Indianapolis Times, Volume 43, Number 188, Indianapolis, Marion County, 16 December 1931 — Page 15

DEC. 16, 1931.

STOCK SNARES WEAKEN AFTER INITIAL RALLY Publication of Short List Unsettles All Sections of Board.

Average Stock Prices

Average of thirty industrials for TuesU P 1 38. Average of twenty rails 77, off .10. Average of twenty utilities 71 S3 ott I *®' Avera(?e ot forty bonds BY ELMER C. WALZER United Press Financial Editor NEW YORK, Dec. 16.—After a brief period of strength with prices rising fractions to 2 points, the stock market turned downward. United States Steel touched 39%, off 1% points from the previous close. This was the lowest level since 1915, when it sold as low as 38. Before that year it did not touch today’s level in the years from 1908 on. In 1908 it sold as low as 25%. Wall Street attributed the decline in the general market to publication by the Stock Exchange of the short positions in all stocks. This comprehensive list was published by the exchange to show the relatively small amount of short transactions and prove its contention short selling is a necessary phase of the market. Rails Turn Down Earlier'in the day when prices were rising traders disregarded this decline and based buying operations on anticipation of heavier orders from automobile companies later in the year and in the first part of 1932. Railroad shares turned down after early firmness. Pennsylvania made a record low at 17%, off >4 and several issues like Nickle Plate, Missouri-Kansas-Texas and Alleghany Corporation also made new lows. Pittsburgh & West Virginia crashed 15 points to anew low at 11. Loew’s preferred broke 14% points to 57. American Telephone came near its 8-year low in the communications. Utilities lost early gains. Auburn Unsettled Tuesday night Richard Whitney, president of the exchange, speaking before the Syracuse Chamber of Commerce, said the short business accounted for only 5 per cent of the market activity and long liquidation for the other 95 per cent. However, when the exchange report today revealed a short interest expansion in Auburn —13,000 shares on May 25 to 30,672 shares on Nov. 2 and 51,301 by Nov. 30—that issue began a series of wide fluctuations. Auburn reached 129 in the early trading, where it was up 5 points from the previous close. Later it dipped to 124V2. Steel shares appeared to be under some pressure on the decline in steel operations from 26 Vs to 25 per cent of capacity.

Bank Clearings

INDIANAPOLIS STATEMENT —Dec. 16— Clearings $2,960,000.00 Debits 6.092.000 CO TREASURY STATEMENT —Dec, 16— Net balance lor Dec, 14 $49,021,795.90 Customs rects. mo. to date... 12.863.876.60

Mew York Curb Market

(By Thomson & McKinnon) —Dec. 16— 11:001 11:00 Alum Cos of Am 63 limp Oil of Can. 7% Am Cvnamid .. 2% | rnsull Ut 7% Am G tz Elec.. 36 %! Int Pet 8% Am Sun Pwr... 3'. Midwest Ut 6% Ark Gas A 2% Mo Kan Pipe... 1H Ass G & Elec.. 4% Nat Inves .... 2% Braz P & Lt... 8% Newmont Min... 11 Can Marc 1 Nia Hud Pwr... 6 Cent Sts Elec... 1% Niles 8 Cities Serv 5V* Penroad .. 2 Cons G of Balt 59% St Regis Paper. 3_ Cord 7 Sel Indus Slec Bnd & Sh.. 9% Shenandoah .... 1% Gen Avia 2% Std of Ind .... 16V Ford of Can... 9% Un Gas A 1% Ford of Eng.... 3% Ut Lt & Fvr... 6% Fox Thea Vi Un Verde 3% Goldman Sachs. 2 !Ut. & Indus 2 ? Gulf Oil 27 Ut Pwr B 2-* Hudson Bav 2 |United Fndrs ... 1% Humble OH ... 46%l

Investment Trust Shares

(By Gibson <fc Bernard) PRICES ARE TO 12 NOON C. S. T. —Dec. 16— Bid Ask. Am Founders Corp com 7 a 1 Am & Gen Sec A 5 •••,, Am Inv Tr Shares 2% 2 s Basic Industry Shares 2% ... Collateral Tr Shares A 3% 4% Cumulative Tr Shares 3% 3% Diversified Tr Shares AR 6% ... Fixed Tr Oil Shares 2% ... Fixed Tr Shares A <% .... Fundamental Tr Shares A 3% 3-., Fundamental Tr Shares B 3% 4% Leaders of Industry A 3% Low Priced Shares 33% Nation Wide Securities 3% 3% Selected American Shares 2% 2-, Selected Cumulative Shares .. 5% 6% Selected Income Shares 3% J n Shawmut Bank Inv Trust 2 4 Std Am Trust Shares 3% 3 a Super Oorp of Am Tr Shares 3 , 3% Trustee Std Oil A 3% ... Trustee Std Oil B 3 3 s Unified Service Tr Shares A.. 2% 2^ U S Elec Light & Power A.. 16% 18% Universal Trust Shares 2 i 3 ,

New York Bank Stocks

(Bv Thomson & McKinnon —Dec. 15Bid. Ask. Bankers 50 Brooklyn Trust 160 110 Central Hanover 109 113 Chase National 25% 27% Chatham Phoenix Natl .... 15 1 , 17% Chemicai 24 % 26% City National 35 Corn Exchange 561a 59% Commercial 142 150 Continental 15 Empire 19% . 21 % First National 1.850 1.950 Guaranty 248 253 Irving 15% 16% Manhatten & Company ... 28 30 Manufacturers 29 New York Trust 72 75 Public 19i 21% Chicago Stocks Opening (Bv James T. Hamill & Oo.) —Dec. 16— Ass Tel Util... 15 Insull com 7% Bendix Avia . ... lfVlnsull nfd .... 26% Bore Warner .. 10 Unsul 6s 40 ... 39% Cent So Wst.. . 6V. Lib McNeh prod. 4 Cent Pu Serv A 1% Mo Kan Pipe Ln 1% Cord Corp .. .. 7%'Middle West... 6%. S°J li : 17%iwm U (te n co. s '.V. ift &Ws #n ;;12 r< swift linu ..... 20% Gt Lks Arcift. .. 1 ' jiZenlth Nadio ... % New” York Liberty Bonds - Dec :. ls r 98 6 4th i22 8 Treasury 4%s fij;Treasury 4s *22 „ Treasury 3%s of 47 21?. Treasury 3%s of 43 (March). ■■. 94 15 10 Lashes. 10 Days for Wife Beater By United Press ROCKVILLE. Md., Dec. 16.—Ten lashes on the bare back and ten days In Jail is the punishment decreed by Judge A. L. Wilson for Joseph C. Carlton, carpenter, who was convicted of beating his wife. Under an old Maryland law, the whipping will be administered on the last day of Carlton’s Jail sentence.

New York Stocks — “ ißv Thomson At McKinnons 1

—Dec. 16— Prev. Railroad*— High. bow. 11 30 close. Atchison 85% 84 84% 84% At! Coast Line 29 29 Balt 4c Ohio 18% 17 17 17*. Chela tz Ohio . 27'* 26% 26% 26% Chcsa Corp .... 16 15% 15% 15% Chi Grt West 2% Chi N West 6% 6% 6% ~* C R I tz P 9V* 8% Del L & W 21 20 % Del & Hudson 69 68% Erie 5% Great Northern 18% 18% 18% 18% Illinois Central 10% 10% 10% 10% Kan City So 8 7% 8 7% Lou & Nash 21% 21% M K & T 5% 4% Mo Pacific 7% 7% 7% 7 Mo Pacific pfd.. 15 14% 15 15% N Y Central... 29% 27% 27% 28% Nickel Plate 3% NY NH tz H 19 18% 18% 19% Nor Pacific 17% 16% 16% 16% Norfolk tz West 114 113 V, 113% 114% O & W 6 5% 5% 5% Pensylvama 18% 18% 18% 18% Reading 31% 31% Seaboard Air L.. % % V* ... So Pacific 29% Southern Rv 7% 7% St Paul 1% St Paul nfd 3 2’/. 2% 3% St L & S P 3% Union Pacific .. 77 75% 75% 76% Wabash 1% 1% W Maryland 5% West Pacific 2 Equipments— Am Car tz Fdv. 6% 6% 6% 6% Am Locomotive 5% Am Steel Fd 5% 5% 5% o% Am Air Brake S 14% 14% Gen Am Tank 50 30 General Elec 25% 24% 24% 25 Gen Rv Signal. 22 22 Lima Loco 14% N Y Air Brake. b% Press Stl Car ... ... .1 % Pullman 17 16% 16% 16% Westlneh Ar 8.. 12 11% 12 11 Westingh Elec.. 28 26% 26% 21% Rubbers— Firestone 13% 13% Fisk % % Goodrich 4 3% 4 4 Goodyear 16% 16 16 16 Kelly Sortrfld 1% 1% Lee Rubber l.* U S Rubber 3% 3% Motors— Auburn 129 125 126 124 Chrysler 13% 12% 13 13 Graham Paige.. 3% 3'/a 3% 3-, General Motors.. 23% 23 23% 23% Hudson 10% Macic i3% 'i3% 'i3% 13 3 Marmon ..... 1% Nash 15% 15% i5 Va 15V, Packard 4% 4 4 4% Pierce Arrow 5 9% Reo 3% Studebaker ... ... 11% Yellow Truck ... 3% 3!/4 Motor Access— Am Bosch ... ... 6% Bendix Aviation. 16% 16% 16% 16% Borg Warner 9% 10 Briggs 8% 8 8 8% Budd Wheel .... 3% 3% 3% 3% Campbell Wy 7% 7% Eaton ... 6% 6% El Storage B ... 25% 25% Hayes Body i% 1% Houda 2% 3 Motor Wheel ... ... 5% Sparks W 2% Stewart Warner. 5% 5 5 5% Timkln Roll 18% 17% 17% 19 Mining— Am Metals 5% 5 5 5% Am Smelt 19 18% 19 18% Am Zinc 2% Anaconda Cop .. ll'/a 10% 10% 10 Cal tz Hecla .... 3% 3% 3% 3% Cerro de Pasco.. 13 12% 12% 12% Dome Mines 7% 7% Freeport Texas.. 15% 15 15% 15% Granby Corp ... 5% 5% 5% 5% Great Nor Ore.. 10% 10% 10% 10% Howe Sound 12Int Ilckel 7% 7% 7% 7% Inspiration 3 Kennecott Cop.. 10% 10% 10% 9% Magma Cop ... ... 73/ 8 Miami Copper 32% Nev Cons 5% 4% 5 4% Texas Gul Sul.. 21% 21 21 21% U S Smelt 16 15% 16 16 Oils— Amerada 14% 14% Am Republic 1% Atl Refining 9% 9% 9% 9% Barnsdall 4% 4% 4% 5 Beacon ... 'lO Houston 4 Indian Refining 1% Ohio Oil 6 5% 5% 5% Mex Sbd 7% 6% 7 6% Mid Conti 5% Pan-Amer (B) 21 Phlllios 5 4% 4% 5 Pr Oil tz Gas 5% 5% Pure Oil 4% 4 % Richfield ... ... 14 Vi Royal Dutch... 14% 14% 14% ... Shell Ull 3% 3% Simms Pt 4 Sinclair 4% 4% 4% 4% Skellv 2 7 /a 2% Standard of Cal 25% 25% 25% 26% Standard of N J 29% 28% 29% 29% Soc Vac 10% 9% 10% 3% Texas Cos 13 12% 12% 13 Union Oil 12% 12% 12% 12% Steels — Am Roll Mills... 8% 8% 8% 8% Bethlehem 22 20% 20% 21% Byers A M 13 12% 12% 12% Colo Fuel 7% 8 Cruc Steel 23% Inland ... 20 20 Ludlum ... 5 5 McKeesport Tin. 49% 48% 48% 49 Midland 9% Newton 2% Repub I & S 4% U S Steel 42% 40% 40% 41 Vi Vanadium 13% 12% 13V* 12% Youngst S & W 8 7% Youngst S & T 15 15 Tobaccos— Am Tob A (new) .. . 70% 70 Am Tob B (new) 72% 71% 71% 71% Con Cigars 21% 21% 21 % 21 General Cigar 28% ... Lig & Myers 8.. 46 45 45 44% T.orillard 13% 12% 13 13 Reynolds Tob .. 35 34% 34% 34% Std Com Tob 2 Tob Pr A 7 Tob Pr B 2Vi 2Vi Utilities— Abttibi <>% Adams Exp 3% 3% 3% 3% Am For Pwr 7% 6% 7 7 Am Pwr & Li.. 13% 12% 12% 13% A T & T 123% 120% 121 123% Col Gas tz El.. 14% 14% 14% 14% Com & Sou... 3% 3% 3% 3% FI Pwr L1...'.. 11% 10% 10% 10% Oen Gas A 1% 1% 1% 1% T ntl T & T ... 9 8% 8% 8% Natl Pwr Li . 12 11% 11% 11% No Amer Cos.. 32'31% 31% 32 "ar. C-as El 32% 32% 32% 32 Pub Ser N .T 52% 51% 51 % 51% Po Cal Edison. 30% 30% 30% 30 .Ptd O El 29% 27% 27% 28% TTni%d Corn 9 8% 8% 8% TTt Pwr tr L A. 8% 8 8% 8% West Union 47 45% 46 46% Shinning— Am JrM Corp 5% 5% N Y Ship 3% atl Gulf As W I 12% ... No Gm Llc’d ... ... 5 United Fruit... 20% 19 19 18% Tonds— Am Sug 36% ... Armour A 1 1% Be-chnut Pkg 38% Cal Pkg 8% 8% C"r> Drv 14 13% uhilds Cos 8 7% 7% 7 roce Oolft 109% 110% Pont Baking A.. .. ... 5% 5% Corn Prod 41 4040 39% urm Wheat. *2*/* Cudahy Pkg 32 31 Unban Am Sug. .. ... 1% 1% Gen Fonda 30% 30% 30% 30% Grand Union 7% 7% Hershev ™ ' -"met Tea 31 29% 31 29% Vroger 13% 13V, 13% 13% N-t Biscuit 39% 38% 38% 39 ->(!’ %irr 21 20% —itr Bag .... 13 1"% 12% 12% r- "evay St 44 43% 44 41% 3‘d Brands .... 11% 11 11% 11% n-e-s—----n'otv Inc 33 v-mbert Cos .... 51 49% 50Vi 49% lehr) & Fink ... ... 19% Industrials—'m Radiator ... 6 5% 6 6 't’—’i Term 16% 16% '"ertainteed 2% Gen Asphalt ... 11 10% 10% 10V, Otis Elev 17% Indus Chems—''lied Chem ... 70% 67 5 ' 67% 68% Uom Solv 7% 7% 7% 7% Union Carb 30% 29% 29% 29% U S Ir.d Alco ... 27% 26% 26% 26% Retail Stores— Asso Dry Gds.. .. ... 6% 6% Gtmbei Bros 2% Kresge S 5.... 17 16% 16%% 17 May D Store 17% 17

Net Changes

By United I'ress NEW YORK. Dec. 15.—Closing prices and net changes of principal stocks on the New York Stock Exchange follow: Up. Off. Allied Chemical 68% % ... American Can 63% 1% American Smelting 18% ... % American Telephone 123% 1% ... Auburn 124 5 Bethlehem Steel 21% 1% ... Case 40 2 s * ... Consolidated Gas 62 % ... Du Pont 53% 1% ... Electric Power 10% % General Electric 25 % General Motors 23% % ... Internatl Tele unchanged.. 8% ... %.. Kennecott 9% ... % LoewT Inc 26% % ... Montg Ward unchanged... 7 Nat Biscuit 39 1 ... N Y Central 28% % ... Nor/h American 32 1% ... Penn R R 18% Radio 5% % ... Sears Roebuck 33% % ... Stand OH of Cal 25% % ... Stand of N J unchanged..*2s% Transamerlra unchanged .. 2% U S Steel 41% ... % Westinghouse El 27% % Woo'worth 40% % ... Marriage Licenses Henrv N. Beers. 26. aviator. Washington Beach. N. Y.. and Eunice Du Puy. 22. Golden Hill. Indianapolis. Harold Alltop. 20. woodworker, 1416 Roach street, and Anna Skaggs. 18. of 1128 West Twenty-eighth street. Building Permits Arvlne Mazingo. repairs. 112 Charles. $175. Book waiter-Ball-Greathouse repair elevator. 1520 North Capitol. $350. Campbell Oil Company, station. 1011-13 N. Emerson. $2,500. Edward Hail, rcroof, 2614-20 Broadway. *T*‘

Mont Ward 7% 7% 7% 7 Penny J C 28% 28V, 28% 28% Schulte Ret St 4 4 Sears Roe 23 V. 23 33 32% Woolworth 41% 40% 40% 40V* Amusements— Bruns Balke 2% 2% Col Graph 2% 2% Eastman Kod 85% 82’i 82% 84V* Fox Film (A1 3% 3 Grigsby Grunow 1 % Loews Inc 27% 26% 26% 26% Param Fam 7% 6% 6% 7 Radio Corp .... 6 5% 5% 5% RKO 1 1 Warner Bros .. 32% 2% 2% Miscellaneous— Airway App ... ... 1 % Congoleum .... 9 3% 9 9 Amer Can 63', 61% 61 Vi 63 % Cont Can 33% 32% 32% 33% Curtiss Wr 1% 1% Gillette S R.... 11% 10% 10% 10% Real Silk 2% Un Aircraft 12% 12 12 12 Int Harv 25 24 Vi 25 24 V 4 J I Case 4i% 39% 39% 40

The City in Brief

L. W. Rassow of the United States Rubber Company will explain the procedure of installing ‘‘standard costs” in the rubber industry tonight before members of the Indianapolis chapter of the National Association of Cost Accountants at the Chamber of Commerce. The meeting will be the third of a series of similar discussions. Dinner will be served at 6:30. S'inal 1931 meeting of the Indianapolis Real Estate Board will be held at 12:15 Thursday at Hotel Washington. Prospects for next year and building costs will be discussed. New quarters of the Western and Southern Life Insurance Company have been opened at 705 Merchants Bank building. The Indianapolis office formerly was located in the Odd Fellow building. Ernest Cohn will be the speaker at a luncheon meeting of the Indianapolis Ad Club at the Columbia Club Thursday. He will talk on ‘‘How to Analyze an Advertising Medium—and an Advertisement in Any Medium.” Cohn is past president and former director of the Ad club. Final standings in the Boy Scout “air derby” contest for promotion in rank will be made tonight at the district court of honor, to begin at 8 o’clock in the Cropsey room of Central library.

Produce Markets

Eggs (country run)—Loss off delivered in Indianapolis, 22c; henery quality No. 1, 25c; No. 2,15 c. Poultry (buying prices)—Hens weighing 5 lbs. or over. 14c: under 5 lbs.. 13c: Leghorn hens, 10c; broilers, full feathered, 3% lbs. and up. 13c; barbeback, 11c; Leghorn broilers. 10c; spring chickens, 5 lbs. and up. /3c: under 12c: old cocks. 7c; ducks, full feathered. 9c: geese. 6c. These prices are for No. 1 top aualitv Quoted by Kingan & Cos Butter (wholesale)—No. 1. 30®31c: No. 2 28@29c. Butterfat—2Bc. Cheese (wholesale selling price per pound l —American loaf, 23%c; pimento loaf. 25 3 4 c; Wisconsin firsts, 19c; Longhorns, 19c; New York llberger, 30c. By United Press CINCINNATI. Dec. 16.—Butter—Steady; creamry in tub lots according to score, 23 @27c;, common score discounted 2®3c; packing stock. No. 1. 20c; No 2,15 c; No. 3. 8® 10c; butterfqt, 24@26c. Eggs—Firm; cases Included: Extra firsts, 28c; firsts, 24c; seconds, 20c; nearby ungraded, 25c. Live poultry—Thin and coarse stock sells only at heavy discount; fowls. 5 lbs. and over, 16c; 4 lbs. and over, 13%c; 3 lbs. and over, 12c; Leghorns, 3 lbs. and over, ll%c; roosters, 10c; broilers, colored. 1 lb. and over. 18c; 1% lbs. and over, 18c; 2 lbs. and over. 18c; fryers, 3 lbs. and over, 16c; partly feathered, 10c; Leghorn broilers. 1 lb. and over, 16c; 1% lbs. and over, 16c; 2 lbs. and over, 12c; Leghorn stags. 12c; black springers. 10c; roasting chickens. 4 lbs. and over. 17c; ducks, under 3 lbs., sell at liberal concessions; ducks, white, 4 lbs. and over, 13c; under 4 lbs., 10c; colored, 4 lbs. and over, 13c; under 4 lbs., 10c; capons. 8 lbs. and over, 25c; under 8 lbs., 17c; slips, 15c; spring guineas. 1% lbs. and over, 15c; 2 lbs. and over, 20c; guineas, old, 10c; turkeys, No. 1 hens. 8 lbs. and over, 25c; young toms. No. 1, 10 lbs. and over. 25c; No. 1 old toms, 21c; young toms, over 15 lbs., 24c; crooked breasted, 15c; No. 2,15 c; hen turkeys, under 8 lbs and toms under 10 lbs., sell at liberal concessions. By United Press NEW YORK, Dec. 16.—Potatoes—Market. steady; Long Island, 75c®2.15 barrel; Idaho, s2<fi4 sack; Bermuda, ss@lo barrel; Maine, [email protected] barrel; Canada, $1.40® 1.50 barrel. Sweet potatoes—Market, weak; Jersey, basket, $1.75; southern, basket, 30@60c. Flour—Market, quiet; spring patents, [email protected]. Pork—Market, easy; mess, $18.25. Lard—Market, dull; middle west spot, .06®.061. Tallow—Market, easy; special tb extra 3i/b@3‘/,c. Dressed poultry —Market, steady; turkeys, 22®32c; chickens. 14@33c; fowls. 10©23c; 'broilers, 18 ©2Bc; capons, 20@38c; ducks, 13@20c; Lon§ Island ducks, 19c. Live poultry— Market, dull; geese. 14®21c; ducks, 18© 20c; fowls, 9@l9c: turkeys. 20©30c; roosters. 10®llc; chickens. 11©23c: broilers. 15@20c; caponus,- 25©30c. Cheese— Market dull: state whole milk, fancy to special, 13%@18c; young America, 14% ® 15c. By United Press CHICAGO. Dec. 16.—Egs—Market, unsettled; receipts. 3,854 cases; extra firsts. 24c; firsts. 23c: current receipts. 20©22c; seconds. 12® 15c. Butter—Market, steady; receipts. 5.881 tubs: extras. 29c: extra firsts. 27%©28c; firsts. 24@25c; seconds. 23G23%c: standards. 27c. Poultrv—Market unsettled; receipts. 3 cars: fowls. 13®15c; springers. 14®14%c: Leghorns. 11c: ducks. 13®16c; geese. 12c: turkeys. 18®24c; roosters. 10c. Cheese—Twins. 13@13%c; young Americas. 13%®13%c. Potatoes—On /rack 265; arrivals. 75: shipments. 396; market, dull: Wisconsin Round Whites, 75©80c: Idaho Russets. [email protected]; Minnesota Red River Ohios, sl. By United Press CLEVELAND. Dec. 16.—Butter—Extras, 33c: standards. 31c: market, steady. Eggs —Extras. 27c: firsts. 23c: market, easv. Poultry—Heavy fowls. 19@20c: medium. 16 © 17c: Leghorn. 16© 18c; heavy broilers, 16©18c; Leghorn broilers. 13@i5c: ducks. 15© 20c: old cocks. 12® 14c; geese. 13c.; voung turkeys, 27c: market, steady. Potatoes—Ohio. 50@55c per bushel sack: Maine green Mt. mostly sl.lO per 100-lb. sack: Idaho Russet mostly $2®2.15; lew $2.25 per 100-lb. sack. DEMAND NEW HOME Women Voters Ask Another Site for Children. Demand that county commissioners obtain another site for the Marion county juvenile detention home, so playground facilities be afforded the children, was made by a special committee of the League of Women Voters, at a conference with commissioners today. Criticism of the home has been widespread because there is no outdoor recreation space at the present location, 225 East Michigan street. committee also praised the work of Miss Susanna Pray, head of the home, and urged, if any change be made in superintendents that one be appointed who is acquainted thoroughly with juvenile delinquency problems. Commissioners present were George Snider, Dow Vorhies and Thomas Ellis, who will succeed John Shearer on Jan. 1. In the Air Weather conditions at 9 a. m.: Southwest wind, 5 miles an hour; temperature 32; barometric pressure 30.31 at sea level; ceiling, hazy; visibility, unlimited; field good. NEW YORK COFFEE RANGE —Dec. 15High. Low. Close. March ................ 5.65 5.60 5.60 Mav 5.85 5.72 5.72 July 5.94 5.83 5.83 September 6.00 5.93 5.93

THE INDIANAPOLIS TIMES

HOGS CONTINUE DOWNTREND ON LIGHT DEMAND All Slaughter Class Cattle Slow; Changes Are Scarce. Hogs were steady to 10 cents under Tuesday's prices this morning at tlie Union Stockyards, lights showing the most loss. The bulk, 130 to 300 pounds, sold for $4.10 to $4.25; early top holding at $4.25. Receipts were estimated at 6,000; holdovers were 512. In cattle all slaughter classes were slow. Not much change was apparent in local conditions. Receipts were 70J. Vealers held unchanged at $7.50 down. Calf receipts were 500. Lambs held steady, the bulk selling at $5.50 to $5.75. Few small lots sold as high as $6. Receipts were I, Chicago hog receipts 36,000, including 13,000 direct. Holdovers 5,000. Market opened slow, with few early bids steady to 5 cents lower than Tuesday’s average. Scattered bids $4.05 to $4.15 on 180 to 250 pound weights. Cattle receipts 7,500, calves 2,500, market steady. Sheep receipts 18,000. market even. HOGS Dec. Bulk. Earlv Tod. Receipts. 10. $4.15*,- 4.30 $4.30 7.000 11. 4 15© 4.30 4.25 6,000 12. 4 25® 4.50 4.50 2.000 14. 4.15® 4.45 4.45 8,000 15. 4.10© 4.35 4.35 10.000 16. 4.10® 4.25 4.25 6,000 Receipts, 6,000; market, lower. (140-160) Good and choice $ 4.10 —Light Lights—-(l6o-180) Good and choice.... 4.25 —Lleht Weights—-(lßo-200) Good and choice.... 4.25 (200-220) Medium and good.. 4.20® 4.25 —Medium Weights—-(22o-250) Good and choice 4.15® 4.25 (250-290) Medium and g00d... 4.10 —Heavv Weights—-(29o-350) Good and choice.... 4.00@ 4.10 —Packing Sows— __ __ (350-500) Medium and g00d... 3.25® 3.75 (100-130) Slaughter pigs 4.00 CATTLE (SLAUGHTER CLASS) Receipts, 700; market, steady. —Steers— Good and choice $ 6.00® 10.50 Comon and medium 3.00® 6.00 (1.100-1.500) Good and choice 6.25® 10.75 Common and medium 4.25® 6.25 —Heifers—-(soo-850) Good and choice 5.75® 8.50 Common and medium 3.00® 5.75 —Cows— Good and choice 3.25® 4.50 Medium 2.50© 3.25 Cull and common 1.50® 2.50 —Bulls (yearlings excluded)— Good and choice beefs 2.75® 4.00 Cutter, common and medium.. 2.00® 2.75 CALVES AND VEALERS Receipts, 500; market, steady. —Vealers— Good and choice $ 7.10® 7.50 Medium 5.00® 7 00 Cull and common 3.00® 5.00 —Calves— Good and choice 4.50® 6.50 Common and medium 2.50© 4.50 —Stockers and Feeder Steers— Good and choice 4.25® 6.00 CommoD and medium 3.00® 4.25 (800-1.500) Good and choice 4.25@ 6.00 Common and medium 3.00® 4.25 SHEEP AND LAMBS Receipts, 1,700; market, steady. Good and choice $ 5.50® 6.00 Common and medium 3.00® 5.00 Ewes, medium and choice 1.25® 2.50 Cull and common 50® 1.25 Other Livestock By United Press CHICAGO. Dec. 16.—Hogs—Receipts. 36.000; including 13.000 direct; slow, unevenly weak to 5c lower than. Tuesday’s average or around steady with the close: bulk, 180-300 lbs., [email protected]; top, $4.15; most. 140-170 lbs.. [email protected]: pigs, largely. $3.25®3.50; packing sows, $3.50®3.65; light lights, 140-160 lbs., good and choice, [email protected]; light weight. 160-200 lbs., good and choice. $4©4.15; medium weights, 200250 lbs., good and choice. $4.05©4.15; heavv weights. 250-350 lbs., good and choice. [email protected]: packing sows. 275-500 lbs., medium and good. [email protected]; slaughter pigs, 100-130 lbs., good and choice, $3.25® 3.75. Cattle—Receipts, 7.500; calves, 2,500; general market, very slow, about steady on good and choice long yearlings and all grades weighty steers, but weak to lower on lower grades light steers and yearlings; barely steady on she stock; general trade very uneven and dull: strictly choice medium weight steers. sll. Slaughter cattle and vealers—Steers. 600-900 lbs., good and choice, s7@ 10.50: 900-1100 lbs., good and choice. s7@ 11.25: 1100-1300 lbs., good and choice. $7©>11.50: 1300-1500 lbs., good and choice. [email protected] : 600-1300 lbs., common and medium. s3®7; heifers. 550-850 lbs., good and choice. ss®B: common and medium. $2.75®5: cows, good and choice. $3.25 ®4.50: common and medium, [email protected]; low cutter and cutters. [email protected]: bulls, yearlings excluded, good and choice, beef, [email protected]: cutter to medium. [email protected]; vealers. milk fed. good and choice, $5.50© 7: medium. $4®5.50; cull and common, $3 (ci Si. --Stocker and feeder cattle —Steers, 500-1050 lbs., good and choice. $4*.50©5.75; common and medium. $2.75®4.50. Sheep —Receipts. 18.000: few bids and sales about steady with late Tuesday; good and choice lambs. $5©5.50 to packers; closely sorted kinds bid. $5.75: throwouts. $3.50® 4. Slaughter sheep and lambs—Lambs. 90 lbs. down, good and choice. [email protected]; medium, $4.25@5: all weights, common. $3©4.25: ewes. 90-150 lbs., medium to choice. $1.25® 2.75; all weights, cull and common. sl® 1.75. Feeding lambs. 50-75 lbs., good and choice, $4.50®5. By United Press CINCINNATI, Dec. 16.—Hogs—Receipts, 4,600: heldover, 200; opened slow, about steady; early sales. 160-210 lbs.. $4.50; later sales and bids mostly 10c lower: 160230 lbs., [email protected]; 230-300 lbs., [email protected]; a few earlv sales somewhat above this spread on lighter weight end, light lights mostly 25c lower; 120-150 lbs., $3.75®4; sows 'steady; bulk, $3.25; a few lightweights. $3.50 Cattle—Receipts, 700; calves. 400; very few steers or heifers moving on catch-as-catch can basis; a few scattered common and medium grades, $3.50®5.50; odd lots yearlings upward to $6.50; all cows weak to 25c lower; beef cows. $3.25®3.50; low cutter and cutter cows, $1.50®2.75; bulls unchanged, $2.50® 3.50; a few $3.75; good and choice vealers steady to weak, $6.50®7.50; lower grades draggy. weak to 50c lower. $6 down. Sheep —Receipts. 500; lambs, generally 25c lower: better grade ewe and wether lambs, $5.50 @6; common and medium, s4@4 25; sheep steady; $1.50 downward. By United Press EAST ST. LOUIS. Dec. 16.—Hogs—Receipts, 12.000: market, s®loc lower; top, $4.20; (100-150 lbs., [email protected]; sows largely, [email protected]. Cattle —Receipts, 1,200; market, all classes opening slow; a few steers at ss®7: fairly steady with loy-time Tuesday. Mixed yearlings and heifers, r.nd a few cows steady; bulls, 10® 15c lower; vealers, 50c lower; mixed yearlings and heifers, $4.50@6; cows, $2.75 ® 3.25; low cutters, $1.50*/ 4.75; top medium bulls, $3.15; good and choice vealers $7. Sheep—Receipts, 2,500: market, no early sales; asking fully steady or around 44.25 for desirable lambs; packers talking lower. By Times Special LOUISVILLE, Dec. 16.—Eoes —Receipts. 500; 5c lower: 175-240 lbs.. $4.25; 240-300 lbs.. $3.95 : 300 lbs. up. $3.35; 175 lbs. down, $3.85: .lacking sows. [email protected]; stags, $2.10. Cattle—Receipts. 150: steady at weeks decline: good beef steers and heifers. [email protected]: mediub. s4®s: slaughter cows and bulls. $3.50 down; most light Stockers. $5 down. Calves—Receipts. 200: not fully established, talking steady to lower: top vealers. Tuesday $7. Sheep and lambs—Receipts. 100. steady; best fat lambs. $6: bucks. $5: throwouts. $3 down: fat ewes. $2 down. Tuesday’s shipments— Cattle, none: calves. 105; hogs, none, and sheep, none. By United Press CLEVELAND. Dec. 16.—Hogs—Receipts. 2.000: holdover. 196: steady to 15c lower: mostly 10 to 15c down: 160-230 lbs.. $4.35; snarinfclv $4.40: top to outsiders. $4.50: bulk. 240-300 lbs.. $4.20: common to choice, light lights and pigs. $3.50®3.75: few higher. Cattle—Receipts. 700: two loads common to medium steers. 1.010 lbs. down. [email protected] ;rest of over $lO. head practically without bid: few hundred cows, including Vermont reactors on similar peddling basis. Calves —Receipts. 500: weak to 50c lower: vealers. 58W8.50: odd primed higher: cull tc. medium catchv. [email protected] or above. Sheep—■ Receipts. 2,800: lambs, weak to lower: bulk. $6 downward: top. 58.25. sparingly; throwouts and heavies. $4 ©5. By United Press TOLEDO. Dec. 16.—Hogs—Receipts. 350: market. 10©25c lower: heavies. $3.25©3.50; mediums. $3.65©3.75: Yorkers. sl® 3.25: pigs. $3ff3.25. Cattle—Receipts. 550: market, slow. Calves—Receipts, liberal: market. 50c lower: top. $7.50. Sheep—Receipts. light: market, slow. RAW SUGAaPRICES —Dec. “ High. Low. Close. January 1.09 1.07 1.07 March 1.12 1.10 1.11 May 1.17 1.14 1.14 July 1.21 1.19 1.19 September 1.28 1.28 1.25 December ,“1.32 1.31 141

Dow-Jones Summary

County Trust Company declared the regular quarterly dividend of 30 cents, payable Jan. 2, of record Dec. 23. Car Loadings in week ended Dee. 5. totaled 636,366 ears, an Increase of 77,559 ears over preceding week, which Included Thanksgiving day, but an increase of 150,706 cars from like 1930 week. New York cables opened In London at 3.44%. against 3.45%; Paris, checks 87.875; Amsterdam, 8.5625; Italy, 67.50 and Berlin, 14.562. Gasoline stocks in Dec. 12, week gained 570.000 barrels to 34,826.000 barrel; crude oil output during weeic averaged 2,456,650 barrels daily, up 6.800 over previous week. Phillips Morris Corporation declared the regular Quarterly dividend of 25 cents, payable Jan. 15. of record Jan. 2. Textile Banking Company declared the regular quarterly dividend of 50 cents, payable Jan. 2, of record Dec. 24. Consol Cigar Corporation declared the regular auarterlv dividend of $1.26 on common stock, payable Jan. 7. of record Dec. 26. Earnings of Pennsylvania Railroad for 1931 probably will be $1 a share on 13.162, 416 shares, this compares with $5.28 on 13.038.711 shares in 1930: including auarterlv dividend of 50 cents declared Oct. 38 and paid Nov. 30. Directors of Segal Lock Hardware Company took no action on ouarterlv dividend of 12% cents on common stock, due at this time. Cleveland Electric Illuminating Company • declared the regular quarterly dividend of 40 cents on common stock payable Jan. 1, of record Dec. 19. Ohio Brass Company declared the regular quarterly dividend of 50c each on Class A and B common stock, both payable Jan. 15. of record Dec. 31. Electric Vacuum Cleaner Company declared the regular quarterly dividend of 50c on common stock, payable Jan. 1, of record Dec. 22. Gulf Refining Company has closed a contract with Public Service Corporation of New Jersey for 60,000,000 gallons of gas and oil covering 1932. Link Belt declared the quarterly dividend of 30c on common stock, placing issue on $1.20 annual basis, against $1.60 previously. Stockholders of Eagle Picher Lead Company approved purchase of 85,000 common shares of company for retirement and cancellation: through this operation a deficit of $312,031 will be converted to a surplus of more than $350,000. St. Louis National Stockyards declared the regular quarterly dividend of $2 on capital stock, payable Jan. 1, of record Dec. 36. Sweets Company declared the regular quarterly dividend of 25 cents, payable. Feb. 1, of record Jan. 15: earned $1.26 a share In eleven months ended Nov. 30. against SI.OB in like 1930 period; November net income $6,300 against $6,189 In November. 1930. HONOR PUPILS NAMED AT BROAD RIPPLE Seven Get Straight A Plus Grades; 51 Score 90 or Above. Fifty-one pupils of Broad Ripple high school, all with grades of 90 or above, are included in the honor roll of the school for the second grading period. Leading the list are seven pupils who got straight A plus grades. They are Loraze Brackett, Mary Jean Clarke, Mary Clickner, Betty Conley, Maurice Eddingfield, Kieth Roberts, and Gertrude Scanlon. Others on the honor roll are; Ruthmarie Kamill. Vance Waggoner. Leland Bass. Helen Carier. Mary Linson, Blllv Wood. James Hoggatt. Jane Christena, Marv Arnold. Bryce Baker. Gladys Blanton. Janet Chapman. Evelyn Armstrong. Lucille Hamill. Thelma Harmon. Jack Klein. Elmer Schloot, Margaret Graham. Mary Lou Reynolds. Margaret Duvall. Dorothy Hughey. William Nelson. Cora Zaser. Ruth Clidence. Lawrence Cross. Ruth Ferris, Henry Hohlt. Jack McAnallv. Ernestine Cline. Imogene Kopp. Edith DeHart. Ruth Stewart. Gordon Foxworthv. Mildred Zehr, Marjorie Davis. Margaret Kopp. Jack Rich. Bill Walker. Miriam Bratton and Lloyd Wilkins. Bridge Cost Reduced Compromise on the contract cost of- piers used in erection of the Evansville bridge has been effected by Attorney-General James M. Ogden and the Kansas City Bridge Company, the official announced. Original price for piers was $21,658 but when federal specifications deduced the height of the piers, the state only will pay $9,500. Lindy Home to Be State Park LITTLE FALLS, Minn., Dec. 15. Colonel Charles A. Lindbergh will be invited to attend the dedication of his old home as Lindbergh State park, in July, it was announced today.

SHORT INTEREST IN STOCKS OUTLINED

Position Made Public for First Time by N. Y. Exchange. By Times Special NEW YORK, Dec. 16.—For the first time in its history the New York Stock Exchange made public this morning the amount of short sales on the books for Nov. 30, Nov. 25 and May 25. Total short position Nov. 30,1931, was 3,745,642 shares, compared with 2,676,649 on Oct. 30 and 5,589,700 op. May 25. The. following table shows individual stocks and their short interest for the dates named: Nov. 30 Nov. 2 May 25 U S Steel 332,387 268,529 346,900 Amer Can 137,268 111,424 1 53,300 Amer Tel 169,012 96,290 96,800 Genl Mfcrs 401,304 227,078 406,000 Genl Elec 204,064 106,669 242,800 Allied Chemical.. 68.543 4 jj,217 Amer Smelting.. 7,330 7,239 19 000 Beth steel 107,175 106,065 195,900 Borden 30,988 19,697 17,300 Chrysler 12,246 9,551 71,700 Eastman Kodak.. 46.211 32,131 37,100 General Foods .. 12,891 Goodyear 9,822 6,041 Hudson Mtrs ... 6,845 710 6,200 inti Harvester... 6.845 3 672 25.000 Inti Nickel 20,690 7,352 62,400 Johns-Manville .. 22.350 18,138 44,900 Ligg & Myers B. 4,856 3.920 3,500 Mack Truck 563 428 1,200 Natl C Register. 753 1.490 6.900 Paramount 10,501 30,837 35,300 Radio ........ 48!795 37.179 198.200 S O Calif 9 467 4.283 S O New Jersey. 24,322 18,933 37,600 Texas Corn ..... 7,428 6,891 49,300 Te™l Gulf 5.491 22 991 37.500 Union Carbide ... 36.630 18193 135. <OO Utd Air & Trans 9,345 6.005 48.400 Westlngh’se Elec.. 83.145 84 .344 172. iOO Wlwth 55.051 30,352 41,600 Atchison 23.614 17,693 15.500 Atlantic Coast L.. 990 10® Balt A Ohio .... 9.413 13.819 14.500 Can Pac ....... 9,262 --2,679 32,300 Ches & Ohio .... 12,073 10.715 8 -JOO Rock Island 5.920 4,120 1J ?00 Del & Hudson ... 1,945 1.475 .l-^OO D L Sz W 1,035 455 200 Missouri Pac .... 790 2,270 8.000 Erie " 1 240 1.450 11,000 N Y Central ... 73.226 69.089 53,000 N Y Chgo & St L 130 New Haven 6,035 2.953 11.700 Norf & West 3,049 1.495 2,000 Northern Pac . 1.783 j>32 3.a00 Penna 31.618 28.383 83,200 Pere Mara'iette... 100 Southern Pac .... 5,189 4.254 29,800 Southern Rwy ... 1,535 1.263 15.600 Union Pac ....... 28.384 12. ,37 22.300 Pullman 4.650 3.161 8.000 pg o 18.885 109.436 27,400 Safexekv' 10,237 9.197 7,800 Reynolds Tob B . 15.120 1 845 21.500 Pears R 23.624 17.642 27.300 Rinclr .! 41.603 45.521 40.000 Stand Brands ... 3.378 3,735 6,000 TrsnsAmer 22.364 11.282 59.700 United Corp 66,924 11.295 108 000 XT Ct X 14.087 6.224 10.400 u s Ind Alco 10.768 8.258 8,100 Vanadium ••.••••• 9.550 13.721 31.900 Vox Film 6.804 19 145 83.300 Warner Bros .... 8.071 3.633 139.700 Worthington ..... 7,300 3,895 12,500

SHORT SELLER DEFENDED BY ’CHANGE HEAD Market’s Trouble Is Lack of Buyers, Whitney Tells Group. By United Press SYRACUSE, N. Y., Dec. 16—The wave of criticism against short selling is due largely to the public’s desire to find an explanation for the market slump, according to Richard Whitney, president of the New York Stock Exchange, speaking before the Syracuse Chamber of Commerce Tuesday night. Whitney supplemented his defense of short selling here last night in the face of two senate resolutions demanding inquiries. Senator Capper, Kansas, Tuesday supplemented a resolution asking investigation, and offered by Senator Hastings, Delaware, by calling for names of persons and firms who have sold short, the names of the securities involved, the amounts concerned and other particulars. Capper declared he was convinced that short selling on the New York Stock Exchange and other exchanges had been a major cause in producing the econmic depression. Defends Short Sellers The Kansas senator seeks as the ultimate result of his resolution federal regulation of stock exchanges “in thj public interest.” He suggests the federal trade commission or some other instrumentality as the regulating agent. “The real trouble with the market,” Whitney declared, “is the unwillingness of the public to buy.” This, he explained, was "because you were not sure that the worst was over and you still expected that the next day might 'bring forth bad news.” "Confidence,” he declared, “Is bound tc return, and when it does prices wid rise. I am firmly convinced that the real explanation for the tremendous declines lies in the world-wide disturbance of our business and credit connections. It is not any single factor, like short selling, but the combination of many more important and basic factors which has brought about the result.” Whitney offered figures of the exchange in defense of short selling, showing that since May 25, 1931, only fifteen stocks at any time had a short interest of more than 100,000 chares, and that stocks with the widest declines during this period have had small short interests. Public Misinformed The public has been misinformed repeatedly, he said, as to the extent of short selling operations. Investigation by the exchange of reports of widespread short selling activities showed that short sales of United States Steel on Oct. 28, 1931 amounted to 24 per cent, against an erroneously reported 80 per cent; General Electric 17 per cent instead of a reported 70 per cent and North American 7% per cent, against a reported 80 per cent. The total short position in the market from May 25 to Nov. 30, Whitney said, declined about 1.850,900 shares. Computing daily “in and out” transactions of short sellers at 5 per cent, which is more than the average during the last two mjnths, this type of trading accounted for about 13,200,000 shares, leaving 251,000,000 shares owned outright or held on margin. In the light of existing facts, Whitney said, the exchange’s duty was plain and it must “oppose attempts to cure present conditions by unsound means.” “In so far as the exchange is concerned,” he declared, “the defense of short selling is not a matter of opinion; it is a matter of principle.”

No Sessions No further sessions of the Indianapolis Stock Exchange will be held until Jan. 13, Foster Clippinger, president, said today. Closing of the exchange is in observance of the Christmas and New Year’s holidays.

Nov. 30 Nov. 2 May 25 Studebaker 1.402 829 10,400 Stone tz Webster. 1.477 1,480 4,900 Simmons 1,750 3,240 7,775 Am Wtr Wks & E 9,523 9,010 18,900 Blkyn Union .... 580 390 700 Col Gas 16,981 6,667 15,300 Com with & Sou.. 11,465 3,578 10,000 Cons Gb> 61,329 36.591 42,600 Elec Ptz L 36.605 40.291 22,800 Engineers Pub Ser 10 100 Inti T & T 48,815 30,276 67,200 Natl Pr tz Lt 5,270 3,930 7,000 North Amer 108,140 55,809 55,000 Elec Auto Lite .. 22,480 11,138 5,000 Kennecott 12,676 10,436 22,700 Gillette 5.864 4,515 24,600 Kr & Toll 20,742 14,379 13,400 Kroger 7.091 1,U7 8,400 Drug 15,591 7,329 15,500 Loew’s 10,012 11,096 17,900 Lambert 3.820 4,155 4.600 Mont-Ward 8,672 5,633 15,700 McKeesport Tin P 8,080 3,650 4,100 Pac Gas & El ... 10.113 2.796 3,800 Pub Ser of N J... 32.586 18,424 16,500 Sou Calif Ed 4,187 2,498 35,800 Stand Gas 4,313 4,498 6,200 Westn Union 20,408 8,554 21,000 J I Case 73.843 86,338 84.900 Amer Tob B .... 39.888 17.771 20,300 Anaconda 61.830 58,097 175,600 Auburn 51.301 30,762 13,000 Alleg Corp 12.335 10,015 15.500 Air Reduction ... 12.373 10.010 35,700 Alaska Jun 8,545 9,286 18,300 Coca-C 26.860 16.835 7,900 Commcl Solv 4,855 5,794 10.500 Conti Can 14,612 10.517 44,200 Corn Prod 14.238 3,500 21,800 Du Pont 108,271 74,589 116,600 Other Livestock By United Press PITTSBURGH, Dec. 16.—Hogs—Receipts. 1,800; market, slow, steady to 5c lower; packing sows about 25c lower; 160-240 lbs., $4.45®4.60; 250-290 lbs., [email protected]; 140-160 lbs., $4.25®4.50: packing sows, $3.75 downward. Cattle—Receipts, 40; market steady to weak; common steers and heifers. [email protected]; clutter to medium cows, $2.25©3.25. Calves—Receipts. 100; market slow, opening weak to 50c lower; good to choice vealers, $8; some held higher; common and medium grade. $4.50© 7. Sheep—Receipts, 1.300; better grade lambs steady; choice kinds, [email protected]; common and medium, s3@s. By United Press EAST BUFFALO. N. Y„ Dec. 16 —Hogs— Receipts on sale, 2,500; fairly active, mostly to shippers, 10© 15c under Tuesday’s average; sorted 160-220 lbs. *4.6564.70; 140-160 lbs., [email protected]; 240-280 lbs., slow at $4.25®4,40; pigs, 14Q4.25 Cattle—Receipts, 200; cows, about steady; cutter grades, Calves—Receipts, 350: vealers. steady; weak; good to choice 1808.50: common and meclum. $566 50. Sheep—Receipt#, 1.100; lamb* active, steady; god to choice. $6®6.25; medium kinds and cutter grades around 100 lbs.. $5.50;

Bright Spots of Business

Bv United Press I WILLIAMSPORT. Pa.. Dec Id—More than 1.000 workmen will be recalled bv the iLvkontng Manufacturing Comoanv about Jan. 1. after several months’ Idleness, company officials announced. WASHINGTON—Revenue freight loadings on United States Railroads for the week ended Dec. 5. totalled 636.366 cars, an mi crease of 77.559 cars over the week. 1 LOCKPORT. N. Y.—The Upson Oom- | oanv Building Products declared an exI tra diivdend of 12% cents a share In ad- > dition to the regular auarterlv 25 cents a i share on the class B stocks. GAINS IN WHEAT CHEER GROWERS Change in Sentiment Only Reason for Upturn. By United Press CHICAGO, Dec. 16.—Five straight days of rising wheat prices today cheered grain producers, depressed since collapse of the sensational mid-November advance, which skyrocketed quotations 23 cents above the all-time low. As in the case of last month’s bull market, there appeared, traders said, to be no tangible reason for the advance except that sentiment was becoming optimistic again. Tuesday’s rise in wheat added 1& cents to more than 2 cents a bushel I to the vault of grain holdings. The strength of the wheat market was demonstrated in the face of widespread sinking of values on the New York Stock Exchange. The stubborn advance of wheat prices finally Influenced that market and Tuesday halted the Stock Exchange j decline. Corn, rye and oats rose, both in ; sympathy with wheat, and with in- | dependent strength. Rye advanced 1 3% cents to 3% cents for the best gains of the day. Wheat prices still are consider - ably below the highs of the November rise, but are well above the alltime lows of October.

In the Cotton Markets

(By Thomson & McKinnon) NEW YORK, Dec. 15.—With a range of only 4 or 5 points and the bulk of the business transacted only a point or two above Monday’s closing prices, the botton market could hardly be called anything, but dull this morning. Stability may, or may not, be desirable in a commodity market, but with contracts selling at a point where hedge sales must be put through at a price so much below the cost of the actual cotton in the south, we would like to see more flexibility in prices. There are those who contend the recent prices in the south have been caused by co-operative buying and buying by the far east, but it remains a fact that contracts have lagged behind and as an adjustment in the parity will come about sooner or later, we take the position that it is more likely to be in the form of higher prices on the cotton exchange. CHICAGO —Dec 15— High. Low. Close. January 6.18 6.08 6.18 March 6.37 6.29 6.37 May 6.58 6.48 6.57 July 6.75 6.64 6.74 October 6.95 6.90 6.95 December 6.12 6.05 6.12 NEW YORK High. Low. Close. January 6.10 5.99 6.06 March 6.29 6.18 6.26 May 6.48 6.37 6.46 July 6.65 6.55 6.62 October 6.90 6.81 6.90 December 6.05 5.96 6.05 NEW ORLEANS High. Low. Close. January 6.10 6.00 6.10 March 6.29 6.18 6.28 May 6.47 6.38 6.46 July 6.66 6.55 6.65 October 6.86 6.79 6.86

In the Stock Market

(By Thomson & McKinnon) NEW YORK, Dec. 15—Discussing today’s market requires little more wian a repetition of what has been said of the market the past few days. Stocks until after mid-day continued under pressure, with liquidation apparently the dominant influence. United States Steel was again the focal point of the selling, making the seventh successive day that new lows have been established. There was perhaps more discrimination in the selling today, judging by advances here and there in the list. Whether the better tone late in the day signified a wearing out of the liquidating movement, obviously it is too early to say. Bonds continued soft, indicating no improvement in investment demand. Aside from the willingness of the railroad executives to continue negotiations with the labor representatives in the matter of wage reductions, and the further sharp recovery of grain pricees, the market had little news to encourage it. News from industrial and trade centers suggested no change in the unsatisfactory business conditions. Here, of coure, we have reason or at least an explanation for the absence of any aggressive buying of stocks. However, the markets lack of perspective of future conditions, in so far as being reflected in its recent action, is more difficult to explain. Some commercial betterment after the turn of the year appears inevitable, considering current activity. It will take several days of market steadiness to restore confidence sufficient to stimulate a consistent demand for securities.

Local Wagon Wheat

City grain elevators are paying 48c lor No. 2 red wheat and 48c lor No. 2 hard wheat. ‘GIFTS’ FOR DEPOSITORS Christmas Payments to be Made by Closed Chicago Banks By United Press CHICAGO, Dec. 16.—The gloom cast by bank closures in this district lightened today when out of the morass of investigations, indictments and court actions came news of Christmas payments to depositors and reopening plans. Orders for payment of more than $5,000,000 to 134,800 depositors in closed Cook county banks have been Issued. The checks will arrive before Christmas, it was promised. Meanwhile, plans for reorganization which would bring full payments to depositors, who have $5,000,000 tied up in two closed Waukegan banks, were reported.

PAGE 15

GRAIN OPTIONS ! SHOW STEADY 1 TRADE RANGE Strength in Securities, and Foreign Markets Aid Futures. BY HAROLD E. RAIXVILLE United Press Staff Correspondent CHICAGO, Dec. 16.—Wheat prices extended Tuesday’s sharp upturn another fraction as the Board of Trade opened today with foreign cables firm and stocks rather steady. Trade was light at the start, with no pressure and a scattering of unexecuted buying orders served to rush the market upward. Corn met some profit-taking selling and was slightly easy, despite the firmness in wheat. Oats was largely steady in a slow trade World Situation Strong At the opening wheat was T 4 cent to % cent higher, corn was % cent lower to % cent higher and oats unchanged. Provisions were steady. Responding almost in full to tha advance in North America Tuesday, Liverpool was 1% pence higher at mid-day or 1% cents to 1% cents up in American money The indication of a strengthening in the world situation has reached the point of aggressiveness in furnishing a bullish incentive. It is the general belief of the trade that the domestic premium in wheat will be eliminated, not by a recession in United States prices, but in an advance in foreign markets. Corn Shows Firm Trend The trade understands that the government holds contracts for 27,000,000 bushels of futures, a liberal per cent of the total visible supply of actual wheat, a source of further strength. Corn displayed more strength Tuesday than for several days. There was no real pressure, although the country took advantage of the opportunity to sell 50.000 bushels of cash corn. However, the persistent light run has drawn considerable attention. There was more buying in oats in the late trading Tuesday than in any session recently. The cash interests who have been steady buyers were forced to bid prices up to get grain. Chicago Grain Range —Dec. 18— WHEAT— Prev. High. Low. 11:00. close. Mar 58 .57% .57% .57% May 59% .58% .58% .59% July 58 57% .57% .57% CORN— Mar 41 .40% .40% .41 May 42% .41% .42 42>% July 44 .43% .43% .44 OATS— May 26% .26% 26% .26% July 26% .26% 26 Vs .26% RYE— Mar 4 6 </a May 47% .47'/* .47% .48 LARD— Jan 5 57 5.52 May ... 5.80 5.77

Cash Grain

—Dec. 15— The bids lor car lots ot grain at th# call ol the Indianapolis Board ol Trade, 1. o. b. shipping point, basis 41'/*c New York rate, were; Wheat—Strong; No. I red, 49®50; No. 2 red, 48@49c; No. 2 hard. 48@49c. Corn—Btrong; No. 3 white, 29%©) 30 %c; No. 4 white, 28%©29%c: No. 3 yellow, 28©29c; No. 4 yellow, 27®28c; No. 3 mixed, J7©2Bc; No. 4 mixed. 26@27c. Oats —3trong; No. 3 white. 22@23c; No. 3 white, 21 ©22c. Hay—Steady (F. o. b. country points taking 23%c or less rates to Cincinnati or Louisville). No. 1 timothy, $6©:6.50. —lnspections—* Wheat—No. 2 red. 2 cars. Total. 2 cars. Corn—(New) No. 4 white. 1 car; No. 3 yellow. 6 cars; No. 4 yellow. 8 cars; No. 1 mixed, 1 car: No. 4 mixed. 1 car. Total, 17 cars. Oats—No. 3 white, 5 cars. Total, 5 cars. By Times Special CHICAGO. Dec. 16—Carlots—Wheat, 22{ corn, 36; oats, 10; rye, 0, and barley, 7. By Times Special CHICAGO, Dec. 15.—Primary receipts: Wheat 398,000, against 714,000, corn 444,000. against 1,041,000: oats 225.000, against 223,000. Shipments: Wheat 666.000. against 485,000; corn 166,000. against 443,000; oats. 105,000, against 210,000. By United Press TOLEDO. Dec. 15.—Close: Elevator prices: Wheat—No. 2 red. 63%©64%c. Corn—No. 2 yellow. 42®43c. Oats—No. 2 white. 30®31c: old oats, premium 3 to 4 cents Rye—No. 2. 54c. Grain on track, 58%c; No. 1 red. lc premium. Corn—. 28%-cent rate. Wheat—No. 2 red. 58© No. 3 yellow. 37®38c: No. 3 vellow, 35%©) 36%c. Oats—No. 2 white. 27©28%c: No. 3 white. 26©27%c; old oats, premium 3 to 4 cents. Clover—Prime, $8.75; Februarv, $9: March. $9.25. Alsike—Cash. $8.75; February. $9; March. $9.10 Butter— Fancv creamery. 33®33c. Eggs—Current receipts. 20®23c. Hay—Timothy, cwt, sl, By United Press a CHICAGO. Dec. 15.—Cash grain elor: Wheat—No actual sales reported, arriva'a being supplied on contract. Corn—No. 3 mixed. 37%c: No. 4 mixed. 36%c: No. 2 vellow. 38%c; No. 3 yellow. 35%©38~: No. 4 yellow. 34@37c: No. 2 vellow. old. 39 ©39%c: No. 3 vellow. old. 39c; No 4 yellow. old. 38c; No. 3 white. 37%®38c: No. 4 white. 36%c. Oats—No. 2 white. 25©25'ir. Rve—None. Bariev—42os9c. Timothy—s 4 ©4.25. Clover—sl3© 15. Births Girls John and Helen Church, St. Vincent's hospital. Robert and Florence Eby, St. Vince.it’s hospital. Bari and Ethel Hammond, 3720 Eaat Washington. Gilbert and EUa Curtis. 1120 Eugene, Harold and Margaret Haskett, Coleru n hospital. Logan and Gwendolyn Sumpter, Colem-m hospital. Boys John and Ada Voorhels, 1325 V.'e o t Thirtieth. Paul and Loretta Cannon, 646 Arbor, ay Lewis and Anna Bryant. 1128 Scuta Vandeman. Major and May Morrow, 445 West Six* teenth place. Walter and Phoebe Merrick. 2120 Hain£s. Albert and Mary Meadows, 1360 V'c- ft Ray. Leland and Mildred Robertson, Colerv-rx hospital. Deaths John Martin Miiler. 61, St. Vincents hospital, broncho pneumonia Catherine Catanzariti. 74. St. Vince it’s hospital, carcinoma. Maria L. Danke, 75, 824 Orange, mitral insufficiency. Minnie May Chambers, 63, 5139 East North, sarcoma. Nettie Russett, 54, 724 Buchanan carcinoma Carver Bailey. 79, city hospital, chronia nephritis. Edward J. Barnett, 63, 542 Sutherland chronic nephritis. * Joseph King. 26, city hospital, pulmonary tuberculosis. Lewis Wilson, 86. 1710 Cornell, chrortio myocarditis. Kittle Lee Jones. 65. 2519 Boulevard place, chronic myocarditis. •Anna J. Bunch, 51, city hospital, mitral Insufficiency. ‘

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