South Bend News-Times, Volume 34, Number 210, South Bend, St. Joseph County, 29 July 1917 — Page 6
s.f .VDAV, J(.LV SS, J9I7
THE SOUTH BEND NEWSTIMES
CI OTH CrjMF.VT stcetl nnTNTxmccr LOCAL AND FOREIGN MARKET QUOTATIONS
Financial Questions Tiy the Itcaden, nml Answers by the llnancial 1'ilitor.
SALES SHOWING AN IMPHHN1
Studebaker Dividend Will be Decided by Earnings of First Six Months. Ft ude 1 nkrr 5als In th p;i.et fie weeks haw- .-"tiown steady improvemtnt, nr.fi. while the ontlnok in the motor industry is still an uncertain onr, interest: connected with th company expert that recent improvement in l.u.-inesx will continue. Inventory figures as of June ?iro leing completed and the hoard of directors at their metin An;-. 7 Mill hue hefore them the detailed earning st.it'-rr.rnt fr the first half year, as well as sales result: for July on which to l;:- th'ir lei- . ion regarding the coniinnn dividend. The ffirnpany has a floating 1"U Of ah.vit Sll.OOO.f.OH, Mit pay
ments on the notes are hning made Tne mited States government is this month. and more will he paid . n0w ending at the rate of $.'5,-c-ff next month. The contraction in , nrm.OOO a flay. Since we went into sales following o:ir entrance into the war the daily expenditures of the war made nvros.iry this hfr- ; the government have been steadily rowing, hut this Mtnation is stead- , mounting. As compared with the ily richtincr its -If. ; average daily expenditure of Jß.CftO,When the shock of war cut down j 000 in the normal month of March, purchasing of automobiles in late the average daily expenditure in April and May. tudehaker was April was $!i00.0O0. This was inturr.in out a'-out l'o cars -a da . ; r ased to $10,500,000 in May, $13, or upwards of r,0. (nrs a month. ; ornoo n June and practically $23,and the restriction of saK-; meant i 000, 000 for the 1'5 days of July. thi-- output had to he -arried and firtanced by the company. Produc-; America's cold imports during the tioa was redur d to prevent further i fiscal year ending June 30 totaled accumulation of unsold cars for a 1 J 07. 1 7 .".02?, shown in figures while, but more recently, with im-! ' compiled by the department of proving sales, schedules have hron i commerce. The excess of imports revised upward. Company ofhcials ! ovr exports was $85,2." I, 01 degcrih as ahsurd rumors that 20,- against a net import of $40.1,759,753 000 unsold cars accumulated and! year, and $25.344.607 the year
n.'sert that at hc ptak there werelbcfrc that-
only about 6,000 or 7,000 cars on hand. Ban:::-i Arc SatUficd. Studebaker at present has net ryuick assets of J jil.OOO.OOO in excess, Oi current liabilities, th latter in-j eluding foaling debt, and the leading banks which handle Studebaker 1 ufiness are entirely satisfied as to the financial standing of the company. The company's plants are carried on the books at $13.437,:s3. which ia after liberal depreciation charges, so that the assets of the Studebaker corporation amount to $3S,50O,000, or sufilcient to provide par for the $10,? 5,000 pref erred stock and leave a balance of about $25,rOö.too for the $30,000,000 common stock, or $33 per share. Studebaker has pursued a conservative policy in regard to dividends. From 1011 to 1014. when no common dividends were paid, the company earned an available distributable balance of $ 7.?S7,10!. and in 1M5 and 1 1 1 when $l..3S0 common dividends were paid it earned 1 distributable balance of $ 1 . 0 S 1 ' , 7 f . In the atrcrecate from j 1011 to 19K-, earninsrs on the com-; men stock totale! s 2 4. 4. and common, dividends paid but S4,3?t.5 $ 0. learnings Not Satisfactory. learning this year will be well tinder the 7.S43.K95 surplus for the common reported for 19W1. which was equal to 201 per cent on the
3.nno.neo nutsta nding. How far! Thf Indian Refining Co. has deunder cannot be approximated at j dared another disbursement on acthis time, but a reduction of :0 per count of accrued preferred divi-
rent would not be surprising, in view j of the operations In the June quar- I ter. It has always been the theory j of A. II. Krskine. the president, to make shareholders intimate part-J r.ers in the business, and w hen prof- j its run large to distribute a substan- j tial return to holders of the stock I 1 and when earnings fall off to restric t I dividends. The fact that the com- j par.y has ? floating debt of $11.000,in itself would not be consiu erod a b-udi' g reason for curtailing . dlridends by Studebaker interests, providt-d earnings were satisfactory; but earn in its hae not been satisfac tory, and Studebaker directors arej expected to take the conservative! course in their decision regarding the common dividends a week from ' next Tuesday. SINGER COMPANY DISTRIBUTES STOCK AS DIVIDEND BONUS To rash vary the monotony dividends and stock of larce bonuses S.r.irer Mfg. Co. lias disbursed f torkho'ders l.r."i.ooo shares of the! Singer Mfg. Co.. ltd., a Hritish cor-; roration. Tle shares have a par value one r-" and each ani of the ; 20 f.nn shares authorized and out-j standing .-.onno are retained by the parent company. Holders of the i10.00O.O00 (60.-. ero, reo shares l Singer stock as o: 1 -a:y ij .as:, receive in tne niri:.u- 1 V.' T. two ar.d one-half shares of tn; Pr. t h e br: company for each share of S:r.Ser company acquired h concern in 190 5 out of accumulated surplus profits, and since ; . U . . . . 1 v A m awi i o rr.pany's undistributed acnimul.it-1 I irni'is profits f 0 1 1 1 1; : a s A 1 e x a n .! - r president of 1 t h e s . p r "o., in a circular to i .h.i re-h S.-h coI: t r;'r utei! 4 '" I e r ! r. i hare," British -biers, tates that the Rrit- ; any s shares are retng (r.?at tlieir cot a!ue of $4.hare. and that the distribuir. extra dividend of $12 per pavable in the !,50O,CCO s ha res. The (VI Patent Firearms Manu
f acturir c ( h f rrrrs the -o . rchine gun. ." tc !s ar j 1 f.o t Tvfv; re-.o!vers
ls received an order inert for 2 e . 0 rn a -"r'0 automatic pr -0 4 5-caliber army
N. Y. Stock Exchange
High. Low. Clone 72'a . I .IM t 7H 4 Ml VM4 .: .vu:-cli rji Am. l'.--t S;jrf. . Am I'nn 4', Am. ir - IM v. 7; Am ill.!.-, if 'I. .mi. i,im n .m. S:n-lf. . Arn iii.'.'tr .. A T. A T. . . Am. W....I ... Ali,' on' i ... Afi hU"h ... r.ilJniii I. or. r.-.it-.. a o. . 1Mb. Steel . TJ1 UM' t .V. " 7 i 7". TO't UTS V 721, lo.v. 77' 1' 2 1"0 7.".'., ' i: i: r. . . . i'.n: Vit". ... ir.f. I l .. ' 1.. - oM.( M. .V St. linn vi riw! . " rn Vrl. . 'rn: St-l . I 'Ut. s. . . IrlTo'lri'h .... ;o.!rlh i1 Nr r ii ij'- .in. . 7. KV!, 7o .ma. -, rj 1 4 '.v 27 21 P .".I .. J4 4 12 .V.l. 4J
Notes of the Financial World
Karnings of the Tobacco Products corporation for the six months end- ! ing June 0 were at annual rate of 1 between $10 and $11 for common stock after regular dividends on preferred stock. Those earnings compare with ?;.42 for the full year irlS and $2.69 for 1915. June earnings were the largest of any j month of the first half year, run ning at annual rate of $lo.50 for common shares after preferred dividend requirements. July will show clos to June. Sales for the first three weeks In July increased 50 percent. 'IX manufacturers of motor trucks that have been awarded contracts for 10, 50 trucks by the United States government will require about 24 tons of steel castings, inquiries for which are now in the market. The United States govern ment awarded additional contracts' requiring distribution cf about 20,oon tons of rolled steel among the nulls. Through the iron and steel J institutes plate manufacturers have I been allotted 'ollings for about 12,J 000 tons more of steel plates required in construction of 21 subma rines and 2 4 torpedo boat destroyers. I.ee, Hiirginson &: Co. announce that the $2.000,000 issue of FimI mens Co. 7 percent cumulative rrefrred stork oftVrPd hv them yester day has all been sold. dentis, this time 7 percent. Since Feh. 2S this year, the company has paid 2S percent in back dividends, leaving about 10 1-2 percent due to dat Karnings of the Cuba cane sugar in its grinding season just ended were rather disappointing. The balance for the öo.ooo square of common of a bit better than $12 a share contrasts with expectations of 1 11 " ,u "rv" ' Ml' to aimot tne nrst or May. Corn Product Refining six months ended June 30, 1917. surplus $7.141.".. increase $4.47.34. This is equal to ?2t.0t a share of the preferred stock, against $7.59 last , year. Indiana Refining Co. has declared a dividend of 7 percent on the preferred stock, payable Aug. 20. Thi distribution covers the accumulation on the issues for the four quarters ended Sept. 15, 1916. C.eneral Chemical Co. reports for first six months of 1917 total profits of $..: :v9". decrease of $305,092. as compared with corresponding period last year, an? surplus after all dividends and depreciation of $3.H23."5. decrease $rtl,07S. I The public is not buying stocks and it is not sel'lng, either. In thU 1 deadlock lls the basis of some un comfortable thoughts among the jntPre.t Unless the opinion of numerous competent observers of ' ronrket conditions is in error, the
thplshort account has been crpanded to
a sizable whole in the last six despite a xveeL;s. At the same time I stevidv now 01 unravoranie r.ew from abroad and news of an ur.cer- ' tain quality from Washington in re ;;pect to financial possibilities, the shorts have sen their paper pronts accrtie ratner mi'wd
tain motor issues. The bulls sayj,hp wan quicksand at a depth of thev are satisfied with the techni- I a hout 3.200 feet and the flow of oil
cal situation of the market, but they admit also that no one may guess the trend of future movements. . Bankers who will offer early next week the fioo.OOO.OOO of two-year a percent notes of the imminion or anada at 9e. at v h:ch price the I vourities will yield . percent, , todav that the applications for I parV.eipition in the nnderwrttine
Saturday's RangeWl COVERINGS
Open. na ra:'4 I'M, 4 : '.n i . v.', 72 3 HlS-h. .; 41 Low. 40', Cb'94, Mxwll .Vex. Pet MlAMl I ti pi ratlin Int. Mit. Mar. I o, )fd. ... Kennt t I.JM k. Step .high Vnl. .. V V. Cent. .. .Wiv Haren .. Norf . .. Nr I:ie IV nna IV. Steel Car. Hay Con Kendl ng .... Kep. I. A. S ... SP.ss-Shef. .. Sou. I'ae Sf.ti. Ky Stud'-biker .. Texas Oil . . . . Inion Vn .. C. S. Kuldr. I. S. Steel . Ie, pfd. ... I't.ih Cop. ... 4 a. 12H 72 27 :l :.it; 0. - ;i3 1. Vd., d 12:; lis', 101 4t.i3 .4 7J . i !4 Ul3 72 i '-'T1, :i . :!' . ids. . ör, . (4 . '2 . r.'i4 . Ml!-. . i:;; " . r.l . I2. u ; . WW A. 4: . 4s 0 27 , i:':iV ' '4u 2"' .:r 1.U5' ;i Wabash. M VH. Kler-. H'illrs-Over. syndicate were in excess of the amount of the issue. Many of the banks and bond houses that have been advised of their allotments have requested larger participations. According to figures compiled by the treasury department, the per capita money in circulation in the United States on July l was $46.5 7, compared with $15.49 on June 1 and $39.23 on July 1, 1916. Two years ago the per capita circulation amounted to $J.i9, and three years ago $34.53. On account of the delay on the part of the bureau of printing and engraving in Washington, the Federal Reserve bank of New York has been unable to issue all of the Liberty loan interim certificates required in this district. There is practically a shortage of $50 and $100 certificates, but the bank is filling ihem out and distributing them as fast as the slips of paper come from Washington. Ray Consolidated Copper promises to make the best showing in its history in 1917. Mine output in March registered more than 8,000,000 lbs., and this was exceeded by May's production of ,S15,2S1 lbs., a new high record. A yearly output of about 96,000,000 lbs., and 26-cent copper would make possible profits of about $14,400,000, or more than $9 a share. Earning in 1916 were $7.66 a share. Curtiss Aeroplane has practically closed negotiations with the allies for 1,000 Curtiss motors. These will average about $3,000 each, which means an order of approximately $5,000.000. Deliveries will probably start at five motors a day. Ry the fall of 1917 it is expected 10 daily can be delivered. Filed notice at Albany, N. Y.. of an increase in capital stock from $6, 750. 000 to $7.315,000. Two million dollar Curtiss Aeroplane & Motor Corp. first and convertible 6 percent serial gold notes, dated Jan. 1, 1217, and maturing $100,000 Jan. 1 of each year from 191R to 1922, inclusive, are being offered for sale. The notes are convertible into common stock voting trust certificates on the basis of 20 shares of stock for each $1,000 note and are callable at 102 1-2 and interest on 4 0 days' notice. Oil City, Ta.. Galena Signal Oil Co. has arranged to purchase all of the Franklin crude oil that has accumulated in the tanks of the Franklin Pipe Line Co. since the Galena Co. began, on April 1, 1915, taking only 70 percent of produc tion. There is about 25,000 bar rels in storage, a barrel. which is worti $4 The Empire Gas & Fuel Co.. a subsidiary of the Cities Service Co., has just brought in a well in the Eldorado field at the 2.315 foot level. The well is flowing at the rat of 4,000 barrels a day, with drilling operations still in progress. It is believed in eastern financial circles that higher prices for crude and refined oil will result from conditions now existing in the oil industry. Consumption is exceeding production at the rate of 35.000,000 barrels. Traders took another whack at the autombile stocks, getting considerable action on the downward side from General Motors and Studebaker. In the street's opinion a bi short interest has been built up in these issues and signs of covering transactions have been lacking. As time passes indications point toward a close cooperation between the automobile concerns which make their own parts and the aeroplane makers. The Willys(erland Co. has already made known its alignment alongside the Curtiss Aeroplane Motor Co.. an arrangement which should be bene ficial to both. The Sequoyah Oil Co. is reported to have brought in a new well Wed nesday, flowing soo barrels a dav c onervati e people are buying this! . m. n1 flstock around The Merritt Oil corporation this week brought in a deep sand well on section No. M n the Big Muddy hebt in uyomin;. I he well pierced I js tnp Largest vet obtained in the reid. This well is located more j centrally in the field than the othadditional proof of the existence of oil throughout the Merritt holdings.' j Th( Vnited States .teel corpora- , tl0n has incorporated the Federal ...ibtin i 13.POO.POO. Co. with a capital of
FEATURE MARK
Leading Stocks Oversold, Indications Being Small Gains. Associated I'res SrTle: NEW YORK, July 2S. Short covering was again the paramount influence in today's light operations, the over sold condition of the list being seen in the 1 to 2 point gains recorded by leading stocks, notablywar issues. Advances were largely surrendered in the profit taking of the final hour, the market closing heavier, with a firm tone. Shippings, motors, leathers and secondary specialties shared in the temporary rise, but rails were ignored throughout. U. S. Steel at one time showed a one point rise at 123 7-S. but forfeited virtually all its advantage, other industrials and equipments reacting similarly. Most metals and shippings were inconspicuous. Total sales amounted to 225,000 shares. The bank statement reported an actual Ioks of almost $50,000.000 in reserves of members held by the federal reserve bank and a decrease of slightly more than $37,000,000 in excess reserves, otill leaving the total excess well more than $100,000,000. Ronds were irregular on very limited offerings. Total sales par value aggregated $1.270.000. U. S. bonds (old issues) were unchanged on call during the week. South Bend Markets GRAIN AND I'KED. (Corrected Illy lr W. B. ftarr, SUtrr Mill. Hydraulic Av.) WHEAT-raying. ?2 30. OATS Payins. two; stlling. 75c per bu. CORN rayin?, $1.90; sellin?. $2 00 per bu. It YK Taylng. $10 per bu. II RAN Selling. $2 20 per bu. Ml hPLTMiS Selling. $2.oO per hu. Cliurn:i FELD Selling. $3.0 per C-CRATCn FEED Selling. 4.50 per LUE STOCK. (Corrected Daily by Major Uro.. S Logan St., MUhawiU), HEAVY FAT rtTEEIUS fair ! food. 3'-: rrime. !?J10o. nOCiS-louf-no lb?., 12Hc; 110120 lbs.. 13c; KiMfclMO lbs. 13V3c; l.lOfelüO lbs . 14;c; ltiuul'JO lbs., 14lac; 20u up. HAY. STRAW AND FEED. (Corrected Dally hr V eley .Miller Hour and heed Co.. 40 S. Michigan St.) HAY Paying. 17 : pelllng. 20Q22feTKAW TalQ:. $4i Uu; .ciling 12 00 per ton. or W per bale. OATS Paying, k per bu. ; selling. cuKX I'aylng, $2 per bu.; selling. $2 i:.ü2 üo. TIMOTHY SEED I'aylng. 3.W ptr bu.- eiiioR. $4.( per bu. ALFALFA SEED (Montana grown) Selling. per bu. CLOVEii SEED-$1I 0uai2.00 IISH. (Corrected Daily by the Ei'twood Flhf l'oultry und ea I od Market Y. Washington Av.) FRESH FISH Dr. No. 1 trout, llUc Ib.; yellow pike. Slc lb.; dr. white fish. 17'e" ib.; medium halibut. 214' H'. SMOKED FISH Salmon, atv; white fish. 200; fancy salt mackerel. 1 lb. each. 200; bloaters, 2(3 lb. each. 25o; boneless alt codfish. 20c lb.; cbube. 20c lb. TALLOW AM HIDES. (Corrected Daily by s. W. Elppmao, 213 N. Main M.) TALLOW Rough. 2öc; rendered. No. 1. fße. WOOL 40StfV per lb. HIDES Green. No. L lOßlSc; calf kln lO&ÖOc. PROVISIONS. (Corrected Daily by F. W . Mueller, 117 K. .lefTerion Bird.) VEGETABLES Cabbage, paying- 2c, selling. 4c; new potatoes, paying $l.gf per bu.; selling $loO per bu. FRLIr Orange?, case S."i54;oe per do.; lemons. $4,), sellin a case $6. aelling 40e per uoz. HÜTT EU AND EGGS Country butter, paying 20032c. selling 2.Vl0c; creamery butter, paying .".iv, selling 4.V. Eggs, strictly fresh, paying 33c. filing 4 IK.-. rOl l.TRV AND MEATS. Corrected Daily by Jimmle's Market, 1 K. Je(Ieron liUd.) I'OUETRY Pajii.g. 2i-: gelling. 30e. VEAL raying. 17-; selling. 1035 REEF Ro.it. 25c; boiling. 15c; porterhouse. 4050,-; irlrin. ."Wi40o. HAM faying. 2Dac; selling. 20(230c. LARD I'ayiug. 24c; selling. 27c (Corrected Rady by Warner Rro., Seed More. Ill K. Wayne !t.) 11 mo am - a ''(ii 1.23 . RED CLOVEK-llfc13. vxtli i'i: ci.ui 1:1. . 00 ptr k. A ESI KE 11513 A L FA L FA S 10 O'jj 12 00SWEET CLU YE R 1 1 UÜQ12 fA COW l'EAS-$4r.5 SOY R E A N S 1 'a 4 50. l'.Et E lilCASS .;.25 per bu. FIELD FEAS-Mf.!." per bu. MILLET $2.25S3l). tJERMAN MILLET $2 50Q3 OO. JAPANESE MILI.F.T $2.'4J per lQ. 1 i L N G A R I A N M I LLET 42 75& 3 25 per bu. YETCH-.?05.12. MAM Mt ITH C LOVE R .U r,j $13. CHICAGO FIVE MOCK. PNiriX STiH'K VAKDS. 111.. July 2v ID GS Receipt 4.i; timrWet 2"c liila-r; mixed and but tiers $14 tef 15 25 : good heavy M5 .Vi ld.-'.O; rough "heavy 14.7." 15 25; lizl.x 1I ToiM; pig 5 11 .4i'uii.-i; bulk si- J.-'Vj bvio CATTLE - Re. eipt 7.m; ste.i.lv- beeves . 2-''i 1 1 b. : ro heifers 55 .K 11.75 ; sf- ks .uvl l AI CLE Rceipt ,.oii: market ow s ud 1 feeder i. li.''ul t.": Texan $Mi 11.75; calves 1P SHEEP Receipts 7of: ni.irket steadr ; n.-'tive and western .v. 'a 15 25. ofj'J2ö; lambs ll ( IIK (.() PRODI ( i; MARKET. CHICAGO .Inly 2V RETTER Reeipt 10..W4 fnl's; ereamerr extr.in "s ; extra r.r: ... 1 ; st . k r.2'.T.".21-.-. EGGS Re. ejpts firsts .'u;.d37; pa-king 1 :t. ." 4 caes ; urrent ordinary firt!i -.v.l...? receipts 2'Hi Jl j I check 25 -27: dirties 27('d2c. 1 III.i.M. Iwiiig new 25i. Mirien 25'2; oung Americas 2."1 ; L-n ho-ns 25i.: bri-k 2.".-.e. LIVE PolLf RY Turkevs 1- chicken r.lT'v: .prirc 2;23; rWtcrs 15; ij-xni pv 1..: .Ticks I i .'. ip 40 ,,rs; Minnsda and Ohio $1.20&1.50.
1 Is it your opinion that the dividend on Studebaker will be cut at the next meeting; if so, what affect will it have on the stock? Opinions are all one man can offer, and one has as much right as another, so wo offer ours that the dividends will be cut in two and the stock placed on a five percent basis. It seems that this action has already been discounted and when the cut takes place the break, if any, will not be alarming; in fact, it should be ouilish for the future of the company, and a stock holder should always look to what is best for the company in which he is interested rather than dividends.
2 Why have not the oil stocks been affected by the present slump In the general market? If you are a reader of the dailynewspaper, you have noticed within the. last week a statement by one high in authority in this country that the demand for oil exceeds the supply. As supply and demand are always the controllers of price, oil has an upward tendency, and a campaign has even been started to economize on gasoline and other oil products, fearing ultimately prohibitative prices, which would mean a more serious set-back to the automobile industry than the declaration of war. 3 Can Merret oil be considered a good investment? We cannot say that Merret oil would be considered an investment, In any way. It it still a speculation. But we can state that it may be considered a good speculation. News comlnij from their wells of the last two weeks would indicate phenomonal success. As their slock has had a ALL GRAINS U 5' Anxiety Over Shipping Complications Causes All Around Advance. Associated Press Service: CHICAGO, July 28. Anxiety over shipping complications due to the switchmen's strike did a good deal today to cause an all round advance in values of grains and provisions. Corn finished strong 3-4 to 3 7-8 cents net higher with September at $1.63 3-4, and December. $1.19 1-S to $1.19 1-4. Wheat closed unsettled, 3 to 8 cents up at $2.60 July and $2.29 September. Oats showed a jump of 1 1-4 cenls to 1 5-8 cents, and provisions 10 cents to 27 cents. Disturbing effects of the strike manifested themselves especially in the corn trade where shorts made a general rush to cover and speculative buying was active. In addition to the strike, continued drought damage reports tended to lift prices. Notwithstanding that the hot weather was conceded to be of great benefit to the crop in the central belt, demand from llth hour bulls and from uneasy shorts could not be suffered until the market had soared about four cents. Unfavorable crop news from North Dakota and western Canada increased bullish sentiment regarding wheat. Despite the outlook for a huge crop, the oats market rose with corn. Strike difficulties curtailing the arrival of hogs led to a decided upturn in provisions. CHICAGO GRAIN AND PROVISION. CHICAGO. July 2 Opening WHEAT .Tulv 2?0 Sept. 230 CORN Sept. 103 Dec. lis
High Low Cloe 6t 200 20 230 22S 220 l'Vt 16.3 IUP 117; im; lis 11.14 114 70 774 74 V v4 fiL's 02 01 CCU 40 60 40.50 40 60 40 60 40 50 40 00 20 77 20 00 20 77 20 s7 20 72 20 S5 21 7 21 v 21 S7 21 M) 21 72 21 77
8 OATS July 7 Sept. C Pec. 01 a ror.K July Sept. LARD Sept. Oef. RTBS Sept. Oct. 4iVV 40 55 20 67 20W) 21 R7 01 - 21. 1 riTTSniRGH LIVE STOCK. PITTSBPRGfl. I'a.. July 2s CATTLi; Snpplr liarht : market steady; prime M2f7 13.7." : good SllfV? 1175; tidy butcher M0 257$ll fair .OtölO: eommon $77; rrmm-üa to ood fat bulls .6ff? 10.25; cmmen to prx.d fat cows ".Tju2.; heifer $.V'fiR)- fresh cows nd prinzer .SIO Sf-O; veal calves $117 14.50; heavy and thin calves ?7fill. SHEEP AN.' LAMRS Supply lizht; market tendr: nrlm wethers $101 10 50 ; good mixed Sf"u0.7.": fair mixed .7..0ffJ. .Vi: rnlsl nn 1 common $4 507; spring lambs $10; 15 HOGS Receipt 10 double deck: marker hlelier: prime heavy hn? $16.10-5? l;iä; medium 51K.10; UV15 ; Yorker .! V'1 D. 1" : lizl't heavy Yorkers 5oii 15 7." : pig l.2.: $i::5o7H 2-v t izs $171275; tu.ixer.iain; 16.15. rough heavy TOI.EDO GRAIN. TOLEDO, o . .luv 2V CLOSE ' WHEAT Cash and July. $2 00 bid; Sf pt . 2 2-". CORN-Cash. $2 30: Sept. $1074; Dee. Si. 20: Mir. 1 20. OATS Cash nnd July. Mc; Sept.. 03': De. .. 04 RYE No. 2 .2 00 CLOVER SEED Prime. cih. $12 W; 0t $12 074: Deo.. $12 074; March, $12.?-ALSIKE-Prime, cash. $1215; Sept.. ' M2 -," r.i.! : O.-t . .12 15. TIMOTHY Prime. r.ih. $T; Sept. 4 2"- O.-t. $4.oO ; Dec. .4W; Marvh. $1 2.-..' IJNK STATEMENT. N r. W YORK. Jul v 2" Averire 1oin deTe-ised -Vi..V4.0j T ; demand depvit Increased 5f) 023.000; time dpeit Increased MOT.ono; reserve Irrrd v6.S4.5. Art'i .1 I.'nr. increased MlTl.' OfO: demin'l frvit tn r.i?er1 jim.Oi: time depcits increased $1.4790uO; rest rte deore.TBe j $37,li4.140.
rise parallel with their success, we would be of th opinion that a holder of this stock shoull look for a temporary set-back merely to strengthen the technical position of the stock.
4 Ara aeroplane sucks a purchase at this time? The aeroplane stocks have been going upward in spite of the general tendency of the rest of the market, with the exception of the oils, and while a temporary decline at this point is probable, would look for much higher prices in these spcvual;es, as they r.re undoubtedly in a position to make enormous profits. 5 What stocks would you advise purchasing at the present low level? Would not advise your purchasing any stocks unless you have the nerve to see them through, as this is a market of uncertainties. The sucks that I see the most promise in for the near future are low priced specialties, which will benefit from war orders. The tendency of the general market is slowing up on its downward course, as we pointed cut last week, without encouraging news it would be dull, while unfavorable news has little affect upon the market showing it to be Ftill a trader's market and very near a low point. Do not mistake this to mean that the market will turn upward, for the steel issues must be liquidated before we can have a broad bull market, and this cannot come without settlement of the questions of taxation and price control now before our officials and news of an encouraging nature. The market is dead and will likely continue so for some time, and we do not look for any pronounced trend in either direction. MILWAUKEE TELLS REASON FOR DROP ITS DIVIDEND NEW YORK, July 28. Reasons for the decrease in the common dividend from five to four percent of the Chicaero, Milwaukee and St. Faul Railway Co. are set forth today in a letter directors have sent to stockholders. It is stated that the need for ownership by the company of its own liue to the Tacific coast, amounting to about 3,045 miles and Involving an expenditure of $260,000,000, together with increased mileage of 65S for second main line track at a cost of $36,000,000, made the decrease necessary. T h i & increased mileape has caused the purchase o f large additions to motive power and rolling stock costing $61,000.000. Mortgage . bonds issued to meet these expenditures have increased the fixed annual interest charges approximately $9.500,000. Had not the cost of mainlining and operating railways, the letter concludes, radically changed, such as labor, fuel, material, and supplies, the company would easily have earned its interest charges, its usual dividends, and a substantial amount as surplus for use in betterments. CHICAGO CASH GRAIN. CHICAGO. July 2 V WHEAT No. 2 red $2. Vi. CORN No. 2 corn mixed S2.26ffi2.2S: No. 2 vellow $2.2N; No. 3 ndxed $2 2f,7 2.2: No. 3 Yellow .2.27W 2 27 -: No. 4 mlxe.l S2 26; No. 3 white SDif? 2; No. 4 white 754; standard ffilr. MONEY AND EXCHANGE. I NEW YORK. July 2V Nothing sil l in money today. Sterling exchange was 1 quiet with business in bankers bills nt ! v47555 for demand: .4 72 for JO-day ! bills and .L70'4 for t-day bills. ! Grocers and Butchers' Picnic at 1 St. Joe Wednesday. Advt. LOANS AND rL.AI' NOTES. $$$$$$$$$$$$$$$$$$$ $$5$$$$$$$$$$? $$$$$$$$$mmm)$; JJ ON YOTTTt PLAIN NOTE AT THE LEGAL RATE IF VOL" ARE WOitKING. NO ENDORSERS REQUIRED NO PUBLICITY YOUR OWN" TERMS OF REPAYMENT W'e also lr. an on Furnluire. Pi.it.o. Victrobis. Automobiles, or flnythlhg of value at the legal rate. :: :; :: IE Bio No 200. 16i J. M. S. Pldg. Home Main 3202 the s$ $$ JS S J Licenced State of and Bonded by Indiana. $$$$$$$$$$$ $$$$$$$;$$; $$$!$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$?$$$$ THE MORRIS PLAN CO. OF SOUTH BEND. "CHARACTER IS THE BASIS OF CREDIT." SMALL LOANS AT REASONABLE RATES. 2." for 0 Tuonths '-.st..., ao f.r a rnnthn costs.... 40 for 10 montln ots..., .V f-r V2 months tosrt..., i ri f r months eost I "." for 'J months oo.ts..., floo for 12 months rests .ll.ro .$1 .v ro .$i ,M S4..VI $V(i I.arpe renunts on ara basis. Compare hartes .ibnr -with thnsA of ptty mony ln'lrB an1 d hnsinss wjta at We Invite your investigation, and ü'-it vour patr'mcp Till! MOItKis I'LAN OF OCTII BEX!) 1--0 S Main St.. Osx. Court IIois
IIIEf to um
We be the indulgence o. the public for calling your attention tc the subject of caskets. V- realize that this is the last tnlng tht people wish to think about. Nevertheless, it is the immutable law of nature that all that live must die. Therefore, we fret that in offering to the public an ir.destpjctibl? receptacle xe are entitled to yo-.r earnest consideration. The above cut is designed to show the construction of he "IM PI Till SI I O" caskets, steel reinforcing, cement, and clth "IMPI'RISHO" caskets are made of cement, ca.-t m moulds, fro cover and the box separate. The cover has a groove which perfectly fits the top edse of the box. It is then water-proofed with a mineral oil and asphaltum on whl?h the acids of the earth have no disintegrating effect. The next process is uphoL-tering. lining, c'.ot'nir.. handles, etc. Only the best grade cf silks, satins. Chiffon lice. etc.. are u.ei. "IMPITUSHO" caskets not only have the indestructible feiture, hui also represent the highest type of beauty in casket prrduction. The selling feature should also be considered. We furnish wi:'i each casket a collapsible rube of scaling compound w-hjeh is distributed In the groove of the cover, hermetically sealing it from al . intrusion. In short. IMPLTUSHU" represents a casket ani vault combined. It weighs no mere and costs no more than other caskets which have none of the desirable feature? mentioned. A handsome descriptive booklet ill be mailed to anyone 011 application. Display of these caskets may be won at the undertaking parlor of NcGANN & COATS, 333 N. Michigan Street Advertised ard Mnnvf'ictbrrd hy the CEMENT CAKirr M A NT" 1 W CT C Ii 1 N C C OMPANY. ALHIOX, MICH.
THORfflS
CORfiailSSION MERCHANTS 201-202 J. M. S. Bldg. Phones Bell 390391. Home 2028 2093. Member : New York Stock Exchange. New York Cotton Exchange New Orleans Cotton Exchange. Chicago Stock Exchange. Chicago Board of Trade. Indiana Bankers' Association. Direct Private Wires to All Markets.
0m
MVERVIEW CEMETERY The most-neatly arranged and beet equipped Burial Ground in northern Indiana. It is South Bend's beauty spot. Fine view from any part of the grounds. Beautiful phade trees, lawns and flower beds. Substantial chapel and office building's. Receiving vault for accommodation of patrons. Fourteen beautiful Mausoleums already on grounds. All lots are desirable. INDEPENDENT WATER WORKS Pure river water is pumped through the grounds, f" The price of lots 100 square feet, " ff JP0 sufficient in size for three graves. CpO Single graves from $8 to $12. PERPETUAL CARE Is guaranteed to each lot owner in every deed. Clfl nnfi n tru?t ,s already deposited with the St. Joseph Loan ylUjUUU & Trust Company as a perpetual care guarantee. VISITORS WELCOME. Apply to the superintendent for location of lots. Home no 73 Cemetery Phone Bell 2120. Supt. Residence Bell 701. DR. D. E. CUMMINS, Pres. L. E. LE VAN", Supt.
Timely r t comments and rrriewt of finannrwi. written br a wIl si known writer cn finance, af ccntamed each werk in our weemy Investment Summary. Inveütors who deire V keep poted on attractive opportunities for prcr.t-making will ilao be interested in the detailed Information on aecurttie wntrh we recommend ieirahl purchaiei from both the itanipoint of dividend return and market appreciation. 4 .Vrit phone or call for lateit issue. A. B. Benesch & Co. 103 S. La Salle Street, Chicago Telephone Franklin 12M-!2S-12M Nw Yrk Boston PhiUd.IphU Q INVEST FOR PROFIT I offer unusual "huys"" in legitimate storks. It will pay you to investigate. CARL S. AYR KS 2.10 South MUIn-ra:. Stroct. Read NEWS-TIMES Want Ads
The Management The lirr't pa.-5r.cer Fhip in the world. the Titanic, left Liverpool. England, and through mismanagement f-ar.k in midocean. Columbus cros.ed th Atlantic and ret irned to ipain with a fet of very small ve?e!s. Th trip -was fucrf;! f il. for Its management was perfect. In every ur.der'akir.g, in every hu?ine.? ir.t titutinn. in every financial -nterprit-e the manayetrent is the all important factor. Whether th' fit'jr hrir.es prosperity rr financial ftriner.ry. the Ft. Joerh County ?ainga Bank, through if reliaMe. efficient and experience i management, guarantees clients, depositors and friends absolute protection, safety and security. 4rT Interest on Savings. ST. JOSEPH COUNTY SAVINGS BANK ST. JOSEPH LOAN & TRUST COMPANY