Muncie Post-Democrat, Muncie, Delaware County, 18 August 1922 — Page 3

FRIDAY, AUGUST IS, 1922.

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NEWS OF THE FINANCIAL AND INDUSTRIAL WORLD

| although it has undoubtedly praventj ed improvement from occurring) that would otherwise have taken place, i A reduction in ingot output for July is the unavoidable result of coal and railway distrubance. Other branches j of business show a fairly steady growth, building permits being now j about GO'£ ahead of last year. Deliveries of material have been some-

As the railroad strike approaches a conclusion, and as the prospect of settling) the coal controversy grows brighter, the natural effect upon the stock market is to stimulate confidence that the many encouraging business factors which are now at work will eventually operate to raise values. This point of view hhs been

strongly in evidence during the past ! what interf ered with by the transpoi't-

week, railroad stocks, instead of receding, reflecting a continued confidence on the part of holders that the various difficulties which have affected the industrial world adversely would soon be brought to an end, and so advancing) strongly in value. Class I railway earnings for six months now show earnings at the

rate of 4.43 per cent.

Favorable Agricultural Prospects. There has been an excellent basis for the belief that business, if it could be given a chance to develop undistributed, would shortly resume a normal position. Foremost among factors tending in this direction has been the excellent crop report issued by the Government on August 8. and pointing to high yields in most lines, some of them record-breaking. On the basis of present prices the seventeen principal chops have a value of about $7 134 854,000 which is an in-

crease ef $1,200,000,000 over 1921. , demands

While the prDe of grain is not as good as the farm population had hoped, it is. nevertheless, sufficient to give a comfortable margin in most cas^s at present cost of production, while the Southern cotton planter is better off than for some time past. An excellent condition of Vetail trade i* reported in most of the growing districts and this may be renarded as reflecting the prevailing point of view concerning the farm outlook. Of course, it will be necessarv to move the product, and it is evidently the farmers’ desire this year to have the crops disposed of rmmotly. That means a. need for efficient railway service, but it also implies that there will be a ab^nd^uce of traffic as soon as strike difficHties are ov^r. Slight recession in railway carloadings during the past week indicates nothing with r^ga^d to the actual business prospect. h”t is a r'-ffie-Aion of the state ef thincis as affecting the car-

riers themselves.

ation dicfficlties, but have been suf ficently well maintained to keep up the activity of industry. Sales of leather and leather products are increasing, and the effect of this wellsupported demand has been to encourage the public in purchasing industrial issues for investment, although during) the past week some recessions have occurred as the natural result of the uncertainty growing out of the railway and labor out-

look.

Foreign Conferences and Exchange. The Allied conference at London has naturally developed some differences of view between the British and French participants, but it now seems probable that a joint programme resulting in Allied control of German finances will be determined upon. Accompanying it, may be a snort moratorium, and along] with this some general diminution in French

for reparations payments.

Nevertheless the foreign exchange market has been disposed to malt for more definite indication of the outcome before embarking on any active ti’ading. Thfs has left the current business on a limited basis and without much support. There

has also been a

of failures, relatively speaking, re- [ ported by the commercial agencies, indicates that business is now definitely upon the upgrade so far as credit conditions go and improvement in earnings announced by not a few enterprises, with prospect of better dividend disburiementa, shov.D the effect of the greater liquidity of credits on trade at large. Market Review and Outlook. With many conflcting factors at work it is not strange that the market during the past week has continued to adopt a waiting attitude and that the turnover has been correspondingly limited. There is no indication of heavy liquidation. The surprise expressed in some quarters because of continued advance in the price of railroad shares has neglected the fact that the. bad effects of tk e strike had been largely discounted, and that the market is now adjusting itself to an expected early end of the controversy. Authoritative forecasts of good business prospects for the ^ autumn, coupled with the fact that , costs in many . industrial concerns have now been much reduced, ac- 1 count for the moi'e confident buying ■ that is now taking; plae. No doubt a considerable portion of recent sell- ; ing has emanated from the profes- ; sional trading element who believed that on technical grounds the market j was entitled to a setback. It was | quite noticeable, however., that when offerings from this ' source cease d there was a good come-back to most issues. Ponding developments in the outside situation, however, more or less irregularity'must bo looked for throughout £hc general list.

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Annual Published Report of

Secretary of School City for School Year v

1921-1922 ip'f - -

/ T CONTROLUNG ACCOUNT , RECEIPTS Special FlincI • Tuition Fund Bond Fund # •. Building Fund Vocational Fund

349,227.20 417,258.53 64,541.18 568.482.06 26,264.24

DISBURSEMENTS ^ Teachers’ Salaries 305,635.51 Indiana State Teachers’ Retirement Fund

Assessments ...

3,188.11 •’A-.f.V - a ••• .

Total Receipts

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$1,425,773.21

disbursements for year 306,823.62 Total amount on hand at close of fiscal year July 31st, 1922 .$ 110,434.91

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DISBURSEMENTS

Special Fund .., Tuition Fund ... Bond Fund ..., Building Fund . , Vocational Fund

298,046.25 306,823.62 50.014.45 402,573.29 17,919.70

BOND FUND RECEIPTS

r % ....$

^ mount on hand August 1 st, 1921 From Coumy Treasurer—

December, Local Drawal $22,031.39 June, Local Drawal..., 28,732.84

13,776.95

50,764.23

Live Stock and Meats.

Compared with a week ago Chic- i

support. There | a £° prices showed advances 1 tendency toward | ran gi 11 g' from .10 to .30, cattle prices 1

Total Disbursements $1,075,377.41 Total amount on hand at close of fiscal year, July 31, 1922 $ 350,395.80

Revival of Business Demand. This favorable agricultural outlook has been accompanied by increasing revival of business demand for many classes of products. Notable in this connection has been the call for copper which is being so largely used in electrical industries. The motor industry is making an increasing call for steel. This situation is reflected in the unfilled orders of the United States Steel Corporation which, as announced on the 10th, were 5,776,161 tons, an increase of 140.630 tons over the preceding month. The strike has thus far affected the steel industry only in a camparatively limited way

weakness in some of the currencies, with the result that marks in particular have fallen in their quotation level. A favorable outcome of the I ondon negotiations oueht to rectify this condition, especially as foreign bonds have held their own well and there has been at least some improvement in the attitude of the banks with relat'd to credits opened in favor of foreign buyers. A favorable outcome of the conference would be followed by prompt revivial of interest in European business.

Liquidation of Credit.

Further liquidation of hitherto frozen credits has occurred among the interior banks, the result being to give the New York market an abundant supply of funds for all ordinary investment or speculative purposes. The lessening popularity of the acceptance as a bank investment has also confirmed the country institutions in placing spare funds in the stock market as a means of keeping them at work when locally unemployed. There is a better prospect at present for an adequate supply of money in the market than at any time for a good while past, and this situation is expected to continue

for some time to come. The Federal i PoU^ot markets during

Reserve ratio for August 9 was 89.4 per cent. A much smaller number

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COMPARE IT’S CONVENIENCE WITH IT’S COST

That’s the only fair way to determine the cost of an article or service. Of course the telephone should be judged that way. What would you do without a telephone? You know it would inconvenience you so that you would not do without it. Supposing there was no telephone company how many of us would have a telephone\at our command ? How many would invest hundreds of thousands of dollars, yes even millions, so that we might talk with our friends or transact business over a telephone? None of us would or could go to that expense, not even the biggest business men in the world. Yet. you have just such a service at your command twenty-four hours in the day at a monthly outlay that would not even begin to erect one t.lephone pole or would not pay one half day’s wages to our workmen. Consider these facts, compare the convenience of a telephone with its cost, then you’ll say it’s a good investment on your part. Too, you must not overlook the conveniences offered by Long Distance—they’re many and they’re economical.

Indiana Bell Telephone Co.

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also advanced, veal calves which ad- J vanced from $1.50 to $1.75, showing { the greatest gidns. Feeded steers were ‘ steady to .10 higher, butcher cows ! and heifers firm to 25 3-4 higher and ; beef steers .10 to .40 up, fat lambs were .60 to .85 3-4 higher, and yearlings .25 to .50 up per 100 lbs, feeding lambs and fat ewes unchanged. On Aug. 16 Chicago hog market open slow, lighter weights mostly steady to .15 lower, others .10 to .15 lower than Tuesday’s average, closed easy on all weights. Beef steers active, generally strong to .15 higher, better grades beef cows and heifers strong to higher, other grades steady to strong, bulls .15 higher; veal calves .25 to .30 higher, stockers unchanged. Fat lambs strong to .25 higher; sheep and feeders generally steady. Aug. 16 Chicago prices: hoes top, $10; bulk of sales $7.75 to 59 95; medium and good beef steers $8.10 to $10.40; butcher cows and heifers $5 to $9.25: feeder steers $3 90 to $8-50, light and medium weight veal calyes $11.25, to $12.50; fat lambs $12 to $1.3, feeding lambs $11.50 to $12.50; yearlings $8.75 to $11; fat ewes $3.50 to $7.65. Stocker and feeder shipments from 12 im-

„. the week

ending Aug. 11 were cattle and calves 84,395; hogs 3.278; sheen 54 580. In eastern wholesale fre^h meat markets prices were not materially changed from a week ago. Veal, lamb and mutton were firm to $1 higher; beef .50 to $2 higher and nork loins firm to $2 higher. On Aug. 16 better grades of steer beef firm; veal was steady under moderate receipts rjhd slow demands. Lambs and mutton practically steady at all markets; pork loins weak at some markets; steady at others. \ug. 16, prices good grade meats: beef $16 to $17. 25 veal $15 to $18; lamb $24 to $27; mutton $23 to $27; lieht nork loins $23 to $27; heavy

loins $15 to $20.

Cotton

Spot cotton prices 'adva/nced 26 points during the week. New York October futures contracts advanced 52 points. Spot cotton closed at 20.72 cents per lb, New York October futures 20.70 centsW ith exception of small advance on Augi. 10, grain prices trended lower for week, principal bearish factors were lack of support, weakness in Liverpool, collapse in German 1 marks, and restricted export demand due to foreign political situation. Chicago September wheat .04 lower. Chicago September corn .01 higher. On August 16, wheat markets unsettled. Prices fluctuated rapidly but close on rally at reactional gains. Buying largely was by shorts. Country olTerings not large and cash demand only fair with premiums easier at close. Profit taking checked advance in corn futures but close was higher. Exporters still after corn. Cash corn weakened somewhat at close on increased offering Is to arrive from Illinois and Iowa. Closing prices in Chicago cash market: number 2 red winter wheats $1.03; number 2 hardwinter wheat $1.0b; number 2 mixed corn .62; number 2 yellow corn -63; number 3 white oats »32. Average farm prices: number 2 mixed corn in Centralia Iowa .49, number 2 hard winter wheat in Central Kansas .85. number 1 dark northern wheat in Centrol North Dakota .92. ’ Closing futures prices Chicago September wheat $1.01; Chicago September oern .52 1-2; Minneapolis September wheat $1.04, % Kansas Sept, wheat .98 1-2; Winnipeg Oct. wheat $1-02, y 8 .

Hay

Market holding) firm for hay of £ood quality because of light receipts'. Notices of country shippings decreasing as rails strike continues. Poor hay generally in excess of demand and selling) at heavy discounts. Quoted Aug. 16 number 1 timothy-New York $31.50, Philadelphia and Pittsburgb $19, Chicago $24, Atlanta $23, St. Louis $21, number 2 timothy $1 to $4 below number 1 prices, number 1 alfalfa St. Louis $21.50. Memphis $23. Number 1 Prairie-St. Louis $17.50, Chicago $19. COUNT IN POISON CASE

SPECIAL FUND RECEIPTS Amount on hand August 1st, 1921 $ 4,093,S3 Taxes 202319.77 Borrowed Money 95 qqq qq All Other Sources 47,811.83

DISBURSEMENTS Annual interest for vear $ 40,014.45 Annual maturity of bonds 10,000.00

T-tal disbursements for year $ Amount c»n hand August 1st, 1922 $

50,014.45 14,526.73

Total receipts for year $ 349,227.20

DISBURSEMENTS

salaries of Superintendent, Executive Secretary, Trustees, Clerks and Office

Help $ 12,283.75 Salaries of Janitors 24,341 08 Salaries of Teachers 50,161.10 General Supplies 13,308 41 Printing 2!427'59 Furniture and Fixtures . 133 0? Laboratory Supplies 1,325.84 Manual Training Supplies 7,989.73 Domestic Science Supplies 2,480 01 ^ ht * 822.82 P ovs ; er 5,219.96 f uel 15,928.21

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BUILDING FUNDS RECEIPTS

bmior Hwh School Fund $ 136.869.26 Blaine Building Fund 123,156.98 I mcoln Building Fund 124,430.97 Emerson School Building Fund 184,024.85

Total receipts for year $ 568,482.06 • — * ' • . .1 ’• . — vi ' '•" ■' * T EXPENDITURES lunior High School Fund ,$ 120,591,26 Blaine Building Fund 117*422.53 Lincoln Building Fund 124,430.97 Emerson Building Fund 40,128.53

Water

Insurance Freight and Drayage Repairs, Labor and Material . . . Buildings, Ground and Equipment Sanitation and (Hygiene

Transfers . . J3’09070 Loans and Interest 121,364.43 Miscellaneous 1,767.38

1,830.33 1,993.04 1,368.65

11.688.07

6,759.49 ,762.74

Total disbursements for year $ 298,046.35 Total amount on hand at close of fiscal year/July 31st, 1922 $ 51,180.85 f ' TUITION FUND

'' RECEIPTS

Amount on hand August 1 st, 1921 $ 48,954.20 Taxes 283,959.19 Common ScLcol Revenues 50,244.58

108.45

5,931.23 17,944.34

3,705.89 6,410.65

Total disbursements for year $ 402,573.29 Total amount on hand at close of fiscal year . .$ 165,908.77

VOCATIONAL FUND RECEIPTS Amount on hand August 1 st, 1921 $ 8,532.73 From County Treasurer— December Drawal $8,229.06 June Drawal 9,224.83 17,453.89 From Miscellaneous Receipts 277.62

Total receipts for year $ 26,264.24

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Congressional Township Interest Dog Fund Tuition and Transfers Depository Interest State Vocational

Assessments . Night Salaries . . . Part Time Salaries Clerical Work . . .

Labor

Supplies -

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Total receipts for year . . . $ 41 7,258.53

SUMMARY

8,782.52

Fund

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81.56 4,086.50 408.00 • .173.00 16.00 4,372.12

17,919.70

8,344.54 0

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Depositories Special & Tuition Junior High Sch. Blaine Bond Acct. Vocational Emerson Fund

32,521.00 -22,350.47 40,000.00 .14,024.85

8,344.54 35,000.00

Del. Co. Nat. Bank., 35,824.33 Merchants Nat. Bank 4 39,I79.08 Peoples Trust Co.., , |34 > ,240.80 Farmers Sav. Bank., f 18,614.54 Mer. Tr. & Sav. Co., |33,757.01

142.94

15,468.75

446.76

1.346.67 4,307.78

219.55

5,000.001,770.34 3,500.00 2,131.39

125.00

Total 74,834.94 78,768.64 84,575.34 34,770.70 77,446.10

f o», * 1 rv»dS (61 *615,76 , *. 1 ’

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Special Tuition

$16,278.00 $5,734.45 $14-526.73 8,334.54 143,896.32 $350,395.80

FUNDS

..$ 51,180.85

j | | Junior High School

Fund ,

Fund 110.434.91 $

A*'

161,615.76 16,278.00

/ | iBlaine Building Fund .. ... 5,734,4? - I Pond and Sinking Fund 14,526.73 Vocational Fund /.•*,.€ , > 8,344.54 Emerson Building Fund 143,896.32

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feed

Total $ 350,395.80

Brussels.—Vicomte Henri de Masieres has been arrested in conneciton with the death by poison of his sister-in-law, Mile. Valerie Stockhove.

* * - \ 4. . . " All vouchers and bills for #11 payments are in the possession of the Board, in the offic|e of the school city and sublet to public incpection, &V

London.—Mifc. Doris Beck was granted a divorce on testifying that her husband cut off her young daughter’s hair.

August |st, 1922. —i

TRUSTEES SCHOOL CITY OF MUNCIE. INDIANA VINCENT W. JONES. Fre:’-ca: EDWARD TUHEY, S.-cr:at,y GEORGE L. HAYMOND, fe s v ..-

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Total receipts for year . 64,541.18

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