Casper Daily Tribune Newspaper, December 13, 1925, Page 25

SUNDAY, DECEMBER 13, 1925 bf R | B U N E. | oiana Financial News BUSINESS AID FROM CONGRESS IS SEEN ‘President’s Message Accepted Favorably by Interests in General, Babso Points Out in Weekly Review. ° BABSON PARK, Mass., Dec, 12— Judging by the sigh of relief that went up from all business interests when Congress adjourned last March one may naturally wonder whether the new session just begun will serve as © check or a boost to bus- iness, This question was put to Roger W. Babson, who though far from being a politician, is close to Washington affairs, His answer ts, emphatically, that as far ag business is concerned, the next congress will be favorable and all business inter- ests are delighted with the Prest- dent's message. Business Confidence Fully Justified ot only the Administration,” says Mr. Babson, “but more and more of the members of the two houses of congress are beginning to “realize that by encouraging business they do most help to ull classes, whether employers or employees, farmers or bankers. The ‘block’ ac- tivity of previous sessions got no- Where because it was merely a fight over the division of wealth already produced. It did not help in pro- ducing more, The plans of, the present administration are sound be- cause they result in greater and more economical production and thus create more wealth to divide. The government today is putting its en- ergy into saying the people’s money and encouraging everybody who is really producing. Moreover, this plan is proving so successful that radical elements in Congress will have a hard time to arouse interest among their constituents in any ser- fous change from this policy. This," continued Mr. Babson, explains why business men are Jooking for- ward to this session of congress with confidence. Stock Market Has Discounted Favorable Congress “Investors, on the other hand, who are now bullish on the stock market because of expected legislation are making a bad mistake. Stock prices usually discount events long before «they occur and even before the pub- Ue at large knows that they are coming. A year ago, when Presl- dent Coolidge was elected, was the time for stock buyers to be bullish, and you will remember that IT gave such advice in this column. Then was the time for investors to anti- cipate the effect on the stock market of a constructive adminisraion. To- day, however, stocks have fully dis- counted favorable legislation and it 1s foolish “to bily at currént high prices. Railroads and Shipping “The administration is firmly be- hind the proposition of raflroad mer. gers, and, sooner or later, there will be some important mergers. It may be that certain roads affected will furnish some fireworks in the stock market before next year is ended. However, this does not mean that all railroad stocks will advance orn the strength of advantageous mergers of a few individual lines. In fact, the public probably will lose more money than it will gain by trying to pick up the roads that will ben Investors must remember that any steps to help the roads as a whole immediately face the de- mands of shippers for lower freight rates and (most important of all) the demands of railroad employees for more wages. “Already railroad conductors and brakemen are negotiating to secure a Testoration of war time wage seales in renewing their agreement which expires on January 1, 1926. While there appears to be no danger of a strike, yet it‘is very evident that labor fs awake to the better position In which the railroads vow find themselves and is determined to have a large share ‘n these better times, We wonder therefore, {f from a stock market standpoint the pros- pects of railroad dividends probably are not brighter now then they will be later, “So far as congress is concerned, the railroads apparently haye passed thelr greatest difficulties and popu- lar feeling is more in favor of the roads than {t has been for twenty years. Moreover, from a business standpoint, there {s every reason to expect excellent transportation ser- vice, which {s a very important point In view of tho current demand for quick deliveries and small order buying. Banking, Labor and Farming Interests “The two McFadden bills promise a very interesting fight sometime during the coming session, In the first bill are two main points: (1) The question of whether branch banking. under certain restrictions, shall be allowed to expand and (2) whether national banks should be allowed to loan on real estate under. certain restrictions, The branch bank question {6 familiar to most readers, The question, howe’ of whether or not the national banks may loan on real estate mortgages is of the greatest Importance. “Of course, as a matter of fact national banks already have a large amount of loans outstanding which Purposes. By this we mean that de- positors of good standing have bor- rowed on their personal notes to carry through real estate ventures. If, however, national banks were al- lowed now to lend even oee-half of their time deposits on a straight real estate moragage, it could greatly in- crease the amount of capital going into building. Whether or not such an extension of credit at this time would be wise is another question. “From a labor standpoint the pres- ent coal crisis, of course, represents the immediate problem. A deter- ‘| mined effort ts on foot to obtain, be- fore the coal strike js finally decided, the some decisive progress along lines laid down by the Coal Finding Commission appdinted _ b; President Harding, So far the Ad- ministration. policy continues to be “hands off,” and this policy doubt- les will be sustained by the Senate, aithough legislation to deal with the coal situation will be introduced by both the operators and miners. The President, however, is interested in keeping the Government out of bus: iness and he will use his veto if necessary in order to hold to that program. “Regarding farm problems, the corn-producing ‘elements are crying that what they want is ‘not more credit but some profit.’ It is report- ed that the cotton elements will en- ter into conferences ag soon as con- gress meets, and seek to agree on ie definite legislation {to ‘curb speculation. Politicians from the West and Mid-West are advising the administration that the situation ts ‘loaded with dynamite.’ The demand for some legisiative method of facil- itating sales of exportable farm sur- plus in such a way that such sur- pluses will not affect domestice crop prices, is taking on new Ife. Plans to Embarrass the Administration “Taken as a whole, however, the probable action of Congress this ses. sion should be generally favorable to business. This does not mean that it will be an. entirely: peaceful ses- sion, for the Administration's ‘op- Ponents will try every way possible to find some issue on which they can ‘get him in bad.’ There is going to be a very Savage and ‘sustained ‘at- tack on the White House. along the line that business is the ‘favorite cbild' and the consumers are all ‘stepchildren,’ . Moreover, ‘in this re- fard Senator Borah, will be the man to watch. ..Regavdiess of his per- sonal pleasant relations with Mr. Coolidge, he is going to differ sharp- ly with him on the principal ttems in the administration program. uch matters as the World Court, Foreign Debt. Settlement, the plan to curtail Federal aid in road building and the Coolidge ideas on Reclamation projects are sure to meet stiff opposition. In fact, some interests feel that the willingness of Congress to rush the tax bill through is partly with the thought that the people are insistent on tax reduc. tion, while some other issues, es. pecially investigations, will follow which offer a better chance to make political capital. All this ts only a part of the usual political game, and should be discounted to a large ex- tent by business mén in judging the real trend of affairs, The best test of whether or not the Administra- tion's plans are, successful will be seen in the trend of the Babson- chart Ind At present this index of business conditions {s rising and now stands at about 16 per cent above normal,” ——$_— Oil Summary — By Hill, Weaver and Company. Standard of Indiana shipped 6,100,- 900 gallons of gasoline from plant number 3 at Casper to Baton Rouge in November. From that point the gasoline will be shipped by tanker to foreign points. The Standard holds 4 contract for. 100,000,000 gallons of gasoline to be furnished during the year, for export: trade. Production of Gulf Coast Southern Louisiana and Southwest ‘Texas oil field In- week ended December 5, averaged 131,850 barrels daily, 3,055 daily ‘below precéding wegk. Humble Oi} number 9, Chesson well at Orange has been completed flowing 3,000 ‘barrels of. pipeline oll at 4,700" feet. Pan American Western financing reported to take form of $15,000,000 {ssue a year first mortage ‘sixes of Pan Petroleum of California convert- ible Into Pan Pete Western class B on a sliding scale from 55 up to 75. Standard Oil of Indiana brings in Important exploratory well tn Trin- ity sand northern Louisiana, Marine stocks strong on statement by Franklin which was construed as ptimistic, Penna crude advanced rel. So a bar- iAP eh <a! 3S SO Tribune or Herald, either with the Sunday morning paper, Ie per week, really have been made for real estate Why not an Essex. tlh Xmas? FOR QUICK SALE We Own and Offer 25,000 E. T. Williams at 131, Cents Cash or Payments Hill, Weaver & Company Associate Members New York Curb Gladstone Hotel Building STOCKS. Phone 3024 BONDS——-GRAIN——-OILS Private Wires to Principal Markets New York Stocks Last Sale (Closing Prices) All, Chem. & Dye American Can Am. Car & Fay, .. Am. Locomotive ---.-... Am. Sm, & Ref, ..---.--. Am. Am. ‘Am. Tobacco ...--aseoeseseee Am. Water Wks, Am. Woolen .-.-...e.---.es. Anaconda Copper Atchison - -...-. Atl Coast Line .-.. Baldwin Loco ~.-.... Balt. & Ohio -.....-.-.. Bethlehem Steel California Pet Canadian Pac ~.. Cent. Leath. pfd «. Cerro de Pasco -.-....... 62 Chandler Motor .---+..... 46% Chesapeake &.Ohlo -.--.--.. 121% Chic, & Northwestern ......... 76 Chic, Mil, & St. P, pfd, ... 19% Chic. R. I. & Pac ......... 50% Coca Cola Colorado Fuel ~-.-. Congoleum-Nairn Consolidated Gas Corn Products Crucible Steel .. Cuba Cane Sug. p'! Davison Chem --.... Du Pont de Nem «.... = Electric Pow. & Lt. ctfs -.... Erle Ist pfa 33 Famous Players General Asphalt ~.-.--.-----. 67% General Electric ...... w= 231 General Motors ~.--..---..---: 117% Gt. Northern pfd -...-... 78% Guit States Steel -.... 91% Hudson Motors ....... Tilinois Central Independent O, & G, ~. Int. Harvester Kelly-Springfield .. Kennecott Cop ---~-. Lehigh Valle; Louisville & Ni Mack Truck Marland Oil -. Mex. Seaboard Oil «. Mid Continent Pet -. Mo, Kan, & Tex Missourt Pac. pfd . Montgomery Ward -.... Nat. Biseutt ----. Nat. Lead -----./.-. New York’ Central N. Y¥., N. H, & Htfd Norfolk & Western ‘...-..-... Nor, American -.-.-.--... Northern Pacific Pacific Oft Pan. Am. Pet. Pennsylvania —. Phila. & Rdg. C. & I. Philipps Pet - 44% Pure Oil _.. 30 Radio Corp 45 87% 60% Reynolds Tob. “BY 93% St, L. & San Fran .-. Seaboard Air Line - Sears Roebuck ~~... Sinclair Con. Ol! ... Southern Pacific --.---...-. Southern Ry Standard Oil, . Standard Ol, N. J. Stewart Warner Studebaker — Texas Co. --.. Texas & Pacific Tobacco Product# 96% ‘Transcont. Ol] ~.---. “4% Union Pacific -. 149% U. S, Cast Iron Pipe 205 U. 8. Ind. Alcohol 74M U. S. Rubber US. Steer Wabash pfd “A” Westinghouse Elec --. 16M Willys-Overland — -...... 27% Woolworth — —.-_--- 2... 199% Montana Power ---. Chile Copper ~ New York Curb ! By Hill, Weaver, and Company. 66% 8. O. Ind, ~..--.- 65R 84% 8. O. N. ¥, ------ 46 46% 46 Ohio Oil ~.------ 644% 63% 63% Humble Of] -.--- 78% 78 78 Cont'l. Ol -.. - 24% 24% 24% Prairie O. and G. 55% 54% 64% Salt Creek Cons. 9% 9% 9% Salt Creek Prds.. 4 uu Internat. Pete. 33% 33% New Bradford ~ 6% 6% Imperial — 36% 86% Mt. Prods. ~. 25% 26 0 Pete. . 9% 9% Redbanks -19@20% Glenrock - 10@25 Con. Roy. 9% G9% Quotations vy Bias Vucerevich, Broker 203 Consolidated Royalty Building Western Exploration - 2.25 2.60 Consolidated Royalty ~ 9.76 10.00 Central Pipeline +50 60 BR. T. Willams -.. At 12 Bessemer - 10 a2 09 aL 06 07 Columbine ~~~... 06 03 Jupiter -.--.. 02 03 Elkhorn -. 04 05 Domino ~. = 05 06 Royalty Producers .. 05 06 Sunset 00% 00% Pioardy O° (wR Lusk Roy. . 02 +03 Tom Bell =, Oe 4 Buck Creek - 20 25 Cheppell .-.. 08 10 McKinnle 18 20 Burke -.-.-.- 08 10 Riverton Pete. 3.05 Argo 6.00 Curb Stock: Imperial -.--.------- 36u Mountain Producers --. 26 THE CASPER TKipONr-HERALD HERALD Stocks and Grains errs PAGE ELEV | MARKETS STOCKS SCORE GAIN; CLOSING IS ERRATIC Selling Pressure Sends French Franc to Low Record for Year; Trading Heavy for Half- Holiday STOCK MARKET AVBRAG! 20 Industrials 20 5 1.22 141.08 140.36 112.16 Year ago_ High, 1925 — 141,78 Low, 1925__ 114.31 9%, Total stocle sales 892,700 shares. NEW YORK, Dec. 12,—(@)—Stock prices pointed*upward for the great er part of today’s market, but a re- newal profit-taking and sporadic bear selling in the last half hour gave closing quotations an irregular ap. pearance. Trading was in relative- ly heavy volume for a half. holiday session, total sales falling just below 900,000 shares. Selling pressure was again exerted against French francs, which col- lapsed over five points to another new low record for the year at 3.63% cents. Commodity markets were quiet. Cotton futures were re- actionary, March contracts falling be- low 19 cents a pound, but wheat prices were slightly firmer on a re- sumption of foreign buyiug. Specula- tive Interest in the stock market was confined largely to about a dozen specialties and rails. A sudden out- burst of buying in Allis Chalmers, based on reports of expanding, busi- ness, sent that stock up nearly six points to a new high records for the year at 96%. The demand for Ste- wart-Warner Speedometer, which showed an extreme gain of four points at 927%, a new 1925 top. was stimulated ‘by reports of a heavy radio business, the New peak prices In industrial group also were at- tained by American Waterworks, and American the high- in the uth Porto Rican Sugar. melting advanced to 135% price in nearly 20 years, e early trading but later fell back té 134, for a net loss of 1% points on the day. American Can scored an extreme advance of over three points at 259%, and then eased to 258%, but the other standard industrials were reactionary. United States Steel common closed a polnt lower at 135% and Baldwin yielded fraction- ally to 1284%. Commercial Solvents B, broke four points on a small turn- over and losses of two or more points were recorded by Chrysler, Postum Cereal and United Fruit, Intorest in the rails was divided between Pittsburgh and West Vir- ginia and Rock Island common, which closed over 3 points higher At 50%. Atlantle Coast line, Chesa- ke an@ Ohio common, Chicago and Northwestern, “Nickel Plate,”” and St. Loufs Southwestern all broke through thelr previous 1925 peak prices, % Offerings of French francs origin- ated largely in European centers, the weakness of the currency in Paris being attributed to the heavy pur- chase of foreign securities there. Speculative uneasiness over the suc- cess of the Loucheur financfal pro- gram was a contributing cause to the selling in other centers. Other currencies | showed only .nominal changes, demand sterling ruling un- changed at $4.84%. WHEAT ADVANCES ON UNSETTLED MARKET Surprising Strength in Quotations from Liver- pool Serve as Stimulus but Fluctuations are Wide CHICAGO, . Dec, 12,—(#)—Affect- ed to a considerable degree by sur prising strength in wheat quotations at Liverpool, the wheat market here averaged higher today, but was very unsettled, hicago wheat new style, closed irregular net decline to kMec advance,, Decem- ber $1.68% and May $1.65% to $).66, with corn t%e to %c down, oats un- changed>to 4c off, and provisions Prairie Oil Salt Creek Froducers -. a4y Continental ~.. New York Oil Salt Creek Cons. ~--. - % 8. O, Ind. - 65% Humble Of) . = © Obio Ol -~ 63% Silver | W YORK, Dec, 12.~(?)—Bar silver 68%; Mexican doll 52%. varying from: unchanged figures to a raise of 12c. Much of the wheat buying, which at times became decidedly aggres- sive here, was based on the fact that Monday's forecast statistics were ex- pected to prove bullinsh. In partic- ular, world shipments of wheat prom- ised to be small, although export business in North American wheat today was fairly liberal, 500,000 bushels or more, Meanwhile, num- erous traders were looking for price upturns on account of recent severe breaks in the market. On the other hand, a good deal of significance was given in some quarters to word that arrivals of wheat at Kansas City this week were the largest since the beginning of August. Crop reports from Argentina were conflicting, with one forecast at hand that the Argentine exportable sur- plus this season would be 40,000,000 bushels larger than most other esti- mates current. Throughout the day, fluctuations in prices were unusually rapid, with selling broadening “out on bulls and with buying support developing on setbacks. Swings were widest in the Decem ver delivery, which ranged’ all the way from '$1.66% to $1.71, and finished at a loss, whereas the later months showed gains to the predictions of enlarged receipts of corn next week tended to ense corn down and oats as well. The country appeared to be consigning corn rather than sell ing to arrive. In Mne with hog values the p sion market was firm ; Market Gossip | By Hill, Weaver and Company. Nipsing Mines declared regular div- idend. Continental Baking declared reg- ular quarterly dividend of $2 on class A common and §2 on preferred, both payable January 2 to stock of De- cember 16. New York Federal Reserve bank announced yesterday It had arrang- ed to purchase Belgian Commercial bills as measure of co-operation with banks In this country and !n Bu rope which are providing support for Belgium's stabilization International Concrete industries declared regular quarterly dividend of 250 payable December 21 to stock of December 15, Dunn's reports 432 commercial failures week ended December 10, against 422 in preceding week and 383 in five days last year. *Unton Switch and Signal. subsid- fary of Westinghouse Airbrake, books orders for interlocking de- vicew for Nickel Plate, Chicago and Western Indiana and Delaware. American Car afd Youndry for six, months ended October 31 reports net income of $21,300,910 after charges. _ Give Her a Chevrolet for Xmas, CHICAGO, Ul, Dee. 12.—A)— Wheat— Open High Low Close Dec., new 1,70% 1.71 1.66% 1.68% Dec., old 1.68% 1.69 1.64% 1.66 May, new 1.65% 1.67% 1.68% 1.65% May, old_ 1.63% 1.04% 1.62 1.64 July ---- 145% 1.46% 1.43% 1.455% Corn— Dec, - 11% May - 846 July -. 86 Oats— Dec. < ALY May 45 July 45% Rye— Dee. soe May - 1.06% July. « 1.05% 1.01% Lard— Dec, £-.-14.22 14,30 Jan. 15 14.25 May 12 14,20 | Business Briefs | CLEVELAND—The report of the chamber of commerce, covering 100 plants, shows employment here fell off nine-tenths of one per cent in November. ‘The greatest loss was in the non-ferrous metal works. Steel. plant figures rose 1. per cent and printing plants and automobile works also gained. The hiring rate for common labor inereased from 44.7 cents an hour to 4.9, Twenty- one plants plan to increase forces and nine to reduce. LANSING—The 19 leading indus- tries here report 18,924 men employ- ed, © 78 more than were working at this time last year. Pere Mar- quette Railway traffle offic: Is say industries in the rond’s territory are working higher rate than last PHILADELPHIA—Five more con- struction ‘cants on the Delaware riv. er bridge have been completed and more men will be laid off pending adjustments of the tolls controversy between New Jersey and Pennsyl- vania. | Commodity Trade News Steel PITTSBPRGH—Carnegio steel has purchased approximately cres of on the Mississipp! river near Fort’ Allen, La,, where warehouses and a water terminal will be estab- lished for shipping steel to foreign, to Guif and Pacific ports. The tract has a river frontage of three quar ters of a mile, CLE AND, Wovember, thére were 3,197,595 tons of tron ore landed ports. During the season, Lake Erle docks sent for- ward to furnaces 22 000 compared with 22,108,509 in 1924, Tobacco ATLANTA—Geotgia brigic leat to- baceo production {n°1925, totaled 49,- 126,000 pounds, which sold at an av- erage of 14.40 cents a pound, ‘This compares with 31,220,000 pounds in 1924, the average price for which was 26.6 cents. Peanut Hay DE LEON, Texas—Shipping of peanut hay from West Texas to mar. ket haw started from this center. Peanut growing has shown a de- crease in acreage in north and west Texas since 1917, owing to lower prices, but returns from the hay continues satisfactory, Oil Securities Anglo Am. Ol! — Borne Serymser ~. Buckeye Chesebrough Mfg. Continental Oil Crescent -. Cumberland ~ Eureka Gal, Sig. com. Gal, Sig. old pfd. .. Gal. Sig., new pfd. ~ Illinois Pipe Indiana Pipe National Transit New York Tfansit Northern Pipe -. Ohio Ol) International Pete Penn. Mex. «. Prairie Oil .. Prairie Pipe Solar Refg. So. Pipe So, Penn, Oil W. Penn Ol . Ind. AnnnnnR A . Ohio, pfd. Swan and Finch .«. Vacuum Washington 8S. O. Neb. ... Crude Market Salt Creek, 36 to 36.9 gravity ~ Salt Creek, 87 to 39,9 gravity - Rock Creek Big Muddy . Elk Basin Cat Creek Lance Creek ~ Grass Creek Greybull Torobligh Mule Creek Lander Osage - Sunburst Hamilton Dome ~ Ferris RYTON wenees penne Notchos Pilot Butte | Stock Opinions By Hij!, Weaver and Company. J. 8. Bache and Company—To our mind the olls appear under contin- uous accumulation. Eventually such accumulations should make itself felt in higher prices for this group. Hornblower and Weeks—While we think the market will show rallying tendencies in the near future do not believe the decline will reach far. Block Maloney—Buying power considerably reduced and fresh sell- ing movements are likely to develop at any time. Pynchon and Company—We be Heve that the safest opportunity for profit Mes in the purchase of, the rails, olls and coppers during parts of weakness and miderate profits on subsequent strength. , ——_———>——— | Grain Opinions . By Hill, Weaver, and Company. Jackson—Would buy wheat on a scale down. Stein Alstrin—There does not ap pear to be anything in immediate situation to stop the decline in wheat. Bartlett Frazier —Conditions war- rant extreme conservatism in trad- ing in wheat. Thomson MecKinnon— Probability of small reverses in new December wheat end Argentine news are the only supporting factors in wheat. Chicago Journal of Commerce — Heavy liquidation by western and northwestern interests found few buyers and prices dropped almost fis surely as they did at the close of the preceding day. ‘ Liberty Bonds bonds closed; 3448 $99.28; second 48 second 445 $102. $106.16. See Se Tennessee Cogl:and Iron company a subsidiary of U. 8. Steel, to make improvements costing $15,000,000, —o——— Westinghouse Airbrake declared extra dividend of $1 and regular quarterly dividend of $1.50 payable government 4\s January 30, stock of December 31, Christmas gifts for the smoker, 7 O-S Cigar Stand. ou SACRAMENTO — Production of | crude oll tn California for the last week totaled 635,000 barrela a day. Twenty-two new wells were started, but nine were abandoned, Dry Goody | NEW ORLEANS—Jobbers here report trade unusually quiet except for holiday goods. Automobiles CHESTER, Pa.—The plans for the Ford assembly plant here have been enlarged to call for a building 1,130 by 386 feet, which will cost §2,000,. 000. Cotton FORT WORTH—Cotton growers in west Texas are just beginning to realize the extent of their losses from early cold weather and storms in November. The quality {# such that late cotton is bringing only 7 to 9c a pound, Grain CHICAGO—For the past month 1,260,703,000 bushels of wheat were NEW YORK, Dec. 12.—The fot closing bids of bonds on the New Y, shares of each bond. J, $., Government bonds in dol (Sales in $1, BONDS— 3s lst Liberty Liberty Liberty Liberty Liberty 34 4%5.. Liberty 4th 4u%s q. 7 U. 8. ‘Treasury 4s. < 8. Treasury 4\4s FORBIGN— Czechoslovak Republic Dom, of Canada Ss 195. French Republic 7 3a. Japanese Govt. 6-26 Kingdom of Belgium Kingdom of Norway 6s 1944... Rep. of Chile 89 1941 State of Queensland 6s U. K. of G. B. & I. 648 DOMESTIC— U 8a 195 A. T. & T, deb, ba 1960.. Anaconda Cop, 7s 1938 Anaconda Cop. 6s 1953. At. T. & San . gen. Balt. & Ohio ovt. 4%s-. Bethlehem Steel con. 6s, Canadian Pacific deb. 4s. Chic. Burl. & Quincy rfg. 5s Aq. Chic, Mil, & St. P. cvt. 4%4s Chile Copper 6s -. Goodyear ire, 8s 1941 Great Northern 7s, Great Northern 6s. Montana Power 5s A.. Northern Pacific rfg. 6a B. Northern Pac. new 6s D Northern Pacific len 4s. Pacific Gas & Hlec. 58. Penna R. R. gen. 4 Sinclair Con. Oil 6s 1927 Southern Pac. cvt. 4 Uhion Pacific 1st 4s U. S. Rubber 6 ~. Utah Power & Light 6s Western Union 64s Westinghouse Wilson & Co,, ovt. Total sales of bonds today previous day and $11,520,000 a yea ® $8,731,000 - NEW YORK BONDS | today's high, low and Exchange and the total lowing a ork Stock lars and thirty-seconds of dollars) Low 99 000) High Close 6 99.2 25 99.28, 08 100.21 100.24 78 1011 100.8 185 101.31 103.2 4 2 7 106.16 100% ee 108% 106% compared with $9,217,000 r ago. Sweden. government bonds com- Swedish mand a deservedly high investment s A rating. There are two dollar available to Amierican Inv market price is above the re- 1929 at 102 and the three points or mort demption figure. It is entirely reasonable to suppose that the Swedish governmen: will take advantage of the first oppor- tunity to call these 6 per cent bonds inasmuch as under anything ap- proaching normal conditions they could borrow at a lower rate. In fact a year ago the 5% per cent hond was sold in the American inarket at a price just under par and as the present quotation shows even better terms could be secured. at present on a new loan, These 5igs of 1954 fire redeemable on and after No- vember 1, 1934 and also sell well above this price, The investor who wants to leave his funds undisturbed gvould therefore do better to buy the 5%s rather than the 6 per cent issue Illustrative of the high investment status of Swedish bonds is the com: parison with those of Switzerland, generally rated next to Great / Bri. tain as the highest credit risk in Europe. Tho estimated wealth per capita of Sweden is $683 and the per capita debt is $78. Correspond- ing figures for Switzerland are $2,050 of wealth per capita and $: of debt per capita, Thug the debt of Sweden is smaller in proportion to the national wealth than the debt of Switzerland, (Mri Hughes’ next article will re view the dolla rbonds of the Repub Me of Finland ur t Herald ne How your coffee this morn ing? P| n's coffee always satisfies, Mountain States DIVIDEN The 82nd regular quarterly No, 82 on January 20th. Orders for shares must be but payment may be made up to OFFICE: Stocks, Bonds, Grains, Gla¢ Would you for a minute without a reverse gear? dealt in on the board of trade,” com- pared with 1,118.407,000 bushels last | year, Corn trade ia much smaller, | with 297,493,00 bushels deal tn, com: | pared with 516,003,000 a year ago. firm did, W.L. TALB Phone 502 109 S. CE Usted on the New York change. One is a 6 per cent bond due June 15t ind outstanding to the a 5,000,000 and th other Js a & cet due November | 1, 1954 and .outstanding to the amount of $30,000,000. The 6s are redeemable on and after June 15 the 7% Preferred Stock of this Company will be paid January 2 to shareholders registered on the books at the close of business December 81st. 1925, Subscriptions for shares on the cash plan received prior to December 25th will entitle purchaser to the full dividend of $1 per share for the quarter beginning October ist Outstanding partial payment accounts upon which payment is made before December h will receive di Present Price, $98.00 Per Share, to Yield 7.14% Per Year business December 25, in order to avail yourself of this di Mountain States Power Securities Company MOUNTAIN STATES POWER BUILDING HILL, WEAVER & COMPANY ryman’s Investment | Livestock | Chicago Prices. CHICAGO, Dec, 12.—(1 partment of Agriculture.) Receipts 4,000 ady to 10 | than Friday's cl bulk and choice 200 00 pound buteh | $10.50410.70; be 140 to 160 pound selections largely $11.00@T1.2 prac tleal top $11.00; bulk packing w $8.40@8.80; few Kill pl $11.00@11.50; shippers 3 e mated holdover 3,000; heavywelght hogs $10.30@10.65; medium $10.50@ 10.75; light $10,35@11.10; Ught He $10.50@11.40; packing sows $8.2 9.20; slaughter pigs $11.50@12,00, Catle—Receipts 5 cessive; fat steers 2 stale @ receipts ex- to The lower; grades mostly 50c to 7 extreme top on Christmas $14.00; practical top on $12.50; Christmas yearlings $13.25@13.50; practical top on little cattle $11.20; relatively few steers on any weight about $11.00; better grade fat cows 25c lower; heifers 25c to Oc off; canners and cutters nearly steady; bulls 25¢ to 40c higher; v to $1.00 highe Fat Power Company D NO, 32 dividend of $1.75 per share on in our hands before the close January 15th, dgtone Hotel, Building, just last week purchased a new Sundstrand Adding and Figuring Sundstrand substracts with the same speed a with 100 per cent printed proof. lachine it adds, and automot think of buying an When buying an adding machine see that you get this valuable feature—Direct Subtraction This ERT, Dealer NTER ST. Casper, Wyo. week's bulk follow steers $8. « cows $4.50@ 4.75; heifers $ stockers and feeders $6.75@8.00; ‘veal calves $11,00@12.50. Sheep—Receipts 3.000; for week. around 4,000 direct and 17 cars from feeding stations; today's market nominal; shipments mostly dir compared with a week ago; handy and medium weight fat lambs 50c to 7c lower; heavy. kinds to $1.00 lower; fat sheep 5 low feeding lambs higher; week top: Fat lamba $17.45 feeding lambs $1 fat yearling wethors $14.50; aged wethers $11.50 fat owen $10 bulk prices follow Fat lambs $16.00@17.00; cull nat 6 f ¢ ‘ ps aeibaiel Sunday Turkey Dinner, 40 cents. B. & Q. ¢ North W