Indianapolis Times, Volume 34, Number 189, Indianapolis, Marion County, 19 December 1921 — Page 10

10

STOCK SHARES CONTINUE WITH UPWARDTREND Predictions of Reaction Not Upheld by Record of Market. SUGARS ONE EXCEPTION Special to Indiana Daily Times and Philadelphia Public Ledger. By MONITOR. NEW YORK. Dee. 19.—Another week has passed and the stock market continues to show strength In the face of predictions of reaction and operations to bring it about. Statisticians recount that there have been 116 days of practically interrupted advance. At the beginning of the recovery—if it may be called such, and it deserves to be called more—the rails were the leaders. This was largely because the stocks of the carriers were considered “safe - * while the industrials were cot. Yet the most striking advances have occurred in certain groups of the industrials. This was easily explicable so far as the oils were concerned, but no class of stocks related to the productive enterprise of the country has been exempllunless it might be the sugars. Even the stricken leather shares have advanced under the impetus of increment in the value of hides and the improvement in the shoe manufacturing industry. The coppers have fell the impulse of rising prices for the metal. The equipments have broken out of the rut—in some cases for special reasons, while other equipment stocks have gone higher because of their present financial strength and their future possibilities. IMPROVEMENT IN' MOTORS NOTED. Motors have improved: tbe rubber and tire stocks have responded to a more hopeful outlook, as well as the appreciation in the price of crude rubber which has added to the value of inventories. The steels have stiffened, not because business was good, but because it was better and promised to Le still more so. The same tendency has been manifested in every group in the list and has embraced those unclassified issues that arc known as ‘'specialties.” In part, the advance has been due to the irresistible assertion of optimism—the speculative instinct that argues that as conditions probably will not be worse they must be better. The technical position of tbe market has been strong. Speculative holdings of stock are small; there are yet few signs of such an increase as to bring it to menacing proportions; professionals, ever cynical, nave sold short only to cover at a loss. In all this time the market has had the backbone of an investment demand. At least that is what it has been called. Securities of fixed date and fixed interest bearing return have been bought, not so much because of investment attractiveness as for the reason that idle funds were accumulating and purchases of this character furnished the best means for their employment. The movement started with listed bonds, and- then absorbed new issues. Eater it took up the preferred stocks, and then it went inter the seasoned dividend payers. It found its reflection In the stock market in the Standard Oils, General Electric, American Car and Foundry Company and numerous other specialties. Nevertheless, faith in the future was lacking. Market experience said that the buying movement must exhaust itself. It has not done so. Os late there has been a growing feeling that the life flood of this new capital would exert a stimulating effect upon all industry. Companies that have needed money for expansion, improvement, equipment and other purposes have been able to provide- themselves with funds through ministering to the popular appetite for bonds. One incident of the week has been the rale off 55.000.000 of New York City bonds at a price that would have been impossible a short time ago. This is not so much a tribute to the strong financial position of New York or the desirability of its securities, as an evidence of the persistent tendency of capital to seek tax exempt issues. By the end of the year, it is believed there will be more or less selling of certain issues for the purpose of establishing losses. Under the statutory provisions of the new revenue law these storks cannot bo bought back within thirty days. Selling of this character, it is believed, might easily make its appearance among a few of the standard rails that are lower than they were at the beginnig of the present year. On account of the fact that these stocks have a fairly assured future, it is believed that they will be picked up again after the turn of the year. Consequently those who make fresh purchases of these issues on recessions between now and the first of the year, may be able to get them at relatively attractive prices.—Copyright, 1921. by Public Ledger Company.

In the Cotton Market NKW IOKK, Dec. 19.—The upward movement in cotton received fu-ther impetus today from trade, Japanese and loal buying and first prices showed gains if 9 to 20 points. The purchasing was Induced by firmer rates for foreigu exchange and strung cables. The demand was supplied by Liverpool and Wall street houses. At the end of the first fifteen minutes he market was about even with initial •vela. New York Opening cotton prices: De- • ■rnber, 18.55 c; Januarv, 18.40 c; March, 8.17 c; May, 17.7 tic; July, 17.30 c; October. 0.65 c. The market was firm throughout the Tternoon on good buying aud short 'vering. The close was steady at a net advance f 10 to 23 points. —Cotton Futnres— Open. High. Low. Close. anuary 18.40 18.57 18.17 1.8.40 larch 18.17 18.42 18.02 18 25 fay 17.76 18.00 17 60 17.52 uly 17.30 17.55 17.18 17.30 ctober 16.65 16.73 16.58 16.00 •ccembvr ...... 18.55 18.70 15.41 18.67 . —Cotton Review— NEW YORK, Dec. 19.—During the early ading In the cotton market todav we and a moderate set-back, but the 'reacon merely served to bring in renewed lying orders aud values quickly nduced to the highest prices since the last ireau report. The source of strength stems to he a lort interest of eonsideiable size in ie January option, and though it has een claimed that a large portion of is short interest has been covered, the larket gave no indication of this in its '•tion. Aside from this technical proportion, we can see nothing in the relation etween supply and demand to give us ny umsual advance at this time. The spot demand is said to be better, '•ut it is doubtful if this demand will continue at rising prices. W* ore inclined to think tahat with! the adjustment if the January short interest. the main source of strength will have been removed and we will then experience an increase of Southern offerings. Ll\ ERPOOL, Dec. 19.—Spot cotton was in good demand at the opening here today. but business was moderate and gnces steady. Sales approximated 1,000 American middlings fair, 13.49d: good middlings, 11.74d; full middlings, ll!S4d: I middlings. IO.OOd ; low middlings. 9.79d ; ' good ordinary, 8.24<1; ordinary, 7.49d. Futures opened steady. WHOLESALE BEEF FRICES. The following are today's wholesale prices for beef rnta as sold on the Indianapolis markets of Swift & Cos.; Ribs —No. 2,22 c: No. 3,18 c. Loins—No. 2, 25c: No. 3,22 c. Round—No. 2,15 c; No. S. 12Vie. Chucks—No. 2,10 c; No. 3,9 c. J’Utes— No. 2. 9c; No. 3, Bc.

N. Y. Stock Exchange

(By Thomson & McKinnon.) —Dec. 19— Prev. High. Low. Close, close. Allied Chemical 57% 56% 57% 57*4 Ajax Rubber... 17% 15% 16% 17% Allis-Chalmers.. 39% 38% 39 38% Am. Agri 30 29% 29% .... Am. B. Mag. Cos. 36Vs 33% 33% 35% Am. C. Fdy..l4s 143% 144 145% Am. Can ...... 34 33% 33% 34 Am.II. & L.coiu. 14% 14% 14% 14% Am.li. it L.pfd.. 60 59 59 60% Am. lee 73 72% 73 73% Am. Jut. Corp. 42% 42 42% 42% Am. Linseed... 34% 33% 33% 34% Am. Locomotive.loo% 98% 99% 99 Am. S. A Ref... 45% 44% 44% 45% Am. Sug. Ref.. 51% 49% 50% 51% Am. S. Tob. Cos. 31% 31 31% 30% Am. Steel Fdy.. 33% 33% 33% 33% Am. Tel. & Tel. 117% 116% 116% 117 Am. Tobacco.... 132% 131% 132% 132% Am. Woolen SO% 80% 80% 80% Am. Zinc & L. 13% 13% 13% 13% Anaconda M. Cos. 45% 48% 48% 48% Atchison 94 93% 93% 92% Atl. Gulf & W.I. 33% 33% 33% 33% Baldwin L0c0... 97 95% 96% 96% B. (Sc 0 35% 35% 35% 35% Beth. Steel (B). 57 56% 57 57 Calif. Tete 49% 47 49% 47% Canadian P. Ry. 122 121% 121% 121*% Cent. Leather... 30% 30% 30% 31 Chandler Motors 51 50% 50% 50% C. & 0 56% 56g 56% 56% C., M. & St. P.. 19% 19% 19% 19Vi C.. M. & St. P. p. 32 31% 31% 31% Chi. & North... 67% 66% 66% 07% C-, R. I. & P.... 32% 32% 32% 32% C..R.T.&P. 6 Vo p. 72 71% 72 71% C..R.1.&1’. 7% p. 85% 54% 85% Chili Copper.... 15% 15% 15% 15% Chino Copper.. 27% 27 27% 27% Coca Cola 40% 39% 40% 39% Col. Fuel & 1... 20 26 26 .... Columbia Gas._. 67% 06% 67 67% Columbia G... 7. 3% 33% 3% Consolidated G. 93 93 93 C. C. C. & St. L. 55% 55 55 55% Cosden Oil 38% 35% 38% 30% Corn Products.. 97% 95% 97 9. * Crucible Steel.. 66% 05% 06*4 67 % Cuban A. Sugar 13% 13% 13% 14 Cuban C. Sugar 7 6% 7 6% Del. 4c Lack 120% 118 118 118 Erie 10% 10% 10% 10% Endicott 79 78 % 78% 78*% Famous Tlayers 78% 76 75% 77% Fisk Rubber.... 13% 12% 13% 12% Gen. Asphalt.... 68% 67 68% 68% Gen. Cigars ... 67% - 66% 67% 68 Gen. Elec 140 139% 140 140% Gen. Motors 11 10% 10% 11% Goodrich 36% 35% 36% 30% Gt. North* pfd.. 75% 75% 75% 75 Great North. .. 32 31% 32 31% Houston Oil ... 79% 78Vi 79% SO Haskell Barker 81 % 80% 81 80% Illinois Cent.... 98% 98% 98% 99V* Insp. Copper.... 41% 40% 41 41% Inv. Oil 12 11% 12 12 Indiahoma 4 4 4 4% Inter. liar 83% 82% 83% 83% Inter. Nickel .. 12% 12% 12% 12% Inter. Paper ... 55% 53% 54% 54% Island Oil Tran 2% 2% 2% 2% Kan. City Sou.. 24% 23% 23% Kelly-Spg'fld .. 44 43% 44 44 Kean. Copper .. 25% 25% 25% 20% Lack. Steel 46 46 46 Lehigh Valley .. 59% 58% 58% 58% Lee Tire 29 29 29' ....'. Loews Ine 14 13% 13% 14 L. & N lit) 100 100 110 Marine pfd.... 65 04 % 64% 04% May Stores 114 106% 111 107% Max. Motors (B) 14% 14% 14% 13% Maryland 0i1... 26% 26 26% ilex. Pete 115% 113% 114% 116 Mtrrai Copper.. 27% 27% 27% 28% Mid. S. 0i1.... 13% 13% 13% 14 Mid. Steel 28% 28% 28'- 28% Mo. Pacific.... 18 " 17% 37% 17% Mo. Pac. pfd.. 46% 46% 46% 46% Nat. E. & S 37% 35% 35% 37% Nat. Lead 84** 84 84% .... Xev. Con. Cop. 15 15 15 15 N. Y. Central... 74% 73% 74 73% New Hat on 13 12% 12% 12% Norfolk & Vi.... 98% 98% North. Pacific.., 80% 79% 79% 79% Pacific Oil 50 45% 49% 49% Pure Oil 38% 38 38% 38% Pan-Atn. Petrol. 53% 52% 53% 53% Penna. Ry .4% 33% 34 33% People's Gas.... 58% 58% 58% 59 Pierce Arrow... 14% 13% 14 Pierce Oil C 0... 13% 13 13% 12% I Pittsburgh Coal 63% 63% 63% C3% I Pressed Stl Car 66 65% 04% (Pull. Pal. Car.. 109 108% 108% 109 Ray Copper 15% 15% 15% 15% Reading 74% 73% 73% 73% Rep. Iron & Stl. 53% 53 5; 53% Iteploge Steel... 26% 25 25 Roy I>. of X. Y. 52% 51% 52 52% Sears Roebuck. 57% 56% 57% 58 Sincalir 22% 22% 22% 22% South. Pacific... 81 80% 80% 80% South. Ry 19% 18% 18% 19 * Std. Oil Cal 96 95 95% 95% Std. Oil N. J... 167 183% 184'., 186% St.L. A: S.F.com. 22*4 21% 21% 21% St ram. Carb.... 35% 34 34 35 Studetmker 81% 80% 81*4 81 Tex. Coal A Oil 29% 29% 29% 29% Texas Cos 47% 47 47% 47% Texas A Pac.... 25% 24% 25 24% Tob. Products.. 03% 62% 63*4 62% Trans, OH 11*4 10% 11% 11 Union Oil 19% 19% 19% 20 Union Pacific.. .127 126% 126% 126% United R. Stores 53% 52% 53*4 52% U. S. Food Corp. 10% 10% 10*4 10% United Fruit C 0.126%.126% 126 126 127 United Drug.... 71 71 71 71% U. S. Ind. Aleo.. 39% 39 39 % 39% U. S. Rubber... 55% 54% 55% 55*4 U. S. Steel 84% 83% SS 84 I'. S. Steel pfd..113% 113% 113% 113% Utah Copper.... 03% (2! 63% 64 Vanadium Steel. 32% 31% 31% 32% Vir.-Car. Chern.. 29% 29% 29% 29% Wabash 7 6% 7 ....7 Wabash Ist pfd. 20% 20% 20% 20% White Oil 11 11 11 11 Western Union. 91% 91% 91% West. Elec 51 50% 50% 5C% White Motors... 39% 39%. 39% ,T,% Willys-Over. ... 6 5% 5% 5% Wilson & C 0.... 29% 29% 29% 29% Worth. Pump... 45*4 44% 45 ..... Wool worth 131 131 131 130% West. Pac 18% 18*4 18%

NEW YORK LIBERTY BONDS. —Dec. 19— I’rev. High. Low. Close. Close. L. R. 3Vis 94.90 03.70 93.70 94 9:1 L. B. Ist 4s 96.90 L. B. 2d 4s 96.70 L B. Ist 4Vis 97.18 96.80 96.80 07 20 L. B. 2d 4> is 96.86 96.20 96.20 96.82 L. B. 3(1 4Vis 9.8.04 97.70 97.70 97.88 L. B. 4t!i 4 Vis.. 97.30 90.62 96.62 97.26 Victory 3Vis 100.06 100.04 100.04 100.04 Victory 4% 5.... 100.08 100.12 100.02 100.02 CHICAGO STOCKS. (By Thomson & McKinnon) —Dec. 19Open. High. Low. Close. .Armour pfd 92% 92% 92V4 92% iArmour leather.. 124s .... i Carb. & Carb.... 44% 44% 44% 44 V. i Libby 5% 5% 5% 5% i Mont-Ward 13Vi 13% 13 13% | Natl. Leather.,.. 2% 2% 2% 2% iPiggly Wiggly.. 241 29% 28% 29 Sears-Roebuck .. 57Vi 57% 56% 50% Stewart Warner 24% 24% 24% 24% Swift & Cos 97% ( Swift Inter 21 21 20% 21 NEW YORK SUGARS. NEW YORK, Dec. 19. —Trade in raw ; sugars was rather quiet here today and [prices Here lower. Cubas sold at 3.67 c per pound, duty paid, while Porto Ricos were quoted at 3.67 c per pound, delivered. Refined sugars were steady, fine granulated nn<l No. 1 soft being quoted at 5.10 c per pound. NEW YORK COFFEE. NEW YORK, Dec. 19. —Coffee values were irregular in trade on the market here today, opening options being 4 points lower to 3 points higher. Itio No. 7 on spot sold at 7%@7%c per pound. NEW YORK PETROLEUM. NEW YORK, Dec. 19.—Petroleum prices were generally weak in trade on the market here today. Pennsylvania crude, however, sold at $4 per barreL REDUCES REDISCOUNT RATE. ATLANTA, Gn.. Dee. 19.- The Federal Reserve Bank of Atlanta today announced a cut in Us rediscount rate to 5 per cent from 5% per cent. General improvement in the financial condition of the South was given as the cause. CLEVELAND PRODUCE. CLEVELAND, Dee. 19.—Butter—Extra in tubs, 49Vi50c; ■pints, 50%€t51c; extra firsts, 4S%<d49c; firsts, 47%6(48c; seconds, 40((440%'.'; packing rtock, 25%(C 26%c. Eggs—Fresh gathered, northern extras, 52c; extra firsts. 51c; Ohio first, new cases, 49e; old cases, 48e; western firsts, new cases, 47c. Poultry—Live, heavy fowls, 246(25c; spring culls, 166? 18c; spring ducks, 27 (ff :,0r ; turkeys, 53e. Sweet potatoes—Jersey's. $2 per hamper; potatoes. $2 906;3.15 per 150-lb bag; Michigans, $2.90; early Ohioa, $2.00 per 120-lb. bag. FLOCK AND MEAL. E-Z-Bake bakersf flour In 9S-lb. cotton bags, $7.80. Corn aiwU U 100-lb. coUon bags, $165. Y .

STOCK MARKET CLOSE IS STEADY Leading Issues Rally From Low Levels in Final Hour. NEW YORK, Dec. 19.—The stack market closed steady today. Many leading issues rose about 1 point from the early low levels. The low-priced oil shares came into demand in the last few minutes, California Petroleum advancing over 2 points to 99%, while Texas Gulf Sulphur rose nearly 2 poinai to 36%. Baldwin Locomotive recovered about 1 point to 96%. Lima Locomotive continued in supply, falling to 93%, a loss of over 4 points. Steel common was little changed at 84. The railroad shares turned irregular, Reading receding from 74*4 to <3%. Government bonds were irregular and railway and other bonds steady. Total sales stocks were 719,100 shares; bonds, $15,457,000. (By Thomson & McKinnon.) —Dec. 19— We hare had a considerable amount of profit taking today, the selling coming from a large number of commission houses and including a considerable variety of stocks. That recessions should follow under such circumstances seems perfectly natural. The surprising fact Is the wonderful manner in which the market absorbed this selling and the way values held up. Because of this we should not proceed on the theory that a reaction will not finally materialize. If we have more of this profit taking, sooner or later, it must have its effect on values and it would be much better to proceed on the theory that a reasonable setback is likely. But so far as the future of the market is concerned, it is but necessary to watch business developments as this is the underlying and guiding influence. We have, from time to time, in these letters, called your attention to the fundamental conditions which warrant continuous improvement and higher prices. The strong financial position, ■the vast possibilities for credit expansion. the necessity for, and the likelihood of many corporate mergers, the tendency toward improvement in Europe, the certain, though in spots, slow improvement in our industrial situation. These matters nr all influential and will continue to be so until we have equal accomplishments to our credit and during the process of improvement the long side of the market is the only one justified and would continue ns heretofore taking advantage of all reactions to accumulate your favorite stocks. TWENTY STOCKS AVERAGE. NEW YORK. Dec. 19.—Twenty industrial stocks last Saturday averaged 80.57, off .36 per cent. Twenty active rails averaged 74.83, up .45 per cent. CLEARING HOUSE STATEMENT. NEW YORK, Dec. 19— Exchanges. $423,300,000; balances, $68,400,000; Federal Reserve Bank credit balances, SOO,- . 600,000. I Money and Exchange j Indianapolis bark clearings Monday were $3,184,000. NEW YORK. Deo. 19.—Sharp advances were made at the opening of the foreign exchange market today. Demand Sterling rose 4tie to $4.22. Francs were 15% centimes higher at B.llc for cables and B.loc for checks. Lire cables were 4.59 • ; checks, 4.58 c. Belgian cables were 7.79 c; checks, 7.750. Marks rose 4% points to .0055. Guilder cables were UO.oSc: checks, 36.56 c. Sweden kronen cables were 24.92 c; checks. 24.87 c. NEW YORK CALL MONEY. NEW YORK, Dec. 19—Money—Call money ruled 5 per cent: high, 6 per cent; low, 5 per cent. Time rates quiet; rates all 5@5% per cent. Time mercantile paper'quiet. Sterling exchange was quiet, with business in bankers' bills at $4.20% for demand. MOTOR SECURITIES, (By Thomson & McKinnon.) —Dec. 19. -ClosingBid Ask Earl Motors 9% It) Packard com <-N g Packard pfd is Peerless o 6 Continental Motors com 6*4 0% Continental Motors pfd 85 90 Hupp corn 1Hupp pfd. 9- 1* Ret) Motor tar 18% 19Jm Elgin Motors •*% 4% Grant Motors IVs 1% Ford of Canada —>2 —)< National Motors I*4 2% Federal Truck !'• Jj* Paige Motors 14 -4 E>%

ACTIVE OIL STOCKS. (By Thomson & McKinnon.) —Dec. 19 — —Opoulng— Bid. Ask. Anglo-American Oil 21% 21% Atlantic I.obos 9% 1"% i Borne-Scry 320 340 Buckeye Pipe Line 83 85 U'hesebrough M.'g. Cons 170 1.85 Continental Oil, Colorado ....122 127 Cosden Oil and Gas 6 8 Orescent Pip;. Line 27 30 Cumberland Pipe Line 120 130 Elk Basin Pete 6% 6% Eureka Pipe Line 7S 82 Galena-Signal Oil, pref 1(M) l'Hi Galena-Signal (til, coin 4040 Illinois Pipe Line 158 163 Indiana Pipe Line 82 84 Merritt Oil 9% 9 X Midwest Oil 2% 3 ! Midwest Rfg 170 ISO ; National Transit 28 30 | New York Transit 148 153 . Northern Pipe Line 95 1(M) Ohio Oil 278 283 Oklahoma I*. & U 6% 6% Penn.-Mex 16 20 Trairie oil and Gas 575 585 Prairie Pipe Line 225 232 Sapulpa Refg 3% 3% Solar Refining ..350 375 Southern Pipe Line 77 83 South l’enn. Oil 220 234 Southwest Penn Pipe Tones.. 50 50 Standard Oil Cos. of Kan 560 5-80 Standard Oil Cos. of Ky 440 450 Standard Oil Cos. of Neb 170 180 Standard Oil Cos. of N. Y 380 385 Standard Oil Cos. of 0hi0....380 400 Swan & Finch 40 50 Vacuum Oil 320 330 Washington Oil 34 38 NEW YORK CURB MARKET. (By Thomson & McKinnon.) —Dec. 19— —Closing—■ Bid. Ask. Acme Packing 35 50 Curtis Aero com 3% 4% Curtis Aero pfd 4 6 Jumbo Extension 4 7 Imperial Oil (Del) 10% 10% International Petroleum .... 17 18 Nipissing 6% 7 Standard Motors 3% 4% Salt Creek 13% 13% Tonopah Extension 1 7-16 1% Tonopah Mining 17-16 19-16 United P. S. new 113-16 115-10 U. 4. Light and Heat 90 95 IT. 5. Light and Heat pfd.... 95 PM) AVright-Mnrtin 2 fYukon Gold Mine Cos 1 4% Jerome 26 32 New Cornelia 18' \ 18% United Verde 29%. 30% Sequoyah 5 10 Omar Oil 72 74 Rep. Tire 15 25 NEW YORK METAL MARKET. NEW YORK, Dec. 19.—Copper—Steady, spot to January offered, 13c. Lead — Dull: spot and December offered. 4%0; January offered. 4.80 e. Spelter—Steady; spot and December offered, 4.90 c; January offered, 4.95 c. NEW YORK WOOL. NEW YORK, Dec. 19—Wool values were unchanged in trade on the mark't here today. Domestic fleece, XX Ohio, sold at 23<ff'3Kc per pound; domestic pulled, scoured basis, at lS@f!7e and Texas domestic, scoured basis, ut 40@45c. NEW YORK lIIDEB. NEW YORK, Dee. 19.—Hides were firm in trade on the market here today. Native steer hides sold at 15%e and branded steer hides at 15%c per pound. i NEW YORK RICE. V iW YORK, Dee. 19.—Rice prices were firm on the market here today, domestic selling at 314©7%c per pound.

INDIANA DAILY TIMES, MONDAY, DECEMBER 19,1921.

New York Bonds

(By Fletcher-American Company.) —Dec. 19— FOREIGN GOVERNMENT BONDS. Bid. Ask. Arg. (unlisted) ss, Sept. 1, ’45 73 74 Belgian 6s, Jan. 1, '25 95% 96% Belgian 7%5. June 1, ’45 104*4 104% Belgian Bs, Feb. 1, ’4l 106% 107*% Berne Bs, Nov. 1, ’45 108 109 Chile Bs, Feb. 1, ’4l 101% 102 Christiania Bs, Oct. 1, ’45 .107 108 Copenhagen 5%5, July 1, ’44. 87*/4 88 Danish Mun. Bs, Feb. 1, '46..107 108 Denmark Bs, Oct. 15, ’43 108 108% ♦Canadian 5%5, Dec. 1, ’22. .91 Vi 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, April 1, ’26.... 96 96% ♦Canadian 5%5, Dec. 1, ’27.. 91% 92% Canadian 5%5, Aug. 1, ’29... 97% 97% Canadian ss, April 1, '3l 95 95% ♦Canadian ss, Oct. 1, ’3l 88% 89% ♦Canadian 5%5, Nov. 1, ’33... 92% 93% ♦Canadian 5%5, Nov. 1, ’34... 90 91% Canadian ss, March 1, ’37 93% 94*/* ♦Canadian 5%5, Dec. 1, ’37... 94 % 96 ♦French (Viet.) ss, Opt., '31.. 59 00% ♦French ‘4s, Opt., '43 48% 50 French Bs, Sept. 15, ’45 99% 100% ♦ltalian (Wan 0s 35 30 Jap. (First) 4%5, Feb. 15, '25 87 % 87% Jap (Second) 4%5, July 10, '25 80% 87% Jap. 4s, Jan. 1, ’3l 74 75 ‘Norway Bs, Oct. 1, ’4O 109 110 Sao Paulo Bs, Jan. 1, '36....100% 191 Swedish 6s, June 15, '39.... 95 % 96 Swiss 5%5, Aug. 1, ’29...... 95% 96 Swiss Bs, July 1, ’40.... 113 114 U. K. 5%5, Nov. 1, ’22 99% 2)9*% U. K. 5%5, Aug. 1, ’29 90V* 99% U. K. 5%5, Feb. 1, '37 95% 95% Brazil Bs, 0-1 1941 104% 104*% French 7%5, 6-1-1941 94 % 95% Uurguay Bs, 9-1-1946 102 102% Argentine 7s, 10-1-1923 99% 100% CORPORATION BONDS, Bid. Ask. Alum. Cos. of Am. 7s. Nov., ’20.100% 100% Ain. Cot. Oil 6s, Sept. 2, '24... 95% 93% Am. Tel. 6s, Oct., ’22 100% 100% Am. Tel. 6s, Fet., ’24 99% 100% Am. Thread 6s, Dec., ’2B 100 100% Am. Toh. 7s, Nov., '22 101% 101% Am. Tob. 7s, Nov., '23 101% 102% Anaconda 6s, Jail., ’29 .. 97% 97% Anaconda 7s, Jan., '29 101% 101% Anglo-Am. Oil 7%5, April, ’25.1031* 103% Armour 7s. July 15, '3O 102% 102% Atlantic Ref. 6%5, March, ’31.104% 105% llell Tel. of Can. Vs, April, '25.100% 101 Vi Beth. Steel 7s, July 15. ’22... 100 100% Beth. Steel 7s, July 15, ’23..100% 100% Can. Pacific 6s, March 2, '24..100 100% Ceut. Arg. Ry. (is, Feb., ’27.. 90% 91% C., It. I. & I*. Cs, Fet>„ ’22.. 99% 100 Con. Gas Bs, Dec., '2l 100% 101% Copper Exp. Bs, Feb. 15, 22.100% 100% Copper Exp. Bs, Feb. 15, ’23. .100% 102 Copper Exp. Bs, Feb. 15, ’24.102% 103 Copper Exp. Bs, Feb. 15, ’25.103% 104 Cudahy 7s, July 15, ’23 100% 101'$ l-’e.l. Sugar 6s, Nov., ’24 96% 97% Goodrich 7s, April, ’25 98% 98% Gulf Oil 6s, July, ’23 99% 100** Gulf Oil 7s, Feb., ’33 102% 103 Hock. Valley 6s, March. '24. 97*,* 98 Humble Oil 7s. March 15, '23.100 100% Int. It. TANARUS., 7s, Sept.. ’2l 72 73*% K. C. Term. Cs. Nov. 15, '23. 99% 100 Ivenn. Copper 7s, Feb., '30....101 101% Laclede Gas 7s, Jan., '29 97 98% Proctor A G. 7s, March, '22....100*4 100% Proctor Jfc G. 7s, March, ’23.. 101% 101% Pub. Ser. N. J. 7s, March, '22.100. 100 R. J. Reynolds 6s, Aug.. '22.. 100% 11**% Scars-Roebuck 7s, <>ct. 15, '22. 99% 100 Sears-Roebuck 7s, Oct. 15, ’23. 99 % 99% Sinclair 7%5, May 15, ’25 98% 93% Solvay A Cie Bs, Oct., *27... .103*-* 104'*) Southern Ry. 6s, March, ’22.... 99 % 99% S. W. Bell Tel. 7s. April, ’25.100% 101% Stand O. (Cal.) 7s. Jan.. '31.105% 106% Stand 0.(N.Y.)75. Jnn., ’25-’31.1<>4% 108% St. Paul Ul> 5%5. Dec. 15, '•£}. 98% 99% Swift 7s, Oct. 13. ’25 100% 100% Texas Cos. 7s, March 1. ’23,.100% 101 Utah See. Cs, Sept. 15. ’22 96% 97% Western Kl. 7s, April. '25...103% 104% West'-nghouse 7s. May, ’31.... 104% 105**

Local Stock Exchange

—Dec. 19— STOCKS* Bid. Ask. Ind. Ry. A. Light com *SO Ind. Ity. A- Light pfd 75 ... IndplY & S. E. pfd W Indpls. A N. W. pfd 60 lildpls. St. Ry 39 50 T. H., T. A L. pfd 57 T. 11., I. A E. com T. 11., I. A E. pfd 37% U. T. of Ind. com It .T. of Ind. Ist pfd 7 U. T. of Ind. 2d pfd 2 Advance- Uurnely com Advance-Rumely pfd < ... Am. Creosotlng pfd 92% ... Am. Central Life 150 Belt It. It. com 64% 70 Belt R. It. pfd 45 Century Bldg. Cos. pfd 92% Citizens Gas Cos 25% 27*% Dodge Mfg. Cos. pfd 88 Home Brewing 49 Ind. Hotel com 65 Ind. Hotel pfd 94% ... Ind. Nut. Ins. Cos 3% ... Ind. Title Guar. Cos 48 58 Ind. Pipe Lines 80 85 Indpls. Abattoir pfd......... 40% 50 ♦lndpls. Gas 42% ... Indpls. Tel. com 3% ... Imlpls. Tel. pfd 90 ... Mer. Pub. Util, pfd 41% ... Nat. Motor Car Cos 1% 2'* Pub. Sav. Ins. Cos 4% ... ltauh Fertilizer pfd 42% ... Stand, oil of Indiana 89 Sterling Fire Ins. Cos 7 8 Van Camp Hdw. pfd 100 Van Camp Packing pfd 100 Van Camp Proii. Ist pfd..,.. ... 100 Van Camp Prod. 2d pfd 100 Vandalia Coal Cos. com 3% Vandalla Coal Cos. pfd 4% 8% Wabash Ry. com 6% 7% Wabash Ry. pfd 19% 21*4 BONDS. Broad Ripple 5s 55 Citizens St. Ry. 5s 68 72 Indian Ck. Coal and Mine 100 Ind. Coke A Gas 6s 83 89 Indpls. C. A S. 5s 91 ... Indpls. A Martinsville 05.... 56 Indpls. North. 5s 37 42% Indpls. A N. W. 5s 47 54 Indpls. A B.‘ E. 5s 45 Indpls. S. A S. E. 5s 75 Indpls. St. Ry. 4s 52% 60 Indpls. T. AT. 5s 72*% 79 T. H. LAE. 5s 53 . ; . U. T. of Ind. 6s 40% 51 Citizens Gas 5s 80*4 87 Indpls. Gas Cos 80% 87 Kokomo M. AW. 5s 80% 89 Ind. Hotel Cos. 2d 6s 96 ... Indpls. L. A. 11. 5s 82 89 Indpls. Water Cos. 5s 91% 98 Indpls. Water Cos. 4%s 75 82 Mer. 11. AL. 5s 95% 98% New Tel. Ist 6g 94% ... New Tel. L. I). 5s 93% ... Sou. Ind. Power 5s 88% ♦Ex-dividend. LIBERTY BONDS. Liberty Ist 3%s 94.18 94.58 Liberty Ist 4%s 97.00 97.36 Liberty 2d 4%s 96.00 07.00 Liberty 3d 4%.s 97.84 98.00 Liberty 4th 4*/*s 97.04 97.40 Victory 3%s 99.90 100.00 Victory 4%s 99.90 100.02 SI,OOO Indianapolis N'. W. 5s at 50.

Local Curb Market

(By Newton Todd) —Dec. 19— Am. Hominy com 14 20 Central and Coast Oil 2 ... Choate Oil Corp % *% Columbia Fire Ins. Cos 6 7% Comet Auto J - Dayton Rubber Units 51 61 Dictorgraph I’rod. pfd 46 55 D. W. Griffith 8 9% Elgin Motor Car 3% 4% Federal Fin. Cos. pfd 76 86 Fed. Fin. Cos., coni 122 129 Gt. Sou. Prod. & Ref 0 6 Indiana Rural Credits 00 CO Metro. 5-50 c Stores com 6 9 Mero. 5-50 c Stores pfd 20 27 National Underwriting .... 3% 5 Rauch & Lang Units 32 '42 Rub.-Tex. Units 1-5 17 IT. S. Automobile Units .... 67 78 U. S. Mtg. Cos. Units 146 160 BANK STOCKS. Commercial Natl. Bank .... 71 81 Continental Natl. Bank 1(H) 116 Indiana Trust Cos 175 190 Indiana Natl. Bank £SB 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 NEW YORK TURPENTINE. NEW YORK, Dec. 19. —Turpentine sold at 82c per gallon on the market here today* , :.i .J

GRAINS SUSTAIN SHARP ADVANCES Late Buying Movement Enhances Values After Weak Start. CHICAGO, Dec. 19.—Grain prices advanced on the Chicago Board of Trade today. The extremely quiet market opened lower than Saturday’s close when local traders were disposed to work on the selling side because of the export demand. Later in the session many bought, which enhanced prices. Provisions were irregular. December wheat opened at $1.07, off %c, and later advanced 2%e. May wheat was up %e at the initial quotation of $1.12% and closed l%c higher. July wheat opened unchanged at $1.02% aud closed l%c higher. December corn opened at 4(’>%c, up %c, and later gained %c. May corn opened at 52%c off, *4c and ended •%<’ higher. July corn opened at 54c, off %c, and closed up %e. December oats opened at 32%c, off %c and closed %c higher. May oats opened at 38c, and closed up %e. July oats opened at 3S%c off %c, and was %c higher at the cud of the session. (By Thomson A JlcKinnon.) —Dec. 19Wheat—Strength in wheat today was a reflection of the Winnipeg taiarket. The buying in that market was attributed to some of the leading cash Interests in the United States. That market, as well ns ours, is responsive to buying as there are new hedging sales appearing, offerings from first hands being extremely small. Cash wheat ut milling centers has shown strength and there is no precipitation in the Southwest. Outside of this the news was not favorable to holders. Liverpool and Buenos Aires were quoted lower, with no explanation. Recent rains in Argentina have given place to fine to weather aud the harvest is progressing favorably. Germany i-J said to have been a -good buyer of Argentine wheat for February March shipment. The absence of new hedging sales places the market in a position to respond readily to any Improvement in the export trade. It also suggests that there will he no extrema weakness, even though the foreign demand remains as -slow as sit present. We believe the trend of prices is still dependent upon the volume of foreign trade. Corn and Oats—Heavy receipts of corn at all markets were well taken care of, showing no weakness but on the other bands sympathetic with wheat. The demand for cash corn was active, while elevator and shipping interests were buyers of the December. The oat market is without developments of any sort. Both corn and oats give continued evidence of having discounted nil reasons for lower prices, but are kept from advancing by the inopportunely large movement from the country. Provisions—A decline In hogs was Ignored in the provision market, there being no hedging sales apparent. It seems also that liquidation has been completed. Products are cheaper than hogs. The market should respond readily to any revival of general interest.

CHICAGO GRAIN TADI-E. —Dec. 19— / WHEAT— Open. High. Low. Close. Dec l.<>7 1.09% 1 .00% 1.66% May 1.12% 1 14% 1.12% IH% July.... 1.02% 1.04% 1.02% 1.04% CD UNDee 46% .47% .46% .47% May 52% .53% .52% 53% July 54 .55% .54 .54% OATS— Dec. 32% .35% .32% .53% May 38 .38% .37% .38% July 38% .39 .38% .39 PORK— Jan 14.<35 14.65 14.00 14.63 LARD— Jan 8 67 8.72 8,67 8 72 May.... 9.10 9.15 9.10 9.15 RIBS— Jnn 7.80 7,80 7.70 7.80 May.... 8.00 8.06 7.95 8.05 RYE— Dec 82 Vi .82% .82 .82% May 89 .89% .87% .89' •Nominal. CHICAGO CASH GRAIN. CHICAGO. Dec. 10.—Wheat- No. 2 Durham, 98c; No. 2 mixed. $1.08%; No. 2 hard winter, $1.09% l 10. Corn —No. 2 mixed, 47%t'j47%c; No. 2 white, -t7 l _® 48c; No. 2 yellow, 47%®48%e; No. 3 mixed and No. 3 yellow, 41% 'n 45% o; No. 3 white, 44%4i45%e; No. 3 mixed, 43%%: 44%e: No. 4 white. 4.1 %® 41 %c. Oats— No. 2 white. 38**®37%e; No. 3 white, 33%5*35%c; No. 4 white, 32%®34%c. PRIMARY MARKET. (By Thomson A McKinnon.) —Dec. 19— —RECEIPTS— Wheat. Corn. Oats. St. Joe 18,0o> 67,000 Chicago 19,000 1.060)000 173,000 Milwaukee ... 12,000 29t,000 93,000 Minneapolll .. 466,600 107,000 113,000 Duluth 49,000 27.000 27,000 St. Louis ... 120,000 316.000 138.0(H) Toledo 6,000 22,000 10,000 Detroit 10,000 17,000 8,000 Kansas City . 426.000 139.000 22,000 Omaha 65.600 223,000 48 iH> Indianapolis . 4,0 H) 101,000 20,000 Totals 1,325,000 2,373,0 K) 652,000 Year ago 1,920 962,00 ) 607,000 -SHIPMENTS— Wheat. Corn. Oats. St. Joe 19.000 42.000 8,000 Chicago 11.0(H) 221.000 222,000 Milwaukee 109,000 8.000 Minneapolis .. 127,000 45,000 85,000 Duluth 2.000 2,000 St Louis ... 73,0 0 53.000 26,00) Toledo 3(1.000 3.000 Kansas City . 227.000 25,000 26,000 Omaha 26,000 104,000 18.{hh) Indianapolis . 1.000 31,000 20,000 Totals 525.000 635.000 413.000 Year ago 576.000 203,000 3S3,*H)O —CLEA It A XCES — Wheat. Corn. Oats. Boston 32.090 60,000 Philadelphia . 15,000 Galveston .. 128,000 Totals ~ 175.(8*) 43,000 60,000 Year ago ...1,979,000 INDIANAPOLIS CASn GRAIN. —Dec. 19Bids for car lots of grain and hay at the call of the Indianapolis Board of Trade were; Wheat—Firm; No. 2 red. $1.22(5? 1.25. Corn—Firm; No. 2 white, 50®50%c; No. 3 white. 47%®4S<’: No. 4 white, 45% ((1,47c; No. 2 yellow, 50@50%c; No. 3 yellow, 47j4@48c: No. 4 yellow, 46@47%c; No. 2 mixed, 49(5 49%c; No. 3 mixed, 47® 47%c; No. 4 mixed, 45%<5t146%e. Oats—Strong: No. 2 white, 30%®37c; No. 3 white, 35%@36c. Hay—Steadv; No. 1 timothy. $17.50@18; No. 2 timothy, $17(51:17.50; No. 1 light clover mixed, $16.50%17; No. 1 clover, sl9 @2O. —lnspections Wheat—No. 2 red, 1 car: No. 3 red. 2 cars; No. 4 red, 1 ear; No. 2 hard, 1 car; sample, 1 car; total, 6 ears. Corn—No. 2 white, 2 cars; No. 3 white, 17 cars: No. 4 white, 18 cars: No. 5 white, 2 onrs; No. 6 white, 1 ear; sample white, l car; No. 2 yellow, 2 cars; No. 3 yellow. 10 cars; No. 4 yellow, 24 cars; No. 5 yellow. 21 cars; No. 6 yellow, 4 cars; No. 3 mixed, 8 cars; No. 4 mixed, 7 oars; No. 5 mixed, 7 ears; No. 6 mixed, 1 car; ear 2 cars; total. 127 cars. Oats—No. 3 white, 19 cars; No. 4 white, 6 cars; total, 25 cars. Hay—No. 2 timothy, 2 cars; No. 1 cloves- mixed, 1 car; total, 3 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 hay, slo@l7. Oats—Bushel, new, per bushel, 32@35c. Corn—Old, per bushel. 35®60c. WAGON WHEAT PRICES. Indianapolis flour mills and elevators today are paying $1.12 for No. 1 red winter wheat; sl.lO for No. 2 red winter wheat and according to test for No. 3 Oats are quoted at 25c for No. 3 white or better. CHICAGO PRODUCE. CHICAGO, Dee. 19.—Butter—Receipts, 5.200 tubs; creamery extras. 43%; firsts, 34@41c; packing stock, 23@25c. Eggs— Receipts. 2.600 cases; current receipts, 44(5?45c: ordinary firsts, 41@43c; firsts, 47@48c; checks, 30@32e; dirties, 28(5(300. Cheese —Twins, new, 19%c; daisies, 19%® 20c; young Americas. 20%c; longhorns, 20%c; bricks, 17@18e; live poultry— Turkeys, 38c; chickens, 19e: springs, 21%c; roosters, 15%<:; geese, 20c; ducks, 28c. Potatoes—Receipts, 53 cars; Northern Whites $1.60®1.80 per 150-lb. bag.

SWINE PRICES SHARPLY HIGHER Trade in Cattle Slow—Calves Steady—Few Sheep. RANGE OF HOG PRICES. Good Good Good Dec. Mixed. Heavy. Eight. 10. $7.75® 8.00 $7.25 ® 7.35 $3.00® 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 IS. 7.25@ ’i.4o 7.00 7.50® 7.60 17. 700 6.75® 6.85 7.25® 7.40 10. 7.25® 7.40 7.15® 7.25 7.50® 7.75 With receipts extremely light and the demand by local packers good, swine prices were 20@40c lower in trade on the local livestock exchange today. Early reports of lower price tendencies on other of the principal hog markets of the country did not seem to have any bad effect upon the trenn of the local mart. Receipts for the day ran close to 3,500, the lightest run for this season that has been on this market since before the outbreak of the World War. Trade was active and practically all swine were sold at a very early hour in the forenoon. Light swine brought [email protected], with a top of S7.So. Mixed and mediums sold at $7.25(h7.50 and heavies at $7.25 genI erally, with a few sales at $7.15. Pigs brought S7.SO@S and roughs [email protected]. Stags brought $4,500)6. The bulk of sales for the day rauged at $7.25®7.75. Trade in cattle was rather slow and prices were about steady. Receipts for the day ran close to 500 fresh cattle and there were around 250 stale cattle held in the pens from the markets of last Friday and Saturday. Calves were steady, with receipts light at around 200 and the demand rather sloxv. There was a top of $10.50 on choice veals, while the bulk of that grade sold at $lO. Tlo-re were hardly enough sheep and lambs on sale to establish a market. Receipts were extremely light at around fifty. HOGS. Best light hogs, 150 to ISO lbs average $ 7.50® 7.75 Over 3*o lbs 7.00® 7.15 150 to 300 lbs 7.00® 7.85 .Sows 5.00® 6.10 Stags , 4.50(0: 6.00 Best pigs under 140 lbs 7.50® 8.00 Top 7.85 Bulk of sales 7.25@ 7.93 -CattlePrime cornfed steers, 1,3C0 to 1,800 lbs 7.00® S.OO Good to choice steers, 1,200 to 1.360 IDs 5.50® 6.75 Good to choice 3teers, 1,100 to 1,200 IDs 5.00® 5.5) Good to choice steers, 1,006 tc 1.100 lbs 4.50® 5.00 Common to medium steers, 8(H) to 1.000 lbs 3.00® 9.00 Good to choice heifers 5.56® 6.50 i Medium heifers 4 00® 5.00 Common to medium heifers .. 3.250? 3.75 Good to choice cows 3.00® 4.75 j Fair to medium cows I.oo® 2.50 i <'utters 1.50® 2.2-5 Canners 50® 1.50 —Bulls— Good to choice butcher bulls 3.00® 4.25 Bologna bulls 2.50® 3.00 Light bologna Dulls 2.00® 2.50 Light to common bulls 2.00 —Calves— Choice veals [email protected] Good veais 9.00® 10.00 Medium veals 7.00® 9.00 Lightweight v.ils 6.00® 7.00 Common heavyweight veals.. 4.00® 6.00 —Stockers and Feeders— Good to choice steers under 800 lbs 4 50 4.75 Medium cows 2.00® 3.50 ] Good cows 3 50® 4.25 Good heifers 5.00® 6.50 Medium to good heifers 4.1*0® 4.75 Milkers 37.00®75.00 —Sheep and Lambs— Ewes l.)@ 3.00 Bucks 2.00® 2.50 Choice iambs 9.006*10.00 J Seconds o.oo® 7.50 \ Buck lambs 5.50® 6.75 i Culls 4.00® 5,00 j

Other Livestock

CHICAGO, Dec. 19.-—Hog* Receipts, 4.8,090; market, steady; built of antes, $6.50(11,6.90; top, $7.25; beavUs, $6 55446 75; medium-i, $6 654(090; lights, $0.)(&7.10; light lights, $7®,7.25; heavy packing sows, smooth, $5.5<K(t6.35; packing sows, rough, $5,106(5.65; pigs, $7.11*17.30. Cattle—Receipts, 23,000; market, slow and 25 cents lower. Beef steers; choice and prime, $8.50 a 10.750; medium and good, $6.401(0; good and choice. $5(®10.75; common and mediums. $3.25(98. Butcher cattle; heifers, s3.s:*iß; cows, $3.254(0.23; bulls. 5:t.3.V06. fanners and cutter*; cows and I heifers. $1.756(3.25; canner steers, $2.75@ I 3.75; veal ( lives, $3,256(9.25; feeder steers, $56(3.73; stacker steers, .$4.25610.60; Stocker cows and heifers, $2.75(Jj4.75. Sheep and lambs —Receipts, 21,000; market. generally steady; good to choice lambs, $9.25(01050; cull and common iambs, $7 256(9; yearling wethers. $76(9; ewes. $56(5.25; cull and common ewes, $1.506(2.75; feeder lambs, $8,756(10. CINCINNATI, Dec. 10.—Mogs—Receipts. 0,000; market, steady to 25c higher; heavies, ¥76(7.50; mixed, $7.50; mediums, $7,506(7.75; lights, $7.75; pigs, $7,756(8; roughs. $5.75; stags. $1.30. Cattle— Receipts, 2.200; market, dull and 25c to 50e lower; bulls, duli; calves, $10.50. Sheep and lambs—Receipts. 300; market, dull; ewes, $16(4: choice lambs, §10; seconds, §76(7.00; culls. $16(5. CLEVELAND, Dec. 10.—Hogs—Receipts, 4,500; market 15c higher; yorkers, SS; mixed and mediums, $7.30; pigs, $8: roughs, $l((/)4.50; stags, $4. Cattle—Receipts, 1,530; market 25c lower; good to choice steers, $7.506(5.50; good to choice heifers, $56(0; good to choice cows, $44:4; fair to goed coxvs, $36)4; common cows, $26(3; good to choice bulls, $46(5; milkers $50®90. Sheep and lambs—Receipts, 1,890; market $1 lower; top, $lO. Calves— Receipts, 500; market slow, steady; top, §11.50. EAST ST. LOUIS. Dec. 10.—Hogs—Receipts, 1,S00; market steady; mixed and butchers, $4,856(7.10; good heavies. $6.75 6(6.85; r iglis, [email protected]: lights, $7.256( 7.35: pigs. $7,256(7.35; bulk of sales, $6.55 6(7.10. Cattle —Receipts, -6,000; market steady; native beef steers, $3,756(8.50; yearling steers and heifers, $7,506(11: cows, ?3.2j(((3; Stockers and feeders, $2.50 6(5.50: ralves. $3,256(8 50; canners and cutters, $1.75(83. Sheep anil lambs—Receipts. 1,000; market steady; mutton ewes, $46(4.10; choice lambs, §7@9; canners aud choppers, sl6i!2. EAST BUFFALO, Dec. 19.—Hogs—Receipts, 19,200; market, slow; yorkers, $7.50 6 (.75; pigs, $86(8.50; mixed, f7.2561i.50; heavies §76(7.75; roughs, $5,756(0; stags, $46(4.50. Cattle—Receipts, 3,500; market, slow; prime steers, [email protected]; shipping steers, $7,256(8; butcher grades, $4667; heifers. $16(4.75; cows, $3,506(5.25; bulls, [email protected]; milk cows and springers, S4O 6..115. Calves—Receipts. 2,500; market, active; cull to choice, $56)12.50. Sheep and lambs—Receipts, 18.000; market, •ilow; choice lambs, $10,256(10.50: cull to choice, $06)11.75; yearlings, $76(9.50; iheep, $26)0.50. PITTSBURGH. Dee. 19— ceipts, 7,<M)O• market 106(50c lower: iiriine heavies, $76(7.25; mediums. $7,756(7.90; heavy yorkers, $7,756(7.00; light yorkers, $7,906)8: pigs, $7.006(8; roughs, ss@(i; stags, $36(5.50; heavy mixed, $7,256)7.50. C’rtttlo —Receipts, 2,000: market 50c lower generally; choice. [email protected]; prime, $7.50 6(8; good, $7.256(7.00; tidy butchers. $0.50 6(7 ; fair, $06(0.75; common, $06(0 50; common to good fat bulls, $24)3; common to good fat cows, $46(5; heifers. $4 (5,5.75; fresh cows and springers, $56(90. t'iilves—Receipts, S00; market 50c lower; veal calves, sl2; heavy and thin calves, $56(8 Sheep and lambs—Receipts. 9.000; market steady: prime wethers, [email protected]; good mixed, $46(4.50; fair mixed, $2.506( 3.50: cuils and commons, $16(1.75; choice lambs, sll. INDIANAPOLIS PRODUCE. Butter —Local dealers are paying, 406? 41e per ib. for butter delivered in Indianapolis. Eggs—Loss off, 47e. Butter—Parking stock, 18c. Poultrj—Fowls, lC@23c; springs, 19c; cocks, 116(120; 6tags, 13c; young hen turkeys, 8 lbs. and up, 38c; young tom turkeys. 12 lbs. and up, 38e; old tom turkeys, 306)33e; cull thin turkeys not ’.anted; ducks, 4 lbs. and up, 17e; due’.l, 4 lbs. and up, 18e; geese. 10 lbs. an,i up, 10c; rabbits, drawn, per dozen, $2: squabs, It lbs. to dozen, $9: young guineas, 2-lb. size, per dozen, $7 @8; old guineas, per dozen, $5. Butterfat—Local dealers are paying 42c pr pound for all butterfat delivered iu Indianapolis,

Weather

The following tallc shows the state of the weather at 7 a. m., Dec. 19, as observed by U. S. Weather Bureaus: Station. Bar. Temp. Weather. Indianapolis, Ind..*. 30.40 34 Cloudy Atlanta, Ga 30.36 38 Cloudy Amarillo, Texas.. 29.90 48 Cloudy Bismarck, N. D... 30.50 —2 Snow Boston, Mass 30.26 SO Clear Chicago, 111 30.38 30 Cloudy Cincinnati 0hi0.... 30.44 32 Cloudy Cleveland, 0hi0.... 30.42 28 Cloudy Denver, Colo 29.90 18 Clear Dodge City, Kan.. 30.10 18 Clear Helena, Mont 30.44 —lO Snow Jacksonville, Fla.. 30.30 52 Clear Kansas City. Mo.. 30.14 30 Clear Louisville, Ky 30.40 38 Cloudy Little Rock, Ark.. 30.22 42 Cloudy Los Angeles, Cal.. 29.78 .58 Rain Mobile, A!a 39.30 42 Cloudy New Orleans, La.. 30.16 52 Cloudy New York, N. Y.... 30.34 3'4 Cloudy Norfolk. A r a 30.42 42 Cloudy Oklahoma City .... 30.04 44 Cloudy Omaha, Neb 30.20 22 Clear Philadelphia, Pa.. 30.38 38 Cloudy Pittsburgh, Pa.... 30.44 42 Cloudy Portland, Ore 29.80 24 Cloudy Rapid City, S. D.. 30,38 2 Snow* Roseburg, Ore 29.64 S2 Cloudy San Antonio, Texas 30.12 52 PtCldy San Francisco, Cal. 29.72 46 Cloudy St. Louis, Mo 30.26 34 Cloudy St. Paul. Minn 30.30 10 Clear Tampa, Fla 30.24 60 Clear Washington, D. C.. 30.42 38 PtCldy The storm which crossed this section Saturday Is now passing into the North Atlantic. It was followed by considerably cooler weather, but rising temperature now prevails generally throughout tile Mississippi and Ohio valleys. Zero weather prevails over the extreme northern plains region mid western Canada, with readings in the latter section from 20 to 30 degrees below zero. A rainstorm has overspread the Pacific coast and snows are reported from the northern Rocky Mountain section. J. 11. armington, Meteorologist, Weather Bureau,

ENGINEERS TO DEVELOP PORT AT SHANGHAI Representatives of Seven Nations Gathered to Make Plans. SHIPPING NEED EVIDENT SHANGHAI, Dec. 19.—World famous engineers, representing the best engineering brains of the seven countries having the largest shipipng interests In the Orient, are here in conference to evolve a flnnl plan to develop the greatest port in the Far East In Shanghai, one of the foremost world ports, at a cost of several million dollars. For upward of a decade tbe Whangpoo conservancy board has been making surveys and close study of all conditions concerning the port, the lower reaches of the Whangpoo and the estuary of the Yangtze. The preliminary work of this board is being reviewed by tho visiting engineers, who will make a final report on the possibilities for future harbor development in Shanghai after a careful Investigation. Presumably the conservancy board will forward Its report to the Chinese government for consideration, and a scheme to carry through the recommendations will then have to be evolved. Maj. Gen. W. M. Black, formerly chief engineer of the United States Army and now retired, is the American member of the consulting engineering committee. He has arrived in Shanghai and is meeting with F. Palmer, British representative, who is consulting engineer to tho port of London authority; P. G. Horneli, Chinese representative, consulting engiueer of tho hydraulic engineering bureau, Stockholm; P. Ott De Vries, Dutch member, until recently head of public works, fietherlands, and now retired; L. Perrier, French member, for twenty years engineer on the Suez Canal: Isamu Hiroi, formerly engineer-ln-chief of Hakodate aud Otara Harbor Works and professor at Toklo University, Japanese member, and 11. Von Heidenstam, ex-officio member, tap tain of the Royal Swedish Corps. No little regret has been expressed that Gen. George W. Goethals, who won world distinction because of his engineering feats in the building of the Panama Canal, could not be a member of the board of consulting engineers, but this is tempered by the fact that Major General Black has consented to act. The investigation of the engineer's includes a technical-economical consideration of all the technical accommodation and terminal (wharf, pier and cargohandling) facilities of Shanghai. Located twenty miles from the sea, on the Whangpoo River, very much in the position of London on the Thames, and with tbe approaches to and limit of draft In the harbor at present 28-39 feet, Shanghai must make immediate provisions for a harbor of the future. Unless the harbor is developed and accommodations made for the big Pacific Ocean ships which will he built during the next fifty years, with their probable maximum draft In view, cargo must be docked at a Japanese port and reshipped to Shanghai, or lightered up the Whangpoo to Shanghai from the sea.

Fire Used to Clear Canada Brush Land EDMONTON, Alberta, Dec. 19.—Clearing land by tire is anew method being tried out in northern Alberta. A tract of 100,000 acres of government land in the Battle River district, sixty miles norcheast of Peace River Landing, most of which is bush country, is being cleared by means of controlled fires. The work Is being carried out by a party of twelve men sent from Edmonton by the land department of the Dominion government. Trial of the fire method of clearing land was made last year and proved entirely practicable. When carefully set and controlled fires were found to be the quickest, cheapest and most effective method of clearing and will in th efuture be extensively used cn government lands in the North. The Battle River land being burned off will be thrown open to settlers. The Peace River region is a rich farming country. Though far north, it is xvarmed by U’hinoook winds and has as mild a climate as parts of Canada much farther south. Livestock graze in the pastures all the year round and forty bushels of wheat to the acre is a common yield. The rush to the Fort Norman oil fields on the Mackenzie is expected to bring many settlers into the Peace River Valley. Men of the North country declare there Is more money to be made in farming In this fertile legion than in boring for oil at the frozen top of the continent. WHOLESALE FEED PRICES. Ton Cwt. Acme Bran $30.00 $1.55 Acme Feed 30.0 C 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 1.05 C O. &B. Chop 28.25 1.45 Acme Stock Feed 28.25 1.45 Acme Farm Feed 32.00 1.65 Cracked Corn 30.00 1.55 Acme Scratch 35.00 I.SO E-Z-Scratch 32.50 1.65 Acme Dry Mash 43.25 3.20 Acme Hog Feed 38,25 1.95 Ground Barley 37.75 1.95 Ground Oats 32.25 1.70 111 mlick Yellow 29.25 1.55 Rolled Barley 37.75 1.95 Ground Oats 32.25 1.70 Rolled Barley 3775 1.95 Alfalfa Mol 33 00 1.70 Cottonseed Meal 48.00 2.45 Linseed Oil Meal 50.00 2.55 Chick Mash 45.25 2.30 Tankage 55.50 2.90 Meat Scraps 80.00 4.50 D. Light Scratch 36.00 LBS

RURAL EDITOR HAS HARD ROW TO HOE TODAY Metropolitan Papers Have Almost Wiped Out Little Sheets. vsf^j NEW ORLEANS, Dee. 19.—“ The country weekly newspaper is oil the way to extinction,” declared Carl C. Taylor, North Carolina State College, in his talk before the American Country Life Conference being held here, as a member of the committee on investigation. “The chief cause of death among country newspapers is the advent of the city daily. The country paper can't compete with these powerful competitors as dispensers of world news, in editorial erudition or as agencies for circulating national advertisements. They must get out of the field of competition with the daily papers or perish from the face of the earth within the next generation. It used to be the chief function of these small papers to relay the world’s news frojn the great dailies, magazines and other metropolitan sources into the country. Today country people take the dailies themselves. If, therefore, the weekly is only to reflect the news and ideas presented in the greater papers it will not be read. Country people, like all the rest of us today, want the news while it is hot. The R. F. D. and city daily hand it to them right off the griddle.” MAKES STARTLING SUGGESTIONS. Some startling suggestions were made by Prof. Taylor among his recommendations for the weekly's salvation. He said it must “'■ease to be political, cease to be natioSal, cease to be dominated with local town materials only and make good its survival and development by becoming a local community institution with a mission. He visualized a future country newspaper that is “predominantly rural in its organization and viewpoint, a combination between newspaper and agricultural journal.” Several hundred papers In Missouri, North Carolina and elsewhere were examined in his study of the weeekly paper from many angles. Complete reports from 243 papers showed 75 per cent of the total space was of strictly local interest, the remaining space being composed of national syndicate, boiler plate, patent insides, fiction and clipped material. Os the local material 73 per cent was given to town interests, leaving 97 per cent for strictly rural interests. As the size of the towns in which the papers are publish increased the space devoted to local material decreased, with a corresponding decrease in the percentage of strictly rural material. These papers averaged less than 2 per cent editorial matter, the amount of editorial space increasing as the size of the town increased. Local editorials comprised 69 per cent of the total editorial space, this percentage deereasing as the size of the town increased. Local editorials have no less than 92 per cent devioted to town interests, thus less than 8 per cent was given to rural interests. As tho towns get larger they usurp more and more of the newspaper’s space. HOW SPACE IS DIVIDED. The news space takes up CS per cent of nil the newspaper space, and 38 per cent of this space is devoted to local news, the remaining 62 per cent being ; national, syndicate, clipped, patent insides and boiler plate mtnerial. The ! towns get the lion’s share of this local matter, 82 per cent being town and only 18 per cent rural news. While the papers In the largest towns had the smallest percentage—34—of news, local news made up more of this copy, since patent insides, boiler plate, etc., are seldom used there. As the towns in which the papers were published increased in size the local news space devoted to rural interests diminished until less than 13 per cent was devoted to this cause in towns of 4,000 population or over. The advertisements took up 61 per cent of the space in these papers, 77 per cent of this space being local advertising. Os this local advertising, “country advertising,” by which is meant advertisements of goods to be bought or sold mainly by country people, got 31 per cent. The local advertising receded as the towns grew in size. The percentage of country advertising decreased 'even more rapidly. The smallest towns had 42 per ceut of such advertising. The largest towns carried 21 per cent in their papers. LOCAL SPACE DEMAND HEAVY. When these papers were analyzed as to percentage of country circulation it was found, ns might be expected, that with the increase of country circulation the total space given to local interests increased. A surprise Is found here, hbwever, in the fact that the largest percentage of this local space devoted to country papers was in papers having from 51 to 75 per cent of their circulation in the country, while the papers having more than 75 per cent rural circulation carried almost as little country local news as did the papers with small country circulation. The total showed less than 90 per cent of the total space devoted to country Interests. Although the cause of this condition is not shown in the tables of the report, it is probable that the heavy use of boiler plate may have cut. out local material, as the latter necessarily means office composition. Editorials seem to increase In Importance in the eyes of editors as the percentage of country circulation .increases. The total space devoted to editorials and the percentage of this space devoted to local editorials alike increased as th country circulation grew. The total space devoted to news Increased with the increase of the country circulation. The percentage of total news space given to local news is least in those papers having 25 per cent or less country circulation, while it is greatest in the papers having from 26 to 50 per cent local circulation? The percentage of local given to strictly country news is only 15 per cent. It is greatest, 16 per cent, in those papers having from 51 to 75 per cent country circulation and lowest, 8 per cent, in papers having less than 25 per cent local circulation.

Arizona Boy Kills Big Bear With ,22 niOENIX, Ariz., Dee. 19.—Fighting to save his own life and the lives of several younger brothers and sisters, George Hauglit, 14-year-old son of an Arizona backwoodsman living In the heart of the Mogollon Mountains, with one shot of a .22 caliber rifle killed an 800-pound silver tip bear that had attacked the children on a narrow mountain trail. Reports of the youth's bravery and his dead-shot accuracy were received here from members of a de luxe hunting party, which, outfitted at a cost of $25,000 and composed of southern California motion picture stars and business men, penetrated the heart of the Arizona big game country several weeks ago to hunt and take motion pictures of bear, deer and mountain lions in their native state. The bear confronted the children as )hey rounded a turn in the trail on the way home from school. Flight the elder boy saw was impossible as the younger children would soon be overtaken if the bear attacked and the dim light of approaching night made the trail unsafe for rapid progress. Leveling his rifle, and aware that to wound and not to kill would mean death from the infuriated beast, the big brother tired with a deadly accuracy. Struck in a vital spot, the silver tip collapsed in the trail, dying instantly, i