Indianapolis Times, Volume 34, Number 101, Indianapolis, Marion County, 7 September 1921 — Page 10

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MARKET MORE RESPONSIVE TO BRIGHTER NEWS Mexican Petroleum Makes Chief Advance on Adjustment Prospects. PRICES IN UPWARD TURN Special to Indiana Daily Times and Philadelphia Public Ledger. By MONITOR. iNHxT TORK, Sept. 7. —Prospect of id adjustment of the Mexican oil situation, as set forth In the press dispatches furnished a bullish fillip for Tuesday's market and pare it the impetus'for an, adranco that carried prices up considerably orer the close of Friday Part of these [Cains, which by the way were quite gen|eral, were lost before the close, but the .recession might be set down to profit [taking, on operation quite natural unIder the circumstances. Profits have been pare on the long side of the market rel*enUy and buyers showed both their taution and their cupidity in attempting K obtain the.n while they were In sight. ■ The chief advance, of course, occurred ■ the Mexican oil shares, particularly Petroleum. The improvement, covered n very brofid range, In the steels sugars, coppers, fershares and some of the rails. The stocks were helped materially ejß the rise in cotton, which reflects greatH increased buying and debt paying Several of the fertilizer compa ties have been hard hit hr poor col lections In the South, and their position, no doubt, is improved as a result of the changed status of cotton. The outlook for the settlement of the Mexican oil embrogiio injects another favorable factor into the situation. Asa matter of fact the market appears to be more responsive to favorable news than it has for many months. For a long and trying period the bears hare been searching for “weait spots" to exploit and it would not be surprising if attention now should he turned to looking for stocks that might be influenced by early signs of improving conditions. It wag reported that one of the leaders of the bear group had reversed his stand on the market. It may be weeks or months before the rank and file follows suit. The incident is valuable, nevertheless, as indicating a turn in the tide.— Copyright, 1921, by Public Ledger Company.

Wall Street Gossip. By Monitor. The steel stocks which have been laggards in the recent upswing were aggressively strong Tuesday. United States Steel and Bethlehem Steel being the lends in strength and activity. They were-helped by an interview by Chairman J. B. Kennedy of the Brier Hill Steel Company who said: ••Wo will see slightly better conditions this month and during the last quarter of the year a gain of about 10 per cent in operations. Before the first hßlf of 1922, I expect to see the steel industry operating at 60 per cent of capacity and on the road to further expension." On the announcement over the holidays that an agreement had been reached between the American representatives of the oil companies and the Mexican Petroleum up four points and within a very few minutes had advanced 2% more. Pan-American Petroleum, General Asphalt and Koval Hutch were affected sympathetically by the strength In Mexican Petroleum. This was the only news development of the day to affect the stock market directly. Little attention was paid to the reduction of SIOO a car announced by tne Chevrolet Motor Company. The stocks of the automobile while strong, did not show the buoyancy that was manifest ♦lsewtere in the list. For the first time in a year, the weekly statement of the Reirhsbank showed s reduction in Its holdings of bullion. The bank reported a loss of ©x.CDO.OOO of gold marks, and of 67,600.1100 silver marks. This is believed to be due to the recent reparations payments. Directors of several companies acted on dividends, among them being the R. J. Reynolds Tobacco Company, the quarterly payment of 2 per cent on the common and 1% per cent on the preferred being authorized. Directors of the Owens Bottle Company declared the quarterly dividend of fiO cents on the common and $1.75 on the preferred. The quarterly dividend of $1.50 was declared by the directors of the Kelly Springfield Tire Company.

One of the very few went stocks in the day's market was United Drug, which was sold on the expectation that when the directors meet at the end of this week they will pass the dividend. Os the specialties, American Cotton Oil was helped particularly hv the spectacular advance in the cotton market during the morning. This advance will improve the inventory position of the company, it is said in quarters familiar with its affairs, and at the same time liquidation of cotton loans will increase the buying power of the South. A report was published on one of the news tickers tiist orders have been placed for coppFr metal. September delivery, at 12% cents. On the strength of this re port, which wat confirmed, copper stocks were taken in hand and advanced 1 to 2 points for the more active issues. fn common with the rest of the list, profittaking in the late afternoon shaded these gains. The reduction in the number of stocks on which a pre: linm is charged is notable. Ten days ago there were twentyfive issues watch commanded a premium for loaning purposes. A week ago this list had been reduceu to fifteen, while last night there was only one stock. Crucible Steel, for which a premium is enforced. This is 1.64. —Copyright, 1921, by Public Ledger Cos.

In the Cotton Market

NEW YORK. Sept. 7.—The cotton market continued its wild course upward at toe opening today and on the call values rose 130 to 172 points above the previous close. Dealings were so heavy and general that It was impossible to absorb any special feature except that possibly the South was a heavier seller this morning and there was a tremendous amonnt of liquidation which was absorbed by new buyers. Th market at Liverpool also was a wild affair and exceedingly strong earlier, but turned suddenly weak and at the time of the opening here had broken 95 points from the top, equal to 190 American points. The unloading movement here gained headway after the start and at the end of the first 15 minutes the list was off about 23 points from the top. New York cotton opening: October. 21.00 c; December. 21.61 V ; January. 21.-W; March, 21.90 c; May. 22.30 c; July. 22.25 c. The market broke severely in the late afternoon, all the active positions falling 200 points from the forenoon high. The decline was halted by the operate nos the exchange rule limiting the •nailmum fluctuation In any one day to 200 points. The close was weak at a net decline of 12 to 48 points. COTTON FUTURES. Open. High. Low, Close. •Tanniff 21.30 21.75 19.75 1975 March .• 21.90 22.12 20.12 2012 Mav 22 30 22.39 90.38 20 38 July 22.25 22.30 20.30 20.30 October • 21.00 21.50 19.50 19.50 Decern her'.'. VI -jo_ 21 .SO 19.80 19.80 Liverpool s ept - 7.—Spot cotton wax active at ’ the l openi i' ,? tod *- T > wlth rrices showing str^ K Sales were close tfc American middlingVi' fa s !f middlings, 1515d fun! 14 70d; jnddhnls. 14.23d : VftSV ordinary, 12.403* ordinary, 11.63d. Future* opened stru >n *'

Cotton Prices Leap NEW ORLEANS. Sept. 7—For the first time in the history of the Real cotton markets all months opened $lO a bale above the close of yesterday. This is the limit of a raise in prices allowed in a day by the New Orleans Cotton Exchange and brokers and others fought like wild men to buy as soon as the market opened.

N. Y. Stock Exchange

—Sept. 7 Prev. High. Low. Close, close Aliied Chem... 38(4 88% 58% 375* Ajax Rubber... 20% 20 20 20% Allis-Chalmers . 33V* 83>4 33%, 53% Am. Agri 3D* 33 34 33 Am. B. Mag. C 0... 33 33 33 Am. C. & Fy. 127% 127 12714 126% Am Can 28 27% 27% 27V* Am.H. & L.eom 10% 10% 10% .... Am. Drug 4% 4% 4% 4% Am. In. Corp... 32 30%’ 31% 30% Am. Loco 88% 87 87% 87 Am. S. & Ref... 36% 36% 36% 36% Am. 6ng. Ret,.. 63 60% 62% 62 Am.S.Tob. Cos.. 47% 46% 47% 46% Am. Steel Fdy.. 24% 24 24 24% Am. Tel. A Te1..106% 106% 106% 106% Am. Tobacco... .123% 124 126% 124% Am. W001en.... 74% 72% 73% 73% Atl. Coast Line. 86% 86% 66% Ana. Min. C 0... 37% 37 37 36% Atchison 85% 85% 85% 85% Atl. Gulf & W.I. 27% 24% 27 25% Baldwin Loco.. 81% 79% 80% 80 B. & O SS4s 37% 37% 38 Beth. Steel <B*. 52 51 51% 51% Calif wr Pete-.. - 36% 36% 36% 37 Can. Pac. Ry... 113% 112% 113% 113 Cent. Leather... 28% 27% 28 27% Chandler Mot... 47% 44% 47 44 C. & 0 55 54% 54% C.. M. A St. P.. 26% *% 26% 25% C.M. A- St P.pfd. 39% 38% 39% 38% Chi. A- N. W... 65% 65% 65% 63% 0.. R. I. A P... 33% 32% 33% 32% C.R.I.AP.6Tepfd. 65 65 65 65 Chinlt Copper.. 10% 10% 10% 10% Chino Copper... 23 23 23 22 Cola Cola 35 34% .34% 35 Columbia Gas... 57% 56% 56% 56% Columbia Graph 3% 8% 3% 3% Cons. Gas 87% 8 87% B<% Continental Can. 41 39 39 42 Cosden Oil 26% 25% 25% 25% Corn Products.. 72% 69% 72% 69% Crucible Steel.. 60 58% 59 58% Cub. Am. Sugar. 14% 14 14 14% Cuba Cane sug. 8% 8% 8% 8% Del. A Hudson. 101% 98% 101% 98 Endicott 61% 61 61 61 Erie 13% 13% 13% Erie Ist pfd. ... 19% 19% 19% 18% Famous Plavers 5S 56% 57% 56% Fisk Rubber Cos. 10% 9% 10; 10 General Asphalt. 50% 48% 49% 48 Gen. Electric. 124% 123% 124% 123% Gen. Motors... 10% 9% 10% 10 Goodrich 32% Gt. North, pfd. 74% 72% 74% 73 Gt. North Ore. 281, 28% 28% 28% Gulf States S. 38% 35 Vi 38 35% Houston 0i1... 50% 48 50 48 Illinois Central 95% 95% 95% 95% Inspiration Cop. 34 33% 34 33% Interboro Corp. 2% 2% 2% 2% Invincible Oil.. 9% S% 9 8% Inter. Harvester 80 78 79% 75% Inter. Nickel.. 13% 13% 13% 13 Inter. Pape r.. 45% 44 45% 44 Island Oil A T. 2% 2% 2% 2% Kan. C. South. 26% 26 26 25% Kelly-S. Tire.. 41% 40% 40% 40% Kenneeott Cop. 19% 19% 19% 19% Lacka. Steel.... 40% 39% 40% 40 Lehigh Valley. 52% 51% 52% 51 Lee Tire 25% 25% 25% 25% Loews. Inc. ... 13% 12% 13% 12% L. & X 109% 100% 109% Marine Com. .. 10% 10% 10% 9% Marine Pfd. ... 45% 44 45 45% ! Mex. Petroleum 115% 109% 114% 100% M. States OIL. 12 11% 12 11% M. Steel 24% 24% 24% 24% Missouri Pac. . 19% 18% 19% 19 M. Pac. Pfd. . 38% 37-; 38 37% National Lead 75% 75% 75% 73', X. Con Copper 10% 10% 10% . ... | N. T. Central. . 72% 71% 71% 71%; New Haven ... 16 15% 16 15% Nor. A West. .. 95% 95 95% 95% ! No. Pacific 79% 73 76% 73% Ok P. &R. Cos. 1% 1% 1% 1% Pacific Oil ... 36% 35% 36%% 35% Pan-Am. Pet. .. 51 48% 49% 48% Penna Ry 38% 38 38% 38% People’s Gas ... 56% 56 56% 55% Pierce-Arrow .. 13% 12% 12% 12 Pere Marq 19% 19% 10 19% Pittsburgh Coal. 57% 57% 57% 58 Pr. Steel Car... 55 54 55 54% Pull. Pal. Car .. 95 94% 95 95 Ry. Steel Spgs.. 82 80 82 80 Pure Oil 25% 25 "5% 12% Reading 69% AB% 68 \ 67% Rep. I. A S ... 48% 48 48 48% Replogle Steel . 24% 22% 22% 24% Ryl. D. of X. Y. 51% 50% 51% 50 Sears-Rbk 69% 66% 68% 66% Sinclair 20% 20% 20% 20 S.-Sheff. g.&1.... 36 35 36 35 So. Pacific 78 77% 77% 77 Southern Rv 21% 20% 21% 20% St.L. A S.W Rv. 29 25% 25% 25 Stand.O. of N. J. 136 136 139 135% St.L A S.F.com 24 23% 23% 23% Studebaker 75% 73% 74% 74% Tenn. Copper 8% 8 8% 7% Texas Cos 36% 39 39 36% Texas A Pacific 24% 23% 24 24 Tob. Prods 69 67 % 68% 68 Trans. Oil 9 8 8% 7% Union Oil 18% 18 is ~ 18% Union Pacific . 120% 119% 120% 119% United R. Stores 54% 53% 54% 54 U. S. Food Coro. 17% 19% 17% 17% United Fruit C 0.106% 106 109% 109% United Drug 50% 48% 48% 50 U. S. Ind. Alco.. 47 4Y 47 40% U. 9. Rubber... 49% 47% 48% 48% U. S. Steel 77 75% 76% 76 U. S. Steel pfd. 109% 109 109% 109 Utah Copper 49 47 47% 47% Vanadium Steel. 31% 30% 30% 31 Vir -Car. Cbem. 3.1% 31 31% 30% Wabash 7% 7% 7% TVs bash Ist pfd 20% 20% 20% 20 White 011 9% 8% 8% 8% Western Union 82% 82% 82% 83 West. Elec. .. 45 44 44% 44 White Motors . 3.3 32% 3.3 32% W.-Overland .. 6% 6 6 6% W. Pump 38% 37 38 37

NEW 3 OKK LIBERTY BONDS. —Sept. 7 Prev. High. Low. Close, close. Libery 3%*.... 57.54 87.36 87.40 87.50 Liberty Ist 4s 87.'16 Liberty 2nd 4s 87.80 87,80 Liberty Ist 4',< s 87 90 87.82 87.90 87.82 Liberty 2nd 4%s 87 94 87 82 87.88 87.82 Liberty 3rd 4%s 91.98 91.90 91 96 91 88 Liberty 4!h 4',4s 88.00 87.92 87.9 87.92 Victory S*i 99.06 08.98 99.06 99.00 Victory 4%s 99.06 98.96 99.06 99.00 CHICAGO STOCKS. (By Thomson A McKinnon) —Sept. 7 Open. High. Low. Close. Armour pfd 90% 91% 90% 9144 Carbide A Car. 45% 46% 45% 46% Libby 8% 8% 8% 8% Montg.-Werd. .. 18 18% 17% 18% National Leath. 7 .’ Sears-Roebuck. 66 68% 60 68 Stewart Warner 24'5 24% 24% 24% Swift ACo 97 98% 97 98% Swift luter 23 24% 23 24 NEW YORK WOOL. NEW YORK, Sept. 7.—Trade in wool was again dull In trade on the market here today. Domestic fleece, XX Ohio, was quoted at 23@38c per pound; domestic pulled, scoured basis, at 18@67e. and Texas domestic, scoured basis, at 40<g75c. NEW YORK HIDES. NEW 1 ORK. Sept. 7.—Hide values were unchanged on the market here to day. Native steer hides were quoted at 13%c per pound and branded steer hides at 13c. NEW YORK PETROLEUM. NEW YORK, Sept. 7.-“-Petroleum prices were steady on the market here today. Pennsylvania crude oil was quoted at $2.25 a barrel. NEW YORK METAL MARKET. 'NEW YORIv, Sept. 7. —Copper—Quiet: spot to October, offered ll%c. Lead— Steady; spot, September and October, offered [email protected]%c.. Spelter—Quiet; spot, September and October, offered 4.158/ 4.25 c. CLEVELAND PRODUCE. CLEVELAND, "Sept. 7.—Butter—Extra, tubs. 45@43'/jc : prints, 46®47e; extra firsts, 44®44%e; firsts. 40®46%e; sec onds 348136 c; packing stock. 19®20c. Eggs—Fresh gathered northern extras, 40c; extra firsts, 39c; Ohio firsts, new cases. 35c; old cases. 34c; Western firsts, new cases, 33c. Poultry—Live fowl*, heavy, 26®27c; light fowls, 20<g21c: rooster*. 15c; broilers, 20@23e; live spring duck*, 20@24c. Potatoes-Jersey, $4 a sack. v

STOCK MARKET CLOSES STRONG Studebaker Loses 1 Point in Late Dealing. NEW YORK, Sept. 7.—The stock market closed strong today. There was some reaction from the high levels ni the late dealings. United States Steel yiekled from 77 to 76%. followed by a recovery 76%, while Baldwin Locomotive reacted over l point, to 8(1%. Northern Pacific was in demand, moving up Northern rose nearly 2 points to 74%. Trans continental lost all of its gain, reacting from 9 to S%. Studebaker fell 1 point to 75, and Mexican. Petroleum yielded over 2 points to 114%. • Total sales of stocks were 636,000 shares ; bonds, $12,822,000. —Sept. 7 During the early hours of today's market session the volume of business was moderate. There seemed to be an absence of public interest that we bad yesterday. There was just a little irregularity in fluctuations. Here and there some profittaking made some impression, but at no time was there any indication of weakness, as offerings were not free, these being just a little doubt as to the permanency of the improvement. But as the day progressed, the market broadened under the leadership of Mexican Petroleum and it did not require any unusual demand to advance values. Such action as was witnessed today, will be a common occurrauce during the months to come. It would be no more than natural to expect frequent recession, espacially until we have reached that stage where the buying will be on a much larger basis than is Justified at this time. Each day we see and hear of improving conditions of one industry and then another and with rising prices of commodities and foodstuffs, it will not take long for the public to again acquare the habit of buying what they want and this buying coming from a vast population spoh as we have, will, in Itself, be sufficient to keep the wheels of industry in motion. in addition to this we have today a banking situation tha assures an ample supply of funds for all needs. We look forward with confidence and expect a gradual steady rise in values. TWENTY STOCKS AVERAGE. NEW YORK, Sept. 7.—Twenty industrial stocks averaged 69.12, up 1.12 per cent. Twenty active rails averaged 72.10. up .33 per cent. CLEARING HOI SE STATEMENT. NEW YORK, Sept. 7.—Exchanges, $633,100,000; balances. $51,100,000; Federal Reserve Bunk credit balances, $40,800,000.

Money and Exchange

Indianapolis bank clearings Wednesday were $2,749.000. against $2,184,000 for Wednesday of the week before. NEW YORK, Sept. 7 —The foreign ex change market opened firm here this morning. Demand sterling was %r high er at $3.70%. Francs rose 1 centime to 7.62 c for cables and 7.61 c for checks. Lire were unchanged at 4.33 c for cables and 4 32c for checks. Belgian francs were 1 centime higher at 7 48c for cables and 7.470 for checks. Guilder cables were 31.60 c; checks, 31.58 c. Sweden kronen rallies were 21.40 c; checks, 21.35 c. Murks were 1.05 c. NEW YORK C ALL MONET. NEW YORK, Sept. 7. —Money—Cull money ruled 5% per cent; high 5% per cent; low, 5 per cent. Time rates steady all 5%®'6 per cent. Time mer cantlle pa[ier steady. Sterling exchange was steady, with business in bankers’ bills at s3.7l** for demand. MOTOR SEVERITIES. IBy Thomson A McKinnon.) —Sept. 7 —OpeningBid. Ask. Briscos 8% 10 Packard com 6% 6% Packard pfd. .. 60% .... Peerless 30% "1 Continental Motors com 5% 5% Reo Motor Car 17% 20 International Motor com 30% 80% National Motors 2 5 Paige Motors 14 14% Republic Truck 9 10% ACTIVE OIL STOCKS. (By Thomson A McKinnon.) —Sept. 7 - OpeningRid. Ask. Anglo Am*riean Oil 15 15% Atlantic Refining Lobos 9% 10% Borne-Scrymser 345 360 Buckeye Pipe Line 81 S3 Chesebrough Mfg. Cons 145 165 Continental Oil. Colo 108 111 Cosden Oil and Gas 4% 0% Crescent Pipe Line. 26 Cumberland Pipe Line 115 120 Elk Basin Pete 5% 6 Eureka Pipe Line 74 77 Gal-na Signal Oil. pref S3 86 Galena-Signal Oil, com 32 34 Illinois Pipe Line l.Vi 153 Indiana Pipe Line 73 77 Merritt Oil 7 7% Midwest (iil 2 2% Midwest Rfg 130 140 National Transit 24% 25% New York Transit 112 147 Northern ripe Line 83 87 Ohio Oil 222 275 Penn. Mex. IS 20 Prairie Oil and Gas 415 426 Prairie Pipe Line ISO 184 Sapulpa Rofg 33% Solar Refining 335 350 Southern Pipe Line 71 74 South Penn Oil 168 172 Southwest Penn Pipe Lines.. 50 54 Standard Oil Cos. of Ind 60% 70 Standard Oil Cos. of Kan 525 540 Standard Oil Cos. of Ky 375 385 Standard Oil Cos. of Neb 145 150 Standard Oil Cos. of N. V 322 325 Standard Oil Cos. of Ohio 360 370 Swan A Finch 30 35 Vacuum Oil 240 045 Washington Oil 23 28

NEW YORK Cl RB. (By Thomson A McKinnon.) —Sept. 7 —ClosingBid. Ask. Curtis Aero com 1% 3 Curtis Aero pfd in 15 Texas Chief 7 12 Imp Oil 8% 9% First National Copper 45 60 Goldfield Con 50 70 Havana Tobacco 1 1 % Havana Tobacco pfd 4 6 Central Teresa 1 1% Jumbo Extension 4 6 International Petroleum 10% 10% Mplsslng 4% 4% Standard Motora 4 5 Salt Creek 9% 10% Tonopah Extension 1% 1% Tonopah Mining 1% j ij. United P. S. new 1% 1% U. S. Eight and Heat 1% 1% U. S. Eight and Heat pfd.... 1% li. World Film 0 12 Yukon Gold Mine Cos 1 1% Jerome it 17 New Cornelia 12 14 United Verde 21 23 Sequoyah 10 15 Omar Oil 86 88 Rep. Tire 15 25 Acme Pkg 1% 1% NEW YORK RAW SUGAR. NEW YORK, Sept. 7.—Tli—ro was mi unsettled tone to trade in raw sugar on the market here today. Prices were generally steady, Culms being quoted at 4.61 c per pound, duty paid, and Porto Ricos at the same figure, delivered. NEW YORK REFINED SUGAR. NEW YORK, Sept. 7.—Trade in refined sugar wus quiet on the rna’ket here today. Fine granulated was quoted at s.9oe per pound. NEW YORK COFFEE. NEW YORK, Sept. 7.—Coffee Talues were steady in trade on the exchange here today, with opening options 1 to 4 points lower. Rio No. 7, on spot, sold at 7%@7%c per pound. NEW YORK RICE. NEW S',ORK, Sept. 7.—There was a | >od demand for rtcc in trade on the I change here today. Values were steady ti strong, with domestic quoted at 3%@ 7%c per pound. NEW YORK TURPENTINE. NEW YORK. Sept. 7.—Turpentine prices were firmer on, the market here today, selling at 67c per gallon. ’ *

INDIANA DAILY TIMES, WEDNESDAY, SEPTEMBER 7,1921.

New York Bonds

(By Fletcher American Cos.) FOREIGN GOVERNMENT BONE 3. —Sept. 7 Bid. Ask Arg. (Unlisted) (is. Sept. 1, ’45 64% 65% Belgian 6s, Jan. 1, ’25 05% 95% Belgian 7%5. June 1, ’45 102% 103 Belgian Bb. Feb. 1, ’4l 101 101% •Belgian Rest. ss, Opt., ’34 66 70 Berne Bs, Nov. 1, 45 ’ 90% 100% Chile 88, Feb. 1, %1 98% 99 Chinese (H.Ry.) ss, June, ’sl. 48% 49 Christiania 8s Oct. 1, ’45 99% 100% Copenhagen 5%5, Julv 1, ’44 ... 79% 80 Danish Mun. Bs, Feb. 1. ’46... 101 ii 102 Denmark Bs. Oct. 15, ’45 102% 103 •Canadian ?%s, Dec. 1, ’22 22 89% •Canadian 5%5. Nov. 1, 23.... 87 % 88% •Canadian 5%5, 1, ’24 86% 87% •Canadian Bs, Deo. 1, ’25 84 % 86 Canadian ss. April 1, ’26 93% 93% •Canadian 5%5, Dec. 1, ’27 87% 89 Canadian 6%5, Aug. 1, ’29 93% 94% Canadian ss, April 1, ’3l 87% 90% •Canadian 6s, Oct. 1, 31 82% 84% •Canadian 5%5, Nov. 1, ’33... 87 88% •Canadian 5%5, Nov. 1, ’34 84% 85% Canadian ss. March 1, ’37 86% 87% Canadian 5%g, Dec. 1, ’37 88% 89% •French (Vic.) ss, Opt., ’31.... 61 62 •French 4c, Opt.. ’43 48 50 •French (Prern.) ss, Issue ’2O. 71% 72% •French 6s, Opt., ’3l 72 73% French Bs. Sept. 15, ’45 100% 101% •Italian (Trs.) os. April 1, ’25 41 43 •Italian (Warl 5s 32 33 Jap. (Firstl 4%.5, Feb. 15. ’25. 86% 87 Jap. (Second) 4%5, July 10, ’25 86% 87 Jap 4s, Jan. 1, ’3l 72 72% Norway 8s Oct. 1, ’4O 103% 104 Paris 6s, Oct. 15, ’2l 99% 100 Russian 6%5, June 18, ’19.... 14 17 Russian 5%5, Dee. 1. *2l 13 17 •Russian 5%5, Feb. 14, ’26 4 6 San Paulo Bs, Jan. 1, ’36 97% 97% Swedish Gs, June 15, ’39 87 % 88% Swiss, 5%5, Aug. 1, ’29 90% 90% Swiss Bs, Julv 1, ’4O 106 106% U. Iv. 5%5, Nov. 1, ’2l 90% 100 U. K. .*■/. s, Nov. 1, ’22 ’.>B% 98% U. K. 5%5, Aug. 1, ’29 90 90% U. K. 5%5, Fet.. 1. ’37 88% 89% •U.K. (Vic.) 4s. Issue ’19...275 290 •UK. (War) ss, Oct. 1, ’22..369 387 •U.K.(War) 3s. Feb. 1, ’29. .358 368 Zurich Bs, Oce. 15, ’45 100 1*70% Brazil Bs, 1941 99 % 99% French 7%5. 1941 96 % 9674 Dominican ss, 1938 91 91 Dominican ss, 1958 79 82 •Internal Loans. COPO RATION BONDS. —Sept. 7 Rid. Ask. Alum. Cos. of Am. 7s, Nov. ’25 97% 99 A. Cotton Oil 6s, Sept. 2, ’24 90% 91% Amer. Tel. 6s, Oct. ’22 99 99% Anier. Tel. 6s, Feb. ’24 98% 98% Amer. Thread 6s. Dec. ’28.. 97 97% Amer. Tob. 7s, Nov. ’22....100% 101%l Amer. Tob. 7s, Nor. ’23 100% 101% Anaconda 6s, Jan. ’29 88% 8(1% Anaconda 7s, Jan. ’29 94 94% Anglo-A. Oil 7%5, Apr. ’25.. 100% 100% Armour 7s, July 15, ’3O 98 % 98% Atlantic Ref. 6%5, Mch. ’3t. .02 102% Bell Tel. of ('an. 7s, Apr. ’25 08 69 Beth. Steel 7a, July 15, ’22. 99% 100% Beth. Steel 7s. Julv 15, ’23.. 99 % 99% Can. PaoUc Gs. Mch. 2. ’24. 97% 99% Cent. Arg. By. 6s, Feb. ’27 . 83 84 C. Ft. I. & P. 6s. Feb. ’22.. !*♦% 99 Con. Gas Bs, Dec. "21 100 100% Copper Exp. Bs, Feb. 15. ’21..100% 101% Copper Exp. Bs, Feb. 15. ’23.100% 101 Copper Exp. Bs, 13, ’24 100% 101 Copper Exp. Bs, Feb. 15. "25.. 101% 101% Cudahy 7s, July 15, ’23.... 99% 100 Fed Sugar Cs. Nov. ’24 95% 96% Goodrich 7s, Apr. ’25 91% {*<>•% Gulf Oil 6s, July ’23 97 % 97% Gulf Oil 7s. Feb. ’23 98% 99% Hocking Yal. 6s, Mch. "24 93% 94% Humble 011 7s. Mch. 15. 23.. 97 97% lilt. It. T. 7s. Sept. ’2l 74% 75% K C Term 6s. Nov. 15. '23 98 1*9% Kenn. Copper 7s, Feb. '30.. 92 % 92% Laclede Gas 7s, Jan. ’29.... 90% 91% Llg. A Myers 6s, Dec. ’21.100 100% Phlla. Cos. 6s, Feb. ’22 100% 100% Proctor A (4. 7s. Mch ’22..100% l*il% Proctor A G 7s, Mch ’23 li% 101% Pub Ser N. J 7s, Mch. ’22. 96% 97 R. J. Reynolds 6s, Aug ’22. . i‘9% 100% Rears Roebuck 7s. Oct. 15. ’2l 99% 100% Sears Roebuck 7s, Oct. 15. ’22 99% 99% Sears Roebuck 7s. Oct. 15, ’23 97% 97% Sinclair 7%*. May 15. ’25 91 91% Rolvay A Ole 9s, Oct. ’27 . 99 HO Southern Ky. 6s, Mch. ’22 . 98% 99% R. W. Rell Tel. 7s. Apr. ’25 97% 97% Stand. >ll (Cal 1 7s. Jan. ’3l 103% 104 R. oil <N. V i 7s, Jan. ’25-’3l 102 105 Rt. P. U. D. 5%5, Dec. 13, ’23 97% 97% Swift, 7s, Oct. 15, "25 98 99% Texas Cos. 7s, Mch. 1, "23... 99% 100% Utah Sec. 6s. Sept. 13. ’22... 9"% 91 Walfbam Watch Ss, Aug ’24. 96 Western El. 7s, Apr. ’25...100% 100% Westiughouse 7s. May, ’31.101% 101%

Local Stock Exchange

Sept. T - STOCKS. Bid. Ask Ind. Rv. A I.ight coin 60 Ind Rv. A Light pfd 70 Indpls. A N W pfd Ind pis. A S. E. pfJ Ind pis. St. Ry 34 41 T. H . T. A Light pfd 73 T H . LAE. com 5 T H . I A E. pfd 15 U. T. of Ind. com 1 U. T. of Ind. Ist pfd 7 U T. of Ind. 2d pfd 2 Advance-Homely com 10% ... Advance-Runiley pfd Am. Central Life 235 Am, Creosoting pfd 90 Belt R R. com 52 62 Belt K R pfd .. 42% 49 Century Bldg. Cos. pfd 90 Citizens Gas Cos 20 25 Dodge Mfg. Cos. pfd 89% ... Home Brewing 52 Ind. Hotel com 55 Ind. Hotel pt'd 93 Ind. Nat. Life Ins. Cos 3% 5 Ind, Title Guaranty Cos 59 69 Ind Pipe Lines 72 78 Indpls. Abattoir pfd 40 50 InUpls. Gas 40 50 Indpls. Tel. Cos. com 2 Indpls. Tel. Cos. pt'd 90 Mer. Fob. Util, pfd 40 ... Nat'l Motor Car Cos 2 5 Pub. Sav. Ins. Cos 4 Ranh Fertilizer pfd 40 Standard Oil of Indiana 69 71 Sterling Fire Ins. Cos.. 8 Van Camp Hdw. pfd 90 100 Van Camp Prod. Ist pfd 100 Van Camp Prod. 2d pfd 100 Vandalia Coal Cos. com 5 Vaudalin Coal Cos. pfd 7% Wabash Ry. com 6 BONDS. Broad Ripple 5s 50 Citizens St. Ry. 5a 64% 72 Ind. Coke A Gas 6s 97 Indian Creek Coal A Mine 100 Indpls. C. A South 5s 88 ... Indpls. A Martinsville 55.... 43% ... Indpls. A Northern 5s 37 43 Indpls. A N. W. ss. 45% ... Indpls. A S. E. 5s 45 Indpls. S. A S. K. 5s 70 Indpls. St. Rv. 4s 51 61 Indpls. T. X- T. 5s 67% ... Indpls. Cos. 5s 71 78 T. H., LA E. 5s 44 U. T. of Ind. 5s 47 *54 Citizens Gas Cos. os 71 79 Kokomo, M. A \V. 55.... 74 Ind. Hotel Cos. 2d 6s 93 Indpls. Light A Heat. 5s 73% 80 Indpls. Water 4%s 66 73 Indpls. Water 5.1 89% 92 Mch. H A L. 5* 85 95 New Tel. Ist Os 94 New Tel. L. D. 6s 93% ... Sou. Ind. Power 5* 97 LIBERTY BONDS. Liberty Ist 3%s 87.30 87.60 Liberty Ist 4%s 87.72 88.10 Liberty 2d 4%s 87.78 88.08 Liberty 3d 4%s 91.84 92.14 Liberty 4th 4%s 87.86 83.11 Victory 3%s - 98.90 !*9.10 Victory 4% 93.90 99.16 Government to Sell Trust Certificates

WASHINGTON. Sept. 7—The Administration may decide t place on the market $330,000,000 in car trust certificates now held by the Director General of Railroads as security for advances, as soon as the market can absorb them at par. Officials today had practically agreed to follow that course, if there is any serious delay when Congress reconvenes in enacting the railroad funding bill. Financiers have advised Administration leaders that the securities market is rad--I*ll y coming back to a 6 per cent basis. WHOLESALE BEEF PRICES. Tne following are today's wholesale market prices for beef cuts as *old on the Indianapolis markets: Ribs—No. 2. 23c; No. 3,18 c. Loins— No. 2,20 c; No. 3,15 c. Rounds—No. 2, 20c; No. 3,16 c. Chucks—No. 2,10 c; No. S. Sc, Plate*—No. 2,8 c; No. 3.7 c.

WHEAT REGISTERS SHARP ADVANCES Other Grains Are Higher in Sympathy. CHICAGO, Sept. 7.—Wheat closed strong and at sharp advances today. Other grains followed in sympathy. Best prices were not maintained as h,eavy realizing In the last few minutes eaTried values off fro mthe top. Wheat closed with gains of 2%c for September. December was 3%c higher and May 4c to 4%e advanced. September coin was %c to %e up; De- | ceinber %c advanced and May l%c higher. May oats were %c up: December %c higher and May l%c to l%c higher. (By Thomson A McKinnon.) —Sept. 7 Wheat—The foreign demand has temporarily forsaken the Lnited States. In ! fact, the seaboard reports resale of smal' 1 quantities. Winnipeg sees evidence of good business. Overnight milling dp mand here has been unimportant, the result being a decline in the basis of oasti i wheat of from %c to lc on the better grades and 4c to 5c on the lower grades. However, this condition has been entire- \ ly overcome by cnble items announcing the purchase at Australian when thy India. The promised reduction in that crop, together with drought in Argentina, has strongly revived the small margin of safety between the world’s requirements aud supplies. The market has broadened as prices advanced, with the demand coming from influential interests closely in touch with business conditions. Spring wheat millers are alive to the situation and are active buyers, not only of their own wheat, but in the Southwest. Coarse Grain-A better demand for oats from the South is In the market. This is though to tie stimulated by revival of confidence in that territory, because of price of cotton. Both corn and I oats have shown a disposition to sympathize with the strength in wheat, al : though the demand is not yet general. [ The advance in corn has permitted a j price of 50 cents at country stations, r>- ■ suiting in very frr-e selling b.v the conn 1 try. Markets may show further svrapai thy with wheat, but we think not to lany prominent extent. Provisions —Liberal receipls of hogs at all points, together with selling of January products by packers have overcome the strength in wheat and a demand- for January, lard from Eastern sources. Southern trade in oats is reported better, but for the lime being the market is expected to tie Influenced more by the receipts of hogs and it is : believed this will be large. CHICAGO GRAIN TABLE. -Sept. 7 ! WHEAT — Open. High. Low ('lose. | Sept 1.26 131 1.25% 129 r *ee 1.29% 1.34% 1.29% 1.32% May 1.34 1.40 1.33u> 1.3 - ! CORN - 1 Rept 53% .55% .53% .54% Dec 54% .55% .53% .54% 1 May 59% .60% .58% .60% j OATS i Rept 35% .56% .35% .56% Dee .39% ,35% ..‘4*s* May 42% .44 .42% .43' ■ | I’llltK •Sept 17.50 LAUD j Sept 11.82 11.82 11.6(1 II .60 (let 11>1 11.90 11*5 11.65 i Jan 10 10 10.10 10.00 10.00 RIBS- - | Sept 875 975 8.67 967 Oct 8.90 8.97 8.75 8.73 1 ‘Normal. CHICAGO CASH (.RAIN. CHICAGO, Sept 7 -Wheat No 3 red. |sl 28% ; No 4 red. 51.25%; .No. 2 bard winter, $1 29%% 1 .30: No 2. hard winter. $127%: No. 1 ami No, 2 mixed. $1.29%: No. 3 mixed. sl24 ’-.•'a, 127% Corn —No. 2 mixed, 55'<t55%‘’; N’o. 2 white, 55c: No 2 yellow. 55®56%c No 3 mixed and No 4 yellow. 54%e: N*> 3 white. .'*4%®ssc ; No. .3 yellow, 54q 55* ■ : No 1 mixed. 54c No 4 white. 55c. Oats—No. 2 white, ; 39®40c; No. 3 white. 55(1t37r ; No. 4 white, I 52'q 34 c TOLEDO GRAIN PltllKS. i TOLEDO, R-pt 7 Wheat Cash $1 37' t \ September, $1 37; December $141%; May, $l4B. Corn—Cash. tit 1 1 -Hi 61 %c. Oats—Cash. old. 44%®45%: new. | 46%® 4ic. Rye Cash, SIJW. Barley : Cush, 66c.

PRIMARY MARKETS. (By Thomson A McKinnon.) —Sept. 7—• Receipts Wheht Corn Oafs Chicago 242.1KK) 1.686.000 325.000 Milwaukee ... 08,1)00 103.000 Ts.ikiO Minneapolis . 716.(KK) 8.000 107.000 •Duluth 1.319,000 73 is a) 11,000 St. Louis .... 246.1MH) 39.000 105,000 Toledo 78.000 18,000 27.000 Detroit 11.000 18.000 2.000 Kansas City.. 475.000 13.000 70.000 Peoria ’2.000 59,000 36.000 Omaha 144.000 36.000 40,000 Indianapolis.. 23,000 126,000 92,1KK) Totals 3.4C4.000 2.179.000 893.000 Year ago.. .1,746.000 910,000 1,601.000 —ShipmentsWheat Corn Oats Chicago 147.1KK) 1,092.000 136,000 Milwaukee .. 3.000 S.ikmi 6,(kh| Minneapolis . 303,000 14.000 105.000 •Duluth 614.000 St Louis .... 1I0.IKM) 21*.000 49.000 Toledo 4.48 H> Kansas City.. $.'’.2,000 56.000 14.000 Peoria 14.000 T ikki •j.nno Omaha 156.1 KM) 27. OiK) 42.1 km) Indianapolis.. 5.000 13,000 26.000 Totals 1.689.000 1.226.000 404.1KK) Year ago... 825.000 226,'KK) 505.000 —Clearances • 1 > on \V. Corn. •New Orleans 171 tutu Totals 171 ikki Year ago 2,611,000 8,000 •Three days. INDIANAPOLIS 4 ASII GRAIN. Sept. 7 Bids for car lots of grain and hay at the call of the Indianapolis Board of Trade were: Wheat—Strong: No. 2 red, 81 324 j 1 35 Corn —Firm: No. 2 white. 56®56%e: No. 3 white. 551(1:56c: No 2 yellow. 56%><t 57e : No. 3 yellow, 55%(q56c; No 2 mixed. 55(g50c; No 3 mixed. 51 %8/55e. Oats—Firm: No. 2 white. 398/ 40c : No. 3 white, 368/37c No. 4 white. 33%fd34%c. Hay—Weak: No 1 timothy, SIBB/ 18 50; No. 2 timothy, $17,508/18.50; No. 1 light clover mixed, $17(817.50; No. 1 clover, sl7 mis. Wheat—No. 2 red. 2 cars: No. 3 red, 2 cars: No. 4 red, 2 cars; sample, 3 cars: total, 9 cars Corn —No. 1 white, 5 cars; No. 2 white, 13 cars; No. 5 white, 1 < nr: No 1 yellow, 13 ears; No. 2 yellow. 1 car: No. 3 yel low. 1 car: No. 5 yellow. 1 car; No. 6 yellow. 1 ear; No. 1 mixed, 2 cars; No. 2 mixed. 1 car: total. 39 cars. Oats—No. 2 white. 1 car; No. 5 while, 6 cars; No. 4 white. 6 cars: sample white, 4 cars; No 3 mixed, 1 ear; total, IS cars. Rye—No. 2, 1 car. Hay—No. 1 light clover mixed, t car. HAY MARKET. The following are the Indianapolis prtces for hay by the wagon load, delivered. Hay—Loose timothy, old. $l9B/21; mixed hay, new, $17@18; baled hay, old, SIBB/20: new. $17@19. Oats —Bushel, new. 30 84 35c. Corn —New, Go@62c per bushel WAGON WHEAT PRICES. Indianapolis flour mills and elevators today are paying $1.20 for No. 1 red winter wheat; sl.lß for No. 2 red winter wheat and according to test for No. 3. Oats are quoted at, 30c for No. 3 white or better. Cotton Gains $55 in Past Ten Weeks NEW YORK. Sept. 7.—Cotton sold on the cotton exchange here today at 22%e a pound, a rise of 11%e a pound since .Tune 22. This means that cotton has risen ssc a bale in the past ten weeks. Government reports show that on July 3 the South held 6.640.000 hales of cotton carried over from the 1920 crop. The Government estimates this year’s crop to he 6,736,000 bales. This means that the wealth of the South has been increased by $735,680,000 in ten weeks. The cotton crop this year Is the smallest in thirty years. Cotton rose abovlt $7 a bale, on the local market today.

SWINE VALUES SUFFER DECLINES Hog Prices 25 Cents Lower— Sheep and Veals Higher. RANGE OE HOG PRICES. Good Good Good Aug. Mixed. Heavy. Light. 30. [email protected] |9.00@ 9.60 SIO.OO 31. 9.25 8.50 (tj 8.75 9.50 Sept. 1. 8.75 B.oo® 8.25 9.00 2. 9.25 8.25® 8.50 9.50 3. 9.50 8.50® 8.75 9.75 6. 9.00 8.25® 8.50 9.25 7. 8.75 8 00® 8.25 9.00 With another fairiy large run of hogs £ nd shippers the only interests showing a demand, swine prices were 25 cents lower in trade on the local live stock exchange today There were approximately 8,000 hogs on the market and the shipping demand was not sufficient to take all of the receipts. Local packers were not active during the early forenoon hours, but it was thought that they would enter the market before the close. Shippers bought the bulk of the light, mixed and medium swine and a large holdover of heavy swine was looked for, unless some buying movement set in late. Light swine brought $9; mixed and mediums. $8,.'0tf1;8.75. and heavies. sß@ 8.25. Pigs sold at $8 and down and roughs at sG@o!so, with the bulk around $6.25. The hulk of sales for the forenoon hours of trade ranged at $8.75®9. There were close to 600 cattle on the market, most of which were of the fair to common grades. Trade was slow and values about steady. Most of the stale cattle were cleared from the pens in Tuesday’s late trade. Values of choice veals were sharply higher, with close to 500 calves on the market, while prices of other grades were steady to strong. Choice veals sold at $13.50@14, with one or two outside sales at sls. Sheep prices were steady and lamb values strong to 50 cents higher, with around 600 sheep and lambs on the market. *

HOGS. Best light hogs. 100 to 20(1 lbs. average $ 9.00 Over 300 lbs 7.75® 8.00 200 to 300 lbs B.oo® 8.75 Sows 6.00® 6.50 Stags 4 00® 5.00 Best pigs under 140 lbs 800 down Top 9.00 Bulk of sales K7s® 9.00 CATTLE. Prime rornfed steers, 1,300 to 1.800 lbs B.oo® 9.00 Good to choice steers, 1,200 to 1.300 lbs 7.00® 7.75 Good to choice steers. I,lo*l to 1.200 lbs 6.50® 7.00 Good to choice steers. 1.000 to I.l'tO lbs 6.00® 0.50 Common to medium steers 800 to 1,000 lbs 5.50®, 6.00 —Heifers and Cows — Good to choice heifers 7.75® 8.00 Medium heifers 6 00® 7 00 Common to good heifers .... 5.06® 600 Good to choice cows 3 75® 500 l air to medium cows 2.00® 3.0 u Cutters 175® 2.75 Cauaera 75® 2.00 —Bulls— Good to choice butcher bulls 4 75® 5.50 Bologna bulls 4.00 q 4.50 Light bologna bulls 3 25® 4.00 Light to common bulls .... 3.00® 3.25 —Calves— Choice veals 13.50®14.C0 Good veals 11.00® 12.00 Medium veals 8.50®10.00 Lightweight veals 5.50® 0.30 Common heavyweight veals.. 5.00® 6.00 —Stockers and Feeders— Good to choice steers, under 800 lbs 5 00® 6.00 Medium cow s 2.00® 3.00 Good cowl 3.0*1® 4.00 Good heifers S.su® 7.00 Medium to gooil heifers 4.00a 5 00 SHEEP AND LAMUS. Ewes 2 00® 3.50 Bucks 1.50® 2.50 Choice ewe aud wether lambs 7 60® 3.00 Seconds 6.Ml® 7.00 Buck iambs 60® 6.30 Cull lambs 2.00® 4.50

Other Livestock

CHICAGO, Sept 7 —Hogs—Receipts. 32,000; market, 2., itV>c lower; bulk. $6.65 out: top. $9; heavyweight. $7,508/8.05; medium weight, $8.25'<18.80; light weight. $8,300(8 35; light lights, $8018.63: heavy packing sows, smooth, $6 50(07 15; pack ii.g sows, rough. $6.15046.65; pigs. $7.25$ 8 _,Y Cattle—Receipts, l.’t.tlUO; market, unevenly lower; beef steers, choice and prime. $9,104(10.10; medium and good; $5 250(6 25; good and choice, $8 25(ft 10.40. common and medium, $3848.25. but* her cattle, helf**rs. $4.25<q8 75; cows. $3 .51 Hr 7. tmlls, $5 500(0.50; cauners aud cutters, cows and heifers, $2.23(4.3.50; oanner steers. $2,758/3.50: veal calves, iigtit and haudyweight, sllß/1350; feed er Steers. $5(47.25; Stocker steers, s4® 6 75; slocker cows nud heifers, s3® 5. Sheep Receipts. 31.000; market, lambs, 250/isle up; liiinhs, $| (|,, down, s7® 9.25; culls and i ommon, $4.50®7: yearling wethers. .$1750(7 25 ewes, $2,500(5; ewes, tiilis and common, $1.50®2.50; feeder lambs, ssui7. CINCINNATI, Sept. 7.—Hogs Receipts. 5.560; market 25c lower; heavies. $7.i.V05.75 ; mixed. $5.758/9; mediums and lights, SO; pigs. $7.50; roughs, $6.25; slags, s.i(fjs 25. Cattle Receipts, 1.000: market slmv, steady; bulls, weak; palTes, sl2 Sheep aud lambs- Receipts, 1,500; market steady; ewes. $1®3.30; bucks, $2.2.50: choice lambs, $9.50; seconds, SOB 4 6.50; culls, s3<g4. EAST ST. LOUIS. Sept. 7- Hogs— Re eeipts, 10,500; market DO© 60c lower; mixed and butchers. SS.SO®9; good heavies. $8 15<g8.75: roughs, $5,758(0 50: lights. $8.05(09: pigs, $7 50® 875: bulk of sales. $8,751?} 8.90. Cattle—Receipts. 4.ikki. market slow: native beef steers, S9(O 10.40; yearling steers and heifers. $8 758(9.25: cows. $ I.s>i)<c( 6.51)1 stockers and feeders $4 25(7(6 50: calves. S6B/8: ealiners and cutters. $2258(3. Sheep and lambs— Receipts. 1.800; market strong to 25c higher: mutton ewes, $3.258} 4.25: lambs, $7 758(8.25: cauners and choppers, $lB/3. EAST BUFFALO, Sept. 7.—Hogs—Re eeipts. 1.120; maiket slew; yorkers, $9.75 ®9.55; pigs, $9.50/ 9 75; mixed, $9.5081 9 75; heavies, $9,408(0.50; roughs. $6.5081 6.75; stags, $48(5. t attle—Receipts. 150; market slow; shipping steers, s9® 10.23; butt her grades, $7,508} 9.25; heifers, ssfq 8; cow's. $1,508} 3.75; bulls, $4((*3.50: feeders, $4 508(5.25; milk cows ami springers. S4OB/130. Calves—Receipts, 100; market active; cull to choice, $58(13. Sheep and lambs Receipts, 800: market active; choice lambs. SIOB4IO 50; cull to fair. $0,508/9.50 , yearlings, $0(47 ; sheep, $ 18/ 5. PITTSBURGH, Sept. 7—Hogs—Re eeipts, 1.500; market steady: prime heavy hogs, $9; mediums, $9.508/9.55; heavy yorkers. $9.50®9.85; light yorkers, $9,258} 9.50; pigs. $9.258/9.50; roughs. SSB/ 6; stags. $48(4.50: heavy mixed, $9,258/ 9.50. Cattle—Receipts. 100; market steady; choice. $8,758/9 25: prime, $8.50@9; good, $7 758(8.25; tidy butchers. $7.758/8; fair. S6B/7: common. SSB/6; common to good fat bulls. $1,508/6: common to good fat cows. $1,508/5.25; heifers. ss®7; fresh cows ami springers, $358/85: calves, $5.50 8/13.50. Sheep and lambs —Receipts, 50; 'market steadv; prime wethers. $4,508/5; good mixed. $4.258/4.50; fair mixed, $3.50 8/4; culls and commons. sl@2; lambs, $lO. INDIANAPOLIS PRODUCE. Butter—Local dealers are paying 39® 40e per 15 for butter delivered In Indianapolis. Eggs Loss off. 28fi/30c. Butter —Packing stock. 1781118 c. Poultry—Fowls, 18® 22c; springers, 2U@24c; cocks, 10@12e; old hen turkeys, 23c; old tom turkeys, 208/ 25c; cull thin turkeys not wanted; ducks, 4 lbs and up, 15® 16c; spring ducks, 3 lbs. and up, 16c; geese, 10 lbs and up, 98/TOc; squabs, 11 lbs to the dozen. $5. Butterfat—Local dealers are paying 37e per pound for butterfat delivered in Indianapolis. STANDARD OIL EARNINGS. NEW YORK, Sept. 7. The Standard Oil Company still manages to eke out a living, according to its reports of quarterly dividends issued today. The sev-enty-nine Standard Oil subsidiaries earned cash dividends for the third quarter of 1921 of $27,330,817 compared with $29,504,000 during the third quarter last year. The Standard Oil Company of New Jersey, the parent company, which handles all the foreign trade of the organization, paid a total of $25,076,268 in cash dividends during the first three quarters of this year.

Local Curb Market

(By Newton Todd.) —Sept. 7 Bid. Ask. American Hominy com IT Burdick Tires and Rubber.. 1% 2% Capital Film Cos % 1% Choate Oil % 1% Colum. Fire Ins. Cos 6 7% Comet Auto 1% 2% Dayton Rubber Units 63 70 Duesenberg Motor Units.... 60 75 Duesenberg Motor c0m...., 9 Elgin Motor Car 3% 5 U. S. Automotive Units.... 85 95 Fed. Fin. Cos. pfd 72 82 Fed. Fin. Cos., com 125 135 Gt. Sou. Prod. & Kef. units 5(4 6% Haynes Motor com 118 Hurst & Cos., com 1 2(4 Hurst & Cos., pfd 45 63 lndpls. Securities, pfd 2 3(4 Indiana Rural credit 65 Indiana Nat'l Bank 255 265 Majestic Tire 10% 18 Metro 5-50 e Stores, com. ... 12 17 Metro. 5-50 c Stoves, pfd.... 30 35 Knb.-Tex. units 17 22 Revere Motor % % Stevenson Gear Units 5 7 U. S. Mtg. Cos. units 168 J 75 State Sav. and Trust Cos. ... 88 93 Stevens-Duryea units 52 61 Duesenberg Motor, com 9

Weather

The following table shows the state of the weathen.it 7 a. m., Sept. 7. as observed by United States Weather Bureaus : Station. Bar. Temp. Weath. Indianapolis, Ind. , 30.07 60 Cloudy Atlanta, Ga 30.00 72 Clear Amarillo, Texas 29.94 62 Clear Bismarck, N. D 29.96 52 PtCldv Boston, Mass 29.94 69 Cloudy Chicago. 11l 30.10 68 Clear Cincinnati. Ohio ...30.06 64 PtCldy Cleveland, Ohio ....30.10 60 Clear Denver. Colo 29.88 54 Clear Dodge City, Kan... 29.96 64 Cloudy Jacksonville, Fla. . .30.02 76 Clear Kansas Citv. C...0..30 04 66 Clear Louisville. ‘Kv 30.06 69 Cloudy Little Rock. Ark... 29.98 72 Clondv Los Angeles, Cal. .. .29.82 56 Cloudy Mobile, Ala 30.02 79 Cloudy New Orleans. La....30.00 89 PtCldy New York, N. Y.... 29.94 70 Cloudy Norfolk, Vn 29.92 76 PtCldy Oklahoma City 29.98 68 Clear Omaha. Neb 30.00 66 Cloudy Philadelphia, Ta. . . .29.96 72 Cioudy Pittsburgh. Pa 30.10 62 Clear Portland, Ore 30.12 56 Cloudy Roseburg. Ore 30.12 52 Clear San Antonio, Texas 29.92 74 Cloudy Ran Francisco. Ca1..29.66 54 Clear St. Louis, Mo 30.04 66 Clear St. Paul. Minn 30.02 60 Cloudy Tanipa. Fla 30.02 84 Cloudy Washington, D. C... 29 9S 72 PtCldy WEATHER CONDITIONS. Precipitation occurred during the pat twenty-four hours oxer the npper Ohio x'lxlley and Appalachian districts and at points along the Atlantic coaat. In Louisiana. Texas and western Kansas. The remalrdng portions of the country are generally fair. Temperatures rose slightly since yesterday morning over the Missouri xalley and are nowr near or slightly above normal in all sections of the country. CORN AXT> WHEAT BULLETIN. For the twenty-four hours ending at 7 a .m.. Wednesday, Sept. 7, 1921: jTemper- t j | kture. 1 a - < '3 * * Stations of 1 Indianapolis „es ■= £ o District. !*■= *3 5 j= t t-J u ? *X : c - r c = ►.'J - 's-£ =l qgs South Bend 79 56 I 6 Good Angola 90 53 ! 0 Good Fr. Wsvne '7B 56 O' Wheat field ! .92 4.9 0 Good Royal Center 76 54 : 0 Good Margin 84 58 0 Good Lafayette 80 56 0 Good Farmland .92 54 005 Good Indianapolis .... 79 50 003 ! Good Cambridge City.. 1 62 54 006 Slippery Torre Haute 80 58 I 0 Good Bloomington 81 57 | 0.43 Muddy Columbus ....... 83 59 0 Fair Vincennes 82 5.9 004 Good Pa.iii 76 63 0.08 Good Evansville 80 62 ! 0 T. G SHIPMAN. Temporarily in Charge.

WEEKS TO TAKE UP NITRATE BID Asks Ford to Report at Washington to Discuss Affair. to Indiana Daily Ti:r?s and Philadelphia Public Ladder. WASHINGTON, Sept. o.—Henry Ford has been invited to Washington by John W. Weeks. Secretary of AYar. to discuss the terms of the offer which the automobile manufacturer has made for the Government nitrate plant at Muscle Shoals. No date for the conference was set it being left to the convenience of Ford. Mr. Weeks reserved in his letter to Ford the questions about the Ford offer which he wishes answered, preferring to thrash out the matter across the table. "Any man that can meet my suggestions will have my support toward obtaining the plant." was the only forecast Mr. Weeks would make as to the possibility of agreement. The War Department has received word that another bid for the Muscle Shoals plant was on the way. C. E. James of Chattanooga. Tenn.. wired Mr Weeks that he was mailing an offer backed by a number of southern capitalists. It is understood that James at one time pro nioted an $11,000,000 water power corporation in the South and that he has obtained similar support for Muscle Shoals. The department has not aban doned hope of some development In the third offer, made some time ago by Birmingham interests —4‘opyright. 1921, by Public Ledger Company. Marriage Licenses William Spurrier, Lafayette, Ind 31 Florence Spurrier. Lafayette, Ind 28 Jess Bowman, 2322 Bright wood 3V...24 Helen Prather, 1223 W. 33th st 18 Henry Lilhs. Petersburg, Ind 24 Gladys Webb, 3623 E. Washington. .24 John Bailey, 536 S. Keystone av.i....25 Enid Buchn, 19 1 S. Talbott av 20 Roy McDowell, Detroit, Mich 35 Margaret Patterson, Detroit. Mich... .22

Navy Asks Same Sum for 1922 Budget as in 1921 WASHINGTON, Sept. 7.—Despite the disarmament conference the Navy Department submitted estimates to Budget Director Dawes, calling for expenditures during the fiscal year beginning July 1, 1922, which equal those of the present year. It was learned today. Total app-opriatlons this year were about $410,000,000.

SEES FINANCE CORPORATION VENTURE A LOSS Evans Believes Contracts Could Have Been Fulfilled by Nation’s Banks. HURTFUL TO BUSINESS By C. B. EVANS. Special to Indiana Daily Times and Philadelphia Public Ledger. CHICAGO, Sept. 7. —Propaganda iq in preparation for pushing the plan for a large extension of credits to farmers, the amount named being $1,000,000,000, the business to be done by the War Finance Corporation. It is proposed to have a group of hanking experts in each part of the country, where presumably this business would be done, the Government evidently having learned that such pre dautions are necessary in order to avoid large losses. A prime object in these loans is that of enabling farmers to sell their wheat for export and get the money immediately but as a matter of fact such operations have retarded the liquidation and put the business into an artificial condition. It has been a matter of some surprise that the War Finance Corporation could go along doing this financiering while about all the big export corporations, such as the Mercantile Bank of the Americas, have come to grief. It is not surprising when one gets at the essential facts, in the first place it is a Government affair and the Government is a big thing. There is an assumed capital of $500,000,000 belonging to the Government back of this undertaking. In the second place a Government institution can go on almost indefinitely without giving an account of itself, whereas In these private concerns questions are asked and they bave to be answered. WAR CORPORATION HURTS BUSINESS. It hardly is presumable that private corporations, composed of trained men with every motive for a keen pro-ceution of the business, could have gone to pieces as they have and no danger be banging over the head of the War Finance Corporation. Some items of the list of securities held by it. such as $70.000.000 New York. New Haven & Hartford securities, are evidence in the case. Rankers in this city are strongly of the opinion that the operations of the Mar Finance Corporation are unnecessary and hurtful. There is plenty of money to be had from the banks on good security, and presumably the Government concern does not want poor security. It has gone ahead with new business when the private concerns have quit because it has been willing to take inferior security. It is predicted that whenever the M'ar Finance Corporation liquidates, which may be one year hence or twenty-five, a deficit will be found, that is it will be discovered that the Government has given a certain amount of its money to promote business. It is considered altogether unnecessary to insure such a risk in as much as the banks of the country are entirely capable of saving all business i houses that are xxorth saving and extending credit for future operations to any amount that would be proper from th xriewpoint of strict banking. ACTS AS OBSTRUCTION TO LIQUIDATION. But the most objectionable element i* declared to be ’be obstruction to liquidation among the business concerns of this country, which is declared to be absolutely necessary to our economic salx-a-tion. Farmers, to their own loss and the hurt of tne country, began hoarding their wheat when it was far above present prices, and in ebat quarter there has been a general disposition to hold on to produce Indefinitely. Such policies ’ have caused hardship and inconvenience to many corporations that needed pecu- : niary help and whose failure would have i been disastrous to all our people. I The reductions in the Federal reserve discount rate are looked upon in the same light, that i* they have encouraged rediscounting by member banks and the use of the credit thus obtained in making loans to concerns that should have liquidated. An objection, in th view of these ; bankers, to such companies ns the M'ar Finance Corporation is the artificiality of their operations. The Government simply dips into a line of businessmany lines indeed —in which it has no direct interest; it is governed by no rule such as those which guide bankers, and it is spending other people s money. Or rather one may say that Congressmen see certain classes that they want to help, and they go to the Government, for the funds. It matters little with them whether the disposal of these funds is governed by proper principles or not. When we were at war the Government was Justified in doing almost anything for its own salvation, but the war is i over.—Copyright, 1921, by Public Ledger Company.

HEAR ARGUMENTS IN‘ICE TRUST* CASE Eichhorn Considers Demurrer of Attorney General. Special Judge W. II Eichhoru of Bluffton. this afternoon was hearing argument on a demurrer of Attorney General TJ. S. Lesh in the so-called "ice trust ’ eases in Superior Court, Room 1. Special appearances were entered in behalf of defendants John S. Kifile and IlenTV Diethmer on the grounds tha these two should not be defendants to the suit. Judge James A. Collins fixed Sept. 10 as the trial date for Berna B. Osburn, charged with arson. C HICAGO PRODUCE. CHICAGO. Sept. 7.—Butter—Receipt*, 9.785 tubs, creamery extra, 29%c; firsts, 33%®38e; packing stock. 23c. Eggs— Receipts, 13,870 cases; current receipt*. 278} 2Sr; ordinary firsts. 248726 c; firsts, 29%®32c; checks. 178/lSc; dirties. 13® 20c. ti'heese —Twins (new). IS%B/1.8%c; daisies. 18®18%c: young Americas, 18%c; longhorns. 19841 P-. c; brick. 19c. Live poultry—Turkeys, 55c; chickens, 208i20c; springs. 23®2;>c: roosters, 16c; geese, 20c; ducks, 20<S2te. DOVEBRANDHAMS fA TASTE YOU CAN’T FORGET

FEDERAL TAX SPECIALISTS Accounting Systems—Appraisals Reorganizations DONEY, ROGERS & CO. (Incorporated) Hnne-Mansnr Bldg. ESTABLISHED Ull