members of Walb Street firms pretty good judges of men— have to be. Many of the lead- ers in the financial district tod got their start just like young Mr. @ Heffernan fate oh ck ae GIFTS THAT will find favor—and gifts found at favorable prices are in the "Christmas Gift Sugestions” columns of the Classified Section ——————————EaEE The Circulation of’ (HE WALL STREET JOURNAL are ference requested to “please settle difficulties at the librarlan’s are in purchasing Powe? » ———— |