Indianapolis Times, Volume 34, Number 205, Indianapolis, Marion County, 6 January 1922 — Page 18

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DAY’S TRADING IS MARKED BY FLUCTUATION Uncertain Tone of Market Keeps Sugar Shorts Busy Covering. MANY STOCKS WEAK Special to Indiana Daily Times and Philadelphia Public Ledger. By MONITOR. NEW YORK, Jan. 6.—Price movements in stocks were extremely confusing, and the general impression was not encouraging. The early action of the market served to stiffen bullish confidence, as several groups were quite firm and short covering in a few issues was active and urgent. The shorts in American Sugar were put through a most unpleasant quarter of an hour, and covering was on an extensive scale. A good deal of strength also was displayed by Midvale. Republic Iron and Steel and Lackawanna Steel on further gossip concerning the much discussed merger. These were incidents of the morning, however, and the market derived its character from its action in the afternoon. Marked weakness developed among the oil shares, equipments and motors. Sfudcbaker, Baldwin and American Locomotive dropped sharply. This appeared to be profit-taking or selling for the account of disappointed buyers. The decline in General Asphalt was prompted by predictions that the forthcoming statement would make a poor showing in respect to earnings, and the dividend on the preferred stock would be passed. This, of course, the merest conjecture, in spite of its confident circulation. The same gossip has been heard in reference to the dividend on international nickel preferred and in fact the securities of nearly every company that has been passing through a period of readjustment and retrenchment. Asa matter of fact, the market is under the depressing influence of two factors. One is a revision of the technical position, which evidently has been long overdue after the rise of the last three months. Another is the effect exerted oy the conviction that a number of commercial insolvencies is inevitable, something to which the business world already has resigned itself, but which is being made the "subject of bearish ammunition at a time when the technical position of the market is unsettled. Aside from the delay by the Datl Eireann on the Irish treaty, there appeared to he no news of consequence.— Copyright, 1022, by Public Ledger Company. WALL STREET GOSSIP BY MONITOR. To snv that professional operations denfinated the day’s trading in stocks is j to use a truthful expression which has: crept-into the daily practice of market commentators but which may convey an yrfineous impression. Were it known far whom largo operators are Buying or selling the expression would lose much of its significance. Price changes were due in large measure to selling by the professional element, but a large volume of this selling was reported as for the account of Western houses. It was to this factor that the rank and file looked for their cue ns to the immediate future of stock prices. One large individual operator was reported to have been responsible for the advance in Midvale Steel, and under the cover of the strength in this issue to have been a large seller of other steels and the equipment stocks. The advance in Midvale was accompanied by the threadbare rumor of enhanced value to accrue j 'to stockholders when the proposed mer- : gtr yet the independent companies goes into effect. The oils were the weakest features from the opening of the market. General AsI'u.'.’t was especially weak on a report that there was some question as to the action to be taken by the directors on the preferred dividend. The preferred declined more than six points, and the common broke five points. Philadelphia dispatches Indicating that there is rio cause for questioning the payment of the dividend. failed to halt the flood of selling orders. There was evidence of scale buying below 60.

A reduction of 10 cents per barrel in the price of bunker oil to $1.40 was reported to have been made by the Standard Oil Company of New Jersey and in other quarters it was said that there were offerings at $1.30. This was taken to foreshadow further reductions in oil prices, and played its part in bringing selling into the oil stocks. Selling of Cosden was said to have been for the account of a recently formed poo! which has acquired an unwieldy line of long stock, according to gossip. Offerings were in unusual volume .and persisted to the lowest eighth. Buying came largely from the shorts. The steel stocks generally were persistently heavy. I'. S. steel in particular being offered in large quantities. There was no news to account for the selling of these issues specifically, but traders were in a pessimistic frame of mind and, finding little support, offered these stocks down. One argument advanced for the selling was that the reduction in crude oil prices meant less pipe buying by the oil companies. This class of business lias been one of the important factors In recent steel operations and it was felt that, if this buying is curtailed it must reflect in the last quarter statements of the steel companies. American Locomotive sold at 102 and there was little indication of “inside” buying even at the low price. Traders generally were inclined to believe that an over extended speculative position is being undone. Baldwin Locomotive also was weak, and the fractional rally at the close was due only to the covering of contracts by day to day traders. American Sugar, after opening a point below Wednesday night’s close, again was taken in hand and bid up to anew high price for the present movement at Co*/i>. Heavy realizing sales, as well as sales for short account were in evidence above 59,000. The price reacted more than two points before the close. Firms which have been large buyers remain optimistic in the long range view, but are noncommittal as to the immediate future. A special meeting of the stockholders of the Guantanamo Sugar Company has been called for .Tan. 17 to authorize the issue of 15.000 shares of S per cent preferred stock of SIOO par value and 7n,000 shares of no par value common. Stockholders will be given the right to subscribe to one share of preferred at par and five shares of common at $lO for each 20 shares of their present holdings. The proceeds from the sale of the new stocks will be used, it is said, to pay off bank loans and notes and reduce accounts payable and provide working capital. There was some liquidation of long stock In Studeoaker, as well as in Chandler Motors. The buying was of the same character which has been in evidence tor weeks, and the firms which are buying Indicate that sales during the motor show will exceed general expectations. The Buiclc factory which closed Dec. 3 will resume operations Jan. 9. The H. H. Franklin Company of Syracuse is planning a low priced car and a worldwide selling campaign. Manufacturers admit that competition will lie severe this year, but that the efficiently managed companies will show satisfactory profit. Passing of the General Motors dividend brought a great deal of outside selling into that stock and a resultant decline to anew low level. There was an excellent market for the offerings, and some firms take the position that the stock Is approaching a level where it offers attractive speculative possibilities for the long pull. No small amount of the selling in the day’s market was induced bv a feeling that there might be some unfavorable dev<<opment over tlie tveek-end.—Copyright. 1922, by Public Ledger Company. TOLEDO SEED PRICES. TOLEDO, Jan. 6.—Cioverseed —Cash. sl4; January, $13.75 bid; February. sl3.St) bid: March, $13.70; April, $12.75 bid Alsike—Cash, $11.40; February and March. $11.50. Timothy—Cash and Janu'V. $3.20; February, $3.25; March, $3.30.

N. Y. Stock Exchange ( (By Thomson & McKinnon.) —Jan. C— Prev. High. Low. Close, close. Allied Chem.... 56Vi 50 50 50 | Ajax Rubber 10% 10% 10% 10% ! Allis-Chalmers.. 38% 38 38% 38% Am. Agri 30% 30% 30% 30% Ain. Beet Sugar 35 81 35 31% Am. B. M. C 0... 35% 31 35% 33% Am. Car and F. 113 113 143 112 Am. Can 33% 82% 38% 82%. Am. H. &L. pfd 50 58% 55% 59% | Am. Ice 80 79 80 79% j Am. In. Corp 39% 88% 39% 38% Am. r Linseed.... 30 29 % 29% 29% Am. Loco 101% 103% 104’/. 102% Am. Selt. & 1t... 44% 43% 13% 43% Am. Sugar Ref. 59% 57% 5S 55% Am. Sum. T. Cos. 34% 83% 33% 33% Am. Steel Fdy.. 32% 31% 31% 32% Am. Tel. & Te 1.115%.115% 115' 115% 115% Am. T0bacc0...130% 129% 129% 129% Am. Woolen ... 79% 75% 78% 78% Am. Zinc and L. 13 13 13 13% Anaconda M. Cos. 48% 48 48% 47% Atchison 92V* 92% 92% 92 Atl. Gulf &W. I. 30% 29% 29% 30 Baldwin L0c0... 95 93'.'. 04% 93% B. & 0 34% 34% 34% 34% Beth. Steel (B). 50% 50% 50% 50% Calif. Pete 45% 44% 44% .44% Canadian Pac...119% 119% 119% 119% Central Leather 30% 30 30% 30 Chandler Motors 49% 48% 49 47% G. & 0 55% 54% 54% 55 C. M. & St. P.. IS 17% 17% 18% C., M. & St. P. p. 31% 30% 30% 31% Chi. & North 03% 02% 02% 62% C., It. I. & P 31% 31% 31% 31% C..R.1.&P. 6% p. 71 70% 71 Chili Copper.... 15% 15% 15%. 15% Chino Copper . 20% 2G% 26% 20% Coca Cola ... 42% 41% 42% 41% Col. F. & I. .25 24% 24% 25 Columbia Gas. 67 04% 07 05 C. C. C. & St. L. 55 55 55 53 Con. Gas 90% 90% 90% 90% Cosdeu Oil .... 33% 32% 32% 32 Corn Prod. ... 93% 92% 92% 92 Crucible Steel.. 64% 63% 04 <34% C. Am. S 16% 16 10% 10 Cuban Cane S. . 9% 8% 9 9 “Del. & Lack.. 114 113% 113'% 118 Erie 10% 9% 10 10% Endicott 77 70%. 70% 70% Famous Play. . 76% 75% 70 75% Kick I!. Cos. ... 11% 11% 11% 12 General Asphalt 58% 36 57 58 Gen. Elec 138% 137% 187% 13 s Gen. Motors .. 8% 8% Sts* 8% Goodrich 35% 35% 85% 35% Gt. North, pfd.. 72 71% 71% 72 Gulf States Sti. 40 45% 45% 40% Houston Oil .. 73 71% 72 71 Haskell Barker 77% 70% 77% 77% llinois O-ntral. 98 98 98 98% Tnsn. Copper . 38% 38% 38% 88% Invincible Oil . 14% 13% 14 18 Inf. Harvester.. 81 80% 80% 80% Inter. Nickel... 11% 11% 11% 11% Inter. Paper .. 50% 49', 49% 49% Island Oil Trans. 2-% 2% 2% 2% Kan. Citv Sou... 22'. 22% 22% 22% Kelly-Spg'fld .. 30% 35% 35% 35% Kcnn. Copper . 20% 25% 25% 25% Lack. Sti 45% 45% 45% 45% Lehigh Valley . 58''. 57% 58 58% Lee Tire 27 >5 20% 20% 27% Loews. Inc 12% 12% 12% 12% Loft Candy 9 9 9 9% L. & N 10S% 107% 107% 108% May Stores 103 103 103 101 Marine com 14% 18% 14% 13% Marine pfd 60% 64 00 % 04% Mex. Petroleum 110% 108% 109% 108% Miami Copper... 27 20% 20% 20' . Middle S. 0i1... 12% 12% 12% 13 ‘ Midvale Steel... 30% 29% 29% 29% Mo. I’ac 10% 10% 10% 10'. ( Nat. E. A Stamp 34 33 % 33% 34% j N. Y. Air Brake. 00 00 00 ' N. Y. Central... 73% 72% 73% 73% I New Haven .... 13% 12% 10% 12% Nor. A West.... 96% 90% 96! 7 • Nor. Pac 75% 75% 75% 7.-;. Pacific Oil 45% 41% 45% 41% i Pure Oil 35% 35% 35% 35% | Pan-Am. Petrol. 50% 49%. 50% 49% ! Penna. ll.v 33% 33 33 * 35 ' People’s Gas.... 61% 01 01 61% Pierce-Arrow ... 13% 13% 13% 13% I Pierce Oil C 0... 10% 10% 10% 10% ! Pittsburgh Coal. 01 01 01 61 u ! Pull. Pal. Car.. 100 105% 105% 105 '1 Ry. Steel Spgs.. 90 95% lx; 95 I Reading 72% 71'" 72 71% ! Rep. I. & Steel. 52% 51% 52% 52% | Royal Dutch.... 50% 49% 49% 48% j Sears-Roebuck . 62% 62% 62% 02% j Sinclair 10% 19% 19% 19% ! Stuart War. .. 24% 24% 24% 25 j South. Pac. .... 78% 78% 79% 78% ! Southern Ry. .. IS 17% 17% IS I Stand. O. Calif.. 93% 93 9:1 93 Stand. Oil N. .T. 172% Hi 171 170 '■ St. L. AS.F.C. 21 20% 21 20% Strom. Curb .. 37% 30 .87% 35% Studebaker .... 81% 79% 80% 79% ! Texas C. A 0.. 24% 23% 24 23% 1 Texas Cos 43% 42% 43 43% ' Texas A I’ac.... 25% 24% 25% 25% ! Tnb. Prod 62'3 01% 01% 02% j Trans. Oil 19% 9% 10% 10 I Cnion Oil 18!.. 1S 18 17% ; Colon Pacific .125% 125% 125% 125% ; Cnited R. S. .. 52 50 % 51% 50% I U.S.F. P. Corp.. 9% 9% 9% 9% ! C. Fruit Cos. ...122% 121'% 122% 120% United Drug.... 71 71 71 71 U.S.lndnsl Alco. 38 37 37% 37% I'. S. Rubber... 53 52% 5.3 52% IT. S. Steel 83 82 82 % 82% IT. S. Steel pfd.lls 115 115 111% Utah Copper... 01% 61% 01% 60% Van. Steel 4 31V. 30% 31 30% Vir. Car. Chem. 28% 28% 28% 28'% Wabash 0% 0% 0% Wabash It pfd. 20% 20'% 20% 20% White Oil 9% 9% 9% 9% West, Union... 91 91 91 92'% West. Eleetrie. 50 49% 50 50 White Motors.. 30% 35% 35% 35% W-Overland .... 5% 5% 5% 5% Wool worth 187 187 137 137% West. Pacific.... 15% 15% 15% 10% NEW YORK LIBERTY BONDS. ■—.Tan. G—• I’rev. High. Low. Close Clo'se. L. B. 3%s 93.80 95.00 95.70 05.50 L. B. Ist 4s 97 10 97.00 L. B. 2d 4s 96.06 90.40 90.00 06.40 L. B. Ist 4%5... 97.34 97.14 97-22 97.14 L B. 2d 4’is 90.88 96.60 96.80 90.58 L. B. 3d 4Vis 97.90 97.00 97 70 97.60 L. B. 4th 4%5... 07.40 97.12 97.28 97 10 Victory 3%s 100.08 100.00 100.08 100.08 Victory 4%s 100.08 100.06 100.08 100.0S CHICAGO STOCKS. (By Thomson A McKinnon.) —Jan. 6. Open High Low Close Armour pfd. ... 91% Armour Leather 12% Carbide A Carbu 43% 44% 43% 44 Libby 5% 6 5% 0 Nat. Lea 2% 2% 2% 2% Piggly Wiggly 30% 32 30% 31% Sears-Roebuek .63 Stewart-Warner 24% 24% 21% 24% Swift & Cos 95 95vj 94% 95% Swift Int 21% 22 21% 21% NEW YORK HIDES. NEW YORK, Jan. o.—Hide prices were firm again in trade on the market here today. Native steer hides were quoted at 15%c and branded steer hides at 15’ c per pound. NEW YORK PETROLEUM. NEW YORK, Jan. 6.—Petroleum prices were steady in trade on the market here today. Pennsylvania crude selling at $3.50 per barrel. NEW YORK TURPENTINE. NEW YORK. Jan. 6. —Turpentine sold at 87%c per gallon in trade on the market here today. NEW YORK WOOL. NEW YORK, Jan. 6.—W00l prices were steady again in trade on the market here today.

Local Curb Market (By Newton Todd) —Jan. 6. Am. Hominy com 14 550 Central and Coast Oil a Choate Oil Corp % i% Columbia Fire Ins. Cos 6 7^ Comet Auto 1 2 Dayton Rubber t nits 54 gj Dictorgraph Prod, pfd 44 D. W. Griffith 8 gu. Elgin -Motor Car..... 2 Federal Fin Cos. ptd 76 gg" Fed. Fin- Cos., coni 122 m Gt Sou. Prod. & Ref........ 5 g Indiana Rural Credits 00 go Metro. 5-50 c Stores com g 9 Mero. 5-SUC Stores pfd 20 National Underwriting .... Rauch & Lang Units 82 49 Rub.-Tex. Units jg JS l S. Automobile units 68 7g U.” S. Mtg. Cos Units 146 lflo BAN R STOCKS. Commercial Natl Bank n gt Continental Natl. Bank 100 Indiana Trust Cos 175 igp Indiana Natl. Bank 258 2gß Merchants Natl. Bank ...... 280 Security Trust Cos 130 State Savings and Trust.... 91 98 Wash. Bank and Trust C 0... 150

STOCK MARKET TONE IRREGULAR Marine Shares Are in Demand —Motor Issues Steady. NEW YORK, Jan. 6.—The market foi stocks closed irregular today, some issues rallying while others continued under pressure. The marine stocks continued in demand, Marine preferred moving up to 66, a gain of over 2 points. United States Steel, after falling 1 point to S2, recovered to 82% and Baldwin Locomotive rallicr over 1 point to 94%. The motor shares held steady. Government bonds were steady and railway and other bonds were irregular. Total sales of stocks were 570,100 shares. Bonds, $18,055,000. (By Thomson & McKinnon.) —Jan. 6 The stock market was decidedly less active and at frequent intervals there was a tendency toward dullness. Following an aggressive selling movement, this feature ordinarily could lie construed ns favorable. So far as sentiment is concerned, however, was can denote no material change. In local professional circles there is still a tendency toward the selling side. From commission house circles there was a moderate improvement in the demand today, but at no time did this demand assume important proportions. There can be little doubt but that confidence was badly shaken, and it will take a little time to overcome the effect of the bearish developments of the past few weeks, such as the passing of dividends, the price cutting in the automobile industry, some poor corporate reports and allowance must be made for further reports that ail will reflect the unsatisfactory conditions of the past year. The one favorable element lias been the easy money market, ample supplies of funds and reasonable rates. Wo have no doubt but that at a favorable time during the present year we will have such proposals in reference to merger as will appeal strongly to the Investing public and bring into the market a demand that will result in a prolonged period of activity, but at the present time we must deal with tile technical position of the market which, to us, seems unsatisfactory and we are therefore inclined to the opinion that for the present it is still advisable to market long stocks during strong market periods. TWENTY STOCKS AVERAGE. NEW YORK, Jan. 6—Twenty Indus trial stocks Thursday averaged 78.86, off .93 per cent. Twenty active rails aver aged 73 80, off .35 per cent. CLEARING HOUSE STATEMENT. NEW YORK, Jan. 0— Exchanges. SSG5.800.000: balances, $79,100,000: Federal Reserve Bank eiedit balances, $57,900,009

Money and Exchange Indianapolis bank clearings Friday were $’•.228,000. Bank debiis were $5,807.000. NEW YORK, Jan. 6.—The foreign exchange mark*4 opened strong today with [ demand Sterling l%e higher at $1.20%. Francs advanced 7 centimes to St'3c for cables and to 8.02 c for checks. Lire cables were t.32c; chocks, 4 31c. Belgian cables were 7.69 c; eln-cks, 7.08 c. Marks were up 2 points to ,0053 c. Guilder cables were 30.58 c; checks. 30.06 c. Sweden kronen cables were 24.75 c; checks, 24.78 c. NEW YORK ( Abb MONEY. NEW YORK. Jan. 6.—Money— Call money ruled 4% per cent; high 4% per cent: low, 3% per rent. Time rates, steady all 5®5V, per cent . Time mercantile paper, steady. Sterling exchange was steady, with business in bankers' bills at $4.19 lor demand. MOTOR SECURITIES. (By Thomson A McKinnon) —Jan. 6 —Closing Bid. Ask. Earl Motors 4% 5% Packard com 6% 7% Packard pfd 62 65 Peerless 34% 30 Continental Motors com s"* 6Vi Hupp com 10% 11 lien Motor Car 17% 1“% Elgin Motors 1% 2'-) Grant Motors _t'i _l% Ford of Canada 255 258 international Motor com 20 27 National Motors 1% 2% Federal Truck 14 10 Paige Motors 12 13% ACTIVE OIL STOCKS. (By Thomson A McKinnon) —Jan. C——Opening Bid. Ask. Anglo-American Oil 10% 17% Borne-Serymer 320 310 Buckeye Pipe Line 84 SO Ohesebrough Mfg. Cons 175 190 Continental Oil, Colorado ....123 127 Cosdeu Oil anil Gas 0 S Crescent Pipe Line 2s 30 Cumberland Pipe Line 120 180 Elk Basin Pete 0% 0% Eureka Pipe Line 77 so Galena-Signal OH, pref 99 103 Galena-Signal Oil, com 40 42 Illinois Pipe Line 158 103 Indiana Pipe Line 88 81 Merritt Oil 8% 8% Midwest Oil 2% 3 Midwest ltfg ICS 375 National Transit 28 30 New York Transit 140 145 Northern Pipe Line ’9O 94 Ohio Oil 255 200 Oklahoma P. A It 5% 6 Penn.-Mex 17 18 Prarie Oil and Gas 530 545 Prairie Pipe Line 224 228 Sapulpa Refg 3% 8% Solar Refining 330 350 Southern Pipe Line 74 77 South Penn Oil 180 190 Southwest Penn Pipe Lines.. 50 54 Standard Oil Cos. of Ind 84% 84% Standard Oil Cos. of 1van....500 575 Standard Oil Cos. of Neb 100 180 Standard Oil Cos. of N. Y 355 300 Standard Oil Cos. of Ohio 380 895 Swan A Finch 30 10 Vacuum Oil 300 310 Washington Oil 30 35 NEW’ YORK CURB MARKET. (By Thomson A McKinnon.) —Jan. 0. — —ClosingBid Ask Acme Packing 40 60 Curtis Aero, com 2 3% Curtis Aero, pfd 18 23 Goldfield Con 2 5 Jumbo Extension 3 6 Imperial Oil (Del) 9% 9% International Pel 15 15% Nipissing 0% 6% Standard Motors 3'% 4 Salt Creek 12% 13% Tonopah Extension 9-9-16 1% Tonopah Mining 1% i% United P S new 1% 1% U. S. Light and Heat 85 90 TT. S. Light and Heat pfd 1 1% Wright-Martin 2 5 Yukon Gold Mine Cos 1 1 % Jerome 20 83 New Cornelia 17% 18% United Verde 28%, 29% Sequoyah 2 '■> Omar Oil 77 79 Rep. Tire 10 20 Boston A Mont. 85 80 NEW YORK SUGARS. NEW YORK, Jan. o.—Raw sugars were firm in trade on the market here today, Cubas selling at 3.42 c per pound, duty paid, while Porto Ricos were quoted at 3.30 c per pound, delivered. Refined sugars were in fair export demand at steady prices. Fine granulated was quoted at 4.80(54.90c per pound and No. 1 soft at 4.90 c. NEW YORK COFFEE. NEW YORK, Jan. 6.—Coffee values were steady hi trade on the exchange here today, opening options being unchanged to 3 points higher. Rio No. 7, on spot, sold at 9%c per pound. NEW YORK RICE. NEW YORK, Jan. o.—Rice values were firm in trade on the market here today, domestic being quoted at 3 1 ,i@7%c per pound. NEW YORK METAL MARKET. NEW YORK, Jan. o.—Coppe spot. January. February and March, 12% ®:l3%c. Lead—Steady: spot, 4.75®4.900; January, February and March, 4.70(5! 4.80 c. Spelter—Steady ; spot and Januaryoffered, 4%c; February and March offered, 4.90 c.

INDIANA DAILY TIMES, FRIDAY, JANUARY 6,1922.

New York Bonds (By Fletcher-American Company.) —Jan. 6 FOREIGN GOVERNMENT BONDS. Bid. Ask. Arg. (unlisted) ss, Sept. 1, '45. 72 73% Arg. 7s, Oet., '23 97% 97% Bel gin n 6s, Jan. 1, ’25 05 Belgian 7Vas, June 1, ’45 103% 104 Belgian Bs, Feb. 1, ’4l 104% 105% Berne Bs, Nov. 1, ’45 108 108% Brazil Ss, June 1, ’4l 104 104% Chile Bs, Oct. 1, ’2O 99 99% Chile Bs. Feb. 1. ’4l 100% 101 Chile Bs, Nov. 1. ’4O 100% 100% Christiania Bs, Oct. 1, ’45 100 108 Copenhagen 5%5, July 1, ’44.. 85% 80% Danish Mun. Bs. Feb. 1. ’46....106 100% Denmark Bs. Oct. 13, ’45 107% 108 “Canadian 5%5, Dec. 1, ’22... 93% 95 ♦Canadian 5%5, Nov. 1, ’23 93% 94% “Canadian 5%5, Nov. 1, ’24.. 92% 94 “Canadian os, Dec. 1, ’25 91 92% Canadian ss, April 1, ’2O 90 90% Canadian 5%5, Dec. 1, ’27 94% 95% Canadian 5%5, Aug. 1, ’29.... 96% 97 Canadian 3s. April 1, ’3l 94% 95% •Canadian ss, Dot. 1, ’3l 91% 92% Canadian 5%5, Nov. 1, ’33 95% 97 “Canadian 5%5, Nov. 1, ’34 92% 94% Canadian ss. March 1, ’577... 94% 95% “Canadian 5%5, Dec. 1. ’37 98 99% ♦French (Viet.) ss, Opt., ’31.... 61 02% “French 4s, Opt., ’43 48% 49% French 7%5, June. ’4l 94 94% French Ss. Sept. 15, ’45 99 % 99% “Italian (War) 5s ._ 32 33 Jnnp. (First) 4%5, Feb. 15, ’25 87 87% Jap. (Second) 4%5, July 10. ’25 80 % 87% .Tanp. 4s, Jan. 1, *3l 72% 73% Mexico os. Jau., ’45 51% 56 Mexico 4s, Jan., ’54 40 4'*% Norway Bs. Oct. 1, '4O 108 109% Queensland 7s. Oct. 1, '4l 100 107 Riode Janeiro Ss, Oct., ’46....101% 101% Sao l’aulo Bs, Jan. 1, '36 101 101% Swedish 6s, June 15, '39 94% 95 Swiss 5%5, Aug. 1, ’29 95% 90% Swiss Bs, July 1, '4O 114% 115 U. K. 5%5, N'ov. 1, ’22 100% 100% F. K. 5%5, Aug. 1, ’29 99 99% U. K. 5%5, Feb. 1, ’37 90% 90% Uruguay Bs, Aug. 1, '46 103 103% Zurich Ss, Oct. 15, ’ls 107 108%

“Internal Loans. CORPORATION BONDS. Bid. Ask. Allied Backers 0s . 59% 59% Alum. Cos. of Am. 7s, Nov. '25.100 100% Am. Cott<>n Oil os, Sept. 2, ’24 93% 91% Amer. Tel. os, Oct. ’22 100% 100-.s Amer. Tel. os. Feb. '24 99% I'd Amer. Tel. .V Tel os, ’25 lox% 108% Am. Thread 6s, Dee. ’2B 94% 100% Amer. Toll. 7>. Nov. ’22 100% 101% Amer. Tub. 7s, Nov. '23.... 1"1% 1"2% Anaconda 6s, Jan. ’29 96% 95% Anaconda 7s, Jan. '29 100% 101 Anglo Auier. Oil 7%5, A. ’23.102% 103 Armour 7s. July* 15. '30.... 101% 101"s Atchison Gen. 4s 85% 85% Atlantic Ref. o%s, Mch. '31... 103% 1"1 Bell Tel. of Can. 7s, Apr. ’25.1e0 I'd j Bell of Pa. 7s l"s% pis% Beth. Steel 7s, July 13, ’23. .100% 100% Can. Pacific 6s. Mch. 2. '21.. 99% luo% Can. Nor. G%s 107 * 108% Can. Nor 7s 108% 109% Cent. Arg. Ity. Os, Feb. ’27.. 89% 90% C B. Q. Gen. 4s 80 89% C B. O <’. It. Q.—Neb. 4s 93 91 C. B. Q - It. 6%s 106 100'3 C. ,v V W. O' s 8'7% 107% C A- N IV. 7s 105'-. 106% C . R. 1. A I> (%, Feb. '22.. 99% pm Col. Graph. 8s 35% 35% Con Gas 7s, Dec. 22 I*lo% I*ll Copper Exp. Bs. Fell. 15, "22.100 100% Copper Exp. S<, Feb. 15, "23. .10 % lf)l% Copper Fx Bs. Feb 15. '24...1 2% l"'Copper Fxp Bs, Feb. 15, ’25.8’3 'i P<l% Cuban Ain. Sugar 8s 101'-.. 102 Cudaliv 7s. Jul.’ 15, '23 1(14% 1"0% Du Bo'nt 7%s I<>3% 1"4 Fed. Sugar (is, Nov. '24 97 97% Fisk Tire 8s 99% K'9% i-o'drh h 7s, Apr "23 90% , Goodve r Ist Bs. -11 119% 11“ i Goody, r Del., ,Bs, '3l 9-“% 99% Great .Northern 7s 1"7% H>7% Grand Trunk 6s 99% 100% Grand Trunk 6%s 102% 103% Grand Trunk 7s 108% 1u9% Gulf Ol! 6s, July "23 99% I**'% Gulf Oil 7s. Feb '33 1"2% 103% Heinz 7s, Dee. ’3O ...1"3% 1"4% li> king Val. *is. Mch. '24... 90% 97 % Humble Dll 7s. Mch. 13, .3.. 99% l'<v, 111. Cent. Ref. 4s, ’O3 82% 82 % Inter. M 4%s 9% 10% Interboro 5s 54% 55% Int. It. T. Ss. Sept. '22 73 75 K. C. Term 6s. Nov. 15, *23.. 99% 100 Kelly Springfield S 101'. 102 Keun. Copper 7s, Fob. ’30... 101 % 1" 1 % Laclede Gas 7s. Jan. ’29... 90% 97% L A N. 7s. ’3O 103% 100% Libliv MeNeil 7s. May. '31... 98% 99% Mex. Pet. 8s 98% 99% M. Sr. P A S S. M. 6's 100% 101 N. V Central 7s. '3O 105% Hie, N V. Tel. Ref (is. II 102 102% N. V. Edison 6'is. 'll .106% 100’ . Nor. Pac. P. L. Is st% st% Nor. Pac. G. L. 3s 60 62 Nor. Pac. 0s 100 106% Pan Amer. Bet. 7s 93 96% Penn. 6%s 103% I"t% Penn. 7s . 105% 103' ■ Philippine 5' ..5, 'll pfd B>s Proctor A G. 7s. Mch.. 22. .100 100% , Proctor A G 7s, Mch., '23... 101 % 1"l x Public Si r N J. 7s, Mch . ’22.99% 100% I!. J. Reynolds os, Aug. '2. ..100% inn% i Seaboard Coil. 6s 41% 42% , Sears Roebuck 7s, Oct. 15. '22. 98% 99 Sears Roebuck 7s. Oct 15, '23 97% 98 ; Sinclair 7%5, May 15, "25 98% 98", ; Solvny A- Ole -Si, Oet. "27 102 103 Southern Ry. 6s. Mch., '22... 99 99% St. 1,.-Sail Fran. B. L. 45.... 118% "8% St. 1,-San Fran. Adj. 0s 71 71 ’ , 1 St. B. V. D. s'.'.\ Dee. 15. ’23 97% 99% S. O. IS. V i 7s. Jail. ’25-’3l 101'i 110 > S O (N Y i ti'-'.s. M iv, ’33.106 106% S. W. B "11 Tel. 7s, Apr. ’25.1' o'i 1- 0%: Stand Oil (Cal ) 7s, Jan. '31.. 105% 100% Steel A Tube 7s 97% 9s'. | Swift 7s. Oct 15. ’25 100% 100% j Swift 7s. Aug. 15, '3l 101% 1011i ! Texas Cos. 7s Mch 1, "23 1"1 101% Tidewater OH o%s 100% loot •, Union Tank Car 7s 102 7 7 103% U. S. Rubber 7%8 105% 105% Utah S'C. 6-'. Sept. 15, '22 95% 90% Vacuum Oil 7s 90 90% Vn. Car Chem. 7%s 94 94' . Western El 7s, Apr. '25 '.43% 103% Western Union o%s 8’6% 100% Westlngliou *o 7s, May. *31....105 105% Winchester 7%s pfd 99% Big Four 0s 95% 90% Wilson 7%s 92% 93

In the Cotton Market NEW YORK. Jan. 6.—The cotton market opt icd quiet and irregular today, March being 3 points higher and other months 1 to 4 points lower. New Orleans, local and Liverpool houses were sellers, while sfiot concerns bought. The list failed to rally after the start. New York opening cotton price/: January, 18.40 c; March, 18.32 c: May, 17.85 c; July, 17.29 c; October, 16.47 c. Weakness developed again in the last hour, prices falling to within 10 points of the early lo.v levels, There was a rally near the close, which was very steady and showed net losses of 8 to 19 points. Open High Low Close Jan 18.40 18.42 18.06 1.8.32 March 18.32 18.33 17.98 Is. 17 Mil v 17.85 17.86 17.50 17.(0 July 17.29 17.32 17.(10 17.16 Oct 16.47 10.50 16.25 16.40 —Cotton Futures— LIVERPOOL. .Tan. 6.—Spot Cotton was in limited demand at the opening of the market here today. Brices were steady and sales around 4,000 bales. American middlings, fair, 13.446; good middlings, 11.79d; full middlings, i1.39d; low middlings, 9.59d; good ordinary, 7.596. Futures opened steady. CHICAGO PRODUCE. CHICAGO. Jan. 6. —Butter Receipts, 7.200 tubs; creamery extras, 35c; firsts, 29'//J34c; packing stock, 18@2Sc. Eggs— Receipts, 3,700 cases; current receipts, 30@38c; ordinary firsts, 54('f25c; firsts, 30%o; checks. 26(fi:28c; dirties, 28@30c. Cheese —Twins (new), 20c; daisies, 20@ 2<)%c; Young Americas, 20%e; longhorns, 2044 c; bricks, 17c. Live poultry—Turkeys, 35c; chickens, 22@28c; springs, 26c; roosters, 17c; geese. 22c; ducks, 28c. l’otatoes—Receipts, 17 oars; Wisconsin round whites, [email protected] per 150-It., bag; Michigan round whites, [email protected]; Idalios, [email protected]. CLEVELAND PRODUCE. CLEVELAND, Jan. 6.—Butter—Extra, in tubs. 43%@440; prints, 42%@43c; extra firsts. 42%® 13c; firsts, 41%.®44c; seconds, 34@34%e; packing stock, 23® 24%e. Eggs—Fresh gathered, northern extras, 45c; extra firsts, 44c; Ohio firsts, new cases, 38c; old cases, 44c; western firsts, new cases, 43c. Poultry—Live, heavy fowls, 29®30c: spring culls, 23® 25c; spring ducks. 32c; turkeys, 38@43c. Potatoes —Michigans, $2.80 for 150-lb. hag; Early Chios, $1.90 for 120-lb. bag. Sweet potatoes—Jerseys, $2.10 per hamper.

SWINE PRICES 25 CTS. HIGHER Trade in Cattle Is ActiveLambs Strong. RANGE OF HOG PRICES. Good Good Good Dec. Mixed. Heavy. Light. 23. $7.65@ 7.85 $7.50® 7.65 $7.S5@ 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® 7.50 B.oo® 8.25 4. 7.50® 7.80 7.00® 7.50 B.oo® 8.25 5. 7.75® 8.00 7.50® 7.75 B.oo® 8.25 6. B.oo® 8.25 7.85® 8.00 8.25® 8.50 With receipts around 6,500 and both packers and shippers with eastern house connections displaying fair demands, sxvine prices were 25 cents higher generally in trade on the local live stock market today. There were spots, however, that were even more than 25 cents higher. Practically all of the receipts had been sold at an early hour in the forenoon. Light swine brought $8.50 generally, but there was a top of $8.73 on a lew light lights and pig weights. Ileavies brought S7.BS®S and mixed and mediums $8.25. Roughs sold at $0.50 and down and stags at $5®5.50. 't he bulk of the sales for the day ranged at SB®S.SO. Trade in cattle was active and prices were strong to 25 cents higher on good cattle of practically all grades. Receipts ran close t • 8(0 and a fair clearance was anticipated, with all the packers active buyers. Calves were steady generally, with receipts dose to 500 for the day, the quality poor and the deist and fair. The top of sl2 of the previous day was maintained. Sheep were steady and lambs strong to 24 cents higher, with receipts close to 400 and the demand good. HOGS. Best light hogs, 150 to ISO lbs average $ 8.25® 8.50 Over 300 lbs 7.50 150 to 300 ibs 7.501® 8.50 .Sows 61 l® 0.50 Stags 5.00®, 5.50 Best pigs, under 140 lbs s.oti'</, 0.50 Bulk of sales 8.00(41! 8.50 Tops 8.75 —Cattle— I’rime cornfed steers, 1,300 to 1,800 ibs 7.23® 8.50 Good to choice steers, 1,200 to 1,300 lbs 6.00® 7.00 Good to choice steers, 1.1(h) to 1,200 Ibs 5.50® 6.00 Good to choice steers, 1,000 to 1,100 lbs 5.00® 5.50 Common to medium steers, 800 to 1.000 lbs 4 50® 5.00 —Cons and Heifers— Good to choice heifers 5.30® 8.00 Medium heifers 4.on® 5.00 Common to medium heifers.. 3.5"■</, 500 Good to eh dee cows 3.25® 5.50 Fair to medium cows 1.2541 2.75 < uttt rs 1.50® 2.50 Cauuers 75® 1.75 —Bulls— Good to choice butcher bulls. 3.75(0. 5.25 Bologna bulls 3.2.4® 3.75 Light bologna bulls 2.75(11. 3.0n Light to common bulls 2.50 q 2.7 4 —Valles— Choice veals 11.00® 12.0' Good veals lo on q 11.0 J Medium veals B .oil® 9.00 Lightweight vcais Y.ooh {• oo Common to heavyweight veals 4no® 7.00 —Stockers ami Feeders— Good to choice Steers under Si*) lbs 4.50® 4.75 Medium cows 2.00® 3.50 Good cows 3.50® 4 2.4 Good heifers 5 oo,< 0.50 Medium to good h :ifi-rs 4.00® 4.7-4 Milkers 37.U0®75.00 —8 lire p and lambi Ewes 1.00®! 3.00 Bucks 2.400 3 0 1 Good to choice lambs 9i.0®12 25 Seconds T.oocn. x 75 Buck lambs O"<K/ 7 id Culls 4.00%, 5.00 Oihcr Livestock CHICAGO, Jan. 6. — Hogs -Receipts. 2-x.o si; market active and 2.>'ntoe higher: bulk of sales, s7.st>fu 8 ; top. V s .so; heavies. $735(17 00; iiudiuiil-o $7.55®5: lights. $7.90® x.;js; light lights, s'\2.Vn •> 50; to .ivy packing sows, smooth, $:j.2507: packing sow s, rough. $0 /0 10; pigs. .x~ 15'./ 8 ~ii. Cattle—Receipts. 4,500: mark -t active and 1 .Vn 25: higher. I'ecf steers—Choice and prime, s9® 10; medium and good, s7'</9, good and choic,-. $.8.4014 io; com mini and medium, $5.8.44; 40. Butcher cat tb—llcifcrs. SKo S 25; cows, ss.so'<c 05"; bulls, $3 9 )'<; 0 2.4. C.inm-r* and in tors—Cows and heifers, $2.35-'ll 3.50 ; canker steers, $3.25(0 4.23; v. .11 calves, $0.75 (:92.4; feeder fters, ?.V</0.50; stock, r steers, $125(ud,10; Stocker cows and heifers, $.;(o t.i.4. Sheep and lambs Receipts, 12,ooo; market generally strong to 25 - higher; good to choice lambs. $U 23 (1/12.35; cull and common lambs, $x.7,y,/ II; yearling withers, $8.70'// 11 : owes. $4.2-''•/O.Vo; cull and common ewes. $2'0,1; feeder lambs, $9 25'//11. CINCINNATI, Jan. 6.- -Hogs-Receipts, 5.500; market strong to 25e higher; heavies, $7.75(f/$.25; mixed, $8.25; mediums. $8.50; lights and logs, SO; roughs, $6.50; stags, $l5O. Cattle—Receipts. 1,200; market weak to 25c lower; she stuff steady : bulls strong; calves, sl2'. Sheep and lambs—Receipts, 300; market strong to 50c higher; ewes, s!>/ 4.50; bucks, $3; ctmie 1 lambs, sl2; seconds, ss.so; culls, sl.oOfps ho. CLEVELAND, Jan. 0. Hogs Re eeipts, 3,000: market 15c to 25c higher; yorkers, $8.75; mixed, SS.4O(z/x,50; mediums, fix. lo/./ x 50; pigs, $9. rough*. Sl',: stags, $4, Gann- Receipts, 2.50; market steady; good to choice gfeers, $7.75(// 5.75; good to choice lieifers, $1.75'//5.75; good to choice COW S, $3.2.3'// 4 25; fair U* good cows, $2.25(03.25; cowmen cows, $1.250 2.25; good to choice hulls. $3.75'./4.75; milkers, $504(90. Slioep and lambs lie eeipts, 1.000 ; market, active 11 ml roe higher; top, $12.75. Calve Receipts, 200; tnurke 50c lower; top, sl2. EAST ST. LOUIS, Jan. 6. Hogs— Receipts. 11.000; market, steady to 14 to 2.4 c higher; mixed and butchers, $7.70'./S.io; good lieavios, $7.70/ii 7.55; roughs. $4.8.5',/ 6; lights, $8.23(11.8.50; pigs, ssms.so; bulk of sales, $7 75(1/ 8. Cuttle Receipts, 1.200; market, slow; native beef st. "S. s7'// S; yearling steers and heifers, $74/8; cows, $5.25('/ 5.25: Stockers and foolers. $1.25',/ 550; calves, $2.50(//9: fanners and cutters, $2.25f//,3.25. Sheep and lambs — i|>ts, 650: market, steady: mutton ewes. 81.30(74% 5.75: good to choice lambs, s6® 11.65; cannors and choppers. sl(</2. EAST BI’FFALO. Jan. 6. Hogs—Re- | eeipts, 5.600; market active; yorkers, $8.754/9.23 : pigs. $94/9.50: mixed, $5.504/9; heavies. $7 504/8.50; roughs, $641.6.50: stags, $44/ 1.50. Cattle- Receipts. 325; market slow; abippitig steers, $84)8.75; ; butcher grades, s74tß; heifers, sl4/7; • cows, $2,254(5; bulls, $3,504/5.25; feeders, sl4/3; milk cows and springers, slo'</115. j (’alvcs—Receipts, 1.500; market active: \ cull to choice, s4.so'u 13.50. Sheep and lambs—Receipts, 4.000; market active and steady; choice lambs, $ 1 3(7/13.50; cull to | fair. 's74l-12.50; yearlings, s.B4j 11; sheep, j $2,504/5. BITTSBURGIT, .Tan. o.—lTogs—Re- • eeipts, 2,500; maiket, 15 to 25 cents higher; prime hen vies. [email protected]; mediums,: $.8,904(9; heavy . orkers, $8,904/9; light, yorkers, SU(7fU.2S; roughs, s6® 7; stags, $3,504/1; heavy mixed, $8.50418.55. Cattle j Receipts, light ; market, steady; choice, I .""7.51)4/ s; prime, SB4/ 8.50; good, $7,504(8;! tidy liuteliers, $74/7.50; fair, $64(6.75;! common, $44/5; cimmon to good fat I hulls, $3,504/5; common to good fat cows, I $34(5.50; heifers $4,254(6.50; fresh cows; and springers, $554/85; veal calves. $13:! heavy and thin calves, SB4/9. Sheep and lambs —Receipts. 400; market, 50 con s higher; prime wethers, $64(6.50; goon mixed, $5,254(5.75: fair mixed, $1,504/5; culls and common, $24(3; choice lambs, $13.23. INDIANAPOLIS PRODUCE. Butter—Local dealers are paying, 40® 41c per lb. for butter delivered in Indianapolis. Eggs—Loss off. 4/c. Butter—Backing siock, 17c. l’oultry—Fowls, lii'4/ _.;j c • springs. 19c; cocks, ll@12e; stags, 13c • young hen turkeys, 8 Ibs. and up, 39,. • young tom turkeys, 12 lbs and up. 38cold torn turkeys, 33c; cull thin turkeys not wanted; ducks, 4 ibs. and up 16s; ducks, 4 lbs. and up, 18c; geese 19 llis and upllc; rabbits, drawn, n,, r dozen $2.50; squabs, 11 lbs. to dozen, $6; young guineas, 2-lb. size, per dozen, $7 @8; old guineas, per dozen, $5. Butterfat —Local dealers are paying 42c per pound for all butterfat delivered In Indianapolis. WHOLESALE BEEF PRICES. The following are today’s wholesni" prices for beef cuts ns sold on the Indianapolis markets of Swift & Cos.: Ribs —No. 1. 18c; No. 2,15 c. Loins —No. 1, 22c; No. 2,18 c. Rounds—No. 1,14 c; No. 2. 12c. Chucks—No. 1,9 c; No. 2, Bc. Elates —No. 1,8 c; No. 2. Sc.

GRAIN VALUES CLOSE WEAK Buying Is Scattered and Trade Featureless. CHICAGO, Jan. 6. —Grain prices were weak on the Chicago Board of Trade today. Buying was scattered and trade was small and feltureless. Wheat receipts were again small. Provisions were I irregular. May' wheat opened unchanged at $1.12 and dosed off %e. July wheat opened at $1.01%, up %c, and closed down %c. May corn opened at 53%c. up %e, and closed unchanged. July corn opened at 34%c, lip %e, and closed off %c. May oats opened at 3S%e, up %c, and closed up %c. July oats opened at 38%e, unchanged and closed unchanged. (By Thomson & McKinnon.) —Jan. 6. Wheat—A considerable falling off in the movement of wheat from the eo'untry, together with a show of strength in the cash article at milling centers have kept undertone of market firm, but it cannot be said that there is any broadening of general interest, in fact the trade itself has no firm convictions and anticipates an erratic, uncertain market within a narrow range. Export trade is very quiet. New bids are said to be several cents out of line and there being some small amounts re sold at below a replacement basis. A local miller cleaned up all the dark northern spring wheat in this market yesterday, but other interests purchased a like quantity today from Minneapolis at a relatively cheaper price. Between a steady lessening of receipts and an improved milling trade on one hand ond the utter absence of export demand on the other, the market is not likely to disclose any definite trend of prices, pending developments of the future. Uorn and Oats—Receipts of corn seem falling off, while the export demand was "gain rather brisk. Sab's reported from : here totaling 230,600 bushels, and the sea- [ board estimating an aggregate of 300,000 bushels. The undertone of both corn and oats is healthy for the reason that there is not and has not been any undue or unwarranted investment buying. It is the general idea that prices are dragging around the bottom, and will, in time, fie more to the liking of the producing section. iToyi - ions—Considerable strength was sho'vn in hogs today. The advance may stimulate movement from the country, but it is likely that a good demand, both from packers and shippers, will be uncovered if any easiness in prices. The provision list continues to display a steady undertone, /is it is not called upon to aecejit any hedging sales.

CHICAGO GRAIN TABLE. —Jan. 6-r WHEAT— Open. High. Low. Close May 1.12 1 12% 1.11% 1.11% -1n1y.... 1.01% 1.61% 1.00% 1.09% (’ORN—--Mai 53% .53% .53% .53 July 54% .54% .51 % .51% OA 'IS— May 38% .38% .38% .38% July 38% .39% .38% .38% I’< 'UK “Ja 15.07 LAUD - Jan 8.75 8.77 870 8.75 May 9.13 9.15 9.1 U 9 12 RIBS - •Jan. 7.87 Mai'.... 8.05 8.05 8.09 8.09 lIY Iv— . May 84 .84% .SI .81 “July .77% “Nomina!. CHK ICO t \xif GR UN. CHICAGO, Jan. 6. Wheat—No. 2 mixed. $1 11: No. 3 red, $1.16: No. 2 hard yellow, $1.07%. * >.r 11—No. 2 mixed. 47%. ■ /lx' .. ; .\t. 2 white, 47'%/ ts,■; No. 2 yellow, 47%'<iS9e; No. 3 mixed and No. 3 /‘How. 46 ■/ 17' ,c; No. 3 white, 46 1 4 4/ 47.% No. 5 mixed, 44%4/"45%e: No. 4 white, at'd No ■' ye110w."454/10t..c. Oats N 2 white, :;."7i36%c; No. 3 white, 33% 4/35c; No. -1 white, 32%®33c. TOLEDO GRAIN PRICES. TOLEDO, Jan. ti. Wheat—Cash, $1.16 4(1.19; May, $1.21%; July, $i <m; „. Corn ,51(0 52. o us- Cash, 40® 42c. liyc —Cash, 8!-. Barley—Cash, 62c. PRIMARY MARKETS. (By Thomson & McKinnon.) —Jan. 6 —RECEIPTS— Wheat. Corn. Oats. Bf. Joe 9.00 5.1,660 2.9 HI Chicago 17.00) 471.000 150.900 Milwaukee .. 3.00) Oa.noo 4 4,(09 Minn tpolis . in i.ooo 61.900 64'<H)o Duluth 55.600 1< ."5,600 19. '69 81. J. ills 6.9") 82,009 oo'uoo Toledo 1.991 9,9;h) 2,C00 Detroit 4.999 4.9(4) ...... Kansas City . 95,009 23,6(6 !(.(►-() Beoria 4.06 • xi.mn 25.(H)0 Omaha 26. coo 1 :*(',./ (6 14.006 Imilanapolls . 3.090 126,099 10,(1 9 Tef.-.IS :i53.9 X> 1,258.600 379," 60 Year ago . .1.692,( <) 1,062,900 512,(HX) SHIPMENTS - Wheat. (s'rn. Oats. St. .Toe lx." (6 B, IKK) Chicago 20,900 206.000 151.0(H) Milwaukee .. 3,80 91.900 27,000 Mineapolls ... fis.oOO 5*.060 "0.0(h) St. I.'iuls ... 62.000 69.0(6 i ,|()09 Toledo 1,000 6.000 1 ■? r.iit 7.900 2.009 Kails/ City . 173.990 85.<(6 19,000 Beoria ...... I.tHSI ] 15.660 43.000 Gin-i h. i 10.990 91.000 20,000 Indianapolis . S.ooo 22."00 20.000 1 Totals 348.000 820.900 434.000 Year ago .. 765.929 386.000 417,000! CLEARANCES New York . I.'IUHIO 113.090 30.000 Boston sO.O'i-l 59.090 Philadelphia .307,600 Baltimore ... 120,000 94.000 Neiv Orleans 189,900 Galveston ... 224.990 Totals .835.000 426,000 80,000 Year ago .1,311,000 32,000 INDIANAPOLIS CASH GRAIN. —Jan. 6—Bids for oar lots of grain and hay at ; the erill of the Indianapolis Board of i Trade were: Wheat—No sales. Corn—Firm; No. 3 white, 49%@50%c;

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 weeks. Thrift is the beginning of all successes in life. You —Your Wise —Your Child w ill have a Happy New Year, if you get each one share. If you really and truly intend turning over anew leaf for a PROSPEROUS—NEW—YEAR then clip and mail coupon for our 50-50 Partial Payment 1922 Prosperity Booklet, for it will be of help to you. Clip Here The Standard Evansville Realty Cos. 806 Kahn Bldg. Indianapolis, Ind. Gentlemen: Without obligation, kindly send mo your 50-50 Partial Payment, Prosperity THRIFT BOOKLET, and oblige. Name Address

Local Stock Exchange —Jan. 6. STOCKS. Bid. Ask. Ind. Ry. & Light com 69 Ind. Ry. & Light pfd 75 Indpls. & S. E. pfd ... 60 Indpls. & N. W. pfd 60 Indpls. St. Ry 39 45 T. H„ T. & L. pfd.... ... T. H„ i. & E. com 5 T. 11., I. & E. pfd ... 12 U. T. of Ind. com U. T. of Ind. Ist pfd 1 U. T. of Ind 2d pfd 2 Advance-Rutncly com Advance-Rumely pfd Am. Creosoting pfd 92 Am. Central Life 175 Belt R. R. com 64 72 “Belt It. It. pfd 47% ... Century Bldg. Cos. pfd 92 Citizens Gas Cos 25% 27% Dodge Mfg. Cos. pfd “Home Brewing 43 Ind. Hotel con 65 “Ind. Hotel pfd 95 Indpls. Nat. Ins. Cos 3% ... Ind. Title Guarantee Cos 45 Ind. Pipe Lines 82 '<• Indpls. Abattoir pfd 41 50 “Indpls Gas 44 00 Indpls. Tel. com 2 Indpls. Tel. pfd 90 Mer. rub. Util, pfd 43% 56 Natl. Motor Car Cos 3 Pub. Sav. Ins. Cos 4% ... Ranh Fertilizer pfd 43% ... Standard Oil of Indiana 83 87 Sterling Fire Ins. Cos 7 8 Van Camp Hdw. pfd ... 100 Van Camp Packing pfd 196 Van Camp Prod. Ist pfd 100 Van Camp Prod. 2d pfd 100 Vandaiia Coal Cos. com ... 3% Vandalia Coal Cos. pfd 4 8 Wabash Ry. pfd BONDS. Broad Ripple 5s 55 ... Citizens St. Ry. 5s 71 76 Indian Ck. Coal and Mine 100 Ind. Coke & Gas 6s 82 89 Indpls. C. t S, 5a 91 Indpls. & Martinsville 55.... 56% ... Indpls. North 5s 43 Indpls. & N. W. 5s 49% 54 Indpls. & S. E 5s 45 Indpls. S. &- E 5s 75 Indpls. St. Ry. 4* 55 62 Indpls. T. &T. 5s 71% 79 T. H„ L & E. 5s 50 U. T. of Ind. 6s 51 Citizens Gas 5s 81% 91 Indpls. Gas Cos 81 91 Kokomo M. fc W. 5s 81 90 Ind. Hotel Cos 2d 6s 95 Indpls. L. & H. 5s 81 91 Indpls. Water Cos. 5s 92 99 Indpls. Water Cos. l%s 75 S4 Mer. H. & L. 5s 96 95% New Tel. Ist 6s 95 New Tel. L. D 5s 94 Sou. Ind. Bower 5s 88% •Ex dividend. LIBERTY BONDS. Liberty Ist 3%s 95.70 95-90 Liberty Isf 4%s 97 16 97.26 Liberty 2d 4G( 90.7s 96.96 Liberty 3d 4%s 97.79 97.80 Liberty 4th i%s 97.26 97.36 Victory 3%s 100.00 100.10 Victory 4%s 100.00 100.16 SI,OOO "Liberty Ist 4' ,s at 97.21. SI,OOO Liberty 4tli 4%s a* 97.36. SI,OOO Ind’pls T. it T. 5s a’ 75. No. 4 white, 48%<f?49%c: No 3 yellow, 4-8%/Ji llt’-jc; No 4 yellow, 47%(fi%5%c; No. 3 mixed, 47(glSc; No. 4 mixed, 46%'<J 4 * c. Oats—Firm; No. 2 white, No. 3 white. 36%®37%c. Hay—Steady: No. 1 timothy. sl7 50(4? 1$; No. 2 timothy, $17(4/17.50: No. 1 light clover mixed, si6 50®17; No. 1 clover. sl9 @2O. —lnspections Corn—No. 3 white, 3 cars; No. 4 white, 12 cars; No. 5 white, 1 car: No. 6 white. 3 cars: No. 3 yellow. 5 cars; No. 4 yellow. 17 cars: No. 5 yellow, 13 cars; No. 6 yellow. 11 ears; No. 4 mixed, 8 cars; No 5 mixed. 5 cars: total. 78 cars. Oats—No. 2 white. 2 cars; No. 3 white. 10 cars; No. 4 white, 5 tars; total, 17 I cars.

January Investment Indiana Tax Exempt Securities We Offer: $75,030 Ind’anapolis Sanitary District 6s Denomination, SI,OOO Maturity December 21, 1926 SIOO,OOO Indiana Road Bond 5s Denomination, SI,OOO Maturity one to ten years Fletcher Joint Stock Land Bank Bonds Denomiations, SSOO and SI,OOO Maturity, thirty years; optional, ten. * All the above bonds are exempt from all Federal and local taxes. Real Estate First Preferred 7% Stock Tax exempt and free from normal income tax. Maturities c-9 *o ten years. Based on Indianapolis proper*^. PRICE TO YIELD 7f o Breed, Elliott & Harrison 109 North Pennsylvania St. INDIANAPOLIS Cincinnati Chicago Detroit

f* 3 Let Us Discuss With You The Many Advantages of Our Financial Secretary p or man y years the Fletcher American National Bank has acted as custodian of securities for a great many of its customers. Today this bank, through its enlarged business activity, made possible through the Fletcher American is giving a complete service that really amounts to the full duties Os a FINANCIAL SECRETARY. We will be glad to send you a Good investment* . copy of our booklet. May we have the opportunity of explaining in detail? FLETCHER AMERICAN COMPANY Second Floor Fletcher Eanlc Bldg. INDIANAPOLIS

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RALLY ENJOYED BY FOREIGN STOCK MARKET Future Hope Based on Outcome of Conference Now on at Cannes. LONDON, Jan. 6. The stock market opened yesterday with renewed dullness, owing to scarcity of demand, but rallied later on moderate support and hopes of practical results at Cannes. The gilt-edged market recovered the losses of the ope/ting and foreign bonds were mostly dull. Home rails held firm, but without material alteration. Dollar rails were higher. Canadian Pacific went up to 143 and foreign rails showed great strength. Industrials were better where changed, notably iron, steel and engineering issues. The oil shares market recovered confidence after the markdown of yesterday. Minings showed slight gains, with the exception of American issues, which were spotty. The amount of available credit in Lombard street was still pronounced and leaders could not place their resources. This drove overnight money down to 1 rer cent. Day to day money was 3 per cent and fixtures 3% per cent. Bar silver relapsed to 31%d and 34%d for spot and forward —Copyright, 1922, by Public Ledger Company. ——— " t JVeather The following talle shows the state of the weather at 7 a. m., Jan. 6, 1922, as observed by U. S. Weather Bureaus: Station. Bar. Temp. Weather. Indianapolis, Ind... 30.52 2i Cloudy Atlanta. Ga 30.20 40 Cloudy Amarillo. Texas.... 30.30 18 Clear Bismarck, X. D.... SO..’JO —4’ Clear Boston, Mass 30.22 36 Clear Chicago, 111 39.52 12 Clear Cincinnati, Ohio ... 30.52 22 Cloudy Cleveland. Ohio .... 30.44 24 SnowDenver, Colo 30.30 12 Clear Dodge Citv. Kan... 30.40 20 Cloudy Helena, Mont 30.00 18 Clear Jacksonville, Fla... 30.24 62 Clear Kansas City. M 0... 30.50 16 Clear Louisville. Ky 30.56 26 Cloudy Little Rock, Ark... 30.44 SO Clear Los Angeles, Cal... 33.08 4S Clear Mobile. Ala 30.22 50 Cloudy New Orleans. La... 30.22 52 Cloudy New York. N. Y... .’*.3o 36 Clear Norfolk. Va 30.36 38 Rain Oklahoma City .... 30.40 20 Clear Omaha. Neb 30.48 -8 Clear Philadelphia. Pa.... 30.36 36 FtCldy Pittsburgh. Pa 30.44 28 Cloudy Portland. Ore 3o.<H 36 Cloudy Rapid City. 8. D... 30.2-8 12 Clear Roseburg. Ore 30.02 40 Rain Sin Antonio, Texas 30.20 44 Cloudy Snu Francisco. Cal. 30.02 44 Rain St. Louis, Mo 30.54 20 FtCldy Sr. Paul, Minn 30.52 —lO Clear Tampa, Fla 30.22 60 Clear Washington, D. C.. 30.40 32 Clear WEATHER CONDITIONS. The area of cold weather over the Mississippi Valley Thursday morning has extended eastward across the Atlantic States, while higher temperatures prevail over the plains region and far northwest. Zero weather, however, continues as far south as central lowa and southern Wisconsin. Rains have occurred in Use southeastern States and the middle and north Pacific region, and light snow (lurries are reported over the Great Lakes. Elsewhere the weather has been generally fair. J. H. ARMINGTON. Meteorologist, Wewther Bureau.