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MONDAY, DECEMBER SI, 1623 Oil : : Finance BUSINESS PROSPECTS LOOK GOOD TO BABSON FOR 1924 WELLESLEY HILLS. Maw.. Dec. <l.—Roger W. Babson. Internatlonal known statistician. reviewed de relopmente during the put year and sutllned the probable trends for 1*24 in a special statement issued today. “A year ago,” says Mr. Babson, "business was still improving rapid ly. Nearly everybody turned to the aew calendar optimistically. The boom which started in the early fall »f 1922 was well under way and car ried on to March of 1923. Then it collapsed! Business fell off during the summer and this past fall failed to come up to the expectations of those who looked for a cont nuatlon of the upswing. As a result, the business world is facing 1924 with a confused mind. It Is safe to say that the majority of business men today are hoping for a boom year, but if they are strictly honest with them selves they must admit that they ore not very confident of seeing these hopes realized. ••Many prom'nent men In industry have prophesied great prosperity. At the same time, the numerous blocs represented in the new congress nre evidence that certain sections of the country, at least, are not satisfied with things as they are. Many busi ness men. if asked If they are mak ing money, will shake their heals In a disturbed way. Europe Is still sick and we cannot expect to pro ceed regardless of conditions across the Atlantic. “Then there is ths psychology of the presidential year Does It mean better business or worse business? Some people contend that things are always unsettled previous to a national election. Others point to the fact that the administration will do all that it possibly can to help be tween now and next November. “It has been proven statistically, to my satisfaction at least, that elec tions have very little effect on bum neaa- one way or another, provided both sides nominate good candidates. The evidence shows rather that bus!- ness has a decided effect upon the elections. Whenever we have chosen a president during a period of busi ness depression we have usually changed parties. If the election has fallen during a period of business prosperity we have usually kept the previous admln'stratlon In office. This time neither condition rea!l> exists. We are In a period between these two extremes. Three Kinds of Business “It seems to me that the things to watch are in an entirely different d'rectlon. “Business activity may be divided into three zones or belts. (1) an upper zone, such as we were in during the war and post-war periods, when eevrybody is optimistic, excited and extravagant. (2) A Lower Zone, when the reverse Is true, when many are discouraged, and when a readjust ment such as we had tn 1921 and 1922 is taking place. (3) A Middle Zone, when conditions vary from only fair to what Is called quite satisfactory business. This third Zone Is what we have been travers ing for the latter part of 1923 and la the one in which we are today. It is these periods between abnormal prosperity and depression, when things are neither very bad nor ex tremely active, that are healthiest for the business world. “Excessive prosperity, like very hot weather, saps our vitality, in flates our currency, and drives prices out of all proportions to true values. Such a period encourages specula tion rather than honest effort, and upsets our sense of value and the true proportion of things. Again, the Inevitable and ensuing period of de pression is heart-breaking. It dis courages men and wrecks businesses that have been a lifetime in the building. Its costs are written not only In dollars but In hunger. In want, and in human suffering. In busies*, as In weather, moderate conditions are healthiest. “Unfortunately, however, a large proportion of American bus'ness men are happy only during a period of boom. They are like the individual, who can be comfortable only when it is 80 degrees in the shade. Most of the time they are unhappy. It stands to reason that these business men. who tns'st that they must have rls'ng commodity prices, and specula tive profits in order to do business and make progress, cannot have thlb condition to help them much more than n quarter of the time. In this case, three quarters of their business Ilves are spent In waiting for this particular business season in which they are ready to operate. They are not contented with business when ft Is in the Central Zone and are ex tremely unhappy during a depres sion. “The entire bus'ness community would be much better off if we complained of excessive booms as wc complain of severe depressions and If ws welcomed the moderate condi tions, which are neither so very bad nor yet extremely good, as- the pro per business weather. We ought to have more of th'e sort of condition than any other, and* the wise bus ness man will set his plans to oper ate under these circumstances. 1924 Central Zone Year “The facts indicate that we shall have such a year during 1924. even though some of .it may be below average, rather than above 1906 and the early part of 1907 saw a boom and inflation. The panic of the latter year took us down into a -erlod of depression Laf-’tlng thru the arly part of 1908. 'Apart from a portion of the ye'<rs,l9o9 and 1910. to then enjoyed fa'rly good business along this Central Zone until 1914. •*A depression in 1924 laid the foundation for a/airly average year ir 1916, which developed into a per iod of the abnormal prosperity of war years, carrying us-to a peak at t ■ beginning of 1920. Because of the ij t.iUbJs operation ,of ths law ot Action and reaction tn business we i then suffered the most precipitous i decline tn business history. 1921 and the first half of 1922 are *black* tn the business man's memory and are . 'red' on his books. In the middle ■ of 1922 improvement set In and witn , the help of propaganda it o'er shot , itself in the spring of 1923. Then we 1 settled down tn fairly good business , and may expect to continue some- < what along this line during the con> , Ing year. “I have referred to factory build ing. Certainly 1924 should not be a year in which many now plants should be constructed. Neither is it a year when one should stock up ■ with a large quantity of commodlt es for forward business. There will be ups and downs in tho different items of the commodity list, but outside of seasonal rallies, I do not see why tho average of commodity prices should advance. If there is any marked tendency, tho average for the f-rst half of the year should be downward rather than upward. “The labor situation is one of tho greatest hindrances to a forward movement. It is* true that some wage decreases have iat«:y been seen and strikes are at a low point, but the fact remains that the ten dency of tho unions to increase wages and to limit the number of ap prentices Is a serious brake on In dustry. The Immigration situation is also not very favorable. If some liquldattn In the labor situation would take place, I would be much encouraged. No qne can say there la a shortage of good* today. If an at tempt is made to* inflate business the effect will be bad. If however, we can work downward a little, and thus give the consumer a chance to stock up with goods, this will help the readjustment along. “Last year, tho outstanding op portunities were found in the big In dustr al centera of the North and the East. The agricultural regions were relatively depressed. There is now developing a better balance between these two typbs of territory. Though no boom is in sight, the farming sec tins are gradually improving. The total value of crops should be at least 10 per cent greater than a year ago. The improvement Is espec ally marked in Texas and other ports ot the cotton belt, though some local ities in the South and still in rather poor shape. During 1924 opportuntt'es should also be found in parts of tho Middle West The wheat regions will probably remain somewhat unfavor able. There are indcatons that 1924 will witness a public construction program of considerable magnitude and var'ety. “One thing is sure, money Is dis tinctly easy and should continue so during the coming months. This means that bonds are in a fine posi tion. I said so a year ago, and con dlt'ons still remain the same. You should buy good bonds with confi dence. As to stocks, the situation is different. There is no use in buying stocks on the minor moves which we occasionally have. Where Business Makes Profits “I repeat, then, that Central Zone condit qns are healthiest for us and that boom times are not necessary for good profits and steady business progress. “If we examine thia matter of profits, for instance, we find that the average American business man is an •enterpriser.’ The history of any one year in his activity may be summed up at the result of half a dozen plans that he put Into opera tion or projects which he undertook. Again, we find that these plans themselves almost always have to do with the future. The business man makes his decision, lays out a course of action, after a period of time has elapsed and the project has been completed it is to tell whether or not he was right in his reasoning. “The purchase of commodities, the settlement of wage disputes, the de cision as to advertising policy, the planning of a soles campaign, the determlnat'on of credit policy, and the financing of a busless are all factors which call for an anticipation of coming conditions and a business man's profits are determined very largely by the correctness of his judgment In these matters. In fact, net profits can almost be summed up In the following quatlon: Add to gether the gains made of all oorrect decisions, subtract from this the loss on mistaken decisions and you have net profit. “No matter what way the wind la blow'ng it can be made to sail a ship If you will but set the sails to the wind. Likewise every change in business conditions offers opportuni ties to the business man. 1924 will be no exception. I say confidently that any man In any business who will take the trouble to attune his plans to conditions as they are—ln stead of as he might wish them—can make profits during these next twelve months. 1924 will reward the foresighted. Get tho facts and go ahead.” “An important thing to remember, however. Is that a study of the Law of action and reaction suggests that Area G below the average I'no on the attached diagram, should event ually equal the big boom Area F above this line. Mors than half of this readjustment period has ah ready elapsed. How fast the remain der will develop remains to be seen. Those who wish to galvanize busi ness into abnormal prosperity are therefore work ng against the funda mentals. “What if business Is most of the time below the average line during the coming months? This really doesn't matter. So long as we keep within a few points, one way or the other, from our X-Y line of average growth, we can progress steadily and make money without fear of the ex. trenie fluctuation and mal-adjust- Bonds :• Stocks :• Grain ment characteristic of high booms and deep Aoproaskma. Wtart tho renter a Show Thise who are exceedingly opti mistic for the next twelve months would cell your attention to car loadings which for 1923 ran 10 per cent over the highest year in history. This, they say. Indicates great manu facturing activity. Building permits during the last year have run 3 per cent above 1922, which art the pre vious high point. Bank deposits rro large, and money is plent ful. The , oil situation is improving and the motor Industry, they say. looks good. To this, I answer yes—and the mall order and chain-store business is im proving and the crop e tnation is good, excepting cotton—and there we have a 80 to 40c staple! “Against these optimistic signs we find many of our basic Industries suffering from excess factory capac ity. Volume has held up, but profits have dwindled and many large manu facturers are trying to readjust costs so that they can continue to operate without a great lose. Foreign competitln is becoming an Increas ing menace. The tariff wall helps, to be sure, but It is of temporary na. ture and when the water has risen behind the dam to a certain point it begins to run over the top. “Some are already feeling this foreign competition. Others will probably have to take It into account before the year Is out. There Is a peculiar thing about tho foreign situation. If matters get worse over there we shall share In the shock which will go around tho world. On the other hand, when things clear up over there, will not that be the signal for a rush of exports to this country? Either way we lock at it. it Is a problem. “D otribution costs, tn the mean time, are Increasing rapidly. In creased production usually spells lower cost to make, but higher cost to sell. In trying to keep all of our factories busy all the time, we have developed a very effective sales or ganization. but the fact of the mat ter is that the number of things which the publ'c Is asked to buy has Increased more rapidly than our na tlona’ purchasing power. The auto mobile, the radio, and a score of others of the newer necessities and luxuries have come into tnke a part of the money which heretofore was spent for other things. Competl- Hon for the consumer's dollar has grown exceed’ngly keen and has caused distribution costs to increase unreasonably. “Finally, we are still suffering from a serious mal-adjustment be twen the prices of various groups of commodities. The price that the farmer gets for his product Is ’n most cases low. The price that he Is asked to pay for the things he must purchase, however, have seen no such reduction. It Is obvious that we can't have healthy trade when the farmer can get a thous and dollars for his crop but Is asked ’o pay two thousand dollars for what he wants to buy. “In th's connection It Is also neces sary to remember that the farmer Is *n or'g'nal producer. The dollar ♦ hat works thru our commercial ma '-hlnery starts with him and we can not have any degree of 'business boom’ unless the farmer Is tn the market and is buying freely. Has ’t occurred to vou that the greater part of the activity of the past year has been tn the diatrlbut'on of our goods’ Traffic has been heavy. The wheels are going around, busy tn carrying the goods from place to place, but raw materials, like wheat and cop ner, have been practically a drug on the market. There has not been a fa’r living for the original producers of the great staples of our country. Mind you we do not need h'gh pr’ces for a brisk Increase In trade. All we need is n fair adjustment between prices. “The coming year, like 1923. will bo spotty. Some Industries win do very well, others will prove a disap. nolntment. Last year the bu'lding Industry was one of the leaders. I see no reason for much activity tn factory construction. On the ther hand, residential building will con tinue. although I shall be surprised If It goes on at the 1923 rate. The automobla Industry was very active last year. Os course, the extreme ac tivity In this Industry cannot con tlnue forever. The automobile Is performang. however, a distinct functin. The difficulty with this s'tuatlon Is not that there are too many automobiles, but rather that this business Is out of line with other things. It would be a good thing fr tho country if other lines showed tho same courage and Initia tive which the motor business has exhibited. Standard Oil Stocks Anglo 16% 1«% Buckeye <6 77 Continental ——43% 44% Cumberland —— no 113 ! CaJena 65% 66 Illinois 1:9 142 Indiana bO% 83 Nat. Tran. ?3% 23 N. T. Tran sO% 82 Nor. Pipe £-3% 95 Ohio Oil 74 76 Prairie Oil 2*3 264 Prairie Pipe 10S 109 Solar Ref. 167 173 Sou. Pipe - 89% 90 S. O. Kan 42% 42% S. O. Ky 108% 108% R. O. Neb. 233 240 S. O. N. Y 46% 47 S. O. Ohiot__ 300 303 Union Tank 90 95 Vacuum-—67% 57% S. P. Oil 158 162 S. O. Ina. 65% 67. 1 3IEWS AND QUOTATIONS BY LEASED WJ New York Stocks I NEW YORK STOCKS—LAST BALE Allied Chemical A Dye ——7 l Amsrloan Can ——— 104% American Car A Foundry .. 163 Amsrloan International Corp 23% American Locomotive —— 74% American Smelting A Refg. - 59 American Sugar 55% American T. and T. 125% American Tobacco 148% Amer can Woolen 73% Anaconda Copper 36% Atchison————— 97 AU., Gulf and West Indies 15% Baldwin Ixx»om<<tlve 125% Baltimore and Ohio ——— 59 Bethlehem Steel ——— 53% California Petroleum —— 26% Canadian Pacific2l46% Centra! Leather . , 13 C«rro de Pasco Copper 45% Chandler Motors 66% ChMapwlk, and Ohio TIM* Chicago an-1 North western— 50% Chicago, MU.. & St. Paul pfd 24 Chicago. R- I, and Pac. .... 23% Chile Copper 27% Chino Cr»pper —l7% Consolidated Ges —61% Corn Products ——— 57 Cos Gen O1 —35% Crucible Steel 66% Gubs Cane Sugar pfd. 62 u Erie 21% Famous Players — 71 General Asphalt ———— 40% General Electric-- 176% General Motors 15 Great Northern pfd 54% Gulf States Steel 83% Illinois Centrallol% Inspiration Copper 25% Internationa’ Harvester 77% I nt. Men. Marine pfd. —— 30% Internationa! Paper 38% Invincibl* Copper 34% Kelly Springfield Tire 32% Kennecott Copper 34% Lima Locomotive 96% IxnUgvll'e and Nashville9o Mack Truck9o% Marland Oil 13% Wddle States OU 6% Missouri. Kan and Texas new 11% Missouri Pacific, pfd 29% New York Central ———lo4% N. Y.. N. H. and Hartfordl4*4 Norfolk and Western 103% Northern Pa<clfic ex div. 52% Pacific OU 51 Pan American Petroleum B. 59% Pennsylvania , . . 42 % People's Gas - 98 L- Producer* and Refiners 41% Purs 0U24% Reading 77% Republic Iron and Steal —sl Sears Roebuck 86% Slncla r Con Oil 27 Southern Pacific 87 Southern Railway 37% Stanford Oil of N. J. 41% Studebaker Corporation —47 Texas Qo. 44% Texas and Pacific 19% ' Tlbacco Products A 39% Transcontinental Oil 41 Union PiaciflolM% United Retail Stores 2% B U. S. Ind. Alcohol 71% United States Rubber ——— 37% United States Steel 99% Utah Copper 64 B Westlnghcure Electric ox div 60% Wllys Overland 10% American Zinc. Lead and Sm 8% Butte and Superior ls3s Colorado Fuel and Iron 25% Montana Power 62 National Lead 142 Shattuck Arizona —6% Oil Securities (By Wilson. Oamner A Oompsag) 4 LOCAL OIL STOCKS Bid Asked , Big Indian JO .12 , Bessemer .24 .26 Boston Wyoming --.90 1.00 j Buck Creek —.16 .18 , Burke ~26 .28 Blackstone Salt Creek .30 .32 Chappell .26 .28 I Columbine .11 .13 ( Central Pipel.Bo 1.90 Consolidated Royalty 1.2 G 1.28 ’ Cow Gulch— .03 .04 ' Dom no .11 .13 Elkhorn .03 .04 E. T. Williams. 46 .18 Frantz 5.00 6.00 j Gates .07 .08 1 Jupiter .00% .01 ' Kinney Coastal .16 .18 I>ance Creek Royalty. .03 .03 Mountain A Gulf 1.60 1.65 ’ Moaher Oklaloo.oo 125.00 1 New York 0U9.50 11.00 I Picardy .03 .05 i Preston .Ol .01% > Red Bank 6.00 8.00 : Royalty A Producers . .08 .09 i Sunset- .02 .03 I Tom Bell Royalty .02 .03 i Western Exploration 3.20 3.30 . Western States 17 .19 » Wyo-Kan i .50 .55 Y Oil—— 07 .09 NEW YORK CURB CLOSING Bid Asked Mountain Producers . 18.00 18.12 Glenrock 0i1—.35 .38 Salt Creek Prds. 22 00 22.25 Salt Creek Cona 9.37 9.50 Mutual - 12 52 12 75 5. O. Indiana . . 66.87 67.00 Crude Market Cat Creek —5 .95 Lance Creek .80 Oungo .SO Grass Creek .05 Torchlight . .95 Elk Basin ... .95 Greybull - T . . ... .95 Rock Creek ... .60 Salt Creek .60 Big Muddy .45 Mue Creek .40 Sunburst —.70 Hamilton Dome -———.62% For results try a Tribune Classi fied Ad. . CDe Casper Dally CrtDune PRICESFRNIIN ' NWRKETCIOSE Buoyancy of Several Oil , Stocks Feature Os Day’s Trading NEW YORK. Dec. si—The Cuj ■•salon of the y*ar on th* Block *x- ■ chans* wa* characterised by an up ward movement of price* which was < accomplished in the face of heavy i uut selling, especially of low priced < railroad and industrial issues. The cross ng of par by United States Steel common and the buoyancy of several oil shares was the day's f*a tures. Sales approximated 960,000 I shares. The stock prices displayed a firm ton* at the opening of today’s stock market. Cash sale* for the purpose of establishing income tax losses to talled 2.500 share* in the first five minutes of trading. Initial buying was most effective In the oils, th* | gains however, being of a nominal character. The early demand was most ef fective in the low priced oils. North western rails, tobacco* and miscel laneous specialties. Gains of 1 to 2% points were re corded by more than a score of Is sues In the first half hour, including St. Paul preferred, Chicago and Northwestern, Frisco common, Southern Railway. Allied Chsmlcal, Schul'j stores. Consolidated Gas, Atlantic Refining. Producers and Re f ners. Coca Cola, Willys Overland, preferred. There were a few heavy spots, notably corn products, and Cuba Cane Sugar preferred each off about a point. Foreign exchanges opened lower. The stock market was generally strong throurt- •ession with the low priced rails, oils, to baccos and chemical Issues making the best showing. Cash pales for Income tax losses were tn consider able volume, embracing 100 d fferent stocks, among which were numerous well known share* *uch as United States steel, DuPont. National lead. American Locomotive. Bethlehem Steel. American Sugar. Stewart War ner. United Pacific and Chicago and Northwestern, Panhandle. Producers ••nd Refiner* preferred jumping 6% points. Producers and Refiners and Consolidated cigar preferred 3% each. Wi’lys Overland preferred 2%. American Linseed preferred ?% and Atlantic Refining and ••Soo” two each. Call Money opened at six per cent. Wall Street 1:80 p. m.—Active tel 'lng of Davison Chemical carried 1’ down 5% points and Houston. Mar 'nnd and Tnvino'ble oils also were heavy hut the market otherwise was responsive to the rise to par by United States Steel and a gain of two points to a new high figure for the year in Southern Railway. Sales to establish tax losses were expand ed. cash transactions occurring in 150 dlfietxiH 6*ues. Th* closing was strong The list showed more general strength In the final hour when some of the standard industrials were t a arply. particularly Bal Iwln. Butter and Eggs Butter and Eggs NEW YORK. Dec. 31.—Butter easy; receipts 11,403. Creamery, higher than extras 65@55%; cream ery extras (92 score) 54%; ditto firsts (88 to 91 score) 47%@54; packing stock, current make number 2, 80% @Bl- Eggs steady; receipts 8.073. Fresh gatered extra firsts 45®47; ditto, firsts 42044; ditto, seconds and poorer 33041; New Jersey hennery whites closely selected extras 56% 57; nearby hennery whites closely selected extras 58 @57; state, nearby and nearby western hennery wh'tes, firsts to extras 50© 55; nearby hen nery browns, extras 52 @54; Pacific coast whites, extras 55 <2 56; ditto, firsts to extra firsts 60054; refrigera tor first 27%@28%. Cheese weak; receipts 22.408 pounds. State, whole milk flats, fresh fancy 21 @23; ditto average run 19%; state, whole milk flats, held, fancy to fancy specials 24%@20; ditto average run 22%@24. CHICAGO, Dec. 81.—Butter steady; receipts 10-682; creamery extras .54; standards .50; extra firsts .500.53; firsts .44%@.47; seconds .43 0 43%. Eggs higher; receipts 4,235; firsts .40; ordinary ,34@.36. Foreign Exchange NEW YORK, Dec. 81.—Foreign exchanges easy; quotations in cents: Great Britain demand 432 3-16; cables 433 7-16; 60 day bills on bank* 429 15-16. Franc* demand 5.08%; cables 5.09. Italy demand 4.31%; cable* 4.32. Belgium demand 4.64%; cables 4.47. Germany de mand .000000000025; cables 0000000- 00025; Holland demand 37.90; cables 37.95; Norway demand 14.61: Swed en demand 26.41; Denmark 17.71: Switzerland demand 17.46; Spain de mand 12.90; Greece demand 2.20; Poland demand .000018; Czecho Slo vakia demand 2.91%; Juxo Slavia demand 1.13%; Austria demand .0014; Rumania demand .51%; Ar gentina demand 88.00; Brazil de mand 10.00; Montreal 97 9-16. LIBERTY BONDS NEW YORK, Dec. 31—Liberty bond* closed: 3%s 99.6; first 4%s 98.2: second 4%s 98.7; third 4%s 99.10: fourth 4%« 98.12; U. S. gov ernment 4%8 9940- Livestock S All Markets WHEAT MARKET CLOSEISFIRM Advances In Early Dealings Offset by Later Day Transactions CHICAGO. Dec >l—OH«rlns« war* readily absorbed end prices ad vanced in the wheat market today during the early dealings. Demand appeared to be based more or lens on predictions in various quarters that all grain values would tend upward after the first of the year. It was contended that depressing factor* had been discounted in full. The opening, which varied from unchanged figures ot % cent higher with May 1.07% to 1.08 and July 1.06% to 1.06%, was followed by moderate gains all around. Rough weather gave strength to prices of corn and oats. Traders short of Dec ember corn were even ing up their trades, and May com was in demand from cash houses. After opening unchanged to % cents higher. May 74% to 74% cents corn reacted somewhat from ini tial top figure*. Oats started a shade to % cents higher. May 45% cent* and later continued firm. Provisions were steady in line with the hog market. Subsequently, support was lack ing, and commission houses gave the market something ot a setback The finish was unchanged to 1% cents higher, with Mny 1.07% to 1.07%@1.08, and July 1.06% to 1.06%. I-ater there was a decline which was associated more or less with gossip that a cold wave would put corn in better condition for shell ing. At the close values showed a net low of % to 2% cents, with May 74 to 74% cents. Wheat: Number 1 hard 1.060 1.07: number 2 hard 1.04%@1.07. Com number 2 mixed 71 %@ 71%: number 2 yellow 71%@72%. Oats number 2 white 44%@45%; number 8 white 43%@44%. Rye number 2. 70%. Barley 60 @64. , Timothy seed 6.50@8.00. Clover seed 12.00@21.75. Lard 12.60. Ribs 9.62. Open High Low Close WHEAT— Dec. 1.02% 1.04% 1.02% 1.04% I May 1.07% 1.08’4 1.07% 1.07% > July 1.06% 1.06% 1.06 1.06% 7ORN— Dec. .71 .71% .87% .67% May .74% .74% .73% .74 Tub’ .75% .75% .75 .75% OATS— • Dec. .43% .43% .42% .42% i May .45% .45% .45% .45% ’ July .43% .43% .43 .43% LARD— Jan. 12.12 12.15 12.12 13.15 May 13.23 12.23 12.17 12.20 RIBS— Tan. 9.65 9.65 9.62 002 May 9.82 MINNEAPOLIS, Minn.. Dec. 31 —Wheat cash number 1 northern 1.11%@1.14%. Number 1 dark northern spring, choice to fancy I 18% @1.22%; Good to choice 1.14% @1.17%; ordinary to good 1.12%@1.14%; December 1.09%; May 1.12%; July 1.13%. Corn number 3 yellow .64%@.64%. Oats number 3 white .39%@ .40%. Barley .47@.61. Rye number 2. .64%@.65%. • Flax number 1. 2 39%@2.42%. Silver NEW YORK. Dec. 81.—Bar silver 64%; Mexican dollars 49. ’ GRAIN EXPORTS CLIMB WASHINGTON, Dec. 31.—Grain export* from the United States last week amounted to 1,868,000 -bushels compared with 1,093,000 the week before. Commerce department figures made public today gave the following comparisons between th* grain ex ports of last week and those of the previous weeks: Barley 88,000 bushels against 9.- 000 bushels; Corn 235,000 against 522,000; oats 8,000 against 4,000; rye 97.000; wheat 1,52800 against 461,000. Canadian grain exported from the United States ports amounted to 3.- 164,000 bushels against 5,460,000 bushels ths previous week. Metals NEW YORK. Dec. 31—Copper quiet: electrolytic spot nnd nearby 13018%; futures 18013%. Tin easier; spot and nearby 46.87: futures 46.50. Iron steady; number 1 northern 23.00@24.00; number 2 northern 22.50023.00; number 2 southern 21 00 @22.00. Lead firm; spot 7.6008.25. Zinc quiet; east St Louis spot and nearby 6.2706.30. Antimony spot 9.75. Money NEW YORK. Dec. 31—Call mon ey strong; high 6; low 5%; ruling rato 6; closing bid 5%; offered at 5%; last loan 5%; call loans against acceptances 5. Time loans steady; mixed collateral 60-90 days 5; 4-0 month* 5; prime commercial paper 4% 05. Expert watch and Jewelry repair ing. Casper Jew/lxy Co, os 1 .feQ New York Bonds feo Maati NEW YORK BONDS FOREIGN Czechoilorsk Rap. 8* ctfs ...94% 94 94% Danish Municipal la AO7 % 106% 107% Dominion of Canada ss, 1952..99% 98% 99% French Republic 7%s 92% 91% 93% Kingdom of Belgium Sa ...... 97% 97% 97% Kingdom of Norway 6* 93 92% 92% dtat* of Queenalar.d 10\) 100 100 U K of G B * I 5%s -.37 .100 99% 100 R.ULWAY AND MISCELLANEOUS American Smelting 5s ... 92% 91% 02% American Sugar 6s —-.-..100% 100% 100% American To A Tel CV 65118% 118% 118% American .Tel cel tr So ... 98 97% 98 Anaconda Cop. 7s. 1938 —.... 87% 97% 97% Anaconda Cop. Go 1935 96% 95% 95% At. T. A San. F* ge 4* 10% 86% 86% Baltimore A Ohio cv 4%s ~ , 82% 82 83% Bethlehem Steel ccn- «s. Ser A. 97% 97 97 Canadian Pacific dob 4*...7j% 79% 79% Chi. Burl A Quincy ref 5* A ....98% 97% 97% Cid Ml! A St P cv 4%b 55% 52% 52% Chile Copper As —... 99% 99 99% Goodyear Tiro Ms. 1941 07% 97% 97% Great Northern 7* A ........112 112 113 Northern Pae ref Ca B ... ...102% 102% 102% Northwestern Dell Tel 7* —.—107% 107% 107% Pacific Gas A El*c 5s 91 % 91% 91% Penn R R gen Ge ...100 99-i 99% Sinclair Con Oil col 7*94 93% 98% Southern Psclfic cv 4b —... f*2% 92% 92 '.* Union Pacific la 45.... 90% 90% 90% U 6. Rubber 5s ....—85% 33 85% Utah Power A Lt 5* 88% 88% 81% Western Union 6%s .....—... 09% 109% 109% Weatinghous* Elec 7a ________lo6% 106% 100% Wilson ACo cv 6* .... 95% 94% 94% Hog Shipments to Denver Show Enormous Increase Though Denver a* a livestock commission cent** la advancing rapidly to a place where it is being given first consideration by stock growers of th* west, it is particular ly as a favorable market for hogs that It gains wide recognition. For the year Just ending 495.351 hogs went to Denver’s stockyards, or 100,132 more than wer* shipped there during the preceding year of 1922. Such increase is remark able, being due to a great extent to the higher price*. Comparative figures on shipments of cattle show a falling off tn 1923 Market Gossip and Briefs On Operations in Oil Fields Pinched Shoe Having pinched the shoe on Its 8%-inch casing while running the string in its test of Stells Creek in Johnson oouty, the Tarrant company is now pulling pipe. It is thought the hole Is down to the top of the first Wall Creek sand at 2.090 feet. It will probably he several weeks be fore the casing is again on bottom and the test resumed. Balling Caving* Cavings are still holding up the test of the Lakota sand in the Max- < Livestock .1 CHICAGO, Dec. 31—Hogs. R*-,’: eelpts 70.000; mostly steady to ship- 1 per*, traders and small killers; bulk ; desirable medium and mostly around ; 1 7.00; 140 to 175 pound averages j 6.6006.80; bulk packing sows 6.400 | 6.60: desirable strong weight pigs ' 5.7506.25: big packers bolding back bidding slightly lower; heavy weight hogs 7.0007.25; medium 6.1)5@7.20; light 6.6007.05; light light 6 4006.90 packing sows smooth 6 5006.75; packing sows rough 6.2506.50; slaughter pigs 5.2506-80. Cattle. Receipts 16,000; gener- ! ally active; beef ste*rs, yearlings and fat she stock 15 to 25c higher; numerous spots 25 to 40 cents up on in-between grade* matured steers and yearlings; fat steer con tingent largely short fed; top ma tured kind 10.65; several loads 10-00 @10.50; best yearlings 11.00; ship- , per demand, broad, both tor fat steers, beef cows, heifers and veal j calves; latter class 25 to 60 cents higher; packers paying upward to. 12.50; shippers selecting upward to 13.50 ad above; strong weight and I heavy calves showing fully advance stockcra and feeders comparatively scarce; country demand rather nar row; sales out of first hand firm: Sheep. Receipts 19.000; active; fat lamb* around steady; sheep ami yearlings slow, asking higher; early bulk fat wool cd lambs 12.75013.25; few to outsiders upward to 13-40- recantly clipped ’ambs 11.00; few cull natives 10.00010.50; practically no early sole* sheep or feed-ng lambs. OMAHA. N*b„ Dec. 31—Hog*— Receipts 11.000; early axles to ship per* and yard traders around steady; good and choice 240 to 800 pound butcher* 57.00; top $7.00; 190 to 220 pound weights 36.900G.95; packing sows 16.6506.75; big pack ers talking 15 to 25 cents lower: average cost Saturday 36.85; weight 243; average cost for week >6.81; weight 244. < Cattle—Receipts 4,500; fed ste««r» < and yearlings active. 15025 cents : higher; bulk |7.75@9 25; top steers 39.40; fat she stock 25 cents higher; canpers and cutters and bulls 10 to 15 cents higher; veaier* 25 to 50 1 cents higher; Stocker* and feeders 1 steady; bulk butcher cow* and heif- : PAGE SEVEN of 37.089 from the total 619,158 di rected to Denver In 1923. There wa* also a decrease in sheep shipments. For 1923 the figures are 1,850.725, or 16 058 few er than th* total for 1932. Still, the largest receipt* of sheep for uny one week and ony on* month in tX» history of th* Denver live stock center were tn 1928. Because of its proximity to th* ranges' upon which western live stock in run .Denver is becoming th* logical point for shipment* to commission houses. It offers • good market for both feeder* an<l packing house stuff. weJl-Newcomb well on th* Pat O’- Connor ranch north of Salt Creek. Balling and cleanlg out are go ng on about 50 feet off bottom, which is 2,230 feet. Wyoming OU* NEW YORK. Dec. 31.—Prices of Wyoming ol’s at 2 p. m. today .wer* listed on the New York curb a* fol lows: Standard Oil (Indiana- 67%; Glen rock 85. Mountain Producers 18%; Mutual 13; Omar 73; Salt Crck 22. era 8406-50; canner* xnl cutters 12.5003 75; vealera to packer* 89 50 @10; bologna bulla mostly 33 7S@ 4 60; Stockem and feeder* 3607.35. Sh*ep—Receipt* 10.000; active: fat Jamb* steady to strong; bulk woofal i lambi 312.75; sheep activ* 10015 1 higher; light nnd handy weight ewes 137.5007.80; top 37.85; feeders elow, ' steady. I DENVER, Colo., Dec. 81.—Hogs receipts 1.500; mostly steady; few rales weak to 10 cents lower; bulk 180 to 220 pound averages 7.00 to 7.20; few 200 pound kind 7.25; one I lend around 220 pounds 7:30; few choice light lights 7.15; packing sows mostly 6.50. | Cattle receipts 1.400; calves 100; killing clashes active, steady to strong; good 1,138 pound beef bteen 8 50; several loads feeder he'fers 7.25. ' other* 5.00 to 6.50; best bid cows 6.00 to 605; other* 4-00 to 5.50; calves stronger: early sales 7.00 to 9.25. few stockers and feeders on sale, demand narrow. I Sheep receipts 2.500; few loads back; early sales fat lambs steady to (strong: top 12.60 freight paid: others mostly 12.40; practically no sheep or 1 feeder lambs offered early. KANSAS CITY. Mb., Dee. 31. Cattle receipt* 11 000; calves 2.000: fairly active; beef steers uneven: steady to 13c t-'gher; ea**ly top at ?9’5 bulk cictlrable kin is 17.73@ 1.75; better prudes tat cows an 1 h«:lcrs strong to 25c higher; can -era and cut rr> rteady; teof cows 8406; fat heifers 15.500850; can • 1 r and cuttvrs 32.2503-70: t»ulla 25c higher; tc-.rg*-** S4O 4 ’5. calves .’■'c »r 50c hlgler- top veals 310.50. . edlum an-i Ivsvlaa s4'7B: sfr»ck*m and feeders scarce, steady to strong; mostly $607.85. Hogs—Receipts 11,000; strong to 10c higher; packer end shippen* top 37; bu’k of sales 36.700 *>.9o; bulk desirable 210 to 300 pound butchers $0.9006.95; good 170 to 2')o pound averages 56.6506.55 130 t.-» jeo pound averages $608.60: packing sows mostly 6.40; stock pigs steady; bulk $6 2505.65. Sheep—Receipts 5,000; lambs gen erally steady to strong; top $13.85: other early sales fel lots 812.600 12.83; no fed sheep offered. LEAD PRICES JUMP NEW YORK, Dec. 31—Th* Am erican Smelting and Refining Com pany today advanced the price of lead from 7-40 to 7.50 p** pound.