Indianapolis Times, Volume 34, Number 251, Indianapolis, Marion County, 1 March 1922 — Page 12

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MOTORS AND SUGAR STOCKS LEAD MARKET Scarcity of Stocks Apparent and Advances Come With Buying. SPECIALTIES IN GAIN Special to Indiana Dally Times and Philadelphia Public Ledger. By MONITOR. NEW YORK, March 1_ —The stock market yesterday convinced the pessimists that earlier reaction was but an incidental flurry, and aituough trading fell off somewhat in volume, the undertone displayed a ssarp reversal of form. After a brief period of* uasett lenient in the first half hour, the scarcity of stocks became apparent and the Influx of buying brought about an extended number of advances. Some of the stocks which broke yesterday did not recover all their losses, but these deficits were more than offset by gains elsewhere. The motor and sngar stocks were among the features of the market with a good recovery in Studebaker, while Chandler moved op to anew high level. American Sugar ran up more than three poinfa to anew high level for the present upward movement, and fairly good gains were made by Cuban American. Cuban Cane preferred, Punta Alegre and Manatl. There was plenty of favorable gossip to account for the upward move in this group, although not all of It was taken seriously. Among the specialties displaying strength were Davison Chemical, Burns Brothers, American Hide and Leather preferred and May Department Stores. The shipping shares were actively bought in expectation of recommendations for a marine subsidy. The buying that has made its appearance lately in snch stocks 85 the fertilizer shares and Sears-Koe-buck is explained on the ground that the rise in farm products has increased the buying power of the agricultural masses. The list had a few weak points promlhent among which was Cnited States Retail Stores which broke sharply on the announcement that the dividend had been passed. opinions ere generally of a bullish average, and yesterday’s exhibition gave further avidence of the strong technical position and the relatively small speculative holdings by the outside public. Nothing of a particularly depressing nature is expected to be disclosed by the annual reports, and the Street feels that it has a fair line on what is to be expected in the future. The operations in the rails were confined largely to those issues that have been sponsored by certain powerful groups. The features were furnished by Missouri-Pacific common ant? preferred, Texas A Pacific and Colorado and Southern.—Copyright, 1322, by Public Ledger Company.

WALL STREET GOSSIP BT MONITOR. The market demons.l'ated rather clearly. in the opinion of conservative houses, that Monday's rapid decline in the last half hour was wholly a professional maneuver to correct the technical position of the market. In many groups of stocks, reports from tb Moor indicate*! that it was much easier to sell than to buy them. The ease with which prices advanced in the afternoon revealed a paucity of offerings of real stock. Chandler Motors easily was the leader of the motor group, advancing to anew high level for the present movement, and retailing practically all of its gain to the close. Insiders were uybers at the top price of the day. and it was reported that the outstanding short Interest Is even larger than heretofore. After sales of 28,000 shares, it was said that there were only 100 shares of borrowed stock returned. Studebaker also was strong, and It ts reported that here. too. a large short interest is trapped. The most optimistic estimates of production for the first quarter have given 25.000 cars as the maximum. In usually well informed circle.. it is said that more than 60 per cent ot this estimated output for the three rqonths were shipped in January alones Missouri Pacific preferred was the outstanding feature of strength in the railroad group. The price advanced to a new high record for the present movement on buying attributed to banking Interests identified with the company. Accrued dividends totaling $lB per share must be paid before the common stockholders can receive any return. In the opinion of firms committed to the constructive side of this stock, this feature makes It attractive at the present level. The common stock was well bought, and likewise advanced to anew high for the present movement, largely in sympathy with the rise In the senior issue. In the motor accessory division Kelsey Wheel added another 0 points to its previous gain. Buying of this issue has Leen for important interests who are predicting very much higher prices for it. The company is receiving an increasing number of releases from motor car manufacturing companies, and earlier eatimates of production have had to be Increased largely, according to trade reports. As had been foreshadowed by the action of the stock, the dividend on United Retail Stores, due to be paid April 1, was passed at a meeting of the directors. The price declined sharply on the announcement. Short covering and purchases by firms often acting for insiders was sufficient to not only stem the decline, but bring about a substantial rally before the close. A report was published that the United States Steel Corporation now is operating at 60 per cent of capacity as compared With 40 per cent at the end of the year, and the low record of 18 per cent last June. Expanding activity is reported in nearly all departments with special Influences at work-in the tin plate departments. The American Can Comapny is understood to have placed recently a contract for 325,000 tons of tin pl’.te. Involving between $25,000,000 and $3,000,000. Additional taitngi by tbls company during the year are estimated at between 75.000 and 100,000 to us and predictions of a shortage of tin plate before the end of the year are made in trade circle*. The short interest la Crucible Steel showed signs of nervousness, and there was free covering of contracts. Buying on the decline was of a substantial nature, and there are Intimations in important quarters that recently published figures of the position of the company may be modified to such an extent as to permit of the payment of at least one more dividend on the common stock.

Increased activity In the steel Industry ■when brought to the attention of the trading element, resulted In a scamper to cover short commitments. Frorif below 93. United State# Steel advanced more than two points, due in part to catching stop-lees orders of shorts. The independent steels also rallied sharply. Trader* report that It Is beriming more evident dally that the Coating supply of steel stock steadily is decreasing. A report reached the financial district from Boston to the effect that the annual statement of the Plnerce Oil Corporation to be made public within a few weeks will show a deficit of between $1,000,000 and 12,000.000. This report had It that the company la In need of funds an dthat some form of new financing Is In prospect. Official confirmation was lacking. Jewel Tea, both common and preferred, were under the Influence of the group , hlch has dominated the market movements of these two stocks recently. The preferred sold at 70. anew high record, ar-d the common advanced to above 19. Otr.wnt gossip had to do with increased business and presumably Increased profits. It S. Industrial Alcohol Is reported to be under accumulation for the same group whicH was active in it the war period. Nothing has been heard recently of the proposed trade plan, but it is understood tnat detail* are being worked out satisfactorily. These plan*

are understood to contemplate a unification of the school distributing interests of world. Burns Brothers stocks broke through the former resistance levels on buying said to be for the account of interests Identified with the company. Accumulation of both the A and B stocks has been reported for some weeks, and the advance was taken by the trading element to foreshadow a substantial appreciation In the price of these stocks. Buying in Texas Gulf Sulphur is said to be based on the discovery of oil on Its property In Texas. The find was mri? at the 3,200 foot level, but the flow will not be known for the several days necessary to drill through the rock formation. Directors of the North American Company met and declared the regular quarterly dividends of 1% per cent on both the common and preferred stocks. In addition, an extra dividend of 1 per cent In preferred stock was declared on the common. Before the announcement, the price advanced to above 59, and* declined 4 points on the publication of the news. A rally ensued before the close. It is understood that the annual report of the American Writing Paper Company, which is expected to be pub'P- h and iii a few weeks, will show a loss after charges of about $' 500.000. of which $i uOO.OOu approximate is due to the writing down of inveni ry to the lowest market price. * Maryland Oil has been firm in recent market sessions on a report that it will be merged with Cosden. An official of the latter company denied that a consolidation of interests will occur It is understood tha* Cosden earned about $6 per share In 1921. January operating results of the Union Pacific Railroad made public show a decline in gross of $2.688.457; balance after taxes increased $1,427,995 and net operating Income increased $1,541,128. These figures include the results 7>f the Los Angeles and Salt Lake. The operating figures of this line was included in the figures for last year, to make a true comparison. Phillips Jones Corporation reports for the six months ending Dec. 31, consolidated net profit after charges and Federal taxes of $180,824. Equal after preferred dividends, to $1.13 per share on the common—Copyright, 1922, by Public Ledger Company.

N. Y. Stock Exchange

(By Thomson A- McKinnon) —Feb. 28. High. Low. Close Clobc. Prev. Ad. Rumley com. 13% 13% 13% 13% Ajax Rub 15% 14% 15% 13 Allied Chem. ...5s 57% 57% 57% Alils-Chalmers .47 45% 47 40 Am. Beet Sugar 36% 36% 36% .... Am. Bosch Mag. 39% 39 33 39 [Am. Can 40% 33% 403* 40% Am. Car A Fdy.149% 149% 149% 149 Am. Ice 100 98% 9% 98 Am. Hd. & Lt. pf. 69 67% 69 67% Am. Int. Corp. 45% 44% 44% 43% iAm. Locom. .108% 107% 108% 107% Am. St. FJy. . 31% 31 31% 32 Am. Sml. A Ref. 47 47 47 46% Am. Sugar Ref. 69% 67 69 66% Am. Su. Tob. Cos. 27% 25% 27 26% Am. Tel. A Tel 119% 119% 119% 119% Am. Tobacco .139% 137% 138% 138% Am. Woolen 80 84 % 86 138% ; Anaconda 49 45% 48% 4S *s Atchison 97 06% 0* 90% ; Atl. Coast I.ine 88% Bs% 8o , ■•<)% Atl. Gulf W.T.. 25% 24% 23% 24% Baldwin Loco. .106% 105% 100% Ur-.-% B. A 0 38% 37% 37% 37% Beth. Steel (B) 03% 1% 63% 02% Brook Trans. .. 10% 10% 10% 10% Cal. Pete 51% 50% 51% 52 Can. Pac. Ky. ..139 138 138% 139% Central Lea 33% 32% 33 32% Chandler Mot... 72% *V\ 72% *% C. A 0 59% 59 59 59 CMSTI . com. .. 23% 23% 23% 23% CMSTI*. pfd. .. 38 37 37% 37% i Chi. A North. .68 ti 7% 68 os [CRIP 41% 40% 41 1 . | CRIP 6 pet. pfd. 79% 79% 79% ; '’hill Copper .. 17 16% 10“ ■ duett A P 35 51% 55 Chino Cop. 26 26 26 Columbia Gas.. 76 75% 75’_ Coca Cola 43% 44 T |45% Con. Gas 90% 95 96 * '.'l% Corn Products. 102% 101% 102% 101% Crucible Steel.. 5H 55% 56 oo Cuban Am. Sg . 19% 18% 19% 19 Cuban C. Sugar 10% 10 10% 9% Dela. A Hudson 111% 111% 111% 111 Dela. A Lack... 114% 114% 114% 113% Dome Mines.... 24% 24% 24** 25 Erie 11% 10% 11% 10% Erie Ist pfd ... 18 17% 17% 17% Endicott and J. 80% 80% 80% 80% Famous Players 82% 81% 82V* 81 > Fisk Rubber Cos. 12% 12% 12% 12% General Asphalt 63% 62% *25% 02% Gen. Cigars 67% 67% 67% ..!.. Gen Electric 152% 152 152 151% , Gen. Motors ... 8% 8% 8% 8% ; Goodrich 38% 37% 38V* 37% ■ Gt. North, pfd.. 76 75% 75% 75% (Gt. North. Ore.. 35 34% 31% 34% Ic.Ulf St. Steel... 70% 69% 60% 09 : Hupp 14% 14% 14% 14% i Houston 0i1... 76% 75 76% 76% Illinois Cent.... 100% 100% 100% 100 Indlahoma 4% 4 4% 4 1 Insplr Copper.. 39 38% 38% 38% Inter. Harr 91% 90 91 91% i Inter. Nickel... 11% 11% 11% 11% Inter. Paper.... 49% 48% 49 48% In vine. Oil 10% 15% 1% 16 Kan. City 50... 26% 25% 26% 20% Kelly-Spg. Tire 40% 4040% 40 Kennecott Cop.. 28 28 28 27% Lacka Steel 46 45% 40 45% Lehigh V lley.. 50% 59% 59% 60 Martin F cry... 27% 27% 27% 27% Loews, xc 13% 13% 13% 18% L. A N 113% 113% 113% 113% Marine c0m.... 15% 15% 15% 15% Marine pfd 72% 71 72 70% May Stores 133% 112 113% 110% Maryland 0i1... 28% 27% 27% 28% Max Petrol 122% 120 122% 120% Miami Copper.. 20% 20% 20% 27% Mldle St 0i1... 13% 13 13 13 Midvale Steel... 23% 21% 28% 29% M Pac. Ry 23% 21% 23% *l% M. Ry. pfd. 54% 51% 54% 51% Mont. A Ward.. 15% 15 15 14% Natl. Lead 89 88% 88% 89 Nev. Con. Cop.. 14% 14 14 14% N. Y. Central.. 77% 77 77% • • New Haven 17% 17% 17% 17% •Norf. A West. 99% 09% 99% 101 North. Pacific.. 80% 79% 80 80% Okl Pro A Ref. 32% 2% 2% Owen Bot. com.. ~>% 29 10% 29% Pacific Oil 49% SB% 49 48% Pan.-Am. Pete.. 55% 54% 55% 54% Penna. Ry 35 34% 34% 34% People’s Gas.... 74% 74% 74% 75 Pere Marquette. 27% 26% 27 26% Pierce-Arrow .. 18% 16% 17% 16% Pierce OH 8% 8 BV* 8% Pulmn. Pal. Car.ll6 115% lf6 115% Pure Oil 35% 35% 35% 35% Rv. Steel Spgs.. 00% 95% 95% 96% Reading 75 74% 74% 74% Rep. Im. A Stl. 48% 46% 48% 40% Replogle Steel.. 29% 29% 59% Rvl. Deb. N. Y. 54% 53% 54% 63% Sears-Roebuck.. 69% 68 69 68% Sinclair 23 22% 22% 22% Sloss Sheffield . 39 39 39 39% Southern Pac. . 84% 84% 84% 80 Sou. Rv 21% 20% 21% 21 STLASW. Ry... 28% 28 28% 28 Stand. Oil Cal. 90% 95% 95% 90% Stand. Oil N. J. 181% 178% 181% 179% STLASF com... 29% 28% 29% 29% Stewart Warner 34 33% 38% 34 Stromberg 44% 42% -*3% 42% Studebaker ....101% 98% 101% 99% Texas Gas 45% 45% 45% 45% Texas Coal 27% 27 _ 27% 27 Texas Cos 46% 45% 46% 40 Texas Pac 82% 30% 82% 81% Tob. Prod 60 58% 59% 5.8% Trans. OH 10 9% 9% 10 Union Oil 18% 18% 18% 18% Union Pacific ...134% 133% 134% 134% United Drug... 66% 66% 66% 66% United Fruit ...140 188 140 140% U.S.C.Iron Pipe 26% 25% 26% 26 U.S.lndug. Alco 44% 44% 44% 44% U. S. Rubber... 50% 64% 56% 54% U. S. Steel 94% 82% 94% 93 U. S. Steel pfd.116% 136% 116% 116% Utah Copper.... 62 62 62 61% Van. Steel 30% 36 36Vi 35% Wabash 7% 7% 7% 8 Wab. Ist Pfd.. 24% 23% 24 24% Wool worth 149 149 149 148% Wilson A C 0.... 40% 40% 40% 40% West-house Elec. 55% 55 55% 55% White Motors... 39 38% 38% 39 W.Overland .... 5% 5 6 5% White Oil 9% 9% 9% 9% •Ex-dlvidend.

CHICAGO PRODUCTS. CHICAGO, Feb. 28.—Butter—Receipts, 8.959 tubs; creamery extras. 30%c; standards, 35%c”; first, 31%@35%c; packing stock, 15@U7c. Eggs—Receipts, 12,875 cases; current receipts. 2R@27c; ordinary firsts. 22@23c; firsts, 25c; checks, 20® 21c; dirties, 20@21c. Cheese—Twins, new, 20% c; Daisies, 21%@22%e; Young lAmerlcas. 21c: Longhonr*. £2%@22%c; Bricks. 17@17%e. Live Poultry—Turkeys,*BsCp chickens, 26c; 'springs, 28c; roosters, lSc; geese, 18c; ducks, 28c. Potatoes—Receipts, 30 cars; Wisconsin round whites, $1.8502.05 per 150-lb. bag; Mlngpsotas, [email protected]; Idaho russets, $2 3K2.45; Idaho rural*,

STOCKS SUSTAIN EARLY ADVANCES Little Change in Motor Prices During Initial Trade. NEW YORK, March I.—The stock market opened strong today. Mexican Petroleum showed a gain of 1% points at 123% and General Asphalt rose % of a point to 63%, while Pacific Oil was % of si point higher at 49%. United States Steel moved up % of a point to 95 and Baldwin Locomotive rose % of a point to 107%. Pierce-Arrow preferrerd gained 1 point at 35%, with little change in the other shares. Canadian Pacific, selling ex-dlyidend, was 1% points higher at 137. (By Thomson A McKinnon.) —Feb. 28— Decided improvement in steel mill operations, growing feeling that no action on the bonus legislation will be taken at this session of Congress, and strength in various commodity markets were the laetors in today’s stock exchange trading. While there was somewhat more irregularity than has been the case in recent days, there were ntanv conspicuous points of strength, which gave assurance that securities are not only in limited supply, but that the general outside demand 19 taking more definite form. Sharp advance occurred In sugar, motor, steel and some of the rail Issues. The action of the market this morning proved the futility of bear drives. The vigorous selling movement in the last fifteen minutes trading yesterday had no appreciable effect upon market leaders this morning. Offerings were well absorbed at the outset and throughout the day. It was declared that increased activity was being witnessed in all lines ot*< the steel industry. Plants located in the Youngstown district are to increase operations ‘mmediately. The steel corporation an*'* subsidiaries are now reported operating at 00 per cent capacity which by comparison with the low operating ratio of 18 per cent eight months ago Justifies the substantial Improvement that has taken place in the security market during the last sixty days. - A conspicuous feature in the trading was the sharp upturn in sugar issues, which was explained by the firmness of raw sugar prices and the better sentiment prevailing In the sugar trade. We feel optimistic that purchases of selected Issues on moderate reactions will yield substantial profits. TWENTY STOCKS AVERAGE. NEW YORK, March I.—Twenty industrial stocks averaged 85.40, up SS per cent. Twenty active rails averaged 78.06, up .14 per cent.

Money and Exchange

India napolis bank clearings Tuesday were $3,233,000 and for the month ending Tuesday $02,-108.000. Bank debits Tuos dry were $i,2C8,000 aud for the month ending Tuesday $118,100,000. NEW YORK. March I.—The foreign exchange market opened firm today, with demand Sterling %c up at $4-14 Mi. Francs rose 0 centimes to 9.22%c for cables and to 9.21 c for checks. Lire cables were 583 c; checks. 5.82%c. Belgian franc cables, 8.72 c; checks, 8.71 %c. Marks were unchanged at .1053%c. Guilder kronen cables were 26.60 c; checks, £6.55c. NEW A ORR < LIBERTY BONDS. —Feb. 28— Prev. High. Low Close. Close. L. B. 3%S 97.08 90.02 97.08 97(4' L. B Ist 4s 97 00 1.. B. 2nd. 4s 96 82 90.90 B. Ist. 4%s . 97.30 97.20 97.20 97.24 B. 2nd. 4v*B . 97.04 96.82 96.90 96.91 U. 3rd. 4V*s . 9S.OU 1*7.74 98.00 97 o') B 4:h 4%s . 97.36 97 20 97.24 07.26 ■ tory 3%s 100,'k) I'Xt.OO . u-tory 4%s 100.28 100.26 100.26 1u0.20 MOTOR SECURITIES. (By Thomson A McK'noo) —Feb. 28—Closing— Bid. AiJc. Earl Motors 2% 2% Packard com 5% 5% Packard pfd 65 00 Peerless 35 36% Continental Motors com 5% 5% Continental Motors pfd 87 90 Hupp com 14% 34% Hupp pfd 90 • .... Iteo Motors Car 18% 19 Elgin Motors 2% 2% Grant Motors % % Ford of Canada 286 290 National Motors...! 1% 2% Federal Truck 15 17 Paige Motors 13 14 Republic Truck 4% 5

ACTIX'E OIL STOCKS. (By Thomsen A McKinnon.) —March 1— —Opening— Bid Ask. Anglo-American Oil 17% 18 Atlantic Lobos 8% 9 Borne-Scrymser 320 840 Buckeye Pipe Line 9" 92 Chesebrough Mfg C0n5....... .185 195 Continental Oil, Colorado 127 132 Cosden Oil and Gas 5 8 Crescent Pipe Line 83 35 Cumberland Pipe Lins 185 145 Elk Basin Pete 6% 0% Eureka Pipe Line 05 9S Galena-Signal Oil. pfd.. 110 115 Oaleua-Slgnal OIL com 47 50 Illinois Pipe Llje 173 175 Indiana Pipe Line. 92 95 Merritt Oil 8% 8% Midwest Oil 2% 8 Midwest Ref ....J7O 175 National Transit 28 29 New York Transit ......155 160 Northern Pipe Line.......... 103 106 Ohio Oil. * 288 272 Oklahoma P. A R 5% 5% Penn Mex 22 25 Prairie Oil and Gas .....640 550 Prairie Pipe Line .327 242 Sapulpa Refg 2% 8 Solar Refining 800 880 Southern Pipe Lire 92 84 South Penn. 0i1.... 170 180 Southwest Penn. Pipe Lines.. 58 61 Standard Oil Cos. of Ind 88% SS% Standard Oil Cos. of Kan.... 615 630 Standard Oil Cos. of Ky 460 475 Standard Oil Cos. of Neb 165 175 Standard Oil Cos. of N. Y.... 862 360 Standard Oil Cos. of 0hi0....385 395 Swan & Finch 40 50 Vacuum Oil .........330 340 Washington Oil .............. 30 40

NEW YORK CURB MARKET (By Thomson & McKinnon.) —Fb. 28. —Closing— Bid Ask Acme Packing ............... 25 35 Curtis Aero, com 4% 5 Curtis Aero, pfd 22 ... Goldfield Con 3 5 Jumbo Extension 3 0 International Pet 15% 15% Nipissing 6 6% i Staudara Motors 8% 4 I Salt Creek Its 1% S Tonopah Extension 17 19 Tonopah Mining 1% 1% United P S new 1% 113-18 1 U. o. Light and Heat 73 85 ! U. S. Light and Heat pfd 95 1% ! Wrigbt-Martln 2 5 , Yukon Gold Mine Cos 1% 1% i Jerome 35 40 United Verde 27% 28 Sequoyah 3 10 Oxnar Oil 70 7l Rep. Tire 40 50 Boston & Mont 35 40 Kirby Oil 24% 25% CHICAGO STOCKS. (By Thomson & McKinnon.) —Feb. 28. Open. High. Low. Close. Armr & Cos. pfd. 87% Ch Ct.&Cn.Ry.pf. 9 9 8% 8% Chi. El. Ry. pf. 4% 4% 4% 4% Cudahy OR 08 67 07 Com. Edison ..118% 118% 118% 118% Cont. Motors .. 5% 5% 6% 5% Deere ft Cos. pt 70 Libby-McNeil ...0 0 5% 0% Nat. Leather... 2% 2% 2% *2% Do new 10% Pick and Cos. .. 23% 23% 23 23 Pig. Wiggly "A" 85 35% 33% 85% Stewart-Warner 33% 34% 83% 34 Swift & Cos. ...100% Swift Inti 23% 23% 23% 23% Thomp (J. R.) 43% 43% 43 43 Temtor Corn “A” 2% 32% 3 Un. Orb. & Crb 50% 50% 50% 50% Wahl C 5% Wrigley 103% Yellow Taxi ...71 72 71 72

INDIANA DAILY TIMES, WEDNESDAY, MARCH 1, 1922.

New York Bonds

(By Fletcher American Cos.) —Feb. 28. FOREIGN GOVERNMENT BONDS. Arg. (Unlisted) ss. Sept, 1, ’45 76% 77 Arg. 7s. Oct. '23 98% 98% Belgian, 6s. Pan. 1, ’25 ... 101% 102V* Belgian, 7%5. June 1, ’45 ~..108 108% Belgian, Bs. Feb. 1, ’4l ....107% 108 I Berne, Bs. Nov. 1, ’45 11l 111% ißrazil, Bs. June 1, '4l .103% 104 i Chile, Bs. Oct. 1. ’2O 100% 101 Chile, Bs. Feb. 1, ’4l .104% 105 ! Chile, Bs. Nov. 1, ’46 103 104 | Christiana, Bs. Oct. 1, '45 ..108% 109% S Copenhagen, 5%5, July 1, '44 . 90 90% Danish Mun. Bs, Feb. 1, '4O .107% 108 •Canadian, 5%5. Dec. 1, ’22 . 97% 98% •Canadian, 5%k. Nov. 1, ’23 .97 % 98% •Canadian, 5%5. Nov. 1, ’24 . 97 98 •Canadian, ss. Dec. 1, '25 . 95% 96% Canadian, ss. April 1, '2O ... 97% 68 Canadian, 5%5. Dec. 1, ’27 . 98% 96% Canadian, 5%5. Aug. 1, '29 . 06% ,100 ! Canadian, os. April 1, 'Bl . 90% 67 ’•Canadian, ss. Oct. 1, ’3l ..100 101 •Canadian, 5%5. Nuv. 1, ’B4 . 97% 98% Canadian, ss. March 1, '37 . 97 98 •Cauadian, 5%5. Dec. 1, ’37 .102% 103% •French (Viet.), ss. Opt, '3l 08 69 : ‘French, 4s. Opt., ’43 50 57 French, 7%5. June ’4l 99% 69% \ French, Bs. Sept. 15, '45 ..103 103% •Italian (War) 5s 42 43 ! Jap (First), 4%5. Feb. 15. ’25 89 90 Jap (second), 4%5. July 10, '25 88% 89 Jap, 4s. Jan. 1, '3l 75% 70 Mexico, ss. Jan. '45 ........ 55% 56% Mexico, 4s. Jan. ’54 44% 45 ; Norway, Bs. Oct. 1, '4O 109% 110 Queensland, 7s. Oct. 1, ’4l ..107% 108 Rio de Janerla, Bs. Oct. ’4O ..100% 101 Sao Paulo. Bs. Jan. 1, ’3O ..101% 102% Swedish, os. June 15, '39 .. 98% 99% Swiss, 5%5. Aug. 1, ’29 99% 100 Swiss, Bs. July 1, '4O .......114% 115 U. K., 5%5. Nov. 1, ’22 .....100% 100% U. K., 5%5. Aug. I', ’29 .>....105% 105% iU. K., 6%5. Feb. 1, '37 99% 100 I Uruguay, Bs. Aug. 1, ’4O ....106% 107% Zurich, Ss. Oct. 15, '45 ....111 112 Bergen. 8s 108 109% Argentine, 4s. A and 0 69 00% Argentine, 4s. J.and J 09 00% Dutch E. Indies, o%s 94% 91% Ontario, 6s '..104% 105 Seine, 7s 92 92%

CORPORATION BONDS. —Feb. 28— Bid. Ask. Allied Packers 6s 68 66% Alum. Cos. of Am. 7s Nov. ’25.101% 101% Am. Cotton Oil os, Sept. 2, ’24 95 % 90 Auier. Tel. 6s, Oct. ’22 100% 100% Amer. Tel os, Feb. ’24 100% 100's Am. Tel. & Tel. C, '25 112 112% Amer. Tob. 7s, Nov. '22... .101% 101% ! Auier. Tob. 7s, Nov. '23 102% 102% | Anaconda os, Jan. '29 98 % 08% j Anaconda 7s, Jau. '29 102 102% ! Auglo-Am. Oil 7%5, Apr. ’25.103% 104% j Armour 7s, July 15, 30 103% 103% Atchison Geu. 4s 81% bi% I Atlantic Kef. 6%, Mch. ’31.103% 104% t Bell Tel of Cau. Ts, Apr. ’25.100% 101% Bell of Pa. 7s 107%* 107% Beth. Steel 7s, July 15, ’23.101% 101% Big Four 6s 97% 9b Canadian Deb. 4* 77% 78 Can. Nor. 6%s 106% 108% Can. Nor. 7s 109% 110 W Can Pacific o*, Mch. 2, ’24.100% 100% O. B. Q. Gen. 4s 80% 88V* C. B. Q. 111. 3%s 78 80 .C. B. y. Neb. 4s 94% 9c% !C. B. Q. Jt, o%s 100% 106% C. B. A Q. 5s 97 97% j Cent. Arg. Ky. 6s, Feb. '27. ot% 91V* ; Cerro de Pasco Bs, Jan. ’31.110% 110% ! Chi. & N. W. 6%s 150% 107 [Chi. & N. W„ 7s 105% 100% jCul. Graph. 8s 38% 39 '* Con. Gas 7s, Dec. '22 101% 101% I Copper Exp. ss, Feb. 15, '23.. 101% 102% . Copper Exp. Bs, Fob. 16, ’24.102% 103% Copper Exp. Bs, Feb. 15, ’26.103% 104% tub. Am. Sugar 8s lot 104% , Cudahy Ts, July 15, ’23.-.100% lot Diamond Match 7%a, 107V* 107% jDu Pout 7%s 103'% 104% : Federal ss, '4l 102% 103% j Fed. Sugar tis, Nov. '24 99 99% Firis Tire 8s 101% 101% : Galena 7s, lolV* 101% j Goodrich 7s, Apr. '23 97% i#t% Uoodyear U . Bs, 11 112% 112% ‘Goodyear Deb. Bs, 'SI 97'** 98 Great Northern 7s 107% 107% Grand Trunk 6s 191% 101% Grand Trunk o%s 103% 104% Grand Trunk 7s .....*IOB% 106% Great Northern 3% 96% 90% Gulf Oil 6a, July, "23 100% 100% Gulf Oil 7s, Feb. ’33 103%. 103% i Heinz 7s, Dec. ’3O 10i% 1“4% I Hocking Val. oa, Mch. ’24 98% 99% I Humble O. 7s. Mch. 36, ’23. .100 13-16 in | Illnois Central Ref 4s, ’55 84% 87% i Inter. Met. 4%s 15% 16% ! lnt. R. T. *s, Kept- ’22 80 81 ! luterboro 5s 63% 64% K. C Term os, Nov. 15, ’23.100 100% K. C. Pr. A Light 8s 103% 104% Kelly-Springflcld Ss 108% 103% Kenn. Copper 7s, Feb. ’30...102% 102% |L. A S. 7s. '3O 106 1072* i Laclede Gas Ts, Jan. '29 95 95% Libby-McNeil 7s, May, '31... 99 99% Mex Pet. 8s 101% 102 ;M., St P. & S. S. M. 8%5....J01 101% ! Morris 7%s 103 104 Nat l Cloak & Suit Ss I*9 99% Nat'l Leather Bs, Nov. 15, '25 97 97% N. Y. Central 7a. ’3O 105% 1"6% N. Y. Tel. Ref os, ’4l 102% 102% N. Y. Edison 6%. ’4l :.10% 100% Nor. Pac. P. L. 4a 84% 85 Nor. Pac. G. L. 3s 60 60% Nor. Pac. 6s 106 107 Northwestern Bell 7s 107% 107% Pan-Arn. Pet. 7a 96% 97% Penn. 6%s 105% l'*S Packards 8s 99% 99% Penn 7s 106% 107% Philippine 5%5. *4% 104% 105% I Proctor A G. 7s, Mch. ’23. .101% 101% R. J. Reynolds 6s. Ang. ’22.100% 101 St. L. &S.F.P. L. 4s 69% 70 i St. L. & S. F. Adp, 0 70% 77 i St. P. U. D. 5%5, Dec. 15, *23 997, 1)% Seaboard Con. 6a 51% 52 i Seara-Roebuck 7s, Oct. 15, *22.100 100 H : Sears-Roebuck 7s, Oct. 15. '2B 9H% 99% i Sinclair 7%5, May 15, '25... 100% 100% I flolvay A Cte Su, Oct ’27.... 102% 108% Southern Ry. 6%s 94% 04% IS. W 801 l Tel. 7s, Apr. ’25.101% 101% 1 Stand. Ol (Call) 7s, Jan. *81.105% 105% S. Oil (N. Y.) Ta. Jan. '25 *Bl 104 108% 8. Oil (N. Y.) 6%a, May, '33.106% 10*3% Steal A Tube 7s 97% 08% Swift 7s. Oct. 15, ’25 101% 101X5 Swift 7s, Aug. 15, ’3l 103% 103% Texas Cos. 7s. Men. 1, ’23....101% 101% Tidewater Oil 6%g 101% 102 Union Tank Car 7s 102% 103% U. S. Rubier 7%s 103% 104% Utah Sec 6a Sept. 15, *22... 99% 99% Vacuum Oil 7 107 1 07% Vs Car. Chem. 7%s 91% 91% Western El. 7s. Apr. *25 106% 106% Western Union 6%s 107% 108% Wcstinghouse 7i>, May, *31...106% 106 Wilson 7%s 06% 96% Winchester 7%s 96 97

In the Cotton Market

NEW YORK, March I—Wall street was a seller of cotton at the opening of the market yesterday, but Liverpool and the trade bought rather freely. There was also speculative support of late months, based on the Government’s warning to cotton growers not to plant much cotton this season because of the unusual number of weevils that have survived the winter. There were fifteen notices Issued, which were less than expected. Opening 5 to 16 points higher, the market later held steady, with little change. New York opening cotton prices: March, 18.57 c; May, 18.25 c; July, 17.50 c; October. 10.80 c; December, 16.03 c; January, 16.55 c. —Cotton Futures— Open. High. Low. Close. January 16.55 10.55 10.53 16.47 March 18 57 18.62 18.23 18.54 May 18.25 18.35 17.93 18.24 July 17.50 17.62 17.18 17.48 October 16 80 15.57 16,57 10.70 December 16.63 18.64 10.54 18.62 ■—Cotton Review— NEW YORK, March 1.- There was little of Interest In the action of yesterday's cotton market. * A firmer opening on cables and weather was met with local selling which caught stop loss orders forcing the May under 18 cents, but good buying absorbed the offerings and the market quickly rallied. Trade conditions continue good'and although spot offerings are fairly liberal they do not as yet appear to be In excess of the demand. The Secretary of Agriculture says the Government laboratories have Just ocmpletrj ag examination of boll weevil !n----lestion and reports them more than five times a; numerous In hibernation than any time since 1915. We continue to feel that patience on ;he long side will be amply rewarded. LIVERPOOL, March 1. —Spot cotton was quiet today. Prices were Irregular and sales close to 6,0000 bales. American middlings, fair, 11.75d; gopd middlings, 10 67d ; full middlings, 10.37d ; middlings. 10.02d; low middlings, 9.22d; good ordinary, 8.42d; ordinary, 7.92d. Futures opeteri quiet.

WHEAT RECOVERS INITIAL LOSSES Corn and Oats Also React— Provisions Slow. CHICAGO, March I.—Wheat* prices rallied after breakin. sharply at the opening today. The initial decline was % to l%c for the May delivery and % to l%c for July. Commission houses bought on the break. Corn started % to %e lower for May and % to %c off for July. The market reacted during subsequent trading. Weakness In oats was not so pronounced and the tendency of this market was to follow the trend of wheat and corn. Provisions were slow at the outset. (By Thomson & McKinnon.) —Feb. 28Wheat—The Idea that the recent advance In wheat had largely discounted underlying conditions was expressed in today’s market In the way of further realizing sales. Sentiment was helped to some extent by an abundance of snow over the entire Southwest. This same sentiment is to be discovered in the fact that Kansas City May wheat has increased its discount under Chicago and Winnipeg. The reason for believing that it is simply an expression of opinion rather than any change in the underlying situation is that foreign markets continue to show strength, movement from first hands at home Is decreasing and moderate export business has been done in United States varieties. It Is true that the amount of wheat on passage Is larger than a year ago, but it is also true that stocks in store in the United Kingdom, Argentina and Australia are considerably less. A cotnpila tion as of Feb. 1, covering stocks afloat and in store, shows a total of 51,000,000 bushels, against 131,000,000 bushels last year. This situation accounts for firmness in foreign markets and the steadj export trade. The visible supply in North America decreased around 4,000,000 bushels the last week. While it may be possible that the present price discounts ninny things, lt seems also probable that 'there will be no important downward trend in prices if it develops that importing countries will continue to take the offerings of exporters, as is now indicated. We therefore that the selling side of the market, except in the way of relinquishment of holdings, is to be avoided. Corn and Oats —These markets now have the benefit of decreasing receipts in addition to their relation to wheat, but over and again this, the export demand for corn is not good ano the dis. ritinting trade in oats continues disappointing. Because of the heavy accumulations of both grains at terminal mari kets and the slowing down of the cash demand we do not expect independent strength. Provisions—Maintained firmness In hogs precludes the idea of lower prices for products, Inasmuch as they are already below a manufacturing basis. European trade Is a little slow Just now, but is expected to Improve.

CHICAGO GRAIN TABLE. —Feb. 28WHEAT— Open. High. Low. Close. May 1.47% 1.48% 1-46% 1.47% ! July.... 1.25% 1.26 1.24 1.33% ; CORN—- ! May 08% .69 .67% .68 July 70 V* .71% .69% .70% ;°May~.. .43% .43% .42% .42% July.... * .44% .43 -44% .44% PORK—•May 21.40 LAKD— May.... 12 05 12.3 C 12.02 12.20 ' Jufv 12.36 12 45 12.20 12.37 IUHSMay 11.50 11.70 11.45 11.57 •July 11.20 RYEi Ma v lop 1.09% 10714 1.08% July 99% .99% .97% .08 •Nominal. CHICAGO CASH GRAIN. I CHICAGO, Feb. 28.—Wheat—No. 2 hard yellow, $1.42; No. 4 hard yellow, • $1.22%; No. 3 hard winter, $1.25; No. 3 mixed, $133((ii.34%. Corn - No. 2 mixed. ' 024102%c1 No. 2 white, *!2f</63c; So. 2 veiTow, C2((JO3%e; No 3 mixed, 6"*J'Tl %c; No. 8 vellow. 00%3,61%c; No. 4 mixed, 50%&6v*c: No. 4 white. 59%2fr00e; No. ' 5 vellow, 59 s * 11*10%c. Oat* Nm*. 2 white, 40%(a45c; No. 3 white, 3“i%'440%e; No. 4 white, 36%4i3%c. TOLEDO GRAIN PRICES. TOLEDO. Feb. 28— Wheat—Cash, $1.47 ;<g1.49; May. $1.55; July, $1.27%. CornCash, 66fa07e. Oats—Cash 43’t145c. Rye j*—-Cash, SLo6. Barley—C’ffkn, 69c. PRIMARY MARKETS. (By Thomson A McKinnon) —Feb. 28— —Receipts— Wheat Corn Oats Ft Joseph 25,000 46,000 4,000 Chicago 30,000 874,000 270,000 Milwaukee 121,000 65.000 Minneapolis .. 176.000 61.000 39,000 Duluth 12.000 13.0**) St. Louis 132.1**1 107,001 110.000 Toledo 20.1**) 18,000 14,000 Detroit 6,000 IS.OOO 10.000 Kansas City.. 213.1**) 83,000 31.00*) Peoria 6.000 78.0**) 31,000 Omaha 17.000 60.000 Indianapolis .. 7,000 07,000 60,000 Totals 652.060 1,541,000 633,000 Year ago .. 737,000 1,770,000 679,000 —Shipments— Wheat Corn Oata Bt. Joseph ... 49.000 85,000 Chicago 28.000 710.000 226.000 Milwaukee .. 3,000 107.000 46.000 Minneapolis .. 68,000 48.000 56,000 St Louie .... 181,000 93.000 50.000 Toledo 7,000 11,000 12.000 Detroit 6,000 Kansas City.. 218.000 88,000 84 000 Peoria 13.000 114,000 61.000 Omaha 23,000 153.000 40.0**) Indianapolis 29,000 20,000 Totals 585,000 1.848.000 5*0,000 Year ago .. 414.0**1 1,052,000 380,000 —Clearances— Wheat Corn Oats Boston 8.000 14,000 Philadelphia 180,000 Baltimore 102.000 Totals 8,000 292,000 14,000 Years ago .. 58,000 190,000

INDIANAPOLIS CASH GRAIN. —Feb. 28—• Bids for ear lots of grain and hay at the call of the Indianapolis Board of Trade were: Corn—Easier; No. 3 white., 62%@63c; No. 4 white, 61%@02%c; No. 8 yellow, 62@62%0; No. 4 yellow, 61@62e; No. 3 mixed. 62@63c; No. 4 mixed. 61@62c. Oats—Easier; No. 2 white, 41@43c; No. 3 white, 39@10c. Hay—Weak; No 1 timothy, $175817.60; No. 2 timothy, $lO 50@17; No. 1 light clover mixed, $105116.50; No. 1 clover, $18.50 @19.00. —lnspections Wheat —No. 2 red, 1 car; No. 3 rod, 1 car; No. 5 red, 1 ear; No. 3 dark northern spring, 1 car; total, 4 enrs. C orn —No. 2 white, 1 car; No. 3 white, 11 cars; No. 4 white, 10 cars; No. 5 white, 6 cars; No. 0 white, 5 cars; sample white, 1 car; No. 2 yellow, 2 cars; No. 8 yellow, 7 cars; No. 4 yellow, 17 carß; No. 8 yel low, 11 cars; No. 8 yellow, 9 cars; sample yellow, 2 cars; No. 3 mixed, 3 car*; No. 4 mixed, 3 carsf No. 6 mixed, 3 cars; No. 6 mixed. 1 car; total. 92 cars. Oats —No. 1 white, 1 car: No. 2 white, 8 cars; No. 3 white, 11 cars; No. 4 white, a cars; sample white, 1 car; No. 2 mixed, 1 car; total, 20 cars. WAGON WHEAT PRICES. Indianapolis (lour mills and elevutors today were paying $1.30 per bushel for No. 1 red winter wheat: $1.28 for No. 2 red winter and according to test for No. 3 red winter. Oats were quoted at 27c per bushel for No. 3 white or better. HAY MARKET. The following are the Indianapolis prices for hay by the wagn load, delivered : I Hay-Loose timothy, $18.00@17; mixed hay, sls<jJlo; baled hay, $16(®17. Oats—New. per bushel, 85@3Sc. Corn—New. per bushel, 505255 c. Corn —Old, ner bushel, 45@50c. WHOLESALE BEEF PRICES. The following are today's wholesale price for beef cuts are sold on the Indianapolis markets of Swift and Company: Ribs —No. 2,22 c; No. 3,15 c. Loins —No. 2,25 c; No. 3,18 c. Round—No. 2. 15c; No. 3,13 c. Chucks—No. 2,10 c; No. 8,9 c. Plates —No. 2. Sc; No. 3, Bc.

SWINE VALUES SUFFER DECLINES Cattle Prices Generally Steady —Lambs Sharply Lower. RANGE OF HOG PRICES. Good Good Good Feb. Mixed. Heavy. Light 21. [email protected] $10.60 (g; 10.86 $ll.OO #ll.lO 22. 10.75#10.80 10.60 # 10.75 10.55#10.90 23. 10.90#11.00 10.7<t#10.90 11.00#11.10 24. 11.00®U.10 10.7F©11.00 11.26# 11.35 26. 11.00 #11.20 10.75®L1.00 11.26011.40 27. [email protected] 10.75 # 11.00 [email protected] 28. 11.35 # 11.50 11.00 #11.25 11.60#11.60 March 1. [email protected] [email protected] [email protected] With fresh receipts around 7,000 and close to 1,200 held over from the market of the previous day and the demands of neither the shippers nor packers very brisk, swine prices were 15 to 25 cents lmfcer in trade on the local live stock exchange today. Light swine sold generally at $11.33, while there were a few sales of that grade as low at $11.25. Mixed aud light mixed brought around $11.25, mediums 511.15 and heavies $ll(d;ll.lo. Pigs sold at SlO.oO and down and roughs at $9.50 and down, were in fair demand, selling at $5.50 The bulk of the sales for the day ranged at $11<&11.15. . Trade in cattle was again fairly active and prices steauy generally, with receipts close to LOW fresh and 200 held over and most of the packers showing fair demands. Tho quality was fair to good. A fair clearance for the day was anticipated. Continuation of cold weather probably will aid in the strengthening cattle prices (luring the next few days, according to opinions expressed by some of the leading commission men of the yards. Veals were about steady, as were other grades of calves, receipts running close to 600 aud the demands of shippers being fair. The quality was extremely poor, with only about 50 choice veals out of the entire receipts. The top of $12.50 of the previous day was maintained in sales of choice veals, while the bulk of that grade sold at sl2 @12.50. Sharp declines were registered in lamb prices, while sheep values* were around si"uuy. Receipts ran close to 900, but around 600 of that number had been bou lit in the country by a leading packer several days ago and weighed through the yards. It was reported that $16.50 was paid for the bulk of these 600 lambs, but nothing on the market brought over $14.50.

HOGS. 160 to 180 lbs. average $11.20® 11.35 :>oo ib- [email protected] 150 to 300 lbs [email protected] Best pigs, under 140 lbs...*. [email protected] Roughs f. 9 00*0, 9.50 Stags 5.50® 6.50 Bulk of sales [email protected] —Cattle— .. Prime corn-fed steers, 1,200 to 1,800 lbs 7.50® 8.50 Good to choice steers, 1,200 to 1,300 lbs v, 7.00® 7.25 Good to choice steers, 1,100 to 1,200 lbs 6.25® 6.50 Good to choice steers, 1,000 to 1,100 lbs 6.00® 0.23 CornmoQ to medium steers. 600 to 1,000 lbs 5.25® 5.75 —Cows and Heifers— Good to choice hciferß 6 75@ 7.75 Medium heifers 0.25® *7.00 Common to medium heffers.. s.o*)@ 6.00 Good to choice cows 4.00@i 5.75 l air to medium cows 2.00® 4.00 Cutters 3 oO® 4 75 Gunners 3.00® 4.00 Dulls— Good to choice butcher bulls. 4.25® 5.50 Bclonga bullj 3 70® 4.25 Light bologna bulls 3.00® 3.50 Light to common bulls 2.50® 3.25 —Cuivea— Choice veals [email protected] Good veals 10.50® 11.50 Medium veals 7.00® 900 Lightweight veais 6.00® 700 Common to heavyweight veals 5.00® 600 —Stocker* and Feeders— Good to choice steers under , | 800 lb*. ? 4.75® 5.50 Medium cows 2 50® 4.00 Good cows 3.75(5 450 Good heifers 5.00® 0.50 Medium to good heifers .... 4 (>® 4.75 Milkers 8700®75.09 —Sheep and Lambs—£l%iM 2.00® 5.50 '• nts 2.50® 4.00 Good to choice lambs 10.00® 14.50 Seconds 6.00@ fi.OUtl Buck lambs 6i*;@ 7."0 Culls 4.uy@ 6.00

Other Livestock

CHICAGO, Feb. 28.—Hogs—Receipts, 25,0i*); market active and s®loc higher; bulk of sales. $lO [email protected]; top, $11.35; heavies $10.90@U10; mediums, sll® 11.25; lights, $11.15(911.35; light lights, $10.60® 1125; heavy packing sows, smooth, [email protected]; packing sows, tough, $9 65® 10; pigs, $9.75® 10.90. Cattle—Re ceipts, 11,000; steady to weak. Beef steers—Choice aud prime, $9 15® 9.75: medium aud good, [email protected]; good and choice. $8.30@ 9 00; common and medium. $6 50@S 30. Butcher cattle— Ileifors, $175@8; cows, $4 [email protected]; bulls. [email protected]. Canners and cutters—Cows ana heifers, $4 75 @8; canner steers, $3.75® 4 75; veal calves, Ught and handy weight, $S 23® 12; feeder steers, $5 [email protected]; stocker steers, [email protected]; Stocker cows and heifers, $3.75@5 50. Bheep and lambs —Receipts, 10,000; sheep and 'yearlings, steady; iambs, weak; choice and spring lambs, $13.25@10; cull and common lambs, slo® 13; yearling wethers, $10.50@14 25; ewes, $8.75@9 25; breeding ewes, s3@o; feeder lambs, [email protected]. CINCINNATI, March I^—Hogs—Receipts, 8,000; market, steady; heavies, sll @11.50; mixed, mediums and lights, $11.50; pigs, $10.25; roughs. $8.50; stags, $5.50. Cattle—Receipts. 650; market, steady; bulls, strong; calves, sl2. Sheep aud lambs Receipts, 825; market, steady; ewes, st@7; bucks, $4.50; choice lambs, $10; seconds, sl2; culls, s6@B. CLEVELAND, March I—Hogs—Receipts, 3.500 ; market, steudy; yorkers, $11.75; mixed, $11.75; inedhims, $11.50; l ies. $11.25 ;rouglis, $9; stags, $0.25. Cattle —Receipts, 259; market, steady. Sheep and lambs—Receipts. 1,000; market, slow, steady; top, $15.73. Calves — Receipts, 300; market, steady, top, $14.30 EAST ST. LOUIS, Feb. 28.-Hogs—Re-ceipts, 10,500; market, 15 to 25 cents higher; mixed and butchers, $11.15(911.35; good heavies. [email protected]; roughs, $8.75 @9.65; lights, 11.20@1185,; pigs, slo® 11.15; bulk of sales, [email protected]. Cattle —Receipts, 4,500; market, strong; native beef steers. $7.50@0; yearling steers and heifers, [email protected]; cows, $3.75@6; Stockers and feeders, [email protected]; calves, $3 @1.50; canners and cutters. $2.30%3.50. Sheep and Lambs—Receipts, 2.000; mar-

JxoodM Wmp Kokomo, Indiana 6% Improvement Tax Exempt Bonds SSOO Each Exempt from the Federal Normal Income Tax and all State, County, Municipal and Local Taxes in Indiana. Due aerially—l 927 to 1931 Yield 5.50% Interest Fletcher American Company 2nd Floor Fletcher American Bank Bid?. INDIANAPOLIS Chkngc Detroit Louisville South Bend p Prfcatt Wire to Principal Markets

ket, steady; mutton ewes. [email protected]; good to choice; lambs, [email protected]; canners and choppers, s2@4. PITTSBURGH, Pa., Feb. 28.—Hogs— Receipts, 1,000; market, 10 cents higher: prime heavies. [email protected]; heavy yorkers. [email protected]; mediums, $11.75® 11.85; ligh yorkers, [email protected]; pigs, $11.50@L75; roughs, [email protected]; stags, $5.25 @5.75; heavy mixed, [email protected]. Cattle —Receipts, less than 100; market, steady generally Calves—Receipts, light; market, slow steady to weak; veal calves, sl3; heavy and thin calves, s3@lo. Sheep and Lambs —Receipts, 21HT: market, steady; prime wethers. [email protected]; good mixed, [email protected]; fair mixed, [email protected] culls and commons, $2.50@4; choice lambs, $16.25.

■ Local Stock Exchange

—Feb. 28STOCKS. Bid. Ask. Ind. Ry. & Light com 60 Ind. Ry. & Light pfd 75 Ind. St. Ry. #4l 48 Indpls. & N. W. pfd 60 Indpis. & S. E. pfd 60 T. H. T. & L. pfd 67 H. I. & E. com 6 T. H. I. & E. pfd 15 U. T. of Ind. com U. T. of Ind. Ist. pfd 7 U. T of Ind. 2nd pfd 2 Advance-Rumley com ... Advance-Uumley pfd Am. Cresoting pfd 93% ... Am. Central Life 190 Belt. R. R. com 6*i Beit. R. R. pfd 49% ... Central Bldg. Cos. pfd 93% ... Citizens Gas Cos 22 City Service com 175 City Service pfd 53 Dodge Mfg Cos. pfd 86 Home Brewing 44% ... Ind. Hotel com ,75 Ind. Hotel pfd 97 Indpls. Nat. Ins. Cos. 2 Ind. Title Guarantee Cos 71 Indiana Pipe Line' 92 Indpls. Abattoir pfd 47% ... Indpis. Gas 46% ... Indpls. Tel. com 2 Indpls Tel. pfd DC' ... Mer. Pub. Utl. pfd. 48% ... Nat. Motor Car Cos 1 3% Pub. Sav. Ins. Cos 4% ... Rauh Fer. pfd 47% ... Stand. Oil of Indiana Sterling Fire Ins. Cos 6% ... Van Catnp Hdw. pfd Van Camp Prod. Ist. pfd 100 Van Camp Prod. 2nd. pfd. ~ ... 100 Vandafia Coal Cos. com. Vandalia Coal Cos. pfd 6% ... Wabash Ky. pfd 23 Wabash Ry. com 7 BONDS. * Broad Ripple 5s 60 Citizens St. Ry. 5s • 73 76 Indian Creek Coal & Mine. ... 1(*) Ind. Coke & Gas 5s 86 Indpls. C. & S. 5s 'BO Indianapolis North 5s 37% ... Indpls. & Martinsville 5s ... 59 Indpls. A S. W. 5s 47 Indpls. & S. E. 5s 45 Indpls. Shelby & S. E. 5s 75 Indpis. St. Ry. 4s 59 62 T. H. I. & E. 5s 50 U. T. of Ind. 6s 40 Citizens Gas Cos. 5s 85 Indpls. Gas Cos 84 89 Kokomo, M. A W. 5s 83% ... Ind. Hotel Cos. 3d 5s 95 Indpls. L. & H. 5s 86 ... Indpls. Water Cos. 4%s 80 Indp.s. Water 5s 94 98 Mer. 11. & L. 5s 90 100 New Tel. Long Diet. 5s 95 ... New Tel. Ist. 6s 95 Sou. Infi. Power 6s BS% Indpls. T. & T 75 •Ex-dlvidend ,8 per cent semi-anneal. CLEVELAND PRODUCE. CLEVELAND, March I—Butter—Extra in tubs, 43@43%c; prints, 44@41%c; extra firsts, 42@42%c, packing stock. 17® 19c. Eggs—Fresh gathered, northern extras, 28c; extra firsts, -27 c; Ohlos, 25c; western firsts, now cases. 25c. Poultry —Lire, heavy fowls. 28@30c; spring culls. 23@28; spring ducks. 27@28c Potatoes —Ordinary. s.l 1063 35 per 150-lb bag: Michigans, $2.95; early Ohios, $2.10 per 120 Ib. bag; Red Rivers. $2.40 per 12b !b. bag. Sweet potatoes—Delawares. $1.35@1 75 per hamper.

To Holders of 8 Per Cent One Year Collateral Gold Notes of The Citizens Gas Company Notice Is hereby given that the following notes of the abovt named Is3us have been drown for redemption, and will bo paid by The Indiana National Bank, Trustee, on March 15, 1922: Nos. Noa. Nos. Nos. Nos. 1 54 114 177 251 2 69 1-5 I®6 252 3 71 nr 201 251 ll 204 265 6 73 118 206 265 26 86 121 207 267 25 91 124 211 269 27 92 125 217 284 3*) 93 126 225 288 39 98 138 231 290 40 104 162 238 292 60 1 06 165 237 298 x 51 112 174 t 238 300 CITIZENS gas company • J. D. Forrest, Secretary.

CONCRETE Unde Sam Puts Concrete Roads First ft No one has better facilitates for determining the past performance of roads of all kinds in all parts of the country than the United States Government The Government approves the types of construction to which it will lend its aid, and in an overwhelming majority of instances it has approved Concrete^ Cooperating with the states, the Government has approved in the past five years expenditures totaling $229,000,(XX) for three kinds of pavement—Concrete, brick and bituminous. Os this, $184,000,000, or more than 80 per cent, has been invested in Concrete. That represents 79*3 percent of the mileage paved. Any community that selects Concrete for its highways i6 fully sustained in its choice by the observation and experience of the Federal Government PORTLAND CEMENT ASSOCIATION Merchants Bank Building INDIANAPOLIS, IND. cA National Organization to Improve and Extend the Uses of Concrete Office* in 23 Other Cities

N. Y. Stock Opening

-rMarch 1— Open. Allied, Chemical 57% Allis Chalmers 47 Am. Beet Sugar 37 Am. Can 40% Am. International Corp (.... 45% Am. Locomotive 109% Am. Sugar Ref 69% Am. Sumatra Tobacco Cos 27% Am. Tel. & Tel 119% Am. Woolen 86% Anaconda Min. Cos 48% Baldwin Loco 107% Bethlehem Steel (B) 63% California Pete ft 52% Canadian Pac. Ry 137 Chandler Motors 72% Chi., Mil. & St. Paul 23% Chicago & Northwestern 67% Chi., Rock Island & Pac 41% Columbia Gas 75% Cosden Oil 36% Corn Products 102 Crucible Steel 56%^ Famous Players General Motors 8^ Goodrich 88% Gulf States Steel 20% Houston Oil 70 Kelly-Springfield Tire 41% Lackawanna Steel 46% May Stores 115 Marine pfd 72% Mexican Petroleum 123% Missouri Pac. Ry 23% Pacific Oil 49% Pure Oil 35% Pan American Petroleum 65% Pierce-Arrow 18 I’ere-Murguette i 27 Rep. Iron and Steel 48% Royal Dutch of N. Y 54% Bears-Roebuck 69% Sinclair 23 St. Louis and Southwest 28% Southern Pacific 84% Stewart - Warner 34% Standard Oil (California 90% Standard Oil. (New Jersey) ........181% Stromberg Carburetor 43% Studebaker 101 J, Texas Gas and Sulphur 45% Texas Cos 48% Union Pacific 132 United Retail Stores 43% U. S. Rubber 57% U. S. Steel 94% Vanadium Steel 86% White Motors 5%

Local Curb Market (By Newton Todd.) —March L Am. Hominy Com 14 22 Central and Coast Oil % ... Choate Oil Corp % 1 J I Citizens Gas Cos. pfd 04 100 * Columbian Fire Ins. C 0...... 6 7% Comet Auto % 2 Dayton Rubber Units 45 52 Lietograph Prod, pfd 29 34 D. W. Griffith 6 6% F.lgin Motor Car.. 1% 3 Fed. Fin. Cos. pfd 77 87 Fed. Fla. Cos. com 125 135 Gt. Sou. Prod. A Ref 5 5% Goodyear T. A R. com 10 12 Goodyear T. A R. pfd 25 28 Ind. Rural Credits...'. 50 60 Metro. 5-10 e Stores com 4 5 Metro. 6-10 c Stores pfd 19 23 Nat. Underwriting 2% 4 Rauch & Lang Units 24 29 Rub.-Tex. Units 13 18 Stevens-Dnryea Units 21 28 U. S. Anto. Units 51 60 U. S. Mfg. Cos. Units 147 157 BANK STOCKS. Commercial Nat. Bank 71 81 Cent. Nat. Bank 100 116 ltd. Trust Cos 175 190 Ind. Nat. Bank 260 270 Mer.. Nat. Bank ...280 ... Security Trust C 0.... 130 ... State Sav & Trust 02 98 Union Trust Cos 300 Wash. Bank A Trust C0...'...150 TOLEDO SEED PRICES. TOLEDO, Feb. 2S.—Clover seed—Cash, sl6; February, sl6; March, $15.90; AprlL $14.40; October. $12.35. Alsike—Cash, $12.65: February, $12.!i5; March, $12.65. Timothy—Caeh, $3.15 bid; February, $3.15 bid; March. $3.15 bid; May, $3225 bid ; September, $3.45 bid. 1