Indianapolis Times, Volume 34, Number 109, Indianapolis, Marion County, 16 September 1921 — Page 16

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BELIEVE BEAR MARKET OVER FuR PRESENT Investors, Uncertain as to Upturn, Devote Attention to Commodities. RAILS IN SLIGHT YIELD Special to Indiana Daily Times and Philadelphia Public Ledger. By MONITOR. NEW YORK. Sept, lfl.—Reactionary tendencies, -which became rather pronounced in the last half hour or so, Berred to give the market its character Thursday. Recessions from half a point to two points or more were general throughout; the list. The industrials that have been made the subject of bullish operations in the last few days bore the brunt of the selling anil while the rails yielded under the selling pressure the reaction in this quarter w as not quite so marked as elsewhere. Although there is a feeling that the bear market, with its disheartening trail of passed or reduced dividends and ugly rumors of impending flnancial disaster is over, there is still more or less uncertainty about the resumption of extensive bullish operations or the extent of the probable up-turn. Many operators, who. ordinarily, are active in stock are devoting a good deal of their attention to commodities on the theory that the farm staples must advance, thus Increasing the purchasing power of the agricultural masses, before a stable foundation can be laid for general industrial activity. Present fluctuations in the stock market tend to bear out this conception. No important movement appears to be under way and profit taking on advances of moderate proportions restricts the scope of upward movements. Moderate declines as a result of this pressure took place In Mexican Petroleum, Baldwin, American Locomotive, Studebaker, Tobacco Products and other Industrials and specialties which have been recently strong and active. The ease in all money was without stimulating effect. —Copyright, 1321, by Public Ledger Company. WALL STREET GOSSIP BY MONITOR. Trade advices giving new low record prices for raw sugar and for futures were responsible for some selling which came into these issues Thursday, although this selling was not of large volume. It is probable the reduction in lhe dividend by Central Aguirre Sugar Company decreases from $2 to $1.30 a quarter was of more effeot. Explanation of recent activity in Consolidated Textile Corporation came with the announcement that B. B. & R. Knight, Inc., a subsidiary of the consoliated textile corporation has acquired control of Converse & Cos., one of the largest commission firms in the country. It is understood the Knight corporation obtained its control through an exchange of 2,31X5.000 shares of the second preferred stock, but the exact terms of the ex change will nqt be made public until later.

Based on the general reports of railroads of a large number of had orders. Railway Steel Springs advanced 2’points, Wednesday, even when the rest of the list showed an inclination to decline. There was very little activity in this stock Thursday, the fluctuations being within a half point range, yet it is reported there are buying orders just under the market for a considerable quanity'of the stock. The steamship Potomac of the United 'States lines has arrived with 117 cases of gold, valued at $4.330.000. The sbipnient was from the Reiohsbank for the account of the Belgian reparations and ■vAs consigned to the Federal Reserve Bank here. Os the total consigned sl.060,000 was in American gold coins aDd the rest in Austrian crowns. It is reported among railroad men that the net earnings of Southern Pacific for August were somewhat larger than those for July, and after deducting the monthly charge of fixed charges may even leave a small surplus. Loading of all commodities, save only grain, were much below last year. Call money opened and renewed at 5 per cent, but by noon had declined to 4% per cent, the lowest figure quoted in two weeks. Some demand developed at the level, and the rate advanced and closed at 5 per cent. The low level maintained by call money rates confirms a canvass made of money commission houses, who report that, despite the evidently better sentiment toward stocks, the public has not purchased in any quantities. Directors of the Otis Steel Company met to take action on the quarterly preferred dividends. After the meeting, it was announced that action had been deferred, but no further details were vouchsafed.

Directors of the Victor Talking? Machine Company declared the regular dividend of $lO a share on the common and $1.75 on the preferred. A 2% per cent quarterly dividend was declared on the common stock of the American La France Fire Company. Inquiry at the bankers of the Cuba Can Sugar Corporation is met with the statement that there is no change in the situation. A clause in the indenture of the debentures, it is understood, forbids the placing of a mortgage on any of the physical properties of the corporation until the debentures have been paid. There is said to be a legal, technicality involved which with the consent of the debenture holders an arrangement can be made for new financing, but up to date onlv a small proportion of the debenture holders, it is said, have consented to the proposed plan. There is floor gossip of the organization of anew speculative group, which is said to be buying Kansas City Southern This accumulation is based on the theorv that the railroad stocks have turned definitely upward and that In the event of the unification plans of the Government being put ii to effect this would be a key road which would give It ample speculative possibilities—Copyright, 1921, by Public Ledger Company.

In the Cotton Market

NEW YORK Sept. 10. —In view of a sharp drop at Liverpool, the local cotton market was regarded as steady at the opening today, although initial price* snowed declines of from 10 to 30 points. Buying was led by commission houses and New Orleans interests, partly based on reports of a better demand for the spot article in the neighborhood of Dallas. Spot houses both bought and sold, while the South, Japanese interests and Wall street sold at the outset. After the call, -quotations eased off about 10 point* from the opening levels, with Liverpool a seller. New Iwa cotton opening October, 19.15 c; March, 19.10 c; May, 19.02 c; July, IS. 73c. The market was weaker on large offerings in the last hour. The close was easy at a net decline of 52@53 poltns. —Cotton Futures— Open. High. Low. Close. January 19.10 19.30 18.55 18.55 March ‘ 19.10 19.22 18.80 18.80 Mav 19 02 19.05 18.57 18.66 July 19.73 18.75 18.25 1 8.25 October 1900 1910 18.67 18.67 December 19.16 19.40 19.00 19.00 LIVERPOOL. Sept. 16.—There was good spot inquiry In cotton at the opening today. The market was genrallv steady and sales close to 10,000 i.a'es. American middlings fair. 16.05d: goodmiddlings. 14.38d : fully middlings. 13.78d; good middlings, 13.33d; low middling*. 12.43d: good ordinary, 11.38d; rdinary. 10.63d Futures opened steady. NEW YORK METAL MARKET. Ms YORK. Sept. Ifi^Copper—Quiet; spot November offered, ll%c. LeadQuiet *t>nt to October offered, 4.70 c. -c’* • ■ 4 20c

N. T. Stock Exchange

—Sept. 16— Prev. High. Low. Close, close. Arv. Rutneley.. 13% 13% 13% Ajax Rubber... 22 20 21 % 20% Allis Chalmers.. 34 33% 33% 33% Am. Agricul.... 33% 35% 35% 35% Am. Beet Sugar 30 .'SO 30 29% Am B. Mag. Cos. 35% 34 35% 34 Am. Oar & Fdy.l29 127% 127% 127 Am. Cotton Oil. 20% 20% 20% 20% Am. H & L com. 11 11 11 11% Am. H& L pfd. 51% 51% 51% 52 Am. Can 27% 27% 27% 27% Am. Inter. Corp. 32% 31% 31% 31 Am. Unseed.... 24% 22% 24% 22 Am Loco 91% 90 90 90 Am. S. 4c Ref.. 37 36% 36% 36% Am. Sugar Ref. 64% 63 68 63% Am. 3. Tob. Cos. 45 42% 44 43 Am. S. Foundry 25 24% 25 25 Am. Tel. & Tel. 106 107% 100 107% Am. Tobacco.. 125% 125% 125% 124% Am. W001en.... 76% ff> 75% 75 .Associated Oil 97 97 97 97 Anacon. M. Cos. 38% 38% 38% 38 Atchison 85% 85% 83% 85% At. G. & W. I 29% 28 28 * 27% Baldwin L0c0... 91 SS% 89% 88% B. & 0 39% 38% 35% 38% Beth. Steel (B) 56% 53% 55% 54% Cal. Pete 38% 36% 37% 37% Uaif. Pac. Ry. 113% 112% 112% 112% Central Leather 28% 28% 28% 28% Chandler Motor 47% 47 47% 47 C. & 0 56 56 56 56% Chi.. M. & St. P. 26 26 26 26 C... M. Jfc St. P. p 40% 39% 40% 40 Chi.. R. I. &P. 34% 33% 33% 33% Chili Copper... 10% 10% 10% 10% Coca Cola 35 34% 35 35% Col. F. & Iron.. 25 24% 25 24% Colum. Gas 57% 58% 57 56% Colum. Graph... 4% 4 4% 4% Consol. Gas 88 86% 88 87 Cont. Can 43% 42% 42% 42 Cosden Oil 26% 26% 26% 26% Com Prods 75% 74% 74% 73% Crucible Steel... 63% 61% 62% 61% Oub.Am. Sugar.. 13% 13% 13% 13% Cub. C. Sugar.. 8% 8% 8% 8% Dome Mines .... 17% 17% 17% 17 Endieott 65% 64% 65% 64% Erie 13% 13% 13% 13% Erie Ist pfd 19% 19% 19% 19% Famous Players 57 54 % 56% 55% Fisk Rub. C 0... 10% 10% 10% 10% Gen. Asphalt... 53% 51% 51% 51% Gen. Cigars 59 * 59 59 59 Gen. Electric... 126% 2 126 126 Gen. Motors 10 9% 10 9% Goodrich ..? 32% 32% 32% 31% Gt. North, pfd.. 76% 75% 76% 78 Gt. North Ore.. 29 29 29 29 Gulf States Stl.. 40% 35% 40% 38% Houston Oil 53% 53% 53% 53% Illinois Central. 95% 95% 95% 95% Inspiration Cop. 34% 33% 33% 34 Interboro Corp.. 2% 2% 2% 2% Invincible 0i1... 8% 8% 8% 8% Int. Harvester.. 81 80% 80% 80% Inti Nickel .... 14% 13% 14% 13% Inter Paper 51% 49% 50 50 Isl. Oil & Tr.... 2% 2% 2% 2% K. C. South 26% 26% 26% 26% Kelly-Spring. .. 43% 41% 42 42 Kennecott Cop.. 20 19% 20 19% Lackwana Steel. 42% 41% 42 40% •Lehigh Valley. 52% 52% 52% 52% Loews, Inc 14% 13% 14% 13% Marine Com. ..10 10 10 Marine pfd 46% 45 45% 45% Mont & Ward .. 19% 19 19 18% Mex. Pet 117% 114% 115% 115 Miami Copper .. 21% 21 21% 21% Mid. States Oil. 12V 4 12 12% 12% Midvale Steel .. 26% 25% 26% 23% Missouri Pac. .. 20 20 20 19% Missouri Par pfd 40% 30% 40% 39% Nev. Con. Cop.. 11% 11 11% ll N. Y. Central... 12% 71% 71% 71% New Haven 14% 14% 14% 14% North. Pacific.. 78% 77% 77% 78% Ok. Pro. & Ref. 2 1% 1% 2 Pacific Oil 35% 35% 35% 35% Pan-Am. Pete... 53 50% 52 51% I’enna. Ry 38% 37% 38% 38% People s Gas .. 53% 53% 53% 52 Pierce-Arrow ...12% 12% 12% 12% Tere Marqeutte. 19% 19% 19% 19% Pittsburgh Coal 58% 58% 58% 58% Pulmn. Pal. Car 94 03% 94 94% Ry. Stl. Spgs... 85 85 85 86% Pure Oil 24% 24% 24% 24% Reading 72% 70% 71% 70% Rep. Irn. & Stl. 54% 51% 58% 51% Replogle Steel.. 26 26 26 34% Ryl. Dch. N. Y 49 48 48% 49% Sears-Roebuck.. 70% 69% 60% 69% Sinclair 20% 20 20% 20 S!os-Shf. S.A I. 39% 39 39 38 South. Pacific.. 77% 77% 77% 77% Southern Ry.,.. 21% 20% 21 20% St. L. A S.W.Ry 24% 24% 24% 25 Stand. Oil Calif. 72 72 72 Sr.l,. A S.F.com. 24 23% 23% £■" Studebaker ....77% "3% 76 i.1% •Taxs Cos 36 35% 33% 36% Texas A Pacific 23% 22% 22% 23% Tob. Prods 70% 69% 69 69% Trans. Oil 8 7% 7% 8 Enion Oil 18% 18% 18% 18% Union Pacific ...120% 120% 120% 120% U. R. Stores ... 54% 53% 54% 53% U.B.F. P. Corp. 16% 14% 14% 16% U. Fruit C0...108% 108% 108% 108% Fnited Drug.... 56 54% 55 55 U.S. Indus. Alco 49% 47% 48% 48% U. S. Rubber .. 50% 49% 49% 49% U. S. Steel .... 79% 77% 79% 77% U. S. Steel pfd. .109% 109% 100% 109% Utah Copper . 50% 49% 49% 49% Vanadium Steel 34% 32% 33 32% Vir-Car Chem. .. 29% 29% 29% 29% Wabash 7% 7% 7% I) I Wabash Ist pfd. 21% 21 21 20% Westlnghouse ...44% 44% 44% 44% Willy s-Overland 6% 6 6% 6 Worth. Pump. .. 40% 40% 40% 40 White Oil 8% 8 8 8% West Pac 23% 22% 22% 23% •Ex-dfvidend.

NEW YORK LIBERTY BONDS. —Sept. 16— * Prev. High. Low Close, close. Liberty 3%*.... 88.44 87.84 87.82 88.08 Liberty Ist 4s 88.28 Liberty 2d 4s 89.00 88 28 Liberty Ist 4%*.. 88.60 88 50 88.90 88.42 Liberty 2d 4%5.. 89.30 88.46 89.10 88.44 Liberty 3d 414*.. 92.96 92.44 92 88 92.42 Lil erty 4th 4Vis. 86 30 88.62 89.14 88.62 Victory 3%s 99.06 99 02 99.04 99.04 Victory, 4%* 99.08 99.02 99.06 99.04 CHICAGO STOCKS. (By Thomson & McKinnon.) —Sept. 16Open. High. Low. Close. Armour pfd 90 Oarbi and Carbo 45 45% 44% 45V* Libby 77* 77* .% 7% Mont-Ward .... 19 Nat. Leather... 676 8% 676 6% Piggly Wiggly.. 14V* 141* 14 14 S-Boebuck 70 70% 70 70% S-learner f 25 Swift &Cos 95V4 9574 94 % 9474 Swift Internet.. 22% 23 2274 2274 NEW YORK HIDES. NEW YORK, Sept. 16—The hide market was rather quiet here today. Price* were steady, native ateer hide* selling at 13%c per pound and branded steer bides at 13c. NEW YORK PETROLEUM. NEW YORK, Sept. 16.—Petroleum prices were again steady in trade on the market here today, Pennsylvania crude oil selling at $2.25 a barrel.

Local Curb Market

(By Newton Todd.) —Sept. 16. Bid Ask American Hominy com 17 Brazil Sterling 3774 38 74 Burdick Tire and Rubber .. 1% 2% Capital Film Cos % 174 Choate Oil Corp. 1 Columbian Fire Ins. Cos 6 774 Comet Auto 1% 2% Dayton Rubber Units 61 70 Duesenberg Motor Units .... 60 70 Duesenberg Motor com 9 15V* Elgin Motor Car 3% 4% Federal Fin. Cos. pfd 72 82 Fed. Fin. Cos. com 125 135 Gt. Sou. Prod. 4 Ref. Units. 574 7 Haynes Motor com 118 Hurst & Cos., pfd 45 05 Hurst & Cos., com 1 274 Indiana National Bank 255 265 Indiana Rural Credits 48 64 Indianapolis Securities pfd... 1% 3 Majestic Tire 12 18 Metro. 5-50 c Stores com 12 16% Metro. 5-50 c Stores pfd 80 33 Revere Motors 74 % Rub-Tex Unit* 17 21 State Savings and Trust Cos. 88 93 Stevens-Duryea Units 54 64 Stevenson Gear Unit* 4 6 U. S. Automotive Units .... 86 93 U. S. Mfg. Cos., Units 161 171 WHOLESALE BEEF PRICES. The following are today's wholesale prices for beef cut* a* *old by ludianapolis ntarxets: ltil a—No. 2. 22c; No. 3.20 c. LoinsNo. jsc; No. 3.16 c. Rounds —No. 2. 17c; No 3,14 c. Chucks No. 2,10 c; No 3,8: Plates —No. 2. 8c; No. 2. -. ' FLOU* AND MEAL. E-Z, Bake bakers' flour In 88-lb. cotton bags. $8.15 net. Corn meal in 100-lb. cotton bags, $1.75

STOCK MARKET CLOSE IRREGULAR Studebaker Shows Decline of Over 1 Point. NEW YORK. Sept. 16.—The stock market closed irregular today. Price movements continued confused in the final dealings, with the majority of issues in Buppl.v. United Food Products was weak on the expectations that the loan maturing on Monday would be extended, yielding 2 points to 14%. Steel common yielded from 19% to 79%. Baldwin Locomotive fell nearly 2 points from the high to 89%. Crucible Steel whs off 1 point to 62. Reading sold off % of a point from the high to 71%. Studebaker fell over 1 poitn to 16. Mexican Petroleum, after yielding nearly 3 points to 114%, recovered to 115%. ‘ Total sales of stocks were 525,100 shares; bonds, $14,550,000. "(By Thomson A McKinnon.) v —Sept. 16. The stock market today was somewhat professional. There were some fairly large transactions, but there was less business from commission houses, which, under the circumstances, is not at all surprising, since it is apparent that there is still a decided lack of confidence through the country In the stability in the market. Prolonged depression hss made too strong an Impression on the public mind to expect a quick reversal of public opinion and commercial progress has not yet reached such proportions as to be come plain to all. The point that is important for consideration now is that we are merely at the start of improvement in business, as well as in the stock market. It is at such times that we must be watchful In detecting signs of the coming change and these signs are becoming more numerous each day. There are, r.o doubt, some unfavorable spots and some lines where the improvement is not yet manifest, but when all Is clear and distinct the level of values In the stock market will no longer be where they are today. Some of the former leaders in the market were easier because of the absence of support and a disposition to accept some profits, nut at no time could tbe market be regarded as weak. At the same time anew Issue took the position of prominence, Fnited States Steel being the latest favorite and was bought on a very liberal scale. The steel Industry showing distinct signs of Improvement it is perfectly logical that n prominent Is sue like United States Steel should be among the leaders. We expect frequent periods of reactlou but we have faith In the upward tendency of the market nnd feel that every adverse period should be met with buying orders. CLEARING HOUSE STATEMENT. NEW YORK. Sept. 16—Federal Reserve Bank credits. $93.800.000; exchanges, $902,400,000; balances, $110,600,000. TWENTY STOCKS AVERAGE. NEW YORK. Sept 16.—Twenty industrial atocki Thursday averaged 70.68. off 1.00 per cent. Twenty active rails averaged 73.28, off 64 per cent.

Money and Exchange

Indianapolis bank clearings Friday were $2,601,000, against $2,-104,000 for Friday a week ago. NEW YORK. Sept. 16.—The foreign exchanged market opened steady today, the leading exchanges showing little change irom last night's closing levels. Demand Sterling yielded %o to $309%. Francs were off 3 centimes to 6 97c for cables and 6.96 c for checks. Marks yielded to ,92%c. Lire cables were 4.24 c; checks. 4 23c. Belgian cables were 6 90c; checks, 6.89 c. Guilder cables were 31.50 c; checks, 31.48 c. Sweden kronen cables were 21.65 c; checks. 21.60 c. Norway kronen cables were 12.90 e; checks, 12.85 c. Denmark kronen cables were 17.65 c; checks, 17.00 - . Mlnr YORK CALL MONEY. NEW’ YORK, Sept. 16— Money—Call money ruled 5 per cent; high. 5 per cent; low, 4% per cent. Time rates quiet, all 5%@5% per cent. Time mercantile paper ateady. Sterling exchange was steady, with business in bankers - bills at $3 70% for demand. MOTOR SECURITIES. (By Thomson A McKinnon.) —Sept. 16 OpeningBid Ask Briscoe 10 11 Peerless rrT 40 41 Continental Motors com 5% 5% Hupp com 11 11% Iteo Motor Car 18% 19 Grant .Motors 1% 2% National Motors 2 5 ACTIVE OIL STOCKS. (By Thomson A McKinnon.) —Sept.— —Opening.— Bid Ask Anglo-American Oil 15 15% Borne-Scrymser 340 360 Buckeye Pipe Line 80 82 Chesebrough Mfg. con 144 145 Continental Oil, Colo 116 118 Coaden Oil and Gas 5 6 Crescent Pipe isne 24 26 Cumberland Pipe Line 116 120 Elk Basin Pete 6% 6% Eureka Pipe Line 73 76 Galena-Signal Oil, pref 8 86 Galena-Signal Oil, com 34 36 Illinois Pipe Lin® 150 153 Indiana Pipe Line 73 76 Merritt Oil 6% 7 Midwest Oil 2 2% Midwest Rfg 135 145 National Tranait 24% 25% New York •’ransit 145 150 Northern Pipe Line 85 88 Ohio Oil 227 230 Okla. PAR 3% 4% Penn. Mex 1G 20 Prairie Oil and Gas ....435 446 Prairie Pipe Line 182 185 Sapulpa Refg 33% Solar Refining 340 360 Southern Pipe Line 72 75 South Penn Oil 168 173 Southwest Penn Pipe Lines... 52 55 Standard Oil Cos. of Ind 71 71% Standard Oil Cos. of Kan 525 545 Standard Oil Cos. of Ky 145 150 Standard Oil Cos. of N. J 105 110 Standard Oil Cos. of N. Y 320 323 Standard Oil Cos. of Ohio ....360 370 Swan A Finch 30 33 Vacuum Oil 240 245 Washington 01! 23 28

NEW YORK CURB. (Bv Thomson & McKinnon.) —Sept. 16— —Closing— Bid. Ask. Curtis Aero, com 1 3 Curtis Aero, pfd 15 First National Copper 50 60 Goldfield Con 5 7 Havana Tobacco 1 1% Havana Tobacco pfd 4 C. .Tumbo Extension 1 4 International Petroleum 4 5 Nipieslng 9 10 Standard Motors 3 5 Salt Creek 10 10% United P. S. new 15-16 1% U. S. Light and Heat 15-16 1 9 16 T T . S. Light and Heat pfd 174 1% Omar Oil 97 98 Rep. Tire 17 25 Acme Pkg 174 1% Imp. Oil 8 9 NEW YORK RAW SUGAR. NEW YORK. Sept. 16.—With trade rather quiet on the market here today, raw sugar prices ruled steady. Cubas sold at 4.81 c per pound, duty paid, while Porto Ricos were quoted at 4.25 c per pound, delivered. NEW YORK REFINED SUGAR. NEW YORK, Sept. 16.—Trade in refined sugars was dull on the market here today and prices were steady, fine gran ulated selling at 6.60@'5.65c per pound and No. 8 soft at the same figures, NEW YORK COFTF.E. NEW YORK. Sept. 16—Coffee values were steady in trade on the exchange here today, opening options being 1 to 2 points higher, Rio No. 7 on spot sold at 7%0 per lb. NEW YORK RICE. NEW YORK. Sept. 16. — Rice values were firm on the market here today, domestic selling at 474@774e per pound. NEW YORK TURPENTINE. NEW YORK. Sept. 16—Turpentine sold at 70c per gallon in trad* on the market here today.

INDIANA DAILY TIMES, FRIDAY, SEPTEMBER 16,1921.

New York Bonds

FOREIGN GOVERNMENT BONDS. (By Fletcher-Amerlcan Cos.) Sept. 16. Bid Ask Arp. (Unlisted) 5s Sept. 1, ’45 64% 65% Belgian 6s Jan. 1, ’25 94% 95% Belgian 7%s June 1. 45 103 103% Belgian 8s Feb. 1, '4l 101% 102 •Belgian Rest 5s Opt., '34.... 63 67 Berne 8s Nov. 1. ’45 101 101% Chile 8s Feb. 1, - 41 98% 98% Chinese (Huk Ry.) 5s June, ’sl 47% 48% Christiania 8s Oct. 1. ’45 101 101% Copenhagen 5%s July 1, '44.. 81% 81% Danish Mun 8s Feb. 1, ’46...102 102% Denmark 8s Oct. 15. ’45 103 * 103% •Canadian 5%s Dee. 1, '22 87% 89% •Canadian 5%s Nov. 1, ’23.. 86% 88V, •Canadian 5%s Nov. 1. ’24.. 85% 86% •Canadian 5s Dec. 1, ’25 84% 85% Canadian 5s Apr. 1, ’26 94 94% •Canadian 5%s Dec. 1, ’27.... 87% 88% Canadian 5%s Aug. 1. '29.... 93% 94% Canadian 5s Apr. 1, ’3l 90 90% •Canadian 5s Oct. 1, *3l 82% 83% •Canadian 5%s Nov. 1, '33.... 86% 88 •Canadian 5%s Nov. 1, ’34.. 84 85% Canadian 5s Meh. 1. '37 86% 87% •Canadian 5%s Dec. 1. *37.... 87% 89% •French (Viet.) 5s Opt. ’31.. 55 50% •French 4s Opt.. ’43 44 45% •French (Prern.) 5s Issue ’2O 66 67% •French 6s Opt., '3l 6% 67 French 8s Sept. 15, ’45 100% 100% •Italian (Treas.) 5s Apr. 1. ’25 41% 43% •Italian (War) 5s 32 33% Jap (First) 4%s Feb. 15, '25 85% 85% Jap (Second) 4%a July 10,’25 . 85% 85% Jap 4e Jan. 1. ’3l 71 71% ‘Norway 8s Oct. 1, ’4O 105 105% ! Paris 6s Oct. 15. ’2l 90% 100 ! Russian 6%s .Tune 18. T 9.... 15% 17% Russian 5%s Dec 1, ’2l 14% 17 •Russian 5%s Feb. 14. ’26.... 4 6 Sao Paulo Ss .Tan. 1. ’36 97% 98% Swedish 6s June 15. ’39 89% 90 Swiss 5%s Aug. 1, ’29 87 % 00 Swiss 8s Julv 1. ’4O 107 109% U. K. 5%s Nov. 1, ’2l 99% 99-* I’. K. 5%s Nov. 1, ’22 98% 98% ,U. K. 5%a Aug. 1, ’29 90 90% U. K. 5Us Feh. 1. ’37 88% 89% •F. K. (Vic.) 4s Issue T 9 ....275 289 ! *U. K. <W Loan)ss Oct. 1.’22.300 384 •U. K. (W. Loan) 5s Feb. 1.’29 360 373 Zurich Ss Oct. 15, ’45 101% 101% Brar.ll 8s 99% 100% French 7%s 95% 96% •Internal loans.

CORPORATION BONDS. Bid. Ask. Alum. Cos. Am. 7s, Nov. ’25 97 % 98% A. Cotton Oil 6s, Sept. 2, ’24 90 90% Amer. Tel. 6s, Oct. ’22 99 % 99% Amer. Tel. 6s. Feb. ’24 ... 97% 8% Amer. Thread 6s, Dec. ’2B 97 97% Amer. Tob. 7s, Nov. ’22...190% 101% Amer. Tob. 7s. Nov. ’23....101 101% Anaconda 6s, Jan. ’29 I*o 90% Anaconda 7s, Jan. ’29 94% 96% Anglo-Am. Oil 7%5, Apr. ’25.100% 101% Armour 7s, Julv 15. ’3O 93% 99 Atlantic Ref. 6%‘s, Meh ’31...101% 102% Bell Tel. of Can. 7s, Apr. ’25.. 98% 99 Beth. Steel 7s. Julv 15, ’22... 99% 100% Beth. Steel 7s, July 16, ’23.. 98% 98% Can. Pacific 6s, 2. "24 98 98 Cen. Arg. Rv. 6s Feh. ’27... 84 81 C. R. I. A P. 6s. Feb. ’22.. 99 99% Con. Gas Bs, Dec. ’2l 100% 100% Copper Exp. 88. 15, ’22 100% 101% Copper Exp. Bs, Feb. 15, ’23.10 % 101 Copper F.xp. Bs, Feb. 15. ’24 .101 101% Copper Exp. Ss. Feb. 13. ’25.101% 101% Cudahy 7a. July 15. ’23... 1*9% 100 Fed. Sugar G, Nov. ’24 96 97 Goodrich 7s, Apr. ’2.7 81 91% Gulf Oil 6s, July, ’23 97% 98 Gulf 011 7s, Feb. ’23 99% 100 Hocking Vnl. 6s Meh. ’24.... 94% 94% Humble Oil 7s, Meh. 13, ’23.. 97% 97% Int. R. T. 7s, Sept. ’2l 75 77 K. C. Term 6s, Nov. 15, ’23... 98 I*B% Kenn. Copper 7s, Feb. ’SO.. 93% 94% l.aelede Gas 7s. Jan. ’29. . 91% 02% Ltg. Sc Myers 6s Dec. ’21..1M0 100% Phila, Cos. 6s. Feb. ’22 100% 100% Proctor & G. 7s, Meh. ’22...14)0% P*o% Proctor & G. 7s, Meh. ’23. . . 101 101% Pub. Ser. N. J. 7. Meh. ’22. 9*1% 9% R. J. Reynolds os, Aug. ’22. .. 99% 100% Sears Roebuck 7s. Oct. 13. ’2l. 99% 100% Senrs Roebuck 7s, Oct. 15, ’22 98% 99 Soars Roebuck 7s, Oct. 15. ’23 97% !*8 Sinclair 7%5. Mav 15, ’35... 92% 93 Solvav A Cle Sn," Oct. ’27... 99% 100% Southern Ry. 6s, Meh. ’22 98% 98% S. W. Bell Tel Is. Apr. ’23 . 97% 97% Stand. Oil (Cal ) 7s, Jan. ’31.103% 104% S. Oil IN. Y.) 7s, Jan. ’23-’31.102 106 St. P. U. D. 5%5, Dec. 15, ’23 97% 98 Swift 7 Oct. 15. ’26 98% 99% Texas Cos. 7s, Meh, 1. 23...100 100% Utah Sec. 6s. Sept. 15, ’22 02% 93% Waltham Watch 6s. Aug. ’24. 89 92 Western El. 7s Apr. ’25 100% 101 Wewtlnghouse fa, May, ’31... 102% 103%

Local Stock Exchange

Sept. 16STOCKS. Bid. Ask. Ind. Ry. A Light com 62 Ind. Ky. & Light pfd 75 Indpls. A- S. E. pfd Indpls. S. E pfd Indpls St Ry 31 41 T. H. T. & L. pfd T. H. I. A E. com 5 T. 11. I. A- E. pfd 13 U T. of Ind. com 1 V. T. of Ind. Ist pfd 7 U. T. of Ind 2d pfd 2 Advance Rumely com ...... 10 Advance- Rumely pfd ... Am. Central Life Am. Creosoting pfd 91 Belt R. R. com 537* 62 Belt R. R pfd 42% ... Century Bldg Cos. pfd 91 Citizens Gas Cos 22 25 Dodge Mfg. Cos. pfd Home Brewing 62 ltd. Hotel com 50 ... Ind. Hotel pfd 93 Ind. NHt. Life Ins Cos 3% Ind. Title Guaranty Cos 69 Ind. Pipe Lines 72 77 indpls. Abattoir pfd 40 50 Indpls. Gas 40 50 Indpls. Tel. Cos. com 2 Indpls. Tel. Cos. pfd 90 Mer Pub. I til. pfd 40 Nat'l Motor Car Cos 274 5 Pub Snv. Ins. Cos 4 ... Ranh Fertilizer pfd 40 Standard Oil of Indiana.... 70% 72 Sterling Fire Ins. Cos 6% 7% Van Camp Hdw. pfd 90 100 Van Camp Prod. Ist pfd 100 Van Camp Prod. 2d pfd 100 Vandalla Coal Cos. com 5 Vnndalia Coal Cos. pfd 474 7% Wabash Ry. com 774 ... Wabash Ry. pfd 20% ... BONDS. Broad Ripple 5s 50 Citizens St. Ry. 6s 6474 -• • Ind. Coke & Gas 6s 94% Indian Creek Coal A Mine.... 100 Indpls. C. & South 6s 88% ... Indpls. A- Martinsville 5s 45 Indpls. A Northern 5b 39 4274 Indpls. & N. W. 5s 49 56 sndpls. & S. E. 6s 45 Indpls. 8. & S. E. 5s 70 Indpls. St. Ry. 4s 48 59 Indpls. T. & T. 5s 67 74 Indpls. Gas Cos. 5s 71 77 T. H., I. A E, 5s 44% ... V. T. of Ind. 5s 47% 54 Citizens Cas Cos. 5s 73 79 Indpls. Gas 6s 71 77 Kokomo. M. A W. 5s 74 Ind. Hotel Cos 2d 6s 7374 79 Inpls, Water 4%s ...L 66% 75

Indpls. Water 5s 88 92 Mch. H. A L. 5s 83% 94 New Tel. Ist 6s 94 New Tel. L. D. 5s 93% Sou. Ind. Power 5s , 93% LIBERTY BONDS. Liberty first 3%s 88.24 88.54 Liberty first 4%s 88.70 89.00 Liberty second 4%s 88.80 89.00 Liberty third 474n 92.66 93.00 Liberty fourth 4%s 88 96 80.18 Victory 3%s 99.01 99.20 Victory 4%s 99.04 99.20 CHICAGO PRODUCE. CHICAGO. Sept. 16.—Butter—Receipts, 5,462 tubs; creamery extra, 43c; firsts. 33%<&41c; packing stock, 23iJ24e. Eggs— Receipts, 3,684 cases; current receipts 30 <aSlc; ordinary firsts, 28@29c; firsts, 32@ 34c; checks, 19@21e; dirties, 20ft£22c. Cheese—Twins, (new), 19<319%c; daisies, 19%fi.20c; young Americas, 20®20%c; longhorns, 20@S)%c; brick, 19%@20c. Live poultry—Turkeys, 35c; chlokeena, 20c; springs, 220; roosters, 16c; geese, 20c; ducks, 23c. CLEVELAND PRODUCE. CLEVELAND, Sept. 10.—Butter—Extra in tubs, 47(g47%c: prints, 48@487*c: extra firsts, 46@46%c; firsts. seconds. 36@36%e; packing stocks, 21 fg 23c. Eggs—Fresh gathered northern extras, 40c: ex!ra firsts. 39c; Ohio firsts, new cases. 35c: old cases. 34c: western firsts, new case*. 33c. Poultry, live heavy fowls. 27c; light fowls. 20@21c; roosters, 15c; broilers. 23@24c; live ducks, 20@250. NEW SORK WOOL. NEW YORK.jSept. 16.—Trade In wool was dull on market hers today. Prices of the week were maintained.

WHEAT REGAINS EARLY DECLINES Trade in All Grains Light and Featureless. CHICAGO, Sept. 16.—Wheat regained Its early decline in the late dealings on the Board of Trade today and finished with slight advances. Trade in all grains was rather dull and featureless throughout the session. Closing prices showed gains of %e for September wheat; %@%c for December, while May was unchanged. Corn was %c off; December unchanged to %c lower, and May unchanged to %c off. September oats were %c higher; December %@%c up and May unchanged, to %c lower. (Bn Thomson & McKinnon) —Sept. 16Wheat—ldeas of ultimate strength, in wheat still prevail in the minds of many and some buying power is derived from this source, but there Is no broad demand, neither is there urgency in tbe milling trade. It is also a fact that export business Is confined to fulfillment of previous sales for tbe purpose of securing supplies to provide for ocean freights already contracted. Canadian wheat is not yet offering freely, but it should come into sharp competition with United States grain as Canadian freight rates to Montreal have been reduced ic per cwt. Old shipments of American wheat now in Montreal are offered at considerably less ’than original cost. A summary of foreign crop conditions shows yields con slderably larger than last year. It is also claimed thut Holland and Germany are reselling for shipment to England at below today’s replacement cost. Cash wheat in various domestic markets has not been weak, but the demand is less keen than recently. There Is a deadlock In the cash business tor the time being, original holders being very reluctant sellers and foreign buyers awaiting the movement of Canadian crop. Considering that the market has so long been dominated by theories of a sure scarcity and a good export trade we feel that the withdrawal of foreign demand from United States should have more than its rightful effect in the way of depressing prices. Coarse Grains —No new export business has been reported in corn, but preparn tions for further shipments from Chicago are under way. The industrial demand is Improving Corn Products people announce that they are running at 85 pi r cent capacity, against 60 per cent previously, because of the European demand for products. Several foreign countries are inquiring for prices on oats end ask ing for samples. This is the first good evidence of possible export business. Neither one of these markets oispifiys individuality. We are inclined to feel that they will gather their impetus fepm the action of wheat. Provisions —A liberal reduction in the stocks of lard at Chicago has help’d values. The buying of October laril lad (he appearance of coming from larger packers. Stocks of lard are 62.0Q0.000 lbs. against 86.1*10,000 two weeks ago. CHICAGO GRAIN TABLE. —Sept. 16— WHEAT— Open. High. Low. Close. Sept.... 125 1.27 1.24 1.26% Dec.... 127% 1.29% 1.20% 129% May.... 1.31% 133% 1.31 1.33% Sept 53% -63% .53 -53% I .58*71 Mav.... -58% .58% .58 .58% OATS— „„„ Sept.... .36% .37% .36% .37% Dec 39 .39% .38% .39% Mav 43% .43% .43% .43% PORK— Sept.... 17 90 17.90 17 90 Ii.OO LARI*- ~ •Sept ,0 - 8 “ I?t 10.70 ,10.90 1070 10.90 Jan..... 9.47 9.57 9.47 9.55 RIBS— _ „ •Sept i*? Oct ... 760 762 760 i62 Jan 8.05 8.15 805 815 •Nominal. CHICAGO CASH GRAIN. CHICAGO, Sept. 19.—Corn—No. - mixed, 54%c; No. 1 white. 54 %<t£s4%c. No 1 fellow, 54 %<0 55c; No. 3 mixed, 54%c: No. 2 white. 54%@54%c; No. - yellow. &4%@55c: No. 6 mixed. 51%c. Oats No. 2 white, 38%eg39c: No. 3 white, 35%©37c; No. 4 white. 34%@:t*c.

TOLEDO GRAIN PRICES. TOLEDO, Sept. 16.—Wheat — Cash, $1.30; September, $1.30; December. SL3. : Mav. $1.44. Corn Cash. Sifalgo- OatvCash. 404J41C. Rye—Cash, $1.04. Barley —Cash. 04c. INDIANAPOLIS CASH GRAIN. —Sept. 16— Bids for car lots of grain and hay at the call of the Indianapolis Board of Trade were: Wheat -Steady: No. 2 red. $130<§137 Corn —Easter: No. 2 white. 55rq163%e ; No. 3 white, 54@54%c; No. 2 yellow. 541* Qs6c; No. 3 yellow. 53%@54%c: No. - mixed. 54055 c; No. 3 mixed, 53i553%r Oats Steady: No. 2 white, 30%<g37%c; No. 3 white, 35'536c Hay—Slow; No 1 timothy, $17,500 18; No 2 timothy. $17(817.50; No. 1 light clover mixed, $16.50® 17; No. 1 clover. $16.50 ©l7 50. —lnspections Wheat—No. 2 red. 2 cars; No. 3 red, 4 cars: sample. 2 aers; total. 8 oars Corn—No. 1 white, 5 cars; No. 2 white, 4 cars; No. 3 white. 1 car; No. 1 yellow, 11 cars. No. 2 yellow, 16 cars; No. 3 yel low. 1 car; No. 5 yellow. 1 car; No. 1 mixed, 2 cars: No. 2 mixed. 4 cars; No. 3 mixed! 4 ears; No. 3 mixed. 1 car: No. 6 mixed! 1 car: total, 47 cars. Oats —No. 2 white. 1 car; No. 3 white. 10 cars; No. 4 white, 9 cars; total, 20 ears. Rye—No. 3, 1 car. HAY MARKET. The following are the Indianapolis prices for hay by the wagon load, delivered. _ Uav—Loose timothy, old, $19021; mixed hay, new, $171418; baled hay, old, slß@2o. now. $ 17@ 19. Oats-Bushel, new. 30035 c. Corn—New, 60362 c per bushel, WAGON WHEAT PRICES. Indianapolis flour mills and elevators today are paying $1.25 for No. 1 red winter wheat; $1.23 for No. 2 red winter wheat and according to !-*t for No. 3. Oats are quoted at 30c for No. 3 white or better. INDIANAPOLIS PRODUCE. Butter—Local dealers are paying 39@ 40c per lb. for butter delivered in Indianapolis. Eggs Loss off. 29031 c. Butter—Packing stock, 17018 c. Poultry—Fowls, IS® 20c; springers, 20@23c; cocks, 10012 c; old hen turkeys, 28c; old tom turkeys, 20(8 25c: cull thin turkeys not wanted; ducks, 4 lbs and up, 15016 c; spring ducks, 3 lbs. and up, 16c; geese, JO lbs and up, 9@loc; scuabs. 11 lbs to the dozen. $5. Butterfat—Local dealers are paying 37c per pound for butterfat delivered in Indianapolis.

We Offer: % Indiana Tax Exempt School Bonds Issued by large cities Fort Wayne 6% School Bonds Gary 6% School Bonds Richmond 5% School Bonds Maturities from one to ten years. Exempt from all Federal and local taxes. BREED, ELLIOTT & HARRISON Investments for Income , 109 North Pennsylvania Street Cincinnati INDIANAPOLIS, IND. Chicago

SWINE PRICES AGAIN STEADY Veals $1 to $2 Lower—Sheep and Lambs Are Steady. RANGE OF HOG TRICES. Good Good Good Sept. Mixed. Heavy. Light. 9. $9.00 $8.25@ 8.75 $9.25 10. 9.00 8.50® 8.75 9.25 12. 8.75 8.25® 8.50 9.00® 9.10 13. 8.25 7.75® 8.00 8.50 14. 8.15® 8.25 7.75® 8.00 8.40® 8.60 15. 8.15® 8.25 7.50® 8.00 8.40® S.fO 15. 8.15® 8.25 7.75® 8.00 8.40® 8.50 16. 8.16® 8.25 8.00 8.40® 8.50 With 10,500 swine ou the market and an active demand by shippers with eastern house connections, hog values again ruled firm in trade on the local live stock exchange today. Lights again sold at $5.40®8.50, with mixed and mediums at [email protected]. Heavies gene-ally brought SB. while pigs sold at $8.25 and down. Roughs brought [email protected]. The bulk of the sales for the day ranged at $8.40® 8.50. Shippers were the first active traders and they established the market. Local packers were rather reluctant in buying, holding out in hopes of lower prices here and elsewhere. At an early hour in the forenoon about .8.000 swine had been sold and it was thought that tbe rema’nder would be sold to the shippers and some of the local packers by the close of the market. There was another light ruu of cattle on the market and no improvement was shown In trade. Most of the cattle offered for sale were of the fair to medium grades and prices were generally about steady. . . . . Two or three fairly good heavy weight bulls so’d at slightly higher prices at $5 and $5.25 and commission men stated that prices of that grade of cattle were around 25 cents higher than at the close of the Friday market of last week. Prices of other grades of cattle showed no improvement, and. in cases, were lower than on the market of the previous week, Receipts for the day ran close to oo<> fresh cattle, with a limited number of stale cattle in the pens. Veal prices were $1 to $2 lower, with a fairlv large run of calves on the market anil the Eastern demand demoralized. Choice veals generally sold at sl2® 12.50. with a top of sl3. Good veals sold at $10.50*011.50 and mediums at $S@9. Other grades sold at [email protected]. There were 1,000 sheep and lambs on tbe market and prices were steady. Sheep brought sl@3 and lambs s6.,>o@ 9 The bulk of the choice lambs sold at $8(09.

HOGS. Best light hogs. 100 to TOO lbs. average 8.40® 8.00 Over 300 lbs 7.50® 8.00 200 to 300 lbs B.oo® 8.40 Sows 5.50® 6.01) Stags 4.00® 5.00 Best pigs under 140 lbs. ... 7.75 (it: 8.2. Top 8.50 Bulk of sales 8.40® 8.50 CATTLE. Prime cornfed steers, 1.30 C to 1,800 lbs 7.50® 8.50 Good to choice steers, 1,200 to 1,300 lbs 7.00® 7.50 Good to choice steers. 1,100 to 1.200 lbs 6.50® 7.00 Good to choice steers, 1,000 to 1,100 lbs 6 00® 6.50 Common to medium steers 600 to 1,000 lbs 5.50® 6.00 —Heifers and Cows— Good to choice heifers 7.75® SOO Medium heifers 6.00® 7.1*0 Common to good heifers .... 5 00® 6.00 Good to choice cows 3.75® 500 Fair to medium cows 2.UO® 3.00 Cutters 175® 2.75 Canners 75® 2.00 —Bulls— Good to choice butcher bulls 4.75® 5.50 Bologna bulls 4.00® 4.50 Light bologna bulla 3.25® 4,**o Light to common bulls .... 3.00® 3.25 —Calve* — Choice veals 12.00® 13 00 Good veals 10.50 11.50 Medium veals B.oo® 9.0 J Lightweight veals SXO® 6.0* Common heavyweight veals . 4 00*it 5.*M —Stockers and Feeders— Good to choice steers, under 800 lb 5.00® 6.00 Medium cows 2.00® 3.00 Good cows 3.00® 4.00 Good heifers s.s*i® 7.00 Medium to good heifers 4.00® 5.00 SHEEP AN Vi LAMBS Ewes 2 01® 3.50 Bucks 1.50® 2.50 Choice ewes and wether lambs B.oo® 9.0n Seconds 6.50® 7.50 P.uck lambs 6.00® 7.00 Cull lambs 2.ou® 4.50

Other Livestock

CHICAGO, Sept. 16. Hogs—Receipts. IS.I*XI; market. l(>®2sc higher; bulk, s6.so ®8.60; top, $.8.61; heavyweight. $7.30® 8.50; medium weight. $8.25®8.65; lightweight. $8.25(88.65; light lights. $7.85® 8 35; heavy packing sows, smooth. $6 61 @7.25; packing sows, rough, [email protected]; pigs. $7*018.0.1. Cattle- Receipts. 4.000; market steady; beef steers, choice and prime, $8.75®J0.50; medium and good, $6.50*09.25; good and choice. $8.33® 10.75; common and medium. $5®8.35; butcher cattle, heifers. sl.2s®s); cows, s3.so®r: Lulls, $4.50@650; canners and cutters, cows and heifers. [email protected]; tanner steers. [email protected]; veal calves (light and handyweiybt), s9@l4; feeder steers, ss® 7.25; stocaer steers. [email protected]; Stockers cowg and heifers, $3(04.75. Sheep Re. celjits, 11.0**); market, fat lambs steady to 130 higher; fat sheep steady; lambs. 84 lbs. down). $8.50@!033; cull’s and com-

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Weather

The following table shows the state of the weather at 7 a. in., Sept. 16, as observed by U. S. Weather Bureaus. - Station. Bar. Temp. Weather. Indianapolis, Ind... 30.08 67 Cloudy Atlanta, Ga 30.06 74 Clear Amarillo, Texas.. 29.90 62 Clear Bismarck. N. D 29.84 62 Cloudy Eoston, Mass 30.10 60 Clear Chicago, 111 30.08 66 Rain Cincinnati, Ohio 30.10 66 Clear Cleveland, Ohio 80.14 64 Cloudy Denver, Colo 29.86 54 CloudjDodge City. Kan.. 29.82 70 Cl*r Helena, Mont. 29.98 44 Clear Jacksonville-, Fla... 30.08 74 Clear Kansas City, Mo.. 29.88 74 Clear Louisville, Ky 30.08 72 Clear Little--Rock, Ark... 30.02 76 Clear Los Angeles, Cal. 29.94 56 Cloudy Mobile. Aia 30.06 80 Clear New Orleans, La.. 30.04 84* Clear New York, N. Y... 30.12 64 Clear Norfolk, Va 30 04 74 Clear 4*klahoina City 29.94 70 Clear Omaha, Neb 29.80 78 f.’loudy Philadelphia, Pa... 30.12 68 Cloudy Pittsburgh, Pa 30.12 64 Cloudy Portland, Ore 30.02 50 Clear Rapid City. S. D.. 29.86 50 Cloudy Roseburg, Ore 30.02 40 Clear San Antonio. Texas 29.98 74 PtCldy ,Snn Francisco, Cal. 29.96 • 52 Cloudy St. Louis, Mo 29.96 76 PtCldy St. Paul, Minn.... 29.96 60 Rain Tampa, Fla 30.04 76 Clear Washington, D. C.. 30.10 70 Cloudy

WEATHER CONDITIONS. High pressure prevails this morning over eastern districts and the middle plateau section. It is low iu the Rocky Mountain and plains States. Showers occurred In the past twenty-four hours over the upper Mississippi Valley, the northern plains and Rocky Mountain States, and New- England, and at scattered points In the Golf States. Temperatures continue near or above the seasonal average, except In localities in the Northwest, where freezing temperatures are reported. No large area of marked temperature change appears within the area of observation this morning. T. G. SHIPMAN, CORN AND WHEAT BULLETIN. For the twenty-four hours ending at 7 a. m.. Thursday. Sept. 15, 1921: ' ITemper- i I ture - la i i— l 1 - ■ IC* V Stations of j Indianapolis L, * I a£ =£ St-, District. US SJfla.t E Ua ® £ B ” t’a j 5.0 j; •Si t-i£f §! S si? H £;>3.s o gs South Bend 77 157 I 0 1 Good Angola 81 ; 59 I 0 Good Ft. Wayne 80 58 ! 0.04 I Wheatfleld 82 55 I 0.33 Good Royal Center SO 54 0.02 Good Marion jBSI 58 I 0 i Good Lafayette S3 60 0 ; Good Farmland 88 1 60 1 0 1 Good Indianapolis 83 61 0 ; Good Cambridge City . 86 62 I 0 Good Torre Haute j 86 j 66 0 Good Bloomington .... 88 64 0 i Good Columbus 86 67 1 0 ! Rough Vincennes 90 (69 ’ 0 Good Paoll 86 67 ’ 0 Good Evansville 90 ‘72 I 0 j _ Temporarily in Charge.

mon, $5.73®8.25; yearling wethers, $5.25 ®8 ; ewes. s3®s; culls and common, s2® 2.73; breeding ewes, $3.23®6.50; feeder lambs. $3 75® 7.30. CINCINNATI, Sept. 16—Hogs—Receipts. 4,800: market steady to 23c lower; heavies. $7.25®8.25: mixed and mediums. $8.50; lights $8.25: pigs, $7: roughs. $6; stage. $4.75®5. Cattle—Receipts. 300; market strong to 25c higher; bulls, strong; calves, sls down. Sheep and lambs—Receipts, 1.500; market steady to 25c lower; choice lambs. $10.25; seconds. $7; culls. s3®s; ewes. sl®3.s<>. PITTSBI'RGH. Sept. 16.- Hogs—Receipts, 4,500; market 25c higher; prime heavies, $8.2508.50: mediums. $8.90®9; heavy yorkers, SBES®9; light yorkers. $8.25®8.50; pigs, sß®b.2s; roughs. s4®6; stags. $4®4.00; heavy mixed. $5.50®8.75. Cattle Receipts light; market steady; calves, $6®14.50. Sheep and lambs—Receipts, 600; marke: steady; prime wethers. $4.50®5; gooi*. mixed, $4®4.50; fair mixed, $3,254/3 75: culls anil commons, sl®2; choice lambs. $10.50 down. EAST ST LOFIS, Sept. 16.—Hogs— Receipts 7,500: market 10® 15c lower: mixed and butchers. $8.40® 8.70; good heavies. s.B® .8.63; roughs. $5 50® 6 50; lights. $8.50(08 65: pigs, $7.25®8.50 "bulk of sales, $8.40® 8.65. Cattle—Receipts. 2.000; market slow: native beef steers. $8(09; yearling steers and heifers. s9® 9.50; storkers and feeders, $4.25®6.75; calves. $12.50*013.50; canners and cutters. $1.75@3 25 Sheep and lambs—Receipts, 1.200; market steady; mutton ewes, $4.50 ®5: lambs. $9®9.5C; ennners and choppers. $1.30® 2 EAST BI FFALO, Sept. 16.—Hogs—Receipts. 5.600; mark® slow; yorkers. s9® 910; pigs, $5.75®9; mixed, $8.75®9.10; heavies, $8 25® 8.75; roughs. $5 50®6: stags. $4 50@5. Cattle—Receipts. 500: market slow: prime steers, $9®9.25; shipping steers. SS®9.SO; butcher grades. $7.75®9: heifers, $550®8; cows. slso® 3.50; bulls. s3®3 50: feeders. $4.50®5.75; milk cows and springers. s4s® 135. Calves Receipts, 800; market strong; cull to choice, $5®,13. Sheep and lambs—Receipts. 4.600; market good: choice lambs. $10.50® 10.75: cull to fair. s4®6 50 ; year lings, $6(0,7.50; sheep, $1.50®2.75. TOLEDO SEED PRICES. TOLEDO, Sept. 16—Clover leed—-Cash, $11.90; October, $11.90; December, $12.10 bid; February. $12.20 bid; March, $12.15 bid. Alsfcve— Cash, $10.$0; October. $1065; December.* $10.75; March. slo9*. Timothv 1920 cash. $2.50; 1921 cash ,$2.60; September. $2.60; October, $2 60; De cember, $2.67%; January. $2.72%; February. $2.77%; March, $2.82%.

Indianapolis Abattoir Company V/2% TEN YEAR GOLD NOTES Denomination* SI,OOO and SSOO. Dne September 15th, 1931. Coupons payable September and March 15th each year. Fletcher American National Bank Trustee. These notes are the only funded debt of this ablymanaged Indianapolis concern. Earnings for last five years over five times interest charges on this issue. These notes are amply protected under the agreement between the Company and the Trustee. Packing house securities are among the premier securities of today. This is an unusually strong issue in every respect and should appeal to the most conservative investor. Price to Yield 7 7 /s% Fletcher American Company Second Floor Fletcher-American National Bank Building. INDIANAPOLIS.

WANTED TO BUY DUESENBERG AUTO AND MOTORS Common Stock EVERETT & COMPANY Suite 5,40 West Ohio St. Phone Circle 7612 Ind. Securities Commission Denier*’ License No. It.

FREIGHT RATES HOLDING BACK FARM BUSINESS Required to Pay Too Much on the Things He Must Purchase. AUTOS VS. IMPLEMENTS Special to Indiana Daily Times and Philadelphia Public Ledger. By C. B. EVANS, CHICAGO, Sept. 16—It Is reasonable to assume that the manufacturers of agricultural Implements and the industries tributary thereto are benefited by the recent improved aspect of agricultural affairs, and there is a rather better feeling among these industries than a few months ago. Early this year a man holding a high position in one of the large companies painted a dark picture, and events since that time largely have borne out his predictions. His view, however, was due to anticipation of many unfortunate happenings in the finances of this and other countries, and those events have in great measure occurred, but the thing itself has not produced anything like the baneful effects that he and others might reasonably have expected. Accordingly at this time the interest, while not prosperous. Is looking for better'things. Most of the companies are making no money applicable to dividend payments, but some have a moderate margin to the good. The action’ of the International Harvester Company 4n declaring the regular October dividend is interpreted as establishing the probability of a continuance of dividends for an indefinite period, and while there is no official authority for this expectation the atmosphere in the board of directors is decidedly better than a few weeks ago. RATES INCREASE COST OF MACHINERY. Neither decline in cost of material nor the moderate reductions in wages are sufficient to offset unfavorable conditions, and the item of freight rates la an exceedingly troublesome one. It can be understood that, as the farmer bas to pay In the price of his machine, freight rates from the Lake Superior mines to Chicago on ore, not to mention the other ingredients that go to make pig iron, and then freight from the Chicago factory to the home town of the purchaser, he is nsuch interested in this element. It is stated by good authority that in a ton of pig worth *2O to $22 there is $lO in railroad freight. While ’no claim is made in this connection that freight rates in general should be reduced, attention is called to the fact that the transportation cost lq the big heavy articles is a burden on the industry of making large machines. The railroad men have pullished from time to time statements Indicating that tbe freight cost in a pair of shoes or suit of clothes is negligible, but this certainly is not true of agricultural implements. which in the raw and In tbe completed form must do so many hundred miles of traveling. It is recognized alt othat the railroads can not reasonably be called npon to reduce rates In general until labor cost is cut down. In fixing rates careful discrimination as to the articles carried is necessary, and the Interstate Comemrce Commission appears to be studying the question on that line. FARMER BECOMING EXTRAVAGANT ALSO. The diversion of the farmer's capital into other channels has been an injury to the agricultural implement business. It is a part of the extravagance in which Americans of all classes have indulged since the war began and np to a recent time A major item is the automobile. It is estimated that tbe cost per year for the maintenance and operation of automobiles owned by the farmer class is $600,000,000. Tbe smount spent a year form farm machinery and tools is not in excess of $500,000,000. Nor in this comparison is any allowance made for depreciation of the automobiles, which one might guess should be written from eqd down to zero In a period of five yef. This is a comparison of luxuries and necessities which does not look well That the country can stand such things is evidence of its strength and promise of future prosperity among the farmers if they will take a little different view of a pleasure trip to the village as compared with one of those excursions up and down a field with a plow. There is in this view of the case no hint of objection to the ownership and use of automobiles by farmers. They are entitled to all that they can get out of the pleasure car consistently with a reasonable consideration of economy. The auto is now an integral part of our life, tbe forests of Brazil and Sumatra are drained of juice for the farmers' benefit as well as the city man's, and from this time on the artist who wishes to picture human locomotion should not paint a pair of legs, but four rubberclad wheels.—Copyright, 1921, by Public Ledger Company.