Indianapolis Times, Volume 34, Number 209, Indianapolis, Marion County, 11 January 1922 — Page 12

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STOCKS HOLD TO NARROW RANGE IN OPERATIONS Most Price Changes in Trading . Limited to Fractions. RAILS RECOVER LOSSES # Special to Indiana Daily Times and Philadelphia Public Ledger. By MONITOR. NEW YORK, Jan. 11.—Stocks moved within a very naarrow range, and most of the price changes were limited to Such irregularity as was displayed was due to the in-and-out operations of the professional element. So l'ar as the news directly bearing on the market was concerned this might be considered of a favorable nature. Call money Renewed at the lowest price in more than two years, 3% per cent, and declined to 3 at the close. The United States Steel Corporation reported an increase of more than 17.000 tons in unfilled orders, whereas a week ago the Street had been looking for a decline of 100,000 tons. Movements in the market were without special significance. Several issues that had been heavily sold in the last two or three days recovered rather sharply. Among these were Chicago <fc Northwestern and the Erie issues. The oils were irregular, with Mexican Petroleum declining more than two points, with a fair recovery later. Selling of Texas Company continued and this stock closed at the bottom. General Asphalt, after a period of early weakness, rallied and closed at a net gain of nearly one point. Much of the optimism displayed at the of the year has disappeared, notHvithstanding the progress made at Cannes and the strength in the rorcign exchanges. Much of this loss of .confidence is due to the reports on ,the legislative program at Washington, and the recalcitrant attitude of certain groups of legislators who hav% arrogated to themselves the championship of the farmer. The feeling that the proposed tariff bill will be an economic blunder, that the passage of the bonus bill will result in financial distress, and other evidences of legislative ineptitude at Washington, do not tend to stimulate executive effort. A prominent statistician also has issued a monthly letter emphasizing tlie point or gloom the' unfavorable features in the European financial sitpntiou. It is, of course, evident that scattered liquidation, incident to the season, has thrown these unfavorable features into bolder relief than would be otherwise the case, and as soon as the technical position of the market becomes stron jer the more hopeful aspects of the s’tuation will be revealed. —Copyright, 1922, .by the Public Ledger Company.

Buying in Chicago and Northwestern so far the week is reported to be in part for some of the officials of that company. Traders who have sold the stock short covered their commitments on learning the 10,OCO share selling order was completed. There was an accumulation of selling ( orders over night in many issues with the result that the activity at the opening was at the expense of values. This was true notably ip Mexican Petroleum which opened a point lower. Some support made it3 appearance and In the afternoon a rally ensued. Transactions were largely professional. In Baldwin Locomotive the selling was described as of excellent character, it did not follow the price down, but was in evidence on the recovery late in the afternoon. Baldwin advanced from 63 in June to par plus a $3 dividend, or a total of 40 points. It is natural that such an advance should bring profit takin" on a considerable scale and the present reactionary tendency is due to the technical position of the stock itself rather than to any change in the affairs of the company. t Sources which usually are familiar with operations in American Wool are noncoininital as to the immediate future of the stock. It is felt its present price represents all that the B *6ck 13 worth on an investment basis, anti there is little indication of such a change in the company’s condition would, warrant an increase in the dividend in the immediate future. A report from Pittsburgh that the Aetna Standard plant of the American Sheet and Tinplate Company has resumed operations in full as have three of the same company's plants in the Wheeling district, failed to stimulate buying of the steel stocks. The financial district is awaiting the publication of the annual reports of the steel companies before taking a decided position in these issues. The Dominion Oil Company, Texas Chief Oil Company and Ranger Texas Oil Company subsidiaries of the Middle States Oil Corporation* declared quarterly dividends of 3 per cent . Call money opened and renewed at 3% per cent, the lowest renewal rate since Aug. 19, 1919. Bankers hesitate to express an opinion as to the length of time during which low money rates may l)o expected, but in the meantime these rates are having their effect in the bond market. One block of a million dollars of victory 4% changed hands at 100.10 a new high record. On the announcement that the meeting of the directors of Burns Broiler has been adjourned until the latter part of the week, this stock was sold by the trading element. It was understood the adjournment was taken pending the listing of the new A and B stocks, upon which dividend action will he taken. The B stock has been selling at a price to anticipate a $2 dividend which, under the by-laws of the company, would mean §lO or more for the A stock, in some quarters there was an inclination to be-

FINANCIAL. PERSONAL LOANS ~ $lO TO S3OO office is operated under the supervision of the State of Indiana and was established for the purpose of providing a place where honest people can borrow any amount from 110 to 1300 without paying more than the legal rate of interest or without being imposed upon in any way. It is only necessary that you are keeping house and permanently located. NO WORTHY PERSON REFUSED We do not notify your employer, neither do we make inquiries of your friends, relatives or trades people. You can have all time necessary for repayment and pay only for the actual time you keep the money. Call and let us explain. No charges unless you borrow. Loans with other companies paid oft and more money advanced at legal rates, IF IN A HURRY PHONE MAIN .1923 OR LI NCOLN 2450. SECURITY MORTGAGE LOAN CO. Rooms 205-7-9 Indiana Trust Bldg. 11$ E. Washington St. Corner Vlr. Ave. REAL ESTATE CONTRACTS PURCHAt ID SECOND MORTGAGES PURCHASED COMMERCIAL PAPERS PURCHASED. WE ADVANCE RENTS ON LEASES ' INVESTIGATE OUR NEW PLAN. AUTOMOBILE FUNDING CO. 913 HUME-MANSUR. MAIN 3568. LOANS On furniture, pianos, autos. live stock, farm imp! ments and other collateral. CAPITOL LOAN CO. 141 Vt E. Washington St. Main 0585, Auto. Lincoln 7184. FIRST and second mortgages on Indiana ( and Indianapolis real estate. R. B. WIL- I SON. in* N. Delaware at. Main I#l. 4

lieve these estimates were too high, although they have semi-official sauctiou. There is some tired selling of the motor stocks, but the speculative groups interested in them take such offerings at minor recessions Those who are buying the stocks are firm in their conviction that presently there will be reports of large sales. They ire waiting for the general market situation to correct itself. according to usually well informed sources. United States Industrial Alcohol was one of the firm features of the list, and is reported to be tinder accumulation oy important interests. Nothing has been heard recently of their product “Aleogas.” It is understood the product now is being moved in substantial quantities, and interest in it is revived with the holding of the motor show. Market Street Prior preferred is being quiqtl.v bought by interests familiar with the company's situation, it is said. According to these sources funds have been accumulated for payment of a dividend. The price has advanced more than three points this week.—Copyright, 1922, by Public Ledger Company.

N. Y. Stock Exchange

(By Thomson & McKinnon.) —Jan 11.— ' Prev. High Low Close Close Allied Chem.... 57% 57(4 57% 56% Ajax Rubber .. 10% 10% 10% 10% Allis-Cha inters . 35% 38% 38% 38% Am. Beet Sug... 34% 34% 31% 33% Am. Car Fdy.. 142% 142% 142% 141% Am. Can 33% 32% 32% 32Vs Am II A L com. 12% 12% 12% 12% Am. 11. &L. pfd. 88% 58% 58% 38% Am.'Drug 4% 4‘%• 4-,-s 4% Am. lilt. Corp... 39% 3!*% 39% 39% Am Linseed .. 30% 30 30 29% Am. Loco 104% 103% 104% 103% Am Smelt Kef. 44% 44 44% 43% Am. Sug. Ref... 58% 58 58% 57% Am. Steel Fdy.. 32% 31% 32%. 31% Am. Tel. & Tel. 110% 115% 110% 113% Am. Tobacco.. .134 Vi 131% 133% 131 Am. Woolen 80% 80% 80% 79% Anaconda Min.. 49% 48% 49% 48% Atchison 93% 93% 93% 93% Atl. Gif. &W. I. 29% 28% -’9%. 28% Baldwin Loco.. 94% 93% 84% 9t B. At) 34 33% 34 33% Beth. Steel (B). 00% 50% 50% 55% California Pete. 44% 43% 44% 43% Can. Par. Ry...12l 120% 120% 120 Central Leather 30 29% 30 29% Chandler Motors 50% 49% 50 49% C. & 0 54% 54's 54% 54% C„ M. & St. P.. 17% 17% 17% 11% CMit St P pfd.. 30% 30% 30% 30% Chi. &Nw 02% 01% 02% 02% C.. R. I. it 1'.... 3V 30% 30% 30% CItI&I’ opf pd 71% 71% 71% 70 % Chili Copper.... 10% 15% 10% 15% Chino Copper... 27% 27 27%. 20% Coca Cola 42% 42 42% 11% Columbia Gas... 00% 00 00 % 00% Coliini. Graph.. 2% 2% 2% 2% Consol. Gas 90% 90% 90% 90% Cosden Oil 32% 32 32 % 32 Corn Products.. 97% 94% 97% 04-s Crucible Steel... 03 01 03 02% Cub. Am. Sugar 31% 14% 14%. 1- ,- k Cub. Cane Sug.. 8% 8% 8% 8% Del. it Hudson.lo7 107 107 Del. & Laeka.. .115 113% 113% U :! % Erie 9 8% 9 8% Erie Ist pfil 13% 12% 13% 12“ Famous Players 77% 70% 77-\ *'*% Fisk Rub. C 0... 12% 12% 12% 11% Gen. Asphalt.... 58% 57 58% si'i Gen. Cigars tis 08 08 • •••■ Gen. Kh**:trie.. .138% 130 V-i 13'% 130% Gen. Motors 9 8% 'A 9 Goodrich ....... 35% 35% 35% 35% (it. Nor. pfd 72% 71 % 72% 71 Gt. Nor. 0re.... 32 31 % 32 -g ‘- Houston 0i1.... 73 72 73 7t Haskell Barker. 80% 79% 80% 80% Illinois Central. 98% 98% 9.5% Inspiration Cop. 39% 35% 39% 38% Invincible 0i1... 14% 14% 14% 11% Indiahoma 3% 3% 3% 3% Int. Harvester.. 81% Bt% 81% 81% Int i Nickel 11% 11% 11% 11% Inter. Paper.... 49% 48% 49 45% ISI. Oil it Tr... 2% 2% 2% 2% K. C. Southern. 22% 22% 22% 22% Kelly-Spring. .. 30% 35% 30% 30 Ivennecott Cop.. 20% 20% 20" < 20% Lack. Steel 45% 45% 45% 45 % Lehigh Valley.. 5-8% 58% 58% 58 Loews, Inc 12% 12% 12% ••■ ; • Loft. Candy.... 9% 9 9 % 1,. & N 110% 110 119 HO May Stores ....197 105 100 194 Marine Com. .. 14% 11% 14% IDs Marine pfd. .. 07% 00% 00% Maryland 0i1... 20% 25% 2.% 2->% Mont, it Ward.. 12% 12 , 12 s 12Mex. Pet 110% 197% 119% 19'% Miami Copper . 20% 20% 20% 20% Mid. States Oil 11% 11% H"i %4 Midv. Steel 2.8% 29 29 29% Missouri Par... 10% 10% 10% 10% Mis. Pac. pfd.. 41% 44% 44% 44 Nat. Enam 32% 30% 32 n I',s Nev. Copper..., 14% 14% 14% N. Y. Central... 74 73% 73% i3% New Ilaven.... 13% 13% 13% 12% Nor. Pacific 75% 74'% 75% 74% Pacific Oil 45% 41% 45% 44% Pure Oil 35% 3% 35 s' Pan-Ain. I’ete... 50% 48n "0% 49%, Penn. Ity 33% 33% 33% 33® People’s Gas... 61% 01 % 61% 61 _ Pierce-Arrow ... 14 13% 13% 13% Pierce Oil Cos.. 10% 10% 19% 10% Pitts. Coal 624a 621a 62'% 62V-i P. Steel Car 63 63 63 63 Ity. S. Springs; 93 95 95 91 Ray Copper 14% 14% 14% 11% Reading 73 71% 73 71% It. I. iN S 52 52 52 .;!% Replo. 5t001.... 2T*;i *27% - S /4 It. Dutch N. Y. 51 50% 5o s 51 S-Roebuck 62% 62% 62% 62% Sinclair 19% 19 J3% I-* Sou. Pac 79% <B% 73% <B's Sou. Ry 17*7 17% ij% P';* Stand. Oil Cal.. 94 94 94 92% Stand Oil, N. J. 175% 172% li4 171 STL&SF. Com... 21. 21 21 29% Stromberg Carb. 37 30% 30% gj> Studebnker .... 82 80 % 8_ 80% Texas Coal & Oil 24% 24 24% 24 Texas Cos 45 42 "i 4.> 4Tex. Gas & Sul. 41% 40% 41% 41 Toh. Prod 63% 62% 63% 0Trans. Oil 10 9% 9% 10 Union Oil 19% 18% 19 18% Union Pac. ... 126% 125% 126% 12.;% United Ret. St. 52% 52 ;>2% 52 U. S. F. P. Corp. 8% 7V4 <% S '.s Unit. Fruit C0..122 122 122 121 United Drug 72 72 V ‘2 <>% IT. S. In. Alcohol 39% 2,8% 39 38% U. S. Rubber... 53*4 52% 52% :>2% U. S. Steel 83% 82% 83% 82% TJ. S. Steel pfd..115% 115% 11->% U-'.'m T'tah Copper 63% 62 63% Vanadium Steel 31% 30 SO'/* 31 Wat). Ist pfd..'. 20 19% 19% 19% White Oil 9% 914 9% 8% West. Union.... 91% 91% 91% 93% West. Electric.. 49% 49% 49% 49% White Motors... 36% 36% 36% 37 Will vs Overland 5% 5% o% ■>% Wilson & C 0.... 2.8 28 28 28

NEW YORK LIBERTY BONDS. —Jan. 11— I’rov. High. Low. Close, close. Liberty 3V>5.... 98.00 “97.70. 97.70 90.80 Liberty Ist -Is 97.80 97.40 Liberty 2d 45.. 97.84 97.74 9..5i 9.40 Liberty Ist 4%5.. 95.04 97.88 95.00 97.90 Liberty 2d 4%5., 98.10 97.80 97.84 9i.<>4 Liberty 3d 4%5.. 98.30 07,86 98.00 98.06 Liberty 4th 4Vis. 98.18 97.98 98.04 9<.% Victory 3%s ....100.18 100.12 100.18 100.08 Victory 4%s ....100.18 100.12 100.18 100.10 CHICAGO STOCKS. (By Thomson & McKinnon.) , —Jan. 11— Open. High. Low. Close. Armour pM 91% 91% 91% 91% Armour Leather... 12% .... •••• •••• Carbide & Carbon. 44% 44% 44% 44% Libby 5% 5% o% National Leather... 2% 2-; s -vs Piggl.v Wiggly 32% 3o 32% 31 Sears-Roebuck 02% .... • ••• •••• Stewart-Warner .. 24% 20% -1% 2r>% Swift & Cos 24% 23% 24% &>% Swift International 22 22% 22 NEW YORK WOOL. NEW YORK, Jan. 11—Wool values ruled steady in trade on the market here today, prices of the past two weeks being maintained. NEW YORK PETROLEUM. NEW YORK. Jan. 11.—Petroleum prices were steady in trade on the market today, Pennsylvania crude selling at $3.23 per barrel. NEW YORK TURPENTINE. NEW YORK. Jan. 11.—Turpentine sold at 93c per gallon on the market here today. CHICAGO PRODUCE. CHICAGO, Jan. 11.—Butter—Receipt*, G.OOO tubs; creamery extras, 30%c; firsts, 23@29%c: packing stock, 16@lSe. Eggs— Receipts, 6,200; current receipts, 294/ 30c; ordinary firsts, 25® 27c; firsts, 30%®:31c; checks, *2o®'22c ; dirties, 23(024c. Cheese — Twins, new, 20c; Daisies, 20@20%c; Young Americas, 20%c; Longhorns, 20% e; Bricks. 17c. Live poultry—Turkeys, 33c; chickens, 25c; springs, 25c: roosters, 17c; geese, 21c: ducks, 29c. Potatoes—Receipts, 24 cars; Wisconsin [Round Whites. 51R'22.10 per 150-lb bag; [Michigans, $2.10; ■■fcresota, [email protected].

COPPEEf STOCKS CLOSE STRONG Leading Issues Finish at High Figures for Day. NEW YORK, Jan. 11.—The stock market closed steady today. Most of the leading Issues closed around the best figures of tlie day. Corn Products continued in demand, selling up to 97%. Crucible Steel recovered nearly. 2 points to 30 and United States Steel got up to qhe copper shares were strong, Utah advancing 2 points to 64. Texrfs Company was a feature of the oil group, selling at 45, a gain of nearly 3 points. Goverhment bonds wore unchanged anil railway and other bonus strong. Total stock sales were 460,700 shares; bonds, $27,253,000. (By Thomson & McKinnon.) —Jan. 11— The volume of business on the stockexchange was very materially reduced today by the interruption of telegraphic service" as the result of storm conditions that are quite general, and as the result what business came to the exchange was mainly local and to a large extent professional. The undertone, however, was good. There was more of a disposition on the part of the professional element to buy stocks and most likely this represented the covering of short commitments. One'of the reasons for this change Is no doubt the renewed strength in the bond market where the demand has again materially increased and values have moved upward. So far as general business conditions are concerned, there is no change apparent at this time. Much of the optimism that exists today\is based on prospect of the future rather than oil the past, the improvement that has occurred having been to a great extent discounted by the advance in values during the latter part of 1921. We see nothing at this time calculated to materially increase public interest in the market. We anticipate further irregularity .arid for the present continue to favor marketing long stocks on the bulges. TWENTY STO( liS average. NEW YORK, Jan. 11.—Twenty industrial stocks Tuesday averaged (8.59, off .28 per cent. Twenty active rails averaged 73.54, up .11 per cent. CLEARING HOUSE STATEMENT. NEW YORK. Jan. 11.—Exchanges §741,100,000; balances, $77,500,000; Federal Reserve Bank credit balunce, $64,100,000.

Money and Exchange

Indianapolis bank clearings Wednesday were §3,028.000. Bank debits Wednesday were §5,219,000. NEW YORK, Jan. 11.—The foreign exchange market opened weak today. Demand Sterling was %e lower at $4.22%. Francs yielded 5% centimes to 5.200 for cables and S.ff.'.c for chocks. Lire cables w ere 4.5 if: checks, -l . ibe. Belgian cables were 7.92 %c; chocks, T. 91 1 e. Marks were off 1%. points to .0656'.,c. Guilder cables were 36.80 c: checks, 90.76 c. Sweden kronen tallies were 24.95 c; checks, 24.90 c. NEW YORK UAI.L MONEY. NEW YORK, Jan. 11. Motley—Call money ruled 3% per cent ; high 3% per cent; low. 3% per cent. Time rates easy all 4%®4% per cent. Time mercantile paper quiet. Sterling exchange was steady, with business in bankers' bill $1.22% for demand. MOTOR SECURITIES. (By Thomson & MeKinnn.) —.lan. 11.— —Closing Bid Ask Earl Motors f j ! t Packard coin ,'*% ‘ Packard pfd r .... Peerless -j. 3 b Uontimtutal Motors com >•% !; * Continental Motors it‘d M H"Pl> I'M lteo Motor Oar 17% 18% Elgin Motors 2 - % Grant Motors J ~ ' % Ford of Canada -•*' International Motor com National Motors 1% Federal Truck ]* Paige Motors " Republic Truck •% ,s ACTIVE OIL STOCKS. (By Thomson & McKinnon) —Jan. 11— —Opening—nid. Ask. Borne-Scrymscr 320 310 Buckeye i’ipe Line 85 87 Chesebrough Mfg. Con 170 199 Cosden oil and Gas 6 Crescent Pipe Line 27 29 Cumberland Pipe Line IF' Elk Basin Pete 6% 6% Eureka Pipe Line 76 so Galena-Signal "il pfd T (H> Galena-Signal Oil com 40 42 Illinois Pipe Line 162 167 Indiana Pipe Line 85 Mi Merritt Oil 8 *% Midwest oil _'j Midwest Refining Do * National Transit ‘-’8 New York Transit 140 145 Northern Pipe Line ;i " Ohio Oil 255 -00 Oklahoma P. & K •' *' Penn.-Met D, _1? I'rairie Oil and Ga 5........ 510 o'-in Prairie Pipe Line 223 22i Sapulpa Refining ...5 330 3-i0 Southern Pipe Line 74 <7 South Penn Oil H > 180 Southwest Penn Pipe Lines •>" •' Standard Oil Cos. of Itid -.84% .81 4 Standard • 'il Cos. of Kan * ,| 9 '"b Standard <il Cos. of K.v 435 4.i0 Standard Oil Cos. of Neb 342 347 Standard Oil <’o. of Ohio 360 380 Swan & Finch 3? Vacuum Oil ->•> 5 M Washington Oil 30 40

NEW YORK CURB MARKET. (By Thomson & McKinnon) —Jan. 11— Closing— Bid. Ask. Acme Packing 40 50 Curtis Aero, com 2% 3% Curtis Aero, pfd 18 22 Goldfield Con 2 6 Jumbo Extension 2 5_ Imperial Oil (Del.) 9% 9% International Petroleum .... 14% Hvh Nipissing 0% Standard Motors 3% 4 Salt Creek 13 13% Tonopah Extension 19-16 1 ;s Tonopah Minii g 17-16 19-10 United i* S new 115-10 2 IT. S. Light and Heat SO 85 IT. S. Light and Heat pfd 1 1% Wright-Martin 2 5 Yukon Gold Mine Cos 1% 1% Jerome 28 35 New Cornelia 17% 18 United Verde 27% 28% Sgquoyah 5 7 Omar Oil 72 73 Rep. Tire 15 25 Boston & Mont 80 81 NEW YORK SUGARS. NEW YORK, Jan. 11.—Raw sugars were firm in trade on the market here today, cubes selling at 3.01 c per it), duty paid, and Porto Ricos at 3.42 c per II). delivered. Refined sugars were steady, fine granulated being quoted at 4.80(5); 4.90 c per lb and No. 1 soft at 4.90 c per ll>. NEW YORK COFFEE. NEW YORK, Jan. 11.—Coffee values were steady in trade on the market here today, opening options being 1 t<# 2 points lower. Rio No. 7, on spot, sold at 9@9%c per pound. NEW YORK ItICE. /NEW YORK. Jan. 11.—Trade in rice \fas rather quiet on the market here today, but prices hold linn. Domestic rice was quoted at 3%@7%c per pound. NEW YORK METAL MARKET. NEW YORK, Jan. 11.—Copper—Quiet; spot and January, 12% ({/:13c; February and March, 12%@13%c. Lead--Dull; spot. January and February, 4.70®4.50c. Spelter—Dull: spot n id January offered, 4.82%c; February offered, 4.83 c. NEW YORK HIDES. NEW YORK. Jan. 11.—Hides were firm to higher in trade on the market here today, native steer hides being quoted at 16c and branded steer hides at 15%c per pound.,

INDIANA DAILY TIMES, WEDNESDAY, JANUARY 11, 1922.

New York Bonds (By Fletcher American Cos.) —Jan. 11.— FOREIGN GOVERNMENT BONDS. Bid Ask Arg. (Unlisted) 5s kept. 1, ’45 73 74 Arg. 7s Oct.. ’23 97% 98 Belgian 6s Jan. 1, ’25 95% 95% Belgian 7%s June 1, '45 105% 105% Belgian 8s Feb. 1, ’4l 105% 105% Berne 8s Nov. 1, '45 107 107% Brazil 8s June 1, '4l 103% 104 Chile $-S Oct. 1, ’2O 98% 99% Chile 8s Feb. 1, ’4l 101% 101% Chile 8s Nov. 1, ’46 101 101% Christiania 8s Oct. 1, '45 106 IU7 Copenhagen 5%s July 1, '-14.. 85% 86 Danish Man 8s Feb. 1, ’46....106 107 Denmark 8s Oct. 15, '45 107% 108 •Canadian 5%s Dec. 1, ’22..., 93 94% •Canadian 5%s Nov. 1, '23...i 92% 94 •Canadian 5%s Nov. 1, '24.... 92 33% •Canadian 5s Dec. 1, ’25 90% 91% Canadian 5s Apr. 1, '26 96% 96% Canadian 5%s Dec. 1, ’27.... 93% 94% Canadian 5%s Aug. 1, '29.... 97% 97% Canadian 5s Apr. 1, ’31.... 95% 95% •Canadian 5s Oct. 1, ’31..., 90% 91% Canadian 5%s Nov. 1, ’33.... 95 96% •Canadian 5%s Nov. 1, '34.... 92% 93% Canadian 5s Mch. 1, '37.... 94% 95% •Canadian 5%s Dec. 1, '37.... 97% 98% •French (Viet.) 5s Opt., '31.. 64% 65% •French is Opt., '43 50% 52 French 7%s June 'il 94% 95 French 8g Sept. 15, '45 100% a(40% Jap (Ist) 4%s Feb. 15, '25.. 87 % 87% Jap (2d) 4%s July 10. '25.... 86% 87 Jap 4s Jan. 1. '3i 73% 74 Mexico 5s Jan.. '45 54% 56 Mexico 4s Jan., '54 4040% Norway 8s Oct. 1, ’lO 108% 109 Uueenslnmi 7s Oct. 1, '4l 107 107% Rio de Janeiro 8s Oct., 'io. .101 101% Sao Paulo 8s Jan. 1, ’36 100% 101% Swedish (is June 15. ’39 94 % 95 Swiss 5%s Aug. 1. ’29 96 96% Swiss 8s July 1, '4O 114% 115 U. K. 5%s Nov. 1, ’22 100% 100% U. K. s'is Aug. 1, '29 99'-, 99% C. K. 5%,s Feb. 1, '37 97% 97% Uruguay 8s Aug. I. ’46 104% 105 Zurich 8s Oct. 15, '45: 108 108% Bergen 8s 100 107 •Internal loans.

CORPORATION BONDS. Bid. ►Ask. Alum. Cos. of Am. 7s, Nov., '25 100% 100% Allied Packers 6s, 61% 62% Am. Cot. Oil 6s, Sept. 2, '24. 93% 94'-. Arc. Tel. 6s. Oct.. '22 100% 100% Am. Tel. 6s, Feb., '2l 100% 100% Am. Tel. ,V Tel. 6s, '25 109% 109% Am Thread Cs, Dee.. '2B :9 7 s 100% A in." Tob. 7s, Nov., '22 101% 101% Am. Tob. 7s, Nov.. '23 102% 102% Anaconda 6s, Jan., '29........ 97 % 97% Anaconda 7s. Jan., '29 101% 101% Anglo-Am. Oil 7%>. Apr., '25.. 10:;% 103% Armour Ts, July 15. '3O 101 % 102 Atlantic Itcf. 6%5, Mch., '31..104% 101% Atchison Gen. 4s ,86% 87% Bell Tel. of Can. 7s, Apr., '25. .100 100' . Bell of I'a. 7s 108% 108% Beth. Steel 7s. July 15, '23 100% 100% Big Four Sixes 96% 97% Can. Nor. 6%s IDS', 108% Can. Nor. 7- 108% 100% (’an. Pac. 6s. Meb. 2. '2l 100 V, 100% Cent. Arg. Ry. 6s, Feb., '27.... 89% 90% Chic. & N. W. (1<.',8 100% K'7% Chic. & N. W. 7s, ‘ 105% 106% C. IS (). Gen. 4s 86% ('. IS. Q— HI. S'-.s 78% 79% C. B. Q.—Neb. 4s 91% 94% I V B. (j.—lt. 6' a s 107'j PB> (’., R. I. & P. 6s, Feb., '22 99% 100 Cnl. Grajih. 8s 35% 35% Con. Gas 7s, Dec , 22 1"1% 10l % Clipper Exp. Bs, Fell. 15, '22..100 100'<j Copper Ex'). Bs, Feb. 13, '23..101% 101% Copper Exp. ss, Fel). 13. '2l..tfi% 702% Copper Exp. Bs, Feb. 15, '25..104 >lOl% Cuban Am. Sugar 8s 101% 102 Cudahy 7s. July 15, '23 100% 100% lin Pont 7%s 103% 104% Fed Sugar 6s, Nov., '24 97% 9s Fisk Tire 's 99% 109% Goodrich 7s. Apr., '25 97 97' . Good rear Ist Bs. '4l 110% 111% Goodyear Deb. Bs, 7,1 97% 98% Grand Trunk 6s, 100% 100% Grand Trunk 6%s 102 1 1% Grand Trunk 7s I<>9% 109% Great Northern 7s 10.5% p's , Gulf Oil 6s, J illv, '23 99% 100% Gulf Oil 7'-. Feb . '33 102% 103% Heinz 7). Dee., 70 103% 104% 11. .eking V. ! 6s, Midi.. '24 97 97% Humble Oil 7s, Mch 15. '23..10n% PW • 111. Cent. Ref. 4s, ’55 82% 83% Interboro 5s i'. 56% lu’cr. Met. 4%' 11% 11% Int. R. T. Bs. Sept.. "22 74 75% K. G. Term 6s, Nov. 15, 23 99% Uv !x 11 v Springfield ss, 103 103% Kona Cop. 7s, Feb., 70 102% 103'. L. &' N. 7s ’3O 106% 106% Laclede G IS 7s. .Tan , '29 95'. 9:'.' . Eibl.v-MrN. il 7s, Mav, 31 9'% 99>; Mex." Pel. 8S 99% 100% Minn . St. V. & S. S. M. 6%5, 101% 101"* Morris 7' I<>2% 102% Nat. Lenth Bs, Nov. 15, 75.. 93% 96% N Y. Central 7s, 7o 105% 106% N. V. Kills..u 6%5, '4l K 6 106.% N. Y. Tel. Kef. 6s, ’ll 102% 102% N. N. T. 7- 107’ , 108 Nor. Pac. P. 1,. Is 85% 8.5% Nor. Par. G E. Ss 00% 00% Nor. Pac. 6 107 107% Pan Atner. Pet. 7s 90% 97% Penn. o%s, 105% 105% Penn. 7s, 107 107% Phillipinr SV.S, '4l 103 105 Proc. A G. 7s, Mch.. '22 100 100% Proe. A G. 7s. Mch . '23 101% 101% Pub. 8-r. N J. 7s, Mch., '22.. 99"., 100% R. J. itevn.hds 6s, Aug. 72.100 7 100% Sears Roebuck 7s, Oct. 15, "22 Os'... 99% Sears Roebuck 7s, Oct. 15, '23. 97 97 Seaboard Coll, (is 40% 4t% Sinclair 7' s, May 15, 75 98% 99% Soivny A Cie Bs. Oct.. 77....103 104 South. Rv. 6s, Mch., 72 99% 99% 8 W Bell Tel 7s. Apr., 75.. PM 101% Stand, oil (Cul.l 7s. Jan.. ’31.. 105% liwi Sl. Oil (N. Y.i 7s. Jan.. 75 '31.100 . 110 St. oil IN. Y.) 0%8, May, ’33.107 107% Steel A-. Tul'e 7s 97% 98 st. 1,.-San l'rnn. P. 1,. is, .. 86% 89 St. E.-Snn Fran. Adj. r.s 71% 72% St IV U. D. 5' s. Dee. 15, 73.. 99 99% Swift 7-, (let. 15. 75 100% 100% Swift 7s, Aug. 15, '3l 102 P 7% Texas Cii. 7s, Mch. 1, 73 101% 101% Tidewater Oil 6%s 101 101% Union Tank Car 7s, .......103 103% U. S. Rubber 7%sf 105% 106% Utah Sec. 6s, Sept. 15, ’22.... 96% 97% Vacuum oil 7s 106 106 Vn. Gar ('hem. 7%s 94% 94% West. El. 7s. Apr.. 75 PH PMC. West'll Union o%s, tOTVi 107% Westlnghouse 7s, May, ’31....1(9!'% 10C.% Wilson 7%8 95 95% Winchester 7%s 99% 99%

Weather The following fable shows the state of the weather at 7 a. in., Jan. It. as observed by United States Weather Bureaus : Station. Bar. Temp. Weather. Imlliinupvlis, Ind.. 29.70 32 Cloudy Atlanta, Ga 29.40 44 Cloudy Amarillo, Texas.... 30.28 20 Snow Bismarck. N. 1> 30.40 12 Cloudy Boston. Mass 20.86 30 Cloudy 'Chicago. 11l 29.90 3‘2 Cloudy Cincinnati, 0hi0... 29.56 30 Snow Cleveland, Ohio 29.58 30 Snow Denver, Colo 30.42 28 Cloudy Dodge Citv, Kan.. 30.38 22 PtCldy Helena, Mont 30.62 28 Clear Jacksonville, Fla.. 29.54 50 Clear Kansas City, M 0... 30.20 20 PtOldy Louisville, K.v 29.02 31 Cloudy Little Rock, Ark... 29.88 40 Cloudy Los Angeles, Cal... 30 20 5(1 Clear Mobile, Ala 29.74 52 Cloudy New Orleans. 1.a.. 29.82 50 Clear New York. N. Y... 29.64 28 Snow Norfolk, Ya 29.00 58 Cloudy Oklahoma City 30.20 32 Cloudy Omaha, Neb... 30.28 20 PtCldy Philadelphia, Pa... 29.48 30 Snow Pittsburgh, Pa 29.40 32 Snow Portland. Ore 30.64 32 Cloudy Rapid City, S. D.. 30.40 20 Cloudy Roseburg, Ore 30.54 31 Cloudy San Antonio, Texas 30.10 40 Clear San Francisco, Cal. 30.32 50 Clear St Louis, Mo 29.92 32 Cloudy St Paul, Minn 30.24 0 Clear Tampa. Fla 29.00 00 PtCbl.v Washington, I). C. 30.20 34 " Rain WEATHER CONDITIONS. The storm which was over the West gulf region Tuesday morning has developed greatly in energy, and has mo led rapidly northeaster ward to the middle Atlantic coast. It lias been accompanied by strong shifting winds and widespread precipitation, heavy In many places. Temperatures have risen in its front, but have fallen to the northward and westward, colder weather being rejvorted from the entire Mississippi Valley, Great Lakes region nnd the North Atlantic States. Zero temperatures have again, appeared in middle-western Canada, but Hie readings there nre not much below tlie seasonal average. J. H. ARMINGTON, Meteorologist, Weather Bureau. WHOLESALE BEEF PRICES. The following are today’s wholesale prices for beef cuts as sold on the Indianapolis markets of Swift & Cos.: Ribs —No. 1,18 c; No. 2,15 c. Loins —No. I, 22c; No. 2, IJSc. Rounds —No. 1,14 c; No. 2, 12c. Chucks—No. 1,9 c; No. 2, Bc. Plates —No. 1, Sc; No. 2, Bc.

SWINE PRICES RULE STEADY Few Light Mixed Swine Higher —Veal Values Down. RANGE OF HO TRICES. Good Good Good Jan. Mixed. Heavy. Light. 3. $7.50®) 7.75 s7.oo (fit 7.50 sß,ooos 8.25 4. 7.50®) 7.80 7.00®i 7.50 B.oo®i 8.25 6. 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 7 8.25® 8.50 7.75® 8.00 8.75® 9.00 9. 8.25® 8.75 B.oo® 8.15 8.75® 9.00 10. 7.75® 8.25 7.25® 7.50 8.25® 8.50 11/ B.oo® 8.35 7.50® 8.00 8.25® 8.75 Swine prices were steady generally in trade on the local live stock exchange today. However, there were a few sales of iight mixed swine at prices (hat were fully 10 to 13 cents higher than those of the previous day. Receipts ran close to 9,00(1. Packers established the market, taking the heavies grades of swine, while shippers with Eastern house connections showed fair demand for the lighter grades. At an early hour in the forenoon practically all hogs had been said. Cattle prices ruled steady generally, with receipts close to 1,000 and the packers showing fair demands for practically all grades of cattle. There were a few weak spots in the steer market. Bulls were again in good demand at values that were fully steady to strong in spots. i alves were 50 cents lower generally, with receipts around 500 and the demand by shippers rather slow. A weakening in Eastern markets also had its effect upon the trend of the local mart. Both sheep and lambs were steady, with tlie demand good, the quality fair to good and receipts approximating COO. HOGS. Best light hogs, 150 to 180 * lbs average § 5.25@ 5.75 Over 3(H) llis 7.50 150 to 300 lbs 7.50® 8.30 Sows 5.73(i(: 6.25 Stags 5.00%: 5.50 Best f'lgs, under 140 lbs 8.50® 8.75 Bulk ..f sales B.o*J® 8.35 Tops 8.75 —Cattle— Prime eornfed steers, 1,300 to 1,800 lbs 7.25® 8.50 Good to choice steers, 1,200 to * 1,300 lbs o.oo® 7.00 Good to choice steers. 1,100 to 1,200 lbs 5.50® 6.00 Good to choice steers, 1,000 to 4,100 lbs 5.00® 5.50 Common to medium steers, 800 to 1.000 lbs 4.50® 5.00 —Cows nnd Heifers— Good to choice heifers 0.50% 800 Medium heifers 4.0"® 5.00 Common to medium heifers.. 3.50® 5.00 Good lo eh lice cows 3.25(<i 5.30 l air to medium cows 1 25® 2.75 Cutters 1.50® 2.50 Canners 75® 1.75 —Bulls— Good to choice butcher bulls. 3.75® 5.25 Bologna bulls 3 25® 3.75 Light bologna bulls 2.75® 3.C0 Light to cuiimiuu bulls 21.50® 2.75 —I lilies— Choice soalv ~..s 10.00® 11,00 Good veals U.00w10.00 Medium veals 7.lH)iii 9.00 Lightweight vials 6.uO® 7.00 Common to heavyweight veals 3.00® 6.0) —Stocker* and Feeders— Good to choice steers under 800 lbs 4.31® 4.75 Medium cows / 2.ot>'u 3.50 Good cows 3 50® 4.ii Good belters 5.00® tiM Medium to good heifers 4.<hi® 4.75 Milkers 3T.iW®73.00 —Sheep and Luinbs— Ewes I.oo® 3.50 Bucks 2.50® 3.50 Good to choice lambs 10 oo® 12.5 I Seconds SO*)® 10.00 Buck lambs 6 5(4® 8.00 Culls 4.00® 5.00

Other Livestock

CHICAGO. Jan. 11.—Hogs—Receipts, | 72.600; market fairly active and 15-it 25 j higher; bulk of sales, $7.004/S; top, $8.25; heavies, $7.50®7.75; mediums, s7.vi®.s; lights, $7.90(5/ 8.25; light lights, s.B® 5.35; heavy packing sows, smooth, q)i.27m 7: parking sow*, rough. $0(00 Id: pigs, $7.75 (5/835. Cattle- -Receipts. 7.9*50; market active and 154/25c higher. Beef steers— Choice and prime, $9(010; medium ami good, $7.15(09.10; good and choice. $" 35® 10; common and medium, s6® 8.35. Butcher rattle —Heifers. $4(08.25; cows. $350/1/0.35; bulls, $3.9055/0. Cann-Ts and cutters—Cows and heifers. $2 254/3.50; canner steers. $3,254/ 1.25; veal calves. $0.75(5/9.25; feeder steers. $5.25(0 0.65; Mocker Steers. $3,304/0 50; Stocker cows, and heifers. $54/ 4.75. Sheep ami lambs— Receipts, 12.000; market strong to 25c higher: good to choice lambs, $11.75(5/ 13: cull urul common lambs, $9.25®* 11.50: yearling wethers. $8,254/ 1i.50; ewes. $4.75 4/7.25; coll- and common owes, $2.50-o 4.50; feeder lambs, $9,754/11.50. CINCINNATI, Jan. 11 Hogs Receipts. o.o.o; market st> iuy to 2.V higher; iight.yand pigs, 25c lower; heavies, $7.25(5/8; mixed, $8.25; mediums, sß.7s); lights ami logs, $8.7.5; roughs. $5,; stags, $(.25. Cattle—Receipts, l.iuo; market steady to unevenly lower; heavy steers weak and lower; butcher stock and bulls steady; calves, $11.50. Sheep and lambs —Receipts, 300; market strong; ewes. s!(*/ 4.50; bucks. $3; choice lambs, $12.50; seconds, $8.50; culls, ss(^(s. CLEVELAND, Jan. 11.—Hogs—Receipts, 2.500: market steady; yorkers. $9; mixed, SS.Ij(WtK.tSS; mediums. SS.6O(Si s 65; pigs, $9.25; roughs, $0; slags, $4. Cattle —Receipts, 350; market slow. Sheep ami I lambs —Receipts, 1.500; market 25c ! higher; top. $13.50. Calves—Receipts, 200; market 50c higher; top, sl3. EAST BUFFALO, Jan. 11.—Hogs-Re-ceipts, 3,200; market active; yorkers, $94/) 9.35; pigs, $925(5/9.50; mixed, $8 50 q 9: heavies, $8(08.50; roughs, $(>(00.50; stag*. $3,504/4.50. Cattle—Receipts, 200; market active; shipping steers. SB4/8.50; butcher grades. $7,504/8.50; heifers, $54/7.50; cows. $2(5/ 6.25; bulls, $3.25(5(5.25; feeders. $54/11, milk cows and springers, $35 4/; 130 Calves—Receipts, 200: market slow cull to choice, $54/12.25. Sheep and lambs — Receipts, 600: market active; tholce lambs, $12.75/014.50; cull to fair. $7.50® 12.50; yearlings, SB4/11; sheep, [email protected]. EAST ST. LOUIS, Jan. 11.—Hogs—Receipts, 18,000; market 254/ 35c higher: mixed and butchers,, $7,654/8; good heavies, $7.604)7.85; roughs, [email protected]; lights, SB(S/8.35; pigs, SB4/8,40; bulk of sales, $7,654/8. C’altle—Receipts, 3.500; market steady; native beef steers, $74/8; yearling steers unTT heifers, $74/7.75; cows, $3.25(0.5.50; Stockers ami feeders, $3,504/5.75: calves, $34/11; ennners and cutters, $2,254(3.25. Sheep and lambs Receipts, 2,000; market 25c higher; mutton ewes. [email protected]; gooil to choice iambs, $11(0:11.25; eanners and choppers, sl4/3. PITTSBURGH, Jan. 11.-Hogs—Re-ceipts, 3,000; marker steady to 25c higher; prime heavies, [email protected]; mediums, $.0.90@ 9; heavy yorkers, $8.9/1(09; light yorkers, $9 104/9.25; pigs, $9,104(9 25; roughs s64}' 6.75; stags, $3.50(04.50. Cattle—Receipts, 500; market steady. Calves—Receipts light; market steady; veal calves, $12.50; heavy and thin calves. SB4/9. Sheep nn l lambs—Receipts, 600; market 25c higher; prime wethers, $6.75(07; good mixed $5.75(00.50; fair mixed, $1,754/5.50; culls and commons, $1.75©2.50; choice lambs, $13.50.

INDIANAPOLIS PRODUCE. Eggs—Loss off, 27®30e. Butter—Packing stock, 15®17c. Poultry—Fowls, 10(0 23c; springs, 19@23c; cocks, 11(01 2c; stags, 13® 15c; capons, 7 lbs. and up, 33c; capons, under 7 IDs., 29e; capon slips, 7 lbs. and up, 27e; capon slips, under 7 lbs., 23c: young hen lurks, 8 lbs. and up, 39c; young tom turks, 12 lbs. and up. 384/39c; old tom turks, 31<££32c; cull thin utrkeys not wanted: ducks, 4 Bis. and up, 164/ 19c; geese, 10 lbs and up. lKqlGe; squalls, 11 ibs to dozen. $5; young guineas, 2-lb. size, per doz., [email protected]; old guineas, per doz., [email protected]. Butter —Local dealers are paying 36® 37c per lb. for butter delivered in Indianapolis. Butter Fat—Local dealers are paying 32e per lb. for butter fat delivered in Indianapolis. WOMAN GETS MEDAL. CRESSWELL, England, Jan. 11,—Mrs. Margaret Brown has been awarded a gold brooch for help in launching the Cressxvell lifeboat for fifty years. Although 70 years old, she is still head launcher.

GRAIN VALUES CLOSE HIGHER Buying by Eastern Houses Is Cause of Strength. CHICAGO,* Jan. 11. —Grain prices on the Chicago Board of Trade were higher today. There was a good class of buying, one of the leading Eastern houses taking May wheat freely. The weather map showed a little further precipitation at some points in the Southwest. Provisions were -higher. May wheat opened at $1.09%, up %c. and closed up l'/ s o. July wheat opened at 98%c, up and closed up 1 %c. May corn opened at 53%c, up %c, and closed up y.e. July corn opfened at 54%c, up %c, and closed up %e. May oats opened at 38%e, up %e. and closed up %c. July oats opened at 38%c, up '%c, and closed up %e. Thomson & McKinnon.) —Jan. 11— Wheat—Liverpool did not reflect our decline of yesterday, because late wheat is not pressing for sale, hence a demand from some of yesterday’s sellers, aisu reinstatement of some holdings. There are reports of sales of 130,000 to 200.000 bLls of Cour to the Russian Relief Association, but outside of this there is no export business, it is claimed that some of the cai.leMiids are 5 cents out .of line. The Pacific coast says that fair bookings have been made to the Orient during the past few days. The milling demand seems to be broadening slightly, with Southeatern millers taking a little red wiiueA wheat. The movement from the country remains small, with premiums for cash wheat firm in nil markets Inasmuch as there is no urgency in the milling demand, there is no improvement whatever in the investment demand and practically nothing doing in an export way. It is not likely that therel will he any permanent strength in the market. Corn and Oats—Strength in wheat has not affected corn and oats largely because there is very little new interest coining into tiie market and some recent buyers have been realizing. Foreign inquiry for corn is as good as ever, but business is Icing restricted by advancing ocean freight rates. It Is believed that the distributing demand for oats from tiie southern territory will improve. It may taka time to develop the extravagant wastage which lias been going on on tlio farms, and to prove that no further large movement of oafs from tiie country will appear, we think these markets have good sound basis, which favor the long-time investor. Provision*—Hogs seem to be working into a strong position, which fact is improving the buying power in products. Fresh and cured meats, ns well as lard, are stronger and show activity.

CHICAGO GRAIN TABLE. —Jan. 11WHEAT— Open. High. Low. Close. May.... 1.”9% 1.10% 1.09 Ulo% July 98% 1.00 .98% 1.00 CORN— May .53% .53% .52% .53% July 54% .54% .54% .54% OATS— Mav 38% .38% ,38 .38% Julv 38% .39% 548% .39% PORK - •Jan...., 15.50 LAUD Jail 9.00 9 02 9.00 9.02. Mav 9.27 9.37 9.23 9.37 ✓ RIBS—•Jan 8.15 Mav.... 8 20 8.25 8.20 8 25 RYE— May 82% .83% .82 83% •July 75 •Nominal. ( 11K AGO ( ASH GK\IN. CHfCAGO, Jan. 11. Wheal—No. 5 mixed, sl 06% : No. 3 hard winter, $1.05. Corn No. 2 mixed, 4'%.?: No. 2 yellow. 45%®49e; No. 3 mixed and No. 3 white, t 7'..®4Se; No. 3 yellow. 47%®47%c; No. t mixed. 45%ffi;46%0; No. 4 white. 6t(u 40%•: No. 4 yellow. 45%®47c. Oafs — No. 2 white, 36V 4 (1137%c; No. 3 white, 35%®.hd0; No. 4 white, 32%®33%e. Toledo grain tric es. TOLEDO. Jan. 11 Wheat -Cash. §1.17 1.19' .: Mav. $121: Julv, SI.OO. CornCash, 52®53e. Hats -Cash, 2.9®42%c Rye—Cash, 83e. Barley—Cash. 62c. PRIMARY MARKETS. (By Thomson & McKinnon.) —Jan. 11— —RECEIPTS— Wheat. Corn. Oats. St. Joseph ... 29i000 45,600 2,000 Chicago 22.00) 1,162.(100 268,000 Milwaukee .. 1,000 63.000 53,000 Minneapolis . 285.000 69.000 110.0*) Duluth 20,00) 61.000 Ii.OKI Louis ... in mi 160,000 14,000 Toledo i;.000 25.000 . 4.H00 Detroit 2.000 9,000 Kansas City 140.009 46,n0n 20.000 Peoria 5.000 113,000 45.000 Omaha 10.000 1.,000 24.000 Indianapolis . 4,000 87,(MK> 18.(HH) Totals 564.000 1.982,000 571.000 Year ago .. 829.000 1.137.000 705.0,H> —SHIPMENTS Wheat. Corn. Oats. St. Joseph .. 25,000 22,000 89*10 Chicago 24,000 331.000 239.000 Milwaukee so,Out), 54,600 Minneapolis . 89,0(1 31.003 41.000 Duluth 8,000 SC I.ouls ... 67 .OK) llS.'**) 76,000 Toledo 20,000 LOOP Detroit 2.000 8.000 Kansas City . 127.000 76,000 14.000 Peoria 10.0;H) 66.000 11.000 Omaha SO.OOO 148 OO) 60.000 Indianapolis 32.QQ0 2s,(H*) Total.* 452,000 933,000 531.00 Year ago .. 756.000 721,000 516,000 —CLEARANCES— Wheat.. Corn. Oats. New York .. 1.53,000 Philadelphia 35.600 Totals 153,000 35,000 Year ago .. 228,000 26,009 ...... INDIANAPOLIS CASH GRAIN. —Jan. 11— Bids for ear lots of grain and hay at tiie call /.f the Indianapolis Board of Trade were: Wheat —No sales. Corn —Firm; No. 3 white. 15%®50%c; No. 4 white, 45%@49%c; No. 3 yellow,

Little Improvement in Steel Industry Some Milts, Which It Was Thought Would Be Opened , Remain Closed .

PITTSBURGH, Jan 11.—The first week of 1922 developed little change in the steel trade over the quiet conditions of the last week of 1921. Many concerns which had not com-pleted-inventories before the year just ended held up deliveries until the accounting was completed, so as to present a clean sheet. Some mills continued closed over the week, and some will not resume for a few days more, making a temporary decline in steel production. The production es ingots in the last three months was at an average rste of 23.000.000 gross tons a year. While production in January may prove to be at a slightly lower rate, the average for the next three months is likely to prove above rather than below the 23,000.009 ton rale. In general, 1922 began with structural steel unusually active for the season, with continuing business promised in tin-plate and pipe. Mills expect improvement from now on) as jobbers and others, who have withheld purchases during inventory taking, are likely 4o enter the market and close for a respectabl tonnage. Pig iron is very dull, with basic off to about $18.50, or a decline of 50 cents, following a similar decline in foundry grades. Large contracts have been closed l semi-finished steel, but without market effect, as they were extensions of ’ term Youtrncts covering sheet bars nnd billets. In closed transactions, there is little interest in billets and slabs. Prices of nails have been cut by mills outside the Pittsburgh thus creating uncertainty in th^wire trade.

Local Stock Exchange

—Jan 11STOCKS. Bid. Ask. Ind. Ry. & Light com 60 liul. Ry. Ti: Light pfd 75 indpsl. it S. E. pfd 69 Indpis. it N. W. pfd 60 Iml pis. St. Ry 40 46 T. H., T. it L. pfd 63% ••• T. H., T. it E. com 5 T. H., / 1. it E. pfd 15 U. T. of Ind. com U. T. of Ind. Ist pfd U T of Ind. 2d pfd Advance- liumely com Adranee-ltumely pfd Am. Creosotiug pfd 1 92% ... Am. Central Lite 175 Belt R. It. com 68 71 •Belt it. R. pfd 47% ... Century Bldg. Cos. pfd 92 Citizens Gas Cos 25% ... Dodge Mfg. Cos. pfd 88 •Home Brewing 43 ... Ind. Hotel com 65 ... •Ind. Hotel pfd 96 Indpis. Nat. Ins. Cos 3% ... Ind. Title Guarantee Cos 45 ..^ Ind. Pipe Lines 82 87 Indpis. Abattoir pfd 40 •Indpis Gas 44 Indpis. Tel. com 2 Indpis. Tel. pfd 90 Mer. Pub. Util, pl'tl 48% ... Natl. Motor Car Cos 3 Pub. Sav. Ins. Cos 4% ... ltauti Fertilizer pfd 44% ... Standard oil of Indiana 83% 8.>% Sterliyng Fire Ins. Cos 7 8 Van Camp Hdw. pfd 109 Van Camp Packing pfd 100 v'an Camp Prod. Ist pfd 190 Van Camp Prod. 2d pfd 10" Vandalia Coal Cos. com 3% Vandalia Coal Cos. pfd 4% 8% Wabash Ry. pfd 18% .0% BONDS. Broad Ripple 5s fiO 65 Citizens St. Ry. 5s i- <6 Indian Ck. Coal am' Mine 100 Ind. Coke it Gas 6s i • ® ' Indps. C. it S. 5s 91\ Indps. it Martinsville 5s 57 Indpis. North os 37 41 Indpis. it N. W. 5s 49 o3 Indpis. it S. E. 5s 54 Imlpls. S. it E. os *o Indpis. St. Ry. 4s 57 6^ indpis. T. & T. 5s 76 18 T. 11., I it E. os 50 ... i'. T. of ind 6s 4o 60 Citizens Gas 05...._, 82% Bi% Indpis. Gas Cos sl% Kokomo M. it W. 5s 81% 86 ;• Iml. Hotel Cos. 2d os 95 • Indpis. 1., it 11. 5s 01% 8b Indpis. Water Cos. 5s - 92% Jo Indpis. Water Cos. 4%s "79 84 Mer. H. it I*, os 96 99 New Tel. Ist 6s 95 ... Now Tel. L. D. os 94 • Sou. Ind. Power 5s 88% •Ex-dividend. LIBERTY BONDS. Libertr Ist 3%>s 96.70 9J-96 Liberty Ist 4%s 97.80 98.00 Libert.- 2d 4%s 97.70 9.8 b Liberty 3d 4%s 97.93 98.00 1 Iberiy 4th i%s 97.94 98.14 Victory 3is 2...1(HMK) 100.12 Victory 4%s 100.04 K.H1.16

Local Curb Market

(By Newton Todd) —Jan. 11 Am. Hominy com 14 20 Central and Coast Oil 2 Choate Oil Corp % 1% Columbia Fire ::a. Cos 6 7% Comet Auto 1 2 Dayton Ruboer Units 51 31 Dlctorgraph Trod, pfd 42 52 I). W. Griffith 8 *•% Elgin Motor Car 2 3% Federal Fin. Cos. pfd 76 86 Fed. Fin. Cos., com 121 128 Gt. Sou. I‘rod. A Ref 5 6 Indiana Rural Credits 50 60 Metro. 5-50 c Stores com 6 9 Metro. 5-50 e Stores pfd 29 27 National Underwriting 3% 5 Rauch A l.ang Units 26 36 Rub.-Tex. Units 14% 16% U. S. Automobile Units 68 78 U. S. Mfg. Cos. Units 150 164 BANK STOCKS. Commercial Natl. Bank 71 81 Continental Nat l. Bank 109 116 Indiana Trust Cos 175 190 Indiai a Nai l. Bank 2‘iO 270 Merchants Nat’l. Bank U.SO ... Security Trust Cos 130 State Savings and Trust .... 91 US Wash. Bank and Trust Cos 150

48%@49 ! ’C: No. 4 yellow, 47%®45%e: No.' 3 mixed, 47%@18> 2 c; No. 4 mixed, 46%® it'4c. Oats —Steady; No. 2 white, 38%®39%c: No. 3 white. 37®35%e. Hay—Steady: No. I timothy. $17.504? 18; No. 2 timothy. §174? 17.50; No. 1 light clover mixed, $10.50®*7; No. 1 clover. $ 19® 'JO. —lnspections Wheat —Sample, 1 car. Corn —No. 3 white, 3 cars: No. 4 white. 9 cars; No. 5 white, 1 car. No. 6 white, 1 car: No. 3 yellow, l car: No 4 yellow, 16 cars; No. 5 yellow. 7 cars; No. 0 yellow, 7 cars; No. 3 mixed, 6 cars; No. 4 mixed. 5 cars: No. 5 mixed. 2 cars; No. 6 mixed, 1 car: total. 59 cars. Oats—No. 2 white, 2 cars; No. 3 white, 5 cars; No. 4 white, 2 cars; total, 9 cars. HA’S MARKET. The following are the Indianapolis pricei for hay by the wagon load, delivered : Hay-Loose timothy. $16.00@17; mixed hav, sls® 10; baled hay. sl7@lS. Oats—Bushel, new. per bushel, 32335 c. Corn—Old. per bushel. 54®60c. WAGON WHEAT TRICES. Indianapolis flour mills and elevators today were paying $1.14 per Pushed for No. "l red winter wheat; $1.12 for No. 2 red winter and according to test for No. 3 red winter. Oats were quoted tt 27c per bushel for No. 3 white or betie:-. CLEVELAND PROPI'CE. CLEVELAND, .Tan. 11.—Butter—Extra, in tubs, 38%® 39c: prints, 39%(u 40c; extra firsts 37%4?35c; firsts, 36%©37c; seconds. 29%4;300; packing stock, 23® 25c. Eggs —Fresh gathered, northern extras, 37c; extra firsts. 36c; Ohio firsts, new cases, 33%; old cases, 33c: Western firsts, new cases, 32c. Poultry—Live, heavy fowls, 294130 c; Spring culls. 23c; spring ducks, 28®.30c; turkeys, 40®45c. Potatoes —Michigan, $*2.95 per 150-lb bag; Early Chios §2.10 per 120-lb bag. SweetPotatoes —Jerseys, $1.85®2 per hamper.

Tinplate has been in excellent demand for forward delivery and the market is stronger. Mills cutting prices below $4.75 per base box have withdrawn lower prices. The export market is stronger. Orders are coming iu for shipments to Japan n/.d Uhina ana pri have advanced from $4 per base box to $4.25. Japan has purchased 55.000 boxes of oil stock tinplate and 50,000 boxes of tinplate. Tubular -*v ind has been good. A number of promU”? g line ripe inquiries are before makers. Very little business has been done in sheets. For plates nnd structural shapes some large work is appearing.—Copyright, 1922, by Public ” ~dger Company.

HAWAII PLANS ONE GIGANTIC LABOR UNION Eager to Cooperate With American Federation Where Possible. HONOLULU, Hawaii, Jan. 12.—Efforts which have been in progress to unite wage workers of Hawaii, irrespective of race, into "one big union" have been given decided stimulus by the vote of the Central Labor Union at its Uono4 lulu headquarter*, to adopt the tentative draft of the Tiy-lawa and constitution of the Organized Workers of Hawaii. as the new organization is called. The preamble of the constitution expresses the belief “that the conditions of modern industry in this territory make it necessary to readjust the era* and trade yininn movement and buil< up an industrial form of organization that will unite in one body all tbs wage workers in Hawaii, without discrimination is to race, sex, creed, craft or color."

WOULD COOPERATE WITH U. S. BODY. The constitution further states the new organization “desires to cooperate to the fullest extent with the various national and international trade unions and with the American Federation of Labor." but it calls attention to the fact that “conditions In Hawaii are differ ent from the those on the mainland or in any other country, and we insist that we are the best judges of onr own needs and the tactics to be followed to secure the ends we have in view.” George Wright, who appeared before the territorial committees in Congress last spring in opposition to the Territorial Labor Emergency Commission, is said to be sponser of the movement. Two palatial passenger ships, the Aeolus and the Huron, former German liners, have been allocated by the Shipping Board for service between Los Angeles and Honolulu, and will be operated under the Los Angeles Company. In an effort to combat the hornflr and other insect pests, the Territorial Board of Agriculture and Forestry ha* ordered a shipment of meadow larks from continental United States, and is also considering the importation of the Australian wagtail, another insectivorous bird. The hornfly is a distressing pest in nawaii and the worry and irritation from its bloodsucking habit have been felt by thousands of cattle in the islands since its introduction twentyfour years ago. For several years entomologists have been working on the control of this pest and have attacked it mainly by introducing tumble bugs In the attempt to break up manure which - is the fly's breeding place.—Copyright, 1922, by Public Ledger Company.

In the Cotton Market

| NEW YORK Jan. 11.—Weakness again developed at the opening of the cotton market today and jirices dropped from 1 to 14 points below* yesterday's close, influenced by easy cables, seatiered local liquidation. Wall str-nd selling and offerings front Southern spot houses. ! The demand was quite active at the start from Liverpool, the trade and Japi anese interests, but was soon filled up | and prices continued their trend downward af.er the start until they were selling about 13 to 16 points net lower Only one notice was issued this mornI ing. New York opening cotton prioesv January. ISc: March, 17 88c; May, 17.53 c a July 17.04 c; October, 16.55 e. The market rallied in the late afternoon. closing at a net decline of 5 to 21 points. —COTTON FUTURES— Open. High. Low. Close. January Ib.OO 18.00 17.72 17.92 March 17.88 17.91 17.62 17.82 Mav 17.53 17.57 17.25 17.44 July 17.04 17.08 16.78 16.99 October 16.38 10.3S 16.19 16.25 | LIVERPOOL. Jan. 11.—Trade in cotton was quiet at the opening today. Trices wenT'Stoady and sales around 7,000 bales. American middlings fair. 13.12d; goo 4 middlings, 11.47d; full middlings, 11.07dJ middlings. iu.72d; low middlings. 9.57<Jf %uod ordinary. §.o2d; ordinary, 7.17d. Futures opened steady. Suggests State Keep Architect on Stair Jesse Eschbach, head of the State board lof accounts, today severely criticised a i number of architecis who asked permis- ! sion to require new planj drawn every time anew public building is to be erected. He said they get 3 per cent of tie cost of the building every rime new plans are made. Mr. Eschbach suggested the State em- ! ploy an architect to be connected with ! the board of. accounts in order that all : specifications of buildings for which the people pay would be standardized. lie said in some districts high-priced building have been erected, although the taxpayers that community could not afford them. _ FUN TROVES COSTLY. " PERTH, Scotland, Jan. IL—Three year-old Alexander McGregor played with matches and set fire to some straw. Firemen had difficulty in saving a nearby §1,000,000 factory from destruction.

HERO IS SENTENCED. LONDON. Jan. lt.-Walter A. Dickets. who, during the war, became a flight commander at 15 with the rank of captain thus being the youngest officer in the army, has been sentenced to prison for frtad. JUST WON’T GO HOME. LONDON. Jan. 11.—Several of the leading London clubs have imposed fines upon members wbo refuse to go home at midnight. They have fobnd this system brings in a very good income. TIRES OF BEING GOOD. BIRMINGHAM, England. Jan. 11.— John M. Cook, a convict at Winsdn Green prison, who obtained many favors because of exceptionally good conduct, finally told his cellmate he was “tired of being good’’ and escaped. WOMAN KICKS INTRUDER. BUENOS AIRES, Jan. 11—Thinking legs protruding from under her bed belonged to her sen and that he was trying to frighten her. Mrs. .Carlos Mendosa gave one leg a hard kick. Thens strange man crawled out. Undaunted, Mrs. Mendosa thrashed him soundly and turned him over to the police.

FEDERAL TAX SPECIALISTS Accounting Systems—Appraisals Reorganizations DONEY, ROGERS & CO. (Incorporated) Hume-Hansur Bldg. ESTABLISHED 1917