Indianapolis Times, Volume 35, Number 213, Indianapolis, Marion County, 15 January 1923 — Page 10

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SPECIALTIES ARE MARKET LEADERS Wall Street Looks on Seizure of Bochum as Constructive Move Toward Agreement. STERLING HOLDS STEADY Industrials Continue Strong With Rails Coming Into Trade at Higher Prices. By the Wall Street Journal NEW YORK, Jan. 15. —Sterling was steady at the opening of the stock market today and active industrials scored fractional advances over Saturday’s close. Taking its cue from strength shown last week by various financial and commodity marWall Street was inclined to look upon the seizure of Bochum as a constructive development. This place is a center of the Stinnes industries and the speculative community converted to the belief that the firm stand by the French in invading the Ruhr may lead to a more speedy solution of the reparations problem instead of further complicating the situation. California Petroleum, Utah, United States Rubber, American Can, Studebaker and Anaconda, and most of the other representative industrials were strong in the early dealings, while a number of specialties displayed great buoyancy. Postum Cereal was most conspicuous, soaring to 131, against last week’s low of 113. Industrials continued strong in the first hour and indications of a better demand creeped into rails under the influence of good absorption of New York Central, which moved up to I*l%, against last week’s low of 93. Traders who confine their operations to old-line stocks have made little money. It has been a market of specialties, this class advancing 5 to 20 points, while the older issues did practically nothing. Twenty active industrial stocks Monday averaged 99.09, up .46 per cent; twenty active rails averaged 50.29, up .20 per cent. CHICAGO DRAINS DPENIRREGULAR Drop at Liverpool Indicates Lower Prices. By United Financial CHICAGO, Jan. 15.—Grain prices were irregular at the opening of the Chicago Board of Trade today, although the tendency was toward lower levels. Large world shipments, a lower Liverpool market and heavy domestic receipts combined with the continued nervousness over the foreign situation. caused the bearinsh tone. World shipments of wheat were estimated at 15,571,000 bushels last week, compared to 12,045,000 bushels a year ago. Corn fell off with wheat and lower hog markets all over the country. World shipments were estimated at 5,883,000 bushrts for last week compared with 3,415,000 last year. Oats followed, in sympathy with other grains. World shipments were estimated at 2,224,000 bushels last week compared with 653,000 last year. Provisions opened higher. CHICAGO GRAIN TABLE WHEAT — Prev. Open. Higrh. Low 11:45. Close. May .1.18% 1.19% 1.18% 1.18% 1.10 1.18% 1.19 H July .1.12% 1.13 1.12% 1.12% 1.1.8 1.12% 1.13% CORN— May . .73% .73% .72 % .72% .73% .72 % .73 July . .72% .72% .72% .72% .72% .72% OATS— May . .45 .43 .44% .44% .45% .44% July . .42% .42% .42% .42% .42% LOCAL HAY MARKET Loose hay —sl6 ®l7; bales. slofr 17. Mixed hay—Sls tt 17. Corn —72 ® 75c. Oats —s 2 ® 55c. LOCAL WAGON WHEAT Local mills are paying $1.25 for No. 2 red wheat. BOND MARKET OPENS ACTIVE AND STEADY liberties Are Traded at Irregular Prices. By United Financial NEW YORK. Jan. 15.—The listed bond market opened active and steady today with about the same features that marked the close last week. Copper bonds were active, particularly the Chile convertible sevens, but they fell off fractionally from Saturday’s close. Liberties also were active, but held barely steady around Saturday’s levels. FIRMNESS FEATURES CURB MARKET TRADE Stutz Motors Lead Industrials at Opening. By United Financial NEW YORK, Jan. 15.—The opening of the New York curb market was firm today and prices held steady in the trading immediately afterward. In the industrials, Stutz again was the feature, making anew high at 24. It eased off from this level, but only fractionally, and held steady through the first hour. Glen Alden Coal, which had a rise last week on reports that the miners’ strike at Scranton was settled, was off 1 at 60%. First advices about the settlement of the strike appears to be optimistic at present. Standard Oils were higher, with Indiana around 63 and New York at 48%. NAVAL STORES Indianapolis dealers’ ■ellinc price on turpentine in barrel Quantities. 5169% per cal.

New York Stocks (By Thomson A McKinnon)

, Railroads— Prey. High. Low. 12:45. close. Atchison ...100% ... 100% 100% B & O 41% 41 41% 40% Can Pac ....144 143% 144 143% C&O 72% 72% C * N W Ry 78% 79 C R I & P.. 31% 31% 31% 31% Del & Hud..115% 115 115% 115 Erie 10% 10% Gt Nor pfd. 74% ... 74% 74% Lehigh Val .... ... 68 % 66 % Mo Pac pfd 42% 42 % N Y Central 95 94% 95 94% NY NH & H 18% 16% 17% 18% Nor Pao ... 74 74 Nor & West 1H 110% Pennsy .... 46 % ... 46 % 4J > A Reading .... 78 % ... 78 77 % So Pac 88% 88 88% 88% So Ry pfd.. 69 66% 69 66 St Paul 21 20% St Paul pfd. 32% 32% 32% 32% St L & SW pf 58% 57 68% 57 Union Pac. . .. ... Wabash pfd. .. ... 23 Va Rubbers— Ajax Rub... 14% 14 14% 14 Fisk Rub... 15% ... 15% 15% Goodrich Rub 38% ... 38 38 Kelly-Spring. 51% 40% 50% 61% U S Rubber. 62 60% 60% 60% Equipments— Am C & F 183 183 Baldw Loco. 136 134 134% 135% Gen Elec ...183% ... 183 184 Lima Loco. . 60 % 59 % 60 60 Pullman ...130 ... 130 129% Westh Elec.. 60% 69% 60% 60% Steels— Bethlehem B. 63 ... 62% 62% Crucible 72% ... 72% 71 % Gulf States.. 81% 81 81% 81% Midvale .... 28% ... 28 28 Replogle ... 27 % 27 % 27 % 28 Rep I & S. . 51% 50% 51 60% U S Steel ..107% 106% 106% 106% Vanadium... 37 % 37 37 % 37 % Motors— Chand Mot.. 69 68 68% 68% Gen Mot ... 14% ... 14% 14% Hudson Mot. 27% 26% 27% 26% •Max. M. (B) 16% 16% 16% Nash 109% 109% Sludebaker ..116% 115% 115% 116% Stromberg .. 69 .... 68 68 Stewart-W 86 85 85% Wlllys-Over 7 % 7 % Minings— Butte C. & Q. 10 9% Texas G. & S. 65 64 64% 64%

IRKED WEAKNESS AAAEDICAN DOCTDD DITSEDCAE DOCD COUEEOREDUiED

Slump of 10 to 20 Cents Brings Top Price to $8.65. Hog Prices Day by Day 250-300 lbs. 200-225 lbs. 150-180 lbs. Jan. 9. 8.65 ® 8.75 8.704?. 880 8 80® 8.05 10. 8.75® 8.85 B.Bo® 8.90 9 90(5 9.10 11. 8 70® 8.80 8.75® 8.85 8.85® 9.00 12. 865'*? 8.75 8.75® 8.85 8.85® 9.00 13. 8 50® 8.60 8.60® 870 8 75® 8.85 15. 8 35® 8.45 8.45® 8.55 8.55® 8.65 Hog prices continued last week's drop with a slump of between 10 and 20 cents at the local livestock exchange today. -Saturday’s top price of JS.SS was reduced to $8.65 and the bottom price for heavies touched $8.35 with the bulk selling between $8.45 and $8.50. Sows and pigs both lost correspondingly. The receipts touched 8.000 wiih Saturday’s holdovers, j Heavy receipts on outside markets and weakening prices on other exchanges I caused the drop, traders said. The cattle market ruled fairly firm on receipts of 1,300. Cows and lieifi ers lost but steers held steady. The calf market held steady on ‘ light receipts of 300. Choice veals brought a top of sl3, while the bulk sold between sl2 and $12.50. The sheep market, ruled nominal upon receipts of 17. 150 to 200 lbs. $ 8.55® 8.65 Medium .... 8 45® 8.55 Heavy 8.35® 8.45 ! Top 8.65 Pigs 7.75® 8.00 | Packing sows 6 75® 7.00 —Cattle—- | Few choice etcer g slo.oo® 10.50 j Prime corn-fed steers. 1.000 to I, lbs 9.50® 10 00 i Good to choice steers. 1.000 to 1.300 ibs 9 00® 9.50 Good to choice steers, 1,000 to 1,200 lbs 8.25® 9.00 Good to choice steers, 1,000 to 1.100 lbs 7.25® 7.50 Common to medium steers. 800 to 1,000 lbs 6.75® 6.75 —(oh and Heifers— Choice lirht heifers $ 6 of>'<tlo.oo Good light heifers 6.50® 8.50 Medium heifers 6.00® 7.25 Common hrifers 500® 6.00 Good to choice heavy cows. . . 5.50® 6.2.5 Fair cows 4.00® 5.00 Cutters 2.75® 3.25 Canners 2.25® 2.50 —Bulls— Fancy butcher bulls $ 5 00® 5.50 Good to choice butcher bulls. 4.00® 4 25 1 Bologna bulls 3.75® 3.50 —Calves—iChoice veals sl2 50® 13.00 ■Good veals 12.00®12.50 Medium veals 11.00® 12.00 j Lightweight veals 10.06® 11.00 Heavyweight veals 9 00® 10.00 ! Common heavus B.oo® 900 j Top 13.00 Sheep and Lambs—- | Culls $ 2.25® 3 50 i Good to choice ewes 3 50® 5.00 Few choice lambs 14.00® 14.50 j Good to choice lambs 13 00® 13.50 1 Heavy lambs 12.00® 13.00 Cull lambs 9.00 Bucks 3.00 OTHER LIVESTOCK By United Financial CLEVELAND. Jan. 15.—Hogs—Receipts, 6,500; market slow, 15® 25c lower; Yorkers, $8.55; mixed. $8.55: medium. $8 50; pigs. 89: roughs. $7; stags. $4.50. Cattle— Rei-eipts, 1.300: market 25c lower; good to choice bulls, ss®6; good to choice steers, 89® 10.50; good to choice heifers. s7®B: good to choice cows, $4®5.50: fair to good '•ows $3®4.50; common cows, s2® 3; milkers. s4o® 75. Sheep and lambs—Receipts. 1.500; market 25® 50c lower; top, $14.50. Calves—Receipts, 600; market 50c higher: top. sl3. LOCAL ARTIST IS WINNER By Times Special RICHMOND, Ind„ Jan. 15.—“ Tho : Smoker” a painting by William ; Forsyth of Indianapolis was declared winner of the Mary T. R. Foulke purj chase prize by the jury of awards at ; the twenty-sixth annual exhibit of I Indiana artists being held here under ; the auspices of the Richmond Art As- | sociation. “The Smoker” is a selfi portrait of the artist. Mrs. Maude I Kauffman Eggemeyer of Richmond re- ! ceived first honorable mention, and | Miss Blanche Stillson of Indianapolis, ; second. More than 130 paintings make up the exhibit. BUILDING PERMITS Smith Garment Cleaners, smoke Consumer, 531 Warsaw, S9OO. 9 Enquirer Publishing ■ Company, move elevator. 209 E. Ohio, SI,OOO. Sherman Hotel, repair elevator. 245 MeCrea, SSOO. Aetna Building Corporation, dwelling, 810 Goodlet, $2,500. Daniels, Inc., repairs, 147 E. Washington, $225. J. R. Welch, repairs. 539 Division. S6OO. Timberlake Construction Company, repairs, 528 Massachusetts, $350. George Albert, gas tank, 3740 E. TwentyEighth, $330. Indianapolis Street Railway Company, building. 1150 W. Washington, SSOO. O. R. Burgess, garage, 2540 Broadway, S3OO. West Baking Company, repair elevator, 10 S. Oriental. $650. Brookside Lumber Company, move elevator. 1415 Commerce, $295. Spiegar Lumber Manufacturing Company, addition, 2702 Barnes. SSOO. H. C. Cooper, addition. 606 W. Tenth, s,oo. w m. Fisher, repair®, 953 N. Oakland. SI,OOO.

Prev. High. Low. 12:45. dose. Coppers— Am. Smelt... 55% 55% 55% 55% Anaconda .. 49% 48% 48% 48% Chile Copper 28 % 28% 28% 29 Kennecott . . 36 % 36 % 36 % 36 % Utah Copper 65% 64 Vi 64% 64% Oils— Cal. Petrol... 81% 79% 79% 80 Cosden .... 56 % 55 % 55 % 56 % Houston 0... 77 % 75 % 76 75 % M. States 0.. 12% 12 12 Pan-A. P. (A) 90 89 89% 90% Pan-A. P. (B) 82% 81% 83% Pacific Oil.. 47 .... 45% 47 Pro. & Ref... 49 48% 48% Pure Oil .... 28% .... 28% 28% Royal Dutch 53% 52% 52% S. Oil of Cal. 62% . . . .- 60% 62% S Oil of N J. 43 43 42% 43 Sinclair 34 % ... 33 34 % Texas Cos 48% ... 48% 49 Industrials— Allied Chem. 74% 73% 74% 75% Allis-Chalmers 46 ... 45% 46% Amer Can... 85 % 83 % 84 % 86 Am H & L pf 69 68 % 69 Amer lee ... 103 102% Amer Wool. . 96 % ... 95 % 96 Cent Leath. . 36 34 % 35 % 34 Coca-Cola .. 79% ... 78 B. 78% Cluett & Pbdy 69 ... 08 % 08 % End-Johnson. 91% 90% 91% 91% Kara Players. 89 85% 86% 89 Gen Asphalt. 46% 46 46% 47% lilt Paper... 55% 54 54% 55% May Stores.. 77% 74 741? 76% Mont & Want 21% 21% 21% ... Nat Enamel. 68% 68% 68% 68% Owen Bottle. 43 41% 41% 41% Sears-Roe ... ... 86 % U. S. In. Alco 68 67% 67 67% Utilities— Am T & T. 123 122% 122% 122% Columbia G. 106% 105% 105% 106% Shipping— Am In. Cor. 25% 24 Vi 24% 25% Ati. Gulf 21 % 22 bit. M. M. pd 42% 40% 41% 42% Foods— Austin Nieh 34 35 Corn Prod .129 126% 126 Vi 120 Cub.-A. bug 24 % 24% Wil. and Cos.. 36% 36% 36% ... Tobaccos— Am. Suma . . 28 % 28 28 ... Am. Tob. Cos 154 153% <ien. Cigar 84 % ... Tob. Prod . 82% SI % 81% 82%

Benjamin Rush Said to Have Anticipated Formula. PHILADELPHIA, Jan. 15.—Benjamin Rush, Philadelphia physician and a signer of the Declaration of Independence, was the forerunner of Emile Coue in his system of autosuggestion through appeal to the imagination, it was said yesterday by Dr. Woodbridge ; Riley, professor of philosophy at Vassar College. The Coue method is thought by Dr. j Riley to be “valuable but not new.” “The Coue system,” he said, “is valuable within limits, but it is not new. : Coue himself acknowledges- that and allies himself to tip- Nancy School of some fifty years ago. “It is a remarkable fact that the school was anticipated here in Philadelphia by about a century. As early as 1770 Dr. Benjamin Rush took up |the study of the derangement of the \ will and forecast the later work of the French school. In his remarkable book, 'Diseases of the Mind,' he actj ually anticipates the modern formula. “In that w'ork, published in this city in 1812, he wrote this remarkable fore- \ runner of Coue’s formula: ‘lf the will !to believe is deficient, the remedy j should consist in putting propositions ! of the most simple nature to the mind, j and after gaining assent to them, to I raise to propositions of a more difficult j nature.’ ONE MAN KILLED. ONE INJURED IN GUN FIGHT Thomas Jones, Used as Shield, .May Die of Wounds. i By Unit'd Press MARION, ind., Jan. 15. —Monroe j France, 40. colored, was held In jail | here today on a charge of first degree i murder following the fatal shooting | of Charles Williams, 35, eolored, and wounding of Thomas Jones, 50, who I is in a serious condition at a hospital | here. France and Williams quar- ! reled heeause Williams is alleged to i have given attention to the former's ■ wife. Jones was used as a shield by 1 Williams. BOOTLEGGING RULED NO GROUND FOR DIVORCE j Eighteen Los .Angeles W omen Call Spouses Hum Dealers. IjOS ANGELES, Jan. 15. —Bootlegging is not cause for divorce, it has | been ruled by Judge J. W. Summerj field of the T/OS Angeles Superior | Court. The judge stated that already this year eighteen women have asked for decrees, alleging their husbands were bootlegging. He ruled wives live off what husbands make bootlegging. CALLS JUDGE LIAR SACRAMENTO. Cal., Jan. 15. “Jack English,” shouted the police court bailiff. “Here I am,” answered English. “Why, you’re still drunk," commented the judge. “You're a liar,” English flared. “You’ll be in court tomorrow for contempt,” the judge answered. THIEVES ON SKATES MUSKOGEE, Okla., Jan. 16. Burglars who looted a store at Porum used roller skates In making their way about the store to keep bloodaounds from trailing them and to prevent their footprints furnishing a clew. Goods valued at $2,000 were taken. ‘BIG BROTHERS’ CLUB URGED | By Times Special RICHMOND. Ind., Jan. 15.—Formation o fa “Big Brothers” organization, similar to the one in Cincinnati, to help rather than punish boys who have erred, was urged by Judge Benton S. Oppenheimer, of Cincinnati, In an address at the Y. M. C. A. here. INDIANAPOLIS PRODUCE Eggs—Fresh candled, 40c. Butter—Packing stock, 28c. Capons—Seven Ibs. up, 28c; fowls. 4% lbs. up. 21c: fowls under 4% lbs., 16c: leghorn poultry. 26 per cent discount: springs. 19c: cocks. 11c; stags. 15c; young tom turkeys. 12 Ibs. up. 33c; young hen turkeys, 8 lbs. up. 33c; old tom turkeys. 25c: ducks. 4 Ibs. up, 17c: geese, 10 lbs. up. 16c; squab*. 11 lbs. to do*.. $5; young guineas. 1% to 2-lb. sire, per doz , $7.50. .'ndianapohs creameries are paying 55c a lb. for butterfat. DRESSED BEEF PRICES Wholesale selling prices of dressed beef Swift & Cos): Rigß—No. 2. 18c: No. 3. 13c. Loins—No. 2,24 c: No. 3,18 e. Rounds —No. 2. 18c: No. 3,15 c. Chucks— No 2. 12c; No. 3.10 c. Plate®—No. 2. 7c; No. 3.6 c.

THE INDIANAPOLIS TIMES

NIGHT PROWLERS SULK STUDENTS De Pauw Campus Aroused Over ‘Black Owl’ Warnings. By Times Special GREENCASTLE, Ind.. Jan. 15. Mysterious hooded night prowlers, garbed in black robes, stalking about the campus of De Pauw University at Grenecastle, have been terrorizing students and townspeople by their activities during the past few days. The prowlers call themselves the “Black Owl.” To foster a true democratic spirit in the university is set forward as the aim of the “Black Owl” In letters handed certain students on the campus. Four figures compose the group. On one occasion the four entered the home of a De Pauw professor, where a dramatic fraternity was holding a meeting, and handed a note to a young woman, a junior in the university. The band was reported next at the Alpha Chi sorority house where another note was handed a woman. From there the hooded strangers visited the Phi Delta Theta house, and warned a sophomore of alleged unsatisfactory actions on the campus. The following night the prowlers appeared at the Delta Sigma Psi house. At the fraternity houses the prowlers walked in unannounced, delivered their written note and then disappeared. Greencastle police, campus organizations and university officials are directing efforts to uncover the identity of the band. Hoosier Briefs FT. WAYNE —Her husband gave her SIOO in nineteen years—about $5.25 a year—Mrs. Louisa Johnson charges in a divorce complaint filed against Edgar E. Johnson. AVILLA —In a war on rats conducted by the farmers of Perry township, 318 rodents were killed In one

BLOOMINGTON After corralling a mule In a pasture near where his taxi had stalled in Brown County mud, Glen Hades of this city was forced to pay the owner of the animal $1 for its use. The owner happened along the road.

SILVER LAKE—There is an epidemic of chickenpox here. GOSHEN—OnIy county fairs conducted along educational fines can succeed, is the decision reached by the directors of the Elkhart County Fair Assocaition in session here, and future fairs here will be with that idea In view’. Frank E. Hawks of Goshen was elected president. WARSAW—The price of eggs dropped from 55 to 40 cents a dozen in the past week. Hens are working overtime, fanners and retailers say. DUNKIRK When Clifford Thornburg was placed in the county Jail here on a charge of Intoxication he was beset by ids ions of “pretty birdies” flying around his cell. Thornburg drew a .22-caliber revolver, which officers had missed In searching him ajid shot up the jail. WARSAW—The Phi Delta Kappa fraternity of Warsaw, one of the strongest in point of membership in the Middle West, will erect a fra ternity house in Warsaw during the present year. SOUTH BEND —A South Bend church society has forwarded a check for 590,000 marks to Germany for the benefit of war sufferers. The total amounts to about SSO. KENDALLVILLE—.Miss I,ois Shore of Kendallville, wdio starred last year in "Miss Lulu Bett,” is in “Will Shakespeare.” this season winning praise on the stage. FT. WAYNE—The source of the epidemic of smallpox here has been traced hy Dr. J. 11. Gilpin, city health officer, to two Harlan (Ind.) men who recently came to Ft. Wayne to work in railroad shops. Ten homes here are under quarantine because of the disease. MARION—Ed Cunningham, oil well shooter, and Carl Hamm, a companion, feared they w’ould bo blown to pieces when the machine In which they were riding with sixty quarts of nitrogylcerine, skidded from the road near here. One of the back wheels was smashed. CLAYPOOL—J. F. Newby, employe of the Nickel Plate Railroad, is taking his “first vacation" in forty-one years. He is ill at his home threatened with pneumonia. HARTFORD CITY—J. W. P. Smith became so interested In working on his automobile that he did not realize he was breathing fumes from the engine. He was overcome and unconscious for hours. YOUTH BREAKS JAIL By United Press KENDALVILLE, Ind., Jan. Officers were scouring northeastern Indiana today for Walter Zimmerman, 20. of Avilla, who escaped from Noble County jail. The young man crawled through a cold air chute to the basement of the jail and escaped through a window. Authorities were planning 1o take Zimmerman to the reformatory. n HUNT BOY ADVENTURERS By Times Special EVANSVILLE, Ind., Jan. 15.—Police in Ohio river towns have been asked to help in locating Wallace Iluser, 13, and Hatzel Cameron, 12, who left their homes in Grandview Wednesday night and are believed to be on the river in a skiff. Celebrate Golden Wedding By Times Special MARION, Ind., Jan. 15.—Mr. and Mrs. J. W. Key of Swayzee celebrated their golden wedding anniversary here Sunday. Three guests at :he wedding fifty years ago were pres;nt-

FACTORY ‘WASTE' UTILIZED AS FUEL Two Million Tons of Coal Saved by Tanbark. WASHINGTON, D. C.. Jan. 15.—1n view of the decreasing supply and the increasing cost of high grade fuels of low grade, including what are known as “waste fuels,” is becoming a problem of major importance to many industries and to the commercial progress of the nation, states the bureau of mines. Important sources of ‘waste fuel” enumerated by David Moffat Myers, consulting engineer of the bureau, include sawdust, shavings, scraps, edgings, tanbark, wood-extract chips, paper-mill refuse, bagasse or spent sugar cane, and city refuse. Perhaps the most important waste fuel in the United States has been spent tanbark, according to Mr. Myers. A rough estimate would indicate that this material generated a few years ago an amount of steam that would have otherwise required the yerly consumption of about 2,000,000 tons of high-grade coal. Yet at one time this valuable fuel was considered a mere detriment and an expense to the leather industry. It was disposed of by dumping it into rivers, by filling in waste ground, and by making roads with it, often necessitating the payment of large sums for its disposition. The improvement of a furnace converted a sub-f-tanee supposedly incombustible into a valuable waste fuel and an enormous waste was converted into i, n equally great saving. Sawdust and wood waste are of course available mainly in lumbering districts. With sawdust the sawmills produce waste wood in the form of edgings, end cuts, shavings, and various forms of blocks and scraps. At many plants the bulk of this material is so great that it not nntv

Issued with the acquiescence of the United States government under the provisions of the treaty dated May 22, 1903. $50,000,000 REPUBLIC OF CUBA EXTERNAL LOAN THIRTY-YEAR SINKING FUND 5V 2 % GOLD BONDS To he dated January 15, 1923, to mature January 15, 1953. Interest to be payable January 15 and July 15. Not redeemable for twenty years except for sinking fund. Coupon bonds in denominations of SI,OOO. SSOO and SIOO, registerable as to principal only. Principal and interest payable in United States gold coin of the present standard of weight and fineness in New York City at the office of J. P. Morgan & Cos. The principal and interest of these bonds are to be forever exempt from any Cuban taxes now existing or which may hereafter exist. i Agreement with the United States. By an act of the United States Congress dated March 2, 1901, certain provisions were formulated which have been incorporated by amendment in the Cuban constitution and have also been embodied in a treaty dated May 22, 1903, between the United States and Cuba. Under these provisions, commonly referred to as the "Platt amendment," the republic of Cuba agrees not to contract any public debt, the service of which, including reasonable sinking fund provision, can not be provided for by the ordinary revenues. In addition to this financial safeguard, the republic also agrees not to enter into any foreign treaty or compact which may impair its independence, and furthermore grants to the United States the right to Intervene for the purpose of preserving Cuban independence and maintaining a government adequate for the protection of life and property. Sinking fund sufficient to retire entire issue at or before maturity. Provision is made for a minimum sinking fund as set forth below, payable In monthly installments, to be used in purchasing bonds of this loan at the current market price not exceeding par. If obtainable at that price, bonds are to be redeemed by semi-annual drawings at par. Accrued interest on any such redemption is also payable. Ist year $500,000 11th year $1,000,000 21st year $2,000,00# 2nd year 550,000 12th year 1,100.000 22nd year 2,200,009 3rd year 600,000 13th year 1,200,000 23rd year 2.400,00# 4th year 650,000 14th year 1,300,000 24th year 2,600,000 sth year 700,000 15th year 1,400,000 25th year 2.800,000 6th year 750,000 16th year 1,500,000 26th year 3,000,000 7th year 800,000 17th year 1,600,000 27th year 3,200,000 Bth year 850,000 18th year 1,700,000 28th year 3,400,000 9th year 900,000 19th year 1,800,000 29th year 3,600,000 10th year 950,000 20th year 1,900,000 30th year 3,050,000 To the foregoing minimum sinking fund payments there is to be added 10% of the gross revenues of the Cuban government in excess of $60,000,000 in any fiscal year. The bonds are not to be callable, except under the provisions of the sinking fund, for the first twenty years, but thereafter may be called for payment, as an entirety, at par, accrued interest being also payable. SECURITY. These bonds are to be the direct obligations of the republic of Cuba, which pledges its good faith and credit for the prompt payment of principal and interest. In addition they are to be secured fAI By a charge on certain revenues of the republic, including the customs revenues, subject to existing charges, but prior to any future charges. The customs revenues have alone averaged $46,292,000 annually during the last five years, the lowest receipts in any one of such five years having been over $30,000,000 in the critical year of 1921-1922. The existing charges upon the customs prior to these bonds for the current fiscal year amounted to $3,985,750, of which amount $2,145,000 is payable in the first instance out of other revenues which, during the last five years have averaged $4,430,000 annually. fB | By a first charge on 10 per cent of the amount by which the revenues of the government in each fiscal year exceed $60,000,000. DEBT, REVENUES AND TRADE. The funded debt of Cuba on July 31, 1922, amounted to $91,542,400, of which $51,703,500 was external debt. Revenues during the ten years ended June 30, 1922, averaged $60,329,000 annually. The budget estimate for the current fiscal year is $55,638,800, and estimated expenditures amount to $54,852,102. During the first six months of the current fiscal year revenues have totaled $29,218,000, as against expenditures for the same period estimated in the budget at $28,253,000. The exports during the ten years ended December 31, 1921, have averaged $347,852,000 annually, of which $274,890,000, or 79%, were sent to the United States. Imports during the same period averaged $255,918,000 annually, of which $181,655,000, or about 71%, come from the United States. These figures indicate a surplus of exports over Imports averaging $91,934,000 annually. POPULATION AND RESOURCES. The population of Cuba is estimated at over 3,000,000. Raw sugar is the chief agricultural product of the Island and during the seven years ended June 30, 1921, exports of sugar and its products from Cuba averaged $366,758,000 annually. In the season Just closed Cuba produced approximately 23% of the estimated world production. Practically all of the old crop sugar has been sold, and the Cuban sugar industry enters the new grinding season with sugar in active demand at satisfactory prices. THE ABOVE BONDS ARE OFFERED FOR SUBSCRIPTION (SUBJECT TO RECEIPT AND ACCEPTANCE BY US OF THE BONDS) at 99 %% AND ACCRUED INTEREST TO YIELD OVER 5.55 PER CENT. Subscriptions will be received by the undersigned beginning at 10 o’clock A. M., Monday, January 15, 1923. The right is reserved to reject any and all applications, and also, in any case, to award a smaller amount than applied for. The amount due on allotments will be payable on or about February 1, 1923, at the office of J. P. Morgan & Cos., in New York funds, against delivery of trust receipts, exchangeable for definitive bonds when prepared and received. J. P. MORGAN & CO. KUHN, LOEB & CO. THE NATIONAL COMPANY GUARANTY COMPANY OF NEW YORK BANKERS TRUST COMPANY, NEW YORK HARRIS TRUST & SAVINGS BANK, CHICAGO, ILL. DILLON, READ & CO. J. & W. SELIGMAN & CO. NEW YORK, JANUARY 15, 1923,

Indiana Girl Feeds ’em Castor Oil

. Mil / J| m m J is • - Vil V -Ty’ •* * .. II

T*' 'M \ REED. 16. YVHO MARRIED AN INDIANAPOLIS MAN AT GREENFIELD, SAY'S SHE TIRED OF HIM WHEN SHE SAW iiiM v.,aELINING HIS HAIR. SO. FOR REVENGE, SHE WENT TO CHICAGO AND TOOK A JOB IN A SODA FOUNTAIN WHERE SHE PUT CASTOR OIL IN SODA SERVED TO SHEIK-LIKE YOUNG MEN, SHE REVEALS. NOW SHE’S GOING BACK TO TIPTON, IND. JUVENILE COURT AUTHORITIES HERE SAID THE GIRL HAD BEEN UNDER THEIR JURISDICTION FOR SEVERAL MONTHS.

supplies power and heat for the mill, but furnishes electric lighting for the whole town, and even then in order to prevent its accumulation a large destructor is kept constantly in

operation and the heat from the burning wood is wasted to the atmosphere. If there was a market for electric power within reasonable distance, this deplorable waste could

JAN. 15, 1923

Necessity By United Press ESSEN. Jan. 15.—The French government is considering the proposition of turning on its printing presses to run off paper money to be used in the Ruhr valley. German shop keepers would be forced to take the money, which would be paid to miners for digging coal for France.. The pay roll for Ruhr miners is 750.000,000 marks every day.

be converted readily into a great economy. Even now plans are being considered to prevent such waste, and at least one plant is in operation for producing wood alcohol and other chemicals from such materiaL Inventors have long worked on plans that might make possible its use for wood pulp in the paper industry. Sawdust and wood waste are readily convertible into gas that may be used as fuel in gas engines.

AGED CANDY MAKER DIES By United Press MUNCIE, Ind., Jan. 15. —Smith D. Jordan, 71, the oldest candy manufacturer of eastern Indiana, is dead here today, following an attack of pneumonia. He had been making candy here for more than half a century.

MUNCIE HONORS JOHNSON By United Press MUNCIE, Ind., Jan. 15.—The funeral of Abbott L. Johnson, pioneer manufacturer, churchman and philanthropist, who died Thursday in Florida, was held today. All banks and manufacturing concerns of the city were closed during® the hour of the funeral. 1

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