Indianapolis News, Indianapolis, Marion County, 11 June 1920 — Page 44

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THE IXDIAXAPOLIS NWS. FEIDAT. JUNE 11, 1920.

POOLS ACM IN

TRADINC

New York Stock Prices

f By Thomiwn * M^dOnnon » Wire!

' ' —■Job* 11—

i ' (Jtrm. High ' Alack* Gold .... 1 =, .. . . iAlb*<^bai. Mg... Zb .... ! Am. B«et Star— &1 ...

hioh-!aS; c"

! Ann Inter. Corp. 5 ,

•Atica. Gulf ... 1<MSS 19Aln

- Am. K. A S*... 18%

‘ •*Am H A L pf

IN THE BACKGROUND | 3;

Am. SmeUtn? #5d

PRICES HOLD SlEADV

JTIONS OF

RATES FOR MONEY.

141% SS

10®

! Sheep and Lambs—Seneiptc. 2 510: best Hfnaf lambs. SlT.a5eiT5^; aecoadc. S1230 5.1* 00- runs, SAjftOfi 10.00; best lat ab«P ;

»7J!5e7J0; Wia. S5.50 down.

| EVAXSVlLiX. fad.. Jane 11.—Cattle—j BecetpU fairly liberal; market, strong and I actire on the better grades, fally steady on: others: ebciee prime steers S12.00eld-00, < » tw * r * rood to cbmce 51100 6 f 13jO; medium to rood $»^OeilJ>0: Plata; to common ST^oeo.OO; boteber beaters.; rood to choice.!12.00: medium to good. JS^O® 10.00. common to plai^ $7-^ @8^0: costs, good to choice. 58 50# !80 75; medit;m to rood *T.V>g

blue rose. 11 %c. Bice—Steady: fancy head. 13% 613* e.

RAILS

j Average Stock Prices

AtrerhBe pried of twenty indnr* ttockr Thurrday wati 01,f2, off average price of twenty ac-

» was 70.**, off .tt.

S5 .!S8

n rtoeka today wa« fairly a confident undertone re-

tl^ht money and greater St Paul the Chicago convention. y '—’

tied 50O.0OO *harea.

NEW TORK, Jane II,—Bull pool*

were ^mo^eyaie^active again at the

predict

rhippi ng« and chemical*

, Am, burar. . .124

33§ i« s

Am Bra* Syn... 11* 11*

aut 0 **#.S5 Am. Bow-fa 110% sr f i?8

r " ft ’•••,115

C«nr^ A« - C7» I. A P .. 30% IfE-ffT-s! Chino Copper .. 30 %

ISS

eail money, Steel*, e^uipIpping* and chemical* I to 2 point* In the first tranes. the outstanding feature* betawanna Steel, Haskell and Mercantile Marine preferred u*trial Alcohol, Among oil*. Petroleum was strong and _ the motor* god their subsidy made fractional gains. Rail*

were In the background-and copper*

reacted slightly.

Cfesndier Motqn.101 %

outset of today's stock market *es-

rates for^caJl money 1 .* Steel*, equip- Colo Fuel A I,, 32%

gs-l Br*e l#t pfd. , 18% General,* Motors 24 % Gen. Electric . . .143 Coodn^b 03 %

mmjjs.m.mi,. - Jg22Sa S3;135 With no pronounced Increase , <} (J t| ^,4^ eji:; « of business, gains among steel 1 Herrcster New ' |

ipment. oil, chemical and; pu-rce Oil . share* were materially i Inter Paper

ii»

101* 11% 135 ■fi*

Brookb-n

Can. Pacifle

31* 31*

CDoss.

ALL BOLD-TOP $15—HEAVIEST MARKET CLOSE STEADY TO ONE : u-.unw .. A cm -r^ 8 8^0. cows good to choice. 53a08 1 leeij KINDS HARD TO SELL. jgg.75: aaedimo to good. $7 50<i 1 CENT HIGHER. I 1 8 50: cutter* 53 308 7.00: manner* 54 00

fS,~. , ! 8 5^0. Cals-es—-Receipts light: market.;

“’‘ CATTLE TENDENCY LOWER I SgU^uTig.* ! WEAKNESS IN PROVISIONS I

| flO.00812.00: 'W.mcm. J-'oO® 8.00 beat ;

. .: ■ |. fat efaeen *7 00 : ®7 3© medium. 53.00# I

UV^^mmon. 53 008 400 yearhng*. S CHICAGO, June 11.—Fresh upturns ' 58 00# 0 00 Hog*—Beop-Ttr. light: »ar- j la the value of grain resulted today he* ®0c higher heanet and raised psetare. { from absence of selling pressure.

■ B .HH weighing ISO lb* and up | Commission houses were modern buy- - -.. '■; p c , , ■_ - - 1 weighing 130 to 100 lbs.. 51430; J»avy jers 0 f corn ift* r onenina JAS%c 42S?k tAianiJursrAS: ; ssis»?;L.7i««.. j flK.. >■&•»«

Hog*. Cattle Cafare*.Sheep I LAFATETTE lad.. Jane 11.—Cattle—

£8 Friday S.OOO 1.M0 80O S-'.-C Bent heavy ehipptng iteer* 1.300 to 1.500 31% r®** **° Ji 3 * 5 P35 1.14a 1P2 ns*., 510P0# 1250 common to medium

1* f Vsbaw Ajrrk 1^1 4.A.5I Sift -a- a aww-*,

OTHER GRAIN MARKETS.

, CINCINNATI. June 11—Wheat. $2 SO. , Cora—No. 2 white. $2.03; No. 3 white. L $2.01 #2.02: No. 4 white. $10S#2.OO. No. I 2 yellow, $103; No. 3 yellow. $1914# 197: No. 4 yellow $1S9#191: No. 2 miaed. $1.92#1.92%; No. 3 mixed. $1.91# r 1 93: No. 4 mixed. $1.88© 1.90. Oats— !«iev«i9A —§2.2062.22. Hay—

SIDELIGHTS ON MARKETS

No. L S* SO No. 2. $2.77 Com—No. 4 or better (63 lb* to the bushel*. $1.81. Oats White. $1.08: mixed. $1.03. Rye—No. 2.

—June 11—

The tape says: Every indication points to a renewal of federal wheat board control Of the 1920 wheat crop of Canada. Under the law the old board disbands August 31. Federal government indicated that they would be governed by the desire of farmers in regard to keeping wheat under control,

vrh j Grain grower* officials assert this will be nw ’demanded, as it is now apparent that grow-

ers secured an aggregate of $2.73 per bushel

under 1919 control.

98* 1 00% I 'UJ U-'l lii 1

Receipts of Live Stock

Chile Copper Consol- Gas. Chandler Mol

Si 30* !J5

30%

119* |

Week ago 12 383 935 1.145 192

..f Yw * co '•' * 13.448 549 772 8* 1 steer*7 800 to 1000 lbs- $7O0#93O. 113 ! 4fw . - esans os.-- 0 sa-m. ‘ bVV’iWT <«TF 1.000 J\» $9 00^

a€m t.-' f t^tsf fair. 4r& >44 o 3-1 4,23T :-j ^^30“ HrEyfrur r™ £' ll:SS JIS! S5U ‘fS] U5S4’Sfc ,4 lS4*%1%'^S«?‘S.

i4 i

iia

as ss 101% 102% , - 33 139% 14® &3»4 f»4*

89%

during

rose $

th* morning, lot. KiHiel ctf. point*. Lack- j I»»- Copper . . .

4; fteulogl* Vanadium ! Hors* Dup*

Pstroj

xlcan Petroleum' $ and Pan-1

can Petroleum 2. Htromberg ^

1 the motor snedlaltie*, gainoint* and IndustrUI Alcohol, oducts and Barfett rose 2 to eontlnusd sluggish, the noteworthy movement being a Of t% for Missouri Pacific,

money opened at h per cent, the maximum opening rate of the we*k

on London was firm and

bonds were stegdy.

was the outstanding feg.

ia*:y I' ft: it tit m • ; — —ti •*— wm. —

70%

t» i

132% 135% 132%

16 . , .,■

78% 17% 52%

110*

30 %

05 35* 70% 03 133%

midday with an extreme gain

lOHii “

dot

es. such MS

it 1ft points, for dormant

There was some iipm*nts and

ww, m« ^ePago Portion!, Harvester, Pressed Steel Union Bag at gains of 2 to ts. Call money advance to HI higher prices filled In the last ', motors and tobacco* contrlbut'

Ing to the further advance,

Ing was gtrong.

The clos-

The

Market.

'M4e. . bins. 7.07«'.

Meresntile p»i>er. firm. 8 ter ling: immercial 00-dsy comPMuelsI HO tiny

land. $3,94*; csbies Demand. 7 02e; cable*,

. frsne*; Demstsi. 7.|»5c; c*-

Gullders: Demsiel. 30.25c; <•*

ble* 30 27e, Lire 1 . Demand fi.fllc; ctble*. fl.dUc, Mark*: Dcinand. 2.&lc: cables. 2.53c, New York exchange on Montreal 12* per cent, discount. Government bonds firm: rail* road bonds steady. Time loan* firm, ho «i;«ys. •HI days and « month*. 8% per cent. Call

. 8 per

■ bid. 8

(“•r cent.; oflftred *t l» per cent : last loan, H per cent Hank acceptances 0% j«sr cent. PAK18 June 11.—Bxchange on Imndon, 63 francs 6 centimes The dollar is quoted

st 13 francs 31% centimes

LONDON June 11 .—Money, 4% j>er cent Discount rates: Short WUs, H%«t<iP 10 per •wnt.; three months bills, «%«rt 11-ih fM.r

MMl* '

money strong; high, 10 per cent,: low, 8 «ent,; ruling rate 8 per cent.; closing ■ i» r emit.7 offered at it i«r m Hf ■

Chicago Banking Hour* 0 a. m. to 2 p. m CHICAGO. June 11—The difference in time between the banking hours of New York and Chicago will be aUminated per manenlly at the expiration of Chicago , *aummcruroe' next fall, it waa announced today. The Chicago Clearing House Associa-

tion v iha nc

voted yesterday to continue in force

tchodule. 0 a. m. to 2 p. m„ which

es effective next Monday in conformity with the city ordinamv. when the clock* are turned back one hour to standard time.

Bar Stiver, New York, 92«.

NEW YORK June U,—Bar stiver, 02c;

Mexican dollars, MO %c London liar NHver,

LONDON. June 11 .—Bar silver. 51 %c per

ounce.

‘ Irregular on Bourse. PARIS. June 11—Bourse Rentes, 59 framw 45 ••anttmes.

irregular.

Oovsnunent Bonds In New York. (By Thomson A McKinnon's Wire)

—Juris 11—

S:!

I1030I. reglgtemi. (10301, coupon. |

<10471. registered.. (1947), coupon. , . .

8. 4s (1083). registered.. 2, 4* (1035). coupon. ..

(foam, registered . <1080), ooupoa.. . . (1038% registered. , (1038). ooupon

W~ 100 100

77 77

104 104 100 100 100 100

"Atir

105% 101 % 101 « 101V, 101%

INDIANAPOLIS CLEARINGS.

Clearings

June 11,1020. June 13. 1910. ,.,$3,277,000 $3,1 OH.000

NO PRICES YET FOR WOOL

BOSTON, June 11.—The Commercial Bul-

77* 17% 52%

110 20*

105

102 * 177* 32% 80% 20% > 38% 24% 43 *

08*

,7 ?S

110 I

20*

im a* If#

Kelly-Spring. Loft Cssdy ., Lacks. Ateel ..

1^-hlgh Valley , Pan Amer com. Me*. Petrol ... M M. pfd ctfe Miami Copper. .

Ohio Gee

Pseiflc,

Midvale 8tee!. .

MEAT

M" V ‘ rLr„«r * ig";* 1 4 iwxinii # •» N. T. Air Brake

fvn. * h. ms Preseed 8tl. Car 100 Pierce Arrow ... 50 * Pitts. Coal 55% Penn H, R.,,.. 38%

Ry hti Springs iSmU:::

Sinclair OH .... 32 Bines 8hef 00% »n Pacific .... 92^

a " W * ,r Vi

Z» 11*918 Ptrg e 4 a * # 74 Htudebaker , , 09% Tob. Product*... 71 V* Texas Co. 48% Trana^Cont Oil., 14% Tsayia-Pacific ... 40* United Fruit... 200 Union Oil 28* IT, 0. fHeel 98* 31* » »»« l L?M.,104* V. f. Rubber. .. , 06 ptsjt Cpfuier....., M0 % U. #. Ind, Alco. . 80% Unioi* Pacific . . .118* Unit#*! Retail St.. 80% We*Unghouse ... 40 % While Motor* ... 61 % Wabash pfd. A .. 23% Wc^i, Union, Tel. 84% Wlllys-Overland . 19 Wlaon Co 03 Coctf-Cola ...... 83 * Flak Rubber ... 32* Oklahoma Ref... 4% Famous Players. 79% lew Tire 28* Peoples Gas .. 37 Pull. Pal. Car .100* Tennessee Copper 10 Pere M arquette 24 Worth. Pump .. 08 Vanadium 70%

17% 73 % m sa

16% 71%

29* 27% 108%

72%

•. *, 43 * 102% 104 177* 180 32 % 32 % 88% 89 % 38% 38* 24 % 25 48% 43%

‘2S#

39'

01* 32

Month to Year ago

date 101.020 0 190 8 742 7 041 112.977 11,030 5.100 1.770

Sheep-—Choice fat wSrus. BjLOOftl 9 00

Hog* Cattle, Calve*. Sheep

etpt* for Year to Date—

1920 1919. I»ere»eeJ>w=reaee

140.031 10.481

1.100.842 1.300 873 154 138 1 04 010

85.048 20,351

05 080 10 002 18.087 8.204

—Hogs at Eleven Markets— Friday — last week ISST:::::::::::.: thua far las t week time. 1010 time, 1018

ear to date

time. 1910 time. 1018

Irme time. 1017

98* 104%

ifi* 80%

wroasoTr % dend l * per cent.

30% 35' * 34% 70%

14* 40% 202% 28 04% 104* 00 ’4 70* 80 % 113% 83 50 52

IS#

70* 82

pw 'S:* '**k~jKr

LIBERTY BOND PRICES

NEW YORK. June U.—Liberty bond final ptkm were: 3%a. 01.00; first 4s. 85.50; 2*^ onrt „. 4 *; ® 4 ; 7 . 0: ftr,t 4 %*• 85 50: second 4%a 85 00: third 4%a. 88.74: fourth 4%a. 85 4d; Victory 3*a. 05.80; Victory 4* a.

There ws* little difference between the prices of hog-s on Friday and those for the day preceding. The top price, $15.10, was 10c higher, but the predominating price. $15.00, was the same and other scattering sales at $14.50, $34.75 and $14.90, for hogs averaging between 250 and 300 pounds were apparently steady. Local packers were the only outlet for hogs weighing more than 30ft pounds and they were not much interested regardless of pfice. Hogs weighing only a little more than 300 pounds brought $14.00 and there were odd sales of hogs weighing up to 400 pounds at $13.68 to $13.<5. Buyers say the product of the extra big hogs is used for about the same purpose as that of the good sows that can be bought for $2.00 or more lower. The practical top price for pigs waa $1$.000, but strong weights sold up to $11.50 and feeders at $12.00 up. Outside sales of sows were up to $12.50 and others largely at $12.25 down. Local interests took 8.000 hogs and outsiders about 3.000. making a clearance of the supply of 9,000 hogs.

Hot*.

Good mixed 100 lbs. up sv.fU 90§15 on Assorted. 100 to 250 lb*. *v. 15 00e i5 10 Uniform. 250 to 300 lbs 14 501914 90 Extra big hogs 13 50614 00

r »‘ hog*, weighing down to

_ *«• Iha- 14 00O14 50 F*t back pigs, under 140 lbs. 13 50 down Light pigs 13 00 down Feeding pigs 12 60 down «ows. according to quality. . 11 00612 50 Most of good sows ....... u 75612 25 Poor to best stags. 80 lb dock 10 00612 25 Males on truck market .... 15 00615 25 Best heavy hogs a year ago 21 35 Best light bogs a year ago 21 25 Most of sates year ago... 21 25 » The tendency of prices for cattle was lower, with the loss mostly on the grass fed kinds Including steers valued from $15.00 down, heifers than $13.00 and cows from $10.00 down including the canners from $5.50 down. The decline in prices In most cases appeared to be about 26c but some of the sales were quoted 50c lower than the strongest prices of the day before. This Is In line with sentiment shown In the late session on Thursday and is not unusual following the rank advance in prices in a period of two weeks. Several more loads of steers here on Friday sold at $16.00 to $16.50, but the outstanding feature of the day s business was the sale of baby heifers at the highest price paid In the local market this year and probably higher than they have sold In other markets. The drove included forty-three cattle averaging 780 pounds and they brought $18.10. They were grade Shorthorns, all red. and were fed and shipped hy Walter Gray, a young farmer of Decatur

county near Letts. The

oioe to fair sheep $250500: good to j choice yearling*. $8.00610.00; spring J iamb* $10.00 612.00. Hog*—Car hogs. ! $14.85: truck hogs. 170 to 250 lbs- $14 75; 140 to 170 lbs *14.35: 225 to 250 lbs $14 51); 250 to 273 Iba, $1450: 275 It* up, $14 10: 100 to 140 Tbs. $10 0061150:

stags. $10.75 roughs $11.75.

NEW TORK June H —Cattle—Receipts, j 1.375.■ higher: steers $12006 17.25 bulla, rtrtn : $8.0O«13 30: rows $4506 1250. Calve*—

nnnnn ; Receipt*, 080: higher: veals. $15.5061850:

culls. $12,006 14 00 Sheep and Iambs—Reenpts, 4,t>*0: irregular: sheep. $7 00 6 10.00 culls. $4 0066 00 lambs $15.00619 50: culls $12.00614.00. Hors—Receipts 4 010 steady at $15 256 16 75 pigs $14.00ti

1450: roughs. $12.75

CINCINNATI June 11 —Hogs—Receipts. 0 500: steady to 25c higher: heavy $15.00 61535: packers and butcher*. 515.25: cctn-

moc. to choice: $f» 006 11 50: pigs and lights SepU 21 82 $0.00 6 13 75: stags. $7.00«8.50 Cattle—^ RIBS— Receipts. 800; steady: steers. $7.00 6 15 50 JalF •T’ heifera. $7 00 614 50: cows $05061100 R " r ‘ , 10 n

Catve*—Steady Sheep—Receipts. 4.800,

steady lambs, steady.

PITTSBURG. Juno 11.—Hors—ReceipU. 1 200: higher; heavies $15.00615.25

iiVs&iVjii! th , ascended further.

The bulge In prices led to a big increase of selling orders and forced tbe market to react.—Closing was at yesterday's finish to one cent higher. Oats displayed independent strength, opening from unchanged to Jc higher, including July at $1.02%«S?

1.93.

Provisions were weak.

100 000 34.000 80 OOO 522 000 5*4.000 577 OOO 518.000

14 540 000

.18 414.000 18 438.000 18 070.000

E By Thomson

RYE—Open. July 2 08% 2 00% Sept 1 90% CORN— July 1 74 % 1 75%. Sept 1 «2 * 1 02 OATS— July 1 03 1 02% Sept. 83 *

PORK—

July 34 40t Sept 35 45

Lard—

July 20 80 Sc-»t n 1 R<»

A McKinnon's Wire] tune 11—

High 2 10%

Low.

2 07%

l 91% 1 88 1 75* 1 71* I 63* 1 00% 1 05 1 01% 85 82%

34 50 35 75 20 87 21 82 18 40 19 27

34 40 35 45 20 80 21 77 18 35 19 17

Close. 2 10% 1 00% 1 74* 1 74% I 02% 1 62% 1 04% 1 04%

84* 34 50 35 75 20 82 21 801

19 20*

KANSAS CITY, June 11—Cash Wheat—Unchanged: No 2 red. $2 83. Corn—2c to 5c

lower. Date—U nchxnged.

INDIANAPOLIS CASH GRAIN.

$1.20% 6

—June 11—

The bids for car lota of grain and hay at the call of the Indianapolis Board of Trade

were:

Corn—Weak: sample white. $1.80%: No.

3 yellow. $1.01%.

Oats—Weak: No. 2 white, 1.21%: No. 3 white. $1.20%. Hay—Easy: No 1 timothy. $41.00(8 4150: No 2 timothy. $40.00 ® 40.50: No. 1 light clover mixed. $40.00 6 40.M); No. 1 clover mixed. $39.50 6 40.00.

INSPECTIONS.

Wheat—No. 3 red, S cars: No. 4 red. 1 car. Total. 3 cars. Corn—No. 2 white. 6 cans; No. 6 white. 1 car; sample white. 1 car: No. 2 yellow, 28 cars; No. 3 yellow. 3 cars; No. 6 yellow, 2 cars: sample yellow. 2 cars; No. 2 mixed. 1 car: No. 3 mixed. 1 car. Total. 45 cars. Oat#—No. 2 white, 7 cars: No. 3 white. 1 car: sample white. 1 car. Total. 9 cars. Rye—No. 2. 2 cars. Total. 2 cars.

(Ask. tNominal.

Chicago Cash Grain.

heavy Yorker*. $16 00 6 16.10 light Tork«s. $14.50 6 14 75: pig* $13.75614 25 Sheep and Unibs—Receipts. 300: steady . |

Additional Dividends Are Declared. NEW YORK. June 11—Directors of the International Mercantile Marine Company have declared in addition to the regular semi- | annual dividend of 3 per cent, on preferred {stock an extra dividend of 5 per cent, of preferred stock toward reducing an accumulation of 47 per cent, on back dividend*

Metal Fries*.

NEW YORK. June 11.—Copper—Dull: spot. June and July. 19c: August. 19 %c. Iron—Firm and unchanged. Tin—Snot and June. $49 00c: July. 48.75c. Antimony—

Sheep and lamb*—Receipts. 300: steady, top sheep. $0.7!!i: top lamb*. $16.50. Calves

—Rocmpts. 400: steady: top. $17.00. j —— »T LOUIS June 11—Cattle—Receipts,! New York Grain. 1550 NEW TORK. June 11-Flour-firm; higher* *PUng patents $14.00615.00: spring clear*. SKT**UM "'Kdir’ .ills«•«» <•"« 1=—- —- «—•

CHICAGO. June 11.—Wheat—No. 2 north- 8 25c. Metal Exchange quotro lead steady; ern snrmg. $2.87. Com—No. 2 mixed. $1.85 «*>» and June. 8.00c asked Zinc, o.uiet: East ® 1.87. Oats—No 2 white. $1.186 1.20 ' St. Louie spot. 75567.60c. At London— Rv«—No. 2. $2.23% 6 2.24. Barley—$1.50 • Standard copper, apot. £88 17s 6d; futures. @1.53. - : £02 2s Rd: electrolytic, spot, £104; futures. ! S1O0. Tin. spot. £244 5s; futures. £348

} 15*. Lead. spot. £35 10s; futures £37 5s.

Zinc, spot, £41 5s; futures. £43.

15.10. Sheep—-• Receipts. 700; steady.

medium. 614.00.

On Local Stock Exchange

The tendency of quotations at the meeting of the Indianapolis Stock Exchange Friday was upward Advancc-Rumley. common. advanced 2% points: Indiana Coke and Gas 0a. 2 points; Advance-Rumley preferred, 1 * points, and Indianapolis Street Rail-

way 4s. 1 point

I josses were Ott liens

and Indianapolis

Street

Street Railway.

Railway

points

Ask.

lettn will say tomorrow: The wool market

has passed thn dullness, with

tattily. Drloe* are merely nominal

trade drifting

uncei

for all

Tern mint sale Thuii-

trough another week of deadly

h the * ' ' 1

Prices are

classes ot wool, The go

day dtd not help to fix value* at all. Buying in the west is practically at a standstill, while at the other end of the trade the manufacturer* are at sea as regards the future, and curtailing the present schedule of operation* to three or four days

aa a feneral thing.

WHEAT CROP OUTLOOK. I Special to The Indianapolis News) CHICAGO. June II—The Modern Mi lief %

crop outlook bulletin says: Hessian fly damage further depreciating winter wheat in soft wheat at*tea. Warm weather ha* brought out pests in pAunbers in sections. i shorn a wheat rapidly coming to harvest and good average crop seems assured Army worm reported in some sections of Missouri.

Spring wheal In northwest making favoral

progress, sections

Moisture ample in prscticeily all

. „ tf ,rt mod *rAte temperatures gtv*

plant vitality.

Loan Value of Liberty Ronds Reduced. CHICAGO, June 11.*—Loan* to member hanks of the Seventh reserve district on

mwB miimf "

Liberty bo

tomorrow. the'FederaT Reserv~ Bank'of

will be made on their approxi-

mate market value instead of par^ begin-

notitled iU member banks note*, fecured by United

ning tomorrow. (1 Chicago h i# noti _

States government war obligations, will b* accepted for the present on the following United States treasury certificates of Indebte

adnass. par _

Frtmary Market*.

(Thomson A McKinnon Wire]

—tune II— RRCKIPT8.

^ (000 onmted I libe**. bwn. Oats, Flour.

Chicago fit Milwaukee 18 Minneapolis 200 8t. Louis T St. Louis 1 Toledo 6 retroit 5 K'tnsas Ckty .... 140

Peoria Omaha

Indianapolis

Total*

Year ago

Plleago ■ I Milwaukee ...... 7 Minneapolis ..... 130 Duluth ......... 810 fit. Louis ....... 70 Toledo ......... - H IViroit Kansas City ..... 130 ITOfta 8 fnn*h» 07

1.042

6 088 [ENTS,

at. Corn.

471 61 1.030 35 °&' 25 26 62

Indiana polls

Totals ... Year ago

Total* .. Year ago

J 22 .... 877 366 233 334 CLEARANCES. Dom. Wheat - 30 ■ i { 264 TiTo 777

374 640

107 102

Oata. Flour

'00

Seed Pri<

, (Wholesale Selling Pm TIMOTHY-$8 20«6 40 a bi

$31 00 6 32.00. Alfalfa clover. $26.vv« S88jbrs. b ‘“ TO! ’-*-« “i ■**“

ri««.

bShei

$6.50 6 7 pm.

Leoal Beeurtttea.

—June 11—

Tractions— Rid. Ind. Railway and Light pfd . . . Iml. Railway and Light com. 55 Indpls. A Northwestern pfd Indpls. A Southeastern pfd Indianapolis Street Railway. 52 Terre Haute, Tr. and L. pfd T. Haute, Indpls A E. com. . ... T. Haute. Indpls. A E. pfd Onion Trsc of Indiana com. ... Union True, of Ind. 1st pfd Union Trnc. of Ind. 2d pfd

Miscellaneous—

Advance-Rumely Co. com... 35% Advance-Ruiuely Co. pfd... 64 * 1 American Central Life 285 Am. Creoeoting Co. pfd 07 Belt Railroad common 100 Belt Railroad preferred 47 Century Building Co. pfd. ... 08 Citlsens Gas 28 Cities Service common 320 Citk* Service preferred 05 Dodge Mfg. Co. preferred 09* Home Brewing Company..... 55 Indiana Hotel common 60 Indiana Hotel preferred 04 Indiana National Life 4% Indiana Title Guaranty . .. 63 Indiana Pipeline Company Indianapolis Abattoir pfd... 47 Indiaqapolis Gas 48 Indpls. Telephone Co. pfd.... 2 Indpls. Teeiphnns Co. pfd.. . 75 Merchants’ P. Utility <5o. pfd ... National Motor Company... 15 Public Savings 8 % Ranh Fertiliser pfd Standard Oil of Indiana 080 Sterling Fire Insurance 8% Van Camp Hardware pfd... 07 Van Camp Packing pfd.... 07 Van Camp Prod.. 1st pfd. ... 07 Van Camp Prod. 2d pfd. ... 07 V*nda lia Coal preferred Vandalia Coal common Wabash Railway common Wabash Railway pfd. A.... 23 Banka and Trust Companies— /Etna Trust Company 100 Bankers Trust Company.... 118 City Trust Company 82 Commercial National Bank.. 65 Continental National Rank.. 112 Faraera Trust Company.... 300 Fidelity Trust Company.... 120 Fletcher Am. NationalBank. 250 Fletcher Saving and Trust. . 183 Indiana! National Bank 270 Indiana Trust Company ... 105 |4ve Stock Exchange Bank. 382

Merchants National Bank... 269 ... National City Bank 114 ... Peoples State Bank 170 ... Security Trust Company ... 120 ... State Savings and Trust Co.. 80 .. * Union Trust Company. $40 .. „

Wash. Bank and Trust Co. . 140

Bonds—

Broad Ripple 5s 45 CStisens Street Railway 5a.., 72 80 Ci It sens Gas 5s 72 82 Indiana Coke and Gas Co. 8* 90 Ind. Creek Coal and Min. 6a 08 I Indiana Union Traction 5a .... 1 Indiana Northern 5a ... i Indpls. Col. A Southern 5s.. 88 Indiana poll* A Greenfield 5a. 00 Indpls. A Martinsville 50 58 Indpls. A Northwestern 5s I Indianapolis Northern 5s... 34 40 Indpls A Northwestern 5e . 50 00 Indpls. A Southeastern 5s 44 Indpl*-. Shelbyrtlle A S. B. 5s Indpls. Street Railway 4s. . 55 60 Indpls. Ttac. A Terminal 5a. 04 ... Terre Haute. Indpls. A S. 5s .. . ... Kokomo. Marion A W. 5s . 81 Union Traction of Indiana 6s . . . 65 Indianapolis Gaa b* 72 80 Indiana Hotel 2d 0a 06 100 Indple. Light and Heat 5#... 75 82 Indianapolis Water 5s 87% 02 Indianapolis Water 4%*.... 70 80 Mer. Heat and Light ref. 5s. 87% ... New Telephone 1st 6s 94 ... New Tel.—Long Dist. 5# 88% ... Southern Indiana Power 0e. . 90 LIBERTY BONDS. Liberty 3%a 91.40 Liberty lat 4* 85 40 Liberty 2d 4* 84.88 Liberty l*t 4%s 85.40 Liberty 2d 4 %s 84 02 ..... Liberty 3d 4%a 88 70 Liberty 4th 4%* 85 44 Victory 3*s 95 40 Victory 4*« t 0556 .....

—Sales

51.000 link itnspoil* Street antiwar 4* at.. 56

13 00@16 10

11 00< 12 50 (

12 00 14 00

9 50QH 50 10 50012 00 9 50010 26 10 00011 50

0 50 8 00

>@ >0

7 50

200

„ .. Y were sold by Frank Boyd with Powell Bros. & Co., and were bought by Ernie Wolf for the Indianapolis Abattoir Company. The calf market was steady with a few “odd fancies" up to $16.60, but $16.00 was the practical top price for the fourth consecutive day. The demand for feeding cattle, or rather stockers. was equal to the supply and prices were steady at $19.00 down for light, thin steers of good quality. $0.00 down for heifers and $8.00 down foi cows. There is little difference between prices of feeding cattle now and two or three weeks ago and since then some of the fat cattle have made

a gain of $4.00.

fait!*.

KILLING STEERS— Extra good. 1.300 lbs. up...$16 50 Good to choice, 1,250 lbs. up 15 50 Cotmno.i to medium. 1.250 lbs. up Good to choice, 1.100 to > 1.200 lbs. Common to medium. 1.100 to 1.200 lb# Good to choice. 1,000 to 1.100 lbs Common to medium. 1.000 to 1.100 Ibe Good to best under 1,000 lbs. Poor to fair under 1,000 lbs. Good to choice yearlings....

HEIFERS—

Good to best. 800 lbs. up. . . Common to medium. 800 lbs. dp Good to best, under 800 ibs. Common to medium under 800 lb*

COWS—

Good to best, 1.050 lbs. up Common to medium. 1.050 lbs. .7 Good to choice, under 1.050 Ibe * •* • Common to medium, under 1.050 lb* 8 Canners and cutters 6

BULLS—

Good to beat. 1.300 lb*, up.. 8 500 0 so Good to choice, under 1.300 W 00 lb* 8 50011 no Fair to medium, under 1.300 00

lbs Common to good bolognas...

CALVES—

Good to choice veals, under 200 Iba - 14 50016 00 Common to medium veal*. under 200 lb* 10 00013 00 Good to choice heavy calves. 10 00012 00 Common to medium heavy calves S 000 9 50 STOCKERS AND FEEDING CATTLE— Good to choice steer*. 800 lbs. up 10 00O10 50 Common to fair steers, under 800 Iba 9 60 010 00 *| Good to choice steers, under 800 Ibe 0 50010 00 Common to fair steers, under 800 Ibe 8 000 9 Medium to good heifers ? 00<9 9 Medium to good cows 6 00 0 8 Good to choice milkers 100 00 0125 Fair to medium milker* 75 00 090 Stock calve*. 250 to 400 lb*. 7 00 010 Springers 8 00010 If there waa any change in the market for live mutton stock it did not crop out in the sales, including spring lambs up to $15.00. the best yearlings at $10.00 and sheep as high

as $7.00.

flipped Sheep and Lamb*. Good to choice sheep.6 00 Common to medium sheep... 3 00 Good to choice yearlings... 9 00 Common to medium yearlings 7 50 Bucks, per 100 lb* 6 00 Poor to best spring lambs... 8 00 Chicago Live Stock. . CHICAGO. June 11— Cattle — Receipt*. 8.000: beef steers, steady to 25c lower: bulls, calves and stockers. steady. Hogs—Receipts. 27.000: generally 15 0 26c higher: bulk light and light butchers, $14 90 0 15.15; bulk 250 pounds and over. $14 25014.85. Sheep—Receipts. 8.000: lambs, strong to higher: sheep. 25c higher. OTHER LIVE STOCK MARKETS. BUFFALO. June 11—Cattle—Receipts. 275: strong. Calves—Receipts, 2.000; steady: $6 00018.00. Hogs—Receipts. 3,300; good 25c higher: heavy, $14.50015.25: mixed and Yorkers. $15.90016 00; light Yorkers. $14.00015.00; pigs. $13.50: roughs. $12.00 012.25: stags. $7.00 0 9.00. Sheep and lambs—Receipt*. 1,200: sheep. 50c lower;

ew. $21

lambs. $14.00020.00: few, « $8.00017.50- —

$3 00 0 9.50;

lings. $8.0001750: wethers. $10 00010.50:

$9.

ewes. $3.0009.50; mixed sheep. $9500

10.00.

LOUISVILLE. June 11—Hogs—Receipts. 1.461: best. 225 lbs. and up. $14.25; 165 to 226 lbs , $14.75: 120 to 166 lb*.. $13.25: pigs. 90 to 120 lbs., $10.00 : 90 lbs. down. $8.50; throwouts, $10.50 down. Cattle—ReceipU. 209; steers, 1 $7500 1R40; bulls. $7.25 0 9.00: heifers. $7.50 0 12 50; cows. $5.00 0 10.50. Calves—Receipts. 337; best veal* 13.0<A •tedsn* 48.00011.00.

. _ ■ L. heavy ami $1430014.50: bulk light $14.25 Sheep—Receipts. 1.500; steady.

•J 1-00012 JM): winter straights. $13,250 14.25: Kansas straighu, $1350 0 14.50 Cornmeal—Steady: yellow granulated. $4 85: white, $4.72%. Wheat—Spot, firm: No 2 red and No. 2 hard. $2.98; No. 2 mixed

ft , New York Coffee. NEW YORK. June 11—Coffee—Rio No. 7. 35%c: futures easy; July, 14.34c; September. 14.22c.

PRODUCE

durum. $2.88 e. i. f. track. New York export.

No. 2 yellow. $2.12%.

Corn—Spot, steady„ .... _ ^ _ cost and freight New York Oats—Spot’ firmer: No 1 white $1.310133. nominal'. Hay—Barely steady: No. 1. $2.1002 20.

mess. $40.00. Lard—Firm: middle $20.75 0 20.85. Tallow—Easier,

(The range of priors of poultry la due to c “ by various dealers 1

New York Sugar Steady.

NEW YORK June 11—Raw and refined sugar steady and unchanged. Sugar future* were quiet early. At noon September wa# 25 points higher, while other positions were

unchanged.

Future* dosed irregular. Sales. 1.000

tons: July. 1980c: September, 19.25c- De

eember, 195^ ‘

1450c

January. ISAOc’; March.

range of priors of eggs, butter and is due to differences in quotations

Membership in New York Stock Exchange sold Friday for $100,000. The last previous sale was at $91,000. Bartlett-Fraaier—There is certainly not much of a showing toward an increased movement, based on drastic order* for cars to move corn. Lamsen Bros—Weather conditions are more favorable and prices have had a sharp advance. Simons-Day—Present indications do not point to any material change in market condition until August or later. Benneit A Co.—Indications are for somewhat larger corn receipts. Press A Co.—Transportation is the key of the situation around corn market. Hams-Wmthrop—Cash corn is not worth intrinsically the prices of the futures. Consideration of common dividend of American Tobacco is due to come before the board at August meeting. By that time .5 per cent, of stock dividend ' B ’ will have been distributed. Underwood Typewriter Company declared regular quarterly dividends of $2 on common and $1.75 on preferred, payable October 1. John Xnglis. crop expert, wires from Sedalia. Mo.: Wheat show* decided improvement through central Missouri. Some very heavy wheat on bottom*. On upland* crop much better than late state report show*. Heads large, three mesh. Less blight. Late seeded oats weedy Corn not all planted. Cutting hay and clo'-e Net earning* American Bosch Magneto after federal taxes in first five month* to May 31 were $929 334 against $973,483 in twelve month* to December 31 last, or at the rate of more than $7,000,000 for current year or better than 20 per cent, on the outstanding stock. Rumor emanating from Cleveland that a merger has been arranged involving Lackawanna Steel and Sloss-Sheffield ts denied by prominent interests in Sloss. who say the rumor is entirely without foundation. Thomson A McKinnon: There is n splendid tone throughout the list. Absence of pressure rather than conspicuous buying responsible for this. Investor* apparently are liking heart from proceedings at Chicago convention. The action of the market suggests public opinion convinced that an upstanding. able fearless candidate will win the prixe at the Chicago convention. The platform adopted was *11 that ceuki be desired from Republican viewpoint. If the nomination goes to a candidate who can stand firmly on the platform adopted and possesses other requisite qualities, one convention will go down in history as doing its full duty. The indicated crop of oat# on June 1 was 115.000 000 bushels less than the recent five-year average. Heat and drought within the coming two weeks would materially hurt the present prospect. Watch the weather

map.

Our Kansas City office wires: Kansas bankers have been requested by railroad commission to designate number of cars needed in their territory, with promise of

immediate relief.

LONDON SILVER ADVANCES LONDON. June 11.—The silver market quotation rose today to 51 %d an ounce after having been down to 46d on June 7. The market has been subjected to unusual fluctuations since May 26. when the price was 59%d. The fall early in this fluctuating period was occasioned by the stagnation of the Chinese export trade, whit* brought about a decline in exchange, upon which there was selling in all quarters. The greatest decline and shake out, however, occurred with the liquidation of a large bull account m -the metal which was reported to hsv* been created on Chinese account, b it which is believed in reality to be largely on

American account.

When this liquidation ceased, speculators covered Some large orders appeared from the Indian baxaar. while America also supported thq market at the low level, materially assisting in the recovery to today s level. During the last week, bullion broker* report, the turnover here has been approximately 1,000.000 ounces daily. New York Dried Fruits. NEW YORK. June 11 —Evaporated apple*, dull. Prunes, quiet but steady. Apricots ami peaches, steady. Raisins. Arm.

OTHER MARKETS ON PAGE 45 Cities Service Company BANKERS SHARES Monthly Distribution No. 16 Henry L, Doherty A Company announce that the Sixteenth Monthly Distribution on Cities Service Bankers Share*, payable on July 1st, 1920. to Bankers Shares of Record June 16th. 1920, will be 46.26 cents on each Bankers Share.

No Serious Trouble “The financial situation is sound and there can be no currency panic. This country has more business on hand than it has capital and credit and there must be curtailment of loans for nonessential purposes.’*—Statement by John Perrin, of the Federal Reserve Board.

Roy Shields OCNERAL AOtNY Phoenix Mutual Life lneur>din.ce Company GANhCRS TRUST BLDG

28c: large broilers. 40 0 56c; 17 018c; stags. 18c; turkeys, ducks, 18 0 22c: geese. 12018c:

EGGS—Indianapolis Jobbers offering country shippers for strictly f-roh stock, delivered at Indianapolis, 35 0 37c a doxen. loss

off

POULTRY—Jobbers' buying prices for poultry, delivered at Indianapolis: Fowl*. O ft rv • I -» weri-v ‘ft-kos-.t 1 A A /75 K/Yv* - 1*001$ f 61*11 30035c; squabs, a doxen. 11 iba. to the dosen. $750. BUTTER—Jobbers' buying price# for packing stock, delivered at Indianapolis, 35e. Jobbers’ selling prices for creamery butter, fresh prints. 58 0 59c. CREAM—Indianapolis buyers paying 56c a pound for butter fat. delivered at Indianapolis. CHEESE—Jobbers' seliinr prices: Domestic Swiss. 60 0 05c: New York full cream. 35c: brick. 32® 33c: Wisconsin limburger 37 038c: Wisconsin Daisies. 31c: New York limburger. 37® 38c: Long Horn. 32 033c; Neufchatel. large, $2.20; small, $1.10; imported Swiss. $1.00 a Id NEW YORK. June 11.—Butter—Unsettled; receipts, 20.355: creamery higher than extras, 57 057%c; creamery extras (92 score). 56%c: packing stock, current make. No. 2. 41 c. Egg#—Irregular: receipts. 63.815; storage packed, extra firsts. 470 48c: firsts. 44«46%c: fresh gathered, extra firsts. 45®47c: firsts. 42044c. Cheese—Irregular: receipts, 2.273 boxes. Poultry—Alive quiet; freight broilers. 60, ®85c; roosters, 17 018c: others unchanged.; Dressed steady, unchanged. CINCINNATI. June 11.—Butter—Cream- ! ery. 610 67c: fancy dairy. 48c: packing! stock. 24 0 41c. Poultry—Fowls, 28c; j springers. 40 0 66c: broilers, 1% lbs. up, 45 ® 55c: fall chickens. 2 lbs. and under, 65c: I roosters, 16c: stags, 28c: ducks. 25c: geese, j 10016c: turkey hens and toms, 35c: guineas, ' young, doxen, $6.00. Eggs—Fresh gathered, 1 37c: seconds. 32c. CLEVELAND. June Hi—Butter—Cream- ; ery. in tubs, extra. 81% 0 62c: firsts. 59% 60o: packing. 300 35c. ‘-Eggs—Western firsts. 41c. Poultry—Capon chickens. 20c: roasters. 19®20c; light fowls, 34035c: extra. 40c: broilers. 50 0 56c. KANSAS CITY. Juror 11—Butter—Creamery extras. 58%c: seconds. 58c: packing stock. 39c Eggs—Current receipts, a case. $14 30: firsts. 36c. Poultry—Hens. 28c: broilers. 40045c; springers. 40c: roosters. 16c: turkeys. 42c. LAFAYETTE, Ind. June 11—Packers' buying prices: Butter—30c. Eggs—33c Poultry—Old cocks. 13c: fowls. 23028c: old tom turkeys, 25c: hen turkeys. 35c: duck*. 15c; geese 15c; fancy stock worth more. Spring chickens, 2 lbs. and over. 40c. ST. LOUIS. June 11.—Poultry—Hens. 25c a lb.; springers. 410 51c; turkeys. 44c: ducks. 27 %c; geese. 14c. Butter—Creamery, 54c. Eggs—33c. CHICAGO. June 11.—Butter—Unchanged. Egg#—^Unchanged: receipts, 22,991 cases. Poultry—Alive unchanged. Oil Rubs and Shipments. OIL CITY, Pa.. June 11.—Credit balances. $6.10: runs. June 10. 00.423 barrels; average. 53.707 barrels: shipments. 27.751 barrels, average 40.938 barrels.

COTTON TRADING DULL Price* for Active Months Rally on Better !

Trading in Goods.

NEW YORK. June 11.—Continued good j weather and improving crop accounts led to j renewed selling in the cotton market this : morning end after opening steady, unchanged to 13 points lower, active months sold about 1 13 to 30 points below last night's closing I figures, with July touching 38.25c and October 35.25c. Rumors that one of the prominent southern authorities reported an improvement of a little over 1 point in the condition of the crop for the first half of the month were circulating on the decline, but there was some buying on reports of a little more business in cotton goods and bullish domestic consumption figures. Trading was quiet later, but prices ruled steadier on a little trade buying and cover i ing with July holding around 38.32c and i October. 35.42c. shortly after midday or about net unchanged to 6 points lower. Futures closed dull: July, 38.40c: October. ! 35.49c; December. 34.45c: January. 33.80c; March. 33.28c. Spot quiet; middling. 40.00c.

fresh news

10,000,000 Hershey Chocolate Corporation First Lien 7V2% Ten Year Sinking Fund Gold Bonds

Dated June 1, 1920.

To be authorized and presently issued $10,000,000

Due June 1, 1930

Coupon Bonds in denominations of J1.000, $500 and $100, refflsterable

~ . — - ■ - »y N

vnol

to principal only. Interest payable June 1 and

de * ’ “ ‘ ~

December 1 without deduction for any Normal Federal Income Tax not to exceed 2 per cent. Redeemable at the option of the Corporation, as a whole or in! part, on any interest date upon thirty days’ published

notice at a premium of 5 per cent, if redeemed on or before June

date upon thirty

1, 1925; and decreasing

1 per cent, for each year thereafter.

The Corporation will refund the Pennsylvania Four Mill State Tax

Principal and interest payable in United States gold coin at THE NATIONAL CITY BANK OF NEW YORK, TRUSTEE

There was no

feature, but the

market was dull and steady during the middle of the afternoon, with active months about 5 to 10 points net higher, or around

35.55c for October.

New Ortosns Cotton Futures.

January . March .. July October . December

Closing

High. Low. hid

.. 84.15 33.71

. 83.57

38.77 .. 85.78 35 27 35.36 . . 34.73 34.30 34.35

Low. hid. 33.75 33 86 33.18 33 20 3825 88.50

New York Cotton Future*.

(By Thomson A McKinnon's Wire]

—June II-

January . March ... May July October . December

• Open. High. .. 33.77 33.83 . 33 18 33.30 . 32.65 • .. . . . 38.25 3845 . 35.30 35.55 . 34 32 34 48

Low. 33 52 33.15 38.25 35.25 34.20

Close. 33.80 33.28 3840 35 49 34 45

Cotton Goods Irregular. NEW YORK, June 11.—-Cotton goods in moderate demand with prices irregular. Yarns, quiet, burlaps more active at higher prices and wool goods quiet. Silks in a little better demand.

Wholesale Beef Price*. Current wholesale prices of certain beef cuts by Sw’ift & Co., are as follows: Ribs No. 2. 20c: No. 3. 24c; loins. No. 3. 27c; rounds. No. 2. 28c; No. 3. 27c: chucks. No. 8. 12c: plates. No. 3. 10c. WAGON WHEAT PRICES.

—June II—

Indianapolis flour mills

rs are paying $2.7

*2.67 for No. 2 red and $2.82 for No. 3

and grain eleva-

tors are paying $2.70 for No. 1 red wheat.

■B ~ $2.62

red. Other grades on their merits.

PRICES AT THE HAY MARKET —June 11— The following are the Indianapolis prices of hay and grain by the wagon load: Hay—Loose timothy. $30.00033.00 a ton: mixed. $27.00 0 30.00; clover, $25,00 0 to.oo. Corn—$1-9001.95 a bushel. Oats—$1,090 1.15 a bushel. WW. $8.00 09.00 a ton; oaU. $14.0033$.00.

The following is a summary of a letter from Mr. Milton S. Hershey, the organizer and executive head of the business, who will be Chairman of the Board of the Hershey Chocolate Corporation: SECURITY: The Bonds will be secured by a first lien on the real estate, plant and fixed assets of the Hershey Chocolate Company—the operating company—through the deposit with the Trustee of the entire First Mortgage Bond issue and the entire capital stock (except directors* shares) of that company. The First Mortgage bonds pledged will also be secured by deposit of all the stock (except directors* shares) of all constituent companies. Upon the completion of the present financing neither the Corporation nor any of its constituent companies will have any other outstanding funded obligations. PURPOSE OF ISSUE: The proceeds of this issue will provide in part for the acquisition of the Rosario sugar properties in the Republic of Cuba, and the retirement of the Serial 6% Gold Debenture Notes of the Hershey Chocolate Company (of Pennsylvania). BUSINESS: Hershey Chocolate Corporation is about to be incorporated in the State of Delaware to acquire all the stock of the Hershey Chocolate Company (of Pennsylnia), the largest manufacturer of milk chocolate in the world. The business was established in 1900 and was incorporated as the Hershey Chocolate Company in 1908. The principal products are the well-known Hershey brands of milk chocolate, almond bars, and breakfast cocoa. INCOME: Consolidated Net Income of the Hershey Chocolate Company and its constituent companies, applicable to interest charges, before Federal taxes and after providing adequate depreciation for the year 1919, was equivalent to more than 9 times the annual interest requirement on these bonds, and the average net income for the last five years was in excess of 5 Vi times such annual interest requirement. ASSETS: Net Tangible Assets of the Hershey Chocolate Company and its constituent companies, based on a consolidated balance sheet at December 31, 1919, reconstructed to give effect to the present financing and the purchase of the Rosario sugar properties, indicate $30,924,159, represented by the bonds and stocks to be pledged as security for these bonds. SINKING FUND: The Corporation will pay to the Trustee $125,000 quarterly beginning September 1, 1920, and in addition within ninety days of the close of each fiscal year a sum equal to the amount, if any, by which 25% of its annual net income, after taxes, shall exceed the minimum payment of $500,000. This additional payment for the year ending December 31, 1920, will be ratably proportioned.

All legal matters in connection with these Bonds will be subject to approval of our counsel, Messrs. Shearman & Sterling, New York City. We offer these Bonds, if, as and when issued and received by us and subject to approval by counsel at 97V2 and Interest, to Yield About 7.85% It is expected that Temporary Bonds will be ready for delivery on or about June 21, 1920, against confirmed sales. Complete circular upon request. The National City Company New York ♦

Guaranty Trust Company of New York Graham, Parsons & Co. Philadelphia

Cassatt & Co. Philadelphia The Union Trust Company of Pittsburg

The above statements and statistics are derived from official sources or those which we regard aa reliable. We do not guarantee, but believe them to be correct.