South Bend News-Times, Volume 34, Number 280, South Bend, St. Joseph County, 7 October 1917 — Page 14

MMIM, Ol-Hlltl.K

ll 1. THE SOUTH BEND NEWS-TIMES WEEKLY REVIEW BY THOMSON & M'KINNON

FIN A N CIA L 1 Local and Foreign Markets COMMERCIAL

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I HIGH, SAYS IN Trouble in Industrial Production Shows Less Acutely, According to Review. l-.:.'s i : "f (l.o t r i I ,:u! : . : 1 I ; ;. j c.lM tV o.. .-;.:-' "Though th- tr---:' - m ind';--friil in i !;?; -ii .u.i f c ,r ;-. i i. shay, bnt hub- i .a ut ly than hpr tefi if e ;i'ifl!;i!l "b'l.avds are s t i m n i t d . t - ; . . r t . . 1 , , ( t . , i 1 1 1 i g -gregate .f an :.-r ir:a J: -s fa ,r .-. I a --. .i ri-i with t h is time !,i -1 i p. "Hani; exctvu: ; again r strikingly high and tL- h'althy credit p Mtn-Ti i- f!-. t d by failures and Lubditi- iv. -r rn . 1 t Par ring a'lti'.'i a- t. m i ; r. -' c.nrnitmr.ts f..r the lutur- ; , i , . the probb-ms a,.-, tu M . ;im- ad jnatSUppli'., 'Ii"! la '!, -,1-i - i 0!.liti!i Impart - t r - r i -c t : i an-! the i..ural situa? ian in mar.ul.a turing distribution ari-1 Tin t r i i :. 1 i a r se;t-.-r.nal activity. With sin i irlv i n 1 1 ! f n t prbe fixing program '! atums should soon ii i , t -: l r up t. LL:h-t anticipation, f - r i t - further lari-'e withdrawal-. :' v. arkers, f.(r military service, output- in rno.-r natal, brass, !"ftii.. liathfi- an! vunworking l.ia continue at th' hihst for thi.s litritt. an, th- praI'rity i :itt-s-Ml y th.. t aL-rilvs t obtain rii'T hai;ii an. I a.M' ity. arpl hy ir.cr 1 v a-'-s tor many thni;saii! i mm jilayc. I in ii'.n .i n . I IH('y l'or lap-. "Pr";'i- ti- ii ils ;' l.ui i -s rxj'tiiil ;i!! nriy linolvi' an t':;l-f-l u.sf o( man-;, xxm. !i:t it is n.t it-nt that lrafii- -ha:u--- iii !-I'a.-its will happMi. I i -1 1 1 ia t.u-prt-s--nt h:-ch rat- f lt-. .mit i prnder.t ppan t-u-f m..' l.-t-in'S af tlw Miaril'.a'is !nj ;, ,. that opr ratiap, is mnvt t h' nrcretian af n-w w 1 1 is i- !i!:lv t. have a faiia!'!.' r:- t in all channels. "Ju.-t at thi tim- t!a- calls fur arronirno.hith.p. arc ui.!.j than ulial, an iipln at i.m tlctt i.t..iiicss as a whale is tiinniru: 1 : r i u 1 "n la rt i-urrein- shipments tu tin- intcri.tr ari"l a ri'ita'P ... a ' n pt ii n af funds i'ar th"- .!J-tr;'aiti . !,? im las ;irt' fci'urcs of the I "l aliri-ts. "With the t ooh r . it'r.er, ir. :icra! niMTha ralisir-iU" ht- !"-., idc .1csiral'ly .-timni it--.!, v. ith mi-t ictail tiaile nlar!cin ecu i.t?tr than was looked far, althanvh the lni. in is mainly canhiie.! ft a'tuaT trr;. ries aial ri-os sl...v in luxuries. The flaw and aricty af n ad and mall aiders for ttiY- and atlur Maph indicate that st.m!-. .it many outside points paw ai wihl.r rejiIenl-hr.H-nt. Men IkiiiN Ah llipinr. "Visit in;; mcicliaiit n.i!e a .-ar-prisip.lv iraa.l attend ir.ee n t!i" whaloale cct .i:. at.il d--raanrl has devch.p.d :'..r p'-aup: hifiments at" h-did i m ods, i... itwear, (lothin-. hoa. 1 1 : i :n.-h : -;s. .-il i rwai t', cutlery and !' I piadiKts. Tli re is .iy lit to- onipPiint a.- ta w e. -fill ' "dleCtlons. "Hink c:aiin. $ .". 1 7 1 . 1 f 7. p ffil thsf nf co r r pon 1 i n wi'p!; l.-'.-t Near hy perreiit. ar.d co:l pare nit a J 4 ri.s; 4. 1 la', in "1'aiiurcs repiuted in th ("hua-a district nurtra : cd a'--.iint 1 la-t wok. :'. t in 1 1 1". and in l'Jl'. Tl. as- with liihiliths o.t $ ä . 0 a c num'.er v. against '. last week, IT in 1 : 1 ". . and in I I T. RAIL BUSINESS GREAT. BUT STOCK SELLS LOW It is n nam iJous to see tlie railroa 1 har!!!!! t th.e .trat st busir.e-s in history, and tb.eir --curiti-s sellint; at par.;.' b-:s. Tlie expl.inition is the seriaus lontra-'lion in net famines, as w il as the increased levies if. taxing incafi.-s ar.-l th refusil of th.e i::!M -täte commerce romj.i;s;,n f pr n.t th. h:-rh'r rat"- asked. Here are th low .ri.'s of tliis w ' k. with. ar.ip aran af lOl'l h.ich and th.e decline t i .from, also th.e mir. in-. um p: i vh re rar.-. d d ".rifv the .-hut dawn of the exchacpo In 1'.' 1 4. MitdIlic't. : a: 1. T' ! . I I'll tM--n V-.'Ul. ::;! V - 'S s(, '.' 1-7 .'i a. I';i.' ;i:i ! n I!-', ls. IV. 71 v.r. i'-'-p 1-7 lb' P" xbv7 11' 1 J.". Pa b 1 114', 77 .7". ! bp. vi M ar.d N'v 1 -' I elaw are .ir.d 11 . !. . P.". Krte ! ;r it N..'C: pfd b T'dlrr.K C.-'i P-' I er.1;!) V,i! .. " I.oiUH ni.'l N;i .... 1 -r . St P. ..r '. s s y N. . C. :i : : N. Y.. N. II .iv 1 M . . . :. Nerf. ü'. d W, t b'7 NT rtt;. l'a P::n. "I I'.. JL. VI -:ai P.v s..u. i:v - 1 i i ri Pa P.". 111 lav t ', :;. .:tt-. U14 : 1 ' in . . s , ' . ; LAND EXHIBIT CAR IS IN SOUTH BEND An "Oklahotna La;t 1 Fxiutb:: .'.if :as urr'v d ir Suth R-:.d. :n ch.arge f J. I. V.'.Jlac . r-'' t gram-, maf s ;nd blueprh t ,,f :;. arly 1. ilf m;l:on acr .f land t ) sold by th.e rov err.mcr.t arrived a ith the ar. .nd th.p r.;. n of th. ; a:tv xThe :.; .- .,r.. :.-! ;'. .- ; tr.,. t w:ll mt I-r tl - w ':. . .x ;-h to urcha--' Pi- fr-:: : 1 - -. . r-.:,.-!lt. rh !a r.d - '. ': . . .: the ur.-ha-er f i. . . ' . ; : . . . - r.'.i cat ':! , - ' !.' ' . ? . . '

Range of Prices

N'KtV lOICK .TO(K ; !i High I,mh ;.:, A i; i ' i r , I U v .' TT T - (. f ...C.I .... Uli ( , Ala M. .-It .... '...I I ' S r . . . P : i A I' :.(,.! T A i. .: !,i 7" 'H Af- : i-..n t-;it P.:i in I .... 1 1 . . ;- : I'.'dt und ai'i. . f . tl.i; 1"' pis, 1ll 11.-1, 7a i t;i rj1 .;i4 in ;. , I . t ' i St. . sti . -7' s; l' lie II I. I Slip . :! . 1 'ü! I'.-f PV ":.fi. l':e p-,ii ' l.t I.cjif !,.T . . s fa- iifi"! i!:i.. .",J", ' ' M. ;uil St. I. .,1 ' I: I. in I r. ' ! i i . pa . ' 1.. I'll- 4" ". -"-n Pf "I- ::i nr. !!.;. Stc . . 7' I ist .-. i ;-r I ri.- ja,. ') I :! p::i . M . t i .r ... ;. , ä.e.Jrl. !i ru , ill V . . k w. . 1 -I-' 1 sj r.i'1 -''' l T-'l . i.i. i. s;p , - i T , 4ti-. '-'a .".a's ' "' 4.:i4 :: IPf-, y".T, "TH t pj' 7P r.-' i .,r i re f. . prj Profits on 23 I

Thase who are not in close touch with the situation da not realize the enariiinus pratits that will accrue t the companies em-Med in the production af capper which they will be a 'e ta dispose of an a government fixed pri.-e of 2 ", l-LT- a pound. A ptul af the production costs of the ieadin; capper companies in this connection is of especial interest as will be dliMTVfil from the following comparative table:

Estimated IOstinited iTaductian 'iit of 1917 production Name pounds. per pound. An a can da 2'.', J.! 0 0,0 0 0 SUc K.enncratt J 6 . - 0 0 , "H fi CC I 'ta h läS,7'. O.eOO 7 c ''iii!' 7S.000.O0o tf'jC lr piratian L'l,400.ti0rt t t'hliat 71,400,0011 7 3Hc Nevada Can H4.1'00,u00 sUr 'alumet and Arizana fifi.300,0n0 Mie 'f iro deTasco 0 j, 000,000 SUe I'nited Verde 4$. 000. 000 "J

HP . . r t 1 opics oj a uay MOW YORK. Oct. 6. A floor trader who Is a close observer of market movements and who has been endeavoring to trace the source of liquidation of recent days and to determine the character of the buyinp says that as far as the sellinp is concerned he believes actual investment liquidation of the rails has been widespread, hut that th- greater part of the offerings of the industrials has come from speculators rather than from Investors. Ke'-ardLnp the nuying, he believes from his observations that accumulation has been going on for the account of some of the strongest interests in the street, andthat there v-n has been buying at the low prices by rich outsiders, who are -ambiini; on th- very extent of the decline to bring about a sharp ralv in which substantial profits may be obtained, opinions in speculative enartefs are not in agreement regarding the immediate course of the market, but in many circles the idea i -rowinir that far the period of the Liberty loan financing at least the "big" men in the financial district w ill throw support Into the market in the event of further liquidation ar atrgressivf. professional operations far lower prices. A leadini? financial new? bureau gives prominence to a statement that an organized bear party headed by a trader who made millions in the IVcemher and February slumps is operating in the market. This croup has centered its attention on Steel common and Rethlehem R. At the close of business on Thursday it was said that this group alone was shaft of 2..0.000 shares of Steel common. No figures were available for hem stocks. One hank was credited with huyir.pr 90,000 shares of Steel on the way down from 110 and a large trust company was credited with supporting the market in Rethlehem R. It is common talk that there was some hedging hy j underwriter.- of the new Rethlehem j R stack by sellir.c the R stock on th.e exchange, and the big buying, h.erefare. may have been short covring. Tn this week's liquidation of stocks th.e shares af three companies New York Central. St. Paul and Baltimore ha e suffered the most. !! r is a li.-t of bonds of thee three companies s-h owing; the high price far the vear with the low which

w.is touched this week: j Yi.-M Hish T.'.a P. r - p.ad C - 2'"1 1 fs. 73", r. 11 . .. 1 . pt ; l"2"u s, i c, :; u" l v;i, s;. c,7t p. ii .h !'.r.". pi i , :oi, . , .v v"s tq s-. y, ! ! '.'IK s-ji, v;t ; . '. M 3 .h If. 7. . . s.;t 7j:.h 17-,, ' - V' A 113 Ü7 i'.2s ; ' .- .-'U " . ?.s 4 V t j I r. th.e c a-e af tw a. special reasons 1 tr.ay be uiv t n far this year's decline. 1 In tlie , ,,f St. Paul th" company has :.!'. r a r:tly reduced its divi-' vlevd. an.', the p' -ects are that' tli ia will be another reduction.' That is heeau.-e St. Paul is having th" trauMe which might have b?en

exp.cted from its nf-w mileage in tw t" rri tarv. Raltimore .x; Ohio isi pav :m the b g th.e hin for having boucht in ar.kiupt Cincinnati. Hamilton .V Pa v ton aatiav.ed '!:. da Is t" sv-tem after having neen bv itn own trustworthy i:ive that property a wide 1 erth Tw a th.' dav son and as Aug: f the pb-.i-at.t incidents wer"- th I. daw are kvl- H a: :dt'ie Mis-..:;ri. Kansas v Tex-:u-t report- Tha Delaware vx n ::t increas-d $29. 17. The rating income was $v'".l.xl7. Hud !;et an iro : Uli i a a e Icas. O :.4.4t;2. Operating Lalaia.M a.ftcr deduct- . . ..... ' jo the

of

Stocfa Exchange Saturday

lh'. r.t Mi i ml I tj . pi r;t r i'-n . . . Il.t M'-r Mar.. !'. pfd. Kan ( itr S-iii K-iiii-.-..t t .... l.:k. Ste- ... I-!.l'li V.i P .. N v .i per . . N V. I Vnt. . . . NW I III V- ... .""..f. alld V. . Nor. I'.pI'ciina IT Sf.-1 'ar.. h'iiy 'n IP.'.lllll-I.'"-p. l aud S . S !i I'll.S'Mt ItV S ll.Ieliii n'T ... T :i i! t Hi .ii Pill'. . . . I'. S IJuli.er.. I'. S. Steel.... P. pfd I i.l '.! ( "up .... WaP.i-!. pfd. A .1-. .fd P. Yit .. U'll IH.T. .. I' J1 T'.i - ." - " 'J a -' a ::..i4 7". 1 .. - '4 ' 1 rt4 7.1 4 -. la'.. iaai j VJI4 M.:, PI'.. r -. s .:'.. l.v. prr' . ."7 1 n.v, '.H 4.;' . 14', -" lv Jl)' t 'J'. I 7'.'.. 7.1 1 lns"v laslj pM, las', .".J J44 i 7Ü ) M ' . I 1-7 ' 4.",.,.j MtH-i ! I- 7 , , :,7i-. 1 10714 . II-V-, J 4R I sa' 7f'. ttlj :d's js. J7'. I.V. P-s 1 4:a.. 1J7', 1"", 1UT1 tl( Vl. 44. 44'.. 12 -2 Cent Copper . 117 11 n . in vv au otreel ing- or crediting hire of equipment, rental of joint facilities and similar operating items. The Missouri. Kansas :nd Texas net operating income increased OS!; for the eight months the increase has been $2.655.000. A favorable point for American railroads is that refunding operations in 1 9 1 S will be less than 50 Percent of what may he termed the normal average. Next year American railroads will have hut $S-,0DO,-000 of maturing obligations, aside from such short-term notea as they may have issued within the last two years. This compares with nearly $200,000.000 this year and over J170.000.000 In H19. Six mining companies Utah. Kennicott, Ray. Chino, Nevada and Rütte and Superior in sending out dividends recently emphasized that half represented a dividend declared out of surplus net earnings accrued since March 1, 1913, and' the other half a capital distribution. Half the dividend is nothing more t li-i n 'j illvtrfViiitinn rt .nVi in limit, lllil II CV lll.Tll l.'U .IUI. VSfc V . Il'l I dation or, in other words, a return to stockholders of part of the com- j pany's capital. The directors of these companies interpret the incompanies interpret come tax law of Sept. S, 1916, to permit this return of capital accu-

mulated in reserve and depletion ac- j j'Jcounts. The other half represents , rui

a dividend from surplus net earnings in the current year and is therefore taxable. Headquarters for the world's supply of copper is now located at 6 0 Rroadway. A committee of representatives of the big companies meets in an office in that building daily. A census of the supply is being taken, and the entire production . 1 fr ha nnn nil u m nniinrr npni T among consumers according to the urgency or requirements. ine government needs, t l' course, will come first, and it Is reported that 20.030.000 pounds have been named as the'; amount needed for Immediate ship merits to plants having government business on their books. A much smaller nmotint of capital was involved in the formation of new war companies during September, authorized stock totalling J. 100, 000, against $ 3 5. 4 0.0O in August last. Since Aug. 1, HU4, authorize! capi tal of new munitions and aeroplane, companies ha:? been $222.575,000, of which amount I ?s,076.0f0 has been! contributed since the entrance of this country into the war. So far this year ?75.?s.OOO has be0n devote. 1 to new war companies, compared with .".0. 192. 000 in the entir ve-r af 191'. ami fs3.233.000 in 1915. A compilation made today esti mates that the Standard Oil Co. of Indiana w ill pay as excess profits tax quäl to :.1.7 percent estimated; n-t earnings on 5 4 3, 990. noo ; that the ' Atlantic Refining will pay 22.9 per

cent on J12.4sO.0O" and that Prairie j operating revenue increased J4.s :l.Ojl and Gas will pay 19. S percent; 714: operating income increased

n Jls.20 0.00 0. Improvements in the rails was the best sicn of the day. The impression had gained weight that hanks wer' favoring- rail stocks to industrials. There appeared to be partnnlar ground for this idea. Tru-tees of the K-iuitabJe Trust Co d.aided to apply for memberhip in the fvieral reserve sv&tem. A btt-r feel in.-; prevailed in the street and the belief was general that the market would do better after the adjournment of congress I

KILLING FROSTS WEAKEN PRICES

Traders Feel Crops are More Benefitted Than Harmed by Them. Associated Pres Srvi'-e: OIIIL'ACJO, Oct. 0. Killing frosts whhli visited large sections .f the corn hf-lt last nisht were regarded ay many traders taday as more of a benefit ta the crap than a harm. The- effect was to weaken prices which although steady at the clase were 1-S to 3-4 cents net lower at $1.1S 7-S December and S1.1Ö 1-4 to Jl.lä 3-S May. Oats finished 1-S to 'i 1-l'c ilown and provisions up ;jre to T.'c. Active demand far provisions contrasted sharply with the inert aspect af uruin. omm i.ssian house buying was stimulated as a result of new imrchases of meats and lard for Belgium. MARKETS rilTTSHI Ktill MVK STOCK. rnrsi;r i:;u. r . -t. r, -i'attli: LItrlit; market steady; choice .i:fi l.".7ä; irliue fl'fn l:i.7." ; t;o..i .11 ."i( 1J Sr. tidy bnt'-liers Sil "o'il l ä" : fair $,s-((c, s10; euinmaii $(iA): caiiinHUl to fat bulls sc'n.U; coiuiiion t-i 'i....l fat iijws Si'.; heiicrs .s 1" Jä ; ft ash e ws and springers s.".0';'.'t) ; veal calves .siti..; Iie.rvv ami thin calves $77 It' "". .sili:i;p AM LAMI'.S-Supply liht; market steady; prime w ethers. $11.7."; e.o.l mixed. lo.'iO'U 11 ."'; fair mixed. 'ij.SlO; culls aud eouiiuuu, f.'.'W 7.7Ü ; pritie; lambs. $ls. HHiS Keceipts 10 double decks; market active l.V higher: prim heavy lu.- SP. l.V.r l'.i.üT : nicliiims .!!. l.Vn. P...": liMvv" Yarkers. $Wi V -" . ll'ht ' Yarkers S17 ."'?4:ls : pl's .si7.."-r 17-7Ö; roughs tlöfii, l ät); stags 51."fi lväo. IIICW.O f'ANlf CHAIN. cniCAw. ct. cukn n. mixed SI V."r, 1 1f,; No. yelbnv l.ttq'i: : N. ; yelbuv si PC corn l Wa OATS No. - mlxe.i .NO. w hite ftniiüii.; ; N. 4 white 1 . standard KAST lil FIALO MVK STOCK. j:ast r.rn'Ai.o, n. y.. t. . CATTM' Iieecipts head: market prime steers SHÜ1Ö50; butcher grade ('AIAT.S Leeeipts 7V head; market active; cull to -hoh e f.'.'Jj l'.."0. snnrp and la.mbs iu eint? o h'..l ; market active; hoh e lambs ? Is. "'." i r.-ls.."0: ull to fair SU .ro'.i 17.7Ü ; jearlll.trs ?1P;15: sheep $".fill-."-ä. J IH.MiS Ke-elpts l.MJU; market active;; I Yorkers Sls.rWi P V; j.lps I .. 1 . .. ; pilxed f üiCitu P..7a; heavy .r. 'j l.'.a ; roughs . Is fcr 1 .."; stags H'ul7. ; MONKY AND KXCIIANtiK. NKW YOKK. O. t. t. Sterling exhange was unlet with busln in bankers' bills 11 $.7ä'4 for ein;nl: sPTP a,; -1.71 4 for o-lay bills auI ?I .i (or po-I.iy bills. TOLKDO G IIA IN. WHF AT Cash .2.17 C'oliX Cash .2 04; Pec. .5121 i 1 17v. OATS Cash (r2 l, ; Ie- t'.Pi; t:i-. UYI'-No. 2. .l.Ml CI.)Vi:i:Si:i:i Prime. :sh May May oPl S14.lt; new and O. t. .14 ." ; lec Sil 17'..; Jtin. $lb"'.: IVb. .flit;,, M.ir.h si I. id. AI. SIKi: "Prime. ash and O. t. M3.2Ö; Ie-. $13. to ; March S13...V. TIMOTHY I'rini.-. r;ali, old S3.-", new ami ( t. f3.s.": Re-. $JM5; March j i c inr.Wio fi It A IN AND PROVISION. ' '11 j CHUN - High 110". Low lis-, 115' 4 .s"' 45 00 4f 20 I'll I .i 1 i: 'h lis May H' s U'.:i A ä J' v. " -.,1 1 1 1 1 .".tiH d 1 , 4.". O0 .72 24 sr. 2 If 7 May tip 1 1 P 'UK 4tJ.72 läfNV lt 20 t. Nov. .Tan KII'.S - N't. Jan 2 24 rr 23.7" 24 s.5 2.7ä 24 co 24 tV, 23.75 24. s; 21 :c. 2.3PU 24 1) 24 bä 24 s.", 27t HANK sT.VTKMKNT. N"i:W YOItlx. et. '.- Avenge Leans increased S2.54 ttOO ; leman! b-pesits Increased .Oi 5rs.noi) ; time d-p.'Hits Increase! ta ; reserve increased ."MOCi.pMl. A'tual Loans Increased i nenn iia i f .iikm n-' ie. !-- I. . - . . ,i V w . . 1 . M M k 1 mi' 1 onus is 1 Tt-.i s.-. 1 , reseike im Teased .'.. . ,4-.0. CHICAGO MVK STOCK. 1'NION cddCK YARDS. III.. CM. m.j's i ... .öl nt w i iitl- rriMrtfif low 111 lower; mixel and butchers. J17'.'t7 i 1 '.; :h..1 heavy. 1 . fois 1. ; ronen ( heavv. $17 '"; ls.15; liirht. $17.sar.t.;;i) ; pi-'- H'!i 17.7.". : bulk, sis :uvn 1:.:ä i fAlTl' . :-Ke.elit! : 4000; nnrket -feadv beeves. S'7.2U'(J 17 Vä ; cows ani hlf-rs. .-". I.V.; 12 40 stackers Tex uns. und V.'U" f ee,1 - er. ?'' 2-"ir"i 1 1.."1 : nlves. ..'. i P'.2T. RAILROAD EARNINGS i'hicago. Rurlington ,sl- CJuincy Au gust operating revenue increased $740.237 ; operating income defeased jr,74.4'U.237. Right months operating revenue increased $11. 241, '"4; operating income increased J 1.507.072. Helaware an! Hudson August op-j crating revenue increased 512,11S;; operating income increased $29S.-j 1S7. Figlit months' operating revenue increased J 2,0 0 7. 50? : operating j ! income decreased $ S ..' 0 7. ! Missouri. Kansas and Aexas August operating revenue increase. I S5S4.51"; operating income inrtased $3S 4.372. Fight months' : $2.342.040. Reading System, total foi all companies, August surplus -after charges decreased $ 1 " d. 2 7 0 . Right i months surplus alter charges i de-crcas-ed 1 1.1 S 1.37 2. Missouri Pacific for the third con- ; secutive month following its reor1 ganization earned a surplus f more than H.otO.uuo oer ill charges. For the fhrst uuarttr's operation fori the new company, business June 1 la which started arnings for the stov k exceed f3.tajn.iaji', or within three-paarters of a million fr the full Year's preferred dividend re julrenients.

Market

By the financial I Mi tor.

YVe are of the opinion that the "powers that be" will s:e that no serious recession In the stock ex-chan;-f will be allowed while the second" Liberty loan is 1-ein Moated. It is conceded that only a moderate buxim? power is needed to turn the .-cab? toward a decided upward trend and in view of the fact that prices are intrinsically at lowlevels pood stocks, in our Judgment, are excellent purchases. U. S. Steel is selling around HO1;. The prices fixed for steel does not in any way injure the Fteel qorporation's capacity for reasonable profits. We advise the purchase of this stock. The I same remarks hold good on Cruci ble at 7j; Republic Steel at SI xj. and Mid vale Steel at 5 1 1 . Corn Product This stock has. advanced to 3 0. We are impressed that it will move higher. Mexican Petroleum Icist week we called attention to the dividend being' imminent and before the day was over the declaration was on the ticker. At current prices this stock yields a little better than six percent, and intrinsically it is worth at least double. Closed at 0 4. The Inside Cappers should be hoimht. In this class are Inspiration at 51, Miami Copper at :54V. Kennecott Copper at 4 0, Ray Consoli dated at Shattuck Arizona at iT and Nevatla Consolidated at 'Jl. Sinclair Oil closjd at 36!;. Last year's earnings were upwards of J9,000.000. This, stock i.s far too low. Texas Company closed at 160. Should do much better. American Smelting and Refining closed at 9S";. Do not overlook this issue. It will probably have a very wide upward swing shortly. Curb oils: Allen Oil Owing to the fact that a considerable quantity of stock is likely to come on the market around Oct. 10th. we advise sale. Rarnett oil and Gas closed at 1 This stork I certninlx' worth . " . ! more money. Roston and Wyoming closed at 4c. Continues active through manipulation. Cosden and Co. closed at 9'-. Is worth more than twice this. Federal Oil closed at D44. Should do better. '.Men Rock I closed at IS1'. Seems to he headed higher. Kenova Oil closed at !;. One of the tiest of the low priced speculations. Merritt Oil High enough for the present. Closed at 35 U. Mid-

Notes of the Financial World

j An explanation for the sharp decline of Chicago, Milwaukee and .St.! I Paul preferred shares to below parwas forthcoming yesterday. Tills had been regarded as a high grade investment stock. It was learned that a big l'nglish investor holding Ja very large amount is marketing j j his holdings of St. Paul preferred.! j Necessarily the throwing of a big block of St, Paul preferred on the' market at a time when investment, conditions are as unsettled as they are at the moment caused a large' depression in the market price. A vacancy on the board of directors of Chevrolet Motor Co. has hf.r.n till.l b t Vi a oloitinn rf I T.

-Hi i Mclaiighlin, president of the Chevc.i j rolet Motor Co. of Canada.

I I Advances in I arets. including the prices of cigmost of its popi ular brands and averaging in the j neighborhood of 12 1-2 percent. j were announced by Tobacco ProdI ! ucts corporation. There is a general movement among traders to have their respec- ; tive exchanges closed not only on ; Columbus day, but on the next day, ! which is Saturday. To date the j New York cotton and the coffee and arrangement. United States Steel corporation will furnisi. about 7,500,00 tons of ; a loiai o; i'i.uuu.uuu ions ui iiiumiCd steel products, to be taken by the government up to next July, according to Pittsburgh advices. The total takings will be about onethird of the country's production. A new 2D,0"'0-barrel well has be n brought in by Umpires Fuel ar.d (Jas Co., a cities service s-sidiar in the Rldarada listrict. While not denying that changes may eventually be made in the 1 personnel of officers. Pres't Ryram of the St. Paul, declares that there will be no "general house-cleaning" on the road for some time, anyway. It was reported that there would be a wholesale shifting of offiuals. but Pres't Ryram denies this Thre is considerable activity in second-hand copper in the out.-ide market. Rrokers received no official instructions consider that the 2 . 1-2 eilt figure does not apply to these transactions, and sales are being made for delivery in the cut rem quarter at prices ranging front 26 1-2 to 27 cents a pound. further drop of 1 cent ay a.,rried the price of A yesbar silver in the New Y'ork to 9 1 1-s cents. The market dowr ln.lon pjatatbui w as it. 1-4.!. It i undeistoou I'nited State? ; gradually accertif'.cate s ef . -""teel corporat:m i i cumulutir.- treaur; ' ir.d Cedneits purchases so far ..-ing tax-s large enou-h t meet war n earnings already reported The caipuration will continue " Wie

Prospect

west Ketmin cia-ad at Ii is had its reaction and should do bet-; ter. Midwest Common closed at Jl.- :,'. tnv do better ()iaar nil rlas.,1 at 20c. we adv,s. sale. Oklahoma! rrotiucir.k' and neiuuni; ciosea a Sbh- Should do better. Osare Iloni- 1 iny closed at S-. The best of the independents intrinsically worth . : 5. Sapulpa close! at 10. An excellent property. Sotioyah Oil at $1.; '""i'l'1" Miscellaneous Curb Stocks: Aetna Lxplosives Has not deiated from ... , , . -1 its previous quotation, l loed at a1 4. We advise sale. 1 Ledpe Copj er is now quoted at 1 bid. We tirpt;e in:mediate sale. This stock is pdnr

down. Rütte Copper and Zinc selling j t ies. in the main this advantage was at $9. Indications are for a move j lost later. upward. Calendonli Mining selling; Rands ware 5uuy an small ofat 7 Sc. Should do better. Calumet j ferings. Total bonds sales (par and Jerome We have been calling value ) aggregated $1.775. "Oft. P'nitattention to this stack since it sold J ed States coupon 3's advanced 3-4 at It is now sellinp at 2 7-li ' percent on the week, ather issues and is apparently headed higher. J remaining unchanged on call.

Car Light and Power We adise sale. Closed at P!i. Canada Copper T.,, Selling- at 2i. We advi Consolidated Copper Mines quote at 10. High enough. Consolidated Arizona closed at $2.00. Should b j better. Curtiss Aeroplane closed at j 37?. Strictly a war stock. High j enough. Emma Consolidated An effort is being made to put this stock up. This effort shonld be moderately successful, losed at 75c. Gold Field Stocks Sell them all. JeromeVerde closed at 1 9-16. High enough. , , . . . . rp . .ia;nia v oper ciiiseo ti 00 xo" high. Mason Valley closed at $6. f ; 00 , 1 mi rrVi r ej V i tiissi n f eloseil f 9!4- This stock should do much better. Kerr Rake closed at 5". This is an excellent silver stock. Standard Motors closed at 10. Should move up to around J14 rry . a onopa n Kxtension closed at $2. Should do lmffcr Wo r.pnmm,ir,l tbo rmrrhnsd r,' ,.. 01 me lunowing lanojiaii .-iner sues as being in line for better prices. Relmont at $4.5 0, Jim Rutler at 90c. West End at 71c. Tonopah Mining at J6.23. Rochester Mines at 51c. This stock should do much better. White Caps Mining i sel.ir.fr at 1 -lb. May uo a mile oettor. Wright-Martin Aeroplane selling at 8"i. Will probably move up a couple of points; then sell. United Motors closed at 21 We advise its sale. cumulate these certificates, and it is expected that it will be in a position to meet the full year's tri r. on protlts without drawing on banks. A comprehenspio digest of the federal war revenue tax law ha.been prepared for general distribution by the Northern Trust Co. The pamphlet covers th? points of general interest in the bill. .St. Paul stock had steadied , A , . , around 0. as was thought miirht be the case. However, it is being ngureu mat tne rc-aa cannot continue to pay dividends on the common shares at the present rate, if i : at all. Based on earnings and ex-; .a a t't l-viioto t'j umv mi; i uau oouuiu iui the current calendar year earn aooui 2.00 a snap? on tne common stock. ,ome observers are be- j ginning to doubt whether even this i i much will be earned. Fven the preferred dividend Is now regarded ajj in a rather uncertain position. It is said the United States Steel corporation is gradually accumulating treasury certificates of indebtedness, its purchases thus far being large enough to me-et war taxes on arnings already reported. The company will continue to accumulate these certificates, and it is expected that it will he in a position to meet the full year's tax on profits without drawing on the hank. Bethlehem Steel corporation in the current year is expected to earn substantially $25,000,000 availabTe for the common stock after war taxes. This would be equivalent to more than $40 a share. An inter est in the Rethlehem corporation i says the $30,000,000 paid for the! new preferred stock will earn much! in excess of the S percent dividend i in the vear 191S. The money spent j this year is just beginning to realize! profit for the com r any. The capital stock of the Rethlehem concern' amounts, at this time, to ap proximately jrjOOp'ioo.ooo. More j than this sum is declared to have been added to the property in the way of new construction ami wal king capital during the last ferv years. Hartman corporation stock has) dropped to 52, aßainst high of 7 j earlier in the vear. In September the company paid its second dividend, and at that time earnings were running well ahead of the corresponding period in the previous year. Advices now from those in close touch with trie corporation's affairs are to the effect that during' the last two months, the company has been obliged to curtail it business owing to the difficulties met with shipping. Some of the mou active floor traders on the New York exchange were reported as believing th.e market somewhat overs aid. and a a consequence, were looking for better prices

BIG TURNOVER IN LEADING ISSUES

! Early Dealings Marked by Gains in War Shares and n War Shar Specialties. : Asp n i.itcd P.-es- Servl . NKW YORK". The stack ; markets tur e V n ( ; . 1 y rest r i' ,f L' 4 0.0' 0 d ta soil: s runst -t 1 1 - s,arPs u ( Piirelv , iCaaO'l IilaTK" ; '- f'm lari 1 fa "1 e!"S. f fractions paints marked early kulir.cs. i.ataj bly in war shares and aitice specialSouth Bend Mwfets ;kin' am n:r.n. ((orrealrd Da!l by W. It. Starr, JUrr Mill". Hydraulic r.) W H K AT Paring- $-'" per bu. OATS Paying. 00c; eelilng. 7a per 00 COli.N laying. fl.sO; Sflllnjf. 2 per bu UYK Paying. jfl' per hundred. 15 HA N Se.Ui.tc, 20 - er hundred. M lIlLINliC3 Selling," i-.U .er bun1 dr J, I .nun i.p 1 i.i-1 ..aiiu(j. M.oC per .sc'KATCII H:i:i Sellin. ;4.50 pert HAY. STRAW AND I I'.ED. Corrected Dailj by (lie Wesley MUlei 1 lour mid I red t o.. 4.'0 ! Mulligan t Till1 t : J 1 . '"W. ' 1 1 lilJiUR, niun. rniiuj;, : s T K A W Paying. 7 per ton; eellinir. I fJM P'- toll. Of We J.er l.UJe. I OATS-PayinK. 0e; helling r0473e. eillog tilling. ! SHId.l. COKNPaying. 1 52. lö'a-2U. 1.AK (UIIN Paying. 5.'' 1 i.uto n sr.i:i Pajing. i3.W ief bu. ; selling. 4f 4 00 per bu. AL.1AL1 A sLLl- i.VIoutana srovro)semiii;. 1- to ; er hu CLOY UK SLKl-13cu; : 1 L1V MOCK. (Corrected Ially by Major Rrot-, LK ftn St.. Mibun uiVa. DL'AVY r AT ?TL7Rö 1 hi: ffKrt. (a s ; ia i in'. '."I 10 . I IRM;S-I0tiil2i lbs.. 13e; 120Ö130 lb. He; 130U170 ibc. 14 4c; HioiJvX'ib., lti"i j rol'LTKY bD MEATS. j Corrected Dtul.v hj Jlmniie'n Market. t 12S f JrflrrMin ltld.) ' POUIntY Old cbkken. iv; epr'.ngi . 24 c. VEAI Paving. 17-; felling. 154i35 i ÜE171' ltoast. bulling. 20j ; .rter- : lutise. ötJü'X"'; sirloin, 4."4.X'. HAM Paying. 2. ; seU.ag. -.'Uk-LA1H l'aviug. 2'i-; seliing. 3'X'. 1 IsH. (jrreted Daily Oy I lie i:ntuood Flth, I'oultry and Sea I 001I .Market, VV. Wukbington A.) I'liLSH 1IS1I Ir. N". i tr.uit. 2H,? Ib.; halibut, 22 1 a 11.: dreis'd I.ak hrie ciscoes. 130 11"; large per I.. Is:..; p.,. ; pi kerel, lV-a' II. SMOKhl ITS1I--Salnion, lj: II unite r.sü. in. ; ian y s.ut ma Kerei, 1 lb. -iitli, 20c; lilo.i n rs, j .i:; la.., e.o-h. 2.V ; bout lesi salt c"lD-a. 2Ö: il. ; i huba, 20.- lb. ! ; PROVISIONS. ! (Corrected Daily b I. v . Mueller. Ill i V.. JenVrfoii I$11.) j vi:;i;tap!T.s ;.!.). rriyiiuc. i. j diu,'. -'!'" ""A j tate-s, pax l --0 I bu-: s -lliiig, J1...I per bu. ; i kli 1 -uhuil -m. ;i .a. . ;:;a I lemons, .-liis. ihr 4 'y '. I"T ('.'.. LiihU AM l.C'is - cünt: y mu. ter. I'.iyiag 2."''lo . .K.-llu.K' -.'1 !; crcauiery buttei, paving i-V, sellir.g. ;. Li.'g. stri.tly fivsh. IaUi.' iX'i selliug. , ''fit 'iZV'-K (Corrected Daily by Hariur Uro., eeJ store. 111 I- Vujne si.) TtMuTIIY- H"a Ki;i fl.uVLK- 12.0"i 14.50. Will 'I L CL i.K- CO per bu. ALsIKi: - 12.."'CV N 5u. A Li' Vl.l'A--lUCii2 50 SU LLT CLOVRK 125x13.50. i v . i'l.A.-s ? i fst'-j BLANS --$4hZ 4 W. RLn; ii:ass - M 7." per bu. I li.ld li.A- oi'ild Jier liU MILLET--" Oo'aWli K 1 1 M A N M H . b 1 PI' - $ 2 5- "2 3 00. JAPANT.Si: MILLLT $2 5o er bu. HL'NliAlilAN MIMT;! 2 75ii3 gi JU. vi:t h .'"31150 mas : i o t u c Lo v i : i : - ; 1 2 . .v 1 5 T ALLOW AND HID KS. (Corrected i'aily br s. W. Iapimn. 21 J N. Main St.) TALLOW liüugii. 2it'-': rendered. No I. ."ac . H I Pi:s--;rr n. No. 1. ICdlc; calf tfcfi U"li27 vpnji

COMIVIISSION IVJERCHANTS 201-202 J. hl S. Bldg. Phones Bell 390391. Home 202S 209S. Members: New York Stock Elx change. New York Cotton ExJvvare. New Orleaxu Cotton ELxchange. Chicago Stock Ejcch&nge. Chicago Board of Trade, lniana Banker' Aisodation. Direct Private Wires to All MarkeU.

CORN. fronts -with frpr-i:.-r t - rat :i es j:, -, p-rs (lvr tlbntial .'itrai of the .,rn be'.: '' re 1 . -r : 1 a s iM'Te or.f.'i 1' th.HIi "!!;'! .:-.. . It ;s canc-.Jed that the bite . am - r "ij . s : d e r ; : 1 ' ! .'::'. b-.;t thi- il.ui..U( is :fs'i 1;. the ::, a crop. '..h C"t n is slow, t it at .me h.an-ed , r. N'e-.v c orn off rir.:s are ir.cre i.-:r.- diil. but r.o material Wt.ikn.-s in ak-

ir.g prices as yet. :;., ah. 1 November shipment . 51 aUt buyers V ;;.w cr Illinois, lece:nbr si.sp:;.-.: market. 1- .-e'!inr a :rr'-. r.t - 0 . c r I em ber pr i ''in, :s .p.iated at I : em t a I ri i;t u laler. A T.af murk-: may he x; ted awaiting the crop report flo-o. T!::s report ive ; ary e-türati-s an spr:r.-r reports ' ith"a"; to : . ; s "to M:x 1 : ara-e , e v h a t and a,:t. Of tile ness ;s thare . each a 1-ring- .. ( AT.in the port b and dan tmnni. together with ' rop. While . -p!ayvl in the car. htio i i . o w i k -:;.. 1 k ' le." interest, displayed w ht'di. in itself, -ha .M ' dra gging x alues. "o i!e elapu; nts af j-a'to nark- r situation. K - ,d was not üseovera ' ! -ti-' sales were at a m 1 - a valin s w ere 1-2 :.r lower ; i t . cl'. PR V - 1 N. Ruyinp nf lf-!i I fives . to lb: Y'ol mi, liber; 1 to stiHigh', next wee packers re; res r.t 1 ;. .-harts wis at t ribi ;t' demand tram IP I:. trade bas .n oa . io. all Otterings L'o;r ; hands. tla'U.s.ind hn."S p.vj.ri :. v hich 'mpares v :t : 14 4. 0"a last car. Thi- diM-rrvr in movtn-ut should brim: a'-o-it mat-rial relief m the s :j ; 'v thmanufactured article .is time :m C( TT( N. Although r. p acounts w ere of a !Mlli.-?i t.. it ni e tliere was j nti'-. able h.cre a" in lu.lv.- s.'le. With aiit-ide a.ri...!id taperi'.'-T off ami th un:.-:;t I 'a :v : far trade account a pp t! ! t! tied for the pr - nt, Mm.' n a -centiv' must be hau to pm .,p."' much higher for the ti.n.- b. :n STOCK. Prices sa'L: .! ab at fhrt closinir witliout any special :.! Th- market lacks snap, bat ai a are lovs- and maiket shoubl ' better next w -k. STO K.- This wa.sa .lay typical of week-end markets. The volume .. business was moderate and Vl'tuations unimportant. At th .p-:i-Ing, thei was a feeling; that th" market should do some better, the theory hcinir that the buying yesterday was of sufiicient volume to temporarily relieve the mark t -! the pressuie of .-tocks that w a - .- evident during the entire wk There was. however, an absei., -aggressive buying today, and as .t result, there was all easier tendera"; noted toward the clae. As ta the futures af the market, we see n material claanc- at the moment. The ruling factors are still f a bearish character. Th'1 one redeeming feature i the prevailing low prie of our securities. ti decline has bef-n great, li.aiid tin ha -been ext-ns:-t and, fioni a standpoint of pi ic alone, it wubl seem that we have reached a level wher the pu'die sdiould begin to nciKiuilat"' same stocks. Rut this ja aft.-f t b' the fear that the man market is not vet prewired far a bullish turn. Pates are too bi-li and ;i' likly to continue -o f.asome time. Whn vv e get a hang" here and hankers shall off' r funds freely, then we will have ieah-1 a paint whre the buying rida miv again l.e.-me attractlv-. Cor the pie-ent, we still I-el tint the i:;irKt sbaabl be .M on ralii.-. PATEN T S And Trade Marks Obtained In X Countrle. Advice Fre. OEO. J, OLTSCH. Resist ered Ptnt Atty. fll-71 2 Stwdebaker blZg.. 8 Hi fiMd, Ind. Buy In Southmoor Reautiful Iuts $1 Per Week. W. P. FUREY, 122 S. Main St. Reil ohone 566. NEW FORO PRICES RoadAtcr $3 1 5. To u Hug Car $300. F. O. B. Ictxoit. HINKLE MOTOR CAR CO. 315 IZ. Jefferson Rlvd. ii