Indianapolis Times, Volume 34, Number 239, Indianapolis, Marion County, 15 February 1922 — Page 13

MINERS’ WAGE REPORT NOTED ON EXCHANGE Held Encouraging Feature a& It Relates to Avoidance of Strike. TRADING VOLUME LIGHT Special to Indiana Daily Times and Philadelphia Publi Ledger. By MONITOR. NEW YOF.K, Feb. 15—Although trading was in moderate volume, the undertone of the market, which was sligntly unsettled in the early trading, gathered strength as the session progressed, and toward the close advances in various groups and specialties imparted an appearance of decided strength. The rate for call money dropped to 4 per cent, commodities were strong, wheat making an overnight advance of five to six cents per bushel. Cotton gained about $2.50 per bale on the day. Undoubtedly the rocky road which the soldiers ••bonus” bill is being forced to travel was largely responsible for the growth of confidence. The impracticability of the Airio'us tax suggestions and the reported opposition of the President to. an issue or bonds or treasury notes, give indications of the financial difficulties confronting this effort to pay political debts gt the expense of the country's taxpayers. Undoubtedly the suggestion for a bond or note issue will be construed as being fully as pernicious as the various taxation schemes, for such flotations would have a depressing effect on the war loans and other Federal securities. BRITISH REPORT FAVORABLE TRADE. The firmness in Sterling may have been prompted by the unexpectedly favorable character of the British board of trade report on the foreign commerce of the United Kingdom in January. Exports of cotton yarns were 15,000,000 pounds (against 16,000.000 pounds in December, and only 7,000,000 In January last year. Exports of cloth were placed at 339,000,000 yards against 330,000,000 yards In December and 249,000,000 la January last year. Another encouraging feature is found in the change of front by the wage scale cofhinittee of the United Mine Workers ( ! America In offering to accept the presnt schedule after their recent threat of a strike in case demands for wage Increases were refused. Amopg the minor items was the prediction that the Baldwin statement today would be of a most favorable character. The announcement of the suspension of a ..stock exchange firm with Philadelphia connections had no market effect Fortunately the announcement was accompanied by none of the ugly rumors that have been associated with some recent occurrences of this nature. STRENGTH SHOWN IN STEELS. So far as market movements were concerned, a good deal of strength was displayed by the steels and equipments, with United States Steel making anew high level at 90. and closing up more than two points on the day. Other strong' strong spots were Bethlehem Stee.l B. American Ice, Famous Players, United States Cast Tron Pipe, Mexican Petroleum, Otis Elevator, Stewart Warner, Gulf States Steel and numerous minor industrials. Later in the day the rails took on a stronger tone, with advances in Southern Pacific, St. Paul preferred, Union Pacific, Great Northern and Northern Pacific. Sentiment is more bullish on the rails.—Copyright, 1922, by Public Ledger Company.

WAUL STRRET GOSSIP BY MONITOR.. Early irregularity and hesitation In yesterday’s market gave way to general strength during the closing hour under the leadership of the rails. The stocks of this group which were active Included t'nion Pacific, which made anew high record since it last sold ex-dlvidend, Chicago and Northwestern, Atchison and others of the standard dividend players, and in the low priced group. Rock Island, St. Paul preferred, and the Missouri Pacific Issues. The head of one large firm which has been consistently committed to the constructive side of the railroad stocks, said “at last we are receiving some return for our steadfast faith. We have not been in accord with the violent fluctuations in the industrial stocks during recent years, nor has our clientele. Now we are getting a market which talks our language. We cafi understand iC” This is a more universal attitude than is understood generally. Soon after the opening large selling orders were placed in Seneca Copper and before they had been executed the price had declined to anew low record at The selling is believed to be an echo of the recent disagreement between a well known operator and the bankers which control the property. American Sumatra was a weak feature, making anew low decord during the morning close to 23. The reasons for the selling are well known, and the proxiunlly of the directors meeting at which action will be taken on the preferred dividend again brought discussion as to its payment. , While weakness was in evidence in scattered instances, Famous Players was advanced by tlie speculative group in charge of its market movement. That a substantial short Interest was built up in this stock during the discussion of the Hollywood case was well known ar * buying by this interest was reported as responsible for the advance. The financial community accepted as •inspired ’ a statement from Washington that President Harding will not accept any of the proposed taxes for raisittg funds for the soldiers ‘‘bonais" nor will he sanction the issuance of new securities. There was an inclination to draw the deduction that the soldiers "bonus proposal thus will not become law. This accounted for much of the optimism. The advance in the railroads began soon after report was received from Washington that a bill has been intro•fuce.d making null and void the law requlring the interstate commerce com* ■ 1 to establish a phj’sical property valuation for the various railroads it was said that there was a genera! sentiment in Congress in favor of the new measure and its passage would mean a fundamental change in the status of railroad securities. The annual report of the Baldwin Locomotive M orks was to he made public today. I here is excellent reason to believe that it will show net earnings from domestic cash business equal to $17.50 per share on the outstanding common stock. In addition to this it is understood that (here will be shown also earnings equivalent to $11.50 per share on the torcign business transacted bv the company last year, and that this amount has been set aside as a special reserve to apply against outstanding foreign paper held by the company. Buying of an excellent quality has been reported in Maxwell (B) stpek.' It is understood that the company estimates its years production at between 30.000 and -tO.OOO cars. While earnings at the moment are reported as small, it is said that as soon as large production is under way net results will prove satisfactory. The buying is of a speculative character. Market Street Railway issues all were strong, the prior preference stock leading the advance and reaching anew high for the movement. The buying is of the same character that has been in evidence during its 15 point advance. It is based on the expectation that during this year the stock will be placed on a $0 annual basis. American Ice was taken in hand by the speculative group in charge of its movements and advanced to its recent high record of 91). It is understood that earnings now are at the rate of JfiO per share annually. During the last three years the company has charged to depreciation the equivalent of $l3O per share on the common stock. The buying yesterday was accompanied by reports that when the

ATLANTIC FLEET HOLDS MANEUVERS

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The annual winter maneuvers of the Atlantic fleet are now being staged In Southern .raters. This picture, taken in the Gulf of Gunncanayabo, showsfWimarines Joining the main fleet In its maneuvers.

directors meet next month the dividend rate will be increased from $7 to $8 annually. and that a stock dividend of 100 per cent will be declared. In usually well informed quarters it was repeated that while some readjustment in the capital would be made later in the year, stock dividend talk at this time is premature. 1 American Can advanced to anew high price on buying attributed to a powerful speculative group. Following the anual meeting, President Wheeler said that owing to the decline In the price of tinplate it will not be necesary for the company to issue any short term notes this year. Financial requirements, he said, will be taken care of through bank loans. For the last three years the company has issued $12,000,000 of short term notes each year. Cigars Stores reports sales for January of $0,403,330 as compared with $5,969,479 for the corresponding month last year. United Retail Stores derives a large part of Its income from United Cigar Stores, and the monthly decreases in sales reported by the later are responsible In large measure for the rpmors of a reduction in the dividend rate of retail stores. United States Steel and Bethlehem Steel’were the leaders In strength and activity In the closing half hour. Both of these stocks made new high records for the present movement. There is understood to be a large short Interest outstanding In both these Issues. In addition to this, however, buying on recent reactions Is said to have been of excellent character, and is based on anticipated improvement in the industry. Kirby Peteroleum Company of Houston, Texas, has appointed the Central Union Trust Company -of New York, tran&er agent for 750,000 shares of no par value stock. Call money opened and renewed at 5 per cent and later in the day declined to 4Vi per cent. The decline was due to lack of demand, and bankers expressed the opinion that In view of the clearing house bank statement Saturday, higher rates probably will be in order this week.—Copyright, 1922, by Public Ledger Company. HARDING TELLS ‘BONUS’ PROGRAM

(Continued From Page One.) business authorities obviously convinced Mr. Harding the hour had come for un- - mlstakably plain speaking on the ' “bonus” proposition. The situation was canvassed from every angle at the meetj lug of the Cabinet. The political exlgen- | cies of the Republican party were not i left out of consideration. The strong anti-"bonus” views, of executive chlef--1 tains like Andrew W. Mellon, Secretary ! of the Treasury, were set forth afreßh. jAs soon as the Cabinet meeting *was ! over and the President subjected himself ;to his bi-weekly cross-examination by the press, he unburdened himself. Mr. Harding has convinced himself, It forthwith was made plain, that tie does not think it possible at this time to raise an extraordinarily large sum of ! money by a bond Issue. During the i next fifteen months the United Slates j will be called upon to redeem the fabulous sum of six billion dollars of pledges. Under the pressure of war's responsillbilltles and the exalted spirit of patriotism abroad In the land, the United States has proved that It could raise almost any amount of money It desired, but In normal times when there Is no such “sweep of determination” the President very much doubts whether It would bb possible to find the sum requisite for the payment of the cash “bonus.” A bond issue, he feels, would not avail without a very heavy advancing of the current rate of Interest. That, in turn, would ' lead to a derangement of “financial tranI quillity” and ,r disturbance of general ! business conditions that could not bs justified by anything but the most urgent Viatlonal emergency. “PASSES BUCK" ON PRIMARIES SYSTEM: The President recalled that he took no position of “hostility” to the “bonus" when he addressed Congress last year. He frankly harks back to campaign of 1920 when he was a contestant in the primaries. As his speech to the District League of Republican Clubs on Saturday night made plain to the whole political world, Mr. Harding does not think well of the primary systeip. He concedes that in primary campaigns things are sometimes said that are not based on the “calmest deliberations." In his own campaign be spoke freely on the compensation project. He has no Intention of breaking faith with the people now anent that scheme. That Is why he remains friendly to the “bonus.” But he Is in the happy position of not having specified the exact way in which the “bonus” should be paid or the time at which it should be done. In the interval between the primaries of 1920 and this hour, Warren G. Harding has come to the presidential office with all of the responsibilities of the Chief Executive. As he 'visualizes his duty at the present moment. It consists of the task of finding sane and defensible | position” between the fulfillment of j promises honestly spoken or Implied and the solemn obligation to leave no stone unturned to “restore stability” to an economic situation c'amorlng for reconstruction. Just as he Is opposed to the artificial or herculean methods like a “bonus” bond Issue, the President made ! t clear he Is no less “unalterably opposed ’ to the enactment of the special taxes recently proposed such as Imposts on automobiles, gasoline, postage, stock transfers and amusement admissions. Not only Is Mr. | Harding against the saddling of such new ' burdens on the already heavily taxed American peope.l but he does not favor any return to the special war taxes which have been reduced or abolished. The President’s full view, presumably embodying thq, general idea authorized at the White House, are presently to be ' submitted In a communication to the members of the House Committee on Ways and Means and the Senate Committee on Finance. —Copyright, 1922, by j Public Ledger Company. MOORMAN KEPT ON PRISON BOARD. ! John L. Moorman of Knox has been re- : appointed a member of the board of ; trustees of the State prison, and Mrs. | Nevada M. Duncan, Cloverdale, has been ! reappointed a member of the board of i the State Tuterculosis Sanitarium by j Governor Waxxaa X, McCray.

t Cincinnati Man to Talk on Advertising G. W. Preston, advertising manager of the Cincinnati Enquirer, will speak on “The Advertising Manager and His Work” at the weekly luncheon of the Advertising Club of Indianapolis at the Chamber of Commerce tomorrow. The two-weeks' membership campaign added 130 new members to the organization. Asa result, the club has ex. tended the time during which initiation fees will be waived another two weeks dating from, last Thursday. BRYAN SAYS HE - WOULDN T OBJECT Will Accept Florida Senatorship if Offered. MIAMI, Fla., Feb. 15.—1 tla entirely up to the Democrats of Florida whether William Jennings Bryan will run for the Senate, Mr. Bryan said today. “If the Democrats of Florida feel Ks a Senator I could render sufficient service to tho State, party and Nation to Justify calling upon me to represent them at Washington,” he said, “I would consider the matter from the standpoint of duty and In connection with other claims upon me “But I have no thought of entering Into a contest for the office," he added.

“After that,” said the man, “It’s not the mule's fault”

Blame for injury depends on how much chance the victim had to make himself safe. “The first time a mule kicks me,” said a wise man, “it’s the mule’s fault. If it happens again, it’s my fault.” A good many people are staying. within kicking distance of tea or coffee, who have had a chance to know better. They have learned that tea or coffee at night keeps them awake. They know it whips up the nerves. They know what medical opinion has so often said about the effect of the drug element in tea and coffee upon the nervous system —and how indigestion, headaches, high blood pressure and various ills so often follow the use of tea or coffee. Knowing this, they fail to keep out of the way. Where does the

NOTICE OF REDEMPTION To Holders of Victory Notes and > Others Concerned:

Notice is hereby given as follows: I—Call for redemption of 3 %% Victory notes: AH of the 3%% Series of United States of America convertible gold notes of 1922-1923, otherwise known as 3%% Victory notes, are hereby called for redemption on June 15, 1922, pursuant to the provision for redemption contained in the notes and in Treasury Department Circular No. 138, dated April 21, 1919, under which the notes were originally issued. Interest on all Victory notes of

INDIANA DAILY TIMES, WEDNESDAY, FEBRUARY 15,1922.

DENIES STORY OF SUSPENSION I Assistant U. S. District Attorney Says He Quit at Own Request. CHICAGO, Feb. 15 —Col. John V. Clinnin, assistant United States District Attorney, today denied that he had been suspended by Attorney General Daugherty, uJ reported In dispatches from Washington. “I was relieved from duty by Mr. Daugherty at my own request,” Clinnin said. Dispatches from Washington stated that Daugherty had suspended Clinnin as a result of his action yesterday, when he filed a petition before Federal Judge Landis, asking an investigation of his own conduct and of the district attorney’s office by a special grand Jury. Clinnln's conduct in the handling of several cases had been criticised by Judge Landis and by Judge Evans of the Federal Court. Clinnin lias formally denied that he asked that no indictment be returned In the case of Walter Flowers, an alleged bootlegger, who said he had paid $1,300 to escape prosecution. PIGEON-EGG HAIL. CONSTANTINOPLE, Feb. 15.—Frequent ball storms of terrific force are reported from Mesopotamia. In some districts tho stones were as large as pigeons' eggs.

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the 3%% Series will cease on said redemption date, June 15, 1922. 2—Suspension and termination of Victory note conversion privilege. In view of the call for the redemption of all 5%% Victory notes on June 15, 1922, and pursuant to the provisions of said Treasury Department Circular No. 138, the privilege of conversion of Victory notes of either series into Victory notes of the other series is hereby suspended from February 9, 1922, to Juno 15, 1922, both inclusive, and on

A. W. MELLON, Feb. 9, 1922. Secretary of the Treasury.

ROBBERS TAKE MOST ANYTHING WITHIN REACH Loot Ranger From Holy Water Fonts to Household Goods. Thieves yesterday and early today varied their loot considerably Tuesday such things as holy water fonts, scapulaes, cigarettes, revolvers, diamonds, money table linens, and household goods. Earl Blessing, shipping clerk for the William Aleiter Catholic Supply Company, 22 West Maryland street, reported to the police a thief took two packages packed for shipping. One contained holy water fonts and the other scapulaes aud other supplies. Dr. Edward H. Katterheury, 610 West Forty-Second street, told the police his home had been ransacked. He said table linens, and household articles were mißsing. Dr. Katterhenry said his wife was In Florida and he would be unable to state what was missing until she returns. However, he said, an electric perculator. a vacuum cleaner, and some clothing was taken. More than u year ago, Dr. Katterhenry’s home was entered by Frank I Francis a burglar, who was later arrested at Louisville, Ky., and who confessed, implicating J. Herbert Hartmen, Republican candidate for city Judge. Most of the goods were recovered from the Hartman home. Burglars took a revolver, a diamond stickpin and five packages of cigarettes from the home of Donald Bushong, 43’A j West I*ratt street. ; A thief armed with a key visited hotels and unlocked the rash boxes of pay | telephones. Clarence King of the pay j station department of the telephone romi puny reported S4O was taken from the i pay telephone at the I’laza Hotel, and i S2O from the cash box of the telephone at j the Colonial Hotel. I The police are holding a Ford touring car deserted In front of 1202 Deloss street. The police were given a description of the two men seen trying, to start the automobile. Two Children Die in Tenement Fires CHICAGO, Feb. 15 —Two children are dead today and two other persons are badly burned as the result of a tenement tiro on the west side. Grace Sexton, 10, and Walter Sexton, 12, died at the county hospital from burns. Their father James Sexton, ami Homer, a brother were badly burned. The fire start.d when one of the children. In crawling into bed, upset an oil stove.

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June 15, 1922, will terminate. Victory nots accordingly cease to be interconvertible, effective February 9, 1922, and on and after that date no conversions of the notes may be made. 3—Detailed information as to the presentation and surrender of 3%% Victory notes for redemption is given in Treasury Department Circular No. 297, dated February 9, 1922, copies of which are available at the Treasury and the Federal Reseive Banks.

City Builds New Street on Sunday for Undertaker Centennial street between Eleventh and Twelfth streets has a brand new cinder surface today and thereby bangs a tale. Last Saturday night about 9 o’clock, Street Commissioner Martin J. Hyland, received a telephone call from a west side undertaker. The funeral director reported that he had a funeral-in the block set for 1 o’clock Monday afternoon but did not know how he was going to hold it because the street was in such condition that a hearse s.rriply could not be navigated therein. Mr. Hyland promised to help out. Early Sunday morning he dispatched Assistant Street Commissioner Virgil Ferguson, four motor trucks and a gang of workmen to

THE BASEMENT STORE sss m latfnrWi^a & J Further Establishing Its Supremacy in Value-Giv-ing, The Basement Store Again Creates a Sensation in Merchandising With This Sale of New Spring Dresses For Women and Misses Made to Sell for sls to $25 at It will prove to be the f':\ Vsv |rj '• ijj most important and help- t&KJi IM ml in r 1a ful of dress events ever held in The Basement Store. Every dress is new, \ . \ I embodying the newest \ \ \LA spring styles. Every gar- j \ \\ ] ment in the lot represents kS U the utmost in value-giving. ~ 1

TAFFETA DRESSES The Styles SURPLICE EFFECTS STRAIGHTLINE MODELS DR APED BOUFFANT STYLES The Trimmings GRACEFUL SLEEVES METAL THREAD TRACERIES LACE COLLARS ANJ) CUFFS EMBROIDERED MOTIFS

This Is Your Opportunity—Make the Most of It! SALE PRICE $9.98

Worthy, Dependable, Serviceable, Stylish

Wool Dresses For Women and Misses

N To quote their real value would seem ridiculous as compared with the sale price. We’ll let you judge that, but come expecting the best dress value in a decade.

Dresses of CHECKED VELOUR GABERDINE TRICOTINE Trimmings Include FLAT SILK BRAID ' PEASANT SLEEVES COLORED STITCHEEY CIRE RIBBON BRAIDING

THE Win. H. BLOCK CO.

Centennial street They graded and hauled cinders all day Sunday and until 10 o’clock Monday morning and the funeral was held Monday afternoon without uctoward incident Police Arrest Three on ‘Tiger’ Charges Alvin Johnson, negro, 719 West Walnut street, Is facing a blind tiger charge today following the findings by the police last night of ten g ..•lons of “white mule” at the home of Sasic Harris, negress, 725 West Walnut street Johnson claimed the booze. Vol Pritchard, 29, 427 East Ohio street, was arrested when three pints of whisky and a gallon jug partly filled, were found In his home. A small amount of whisky in the home of Florence Hart, 425 East Ohio street, led to her arrest

SATIN DRESSES The Colors NAVY BLUE BLACK COCOA BROWN PERIWINKLE Extra salespeople will be in attendance to give quick and efficient service.

Styles Include STRAIGHTLINE MODELS BELTED STYLES LONG WAISTED EFFECTS The Colors NAVY BLUE COPEN TAN BLACK An opportunity that thrifty women cannot afford to miss. Sale price $2.98

ORDERS DRIVE ON ‘ROAD HOGS’ # Glenn Directs Attention to Middle-of-Roaders. Motorcycle policemen, under orders from Capt. Michael Glenn, head of the traffic department, started today on • a concerted drive to rid the city of “road hogs.” The offl-ers are-directing tbeii special attention to the truck driver wire persists in steering his alow moving vehicle down the middle of the street. Captain Glenn declared that because of the habit of truckmen In keeping to the middle of the street several accidents had occurred recently when swifter moving cars had attempted to pass the obstructions. All drivers, the captain said, who keep to the middle of the street will be arrested on sight.

$Ol

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