Muncie Post-Democrat, Muncie, Delaware County, 27 April 1923 — Page 3
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FRIDAY, APRIL 27, 1923.
4
NEWS OF THE FINANCIAL AND INDUSTRIAL WORLD
has had a phenomenal advance while Union Pacific, paying the same dividend and which earned more . last year for its shareholders, is not sidling very much above the low for the year.
By JAMES B. CLEWS New York, April 2f>, 1923—A return to the optimistic feeling of a week or two ago has been characteristic of the market tone during the past few days and the result has been to bring about an advance of prices all along the line, but particularly in rail shares. This, coupled with more active trading, has given the appearance of renewed interest on the part of the public and better technical condition than has prevailed for some time past in the rank and
file of stocks
Foreign Interest in Local Issues Part of this better outlook has been due to a development of foreign interest in local stocks as illustrated by the substantial British buying of Canadian Pacific and the market advances in that issue as a result. British investors would be glad to put funds into our own rails were it Pot for the political uncertainty which surrounds them, and the same is evidently true of our own investing public, which nevertheless thinks highly enough of them to “sit tight” and refuse to be frightened into unloading. Good gains in the oldl line divided rails, especially in the transeontinentals, have been warranted by reports of unusual carloadings, coupled with the placing of orders for new equipment, which, when ue*. livered. will make it possible for the roads to increase their already substantial traffic showing. Altogether therefore, the attitude of the market toward the railway shares has
Rom e—F our Populist Cabinet members have handled their resignations to Premier Mussolini. Mussolini summoned the four to the Quirinal Palace after certain antagonistic. resolutions had been passed by the Populist convention. A political crisis is certain if the resignations are accepted. Dusseldorf, Germany—A campaign of terrorism, directed against French and Belgian officials, has broken out in the Ruhr. Several attempts to wreck trains on which conspirators believed Franco-Belgian Cabinet members were traveling, were made. London—British c-rys are protesting the budget, announced in Commons by Stanley Baldwin, which provides a reduction in beer tax. Considerably increased consumption is
charged.
Berlin—Germany has made her first definite “peace offer” since the French and Belgian troops marched into the Ruhr three months ago. Germany’s terms were made public in a speech by Dr. Hugo Stresseman
in the Reichstag.
Geneva—Business involving the United States was placed on the program of the twenty-fourth session of the Council of the League of Nations,
which opened here.
London—An amazing tale of how Grand Duchess Xenia Alexandrovna of Russia, sister of the late Czar
,, , . , , Nicholas, was fleeced by international The flounce, the apron ^tunic ant * j crooks of pearls valued at $75,000
i Restriction of Child Labor
evidently taken a turn for the better smart white collar and cuff's aie , was disclosed in courv when she sued and, were it not for the hostility to fashion emphasized m this frock t Albert F. Calvert and Maurice Stern-
business exhibited by radicals, iit-
of fine twill.
vestment buying of this class of
stocks would undoubtedly assume ed by the slow growth of advances larger proportions. has been the chief subject of attenRevival at Home and Abroad tion hr financial circles for some time Highly optimistic views of the for- past. It illustrates the remarkably
Albert F. Calvert and Maurice Stern-
back for $50,000 damages.
eign business situation, more for what it is likely to produce in the near future than for what it is do-
extensive unused reserves of credit which exist in this country today as illustrated by the fact that the
Washington Deaf to Gary Request for More Aliens
ing today, have been reported from banks are so generally able to take the conference of business men held ■ care of themselves without resort to at Rome by members of the United the Federal Reserve system. Ae-
States Chamber of Commerce re
Washington, D. C., April 26^—Although recognizing the existence of a labor shortage, which, slhould it
turning to this country. Mr. Barnes, the president of the Chamber in an _
authorized statement, forsees early | ing it at $921,000,000, while the ratio recovery with larger demand. Do-‘.was still 75.5 per cant, with gold remestically, the statements of Secre- serve practically stable but little betary Mellon and others, who assert lew $3,083,000,000. It begins to look thdt continuation of prosperity is as if we should be able to go through to be expected, and that no occasion ' the spring season with comparativeexists for a discouraging or pessi- ly little draft upon the lending remistic attitude on the situation, have 1 sources of the Federal Reserve
cording to the return made public on i become serious, might render adApril 19 the portfolio of bills held j visable the admission of skilled lahad increased only $24,000,000, leav- i borers in excess of quota limits to
borers in excess
meet a proved emergency, there is no intention on the part ot this Administration to lower admission standai’ds or relax the requirements
governing immigration.
President Harding it is reported, said the gates will not be thrown open to meet the demands of em-
Child Labor and Minimum Wage Al- bor law amendments. Those laws • * m • L' n r* L-«/"T rvivf /•Inr'i cirwia T ■f'hA
so Progressive Governors’ Topics
knocked out by split decisions of the United States Supreme Court, and
Wosbine-tnr, D C Anvil 9c_a mn- the onl y wa y r ‘ ov: available to make v\ asnington, u. v., April a con- , r™.
them effective i? to amend the Constitution, as was done in the case of the Federal income tax after the first income tax law was declared uncon-
ference of Progressive Governors of both parties is being arranged for the purpose of agreeing on a pro-
gram of concerted action on proposeu ... .. i v av o r< iamendments to the Federal Constitu- stffutionaHby the, Supreme^Court
tion. It probably will take place some time during the early summer, so that the Governors will be ready
Agreement Looked For
Basil M. Manly, secretary of the People’s Legislative Service. of
with their plans when the new Con- \e^expects ^the S prcfgressb'es^in
gress convenes.
Outstanding among the measures which the Governors will considter, in the way of constitutional changes,
Congress to get together as soon as the next session begins in December if not before, and agree upon a proposed amendment to the Constitu-
l" Restriction of child labor; curbing ^ to th e Present power of the
CHICAGO—Ginghams will be fn evidence through every hour of the summer day this season, and a glance ac the new gingham veaves for 1923 offers good reason for their increasing popularity. There is a striking array of new color combinations and original patterns. Both the imported ginghams anil the high quality domestic weaves come in new bright shades favored for sports’ wear, in pastel tones for dainty afternoon gowns, and in bewildering color combinations in fascinating checks and plaids. All the colors of the rainbow seem to have joined in a successful effort to make gingham more effective than ever. “Ginghams will have a wider range of uses than ever before,” said a man. ge in Marshall Field and Company. Wholesale. “The new patterns in imported tissues and in high grade comestic ginghams—such as MFC, Highland Lassie, Clairlock and others—make
possible striking sports’ costumes and charming frocks, suitable for every summertime occasion. Staple checks and neat fancies are just as popular as ever for simple morning frocks and children’s dresses. Ginghams are now very important in the field of home decoration, 1 gingham curtains, pillow tops, table covers and luncheon sets are being extensively used to make summer homes cool and inviting.” Home dressmakers welcome this vogue for gingham, for this material “makes up” easily, and charming results are always assured. Gingham is the most practical and economical wash fabric on the market. It looks lecidedly like a gingham summer.
the power of the United States Supreme Court; putting an end to “lame duck” Congresses; abolishing the Electoral College; minimum
wage.
As the result of an invitation sent out by Gov. Louis F. Hart of Washington it is expected that the chief executives of various States will get together on some such program, which they will urge upon the United
States Congress.
Advocated by La Follette
Senator La Follette tRep., Wis.), head of the Progressive bloc in Congress, has been advocating such a
Supreme Court to wipe an act of Congress off the statute books by the
narrow margin of one vote. “While a way should be devised to
make possible women’s minimum wage and child labor legislation, in view of the fact that Congress has demonstrated its desire for such legislation,” said Mr. Manly, “it does not seem as though we should have to amend the Constitution whenever we desire to legislate on an impor-
tant question.
Warns of Menace “For example, it shouldl not have been necessary to amend the Constitution to make the manufacture
meeting of Governors, but is inclined and sale of intoxicating liquors un-
lawful. The Constitution can be destroyed by too many amendments. Amendment of the Constitution is being resorted to as a substitute for
legislation.
“It seems to me that instead of considering an amendhnent to make minimum wage or child labor legislation in order, the broad question of amending the Constitution to restrain the Supreme Court from killing legislation by bare majorities should be considered. That would cure the present trouble once and' for
all.”
to believe that several other matters should be given consideration, among thorn, state laws for Presidtential primaries, joint State action to bring to Congress the arguments of State , Public Utilities Commissions, that j they, and not the Interstate Commerce Commission, should have con-
trol over interstate rates,
j Gov. Hart has suggested in his telei gram to five Governors that they ! should attempt to reach an agree- | ment on the form of an amendment to the Federal Constitution for women’s minimum wage and child la-
Feed
markets
tended to confirm the belief that in- I hanks, so that our capacity there for ployers at the expense of the best dustrial shares of the better sort are!financing business will be maintain- interests of the countrv.
not too high.
interests of the country.
Well founded rumors. ed intact or nearly so for future use. 1 This was the Administration’s and
of excessive production in the oil field, especially the Pacific Coast, has naturally created some uneasiness among the holders of oil shares and are responsible for the rather steacly liquidation which has been taking place in this group of stocks. jSfi ffar a*; gei^eral business is eerned, overproduction in this
Foreign developments have not bean such as to change the exchange situation a great deal, although the excellent showing made by the British Chancellor in his reduction of taxation and his better revenue report has naturally operated to help ster-eon-tlin^-and—to > maintain it-at existing line' high levels. The efforts to find
is not a bad feature, as reducing thq basis of understanding in the repa-
' rations controversy are gradually approaching a more definite stage, which, when reached, should repre-
cost of oil, which is now so extenswely used, is good for the cou,.^y at large. Instead of declining, as
some had! predicted that it would,' sent a very decided constructive elebuilding is again moving up to new ment in the stock market,
high levels of activity, and the re-
cessions wihich may take a result of high costs
place
are yet
as to
Market Review and Outlook Greater activity has been preva-
Congressional leaders’ prompt response to the demand of E. H. Gary, head of the United States Steel Corporation. for letting down the bars to relieve the labor shortage. Secretary of Labor Davis in a letter to President Harding, scored the
pnlicy advocated bv Judge Gary, and
declared the need for still further restrictive measures, including absolute exclusion of Japanese and other
Asiatic immigration.
Where’d He Be if It Did? (Cleveland. Timos-Commercial)
Senator Borah wants to declare
‘Tut’ Tomb is Blamed For ‘Spade’ Epidemic
Millfeed markets dull. Dealers unwilling to make concessions. Offerings for nearby shipments made at firm prices. Northwestern and southwestern mills trying to obtain bids on June and July shipment wheatfeeds at substantial discounts. Demand very light and inquiries from
Africa and Asia Begin Digging for Other Treasures of Ancient Empires
liondon, April 26—The publicity
given to the excavation of Tutankhamen’s tomb at TCuxor has given an immensme impetus to scientific
and archaeological research. All over north Africa and Asia
Minor expeditions are digging up historic sites, .in the hopes of finding the fabulous treasures of ancient empires, and incidentally of
Up _ ; increasing the world’s knowledge of crime. T)oes this include fa*c- happenings, mode of living, etc., of
Fruits and Vegetables
I Florida potatoes $2.50-$3 lower for I the week. Texas stock weaker. Eastern and northenn round whites down
29-35c in city markets and at ship- i interior limited to immediate reI ping points. * Louisiana strawberries , quirements. Cottonseed and linseed higher in Eastern markets, lower in meal firm, stocks good, offerings 1 middle-west. Prices lower at ship- j large but not urgent, demand light, i ping points. Cabbage steady to firm.. Quoted April 25; bran $28.25, midTexas yellow Bermuda onions general-j dlings $28.75, flour middlings $30.25 1 ly steadJy. Apples are higher. Minneapolis; gluten feed Chicago
j ‘Prices reported April 2~: Florida $35.65; 32 percent linseed meal $43.25,
' spaulding rose potatoes mostly $10-i Minneapolis $42 Buffalo; 36 percent
The temple is in the ancient city 112.50 per barrel, $13-14 in Pittsburgh ! cottonseed meal $40 Memphis, $41 of Ashdod and the delicacy of Hie 1 and Cleveland, $10 at shipping points. : Atlanta; white hominy feed $31.50 St. work is indicated by the fact that Texas bliss triumphs $7-8 per 100 T nn ’ C! ^ n.Wno-n
the excavators had to clear away the ! pound sack. New York sacked round ruins of churches built by the CruJ whites $2-2.15 per 100 lbs. Maine saders. Votive offering of gold, bulk stock $2.50-2.65. Northern bronze and marble have Jheen^found sacked round whites $1_25-1.35 in and it is hoped to discover the actu- Chicago carlot market. $1.50-2.25 oth-
al shrine of Dagon and the fragments of the deity, shattered on ac-
er markets. 95c-1.15 f. b. b. Carolina wakefield cabbage
Louis $32 Chicago. Livestock and Meats
Chicago hog prices ranged from 25 to 40c lower for week. Beef steers we a k to 25c, butcher heifers 10 to
South feeder steers weak to 15c and
$4.25-5
make themselves felt,
tions naturally tend to maintain good levels of value in the stocks of concerns producing basic materials, including coppers and other metals.
Prices and Production
Reports of business conditions during the week have amply tended to sustain the belief in the activity of production during coming months. General demand on a large scale exists throughout the steel industry, while the sound condition of its finances was testified to by Judge Gary in his remark's before the annual meeting of the stockholders of the United States Steel Corporation. The principal difficulty in sight is found in Jack of labor and in relatively low productiveness of existing labor, a situation which tends to vitiate to some extent the satisfactory state of affairs in a good many lines of business. In spite of this fact, the country is now turning out more goods than for a great while past, the total outlook being undoubtedly ahead of that of 1920. when production was at a peak point in nearly all lines. Crop prospects are not thus far particularly satisfactory, either in cereals oi* in cotton. Yet there is nothing to Indicate definitely unfavorable prospects thus far as compared with last year, in spite of early Government reports which show the probability of a rather smaller output with expected increase in abandoned acreage. So far as the farmer is concerned the much higher prices that are being realized in nearly all lines ought to result in leaving him about as well off as if he had had a larger yield from his land. In fact, some forecasters believe that the present year will turn out more favorable for the farmer than any recent period of
equal length.
Strength of Credit The anomalous situation shown by Federal Reserve banks, as illustrat-
These condi- during the week past, and! there tional warfare ?
MANY ARE NOW MAKING PILGRIMAGE TO THE HOLY LAND
A recent view of St. Stephens Gate, Jerusalem, showing the Moslems entering the city.
Don’t Fuss With Mustard Plasters Musterole, made of pure oil of mustard and other helpful ingredients, will do all the work of the old-fashioned mustard plaster — without the blister. Musterole usually gives prompt relief from bronchitis, sore throat, coughs, colds, croup, neuralgia, headache, congestion, rheumatism, sprains, sore muscles, bruises, and all aches and pains. It may prevent pneumonia. All druggists— o5_c and 65c jars and tubes— hospital size $3. Better then a mustard plaster
Young People Urged To Take Dip In Politics
has been a better tone throughout the trading, with an inclination on the part of the outside public to take a greater interest in the market. It is always difficult to form a decided opinion as to when liquidation has run its course, depending so much on unexpected developments; but, aside from the oil shares, which for the moment are under a cloud, there is nothing at the present writing to indicate that there is to be renewed selling of importance. Factors such as firm money and radical talk against the railroads, which created so much market uneasiness a couple of weeks ago, are now ignored. This is due to calmer reasoning, especially with regard to the railroads. It
can. be taken for granted that the j consisting of all the state chairmen radical bloc in Congress will db ev- of political parties, and empowered to erything they possibly can to' ptsh appoint an executive committee of through their measures, but, after io men and 10 women responsible for all, the Republican and Democratic the promotion of an interest in naparties have many sane elements in tional politics among the young peo-
their ranks and will not readily per- pie of the nation. mit a small group of men to do any-
thing that would give business, which is so well under way. a setback. A good example of what railroad shares are capable of doing
National Civic Federation Names
Committee to Push Move
New York, A.pril 26—A movement to induce young American men and women to taken an active part in the political life of the nation through the intermediary of the existing parties was launched! Wednesday at the closing session of the annual convention of the national civic federation. A resolution was adopted creating a joint national advisory committee.
Nobody Is Using It
(Cleveland Plain Dealer)
Ludendorff mak*s the prediction
when not affected by fear of adverse that 'the Horenzollerns will return legislation is seen in the continued to the imperial throne. Why not advance of Canadian Pacific, which save trouble by sending it to them ?
far off days.
Ancient Carthage; the Chaldean home of Abraham and Nebuchadnezzar at Ur; the Biblical Palestine cities of Palestine, and long-forgot-ten Babylon, are being disinterred by the excavator’s pick, and already interesting discoveries have been
made.
Franco-Harvard Expedition At Carthage the Franco-Harvard university expedition, headed by Count Bryon de Prorok and the French achaeologist. Father Delattre, is working on the ancient temple of Tanit (the Phoenician goddess Astarte), and the excavators hope to unearth the great altar of the goddess, where children were sacrificed, as well as the tombs of Queen Dido, Hannibal and' Hamilcar, which are supposed to contain vast treasures. Considerable excavation has been undertaken for years on the site of the ancient Carthaginian capital, but the boom in this sort of research work has resulted in the collection of sufficient funds to enable its continuance for another five years on a much more ambitious scale. Count de Prorok, who is a Hai’vard graduate, and holds the Norton Memorial chair for ai’chaeology, hones to find the treasure of the vandal king Garsine, who after sacking Rome, filled 400 galleys wfth loot. He is further looking for a sunken Carthaginian galley which hailed from Athens with a priceless cargo of gold, bronze and marble statuary for the Carthaginian palaces, and which is believed to be lying in five fathoms of water off the ancient city, which was razed to the ground iri 146 B. C. The later city, which was destroyed by Arabs in 698 A. D., was one of the richest in the Roman empme, and is supposed to contain much buried treasure. Count de Prorok’s latest discoveries include what are supposed to have been Hannibal’s stables, containing a number of tusks and teeth, presumably from the great warrior’s elephants. Vandal coins have also been discovered, and before long, it is expected that practically the whole of ancient Carthage will be uncovered. An Englishman named Sidney Bush is digging away at Ur. the forgotten Biblical city associated with Abraham and Nebuchadnezzar, and has uncovered some remarkable tablets and if he has not discovered treasure, he has at least found the records of some long dtead tax-col-lector. The (excavators hopte that the tax collectors’ safe deposit vault may be near, although the entries— on stone tablets—chiefly refer to sheep and cattle payments. In Palestine also, the Palestine exploration fund has come across 1 the ruins of the famous temple of Dagon, the great fish-god of the Philistines, where the ark of the covenant was taken after its capture by the Philistines at the battle of Ebenezer. described in the first book of Samuel.
count of the Philistines’ impious j per barrel crate. Louisiana klondyke handling of the ark. Gaza, connect- strawberries 22-28c pint basis, $4.50ed with Samson’s exploits, is also $5.50 per 24 pint crate in city marbeing excavated. | kets, $2.75-3.45 in producing sections. In Mesopotamia and ancient Baby- j North Carolina klondykes 30-50c per Ionia extensive operations are pro-1 quart in eastern cities, $9-11 per 32
veal calves weak to 25c off. Fat cows however, were 10 to 15c higher. Fat lambs 25 to 30c up with yearlings
and fat ewes unchanged.
On April 25 hogs were mostly 10 te 15c lower than Tuesdays average; beef steers slow, weak to 15c lower
cccding, and adding daily to our store quart crate at shipping points Flori- with other classes of cattle generally ' da berries 35-50c a quart. [steady. Fat lambs slow steady to
weak, sheep around steady.
Grain j April 25 Chicago prices: Hogg, top, Market uncertain first three days $8-10; bulk of sales $7.50 to $8; me.-
of week with prices both higher and and g-ood_beef steers $8 to $9.75 lower hut undertone decidedly firm feeder steers $5.75 to $8.25; light and remainder of week and closed at net medium weight veal calves $8 to $10; gains. For the week Chicago May fat lambs $13 to 15; yearlings $9.75
of knowledge of the doings, habits and history of long-forgotten races. The ruins of Babylon, Ninevah—successive ruins, on account of the frequent destruction and rebuilding of these cities—and other famous centers of far-gone ages are being industriously raked over with a view to the discovery of actual or fresh
scientific treasures.
Americans. British, French, Italians. Austrians and others are among the excavators endeavoring to root out the secrets of the past. Naturally all such excavating expeditions must be duly accredited by their respective governments and the powers at present ruling the his-
toric sites.
wheat advanced 114c; Chicago May
cqrn advanced 2%c.
Wheat prices advanced readily on the 25th. Short covering and fresh buying by locals gave corn market strong undertone. Strong cash market was principal influence. Closing prices in Chicago cash market: No. 2 red winter wheat $1.35;
to $13.50; fat ewes $7 to $9.25. In eastern wholesale fresh meat markets beef steady to 50c veal firm tc $2, mutton firm to $1 higher. Lamb weak to $2 lower; light pork loins 50c and heavy loins firm to 50c high-
er for the week.
April 25 prices good grade meats* beef $13.50 to $15.50; veal $14 to $17;
Washington News
Washington, D. C., April 26—Administration and Congressional leaders condemn Judge Gary’s proposal to let down immigration bars to relieve labor shortage. * + * Senator Cummins (Rep., lowal, after conference with President, announces compulsory consolidation of railroads will be pushed at next session of Congress. * * * Secretary of Commerce Hoover reports improved conditions in Middle West. * * * Further petitions filed with President and Tariff Commission urge dismissal of complaints against vegetable oil duties. * * * An attempt to lift the restrictions placed upon foreign participation in the natural wealth of the United States was made in an appeal by the Roxana Petroleum Corporation from a decision of the Interior Department that barred it from holding leases on Indian oil lands. * * * Reports of national committees on various activities of the organization dluring the past year and other business routine divided the program with a memorial service at th? thirty-second annual congress of the Daughters of the American Revolution.
No. 2 hard winter wheat $1.28, No. 2 ] a ^ ) ^
mixed' corn S4c; No. 2 yellow corn 84c; No. 3 white oats 46c. Average farm prices: No. 2 mixed corn in central Iowa 70c; No. 1 dark northern wheat in central North Dakota $1.11; closing future prices* Chicago Ma^ 1 wheat $1.26; Chicago May corn 8114c; Minneapolis May wheat $1.28; Kansas City May wheat $1.18%; Winni-
peg May wheat $1.23%.
Hay
Eastern markets fairly firm with prices practically unchanged. Timothy prices up 50c ac Pittsburgh on light receipts. Demand for clover and clover mixtures very dull in Central Western markets. Prairie demand slackening. Prices slightly lower. Quoted April 25: No. 1 tim-
light pork loins $15.50 to $18.50^
heavy loins $11 to $14.
Dairy Products
Butter markets continued weak and
unsettled. . Prices show downward tendency. Domestic markets have felt the pressure of weakness in for-
eign markets from which supplies
would have been diverted had prices
remained higher in this country. Closing prices 92 score butter r
New York 42%: Philadelphia 41 li*
Boston 42%c; Chicago 39%c.
FROM THE PROVINCES
Awful Disappointment For Them (Detroit Free Press) Will believers in the occult regret to learn that Howard Carter, the olher one of the pair of Tut tomb excavators, is recovering from his illness ?
As Talkative as Colonel House
(Indianapolis Star)
Vice President Coolidge is steadily winning a place in history as a lead-
othy, Philadelphia $23, Pittsburgh $21, [ ing exponent of the fine art of perCincinnati $20, Chicago $23. 1 fectly safe public speaking.
For Fascinating Eyes make the use of tZXCurine a daily habit. This R.efreshing Eye Lotion makes Eyes Clear, Radiant, Beautiful! Enjoyable, \ Harmless
Could Anything Be Funnier?
(Pittsburg Gazette-Times) German workers are worrying because France’s reparations dtemands are “cheating America of the fruits of her victory.” Sad, isn’t it?
KEEPING WELL MEANS A CONSTANT FIGHT AGAINST CATARRH
Many diseases may be described as a catarrhal condition. Coughs, colds, nasal catarrh, stomach aud bowel disorders are just a few of the very common ills due to Catarrh. Fight it! Fight catarrh with a remedy of assured merit, a remedy which has a reputation for usefulness extending over half a century— .DR. HARTMAN’S' PE-RU-NA
Tablets or Liquid
Sold Everywhere