Indianapolis Times, Volume 34, Number 186, Indianapolis, Marion County, 15 December 1921 — Page 14

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MARKET FEELS INFLUENCE OF BULL METHODS Sluggish Stocks Grow Active and Sudden Advances Are Noticed. PETROLEUM IS STEADY Special to Indiana Daily Times and Philadelphia Public Ledger. By MONITOR. NEW YORK, Dec. 15.—Although the general list showed more or less irregularity In a market that displayed a moderate lessening of activity, the session furnished enough features of strength to indicate that bullish tactics were still being pursued with success. Many stocks that had been rather inactive lately came to the front with a rush, and several specialties made sharp advances. In certain instances this was due to short covering, while in others it was the reflex of favorable news or the imminent expectation of it. Advances of one to nearly five points accompanied these operations, the most striking gains being established by ('alifernia Petroleum, Union Oil, General Asphalt and Pacific Oil among the petroleum shares. Crucible led the steels, although Bethlehem B. for a time showed considerable strength. Chandler made a net gain of more than two points on the announcement of the regvilar dividend. The leather stocks also showed a better undertone, with good gains by the American Hide & Leather Issues and Central Leather. Among the other industrial specialties that were active and strong, were Otis Elevator and AVorthington Pump, both common and referred. Keystone Tire & Rubber conticned its rise and made anew high level for the present upward movement. The rails were only fairly steady, and the low priced issues showed a tendency to ease. Federal Mining and Smelting issues furnished the featur© of the mining shares. The steel industry, according to the Iron Age, is passing through the seasonal dullness, due to willingness of producers to sell with a view to improving their cash position, while buyers are holding off In order to keep Inventories down.— Copyright, 1921, by Tublic Ledger Company. WALL STREET GOSSIP. BY MONITOR. One wire house sent this cryptic message to its clients “It is easier to sell the weak rails than the good ones.” The explanation was found in the large offerings of Erie, New Haven, Wabash. Seaboard Air Line and other stocks of this class which are easily influenced through the circulation of rumors. There is no helpful background of dividend records, and investment buying to support them, and the result is that declines are easily forced. The street was filled with rumors regarding most of these stocks today, none of which bore any of the marks of being official. I.ast year Erie .a mmon sold at 9*A. the lowest price since 1896. Today it sold af 10. The selling of the low priced mils found its reflex in dullness rather than weakness in the better class of dividend pavers. Stocks like Atchison. Southern Pacific. Union Pacific. Great Northern and others were listless, but failed to deelir.e materially. In practically all of these issues, there are substantial buying orders not far below the present market quotation. California Petroleum opened at a sharp advance and before the end of the day had reached 48. The buying was based on a report that dividends oa this issue are much nearer at hand than is expected generally. There were numerous rumors •is to the amount of the disbursement, bnt none of these had authentic confirmations.

The professional element on the floor Inclined to the opinion that General Asphalt was hid up to facilitate profit-tak-ing in Mexican Petroleum. The buying in'both of these stocks, however, was not of a character to indicate that this was the case. General Asphalt is being accumulated bv powerful interests, it is said, and it is heralded as the future Mexican Petroleum of the list. The company s properties in Venezuela have proven their value, and the entry of the Standard Oil interests through "the Transcontinental Oil Company into fields in this territory lias given anew zest to the speculative possibilities of General Asphalt. Before the Pari- sailed, President Samttel Vaucla'n of the Baldwin Locomotive Works. told newspaper men there was no truth in the report this company would enter the proposed merger of the independent steel companies. Mr. Vaucla'n said the company now has on its bool s unfilled orders of approximately $lO.000.0C0 sufficient to keep the plant busy at its present operat'ng ratio for throe months. The strength of the company’s position is indicated by Its recent purchase of sfl.ftOO.OuO of Treasury certificates in order to employ profitably its idle funds. Gossip concerning the Chandler Motor dividend was set at rest when the directors met and declared the regular payment at the rate of $0 annually. In response to this favorablo announcement, the price advanced to 52. Profit taking sales brought a reaction of a point at the close. The boarl of governors of the New York Stock Exchange declined to grant the petition for closing the exchange on the Saturdays preceding Christmas and New Year’s. Although the iron and steel trade reviews reported some price concessions by the independent companies during the week, the steel stocks generally were strong. Above 59 Bethlehem Steel 15 made anew high record for the present movement, and United States Steel held firmly within a fraction of its recent high. There is reported to be a considerable shert interest outstanding in this group. What bore the earmarks of a bear raid was staged in Ajax Rubber stocks when it declined about three points on a sudden influx of selling orders. The break was si sudden traders who attempted to follow it sold practically at the bottom, and when they attempted to cover their commitments forced a rally to within about one point cf its close the day before. Thi other rubber and tire stocks were not affected materially by the decline. Directors of the New York Ctral met and declared the dividend of 1% per ,-ent. The spe?ialist in the stock reported only a few stnggling orders were placed following the announcement, and after a short lived rally, the stock again settled into lethargy. It has been reported International Paper Company contemplates new ■inancing in the near future. President Dodge denied officially these reports. Call money opened and renewed at 5 per cent, but the demand soon was atisfied aEd shortly after noon the rate de lined tc 4% per cent. The weekly rumor of i reduction in the rediscount rate was in circulation, but no change was made at the regular meeting of the Federal Reserve Board.—Copyright, 1921, by Public Ledger Company. INDIANAPOLIS PRODUCE. Butter—Local dealers are paying 41® 42c per lb. for butter delivered in Indianapolis. Eggs—Loss off, 50c. Butter—Packing stock, 18c. Joultry—Fowls, 17® 23c; springs. 20c; cocks, 10@’2c; stags, 12@13e; young hen turkeys, 8 Us. and up. 35@3Sc: young tom turkeys, 12 lbs. and up. 35®38c; old tom turkeys. ;XK?; cull thin turkeys not wanted; ducks, 4 lbs. and up, 17c; spring ducks, 3 lbs. and up, 17c; geese, 10 lbs. and up. 15c; rabbits, drawn, per dozen, 52; squabs, 11 lbs. to dozen. 55; young 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. 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. 22c: No. 3.18 c. Loins—No. 2, 25c: No. 3,-22c. Round —No. 2. 15c; Nx 3 12%c. Chucks—No. 2,10 c; No. 3,9 c Plated—No. 2, K;; No. 3, Bc.

N. Y. Stock Exchange

(By Thomson & McKianonJ *. —Dec. 15— Prev. High. Low. Close. Close. Allied Chemical 0914 57'a 07 r ; s 09Vi Ajax Rubber... 18 17 17% ISV4 AUis-Chalmers. 35"4 38*4 38% 38% Am. Agricultural 30*% 30% 30% 30 Am. Beet Sugar 28% 27% 28% 37% Am. Bosch Mag. 34 34 ’54 33% Am. Car. & Fdy.148% 148 148% 148 Alim. Can 35% 34% 34% 35% Am. II ic L com. lli 15 15% 15% Am. II & L pfd. 02% 01 01% 01% Am. Ice 74 73*% 74 74% Am. Internatl.. 42% 41% 42 41% Am. Linseed.... 31 30% 31 31 Am. Locomotive 99 98% 99 98% Am. Smt. i. Ref. 47’% 40% 40% 40% Am. Sugar Ref. 54% 53% 54% 54 Am. Sum. Tob. 31% 29% 31 30 Am. Steel Fdy.. 34Vi 33% 34% 34 Am. Tel. & Tel. 117% 117% 117% 117 Am Tobacco. ...I;h% 134% 134% 134% •Am Woolen... 83 81% 81% 83% Am. Zinz A Ld. 14% 13% 14 13% Ana. Miu. C 0... 50 48% 49% 49 Atchison 90% 90% 90% 90% Atl. Gulf & W.I. 35% 33 34 % 32% Baldwin L0c0... 97% 90% 90% 90% 15. A 0......... 35% 35 Vi 35'is 35*4 •Beth. Steel lB) 58 57 57 % 59 Cal. Pete 49 48 48 48 Can. Pac - . 8y...121% 120% 121% 121% Cent. Leather... 32% 31% 31% 31% Chandler Mot... 51% 00% .>O% 51 C ,v 0 50% 50 50 • >5% IV M. & St. P... 20 18% 19% 19% CM. x- St.P.pfd. 32 30% ’51% 50- s Chi. & N. W... 07*; 37 q 6i% C„ it. I. & P... 32% 32 32% 32 C.R.l.&l’.O'rpfd.. 71% 71% il% <l% Chili Copper.... 10% 15% 10% Ij% Chino Copper . 29% 28% 29% 28% Coca Cola 42% 4040 42% Col. F. A- 1. . 25 25 2o .... C. C. C .tLSL 57% 50 .b Col. Gas 07% 65*/* 6t% 00% Con. Gas 93% 93% 33% 93% Con. Can 49% 48% 48% 43 Cosden Oil 30% 35 So 30% Corn Prod I*B 94% 97 34 Crucible Steel .09 07% 08 08 Cuban Am. 5... 13% 13*% 13% *”% Cuban Cane S. .. 7% 7 7% %'s Dei & Hud. ...100% 100% 100% 100% Del. A Lack. ..114' . 112% 114 112% Erie 10% 10% 10% 10% Ilndicott 80% 80 Vs Hl;* 80% •Famous P 77 74*4 70 *B‘s Fisk Rubber C. 13 12 13 IDs Gen. Asphalt . 09% 68*4 Gen. Electric ..142% 141 % 142 11lGen. Motors 11% 11 , 11 IJ'-'i Goodrich 38% 37% 37% 38 Gt. Nor. pfd... 75% 74% 4% ij% G. States Steel. 49 48% 49 47 Houston Oil .... 82% SI 81% 8'.% ill. Central 99% 98% 99% 39% Insr-i. Copper.. 41% 40* 41% 4*J‘. Invin. Oil 12 11% 11% 12 lndiahoma 4Vi 4% 4% 4% Inter. Harvest. 54% 84 84% 8,.% luter. Nickel.... 12% 12% 12% 12% Inter. Paper.... 50% 65V4 55% o 4 Island O. A T. 2% 2% 2% 21s K-S. Tire 44% 43 % 44 44 Kenn. Copper. 27% 27 27% -> Lack. Steel 47% 45% 4i% 45% Lehigh Valley.. 59% 58% 58% i# Lee Tire 29% 29% 29% 29% I,oows, Inc. •• 14 14 14% Loft Candy .... 10% 10 10% 9% L. &N. ....... 106% 108 10S 108% Marine com. .. 15% 14% 14% 13_ 7 Marine com ... 15*4 14% 14% 15 May Stores.... 103 102% 102% 162*4 Marvland 0i1... 20 20 20 20 Mex. Pet 121% 119% 119% 119% Miami Copper. 27% 27% 27% 27% Middle S. Oil.. 14% 14% 14% 14% Midvale Steel.* 29% 28% 28% 28% Missouri I’ac... 17*, 17% 17% 17% Missouri I’ac. p. 40% 45 40% 45% Nat. E. A 5.... 40*.. 39 % 39% 40% Nat. Lead C>% 85% 85% 83 Nevada Con. C. 15% 15 15 14*4 N. Y. Air Brake 04 m 00 60 N. Y. Central... 75% 72% 73 73% New Haven 13% 12% 12% 13% Norf. A West... 97% 97 97% 96% Northern Pac... 79% 78% 79 78% Pacific Oil 49% 47% 49 47% Pure Oil 40 59 % 39% 59% Pan.-Am. Petrol. 57% 50% 50% 57% I’enna. Ity 33% 59% 32% 53 People's Gas... 69% 58% 58% 58% Pierce-Arrow... 14% 14% 14% 14% Pierce Oil 13% 13 13% 13% Pitts Coal 05% 65 65% 05% l’rsd. Stl. Car.. 65% 05% 65% 00 Pulmn. Cal. Car. 108 100* • 108 107 Ry. Stl. Spg.... 94 93 % 04 93% Bay Copper 15% 15% 15% >'% Reading 72% 71% 71% 71% Rep. Irn. A Stl. 54% 53% 54% 53 lteplogle Steel.. 28% 28 28 27% Kyi. Itch. N. Y.. 52% 51% 51% 52% Sears-Roebuck. 59 50%- 58% 50% Sinclair 23*4 22% 23 23% Sloss-Sheffield 39 38% 39 South. Pac 79% 79% 79% <9% South. Itv 19 19 19 18% Stand. Oil, N. .T. 192 188 189% lss% STL&SF. Com. 21% 21 21% 2l Strombcrg Curb. 33% 33 33 % 33% Studebaker 82% 80% 81% 80% Texas Coal 30% 29% 29% 29% Texas Cos 47% 47%% 47% 47% Texas & Pacific 25% 23-, 23% 2. ■> Tobacco Prod.. 09% 03% <*>% Trans. oil 11% 11% 11% 11% Union Oil 20% 19% 20% 2>v Union Pacific. ..126*% 125% 120 120% Unt. Ret. Stores 52 50% 51% 53 U. S. F. P. Cor. 11*4 ll 1; Unt. Fruit Cos.. 128 127 127% 127 United Drug.... 70 09% 70 09 U. . In. A1c0... 40 39 14 40 39% U. S. Rubber... 57 55% 50*4 55% U. s. Steel 85 83% h|% 83% U. S. Steel pfd. 113% 113 113 112% Utah Popper 61’.% *V4% 05'4 65 Vanadium Steel 32% 31% 32*4 51% Vir-Car. Chem. 30% 29% 30% 50 Wabash Ist pfd. 20% 20% 90% 20% White Oil 12*4 11% 12% 11% Westing Elec.. 51 51 51 51 White Motors.. 40% 39% 40% 39*4 Willys-Overland 0% 0 o*4 6 Worth. Pump.. 47% 40% 40% 40*4 Wool worth .... 130% 129 130 128% West. Pec 18% 18 18% .... •Ex-dividend. NEW YORK LIBERTY BONDS. —Dec. 15— Prev. High. Low. Close, close. Liberty 3Vis .... 90.30 91.94 95.10 95.54 jiberty 2nd 4s 90 80 Liberty Ist 4%s 97.40 97.20 07.40 97.30 Liberty 2nd 4%s 97.10 9090 97.04 97.00 Liberty 3rd 4*/,s 98 20 98.12 98.14 98.18 Libel ry 4fh 4%s 97.50 97.30 97.42 97.32 Victory 3%s 100.00 100.00 100.02 100.02 Victory 4%s 100.06 100.00 100 02 100.04 CHICAGO STOCKS. (By Thomson A McKinnon.) —Dec. 15— Open. High. Low. Close. Armour pfd. ... 92% Armour Leather 12% Carbide A Car.. 43% 44% 43% 41 Libby 5*4 5% 5% 5% Mont. Ward ... 13 13% 13 13% National L. ... 2% 2% 2% 2% l’iggly Wiggly 27% 30 27 Vi 30 Iteo Motors ... 19 Stewart War. .. 23% 25% 23Vi 25 Swift & Cos. ... 97% Swift Inter 20% 21% 20 21

NEW YORK PETROLEUM. NEW YORK; Dec. 15. —Petroleum prices were steady iu trade on the market here today, Pennsylvania crude petroleum selling at $4 a barrel. * NEW YORK HIDES. NEW Y’ORK, Dec .15.—Trade in hides was rather dull on the market to/lay, but prices ruled about steady. Native steer hides s ld at 15*4c and branded steer hides at 15*ic per pound. NEW YORK YVOOL. NEW YORK, Dec. 15.—W00l prices ruled firm iu trade on the market here today. NEW YORK TURPENTINE. NEM r Y'ORK, Dee. 15.—Turpen ine sold at Sic per gallon in trade on the market here today. WHOLESALE FEED PRICES. Ton Cwt. Acme Bran $30.00 $1.55 Acme Feed 30.06 1.55 Acme Middlings 30.00 1.70 Acme Dairy Feed 44.00 2.35 E-Z-Dairy Feed 35.00 1.80 Acme H. & M 32.00 1.65 C O. &B. Chop 28.2.* 1.45 Acme Stock Feed 28.25 1.45 Acme Farm Feed 32.00 1.65 Cracked Corn 30.00 1.55 Acme Scratch 85.00 1.80 E-Z-Serateh 82.50 1.65 Acme Dry Mask 43 25 3.20 i Acme Hog Feed 88.25 1.95 ! Ground Barley 87.75 1.95 Ground Oats SAX’-’* 1.70 Hcmlick Yellow 29.25 1.55 Rolled Barley 87.75 1.95 Ground Oats 82 2r 1.70 Rolled Barley 37 75 1.95 Alfalfa Mol 83 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 2.00 Meat Scraps 80.00 4.50 D Light Scratch 36 00 LBS

STOCKS SUSTAIN STRONG CLOSE Oil Issues Feature Final Hour of Trade. NEW YORK, Dec. 15.—The stock market closed strong today. The advance continued shortly before the close when profit-taking came into the list on a rise in the call money rates from 4% to 0 per cent. Steel common sold up 1 point to 54%. The oils featured the market, Associated Oil selling up over 0 points to 107%. Standard Oil issues were active, California and New Oersey touching new high prices. . . . , Pacific Oil. after touching anew high at 49, reacted to 48%. Copper shares, after early strength, receded fractionally. , Corn Products closed 3 points higher jit 97 * Government bonds were unchanged and railway and other bonds strong. Total sales stocks for_ the day were 1,038,000 shares; bonds, 17,775,000. (By Thomson & McKinnon.) —Dec. 15— During the early trading today we hud a moderate amount of profit-taking, which made the market look just a little uncertain for a short while, t ut, as has been the case frequently during the past fe v months, the slight reaction here and there proved to be very tempting, and buyjng orders appeared in sufficient volume to again start the market upward. With oil stocks taking the place of prominence, some former favorites, dormant for the past few weeks, again moved forward, some of them establishing new high record prices. It is, of course, advisable at this time, ns well ns during all big markets, to pay close attention to technical conditions. and at times when short covering is an important factor in an advance, it becomes a ranttor of decided advantage to a long to sell a portion of his holdings and thus be in a stronger position to take advantage of the reactions. But this does not mean that the advance is over, or that a bearish position is justified. Far from it. We are merely in the first stages of what will likelv be as big a market as we have ever had. There are great changes going on in this world which will be of vast benefit to commercial and financial interests, ami the stock market is the logical place to discount the coming benefits. We continue to look forward with confidence and whenever we get a reaction advantage notice should be taken of it and stocks accumulated. TWENTY STOCKS AVERAGE. NEW YORK. Dec. 15.—Twenty Industrial stocks Wednesday averaged 74.08 off .13 per cent. Twenty active rails averaged 81.04, up .35 per cent. CLEARING HOUSE STATEMENT. NEW YORK. Dec. 15.—Exchanges. 8753.300,000; balances, 883,200,000: Federal Reserve Bank credit balances, $60,900,000. _ --• | Money and Exchange i Indianapolis bank clearings Thursday were $3,084,000. NEW YORK. Dec. 15.—The leading exchanges were inclined to be reactionary at the opening of the foreign exchange market today. Demand sterling was %c lower at $4.18%. Francs dropped 0 centimes to B.oßc for cables and to 8.09 c for checks. Marks were off 3 points to ,0054 c. Lire cables were 4.01 c; checks. 4.60 c. Belgian franc cables were 7.78 c; checks, 7.77 c. Guilder cables were 30.42 c; checks, 30.10 c. NEW YORK CALL MONEY. NEW YORK. Dec. 15. Money— Call money ruled 5 per cent : high. 0 per cent ; low. 4% per cent. Time rates quiet, all 50/5% per rent. Prime mercantile paper quiet; Sterling exchange was leave, with business in bankers’ bills at $1 17% for demand.

MOTOR SECURITIES, (By Thomson & McKinnon.) I Dec. 15— —Closing— Bid. Ask. I Earl Motors 9% 1" I Packard com 7% 8 ' Packard pfd 07 09 Peerless 34 30 Continental Motors com 0% 0% Continental .Motors pfd 85 v $ Hupp com 11% 11% Hupp pfd 92 98 Iteo Motor Car 19% 20% Elgin Motors 33% Grant Motors 1% 1% lord of Canada 254 2iV> International Motor com 25% National Motors 1% 2% Federal Truck 15 17 ! Paige Motors 14% 13% Republic Truck 7% 8% ACTIVE OIL STOCKS. (By Thomson & McKinnon.) —Dec. 15. —OpeningBid Ask Anglo-American Oil 21 21% Borne-Scrymser 320 340 Buckeye Pipe Line M S3 Chesebrough Mfg. Cons iso 190 j Continental Oil, Colo 121_ 125 j ("ogden Oil and Gas 0 8 'Crescent Pipe Line 2* 30 | Cumberland I’ijie Line 120 135 Elk Basin 7 8 Eureka Pipe Line 78 81 Galena-Signal Oil, l’rcf. ....100 106 Galena-Signal Oil, Com 40 43 Illinois Pipe Line 152 157 Indiana Pipe Line 80 83 Merritt Oil 10% 30% Midwest oil 2% 3 Midwest Rfg 170 180 National Transit 28% 29% New York Transit 142 147 ! Northern Pipe Lin© 95 100 ' Ohio Oil 265 270 i Oklahoma I*. A R 0% ■ 0% Penn.-Mex 15 17 Prairie Oil and Gas 560 570 j Prairie Pipe Line 244 248 I Sapulpa Refg 3% 3% Solar Refining 350 370 Southern I’ipe Line 77 SI South Penn Oil 215 220 Southwest Penn Pipe Lines.. 50 55 Standard Oil Cos. of Kan 570 580 Standard Oil Cos. of Ky 435 4-45 Standard Oil Cos. of Neb 170 180 Standard Oil Cos. of N. Y 370 375 Standard Oil Cos. of Ohio ....390 400 Swan A Finch 37 43 Vacuum Oil 320 330 Washington Oil 33 38 NEW YORK Cl KB MARKET. (By Thomson A McKinnon.) —Dec. 15— —ClosingBid. Ask. Acme Packing 35 50 Curtis Aero, com 1% 3% Curtis Aero, pfd 18 22 Goldefild Con 4 0 Martin Perry 10% 18% Jumbo Extension 4 7* Imperial Oil (Del.) S% 9 International Petroleum 16% 10% Nipissing 6% 6% Standard Motors 3% 4% Salt Creek 14% 14% Tonopah Extension 1 7-10 1% Tonopah Mining 1% 1% United P. S. new 1 11-10 1% U. S. Light and Ileat 95 100 Wright-Martin 2 5 Yukon Gold Mine Cos 1 1% .Terome 35 38 New Cornelia 17 17% United Verde 28% 29% Sequoyah 5 10 Omt r Oil 72 75 Rep. Tire 12 20 NEW YORK SUGARS. NEW YORK, Dec.v 15.—Trade iu raw sugars was rather quiet on the market here today, Porto Ricos selling at 3.57 c per pound, delivered. Refined sugars were steady, both fine granulated and No. 1 soft selling at 5.20 c per pound. NEW YORK COFFEE. NEW YORK, Dec. 15.—Coffee values were weak in trade on the market today, opening options being 10 to 14 points lower. Rio No. 7, on spot, sold at 9%@ 9%c per pound. NEW YORK RICE. NEW YORK, Dec. 15.—Rice was in fair demand in trade on the market here today and prices were steady. Domestic rice sold at 314@7Vic per pound. NEW YORK METAL PRICES. NEW YORK, Dec. 15.—Copper—Quiet; spot. December and January offered, 13c. Lend—Quiet; spot, December and January, 4%c. Spelter—Quiet, spot and December offered, 4.85 c; January offered, 4.90 c.

INDIANA DAILY TIMES, THURSDAY, DECEMBER 15, 1921.

New York Bonds

(By Fletcher American Cos.) —Dec. 15 — FOREIGN GOVERNMENT BONDS. Bid. Ask. Arg. (Unlisted) ss, Sept. 1, '45 73 74 Belgian os, Jail. 1, ’25 95% 96% Belgian 7s, dune L ’45 104 10-4'% Belgian Bs, Feb. 1, ’4l ..105 105% Berne Bs, Nov. 1, ’45 108 108% Chile Bs, Feb. 1, ’4l 102% 102% Christiania Bs, Oct. 1, ’45.... 107 10S Copenhagen 5%5, July 1, ’44.. 87% 88 Danish Muu. Bs, Feb. 1, MO. .107 108 Denmark Ss, Oct. 13, ’45 108 108% •Canadian 5%5, Nov. 1. ’23.. 90% 91% •Canadian 5%5, Nov. 1, ’24 ... 89% 91 •Canadian ss, Dec. 1, ’25., ._. 88% 89% Canadian os, Apr. 1, 20.. ... 90 90% •Canadian 5%5, Dec. 1, '27.. 91% 92% Canadian 5%5, Aug. 1, ’29.... 97 % 97% Canadian us, Apr. 1, ’3l 94% 93% •Canadian ss, Oct. 1, ’32.... 88 89% ♦Canadian 5%5, Nov. 1, 33.. 92% 93% •Canadian, 5%5, Nov. 1, ’34.. 80 % 90% Canadian ss, Mch. 1, '37 93% 94% ♦Canadian 5%5, Dec. 1, '37.... 94% 95% ♦French (Viet.) us. Opt., '31.. 00 02 •French 4s, Opt., ’43 49% 52 French Bs, Sept. 15, ’45 99% 100% ♦ltalian (War) 5s 30 H 7 Jap (Ist) 4%5, Feb. 13, ’20.. 87 % 88 Jap (2nd) -4%5, July 10, '25.. 87 % 88 Jap 4s, Jail. 1, ’3l 74% 75 Norway Bs, Oct. 1, ’4O 109 110 Sao Paulo Bs, Jan. 1, Swedish os, June 15, ’3O. 95% 90 Sw'ss 5%5, Aug. 1, ’29 95% 90 Swiss Bs, July 1, ’4O 112*“ 114 U. K. 5%5, Nov. 1, ’22 99% 99% U. K. 5%5, Aug. 1, ’29 99% 99% XT. K. 5%5, Feb. 1, ’37 95% 95% Zurich Bs, Oct. 10, ’45 107 10S Brazil Bs. June 1, ’4l 104 104% French 7%., June 1, ’4l 94% 95% Uruguay Bs, Aug. 1, ’4O 102 103 Argentine 7s, Oct. 1, ’23 99% 100% ♦lnternal Loans corporation bonds. Bid. Ask. Alum. Cos. of Am. 7s, Not .. ’25.100' , 100% Am. Cotton Oil Os, Sept. 2, ’24 90% 95% Amer. Tel. os, Oct., ’22 100 100% Amer. Tel os. Feb., '24 99% tod Amer. Thread os, Dec., ’25...100 100% Amer. Tob. 7s, Nov., ’22.... 100% 101% Amer. Tob. 7s, Nov., '23 lul\ log', Anaconda os, Jan., ’29 97' , 97% Anaconda 7s, Jan , '29 101% 102 Anglo-Am. Oil 7%5, Apr., ’25.103', 103% Armour 7s. July 15. ’3O 102% 102% Atlantic Ref, o%s, Mch., ’31.. 103% 104% Bell Tel. of Can. 7s, Apr., ’20.100% 101% Beth. Steel 7s, July 15, ’22...1(H) * 100% Beth. Steel 7s, July 15, ’23.. 100% 100% Can. Pacific os, Mch. 2, ’24..100 luo% Cent. Arg. R.v. Os. Feb.. '27.. 90 % 91% ('.. It. I. & ’. 6s, Feb., 22 99% phi Con. Gas 8., Dec., *2t I(M>% 101% Copper Exp. Bs, Feb. 15, ’22..100% 100% Copper Exp. Bs, Feb. 15, '23..101% 102 Copper Exp. Bs, Feb. 15, ’24.. 102% 103% Copper Exp. Ss, Feb. 15, '25..103% 104% Cudahy 7s, July 15, '23 100% 100% Fed. Sugar 6s. Nov.. ’24...... 96% 97'% Goodrich 7s, Apr., ’25... 98% 98% Gulf Oil Os, July, ’23 99% 100% Gulf Oil 7s. Feb., ’33 102% 103 Hocking Yal. Os, Mch., 'll 4.... 97' . 98% Humble Oil 7s. Mch., 13, *23..1'H1% 100% Int. It. T. 7s, Sept., '2l 70 71% K. C. Term. os, Nov. 15, '23.. 99% 100 Kenn. Copper 7s, Feb., ’30..10l 101 Vi Laclede Gas 7s, Jan., '29.... 97 % 98', I’rD'tor A G. 7s, Mch., '22. ..100% 100% I’roctor A G. 7s, Mch., '23.. .101% 101% Pub. Ser. N. J. 7s, Mch.. '22.100 l'H>% It. J. Reynolds os, Aug., ‘22. .100 : >, 100% Scars Roebuck 7s, Oct. 15, '22 99*, 100 Sears Roebuck 7s, Oct. 15, ’23 99%. 99% Sinclair 7%5, May 15, ’25.... 99% 99% Solvay A Cie Bs, Oct., ’27... .103% 104% Southern ltv. 6s. Mch., '22... 99% 99% S W. 15.-11 Tel. 7s, Apr., ’23. .100% 101% Std Oil (Cal.) 7s, Jan., '31. 1"<; 106% Std. Oil (N Y.) 7s. Jan , '25-’31.101% 108% St. P. 1. D. 5%5, Deo. 15, ’23 98 % 98% Swift 7s, Oct. 15. ”25 1(H) 100% Texas Cos. 7s, Mch. 1, ”23 100% 101 Utah S or. 6s. Sept. 15, '22... 96% 97'.) Western El. 7s. Apr, '25 In:;*, I(M% Westinghouse 7s, May, '31... 105 105%

Local Stock Exchange —Dec. 15STOCKS. Bid. Ask. Ind. Ry. A Light com 00 I Did. Ry. A Light pfd 75 Iml pis. A S. E. pfd 00 Indpls. & N. W. pfd 00 (Indpls. St. Ky 38 40 T. It., T. A. L. pfd 54 T. H.. I. A E. coin 4 j T. 11. I. A E. pfd 12 ; IT. T. of Ind. com ... 1 , IT. T. of Inti. Ist pfd m. 7 U. T. of Ind. 2d pfd M . 2 Advaiicc-Rumely com ..... mely pfd ... Am. Creoscitlng pfd Am. Central Life 130 Belt It. It. cent 01 70 i Belt It. R. pfd 45 ' Century Bldg. Cos. pfd. ..... 91 j Citizens Gas Cos 25% ... I Dodge Mfg. Cos. pfd 88 ... Home Brewing 49 59 Ind. Hotel com 02 Ind. Hotel pfd 94 Ind. Nat. Ins. Cos 3% 5 Ind. Title Gup.r. Cos 47% ... Ind. Pipe Lines 80 84 Indpls. Abattoir pfd 41% 50 •Indpls. Gas 42% 51 ! Indpls. Tel com 4 12 Indpls. Tel. pfd 90 j Mer. Pub. Util, pfd 41% 51% Nat. Motor Car Cos 1% 2% : Pub. Sav. ins. Cos 4% Itauh Fertilizer pfd 40 Stan*!. Oil of Indiana ; Sterling Fire Ins. Cos 7 8 Vm Camp Hdw. pfd 100 I Vnn Camp Prod. Ist pfd 1(H) Van Camp Prod. 2d pfd 100 ! Vandalia Coal Cos. Cos. com 3% Vandalia Coal Cos. pfd 4% 8% Wabash Ry. com Wabash Ry. pfd 23 BONDS. Broad Ripple 5s 56 61 Citizens S’t. Ity. 5s 67% 70 Indian Ck. Coal and Mine 100 Ind. Coke & Gas 0s 83 89 Indpls. C. A S. 5s 91 Indpls. A Martinsville 5s .... 56% 62 Indpls. North. 5s 37% 43 Indpls. A N. W. 5s 50 50 Indpls. A S. E. 5s 45 Indpls. S. A S. E. 55........... 75 Indpls. St. Ry. 4s 50 50 ImlplJ. T. A r. 5s .......... 71% 70 T. H., I. A E. 5s 52 U. T. of Ind. Os 47 53 Citizens Gas 5s 80 85 Indpls. Gas Cos 78 82 Kokomo M. A W. 5s 80% 87 Ind. Hotel Cos. 2d 0s 95% Indpls. L. A H. 5s 82 89 Tmlpls. Water Cos. 5s 91% 94 Indpls. Water Cos. 4%s 74 82 Mer. IT. &L. 5s 95% 99 New Tel. Ist 0s 94% ... New Tel. L. D. os 9J% Son. Tnd. Power 5s 88% •Ex-divider.d. Local Curb Market (By Newton Todd) —Dee. lo Am. Hominy com 14 20 Central and Coast Oil 2 Choate Oil Corp % 1% Columbian Fire Ins. Cos 6 7% Comet Auto 1 2 Dayton Rubber Units 00 oa Dictograph Prod, pfd 40 55 D. W. Griffith 8 9% Elgin Motor Car 3% 4% Federal Fin. Cos. pfd 70 80 Fed. Fin. Cos. com 122 129 Gt. Sou. Pro(t. A Ker 5 e Indiana Rural Credits s>) 00 Metro. 5-50 c Stores com 7 10 Mero. 5 50c Stores pfd 24 29 National Underwriting 3% 5 Rauch & Lang Units 40 48 Rub.-Tex. Units 15 17 IT. S. Automobile Units .... 68 78 U. S. Mtg. Cos. Units 150 102 BANK STOCKS. Commercial Natl. Bank .... 71 81 Continental Natl. Bank 109 110 Indiana Trust Cos 175 190 Indiana Natl. Bank 258 268 Merchants Natl. Bank 280 Natl. City Bank 105 lio Security Trust Cos 130 State Savings and Trust.... 92 97 j Wash. Bank and Trust C 0... 150 CHICAGO PRODUCE. CHICAGO, Dec. 15.—Butter—Receipts, 4.020 t'ubs; creamery, extras, 44c; firsts, 34%@42c; packing stock, 23<g25c. Eggs— Receipts, 2 300 eases; current receipts, 46@47c; ordinary firsts, 42@44c; firsts, 48(?/49c; checks, 23@30e: dirties, 30®32e. Cheese —Twins, new, 19%c; daisies, 19%@ 20c; young Americas, 20c; longhorns, 20%c; bricks, 17(?|18c. Live poultry— Turkeys, 37c; chickens, 18c; springs, 21 %c; roosters, 15c: geese, 20c; ducks, 25c. Potatoes—Receipts, 25 oars; Northern Whites, [email protected]; Idaho Russets, 31.80® 1.90,

GRAINS SUSTAIN SLIGHT GAINS Light Receipts and Bullish European News Factors. CHICAGO, Dec. 15. —Grain prices advanced fractionally on the Chicago Board of Tracfe today, due to small receipts and bullish European news. There was no aggressive demand, however. The cash trade was slow, but the export buying picked up considerably, including some durum and some gulf wheats. The milling trade was slow. Southwest advices reported a sharp falling off in country deliveries. Provisions were irregular. December wheat opened off %c at 81.00% and closed up l%e. May wheat opened unchanged at sl.ll. and closed up l%c. July wheat opened off %c at $1.01% and closed up l%e. December corn opened up % cat 46%c and closed up %c. May corn opened off %c at 52%e and closed up %le. July corn opened off %e at 54c anti dosed up %c. December oats, after opening unchanged at 31%c, closed up %c. May oats opened unchanged at 37%e and closed up %e. July oats opened unchanged at 38e and closed up %c. (By Thomson & McKinnon.) —Dec. 15. Wheat—lndications of rain or snow in the Southwest and eas'er opening cables made the early tone. 'I he closing cables, however, showed a recovery and a higher close at Liverpool. Advices were to the effect that Argentine offers were pressing. Tiietje were liberal deliveries here on December contracts, which widened the difference between December and May some further. Receipts at all points were again liberal and advices from the Southwest predicted cash wheat would be for sale freely whenever the country points could pay a dollar. Kansas reports indicated some improvement in their crop conditions, but there are still unfavorable reports corning from the north central and northeastern counties. The wheat situation just now is still confronted by the magnitude of the immediate supplies of the <4d crop of United States and Canadian wheat and the reiterated expressions of free Argentine offerings of new wheat. Until our primary receipts show smaller or the expor* demand picks up, especially for United States wheat, we must expect two-sided mu rkets. q'orn and oats—Corn and oats were very firm. Receipts continue liberal. There was a little better demand for the easli article and Winnipeg reported a better demand there for feed stuffs too, especially oats and barley. It would take but little encouragement for these coarse grain markets to do better. All the bear news is out on corn and oats. Anything that comes must be in the way ot roustructiveness. Provisions—The market was dull, with little change. Hogs were a shade easier. The demand for cash product was slow, but consumption seems going on at fair ly good rate.

CHICAGO GRAIN TABLE. - Dec. ir— WHEAT— Open. High. Low Close. Dec 1 06*8 1.08 1.00% 1.08 Mac.... Lll 112% Mb's 112% Julv 1.01 % 1.03% 1.01% 1.03% CORN— Dec 46% .46*4 "t . I(’.*s ' May 52% .53% .52% .53 July 54 .54 % 54 .54% OATS— Dec .31% 52% .51 % .32% May 37'-.. .37% 57% .57% I July 38 .38% .37% 58% PORK •Jan. 11.75 LARD—. Jan 8,02 8.57 8.50 8.52 May.... 895 9 <H) 8.92 Mg* RlßS—•May.'!* ! 7.77 RYE— Dec 80% .81% .80% .81% May.... .87% 88% .87 .mm*; •Nominal. CHICAGO CASH /.RAIN. CHICAGO, Dec 15. —Wheat —No. 2 red, $109; No. 2 northern spriVg dark, 51.25. Cura—No. 2 mixed. 47(5 17%r; No. 2 w hite. 47'f.c: No. 2 yellow, 47 '■.■'*( 18' ; No. 3 mixed, 45*15%r; No. 3 white, 45*,/.;' 45%c; No. 3 yellow, -15' 46 ; No. 4 mixed. No. 4 white and No. 4 yellow, 45ft/43%r. Oats No 2 white. 3* , ( s *; No, 3 white, 33%%34%c; N >. 4 white. 31 % (ft 33 ',4 c. TOLEDO GRAIN PRICES. TOI.EDU, 1 ice. 15. Wheat Cash, *1 17 <7 1.17; Mmv, *1.24%: July. *1.03%. Corn -Cash, 55(0.5 tc. Oats—Cash, 39®41c. Rye—Cash, Stic. Barley—Cash, 63e. PRIMARY MARKETS. (By Thomson &. McKinnon) —Doc. 15— —Receipts— t Wheat Corn Oats St. Joseph 14.1HH1 10.0(H) 2,00.) Chicago 27.<>" 757. 01 K) 137.1KH1 Milwaukee ... 4.1HM1 202,000 i7,(HH) Minneapolis .. 275.000 92,000 lIK.'HhI Duluth 112.000 42,000 12,000 S Louis .... 101.003 134,00(1 68,600 3,IHM 19.000 2,000 Detroit S,(H>O 5,000 8.000 Kansas City.. 282.000 54,000 17,000 Peoria 2,ihhi 170,000 43,000 Omaha 10,000 174.1HH1 30,(Hi0 Indianapolis.. 4,(RH( ,92,000 Is.oih) Year ago 1,059 497,000 320,000 Totals 3i o(H) 1,793,000 487,000 .—Shipments— Wheat Corn Oats St. Joseph ... S.IMH) 21.000 Chicago 17,000 2S4.IKM) 275,000 Milwaukee ... I,OtH) 94,000 '31,000 Minneapolis... 109,000 79, (Hh) 95,000 Duluth 104.000 St. Louis .... 39,000 90,(HH) 20,000 Toledo 6,000 Kansas City.. 128,000 25,000 32,000 Peoria 109.000 49,(HH) Omaha 80,000 99.000 20,000 Indianapolis 2!),000 8,000 Totals 517,000 830,000 530,000 Year ago .. 644,000 273,000 -152,000 —Clearances— Wheat Corn Oats New York 44,000 304,(XH) Boston 3Us,(hh) Baltimore 50,(HH) New Orleans.. 207,000 Galveston .... 228,000 Totals 814,000 304.000 50,000 Year ago 562,000 49,000 113,000 INDIANAPOLIS CASH GRAIN. —Dec. 15Bids for car lots of grain and hay at tiio call of tho Indianapolis Board of Trade were: Wheat—No sales. Corn—Steady; No. 3 white, 49(<T19%c; No. 4 white, 47@48c; No. 3 yellow, 49® 49%jC: No. 4 yellow, 47fii)4So: No. 5 mixed, 48(Vi;48%e; No. 4 mixed, 40%ff/47Vi>e. Oats —Steady: No. 2 white, 50®37c; No. 3 white, 35(f?35%c. Ilay—Steady; No. 1 timothy, $17.50@J8; No. 2 timothy, $17(7/17.50; No. 1 light c lover mixed, $10.30(7), 17; No. 1 clover, sl9;/ 20. ’ —lnspections Corn—No. 3 white, 9 cars; No. 4 white, S cars; No. 5 white, 5 cars; No. 0 white, 3 ears; No. 3 yellow, 1 ear: No. 4 yellow, 25 ears; No. 5 yellow, 21 cars; No.’ 0 yellow, 5 ears; No. 3 mixed. 3 ears; No. 4 mixed, 6 cars; No. 5 mixed, 7 ears; No. G mixed, 1 car; total, 94 cars. Oats —No. 1 white, 1 ear; No. 3 white, 7 cars; No. 4 white, 1 car; sample white, 1 car; total, 10 cars.

HAY MARKET. The following are the Indianapolis prices for hay by the wagon load, delivered : Hay—Loose timothy, $16@17; mixed hay, $15®16; baled bay, slU@l7. Oats —Bushel, new, per bushel, 32®33c. Corn —Old, per bushel. 55®80e. WAGON WHEAT PRICES. Indianapolis flour mills and elevators today are paying $1.14 for No. 1 red winter wheat; $1.12 for No. 2 red winter wheat and according to test for No. 3 Oats are quoted at 20c for No. 3 white or better. CLEVELAND PRODUCE. CLEVELAND, Dec. 15.- Butter —Extras in tubs, 51%@52c; prints, 52%>@53c; extra firsts, 50*/2@slc; firsts, 49%@50e; seconds, 41%®42c; packing stock, 2S@29c. Eggs—Fresh gathered northern extras, 58c; extra firsts, 57c; Ohio firsts, new cases, 55c; old eases, 54c; M’estern firsts, new cases, 53c. Poultry—Live heavy fowls, 23®20e; spring Uu-V 25@28c; turkeys, 44®45e. FLOUR AND MEAL. E-Z-Bake bakers’ flour in 98-lb. cotton bags, $7.80. Corn meal In 100-lb. cotton bags. $1.63.

SWINE 10 TO 25 CENTS LOWER Cattle Market Is Demoralized —Veal Prices Slump. RANGE OF HOG PRICES. r Good Good Good Dec. Mixed. Heavy. Light. 7. $7.35@ 7.50 $7.15@ *7.25 $7.50® 7.65 8. 7.10® 7.25 7.00® 7.10 7.50® 7.65 9. 7.35® 7.65 7.25 7.65® 7.85 10. 7.75® 8.00 7.25® 7.35 B.oo® 8.25 12. 7.50® 7.65 7.15® 7.25 7.75® 7.85 13. 7.15® 7.40 7.00 . 7.50® 7.65 14. 7.50® 7.85 7.35® 7.50 7.85® 8.25 15. 7.40® 7.65 7.15® 7.35 7.65® 7.85 YVith receipts around 7.300, the market yesterday was rather out of line with j other of the principal hog markets of I the country and lower prices prevailing j | elsewhere, swine prices were 10 to 33 ; | cents lower in trade on the local live ! stock exchange today. Y’alues during the j closing hour of the market yesterday! were somewhat lower, but the bulk of j il ho sales were made at the opening i prices. Local packers again established the ] market, but they were not as active as j usual. They bought heavy hogs prin- 1 eipally, while the shippers took tne ; lighter grades. Trade was somewhat better after the start and a fair elearaute for the day vas j anticipated. The cattle market was termed by com- ; mission men as demoralized. Prices were i fully 25 to 50 cents lower generally on j .practically all grades, while there v/ere , spots that were even lower. The weak tone of the market was due ! to the inactivity of the packers and this i in turn was due to the slowing up of I I meat orders from <he East and to the I fact that packers now have their coolers | full of meat, wilh no outlet. One of the principal local packers has around 1.200 cattle unbutehered and the ; coolers of the concern are practically full. There was a fair demand for calves at, the opening and prices, were steady, but Eastern orders were cancelled shortly afler initial dealings and prices fell. In fact, after the cancellation of early orders there was practically no demand for | calves. Receipts for the day ran close to 400 calves. With around 300 sheep and lambs on the market, the quality only fair and i the demand the same, prices were about ] steady on the quality offered. HOGS. Best light hogs, 150 to 180 lbs. average $ 7.03®. 7.85 ; Over 300 llis 7.00® 7.13 150 to 300 lbs 7.00® 7.85 ; Sows ft.(H)® 6.00 ; | Stags 4.50® 5.50 , Best pigs, under 110 lbs 8.009/ 8.50 j Top 7.35(ri 7.05 j —Cattle— Prime cornfed steers, 1,300 |.| 1.800 11m 7.25® 5.25 Good to choice steers, 1,200 to 1,300 Bis 5.75® 7.00 Good to choice steers, 1,100 to • 1.200 ibs 5.25® 5.75 Good to choice steers, I,(HK) to 1.100 Ibs. 4.50® 5.25 Common to medium steers, 800 to 1.000 lbs B.oo® 9.00 Good to choice heifers 6.23/(1. 7.00 Medium heifers 4.35ft;5.25 Common to medium heifers .. 3.3nfti 4.00 : Guild to choice cows 3.00® 5.(10 1 Fair to medium cows I.soft* 2.75 | Cutters I.snft/ 2.25 j I.’antiers 75® 1.50 j —Bulls— Good to choir© butcher bulls 3.<X)fti 4.25 1 Bologna bulls 2.50® 3.00 Light bologna bulls 2.00® 2 50 j Light to common bulls 2.00 —Calve*Choice v**nls i Good veals tS.oo<d lioo Medium veals S.OO 1 Lightweight v uis 6.00® 7.09, Ci rumoo heavyweight veals.. 4.00® 0.00; —Stocker* and Feeder*— Good to choice steers under B*M( His 4.50 4.75 j Medium cows 2.00® 3.50 ! lb od cows 3.50® 4.25 Good heifers 5.00® 6.50 Medium to good heifers 4.ooft* 4.75 Milkers 37.00®75.00 —Sheep and Lambs— Ewes I.oo® 3.00 1 nicks 2.00 ft/ 2.50 i in i e lambs . 9.00® 10.00 seconds 6.00 ft/ 7.50 i Burk iambs 5.50® 6.75 Culls 4.00® o.UO

Other Livestock

CHICAGO, Dec. 15—Hogs—Receipts, 47,000; market, fairly active and steady ro 10c lower; b<lk of sal s. $6.55fti7.15; top. $7.50; heavies, $6.85®7: mediums, 56.94ft/'7.1(; lights, $7®7.40; light lights, $7.30®7.50; heavy packing sows, smooth. . $5.30®t1.50; packing sows, rough. $5.25® 5.75, pigs, $7.25®7.30. Cattle-Receipts. 14.090; market, steady to lower; beef steers, choice and prime. $9'(*.10.23; medium and good, $6.85®9.75; good and choice. sS.s(lft/1o.50; common aud medium. $5.50®8.50; butcher cattle, heifers, $3 50®5.75: cows. $3.25®6; bulls, $3.00® 6.15; cancers and cutters, cows and • heifers, $1.75(ii3.25; canner steers, $2.75® 3.75: veal calves, $7.75® 10.25, feeder steers, ss@7; Stocker steers, $4.25®6; Stocker cows and heifers, s3ft/5. Sheep and lambs —Receipts, 23,000: market, slow and 25e lower; choice lambs. $9.75® 11.25; cull and jmnunon lambs, $7.50®9.50: yearling wethers, $7.25®9.75; ewes. s3® 5.50; cull and common ewes, $X.50®2.75; feeder lambs, sß.73ft;. 10.25, i CINCINNATI, Doc. 13.—Hogs—Rej eelpts, 6,500; market steady; heavies, s7® 7.75; mixed and mediums. $7.75; lights and pigs, 55.25; roughs, $6.25; stags, $.5. Cattle—Receipts, 1,600; market slow and weak to 23c lower: bulls steady; calves, ‘ sl2; few, $12.50. Sheep and lambs—Rej eeipfs, 800; market weak; ewes, sl®'4; choice lambs, [email protected]; seconds, $8; culls, ss®o. CLEVELAND. Dec. 15.—Hogs—Receipts, 3,500; market, 15®25e lower; yorkers, $8; mixed and mediums, $7.60; pigs. SS; roughs, $6: stags, $4. Cattle— Receipts. 750; market, 30e lower. Sheep and lambs- Receipts, 1,500; market, 50c lower; top, $11.75. Calves—Receipts, 300; market, $ llower; top, sl2. EAST ST. LOUIS, 111., Dec. 15.—Hogs —Receipts, 12,500; market steady; mixed and butchers. 57.20ft*7.40; good heavies, $745®7.20; roughs. .$3.05®6; lights, $7.55 , 0r*7.7/*; pigs, s7.soft* 7.N); bulk of gales, i $7.20® 7.50. Cattle—Receipts, 2,500; marI ket steady; native beef steers. stift/9; | yearling steers and heifers, $7.50®11; { cows. $3.50®;5.50; stoekers and feeders, I $3.75(0(6; calves, [email protected]; canners and .cutters, $1.60@3. Sheep and lambs—Receipts, 800; market steady; mutton ewes, stft/1.50; lambs, [email protected]; canners and choppers, sl®2. PITTSBURGH, Dec. 15.—Hogs—Receipts, 2,(HH); market 10®(35c higher: prime heavies, [email protected]; mediums, $8.50 ft* 8.65; heavy yorkers, $8.60® 5.75; light yorkers, $8 75® 8.90; pigs, [email protected]; stags, $3,50® 4; heavy mixed, $7.75®8.50. i Cattle —Receipts, light; market steady. Calves —Receipts, light; market steady; veal calves, sl3; heavy and thin calves, $.50(1)8.50. Shegp and lambs—Receipts, 2.500; market steady; prime wethers, $5.75 ft/6.25; good mixed. [email protected]: fair mixed. $3.25®4.25; culls aud commons, $1ftf,1.75; choice lambs, $11.25, EAST BUFFALO, Dec. 15.—Hogs—Receipts. 3,200; market, slow; yorkers, $8.25; pigs. $8.25® 8.50: mixed. $8®8.(15; heavies, $7.50)7/7.75 • roughs, [email protected]; stags, s4@s. Cattle —Receipts, 225: market, active; shipping steers, $7.75®9; butcher grades, $7.50®!8.25; heifers. [email protected]; cows, $2(7/5.75: bulls, s3ft/5.25; feeders, $3®6.50; milk cows and springers, s4o®) 135. Calves —Receipts, 250; market, slow; cull to choice, ss@l3. Sheep and lambs—Receipts, 3,000; market, slow; choice lambs, [email protected]; cull to fair. $7®11.50; yearlings, $S@lO; sheep, [email protected].

I BUY AND SELL Federal Finance Common and Preferred. Citizens Gas, Indianapolis Gas, Merchants Public Utilities Preferred, Fletcher American Bank stock. Century' Building Preferred. NEWTON TODD 415 Lenu-ke Bldg.

American Telephone & Telegraph Cos. 329TH DIVIDEND. A quarterly dividend of Two Dollars and Twenty-Five Cents per share will be paid on Monday, Jan. 16, 1922, to stockholders of record at the close of business on Tuesday, Dec. 20, 1921. H. BLAIR-SMITH, TIUMM

In the Cotton Market

NEW YORK, Dec. 15.—At the opening of the cotton market today, December was 5 points higher and other months 3 to 7 points lower. Owing to depression in late cables, there was considerable selling, led by Wall Street and the South aud wire houses. Foreigners were the chief buyers. At the end of the first fifteen minutes the list was down 12 points. New Y'ork opening cotton prices: December, 17.75 c; January, 17.42 c; March, 17.45 c; May, 17.22 c; October, 10.25 c. The market reacted under profit taking in the late dealings, tut the close was steady at a net advance of 3 points to a net decline of 4 points. —Cotton Futures — Open. High. Low. Close. Janary 17.42 17.62 17.34 17.50 March 17.45 17.50 17.31 17.48 May 17.22 17.34 17.09 17.27 July 16.84 16.94 16.69 16.88 October 16.25 16.32 16.08 16.26 December 17.75 17.75 17.50 17.73 —Cotton Review — NEW Y’ORlv, Dec. 15.—Reports of a better spot demand in the South gave tone ro the contract market, but there is nothing very impressive iu the volume or in the days fluctuation. So far as we can see, the market is becoming narrower, jiuplie interest is decreasing, and we will probably run into a market of daily changes without getting out of the moderate size range. . it therefore seems to us inadvisable to take any very strong position ou either side of the market. Trading opportunities is about all that we will have, and those who prefer the buying side will in time lie favored with a more desirable basis on which to start. LIVERPOOL, Dec. 15.— Spot cotton was in fair demand at the opening of the market here today. I’rices were steady and sales around 6,000 bales. American middlings fair, 13.19d; good middlings, 11.44d ; full middlings, 11.D4/1; middlings, 10.64d: low middlings. 9.64d; good ordinary, 7.89d; ordinary, 7.1(1. Futures were quiet during initial trade. Weather The following table shows the state of the weather at 7 a. m., Dec. 10, as observed by U. S. Weather Bureaus. Station. B**r- 'letup. Weather. Indianapolis, Ind... 30.31 34 I ttldj Atlanta, Ga 30.30 40 Clear Amarillo, Texas, .. 30.02 38 Cloudy Bismarck, N. D... 30.12 30 snow Boston, Mass 30.10 18 Clear Chicago, 111 30.28 40 Cloudy Cincinnati, 0hi0... 30.36 o 4 Cloudy Cleveland, 0hi0.... 30.30 28 know Denver, Colo 29.80 42 I tCldy Dodge City, Kan... 30.06 34 Clear Helena, Mont 29.90 22 Snow Jacksonville, Fia... 30.24 o() CU'*r Kansas City, M 0... 30.24 40 * tCIlj Louisville, Ky 30.36 36 }-;J ear Little Rock, Ark.. 30.24 44 C ear Los Angeles, Cal.. 30.04 50 Vlear Mobile. Ala 30.22 .'2 New Orleans, La... 30.20 54 Ck*a r t New Y ork, N. Y... 30.22 20 PtCldy Norfolk, Va 30.28 32 C';;'r Oklahoma City .... 30.10 48 I tCldy Omaha, Neb 30.20 36 1 tcldj Philadelphia, Pa... 30.26 24 Snow Pittsburgh, Pa 30.36 28 Cloudy Portland, Ore 30.30 36 Clear Rapid City. S. !>.. 29.90 24 Cloudy Itoseburg. Ore 30.26 ”32 < lear San Antonio, Texas 30.04 64 Cloudy San Francisco, Cal. 30.08 48 Cloudy St. Louis, Mo 30.30 42 Cloudy St. Paul, Minn 30.22 32 Cloudy Tampa, Fla 30.20 58 Clear Washington, D. C.. 30.28 26 Clear WEATHER CONDITIONS. Tile storm in the Ohio A alley Wednesday morning is now passing into the Atlantic. having caused onie preeipitation in the former ."cgion. Another disturbance linn developed in the highland region of tho West, while a field of high barometric* pressure now covers middle and western Canada, where a considerable drop in temperature, with readings somewhat below zero, i* reported. In tlie northern tier of States between these two areas light snows have fallen. Temperatures are lower, also, from the middle Mississippi A’alley and Lakes region southward and eastward, where they u;iproximate the normal, bnt over the northern plains region, within the United Suites, tiio readings are still somewhat above the seusonal average. J. 11. ARMINOTON,

TOLEDO SEED PRICES. TOLEDO, Dec. 15.—Cloverseed —Cash, December and Febr.tnry. $12.65: Janunrv and March, $12.60: April, $12.15. Alsike —Cash and December, $11.00; February and March, $11.15. Timothy—Cash and December, $3.05 bid: January. $3.07%; February, $3.12%; March. $3.17% CHAMPION DAIRYMAID. USK. England, Dec. 15.—Miss Ruth James, a pretty Monmouthshire girl of 26, is now the champion dairymaid of | England beyond all question. In addii tioii to holding the milking championI ship since 1910, she has just won tli© butter-making championship. “TELEPHONE EAR.” NEW YORK, Dee. 13.—Habitual users of the telephone should hold the receiver alternately to each ear, according to ear specialists. They say that continj tied use of one ear results in a form of deafness. UNEMPLOYMENT STRIKE. LONDON, Dee. 15.—'Three hundred unemployed men who had been giv*?n work by the West Bromwich Corporation went on strike against a reduction in wages. They won, the notie© of reduction being withdrawn. HUSBAND’S POCKETS. LONDON, Dec. 15.—Magistrate Henry Green fully upheld a wife's right to search her husband's pockets in a case brought before him. In this ease the wife was seeking evidence of her husband's friendship for other women. She found it. IN TWO DIVORCES IN ONE DAT. LONDON, Dee. 15.—0n the same day that he sued his wife for a divorce Brig. Gen. Oliver de Lancey YVilliains was named ns correspondent in another divorce action. Decrees were granted in both eases. SOVIET FINANCES RIOTS. LONDON, Dec. 15. —Government authorities claim to have direct evidence 1 that funds from abroad, probably from ; Russia, aro being used to finance the : agitation leading to riots Ivy British unemployed. $3,000,000 VESUVIUS STORM. NAPLES, Dec. 15.—Government engineers report that it will cost $5,000,000 to repair the damage which was done about Mount Vesuvius by the recent /form. Great bulwarks of masonry were swept away by a flood of mud.

|r) Our Financial Secretary T Plan Protects Your Valuable Papers and % Securities '' : Wswi& ! o' P ro °f vault of the Fletcher American National Bank, we are able to include under our Financial Secretary Plan the safe-keeping of your securi®ties and other valuables. The full duties of our Secretary Plan are explained in a booklet we have just Good investments issued. We will send you a copy or consult with you at your convenience. FLETCHER AMERICAN COMPANY Second Floor Fletcher Bank Bldg. INDIANAPOLIS

BUSINESS ON FOREIGN MART STILL SHRINKS British Rails Featureless— Dollar Rails Continue to Decline. MONEY MARKET IS LIGHT Special to Indiana Daily Times and Philadelphia Public Ledger. LONDON, Dec. 14.—Business continued to shrink on the stock exchange today and quotations moved within narrow i limits, although the general tendency wag I toward firmness. j British funds in the gilt-edged market j were unchanged, while, in foreign bonds, I the German raliv was offset by the deI pression in the French issues. ! Home rails were featureless and del la r | rails declined. Canadian Pacific goiflg to 143%. Foreign rails had some waa^ ! points. , The industrial market disfdayed I slightly better tone. | The Anglo-Persian report helped the I oil market. | The mining market as a whole was | dull with Americans stagnant, j The money market tightened today, j Overnight money never was cheaper than 2 per cent and ilay to day loans were as | high as 3*4. Bar silver rose to 35%d I and Ss"sd for spot and foreign.—Copy- ' right, 1921, by Public Ledger Company. WOMAN PAINTER FAILS TO FIND ! DARK BEAUTIES Mrs. Davis Says American Women Excel in Form and Feature. NEW YORK, Dec. 15.—Beauty may | draw us with a single hair, but Pro--1 fessor Starr of the University of Chicago, insists that this hair, in order to beckon to hint, must have a kink in it. Only in Africa is the fatal gift distributed freely, says the authority oi* anthropology, whose declaration that American women are not beautiful has met with prompt reprisals on his Chi- ; eago campus and elsewhere, i To tli denials and comments on Proi fessor Starr’s dictum, which have been (forthcoming from prominent artists, we add the opinion of a well-known woman j portrait painter aud globe trotter, Mrs. ( Cecil Clark Davis. I Mrs. Davis may speak with authority Iby reason not only of her studies of | American types of women, but also by | right of her extensive explorations into J the parts of Africa where women walk “in beauty, like the night,’’ according to Professor Starr. "Professor Starr might not consider me an authority,’’ said Mrs. Davis, -but I have been ail over Africa—north, south, j east and west —in the usual places and in the ronite ones. I have never seen any native women that I*couid honestly call i beautiful. In the Congo they ar© poor, ; tragic-looking things. "But in Amcica we have a great deal of beauty. Our young women have a singular loveliness apart from any eon- ‘ sideratlon of face or feature. It is that very - flt’ look they all have, the feeling | of power one senses in them. I “Our American woman is so well dressed, so well shod, so well turned out. She is so right and straightfor-1 ward. She does all things well.

: “Beauty of today is an intelligent beauty. Our young woman is amazingly older than any of the rest of us, and ! yet she seems a marvelous child as sha | drives along, as so many girls did dur- | i*'S the war, in a big eighty horse power car, guiding the machine with her little ! hands. It is their sense of power and ■ achievement that often lends beauty to | these fine young creatures. “She is neither ugly nor artificial. The whole modern tendency is just a reaction j from fifty years of stifling Victorianism. | All societies go to these extremes. Wa I shail swing back again to a more staid | existence. These great liberties of today : are not bad signs. ( “Me always had our fine American typa ( which Charles Dana Gibson portrayed. I People sometimes say that art affects life, and that after this artist drew his types women unconsciously or otherwise followed them. “But couldn't It be possible that, ins stead of an artist bringing about a certain type, he really’pointed out the typa to us. showed us beauty that we hadn't seen before in just that way? For in- : stance, in Japanese prints we note certain things that interest us. They have J beauty of line, of color and of tone. Then | if we go to Japan we discover these same ! objects and effects that the prints pointed j out to us. It is a question whether they would look that way if we had not com© upon the prints first. Therefor© I believe that artists teach us to see types. “The American girl would have had this beauty anyway, but it took Gibsou to come along and point it out to us. “During the war beauty became very evident. The Uncle Sam type of man j began to be seen, the lean, strong soldier i sort—but without the whiskers, of course, a “As to these Africans who live in a I somewhat natural state—if people consider that beauty—you may recall that M hlstler said nature was most Inartistic, and that her sunsets were often very poor. “The Polynesians out in the Southern Taeific are considered beautiful, but that is not altogether what has drawn artists there. Gauguin went down to the islands because he wanted freedom and a cheap place to live. He tried to go back to Faris later, but couldn't get money enough. “The conditions of life make these people graceful and untrammeled. Perhaps that is what seems handsome about them.” Mrs. Davis’ work as painter of portraits is widely appreciated. She has traveled extensively and has had studios in Paris and London and Chicago, where she has had many well-known men and women as sitters. She was the first wife of the late Richard Harding Davis, famou* war correspondent.