Casper Daily Tribune Newspaper, December 27, 1925, Page 21

SUNDAY, DECEMBER 27, 1925 TRIB BABSON PARK, Mass., Dec. 26. —In view of the excellent work of the Federal Reserve System and al- so of the reports supplied through various banks, brokerage houses, statistical services and the newspa- pers, many fee] that the days of a business crisis or depression are over. Mr. Babson was asked to give us, this week, his opinion on this subject. His official statement is as follows: % “We are now in prosperous times and the retail business during this Christmas season is one of the larg- est for many years. Believing that in_times of prosperity we should prepare for depression, I am this week touching upon a very unpop- ular subject; namely, the possibility ot future depressions, and the con- ditions in our economic and indus- trial Ife which, if not checked, can turn the tide of prosperity. A dan- gerous notion is getting root in the minds of many business men and investors tl the days of panics and business depressions are gone forever. This {dea,” says Mr, Bab- son, “is not only mistaken, but it is likely to get many people into trouble.’ Apparently such confidence is based on the machinery which has been set up to guard against in- flation and credit abuses. Chief among such preventive measures are the Federal Reserve System and various statistical reports. including those from retallers, wholesalers, and manufacturers regarding stocks of goods which they have on hand. ‘These safeguards are good as far as they go, but unfortunately they were designed only to meet the con- ditions which existed five years ago. Meanwhile new conditions have de- veloped and open up new possibili- ties of danger that are not covered. “It is necessary, of course, to have the best banking system and the best statistical information possible, but such mechanical provisions can never prevent depressions as long as people fail to support the pur- pose for which they were created. It is the same old problem. When you pass laws prohibiting the drink- ing of liquor, people turn to ‘boot legging’ When you try to stop peo ple from gambling in one form they simply find some other means. So it ig trying to prevent a repetition of excessive speculation and over- expansion which have marked all other periods of prosperity. The ef- forts that have been made toward this end were all well meant and were highly @esirable, Hardly have they become effective, however, bo- fore we find an entirely new method invented for Sabre eae a —namely, partial payment buying. ‘The former safeguards do not cover this at all. “For example, the figures show- ing stocks of goods in the hands of merchants and manufacturers do not mean the same thing that they did even two years ago. Instead of the manufacturers and the mer- chants holding the surplus stocks of -goods, today it is the consumer who {s holding the goods, which he has bought on partial payments. Re- tailers’ shelves may be entirely clean and still some day we may wake up to find that a surplus of goods exists and has not been paid for. Hence the figures of retail stocks, which most people are watching with such confidence. do mot now furnish an adequate warn- ing of impending trouble. “The same factor affects the bank statements. There ‘s a most elab- orate supervision of the banks and the Federal Reserve System has worked out excellent reports show- ing the banking conditions in all parts of the country. Meanwhile, however, a great new banking sys tem—the acceptance corporations— have sprung up, many of which are entirely independent of the banks and on which we have no reports. “This should not be construed as a criticism of the acceptance and finance corporations. They are per: forming an economic function and are serving a popular demand. How- ever, the business man and investor who is basing all his opintons mere- Everyman’s Investment | By GEORGE T. HUGHES (in this article Mr. Hughes con- tinues his review of countries of the various foreign dollar bonds Issued in the United States. It is not In- tended to suggest the purchase or sale of these bonds but merely to give information helpful to the in- vestor in a condensed form.) Hungary. The most {important Hungarian loan available to American inves tors and payable in dollars is the 7% per cent Issue, due February 1, 1944, originally issued as part of the League of Nations plan for the financial and economic reconstruc- tion of the kingdom. The security is a first charge upon the. customs and certain internal revenues, the pledged revenue to be under the control of the commission: er-general appointed by the League to oversee Hungarian finances until stability is assure, The latest re- port shows that interest and sink- ing fund requirements of the loan for the entire year were covered in the two months of July and August, 1925. The risk then is more polit! cal than financial at least for the Present. Selling below par the re demption provisions are of no !m- mediate significance but they may become no if the Improvement tn the Hungartan financial and political outlook continues. The price at which the bonds may be redeemed for the sinking fund is UNE DEPRESSION COMES _ | - AFTER PROSPERITY So Says Roger W. Babson, Statistical Expert, in Urging Preparation for Lean Year During Times of Great Plenty. Oil and Financial News Tighlights Of Past Week In By Hill, Weaver and Company Wires. ly on the regularly published bank statements is getting by no means a complete picture of the banking situation. Neither has he any as- Surance that the operation of the Federal Reserve System, however skillful it may be, can prevent a re- currence of over-expansion and the depression which inevitably follows. These are only samples of what I mean when I gay that the moment you try to legislate panics out of existence you merely find a never- ending series of new gaps which must be plugged.” “What then do you think can be done to help prevent another crisis and business depression?” Mr. Bab- son was asked. “Probably nothing that will be wholly successful, al- though the greatest step in the right direction is constantly to teach people what it is that brings hard times. Everyone believes that some- one else is to blame. Employers blame labor; labor blames the man- agement of employers; both are teady to blame Wall Street; and all three groups in such times are sure that most of the trouble ts with the administration at Washington. A Safeguard for Depression, “The truth ts that nearly all of us have some part in bringing about these crises and the blame cannot be placed on any one group. Every- one who tries to get something for nothing; everyone who thinks more about increasing the price of his goods or services than he does of improving their quality or quantity; everyone who is mortgaging his fu- ture earnings or profits merely on the hope that prosperity will con- tinue; everyone who, the moment things are going well, lets down on the fundamental! principles of right- eousness/ industry, thrift, and who loses his spiritual ideals in the scramble for material things—all of these have a hand in making bus!- ness depression. To the extent that you can teach people this economic truth you will build up a real safe- guard, but how many people will Preach these facts during boom times when they are most needed? And how many are there who will believe them? “This question goes far deeper than is generally realized. It reaches even into our spiritual lives. If you will take the trouble to chart the new membership of churches, you will ind that when business is generally prosperous there is a smaller number of new church 'mem:' bers. When, however, business goes into depression and the country is in the midst of hard times, then the additions to church membership in- creases. Apparently people then turn back to the sound fundamental principles for which all churches stand. I am sometimes criticized for preaching sermons on religion, but if there ts any factor which has a more direct bearing on business conditions than the spiritual factor. T have yet to find it. Moreover, any attempts to prevent panics and business depressions are bound to Prove superficial unless they help to hold people to the fundamentals of service and right living during the preceding periods of prosperity. All other measures aim merely at the symptoms of the disease and not at the seat of the trouble. “Hence, I believe it is foolish to rely entirely upon any of the safe- guards which have been built up to prevent crises. The chances are that when the next crisis comes it will spring from a different quarter than any we have ever known be- fore, and will catch people unpre- pared just as the other panics have in years past. Owing to our hunian faflings there ts danger when we hecome too prosperous. The Babson- chart now stands 18 per cent above normal compared with fust normal a year ago. While this Is not yet alarmingly high from the ‘usiness yet apld in Humble Oll and Refining stock has been one of the features in the ott list recently and at {ts high it advanced more than 20 points from the low of a few weeks ago. This ad- vance has been based upon rumors that the St-ndard Oil cpmpany of New Jersey would offer two shares of its common stock for each share of Humble. Standard Ol! of New Jer- sey now owns a controlling interest in Humble, The 1925 earnings of Humble Oil are estimated at close to $15 a share. Humble has completed several important wells on its King lease in Kleberg county, Texas, where it has 1,000,000 acres of leases. Drilling in other sections by Hum- ble has been quite successful. The Standard Oil company of New Jersey, has been awarded New York and Baltimore deliveries for the ship ping board fuel oil contracts, with deliveries in other sections awarded te Mexican Petroleum and Gulf Re- fining. Sult has been brought by the state of Missouri against the Standard Ol) company of Indiana, also the Texas company, White Eagle Oil and the Standard Oil of Kentucky, to oust the companies from doing business in that state, The Standard Ol com- pany of Indiana has advanced gaso- line Ina number of sections of Kan- sas and it is believed that this ends a price war which has been going on in that section for a long time. This company, through its subsidiary, the Dixie Oll ‘company, has a good well in the Pine Island district of Louis- jana, Standard Oil of Nebraska has ad- vanced gasoline 2 cents a gallon In its territory. ae E Independent Oils. Reports are current in the mar- ket that a stock dividend will be de- clared before long by the Gulf Ol) corporation. This company has been steadily expanding {ts business and is rated as one of the largest, if not the largest, companies outside of the Standard Oi] group, being in produc- ing, refining, marketing and trans- porting on an extensive scale in Texas, Mid-Continent, California, Mexico and South America. The 1925 earnings are expected to be above $35,000,000 net. Shareholders of the Phillips Petrol- elim company subscribed to practi- cally all of the 481,416 shares of new stock which were sold them at $40 a share. The company thereby raised upwards of $15,000,000 after paying expenses of the offering and under- writing. This will leave the company practically free of current Indebted- ness and will allow for retirement of the remaining bonds at an early date, The company will then have close to $20,000,000 In current lia- bilities. It is estimated that 1925 earnings were above $20,000,000 net. Present production {is about 28,000 barrels daily and the gasoline output is about 430,000 gallons daily, which will be Increased to about 500,000 gallons daily early next year, This gasoline {s all sold under contract. The company has also expanded its natural gas business. The Pan-American Petroleum and Transport company and its subsid- lary the Lago Petroleum corporation have completed a number of large new wells recently in Mexico and South America. The company has been obtaining higher prices for its fuel oll, of which {t sells between 35.- 000,000 and 40,000,000 barrels yearly. The company Is expanding its gaso- tine production and expects to sell upwards of 250,000,000 ‘gallons in 1926. It is obtaining Increasing amounts of fuel oll from. the Lago Petroleum corporation and has re- cently obtained contracts with the Emergency Fleet corporation !nvolv- man's viewpoint, crease during the past few week] ing about $9,000,000 fuel ofl for next indicates that it shotild be closely | year, watched."* The Pan -American Western Pet- roleum company has sold $15,000,000 first mortgage six per cent bonds, which are convertible on a sliding reale for class ": tock, (Copyright, 1925, Publishers Financial Bureau.) « a ers ol Fi a Ee i a Sinclair has two new. deep wells in the north end of the Garber pool, of Oklahoma. The Pure Ol! company announces that it wil! retire the $6,000,000 out- standing 5% per cent notes, on Feb- ruary 1, 1926. The net earnings of the company for the fiscal year end- Ing March 31, 192 re expected to be about $3.25 a share on the com- mon stock. The Big Lake Ol! company has completed a 1,300-barrel well in Re gan county, Texas. ") par and this operates only if they are unobtainable at or below that price by purchase in the open mar- ket. Also they are callable as a whole on and after February 1, 1934 at the same price, namely 100. ‘The other Hungarian dollar loan also carrying a 7% per cent coupon and maturing July 1, 1945 ts called the consolidated municipal loan and Is the joint obligation of ten cities and 38 towns. This too Is secured on. all the assets of these munict- palities including lands, buildings and public utilities. In this case the redemption price is also par but tn- asmuch as the bonds sel) some eight points lower than the state loan of 1944 it is of even less importance to investors who buy at present prices. The yield is considerably higher on the municipal than on the state loan and that is normally the case with these foreign bonds but {t Is doubt- ful if there is that much difference in risk, .Probably if one is good the other {x also, —_——____. | Silver | NEW YORK, Dec, 26.—Bar silver i8$%e; Mexican dollars S2c poehtaeenh “rnsen Drink Hillerest Water. Phone 1151, Bornsdall corporation hag four good wells in the Rosecrans field, of California, with a total, initial pro- juction of nearly 8,000 barrels of high-grade oil, The Red Star Petroleum company, a subsidiary of the Callfornia Petrol. eum company, has declared $7 rej lar and $16 extra per share for the menth of December, making a total payment for 1925 of $100 a share. The company has $200,000 capital and since 1917 has paid a total of over $2,100,000 In dividends, Callfor- nia Petroleum owns 60 per cent of the stock and the remainder 1s close: ly held. Associated Of! has a 3,000-barrel well in the Ventura fleld, California. ‘The British-American O!] company has increased the dividend to $1 Texas company has a 10,000-bar+ rel well of ght of] in Wharton coun+ THE CASPER TRIBUNE-HERALD HERALD # Stocks and Grains {Qf | ONE oF TomBoy Ta{Lor'’s AUNTS WHo DOESNT KNOW THE CHILD VERY WELL CAME ACROSS WITH A BEAUN FUL TomBoyt TaA{Lor- | Ne . (Copyrigin. 1925, by The Bett Syndicate, (ne), Quantity Production Is Best Aid in Trade War By J. C. ROYLE (Copyright, 1925, Casper Tribune) NEW YORK, Dec. —American methods of quantity production are a better weapon with which to fight for world trade than low European wages, foreign manufacturers who have come to this country to study American methods sald today. American chain store systems are being adopted in France, according to Rene Brunel, representing Ernest ‘Toulonse, heading 4 syndicate deal- fing in foodstuffs. The chain’ store method of mer- chandising, he sald, not new in France and Nad been used for 45 years, but the chain store idea, as Midwest Drills In Four Wells Midwest Refining company has drilled in four new producers on holdings of subsidiary companies in the Salt Creek field as follows: Wyoming Associated— No. 32, northwest of 24-40-79, 1,175 feet, pumper; No, 4-L, northwest of 26-40-79, 2,519 feet, pumper. Midwest Oll—No. 2, northeast of 34-40-79, 1,197 feet, pumper. Salt Creek Consolidated—No, 3-A, southwest ‘bf 31-40-78, 1,918 feet, pumper. Ohio Oil company has abandoned Its test on the Mellem dome in Wyo ming, section 13-29-52, after drilling to a depth of 3,080 feet. The com: pany reported no completions in this state for the Iast week, but brought in three new wells in the New Mexico Tields, Tack of water has caused suspe sion in, operations by the Texas Pro duction company in its deep test of the Big Sand Draw in Fremont county, Wyoming, and its test of the Arminto structure, northwest of Cas- per. Drilling will be resumed when normal conditions are restored. Continental Ol! company is drill- ing out cement at 2,085 feet in its test.of the Wallace Creek structure in Natrona cotinty, Wyoming, belng drilled for the joint account of the Consolidated Royalty Oil and the Western Exploration companies Casing was recontly set in this test, located on section 15-34-87. pee lal ———————— ty, Texas. The Texas company owns considerable acreage in the immed! ate vicinity of this. well. quarterly,as compared with 50 cents quarterly previously. Skelly Oll hastpeen increasing its pasolint shipments recently. Geboral Asphalt ts expected to show abdut $7 a share earned or the cdmmon stock this year. ‘ The Oil Market. Crude oll production for the week ended December 12th, the second raise in recent weeks. Present prices for Pennsylvania crude are 80 cents 4 barrel more than a year ago. Premiums of 10 cents and 25 cents are being pald in various parts of Mid-Continent, but a general ad- vanoe tn quotations has been delayed and may not come until after the firat of the year. Gasoline, » ket meand fuel oll prices have beew advanced in many sections. of the country in the past woek, practiced here had been a revelation to him. The Toulouse syndicate has 1,200 stores. With two other mem bers of his firm, Mr. Brunel has made a circult of the United States, studying food production methods in the west and arranging for the sale of certain Pacific coast products in France, The American chain stores are now winding up one of the best years they have ever experienced. Some haveplled up a volume of sales never before equaled. ‘There has heen keen competition between different chains In some localities and more stores have been opened in somo suburbs than the demand warranted. This mistake has been obviated in some sections by a merging of conflicting chains, ~ Business Briefs | CHICAGO—Northern Mlinofs and Southern Wisconsin are to be linked in a power system which will extend through eight states. Work is un der way on three transmission lines which, with the one line now com- pleted, will link the Illinofs North: ern Public Utilities company and subsidiarfes of the Northwest Utill- tles company. "Two lines are already in operation, connecting the [linols Northern Utilities company and. the Public Service company of Northern Mlinois. = HOUSTON—Contracts have been let for the erection of at 21-story petroleum building, which will be cecupied largely by offices of oll com- panies having headquarters here. It Is expected the 1925 bullding pro- gram here will total $32,000,000. abies Rett | | Crude Market BY HILL-WEAVER & OO. .- + 36 to 36.9 gravity 37 to 39.9 gravity - | Timely Topics By CHARLES P, STEWART NEA Service Writer WASHINGTON, Dec. 26. —~ As something entirely out of the ordi- nary in a legislative way, Represen- ative Sol Bloom's bill to amend the immigration law, so as to let ‘fof- eign “hired girls” into the country on a non-quota basis, is the subject of a good deal of discussion in con gress very old can re nearly: every even American People not 80 member when moderately prosperous family had its hired girl. Her pay averaged around $3 @ week. As we all know, this epoch {s past. Sol Bloom eays so and it’s true. 4 domestic servant costs so much that a family has to verge on being actually rich to keep one. In the vast majority of American house- holds the missis does her own work, Housework is hard work, as Sol again truthfully says. He doesn't blame the 44% ¢\n woman for dis- liking it, as she evidently does, he takes notice, for she shows- an alarmingly increasing tendency to- ward getting something else to do, or, if that’s unnecesary, toward ho- tel or restaurant. Thus, {n Sol's opinion, the Ameri- can home is in danger—a danger which more hired girls would avert, so Sol thinks, Of course the immigrants would have to be genuinee hired gitls. Sol .vovides for that. He requires of them at least a year’s experience in domestic service and a minimum of three years of it here. Right at this point the bill's critics raise an objection. ‘The girls virtually would be bond servants for these three years, they argue. Prevent a girl, for tliree years, from rising in life, if capable of it! “Wholly un-American Im- possible!” exclalm the critics. . | Nor do the bill's opponents Heve a mere red jon wages, even assuming its de! in bility, would Big Muddy Elk Basin Cat Creek Lance Creek Grass Creel Greybull Poreblight Mule Creek ~. Lander . Sunburst — Hamilton Dome Perris BYPON -aemrew teen enn Notches Pilot Bu Vessel Aground Eighteen Hours CHATHAM, Mass, Dec. 26.— (United Press,)—The two-masted schooner Mary Langdon, 80 years old, was en route to Martha's navy yard under tow tonight after being aground for 18 hours on Stone Horse Shoal, one of the most dangerous strips of water off the coast of New England. Only three men were aboard the schooner. when she dragged anchor and went ashore late yesterday. Dis- tress. signals brought to her assiet- ance the coast guard cutter Acush- net. ‘ The Mary Langdon was enrout® from Boston tto Miami, Fla., when she went aground. plea so Most of the great fi¢sheating anf mal@, such as the lion, tiger; and leopard, eat once tn twenty-four hours, but the wolf is able to go @ week without food, solve the servant girl problem, The skeptics have an {dea that the cost of housing a hired girl and keepir.g her in edibles would be pro- hibitive, except to the comparatively wealthy, regardless of her wages. Man Who Fled in Suicide Pact Returns Alive PORT HURON, Micht4( Dec, 26.— )—Charles Kirkpatrick, 35, who with Miss Ruby Bopra, 17-year-old! maid in his home, precipitated a “sulcide pace’ mystery last June, returned to his home today. He sald he did not know the girl's whereabouts and declined to discuss a note found in his abandoned ma- chine at the timo of their disappes ance, saying they had decided’ to ond their Hyves, Kirkpatrick, well-to-do, and the father of three children, sald: “Iam home and accepted by my family and friencs. I have made a mis I do not know where: Miss W. T. Dewart to Succeed Munsey NEW. YORK, Dec, 26.—)—Wm- 1. Dewart today was elécted prest- Gent’ of tho companies publishing the New York Sun and the Eventhg | States mills reported as actually pos- | | time before the top point of the day PAGE ELEVEN’ MARKETS WHEAT PRICES SOAR ON FRENZIED MARKET News of Bad Weather in Argentina Follows Report of Curtailed Supplies and Causes Tumultuous Buying WHEAT—MRTS -.. CHICAGO, Dee, kited higher today with a swiftness that amazed even trade veterans. Word that the harvest in central and southern Argentina is being spoiled by rain came just at a time today when the market was con fronted with trade advices of cur- tailed supplies hearly everywhere, ¢xcept in Canada and with United fal for only sixty sessing bread mater lays ahead After soaring as much as 9%c yushel in some cases, the wheat m ket had a tumultuous finish, 4c to Tue up, December $1.83% to $1,844, and May $1,79% to $1.80 with corn at le to 2¢ advance, oats showing 5 to 1c gain, and provi sions varying from unchanged fig to a rise of 5 Half-frantic bidding on the part st previous speculative sellera of the December delivery of wheat hoisted he price of that month a cent at a 8 attained shortly before the close. extraordinary advance in the price and the eagerness s of that delivery was con- with the fact that a final set it of all December accounts {s within the next four business | cember ft bu tlem duo days, Most of the outstanding December deals, however, have apparently been cleared up and the bulk of business today was in May and July, both of which scored big gains, but were eclipsed on the blackboard by the streak Ughtning action of December. New high price records heretofore this season were smashed ‘in the wheat market today, long before the day's peak had been passed. Krom the outset, talk was current that the adjustment of wheat supply and de- mand in the United States had never before been so close, that the do- mestic movement of wheat from the country Is dwindling, and that marketings of wheat in the Canad lan northwest are also on the wane With available stocks of wheat on the ocean and in foreign mi represented as below normal, sca sion part of the board of trade ses | Grain Opinions #y Hill, Weaver and Comp: Stein Alstein and company—Situ ation in wheat undeniably bullish and higher prices seem inevitable. Hulburd Warren and Chandler Would buy wheat only on brea Belleve May corn will sell higher next spring. Jackson Brothers—Strong inter: esta are active on the bull stdo of wheat and predicting pric UhImann Grain company—Think caution required {h, wheat in view of the fact that our prices are about ‘on a level with Liverpool Bartlett Fraaier-—Think going higher; corn needs centive on the bull side. wheat Is . new In Oats look ity of offerings here during the first | « higher eventually. today tendec mand, and had nearly ales led tc reaction. Predictions tonight in the independe zero some corn marke’ it wa gare a wer tha Provision: upwar 1 further t of. weath 10 Below ta st pprox na ye h Long Cirenit With ever market in the exception of the Chicago Trade, the wire hot man & Co., branch offi with an inno Chicago off was plac Americar the elreult ¢ York Cit end of the on the extreme » extreme ne p extreme the ext on Beach on the extreme southeast, addition a wire reachi ry mmodity 1 with the Board of and ¢ yesterd ices, un be was place with west, Van er ¢ El Paso on wire thwest uthwest suth and Palm In me loop was placed on tt ng to Winnipeg on the extreme north The local Co., were on the branched of: through to working at reported the wire with few int office of A. sented an almost Instantane tation servic sales were r at the Boaré firm of Hill-Weavor & leg which ¢ from De: Vancouver the Hill-v working perfect erruptions. The Chicago A. Housman & Go. pr @ as the bids ecorded on t 1 ot T COMMODITY MARK Dry Goods PHILADELPHIA — The depart- ment stores here concluded the greatest periods of selling they have ever experienced, measured both by number of sales and dollar volume, The more expensive holiday goods sold with exceptional freedom. NEW ,ORLBANS—Retall stores were crowded with buyers and re- ports indicate the holiday trade will run 8 to 10/ner cent ahead of the 1924 period. Purchases have run to better grades of m andise, with furnishings a feature house Coal | y miners in the F West Virgini mon this throughont rc work stern Ohio and | @ fairly merchants benefitted fields and district week, this accordingly, Steel ST. PAUL — The Standard Steel Cur company bought and estab- shed {ts fifteenth branch here. Packing House Products BOSTON—Local pork packing op- erations have dropped off sharply, following a drop in prices here. Dressed hogs are lower at 180 to lic. Groceries MINNEAPOLIS—S8tarting as one concern {n 1860, the wholesale gro- cery firms of Winston, Harper-Fish- er and the George R. Newell. com- rise. ommodity Trade News | eral wholesale grocery business run- gas flelds to Baton Rou elty and points that natural gas Any part Blas Wanted to Buy If you have get in touch with me at 203 Consol pany, will be merged effective Ja uary 1, 5. The firms do a gen- ning up into many millions annually throughout the northwest sta They had been separated for years. oil MONROE, Iowa—Work of can. structing a pipe line from the Bas trop Ine from the Bastrop natural » to supply between wit! fuel ts well way unde of 300,000 hares E. T. Williams any of this stoc on Vucurevich BROKER Phone 166 dated Royalty E Profits Plus Dividends On November first this firm recommended the pur- chase of 20 oil stocks. Every stock recommended has advanced from 5 to 18 points per share. We have in mind another listed oil stock which pays 8 per cent dividends and is due for a 10 to 25 point Complete analysis and price on request MARGIN, PART PAYMENT OR CASH HILL, WEAVER & COMPANY Associate Members New York Curb Market ~___ STOCKS——BONDS——GRAIN—LOCALS Gladstone Hotel Bldg. Telegram, to fill’ the vacancy caused ‘by the death of’ Frank A. Munsey; Phone 3024 Direct private wire to all markets ee ae