Indianapolis Times, Volume 34, Number 203, Indianapolis, Marion County, 4 January 1922 — Page 12

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HEAVY SELLING BRINGS SMART MARKET SLUMP Declines Held Largely Due to Technical and Psychological Causes. COTTON, GRAINS SLIDE Special to Indiana Daily Times and Philadelphia rublie Ledger. By MONITOR. NEW YOUK, .7an. 4—lt should not lio difficult to analyze the causes of the byeak in the stock market, or all markets for that matter, as commodities, including cotton and the grains, were fully ns unsettled ns securities. Undoubtedly many traders who had profits on the long side of the market had deferred taking them in order to postpone tax payments for another year. Profits that had accumulated throughout the gradual rise since last September, were made the subject of heavy Selling at the outset of 3022. There were influences that accelerated this operation, which otherwise might have been n rather leisurely process. One was the disclosrfre of the Chicago banking situation, which resulted in the taking over of business of the two Ft. Dearborn institutions, the bank itself being one of the most important in Chicago, and closely allied to-the grain trade. The situation is cleared up. but the most informative announcement to this effect did | not come out until after the close of the market. The cut of SO cents per barrel in the price of oil shares, particularly as the accompanying statement was made thftt oil supplies as a result of domestic production and importations from Mexico . were getting rather large. Still later in the day came the passing of the stock dividend on Kelly-Spring-tield. The announcement was made at a time when the market was most vulnerable. Kclly-Springfleld broke very sharply amt heavy selling developed throughout the rest of the list. Meantime, wheat and cotton were breaking badly. Cotton slumped from the opening level, and . wheat declined over 7 cents per bushel, j It would be profitless to single our either the groups or the individual issues that responded most readily to the day’s pressure. Oils, equipments, motor and tire stocks, steels and specialties shared about equally in the break. After the close the sober comment on the market was largely to the effect that the decline had been due to technical causes accentuated by certain elements of market psychology. While it is f*'.. j hat the break may go further, it Is pointed out that public holding of securities are relatively small, thus making the market narrow anil liable to a sudde.i change of front. There was some ill informed gossip to the effect that the failure of a large wire and commission house last week may have precipitated the decline. but it may be stated without Qualification that the ramifications of this event are in nowise responsible for the . developments. —Copyright, 1022, by Public ; Ledger Company. WALL STREET GOSSIP BY MONITOR. | The year was ushered in on the New j York stock exchange by a series of un- j favorable developments which brought L sidling/in large volume into the general klist. That prices did not decline more the large short interest out’.‘Hßg in many issues. As it was, from one to five points were disthroughout the list. V Announcement ovpr the holidays of the Hanking situation in Chicago came not Winly as an unfavorable surprise. but %as accompanied by heavy sales for Chicago account. As prices declined tha usual sinister rumors were in circulation atid even the denial of the involvement of any New York banks in tk. Chicago situation failed to curb the activities of the rumor mongers. Not until the market hail closed did the RclnbVls statement appear on the news tickers, n statement which sets at rest any question as to the Fort Dearborn situation being other than wholly local. Pennsylvania crude oil prices were cut Isoc per barrel, directors of the KellySpringfield Tiro and Rubber Companypassed the .1 per cent stock dividend due on the common, there were unfavorable reports of the action to be taken by Ihe General Motors directors at their meeting this week, and a considerable quantity of profit taking all of which combined to bring an unusual amount of selling pressure into the day's trading. Domestic oil production is at the rate of about 1,400,000 barrels daily. Mexican production is approximately 000.000 barrels daily. President Benson of the Tidewater Oil Company said that the reduction is to bring the price of Pennsylvania crude In line with that of Mid-Continent Held. He said that, demand does not now absorb the daily output, and either a restriction of output or an increase in demand must result if prices are to remain at their present level. The motor stocks were the strong features of the early market, Studebnker making anew high above 84, and Chandler Motors getting within a fraction of 51. Before the end of the day the former had lost nearly four points from its high and the latter about two. Buying of good character was in evidence in these issues. Firms which have been anil are large buyers express the opinion that this coming year will be comparable to ltllD in the market for motor stocks. While Mexican Petroleum and some of the minor oils were heavy in the early trading there was no pronounced weakness until toward 11 o’clock when the Kelly-Sprltigfield directors acted cn the dividends of the stocks of that company. The regular 82 quarterly payment was authorized on the preferred, but the 3 per cent payment in stock on the common stock was passed. Then the oil stocks broke badly ns did the tire and rubber stocks, Kelly-Springfield losing nearly 7 Foints in a precipitate decline. With acute weakness in these two groups, liquidation came Snto the steels anil steel industrials resulting in losses of 2 to a points. AVhile little has been heard of the much discussed steel merger recently, a banker who is identified with the proposal said that the work of taking inventory of the raw materials of the several companies is in progress and probably %\ .1 lie finished within a few weeks. Plant and equipment valuation is well known, anil it is probable that a more definite statement than has yet appeared will lie made public soon. It is understood that the companies which probably will compose the new combination are Midvale Steel and Ordnance. Republic Iron and Steel. Lackawanna Steel and possibly one or two smaller companies. It is understood that financial plans are being worked out tentatively on the basis of $159,000,00:) capitalization. Baying of an excellent, character was reported in American Wool on a scale down. Reports from Boston indicate that the raw wool market is holding it! recent advance, and there Is little inclination on the part of dealers to present quotations. The company will have Its seasonal opening the latter part of this month. it is expected that this will give a clear indication of the business outlook for the first six months of the year. Directors of the American Shipbuilding Company have approved the plan In increase the capital stock from 87,000,000 to $15.500.0;i0 to declare an extra dividend of 20 per cent on the present outstanding stock, and to sell to stockholders at par all of the authorized Increase, tlit? fulfils from which will be used to retire at par a like amount of 7 per cent preferred outstanding. In ease all of the new stock is not sold for cash, it is proposed to exchange the remainder for the preferred, share for share. Railway steel springs made n new high for the present movement at 00%. thereby substantiating the predictions of a week ago that the price would cross that of Baldwin. The stock sold off very sharply on a break in the afternoon.—Copj--ticht. 1922. by Public Ledger Company.

N. Y. Stock Exchange [ (By Thomson & McKinnon.) —Jan. 4 l’rev. | High. Low. Close close. Allied Chemical 51 j% 55% 50% 55% Ajax Rubber .. 10% 10% 10% 10Vi Allis-Chalmers.. 38% 57% 38% 38’% Am. Beet Sugar 35% 03 35% 31% A. B. Mag. C 0... .45 34Vi 04% 55% Am. Car & F.. 145 144 145 145 Am. Can 03% 32% 33 32% Am. 11 &h. com 13% 12% 13% 12% Am. 11. & L. pfd 59 58 59 58% Am. Ice 81 79 81 80 Am. In. Corp... 40% 38Vi 40 39%* Am A.inseed .... 50% 30 30% 29% Am. Locomotive 105% 103% 105 105% Am. .Smelt. & It. 44% 43% 44% 44% Am. Sugar K... 58% 54% 58% 54% Am. Sum. I’. Cos. 33% 02% 33% 33% Am. Steel Fd.... 32% 32%. 52% 32% Am. 'Tel. A Te 1.114% 114% 114% 114% Am. Tobacco... 130% 130% 131 129% Am. W001en.... 79% 78% 79% 78% Atl. Coast Line. 83'% 817% 85% 94 Anaconda Min.. 49% 48L, 48% 49% Atchison 92% 91% 92%. 91% Atl. Gif. &W. I 30% 29% 30% 29% Baldwin Loco.. 95% 93% 95% '91% B. tv 0......... 34% 54 .74% 51 Beth Steel (B). 50% 55% 50% 50% California Pete. 40 44% 40 45% ■ Can. Pac. 1iy..119% 119% 119% 119% Central Leather 30% 29% 30% 30% Chandler Motors 49% 48% 49% 49 C. & 0 55% 55 55 % 55% C„ M. & St. P. 18% 18% 18% 19% CM ASt P pfd.. 32% 51 32% 31% Chi. & Nw 03 02% 05 02’j C.. 11. 1. & 1*.... 31% 31% 51% 51% Cn I& POpcpf 71% 70% 71 71% CUI&P 7pc pf 84% 84% 81% 84 Chili Copper... 15% 15% 15% 15% Chino Copper... 27 20% 27 20% Coca Cola 42Vi 41% 42% 41% Col. Fuel A Iron 25 24-% 23 25 Columbia Gas... 05% 64% 05 04 C’., C., C. Sc St.L. 54% 54 54 Consol. Gas 90% r9O 90% 90 Contiu. Can 40% 45% 40 47 Cosden Oil 34 05 34 53% Corn Prd nets... 93% 91% 93% 93% Crucible Steel... 05% 04% 05% 04 Cub. Am. Sugar 15% 15% 15% 34%. Cuban Cane Sag 9% 8% 9 8% Del. A Hudson..ll9% 118 119% '<'>% | Del. & Lack.... 108% 100% 10S% 117 \ Erie 10% 10% 10% 30% Kudicott 77% 77 77% 77% Famous Players 70% 75% 70% 70% ! Fisk Rub. C 0... 12 11% 12 12% (Jen. Asphalt... 02% Mb's 02% 01% Gen. Electric.. 108% 137% 138% 157%. General Motors 9% 8% 9% 9 % Goodrich ....... 55'is 54% -35% 55% (it. North, pfd.. 75% 72% 73 75% Gulf. Sts. Steel. 45% 45 45 45% Houston Oil 74% 73 74% 74 Ilaskell-Barker. 77 77 77 70% Illinois Central. 98 98 98 97% Inspir. Copper.. 38% 38 58 % 38% Invincible Oil.. 33% 13 13% 33% Indiaboma .... 5% 3% 3% 3% Inter. Harvester 82 80% Sl% 79% Internatl. Nickel 31% 11% 11% 11% Inter Paper.... 51% 49% 51 50% Isl. Oil k Trans. 2% 2% 2% 2% K. C. Southern. 25 22% 23 ... 23 Kelly-Spg. Tire. 30% 54% 30% 30% Ivennect. Copper 20% 25% 20% 25% Laeka. Steel... 45% 44% 45% 45 Lehigh Valley.. 57% 50% 57% 50% Lee Tire 27% 27% 27% 27% Loews. Ine 15 12% 12-% 15% Loft Candy .... 9% 9 9% 9% Lima Loco 95 92% 95 Marine com 13% 13% 13% 15% Marine pfd 04% 02% 04% 02% May Stores 105 301 Vi 105 301 Max. Motor (B) 13 32 12 35 Maryland 0i1... 25% 25 25% 25% Mex. Petroleum 131% 108% 111% 309% Miami Copper.. 20% 20% 20% 27% Middle S. Oii 12% 12% 12% 12% Midvale Steel... 28% 27% 27% 27% Mo. Pac 10% 10% 30 s 37'i Mo. Pac. Uy. p. 45 44% 45 45 Nat. En. A S 55 34 % 35 54% Nevada Con. C. 14% 14% 34% 14% X. Y. Air It. . 62L. fi? 02% 58 N. Y. Central . 73% 72% 73% 75% New Ilavon ... 33% 12% 12% 12% North. Pac. .... 76% 75% 70% 70 Pacific Oil 40 44% 45% 45 Pure Oil 36% 35% 30% 35% Pan. Am. I'. .51 Vs 49% 51% 49% Penna. Uy 33% 33% 3<% 33% People's Gas ... 01% 59% 01% 00 Pierce Arrow... 13% 13% 33% 13% Pierce OH Cos. . 11% 11 11 % 11 Vi Pittsburgh C. . 61% 01 61% 02 Pressed Steel C. 63% 03% 63% 04 Pull. Pal. Car .100 ' list 100 100 Uy. Steel S. ..90 94 % 90 00% Ray Copper ... 14% 11% 14% 14% Reading 72 71% 71% 71’% Re. Iron A S. . 51% 51 51% 51 Rep. Steel .... 20 25% 20 20 It. D. Os N .Y. 50% 49% 50% 49% Sears Roebuck .04 01% 04 61 % Sinclair 20 19% 19% 19% Sloss Shes. S.AI. 36% 36% 36% .30 South. Pac 78% 78% 78% 75% South. Ry 18% 17% 18% 18% Stand. Oil. Cal. .95 93 % 95 93% Stand. Oil, N. J. 175% 171 175 171 St. 1,. A S. F. C. 21 20% 21 20% Strom, Car. ... 37% .30% 57% .37 Studebaker .... 82% 80% 82% 80V?. Tex. Coal A Oil 25 24% 25, , 2.3% Texas Cos 45% 42% 4.3% 45% Tex. A Pac 26Vi 25% 20 25 Vi Tobacco Prod.. 62% 01’% 62% 01% Trans. Oil 10% 10 10% 10 Union Oil 18% 17% 18% 17% Union Pacific. ..120% 325% 120% 325% Untd. Ret. Sirs. 51% 50% 41% 50% U. S. Fd. Prod. 9% 9% 9% 9% United Drug... 7 09% 70 70% U. S. Ind. Alco. 38% 37 38% 58% U. S. Rubber... 53% 52Vi 53 52% IT. S. Steel 83% 82% 83% 82% U. S. Steel pfd.134% 114% 114% 114% Utah Copper... 02% 01% 02% 01% Vanadium Steel 31 30 30% 30% Wabash 0% 0% 6% 0% Wabash Ist pfd. 20% 20 20% 20% White Oil 9% 9% 9% 9ViWest. Union.... 90% 90% 90% West. Electric... 49% 49'% 49% 49% White Motors... 38% 57 37% 38% W-Overland .... 5% 5% 5% 5% Wilson A C 0.... 27% 27Vt 27% 28% AVorth. I’ump.. 44 45 43 45% AVoelworth 141 % 339 341 % 140 West. Pacific.... 15% 15% 15% 10% NEW YORK LIBERTY BONDS. —Jan. 4 Prev. High. Low. Close, close. L. B. 5%s 95.10 94.80 95.00 95.00 L. B. Ist 4s 95.40 I, I! 2d 4s 90.20 90.10 90.20 L I! Ist 434s 90.94 90.00 90.94 9094 l/ B. 2d 4%s 90.40 90.20 90.30 9014 I, 1!. 3d 4%s 97.40 96.20 97.44 97.30 L It 4th 4%5... 90.00 90.70 90.80 96.72 Victory 5%5. 100.08 100.02 100,00 100.04 Victory 4%s’ 100.00 100.02 100.04 100.04 In the Cotton Market NF.W YORK. Jan. 4.—The cotton market recovered slightly at the opening today, mainly because of favorable cables, better reports from Manchester and buying by the trade. First prices wore 3 to 10 points higher and the upturns caaused a lot of covering by the room. Chief sellers were AA’aii street and Japanese interests. Prices dipped about 10 points after the start, but met fairly good buying and rallied. New York opening cotton prices; January. 15.44 c; March, 15.40 e; May. 17.88 c; July, 17.00 c. The market was firmer in the last hour on general short covering, closing at net gains of 35 to 41 points. —COTTON FUTURES— Open, i’igh. Low. Close. January 18.44 18.70 38.31 18.74 March 18.40 18.65 38.22 1,8.62 May 17.88 15.21 17.77 18.15 July 17.40 37.07 17.28 17.05 I October 10.48 10.80 16.40 3G.SO COTTON REVIEW. | NEW YORK. .Tan. 4.—Liquidation in j Ibe cotton market was evidently coni- ! i-b-ts and during yesterday’s sharp decline, sos today there was a sufficient demand ! for contracts at around yesterday’s final ; figures to hold the market in check, and. j with a continued demand during the ! day, values finally made a fair recovery, but at no time was the volume of busiI ness sufficiently large to be regarded I ast significant. The trade news generally was favor- ! able. ! From Manchester reports show an improving demand for goods, and in the South there was no pressure of spots. There is nothing at this time to war rani any decline of consequence, unless we have some business developments of a character to unsettle markets in general. LI A ERPOOL. Jan. 4.—Bpot eotton was in good demand, but business win of 8 moderate volume. Prices were easy and around 8.000 bales. American middlings fair. 13.50d: good mldiings, 11.90d; fully middlings. IL'Od; , raidlings. 11.15(1; low. 9.55d; good ordinary. 8.40d; ordinary. 7.05d. \ Futures were quiet during initial trade. "8

STOCK MARKET CLOSE IS STRONG Sugar Issues Main Feature of Final Trade. NEW YORK, Jan. 4.—The stock market closed strong today. Nearly all active issues were in good demand and moved up from 1 to 2 points. Sugar stocks continued in demand, American Sugar moving up nearly 5 points to 55%. , _ , , United States Steel moved up 1 point to 815% and Baldwin Locomotive rose over 2 points to 95%. Mexican Petroleum advanced nearly •• points to 111% and Stuilebnkor rallied from 80% lo 82%. while Kelly-Spriug-fieid Tire showed an improvement of more than 2 points at 30%. Government bonds were unchanged and railway and other bonds strong. Total sales of stocks today, 795,000 shares; bonds, $10,462,000. (By Thomson A McKinnon.) —Jan. 4 In today’s trading there was decidedly more stability. There was an absence of the pressure that was generally expected after the close yesterday. There was a fair demand from .commission houses and Inter in (he day there was a demand from the professional element, which probably represented short coverings. There was no uniformity, however, in the market’s action for a number of issues were distinctly weak throughout the session. . Liquidation in General Motors was one of the conspicuous features of the day's session. There is still an undercurrent of doubt surrounding the market, which is hardly surprising considering all that has transpired recently. It is very likely tliat within the next few months there Vilt lie sufficient indication of business improvement to again warnnt public participation in the market 011 a sufffi ient scale to again bring about a rise in values, but "temporarily we must deal with conditions as they exist and in view of the uncertainty created by recent happenings and the further liquidation that may become necessary we deem it advisable 10 pursue a cautious course and for the present to take advantage of all strong periods in the. market to reduce long holdings. TAVEXTY STOCKS AVERAGE. NEW YORK, Jan. 4.—'Twenty industrial stocks Tuesday averaged 78.91. off 2.10 per cent. Twenty active rails averaged 73.48, off .79 per cent. CLEARING 801 SE STATEMENT. NEW YOUK, Jan. 4.—Exchanges. S3.870,500.000; balances $92000.0; Federal Reserve Bank credit balance, $73,200,000. Money and Exchange Indianapolis bank clearings Wednesday were $4,912,000. NEW YORK, Jan. I.—The foreign exchange market opened steady today, with demand sterling %<• lower at $4.21. Francs were unchanged at 8.0.3 e for cablcs and 8.02 c for cheeks. Lire cables were 4.31 c; cheeks, 4210 c. Belgian franc cables were 7.00 c: cheeks. 7.05 c. Marks were off 1 point at .0052'fie. Guilder cables were 36.82 e: cheeks. 36.S0<*. Sweden kronen cables were 24.97 c; checks, 24.92 c. NEW YORK CALL MONEY. NEW YORK, Jan. 4.—Money—Cali money ruled 5% per cent; high 534 per cent; low 4 per cent. Time raf -s steady all 54/5%. Time mercantile paper stead- . Sterling exchange was steady, with l>u: 1 ness in bankers' bills at $4.29 for demand. MOTOR SECURITIES. tßy Thomson A- McKinnon.) —Jan. 4. — —ClosingBid Ask Earl Motors .. 5 5% Packard com 0% 7% Packard pfd 02% *'3% peerless 35 36 Cont. Motors com. 0 0% (’out. Motors pfd St S' Hupp Coin 11% 11% Hupp pfd 90 lien Motor Gar 17% IS i Elgin Motors 1 % 2% Grant Motors 1% 1 % i Ford of Canada 255 200 ■ International Motor com 27' 1 i National Motors 1% 2% I Federal Truck 15 17 ' Paige Motors 12% li i Republic Truck 7% 8% ACTIVE OIL STOCKS. (By Thomson A McKinnon) —Jan. 4 —Opening— Bill. Ask. j Borne Scry oner 32t 310 | Buckeye Pipe Line 84 80 I Ghesebrottgh .Alfg. Cons 170 19 > Continental Oii. Colorado ....122 120 Cosden Oil and Gas 0 s Crescent Pipe Line 27 s(> Cumberland Pipe Line 120 lift Elk Basin Pete 6 0% Eureka Pipe Line 77 80 Galena-Signal oil. prof 1(f) 1:0 Galena-Signal < til. Com 40 42 Illinois Pipe Line 159 304 Indiana Pipe Line 82 85 Merritt, oil 8' 4 8% I Midwest Oil '2% 3 Midwest Rfg 150 ISO 1 National Transit 28 .3) ! New York Transit 142 Its Northern Pipe Line 9o 9> Ohio Oil 230 202 Oklahoma I’. A I! •’> I’enn. Mex 10 18 Prairie oil and Gas 545 500 I’rnirie Pips Line 227 23.3 Sapnlpn Ref 7 3% Solar Refining '. 32. 000 Southern Pipe Line 74 Ts South I’enn Oil 190 LJO Southwest Penn Pipe Lines .. oO Standard Oil Cos. of Ind. .. 84 84% Standard Oil Cos. of Kan. ...535 580 Standard oil Cos. of Ivy. ...4.. 445 Standard Oil Cos. of Neb. ...104 170 ! Standard Oil Cos. of X. A. .. .?!->-• .!6> Standard Oil Cos. of Oitio ... 85 95 Swan A Finch 50 40 A’actuim oil 50* <>to Washington Oil 32 57 NEW YORK CURB MARKET. (By Thomson A McKinnon —Jan. 4 Closing Bid. Ask. Acme Packing 40 4 ft Curtis Aero com 2 -'Va Curtis Aero pfdr 18 Goldfield Con 2 • Jumbo Extension J* imperial Oil (Dei. ) §’■'* -| International Petroleum. 3..% jn Ni pissing !>> V s Standard Motors •>% \ ’■ Salt Creek %'• 1 Tonopali Extension 1 -'-‘0 i/ Tonopah Mining 5% 2 United P S new 1% f I, 1 ’ U. s. Light and Heat S> oS U. S. Light A Heat pfd.. 1 3% AY right - Martin 2 •> Yukon Gold Mine Cos 1 1-30 JL’.t Jerome 20 New Cornelia 3< United A’erde 28 -- Sequoyah ••••• Jj Omar oil , ; - Republic Tire 10 ' -[ Boston A Mont 80 CHICAGO STOCKS. (By Thomson A McKinnon.) —Jan. 4. Open High Low Close Armour nfd. .. 9,1% 92 91% 92 Armour leather VI U; ..... •••• • & Carl*. 4jJVi Ij *•' *‘~ ' s AfonC Warii ..! 14 14% 33% 1,1% Stowart-AVarncr tit! --j" Swift A Cos 92 90 • * Swift Int 20"i 22 20-.i -1 2 NEW YORK SUGARS. NEW YORK. Jan. 4.—Raw sugars were siecdv eo til" market here today. Oubas selling a* 42c per pound, duty paid. Refined sugars a’so were steady, line granulated selling at and No. 1 soft at 4.900 per pound. NEW YORK COFFEE. NEAA r YORK. Jan. 4.—Coffie values were steady in trade on the t'xcliange here today, opening options being 2 points lower to 5 points higher. Rio No. 7 0:1 spot sold at 9%@9%e per pound. NEW YORK RICE. NEW YORK, Jan. 4.—Rice values were firm on the market here today, domestic being quoted at 3%@7%c per pound.

INDIANA DAILY TIMES, WEDNESDAY, JANUARY 4,1922.

I „ Weather I The following table shows the state of the weather at 7 a. in., Jan. 4, as observed bv the U. S. AVeather Bureaus: Station 1 Bar. Temp. Weather. Indianapolis, Ind... .29.75 54 Cloudy Atlanta, Ga. 30.18 40 Clear Amarillo, Tex 29.56 24 Clear Bismarck, N. D. ... 30.34 34 PtCldy Boston, Mass. ... 31.18 24 Clear Chicago. Hi. 29.68 38 Rain Cincinnati, Ohio .. 29.80 52 Ram Cleveland. Ohio ... 29.50 40 Rain Denver, Colo 30.04 10 Snow Dodge Citv. Kas. .. 29.94 22 Cloudy Helena, Mont 30.10 S Clear Jacksonville. Fla. .. 39.20 54 Clear Kansas City, Mo. .. 29.34 30 Cloudy Louisville, Ivjv 29.94 50 Rain Little Rock, Ark. .. 29.70 08 Rain Los Angeles, Cal. .. 30.20 42 dear Mobile, Ala .30.40 00 Cloudy New Orleans, La. .. 30.02 04 PtCldy New York. N. Y... 30.10 32 Cloudy Norfolk, Va .30.10 40 Cloudy Oklahoma City .... 29.78 40 Clear Omaha, Neb 29.78 10 Cloudy Philadelphia. Pa. .. 30.10 34 Cloudy Pittsburgh. Pa. .. 29.98 44 Rain Portland. Ore 30.12 32 Snow Rapid City. S. D. .. 30.18 32 Snow Roseburg, Ore 30.29 36 *f anl , Ran Antonio. Tex. . 29.98 00 Cloudy San Francisco, Cal 2.0.10 40 Cloudy Rt. Louis, Mo 29.02 5S Cloudy Rt. Paul. Minn. .. 29.92 14 Cloudy Tampa, Fla 30.24 52 Clear Washington, D. C. 30.11 30 Ram AY EAT BEK CONDITIONS The western disturbance is moving eastward across tile Mississippi A alley States, and it is centered this morning over .Missouri. Precipitation lias occurred in connection with the storm over the middle States of tiie country from the Rocky Mountains to the Alleghenies, and further rises in temperature have occurred in eastern sections. The disturbance is followed by considerably colder weather west of (be Mississippi as far south as northern Texas, and cold wave conditions have pushed ns far south as Nebraska, Temperatures of from 10 degrees : to 20 degrees below zero are reporteil in i middle western Canada and the northern : Red Riier A alley. WHITE RIVER CONDITIONS. I At 7 a. m. today stages in White River i were ns follows: Indianapolis, 5.3, falling; Decker, ‘20.0, falling. .1. H. AUMINGTON, Meteorologist, Weather Bureau.

New York Bonds (By Fbtehcr-American Company.) —Jan. 4 FOREIGN GOVERNMENT BONDS. Bid. Ask. Arg. (Unlisted) ss. Scq>t. 1. ’45 72% 73% Arj. 7s, Oct. ’23 97% 97 k Belgian os, Jan. 1, "25 94% 95% Belgian 7C.s, June 1. ’45 104% 105 Belgian Bs, Feb. 1. ’4l 100 I<o% Berne Bs, Nov. J, ’ls 100% 107’-j Brazil Bs. June J, ’4l 104 104% Chile S--, Oct. 1, ’2O 99% 99% Chile Ss. Feb. 1. ’4l lot 101% Chile s- Nov. 1. ’4O 100 I<K)% Christiania Bs. Oct. 1, ’45 .105% l<x% Copenhagen 5%5. July 1. ’44. 80% 87 Danish Mini. Bs, Felt. 1, '46...m0 107 Denmark Ss, Oct. 15. ’45....107'% ins 'Canadian 5%5. Dee. 1, "22... 94 95% 'Canadian 5%5, Nov. I, ’23... 95 % 05 'Canadian 5%5. Nov. 1, 24.... ’.‘s !M% •Canadian ss, Dee. 1. "25 91% - 92% C.iaadinn ss. Apr. 1, "20 90 ' 90% Canadian 5%. , ?>ec. 1. "27 94% 95% Canadian 5%5, Aug. 1. ’29... 90% 97 Canadian ss, Apr. 1. '51....... 91% 95 •Canadian ss, (><-t. 1, '3l 91% 92% Canadian 5%. Xv. I, '3.3 ... 95% 97 'Canadian SV-“. Nov. 1. ’31.. 95% 91% Canadian ss, Meh. 1, ’37. ... 91% 95 ‘Canadian 5%5. Dee. 1. ’37... 9s 99% •French (A’ict.i ss. Opt. ’31.. tii 02% •French -Is, opt. '45 48% 49% French 7'--s. June '4l 94% 95 French B.'Sept. 15, '45 ’.r.i% 100 •Italian IWa r t 5s 32 33 1 _• Jap 1 First 1 4%, Fell. 15, '2.3. >7 87% Jap 1 Second 1 !%s July 10 "25 SO I j 87% Jap 4s Jan. 1 ’3l 72% 73% Mexico ss, Jan. ’45 54% 50 Mexico 4s. Jan. ’54 40 11% Norway Bs. (let. 1, ’4O 108% 109% (liieenslnnd 7s, Oct. 1, 41 107% l<s% Kin do Janeiro ss. Oct. ’40...101% 101% Sao Paulo Ss. Jan. 1. ’3O 10l lot % Swedish is. June 15. ’39 94% 95 Rwls: 5' -C Aug. 1, ‘29 90 90% Swiss Ss. .1 niv 1, '4O 114% 115 T. K. s'. .s, Nov. 1, 22 WO’, WO-St C. K. 5%5, Arg. 1. '29 99 99% \ . K. .Vis. Fel>. 1. '37 96% 90% Crguny Bs, Aug. 1, '40........1'3% ItH Zurich Bs. t)ct. 15, 'ls 100 108 •Interna! loans. CORPORATION BOND. Bid. Ask, Allied Packers 0s 01% 02% Alum. Cos of Am. 7, Nov., ’25.10>% 3<s ,H s Am. Cot. Oil os, Sept 2, '24... 94% 95% Am. ’j’el. os, Feb., 24 99% 100% Am. Tel. Os. Oct . '22 9*% I<'% Amer. Tel. and Tel. os. "35.... 108' 109 Am. Thread f>s, Dec.. ’2B 99% liA>% Am. Toll. 7s, Nov., "22 1O0*,„ 101% Am. 'l’ll9. 7s. Nov., '23 101% 102% Anaconda os, Jan.. "29 90 % 97% Anaconda 7-. Jan . ’29 100% 101% Anglo Am. HI 7%5, Apr., ’35.102% 103 Armour 7s. July 15, '3O 101% l<rJ j Atchison lien. 4s 85% 86% I Atlantic Kef. o%s. Meh.. '.31. .102’j 10.3% Bell of Pa. 7s Ws% 108% Bell Tel. of Can. 7s. Apr., ’25.100 100% Both. Steel 7s, July 15, ’33. . .100% 100% Big Four Oh 90 90% Can. Nor O'.s 1"7% 108% Can. Nor. 7a‘ 108'., iirp Can. Pacific Os, Meh. 2, "24.... 9i 7 s l<kt'% Cent. Arg. Uy. (is, Feb.. ’27... 89% 90% C. 1!. (). Gen. Is 80% 87 <’. B. (•. in. 3'in % <7% 78 C. It. (J. —Neb. 4s .’ 02% GU/, C. It. (>.—Jf. fi'-'.S 100% W 7 C.. It. I. fi I’. Os. Feb., '22 99% 1(k chi,-. N. W. 0< a I',"*, 107% Chic. & N. W. 7s loti's 107 Col. Graph Sh ->4“; .35',i Con. lias 7s. Dec.. ’22 100% 101 Cep.. Exp. ss. I-’eli. 15, ’22 100 300% Cop Exp 8, Fell. 15. ’23 301% W 2 cop. Exp. St, Eel). 15, "24 IC2 103 Cop. Exp Bs, I’el). 15. ">5 103% 1047; Cuban Am. Sugar 8s 101 % 102% Cudahy 7.-. July 15, ’23 100% lot 'in Pont 7' s r ' 1k" % - 1 ‘I % Fed. Sugar os, Nov., ’24 97 97% Fisk Tire Ss WO 300%. Goodrich 7s, Apr.. ’35 90% 97 Goodyear Ist ss. ’-41 110% 110% Goodyear Deli. .‘is. '33 99 , 99% Groat Northern 7s 197% 107%, Grand Trunk 0s 100 300'7 Grand Trunk 7s 108"i 109% Gulf Oil os, July, ”33 99% 309% Gulf Oil 7s. Fell.. ’33 102% 10.3% Heinz 7s. illoc.. ’.30 103 105 (looking Vnl. (is. Mcli.. ’24 90% 97% Humble Oil 7s. Melt. 15, ’23... 99 7 s 300% 111. Cent. Ref. 4r, ’55 S2’% 82% Inter. Met. 4%a 10 10'% Intcriioro 5s 54% 54% Tut. It. T. Bs. Sept., ’22 73 75 K. ('. Pr. A Lt. 8s 103% 105 I\. C. Term Os, Nov. 15, ’23... 99% 100 Kellv-Springfield Ss W 2 102'7 Ken 11. Cop. 7s. Fell., ’3O 101% 101% Laclede Gas 7s, Jan., '29 97 97% L. & N. 7s. '3O 100% 300% May. '3l 09% 99' . Mex ‘Pet Ss 99% 100% Minn. Rt. P. AR. S. R. M. o%s 301% 101% Natl. Leath Bs. Nov. 15, ’25... 95% 90 N. Y. Central 7s. ’.30 100 100% N. Y. Tel. Kef. Os, ’4l 101% 102% X Y. Edison O' 7s. ’4l 106% 106% Nor. Pac. P. L. 4s 85% 85% Nor. Pac. G. L. 3s 61% 01'.'. Nor. Pac. Os 100% 106% Pan Amer. Pet. 7s 93 4 95% Penn. 6%s 104% 104% Pent). 7s 106 100' . Philippine 5%5. ’4l 104 104'4 Proctor & G. 7s, Meh., '22 100 100% Proctor .X- G. 7s. Melt.. ”23 101% 101% Public Ser. X. J. 7s, Meh... ”22.100 100% R. .T. Reynolds Os, Aug.. ’22.-100% 100% Sears Roebuck 7s, Oct. 15. '22 9S'/i 99 Rears Roebuck 7s, Oct. 15, ’23 97% 98% Sinclair 7%:-. Mac 15. ’35 98% 99 Solvay f- fie Ss. Oct., ”27 102 303 South. Ry. Os. Sic])., ’22 99% 90% St. L. Ran V. L. 4s 4iR% 09)’, Rt. L.-Ran Fran. Adj. Os 71% 7i% St. P. U D 5%s Dec. 13. ’23... 95% 99% Realioard Con. Os 42 -.2% Stand. Oil (Cal i 7s, Jail.. ’31.100% 107 S Oil (X.Y.i 7s. Jan.. ’25-’31.104Vi 1(V8’(. R. Oil (N Y. 4 r.c.s. May. ’33.. .100 100% Sled ,V Tli in- 7s 97% 98% R. IV. Beil Tel. 7s. Apr.. ’25..100% 10W/. Swift 7s. Oct. 35. ’25 100% 103% Swift 7s. Aug. 15. ’3l 101% 102 Texas Cos. 7s. Meh. 1, ’23 101 101% Tidewater OH o%s .’...100% 300% Union Tank Car 7s 103 1 03’4 r. S. Rubber—7%s 104%, 304% Utah Sec. Os. Sept. 13. ’22 95'.'. 90% Vacuum Oil 7s 100%, 300%, Va. Car. Chem. 7%S 9.3% 94%. West’ll Union o%s 106% 106% West. El 7s. A nr', ’25 103% 103% Westingllouse 7s, May, *31.. .105’% ICO NEW YORK TURPENTINE. NEW Y'ORK. .Tan. 4.—Turpentine sold at 85c per gallon in trade on the market here today.

SWINE VALUES RULE STEADY Cattle Prices Are IrregularVeals Show Weakness. RANGE OF UOO PRICES. Good Good Good Dec. Mixed. Heavy. Bight. 27. ?5.10(,S 5.25 .$7.85@ S.lO $S.35@ 8.50 28. 8.35Q1 8.65 8.10 fell 8.26 8.25 @ 8.90 29. 7.65® 7.85 7.50® 7.65 7.85® 8.25 30. 7.25® 7.50 7.00 7.85® 8.26 31. 7.25® 7.60 7.00 7.85® 8.25 Jan. 2. 7.25® 7.00 7.00® 7.50 B.oo® 8.2 b 3. 7.60® 7.75 7.00® 7.50 S.oo® 5.25 4. 7.50® 7.80 7.00® 7.50 B.oo® 8.25 With receipts close to 7,000 and trade slow, swine prices ruled steady In trade on the local live stock exchange today. Shippers were tho only active buyers, packers showing but littie interest. At a late hour in the forenoon lint few sales had been made and tt heavy holdover for the market of the following day was anticipated. Cattle values were irregular, with receipts approximating 700, tile quality generally only medium to fair and the demand somewhat slower than 011 the market of tiie previous day. Cows and heifers were in fair demand at steady prices, while steers were barely steady. To work with the demand rather slow. Bulls were in good demand, with the supply inadequate for the'demand, and prices wvre strong generally to 25 cents higher in spots. Calves were steady to weak, with the demand slow and the supply and the demand about equal. There were close to 500 on the market. Both sheep and lainli values were steady with the demand and receipts around 2CO. Choice lambs brotfght sl2. HOGS. Best light liogs, 150 to ISO lbs average $ S.OOftJ 8.23 Over 300 lbs 7.00 150 to 300 ibs V.OOtjij 8.23 Sows s.s'i® 0 00 Stags 4.00® 5.00 Best pigs, under 140 1b5.... B.oo® 8.50 Bulk of sales...., 7.35® 7.73 Tops 8-23 —Cattle— Crime cornfcd steers, 1,300 to 1,800 Ibs 7.25® 5.50 Good to choice steers, 1,200 to 1,300 ibs o.oo® 7.00 Good to choice steers, 1,100 to 1,200 lbs 3.50® C.OO Good to choice steers. 1,000 10 1,100 ibs 5.00@ 3.50 Common to medium steers, SCO to 1.000 ibs 4.50® 5 00 —Coif* and Heifers— Good to choice heifers 5.50® 8.00 Medium heifers .’... 4.00® 5.00 Common to medium heifers.. 3.30® 5.00 Good to choice cows 3.00® 3.25 Fair to medium cows I.oo® 2.00 Cutters 1.50® 2 25 Canncrs .50® 1.50 —Bulls— Good to choice butcher bulls. 5.50® 4.50 Bologna bulls 2.75 (11 3.25 Light bologna bulls 2.25® 2.75 Light to common bulls 2.00® 2.25 —Calves— Choice veals 11.00® 12.00 Good veals lo tto® 11.00 Medium veals 8 00® 0.00 Lightweight .citls BOO® 8.00 Common to heavyweight veals 4 00® 7.00 —,Stockers and Feeders — Good to choice steers under 800 ibs 4.50® 4.75 Medium cows 2.00® 3.30 Good cows 3.50® 4.25 Good heifers s.uo® 05(1 Medium to good heifers 4.00® 4.75 Milkers 37.0u®75.00 —Sheep anil I-amlis—- ■ Rives I.oo® 3.00 ! Bucks 2MIO® 2.50 Good to choice lambs 8 Bn® 12 00 Seconds 6.50® 8.50 Buck lambs . 5.50® 0.75 Culls 4-00® 5.00 Other Livestock CHICAGO, Jail 4.--Hogs- Receipts. 20,000; market steady to 25c lower; some lights off more; imtk of sales, S6.HO®7 .:••: ton, 88; heavies, $0 75617; mediums. SO9O ® (.35; lights. $7.20® 7.75; light lights, 57.50®7.!i0; heavy packing bows, smooth, SS.SS®O 00; packing sows, rough, $5.60 re; pigs. ?7 s. Cattle—Receipts. Rtxin; market mostly steady; weak to lower on beef hteers; tin t steer>. choice and prime. sB.B"® 10; good. $0.60®9; good and choice. $8.2.5® 1"; common ‘and me ilium, $5,004(8.25. Butcher cattle Heifers. 85 00®0; cows, $3.25®6.23; bulls, $3.75 (</•’.. <.‘antiers and cutter* -Cows and heifers. $2.25® 5 8.5 ; calmer steers, s,’’>® 4 ; veal calves, f6,50@9i feeder stesn, ss® 0.50; stiicker steers. 51.'2.5®0.40; Stocker cows and heifers, *8®4.75. Sheep and lamlis-Htecciiits. 10,ooo: market strong to 25e higher; good to choice lainj/s, $10.75 I fit. 11.85; cull and common lambs, $8.25 ® 19.50; yearling wethers, sß® 10.50; ewes, $:;.75®0..’i0; cull ami common ewes, s2® 3.50; feeder lambs, s9® 10.73. CINCINNATI. Jan. 4.—Hogs—Receipts, 5.300; market, 25c lower; heavies. $7.75® 8; mediums, sß® 8.25; lights. $8.75; idgs. $8.7.5: roughs, $5.75((1t!; stags, s4® 4 25, Cattle -Receipts, 1,000; market, steady; bulls, strong to 25e higher; calves, sl2; few, $12.50. Sheep and lambs--Receipts, 800; market, steady: ewes. sl®4; choice lambs, $11.50; second.-, $8; culls, $1.50® £.30. CLEVELAND, Jan. 4 Hogs Receipts, 3,500; market, 10®25c lower; yorkers. $8.50; mixed, $7.75®7.90: me diums, $7.75®.7.90; pigs, $8.50; roughs, $0; stags, $4. Cattle Receipts, 200; market steady; good to choice steers, $7.75® 5.7.”): j'oml I*> choice liolfors, 54.7’(^ ’ f . I good t<> choice cows, ; fair t> good cows, $2.25®3.25; common cows. $1.25® 2.25; good to choice bulls, $5.75®' 4.75: milkers, $50®90. Bheeii nod lambs Receipts, 800; market; market strong; top, sl2. (’tilves—Receipts, 250; market strong; top. $12.50, EAST ST. LOUIS. .Tan. 4.—Hogs— Receipts, 14.000; market, 15 to 25 cents lower; mixed and butchers, $7.35® 5 7.75; good heavies. $7.25® 7..T0; roughs. $5.85® 0.25; lights. $8®8.25: pigs, $7.50(0 8.25: bulk of sales, $7.23® 1.75 Cattle—Re eeipts, 2.500 market, steady; native licet steers. $7®,7.05; yearling steers and heifers. $7.70®8; cows, $3.23®5.33; stoekers and feeders. $4.25®.5.75; calves, $2.50® 11; cannera and 'titters, $2.50®3.25. Sheep and lambs—Receipts, 2.54 K); market, steady; mutton ewea, $1.50®5.15; choice iambs, $9®11.50. EAST BUFFALO. N. Y„ Jan. 4.—Hogs Receipts, 3.520; market slow ; yorkers, $8.50f0 8.75; idgs, $8 75(09.25; mixed, $7.90 ®.8.25; heavies. [email protected]; roughs. $5.75 ft/t7; stags, $3.50®4.50. Cattle—Receipts, 100; market slow and steady; shipping steers, $8(08.75; butcher grades, 87®'8; heifers. $1®;7.50; cows, $2.50®5.50; loitls. [email protected]; milk cows ami springers, S4O @lls. Calves—Receipts, less than 100; market slow; cull to elioiee, ss® 14. Sheep and lambs —Receipts, 1.400; market active; choice lambs, [email protected]; cull to fair lambs. s7® 11.75; yearlings, $S@lO; sheep, [email protected]. PITTSBURGH. Jan. 4.—Hogs— Re. eeipts. 2.1KK1; market, steady; prime heavies. $7.75® 8 ; tncdlums, $8.75® 9; heavy yorkers, $8,754(9; liglits yorkers, $8.75®9‘; pigs, $5.75(0'.1; ruttglis. $56/ 0.50; stags, s3®4: heavy mixed. $8.50®8.00. Cattle— Receipts, light; market, steady; choice, $7.50(o8; prime. $8(0 s. 50; good, $7.50® S; tidy butchers. $7(07.50; fair, $6®0.50: eiimmun, sl®s: common to good fat hulls, $3.50(q3.50; common to good fat cows’. s3® 3.50: heifers, $4.25® 0.50; fresh cows and springers, $35®.55; veal calves. sl3; heavy and thin calves, $S®9. Sheep anti lambs —Receipts, 350: market, steady; prime wethers, $5.50@0; good mixed, $4.73®5.25: fair mixed, $4®4.50; rolls and commons, $1.50® 2.50; choice lambs, $12.25. CLEVELAND PRODUCE. CLEVELAND. Jan. 4.—Butter—Extra, in tubs, 46%®47r; prints, 47%®:48c; extra firsts. 45%®10c; firsts, 44%@45c; se''onds, 37®37%c; packing stock, 23%®) 24%c. Eggs—Fresh gathered, northern extras, 49c; extra firsts, 48c; Ohio firsts, new cases. 45c; old cases, 44c; western firsts, new cases. 43c. Poultry—Live, heavy fowls, 29®)30e: spring culls. 23® 25c: spring ducks, 32c; turkeys. 38@13c. Potatoes —Michigan*, $2.80 for 150-1!). bag; Early Oliins, $1.90 for 120-lb. bag. Sweet potatoes—Jerseys, $2.10 per hamper. . NEW YORK W OOL. NEW YOUK, Jan. 4.—W00l prices wore again steady on the market here today. Domestic fleece. XX Ohio, sold at 23®38c per pound : -domestic pulled, scoured tiasis. at 3s@o7e and Texas domestic, scoured basis, at 40@73c. NEW YORK PETROLEUM. NEW YORK, Jan. 4.—Petroleum prices were easier in trade on the market here • today, Pennsylvania crude selling at $3.50 per tarrel.

GRAINS REGAIN FORMER LOSSES Retaliation of Unfavorable | Financial News Lends Aid. CHICAGO, Jan. 4.—Grain prices advanced on the Chicago Board of Trade to-1 day when over night news disproved pessimistic reports of yesterday, which caused big slumps then. The market opened generally higher, particularly wheat, but the demand by commission houses was soon satisfied and prices declined slightly as a result, later gaiuiug. Provisions were higher. May wheat opened at SI.OB, up 3e, and closed %e higher. July wheat opened at $1.09%, up 2%e, and closed %c higher. May corn opened at 53%e, up 1 %e> and closed %c higher. July corn opened at | 54c, up %c, and was %c higher at the close. May oats opened at 37%e, up %e. and closed- iqi vie. July oats opened at 3S%c, up %c, and closed %e higher. (By Thomson & McKinnon.) —Jan., 4. Wheat —There being no developments in financial circles over night, confidence was restored in the wheat market, with yesterday's sellers the best buyers. The market has displayed a rather steady tone throughout the day, although no evidence of any broadening in the general interest has been in evidence. Feeling lots been helped by a little better floor trade in the Northwest and also by seaboard reports of fair export trade in Manitoban. Private cables claim some damage to the Argentine crop by recent rains, stating, also, that offerings arc small. Canadian markets have shown relative strength, presumably in response to the export buying.- With uneasiness allayed, the market should prove steady, but we feel that there must be a material broadening of general interest or a distinct improvement in the export trjjde if values are to be advanced. Com and oals—lt is gratifying to be aide to mention considerable improvement in the domestic demand for oats, ! and a fair business in corn, offerings from the country fell off considerably, because of the decline in prices. Both of these markets are narrow and subject to the influence of wheat. If the domestic consuming trade shows further improvement prices will, at least, show steadiness if not some betterment. Provision* —The strength in grains offset an easier hog market. The decline in hogs was in tho lighter sorts, packng grades being firm and somewhat higher. 1 here is no important pressure upon the provision list. ( IIICAGO GRAIN TABLE. —Jan. 4 WHEAT— Open. High. Low. Close May 3.41 1.11% 3.09 111’;. CORN-" ' ltWr ' i 3C1 '‘ IM '* M'\y 05% .53% .52% .53 % July..., .51 .54 Vs .54 .54% OATS— 8 May 37' '• ,35% .37% .:\S% July 38% .39 .38% .39 PORK—LAUD- 1500 Jan 8.05 8.05 8.02 $65 March... 9.00 9.05 9.00 9.05 IMBS •Jan 772 •May 7^ RYE— May 8; .84% .82% .84% •J illy .771 8 •Nominal. ( HICAGO CASH GRAIN. ' 111' AGO, Jan. 4.—Wheat—No. 2 red, $1.14® 1.14% : No. 4 red, $1.07: No. 2 hard winter, $1.05%; No 3 hard winter $1.03% Corn No. 2 mixed. 40%®t7Vc; No '2 white, 17c: No. 2 yellow, %7@47Vc; No 5 mixed. 45%®40%e; No. 3 white, 40® ■ln' !'■; No. .". yellow, 40® !o%c; No 4 mixed, 14® 45c; No. 4 white. 44%.(tft7c: NV 4 yellow. 4%@>'i'ie. Oats —No 2 white. 35%®36%c; No. 3 white, 32%(j 34%c; No. 4 white, 32%®330. TOLEDO (.RAIN PRICES. TOLEDO, Jan. 4 Wheat Cash, $1.16® I.IIG May._ $1.21%; July, $1.07. Corn — ’ 'ash, 518152 c. Oafs—Cash. 40®42c. itye —Cash, Sle. Barley—Cash, Ole. PRIMARY MARKETS. tßy 1 horn son & McKinnon.) —Jan. 4 —RECEIPTS—s. Corn - Oats. 1 u'cago r.7.)K>) 711 <vv) ~1-, Milwaukee ... l.iml 75,0(D "oojsft) MlriueupOll <.. 99,1Xk) 01.0)0 29 "0" , ’ nlu " 45,0(10 88.WS) • 12'doq Bt. I.ouia ... 44,0 si 107.(H) 240® lotrolt 11.000 12 ink) *'ooo Kansas City . 77,000 ILoOO KsioOt) ; , 00r ; a 72,000 47.00 | Omaha 17. is) 2.®.0<)0 22.000 1 Indianapolis . l.tHki 312.1*0 28,000 Year ago ... 923.000 I.(kT3.(HX) 092.0(H) SHIPMENTS - Wheat. Corn. Oats. Joe 2.000 4.000 2 000 < ihieagii 35.000 Jlo.of*) 7t’tKH) Milwaukee ... 3,(5 00.000 3 7 000 Minneapolis , 05.000 20,000 60 0(H) Duluth 2,000 St. Louis ... 55,000 oj.(HH) 67.000 Toledo 9,600 2000 Detroit 2.000 2.000 Kansas City . 100,000 19.000 22,000 I’eoria O.dh) 14,000 32,000 Omaha 22,000 ll.')00 lO.isH) Indianapolis 4S,(H)O lO.Otk) Totals 270.000 495,100 305.000 Year ago ... 819,000 435,009 419,000 —CLEARANCES— Wheat. Corn. Oats. Boston • 30.000 Philadelphia 208.0)0 Baltimore 234.000 New Orleans 172,000 257,000 Total 380.000 404.000 30.000 Year ago .. 398.000 04,000 INDIANAPOLIS CASH GRAIN. —Jan. 4. Bids fr ear lots of grain and hay at the rail of the Indianapolis Board of Trade were: Wheat—Firm: No. 2 red, Corn—Strong: No. 3 white, 49%®,50%c; No. 4 white, 48%@49%; No. 3 yellow, 48%®49%0; No. 4 yellow. 47%@48%(>; No. 3 mixed, 47%@48%c; No. 4 mixed, 40Vi@47e. Oats—Strong: No. 2 white, 37%@35%c; No. 3 white, 36®37c. Hay—Steady; No. t timothv, $17.50® 18; No. 2 timothy. sl7® 17.50; No. 1 light clover mixed, $10.50@17; No* 1 clover, $19@20. —lnspections Wheat—>No. 2 red, 2 cars; No. 3 red, 1 ear; total. 3 cars. Corn —No. 2 white, 1 ear; No. 3 white, 9 cars; No. 4 white. 12 cars; No, 5 white, 4 cars: No. 0 white, 2 cars; No. 3 yellow. 4 ears; No. 4 yellow. 38 ears; No. 5 yellow, 18 cars; No. 0 yellow, 8 cars; No. 3 mixed. 2 cars; No. 4 mixed. 2 cars; No. 5 mixed, 3 ears; No. 0 mixed, l ear; total. 84 ears. Oats—No. 2 white, 3 ears; No. 3 white, 9 ears; No. 4 white, 3 cars; sample white, 2 carte, total, 17 cars.

HAY MARKET. The following are the Indianapolis firlces tor hay by the wagon load, tie-lv<-rcil: Ilay-Loose timothy. SIC.OO@I7; mixed hay, $15®16; baled hay, sl7®lß. Oats—Bushel, new, per bushel, 32{j35c. Corn —Old, per bushel, 54®60c. CHICAGO PRODUCE. CHICAGO, Jan. 4.—Butter —Receipls, 12,000 tubs; creamery extras. 33c; firjts, 31®36c; packing stock, 19@20e. Eggs— Receipts, 10,372 cases; current receipts, 3(!®!37c; ordinary firsis, 33®35e; firsts, 38®38%c; checks. 26®2Sc; dirt let. 28®; 30c. Cheese—Twins, new, 19%: daisies, 19Vi®20c: young Americas, 20%c; longhorns. 20%c; bricks, 17%c. Live poultry —Turkeys, 35c; chickens, 17®)25c: springs. 23e: rooster?, 15; geese, 18c; docks, 25c. Potatoes—Receipts, 57 cars; Wisconsin Whites. $1.65®1.95 per 150-lb. bag; Michigan Round Whites. $1.70® 1.80; Minnesota?, $1.65(01.75; Ohio?, $1.75. NEW YORK METAL MARKET. NEW YORK. .Tan. 4.—Copper—Quiet; spot, Jai nary and February, 12%4(13'.®', Lead —Qu’ t; spot and January offered. 4.75 e; February and March offered, 4.80 c. Spelter—Quiet; spot and January offered 4.85 c; Fel ruary and March offered. 4.90 c. NEW YORK HIDES. NEW YORK, Jan. 4.—Hide prices were firm In trade on the market here today, native steer hides selling at 15%c per pound, while branded steer hides were quoted at 15%e.

Local Stock Exchange —Jaw. 4 ' STOCKS. Bid. Ask. Ind. Ry. & Light com SO Ind. Ry. Ac Light pfd 75 indpls. & S. E. pfd CO Iml pis. & N. \V. pfd 60 indpls. St. Ry 59 45 T. It., T. & L. pfd T. H.. f. & K. com 5 T. H., I. & E. pfd 12 U. T. of Ind. com 1 U. T. of Ind. Ist pfd 7 U. T. of ind. 2d pfd ... 2 Advaucc-Rumely com Advanee-Ruinely pfd Am. Creosoting pfd 92 Am. Central Life ’.... 150 Belt R. R. com 02% 70 •Belt R. R. pfd...- 40 Century Bldg. Cos. pfd 92 Citizens Gas Cos 25% 27 Dodge Mfg. Cos. pfd •Home Brewing 43 Ind. Hotel con 05 •Ind. Hotel pfd 95 Indpls. Nat. Ins. Cos 3% ... Ind. Title Guarantee Cos Ind. Pipe Lines 84 87 indpls. Abattoir pfd ....... 41 50 •Indpls. (fits 43 50 Indpls. Tel. com 2 indpls. Tel. pfd 90 i.Mor. Pub. Util, pfd 48% 01 Natl. Motor Car Cos X 3 I’ub. Sav. ins. Cos 4% ... Itauh Fertilizer pfu 45 Standard Oil of Indiana.... 82 8, Sterling Fiis Ins. Cos 7 8 Van Camp Hdw. pfd 100 Van Camp Packing pfd 3(H) Van Camp Prod. Ist pfd 100 Van Camp I’rod. 2d pfd 100 Vandalia Coal Cos. com 3% Vandaiia Coal Cos. pfd 4 8 Wabash Ry. pfd IS 24 Wabash Ry. pfd BONDS. Broad Ripple 5s 55 Citizens St. Ry. 5s 70 Indian Ck. Coal and Mine 100 Ind. Coke & Gas Os 82 89 Indpls. O. & S. 5s 91 Indpls. & Martinsville 55.... 50% ... Indpls. North. 5s 57 43 Indpls. & N. W. 5s 49'j 54 Indpls. k S. E. 5s 45 Indpls. S. Jr E. 5s 75 Indpls. St. Ry. 4s 51 00 Indpls. T. & T. 5s 74 79 T. 11., I. & E. 5s 50 I T. of Ind. Os 44% 51 Citizens Ghs 5s si% 91 Indpls, Gas Cos ,81 " 91 Kokomo M. 7c W. 5s 81 91 ind. Hotel Cos 2d Os 95 ... Indpls. L. A: H. 5s SI 91 Indpls. Water Cos. 5s 92 100 indpls. Water Cos. 4%s 75 Mer. 11. &. L. 5s 90 99 New Tel. Ist Os 94% ... New Tel. I*. D. 5s 93% ... Son. Ind. Power 5s SB% •Ex-dividend. LIBERTY BONDS. Liberty First 5%s 94.80 95.50 Liberty First 4%s 90.7* 97.24 Liberty Second 4%s 96.12 90.02 Liberty Third 4%s 97.14 97.04 Liberty Fourth 4%s 90.50 97.00 Victory 5% s 99.82 100.32 Victory 4%s 99.80 100.30 —Sales—s2,ooo Ind. Coke and Gas o's at S3. 1,600 U. T. of Ind. C’s at 40.

Local Curb Market 1 (By Newton Todd) —Jan. 4. Am. Hominy com 14 20 Central and Coast Oil 2 Choate Oil Corp % 1% Columbia Fire Ins. Cos o Comet Aut ®. 1 2 PavtoD Rubber Units 51 ei Dictnrgraph Prod, pfd 44 51 D. W. Griffith 8 9% Elgin Motor t ar 2 ;;i . Federal Flu. Ct>. prd 70 m - Fed. Fin. Cos., com 322 129 Gt Sou. Prod. & Ref 5 0 Indiana Rural Credits 50 60 Metro. 5 50c Stores com 6 9 Mere 5 50c Stores pfd...... 20 27 National Underwriting 3% a Bauch & Lnng Units 32 42 Rub.-Tex. Units 13 is Automobile units ( Ui S. Mtg. Cos Units .no ico BAN R STOCKS. Commercial Natl. Bank 71 si Continental Natl. Bank 109 n, 5 Indiana Trust Cos 173 190 Indiana Natl. Bank 25S 26s Merchants Natl. Bank 28" Natl. City Bank 105 no Security Trust Cos 130 State Savings and Trust..., 91 9S Wash. Bonk and Trust C 0... 150 WHOLESALE BEEF PRII E 8 The following are today's wholesale prices for beef cuts as sob! on the Indianapolis mark ts of Swift & Cos.: Ribs —No. 1. ISc; No. 2. 15c. Loins— No. 1, 22c; No. 2. 18c. Rounds—No. 1. 14c: No. 2. 12c. Chucks—No. 3.9 c; No. 2, Sc. Plate* —No. 1. 8c: No. 2. Bc. TOLEDO SEED PRICES. TOLEDO, Jan. 4. Clorerseed—Cash. $14.00; January, $13.65; February. $13.70: March. $13.55: April, $13.60. Alsiko— Cash, $11.40; February and March. $11.50. Timothy—Cash and January. s3.l2'j; February, $3.17% bid : March, $3.25 bid.

JH jjjjpjjjjjS No Car Is Quite Itself without a Concrete Road What makes a “crack” train? The roadbed as much as the rolling stock. So with your automobile. Any car is a better car on a good road. The car with the highest gas mileage has a higher mileage on Concrete. The car with the quickest “pick-up” picks up quicker on firm, unyielding Concrete. The best non-skid tire holds better on the gritty Concrete surface. The car with the lowest depreciation has a lower depreciation on Concrete. Motorists know these are facts—and ifiotorists, if they insist, can get the kind of roads they want. • Our Booklet R- 3 tells ether interesting things about Concrete roads. Write for your copy. PORTLAND CEMENT ASSOCIATION Merchants Bank Building INDIANAPOLIS, IND. c. 4 National Organization to Improve and Extend the Uses of Concrete Offices In 21 Other Cities

DOLLAR RAILS 1 DECLINE ON I FOREIGN MARTI Trade on London Stock Ex-I change la Dull Follow- ' ing Holiday. MONEY KATES ARE DOWN LONDON. Jan. 4.—Au irregular tendency obtained on the stock exchange yesterday? the volume of orders being only of moderate dimensions on the reopening after the new year holiday. The gilt edged market opened firm, but soon developed tt dull tendency, while foreign bonds were uncertain with continental currencies. 1 tails attracted some support in the hope of further economies with a wage cut and showed advances. Dollar rails went down, Canadian Pacifies dropping % point. Foreign rails were better. The industrial market was inclined to strengthen, with a f<w exceptions. Oil shar.-s v.cre easier. Mexican eagles were 3 21-32d, shells 3 11-lGd and Royal Dutch 36%d. The mining market had both ups and downs. Americans showing little strength. Lenders were eagerly offering money in Lombard street. Overnight money was down to 2 per cent, day to day money 3 per cent, weekly money 3% per cent and fixtures 3% jer cent. Bor t-ilver fell for both spot and forward to 34'id and 34%d.—Copyright, 1922, by Public Ledger Company. INDIANAPOLIS PRODUCE. Butter—Local dealers arc paying, 40® 41c per lb. for butter delivered in Indianapolis. Eggs—Loss off. 47c. Butter—Packing stock. 17c. Poultry—Fowls, 16®23csprings, 19c: cocks, 11® 12c; stags, 'lfc; young lieu turkeys, 8. lbs. and up, .’tt®young tom turkeys. 12 lbs. and up, 38c’ ~hl tom turkeys. 33c; cull thin turkeys not wanted; ducks, 4 lbs. and up, 16s; ducks, 4 lbs. and up, 18c; geese 10 IDs. and upllc: rabbits, drawn, pep dozen $2.50; squabs, 11 lbs. to dozen, $6; young guineas. 2-lb. size, per dosen, $j ®g; old guineas, per dozen, $5. —Local dealers are paying 42c per pound for all butterfat delivered In Indianapolis.

START NEW YEAR RIGHT Every—Man—Woman—Child can now own SIOO in our Big Main Street Buildings. We have now arranged for you to pay $lO down and $2.50 week. Any—Man —Woman—and—Child can be thrifty and save $2.50 week —for 36 week3. Thrift is the beginning of all successes in life. You —Your Wise —Your Child will have a Happy New Year, if you get each one share. If you really and truly intend turning over anew leaf for % PROSPEROUS—NEW—YEAR then clip and mail coupon for our 50-50 Partial Payment 1922 Prosperity Bookiet, for it will be of help to you. flip Hero The Standard Evansville Realty Cos. 503 Kahn Bide- Indianapolis, Ind. Gentlemen: Without obligation, kindly send me your 50-50 Partial Payment, Prosperity THRIFT BOOKLET, and oblige. Name Address