Casper Daily Tribune Newspaper, January 11, 1925, Page 9

» SUNDAY, JANUARY 11, 1925 INSURANCE OUTLOOK. BRIGHT, SAYS BABSON Statistician Analyzes Investment Position of Both Policies and Securities With Forecast for Future. BABSON PARK, Mass., Jan. 10.<— Three years ago Roger W. Babson, the statisticlan, was severely crit!- cized by many insurance men be- cause he advised certain of his Wealthy clients to cash in a portion df their life insurance. He pointed out that good securities were then very low and that {t was good bus!- ness for a man to have as much as possible of his money tn bonds, Mr. Babson made it clear that no insur- pce should be cancelled which in ny way jeopardized adequate pro- ection for one’s family. He was referring to insurance taken as an investment. Since that time secur- ities have risen sharply in_ price While life insurance is obtainable for the same figure. In view of this changed situation Mr. Babson today issued the following statement: “As the price of stocks and bonds elimbs upward life insurance be- comes more attractive as an invest- ment. Of course it has been only during recent years that life insur- ance has been sold as an investment. dt started like fire insurance and other forms of insurance, as a meth: pd of mutual protection. Men took out what they needed in order to take care of their families tn case of 4geath. It has only been in recent Years that insurance has been taken ut for corporations, _ business jouses, and estates. Of course pro- fective insurancs should be taken out by everyone to a certain amount, gand should never be cancelled, cash- fed in, or switched. If,. however, a .?nan gets enough tnsurance to take ,care of his family any additional tn- surance really becomes an tinyest- ment rather than insurance. Some life insurance men may disagree pwith this distinction, but T am sure yevery fair-minded analyst would make it. I mention this distinction because, not being an insurance ¢x- pert, it {s only tn relation to such in- \vestment insurance that I have any right to speak. ““T have always advised tho pur- chase of {nsurance for protection tr- respective of what price urities are selling for and whatever the conditions in the security market. A man who needs protection shou'd _take out insurance. The only dis- agreement I have had with insur- ance agents {s due to the fact that investment insurance is less attrac- ‘tive when security prices are low, and more attractive when security prices are high. Because invest- ment insurance is always at the same price, it must be judged by what the same thoney will buy in other forms of investment. In a way it is the mean between the high -and low of the security market, This _very fact, that it !s 2 mean, Is tho Jreason that the large insurance ‘companies are so strong and insur- [ance 1s so. safe. \ “Whether or not insurance agents will agree with me as to which was the better investment three years | jens insurance or securities, I am sure they will agreo with “me now when I ‘say that insurance as an in- vestment is becoming more attrac- tive each day. That.is to say, as Security prices go up insurance which remains at a constant figure, becomes more attractive as an in- vestment. The truth is that when stocks and bonds cross the average normal line on the upward move- ment, insurance, becomes an attrac- tive investment, This especially ap+ plies to twenty payment life and va- rious forms of endowment insurance which get a fixed sum of money on @ Specified date. “I believe that 1925 will be a good bond year and that many tissues will see higher prices than they “have al- he Casper Sunday “Selling Wyoming Produc From Standpoint of the ts” as Seen Oil Industry By HERBERT E, DAILEY. can make when at the same time In considering the subject ‘‘Sel!-] we in Casper are satisfied with but- ing Wyoming Products” one must] ter. shipped in from Colorado, Ne- go far afield to assemble data on | braska, or other points from out- which to base constructive thought | Side of the state? The solution of along this Mne. The question of| this problem undoubtedly can be salesmanship is an important one,| had by co-operation, and co-opera- inasmuch as. there is an art or| tion only, and in order to further science In the selling of goods, and| this move, it seems to me this club to achieve success in his line, as| Will do well to adopt a resolution, in any other, the salesman must | after due consideration of the sub- study bis subject thoroughly, deter-| ject at hand, to take such action mine the value of his line, convey|@S is necessary without further to the purchaser the merits of his| delay article or articles; however, by no! “Naturally my subject cannot be deceptive terms or arguments or, thoroughly covered without calling misstatement of facts, his object|to your attention another Wyoming being to gain the confidence of the] product of great importance to our purchaser, The bacic influence in| development, namely, asphalt made the-sale and distribution of any|from Wyoming black oll. It is to] product is the confidence of the pur-| be regretted that a single foot of chaser in such products. Once con-| concrete pavement has been laid in fidence ts established in the mind of} our state within the past two years. the purchaser, the problem of suc-| ‘The best paving asphalt in the world cessful distribution is solved. is manufactured at: Casper, and In the purchase of our everyday| there is no doubt in my mind but necessities, most of us pay little or} that any euch asphalt pavement laid ready reache but I also believe ‘that Investors should take account of stock as to thelr insurance hold- ings. No man should have all his investments in stocks, bonds, insur- ance, real estate, or any other one thing. AN of one's capital in gov- ernment bonds Is not a sane method of investing. Diversification is the basis of the soundest method of in- vesting. Tho point I wish to make today is that in diversifying consider Insurance as a possible Investment for a portion of your surplus funds during 1925. “In purchasing endowment tnsus- ance use some sense as to maturity. For instance, in paying a $20,000 endowment policy a man should con- sider his age in determining the duration of the policy. It is apt to be more dangerous than beneficial to have a $20,000, twenty, year poll- cy mature when he fg forty. On the other hand, it is unreasonable for a man of fifty to take out a twenty year polic: In taking out a $20, 000 endowment policy !t ts best to arrange the maturities so that $2.- 000 will come due when you are sixty, $2,000 when you are sixty- one, $2,000 when you are sixty-two, and so forth until you are seventy. Then as you ean afford additional Insurance have it mature in a simi- lar series of years beginning when you are seventy. “I am very hopeful of the insur- ance’ business for the next few years. I belieye all the large com: panies will do a record business and wide awake, honest agents should prosper with their companies. I am very optimistic on the stocks of most of the larger insurance com- panies. The insurance business has developed to stupendous proportions yet it is still in its infancy when Judged by its possibilities. More- over, under careful government sup- ervision of the insurance companies and the fact that they are officered and directed by capable, cOnsclen- tious men, should make their secur- Itfes, as well as their policies, sound investments for a portion of your surplus fund.” c General business as reflected on the Babsonchart {s now running at 1 per cent above normal, Good Oil Showings Found By Midwest at Dry Piney To conduct a test for ofl and to find ofl or gas in every possible pro- ductive horizon, is the pleasant ex- perience of the Midwest Refining company in the Dry Piney district in this state. , Recently the company's test well of this structure, located on SWK of section 1-28-114, picked a ‘fair | showing of high gravity ofl in a rand five feet thick. The crude, which has a gravity of 46 to 47 Baume, - Practically filled the hole. Twen- ty barrels of oll was bailed and the well mad® a flow. Later the bailer brought up 60 barrels of oil, caus- ing the stand of crude in the hole to decrease. It {s doubtful whether the present horizon would offer even ® pumping proposition, but the sand has run true to form in making a nice showing. The bottom of the sand was hit at 1,923 feet and it Is expected that the countered 1,000 to 1,500 feet below the present depth. The fact that all thin sands have yielded excellent showings, is basis for the belief that a really large pool of production may be found in the thicker frontier ser- jes. Land on which the test is being drilled by the Midwest is owned by the Cretaceous Oil company of which Judge Robert R. Rose of Casper {s Casper is president. Lease on the ‘and is held by the Utah Oil Refining company, a subsidiary of the Mid- west. The not far distant LaBarge field 1s an area of shallow production, as is the Dry Piney structure. That the latter may soon be announced as a prolific producer from deeper sands, yet untested, {s the present outlook. In event of worth while discoveries, the building of a pipe line from the Union Pacific railroad at Opal ts an Frontier series of sands will be en- Everyman’s By GEORGE T. HUGHES. Common Stock as Investments. This article is devoted to a dis- cussion of common stocks as invest- ments. There are authorities who would deny that common stocks had any claim to investment rating. But this, jn my opinion, is going too far. There are stocks representing simply g share in the profits of the business which have paid dividends for eo long a period of years tha they are entitled to consideration by genuine investors. It is true that the market price of these stocks va ries over a wide range and that Profits of the business involved are also subject to large fluctuations. Yet because of conservative manage- ment and large surpluses sto: in good times for gage in depr stockholders recei¥e about the same return one year as another. The great majority of common stocks are not of this class. Most of them are pure speculations and this is invariably the case with shares in a new enterprise. Avold all such unless you are prepared to take extreme risks. Apply the same tule to shares In enterprises which donot cater to an essential human need, In “hard times" people get along without luxuries whether they want to or not and the income of the corporations which supply the lux. urles melts away. But there are cérain services and certein products wilich the. civilized world cannot get along without. When you find a corporation engaged in these actly: Investment | '* itles and which has been so engaged year in and year out, it 1s not out- side sound investment practice to consider its shares from the invest- ment standpoint. The trouble is that such. stocks look most attractive when they are selling at the high prices of a mar- ket cyele and look most unattractive when they are selling at the low, The shrewd fnvestor buys, when he buys for investment, not when everyone else is buying nor does he sell when everyone else is selling. no attention to their sources. The| Will give a good account of itself ordinary person is satisfied, gen-| thirty to forty years hence. Every. erally, to buy what they need at the |one here is familiar with the six- most convenient place, providing, of |!nch cement pavement constructed course, prices-are equitable. The}in 1919 on the Salt Creek road at a American public has been educated} cost of about $180,000 and which to a system of buying what they }expense in less than five years was can get rather than what they|a@ugmented by an additional expendi- want. ture of $126,000 to resurface with asphalt this pavement which in a gory tant ter Oe met very short time would have been years until it has reached the post-|Teduced to dust. ‘This means oe tion of the largest single industry. | ™@!ntenance cost of 70 per cent in We in the industry have had so] !@85 than five years. Compare this many difficult problems to solve | Please with asphalt pavement Iatd during thatetime, that we have been | it Hartford, Conn., in 1896, 28 years too busy to give any thought to the | 28% the maintenance of which has development of other resources or | #V¢efaged for the full 28-year period any Mnes of business elther in our} OMY 1% cents per yard, or less own community or elsewhere In the |than 1 per cent of the original cost state. It is, however, my notfon|for the full period: Compare also that the time has arrived when ofi| the cost of maintenance of asphalt men, as well as all other residents | Pavement laid in Omaha, Neb., from of our state, must keep continual | 1889 to 1891, which has been resur- ly in mind the advancement of | faced once only tn that period of Wyoming in lines other than oil, | 33 to 35 years, the cost of which jas Ip other words, if we can help the probably a very small percentage of producer of ‘sugar, pork, beef, mut-| the original cost of the pavement. ton, butter, vegetables, honey, or| Records of the state of Massachu- any other ‘commodity, or in any |Setts show that tho cost of mainte- way ald inthe development of any | BAahce of asphalt paving since 1893 vicinity or district by the purchase |#mounta to only 1,17 cents r of Wyoming produtts, prices being | ®@vare yard, and covers 1,742,000 equal, or by lending our support, | *auere yards ot pavement. Other morally, financially, or otherwise, | “ities such as New York, Chicago, it seems to me we would be render- | Philadelphia, Washington, Los An: ing a valuable servicg to the pro-|Stles, Portland, Ore, and in fact ducer and the state as a whole, as | Practically every city in the United well as to ourselves, to insist on | States bes laid asphalt pavement for Wyoming products exclusively. The | Périods ranging up to 40 years past. question of how to best. accomplish | When recommended by practically this undertaking, elthet by personal | All reputable city engineers, the type contact or through advertising, will of pavement certainly must haye be left open for further discussion, |S0me merits, and in view of the fact and it seems to me that this club,| that Wyoming is now producing as well as all other clvic organiza. | Considerably more black ofl than can tions, should immediately map out|be used, and is capable of increas a: program of accomplishing the de-|i@ this production several fold, |I sired results, not as a temporary |C@f see no reason why any paving measure, but on as permanent aj Program in our stato should not basis as possible, : stipulate Wyoming asphalt. Any in During the past two years, we| creased demand for our asphalt will have read and heat# numerous] naturally increase royalties” paid to talks on Wyoming products, let us|the government and to the state, strive to obtain better results this|¥¥ reason of the development of packing ment of companies and individuals who are aiding the developrrent of our latent resources by the con- struction, at sometimes enormous costs, of sugar factories, flour mills, houses, creameries, Ye- fin etc., thereby enabling the producer to dispose of his products to the best possible advantage &t a minimum transportation cost. These companies or individuals are entitled to not only the support of the pro- ducer, but the united support of every consumer in the estate. We should not lose sight of the fact that ail these plants maintain pay- rolls supporting thousands of fam- ilies in our state, who are also con- sumers. From a marketing stand. point, therefore, we are justified in securing all the mills, factories, otc., that we possibly can. The educational programs which have been and are being carried on, the Douglas state fair, the state corn show at Worland, all the cefn- and our vicinity will find that the value of his property will have in creased sufficiently to justify any | effort put forth by him in assisting in the development of the agricul- tural’ or other resources of our state. It is folly to think that any com- munity can long continue in pros- perity supported by a single indus- try. It is therefore to the advan tage of everyone present, as well as everyonb living in Casper, and the state at large, to insist on Wyoming products without exception, price being equal. If this policy 1s adopt- ed, and adhered to by every resident of Wyoming, we will have made wonderful strides towards establish ing a 100 per cent co-operative mar- ket for Wyoming products. —_>—__—_ Market Gossip Sand Expected Soon. Expectations are that the Sheldon Dome test ip Fremont county, be- ing drilled by the Mack Oil company will be encountering production ty fairs, and in addition, the work done by the extension of the uni+ versity at Laramie, and some of the railroad compantes, are com- mendable. Most of you gentlemen are familiar with the object of the state fair, and realize the {mpor- tance of holding the fair each year, but few of you realize the remark- able results of the annual corn show held at Worland. A few years ago it was necessary for the Big Horn basin to ship in from outside the state all the corn necessary for feeding purpost After years of up-hill fighting, the basin has reached the point where lest year all the. corn needed was raised at home. The acreago was increased to -§,000- with an average yield of 40 bushels. The corn displayed at Worland last month from December 17 to 20 inclusive, was as good a grade of corn as that raised in Towa, Nebraska, or Iilinots, and shows what co-operation and hard work can do. Perhaps you will say, “What has corn to do with the mar- keting of Wyoming products? want you to know that this com- modity is being used to fatten live- stock and poultry, a great percent- ago of which {ts shipped to the Cas- per packing plant, and for that rea- son we are as‘ vitally interested {n the success of the corn crop in the Big Horn basin, and elsewhere in the state, as the producers them- selves. The matter of competition natn- rally enters into the marketing of any commodity, and is too broad a subject to attempt to cover in this paper, However, competition in the products that we know can be grown or produced within our state should not be a very dominating some time today or tomorrow, A number of Casper ol] men are going to the well today tn order to be on hand for the drilling in. Will Resume Test. Deeper drilling of the Midwest Re- fining company's deep test, No, 33- X, NW% section 35-40-79, on a Mountain Producers lease {is Salt Creek, is being resumed. Present depth of the hole is 2,308 feet. This well in going tnto the upper bench of the Lakota sand the first of the month opened up production which has since been steadily increasing until now it is running about 3,000 barrels a day. Deeper drilling is expected to develop a much greater flow of crude tn the Lakota which was entered at 2,268 feet. North Casper Creek. An attempt is being made to dis cover whether or not the water in the Midwest's test well of North Casper structure, 32 miles northwest of here, 1s coming from above or from the bottom of the hole. No re- port on this test was ~ecelved by Midwest officials here ys day af. ternoon. General Summary. New Bedford cotton manufactur- ers association to cut wages of 32,- 000 workers 10 per cent. Dun reports 552 commercial fail- ures In U. 8. this week against 445 last week and 543 year ago. Bradstreets says fairly quick re. sumption of industrial activities af- ter inventory period and continued optimism as to future was feature of week's business reports. International Marine not to pay accumulated dividens except from factor in the development of our state, Some of these days the Cas- per-Alcova irrigation. project will be commenced in earnest, and it is my sincere hope that when that time comes, the demand for Wyoming products will be sufficient to enable the farmers under this project to market {n Casper everything pro- duced. By, accomplishing this each wo, | latent black off structures. This destred result is concerted action.|¢very taxpayer in our state. Ih What we need more than any one} 1923 the expense of running our thing, to my mind, is to create a} State government was $8,000,000. Of demand for Wyoming products to| this amount $1,600,000 was raised such an extent that our producers} by direct taxation, und the balance, will supply the home markets 100 | $6,600,000 was derived from what per cent. I have mind an fllus-| oll, directly or indirectly. The state tration that is typical. Last year| highway commission expended in one of our eugar factories pold in| the year 1923 $3,000,000, of which this state about one seventh of its} amount $100,000 or one thirtieth of total output. At the same time,|the expenditures, was ralsed by great quantities of Hawailan sugar | direct taxation. The balance, $2) were consumed at a higher cost | 900,000 was derived from what—oil. than Wyoming sugar. I am in-| It {s entirely possible to increast formed that for every additional | these oll royalties by the increased bag of sugar sold in our state the| consumption of oil, or by-products producer of sugar beets will receive| such as asphalt. Such an increasé an additional §1' per ton for his | would no doubt remove the necessity beets, which amount is entirey] ajof increasing the gasoline tax from bonus, regardless of whether thejone cent to three cents per gallon, farmer has signed up on the flat} cannot resist the temptation of ex- rate, sliding scale, or 50 per cent] pressing my ideas on this proposed nd every home owner in Casper of each, basis. Sugar is sugar,|increase in the gasoline tax. In whether produced from cane or from | this period of reconstruction and re- beets. Wyoming sugar equals any | adjustment of conditions when every Sugar manufactured {n the world,| business concern is reduaing ex- and can be purchased at Casper] penses to the very utmost, is wiping from 16 to 80 cents a bag cheaper|off enormous losses due to new than cane sugar. An analysis of} values of stock inventories, and is earnings. Pennsylvania railroad embargoes grain shipments to Baltimore for one month because of accumulation at elevators there, Richmond, Va., broker who is re: ported on Southern Rallway board sends out circular letter protesting against lease of C. and O. to Nickel Plate. Mexico Ci hears that banking Commodity Copyright, 1 Non Casper Tribune. rrous Metals, urplus lead and greatly lessened si th will relieved when the ather moder: ates and operations are resumed. Some lead ore sold recently as high as $140 a ton while high grade zinc ore has touched $60 zinc ce ry 1 but n w NEW YORK—Conditions supply and demand for lead Uttle <.ange but the metal is up to 10¢ a pound, the highest price since September, 1917. Tin ts up above 60 and zinc and copper are in good demand. as to show Textile: PORTLAND ORE mills will be established the cific northwest this year and are pected to give impetus to the grow. ing of flax. One mill will be located at Salem, Ore., and the other at Van- couver, Wash. -Two lnon Pa BOSTON—The acceptance of the 10 per cent wage cut, effective Mon- day, by the Fall River textile work ers, not only removes {immediate danger of a strike but practically as- sures that mills will expand opera- tions, Grain. JEFFERSON CITY, sour! grain crops tne 8 per cent over the 1923 value, al though there was a reduction of 10 per cent in production UTICA Associated group may seek to reopen Lamont de Huerta agreement Extimated 1924 profits of Wilson and company were sufficient to leave surplus. Stockholders are expected to con- test any plan calling for salo as sets to new company and scaling $130,000,000. PILE Tt explains the tm U with patent me: fely, quickly and Book, names ar Dr. Bowers & Ramadell, Suite rtance r 73, TRAIN S Westbound INo. 3 CHICAGO, BURL No. 80 —2 Westbound — 0: BP Tis down of resources to $100,000,000 to Afficted you should read our booklet. ods,” PAGE NINE~ Trade News *: manufacturerse@ America have a d to stress nj athletic underwear in their adve ng for men and boys and in for women to emprasiz of wearing kn} Knit Underwear PERRYVILLE, MO.—The Tifei national Shoe company of St. L 1 plans the erection of a factor which will have a daily capacity ¢ 2,000 pairs. Aeroplanes. PHILADELPHIA — A Forty-acr commercial flying fleld has beet ’®: tablished here with eight planes 4 service, by Harold F. Pitcatrn. T€4 his {dea to establish an alr taxi Heri fee to all points, regardless of di: tance, Vegetables. : SAN FRANCISCO—Californta, a paragus shipped east this year pro! ably will be lower tn price than eye before. The first shipments hay just started from a crop whic should exceed that of 1924 by “500 000 crates. Production of other earl vegetables alsg is expected to b heavy. é Lumber. BON AMI, LA.—The Long .Be! Lumber Company of Kansas. Cit has just cut the last log of its hole Ings near Bon Amt and closed it mill after 25 years continuous, ope ration. Livestoclc. « TOPEKA, KAN.—There is an, ir mediate prospect for better catt! markets, especially for finished bee! said J. H, Mercer, state livestec! commissioner, today. “This dogs ne mean a boom is expected. The Kan sas hog population has dropped of noticeably, due to high priced cor: and considering present stocks, 192 should see favorable hog prices," hy OPERATION In hospital. Cures t years’ experi CURED WITHOUT chloroform er detentt arantesd. Twenty-aigh 9 in Denyer. Over 6,000 cures, "1 “Pilee Cured by Mild Medical Seth of Rectal Diseases, tells why they canno’ home remadios and tells by Pi 1530 Callfornia St., Denver, Colorado. CHEDULES CHICAGO & NORTHWESTERN Arrives ~ 1:55 p. m. -10:45 p. m, Arrives 45 p.m. INGTON & QUINCY Arrives Departs, 8:35 pcan, Departs 7:10 aoa) 8:10 p. m. Arrives “Relieve Yourself of : Unnessary Worry In other words his rule is. exactly the reverse of that followed by the succossful epeculator. I do not want to convey the impression that there is no risk attached to shares in com. panjes of the kind I have described but on the other hand I do not want ft understood that all such stocks should be invariably ruled out of a sound investment program. + (Mr, Hughes’ next article will ap- pear in the Tribune next Monday.) p2 Ml Saabs cie 2 3 Un-Muds Itself. The Midwest's Dakota sand well which several months ago came in at the rate of almost, 6,000 barrels a day, has broken loose after unsuc- cessful mudding. The casing was landed on bottom but the emulsified output of oil and some water seems to be about the same as {t was when tho strike was. made. “Location of the well, No, 34-X, is on the NW% section 23-40-79, beet sugar shows the same sugar content as cane. There is, there- fore, no legitimate reason for the sale of a single pound of cane sugar in our state. In fact, there is an inducement of 15 to 30 cents a bag, as utated above, for every purchaser of sugar insisting on Wyoming sugar. It is a well known fact that Wyo: ming products are on a par with those of any other state and there therefore, rather a keen demand uiside of our state for Wyoming wool, honey, range cattle, dairy products, turkeys, etc. It {# folly, of course, to expect consumption at home with our scant population to take care of the possible production, but If we can create an insistent deman@ for home products we will in on indirect way have a desired moral influence on outside markets. Thus will we enable the producer of any commodity to realize more for his product than if {t were neces- sary to find a market for all his produce wholly outside the state. This not only would benefit the producer, but would place us in the position of an experter rather than an importer, I do not want it understood that I favor building a stone wall around Wyomnlg similar to that which the state of Colorado is endeavoring to build by purchas- already overburdened and seriously hampered with taxes, is it good business and sound economics to in- crease any taxes at this time? The state highway department Is to be commended on the remarkable show- ing it has made on our Wyoming roads, but the question ts whether {t should be content to carry on during the period of readjustment on the samo basis ag during 1923, referred to heretofore, and: continue their economical course, or place additional tax burdens upon every- one in Wyoming in order to carry out thelr road-making plans. It is my opinion that every department of our state government should by all means be conducted as cco- nomically as possible, and not ut this time or until] conditions have become more normal, attempt to tn: crease the already heavy burdens we are all carrying. Another point ts that if the high way department is privileged to saddié upon every taxpayer In the state additjonal taxes to carry on its road program, why should not every other department of our stato have the same privilege? For the sake of argument let us sup- pose that they have the same priyi- Jeg@, and that each of them would endeavor to have some tax measure 14 to enable that department to and the quality of other Wyoming] abolition of all home. strange that in the Big Horn basin, | led for instance, the producer of po-|time. by. the highway or any other tatoes is not always justified in har-| department. Additional taxes should vesting his crop when at the same| have no place in the minds of our time we, in Casper, the largest con- suming territory in Wyoming, are] deayér and thought should be util- forced to use potatoes grown Nebraska, which are inferior to our| at least reducing the expenses of own product? strange Jeannot dispose of all the butter they} touched upon is the large inves! ing home products at any cost, but] branch out or accomplish a certain If our turkeys are good enough for}end not possible under the present President Coolidge, and g@0d é¢nough| appropriations. What would be to be in demand at the principal! necessary on tho part of the tax marketing centers of our country | payers of the state? Probably the theso department produce is appreciated by the con-| whose sole purposes and intents suming public outside our state, it} would be to increase our tax bur- seem: to me we would do well-to/ dens, more home products Doesn't it seem Personally, I hope this will At} never bo the case, but let us con- rather | sider what might happen “if we are Into additional taxes at this utilize state officials, but the same en- in| ized in reducing taxes if possible, or Doesn't {t - seem | our -government: that Wyoming creameries One important point’ not yet SAFE DEPOSIT BOX at this bank means the very best protection of your valuable papers, jewels, mementos and treasures, from fire or theft. A A box may be rented by two or more persons if desired, access being permitted them jointly or separately. We: have various sizes and prices to meet your requirements.= There are coupon rooms where patrons take their boxes: and attend to business privately and safely. All business* dealings with customers are confidential. she We invite you to visit our Safe Deposit Department andy / , let us show you how it combines protection with unsur- passed convenience and service. WYOMING | NATIONAL BANK Corner Second and Wolcott Don’t Forget to Call for Your 1925 Calendar