Indianapolis Times, Volume 35, Number 79, Indianapolis, Marion County, 13 August 1923 — Page 11
MONDAY, AUG. 13, 1923
COAL SITUATION IS ■MIRRORED IN WALL STREETTRADING Specialties Show Strength While Bids Run High— Many Give Ground, DEALERS SHORT COVER Steel, Selling Active, Is Up From Saturday’s CloseMarket Is Irregular, The WALL STREET JOURNAL NEW TORK, Aug. 13. —There was come Irregularity at the opening of the Stock Exchange today due in part to the strong tenor of the British correspondents on reparations. On the other hand the street liked news from Washington in regard to the Administration attitude toward the coal situation. Specialties were strong In the initial trading. The sentiment in the financial district is such ds to favor the bears. Many stocks giving ground. First Hout As the first hour progressed the rnprket became strong and quite active. It was more or less a specialty affair, but those who wanted to buy certain issues in this group found they had to bid up for stock. Steel was active and strong, selling at 89%, up % from Saturday’s close. It looked as if short covering was under way in this issue, for growing out of fairly well circulated reports a couple of weeks ago that steel prices were to be cut, was a great deal of short selling in U. S. Steel. Second Hour. The vigorous rally of the first hour brought a little profit taking into the market. But while quotations for the leaders were fractionally off, the market was absorbing the selling. Steel held at 895-8. Continental Can sold at 483-4. The company is operating 100 per cent and has had to order plant extension. The Street was buying Baldwin which held firm at 114, up 3-4. Lehigh Valley sold at 61 and Rubber rallied at 37 3-8. Woolworth reacted to 238, off 3 1-4 from the day’s high. Noon Hour. American Can, Baldwin and other industrials reached new heights on the recovery. American Ice was strong, advancing more than a point to 91 1-2. Important buying of this stock has been based on progressive improvements in the company’s earnings. ' has given rise to reports that either an extra cash dividend or a stock dividend would be declared before the end of the year. - Twenty active industrial stocks on f?aturdayav averaged 89.11, up .44 per cent; twenty active rails averaged 78.11, up .21 per cent.
Foreign Exchange Bu United Financial NEW YORK. Aaj. 13.—Foreign exchange opened irregular: Sterling, demand. $4.56%: cables. $4.56%. Francs, demand. 3.55 c: cables. 5.55Hc. Lire, demand. 4.24 He: .cables. 4.25 c. Belgian, demand. 4.52 c: cables. 4.52 Vic Marks 3.333.333 to the dollar Czech, demand. 2.93 c; cables, £93 He. Swiss, demand. 18.10 c; cables. 1812 c. Guilders, demand. 39.27 c; cables. 39.30 c. Pesetas, demand. 13.57 c; cables. 13.59 c. Sweden, demand. 28.51 c: cables. 26 55c. Norway, demand. 16.25 c: cables. 16 2Sc. Denmark, demand. 1834 c: cables. 1838 c. INTEREST OF CURB IS CENTERED AROUND OILS Standard of Indiana Is Up In Trading. By United Financial NEW YORK. Aug. 13.—The curb market was irregular in the early dealings today with practically all interest centured in the oil group. Standard Oil issues in the main started the new week with indications of bearing out the predictions that the oil3 would find higher levels under their leadership. Standard of Indiana, which gave ail evidences of recovery •the close of last week, hit 53% ly today, this being an improvement of 2% over the previous close and 3% points above week's low. Imperial of Canada picked up 2 points to 98%, but Indiana Pipe Line fell off 1% to 96. Vacuum was improved while Standard of New York was down to 39. The independent group was steady and up. TndustriaJs were very quiet, only a few issues making their appearance in early forenoon. Reading Rights firmed to 22 % and United Shoe Machinery appeared at 36%.
Produce Markets
NEW YORK. Atig. 13.—Butter —Quiet; receipts. 8.314: creamery extra. 43Hc; special market. 44® 44 He; State dairy tubs. 86® 43c. Eggs—Firm: receipts. 13,080: nearby whites, fancy, 50®52c: nearby State whites. 30% 50c; fresh firsts to extra. 28® 3Sc: Pacific coast. 30® 46c: western white, 80® 50c; nearby browns, 38® 48c. &EW YORK. Aug. 13.—Flour—Irregular and unsettled. Pork—Dull; mess, $24.50® 25. Lard—Firmer: middle west spot. $11.20 4Tt1.30. Sugar—Raw, steady: centrifugal, 96 test. $6.15: refined steady: granulated. $7.90® 8 Coffee—Rio No. 7. on spot, 10 %c: Santos. 13® 14c. Tallow—Steady: special to extra, 8% @6 He; city. 6c. Dressed poultry—Quiet: turkeys. 25®40c; chickens, 24® 43c: fowls, 14® 30c: ducks, 25c, Long Island. Live poultry—Quiet: geese. 16c: ducks. 14@26c: fowls, 19@26c: turkeys, 20c: roosters 16c: broilers. 28® 33c. Cheese —Firm: State, whole milk, common to specials, 19®26He: State, skims, common to soecials, e® 17c. . CHICAGO. Aug. 13.—Butter—Receipts. 13.710; creamery extra. 42c; standards. 38%c: firsts 33®39c: seconds 36@37He Jjg gs—Receipts. 13.151: ordinary firsts. OjfcHc: firsts. 25® 26c. Cheese—Twins. 22 H young Americans. 23@23He. Poultry 21c: geese. 16®22c: springs, 22c: turkeys. 20c: rosters, 14c: broilers. 27c. Potatoes— Receipts. 138 cars- Kansas and Mourlssl cobblers $2 @2.20: Kansas early Ohios. $1.50 fi 1.65 Minnesota. $1.20 @1.40. CLEVELAND, Aug. 13.—Butter—Extra in tubs. 48® 48c; prints. 48® 49c; firsts. 44® 46c; packing stock. 30® 32c Eggs—Fresh gathered northern extras. 33c: Ohio firsts. 03% © 33c ; western firsts, new cases. 27c. Poultry—Heavy fowls. 25® 26c: light fowls, 18620 c: cocks. 17@18c: broilers, 35c; ducks. spring. 22c. Potatoes— Virginia oob-
New York Stocks
(Thomson A McKinnon) —Aug. 13. Railroads— 1:45 Prev. High. Low. p. m. close. Atchison 97 % ... 96 % 90 % B A 0 48% 47% 48 48 Can Pacific. . 147 145 146% ... C&NWRy 64 % ... 63 % 64 Gt North pfd 64% 54 64 V 64% N Y Central.. 98 ... 97 % 98 Nor Padflo.. 67% ... 66% 67% Pennsylvania. 43 % ... 43 % ... Sou Pacific. . 85% 84% 85 86% St. L A S W 67% ... 57 U Pacific 128 126% 127 127% Wabash pfd. 26% ... 25% 26% Rubbers— Kelly Spr 30% 29% 30 30% U S Rubber,. 37% 36% 30% 37% Equipments— Am Looomo.. 73 % 72 % -72 % 73 % Baldwin Loo. 114% 112% 113% 113% Steels— Bethlehem... 48% ... 48% 48% Crucible 02 60% 02 61% Gulf State* .71% .... 70% 70 IT. 8. Steel.. 89% 87% 89 88% Motors— Chandler M . 49% 49% 49% 49 Studebaker ..103 101% 102% 102% Stewart-W... 87% 80% 87 87 Minings— Texae G. A S. 50 .... 50 55% Coppers— Am. Smelt... 50% 56% 56% Anaconda .. 40 39 % 40 39 % Kennecott . . 34 % . . 34 33 % Utah Copper. 59% 68% 58% Oil*— Cal Petrol.. 18% 18% 18% 19% Cosden .... 32 % 32 % 32 % 33 Marland Oil. 30% ... 30% 30% Pan-A. Pete. 60% 60% 60% 60% P-Am. P. (B) 58% 68% 68% 58% Phillips Pete 22% .. 22 23 Pro. A Ref . 31% 30% 31 30% S. Oil of Cal. 51% 50% 61% 9. Oil of N. J, 33 % 32 % 33 % 33 % Sinclair 22% 21% 22 % 22 Texas Cos. ..42% 42% 42% 42% Industrials— Allied Chem. 61% 61% 61% 81 % Amer Can ..89% 88% 89% 88% Amer Ice .. 90 % 90 % 90 % Amer Wool ..85% 85 85% 85 Cent Leather. 10% 15% 10% 15% Coca-Cola ... 70 % 70 70 % Cont Can ... 40 % 40 % 45 % 46 % Pam Players. 72% 71% 71% 72 Gen Asphalt. 26% ... 23% 25 May Stores. .70 ... 75 % ... Sears-Roe ... 73 ... 73 72 % C S Ind Alco 40 % 40 46 % ... Utilities— A T and T .123 122% 122%. 123 Cbn Gas ...61% 01% 01% 00% Col Gas 34% 34% 34% 34% Shipping— Am Int Corp 17% ... 17% 17 Foods— Amer Bugar. 60 % ... 60 % Am Bt Sugar 27 % ... 27 % ... Corn Prod.. 121% 120% 121 Cu Cn Su pfd 87 % ... 37 % 37 Cu-Am 9ug. . 25 ... 25 ... Punt a Alegre 40 45% 45% 45
WHEAT RALLIES IN LATE TRADING Other Grains Show Strength on Chicago Board, By United Financial CHICAGO, Aug. 13. —Bullish sentiment gripped trading on the Chicago Board of Trade today and prices closed sharply higher. A good class of buying, after an indifferent opening, followed entrance of leading eastern houses into the market. Wheat prices advanced sharply, September wheat selling above the $1 mark for the first time in several weeks. September closed at 101%. Another bulllish feature was the correction of private Canadian estimates placing total yield at 382,514,060 bushels, a merked decrease under the previous estimate. The total yield will be further lowered as dam age done since the last official report compiled July 31 will aggregate 58,000,000 bushels, according to predictions. The visible supply showed the second largest increase for one week at 6,118.000 bushels compared with an increase of over 7,000,000 last week, the largest on record. Total supplies were 42.811,000 compared with 36,693,000 bushels last week. Strength in com was created by the advance in wheat and buying by eastern sources. The visible supply increased 363,000 for a total of 2,373,000 bushels. Oats sold higher, with other grains. The market was extremejy dull. The visible supply aggregated 5.765,000 bushels. Chicago Grain Table —Aug. 13— WHEAT— Prev. Open. High. Low. Close close. Sept.. .99% 1.01% 99 1.01% .99 Dee 1.03% 1.04% 1.02% 1.04% 1.03% May. 1.08% 1.09% 1.07% 1.09% 1.08% Sept . * 76% .77% .76% .77% .77 Dee.. .02% .03% .62% 63% .62% Mar. 64% 05% .84% .65% .64% OATS — Sept.. .36 36% .35% .35 % .35% Dec.. .87% .38% .37% .38 .37% LARDSept. 10.85 1097 10.77 10.97 10.75 RIBS— Sept.. 8.20 8.32 8.20 8.32 8.10 RYE— Sept.. .64% .65% .64% .65% .65 Dec.. .07% .08% .67 % .68% .68 CHICAGO Aug. 13. —Primary receipts: Wheat. 3.797.000. against 3.178.000; corn, 1.159,000. against 1.994.000; oats. 1.727.000, against 1,376,000. Shipments: Wheat, 1,060.000. against 3,040.000; corn, 672.000. against 628,000; oats, 817,000. against 763.000.
Grain Briefs
CHICAGO. Aug. 13.—Rapid development of rust may reduce the Canadian wheat crop by 50,000.000 bushels, an expert declared. There will be no over-production of wheat this year despite unofficial estimates to the contrary. The total rye crop is 4,800.000 bushels, about 30.000.000 bushels short of last year’s total production. Continued rise of wheat prices throughout the past week has brought that grain to higher levels th in have ruled for the past three weeks. The com nfovement is small at this time than it has been since 1920, due to large hog supplies on farms. With the fall of the German market and curtailment of purchasing power by a majority of the leading European countries, it ts not surprising that the export demand is slow, an expert declared OVERLAND OFFICERS QUIT Recent Purchasers of Stock Are in Full Command NEW YORK. Aug. 13.—The following officers and directors of WillysOverland have resigned: H. L. Thompson, chairman of board, chairman of the executive committee and idrector; F. A. Judson, financial vice-president and director; W. W. Knight, member executive committee and director; Chas E. Bunting, director and Geo. L. Heater, director. This places John N. Willys, Thomas H. Tracy, Geo. M. Jones, W, I. Webb and C. O. Miniger, who recently pur-
HOG PRICES TAKE JUMPINTRADING Light Receipts Factor in Change—Choice Animals Bring $8.65, Hog Prices Day by Day Aug. 250-300 lbs 200-225 lbs. 150-180 lbs. 6. 7.35@ 775 7.75® 8.10 B.lo® 8.25 7. 7.40® 7.90 B.oo® 8.25 8.30(0 8.60 8. 7.35® 7.75 7.80® 8.20 8.25® 8.40 9. 7.25® 7.50 7.65(0 810 B.lo® 8.25 11. 7.50® 7.90 8.00 H 8.30 8.35® 8.50 13. B.lo® 8.25 8.30® 8.85 8.40® 8.05 Due principally to light receipts, and reports from outside markets, especially Chicago, hog prices were generally 25c higher on the local livestock exchange today. Heavy hogs were sold from SB.IO to $8.25. Mixed hogs ran the gamut from $8.30 to $8.65. A few choice specimens were sold for $8.76. Choice hogs sold for $8.60 to $8.65. The bulk of sales was from $8.40 to $8.65. Receipts for the day were 5,000. There were 131 holdovers from Saturday's trading. Sows sold from $7.25 down. Pigs brought $7.75 down. Trading was light in the cattle market. The market was steady to strong. Good steers sold at $10.60. The price spread was $9 to slo.sfo on steers. Cows and heifers brought from $7 to $lO. Receipts in the cattle market were 900. The calf market was active. The market was strong to 50c higher. The veal top was $12.50. The bulk of animals on the market brought from sl2 to $12.50. Calf receipts were 400. Light trading also marked the sheep and lamb market. Receipts were only 100. The market was steady. Sheep top was $6. A few choice lambs brought sl2. \ —Hog*— 150 to 200 lbs $ 8 40® 865 Medium R 30 ® Heavy B.lo® B.2t> Top 8-60 Piy§ TT-i Packing bows 6.50® 7.25 —Cstt I<*—• Few choice steers $ [email protected] Prime corn-fed steers. 1,000 to 1.300 lbs 9 00® 9.50 Good to choice steers. 1.000 to 1.100 lb* 8.50® 9.60 Good to choice steers. 1.000 to _ _ „ 1.200 lbs 7.50® 8.00 Good to choice steers. 1.000 to „ 1.700 lbs 7.00@ 800 Common to medium steers, 800 to 1,000 lbs 7.25® 7 50 —Cows anil Heifers— Choice light heifers $ 8.50® 10 o 0 Good light heifers 7.00® 8.70 Medium heifers 6.00® 7.2t> Common heifers 5.00® 0.00 Fair cows 4.00® • 00 Cutters 2.75® 3-2-* Canners 2.25® 2 .>0 —Bulls— Fancy butcher bulls 5 5 00® 6.00 Good to choice butcher bulls. 6.00® 5.50 Bologna bulls 3 75® 4.. M) —Calves— Choice veals sll.oo® 12.00 Good veals 91)0 @IO.OO Medium veals B.oo® 9.00 Lightweight veals 7.50® 8.00 Heavyweight veals 7.00® 7.00 Common heavies 6.00® i 00 Top 12.50 —Sheep and Isunhs— Culls A 5 2.*8 3.25 Good to choice ew.-a 3.00® 600 Few choice lambs 10.00 @ 12.00 Heavy lambs 9.00® 10 00 Cull lambs 5.00® 7. .0
Other Livestock By United Financial ■ CHICAGO. Aug. 13—Hogs RS.vipts, 50 000: market 25c higher: top. $8,30; bulk $6 50@8: heavyweight. $7.2007.90; medium. $7.35® 8.30; light. $TtiH.,lO: light lights. $6.50® 8: heavy packing, smooth. $0 @060; packing sows, rough. $6.75@; killing pigs $6.5007.50. Cattle—Rdtripts, 23,000: market better gradee and all killing classes around steady: bidding unevenly lower on other grade: top matured steers, $12.26: some held higher best long yearlings. $11.25: load westerns to feeding buyers. $7 50: numerous loads steers and yearlings, $11.25: bulk vealers to packers. 511 @11.50: outsiders paid as htgh as 512® 12.25: bulk bologna bulls. $4.4004 05; bulk oanners around $2 50: stockers and feeders. 15c to 25c higher. Sheet, —Receipts. 16,000: market all classes an-1 grades of lambs general!v steady: yearlings steady; aged sheep steady to strong: good and choice western fat lambs, $12.00012.76; natives mostly $12012.251 culls mostly $9 @9.50: six doubles good Washington yearlings. sorted, one double out, $10.26: best lightweight lowa-fed western ewes, $8; feeding lambs generally 812.00® 12.70. EAST 8T LOUIS. Aug. 13.—Cattle—Re ceipts. 10.000: market steady; nattve beef pteers. $10: yearlings and heifers, $9.50j cews, $4 @5.25; canners and cutters. $1.75 @3 calves. $9.50; stockers and feeders. $4.60 ® 6 Hogs—Receipts. 13.000; market higher: heavy, $7.40® 8 medium. $7.83 @8.30; lights. $7.75 @8.35; light lights. $5.75 @ 6.25; packing sows. $0.900 8.35: pigs. $6.50 @ 6.75; bulk. $7.9008.30. Sheep—Receipts, 2,500; market steady; ewes. s3@6; canners and cutters. sl@3; wool ilambs. $10.25 012.50. KANSAS CITY. Aug. 13. Hogs—Receipts. 10.000; market. 20@30c higher: packer top. $7 05; shippers otp. $7.80: bulk desirable 190 to 270-pound averages. $7.00 @7.70. Cattle —Receipts, 3.600: calves. 10.000; killing classes slow; quality mostly plain few beet steers sales early, around steady: early top. $10.05• wintered cattle. $9.25: better grides she-stock around steady, other classes slow; bulls Hleady: calves steady to weak: desirable stockers and feeders fully steady, early sales. $7.25® 9.10. Sheep—Receipts. 0.000; lambs, generally 15®25c higher: top westerns. $12.40 top natives. sl2 EAST BUFFALO, Aug. 13,—Cattle—Receipts. 2.000; maraei for common slow: choice, active. 25c higher: shipping steers, [email protected]; butcher grades, sß@g.2s; heifers. [email protected]; cows. $2 0 0.25: bulls, s3® 0. Calves—Receipts. 1,500: market active. 50c hlghre; culls to choice, s4@l4. Sheep and lambs—Receipts. 2.200: market active. 25c higher; choice lambs. $12013: culls to choice. $8011.50: yearlings. sl2 @10; sheep. $3 @ 8.50. Hogs—Market 10@260 higher; YorkSrs. $8.500 9: pirs. $8 50; mixed. $8.75 @8.90: heavies. [email protected]: rough. [email protected]; stags, [email protected]. CINCINNATI. Aug. 13.—Cattli— Receipts. 800; market, steady: shippers. $8 010.25. Calves—Market, steady; extras. slo® 11. Hogs—Receipts 4.500: market, steady to 25c higher: good or choice packers. $8.25@ 8.50. Sheep—Receipts. 800: market, steady: extras. $5(1(0. Lambs —Market, glow and steadv: fair to good. $12.50® 13 PITTSBURGH. Aug. 13.—Cattle—Receipts. 47 loads; market higher: choice. $10.50 @11.25: good, [email protected]: fair. $70790; veal calves, $12012.50. Sheep and lambs —Reieipts, 12 double decks: market steady; prime wethers, $7.2507.75: good. $0.25® 6.75; fair mixed. $5 © (>: lambs, $7 013 Hogs—Receipts. 35 double decks; market higher: prime heavy, [email protected]; mediums. $8.90® 9; heavy yorkers. $8.9009: light yorkers $8.7509 pigs. $80)8.26; roughs. $6 6 0.50: stags. s3®4.
Business News
NEW YORK. Aug 13.—The new week saw some heavy gold shipments from Europe. The steamship Veedam from Rotterdam arrived with 120 boxes of bar gold: for Speyer & Cos. and forty-two\boxes for Bosova In & Cos. The shipment was; valued at approximately 54.625,000. The Berengaria arrived with forty-four boxes consigned to order, twenty-three consigned to Kuhn, Loeb & Cos. and three to a local .bank. MINNEAPOLIS—FoIIowing announcement of Governor McMasters that South Dakota would sell gasoline at 16 cents a gallon, and later Chicago announcement ol Standard Oil of Indiana price in South Dakota would be 10 cents, Governor Nestor of North Dakota wired Standard Oil of Indiana at Chicago demanding the 16 cent price for that State. Meanwhile Governor Preus of Minnesota announced he will demand consideration. A small Independent Minneapolis company reduced its price 6 cents a gallon. F. L. Cochran and J. F. Norris, respectively managers of Standard Oil Company and Pure Oil Company, stated they know of no contemplated reduction. Boost for Women PARIS, Aug. 13.—For the second time in the history of the French bar, a woman has been chosen secretary of the lawyer’s organization. She is Mile. Lucille Tlnayre, 24 and will
THE INDIANAPOLIS TIMES
A CORNER —With the — FARMER
By R. WEBB SPARKS . "Market Editor of The Times The following special bulletin from W. G. Campbell, executive secretary of the Agricultural Publishers’ Association, is reprinted for what light it may shed on the present wheat situation: July was ushered in with the usual drop in wheat prices, and promptly the official pessimists set up their accustomed wail of “the farmer is broke.” The Amalgamated Order of Volunteer Farm Advisers called a hasty meeting and immediately began deluging the country with suggestions for saving the farmer from chaos. True, the price of wheat falls every July, due to the fact that new wheat is about to come on the market, but this fact did not dampen thd" spirits of those who take a melancholy pride in “viewing with alarm” the status of the farmer. The situation is amusing or irritat* ing, according as one views it before or after ample lunch. If rumor were to be believed, the farmer spends most of his time packing his grip for the poorhouse. But somehow he never goes. He is still at the old stand, producing food for the Nation and spending a greater average income than the wage earner in the city. The total drop in wheat was 10 per cent, or 10 cents a bushel. Mind you, this was not a 10 per cent loss in the farmer’s total income, but merely a 10 per cent drop in the price of one of the many products he sells. Considered in its true proportion, with relation to the total farm income of $14,000,000,000, the drop in wheat was about one-half of 1 per cent of the total farm income. Ten cents a bushel on 810,000,000 bushels amounts to $81,000,000 This is only 3% per cent of the wealth produced each year by farm cows! So the wheat crop Is nothing to worry about, even if it were not offset by gains in other place.s. But consider! While wheat was dropping 10 cents corn rose 25 cents. And farmers raise three times as many bushels of corn as they do wheat. W; other words, for every dime taken off the price of wheat there Is 75 cents added to the price of corn. That’s why the farmer Is able to v whistle cheerfully while the skyscraper agriculturists bend to the task of saving him from ruin. The Italian fruit vendor said. “What I make on da peanut 1 losa on the dam banan.” But the farmer says, “The litttle I seem to lose on wheat I am making several times over on corn.” Anyhow, the loss is purely theoretical. Farmers have adopted new marketing methoAs in the past few years and they no longer dump their products on the market at whatever price the buyer chooses to pay. The farmer's financial situation is sound and he able to hold back his crops until the market price Is right. Such a hold-back movement was practiced with wheat and In a single July day the price of wheat was advanged several points. This in the face of new wheat coming on the market. Wheat has a certain "dramatic” value, and for this reason is apt to be over rated :n the popular appraisal of farm conditions. By the term dra niatic value is meant the fact that wheat, being raised in gigantic group acreages, becomes a symbol of farm production In the public mind Many think of wheat as the principal cash crop of American farms, when as a matter of fact the value of the wheat harvest is less than 7 p~r cent of the total farm income. The estimated December. 1922, value of all wheat, according to the Department of Agriculture, was $864,000,000. The total annual value of all farm crops and livestock is from fourteen to six teen billion dollars. So you can draw your own conclusions. The American lien alone produces more new wealth than the thtal wheat crop amounts to. The average American farmer practices diversified farming. He raises wheat, com, oats, vegetables, fruit, livestock. He keeps cows and receives a good income from dairy products. A loss in any one crop by no means spells ruin, or even privation, to the farmer, any more than a loss on a single deal means ruin to the city business man. The following special correspondence from a Middle West Statq shows how farmers feel in the corn belt: “There ‘b no pessimism ir this part of the corn belt. Scores of farmers have been talked with en route and the general sentiment most aften expressed it, ‘We’re getting along pretty well, all things considered.’ In the last two years the farmer has done a prodigious amount of readjustment. There has been a vast economy and the farmer has toiled harder and longer until now he sees daylight ahead. Before the war the farm price of corn in this section, for the five-year perold, averaged 55% centp a bushel. In June two years ago It had dropped to 44 cents. Now it stands around 75 cents. Twenty cents a bushel improvement, the experts point out. means something like $85,000,000 for the State.” In other words, the gain in corn from one State exceeds the loss In wheat for the entire country. A similar report from other States would show like conditions, all Indicating that the farmer has not been jarred from his seat and that he is still “Jogging along.”
ln the Cotton Market By United Financial NEW YORK. Aug. 13.—The cotton market opened higher today. October, 24.20, up 25: December, 24.20. up 25; January, 23.91, up 16: March, 23.97, up 17. Raw Sugar Market By United Financial NEW YORK, Aug. 13.—The raw sugar market opened higher September, 4.47® 4.480; December, 4.07®4.08c: March, 8.34 @ 8.39 c. • Monument to French NORFOLK. Va„ Aug. 13.—Erection of a national monument in memory of French soldiers and sailors buried at Yorktown who were killed during the Revolutionary War is proposed by Col. E. B. Goodwyn. commander of the Virginia department, American Legion, and other legionaires, who will bring up the matter at State and national conventions of the organization. One pian proposed is for the legion 'to obtain an appropriation from Coninirimihin rt
Mooresville Lad Makes Good in Pig Club Work
Top picture—K enneth App, Mooresville, Indiana, and his original pig club sow Lower picture—His present herd. He started in a pig club in 1920 with a pure bred Poland China gilt, and in 1922 he had the original sow, the herd shown in the picture, and the money for the hogs marketed from the old sow and her gilts which farowed in the spring of 1921. He has a partnership arrangement with his father.
PHONE RALE MOVE UP IN U. S. COURT (Continued From Page 1) the rates asked by the company. The average difference would be about 60 cents a subscriber, although in some instances the difference would be only 25 cents, it was stated. Exception was also taken to the fact that the commission's order ffxed the rate of depreciation on various classes of the company’s property. Says Power Is Usurped Power to do this rests only with the Interstate Commerce Commission, it was asserted. The rate of depreciation fixed by the commission was 4 per cent, on a book value of $29,890,654.12 on April 30, it was stated. The proper rate should have been 6.08 per cent, the complaint said, which meant that the company was entitled to $600,000 more depreciation than was allowed it by the cominis slon. The suits were filed by William H. Thompson, attorney for the company. Taylor E. Groninger. corporation counsel for the city, said the city will take no further action in the case. Ha declared, however, he was not satisfied with the order. "The valuation found by the commission still is too high,” he said. “The minority report of Commissioner John W. McCardle which says that ’under proper operating conditlnos present rates are sufficient,’ is the meat of the cocoanut. That statement expresses my sentiment.” Demands Put in Half The order gives the company in most oases aproximately half of what it asked for. It was signed by four members of the commission, Chairman John W. McCardle dissenting on the ground operating expenses are too high. Among other things, the order authorizes a four-party line residence service in Indianapolis at $2.50 a month. Individual line business telephones were increased from $9 to $lO a month and two-party business service from $7 to SB. Individual line residence service was increased from $3.75 to $4 and two-party line service from $2.76 to $3. Measured residence service was eliminated by the order. The business rate was increased from $5 for the first 120 calls and 3 cents for each additional call to $6 for the first ninety calls and 3% cents for each additional call. Increases in Other Cities The cotnmission also ordered substantial Increases In South Bend, Anderson, Kokomo. Vincennes. Elwood. Frankfort, Orawfordsville. Newcastle. Shelbyville, Bluffton and Spencer. Slight increases were ordered in thir-ty-one other places and slight decreases in eighteen cities and towns. Rates remain stationary in Bloomington, Evansville, Huntington, Logansport. Marion, Muncie and New Albany. There was no change In the chargcfor long distance calls under thirty miles. Five cents was added to each station to station call for a longer distance and 15 to 20 per cent was added to the charge for person to person calls for a greater distance than thirty miles. The commission refused to grant the entire Increase asked foK by the company on the ground the company’s valuation was too high. The company claimed a valuation of $43,260.828 and the commission reduced it to $31,955,860, a reduction of sll,304,863. The commission believes the new rate will give the company a 6 per cent return on the valuation. The commission also fixed 4 per cent as a proper rate of depreciation. The company had asked for 6.08 per cent. A. T. and T. Allowance Cat The commmsslon also cut the allowance to be paid to the American Telephone and Telegraph Company by the local company to $1 a year per station. The company has been paying 4% per cent, which Is nearly twice the amount allowed. In the order the commission said: “The commission is satisfied that considerable economy In the operation of the company’s property and business miy be effected.” The order was written by Commissioner Glenn Van Auken, who presided in the telephone hearings. Van Auken has resigned from the commission and the writing and signing of the Bell order probably is his last important official act. In Again, Out Again JERUSALEM, Aug. 13.—-United States consulate is being flooded with requests by immigrants who want to
CHICAGO BEACHES GIVEN ‘ONCE-OVER’ Chief Collins Lets Wife Decide and She Says ‘Let ’Em Have a Good Time,’
By United .Vitca CHICAGO, Aug. 13. —Chicago, with her bathing beauties still held safe for democracy, breathed a sigh full of relief Sunday and conceded that Morgan Collins, her chief of police, has plenty of what is known as horse sense. The chief, he let loose one of those sighs, too. Fact was, he’d been considerably perturbed over a whole sheaf of complaints from property owners--- along Chicago’s thirty-two-tnile lake front concerning boisterousness of bathers and especially concerning the scantiness of attire bn the feminine delegations. A lot of people claimed to have derived shocks of high voltage. Everything Else, hut When it comes to picking out a first-class crook, Collins bows to no man. But as for telling a pretty baby how -far above the knee her bathing suit should reach or how far below the chin It should not reach — that was something else again. The beach authorities told the girls earlier to let their consciences be their guides and the girls have been showing nearly everything except consciences ever since. Collins sought out his wife. He pinned his gold badge on her, appointed himself her chauffeur and the two went on a tour of the beaches. The chief pro tent, saw plenty, but refused to he shocked. After relmIndianapolis Stocks —Aug, 13— Bid Ask. Am Cent Lite 200 Am Creosottng Cos pfd 90 ... Belt R R com 00 70 Belt R R pfd 52% ... Cent Bldg Cos pfd 98 Cities Service com .130 134 Citle9 Sen-ice pfd 04 60 Cit Gas Cos com £6 ... Cf. Gas Cos pfd 90% 103 Ind Hotel com 100 ... Ind Hotel pfd 100 Ind Nat Life 5 Ind Pipe Line Cos 95 97 Ind Title Guar Cos 70 80 Indpls Ab pfd 50 Indpls Gas . 49 52 % Indpls & Northwestern pfd.. 35 ... Indpls A Southern pfd 60 Indpls St R R 60 65 Indpls Tel com 1 ... Indpls Tel pfd 01 Mer Pub Util Cos pfd 77 ... Nat Mot Cos 1 2% Pub Sav Ins Cos 13 ... Rr.uh Fer pfd - 49 ... Standard Oil'of Ind 51% 54 Sterling Fire Ins Cos 8 9 % T II I A E com 2 5 T II I A E pfd 15 T H Tr A Lt Cos pfd 93 97 % Union Trac of Ind com 5 Union Trac of Ind Ist pfd... 18 28 Union Trac of Ind 2d pfd. . 6 8 Van Camp Prod Ist pfd 100 Van Camp Prod 2d pfd 100 Van Coal Cos com 2% 4% Van Coal Cos pfd 11 15 Wabash By Cos com 7% 9 Wabash Ry Cos pfd 25 27 Bonds Belt R 8 Y 4s. May. 30 80 Broad Ripple 5s 70 Cit Gas 5s 86 % 88 Cit Gas 7s . . 100 101 Cit St R R 5s 82 84 Ind Coke and Gas 6s 90 94 Ind Hotel 5s 90 Ind Hotel Cos 2d 0s 99 % ... Ind North 5s ... Ind R and Lt Bs 89 94 Ind Union Trac 5s 40 ... Indpls Ab Cos 7%s 100% 105 Indpls Col A 9o 6s 96 100 Indpls Gas 5s 86 ... Indpls Lt and Ht 5# 04 97 Indpls A Mart 58% 03% Indpls North 5s 60 54 Indpls A Northwestern 51 % 65 Indpls A S E 5s 40 Ind Shelby A 8 E Bs 52 Indpls St Ry 4s 04 % 67 % Indpls Trac A Term 5s 82 86% Indpls Union Ry 5s 94 ... Indpls Union Ry 4% s 94 % ... Indpls Water 5s 100 ... Indpls Water 4%s 86% 88% Indpls Water 5%s 04 x 95% South Ind Power 0s . . t.... 101 ... T H 1 A E 5s 67% 73 Union Trac of Ind 0s 07 71 Marriage Licenses I. B. Foster, 23. 900 N. Tuxedo; Lola Winter, 26. 1264 Oliver. 1,. T. Ellis, 20. 2122 Lexington; Dorotha Mann, 23. 268 8. Emerson. H. G. Schivier, 61, 844 West Drive Woodruff Place; Mamie Sewol, 62. 3028 N New Jersey. W. W. Campbell. 26, Bates Hotel: Ruth Osborn. 18. 634 Berwick. R. E. Bryan 22, 3608 N. Alabama: Jennie Lawton. 32, 2423 Talbott. O. L. Brown. 22, 434 N. Jefferson; Lena Klethly. 19. 206 N. Addison. A. L. Hert. 23, 2143 N. Rural; Rheva Baxter. 18. 2234 N. La Salle. Wilbert Vance. 21, 817 N. California; Pauline Edmonds, 20, 525 Tippecanoe. Loral Endlcott. 27. Thomtown, Ind.; Lena Trotter, 23, 2811 Braoksido. C. E. Montgomery, 83, 1630 Ludlow; Anna McDaniel, 36, 19114 Ludlow. Lonnie Branstctter, 21, 2026 W. Vermont; Josie Cox, 2025 W. Vermont. H. A. Newland, 22, Terre Haute: Helen Rhadus Brown, 23, 2028 Lexington; Clara Labb, 18. 1133 S. Keystone. L. .1. Mitchell. 20, 328 8. Addington: Edna Kaylor, 18, 510 8. Warman. R. L. Sunderland 23. 612 N. Sealing; Celia Houeand. 20, 1827 Miller. P. I. Whittington. 22. 3004 E. TwentyEighth: Verlle Wheeler. 23, 1048 Sheldon. C. E. Alexander, 36, 17 W. Minnesota; Zula Brown. 22, 919 E. lowa. E. D. Harshbarger, 35. 1334 N. Keystone; Jean Gorman 52, 2320 B. Twelfth. Frederick Wilson. 40, 825 N. Pennsyl-
quishing her authority, she recommended that the boys and girls be left alone. She found that they were "a4 right—Just helthy, clean-minded people who go to the beaches for pleasure.” “I will say,” she continued, "I saw some abbreviated bathing suits on girls which were a bit too tight and a few which were a bit too—sudden. But one must remember many of the beach girls are poor working girls. Bathing suits cost a good deal, considering how little there is to them. Some girls can’t buy one every year. When they make a bad purchase and the suit shrinks, should they stay away' from the beaches? I say no!” No Improper Conduct. And even though she did see some suits that would have looked better on a smaller exhibition acreage, Mrs. Collins said, she didn’t see a single instance of improper oonduct among the bathers. In fact every one seemed to be having a nice time in a nice way. “Ab to the noise,’ she concluded, “if the property owners object they should move away from the lake. It’s their fault they are there. The lake belongs to the people. I say leave ’em alone and let ’em have a good time.” Chief Collins Sunday had one word to add to this. He said: “You’ve got to hand it to the women.’
GREAT OAK TO BE CONSECRATED ON DATEOFOPENING Veterans to Dedicate Tree to Memory of Comrade Fallen in War, NORFOLK. Va„ Aug. 13.—0n the small peninsula, where the Elizabeth River flows smoothly into Hampton Roads and forms a boundary for the city of Norfolk. Va., the setting wijl be laid in the waning days of August for a ceremonial scene the like of which has never been witnessed since the dedication of the historic old charter oak of Hartford, which legend depicts as being the hiding place of the Connecticut charter during the early days of the colonists. A magnificent oak, declared to have attained the remarkable age of over eight centuries, whose broad spreading branches are easily visible from the famous naval battleground of our history', was recently threatened with destruction when the trend of building operations advanced toward the beautiful residential section where the tree had attained Its growth. Popular sentiment aroused over the advertised destruction of the city's ancient landmark, which had stood sorent throughout the years of the greatest naval struggles of our republic. resulted in the Norfolk Garden Society initiating a movement tc buy the plot and thus preserve the grand old oak as a living memorial to the fallen soldiers of the World War. Donations from the city school children swelled the fund and the city council voted the balance. Arrangements have been made through the twenty-fourth annual encampment committee of the Veterans of Foreign Wars to conduct the dedication ceremonies as part of their encampment progt jn and plans havo been arranged accordingly. A bronze plaque around the tree will tell the ittory of the dedication and the sentiments which prompted it, While a magnifleant flower garden will continually bloom at its base. And as a further indication of Virginia’s spirit toward the veterans of America’s wars, two flower gardens will be laid out in the city parks, where perennial flowers will forever bloom, and form the Cross of Malta, the emblem of America’s gold stripe organization, the Veterans of Foreign Wars.
SEVEN MOTORISTS EINED IN COUNTY WAR ON SPEEDING Sheriff to Continue Campaign to 'Make Roads Safe for Flivvers,’ Sunday afternoon was spoiled for seven alleged speeders on county roads who were captured by Sheriff George Snider and deputies in the weekly Sabbath day campaign to make the roads safe for flivvers. They were taken before Justice of Peace Belbinger, who fined all seven. “We are going out every Sunday and pick up all drivers who are making better than thirty-five miles an hour,” said Sheriff Snider. ”1 think that limit Is not unreasonable.” The seven! Thomas Stillwell, Anderson, Ind., charged with doing thir-ty-eight miles per on the AilisonvUle road, fine of $12.50 and costs; Albert Vornehn, 1620 W. Ohio St., fifty miles per hour on the Keystone Ave. road, $26.50; George Shockley, 507 E. Thirty-fourth St., forty-five miles an hour on the AilisonvUle road, $12.50; Leonard Byne, same address, same speed and same result; Charles Soldanl, 1846 N. Pennsylvania St., same as Byne; Harry McGheney, 4559 Coffield Ave., forty miles an hour on Six-ty-third St., $12.50, and Gilbert Matherd, 1635 Roosevelt Ave., forty-five an hour on the AilisonvUle road, $12.50.
APACHE OF PARIS ADMITS PART IN BERGDOLL FRACAS / Declares Legion Offered $lO,000 fer Capture of Draft Dodger, By United Pre> EBERBACH, Germany, Aug. 18.— Roger Sperber, alleged Apache of Paris, who was twice wounded and had hia thumb bitten off by Grover Cleveland Bergdoll during the attempted kidnaping in which the noted draft dodger killed one of his assailants, is understood to have admitted to the German authorities the American Legion In Paris offered SIO,OOO for the successful capture of BergdoolL Lieutenant Hoover Griffith, TJ. S. A-, instigated the plot that failed so dramatically, according to Sperber. LEGION OFFICIALS DENY Declare No Piot in Paris Made t Take Draft Dodger. By United Prest PARIS, Aug. 12.—Amerioan Legion officials denied today the Legion post here conspired to kidnap Grover Cleveland Bergdoll from Eberbach, an attempt which ended fatally for one of the kidnapers. The Americans said they woqld like to see an example made of the notorious slacker, but there had been no plotting. Benjamin Conner, vice commander of thqr American Legion in Europe, said he believed some rich American had put up the money for the attempted capture of Bergdoll. Bergdoll, after frustrating the kidnapers, declared the American Legion responsible for the attempt and is quoted as saying he would like to shoot a Leglonaire. ENGINEER ADVISES BRIDGEERECTION Five New Spans in Courr:y Recommended, Five new bridges, costing a total of $312,700, should be built next year in Marion County, according to an estimate submitted county commissioners today by County Engineer John J. Griffith, for Inclusion In the 1924 budget. They are Delaware St. and Fall Creek, $179,000; Meridian St. and the cnnal, $75,000: Lean' road and Buck Creek, two miles south of Julietta. $15,000; Centennial road and Eagle Creek, three miles south of Traders Point on the Dandy Trail, $35,000, and Shannon's Lake, on the Glen Valley road. In the southwest tip of the county. $8,200. Commissioners should ask for $21,250 for repairs to bridge floors, and $25,000 for incidental repairs, small bridges and culverts, Griffith jald The total recommended is $358,950. If Included in the budget, tne county council will pass on the bridges Sept. •1 and 5. It has turned down both the Meridian St. and Delaware St. bridges before. Realty Firms Incorporate The Homeseekers* Cooperative Association of America, a realty firm, today filed articles of incorporation, vrith a SIO,OOO capital. Inoorporators: Paul E. Johnston, Lawrenoe M. Johnston and V. B. Kornes. The Wade Realty Company of Indianapolis also filed articles. Incorporators for the latter* firm; M. D. Coleman, R. D. Coleman and Lewis A. Coleman. Local Hay Market Loose hay— s2l @23; bales. S2O @32; heavy mixed hay. sl4 @22: ligrhtt mixed hay. slß@2o.
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