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Show I3EESN0 REASON FOR PESSnUSHI 3usiness. Prices. Profits Moving Mov-ing Toward More Healthy Basis Bj lOHN W. II 1 1 . 1 I'.nam-ial 1."" lr.nl, Much of the pessimism which is spreading over the country Ju?t npe. unjustified, it is true that prices mve fallen faster ihim wai expected, allures arc Increasing. manufacturing jlantfl are Blowing down, unemnioy-n, unemnioy-n, hi is growing and buyers and fceli; ra conilnuo for the moment to back iway from each other, despite lower t'rnut' the picture ha brlghl side; Profiteering Is dying. Extravagance has disappeared. The co.-t of living is falling U la again becoming possible o save Wages and salaries mean more in bread and butter and shoes Business activity, prices and proHts fe moving steadily toward a more healthy basis; M. i Kil PASSING Many believe that the country Is now going through the most painful nart of the surgical operation necessary neces-sary to remove the noxious growth of I' war- Inflation. The money crisis is passing. Lower interest rates are on ihe way. When it comes this will stimulate stim-ulate activity. The next few months day he uncertain. But beyond this brief period, i ) ikies appear reason -i.. T A..tinal4 I. i. " Iirc' laving their plans tor a business rivai. but not a boom, in i spring. WORLD I )Ml ridNs In the rest of I hi world happenings ire more disturbing ihu-i here. Eng-i,nd Eng-i,nd Is torn iy i great strike. Cuba Holland and sonic South A'merii it ;ountrles and a n Imbi r "i other nt lions are Quaking In Ihcir flnancljil hOOtS. Business reaction and the de tlinc of artificial prices sit world-wide Developments. T in s . things are re-Fleeted re-Fleeted in this country in lower prices for wheat cotton and ether commo-tltiea. commo-tltiea. NO PAXK S l S With the Incomparable Federal re-erve re-erve system and Ihe vast banking resources re-sources of the countr; n financial panic pan-ic in America Is unthinkable Latest juv crnment t Icuri-s s-how t h rcsuu:. U .f all the banks in ihe United State; j Iota! 158,000.000,000 This Is greater .ban the combined assets of lh bai ks if all the leading nation? rf the iforld. i ) To F VfOIKRS The federal reserve board has re- fused credit to farmers for withhold - ing crops from th markets until prices could be forced back ( war- time levels. The board could not maintain prices for the grain, wool and otion growers and .iliw prices of all ither commodities t. tumbli unchi Iced. Ic-ed. Farmers' losses will not be o i great as they now fear, because the . i n ,.t Ik. .,- ,i..n ... m,ii I! he greater. i TRADE l M ri i:: s a j The gTain pit has been the sibject .f bitl r atta- U by .'.i ri.icr- T-- " H "v no defense for the abures t' trading in . rraln futures, but legitimate trading I is an economic necessity. Cash grain j buyerA and flour mills call it "beds- . I tig." If a miller or elevator dealer buys luO.OOO bushels oi" cash wht . . I be Immediately sells at the market 1 pelec the sam- amount of "future 1 wheat" on the board of trade He Is thus protected against loss oh the , wheal he holds should f It - casti prici fall. Without "hedging" hundreds of grain elevator companies might be Wiped oui in a single day by a drop I if 10 cents a bushel on Whejit, Xn ibolishment of ihe grain pit, bu; reg-uiation reg-uiation qgalnst abuse. Is the need. NO I 0 l f iMIXl The National Coal nssoeiaJlon has announced that the goal of ft. 000. 000 J Ions of weekly cpal prod ucl ion has been attained. This assures Ihe CQun-tiy CQun-tiy against a coal shortage Prl -in some sections hnvi already begun to tumble. They are expeelcd to fall further unlesa the English coal gtrllct i-rentes an unexpected I; larg foreign lemand for American fuel PRICE TR1 Mis Price putting ,r max lines continui -though the speed of the do line is It -pronounced. Textiles and clothing liding. but In many Instances are :-tlll LOO per ent above pre-war levels. B ra dot reel's in.h number f'r October 1 Is only R" per cent above tin : i -number Pile-. of farm products da--reased 1 ." t pr rent in September igainat 1 2 per cent, in August and 10-year average of 3 per cent. LIBERTY BONDS N i : YORK, lei - Liberty "onds closed: 3J...s $92.80; first 4s ;!i0.0n bid: scon. I ts JX9.00. first 4'? 590. 12; second t',4 S88.80: third -lLs 82: fourth l4a s8.9i Victory :is $96.46. VlCtor tvis S9C.::t. M Olik STO K MSI (L4IS1 snlc) MHe-Chalmeri W American Beet t?ugur ; American Can American Car A Foundry Corp 1 1 rAmerican Hide A Leather nbi J American International Sorp .. 'ivi I Amerlcari lxicomotive .American .Smelting - Rf g. . 4 I American Sugac American Sumatra Tobacco ... N American T. & T 100Jj I American Woolen ? I Anaconda Copper y c i I Atchison ?2? At) . (Julf & W. Indies Baldwin Boeomotlve ".'''t Baltimore' A- Ohio 1 Bethlehem Steel B" I Canadian Pacific 1 2J icentral Leather 2 IChandU i Motors r Chesapeake & Ohio Chicago, Mil and Si Paul ... 1 ! ;s Ihlcago. It. 1. Pac. ... 3 ; '-j Chlnb Copper ? Colorado' P"Uel A iron sB jCorn Products 82 i Crucible t'loel 1 : Cuba Cane Sugar 3 , Wrie H i General Klecrlc -x ' Jcneral Motors J Goodrich Co O70 i ' Oreal Northern pfd . ,'. Great Norther,- m . Ctfs Illinois Central 9 ilpsplcatlOn Copper ' I I nt Mei Marine pfd ' 1 'International Copper Kennei .i i Copper ' ' Louisville & Nashville .. ItlbB ! Maxwell Motors 3 ' I .Mexican Petroleum Mia rhl Copper 1!-' Mkl.lle States Oil 1 4 'MidVale Stee j Missouri Pacific -'' New York Central ... " IN v., N n aohd Hartford i 1 v..ii. v. w.,oi,. sy -x Northern Pacific Oklahoma Prod. A Kef J Pan American Petroleum. Pennsylvania JJS People s C.,is 4 4 Pittsburg and West Va "B Consolidated Copper ... . '"'s .. mg .. Iron & .Steel lim? iioval Dutch, N V 9 Sinclair Con. Vll g Southern Pat Ifl 2it Southern Railway rHandard il of N .1. pfd 1 f . St udebaker Corporation Tehnessee Copper JJg Texas Co. . .". Texas & Pacific Tobacco Products s Transcontinental Oil 1 Union paclfh l L" s. 1'i.od Products l " S Retail Stores C. S. hid. Alcohol s ' United States P.ubber .. . . y L'nited States Steel 88-s Utah Copper l Westinghouse Electric 4 1 w Willy's Overland 10 American Zinc, Bead and Sin nig Butte and Superior 1 ""' T -Lf Cala. Petroleum S Montana Power ShkttUck Arizona ' Shattut k Arizona " 'eK Pure il "'' n.i' N LIVESTOCK M VRKKT Cattle Receipts 302; choice heavy I SS.nu Tr :t.i)0; good su-oi s $7,006 i. 00: tab steers I5.-00OB.60; choice oedcr steers I6.00C 7.00; iioiee cows mil hciferi $6.006.50; i Air to good iows and heifers $6,0060;00; cutters 4.00fi 1.50! earners $3 B S Wi hoiee feeder cowa $4.00 5.00: tat mils $4 "m '(i 4,50; bolongna bulls :b00 'I 1 )0: veal calves $900 10.50. Hog Receipts, choice fut bogs 170 lo 2J0 pound-- Jil "'ii:.C.". bulk of iu ;:, n i -. oa. ro.-r b-igs $? ',. 10.00 Sheep Receipts 7 "J :t . choice iambs $9.00 10.r0, wethers $5.00$J0.75; fat i oo j 00: feeder lambs s.)0 10.00. LRRH UjS i FL Meckam, Soda Spring.-. Ida.. J i ar cattle I). Lukerf, Paris, Ida., t rr cattle, '. ii Peck, Maokay, Ida.. , ear: cattle. il C suns, Wlnnemucca, Nev . 4 cars i icep Sims Brothers. Pryor, Invon Point. Kev.- a cars sheep. John Spires. Wel'.svllle. Utah, I cai sheep. OMAHA LIVESTOCK OMA MA. Neb.. Oct. I United States Bureau of Markets) Hug. Receipts 2.MU0. market mostly 10 te I5c higher:, bulk $12.35ti.l2.7:.; loi i 5.-2S. Cattli Receipts :'.(: market com' I pared iih w.f-K ago: tiood and choice .fed cattle and westerns ZQ. to 75 lower she-stoi k 00c to $1.00 lower j -aimers, cutters and bulls 2i to -tX b-wer; esiis steady; heavs1 calvei I mostly $1.00 lower; toe;hei- and feed ers uneven 50 tb Si 00 lower. Bheep Recolpts i',-500; market com pared with week ago. lambs mostl; I :,r ,,tv .-r . yearlings steady sheep 26i higher; feeding lambs .(( loer I sbc-"p and breeding ela.se- "lead: lilt AGO GK 1 1 N CHICAGO, Oct. -S- A big export qj pu.- Kup jaeij issfl -in ip sausnq sir-ngib In foieigii miirkil- toua caused a steady nrirket for wheat. December, De-cember, however, started strong shotv -ing a gain of i'i to 0V1 night's clone I bi advance vvas met v. itb large offerings, eipeclaltj by aj largH elevator Intereel. which resulted ir. an immediate setback which carried prlcea below yesterday's finish. After, Showing e K to a gain of C at the -tart, with December K'.ua'i anJ( March $i 984 to ..9SVi. ihe breakJ eirrie-d price? down rapidly, a reaction reac-tion then took hold and checked the) drv The market later bec.-mc heav: when tb- buying power gave out as; soon as the sJie,:'-- had completed their j covering and there was hale in the situation lo stiiuiiiib investment bu- ing. Ai tltfe finish prices ere down. J to - j below y rl.i: V utilrli v.-'.th' December fl.Safl to J.ou aim March $1 to 1 Corn started about stead in sympathy sym-pathy With wheal, initial quettallons . being 'se lower to 'c higher, with I ii i -nibcr SI1 to 81 -e and May 81 a ' te STsc: The market dropped -ligb' ly after this but after the Aral hour ' the dei line "as checked. There was heavy Heliing on the bulge, credited t a large elevator interest in-terest and prices later broke and clos-i clos-i ed to lc under yesterday's finish with l.eceni r Si ; "ri and Ma: to 8bc. tjats were governed b the action of other grains, starting Tae' lower to -a with De-L"cinbei .;.;' i oZ , ' price- lemalning ;ro:nd thai figure Provisions ranged from 25q low-r to I0c higher at Iho start then showed further weakness. i lilt t. l ll M K CJHICAGO, ' let Cattle Ke-ecipt- 23 tiuu; market compared with a week ago, after vet . uneven daily markets, prl ej, are closing 2Gc higher , on fair! - holec lo best steers top , I $12 85; 25 to 50c hlghe on good grades very uneven -5 to 760 higher' . oil mediuni fee-, and stead) to 25e . hlghei on common kinds. Thursday's! erratic advance was practically losi in ; Friday's closing trading; top COWS, ; heifer., and bulls closing a shade high-i high-i er: In-between Uinds steady to 25c . lower; canoers .r. to Af'i lower; calves 'lc to 1 -'-" lower, westerns stead to . 5Ue- higher; stockers and feeders , steady to 25c higher B I logs Receipts, 2.", 000. lest grade 4 about stead others strong to lac higher than yesterday's average- closing clos-ing strong, top Jlo 4U; bulk light and butchers $ l 2 .90 '? i ". 2 ' ; bulk packing sow? $12.26012.60; pigs lo to 23c lower; bulk desirable kinds 2ui 1 I'.OO. Sheep Receipts 2,"ou. compared wllit week ngo- 1'a.t lambs closing weak to 5c lower; fat sheep steady; yearling ami feeders steady. ( till AGO i t n RES t.HICAG". Ool Jo. i Open nigh Low close Wheat Dec. $2.081u $2.04r.. $1 99 $1 March 1.86 i P2'2 1.83 , Conr Jee. ll4 .81 H soi S02 (May .ST1 T !s6Vs 8 fiats 'Dec. iu'c iz't, .tiiij '.Jlr Muv .j8 Sr-t 8 .08 Pork I Nov. 22 23 Jan. 21. 6U L't.bO 2t 16 1'4.30 1-ard Nov. 19.6." 19 SO 19 bj 19 bJ Jan. 16.30 1J.42 lb.oO . I'i. 40 i:tbs Oct. 16.90 16.75 Jan. ll oO 14 UO 14.05 14.05 MUM.V USD l-VCllANt.l NliV YORK, Oct i. Prlnie mur-eiintile mur-eiintile paper unchanged. Exchange stead : sterling. Dcmaud to1; . cablex $3.46. Prance; Demand 6.83c; cables 683c i-ulldcis prmand .10 000 cables 30. 70c. I Lire: Denianil 3.7 3c; eables 3.7 3c. I Mark.. Demand 1.4Jc: cables 1.43c Greece: Demand 9 80c. ' New York exchange on Montreal .9 11-16 per cent discount. A 1 I -Till I i NEW YORK, Oct. 23 Bull popD were active In speculative issues on tb.-stock tb.-stock exchange today basing tbeii operations largely un a i vices nolo London which Indicated that measures were under way to prevent an extension exten-sion oi the British industrial crisis Steels, equipments, rails and other usua.1 b aders re neglected, shippings, ship-pings, oils and utilities were the outstanding out-standing features. L'nited Fruit led ai an advance of almost 7 points, Houston Hous-ton OH, Montana Power. J-aciedc Cad. People's Gas United Railways' preferred. pre-ferred. Philadelphia, company, Western Union and Macka registered s-in of 1 to 3 point Sellir;.- for profita Impaired Im-paired some of this advantage in the final dealings The closing waa firm. Sales approximated 230 ooo khan I M PRU i - CHICAGO, Oct. 23. tVDeat No. 2 'rod $2-16 2-1 C; No. I hard $2.08 -' 0 9 "4 c'oin No. 2 mixed &ify&4c No. J yellow 84' QritWc, Oats No. z while B3a4fi'54o; No. 3 w ii ilc 32c. Rye No. 2 $) 7o"4 i :arle 0c$i) $ 1 '" Timoth - e,i yr ei -i u 30 Clover seed M2 o0'a 2o oo. Pork nominal Lard $20.33. llibs 5 16.: o(o J7.50. K s s ITTi l.l ESTO K KANSAS" CITY. Mo., Cel 28". Cat; ' Pe Receipts 70o; markei for week. , Heel" steers mostlv 25 to 50c lower: sb -stock 60 to75t lower: catnnera and cutters 23 to 30c lower, bulls 30c to $1 00 lower, calves unevenly $2.00fj 2 30. stockers and feeders mostl steady. Hogs Recc'pts 600: markei stcadj lo strong with yesterday's averagp; t'i ,$13 30 pa-ker '.-ales $12. S3 (q I (1 0. Sheep Receipts 125; markei fell week- Sheep mostly J'.c lower; Iambi .and yearlings steady; feeding lamb-123 lamb-123 to 50c lower. vi y ork si vu NL"v" rORJK.Oct. 88. Raw sugar qulfi and unchanged; Cuba's quoted at 74c cost and freight equal to 8.t6c for centrifugal Refilled sugar steady; fine granulut ed 11 to 12c l'"ultires moved Irregularly. Trading v. dull and pripeS Closed fiv e points lower lo ten pomis higher. lit ITI It N D EGGS CHICA'.f Oct. Butter higher; creamery u7,e56c - Eggs lower; receipts 4,63 1 cases, firsts 53 'a 38lvc; ordinary firsts 51 C '64c: at mark, cases Included 49ra56c. standards 59tf60c. scoiage packed firsts 60Clc; refrigerator firsts 46 (3 46, c IM II ATllD CHICAGO. Oct. 23 Polaloc-s receipts re-ceipts 73 Cctrs. market weak' Minnesota Minne-sota ami Wisconsin round white. Sacked Sack-ed ll.6J3.01.75; bulk $1.601 7o. South Dakota and Minnesota early hiou. bulk 51 tij 1.75;k ings $1 50 1.35. AT WlNVJBAPO!LIfi M 1NNKAPULIS. Minn. ct. 2,". Flour unchanged to IjfjVc higher, in c-ir-load lots family patents quoted at $10.9 '. fa 11.00 a barr l m 9S iK..und cotton cot-ton sacks. Bran $;;0.o0 (fj 3. 00. M VltK SI1.VI.II i v YviKK. OcL-sS Bar silver, ftomeatlc, unchanged, foreign g0 Mexican dollars 6o LONDON KATl s LONDON, Uct. 23. Bjrr sliver per ounce. Mone and discount unchanged. 00 |