THIS BEU: OMAHA. THURSDAY, MAY 5, 1921.
11
Modification of
Anti-Trust Laws
Urged by Hoov er
Action by Congress That Will
Permit Importers to Com
bine Favored by Cabinet
Member.
By HOLLAND.
Mr. Hoover, secretary of com
merce in the administration of Presi
dent Harding, rarely speaks in gen
eral terms. He was specific in nar
rating the reasons tor the views
which he holds. Others who stand
out among the foremost of our
business and financial leaders are
content to say in a general way that
the wave of depression has passed
or that improvement will be made
evident by the first of July or that
we have passed through a serious
but from one point of view a silent
commercial panic and are n -emerging
from that condition.
Mr. Hoover is quoted as having
said at the annual convention of the
Chamber of Commerce of the Untied
States, which was held in Atlantic
City last week, that the crisis ha.t
passed. But nowhere in his address,
as far at least as the reports of the
address which have been received in
New York show, did he say. that the
crisis is passed nor even intimate
that there had been any real crisis,
but he di '. speak in words of en
couragement and fortified his state
ment by facts, for he is a master in
the mobilization of facts and in
drawing from them their true mcan-
mfe
Sees Encouraging Sign.
Mr. Hoover sees many encourag
ing signs that improvement has be
gun and that the needed readjust
ment has fulfilled the economic pur
pose which was the cause of this re
adjustment. But he does hot leave
the statement there. For he -ays
that speculation is almost ended and
that profiteering has had its day. He
has information which justifies hint
in saying that manufacturers and
wholesalers have mayde cuts in their
inventories which equal or even ex
ceed the increase which they gained
when business was at fever heat.
They are getting ready for large
' production and also for adequate dis
tribution of their products.
JHr. Hoover has reason to believe that
American labor on tho whole la ready to
accept a reduction in wages, being care
ful that these reductions equal the re
duction In the cost of living. Ho believes
that labor on the whole la increasing
In efficiency.
In former addreeses Mr. Hoover has
uld that It Is vital if we are to main
tain and increaee our prosperity that
there be greater productiveness due
'hlefly to the higher efficiency of all of
those who are engaged lit producing com
modities. Apparently he believes that
we are now gaining In efficiency.
Anti-Trust Laws.
Not the least significant of the utter
ances of Secretary Hoover was his sug
gestion thai congress so modify the anti
trust laws as to make It possible for im
porters as well as exporters to be brought
. into common association. We have learned
that congreei acted wisely when it per
mit led exporters to form combinations ex
clusively for the carrying on of their
foreign trade. This has worked admir
ably. Combinations of this kind having
bten formed may at last lift the burdsn
which the copper Industry of the United
Statrs has for two or three years
staggered under, because it will make pos
sible the marketing of many million
pounds of surplus copper In those places
of the world where there Is great need of
copper.
No address which has recently been de-;
livered is so completely packed with in
formation of the utmost importance or so
adequately points to such action, legisla
tive as well as business, which will make
possible the maintenance and Increase of
prosperity as was this' talk which Mr.
Hoover gave to the members of the
United States Chamber of Commerce.
Onr Foreign Trade.
It was inevitable that at the convention
or the United States- Chamber of Com--.nerce
reference should be made to the
March report frem Washington which
tells of the falling off of our foreign
trade In that month. There waa no
nation with which we carried on trade
,. roni which the reports for March did
t Jot show a heavy drop as compared with
March of the previous year. Nor was
there any nation which sent to us more o(
its commodities in March this year than
it exported to us in March of last year.
Germany almost balanced her March
imports In 1820 as compared with Im
ports for the same month In the previous
year.
Of course this falling off In the March
International trade does reflect to a great
extent the Inability of other nations to
secure the funds or credit with which
they could buy American commodities.
But the drop la so audden that tha pre
sumption Is that It was due to a special
reason. We can tell better by the end
of this fiscal year whether our trade la
permanently decreasing.
On the other hand, notwithstanding this
falling off of the March trade the bal
ance of trade was In our favor. Since
July 1 of last year the favorable bal
ance of trade was approximately 3,9.
000,009. A good many months must
pass before the favorlble trade balance
will be greatly reduced or entirely wiped
out although It is sometimes said that it
will be to our advantage if for a long
time the rest of the world aella to us
' more than It buys from us.
Hood of Cold.
Curiously enough n the very month
when our International trade slackened
there poured into the United States chief
ly through the port of New York gold In
auch amounts that when added to the
gold previously received the total amount
is giving serious concern at the - assay
office over the ability to store ami handle
this gold. When the new assay office was
eompleted the presumption was that It
had ample facilities for storing all the
gold which could conceivably be brought
to Its vaults, but If Europe Is buying less
of us than heretofore, nevertheless Euaope
and other nations are sending ua so much
gold that the officers of the assay office
have asked the consignees to send aa
much aa pesaible of this gold to Phila
delphia. It is almost a paradox. Our trade, ac
cording to Washington figures, is falling
off, but the world la sending up gold In
amounts so great that the storage facil
ities of the assay oflce are Inadequate.
New York Cotton.
New Terk. May 4. Tnere waa a re
newal of Wall Street and commission
houses buying In- the cotton market at
the opening today and first prices were
4 010 points higher, although Liverpool
was lower.
According to private cables, trading
In futures In Liverpool has been reduced
to a minimum by labor disputes, while
there Is also very little Interest In the
spot market for Immediate delivery, but
a demand for forward shipment. The
latter statement found some confirmation
in reports from the south of a better ex
port business and with the prospect for
an unfavorable weekly weather report
probably accounted for some of the early
buying here.
After selling at ll.SOc on the call,
July reacted to li.SCc, but soon steadied
up again, although reports concerning
prospects fer war reparations wera con
fusing. Turpentine and Boa! a.
Savannah. Ga.. May 4. Turpentine
firm, 7o; sales. 40 barrels; receipts. 313
barrels: shipments. 681 barrels; Stock,
5,(58 barrels.
Rosin Firm; sales. 11 casks: receipts,
IT) casks; shipments. 1.745 casks; stock,
71,761 caks. . .. .
Quote: B. IJ.76: D.. 3.t: E., 34.20;
r.. 34.30; G. 34-40: H-, 34.50; I.. 34. S;
K.. U.tii MN., 35.00; WS., 3.3; WW
0-
w York Dry Goods.
New York. May 4. Cotton goods and
a cotton yarns were steadier today, with
demand shewing more breadth. Under
wear was more active for spring deliver
ies. Worsted yarns war quiet and bur
lap markets remained unchanged.
rhJcswo Potatoes.
Chlcsga, May 4. Potatoes Old, weak;
receipts. 43 cars: northern white, sacked
and bulk, 7076c; new, firm; Texas
triumphs, 34.3504.59 cwt.; Florida No. 1,
s.6fS.76; No. 3. 35.00t5.2S per bbl.
Kansas City Produce.
Kansas City. Msy 4. Eggs Firsts. 1
sent higher. ;0e: set-one's, unchanged,
jiatter est! Poultry Unchanged
Live Stock
Omoha, May 4,
Tterelpts were Cuttle Unas Sheep
urriclal Monday .. 3.916 9.310 6.18
Official Tuesday ... 4.H0O 0.113 S.0SS
Estimate Wednerdny 5.100 12.500 ln,:oo
Three las this wk. .13,610 30.sl.1 24.447
Heme laya last wk..3:,'04 41,603 34. 1 si
Same two wks. ago.. 22, 417 32.A32 47.061
Same three wks. tun. 1 4.4S8 36,488 4,943
Same dsys year ago. 22,615 49.40) 15.875
Receipts and disposition of live stock
at the Union .stork ynrds. umar.a, Neb.,
for 24 hours ending at 3 o'clock p. m,,
May 4, 1921:
KECKIPTS CARS.
Cat. Ilge. Shp.
I'.. M. & St. P 4 3 ,
Wabash 6 ... ,
aiinsuun inline i ...
Union Pacific 69 51 27
C. A N. W., east 6 2 ,
C N. V , west .63 65
C, St. P.. M. 0 21 32 ,
C , B. i- Q , east 8 6
C. 71. & y . west is IS
C. R. I. P.. east 20 2 .
C. K. I. & P.. west 2 ... .
Illinois Central 6 1 .
Chi Cit. West 4 3 .
Total receipts
DISPOSITION
229 164
40
HEAD.
Cat Sheep, lies.
Xtl4 84 1.128
1,025 7J5 1,205
831 1,380 3.101
777 1.146 1.672
321
3.743
462 1.631
i()
7
24 71
10
45
i,V
9
345
16
27
4:1
K2
24
13
211
196
156
87
10
95:1
I
6
13
900
1,765 11.393 7.272
Morris A Co.
j i'udahy Pkg. Co.
Swift ' Co.
Armour & Co. .,
Schwarts A Co.
J W. Murphy .,
Dold Pkg. Co. . ,
Lincoln Pltg. Co.
So. O. Pkir. Co. ..
Hlugins Pkg. Co.
Hoffman Bros , .
J. Roth A Sons
Mayerowtoh' & V
all
Cudahy Bios.
P. O'Dea
Wilson & Co ..
F. P. Lewis
Huntzlnger & OH1
J B. Root & Co.
J H. Hulls
rtosenatock Bros,
F. C Kellogg ...
Kills A Co
Sullivan Bros. ..
Ogden Vkfr. Co.
Mo. -Kan. C. & C.
K U. Christie . .
Baker
John Harvey
Jensen & l.undxre
Dennis & Franris
Omaha Pkg. Co.
Midwest Pkg. Co.
Other buyers ....
Total
Cattle Receipts of cattle showed an
other slight increase today, arrivals of
6 7100 head, being tho largest of the week
so far. On steers the market was again
fairly active at prices anywhere from
steady to 10j?25o higher than yesterday,
choice shipping cattle showing the most
advance. Cows and heifers were no more
than steady as a rule, although all classes
of beef and butcher stock are selling 50
75c higher than last week's close. Feeders
were called about steady, nothing fit any
consequence being on sale.
Quotations on cattle: Choice to prime
beeves. 3S.25W8.65: good to choice beeves.
37.758.15: fair to good beeves. 7.3u
7.75; common to fair beeves, 36.75I&7.26:
good to choU-e yearlings. 37.8508.60; fair
to good yearlinM, 37.t67.85: common to
fair vearllngs, 36.5007.25; choice to prime
heifers. 37.267.76: good to choice heif
ers, 3(L007.25: choice to prime cows.
36.85JK7.26; good to choice cows, 36.26
3.75: fair to good cows, 35.506.25: com
mon to fair cows. 33.00 4.75 ; good to
choice feeders. 37.25jf7.60; fair to good
feeders, 36.50?j7.25; common to fair feed
ers, $5.756.50; good 1o choice stockers,
37.007.6O; fair to good stockers, 36.25
7.00; common to fair stockers, 35.00 6.00;
stock heifers. $4.608.00: stock cows,
33.755.00: stock calves, 35.007.25; veal
calves. 35.009.60; bulls, stags, etc., 34.75
7.00. ,
BEEF STEKRS.
No. Av. Pr. No. Av. Pr.
38 1321 3 7 45 25 793 $ 7 6a
18 1103 7 60 10 1021 7 65
38 lflr.5 7 75 19 1343 7 80
SO 1276 7 95 39 1433 8 00
13 1368 S 10 18 1301 S 2o
5 12S6 8 50 19 1403 3 65
BEEF STEERS AND HEIFERS.
1 617 7 00 10 713. 1 40
4 703 7 50 12 752 7 76
YEARLINGS.
32 694 7 76 1 1 1l M
16 761 8 35 32 7 8 60
COWS.
13. ...... 941 6 50 5 1326 7 00
HEIFERS.
26 743 7 Oft 8 872 7 10
S3 771 7 50
COWS AND HEIFERS.
H 1016 t 50 18 1052 6 SO
BULLS.
3 793 S 75
TTftffa Tndnv'a recelnts of hors amount
ed to 12,600 head and shippers set the
pace on the early trade at prices lb
J5c higher. Demand from this quarter
was rather limited, however, and pack
ing droves were finally put up at 10
16c advances. Trade aa a whole was
considered a dime to a quarter higher.
Best light hogs made a Bhlpper top of
38.25 and bulk of the receipts sold from
$7.507.90.
HOGS.
No. Av. Sh. Pr. No. Av. Sh. Pr.
63. .335 ... 3 7 !5 69. .208 40 $ 7 40
68. .839 110 7 45 64. .279 150 7 60
74. .265 260 7 60 71. .265 40 7 65
60. .269 ... 7 70 76..33S 40 7 75
61. .343 110 7 89 75. .238 ... 7 30
7$. .225 40 8 00 83. .206 ... 19
75. .223 ... 8 15 49. .212 ... 8 23
Sheep About 10.203 sheep and lambs
were received today with bulk running
to wooled, shorn and spring lambs. Pack
ing demand was backward with prices
showing a lower tendency and trade fin
ally developed at figures not far from a
quarter lower. Best light lambs were
wanted up to 310.75 with shorn grades
quoted up to $9.75. Good spring lambs
are worth up to 12c a pound. Fat sheep
were scarce and nominally steady and
the same was true of feeders and shear
Are. Quotations on sheep: Best fat lambs,
$10.40g,10."5; medium to good lambs.
310.00 10.85: plain and heavy lambs. $8.75
$9.75; shorn lambs. $8.6063.76; good to
choice ewes. $6.75 ST 7.25: fair to good
ewes, 36.006.6O: cull ewes, J.503.60.
I AT LAJIB3.
No. 'Av. Pr. No. Av. Pr.
400 fed 84 $10 76 584 Colo 43 $10 00
80 Colo 110 9 09 438 Colo 91 10 25
SHORN LAMBS,
titled 84 9 85
SPRING LAMBS.
378 Cal 62 11 60 762 Cal 65 12 09
CULL LAMBS.
201 58 7 60 136 60 8 60
Kansas City Live Stock.
Kansas Cltv. Mav 4. Cattle Recelnts.
j.60 hssd; beef steers. 1526e higher:
top, 3S.86: bulk, i,.7.iflj.oo: uoioraao
pulpers, jS.loffs.S5; yearlings opening
steady to strong, closing weak: best.
38.75: stockers. steady to strong: all other
classes uneven, but mostly steady; good
and choice cows. $6.55 6.76: prime
yearling heifers. 38.66: choice 1.000-pound
feeders, $7.90; calves steady to 50c lower;
practical top on vealers. $9.50.
Hogs Receipts, 7.000 head: early mar
ket to shippers mostly 10 50c higher
than yesterday's average; packers buying
steady to 10c lower than yesterday's aver
age, top. $8.40; bulk of sales, 37.60&8.10;
pigs steady.
Sheep Receipts. 8,700 head: sheep and
wooled lambs weak to 15c lower; spring
lambs off more; shorn Texas wethers,
36.651r6.90: best light wooled lambs,
$10.36919.65; spring lambs, 311.76.
Chicago Lire Stock.
Ml.... II .. . . A ,..,. 1 n Du..lnl. TAftA
head: beef, steady to 15c higher; olosing,
weak: other grades and classes, gener
ally steadv; top heavy beef s'eers. $9.25:
bulk. $7,768.60: bulk fat cows snd
heifers, Js.5i)7.00; bulls, largely 35,60
6.60; bulk veal calves. 310.00; bulk stocker
and feeder steers, $6.O08.0O.
w I-,- -'--. , A .1 n VtttttAt An.nlns
150250 higher, closing with practically all
advance lost; noiaovcr uum o.v-v uvau ,
lop. ss.so eariy; very irw un t.i,
.,,....,. -a. . 1 .. FA. Vlnl. ... Kullr
9 9, 1 ft. I u , pigs, inunii., uvi. uiiu.i .
desirable 100 to 125-pound pigs, 37.7539
8.26. . .
Sheep and Lambs Receipts, zz.uimj
head: aged lambs, mostly steady; wooled
limbs, top. $11.15; bulk early. $10.6011
10.85; shorn top. .310.40; bulk. $9,600
10.60: spring lambs, slow; sharply lower;
choice native springs, $11.75; sheep,
steady,
St. Joseph Lire Stock.
St. Joseph, Mo.. May 4 Cattle Re
ceipts, 3.000 head; generally steady;
steers. 37.e098.50; rows and heifers.
$4.6098.76; calves, $6.0ef9.6.
Hogs Receipts. 4,900 hesd: opening
steady to 15c higher; top. $8.35; bulk.
$7.7568.30.
Sheep Receipts. 8.000 head: weak to
10c lower; lambs, $10.09610.71; ewes,
$(1.2:6 7.25.
Market, Financial and Industrial News of the Day
Omaha Grain
Omaha, May 4.
Best grades of wheat ranged un
changed to a cent lower while off
grades were strong. Corn ranged 1c
higher to 'iq lower. Corn ranged lc
changed to lc up, yellow unchanged
to Vic off and mixed unchanged to
I'iC higher. Oats brought yesterday's
prices. Rye was 3c higher and barley
advanced 2 cents. Grain receipts to
day were light with wheat the bulk.
The world's visible supply of wheat
decreased 651,000 bushels the past
week; corn decreased 5,538,00'bushels
and oats 1,142.000 bushels.
WHEAT.
No. 1 hard: 1 car. $1.43: 1 car. $1.42.
No. 2 hard: 3 cars, $1.41: 1 tar. $1.40
(smutty): 1 car, 31.39 (smutty).
No. 3 hard: 1 car, $1.40; 1 car, $1.39;
1 car, $t.3 (arautty).
No. 4 hard: 2 cars. $1.88.
No. 6 hard: 3 car, $1.35: 1 car, $1.34.
Sample spring: 1 car. $1.18 (46.5 lbs.).
No. 2 mixed: 1 car, $1.40 (80 per cent
hard. 20 per cent 'spring) : 1-car, 31.40
(78 per cent hard, 23 per cent spring).
No. 6 mined: 2-6 car, $1.30 (smutty);
1 car, $1.26 (durum).
CORN.
No. 1 white: 3 cars, 62.
No. 3 white: 1 car, 62c.
No. 3 white: 1 car, 60V,c: 1 tar. 60c.
No. 6 white: 1 car, 4Sc.
Sample white: 1 car. 37c (hot).
No. 1 yellow: 4 3-5 cars. 62c.
No. 2 yellow: 1 car, 6mc; ! cars, 51o.
No. 3 yellow: 1 car, 60Hc (shippers'
weight); 2 cars. 60e; 1 cor, 10c (shippers'
weight.)
No. 4 yellow: 1 car, 49 He
No. 6 yellow: 1 car, 47c (sour).
No. 3 mixed: 2 cars. 49c.
No. 3 mixed: 1 car, 49V4c (near white);
1 car, 4 7 "4 c.
No. 6 mixed: 3-5 car, 44 4c (dry).
OATS.
No. S white: 1 car, 54VjC.
No. 4 white: 1 car, 34c.
RYE. .
No. 3: 3-5 car. $1.31.
Sample: 1 car. $1.25 (16 per cent wheat,
65.8 lbs.).
BARLEY.
No. 4: 1 car, 63c.
OMAHA RECEIPTS AND SHIPMENTS.
Week Year
Receipts Today Ago Ago
Wheat 34 48 49
Corn 28 32 13
Oats 2 I 7
Rye 1 3 3
Barley 1 1
Shipments-
Wheat 35 106 35
Corn 47 44 , 43
Oats 30 6 35
Barley 1 3 2
CHICAGO CAR LOT RECEIPTS.
Today Wk. Ago Yr. Ago
Wheat 30 22 4
Corn 162 79 i
Oat 69 52 16
KANSAS CITY RECEIPTS.
Today Wk. Ago Tr. Apo
Wheat 166 . 120 7a
Corn 17 16 14
Oats o l 1
ST. LOUIS RECEIPTS.
Today Wk. Ago Yr. Aero
Wheat 63 SI 42
Corn 37 43 43
Oats 16 21 68
NORTHWESTERN RECEIPTS OF
WHEAT.
Today Wk. Ago Yr. Ago
Minneapolis 148 314 169
Duluth 93 96 37
Winnipeg 93 80 134
PRIMARY RECEIPTS AND SHIPMENTS.
Receipts Today xr. Ago
Wheat 656,000 623,000
Corn 387,000 330.000
Oats 492.0UU DUS.UOU
Shipments
Wheat 700,000 1.126.000
Corn 934,000 308,000
Oats 403,000 398,000
EXPORT CLEARANCES.
Today Yr. Ago
Wheat 563,000 149,000
Corn 86,000
Oat 97,000
CHICAGO CLOSING PRICES
By Updike Grain Co.. Doug. 2827. May 4.
Art. 4 Close. I High. Low. Close. I Yeet'y
Wht.
May
July
1.431 1.4
1.13 1.13
1.38 1.40
lMhi 1.09V,
.97 Vi .9M.
1.38 1.3814
1.09 H 1.08 H
1.85V4 1.364
l.OtVi 1.05Vs
1.42 74
1.1 2 '.a
1.37 i
1.0774
.97 74
.60 74
.63
.65 74"
.3674
.354
Rye
May
July
Sept
.34 7s .95
Corn
May
.60
.60V41
.63
.654
I
.36 U
.38H
.39
1.60
.00
.58 4
.61H
.63 H
.34
.3674
.37
16.50
16.66
9.36
9.67
9.42
3.77
.587
.617.
.63
.34 7
.377,
.37
16.60
16.66
3.35
."5
9.42
9.77
July
.6
Sept.
Oats
May
July
Sept.
Pork
May
July
Lard
May
July
Ribs
May
July
.65
.35
.38
.39
16.50
13.93
9.49
9.79
3.42
9.82
3.89
.4J
9.83
9.S7
9.72
Minneapolis Grain.
Minneapolis, Minn.. May 4. Wheat
Receipts, 148 ears, compared with 163
cars a year ago. Cash No.' 1 northern,
ll.3Sfcl.46; May, $1.2; July, 1.1574.
Corn No. 3 yellow, 61462c.
Oats No 3 white, 31 74 32c.
Barley 48 84c.
Rye No. Z.. $1.38749 1.3 0 74.
Flax No. I,e31.70 ya 1,72V
Minneapolis Flour.
Minneapolis, Minn., May 4. Flour 10
to 40c higher; tn car load lots, family
patents quoted at $8.508.6O a barrel In
98-pound cotton sacks. .
Bran $16.00.
St. Louis Grain.
St. Louis, May 4. Wheat May, $1.S74
bid: July. $1.08.
Corn May, 674c; July, 69Vc.
Oats May, 3874c; July, 37c.
Kansas City Grain.
Kansas City, May 4. Hay Unchanged.
New York Coffee.
New York, May 4. Owing to the holi
day there were no official cables from
Brazilian markets and trading tn coffee
futures here was restricted today. Fur
ther switching was reported fom Msy to
later months, constituting the bulk of
the business and fluctuation were rather
irregular. After opening 1 point lower,
active month sold 8 to 13 points net
higher, with September advancing from
0.45c to 6.53c on covering. Thts bulge
brought out some realizing or trade sell
ing, however, and most of the Improve
ment was lost with the market closing
net unchanged ,to 6 points higher. May,
6.76c; July, 6.06c; September, 6.46c; Oc
tober, 6.62c: December, t.95c; January,
7.05c; March. 7.26c.
The local spot market was quiet and
unchanged at 574 96a for Rio Ts, and 8 44
0974c for Santos 4s.
ObuUio Hay Market
Prairie Hay Receipts moderate. Ex
cellent dmand for the better grades
Prices rsmain firm.
Alfalfa Receipts very light. Strong
demand for the better grades. Top
grades selling at a premium. .
Straw Receipts light. Very little de
mand. Prices firm.
Upland Prairie Hay No. 1, $12.00
13.00; No. I. $10.0011. 00; No. S, $7.00
8.60.
Midland Prairie Hay No. 1, $11,000
12 03; No. 2. $8.009.00.
Lowland Prairie Hay No. 1. $8,500
9.60; No. 2. $7.09$.O9.
Alfalfa Choloe, l21.09lJi2S.00: N. J,
$18.90039.09' standard. $14.00017.50; No.
t, $8.(0011.00; No. -3, $7-6008 00.
Straw Oat, $8.0009.00; wheat, $T.5
08.09. v
Slenx City Lire stack.
Sioux City, la.. May 4. Cattle Re
ceipts, 3.090 head; market steady to
weak; fed steers and yearlings, $3,900
8.59; fat cows and heifers, $4.0907.60;
canners, $1.69j3.7(; veals, $6.90019.09;
feeders, 36. 00,07. 0; calves, $4.2606.69;
feeding cows and heifers, $4.0005.36;
stockers. $5.0007.25.
Hogs Receipts, 8.000 head; market
shippers, 16 to 26c higher: packers,
steady to strong: light. $8.0008.25: mixed,
$7.7007.30; heavy, $7.2607.00; bulk of
sales, $7.(007.80.
Sheep Receipts, 390 head: market
steady.
ttVFeefo
A balanced mash feed is absolutely
necessary in profitable poultry rais
ing. Red Feather Mash Feeds for
prrowinp; chicks and laying hens are
the most popular on the market.
Profitable results have made them
famous. . All dealers carry them.
Financial
By ALEXANDER DANA NOYES.
Chicago Trlhune-Omalia Bee Leased Wire.
New York, May 4. The event of
foremost- interest today, which be
came known after the market's close,
was the reduction of the New York
reserve bank's rediscount rate from
7 to 6'.j per cent. On the face of
things this action was recognition of
two well-known facts; one. that the
bank's own position in the matter
of reserve and liability had become
so strong as to be wholly out of
line with a 7 per cent rate: the other,
that -the open money market had
shown plain signs of breaking away
from the reserve bank's influence.
With its reserve ratio higher by
15$$ per cent than it was even when
the rate was first advanced from. 4
per cent to 4$ in November, 1919,
and its rediscounts 28 per cent lower,
retention of the 7 per cent rate with
which the bank met the full crisis of
last year's strain on credit had be-,
come anomalous.
The effect of this reduction on the
money market and the general credit pos
ition may be less emphatic than Wall
Street perhaps anticipates. It will cer
tainly have some effect, though hardly
In stirring up again the blase of specu
lation which the high rate was designed
to stop. It la a chastened speculative
community to which the nowa of the
lower bank rate comes. But the market
for merchants paper of the conservative
sort Is sure to be beneficially affected and
quite apart from immediate tangible re
sults, the normal Influence of the chango
Is bound to be considerable.
Price Recovery Continues.
On the stock exchange the day's move
ment of prices was completed before the
reserve bank's announcement. The recov
ery In prices continued being mainly based
on the steel corporation's wage reduction.
Steel shares were naturally among the
str, igest with many other Industrials fol
lowing, but the most Interesting movement
was the advance In railway stocks, prob
ably on the presumption of a fair and rea
sonable revision of labor costs In that
Industry also.
Insofar as the country's iron production
is a measure of the industrial situation,
today's report of last month's output In
dicated very low ebb. The dally average
for April, 39,766 tons. Is actually the
smallest since July of 1908. TH Iron
Age believes that April earnings cannot
be much more than half the $7,741,351 of
March.
The first of the monthly commodity
"Index numbers" for May 1. of the Dun
compilation, shows the decline In average
prices during April to have been greater
than In March or February. But much
the greater part of the laat month's 44
per cent decline is shown to have been In
food. Textiles and metals have held up
distinctly better than in previous months,
while such commodities as cotton, copper,
tin and lead advanced In April.
Foreign Exchange Bates.
Following are today's rates of exchange
as compared with the par valuation. Fur
nished by the Peters National bank:
Par
Valuation. Today
Austria 30 .0030
Belgium 195 .0,95
Czecho-Slovakia v. -0140
Denmark 2" 'J 51?
England 4.8J 3.975
France -19S -0795
Germany 238 -2 ?Z
Oreec 195 .0615
Italy 195 .0494
Jugo-Slavla .- -0074
Norway 2, 1
Poland -0015
Sweden
Switzerland 1 ' 'li
Canada s9,'
Chicago Stocks.
The following quotations are furnished
by Logan & Bryan:
Armour & Co.. pfd 89;
Armour Leather Co., common 1374
Armour Leather Co., pfd .j!.
r ...-.,ltl. irritartn Co. 1084
Cudahy Packing Co., common 60
Continental Motors , "i
Hartman Corporation, common (5
Llbby. McNeil Llbby 9 7
Montgomery Ward Co z74
National Leather 74
Reo Motor Car Co
Swift & Co 100
Swift International 26 74
Union Carbide & Carbon Co. 61
Chicago Produce.
Chicago. Msy 4. Butter Higher;
ereamery extras, 32c; standards, 3174c.
. Eggs Higher; receipts, 23,243 cases;
firsts, 32227c: ordinary firsts, 18019c;
at mark, cases included, 2002174c;
standards. 22 74c.
Live Poultry Unchanged.
Price of Lead Boosted.
New York. May 4. The American
Smelting and Refining company today ad
vanced tho price of lead from 4.60o to
4.76o a pound
Bar Silver.
New York, May 4. Bar Silver Do
mestic, 99 7c; foreign, 174c.
Mexican Dollars 47c.
Unseed Oil.
Duluth, May 4. Linseed on track and
arrive, $1.67.
Exempt from Federal Income Tax, Including Surtaxes
$2,500,000
4
Omaha School District, Omaha, Nebraska
5 !2 Building Bonds
Dated May 2nd, 1021.
Denominations $1,000.
Principal 'and Hemi-Annual Interest
Payable at the office of the County Treasurer,
Omaha, Nebraska.
, FINANCIAL STATEMENT
Valuation as found by Assessor, 1920. .$308,500,000.00
Total debt including this issue 6,167,000.00
Sinking fund now on hand 164,517.63
Value of School Property 11,043,934.28
Population of School District, 1920... .191,601
Pupils enrolled in Public Schools 36,644
, " These bonds are the direct obligation of the School District of Omaha,
which includes "all the territory within the city limits of Omaha, about 58
square miles. These bonds are issued by authority of the legislature.
The proceeds of these bonds will be used for purchas'Dg new sites and
constructing new buildings.
Legality will be approved by Messrs. "Wood and Oakley of. Chicago.
Price 101.47 and Interest, to net 5.40
We Recommend These Bonds for Investment.
OmahaTrast Company
Omaha National Bank Building
New York Quotations
Range of prices of the leading stocks
furnished by Logan & Ho an. Teters Trust
building:
RAILS.
Tues.
High Low Close Closo
A.. T. & S. K 83 siT, 83 82
Halt. & Ohio 39i 37i 394 3774
Can. Pac 113 7. 112 44 H- 113
N. T. Cen 70H 69, 70Vi 70
i 'he s. & Ohio .... 63 H 63 4, 63 , ....
Erie R. R It 13 14 13
Ot. North., pfd. .. 74 701, 73U 7K
I'M. tit. western . i74 7 Is i '4
Illinois Central ... 93 l 92 91 H
K. C. South ST ifc 26V 27 74 26V
Mo. Pac 194 18V !' 1874
N. Y., N. H. A H. 17T, 167, 17. 17 .
North. Pac. Ry. .. 75V 73 H 75, 734
Chi. & N. W 64"., 64 474 63H
Penn. R. ' R 35 74 34 V 35 ' 35
Reading Co 754, 744 7 3 74 7474
C., R. I. P. ... 30 29 30 28H
South. Pac. Co. ... 76,'i 75 76'4 76H
South. Rait SSV 2174 22 21 V
Chi.. Mil. & St. P. 27 2674 27 23 74
Union Pac 11774 117 11774 11674
Wabash 8 774 ....
STKE1.8.
A. C. & Fdry 12974 12'4 1 2 8 74 1 27V
AIMs-Chal. Mfg. .. 38V 3 8 74 3 874 38H
Am. Loco. Co. ... 91 90 90H 904
U. At. Steel Corp. 31 74 31 '4 31 74 81 74
flald. Loco. Wks. 91? 90 91 74 9174
Beth. Steel Corp. . 6 3 6 1 74 6 3 6 1 74
Colo. F. & I. Co. .. 8174 l 3174
Crucible Steel Co. . 8 5 74 8 3 74 8 4 83H
Am. 8toel Kdrles . SO Mi 3 0 74 3 0 74 3 0 V
Lack. Steel Co. .. 6 4 74 6 2 74 6 3 74 6 8 74
Mid. Steel & Ord. 30 29 74 -V 374
Rep. I. 8. Co. .. 6CV4 65 66V 65
Rail. S. Spring R9H
S.-Shef. S. & Iron 4 4 4 3 74 4 J 74 4 3 74
U. S. Steel 854 8474 8574 S474
COPPERS.
An. Cop. Mln. ... 41 74 41 74 41 74 41 4
A. S. & Rfg. Co. . 43V 43 ' 4374 43
B. & 8. Mln. Co. .. 15 15 15 15
Chile Cop. Co. ... 1271 12 1374 1271
Chlno Cop. Co. .. 26 ii 25 25 25 H
Insp. Cons. Cop. 36 36 36 74 3674
Kenn. Copper ... 2174 2074 2174 21
Misml Cop. Co. .. 23 23 23 23
Nev. Cons. C. Co. 13 V II 7i 12 V 1274
Rav C. Con. Co. .. 14V 1474 147. 14'4
Utah Cop. Co. ... 65 647, 644 64V
INDUSTRIALS. '
A. B. Suff. Co. .. 394 S '9 3H
A.. G.. A W. T. S. S. 434 41V 42V 4174
Am. In. Corp 52 61 51V 60V
Am. S. Tob. Co. . 7 2 7 1 74 7J Vi 71V
Pac. OH N. 3874 3874 $874 88V
Am. Cotton Oil Co 20 74
Am. Tel. & Tel.... 108 107V 107V 107 74
Brook'n Rap Tran 13 74 1 2 1 3
American Can Co. 32 74 31 V 31 3174
Chandler Mot. Car 84 82V SS 74 83V
Central Lethr. Co. 40 38V 3974 38
Cuba Cane Sug. Co 20 74 19 20 20
Oal. Pack. Corp. 60 60 60 60
Cal. Pet. Corp.... 4 7 74 4 6 47V 46 74
Corn Pdcts. Rfg... 75V 74 V 76 75
Fisk Rubber Co... 1874 1774 18
Gen. Electrlo Co.. 137 137 187 137
Gaston Wms., Wig 1 174 1V4 174
Gen. Motors Co... 147, 14 14 1474
Goodrich Co. 41 41 41 4174
Am. Hide. Lthr Co 11 11 1174 H7t
Haskell, Brkr Car 68
U S Infl Alcohol.. 7374 72 73 73
Inter. Nickel 16V l7t 174 174
Inter. Paper Co... 6 6 74 6 3 V 64V 64
Ajax Rubber Co.. 37V 35 86 35
Kelly-Spr'gh'ld Tire 63 49 V 63!.i 49
Keystone Tire, -Rub 17 74 16 16 V 16
Inter. Merc. Mar 16V
Maxwell Motor Co. 674 6 6
Mex. Petroleum... 149 146 148 146
Middle States Oil 14V 14V 14V 14V
Pure Oil Co 35 35 86 36V
Wlllys-Overl'd Co. 10 10 10 10
Pierce Oil Corp 10
Pan-Am. P. & T.. 70 69 69 69
Plerce-Arrow Mot. 41 40 4 0 74 41
Royal Dutch Co... tt 67 68 6874
U. S. Rubber Co.. 78 76V 77 76V
Am. S'r Rfg. Co.. 90 88 90 90
Sinclair Oil & Rfg. 27 26V 27 26
Sears-Roebuck Co. 8374 82 83 S2Tl
Stroms'g Carb. Co. 44 4 4 4 4 74 '44
Studebaker Corp.. 89V 8 8 74 8 9 6 8
Tob. Prod. Co 64 53 64 61V
Trans-Con. OIL... 1374 1174 1 13
Texas Co 41 40V 4 0 74 4 0
U. S. Fd. Pr. Corp 23V 22 23 23
U. S. S.. R. & M. . 34 23 33 33V
White Motor Co... 43 43 43 43
West'ee EI. & M. . 48 48 48 48
Am. Woolen Co... 8074 "9S 7374 80
Total sales 844.700.
Mpney Close, 6 per cent; Tuesday's
close. 6 per cent.
Marks Close, .0161; Tussday's close,
.0164V-
Sterling Close, 3.98; Tuesday's close,
S.98V-
London Wool.
London, May 4. Offerings at the -wool
auction sales today amounted to 10,197
bales. Competition was good and the re
cent advances were maintained.
Crossbreds were ofter 5 per cent dearer.
Continental buyers were active and
withdrawals were small.
HAND-TO-MOUTH UVTNG
1 frf MAnfa Mm tmmm !. .t-
They have nothing saved, are alwavs
hard up, and 83 are dependent upon
others t 65. Don't be ia this class.
Common sense applied to saving and
Investing will keep you out of it. Peter
Perkins wrote a remarkable book. "Get.
ting Ahead." b ia helping thousands to
financial dependence. Sent tree.
KRIEBEL&CO.
Investment Bankers
137 ouh La Sail St., Chicago
Interest
fi (htoenr f
I I Chicago Grain
By CHARLES D. MICHAELS.
Chicago Tribune-Omaha He Leased Wire.
Chicago, May 4. Grain prices to
day were highest at the start and
lowest at the close, reversing their
action of the previous day and los
ing the greater part of the gain in
wheat and more on corn and oats.
Wheat was off 2$isf,4'4, with May
leading; corn showed losses of Hi
l&c; oats liec, and rye ljj
2;4c.
Higher prices for wheat Tuesday
brought out increased offerings from
the country with 500,000 bushels
bought in the southwest and small
lots from other sections with nu
merous requests for bids from the
interior, particularly from Iowa. Al
though export buying at the gulf
took about double the quantity sold
by the farmers, prices failed to hold
as the buying exhausted itself soon
after the opening. May sold at $1.44,
the best figure on the present upturn
only to break to $1.38, going from
$1.41 to $1.-1844 very sharply on
light trading.
There were unconfirmed reports of
private settlements being made
around the top prices 7vhich com
bined with the selling of May by
seaboard interests, who replaced with
July at around 29 cents discount,
had a depressing influence.
Support Lacking. ,
The market has failed to receive the
outside support as on recent bulges as
the general public are not enthusiastic
over the buying side for more than a
few days at a time. The technical posi
tion was weakened by the recent heavy
covering and the market reopened to in
creased offerings. Weakness in Winnipeg
with premiums 4c lower at the last and
reports of buyers backing away from the
cash wheat markets on the whole at the
various points were Irregular, while pre
mlus at Chicago were unchanged al
though the tone was easier. Latest cables
from Australia say that about half of
the exportable surplus, or 66,600.000 bush
els, have been sold In the past three
months.
Crop reports on the whole were good,
the only exception being a lack of moisture
in the far southwest.
Montreal was a good buyer of cash
corn, taking 275,000 bushals here at lie
over May for No. i mixed or yellow.. The
corn market on the whole, however, waa
weak, sympathising with wheat. Early
buyers became active sellers late In the
day and assisted in the decline of nearly
2c, with' the close around the bottom at
684c to 68o for May and 61c to 61c
for July.
Failure of the predicted frost to ma
terialise led to Increased selling of oats,
particularly September, and prices weak
ened to 37o with the close at practically
the bottom with May off lc with the
close at 34 V- Cash houses were active
In changing from May to July at 3S c
difference.
Pit Notes.
Receipts of wheat at Minneapolis wera
148 cars. Winnipeg receipts 93 cars and
Duluth 83 cars.
Reports to the Price Current Grain Re
porter indicate that the condition of win
ter wheat has deteriorated slightly, al
though It continues to show a rather high
condition. Except in Texas the abandoned
acreage is not large. The crop is later
now than anticipated, in view of excellent
weather earlier in the season and in places
Joint 6V2'
Northern Pacific -Great
Northern
Due 1036
Exceptionally attractive
conversion privilege
which may be exercised
at holder's Option.
Price to yield about
6
Circular en request for OB-H7
The National City Company
Omaha First National Bank Bldg.
Telephone Douglas at II
'Due May 2nd, 1951.
54 semi-annually.
VujVibmai ertv turn
Bonds and Notes
The following quotations
Ihe Omaha Trust Company:
American T. A T. Co. 6s, 192
American T. T. Co. 6s, 198
Anaronda ts. 19C9
Armour 7s. 1930
Belgian liovt. 8s, 1941
Belgian Govt. 7s, 1945 ..
Hethlehem Steel is, 1912 ..
Bethlehem Steel 7s, 1923 ..
British 6s, 19:2
Nrltli.li 6. 1V9
furnlnhed
97 7
9(1 7
...93 9
... 7
...
... 99 7
...99 7
...!' 7
... 96 $
... 0t
.. 66
. . .
... (7
... -"4
British 6s. 1937
C. (. c. A St. I.. 6a, 19i9.
Chlstlanla 8s, 1945
Cudahy Pack. Co "a, 1923
Denmark 5s. 1 946
French Government ns, 19 45
B. F. Goodrich 7s. 1925
Japanese Govt. 1st 4a, 192
Japanese Govt 4s, 1931,...
Morris A Co 7s, 1930
Norway 8s, 1940
Northwestern B. T. '. "s, 19
. 99
. 9V
. 90
. 64 '
. 67V
. 9S
.11
41. 99
...100
N. V. Central 7s, 1930
Penn. R. R. Co. 7a, 1930...
Southwestern B. T. C. 7s, 19
Swedish Govt. 6s. 1939....
Swift A Co 7s. 1925
Swiss Govt. 8s. 1940
V. S. Rubber 77ns, 19.10
7Vestlnghouse Klec. 7s, 1931.
. . .101 U
36. 96
...83
... 96
...10:!7
...Hill
... 9V
frost has set the crop back considerably.
Winnipeg wired: "At the terminals at
the head of the lakes on April JO, there
were 16.800,000 bushels of wheat, 16.600.000
bushels of oats, X, 760, 000 busht'ts of bar
ley and about 400.000 bushels of flax, total
somethlnr over 3tS.000.00o buahels. In ad
dition there was In Interior elevators, botn
public and private, K.00O.000 bushels of
barley and 1,000.000 bushels of flax."
Omaha wired: "One of the largest re
ceiving houses here says: 'One of our
largest whrat shipping stations which has
already shipped out 300 cars of wheat
reports that they have made a close can
vass of the wheat remaining In their ter
ritory and estimate about five carloads.
Another station reporting this morning
the shipments of a bulkhead car of wheat
and rye says this Is the largest car from
our station this season. This firm be
lieves that there is- much less wheat In
the country than the trade realises. " '
Kansas City wired: "Well known fann
er from Sedalla, Mo., here today says
wheat making no headway In centra! Mis
souri. Weather has been unseasonably cold
and wet. Lot of sunshine and warm
weather needed. Some corn has been
planted, but not coming up and will have
to be planted again."
Summary of weather and crop conditions
In the corn and wheat region for the
"week ending May 3: . "Continued cold
weather much of week was decidedly un
favorable to vegetation except the more
hardy varieties over the greater portion
of the country, but the moisture wss
mostly sufficient except that It Is badly
needed in the more southwestern states
and in a few other local areaa. Progress
of winter wheat was most satisfactory."
Mberty Bond Prices.
New York, Msy i. Liberty bonds at
noon: 88.88: first 4s, 87.60; second
4s, 87.30 bid: first 4ttsr 87.74; second
4s. 87.3S ; third 4 'in. 90 65: fourth 4 'is,
87.44 ; Victory 34s. 8.00; Victory 4s,
98.00.
Liberty bonds closed: 3',is. 88.7(1; first
4s, 87.60; second 4s, 87.26 bid: first 4 Us,
87.68; second 4 'is, 87.30; third 4 'is, 90.6?;
fourth 4Ss, 87.40; Victory Sis, 7.8;
Victory 4s. 97.98.
by
Cut Price Sale!
AT
The
Philip's Stores
Thursday, May 5th
We are advertising just a few of the wonderful values
that are found at Philip's. There are many more just
as amazing values at our store. It will pay you to make
us a visit in fact, you will profit a great deal by
doing so.
t
Here is an article offered for less money than you have
seen it offered for a long time :
Imported
Saucers
larly sold for" 50c, on sale now,
cup and saucer.
16-ineh Horthahe Brand Floor
Brushes Stranglehold, vulcan
ized in rubber; these brushes
regularly sell at $7.50 each. A
rV:a!ue $4.50
44-piece set of Imported English
Dinner Ware Beautifully deco
rated, finest quality ware, spe
cially ' priced at, $8 70
Children' Fine Ribbed Hose
Extra well made, long wearing,
specially priced for this sale,
while they last, at, 1 Cr
a pair IOC
Large size bar of Lighthouse
Laundry Soap 6 bars Qg
for aOC
24th and OSU.
Ask for ttferee. Trmaiag Stamps
mmmmammmamKBSimawmawBnBi3umnmmsmmBm
provide for an in
dependent income for your future, this plan
will interest you. '
This booklet mar
request. Ask
QmahaTrust Company
Ojmij Ntttona) Ben Buildtn(
South Side
Injunction Sought
Against Drink Place
Near Shooting Scene
. t,
A petition for injunction to clic
the soft drink parlor of John Koiai,
filed yesterday by County Attorney
Shohvell, will le heard in district
court next Monday at 2. The itij'nc
tion ia asked on grounds Kozial is
selliuff intoxicating liquor.
Komi's place is the one nw
which the yhooiinR affray took place
in which John Hertlzina killed John
Howard. Mayor Smith and Com
missioners I're and Hutler voted not
to revoke the license in council meet
ing yesterday, though Police Com
missioner Kinfter read affidavits
charging corn whisky was sold there.
"Why aren't the men here who
made the affidavits?" asked tho
mayor.
Home Raided; $100.
Joe Tolmau from whose home at
1218 South Twelfth street, Sergeant
Thestrup and Officer Fee took 63
pint bottles of alleged corn whisky
in a raid Monday, was fined $100
and costs in South Side police court
yesterday.
$103 Bond Forfeited.
George E. Harrif, 2504 '4 M street,
forfeited a bond of $105 in South
Side police court yesterday when he
failed to appear to answer a charge
of illegal possession of intoxicating
liquor.
South Side Brevities
Mr. snd Mrs. K. T. Knauss of TllrtKe
fleld, Vaxh., snd Mrs. C. B. Hossnrt of
Beatrlre are visiting at home home or
and .Mrs. Otto Wurmbaeh, 6J20 R street.
The Woman's Missionary aoclety of the
South Slds Christian church will be e.i
tertalned at a tea tomorrow afternoon at
the home of lUrs. C. K. Carter, 5730
South Twenty-third street.
"Getting- the Most Out of Retailing:," ts
the subject of a business lecture to be
given at the Old Red Men's hall tomor
row evening at 8. by Will II, Farley, a,
business expert, under the auspices of the
South Hldn Merchants association. Six
thousand feet of moving pictures will be
used to Illustrate the lecture.
New York Suitor.
New York, May 4. While there wore
no sales In the local raw sua'tr mai-k-t
today, the undertone was unsettled nnd
holders seemed more anxious to make
sales. Porto ftlcan sitKar were offt-red
at 4.77c for centrifugal, while the com
mittee's quotation for Cubas Is 3ic cost
and freight, equal to 4.8o for centrifugal.
Fine Quality China Cupi and
Beautifully decorated, regu
15c
Genuine Cut Glass Sugar and
Creamer Sets Made of brilliant
crystal? genuine cut floral spray
design, exceptional values, regu
larly z.ou a set,
on sale at
$1.00
27-piece et of English China
ware Different designs, good
quality, exceptional & jj gA
values at, set...... pOOU
2-eunce balls of Cortecilli Yarn
In all the different colors, best
quality, regular 85c values, spe
cially priced at, OQ
a ball Oe7C
10-quart Heavy Galvanized Wa
ter Pails Specially priced, while
tney last, at, nr
each awOC
a
South Omaha
They are Givea With Eaea Purchase,
Here Is a
Booklet
which explains the
Omaha Trust
Company's
Modern In
vestment Plan.
If you wish to
be oblsimd on
(or B-68.
