South Bend News-Times, Volume 37, Number 214, South Bend, St. Joseph County, 1 August 1920 — Page 11

Sl'XDAY. AVC.l sT 1. 102 1 t NEWS OF THE WEEK IN THE WORLD OF BUSINE Stocks and Bonds Manufacture Domestic and Foreign Trade

THE SOUTH BEND NEWS-TIMES

COMMODITY PRICES

Developments of Month Past Confirm Downward Trend, But World Conditions Do Not Favor An Abrupt Decline in Most Commodities.

Tha part month hajs apparently brought confirmation of the downv.ard trend In prices, although the evidence Is by no means conclusive that the decline -will not b interrupted. A majority of prices show im admitted downward tendency, l.ven foodstuffs, which have maintained their elevation tcnaciou-ily, u'e bending lower. July may be ej vcted to perpetuate the June- trend Ja whol-bale prices, which fell fc!l?htly. The pric movement downward is a world-wide phenomenon, indicated by the index number of the London "Ilconoimst," recently ;U tho lowest point since January. 1'rices as yet have not developed symptoms of a rebound, following the rtctnt wave cf price cutting and liquidation. World conditions do not favor an abrupt decline in price. While the t.T mediate demand fcr poods in thii ountry is '("-s urgent th:ui at any time hinco the pnti-armirtice revial of trade bean years will pass before production can make fcood tho loss wustainrd during the wai. The disturbing aspect of Kuropean affairs Is a factor in tmettlintf and depressing' pricey, but the .jutbrea!; of a considerable uar would Inevitably pu?a them higher and produce further inflation. Lmter '11' Price. Greater efficiency in transportation r.s a result of the railroad ware award should play an important part In reducing prices. Asr.iiust tli-s must be M't tlie effect- of the wa-e increase itself. Some estimates, doubtless much exaggerated, have put the burden added to the cost of living at $ 4."0f,C'M,00ü and more. Ixnver coal pr' e.-: will follow scientific distribution of cars and greater celerity in loading, switching and unloading. Th exorbitant price ol toil in many localities rests upon the disorganization of traffic, which Kles speculators their golden opportunity, far more than upon a.' shortage of production at the mines. talk I hennl of profiteering and there are fewer prosecutions:, probably bevaue the worn tit fenders ate now undergoing economic punishment. Fair price committees are at work.

MARKETS

(HIC.U.O L1VK KTOfK. rilICA;o, July 31. HI Wis KeeHptR, 1 -jiO mirUl fp:idVt bulk. Sl.l.Uf I

butrhers, $1.1 1 (J I."; r-ikliiff, $l.V.ti:i.M ; J

roncbi. f V.t M.0O. CATTLi: Keivlpts. 1..V; market .1rnV hicher; beef, S-S-T.'J C,.?ut : butcher MrV, .rl4.7." : ennmr and euttfr.

.-"417; Mockers and feederx. h-sij r. : rows Sr.14.T." ; rulve. .l5.iVa,17.'J... SHE!.!' i:ef i jt s, :i,o: nwrktt low-

wool liimtii. .,yy.ru.4U; iiiorn

Range of Prices of Stock Exchange Saturday

-VF.W YOKK ST or NEW YORK. July ; Ad. Hum. I'M. rv Allls Chalmers, rv. Am. I?eet ucar M Am. Can Co... r.7U Am. Car Fdjr.. Am. Drug Srn. 11 A. II. K Is. Pfd. 77', Am. Locorn. .. Ii'1. Am. Smelting . .Vi1, Am. Hugtr ....UU A. T. A: Telgh. O.'.ii Am. Wool tot?

AnnmnJa lot). J!'

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K.il. I. hoconi. ..Ill

H. &. O Z2j IW-tli. Steel "B" M It. It. T ion Canadian Par..rjrK4 Cent LeatLer.. ZA

C. o. ..... c. a. w. pfd. C. M. & St. V r. M. .t Sr. p, c. ,v x. w. . f. n. I. v p.

Com Product . K Crucible Steel.. C. Cane Suz. .. 4', Idj-t. Securltlen v, Ilrle Common.. l'J i. U'llüam. ... U Ien. Mo. Com. Goodrich .-rfit; treat Nor. Ore .'H7H fJreat Nor. Ity. Kt C.rene C. Cop.. IS Ilut. Alcohol M Illinois Cent. . K2K

K EXCHANGE.

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InoImtlon Int. Nickel Int. I'arer

Kan. City Sou. 17' j Kenn. Copper.. 24 Lack. Steel ... CI1? LehlRb Valley. 424 Maxwell Pi Murine Com. .. 2S .Marine I'M. .. 74 Meilern. IvtroLll MUrale Steel ,TJ Missouri Par. .. 2.V Nat. Knamcl .. S Nat. Lend 73

Nevada Copper llTt,

New Haven Ity. Y No. Pad He ... Nor. & West. . Ohio Cities Gas Pan Am. Oil . PennnylvanU . Plttaburg 'oal

Hallway Stl Sgs Wi Ray Con. Cop . l.Wt Reading S3 Hep. Iron k Stl $K Sinclair Oil ... 274 So. Par. Ry 01

Southern Ry. . Studenkr Com. Texas Oil Tex. A: I'aclHc Cnlon Paclllc . C. S. Ituhter I. S. Stl Com. VlrfflrJa Chem. Wabash "A" .. WeftlMghoujie Willys Or'land

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Trend of the Markets Stocks Grain Livestock Cotton

STOCKS The general credit situation has Improved very little and tight money retains its hold upon the market, as recent events have demonstrated. The market clearly reflects the general lull in business. Industry is watching the stock list carefully for a suggestion of what the next six months will bring. The market has the well-known faculty of discounting conditions well in advance, and it at all times an acutejy sensitive barometer. Broadly speaking, stocks are apt to sell higher rather than lower, barring: occasional sharp break. Whether the traditional August rise will eventuate is a question. Undoubtedly stocks will hereafter sell less at speculative values and more on a basis of their actual Investment values.

EAST Ui rrAU) IAVK STOCK. I'.AST niTr'AI.O. N. V.. July ol. TTJ.i: Receipts, TiO; market low, dea1y: shlj.plnc Meer, 2-Vf 10 ; butcher grades, JVGi'io. CON. J.V.jlO. CAl.VI'.S-Ke.ript!. 1.V ; market ctlve, $1 .V loMt-r: mil to choice. $'0i 10. ."TO. SHIT.P AN1 LAMHS TUi'vlpts. 400; market, lamba slow, 25- lower; li'i ac-

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2."-4V h!phr: Yorkern, 17.2. l...;

jdgs. $17.2.vi7.: rnue i, . 'fi i ; h-.ivr, .lf.."'(iXbJ.7."i; roughs, $12.1.1.50; tas. rlO. riTTSHllKi AW: STOCK, rinsilim;. Pa.. July "1. CATTLH Receipts light; market steady; choi-.. $1.V2MLV73: go.d. ,11'.14.7:; fair, $10 (.il l.M: xMi ralves. $7fr 12. MIKKP ANI IAMUS - Iterplpfs cht: market uteadv; prime wethers. $K" good, .W'io; fair mixed. VH.'l lainb. f 14 fö 15. HO(,S Receipts cht: market steady; prlm heavy hoes, if lj.7.V. 1: mediums. J17.2..'ll7 ."A; heavy Yorkers. $17.2.-' 17..T": lieht Yorkers. .ia.2.v,: lt; ; pU-s. M.Y7:älÜ; rouK'ns, $1214; stas, fv,?. V.

r.KAIN Tight money demonstrated Its power over wheat in common with other commodities when values crashed recently. The cumulative effect of strongly bearish crop reports and tho strained industrial situation likewise made itself felt and inspired much trepidation among traders on th market's constructive iide. The old crop hold-over Is receiving marked attention at the new crop looms near. Weather conditions and car supply will determine future prices. Winter wheat Is moving marketward more rapidly than heretofore and will be a factor henceforth. The extent of black rust is problematical. Car supply is woefully dcllcient, especially in the southwest. Reduced feeding demand and Argentine competition affect corn bearbhly.

tringency, European embroilments, and industrial depression. Crop and weather reports, as with grain, had been highly favorable. A crop of 13,000,0000 bales was predicted, in contrast with quite recent estimates placing the total at not more than 11,000.000. The improvement in condition over the past month has been phenomenal. The goods trade continues dull and weak. Cotton traders found discouragement in the downward trend of the stock market. Whether prices will seek a permanently higher level none can say, but it is hard to see how cotton can remain long on the toboggan when experts say that a much larger world production than at present is needed to keep pace with the demand.

cinrAc.o pRooicK. CHICAGO. July ;n HITTER Cr-mery ritras, .Vie; ht:Mil:ird. VV ; lind. 474-'c; seconds. i'-'ri b' K;JSordluaries. 4r!jU4-; firsts. l.V-'.'M.V. CUKIIsn Twins, 22 v; Anuri as. POCI.TRY Fowls, r-.c; ducks. p-es 2': rooers, 2.V; springs, e 4te: terkevs. 4( POTATOF.S Cars. 12; Kansas, Missouri and early Ohhs. 15.

CHICAGO CHAIN AND CHICAGO. July .11 Opening Hieh W II HAT Uro. -?) C2' Mar. 23 -r CORN jr.lv i.rr r.5 spt. ir4'c l ;t Ie.-. 122'-. 122!,s OAT July 774 774 spf. v?4 po. r,s7; pORK Julr C" 2" .V S-pt. 2137 21W

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IjIT 211 21;; i"2; i: 119 tn 74 26a k 05 1.."0 IT. 43 15 0

IS ION. Clrne 2iä IT. 1A4 130 CO 2.V17

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X dVf&n wall Street

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the btjrjeit raia on Wall

Strt today? What ia hi

name? vVoere did be come

from? What u be buyini?

This booklet," 1 he BLgg-st Man on Wall Street," will tell you. It will open yoer eye to a new condition in t-he Investment Field, uad to a new opportunity for you. If you wtvnt to set rich quick don't tend for tti booklet, but Ü you want aound yet profit bl ht mm iinar.t, by all metvoi end for it todoy.

KRIEBEL 6 CO. INVESTMENT BANKERS 137 Sa LaSaIIc St.-Chicago

LIVUSTOCK A liberal movement of new pfin would improve the stoeker and leeder market, now restricted by the banU:.' unwillingness to extontl accomodation. Farmers wlut have sold a part of their prain are in a position to buy livestock. To meet maturing obligations growers have liquidated livestock on an Increanlns: scale. The market has suffered corresponding depression. Vet. with

the animal birth rate lower than in

recent years, a steady downward trend in prices does not eem to be warranted. The country must have meat and the farmer must sooner or later receive a price in harmony with his cost of production. Recent prices lrtually prohibit the feeding of torn. The ultimate consumer may

have to seek relief in importations ,

from South America and Australia if livestock production declines further.

WOOL The situation as regards raw wool and woolen goods has changed but little. A comparatively few mills arc coming into the market from time to time. The market continues dull and easy. It is no: yet certain that he bottom h.i$ becu touched. If liritlsh stocks tire forced upon the market, prices may Hlnk to new depths. Sales of new chipped wool prefer to hold their wool, for the are few. Ohio and Michigan farmers time at least. The government will hold no .ale in August, owing to the demoralized condition of the market. The impeding raise in freight rates would normally ten to hasten movement of the new clip to eastern centers, hut in view of prices wool growers will doubtless take full adarran?ed through the federal reserve vantage of the credit accomodation bankn.

31 Mr A LS While the steel Industry continues under the domination of freight congestion, the concensus of opinion is that prices will hold firm in view of European demand and needs of the railroads.

CHICAGO CASH (RAIN. CHICAGO. July CI. WHEAT No. 1 rM. ?2"i..Vi: No. 2 red, .V2.r,0f2..12: No. red. $2.2; No. 2 hard, $2.31 ; No. 3 hard. ?2.2V. niUX-No. 1 yellow. $1.4lfi 141tr, ; No. 2 yellow. $1.41: No. 2 mixed. $1.40: No. 1 white, $1.40171.41, No. 2 white, 1.40 1.41. OATS No. .-. white, 71 70c. PAUI.r.Y Oo'r.KV. HYK No. 2, $1K. TIMOTHY $iV.fll. CI.OVKK $27.i:J2.50.

COTTON Pearish factors prominent In other leading markets affected cotton likewise. Among them were credit

P.y United Press: MIIAVAl'KFK. July 31. Lew Edwards, claimant of the Australian lightweight championship, looked for more American matches today on the strength of shading Jack Law Icr. Memphis, in a slow 10 rounds last night.

BUSINESS OUTLOOK

Tho Fall IroiKvt. Industry today Is the object of close scrutiny, inasmuch as extent to which Industrial operations are curtailed through credit stringency, traffic dislocation, and failing demand will have a large influence in deterrrining the character of business this fall. In no industry except those where prices have been marked up beyond all reason, has the abatement in demand created serious embarrassment; nor have prices tumbled to unreasonably low levels. The railroad wage award will Increase the prosperity of buying power of this occupational army, though for a time at the expense of other groups. Unfortunately manufacturers. Jobbers and wholesalers, and too many retailers have not yet shown a willingness to begin scaling down profits, while labor has only Jutt begun tc Increase -daily output. No one factor cares to hold the bag unless it does so in company with all other factors in trade. Until readjustment advances to a farther point, industry must suffer tho penalty of unsatisfactory demand. The people are coming to recognize the desirability of saving against possible hard timet. ITiccs Move Together. Frophets of deflation may well recall that prices are closely interlocked. Community prices move together. It is impossible for one commodity or group of commodities to continue out of line with all other communities for a lont; period of time. Deflation must therefore be gradual and fairly simultaneous, affecting all that enters into cost of production, as well as rroflt.

South Bend Markets

RETAIL TRADE

Merchants Display Caution and Hesitate to Resume Active Buying Bright Crop Prospects Promise Large Buying Power This Fall.

hundred. $-i.2ö per 11.73 pel

HAY. ÄTRAW AND FEED. (CtrrecUd DUr by tti Henley MIUl Fiour X d Ce.. 420 4. Michigan.) NEW HAYraylng $202, selllnjf. $20a30. NEW CORN raying fl.05, itlling $2.01)2.25. S'.ntAW Pajiof $11. jellUaf $14&16 o E6c bale. OATS Paying $1.13. selling $1.20 ot 11.40. CLOVER REED Paying $24 to 26 bu., ALS1KL CLUVEIi filing $32.00. ALFALFA (Norther -n 1 i2S 00. GliAlX AND FUD. (Corrected Dall by D. U. Morgai., 8Urr MilU. Hydraulic At.) SHELL COKN Paying $1X0. OATS. Paying $11-. fteiliug tl.40.

UltAN Selllug $A.0O. MIDDLINGS Stlliug $3.30 CHOPPED PEED Selling CWt SCRATCH FEED ielllag

rwt. .ItIXDINU&-c buibM. W LI EAT Duylug $2.70. IIA' E Paying $2.00 bushel. SKIDS. (Crreted Dally ly Warner Bros. 8d fitoro, 124 8. Michigan bt.) COW PEAS $7.00 bushel. JAPANESE MILLET $3.00 to $G.OO. HED CLOVEUttf-OO. TIMOTHY $7.00. h PELTS U 30 cwt. SOUDAN Ki U ASS $13.50 to $19.00 per cuadreJ. ALSIKK $30.00 to S33.00. U."Ji FLU W ü 1'wS roc pou n d. WINTER UU UA1RV UETCÜ27.M p)T bushel. LUE UKASS $3.00. SWEET CLOVE It $33.00. WAM.MUTII CLOVE It -IOff.00 to fcÄOO. WHITE CLOVEIl 4i.OO. SWEET WHITE CLtlVEU $33. FIELD PEAS f400 to $3.00. RAPE SEED (Dwarf Esx ) $S.00 bu. LAWN GRASS lOo per lb. SUJA DLANS (1 to San) 410 blL bEED CORN $4.50 bunheL LIVE HTOCI. (Corrected Dally by Major nrts 9. La Can bt., MUbawaAa.) HEAVY FAT ST E E R Fair to goo1, lOaillr; prime. 1214c. HOGS E.0 to l.M) U.S.. lie; l.'O to 173 lbs., lit; 175 to 22i lb.. 13c; 200 to 300. PRODUCE MARKET. (Corrected T4r tj trie nro(lirh0 Grwrr, 230 N. Main St. BUTTER AND EOiiS Creamery butter, paying 31K- pound, bc-llinn Olc iound; eCRS. paying 42c oieu aelllnt; 4c doren. FRUITS AND VEUETAKLES Pruitt, California ptb1 oranges 7V per dozen; telling $v0O rwt.; new rub'uage, paying ll- 11.. b.'lllng ll': pound. NEW POTATOES Selling 10c a lb. POULTRY AND MIATS, (Corrvctod Dtty t- JSmmle Market, ltl . Je(Teron Dlvd.l BEEF Roast. 3Xj'Oüc: boiling. 20c; round steak. 40c; sulol.". 60c; porter bouse, 70c PORK LOIN 40c. LARD 30c. SPRING CHICK rK 75. I1IDEM AND TALLOV7. (Corrected Tolj by W. Llppinan. 211 N. Main t. HIDES 10 to 15c; calfskins, 15c to 20c rendered tallow, 4iy?i7c a lb.: rougs tallow. 2C3c a Ib.: beeswax. 23&Uc. (CONTINUED ON PAGE FOUR)

July has witnessed no resumption of active buying, either in retail or in wholesale markets. The atmosphere Is still one of hesitation and caution. Merchants are not inclined to operate "beyond well-defined requirement." as put by one mercantile cgency, and buy largely for Immediate needs and assured demand. That slow accumulation of stocks against fall activity is In progress, however, can not well be doubted. Somo localities report better retail trade. Generally cancellations are fewer In number and there is some reordering of goods. Collections are fair to good. Failures have risen notably, but not more than existing conditions would give reascn to expect. They still run low as com Tared with y(ars past Retailers are fairly wel stocked, but seem not to be greatly overloaded in most instances. Midsummer Dullness. Midsummer is always a dull period, it must be remembered. Many stores are encaged In taking stock. Vacations reduce normal buying and deplete working force?. That vast quantities of goods will find a ready outlet in the months and years immediately succeeding is suggested by the large amount cf new financing undertaken with a view to increasing the production of many staples and luxuries. Readjustment will proceed. The fall should bring at least a moderate revival of buying and the fall and winter a gradual return to conditions more nearly normal than any which have prevailed since America entertd the world war. A close analysis of buying reveals a condition of affairs that Is comforting In the main. Bright crop prospects and generally high prices for foodstuffs, notwithstanding recent declines in grain, assure the presence of good buying power in the agricultural districts this fall. Relatively best wholesale, jobbing, and retail trade reports even now come from the large agricultural states. Unemployment may reduce buying power in the industrial centers, while the discharge of sur.erfiuous employes will raise t ffclency, increase production, and lower prices, the one tending to offset the other in Its efforts upon demand.

A Savings Account Here Money deposited in a savings account here offers the depositor more than just the interest the account earns. It means service on all financial matters. We maintain a service department which will advise with you in regard to investments, insurance, loans and other financial affairs, We invite you to open an account here. Come in and learn of the various ways in which this bank can serve you.

Members- of tho South Bend Clearing House Asjsociation

AMKRICAXrTRU STCüM PA Nr TP

.Av

: Ä Is pifiip?

AMERICAN TRUST CO

0FIJÜ CLOCK

mit 11 i ' ' I'll' 1 11 11 ij 1 'in 11 1 I

LOVJTZ

BR OKERS 263 FARMERS TRUST BUILDING Lincoln 1171 MEMBERS: New York Stock Exchange New York Produce Exchange New York Cotton Exchange Chicago Stock Exchange Chicago Board of Trade Minneapolis Chamber of Commerce Milwaukee Chamber of Commerce St. Louis Merchants Exchange Winnipeg Grain Exchange Indianapolis Board of Trade Peoria Board of Trade Our Direct Wires to New York and Chicago Insure Prompt Execution of Orders in Stocks, Bonds, Grain, Cotton and Provisions

TtiOi.iso; f.ictraon NEW YORK CHICAGO 42 Broadway 209 S. LaSalle St. MEMBERS: New York Stock Exchange New York Cotton Exchange New York Produce Exchange Chicago Stock Exchange Chicago Board of Trade Minneapolis Chamber of Commerce Winnipeg Grain Exchange New Orleans Cotton Exchange Indianapolis Stock Exchange SOUTH BEND OFFICE J. M. S. BUILDING Telephones: Main 390-391-392, Lincoln 2028. J. W. McMEEN, Manager Facts and figures in connection with securities or commodities cheerfully supplied. Our private wires extend to the leading cities of the United States and Canada. SPECIAL ATTENTION GIVEN GRAIN AND COTTON FUTURES COMMUNICATE WITH NEAREST OFFICE.

Try- NEWS-TIMES Want Ads.

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You Are Invited to Visit

Sunday Afternoon Come out investigate and be convinced Don't delay Lots are selling fast, but we atill have many choice building lots, which we are selling at prices and upon terms within the reach of anyone. Southmoor Park lies on a level tract, between Mishawaka and South Bend, on the South Side car line, convenient for those working in either city. Why not buy now? Our easy payment plan enables anyone to own a home. The first step is to secure a lot. If you buy a lot from us, we will help you build your home. We have a plan for a house and will build on any lot that you may select, which we can sell at a price and upon terms within your means. We have just completed three new houses on Milburn Boulevard, near Lincoln Way W., Mishawaka. Possession can be given at once. Meet me at Southmoor Sunday afternoon. Take South Side car to Rcddick street, go south three blocks. Phone me and we will take you out at any time. W. P. FUREY, Realtor

Oflice, 122 South Main St., Second Floor Conservative Life BIdg. Phone Main 866.

South Bend, Ind.

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"Get the Hoppy Taste

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BMEW

nnHE wise hostess will have a few bottles of this sparkling, snappy beverage on ice these hot days to offer her guests. Ifs a palatetickling, refreshing summer drink that's wholesome, appetizing and refreshing. A case in the home will prove both your wisdom and taste as a hostess. IN. CRYSTAL CLEAR BOTTLES THE MUESS EL BRG.CO. PHONE MAIN 55

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