Indianapolis Times, Volume 35, Number 68, Indianapolis, Marion County, 31 July 1923 — Page 11

TUESDAY, JULY 31, 1923

GENERAL lONE OE FAVORITES IS ONE OF IRREGULARITY President’s Illness Reported Predominate Factor in Trading, NEW 1923 LOWS ARE MADE . Cosden Is Center of Selling in Oil Group, Being Forced Downward. The WALL STREET JOURNAL :&EW YORK, July 31. —Prices were frcatlonally lower on fairly active trading at the opening of the stock market today with Baldwin showing the widest decline, oft 1%. However, this stock later touched 114% on a few sales. American Can, ex-divi-dend, was off % and Studebaker was off a likqe amount, while Steel common and Great Northern preferred were up fractionally. The closing of thirty blast furnaces is regarded in financial circles as partly accounting for Steel’s recent decline. First Hour. The general list reacted a point or more in early trading, but by 10:30 had recovered considerably. The tone was decidedly Irregular and commission house reports "were to the effect that President Harding’s illness was the predominating factor governing trading. Missouri Pacific issues made new lows for 1923, but Ameri- * can Locomotive showed a better tone due to its splendid six months earnings statement. Selling in' oils centered about Cosden, which went to a new low for the year. Second Hour The second hour witnessed continued irregularity, including a sharp drive on Baldwin, which carried the stock to 11214. The stock, however, recovered slightly and by noon most of the leaders showed firmness, following a California dispatch that President Harding had improved and was in good spirits. Strange as it may sound, well-informed brokerage circles say anew pool has been formed in Pan-American issues by strong banking interests. Noon Hour Leaders were disposed to show firmness in the noon dealings, with Studebaker hovering around 10114. helped by the earnings statement, which showed earnings of $9.40 a share on the common stock in the second quartet- and $17.41 a share for the first six months of the year. Pan-American shares, though offered in rather large blocks, were well absorbed at a figure a point above the early morning's low. Fourth Hour. At the close of the fourth hour stocks were still under pressure, giving ground rather easily, although the volume of trading was not heavy. Pan-American issues were about the only ones to show any resistance to speak of, this relatively better showing lending support to talk of anew pool. Steel common got down to another new r low at 85Vi. despite improved earnings for the year and a good outlook for the next quarter.

Closing Hour No relief from the general Irregularity that had characterized the day's trading in which prices generally tended lower occurred in the final hour and the session came to its end with most seocks showing net losses for the day. Disturbing factors during the day, such as the President's illness, offset any such good news as Studebaker’s splendid earnings statement, leaving the market without proper public support on the breaks. Twenty active industrial stocks on Monday averaged 88.11 ,up .77 per cent. Twenty active rails averaged 78.13, up .73 per cent. Local Bank Clearings Indianapolis bank clearings Tuesday were $3,087,000: for the month. $98,787,000. Bank debit 9 Tuesday were $5,865,000: for , the month. $160.146.000. New York Money Market By f nited Financial NEW YORK. July 31.—Time money market dull. Loans, 5 H per cent for all matuirties. Commercial paper quiet: prime names 5 per cent; other names 514 per cent. Bulk of business at 614 per cent. Foreign Exchange By United Financial NEW YORK. July 31.—Foreign exchange opened irregular. Sterling, demand. $4.66 M: cables, $4.57. Francs, demand. 6.83%c; cables, 5.84 c. Lire, demand. 4.34 c: cables. 4.3414. Belgian. 4.78%e; cables, 4.79 c. Marks. 1.111.111 to the dollar. Czecho, demand. 2.95 He; cables, 2.96 c. Bwiss. demand. 17.82 c: cables ,17.84 c. Guilders, demand. 39.36 c: cables. 39.39 c. Pesetas, demand, 14.19 c; cables, 14.21 c. Sweden, demand. 26.67 c: cables. 26.61 c. Norway, demand. 16.06 c: cables. 16.10 c. Denmark, demand. 17.85 c; cables, 17.89 c. Raw Sugar Market By United Financial NEW YORK. July 31.—The raw sugar market opened lower. September. 461 @ 4.62 c; December, [email protected]; March. 3.35 @ 3.42 c: May, [email protected]. The Warner Sugar Company and National Sugar Refining brought the market for refined sugar lower when they quoted 8.25 c a pound for all grades. The demand for refined sugar continued flat and further reductinoa in the price were expected unless the demand improves. In the Cotton Market By United Financial NEW YORK. July 31.—The cotton market opened higher. October, 21.27, np 2: December, 21.27, up 6: January. 21.05, Ur 11. Dressed Beef Prices Wholesale selling prices on dressed beef, fwtft & Cos.: Ribs-—No. 2,20 c: No. 8. Bc. Loins—No. 2. 30c; No, 3,16 c. Rounds —No. 2. 22c; No. 3,18 c. Chucks —No. 3.4 c. Local Hay Market k Loose hay—s2l @23: bales. $20@22: ■Heavy mixed hay. sl4 @22; light mixed Kiay. $lB @2O. Local Wagon Wheat B Local mills are paying 87c for new No. Bred wheat.

New York Stocks (By Thomson & McKinnon) —July 31—

—Railroads— 1:45 Prev. Hifh. Low. p. m. close. Atchison .... 95 % 94 Vi 96 B. & 0 47 Vi 45 Vi 46 Vi 47 V* Can. Pacific.. 145 Vi 144 Vi 144 V* 145 Vi C. & N.W.Ry. 63 62 Vi 62 Vi 63 C.. R & P.. . 23 21 22V4 Gt. Nor. pfd 56 Vi 55 Vi 65 % 60 Mo. Pac. pfd. 28% 25 Vi 25% 28% N. Y. Central 97 Vi 90 Vi 97 Vi No Pacific. . 58 66 56 Vi 57 Vi P. Marquette 41 40 41 Reidins 74Vi 72Vi 72% 74% So. Pacific... 80 84% 86 St. Paul pfd. 29% 27% 28 29% C. Pacific. ..127 125 125% 126% Wabash pfd.. 25% 24% 25% Rubbers—■ Kelly Spr 32% 31 Vi 32% U. S. Rubber. 41% 40% 40% Equipments— Am. Locomo. 68 % 66 % 68 68 % Baldwin Loe. 114% 112% 112% 115 Gen. Elec.... 172% 172 172% 173 Lima Loco.. . 60 59 61 Pullman 112% 112 112 114 Westing:. El.. 55 Vi 54 % 55 65 Steels— " - Bethlehem... 40% 45% 46 47 Crucible .... 01 58% 60 Gulf States. 68% 66% 07% 68 Rep Iron Stl 42% 41% 41% 42% U S Steel.. 87% 85% 80 87% Vanadium v . 27 20% 27% Motors— Chand Mot.. 49 47% 49% Gen Motors. 13% 13% 13% 13% Mack Motors 71% 69% 70 72% Max Mot B. . 11% 11% Studebaker .102% 100% 101% 103% Stewart-War. 85 83 88 Timken 36% 36% 30% 36% Minings— Dome Mines 35 34% 35 Coppers— Am Smelt... 54 Vi 53 % 54 %

SOME LIGHT HOGS ARE DIME HIGHER Heavier Grades, However, Sell No More Than Steady, Hoe Prices Day by Day July 250-300 lbs 200-225 lbs. 150-180 lbs. 25. 7.00® 7.35 7.40 ft 7.05 7.75® 7.85 26 7.00® 7.35 7.40® 7.6) 7.70® <B-> 27' 7.00® 7.35 7.40® 7.75 7.70@ ,90 28. 7.00® 7.50 7.60® 7.80 7.80® 8.00 30. 7.00® 7.25 7.30® 7.05 7.6a® 7,.0 31 7.00® 7.35 7.40® 7.05 7.06® 7.80 Hog prices generally strengthened and choice light grades and some of the light mixed hogs advanced as much as a dime, while the heavy mixed and heavyweights held about steady in trading at the local livestock exchange today. The advance was due to shipping demand for outside account, induced by light receipts at other marketing centers. The top for selected lights was advanced only a nickel to $7.80. hut many that sold around $7.65 on Monday brought 157.75 and mixed hogs that sold on Monday at $7.50 were in demand at $7.60. while heavy mixed sold about steady at $7.50 down and heavyweights from $7.35 down, according to weight. The bulk of the day’s receipts moved between $7.50 and $7.75. Pigs found a good market at $7 down and light sows sold down from $6.25. The cattle market was more active at slightly stronger prices, due to a better feeling in the dressed beef trade and a disposition of buyers to enter the market on a slightly larger scale. One load of extra prime steers shipped from Franklin, Johnson County, sold at $11.60, the year’s top price, and was said to have been the finest load received at the yards in months. Steers generally sold down from sll and heifers from $lO. Receipts, 1,500. The calf market was quotably steady, with choice veals commhndlng a top of $12.50 and the bulk sll®l2. Receipts, 900. Trading in the lamb market was at slightly lower prices, springers selling down from $11.50 as compared with sl2 on Monday, while sheep ruled firm at $6 down. Receipts, 600.

—Hogs—--150 to 200 lbs. .. 5 Xa'nl! Medium Zrtni Heavy 7 °°® 7 80 ? Packing sows 6.50® 6 -5 —CattleFew choice steers .... .. .. ■ .slo.oo® 11.00 Prime corn-fed steers. 1.000 to 1300 lbs 9.00® 9.50 Good to choice steers. 1.000 to 1.100 lbs 8.50® 9.60 Good to choice steers, 1.000 to 1.200 lbs 7.50® 8.00 Good to choice veals. 1,000 to 1,700 lbs 7.60® 8 00 Common to medium steers, _ 800 to 1.000 lbs 7.20@ 7.00 —Cows and Heifers— Choice light heifers S *2 22 Good light heifers 7.00® 8 /5 Medium heifers Z'nn Common heifers f* 00® 6.{)0 Fair cows 4.00® 5.00 Cutters 2.7n@ o -n Canners ~.20@ ~.00 —Balls— Fancy, butcher bulls $ 5.00® 6CO Good to choice butcher bulls. 5.00® 6.50 Bologna buils 3.75® 4.00 —Calves— Choice veals [email protected] Good veals /- • 10.00® <lll 00 Medium veals B.oo® 9.00 Lightweight veals j' 50 @ 800 Heavyweight veals 7.00® 7 50 Common heavies 6.00 @7.00 Top 12 o 0 —Sheep and Lambs— Culls $ 2.25® 3.25 Good to choice ewes 3.00® 6.00 Few choice lambs 11.00® 11.00 Heavy lambs Cull lambs 6.00® 7.50 Other Livestock By United Financial CHICAGO. July 31.—Hogs Receipts, 33.000: market slow to 25c higher; top, $7.70: bulk, $6.50® 7.50: heavyweights. $6.85 @7.65: medium, $6 @7.70: light, $7 @7.70: light lights. [email protected]: heavy packing smooth, [email protected]: packing sows rough. $5 50® 5.75: killing pigs, $6.25 @7. Cattle—Receipt*. 11,000: market better grades and most klllmg classes relatively ecareo, very active to steady to strong: spots higher: lower grades very slow-, uneven barely steady: relatively few matured steers to sell above $11: bulk beef steers and eyarlings, $8.50® 10.50; early top. $11.45; few good to choice long yearlings $10.85: plain quality bulk weighty native grosser* downward from $7: light grassers yearlings $6 and down: bulk 23 loads 8. D., straight grassers sold late Monday. $6.76® 6.90: weight average, 11.62 and 11.44 pounds respectively: some 1200-pounds Montana. $7 50: bulls uneven: bolognas weak to 15e lower; vaalers largely 50c higher: Stockers and feeders more active. Sheep—Receipts. 17,000: market fairly active: spot lambs steady to strong: culls and light sheep strong to 25c higher: spots more: early top Western lambs to city butchers and shippers, $12.75: some held higher: native mostly, sl2: culls generally. t 8.50® 9: few good yearling wethers. 10.25: choice 2-year-olds up from $9; good lightweight ewes, $9: heavyweights. $3.50® 4.50. CLEVELAND, July 31.—Hogs—Receipts. 15.000; market, 25c higher: yorkers, $8.25 @8.35- mixed, $8.25 @8.35; medium, $8; pigs, $7.75: roughs. $5.50: stags. $4. Cattle —Receipts, 200: market, slow, dull; good to choice bulls, $6 @6.50: good to choice steers. $9 @10: good to choice heifers, $7 @8.50: good So choice cows, $5 @6; fair to good cows, 1>3.50@5; common cows, $2 @3: milkers. S4O @ 80. Sheep and lambs—Receipts, 600; market, steady: top. $12.50. Calves—Receipts. 500; market. steady: top. sl3. KANSAS CITY. July 31.—Cattle—Receipts, 17.000: calves, receipts, 4,000: better grade beef steers strong to lOe higher: early top. $10.75; bulk other sales, $lO @ 10.50; other class steers slow: few early sales better grades around steady; bulls steady; calves steady: Stockers and feeders slow. Hogs—Receipts, 12.000; fairly active to traders and shippers: strong to 10c higher with Monday's average; bulk dssir-

In* Nickel... 12% 12% 12% Anaconda... 39% 38% 30% Kennecott ..33% 32% 33% Oils— Cal Petrol... 19 18% 18% 19 Cosden ...... 33% 30% 30% 33% Marl and Oil. 31 27% 28 31% Pan Am Pete 57% 56 % 66% 68% Pan Am Pt B 65% 53% 54% 50% Phillips Pet. 22 21% 21% 22% Pro & Ref.. 31 29% 29% 31% Pure Oil 17% 17 17% Stand OH Cal 48 47% 47% 48 V* Stand Oil NJ 32 31% 31% 82% Sinclair 22% 22 23% Texas Cos .. 40% 4040 % 40% Industrials— Allied Chem. . . 65 65 65 Amer Can... 87% 80% 87% 89 Amer Wool.. 83 82% 82% 83% Cont Can ... 46% 45 45% 40% Fam Players. 71 70% 70% 71% Gen Asphalt .20 ... 25 % 28 % Int Paper 35 ... 83% 33% Ini Harvester 73 % ... 71 % Y 4 May Stores.. 74 71% 72% 74 Mont Ward.. 19% ... 19% 19 Owen Bottle. 42 % ... 42 42 Sears-Roe ..68% ... 08% 68 U S Ind Al. 45% ... 44% 45% Utilities— Am T and T. 121% 121% 121% 122 Con Gas .. . 60 % 69 % 80 % 01 North Am... 21% ... 20% 21% Shipping— Am Int Corp 18% ... 18% 18% Atl Gulf ... 11% ... H / 11 Int M M pfd 22% ... 22% 22% Foods— Amer Sugar 58% ... 67% 60% Am Bt Sug.. 29% ... 28 30% Corn Prod ..118% ... 117 U® Punta Alegre. 45 43 43 46% Tobaccos— Am Tob Cos .141 ... 141 142% Tob Prod... 78%

able 180-260-lb. averages at [email protected]: top, $7.25: packers holding back: packing sows steady, mostly $5.76®6 Sheep—Receipts, 9,000: lambs steady to 2c5 lower; mostly steady: top Ida io and Colorado. $12.35: other range lambs, [email protected]: early top natives, $11.50: sheep steady to 25c higher; choice Old Mexico wethers at $8: Colorado ewae. $0.75. CINCINNATI. July 31.—Cattle —Receipt*. 250; market steady; shippers, $8 @10.25. Calves —Market steady to weak; extras, $lO @l2. Hogs—Receipts, 2,500; market active, steady: good or choice packers, $7.75 @7.90. Sheep—Receipts, 2.800: market strong: extras, ss@6. Lambs —Market steady to 60c higher; fair to good, sl3 @13.50. EAST BUFFALO. July 31.—Cattle —Receipts. 575: market, dull, steady: shipping steers. [email protected]; butcher grades. sß@9: cows. $2.50® 0.50 Calves —Receipts. 300; market, slow, steady: culls to choice, 14. Sheep and lambs —Receipts, 800; market. slow. 25® 50c olwer on lambs choice ■lambs, $12@13: culls to choice. [email protected]: yearlings $6 @lO 60; sheep. $3 @8.50. Hogs —Receipts, 4.500; market, active, steady 10c higher: yorkers [email protected]: pigs. $8 @8.25; mixed $8 [email protected]; heavies. $7.75 @8; roughs, $5.60®0. stags. $4.50@5. PITTSBURGH, July 31—Cattle—Receipts 5 car loads; market slow: Choice, $10.25® 10.75; good. $9.50@ 10; fair, [email protected]: veal calves, $12.50® 13. Sheep and lambs—Receipts. light market, steady; prime wethers. $7.25 @7.50: good $5.25 @0.25; fair mixed. $7 @8.25; lamhbs. $7 @l3. Hogs—Receipts 10 dd; market, higher; prime heavy. $7.75® 7.85: mediums. $8.25® 8.35; heavy vorkers. [email protected]; light yorkers. sß® 8 25: pigs. $7.50 @7.76: roughs. $5.75® 6.25; stags, [email protected]. CORN IS HIGHEST IN THREE YEARS July Wheat Closes at Lowest Figure in Eight Years. By United Financial CHICAGOi July 31.—July com reached anew high level on the present crop when it sold at 90c at the close on the Chicago Board of Trade today. This was the highest in three years. July wheat, showing some strength over openeing prices, closed at 91 %o, the lowest in eight years. July oats showed a weak undertone. Following the noon bulge, wheat prices firmed and remained practically unchanged. Trading was dull. Reports from sections of Illinois told of country elevators being in receipt of large stocks to be stored, farm- ! ers preferring to hold their stocks pending a boost in values. In the vicinity of Quincy farmers are said to be binning their wheat for feeding purposes, rather than selling it at 82c a bushel when they cannot obtain com supplies for less than 92c a bushel. Corn displayed independent strength on account of the tightness in July delivery which sold at anew high mark for the crop at. 90c. This had a sentimental effect on September corn, the last month of the old crop. December was dull and only fractionally higher. A few scattered sections in lowa are urgent. Oats remained dull and neglected throughout the entire session. Provisions, following a higher opening, eased off later when realizing developed. There was evidence of some foreign inquiries. Chicago Grain Table —July 31WHEAT— Frer. Open. High. Low. Close, close. July . .90% .98 .96% .97% .90% Sept. . .97 .97% .90% .96% .90% Dec. 1.00% 1.01 1.00 1.00% 1.00% CORN— July . .88 .90 .87% .90 .88 Sept. . .75% .70% .75% .75% .75% Dec. . .63% .03% .03 .03% .03% OATS— July . .39% 41. .39% .41 .39% Sopt. . .34% .35% .34% .34% .34% Dec . .30% .30% .30% .36% .36% LARD— July 10.35 10.35 10.30 10.30 10.73 Sopt. 10.47 10.50 10.40 10.42 10.42 RIBS— Sept. .7.97 8.00 7.95 7.96 7.95 RYE— July . .02% .63% .01 .63% .63 Sept. . .64% .64% .63% .63% .04% CHICAGO. July 81.—Car lot receipt*: Wheat, 1,779; corn, 608; oats, 273; rye, 4; barley, 10. CHICAGO. July 31—Wheat No. 1 red. 97% ft 99c; No. 2. 97%@98%c; No. 3, 97% W 97 %c: No 2 hard, 67%@98%c. Corn—No. 1 yellow, 88%@90%c; No. 2, 88%ffi0%c: No. 3. 87%c: No. 5,87 c; No. 0 80%@87c. No. 1 mixed, 88 %c; No. 2, 88@8!>< No. 6 86 He. Oats No. 3 wh*'c. 88 V. @39c; No 4. 37@37%c. Com —No. 1 white. R9%@9oc; No. 2. 88% ft POc Barley—63% @6sc. Rye—No. 2. j „.,iy—(a. 0. Clover—sls® !7.

Grain Briefs

CHICAGO, July 31.—Farmers are advised to cut the acreage of wheat to lessen the supply, in a statement by ths New York Guaranty Trust Bank. Russia will have more than 8,000,000 tons of surplus grain this year, but how much of this will be exported is prot>lematical. Damage to northwestern crops from black rust will be comparatively small, not exceeding 10 to 15 per cent. The wheat crop In certain sections of Nebraska is a total loss, while in others farmers are facing bankruptcy due to black rust and low prices, an expert declared. Farmers of Illinois are holding but a small amount of old corn on hand, and at some places the need for supplies is urgent. The next Government report on condition of crops is expected to show a reduction in the spring wheat estimate in the United States to 226.000,000 bushels. Cloverseed Market Clover seed was quoted at $7 @lO a bu. in Iniiianapolia.

THE INDIANAPOLIS TIMES

Produce Markets

INDIANAPOLIS, July 31.—Fresh ere*. 19c; packing- stock butter, 25c: springs, 1% to 2 lbs., 33c; fowl*, straight, 18c; fowls, under 4 lbs., 15c; leghorns, 25 per cent discount: cocks, 9c: young tom turks, 33c; old tom turks, 18c; ducks, 5 lb#., 12c: geese, 10 lbs. up 10c; squabs, 11 lbs. to doz., $5. Indianapolis creameries are paying 37c a lb. for butter fat. NEW YORK. July 31.—Flour—Dull to weak. Pork —Dull: mess, [email protected]. Lard —Easier; middle west, spot, SIO.BO @10.90. Sugar—Raw, weak: centrifugal, 90 test, 0.970 refined, weak: granulated, 8.25 @ 8.35 c. Coffee —Rio No. 7, on Bpot, 10% ft 10%o: Santos, 12% @ 13c. Tallow —Dull; special to extra, 0%@8%o; city. 6%c. Dressed poultry—Finn; turkeys, 25 ft 42c: chickens, 24® 46c: fowls, 14 ft 30c; ducks. 26c a lb. Live poultry—Dull geese, 16c; ducks, 14 ft 26c: fowls, 20 ft 20c; turkeys, 2Bc: roosters, 15c; broilers, 26ft380. Cheese—Dull; State, whole milk, common to specials, 20@260; 9tate, skims, common to specials. Bft 17c. Butte*-—Firm; reoeipts. 22.310 creamery, extra, 42c; special market, 42% @ 43c: State dairy, tube, 36ft41%0. Eggs—Firmer; receipts, 33.880: nearby whites, fancy, 43® 45c: nearby State, whites, 28 ft 43c; fresh firsts to extras. 26 ft 34c; Pacific coast, 26 ft 39c; western white, 26 ft 43c; nearby browns. 34 ft 410. CLEVELAND, July 31.—Butter—Extra in tubs, 44@40c; prints, 45 ft47c; prints. 46@47c' firsts, 42@44c: packing stock. 30%ft32%c. Eggs—Fresh gathered Northern extras. 30%e: Ohio firsts, 30%ft82%c, Western firsts, new caees, 24%e. Poultry —Heavy fowls, 24@ 25c: light fowls, 17ft 18c; cocks, 14ft 16c; broilers. 35c; ducks, 26c. Potatoes—Virginia cobblers, $5 ft 5.25 a barrel; [email protected] per 150-pounds. CHICAGO, July 81.—Butter—Receipts, 11,405: creamery extra, 40%c: standadds. 40c; firsts. 38 ft 39c: seconds. 35 %c. Eggs —Receipts, 23.987:: ordinary firsts. 22 % ft 23c; firsts, 24%ft24%c:. Cheese—Twins, 21 %c; Coung Americans. 28% a Poultry— Receipts, 7 cars; fowls, 17@21e: ducks. 14 ft 24c; geese, 14 ft 21c: springs. 31c: turkeye, 20e: broilers. 25c. Potatoes—Receipts. 21 oars. Quotations: Kansas and Missouri cobblers. sl.6oft 1.75; Nebraska early Ohlos, $1.80: Kansas partly graded. $1.40(21.65; Virginia cobblers. $4.76ft5.

Exempt From Local, State and Federal Normal Income Tax

REAL ESTATE PREFERRED STOCK of the Terminal Realty Corporation A preferential security, safeguarded against mortgage and resting on the fee simple title of approximately eleven acres of freight terminals at Kentucky ave. and West st. (five blocks from Claypool hotel) and extensive buildings and improvements. This Will Constitute Most Extensive Terminal of Its Type In America. An exceptional assurance is a long lease of all this realty and improvements to the interurban systems entering Indianapolis who pay as rental all corporate charges whatsoever and dividends and maturities on this issue. lease is “JOINT and several."

Under Terms of This Realty Preferred Issue, Corporation Must Deposit Monthly , in Trust , in Banking Institution Named by Us, 1-12 of Annual Requirements for Dividends and Maturities. All legal papers prepared under direction of Smith, Remster, Hornbrook & Smith and Mote & Goodrich, DATA Stock will be dated August 1, 1923. Shares, SIOO each. Dividends payable quarterly by check, Jan. 1, April 1, July 1 and Oct. 1. Callable at 104 and dividend first three years, at 103 next two years, 102 and dividend next ten years and at 101 and dividend thereafter. Gavin L. Payne & Company, Registrar. Aetna Trust and Savings Company, Stock Transfer Agent,

Issuer's License No. 913, Indiana Securities Commission Under act of last Legislature, no mortgage can be placed without consent of 75 per cent of preferred stockholders. Irreyocable proxy to vote 85 per cent of common stock, in event of default, lodged with trust company we designate. Provisions for liquidation in event of default, provisions as to insurance and other safeguards for preferred stockholders. Copy of contract in detail furnished purchasers. Price Par, SIOO a Share To Yield Investor 6% Per Annum As the date of the new stock Is August 1 Interim receipts drawing 6% interest will be issued purchasers prior to that date. The remaining portion of an old outstanding issue on the old terminal will be called for redemption on Sept. 1. Holders of this old issue invited to consult us in reference to exchanges.

(The statements contained in this advertisement are not guaranteed but are bated upon Infortnatlon which we and upon which Vt have acted in the purchase of these securities.) J .

PRESIDENTS ILLNESS IS REFLECTED ON EXCHANGE Substantial Market Recovery Follows Favorable Bedside Reports. By United Financial NEW YORK, Jujy 31.—President Harding’s Illness was an outstanding factor affecting trading on the New York stock exchange this morning. Asa result of the President's condition the tone of the market was Irregular, the general list reacting a point In early trading, but later recovering substantially upon advices that Mr. Harding seemed somewhat Improved. Business News NEW YORK, July 31.—A special meeting of tho board of directors of the Minneapolis & Bt. Louts Railroad Company, a receiver for which was appointed last week, has been called for Tuesday afternoon. I*revloua efforts to secure a quorum of directors had failed, but It was hoped that sufficient will be present to make It possible for official action to be taken. Trie prime purpose of the meeting is to consider the appointment of a permanent receiver for the company. No direct action looking to the formation of the stock holders protective committee has been taken, because of the difficulty encountered In bringing together important stockholding interests. An announcement on plans for calling such a committee may be made after the meeting. NEW YORK—CaII funds renewed at 6 per cent, the highest rate since July 2. This is purely a reflection of the bank requirements around Aug. 1. Call loans have renewed at 0 per cent four times this year. DETROIT—Reo Motors Car Company will soon place on the market anew tour ing car for $1,335, a reduction of $l5O

The capitalization of these companies which make this "Joint and several” lease Is over $66,000,000. Their gross passenger and freight revenue in 1922 was $10,307,000. Their gross freight business alone In 1922 was $1,809,000. Annual average requirement to meet dividends and maturities this issue only about 4% of annual total freight revenue.

July 1, 1926—511,200 Jan. 1, 1927—511,200 July 1, 1927—511,200 Jan. 1, 1928—511,200 July 1, 1928—511,200 Jan. 1, 1929—511,300 July 1, 1929—511,300 Jan. 1, 1930—511,300 July 1, 1930—511,300

Gavin L. Payne & Company 126 East Market Street Phone MAin 0505 V Dealer’s License No. 1, Indiana Securities Commission.

from the price of present touring model which will be discontinued. LONDON—Americans are behind several of the twenty-nine concession) granted by the Soviet government to foreign firms recently. There are direct American interests in trading, in oil machinery and in transportation. Oil and timber are the two commodities which attract notable outside attention. Out of the twenty-nine concessions, ten went to German companies, six to American and five to English concerns. ‘ FRESH SELLING FORCES CURB OIL STOCKS DOWN Reports of Coifterence to Limit Crude Reduction Reflected By United Financial NEW YORK, July 31, —Following a dull forenoon In the curb market, fresh seling broke out in the oils In the fourth hour and some new 1923 lows were made. The selling came after word was received from Kansas City that officials of the Mlscontinent Oil Refining Company had gone into confeernce to consider plans for the suspension of oil production for limited periods. The present over-supply can oily be consumed by a suspension of production, the leaders of the conference declared. Standard Oil of Indiana got down to 50%, anew low for the year, Prairie Oil & Gas to 170 and Ohio Oil to 48%, also new lows for 1923. Vacuum sankto 40%, off 1 and Imperial Oil of Canada to 93%, off 1%. The reaction In Ohio represented a loss of 4 points from Monday and Prairie Oil &Gas showed a five point drop. . Indiana at 50% was off 1% from the previous close. Standard of New York was con-

$900,000 SIX PER CENT.

MATURITIES:

Jan. 1, 1931—511,300 July 1, 1931—516,900 Jan. 1, 1932—516,900 July 1, 1932—516,900 Jan. 1, 1933—516,900 July 1, 1933—516,900 Jan. 1, 1934—516,900 July 1, 1934—516,900 Jan. 1, 1935—516,900 July 1, 1935—516,900

spicious for its firmness. Fractional losses were the rule In the lower piced issues, but the Wyoming stocks were a feature because of their firmness. LEGION SUPPLIES LABOR Veterans Organize Agency to Compete With L W. W. Influx. ABERDEEN, S. D„ July 31. Alarmed at the influx of the I. W. W. element Into the harvest fields of the Northwest, members of the American Legion Post in Aberdeen have established an employment bureau which will remain open the rest of the summer to help men looking for work and to assist the farmers in obtaining good men to harvest their grain. The Legion proposes to offset the Influence of I. W. W. organizer* among farm laborers by providing a better type of men to the farmers through the bureau, it is said. Free lunches and lodging will be given the men without funds. Two tents have been erected for this purpose on vacant lots near the municipal building in Aberdeen. CHURCHES OF CAPITAL TO OFFER UP PRAYERS Services Will Be Held for Speedy Recovery of President. By United Pre WASHINGTON, July 31.—The churches of Washington will offer prayer for the recovery of President Harding. President Harding’s church, the Calvary Baptist, will hold a special prayer service for his recovery.

Jan. 1, 1936—518,900 July 1, 1936—522,500 Jan. 1, 1937—522,500 July 1, 1937—522,500 Jan. 1, 1938—522,500 July 1, 1938—522,500 Jan. 1, 1939—522,500 July 1, 1939—522,500 Jan. 1, 1940—522,600 July 1, 1940—522,500

Aetna Trust & Savings Company 23-25 North Pennsylvania Street Phone Lincoln 7371 Deale ’’s License No. 275, Indiana Securities Commission

STATE FIRE LOSS $1,300000 LOWER 'Newman Miller, Marshal, Says Officials Function, Indiana’s fire loss was reduced by $1,300,000 In 1922, according to the records of the State fire marshal's office. This State was the only one In the Union that reduced Its losses last year, It is shown by statistics reoently compiled by a nation Insurance bureau. “This reduction Is shown despite the fact that reports of more losses were placed on our books than In the preceding year,” said Newman T. Miller, State marshal. "That more losses vere reported last year does not mean that there were actually more fires In Indiana, but that officials charged with the duty of reporting these fires to the State firs marshal are now functioning, and are performing a duty many of them had been neglecting." Fire Loss Is 140,000 By United Press CHICAGO. July 81. — Fire In the Newark Shoe Company store on Milwaukee Ave. today destroyed several hundred pairs of shoes and did damage of $40,000.

Attention Invited to Exceptional Guarantees

in This Issue

Jan. 1, 1941—522,500 July 1, 1941—539,300 Jan. 1, 1942—539,300 July 1, 1942—539,300 Jan. 1, 1943—539,300 July 1, 1943—539,300 Jan. 1, 1944—539,300 July 1, 1944—539,300 Jan. 1, 1945-439,300 July 1, 1945—539,300 Jan. 1, 1946—539,800

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