i I
Market, Financial and Industrial News of the Day
lilt: U.WAHA l!t:ii: FRIDAY. NUV.'.Ml.l:... 17. 'IVH.
Omaha Grain
Omalia, No. II.
Th nt-n-a from abroad tntllct4
that forHan vtiat ni mora firmly
lili fur fxpoi t and thlaj with Utter
demand for boih nheat and rye
cauemj i a upturn In the early at-eeiim
today, nil option going to th hltfheat
prim for muny ilityt. Ther w
soma profit taking on the buiga, how
ever, and the brat figure were not
malntaint-d.
Total receipts at Omulia wera 201
r-ars of all kind of grain aa compared
ith 10 cara luat year.
Total alilpnienta, 149 rura, aa com
pared ith 6) rare a year ago.
The moderate (.fferlUK of rnh
wheat on the Omaha door wire In
fulr tlrnwrxl and prli'ta were un
changed to 1 cent higher. Corn aold
uncharged to 1 J cent up. Oata were
14 rent higher. Itye wa atrong and
i It to 2 fnli It I her, and barley
v,ii (uoted flriri and unchanged,
w IIKAT.
Sn, I lUrb horn. rr, (!.; I ear,
II 91; I i-ar. ismuliy); I ear, tile.
No. 1 d.irlt hard: 1 rar, 11.11; tr,
1.311 isimiiiyi: ar, ii.ia.
No. 4 dark, hunt' I rar, II II (smutty)
No. I hard winter; I rr. 41 II; I nan
i . i a.
No. I hard winter: I rar, 11.11; I rare.
II. II: 4 i are. II 17 I ahiuDer e eraiehiei
I rar, II. 1; J car, ll.ll; I cara, 11.11
(amiittyl.
No. hard winter: 1 car, II 17 Ml
per rent Hum; l car, 11.17; I cre, ll.ll
I rare, 11.11.
Kit. 4 turd winter: 1 ear, ll.ll larniit-
ly).
Hampla hard winter: 1 rar, ll.ll diva
weevn i ; i rar, ll.lt (live weevil); I
lar, ll.ll (A per rent heat damefdl;
car. l 10 (I d per rent heat rfni.e.l.
No, l vellove hajd; I cara, 11.17 (ship
per s wei4niei.
No. I jellnw hard: I car. 11,15.
Nrt. 1 siirln: I car, ll.il (smutty
nirni; j rar, ai.2i.
IV IIKAT.
No. I aprlr: 1 rar, II. tl (smutty).
No. I mixed: 1 ear. 11.20: I car. II 17
J car, fl. til III per rent durum amuiiy).
No, s mled: 1 car, l.1; 1 car, 11.01
louiuin smurtyi.
No. I mlaed: 1 rar, tl.ftl (durum),
No, 4 nlseii: I car, 11.1)1 (durum),
No. 4 durum: 1 rar. II. 0J,
fuKV.
Vo. 1 while: 1 car (spatial bllllnf), 7l)o
rn, j wnire; cars, s',i'
I nna: 1-nr, a
Chicago Grain
No.
No. 1 yellow: 1 car (aperial bllllnf)
II
No. I yellow: 1 rar (apeclal hlllln)
7"f.; 7 cara, lie; 1 car (ahlppera' welfhta),
71". '
Ne t mlteil: 1 car fnear yellow). 71c:
I rare (n'-ar yellow), TOfce; 1 car upe-lal
niiiinai, 7c; cara, e; i rare (spa
ilal blllln. ahlppera' weight), 71 'Ac.
OATS.
Vo. while: I rara, 4214c.
No. 5 hite: i rare (specie) limine).
4!' i4ol 1 car (aprf bllllnirl, ilr; 1 rar
137-lr,.), IJlit; 1 car, 41'4c; I car,
U",.
No. 4 while: 1 car (special billing),
ezr; i rare. 41
Hnmi'le white: t rar (apeclal billing)
41,ct. '
FITB.
No, 1: i car, 14c,
Ne, 2: t rara, 4n.
No. I; 1 ear, 111".
HAKLET.
No. 4: I cara. 2
OMAHA RKCISIPTH AND SHU'MKNTS.
(Carloia.)
Week Tear
Rerelpt Today. Ago. Ago
Wh-at II (3 2
Corn ... 77 62 14
at 44 : I
Ry 14 4
Barley 7 1 ...
Hhtpmeni
Wheat 1 'ii 5
Corn ' H !
Oat II II 11
nye I 14
Barley ..
I'HIMAHY RliCIiitPTH AND SHIPMENTS.
( Bushels.)
Week
'Ago.
l. ma. not)
1,299,1)00
1.470,000
Today,
.. .1,2111,000
... 747,000
711.000
Tear
Ago.
764.000
411.000
219,000
Rerelpt
Wheat ...
Oor,n .
Oata
Hhlprnents
Wheat 1,032,000 160,000
Torn 164.000 111,001)
Oal 111,000 1.07 J. 000
EXPORT rl.KARANCKB.
(Buahela.)
Today Year Ago
Wheat and flour ato.Ooo i,02,ooo
Corn 207.000 213,000
rmcAao receipts.
Week
Carlot Today, Ago.
Wheat "6
Corn, 121 2
Oat A It 13
KANSAS CITT RECEIPTS.
Wheat 141 163
Corn H IT
OaU 15
ST. LOUIS HKCE1PTH.
ioa no
4J 21
n 7
Wheat
Corn .
Oata
12.000
141.000
117,000
Year
Ago.
34
121
6
1
10
i
!2
7
II
By UIAKI.M I). Ml( II KI .
Omaha W Uaaed Hire. i
Clilrmro, Nov. . lavy profit
taking, following an advance to new
high figure for the eeaion on all
deliverlea cf grain except December
wheat and rye, brought about a aharn
reaction hut the undertone wa not
wek. Wheet'nnlahed 1 2 Ki le lower
on tha ne.rby future and 1 lo highir
f.ir July, while corn wa J I4jl Je
liltcht-r. oata unchanged to 1 4o lowr
ar.d t ye unchanged to 1 o higher.
There waa an excellent claa nf
buying .i wheat on an early breiik,
the outalnndlng feature Mug the In
"""i numner or Nmaii ortlera in
ttie hand of communion houaea, re
flecting n troadeinKln the outnlrlo
Financial
MURTHWKSTKHN WHEAT TtKCEIPTS.
tllimeapnll 2(11 811 2So
Dtlluth l'i .
Winnipeg t.Ml 1.613 1042
CHICAGO CLOSING PUICES.
B- llyllUe Oraln fo.. PP. N'ov. H
"Art. I Open. I High. Low. Cloao. Yea.
Wht.
Deo.
Mar
July
y
Oao.
May
fern
Da.
May
July
Oat
fee.
May
July
tjrd
J.
,in.
nt
ten
1.17? 1.174 1.111 LI'1 11J
1.17S ..-.e... I. ...... 1.1'H -H
1.4)7 l.n! ini )l i."-l
1.07V-'.-
I
.mil .(
,M'4...
-S S4 1
.111
.71 .
.1"S
I
.41M
.4J
I
".it '
I
."HI
'.'fo'va!
.1 l.oim i.oih
1
.IIHI
.IISI
.....!
im
,IIH
.71 Vsl .(
.iiy
.TISI.
.71
.711
.70SI
.11
.70
.70
.70
441
411
i:
t".4i'l '.4
I .40!
Illll 11 4
j I II U 10
.491
.411
.411
.411
.40! .40:
1 :
1,
.
43
.41
4
1 4i. II 3
1 I 17 'l.
l !7
t I M
I 10 ' It
apeculatlva Internal.. Tha murk-
moved up readily after a aniall breik
In eynipilhv with Mvernool early
December touching $1.20 12, or with
In 9 4a 'f the tiiilde figure of tho
eHnn.
Market raler at lat
Heaty profit tekln by loral Iradrra and
rointniaaion houeea nit the heller that 1
reaction waa due after a four-day ad
value, waa reapouelhla for ih eeeier
tana Inward the le..l, although th newa
on lha whole waa about the aama aa of
tale. A goo! hueineea waa dun In raeh
wheat with aalea for eiport of 71.0,000
nuaneia, largely nuruma, and mill look
101 000 buehrla her.
Further reuorla of hlall hid for raeh
corn for ehlpment 10 Ih far weel and
lha anulhweel with claim Dial rarrner
were not celling and wet aaklug higher
prirea even 111 territory whera it wa poe
elble o puy 0 rani per buehat at rountry
loaning alanine, advanced prirea to
new high. Oacember ent to almut '
nevr Muy at on tltne, hut rloalng nf
aprrada narrowed In differenr in around
a at lha laet, while Ih May-July epread
widened nut allghtly. Henilnient generally
waa bulllan. althoiivit tbep wa conetiicr
able profit-taking on lha hulge. Nu m
terlal Improvement waa tinted In lha i-ar
aupply Iq the weet. aen corn waa allgnt.
ly llrm-r, aa compered witn ruturea. lie
ceipte, li.) car.
Profit -Taking no Oat.
Profit-taking waa on In oat following
an early advance and th flnlah waa at
Intermediate figure. There waa Bailing
of iM-neinlier and buying of Hay al Ifec
nrengtim for th f'aremfter early, whllo a
line of long grain wa aold out toward
tne laar by a vuinmiiaion nonee. Keceipia,
109 cara.
Iluyer nf rv wer leu aggreealva and
aelllng of better rlae deaplta reporla
or t'C-nttnuea pig netnana ror in caan
grain with blda fur shipment aa far
ahead . aa next Kehruary. Ceah houeee
and Ih aeahoard bought on th derllnea.
Kalea of 1 0,000 buehela wer made here
to etpurtara. while th aeahoard reported
100,000 lo 200,000 buehel aold abroad
Pit Nolee.
December corn wa Vic over May but
clneed only e over. Oood buying nf lie
camber and aelllnc of May waa on by
rommlealn houaea while raah houaea
buiiKht Dnemher. Country offerlnga were
larger with 100,000 buahela new corn to
arrive. Cara were aald lo h mor plenti
ful In central llllnul and are being
moved In all direct lone with corn. With
tha wheat and oulhwet paying well over
th Chicago baal a tig run is not a-
pet'ted at Chlcagu.
Winnipeg November wheat advanced
2c 10 11.13 or 7c over De'-eniber and
clnaed with a n't gain ef ''. Reporta
from ther aald ( hloago houaea were heavy
eellera lit that market fur profit and there
waa atrong buying her on the lut break
by four big cominlaaion houeea who were
credited with having oruera from th eaine
people. Thl furnlened support at tne taet.
Cable renurted that th potato crop In
CUrmany, Holland an Denmark la turning
out below cxpentatlona, also that fall
aown wheat la doing poorly.
Th steamer Oaborn with 220,000 buah
1 Canadian wheat In bond arrived at th
1. Rosenbaum Drain company alevatur at
South Chicago today. Another cargo of
anadlan wheat 1 eipected at anotner
houeea there within few day. A
cargo of flax seed la to com frum Du
luih to Soulb. Chicago.
Maltlmora and Ohio railroad haa em
bargoed ahlpmenla of bulk grain to Balti
more, except lor delivery on team iracae
at Mt. Clare elevator. No export grain
will be accepted except on permit. J. H.
Bennett and company bad a Baltimore
meeaago calling attention to th (act that
Re liimore and rn ade pnia are Doin em
bargoed and congeatlon prevail at NewH
York. . ,
Pacific coaat mill are reported tax
ing liberal quantltlaa of wheat In Mon
tana, with eome of th Mlnneapnlla Una
houaea are shipping all of their Montana
wheat weat.
Live Stock
.13.161
...11.4II
Receipt were:
Official Monday
Official Tuesday
Official Weilneaday.. 1,115
Katlmat Thuraday.. 6.200
Kour days thta week. 31.779
Ham laet week 32.716
Same 2 weeks ago. ..40,141
Same 3 weeks ago... 61, 264
Sam year ago 21. '21
Omaha, Nov. II.
Cattle. Hog. Sheep.
1,131 12,l
4.071
7,I7
1.500
2.0!
20,(93
20,3112
26.203
26,707
8.017
17,224
4.S00
42,710
46.707
50.424
61,666
29,553
Receipt and diapoeltlon of livestock at
th Union stockyards, Omaha, Neb., for 24
hour ending at I p. m., Nor. II, 1123.
RECEIPTS CARLOT.
Horses and
Cattle Hogs Shp Mules
C, M. tc St. P. Ry
Mo. Pac Ry I I
Union Pacific R. R. ...II ! I ...
C. N. W. Ry., east .1 4 4
C, N. W. Ry., west ..10 li 1 ...
C, St. P. M. O. Ry. .. l 11
C. B. Q. Ry., aat... 4 I 1
C, B. 4. Ry-. weat.. II II I ...
C. R. I. P.. aat .... I 3 ...
C. R. T. P.. west II 1 ...
Illinois Central Ry 1 .- 1
C, O. W. Ry 4 8
Totala recelpta 101 15S 21 1
DISPOSITION HEAP.
Cattle llosa Bheep
M-.W VOKK TI.MJ--N.
Ilmaha lie l4ata(l Hlr.
M;w ork, Nov. 18. Wall Htreet a
Interest waa divided between th
lmk market whei-e a further ad
vance waa checked In the afterinxin
with Irrrgulnr downward reaction f
terward and the rlite In European
exrhunga and European bond. Of
thee movement, the action of ex
chiuige rate and foreign bond wa
much the mure aigniflcunt, marking
a It did, the apiMirrnt ending of a very
alnxulnr chapter of rerklcs NpecuUt'
tlnii and flnunciul byterlu
Toily'a recovery cunverKed on the
French t-xi-lianiie rate and the French
government' "dollar bum" which
have all alone; been the nvm target 01
the extraordinary aelllng movement,
It brought rnrl exchunge ic Above
Wediieaday and nearly 'i,c above last
week' low figure, while the duy'a two-
point rlae In French government
and 7' per cenla carried them to
price reapeclively 34 and 4 point
ubove the iiuntatlonM of only two dii'
ago.
Kerixery In Perls,
Slmllsr recovery waa reported from the
rsrta market, where the pound aterlltig,
which a week ago went for 70 II franca,
today got back to h.e& ahirt nr
per cent In favor of franc and where
tha I per cent war bnnd aold I pninta
above their prke nf a very few day
ago
Whether thla reversal or form floe nr
doee not put an end to the recant pre
pueierniie talk nf "bankrupt Franca" and
"tha franc following tha mark," It should
serve, st any rate, lo bring Ih American
mark'-ta hack 10 the habit of dlecusslng
European finance nn th baal nf cold
facta and nnt nf crude linaglnlnga, or
the hints bv eneou atnra.
The afternoon reaction on tn mock
Kichanve. which. In th and, brought 1
felrlv lurae number of ahari-a below Wed
neailav closing prices, waa no doubt caueed
efiualiy by renewed at temple of apeculalora
for the decline to atop the recovery and
by realising of .quick profit by other
apeculaiors who had bought "for a turn,"
a Wall street puts It, In Ih insrket of
two or three dava ago. Burn cne'k 10
th upward reaction Is familiar and waa
lo h expected, riven ir tne ntiimn - near
movement" has actually reached th end
of Its rope, experience on other almllar
occasions Indicates tne prooanimy or un-r.-rialn
and Irregular drift of prices,
while the market gets It hearing again
on th general situation.
New York Quotations
Italian of price of the leading atocks
furnished by Logan at nryau, sea ieieie
Trust building:
nAIMlOADH. .
Wed
High Low Close Close
T. t H F. ...101 ' lnovk looi, jnoe,
n.lllnw.re XV. Ohio. 46k 44 45 41
anmllan Pac. ,..141 M'is Ji
. Y. Central .... 4 13 3 13
Chesa. aV Ohio .. 71 70, lo vo
Ot. Northern .... "6 "6 J7
Illlnola Central ..109 '4 l'UMi " .
Kan. Clly Houth'n 1 II H'i 11
.ehleh Valley ... ' n 'm ..
Missouri Pacific . 17i H ,''' "!
N. Y. ft N. H 24 21 21 i
North'n Pariric .. i " ' '"
hi. 4 N, W 5 l '.. "'
Penn. R. It 47 44. 4i"i 47,
Reading 7 77 77 l If
I..
ex- Mnimnn to felc feeder. 14.76 6. CO
good to rbolc docker, 16.76 7.76: fair
lo good (tockera, (5 Tesj o.ii; common i-
fair atockar. 14.76 6.75; atock helfere,
I4.004ap6.6ll; atock cowa. 11.004)4.25; atock
calves, 13.607.76; veal calvea, 15.000
10.00; bulls, arags ore, S4.i-vvj.ev,
HBBF BTKKKB,
K'n AV Pr No. AV. I'r.
20 1110 I I 76 21 1217 f 7 26
3 7 10 S !'"
I 76 3 HI
12 60
HEIFERS.
11 621 I 00 4 116
cows.
1 11 II 2 8 00 .6 1021
lloas Receipts. 1.600 head. After
alow atart today trading waa active, most-
ly at a decline ox 10?lic. i.ignt noga aim
butchera sold largely at 7.l6f 1.05, with
a top price of IN. 10. Mixed loads sold
at 17. 807. SO nd packing grade largely
t I7.267.60. Bulk of Bales wa 17.40
4JI.06.
nuur
8h. Pr. No. Av. Bh. Pr.
70 7 35 46. .326 330 I 7 40
.1140
. 152
7 76
I 00
I 50
30
No. Av.
373
65. .Ill
65. .211
74. ,231
197
II. .197
140
"to
1 65
7 15
7 90
I 00
I 00
64. .260 150
45. .190 ...
45. .110 ...
17. .224 ...
37. .224
7 70
1 15
7 16
I 10
I 05
Sheen Receipts. 4.600 head. Suppllea
were moderate today and trading wa
fairly active, with prlcea ruling ateady
to 16o lower. Wooled lambs moved gen
erally ateady and clipped lamba ateady
to 15c lower. Oood quality fed wooled
lamba aold at 114.00. with best Quality
quoted at 114.16 and ted clipped lamba
at 112.5047 12.75. Rheep were ateady, light
ewea selltng at 17.25 and wether at
18.75.
uuotatlons rm sheep: Fat lamna, aropa
to choice, 113.5014.15; fat lamba, fair to
good 113.00913.50; fed clipped lambs,
112.00 12.71.; feeding lamba, Il3.00tj l3.25;
yearllnga, 110. 50 13.25; wethers. 17.504
76: tat ewee, light, !5.75DI.2; fat ewes.
heavy, 14.00426.00.
2SS.
3
4li 4H
77 . 76 t
ill 29 '
0 ....
tii 44
C, a. f. ) p. ,., t 14', lis I4
"mui i raciri , i" t" to
Southern Hy lit lt ill tit,
Chl . Mil. St. P., 2l lit, riu, tii,
Union Paciflo ...14?', os 140', 14H,
HI'r-lLl.S
Am, Tar Fdry , . no , J7I4 liou. 1714
A Hie Chalmers ... 42 41 14 411, 41 'a
Amer. Uco 1iji m j,
Haldwln Loco I2t, 1:14
llelhleheat Steel.. I7s Hl !'. 7
r. ai 41 S,
Crucible ,714 II
Am. Steel Fdry... 41 414
I.e. Uawanna Steel 7 a , 77.
Mldvale Steel .... it'I
i'tetaed Stsel Car, 10 10
Map. H. at 1 414 44 '4
Ky. ateel Springs. 114 111',, lll't lulu
aiuee-aclieffield ,. 41
1'- S Hi eel 1014, 10 Jt, lot 14 11,414
Vanadium 24 V II nr. m
eiexican seauoarii. la It's 17a
CKPPKHS.
Anacond 41. 471,
Am. S. 41 H. Co.. 131, 64,
Cerro ! Posca... HI 2
Chill 37 S
Chlno 4K 24, 24
Calumet eV Arlr... 61 54
Orecn f'auatie
inaplratlnn 36 , 14
Kennerott 1244 12
Miami , 25 26
Neva. I Con U U "i
Kay Con I2' 11 '4
Hene.-a T,
L'lsll 12 61',
OILS.
. 47i,
. 47 .
. 60S
.161,
.212
, 11
, 47 V,
. 17
, 42
. 4H
. 214,
64
i.
47 1,
51 '
"I
54
34' '
21
26
13
13'.
S
10
47 ,
1-44
...,
3S
:3.
"21,
.131,
32
',
13
01,
den Asphalt ,,
Coeden
Cal I'aternl
Invincible till ,
Mexican Pelerol
Mld.ll.i State .
Pacific Oil
Pan-American
I'hllllpa
Plena oil .....
Pur, Oil
Itiiyal Dutch ,.
Sinclair Oil
42
4
4si,
14
42
4.
4
II.,
201 209
II 1 1
46
3
41
4
:
63
31
46',
6
41
4
21
(4
314
16
I
61
14
6.
11
47
II
I
1)9
14
10',
47'.
444,
4
49
14
III
11
4
16
41
4
27
63
314
mannara Ull n j.32, liav, 201 1994
less 1:0 47 464 4614 46
i .linn uu jtr, i
Whit Oil 6
ItOTOHS.
Chandler 40 61
Orneral Motor, .,16 14
Wlllya-Overland . 6 64
PIcrca.Arrow .... 11 11
Whlta Motor .... 474 47
Sludebtlier 124 12211 122 123
KL'ltHKR AMI TIKKS.
Flak 12 11 11
onurll'O XI at si at
K-Spr'gf'ld 42 41
Keystone Tire .... v, 1 14
AJax 1244 ir.
Lid. State Rub. . 624 61
IWHtB I KIAI.H.
Am. Ret Sugar . 31 37
All., Oulf A W. !.. 23 ft
Am. Inter. Corp. , ! 25
Am. Mumatra . ... II. 21 Vi
Am. jeiepnon ...ize jzs
72 '4 69 61 70',,
bl. tin 16,
Jl 11 11 11
20 194 19 20
orn Products 130 127 127 127
ramoua riayera,,, v??k S9va 90 91
uenerai e.ieciric. . .in
flrl. Northern Or 31
Inler. Harvester. ..104
Am. H. 1.. pfd.. 61
tJ. 8. I. Alcohol.., Hi
Inter. Paper 62
Inter. M. M. prd. 49
Am. Sugar fief., 71
13
American Can
antral Leather
itba Cano
uban-Am. Hug.
t
11
4'
12
11
17
1244
26
21
123
11
11
41
12
61
17
24
26
20
123
10
8
..104 10114
ox .,
62
31
Heare-Koebuck
Stromshurg
Tobacco Products
Worth. Pump ...
Wilson Co
Western Union
West. F.lectrlc... 69
American. Woolen. 16 92
MIHCELLANKOliS.
Am. Cotton OH... 20 19
m. Agn. cnem.. 30
American Linseed. 31
Union Ha pfd... 66
Hosch Megnofo .. 34
flfklyn. Rapid Tr. 15
ontincntai can... si'
Packing 2i4
ol a Kl 101
Columbia Oraph.. 3
176 176 174
31 il tl
103
67
61
1-0
4.'.
69
11
103
7
51
41
45
61
11
102
7
12
fl
49
io
61
49
41
31
37
109 109
61 tH'i
124 94
60
31
'lilted Drug
Nat Kname! ,
United Fruit
Lorlllerd Top
Nat Lead
Phil Co
Pullman
11 10'
30 30 81
31 21 12
69 66 It
36 26 26
13 13 16
6 6 16
10 '4 04 32
104 104 104
I I 2
... 7 76 -7J 74'.
.,. 62 2 62 1.2',
...163 152 152 151
...143 102 162 160
...117 112 112 116
... 40 40 40 81
.127 127 127 127
Punt Alegr Bug., 43 42 43 42
80 Prt Kc Hug.... 36 36 86 81
Retail Store, .... 72 70 70 78
St b 6 F 23 22 23 28
V Car Ohm .... 26 26 25 23
on 0 clock aalea, 643, eve shares.
Money .
Mark .,
Franc
Sterling
Close.
.. .04
.. .0001
.. .0613
.14.47
AVeif.
Close.
.05
.0001
.0662
4.46
New York Bonds
4 It rrri.
K.e..e t i. M. l. h.l-. .
N 1 hard. II lff 1 :! N-
' ior-,N. 1 white. 7lt, No- I e:i.
'ksos. nr. m. N. .vrh;'r
7'ec.mir 11.47, U. Ill H.
Jly, II 4
,,!. kl-r le; Vv. 9',
, .4el, Ju ), 4',e-
4llwwewsM.il l.eml.
M.eB"l. K 1, -Wkeal a.
IUwaiS4',. I"'"-
in,. Mo, 11 i .
,,;.s. ...,
whlta, II4I'1-
. - 1 7. B . 44',r
'1 ,-!- !!
ajMie
-. .-4 1 h"
44 l
..-li.
te 1"r
j. lewl 4.SWHS
, 1 ... , . . .'
...see. II 114, '.
. ., a 1 .-. -.. -e . , 1 ' ' '
Armour Co 117
t'udahy Packing Co, ....1114
Dold Packing Co 274
Morrta PacHl'ig Co 741
Swlfl 4V Co 1010
J. W. Murphy
aria a t o ...
Slnolatr
Un. oln Packing Co H
H liana l'acklna Ce .... l
! Merru Cn Sioux rails . 414
I ai..
Meiwl-'h at Vair .. ... 11
Mi-Ie.( Parkin Co tJ
P. (llitl '4
I'meha Packing C . .. 11
I tmiaha PchlbB '" . . t
Henl is 4- Va Cent ,. . Ill
I M, Mulla
N M Hutfusa Co. .. .
Penata l"r--le 2
J.he Harvey
Hunlainier '.H.e ....
1 -.)- I"
t P l.aaia -
Me -l.e.. O ' ' ,
1 M Kk4
I H 4 t'rwe ll
M. Heal 4 . t
4.tle"ie t'e . .
VI V etewi.h . . , . 14
' . '
4.e . ..III!
1: r.,' twe . fal' .
.in 4 rm '
, r.i 1 V '
1 .ka...i ,
m .. 81
.: !
1 S I
166
2!
134
74
t:l
II
IS13
1420
747
1271
!l
Chlcagn IJvewtock.
Chicago. Nov. 16. Cattle Receipts
14.000 head: good and choice corn-fed
ateers. acarce; fully ateady feedera, dull;
apotfl lower; western graaaera. ateady: rel
atively acarce; top beef ateera, 118.25;
welgbta, 1.191 pounds: best heavies, 111.00;
beat yearllnga. 112 00; ahort-fed eteere
numeroua at H.OOtil.OO; aom downward
17 00 and below: bulk weetern graaaera.
llootfl.SO: ehe-etock and atockera and
feeders, steady; fairly active; bulla,
atrong: veal calves largely 26c lower;
bulk atockera and feedera. 16.00427. 00;
bulk good to choice veal calvea to pack-
ere. around 1 60; medium light vealere,
II :t ttl.se. mnatly.
Ilnge Receipla, 10,000 head: general
market, 16o lower; closing unevenly
strong; hulk. 150 to 230 pound average,
14.10ml 16; good and rhoi- ill to :h0
pound butchers. I lOftl 25; top, II 10;
late on 27 pound butchers: packing aowa,
i:.2ll0; deairabl plga. H I615; es
timatt holduer. Ill, OS.
Hp and l-a.it ftrrefpte. 17.160
head; fat lamba. mostly ateady In erng;
top. 114 6 to shippers end city butchers;
114 II fa.k.r. ; bulk. III2MI1I4B;
rulU. III aai u ;,rt, genrrHll) ; morning
treuer se.e, amU'td stnsd; top, 114 4
f,.r l.eje Wyoming 45 l-nun-l lamt,, ntdertj,
llle)1M4: sheep, atea-ly lo strong,
heavy l ee, l04: Ihrea .!.. t
III pound weel r rt ted ewee, 7ft.
M Isst Ms Mwek.
l Jo...h l-. S l ting. He.
eelipla. tos hea l: maikel Blow, a few
early sale let paike and aklppera a'"el
1 to ! rente leeri early lop. It ,
eat-kip sew,, eead, raaeily It.li
1','l.e Mlpls. It" '. early '
ail ,). el wat aiee.ty; aoiku a rh..l.e
; i-p H(i.t eriiis early. 1 ; i
kulk beef tleeie and leainHga, eelll. II II J
down, Wtfile-w r,-r, ervued I , eil.
e. Wtwetiv ll ai, .,i.fcr. 1 -e
it . jii-, 1" it el !
!, fiaiii t!.nU fde. ,
t
e.,e-p a.-4 l.4i.te i a ie--e ee
New York, Nov. 16. Brisk trading In
foreign government bond moved the
bond market up generally with aubstan
Mal galna noted at the close of today s
market In Jlrailllan and continental
liens. Th trading In Liberties was
light although th various Issues, with the
exception of the l which sold off,
moved to higher ground. High claea In-J
auatriai and railroad bonds wer gencr.
ny firm.
The outstanding feature In tha fore en
list wer Brazil 7a, which moved 1
polnta to 10. compared with th low of
71 last Tueaday. Th bond later reacted
to 85 on profit taking. Braxll 8 climbed
3. Pragu, 7s 2, Seine. 7s 3 '4, and
Paris, Lyon and Mediterranean 6a and
Czecho-Slovak fcn 2 points each. Itlo
Janeiro 8s of 1147 gained 8 points and
Copenhagen 5a and Framerlcan 7a 2
each. lialna of a point or mora were
Bleo recorded for Soieeon 6a, Chinese 5s,
Queensland 7b, Lyon 6b. Swiss Is. Bor
deaux Marseilles 6s, French 7a nd 8s.
Total sale (par value) amounted lo
115,003,000.
United State Bond.
Sales (in 11.000). High. Low. Close.
144 Liberty S'ts 100.80 100.16
3 Liberty 1st 4s..., 11.04 ll.ll
1'i6 Liberty let 4s.. 11.60 91.80
1191 Liberty 2r 4s... II. 0 17.11
464 Liberty Id 4s... 9I.60 11.42
146 Liberty 4th 4'... 11.40 91.14
136 Vlcly 4s uDcld.100.il 100.26 100.20
171 Vlcty 4s called. 100.06 100.03 100.04
1012 U S 4,s new.... 90.60 19.44 19.54
Forelg.
23 Argentina 7s 100 100 110
2 City of n'en la..1o',
I City of Hern Is... 101 106 104',
.11 City of Bordeaux la 71 77 II ',
4 City of Chrlatl a..ic;
II lty of Co pen I Via. 90 11
3 fit? of O P'ag 7a 72 7
tl City of l.yone aa.... 7.', 71
50 Cliy of Mara Is. .. 71 T7
I city of R de Jan la 96
I City nf Zurich le. .11 1"9
13 Cclvk Rep la etfa. st 15
t I'.n Mun ta A 07 ....
84 liept of Sein 7 . . 66 61
II Iwfi- SSp.l nte'29.1c, inei,
tt l of s.i la '51. ...
35 i K In.ll.a I, ';,. 91 92
7j i K llclles 4, '42.. It', 9t
H! Irench Kepe.a .... 7 1 l
27 liench R l'a .. 95 13
1 a,-I A..l Line (a. ... 16 11
4 Japan -n 1st 4a . H I S
.' Japs wees la ...... 79 . ...
Ill Ka-lin ' Hel 7s..eS
I ks.lm ot lal Is ... 94
I ks'l.ii ef I la . . It
1.04
91.60
8.00
8.64
1.34
111,
72
l ' N
M
111
II
ai"
u ,
! '4
4
i
"!! M B ot lews ,!- S'4 , .,-
".... t !". tsi. innaiiii
"' lkl ! I it hl. ll.lt I4M 111!'!.
- f Ihv 4W a da- .a SJ.-aj le'M I"'! e a,
. " . k-l- ., iM ! I- ! J
i . .'(), a I. ... "4.
14 Ks l'.l Italy IS II
IB Ik till uf Net ,.. a
3 Kl.li.l ef Ner Is . . IS
i k Km ul awntei. II Kl',
Jit falls L M-d t . , tl
II K'Si ' Venn le. II
1 He el ( klie Is 'te 1st
K. ef I ivlu. te 1st
14 t f e.ea4 T I
4 et lueeaa .4 I t
li HI ef kaa I' at la li S
1 1 s - i.t i unta-t la
I I I ..t-iH4l 6',,
91 1S
! 14
is
.iv,
ll,
.,
' II
14
III ll ,
! II ,
1 ....
I ,', i :i
I'll, Il,
t
4
I lt'14- 6e. i. 6l kew.t .a w
:aa.sels t .J. I .4 a.l a te . - :
aw 4 Ml I I, ., (
a n . , i . i " - S - e. w' (
l 1-4 a. I e" - a- . ..I e-.a a,e-
.... il ! I, ... -e --a ".e - s.4 w -. - " ''". ')
- . .1 ...., a ' I .. .. .... ,l 4-1 -e. 4 . t. 1 1 M ,
... ... ... .--.- "(, lis i I,.a il-.4 te , . i , -. I.. .. It ..t .., ;' I
;v. m..- ii.. ... v
ta . . -... " I . ... ,t 4. , I reel ' -" " I'lUt"
.4 " .V J,,e - I?,. .... .-.- -4 .- ' - . . I" '
k'.t. ...... I.. ..'. e. .at l 4-4 I e 4.. .. . 1 "' ' i
.... . 4. . --. I . lit... ,-... I i.tl We. I'teU;
, II , a i,...,. IIMeJUIe, . 4 kaa.aa. . rf,,., , (. II ! I
VI.- .-4 . Is l.il-ltk't.lU. f-wl I.,.-.. ! .. ,
I....! -4l.e " ' . .- l-' I 'l" ..... te ll..
. I law. t .... i 4 ie -I. - - 4.... .!.. e. '-4 ,
iT !,". a- ,W NMU I I. . I. (.- I , aaai . a . I.. ...
It .J it-et .. h. " -" - 1
.; !.. t -, ...4 .,, H.l-.a lf" - '"' . i
I -- i t. lue. It'-K . .,. 4 a 1 a . ... ! h ... i
, , .. .l.s'., 4 la j t. ... , l ... e . a a a-' -I . j
. .... 1 -. It.l.l ... -..t -.. 4 - I
l' I h-,rttlt4l SB .ii.i.i I '
I. t I' .1 K....I la. t' t
,1 I a .1 lei.a.l Ihi il
I.t t' f He.t ' 14 .. 1 II
It V a e , It I
a I a .1 v.. i. - S i
It Am i Law IS 1-1 1411
aw S ea I a, la ,, t.1, I.
,1 . ..,. .a alS
I t I t t i' l li--. I t
. t f . I la , I. (,
llmraTew4e i
la) l.
a -
!
I t
S
4 4a II f.raa t It . ,
I 44 h.t W 4 il lit
tlalalWi . , 14 !"
a ,n..t 4) .a- I ., i I ,
II I I a I I e. I, 11
i 1 4 1 t le. Ot II ta
t Well 4a H'k i"
l B I .' a. !,. II-, 111,
I h- I T al e .t 11- !-
I Ka k . t l-S 4
I ko i a
. - ,..u. a - ... a
,.,,. I t.. , . Ill
II .'-- It
.4 a I
m.. I a,.e hltl, lll'H -t-t - I a. ...
II I. l , i ! la, ,
t a, v . l, ll,
ll.a I-.. 4..M-. -a 'I It
4 i a. l ... a, ' us 1
llla.ical tea l 6) I) It a,
1? . a I a I. , t
I 'e". a I. 4a !' a . ,
It I aa .. tt, ti
S
SB,
4 CHI It I A T gen 4b I'.
46 Chl H I P ref 4b.
3 t hi W Ind 4a... 74
121 Chiia Copper .Ill
116 I hi Is Copper's..,, II S
7 Cvlo V S ref i',s. IIS
II Con Coal of Md Is I
II Culm C Su deb I. 17
6 Cun HH 7Ss A. ... 16
II CuBsn.Ain Hug Is..
11 I'el a Hud cv Is. 47
17 lien a K .r ref 6a 74
11 Den a II llr rott 4s 102
1 I'atroit Kills ref s 11
1 1 'stroll lltd Hy 4a 81
II IuP d Nam 7...10
17 )e.Ueeua Light la 108
43 Kmp U V V 7 elf 11
IS
liS
Ills
ii".
itS
16
11
71
'ii'
' '
n
41 47
71 74
ll'l IU3
16 16
107 107
inr, 103
i :.
61
4S ..
14 17
100 100, .,
97
llj 114 114
67
47
17
63 l-.rl pr Hen Is
104 h'ri gen Hen 4s
61 Vrsmer I l tl
16 lloodrloh la ..
71 (loudyear T Is II.
43 Goodyear T Is II
7 and Tnk Ry C ls..lo3, lots loi'w
27 tin North 7 A ... .1 10 I'll. ..
17 tirt North 6s I. ..Ill I'm', 101
17 II ud A M ref 6 A.. 12 12
17 Hud M Bd Ina 6 61 1.1
17 Humble Oil 6H ,, M 97 91
4 III Cent l lOi'S loo I no1,
16 111 tent ti-f 4 .... 16. l
I HI Steel d 4 .... 11 II 11
II Indian Hi eel la.... 91 94
191 lilt Met 4 '41 et st . 13
171 Int R T 7a It'.
276 Int R T raf 6 .... li
2)t Int II T ref 6 et 74
19 Int O N 'U t l wi 61 ',
1 Int M M at is ... 11
II Int P raf I B. . 16
t la Cent ref 4s ... 31 S
10 k C Kl I 6 M 4s.. 71
4 K C Southern 6 .. 19
8 K C T.-rm 4s 12
4 Kelly-Spring T Is . 107
10 Iji.'k Steel 6 1161).. 90
I Lsc (1 of St I. 1st 6 ?
I L S ai M K (I 4a 'II 92
7 Lehlgn Valley I...ln3
f Lorlllard 6a. . 96
1 L at N w be .77
LAN ref I ..,. 103 102 1034
I LA N un 4 11
I Magma Copper 7. .HIS 110 ...
I Msnatl Sugar 7,. 97 91 ....
10 Market St Ity con I 11 '
I Md Oil 7s 106 109
14 Mldvale Steel ov 6s Ma. 11
io m i, r-r t.e jiy,
21 M S P A S S M lB..!01S 103 . . . .
I M K A T p I s C'6 41 ....
4 M K A T n p I 6s A i:4 12 ....
IIMKATnaKA 60 61 61
16 llo f con lis. .,,... 9 II ....
71 M Pa gen 4s 63 63 ....
II Wont Power 1 A , . 17 a 7
31 V K r T 1st Is e c, 7S
II N ll T II lite la 76 Tt.', 76
IINtr ii.i, Is . . ,10 I'H',
217 N T C rig imp ;s I'- ! !
IJ N T f. tef 4e.. , . i'S l9
NVMI4II cv SB '41 l.-w 74', il'S
I NT Tel ref ie 'II . , , Mil T 104 S l"4S
II NT Tel gen 4s... 98 13 -4
21 NT West A n IS 47 t 4b1,
11 No Am Kdl ,f Is... 1314 l.i ll',
80 No I'so rer le H lot', lul', u
I No Psu rlaAlinp laC IT 4
21 Nn Pe pr Hen 4s. 16 :,...
14 Nn St Pwr r.f isA.. l 11 11
11 NnVT.srn II Tel 7..M7S l' 101
1 lira A Calif 1st 6a. lorn,
6 lire Hh I. ref 4a . , 12 ',
is Ore-W HIlANsv 4a. US
23 I'so llss A Kl 6s , I.'
16 Pac TAT (I '-3 i-lfs H .
II Pkd Mot Car Is
11 I'ann ntt 4s .
II I' llubber I ... 11 liS
2.t r S iel s I Is, e;a, :-t, 0J,
I I'l.li I' A L 6s . ''. ', la,
7i V C I'll ISs Willi w II tJ, 94
41 V C I I.e.. 1 '.( . ire. .91 96 . ...
:i tlisn. an Ity ka 9T 9s1, IT1,
6 W al.ash let la ., I7S 41 9i
20 Meat 111 1st 4s ... 4 S 3t,
li Wrat Klei-IIIO TS , . I U 7 la, III7S - .
I W N Steer 7e , .. 91 lS 67'.
IT Wll A Co s f 7',s I''i 1 04 a, I I'll,
11 44 II A Co cv IB 93 91 ....
Total sales of bonds Indsy were III.
"sue, i nun. rr. I with IMIIJuiie pia-
6:.
i.i us list suit il. Ill .... o a rsr sio
90
1
tn S
,HI7S loll, 101
.tin 1"N
II 1
I
96
72
13
60
1
4
11',
7S
II
101
74
?3
714
19
is
14
1
1 ....
1"2 103
6 16
1IH'
IM
21 I'ann It It cn is. . I no
T'O I'a "II llll sen 4', a. II i;
I Pere Msr ref la , , , 9;,
19 I'. .H i n nil ir la . II
i Port Hy LiAPwr 6s n
1 Public Service :.s . ,
Resiling gen Is , , , , k1
I llein Anna ,1 -, , 94'.
4 II. I A Mil .-ni is 91
I 11 I A A 1. 4s .. It
II Sf.lMiVM 4s It AV I dlv II
11.1 S I 4M V pr Men 4sA 71
l.i S L S V sill 6s. , 77
141 S I, S 6 inr as . , :,
I HI 1, Ku'w at con 4e 77
10 H P A K C Hl t. 4 B 10
13 S A A A Pbss 1st 4s 74',
.' He Air I, con 6s. 1.4
13 f-t Alt I. Bdj 6s.. 22
11 Hi Air I, ref 4a, , 4011
71 Sin c till col 7s...loiS I1'
64 Sin C llll 6s 17
9 Hn'ern Pacific (V Is H'i S"'l . ...
24 Houthn Poc ref 4s. n 60 .
I Hsuth'n I'ai- col Ir 4s .
30 Souih'n K gen ls,ll 10"'.
14 Snulh'll llr con .'.a. 96 90
Iio Souih'n Ity gen 4s. 7
14 So I'orlo K Hug 7s. 9f
4 Hid t nf rsl .I. t. 7s. I'll
I Tea A I'sn 1st (a. .10
I Third Av r-f 4s..,. 43
I Third Av S'll l.s .. 66
16 Tldew'ler nil le.!03',
t Tobacco Prod 7s .,.102
2 Tol SLA Wi-rn 4s 71
!0 If H A P lis A life, la
IM,
I'll.
H 1
ai'.
13
70S
5IS
l S
;'
74 '
1.4
22',.
40
100
14
6
lot;
14
'22
4111,
I "ll'l
41
90.
10
N. Y. Curb Bonds
17
IDS
tot 1,
It'
lot
I no 1,
. 104
I i. i 1,
. 99
94
64
103
4
17 It P 1st 4s 9.
2 1 T P cv 4a li
3 l'n Tit i'sr 7s, . . .104
21 felled liiug la. ... 112
II 1; S Ft'uliy r 99S
I IT H Itunii-r 7 a, , . I ', lot
71
92
14 ' . .
1011. ll'l
112
94
92
112';
91 S
IMmrella-,
Allle.l p., k.r lis . 7!S
I Allied l a li-r
1 Alum 7a 19.
Alum is llll
i Am 1 1 A K
2 A ni I. A T 6s wm 1 01. ,
2 11 llcp CnllM a , 10
4 A T T ... II.I
1 It'll Ae.l.lt t . ,
t iir.1 Trunk 4a
n iimf mi 7s
i llood llulib.r Is
?: llll It T Is 1922
79 lot II T Is r.f
11 Ken li t i: aa . 7
II Kan ' I' A I is 9'i'i
II Sen I'll" I.I 1.1 la l'"
6 Kei.n Copper 7a lon
27 l.a. l.'.le Cue 7s. IIS
1 I l U 10. li 7s , , l"l
6 llnllllohs 7s .... 91
Mun is A I'll 7 ' I
3 Nail Acme 7s . 94
2 Nail li'the,- s 1l
?:, N V N II II ia il
4 A' ia Cnppei- ss . . too r,
2 An op 7s 1 9.-9 103
I An Am nil 7s 102
7 Arm A l'n "s . . . I'll
1 All l A W I as , . 1.1
li Itrsvt r Mr.) Is . . 73
4 HHh St 7s I9t'3 .104".
7 H.lll Ml is Hit. I02S
11 Can Nut Ity -i 7s 110
6 Call Nat Ity (. ... 11
7 Can 1-n.irii- 6, .. Il
2 -lit Ml eel a . . , l"1
1 Chsrcisl Irun 4. , 96
2 1 'II It-is Merv 7s 1'. . 94
2 t'oliiui lllnph Is. 22
1 Col ilmph s i-is. . 27
1 I oils lies It' ll f. s II1,
I 1 una Use Unit Is . I'". '.
I Cutis Tesllle la .. Ii'
17
17
ll
n
99S
I Ollt,
90
HUM,
1 110 1,
tot
1113 4,
99',
4
94
40
lei. i,
I II 3
HH
ll',
91
loll,
3
0 1,
71
1 nn
101
l"l
I'll
I.I
71
104
l2
11"
41
10"
I OS
!
94 S
31
2 7
,a a:
lls
;
77
17
HU I,
l"IS
s
111",
ID
l"l
I llll tj,
l"t
l"i t,
',
9-S
'
os
I on a,
0JS
t"l S
I'll
If,
I oi 1,
14
l"l
79
I "" S
103
101
l4
61
72
104
1 0 2 S
1111
V,
100
I "6
6
31
27
91 ,
106 S
7
) Cop '( A Is 11.4
1 c-p 1 a i
1 lleeie A Co I
II lletr..n C lis, I.S
t l-hil Kl I,
16 Hull M Cor S J 7a.
I Koli.it I. a'l- Tl .
I Meaie Hbk 7s 21
III W Hell Tel 7s .
13 Hid llll NT 7s. '36
I Hid I'll NT Is, '17.
I Hid IHI NT 7s '3t .
T Hid till N V 1..
I Hug HI llr'snl Is. .
I Hull nil 7.
6 Hwi't A Co a '11
II Self A Co Is
I Tidal usse 7e . . .
44 I n II, I l allf la . , .
Tt I'll I'll Prod Is ,
1 In 'Ha llsv 7B
II ,1 uu.11 till 7 ,.
1.' slv.illne Is
4 V a) is I'osl s . .
Foreign.
17 Ai(.-illlie Te ,
" I ll.riin 4
1"! Kin N-iherhla e,
II Mr.1, u ll. .v . .
6 U ll 11 II. iv te. , .
IT. 3l-.it '11 4inv 3e
10" N V, N II I'r
S H'-p Peru la. .
4 Ituai'ian IS '"
70 H.I BB i S
64 IT S llolco 4s . ,
is.
13
I m ,
Inn
ion,
H'l',
9'S
1 11 1
let
I'l',
ii
11 Si
Iii
1
0 H
1"-'W
4
"-
0 t,
It
1.
107
I "01,
72
It,
l.f.
i
64
I-'.
I0'4
',
41 ,
I"
t"l
n
11 l7
IsjS '.
e.i
IS ,'
103', l'n-,
to;', io:-.
9.1, 17 4
tot I, 101 ',
I"!, lot ,
1 04 10 4
l'ltS l".-a
l"9S l"9 ,
loll. !..
97 ?'
ul 11 '.
lura, 0! ,
13 94 .
101. HU i.
101 i, 101 1,
91
l"S I0J
107 107
(ooi, 101',
71 il'.
,
i'
14 ',
1 i
IT,
67',
7
is
11
il't
'I
.34.
64 S
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DRESHER BROS.
2217 Farnam Street
Te'ephoneat Omaha, AT laalic 0341
South Side, MArkst OOftO
$1,500,000
M. E. Smiths Co.,' inc.
(.Omaha, Nebraska)
' Ten Ycar.6V2 Collateral Trust Gold Notes
Dated November 1, 1922
Due November 1,1 932
Intret payable May 1 anal November 1 at the option of the holder at Central Truit Company of lllinoii, Truilee, Chicafe,
r Chaaa National Bank of tha City of New York. Coupon payable without deduction for Normal Federal Income Tag not
in excel of 2. Redeemable in whole or in part at tha option of th Company on any interet data.- upon 60 day' notice
at 109 and accrued intret. Pennsylvania Four Mill Pertonal Property Tax and preient Maryland Securities Tax refunded.
Coupon Notes refiiterablo a to principal in Denomination of $1,000 and $500.
CENTRAL TRUST COMPANY OF ILLINOIS, CHICAGO, Triutee
Mr. Ward M. Burgess, President ol the Company, summarizes the salient features of the issue as follows:
M. E. Smith & Company, Inc., founded in 1868, is one of the pioneer wholesale dry goods
organizations in the Middle West, with long established trade connections in every state west
of the Mississippi River. The Company is an extensive manufacturer of men's and women's
wearing apparel, the bulk of its product being distributed through the West, with one nation
ally advertised line enjoying nation-wide distribution through leading department stores in
the East as well as the West. The Company controls through ownership of its entire out
standing common capital stock the Burgesf-Nash Company of Omaha, one of the best
equipped retail stores in the Middle West, with an established reputation throughout the
territory tributary to Omaha.
The Company occupies a ten-story and two eight-story buildings specially designed for
its business and located in the wholesale business district of Omaha. A portion of the property
is held under exceptionally favorable long term lease, while the ten-story building, completed
in 1920, is controlled through ownership of the entire Common Stock of the Building Com
pany. The aggregate floor space occupied totals 450,780 square feet, equivalent to 10.16
acres, in 'addition to which the Company operates a well-equipped manufacturing plant in
Indianapolis.
During the 51 years prior to the 1920-1921 readjustment period there have been only 4
unprofitable years, and for the past 25 years regular dividends have been paid upon both First
and Second Preferred Capital Stock of the present Corporation. During the 1920-1921 read
justment period operations showed a loss of substantially $2,000,000, attributable for the
greater part to inventory depreciation. For the preceding four-year period the Company's
income statement, as verified by independent audit, shows average annual net earnings after
all charges, including interest, but before Federal taxes, of ($625,359. The maximum annual
interest charge upon the present Note Issue is $97,500, with a combined interest and sinking
fund requirement of $197,500. At the present time the Company's business is rapidly becom
ing normal, both as to volume and margin of profit.
The Company's balance sheet as of September 30, 1922, as verified by independent audit,
after giving effect to the proceeds of the Note Issue and present appraised values and the
payment into the Company's treasury of $1,000,000 cash by the present owners, shows current
assets of $5,160,132, as against current liabilities of $2,484,267, arid on the same basis net
tangible assets after deduction of all liabilities other than the Note Issue are shown as
$4,774,374, equivalent to $3,185 for each $1,000 principal of the authorized Note Issue.
The Company's investments and leaseholds in a recent expert appraisal have been given
a valuation of $1,722,301, the Trust Indenture securing the Note Issue obligating the Company
hi the event of the sale of any of such assets to pay the proceeds to the Trustee for the retire
ment of the Notes.
The notes will be secured by assignment to the Trustee of the Company's leaseholds and
interest in subsidiaries, recent independent expert appraisal establishing a valuation for the
assigned security considerably in excess of the authorized Note Issue.
' The Trust Indenture securing the note issue will provide that as long as any of the Notes
are outstanding the Company (a) will not pledge or encumber any of its assets except that
the Company may acquire property subject to incumbrance and may create purchase money
mortgages upon after-acquired property; (b) will not issue, guarantee or endorse any other
bonds, debentures, long term notes or similar securities except for the acquisition of additional
capital assets, (c) will maintain net current assefs equivalent to at least 100 of the total
authorised Note Issue j (d) will maintain current assets equivalent to at least 200 of cur
rent liabilities; and () will pay no dividends on its outstanding Common Capital Stock except
from earnings accruing after December 31, 1922.
The Company covenants each year, beginning January 1, 1925, to deposit with the
Trustee a sum of money sufficient to retire at the redemption price $100,000 principal amount
of Notes, such sinking fund payments to be made .semi-annually on each January 1 and July 1,
beginning January 1, 1925, and to be used by the Trustee for the purchase of Notes in the open
market at or below the redemption price or for retirement of Notes by lot; all Notes so pur
chased or redeemed to be cancelled.
Practically all of the executives in charge of the various departments of the Company's
business have been in the Company's service for a great many years. The Company has an
exceptionally strong sales organisation covering the entire territory from the Mississippi River
to the Pacific coast.
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Price 9814 anil Interest, Yielding about (t,We
Contral Trust COiMpany of Illinois
iiueAitO
Hamhllton 8c Company
Burns. Drinker & Company
OMAHA
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