Indianapolis Times, Volume 32, Number 229, Indianapolis, Marion County, 2 February 1920 — Page 12

12

Stocks Decline in Late Dealings After Good Start.

BTEEL SHARES LEAD STOCKS Market Opens Stronger With Stocks in Demand. UJJW YORK, Feb 2.—There was a demand for stock* at the opening of the stock market today and practically the entire list was established at level* from fractions to over >. points above the previous close. . All the steel shares were strong, Bteel common advancing % to Locomotive 1% to 119% ! £ r . aci 1 l ilf' to 224 and RepE'DlW steel, 1% to 113. Mexican Petroleum rose 1% to 198% and Royal Dutch % to 106%. PanAmerican Petroleum yielded 1 point to 92 and Middle State* Oil 1% to 40%. General Motors was the most active or the motors, advancing 2% to 31(1 The rails were quiet and fractionally higher. Dealings In other Issues were "ISM/LJI/'SS ... supplied, recessions occurred In a majority or the Locomotive reacted to HB%, Republic Steel to 114%. troleum to 198 and Marine common yielded 2 points to 37%. The market showed a heavy tone during the forenoon. Republic Steel sold.off to 114 a loss of over two points. Jiaicwin Locomotive reacted to USvp, and Steel common. % to 105. Oil stocks generally were In supply. Mexican Petroleum declining 2% to 190 and Middle States Oil 3% to SS. Studebaicr vleidnd to 1% to 104, and U 8 Rubber "over one point to 12*. Ail the railway stocks were In demand. Southern Pacific sold at 101%, an upturn of nearly one point. Rending advanced 1% to 76% and St. Paul one point to 38. LIBERTY BONDS. NEW YOKK. .'an. 3L—Liberty bond quotations: 3%5. 98.24. first 4s. 91.50: second 4s. 90.20: fust + **. 91.50; second 4%s 90.26; third 4V,s 93.00: fourth 4%5. 90.70: Victory 3%s 95.06; Victory 4%5, 95.02. NEW YORK BANK STATEMENT. NEW YORK fan 31.-Average: Loans, decre'.seo. $55 311090; demand deposit*. decrease, 542.275.000; time depot, Us. decrease $0,231,000. reserve, decrease sl4 ,023,600. _ Actual: Loans. rft w *rease<l .>20,.04.0<X>: demand deposits, decreased _ $1.060.000; time deposits, decrease $13,445,000; reserve. Increase $9.561.310. MOTOR. SECURITIES. (p.y Thomson A McKinnon) —Opening— Bid. Ask. Briscoe <JJ '■? Chalmers com 2 Packard com Packard pfd 9b Ji Chevrolet 3."’ uSO Peorles* 4t Continental Motors com 13 43% Continental Motors pfd 160 102 Hupp com 15% lb Hupp p"d 99 102 lieo Motor Car 26% 27% Elgin Motors 7% S I Grant Motors 9% 10%, Ford of Canada 427 432 Hendee Mfg. f r > 4t> United Motors 50 65 , National Motors 24% 25% I Federal Truck 70 72 Paige Motors 43% 44% Republic Truck 51 53 NEW YORK CURB MARKET. —Jan. 31— (By Thomson & McKinnon.) —Closing I Bid. Asked. American Marconi 5% 5% Curtis Aero com 5 10 -Curtis Aero pfd 65 75 | Sub Boat 14% 15 First National Copper... 1 2 Goldfield Con 10 12 Havana Tobacco 1% 3 Havana Tobacco pfd 10 14 Carib 43 45 Jumbo Extension 0 7 Inti. Pete 68 60 I Nlplssing 11 11% i Indian Packing Cos 17% IS Houston Oil , 120 125 Iloyal Making P0wder...135 145 Royal Baking Powder pfd 97 99 Standard Motors 9 10 Asphalt 115% 116% [ Salt Creek 49 50_ Tonopah Extension 2% 2% Tonopnh Mining 2% 2% United P. S. new 2% 2% U. 8. Eight & Heat 33% V. S. Light & Heat pfd.. 3% 4% Wrlglit-Mattin 5 5% World Film % % Yukon Gold Mine C 0.... 1 1% Jerome % 11-16 New Cornelia 21 22 United Verde 40 42 Texas Chief 37 39 Boil Trans 1 1% Sequoyah 7-16 % Omar 6% 7 Republic Tire 5 5%

ACTIVE Oil, STOCKS. Jan. 31— (By Thomson it McKinnon.) —Opening— Bill. Ask. Anglo-American Oil -’*s 27 Atlantic Boning 1475 150 ft Boruc Schr.vsct 43ft 450 Buckeye X’ipc 1 ine 97 Oft Chose inoush Mfg. Cons 245 2*T> Continental oil Colorado.. 525 545 Coden Oii and Gas ft 9% Crescent Pipe Line 54 57 Cumbei'lnnd Pi;**.- Line 12ft 125 K!U Basin I'eto 04 IH% Eureka Pipe Line 14ft 15ft (-.siena-Signal Oii, pref 108 115 Bsiena-Slgna; Oil. coin SO 3 Illinois Pipe Line 172 177 Indiana Pipe Line OS 10ft Merritt Oil 21 21 Vi Midwest Oii , IMs 2 Midwest. Rfg Ift 4 1(31 New York Transit 184 l.$S Northern Pipe Line 102 105 Ob It Oil 557 202 Per, c Mex ft:; ft? I'rairlii Oil and Gas 650 060 Prairie Pipe Line 258 262 Snpulpa Kefg 6% C% Sofar Rodlning 550 570 Southern Pipe Line 108 172 tenth Been Oil 520 53ft Southwest Penn Pipe Lines. 07 Iftft Standard Oil Cos. oJ Cal .. 322 525 Stand. OP. Cos. of lad. ev-fiiv. 715 725 Ktsnda"d OB fN>. of Ka0.... 64w i';os St&nderd Oil Cos. of 1xy.... 456 455 standard Oil Os >f Kb.... .515 535 Sts notary Oil Cos. fX. J 750 753 Standard Oii Cos, ; T.... 430 435 Standard Oil Cos. of 0hi0.... 520 55ft 4; F men 100 110 cion Tank Line 120 125 Vacuum Oil 420 43<) Washington Oil 35 40 emOACO STOCKS. (By Thompson ft McKinnon.) Open. Close. Carbide and Carnou 71% 71*4 Libby 27(4 27% Lindsay Light 7% 7% fisars- Rrsbncx 327 227 Stewart-Warner 41% 42 Swift Ac Cos 123% 126 fc'wift international 53 52% Armour pfd 108 107% National Leather 15 14% Montgomery Ward 3S 38% Bank Clearings G° Upjn January Bank clearing* for the month of .Tannery, a* Saturday by the Indlanapeite clearing house, shows a gain of t15.4M.000 orer the month of,January in 1919 Clearing* for the week show an increase of 55,206.000 over the same week last year and there Is a gain of sS29,ftoo for tbit Saturday as compared to the same day last year. Tetai clearings for the first month of this year are 187.863,000. For the weak 'hw were and for today they were 52,776,000. CBIOAOb PRODUCE. GHTCAtfO, Jan. &1. —Batter —Craarutry ec.tmu, ite; creamery firsts, 69c: firsts, %*®ooci otoonds. 50<853e Ordinaries. 4M*Mo: flrste, 54%©06c. Cheese —TwlnJk Oc: young America*. 31% (932 c. JAve Poultry—Fowls 55c: ducks roc; gre, 37c. spring ehiokeus 82c: turkeys. 400. Potatoee —Receipt*, 30 ears; Wlacousln and MUmtaoia, $1.50 <& ±7s*

COMPLETE and ACCURATE MARKET REPORTS

| Local Stock Exchange { i STOCKS. . _ Bid. Ask. Ind. Ry. & Light com 55 00 lud. Ry. & Light pfd 90 96 Ind pis. & Northwest, pfd 75 Indpl*. & Southeast, pfd.... ... *5 Indpl*. St. Ry 55 T. H., T. & Light pfd 79 T. H., I. & E. com 2 T. H., I. &E. pfd % ••• U. T. of Ind. com U. T. of Ind. Ist pfd 4% ••• U. T. of Ind. 2d pfd ... 3 Advance-Rumley Cos. com 40 Advance-Rumely pfd 70 Am Central Life 235 Am. Creosoting Cos. pfd 97 Belt Railroad com 115 122 Belt Railroad pfd 53% ... Century Bldg. Cos. pfd 99 Cities Service com 402 407 Cities Service pfd 71% 72% Citizens Gas 36 Citizens Gas, prior to 1917.. 36% ... Dodge Mfg. Cos. pfd 98% ... Home Brewing 50 Indiana Hotel com 75 ... Indiana Hotel pfd 99 Ind. National Life • Ind. Title Guaranty 64 72 Indiana Pipe Line 94 (ndpls. Abattoir pfd 49 ... Indpl* Gas 53 66 Indpla. Tel. Cos. com 4 8 Indpl*. Tel. Cos. pfd 73% 83% Law Building 90 Lttncke Realty Cos. pfd 95 MVr Pub Utl Cos pfd 45 55 National Motor Cos 25 26 Natl. Underwrit. Cos.. ... Public Savings 2% ... Kauk Fertiliser pfd 50 Standard Oil of Indiana, 715 ... sterling Fire Insurance..... 8% 9% Stisc? Motor Cos Van Camp Hdw. pfd 99 ... va Carap Bask pfd 101 Van Pump Prod. let pfd.,... 100 .. Van Camp Prod. 2d pfd .... 100 ... VandaJia Coal com 5 Vandalia Coal pfd... 11% 14% Wabash Railway pfd 22 Wabash Railway com 8 ... BONDS. Broad Ripple 5s 55 Citizens Street Ry 5s 82 86 Jnd Coke & Gas Cos 6s 96 99 'ud Creek Coal A Min Cs... 98 ... )nd. Northern' 5s Ind. Union Trae 5s Xnd;,!*.. Col. & South os 88 ind.oto it Greenfield 5s 97 I'idp.V. .I Martinsville 5s 56 65 Indpl* vV North os 43% 44 1 acpic, i Norl bwestern 55... 55 65 I.idp’.it A Southeast 5s 40 50 Indpls. Shelby & S. E. 55... 64 Ind St. Ry 4s 61 68 Indpl* True & Tcrss 63 Kokomc. M. A M. 5s 84 88 T. H.. 1. & E. 5s Union Trac. of Ind. 6s 60 70 Citizens Gas Os 84 87 Indiana Hotel 2d Cs 93 101 Indpls. Gas 5s 80 85 Ind L. & H. 5s 81 86 Tndpls. Water os 93 96 Indpis. Water 4%s 74 79 Merchants H. & L. ref 55.... 90 94 New Tel Ist 6s 93 New Tel 2d 5s 98 ... New Tel Long Dls 5s 91 South Ind Power 6s 94% 98% BANKS AND TRUST COMPANIES. Aetna Trust 102 Bankers Trust 115 City Trust 80 Commercial National 72% ... Continental National 111% Farmers Trust 390 Fidelity Trust 112% ... Fletcher American Natl 257 ... Fletcher Sav. & Trust C 0.... 167% ... Indiana National 28C 290 Indiana Trust 281 291 Live Stock Exchange 382 Merchants National 261 National City 114 118 People's Slate 170 Security Trust 113% ... , State Savings & Trust 05 97% : Union Trust Cos 366 Wash. Bank & Trust Cos 131 LIBERTY BONDS. Liberty 3%s 98.24 98.36 Liberty first 4s 91.38 91.40 Liberty second 4s 90.20 90.32 Liberty first 4%s 91.50 91.62 Libert}' second 4%s 90.20 60.32 Liberty third 4%s 93.96 94.03 Liberty fourth 4%s 90.72 90.8+ Victory 3%s 88.06 95.18 Victory 4%s 98.02 98.14;

Local Bank Clearings ( Saturday $2.7761000 Same day last year 1,947,000 Increase over last year $829,000 Clearings for week $16,942,000 Same week last year 11,736,000 Increase over last year $5,206,000 Cletrings for month $81,863,000 Same month last year 67,409,000 Increase over last year ....$14,454,000 Money Rates Will Be Market Feature j Money rates and the decision of the i supreme court on the stock dividend case will be the ruling factors in stock market transactions Monday, according to the following market letters sent out by wire today from the New York and Chicago offices of Thomson & McKinnon, [ brokers: ; ' brocks—A dozen issues in the indusi U-lais constituted the entire market toI day. There was a show of strength early in General Motors. Baldwin and Stude- ; baker, but lief ore the session was half i over the supply of stocks began to inI create. The general list was inactive and ' show* only minor variations in quota- [ tioriH. The rails were more active today | and rattier surprising, in view of the fact that nothing definite is known as to i the.pending railroad legislation. A state- • meat was published that an agreement | Is expected by the middle of next week. ' out tliis is an old story and has been j ofren repeated, and may or may not be due. The one important point that is in ; favor of the railroad list is that 'the necessity for legislation is so great that j it seems a foregone conclusion that a bill 1 must be framed before the end of next | month, and, Inasmuch ns the market is ; thoroughly liquidated, the railroad list i is certainly In a strong technical position. The general market on Monday i will be influenced by money rates and decisions from the supreme court. Technically,. the market is in good position and could advance with any encouragement. / Corn—Nearby deliveries of corn have responded to the level of the cash market. This has kept the more deferred deliveries steady, but a feature in the market was the absence of any broad new demand. There is some for believing that the acute cash position is I being relieved. Southwestern markets ! aro receiving consignments from Ne- ) bra ska and lowa. Primary receipts are : larger than last year, this week's total ! being 5 400.000, against 3,000,000 a year ago. Higher temperatures and clear skies ; are predicted for the west. A realization will increase the effectiveness of motive ! power. The short, interest in the May re- ! I’very seems to hare been freely covered. ! Economic situation, as well as shipping | facilities, sro reflected in resales of grains 'by seaboard exporters. We believe tlie markt Is in a position to respond readily i to any improved movement from the west. Oats—The oats market encountered ! realizing sales whenever strength apj peered and made poor response to efforts of believers It; an ultimate scarcity. The seaboard is reselling oats purchased for export shipment because of slow movement from the west. Newspapers feature the scarcity and cost of -abor as entering into the future production of grains •t may be argued from this that the oats will be more freely sown than tne corn, as the labor question enters more largely Into cor;: production than tn oats. Stocks, | have been decreasing and export business i has been doing far qnlte a time past. ; We note, however, that the deferred de- | liveries do not make a worth while reI sponse. suggesting the thought that these prices discount the situation. “Provisions—Deliver!*!* of lard on .Tani uacy contracts were again free today. I There is a fair demand for certain cue# i of meats, otherwise cash trade is slow. ! The immediate course of values will | probably be governed by the size of the | movement of hogs." LOCAL HIDE Green Hides—No. 1,24 c. Green Calves—No. 1. 55c^i>sgSf 53%c 1 Hcrsehides —Nt>. 1, sl3; Hid**— No. 1. 80c; No.

SWINE STEADY; SUPPLY LIGHT Demand Satisfied With 8,000 Market on Opening Day ■< of the Week. RANGE OF HOG PRICES. Good Good ’ Good Mixed Heavy Lignt 150 lbs. 225 lbs. 130 to Jan. . Up. Up. 200 lbs. 27 . $16.15 @ 16.25 $ 16.00 @ 16.25 sl6 25®16.55 2S. 15.65 ® 15.90 15,[email protected] [email protected] 9. 16.30 @ 15.65 15.00 @ 1 5.55 16.65015.75 30. [email protected] 15.00 @ 15.70 [email protected] 31. 15.50 @ 16.00 15.25 @ 15.90 IE.9O@IG 10 Feb. 2. [email protected] 15.75 @ 16.00 [email protected] As compared with the marketing for some time there was a small Monday run of 8,000 hogs, but apparently there were as many as the trade required and this was reflected in the statement of the principal buyer that they did not want a normal number at the present level in prices. There was a sub-normal demand from outside sources and the best terms sellers could secure did not represent a material advance in prices. The heavier grades that sold all the way from $15.15 to $15.55 last Saturday brought $15.75 and the others, averaging less than 250 pounds, that sold mostly at sl6, were only steady. The tip top price, $16.10, was steady ns were also the sales of pigs from $15.50 down and the sows were strong from sl4 down. There was a good clearance and nearly 5,000 hogs went to local interests. CATTLE. The fact that there was general complaint of the cattle market as viewed bv salesmen indicated prices were more or less lower and It also appeared that it was difficult to sell certain kinds, regardless of price. There was a very poor outlet for steers that were too fat or too common for feeders and they were considered 25@50e lower. It also appeared there was that much loss In prices of heifers valued higher than $9 and practically the entire line of cows suffered a decline from last weeks dosing prices. There was a decline In prices of bulls for the first time in several weeks, and they were 25@600 lower. There was a limited demand for feeding cattle and the market wa* weaker, in sympathy with the general situation. Calves were $1 lower, with the top price practically S2O and the medium veals from sl4 down suffered more than the good kinds. All the cattle were not sold. SHEEP. In the run of 200 sheep and lambs there were no lambs sold higher than s2l, and they were considered 50c lower, but the sheep that sold from $lO down were as high ns they have been at any time In the last few weeks. CATTLE. —Steers— Prime cornfed steer*, 1.800 lb*, and up $17.00(318.50 Good to choice steers, 1,300 lbs. and up 10.00(317.00 Common to medium steers, 1,300 lbs. and up [email protected] Good to choice steers, l,ioo to 1,200 lbs [email protected]; Common to medium steers, 1.100 to 1.200 lbs [email protected] Good to choice steers, 900 to 1,000 ibs [email protected] Common to medium steers, 900 to 1,000 lb* [email protected] Good to choice yearlings [email protected] —Heifers and Cows — Good to choice heifers [email protected] Fair to medium heifers [email protected] Common light heifers 7.00(3 8.00 Good to choice cows [email protected] Fair to medium cow* 8.00(@ 9.00 Canners and cutters 6.00® 7.00 —Bull* and Calves— Good to prime export bull*.. [email protected] Good to choice butcher bulls [email protected] Bologna bulls 7.00@ .8.00 Common to best veal calves.. [email protected] Common to best heavy calves [email protected] , —Stockers and Feeders Cattle— Good to choice steers. 800 lbs. and up [email protected] Common to fair te"rs. 800 lbs and up [email protected] Good to choice steers, under 800 lbs 10 [email protected] Common to fair steers, under 800 lbs B.oo@ 9.50 Medium to good cows 6.25® 7.25 Medium to good heifers 7.00® 7.50 Fair to best milkers 75.00@>150.00 Stock calves, 250 to 450 lbs.. [email protected] HOGS. Good to best heavies. 250 lbs. average up [email protected] Good, 200 to 250 lbs average.. [email protected] Medium and mlxeo, 150 ins. and upward [email protected] Good to choice hogs, 150 to 200 lbs [email protected] Common to good l'.g’ir*. down to 130 lbs [email protected] Roughs and packers 12.00(313 75 Bulk of sows [email protected] Best pigs, under 140 lbs [email protected] Light pigs 15.00 down Bulk of good hogs [email protected] SHEEP AND LAMBS. Goini to cnolce sheep u.OOfgl©.*,. Ccouimon to medium aneep .. 5.00@ s.Oo Goon 10 cnoica yearlings.... [email protected], Common to medium yearlings 10.00%11.(*} Good to choice lambs [email protected] Common ‘o medium lambs ... [email protected] Bucks, per 100 lbs 6.50@ 7.50

Other Live Stock i CLEVELAND, 0.. Jan. 31.—Hogs—Receipts. 3,600; market steady to Blower; yorkers. Sl6; mixed, sl6; medium, $15.50; pigs. $16.25; roughs. $13.75; (stags, $10.50. Cattle —Receipts, 400; market slow. Sheep and Lambs—Receipts, 1,000; market steady: top. $21.50. Calves—Receipts, 200; market $t lower; top, $22. PITTSBURG, Jan. 31.—Cattle—Receipts. light; market steady; choice, sls (815.50; good. $14.50; fair, sl2. Sheep and lambs—Receipts, light; market steady; prime wethers. $J4.50; good. sl3; fair mixed. $11.60; spring lambs, $22.50. Hogs - Receipts. 22 double decks: market lower: prime heavies, $15.75; mediums, $16.35: heavy yorkers. .$15.75; light yorkers, $16.35; pigs, $16.35; roughs, $14.35, stags. sll. N EAST ST. LOUIS, Jan. 31.—Cattle—Rereipts, 1,050. ineluding southerns; market, steady; native beef steers, $15.60t({ 16.,5; yearling beef steers and heifers, $lO (312; cows. $10.50®11; stockers and feeders. uerg and cutters. $5.50®,7.50. Hogs—Receipts. 4.500; market, steady: mixed and butchers. [email protected]: good heavies, $15.25(315.60: rough heavies. [email protected]; light. $15.30(315.75: pigs, $12(315.70; bulk o.' sales, $15.25(315.60. Sheep—Receipts, 500: market. steady; ewes, $10@12; iambs. [email protected]; eanners and cutters, $5.50 @6. CHICAGO. Jan. 31.—Hogs— Receipts. 6.500; market. 10@15c higher; bulk, $15.10 <@15.40; butchers. [email protected]; packers, $14(314.50; lights. $15(g!15.35; pigs, $14(3 15; roughs, 513.75@14. Cattle—Receipts, 1.200: market, steady; beeves, $9.50@ 17.25; butchers. $6.75(313.00; eanners and cutters. $5.65@8; stockers and feeders. $0.75(g!11 ; cov. s, $6.75©)12.35; calves, IS@ 19.50. Sheep—Receipts. 2,500; market, steadv; lambs, [email protected]; ewes, $5.75@ 13.50. EAST BUFFALO, N. I’., Jan. 31.—Cat tie— Receipts. 625: market slow, steady; prime steers, $10®;17; butcher grades, $10@15; cows. s4© 10. Calves—Receipts, 450: market slow. 50c lower; culls to choice, [email protected]. Sheep and lambs—Receipts, 4,iXiO: market for lambs slow, 75c lower, sheep active and steady; choice lambs, s2l <g21.50: culls to fair, sl3® 20.50; yearlings, $17(319.50; sheep. s6@ 14.50. Hogs—Receipts, 4,C00; market slow and to 25c lower; yorkers, $16.50 ®.16.(i0: pigs, $36.50; mixed, $16.25@ 16.50; heavies, $15.75(310.25; roughs, sl4© 14.25 roughs, $10.50(311.50. CLEVELAND PRODUCE, CLEVELAND, Jar. 31.—Produce: But-ter-Creamery in tubs, extra. 65@65%c; extra firsts, 62c: firsts, 61c; prints, lc higher; seconds. 60@61c; packing, 45c. Eggs—Northern extras, 05c; extra firsts, 64c; northern firsts, new case*, 63c: old cases, 62c; southern and western firsts, new cases, G6e; refrigerator extras, 55c. Foultry—Live fowls, 32@33c; heavy grades, ,36<a!SSc; roosters, old. 21®22c; Rpringers. 29@30e; heavy grades, 34@35c; ducks,. 36(&35c; geese, 2Y@33c; turkeya, asmsak. -

INDIANA DAILY TIMES, MONDAY, FEBRUARY 2, 1920.

Memories Flour, $2.25 per barrel In 1890. Wheat 48 cents In 1859. Corn 17 cents, oats 13 cents in 1861. Cattle $2 in 1858; hoga, $2.40; pork, $5.50; lard, $3.05; ribs, $3.05 In 1596. Today’s Market Gossip London advices say decree shortly to be Issued in Belgium prohibiting speculation in Belgian franc probably forecasts similar action by other European governments. Kansas City wires: ‘‘Note our corn receipts today—seventy-four cars. About twice what we’ve been having. Cash handlers say corn being consigned freely to this market from Nebraska and southern lowa.” At Pittsburg prices of all forms of iron and steel continue to advance in leaps and bounds. Semi-finished steel Is following closely the rise In pig iron. A tonnage of basic pig iron has been sold at s4l. Chicago sends out the following query: ‘‘Peanuts from Asia, lima beaus from Madagascar, butter from Denmark, wheat from Canada, corn from Argentina, Manchuria and Mexico, and oats from Manitoba have all been offered to the United States. Are we an importing or an exporting nation?” Charles M. Schwab, addressing West Virginia Farmers’ association, said: “I have the greatest nmount of optimism for the future of the country. I don’t fear any bolshevists overturning the government and X Intend to spend more money than ever before, In fact spend all I have and all I can borrow to build and increase business.” Grain letter by wire from Chicago says that although believing that reserves are more than ample it is not to be disputed that available supplies are insufficient for immediate needs. It is, therefore, advisable to modify ideas of lower prices and recognize the fact that values of spot grains are well above the deferred deliveries. While this condition exists there will be no pronounced or lasting weakness. Between the influences of the ultimate and the Immediate supplies the market will prove erratic and uncertain. New York wire says that It Is reported by a news bureau that 9 per cent was paid yesterday for time money, while we all know that call money reached panic prices, and then when we look at the list of stocks and their quotations it Is surprising what a large number of them show a net advance at the close. If this means anything it is that the money market Is to a great extent being ignored and those who are able to buy stocks are buying them. Then it becomes advisable to look for a reason, and this reason is not at all obscure. It Is the continuation of big business. The reserve board will no doubt succeed in curtailing credit, but big business Is still on and the end is certainly not in sight. MIND HYGIENE IN WAR, TOPIC

Surgeons Discuss Treatment of Nervous Cases by U. S. NEW YORK, Kelt. 2.—Mental hygiene lesson* learned In the war was the chief subject discussed at the convention here of the Mental Hygiene Societies of the United States and Canada. Maj. Gen. Merrltte W. Ireland, surgeon general of the army, presided and the discussion was headed by numerous phy ilclans who were active in treating mental diseases among soldier* during the war. The examinations which were used to determine in advance whether American soldiers could bear the strain of war were described by I)r. Pearce Bailey, formerly chief of the division of neurology and psychiatry in the office of the surgeon general. METHODS DESCRIBED BY CHIEF SURGEON*. Dr. Thomas W. Salmon, medical director of the national committee for mental hygiene, who was in charge of the care of mental and nervous cases in the A. E. F., described methods for applying to civil life the procedure employed in dealing with mental and nervous diseases among the soldiers In France. A discussion of the effect of war on research in neuropsychiatry also aroused interest among the delegates. Mental examinations In the American army, it was brought out, eliminated In advance thousands of men who would have developed mental or nervous nlseases under the strain of life at the front. Consequently the amount of mental diseases, crime suicide and war neurosla in the A. E. F. was smaller than might have been expected. Other subjects discussed Include the mental hygiene of industry and mental factors in physical disease. Among the speakers on the program were Dr. uJ. E. Southard, director of vhe Massachusetts Psychiatric institute; Dr. E. E. Stanley Abbott, medical director of the Pennsylvania Mental Hygiene committee; Dr. William A. White, head of the government hospital for the insane at Washington, and Dr. C. Macfie Campbell and Dr. John B. Watson of Johns Hopkins university, Baltimore.

Live Stock on Farm Decreases 3 Per Cent WASHINGTON, Feb. 2.—Stock on farms in the United States was wortli $8,561,443,000 on Jan. 1. the agriculture department announced Saturday, following a nation-wide survey. This shows a decrease of $220,451,000 or 3 per cent compared with Jan. 1, 1919. Weather in Other Cities Station. Bar. Temp. Weather. Atlanta, Ga 30.40 42 Cloudy Amarillo, Tex 30.12 42 PtCldy Bismarck. N. D.... 30.68 2 Clear Boston, Slass 30.62 26 Cloudy Chicago, 111 30.36 34 Clear Cincinnati, 0 30.50 36 Clear Cleveland, 0 30.44 36 PtCldv Denver, Colo 30.24 34 Cloudy Dodge City, Kas... 30.14 48 Cloudy Helena, Mont 30.32 24 Cloudy Jacksonville, Fla. . . 30.18 50 Ruin Kansas City, Mo.. 30.30 40 PtCldy Louisville, 'Ky 30.48 42 Clear Little Rock Ark... 30.32 44 Clear Los Angeles, Cal... 30.06 52 Cloudy Mobile, Ala. ...... 30.24 50 Cloudy New Orleans, La.. 30.22 54 Cloudy New York. N. Y... 30.66 24 Cloudy Norfolk, Va 30.62 32 Foggy Oklahoma City .... 30.22 48 Cloudy Omaha, Neb 30.28 38 Cloudy Philadelphia, Pa.. 30.68 28 Foggy Pittsburg, Pa 30.54 38 PtCldy Portland. Ore 30.12 40 Cleqr Rapid City, S. D.. 30.54 22 U'lear Roseburg. Ore. ... 30.22 '44 Cloudy San Antonio, Tex.. 30.16 58 Cloudy San Francisco, Cal. 30.00 52 Cloudy St. Louis, Mo ... 30.38 44 Clear St. Paul. Minn.... 30.26 34 Cloudy Tampa, Fla 30.06 60 Cloudy Washington, D. C. 30.08 28 Cloudy Observation taken at 7 a. m., Feb. 2, 1920, by U. S. Weather Bureaus. WEATHER CONDITIONS. Since Saturday morning precipitation bar occurred at scattered places along tile Atlantic coast and in California and the southnvttcrn plateau. A slight depression trough extends across the country from Lake Superior to Arizona, aecompaiilrd by warmer weather over the easi-central state*; but, due to another field of high pressure that Is pushing southward over the northern plains region. temperatures in the far northwest range from *erc to 20 degrees below. 5. H. ARMING YON. Meteorologist,

GRAIN FUTURES HAVE SETBACK Corn and Oats Hit Decline as Traders Lose Confidence. CHICAGO, Feb. 2.—Grain futures in the face of an inactive market dropped % to %c on the Chicago Board of Trade today. The drop was due to feeling by traders that the market is due for a setback. February corn opened at $1.42% and later gained %c. March corn opened at $1.41% and later lost %c. May corn opened %c up at $1.36%, and later dropped %c to $1.35%. July corn was nominal at $1.32%. May oats opened ut 84%e, up %c and later lost %c. July oats opened at 76%c, up %c, and later lost %c. Considerable activity was noted In cash corn as the result of demand by eastern shippers. Receipts for the day totalled 250 cars of corn and 110 cars of oats. Provisions were lower. CHICAGO GRAIN. —Jan.3l— High. Low. Close. Jan. 1.49% 1.51 1.49% 1.50% +l% May. 1.36 1.30% 1.35% 1.30 t % 1.36% July 1.32% 1.33 1.32% 1.32% t % OATS— Jan. 85% \ 85% 84% 84% tl% May. 83% 84% 83% 8375 t % July 76% 76% 75% 70% t % PORK— Jan. 39.50 39.50 39.50 39.50 May. 39.00 39.00 39.00 39.00 * .10 LARD— Jan. 22.70 22.90 22.65 22.65 t .OS May. 23.55 23.60 23.50 23.55 t .12 July 23.95 23.97 23.83 23.90 f -05 RIBS— Jan. 19.92 19.92 19.92 19.92 t .42 May. 20.62 20.57 20.52 20.52 t -02 July 20.97 21.02 20.90 20.90 •Decrease. "(Increase over yesterday's close. CHICAGO CASH GRAIN. CHICAGO, Jan. 31.—Wheat—No. 2 red, $2.64. Corn—No. 3 white, $1.32. No. 3 yellow, $1.51%; No. 4 mixed. $1.46%@ 1.48; No. 4 white, [email protected]; No. 4 yellow, [email protected]%. Oats No. 2 mixed, 9O%(0!91c; No. 3 mixed, She; No. 3 white, 89%@90%c. TOLEDO CLOSE. TOLEDO, Jan. 31. —Corn —No. 3 yellow, $1.60. Oats—No. 2 white, 93%@94%c. Rye—No. 2, $1.71. Barley—No. 2, $1.48. Alsike —March, $36. Clover seed—Cash, $35.95; January, $.",0 95; February, $35.55; March, $35.20; April, $34.90. Timothy— Cash, 1917 and 1918, s(>.<ss; cash, 1919. $6.75; January, $0.75; March, $6 90; April, 86.90; May. $6.70. Butter —Brick creamery, 06e. Eggs—Selects, strictly fresh, 70c; fresh candled, 65c. Hay—No. 1 timothy, $36; No. 2 timothy, $55.

rRIMARY MARKETS. (By Thomson & McKinnon.) Jan. 31. , —Receipts— Wheat. Corn. Oats. Chicago 53.000 197j90ft 164,000 Milwaukee ... 70,000 206.000 202.000 Minneapolis... 367700 28,(XH) 22,000 Duluth 3,000 St. Louis 65.00 ft 147.000 186.000 Toledo 6,(00 C.ftOO B.ooft Detroit 6,000 5,000 Kansas City... 250.000 93.ft'<) 32.000 I’eorln 1.000 113.000 21,000 Omaha 49.000 190,000 70,000 Indianapolis.. 10.000 87,000 56,000 Totals 800,000 1,073,000 766,000 Year ago... 560.000 416,000 613,000 —Shipments Wheat. Corn. Oats. Chicago 136.000 108.000 140 (XX) Milwaukee.... 196,000 110,000 233,000 Minneapolis... 120.000 25,000 49,000 Duluth 10,000 7,000 St. Louis 37.000 46.000 662,00 ft Toledo 16,(XX) 2.000 Detroit 2,000 Kansas City.. 173,000 u.oOO 34.000 Peoria 1.000 61,000 70,000 Omaha 52,0CX) 99.000 -lo.oftft Indianapolis.. 4,000 54,000 6,000 Totals 744,000 496,000 643,000 Year ago... 262.000 450,000 806,000 —Clearances— Domes. W. Oats. Philadelphia 77,000 Totals 77,000 Year ago 2,000 104,000 COMPARATIV E STATEMENT. —-Output of Flour—- „ _ Barrels. Jan. 31, 1920 16,769 Jan. 24, 1920 1“ IKK) •Feb. 1, 1919 " ti’ni;* Feb. 2. 1918 ;;; 53132 —lnspections for Week--1919 1920. Bu. Bu. Wheat 26,000 7,000 Corn 588,000 162,000 Oats 236,000 62,000 Rye 6,000 2,000 Hay—23 cars. —Stock in Store— Wheat. Corn. Oats. Jan. 31, ’20.481.480 280.040 73,190 4.710 Jan. 1, T 9.279.850 651,880 279.580 8,100 Feb. 2, ’lB . 25,560 494,460 405,670 7,42 ft INDIANAPOLIS CASH GRAIN. —Jan. 31— Corn—Steady; No. 3 white, $1.56; No. 4 white, $1.54%® 1-55%; No. 3 yellow, $ 1.52-14© 1.53% : No. 4 yellow, sf.s0 I <%J 1.51%; No. 3 mixed, $1.51'-.; No. 4 mixed, $1.50 Oats—Strong; No. 2 white. 92®9.3Mc. Huy—Firm: No. 1 timothy, [email protected]; No. 2 timothy, §30®.50.5ft; light, clover mixed, $30(q30.30; No. 1 clover,~s29.sft@3o. —lnspections Wheat—No. 2 red, 1 car; No. 3 red, 2 cars; total, 5 cars. Corn—No. 3 white, 6 cars: No. 4 white, 10 cars; No. 2 yellow, 1 car; No. 3 yellow, 2 cars; No. 4 yellow, 13 cars; No. 5 yellow, 3 cars; No. 3 mixed, 2 cars* No. 4 mixed. 4 ear*; No. 5 mixed, 3 cars; ear, .1 car; total, 45 ears. Oats—No. l white, 6 ears; No. 2 white, 13 cars: No. 4 white, I'oar; No. 1 mixed. 2 cars'; No. 2 mixed. 1 car; total, 23 cars. Hay—-No. 2 timothy, 2 'can Rye—No. 2, 1 car; No. 3, 1 car; total, 2 cars. WAGON MARKET. The following are the Indianapolis prices of hay and grain by the wagon load: Hay—Loose timothy, $33(g35 a ton; mixed, $30©33: clover, $30©33. Corn—sl.6o(ill.6s bushel. Oats —90®92c bushel. Straw —Wheat, ss@9 ton; oats, $14@15. WAGON WHEAT PRICES. Indianapolis elevators and mills are paying $2.55 for No. 1 white, $2.52 for No. 2 and $2.49 for No. 3. All other grades, according to quality. RETAIL COAL PRICES, Prices on coal delivered at curb. Extra charge for service when additional labor is required : Indiana Linton, No. 4, lump $ 6.75 Indiana. No. 5, lump c. 75 Indiana egg and nut 6.75 Indiana mine run 6.00 Indiana nut and slack 5.50 Brazil block 8.00 West Virginia splint lump 8.50 Kentucky eastern lump 8.50 Pocahontas shoveled lump 10.00 Pocahontas mine run 8.50 Pocahontas nut and slack 8.00 By-product coke, nil sizes./ 11.25 Anthracite, all sizes 13.00 Blossburg. smithing 10.00 West Virginia Cannel lump 11.00 Illinois lump, Harrisburg 7.50 Hocking Valley lump. 8.50 Coal and coke at yard, 50c per ton less. Kindling with coal. 15c a bundle; sep arate delivery, 10 bundles, $2. Charcoal, 20 lbs to bushel, wagon lots, 45c bushel ; small lots, 50e bushel. —Extra Service Charges—--75c per ton dumped and wheeled extra man. $1 per ton wheeled from wagon by driver. $1.23 bags per ton ground floor. $1.50 bags per ton carried into cellar.

On Commission Row TODAY’S PRICES. Apples—ln barrels; Extra fancy lied Jonathans, sl2; extra fancy Grimes Golden, $11; Baldwins, $8.50; Greenings, $9; Hubbardson, s9@ll; Jonathans, s9@ 10.50; Rome Beauties, [email protected] Kings, $9; Wine Sap*, $10; Maine Northern, $10; Wealthy, $8; York Imperial*, $9; Kinnaird Favorites, $8; Grimes Golden, No. 1 grade, $9. In boxes: Rome Beauties, 80s to 150*. $3250; Grimes Golden, 96s to 1755, $3.50; Delicious, 80s to 1508, $4.50: Winter Bananas. 80s to 150s, $3.75; Yellow Ortley, 72s to 1635, $3.50 @3.75; Spitzenberg, 80s to 150s, $3.50. Bananas—Pound, 7%c. Beans—Michigan navy, In bags, per lb, B%c; pinto, 8c; limas, 15%c; blackeyed, Bc. Beets—66 pound bags, $1.75. Cabbage—Cwt., S7O; red, lb, 10c. Carrots—Basket, 40 lbs, $2. Celery—California, crate, 7 to 10 doz, ll@12c; Michigan, $3.75. > ucoanuts —Bag of 800, $lO dox, $1.75. Cranberries—32-lb box, [email protected]; bbl, $9.50; Centennial, bbl, $10.50. Cucumer—Hothouse, Davis, doz, $3.75. Excelsior Dates—Three dozen pkgs, $5.75. Figs—New, in boxes, 50 pkgs, 6-oz, 55c; 24 pkgs, 8-oz, $3.25; 12 pkgs, 10-oz, $2.25; 10-lb layer, $3.25; Smyrna, box 11 lbs, $4.20; Spanish, box, 2 lbs, $5.50. Garlic—Pound, 45c. Grapefruit—Extra fancy, Florida*, $4.25 @4.50; fancy Floridas, $4. Grapes—Fancy imported Almerlcas in kegs, 40 pounds, net, sl4. Emperors, keg, $9. Honey—Comb, new, cases of 24 caps, $7.75; extracted, 60-lb tins, 22c; South American, dark extracted, 10c lb. Lemons—Callfornias, standard box, $7(07.50. Lettuce—Leaf,, pound, 24<?; Iceberg, crate, 4 doz. $4.50. Mangoes—Florida, 2 doz.. basket, 60c. Oranges—California navel, box, $4.25@ 5.25; Sunkist, [email protected]; Florida. $5. Nuts—Filberts, lb, 29@32e; English walnuts, 87@40c; chestnuts, 35c; pecans, 30c, 50c, 70c; Brazils. 28c; almond, 33@ 86c; shellbark hickory, 10c. / Onions—Red and yellow, cwt, $7; westtern. $7.50; Spanish imported; basket, $2.73; green, doz. bunches, shallots, 85c. I’opcorn—Pound, 9c. Oysterplaut—Doz., 75c. Pears—Calaragas, box 40 lbs., $5.50; Nellis, box 40 lbs., $4.50. Popcorn—Pound. 10c. Potatoes —Bakers fanyefl cwt., $5.50; northern white, [email protected]; Colorado Gems, $6.50. Rhubarb—Doz. bunches, 60c; Jumbo, sl. Rutabagas—Cwt., $1.75; 50 lbs., sl. Sage—Fancy, doz.. f>oe. Sweet Potatoes—lndiana Jersey, bu., $3.25; Kentuckys. $5 bbl., 150 lbs. Nancy Hall-Basket, 40 lbs., $2.50. Tomatoes—Crate, 8 baskets, $7.50. Turnips—Bu. $3.25. MOSLEM WOMEN LIKE CLUB LIFEWITH_MEN_A WA Y Albanian Organization Thrives and American Overcomes Objections. TIRANA, Albania, Feb. 2.—For the first time In history Moslem women have a women’s club. It is the first woman’s club in Albania. When the American Red Cross arrived in Tirana it established a hospital, a dispensary for hables and for adults, a sewing room for women, an orphanage and a school. But these were only for the poorer people. The well-to-do women, shut In according to the Moslem custom, forced to wear black veils on the streets, were not being reached by any one except the women doctors. And the work of the Red Cross was not receiving full co-opera-tion from the Moslem women because of the restrictions on their lives. So it was decided to organize a woman’s club. The Red Cross women visited all the homes and invited the women to a formal tea. They came, over sixty of them, swathed in the heavy black cloaks aud black face coverings that make a Moslem woman on the streets <a most peculiar object. They had tea and Jam, they smoked innumerable little cigarets and, through an Interpreter, the Americans talked to them. They were told about women's clubs In America, what the women did for the poor and especially how much the Red Cross in Tirana needed their co-operation. The Moslem women were thrilled and Interested. Many of them heard about the hospital and the dispensary for the first time. Enthusiastically they learned how to elect a president and other officers and were appointed on committees to work with the hospital, the orphanage and the other Institutions. The American women were delighted.

But the next day appeared the first difficulty. Mme. Toptanl Beg called to say that she was sorry, but that she would have to withdraw from the hospital committee. “But why, Mme. Toptanl, when we need you so very much?" Madame would not explain at first, but finally the story came out. The doctor at the hospital was a man. Many of the patients were men. Her husband would not permit her to be seen there. Then American ingenuity set to work. Very well, if Toptanl Beg objected, but surely he would not mind If she stayed on the committee and only went to committee meetings with the women. She need not visit the hospital at all. Both Madame and Toptani Beg were pleased with the arrangement. And when all the other women in the hospital committee came to make the same excuse they were all wheedled Into staying for committee meetings. But the committee meetings were made as interesting as possible The cases of all the poor women in the hospital were discussed. The curiosity, of the women was too much. They wanted to see the hospital. That was arranged. They were to visit the hospital only when the man dhetor was not there and then only the women’s wards. For two or three days they whisked discreetly in and out. But one day there was a very ill woman patient, who had a little baby. Madame Toptanl Beg and two other ladies were absorbed in talking to her. Then they wanted to know exactly what the doctor said about her. The American woman with them demurely suggested that they wait until the doctor came so that she could ask him. They waited. The doctor gave it a long name, which conveyed little either to American or Moslem. Would Mme. Toptani Beg dare to talk to the doctor herself? There was a moment of hesitation while the American woman waited for the fate of her woman's club to be sealed. Mme. Toptanl Beg saw the doctor and talked with him. And now the hospital committee of the Ladies Humanitarian Society of Tirana—which is its name—visits the hospital at any and all times. They chat with the doctor even if he is a man. They even visit the men patients. WHOLESALE PRODUCE. The following prices are paid for poultry by local dealers; Eggs—Fresh, 55c doz. Poultry—Fowls, Sue; springs, 30c; cocks, 18c; olth tom turkeys, 35c; young tom turkeys, 12 lbs. and up, 40o; young tom turkeys, 2 lbs and up, 40c; young hen turkeys, 8 lbs. and up, 40c; -cull thin turkeys not wanted; ducks, 4 lbs. up, 27c; ducks, under 4 lbs.. 23c; geese, 10 lbs. up, 22c; guineas, 2-lb. size, per doz, $10; squabs, 11 lbs. to doz., $6; capons, 7 llis. up, 58c. Butter —Clean packing stock, 37c lb.; fresh creamery burter in prints is selling tu wholesale at C6c; In tubs, 65c. Butter Fat—lndianapolis buyers are paying 66c lb. Cheese (wholesale selling prices)— Brick, 37c lb.; New l'ork cream, 38c; Wisconsin full cream, 36c; Longhorns, 87c; Umburger, 38c.

Housewives’ Market The following prices are the general prices charged at the city market obtained by striking an average of the prices charged at various stands: Apples, cnolce, oer lb $ .05@10 Asparagus, bunch 10@15 Bananas, dozen .20@30 Beans, stringless, lb .30 Beans, navy, lb Beans, lima, lb .18 Beans, Colo, pintos, lb .10 Beets lb .10 Brussels sprouts, box .25 Carrots 2 lbs A5 Cabbage, lb .10 Cauliflower ,25®35 Celery, bunch 10@15 Cranberries, lb. .12% Cucumbers, hothouse, each.... ,30@35 Eggplant, each .25 Grapes, Imported, lb .50 Head lettuce, each 10@20 Grapefruit, each .07%@15 Lemons, per doz 25@30 Lettuce, leaf, per lb .25 Onions, lb. 06@10 Onions, Bermudas, each Ao@ls Onions, green, bunch .10 Parsnips, lb .10 Parsley, per bunch .05 Peas, shell, green, lb .20 Pineapples, each .30(040 Potatoes, peck .80 Pears, Anjau, lb .20 Peppers, green, each .05 Potatoes, 4 lbs .25 Radishes, 3 bunches .10 Phubarb, bunch .10 Klee, lb .18 Rutabagas, each .10@15 Spinach, lb .20 Strawberries, qt. box .85 Sweet potatoes, lb 06%@10 Turnips, 2 lbs .25 MEATS. Lamb chops, lb $ ,40@40 Leg of lamb, per lb 40@45 Boiled ham, per lb .75 Smoked ham, per lb 40@50 Round steak, per lb .35 Fresh beef tongue .30 Smoked beef tongue 40@45 Roast beef .25@30 Flank steak .30 Beef tenderloin .50 Pork chops ,30 Pork sausage .30 Pork tenderloin .60 Porterhouse steak 40@45 Chuck steak .28@30 Boiling beef 18@20 Bacon 40@60 Loin steak .30 Hams, whole .30 Lard, lb .27% Lamb stew J5@25 Sparerlbs, lb .25 Shoulders, fresh beef .30 Shoulders, fresh pork .27 Beef liver .15 Veal chops ,35@40 Veal steak 50 Calf liver .30@35 PRODUCE. Hens, full dressed, lb .50 Frys, dressed, lb .55 Ducks, dressed, lb .50 Geese, full dressed, lb. .55 Rabbits, dressed, each 45@50 Eggs, fresh select*, doz .74 Eggs, storage, doz .57 Butter, creamery, lb ,6S@7O Americans Invest in Foreign Bonds WASHINGTON, Feb. 2.—Mora than four billion of foreign securities have been sold to American Investors since May 4, 1914, according to a report today of the treasury department in response to a senate resolution. Os this amount approximately one billion and a half were offered by the government of Great Britain ana Ireland. The department, In making the report, says the figures are not official, having been obtained from private sources.

The Brooks School FOR BOYS A college-preparatory boarding and day school in which some of the most capable boys of Indianapolis have prepared for college and to which boys have come from Illinois, Missouri, Kansas and Nebraska and many Indiana towns. UPPER SCHOOL begins with boys in seY r enth grade and takes them straight into college. LOWER SCHOOL gives much individual attention in elementary work up to and including sixth grade. If interested in a better training for your son, phone Circle 1559, Auto. 25-495. Address or call at The Brooks School, 1635 Central Ave., Indianapolis. New Term Begins Tomorrow

7% TAX EXEMPT We have paid sixteen consecutive semi-annual cash dividends of 3'/2% each on our preferred stock. Sixteenth dividend was paid Jan. 2, 1920. This stocK is now upon a PARTICIPATING BASIS and will share in the earnings over and above the regular 7%. If you have money that is not earning 7% above taxes cut out and mail the coupon below and we will send you booklet explaining how profits are made and why real estate security is absolutely safe. Indianapolis Securities Company Established 1912. Third Floor Law Bldg. Frank K. Sawyer, Prr^ Without obligation on my part kindly send me descriptive literature relative to your 7% nontaxable participating preferred stock. Name • * * Town Street

CENTRAL STATES AGENCIES Incorporated under the lawe of the State of Indiana Financial Brokers and Underwriters Market Price Paid for Liberty Bonds Phones £££ 127 E. Market St., Indianapolis

Money to Loan on Mortgages STATE LIFE INSURANCE CO.

Grains Drop as Traders Feel Slump Is Due.

REPORTSCORES SOUTHERN HOGS Poor Quality Cause of “Discrimination” Senate Is Told. WASHINGTON, Feb. 2.—Poor quality, rather than discrimination. Is responsible for low prices farmers receive for their hogs in a certain section of the south, the Federal Trade commission declared today In a report sent to the senate. The report was in compliance with a resolution introduced by Senator Harris of Georgia, directing the federal tra-de commission to investigate alleged discrimination resulting in lower prices to farmers of the south for their hogs. Wholesale Meats Smoked meats shown cafil for discount of %c lb for order of 150 of one item; 250 lbs and over discount of %c lb. PORK. HAMS— Regular, 14 to 16 lbs .34% Skinned, 12 to 14 lbs .35% Fancy boiled .500 BACON— Fancy breakfast, 5 to 7 lbs.. .48 Sugar cured, 14 to 16 1b5.... .31 Sugar cured squares .27 Fancy sliced, 1-lb cartons,.. .55 PICNICS— Sugar cured, 5 to 7 lbs .25 SALT MEAT— Dry salt jowl butts .19% LARD— Refined, tierce basis .25% Open kettle, tierce basis .26% FRESH PORK— Spare ribs .22 Shoulder bones .09 Tenderloins 52@54 Dressed hogs .25 Light loins, 7 to 9 ibs -27% Extra light loins, 4 to 6 lbs.. .29% Fresh boneless butts .31 Boston butts .25 Skinned shoulders .22% SAUSAGF— Breakfast, in 1-lb cartons.... .30 Standard, fresh bulk .19% Frankfurts, hog casings .20% FRESH BEEFS. The following prices are on first quality No. 1 government inspected meat* only: Medium steers, 400 to 500 lbs. .17 No. 2 heifers .16Native cows 15%@16% Medium cows .13% LOINS— No. 3 .20 RIBS— No. 2 .37 No. 3 .20 ROUNDS— No. 3 .20 No. 2 .22 CHUCKS— No. 3 .15 PLATESNo. 3 .12 VEAL. CARCASSES— No. 1 quality [email protected] No. 2 quality 16%@.19 Federal Court Says j Futures Trade Valid NEW YORK, Jan. 31—The federa court at Ft. Smith, Ark., has decided tb< case of Thorn & MacGinnis, New Or leans, vo. Fred Brown of Ft. Smith, in favor of the former. Tue decision up holds the validity of the futures contracl which was attacked by the defendant who had refused to pay losses made it futures on the ground that they repre sented gambling transactions.