Indianapolis Times, Volume 34, Number 228, Indianapolis, Marion County, 2 February 1922 — Page 10

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NEW GROUPS OF STOCKS LEAD IN MARKET DEALS Leathers, Coppers and Tractions Join Specialties in Activity. SENTIMENT IMPROVES Specla.l to Indiana Daily Time* and Philadelphia Public Ledger. By MONITOR. NEW YORK, Feb. 2.—Activity in the etock market shifted to new groups, and certain issues among the leathers, coppers and tractions, in addition to a few specialties among the rails and industrials, furnished the features of the market. Third Avenue and Manhattan Elevated were freely bought on predictions of a termination of the B. R. T. receivership within a few months. There was heavy buying of Interborough - Rapid Transit bonds as well as certificates of deposit. The strength in some of the -atner issues was encouraged by the Johnson report showing about #1,500,000 more profit than in 1920. The upward movement in the coppers was due almost entirely to short covering in a narrow professional market. Although the general impression in the street made by the report of the United States Steel Corporation for the fourth quarter, was favorable, the figures had no market effect. The Iron Age reports a larger amount of new construction work In prospect, with a healthy volume of buying for the purpose of replenishing stocks. There is, however, a further downward movement in prices. Specialties continue to furnish the wide price movements and the features were Gulf States Steel, Davison Chemical, American Ice and Electric Storage Battery. Firmness was displayed by both cotton and grain. With the resignation of one of the leading members of the agricultural bloc. Wall street Is hoping for less politics and gallery play in the legislative policy of Congress. To this extent there is an improvement in sentiment, so far as it is Influenced by Washington development.—Copyright, 1922, by Public Ledger Company. WALL STR4ET GOSSIP. BY MONITOR. The stock of the Butterick Publishing Company, which has been advancing slowly for several weeks, made anew high for the movement yesterday. It is understood that the accumulation for certain influential Interests has been com- , pleted. The company had an excellent rear during 1921, and there is reason to believe that at the meeting scheduled for Feb. 15, a dividend at the rate of $1 •ABwally will be declared. Short covering apparently is the only support in American Sumatra tobacco. ; The selling is largely liquidation. The , financial community assumes that when the directors meet Feb. 12, the preferred dividend will be passed. It is understood [ that there are scale buying orders in quantity from 25 down on the common slock. The late rally in the market was led by C. S. Industrial Alcohol. The same firms which were buyers below 40 again were buyers. Ir well informed quarters it Is suggested that new trade arrangements are in the making which will : greatly increase the company's business, and which may have a far reaching effect on the world distribution of alcohol. In some conservative quarters the day to day transactions are being watched closely for indications of re-accumula-tion of stocks sold ten days ago. Some of these observers feel certain that the character of the buying in the better class of railroad stocks as well as in some of the lower priced speculative rails is accumulation for powerful financial interests. They see no indication yet of such accumulation In the Industrial list, although it is understood that in many Issues there nre substantial buying orders a few points below the market. The proposed steel mergers have gotten on the nerves of the trading element. President Block of the Inland Steel Company was reported as saying that nego- ; tiations are in progress, but that no definite statement can be made until after a meeting of the executives of the several companies with bankers here is held. This meeting is scheduled tentatively three weeks hence.

Before the opening word was spread broadcast that Gulf States Steel would be advanced to SO before the end of the day. Traders bought this stock early on its opening advance of 2% points, but after gaining another point to 70 the movement died and when these traders sold their stock, the price declined rapidly to 70%. Some short covering at the close resulted in a rally. Call money, after opening and renewing at 5 per cent, advanced to 0 per cent. There vras considerable calling of loans by the banks and in addition payments were due on the new issue of treasury 4% per cent bonds. Bankers do not expect a 6 per cent rate to continue, but neither do they think that a rate much below 5 per cent will be established. Appointment of a receiver for the Locomobile Company was a depressing influence. Its effect in the market was confined largely to selling of the BierceArrow issues, but this selling was well absorbed. There is reason to believe that the latter company will issue an unexpectedly favorable statement of 1921 operations within the next few weeks. The buying in both common and preferred recently has been for important interests. The quarterly report of the Midvale Steel and Ordnance Company was made public and was quite as unfavorable as had been forecasted. The deficit after charges and Federal taxes of $1,379,782 was larger than that of the preceding quarter, when it was $1,219,130. For the last quarter of 1920, the company showed a net profit of $2,050,724. Traders are active In this issue, but it is understood that important interests are awaiting more definite information as to the terms upon which the company may be absorbed into one of the mergers before making extensive market commitments. The third annual report of the Endicott Johnson Corporation and its subsidiaries covering 1921 operations, shows net sales of $58,892,347 and net operating income of $7,839,529. Net profits after charges and Federal taxes amounted to $4,642,889, equal, after payment of preferred dividends to $10.79 per share on the SSO par value, common outstanding. This compares with $3,150,441, or $6.43 per share on 1920. The balance sheet shows a profit and loss surplus of $9,812,158 as against total common stock outstanding of $10,856,825. Sears-Roebuck was weak. The selling vras attributed in part to the protective measures taken to assist a Chicago brokerage firm. In addition the company reported January sales of $14,188,422 as compared with $15,597,766 in January last year. —Copyright, 1922, by l'ublic Ledger Company. CHICAGO STOCKS. (By Thomson & McKinnon.) —Feb. I. Open High Low Close Armour & Cos. pfd 93:6 Armour Leather 12% C. E. Rys. pfd... 14* 1% 1% 1% Continental Mot. 5% Deere & Cos. pfd. 60 Earl Motors .... 3% 311 3% 3% Mont. Ward .. 12% 12% 12% 1211 Nat. Leather 2% Do new 10% Pick & Cos 22*1 Piggly Wiggly. 35 % 33% 33% 33% Stewart-Warner. 26% 26% 26% 26% Swift & Cos. .. 100% 100% 100 100 Swift Int L.... 20% 20% 20% 20% Thompson J. R. 41 41% 41 41 Temtor Corn A. 5 5% 4% 4% Union C. A Carb. 45 43 % 44% 44% Wahl 66% 66% 06% 66% Wrlgley 100% 107% IOOVa 107% •Yellow Tsxt... 59% 60 59 % 59% •ex-div. SI.OO. WHOLESALE BEEF PRICES. The following are today’s wholesale prices for beef cuts as sold on the Indianapolis markets of Swift & Company: Ribs—No. 2,22 c; No. 3, 15. Loins—No. 2 25c; No. -3, 18c. Rounds—No. 2,14 c; No’ $, 13c. Chucks—No. 2. c; No. 8,8 c! *, sic; No. S, 7c.

N. Y. Stock Opening

(By Thomson & McKinnon.) —Feb. 2. Open Allied Chem 68 Allis-Chalmers 44% American Bosch Magneto Cos 86% Amn. Can 87 Am. Ice 97 American International Corporation. 40% Am. Linseed 31 Am. Locomotive I® o ., Am. Smelt. &. Kef 45% Am. Sumatra Tobacco Cos 29% Am. Steel Fdy,.... 31% Am. Tel. & Tel. 117% Am. Tobacco 130 Am. Woolen 82 Anaconda Min. Cos 48% Atlantic Gulf & W. 1 25% Baldwin Loco 95% Butte. & Sup 27% Beth. Steel (B) 61 Canadian Pac. Ry 123% Central Leather 31% Chi. Mil. & St. Paul pfd 30% Chino Copper 27 Coca Cola 44 Columbia Gas 68% Cosden OH 84% Corn Products 102 Crucible Steel 60% Cub. Am. Sugar 17% Del. & Lack 112 Endieott 81% Famous Players 78% Genera! Asphalt 57 Gen. Electric 144% General Motors 8% Gt. Northern pfd 72% Illinois Central 100 Kelly-Springfleld Tire 37 Kennecott Copper 28% Lehigh Valley 58 Marine pfd 68% Mexican Petroleum 112 Midvale Steel 29% New Haven 16 Northern Pacific 77 Pacific Oil 40 Pan-American Petroleum 61% Pierce-Arrow 14% Reading 72% Royal Dutch of N. Y 47% Sinclair 19% Southern Pacific 81% Stromberg Carb 37% Studebaker 89% Texas Cos 43% Texas Gas and Sulphur 42% United Retail Stores 53 United Fruit Cos 131 U. S. Industrial Alcohol 44% U. S. Rubber 53% U. S. Steel 85% Utah. Copper 63% Westinghouse Air Brake 92 N. r. Stock Exchange (By Thomson & McKinnon) —Feb. 1— Frev. High. Low. Close, close. Adv. Rum. com.. 11% 11% 11% ..... Ajax Rubber.... 15% 14% 15% 14% Allied Chemical 58 67% • 58 67% Allis Chalmers.. 44% 43% 44% 43% Am. Beet Sugar 33% 33% 33% 34% Am. Bosch Mag. 34% 34 34% 32% Am. Can 37% 36% 37 36% Am. H& L com. 14% 14 14% 14 Am. H& L pfd. 68% 61 62% Am. In. Corp... 40% 40% 40% 40% Am. Locorno 105% 106 105% 105% Am. Steel Fdy.. 31 30% 30% 31 Am. S. & Ref... 46% 44% 46% 45% Am. Sugar Ref. 65 64 % 65 05 Am. S. Tob. Cos. 29% 28% 29% 28% Am. Tel. & Te1..117% 117 117% 11*% Am. Woolen ... 82 80% 82 80% Anaconda 48% 47% 48% 28% Atchison 95% 95% 95% 95% ' Atlantic G. W. I. 25% 25% 26% 25% • Atlantic Pete. . 22% 22% 22V* j Baldwin Loco. . 95va 94% 95% 95 B. A 0 34 33% 34 33% Beth. Steel <B). 60 59 % 60 60 ! Brook. Transit. 11% Cal. Pete 46% 46% 46% 45% Can. I’ac. Ry.. 123% 122% 123 123% ; Central Leather. 32% 31% 32% 31% 1 Chandler Motor 58% 57% 68% 68% CMSTP com. ..18 IS 18 17% CMSTP pfd. .. 31 30% 31 30% Chi. &N. W 62% 62% 62% 62% CRIP 31 31 31 ..... CHIP 6 pet. pfd 71% 71% 71% 72 CRIP 7 pet. pfd. 86 85% 86 83% Chili Cupper .. 17% 16% 17% 16% Chino Copper... 27 26% 27 Coca-Cola 44% 43% 44 43% Col. Fuel & Irn. 25% 25V* 25% Cons. Gas 91% 90% 90% 9*1% Cent. Can 53% 53 53 53 Corn Prod 102% 101% 101% 102% Crucible Steel.. 61 69% 61 60% Cub. Am. Sugar 17% 17% 17% 18 Cub. Cane Sug. 954 9% 9% 9% Dei. & Lacka.. .112 112 112 112 Dome Mines.... 22% 22 22 % 22 Erie 8% 8% 8% 8% Endieott & J... 81 79% 81 79 Famous Players 78% 76% 78% 77% Fisk Rubber.... 12% 12% 12% 12% Gen. Asphalt .. 57% 66% 86% 66% Gen. Eiec 142% 142% 14i% l*j% General Mot .. 8% 8% 8% Byj Goodrich 3t% 37% 37% ..... Gt. North, pfd. 72% 72% 72% 72% Great North. Ore 31% 31% 31% 31% Gulf States Stl. 76 70% 72 72% Houston Oil ... 73 73 *3 72% Illinois Central 100 100 165,. I®s,. India homa 3% 3% 3% 3% Inspiration Cop. 38% 38% Inter. Harv. ... 82 82 82 -•a:; Inter. Nickel. .. 12% 12% 12% 12% Inter. Paper ... 48 4i% 48 48 Invincible Oil.. 14 13% 14 14 Kf.-lly-Spg'fld .. 30% 36% 30% 30% Keiin. Copper . Lack. Steel ••• ••••• *>*3 Lee Tire & Rub. 27 27 27 ..... Lehigh Val 57% 57% 57% 57% Loews, Inc 11% 11% 11% Martin-Par 31% 31 31% 30% Marine com ... 15 14*' 14% 15% Marine pfd .... 68% 67% 68 May Stores ....105% 106% 105% Mary, Oil 23% 23 23 23% Jlex. Pet. 111% 110% 111% 111%, Miami Cop 26% 26% 26% 27% Mid. Sts. 0i1... 12 11% 12 12% Midvale Steel .. 29% 29 29 % 29 Mis.-Pac. Ry.... 10% 16 16% 16 M Pac. R. pfd. 44% 44% 44% 43% Mont & Ward.. 12% 12% 12% 12% Nat. Lead 91% 90 81 90% Nev. Con. Cop.. 14% 14% 14% 14% N. Y. Central.. 73% 73% 73% 74 New Haven .... 16% 15% 15% 16% Norfolk & W.. 98% 98% 98% 98% North. Pacific.. 77 76% 78% 76% Okla. P. & K. Cos. 2% 2% 2% 2% Owen Bottle c.. 25 25 23 25V* Pacific Oil .... 45% 45% 45% 45V* Pan-Am. Pet. .. 51% 50% 50% 51 •Penna Ry 34 33% 34 34% People’s Gas .. 68% 69% 68% 69 Pere Marquette 20 20 20 19% Pierce-Arrow... 15% 14% 15 15% Pierce Oil Com. 9% 9% 9% 9% Pull. Pal. Car. .110 109 109% 110 Pure Oil 33% 33% 33% 33% Ry. Steel Sp... 95% 95% 95% 93% Reading 72 71% 72 71% Rep. I. and Steel 50% 50% 50% 60% Kepolgle Steel.. 29 28% 29 28% Roy. D. of N. Y. 48 47% 48 43V* Sears Roebuck.. 61 59% 60% 61 % Sinclair 19% 19 19% 19% Southern Pac... 81 80% 81 80% Southern Ry. .. 18 17% 18 17% Stand. O. of Cal. 93% 93 93% 03% Stewart-W 26% 26% 26% 28% Strom. Carb ... 37% 37 37 30% Studebaker 89% 89% 89 88% Texas G. & Sul. 43 42% 42% 41% Texas C. and 011 24% 23% 24% 23% Texas Cos 44 43% 44 43% Texas & Pacific 28% 27% 23 26% Tob. Products.. 62% 62 62% 61% Trans. Oil 9% 9% 8% 8% Union Oil 18% 18% 18% 18% Union Pacific.. .127% 126% 126% 126% United Drug 70 68% 70 United Fruit... .131% 128% 130% 128% U. S. Ret. Stores 53% 62% 63 53% U. S. F. Prod... 4% 5 5% 5% U. S. In. Alhol.. 44% 43% 48% 43 U. S. Rubber... 63% 53% 63% 52% U. 8. Steel 85% 84% 85% 85 U. S. Steel pfd ..117 116% 110% 117% Utah Copper ... 62% 62 62 82% Van. Steel S3 32% 33 33 Wabash Ist pfd. 19% 19% 19% 19% West. Pacific... 14% 14% 14% 14% West-house Elec. 51% 51% 51% 51 White Motors.... 38% 38 38% 37% W-Overland .... 5% 5% 5% 5% White Oil 8 7% 8 7% Woolworth 143% 143% 143% 145% Worth Pump... 47 47 47 40% *Ex-dividend. NEW YORK LIBERTY BONDS. —Feb. 1. — Prev. High. Low. Close. Close. L. B. 5%9 07.50 95.26 95.60 05.00 L. B. It 4s 06.40 96.00 L. B. 2nd 4s 96.06 96.86 L. B Ist 4%s .. 97.76 93.34 96.76 96.40 L. B. 2nd 4%u .. 96.42 96.00 96.42 96 06 L B. 3rd 4%s .. 07.50 97.16 97.50 07.19 L. B. 4th 4%s .. 90.54 96.18 96.52 96.13 Victory 3%s ... 100.30 100.26 100.23 100.21 Victory 4%s ..100.32 100.22 100.32 1w.20 NEW YORK PETROLEUM. NEW YORK, Feb. 2.—Petroleum prices were steady on the market here yesterday, Pennsylvania crude closing at $3.25 per barrel. NEW YORK TURPENTINE. NEW YORK, Feb. 2. —Turpentine sold at J*3%c per gallon on the market here yafterdaj.

STOCKS DISPLAY STEADY TONE Good Fractional Gains Made by Leading Issues. NEW YORK, Feb. 2.—The stock market showed a steady tone at the opening today, fractional gains being made in most of the active Issues. Famous Players started % of a point lower at 78% and then rose to 79%. Endieott Johnson moved up 1 point to 82. , United States Steel was % of a point higher at 85%. Cricible Steel showed a loss of % of a point at 60%. Mexican Petroleum rose % of a point to 112 and Studebaker was % of a point higher at 89%. Third Avenue was In demand, advancing 1 point to 23. (By Thompson & McKinnon) —Feb. 1.--If we omitted from consideration a ’ few active specialties like Gulf States Steel and American Ice, there would be nothing In the market action today that would call for any comment. Public participation has decreased almost to a minimum and the market Is largely dependent on professional buying and selling . for such fluctuations as have occurred. The sudden change in the public attitude toward the market can only be explained on the theory that there Is disappointment at the way general business has progressed since the commencement of tne new year. The state of the steel Industry is well illustrated In the statement published for the last quarter of the last year by the United States Steel Corporation and the leading trade review calls attention to the fact that while there has been some Improvements in the demand during January, the business so farr has been exceedingly disappointing. In addition to this we have further price reductions by automobile companies. The leading catalogue house shows a dcrease of over 9 per cent In the January business as compared with the corresponding month last year. Financially, conditions are not yet clear, as Is disclosed by receiverships. Locally, the money market has been unfavorable, recently with u good deal of shifting of loans and advances in rates. We are still of the opinion that the market Is now sufficiently ahead of business to warrant a pause and we would rather take profits on loDg stocks during strong periods. . TWENTY STOCKS AVERAGE. NEW YORK. Feb. 2. J Twenty industrial stocks Tuesday averaged 81.30, off .20 per cent. Twenty active rails averaged 74.73, off .25 per cent. CLEARING BOISE STATEMENT. NEW YORK. Feb. 2.—Exchangee yesterday were $828,000,000; balances. $04,000,000; Federal Reserve Bank credit balances, $47,700,000. Money and Exchange Indianapolis bank clearings Wednes- ■ day were $2,741,000; bank debits, $4,- i 989,000. NEW YORK, Feb. - 2—The foreign ex- I change market opened strong today. De- , mana Sterling was 1 l-5c higher at i $4.30%. France rose 3 centimes to 8.38%c J for cables and to 8.38 for checks. Llres advanced 2% points to 4.79 c for cables and to 4.69% for checks. Belgian francs were 4% centimes higher to B.olc for cables and 8.001%c for checks. Marks were off % of a point to 0049 c. Guilder cables were 37.12%c; checks, 37.07%c. j Sweden kronen cables were 25.50 c; checks, ; 25.45 c. MOTOR SECURITIES. (By Thomson & McKinnon.) —Feb. L——Closing— Bid Ask Earl Motors 8 3% ; Packard com.. 6% 6% i Packard pfd 65% 67 Peerless 35% 36% Continental Motors com 5% 6% Continental Motors pfd 87 Hupp com 13 13% Reo Motor (%r 18% 18% j Elgin Motors 2 2% Grant Motors 1 1%, Ford of Canada 272 273 National Motors 2% 3 Federal Truck 15 17 Paige Motors 13 14 Republic Truck 7% 8 ACTIVE OIL STOCKS. (By Thompson & McKinnon) —Feb. 2 —Opening— Bid Ask. Anglo-American OH 17% 17% Atlantic Loboi ~. 8% 8% ; Borne Scrymser 320 3-40 Buckeye Pipe Line 92 I*4 Chesebrough Mfg C0n5......175 185 Continental OH, Colorado..„. .130 135 Cosden Oil and Gas 5 8 Crescent Pipe Line 33 35 Cumberland Pipe Line 140 155 Elk Basin Pete 5% 5% Eureka Pipe Line....* 87 90 Galena-Signal OH, pfd 106 109 Galena-Signal Oil, com 39 42 Illinois Pipe Lino 167 170 Indiana Pipe Lins 90 91 Merritt OH 9 9% Midwest Oil 2% 3 Midwest Rfg 165 175 National Transit 27 29 New York Transit..! 147 150 Northern Pipe Line 99 102 Ohio Oil 252 258 Oklahoma P. &It 5% 5% Penn.-Mex. - 17% 20 Prairie Oil and Gas 525 535 Prairie Pipe Line 237 240 Sapulpa Refg 2% 3 Solar Refining 375 395 Southern Pipe Line 00 92 South Penn. Oil 485 195 Southwest Penn. Pipe Lines.. 60 <ls Standard Oil Cos. of Ind 85% 85% Standard Oil Cos. of Kan S6O 675 Standard Oil Cos. of Ky 450 475 Standard Oil Cos. of Neb ICO 170 Standard 011 Cos. of N. Y 350 370 Standard Oil Cos, of 0hi0...380 400 Swan & Finch 30 40 Vacuum Oil 325 350 Washington Oil . 30 35

NEW FORK CURB. (By Thomson & McKinnon.) —Feb. 1— —ClosingBid. Ask. Acme Packing 35 45 Curtis Aero com 3 4 Curtis Aero pfd 18 23 Goldfield Con 4 Imperial Oil (Del.) 10 10% Internat. Petroleum 14% 14% Nlplssing 8 6% Standard Motors 3% 4 Salt Creek 13% 13% Tonopah Extension 1J -10 1 9-16 Tonopah Mining 17-16 19-16 United P H new 1% 115-1(1 C S. Light and Heat 80 90 U.' s’. Light and Heat pfd.. 1 1% Wrlgbt-Martin 2 5 Yukon Gold Mine Cos }>'* New Cornelia 18 18% United Verde 28 29 Sequoyah 3 6 Omar Oil <8 8u Rep. Tire 15 2o NEW YORK SUGARS. NEW YORK. Feb. 2.—Raw sugars were active and steady in trade on the exchange here today. Cubas selling at 373 c per pound, duty paid, and Porto Ricos selling at the same figures, delivered. Refined sugars were rather auiet, with prices steady. Both fine granulated and No. 1 soft sold at [email protected] per pound. NEW YORK COFFEE. NEW YORK, Feb. 1. —Coffee values ruled steady in trade on the market here yesterday, opening options being unchanged to 1 point higher. NEW YORK RICE. NEW YORK, Feb. 2. —Rice was firm on the market yesterday, domestic selling at 3%<&7%c per pound. NEW YORK WOOL. NEW YORK, Feb. 2.—W00l values ruled strong on the market here yesterday with trade fairly active and the demand good. Prices of the last two weeks were maintained. NEW YORK HIDES. NEW YORK, Feb. 2.—Hideii ewere steady on the market here yesterday, native steer hides selling at 10c and branded steer hidos st 15%c per pound.

INDIANA DAILY TIMES, THURSDAY, FEBRUARY 2, 1922.

in the Cotton Market

New York Opening Cotton Prices— March, 16.60 c; May, 16.45 e; July, 16c; August, 15.95 c; September, 16.61 c; October, 15.58 c; December, 15.50 c. The market showed a better tone In the late dealings, closing steady at a net advance of 19 to 44 points. Open. High. Low. Close. March 16.60 16.88 16.58 16.55 May 16.45 16.00 16.32 16.59 July 16.00 16.14 15.95 16.10 October 15.58 15.67 15.44 15.60 December 15.61 15.55 —Cotton Review.— NEW YORK, Feb. I.—The improvement in the Liverpool market this morning was well maintained, that market filially closing 20 to 32 points higher. In our own market the response was not very vigorous and during the earlier part of the day trading was moderate, with but little interest displayed by commission houses. During the afternoon a demand developed for March contracts. This gave tone to the market and* brought about fairly good recoveries. News in reference to the spot demand is somewhat contradictory, but evidently there must have been some Improvement in the demand today though it will probably be found that the advance Is largely the result of an over extended short Interest here and so far as general conditions are concerned we can see noth ing that would warrant anything more than temporary price changes. LIVERPOOL, Feb. 2.—Spot cotton was quiet during the initial hour of trade today. Prices were easy aud sales around °°AmerTcan middlings fair 11.55*1; good middlings, 10.10*1; full middlings, 9.7< , middlings, 9.35d; low middlings, 8.46<l I, good ordinary, 7.15d; ordinary. 6.40d. Futures opened steady. WHOLESALE FEED PRICES. Ton. Cwt. Acme bran 51-35 Acme feed 31.90 1.60 Acme midds 33.00 1.70 Acme dairy feed 42.50 2.20 E-Z-dniry feed 32.00 Acme H. & M 29.00 A me stock feed 2500 Acme farm feed 30.00 1.5. Cracked corn 26 00 1.35 Acme chick feed 36 00 1.85 Acme scratch 32.00 1.65 E-Z-seratch 29.00 1.50 Acme dry mash 40.00 2.05 Acme hog feed 36.00 1.85 Acme barleycorn (not quoted) Ground barley 36.50 1.90 Ground oats 30.60 1.60 Homlick yellow 25.50 1.50 Rolled barley 36.50 1.85 Alfalfa mid 29 00 1.50 Cottonseed meal 4*4.00 2.35 Linseed oil meal 53.50 2 75 Acme chick mash 48.00 2.2*1 Acme hofniny 26.00 1.35 Tankage 60.00 3.25 FLOUR AND MKAI/. E-Z-Bake bakers' flour In 98-lb. cottofi bags $1.40 Corn meal in 100-lh cotton bags 1.40

Government Bonds Stocks T ANARUS“ Exempt Ibbun Becker & Overman Merchants Hank Bldg., Indiana polls

jooa ners/m*n today's Inficslmcnt Oooortunilv Hawks Electric Company (of Goshen Ind.) Bonds Plan' valued at 5775.000 by Indiana Pub'ic Service Com mission, bonded debt only $327,00 0 Good earning record SIOO. SSOO, SI,OOO Each. Price s39.2s—Yield 7 10% Fietcher American Company 2d PVw PUtche. Ameri £Wn* Bldf INDIANAPOLIS Chicago Detroit louvlU south Ben Prtsafs Wire ta Principal Market*

WE OWN AND OFFER J 6 fax Exempt Securities h^nom. $26,200 Boone County Road 5s (400) May, 1927-May, 1940 8,000 Anderson Light Os (1,000) July, 1924 1,000 Bedford Refunding 4V’S (500) Mav, 1924 1,000 Whiting Park 55....." (500) July, 1924 181,928 Clinton County Road 5s (1.908) May, 1923- l v -> 1928 8,310 Clinton County Road 5s (1,188) Nov., 1922-A ay, 1926 12,300 Dekalb County Poad 5s (015) May, 1922-Nov., 1931 6,150 DeKalb County Road 5s (307.50) May, 1922-Nov., 1931 9,000 East Gary School Os (500) July, 1923-July, 1927 10,000 Indianapolis Park 4 1 ,”S (5<X)) Jan., 1924-Jan., 1955 100,000 Indianapolis Sanitary Os (1,000) Dec., 1920 15,900 Jackson County Road 5s (1,325) 5,550 Jackson County Road 5s (555) May, 1923-Nov., 1927 170,000 Jasper County Ditch Os (500) June, 1922-June, 1928 7,830 Jasper County Road 5s (870) May, 1923-Nov., 1929 50,100 Madison County Road 5s (1,002) May, 1930-May, 1931 12,300 Steuben Comity Road 5s (015) May, 1922-Nov., 1930 6,150 Steuben County Road 5s (307.50) May, 1922-Nov., 1930 42,500 Steuben County Road 5s May, 1922-Nov., 1930 Price on Application Postal Station Building Cos., 6% Preferred Stock Fair Realty Cos., 6% Preferred Stock Yielding 6% Choice List of City Improvement Bonds, Yielding 5% Detailed Price List on Request CITY TRUST COMPANY INDIANAPOLIS DICK MILLER, Pres. C. MILTON KELLY, Mngr. Bond Dept.

CLEVELAND PRODUCE. CLEVELAND, Feb. 2.—Butter—Extra, j In tubs, 43@43%e; prints, 44@44%c; extra firsts, 42fq42%c; firsts, 41@41%c; sec-4 ends, 85@36c; packing stock, 16@18c. I Eggs—Fresh gathered, northen extras,! 42c; extra firsts, 41c; Ohio firsts, new I cases, 39 %c; old cases, 39c; western firsts, new cases, 38c. Poultry—Live heavy fowls, 27@28c; spring culls, 18@20c; spring ducks, 28@30c; turkeys, 32@35c. INDIANAPOLIS PRODUCE. Eggs—Loss off. 32@33c. Butter—Packing stock. 15@17. Poultry—Fowls, 10@ 23c; springs, 20@23c: cocks, ll@12o: stags. 13(ri)14e; capons, 7 lbs. and up, 30c; capons, under 7 lbs. 2Ge: capon slips, 7

Prospective Investors will be glad to know that they can keep their money working In our Collateral Trust Notes On a 7% Bank Discount Basis (INTEREST PAID IN ADVANCE) Bank and private investors have bought over a million dollars of these notes. Denominations, SIOO, SSOO, SI,OOO. Maturities, one month to twelve months. For a Little Longer Time We Offer Our 7% Tax Exempt Preferred Stock $3,500 due Feb. 1, 1924 $5,000 due Feb. 1. 1928 $3,500 due Feb. 1, 1925 $5,000 due Feb. 1, 1929 $2,900 due Feb. 1. 1926 $3,000 due Feb. 1, 1930 Unusual Security—Denominations SIOO, SSOO, SI,OOO. Indiana Investment and Securities Cos. JOS. H. SPELLMIRE, Pres. GEO. A. KUHN, Treas. ALEX METZGER, Secy. FLETCHER TRUST BLDG., INDIANAPOLIS. MA in 6261

Saving By Mail 6s\j You can Join our circle of satisfied savers ffy by mail and enjoy the benefit of our splendid Interest rate of C% which we have been paying / [y our depositors since ISOO. Send us check, draft or money order, and the next mail will bring your passbook with rnn aaa deposit credited. Write for particulars of our *PI, DUU, uUU savings plan. S3OO Saved on Income Tax Payment If you have money invested in this building association that yields up to and Including LstaUlisrieQ S3OO annually, you are entitled to an extra . S3OO exemption, besides the usual normal ex- 1890 eruption. FLETCHER AVENUE SAVING AND LOAN ASSOCIATION 10 East Market Strcot, Phone* Cl role 7840. LI ncoln 4163.

February Investments Indiana Tax Exempt Securities We Offer: Indianapolis Sanitary District 6s Denomination, SI,OOO Maturity December 21, 1926 Price to Net 4.65 ( ;0 Indiana Road Rond 5s Denomination, SI,OOO Maturity one to ten years The above bonds are exempt from all Federal and local taxes. Real Estate First Preterred 7% Stock Tax exempt and free from normal income tax. Based on Indianapolis properties. PRICE TO YIELD 7% WE BUY AND SELL LIBERTY BONDS. Breed, Elliott & Harrison 109 North Pennsylvania St. INDIANAPOLIS Cincinnati Chicago Detroit

lbs. and up 30c; capon slips, under 7 lbs., 26c; young ben turks, 8 lbs. and up 40c; voting tom turks, 12 lbs. and up 40c; old tom turks, 33c; cull thin turkeys not wanted; ducks, 4 lbs. end up, 16@19c; geese, 10 lbs. and up, 14; squabs, 11 lbs. to dozen, $5; young guineas. 2-lb. size per doz., [email protected]; old guineas, per doz., $3. Butter—Local dealers are paying 87@ 38c per lb. for butter delivered in Indianapolis. Butter Fat —Local dealers are paying 33c per lb. for butter fat delivered in Indianapolis. CHICAGO PRODUCE. CHICAGO, Feb. 2.—Butter—Receipts, 4,800 tubs; creamery extras, 37c; firsts,

30@36c; packing stock, 15@17c. Eggs— Receipts, 5,700 cases; current receipts, 35@36c; ordinary firsts, S2@34c; firsts, 36%@36%e; checks, 26@27e; dirties, 28*g 29c. Cheese—Twlna (new), 18%c; daisies, 19%@20%5; Young Americas, 20c; long-

February Investments We are offering a variety of splendid investment opportunities for February funds, including, non-tax-able real estate preferreds, Indiana road and municipal bonds. In this class of securities we are offering the experience of 31 years without a loss to any investor. Call or write today for BOND CIRCULAR No. 339 JTFj CSaf)ltsbedlnls9l | •g*** hKorportfJln!9o J. F. Wild dCo. State Bank j tndianapofaa i / Indiana. USA.

WE OFFER TAX EXEMPT Indiana Road Bonds TO YIELD GAVIN L. PAYNE & CO*. 126 EAST MARKET STREET.

jWPBM FEDERAL TAX laM S^^l^n^ TS

NEWTON TODD IK 415 Lemcke Building Rhone-* MA In 1023—Lincoln 6333 PUBLIC UTILITY BONDS AND STOCKS, UNLISTED BONDS AND STOCKS (SEE CURB MARKET), MOTOR AND TIRE COMPANY STOCKS, INSURANCE COMPANY STOCKS, BANK AND TRUST COMPANY STOCKS, LIBERTY BONDS.

Investment Service WE are prepared to assist you in the analysis of your present investment holdings, and have the facilities to appraise correctly the desirability of your proposed investments. OF COURSE AYE USE “MOODY’S SERVICE” JEWETT & COMPANY SOUND SECURITIES 412 Fletcher Savings & Trust Bldg. MAIN 3698

foIARtCET POSITION of L< ading Rail, Industrial, Oil and Mining Issues Fully illu trated by charts and graphs, with up-to-data analytical eports on Atchison Famous Players Cosden Anaconda N. Y. Cent. Allis-Chalmers Middle States Smelters Nor. Pac. Genl. Electric Texas Cos. Chile Union Pac. Westinghouse Pacific Oil Kennecott The rising tendency of the market directs attention to the Immediate possibilities of these dominant stocks. Our “Current Market Review” contains fall reports on these and ether issues. Obtainable without obligation upon application for NT-90. E. M. Fuller & Cos. Established 1915 Member* Consolidated Stock Exrhing* of N. Y. 50 Broad Street, New York (Direct Private IVlres to All Principal Markets)

horns, 20c; bricks. 15%e. Llv poultry— Turkeys. 35c: chickens, 24c; springers, 25c; roosters, 18c; geese, 20c. PotatoesReceipts, 44 cars; Wisconsin Round Whites. [email protected]; Mlnnesotas, sacked, [email protected]; Red Rivers. 31.90.