South Bend News-Times, Volume 36, Number 222, South Bend, St. Joseph County, 10 August 1919 — Page 12

M.MY. l . M 1, I'MV. fHE SOUTH BND NEWS-TIME.

' NEWS OF THE WEEK IN THE WORLD OF BUSINESS Stocks and Bonds ; Manufacture Domestic and Foreign Trade

MONEY QN UPWARD TREND III JULY; PAPER IN DEMAND

Financial Situation Relatively Tighter in East Than Central States.

"hl':' ( n rdtr.i t jrh-i Is r,imrt r?crntly. thry have ln mainly' low-rr und n.orv htuMc th.in ;t iponth hk- Time money is rather firm. Commercial jap r is mw tins b'ooj ilmai'l, hit fly from tli country !trk, whit h fnjoy ry larice l-Josit..s. Tin. jn:-;. t favor a.-const ric tion 4f i.iomy, ratht-r than a. plethora, ossinK t" i combination r aricl neffls, j.r.jinin nt amoni; thvm credit ext nsion a!roail, crop Movin?, Jomr.sdc bu.iru si expansion unl pivrrnnifnt debts. Th-re is lru r hmpk recognition of the restraint which th-.se n' 1. lay upon the uso o ni(,:,ty for purely ; dilative pui po-.. i-t mercantile ttorrowcrs havo no trouble in getting money at a lair rat of in-t-tet, ai.ti the .mer.il Mipply is adequit1. Kuiiils arc more plentiful relatively in tlie MfMfrn anil central H'gions than in th ist. .-mihio crop money his already foun.1 it v ay t the bank. Stock rn-irket loans now approximate $ 1, "50, ('00,00 ), arcontiiii; to one ettlnvite, anl b ans o: interior banks on stock exchin- collateral .'ire the highest recrled. The marl;et operates on "outside" money to an extent hitherto unknown. winv; to high rates, acceptance taper ha.--rsortd to the fhra r-s r e banks, which held $ :7 0,0 O.OOu cn July 2!. avaint i 1 S V'.OO.OvO on May LS. Total bank acceptances out-f-tandiiiK barely reached $ r.i'ü, 000,000 recently, showing how the market is

The future of foreign xru.incr- is uncertain. The mark and franc h:ie .-et l:nv low records nnd, while hterlinij rallied, it does not relieve the situation. All current writings trrss tho importance of rrv.lit ext'nlion to foreign buyers, if llurop is to r- eio much nee led aid and the pro-jHT outlet to maintained for any possible o c r-prduction of American ijocds in particular lines. The Kde bill exte. ds some- promLv.' of action. Meantime, 1 .inker and corporations hae purchased bonds, Krantl acceptances, or 4tberwise exter-lcl credit to the amount of ,f ibout $r.2S,000,(iOO. Iiusinesfi failures are comparatively f?w in number. Collections 4 re jooil. New capital i.-sjcs ilurin-r J. My totalled S37C,C0(O0. compared v.lth $165.000.000 a year aso, th'iy rexealin-? the actl-lty lr business and the demand for n'vzh pxade securities. Some bankers believe that fall issue wlil rech $ 1.0 )0.000.000 Exports of gold from the Unite', suites fell off after passing ti'.o ?10O,O0C,0OO mark. The dollar h;.s regained par approximately in Argentina, Ppaln, Switzerland and Japan, where exchange rr.tes .-tood agalnrt It. r.ec'y dials' estimates of government income ar.d expenditures for the fiscal yeir 1919-20 offer encouragement, the one balancing the oth r without necessity for resort to another popular loan.

Range

of Prices of Stock Exchange Saturday

r. yoiiiv .-.tock f;t :i.N(iH.

WAY VOl;K. Aug. A'l. Hum. V.in. o'. A 1 Hum. Pfd.. 7'U Abis r!;.iiniT"4. . .;'. J Am. iwt sii.it;r s.". l, Aiii. Tjin Tu. .. C.,r I'd. v. . A:a. Inu' Syn. 10"-j Am. H. ,v L. ;.

Am. II. A. L. T. Am. !' Am. SrnHf Am. Snj.'ir .... Am. Ari.i'-"iid.i np. At'-ldsMti P.:!l. b.HO M. I'.eth. SU-r "IV ll. M. T r.iitt Sup. .. n.iif. ivt 'jinnd!;Hi P;'. . Vut. I.f-atlir. . ('. v C. V. I'M... '. M. A. Sf. r. c. i:. i. p...

VS2 vp., 112 :i4 10-. 42'i v7'4 27 41' j i:.; :s ' 44'., 1M

K. I. P. A 71', ' K. I. I. 'IV i'4 'ldll t ppr. . . 'J.; '1.1 1 1 r 'iip'r . . 4":;4 '. V. 1 4.'rn I'rd 7s ru-. St-d l.'U'.i, 'u!-a c. sug. . . ;l:'h '.rf ' m PVh ;ms. !lli.u.i-4. . :m (iti. Mo. C.in...'Jl'.i ;n. m rf.i... '.oi.j .r-iit. Nor. rc 42 ;re:if .Nor Ky. S7rpn' ('. Cup.. 4'1 IiKluvf. A !. -. 1 r; 4 i

'J To SO "-"'I l 11 U-J 7 I. UiU, II. -. ION " -"; M .,s ::.-, 4 10l.j "7 t - - ' 4

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.s .-..v., Jl 4o't -TN 71 4-. . 4: 7s

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4.-.; S7' 42'..

Iplmtion Int. Ni.k-1 .... Int. l'Hp.-r .... Kenn. ''p I..H k. Steel Irfddgh al. .. M.i!l Max. lvt I'M. .. Max. 'Jnd. I'M. M.irln nru. .. Marine I'M. ... MexPun I'et. .. Mi.ind (p. ... Mid vale Sr. -el .. Vl.Nv.iirl r:ie. .. Nat. I.-d .v:i'la 'op. .. N. Haven lit... N. Y. C Northum I'.t. .. Norfk. & West.

Jij'.i, 17 'h 7:m.4 4M4 4s 7-V; m 17; 277, r,i -s'.: sat., is-; 7:: S.S

rules i ;.is .vjia Am. 4)11 ..lo.Vv

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I'en nylv;i tila .. PpU (ia.s I IttK. Cunl Kny. r.n. Cop. Keading Hep. I. A. S. .. Slnlir nil ... Sou. l'ae. Ky... Southern Ky... Stud. r.Tl. Texan Oil TX. -IN V Tae... Trd. Trod I'nion l'ae I'. S. Uubber. . I". S. Stiel .. 1'. S. Steel I'M. . I tali Cop Virginia riim WaJ.Mjih -A"... YVestlnsnnuse .. Wlllvs-Over. . . Wilson & To. ..

4".'y 44 ls 21 S S7', r.4 lo', .'.-.. J 1) 2"7 47'v 124-, 127 W 111 4 N7, :n u r 4 '- S

.7 t ' ... 1 j S( CiO1; 4si, 7:t "a r.7 1144 17s i-i .'d7H 1 ls r.4 . '-J S-S ir2 rat." i.Vs 4." 7(ij 24 7li s7.. !siM -av. i;i 2Ö7', lor. 12; 127' j 104'., ll.-.,4 Ks, ML; 04 .... s4

2T.', ... -7'H 7 4s4 47i, 7: j r. ' j 11. -. 17.27 2s SO' :2 ls . ' 71 NT- 4 "-M4 ia-,, 4:p4 44 4'.S 21 N71; VT 2.1(4 2-V 471 102; 121, 12. "' 10.1 1 1 r. 1 4 S7 s-it, ::o , .v." N.'5

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;r4 27 .-s .17' 3 S41 .V'H 47', 7:;4 .14 :s'3 nn 17.-.' 2-j .-.1T,

ls M 7.1'., S74 loo', H.Vt 4' 1 i 1.-. 70 24 S7 S7, .-.4"n .7'i '"j 1 0Ö;V4 -:- -i 47' ; 10.1 i 12. 121' KU h i ir. 1 4 S7 .10'.'. sa

buyers are taking both cattle and sheep for fattening, encouraged by the beneficial effect of recent rains upon the pasture.

MARKETS

SL'O vv; i 22 V. ; . $17. J'i.l'.M);

lbt. rougli?.

cotton and during the reaching a

Review of the Week Activities in Various Markets

STOCKS. The stock market was very irregular, heavy liquidation resulting from the adverse influence of labor demands and the widespread agitation against speculation and profiteering. Prices fluctuated rapidly. Total sales gained considerable volume, even approaching the J.oCO.000 mark IYiday. Sporadic rallis followed the recessions, showing the tenacity of public confidence. Call money was fairly stable with rates hovering near tue and six per cent. (.HAIN. (Chicago Market.) CIrain prices were demoralized, prior to the midweek corn dropping more than COc from recent high levels. The movement against speculation and rising costs of living, together with the impending railroad strike, overshadowed other factors. The market was extremely sensitive, and Julius Harm's assurance that the government would not reduce the price of wheat to the consumer furnished ground for a most sensational recovery of recent losses. Kmbargoes lessened receipts and firmed cash grain following the mit week.

The indertone in oats was stronge at times, owing to demand from eastern houses.

COTTON. Liquidation featured prices declined steadily early week, October

point 12' below the high point of last month in bales. The undertone was weak. Cotton shared , the general weakness induced by public measures taken to reduce the eot of living and by the impending strike of railroad shopmen. Cablewere not altogether reassuring. Nevertheless, commission houses retain their bullishness. Iast month's exports, held down by the marine strike, yet reached 57 4.000 bales, exceeding June by 20,000.000. The government report indicates a rhort rop. and while the carry-over is large, lluropean needs challenge attention.

wool. Wool continues firm with demand reported variously by liff rent houses. Whether the agitation against high costs will vitally affect cotton and woolen goods, reacting upon raw material, is problematic. Foodstuffs have been made the point of attack, but clothing prices are very high with probability of an increase, and the mills are known to have profited greatly. A yielding tendency in prices is not b.yond reason.

f irir.u.o CHAIN A N I ''HK'Al.lt. Aug. 0 u: - sept, ivm, ir. Ie. i.v; i:,7 May 1W IV, OATS Sept. 7.1"4 T'.lj Ie.". 77 ' T'. Mav so j r.2', PORK Si-t. 4d00 47.75 LAKD Sept. .11.' .11. .V. 't. 31.15 11.40 Kilts Sept. -14. 2nV

rUOVIMON.

io: i.v: 14. 741 , 70! 4 so 4'. Z " -1 .V. Ul"

10c, 1.-.7 l-a 7-5 71 47..-.0 r.t..5 n.io 20. v

cmrAuu rnontn;. IIIi'AG(. Aug. D-BTTTr:K rrram ery extras. .1 .,: (standards. .M ; ."2

i;r,(;s ( rdina'rie, ;;si -,f-;j,i 42. 7 4?..

CIIKhSR Tn-lnp, 20'-f7.11U ; ! . . 'l ...... -

ronrY F4wiü, .iin; dnrk zlffiZ": ppring!.. .l!r7C;f,: turkeys" 2.e. I'OTATOi:S -d'ars. r.; Ohio, per 10o lbs., $4.707 Ci.l.

firsts.

Amf r-

t incAr.o mvk stock. rilK'AUO. Aue. O. IHm;. Kerelpfs 2XK; market 2.V up; l.ut hT. .2(r-Vo

MVKsTOCK. (Chicago Market.) With receipts verv moderate hogs luplicatel the trend in other leading markets and foil off abruptly.

Pork pioducts tobngganned, but later; turned up. Cattle prices advanced, ) putting the average for best grades at a new high point. Hest steers sold up to $11. Calves touched their record hijrh of last September. Sheep prices have ruled low. Railroad em- J bargoes cut hog receipts to a mere

handful toward the week-end and up?et the price list.

MITTAGS. July proved a better month in iron and steel than was anticipated. Husiness favor'd the more highly finished products, while heavy rolled products, like steel rails, lagged consnicuouslv. Kxnort trade is making

no particular display of strength, but has attained fair proportions. The

m!ll rate of operation averages something like 70 per cent, turning out a quantity of rolled steel 3 5 per cent greater than average output for the vr.-irs 1912 and 1913. Some heavy

buying orders have developed in pig iron. S rap prices have been hold- j i .if t:itl.in:irv with demand only i

I 1 1 h - w fair.

BUSINESS OUTLOOK Deflating Prices

COTTON. Cotton traders were bearish for the most part and the market nervous ami uncertain. Iabor unsettlement. price inquiry, and foreign exchange, together with reported difficulty experienced by foreign borrowers in securing credit, depressed this staple. Fluctuations were rapid and liquidation rather heavy. Prices declined well toward 30, whereas re

cently they approximated

35.

Local Markets

Trend of the Markets Stocks Grain Livestock Cotton

hat, twa w and mm, Crrt4 Ddly ty rti H fit f MUUr rUr mm 4 t ! .. 4M S M1ehl?ft0 NEW HAY Paring 120 to ?22; selling $Z0 O 135. Kl KAv 1'iylni 9 to Si:, lelllnc 75 OATS Tatirg SOo, nellin? 90 to S.V. SHELL C'JKN-l'uyiug $175; elbng I2.0U to f 2 2V. EAR CUKN Ptylng 11.40; Bellinff lo ty 12.00. TIMOTHY SEED- Payloc $5 rr bu; CLOVEU SF.ED Taylnj $52 bu ; felling 125 bu AUSYKK C LOVE K-12 4 00. ALFALFA uientaDa gronc ?1.S.0).

STOCKS. An unsettled market has prevailed for stocks. Temporary slumps and rallies have been numerous, while on the other hand, a dull steady condition often confronted the traders. Sharp reactions resulted from withdrawal of loans to meet large maturing obligations. The demands of labor have been important factors in the trend effecting unsettled conditions. Call loan rates at 15 to 20 per cent urged extensive selling, and the resulting liquidation exerted much pressure. Weak closings following. Fools were in evidence in the higher priced specialties. The quarterly financial statement of the United States Steel corporation met general expectations. Further broad inquiry for coppers and the continuance of demand in steel and iron products were important factors governing the market.

decide suddenly upon drastic lowering of wheat to consumers. A statement by Julius Harnes, however, that the wheat price would not be cut, caused the market to regain part of its lost strength.

ti (Iain and rsr.n. (Crrrl44 PUy by O. ". Barren. ?tar Mills. K1rf... r.i SHELL CORN Taj Ins $1 (C OATS raying" 75- , nvlltng sö to DO. KN Sailing 2 . Suudred MIDHLINUS i:t:;r t hundred. CHoriL'l ri:i;i Sellin.'. 125 er e SCRATCH KEEP Sellin 1.25 per t WHEAT Faying ?2,l4.

UVE STOCK. Crrl& lifttl.T by Majvr Dr . ft. Luffas St.. Mlakawaka..) IU'AVj" K AT STKKR.n 1'alr to ood I'.-Jllb-: rrm, f2.il4v H(M;n l.?tfc(, i."o P. . 2"-. 1'.;175 11-. ; J up. 'Ji'-j. .

CittKUd IiU by T'rnT Ilro.' i4 trf. tZtf s. Mi.hiatn ft. COW l'KAS-H to $0 .I l' A N USE MHi.i-'.. lo 3 50. RED CI.oVEK-f25 to $2v ilMUlllV ftjOO to Ki.i i4r J.O0. suV REANs-o to ftl hOtTAN tiRASS -vVh ;rr hundred. "I'Kl.iZ 4 inx WINTER OF HAIRY UETCH -15a0 5 t. N l- l.HiV E Ri 2io lb. Al.SIKE-23 to I2T 00. fcl.t'E I i: A S S lä. 75. WHITE CLOVE K -1.22.00 to KA. v pi; r i T.o El;-ll co MAMMOTH CHVEK .2; t. f .0 ALFALFA 41. . V, Ulli iEAö 4.:: to fi.yv

rOCLTKl A.M MFAT.1. trrTrtl Daily h J'.inl'a M.-bf 111 r.. f. HI. .I. REEE K't. '';. : '....iiir.g. 2 LAltI l'aj iLg 4-. M iliar 45. .

PRODI f M UNIT. (Crrfj4I to'l by Mi '.lUirrUood trrr. tin V M-o t.) RtTTER ANT) l.;s- r. iurj Putter, p.i)ltig 57- i"Miiid. p..'.inil ; cOtaütry butter, jayicg 5o: i.... i.itm

A declining market with all the aspects of a continued decline, suddenly transformed into a wild sky

rocketing adance. featured the' grains. ' Hams over the great belt at first t ased the corn market, and lowered j prices. N'otu e of 15 days embargo on shipments of coarse grains to1 New York assisted the move. Oats 1 and other crains followed tht trend ! of corn. Then Washington advices! rt 'garding the lowering of food prices became the all important feature, and liquidation was heavy, efi. 'ding furtii.-r breaks in the mar- ' kit. Finally unsettled labor condi-' tiotis sent prices .-iti'.l lower and man fortr.t r l ulls turi-.ed to the b ar side lieay arrivals of new oats weakened that grain. Farley and rye suffered icsscs. ute weakness resulted from th ' possibility chat Washington" mich.

55 p..unl; egg;, paying 4V doeu. p!1iutS deren. rbllls A.M VEGETABLES Fruit j. C.i'.lfrnii nav.il .rang-. UK- pr 'oz?n, leni-'na. .i5- doen; :mu;in.m. lox- pound; irt;in;i p.t.tt.es, '.&) bu.; new cat;l ..e. telllug 'k.' puUlld.

LIVESTOCK. The upward movement following abandoment of race riots at Chicago was in turn followed by a newprice tiisturbance more far-reaching than its predecessor, and more full of portent for the future. The popular outcry against food costs, and definite action planned by all branches of the government, which had thrown corn traders into n panic, forced hog prices down abruptly. St. Faul recording a loss of $2 Tuesday, (iood cattle met Very fair demand and top steers at Chicago reached $18.60 Tuesday, the highest price since May 12. Hange cattle receipts continue large and hold the market in check. Country-

While the popubor. agitation and outcry against the high cost of living has gravely unsettled business, it cannot remoxe the underlying fundamental conditions which determine prices. It may reduce them arbitrarily for a time, but it cannot eradicate that impulse which kc ps pushing them up. ; A positive and acute world short-! age of goods followed the war. Frolligate expenditure and the indis-, position to work etflciently have since tended to aggravate the shortage rather than relieve it. The remedy lies in increased domestic production and in the rehabiliation of Furopean industries to such an extent that our immense volume of exports may decrease, leaving goods tor home consumption. The present movement should accomplish much in checking the rapacity of profiteers and the fc pernicious activity of food speculators. Hut high prices followed other wars, and will surely follow this war until reduced by normal process.

I'lTTMJT KUII LIN K STOCK. riTTsr.l Kt;. l'a.. Aug. 1. -CATTLE Receipts light; market j (ady ; ' clmi. -. S15.2.Vr Pl.oo; ko.1. $14..Mft 15. .'ui : fjti.-. SI 1.50'rl 12.50: veil I calves. J-20.IHH.7 21.00. SHEEl" AN'H LAMKS Rere'pts light: niiirket xteiidy : prime v.ethers. $Pi4i 10.75; good, jr.f.oofa lO.Oo; fair mixed. $vmr?jN..-o: lninlis. VU'of.; HI. 50 Ho;s Receipts light market highe.-; prime heavy hes. ?2.1.(h 2.1.25 : mediums. $23.75. 21. N5; heavy Yorkers. 2::.75ff7 2.1. s5 ; licht Yorkers. 22.5K,; 22.75 ; pig. .522 l to'.;. 22. 25; rough, Ms.lM'ifi jtMMi ; stags. $15.(01 1ö:A).

, INDIANArOI.lS 1.1 VK STOCK. IvIHANAr(LIS. Aug. '.- IHKiS Reeelnn. :'..5ao; market lower: let heavier. 22.40'ir22.- ; niediunif and mixed. $22 AWa 22.) : 4-oinmon to clioh e. ?22.40i22'm; bulk of sale. $22.50. CATTLE Receipt. 20; market steady; teers. 14.0O'i7 17.50 : inns and .jelfers. .1i.OIKfil5.01. SHEF.r Receipts. 200; market steady: top. d.0O7.50.

THO

McKENNON COMMISSION MERCHANTS ; 301-304 J.-M. S. Bldrj.

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II in ES AM TALLOW. (CorrecteU totlir b . V. LhpmB. tit N. Main t.i llile. 25y.'kV; .Ifnkiii. 4iU7f.'. Rendered tailor, ü'ii". Ib.; beet uns 'Im- pouitd.

ri.ITHIOIIXT OIL. luulJ by Oi "Oil. Palm ml lrUg lport4r." I'. :prmint. Uns s.mv.ji -.5 b'ttlf-H P IHl'.f l a .' rt-ttibrd s..Kn '

PhonesBell 390391.

Home 2028 2098.

Members: 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.

22.V: p.oklrisr. M'i.ooT22.'..; p!g

K,y". p. 25. C.M'ri.i: Re.vipt. 1orm: m.irket M.1'I ; beef, .Y.l 5 10.25: butcher tt.-k. 7.4'r,; ir. .( ; cunners an;. cutter, ftioo ('C, .-4i; vt.ker and feed rü. $7 OO Vt .'k) ; (.-..w. .7 2-V7 14 5o ; calves. .ls ooi 10.5V SHIJ;p Reeeipts. 4.(io0: market fe i.lv: wool la:n!'., W'i 17.25 ; eucs. $2.75'' 1 1.75.

CHICAGO CASH GRAIN. CIII4;.. Aug. P. W1IKAT-

-o.

red. 52.25-..; N.. .'5 red. ?2 TJ' ä'J 2' ,

No. hard, .2.10!.,. (N)RN No. 2 x-ellow, $2 (s ; No. 1 mixed. $107. OATS No. r, white, 7,."77-i. ItAHLKY No. rve. .1 55,'i 1 5. TIMOTHY-?:OOf7?ll.73.

I1ST IH'FFALO I.IVK STOCK. KÄST IU'FKALO. N. V, Aug. n C ATT LR Receipt. "50: mnrket sb.w. steady: prime .feers. .lt'...vw,j is no ; l"itrhr grades. .10 (n'-f.l. on ; f.ws. $5t 11(h). CLLVi:S ILeipts. !: market native. 51.50 h.wer; cull t diol.-e, S5 Oovf 22.00. sm:i:r and lamrs RoMipts. 20"-. inarket active: l.ini'is 2."' lower: other

steadv; elx.i.-e lnmb. SIT oorl 17.2.: Uli)

to fair. Slo.OOfiKT.".: yearliDs, jujovf I400; sheei. .5 (h, H on. IllHiS Re.'eipt. 2.000: market a tive. 25- up; Yorkers. $22 .Vr,;2-". r0: pigs. ?22.0tf; 22.25; mixed. 2.1.50 : he:l v v. 2:'..25 i.2a.5o: roughs. SlO.'rfi'd 20.75 ; stacs. P", o.if.1 17 m.

ATTENTION AUTO OWNERS! Enjoy your week-ends away from the crowds or take an extended trip. Our Tourist Tent is just the thine: for either. A poleless tent that is waterproof; mosquito and busproof; yd well ventilated. Packs in a small hap for traveling. Let us show you. BLACK TENT & AWNING CO.

215 WEST JEFFERSON BLVD.

Lincoln 8824.

Main 2232.

DRUGCIST. Auditorium Tbcater. The Big Cut Rate Drug Store OTTO C BASTIAN,

FIRST NATIONAL BANK Commercial Accounts Solicited

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Value of Property: $2,000,000.

0.000

Location: Sheridan Road and Argyle Street.

The Somerset Apartment Hotel, Chicago First Mortgage 6 Serial Bonds Safeguarded Under the Straus Plan SERIAL MATURITIES OR AMORTIZATION

Amcvnt $40,000 60,000 6?. 003

Maturing July 15, 1921 Jut 15 1922 Ji?Jy 15, 1923

Amount $65,000 65,000 65,000 680,000

Maturing July 15, 1924 July 15, 1925 July 15, 1926 July 15, 1930

Amount $70,000 70,000 70,000

Maturing July 15, 1927 July 15, 1928 July 15, 1929

$!,000 and $500 Bonds in all maturities; $100 Bonds in 1930 maturity only Issue dated July 15, 1910. Interest Coupons Due Jan. 15 and July 15. 4 Federal Income Tax paid by the borrowing corporation. Callable at 102 and interest. Principal and interest payable at the offices of S. V. Straus & Co.

eECU?JTV$ Tbsss bf?nd ore a direct closed first mertgags on the Somerset Apartment Hotel, Chicago, V.hlsh V.'ill be en eK'ht'story fireproof building of reinforced concrete Construction. The building will contain 203 HDartmentä Comprising 441 rooms arranged in one, Wrd, ihree Rnd f&Uf room suited. The first floor -will contain ft spacious lobby and dining room, with other rooms for the entertainment find convenience of guests. On the roof there will be a eolnrium and outdoor promenade. The apartments will be completely furnished. LAND I The land front 201 feet on Sheridan Road and ha9 a depth of 143 feet on Argyle Street. The lot vill be praetls&lly covered by the building. LOCATION I The location assures a constant rental demand.. Sh pridnn Road being the principal boulevard of the North Side of Chicago. The situation at Argyle Street ia especially advantageous as it affords the fastest elevated train service, through-route street car service, and enables the tenants to enjoy the business facilities vhich nrc within on block.

VALUATION AND EARNINGS: The property, land, building and equipment is conservatively valued at $2,000,000. The net annual earnings are estimated at $199,880 more than two and one-half times the greatest annual bond interest. MONTHLY DEPOSITS: To make certain that the borrowing corporation will apply the rentals cf this building as received each month to the payment of principal and interest, monthly deposits with S. V. Straus cv Co. are required. Each monthly deposit is one-twelfth of the principal and interest coming due each year. From the sums thus accumulated principal and interest when due will be paid to the bondholders through S. W. Straui & Co. RECOMMENDATIONS: This issue has been surrounded by the customary safeguards of the Straus Plan to which is due the record of S. W. Straus 6: Co. of thirty-seven years without a dollar's loss to any investor. We have purchased these bonds with our own funds and recommend them as thorougMy safeguarded investments.

and theaters of the Wilson Avenue district, and the beachesof Lake Michigan, which arc within one block. PRICE, PAR AND ACCRUED INTEREST TO NET 6 Call, Write or Phone for Circular No. L. D. 611 ST. JOSEPH LOAN & TRUST COMPANY SOUTH BEND, INDIANA Sales Representatives of

SM.

TRAUS &: CO.

12TABIJSIIT.D I

LNCORFORATlö