Casper Daily Tribune Newspaper, January 17, 1926, Page 23

| STOCK Date Saturday __-.- Friday MARKET AVERAGES 20 Industrials 20 Rails 140,72 113.66 140.90 113.86 Week ago ---. 143.38 116.65 | Year ago ...- 122.40 102,62 | High, 1926 143.62 117.89 } Low, 1926 140.72 113.66 NEW YORK, Jan. 16.—(#)—Re- tionary price tendencies again predominated in today’s brief ses- jon of the stock market, which Byas featured by a renewal of sell- @ pressure against the motor ares. Trading was in realtively heavy volume, the day’s sales run- ning just short of a million shares, The sharp break yesterday re- sulted in a rather heavy accumula- tion of overnight selling orders. the execution of whick gave opening prices a heavy tone. When these had been disposed of. operators on the long side attempted to rally the genera] list by bidding up some of the Eastern rails and a few indus- trial specialties. The rally, which was aided by the covering opera- tions of timid bear traders. failed to hold, and prices sold off again in the last hour. Final quotations dis- closed considerable _{rregularity. both the industrials and rails aver- age showing slight recessions in the quotations on the day. Selling of the motors was based on the theory that the s’iff competition and in- creased sales effort, necessary to maintain the heavy production schedule of 1925, would result in decreased earnings. Hudson again was in free supply in further re- flection of speculative disappoint- ment over the failure of the direc- tors to increase the dividend, the stock closing 2% points lower at 108%. after selling as low as 107%. Nash Motors broke 4 points, Chry: Casper Firms SUNDAY, JANUARY 17, 1926 RIBUNE OTOR SHARES LEAD IN GENERAL REACTION Heavy Accumulation of Selling Orders Gives Opening Dull Tone and Attempt at Rally Is Followed by Renewed Declines ler sold off 1% and General Motors, Studebaker, White, Willys-Overland nd Jordan yielded fractionally, Mack Truck closed a point higher ‘nited States Steel, which was pressed for sale in large blocks yes- terday, received better support. clos- ing % higher, at 433%. Other standard indus.rials were mixed, with most of the active issues show. ing only slight changes. Persistent accumulation of Asso- elated Oj], which touched a new record high at 53, was associated with reports that .two powerful geoups were seeking control of the company, United States Rubber ad- vanced 3 points to 83% on what ap- peared to be a running-In of the short interest. Famous Players. May Department stores and Western Union recorded substantial advances. Atchison, Baltimore & Ohio, ‘Katy"” common, New York Central and Texas & Pacific advanced a point or more in the early trading but the gains were reduced or can celled in the late wave of selling. Norfolk & Western, in which special developments .are believed to be pending, closed a point higher. Cummodity markets were mixed. Wheat futures reacted 1%c to 2%c a bushel fn reflection of specula- tive disappointment over the" ex- port demand. Cotton options ad- vanced 4 to 16 points in response to heavy covering by near month shorts. Coffee sold off 16 to 25 points in sympathy with an easing of Rio exchange rates and reports of a slackening European rate. Raw sugar was unchanged Foreign exchange trading was quiet, with no important changes In rates, Demand sterling ruled around $4.85 11-16 and French _ francs around 8.76% cents. Japanese yen touched the bighes* price in three years at 44% cents. Included In New Incorporations JREYENNE, Wyo., Jan. 16.—The | Bishop, Douglas. “Sheridan-Casper Transportation com- pany of Sheridan, capitalized at $25,- 000, has filed articles of incorpora- tion with the secretary of state, The directors are J. D. Hart and Charles C. Chapin of Casper, and Raymond George ot Sheridan. Other incorporating companies, are. Richards-Cunningham company of er; capital stock, $300,0000; di- tors, A. J. Cunningham, Otto lin and Patrick Sullivan. Willhard Johnson, Inc., of Lara- ; capitalization, $50,000; direct- ors, John H, Willhard, Clwood J. Johnson and Clarence A. Rue. pane Wyoming Pioneers’ assicia- of Douglas; directors, B, B. Baie and W. 8S. Kimball, Casper; John E, Higgins, Glenrock; John Hunter, Torrington; Charles F. Mau. rer, William F. Mecum, A. R. Mer- ritt, Charles W. Harr and L. C.' The Galt Grocery and Hardware company, Gillette; captialization, $30,000; directors, John Galt, John T. Ryan and W. B, Skipton. Basketeria Grocery, Newcastle: capitalization, $10,000; directors, C. R. Musser, H. M.- Brown and Ed- ward Becker. Basin Hotel company, Basin; cap- italization, $25,000; directors, Henrl- etta Johnson, Alvin S. Johnson and S. G. Rea. Cooper Motor capitalization, George B, Cooper, L. G Dameron. McDonald Mortgage company, Cheyenne; capitalization, $50,000; dl- company, Basin: $15,000; directors, R. V. Weicker and rectors, J, T. and A. Ix McDonald, and H. A. Duncan. The Shannon Gas and Electric company, a Colorado corporation, qualified under the Wyoming laws to do business In this state, Standardization of Oil Equi ipment to Be Subjec At Oil Men’s Convention LOS ANGELES, Cal., Jan. 16.— (#)—Faced with the neressity of de veloping interchangable parts, the gixth national me»ting of the Amer- fean Petroleum institute meeting here January 19 to 21, will receive Teports on the work of 400 experts who have been laboring many months on standardization of equip- ment. ‘These experts, who are attempting to solve what is said to be the most serious problem in o!] well drilling, are members of the standardization division of the institute. They repre- sent manufacturers, ofl companies, well drillers and others engaged in the olf industry. BY GEORGE T, HUGHES (Copyright, 1926, Casper Tribune) Investor and Investment Before we begin the discussion of investment principles in deta{l it is necessary to clear away one com: mon misconception, namely, that the art has to do only with securities. As a matter of fact in the solution of any investment problem the t{n- vestor is just as important a factor as the investment. ‘Let us see what this means. In the selection of a security emphasis is placed on three qualities, first safety {n principal which is always the prime consideration, second tn come and third market ability, In the some way there fre three ques tions which must be answered about the Investor, These are what is his total capital what is his knowledge of business and finance and third what ts his position tn life: that is to say his are, his business or pro. fession his {income requirements whether dependent upon .he return from his investments or not. Even when we have fitted the in- vestment.to the investor taking into account all these factors there is no assurance that the work is perma- Everyman’s Investment by one man- Threads on pipe made ufacturer are not always the same as those on pipe made by another manufacturer, although the articles may be labeled with the same dimen- sions: What is the driller to do when he tries to fit these lengths of pipe together? His only answer hereto. fore has been to buy all his pipe from one manufacturer. A little article known as a wrist pin nut also fllustrates the problem. Some manufacturers make this {tem with right Land threads other with left hand. Sonie of the standardization work has been completed; other phases of it will be finally adopted at the Los Angeles meeting. nently done, For there is nothing fixed about the characteristics of the investment any more than there is anything unchany,eable about the status of the investor. A mortgage bond may appear safe today but a year or two hence it may look doubtful, At one stage In the bus- iness cycle 6 percent may appear en- tirely in accord with conservative investment practice, at another time t may Indicate speculative risk, A security may be easily saleable now but+very difficult to dispose of at some future date, Simiarly with regard to the Investor it requires no argument to prove that his financial and business condition is constantly changing. It follows that there must be per- iodie revision of any investment list if the best results are to be obtained. Oil and Financial News New York Stocks Last Sate All. Chem. & Dye ~-------—--- 115% American Can -------------- 280 . Car & Fdry------------ 110 Am. Locomotice ------------ 115% Am. Sm. & Fef.------------- 136% Am. 16 Am. 143 Am. 115% Am. Woolen 405% Anaconda Cop, 48% Armour of Ill. 16% Atchison -. 132% Atl. Coast Line --. 248 a= 127% 20% Bethlehem Steel ---~-.-. 48 California Pet ~~. 31% Canadian Pac. .. 14845 Cent. Leath. pfd -.. 64 Cerro de Pasco «. 59% Chandler Motor % Chesapeake & Ohlo Chic, & Northwestren -~--. vi Chic Mil. & St. P., pfd,_.. 19% Chic,, R. 1, & Pac.--------. 59% Chile Copper ---------c0----- 33K Chrysler Corp. -see-rse---- 47% Coca Cola -nneneosecewene--- 143% Colorado Fuel .-------2-<--- 35 Consolidated Gas. ------------ 97% Corn Products -. weenwee Alt Crucible Steel re} Cuba Cane Sug., pfd...-.-. Dodge Bros. “A” ... Du Pont de Nem -----. Electric Pow. & Lt. ctf Erie Railroad .. Famous Players fisk Rubber -..--. Foundation Co. #.---------- Genera} Asphalt --..-------- General Electric General Motors --..--. Gt. Nor. Iron Ore ctfs..-~-.. Gt. Northern pfd. Gulf States Steel ----------- Hudson Motors ------------- 108% Ulinois Central ------------- 118% Independent 0. & G..-----.-- 26 Int. Combustion Eng..------- 547% Int. Harvester ..---------. 126% Int, Mer. pfd.----newnenoe-e=- 9 39% Int. Nickel -.. — 43% Kennescott Cop. —~.~. Lehich Valley, Louisville & Ni Mack Truck .~. Marland Of Mid-Continent Pet. Mo., Kan. & Tex. Missour! Pac., pf Montgomery Ward fat. Lead -........ ew York Central fi 7 ye BY 'S) (= , Manele ‘orfolk & Western -.. Nor. American .. od Northern Pacific -----.-----. 73% This does not mean that any given investment problem ts impossible of solution, only that It cannot be solved once for all and that the an- swes ig wever more than an approx imation. In the succeeding articles we shall take up tn order the three points pertaining to the investment and then the three which haye to do with the investor. Pacific Oil ~.-... wewewcennen= | 761% Packard Motor Car -----.-.. 39% Pan, Am. Pet, “B” ...--. 69% Pennsylvania ...--.--------- 53% PHillips Pet. — Pe en AB Plerce-Arrow Mot. Car-..--. 36% Radio Corp. --.. 43% Reading —— 85% Rep. Ir. & Steel —----------= 58. St. L. & San Fran...-------. 96% Seaboard Air Line --------.. 45% Sears Roebuck ~-..---------- 226 Sinclair Con. Oi] ~----.--.-.. 21% Southern Pacific —--------.. 100% Suthen Ry ----. 113 ndard Oil, Cal. ..-.. 57% Standard Oil, N. Jieeeeene-- 43% Stewart Warner -......---.. 86% Studebaker -.--------------. 55% Texas CO. aneccencewnccccee 51% Texas Gulf Sulphur -....-... 122 Texee & Pacific -. Tobacco Products ...-------- Union Pacific .. United Cigar Stores .-..-.,.. U.; 8, Cast Ir. Pipe ...-.. U. 8, Ind. Aleohol U.S. Rubber U, 8, Steel .. Wabash Ry. ---.-. Ward Baking "B” -. Westinghouse Elec. White Motor .. Willys-Overland Woolworth Quotations by Blas Vucurevich, Broker 208 Consolidated Royalty Bldg Western Exploration . 2.25 2.50 Consolidated Royalty - 9.00 9.25 Central Pipeline -55 Western States ...... Kinney Coastal -.. Columbine fupiter .. Elkhorn Domino — Royalty Producers Sunset ~. Picardy Lusk Royalty ~. OM Bell .-caeewocane Buck Creek -.... Chappell McKinnie Burke --..-... Riverton Pet. Argo Curb Stocks. Imperial Of] --.. Prairie Oil -..-..... Mountain Producers ~....... Salt Creek Producers ....... Continental New York Salt Creek Cons, -..-.....-.. 8. O. Ind. . Humble Oil Ohio ON -.. | Crude Market BY HILL-WEAVER & CO. Salt Creek, 36 to 86.9 gravity - Salt Creek, 37 to 39.9 gravity ~ hock Creek Rig Muddy .. Aik Basin ..... ‘at Creek ... TANCd CLOCK nsncecnmnnnccenee ‘irises Creek light --s-csss-s- || ae TOFCHIGDt snvennnsemnnnneen <= MUlQ COOK ssnecewncoennaneen- lander sage SUNDUPEt s-werewnewn- — cenene lamiiton Dome ~.-.--c0e----+- Ferrls -2--220---eencnees ee eeee Soe enbiu tees ean es SRRaasean2sssuass Bee Pee Pe eee 65 135 THE CASPER TRIBUNE-HERALD HERALD ALL -GRAINS MARKED | BY DOWNWARD TREND Decline Unde CHICAGO, Jan. 16—()—Corn re- ceived much of the blame today for weakness of wheat and of other grain as well. Agitation to promote high- er corn prices was represented in various quarters as having largely spent its force. The wheat market yy 1@ to 2%c net lower, y to $1.73%, and July $1.50% to $1.50%. Corn finished 1% to 1\c down, oats %c to 4@%¢ off, and ‘provisions varying from 40c de- line to Te advance, One reason for the downward trend of the wheat market was that ef- forts of industrial and financial insti- tutions to advance prices of corn had resulted In big speculative purchases of torn a short time ago, but that the corn market had been without subsequent adequate support and that under such circumstances wheat values were too high. With this sind of talk current, considerable selling of wheat developed, and wought about a persistent down- srade action, with final quotations 't almort the bottom level reached In the corn market advices re. carding legislation were construed GENERAL BABSON PARK, Fla., Jan. 16.— Roger W. Babson today discusses the automobile industry in which ro many people of every ¢ommunity are interested. He also has some- thing to say about the bullding out- took. As Mr. Babson disagrees with most economists on these two sub- jects, his statement of today Is very nteresting: “The two most {important tndus- tries today are the automobile and the bullding industries, These two not only employ the most men, but they have the greatest ramifications and indirectly, effect the greatest number of other businesses. Noth- ing—other than some great war, fire or earthquake—could so hurt gen- eral business today, as a sevore break in elther the automobile tn- dustry or the building indurtry. Moreover, if a big break came in one of these industries, both would suffer becavse they are very close- ly allied. A chart of automobile pro- duction for the past five years looks almost the same as a chart of new building. Whether a man first builds a home and then buys an auto to set back and forth, or whether he buys an auto first and then builds a home in the suburbs to ure It, sta- tistics do not show, Statistics, how- Never, do clearly indicate that both of these industries move together. “This relation between the two In- dustries is something specially to be remembered at the present time ow- ing to the recent ine in the price of motor shares, Wall Street inter- Prets this as meaning that a large number of dealers found themselves at the end of 1925 with a large num ber of unsold new cars and a‘ tre- mendous number of second hand cars on hand, Wall Street believes that o slowing down of both the motor in dustry and the building industry ts inevitable for 1926. If a great break in these two industries should take place, it would be a blow to Detroit the center of the automobile indus try, and to New York, the center of building speculation. Let me here add, however, that the danger of speculation in buildiing is not so evi- dent in most other cities as it is in New York. The Theory That These Industries Determine General Business is a Fallacy. “Market letters of brokerage houses are saying that there soon should come a slump in the auto and building industries and If so, this will cause a slump in general busi- ness. I do not wish to go on ecord either for or against this forecast as to automobiles and bul'ding. It may be that both have reached their peak and slumps aro inevitable in 1926 I do hewever, wish to make the point thit these industries do not determine general business con- ditions, but that general business condition determine the prosperity of these industries. Presidents at the White He do not make or break business conditions, but business nditions make or break pre nts \t the White House, No man ts hort-sighted as the man who gets the cause and effect mixed up and ubstitutes one for the other. More- over, the failures of many business mon are due to taling the cause for the effect and vice versa. “There need be no such thing over-production in elther the bulld ing or automobile industries for many many years to come. Econo- mists who, for the past few years have been stating that a saturation point has been reached in these two Industries, have been mistaken be- cause a technical saturation potnt Is Impossible. General business ts like a certain amount of water which will carry omy a given amount of salt In solution, but by increasing the amount vf liquid, “* is always possible to take up more salt. 4 certain volume of general business will absorh orly # certain amount of new business 2 saturation pint fs reached so that more }uliding or more autos cause a8 Big Speculative Purchases of Corn Lack Real Support and Collapse Brings General r Bear Attack as bearish. Furthermore, corn re- celpts were of liberal volume. Oats lowed corn, Most of the provision Ist was firm as a result of buying on eastern ac- count, Wheat— Open High Low Close 1.74% 1.75% 1.73% 1.73% May old. 1.73 1 1.71% 1.71% July 1.51% 1.51% 1.50% 1.50% 144% 144% 143 1.43 85% 83% 83% 85% 83% 83% 88% % 87s 45% 5 45% 5% ~ 110 1.10% 1.08% 1.08% 1.08% 1.08% 1.07% 1.08% 5.05 15.10 5.40 15.47 Belltes— Jan. May Stocks and Grains the great human emotions which make the world go round. Another merchant may not have had even a high school education, but he makes a tremendous success because, he un- derstands men and women, theif hopes, ambitions, sympathies and disappointments. I am often criti- clzed for talking about religion and business in the same breath, but every year I am more convinced that the emotions, of which religion primarily treats, are the basis of all growth, both material and spirit- ual. Bank clearings, raflroad earn- ings and foreign trade may be in- dicia of general business conditions, but they have no more to do with determining business conditions than a thermometer has to do wirh deter- mining the heat of a room, Business conditions are good at the present time. During 1924 the Babsonchart averaged 6 per cent below normal for the year. During 1925 the Bab. sonchart averaged 6 per cent above normal, Today the Babsonchart is 13 per cent above normal. Every- thing indicates that it will continue above normal during 1926 and if the instalment business does not cause a smash, 1926 should be a better year than 1925. Let us all, however watch fundamental! conditions and remember that the world fs ruled by feelings and not by figures.” ——— | Livestock Chicago Prices, CHICAGO, Jan. 16.—{U. 8. Depart- ment of Agriculture.}—Hogs: Re- celpts 6,000; uneven; lightweights steady to 15c lower; others mostly AUTO INDUSTRY AND — BUSINESS ARE CLOSELY ALLIED Break in One Means Severe Injury to Other, Babson Points Out in Review of Conditions in Trade a temporary over-production: but so lon; as general business increases, the saturation point + propor- tionately Henes, the importance of watching general business cond! tions. Sex Instincts Great Controlling Factors. “The automobile and building in- dustries are even more deeply root- ed than above outlined. They depend not only on genera! business, but are primarily based on the primitive in- stincts for a home and for travel. These are peobably the two most deeply rooted insti: cts in the human race. Youn people get mairied in spite of business conditions, and as soon as (iey get married they want a kome. Moreover, as almost the first Instinct of the child ts a creep, so that instinct to move develops throughout life and is now showing itself in the automobile industry. These primitive instincts are really the basis of these great ‘ndustries, Moreover, they are the basis of other Industries as well. and fortunate are thore manufacturers and merchants who produce and sell goods which satisfy the primitive instincts of men and women. Watch Wages, Money Rates and Profits. “There are three sources of pur- chasing power. The first source is in income of the agricultural and industrial districta. Although the farmer is in business for himself, yet we will group his income under the general term of wages. The greater the wages of the country the greater the purchasing pewer and so long as the earnings of in- dustrial and agricultural districts in- crease, long will the motor in- lustry and the building industry con to grow. The second source ability to borrow money. When is rearce and rates aré higt uction of hu.nes, automobiles r things {@ curtailed accord- . Tight money, like unemploy cuts down purchasing power; easy money, like good busi increases purchasing power, The third source of purchasing pow: er is business profits. The Lusiness mar. is a lavish spender. When he is making money he spends it easily and freely. When he is not making money he shuts down sharply. Many business men have not been making much of any profits during the past year, The look {s that they will make moro profits during 1926. “The only fly in the olntment ts the instalment tusiness which has been increasing so rapidly during the past five years, especially in the au- tomobile indu: We have statistics on banking, ‘ianufacturing and em- tinue ment, while ployment but we have no statistics which show the extent of the instal- ‘nt business. We know that ab most every home has goo? for which ‘* has not paid, but to whet extent this cancer Is eating into gen- eral business no one really knows. We do know that it Is a disease which some dey wi'l require the pat- lent to have a severe ation; but whether or not the patient can go one year or five years fore the op- eration {s Imperative, only the fu ture can tell. It is true that fewer unsold goods are on the shelves of merchants today than have been for but many years, are goods really sold until the ‘e paid for? Funda- mentally, does it make any differ- ence whether the unpaid goods are on the shelves of merchants or in the homes of the purchasers? Watch Fundamental Condifions, “In closing let me urge readers to give more thought to the great prim- ittve Instincts of man, Statistics are useful and my own bread and butter lepends on compiling and Interpret- ing them. But everyone should real- ive that the world is ruled by feeling and not by figures. One business man may be expert with card files, efficiency systems and have an ar ray of college degrees, but may be a failure because he doesn't understand unchanged at Friday's average; bulk paetatis 160 to 180 pound weight 12.50@12.75: 140 to 150 pound selec- tons up to $12.90; top on all weights $12.85: bulk good and choice 200 to 225 pound butchers $12.10@12.25; ma- jority of better 240 to.325 pound aver- ages’ $11.80@12.00; packing sows largely $10.10@10 50; few killing pigs $13.00 down; shippers 2,500: estimat- ed holdover 2,000: heavyweight hogs $11.65@12.00; medium $11.15@12.35: light $11.60@12.85; light Meht $11.40 12.90; packing sows $9.85@10.60; slaughter pigs $12,75@13,15 Cattle: Receipts 400; compared with week ago: Good and choice year- lings scarce: steady to 250 \igher: other beef steers uneyenly lower: heavies fully 25¢ lower: spots more; market om better grades henvies at standstill late; stockers and feeders steady; extreme top of $12.00 paid for strictly choice 1.445 pound bullock best yearlings $11.75; fat she stock 25 to 40c lower; good to choice weighty cows and heifers 50c off in instances; canners and cutters strong; bulls 15 to 250 higher; veal- ers 50c to $1.00 higher; week's bulk vrices follow: Fat steers $8.75%410.50; fat cows 00@6.75; heifers $7.00@ 8.00; canners and cutters $3.85@ 4.35; veal calves $12 75@13.50; stock- ors and feeders $7.00@8,00, Sheep: Receipts 700: for week around 12.000 direct and 52 cars from ‘eeding stations; today's market nominal: compared with week ago: Fat lambs around 75c lower; feed- ing lambs 50 to 750 lower: yearling wathers 25c to 50a off: aged wetherr stendy to weak: fat ewes strong to °Se higher: top for week: Fat lambs $16.25: feeding lambs $16.10; fat yearling wethers $1400; aged weth- ers $11.50; fat ewes $9 50: bulk prices follow: Fat ‘<mbs $15.0016.00: cull natives $12,00%13.00: feeding lambs 81475 @ $15.75: yearling wethers $12.50@13.65; fat ewes $8. 3.65; fat owes $8.00@0.25. |_New York Curb _| New York Curb “By Hill, Weaver and Company. Weaver and Company. High Low Close pCont. Baking “A" 115 115 115 Cont, Baking “B” 27% 26% Cont. Baking pfd. 9814 89% Cont. oO - - 2% 24% Fox Theater "A". 23% 932 8S. O. Kanss - 33% 33% S. O. New York.. 35% S. O. Indiana me 66 Mountain Prods, 24% Salt Creek Cons. 94 Salt Creek Prods. Lago Oll old Lago Oil. new -. % hman Radio . Prairie Oil % New Bradford 6% % Ohio Ol ... 63% Humble Oil . 87% Imperial Oil . 36-36 Gulf Oil of Pa. . 88% 881 Cons. Royo. 9% 9% 9% Electric Invrs. 68% 68% 681% Int. Pete 32% 32 Amer. Mara. 14% 14% Argo Oil .. 306 Redbank 18 Oil Securities By Hill, Weaver and Company. Bid Ask 18 Anglo.Am Oil .. Borne Scrymser . 5 Buckeye ~~ 55% Chesebrough Mfg. 68 Continental O11 Crescent Cumberland Eureka Bal. Sig. Com. . Gal. Sig. old pfd. .. Gal, Sig. new pfd. . Ulinois Pipe Indiana Pipe . National ‘Transit - New York Transit Northern Pipe .«. Ohio Ott International Pete Penn, Mex. . 19 20 Prairie Oil 85 5% Prairie Pipe ...- 125% 126 Solar Refg. ~ 202 205 61 «63 181183 S24 66 66% 33% 34 126% 128% 366 347-349 . O, Ohfo pf. . 117-118 Swan and Finch -..... 21 2 Vacuum ....... Washington .. 5. O. Neb. Imperial Gulf and Pa. MA PAGE ELEV RKETS NEW YORK BONDS NEW YORK, Jan. 16.—The following are today’ high, low closing bids of bonds on the New York Stock Excha and the total shares of each bond. (U. S. Government bonds in dollars and thirty-seconds of dollars) U. 8. BONDS— (Sales in $1,000 High Low Close Liberty 100.2 100 et ore Liberty Liberty Liberty 101.24 101.2 Liberty 2 Liberty Liberty U. vu. s. Tre FOREIGN— Czechoslovak Republic 8s 1952. Dom. of Canada 6s 195....-....--B french Republic 7 1-38... Japanese Govt. 6-25 ~-...-..... Kingdom of Belgium 6%s rets. Kingdom of Norway 6s 1944. Rep. of Chile 8s 1941 State of Queensiand U. K. of G. B. & I. 5%s 1987----.1 DOMESTIC— Amer Smelting 5s-. Amer. Sugar 6s -.. Amer. Tel & Tel. 618 s-----eeen=-C A. T. & T..deb, 58 1960 Anaconda C Anaconda 1953.. At. T, & San Fe. gen. Pea Balt. & Ohio cvt 4%! Bethlehem Steel con. 68, A... Canadian Pacific deb. 4s Chic. Burl. & Quincy rfg 6s A. Chic, Mil. & St. P. cvt. 4%s-.-.. Chile Copper 6s .. Goodyear Tire. 8s 1941.........N Great Northern 7s, Great , no} Northern 6s... a od new Ss D........3 Northern Pacific Hen 4s... Pacific Gas & Elec 6s----.......U Penna R. R. gen. 4%s-—------.4A Sinclair Con. Of) 68 1927-..-...-.B Southern Pac, evt. 48........--C Onion Pacific Ist 4s_-.----.--..-D U. S. Rubber 5s nF Utah Power & Light 6s-.. er Western Union 6%s -..-. 2G Westinghouse Blec 7s..... mi Wilson & Co.. evt. 6e.-.... Total sale: previous day and of bonds today were "a7 071,009 compared $7,431,000 a year ago. 100.21 1053 5% with $L Automobiles COLORADO SPRINGS, Colo,— Buses charging a 7%-cent fare will shortly replace electric cars on the Wasatch line of the Colorado Springs raction system. JACKSON, Mich.—The state gas- oline tax ylelded Michigan $8,000,000 in the last year. Revenue from au- tomobile licenses was $12,404,000. . Steel PITTSBURGH—The mills -of the United States Steel subsidiaries in this district are operating almost at capacity and have a back log of or- ders that will keep them going in- definitely. The independent are Producing at a higher rate than in several years. Lumber PORTLAND, Oregon—E. L, Con- hor, manager of the Grays Harbor Sales corporation, today predicted that shingle sales in 1926 will show an increase of 25 per cent over last year, Livestock SOUTH ST. PAUL—There were $4,000 cars of Hvestock marketed at South St. Paul fn the Inst year, for which farmers were pald $150.000,- 000, a tremendous gain over 1924, Peppermint Oil DETROIT—It {s estimated that one-third of the world supply of pep. permint oll was produced last year Commodity Trade News | in Michigan and Inc Alana, Produce got about $15 a pound for speculators are sald to have cornered the supply and raised the price to $25.00, Textiles BOSTON—Substantlal orders in hand will warrant the ufacturing company operations to a scl ule shortly, according to informa- tion received in financial circles here today. ‘ashua 2 expa In 50-hour week ou LOS ANGELES — Co: now is in progress on the National Retroleum corporation's four-million- barrel reservoir at Lomita. The ervoir will be the lar storage in California and possibly in the world. re Paper NEW ORLEA —A group of New Orleans capit ts have joined Edward A, McIihenny in or, Ing the Dixie Pulp and Paper corpor tion, ‘The concern will build a mill to make bookpaper fr lo gum at Morgan City. m Conl PHILADELPHIA—Since ni {i tions between the anthracite miners and operators have been broker coke here has jumped $2 a Heavy snow {s delaying movement of low volatile con! from Pennsyl vania and West Virginia bitumin: mines, off Wall Street Briefs NEW ORLEANS. Tt is port broke | tering and leaving { nd in tonnage of freight and |v received ling to of| the Dock ard. Ve with al gross tonnage of 877,000 used the} docks, while 410,000 tons of freight were handled BOSTON—A bill has been filed at | Grain Opinions By Hill, Weaver and Company. Bar Frazler—See nothing in the situation to nge our belief in higher wheat levels. Do not be lve declines will go much lower In corn, Jackson Brothers—Fee!l favorable to long side of wheat on all substan- tial setbacks. Harris Winthrop—The problem tn wheat remains where !t has been for some time. Will the domestic situa tion maintain our le Corn needs g00d commercial demand. Thomson McKinnon—Feel poor quality Argentine crop and delayed movement will bring greater inquiry for North American grain. Corn needs a stronger cash market. Oats are-being ground Into food to a much greater extent than usual. Market Gossip | By Hill, Weaver and Company, Tobacco Products declared rogul quarterly $1, Y on class House of representatives ratifies Italian debt settlement terms. Coke {n Pittsburgh advanced $1 a ton domestic sizes of by-product coke selling 9t $12 and standard coke $9 Mortgage Ba ‘ould 000 on first x Here s in M husetts ha limited to loans of $8,006 Individual piece of r which be pere @ ban en any EW YORK, bonds closed: 8 100 Firsts 4% 5 101.2 Seconds 4%s 100.21 Third 44s $100.2 Fourth 4s 102 U. 8. Government 4%s ——_ + | Stock Opinions By Hill, Weaver and Comp: Hornblower and Weeks—We nothing ta do but allow to prove {iseif ‘ngain be may be sure that if does not bring out stock volume to satisfy tradets the re will be a prompt reversal of r ment. Liberty Bonds Jan Libert the Pynchon 1 eral previous ¢ ensio tfleulty « called attention to the forecasting the next major trend and the situation has not been cla ' but the tmmediate trend Is to what lower leve J. & Bache a &r are that Stan will st record earnings for . pects equally ay good for t r North American showed in come last year that far exceeded all {ta previous records in ita history. Higher levels for both these stook are anticipa Wellmand buying stocks of proved meri compa on committme