Indianapolis Times, Volume 34, Number 210, Indianapolis, Marion County, 12 January 1922 — Page 10

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DULL MARKET DUE TO STORM ON SEABOARD Wire Service Hampered and Telegraphic Communications Fail to Reach ’Change. SOME ISSUES ACTIVE Special to Indiana Daily Times and Philadelphia Public Ledger. By MONITOR. NEW YORK, Jau. 12.—Part of the dullness on the stock exchange where transactions fell below 450,000 shares, may be attributed to wire trouble, as telegraphic communications were greatly hampered by the storm. There was considerable activity in a few issues, and the undertone was generally stronger than it has been at any time in the last week. Oil3 and specialties furnished the leading features of strength, although the rails showed an encouraging degree of steadiness. One of the few weak features was United States food products which sold off to anew low level on rumors regarding the state of the company’s finances. Points of strength were represented by Corn Products, Texas Company, Studebnker, General Asphalt, Computing, Tabulating and Recording, Americau Tobacco and Tobacco Products. Texas Company was heavily bought on gossip relating to the value of its sulphur properties. The steadiness of the market, in spite of its dullness, was due in no small degree to the improved technical position. Selling has been persistent and general almost since the beginning ot the year, and with the failure of some fiem the bearish predictions to materialize |O-c has been a disposition on the part of recent sellers to cover their commitments. The weekly review of the Iron Age reports that the Inactivity thus far in January has not been unexpected, and that railroad demand has furnished the feature of the business during the week. Call money continues at 3% per cent, with time money offered freely and demand limited.—Copyright, 1922, l’ublic Ledger Company. Professional operations again dominated transactions in stocks, the character of the market being accentuated l>y wire trouble which prevented out-of-town .participation in any considerable volume. Western wires were most seriously affected, service to Chicago and other midwest points being reduced to 50 per cent. The tendency of trade market generally was toward higher levels. Further reductions in the price of oil and some of its products failed to disturb the market. In the lethargic trading of the morning the domestic oils were the firm features, with Texas Company stock the leader. In connection with the advance of 2 points in this issue there was a report that a firm sent out IS.OOO telegrams urging its purchase at the market. A considerable part of the buying was reported to -have been for the Middle West. Similar action, when 14.000 telegrams were dispatched urging the purchase of Pacific Oil. resulted in buyers obtaining that issue at almost the highest price it has sold. The incidents have caused unfavorable comment. According to available figures, the Shuite Retail Stores Corporation sales for 1921 were §19,975.280, compared with Sl7, 1 008.440 last year, an increase of 17% per cent. Sales for December were §2,129.119, compared with 51,990,090 in the corresponding month, of 1920. The annual report of the Jewel Tea Company. Inc., probably will be sent to stockholders next month and is expected to show a moderate profit as compared with large deficits In the two preceding years. It is understood $450,000 of bills pavable were cleared from the books and the outstanding notes were reduced by §1.500,000, leaving approximately §1,000,noo outstanding of the original issue of §3,500,000. There has been a persistent report for several days the Federal Reserve Rank would reduce the rediscount rate to 4 per cent. This report was responsible for some of the buying in stocks. Following the meeting the directors announced no reduction has been ordered. United States Food Products was one of the weak features of the day, sales being recorded below 8. Selling was induced by the awarding of a judgment for $239,161 against the Sugar Products Company, a subsidiary of food products. It had been expected generally the report of the Lackawanna Steel Company would be made public yesterday. The annual report will be issued simultaneously with the quarterly figures and this probably will delay publication until the second week in February. Copper stocks were strong. Utah aggressively so, from the opening of the market. It is understood some small lots of metal are being offered at 13% cents by independents and large producers are quoting 13% cents for nearby deliveries, export business remains falrly active, according to selling agents, and is expected to so continue. Domestic demand is slightly a condition which is usual at this season. The December output of the Cerro de Fasco Copper Company was announced as 5.530,000 pounds, as compared with 5.618,000 pounds in November and 5,000,300 pounds in October. Approval was given at a special stockholders' meeting of the Ajax Tire and Rubber Company to the issuance of §3.000.000 first, mortgage fifteen year 8 per cent bonds, and nil increase in the capital stock from 400.000 shares of §SO par to 500,000 shares of no par value. Stockholders are given the right to subscribe to both bonds and stock. The stock exchange ruled the present stock will sell cx-rights. An outstanding development in the motor world was reflected in the curt: market when it was announced the Ford Motor Company will bid for the assets and good will of the Lcland M,ptor Company, when they are offered at public sale, Feb. 4. Lcland stock advanced on very large transactions from 2% to above fc. Several bond dealers said for the first time in many months savings banks have :-e-entered the market for Liberty and Victory issues. This is taken as evidence of the liquidation which has occurred in these securities. They are inquiring particularly for the long term issues, although it is reported several large individual orders for the tax exempt 3V,s recently have been executed. It is estimated by bond men dealings on he New York Stock Exchange represent only about one-fourth of the country’s total trading in these issues. They infer front this the flouting supply of these issues is practically cleaned up. At a special meeting of the stockholders of the Federal Light & Traction Company, an increase in the capitalization from 516,000.000 to $21,000,000 was ratified. This increase will be represented by new 8-per cent cumulative preferred stock. It is proposed to issue also 55,000 shares of no par value common stock, which will be exchanged share -for share with the present outstanding common. The meeting also authorized an increase in the interest rate to be paid on all or any part of the bonds to be issued under the terms of the 30-year. 5 per cent sinking fund mortgage securing these bonds to not exceed 7% per cent. Subsidiary companies under the new plan will be allowed to issue preferred stocks without subjecting them to the lien of this mortgage. When consummated the plan will provide a medium for payment of seven years of 6-per cent dividends now due on the preferred stock.—Copyright, 1922, Public Ledger Company. WHOLESALE ItEEF 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. 1, 22c; No. 2. 18c. Hounds—No. 1,14 c; No. 2, 12e. Chucks- -No. 1. 9c; No. 2, Bc. Plates “-No. 3, 8 c; No. 2. Bc,

N. Y. Stock Exchange ( (By Thomson & McKinnon.) —Jan. 12— Trev. High. Low. Close. Close. Allied Cheat. .. 57% 57% 57% 57% ‘Ajax Rubber . 14% 14 11% 16V* Allis Chalmers 39 38% 39 38% Am. Agricul. . 30% 30% 30% .... Am, Beet S. .. 34% 34% 34% 34% Am. R. M. Cos. .35 35 35 Am. Cau 33% 32% 33% 32% A. H. & L. Cos. 12% 12% 12% 12% Am. Ice IS "8 78 Am. In. Corp. .40 39% 39% 59% Am. Loco 105 103% 101% 104% Am. 8. ik Ref.. 44% 44% 44V* 44*% Am. Sugar Kef. 58% 58% 58% 58% Am. Sum. Xob. 33% 33% 33% Am. Steel Fdy.. 32% 32% 32% 32% Am. Tel. & Te1..110% 110% 110% 110% Am. Tob 133% 132 132 133% Am. Woolen ... 80% 80% 80% 80% Atl. Coast Line 84% 84 84% Anaconda Min.. 49% 48% 48% 49% Atchison 94% 94 94% 93% Atl. G.&W. 1...25 28% 28% 29% Raid win L0c0... 95% 93% 94 94-> s B. & 0 34% 34 34% 34 Beth. Steel (B). 00% 50% 50% 50% Cal. Pete logs 45 45% 44% Can. Pae. Ry... 121% 120% 121 120% Cent. Lea 30% 30% 30% 60 Chandler Mot... 50% 50 50 50 C. it 0 55% 55 55% 54% 0., M. & St. P.. 18 17% 17% 17% CMSTP. pfd. ... 31% 30% 30% 30% Chic. & North.. 02% 02 02 % 02% C. R. 1. & 1’.... 31% 31 31% 30% CRII’. OVc pfd.. 72 71% 71% 71% CRIP. V/o pfd.. 84% 84% 84% ..... Chili Copper.... 10% 10% 10% 10% -Comp, it Tab... 63% 01% 02% 00vs Chino Copper .. 27% 27% 27% 27% Coca Cola 43% 42% 43% 42% Columbia Gas... 07% 00% 00% 00% Columbia Graph 2% 1% 2 2V. Cons. Gas 91% 91% 91% 90% C. C. C. it St. L. 55% 55 55% ..... Cosden Oil 33 32 % 32 ‘s 32% Corn Prod 98% 90% 98Vi 9<% Crucible Stl. ... 02% 01% 02 03 Cuban Cane Sug. 8% BVi 8% K % Del. & Hud 109 108 109 107 Del. & Lack.... 114 113% 114 113 Vi Erie 9% 8% 0 Erie Ist pfd. .. 13' S 13% 13% L)% Famous Players 79% 78% 78% 77% Fisk Rub. C 0... 12% 12 _ 12 12% Gen. Asphalt 58% 50% 57 58% Gen. Cigars..., 71% 09 71% 08 Gen. Electric ...140 138% 139% 138% Gen. Motors 9 8% 9 9' G. S. Steel 47% 47 47% 40 Gt. Nor. pfd..., 73 72% 7:% 72’% Gt. Nor. 0re.... 31% 31% 31% 32 Houston Oil .... 74% 73% 73% 73 Haskell Marker 80% 80% ►% 80% 111. Central .... 98% 98% 98% 98% Icspira. Copper 40 39% 39% 39% Invin. Oil 15% 14% 15% 14% lndiahoma 3% 3% 3% 3% Inter. Nickel..,. 12 11% 11% 11% Inter. Paper..., 49% 47 47% 49 Island O. .t T.. 2% 2% 2% 2% K. C. Southern. 22% 22Vi 22% 22Vs K-S’fleld Tire... 30% 35% 36 30% Kcnn. Copper... 26% 20% 26% 26% Lack. Steel 45% 45% 45% 45% Lehigh Valley... 00 59 59% 58% Lee Tire 27% 27Vs 27% .... Loews, Inc 13 12% 13 12m Loft Candy.,.. 9% 9% 9U 9% May Stores 100% 103% 100% 100 Marine c0m.... 14% 14% 14% .14 Vi Marine pfd 07% 00% 00% 00% Maryland 0i1... 20% 25% 25% 25% Mont.-Ward ... 13 12% 13 12% Mexican Pete... 110% 108% I**9 110% Miami Copper.. 27% 27 27 20-n Mid. Sts. 0i1.... 12 11% 11% 11% Midvale Steel... 29% 29 29% ‘-9^ Missouri Pae... 17% 17% 17% 10% Mo. Pac. pfd.. 44% 44% 44% 44% at. En. <C Stp. 33 32% 33 32% National Lead.. 85 85 Nev. Con. Cop.. 15 14% 14% 14% N. Y. Central... 74% 73% 74 <3% New Haven 13% 13% 13% !0% Nor. & Western 97V* 97 97% ■ North. Pacific.. 75% 75% 75% 7j% Pacific Oil 45% 45% 45% 4._>% Pure Oil 35% 35% 3u% Pan. Am. Petrol. 50% 50 00% o*% Penua. Ry 33% 33% 33 s •-•>% People's Gas.... 61% til •>! % *’l ‘- Fierce Arrow... 14 It 1+ ] > s Pierce Oil C 0... 11% 10% 11% 10% Pittsburgh Coal 63 63 6> O'- ; Pressed Stl. Car 03 03 tj 64 Pull. Pal. Car.. 108% 107% lt)i-;* JfiJ’.a Rv. Steel Spg.. 90 95 % 90 '.*•> Rav Copper!,... 15 14% 14% 14% Reading 74% 73% j 4% .3 Uep. Irorf fc Stl. •>- •>!_'% ;> l% Replogie Steel.. 27 27 -*% Roy. D. of N. Y. 51% .o's <;lVa >**’•• Sears Roebuck. 04% 03% 0-4 02;> Sinclair ....... 20% 19% 20% 1-J Stewart-Warner 2.8% 20% 27% *'’' -- South. Pae 79% 70% 79% 79 8 Southern Ry.... 18 17Vi 38 17% Stand. O. Cal... 95 94% 94% 94 Stand. O. N. J. 175% 175 !•*) 174 St. L. &S.F. r. 21% 21% 21% 21 Stromberg Carl) 38% 37 38% 36% Studebaker 82% 81% 81% 32 Texas Coal ik O. 24% -4_ 24% 24- 1 Texas Cos 45% 44% >4% 45 Texas & Pac... 25% 23% 25% 2. Tobacco Prod.. 03% 63% 03% 03% Trans. Oil 16% 10 10% 9% Union Oil 19% 19% 19% 19 Union I*ac 127% 120% 127% 120% U. 11. Stores.... 52% 52% 52% 52% U.S.F.Prod Corp 7% 7% 7Vi 7 m United F. C0...123% 122% 123%, 122 United Drug 71 71 71_ 72 U.S.lndus. Aluo. 40 39% 39% 39 U. S. Rub ter 53% 52 Vi 52% 52% U S. Steel 83% 83 83’% 83% U. S. Steel pfd .llOVi U<> 116% 115% Utah Copper.,.. 64 03 61 03% Van. Steel 31 3*>% 30% -544-% Wall. Ist pfd... 20% 20% 20% 19% White Oil 9% 8m 9_ 9% West. Union 91% 91% 91 % 91% West’houso Elec 50% 50 50 49% White Motors... 37 37 57 50% W-Oyerland .... 5% •>% o% "* % Wilson & C 0.... 29% 29% -29% 28 Woolwortb ......138 138 138 .... West. Pacific.... 15% 15 15% .... *Ex-divideml. NEW YORK LIBERTY BONDS. (Ry Thomson & McKinnon.) —Jan. 12— Frev. High. Low. Close, close. Liberty 3%s 97.88 97.50 97.80 97.70 Liberty Ist 4s 97.80 Liberty 2d 4s 97.08 9..84 Liberty Ist 4Vis.. 08.02 97.82 97.99 08.(11 Liberty 2d 4%5.. 97.98 97.74 97.94 9i.84 Liberty 3d 4%*.. 9.8.10 97.72 9S.OG 98.00 Liberty 4th 4Vis. 98.00 97.82 98.00 08.04 Victory 3%s ....100.20 100.10 100.21 100.18 Victory 4ms 100.30 100.18 100.24 100.18 CHICAGO STOCKS. (By Thomson & McKinnon. 1 —Jan. 12— Open. High. Low. Close. Arm. Leather... 12% C'ariii & Carbo. 44% 44% 44Vi 44% Libby 5% 5% 5% . *% Mont-Ward .... 13 13 12% 13 Nat. Leather.... 2% Piggly Wiggly.. 33% 55% 34% 35 S-Roebuck 63% 03% 63% 63Vi S-Warner 20 28 20 27Vs Swift & C 0..:.. 99% 98 97% 98 Swift Internat.. 22% 22% 22 22 NEW YORK SUGARS. NEW YORK, Jan. 12.—Raw sugars were steady in trade on the market here today, Culms selling at 3.54 c per pound, duty paid, and Porto Ricos at 3.42 c per pound, delivered. Refined sugars were in fair demand at steady prices, fine granulated soiling at [email protected] and No. 1 soft at 4.90 c per pound. NEW YORK METAL MARKET. NEW YORK, Jan. 12.—Copper—Dull; spot, January, February and March, 12% (n l.'tVsc. Lend —Quiet; spot, 4.70® 4.55; January and February. 4.70w£4.'0c. Spelter—Easy: spot. January and February, 4.82 Vi @ 4.82 %c. NEW YORK PETROLEUM. NEW YORK. Jan. 12.—Petroleum prices were steady in trade on the market here today, Pennsylvannia crude petroleum selling at §3.25 per barrel. CLEVELAND PRODUCE. CLEVELAND, Jan. 12.—Rutter —Extra, in tubs, 37®37%c ; prints, 38®38%c; extra firsts. 36®.36%c; firsts, ,85<b35%<•: seconds, 29(329Vic; packing stock. ISO, 20c. Eggs—Fresh gathered, northern extras, 38c; extra firsts, 30c; Ohio firsts, new cases, .35 Vic; old cases, 35e: Western firsts, new cases. 34c. Poultry—Live, heavy fowls, 29@30c; spring culls, 23c; spring ducks, 28@30o; turkeys. 400,45 c. Potatoes— Michigan. $2.95 per 150-lb bag: early Ohios, §2.10 per 120-lb bag. Sweet potatoes -Jerseys, $1.85® 2 per hamper. CHICAGO PRODUCE, CHICAGO, Jan. 12. —Rutter—Receipts, 4.550 tubs; creamery extras, 82c; firsts. 26® 31c; packing stock, 16®lSc. Eggs— Receipts, 5.800 oases: current receipts, 5.3 e; ordinary firsts, 34cr firsts, 33c; cheeks, 2.34/240: dirties, 254/,20c. Cheese—Twins, new, 20c; Daisies, 20%c; Young Americas, 20%.c; Longhorns, 20%c; bricks, 16c. Live Poultry—Turkeys. 35c; chickens, 22c; springs. 23%e: roosters, 17c; geese, 21c; •lucks, 29c. Potatoes—Receipts, 15 cars: Wisconsins, §24/2.25 per 150-lb. bugfli Minnesotas, §[email protected]; Mlchigans, §2.05 @2.15, \l

STOCKS SUSTAIN IRREGULAR CLOSE Studebaker Closes Lower— U. S. Steel Firm. NEW YORK, Jan. 12.—The stock market closed irregular today. Reading moved up 4% points to 74% and Corn Products continued in demand, showing a gain of over 2 points at 90V4* Texas Gulf rose 1 point to 42 and General Asphalt rose % of a point to 57%. United States Steel held steady around 83%. Studebaker yields % of a point to Sl%. , v. , Government bonds were unchanged and railway and other bonds strong. Total sales of stocks were 508,900 shares; bonds, §20,210,000. (By Thomson & McKinnon.) t —Jan. 12— The volume of business today on the stock exchange while larger than yesterday was nevertheless on a moderate scale and so far as we are able to read existing conditions, we can see nothing at the moment calculated to materially increase public interest at this time. The market is still irregular. A few issues displayed strength, but the tendency generally was reactionary, the selling being about equally divided between the local professional element and commission houses, where there has been a disposition since the first of the year to reduce rather than to increase commitments. Those who are accustomed to and are prepared to take a long range position in the market will, *if course, take advantage of the existing irregularity to accumulate stocks on a scale-down as there is an almost unanimous opinion in commercial and financial circles that during the course of this year business will make sufficient progress to warrant a higher level of security values. For the present, however, we are forced to note a great deal of dissatisfaction in business circles due to the slowness of recovery in various linos and it. will take a little time to remove this feeling and to restore that confidence that is necessary to bring into the market tbn freedom of action which will stimulate values and give permanency to advances and we are still of the opinion that for the present it is advisable to market at least a portion of long stocks on the bulges. TWENTY STOCKS AVERAGE. NEW YORK, Jan 12—Twenty industrial stocks Wednesday averaged 80.0.3, up 1.44 per cent. Twenty active rails averaged 74.01, up .47 per cent. CLEARING’IIOUsU STATEMENT. NEW YORK. Jan. 12.—Exchanges. $703,700.000; balances. §55.700.000; Federal llcwrve Rank credit balances, §46,900,000. J Money and Exchange Indianapolis bank clearings 5 Uursday were §3.030.000. Bank debits Thursday were §4,578,600. NEW YORK, Jan. 12.-The foreign exchange market opened steady today with demand Sterling unchanged at §4.23%. Francs yielded 3% centimes to 8.31 c for cables and 8.3t)%c for cheek .. Lire* cables were 4.35 c: checks. 4.34%e. Belgian cables were 7.96%*'; checks. 7.9 w. Marks were off 2 points t- * -•'. Guilder cables were 36.82 c: clicks. 30.80 c. Sweden kronen cables were 24.90 c; checks, 24.91 c. NEW YORK CALL MONEY. NEW YORK, Jan. 12.—Money—Call money ruled 3% 1" r cent: high. 5% %-r cent:'low. 3Vj ier cent. Time rates easy, all 4 1 -4/ -l% per cent Prime mercantile paper,” quiet. Sterling exchange was quiet, with business in bankers’ bills at §4.22% for demand. MOTOR SKI CRITICS. (By Thomson & McKinnon.) —Jan. 12— - ClosingBid. Ask. Earl Motors 3% 4 Packard com 0% 7% Packard pfd 64 05 Peerless 51 30 Cent. Motors com 5% 0 | Cunt. Motors pfd 84 so Hupp com 12Vi 12' . Hupp pfd 9 > 9-”* Rco Motor Car 17% 18% Elgin Motors 1% 3% Grant Motors 1 Us Ford of I’atiad 255 200 National Motors i% 2% Federal Truck 14 10 Paige Motors 15 11 Republic Truck 7% 8 ACTIVE OIL STOCKS. (By Thomson & McKinnon) —Jan. 12— —Opening - Bid. Ask. Anglo-American Oil 10% 17 Atlantic Refilling s% 8% Borne-Scrymser 320 340 Buckeye Pipe Line 83 87 Chosel) rough Mfg. Cons ~,.170 191 Continental Oil. Colorado.... 125 13d Cosden Oil and Gas O 8 Crescent Pipe Line 27 29 Cumberland Pipe Line 115 122 Elk Basin Pete _O% *>% Eureka Pipe Line 70 so Galena-Signal *6!, pfd. .... 99 194 Galena-Signal Oil. com -to 42 Illinois Pipe Line 165 179 Indiana Pipe Line 83 80 Merritt Oil 8 8% Midwest Oil 2Vi 3 ! Midwest Itfg 165 175 i National Transit 27% 29 j New York Transit 149 345 i Northern Pipe Line 99 95 Ohio Oil 258 264 j Oklahoma P. A R 5 0 j l’enn.-Mex 10 19 Prairie Oil and Gas 529 535 I Prairie Pipe Line 223 228 Siipulp.i Kcfg 3 3’s Soiar Refining 309 380 Southern Pipe Line “4 77 South Penn. Oil 189 19-> Southwest Penn. Pipe Lines. • >'* •►1 Standard Oil Cos. of Ind 84% 85% Standard oil Cos. of Kan....50*1 a79 Standard Oil Cos. of Kv 4id 4.49 Standard Oil Cos. of Neb 100 170 Standard Oil Cos. of N. Y....3./9 Standard Oil Cos. of 0hi0....309 380 Swan & Finch 39 4d Vacuum Oil 310 329 Washington Oil 59 35 NEW YORK CURB MARKET. (Ry Thomson & McKinnon.) —Jan. 12. • —Closing— Rid Ask Acme Packing 40 60 Curtis Aero, com 2% >% Curtis Aero, pfd I s Goldfield Con 2 o Jumbo Extension 4 < Imperial Oil (Del) *V-j ••') International Petroleum H"s 14 b Nipissing 0% 6'fs Standard Motors 3% 4 Salt Creel: U , 4 ,! % Tonopah Extension t 9-ln *% Tonopali Mining 1 3-16 1 o-lo United P S new i's 2 U. S. Light and Heat 89 N* U. S. Light and Heat pfd 1 1% Wright-Murtin 2 •> ; Yukon Gold Mine Cos _1 % I'i Jerome 28 .U New Cornelia 17;% 38 I’nited Verde -}% 38% Sequoyah 3 ” Uep. Tire I<> NEW YORK COFFEE. NEW YORK, Jan. 12.—Coffee values were easy in trade on the market h i re today, opening options being 1 to 0 pninis lower. Rio No. 7 on spot sold at 9@9%c per pound. NEW YORK RICE. NEW YORK, Jan. 12.—Rice values were quiet iii trade on the mnrkoj here today, domestic selling at 3%@7%c pet; pound. NEW YORK HIDES. NEW YORK, Jan. 12.—Hide prices were firm in trade on the market here today. Native steer hides sold at 10c atul branded steer hides at >sVic per pound, NEW YORK WOOL.) NEW YORK, Jan.' 12.—W00l prices were firm in trade on the market here today. NEW YORK TURPENTINE. NEW YC-KK. Jan. 12,-s-Turpentine sold at 93c per gallon in trade on the market here today.

INDIANA DAILY TIMES, THURSDAY, JANUARY 12,1922.

New York Bonds (By Fletcher American Cos.) —Jan. 12— FOREIGN GOVERNMENT BONDS. Bid. Ask. Arg. (Unlisted) ss, Sept. 1, '43 73 74 Arg. 7s. Oct.. ’23..... : 98 _ 98% Belgian os, Jan. 1, ’25 95% 96 Belgian 7%5, June 1. ’45... #95% 195% Belgian Bs, Feb. J. '4l .105% 193% Berne Bs, Nov. 1, ’45 ~107 107% [Brazil Bs, June 1, ’41../ 193'% 194 Chile Bs, Oct. 1, ’20.......... 99 99% | Chile Bs. Feb. 1, ’4l 191 Vi 102 Chile Ss, Nov. 1. ’4O 101%, 191% i Christiania Ss, Oct. 1, '45....100 307 Copenhagen 5%5, July 1, ’44.. S6 86% Danish Mud. Bs, Feb. 1, ’4O. .100 107 Denmark Bs, Oct. 15, '45 107% 198% ' ‘Canadian 5%5, Dec. 1, '22.. 93 94% ‘Canadian 5%5, Nov. 1, '23.. 92% 94 ‘Canadian SVuS, Nov. 3, ’24.. 92 93% ♦Ctfhiulian ss, Dec. 1, ’23. 90% 91% i Canadian ss, Apr. 1, '26 90% 97Vi Canadian 5%5, Dec. 1, '27.... 93% 94% Canadian 5%5, Aug. 1, '29... 97% 98_ Canadian Bs, Apr. 1, ’31.... 95% 95% ♦Canadian ss, Oct. 1, ’31.... 90% 91% Canadian 5%5, Nov. 1, '33.... 95 90% ‘Canadian 5%5, Nov .1, ’34.. 1)2VI 93% Canadian ss, Moll. 1, '37 f>4% 95% ♦Canadian 5%5, Dec. 1. '37.... 97% 98% ‘French (Viet.) os, Opt., '31.. 04% 05% ♦French 4s, Opt., ’43 50'% 52 French 7%5, June '4l 95 95% French Ss, Sept. 15, '45 100% 100% Japl(lst) 4V/s, Fell. 15, ’25.. 87 % 87% Jap (2nd) 4%5, July 10. ’25.. 80% <B7 Jap 4s, Jan. 1. ’3l 73% 74% Mexico ss, Jan., ’45 54 50 Mexico 4s, Jan., '54 40’% 41 Norway Bs, Oct. 1, '4O I*>% 109 Queensland 7s, Oct. 1, ’41.... 107 107VL--1 Rio de Janeiro Bs, Oct.. ’lO.. 101 101’% Sao Paulo Ss, Jan. 1, ’30....101’% 102 Swedish os, June 15. '39.... 95 95% Swiss 5%5, Aug. 1, 29 90% 90% Swiss Bs, July 1, V 0 114% 113 U. K. s>/.s, Nov. 1. ’22 1004, 100% U. K. s’/.s, Aug. 1, ’29. 99% UK) U. K. 5%5, Fell. 3 ’37 97% 97% Uruguay Bs, Aug. 1. ’4O 104% 105 Zurich S's, Oct. 15, ’43 108 108’% •Internal loans. CORPORATION BONDS. . Bid. Ask. ! Allied Packers”Os 02 04 Alum. Cos. or A. 7s. Nov. ’23.101 1"1>% jA. Cotton Oil os, Sept. 2, 24 91 Vi 94% 1 Amer. Tel. os, Oct. ’22 100% 100% Amur. Tel. os, Feb. ’24 l(Xi% 101 Am. Tel. & Tel. os. 25 109% ll'% Amer. ’thread os, Dee. ”28.... 99% KK)% Amer. Tob. 7s, Nov. ’22 101% 101% Amer. Tot). 7s, Nov. ’22... .102’* 192% Anaconda 6s. Jail. ’29 97% 98 Anaconda 7s. Jan. 29 101% 101% Angbi-Am. Oil 7%-s. Apr. ’25.103% 103% Armour 7s. July 15, 30 1"1% 102% Atchison Gen. 4s s 8 88% Atlantic ltof. 6’..-, Mbit. ’31.104 101% Bell Tel. of Can. 7s, A. ’25.100% 100% Bell of Pa. 7s 108 108-, Beth. Steel 7s, July 15, ’23.1 0% 101% Rig Four 0s 96%, 97 (’. It. Q. Gen. 4s 87% 88 C. B. Q. 111. 3 1 .s <79% 80 C. I’. *}. Neb. Is 94"i 95Vi C it t}.—.lt. (i’-S 11)7% 10.8 Can. Nor. G‘ •s. 7 108% 109% Can. Nor. 7s‘ 1"-’% HO Can. Pae. IN, Mch. 2. '-•I.. tot 101% Cent. Arg. Ry. os, Feb. ’27. •% 91 (V It. I. & P. C.S. Feb. ’22.. 99% RO% Chi 3- N. W. ('.’■.s t”7 107%, Chi. ,V N. W 7s 105% 306% Col. Graph 8s 35% 35“, Con. Gas 7s, De--. ”22 101% 101V* Copia-.- Exp. Bs. Feb. 15. '22.1(H) 100% Cupper Exp. s-, IV->. 1-3. ’23.101% 101-% Cupper Exp. Bs, Fell. 15, ’24.102% 1"3% Copper Exp. v , Fell. 15, '25.104 101 1 j cnoan Am. Sugar 8s 101 - 4 102’. i Cudahy 7s, July 15. '23 100% I*> % Du Pont 7%,s 103% 11*4 Fed. Sugar lb,, Nov. '24..... 97% 98 FDk Tire 8s l’H* 100% Goodrich 7s. Apr '25 97% fb% Goodyear Ist Bs. '4l 11l 311% Goodyear Deb. Bs, '3l 97% 98% Grand trick its 100% I'd Grand Trunk 6%s lo::% 103’* Grand Trunk 7s 1(8,% l'O'N Great Northern 7s 108% W 9% Gulf Oil Os, July '23 99% 100% Gulf Oil 7-s. Fell. 10-<% l'Kt% Heinz 7s. Dc. \'M i’H’-j l'd'i Hocking Va 1. o*. Mel). '.’4 .. 99% 98 Humble Oil 7s, Mi'll, 15, ’23.. 101 101 Vi 111. Cent Kef. 4S, '5.3 8* Int. It. T. Bs, y§ept. ’22 75 71) I Interboro 5> ■6 H,'y ! Inter. Met. 4%a b>% li % I Iv. C. Term os. Nov. 15, '23... 99% 190 Kclly-Sprlngrteld 8s I’‘3 1(2i% ; Kenn Copper 7 Fel). '3O. ..102% 193% [I, & N 7s. '3O 100% 1915% Ll.aeiede Gas 7s. Jan. ’29 95% :k’,% nfjllibj McNeil 7s, May, ';tl... 9'% 99% ! Mex-. Pet. 8- 99% 1”0% M. St. P. & S. St M 6%s 19!% 192% v ' V. Central 7s. 1 ***’• l’Hl’j N V, Edison O’-jS. !! 1“!% HV, N. Y Tel. Rtf t',s. ’ll 1'2% 3’>3'i Nor. I'iie. U. I, ltf 85% 86; t Nor. Par. G L. 3s do- * •!% Nor Pae 6s. “% 1 ,,s N. N. T. 7s 197% 107% Pan. Am Pet. 7s 96% 97 Penn. 6%s lire-* I*]6% Penn. 7 s 107% lt*> Philllplim o’-l-s. 'll 1 16* Pro -tor V 7-, M a. 22 100 I’o% i Praetor & G. 7s, Mch. ”23. ..101% 101% ! Public Si r. N. J. 7s. Mch. ’22 19% I<X>% • R. J. Reynolds Os. Aug. ’22. .I<>% 160% j Seaboard Con. Its 41% 42% ' Sears Roebuek 7s, ttet. 15, ’22 98% 99% ! S.-ars Koebitek 7h. Oct. 15, ’23 97% 97% ! Sinclair 7%N Miiv 15, ’23...KH) intl’/j I Solviy & t'le v s, Oet. ’27. ...103 104 j Soutli'ern Ity. IN, Melt. ’22 99% 99% S. W. ib'li Tel. 7s. Apr. ’25.102% 103 Stand. l)il (C. 7- Jan. 31.Kx* ■* l'i,% S nil (N Y.i 7s, Jan. 25 31.104 % 110% S. Ol) iN Y.i 6%5, May, ’33.108 109 Steel & I title 7s 97% 98 St. L San. Fran. P. L. 45.... 08% ij) St. r, San. Fran. AdJ. 05... 71% 72% St. p. i'. 1). .3s, Deo. 15,'23 99% 99% I Swift - 7h Oct. 3-5. *25 101 101% I Swift 7-s. Aug. 15. ’3l 102% 102% I Texas Cos. 7s. Melt. 1. '23.. .. I'd % 101% [Tidewater Dll 0%-s 191 101 Vs I Union Tank Car 7s b’2% 103 f. s. ltul)l)er 7%,s 10.i% 190 Utah Sec. Os, Sept. 15, '22... 90’ . 97% i Vacuum Oil 7s Kh',% 106% | \’a. Car tlliem 7' js. 94'-j 95 'Western El. 7s, Apr. ’25... .104’* 194% j Western Union o%s 1”7 1()7’, ! Wentlnghoiise 7s. May, ’3l. ~196% 100% i Wilson 7V js 95% 95% | Winchester 7%-s 08% 09Vi In the Cotton Market j NEW YORK. Jan. 12.—The cotton market opened firmer today at an advance of 8 to 13 points. The upturn was less than had been due on the cables from Liverpool. Professionals bought quite freely and absorbed offerings by Japanese interests, the South and New Orleans. Quotations held around the recent levels during the first fifteen minutes. Liverpool purchased moderately Only one notice was issued. New York opening cotton prices: Janvary, 18.(Hie; March, 17 90c; May, 17.52 c; July. 17.05 c; October. I<’>.37e. The market xvas irregular in the last hour, but closed steady at a net advance of 3 to 17 points. —Cotton Futures — Open High bow Close .Tan 18.00 18.10 17.88 18.95 March 17.90 18.04 17.78 17.88 Mav 17.52 17.05 17.40 17.48 .1 illv 37.95 17.18 16.95 17.06 Oct 10.37 10.49 16.30 10.42 Cottou Reviexv— NEW YORK. Jan. 12.—The cotton market, at our opening was in a satisfactory position for a fair recovery. Foreign news was better. Liverpool having ndvi -ed of an Improved demand for spots by spinners and hedge selling being on a small scale. Our market started a little better but upon receipt of news from •France of flu; resignation of the cabinet, a moderate selling movement followed. This loss was subsequently recovered upon receipt of reports from the South- J west of a i improved demand for spot cotton on a higher basis. Technically the market is in a position] where we could easily have a further re- I eovery but xve see nothing to warrant any ] important price changes at this time and still regard the market as merely a trading affair. ° LIVERPOOL, Jan. 12.—Spot cotton opened in fair demand today. Prices were easy and sales approximately 7,009 bales. American middlings fair, 13.11d; good middlings, 11.40d; full middlings, 11.06d; middlings, 19.71d; low middlings, 9.s<id; good ordinary, 8.0 Id; ordinary, 7.20d. Futures opened steady. TOLEDO SEED PRICES. TOLEDO, Jan. 12.—Cloverseed —Casa, January and February. §13.75 bid; March. $13.05; April, §12.90. Alsike—Cash, §11.60: February, $11.65; March. $11.75. Timothy—Cash and January. $3.20 bid; February, $3.25 bid; March, §3.30 bid.

SWINE 25 TO 50 CENTS HIGHER Weakness Displayed in Trade on Cattle Market. RANGE OF HO TRICES. Good Good Good Jan. Mixed. Heavy. 4. $7.90® 7.50 $7,00® 7.50 sß.oo® 5. 7.75® 8.00 7.50@ 7.75 B.oo® 8.^5 6. B.oo® 8.25 7.85® 8.00 8.25® 8.50 7. 8.25® 8.50 7.75® 8.00 8.70@ 9.00 9. 8.25 ® 8.75 B.oo® 8.45 8.70® 9.00 10. 7.75® 8.25 7.25® 7-50 8.25® 8-.0 11. B.oo® 8.35 7.50® 8.00 8.25® B.7ii 12. 8.50® 8.75 B.oo® 8.25 8.75® 9.00 Swine prices were 25 to 50 cents lower in trade on the local live stock market today, with receipts and the demand good. Fresh receipts approximated 3,000. while there was n holdover of around 2,000. Local packers, who established the market, as'well as shippers with Eastern house connections showed fair demands and practically all sxvine were sold at an early hour in the forenoon. . , There xvas not the active tone to trade in cattle that there xvas on the market of the previous day. Packers seemed rather reluctant to buy at prices established on the market of the day before and the quality of cattle offered was not such that it xvould hax-e a strengthening effect in values. Prices xvere steady generally, but there were xveuk spots, especially in the bull market, where there were sales at prices that looked to be 25 cents lower than tlie same grades would itax’e commanded tlie day before. Calves were 59 cents higher generally, with receipts light at 300 and the demand good. , , Hotli sheep and lambs xvere steady, with receipts around 000 and the demand good. There xvas a top of §l3 on choice lambs. HOGS. Best light hogs. 150 to ISO ll>s average * Over 300 lbs Hi-, no 150 to 300 lbs J-75@ 9.09 Sows - (.oO@ kio StaKS 5.50® 6.00 Best pigs, under 140 lbs K7s@ 9.00 Bulk of sales H.25@ 5.75 Tops 9.00 —CattU — Prime eornfed steers, 3,300 to I.SOO lbs 7.25® S.oO Good to choice steers. 1,290 to 1,300 lbs 6.00@ 7.00 Good to choice steers, 1,100 to 1,200 lbs 5.50® 6.00 Coed to choice steers, 1.990 to i,IOO lbs 5,00® 0.50 Common to medium stecrß, 890 to 1,000 lbs 4.SO <SC *)-90 —Cons and Heifers— Good to choice heifers 0.50® 8.00 Medium heifers 4.00® 5.00 Common to medium heifers.. 3.50® 5.00: Good to eh Ace cows 3.25® 5.50 Fair to medium cows 125® 2.70; Cutters 1 50® 2.50 j Cauuers 73® 1.73 —Bulls— Good to choice butcher bulls 3.75® 5.00 Bologna bulls 3.25® 3.73 Light bologna bulls 2.75® 3.UU Light to common bulls 2.50® 2.73 —valve*— Choice veals 30.50® 11.00 Good veals 9.50® 19.501 Medium veals 7.50® 9.50 ! Lightweight reals 6.50® 7.50 Common to hca- i xvelghtv eals 3.00® b.CO —Stackers ami Feeders— Good to choice steers under 800 lbs 4.50® 4.75 Medium cows 2.(0® 3.50 Good cows 3 59® 4.25 ] Good heifers s.ou® 6.50 [ Medium to good heifers 4.00® 4.75 : Milkers [email protected] - —Sheep and lambi — Ewes I.oo® 3.50 i Bucks 2.50® 3•“) Good to choice lambs [email protected] Seconds S.OO® 10 00 Buck lambs 6 50® >OO Culls 4.00® 5.00 Other Livestock j CHICAGO, Jam 12. —Hogs—Receipts, lo.ooo; market, active (and largely 35 to 40 cents higher: hulk of sabs, §vq '.40; top. s>>.7o ; heavies, §7.90® H. 15; mediums, SN. 10®-V4O; lights. SS.3S@M!S; light light '. s.vso4jK 75: heavy packing sows, smooth. slNk)@7.3s; packing sows, rough, ?(').3")(<t 6.75 ; pigs. *s 2.7®s 75. Cattle Receipts. 11.000; market, active and steady to strong. Beef htorrs--Ctudei* and prime. S9O/to; medium and good, $7.15@9: good and choice SS.4O® 10; common and in- • Hum. $6 25®7.15. Butcher cattle Heifers, s4® 5.25; cows, $3.50® 6 35; bulls. S3.WK(/6. Catiners and cutters—Cows and heifers. $2.351ri3.50: canner stis-rs. $3,204/; 4.25: veal calves, $6.75®9.25; feeiler st<-crs. $5,259/ 6.55; stocker steers, $4.50® 6.75; stockcr cows and heifers, s3® 4 75. Sheep and lantbs—Receipts. 21,000: market, gen* .■rally steady: good to choice lantbs, $11.75®. 13; cult and common lambs, $0 25 lirllSO; yearling wethers, $9.25®11.50; ewes. $4 75®7.25; cull anil common ewes, $2.50®4.50; feeder lambs, $9.57® 11.75. CINCINNATI, Jan. 12.—Hogs -Receipts, 7.00; market, steady to 25 cents higher; h'-avici, sS®,x.2s; mixed, $.4.50; mediums. $5.54K)ix.75; lights anil pigs, $x.75 ; roughs, st'i®:6.2s; stags, $4.25. Cattle -Re vipl;-'. 1.000; market, slow, steady; bills, steady; calves, $11.50. Sheep and lam'n- ttecelpts, 1.600; market. Btrong; exves, si® 4.50; bucks, $3; choice iambs, §12.50® 13; seconds, $7; culls, s3®o. CLEVELAND, Jan. 12.—lings—Receipts, 2.000; market, slow; yorkers, $5.75; pigs. $9; roughs. §6; Blags. §4. Cattle—Receipts, -10); market, 25 cents lower. Sheep and lambs—Receipts, 1,000; market. 25 cents higher; top. sl4. Calves Receipts, 200; market, slow; top, 12.50. EAST ST. LOI'IS, Jnn. 12. Hogs—ltcceipts, 10,500; market, 25c to 50c higher; mixeil and Witellers, $8.25®H.75; gooil heavies, §S®S.4(); roughs, $6®■6.50• lights s.>>; pigs. sx.so®9. iuilk of sales, $5.40iu8.75. Cattle—Receipts, 2,200; market, strong; native beef steers, s7f</9; yearling steers and heifers, §7®8.50: cows, $3.250/5.50: stockers and feeders, Si®6: calves, §2.50® 10: eanners nml cutters, s2® 3. Sheep and lantbs -Receipts, 190. market, higher; mutton ewes, $3.50® 6; eanners and choppers, sl@3. EAS TBUFFALO, Jan. 12.—Hogs—Receipts, 3,200: market, slow; Yorkers, §9® 9.35; pigs, $9.25®'9.35; mixed, ?5.50®9.10; heavies. $7.45® 5.75; roughs, §6®: 6.50; stag, §l® 1.50, Cattle—Receipts, 1,000; market, slow; shipping steers. $88.75; butcher grades. $7.50®.8.50; heifers, ss® 7.50; cows, $2®,6.25; bulls, $3.25®;5.25; feeders, §s@6; milk cows and springers, s3o® 130. Calves —Receipts, 300; market, slow; cull to choice, ss® 12.50. Sheep and lambs—Receipts, 2,000; market, slow; good to choice lambs, $13.50® 13.75; rull to fair lambs. sS®l3; yearling;, §B® 12; sheep, $3®7.25. TITTSBURGH, Jan. 12.—Hogs—Receipts, 3,000; market steady; prime heavies, $8®.5.25; mediums, s9® 9.25; heavy yorkers, light yorkers and pigs. $9®!9.25; roughs, $6.25®%..75; stags. $3.00 ®4 50; heavy mixed, $8.40®,550. Cattle— Receipts, light; market steady. Calves—] Receipts. 100: market steady; veal calves, $12.50; heaevy and thin calves, s7®9. Sheep and lambs—Receipts. 1.400: market steady; prime wethers, $6.75®7: good j mixed. [email protected]! fair mixed. 84.75®5.50; j culls and commons, $2.70®2.50; choice | lambs, $1350.

* HIGH GRAOE BO £iv T,U Com*

American Telephone & Telegraph Cos. 129T11 DIVIDEND. A quarterly dividend of Two Dollars and Twenty-Five Cents per share will be naid on Monday, Jan, 16, 1922, to stockholders of record at the close of business on Tuesday, Dec. 20, 1921. H. BLAIR-SMITH, Xruurr.

GRAIN VALUES CLOSE LOWER Active Demand for Corn Displayed in Final Hour. CHICAGO, Jan. 12. —Grain prices were lower on the Chicago Board of Trade today. The grain market held firm with a good demand. There xvas an active demand for corn, l’rovisions were higher. May xvheat opened at $1.11%, up %c, and closed up %c. July xvheat opened up %c at §1.90%, closing off l%c. May corn opened at 53%c, up %c, and closed off %c. July corn opened unchanged at 54%c and closed unchanged. May oats opened uj) %c at 38%c, closing off %c. July oats opened at 39%e, unchanged, and closed unchanged. (By Thomson & McKinnon.) —Jan. 12— WHEAT—Firmness in Lix-erpool lifting of hedges against purchases by the Russian relief commission and the statement by the Kansas xveek 1 y report that recent precipitation xvas not sufficient, colored tile early market for wheat to day but did not broaden the general interest. Ou the contrary, the market was compelled to accept realizing sales from previous buyers, none of the orders large, but the aggregate finally proving greater than the demand. Argentine prices are quoted more nearly on a parity xvith United States hard winters, largely because of an advance in freight rates for oce; r. passage, but it is not discoerable that any important export sales of either Manitobas or Americans have been made. There are many xvho still believe that we have exported all that xx'o can spare and that foreign demand for our xx-heat xvill appear later in the year. Those xvho so beliexe are encouraged by the light movement from the country, and the strength in choice milling wheat, but it does not appear that the consuming trade or the investor is tu any way enthused. It must be remembered that there is n hedging load of at least 100,009,000, possibly 125,000,000, bushels yostlng upon the various markets. It is, therefore, necessary for a broad and constant demand to prevent prtoes sagging of their oxvn weight. iSo far as Immediately available supply and Immediate demand are concerned, there is certainly no reason for expecting higher p rices. Corn and Oats—Cash handlers h*rve been prominent buyers in the corn market not only of the current receipt but of the deferred delivery. This, is. of course, corroboration of the reports of large sales for export. Market has not made any imprtant response to this demand. for the reason that the investor is more Inclined to accept profits than to make new commitments. The oats market is neglected by all interests-. It seems to be thoroughly liquidated but suffers from absence of new interest. X’rovisions—There has been a rather broad demand from commit sion sources in the provision market. This demand being supplied by realizing sales, not by hedging sales. The hog market pots its strength from a rather broad shipping demand, which, naturally, suggests good cash trade at Eastern markets. Believe the underlying situation continues strong. CHICAGO GRAIN TABLE. —Jan. 12— WHEAT — Open. High. Low. Close. Xlav.... 1.11% L 12% 1.10% Lll% July.... 1.00% l.<®% .90% .90% CORN— May 53% .53', .o-Si -_•->% July 54% .53% -54 .oils OATS— Mav 35% .38% .38% -38 x Julv 69% .39% .39% .•>.•% PORK—•Jnn IC.°O L \ KD Jan 9.1-5 917 912 912 May.... 9.42 959 912 9.4.) U Jnn'T... 8.40 845 835 855 May.... 8.19 8-65 S.IO 8.4.> Xta j..., .83% -84 -83 ••s•}! i •July -‘0 * •Nominal. CHICAGO CASH GRAIN. CHICAGO, Jan. 12. -XVheat—No. 4 northern spring, dark. $1.19. Corn -Xu. 2 mixed, 49®49%'C; No. 2 white, 40%® 49%e: No. 2 vellow, 40®.19%0; No. mixed. 4HV®4SVje: No 3 white, 44%® 14%<- No. 3 yellow. 4s%(</49e; No. 4 mixed 40’-® 47%*' No. 4 white, 46@47%e; No. 4 vellow. 45%® 47%e. Oats—No. 2 white, 37%® 3S%c: No. 4 white, 33® 54® TOLEDO GRAIN PRICES. TOLEDO, Jan. 12.—Wheat-Cash, §l.lß ®1.19%; Mav. $121: July. $105%. Corn —Cash. 52® 53c. Oats—Cash, JR)®4lc. Rye—Cash, SDc. Barley—Cash, C3c. INDIANAPOLIS CASH GRAIN. —Jan. 12— Bids for car lots of grain and hay at the call of the Indianapolis Board of Trade were; Wheat—No sales. Corn—Firm: No. 3 whiten, 49®50%0; No. 4 white, 44®'49% r ; No. 3 yellow. 44% ®l9%c; No. 4 yellow, 47%®48%c; No.

ADDITIONAL OFFERINQ Exempt from Indiana State and Local Taxes and from the Normal Federal Income Tax. REAL ESTATE PREFERRED STOCK $40,000 American Town Lot Company Indianapolis, Indiana Pays 8% Has paid regularly on the day due 2% each quarter since the company was organized. The thirty-second quarterly dividend of 2 % is payable February 1, 1922. GROWTH OF COMPANY * YEAR ENDING. ASSETS. * . ”3 SURPLUS. ~ Sept. 30, 1914 ’ $662,681.67 $62,459.10 Sept. 30, 1915 $741,329.50 $79,790.41 Sept. 30, 1916 $837,720.89 $128,829.12 Sept. 30, 1917 $967,247.84 $191,142.88 Sept. 30,1918 $972,867.61 $210,188.68 Sept. 30, 1919 $1,111,223.16 $275,978.82 Sept. 30,1020 $1,229,460.38 $330,892.57 Sept. 30,1921 $1,505,021.26 $384,265.06 ASSETS —The net assets of the Company October 1, 1920, computed in accordance with preferred stock requirements, amounted to §593 per share, of tlie then outstanding preferred stock, and the assets October 1, 1921, amounted to $405 per share of the outstanding preferred. EARNINGS—The net earnings of the company, or increase in net assets, for the five years ending October 1, 1921, averaged over $76,000 per annum, or over three and one-half times the annual dividend on the total outstanding preferred, including this additional offering. The American Toxvn Lot Company has had marked success since its organization January 28, 1914. It is one of the largest and strongest real estate companies in Indianapolis, and its preferred stock is based entirely upon real estate. This stock matures serially the same as bonds and contains the usual safeguarding provisions which have made real estate preferred stocks so attractive to conservative investors. MATURITIES: SI,OOO November 1, 1926 $5,000 November 1, 1929 SIO,OOO November 1, 1931 $3,000 November 1, 1927 $6,000 November 1, 1930 SIO,OOO November 1, 1932 $5,000 November 1, 1928 The legality of this preferred stock has been approved by Ferdinand Winter, Indianapolis. Shares SIOO Each Can be paid for in one or more payments. This real estate preferred stock has the safety of a real estate mortgage bond, with the advantage of being free from taxes. LAFAYETTE PERKINS Bell Phone: MA in 4295 9th Floor Fletcher Trust Building, Indianapolis. Orders may be telephoned or telegraphed at our expense t Licensed Dealer Indianapolis Securities Commission, Certificate No. 62.

i Weather | The following table shows the slate of the weather at 7 a. m., Jan. 12. as observed by United States Weather Bureaus : Station. Bar. Temp. YY’eather. Indianapolis, Ind.. 29.99 13 Clear Atlanta, Ga 29.94 28 Cloudy j Amarillo, Texas... 30.48 22 J’tCldy Bismarck, N. D.... 30.16 24 Snow Boston, Mass 29.30 18 Clear ] Chicago, 111 30.00 10 Clear {Cincinnati, 0hi0... 29.98 48 Cloudy Cleveland, 0hi0..., 29.72 20 Snow Denver, Colo 30.40 52 Clear Dodge City, Kan.. 30.32 28 Clear Helena. Mont 30.5-' 52 I’tCldy Jacksonville, Fla.. 29 : 4 42 PtCldy Kansas City. Mo.. .>.j,02 28 PtCldy Louisville, Ky 30.08 18 PtCldy Little Rock, Ark... 30.22 2S Clear Los Angeles, Cal... 30.20 54 Clear i Mobile, Ala 30.16 54 Clear , [ New Orleans, La.. 30.26 58 Clear New York. N. Y.... 29.52 24 Clear | Norfolk, Va 29.71. 52 Clear I Oklahoma City.... 30.30 32 Clear Omaha, Neb 30.01 28 Snow Philadelphia, Pa.. 29.60 26 PtCldy Pittsburgh, 1’a.... 29.24 20 Cloudy Portland, Ore 30.54 .”.2 Clear Rapid City, S. D... 30.32 28 Snow ltoseburg. Ore 30.50 28 Cloudy San Antonio. Texas 30.48 .36 San Francisco, Cal. 30.32 50 Clear St. Louis, Mo 30.08 20 PtCldy St. Paul, Minn 30.00 6 Snow Tampa, Fla 29.90 52 Cloudy Washington, D. C.. 29.70 26 Ctoudy WEATHER CONDITIONS. The storm centered over eastern Virginia Wednesday morning has moved northeastward up the middle and north Atlantic coast, accompanied by rains changing to snows In northeastern sections. the precipitation being heavy In a number of places. The disturbance has been followed by decidedly colder weather from the Great. Lakes southward and eastward, hut temperatures are rising slightly over the middle anil northern plains region. A secondary disturbance center ts present in the middle Mississippi Valley, and has caused light snow flurries thence northward over the Red River region. The field of high barometric pressure overlying the Great Basin has caused a continuation of cold weather in that section. J. H. ARMINGTON, Meteorologist, YVeather Bureau. ! 5 mixed, 47Jj®4S%c; No. 4 mixed, 46% [ @47%c. Oats —Firm: No. 2 white, 37%<g3$‘-_.c; ; No. 3 white. 36®37%c. i Hay—Steady: No. 1 timothy, $17.50® : 18: No. 3 timothy. $17®17 50; No. 1 light ' clover mixed, §ic.so@li ; No. 1 clover, ; §l9® 20. —lnspections—i Wheat—No. 3 red. 1 ear; No. 4 red, : 1 ear: No. 4 mixed. 1 car: total. 3 ears. Corn —No. 4 white, 12 ears; No. 5 white, 6 curs; No. 6 white. 4 cars; No. 1 yellow, I car; No. 3 yellow, 5 ears; No. 4 yellow, II cars; No. 5 yellow, 11 ears; No. 6 yellow, 8 ears; sample yellow, 1 car; No. 4 mixed, 2 cars; No. 5 mixed. 1 car; No. C mixed, 1 tar; total, 63 ears. Oats—No. 2 white, 1 ear: No. 5 white, S cars; No. 4 white, G cars; total. 15 aers. Hay—No. 1 clover mixed, 1 ear. PRIMARY MARKETS. •By Thomson & McKinnon.) —.Tan. 12— Receipts— XV tic.i t Corn Oats B'. Joseph..., 16,000 25.000 2.000 Chicago 22,000 864.000 130.000 Milwaukee ... 4.000 158.000 53.000 Minneapolis .. 213.000 92.000 69,000 Duluth 11.0(H) 54.000 17.000 St. Louis Gn.IKH) 187.000 94.000 I ol do 1.000 24,000 12.000 Detroit 3.000 .8.000 2.000 Kansas City.. 95.000 50.000 7 0(H) Peoria 10.000 191 .OH) 54.(HH) Omaha 31.900 172.009 38.000 Indianapolis.. 5.000 85.000 18.000 Totals 173.000 1 820.000 196.000 Year ago... 1.102.0(H) 1.221,000 475.000 - Shipments— Wheat Corn Oats St. Joseph.... 6.000 11.003 2.000 Chicago 61.000 1,1(18.090 177.000 Milwaukee ... 3,090 - (>7.IHHt 58,000 Minneapolis . 103.000 41.000 59.000 Duluth ."..O'Xt St. Louts 96.003 54.090 53.900 Toledo 5.093 20,000 4.000 Detroit 3.009 6,000 2.000 Kansas City.. 132,000 1 44.000 14.000 l’eorla 6.000 101.000 54.900 Omaha 101,000 183.000 46.000 Indianapolis 32,000 24.009 Totals 517.000 1.797.000 493.000 Y'ear ago... 636.000 619.000 394,000 *—ClearancesXVheat Corn Oats New York 197.000 Baltimore 111.000 52,000 New Orleans.. 80.000 598,000 Totals Sd.OfH) 700.000 52.000 Y'ear ago... 681,009 43.009

'„T SUB-TEX STOCK "I"™" SELL Soo Curb Market *ls LEMCKS BLD3.

FOREIGN MART TONE IS QUIET Dollar Rails Rule Steady on London Exchange. LONDON, Jan. 12.—Jbe stock market xvas quiet yesterday and demand was confined to a limited number of stocks, little interest being displayed. The demand continued in gilt-edged offerings and prices had an upward tendency. Foreign xvith tlie exception of French and Germans. which eased wKli currency. Further strength was exhibited In borne rails, dollar rails were steady and foreign rails for the most part were unchanged. The Industrial market xvas uncertain. Tron. steel and engineering moved a', versely. due to the rumored extension of the naval compact. , Oil shares had a siight turnover and prices were lower where changed. Mexican Eagles were 317-32, Shells 4 19--/2, Royal Dutch 35%. The mining market was inclined to sag in both Africans and Americans. There was some restric* .on to credit in Lombard street, due to further repayments to tiie Bank of England. Over night money advanced to 2% per cent, day to dav money was 3 per cent and fixtures 3% per cent. Bar silver (h----••lined to :r.%d and 55’-id for spot and forward.—Copyright, 1922, by Pttld.c Ledger Cos. INDIANAPOLIS PRODUCE. Eggs—Loss off. 27®30e. Butter—Packing stock, 15@17c. Poultry—Fowls. 16® 23c; springs, 19®25e: cocks, 11® 12c: stags. 13® 15c; capons, 7 lbs. and up, 33c: capons, under 7 lbs., 29c; capon slips, 7 Bis. and up, 27c; capon slips, under 7 lbs.. 23c: young hen turks. S lbs. and up. 39c; young tom turks, 12 lbs. and up. 38®39e; old tom turks, 5,1®32c; cull thin utrkeys not wanted: ducks. 4 lbs. and up. 16® 19c; geese, 10 lbs and up, 14® 16c; squabs. 11 lbs to dozen. $5: young guineas, 2-lb. size, per doz , §7®7.50; old guineas, per doz., s3® 3.50. Butter —Local dealers are paying 3C'<i 37e per lb. for butter delivered in Indianapolis. Butter Fat —Local dealers are paying 32e per lb. for butter fat delivered In Indianapolis. HAY MARKET. The following are the Indianapolis Brices for hay by the wagon load. Severed : Hay-Loose timothy. $16.00@17; mixed hay, $15@16; baled hay. sl7@lß. Oats—Bushel, new, per bushel, 32235 c. Corn—Old, per bushel. 54@6G?. WAGON WHEAT PRICES. Indianapolis flour mills and elevators today xvere paying §1.14 per l ushed for No. 1 red winter xvheat: §1.12 for No. 2 red winter and according to test for No. 3 red xvinter. Oats were quoted at 27c per bushel for No. 3 xvhite or better.

SUGGESTIONS FOR PROFIT How S3OO may margin a group of selected listed stocks returning a dividend every month in the year. The outlook for Sears-Roebuck. What Penn. R.R. is facing. How to use the lessons of 1921 in making good investments in 1922. These subjects comprehensively treated in our Currtnt Market Review. You may obtain a copy upon application for NT-87. E M FULLER. & C 9 ESTABLISHED 191& Mcn-bers O isa/tdaUd sfodc £*c hanfe cf SeurYSrh. 50 Broad St. - New York r crceAW-FrrrsßTiasi* Direct PnVotf V<fnm J Rostov - clxve-jixd t rSC.S - KX-IAMC