Indianapolis Times, Volume 35, Number 131, Indianapolis, Marion County, 11 October 1922 — Page 10

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IMPORTANT GAINS SCORED EARLY BY ALL INDUSTRIALS Stock Exchange Is Buoyant at Opening on Government Announcement. BULLISH TONE REFLECTED Low-Priced Stocks Decline in Face of Advances by Standard Oil. Twenty active industrial stocks Tuesday averaged 101.65, off .71 per cent; twenty active rails averaged 91.51. off 24 per cent. By United Financial NEW YORK. Oct. 11.—The Wall Street Journal today says: Industrials were buoyant at the opening of the New York Stock Exchange today, reflecting the announcement from Washington that the Government did not propose to tax corporation surpluses. Speculative interests, which had bid up stocks with large accumulations on the theory that higher taxes next year might hasten extra distributions to stockholders were just as ready to place a bullish interpretation on the news that these surpluses were to be immune from additional levies. Standard Oil of New Jersey soared to 239i, against its low of 231 on Tuesday afternoon's break, while Mexican Petroleum shot up C*.* to 200. All speculative industrial leaders scored important gains on the initial transactions. Movements Confused Price movements in the first hour were confused and violent. Heavy selling took place in Davison Chemical and similar specialties while Mexican Petroleum continued its spectacular advance, reaching anew high on the move at 201, National Dead made a new 1922 high at 114*4 and American Express at 152. ■Tuesday's reaction in the stock market was welcomed by bankers. They said the pace was a little too fast. ‘‘A shakeout,” said one banker, "will do the market good. It is now in a better technical position. High priced stocks have had the big advances. Many low priced stocks have declined in face of the sensational advances of Standard Oils. I expect a better market for good low priced stock." LOCAL BANK CLEARINGS Indianapolis bank elraringrs Tuesday were $•3,360,000; bank debits were $5,246,000. NEW YORK MONEY MARKET By f nxtcd Financial NEW YORK, Oct. 10.—Time money unchanged. Commercial paper prime firm, 4 per cent; others, per cent. FOREIGN EXCHANGE By l nitcd Financial NEW YORK. Oct. 11.—Foreign exchange opened firm. Sterling-, demand. $4 43 % ; cables. 54.43 He. French, demand. 7.550; cables. 7.55 He. Lire, demand.. 4.26 %c: cables. 4.27 He. Belgian, demand, 0.90 e: cables. 6.90 He. Marks, demand. .03He. Drachma, demand. 3 ISc; cables, 3.18 c. Swiss, demand. 18.61 c: cables, 18.70 c. Guilders. demand, 38 87c: cables. 38D0<\ Pesetas, demand. 15.20 c; cables, 15.22 c. Sw-ede, demand. 26.55 c; cables, 26.62 c. Norway, demand. 17.87 c: cables. 17.91 c. Dane, demand, 20.29 c: cables. 20.33 c. new ycrkTTberty bonds —Oct. io— Prer. High. Low. Close, close. L B 3% 100.60 100.00 100.56 100.60 L B 2d 45... 99.92 P9.PO 99.92 100.02 L B Ist 4%5.100.04 99.90 100.04 100.00 L B 2d 4>4 s. 100.00 99.90 100.00 100.00 L B 3d 4 He. 100.02 99.94 100.02 100.00 L B 4th 4 He. 100.04 99.92 100.02 100.04 Victory 4 H 5.100.34 100.16 100.02 100.36 Call Victory. .100.26 100.04 100.10 100.26 MOTOR SECURITIES (By Thomson & McKinnon) —Oct. 11— —Closing— Bid. Ask. Earl Motors IVi IVi Col. Motors 3H Packard, com 17*4 18 Packard, ptd 91 H 92 H Peerless 58 60 Continental Motors, com .... 11H 11% Continental Motors, pld ....102 105 Hupp, com 22 % 22% Hupp, ptd 105 110 Keo Motor Car 13 H 13% Elgin Motors 1 1% •{rant Motors *4 % Ford ol Canada 419 422 National Motors ........... 2 3 Federal Truck ... 19 21 Paige Motors 24 H 25*4 Republic Truck 2 % 2% ACTIVE OIL STOCKS (By Thomson & McKinnon) —Oct. 11— —Closing—- , Bid. Ask. Anglo-American Oil 22U 22H Atlantic Refining. Loboa .... 7 % 8 % Borne-Scrymser ....440 460 Buckeye Pipe Line 97 99 Chesebrough Mfg. Cona 2|o 260 Continental Oil. Colorado ....147 148 Cosden Oil and Gas 5 11 Crescent Pipe Line 35 37 Cumberland Pipe Line 153 158 Elk Basin Pete 12 12% Eureka Pipe Line 95 98 Galena-Signal Oil, pfd 110 112 Galena-Signal Oil. com 55 59 Illinois Pipe Line 177 170 Indiana Pipe Line 97 88 Merritt Oil 8% 8H Midwest Oil 2 2H Midwest Rfg 225 ... National Transit 26 27 New York Transit 170 175 Northern Pipe Line 112 114 Ohio Oil 348 352 Penn.-Mex 28 31 Prairie Oil and Gas 730 740 Prairie Pipe Line 287 292 Sapulpa Refg 3 % 3 % Solar Refining 380 410 Southern Pipe Line 97 100 South Penn Oil 215 220 Southwest Penn Pipe Lines. . 64 68 Standard Oil Cos. ol Did 128% 128% Standard Oil Cos. of Kan 630 650 Standard Oil Cos. of Ky 114 116 Standard Oil Cos. of Neb 205 215 Standard Oil Cos. of N. Y 640 645 Standard Oil Cos. of 0hi0.... 660 560 Swan at Finch 32 38 Vacuum OH 860 665 Washington Oil 25 28 NEW YORK CURB MARKET (By Thomson Sc McKinnon) —Oct. 10— —Closing— Bid. Ask. Acme Packing 35 38 Curtis Aero, com 2% 3% Curtis Aero, pfd 24 17 Boston A Montana ...... 11 1.3 Goldfield Con 6 8 Jumbo Extension 6 7 Kirby Oil 6 6 Nlpisslng 5% 0% Standard Motors 3% 3% Salt Creek ' 20 % 20 H Tonopah Extension .3 % 3 % Tonopah Mining 2H 2% United P S new 7 H U. 8. Light and Heat 1% 1% U. S. Light and Heat pfd . . 1 % 1 % Wright-Martin 2 6 Yukon Gold Mine Cos- 90 95 Jerome 2% 3 New Cornelia 18 19 United Verde 29 SO Seduoyah 2 8 Omar 1 1% 1% Rep. Tire 20 40 INDIANAPOLIS PRODUCE Packing stock butter. 22c: fresh eggs, candled. 36c: fowl. 4 lbs. up. 21c: fowls, under 4 lbs.. 16c: springs. 2 lbs. under, 25c: •prings. over 2 lbs. 17c: cocks and stags. 11c: young tom turks, 12 lbs up, 30c; young hen turks. 8 lb#, up. 80c: old tom turk*. 25c: ducks. 4 lbs up. 16c: geese. 10 lbs up. 12c: aauabs, 11 lbs to do*., $4.50: young guineas. I S to 2-lb. size, per dozen, $7.

New York Stocks (By Thomson Sc McKinnon) —Oct. 10 —

Railroads— Prev. High. Low. Close. close. Atchison ...100% 105% 106 106% Ati. C. Line.. 119% 119% 119% 120 B. Sc 0 56% 55 55 56 Can. Pacific.l46% 146 146 H 146% C. & O 74 % 73 H 73 H 73% C. at N.W.B. 92 H 91% 91% 92 C., R. I. & P. 44 43 H 43% 43% C. & G.W.pl. 14% 14*? 14% Del. Sc Hud.. 137 137 137 136 Del. at Lack. 141 H 137 % 139 H 137% Erie 16% 16 H 16% 16% Erie Ist pid. 25% 24% 24% 25 H Gt. N. pf 93% 93 93 92% 111. Central..ll4 114 114 114% Kan. City So. 25% 25% 25% Lehigh Val.. 69% 68% 08% 08% Mo. Pac. pfd. 58% 58% 58% 58% N. Y. Cent.. 97% 97% 97% 97% X.Y.N.H.&H.. 30% 30% 30% 30 % North. Pac.. 87% 85% 85% 86% Nor. at West.l2l% 120 121% 119% Penn 48% 48% 48% 48% Reading 80 78% 78% 78 % So. Ry 20 20% 26% 26% So. Pacific... 95% 94 94 94% St. Paul 32% 32% 32% 32% St. Paul pfd. 51% 50% 60% 51 St. L. Sc S.W.. 32% 32 32 33% St.L.&S.W.pf. 52% 61% 52% 52 Tex. & Pac.. 30 29% 29% 30% Union Pac...151% 150% 150% 151 Wabash 12 12 12 Wab. pfd 32 32 32 32 West. Pac... 17% 17 17 17% Pgh. 4 W. V. 39% 38% 38% 37% Rubbers— Ajax Rubber 15% 16% 15% 16% Fisk Rubber 13% 13 13 13% Goodrich Rub 34% 34 34 35 Kelly-Spring. 42% 42% 42% 43 Keyst T&R 8% 7% 7% 8% U S Rubber 54 % 53 % 53 % 65 .Equipments— Am C at F.201 197 198 198 Am Loco ..134% 131% 131% 130% Bald Loco ..141 138 138% 140% Gen Electric. 184% 180 182 179% Lima Loco. . 63 60 % 60 % 62 V* Am Steel Fdy 45 % 45 45 45 % Pr Steel Car 04 94 94 91 Pullman ...131 129% 129% 130 Ry Stl Spg .125% 124 124 124% West Airbrk. 100 99% 99% 100% ! West Elec... 63% 62% 03% 62% Steels— Beth “B”.. 77% 75% 75% 77 Crumble ... 89 80 % 86 % 86 % ; Gulf States.. 93 90% 90% 92% 1 Lackawanna. 83 82 82 82% I Midvale ... 35% 34% 35% 35% Replogle ... 35 33% 33% 34% Rep I & S. . 60 % 58 % 58 % 58 % Sloss-Sheff . . 50 % 60 50 50 % U S Steel ..108% 100% 106% 107% U S Steel pf. 122 121% 122 122 Vanadium... 47% 46 4040% Motors— Chand Mot.. 63% 61% 61% 63% Gen Motors. 15% 14% 15 16% Hupp Mot.. 23 22% 22% 22% Hudson Mot 21% 21 21% 21% Max Mot A 59 65% 55% 56% Max Mot B 18 17 17% 17% Mack Mot.. 69 58% 58% 69 Moon Mot.. 17% 16% 16% 17% Keisey Wh1.104% 103 104% ... Martin Perry 30% 29% 29% 30% Pierce-Arrow 14% 14% 14% 15 Studebaker .137 133% 133% 136% Willys-Over . 7% , 7% 7% 7% White Mot.. 50% 50% 60% 61 Minings— Butte Sup.. 34 33% 33% 34 i Dome Mines 39% 39 % 39% 38 !In Nickel... 16% 16% 10% 10% Tex GAS. 69% 59 59 59% Coppers— Am Smelt.. 62 61 % 61% 61% Anaconda... 52 % 52 62 Va 62 i Chile Cop... 20% 25% 26 26% ' Inspiration . 39% 39% 39% 29 Kennecott... 35 34% 34% 34% Magma 33% 33% 33% 33% Total sales. 1.1 BONDS ARE ACTIVE Sagging Tendency of Liberties Is Feature of Market. Ry United Financial NEW YORK, Oct. 11.—The bond market opened this morning with a burst of activity, well scattered and the outstanding feature was the continued sagging tendency in liberties. The railroads were sluggish. Union Pacific first 4s being an early active spot. The Government of Chile will receive sealed bids until Oct. lfi on a 105.000.Q00 paper peso loan at the embassy at Washington, D. C., r.nd the London legation and by the finance ! ministry at Santiago, Chile, according i to official advices from the Chilean j embassy. CLOTHS DEMAND VARIES .Market for Raw Cotton Is Daily Fluctuating. By United Financial NEW YORK, Oct. 11.—Demand for print cloths and gray goods varies from day to day and the market for raw cotton moves up and down alternately. but prices for unfinished cottons continue remarkable strong, and whatever changes take place are invariably in an upward direction. That has been the situation in cloths for the past fortnight or longer. Trading in most quarters was reported as rather light, with more acj tivity relatively in print cloths than I iu other descriptions, with an upward I tendency noted in some directions. NEW YORK STOCK OPENING ! Allied Chemical 84 % j Aliig-Chalmers 57 % Am. Can 00% Am. Car and Foundry 195 j American Ice 115 American Ship and Com 21 % ! American International Corporation. . 35 % 'Am. Locomotive 132% , Am. Steel Foundry 44% Am. Smelt, and Ref 61 % i Am. Tel. and Tel 123% Am. Woolen -...101% ! Anaconda 51 % Atchison 100% Atlantic Gulf & W. I 30% Baldwin Loco 139% B. Sc O 55 % Bethlehem Steel (B) 75 Brook. Rap. Trans 14% California Pete 64 i Canadian Pac. Ry 140% Chandler Motor 61% : Chi.. Mil. & St. Paul pfd 50% Chicago Sc Northwestern 92 Chi.. Rock Island & Pac 44 Chill Copper 25% Cluett and Peabody 62" Co3den Oil 47 % Consolidated Gas ~138% Corn Products 123% ! Crucible Steel 87% j Cuban Am. Sugar 22% Del. Sc Lacka 140% Erie 16 ! Erie Ist pfd 25 ! General Asphalt 64 % j General Motors 15 I Gt. Northern pfd 93% Gulf States Steel 91% | Hudson Motors 21% ! Houston Oil :. .. . 87 % Illinois Central 114% Kelly-Springfleld Tire 42 % Kenecott Copper 34% Limo Loco 61 Lehigh Valley 08% Maryland Oil 39% Mexican Petroleum 190 >4 Mexican S. B 15% Midle States Oil 13 Midvale Steel 34% National Biscuit 210 N. Y. Central 97% Norfolk Sc Western .121 Northern Pacific 80% North Am 98 Pacific Oil 67% Pan-American Petroleum 80 Penna Ry 48 % Pro. and Refiners 47 % Pure Oil 31 % Southern Pacific 94% Southern Ry 26% Southern Ry pfd 04 % Standard Oil of Cal 127% Standard Oil of N. J 236 Stewart and Warner 52 Studebaker 134 % Texas Coal and Oil 25 % Texas Cos 50% Timken 32 BOSTON WOOL MARKET By T'nited Financial BOSTON. Oct. 10—The Boston woo! market is again reported active and strong. Speculation is Increasing, especially in East Did la wools. London auctions today show a steady undertone, owing to the fact that in Australia Merino offerings are scarce, but at London there Is a fair selection. Aus- i tralian markets despite unsatisfactory selec- i tion are firm As offerings are mostly burry, American houses are not operating there. Melbourne auctions start Monday and the following week Brisbane sales start. New England wool mills report a rather active demand for cheviots and tweeds and thisAis said to account for the big buying int*-st in East India wools in the local I

Prev High Low Close. Close. Uth Cop 07% 00% 67 07 Ray Cons... 14% 14% 14% 15% U S Smelt.. 43% 42% 42% 42% Oils— Cal Pet 64% 01% 63% 64% Cosden .... 48 % 47 % 47 % 40 % Houston Oil 90 86 % 87 89% lnvinc Oil.. 16% 16% 10% 17 Mex Petrol .200% 188 103% 187 Mid St Oil.. 13% 13 13% 13% Mex SB 10% 15% 15% 15% Pan-Am Pet 87% 81% 84% 80% Pac Oil ... 58% 57% 57% 58% Pierce Oil .. 6% 6% 0% 7 Pro and Ref 48% 47% 47% 40% Pure Oil .. 32 31% 31% 32% Royal Dutch 58 y 4 57% 57% 57% S Oil of Cal. 131% 126% 127 131% S. O. of N. J. 250 % 231 233 245 % Sinclair .... 36% 35% 35% 37% Texas Cos 52% 50% 50% 61% Texas C. & 0. 20 % 26 20 26 % •T.-Con. Oil.. 15% 14% 14% 15 Union Oil .. 18% 18% 18% 19% White 0i1.... 7 % 5 6 7 % Industrials— Allied Chem. 85% 84 % 84% 84 Vi Allis-Chaim... 57% 50% 57% 60% Amer. Can .68 60 60 Vi 07 % Am. H. & L.. 14 14 14 Am. H. & L. p 71% 17 % 71% 71 Amer. Ice 115% 113 114% 114 Am. Linseed. 39 38% 38% 38% Am. Woolen 102% 99% 101% 100% Ceil. Leather 41 40% 40% 41 Coca. Cola. ... 78%''"' 70% 70*% 78% Comp. Sc TANARUS,. 73 72 73 72 % Cluett & P.. 62% 62 02 63 % Cont. Can... 91% 89% 90% 91 Endieott-J 80% 84% 86 84% Famous Play. 98 97 97 97% Gen. Asphalt 65 Vi 64% 04% 64 % Inter. Paper. 01% 59 59% 59% Inter. Harv..ll2 108 % 108% 111% Loews 21% 21 21 Vs 21% May Stores 140% 140 140 141 Mont. A- W.. 22 21 21 21% Nat. Enamel 66% 05 % 65 % 65 Vi Nat. Lead.. 113% 109% 111% 108 Owen Bottle. 40% 40% 40% 40% Pitts. Coal.. 00% 60% 60% 61 Scare-Roe 90*, 88% 88% 90% U. Bag A P.. 72% 72% 72% ... U. S. R. St.. 81% 80 81 Bt% U. S. C. I. P.. 35% 35% 35% 34 % U. S. In. Ale. 04% 65 65 65 *b Woolworth ..197 197 197 Utilities— Am. T. A T. 123% 123 123 123 % Brk. a Trn. 22% 11% 15 23% Con Gas. .. 141% 138% 138% 141 Col. Gas. ..109% 108% 108% 109% People’s Gas. 98 98 98 97 % West. Union.ll7 116 110% Shipping— Am. Int. Cor. 36 35% 33% 30 ■ Am. 8. A C. 21% 20 21 % 21% Ati. Gulf 30% 30% 30% 30% In. M. M 14 % 14% 14% 14% In. M. M. pf. 60% 59% 60 % 60% United Frt...155% 154% 154 % 155 I Foods—'Am. Sugar.. 81% 80 80 81 % Austin Ntcta. 36 34% 34% 35% Corn Prod .120% 122 122 125% Cub. Cane S. 14% 13 13 14% Cub. Am. S.. 23% 22% 23% 22% Wilson A Cos. 44 % 44 V* 44 % 45 Tobaccos— Am. Sumatra 39% 37% 37% 40% Am. Tob. C 0.102 % 101% 161% 103 Gen. Cigar. . 80 80 80 80 % Tob. Prod... 86 % 85 % 85 Vs 85 % Miscellaneous Stocks— Alaska J.... 1% 1% 1% 1% Am. Rad. ..129 125 127 V, 125% ! Tenn. Cooper 10 9% 9% 9% Dav. Chem . 47*. 40% 46% 48 Elec. S. Bat. 55% 65 65 55% Pere Marquet 38 37 H 37% 38 North Am... 100 % 98% 98', 99% Pht!a Cos. ... 41 43 % 43% 44 Skolly Oil. . 11% 11 11 11 S Oil of Ind 132 % 120'-, 127% >12,000 shares. CURB IS STEADY ! Moderate Activity Shown in Earlier Market Dealings. : Ry United Financial NEW YORK. Oct. 11.—The curb market showed a steady tone in the earlier dealings today. There was moderate activity. Vacuum Oil, despite some disappointment over the postponement of melon cutting, was holding steady I around 671. Standard Oil of New York, old, ' was at 644 and the new at 06. Imperial Oil of Canada was traded I in at 124, up 3 from Tuesday's close. 1 Standard Oil of Indiana was up fracj tionally at 128&. Mammoth was above Tuesday’s j close at 40%. Mutual made anew 1922 top at j i2-r*. Kuppenheimer common reacted 1 to 32 and American Hawaiian SteamI ship 2 to 27. WILL TEST LAW Chicago Hoard of Trade Acts Upon Tinrher-Capper Law. j By United Financial j CHICAGO, Oct. 11.—The Chicago ] Beard of Trade has decided to test i the constitutionality of the CapperTiucher grain futures act. Henry S. Robbins, Board of Trade attorney, who obtained a decision from ! the U. S. Supremo Court declaring i that the previous grain bill j was unconstitutional, has given an ! opinion that the new law 'is unconj stitutional on the same grounds. “The action will bo taken by the j Board of Trade not only|in the In- ; terest of the grain trade and of farm- | ers who are being misled as to their i own best interests, but as a patriotic ; duty to combat the drift of the Gov- ; ernment toward bureaucracy,” Robert | McDougal, president of the Board of | Trade, declared. INDIANAPOLIS STOCKS —Oet. 10— Stock# Bid Ask. I Ind Ry & Light com 58 ... | Ind Ry & Light pfd 84% 89 ! Indpls A N W pfd 40 j Indpls A S E ptd 60 i indpls St Ry 68 ... T 11 T A L pfd 83 T H I A E com 1 ... :TH IA E pld 7 % ... : U T of Ind com . 2 | U T of Ind Ist pfd 10 15 U T of Ind 2d pfd 1 % 6 % , Advaiiee-Itugnely pfd ... Advance-Runiely com .. ... '■ Am Creosotlng pld 98 ... Belt R R com 68% | Belt R R pfd 60Vi ... Century Bldg Cos pfd 96 ... ; Citizens Gas Cos 21% 24 City Service Cos 199 202 ! City Service pfd 68 % 71% American Central Life In. . 200 Dodge Mfg Cos ... ! Ind Hpte! com 88 ... Ind Hotel Cos pfd 99 103% Ind Nat l Life Ins Cos 2% ... Ind Title Guarantee .. . 50 ! Ir.d Pipe Line 90 ... Indpls Abattoir pfd 45 47% Indpls Gas ’.. 50 52% ! Indpls Tel pfd 90 ... : Indpls Tel com 1 ... Mer Pub Util pfd 62 ... Rauh Fertilizer Cos 40 ... j Nat’l Motor Cos 1% 3% ! Pub Savings Ins Cos 6% ... Standard Oil of Indiana.... 131 ... Sterling Fire Insurance Cos. .. 7 ... Van Camp Hdw pfd 90 ... Van Camp Prod Ist nfd.... 97 101 I Van Camp Prod 2d pfd ... Vandaiia Coal Cos com 1 0 Vanda!ia Coal Cos pfd. .... 10 15 ; Wabash R.v com ... ; Wabash Ry pfd 31 33 Hoods \ Broad Ripple og 04 ... Citizens St R R 58 84 % 80 Ind Coke and Gas 6s 86 ... Indpls C A S 5# 96 .... Indpls A Martinsville 55.... 69% 62Vi Indpls A Northern 5s 53% 57 Indpls St R.v 4s 67 % 09 Indpls A N W 5s 57 01 Indpls & S E 5s ....... 40 ... Indpls Shelby A S E 5s 59 63 THIAES%s 71 Citizens Gas 5s 88% 90% Indpls Gas 5s 90 91% Kokomo, M AW 5s . 90 04 Indiana Hotel Cos 0s 100 Indpls Water 4%g 83% Indpls Water 5b 96% 97 Vi Indpls T A T 5s 86 88 % Indpls L A H 5b.... 94Vi 95 U T of Ind 6s 03 % ... New Tel L D 6s 08 . . New Tel. Ist 6s 98 ... South Ind Power 6s 87 92 RAW SUGAR MARKET By United Financial NEW YORK. Oct. 11. 1 —Raw sugar opened steady: December. 3.52® 3.53 c: March 3.25® 3.26 c; May, 3.35®3.36e; July, 3.52c* asked.

THE INDIANAPOLIS TIMES

■ MARKETH[R[ HAS WEAKER TONE Light Stock About 10 Cents Lower, With Heavies Steady at $lO. Hog Prices Day by Day 260-300 lbs. 200-225 lbs. 150-180 lbs. Oct. 4. 9.65© 9.75 9.65® 9.75 9.50® 9.65 5. 9.05® 9.75 9.05® 9.75 9.50® 9.05 0. 9.65® 975 9.00® 9.05 0 40® 9.50 7. 9.75® 9.85 9.05® 9.75 9.60® 9.60 9. 9.80® 090 9.65® 9.75 0.50® 9.00 10. 9.90® 10.00 o.Bo® 0.00 o.oo® 9.76 11. 9.90® 10.00 9.70® 9.85 9.50® 9.60 The hog market at the local stock yards displayed a weaker tone today, with light hogs about a dime lower and heavies ruling steady, with a top of $lO. Pigs were steady to weak, but sows were about a quarter higher. Receipts, 7,500. There was a good clear&nce for the day, and most of the buying was by local packers. Prices on good cows suffered a drop of 15 to 25 cents, but quotations in the rest of the cattle section remained about steady, but the market/was ! slow. One lot of best quality steers I brought the disappointing figure of $11.50, but this was without sorting, j Receipts, 900. In the calf alleys prices were off 25 i cents, with the top at sl2, and but very few commanding that price. The j bulk of trading in choice veals was ■from sll to $11.50. Receipts, 400. Sheep and lamb prices ruled steady. There was a 50cent cut for water in the fleece. Receipts, 200. —Hoes—--160 to 200 lbs 5 9.50® 9.40 Medium 9.70® 0.85 Heavy 0.90® 10 00 Top 10 00 | Pigs .' 8.75® 900 I Packing sows 7.75® 8.25 —Cattle—- ' Few choice steers $11.50® 12.00 •Prime corn-fed Bteers, 1.000 to 1.300 lbs 10.50® 11.50 I Good to choice steers, 1,000 to 1,300 lbs 9.25® 9.75 ! Good to choice steers, 1,000 I to 1,200 lbs 8.25® 9.25 Good to choice steers, 1,000 to 1.100 lbs 7.75® 8.25 Common to -medium steer#, ! 800 to 1,000 lbs 5.75® 6.75 —(’ows and Heifers— Few choi*e heifers . .$ 8 2f>@ ft. 25 Good to choice heifers 7.2.5(efi 7.50 Medium heifers 6.50@ 700 Common to medium heifers... 0 50 | Good to choice cowb * Comon to rood cows Too<tf 5.50 Cutters 2.75'a :i 25 Canners 200 y 2.50 —null*— Fancy butuber bull*. $ 5.00€3 5.75 Good to choice butcher bulla. 4.25(it 4.75 Boloima bulls .T7sk<£ 450 Light bologna bulla 3.25 '+£ 3.75 Choice veals [email protected] Good vealfi 1000@11 50 Medium veals [email protected] l ightweight veals Heavyweight veals 7.00 H 8.00 Common hc&viea s.oo'di U.UO Top 12.00 —Nfoekere and Feeders— Good to choice steers under 800 lbs $ 5 75® 7.00 Medium cows 3.253.50 1 Bucks 3.00 Yearlings 6 25® 800 Springers 12 50&£ 14.00 Common lambs 8 OO^ULOO •Culls 8 756.00 —Sheep and l.amb*— Culls $ 2 250 3.50 Good to choice ewes 3.50 W 6.00 | Few choice Jambs 12.65 1 Good to choice lambs 1 I 00 'it 1C 00 Heavy lambs 10 00 11.00 Cull lambt 7.00 Bucks 3.00 50 cents off for water OTHER LIVE STOCK By Vnitnl Financial CHICAGO. Out 11 —Hogs—Receipts. Ift. 000: market. 10'd20<* lower; top. sft.B3; 'bulk of Kales. *8 I.V,ift7s; heavy weWht. £N.7sst ft.Bo; medium weight. sft ;>s4t ft 75. lightweight. $0.35 r a ft 75: light light*. i 0.35 heavy packing sow*. s7.9ogt 8.50: packing sows, rough. $7.35H fi : pig*. $8.50 8.90. Cattle—Receipt*. 13,000: market, generally steady; choice and prime. sll ut, 12.90; medium and good. $7 25'*; 11: common. $5 854*7.25; good and choice. $8.75H 12.25; common and medium. ss.6s<ti 875 butcher rattlo and heifers, $4.65 <0% ft: cows, $3.65(38.15; hulls. $3 75(jr.6.50; canners. cutters, cows and heifers. $2 65 3 65; cancer steers, $3 50 'a 4 .50: veal calves. $7.25 ©10.75: feeder steers. $5.65©8 10: stocker steers. $4 25 <i 7.35; stocker cows and heifers. s3.2s<fc£ 5.28 Sheep—Receipts. 31.000: market, generally steady: lambs. sl2.2siff 14: lambs, cull and common. $8.50 yearling wethers. $8 501 2 : ewes. s3.so'ti 6.75; cull to common ew es. $2 (if 3.75. KANSAS CITY. Oct 11 —Hog*—Receipts, ft,000: market, steady: bulk. sft.ls'dftso heavies. $9,106(9.50: butchers. sft.lsfi( 9.55; lights. $0 15(1(0.50; pigs. $8 Cattle —Receipts. 1.2O0; maiket, steady prime fed steers, $10,506x12.35: plain to fair dressed beef steers. $5 504110-45: Western steers. $4.50 U\ ft 50; Southern steers. $4.25 and 8.25: rows $2.50'<(7: heifers. $4.50 'i(9.75: stockers and feeders. $4.75 'ci 8; bulls, $2.25 ?V4.25: calves. $5.50 10.25. Sheep—Receiots. 4,000: market. 15c up: lambs, $12,754*1*: yearlings. slo*7lo 75. w ethers, $6.50 G- 7.50: ewes, $5 Qi 0.25: stockers and feeder*. slo <*£ 13. EAST ST LOUTS. Oct. It.—Cattle—Receipts. 4.500: market, steady: native l**ef steers. siKf 10.50; yearlings and heifers. $6

The Secretary of the Treasury Is Now Offering This New Issue: „ $500,000,000 United States Government * 4*4% Treasury Bonds Dated October 16, 1922 Due October 15, 1952 Optional October 15, 1947 Being the highest type of investment issue offered in any market, we strongly recommend the purchase of these bonds and suggest the exchange of Victory Notes and Certificates of Indebtedness due December 15. We offer our services, without charge, to all those who wish to enter subscriptions which will, of course, be subject to allotment by the Treasury Department. SUBSCRIPTION PRICE: 100 and Interest The Fletcher American National Bank w Fletcher American Company

@8.50: cows. [email protected]: canners and cutters, calves, slo® 10.50; stockers and feeders. $4.50 (a 0.25. Hogs— Receipts. 12,500: market, .sit/v, 10 @ 25c ](wer; heavy,' $9.10 (a ft; medium. $9.50 % 9.80: lights, $0.10®9.75; light lights, $8.25 (3)0.25: packing sows. $7.50 <& 8.50: pigs.' $7.75(38.60: bulk. $9.25 (§19.65. Sheep— j Receipts, 2.500: market, steady: ewes. s3<® 1 5.25; canners and cutters, 50c @52.50; wool lambs, $12.50. IN THE COTTON MARKET NEW YOP.K, Oet. 10.—The cotton market opened qu. 't and steady, reacting 8 to 11 points on southern selling: ancl profit-taking influences by lower Liverpool cables. Buying was credited to Liverpool, spots, commission houses and New Orleans. Through the forenoon the market remained quiet while options fluctuated irregularly over a twenty-point range. Continued scatter liquidation and Southern selling was well absorbed. The market closed steady, off 13 to 19 points. Open. High. Low. Close. January 21.67 21.80 21.55 21.50 March 21.80 21.91 21.63 21.70 May 21.74 21.88 21.62 21.65 July 21.57 21.01 21.50 21.60 October 21.68 21.58 21.38 21.40 December 21.86 21.91 2168 2170 By United Financial NEW ORLEANS. Oct. 10.—Unfavorable reports coupled with unchanged conditions that affectegl the prices at the opening of the cotton exchange here Monday caused the market to open from 3 to 7 points lower today. In the first two hours of trading prices continued their downward trend. Selling orders caused declines of from 3 to 5 points. The market closed steady. Open. High. Low. Close. October 21.15 21.35 21.12 21.12 December .... 21.15 21.35 21.04 21.08 January 21.20 21.40 21.07 21.10 March 21.30 21.48 21 16 21.20 By United Financial LIVERPOOL, Oct. 10.—Spot cotton, dull; prices steady. Sales. 6.000 bales Receipts. 11.000. including 10,200 American The market closed steady. Futures opened quiet. Open. High. Low. Close October 12 48 12.48 12 38 12 43 January 12.33 12 33 12 23 12.20 March 12.20 12.20 12.10 12.19 ! Mav 12.17 12.17 12 07 12.00 July 12 04 12.04 11.90 11.90 CHICAGO STOCKS (By Thomson A McKinnon) —Oct. 10— Open. High. Low. Close. Am. Ship. . 78*, 80 78% 79 Ar £r Cos pfd 100 100% 100 100% Ar Leather.. 12% 12% 12% 12% i Cudahy ... 03 03 % 03 63 % I Com Edison 139 139 138 138 Con. Motors. 11 11% 11 11% Earl Motors . 1 % 1% 1% 1% Libby-M, . . . (> % 9% 9 0 Mont. Ward . 23 22 21 % 21 % Nat. Leather 0 9 8% 8% Pick A C 0... 27 27 26% 20% Pig Wig. (A) 43 44 % 43 43 Quaker Oats. 98 % 09 98 % 09 Reo Motor. .. 13% 13% 13*, 1-1% Stewart-W.. ■■ 52% 53 51% 61*. Swift A C0..109% 100% 109 109 Swift Inti... 23 23% 23 23% Thomp <J R( 49 V, 49% 49% 49% I’ 0 A Car.. 04 04% 03Va 63% Wahl 58 % 58% 58 68 Wrlgley ... .11 1 111 109% Ho Yellow Taxi . 77 77 % 75 75 % COTTONSEED OIL /?j/ t'nited Financial NEWYORK, Oft. 10—Cotton*e<M oil trad* j wan quite artivn with th# undertone easwr anti October unchanged. Heavineaa in lard. I notwtthatsuiding a strong hog and lard mar ket. l* active, together with scattered realising, causing the downturn. Cotton house* and anuihern rommluion houaea , were fair *elh*rn with reflnem buying. The market gave the appearance of hav- ! Ing been temporarily overbought, but the underlying aituation showed no change • There w>re dome small offerings of valley and Tex a* crude at 7 So, but offerings were light The local crowd appeared to be working for a reaction. Cash trade fair , and compound firm at 11 @ll in car lots Noon call October, ft 03 @9 10c: __ November, $H.r2@H 54c; December, $ .'o@ ! ft.s2c; January. $ 50 V 6 54< February. HSO @8 55c ; March. 6.65 (<i H 6ft. . April. ' 8 [email protected]: May. B.Bt3@B*Bc. Market weak, sahs 15,000. METAL TRADE By United Financial CLEVELAND. Ort. 11.—Daily Metal Trade ' today says: i Shortage of fuel due to transportation tieups and shortage of ear? are the principal j obstacles to heavy business in iron and j steel. Deliveries are hampering sheet mak-rs l in particular close to 20.000 tons of sheets ; )>eing stocked in the Mahoning valley be- , • ause suitable ears are not to b" had. , Operation* m consequence are being .or : tailed. The sales of 1.000 ions of off basic pig Iron by a valley steel maker at 832 Is the outstanding transaction it tie moment Coke continues scarce and prices high Semi-fin-ished steel tonnage is well sold up. most makers being unwilling to book more tonnage for 1922. Copper and lead are strong, zinc is wcaa while tin goes to new high mark of year. CLEVELAND PRODUCE By United Financial CLEVELAND. Oet. 11.—Butter —Extra in tubs, 48% H 49c: prints. 49 % H 50c: firsts. 40 , J CT47e: packing stock. 24 >i 20c. Eggs —Frcsli gathered northern extras. 42c; extra firsts, lie Chios, 3S'd.39c: Western I firsts, new eases. 30c. Poultry—Live, heavy fowls 24 V(2o'-: roosters. 14 uI.V; spring ducks. 19® 21c. Potatoes. 81 90® 2 a barrel. CHICAGO PRODUCE By United Financial CHICAGO. Oct. 10.—Butter—Creamery extras. 43%c: standards. 39%0: firsts. 36 ®37%e; second*. 33 1 j fa 34%e. Eggs— Ordinary. 25®26c: firsts. 31®350. Cheese— Twins, 22®23e; young Americans, 22% ® 23 %c. Poultry—Fowls, 15® 24c: ducks. 24c: g-esc. 20c; springs. 20c; turkeys, 27c: roosters, 14c.

GRAINS OPENING SLICHmOWER Signing of Armistice in Near East Proves Factor in Declines. By United Financial CHICAGO, Oct. 11.—Signing of the armistice in the Near East and lower quotations from the Liverpool market resulted in moderate declines at the opening of the Chicago Board of Trade today. Light receipts and reports of serious congestion on the railroads acted as a check to the drop in prices. Wheat opened % to % cent lower. Receipts were light at 90 cars, and reports from several points in the West indicated no relief in the car shortages was in sight. Corn followed the decline in wheat. Iteceipts were lighter at 280 cars, which gave the market a slight bullish trend. Oats prices resisted the decline of the other pits, and opened at unchanged figures. Provisions opened slightly lower. CHICAGO GRAIN TABLE —Oct. 10— /?;/ t'nited Financial WHEAT— Op-n. High. Low. Close. Ilf,-.... 197% 1.07% 1.00% Mav . 109 109 % 1.08 V, 1.09 % July... 1.02% 102% 1.01 S 102% * °Df’o ... 61 % .62 % .61 % .62 % May .03% .64% .63% .04% July... .64% 64% .63% .04% OAT 1 ! Dro 38% .39 .38% .39 May... 39% .39% .39% .39% July... .38% 38% .38% .38% ! LARD — , 0ct.... 11.42 11.45 11 37 11.37 Jan.... 9.52 9.52 940 9.30 De<- 71% 73 -7J% -.1% May... .72% 73% .72% -<3% •Nominal. CHICAGO CASH GRAIN By United financial CHICAGO. Oct 10—Wheat—No. 3 red $1.13; No. 2 hard, $1.09%. Corn—No, 1 ■ yellow. 06%: No. 2 yellow. 60%®6-%c; No. 3 yellow, 66 %Ol 00 % c. No 4 yellow, 05% ® tote; No 5 yellow, 65®66%c: No. 0 yellow. 04% ® 65c: No. 1 mixed. 66% 66% No. 2 mixed. 66%®fLc; No. 3 mixed. 00 %c; No. 4 mixed. 05%®65%c: No 5 mixed, 64 % <cl 65 %c. Nm 0 mixe<L 64 %C No. 2 white. 60% ®6-c: No. 3 white, 60 %®66 %c; No 4 white. 6-> % ® 60c Oats—No 3 white, 39®41%e; No. 4 white. 38% ®39 4c. PRIMARY MARKETS (Thomson Sc McKinnon) —Oct. 10 — Herelpt# Wheat. Corn. Oats. Sioux Cite... 8.000 40.000 16.000 St Joseph. !. 71.000 20 000 8.000 Chicago ... 106.000 993.000 448.000 Milwaukee .. 20.000 30.000 97.000 Minneapolis . 71.>000 liuluth ..... 043,000 48.000 10 -000 St I.outs ... 128.000 79,000 94,000 Toledo .. 13.000 14.000 8.000 Detroit . - . 10.000 2.000 2,000 Kansas City.. 228.000 8.000 41.000 Peoria 25 000 82.000 70.000 Omaha ' 78.000 55,000 Indianapolis.. 18.000 73.000 04.000 Tnt.a!# 1 943 000 1.480.000 1.003.000 Year .2:117.000 1.080.000 856.000 Shipment# Wheat. Corn. ot# Siopx City • 22.000 10.000 St Joseph. . . 14,000 20,000 2.000 Chicago .. 58.000 089.000 222.000 Milwaukee 8.000 12.000 31,000 Minneapolis.. 211.000 6,000 212,000 Duluth ... 247,000 St Louts ... 103,000 105.000 88.000 Toledo 14,000 4,000 10.000 Detroit 4.000 Kansas City. 180 000 14.000 7.000 Peoria ... 23,000 134.000 113.000 Omaha . ... 29.000 43.000 40.000 'lndianapolis.. 28.000 14.000 Totals . 888,000 1.077.000 753,000 Year ago.. 784.000 910.000 334,000 Clearances Whrat. Corn. Oats. New York ... 100.000 , Philadelphia.. 118,000 43.000 New Orleans. 148,000 146.000 Totals ... 206,000 18P.000 100,000 Year ago.. 197,000 54.000 INDIANAPOLIS CASH GRAIN —Oet 10— Bids for car lot# of grain and hay at the cal! of the Indianapolis Board of Trade Wheat—Steady: No. 2 red, sl.oß® 1.09. Corn—Steadv: No, 3 white, 01® 62c; No. 4 white, 60® 01c: No. 3 yellow. 61%® 02%e: No 4 yellow. 60%®61%e: No. 3 mixed. 60% ®6lc; No. 4 mixed, o9®Goe. Oats —Steady: No 2 white. 38%®39c; No. 3 white, 37% ® 3Rc. Lav—Easy: No. 1 timothy, $15615.60: No. 2 timothy, sl4 50015: No. 1 light clover mixed, $14014.50; No. 1 clover hay, $13.50014. —lnspections Wheat—No. 3 red. 1 car: No. 3 red. 2 oars; No. 3 hard. 1 car: No. 1 mixed. 1 car; sample, 3 cars Total. 8 cars. Corn—No. 1 white, 1 car: No. 2 white, 8 cars: No. 3 white. 6 cars; No. 4 white, 9 cars: No. 5 white, 5 cars: No. 6 white. 4 cars: No. 1 yellow, 1 car: No. 2 yellow. 4

cars: No. 3 yellow, 8 cars; No. 4 yellow, 14 cars; No. 5 yellow, 15 cars; No, 6 yellow, 17 cars: sample yellow, 1 car: No. 3 mixed, 1 ear; No. 5 mixed, 2 cars. Total. 91 cars. Oats—No. 2 white, 9 ears: No. 3 white, 6 cars: No. 4 white. 2 ears: sample white, 1 car; No. 3 mixed. 1 car. Total, 19 cars. RYE—No. 2, 1 car: No. 3,3 cars: sample, 2 cars. Total. 6 cars. Total number of cars for day. 124. Grain prices quoted f. o. b. basis, 41 %c to New York. LOCAL WAGON WHEAT No. 2 wagon wheat, $1.08: No. 3 white oats. 36c. PRICES ON HOGS LOWER Receipts at Chicago 19,000 With Liberal Holdover. By United Financial CHICAGO, Oct. 11.—Hog prices were 10 to 20 cents lower at the Chicago stock yards today. Receipts were 19,000 with a liberal holdover supply, which made the days ruii considerably in excess of demands. Packers took only about 500 in direct consignments from other markets. Cattle prices were generally steady. Receipts were 13.000. The trade was slow and dull. The packers took out 2,000 in direct shipments and were show to buy the market run. Sheep and lambs sold steady. Receipts today were 31,000 of whicl% only a limited number were taken by the big killers.

Bank & Trust Company Stocks 415 lEMCKE BUILDING

I BUY AND SELL

Through a Sieve 'Woven Fiuer Than Silk Portland cement, to meet the exacting specifications of leading engineering societies and the United States Government, must be ground so fine that at least 78 per cent will pass a sieve having 200 wires per linear inch. A siik handkerchief has but 110 threads per inch —an excellent quality of silk dress goods 187 threads. The watch in your pocket hardly calls for a more complicated and carefully adjusted process of manufacture than the making of cement. Grinding is only one of the many operations required to make it. Yet in grinding alone, see what is required: The rocks from the quarry, often as big as a piano and heavier, go first into a gigantic “coffee mill.” It bites at these huge chunks, chips them, and finally crushes them —to pieces six inches or so in diameter. Two finer mills follow, one after the other, reducing the stones to the size of coarse sand. After this, they must be ground in a great revolving cylinder half filled with steel balls, until every cubic foot of the rock has been reduced to 14 billion pieces—until 85 per cent of them will shake through a sieve that willactually hold water, a sieve with 40,000 holes to the square inch. And all of this is less than half the necessary grinding. The coal must be ground. For the object of all this fine grinding of the raw materials is only that it may be fused into crystalline clinkers. And to fuse it requires pulverized coal—or its equivalent. Most plants use i pulverized coaL The coal must be ground as fine as the raw stone. Eighty-five per cent of it or thereabouts must go through the sieve that holds water. And that often means two grinding operations. There is still the clinker to be ground. It is glass-hard to begin with. It must be ground first to the fineness of sand, and then ground and reground in another cylinder of steel balls —until at least 78 per cent of it will go through the sieve woven finer than silk. Huge bowlders to an impalpable dust. Common coal to an impalpable dust, and finally, after the burning, glass-hard clinker to an impalpable dust That is the making of cement. And eight heavy grinding operations are required in the process. Grinding is only one of the lesser heat and power consuming operations in cement manufacture. PORTLAND CEMENT ASSOCIATION cyf National Organization to Improve and Extend the Uses of Concrete Atlanta Des Moiass Parkersburg San Frasdacs Boston Detroit Los Angelea Philadelphia Seattle Chicago Helena Milwaukee Pittsburgh St. Louis Dallas Indianapolis Minneapolis Portland, Oreg. Vancouver, B.G* Denver Kirnaea City New York Salt Lake City Washington, D.C*

OCT. 11, 1922

DISTRICT HRS METOJfiIC Favoritism in Distribution of Coal Cars Charged at Terre Haute. % By Times Special TERRE HAUTE, Ind., Oct. 11.— Charging favoritism in the distribution of cars to mines along the Chicago, Milwaukee & St. Paul Railroad in this territory, district 11 officials of the United Mine Workers wired President Harding asking him to remedy “this obvious injustice.” Enforcement of the Esch-Cummina law, as it was construed by the President in his speech here as a candidate two years ago, was asked. Harding at that time said the law guaranteed equal distribution of cars, thereby insuring equal work to employes dependent upon transportation facilities, according to the telegram. Many mines in this district have been idle because of the car shortage.

Newton i Todd