THE BEE: OMAHA, TUESDAY, JULY 26, 1921.
$16,000,000,000 In
Rail Securities
Held by Public
Koads, However, Have Put
Into Properties $20,000,-
000,000 Out of Earnings
As Wise Investment.
By HOLLAND.
Elisha Lee, vice president of the
Pcrmcvluanla Poilrrtarl fmrxrin nit .ti
r- . .. hhj . ... ... tiBinvmi v v.ifu j , fcau
. - a .1. -i . I - . I . e . t .
uuues mat ine ia:iroaas or tne
f United Stati-
H of the public $16,00.'l,000,000, or in
other words, the public has invested
A$ 16.000,000,000 in American railway
i.roperties. It is no wonder, there.
fore, that the public teels vitally in
t. terested in the railwiy situation and
earnestly hopes that the recent
undertaking to fund some of the rail-
road obligations to the government
will be successful.
' Nine and one-half billions of the
total capitalization of the American
railroads are represented by bonds.
Six and one-half billions are repre
sented by capital stock. The owners
of the American railroads have there
fore nearly $7,000,000,000 of equity.
But this is not all. "lb railways of
the United States have, out of their
own earnings and fresh capital, in
vested approximately $20,000,000,000
in these properties. This money was
taken out of earnings before dividend
payments were made. It was used
for equipment, for. improvemcnst
and for the enlarging of terminal fa
cilities. Therefore, the railroads of
the United States as a whole have,
out of earnings, put approximately
$4,000,000,000 more into the proper-
lies tnan tne combined bond and
stock capitalization.
Wise Investment.
The ablest railway constructive forces
in me united states always looked upon
1t as a wise investment of some part of
the earnings, If they were turned back
Into the property. In the early days of
railroad development when Commodore
Vanderbllt was recounted as the leader,
he set the example of putting some part
of the earnings back Into the properties.
This was the policy followed by President
Thompson of the Pennsylvania. He was
the first to equip a railroad In the United
States with steel rails, and It has always
been the assumption that payment for
these rails were taken out of earnings.
B. H. Harrlman always favored putting
tome part of the earnings back Into the
railroad properties. He was assured that
this was a wise Investment, for it not only
ncreaaed the value of the properties, but
ras certain to Increase profitable traffic.
The Big Four Railroad company some
rears ago put back Into the properties a
large slice of the earnings. It was a wise
Investment and Its value was recognised
In tho appreciated market vaue of the
itock. Perhaps the best example of the
Mccess which follows wise utilization of a
fiart and at times of all of the net earn
ngs was furnished by the Lake Shore
Railroad company. Many millions were
put Into Improvements. Grades were
kllmlnated as far as possible and long
tangents secured. The road bed became a
siodel. And so great was the improve
ment In this railroad property due largely
to the placing of earnings Into the prop
erties that In the early years of the pres
ent century It was fpund possible to
finance the securities on the basts of 3!4
er cent.
Cost 20,000,0O0,0O0.
The railroads of the United States,
therefore, at the time the. government In
war days took them over, represented an
expenditure of 120,000,000,000 In improv
ing and as far as possible perfecting the
vrinti nvxtems. But the bonded indebt
edness of the American railroads as a
whole Is a little under $10,000,000,000.
Therefore the railways of the United
States are mortgaged, for only one lalf of
the total cost of improvement. Of course
It should be borne in mind that soms of
the funds obtained by the sole of bonds
. and itock also represent railroad lmprove
.'nent. Mr. Lee calls attention to the fact
that It Is rather' a coincidence that tne
amount of the funded debt and the book
cost of the American railroads corre
sponds with the estimate made by those
who lend money upon mortgage of real
state as to what constitutes a high-grade
first mortgage.
Is There Watered Stock
Some years ago a statement, afterwards
reputed, was made publicly that a large
amount of the mpltal stock of the" South
ern Pacific Railroad company was pure
water. So also charges have been maae
that other railroad stock was
One of the first of the-e accusations was
hurled at Commodore Vanderbllt t t"
time when he caused a stock dividend,
Equivalent to the capital .lock as that
was before the dividend to be d edared.
So it was frequently said h' Nw.Jr
Central svstem contained at least-60 per
cent of water In its capital tock.
But excellent demonstration was made
of the reasons why a dividend of this
kind was declared. The New York cen
tral systsm had been greatly Improved.
Many million, had been taken ou ; Ql
earnings In order to perfect the P'OP
Commodore Vanderbllt for a long . time
would not permit any bonds to be lu?
He thought that the earnings would be
Sufficient to provide for Improvement
"'payment of a ""l?.
It is the impression of J111'',." f
agers that when the physical valuation of
Th railway propert ;s of the United
ate. Is competed, the Interstate Com
merce commission will have before It
fnrr which will show that on tne wnoie
Jh railways of the United States are In
possenof properties who.. . value 1.
far in excess of their capitalisation.
ir.nuta Cltv live Stock.
Kansas City, July !5,-(U. S. Bureau
,f Markets.) Cattle necr.m..
. yearlings, steady to strong naii
$9 26 dry fed steers, steady to 25o high
er top heavies, .00, other
steady to 25c lower; best Texas, 7.0.
Texas" yearlings. S.O0; best Kan".
sers, $7.75; many grass and cake fed
steers $8 006.75; canoers and bulls,
Stead to strong, bulk canners around
$2eooT most bulls'. $4.25 MO. v..
steady to. 60c l-er: practical top 18.00.
n y: best cow.
17. 76; meiuum iu
Hogs Receipts, o.ovu, . j v.
barely active, others, flow; mostly steady
to 10c lower; best lights and radium to
.Sinners $10 35; top. $10.40: bulk of sales.
J 30 1 lTsO; packer, "top $10.80; throw out
sows and pigs, around steady.
Bbeep-Recejpts. 6.000; western lambs,
steadyridaho. $10.60; native leamb.
steady to 26c higher; odd bunches. $9 75;
load $9 68; sheep, 1550c higher;. Idaho
ewes, $5.50. '
Jfew York Cotton.
New York. July 25. The New York
cotton market opened easier this morning
and 9 2S points lower, due to weak
cables, southern and Liverpool M'Hng and
liquidation. Support from TV all Street and
trade interests was Insufflcent to absorb
the offerings early and after the start
the list declined 4 points further In the
face of reports of light to heavy rains
In the central belt.
Continued liquidation after the first
hour weakened price to 31 points under
Saturday's close, but new buying at this
level partly through commission houses,
brought about a rally of 10 to 11 points
at mid-day.
Occasional flurries of liquidation In the
afternoon were checked by trade buying,
and the market held fairly steady at 2$
027 points net lower."
New York 8ugar.
New York. July 15. There was no
change In the local jaw sugar market to
day, but a moro active Inquiry was noted
and business wa. of pretty fair propor
tions. Price were quoted on the basis
of Sc for Cubes, cost and freight, equal to
4 gle for centrifugal. The sales Included
$5 000 bags of Cuba. o an out-port re
finer, and about $0,000 to lacal refiners,
11 850 bags of Philippine Island centri
fugals and about 75.000 bags of Porto
Ricos to local refiners, all on the basis of
.81o for centrifugal.
Turpentine and Rosin.
Savannah, Oa.. July H Turpentine
Market firm. Sl$2Vic; sales. 50 barrels;
receipts. 1.268 barrels; shipment, 1.800
barrels; stock. 10,414 barrels.
Roatn Markut stead: sales. ITS casks;
- . KO.'D I "- . -
cssks; stork, 88.IS7 casga.
Quote: B. D. H. F, O. 8S.T8; H, 81.S0;
t. $1.90; K. $4.10: M. $4.35; N, $4.80;
"WG. $5.35; WW, $8.16.
Ixindon Wool.
London, July 25. The wool auction
sales were continued today with offerings
of 11,001 bales. The tendency was Ir-1
regular, good wools twin ateadv. while
low cross breds declined from 10 to i
THE GUMPS
GuCSS i PXtft i'LL JUST EAT THS To KElr
j ml hv a ) gaHrfSK J There m hardly any ice- y I I xx from swung- "Suppo-st V
I trrtU JCJU ( WA.TU NEMXfc Ktt YU.U 1 V LAM 6 KtCKet &AU HHMtt
(BEWretj 60 ftcWy I I ) SUCH NUASYEFVC IMITATION CMg IM LANAJ of V
I, I, " I
Live Stock
Omaha, July 28.
Receipts were: Cattle Hogs Sheep
Monday estimate 7,400 6,400 11,000
Same day last wk 1.886 9,841 18.616
Same day 2 wks. ago.. 5,628 9,013 13,534
Same day 3 wks. ago.. 4,841 11,574 18,204
Same day year ago 10,199 4,626 16,525
Receipts and disposition of live stock
at the Union stock yards, Omaha, Neb.,
for 24 hours, ending at 8 p. m. July
25. 1921:
RECEIPTS CARLOT.
Cattle.' Hogs. Sheep.
C M. & St. P
Wabash
Missouri Pacific ...
Union Pacific
C. A N. W., east...
C. ft N. W., west...
C. St. P.. M. & O.
4
7
13 33
, .
47 I
12
13 2
1 1
i
93 42
. 6
. 2
. 37
. 10
.114
. 20
C B. ft q., east.
C, B. ft Q , west 105
C R. I. & P., east.. 4
Illinois Central .... 1
Chi. at. West 2
Total receipts
.313
DISPOSITION HEAD.
Cattle. Hogs. Sheep.
Armour & Co 915 1,232 2,259
Cudahy Pack. Co.. 1,122 1.S01 1,509
Rold Pack. Co 879 943 253
Morris Pack. Co... 1,023 722 1,404
Swift ft Co 1,009 1,053 972
J. W. Murphy 1,471 ....
Sinclair 62
Lincoln Park. Co... 40 .... ....
Wilson Pack. Co.... 465
M. Olassburg 116 .... ....
Hlgglns Pack. Co.. 35 65 ....
Hoffman Bros 16 .... ....
Mayerowlch & Vail 10
Midwest Pack. Co.. 19
P. O'Dea 8
Omaha Pack. Co... 12 .... ....
John Roth & Sons.. 68 .... ....
S." O. Pack. Co 40
J. H. Bulla 62
W. H. Cheek 61
E. O. Christie 4 Son 3
Dennis ft Francis... 14
Ellis ft Co 52
John Harvey 477 .... ....
W. W. Hill 4 Co.. 76
T. J. Inghram 9 .... ....
F O. Kellogg...... 149
Joel Lundgren .... 90 .... ....
F. P. Lewis 117 .... ....
J. B. Root ft Co 57
Rosenstock Bros. .. 299
Sullivan Bros. 137
W.B.Van Sant 4 Co. 61
Werth'mer ft Degen 182
Smiley 34
Other buyers 888 4,616
Total .8 034 8,777 11,013
Cattle The week opens out with a run
' 7 sun hand cattle, about one-third of
them western grassers. The demand for
dry lot beeves and yearlings was active
at steady to stronger prices. i-oi
nurllnm alllrir un to 89.40l99.50. Best
heavy cattle sold around $8.508.76. Most
nf th western cattle were on the
butcher stock and feeder order. Beef
...l -n th u-nv from 86.60 to 87.75.
the latter price being paid for weighty
hu forts off crass. Cow stuff ruled slow
to 25o lower than last week, while stockers
and feeders were in active aemsna i j
steady prices, gooa Ktnas soiling aruuuu
$6.76 7.00.
NEBRASKA. '
FEEDERS.
No. Av. Pr. No. Av.
6 935 $ 8 35
COWS AND HEIFERS.
912 6 16
BEEF STEERS,
Pr.
30..
11..
20..
17..
11..
14..
it..
15..
30..
34..
8..
7..
.1118 $ 60 31 1398
.1398 8 10 40 1189
.1468 9 00 9 964
.1170 8 76
FEEDERS.
. 710 t 35 6 735
. 760 6 60 18 890
. 864 7 25
HEIFERS.
. 623 6 00
STEERS AND HEIFERS.
. 618 9 15 22 91S
. 910 9 40 26 741
. 648 8 50 9 719
.1014 6 75
9 78
8 15
8 88
6 28
( 68
1 78
8 00
$ 66
1 1101 6 60 7 106
6 60
6 00
9 711 1 60 13...
BULLS.
1 1720 4 25 2,..
1 1620 6 60 1...
1 1830 6 75
YEARLINGS.
910
..1320
..1500
6 10
6 60
ST 754 8 8s 88 760 8 50
Hogs The week opens out with a
rather limited run of hogs, about 6,400
head showing up. BuyerB were somewhat
Hf-fai nn the start and trade developed
on an uneven basis, with prices anywhere
from steady to a quarter lower, as com
pared with last week's close. Most of the
ftHna sold at 10ffll6c decline. Best
light hogs made a top of $10.25, and bulk
of the entire receipts sold from $8.60 on
up.
AUUS.
NO. Av.
33. .300
81. .324
70. .251
62. .249
62. .244
24. .252
74. .211
45. .282
Sh. Pr.
No. Av.
33. .381
48. .282
64. .344
69. .279
79. .215
29. .242
69. .233
73. .181
81. .196
Sh. Pr.
... $ 8 65
.. 8 75
70 8 85
70 9 00
110 9 20
9 35
... 9 60
70 $ 8 50
280 8 70
260
8 60
8 90
9 16
9 25
9 40
9 75
40
10
10 00
10 15
60. .227
10 10
80
Shaan With 11.000 sheep and larrtTTi on
sale this morning, fat lambs ruled steady
to a quarter lower, with fat sheep bring
ing prices a little different from those
paid at last week's close. Best fat west
ern lambs brought $10.25 10.40, and sales
of good natives were reported from $9.25
9.86. Fat ewes moved at $5.005.25,
some wethers were reported at $6.00 and
some yearlings at $7.00. A fair demand
existed for feeding lambs at steady prices
and desirable grades brought $7.007.26.
Quotations on Sheep Fat lambs, west
erns, $9.50010.40; fat lambs, natives,
$9.00010.09; eull lambs. $4.5006.00; fat
yearllnes, $B.257.60; feeder yearlings,
$2.2503.26; fat ewes, $3.2505.50; feeder
ewes. $2.8603.26; cull owes, $1.0002.50.
Chicago LIto Stock.
Chicago, July 28. Cattle Receipts, 18.
000; beef steers and she stook mostly 18
to 25c higher; top yearlings, 39.76; bulk
all weight beef steers. $7.6009.00; bulk
fat she stook, $4.6006.78; canners and cut
ters, largelv $2.7508.60; bulls, 60o higher;
bulk. $5.2506.25; veal calves, 25 to 60c
lewer; bulk. $9.69010.00; atockers and
feeders, slow.
Hogs Receipts, 46,000 thousand; fairly
active; better grades, steady to 10c lower;
others 10 to 15o lower than Saturday a
average; closing fairly active at decline;
holdover liberal, shippers taking 11,000;
top, $11.10; bulk better grades, $10,000
11.05; bulk packing sows, $3.9009.15;
pigs, steady to 16o lower; bulk desirable,
$in.O01O.85.
Sheep Receipts, 11,900; sheep, feeders
and native lambs, steady; western lambs,
10 to 26e lower: top native lambs, $10.00
to city butchers; bulk to packers. $9.25
a.c. i . ...... n. Ill) 7E- nthsra raneed
down to $10.86; light western fat ewes,
0; native top, s.uu; duik, (
4.T1.
8ku City Uw Stock.
Sioux City, la., July 26. Cattle Re
ceipts, 1,000 head; market steady; beef
steers, $6.6008.75; fed yearlings, $6,000
9.35; grass steers, $5.0007.00; fat cows
and heifers, $4.0008.00; canners, $1,000
3.09; veal calves, $5.0009.00; grass cows,
$3.6006.00: calves, $3.5007.00; feeding
cows and heifers. $2.1605.25; stockers and
feeders. $4.0007.00.
Hogs Receipts, 4,609 head; market
weak, 35c lower: light, $10.00010.25;
mixed, $9.00010.00: heavy. $8.0009.15;
bulk of sales. $8.60019.00.
Sheep Receipts, 600 head; market
steady.
Unseed OO.
Duluth, July 26. Linseed
$2.061 arrive, ..0t&,
on track.
Market, Financial and Industrial News of the Day
Chicago Grain
By CHARLES D. MICHAELS.
Chicago Tribune-Omaha Bee Leased Wire.
Chicago, 111., July 25. After ruling
easy most of the day, wheat devel
oped strength, which carried prices
to above the previous finish and
resting spots were at highest points.
Reports that wheat bought by Bel
gium in Australia is being received
out of condition and that exporters
were in the local market, but unable
to secure their requirements, were
dominating factors in the late ad
vance. Short covering was exten
sive and the commission house de
mand of good class. Closing prices
were 11 l-2c higher on wheat and
3-85-8c higher on corn. Oats failed
to follow the advance in wheat and
the finish was at losses of 3-85-8c.
Rye was irregular, July ruling lc
lower and September l-2c higher.
.Provisions were lower, rinal ship
ping sales were reported at 25,000
bushels wheat, 775,000 bushels corn,
including 750,000 bushels to export
ers and 120,000 bushels oats. Sea
board reported 600,000 bushels wheat
sold for export in all positions.
The undertone of wheat was easy, "The
enormous receipts locally as well as In
the southwest and constant hedging sales
In the pit counted strongly In making the
trend of values a lower one. Opening
was mot with a general rush to sell, but
on the break a 'better demand developed
and the market recovered all of the loss
sustained, only to meet with Increased
pressure and a setback. Prospects were
for a big increase in the visible supply.
Chicago arrivals were estimated at 1,800
cars, Kansas City was In receipts of 1,683
cars, while St. Louis and Omaha received
692 cars and 617 cars, respectively. There
wore good bids in the local market from
exporting sources and Indications pointed
to liberal acceptances. Seaboard reported
sales of 300,000 bushels for export. De
liveries on July contracts amounted to
88,000 bushels.
Damage In Canada,
A crop authority traveling through Can
ada sent In advices to the effect that,
although he had seen but a small portion
of the Canadian wheat belt, he had wit
nessed enough to satisfy himself that tho
crop would not be a bumper one, as
damage from heat and rust has been
serious, and In soms instances an almost
complete failure was noted. Liverpool fu
tures closed IVJd lower.
There was a fairly good trade In evi
dence in corn. Prices averaged lower,
yielding to general commission house sell
ing, based on rains In Iowa and the easier
tendency In wheat values. Fair support
was afforded the market on the dip bv
local Interests, market making a partial
recovery. Deliveries on July contracts
were 76,000 bushels. Cash market was
easier, with the basis being lowered to
the extent of e. Domestic Inquiry was
moderate. Receipts were liberal, the es
timate being placed at 360 cars.
Oats ruled lower during the fore part
of the session, more In sympathy with
other grains than any Inherent weakness
In Its own tone. Reports from the country
continued to tell of disappointing yields
of new lightweight oats. On the other
hand there seems to have sprung up a
rather active inquiry for old oats. Cash
oats started ie lower and basis easier.
Cash rye close 202ttc lower. No.
$1200124 ,ll25,4U,tt; No- 3 so,d at
Pit Notes.
Some huylng of futures In wheat was
Induced by a cable In regard to the con
dition of Australian wheat arriving In
Belgium. It was stated that Belgium had
contracted for 3,000,000 bushels Australian
wheat, and that what had arrived so far
had been found unfit for milling.
Leeount wires Stein-Alstein from Moose
Jaw, Sask.;
"Wheat and oats from Esievan here
are generally heavy, but wheat has been
more or less damaged by heat and is not
filling well for a bumper crop, though a
good average crop Is in sight. The heads
are generally only filling two kernals in
a mesh where there should be three.
Lots of red rust and some black rust.
Need two weeks more sunshine to mature
and there Is yet plenty of time for heavy
losses from black rust. There will be
some damage, but I believe losses will
be confined principally to late wheat.
Showers today."
Illinois Selling Wheat.
Southern Illinois advices indicate the
movement of wheat will be over in an
other week. Advices to the same effect
have been received from points in north
oentral Missouri.
Deliveries on July contracts were 88,000
bushels wheat, 76,000 bushels corn, 6,000
bushels oats and 20,009 bushsls barley.
Lard deliveries were 1,060,000 pounds.
Broomhall estimates European grain
crops, excluding Russia, at 120.000,000
bushels more than was raised last year.
He states, howjir, that Imports of grain
will be about the same as the previous
year, 660.ooo.ooo to 600,000,000 busnels.
Leeount, the Stein Alstein expert, says
that much of the late wheat In Canada,
which is extremely heavy, is being hurt
by premature ripening. Fields that prom
ised 80 bushels will not make over 18
bushels. In the extremely late wheat
there Is a possibility of much damage from
black rust.
The seaboard continues to buy corn
futures on a fair seals. Limits were about
!ic easier on both corn and oats In the
early cash trade. Receipts of oats were
a little too heavy for the demand.
Visible Grain Supply.
New York, July 26. The visible sup
ply of American grain shows the follow
ing changes:
Wheat Increased, 8,381,000 bushels.
Corn Decrease, 1,431,000 bushels.
Oats Increased, 1,628,000 bushels.
' St. Louis Grain.
St. Louis, July 25. Futures: Wheat,
July, $1.17 bid; September, $1.20H.
Corn July, 5Sic bid; September,
6SHc.
Oats July, 35 He; September, 37 Vic.
Omaha flay Market.
Upland Prairie Hay No. 1, $10,100
11.50; No. 2. $8.60I.6O: No. 1. $7,000
1.00.
Midland Prairie Hay No. .1. 119.900
11.00; No. 1. $7.6009.00; No. 1, $6.5007.50.
Lewiana trains Hay mo. i, I7.tu0i.oo;
No. 2, $6..6O07.6O.
Alfalfa Choice. $17.00018.00: No. 1.
$16,00) 16.60; standard. $12.00014.00; No.
1. $8.00011.00; No. 3. $7.0008.80.
Straw Oats, $8.0009.00.
Straw Wheat. $7.008.00.
Liberty Bond Prices.
New Tork. July 16. Liberty bonds at
noon: IVss. 17.1$; first 4s. 17.20 bid; sec
ond 4s, 87.10; first 4Ks, 87.10; second
4Kb. 87.62; third 4Vis, 91.52; fourth 4Kb,
87.68: victory 8Kb. 98.42 bid: Victory
4Kb. 98.42.
Liberty bonds closed: Itts, 87.16: first
4s. 87.71 bid; second 4s, 17.10; first 4V4B,
87.64; second 87.61: third 4 lis,
91.48; fourth : 87.63; Victory His,
18.46; Victory 4s. 11.44
St. Joseph Live Mock.
St. Joeenh. July 18. Hogs Receipts.
$.600 head, opening I to 10c lower; top,
$10.36; bulk, $9.00010.30.
Cattle Receipts. 2,50n head: generally
steady; steers, $6.00 09.26: cows and
heifers, $4.0009.25; calves. $6.0008.25.
Sheep Receipts. 5.000 head: steady to
weak; lambs, $9.00010.25; ewes, $4.00
t.eu .
'TWAS BUT
Omaha Grain
July 25, 1921.
Grain receipts today totaled 631
cars, with wheat 517, corn 69, oats
28, rye 13 and barley 4. Wheat ar
rivals were the largest in a long time
and exceeded last Monday's big run,
when receipts of this cereal were
480 cars. The spot market in wheat
was off 2c to 3 cents, with offerings
selling readily at the going prices.
Corn was unchanged to a cent lower,
White was off a cent, yellow and
mixed unchanged to J4c off. Oats
were e to lc lower. Rye prices
were nominal and barley a cent
higher.
WHEAT.
No. 1 hard: 1 car, $1.16 (dark); 1 car,
$1.18 (dark, smutty): 1 car. $1.13: 2 cars,
$1.12; 7 cars, $1.11; 1 car, $1.11 (smutty);
1 cars, $1.104 ; 6 cars, $1.10.
No. 1 hard: 12 cars, $1.16 (dark); 1
car. $1.15 (dark); 15 cars, $1.14 (dark,
smutty); 1 car, $1.12 (dark, smutty); 1
car, $1.12; 1 car, $1.13 (smutty); 12 cars.
$1.11; 1 car, $1.11 (smutty); 33 cars,
$1.10; 18 cars, $1.09: 68 cars, $1.09;
3 cars, $1.09 (smutty); 6 cars, $1.09 (yel
low); 4 cars, $1.08 (smutty); 4 cars, $1.08
(yellow).
No. 3 hard: 1 car. $1.18 (dark): 1 car.
$1.12 (dark, smutty); 1 car, $1.12 (dark,
very smutty); 2 cars, $1.12 (smutty); 1
car, $1.11 (heavy); 2 cars, $1.10; 2 cars,
$1.10 (smutty); 3 cars, $1.09; b cars,
$1.09 (yellow); 10 oars, $1.08 H; 6 cars,
I1.08& (yellow); 43 cars, $1.08; 24 cars.
$1.08 (yellow); 63 cars. $1.07 (yellow);
3-5 car. $1.07.
No. 4 hard: 1 car, $1.09 (heavy); 1
car, $1.09 (smutty); 2 cars, $1.07 H; 6
cars. $1.07; 1 car, $1.07 (yellow); 1 car,
$1.06 (ylelow); 1 car, $1.04 (smutty).
Sample hard: 1 car, $1.08 (heavy); 1
car, $1.07 (smutty); 1 car, $1.04 (18.4
lbs.).
No. 4 spring: 1 car, $1.10 (dark, north
ern.). Sample Spring: 1 car, $1.05 (dark,
northern); 3 cars, $1.03 flight, dark,
northern); 1 oar, $1.03 (northern); 2 cars,
$1.03 (dark, northern).
No. 2 mixed: 1 car, $1.07 (durum).
No. 8 mixed: 1 car, 31.08V,.
No. 4 mixed: 1 car, $1.06.
CORN.
No. 1 white: 5 cars, 61c.
No. 2 white: 1 car, 61c.
No. 3 white: 1 car, 61c.
No. 1 yellow: 8 cars, 60c; 1 car (ship
pers' weights), 60c.
No. 2 yellow: 5 1-8 cars, 50c.
No. 3 yellow: 1 car (shippers' weights),
60c.
No. 1 mixed: 1 car (near white), lOo;
1 4-6 cars, 49c.
No. 1 mixed: 1 car (near white), 60s:
1 car (near white), 60c; 1 car (near yel
low), 49c; 1 cars, 49c
No. $ mixed: 1 car, 47ic.
No. 4 mixed: 2-3 oar. 48c.
No. 6 mixed: 1 car. 45a.
OATS.
No. 2 white: 1 car, 33 c.
No. 3 white: 6 cars, 33c; 1 car, 2cj
1 car (26 lbs.), 32c.
No. 4 white: 6 cars, 32 Sic; 1 car (new,
25 lbs.), 31c; 1 car (24 lbs.), 31c; 1 car
(25 lbs.), 31c.
Sample whitfc: 1 car, 32c.
RYE.
No. 2: 2 cars, $1.02; 1 car (shippers'
weights), $1.02; 1 car, 98c.
No. 3: 2 2-5 cars, $1.01; 4 1-5 cars, 97c
No. 4: 1 car, $1.00; 1 car, 97c.
BARLEY.
No. S: 1 car, 67c.
No. 1 feed:Jl car, 62c.
CHICAG, CAR LOT RECEIPTS.
Week Year
Receipts Today. Ago. Ago.
Wheat 460 408 61
Corn 109 107 140
Oats 162 65 124
KANSAS CITY RECEIPTS.
Wheat 1,623 1,218 478
Corn 110 61 86
Oats 43 13 31
ST. LOUIS RECEIPTS.
Wheat 692 740 270
Corn ...112 88 63
Oats 129 65 45
NORTHWES'N RECEIPTS OF WHEAT.
Minn 487 377 279
Duluth 75 98 86
Total 563 475 386
Winnipeg 130 197 122
PRIMARY RECEIPTS AND SHIPMENTS
Receipts Today
Yr. Ago.
Wheat 5,471,000
Corn 965,000
Oats 1,607,000
Shipments
Wheat 1,535,000
Corn . 1,065 000
Oats :, 1,021, 000
EXPORT CLEARANCES.
Wheat 2,302,000
Corn 2,000
1,785,000
798,000
829,000
706, 000
439,000
614,000
833,000
uats 8,000
Omaha Receipts and Shipments,
Receipts:
Wheat
Today Wk. ago Yr. ago
224 ,223 46
....68 '27 18
.... 21 19 9
.... Ill
Corn
Oats
Rye
Barley 4 0 0
Shipments: Today Wk. ago .Yr. ago.
Wheat 617 4S0 126
Corn 69 67 41
Oats 28 18 1
Rye 13 2 1
Barley 4 2 1
CHICAGO CLOSING PRICES.
By Updike Grain Co. DO. 2627. July 25.
Art. Open. High. I Low. Close. Sat.
Wht.
July 1.21 1.23 1.20 1.23 1.22
1.23
Sep. 1.22 1.23 1.20 1.23 1.22
1.20 1.23 1.22
Dec 1.24 1.26 1.23 1.26 1.25
1.24 1.26 1.25
Rye
July 1.27 1.28 1.25 1.25 1.26
1 28
Sep. ll09 'i.10 'L'oV "l,10 1.09
Dec. 1.10 1.11 1.09 1.11 1.10
Corn
July .63 .64 .63 .64 .63
Sep. .61 .61 .60 .61 .61
.60 61
Dee. .60 .61 .60 .61 .60
.60 .61 . .60
Oats J
July .31 I .38 .37! .37 .38
.37
Sep. .40 .40 .39 .39 .40
.40 39 .40
Dec .43 .42 .42 .42 .42
.41 42 .43
Pork
July 18.80
Sep 18.75
Lard
July 11.TT 11.7T 11.72 11.72 11.90
Sep. 11.88 11.86 11.80 11.85 12.00
Ribs I
July 19.62
Sep. 110.69 10.50 10.60 10.50 10.70
Minneapolis Grain.
Minneapolis, July 25. Flour Un
changed to 20o lower. In car load lots,
family patents, quoted at $8.50 0 9.10 a
barrel in 98-pound cotton sacks.
Bran $11.09.
Wheat Receipts, 485 ears compared with
279 ears a year aao. Cash No. 1, north
ern, $1.$801.48I July, $1.27; Sep
tember, $1.28; December, $1.30.
corn No, I yellow, MijTbs.
Oats No. 3 whits, 3434c.
Barley 4666c.
RyNo. 2, $U12 01.11.
Flax No. 1, $1.98 2.00.
Kansas City Grain.
Kansas City, July 26. Close: Wheat
Tuly. $1.10; September, tl.11; De
cember. $1.16.
Corn July. 48 c: September. 62c: De-
Soemb.r, !(,.
A DREAM
New York Quotations
Range of prices of the leading stocks
furnished by Logan & Bryan, Peters Trust
building:
RAILS.
Close.
High Low Close Sat.
A, T & S F 84 84H 84 84H
Baltimore & Ohio 89 39H 39Vs 39
Canadian Pacific. 11314 112H 112H 113
N Y Central 71 7114 71 71
Ches A Ohio 69 66 56 66
Erie R R 18 13 13 18
Gt North'n pfd.. 79 69 69 70
Chi Ot Western 7
Illinois Central... 93 93 93 93
Mo, Kan Tex... 2 1 - 1
Kan City South'n. 26 ti 26 28
Missouri Pacific. 21 21 v 21 21
N Y, N H & H... 18 18 18 18
North'n Paciflo Ry 74 74 74 74
Chi & N W 65 64 65
Penn R R 16 35 16
Reading Co ... 70 69 69
35
70
33
C, K I & P 33 33 33
South'n Pac Co... 78 77 77 77
Chi, Mil & St P. 27 27 27 27
Union Pacific 120 119 120 120
Wabash 8 t I 8
STEEL.
Am Car Fdry.,127 126 126 125
Allls-Chalmers ... 31
81 81 32
84 84 83
Am. Loco. Co 85
Bald. Loco. Works. 80
Beth Steel Corp.. 49
Crucible Steel Co.. 66
78 79 77
48 49 48
64
65
65
Am. Steel Foun... 26 26 16 26
Lackawanna Steel. 31 37 31 ....
Mid. Steel & Ord
Pr. Steel Car Co
23
73
Rep. Iron & Stl. 47 46
47 46
Ry. Stl. Spring... 83 83 83
82
u. 8. Steel 73 71
COPPERS.
Ana. Cop. Mln.... 88 38
Am. Smlt. 4 Rfg. 17 37
73 73
38' 37
17 ....
13 ....
Botee Sup. Mln. 13 13
unue cop. uo. .
Chino Cop. Co...
10 10 10 ....
23 23 23 28
Ins. Cons. Cop.... 34 34 14 13
Miami Cop. Co 21 21 21 21
nev. cons. cop. Co
Ray Cons. Cop. Co. 11 21
Utah Cop. Co 49 48
INDUSTRIALS.
Am. Beet Sugar.. 81 81
10
21
12
48 48
11 81
AM., O. AW. I. S. S. 22 21 2. 22
Am. Inter. Corp.. 36 14 85 36
Am. Sum. Tob. Co. 60 49 60 48
Am. T, & T 104 104 104 104
Am. Agr. C. Pro.. 38 35 38 36
Bosch Magneto 35
Am. Can. Co 27 27 27 ....
Chandler Mot Car 60 48 60 49
Cen. Leather Co... 36 36 36 35
Cuba Cane S'r Co 11 10 10 11
Cal. Pet. Corp 33 33 33 38
Corn Pr. Rfg. Co. 67 66 66 66
Nat. En. & Stamp 46 46 46
Fisk Rubber Co... 13 12 18 13
Gen. Electric Co.. .124 122 124 122
Gt. N. Ore
27
itors Co 10
o 32
27
27
27
General Motors
10 10 10
31 32 21
75 76 76
56 57 57
62 62 63
Goodrich Co...
Inter. Harvester... 75
Hask. & Brkr. Car 67
U. S. Ind. Al. Co 62
int. Nickel ..
Int. Paper Co
14 14
14
64 64
1 2
64 53
Island Oil 8
2
23
89
12
Ajax Rubber Co... 24
Kelly-Spring. Tire 43
Key. Tire A Rub... 13
24
43
13
22
40
12
internet. M. Mar., n
11
11
Mex. Pet
Pure Oil ,
Willys-Over. Co.
Pacific Oil
Pan-A. P. A T.
P.-Ar. Motor ...
Royal Dutch Co.
U. S. Rub. Co. .
Am. Sug. R. Co.
Sin. Oil A Rfg. .
101 103 105 105
Z6 25 26 25Vs
7 7
7
7
. 36 35 15
35
49
49 48 A3
18 17 18 18
51 60 51 52
66
63 54
63
70 68 6
68
20 20
67 67
20 20
seara-Koe. Co.
67 67
79 79
Stude. Corp 79 78
Tob. Prod. Co,
69
(6
69
46
Trans-Con. Oil .
U. 8. F. P. Corp.
White Mot' Co.
Western Union .
West. E. A Mfg.
Am Wool. Co. .
7
16
32
7
7
16 16
16
31
84
44
S3 8Z
82 82 82
44 44 44
12 'I
72 71
Total sales, 420,600,
Money, close, 6.
Marks, close, .0127; Sat. close, .0130.
Sterling, close, 3.66; Sat close, 3.68.
Foreign Exchange Bate.
Following are today's rates of exchange
as compared with the par valuation. Fur
nished by the Petera National Bank:
Par Val. Today
Austria 30 .0014
Belgium 195 .0751
Canada 1.00 .8926
Czecho-Slovakia 0132
Denmark 27 .1530
England ....4.86 3.68
France 193 .0778
Germany 238 .012
Greece 196 .0656
Italy
.195
.0440
Jugo-Slavla
.0065
.1292
.0007
.2060
.1650
Norway , . , .
Poland
Sweden
Switzerland
27
195
Chicago Potatoeo.
Chlcaeo. Julv 25. Potatoes Dull: re
ceipts, 63 cars; Virginia, $6.0 bbl.; Kaw
Valley, $1. 2501.50 cwt; Nebraska, 12.10(g)
2.26 cwt; California $2.26 cwt; Jersey
cobblers, $3.00 cwt; Idaho round white,
$2.25 cwt.
London Metals.
London, July 25. Copper Standard,
70, 3s, 6d.
Tin 1160, 17a, 6d.
Lead 23, 17s, 6d.
Zinc 25, 16s.
RAINBOW OVERALLS
World of wear In every pair.
Union Made
Sold exclusively at
PHILIP'S DEPT. STORE
24th and O Street
The Witching Hour
is going to strike
soon.
JBowen'8
Select Your
Refrigerator
at Bowen's
Tomorrow
Special Six-Day Sale
20 to 40
Discount
Financial
EbeNtro 13 art Strata.
By ALEXANDER DANA NOYES.
Chicago Tribune-Omaha Bee Leased Wire.
New York, July 25. The recovery
in stock market prices which began
early last week continued today in
the same quiet and orderly manner
as on preceding days. There was
nothing that could be described as
of a buoyant character, but there was
a steady tone in evidence at all times
even though there was some profit
taking to be absorbed. The market
has undoubtedly passed the point
where all the rise can be attributed
to purchasing for the retirement of
short contracts. There has been
some buying for long account al
though of no wide proportions. This,
however, does not necessarily mean
that there is a public interest accumu
lating. Such, of course, could be the
case but it is unlikely. On the sur
face, at any. rate, there is little to
indicate other than professional op
erations. In some respects today's display waa
noteworthy. For one thing the Indus
trials Buch as the tobaccos and the rub
ber stocks, were in greater demand. Indi
cating, perhaps, that the stock market Is
beginning to take account of the better
ment which Is bemg predicted in certain
avenues of trade. There Is no doubt that
sentiment had Improved to a decided de
gree recently, but whether It Is of a last
ing sort remains to be seen. At all
events, the suspension of a large stock
exchange house today did not cause any
permanent check on the rise of prices.
The rail Issues were firm, apparently
having discounted the favorable news with
relation to the refunding plan. -
The bond market proportionately was
more active today than the stock market.
There was an increase In the turnover of
corporation Issues, which fell Just short
of the $4,000,000 mark. It was a for
ward price trend that prevailed through
out the day.-
In the foreign ' exchange market there
was another display of weakness. Ster
ling dropped to $3.56 and closed at
$3.66, a los of la for the day. Ex.
change moved against Paris. Amsterdam,
Berlin and Madrid, but lira recovered
moderately. .
Bar Silver.
New Tork, July 26. Bar Silver Do
mestic, 99c; foreign, 81e.
Mexican Dollars, 47c.
Rupert Hughes
Wrote It
PHOTOPLAYS. ,
n n n n I
The Updike
Grain Company
Operating large, ' up-to-date Terminal Elevator in tne Omaha
and Milwaukee markets, are ia a position to handle your ahip
ment in the beat possible manner -i. a., cleaning , transferring ,
storing, etc. ,
MEMBERS
Chicago Board of Trade
Milwaukee Chamber of Com
merce Minneapolis Chamber of
Commerce
OFFICES
OMAHA, NEB.
LINCOLN, NEB.
HASTINGS, NEB.
CHICAGO, ILL.
SIOUX CITY, IA.
KANSAS CITY, MO.
All of these offices, except Kaasaa City, era
connected with each other by private wire.
It will pay you to get in touch with one of our office
when wanting to BUY or SELL any kind of grain.
We SoUcit Your
. CONSIGNMENTS OF ALL KINDS OF GRAIN
to Omaha, Chicago, Milwaukee,
Kansas City and Sioux City
Every Car Receive Careful Personal Attention.
The Updike Grain Company
The lUUable Conslganuat Hens
The Readers of The Bee Have Faith in Our Want Ads.
WHY?
Because They Are Mutual Friends. .
Drawn for The Bee by Sidney Smith.
Copyright. 1921. Chicago Tribune Compsny
Bonds and Notes
The following quotations furnished by
the Omaha Trust company:
Approx.
Bid. Ask. Yield.
Am. Agrl. C. Ts, 1941.. 97 97 7.77
Am. T. A T. Co. 6s, 1923 99 99 6.65
Am. T. A T. Co. 6s. 1924 97 97 7.20
Anaconda 7s, 1929 93 93 8.17
Armour 7s, 1930 96 96 7.62
Belgian Govt, 8s, 1941.. 99 100 8.00
Belgian Oovt. 7s. 1946 100 100 7.43
Beth. Steel 7s, 1923 98 98 7.80
British 6s, 1928 98 98 6.40
British 6s, 1929 88 88 7.28
British 6s. 1937 84 86 6.93
C. B. Q. Jt. $s, 1936.. 99 100 6.50
C. C. C. A St. L. 6s 1929 87 88 8.05
Chile 8s. 1941 96 97 8.27
Denmark 8s. 1945 101 102 7.80
French Oovt. 8s. 1946.... 99 99 6.05
B. F. Goodrich 7s, 1925.. 89 89 10.20
Gulf Oil Corp 7s, 1933.. 97 97 7.36
Jap. Oovt. 1st 4s, 1926 84 85 9.65
Jap. Oovt. 4s, 1931 69 69 8.76
Norway 8a. 1940 102 102 7.73
N. W. B. T. Co. 7s, 1941.. 101 102 6.80
N. T. Central 7s, 1930.. 101 101 6.77
Packard 8s, 1931 96 95 8.63
Penn. R. R. Co. 7s, 1930 102 103 8.55
& W. B. T. Co. 7s, 1925.. 95 96 8.11
PHOTOPLAYS.
Two Day Mere
"Clan
Trackers"
Starting Thursday
ALICE JOYCE
in the aupreme mystery story
of the aeason
"The Scarab Ring"
St. Louis Merchant Ex
change Kansas City Board of Trade
Sioux City Board of Trade
Omaha Grain Exchange
AT
HOLDREGE, NEB.
GENEVA, NEB.
DES MOINES, IA.
MILWAUKEE, WIS.
HAMBURG, IA.
atMNMSBsBWIrV CAM sfLAsfV flBBiflf9l0"ll
AT fM fSlilW
South Side
South Omaha Woman Hurt
When Struck by Auiomobild
Mrs. H. A. Louweise, 1404 South
Tenth street, auffered cuts on th
left fnnt hnrlxr hruises and an in
jured spine Sunday afternoon when,
she was struck by an automonna
driven by Mrs. Edward Krttga, 5424
South Fifty-fifth street, while alight,
ing from a street car at Twenty
fourth and Q streets. The injured
woman was taken to South Side gen
eral hospital. Mrs. Krnga waa r
rested and released on bond.
Long View Hospital Directof
On Visit to Her Brother Here
Miss Le Berta Meth, former teach
er in the South Side schools and
now educational director for the fed
eral board of vocational training for
shell-shocked ex-service men in Lonff
View hospital, Cincinnati, is visiting
her brother. Charles F. Meth at the
home of Mrs. A. A. Samuel, 420j
South Twenty-third street.
South Side Brevities
Light housekeeping rooms desired bv
party with month-old child. Market 1296.
A S-room cottage, 2440 8. 15th Si.
Paved streets and sldfwslhs; water, sew
er, electric lights and gas. Price reduced
to $2,800; $150 down, balance like rent.
Call Owner, Market 3270.
Chicago Produce.
Chloago, July 2 Butter Essy; cream
ery, extras, 4flc: standards. 28c; firsts,
$4(39c; seconds, 30(R33p.
Eggs Higher; receipts, 10.111 cssm:
firsts 2 fti 21c ; ordinary firsts, 23 (3 25'
miscellaneous. 26027c.
Poultrv Alive, higher; fowls, 26e; Broils,
era, 26 32c.
PHOTOPLAYS.
TWO MORE DAYS
MACK
SENNJETT
COMEPY
RIALTO
SYMPHONY
ORCHESTRA
KINOGRAMS
ORGAN
Sparkling With Wit
i RIGHT
now
NOW PLAYING
AMTSEMKXTS.
EMPRESS
Two
Show
in On
A CHINESE REVIEW, a Chlft'fe Cone,
ties ef Ike Asierioss Artists: V.EDlfcY 4
JP.tV1.' TslHInt end p-oelng;
f!LL.2 C0-' ""l"1"' t-" SPEAKER
LEWIS, Humorist Ssnator. ?htf-tU At.
treaties 'HE FIRST ELOPES) NT," ft.
Ivrlas WANDA HAWLEY.
BASE BALL TODAY
July 25, 26, 27.
OMAHA v. JOPLIN
Cams called at 3:30 p. m. Bog seats" en
aala at Barkalow Bros.
EATTY'S
Co-Operative
Cafeterias
We Appreciate Vow
Patronage. '
What is causing '
The Witching
Hour?