South Bend News-Times, Volume 36, Number 250, South Bend, St. Joseph County, 7 September 1919 — Page 13

M'rY. ..riiTi:'M!tr:i: 7. ion. 13 N HE WEEK IN THE WORLD OF BUSINES Stocks and Bonds Manufacture Domestic and Foreign Trade

id OUTH BEND NEWS-TIMES

WS

OF

EXPECT ACTIVITY

N MET MO

N GOME FILL Foreign Credits Await Settlement of Other Questions and Surplus Creation.

IK.iI luln I..H I, . .IIa, i K. .V O 4P TL- first w-ok if. September marks I,:, t,f', sM'l i. it. l jf tl. p.ivl.ir of th ?"immor period, ; Jiutf t Snju. .. r, aiv.ajs .lull financially, and the re- j J.fn :,V ,v7) neual ff investment buying on ani'''"'- Leather .. ".' 1 ' . v ' 57 r.I.irgintf wale. Iiankerj rorc-sco;c m. - st. I. : Ki-t-itly inTo.'uSPiI activity. both for-I J, "Yt . ' l" V' A 'Ja'i

I jL'n and domestic. Domestic npdsi' ulcnc will aggregate $1.000.000.000 this fall, it has been estimated. The r.ifinn cntirs what mav ! the most . , . , ... I important sMon In Its hi-tory with. !,.,nks prosperous, money adeMuxto. j ar.d general conditions sound as . ,.. i th- federal rfsrrv' banks net pro.it! or L2 per cent, for the. first six months In 1919 attest. New security Issuea fell off durinKi August .pending further develop-. iiientn in business. Should the rov-, rnnient attempt consolidation of its; war debt, such as would" improve the market position of Liberty, l.onds, new small holders who recent' having their bonds sell below p.tr I would view with favor th to buy other bonds, and invitation I we'd. Ilxpext V. S. Inltlathc. Little progress i reported in, the extension of credit to European buyers Lusim-ys men feel tho povrrnrnent must take the initiative. Congressional and executive attention has been diverted from tho Iide 1 ill and Davison plan to issues! more immediate and clamorous. lik the

m . .1 a a LotrJon bankers antfripate. a furthr lr.-p In sterling with S4.-O0 a.s the lowest point. The Hrftish fovrnnient. is inclined to view present relative exchange rates with coinp. . ic. ru e, aa sireiiptneninff Hritaln,t trade position. Stocks in this cuiintw now are low. When, a surplus beings to accumulate. th- need for outlet will be recognized, competent observers think, and the adoption of Mme comprehensix e cremlit plan will follow. Stimulation in Ifcscvnt. . Call rates have held .steady around Fix per cent., figuring littlo in market operations. The irller descent to three and four per cent, t-timu-lated the acceptance market. Heavy ü'iuidation vastly Improved tho Mock, market's positUon of a month .u'ii, reducing loans $400,000,000, according to some estimates, but Mocks nevertheless feel the presence i f money restrictions In tho background. Time money has held s (ady. Th 45th annual convention of the American bankers' association will begin Sept. 29 at St. Louis. The bankers xvlll ditcuss foreign credits, the. railroad situation, and labor trouble, among other leading questions. BUSINESS OUTLOOK Question of Emphasis Whllo labor unrest ha. become ir-.ore Intensified, and labor grows more articulate; while foreign exchange has declined sharply, checkire exports; and while crop damiik;e intrudes a new element in buslr.fs calculations: all thi3 as comI ared with tho period of greatest optimism, reflected in a highly peculatlvo market, only four months ago ne''"rtheles much in tho present situation proceeds solev from gradual shifting of emphases. Labor trouble were much in evidrr.ee last spring, and the final reckoning, with many necessary hinges, deep-seated in their nat re, could have been discerned Ti e fall in exchange and possible rep damage might have Ln dis":ntd. Instead, the speculative I'lh'sc choss to Ignore the labor factor, and other disquieting Influ-er..-es, while business concentrated ;n preparation for the great era f prosperity that was to come. Now the pendulum has swung the other way. The tendency is to ex; it .Terato ouite as much ns it was j t under-c mphasize three months 'o Present uncertainty follows a sMft'ng of emphasis, induced by i threat of strikes and rising price. America's foundations are secure. . 'ike in vtriU leadership, in poüti1 democracy, in well-balanced c-.tiership and In abounding wealth; as sound as last spring. future orosperity as sure. The -inity displayed by Ibor leaders. h. che k en prices, and the imi tr. S'.r. conf.-r. rue between capital .Tel ''! 'T Ml" lid S.T.-llie the shlft".c cf rmphaMri. not from the vtr. r.c f doubt and caution l ack t tho. extreme of ptimi.m. but to to diddla ground of fact and reason.

limn roMt ot uwnK una ine su iKe i r7ystallized in opposition to unendinovement. Loth public and private j jnJ5 strikes and wurc Increases. The ;.etion ia the matter of crt.lits iittirnin point nepms to have been tontinpent upon ratilScatlon of tin; x cached in the stock market. Price peae treaty. laKitatirm has failed to create bearKoreiKn exchange has touched new hsh sentiment mainly because stocks low levels. Some improvement fol-lof hich cost proods are low and tan m-. d. due to technical situation. I be moved successfully.

Range

M. OJilv TOC M:u" oi:k, ..i,r. ; -il I.V. i:;.v. ! Al. Kiirn. Torn. 41 10 44'. . A. ' , 1 1 1'h r, p . 1 r,-, II1 :i ' 1.'7 7;' 4 nu IIP. '"'' 117 4M-, 4:, j Am. m Co. . . r, i i ; Am. (;.! r.ij ..ivv ia. Iru- svn. 1H4 V; V- i1 127 7;', i"i li:: '.7 ", 111!', 4o sh i . .Tn. 1.0 i. ..4' . 77' Ml 1111:' 4P, -7 A in. Saif !t. ... 77 1 4 Am. TO .V Tf Ik- l X "S Am Wool lr. An;o nrid.i '"p.. . I.V., IV !:' i IV.:, W'l 4-1 lt.' I TP -' ' s.V . P. A I1 TP.. S.V.. 1TJ p: 7. 1-S s TP'' ::, M lr.T . 1", 7'j Chill Copper... :t" Corn TrtliK t.i. . v".i . - P S. Food . so. vi i:ri" Can K; William.. :ur lrat Nor. Ore. 4.', Ureal Nor. Ity... Tn)p,.t Al-o..l25. 4 ::("; f - r -' 7'. 4t i

Trend of the Markets Stocks Grain Livestock Cotton

Improved industrial conditions nave the market a new undertone of confidence, and manv trailers be lieve that favorable developments i would lead to a pronounced recovery throughout the list. During past .'weeks the trend has been undecid ed Action In concert ry the government anI labor leaders to avert the impending railroad and teel strikes greatly heartened husiness men. The coming industrial conference should prove a stabilizing influence. Public sentiment has CJHAT.V. Sentiment has ruled extremely bearish in the grain market. Sharp breaks in corn have earned prices the lowest marks of the season. Hoover's remarks, in which he blamed speculation for prevailing 'high costs, brought a selling rush i that carried prices downward with a crash. Dullish crop reports have received little attention, although a reported los.s in the Kansas crop expectations at one time caused a rally. Corn receipts have been rather liberal. The embargo against shipments to Atlantic and Gulf ports, announced by the United States Grain corporation, apparently affected oats more than corn. The latter grain has generally followed corn, but fluctuations have been narrower and oats have shown some independent strength at times. LIVJ'STOCK. Hog prices touched their lowest point since March with continued agitation against high living costs as the chief bearish factor. Those who know say that the end of the decline has not yet appeared. All branch s at the yards have been panicky. Trade in cattle has been very uneven- Sheep have ranged lower and the demand has been uncertain. Indications in the cattle market are believed to favor lower prices. Although rail dif f iculties have probably at times halted the movement of stuff, some growers are doubtless holding back in order to strengthen the market. Packers appear very uneasy over the price situation. The action of the government in establishing retail stores was a signal for lower prices. COTTON. Further advance in the cotton market seems to hinge upon the extension of credit to foreign buyers. Domestic consumption will probably not much exceed rt. 000, 000 bales, mos estimates agree. Kxport before the war averaged about o,noo 0"o bales per year, but sank to ü.r.OO.öon bales. The governm nt crop report for August created some bearish sentiment by estimatirg the new crop 113.000 bales higher than lat month. Adil to U.'J.o.ooa Laies a total carryover probably not les.s than 4,500.0C0 bales, although estimates here xarv widelv, and the supply seems i more than ample for requirements. Domestic mills lack the stimulus of foreign competition. Hoblers are not yet apprehensive, although the new crop may force them to sell at lower prices than have obtained. Competent observers feel rr.nrket will not regain level, but that rrices will around 20c. , that the th 36c fluctuate WOOL July wool consumption at 63.onov f"H" pounds an increase of 8.000 over June and almost three time the February consumption lent the wool market encouragement. Stocks on hand Jur.e CO are nearly 100.eOji'oi pounds greater than last year, at 4:,.C,"OOo.i0 pounds, but ni:iv riot I taken as excessive when the p:ser,T trade activity is considered Woolen kood. and hence wool. arj not unaffected the cam-

of Prices o f Stock Exchange Saturday

Iii'-j.ir.irlori Int. Ni ktd ... Jtit. l'::fT ... L:i k. .t-! . . . I M.nv.-il l-t I'M... .M.-ix. -Jn.l KM . Marin- 'rn. . . ! .Marine I'M. . . j Mexk RU IVt. . . . Miami -j'pfr. , Mid vale Steel.. : MiHi;iri Kae.. . ' Nat. linaiuPl . . I Nevada 'op. . . i N. Haven Ur... d r.P, 7 s.,., r.M' -'7 " "-, 's 7 ". '1 rr' ! vP- i -l 'n4 I SI I :jt,. n'i ; IM I si i P , .V. r.o t ."tJ'Vs : 4' iis ;p.. '7 Tv :d lit-. j;p , .!- l--r,' Pf4 nr. . sd :! sP, 1 1'.'. ' 77 -7i : üi' i i vi;.' i i IS-, ; Northern 1'ao. . o. Cities tins.. Van Am. Oil .. Kennsyl vaul.j .. I'itts. Coal ... Ky. Stel Spun Keailinff Ktp. I. S. .. Stnelair Oil .. Sou. Knr K.v. .. SotitJiern Ky... Sttlde. Com. ... ."P . 11. .- UTS ?7; ?', :i p-ö", J-P'. 4 rr-., lj:; 1 TT1 .7.1 H lo 'i 111 4- . iji T';i , inp. TT i :!" ! ll-'-N 4v u.V.-; ii ; Texas T( a s t'nlon P. S. r. s. r. s. Ctah Oil ... r.ic . Kae. .. Kuhber. S. Com. S. I'M.. Oj s.v; i Ml r,p.'. 1 sP v. '-st. i ii in Wextinirliouae Wllhs over. Wilson Co iP . pain against va irices, but ad mittedly they feel other lines. it less than some t mi:tals. Quirt prevailed in the iron and steel industry for a time, owing to labor uncertainties, but temporary abandonment of the railroad strike, and postponement of the steel strike, pave the trade a forward im petus. The mills expect a heavy volume of orders for finished and semi-finished products. Consumers have been proceeding cautiously. Problems of finance and transportation somewhat complicate the future. Prices remain steady with little talk of an advance. The milla are pold up for months to come in many linen, and show slight interest in co'itructs running into next year. The scrap market is lethargic. MARKETS Chicago I'ltonrcK. (TlICAtiO, Sept. G. HIT T VAX Creamery extras. ,V; standards. ÖJ'.jct ; "it . i .... .I -. - .. . . mi i '-. I1IMS, MHKJ.H; M'eilllUS, IXWIJ'i. l.;JS ordinaries. ;;swLj.7, ; tirstsi 4oc Clli:i:si: Twins, I'V.c; Americas, oi yi (j .-. POL I. THY fowls, ducks. LV; gPfMe. L'2e; Kprilig, 'M.-.e: turkevs, ;'.)(. POTATOES-Cars, '2'2: Wisconsins j.er 1X) 1!8.. ..'tHK.Llo; Minnoetns, per lo lbs., $.'UoL' 3.-;. CHICAGO LIVi: STOCK. . CHICAGO. Sept. C. lIOS Kecript, 4.eoo: market L'äc-oOc up: Lupher. Ms ihLII.:.'.; packing. .li!.7o'Vr 17.73 ; Ugtit s. .lr.tf;.: -."; pigs. 10.7örx l'..(H); rvnglis. ?l;.(io(r .7. " CATTLK-Kt pts. 2.fH): market .V."W up; bt-cf, : .'io'Uls.oo; butcher Mnck, $7. OO'i 11. 7.'; canners and cutters. ..".'.Va i).-3; to'k.'r and feeUm, J.7."'VM',.7." ; cows. Si',.7.,r,; r ."a ; calves, SXHHt l'l (K). SIIi:i:i' lUMeipts. 7.ixx; market IThup; wool lambs, ?.., r,j vj.-jö ; ewes. ?M;5 f; s.;,0. CHICAGO CASH OKA IN. CHH'.VliO. Sept. . VVHKAT. -No. red. 5"c ! No. 1 red, Ni. a red,; S'-M.'O'o : No. ' hard. V.'.J:;-'! '1 IM ; No. hard. .')l-fs .-14 ; No. a spring.; COHN No. 1 vellow, Jl.tMfiil.'ii'i:-No. I 2 vellow. $l.o;il'r l.'s ; No. d vellow,' Sl.tV; No 1 mixed, Sl.lV.'&l.o; No. i 2 mixed. .l.'.'i' '. l.t7 ; No. 3 mixed.! Si ;;' . ; No. 4 iiuxe... l white, Sl.oT'u l.o7' .. ; No. 1 white. Slt'7'a; No. ti white, 5l.r.iu.. OATS No. .". white, VJVj i 71' -2 ; No. 4 vldte, ;7c ft j ;.). HAU!.rA- l.J4ftjl .V, liYi: No. j. si ;;.v,j 1. U' i. T IM ( )T 1 1 Y . s . ." i ir 1 1 .00. i:ast iirrrALo live i:as: hi tkai.ii, n. y s I III. t. j Sept. v ; CAT I I II- Kecvipts, Coo; steady. prime ster. Iii-, rtnt t:lrin . .17.(Hft2lS.(H); butcher prade, J 11. ( i l. JÖ ; cows. C'Ai, l.S lUceipts, lOd; tnirket ac tive, xteadr; mil to i lni. e, (M.eii -.",.:). . SlIKr:!' AM I.A.MI'.S KecelpfC K) ; i market ;utie; lamls -."f up; sheep steady; cl.oi. lambs, $11.0047 P'.oo ; cull i to fair, $11 tHMM-'eo; yerliugs. "i.Odftj 10 oo. I HOGS IU eipts. '2:200; market ac- ) tlve. .Oo-öa' up; Yorkers, ?o.75; pig. J11am; mixed. S-U7ä: heavy. SllMJ:i roughs, KVoo'iilt;..V; "tags, ?ia.0.ftj 14 Mü. INDIANAPOLIS) LIVK STOCK. INDIANAI'OLIS, Sent. 0 -IKHJS Re relnts. iTi: market Mtrciiuer : best hear-! j ies. fls.T.VirlV.UO; mediums and mixen. ' M'. J.'ftf p. 4ii ; common to choice. SlllXTTT 1'.' .; bulk of sales. .1 fHV,j l'...0. i CATTLU-liecelpt. -"oo; market sten.ly ; steers, iflU' 17. .V . cows and' heifers. $ä.00jltÖ. riTTsnt ltd LIVK STO( K. ' j PIT TSrd KU. Pn , Sept. ;. CaTTI.K i T. Le. ci i't light ; mnrket steady: eholee. jlaco j i-o); aood. ?14 ZtMjir, ..".; fair. MI iy 12. ii : teal calves, SJl.Wd "J 0 S1II:1:P AND LA.MHS Ueeipts lizht: market tronc: prime wethers. $..." .j lju"; pooj. M.r.'fioo; fafr mixed. ssa Üli.73. HtKfS Receipts, s doulddecks : market higher; prime Leavy hot, ?20!5Kti me.huuis. $-0.53o t; heavv Yorkers. JiUMIf-a) V. : licht Ynrkeri, tin rxK-10.:-); pi-s. Ms .V-iia oo: roueh. Mrt OO'Sjn W; taa, $13.00y 14 ("). CHICAGO (iKMN AND PROVISION. riUCAJO. Sept. G COKN

spt. 104 ir.4 inc tji. Pee. 131" lXa l.Jo' . 1.11 Mir U-1 1.".o 1J7 12y-, . OATS I Sept- 70 70 ! Iec. 71L 7.-, 71 72S j May 7a '-4 7ä 74 -2 7.vPoi:K - I vt r., oo j LAKH ! o.-r. -27 2't .,7.:to :,.: ! uir.s 1 Oct. ZZCA 22." 2-U

SEE LOIR COSTS TO RESULT FROM

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lit! I I I I I IM I I I I I HI

UYILUUI- U I LLU UL

Think Farmer Must Watch Marketing Closely in Order Jo Keep Profits Up. Pres't Wilson's pledge to the unions making postponement of the railroad strike and other strikes virtually contingent upon the government's success in its campaign against the high cost of living, assures lower prices for some time. The labor threat will operate as a I tore powerful ir.:lunco- than any other a.s yet brought to bear. July lood exports show a marked decline from June. Hoover's statement that v harves and warehouses in northern Luropean ports, are overflowing with food stufts. principally meats, fats and dairy products, tends further to confirm the downward trend. I'armers are prepared to face still lower prices than have yet eventuated. In answer to the perplexing question, "What should the farmer b with prices tumbling," market critics advise moderation. If producers flood the grain and livestock markets in an effort to realize at present levels, they will only effect violent breaks and suffer the more. All this assuming that car shortage permits heavy shipments, which many doubt. At the present time, producers will hardly find it wise to hold tenaciously. Quotations are bound to range lower. .Must Work Out Salvation. The farmers' answer to the movement against food stuffs is that farming: must return reater profits than before the war, or the best men will be drawn away to other industries. The past furnishes no I standard for the future. The dayst of struggle for a pittance have- gone. in farming a.s in labor. In part the farmer must work out his own salvation. He must pay close attention to marketing, and adopt various means of obtaining" his full share of the price which the consumer pays. Then, too, he must wisely regulate production. The national conference between different interests in production, announced by the president for an early date, has great significance. It will undoubtedly be the occasion for much plain speaking and, if dominated by the spirit of cooperation, should achieve results. It may even herald tho initiation and later voluntory acceptance by capital and labor of a plan whereby the latter may participate both in the profits and control of industry. The president frankly suggests a modification of the present wage system. In this monumental and historic conference the farmer will have a part. Hoard Support New Hill. The Capper-Hersman bill, has recently been introduced in congress THO

McKINNON

COMMISSION

ij

301-304 J. M, S. Bide. Phones . Bell 3S0 391. Home 202S 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,

!

PLUMBING AND HEATING

to legalize "collective bargaining" by farm organizations. The national board of ' farm organizations sup-' ports it whole heaftedly, declaring that farmers have the "inherent and fundamental right to organize, to consult with each other, and to prescribe terms of sale." The Capper-Herman bill simpl' affirms this right, declare its advocates, and! clarifies obscure provisions of the !

j Clayton and other anti-trTi.t acts. j Heretofore the farmer has been, almost powerless to affect prices directly, and has often been compelled to sell his products at a locs. He should enjoy the same privilege as labor, providing his combination to fix prices does not constitute an act- . ual restraint of trade. It may be unwise, however, to exempt farmer wholly from prosecution ler the anti-trust laws. tlu unPrices Have Upward Tendency As Materials Show Considerable Activity. The building industry labored under severe handicaps during August j The strike and lockout at Chicago delayed $100,000,000- in construction another month. while persistent strikes retarded building at New York. and Philadelphia suffered from the damaging results of a bricklayers' strike. Car shortage vexed building materials distributors at points in the east. Near-, boom conditions prevailed less than during the spring. August construe-; tion in Philadelphia decreased $600.- ! 000 from July, and other totals gav' only moderate encouragement. ! Continu Despite TnmbJc. Nevertheless much building does actually proceed in spite of price agitation and labor troubles. The demand for building materials has ; been fairly active, and expanding in manv retrinn. The south rPDorls a Buostantiai volume or new substantial volume of new building. Structural steel capacity takenin July rose to 7 4 per cent, although August figures, some authorities be-j lieve, will show a decline. Portland j cement mills supplying the New) York market reported twice as manyj barrels of cement contracted for ' during the first 20 days of August! as in the entire best previous August since 1916. ) j .Materials Ärivnnce 1 Materials prices have advanced in many lines with the trend generally upward. While lumber prices show increasing stability and production gains, it Is believed that prices generally have yet to reach their peak. "The. price situation is shaping itself for future rather than' for immediate building conditions.", say the Dow Service building re-! ports. "Instead of timidity there is an almost general attitude of preparation for a vast scab- of building work. Mills are taking advantage of a slight reaction in order-, placing to replenish their bins, racks and stacks.' j

LABOR TROUBLES HIU BUILD Ii

1 ' rj

I HE'S THERE WHEN CALLED FOR You won't be provoked having to wait for our plumber when you need him. People who call for a plumber in a hurry want him right away, not tomorrow or next week. Promptness, expertness in our repair work, courtesy and reasonable charges are all part of our service. We install sanitary plumbing equipment of all kinds. J. A. LUTHER 118 W. COLFAX AV.

Yon Can Walk Up Diamond Avenu

Must

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Act

eein

Is

Believing

A

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Owners and Developes of Vassar Park, Edgewater Place, Indiana Avenue and

H. A. Robinson and J. H. Kelsey.

IBniMIng Weather These bright Fall days are just right for building. You who are planning homes should start now avoid the rush of next season. 4 We can help you. Smogor Lumber Co. Laurel and Division. Main 122. Lincoln 5122.

USE NEWS-TIMES WANT ADS

all the way now from Lincoln Way West to Portale Avenue right through "Vassar Park Addition." The sidewalk is all laid now and the pavement will be down within 60 days. What a transformation from a waving tield of grain to a beautiful boulevard drive dotted on both sides with pretty homes, all within four months time.

uiCKiy

if you wish to get first choice as many others are now doing. Every day sees a number of new sales made. Those wishing to locate in Vassar Park, South Bend's largest, newest and fastest selling addition, are requested to call at our oliice for a plat of Vassar Park and take it with them to the addition. All hits left for sale are marked with sale cards, giving number, price and terms as well as those that are sold and reserved for building.

and we might go on for pages telling you of the developments and the advantages of this ideal home-site and you would not grasp them. We suggest that you arrange to visit Vassar Park any day convenient and see for yourself volumes more than we can tell you by the printed word. Sales Agents will be on the addition all afternoon.

aas

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Oak Park Additions Sales Agents 1QG Safety 5 Interest P i id on Savings Accounts Iwter st from dat of depo?:t. Safe Deposit Uoxes. LOANS .? 25.00 to $1.00.00 or nmre at r.or.iir.al rate of ir.t res!. The Morris Plan Company 1211 SO ITH MAIN STltliin, Opposite ('urt Moum-. 1 il DANCING PARTY ij risher s imposition l Orchestra ' Wednesday Evening, ,: Sept. 10 j: at I Hudson Lake Casino j Tickets $1.50 f; Now on Sale ri iTrv NEWS-TIMES Want Ads.