South Bend News-Times, Volume 36, Number 5, South Bend, St. Joseph County, 5 January 1919 — Page 11

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THE SOUTH BEND NEWS-T1MES

MNDAV, IAM AUY ini. 11

FIN A NCI A L I rMaloreign TCQMMERCIAL

Do You Want

t ,

niv

$12,75, $38.25, $63.75, $127.50 OR tMORE v

EXCHANGE CLOSES

W TH CORN UPSET;

Strength of Cash Positions Is Main Bullish Factor in Grain Market. A. Pit.-d Pre- s.-rvi : "H1CA;'. J 4. lh.lb-h s-.-i.li- i inept ir '.' -m in;t I' m n .- .. r.-..irkt t( ! ehl'.".v owing t oil tinned -mahne--- of rer.-lpt. Th ( (iv V..-1K !!!:--tt!'--l Ut the Jtlie j d t 's bni-di to r; higher, with January at ? 1 . 4 " 1 to $1.4 ü-s and May 1 17 to Sl.'.T 7-s. 'at ratmd li tf .",-v Th- r -' i l in provisions iiTi'-h'i ni;'i to le lower. Although som- iticri . of arrivals led to a slight initial s-ag. 1 1 ? orn market soon developed unmi--j.,Kahl s 1 r"n?th th;it snt March to the highest pi ices yet this season. 'I'h T,largm i.t of receipts lil not app-ar suflicient to indicate that producers weie anywlK-rc Kar i-ady to di-pos of the hull: of the rop. Besides gossip was rurrent 1 hat the food administration showe! i sign of issuing permits for im porting nirn from Argentina, and

that means ere Leins ouyht 'ojduction plan for current var call;

- nd upward of a billion dollars' j worth of food to FJurop' prior to July Tnt. I)ui ini; the lat thirty 7uitnites of trndinp. however, con.-id-i-ih'oIm realizing et in and aliu s .liov d a Hethack du more or l".-.s to pos.-ihility of a material inrie.-iM-of rcieipts next In oats as in roni the .-trenth of The rash position was the main hullMi factor. Prnvi.-ions wro doll and wak. f 1 1 f 1 1 1 1 1 cd hy lower (luotations on .oy. MARKETS I'l TTslll ki.ii mm: STOCK. I'ITTM:n;i!l. Tl.. .hin. 4.-FATTI.I: lb-.'l.ti Itlit; la.ukf-t stcmlv; clioice, . lT.ooiv. 1 7..V; p...)!. sir. lm'.i p; ro; fair. ML.'ii 1.". ); veal calvex, Jl (or,; 2?.-"io. sm:i:p anh t..Mi:s-i:eeciptH zn: l i ; i r k t utron: prim wctlicr, M.."0''(; sr.-4t: o...i. s kk,. on ; f.iir mixed, 7. '".? VMi ; I.um'i.. Sil AK'i; 17. .". Il m;s - !je. . i.ts, hi .'.u hl 'de. ks : mnrkf lnuer: prime lie. ivy Iioi. 17.(.": mediums. S17.'": h'Mvy 'orklrM. . 17. '": h'ht brki'r. .17. P' 17 '.": pi--?, $I1U f i . -" : rinir!i. SI. ".( it t 1.".. ; staps, M j.cc ,. i.; ini IMH N AI'OI.In STUCK. IMMANAI'Ol.lS. .Ian. 1. Him;s 1-,ipt-i pioiro: market 2-"- Llirher : b-st r-.ii's. J17.7.".'i 1 s.OO ; in. ! in Iii Niel luixi"'n 17. 7o; rmiiiiiiin t' cli'iice lilil. si; x'i 17,7t; hulk of sales. 17.' (i 17.i,. A TT 1. 17 K-HpT. "oo: market Stlelljr. IlKKP Her ipt. ."; market stron?. ( llll Aim .ICAIN ami ii:o l-ION.

i'liic(;i, jr.-. l - j O-.-iiui Ilii:!i I...W Clus. 'i:n--.i.ui. in HP'. n.: n.v-; IV!. l.N't i:;:r, i:;m, i:;'n4 Mar. 17 1.-.7 r:7 Mav 1.'.7', i M l.;7'4 .iniv Ii'; b.rH i:;; i::;TH OATS Jan. 7' 70 .: 'j 70'i !'!. 71 71'.. 7i 711 M:ir. 71'i 72 71 ' 7I May 1V 7C, 71 's 7F I'l'IlK -I ii . NoniMi i; 17.4" Miv l.;7o 1:7.". : P j:t.7. l. Annan n. i". :u j : j:..r M iv :Hi 21 o". s- 21() i:ii:s Jan. N . ri i i n a ! 2." '.." Ma: 2 tu", 21. o. 2-"-77 "ja.VS i:.t urn xi.o i.ivi. vi or k. i: ST P.l ITAI.i t. . .. j;,. j

A I I 1.1, - lb -oipt!. 17:: ii..ir'.. t sNin-L, : i t. 1 steady; rrinu st.-.jrs. M7 ini'-j 17.."ji; Iilt. hr irra b'-s. Z tm'.; p; oo ; r.uvs, ,Vv,M, .. ... r.M'u,';- ; Vi'e!',: l:':;;::1 sm:i;p am i.amp.s -i:.-.-,ipT'. i: M.ark.t ;ot I e : rh.i lamlm. 517.ri'i) 17.7."; nii t . f.dr. p o"u 17 (mi; yarliliirs. SI l.Ki'.f l.Voo: s!,c ;i. '..Oi pi in. IM(, -Ilrlptv. market urlive. :-. M-h. r; Yorker-. l."o: pi--. raughi.. Äli iik .( r.ir (. KAiv. CHICAGO. Ji.ii. I. -U UFA I - x.i sprlni. -2.2o. I'OKN N. . .,!;., -a. M pu',; l.p'.i . ; 7. :!. .w. si i:..i i ii'.. ; ... r. yelb.w. 1 tl: .. nlii,.-, si.!.".; N,. .". whit.. M-J2.1 I. . : No. ; white. .1 o tA l ... .1 w M t e. 71W72'.- .. v liite. 7 - ' i : .f 1 1 1 -1 i r.l itAKi.i: ;iv '? 1 1 'II M III Y -.m .( II. i j. I III At.O I.IVI. Mim K. "Ill A'.". IIm; i;,. 2." .' : in irket lo ,,w ,.- t.i-!' sir hl. 17 : ..-it. Iier.. S17..V.-.1 ir v. ! p: s' . 17 '; ii;!.:-. p. w.? 17.7:, : ..j 1" 7ö i P". 7" ; r"iit. 1:. .-.,, p; 7.-.. ' 'I,..r: he.-f. 51" 7:..; 1 .7:.; ...ir 'or fö,Y s 00 -i 14 ;o : ,:un;.r ,;;pr-. 7 .vi .f... k-M ti. i r.-e,!. ;.. .7 7.. ; 1 ; 7.-., rr: o-l Ir:: Ml . !;., ; ,.v.v :.,, ''f iik ,o I'liimti 1 m m:m r. IIP P . I .i,. 4 P.! 1 i'tr.e. ;7- T . : rirff. ' ".! 14 - 1 -,i : : re.i'ü'-ry st.ui-i:! . . .'..i.; sc i 1 I i . , s - I r i 1 :i .1 : !-. ti ; ; 1 'Ni:i:i: ii i. An r. :..; . -1 : , : . 1 ." . t i k . V M I 'M . I w -.r.-ius. fr p. 1 ;.. 1 7.V.1 1 : Minu-..t;.v i- r po p.,' si 7;. j iv'. j I' 1A 1 w ; imtkii ri;r it. Matin of I h-ci . io:i th at go .'. ; !..... ; !" .'.! !:,! 1 .i - h..pr !.' ' el'" '1 i ... 1 a to t!l Mip.u y i ..it in l- a' o'. ;:t-'. .Mitn':t f.r ii-ing : 7 : , ei ri.;.. ;. T;: r. - j lir..' ii.is : :,i;Vi,.d h. ::.,!:. at-.i ,tem:. t ta-i.--: nur :.px ru.-r- : t: p;l of tts- ! :.:. ' th.--I .-bios, thf -hippi;i . . t r btc.it d otb.-T -1. : .-. t li.it 1 1 1 1 i i . t ' i ! ru'.i ' ' : t i .. ; . :.,.: - . I 1 ( t '. I ; I . : c ent I'"? ' h : .i n I .1 - II 'K ... ' I ..'.'. . : . t i . I I . i

Range of Prices of Stock. Exchange Saturday

ML YOKK STOCK MST. N'lAV YOHK. Jan. 4. Citing prl. en N'v Yfcvrk t':k exci.au::' were:! - 1 1 i . rti.ilir.or. Amrfin 1 t Sipiir A;r rP.an t:in Aiurrl-nii l":ir A Foundry .... Anu-ri' an !. T.a ire , Aira-rb-nii Kiu.'.thig K-finin Aiii'-rii'iui Su'.ir IP titiui;; .... An.ri! T. '!!: To", 7si . !C4 loo. Ana oiida Copper . . . O)' ' 7'.1 iinMw n i, oi nru.iti I 'if i Tu o r N. o.ii., !'. t lil li-m SU-.-I , . . . ." j . '-Jl .1") . ru1 . ..; , . .;'." . J l'.r.H.i.ivn Kap. Tr.m-It i.uii- aii'I Niififrior t'aliforuia 1'i-t rolrTi ti .... Cirtiollnn I'.iüi V ntr.il I.-.itl;T 'b-niik A. Olli 'lii.at. Mil. St KhuI . Chlraso. K. I. A. I'ac. Ky. 'hi:i (.pT Colorado 1 "ul A. Ir-.n .. Corn I'ro'lurts Cru Ul' St'-el liri" f'o!ri h Co. . '-' - .". 17 Overheard in

Tho Fold .Motor Co. is now maU-.Ui 1.000 passt UK." oars a day. I'ro-

fur a output if 2.000 caiH a day hy .March 1 and more than . 0 0 0 hy surum r.

1 end of five years was helpful to rail1 In concludin his in oioiocuda- road stocks; otherwise thie is nothtions in regard to tin- railroads Mr. link app-irrrtt in the situation to war-

.McAdoo said It w ill imposs-ible (ll fll , ,. L.,lt , to iewr the results of even rne ve.ir f f,!.,,. .1 '.. mtions until the spring of 1020 and it will then , too late for confess to legislate hefure the end of th, i,t,..nMO hr-1 ..1 j " ' mt -our I 1 I o 1 1 i 1 1 J'rj io. A further decline in prices lor scrap iron and steel has been recorded in the last few days and heavy meltinsr steel scrap has changed hands at from $19 fo $20 per ton. This compares with $22 and $23 per ton a week aco nnd with $23 per ton, the government fU'd price which ruled up to a month atro. other grades of scrap material have dropped proportionately. A repoit is heard in the sUel trade that the French government has placed an order for approximately .15,000 tons of Uessemr pii; iron wi.'h the Hethlehem .Steel corporation, but thus far no announcement ha been mnd. Th contract is fnid to have been taken at the n-wly established reduction in prices The N'ew Yoi k Fentral system has signed a rental contract with the railroad administration at $ S7.623,U t a yHr. This nun i- plit up amomr the New York Central Itself and seven subsidiary line-. Sale of 20.000 shares common dock of General Motors corporation will add $2 S.. 120. 000 to cash in treasury. This company, like others in same line, is only preparing by lar?re addition to its working capital for period of his demand for automobiles ami trucks. Announcement of need at this time for additional c':sh probably caused surprise in some quarters. Hut it should he borne in mind that in taking over Chevrolet and Fnited Motor (Jener;il fri-ort fiirtiorntiim vecUreil lit- , liC casn. i Anacon.la Copper of $.;.- 000.000 of bonds to get funds to develop copper properties in South America Is significant not so much because it i the first bond issue of that company but because it con Itirms the judgment of other im companies that Soutl Sou til merica is the coming land of cop per. .lohn I . Ryan says: "It is difficult to prediit immediate prospects of copper, but there is no sound t! reason for pessimism after a few ...l. . . ... .- . .i , . , . IllOIllll l nri'...ii i .Mjj.irkiiirm, Capital investeil i:i American railroads at the end of 1?17. when the 'roads were taken ov r by the govnt. totale,' sja,:.4?..::sa.ri7i. thej ernme intci state commerce commission retu.rted in a preliminary statistical . .... . ., ,...,.1. ti,.- r. .leport ul steam lo iu-. in- pros. 1 e- , cejpts froii) thei;- operation during) I the var 1917 was S$5. 766. , era tion were ? j 1 2. I 111 5 h. ft a tin railroad operating income I A af'er certain taxes ajid rentals were .Mibtraitod of $I.'1.5:.i..5;. Af .'n executive tr.eeting of the Vew York boar. I of estimate the board oted again.' an increase of 1.11 10 ? .T ii..". ! 1 .. i v the l!Ueri.oro i-:h Rapid Tranii ! 'o e.n.l the N'ew York Kail ways Co.; i I The b .;.rd 1 si was opposetl to a , f thr e-tent charge for tran.-.et s. ... A : 1 i i c ;! of 25 percent in prices of :orv. 'oilers and otb r staples! - .m ;f icr.rc N r .r.tvunced by j V r'.M r-,Ti,tnr c0- Vicel ;--.'-. if-.h -.ts be hops tb.e i e-,l::.-i.,. v.ü i ;!.!; n and Increase . . . 1 . 1 .1 . jj. xv j v . 1 '".iiuir' ar.'l I ;ii'"e:.:.K a. im iibler to it. v:i;.e tb, - ,,, I -11 , veil.! . - . r h,,r ope: atior.s. The var f,., pru - up about 4 .". .'r- ... !,. . . ., . " ;.e sf'ill i i ..f t. ;M! g ;n th'- o:I s.Ov s th f ..,.1 i. ik(t advarcetl t a point . i i w . ir.azdcJ a lepiv-i .""i m-t!::,::.: 7: v

.(in it Northern Or: Of

I 5 Ireat Northern I'M. ... t P, otr. Ait-re. M:ir. Irl. i tf HI.iK'knwNnnn Stel tu I.-!iljh V.ilW Ma swell Motor Co. ; .b-xf an P-trouru 1ST -; vi'; ! I .'.'.'.' iS", -il .'; 7i lftl'i -'s -1' Ml.-tirl Turin? Natioii.il I.erol New VorL Central N. Y.. X. II. Hflr.Jfur l , Northern PiolhV rennsvlr.mli . . . : 1 I'.iy Cofii't!l(:itd CopfK-r ! lU-n.lin- ! Kepul.'.P- Ii .n A Stel I south- I'.p in Soath'-n. Kail'.vay I Stfni.-aakr Co ' r-4ts Co ! I'r.Ion rarjflo ' Cnltfd States Hi.hher ! fnJtfi! Statft Stl ... i 7'-. .... .... 7rAj . . . . s .... n-; ... .... 4'. .... U . . . . -O i I t tili Co poor Wrstrn t'tilon Wfy tinuhous F'.lrrtrlo (J.'ii'Tal Motor O'do C,a-4 Willys Mvi-rlatirJ I-'iinni1! Wall Street Lniyini; in othor depart Taints and fair Kitiw wore recorded. I " l"''''" ' ' M''A(luo ilnution of tin? susi,'ei:o:i that the -40V-rniii-nt t;ile over tlo- roads ;i the t rant h'5llish sentiment. The ht-i lord of the properties in the matter. - . . I "f deereat-es in net earnings fails 1 I 0 h The marke t ieri for- Itok Z11'1 "'V tu -" corrective mfhunco that :s expecieuioooia.n. Ameiican Ueet Sugar direc'ors by declarins a full year's dividend of $8 a share on the common stock caused a hirge buying movement in the iue that carried the prices from an opening at 62 to a close at i. Sympathetically Cuban Cane Sugar advanced l point. If American Reet Sugar is to he considered on nn S percent luisis the present price of the shares dot not appear high. Fnited States Steel common acted fairly well, advancing a little better than a point for the day. Here again prices suggest hopefulness in tho situation. It seems reasonable to expect a further decline In the dividend rate, and however it may be argued that the Intrinsic value is only well represented at current quotations, a dividend decrease -A'lll probably have the usual result of lower prices, at leat temporarily, t Ohio Cities Oas and Sinclair Oil were well bought, especially the latter. It is known that in the last week the buying of Sinclair hat been by interests in the company. . The Urooklyn Rapid Transit receivership resulted in an improved outlook for Interlvorough. the thought being that if B. lt. T. could not exist on a T cent fare the Manhattan roads should be entitled to some increase, although S cent fares were denied. According to advices from Hanger. Tex., the Texas and Pacific Coal and Oil Co.. the Prairie Oil ami Gas Co.. and the Sun Oil Co. are preparing to drill wells on the Texas and Pacific Railway Co.s survey. South Bend Markets OKA IN AMI 1MJO. rrrMtea 1i1I.t by O. XV. Darreil, Starr 91I1U. Hrdraullr At.) OATS Paying 0K-, pelling Soe per bu. SCIIF.MACHKIt FKF!D Sellin 1 00. Hit AN Selling. 1.M per hundred. MIlM)MN(fS Selllog. $2 per hundred. ciioiTKi) ri:i:D seir.tig. $.VJ3 per cwt. SCRATCH FIIKI Selling. J1.7Ö tr t IliTKWlirAT-raring $1.00 pel iwt WIIFAT Payiag 12.10. HAY. STKAW ANI KKLII. ((rrHtet Daily by the Wetler Miller Hour and 1 Co.. 4M m. Mlrhlran.) HAY Paying to $23: sclllDg $32 to STKAW Paying $0 to 12; tellin; 73: A I. ale. OATS Paring ": fhiue 7.1 to S0 SI1KLL tOKN PavlLg $1.40; seiliutf $1.7.-, p ... ! KAU COHN Pa Tin r $1.40: siting TIMMTH Y--44 565oa TIMOTHY SKEI Paying 91 per bti.; ,njr 24 tT hxu ' (Grinau Millet Paying ?iC0; tclliiq; C Aik ?".0O. LIVE STOCK. (Correta Dally by Major Uro , . IoHEAVY I AT STIIUKS Pair to joc-d, lit 7 prime. rlO". HOCS 1.0213') lbs. 14ac; ITrtrglfVJ R8.. 15'; 1V) to 210. 16-?; 200 c?, lOUc. 5E.EDS. . M - - 1 V . ! 1 ä mm . i (irmim ia.u.T it arar nri. ra mi, 114 t:. vvn jt.) P.I.TP (iKASS WHITK iTavpi;-$i2 50. JAPANPSK MlhhriT ?2 ZvUZ MAMMOTH 'I.OVEK-$:Oti:i. ALKALPA-Mlflrll. SWKl'T T . V K H - $ 1 1 , PIPI.I PPAS 1 .SO3.7"5 MILl-KT .-Jf C rOll.IHV AM MKVIV (i viinirii ui I" iininir .Harktl. I - t4r- .... . , I aS ...1 W a i . i:i:i:r--Hoaat. 7'0afin;; bMiir.g. 2.;' - m w iA r w ri J I . ( I . ' tlTin H AM-I'-iylng. .-'.V : Micg. T j V K A L Paying. 22.; aelllua:. 11045c. VOOl.-ru-. calf. i-.C. TAM.OW -"r.'t', mi-pti. UIDLS b- to 17. FIRST IN THE NEWS-TIMES

PROFITTAKING HIS ILL STREET

Oils, Strongest Features of Recent Days, Forfeit One To 3 Points. AfH-iatoJ I'reks Sorviie; NEW YOltK, Jan. 4. A large part of yesterday' peueral advance in storks was forfeited during today' phort .vesslou. due to a combination of profit taking and fresh pressure against lrcal utilities. Itefu;l of the authorities to jrant increased fares precipitated declines of 0!p to almost three points In Urooklyn Transit. fnterhorough Consolidatevl pieferred. Brooklyn l'nion Jas and Consolidated c;a. OiiH. the strongest features of recent days, forfeited one to 2 points, steels and coppers including I'nlted States Steel and American Smelting, an average of a point and rails on to three points. Thr few features of strength were confined to speculative shares, notahly b et surar. American Ice, loharcos in'.d dltillins: 5tocks. Sales amounted to 30.000 shares. Trading in hond at nominal, the tone becoming slightly irregular on an easier trend for liberty issues. Total sales (par alue agKieated t'.C7."00. MARKET TREND Ity Financial IMitor The market in the last t e-k has shov.vd eviilence of accumulation, which is an earmark of the beginning of a bull market. This was as we anticipated and predicted in this 'column Ia-t week and recommended purchase of Studebaker. Southern Paehic. National Knamel. Island Oil. These stock have all tshown some advancement in the ace 11 in illation process. We anticipate that the same iah will :pply and see no ica.-Um to hanqe our opinion that for the present stocks will show a gradual upward tendency, and for those investors who have not purchased their requirements we ,ould advise the purchase of on-half of the requirements at once and be prepared to take the other half on either a temporary break or a three point advance. There are so many bargains al the present time and we feel that the four stocks mentioned above will shove good profits. In the next f,o days and recommend very stroimly the purchase of Studebaker. to hold an Investment. vi:i:ki.v hank statfai i:ts. li.V l'l'tel li-o.-SEW YORK. Jan. 4. Thr weekly actual bank statement today showed the follo'wing charges: Surplus increased. $18.733.780; loans increased.!! It 6. 1 02. 000 ; cash in own vaults, members of federal reserve banks decreased. $1.017.0000; reserve in federal reserve bmks of member banks, increases. $2 4.." 54.000; reserve in own banks, state banks and trutst companies, decreased, $2 7. ".000; reserve in depositories of state banks and trust companies, increased, $ 1 47.000; net demand deposited, increased, $44.20S,O0o; net time deposits, increased. $6.S73.000; circulation increased. $1.1,000; aggregate reserve, $. S.662.000. cunx c.xni'iT. 1 Tor-ports. Bright. Pre.s't Myron XV. Robinson states. "Prospects for the future are ver-. bright. While the company has done considerable government work in the manufacture of cotton duck, the expense of mechanical alterations was small. The company can quickly get back on a peace basi with little expense. War business merely helped us to keep our organization together. The total of duck business was kept separate and not included in figures comparing oar j business with different years." It was poInteJ out that the four months ended Oct. "1 are the poorest in the company's year, it being the period when grass is gathered for the com ing season. rxm:i) Pirsnriuiii stki:l. Not IMirdia-iii-; Pittsburgh V V1 YirginU. Chairman Gary has denied the reports that the corporation has been purchasing stock of the Pittsburgh Wet Virginia railway with tlvidea of pcarinp ownership of tb.e railroad's coal properties. Not so long ago the Steel corporation bought 12,000 acres of coal lands in Greene county, Pa., paying therefor more than $5,000.000. and this purchase i pointed out as indicatini; that there Is no particular reason why the Steel corporation should be fr the market for additional coal land. CHANDLITTt MOTOR. Current learnings. Predicted that production of ear for 1?1? will be between $.000 and 1 0 . 0 o o . compared with 1 , , 0 0 cars In 117. Or. the b;is! of this production. It Is estimated that the company will earn between $1.400.000 and Jl.iöO.OOO r.et after taxes, or or about $20 a share. Net pulck assets are equal to $32 a share or. the outstanding stock. Chandler his beer, working on a tractor orJer. art'l the end of the war may mean a partial cancellation of this contract, which, however, is :,o expected t.i diste.ro the nornri! factory ali-ic'-rr.et.t.

Heads

Amcric.i stand1 for hope; don't he a pe?!mic-t it is foreign, unAmericPn. Although thi Is no hrief for lightheaded, glib optimism, do not. like so many recently hav done, nt?t decide that the problems now confronting us cannot be overcome and then examine the facts; the jury doesn't render a verdict and later so ocr the evidence. Moreover, don't feel .satiefied a'ter examining one side of th question. The army will, of course, he deT.iohili.ecl; industry will readjust itself to a normal peace: money wages will probably fall; cancellation of v. ar contract, will continue: business will r.ot at once be entirely relecsed from government control, etc., etc. A formidable array of arguments! Hut The demobilization v. ill not go 0.1 heedless of industrial conditions peace factories open as war plants lmt down. Despoiled, but heroic Frame is callin? for our products. Th- automobile industry needs rhairlc-; Mr. Hurley, of the hhinpin.? board, wants workeis for the shipyards; privat building, now stagnant, will he revived and must have laborer. Four million men. instead of feed ing the appetite of Mars, a fearful! Investment j m:sti;k .makylam. ; Western Maryland has been abl ; 'to report '.othim:- bu; deficits durin;; : 1:1 14, im:, and IM:, r.nd in 1S17 .eportcd a .s.null surplus of $l,.r00.!0n. The i'.reft n-ed stock is not an j ir.come-)rdi.K-ir.g security, ami is iu jfact a ery long v, ay removed from dividends. The ,11 the prrliied stf Ks was i'i l'.10. (The coaijany w;is reorgani7cd in 1 I'M 1 ami as a .espil the earning flyivvefl an im pr e jnent by reaso'i of the red u-tion in capital. If you are , iiohler of the stock, anil if you are prepared to await the outcome almost indefinitely, we believe the nsult would be to your ad vantage. 'o eo ii(t. however, soä any inducement for purchasing th snares at thi. 'inie. Iavi; .'o.'.'l t'oke Co. is a v-ry cid established coal concern with lands in West irglnia and Marylland, (aviK :;l ii(ines with an oiitput jo" i,J00 tot..- of coal, etc. Ti e com ;pany al.o acouire.t lhrt Mononxaheln jcoal Iind coniany, an important (producer. Xeith r the capital out standing r.or ihe earnings are reported, but we believe that if yon aro i stockholder you could get thi ir formation ly applying to the general oirice at Continental bldg.. Raliimore, Md. We regret that wc cannot express a. better opinion in !lhe aoserie of dapi, but if von hold 1 ' the stock and leii m further lino upon It, per Imp we could assist you by securirg these details from the? company. As ; stockholder you should have 1,0 great difficulty in persuading the president to tell you something a' out the company. He Is not obliged lo she us anv details.

About Some Stocks

oklahoma producing and ui;mnin(;. Oklahoma Producing and Kenning Co. was inc orporated at a holding company in February, 191T, and owne d or controlled companies producing over 3,."öo barrel of crude oil per day. In March, 1 f 1 , all the companies were consolidated into the Oklahoma Producing and Refining Corporation of America; $21,500,000 stock was issued. Oklahoma Producing and Helming Co. received $12.500.000 and the Union des Potroles Co. ?S, 000,000 of the corporation's stock. For the first nine months of 1918 total earnings of combined companies were $.".54 i.ooo. ef thi", Oklahoma Refining and Producing'a share is about S5 percent or 53.131,000. This is equal to $1.59 a share on the $1,96?, 000 shares ($5 par) for the period. During the current year the company's indebtedness haa been reduced by $1,500,000 and $1.811.000 has been expended so far this year In new leaset, developments and equipment. The stock is sold on the New York curb. Application has been mado for listing on the New York stock exchange. Ten percent dividends have been paid since June, 1916. and as the nine months" figures show the company Is earning at the annual rate of over 4 0 percent on the stock. Ni:Y IIONANZA STIUKri MADn in' cunssox nx: (ne of the most important discoveries evr made on the Creson mine has been uncovered during the part two weeks and its real size and valuo have not yet been disclosed. The discover- wax made in ytop No. 1015 on the 10th level and the oro btuiy has now a-sumed gigantic proportions, it being tfoxlio feet in dimensions, and the ore assaying between $40 and $ a ton in values, accordinc; to Pres't A. E. Carlton. lie has several specimens of ore that have cone frora the mine that ar ,i!ir.u.t startling t" look at. Several of tl.e-;e se imens are almost sohl sylvar.it- a r.ri calaverite and a tr.iiill ph-ce about the size of an egg i. often wor'h as much as $"0 to 7 There seems to be no limit tb cjti.,iiilit cf the ii.ir.e and ii tivu d- f li-i i.;'.:. t ;uuj-ct h'is

Up I

economic lot-, will again become vr. its of production. Rel wages, the buying power of money wages, have not actually soared as high as is generally Jpposed. F'urthernote, v,c?es fall and rise more elowly than do commodity prices; nr.d commodity price are not expected to decline to any gre-at exte it for at leat IS months. Aid, not hostility. I3 the new keynote of the government' attitude tovards business which is as It should be. The true goal of earh is identical, the welfare of the country the one to provide for our Hunts, the other through lav to stimulate and encourage by protection and regulation. And Defying all measures; incalculable because intangible, in comparison with which every other consideration sinks into insignificance, there is the proverbial American spirit. It will bo present in the future as in the past in Pittsburgh and in Ienaccla just as it was at VMley Forge In 1777 and Chateau Thierry in J 9 IS. If you aro a "bear" on America, yo 1 are going to miss some big profit possibly a fortune. America, aj ever, belongs to the optimist. Rudolph 1j. Weissniau. Inquiries MIW YOKK rKXTKAL. Nev.- Yoric Central's relative -'i:iall stoe'e issue in comparison with its funded debt ami its leasehold obligations make th- earnings applicable to the pa7vnt of diidenda slU'W freakish irregularities. The company has 24?.St?,360 stock outstanding against $711,8S5,Ofct. funded debt. This financial structure makes the stock somewhat specuIitive. and enures such fluctuations in the percentage earned as C.75 in lüll. 1S.29 in 191. 10.25 in 1917. and nothing after allowing for lutoiV't charges, etc., for t lie firt eight months In ISIS. It may b aib'ed that under th federal plan of control. New York Central is guaranteed 12 parent during the period of control. When the roads are returned to private ownership the company will again havej to "prddle its own canoe." From the figures shown, it H e vidni that th-3 goernmeut guarantee is needed. The territory served by the company is thickly populated and i: terminal points, Xew York and Chioaco. are points of concentration of the heaviest traffic of the country. It would feem that additional traffic in this ttTitorA' can only be secured by a u.firoportionate exiendilure to the profits to be secured. The company's grow th is likely to b j costly. Tn reviewing its financial str-10-ture, the fluctuating- character of in earnings, its probable future and its records during the period of greatest test undor war conditions, wo cannot give the company's stock the highest of investment rating. It has, at times, some attractive profitmaking possibilities. At its present level, it is not without attraction. always brought important discoveries. This largest one promises to add thousands of dollars to the company's already huge reserve fund and further guarantees the long extension of the regular 10 cents per share monthly dividend. ISLAND OIL AND TltANSIOItT. The Island Oil and Transport corporation's shipments of oil from the sealoading station at Palo Blanco are expected to total COO, 000 barrels thi3 month. Of this amount 4G5.000 barrels will be taken by tankers of the Standard Oil Co. of New Jersey under a contract calling for 1,500,000 barrels. The company's steamers have- already taken 220,500 barrels. The Island Co., it Is reported, has purchased three barges which have been made ul table for oil carriers by the installation of concrete bulkheals. Two of these are now In service and will Tay down 64,0 00 barrels of oil at gulf ports to th? Mafnolia Petroleum Co. under a contract calling for 1,500,00'" barrels each. These barges have a capacity of 16,000 barrels each. The rest of this month's hhipnient.c, about 70.000 barrel:, will be taken by the Warner-Quintan Co. and the Interoccan Oil Co. GLCXTlOCK OIL. Glenrock Oil Co. has computed 'j.i oil well with a flow of 150 barrels a day in the Pilot Butte field !n Wyoming. This company now has more than 40- producing wells and 17 drilling in Wyoming, where it operates In the fceveral fields through subsidiary" companies. Its production now is estimated at 2,0-00 barrels, most of which is coming from the Pilot Butte field. It Is marketing 1,400 barrels of oil dally from th! :,ell, the oil being sold to the Midwest Refining Co. on a 20year contract. Olenrock's other ecreiiire Is located in the Big Muddy, Grass Creek. i:ik Rasin and L-.ir.ce fields. The last named is the newest field in Wycming. It is controlled largely by th- Ohio Oil. Midwest Retlning and ("Jknrock Co. 's. G:'en Car.anea reports -ntle-ir.ents of labor eli?pt:tes at the mine3 j with, sutticlent ore on hand to keep 4 th mill golnj.

You can star! .villi uiu pen in, ilwcc Kfciu)c?. ten cents, t'Aenty-iive cents, titty cents, or one or more dollar.anj have at' the end of titty weeks $12.75, $25.50, $38.25, $63.75, $127.50, $250.00 or more. Have one of these sums to your credii next Christmas You will never mi ihc rrnll weekly im . merits. We have cluhs tor babies chol ciiikiren. an.! all ace- It' for everybody, it's for tme who do save, and lor lne -x-u don't save, but want to commence to sive. Tell your friends about it! Cime in and let m n v oii '.:oeasy it is how a sm:Hl iim v,(rA s tt a i'ii; ne. H 1: A BANK ACCOUNT ! St. Joseph Loan & Trust Co. South Bend, Indiana

THOM Mc

COMMISSION MERCHANTS 301-304 J. M. S. Bldg. Phones Bell 390391. Home 20252098. Members: New York Stock Exchange. New York Cotton Exchange. New Orleans Cotton Exchange. Chicago Stock Exchange. Chicago Board of Trade. Indiana Bankers' Association. Direct Private Wires to All Markets.

3i I Janary All savings deposits made before January loth draw interest from January 1st. Start a savings account with us now. and take advantage of this special opportunity. Put some money in this bank each week and get four per cent interest. . i "I . 1 J.V,.ACr;.ft äHIUCNüdll - u ill lp T M Jhe Sifin o; -he clock

1 0th

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ON & Cail Iiuw will produce bigger and better calves than milk, and will raise a calf for one-half the cost of milk. Let us prove it to you and show you how to save money. Artificial Ice Company 100 Safety 5 Interest Pnifl on Savin r Accoui.rv Interest from date of dep.-n. Safe Deposit Boxe LOANS $!5.60 to $:00.&D or rr.re a nomlr.al rate cf ir.teier. The Morris Plan Co. 120 sormi main sTiii:i;r Opi. Court HonWARNER BROS. f tKl)C & TAIl-H MAriIIN.K intriöoKrt for TKe CJevelani Tractor A 11 1UTH 4U DR. L. R WIRT, DENTIST Sil UNION TKt'ST DLDO. X-Iltt A naeM heüc. Iloiue Ptione 29 1 : Hell 2J7. Opmi rmlnr eaeit U'od n1 ay

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