Indianapolis Times, Volume 33, Number 229, Indianapolis, Marion County, 2 February 1921 — Page 10

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PRESSURE TENSE ON STOCK MARKET Call Money Rate Highest Since Last November. NEW YORK, Feb. 2.—Tbe bearish feeling: which has spread so completely through the' speculative element todajl was reflected in a lower range of prices in nearly all stocks trailed In at tha opening of the stock market today. There was no element of weakness in any issoe, however, and tha market t<*ie on the decline was steady with stocks taken by outside Interests to a larger extent than usual, indicating public absorption at concessions. The recessions were almost uniform. Steel common yielding Vs of a point to 61% and Baldwin % of a point to 87%. Some of the higher priced stocks sold off to a proportionate extent and closely held specialties which were under pressure also sustained heavier losses. Sears-Roebuck declined 1% points to 85% and Crucible Steel yielded 1% points to 91%. Mexican Petroleum was actively traded In, yielding % of a point to 156%. Royal Dutch sold off 1% points to 62% and then rallied to 63%. Southern Pacific rights were In supply, yielding of a point to 19%, and Pacific Oil fell to 34%. Pressure increased against the market during the forenoon on au advanced renewal rate of call money to 8 per cent, the highest renewal rate since Nov. 17 last. Losses of from 1 to 3 points were sustained in the leading issues. The reductions announced in the price of sugar were reflected in weakness la the sugar issues. American Sugar yielded 3 points to 89% : American Beet Sugar over 2 points to 42, while Cuba American Sugar and Cuba Cane, Sugar yielded over 1 point. Sears-Koebuck wasr pressed for sale, Calling 3 points to 83%. Steel common, aiter dropping to 81%, rallied to 28. Baldwin and Crucible fell over one point. Studebaker dropped over 1 point to 56% and Mexican Petroleum was down nearly 2 points.

(By Thomson & McKinnon.) —Feb. 2 Unusual dullness prevailed in the stock market yesterday morning. Early quotations were established on minimum transactions, and because of public interest the professional element took the selling side of the market and some losses were sustained. But this did not &erve to increase activity. The American Hide and Leather Company passed the dividend oa its preferred stock and made a rather distressing •bowing for the closing months o:' the last year, but no important selling followed the announcement showing again how thoroughly unfavorable trade conditions have been discounted. Steel shares have been acting rather sluggish for the last few days and there is undoubtedly some disappointment at the slow revival of business in this line, though a local news agency la forecasting the coming tonnage statement of the United States Steel Corporation suggests a very fair showing because of a recent Increase in orders. During the day the money market was •lightly disturbing as call funds were rather scarce. We are now passing through a rather uncertain period with the public inclined to await developments In the railroad labor controversy and also the progress In Europe toward the ■ettlment of the reparation problem, and in the absence of public support it would not be surprising to experience some reaction in the stock market.

Money and Exchange Indianapolis bank clearings today were $2,155,000, against $2,025,000 a week ago. NEW YORK, Feb. 2.—The foreign exchange market continued weak at the opening today. Demand sterling yielded %e to $3.82%. Franc cables were 7c; cheeks. 6.99 e; line rabies. 3.64 e: cheeks, 5.63 e; Belgian cables, 7.35 c; checks, 7.34 c; marks, 1.56 c: guilder cables, 3.30 c; checks, S.3Br; Swedish cables, 21.05 c; checks, 21.90 c. ______ NEW YORK CALL MONEY. NEW YORK, Feb. 1. —Money—Call money ruled 7 per cent; high, 8 per cent; low, 7 per cent. Time rates steady, all 6% ’ per cent; time mercantile paper •tendy. Sterling exchange was steadv with business in backers’ bill at $3.80% for demand. MOTOR SECURITIES. (By Thomson & McKinnon.) —Feb. 2 —Opening— Bid. Ask. Briscoe 14 15 Chalmers com. t * a Packard ccra. p l * “ .Packard pfd 75 77 Chevrolet U>o • ••• Peerless - v* Continental Motors com 6% 7 Continental Motors pfd 99 95 Hnpp com 13% 13% Hupp pfd. £8 93 Reo Motor Car 22 22% Elgin Motors . 5 6 Grant Motors S% 3% Ford of Canada 250 260 United Motors 35 50 National Motors 4 6 Federal Truck 19 21 Paige Motors l‘% 18% Republic Truck 22 23

active oil stocks. (By Thomson & McKinnon) —Feb. 2 —Opening— BM. Ask. Anglo-American OH 18% 19 Atlantic Refining 390 410 Buckeye Pipe Lino .......... 83 86 Chesebrough Mfg. Cons ISS 200 Chesebrough Mtg. Cons., pfd. 100 108 Continental Oil, Colo. 110 113 Cos'ltn Oil and Gas 60 64 Crescent Pipe Line 30 35 Cumberland Pipe Line 123 135 Elk Basin Pete 7*4 5 Eureka Pipe Line 00 05 Galena-Signal Oil, pfd., new. 04 08 Galena-Signal Oil. com. .... 46 40 Illinois Pipe Line 172 176 Indiana Pipe Line 84 87 Merritt Oil 12 12’4 Midwest Oil 1 1\ Midwest Rfg 138 130 National Transit 27 20 New York Transit 160 165 Northern Pipe Line 01 07 -Ohio Oil 280 285 Penn.-Mex 34 36 Prairie Oil and Gas 4>o 400 Prairie Pipe Line 103 200 Sapuipa Kefg 4% 4% Solar Refining S7O 380 Southern Pipe Line 103 110 South Penn. Oil 235 240 Southwest Penn. Pipe Line.. 70 74 Standard Oil Cos. of Cal. ... 204 21)8 Standard Oil Cos. of Infi. ... 60V4 69 ! -9 Standard Oil Cos. of Kan. ... 570 590 Standard Oil Cos. of Ky 425 435 Standard Oil Cos. of Neb 380 400 Standard Oil Cos. of N. Y 350 355 Standard Oil Cos. of Ohio ... 380 too Swan & Finch 45 55 Union Tank Line 110 115 Vacuum Oil 325 330 Washington Oil 30 35 NEW YORK CURB MARKET. (By Thomson & McKinnon) —Feb. 1— —ClosingBid. Ask. Curtis Aero, pfd 10 20 Texas Chief 7 12 First National Copper ... *4 1 Goldfield Con 8 9 Havana Tobacco IV4 I^4 Havana Tobacco, pfd 6 9 Cont. Teresa 3 5 Jumbo Extension 5 8 International Petroleum.. 16 1614 Nlpissing S 3'4 Boyal F>aking Powder ...105 110 Royal Raking Pow., pfd... 79 83 Standard Motors 7 8 SAlt Creek 24 28 Tonopah Extension ...... 13-16 lVi Tonopah Mining 1 7-16 1 9-16 United P. S., new lVfc 1% U. S. Light and Heat 1 lit r. S. Light and H„ pfd... u, 114 bright- Matin 4 6 World Film 1-16 3-10 (ukon Gold Mine Cos 1 I^4 erome % 3-16 Sew Cornelia 16 18 pnlted Verde 27 29 Sequoyah 3-16 5-16 Pmar Oil 2% 2U,, IV* lVi

N. Y. Stock Prices —Feb. 1— Prev. High. Low. Close. Close. Adv.-Rume. com 18% IS% 18% 18% Ajax Rubber... 36% 35% 35% 36% AUis-Cbalm 35% 84% 34% 84% Am. Beet Sug.. 46 44 44% 45% Am, Bosch Mag. 54% 54% 54% 55% Am. Car. & Fdy.l22 122 122 123 Am. Can 31% 30% 30% 31% Am. HAL. com. 9% 9 9 9 Am. HAL. pfd.. 43% 42% 43% 44 Am. Drug 7 6% 8% 7% Am. Int'l Corp.. 46% 45% 46% 46% Am. Linseed ... 60% 60 60 60% Am. Locomotive 82% 82% 82% 83% Am. S. & Ref... 43% 41% 42 43% Am. Sugar Ref. 93 91% 92% 93% Am. Sum. Tob.. 80% 79% 80% 80% Am. Steel Fdy.. 30% 30% 30% 30% Am. Tel. & Tel. 99% 99% 99% 99% Am. Tobacco 118% 118% 118% 118 Am. Woolen .... 67 66% 66% 67% Associated 0i1..100% 99% 99% 101% Anaconda M. Cos. 40 88% 38% 39%. Atchison 82% 82 82 83 j Atl G. &W. 1.. 70% 68% 69% 70% Baldwin L0c0... 89% 88% SB% 89% B. & 0 34% 33% 84 34% Beth. Steel (B). 54% 65% 66 67% Brook R. Tran. 13 12% 12% Canadian P. Ky. 316% 115% 116 117 Central Leath... 40% 39% 39% 40% Chandler Motors 72% 70% 71 72% C. & 0 58% 58% 58% 59 C., M. & St. P.. 27% 27% 27% 28 C.. M. AStP. pf 43% 42% 42% 43% Chi A North... 68 67% 67% 68 C., R. I. A I’ae. 26% 26% 20% 26% C. On p. 02% 62 62 % 62% C .It.I.AP. 754 p. 74% 73% 73% 74% Chili Copper 12% 12% 12 -j 12% Chino Copper... 23% 22% 23 22% Coca-Cola 23% 23 23 23% Col. Fuel & Irn. 29% 29% 29% Columbia Gas.. 60% 60% 60% Go % Columbia Graph. 11% 11% 11% 11% Cons, Gas 78% 78% 78% font. Candy.... 3% 3% 3% 3% Corn Prod 71% 70% 70% 72 Crucible Steel.. 93% 92% 93 93% Cub. lane Sug.. 22% 22% 22% 23% Del. A .Hudson. 101 101 Isl D. A R. G. pfd. 4 3% 3% 4 I'ndicott 62% 62 62% 02% Erie 18% -13% 13% 13% Erie Ist pfd.... 19% 19% 19% 20% Famous Players 37 66% 66% 57% Fisk Rubber... 15% 14% 14% 15% Gen. Asphalt... 69% 67 67% 69% lien. Cigars.... Go 60 60 61 Iren. Electric.. .128% 127% 127% 128% Gen. Motors... 14% 14% 14% 14% Goodrich 40% 40 h 40% 41 Gt. North, pfd. 77 75% 76 77 Gt. North. Ore. 28% 28% 28% 29% Houston 0i1.... 75% 74% 74% 76 Illinois Central. 90% 89% 89% 90% Inspir. Copper.. 35% 34% 35% 35 Interboro Corp. 4 4% 4% 4% Interboro pfil.. 13% 13% 13% 13% | Inter Harvester 94% 81% 84% 93 Inter. Nickel.... 13% 15% 15% 15% Inter. Paper CO j 5s 59% 01 ' invincible Oil.. 25% 23% 25 24% K. C. Southern. 19% 19% 19% 19% Kelly-Si ?. Tire 46% 46% 46% 47% ; Kenn. Copper.. 80% 19% 20 20% Lacka. Steel 03% 53% 53% 53% ! Lehign Valley.. 52% 52 62 ■ Loews, Inc 1'.% 16% 16% 16% ; Marine com 15 14% 14% 14% Marine pfd 54% 52% 52% 53% Max Mot. com. 5% 5 5 5 ' Mex. Petrol 158% 153% 157 138% ' •Miami Copper. 18% lr% 18% 19 b Middle St. Oil. .14 13 , 1 % n Midvale Steel... 31% 31% 31% 31 M . K. A T 32% 2% 3 Mes. Pac Ry.. 19 18% 1>* 2 18% Nat. En. A St.. 61% 60% 60% 62 Nev. Con. Cop. 11% 11% 11% 11% N. Y. Air Brk. 80 8" 8/ N. Y. Central.. 72 71% 71% 71% New Haven 20% 20% 20% 20% Norfolk A W.. 99% 99% 99% 100 Northern Pac... 86 84 % 85% 85% Ok P. A Ref. Cos. 3% 3% 3-, .V, Pacific Oil 25* 34% 31% 36 Pan. Am. Petrol 75 74% 74% 75% •I'enna. Ry 40% 4"% 40% 41% People's Gas... 37% 36% 37% 37% Pierce Arrow... 26 25% 2.5% 26 Pierce Oil Cos.. 11 11 11 ln% Pittsburgh Coal 59 59 59 )>0 j Pressed St. Car 94 93% 93% 95 I Pure Oil 35% 34 % 34 % 35 I Ray Copper 13% 13% 13% 13% Reading v;( % 82% 83 83% Rep. Iron A St. 60% 65% 65% 66% Rep log le Steel.. 32% 32% 32% R**v, D. of N. 4 . i4C% 6 )-*% 04 i /*j * jlj Sears Roebuck. 89 86% 86% 83 Sinclair 24 23% 23% 24 South. Pacific... 97% 96'*, 96 , 9S j Southern Kv 22% 22% 22% 22% 1 Sta.Oil.X.J.pfd. .108% 108% 108% 109% Kt.L.A S.F.com.. 21% 21% 21% 21* Strnmberg Carh. 37% 37% 37% Studebaker 57% 56% 57% 57% Ten. Copper S% 8% 8% 8% Texas Cos 43% 43% 43% 43-, Texas A Pacific. 21 20% 20% 21% Tobacco Prod... 53% 53 53 53% J Trunscnt’l. Oil.. 10% 9% 9% 10% Union Oil 23% 23 23 23% Union Pacific...ll9% 119 119 119% Unit. Ret. Strs. 55% 55 55 4 U.S.Fd.Prd.Corp. 25% 21% 25 25% United Fruit Cos. 107% 106% 100% 107 U.S.lndus. Alro. . 68% (is 68% 69 U. S. Rubber... 68% 67% 68% 68% r. S. Steel 82% 81% 82 82% Utah Copper.... 57% 56 57% 57 Vanadium Steel. 37% 36% 36% 37% Vlr.-Car. Chem.. 38 37% 37% 37% Wabash 8 8 .8 Wabash Ist pfd 20% 20% 20% 20% W. Maryland. .. 10% 10 10 10% Westinghse Elec 44% 44% 44% 44% White Motors .. 39 . 39 39 39% Wlllys-Overland 8% 8% 8% 8% Wilson A C 0... 42% 42% 42% Wortbngtn Pmp 50% 49% 49% 50% NEW YORK LIBERTY BONDS. —Feb. 1— Prev. High. Low. Close, clove. L. B. 3%8 91.90 91.80 91.90 91.90 L. It. 2d 4s 86 10 85.70 85.70 86.56 L. B. Ist 4%5.. 87.20 86.70 86 70 87.20 L B 2d 4%5.. 86.40 85.60 85.70 86.36 x, B 3d 4% s.. 89.20 89 04 89.14 89.20 L It 4th 4%5.. 86.56 86 (H) 8600 86,60 Victory 3% s 97.28 97.18 97.18 97.36 Victory 4%a.... 07 30 97.18 97.20 97.26 twenty stocks average. NEW YORK, Feb. 2—Twenty Industrial stocks averaged 75.48, down .65 per cent. Twenty active rails avcrajjud 75 38, down .79 per cent. CLEARING HOUSE STATEMENT. NEW YORIv. Feb. 2.—Clearing house statement: Exchanges, $09,315,186; bal ances. $83,730,121; Federal reserve bank credit balances, $02,774,052. CHICAGO STOCKS. (By Thomson A McKinnon.) —Feb. I—' Open. High. Low. Close. Armour pfd .... 92% 92% 92% * 92% Carld A Carbo 56% 56% 55% 55% Libby 12% 12% 12% 12% M-Ward 16% 16% 15% 15% Nat. Leather... 8% 9% K% 8% S Roebuck , $9 89 86% 86% S Warner 31% 32 31 31% Swift A Cos 102% 102% 192 102% Swift luternat.. 27% 27% 27% 27% Arm. Leather.. 12% Reo Motors 2%

Weather The following table shows the state of the weather at 7 a. m., Feb. 2, as observed by United States Weather Bureaus; Station. Bar. Temp. Weather. Indianapolis, Ind.. SO.S3 29 Rain Atlanta, Ca 50 14 36 Cloudy Amarillo, Texas 30.36 28 Clear Bismarck. X. !.... 30.18 —2 Clear Boston, Mass 30.22 26 Cloudy Chicago, 111 30 08 32 Cloudy Cincinnati, 0hi0... 30.20 28 Snow Cleveland, 0hi0.... 30.10 26 Snow Denver, Colo 30.32 20 Clear Dodge City, Kan... 30.34 24 Clear Helena, Mont 30.12 28 Cloudy Jacksonville, Fla.. 30.08 46 Rain Kansas City, M 0... 30 24 30 Clear Louisville, Ky 30.22 ?0 Cloudy Little Rock, Ark... 30.28 36 Cloudy Los Angeles, Cal... 30.J4 54 Clear Mobile, Ala 30.16 38 Clear New Orleans, La... 30.20 4i Clear New York, N. Y... 30.20 30 Snow Rorfolk. Va 30 12 36 Rein Oklahoma City.... 30.34 28 PtCldy Omaha, Neb 30.22 26 Clear Philadelphia, Pa... 30.20 30 Cloudy Pittsburgh, Pa 30.12 30 Clbudy Portland, Ore 29.96 44 • Rain Rapid City, S. D... 30 16 34 Cloar Roseburg. Ore 30.02 46 Rain San Antonio, Texas 30.20 42 Clear San Fraucisco, Cal. 30.28 48 Cloudy St. Louis, Mo 30.22 34 Cloudy St. Paul, Minn 30.06 20 Cloudy Tampa, Fla 301)2 62 Cloudy Washington, D. C.. 30.16 28 Cloudy WEATHER CONDITIONS. Unsettled weather has continued over much of the country between the Mississippi River and the Atlantic coast, with widespread but generally light precipitation. The temperature changes have not been decided over any large arras, and In most parts of the country th readings continue about normal.

SWINE STEADY TO 25 CENTS LOWER Cattle Generally 25 to 50 Cents Off—Calves Steady. # RANGE OF HOG PRICES. Good Good Good Jan. Mixed. Heavy. Light. 27. *9.75®‘10.00 $9.50 @ 9.75 slo.oo© 10.25 2*. 4 25® 10.25 [email protected] 10.00©10.50 29. 960 @ 10.00 9.25® 9.75 10.00 @ 1 0.25 31. 9.50@ 10.00 9.50® 9.75 [email protected] Feb. 1. 9.75 @IO.OO 9.40® 9.75 [email protected] 2. 9.50® 9.55 9.25® 9.50 [email protected] Hog prices were steady on light hogs to 25 cents lower on heavy hogs at the opening of the local live stock exchange today, with receipts close to 11,000 fresh hogs and a fair demand both by local packers and shippers. There was a top of $10.35 on some good light hogs, which was somewhat lower than the top of the Tuesday market. The bulk of sales for the day ran $9.50 @lO. , ~ Trade in the cattle alleys was dull, with little demand, and what buyers that did want cattle bidding lower prices. Prices were steady only in a few cases ami in others fully 25 to 50 cents lower. Fanners and cutters were fully 25 cents lower. Most of the cows and heifers were 25 to 50 cents lower, while steers and bulls were at least 25 cents off. Receipts for the day ran close to 900 fresh cattle, with considerable stale stuff held in the pens from the markets of the last two or three days. There was a fairly active tone to the calf market at the opening, and prices held about steady. However, there were not so many sales at $14.50 us (here were on the Tuesday market. Choice calves generally brought $13®!14, and good calves, $12®)13. Medium calves brought s9® 12, anil the commoner grades ss@B. With 200 sheep and lambs on the market, prices were about 50 cents to $1 lower than tlie markets of last week. For the past few days there have been no siieep to speak of on the market. Sheep brought [email protected] and lambs $5.50@9.

HOGS. Best light hogs, 100 to 200 lbs average slo.oo®lo 35 200 to 300 lbs average 9 .25® 9..j0 Over 300 lbs 8.50® 9,00 Son s 7 50(f), 8 00 Best pigs, under 140 lbs 0 50i1,iU.00 Bulk of sales [email protected] CATTLE. Prime confed steers. 1,030 lbs and up 8-50@ 9.00 Good to choice steers, 1,209 to 1,300 ll>s 7.75@ 8.50 Good to choice steers. 1,100 to 1.2(H) lbs ' 7.00@ 7.50 Medium steers, 1,00 to 1,100 lb* , 6.50® 7.70 Common to medium steers, 800 to 1.000 lbs 5.00® 6.50 —Heifers and Cows - Good to choice heifers 6.00@ 700 Medium heifers 4.0* ® 5.50 Common to medium heifers.. 4.On® 50" Good to choieo cows 4.50% 550 Fair to medium cows 3.50® 4 75 Cutters 3.00® 4 00 C-nners 2.50® 3.00 —Bulla— Good to choice butcher bulls.. 5.00® 6 .‘O Bologna bulls 4 00@ 5.0" Light common bulls 4.50® S.'JO —Calves Choice veals 13 0(1® 14 00 Good veals 12 .0'@13.00 Medium veals 9.00@ 12.00 Lightweight veals o.uo*l 7.00 Ib-avi weight veals 7.0 (® B.o' Coniou heavyweight calves.. 5.00@ 8.00 —Stockers and Feeders Good to choice steers, under 801 lbs 7.0"@ 800 Medium cows 4 s"® 5 0(1 Good cows 6.00® 550 Good heifers 5.50" (160 Medium to good heifers 5 00® 6.0<l Good milkers 50.011®95.00 Stick calves, 250 to 450 lbs 5. (>i@ 8.00 BIIEKP AND LAMBS. Good to choice sheep 3.00® 3 50 l air to common 2.<H>® 3.00 Bucks 2."U@ 2.50 Cull sheep I.oo® 1.00 —Lambs— Common to choice yearlings . 5 oO@ 600 Spring lamb B.(X)@. 9.00

Other Lire Stock CHICAGO, Feb. 2. Hogs Receipts, 28.i"; mark® I".’ up; bulk. sl).2"®J.l**); butchers, $9 20® 9.5"; pH' kers, ss3s®o; lights. sii.wi®lo.2o; pigs. s9® 16.10; roughs, $8.16® 8 35. < tittle- Receipts, lldOO; market steady, lower; beeves, $6.65®0.50; butchers, $4..H5®8.23; can iters dill cutters, s3®3: stnekers and feeders. $4.75®8; cows, $L 25®7; calves, $10" 12.50. Sleep —Receipts, 15.000; market .iteaiiy to 50c low-r; lambs, $7.50® 10; ewes, s2®s. CINCINNATI. Feb. 2. —Hogs—Receipts, 5 6)K); market strong; heavy hogs. $lO *J 10.25: mixed, $10.50; medium and lights. $lO 75; pigs, $9 50; roughs $8; stags, $6.50. Cattle lteceipts, 560; mar ket dull and weak; bids lower; bulls steady; enlves, sl4@ 14.50. Sheep and lambs Receipts, 125; market steady; sheep, $1.50®5; lambs, ss® 11. CLEVELAND, Feb. 2.—Hogs Receipts, 8,500; market 10c up; vorkers. $10.75; mixed, $10.75; medium, $9.75; pigs. $11; roughs, $s ; slugs, SO. Cattle —Receipts, 150; mnrk.-t 25c lower. Sheep and lanilis —Receipts. 1,000; market 25c up; top, $9.25. Calves Receipts, 20; market steady; top, $15.50. PITTSBURGH, B’eb. 2.—Cattle—Re eelpts, light; market steady; choice, $9.25 ("9 50; good, $8.75®9; fair, s7.so®s; veal calves, $14®15. Sheep and lambs—Receipts. fair; market slow; prime wethers, $5.75® 6; good, $5®5.50: fair mixed. s4® 4.55; spring lambs, s9® 10. lings Receipts, 23 double decks; market lower; prime heavies, $9.75® 10; mediums, $10.90 ®11; heavy vorkers, $10.90®! 1; light yorkers, $10.90® 11; pigs. $10.90® 11; roughs, $7®8.50; stags. $5®6.50. EAST BUFFALO, N. Y„ Feb. 2.—Cattle —Receipts, loO; market slow to steady; shipping sieers, $8.50®,): butcher grades, $7®8.25; cows, $2®6.75. Calves—Receipts, 300: market slow and lower; culis to choice, $4.50® 15.50. Sheep mid lambs Receipts, 0.400; market slow to steady; choice lambs, $9.5 ®,H) culls to fair, $6.50 ®0; yearlings, $7®,S; sheep, $2.50®5.50, flogs—Receipts, 4.000; market slow t" sternly; yorkers, $11.25® 11.50; pigs, sll ®11.25; mixed, $10.50® ll; heavies. $9.50 ® 10.25; roughs. $7.75®,8; stags, $5.50® 6.50. EAST ST. LOUIS, Feb. 2 —Cattle - Receipts. 4,000; market slow and steady; native beef steers, $7 5O®8.10; yearling beef steers anil heifers, $6.50® 7.50; cows. $6.25®6.75; atoekers and feeders, $6.25®6 75 calves. $12®13; runners ntni cutters, $4.25®4.50. Hogs—Receipts, 18. 500; market 10c higher; mixed an*! butchers, $9.90® 10.10; good heavies, $9.50 (1(9.75; rough heavies, $7.50®8.25; lights, slo.lo® 10.25: pigs, $9.50® 10; bulk of sales. $9.90® 10 20. S’.ieep Receipts, 800; market steady; ewes, $4®4.5M; lambs, $9.50®9.75; cauners and cutters, sl®3.

INDIANAPOLIS PRODUCE. Eggs—Fresh, loss off, 47c. Poultry—Fowls, 24®,2Uc ;springers, -ic ; cocks, 16c; stags, ltic. old tom turkey 9, 35c; young tom turkeys, 12 ii>e. and up, 40c; capons, 7 lbs. and up, 33c; young hen turkeys, 8 lbs. and up, 40c; cull, thin turkeys not wanted; young torn turkeys, 40c; ducks, 4 lbs. and up, 25c. ducks, under 4 Jhs., 20c; geese, 10 lbs. and up, 20c; squabs, 11 lbs to dozen, 87; guineas, 9-lb. size, per doz., $6. Rabbits —Drawn, per dozen, $2.50. Blitter —Buyers are paying 47<tt IBe for creamery butter delivered at Indianapolis. Butterfat —Buyers are paying 47@48e for cream- delivered at Indianapolis. CLEVELAND PRODUCE. CLEVELAND, Feb. 2.—Butter—Extra, in tub lots, 53Vi<&54c; prints, 54M!@5oc; extra firsts, 52V&®54c; firsts, 51 l -jfy,o2c; seconds, 44fti.45e; packing stock, 12® 15c; fancy dairy, 25©.30c. Eggs—Fresh gathered northern extras, 63c; extra firsts, 62c; Ohio firsts, new cases, 60c; old cases, 59c: firsts, new, 59c; storage, 50c. Poultry—Live heavy fowls, 34 (ft 35c ; light stock, 25c; roosters, 21c; spring ducks, 38®40c; turks, 45(o:50e; geese, 25c; spring chickens, choice, 318132 c. WHOLESALE BEEF PRICES. The following are today's wholesale market prices for beef cuts as sold by the Indianapolis markets: Ribs —No. 2,29 c; No. 3,20 c. Loins— No. 2,25 c; No. 3.18 c. Rounds—No. 2, 24c. No. 3,18 c. Chucks—No. 2,12 c; No. 8,10 c. Plates—No 2, 12c} No. 3,10 c.

INDIANA DAILY TIMES, WEDNESDAY, FEBRUARY 2, 1921.

GRAIN PRICES MAKE GAINS Demand for Wheat Much Better Than for Some Time. CHICAGO, Feb. 2.—Grain prices advanced sharply on the. Board of Trade today, due to general demand for wheat. Commission houses hnnsrht heavily. Provisions were higher, in sympathy with the grain market. March wheat opened up 3%e at $1.58 and gained %c later. May wheat opened at $1.46%, up 2%e, and advanced another l%e before the close. May corn opened up %e at 65% and advanced %c additional subsequently. July corn opened up 3c at 67%c and advanced %c later. May oats opened up %c at 41%c and gained %c In later trading. July oats opened up %c at 42c and advanced %c later. (By Thomson A McKinnon.) —Feb. 2 Wheat—Financial conditions abroad enter largely into the wheat market. The decline in Buenos Aires prices was due to free offerings by farmers and an absence of export demand. It is probable that the foreign buying is deferred because of the failure of the Argentine government to fake action relative to tnx on exports. Domestic markets are strongly in sympathy with Argentine for the reason that the foreign economic situation creates a feeling of distrust. Argentine wheat, is said to be offering, laid down in Europe, at 12 to 16 cents cheaper than United States sorts. Despite this, there is a slight demand from abroad for American hard wheat, some 600.000 bushel being sold yesterday. All advices from the Southwest are to the effect that the selling of wheat by the producer has come to a standstill, but the important thing at the moment is the complete withdrawal of export demand, the slow milling trade and the refusal of believers In higher prices to enter the market. For the present, prices wiU probably take their cue from the range of .values in the soutberu hemisphere. Market is in position to react sharply In the event of any strength in Buenos Aires or revival of export trade. Coarse Grains—There is still suffclent movement of feed grains from the country to oversupply the demand. Markets are affected thereby to some extent, but there Is a growing feeling that prices have reached the point where the receipts may decrease sharply at any time. It Is claimed that feeders in the Southwest are paying 60 cents and more for corn. The commercial value Is now materially below tha feeding worth and it Is only a question of time when this condition must correct Itself. We believe the decline has gone far enough although not anticipating any important reversal of action. Provisions —Smaller packing Interests were again noted as seders in the provision market. Cash offering* are light with fresh meats about unchanged This market, like the grains, Is under the influence of world s financial conditions.

CHICAGO GRAIN. —Feb. 2 WHEAT— Open. High. Low. Close. March... 1.58 1.59 1.55% 1.57 May 146% 1.49 1.45 1.40% CORN— May 65% 66% 64% 6"% July 67% 67% 66% t!i °May7.... 41% 41% 41% 41% Jiliv 42 42% 41% 42% PORK— „ M;i v 22.27 22.30 22.10 22 30 I.A lit)— March... 12.67 12 80 12 65 12.80 May 13.02 13 22 13.00 13—3 RIBS— May 11.85 12 10 11.82 12.05 RYE— May 151 131% 130 1 32% July 1.13% 114% 111 1.1. *4 CHICAGO CASH GRAIN. CHICAGO Feb 2 Wheal No 1 hard winter, 8! 35® 1 60; N<. I northern spring, $1 44; No 3 spring. $1 53%@1.54. Corn— No 2 white, 61 %((T62%c: No. 2 yellow. 62%c; No 3 white 59%®60%e: N- :f >’* 1 tow 59% @6oe ; No. 4 white 55% ®SO *,c ; No. 4y.dl.jw. 55%@58%e Oats No. 1 while 40 %c ; No 2 white, 40@t"%c; No. 3 while, 58%@18%*'; No. 4 white, 37(3 37 %c. TOLEDO CASH GRAIN. TOLEDO, Feb 1. Wheat Ua-h, $178; March, $1.80; May, $l6O. Corn—No. 2 r.dlow, 62- Oats No. 2 white. 43c. Rye ‘ No 2 $144. Barley -No. 2, O r. Clover seed cash M9i9i. $1150; cash 11620). and February, 1118"; Mar h, A ril $1".20. Timothy —i ash (1918). so9o;' cash *19191, $3; February and Mir*i) $3.05; April anil May. $3: September. #3 25. Alslke— Cash (new), $15.30.; March, $14.70. INDIANAPOLIS ( ASH GRAIN. l'-eb. 2 Bills for car lots of grain and hay at the call of tho Indianapolis Board of Trade were: Wheat—No sales. Corn Firm; No 3 white 59®61 ".c: No 4 white, 57@59 , ,c; No. 5 white, 53®54%e; No 3 vellow, 50®61c: No. 4 yellow, 5, ® 59c; No. 5 yellow. st@s6c; No. 4 mixed, 53%@56%c; No. 5 mixed, 49%®51%e. oats Steady; No 2 white, 39%@410; No 3 white, 38%@400. Ilay Weak. N*. 1 timothy. s22® 22 50; No. 2 timothy, s2l 5n@22; No. 1 light clover mixed, s2l @21.50; No 1 cloVeJ hay, sl9® 20. - Wheat—No. 2 red, 1 car; No. 3 soft while, 1 car; No. 2 mixed, 1 car; total, 3 cars. Corn No. 3 white, 3 cars; No. 4 white, 6 cars; No. 5 white. 1 car; No. 2 yellow, 2 cars; N<>. 3 yellow, 11 cars; No. 4 yellow 14 cars; No. 5 yellow. 4 cars; No 6 yellow, 2 cars; No. 4 mixed, 2 cars; total, 44 cars. Oats No. 2 white, 12 cars; No. 3 white, 2 enrs; total, 14 cars. Rye- No. 3. 1 car. Hay No. 1 clover mixed, 3 cars.

INDIANAPOLIS CASH GRAIN. —Feb. 4 - Bids for car lots of grain and bay at the call of the Indianapolis Board of Trade were: Wheat No sales. Corn Easier; No. S white, W%@6le: No 4 w lit !e, 56%®590; No. 5 white, 52% ®54 1 ~*■: No. 3 yellow, 58®60c; No 4 yellow, 50® 58c ; No 5 yellow, 53® 55 c I No. I mixed, 52Vi®05%c; No. 5 mixed, 5S%® 50 %c. ’ , • tats Easier; No. 2 white, 39®41c; No. 3 white, 38® 40c. Huy—Weak ; No. 1 timothy, $23.50® 24; No. 2 timothy, $23®23.50; No. 1 light clover mixed, $J2®22.50; No. 1 clover liay, s2l® 21.50. —lnspections Wheat —No. 2 red, 1 car; No. 4 Ted, 1 car; No. 3 dark hard, 1 car; total 8 cars. Corn—No. 2 white, 1 car; No. ft white, 5 cars; No. 4 white, 8 cars; No. 5 white, 4 cars; No. 3 yellow, 2 cars; No. 4 yellow, 17 cars; No. 5 yellow, 6 cars; No. 3 mixed, 1 car; No. 4 mixed, 6 cars; No. 5 mixed, 3 cars; total, 53 curs. Oats—No. 1 white, 1 car; No. 2 white, 10 cars; No. 1 mixed, 1 car; total, 12 cars. Huy—Standard timothy, 1 oar; No. 3 timothy, t car; No. 1 light clover mixed, 1 cur; total, 3 cars. HAY MARKET. The following ure the Indianapolis prices for hay by the wagon load: liay—Loose timothy, new, $22@23; mixed hay, new, s2l®|23; baled, $24®25. Oats—Bushel, new, 45®50c. Corn —New, 70®)75c per bushel. WHOLESALE FEED PRICES. Ton. Owt. Acme middlings $38.00 $1.95 Acme dairy feed 42.00 2.15 E / dairy feed 47.50 2.40 Acme H A M 36.25 1.85 C*. O. & B. chop 34.00 1.75 Acme stock feed 3".00 1.55 Cracked corn 32.50 1.05 Acme chicken feed 40.75 2.10 Acme scratch 38.75 2.00 E -7. scratch 36.00 1.85 Acme dairy mash 46.00 2.35 Acme hog feed 45.50 2.30 Ground barley 44.00 2.25 Honilik yellow 31.50 1.60 Rolled barley 44.00 2.25 Alfalfa mol 89.00 2JK) Cottonseed meal 41.00 2.10 Linseed oil meal 51.00 2.60 Acme chick mash 49.00 2ffio FLOCK AND MEAL PRICES. E-Z I’.ake baker’s flour, 98-lb cotton bags $10.20 Corn meal, 100-lb. cotton bags 2.00 NEW YORK METAL MARKET. NEW YORK, Feb. 2.—Copper—Dull; February, March nml April, offered 13c, Lead —Easy; spot, offered sc; February, March and April, offered sc. Spelter— Easy; spot, February, March and April, offered 3.05 c.

| Local Stock Exchange —Feb. 2 STOCKS. Bid. Ask. Ind. Rail & Light Cos. com.. 69 Ind. Rail. A Light Cos. pfd... 84 86 Indpls. A Northwestern pfd. ... 75 Indpls. & Southeastern pfd 75 Indpls. St. Ry 55 60 T. H. T. A Light Cos. pfd.... 68% ... T. H., I. A E. com 2 ... T. H., I. A E. pfd 10 16 Union Trae. of Ind., com Un. Trac. of Ind. Ist pfd... 6% 16 Union Trac. of Ind. 2d pfd 2 Advance-Rumely, com 18 ... Advanee-Kumely pfd 50 American Central Life 4.. 255 ... Am. Creosote Cos. pfd 92% ... Belt. R. R., con, 62 66 Belt R. R., pfd 45 55 Citizens Gas Cos 80 34% Century Bldg., pfd 92% ... Cities Service com 250, 265 Cities Service pfd 67 68% Dodge Mfg., pfd 93% ... Home Brewing 65 ... Inuiana Hotel com 70 Indiana Hotel pfd 93 ... Ind. Nat. Life Ins. Cos 4% ••• Indiana Title Guaranty 69 71 Indpls. Abattoir, pfd 45 50 Indpls. Gas 45 60 Indpls. Telephone Cos. cum.. 5 ... Indpls. Telephone Cos. pfd... 88 ... Her. Pub. Util. Cos., pfd.... 40 50 National Motors 3 7 Pub. Savings Ins. Cos 2% ... Sterling Fire. Ins. Cos 7 Is 9% ltauh Fertilizer, pfd 45 Stand. Oil of Indiana ....... 70 80 Van Camp HJvv. pfd 90 100 Van Camp Pck. pfd 93 100 Van Camp Prods Ist pfd... 92% 101 Van Camp Prods., 2d pfd... 92 Vanila 11a Coal Cos. com 3 Vandalia Coal Cos. pfd 10 Wabash K. It. pfd 20 ... Wabash It. It. com 7% ... BANKS AND TRUST COMPANIES. Aetna Trust Cos 100 108 Bankers Trust Cos 11.8 Commercial Nat. Bank 67 74 Continental Nat. Buna 112 ... City Trust Cos 85 ... Farmers Trust Cos 200 Fidelity Trust Cos 123% Fletcher Am, Nat. Bank 230 255 Fletcher Sav. A Trust C 0... 160 Ind. Natl. Bank 265 285 Inii. Trust Cos 175 195 Live Stock Exchange Bank . 383 Merchants National Bank... 280 National City Bank HO 120 Peoples State Bank 187 ... Security Trust Cos 120 The State Sav. A Trust Cos.. 90 05 Union Trust Cos 340 350 Washington Bank A Trust.. 150 ... BUNDS Broad Ripple 5s 63 ... Citizens Street Railroad 5a.. 7u% ... Ind Coke and Gas 6s ... Indian Ck. Coal A Min. 65.. 92 ... Indpls., Col. A Southern 8.8 ... Indpls. A Martinsville 55.... 54% Indpls. A North. A 43% 48 Indpls. A N. IV. 5s 63 59 Indpls A S E. 5s 43 indp s., Shelby. A S. E. 5s 70 Indpls. St. tty 4s ik) 63 Indpls. Trac. A Ter. 5s 70 75 Kokomo Marion A West. 6s, 78 81 T. II , I.A E 52 Union Trac. of lud. 6s 53 58 Citizens Gas 5s 74% 81% Ini. Hotel Cos. 2d 6s 94% ... Indpls. Gas os 73% 82 Indpls. Light A Iteat 5s 75% sJ indpls. Water 4%s 70 75 Indpls. Water 6s 88% 92 Mi r. It. A L. pfd. 5 86 91 New Telephone Ist 6s 94 ... New Telephone Long Dls ss. 1)3% ... Southern Ind Power 6s ... UUERTY BONDS. Liberty first : 91.66 92.20 Liberty a** ond 4 Liberty Hist 4%s MVOO Liberty second 4%s 85.98 86.1S Liberty third 4%s 89.14 89.50 Liberty f 'Urth 4%s 86.32 8.6.01 Victory :;%S 07.22 97.5" Victory 4% 97.28 97 .50 10 shares Aetna 1 rust Cos. at 106.

In the Cotton Market NEW YORK, Feb. 2. The cotton mark'd opened eight points lower to live points higher today. There \v.,a u considerable selling pressure in near positions from Liverpool Interests who were at the same time buying Into months. From commission houses and Wall street there was fair support early but this lator subsided and sagged a little from the opening level. Wall street traded both wayß. At the end of the first twenty minutes the market was steady again, but quiet, showing about 11 poluts net loss on May. New Ink Cotton ripening: March, 13 75c; May, U He; July, 14.4. V; October, 14.65 c to 14.68 c; December. ILB4C. LIVERPOOL, Feb. 2—Spot cotton opened In demand today with prices steady and sales around 500 bales. American mids, 12.35d ; good mlds, 10 08d ; full middlings, 9.43d; mids. 5.55d ; low middlings, 7.43d; good ordinary, 5.93d; ordinary. s.lsd. Futures opened quiet. On Commission Row TODAYS PRICES. Apples—Missouri Jonathans, per bbl , s''..so; fancy Ulluols Jonathans, per bbl, $,'..5); extra fancy Grimes Golden, per bbl., s6@9; extra fancy W’iuesaps, per bbl., $9; Bell Flowers, per bbl., $6.50; Baldwins, per bbl , $5.50. Spy's, per bbl., #4.6<)®rt; Borne Beauty, per bbl., $8; Klnnard lied per bbl., $6; Kings, jkt bbl., $6; Wolf Rivers, per bbl., $.5; None Such, per bbl., $.5; Maiden blush, per bbl., $4.60; Greenings, per bbl., $5.50; choice Jonathans, per bbl., $6. Beans- Michigan navy, in bags, per lb., 6@5%c; Colorado pintos, in bags, per lb., 6®7c California limns, in bags, per lb., B%@lc; red kidneys, tu bags, per lb., 10%®(0%c; California Linns, in bags, per lb., S‘j@9c; California pink Chili, In bags, per lb., 7%®)5c; )ello\v eyes, per lb., 12c; dried peas, green, per lb , 9c; split yellow peas, iu 60 lt>. lings, per lb., 9c; white kolneys, per lb , lie. Beets—Fancy home-grown, per bu., $1,50. Bananas Extra fancy high grade fruit, 00®6Oc t*cr bunch; per lb., B®'s%c. Cabbage--Fancy Northern, per lb., 2c. Carrots Fancy home-grown, per bu., 1. Celery—Fancy Florida (4 doz. crate), per crate, $3.75; fancy Florida trimmed, p< r bunch. sl. Cocoanuts —Fancy, per doz., $1; per bag of 100, $5. Cranberries —Fancy C. C. Howes, per bbl.. $17.60 per bu., $6. Grapefruit—Extra fancy Florida (Blue Goose brand) Ills and 645, per box. $7; CJ.s, 70s and 80s, per box, $7.23; fancy Florlilas, 465, per box. $4; 545. per box, $4.50; 64s and 70s per box, $5; 80s, per box, $5. Lettuce—Fancy hothouse leaf, per lb., 22e; in barrel lots, per lb., 20c; fancy California Icebergs, per crute, $4 50. Oranges —California, all grades, $3.50@ 6.50. Onions—Fancy Indiana yellow or red, per 100-lb. bags, $14"; fancy Indiana w hite, per 100 ib. bags, $1.40. fancy Spanish, per basket, $2.50. I’arsley—Fancy large Bikes, per doz., sl. Potatoes Fancy Michigan and Wisconsin round'whites, per 150-lb. bag, $2.40; 5 or 10-lb. bugs, per bag, $2.35; fancy Idaho Gems, per bag, [email protected]. Radishes —Button, large bunches, per doz., $1; long red, per doz., 40c. Sweet Potatoes —Fancy Eastern Jerseys, per hamper, $3; fancy Indiana Nancy Halls, per hamper, $2.25- fancy Indiana Jersey, per hamper, $2.40. Spinach—Fancy, per large basket, $1.40. Turnips—Fancy washed, per bu., $1.50; per crate. $2.50. Kale Fancy, per barrel, $2.25. Cauliflower —Fancy California, per crate, $2.75. Oyster Plant —Fancy, per doz., 50c. Leek—Fancy, per doz., 35c. Sage—Fancy, per doz.. 45c. Rutabagas Fancy Canadian, per 50 lbs., $1; per 100 lbs., $1.75. Peppers —Fancy, per small bask t, TBc. Kumquats —Fancy Florida, per qt., 25c. Tangerines—Extra fancy Florida*, 144s and liiOs, per box, $4/i0; 196a, per box, $4; 2165, per box, $3.59. Lemons —Extra fancy Callfornlas, 300s. per box( [email protected]. Sassafras Bark—Per doz., 40c. Grapes —Fancy Imperial Malagas, per keg, sl3® 14. Strawberries—Fancy Florida, per q% 75c. WAGON WHEAT PRICES. Indianapolis flour mills and elevators today are paving $1.70 for No. 1 red wheat, $1 67 for No. 2 wheat and $1.64 for No. 3 red.

Marriage Licenses Jay Robbins, 242 McKirn st 27 Alma Herrick, 245 Detroit st 19 Herbert Gerard, Ft. Benjamin Harrison 37 Stella Myers, Elwood, Ind 32 Joseph 7Ax, 1922 S. Meridian st 28 Martha Thompson, 2266 S. Union st... 19 Alex Cohen, 663 E. Twenty-Fifth st.. 83 Anna Kline, 1126 S. Capitol ave 29 Dennis Offultt, 1922 Yandes st 22 Cleopatra Bowden, 2057 Yandes 5t.... 21 Floyd Poppenliaus, 2159 College are... 21 Ka Miller, 2829 Cornell ave 19 Frank Moody, 2907 Parkway bird 44 Mamie Van Wedding, f.907 Parkway blvd 43 Births’ Roy and Petish McGowen, 1445 MoLain street, boy. Gaines and Eugenia Taylor, 437 W. Seventeenth street, girl. Roy anil Gertrude Wikoff, 547 N. Holmes avenue, boy. John and Naillue Bell, 1252 Lee street, girl. James and Myrtle Cline, 1206 W. Market street, boy. Veneent and Josephine Caroselll, 1212 Edgemont avenue, boy. , Thomas and Margaret Blackwell, 2002 E. Washington, boy. Freil and Mildred Rawlings, 1303 E. Vermont, girl. Edward and Minnie Spicer, 935 N. Sheiffieid avenue, boy. Fred and WUhelmina Wellman, 925 S. New Jersey street, girl. James and Florence Kesterson, 524 E. * Orange street, boy. Edward and Mattie Williams, '4lB W. Fifteenth street, girl. Isum ansi Violet Albertson, 1827 W. Morris street, boy. William and Marie Gehrleln, 3019 Barnes avenue, boy. Lawrence and Alma Deer, 518% N. Pine street, boy. Ariic and Bernice Overton, 610 Shelby street, boy. _ Sherman and Joyce Franklin. 421 S. Pine street, boy. Clarence and Elnora Ilebble. 1740 Hall Place, boy. William and Carrie Howland, 2t>4o Roosevelt, boy. James and Ola Minor, city hospital, girl. Edgar and Lillie Ford, city hospital, boy. Claude and Cleavey Barker, city hospital, boy. Perry and Esther Jenkins, city hospital, \>oy. j..seph and Bernice Boeder, Mathodist Hospital, boy. I '-wis and Rosa Malcolm, Methodist Hospital, girl. G ilbur and Margaret Chapman, Methodist Hosiptal, girl. Ralph Had Elizabeth McDaniel, Methodist Hospital, girl. .ip.'i and Elf-uior Braytou, Methodist Hospital, girl. Raymond and Maurine York, Methodist Hospital, girl. William and Mary Draper, Methodist Hospital, girl Louis and Helen BlschofT, Methodist Hospital, girl Arthur and May Cocherell, 1009 west Thirty-Seventh 'street, boy. .1 allies and Email Basey, 1524 Villa ave ue. boy Ernest an*t Blume, 3'ifr> East Twenty-Sixth street, girl. Mefan and Maria Sinton, 426 West Maryland street. byDeaths Verona Ranseher. 70, 3834 North Delaware, acute gastritis Anna Dugan. 81, Little Slaters of the Poor, a* ute cardiac iliiatatii u. M.ssourl Bernard. '6. Oiuey and Mass-Hchu-etts avenue, fr.ictured skull (accidental). Mary Hartley Keefer, 45, Methodist Hospital, fractured skull (accidental). Martin Pies'.;. 65, lull West Vermont, catarrhal pneumonia. Howard I>. Weniiel, 33, 1024% Virginia avenue, pulmonary tuberculosis. Laura May Dolph, 55. 141 North Noble, pulmonary tuberculosis. diaries Scholl. S\ 2005 North Illinois street, acute cardiac dilatation. \\ illiarn II Nickerson, 69, Methodist Hospital, a* ute lliutuiion of heart. LucreUa Hamilton Cooke, 55, 1842 Ilooseie t. apoplexy. Eliza Ann Alsbaugh. . 131 East Six teenth street, urbrio sclerosis. John Thomas Horrell, 74, 208 West Morris, apoplexy. .7 Freeman K. Jessup. 45, 1133 Madison avehue, cerebral hemorrhage.

WE OFFER The Unsold Portion of an Issue of $100,000.00 FIRST PREFERRED STOCK OF THE WILKERSON-LYONS ENTERPRISES Par Value SIOO.OO Non-Taxable ' / ' Tliis issue is directly secured by real estate valued at more tban double the amount of this issue. The earnings of the company, based on past experience of the four theaters now owned and operated, and conservative estimates of profits on the new theater, now nearing completion at a cost of $181,000.00, are more than live times the dividend requirements of this issue. Provision is made for a sinking fund to take care of the retirement of this Preferred Stock on its maturity. Limited floating indebtedness, voting privilege, representation on the board, insurance and all other necessary provisions to protect the holders of this preferred stock, $ Maturities Now Available January 1, 1923, at 102 January 1, 1924, at 103 January 1, 1925, at 104 January 1,1926, at 105 Dividends at the rate of 7% per annum payable quarterly, retirement features make it practically an 8% investment. This issue is practically a first mortgage lieu. It is nontaxable in Indiana and exempt from the normal income tax. Security Trust Company, of Indianapolis, registrar and transfer agent. Legal approval of our counsel, Matson, Kane & Poss. Wire or phone your order at our expense. Wilbur A. Royse Investment Cos. Bth Floor Lemcke Annex. Indianapolis, Indiana.

BARLEYCORN, STILL LIVING, SINKS SLOWLY Friends Who Love Him Best Do Most to Make His Shadow Small. TAX OFFICIAL’S REPORT By FREDERIC J. HABKIX. WASHINGTON—John Barleycorn, a* yon may possibly have noticed. Is not yet entirely dead In this country, but he Is dwindling In bulk day by day like a hunger striker. And the traglo part of It Is that the very ones who love him best are doing the most to make his shadow small. Some little nourishment they manage to bring him once in a while, but for the most part it is , with him a case of much going out and little coming in. This is confirmed by some facts and figures we just got exclusively from the Internal Revenue Department. The Revenue Department recognizes four chief resources by which John Barleycorn Is kept alive In this country. The first of these is the liquor, mostly whisky, held in bonded warehouses in this country; the second is the pure ethyl alcohol which Is manufactured in large quantities ostensibly for industrial purposes; the third Is the importation of liquor across the Canadian and Mexican borders and at seaports, and tbe fourth is the making of various kinds of alcoholic bever)ges in the homes of citizens. With this latter phase of the problem most of those entrusted with the enforcement of the law seem to Think they have nothing to do. “The law never Intended us to enter a man’* home,’’ said one lawyer connected with the enforcement of prohibition. This was not an official statement, no one made for quotation, but it seems to represent the view taken by most of the Government lawyers. They consider that the law is designed to prevent the commercial traffic in alcoholic beverages, and its manufacture for use in that traffic. It Is to the enforcement of this that they are bending their energies. Take first the ease of the whisky In bonded warehouses. In 3910 there were about 232.000,060 gallons of distilled spirits other than fruit brandies in our bonded warehouses. The end of 1920 sees but 53,000,000 gallons left In the warehouses. Furthermore, during 1920, there were 23,000.000 gallons of tax-paid withdrawals -that is. that amount was withdrawn for use la this country. During the same year 33,0"0,000 gallons were withdrawn for export. At that rate, another year would see all of the whisky in bonded warehouses either distributed in this country or exported. It is evident that this residue of whisky will not long be with us. It will be with us longer than the 1920 withdrawal figures would indicate, however. The striking tiling about those figures is that 23.000,000 gallons were drawn for consumption in this country. That is nearly 2,000,000 gallons a month. It is about a fourth as much whisky ns we were consuming before prbhibition went into effect, rif course, it was all used on doctors' precriptions. There certainly was a lot of sickness last year. But that easy flow of whisky from the bonded warehouses has met with a check. It has been checked by the simple method of s ruling from the Internal Revenue Department that transfers of liquors from one wholesaler to another will no longer be approved. The wholesaler must now dispose of his.liquor direct to the druggist, or other authorized retailer or user.

ud this ptaw amt bs tos t* dsst nermlt. This rnSag mol tot* cffSet ta Asgvss 1920. In July, 1926, tha withdrawal* whisky aloca from bonded warahooei for naa In this country were almost twi million gallons. In October, 192* whee the new ruling had been in effect s tert montha, they had dropped to leu thai| one million gallon* for the month. Ami there la evidence of a still further de*i crease for the future. The evident fact is that tn transfers of liquor from on* wholesaler to another, some of It went aatray. The bareai* could not possibly keep track' of all of It. Thus the flow *f whisky from th# bonded warehouses la dwindling. Bn| this warehouse liquor la a limited supply, which will only be a substantial factor in the situation for a few yeard anyway. A far more difficult problem for tbS law enforcement division 1* presented by 1 the manufacture of ethyl alcohol for industrial purposes. During 1920 about 80,000,000 gallons of distilled spirits werst manufactured in the United State*. Dia- 1 tilled spirits in this case means mostly ethyl alcohol of high proof. It is not supposed to be a beverage, but it is the basis of every alcoholic beverage. The bootlegger colors It and flavors It and sells it as whisky. By the addition of certain essential oils It may be made, into a gin which is hardly distinguishable from real gin. In fact, there are formulas for the making of almost ail liquors with proof spirits as a basis. Most of the liquors sold over bars of tha cheaper sort before prohibition were thus synthetically made, and there is In the Library of Congress a large literature bearing such titles as “The Barkeeper’s Friend’’ and the “Secrets of the Liquor Business,” telling how to make everything from rye whisky to the rarest imported liquors in the room behind tha bar. As long as good proof ethyl alcohol le manufactured in large quantities, therefore, it Is hard to prevent some of It from being drunk. All is purchased tow some non-beverage purpose, but it Is impossible for any merely human organization to be sure that it is all used for nonbeverage purposes. The only method which has been suggested for preventing the use of this proof spirit for drinking is that of enforcing a ruling or law that all of it must be mixed with some other Ingredient which will make it non-potabLe, before It leaves te distillery. It Is understood that somo of the prohibitionsts sought to have the Internal Revenue Department make a ruling to this effect. But it seems that the lawyers of the bureau did not care to make such a ruling. They felt that further legislation from Congress was necessary. Accordingly, It is understood that the prohibitionists will seek to have Congress pass a law which will provide In effect that all alcohol manufictured for industrial use must be made poisonous before It leaves the distillery. Several difficulties present themselves. For one thing, pure ethyl alcohol Is necessary for some purposes. For another thing, many manufacturers have seciet formulas which they would have to divulge to the Government In order that the Government might doctor their alcohol in the right way. The whole problem probably will be put up to Congress. r* DOVE BRAND HAMS fHaye a Tasta You Gaa’t Forget