Indianapolis Times, Volume 34, Number 202, Indianapolis, Marion County, 3 January 1922 — Page 10

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OUTLOOK FOR YEAR’S STEEL TRADE IS GOOD Mills Expected to Resume Operations During Coming Week. JAPAN BUYS TIN PLATE Special to Indiana Daily Times and Philadelphia Public Ledger. PITTSBURGH, Jan. 3.—The iron and steel trade closed the year with very light demand and a low scale of operations. Both were the lightest the last week since July. Many of the plants that have been closed over the holidays will resume early in the week. The general expectation is that not much activity will develop until along about the middle of January. Fairly steady operations are expected after that, as in the meantime the mills will have had a chance to accumulate orders. In some quarters it Is the opinion that December contraction in business does not reflect reduced demand so much as the desire of buyers to have deliveries deferred until January. The mills are not taking a gloomy view of the situation, as they expect jobbers and others who have withheld purchases during inventory taking to re-enter the market with the opening of the new year and close for a respectable tonnage. This buying will probably be confined to the replenishment of depleted stocks, as it is likely that caution will continue to actuate the policy of consumers until a general freight rate reduction has been made. In so far as prices influences the volume of demand, there should be heavy buying of steel products. Asa matter of fact, there has been a very fair demand for steel In the last three months from a tonnage standpoint, closely comparable with the demand in good years before the war. Some pig iron activity developed in the Hast and in the Chicago district, but there has been little here. AH grades are somewhat weaker. In foundry, a buyer inquired for a moderate tonnage and got it at $1 a ton below the nominal market as previously quoted and establishing anew price of £19.00 for Valley.' This does not make anew low point, however, for the market was at £19.50 from about the middle of July to the middle of August, an advance beginning at that time. Old contracts for pig Iron are practically all completed, so that consumption in future will involve fresh purchases. The market is quotable at £2O for Bessemer, sl9 for basic and £19.50 for foundry iron, f. o. b. Valley furnaces, freight to Pittsburgh being £1.9(5, against 75 cepts twenty years ago. Structural steel men and fabricators find that a very encouraging volume of building work will be placed In the early months of the new year and a fair amount continues to go under contract. While most of the .Car work is coming from Western roads. Eastern lines are now preparing to enter the market. Japan is reported to hav,* purchased 35,000 boxes of oil stock tin plate and from another source it i3 reported that the country has /bought 50,000 boxes of tin plate, most of the business going to the Steel Corporation. Japan has also been a buyer of sheets.—Copyright, 1921, by Public Ledger Company.

In the Cotton Market R.VEW YOIiJC, Jan. 3.—The cotton tnaropened firm today on favorable Liverfc'good demand from English s®Jsjkmtimy::ral bouses, moderate trade bullish reports from the advance. \ from 13 to 25 upturn was lost l.it* r m nMMjggftv souMioti wire h> uses and M'"t gBwRHt the undertone remain*- -'end?'. MB>”'(jrk opening cotton pri •■-: JanMarch, 19.20 c; May, 18.70 c; |18.18c; October. 17.35 c. market was weak in the late denlHeavy selling final prices showing of 65 to 75 points. W —COTTON FUTURES — Open. High. Low. Close. January 19.22 19.25 38.30 38.33 March 39.20 19.20 IS. 10 18.21 Mav 15.70 15.72 37.73 17.75 July 38.18 18.20 17.25 17.2S October . 17.35 17.35 10.11 10.45 LIVERPOOL, -Tan. 3.—Cotton was in fair demand at the opening today. Prices were steady and sales around 8.000 bales. American middlings fair, 14.13d; good middlings, 12.440; fully middlings, 12.04d ; middlings, 11.60d: low, 10.49d; good ordinary, 8.94d: ordinary, B.old. Futures were steady* during initial tra Je. —Cotton Review— NEW YORK, Jan. 3.—The Liverpool market was good this morning. The news from trade centers was satisfactory. The sentiment in trade circles was favorable to the market and there was a fair demand for contracts at our opening which resulted in a further moderate advance and apparently no attention was paid to developments during the hol'day period. The strained situation disclosed in a financial Institution in Chicago, however, finally began to have some influence. Then came selling in large volume, credited both to local as well as Western speculators. The market began to give way and finally resulted in the most severe decline that we have experienced since the' publication of the Government estimate of the crop. Technically, the market was in a poor position due to the continuous advance since the publication of that report. There is nothing particularly bearish in the position of cotton, but the market , must be considered In connection with Venera! commercial and financial conditions an,d until confidence has been restored we mav have further irregularity with likelihood of temporary lower prices.

ACTIVE OIL STOCKS. (By Thomson & McKinnon) —Jan. 3 —Opening— Bid. Ask. Anglo-American Oil 17% 17% Atlanta Lobos 8% 9 Bornc-Scrymscr 320 310 Buckeye Pipe Line 84 80 Chesebrough Mfg. Cons 170 190 Continental Oil, Colo 122 126 Cosden Oil and Gas 6 9 Crescent Pipe Line 27 30 Cumberland Pipe Line ~ 120 130 Elk Basin Pete 0% t:% Eureka Pipe Line 77 80 Galena-Signal Oil, pref 100 100 Galena-Signal Oil, com 40 42 Illinois Pipe Line 139 104 Indiana Pipe Line 82 83 Merritt Oil 9% 9 1 ,4 Midwest Oil 2% 3 Midwest Rfg 170 ISO National Transit 28 :,0 New York Transit 112 148 Northern ripe Line 90 93 Ohio Oil 204 209 Oklahoma I*. & K 0 0% Penn.-Mex 10 19 I'rairie Oil and Gas 300 570 Prairie Pipe Line 233 237 Sapulpa Refg 3% 3-14 Solar Refining 335 350 Southern Pipe Line 74 , 78 South l’enn Oil 195 200 Southwest Penn Pipe Lines.. 50 53 Standard Oil of Ind BS% SB% Standard Oil Cos. of Kan 505 580 Standard Oil Cos. of Ky 435 445 Standard Oil Cos. of Neb 109 170 Standard Oil Cos. of N. Y 307 373 standard Oil Cos. of Ohio 385 395 Swan #-• Finch 30 40 Vacuum Oil 305 313 Washington Oil 32 37 MOTOR SECURITIES. (By Thomson & McKinnon.) —Jan. 3. —ClosingBid Ask Earl Motors 3 314, Packard com pi/ 714 Packard pfd 01' 03 Peerless 3(1 37 Continental Motors com 0% 0% Continental Motors pfd 84 88 Hupp com 1144 11% Hupp pfd 90 lteo Motor Car 17V. • 18 Elgin Motors 1% 21,:, Grant Motors 1% 1% Ford of Canada 230 250 * International Motor cour 28% National Motors 1% 2*4 Federal Trnek 14 16 Paige Truck 7% s%

RECESSIONS HIT STOCK MARKET Violent Selling Movement Is Direct Cause of Losses. NEW YORK, Jan. 3.—A vigorous selling movement on the stock market today caused sharp recessions in practically the entire list. The losses ranged from 1 to over C points. Intense nervousness over the financial situation, due to the Wagner failure last week and the Chicago banking troubles, which resulted in the Ft. Dearborn absorption and rumors of other stock exchange suspensions contributed to the decline. The passing of the Kelly-Springfieki dividend on the common issue, the reduction in Pennsylvania crude oil and acute weakness in the grain market were other factors. The passing of the Kelly-Spring-field stock dividend broke that issue over 6 points to 36%. The oil shares were among the weakest o nthe list. Standard Oil of New Jersey, Standard Oil of California, Houston Oil, Mexican Petroleum and Texas Company dropped from 3 to over 1 points. Studebaker, which had been strong in the early trading, joined the decline, selling down from 84% to SI. Some of the steel industrials were under heavy pressure. Steel common fell nearly 2 points to 82% and Baldwin Locomotive nearly 4 points to 9,4%. Government bonds were unchanged, and railway and other bonds weak. Total sales of stocks for the day were: 930,700 shares; bonds, £14,315,000. —Jan. 3 (By Thomson A McKinnon) Judging from t.he early action of the market, the public evidently did not regard the morning news in a serious way. as the market was fairly good during the early rart of the session. There was some irregularity, but there were just as many prominent issues showing improvement as declines and it was some little while before the public and traders began to realize that what occurred in the Chicago banking circles, was a matter of major importance and not to be ignored. It is true that the ability of other batiis to quickly absorb the one in difficulties prevented what might have boon a spectacular demonstration. Nevertheless, the mere fact that there was need tor help is •sufficient to put ns on our guard, for what assurance have we that there are no more commercial or financial institutions iu similar circumstance:? Evidently this thought prompted some liquidation, which gradually increased until it developed as weak a market as we have experienced in a considerable period. And the selling was not as heretofore. largely professional, but to a very great extent came from commission houses and represented liquidation oy the public. Technically, the market was in an unfavorable position as we have had practically a continuous advance since the first of September with only minor reactions during that time. We are inclined to view the present setback in the market as something other than a temporary reaction. We feel that the recent developments have placed a check on bullish enthusiasm and it will require a little time, as well as further irregularity to place the market in a suitable position to warrant the resumption of the upward movement.

TWENTY STOCKS AVERAGE. NEW YORK, Jan. 3.—Twenty industrial stocks last Saturday averaged 81.10, up .30 per cent. Twenty active rails avepased 74.27, up .41 per cent CLEARING HOUSE STATEMENT. NEW YORK, Jan. 3.—Exchanges, $686,700.000; balances, £71.900,000; Federal Reserve Bank credit balance, §65,200,000. Money and Exchange Indianapolis bank clearings today were £4,398,000. NEW YORK, Jan. 3—The foreign exchange market opened weak today with demand Sterling %c lower at §4.21%. Francs yielded 9% centimes to 8.04 c fur cables and 8.03 c for checks. Lire cables were 4.24 c; checks, 4.23 c. Belgian franc cables were 7.560; checks, 7.65 c. Marks were .0053y 4 c. Guilders cables were 36.90 c; checks. 36.88 c. Sweden kronen cables were 21.95 c; checks, 24.93 c. NEW YORK CALL MONEY. NEW YORK, Jan. 3 Money—Call money ruled 5 per cent; high 5% per [cent; low. 5 per cent. Time rates steady, 5@5%. Time mercantile paper, steady. Sterling exchange was quiet, with business iu bankers' bills at £1.20',4 for demand.

NEW YORK CURB MARKET. (By Thomson & McKinnon) —Jan. 3 Closing Bid. Ask. Acme Packing 40 60 Curtis Aero com 2 3% Curtis Aero pfd IS 23 Goldfield Con 2 5 '.Tumbo Extension 3 0 Imperial Oil (Del.) 9% 9% International Petroleum. 10% 17% Nipissing <5% 6% Standard Motors 3 4 Salt Creek 14% 14% Tonopah Extension 1 916 111 10 Tonopah Mining 1% I*4 United I’ S new 2 2% U. S. Light anil Heat S7 95 U. S. Light Heat pfd.. 1 1% Wrigbt-Martin 2 5 Yukon Gold Mine C 0.... 1% 1% Jerome 20 30 New Cornelia 17 13 United Verde -8% Sequoyah 3 7 Omar Oil 79 87 Republic Tire 10 Boston and Mont 87 89 CHICAGO STOCKS. (By Thomson & McKinnon.) —Jan. 3 Open. High. Low. Close. Armour pfd. ... 92 92 91% 91% Carbide & Car. 44 44 43 43% Libby 5% 5% 4% 4% Mont-Ward .... 13% • ••• National Leather 1% 2 1% 1% Piggly Wiggly 39 30 25 27 Sears-Roebuck .01 t*4 01% (’l% Stewart-Warner. 24% 24% 24 24% Swift &Cos 90 OS 91% 91% Swift Inter 22 22 % 20% 20% NEW YORK LIBERTY BONDS. —.Tan. 3. l’rer. High Low Close Close TANARUS, B 3%s 95.04 94.84 95.00 95.00 L. B. Ist 4s 97.00 L. B. 2nd 4s 90.31 L. B. Ist 4i/tS .. 97.14 90,52 90.94 97.08 L B 2nd 4*4 s .. 90.00 90.00 90.14 90.54 l‘. B. 3rd 4Vis .. 97.5.8 97.18 97.30 97.52 L. B. 4th 4%S ..97.22 96.50 90.72 97.1 l Victory 3%s ....100.06 100.04 100.04 100.08 Victory 4%s 100.08 100.02 100 04 100.00 CHICAGO PRODUCE CHICAGO, Jan. 3.—Butter—Receipts, 1,700 tubs; creamery extras, 38e; firsts, 31<<x:37e; packing stock, 19@20c. Eggs— Receipts, 10,000 cases; current receipts, 37<H!38c; ordinary firsts, 34@36c; checks, 28(h.30c I dirties, 30@32c. Cheese—Twins (new*. 19%e; daisies. 19%<§20c; Younig Americas, 20%c; longhorns. 20'%c; bricks, 17%c. Live poultry—Turkeys, 38c; chickens, 17@25c; springs. 23c; roosters, 16c; geese, 20c; ducks. 26c. Potatoes — Receipts, 15 cars; Wisconsin Round AY bites. $1 [email protected] per 150-11*. bag; Minnesotas and Miebigans, [email protected]; Idahos, 82. NEW YORK COFFEE. NEW YORK. Jan. 3.—Coffee values ruled steady in trade on the exchange here today, opening options being 4 to 7 points higher. Rio No. 7, on spot, sold at 9%@9%c per pound. NEW YORK RICE. NEW YORK. Jan. 3.—Rice values hold steady in trade on the market here today. domestic selling at 3*4@“V4c per pound. NEW YORK HIDES. NEW YORK, Jan. 3.—Hide prices were firm on the market today. Native steer hides sold at 15%c and branded hides at 15c. NEW YORK METAL MARKET. NEW Y’OKK. Jan. 3.—Copper—Easy; snot. 12%@13*if ; January and March, 12%<g13c. Lead—Steady; spot und January'offered, 4.75 c: February and March offered. 4.80 e. Spelter—Steady; apot and January offered. 4.8~%c; February and March offered, 4.92%. TOLEDO SEED PRICEg. TOLEDO, Jan. 3.—Cloversecd— Cash, Sl4: Jan. 13.65; February, $13.40; March, 813.20; April, $12.63. Alsike—Cash. $11.40; February and March, 511.50. TimothyCash and January, $3.12%; February, $3.17% bid; March, $3.25,

New York Bonds (By Fletcher-American Company.) —Jan. 3—• FOREIGN GOVERNMENT BONUS. Bid. Ask. Arg. (unlisted) ss, Sep. 1, ’45. 72% 73% Arg. 7s, Oct.. '23 97% 98 Belgian 6s, Jan. 1, '25 95% 95% Belgian 7%5, June, 1, '45....104 104% Belgian Bs, Feb. 1, '4l 105% 106 Berne Bs, Nov. 1, ’45 100% 107 Brazil Bs, June 1. '4l 104 104% Chile Bs, Oct. 1, ’26 99% 99% Chile Bs, Feb. 1, ’4l 101 101% Chile Bs, Nov. 1. ’46 100% 100% Christiania Bs, Oct. 1, ’45....100 107% Copenhagen 5%5, July 1, ’44 86% 87 Danish Mun. Bs, Feb. 1, ’46. .106 107 Denmark Ss, Oct. 15, ’45 107% 108% •Canadian 5%5, Dec. 1, ’22.. 93 % 94% ICauadian 5%5, Nov. 1, ’23.. 93 94 •Canadian 5%5, Nov. 1, '24.. 92% 93% •Canadian ss, Dec. 1, ’25.... 90% 92 Canadian ss, Apr. 1, ’26. 95% 06 Canadian 5%5, Dec. 1, ’27.... 93 % 94% •Canadian 5%5, Aug. 1. ’29— 90% 97 Canadian ss, Apr. 1, '3l 94% 95 •Canadian ss, Oct. 1. ’3l 90% 92 Canadian o%s, Nov. 1, ’33.... 95 96% •Canadian 5%5. Nov. 1, ’34... 92 93% Canadian os, Mch. 1, ’37.... 94% 95 •Canadian 5%5, Dec. 1, ’37... 97% 98% •French (Viet.) Os, Opt., ’31.. 60 61% •French 4s, Opt., ’43.. f 48% -9% French 7%5, June ’4l 94% 94% French Ss. Sept. 15, ’45 99% 100 'ltalian (War) 5s 32 33% Jap (First) 4%5, Fel). 15, ’2o 86% hi 1 /* Jap (Second) 4%5. July 10, ’23 56% 87 Jap 4s, Jan. 1, ’3l 72% 73 Mexico os, Jan., ’45 0,.% oq Mexico 4s, Jan., ’54 39 40 Norway Bs, Oct. 1, ’4O 108% 1% Queensland 7s, Oct. 1. '4l 107% 108% Rio de Janeiro Bs, Oct., '4O. .101 101% Sao Paulo Ss. Jan. 1. '36 101 101% Swedish 6s, June 15, ’39 94% 9o Swiss 5%5, Aug. 1, ’29 95% 96% Swiss Bs, July 1, ’4O 111% Ho Ik K. S'.'.s, Nov. 1. ’22 106% 100% l'! K. 5%5, Aug. 1, ’29 98% 99 U. K. 5%5, Feb. 1, 37.. 93 % 90% Uruguav Bs. Aug. 1, 46 1"3 1 1 '•*% Zurich Bs. Oct. 15, ’45 107 108 •Internal loans. CORPORATION BOND'*. Bid. Ask. Alum. Cos. of A. 7s, Nov., '25 loo's 100% A. Cotton Oil 6s, Sept. 2. ’24.. 94< 95% American Tel. 6s, Oct.. ’22. ...100% IOO'/s Amer. Tel. 6s, Feb.. ’24 99% l'Ki .* Amer. Thread 6s, Dec., ’2S.. 99% 100% Amer. Tob. 7s, Nov., ’22 10(1% 101% Amer, Tob. 7s, Nov.. ’23 101 % 102% Anaconda 6s, Jan., ’29 96% 97% Anaconda 7s. Jan., ’29 loo', 101 Anglo-Am. Oil 7%5, Apr., ’25 102% 102% Armour 7s, July 15, ’3O 101% 102 Atlantic Kef. 6%5. Mch., ’31..103% 108% Bell Tel. of Can. 7s, Apr.. "25..100% 100% Beth Steel 7s, July 15, ’23....100 100% Can. l’acific 6s, Mch. 2. ’21.... 99% I"*'% Cent. Arg. Ity. 6s. Feb . ’27.. 89% 90% (’., K. 1. A I*. 6s, Feb., ’22.... 99% 100 Con. Gas. 7s, Dec.. "22 100% 101 Copper Exp. Bs, Feb. 15, ’22..100 100% Copper Exp. Bs, Feb. 15, ’23.. 101 101% Copper Exp. Bs, Feb. 15, ’24. .102% 103 Copper Exp. Ss, Feb. 15, ’23.. 103% 104 Cudahy 7s, July 15, "23 100% 101 Fed. Sugar 6s. Nov.. '24 06% 97% Goodrich 7s, Apr.. "25 96 % 96% Gulf Oil 6s, July, '23 99% 100% Gulf Oil 7s. Fob . '33 102% 103% Heinz 7s, Dec., ’3O 103 105 Hocking Val. 6s. Mch.. ’24 90% 97% Humble Oil 7s, Mch. 15, ’23 99% 100% Lit. R. T. Bs, Sept.. ’22 90 91% K. C. Term 6s, Nov. 15, ’23 99% 100 Kcnn. Copper 7s. Feb.. ’30..10t% 101% Luclede Gas 7s, Jan.. '29 97 % 98% Libby-McNeil 7s, May, '31.... 99% 99% Natl Leather Bs, Nov. 15. '25.. 95 % 95% Proctor A G. 7s. Mch., '22 100 DIOR. Proctor A G. 7s, Mch.. '23 101% 101% Public Ser. N. ,1. 7s, Mch., "22 100 100% It. J. Reynolds 6s, Aug., "22..100% 100% Seats-Roebuck 7s, Oct. 15, "22 *.is% 98% Sears-Roehuek 7s, Oct. 15, '23 97% 9.8% Sinclair 7'.,5. May 15, '25.... 99 ” 99% Solway A Cie Bs. Oct.. '27..101% 103 Southern Ity. 6s, Mch.. '22 99% 99% S. W. lb'll Tel. "•. Apr., ’25..100% 100% Stand, o, (Cal.) 's. Jan.. ’3l 196% W 7% S. Oil t.V. V.I 7s, Jan.. ’23-’3l 104% lost., S. Oli (N. Y.) 6>..g, May, ’33. .105% 106 ‘ St. Paul Ul> 5%5. Dec. 15, ’23 5;5% 99% Swift 7s, Oct. 15, ’25 100 100% Swift 7s, Aug. 15, ’3l 101% 102 Texas Cos. 7s. Mch. 1, ’23 100% joi% Utah Sec. 6s, Sept. 15, '22 95% 96% Western El. 7s, Apr., ’25 103% 103% Westlnghouse 7s, May, '3l 105% 106 Allied Packer 0s goi.j Atn. Tel. A Tel. 6s, ’25 108% los% Atchison Gen. 4s 85% sot: Bell of Pa. 7m p)s% **,..• Can. Nor, 6%s ‘...107% 107% Can. Nor. 7s Ks% 109% C. B. Q. Gen. 4s ,\o% 87% B. Q.—lll. 3%s 77% 77% C. B. Q. — Neb. 15... 92% 93% C. B. Q. Jt. O'/.s 10*’,i , 107 Chic. & N. W. 6%s 107% ]<%% Chic. A N. W.7s l'G% 106% Col. Graph. 8s 35% 56% Cuban Am. Sugar 8s 103% 102% Du Pont 7%s 105% lop., Fisk Tire Ss 100% 1(H)", Goodyear Ist Ss, '4l 110% 110% Goodyear Deb. Ss. ’3l 99 99% Great Northern 7s I**7% 10n% Grand Trunk 6s 100% 100% Grand Trunk 6%s 102% 103% Grand Trunk 7s 109% 109% 111. Cent. Ref. 4s, '55 82% 82% Inter. Met. 4%s 9% 10% Interboro 5s 55% 5.5% Kelly Springfield Ss 103% 103% L. A N 7s, '3O 100% 107 Mex. Pet. 8s 99% 100% Minn., St. I’. A S. S. M. 6%5..10(*% 101% N. V. Central 7s. *3O 106% 10*5% N. Y. Tel. Ref. 6s, '4l 101% I(r.-% N. Y'. Edison 6%5, ’4l 106% 106% Nor. Pae. P. L. 4s St% 81% Nor. Pac. G. 1,. 3s 60% 61% Nor. I’ac. 6s I*i6% 100% Pan-Am. Pet. 7s 95% 96% Penn. o%s 104% 104% Penn. 7s 106 106% Phllipine 5%5, ’4l 104% 104% St. L.-San Fran. P. L. 4s 69% 69% St. L.-San. Fran. Adj. 6s 71% 72% Seaboard Con 65., 41% 42% Steel A Tube 7s 98% 98% Tidewater Oil tp/.s 103% 100% Union Tank Car 7s 103% 104% f. S. Rubber 7'is .' 104% 104% Vacuum oil 7s 106% 106% Ya. Car Chetn 7%s 95V, 95% Western Union 6%s 106% 306% Winchester 7%s 99% 99%

Local Curb Market I ; (By Newton Toddl —Jan. 3 Am. Hominy com 14 20 Central and Coast Oil 2 Choate Oil Corp % Columbia Fire Ins. Cos 6 714 Comet Auto 1 2' Dayton Rubber Units 51 61 Dietorgraph Prod, pfd 44 D. W. Griffith 8 91% Elgin Motor Car 2 31/, Federal FH*. Cos. prd 7fl g 8 - Fed. Fin. Cos., com 122 129 Gt Sou. Prod. & Ref 5 e Indiana Rural Credits 50 60 Metro. 5-50 c Stores com 6 9 Mero. 5-50 c Stores pfd £0 2 7 National Underwriting 3% 5 Rauch & Lang Units 32 42 Rub.-Tex. Units 15 17 U 8. Automobile units 68 78 U. S. Mtg. Cos. Units 146 kjo BANK STOCKS. Commercial Natl. Bank 71 gj Continental Natl. Bank 109 ijg Indiana Trust Cos 175 leo Indiana Natl. Bank 258 268 Merchants Natl. Bank 280 Natl. City Bank 105 no Security Trust Cos 130 State Savings and Trust.... 91 93 Wash. Bank and Trust C 0... 150 INDIANAPOLIS PRODUCE. Butter—Local dealers are paying, 40® 41c per lb. for butter delivered In Indianapolis. Eggs —Loss off, 47c. Butter—Packing stock, 17c. Poultry—Fowls, lti@23ceprings, 19c: cocks, ll@l2c; stags, 13 C •’ young belt turkeys, 8 IDs. and up, 39c’ young tom turkeys, 12 lbs. aud up, 38c-’ old tom turkeys. 33c; euli thi„ turkeys not wanted; ducks, 4 lbs. and up 16s; ducks, 4 lbs. and up, 18c; geese 10 lbs. and upllc; rabbits, drawn, pt , r dozen $2.50; squabs, 11 lbs. to dozen, $6; young guineas, 2-Ib. size, per dozen, $7 @8; old guineas, per dozen, $5. Butterfat—Loral dealers are paying 42c per pound for all butterfat delivered In Indianapolis. CLEVELAND PRODUCE. CLEVELAND. Jan. 3.—Butter —Extra, in tubs, 46%@470; prints, 47%(b:480; extra (irsts. 45%@4Cc; firsts, 44%f<*45c; seconds. 37<§!37%e: packing stock. 23%@ 24 Vie. Eggs—Fresh gathered, northern extras. 49c; extra firsts, 48c; Ohio firsts, new cases. 45c; old cases, 44e; western firsts, new eases, 43c. Poultry—Live, heavy fowls, 29@30c; spring culls. 23@ 25c; spring ducks, 32c; turkeys, 38@43c. Potatoes—Miebigans, $2.80 for 150-lb. bag; Early Ohios, SI.OO for 120-lb, bag. Sweet potatoes—Jerseys, $2.10 per hamper.

INDIANA DAILY TIMES, TUESDAY,'JANUARY 3,1922.

N. T. Stock Exchange [ (By Thomson & McKinnpri.) —Jan. 3 Prey. High. Low. Close. Close. Allied Chemical. 57% 55% 55% 57% Ajax Rubber... 16% 16% 16% 17% Allis-Chalmers. 39% 38 38% 39% Am. Agrincult.. 31 29% 29% ">% Am. Beet Sug.. 35% 31% :%% 34% Am. Bosch Mag. 36% 35 3,5% 35 Am. Car. A Fdy.l4s 145 145 Amu. Can 34% 32% 32% 34% Am HA L com. 13% 12% 12% 13% Am. H. AL. pfd 59% 58 58% 55% Ain. Ice 82 80 80 82% Am. Internatl.. 41% 39% 39% 42 Am. Linseed... 30% 29% 29% 30% Am. Locomotive.loß% 103% 103% 108 Am. Smt, & Ref. 45% 44% 44% 45% Am. Sugar Ref. 56% 54% 54% 56% Am. Sum. Tob. 34% 33% 33% 33% Am. Steel Fdy.. 33 32% 32% 33% Am. Tel. A Tel. 115% 114% 114% 114% Am. Tob 132% 129% 129% 131% Am. Woolen ... 81% 78% 78% Sl% Atl. Coast Line 84 83% 84 84% Anaconda Min.. 50% 48% 49% 49% Atchison 93 91% 91% 92% Atl. Gulf AW. I. 51% 29% 29% 31% Baldwin Loco. . 98% 94% 94% 98% B. A 0 34% 34 34_ 34% Beth. Steel (B).. 57% 55% 55% 57% Cali. Pete 47% 45% 45% 48 Can. Pac. Ity. 120% 119% 119% 120% Central Lea 31% 30% 30% 31% Chandler Mot... 50% 48% 49 49% C. A 0 55% 55% 55% 55% CMSTP 19 18% 18% 19 CMSTP pfd. ... 32% 31% 31% 32% Chi. A North'wn 03% 02% 62% 03% Chi. R Is Ar. . 32% 31% 31% 52% CRIP 6% pfd. .72 71>5 71% 70% CRIP 7% pfd.. 84% 84 84 ..... Chili Copper ... 16% 15% 1.i% B>% Chino Copper .. 27% 26% 26% 28 Coca Cola 43% 41% 41% 43% Col F. A Iron 25 25 25 25 Columbia Gas . 66 65 65 66 Columbia Gr. .. 2% 2% 2%. 2% Con. Gas 91% 90 90 91 •Cosdeu Oil ... 36% 33% 35% 3*% •Corn Products 95 93 93 97 Crucible Steel . 61% 61 64 00 Cuban Am. S. . 15 15 15 15 Cuban Am. S. . 9 8% 8% 8% Del. A Hud. ..107 106% 106% 107% Del. A Lack. ..117% 117 117 117% Erie 10% 10% 10% 10% Enilicott 78' 1 75% 75% 78% Famous I’layers 78% 75% 75% 78% Fisk Rub. C 0... 12% 11% 12% 12 , Gen. Asphalt.... 65% 61 61% 05% Gen. Cigars '*B 67% 67% —.. Gen. Electric.. .140% 137 137%, Gen. Motors 10 9% 9% 10 Goodrelh 36% 35% 55% 30% (Jt. North, pfd.. 73% 7.3% 73% 73% Gulf States Stl. *7% 45% 45% 46% Houston Oil 76 74 74 , <*% Haskell Barker. 78% 76% 76% *J Illinois Central. 98 97% 97% Inspiration Cop. 4n 58% 58' s 40% In vine. Oil 11% )3% 13% U% Indiahoma 3 s 3’s s;s ..... Inter, llarv 8! % 79% *9% 83 Inter. Nickel.... 12 11% IP’s JJ.) Inter. Paper 52 50% 00% S-j I si. Oil A Tran. 2 s 2% -% - " Kan. C'ty 50... 23% 23 -•%* K.-lly-S, g. Tire 43', 36% 36% 43% Kennecott Cop.. 26% 20% '-j'j Larkn. Steel 46% 45 43 • • Lehigh Valley.. 57% *>o% 06,'s •'* Lee Tires 2*% ~* ’** - ‘ I,o*-ws, liie 13V, !• L' s 1;> ' I,of Candy 9% 9% •% •J - Marine com H’ j u ; , !■*% 1UMarine pfd 65% 62% 62 j Mav Stores I"* 1 ,* 30* 1"7 1" 1 Max. Motor (B) 14 13 13 13% Maryland Oil 27 25% 25% 20% Mex. Petroleum 313% 108% 1094s 113% Miami Copper.. 27% 27% 27", •••• Mi*ldie S. 0i1... 13% . 12% 12% 13% Midvale Steel... 2*% 27% 27% 27% Missouri l’ac.... 17% 17% 17*, 17>* Mo. Pac. By. pfd 45% 45 45 45% Nat. E. A )Jtamp 3*% 31% 31% •"• ;l * Nevada Con. Cop 15 14% 11% 35% N. Y. Air Brake 58 58 58 .... New Haven 15.% 12% 12% 13 Norf. A West.. 9*1% 96’i 96% 97% North Pacific.. 77 76 76 %% Pacific Oil 47% 45 45 47% Pure Oil 38% 35% 35% 38% Pan.-Am Petrol. 52% '•*>% 49% Vs: Penna. Ry 34 33% 33% 33% People's Gas... 62 60 60 62% Pierce-Arrow... 13% 13% 13% 13% Pierce Oil 11% 11% 11% 12 Pittsburgh Coal 03% 62 62 03 I’rsd. Steel Oar 6:. , 64 *0 I'lmii. Pal Car. 107% ltt% I'h; Iv, Ity. Steel Spg.s. 93% 96% 90% 99% Ray Copper 14% 11% ID, 15% Reading 72% "1 % 71% 72% Rep. Irn. A Stl. 52 1 *. 50% •'* 51 I’epiogle Steel.. 26’, 26 26 27% Ryl. Dell. N. Y. 50% 49% 49% 50% Sears-Roebuek.. 6-1% *’> 1 61’, 64 Sinclair 21% 19% 19% 21% Stewart-Warner 25 25 25 24% South. Pae 79% 7'*% "4% 7s , Southern Rv. . ls% 1-% is% 18% Stand. Oil Call. 98% 93% 93'*, '.'>% Stand. Oil. N. J. 179 171 171 1>2% S. 1,. AS. F. Cos. 21% 20% 20% 21 Stroinberg Car. 39 30\ .">7 37 Studebaker .... 81% SO-s 81 83% Tex. Coal A Oil 26% 23% 23% 27 Texas Cos 45% 43% 432* 46% Tex. A Pac. .. 26% 25% 25% 26', Tob. Prod 63% !% •’■>% 63% Trans. Oil 11 10 10 10% Union oil 18% 17% 17% 1 s 1 Union Pacific .126% 126% 125', 126 Unf. Ret. Stores 52% 50% 50% 52 U S. F I’. Corp. 10% 9% !•% 10 United F. C 0... 323% 120% 120% 123% .United Drug 72 70% 70', 72 I'. S. In. Alcohol 40 38% 38% 40 U. S. Rubber 54% 52 52% 54% l’. S. Steel 80 , 82'8-_>r, s so; U. S. Steel pfd. 114% 310, 114', 115 Utah Copper . 63% 61% 61 % 63% Vanadium Steel 31% 30% 30% 31% Vir-Car. Chem .. 28* 28' .. 2-' 1 ; 2s Wabash •'.% 6% * <i% Wabash Ist pfd. Co> . 20'i 20' * 20'* White oil 10% *l% ion. West . Klee 50% 49' , 4*o, r<*, White Motors... 40 38% 35% 3914 Willvs Overland 5% 5% 5' s s'*. Wilson ACo 28% 28% 28% Worth. Pump... 45% 4,3% -'5% 45% Woolyvorth 140 139 1 40 1 39% West Pac 17% 17% 17% 16% Wis. Central 25% 25% 25% .... •Ex-dividend.

Weather The following fable shows the state of the weather at 7 a. nr. .lan. 3 as observed by U. S. Weather Bureaus: Station. Bar. Temp. Weather Indianapolis, Ind,,. 29.94 42 Cloudy Atlanta, Ga 30,34 36 Clear Amarillo, Tex 29.70 44 PtCldy Bismarck. N. D. .. 30.04 50 Cloudy Boston, Mass 30.20 8 Clear Chicago. II! 29.82 3(1 Clear Cincinnati, 0 30.04 42 Cloudy Cleveland. 0 29.96 34 Cloudy I Denver. Colo 29.66 2k Snow Dodge City, Kan. . 29.70 3,8 PtCldy Helena, Mont 30.00 16 PtCldy Jacksonville, Fla. ...30.36 50 Clear Kansas City. M 0.... 29.72 50 Clear Louisville, Ky, ... 30.06 44 Cloudy Little Rock, Ark... 30.02 52 Rain Los Angelas, Cal... 29.82 50 Clear Mobile, Ala 30.26 48 PtCldy New Orleans, La... 30.20 58 Cloudy New York, N. Y. . 30.32 12 Cloudy Norfolk, Va 30.38 26 Cloudy Oklahoma City .... 20.82 56 Cloudy Omaha, Nob 29.74 30 Clear Philadelphia, Pa... 30.32 18 Cloudy Pittsburgh, Pa. ... 30.08 32 Cloudy Portland, Ore 30.0,8 36 Cloudy Rapid City. .8, D.. 29.90 26 Cloudy Roseburg, Ore. ... 30.06 34 Cloudy San Antonio, Tex.. 29.94 62 Cloudy San Francisco, Cal. 29.94 44 Clear St. Louis. Mo 29.86 46 Cloudy St. Paul, Minn 29.76 30 PtCldy Tampa, Fla 30.34 28 Clear Washington, D. C.. 30.30 24 Cloudy WEATHER CONDITIONS. Since Saturday a barometric depression lias moved ia from the northwest, and now extends In the shape of a trough from Lake Superior south westward over lowa and Kansas to the southern Korky Mountain States, with a pronounced ecu ter In the latter region. Southerly winds in its front have eaused decidedly warmer weather from the Great Lakes to (he Gulf of Mexico, with cloudy and unsettled conditions. Temperatures are above freezing in the central valleys as far north as middle lowa and southern Michigan, but readings below- zero are again reported from middle-western Canada, the lowest being 20 degrees below- zero at Battleford. Sas. Scattered snow flurries have occurred in the northern Rocky Mountain region, aud ruins to the southward and westward. At 7 p. m. Monday a snow coxer of from 3 to 11 inches lay over most of the northern border States, with patches as far south as northern Illinois and southern Michigan. —INDIANA HIGHWAY’S— Abundance of sunshine and absence of precipitation improved highways somewhat. but freezing weather was unfavorable. In southern districts all highways except the more improved are i 1 poor to bad condition on account of recent washing and ox-ertiow, and some stretches along the Ohio River are closed In other portions of the State improved highways are mostly- good, while unimproved are fair to poor. J. H. ARMINGTON, Meteorologist, Weather; Bureau.

SWINE VALUES RULE STEADY Good Heifers and Steers Strong—Calves Lower. •* RANGE OF HOG PRICES. Good Good Good Dec. Mixed. Heavy. Light. 24. $7.65 $7.85 $7.50@ 8.00 27. B.lo® 8.25 7.85® 8.10 8.35® 8.50 28. 8.35® 8.65 B.lo® 8.25 8.25® 8.90 29. 7.05® 7.85 7.50® 7.65 7.850 8.25 30. 7.25® 7.50 7.00 7.85® 8.25 31. 7.25® 7.60 7.00 7.85® 8.25 Jan. 2. 7.25® 7.60 7.00® 7.50 B.oo® 8.2 b 3. 7.50® 7.75 7.00 3.00® 8.25 With fresh receipts around 5,000 and 2.000 held over from the opening market of the new year, the principal local packers displaying only a fair demand and the demand of the shippers good, swine prices were generally steady in trade on the local live stock market today. There were a few sales of_ swine, however, at prices that, were 25 cents lower than the top price of the market of the previous day, while there also was a similar number of sales of heavy swine at slightly higher prices early. Interest slackened some after the opening hour of trade, but practically all the receipts had been sold before the close of the forenoon. Light: swine sold at SB(JS.2S: pigs at about the same range; mixed and medium swine at [email protected] and heavies at £7%E.50. The bulk of the rales for the day ranged at [email protected]. Trade in cattle was fairly active, with the packers showing fair demands, and prices ruled steady to strong generally. There were, however, a few safes of good steers at prices that were 10 to 15c higher and a similar number of sales of good heifers at values that were about 10c above the level of the previous day's values. Bulls were in fair demand at steady prices as were cows, canners and cutters. Receipts for the day ran close to 700 and 'be bulk of the cattle were of medium *0 fair grades. Ca.'.os were 50c to £1 lower, with receipts approximately 500, the quality fair to good and the demand poor. There was a top of §12.50 on choice veals early in the trade, but before the close best calves were selling at around £11.50%; 12. The bulk cf the choice veals brought 111® 11.50. Sheep values were steady and lambs steady to 50c higher, with receipts extremely light at 150, the quality good and the demand fair. There was a top of £l2 on choice lambs. HOGS. Best light hogs, 150 to ISO lbs average £ S.oo® 8.25 Over 300 lbs 7.*)0 1.10 to 300 lbs 7.00® 5.25 • s <ws 5.50® 6.00 Stags 4.00® 5.00 Best jiigs, under 140 lbs K‘tO® 8.1:5 Bulk of sales 7.3*5® 7.75 Tops 5.25 —tattle — Prime comfed steers, 1,300 to 1,800 lbs 7.25® 8.50 Good to choice steers, 1,300 to 1.300 lbs 6.00® 7.00 Good to choice steers, 1,100 to 1,200 lbs 5.50® 6.00 Good ;<> choice steers, 1,000 to 1,100 lbs 5.00® 5.50 Common to medium steers, i>oo to 1,000 lbs 4.50® 5.00 —tows and Heifers— Good to choice heifers 5.50® 8.00 Medium heifers 4.06® 5.00 Common to medium heifers.. 3.3065 5.00 Good to choice cows 3.00® 5.25 Fair to medium cow* 1 no® 2.59 ('litters 1.50® 2.25 Canners .504/ 1.50 —Hulls— Good to choice butcher bulls. 3 00® 425 Bologna bulls 2.50® 3.00 Light bologna bulls 2.60® 2.50 Light to common bulls 2.00 —Calves— Choice veals ll.no® 12.00 Good veals 10.06® 11.uo Medium veals 8 o*l® 900 Light weigh t veals 7 00® 8 IM Common to heavyweight veals 4.no® 7.00 —Stockers unit Feeders— Good to choice steers under 800 llis 4.50® 4.73 Medium cows 2.00® 3.50 Good cows 3 50® 4.25 Good heifers * 5.00® 650 Medium to good heifers 4.00*u 4.75 Milkers 37.00® 75.00 —Sheep and Lambs— Ewes I.oo® 3.00 Lucks 2 60® 2.50 Good to choice lambs 8 so® 12.011 Seconds 0.50® 8.50 Buck lambs 5 50® 6.75 Culls * 4.00® 5.00 Other Livestock CHICAGO, Jan. 3 Hogs—Receipts, 25,000; market, barely steady to 15 cents lower; lights and light butchers off mostly; bulk of sales, §6.759/7.35; top, £.4.25: heavies, $6.65®6.90; mediums, £6.80 617.25; lights, $7.15® 7.20; uigbt lights, §7 864/,8.25; heavy parking sows, smooth, £5 755/ 6.35 ; packing sows, roughs. £5.50® 5.75; pigs, ?7.50'r/8 25. Cattle - Receipts. 7.600; market, steady to 25 cents lower; I/* f steers, strong to 25c higher; other grades, steady. Beef steers, choice and prime, £8 sO'*/10; medium and good, $8.50 /(/9; good and choice, §8.256/10; common 'nd medium. $5.00®8.25. Butcher cattle— Heifers, £3.60® S; cows, $3.35®0.25 ; bulls. S3 75®0. ('aimers and Cutters—Cows and heifers, £[email protected]; catincr steers, s3®4;

“And When the Weather’s Dry We Cultivate More Intensively” Said a “Go-Getter” Whether it be to buy or sell, to rent or to serve TIMES readers are in the market for every attractive proposition. Not far from you, Mr. Advertiser somebody’s going to have a good business crop—but he’s not waiting for the heavens to shower down a rain of orders, or prospects. He is bringing out results by cultivating the field of possibilities more intensively. If your offering is good, TIMES READERS will buy it. They number approximately 50,000 families of the class which has not only the inclination, but also the means to secure what they want. Why not address this offering to them. You cannot reach them except through the TIMES. Call Main 3500—Classified Department and—- “ Say It With a Times Want Ad”

veal calves, $6.50@9; feeder steers, ss@ 6.50; stocker steers, §[email protected]. Sheep and Lambs—Receipts, 15,000; market, steady to strong; fat lambs, strong to 25c higher; good to choice lambs, £10.50 @11.75; cull and common lambs, [email protected]; yearling wethers, [email protected]; ewes, §3.75® 6.25 cull and common ewes, §[email protected]; feeder lambs, §9® 10.75. CINCINNATI, Jan. 3.—Hogs—Receipts, 2,700; market 6teady; heavies, §8®,8.25; mixed, §8.25; mediums, [email protected]; light and pigs, §9; roughs, §6; stags, £4.25. Cattle-Receipts, COO; market steady; bulls steady; calves, $12.50. Sheep and lambs— Receipts, 400; market strong; ewes, £l@4; good to choice lambs, [email protected]; seconds, §8; culls, [email protected]. PITTSBURGH, Jan. 3. Hogs—Receits, 800; market, steady; prime heavies, §7.73@8; mediums, §5.75@9; heavy yorkres,£B.7s@9; light yorkers, §8.75@9; pi# s, £8.75@9; roughs, $5<&6.25; stags, $3 @4; heavy mixed, £[email protected]. Cattle— Receipts, 1,000; market. 25 cents higher: choice, §8®8.50; prime. $7.50@8; food, £7 (3.8; tidy butchers, £6.50®7; fair, s6@7; common, SG®;O.SO; common to good fat bulls, $3.50® 6; common to good fat sows and springers, $50@85; veal calves, £l3; heavy and thin calves, §s® 10. Sheep and lambs Receipts, 300; market, steady; prime wethers. $5.50@6; good mixed, ss®, 5.50; fair mixed, [email protected]; culls and commons, £2@U; choice lambs, $12.25. CLEVELAND, Jan. 3.—Hogs-Receipts, I, market, strong; yorkers, $8.75; mixed, $8; mediums, £8; pigs, £.875; roughs, £5; stags, $4. Cattle—Receipts, 350; market, steady; good to choice steers, [email protected]; good to choice heifers, §4.75® 5.75; good to choice cows, £3.25® 4.25; fair to good cows, £[email protected]; common cows, $1.25®2.25; good to choice bull i, §3.75®4.75: milkers, $50®99. Sheep and lambs Receipts, 500; market, steady; top, £l2. Calves —Receipts, 100; ’market, steady; top, £l2. EAST BUFFALO. Jan. 3.—Hogs—Receipts, 4.000; market. slow; yorkers, $8.50® 8.75; pigs, £8.75® 9; mixed, sß® 8.50; heavies, §8; roughs £5.75® 6; stags, $3.50®:4.50. Cattle—Receipts, 300; market, steady. Calves—Receipts. 200; market, active; roll to choice, §6®, 14. Sheep and lambs— Receipts, 2,200; market, slow; choice iambs. §l2®. 12.25; cull to fair, §7® 11. yearlings, [email protected]; sheep, s2® 6.50. EAST ST. LOUIS. Jan. 3—Hogs—Receipts, 9.000; market, 15 to 25 cems lower ;mixed and butchers, £[email protected] good heavies, §7.35®j7.05; roughs, $5.85 ® 0.25; lights, £[email protected]; pigs, $7.50® 8.50; bulk of sale i. $7.50®8. Cattle —Receipts, 3,600; market, steady; native beef steers, s7® 8; yearling steers and heifers, $7.50® S; cows. £3.50®,5.30; Stockers and feeders, $3®)5.60; calves, $2.50®. 11; canners and cutter j. $2.23®,3.25. Sheep and lambs—Reeeips. 2,200; market, steady; mutton ewes, [email protected]; choice lambs, £ll @11.50; canners and choppers, £[email protected].

Local Stock Exchange —Jan. 3 STOCKS. Bid. Ask. Ind. Ity. .* Light com 00 Ind Ity. A Light pfd 73 ludpls. A S. E. pfd * ... 60 Tudpis. A N. W. Pfd 60 Indpls. St. Ry 29 45 .. T. H„ T. A L. pfd 61 T. U . 1- A E. com T. H., I. A E. pfd 12 11. T. of Ind. com ... 11. T. of Ttul. Ist pfd 7 U. T. of Ind. 2d pfd 2 Advance-Kumely com..' Advnnce-Rumely pfd *.. Am. Creosotiug pfd 92 Am. Central Life 150 Belt It. R. coin 60 70 •Belt K. R. pfd 45% ... Century Bldg. Cos. pfd 92 ... Citizens Gas Cos 25% ... Dodge Mfg. Cos. pfd 88 ... •Home Brewing * 43 ... Ind Hotel con 85 *.. •Ind. Hotel pfd 95 ... Indpls. Nat. Ins. Cos 3% ... Ind. Title Guarantee Cos 71 Ind. Pipe Lines Indpls. Abattoir pfd 41 50 •Indpls. Gas 43 50 Indpls. Tel. com * 2 ... Indpls. Tel. pfd ... •Mer. I*ub. Util, pfd 48% ... Natl. Motor Car Cos 1 3 Bub. Sav. Ins. Cos 4% ... Ranh Fertilizer pf*l 43 Stand. Oil of Indiana 88 Sterltng Fire Ins. Cos 7 8 Van Camp Hdw. pfd ... 100 Van Camp Backing pfd 100 Van Camp Bred. Ist pfd.... ... 100 Van Camp l’rod. 2d pfd 100 Vandalia Coal Cos. com < ... 3% Vandalia Coal Cos. pfd * ♦ 8 Wabash Ry. com ... ... Wabash Ry. pfd BONUS. Broad Ripple 5s 55 ... Citizens St. Ry. 5s 70 Indian Ck. Coal anil Mine 100 Ind. Coke A Gas 6s 83 89 Indpls. C. A S. 5s 91 Indpls. A Martinsville 55.... 56% ... Indpls. North. 5s 37 43 Indpls.. AN.W. 5s 49% 53 Indpls. A 8. E. 5s 45 Indpls. 8. A E. 5s 75 Indpls. St. Ry. 4s 54 64 Indpls. T. A T. 5s * 74 79 T. H„ I. A E. 5s 50 XT. T. of Ind. Cs 46 51 Citizens Gas 5s 81 91 Indpls. Gas Cos 81 91 Kokomo M. A W. 55......... 81 91 Ind. Hotel Cos 2d Cs 95 Indpls. L. A 11. Os 81 90 Indpls. Water Cos. 5s 92 100 Indpls. Water Cos. 4%s ...... 75 ... Mer. IU A I*. 5s 96 99 New Tel. Ist 6s 94% ... New Tel. L. D. 5s 93% ... Sou. Ind. Bower 5s 88% •Ex-dividend.

GRAINS SUFFER SHARP DECLINES Chicago Bank Merger Said to Be Chief Factor. CHICAGO, Jan. 3.—Wheat sustained sharp declines on the Chicago Board of Trade today. Brices fell off more than any time in weeks. Other grains and provisions fell, also, but not as heavily as diil wheat. Announcement of a Chicago bank merger was attributed as the cause of the slump. May wheat opened at $1.14%. off %c. and closed off 6%c. July wheat opened at $1.03%, off %c, and closed 5%e lower. May corn opened at 53%0, off %r. and closed off %c. July corn opened at 54%c, off %c, and closed off l%c. May oats opened at 38%c. off %c and closed l%c lower. July oats opened at 39%c, off %c, and closed %c lower. (By Thomson A McKinnon.) —Jan. 3. IVheat—A number of developments in financial matters have brought to the surface a very poor milling and export demand for esh wheat anil have emphasized the fact that the Investor had been carrying the load. Because of this and because of disgust with the action of the market, liquidation In considerable volume has been seen today. Values have been unusually sensitive to the liquidation .because of the nbsence of demand for the cash grain and because of the timidity of investors. Liverpool prices have displayed strength, which Vas gathered from small supplies and from the fad that plate wheat is not pressing for sale. However, there is 110 urgent demand for North American wheat front any source, today’s sales being estimated at 300,000 bushels. An increase in the visible supply, although Insignificant in size, was effective in shaping prices because it is concrete evidence of the poor outlet for cash wheat existing at the moment. Stocks of wheat in Kansas City arc very close to the largest amounts recorded since the first movement of the crop. With Investors timid, with exporters and millers apathetic, the market. is in need of something quite radical to steady values, to say nothing of advancing them. Corn and Outs—The weakneis in wheat has naturally been reflected in corn and oats. Further than this the domestic distributing demand is very poor and the export inquiry for corn is less urgent. ! Offerings of corn from the country have I been Ellghtly Increased, presumably a; ' a response to the reduction in freight ! rates. The grain corporation will be In the market tomorrow for corn for Russian relief purchases, but the volume of this business will li3ve to be very large if the Increased movement from the country Is to be overcome. I’rovisions —There is an absence of any particular interest In the provisions list, but the healthiness of the situation is typified in small deliverie* on January contracts and a rather brisk demand for hogs from shippers.

CHICAGO GRAIN TABLE. —J an. 3—— WHEAT— Open. High. Low. Close. May 1.14% 1.14% 1.07% I.OS July.... 1.06% 1.03% .97", .98 CORN— May 53% .53% .52 .52% ; July 51% .51% .53% .53% OATS— May..., .38% .38% .37% ."*% July 38% .38% .38 .38 EOUK—•Jan 14.80 LARD—.Tan .... 870 8.70 860 8.60 May..., 9.07 907 8.97 8.97 Jan 7.75 7.i5 ~67 ~7 May.... 7.93 7.95 7.80 7.50 RYE— Mav.... .SS .88 .82% .82% •Jnly "6% • •Nominal. CHICAGO CASH GRAIN. CHICAGO, Jan. 3.— Wheat—No. 2 red. $1.12% : No. 2 hard yellow. [email protected]%: ; No. 4 hard, £1.01%; No. 3 hard yellow. $1.03%; No. 1 mixed, §1.04. Corn —No. 2 mixed, 46%®47c; No. 2 white. 47c; No. 2 yellow, 46%®47V4c: No. 3 mixed, 45'-)® 46%c; No. 3 white and No. 3 yellow. 45® 46%c; No. 4 mixed, 44®45%c: No. 4 white, 4t®'4sc; No. 4 yellow. 44®45%c. J Oats—No. 2 white. 35@3*W,c; No. 3 white. 32%@34c; No. 4 white. 32%0. TOLEDO GRAIN TRICES. TOLEDO. Jan. 3—Wheat Cash. $1.13® t. 16: May. £t.lS: July. £1.64. Corn—Cash, 56®51c. Oats—Cash. 39@41c. Rye—Cash, S3c. Barley—Cash 61c.” INDIANAPOLIS CASH GRAIN. —Jan. 3 Bids for ear lots of grain and hay at the call of the Indianapolis Board of Trade were: Wheat—No sales. Corn—Easier: No. 3 white. 48%®49'Sc: No. 4 white, 47%@48%ct No. 3 yellow, 47%®?48%r: No. 4 yellow, 46®47%0; No. 3 mixed, 46%@47%c; No. 4 mixed, 45'-. @l7c. Oats—Easier: No. 2 white, 36®37%e; No. 3 white, 35®.360. Hay—Steady : No. 1 fimothr, £17.50® 18; No. 2 timothy. £17®!17.30; No. 1 light clover mixed, £16.50® 17; No. 1 clover, £l9® 20. —lnspections Wheat—No. 3 red. 1 car. Corn—N>>. 3 white, 14 cars; No. I

■aT U. S. Automotive Stock SELL See Curb Market 4*5 LEMCKE BLD3. * XJUU

4 white, 12 ears; No. 5 white. 1 car; No. 1 yellow, 1 car: No. 2 yel low. 2 cars; No. 3 yellow, 10 cars; No. 4 yellow, 20 cars; No. 5 yellow, 7 cars; No. 6 yellow, 5 cars; No. 3 mixed. 3 ears; No. 4 mixed, 3 cars; No. 6 mixed, 2 cars; total, 80 cars. Oats —No. 2 white, 5 cars; No. 3 white, 13 cars; No. 4 white. 2 ears; sample white, 2 cars; total, 20 cars. Hay—No. 1 clover mixed, 1 car. PRIMARY MARKETS (By Thomson A McKinnon.) —RECEIPTS— Wheat. Corn. Oats. St. Joe 13.009 18.000 Chicago 27.000 531.000 230.000 Milwaukee .. 7,000 152.000 108,-00 Minneapolis ~ 247,0'i0 149,000 40,000 St. Louis ... 114,00*) 217,000 96.000 Toledo 8,000 11.000 4.000 Detroit 12,000 24,000 16,000 Kansas City . 304.000 69,000 26.000 I’eoria 5.0*) ti2.0(!0 58.000 Omaha 38.000 265,000 30.009 Indianapolis . 4,000 60,000 30,000 Totals 779.000 1,558,000 638.000 Year ago ... 503.020 1,223,000 364,000 —SHIPMENTS— Wheat. Corn. Oats. St Joe 9.000 10,000 Chicago 6,000 168.060 107/000 Milwaukee .. 3.600 105,000 21,000 St. Louis ... 32,609 83.000 133,000 Toledo 4.000 Detroit 2.000 60.000 Kansas City . 144.<H) 11,000 14,000 Peoria 2,000 138.000 24.060 Omaha 17,000 59.000 8,000 Indianapolis 58,000 12.000 Totals 262.000 726,0(0 357.000 Year ago .. 668,000 356,000 373,000 —CLEARANCES— Wheat Corn. Oats. New York .. 623.600 Boston 99.000 ...... Philadelphia . 160,000 47.000 Baltimore 495,000 , •••••• Galveiton ... 80,600 ...... Totals 962,000 542,000 Year ago .. 394,000 140,000 HAY MARKET. The following are the Indianapolis fp rices for hay by the wagon load, dei.c.ed: Hay-Loose timothy. £16.00;® 17; mixed hay, £ls///16; baled hay. ,£17®.18. Oats—Bushel, new, per bush**l, 32®35c. Corn —Old, per bushel. 54@60c. A Dividend : Every Month in the Year Three GROUPS of three I stocks each. S3OO will se- | cure the purchase of ten | i shares of any group. This investment returns | S4B: or 16%. Stock may | be carried on margin until f paid for or sold. The era of high return is rapidly | passing, due to the consistent strength | seen in the security market. We place this opportunity befor® t yon in detail in our NT-SG. 1 Write or ’phone for a copy. E. W, Fuller & Cos. • hdemben cf j CoasoihUted Stock Exchange 6f U. T. 50 Broad St. New York Chicago Cleveland Philadelphia Boston Newark Pi tsburgh 1 (Direct Private Wires) Good Investments, MA in 4551, / f Indiana \ \ Ifei Price 81J4 y/ Yield 8.25'.0 fitj 2nd Floor Fletcher American Bank Bldg. Indianapolis.