The Des Moines Register from Des Moines, Iowa • Page 9

MOINKS Morning, Jar, 21. DAILY Cllll'l LATION IN IOWV. Week's Range of Prices of N. Y. Stocks BURGLARS TURN Prof.

Fisher's Price Index SMALL DEMAND FOR MONEY SEEN IN BANK REPORT Ills ii. lOiow; Ch. ktiuall sain. -Kriilala BOND MARKET PRICES HIGHER Broader Trading Activity and New Financing. GOLD WEATHER CAUSE OF IOWA JOB SHORTAGE General Business Condi tions Satisfactory.

her 22S men and 11 women wer placed farm labor. Reports from Individual Industries indicate a fairly satisfactory condition and business outlook In Industry as a whole, but With bad spots In some branches. Meat racking Good. (leneral business conditions tn the meat packing Industry ire aald to be good, with "an unusually large consumption of meat products, due to a reasonable coat price." The mereantHa biislea "should show fair Increase, says the report, men' clothing Is Improving gradually, and worn-, en's clothing Is fair. Flour mllla report that they are Bold on present capacity for fourmontha.

hut that customers ire not taking rie-Hvm'Ips as promptly as they One mill repnrls 1923 business In-' creased ill) per rent, over 1928. "Provisions are being made In our plant to Increase production at least 25 per cut," sava nna furnace manufactory, while th foundry and machine business in reported "very good," with prospects of a 60 per cent Increase in liiulness over 192S. Refrigerator planis report the biggest December business for advance delivery In their history. Caradops report a business outlook "a little below normal" for the near future, and wholesalers report that although cold weather has Improved business some, "the feeling among merchant and consumers Is not good yet, due perhaps to prices of produce not being up to their expectations," Baddlery and harness nualhes Is "fair only," and on firm comments: ''Outlook only fair unless condition of the farmer and railroads can nhovr improvement, taxes should he reduced by rigid economy," Dealers In oils ami greases say: "Mutt roada, snow and rains make a poor combination, Until we have paved roads In this alate we wiir have slot business thia time ot year, as It la almost Impossible to op! ale. cars on roads In auch condition." Agricultural implement dealers are frankly pessimistic, and tho brick and tile manufacturer say tha outlook for 124 -looks tha poorest In the history ot the towa drain tile Industry.

Most of the manufacturers agree, however, that spring 111 bring a general speeding tip In ill (Ky The pre. New York, Jan. 20. Broader trailing actlvfv coupled with the largest volume or new financing In the last sevfji-al months Imparted especial Interest to the last week'a bond The general trend of prices ivaa higher, although the advance, which has bppn in progress for several werks, waa checked for the first time by a wRv-e of profit taking, which develop toward the end ot the week The turn over- was Inrge. Heavy Kuropean buying and continued flow of January Investment funds Into the market contributed to the advance In prices, F'our of the nine active Issued of Liberty bonds established new high records for the year and with but one exception sold higher than at any time in 192:1.

Where heaviness developed In Ihese issues as in the Sjs. it was attributed tn Ihe transfer of funds bv Institutions and Interior hanks to the higher yielding, short term government notes. New financing (inliia. New financing during llie week totalled Ihe biggest week's business since early In November. It Included the first Issue of foreign government, bonds sold this yeat-Mhe Argentine loan which met with an excellent response -Rnd (he offering of farm loan bonds.

Chief interest in future financing centered In the announcement by bankers that negotiations were In progress for a large reconstruction loan, which is expected to total between 40, 0O0, 000 and iliiii.OiiH. Several new railroad offerings, Inrlndlng a Norfolk Western iBsue, are expected to appear in the market this week and bankers are negotiating -for Important bond issues of the Canadian National railways. the Burlington and the. Pennsylvania railways and the Central ftailwav of fleorgla and tho Chicago St. Louis which mav be offered as aoon as details are completed, Railroad Ismics Active.

Trading activity was pronounced In railroad Issues throughout the week, bitvlng of the St. Paul liens, following the Riioce.Rsful sale of the new fi per ent bonds and announcement by the president of the road of im'-proved earnings sendin prices from 1 to almost 5 poinls higher. Several Issues, however, were subjected to profit taking late in the week. The entire Rpeculatlve rail list was strong. French governmental and municipal bonds moved in sympathy with the fluctuation in exchange rates, prices showing little change on the week.

South American Issues Improved In tone. Retlval of Interest In Rua-Rian government bonds, heavy trading here following reports Last week's prices averaged 151). 7 per cent of prewar levt-1. The purchasing power of the dollar wag HA prewar cents. huvlng abroad, featured the bond section nf the i-nrb market.

Important now offerings In addition to the fnrm loan and Argentine bonds Thki week wet the in. OHO, iiiiii I.OR Angi'les Cat and Klectrlc etghttcn year fl per pen I bo)ds at 99 to vleld 8.05 per cent; thirty-nine year 5 per cent Chicago I'nion Station, company mortgage bonds at 97 to yield 8.1,1 per peril, and iwenty-year til per cent Pe-n ft-k and Font Limited, Incorporated, bonds at B8 It) yield 8.05 per, cent, German Distillers 'Mav I Be Grain Boolleg'jrs Hamburg, So, ed Presat Recatiae nf annoying government restrictions German whisky manufacturers have threatened to adopt bootlegging lactic to carry on tha Itnporin-tion of rye and corn to keep th1r stills from cooling. Holding that, grain under present conditions Is more essentia I in Germany an a food than as a basin for strong liquors, the minister nf flnancf has refused to grant Ihe distillers tho necessary permits to deal Jn foreign currencies which they must have to purchase abroad the cereals used in making whlskv. Tha distillers hnve let It he known that If, necessary bootleg graini will he brought from other countries to aunply the mash required for I heir plants so that their trade may not suffer. DAVENPORT MEN PLAN GOLF CLUK ON SCENIC SITE Davenport, Jan.

20. (Special) The. country home of Joe R. Lane, near Pleasant Valley, considered the finest In the upper Mississippi Valley, la lo he converted Into a country clufi and golf course. An option on the place for $1 20,000 has heen seruri-d by a corporation of local business men under the title nf Davenport Country club.

Is planned to lay out nne pf the finest golf courses in Iowr on the site this summer, Mr. Lane, prominent republican politician, has heen made president of the club Missing Woman Fouiul Wandering in Cari'yon Irfis Jan. Associated Press) A woman believed to be Mrs. Doris Anderson, 2 8 vears old, whose sisters In Cleveland, 0., appealed to police nearly a year ago for assistance 111 finding her, alleging that htr husband was holding her a prisoner, waa found In a canyon near here today, wandering aimlessly. She was taken to the psychopathic ward nf the general hospital pending Instructions from Cleve-Innd, A ll ii ary Jontmry tnn 1931 I02N 2( ino (employment In Iowa industries declined 41 per cent in December over the figures tor November, largely because of the Inventories, repairs and season.

tnyori's Incident to winter and the holiday It la reported In the monthly summary of the. employment survey "lust mads public by the state buieau of labor statistics, In spile of tha reduction from the November figures, the summary says, there was an Increase of 2.6 per cent In employment over the figures for December, 1922. Lows were "of a general and such ns ate "customary at this season of the year." Principal decreases were In fond and kindred products, textile, Iron and steel, lumber products, paper producls, leather products stone and day products and car shops. "Building programs In the state ate at a standstill." sava the report. "The past month has closed practically nil outside labor In this Industry because of weather conditions." timilesl llnllilliig I ear, The year 1923 has, however, been the peak year in the building In-1 riuntry since the organisation of the employment survey.

A gain of Us permits and 3.l9.8:io was shown over 1942, during the year Just closed, and 3,04 permits and HI. SKA. 492 in valuation was gained over 1921. Tha average sir.a nf permits was smaller In 1 923, due to the construction of mora residential properties than In receno yeara. i In inn previous nionlh In the history ol Ihe survey, says lha report, has there been auch a surplus of male labor seeking employment.

There were only 39.4 Jobs available tn December for each. 100 male applicants, while In December, 1922, the radla was 63.1 Jobs per loo applicants, "Tha main cause nf this poor showing," says the summary, "Is attributed to the unusiiallv fin fall weather, which enabled ill public projects, both stale and municipal, and also all farm work to be completed late In November, throwing this clas ot labor ont of work for December. Farm labor for December showed but Jobs per 100 applicant, and common lohor 19.4 jobs per 100 p-' pllcants." Because of a permanent scarcity of domestic help and because of niahv casual workers among women, ihe proportion of Job lo plicants among ihetn was 79.3 per 100 applications, a figure well up to flm'timl- The. Des Moines employment office placed Rfl 3 men and 413 women during December. Ihe Sioux Cltv orrica placed 4SS men and 43fi women, and the creaion office placed men, Of this num- lines ot activity, gad that.

Ill Industry will find tha outlook brighter by Mitch 1. Ml. Samoan Chiefs An? Fined In Fraud Cat Pago Pagov Amrlcn 8amo, 20. PraaslThrM prominent Samoan chiefs have. a A bM.Mnlt(na, lia rteen mumi defraud the Island and HIT? 1200 aaeh.

Their acribfa wen. fined fined listi earn. CASH AND FUTURES Updike Grain Co. Hubbell Bld. 4101 i-; l-him Waifc tiiVi H.

CAMKHKKK. Mgr. I'M It Ale tVMtt I Il 1, Jmumry IftiW t(lt TO BOOTLEGGING, ROBBERIES LESS Booze Business Now 1 Takes Many Forms. nTHlIt I). 1 (Tilt I.tdtar I (tiiipyrltht.) 1 ChifsRo, inn.

Jfl.ThWR will pro Im lily he small Joy over Ihs tKs American Sursty coin- patty that ths Imsinpss of biirglsry 1 slumpprt In Tho exact decrease was 4 per cent. DMilotifis nrl profits carried to surplus are i not disclosed; in fact, the detail i or me operation 0r llie imiiistrv are kept In the Information given liv an officii)! nf lh Anti-Saloon howover, Is lo I tn effect Ihat Hip ranks nf the burglars have heen riepleleil hv vigorous i-ecrtiltlnir on the part of th boolleRgers, hl-Jackfrs and beer runners. i In the early davs of the development of the latter, the Iiui-rIbi's c.cnld not he lemnted Theu He. ollned to give up their aristocratic calling- to ens-nee in sodden competition wlin heRd WHilers, liell hops, policemen and common dips, fn due however, bnol-legglnit developed diverse forms. It became more and more adventurous.

It, had as. Ride lines bribery, poison, murder, piracy, r-oun-terfeillni--ln fact It called for a maximum versatility and offered to (hope best fined the opportunity for full artistic func-tlonin- In finance, trade and politics. Any bootlegger with a sleadv, well developed business, is likeiy to he called tn run a political cn.ni-painn or participate in the management or a state convention. Their experience (n manipulation -classed by the prosecuting officials as conspiracy la high uunll-ficatlon. I'se i)iiey.

Only last week one of Ihe. Irade was taken from Chicago to Kansas City for trial on the charge ot circulating counterfeit, money, He explained that th charge was n-'i. incidental. What he had really done was to sell two truck loads of moonshine, branded as pre-Vostead hmirhon, tp a group of saloonkeepers and they had paid him in counterfeit rederal reserve notes. He confessed hit admiration for the cleverness of the saloonkeepers although he was deeply grieved by their violation of the code.

In the circumstances 11 Is not surprising that the statistics show a burglary decrease, Bui the alack has been taken up hv the homlegging department so there has heen no real diminution in business as to venture and volume, Idibor I'lfntlful, Unemployment renditions In Illinois are seasonal but are at their worst In Chicago. The local labor market Is overaupplied. -There has been the usual cityward movement from the farms and from country construction work. This has heeh supplemented bv an influx from the coal fields lo the southern part of the state where many mines are closed down and others are running Rt less than half capacity. In Chicago there are two applicants for everv Job available at the state employment bureau.

Ther has been no diminution In Industrial product that would cause idleness. The decrease In factory employee in December was only a fraction of 1 per cent but the decline in the laat six months of 11)23 was 4.6 per cent. The present condition Is. however, 7 per cent better than in 1 922. The mall order houses have Increased the number of employes about 4 per cent in the last month and the building industry Is employing only 15 ner cent rewer men than in midsummer, i Those, out of employment are mostly common laborers.

The me-' chanlcg are working In Interior) construction. Situation Almv Average. Roadhiilidlng Is. of course, at standstill. Many big particularly the steel plants, have been working with reduced forces for a month but they are now speeding up At, mi to dn per cent nf capacity, as they are now running, ihey are giving prac- tlcally full employment.

In other lines there have been shifts in I numbers. Clothing makers have increased their employes and Ihe furniture factories have cut down, t'alnt concerns and printers have increased, as have the planing mills, agricultural implement, makers and the hardware concerns, but the tanners and furriers have cut down materially. In general the changes are seasonal and employment conditions are above the average. Anti-Cigarct Head Injured hv Car a- Associated Prensl--MIss Lucy Page Gaston, president of the 'National Antl-Oigaret league, was aerlonslv injured tonight when struck "bv a 'street car. Miss Oastton was caught, be neath the front of the car as she waj (hrown to the Icy pavement, i It was necessary to call a fire truck squad to assist in extricating her.

She was rushed to a hospital, where physicians an-1 nounced that while her Injuries; were serious, mikj Gaston a con-1 I dltlon was not critical Tl, fltlll ltllmj- nmkfttr llll.lnaaa Of antir IMVII. wiiti-ll lha "Hilalnr-a Oiititir-tuiiltlpa" i-itliuiina Tha, Hi'jiiatar ami 1 rlliune. Ad. KKNNKMA- "Ktiwm I vi ipb fur Albert t-Vtinitm. yciti's old, Fltijf htftnih whti ilI'Mt iiHufiitiK Ibwn MPtlmitfpi ItnintiitHl, ivill litii fti Netvtun.

Tu nftcrriiun 3 tVrlofk. intr-rnut will bp mmlf ul ev.iiiit. VAN SKI KlTVunVrii PUlKe. lis vhv old. Kimr-iitnth mrccr, wlm vm illfil bv llrk f'Xplttirfiin i ttrriimrl.

'ill holt, tu litnri fnnt hI liumft hi mttnmnf TO oi iot intpiniftn, will be in iilPtnlitl" (meif-y. VvvU Plil)ii Wftiiti'r. nil), who til pd HtuwViv nitiiiiinM mi hr home, Vt Tlilitv.tiintli tvpt. will bit lie til Dtinn'ii fttncrnl hom nftPtntn at If liVlniii. Jtitf rrnrnf f.

bf fn fJlpnihtl'Mtii'tt-i MA I'f'lN t'lineifl 1 "rif virp Tm- ftov Mfttiufn he- hM from tbt Camcv, hlil III" fttrntiflti 2 n'rlock liiict Mif ni will hi In tJInfnlp f'itniHtP Piiitprv. pra vUVn" MrNnliy. it ypftr nM. lUH Mil pit who ittffl nf hrmi ittr liMhWi (., Tbtnudav iriuH(, wilt liUl ilt Hip t-'irpt I't Mb lrinn rliurch lhK nft'i-nmill tU 2 Hv. H.

A. FtjHttn oFfti iDi.itiii". Jut-? n.ni will In tpttiiUlPj: tt'nt Atl')l)h VMHfr. (Jit anrm kUi nitjht ai her hnhtc, if 17 tlfrn tfltui-I. siil bp liU( 'l'iitit(lv tn.ir- VMltiHi H' 7H yhtf nlrf.

tHl atrtiv mehi hr Ivmw, 'rttpnty-wfTitM t't. win b-Hil froin tllf biiti'8 'Inn nflprtiofm hL nVlnck. InieniuiU wilt be in OUnufUi' 1 cemeury. I J. Funerals-.

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A 22il a 51 41 I 41 4't 211 do llfd I 45 Un si, 1, South M'ii 4', 21 do prd I ifiii. ft" -asanla Su! 24a1 14' IV loysav 1 12 I 41V 4 42 Si-hull illlll 2 2H Air l.lnt! 7 prd llll! 1 Srt Rbilt ptd 114 ll .1 1 Shell. TAT! .11 I .1411 14 1 IIs 17 I- 0.1 1 1)1 22': HVl 2r, it 1 211 200 Shell 1 ill Shell Oil 4 ili) pfd 0 Immona 2.111 Rimliia Pel ftfiil Sine fonl do ofd IH Skellv (ill 41 A 1 02 Soil Pan 94f. Sou ft do nfd 04 .1 2.1 i 14', 20 'A 2D ft I NN', 2 l'i ST 14 6SS- 7s na i fta .1 ASV S7 (I'll. 40 Vi no 0,1 '4 aa pr, Surer i Tsu, do ofd 11 Spii-er Mft -I Si 1 Slandarri 72 1 -i i 4 1 SSI Stil (1 of 1)4 I B.l'il IttV aiiodo or 1 41, 4u 17 do or .1 prdlllS sierl Prd I S2 I SI I til 1- 1 4I2S-W '1 00 Sll 141 III) ,1 At Slrmb fnrb.l SUV Til I HOV- 2' 4 dull HI Crui 11 "i 41 l- i R'i I 02 I- Siy lit) Hi 2)H i in -f-ann i i ii Sill Tan Cn 44 74 Tn 0 Sni S1 Tt I'm' MU 1 land' i ran Tl-P 5 Ol IIS te! ii 7 Third Av nvl llll-! ton ton T'livratiT on ST Tlnikan ft 40 Pi-nil SUV a.VV CO I- 1' i dn prit 1 1.4 'a tiS.

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vmrr ttl-1 t.lctl Sadinlrt ntiiNi (he htui' nf her pn rem. Mtt' Mr Thar I Htiffnin, TH SouUj Kfts-I; FunpiH! will be npM Fl-priioon at 2 (tVloi-K home. Tn- Xiilfnl (II'h tn. O.I.K (wv ftu-teiy. Vllli3iiir 2 ell, "Med Jtiitntfltay nlgtu ju thi hoint itf h-r.

i-HffntH, Mv. nii if. Kin nte V't'Hsin. aSl-it- rotisic ih-rwf uvttiiup, T'livitip fwntf'l Bervh" ill htlsi tt thf 1nurt rtf Mr nd O. HMJ'IbUrt, Hl.Vt Thirijr-rtfth J-hrM.

afnrnmi1 'i k. tntermitiH ill be in oodUntl ceiutry. i Deaths, Nation Hat i Reserve Banking Power. of nv MOMTOK. (Tha HnuHuar-Piihllr- Ixl(tr ilarv't-a.) (Cnpyrfulit.) New York, Jan.

20. of 1h mont "triklni revelations of thf first ihrea week! at th year Is the remnrkahle hauls ot the nirrent eupp in In which Is fllscloRed by the federal reserve Utatements, "The country fa now calling on the federal reserve system for less credit than at any time since "the latter part of 3917. The earnlnir. assets of the reserve hanks -that, la, Ihelr holdings' of discounted and purchased' Interest barring paperare smaller than a year ro. They fallen off in lha last three weeks.

The small demand credit from the central banking svatm shows thai, the private hanks have ample funds of their own. II Is a reflection of our hiiee (told imports, our accelerated turnover of Roods and the smallness of our current volume of speculation. The country now has an enormous reserve of hanking power. With (told still coming In and with buying still restricted to short periods In advance, It Is difficult to see ho-v there can be an appreciable tightening In the money market. Wot until a European settlement, permits the flotation of large foreign loans, or until something like a domestic boom develops, ran money be other than very CW Loading" Drop.

Railroad car loadings have Increased moderately after a sharp falling off Bt the end of the year. Rome surprise was occasioned by the fact, that loadings fell below the tevel of the two' previous years. The magnitude of the drop is capable, however, of ready explanation, i -I A year ago a strong buying movement was on. The steel planis were shut, down in the manner usual a.1 the year end. In addition, the -carriers were busy moving freight that had accumulated during the shopmen's strike, Two years ego the traffic movement was building hp on account of coal, which was being shipped in anticipation of a atrike.

The unfavorable nature, of current comparisons Is due, therefore, to exceptional factors 1n the earlier vears rather than to a disappointing condition present. Relative steadiness In commodity prices continues. The weekly invoices disclose a tairiy even distribution ot gains and losses. The bureau of labor statistics index for December is sliphtly lower than In Novembr. but is still above Its level of last August.

Looked at from a broad standpoint the general level of prices has been comparatively stable since last existing supplies of money and with the prospects of good business no sharp declines are to be JtPHrtjUSttllFIlt III I'llttlMl. 1 An Interesting readjustment is tnklng place in the cotton Industry. Exports-and domestic mill consumption in December Were considerably greater than had been expected. As the prospects alreadv favored a tight position at the' end of the crop year, next August, it became clear that cu (ailment at mills was necessary. Prices meanwhile had rlRen high enough to make increases In cotton goods essential.

These Increases, which have been relatively small as compared with the rise In cotton, have developed enough resistance on the part of buyers to result In more curtailments. Meanwhile the price of the raw commodity has fallen. The Incident, furnishes an excellent, exam ple of the working out ot the law of supply and demand. In I the steel industry, on the other1 hand, conditions seem to be linnrnvins. Huvine In Decem ber and January lias heen better and production has expended Until the Industry as a whole Is on a 75 per -cent of fa-parity basis.

Prlcpe are firm and the trend of Ihlngs in the ltiiildihg, automobile and oil Industries is encouraging. Developments are contrary to pessimistic theories and justify a hopeful attitude. weakness In foreign exchange reflects the impending change of government, in England, the threatened railroad strike In that country and Ihe effects that the failure of Herman reparation pay-mnts have had upon the French budget. The English uncertain tiee are not likely to have any seriously unfavorable results, and the French government, is taking energetic measures to correct tho position that has followed as it consequence of the Gorman fail-lire, and that has made the franc susceptible. Meanwhile the committee of ex- perts Is attacking In businesslike fashion the problem of putting Germany's financial house in or- der.

and their efforts promise to hasten the day when reparation payments can be resumed. i Enirtne Turns Over. New Orleans. JO-. The engine and tender of A Louisville Nashville local pitsaenger train, southbound, turned over late to-dav at The Uigoleles, thirty-five miles east of New Orleans, Railroad officials heresald no one was Injured.

lhK WI.AIHKK. TKIS TABLE WHICH tS FUR. nmhad by tht Dnilfd 8tai-i tratthn bu'tau tnvari w4athr cnnaillon foi ili it.l twaniy-four houra. K-ijufai undiT tli bittiaal today rtftr tit iba 1 lamptrtturt from a. m.

iu waiaiday, thoaa uftdar tha Innaat laat n.va, lh. llvlva braradtnc btiira. a bficinnint at o'clork tha nltbt UnV, laaf PratipHatlona of laaa thaa laaf PratipHatlona of laaa tha No 'nfh jai batn Ol Vt j-s 1 'tS' nrr Blamarck Bnaion ra laarv i-hH. Cltv harlaaton Chli-ato llav.npot-t lTanvr lf Mnln'i I)rat rmlnih Hfl to Huron Jtfka'nvlll Kan. fitv Kaoknk Abttltt Mlnn-st.

I'-N, Drli-aoa Nw ynik Okla. City lllnabt V'tltmt. Or eufblo l.oula Halt I.ak San niese city -4 4 SS Ml 28 S4 kX -2 8 a.4 IS S2 4 fi 2H til ,4 82 -tl Jit 40 Clr flimitv PtCldy Clmr .14 Bain Cltsir Claa Claar nar Cl.ar Tiflily t'lrar Cat it Clear Clr-ar cloudy Clear Ctaar Ptrirtj flaar .01 flaar loudy Clr t'lrar t'loudv fl-ar f'rii, t'lanr I'loildy t'loudv .1. I -loudy Cloudy 12 NVV -14 ff )0 j- IttV 14 -4 SW. -1 (N 4 SW -S N't' S-V 21 I 1 0 S-i IDW S3 14 Ijl 4 70 7 4 10 -4 40 ,1 4 2t 110 10 12 40 15 84 5 III 24 as on 70 42 42 11 20 20 42 4 in syv 10 tV IS 1 fin, -2 1 1t i sr U'tliinttoB $12.5.000.00 Great Western Coal Company First Mortgage 7 Sinking Fund Serial Guaranteed Gold Bonds (Closed Issue) Dated January 1, 1924.

10,000.00 10.01)11.00 I2500.00 1 Guaranteed unconditionally as to the H. H. Cntipnns llnmh in ttmnmitKihon nl itono.Otf i maturities, pt in thf t.i.l grgintrrnblr n.i tn n-leim-I ntity. tnmpani) nt.nnytimf heforr maturity wpnn Jnnttary 1 nnH July at Bankers Trust Company payment of principal and interest by Polk VMl.mi in all mtitvntiri rn-ffit fitirf nnrl nf ftrtirrmnblr it trtintt nr (o fmrt at tht nptinn tht. ling it nnttcf.

nl fW. IntHrtH paynblt- the ntirr of Ihr, Tiustrt, of Des Moines, Trustee jiff. H. Hrn, Prrxiilml nf thr Cnmpnny Van iwmmaizr4 in letter tn in rt. folio-: -y RUSINESS: Great Western Coal Company owns and operates a coal mine npar Orilla, Iowa (within ten miles of Des Moines), and maintains its own marketing ormaniMtion.

LOCATION: Being the only mine on the Great Western Railroad, it is in a better position to supply that road than any other mine, and consequently enjoys a steady demand for the greater part of its output. The balance of the potential output can be used by the Des Moines market (the largest in the state), which is within the shortest haul listed by the Iowa Distance Tariff, a decided advantage in(meetinK competition. PROPERTY: The Company owns 111 acres in fee. and has 1,826 acres under lease. (f this acreage, 660 acres have been drilled And proven, is estimated conserva tively that there are between three and one-half and four million tons of coal now proven and under development.

The shaft is located on the tract owned in fee, All main development is completed and is capable of a daily production of approximately 1,000 tons. SECURITY: The bonds, in the opinion of counsel, will be secured by a First (closed) Mortgage on all property of the Company now owned or hereafter acquired. The balance sheet of the Company certified by independent auditors as of November 30, 1923, but adjusted to give effect to this financing, shows net tangible assets, after deducting all liabilities except these bonds, of per $1,000 bond. SINKING FUND: Under the terms of the mortgage, the Company will agree to pay monthly to he Trustee as a Sinking Fund a sum of money equal to fifteen cents (15c) for each ton of coal mined during the preceding month. This Sinking Fund is to be applied by the Trustee to the paj'ment of the principal and interest of the bonds in accordance with their terms, Any surplus remaining after" such payments ia to be applied to the redemption of bonds to be called in accordance with the terms of the Trust Deed.

GUARANTEE: Each bond Is unconditionally guaranteed as to payment of principal and interest by the endorsement of H. 11. Polk, whose financial statement filed with the Trustee shows a net worth of over four times the amount of this issue. MANAGEMENT: The present officers of the Com pan are: J. H.

Duro, President and General Manager; B. F. Kauffman, Vice-President; H. H. Polk, Treasurer; S.

M. Loreuz, Secretary. The fore- going officers together with S. H. Blount and W.

E. Thomas, constitute the Board of Directors. Price: Par and Accrued Interest to Yield 1 Bonds are offered when, as and if issued and receive by us and subject to the approval of Henry Henry, Attorneys for the Bankers, and Sargent, Gamble and Read, Attorneys for the Company. Audits are by Wolf Company, and appraisals are bv the Lloyd Thomas Company. Polk, Corley Company Rinheim, Wheelock Co.

Bankers Trust Co. Tht ttnlrmrnt timtnin In this HHrrrHnrmtnl. trfcllf ammntred rtjmi tuinn o4 odtW -r br))i-t'f iu'if and January 15, 1921..