Indianapolis Times, Volume 34, Number 187, Indianapolis, Marion County, 16 December 1921 — Page 18

18

MANY STOCKS REGISTER NEW HIGH LEVELS Market Strong Despite Irregularity Among Some Issues. OILS, SPECIALTIES GAIN Special to Indiana Dally Times and Philadelphia Public Ledger. By MONITOR. NEW YORK, Dec. IG—Although Irregularity made its appearance throughout the list, the undertone of the market teas deservedly characterized as strong. New high levels were registered by quite a number of stocks and transactions for the lirst time in several weeks were in excels of a million shares. Steels, coppers, oils and specialties made their contributions to the list of “new highs.” These included Pacific Oil, Anaconda. Associated Oil. Corn Products, Otis Elevator and last, but not least. United States Steel, which sold at eighty-five. New tors were also recorded for the Victory notes and Liberty bonds were st rong. There was considerable irregularity among the rails. I.ehigb Valley, Missouri Pacific preferred. Norfolk & Western and Reading were higher. The St. Paul Issues sold off and recovered later to a fractional gain. Baldwin and Lima Locomotive were the strongest of the equipments. Atlantic Gulf was strong on heavy trading. This partial summary of market activities makes a rather confusing showing. This could not be otherwise in a market of a character of the present one. The public is not particularly interested, partly through unwillingness to take financial risks, and partly because it is not impressed with bullish possibilities in stocks. The industrial and financial position of many companies has improved substantially in the last six months. Others have failed to recover, and it is these whose stocks are subjected to severe exploitations on the part of bearish professionals. The technical speculative position of the market probably is stronger than the extensive advance of the last three months would indicate. At any rate, it would require unsettling news of an important character to cause an extensive reaction, as was shown by the indifference with which German inability to meet January reparation payments was received. —Copyright, 1921, by Public Ledger Company.

WALL STREET GOSSIP BY MONITOR. On an unconfirmed report that the In- i terstate Commerce Commission would order a larger freight rate reduction than has been discussed commonly, and that this decision would be made much! sooner than expected, liquidation came j into the rails. The St. Paul issues were notably weak. There was a sharp line of | demarkation between the investment is-j sues and those of a more speculative [ character, offerings of Union Pacific, : Atchison and stocks of that class being ’ limited in volume. There was excellent buying in Fisk ! Tire and Rubber based not so much on i the general revival in tte rubber market ■ as on the belief that this stock was sell- ! tng out of line with other tire and rubber 1 stocks. The buying was reported to be ’ for the account of interests identified with the company. After its recent spectacular advance to above 59. Davison Chemical declined more than ten points. It has held within a comparatively narrow range, ami it is understood the selling comes largely from tired holders and from professional traders. The buying is attributed to the same interests that were responsible for the recent advance, and while no immediate movement is indicated, it is said such an advance is in the making. w ?. s * persistent report that when the directors of the Pierce Oil Corporation meet next Tuesday they will declare part of the past due dividends on the preferred stock. Atlantic Gulf and West Indies was bought by the same interests which have been accumulating the stock lor som months past. This buying, it is understood. did not follow the price above .'it -raders being responsible for the rise beyond that figure. The Mexican Oil subsidiary of Atlantic Gnif recently brought in anew well which is said by officials to be extremely profitable. Following a meeting of the chief executives of the Anaconda Copper Mining < ompany anil of the American Brass < ompariv it was announced officially that the stockholders of both companies will no .Tskpd to authorize an exchange of ownership of the latter cnmpanv through the exchange of three shares of Anaconda and sl,*o in cash for each share of Amor, lean Brass Company stock. Anaconda was or.e of the strong features in the strong market. To what extent floor traders have been used to conceal actual purchases of stock is problematical. One firm in one day recently bought 30.010 shares of a low priced oil stock the certificates for which were shipped to an executive of a large Western oil company, and which were paid for. A considerable quantify of stocks of various companies has been withdrawn from the market by this method, and in a measure .accounts for the ability of pools to mark up the prices of their favorites without serious opposition. A stimulating occurence of the day was the sale of $55,000,000 of New York City corporate 4% per cent stock to a syndicate headed by J. P. Morgan and Company at 103.407. Controller Craig expressed himself as well pleased with the price, which is the best received for a 4% Pel cent issue by New York In recent years. The last, issue of a like amount in 1917 brought 100.65. A large number of syndicate bids were received for the whole issue or for any part. There was curious irregularity in the Steel stocks. Midvale and Vanadium of the low-priced independents were strong, while Bethlehem Steel It. selling exdividend 1% per cent, showed no inclination to rally, and closed with a net loss for the day. Fnited States Steel was very active in the afternoon, and on very large transactions advanced to anew high for the present movement. These divergent fluctuations occuned in the" face of a reduction iu the prices of commercial steel pipe of approximately $3 a ton by the National Steel Tube Company and an estimate of a trade authority of a considerable increase in structural steel sold during November. After call loans had been made at 4% per cent the rate stiffened as banks call“d in their accommodations. An unusually large quantity of money on call was thns removed from the market, and during the afternoon the rate rose to G per c , which induced profit taking and was par tially responsible for the irregularity in the last hour. Bankers said the flurry was due solely to the large Government transactions of the day, and expressed the opinion the movement is only temporary. Directors of the International Mercantile Marine Company met and declared the semi-annual dividend of S3 a share on the preferred stock. There had been n report earlier in the day that a payment on account of the 42 per cent in back dividends would be authorized, hut this proved to be without foundation. It Is understood earnings of the company are running at the rate of approximately $lO a share, but owing to the uncertainty of the shipping industry, the management thought it best to conserve cash.—Copyright, 1921, by I’ublic Ledger Company. CLEVELAND PRODUCE. CLEVELAND. Dec. IG.—Butter—Extras, In tubs, 51%@52e; prints, 52%@53c; extra firsts, 50%@51c; firsts, 49%@50e; seconds, 4114'?42c; packing stock. 2S@29c. Eggs—Fresh gathered northern extras, 58c; extra firsts, 57c; Ohio firsts, new cases, 55c; old cases. 54c; Western firsts, new cases, 53c. Poultry—Live heavy fowls, 23@26c; spring ducks, 25@2Sc; turkeys, 44@45c.

N. Y. Stock Exchange

(By Thomson ft McKinnon.) —Dec. 16. — Prev. High Low Close Close Allied Chem. .. 58 56% 57 Mi 57% Ajax K'ubber .. 18% 17% IS 17% AUis-Chulmers . 39% 38% 38% 35% Am. Agri 30% 49% 29% 30% Am. Beet Sug... 28% 28 28% 28% Am. Bosch Slag. 30% 35 3G 34% Am. Car Fdy.. 140 145 145% 148% Amer. Can 34% 34% 34% 34% Am. IX. Ac L. coin lots 14% 14% 10% Am. H. A: L. pfd. 01 % 00% 01 01% Am. Ice 74% 73% 73% 74 Am. Int. C0r.... 43% 42% 42% 42 Am. Linseed ... 31% 31% 31% 31 Am. Loco 100% 98% 98% 99 Am. Smelt. Ref. 47 4040 46% Am. Sue. Ref. .. 54 52% 53% 51% Am. Sum. Tob.. 31% 31 31 31 Am. Steel F.... 34% 34 34 34% Am. T. Ac Tel.. 117% 117 117 117% Am. Am. W001en.... 82 81 81 81% Am. Zinc and L. 14% 13% 14 14 Anaconda M. C. 49% 49% 49% 49% Atchison 92 90% 91% 90% At. Gulf &W. I. 34% 33% 33% 34% Baldwin Loco.. 98% 90% 97% 90% B. ft 0 35% 35 35% 35% Beth. Steel (B) 57% 57 57 % 57% Cal. rtee 45% 47% 4S 48 Can. Pae. Ry. 121% 120% 121% l"l% Cen. Leather... 31% 30% 30% 31% Chandler Motors 50% 50% 50% 50% C. A: 0 56% 55% 5G • 56 CM Ac St Paul 20 19% 19% 19% CMAc S P pfd 32% 81% 31% 31% Chi. & North... 87% 00% 67 07 CK I & Pnc 33% 32 32% 32% CItI Ac P Opct p 71% 71% 71% 71% C K Ift I’ 7pct p 84 84 84 Chili Copper... 10% 10% 15% 10% Chino Copper . 29% 28% 28% 29% Coca Cola 41% 4040 ” 40 Col. Fuel Ac I. . 25 25 25 25 Col. Gas 07% 00% 07 67% C. C. C. & St. L. 50% 55% 55% 56 Con. Gas 93% 92% 92% 93% Cosden Oil 30% 35% 30 30 Corn Prod 98% 90% 97 97 Crucible Steel... Gs% 07% 07% OS Cuban Am. 5.... 14 13% 14. 13% Cuban Cane S'. .. 7% 6% 0% 7% r>el. Ac Hud. ..100% 'IOO% 100% 100% Del. Ac Lack. ..116% 114 110 114 Erie 10% 10% 10% 10% •Endioott 80% 78% 78% 80% Famous P 77% 75 75% 70 Fisk K'ubber . 13% 12% 13 13 Gen. Asphalt .. 70% 08% <51% 68% Gen. Elec 141% 141% 111% 142 “ Gen. Motors 11% 11 11% 11 Goorlricn 37% 37 37 37% (it. North, pfd.. 75% 74% 75 74% Gulf States Stl. 48% 48% >B% 49 Houston Oil 82 80% eO% 81% Haskell Barker . 80 80 80 Illinois Central . 99 99 99 99% Insp. (’upper 42% ’41% 42% 41% Inv. Oil 12 11% 11% 11% Inilianahoma ... 4% 4% 4% 4% Inter. Hor 85% 84% 84% 84% lilt. Nickel 12% 12 :! s 12% 12% Inter. Paper ... 50% 55 55 55% Island Oil Trans. 2% 2% 2% 2% Kan. City Sou. 23% 23% 23% Kelly Spg’fld... 44% 43% 43% 44 Kenn. Cosp 1 . 27% 20- v . 20% 27% Lark. Steel ... 47 46% 47 47% Lehigh Valley . 55% 57% 58% 58% Lee Tire * 29% Loews, Inc 14% 14% 14% 14 Loft Candy 10% 10 10 10% L. Ac N 110 lus% 110 ins Marine com 15 15 25 14% Marine pfd 05% 04% 04% 05 May Stores 108 103% 108 1Q2% Max. Motor (B) 14% 13% 13% Maryland Oil .. 26% 26 20 ” 26 •Mex. Petrol 117% 116% iio% iia% Miami Copper... 28 27% 27% 27% Mid. States Oil. 15 14% 14% 14% Midvale Steel.... 28% 28% 28% 28% Mo. Pae 17% 17% 17% 17% Mo. Par. pfd.... 40% 45% 40% 46%. Nat. E. Ac Stamp 39 38 38% 39% | Nev. Con. Cop.. 15% 14% 14% 15 N. Y. Central.. 73% 73 73 % 73 New Haven 13% 13 13 12% | Norf. Ac West... 98% 97% 98% 97% I North. Pacific.. 79% 78% 71% 79 j Pacific Oil 50% 45'... 4.1% 49 Pure Oil 59% 39% 59% 39% •I’an-Am. Pete... 5% 54% 55 50% Penna. Ry 33 32% 32% 32% ! People's Gas.... 59 58% 58% 5.8% i Pierce-Arrow .. 14% 14% 14% 14% Fierce Oil 13% 12% I'-'% 13% Prsd. Steel Car 65% 05 63% 65% Plmn. Pal. Car.loß% 307% 107% 108 •Ry. Steel Spgs. 92% 91% 92% 94 Ray Copper.... 15% 15% 15% 15% Reading 72% 71% 71% 71 % ! Rep. Irn. A- Stl. 54 53% 53% 54% i Ryl. l>oh. N. Y. 52 51 51 51% 1 Sinclair 23% 22% 23% 23 . Southern Pae... 80% 79 I *', 80 79 7 Southern Kv 19 18% 19 19 Stand, oil. Cal. 97% 94% 96% 95 : Stand. O. N. J. 190% 187% 187% 1*9% St. 1,. Ac S. F. c 21% 21 21% 21% Stromberg Carb 35% 34 35% 33% Studebaker .... 82% 81% 81-% 81% Texas Coal Ac O. 30% 29% 29% 29% Texas Cos 48 47' . 47% 47% Texas A: Pae... 23% 23% 23% 23% Tobacco Prod.. 64% 63 63% 1*3% Trans, oil 11% 11 11% 11% Union Oil 20% 19% 19% 20% Union Pacific.. 126% 126 120% 126 United R. S 53% 51% 53 51% U S. F. P. Cor. 11 10% 10% 11 Unf. Fruit C0..127% 126% 127 1 27% United Drug 72 71 72 70 T\ S. In. Alhol.. 39% 39% 39% 40 U. S. Rubber 50* 55% 55% 56% U. S. ItTtb. pfd..lol 101 101 ]ol U. S. Steel 85 84% 84% 84% U. S. Steel pfd..113% 113% 113% 113 Utah Copper 65 64 % 64% 65% Vanadium Steel 32% 32 32% 32% Wabash 6% 6% 6% Wab. Ist pfd... 20% 20% 20% 20% White Oil 11 % 11% 11% ]2% West. Union.... 91% . 90% 91 West. Electric... 51% 51 51 51 White Motors... 39% 59% 39% 40% Willys Overland 6% 6 6% 6% Worth. Pump... 46% 45% 45% 46% Woohvnrth 131 130 130 130 West. Pacific... IS% 18% IS% 18% •Ex-dlvidend.

NEW YORK LIBERTY BONDS. —Dec. 16— I* rev. High. Low. Close. close. Liberty 3Us 95.14 94.92 94 92 95.10 Liberty Ist 45.. 97.10 1)7.<1S 97. US Liberty 2d 45.. 96.84 96.70 00.76 Liberty Ist 4%5.. 07.40 97.20 07.26 07 40 Liberty 2*l 4%5.. 07.02 90.80 06.02 07.04 Liberty 3*l 4%5.. 98.12 97.84 97.88 98.14 Liberty 4th 4%5. 07.4S 07 is 97.22 07.42 Victory 3%s 100.02 100.00 100.02 100.02 Victory 4%s 100.04 100.00 100.4 100.02 CHICAGO STOCKS. (By Thomson & McKinnon.) —Dec. 16. Open High Low Close Armour pfd. ... 02% Armour Lea 121** Carbide Curb. 44'4 44% 44% 41% Libby 5% 5% 5% 3% Mont.-Ward ... 13% 14 13% 13% Nat. I.eather.... 2% 2% 2% 2% Piggly Wiggly . 30 31 20 29% Reo Motors .... 18% Stewart-Warner 25% 25% 24% 24% Swift &Cos 97% 97% 97% 97% Swift Int 20% 21 20% 20% NEW YORK WOOL. JffeW YORK, Dec. 16.—W00l prices were about steady in trade on the market here today, domestic fleece, XX Ohio, selling at 23)Ti3Sc per p* ini. Unities!ic pulled, scoured basis. was quoted at is hy 67c per pound and Texas domestic, scoured basis, at 40(5 75c. NEW YORK PKTROI.KVM. NEW YORK. Dec. 10. — Petroleum was again steady on the market here today, Pennsylvania crude selling at ?1 per barrel. NEW YORK TERPENTINE. NEW YORK. Dec. 16.—Turpentine sold at 82c per gallon in trade on the market here today. NEW YORK METAL MARKET. NEW YORK, Dec. 10.—Copper—Dull; spot, December and January offered. 13c. Lead —Quiet; spot, December and January offered. 4%r. Spelter—Quiet; spot and December offered, 4.57%c; Januaryoffered, 4.00 c. INDIANAPOLIS PRODECE. Butter —Local dealers are paying 41fcj 42c per lb. for butter delivered in Indianapolis. Eggs—Loss off, 50c. Butter—racking slock. ISc. Joultry—Fowls, 17@ 23c; springs, 20c; cocks, 10(gl2c; stags, 12@13c; young hen turkeys, I Its. and up. 35@38c; young tom turkeys, 12 lbs. and up. 35(g>38c; old tom turkeys, 30c; cull thin Ptrkeys not wanted; ducks, 4 lbs. and up, 17c; spring ducks, 3 lbs. and up. 17c; geese, 10 lbs. and up, 15c; rabbits, drawn, per dosen, $2; squabs. 11 lbs. to dozen, $5; young guineas, 2-lb. size, per dozen. s7@B; old guineas, per dozen, $5. Butterfat —Local dealers are paying 42c per pound for all bntterfat delivered In I^Lanapolls.

STOCKS SUFFER LATE REACTIONS New Department Stores Is Feature of Final Hour. NEW YORK, Dec. 16.—The stock market closed irregular today. Most leading issues reacted about 1 point from high levels. Steel common dropped from 85 to 84% and Baldwin Locomotive receded 1 point to 97%. Reading yielded from 72% to 71%. with smaller losses in the other railroad issues. Mexiean Petroleum fell over 1 point to 116% and Studebaker reacted about 1 point to 81%. May Department Stores was in demand, moving up nearly 6 points to 108. Government bonds were unchanged and railway and other bonds irregular. Total stock sales for the day were 575.400 shares; bonds. $14,119,000. (By Thomson Ac McKinnon.) —Dec. 16— Each day we have a change in the aciive list in the stock market, but with no change in the character of the market, which continues as heretofore firm with an upward tendency throughout the list. The daily changes In the active list come at times by groups and at other times in individual issues. The one great difficulty experienced at this time is the constant demand for an explanation for each of these moves. Explanations are frequently offered to meet this demand, but they are not always logical nor accurate, because as a matter of fact, there is no reason for a particular stock moving forward that would not with equal force apply to many that may at the moment remain Inactive. The point is well illustrated by the action this afternoon of the rails. There suddenly appeared a demand for these stocks, values Improved, and the question arises, why. The same question would have been in order a few days ago when they were all weak, and a satisfactory explanation is just as difficult now as it was then. The fact of the matter is this—if one has faith in the stability of our institutions. has faith in the ultimate recovery of business, has faith in the coining prosperity in this country, he needs no explanation. He knows it —and he knows that there is , force under the market which is now actively at work, and the stock market is merely discounting the change that is coming. The mergers, consolidations. and new promotions are merely incidents in the big change that is in process. We continue of the opinion that higher prices are ahead of 11s, and would continue the policy of buying on reactions. TWENTY STOCKS AVERAGE. NEW YORK. Dee. 16.—Twenty industrial stocks Thursday averaged 81.50, up .46 per cent. Twenty active rails averaged 74.20, up .14 per cent. CLEARING HOUSE STATEMENT. NEW YORK, Dec. 16.—Exchanges. $949,800,000; balances, $13,900,000; Federal Reserve Bank credit balances, $95,800,000.

Money and Exchange

Indianapolis bank clearings Friday were $3,012,000. NEW YORK, Dec. 16.—Foreign exchange opened weak today. Demand Sterling was 2%c lower at $4.10%. Francs yielded 14 centimes to 7.81 c for cables and 7.83 c for checks. Lire was 5_ points lower at 4.53 c for cables and 4.52 c for checks. Belgian francs cables were 7.50 c; cheeks, 7.49 e. Marks yielded 3 points to ,0051 c. Guilder cables were 36.25 c; checks, 36.23 c. Sweden kronen cables were 24.45 c; checks, 24.40 c. NEW YORK CALL MONEY. NEW YORK, Dec. 16.—Money—Call money ruled 5 per cent; high 3% per cent ;*low, 5 per cent. Time rates steady. 4% per rent. Time mercantile paper steady. Sterling exchange was easy, with business in bankers' bills at $1.10% for demand. ) MOTOR SEC I RITIES, (By Thomson & McKinnon.) —Dec. 10— —Closing Bid. Ask. Earl Motors 9 10 Packard com ."% „5 Peerless •• 33 o-> Continental Motors coin 0% •>% Continental Motors pfd s5 90 Hupp com 11% 11% Hupp pfd 92 98 lteo Motor Car l s % 19% Elgin Motors :i % Grant Motors 1 _, l Ford of Canada 25 * -OJj National Motors 1% - - Federal Truck l'> 47 Paige Motors H% 15% Republic Truck S',3 9% ACTIVE OIL STOCKS. (By Thomson ft McKinnon.) —Dec. 16— —Opening— Bid Ask. Anglo-American Oil 21% 22 Atlantic I.obos ?% 10 Borne-Scrymcr 325 340 Buckeye Pipe Line 83 85 Chesebrotigh Mfg. Cons 170 iso Continental Oil, Colorado ..122 127 Cosden Oil and Gas 0 8 Crescent Pipe Line 129 131 Cumberland Pipe Line 120 135 Elk Basin Pet 7 7% Eureka Pipe Line 78 82 Galena-Signal oil, pref (new) 100 100 Galena-Signal Oil, com 40 43 Illinois Pipe Line 158 163 Indiana Pipe Line ~ 82 81 Merritt Oil 10% 10% Midwest Oil 2% 3 Midwest Kfg 170 ISO National Transit 28 30 New Y'ork Transit 150 155 Northern Pipe Line 95 100 Ohio Oil 368 373 Oklahoma P. Ac R \.. 0% 0% Penn.-Mex 10 20 Prairie (Ml niul Gas 575 585 Prairie Pipe Lino 240 245 Sapuipa ltefg 3% 3% Solar Refining 350 370 Southern Pipe Line 77 83 South Penn Oil 220 230 Southwest Penn Pipe Lines 50 70 Standard Oil Cos. of 1nd...... 91% 92 Standard Oil Cos. of Kan 570 580 Standard Oil Cos. of Ky 430 435 Standard Oil Cos. of Nob 160 ISO Standard Oil Cos. of Ohio 385 400 Swan ft Finch 40 50 Vacuum Oil 315 320 Washington Oil 34 38 NEW YORK CURB MARKET. (By Thomson & McKinnon) —Dec. 16— Closing Rid. Ask. Acme Packing 35 Curtis Aero com 3% 4% Curtis Aero pfd 18 23 Gold field Con 2 4 Jumbo Extension 4 7 Imperial Oil (Del.) 10% 10% International Petroleum. 1(5% 16% Niplssing 6% 0% Standard Motors 3% 4% Salt Creek 14 14% Tonopah Extension 1 7-16 1 % Tonopnh Mining 1% 1% United P S new 1 11-10 1% I". S. Light and Heat.... 95 100 E. S. Light ft Heat pfd.. SKI 100 Wright-Martin 2 5 Yukon Gold Mine C 0.... 1 1% Jerome 3% 3% United Verde 28% 29% Sequoyah 5 10 Omar Oil 72 74 Republic Tire 12 20 NEW YORK SUGARS. NEW Y’ORK, Dec. 16.—Raw sugars were steady in trade on the market here today. Porio liieos selling at 5.875 c per pound, delivered. Refined sugars were steady, fine granulated and No. 1 soft being quoted at 5.20 c per pound. NEW YORK COFFEE. NEW YORK, Dec. 16.—Coffee was steady in trade on the exchange here today, opening options being 1 to 4 points higher. Itio No. 7 on spot sold at 9%@9%c per pound. NEW YORK RICE. NEW YORK, Dee. 16.—Rice values were steady today, domestic selling at 3%@ 7%c per pound. NEW YORK HIDES. NEW YORK, Dec. 16.—Hides were steady on the market here today, native steer hides selling at 15% and branded steer hides at 15%c per pound.

INDIANA DAILY TIMES, FRIDAY, DECEMBER 16,1921.

New York Bonds

(By Fletcher American Cos.) —Dec. 16— FOREIGN GOVERNMENT BONDS. Bid. Ask. Arg. (unlisted) ss, Sep. 1, ’45 73 74 Belgian Os, Jan. 1, ’25 95% 90% Belgian 7%5, June 1, ’45.... 104% 161% Belgian Bs, Feb. 1, ’4l 106% 107% Berne Bs, Nov. 1, ’45 108 108% Chile Bs, Feb. 1, ’4l 101% 102 Christiania Bs, Oct. 1, ’45....107 108 Copenhagen 5%5, July 1, ’44.. 87 88 Danish Mun. Bs, Feb. 1, ’4O. .107 108 Denmark Bs, Oct. 15, ’45 108 108% •Canadian 5%5, Dec. 1, ’22... 91% 92% •Canadian 5%5, Nov. 1, ’23.. 90% 91% •Canadian 5%5, Nov. 1, ’24...90 91% •Canadian ss, Dec. 1, ’25 88% 89% Canadian ss, Apr. 1, ’2O 90 90% •Canadian s%a,'Dec. 1, ’27... 91% 92% Canadian 5%5, Aug. 1, ’29.... 97% 97% Canadian Os, Apr. 1, ’3l 95 95% •Canadian ss, Oct. 1, ’3l 88% 80% •Canadian o%s, Nov. 1, ’33... 92% 93% ♦Canadian o%s, Nov. 1, ’34... 90 91% Canadiana ss, Mch. 1, ’37.... 93% 94% •Canadian 5%5, Dec. 1, ’37.... 94% *9O •French (Viet.) ss, Opt., ’31.. 59% 01 •French 4s, Opt., ’43 48% 50 French Bs, Sept. 15, ’45 99% 100% •Italian (War) 5s 30 37 Jap (First) 4%5, Feb. 15, ’25. 87% 88 Jap (Second 4%5, July 10, ’25 87% S8 Jap 4s, Jan. 1, ’3l 74% 75 San Paulo Bs, Jan. 1, ’30....101% 102 Swedish 6s, June 15, ’39 95 % 90 Swiss 5%5. Aug. 1, ’29 95% 90 Swiss Bs, July 1, ’4O 112% 114 U. K. 5%5, Nov. 1, ’22 09% 99% U. K. 5%5, Aug. 1, ’29 99% 99% I". K. 5%5, Feb. 1, ’37 95% 95% Zurich Bs, Oct. 15, ’45 ...107'% 108% Brazil Ss, 6 1-’4l 104 104% French 7%5, 0-l-’4t 94% 95% Uruguay Bs, 8-l-’4O 101% 102% Argentine 7s, 10-1-23 09% 100% •Internal Loans. CORPORATION BONDS. Bid Ask Alum. Cos. of Amer 100% 100% Amer. Cot. Oil 0s Sept. 2, ’24.. 95% 95% Amer. Tel. Os Oct., ’22 100% 100% Amer. Tel. 6s Feb., ’2l 09% 100% Amer. Thread Os Dec., ’28....100% 100% Amer. Tob. 7s Nov., ’22 101% 101% Amer. Tub. 7s Nov., ’23 101% 102% Anaconda 0s Jan., ’29 97 % 97% Anacanda 7s Jan., ’29 101% 101% Anglo-Am. Oil 7%s Apr., ’25 103'% 103% Armour 7s Julv 15, '3O 102% 102% Atlantic Kef. 6'4s, Mch., ’31..103% 104 Bell Til. of Can. 7s Apr.. ’25. .100% 101% Beth. Steel 7s July 15, ’22 100 100% Beth. Steel 7s July 15, ’23 100% 100% Can. Pae. 0s Mch., ’2l 100 100% Cent. Arg. Ky. 0s Feb., '27.. 90 % 91% (’., K. I. iV P. 0s Feb., ’2"2 99% UK) Con. Gag B.s Dec., "21 100% 101% Copper Exp. 8s Feb. 15, '22.... 100% 100% Copper Exp. 8s Feb. 13. ’23..101'% 102 Copper Exj*. Ss Feb. 15, '21.... 102% 103% Copper Exp. 8s Feb. 15, ’25... .103% 101 Cudahy 7s July 15.. ’23 100% 100% Fed. Sug. 0s Nov., ’2l 90% 97% Goodrich 7s Apr., ’25 98% 98% Gulf Oil 0s Julv, '23 99% i(H)% Gulf Oil 7s Fell., "33 102% JO3 Hoi king Vs 1. 0s Mch., ’24 9s 98% Humble Oil 7s Mill. 15, '23..1i'0% 100% int. it. T. 7s Sept., ’2l 11 72% K. C. Term. 0s Nov. 15, ’23.. 99% UK) Kenn. Copper 7s Feb., ’30..101 101 % Laclede Gas 7s Jan.. ’29 97% 98% l’roetor A G. 7s Midi., '22 100 lihi% Proctor A G. 7s Mch.. ’23....101% 101% Pub. S. r, X. J. 7s Mch., ’22.. .109 100% It. J. Kevnolds 0s Aug.. ’22. .100% ' 100% St ars Roebuck 7s Oct. 15, ’22.. 90% 100 Sears Roebuck 7s Oct. 15, ’23.. 99 % 99% Sinclair 7%s May 15, '25 99 99% Solv.ay & Cie 8s Oct., ’27 103% 104% Southern Kv. Os Mch., '22.. 99 % 99% S. W. Rill tel. 7s Apr, ’25..100% 101% Stand. Oil (Cal ) 7s Jan.. ’Ot.lOio. 100 , Stand. Oil (NY) 7s J an. '25-'3l. Ml % 100' St. Paul TANARUS" D 5%s Dec. 15, '23 Us*, 999; Swift 7s Oc:. 15, ’25 100% 100% Texas Cos. 7s Mch. 1. ’23 100% 101 Utah Sec. 0s Sept. 15, '22 96% 97% Western El. 7s Apr.. '25 103% 104% Westinghouse 7s May, '31....105 105%

Local Stock Exchange

—Dec. 16— STOCKS. Bid. Ask. Ind. Ry. ft Light com 60 Ind. Ry. ft Light pfd 75 Ind pi*, ft S. E. pfd 60 Indpls. ft N. W. pfd 60 Ind pis. St. Ry 39 50 T. IL, T. ft L. pfd 58 T. XL, I. ft E. com 4 T. H . I. ft E. pfd 12 U. T. of Ind. cum I". T. of Ind. Ist pfd 7 U. T. of Ind. 2d pfd 2 Advance-Rumely com ... Advance-Rumely pfd Am. Creosotlng pfd 92% ... Am Central Life 160 Belt It. It. com 01 70 Belt R. It pfd 45 Century Bldg. Cos. pfd ••• Citizens Gas Cos 25% ... Dodge Mfg. Cos. pfd 88 Home Brewing 49 69 Ind. Hotel cum 62 ... Ind. Hotel pfd 94 Ind. Nat. Ins. Cos 3% ... Ind. Title Guar. Cos 4s Ind. Pipe Lines Indpls. Abattoir pfd. ...... 41% 50 •Indpls. Gas 42% 61 indpls. Tel. coin Indpls. Tel. pfd 4 Mur. Pub. Util, pfd 50 65 Nat. Motor Car Cos 1% 3% Pub. Sav. Ins. Cos 4% ... Ranh Fertilizer pfd 40 ... Stand. Oil of Indiana Sterling Fire ins. C 0........ 7 8 Vat Camp Hdw. pfd 100 Van Camp Parking pfd l f| o Van Camp Prod. Ist pfd 100 Van Camp Prod. 2d pfd 100 Vandnlia Coal Cos. Cos. com 3% Vandalia Coal Cos. pfd 4% 8% Wabash lty. com Wabash lty. pfd ... BONDS. Broad Ripple 5s 66 ... Indpls. St. lty. 4s 51 53 Indian Ck. Coal nnd Mine 100 Ind.'Coke & Gas 6s 83 89 Indpls. C. ft S. 5s 91 ... Indpls. ft Martinsville 55.... 56 Indpls. North. 5s 38% .43% Indpls. ft N. W. 5s 50 66 Indpls. ft S. E. 5s 45 Indpls. S ft S. E. 5s *5 Indpls. St. Ry. 4s 50 56 Indpls. T. ft T. 5a 72% ... T. IL, I. ft E. 5s 53 ... IT. T. of Ind. 6s 47 53 Citizens Gas 5s 80 86 Indpls. Gas Cos 78 84 Kokomo M. ft W. 5s 80% ... Ind. Hotel Cos. *2d (is 96 Indpls. L ft IL 5s 82 89 Indpls. Water Cos. 5s 91% 97 Indpls. Water Cos. 4%s 74 82 Mur. H. &L. 5s 95% 99 New Tel. Ist 6s 94% ... New Tel. L. D. 5s 93% ... Sou. Ind. Power 5s 88% •Ex dividend. LIBERTY BONDS. Liberty Ist. 3%s 94.80 95.00 Liberty Ist. 4%S 97.14 97.34 Liberty 2d 4%s 96.70 96.9(1 Liberty 3d 4%s 97.90 98.00 Liberty 4th I%S 97.12 97.32 Victory 3%s 99.80 110.0(1 Victory 4%s 99.80 100.00 10 shares Merch. I’ub. Util. pfd. at 51%.

Local Curb Market

(B Newton Toddi -Dec. 16— Am. Hominy com 14 20 Central and Coast Oil 2 Choate Oil Corp % 1% Columbian Fire Ins. C 0...... C 7% Comet Auto i 2 Dayton Rubber Units 60 69 Dictograph Prod, pfd 46 65 D. W. Griffith 8 0% Elgin Motor Car 3% 4% Federal Fin. Cos. pfd 76 86 Fed. Fin: Cos. com 122 129 Gt. Sou. Prod- Her 5 6 Indiana Rural Credits 5d CO Metro. 5-50 c Stores c0m..... 7 10 Mero. 5-50 e Stores pfd 24 29 National Underwriting 3% 6 Rauch & Lang Units 40 48 Rub.-Tex. Units 15 17' U. S. Automobile Units 67 77 U. S. Mtg. Cos. Units 150 162 BANK STOCKS. Commercial Natl. Bank .... 71 81 Continental Natl. Bank 109 116 Indiana Trust Cos 175 190 Indiana Natl. Bank 258 268 Merchants Natl. Bank 280 Natl. City Bank , 105 110 Security Trust Cos .130 ... State Savings and Trust.... 92 97 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. 2,22 c; iNo. 3,18 c. Loins —No. 2, 25c: No. 3,22 c. Round—No. 2,15 c: No. 3, 12%c. Chucks---No. 2,10 c; No. 3,9 - Plates—No. 2, la; No. 3, Bc.

GRAIN VALUES ARE IRREGULAR Kansas Report on Wheat Crop Is Bearish Factor. CHICAGO, Dec. 10.—Grain prices fluctuated fractionally and irregularly on the Chicago Board of Trade today. The Kansas state crop report was more optimistic than the Government report, causing a bearish tone in wheat trading. There was considerable buying by commission houses, however. Receipts continued small except in the Northwest, where they were fairly large. Provisions were irregular. December wheat opened off %c at $1.07% anil closed up %c. May wheat opened off %e at $1.12% and closed up %c. July wheat opened unchanged at $1.03% ami was off %c at the close. December corn opened off %c at. 46%c and closed up %c. May corn opened up %c at 53%c and closed off %c. July corn opened up %c at 54%c and closed off %c. December oats opened unchanged at 32 c and closed up %c. May oats opened up %c at 37%c and closed up %c. July oats opened unchanged at 38%c and closed up %c. (By Thomson ft McKinnon.) —Dec. 16— Wheat—Strength in wheat today has been secured from State reports of Kansas showing reserves much less than a year ago, and from unofficial estimates of a smaller crop and light reserves in Canada. However, it is not possible to uncover any improvement in the milling, export or investment demand Only a moderate export business is reported and that mainly of ManitoLas. It is raining in Australia, where the harvest is in progress. The exportable surplus is estimated at 80,000,000 bushels, or slightly less than a year ago. Stocks of wheat in Minneapolis show an increase of 820,OOf) bushels for the week, and in Kansas City 321,000 bushels. Seaboard clearances are not up to last year's total. This applies to North America as well as United States. At the moment the news suggests no important price change, but the lack of interest on the part of the cash trade and the investor hinders anything like permanent strength. Corn and Oats—Consignments of corn from the country are still of liberal proportions, but country roads are breaking up, therefore the movement should decrease. The seaboard continues to report moderate export sales to central Europe. Mill feeds are quoted considerably higher than oats, from which it follows that farm feeding will be increased. However, this item is not of immediate market effect, because the large actimulations in commercial channels are not luring reduced as fast as could be desired. Both of these markets are neglected, but at present there Is considerable firmness in the face of free movement of corn and the large supply of oats at various points. Provisions—A decline in hogs was ighored in products, largely because provisions are considered relatively cheaper than hogs. The demand for products came from former sellers. Cash trade is slow and foreign news is not particularly encouraging.

CHICAGO GRAIN TABLE. —Dec. 16WHEAT— Open. High. Low. Close. Dec 1.07% 1.08% 1.07% 1.07% May 1.12% 1.13% 112 ! 12% July.... 1.03% 1.03% 1.02% 1.02% Ci >K .N Dec .46% .46% ,46% .46 ,- s May 53% .53% .52% .53 July 54 % .55 .51 % .51 1 j OATS— Dee 32% .32% .32% .32% May 37% .38 .37% .38 July..,. .38% .38 s .38% .38% FORK—•Jan 1170 LA lIP Jan 8.50 8.55 8.47 8 53 Mai/. ... 8.90 8.97 8.00 8.97 RIBS—•Jan.... 7.55 •May 7 S3 RYE - Dec .82 .82% .81% 81% May S3 .89% .88% .88% •Nominal. CHICAGO C ASH GRAIN. CHICAGO, Dec. 16.—Wheat No. 2 hard, 41.10. Corn No 2 mixed, 47%'u, 17-No. 2 white, 47%. : N*>. 2 yellow. 47%fn4se; No. 3 mixed, 4.Vu45%'-; N". 3 white', 45®45%e; No. 3 yellow, 43%t0 Die; No. 4 mitred, 44!ii.44*i ; No. 4 white. 44 %e; No. 4 yellow. 4l'd 45c. Oats N<>. 2 white, 36'-4i37c; No. 3 white, 35%®35%e; No. 4 white. 32%(a33%c. ' TOLEDO GRAIN PRICES. TOLEDO, Dec. 16.—Wheat—Cash. $1.17 (3.1.19%; December, $1.17; May, $1.25; Julv, $*1.09'. 4 . Corn Cash, 53@51e. oats —1 ash. 39® Sic. Rye—Cash, 86c. Barley —Cash, 63c. PRI M YKY M \RKETS. (By Thomson ft McKinnon.) - Dec. 16—' —Receipts— Wheat Corn O.iis Rt. Joseph 42.000 , 21,000 2.000 Chicago 29,000 746.umi 150,000 Milwaukee ... 187.000 Jd.thxi Minneapolis . 416.1KK) 43.1KK1 "'-.(Kill Duluth 73.000 ! 0.7,000 33,0u0 St. Louis .... 7(UMK) 176,000 50.000 Toledo 4,0(K) 21.000 4.000 Detroit 8.000 8,000 Kansas City.. 277,(XK) 71.000 1 Ukk) Peoria 131.000 20,000 Omaha 40,000 231,000 26,000 Indianapolis 132, oot) 20,000 Totals 978,000 1.572.000 433,000 Year ago... 984,000 616,000 521,(8)0 Shipments— Wheat. Corn Oafs St. Joseph ... 26,0(8) 23.000 Chicago 24,000 339.000 109,000 Milwaukee ... 3.000 1(81.(88) 25,(88) Minneapolis . 98,000 34,000 89,000 Duluth 422.000 St. Le.uis .... 45.(88) 84,000 51,188) Toledo 1.08) 2,(88) Kansas City.. 86,(88) 68.(881 12.000 I> C nriO 4.0(8) 92.000 43.(88) Omaha 62,000 125,000 18,(XK) Indianapolis.. 3.000 35,(88) 12.(88) Totals 774,000 899,000 367,000 Totals 771.00n 890,000 367.000 Year ago... 891,(8)0 810,000 372,000 —Clearances—54'heat Corn Philadelphia 8,000 Baltimore 203.000 New Orleans 40,000 Totals 48,(810 203,0(8) Year ago 705,000 52,000 INDIANAPOLIS CASH GRAIN, ■—Dee. 16— Bids for car lots of grain and hay at the call of the Indianapolis Board of Trade were: Wheat —No sales. Corn —Steady; No. 3 white, 49c; No. 4 white, 470; No. 3 yellow, 49c; No. 4 yellow, 47e; No. 3 mixed, 48c; No. 4 mixed, 46%c. On*.,—Steady; No. 2 white, 36c; No. 3 white, 35c. Hay—Steady; No. 1 timothy, sl7; No. 2 timothy, sl7; No. 1 light clover mixed, $16.50;* No. 1 clover, sl9. —lnspections Wheat—No. 3 dark northern spring, 2 cars. Corn—No. 2 white, 1 car; No. 3 white. 15 cars; No. 4 white, 20 cars; No. 5 white, 4 cars: No. 6 white, 3 cars; No. 1 yellow, 1 car; No. 2 yellow, 2 cars; No. 3 yellow. 8 cars; No. 4 yellow, 22 cars; No. 5 yellow, 20 cars; No. 6 yellow, 10 cars; sample yellow, 1 car; No. 2 mixed, 1 car; No. 4 mixed, 4 cars; No. 5 mixed. 6 cars; No. 6 mixed, 2 cars; total, 120 cars. • Oats—No. 2 white, 2 cars; No. 3 white, 4 cars; No. 4 white, 4 cars; No. 3 mixed. 2 cars; total, 12 cars. Hay—No. 2 timothy, 2 cars: No. 1 clover mixed. 3 cars; packing hay, 1 car; total, 6 cars. nAY market. The following are the Indianapolis prices for hay by the wagon load, delivered : Hay—Loose timothy, $16@17; mixed hay $15@10; baled hay, slo@l7. Oats —Bushel, new, per bushel, 32@35c. Corn—Old. per bushel. 55@60c. CHICAGO PRODUCE. CHICAGO, Dec. 16.—Butter—Receipts. 5,500 tubs; creamery extras, 48%c; firsts, 34(0.41 c; packing stock, 23@25c. Eggs— Receipts, 3,400 cases; current receipts, 43 ®;44c; ordinary firsts, 40@42e; firsts, 45@ 46c; checks, 28@30c; dirties, 30(0 32c. Cheese—Twins, new, 20@21c; Daisies, 20%@21c. Young Americas, 21 Vic; Longhorns, 21@22c. Live poultry—Turkeys, 38c; chickens, I6c; springs, 21c; roosters, 15%e; geese, 20c; ducks, 25c. Potatoes— Receipts, 13 cars; Wisconsin Round Whites, $1.65(01.85 per 150-lb. bag; Minnesotas, $1.Gt)@1.65; Red Rivers, $1.60 @1.75.

SWINE PRICES SUFFER DECLINES Packers Show but Little Demand for All Grades of Cattle. RANGE OF HOG TRICES. Good Good Good Dec. Mixed. Heavy. Light. S. $7.10® 7.25 $7.00® 7.10 $7.50® 7.65 5. 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 5.3. 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 16. 7.25® 7.40 7.00 7.50® 7.60 Due principally to the fact that this market has been out of line with other of the principal swine markets of the country for the last few days and also to lower prices elsewhere and large receipts, swine prices were 25®;35c lower in trade on the local livestock exchange today. Early receipts ran somewhat more than 10,000 and it was estimated that there would be 11,000 hogs on the market before the close of the day. Trade was fairly active and a good clearance for the day was anticipated. Light swine brought [email protected]), mediums, [email protected]; mixed, $7.15(0,7.25, and heavies, $7. The pigs were not in as good demand as they were on the previous day, showing big declines and selling at [email protected]. Roughs brought $6 lid down and stags [email protected]. The bulk of the sales for the day ranged at [email protected]. Further declines were suffered in cattle, following a market on the previous day that was classified as demoralized. Receipts were again large, with 1,000 fresh cattle and about 700 held in the pens from the markets of the past week. About the only exceptions to the generally demoralized market were canners and cutters, which were in good demand and which sold at steady prices. Prices generally, however, were 25 to 50 cents lower. Packers were buying but few cattle. Coolers in local packing plants are said to be about crowded to their full capacity, and the meat trade is not moving in the manner that it was thought it would at the outbreak of the butchers’ strike in New York and other Eastern cities. Calves were weak to 50 cents lower generally, but some of the commoner grades were strong, while there was a top on a very few extra good veal calves that was higher than the top prices of the close of the previous day. Receipts of calves for the day ran close to 500. With receipts of sheep and lambs extremely light, the quality fair and the demand good prices were steady. There were only 2(8) sheep and lambs on the market. There was a top of $lO on a few choice lambs, while the bulk of the good lambs brought $9. HOGS. Best light hogs, 150 to ISO lbs. average $ 7.50(fJ 7.C0 Over .’BIO llis O.SVo 7.00 15(1 to 300 lhs 7.00% 7.60 Rows 5.00 (it 6.(8) Stags 4.50% 5.50 Best pigs under 140 IDs 7.50® 7.75 Top 7.00@ 7.35 —Cattle— Trlme eornfed steers, 1.3C0 to 1%00 ll.s 7.00 rg S.OO Good to choice steers, 1,200 to 1.3(8) llis 5.50@ C. 75 Good to choice steers, 1,100 to 1,200 lbs 5.00® 5.50 Good to choice steers, 1,000 to 1.100 llis 4.50.® 5.00 Common to medium steers, 800 to 1,18)0 lbs 3.00(3 9.00 Good to choice heifers 5.50® 6.50 Medium heifers 4 00(o 5.00 Common to medium heifers .. 3.25 fit 3.75 Good to choice cows 3.00(3 4.75 Pair to medium cows 1.(81® 2.50 Cutters* 1.50® 2.25 Canners 50(3 1.50 —Bulls— Good to choice butcher bulls 3.00® 4.25 Bologna bulls 2.50® 3.(8) Light bologna bulls 2.(8)® 250 Light to common bulls 2.00 —Calves— Choice veals 10.00((711.0A 11 v,.;,1s 9.181(0 10.00 Medium veais 7.18)0,1, 9.00 Lightweight veals 6.00® 7.00 C unuoii heavyweight veals'.. 4.00® 6.00 —Stockers and Pecders— Good to choice steers under sod 4.50 4.75 Medium cows 2.000*. 3.50 Gi orl cows 3 oOOi, 4.20 Good heifers 5.00® 6.50 Medium to good heifers 4.(8)® 4.7.> Milkers [email protected] —Sheep and Lambs— Fwes 1.00(3 3.(8) Choice lambs 9.00® 10.00 Seconds 6.00® 7.50 Buck lambs 5.50® 6.75 Culls 4.00® 0.00

Other Livestock

CHICAGO, Dec. IC.—Hogs—Receipts, 47,i">0; market, lO'jJ'JOo lower; bulk of sales, "'i< 5i.(0 7 ; toy. 87.80; henries, $6.70®: 6%0; mediums, $6.75®6 9<i; lights. $6.85® 7.25; light lights, $7.10*07.30; heavy packing sows, smooth. $5(06.50; packing sows, rough, .'5 25*05.75; pigs, $7.10®7.35. Cattle Receipts, 7,000; market dull to lower; beef steers, choice and prime, $8.60® 10; medium and good, $6.50® 9.50; good and choice. sßls® 10; common and medium. >5 25® s :2i; butcher cattle, heifers, $3.50 (o'8.50; cows, $3.25(0 ii.l'; bulls, s.'!6o@ 6.15; canners. cutters, cows and heifers, $3.6t)(00.15; en liner steers, $2.75®3.75; veal rapes, $7.50®10; feeder steers, ss®;7; si... ker steers. $1.25(06(8>; Stocker cows nnd heifers. s3®s. Sheep and lambs — Receipts, 9,0(81; market, fat iamt s steady to 25e lower; fat sheep steady to weak; choice lambs [email protected]; cull and comtmui lambs, <7.25(09; yearling wethers. $7 ewes, $3®5.25; breeding ewes, $1.50 @2.75; feeder lambs, $3.75® 10. CINCINNATI, Dec. 16.—Hogs—Receipts, 7.2’iki; market weak to 25c lower; heavies. s7® 7.50: mixed. $7.50: mediums. $7.50(0 S; lights and pigs. $8.25; roughs, $5 75(0,6; stags, $4.75. Cattle —Receipts, i,000; market demoralized; none selling; buyers bidding 23®30c lower; bulls weak to 25c lower; calves weak; opening top, $11.75; closing top, sll. Sheep and lambs —Receipts, 350; market weak: week; ewes, sl*o4: choice lambs. $11®11.50; seconds, $7.30® S; culls, s4.so®(i. CLEVELAND, Dee. 16.—Hogs—Receipts, 3,500; market steady to 30c lower; yorkers, $8; mixed, $7.40; mediums, $7.40: pigs, $8; roughs, $6; stags, $4. Cattle —Receipts, 500; market, 25c lower; good to choice steers. sß@9; good to choice heifers, $5.50® 0.50; good to choice cows, s4®js; fair to good cows, s3@4; common cows. s2®3; good to choice bulls, $4.50®'5.50; milkers, sso® 90. bhu'p and lambs—Receipts, 2,188); market, 00 to 75c lower; top, slt. Calves —Receipts, 350; market, 50c lower; top, $11.50. EAST BUFFALO. Dec. 16.—Hogs—Receipts, 9,(D0; market, active; yorkers, $8.25; pigs. sS.sb@9; mixed, $7.75@8; heavies, $7.25® 7.50 ; roughs, $6; stags, s4® 5. Cattle —Receipts. 7(8); market, slow; shipping steers. $7.75®9; butcher grades, $7.50®8.23; heifers, $5.50®7.50; cows, $2 @5.75; bulls, $3®5.25; feeders, [email protected](>; milk cows and springers. $40@135. Calves—Receipts, 1,400; market, active; cull to choice. ss@l3. Sheep and lambs —Receipts, 10.000; market, slow; choice lambs, sll® 11.50; cull to fair. $0.75® 10.50; yearlings, SB®.JO; sheep, $2®,0.50. EAST BUFFALO, De?. 16—llogs—Receipts. 14,500; market 23c higher; mixed and butchers. [email protected]; good heavies, $0.90®7; roughs, $5.50®5.85; lights, $7.35 (a 7.50; pigs, $7.35® 7.50; bulk of sales, s7® 7.25. Cattle—Receipts, 1.200; market steady; native beef steers, $5.25@5; yearling steers and heifers, $7.50@11: cows, s3® 5.00: stoekers and feeders, [email protected]; calves. $2.50®:5.5<); canners and cutters. $1.50®2.85. Sheep and lambs—Receipts, 1,200; market steady; mutton ewes, $4.50 @4.75; good to choice lambs. [email protected]; canners and choppers, [email protected]. PITTSBURGH, Dec. 16.—Hogs—Receipts, 1,500; market steady to 10c lower; prime heavies, [email protected]; mediums, [email protected]; heavy yorkers, SS.6O@ 8.65; light yorkers, [email protected]; pigs. $8.65®8.75; roughs. $5.05®6; stags, $3.50® 4; heavy mixed, $7.75@8. Cattle —Receipts, less than 100; market, steady. Calves—Receipts, light; market, weak to 50c lower; veal calves, $12.50; lieavv and thin calves, $5.50®5.50. Sheep and lambs —Receipts, 2,500; market, 75c lower; prime wethers, ss® 5.50; good mixed, $1®4.50; fair mixed, [email protected]; culls and commons, [email protected]; clioies lambs, $10.75. TOLEDO SEED PRICES. TOLEDO, Dee. 16.—Clover seed—Cash and December, $12.75 bid; January and March, $12.65; February, $12.80; April, $12.25 bid. Alsike—Cash nnd December, $11; March, $11.15. Timothy—Cash and December, $3.05 bid: January, $3.07”% February, $3.12%; March, $3.20.

Weather

The following table shows the ctate of the weather at 7 a. m., Dec. 10. as observed by United States Weather Bureaus: Station. Bar. Temp. Weather. Indianapolis, Ind.. 30.23 40 Cloudy Atlanta, Ga 30.48 42 Cloudy Amarillo, Texas 29.50 40 Clear Bismarck, N. D. ~ 80.44 12 Cloudy Boston, Mass .’50.74 14 Clear Chicago, 111 30.06 44 Rain Cincinnati, Ohio .. 30.32 38 Cloudy Cleveland, Ohio ... 30.40 34 Cloudy Denver, Colo 29.90 30 Cloudy Dodge City, Kas. . 29.82 38 Clear Helena, Mont 30.64 8 Clear Jacksonville, Fla. . 30.88 62 Cloudy Kansas City, Mo. . 29.80 54, I’tCldy Louisville, Kv 30.28 42 Cloudy Little Rock, Ark. . 30.10 52 Rain Los Angeles, Cal. . 30.06 •50 Clear Mobile, Ala 30.24 54 Clear •New Orleans, La. . 30.16 66 I’tCldy New York, N. Y. . 30.72 22 PtCldy Norfolk, Va 30.68 30 PtCldy Oklahoma City ... 29.80 62 Cloudy Omaha, Neb. .... 29.70 46 Rain Philadelphia, Pa. . 30.72 22 Clear Pittsburgh, Pa. ... 30.48 34 Cloudy Portland. Ore 30.56 82 Clear Rapid City, S. D. . 30.40 14 Snow Itoseburg Ore 30.40 80 Cloudy San Antonio, Texas 29.94 64 Cloudy San Francisco, Cal. 30.12 48 Cloudy St. Louis, Mo. ... 30.02 44 Cloudy St. Paul, Minn. .. 29.94 86 Cloudy Tampa. Fla 30.30 58 Clear Washington, D. C.. 30.70 26 PtCldy WEATHER CONDITIONS. The western storm is moving slowly eastward, and now covers the region from western Texas to the upper Mississippi Valley. Higher temperature prevails in its front over the middle and eastern sections of the country, while colder weather has overspread most of the northwest and the great plateau in its rear. Rains have fallen in connection with the storm movement in areas in the lower Mississippi Valley. Precipitation also has occurred !n the northern tier of States from Montana and Wyoming to the Great Lakes, being In the form of snow In the western and rain in the eastern part of that region. Frosts were reported again in tho \ alley of California. J. H. ARMINGTON, I Meteorologist Weather Bureau.

In the Cotton Market

NEW YORK, Dee. 16—The cotton market was quiet in the early dealings today, in line with the slow cables and a lack of outside interest. About the only features were offerings by Southern houses, Wall street and local interests and a little New Orleans buying. First prices were 1 point higher to 1 point lower, after which the list held steady. New York opening cotton prices; December 17.60 e bid; January and March, 17.50 c; May, 17.30 c; July, lO.feCe; October. 1(5.25c. Wall street and Sou!hern short covering gave the market a firm tone in the late afternoon. The close was barely steady at a net advance of 5 to 30 points. —Cotton Futures— Open. High. Low. Close. January 17.50 17.55 17.42 17 %0 March 17.50 17.79 17.42 l*.7u Mav 17.30 17.48 17.21 17.48 July 1686 17.05 16.83 16.95 October 16.25 16.45 16.23 16.40 December 17.70 18.03 17.70 18.00 —COTTON REVIEWNEW YORK, Dee. 16.—The improving tendency in the cotton market today was based on a continued demand for spot cotton nnd the expectation of a more bullish turn in the statistics. A private report on ginning this morning does not throw any new light on the matter of supplies. The Government has given us an estimate on the size of the crop, and if it isn't ginned in one period it will probably appear iu the ginning of some other period. So far as the size of the crop is concerned no further speculation need lie expected on this. The next move will have to be based on developments of the coming year, and we can see no reason, whatever. at tHis time for any move of consequence, and we will probably meet witu freer offerings from the South on any further bulge just as wo have experienced in the past, LIVERPOOL, Dee. 16.—Spot cotton was quiet at Hie opening here today. Prices wore easier and t?alcsi 5,(88) bales. . . American middlings fair, 13.C6d; good middlings, 11.31d ; full middlings, lO.Pld; middlings. l()56d; low middlings, 9.30(1; good ordinary, 7>ld; ordinary, 7.00d. Futures were quiet during initial dealings.

WHOLESALE FEED PRICES. Ton Cwt. Acme Bran $30.00 $1.55 Acme Feed 30.00 1.55 Acme Middlings 30.00 1.70 Acme Dairy Feed 41.00 2.35 E-Z Dairy Feed 35 00 1.80 Acme H. ft M. 32.00 1.65 C O. ft B. Chop 28.25 1.45 Acme Stock Feed 28.25 1.45 Acme Farm Feed 32.00 1.66 Cracked Corn 30.00 1.55 Acme Scratch 35.00 1.80 E-Z-Scratch 32.50 1.65 A<me Dry Mash 43 25 3.20 Acme Hog Feed 38.25 1.95 Ground Barley 37.70 1.95 Ground Oats 3L.25 1.70 Ilcmliek Yellow 29 2o Lso Rolled Barley 3..<n 1.9d Ground Oats 32 = o 1.70 Rolled Barley 37 *5 1.9a Alfalfa Mol 33 00 1.70 Cottonseed Meal 48.00 2.45 Linseed Oil Meal 60.00 2.55 Chirk Mash 45.25 2.30 Tankage 5550 2.90 Meat Scraps *0.(8) 4.50 D. Light Scratch 36 00 1.55 Tennsy’ Places Four Men List Four Indiana men have been placed on the pension list of the Pennsylvania Railroad, according to an announcement made today. They are Andrew J. Osborn, conductor, Logansport; Marvin F. Howe, telegraph operator, Ft. Wayne; John Tipton, painted, Logansport, and John Wehr, truck repairman Ft. Wayne. Their length of service ranges from thirty years and one month to forty-nine years and one month. O’Conner May Have Slain Man to Escape CHICAGO, Dec. 16.—0n the theory that the victim may have been murdered by “Terrible Tommy” O'Connor, fugitive convict, the Chicago police today were investigating the finding of the body of an unidentified man, with a bullet wound behind the right car, under a bridge at Palmyra, Wis. The man, about 27, wa; clad only in his underwear. The police see a possibility that the victim was the driver of an automobile which O'Connor commandeered in mak ing his sensational escape from the county jail here last Sunday. They say “Ter•rible Tommy” may have robbed the man and stripped him of his clothes in order to disguise himself as much as possible. BANK SUES CRYSTAL GAZER. A suit to recover SSOO on an alleged promisary note was filed in Superior Court, room 5, today by the Citizens Bank of Anderson, against Alia Oxiom, crystal gazer, now appearing at the Circle Theater. The suit asks that the Circle Theater appear as granishee. According to John W. Lovett, attorney for the plaintiff, the note was given to the Corporation Finance Company and was sold to the Citizens Bank.

Ernst & ernst AUDITS-SYSTEMS TAX SERVICE 751-57 Lerncke Annex Cl rcSe 2500 Offices in 26 Principal Cities

SENATOR REED ATTACKS FOUR POWER TREATY Says Pact Is ‘Quadruple Alliance’ Which Favors Britons and Japs. Special to Indiana Daily Times and Philadelphia Public Ledger. WASHINGTON, Dec. 16—The fourpower treaty was projected again into the Senate today by Senator Reed of Missouri, who began a vehement attack upon the Washington conference. His address followed a series of informal conferences between Senator Underwood of Alabama, minority leader, with his followers in the Senate. With expressions of confidence from Mr. Underwood that the people of the country would support the work of the conference, Democrats cooled off considerably. In conferences with Senator Harrison of Mississippi and Senator Glass of Virginia, who yesterday were reported critical of the Alabama Senator's course iu the conference, Mr. Underwood was understood to have strongly advised Democrats the wise thing to do was to support the treaty. He was said to anticipate with few doubts the ratifies-, tion of the treaties. The irreconcilable opposition continued apace, however. The provision of Article 1 in th e four-power treaty interpreted to provide “guarantees” against aggression for Japan proper, New Zealand, and Australia as part of the “insular dominions” of the signatory powers, was denounced by Senators Borah of Idaho and Shields of Tennessee. “It is utterly inconceivable to me that the United States would undertake to guarantee protection not only to Japan herself, but to Australia and New Zealand,” Mr. Borah said, “when the treaty was first announced, several of us read the guarantee clause in it as obligating this Government to make that guarantee, if the treaty were ratified. “We said nothing about it because wo were not sure. It is beyond our hopes that those who wrote the treaty would admit the guarantee clause could not be construed to protect Japan herself. To my mind, that means the treaty certainly will be killed in the Senate.” Mr. Reed began his attack on the trealy this afternoon and said he would continue tomorrow. Referring to the treaty as the “quandruple alliance,” he characterized the covenant as a “goldbrick which was finised at about 11 o’clock one night and handed to the people the next morning.” He declared tho ceremonies attending the calling of the conference to show that the idea went forth the prime purpose of gathering was the limitation of armament to prevent wars.

“Then,” he said, “little by little it leaked out in secret conference some kind of effort to form some kind of alliance was being made,” adding that the secrecy attending the negotiations was such as to permit Senators to receive only hints, “suspicions and prognostications.” Stating all Senators, all members of the House, and the people of the country wafuld “welcome with joy a limitation of armaments to ease the burden of armament,’’ he said the restriction of the ships ouilt by each nation had “no relation” to a quadruple alliance. “The plain truth is that it is a plan to make the proposition of a reduction of armaments the pack horse upon wnose back shall be loaded a quadruple alliance,” Mr. Reed said, “made to protect the interests of Japan and England in the Orient and to have the United States underwrite in the blood of its sons the ambitions and avarice of Great Britain and Japan in the southern seas.” Citing a quotation from Lincoln to elucidate on America’s traditional policy of isolation, the Senator proceeded to describe the position of the country in the world at present as permitting domination of the world. But, he said, America had no “imperial impulses” and de-; sired to enslave no people. “We are today so situated as the creditor nation of the world,” he said “ihat in a race for naval supremacy we could exceed all other nations. We can take the interest on the foreign loans and build faster than any other nation. We can attain the supremacy of the sea.” Affirming such was not the policy of this country, he said the Hughes proposal on the three power naval ratio gives Great Britain right to dominate the seas for a period of ten years. Iu prohibiting this country from building a navy equal to any other, he said, the ! agreement was “a dangerous concession.” Coypright, 1921, by l’ublic Ledger Company. Marriage Licenses Elmer Getliens, 2310 Conrad st 21 Pearl Combs. 2214 Barrett st 16 Malcolm McGowan, city 21 Elizabeth Traces, 3106 Ruckle st 20 Births Thomas and Bessie Ingmire, CIS "W. Thirtieth, boy. Arthur and Alma Negley, 33 North Harding, boy. Bradley and Alice Esters, 2536 N. Rural, girl. Cyril and Mary Jean, St. Vincent’s hospital. boy. Janies and Florence Pipes, St. Vincent’s hospital, boy. Otto and Alice Hildebrandt, St. Vincent's hospital, girl. Floyd and Mary Emerson, 2SIO N. Highland place, girl. Robert and Dora Hatcher, 1733 Alvord, girls (twins). Louis and Mabel Ball, 701 Southern, girl. Deaths Benjamin Black, 58, 1132 Oliver, cirrhosis of liver. Mary Aldrich, 70, 2121 Brookside, lobar pneumonia. Dallas Wilbur Darameyer, 12 hours, 2113 Singleton, premature birth. Kate Hawkins, 85, 1817 Broadway, arterio sclerosis. Edward McConnell, 57, 1026 Southeastern, cerebral hemorrhage. James It. Hollis, 51, city hospital, fractured skull. Louise W. Love. 71, 2743 Bellefontaine, cerebral hemorrhage. Loula M. Ellis. 49, Methodist hospital, cerebral hemorrhage. CLOSES LECTURE SERIES. The last of a series of lectures on the subject of Psychology by Dr. Harry D. Kitson of Indiana University will ba made in Hollenbeck Hall in the Young Women's Christian Association building this evening at S:ls o'clock. “Character Analysis” will be the subject of the lecture and Dr. Kitson will discuss subtopics, ‘“Can Character Be Accurately Analyzed By Observation?” and “A Tenable View of Vocational Aptitude.” The lecture is offered to the public free of charge. In cooperation with the Indiana University Extension Course the lectures have been given by the general educa-i tion department of the Y. W. C. A. GOLDIN BEFORE ROTARIANS. Horace Goldin, appearing iu vaudeville, will present his illusion of sawing a woman in two at the weekly luncheon of the Rotary Club at the Claypool Hotel next Tuesday noon. An informal reception for members of the club and their wives will be held in the social room of the Buckingham apartments, 3119 North Meridian street, Sqnday afternoon, Jan. 1.