Indianapolis Times, Volume 34, Number 179, Indianapolis, Marion County, 7 December 1921 — Page 10

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CHEMICALS HIT HIGHER LEVEL IN TRADE MARTS Harding Message and Irish Peace Have Powerful Significance. GERMAN MARKS IMPROVE Special to Indiana Daily Times and Philadelphia Public Ledger. By MONITOR. NEW YORK, Dec. 7.—ln view of the tremendous significance of the general news embracing the agreement on the Irish question, Paris press announcements to the effect that Germany might obtain three years’ extension on cash indemnity payments. The first official announcement of budget requirements and the sound practical tenor of the presidential message, today’s stock market would seem to have registered adequate interpretation of present and pending developments. Trading was on a moderate scale, but activity was largely confined to the minor Industrials followed later by steadiness in some of the standard rails. The features of strength were furnished by the chemical, motor, rubber and tobacco shares. Studebaker was heavily bought, particularly toward the close. Allied Chemical. Davison Chemical, Virginia Carolina Chemical and American Agricultural Chemical were active and higher, with a new high level for allied chemical. The rubber and tire stocks were ail strong, including U. S. Rubber, Goodrich, Ajax and Kelly-Springfield. The features of steadiness among the rails were furnished by Union Pacific and Lehigh Valley. .\. & W. reacted 6harplv toward the close. FOREIGN EXCHANGE STRONGER. It was to be expected that foreign exchanges would be strong, and as a matter of fact sterling went to another new high level and marks and francs both ran up sharply. The strength of marks in the face of the further increase in the Iteichhank note circulation was due undoubtedly to evidences of a financial approachement between Berlin and Paris on the subject of cash indemnity payments. In the commodity markets the feature was the weakness in wheat on selling reported from the Southwest. Cotton was irregular and heavy.—Copyright. 1921, by Public Ledger Company. WALE STREET GOSSIP, BV MONITOR. The rubbers and motor stocks came into prominence immediately after the opening of the market. The speculative groups handling these shares have been rather open in predicting certain advances, but whether these forecasts come true or not, the seasonal movement in anticipation of New York automobile show apparently is in full sway. Studebaber was the leader in activity, and got above 81 on very large transactions. One firm which has in times past operated for South Bend interests bought 7,500 shares just before the close.

President Harding’s message was construed favorably by cite speculative element, and the market which had been reactionary up to 1 o'clock turned as extracts from the document came over the ticker. Practically the whole market felt the effect of the influx of buying orders, and prices advanced easily until the close. This buying was not confined to any particular group, but made its appearance in rails, industrials and oils and the like. Allied Chemical and Dye made anew high record for the year on buying attributed to pool interests. There is a strong suspicion in some quarters which have been fallowing the transactions in this stock that the present rise is being made the basis for distribution pending an announcement of importance to be made soon after the first of the year. While no official announcement has been made, it Is understood in wellinformed circles here that an offering of Slo.iiOa.nOO 5 per cent bonds will be made by the Union Pacific Railway Company this week. Details have net made public, although it is suggested the price will be on the basis of a 5% per cent return. The issue is to refund approximately the same quantity of Oregon Short Line Cs, which mature within a few mouths. The character of the bnviug in Central Leather is such as to indicate that this stock is being accumulated by a powerful interest. The financial district is filled with reports to the effect that dividends in common can not possibiy be resumed for at least five years. While there is no suggestion of an immediate resumption of dividend payments, there will he no new financing, according to high authority, and inner circles consider tue stock an e-'-ellent speculative purchase at the i> r ‘’'> ailing level. The prosperity of the chain stores continues a source of wonderment to the street. The F. W. Woolworth Company reported that November sales iucreasen $579,463 over the same month last year, and for the eleven months total sales are larger by $4,077 095 and this despite the reductions ia values. Commission houses attach considerable significance to the election of President Andrew Fletcher of the American Locomotive Company to the directorate of the American Car and Foundry Company. The directors of the latter company met and declared the regular dividend of $0 a share on the common and SL7S on the preferred. The Atlantic Gulf Oil Corporation, a subsidiary of the Atlantic Gulf and West Indies, report that November production was 510.181 barrels of crude oil and shipments 634,713 barrels. At a special meeting of the stockholders of the 8. S. Kresge Company, au Increase in the preferred sto, k from $2.000.009 to $5,000,000 was authorized. This action was without effect in the trading. —Copyright, 1921, by Fubiie Ledger Company.

FINANCIAL. (Continued.) PERSONAL LOANS $lO TO S3OO This office is operated under the supervision of the State of Indiana : nd was established for the purpose of providing a place where honest people caa borrow any amount from *lO to 1300 without paying more than the legal rate of Interest or without being Imposed upon Is any way. It Is only necessary that you are keeping house and permanently located. NO WORTHY PERSON REFUSED We do not notify your employer, neither do we make Inquiries of your i'rlends. relatives or tract's people. Tou can have all tine necessary for repayment and pay onl f for the actual time you keep the money. Call and let us explain. No charges unless you borrow. Loans with other .-orapanies paid olt and more money advanced at legal rates. IF IN A HURRY PHONE MAIN *923 OR LI NCOLN 2450. SECURITY MORTGAGE LOAN CO. Rooms 103-7-3 Indiana Trust Bldg. 118 E. Washington St. Corner Vlr. Ave. WE LOAN S2O to S3OO On Our New SELECTIVE, FLEXIBLE, PAYMENT PLAN Select your own terms of repayment. CAPITOL LOAN CO. 14114 E. Washington St. MA In 0585. LI ncoln 7154 FIRST and second mortgages on Indiana and Indianapolis real estate. R. B. WILSON. jo* N. Delaware st. Main Ml*.

N. Y. Stock Exchange

(By Thomson &. McKinnon.) —Dec. 7 I’rev. High. Low. Close, close. Allied Chemical 5-B'/* 67% 57Vs 57% Ajax Ritboer... 19% 18% 18% 19% Ailts Chalmers. 38% 38 38 38 Am. Agricul 32 31% 31% 31% Am. Beet Sugar 28% 28% 28% 29 Ant. Bosch Mag. 35 35 • 35 35 Am. Car A Fdy.147% 145 145 146 Am. tan 32% 32 32 32% Am. II A L com 13V* 12% 12% 12% Am. HAL pfd. 59% 58% 58% 58% Am. Ice 75% 74 73% 75% Am. Inter. Cor.. 42 59% 40 41V* Aui. Loco 99% 97% 97'% 99% Am. Sui. A Ref. 45% 43% 44% 43% Am. Sugar Ref. 55 54% 54% 55 Am. S. Tob. Cos.. S3 32% 32V* 33% Am. Stl. Fdy... 35 34 34% 34 Am. Tel A Tel .116% 115% 116 115% Am. To! 133% 133% 135% Am. Woolen .... 82% 80% 80% 81 At. Coast Line. 89 89 89 89% Ana. Min. Cos.. 47% 46% 46% 46% Atchison 90 % 90 90% 80% At. G. A 5\ .1. 32% 31% 31% 31% Baldwin Loco.. 95% 91% 93% 94% B. A O 37% 36 36% 37 Beth. S. (B).. 57% 57 57 57 Cal. Tete 44% 43% 43% 41 Can. Pac. Uy..122% 120 120*-* 119% Cent. Leather.. 31% 30% 30% 31 (’hand. Motors. 52 48% 48% 50% C. A 0 57% 56% 56% 57 C..M. A St. P... 2Vi 18% 19% 22% C..M. A S.P.pfd. 34% 32Vs 32% 34% Chi. A N.W.. . 69 68% 68% 69 C.. R. I. A l’ac. 33% 32% 32% 32% C.R.I.&P 6pc pfd 76% 76 76 70% C.U.I.AP.7pc pfd 80% 80% 80% 80 Chili Copper.... 12-';; 12% 12% 12% Chino Copper .. 27% 27 27 27 Coca Cola 38% 37% 38 38% Col. Fuel A Iron 25% 25% 25% 20 Col. Gas 05% 04% 04% 04% Col. Graph 4% 3% 3% 4% Cons. Gas 93% 92% 92V 1 * ••••• Cosden Oil .... 34% 34 34 33% Corn Prod 90% 88% 89 89 Crucible Steel .. 05% 04% 04% 65% Cuban Sug 13% 13% 13','s 11% Cuban Caue Sug. 7% 7% 7V* <% Del. A Hudson. 108 10S 108 Del. A Lack. ..113 111% 111% 111% Erie 11% 11% 11% 11% K..dicott 78% 77% 77V* 78% Famous Play.... 73% 72V* 72% 71% Fisk Rub C 0... 10% 10% 10% 11_ Gen. Asphalt.... 67% 65% 66% 65% Gen. Cigars.... 70% (18% 69 09 Gen. Electric.. 143% 142% 142% 143% Gen. Motors.... 11% 11% 11% 11% Goodrich 36% 30% 30% 30% Gt. North, pfd. 77% 76% 70% 77% Gt. North. Ore. 32% 31% 31% 32% Houston Oil .. 80% 78% 78% 79% Inspiration Cop. 38% 37% 38% 37% Invincible Oil.. 12%, 12 12 12% Indiahonta 4% 4% 4 % 4% Inter. Harvester 83 82 82 52% Inter. Nickel... 11% 11% 11% 11% Inter. Paper 53% 52% 52% 53 Island O. A T... 32% 2% 3 K. C. Southern 24% 24% 24% 24'% Kelly-Spring. T. 44% 42% 42% 44 Kennecott Cop. 20 25% 25% 25% Lackawanna s.. 47% 46% 46% 46% Lehigh Valley.. 60% 59 59 59% I.ee Tire 29% 29% 29% 29% Loews. Inc 14% 11 14 14Vi L. A N 109% 109% 109% Marine com. ... 16% 14% 14% 15% Marine pfd 66% 63 63% 66% May Stores 100% 98 98 97 Max. Motor (B) 13 12'.’, 12% 12% Mexican Pet.... 113% 111% 112% 112% Miami Copper.. 26% 25% 25% 25% Middle S. Oil.. 15% 15 15 15% Midvale Steel... 28% 28 28% 28 M-K. AT 2 2 2 2% Missouri P. 1t... 18% 18% 18% 18% Missouri P. R. p 47% 46% 46% 40% National Lead.. 86 85% 86 80 Nevada C. Cop. 14% 14 14 13% N. Y. Central.. 74 -r* 73% 73% 74% New Haven 13% 12% 12% 13% Nor. A Western 98 98 9.8 97'(* Nor. Pacific.... 82% 80% sO-% 80% Pacific Oil 46% 45% 45% -15% Pure Oil 377 % 37 37 371.', Pan-Am. Pete... 51% 51% 51% 51% Penn. By 33% .72% 32% 34 People's Gas.... 57% 56% 56% 50% Pierce Arrow ... 15% 14% 14% 15% Pierce Oil Cos.. 13 12% 12% 13 Pitts. Coal 64% 62% 64 62% P. S. Car 67 67 67 67% Pull. Pal. Car .109 108 108 109 Ry. S. Springs 93 95 93 Ray Copper 14% 14% 14% 14% Reading 73% 71% 71% 72% Rep. I. A S 54% 53% 53% 53% Kep.logle Steel 24% 24% 24% 20 R. Doth N. Y. 48% 45% 48% 45% Sears-Rbuck ... 57% 55% 55% 57 Sinclair 22% 22% 22% 22% Southern Pac. .. 81 79% 79% 80V* Southern Rv.... 19% 19 19 19% STI.ASW. Rv... 21'* *2l 21 21% Stand. Oil N.T. .188% 184 185% W* STI.ASF. Cam... 22% 21 21 % 22% Strcmberg Carb. 34% 33 33% Studebaker .82% SO'* .'■O'* 81% Texas Coal 30 * 25% 29 28% Texas Cos 47 45% 46% 45% Tex. A Pac 24 23'.'. 25% 24% Tob. Prod 60 59 % 59% 60 Trans. Oil 11% 10% 10% 11% Union Oil 20 19% 19% 19% Union Pac 128% 127 127 127 f'nt. Ret. tSores 53% 52% 5".', 53 U. S. F. P. Cor.. 11 10% 10% n I*. S. In. Alco.. 38 37% 37' 35% T\ S. Rubber... 55% 53% 53 55 U. S. Steel 84% 85% S3' 85% I’. S. Steel pfd..113% 113*; 113% 115% Utah Copper... 60% 59% on% 39 Vanadium Steel 321% 32 32 33 Vir.-Car. Chem. 30Vi 29% 29/* s'< Wabash 7 7 7 7% Wab. Ist pfd... 21 21 21 21% White Oil 12% 12% 12% 12% West. Electric.. 49% 49% 49% 49% White Motors.. 41 * 40% 40% 40% Willys Overland 6% 6 6 5% Worth. Pump.. 44% 44 44% 41'; Woolworth ....126 324'-* 126 123% West. Pacific... 18% IS ” 18

NEW YORK LIBERTY BONDS. —Dec. 7.—■ I'rev. High. Low Close. Close. L. B. 3%S 9* 1.31 90.06 96.18 90.10 > L. B. 2d 4s $7.40 I L. R. Ist 4%s ’97 80 97.52 97,34 97.70 IL.B. 2d 4 l 4 s 97..0S 97 32 97.40 97.41 j L. B. 3d 4% a US 00 97 70 97.90 97.9 1 ! L. B. 4th 4%5.. 97.92 97.58 47 TO 97.74 ' Victory 3%S 100.00 99 98 100 00 100.00 I Victory 4%s 100.00 99.98 100.00 100.00 INDIANAPOLIS PRODUCE. Blitter—Local dealers are paying 41© j 42c per lb. for butter delivered in Indianapolis. Eggs—l.oss off. 50©53c. Butter-Pack-ing stock. 19@20c. Poultry—Fowls. 10© i 22c: springs. 18@19c: cocks, 104112 c; , stags, 12© 13c; young lien turkeys, 8 lbs' ! (mil up 30®35c; young torn turkeys, 12 ! lbs. and tip. 30<933c: old tom turkeys. 27 I ©3oc; cull thin turkeys not wanted; ducks, 4 lbs. and up. 16© 18c; spring ducks. 3 lbs. and up, 17c; geese. 10 lbs (and tip. 15c; rabbits, drawn, per dozen, ! $1.50; squabs, 11 lbs. to dozen. S3; young i guineas, 2-lb. size, per dozen. s7©B; old guineas, per dozen, $5. Butterfat —Local dealers are paying 42c per pound for all butterfat delivered in Indianapolis. CHICAGO PRODCCE. CHICAGO, Dee. 7.—Butter—Receipts, 3.850 tubs; creamery extras, 43e: firsts, 3 J .®4lc; packing stock, 23@25c. Eggs— Receipts. 4.073 cases; current receipts, 5."©51e; ordinary firsts, 45®50c; firsts, 54®;50c; checks. 28@30c; dirties, ,'Xl®s2c. Ciicese —Twins (new), 19c; daisies. 18% @l9c; Young Americas. 19%c; longhorns', 19%c; brick, lG%c. Live poultry—Turkeys. 37c: chickens, 19c; springs, 22c; roosters, 15c; geese. 23c; ducks. 24c. Potatoes—Receipts. 30 cars; Wisconsin Round Whites, sl.oo® 1.75 per bag; Minnesota Red Rivers, [email protected], CLEVELAND PRODUCE. CLEVELAND, Dee. 7. Butter —Extra, i In tubs. 51L.© 52c: prints. 52%©33c; extra j firsts. 50%@51c; firsts. 49%©50e: sec- | onds. 41%©%2c: packing stock. 28®29c. ! Eggs—Fresh gathered, northern extras, Clc: extra firsts. COe: Ohio firsts, new cases. 57c; old cases. 56c; western firsts, new cases. 54c. Poultry—Live, heavy fowls, 24©?25c: light, 16@18c; spring | culls, 17®20c: spring ducks, 25®27c; turkeys, 38®39c. NEW YORK HIDES. I NEW YORK, Dec. 7.—Hides were firm on the market here today, native steer hides selling at 15%c and branded steer bides at 15%c. TRAFFIC CLUB TO NAME OFFICERS. Arrangements for the annual election of officers of the Indianapolis Traffic Club will be made at the weekly luncheon of the club tomorrow at the Hotel Lincoln. The election of officers will be held at the Athenaeum Dec. 15, 0:30 o’clock, and a buffet luncheon will be served. The complete tickets to be voted on will be ready for distribution Friday of this week. SAVES CHILDREN; FINED. SHEFFIELD, England, Doe. 7.—Edward Black shot and killed a dog which had attacked a group of children on the street. He was fined fog carrying fire arms without a license.

STOCK MARKET CLOSE WEAK Rails Lead Decline in Final Hour of Dealings. NEW YORK. Dec. 7—The stock market closed weak today. The rails led the decline with (he St. Paul inssues bearing the brunt of pressure. St. Paul common sold down to as low as IS%, the lowest price in two acore years. At the close the stock rallied to 19%. Southern Pacific yielded I'4 points to 79% and Canadian Pacific, after touching 122%. closed at 120%. Baldwin Locomotive dropped over 1 point to 94. The motors showed a reactionary tendency, Studebaker dropping 2 points to 80%, while Chandler felt 3 points to 48%. Steel common finished Vi of 0 point lower at 83%. Government bonds were unchanged and railway and other bonds irregular. Total stock sales were 987.200 shares and bonds $17,069,000. (By Thomson A McKinnon.) Dee. 7 A noticeable feature in connection with our market is the repeated suggestion of an impending important reaction. Reactions are natural incidents of every market. They result, from technical conditions, either an over extended long interest, or an overextended short interest There has been a considerable increase of public purchases recently, and this may be sufficient to *ive us another reaction at this time, but there certainly is no reason why this should be of unusual extent, because basic conditions now favor advancing values Just as last year's basic conditions favored a decline. The principal opposition to the market rests with some of the professional element who have seen the market pass into the control of the public after having enjoyed a long period during which they had their own way. It is probably because of a desire to force this reaction that pressure has been concentrated from (inte to time on a few issues, on the theory that this would help to upset the general list. Today and for several days there has been unusual pressure on the Si. Paul issues. There may be a good reason for selling the stock, but such reason, if there is one. has not been made public. The suggestion that the selling is based on an obligation of the company due in March of next year, seems very farfetched. This debt is due the Government, and this Government is not going to bring about embarrassment of an important railroad at a time when every effort is being put forth to help business. It is only necessary to read wliat the governor of the Reserve Board says and what the Secretary of Commerce says in regard to improving business conditions in order to feel reassured and to continue with confidence to take advantage of every reaction to accumulate stocks. TWENTY STOCKS AVERAGE. NEW YORK, Deo. 7.—Twenty industrial stocks Monday averaged 78.93. off .07 per cnt. Twenty active rails averaged 75.01, off .49 per cent. CLEARING HOUSE STATEMENT. NEW YORK, Dec. 7.—Exchanges, $015,600.000; balances. $57,000,000. Federal Reserve Bank credit balances, $15,400.000.

Money and Exchange

Indianapolis bank clearings Wednesday were $2,572,000. NEW YORK. Dec. 7.—The foreign exchange market opened irregular today. Demand sterling was %e higher at $4 98%. Francs yielded 4 centimes t<> 7.57 c for cables and 7.5 Cc for cheeks. Lire cables were 4.30 c; checks, 4.35 c. Belgian cables were 7.32 c: checks. 7.31 c. Marks off 2 points to ,0048 c. Guilder cables were 35.95 c; cheeks, 35.93 c. Sweden kronen cables were 21.00 c; cheeks, 23.95 c. MOTOR SECURITIES. (By Thomson A McKinnon) —Dec. 7 —Closing—- , Bid. Ask Earl Motors 9% 10% Packard com TVs BV* Packard pfd 67 69 Peerless 37% 39 Coot. Motors corn 0 6V* Cone. Motors pfd 85 !X% Hupp com 15 12% Hupp pfd 92 95 Ren Motor Car 19% 20% Elgin Motors 4 4% Grant Motors 3 l'.i Ford of Canada 245 250 Interuat. Motor com . 29 * National Motors .. 1% 3 Federal Truck 14 18 Paige Motors 14% 15% Republic Truck <’>% Butler Bros 34 34% ACTIVE OIL STOCKS. (By Thomson A McKinnon.) —Dee. 7 - Opening Bid. Ask. Atlantic Lo’oos _9% 9% Borne S rymser 325 350 I'uckeey Pipe Line 83 H 4 Chesebrottgh Mfg. (’ons 185 195 font. Oil Colorado 118 123 Cosden Oil and Gas 6 8 Crescent Pipe Line 30 31 Cumberland Pipe Line 125 135 Elk Basin Pete 7% 7% Eureka Pipe Line 83 85 Galena Signal oil pfd 10 1 106 Galena-Signal Oil com 44 47 Illinois Pipe Line 160 165 Indiana Pipe Line 82 84 Merritt "I! 1° l°’i Midwest Oil 2% 3 Midwest Refining 170 180 National Transit 29 30 New York Transit 147 152 Northern Pipe Line 98 102 Ohio Oil 280 285 Oklahoma I*. A It 6 0 * Ponn.-Mex 10 22 Prairie Oil and Gas 37a 58-t Prairie Pipe Line .... 232 238 Sapulpa Refining _3 * _4 Soiar Refining 355 370 Southern Pipe Line 88 92 South Penn. Oil 23 27 Southwest Penn. Pipe Lines. 55 60 Standard oil Cos. of Kan.... 575 590 Standard *'il Cos. of Ky 43-> 4t-> Standard Oil Cos. of Neb 170 180 Standard Oil Cos. sis N. Y.... 384 388 Standard oil Cos, of 0hi0.... 400 410 Swan A Finch 40 50 Vacuum Oil 320 3!3) Washington Oil 35 40

CHICAGO STOCKS. (By Thomson & McKinnon) —Dec. 7 Open. High. Low. Close. Armour Leather 12% Cr. and Carbon 47% 47>4 46% 40% Libby 6 0% 0 0 Mont.-Ward ... 14 34 12% 13% National Loath. 2% 32% 2% l’iggl.v Wiggly. 19% 20 19% 20 Rco Motors 20 Sears-Roebuck.. 57% 57% 55% 55% Stcxyart-Warncr 93% Swift & Cos 100% 100% 100% 100% Swift Inter 19% 19% IS 18% NEW YORK SUGARS. NEW YORK, Dec. 7.—Trade in raw sugars was of an uncertain character today and prices were weak. Porto Ricos sold at 3.875 c per pound, delivered. Trade in refined sugars was dull, but prices held about firm. Fine granulated sold at [email protected] and No. 1 soft at 5.30 c per pound, prices hat have been maintained for the past month or more. NEW YORK RICE. NEW YORK. Doc. 7. —Rice values were steady in trade on the exchange here today, domestic selling at 3%@7%c per pound. NEW YORK METAL MARKET. NEW YORK, Dec. 7.—Copper—Steady; spot. December and January offered, 13c. Lead —Quiet: spot, December and January offered. 4.80 c. Spelter—Steady; spot, December and January offered, 4.90 c. NEW YORK PETROLEUM. NEW YORK. Dec. 7. —Petroleum prices were firm in trade on the market here today, Pennsylvania crude petroleum selling at $1 per barrel. NEW YORK TURPENTINE. NEW YORK. Dec. 7.—Turpentine sold at 82c per gallon on the market here today.

INDIANA DAILY TIMES, WEDNESDAY, DECEMBER 7,1921.

New York Bonds

(By Fletcher American Cos.) —Dec. 7 FOREIGN GOVERNMENT BONDS. Bid. Ask. | Arg (Unlisted) os. Sept. 1, '45 72 74 i Belgian 0% Jan. 1, '25 93Vi 95% i Belgian 7%5, June 1, 45 104 105 ! Belgian Ss, Feb. 1, '4l 104% 105% i Bertie Bs. Nov. 1. '45 107% IoS% ! Chile Ss. Feb. 1, 41 102 102% Christiania Bs, Oct. 1, ’45 107% 108% Copenhagen 5%5, July 1, '44.. 88 88 Danish .vlun Bs, Feb. 1, 40...107% 108% 1 Denmark Bs, Oct. 15, '45 108 109 ‘Canadian 5%5, Dec 1, 22.... 91 92'/* ‘Canadian 5%5, Nov. 1, '23... Uj% 91% ‘Canadian 5%5, Nov. 1, 24.... 89V- - 90 ‘Canadian ss, Dee. 1. '23 87 % 89 : Canadian ss, Apr. 1, '2O 90 J 6% ‘Canadian 3%5, Dec. 1. '27... 91V* 92% Canadian 5%5, Aug. 1, '29.... 91% 91% Canadian os, Apr. 1, '3l 95 95% ‘Canadian 5%5, Nov. i, '33... 92 93% I‘Canadian 5%5, Nov. 1, 34... 90 91 ! Canadian as. Melt. 1- '37 93% 94% i ‘Canadian 3%5, Dec. 1, 'J7.... 94 u 5% | ‘French (Viet.) 3s, Opt '31... 54% 56 | ‘French 4s, Opt., 43 43% 45% j French Ss, Sept. 15, 45 99% I(D% •Italian (Wari 55.... 32 33 ' Jap (First) 4%5, Feb. 15, '25 .80 % 87 Jap (S.) 4%5, July 10, '25... 86 % 87 Norway Bs, Oct. 1, '4O 109 110 Sao Paulo Ss, Jam 1, '36...102 IJJ3 Swedish os, June 15, '39 90 97 Swiss' 5%5, Aug. 1, ’29. 94% 9”% Swiss Bs, Jutv 1, ’4O 112% 114 U. K. s Vis, Nov. 1, ’22 99Vi 99% U. K. 5%5, Aug. 1, ’29 93% 9J V. K. 5%5, Feb. 1, ’3. 91% 94% Zurich ss, Get. la, 45 I<>7% }<% Brazil Bs, June 1, YJ4I 104 b 4% French 7%5, June 1. 194*. 94% 9.)% Uruguay Bs, Aug. 1, 1943 10-% J 03% ; Argentine 7s, Oet. i, 1923... 99% ICO/* •internal Loanb. CORPORATION BONDS. Bid. Ask. Alum. Cos. of A. 7s, Nov., ’25. .101% 101% A. Cotton Oil os, Sept. 2 ’24. . 93% 90 i Amor. Tel. os, Oet., ’22 lot) 100% ’ Arncr. Tel. os, Feb , ’24 99 % 00 Amer. Thread is, Dec., *28... 99\i 100,4 Arner. Tob. 7s, Nov., ”22 100 Tb 101 Amer. Tob. 7s, Nov., ’23 101). 102% ! Anaconda Gt, Jan., ’29 97V* J| ,a i Anaconda 7s, Jan., ”29 102 V, 102% : Anglo-A. Oil 7%5, Apr., ’25 102% 103% Armour 7s, July 13, ’3O 102% 102% Atlantic Kef. o%s, Melt., 31 103 103% ! Bell Tel. of Can. 7s, Apr., ’23 100 Vs 100% ! lleth Steel 7s, July 15, ’22.. 100% 101% j Beth. Steel 7s, July 13, '23...100% 100% i Can. Pacific Ot, Mch 2, '24... 99% *OO% I Cent. Arg. Ry os. Feb., '27.. 90% 91'% C„ It. 1. A P. os, Feb., ’22.. 99% 100'% 1 Con. Gas Bs. Dec., ”22 l"d% b'l% j Copper Exp. Bs, Feb. 15, ’22.100Vi 100% i Copper Exp. Bs, Feb. 15, '23..101V, 102 Copper Exp. Bs, Feb. 15, '24.. 103 103% (Copper Exp. Bs, Feb. 15, ’25..1t(4 104% | Cudahy 7s, July 15, ’23 104 104% ; Fed. Sugar Os, Nov., ’24 97 97% I Goodrich 7s, Apr., ’25 97% OS'; j Gulf Oil Os, J tils'. '23 09% 100% ' Golf Oil 7s, Feb., ’33 102% 103% ( Hocking Val. Cs, Mch., ’24.. 97% 98% Humble Oil 7s, Mch. 15, ’23..100% 100% ! Int. R. T. 7s. Sept., ’2l 72 74 iK. C. Term os. Nov. 15, ’23.. 99% 100% > Ken it. Copper 7s, Feb., ’3O ..101% 101% Laclede Gas 7s, Jan., '29.... 97% 98% ! Proctor & G. 7s, Mch., '22. ...100',; 100% [ Proctor A G. 7s. Mch., ’23....101'* 101% i Pub. Ser. N. J. 7s, Mch., '22.. 99% 100 R. J Reynolds os, Ang., 22 100% 100% Sears-Roebuck 7s, Oct. 15, ’22 ion B<o% Sears-Roebuck 7s, Oct. 15, '23 99% 100% Sinclair 7'-',s. May 15, '25.... 99% 100% Solvay & Cie Bs, Oct., ’27 103% ini% Southern Ky. 6s. Mch., '22.. 99% 99% S. W. Bell Tel 7s, Apr., '25.100?, 101% S. Oil (Cal.) 7s, Jan., '3l 106 106% S. Oil (N. Y.) 7s, Jap., *23-'3l 104% 108% St. Paul U 1 s'/.s, Dec 15, ’23 99% 99% Swift 7s, Oct. 15, ’25 100*% 100% Texas Cos. 7s, Mch. 1. T3 100% 101% Utah See. 6s. Sept. 15, '.12.... 97 98 Western El. 7s, Apr., ’25 104 104% i Weatinghottse 7s. May. ’31.... 105% 105%

Local Stock Exchange

—Dec. 7. STOCKS. Bid. Ask. Iml. Ry. fc light enta 60 Ind. By. & Light pfd 75 Inti pis. A S. E. pfd 60 Indpls. & N. W. pfd 60 IndpU. St. Ky 37 41 T. II , T. & L. pfd 53 T. 11., I. A E. com • 4 T. H., I. A E. pfd 12 U. T. of Ind. com 1 U. T. of Ind. Ist pfd 7 U. T. of Ind. 2d pfd 2 Advance-Rtimely coin ... Advance-Rttmely pfd Am. Creosoting pfd 92 ... Am. Central Life 150 Belt R. R. com 69 68 Relt It. R. pfd 43% Century .Bldg. *’o. pfd 92% Citizens Gas Cos 25% ... Dodge Mfg. Cos. pfd 88 Home Brewing 49 Ind. Hotel com 6t ... Ind. Hotel pfd 04 Ind. Nat. Ins. Cos 3% 5 Ind. Title Guar. Cos 47% ... Ind. lire Lines 80 80 Indpls. Abattoir pfd 41% 50 Indpls. Gas 42% 00 Indpls. Tel. com 2 Indpls. Tel. pfd 90 Mer. Pub. Util. Pfd 41 52% Nat. Motor Car Cos 1% 3% Pub. Sav. Ins. Cos 4% ... Ratlh Fertilizer pfd 40 ... Stand. Oil of Indiana Sterling Fire Ins. Cos 7 8 Vat ('amp Hdw. pfd 100 Van Camp Prod. Ist pfd 4 100 Van Camp Prod. 2d pfd -... 100 Vandalia Coal Cos. coin 3% Van dal in Co-il Cos. pfd....... 5 9 Wabash Ry. com Wabash By. pfd BONDS. Br-'ad Rlnple 5s 55 65 Citizens St. Ky. 5s 67% 70 Indian Ck. Coal and Mine 100 Ind. Coke A Gas 0s 83 89 Indpls. C. A S. 5s 91 Indpls. A Martinsville 05.... C 5 Indpls. North. 5s 37% 43 Indp'.s. A N. W. 5s 50 ... Ittdp's. A S. E. 5s ... 45 Indpls. S A S. E. 5s 75 Indpls. St. Ry. 4s 50 50 indnis. T. A T. 5s 71 70 TANARUS, H„ I A E. 5s 54 IT. T. of T "d. 0s 47 52 CiUzettt ,<cs 5s 78% 87 Indpls. Gas Cos 77 84 Kokomo. M. A W. 5s 80 88 Ind. Hotel Cos. 2d 6s 95 Indpls. L. A 11. 5s 82 Indpls. Water Cos. 5s 92 93'/* Indpls. Water Cos. 4%s 7t 82 Mer. IT. A TANARUS,. 53 95% New Tel. Ist Os 94 New Tel. 1,. D. 5s 93'% ... Sou. Ind. Power 5s 88% LIBERTY BONDS. Libertv Ist 3%s 96.00 00.30 Liberty Ist 4'/.s 97.40 97.90 Liberty 2d -1V- s 97.20 97.70 Liberty 3d 4%s 97.04 98.14 Liberty 4th 4%S 97.11 98.01 Vietorv 3V 4 S 99.80 120.00 Victory 4%s 99.80 100.00

Local Curb Market

(By Newton Todd) —Dec. 7 Am. noiuiny com 14 20 Central nnd Coast Oil 1% 2% Choate Oil Corp % 1% Columbian Fire Ins. Cos 0 7% Comet Auto 1 2 Dayton Rubber Units 00 09 Dictograph Prod, pfd 40 55 I). W. Griffith 8 9% Elgin Motor Car 3% 4% Federal Fin. Cos. pfd 70 80 Fed. Fin. Cos. com 123 130 Gt. Sou. Prod. & Kef.. 5 6 Indiana Rural Credits 52 60 Metro. 5-50 c Stores com 7 10 Mere. 5-50 e Stores pfd 24 29 National Underwriting 3% 5 Ranch & Lang Units 40 48 Rub.-Tex. Units 15 1,8 IT. S. Automotive Units 70 80 U. S. Mfg. Cos. Units 148 100 BANK STOCKS, Commercial Natl. Bank .... 71 81 Continental Natl. Bank 10!) no Indiana Trust Cos 175 lflo Indiana Natl. Bank 258 208 Merchants Natl, Bank 280 Natl. City Bank 105 110 Security Trust Cos 130 State Savings and Trust 91 93 Wash. Bank and Trust C 0... 150 WHOLESALE BEEF PRICES. The following are today’s wholesale prices for beef cuts as sold on the Indianapolis markets of Swift & Cos.: Ribs —No. 2,24 e: No. 3,18 e. Loins— No. 2,28 c; No. 3,23 e. Round—No. 2, 15c; No. 3,12 c. Chucks —No. 2,10 c; No. 3, Oc. Plates—No. 2,9 c; No. 3. Sc.

GRAIN PRICES SUFFER DECLINES Foreign News Bearish Factor —Provisions Higher. CHICAGO, Dec. 7. —Wheat prices slumped today. There was considerable selling of wheat by commission houses on reports of favorable crop weather. Foreign news was bearish. Provisions were higher. December wheat opened unchanged at $1.09% and closed down l%c. May wheat opened off %e at $1.12 and closed off %c. July wheat opened down Vic at $1.01% and closed %c lower. December corn opened off %<’ at 4G%c and closed off %c. May corn opened down %c at 53%c and closed unchanged. July corn opened at 54%c. down %c, and was down %c at the clotje. December oats opened at 32%c, up %c, and closed off %e May oats opened at 37%c. unchanged, and closed down Vic. July opened unchanged at 3S%c and closed off %c. (By Thompson A McKinnon.) —Dec. 7 Wheat—Over and beyond minor Items of news that appear from time to time, wheat market labors under an enormous hedging load representing not only the accumulations at visible supply points, but also grain in transit in various mills and smaller elevators. This load is burdensome, during the present period of inactive flour trade and practically complete absence of foreign demand. A reflection of the flour business is a decline of about 5 cents in the premiums for red winter wheat in this market, also, in sales of 100,009 bushels to go to store for the purpose of delivery of December contracts. It is claimed ’ that interior mills in the Southwest are selling some portion of their supplies to terminal markets. The seaboard reports a little better feeling in export circles, moderate amounts of durum and gulf wheat having changed hands. A little business in Manitobas, was also reported, with England said to be the chief buyer. Actual clearances of wheat and flour from the seaboard to date, aggregate around 180,000,000 bushels which fact gives considerable color to the idea that our reserves in first hands are small. This belief is responsible for such support as the market receives. We may experience reactions in price, but pending a distinct improvement in the cash demand, the trend of prices is likely to continue downtv a rd. Corn and Oats—Western markets today confirm yesterday's reports of tut excellent export demand fir corn, but this character of demand is overcome by rather liberal receipts, although it is claimed that new offerings from the country are very small. The seaboard is clearing a few oats, but nothing is heard of any new foreign demand. At the moment these markets are neglected, but at the same time, we feel opportunities are offered to the conservative and patient buyers. Provisions —Shipping demand for hogs is the feature in this market. Lighter sorts ruled firm, while packing grades were easier. Extreme dullness characterizes products. Prevailing prices are considered good value, but market lacks Immediate incentive for advance. CHICAGO GRAIN TABLE. —Dec. 7 WHEAT— Open. High. Low. Close. Dec 1.09% 1.10% 1.07 s 1.08% May 1 12 1.12% 1.10% 1.01% July.... 1.02% 1.02% .00 1 s 1.01 COHN— Dec 46% .47 .50% .50% May 53% .53% .53 .53% July 54% .55 .31% .54% OATS— Der 32% .32% .31% .52 May 37% .37% .37% .37% July 38'% .38 Vs .-*8 .38% pork—- • Jan 15.10 LARD— Jan.... 8.00 8.60 8.52 8.55 May.... 9-00 9.00 ’ 895 8.95 It IBS—•Jail 7 12 •May 7.77 BYE— Dec 816 V .82% .81 .81% May 87% .88% .80% .80% ‘Nominal. CHICAGO CASH (.RAIN. CHICAGO, Dec. 7.—Wheat - No. 2 non hern spring, $1.18%; No. 3 northern spring, dark, $1.19%. Corn—No. 2 mixed. 48(u48%c; No. 2 white, 4s%© 48%r; No. 2 yellow, 48% f t/.484*0: No. 3 mixed and No. 3 w-biie, 47% (a 47%r; No. 3 yelow, 47k,0/47%c; No. 4 mixed, 46%c: No. 4 yellow, 4, ©47 %c. Oats No 2 white, 34-V>i.3sc; No. 3 white, 524%’A%e; No. 4 white, 31 %bt32%c. TOLEDO GRAIN PRICES. TOLEDO, Dec. 7 -Wheat—Cash. $1.15 ©l.l7Vi: December, $1.15 bid: May, 81.23 bill. Corn—Cash, 564157 c. Oats Cash, ."■Slit,4oc. Rye—Cash, BL-. Barley—Cash, 01c. PRIMARY MARKETS. (By Thomson & McKinnon.) Dec. 7 —Receipts— Wheat Corn Oats .St, Joseph.... 34.000 34.000 0,090 Chicago 32.000 TSO.eoo 211,000 Minneapolis . 214.000 57,000 61.000 Duluth 114,000 30.000 2.000 St. 1.-iuis 06,000 100,000 52.000 Toledo 112.000 11.000 2,000 Detroit 7.000 5.000 li.ono Kansas City.. 247.000 74,000 5.000 Peoria l.uoo 153.000 22.000 Omaha 50.000 111.000 142,000 Indianapolis.. 8,00($ 99,000 is,out)

Totals 885,000 1.400,000 435.000 Year ago... 1.023,000 482,000 041.000 —Shipments Wheat Corn Oats St. Joseph.... 25.000 21,000 Chicago 17.000 353,000 157.000 Minneapolis . 1)4.000 22,000 42, (XX) Duluth 320.000 St. Louis 90.000 30,000 80,000 Toledo 23,039 11.000 9.000 Detroit 2 000 Kansas City.. 173,000 25,000 5.000 Peoria 2.000 53.000 30.000 Omaha 50,000 97,000 12,000 Indianapolis 42,000 12,000 Totals 814.000 662,000 353.009 Year ago... 232.000 312,000 429,000 —Clearances — Wheat Corn Oats New York.... 172.009 00,000 80,000 Philadelphia . 49,000 Baltimore .... 40.000 New Orleans. 47,000 154,000 Galveston .... 572,000 Totals 880,000 211.000 SO,OOO Year ago... 891,0tt0 35,000 INDIANAPOLIS CASH GRAIN. —Dec. 7 Bids for car lots of grain and hay at the call of the Indianapolis Board of Trade were: Wheat—No sales. Corn—Easier; No. 2 white, 51©51%e: No. 3 x,-hite, f>o®so%e: No. 4 white, 49® 49%c: No. 3 yellow, 50%® 51c; No. 4 yellow, 4S%©soe: No. 3 mixed, 48%@49e; No. 4 mixed, 47%@4854c. Oats--Easier: No. 2 white, 3G%@37%c; No. 3 white, 35©35%c. Ilay—Sternly : No. 1 timothy, $17%17.50; No. 2 tinit thy. $16.50@17; No. 1 light clover mixed, [email protected]; No. 1 clover, sl9 @2O. —lnspections Wheat- No. 3 red, 1 car; sample, 1 car; total, 2 cars. Corn—No. 1 white, 1 car; No. 3 white, 3 cars; No. 4 white, 6 cars; No. 5 white, 3 cars; No. 3 yellow, 2 cars; No. 4 yellow, 10 cars; No. 5 yellow, 12 cars; No. 0 yellow, 2 ears: No. 3 mixed. 4 cars; No. 4 mixed, 1 car; No. 5 mixed. 1 car; No. 0 mixed, 3 cars: total, 48 cars. Oats—No. 2 white, 0 cars; No. 3 white. 8 cars; No. 4 white, 4 cars; No. 2 mixed, 1 car; total, 19 cars. HAY MARKET. The following are the Indianapolis prices for hay by the wagon load, delivered ; Hay—Loose timothy, sl6®H7; mixed hay. sls©>lG; baled hay, slG©)l7. Oats —Bushel, new, per bushel, 32@35c. Corn —Old, per bushel, 55@G0c. WAGON WHEAT PRICES. Indianapolis flour mills nnd elevators today are paying sl.lß for No. 1 red winter wheat; sl.lO for No. 2 red wi ter wheat nnd according tc test for No. 3. Oats are quoted at 25c for No. 3 white or better. TOLEDO SEED PRICES. TOLEDO, Dec. 7.—Cloverseed—Cash, December, January anil March. $12.75; February, $12.80; April, $12.25 bid. Alslke—Cash and December. $10.90; February, $11.10; March, $11.15. TimothyCash and December. $3.15: January, $3.20; February, $3.25; March, $3.30.

SWINE 10 TO 15 CENTS HIGHER Veals Prices Steady to 50 Cents Up—Cattle Strong. RANGE OF HUU t-RICES Good Good Good Nov. Mixed. Heavy. luight. 29. $7.10@ 7.15 $7.00 $7.15® 7.25 30. 7.15® 7.25 7.00 7.25® 7.50 Dec. 1. 0.85® 7.00 6.75 7.15® i.25 2. 7:10® 7.25 7.00 7.25® 7.50 3. 7.00® 7.10 7.00 7.25® 7.40 5. 7.25® 7.40 7.15 7.40® 7.50 6. 7.15® 7.40 7.15 7.35® 7.60 7. 7.35® 7.50 7.15® 7.26 7.50® 7.65 Swine prices were 10 to 15 cents higher in trade on the local live stock exchange today, with receipts around 12,000 and the demand by both local packers and shippers with eastern house connections good. Local packers bought the heavier grades of swine generally, while shippers were buying the lighter grades. , There were a few sales of heavy nogs at steady prices, but the sales of grade sold at prices that were 10 cents higher than the prices of the market of tlie previous day. Mediums and mixed were 15 cents higher. The bulk of the sales were 10 to 10 cents higher. Trade was active and a good clearance for the day was looked for. Despite lafge receipts, trade in cattle was of much better tone than on rite previous day, and prices ruled steady to strong generally. Canners and cutters, however, were not in such good demand as were the other grades and prices on those grades were weak generally. Bulls were in fair demand at steady to strong prices. Heifers were steady, cows steady to strong and steers steady generally. The bulk of the sales of heifers were made at sstbo and the bulk of the sales of steers at so©7. There were a few sales of extra good steers at $7.05 and a similar number of sales of the same grade at $7.75, which was the lop price paid for the day. Receipts of cattle for the day ran close to 1,500, with but little stale stuff held over from the market of the previous day. Trade was active and it was thought that, by tlie close of the day's session of tlie market, practically all of the receipts for the day would be sold. Trade in calves was rather unsettled and prices were irregular, ranging from steady to 50 cents higher. Tlie better grades of c-alves showed more strong spots than did the other grades. There was a top of sl2 on choice veals, while the bulk of that grade sold at around sll. Receipts of calves for the day approximated 700. Sheep were steady and lambs strong to 40 cents higher, with receipts around 410, the quality of both sheep and lambs good and the demand good. There was a top of $lO on choice lambs. HOGS. Best light hogs, 150 to ISO lbs average $ 7.50@ 7.05 Over 300 lbs 7.00 130 to 300 lbs 7.00© 7.65 Sows 5.50© 0.50 Stags 4.50© 0.00 Best pigs, under 140 lbs 7 50© 8.00 Top 7.05 Bulk of sales 7.25© 7.50 CATTLE. Prime cornfed steers, 1,309 to 1,800 lbs. P.so© 7.75 Good to choice steers, 1,200 to 1,300 lbs 6.60© 6.75 Good to choice steers. Lion to 1,200 lbs ... 5.25© 000 Good to choice steers, 1,000 t 1,100 lbs 4.25© 5.25 Common to medium steers, 800 to 1.000 lbs 4.00© 4.50 Choice yearling steers 7.50© 9.00 —Heifer* and Cows— Good to choice heifers 6.00© 7.25 Medium heifers 4.00© 5.00 Common to medium heifer*.. 3.25© 4.00 Good to -choice cows 3.50© 5.50 Fair to medium cows I.oo© 2.50 Cutters 1.50© 2.25 Canners 75© 1.50 —Bulls— Good to choice butcher bulls. 3.25© 425 Bologna Bulls 3(H)© 3.25 Light bologna bulls 2 25© 2.75 Light to common bulls 2.00© 2.50 —Calves— Choice veals 11.00©12.00 Good veals 9.50©10.50 Medium veals S.oO© 9.50 Lightweight veals 5.50© 7.50 Common heavyweight veals.. 5.00© 7.00 —Stockers and E’eeders— Good to choice steers, under 800 lbs 4.50© 5.50 Medium cow s 2 (JO© 3.00 Good cows ; 3 00© 4.00 Good heifers 5.00© 7.00 Medium to gaod heifers 4.oo'it 5.00 Milkers 37.00©75.00 —Sheep and Lambs— Ewe* I.oo© 2.50 Bucks 1.50(3 -!00 Choice lambs 8.50©10.00 Seconds 5.00© ti.uo Buck lambs 5.00© 6.50 Culls 3 00© 5.00

Other Livestock

CHICAGO, Dec. 7.—Hogs—Receipts, 17,000; market, active and steady to 10 '•cuts higher; bulk of sal s, sG.7s©>7; top. $7.25; hi'iivles. s6.Gs(<iO 85; mediums, $0.70 @7; lights, $0.90®.7.20; light lights, s7®’ 7.25; heavy packing sows, smooth. s6®; 0.50; packing sows, rough, [email protected]; pigs, [email protected].>. Cattle—Receipts. 12,000; market, slow and mostly steady. Beef cattle; choice and prime. $9.25@1i; medium and good, [email protected]; good and choice. ss.s,y,i.ii ; common and medium, $5.15®5.75. Butcher cattle; heifers, 5.00®; 8.75; cows, $3.25®0.10; bulls, [email protected]. fanners and cutters; cows and heifers, $2.25© 1.25; ennner sieers, [email protected]; veal inlves, $G.75©9; feeder steers, s4.oo©' 0.00; stockcr steers. $3 75©G.40; stocker cows and heifers, $3.15@5. Sheep and lambs—Receipts, 14.000; market, fat lambs, strong to 25 cents higher; others, about steady; good to choice lambs, slo© 11.25; cull and .ommon lambs, [email protected]: yea ring wethers, $8.50® 9.50; ewes. $3.50 ©5.75; cull and common ewes, $2©3.50; feeder lambs, $8.25©9.50. EAST BUFFALO. Dec. 7—Hogs— Receipts, 2.100; market active; yorkers, sß@ 8.25; pigs, $8.25©5.50; mixed, $7.75©8.05; heavies. $7.50; roughs, $0.25; stags, s4@s. Cattle —Receipts, 175; shipping steers, sß©9; butcher grades. 57.50©7.80: heifers. $4.50® 7.75; cows. [email protected]; bulls, s3© 5.25; feeders. $5 25©G; milk cows and springers, s3s® 140. Calves— Receipt s, 125; market active; cull to choice, ss®; 12.75. Sheep and 'ambs —Receipts, 000; market active: choice lambs, $11.50©12; cull to fair, s7©ll; yearlings, [email protected]; sheep, s2®o. CINCINNATI, Dee. 7. —Tlogs—Receipts, 9,000; market, strong to 25 cents higher; heavies nnd mixed, $7.50; mediums, $7.50 ©7.75; pigs and lights, $8; roughs. $5.75; stags, $4.75. Cattle—Receipts, 900; market, strong: bulls, strong; calves, $11.50. Sheep and lambs—Receipts, lights; market, strong to 50 cents higher; ewes, sl® 4; bucks. s2© 3; choice lambs, $11; seconds, $7.50@8; culls, $5©C. EAST ST. LOUTS. Dee. 7.—nogs-Re-ceipts, 14.000: market 10c higher: mixed nnd butchers, $7.10©7.25; good heavies. [email protected]; roughs, SS.SO@G; lights, $7.20

Sinn Fein Agreement Effects London Mart Stocks Advance , but Caution Is Shown Until Detailed Plans Are Known .

Special to Indiana Daily Times and Philadelphia Public Ledger. LONDON, Dec. 7.—The effect of the agreement between the Government and Sinn Fein reflected on the stock exchange yesterday in a strong tone throughout leading departments, the economic value of the settlement being fully recognized. Pending full details of the plan, some caution in the advance of prices was noticed after the original optimism. Gilt edged quotations were strongly advanced with improvement, to a mod-, erate extent, in foreign bonds. Marking up of almost an aggressive nature occurred in home rails, while dollar rails fell on currency adjustment and foreign rails improved.

In the Cotton Market

NEW YORK, Dec. 7.—Cotton opened steady today, December being about 1 point lower and other positions 3 to J points higher. The feature of the early market was the buying by spot houses and the selling by Wall street and New Orleans interests. The market reacted after the opening, due to poor cables, and, by the end of the first fifteen minutes, the active months were about 5 points net lower New York opening cotton prices; December. 17.40 c; January and March, 17.25 c; May, 17.02 c; July, 16.58 c. August, 10.40 c: September, 10 22c; October, 16 03c. The market was heavy again in the last hour under renewed New Orleans selling The close was steady at a net decline of 4 to 18 points . —Cotton Futures — Open High Low Close Jan 17.25 17.27 17.12 17.15 March 17.25 17.29 17.12 17.15 May 17.02 17.10 16.8* 16.95 July i 10.58 10.04 10.42 16.50 Oct 10.03 10.03 15.88 15.90 Dec 17.40 17.40 17 21 17.21 —Cotton Review— NEW YORK, Dec. 7. —The market was narrow today with the volume small and fluctuations unimportant. There is an absence of public interest and a large percentage of the business is professional in character. The market is awaiting two reports, the census report on ginning, which is due tomorrow morning, and the estimate due on the 12th of this month. Recent private estimates are a little larger than the previous reports, suggesting a crop of over eight million bales. This has a tendency to restrict business and it is more that) likely that no pui.li cspeculition of consequence need be expected until some ideas are formulated as to the conditions next year, both as to business and the acreage to be devoted to tile next crop, and in the meantime a trading market is all that we anticipate. LIVERPOOL, Dec. 7. —There was little demand for cotton at the beginning of trade on the market here today. Prices were sttady and sales around 5,000 bales. American middlings fair, 13.20(1; good middlings, 11.511; filly middlings 11. lid; middlings, 10.71 a nd; low middlings. 9.71d; good ordinary, 7 9(id: ordinary, 7.21d. Futures opened quiet. ©7.35; pigs, $7.25©7.35; bulk of sales, $7.10©7.20. Cuttle —Receipts, 5,000; market steady: native beef steers, $(@9.25; yearling steers and heifers, $8©8.50: cows, [email protected]; Stockers and feeders, s4@ 5.75; calves, s3©9; canners and cutters. s2@3. Sln-t-p and lambs—Receipts, 2,000; market steady; mutton ewes, $4; lambs, [email protected]; canners and choppers, sl©2. CLEVELAND, Dec. 7. —Hogs—Receipts, 4,050; market, 25 cents higher; yorkers, $8; mixed, $7.75; mediums, $7.75; pigs, $8; roughs, $0; stags, $4. Cattle—Receipts, 200; market, slow; good to choice steers, $7.50©8.50; good to choice heifers, ss@6; good to choice cows, $3A0©4.50; fair to good cows, $2.50©3.50; common cows, $1.5‘©2.50; milkers, $35@75. Sheep and lambs—Receipts, 2,(X,t); market, lower; top, $11.75. Calves —Receipts, 250; market, steady; top, sl2. PITTSBURGH. Dec. 7.—llegs—Receipts, 2.500; market 25c higher; prime heavies, [email protected]: mediums. $8.10©.8.15; heavy yorkers, $-S10©8.15; light yorkers, $8.15©8.25; pigs, [email protected]; roughs. $5.50 ©0; stags, [email protected]; heavy mixed, $7.75© 8. Cattle—Receipts, light; market steady'. Calves —Receipts, 100; market steady; veal calves, $12.50; heavy and thin calves, [email protected]. Sheep and larnhs—Receipts. 1.200; market steady: prime wethers. $5.50 ©0: good mixed. [email protected]; fair mixed, $3.5()©4 50; culls and commons, si©2; choice lambs, $11.50.

Weather

The following table shows the state of | the weather at 7 a. in., Dec. 7. as obI served by United States Weather Buj reau: j Station. Bar. Temp. Weather. IndinnupoliN, Ind.. 80.22 27 Cloudy Atlantn, Ga 30.22 44 PtCldy I Amarillo, Texas... 30.10 34 Cloudy Bismarck. N. D.... 30.44 30 Cloudy ; Boston, Mass 29.86 28 Cloudy ! Chicago, 111 30.24 30 Clear ; Cincinnati, 0hi0.,.. 30.22 3o Cloudy i Cleveland, Ohio 30.20 30 I’tCldy j Denver, Colo 30.30 32 Snow Dodge City, Kan.. 30.26 30 Cioudy I Helena, Mont 30.48 18 Clear {Jacksonville, Fla.. 30 24 52 Cloudy Kansas City. Mo.. 30.12 30 Cloudy Louisville, Ky 30.18 30 Clear Little Rock, Ark.. 30.16 44 Cloudy Los Angeles, Cal.., 30.16 52 Cloudy Mobile, Ala 30.22 52 PtCldy (New Orleans, 1,a.. 30.22 50 Clear j New Y'ork, N. Y.... 30.00 32 Clear Norfolk, Va 30.10 42 Clear Oklahoma City.... 30.14 40 Cloudy Omaha, Neb 30.30 30 Cloudy Philadelphia, Pa... 30.10 30 Cloudy Pittsburgh, Pa.... 30.22 30 Clear Portland. Ore 30.14 44 Clear Rapid City, S. D.. 30.46 26 Cloudy Roseburg, 0re.... 30.14 38 Cloudy Bau Antonio, Texas 30.0S 52 Rain San Francisco, Cal. 30.16 46 Cloudy St. Louis, Mo 30.12 42 PtCldy St. Paul, Minn 30.30 28 Cloudy i Tampa, Fla 30.24 50 Clear , Washington, D. C. 30.12 36 Clear WEATHER CONDITIONS. ..Unsettled and cloudy went-her prevail* over much of the country east of the Rocky Mountains. However, little precipitation has occurred except In tlie Southwest, where light rain* are reported. The temperature changes have not been deelded, but It is a little warmer in the southern States, and a little colder over the upper Missouri A'alley. WHITE RIVER CONDITIONS At 7 a. m. today stages in White River were as follows: Decker, 18.4, falling. J. H. AUMIN'GTOX. Meteorologist. Weather Bureau. AVHOLESALE FEED PRICES. Ton Cwt Acme Bran S3OOO $1.55 Acme Feed 30,00 1.55 Acme Middlings 30.00 1.70 Acme Dairy Feed 44.00 2.33 E-Z-Dairy Feed 35.00 1.80 Acme 11. & M 32.00 1.05 C O. & B. Chop 28.25 1.45 Acme Stock Feed 28.25 1.45 Acme'Farm Feed 32.00 1.65 Cracked Corn 30.00 1.55 Acme Scratch 35.00 1.80 E-Z-Scratch 32.50 1.05 Acme Dry Mash 43 25 3.29 Acme Hog Feed 38 25 1.95 Groutid Barley 37.75 1.95 Ground Oats 32.25 1.70 Hctnlick Y’ellow 29.25 1.55 Rolled Barley 37.75 1.95 Ground Oats 32 25 1.70 Rolled Barley 37 75 1.95 Alfalfa Mol 33 00 1.70 Cottonseed Meal 48.00 2.45 Linseed Oil Meal 50.00 2.55 Chick Mash 45.25 2.30 Tankage 55.50 2.90 Meat Scraps 80.00 4.50 D Light Scratch 30 00 1.85 FLOUR AND MEAL. E-Z-Bnke bakers’ flour in 98-Ih. cotton bogs, $7.80. Corn meal in 100-lb. cotton bags, $1.05.

I Industrials were weak only in iron, I steel and engineering where prices dwindled. The oil market was stimulated by maintenance of the shell interim dividend. The mining market generally held Us own. though most American issues were stagnant. There was a cheerful feeling in Lombard street, due mostly to a hint that the New Y'ork rediscount rSte would be further reduced next week. Overnight money was ns low as 2 per cent, day to day money 3 per cent and fixtures remain 3% per cent. Sflver fell to 3G%d and 36%d for spot and forward. •—Copyright, 1921, by Public Ledger Company.

TRADE IN STEEL AND IRON STILL RATHER QUIET Car Builders See 30,000 Cars Be Built in Near Future, Including Oil Tanks. Special to Indiana Daily Times and Philadelphia Public Ledger. PITTSBURGH, Dec. 7.—The Iron end steel trade continues quiet as to> new buying, but production is well maintained, the decline in operations being approximately not more than 2 or 3 per cent, this occurring mostly in mills of the independent companies. The United States Steel Corporation has maintained activities at about 50 per cent of its capacity, while independents have averaged about 43 per cent. In view of the larger shipments the Steel Corporation is making as compared to new orders, it is possible the statement of unrolled tonnage on its books for November will show a decline. In addition to the approach of the inventory period, new buying is on a lower basis because of the uncertainty as to the effect on iron and steel prices of the expected general in freight Pig iron continues very quiet and, In most districts, prices now given as representing the current market co tlu be shaded if sufficiently attractive ore ers were offered. On a general average pig iron prices are 50 to 75 cents higher than at the middle of August, when the general advancing tendency set in. The valley market is quotable nominally at S2O for Bessemer, sl9 for basic and $20.50 for foundry.. Attempts by the independent makers of semi-finished steel in the form of sheet liars to maintain a price of $34 a ton has been abandoned and the market has become considerably softer, some important sales being reported as low as $29, but tlie going price remains at from S3O to $32 on average tonnage. Production of steel ingots last month was about 45 per cetn of capacity, as compared with 44 per cent in October. In steel plates, there is a continued slow increase in demand and the plate mills apparently gain in momentum olji operation. Increased tonnages are com-N ing from the car builders and for oil tank work in the Western oil fields. It is estimated by Pittsburgh car tuilders that 30,000 cars are already ordered or are contemplated.—Copyright, 1921, by Public Ledger Company, EDUCATION WEEK PROGRAM GETS O.K. C. of €. Indorses Teaching of Americanism.

The Chamber of Commerce through John B. Reynolds, general secretary, and Milo E. Stuart, chairman of the educational committee of the Chamber and principal of the Arsenal Technical Schools, has indorsed the movement nowbeing conducted by the National Education Association and the American Legion for the development of the Nation's educational facilities and the teaching of Americanism in all schools. The week of Dec. 4 to 10 has been named as American Education week and | the American Legion in Indianapolis and j throughout the country is cooperating I with the National Education Association ■ to bring before parents, civic and social organizations and all who are interested in the training of the youth of the country, the needs of the schools through which this training is accomplished. American Education week is the outgrowth of the meeting of the National Education Association in Des Moines last j July, at which time a far reaching program of education in fundamental Americanism was planned with the cooperation of the American Legion. I OFFICERS NAMED BY ABSTRACTERS Local Man Chosen Head of Organization. Willis N. Coval, Indianapolis, the retiring vice president of the Indiana Abstractors' Association, was elected president at the closing session of the sixteenth annual convention of the association at the Denison Hotel today. Kenneth C. Y’arwill of Ft. Wayne was elected vice president and Charles E. Lambert of Rockville was re-elected secretarytreasurer. The remainder of the day's session was occupied by a discussion of the last national convention of the abstractors, led by John Held of Williamsport. J. R. Morgan'of Kokomo and K. C. Larwill of Ft. Wayne; an address on “TaxExempt Securities,” by Harroid C. K. Wall of Muncie; an address by a representative of the Internal Revenue Department, Indianapolis, and the transaction of routine business. ELECTION ENDS PAINTERS’ MEET Association to Select Site for Next Convention. Election and installation of officers, arrangements for the next convention and reports of committees were included in afternoon of the thirteenth annual eona afternoon of the thirteenth annaual con™ vention of the Indiana State Association of Master House Painters and Decorators, at the Indianapolis Chamber of Commerce building. Other features of the day’s program included a discussion of the subject, “Is the Cost Plus Basis of Doing Work to the Advantage of the Master Painter?" led by U. G. Case of Y'ineennes; a paper on “Flat Wall Paint Versus Lead and Oil Taint,” by Louis E. Fahlsing of Richmond, and a paper on “Vhat Is the Future of the Master rninters’ Association?’’ by Frank E. Holipeter of Peru.

XMAS CLEARING HOUSE ON DUTY First Meeting Is Held at C. of C. The first meeting of the Christmas Clearing House, which is operated each holiday season as an adjunct of the Charity Organization Society was held at the Chamber of Commerce today. Cooperation of all churches and societies xvhieh give baskets and presents to the needy will be asked in letters to be dispatched immediately. The clearing house checks lists of those whom the various bodies intend to remember in order that there will bo no duplications. Judge Walter Pritchard of city court has given Miss Laurel C. Thayer, probation officer of city court, a leave of absence to be executive secretary of the clearing house. HARDING MAY VISIT MILWAUKEE. WASHINGTON, Dec. 7.—President Harding today tentatively promised address the convention of newspaper exH ecutives and advertising men to be held in Milwaukee next June. He explained to the committee that this engagement probably could be fitted into his Alaskan trip. POPE SENDS CONGRATULATIONS. ROME, Dee. 7.—Pope Benedict today sent messages of congratulation to King George V and Eamonn De Valera upon the peaceful solution of the Irish trouble.