o
rHK KEK: OMAHA. MONDAY. FEBRUARY C. l22.
Copper Miners
Given $30,000 Per
MontlifliileWlc
Anaconda Company Diatrib
titri Huge Sum to AiJ Em
plojci During Time l'r op.
rrtiVs Forcrd to Close. '
By HOLLAND.
I'idy thousand dollar lias been
rontrtbutcd every month (or the
support of perions who, but for
(hit benefaction, w6uM have brrn in
ifij in the Anaconda, copper
frict. The contributions began in
March of last year. 11 y reason of
the enforced limiting down of the
millet, many persons were thrown
out of employment. Some of the
expert miners battened away, fiav.
mg heard that they couM find em
ployment in the oil Ileitis of the
fcouthweit and in tome of the cen
ters of the automobile industry.
Hut there were many who were not
able to go. Almost all of them
were the owner of home and faced
kometninff like starvation. '
For thi reason the Anaconda
corporation, in co-operation with a
(ew individual who bad wealth,
agreed to distribute SSO.iMK) a month
among the many, families which
were in need, and as long as they
were in need. The copper company
contributed two thirds of , this
amount, and the individuals one
third. These contributions have been
sufficient to provide food since
March of last year for those in need.
Very likely there will be no neces
sity after early spring for contin
ued assistance of this kind, borne
of the copper mines will resume op
erations in the spring, and before
summer comes others probably will
summer comes others will probably
give employment to miners.
Aid Total sooo.ooo.
Already these contribution (mount to
at lei.t ISOO.O0O. Kut In addition to thla
rorvlre the Ansronda company haa dis
tributed to employes or the tirnrnn-Can-ara
Copper company, whoeo mines are In
Mextro, the Anaconda company Iwlnc the
owner, sufficient food to tnt the dally
wnnta of l.ooo minors and their families.
Home of th miners ara Americana, aomo
are Mexicans, but all have received aa
elitenre. On January SI the opportunity for rx
hneln shares of capital stock In the
American Urass company for caah anrt
stock offered ly the Anaconila company
txplred. In th evsnlna of January 31
those who were In charsa of the letters
which came from stockholders of the
American Brass company reported that 46
irr cent of the capital stoek had been
tffered In exchange for caah and Block.
Y.blch. the Anacouda company contracted
to v for etock In the lirsss company.
For thla braaa company atock every shsre
holdcr received, or vrllt receive, within a
few days. 1164 In caali and three shares
at Anaconda atock held at 150 a share.
. . : Braaa Stock Turned In.
Only a few weeks panned between the
announcement that a contract had been
made by the' Anaconda people with the
lepreaentatlve of the braaa company tin
tll Hi recognition and acceptance of that
contract by 45 per cent of American Braaa
rompany atockholdera. Aalde front the ln
'hutrial featurea associated with thla pur
chase by the Anaconda of the American
l'rass company slock, much Interest waa
stimulated by the anouncement that only
a few daya after the offer waa made, 46
yur cent of the stoilt. almoxt all of It
t!-ld In Connecticut, had been' turned In.
'the opinion gencr lly held was that thla
'establishes a precedent, at least for cor
porations of the magnitude of the Ana
i tnda company and tho . American Brass
company. The (Anaconda U probably tho
Kmiteat of the copper producing; corpor
ations In the wcrld. The American Braes
company haa hceu the largest single pur
. Laser of copper. One corporation Is lo
" rated In the far west. The manufacturing
c orporation- - has established the largest
rlnnle, industry of tho kind, not only In the
vtate of Connecticut, but in the United
.Ktntes. ' These two .corporations of magni
tude have now ' established, within a
ninnth. a new relation. Tho copper pro
ducing company la soon to be the owner
"f the braaa company. As very able men
'are associated with each of these corporations,-
the Inference Is strong that there
i recognition of advantage to each which
would be gained by the- transfer of owner-
sn.p. York Become Center.'
The transaction again illustrates the
ure-einlnenco which New lork City has
rained as a central market for tho larger
American industrlea as well as for rail
roads. The Anaconda company ha es
tablished headquarters In the new Cun
ard building on lower Broadway, more
than 3.000 miles distant from its pilnes.
"Pile new offices of the American Braaa
fompany, which is to be managed as here
tofore by Charles F. Brooker, who is rec-
gnlsed as one of the, great forces tn
American Industry, and by President Coe,
aro alBO to be in the Cunard building.
Twenty years ago Boston was the chlet
center, so far as capital and Btock market
transactions were concerned, of the cop
jjer industry.. In that earlier, time the,
Boaton stock market and Boston capital
represented for the most part the copper
industry of. the United States, being the
hief market where quotations for copper
nocks were made. Boston then aid In
this field 20 times as much-as New Tork.
. Now the position , has been reversed. New
TOrK IS xne great. : u'i
the copper industry,, although Boston still
(a active in tnis mnuii ua .'.
i.-oooer mlninat properties and one, great
kme, the Calumet and Hecla.
-., Seek Money In New York.
"But it la to ffetr Tork now that tho
who seek Capital, and who require very
large financing, come. This movement
- began 30 years ago, at tho time Boaton
was the headquarters ' of some of-tn
Hrger railroad systems of the Lnitel
btates, for Boston men initiated and Bos
ton capital built these railroads. Tho
' Burlington, tho. Union Pacific, the Atchi
son, and other large systems were recoc
IV as Boston lnstitut ions. Gradually
he need lor inrroaanu t.i. ----
.that capital was more . and more rnUrlnB
: noranoad In'atUutio-n. "from"- Boston
conda Copper company , of all' but , 6 . per
cent Ot me capital v" " i f.
Brass company, which has been, and is
m .u. tasf tt Amprlran in
Uustries, again iUustrates the tenflw Jo
concentrate in wew xui uta"t--tot
great Industries. That was the reaaon
S5Tii1ft in the worldl. with PJ-Jbl, -J
single exception. miui....
('irected lta anaira v.--
York City. . ,
VoHnrps This "Week ""
, After two week, of reduction ,r failures
In the united oiaiea '" mhii
moderate increase, numbering 629- . J ni?
total compares with 605 - defaults last
' week, and is materially In excesa of the
360 insolvencies reported to R. 0--
Co. a year ago. While fewer ro f
urred in the eatr and on the
coast this Mk'J.r 2?5S:
. t.rovcmout- in - - .
is more man oixeci. uj -- -----
her of defaults in th south and In the
- -1 1. .ii.,-t. -11
: ?aeo
mt of the total number: iJist week,
' when there were 38S similar failures,, the
ratio wos 60.8 per cent,. while a year ago,
' with 17ft defaults for $5,000 or more In
ScS vkse. the ratio was 4S.6 er cent
-Numbering ?iol,.?H9alVam
them w'r?tMlS:
oare closely wni ui "
. ,ki. nub i ran&ii ah de
faults. 2a Involved an Indebtedness of
Jo.ono or more in each instance, wmcn
is 30 less tnan occurred . . .
THE GUMPS
HI IT IS tOUIIU
it thi siMUi mim
HEY!
Drawn for The Bee by Sidney Smith
Crsit. )?, ri TrfteiM tewvaay
Food Index.
- Bradstreet's Foed Index' number, based
.. .k. Hi,hiu.u.nriM. n.e naund of thir-
J rA J101. COm-
paring with 13.05 last week and 13.15 ror
the week ending reoruary . " ''
week's number shows a loss of l.S Pr
cent from last week and S.J per cent from
' tue wees OI lasi year.
Iivmu1.
Flour, cotton seed oil. oleo oil. wheat.
iru ; uhiia vuv.w. .. - - ,
wool, O. halfblood; corn, beeves, live: oats,
hogs, live: nnseea oil, rye nour, sneep,
live; tin, short ribs: lambs, live.-,
T"l I mMmtttl
Barley, eggs, pig iron, basic; butter,
eonaenea milK. sieei wrapi, tmc; coenev,
.-.4. milk Mnn.r. near. raw:
print cloths, antimony, sugar, rifined; gray
(ooas; speller, nay.
0 CAtT- H.
Gtf& Trttrtf
wty UTTtK on
VNVHYrtlR WOt VNCAt
(VIM tM0UV tWKy.eM
Vt tM0W.t. tMOVlb
Wt MAW TUE vgtDftW
A kuooos.
PtUftMYfUL UCCt
A SVCCVUMY BM.t
OP. NiVt" f-
GlLMO t0 CA0C
ttSUViN- tHTCtN(
SKV PtA.no Movil
THikp. ......
tCK MICE! BACK MlCtl
ONt At A tlMe'
cz a bau op ha.iwihk oin-
EVC(C fun W THE VMV0N
vtX SltAvM Am
PlCKt ANt
1U'ME TH
. HAX tVAT MAJtE f.
kun rc out r -:
WIU MAKE ANYTHIN'
FPOM K SAlAt? TO
HAttew 5TurrNir-
coMr on.
ts9
in r
4 ?f A WYW
n
up
CAMAIty W 0W. H0MC
tM JUlt A C0MM0H i0LH '
cxrt tue tut trow tr
YOO rlAVtMt A CAHAWV 11AM
YUl GOLOm CA6t OH UR 0HT
mcM- t HW tVtfc tXX A CANARY
lt T6Mt? TMViti. fVfJHYtO
&rr m tw cacc ov voh t
HAt teit hc rr
HoU-tls WAVU YMt zf tH6vmt.
A 00tt IH YMC
NfeOUtWt WAIV
iNIO A YRA? LUC
TWIJ VYH0Ut
BAY 1AKC TMCIR,
own cntuc wan
or.YMC savifc
COMC oh Mice I
DOH'Y -Cl0VgD-
Ol
WeS ROOM .
roit ACC - -
Chicago Grain
By CHARLES MICHAELS.
Omaha ilea LftMeti Mire.
Cliicago, Feb," 5. A change for
the better has come over the Krain
trade, and with a more confident
feeling anion? holders and a disposi
tion to look ahead and forget the
past, is expected to bring about bet
ter conditions all around. There has
been a long decline w ith an advance
of 12c In wheat prices for the week.
Moderate advances have been made
in values of coarse grains. Live stock
prices are higher, particularly hogs,
sheep and lambs.
J lie impression prevails that a'l
grains should do better. This is the
view taken by the trade leaders, par
ticularly by J. UKden Armour anil
Julius II. Sanies, who have the best
facilities for keeping in constant
touch with the pulse of the grain
trade the world over and are better
able to judge of conditions than a
very large majority of the grain
trade.
l'riccs in Argentina have been de
pressed by foreign selling to enable
buyers to secure supplies at low
prices and they have overstayed the
market Foreign exchange has ad
vanced sharply, giving money a bet
ter purchasing value and helping all
markets. '
I'armers Inclined to Hold.
T.ete cables from Iluenoa Aires renort
Iatro foreitcn purchases of wheat and In
timate that farmers are less disposed t
sell, while exporters continue irood buyers.
In the united States and Canada futures
rav advanced and caah premiums eased,
as is nutural. Exporters touk over 7.000,
0PO buahels ot domestto snd Canadian
wheat iaat week, to say nothing of the
prrrhasea In Argentina.
Prices for wheat are the highest since
the middle of lnse October, and wMIe those
who have been holding purchases mado
some time ago at arouud the preseut level
i.i e getting out and trauers wno pougni
two i.r three weeks aro are taking prof
its, it Is natural to expect recesalons in
prices after sharp advances, nnd it would
rot be surprising to see values weaken
1 cent or i cents this week.
of lato all weak spots have been taken
advantage of by strong Interests to ab
sorb the offerings. Those who were bear
ish and short have turned to the long
aide and short wheat is settling up readily
with the large houses. At the same time
It is apparent that there la a large hold
ing among strong Interests locally and t
the seaboard which, should It continue. Is
expected to have a strengthening influ
ence oa values. -
Hedge Heavy.
A elose observer nuts It this way: there
aro hedges in. the market here of around
100.000.000 bushels of wheat which rep
n-sent holdings in the United States, Can
ada, on ocoan paHRage ana aoroaa, as
well as in Argentina. This wheat will
have to be bought back some time ana
should favorably affect values.
May wheat is - showing the most
stiength. The Impression is that Chicago
will get very little wheat alter mis monin
unless it advances to a level where ahlp
rnents can be made from other markets.
The milling demand Is expected to increase
as stocks of flour are unusually .light.
Crop prospects in the southwest are tho
poorest In years, and from now on the
market is to be affocted more by crop
advices. . '
Foreign markets have acivancea iasier
than American In the lase week.
February wheat closea uaturaay nc
1.1SV4; May, 1.29l.S6ft; July, l.ns
1.08K, showing gains for the week ot 60
oa May and 2 Tic on July.
Corn Prices Stronger.
The corn market is giving evidonce of
getting out of the rut, prices . faaturaay
showing an advance of iMe from the low
point of last week -on the May and Sc
on July, with the close l2o on futures.
Cash, corn is a little easier as compared
with the May. Corn has been sold to a
standstill, and there are many in the
trude who looK lor me mantel io uo
siderably better. ......
Export buying was not as brisk,- but
rertugal is understood to bo arranging to
hnv J EOft.ono bushels, and with American
corn cheaper than Argentine, foreigners
are expected to he gooa ouyers.
Consumption on the farms la heavy, yet
stocks aro liberal. Tho big run should
be nearlng its end as rarmers are (un
covering that there Is more money In
feeding than In selling corn.
May closed Saturday at 6.S?o6e, and
July at 5S',4g'lS8-
Bank Clearings .
. Bank clearings in the United States for
tho week ending February 2. reported oy
telegraph to Bradstreet's -Journal, New
York, aggregate 16.619,842,000, afralnst
SSH54 737.000 last week and 7.032,18Z,ouu
In this week lsst year. Canadian clearings
aggregate $247,744,000, as against . $229,
483.000 last week and f279.07 8.00 0 in this
week last year. Following are tne re
,.,Tm fnr thin week and last, with per
centages of change shown this week as
compared witn tnis ween last year:
February 8 January 26
New Tork .....11,247.700,000 13,679, 000,000
Chicago
1'hlladelphia ..
Boston ........
Knnsaa City ...
Pan Francisco ,
Cleveland . ....
Detroit . ..
Minneapolis
1a s Angeles . ,
Cincinnati
New Orleans . .
Atlanta .......
Richmond .....
OMAHA ......
Buffalo
Seattle -.
t'enver
P.rtland.. Ore...
Dallas
. ....
Memphis .-v....
....
St. Paul
Birmingham ..
Fort Worth ...
Indianapolis . -
Washington. TJ.C.
Salt Lake City. ,
St. Joseph .. . . .
O.lumbus .....
Wichita
Frovldence ....
I)es Moines ...
rtochester .....
Akron
Oakland ......
1-rorfolk
Sioux City ....
Galveston . ....
491.270.000
412,000,000
800,000,000
124,072,000
120,000,000 "
74,880.000
S4.804.000
63,6(111,000
86.-319,000
60,234,000
48,298.000
85,769.000
88.727,000 .
82.726.000 .
, 84,264,000 -27,697.000
-27,687,000..
25,801,000 '
5l,476,0 " ;
. 27.873,000,
22 988.000-
I1.0l3,oao
15,738,000 .
18,126.000
. 11,414.000 :
16,822.000
10,934,000 .:
14.480.000.
' .14,186,000-'
10,540,000
10.377,000 .
11,315,000 '
10.490,000
10,01,000
7,865.000 ,
8,135,000 '
6.932.000
10.7S2.000
' 6.633.000
4.869,000 :
. S.S18.00O .
450.370.000
880,000,000
271,000,000
123,690,000
124,600,000
71.746.000
76,382,000
(3.659,000
90,082,000
64,113,000
43,000,000
41,155,000
44,896,000
32.726.0111)
31,230,000
30,603,000
28,420,000
'25,259,000
. S2.602.00l
' 24.901.000
' 22,276,000
. 17.296.000
. 18.113.000
- 18.164,000
21,655,000
IH.032,000
, 14.715.000
17,768,000
1O.623.OO0
10.432.000
11,172,000
10.454.000
9.760,000
7.846,000
-. 7.250,000
' 4.901,000
11,435,000
6,541.000
4.663.000
7.839,000
Financial
By ALEXANDER DANA NOYES.
Omaha lie I-cntrd Mir.
New York, S. The essen
tial fact in the prevent financial situ
ation is that values, taken as a
whole, have ceated to decline. A
few commodities and securities have
lately gone to much lower prices
than those of a month uo, hut even
in such instance, particular caucrs
were at work and usually, as with
the cotton market, prices after the
decline are still kit far above the
1921 low level.
If the bond market did not pre
sent the traditional January invest
ment boom (which was largely an
ticipated in November) on the other
hand it has not sufercd the reac
tion which, after three or four
weeks, used : to follow that early
January .movement.
A rather surprisingly large num
ber of active investment bonds
reached the highest point of the
year to date last week cr the week
before. As for the stock market, no
one is blind to the artificial profes
sional influences at work in bidding
up prices. But the really important
inference to be drawn from the re
cent market is that, while the in
vesting public certainly has not
been buyin; enthusiastically at the
higher prices thus established, it is
net selling. This is what might be
called a passive indication of con
fidence in the financial situation.
Swamped In 1920.
When the same professional operators
started to bid up stocks In the early
autumn of 1920, they were fairly swamped
with outside sales at tho nigher level.
One reason for the general upward
tendency of financial markets Is the be
lief, which prevails pretty widely, that
the mere exhaustion of stocks ot mer
chandise will soon bring about another
extension of industrial activity, it only to
meet consumers absolute requirements.
There' are other reasons.
For the first time since the year be.
gan, financial markets began, last week,
to take a more favorble cue from Wash
ington. It is possible that the recent
hesitation and uncertainty has at least
been accentuated by unfavorable infer
ences drawn from political developments.
The news has, at any - rate, excessively
presented the refusal of France to go the
whole length desired by the conference
In the matter of armament reduction and
the pressure for the soldiers bonus bill.
Last week, however, the markets began
distinctly to take a difference view of
things.
Reaction Slight.
Insofar as the action of foreign ex
change, outside of the rates on central
Europe, expresses Judgment on the in
ternational position, that judgment Is
clearly favorable The reaction in the
rate of exchange, on Paris particularly,
which occurred at the time of the partial
French dissent from the armament re
duction program and on the change of
ministry In France, was only slight and
has been promptly followed by recovery
to the highest level of the season. That,
along with the notable advance in ster
ling, amounts at least to repudiation by
financial opinion of the talk lately preva
lent that relations between Franca and
Kngland were definitely strained and that
France was out of sympathy with the
legitimate purposes of reducing the bur
den of naval and military expenditure.
The recovery on the stock exchange in
dicates something else. There had been
much random talk of an attack on our
currency and banking system by the or
ganized farmers' party, similar to the
Granger movement In the hard times or
the 70s and to the free silver propaganda
of the populist party in the 90s.
The demand for a farm member of the
federal reserve board seemed to bo an
entering wedge. Yet' Wall street has
now had time to observe, not only that
the farmer member of the board is a
piece of futility, but that the national
agricultural conference at Washington has,
on the whole, been restrained and prudent
in its demand for legislation. A number
of extravagant . proposals were openly
voted down.
i
Chicago rroduce. ' ,
Chicago, 111.. Feb. 4. Butter Lower;
creamery extras, 36c; firsts, 3035c; sec
onds, 2?29c; standard, 34c.
Eggs Higher, receipts,. 9,J6 cases;
firsts, 37c; ordinary, -firsts, 3 1 ffi 3 3c ; mis
cellaneous, 3536c.
Poultry Alive, unchanged.
Turpentine and Kosin.
Savannah,' Ga Feb. ' 4. Turpentine
Firm;. SSlJSSs; sales, 60; receipts, 124;
shipments, 299; stock, 10,044 barrels.
Rosin Firm: sales, 471; receipts, 679;
shipments, 2,676; stock, 8.103 casks.
Quote: B, D. E. F, $4.054.07 ;'0. H,
$4.07: I. f 4.0714 lfM.10; K, $4.6004.60;
M. $5.10: N, $5.40; WO, $6.70; WW, $6.00.
Omaha Produce
. FuraUhed it state' el Nebraska, de.
aerimeat of agriculture, bureau of mar
kula and marketing i
tlVB rOULTRT.
Wholesale Wholesale
Kuvlns l'r.
St. us $.! tt ll
Selling l'r,
lil ted I0.il
,:i
.!4
,llt
.51
Hnrlnss 199 .Si
Hens. Iisht ..... .Utf .:
Hens, b.avy 30 ,'it
t'lH'lt .10 0 .11
IMirke tW .1
tier .16 .IT
Turkeys 19 .)
prtEBSED TOULTRT.
Stag t'9 .!
Hprtnf t n t
ll-ns .:
Cork $o .31
lUrk tiV .$
Oeeo .......... ..........
Tuiks 45 tf .t
LOUS.
Select $10 .41
No. 1 sW .
No. S ' ,4
Crack - ,300 .81
Case count 9.10910.00
BUTTER
Crenmery. prints. .880 .40
Creamery, tub 34 It .17
Country, bMt ... .l!li .511 . .$
Country, common .If . .!.' .24
BUTTERFAT.
At station 74
HAT
Prairie, No. 1 upland " sOOIIt.SS
No. S upland '.000 10.80
No. S upland .... 1.00 0 (.00
No. 1 midland 1O.SO0 11.00
No. ! midland $.000 10.00
No. f midland .- i.i" 9 1.60
No. 1 lowland 8.00J t.00
No, 8 lowland 7.000 8.00
Alfalfa choice 11.000 19.00
No. 1 16.SO0 H.fO
Htandard 12.00 15.00
No. 3 10.800 11.80
No. S 1.000 10.00
Oat straw 8.000 S.00
Wheat straw 7.000 $.00
FRUITS AND VEGETABLES.
Fruits Hananna: Per lb 7H8o.
Orange: Rise 2 ltf and larger, $ 4.50 (ff 6.00 ;
size 260, $4.5006.(0; slxe its 8, $4.2S0O.7S;
size $24, la. 7646. 26. Lemons. Doz., $6,800
7.60. Grapefruit: Crate, $3.76 5.00. Apples:
Jonathuns. according to grade, box, $2.60
8.26: Delicious, according to grade, box,
$2.605.00; Rome lleautles. according to
grade, box, $5.7660.16: S. Wlnesaps. $.50:
C. Wlnesaps, $2.604j3.60; W. Permalna,,
2.00lu 2.75; gpitzenberg, $2.7504.00; Black
twig, $2.7508.00; Yellow Newton, $2.50
ej.2.75; Ben Davis and Gems, $2,600
8.00. Tears: Oregon eating, bushel baittet,
$4.00. Figs! 24 pit I., S ex.. $2.1502.25;
13 pkg. 10 oi., $1.60; 50 pgk. S oz., $3.25
04.60. Dates: Dromedary, 16 pkg. per
box. $. 60(96. 75; Ford, per lb., 23025c;
Halloslt, lb., 13015c.
Vegetables potatoes: Nebraska Early
Chios, No. 1, per cwt- 82.00 2.25; . Ne
braska Irish cobblers, No. 1, per cwt.,
$2.25; Red River Chios, No. 1, per cwt,
$2.252.50; Colorado, brown beauties, per
cwt., $2.75. Sweet Potatoes: Per lb., $1.85
2.50. Celery. Juno, dozen. $1.2602.00.
Lettuce: Leaf, dozen,-' 60080c: head,
cralB, $8.60, Red, Onions: Per lb., 80
0o. Tellow Onions: Per lb., 809c; Span
ish, crates, regular, $3.6004.60. Carrots:
Per lb., 33Hc. Turnips: Per lb., 83Hc.
Parsnips: Por lb., 8034c Cabbage: Per
lb-., SV4fc Cucumbers: Dozen, hot house,
$2,5003.00.- Cauliflower: -Crate, - $2,260
2.75. Radlehes: Young, southern, dozen,
S5c;. Carrots: Young southern, dozen, 60c.
Beats: Young southern, dozen, 60c; Brussels-
sprouts, pound, 25c; Challetts, dozen,
65c; Green peppers, per pound, 25030c;
Onions: Young southern, per dozen, 30c;
Parsley: Dozen bunches, 45c.
Nuts Black walnuts, pound, 45c;
English walnuts, pound, SO038c; Brazil,
large washed, per pound, 1418c; Brazil,
medium washed, per pound, 1316c;
PecanB, large. - pound, 20025c; Almonds,
pound, 20030c; Peanuts, Jumbo, raw, 12
13c; Peanuts, jumbo, roasted, 14015c;
Peanuts, hand picked, raw, i10c;
Peanuts, hand picked, roasted, 11H013C
Hides and Wool Beef Hides: Oreen
salted. No. 1, late take off, 6 7c; No. 2,
66c: green. No. -1, late take off, 4 8c;
No. 2, S04o; green salted, old stock,
35c! green salted bull hides, No. 1, 4c;
No. 2, 8c; green bull hides, 2o per lb.
Home Hides, large, $3.00: medium, 12.50;
small, $2.00 each. Poney and Glues, 75
fil.50. Sheep Pelts, green salted, as to
size and wool, 5001.25 each. Shearlings,
green salted, as to eize and wool, 5020c
each. Wool: Choice fine and H blood, 18
22c: medium and blood, 15018c; low
blood, 1214o per lb. Burry Wool, So
per lb. less.
Wholesale prices of beef cuts are as
follows: No. 1 ribs. 22'e; No. 2 ribs, 22c;
No. 3 ribs. 15c; No. 1 loins, 26c; No. 2
loins, 23c; No. 3 loins, 16Hc;.No. 1
rounds,, 14c; No. 3 rounds, 13t4c; No. 3
rounds, llWc: No. 1 chucks, 8c; No. 2
chucks, 9c: No. 3 chucks, 7c; No. 1
pates, (1c; No. 2 plates, 6c; No. 3 plates,
4e.
St. Louis Livestock.
East St. Louis, Feb. 4. Cattle Re
ceipts, 200; compared to week ago, beef
steers, stockers and feeders, strong to 260
higher; light yearlings and bulls, 25 to t-Oo
lower; fat cows and veal calves, steady;
canncr cows, 15 to 26c higher.
Hogs Receipts, 4,000; active, light
weights and light lights, strong to 10c
higher; -top, $9.60 for 130 to 140-ponnd
averages; 200 to 250-pound weights, 15 to
See - higher; mostly, $9,3509,60; pigs,
steady to strong; packer sows, 3teady.
Sheep Receipts, 250; lambs, generally
25 to 50c higher; sheep, 25o higher.
total, V. S...88.6H.842.0QO $5,854,737,000
New York Produce.
New Tork, Feb, 4. Butter Unsettled;
creamery higher than extras, lt0J7Hc;
creamery extras. 38ffS6"Ao; first, - 820
35Hc; state dairy finest. 34U 035ttc
Eggs Firm: receipts. 18.263 cases;
fresh gathered firsts, 88040c; refrlgera
fot firsts, S0& 81c.
Cheese Irregular, 1.40S.
Poultry Live Quiet; no prices quoted.
Dressed poultry, steady; prices unchanged.
Chicago Potatoes,
Chicago, Feb. 4. Potatoes Dull; re
ceipts, 83 cars; total U. 8. shipments,
503; Wisconsin, sacked round white,
$1.76 01.80: Michigan white. $1.70 01.85
cwt.: Minnesota white. $1.651.8 cwt.:
Idaho sacked russets, mostly $2 40 cwt.;
Colorado sacked brown beauties, $3.00 cwtjj
Disability and
Your Income
Why let a bodily injury close a judgment on
your income? ; ' - -i ' : ;;v
Every year 1 1,000,000 are killed or injured by acci
dent, but not all of the 11,000,000 suffer loss of
income as a result.
The reason is: The shrewd men and women have
anticipated their disabilities and reduced them to
an annual cost by carrying "Accident Insurance."
You can do the same and at a very small cost. '
- Call ATlantic 0360
"Pays the Claim First".
Insurance 640 First National Bank
Surely Bonds ATlantic 0360
Investment Securities
Trade Review '
(lly . O. Dni Ce.)
No general lessening ef previous Irregu.
larttl'e marked commercial uivmuta
during January, 1'niforra aaliu. however,
have not been looked for by close olieer
vers of eronomle phases, and the results
of the rt month bsve been discouraging
la comparatively ftw Interests. The ea
pertatlon ot further gradual and uneven
tecorery le supported by various con
strurtlve forree, but rapid revival le not
logically to be anticipated, with different
uncertainties still present and hesitation
continuing In moat quarters. After a pro
tracted period ef far-reaching readjust,
nisnts. Dot many buyers are now dis
posed to depart from conservative action,
and mose current dsmamle are based on
positive need, Inataad of on speculative
possibilities. Adherence to a cautious
and prudent volley at this time obviously
makes for stronger and more wholesome
conditions In the future, although tem
porarily retarding general expansion of
operations. It Is rot the dally or weekly
trade fluctuations that possess the great
est significance, but rather the underlying
factors which will govern subsequent
movements, and not a few reassuring
signs are now evident The sustained rise
In sterling exchangs. the lower rates for
money, and the widespread liquidation of
merchandise storks are amoag the favor,
able auguries, and a more hopeful seiitl
munt prevails. Benponse tn increased
.nnfM.nl. iiiwi not manifest Itself in
numerous ordors of magnitude, but depleted
supplies of goods neceasltete more ire
quent purchasing for replenishment, and
production hss gained in some Instances.
Vagaries ot the weather, on the other
band, have caused much Irregularity In
retail distribution, while the diminished
publlo consuming capacity remains a po
tent Influence In restricting the turnover.
With resumption of activities In agricul
tural communities not far dstant, there Is
prospect of more definite betterment tn
business, and certain developments In the
foreign field are encouraging.
Business Mortality Increased.
Ae was not unexpected, January brought
a further augmentatloa of the country's
business mortality, number of failures
considered. The first month of a year
Is usually marked by such tendency, but
It Is necessary to go back to January
of 1915 to find a parallel for the 2,723
commercial d. faults which occurred! In
the men 11 .'oil ended. Aalde from last
September, the number of Insolvencies hss
ln.-r.d steadily since last June, which
was ibe low point ef till, and a decided
expansion tn the Indebtedness hss not
unnaturally accompanied ihe rlee In the
number of fslluraa. The January liabili
ties of $;f,7l,1s0, however, are appre
ciably smeller than Ihuee of Uecembsr,
when all l-rovlous monthly records were
surpssaed at liMOJ.HI. A distinctive
feature ot the January returns appears In
the unususl number of Urge Insolvencies,
although In this connection, al.o, the ex
hibit Is less unsatisfactory then that ot
December. Thus, there were ! dafaulte
for $100,00(1 or more In each Instance la
January. Involving IH.I1J 474 altogether,
against 111 such failures fur slightly more
loan ;S,0o0,00 la December.
Steel Trade Improvement.
It If possible, as the teeond month of
the year opens, to discern avldanre "f
rvnewtd activity In Iron snd steel. The
Improvement Is not pronounced, but It
Is distinct In some quarters, and senti
ment has responded to the rhange. A
rise In the leading producer's everags
output to above 41 per cent has bern
largely due to gains in Chicago terri
tory, but 1'ltnburgh also rnakte father
more favorable reports. Much Is ex
pected from new construction work that
Is ahead, and fabricated steel contra ts
already placed are of some rnaanllude,
about 40,000 tone being taken recently.
Development of new shipyard Inquiry,
moreover. Is encouraging, while Great
Ilrltaln haa bean negotiating here fr
some material on which forelicrt mills
evidently could not mske deliveries. With
seasonal buying anticipated, tue out
look flu the basic Induatry is one of
brighter promise. .
Ilrygoode Iluyer Conservative,
The generat character of drygoods
buying his not changed essentially thus
far this year. With different uncertain
ties still present, operations continue
along conservative and prudent Unas, and
the reduced publlo consuming power en
ters largely Into all calculations. Ke
fleeting tue latter condition, retailers
show little Inclination to purchase In ad
vance of well-defined needs, and jobbers
are also cautious. .The effect of this
policy appears In the moderate primary
market demand for various klnde cf mer
chandise, and In the Irregular progi-eas
made In salea for fall delivery. Unset
llement in raw materials, both of cotton
and silk, Is a drawback to a fuller de
velopment of forward 'business, and ta
bor Iroulilta at eome points ere tlm a
hlndrante. Following sge reductions,
strlsss hve ecur4 in sume Nw .!
land mills, and the culling lndu.tr al
certsln renters le also confronted wild
similar difficulties, A runsidaialile re
covery from Hie point ef eilreire lie.
preafeloa, however, hee been wltnees.'d, and
fuilher Improvement le anticipated oen
Ilia corning vf spring bring renewed
activity In agricultural section-.
Hides ana lewtber Unlet.'
More ilhsn a month hss passed since
opsrstlone of tnegniture have be?i) wit
nessed tn the douieetlo -packer tilde 'r
ktt. With the continued lull In trail
ing, tellers become less strong In tli.lr
views as to prices, and concessions ate
not wholly abae.it, Jt Is not Ihe sa
son, however, for con'plcuuus activity, as
Ihe nuallty of take-off le usually Inferior
at this period, end the recant strike In
Ihe west accentuated lt!e concilium. The
iiuletne.s of bUHlnrse has extended to
calfuklna, which formerly moved In con
tilraule volume, and tanners are low
ering their bid nn (his class of Taw
material Hotll the hide and leather
trades wslt upon a fuller dtatrlhutlon
ot tout near, but shoes do not sell as
freely as hoped for. The lower-priced
goods still have the call, although mrk.
ers of novelty footwear bvncfite.t from
the recent style show In Chicago, aud
have Increased production eome list.
Minneapolis lirala.
Jllnnerolls, Feb. 4 Whet rtecelpls. lit)
cars, compared with 17S care a year ago.
Cash! No. 1 northern. 1.3$Ut l-4'.i;
May, I1.J014; July. 11.21 '1. .
Corn No. 3 yellow, 44S4HCV,,
, fats No. t white, :stfllc.
Harlsy 4$SSo.
Mj-e No. 2. $:J 01ie.
Flax No. 1, $3.iia'efe3.rH.
fit. Lont drain.
t. T.ouls. sb. 4. Wheal May. $1 $?;
July, $1.05 Vi.
Cora tlay. K4tac; July, $te.
Oats May, 40c: July, 41 Vic
Kensae City Frodnoe.
Kansae City. JTeb. 4. bgg Unchanged;
tlrsts, Jic.
Butter Unchanged; creamery, $!c;
packing. 15c. -
Poultry Hens, lo lower, Stc; gprtntjn,
tie. ,
Kansas City Hey.
Kan'ea City, Feb. 4. Hay Unchanged.
Omaha Grain I
; Omaha. Feb, 4,
KfccfU ef lft fontinu on
iWty tilitral icelc. 47 cat that
grim briiigr re rw.ru J in today, wbil
shipmcnti tr light at only 16 rare,
Jictcipts of corn were 71 tars,
eoiiiprti with altipincnta of M rare,
Rcfc iit anil ahipmrnia ft other
funis about evened up. Deipito
wrrk-end rtaliiing bv li hoIJrrs ef
futures cur rath matkri i.trsentej a
fairly good undertone, flour offer
ingi of rash w he-at wert abiorled at
pricea ttntrng from le lower to le
liilier. 'J Iter tt good demand
(or corn at unchanged to He higher
values. Oata eut at unchanRed to
lie higher. Kye waa ejtioted le
lower, while Lai ley was nominally
unchanged,
WHfAT.
Ke. I dark hard: 1 rer, (mutly). It It.
fa. h.id !Mn 1 ear, II II,
Su. t hsfd wlnlevl I tr, leeef darn),
II l; a care, leeniltlara , l.t a ears,
l tt J ear. (einutiyl, $1 Is, ....
N: t hard winter! 1 er. It III I ear,
(smutty), II. It! 1 car, (sniuttrl. Il.lt.
N'u, 4 bsrd wlnteri ear. It It.
Nj. I y.llow bard t ear, II U.
h'n, a yellow heidl I car II IS.
No. 4 yellow bard, 1 ear, II I.
No. I yellow aid! 1 eae, ll.tJ,
No, eiuiiigt t rar, (oortl.sre). II. II.
No, 1 nmed: 1 ear, (durum), l al.
No. I n.laedt esf, (duruu), UI I
ear, (durum!, l.o.
na niUedt i car, (durum, smutty),
lien.
ronN.
No, 1 while: era. 4le.
No. wliltel I ear, 4tc, 1 tie ! hill.
Ing, 1U.
No. I yellow) t csr, 4t'4. - .
No. S yeilowt a cars. 4iu; t etr. l(V,e
t rata fold billing). 4. He,
No, a yellow i t ear, 44a,
No. 1 mlsedi I car (no blllldi), 4tV,
t rar, 41Vc.
No. 1 mixedt Il-I are, tiie; I ear
(N. tV.), 4J.c; 1 rar. 41VC.
OAT",
No. t whltei t rer. 140.
No. a white: I car (shippers' ettal,
JlHc; 4 rate, Sles I cars (shippers'
wis ), IIVc.
No. 4 white; I t-l cars, UUe.
Hamplet 1 rar (seeds), Uo, t in (air
lew mltd), tie.
No. I niuedi I rar. ti'it. ; .
Itia. - ..'.'
N'o. St t ear, 7to.
No. t J ear, 7tc; J rare, tl'4e.
OMAHA. JtLCElPTS ANl BUll'UCNTB.
(Csrlots)
Ilecelpta Today Wk. Aea Tr. Ago
ttheat 41 :7 it
Cirn 71 11 4J
Oatg , 14 11 I
............. i a e
...., e s n
live
llsrley
Hhlpment,
Vhest ...
Corn
Oata
Itye
I
1
Today vTlcAeo Tr. At
14 . II . 21
14 . lit It
:i , 4
Ilarley IS
lltlMARV JlKCtlHT AND rHIFUEKTS.
(Bushels)
Rectlpts Todsy Week Ago Tear Ago
VTheat 4, no HI, 009 749, 00u
Corn !,0l7.ot ,H7,oe 1,1 1 1. Den
Oats 471.009 441,404 417,444
Hlilpmentg Todav Week Ago Tear Ago
Wheat ......... 471,004 411,004 414.494
Corn 1,(73.004 1,111.404 411.400
Cull 414.004 414.004 444,404
EXPORT CLEARANCES.
,iub.e1 Todav TurArn
TThat and Flour ....401.004 $41,400
Corn ....III.OO 111,444
Cats 10.440
CHICAGO KECEIFTB.
Week Tear
Ca riots Today. . Ago. Age.
Wheat 14 2 12
Com C4I -414 , 147
Oata 11$ 111 ' 7i
Bar Sliver. .
New Tork, eb. 4. Foreign bar ailver,
6ttc; Mexican dollars. I0c
$30,000,000 " '
Great Nonhern Railway Company
General Mortgage 5' Gold Bonds, Series B ' "
jf.
Date Jaaaary 1, 13.
Oae Jaamwrr t. !.
These keade are ae( eedeesaakle Vy the eesesany before aaarartry
Interest aayable jaaaary 1 and Jaly I la fitw Tork City. . . "
CoBpon houd iu deuominations of $1,000, $500 and $100, rettlsterable $m
f principal. Folly registered bonda in denominations of $1,000 and an
thoriied mnltlples thereof. Coupon and registered bonda interchangeable.
Tke lasaaaee ef these beads has aeasi aartkerteet ky the Iale:
relate Ceatieevee Cesea
alea.
4
TM FDtST irAIIOITAI BAIX OF THE CITI OF SEW I0BK, TKUST,
r.U W. Bill., q.4 ehalrman f tfc Grt NoHfcerm Ratltway Comfmft Bimartsea fo!Uw Utter t mm crtlthiK
.Mileage eorered (directly or collaterally) by the general mortgage is 7,675 miles, constituting approximately
98 of the total mileage of the Great Korthern system. The company .outstanding mortgage indebtedness la at
the rate of approximately $37,600 per mile, Including the present issue. As a result of the conversion of the
Northern Pacific-Great Korthern .Joint bonds into Great Northern Railway Company general mortgage bonds,
stock representing approximately one-half of the ownership of the Chicago, Burlington & Quincy Railroad Com
pany ts pledged, free from prior lien, under the general mortgage. Itonds of a total of $HB,O00r000 have been
issued against the ownership of such stock, which amount, deducted from the total bonded debt, would leave a
balance f debt outstanding at the rate of approximately $22,500 per mile of road. So more underlying mortgage
bonds may be issued. ,
Company gross operating rerenues, income, charge and sarplue for tea years hare been as folio wat
4vV M
Tear Faded
Jane 30
1912
1918
114
ltt
191 ,'
117
1918
191
1920
1921
Gross Operates
Reveanea
$ B8497J319
78392,767
67,162,858 :
81262,478-; '
8898,735 '
tlO0,698Stt -tl06r562,144
'
tl24416,77
101r?17r20i
Iaeame Available
fee 47harae
$ 33476,038
36488,957
32)80,992
a219,65 '
39,866,362
554907
34,063,039
86,386,807,.
32406,299
40,304,124
Charges
$ 11,520,782
-11,620,644
11,627,441
11,70184
11,765,747
12,109,135
13,999,769
144721
120202
1717y300
Saralaa
$ 2M54M
24,56818
20,453,551
20,6187
27,60015
23r40,172
20,063,270
224398
19,304,097
' 22,68C,S24
Tear ended December SI. ' "
i tU. S. R. R. Administration.
. tXJ. 8. R. R. Administration 2 months; guaranty period t months; corporate period1 4 months.
'. '-' . .-
In the aboie ten years income available fer eharges areraged about 24 times the amount required.
The income account as stated abore includes this company cash dividend income from its holdings of Burlington
atock as well as interest payments by it on. obligations issued in connection with the acquisition of Burlington
stock. The Great Northern proportion of the Burlington surplus income for 10 years prior to July 1, 1921, when the
Great KortMern-Iforthern Pacific Joint 4. bonds matured, averaged approximately $10,481,918 annually, but ot
this amount the Great Northern received in cash dividends (with the exception of an extra dividend in 1917),
the sum of only $4,304,540 annually, sufficient to cover its share of the annnal interest on such bonds. For the
. six months ended December 81, 1921, cash dividends received by the Great Northern on its Bnrllngton stock
were more than sufficient to cover Interest for that period on its J general mortgage bonds Issued in eon-'
Tersion of Joint bonds. .
THE ABOVE BONDS ARE OFFERED FOR SUBSCRIPTION, SUBJECT TO ISSUE AS
PLANNED, AT S6zt-2 AND INTEREST, TO YIELD APPROXIMATELY 5.75 PER CENT.
Subscription books will be opened at the' office of J. P. Morgan 4b Co., at 10 o'clock A. M., Monday, February 6 1S22 The
right is reserved to reject any and all applications, and also, in any case, to award a smaller amount than applied for
The amount dne on allotment will be payable at the offiee of J. P. Morgan & Co. in New Toric funds. The date c payment
to be specified in the notices of allotment, against delivery ot temporary bonds exchangeable Tor definitive bonds when
, prepared. '-'.-.;
J. P. MORGAN CO.
ttew Tork, February 4), iJl
FIRST NATIONAL BANK, NEW YORK.
THE NATIONAL CITY COMPANY