Indianapolis Times, Volume 35, Number 267, Indianapolis, Marion County, 21 March 1924 — Page 17

FRIDAY, MARCH 21, 1924

BEARS CEASE IN ► THEIR ATTEMPTS TO BREAK PRICES Professionals Appear Content With Fruits of Week’s Efforts, INDUSTRIALS STRONGER Fractional Gains Are Scfored by Steel, Can, Studebaker and Others, The WALL STREET JOURNAL NEW YORK. March 21.—Industrials were strengthened In the early dealings on the stock exchange today by the remarkable showing of the weekly statements of the New York Federal Reserve Bank, whose ratio rose to $9.5 per cent against 58.7. This figure was less than 1 per cent below the highest attained since the close of the war, explaining the recent pronounced tendency toward easment in the local fcmoney rate. Stocks like Steel, American Can, Studebaker, Bethlehem and other Issues which had borne the brunt of the previous day's selling, scored fractional recoveries. First Hour No recurrence of general selling pressure took place In the first hour. Bear leaders were apparently contented with the results of the week's work and the market as a whole showed a considerably Improved tone. Washington developments were responsible for the recent raid on securities, It is now admitted generally. Professional operators concede as much. They are using the so-called political hysteria to onderrltlne the business confidence, perhaps throw many out of work and frighten the public into selling their securities at a great racriflce. Second ITonr stocks exhibited continued steadiness In the late morning, the volume of dealings showing considerable shrinkage as a result of the disappearance of the selling pressure characterizing the last few sessions. In ♦he motors, indications of a sold out condition were particularly marked. Good inside buying is reported in Chandler following Its decline of over 16 points. Brokers believe the decline in other motors has brought these stocks to an attractive level. Buying was noticeable in the action of Studebaker. * Third Hour P Evidences of the continuance of the short-covering begun early In the session croppdfi out in the noon dealings In the wake of the recovery In a number of Issues recently under pressure. Cheapness of call money proved a boon to the aggressive element as the availability of funds with which to purchase stocks at the low levels reached on the current depression Invited speculation at the bargain countr and commitments on the buying side gradually gained ascendency over the selling orders. Fourth Hour

Call money dropped to 2Vi per cent, the lowest rat® seen since April 24, 1918, save for a casual loan at 2 per cent Just before the close of business on Nov. 3,1919. This decided tendency toward easement caused the shorts to manifes growing uneasiness in the early afternoon, the covering movement gaining in volume. Some impetus was given the bear retreat by rumors to the effect that a bullish statement was coming from Florida. But these reports were without foundation. Twenty active Industrial stocks on Thursday averaged 95.88, off 1.01 per cent. Twenty active rails averaged 81.45, off .05 per cent. Local Bank Clearings Indianapolis bank o'.earinei Friday in f2.41T.000; bank debits were 55.163.000. New York Money Market By United Financial I NEW YORK. March 21.—Due to oontlnI nance of the plethora of idle money In 'New York, call money on the Stock Exchange sank to 2‘i per cent today. This was the official rate and was the lowest since April 24. 1918, when this sort of moiey loaned at that figure. Even this figure was shaded tn the outside market down to 2 per oent. Time money. 4'4 per Tent bid end 4 H per cent offered up to ninety days. Four months. 4 H per oent bid. For longer maturity, 4H and 4% per cent. Exceptional names In commercial paper. 4H per cent; prime names. 4k I other 9. Bulk of business at Ik. Foreign Exchange By United Financial NEW YORK. March 21. —Foreign exchange opened irregular. Sterling, demand. 54.30 H: cables. 54.30 H. Francs, demand. 6.21 Hot cables, 5 220. Lira, demand. 4 28He; cables, 4.29 c. Belgium demand. 4.21 He: cables. 4.22 c. Marks. 4,800.000.000,000 to the dollar. Cseoho, demand. 283 140! cable*. 2 890. Swiss, demand. 17.290; cables. 17.31 c. Guilders, demand. 37.01 c: cables, 37.04a. Spain, demand. 1292a: cables. 12.94a. Swede, demand. 116.33 c: cables, 29.39a. Norway, demand. rS7Bc: cables. 13.82a. Denmark, demand. 16.590; cables. 15 63a. Tank Wagon Prices (Gasoline prices do not Include State tax of 2c a gallon. > GASOLINE —Energee, 220 a gallon; Pnrol. 18.2 c: Bed Crown, 18.2 c; Diamond gas. 18 2c; Crystal Pep. 21c: Target, 18.2 o: Silver Flash, 22e: Siandolind aviation. 230. KEROSENE—Crystalln®, 12.7 c a gallon: Moore Light. 16.5 c: Arciite, 12.7 c; Perfection. 12.70: Solvrnt. 330. NAPTHA —Lion Power Cleaners, 23.6 e a gallon: V. M. & P., 23.5 c; Etandolind Cleaners. 22.5 c. Dressed Beef Prices Wholesale eelllng prices on dressed beef. Swift A Co.t Ribs—No. 2. 30c t No. 1,17 c. bLoins—No. 2. 25c; No. 3.18 c. Rounds—Pißc: No. 3.10 c. Plate* —No. 8,8 c; No. 8. 7c. Raw Sugar Market By United Financial NEW Y'ORK. March 31 —Th* raw sugar market opened lower. May. 497 0 4.97 c: J rfy. 8.04© 5.05 c; September. 6.00®6.Olo; December. 4.52® 4.53 c. Smoke Short Ones LONDON, march 21.—Cigarettes half the usual length are becoming popular here, especially among dano--ara, who are continually throwing £way a halC-flrJghtd smoke at the call ■t m,* a-.*.*

New York Stocks (By Thomas 4 McKinnon) —March 21—

' Ratio rads— Prev. High. Low. 13:45. close. Att Coast L. 121 111) % 120 119 B & O 65 H *3% 65 H 65 % C & O 7014 75 ft 75 M, 75 0 Ic N W Ry 60*4 60 60 % 60 C R I 4 P. . 22% 22*4 22% 2a Del 4 Lacka.ll9% 115% 118 116% Erie 25% ... 25 25% Gt North pfd 65% 65% 65% 65% Lehigh VaT. . 08% 68 68% 68% X Y Central. 100% 100% 100% 100% North Pao. . 60 49% 60 50 Nor & West. 128% 126% 127 128% Reading .... 64 % 64 % 64 % 64 South Ky... 64% 64 64% 64% South Pao.. 85% 85% 85% 85% St Paul ptd.. 2% 25% 25% 25% St L 4 S W 39 ... 38 % 38 % Union Pao .120% ... 129 127% Wabash pfd. 47% 47 47 46% Rubbers— Kelly-Spring . 16% 15% 16% 16% U S Rubber 30% 29% 30 30% Eunliunents — Amer Loco.. 73 72% 72% 72% Baidw L0c0.120% 119% 120 119% Gen Elec ...229 225% 227% 228% Westngh Airb 81 ... 00% 91 West v Elec.. 00% 00% 00% 60% Steels— Bethlehem.. 62% 51% 83 53 Colorado Fuel 32 31% 32 31% Crumble 57 60 60% 57% Gulf States.. 70% 75 75% 70% Rep Iren 4 S 49 48 49 48% V S Steel... 99<4 98% 90% 08% Vanadium.... 26% 25% 26% 20% Motors— Am B Mag.. 25 27% 28 28% Chandler Mo. 50% 49 49% 49% Gen. Motors. 15 ... 14*4 14% Max Mo “A” 47% 47% 47% 4 7 Max Mo "B” 13 ... 13 13% Stud shaker. .. 90% 96 '90% 85% Stewart W 80% 70% 80% 80% Timken 37% ... 87 87% Willy s-O’land. 11 10% 11 10% Oils— CaMf Petrol 24% 24% '24 % 24% Cosden 33% 83% 83% 83%

LIBERTIES FEATURE EARLY BOND TRADING Treasury 4Vis Touch New High at 100.17; Ralls Active. By United Financial NEW YORK, March 21.—Strength of United States Government bonds was the faeture in the early bond dealings today. Treasury 4*4s made a record high at 1000.17. There was little change in the foreign government list. Ralls were in good demand with prices higher. Southern Railway consolidated 6s. 98%, up 1%; Seaboard Air Line consolidated 6s, 80Vi, up V - Tractions were steady. Industrials were Irregular, Punta convertible 7s 116-4, up V4l East Cuba 7%s 107, up Vi; Humble 6V4s, 97%, up Yirgmla-Carollna Chemical 7a 63Vi. off %; 7Vis with Warants 32. off 1; Wilson convertible 6s 82, off IV4-

Produce Markets

INDIANAPOLIS. March 21.—Fresh ’eggs, loss off, 19c; packing stock butter. 20c; springs, over 2 lbs., 22c; fowls 4 % lbs. up. 23c; fowls under 4 % lbs.. 10c; Leghorn poultry. 6 per cent discount; cocks. 13c: stags. 17c; espons. 8 lbs. up. 28c; young tom turkeys. 12 lbs. up, 24c; young hen turkeys. 8 lbs up. 24c; old tom turkeys. 18c ducks. 4 lbs. up. 18c: geese. 10 Iks. up. 14c; squabs. 11 lbs. to the do* . 55.50; old guineas, dor.. $4 50. Indianapolis .Tcruueriea are paying 63c per lb. for butleriat. CHICAGO. March 21.—Butter —Receipts. 8.008; creamery extra. 46 %e: stanoX.!*. 46%c; firsts. 45@45%e: seconds. 4.7% 3 44c. Eggs—Receipt". 17.443: ordinary firsts 19% <3 20c: firsts. 21fi21%e Cheese —Twins. 20% <8 20Vic; Young Americas, 21c. Poultry—Receipts. 3 ears, fowls. 24c; ducks. 28c: gerse. 16c: turkeys. 25c.; springs. 30c: roosters, 17c. Pot n toes —Ra<’eipt. 220 cars; Wisconsin round white. 51.30 <81.60: Minnesota and North Dakota Red River Chios. $1.35® 1.40; round whites. 51.20® 1.35. CLEVELAND. March 21—Butter —Extra in tubs. 50i8 52c; extra firets. 49® 51c: first*. 47® 48c: packing stock. 25® 30c; standards. 49® 51c; prints, lc extra. Eggs Fresh gathered northern extras, 26c; extra firsts. 24c: Ohio first*. 22%®22He: western firsts. 22c. Poultry—Live fat fowls. 26® 27c: springers. 26® 28c: Leghorn*. 23 ®24c; roosters. 17019 - geese. 210122 c; heavy while ducks. 29® 30c; light colored ducks, 24® 25c: medium. 32 035-'; turkeys. 2Sc; stags. 19 0 20c. Potatoes —Unchanged. NEW YORK, March 21.—Flour —Dull, steady. Pork—-Quiet; mess. $24.75025.75. Lard—Steady. Sugar—Raw. 6.91 c: refined steady: granulated, 8.40®8.60c. C ■'*%. — Rio spot. 13%®15%c: Sinto* No. 4. 19% ®2oc. Tallow —Easier; special to extra. 7%®7%c. Hay—Steady. No. 1. $1.50; No. 3. $1.20 61.30. Dressed poultry— Firm; turkey*. 20® 36c: chickens, 22 @ 48c: fowls, 18®20c: ducks. Long Island. 25® 27c; capons. 25®150: ducks. 20®250- Live poultry—3t<-ady; geese. 20® 21c; ducks, 15 ®34c: fowls. 26 0 28c: turkeys, 30®30c; roosters, 17c: chickens, 20® 35c; broilers, 40®550: capon*. 28®40c. Cheese —Steady; State whole milk, common to special. 10® 25c; State skims. 12® 19c; lover grades. 5® 11c. Butter—Weaker; receipt*. 11.001; creamery extra*. 47 %e; special market. 48® 48 %c; Slate dairy tubs. 41®47c; Danish. 48®48%c: Argentines, 42®45%c. Eggs —Weaker: receipts. 33.003: nearby whits fancy. 84® 35c; nearby State whites. 26® 33 %c; western whites, £6®33%c: fresh firsts. 23% ®27c; Pacific coast, 24034 c; nearby brow na, CS % ® 300.

Indianapolis Stocks —March 21— Bid. Ask. American Central Life ......200 .... Amer Creosotlng Cos pfd 97H Advance Rurnely Cos fom -•> Adavnce Rumely Cos pid • • • Belt R R com 74 79 Belt R R pfd 63 ... Century Bldg Cos pfd 98 H • Cities Service Cos com •*• Cities Service Cos pfd....... . . ... Citizens Gas Cos com . 29 31 Citizens Gas Cos pfd ..102 Indiana Hotel com .......... 100 ... Indiana Hotel pfd 400 Indiana Pipe Line Cos 91 H 94 H Indiana Title Guaranty Cos.. 85 . Indpls Abattoir pfd 60 Indianapolis Gas f’l 64 Indpls & Northwestern pfd. . 35 43 Indpls A Southeastern pfd.. . . 45 Indpls St Ry 60 63 Indpls Tel Cos com 1 * Indpls Tel Cos pfd. 90 ... Mer Pub Util Cos pfd -83 ... National Motor Car C 0...... ~ Public Savings Ins C 0...... 12 18 Rauh Fertilizer pfd ......... 49 . Standard Oil of 1nd...... 69H 01H Sterling Fire Ins 10 11 T H I A E com - 2 6 T H I A E pfd 10 20 T H Tr and Lt Cos pfd,-..... 88 ... Union Trac of Ind c0m........ 4 Union Trae of Ind let pfd.. 12H 22 Union Trae of Ind 2d pfd... 7H Van Camp Prod Ist pid... ~ 100 Van Camp Prod 2d pfd...... ~ 100 Vandalia Coal Cos com ...... 3 Vandslia Coal Cos pfd .. Wabash Ry Cos com 16 .... Wabash Ry Cos pfd 40H BAnds Belt R R A 8 Y 4s, May. 1930 81 Broad Ripple ss. July, 1923.. 61 .. . Cent Ind Gia ss. Sept.. 1931.. .. ... Cent Ind P Cos 3s. July 1947 Citizens Gas 3s July. 1942.. 87 88 Citizens Gas 7s, serial 101 104 Citizens St Ry sa. May. 1933 80 U 84 Ind Coke A G 6s. April. 1946 90 93 Ind Hotel 6s. July. 1931 94 H 99 H Ind Hotel Cos 2d 6s( draw. ... 100 ... Ind North 6s, Oct.. 1933 ... Ind Ry A Lt ss. Jan.. 1943. . 80 ..; Ind Serv Cor ss, Jan.. 1950.. .. ... Ind Union Trac ss. July. E 939 , , , Indpls Ab Cos 7Ha. Sept., 31 98 103 Indpls Col ASo 6s. Feb.. 1943 90 H 100 Indpls Gas 6s, Oct.. 1952.. 86 87H Indpls L A H ss, April. 1940 96 90 W Indpls A Mart 6s, Jan., 1932 .. 61 Indpls Nor ss, July. 1033... 42 H 46 Indpls A Nor sa, Mar.. 1923 . 43 43 Indpls A S E ss. Jan.. 1935. .25 . . Indpls 9 A S E 6s. Jan.. ’32 30 ... Indpls St Ry 4s. Jan, 1933.. 63 64 Indpls T A T 6a, Jan.. lt>B3. , 89 91 Indpls Tin Ry ss. Jan.. 1960 94H ... Indpls Un Ry 4 H.A May. ’26 95 H ... Indpls Wa 5Hs. March. 1953 96 H 100 indpls Water 4Hs 89*1 90H Ind Pub Ser 6s. April, 1943 89 H 92 H T H I A E ss, Aug.. '45 . ... 62 63 T H Tr and L 6s. May. 1944 82 Un Trac of Ind 6s. July. ’32 57 60 SillN 82.000 Liberty third 4Hs *.100.20 Local Wagon Wheat Indianapolis mill* and gives tors are paying *1 for No. 8 red wkeati other grades on their merits.

Prsr. High. Low. 12:45. close. Houston OtL. 68% 67% 68 Vi 67% Marland Oil.. 35 % 85 % S3 % 35 % Pan-Am Pete. 47% ... 47 47% Pan-A Pete B 45% 45% 45% 45% Pacific OiK . . fO% 49% 60% 49% Pro and Ref 81 80% 30% 31% Pure Oil 23% 23% 23% 23% Std OH of Cal 60% 60% 60% 60% Std Oil of N J 37 86 % 80 % 37 Sinclair 22% 21% 21% 22 TexSb Cos 41% 41% 41% 41% Minings— Gt North Ore 29% ... 29% 29% Texne G 4 8 60% —. 69% _.. CoppersAm Smelting. 82% 82 82% 82% Anaconda.... 82% 83 82% 83% Kennecott.... 35% ... 33% 35% Industrials— Adv Ruraely. 9 9 9 ~ , Am Can 115% 114% 115 115% Am Woolen 72% 72% 72% 73 Cen. Leather 14% 14% 14% 15 Coca Cola.. 65% 64% 64 %• 64% Cont. Can... 48% .... 48% 48% Davison Ch . 51% 60% 61% 61 Fam Players 65% „..... 05% 04% Gen Asphalt. 37% .... 87% 38 Inter ifarv.. 83% .... 83% 83 Mont 4 Ward 25 % .25% 25 Vi 25% Sears-Roe ..87 87 87 % U S C I P. , 80 78 79 78% U S In Al.„. 69% 68% 68% 68% Utilities— Am T 4 T.,129% .... 129 129% Corf Gas 61% 61% 61% 61% Shipping— Am Int Cor. 18 17% 18 18 In M M pfd.. 21% 27 27% 27 Foods— Am Sugar... 61% 50 60% 61% Am Beet Bg.. 37% 80 37% 37 Corn Prod.. 170% .... 170% 175 COS? pfd.. 65% 65% 05% 05% C-Am Sugar. 84% 33% 34% 84% Punta Alegre 63% 63% 63% 63% Tobaecofr—* Tob Prod (B) 68% 67% 58% 67%

WEAKNESS CROPS IN EARLY GRAINS Wheat Support is Lacking When Bears Begin, By United Financial CHICAGO, March *1. —Opening on the local Board, of Trade today was unchanged to lower. "Wheat lacked buying support early and when sellers began to operate the market slumped. It was quite apparent that traders were mindful that the domestic market approaches the May liquidating session, with heavy stocks and prices out of line with competitive markets. The excellent Argentina corn crop was a salient feature in corn’s downturn. Picking of that crop continues under favorable conditions and shipping consignments are on the increase. This is expected to cut export business here. Oats were steady at the start. The market had numerous strengthening factors, but it was unable to break away from other grains. Provisions were steady with hogs, although cables were unchanged to lower. Chicago Grain Table"” —M arch 21—• WHEAT— Prw Open. High. low. Close. olo**. May .1.04% 105% 1.04% 1.05 103 July .1 00 1.00 % 105% 106% 100% Sept. 1.07% 107% 1.06% 107% 1.07% CORN — May . .78% .78% .78 .78% .78% Ju. v . .79 % .79 f .70% .79% .70% Sept • .79% .80% .79% .70% .79% OATS— May.. .47% .47% .47% A7% .47% July.. .45% .43% .45% .4-5 % .43 % Sept . -42 V* .42 V* 4-1 % .42 .42% I.ARD— Mar. 11 05 1105 11.00 11 00 10 57 RT BS—•Mav .... 900 900 RYE— May.. .67 .07% .07 .07% .07% July.. .68% .69% .08% .60 .69 CHICAGO, March 21—Primary receipt*: Wheat, 533.000. agaJpst 072,000; com. 939,000. against 638.000; oat*. 390 000, agalrst 595,000. Shipment*: Wheat. 451.000. against 478.000; corn. 522.000. against 600,000; oats. 530,000. against 773,000. CHICAGO, March 21—Cor lot receipt*; Wheat. 15: com. 115; oat*. 80; rye, 8.

Grain Briefs

CHICAGO, March 21.—A small decrease in winter wheat acreage In seme of the ; leading winter wheat producing countries of Europe is reported to the United 6tates Department of Agriculture. Canadian farmers who sold their wheat last Octoberi and November received a higher average price than those who have held their grain since Nov. 30. the royal grain inquiry commission was told. Wheat pools hare proved a failure, 3, B. Brown, president of the Farmers Cooperative Association, declared. Legislation can be of no help, as it will not create a greater demand and thereby lessen our surplus stocks, re said. Crews arrived at Ft. William#, Ontario, to man a fleet of ateamers loaded with several million bushels of grain, which will sail shortly after April 1 for lower lake ports. Com If In a better position than wheat. Many who have felt bearish have been among tho best buyers recently. This suggest* they do not believe prides will go much, ts any, lower. Business News WASHINGTON, March 21/—The Department of Commerce figures show that February production of motor vehicles totaled 367.435, against 276.934 in February, 1933, and 122,621 In February, 1922. The combined January and February output tills year la 623,665 passenger vehicles, against 478,592 in 1023, and 69.9J8 trucks against 41,881. NEW YORK —Rediscounted paper held by the Federal reserve system now totals but 8431.251,000, sgainst $2,826.8253)00 at ths high point In November, 1920. Rediscounted paper held by the New York Federal Reserve Bank amounts to but 846,476,000. against $2,826,825,000 at the high point In November, 1920. Rediscounted paper held by the New York Federal Reserve Bank amounts to but $36,470,000. against $989,639.000 at the peak In November, 1920. NEW YORK—Prediction that within a few months American business Interests will be accepting Russian bonds In part payment for large industrial purchases has been made by Charles H. Smith of Detroti. Smith, who went to Russia with the Stevens railroad, commission and who has been living In Chita. Siberia, for a number of years, pro. diets a big increase In Russian trade during the present year. Smith is interested In the Far Eastern Exploration Company, controlling a gold mining concession on the Harga River, Siberia, of which Henry T. Hunt, formerly of Cincinnati, Ohio, 13 president. The Harga field la a recognized producer and before the revolution was activcyl worked. “I have noted a decided change toward Russian trade since I was here two years afo,” stated Smith. “Two years ago American business men would scarcely talk of Russia. Today I am kepi busy by people asking me how to develop connections.’ 1 In the Cotton Market BnUnited Financial jPEW YORK, March 21.—The cotton market opened steady. March. 28.78a, up 10; May, 28.970, up 0, July, 25.36& up 6; October, 25.76 c, up 2. CiQverseed Market Local daalOT an paying flO 013 * bttfli#!

THE INDIANAPOLIS TIMES

HOG PRICES JUMP 15 TG 20 CENTS .< % Broad Demand Soon Absorbs Light Receipts, Hog rrtoe* Huy by Day Mar. 230-300 lb*. 200-226 lb*. 160-180 lbs. 15. 7.70 7.70 7 70 17. 7.80® 7.85 7.75® 780 7.70® 7.75 18. 7.55® 7.00 7.55® 700 7.55® 760 19. 7.65® 7.70 7.80® 7.05 7.60® 7.05 20. 7.05® 7.70 705 705 21. 7.85 7.85 7.85 A decrease in local receipts, coupled with a broad demand from both local and outside sources, resulted in a sharply higher hog market at the local stockyards today, all weights and classes of hogs having sold 15 to 20 cents higher at $7.85. Less than 6,000 head were offered for sale, including 128 carryovers, and a speedy clearance was effected through the combined activity of‘shippers and local killers. No sales over 6r under the $7.85 mark wer salfes at this price having teen 15 cents higher than Thursday's top of $7.70 and 20 cents higher than Thursday's bulk price of $7.65. Sows and pigs were active and strong, pigs selling down generally from $7.25, though a few choice kinds brought as high as $7.40 while sows sold down generally from $6.75 with tops as high s $7. Receipts in the truck division slumped as the result of Thursday’s snow and a light run was expected for Saturday as the condition of highways is not expected to permit heavy hauling in many sections. Activity and strength were features of the cattle market In which prices for good stock tended higher while even the common kinds found a ready market on an unchanged basis. Traders have been pleased during the week with the reception the offerings have received from buyers. Receipts 600. Prices In the calf division were barely steady, though a few odd fancies continued to command sl3 with $12.50 the practical top and sl2 to $12.50 the bulk prices. Receipts 600. Less than 100 head of sheep arrived for market, hut prices were regarded as nominally steady at $16.60 down for lambs and $9.60 down for sheep. *—Hog*—Choice light* ..... 9 7 85 Light mixed J ” Medium mixed •** ,* TV Heavyweight* • Bulk ol *Sea ......• • f ~V:7:*i*e:S ?:2 —Cattle—" Prime cofn-fed steers. 1,000 to 1 800 lb. ~sooloso Good to choice steer*. 1 000 to 1.100 lb* 8 503 8-00 Good to choice steer*. 1 000 to 1 200 lbs 7 00(3 7.50 Good to choice steers. 1.000 to 1.700 lb* 0.03 3 7.50 Common to medium steers. _— 600 to 1.000 lb* o.oo® 700 —Cobi and— Good to light heifer* $ * oO® 9 50 Good heavyweUht 7.253 8 0 Medium heifer* . ..TV. . Common cow* -- . - * <J V"'® "XV Fair cow* 0003 ' gj Conner* 2 26® 3.70 -Balls— Fancy butriier bull* . . ..... .9 6 C*o® OO Good to choice butcher bud*. 0 003 650 Bologna bull* @ 4.70 —Calve*— _ Choice reals *J*.OOJI|OO Good veal* 255? *2 55 Lightweight rein 7 55$ 555 Common Ueavle* ,559® ‘ 00 Top 13.00 —Sh*cp and Umb#—• Extra rhoio* lamb* 3 5 £5 Il#avT lambi *••• Cull lamb* J 3 £ J?? Good to choice J (C £.60 Cull* ...**.* - 3.oo'tf 6.00

Other Livestock CHICAGO, March El.—Cattle— Receipts. 5.000; market, beef steers, yearlings. fat stock, canrfir* and cutters fairly active, steady; early top steers, $11.60; bulk fed steers, early $8(310; bulls slow. weak; Stockers and feeders slow, about steady. vealers steady: bulk top packers, early *0 ffl 10- outsiders up to 810.60 and above. Sheep—Receipts. 7.000; generally Jteady. slow; few early sales fat wooled lambs, sl6 35<816 75: best clipped lambs, early $1475; odd lot ewes, early $11011.35: common around $8 shearing lamba early sls 35® 15.85. Hogs—Receipt*. 47.000. market. 87.80 ££ 7.5 j ; heavy weight. $7.4507 00; medium weight. $7.40 ©7 55; lightweight. $7 1007.5 J: light lights $6 60 3 7 45; packing sows smooth. $0.80®7; packing sows, rough, $6.00©6.80, slaughter pigs. $5.25 © f.lO. KANSAS CITY, March 21 .—Cattle— Receipts. 1,200; calves. 300: market, alow; i killing quality plain; no early sales of beef Steers- stock steady: beef cows, $4.6030: fed helrers, $0.503 8: bulls and calves steady: practical top veals, $7.50; Stockers and feeders scarce, around steady, few tales. $0 3 7.23. Hora—Receipts, 6.600: market. ® 100 higher to shippers: good to choice, 215 to 280-pound averages. $7.26 © 7.35; bulk. 170 to 210-pound averages, so.oo® 7 10- 130 to 100-pound averages. $6.50® 6 80; packing sows, mostly $0.30© 840; stock pUrs, 150 higher- bulk, $5.50©0. Sheep—Receipts, 1,500; killing prices steady; top lambs. $10,251 ewes. $10.75; 8-year-old weathers, $ll.OO, EAST ST. LOUIS, March 21.—Cattle —Receipts, 700; market beef staers strong; native beef gteera. $9.26010; yearlings and heifera, $65007.60; cows. $-1.5005.75; onnnerg and cutter*. $2.600 8.50: calves, $10.25; stookers and feeder*, no sales. Hogs Receipts, 1,200- market 60 to 10c higher; heavy. *7.4507.85; medium, $7.600770; light A $0.90 0 7.70, light lights, *6.25® 7.55; packing sows. *6 35 00.76; pigs, $8 60 07: bulk, $7.40 0 7.65. Sheep—Receipts. 400; market steady ewes. s7® 11.26; Conners and cutters, $2.5007; wool lambs, sl4 ©10.50. EAST BUFFALO, March 21.—Cattle — Receipts, 176; market slow, weak; shipping steers, $0.25 010.75: butcher grades. sß® 9.26; cows *2 06. Calves —Receipts, 1.800; market active, 60c higher; cull to choice, $6 @13.50. Sheep and lambs—Receipts, 6.8O0; market active and steady: choioo lambs, $10017; culls to fair $9.75015.60; yearlings, $0.50015.60: sheep. *4013. Hogs—Receipts, 6.400: market Blow; pigs 25c higher, others steady; Yorkers, $7.50® 8.10: pigs, $7.6007.76; mixed, $808.10; heavy, $6.6007; stags, $4.50@5. PITTSBURGH. March 21.—Cattle—Receipts. llte; market steady, choice $0.76® 10.60 t god, $8.75©9.50; fair, $0.5007.75; yeol calves, $130:8.60. Shep and lambs— Receipts, llte: market, stronger; prime wethers. $11.75 0 12; good. $11011.60; fair mixed $0 010: lambs, $lB 017.75. Hog#—Receipts, 160 double deckers; market .higher; prime heavy, $7.9008; mediums, $8.3008.40: heavy Yorkers, $8.30 a 8.40: light Yorkers. $7.5007.76: pigs. $7 7.26| rough, $0.26 0 6.75: stags, $3.5004. CLEVELAND. March 81,—Hogs Receipts, 8.600; market 100 higher; Yorkers, 57.88: mixed, $7.88; medium, *7.85; pigs, *7; roughs, $6; stags. $4.50. Cattle—Receipts, 200! market steady, unchanged, ftheep and lambs—Receipts, 800: market slow; top, 10.60, Calves—Receipts. 200; market slow, weak; top, $14.50. HEAVINESS CONTINUES IN CURB MART TRADE . Dublller and Durant, However, Score Slight Gains. By United Financial NEW YORK, March 21.—Heaviness continued In the curb market during the forenoon today, the only points of relative Interest being the Improvement In Dublller Condenser Radio and Durant Motors. The latter recovered 1U points and Dublller Improved almost a full point. American Gas and Electric picked up a full point, while the same amount was lost by Gillette Safety Razor. Radio common gained 14, while the preferred was steady. Oils were without feature except Superior 011 7 per cent bonds, which gained six points to |34. Prairie Oil

‘HIGHER-UPS’GET LIQUOR MONEY % (Conilnned From Page 1) “What was this $50,000 paid to Orr for?” "For permits. Orr sold them at sls a case.” "In three months’ time you paid Orr and Murphy $200,0007” ‘‘Yea.*’ ‘‘Who was representing you?" “Col. Thomas B. Felder." ”Wht warehouse were these permits on?” "Every warehouse in the country, about." "Name seme of them?” "The Kentucky Distillery and some other distilleries In Kentucky; Sherwood in Baltimore, Canton, Md., and Overholt In Pittsburgh.” "Did anybody try to prevent you from testifying?” f "My lawyer, George B. Hays.” "How much liquor wia withdrawn in this way?” "About 60,000 cases.** "Who took you to see Felder?** "A friend of mine, William J. Flynn, former head of the Department of Justice bureau of investigation, recommended him to me." "Did you have trouble writh Felder?" "Yes, from the start." “How much did you pay him?" “Five thousand dollars and he promised I would not be indicted." "But you were indicted?” "Yes." Wanted His Scotch "What was the other trouble with Felder?” "He offered me $250,000 to give up my 7.100 cases of Scotch whisky I Imported for legitimate purposes." "Who was this whisky to go to?” "It was goliTg to be handled through William J. Fallon. After I refused they came to me and asked mo If 1 would take $42,000 to ship the liquor to England. Because I wouldn’t accept that proposition, Felder threw me out of his office.” William R. A. Hays, manager of the Columbus branch of Samuel Unge'rlelder, stock broker, was the first witness. Mrs. Roxie Stinson, divorced wife of Smith, testified last week the Attorney

A CONSERVATIVE S% INVESTMENT I Commonwealth Loan Company Preferred Stock

The Business HE business of tlio Commonwealth *■ Loan Company was founded in 1887 by J. H. Aufderheide and successfully operated by him as an individual until the incorporation of the present company in April, 1922. The company makes loans to worthy persons who lack access to ordinary banking channels, for necessitous purposes in strict compliance with the laws of the various states where branches ar'b operated. The business of the corporation is diversified and distributed over a wide range and is not affected b} r depressions in any particular business or which may be peculiar to any particular territory. Organization THE Commonwealth Loan Company Is managed efficiently by officers and employes who have grown up with the business. A majority have been with the company for years and the character of the entire personnel is assurance that the company will be supervised and managed by experienced and seasoned persons. A working organization started over thirty-seven years ago is surely qualified to conduct the business of the Company along progressively aggressive, yet safe and sane, lines.

Thirty-Seven Years Without Loss to Any Investor

. COMMONWEALTH LOAN COMPANY ** PREFERRED STOCK, TAX EXEMPT Price Par, SIOO.OO Per Share umM h :i Descriptive Booklet on Request J. H. AUFDERHEIDE Investment Securities , Established 1887 THIRD FLOOR GUARANTY BUILDING (On the Circle) Telephone MA in 0899 Indiana Security Commission Issuer's License No. "617

General’s Intimate friend dealt heavily In stocks through Ungerlelder. Hays testified Smith carried an account in the name of "William R. A. Hays number 2” and that Smith opened an account for Mrs. Stinson listed as “William R. A. Hays number 3.” "What did you do with the stocks in that account when Jesse Smith died?" aaked Senator Wheeler. "Smith told me a week before he died to sell them and put the pro ceeds In Liberty bonds. I did." Gave Bonds to M. Daugherty "What did you do with them ultimately?” "I gave them to Mel Daugherty as executor of Jesse Smith’s estate." "You did that notwithstanding you knew these stocks were hers?” "Yea. Smith also had money in the account. Smith had said if Roxie Stinson wanted any money to pay It to her.” Senator Aahurst and Wheeler opened fire on Hays for turning the money over to Daugherty when Smith had told him it was not his account hut a "blind one,” for Mrs. Stinson. “You are an unfaithful trustee, and I wculd’nt trust you with 10 cents. You ought to he sued for embezzlement,” said Ashurst. "Mr. Stenographer, I said this man should be sued for embezzlement," Ashurst added. "Change that to unlawful conversion.” VanderHp Subpoenaed "When the committee waa called to order, ex-Senator Chamberlain of Oregon, associate counsel for Daugherty, asked that a subpoena be issued fer Frank A. “Vanderlip, New York financier, who la assisting Senator Wheeler In the investigation. Chairman Brookhart said the question would be Bettled In executive session. Wheeler than started to read telegrams sent by Jesse Smith from Washington and from Washington Court House, Ohio. Howland protested, but was overruled by Wheeler. "Are we going to be shown any courtesies by this committee at all?” asked Howland. "You talk about courtesies,” said Wheeler, "we have the spectacle of the Department of Justice sending men all over the country to investigate the members of the committee." Ask for Courtesies “Every day the Attorney General puts out statements attacking the

character of the witnesses who have appeared before the committee. And then you ask us to extend courtesies to a man who is acting like that?” said Wheeler. The spectators broke out in prolonged applause. "We are going to try to get- at the records of Mel Daugherty’s bank,” continued Wheeler. "Yes, and we’ll he there when you try," shot back Chamberlain. Asa result of the altercation the committee deferred reading the telegrams until later. FIVE M’CRAY * JURORS SEATED (Continued From Page 1) William E. Rummel, 4130 N. Capitol Ave., coal and building material dealer. Rummel was challenged by the defense for cause, and excused, when he said he had formed an opinion. His place was taken by Albert Hendricks, Franklin Township farmer, who said he had not formed an opinion in the case. He was left in the box. The defense exercised its fourth peremptory challenge and excused John Graham, Franklin Township farmer. His place was taken by Lenis Elder, Perry Township, R. R. E, wholesale florist at 249 N. Delaware St. Ray Morgan, speaker in the State House of Representatives, was a spectator at the morning session. He stood in the hack of the room. Judge ChamberEn attempted to gain tune by questioning some of the prospective Jurors himself. He went Into the matter of how firmly fixed their opinions as to the guilt or innocence of McCoay might be. He indicated ha was not Inclined to excuse Jurors unless they felt !t was absolutely Impossible for them tp give McCray a fadr trial. Influenced by Testimony The flrst prospective Juror called today ■was F. C. Reicherd, He said he had formed am opinion from reading of the testimony of I. Newt Brown In the McCray bankruptcy case. After close questioning by the Judge, Reicherd was excused. Seventy-five prospective Jurors had been examined and sixty-four excused.

Safety COMMONWEALTH LOAN ' COMPANY Preferred Stock is a safe investment in a sound and prosperous business that renders a necessary service to many thousands of persons and earns a satisfactory profit on that service. The assets of the company aro liquid assets and not subject to varying inventories as the company deals only in money. The close, personal management with years of experience and the demonstrated earning ability of the company offers the maximum "of safety and conservatism. Security for the Preferred Stock is $500,000 of Common Stock fully i>aid up, and over $175,000 earned surplus. Purpose of Issue THE business has grown steadily and naturally to the point where the demand for loans makes it desirable to secure additional capital. It is the purpose' of this issue to supply funds which can be immediately and profitably put to work in the business. The entire proceeds of the Preferred Stock issue will be utilized to "make loans on satisfactory security or collateral to individuals of good character and credit rating. At present the total assets aggregate more than a million and a half dollars.

w r hen court convened. Nearl all were released because they said that they had formed opinions as to the guilt or innoncence of the (governor. First News of Trial Twelve were dismissed after questioning Thursday. The day also was marked by the appearance of the first prospective juror who admitted that until he entered the courtroom he did not know McCray had been arrested —Albert W. Murphy, well contractor, Lawrence. He said he had no opinion whatever about the case. Michael A. Ryan, defense attorney, then proceeded to ask the usual questions about acquaintance with persons connected with the case. "Do you know Harry New?” Ryan asked. "Ik that the fellow who was running for Senator?” the Juryman Inquired. Ryan passed him and he still was In the box when court convened today. Levi Reynolds, farmer, Camby, was excused peremptorily by the defense. Lyman a Graham, Forty-Second St. and Sherman Or., insurance claim Investigator, jvas put in his place. More Excuses Graham was excused because he said he had an opinion. Roy H. Meek, railroad shopman, Oaklandon, put in his place, remained in the box. Henry Haverkamp, gardener, living south of the city, was excused because he said he had an opinion. He was replaced by Chris H. Hause, farmer, R. R. F, who tvas excused because he ‘was neither householder nor freeholder. Richard Hennlnger, plumber, Franklin township, was put in his place and immediately excused because he said he had an opinion. The seat remained vacant. Lewis Harmon, Beech Grove, farmer, excused peremptorily, was replaced by Harry E. Goldstein, 216 E. Forty-Ninth* St. Goldstein was excused because he had an opinion. He was replaced by Murphy. Wray Searching for New Material John Griffith Wray, Thomas H. Inca director, whose latest success is a plcturization of Eugene O’Neil’s dramatic materpiece, "Anna Christie,” is now In New York City in search of anew Btory vbehlcle which will oqed opportunities for magnificent characterization and tense situations equaling those of the production in which Blanche Sweet has staged such a spectacular "come-back.”

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