Indianapolis Times, Volume 33, Number 262, Indianapolis, Marion County, 12 March 1921 — Page 11

STOCK MARKET CLOSES STEADY 'lYlany Issues Recover Sharply From Low Levels. NEW YORK, March 12.—The stock market closed steady today. The market showed a steady tone In all the later dealings, most of the active issues recovering sharply from the early low levels. Mexican Petroleum rose over 4 points to 146% and Pan-American Petroleum moved up over 2 points to 68%. Crucible Steel recovered from 84% to 88% and United States Steel rose from 77 % to 78%. Baldwin Locomotive rallied from 82% to 84% and General Asphalt gained nearly 2 points to 51%. Reading recovered from 67% to 69 and Southern Pacific advanced 2 points to 72. The motors continued steady. Studer moving up from 57% to 59%, while idler rose from 71% to 72. tal sales of stocks for today were 00 shares; bonds, $5,656,000. tal sales of stocks for the week were ,600 shares; bonds, $52,302,000. (By Thomson & McKinnon.) —March 12— During the first hour of today’s session there was a resumption of liquidation, but It was not as general as yesterday. Pressure was centered on a comparatively small number of stocks. New lows were established In a few active issues, but before the session was half over a fairly good demand for stocks developed, and while the buying undoubtedly was largely In the nature of short covering, nevertheless it served the purpose of giving the market an air of greater stability. But so far sb we are able to ascertain there Is really no change In market sentiment. The present state of the public mind is well expressed by a leading commercial agency In Its weekly review, in the statement that '‘optimism is less marked than when conditions were less favorable.” Much of the present unrest may be attributed to the uncertainty created by wage cuts, and the effort of the railroads to bring their expenditures within reasonable bounds. That they will have much difficulty in this Is clearly shown by the fact that the Erie was obliged to rescind the order of reductions because of the legal complications involved. Until a good many of the present problems are solved it probably will be difficult to bring about any important change In the market, and it Is likely that we may still have another period of liquidation. CLEARING HOUSE STATEMENT. NEW YORK, March 12—Exchanges, $621,655,711; balances, $58,551,655; Federal Reserve Bauk credit balances, $45,018,981. TWENTY STOCKS AVERAGE. NEW YORK. March 12.—Twenty industrial stocks averaged 72.25. off 1 35 per cent. Twenty active rails averaged 09.10, off LOl per cent.

Money and Exchange Indianapolis bank clearings Saturday “Ivere $2,680,000, against 82,605,000 a week ago. For the week ending Saturday the bank clearings were $14,657,000, against $16,565,000 for the week ending the Saturday before. NEW YORK. March 12.—The foreign exchange market opened steady today with demand sterling %c higner at $3 91%. Franc cables yielded 2 centimes to 7.09 c for cables and 7.08 c for checks. Belgian cables were 3 centimes lower for cables at 7.40a and 7.59 c for checks. Lire cables were 3.09 c, checks, 3.68 c. Swedish cables. 2.26 c; checks. 2.25 c. Guilder cables, 3.144 c; checks, 3.434 c. German marks were 1.6 c. NEW YORK BANK STATEMENT. NEW YORK. March 12.—Average— Loans, decreased, $39,506,000: demand defiosits, increased, $115,000; time deposits, ncreased, $210,000; reserves, decreased, f 2.888.350. Actual —Loans, decreased, $ : 2. 45.000: demand, decreased. $28,025,000; time deposits, decreased, $2,047,000; reserve, increased, $30,700,250. MOTOR SECURITIES. (By Thomson & McKinnon.) —March 12— —Opening— Bid Ask. Chalmers com 1 1% Packard com 1 11% Packard pfd 70 75 Chevrolet 100 4 8) .Peerless 23 35 'Continental Motors com 5% 6% Continental Motors pfd 85 90 Hupp com 12% 13% Hupp pfd 88 92 Reo Motor Car 22% 22% Elgin Motors 5% 6% Grant Motors 33% Ford of Canada 289 290 United Motors 35 65 National Motors 4 6 Federal Truck 21 22 Paige Motors 10% 20% Republic Truck 20 22 Briscoe 15 17 ACTIVE OIL STOCKS. (By Thomson & McKinnon.) —March 12— —Opening— Bid. Ask. Anglo-American Oil 15% 16% Atlantic Refining 980 103u' Borue-Scry mser 3 <5 400 Buckeye Pipe Line 81 ,sS Chesebrough Mfg. Cons 185 200 Chesebrough Mfg. Cons. pfd. 90 102 Continental Oil. Colorado... 107 111 Cosden Oil and Gas 6% 6 Crescent Pipe Line 29 31 Cumberland Pipe Line 135 145 Elk Basin Pete 8% 8% Eureka Pipe Line 93 98 Galena-Signal Oil pfd. (new) 90 95 Galena-Signal Oil com 42 45 Illinois Pipe Line 163 168 Indiana Pipe Line 90 05 Merritt Oil 11% 12 Midwest Oil 1 1% Midwest Itfg 13C 13-S National Transit.... 20 28 New York Transit 145 150 Northern Pipe Line 92 97 Ohio Oil 271 276 Penn.-Mex 30 34 Prairie Oil and Gas 445 455 Prairie Pipe Line 190 195 Sapulpa Refg 4% 4% Solar Refining 380 395 Southern Pipe Line 100 104 South Penn Oil 215 220 Southwest 4*enn Pipe Lines.. 65 69 Standard Oil Cos. of Cal 292 290 Standard Oil Cos. of Ind 68% 68% Standard Oil Cos. of Kan 585 600 Standard Oil Cos. of Ky 395 400 Standard Oil Cos. of Neb 440 4<SO Standard Oil Cos. of N. Y 317 320 Standard Oil Cos. of Ohio 375 390 Swan & Finch 46 50 Union Tank Line 104 10$ Vacuum Oil 290 308 BWashington Oil 28 32 NEW YORK CURB MARKET. (By Thomson & McKinnon). —March 12— Closing Bid. Ask. Curtis Aero com 3 5 Curtis Aero pfd 10 20 Texas Chief 7 13 First National Copper.. % 1 Goldfield Con 7 9 Havana Tobacco ... 1 1% Havana Tobacco pfd.... 1 4 Cent. Teresa 3 4 Jumbo Extension 5 7 International Petroleum 13% 13% Nipissing 7% 7% Indian Pkg 2 3 Royal Baking Powder..ll3 116 Royal Bak. l’ow. pfd... 80 S3 Standard Motors 6% 7% Salt Creek 24 * 30 Tonopah Extension 1% 1 7-16 Tonopah Mining 1% 1% United P. S- new 1% li* U. S. Light and Heat.. 1 1% U. S. Light and Ht. pfd. 1 4 Wright-Matin 4 6 World Film 1-16 3.1a vyukon Gold Mine C 0... % 1% Jerome % 3.16 Now Cornelia 14 18 United Verde 26 28 Sequoyah 5-16 7-16 Omar Oil 2% 2% Rep. Tire % 1% NEW YORK WOOL MARKET. NEW YORK, March 12.—The wool market was practically unchanged today. Prices were steady. Domestic fleece, XX Ohio, was quoted at 24@43c per lb.; domestic puiied, scoured basis, 18|j|75c; Texas domestic, scoured basis,

Stock Market Review NEW YORK, March 12.—The Sun’s financial review today aald: “The reactionary character of Friday's stock market was reflected in the early dealings in today’s short session. The list was highly unsettled during a great part of the first hour, in which losses of 1 to 3 points were recorded In many leading issues, but by the close of that period a better tone had developed and not a few of the more extensive losses had been regained. “As was the case yesterday, most of the selling centered in the oil descriptions, with some exceptions, such as Royal Dutch and Texas Company, and Pan-American, which were subjected to heavy pressure, although they gradually worked back close to the previous closing levels. “The railroad department was featured by considerable strength in spots. Southern Pacific, St. Paul, New Haven, Great Northern and Northern Pacific were bid up a point or thereabouts. New York Central and Pennsylvania as the principals in the wage-cutting initiative which has spread to virtually all roads, scarcely moved at all. “Covering by shorts constituted the bulk of today's business after it was demonstrated at the opening that the market was not in a position to carry operations to the same length as yesterday with a recess intervening and the possibility of a limited supply of stocks available on Monday.” N. Y. Stock Prices —March 12— Prev. High. Low. Close, close. Ajax Rubber... 28% 28 28 28 Allis-Chiliners.. 34% 84% 34% 34 Am. Agri 49 48% 48% 49 Am. B. Sugar... 40% 39 40% 40% Am.B.Mag. Cos.. 53% 53% 53% 52% Am. C. & Fdy.122% 121 122 122% Am. Can 27% 25% 26% 26% Am.H. & L.com 8% 8% 8% 8% Am.H. & L.pfd.. 43% 42% 43% 42% Am. Drug 6% 6% 6% 6% Am. luter. Corp. 41% 4<‘% 41% 40% Am. L0c0m0.... 82 81% 82% 82% Am. S. & Ref.. 27 36% 37 36% Am. Sug. Ref... 90% 89% 90% 90% Am.S.Tob. C 0... 80% 78% 80 79% Am. S. Fdy 29% 29% 29% 29% Am. Tel. & Te 1.102 101% 102 102 Am. Tobacco ...116 112% 115% 113% Am. Woolen 64 62% 64 63 Am. Z. & Lead.. 8 8 8 8% Ana. Min. C 0.... 33% 34% 25% 34% Atchison 78% 77% 78% 77% At. G. &W. 1... 42% 40’% 41 41 Bald. Loco 84% 82% 84% 84% B. & 0 31% 30% 31% 30% Beth. S. “8”... 55% 54% 55% 54% Brook. R. T.... 11% 11% 11% 11% Can. Pac. Ry... 112 110% 112 110% Cent. Leather... 36% 36 36% 36% Chand. Motors,. 72 70% 71% 71 C. & 0 56% 55% 56% 56% C„ M. A St. P... 24% 23% 2t% 23% C..M. A St.P.pfd 36% 36% 30% 57% Chi. AX. W 64% 63% 64% 64 C.. R. I. A Far.. 24 22% 24 23% C.R.I.AP6pe pfd 58 56% 58 57% C.K.I.AP.7pe pfd 70% 65% 70% 69% Chili Copper.... 9% 9% 9% 9% Chino Copper... 20% 19% 20% 20% Coca Cola 20% 20% 20% 20% Columbia Gas... 57% 57 57 % 57 Columbia Graph S% 8 8% 8 Consol. Gas 80 78% 80 79 Continnen Can.. 57% 57% 57% ... | Conti Candy Cos. 1% 111 I Corn Products.. 70% 68% 70% 69% ; Crucible .steel... 86% 84% 86% 86% Cu. Am. Sugar.. 25% 25% 25% 25% Cll Cane Sugar. 21“.. 2n% 21% 21% Pome Mines 15% 15% 15% 14% 1 Endicott 58 58 58 57 Erie 12 11% 11% 11% Erie Ist pfd.... 18% 17 IS% 17 Famous Plavers 65 62 65 62% risk Rubber Cos 13% 13% 13% 13% General Asphalt 51% 48% 51 50% general Cigars.. 59 59 59 59 Gen Electric... 129% 12.8 129% 12b% < en. Motors ... 12% 12% 12% 12% Goodrich 36 35--* 35% 35 Gt. North, pfd.. 71% 70 71*i 70 1 Gt. North. Ore.. 3' % 30% 3*>% 3>i% Gulf State- Steel 29 s -9 - 29% 30 Pension Oil ... til 59% 61 60% Illinois Central. V> „ 85% 85% 86 Inspl Copper. 30% 0 30% 30 Intern .0 Corp. 4% 4% 4% 4% luterboro pfd. 12% 12% 12% 13 Inter Harvester. 9.% 93% 93% 94% j inter Nickel.... 14 13% 14 13% Inter Paper .... 52% 51% 52% 52 Invincible 0i1... 17% 16% 17% 16% K C Southern.. 22% 21% 22% 21% K. Tire 37% 35% 37 36% Kenne. Copper.. 16 s, id 16% 16% I Lacka Steel ... 5i 49% 19 s 50 a > Lehigh Valley.. 49% 49% 49% 49% 1 Loews, Inc. ... 16 : .0,-* 16% 16% L. A X 9s 97% 97% .... Marine, com 13 L3 13 12% Marine, pfd. ... 48 46% 48 47 ties. Petroleum. 145% 141% 115% 144% Mid. States Oil 11% 11% 11% 11% I ,\i .dvale steel .. 30% 29% 30% 29% . M., K. A T. ... 2 2 2 2 | Missouri Pac. .. 16% 16% 16% 16% j Nat. En. A Stp.. 50 56 56 55% Nat. Lead 71 70% 71 71 Xev. Con. Cop.. 9% 9% 9% 9% N. Y. Air Brake 75 74% 75 76 N. Y. Central .. 67% 66 67 66% New Haven ... 17% 16% 17% 16% Norfolk AW... 94% 93 94% 93% Northern Pac. . 77% 76% 77% 76 Okla. P. A Ref.. 3% 3% 3% 3% Pacific Oil 29 27 % 29 28 Pan-Am. Petrol. 68% 66% 68% 67% Penn. Ity 36% 36% 36% 36% People's Gas ... 38% 38 38% 37% Pierce-Arrow .. 25% 24% 25% 24% Pierce Oil Cos. .. 10% 10 10% 10 Pittsburgh C0a1.57 56% 57 56% Pressed Stl. Car 83% 82% 83% 83% Pull. Pal. Car ..10::% 102% 103% 103 Pure Oil 31% 31 ’31% 31% Ray Copper ... 11% 11 11 11% Reading 69% 67% 68% 09% Rep. Iron A Stl. 63% 62% 63% 62% j Itepiog® Steel . 25 25 25 22 I I(yl. Dtch.. X. Y. 63% 62% 63 61% Sears-Roebuck . 74% 72% 74% 73% Sinclair 21% 29% 21% 20% Sloss-Sheffield . 41% 41% 41% 42 South. Pac 72 70% 71% 70% Southern Ry.... 19% 19 19% 19% Std. Oil, N. J... 137% 137% 137% 140 St.L.ASF. com. 20% 19% 20% 19% Strom Carb 29% 28 29% 28% Studelmker 59% 57% 59 58% Tenn. Copper... 7% 7 7% 7% Texas Cos 39% 3.8 39 38% Tex. A Pac 20 19% 20 19% Tob. Products.. 51% 50 51% 49% Transcont. Oil.. 7% 6% 7% 7% Union Oil 19 19 19 19 Union Pac 115% 114 114% 114% United R. Store 51% 49% 51% 49% U. S. Food Prod. 20 19 20 19 U. S. Ind. Alcoh. 66 05 66 65% U. S. Rubber... 66% 64% 66% 65% U. S. Steel 78% 77% 78% 78' U. S. Steel pfd.. 108 107% 108 107% Utah Copper 47% 46% 47% 46% Vanadium Steel. 31 29V* 31 29 Vir.-Car. Chem. 32 31 % 32 32 Wabash 7% 7% 7% 7 Wabash Ist pfd. 18% 18% 1.8% 18% W. Maryland... 9% 9% 9% 9% Westinghouse .. 45% 45% 45% 45% White Motors... 38 38 38 38 Willys-Overl’d . 7% 7 7% 7 Wilson A C 0.... 39% 38% 80% 40% Worth. Pump... 45% 45% 45% 45% NEW YORK LIBERTY BONDS. —March. 12— Prev. High. Low. Close, close. L. B. 3%s 90.10 90.00 91.10 90.12 L. B. Jst 4s 86 80 L. B. 2d 4s 86.30 86.40 L. B. Ist 4%5... 86.94 86 86 86 90 86.90 L. B. 2d 4%s 86.64 86.42 86.64 86.50 L. B. 3d 4%5... 90.32 90.20 90.34 90.22 L. B. 4th 4%5... 86.80 86.56 86.80 86.62 Victory 3%s 97.26 97.16 97.22 07.30 Victory 4%s 97 26 97.04 97.24 97.24 CHICAGO STOCKS. (By Thomson A McKinnon.) —March 12 — Open. High. Low. Close. Armour Leather. 12% Carbide A Carb. 51% 52% 51% 52% Libby 10% 10% 10% 10% Montgom.-Ward. 16% 16% 10% 16% i National Leath. 8% Sears-Roebuck.. 73 74% 73 74% Stewart-Wamer. 30% 31 30 31 Swift A Cos 100 102% 100 102% Swift Inti 25 25% 25 25% Piggly-Wlggly.. 14 NEW YORK PETROLEUM. NEW YORK, March 12.—The petroleum market was steady today with Pennsylvania crude petroleum quoted at $3 per barrel. NEW Y'ORK RAW SUGAR. NEW YORK. March 12.—The raw sugar market was active today with Cubas quoted at 6.08 e per lb., duty paid, and Porto Ricos, 6.02 c, delivered. NEW YORK REFINED SUGAR. NEW YORK, March 12.—Refined sugar was firm today with fine granulated quoted at 7:[email protected] per Uu

HOG MARKET HOLDS FIRM Extremely Light Receipts of Hogs—Cattle Steady. RANGE OF HOG PRICES. Good Good Good March Mixed. Heavy. Light. 5. [email protected] $10.50 © 11.00 [email protected] 7. 11.00 [email protected] 11.00 @11.40 8. [email protected] 10.75@ 11.00 [email protected] 9. [email protected] [email protected] [email protected] 10. [email protected] [email protected] [email protected] 11. [email protected] [email protected] [email protected] Hog prices were practically steady at the opening of the local live stock exchange, with a top of $11.75, the same as on the market of the day before, and the bulk of saies at [email protected]. There were a few cases where light hogs were slightly lower, but those eases were few and there were not many of that grade on the market. Receipts for the day approximated 2.500 fresh hog*, with close to 600 stale hogs left over from tae market of the day before. Buying was of a general nature, with both the local packers and the shippers with Eastern house connections in the market. A good clearance for the day was anticipated. Heavies, mixed, light mixed, mediums, roughs and pigs were practically steady. There were extremely light receipts of cattle, there being little more than 100 fresh and stale cattle In the pens. Trade was fair for the closing day of the week's market and prices were generally steady. There were no good cattle on the market. With a light run at less than 300 and only a fair demand, calf prices were no more than steady with the prices of the Friday market. There wag a top of sl3 on a few scattered sales, btlt the bulk of the choice grade of calves brought [email protected]. Good calves brought $U.50@12 and mediums. s9© 11. There was another poor day of trade In the common and poorer grades. There were no sheep and lambs on the market. Commmission men stated that prices would have been steady with the market of the day before had there been any good sheep and lambs in the pens. HOGS. Best light hogs, 100 to 200 lbs. average [email protected] 200 to 300 lbs [email protected] Over 300 lbs IO.OKttIO 50 Sows B.oo® 9.00 Best pigs, under 140 lbs 10 [email protected] Bulk of sales [email protected] CATTLE. Prime eornfed steers, 1,000 lbs. and up....... [email protected] Good to choice steers, 1,200 to 1.300 lbs 9.00® 9.25 Good to choice steers, 1,100 to 1,200 lbs B.oo@ 8.50 Medium steers. 1,000 to 1,100 lbs 7.758 8.50 Common to medium steers, 800 to 1,000 lbs 6.00® 7.00 —Heifers and Cows— Good to choice heifers 8.50® 9.50 Medium heifers 7.00@ 8.00 (ommiin to medium heifers.. 4.50® 650 Good to choice cows 6 50'% 7.50 Fair to medium cows 5.00® 6.00 Cutters 8 25® 4.50 Cahners 2.00@ 3.00 —Bulls— Good to choice butcher bulls. 5.50® rt. 25 Bologna bulls 500 ® 5.50 Light common bulls 4.00® 5.00 —Calves— Choice veals 12.00^12.30 Good veals ... [email protected] Medium veals [email protected] Light weight veals 6 Oku 800 Common heavyweight calves. 4.00® 7.50 —Stockers and Feeders — Good to choice steers, under SOO tbs 7.25® 8.25 Medium cows 5 00® 5.25 Good cows 8.25® 5.75 Good heifers 6,75® 6.25 Medium to good heifers 5.25® 6 25 Good milkers [email protected] Stock .Hives, 250 to 450 lbs.. 5.25® 8.25 SHEEP AND LAMBS Good to choice sheep 3.00® 4.00 Fair to common 1.5 @ 2.00 Bucks 2.00® 2.50 Full sheep 100® 1.50 —Lamhs Common to choice yearlings.. 5.50® 650 Spring lambs 7.00® 9.50

Other Livestock CHICAGO. March 12— Hogs Ke-eipts. . 7,900; market 10®75c lower; bulk, slo® 1125 butchers. slo@lo uO . packers, v> 90 @9BO. lights, $11,411.40. pi.H. ilo-.-s; rt.u;.;hs, SB.US@K9O Cattle —Receipts, I, market steady; beeves. $7.(5 (j lo v>; butchers. s6®9 75; canners nnd cutters, $2.75@U; Stockers and feeders, v ~D 1, 9.75; cows. $.>@8.25; calves. $9 50® 12.75. Sheep -Receipt*. 3,000; market steady; ,ambs, s7® 11; ewes, $2 25®0.50. CINCINNATI, March IZ—Hogs—Re ceipts, 3,000; market slow and 25c lower; heavy hogs, [email protected]; mixed, mediums and lights, $11.75; pigs. $1025; rougtis, 1 $8.75; stags, $6.25, tattle—Receipts. 400; market generally steady; bulls weak; calves, sl3. Sheep and lambs Receipts, 25; market generally steady. CLEVELAND, March 12.—Hog*—Receipts, 1,500; market 17>c lower; Yorkers, $11.75; mixed. $11.75; medium, $10.60® 11; pigs, $11.75; roughs, $8; stags, $6. Cattle- -Receipts, 150; market steady. Sheep and lambs—Receipts, 500; market steady; top, sl*. Calves—Receipts, 200; market, 50c lower; top, sl4, PITTSBURGH, March 12—Cattle—Receipts light; market steady; choice. $14.75 @lO 25; good, s9®9 50; fair, [email protected]; veal calves, sl3 50:(,14 Sheep and la min —Receipts light; market stead} ; prime wethers, $7®7.25; good, stj.2o@imixed fair, $5 50® ); spring lambs, [email protected]. Hogs Receipts light; market higher; prime heavies, $10.75® 11; mediums, $12.40 @12.50; heavy yorkers, sl2 40 o 12 60; light yol k rs, sl2 [email protected]; pigs, $12.40® 12.50; roughs, sß@9; stags, ss@6. EAST BUFFALO, N. Y.. March 12. Cattle —Receipts, 125; market slow to steady; shipping steers, $3,00® 10.50; butcher grades, [email protected]; cows, s3®7. Calves- -Receipts. 7)0; market active to 50c up; culls to choice, $5®14.50. Sheep and lambs— Receipts, 1,200; market active to steady; choice lambs, [email protected]; culls to fair. s7® 10.75; yearlings, sß@'J; sheep, $3 @7.50. llogs—Receipts, 2,400 ; market active to 25®50c down; yorkers, $12.25; pigs, $12.25; mixed, [email protected]; heavies, $11.75® 12; roughs, sß®9; stags, $5.50® 6.50. BAST ST. LOUIS, March 12.—CattleReceipts, 400; market steady; native beef steers, [email protected]; yearling beef steers and heifers, [email protected]; cows, $6.75@5; stool;ers and feeders, $7.25@8; calves, $11.50® 11. tanners und cutters, [email protected]. Hogs —Receipts, u.Ooo; market, 10® 15c lower; mixed and butchers, [email protected]; good heavies, [email protected]; rough heavies, $8.25 @8.50; lights. $11.25® 11.40; pigs. $10.75® 11.40; bulk of sales, $10.75®11. Sheep—Receipts, 6>o; market, nominal, steady; ewes, $5.25@6; lambs, $9.50@10; canners and cutters, sl@2. INDIANAPOLIS PRODUCE. Eggs -Fresh, loss off, 26c. Poultry— Fowls, 28c; springers, 25c; cocks, 16c; stags, 16c; old tom turkeys. 35c; young ben turkeys, 40c; young tom turkeys, 40c; cull thin turkeys not wanted; capons, 7 lbs, and up, 42c; ducks, 4 lbs. and up, 25c; ducks, under 4 lbs., 20c; geese, 10 lbs. and up, 20c; squabs, 11 lbs. to doz., $7; guineas, 9-lb. size, per doz, ?6. Butter—Buyers are paying 50@51c per lb. for cream butter delivered In Indlanapo'is. Butterfat—Buyers are paying 48c per lb. for butterfat delivered at Indianapolis. CLEVELAND PRODUCE. CLEVELAND, March 12.^—Butter—Extra, in tubs, 55%@560; prints, 56%@57c; extra firsts. 54@55c; firsts, 53%@54c; seconds, 40@43c; packing, 14@17c; fancy dairy, 30@32e. Eggs—Fresh gathered, northern extras, 35c; extra firsts, 37c; Ohio firsts, new cases, 30c; western firsts, new cases, 34e. Poultry—Live, heavy fowls, 34@;15c; roosters, 22®23c; spring chickens, 34c; thin grades, 2S@32c. CHICAGO PRODUCE. CHICAGO, March 12.—Butter—Creamery extras, 45c; creamery firsts, 42%c; firsts, 38®43c; seconds, 30@35c. Eggs— Ordinnries, 28@29c; firsts, 30%@31c. Cheese—Twins, 25c; young Americas, 25c. Live poultry—Fowls. 32c; ducks, 36c; geese, 16@18c; spring chickens, 32c; turkeys, 40c; roosters, 22c. Potatoes — Receipts, 64 ears; Wlseonsln and Minnesota, $1.30® 1.45. NEW YORK HIDE MARKET. NEW YORK, March 12—Hides were quiet today with native steers quoted at 12c per pound. n<i branded steers, lhfee.

INDIANA DAILY TIMES, SATURDAY, MARCH 12,1921.

GRAIN PRICES DROP SHARPLY Industrial Depression Chief Market Influence. CHICAGO, March 12.—Grain prices dropped sharply on the Chicago Board of Trade due to the general depressing industrial news and the drop on the stock market. Provisions were irreguiar. March wheat opened unchanged at $1.62% and closed down 3%c; May opened up %c at $1.53% and closed off 3c. May corn opened np %c at 69%(t and dropped %c later; July opened off %e at 71 %c an dreguined %e later. May oats opened off %e at 48%c and dropped lc at the close; July opened un changed at 44%c and dropped %c at the close. , (By Thomson A McKinnon.) —March 12— Wheat —Acceptance of profits by previous sellers gave the appearance of strength to the early wheat market. The very poor demand for cash wheat was exemplified by liberal deliveries on March contracts In the Minneapolis market and by fair consignments from Omaha and Chicago. This condition ultimately prevailed, the market closing distinctly heavy. There has been iom> evidence of u little export business and a moderate flour trade, but nothing of real Importance. Recent estimates of reserves having dispelled all ideas of a scarcity, there Is more attention paid to the fact that the prices of wheat have not responded to the deflation in other grains and in commodities. Because of this, there is a general idea that prices must decline to a proportionate basis. The important thing in the market, ns mentioned frequently, is the refusal of the milling trade, the foreign buyer, the domestic consumer, or the Investor to meet other than immediate demand. Considerable liquidation has already been experienced, but there is reason for believing that holders of the cash product, particularly in the interior, have yet to dispose of their holdings. Coarse Grains —A belief that rough weather might lessen the movement of corn and osts from the country prompted some buying by former sellers. There was, however, no evidence of new demand, neither was there any improvement in the distributing trade. There was some selling of oats by northwestern Interests and some which seemed t< come from the far southwest, probably influenced by early grovvth of the new crop. These markets have the ni"rit oi being relatively low, at the same time, they can not be called cheap in the face of the large reserve* and the poor outlook. Provisions —Fresh meats are strengthened by fear of labor trouble. This condition reflected, to some extent, in the market for cured products. It is noticeable that packers, brokers arc seen more frequently on the selling than on the buying side. Foreign outlet does not improve. CHICAGO GRAIN. —March 12— WHEAT— Open. High. Low. Close. March... 1.62% 1.(3% 1.59 159 May 1.53% 1.55% 1.50% 1.30% COR S’— May 69% 70 69 69% July 71% 72% 71% 71% OATS?— Ma v 43% 43 7 42% 42% July 44% 45 44% 44 % PORK— Slav 21.45 21.65 21.45 21.45 la it i >— Mav 11 85 12 00 11 80 11.85 .1 u l"v 12 30 12 37 12.25 12.25 RIBS— May 11.57 11.72 11.57 11.62 July 11.92 12.05 11.92 12.00 RYE— Mav 140 142 1 39% 1.39% July 1.21 1,22% 1.18 1.18

CHICAGO CASH GRAIN. CHICAGO, .March 12—Wheat—No. 1 hard winter, $,.61; No. 2 hard winter, [email protected]%; No. 1 Northern spring. $1.72%: No. 3 spring, $1.58%. Corn No 3 white. 63%@63%c; No. 3 yellow. 63® 64 %c; No. 4 white, 60% %61%c; No. 4 yellow, 60%@01%c. Oats No. 2 white, 43% '1144c: No. 3 white. 42%@43c; No. 4 white, 41%@42c. TOLEDO CASH GRAIN. TOLEDO, March 12. —Wheat-Cash, $1.73; March, $1.72; May, $1.73. CornNo 3 yellow, 68c. Oats—No. 2 white. 46% @47%c Rye No. 2. $1.51. Barley No. 2,78 c. Cloverseed Cush (1920), $13.25; March, $12.75; April, $10.50: October, $9.78. Timothy Cash (1918, old). $2 so: ash (1919, old), $2.90; cash (1920, newi, $2.95; March, $2.95; April, $2.95; May. 8 05; September $3 25. Aisike- —Cash mew), sls; March, sl4. PRIMARY MARKETS. (By Thomson & McKinnon) —March 12— Wheat. Corn. Oats. Chicago 68.000 482.000 238,000 Milwaukee ... 12, no 119.000 53,w0 Minneapolis . 311,000 BI.JOO 68,000 Duluth 8,000 14,009 35,000 St. Louis .... 66.0'/'i 66,i)00 106,000 Toledo 0.9 *0 8,009 4,000 Detroit 6,000 7,000 12,000 Kan City ... 223.(00 135,000 14,'G0 Peoria 4.000 58.000 22,000 Omaha OS.UOO 126,000 50,000 Indianapolis . 5,000 46,000 38,0)0 Totals 777,000 1,142,000 640.000 Year ago .. 620,(G0 671,000 lIS.OJO —Shipments— Wheat. Corn. Oats. Chicago 84,000 382,0u0 191,000 Milwaukee .. 15,000 242,000 70,000 Minneapolis . 171,000 36,000 27,000 Duluth 2,(50 2,000 St Louis 74,000 109,000 88,0)0 Toledo 12,000 Kan City 271,000 20,000 19.300 Peoria 1,000 61,000 20,000 Omaha 50,000 74.<00 22,009 Indianapolis 24,000 28,000 Totals 616,000 956,000 479.000 Year ago .. 311,000 349.0J0 46*.0*0 •—Clearances— Doric W. Corn. Oats New York ... 114,000 Philadelphia . 5,000 Totals 119,(KM) Year ago... 207,000 ...... INDIANAPOLIS CASH GRAIN. —March 12— Bids for car lots of grain and hay at the cull of the Indianapolis Board of Trade were: Wheat—No sales. Corn— Easy; No. 3 white, 65@66c; No. 4 white, 62%@63c; No. 5 white, 60%@ 61%c; No. 3 yellow, 66®07c; No. 4 yellow, 63@640; No. 5 yellow, 01%@U3e; No. 3 mixed, 08@04%c; No. 4 mixed, 61 %@l 63c; No. 5 mixed, 00@61c. Oats—Easy; No. 2 white), 44@44%<i; No. 3 white, 43@44c. Hay—Weak; No. 1 timothy, $20.50021; No. 2 timothy, $20020.50; No. 1 light clover mixed, $19.50@20; No. 1 clover hay, $17.50® 18. —lnspections— Wheat —No. 3 red, 1 car. Corn —No. 3 white, 2 cars; No. 4 white, 5 cars; No. 5 white, 1 car; No 6 white, 1 car; No. 4 yellow, 10 cars; No. 5 yellow, 1 car; No. 3 mixed, 1 car; No. 4 mixed, 3 cars; total, 24 cars. Oats—No. 2 white, 13 cars; No. 3 white, 5 cars; No. 4 white, 1 car; No. 1 mixed, 1 car; total, 20 curs. BOARD OF TRADE STATEMENT. The weekly statement of the Indianapolis Board of Trade, showing the output of flour by local mills, inspections for the week and stock in store, follows: COMPARATIVE STATEMENT. Output of Flour— Barrels, March 12, 1921 7,847 March 5, 1921 6,555 March 13, 1920 7,842 March 15 1919 6,U08 Inspections for Week — —Bushels — In. . Out. Wheat 42.000 None Corn 399,000 128,000 Oats 252,000 170,000 Rye 3,000 None ‘Hay, 8 cars. —Stock In Store — Wheat. Corn. Oats. Rye. March 12, 1921. 83,050 491,870 286,160 1,000 March 13, 1920 363.931 583,940 68,480 3,030 March 15, 1919.262,630 452,420 318,350 1,300 HAY MARKET. The following are the Indianapolis prices, for bay by the wagon load: Hay—Loose timothy, new, s2l @22; mixed hay, new, $19@21; haled, $21@23. Oats—Bushel, new, 45@47c. Corn—New, 65@68c per bushel. WAGON WHEAT FRICEB. Indianapolis flour mills and elevators today are paying $1.60 for No. 1 red winter wheat $1.57 for No. 2 red and $1 j&4 for Ha. 3 cad.

Local Stock Exchange —March 12 — STOCKS. Bid. Ask. Indiana Ry. & Light Cos. com 60 Indiana Ry. & Light Cos. pfd. 84 88 Indpls. & N. W. pfd 75 Indpls. 4: S E .pfd 75 Indpls. St. Ry 52 62 T. H., T. & L. CO. pfd 70 T. H.. I. & E. com 2 6 T. H., I. & E. pfd. 10 19 City Service, com 230 340 City Service, pfd 06 68 U. T. of ind. com U. T. of Ind. pfd 6 16 TJ. T. of Did., 2d pfd 2 Advance-Rumely Cos., com... 16 ... Advance-Rumely Cos., pfd.... 48 Am. Central Life 285 ... Am. Creosoting Cos. pfd 89 ... Belt R. R , com 00 66 Belt. R. R. pfd 44 50 Century Blag. Cos. pfd 90 Citizens Gas Cos 28 33 Dodge Mfg. Cos. pfd 91% ... Home Brewing 54 ... Indiana Hotel com 61 ... Indiana Hotel, pfd. 90 ... j Indiana Pipe Line ••• Ind. Natl. Life ins. Cos 4% Ind. Title Guaranty 59 63 Indpls. Abattoir, pfd ■ *• Indpls, Ous 42 50 Indpls. Tel. Cos. com 8 ... Indpls. Tel. Cos. pfd 89 Mer. Pub. Util. Cos., pfd 26 Nat. Motor Car Cos 4 T Pub. Sav. Ins. Cos 2% ... Ranh Fertilizer pfd 45 Standard Oil of Indiana Sterling Fire Ins. Cos 7% 9% Van Camp Hdw„ pfd 90 100 Van Camp Pack., pfd 90 100 Van Camp Prods, Ist pfd.... ... 100 J Van Camp Prods. 2d pfd 100 Vandalla Coal Cos., com $% Vandalia Coal Cos., pfd 6 9% Wabash Ry., pfd 19% ... Wabash Ry., com 6% ... BONDS. Broad Ripple 5s 60 70 Citizens St. Ry. Cos C 9 | Ind. Coke & Gas 6s 100 i Indian Creek Coal & Min. Cos. ... 100 Indpls., Col & So. 5s 88 98 Indpls. & Martinsville 5s ! Indpls. Northern 5s 42% 45 Indpls. A: N. VV. 5s ... Indpls & S. E 5s 45 : Indpls . Shle. A 8. E 5s 70 ... Indpls. St. Ry. 4s 59 65 Indpls. T. & T. 5s 70 74 Kokomo, M. & W. 5s 76 79 T. 11., I. & E. 5s 46 U T. of Indiana 5k 50 59 Citizens Gas Cos 73% 79 lud. Hotel 2d 6s 90 Indpls. Gas 5s 72% 80 ! indpls L & H. 5s 75 80 j Indpls. Water 5s 87 90 ! Indpls Water 4%s 69 75 Merchants 11. & L &8 88 New lei Ist 6s 94 New Tel. L D. 5s 93% ... South. Ind. Power 6* 100 LIBERTY BONDS. i Liberty first 3%s 89.90 J Liberty first 4%s 56.72 j Liberty second 4%s ....... 86 50 Liberty third 4%s 90.10 Liberty fourth 4%s 86 70 | Victory 3%s 97.00 j Victory 4%s 97.06 97.41 On Commission Row TODAY S PRICES. ! Apples Missouri Jonathans, per bbl., $8; fancy Illinois Jonathan, per bbl., $7; ! extra fancy Grimes Golden, per bbl., : i.'.s(>@M, extra fancy Wlnesaps, per bbl, j $9; Bell Flowers, per bbi., ss> Baidwtns. . per bbl.. $4@'5.50, Spies, per bbl., $6 i Rome Beauty, per bbl., ss>; Malden Blush. | per bbl , S5; Greenings, per bbl.. $5.50; I choice Jonathans, per bbl.. $6 | Bananas Extra fancy high grade fruit, jSO to 60 per bunch, per lb, B@B%c. Beaus Michigan navy. In b igs, per lb, ! 4%@5c; Colorado plates. In bags, per lb, i 6‘Jic; California limns, in bags, per lb, VyiDo; red kidneys, in bags, per lb, 10® ; !(>%<•; California limns, in bags, per lb, *>@9e; California pink chili. In bags, per ! lb , ;@-c. Beets—Fancy, new, per doz, bunches. j 85c. j Beets Fancy homegrown, per bn, ! $1.25. j Cabbage—-Fancy Texas, new. per lb., j3%c; f.ucy. old, per lb, l%c. Carrots—Fancy home-grown, per bn, 85c. Cauliflower—Fancy California, per I crate, $2.85. j Celery Fancy Florida. 3 doz. crate, per | crate, $1.25; fancy Florida, 4 5 doz. crate, i per crate. $5.50; fancy Florida trtrmued, per bbl,, *[email protected]. Cocoa nut*—Fancy, per doz, $1; per bag of 150, $7 Grapefruit—Extra fancy Florida, 46* and 545. pox. s*'7s; 645. 70s and 80s. box, $7; 90s, box, 28; extra fancy Florida, Ind River Orchid brutid. 465, box. $4 50; 545, box, $5; 645, 70s and 80s, box, $5.50; 90s, box, $5; fancy Floridas, 365, box, $3.60; 645, box, $4.50; 6;* uud 70s, box, $5; 80s. box, $5. Kale Fancy Eastern, per bbl, $2.25. Lemons- Extra fancy Callfornlas. 300a ‘ to 3605, box, $4.50. Lettuce —Fancy hothouse leaf, per lb, 23e; fancy hothouse leaf in barrel lots, per lb, 20c; fancy California Iceberg, per crate, $4.50. I Onions -Fancy Indiana yellow or red. per 100-lb. bags. sl.2f>; fancy Indiana white, per 100-lb. bags, $1.40; fancy Spanish, per large crate, $5.50. _Oranges—California, ail grades, $3.75® 4.75. Oyster Plant—Fancy, per doz, 50c. Parsley Fancy large lllkes, per doz., sl. Peppers—Fancy, small basket, 85c. Pie Plant —Fancy borne grown, per bunch, 85c. Potatoes—Fancy Michigan and Wisconsin round whites, per 150-lb bag, $2,10; 5 or 10 lb lings, ier bag, $2.40; fancy Idaho Gems, per bag, $2.50. Radishes Button, large bunches, per i doz, $1.50; long red, per doz, 40c. i Radishes—Long red, per doz, 35c. ■ Kutabagos—Fancy Canadian, per 50, $1.50. : Shallots—Fancy, per doz, 80c. j B|>iuacta —Fancy, per bushel basket, I Strawherries—Fancy Louisiana, 24 pt Grates, per irate, $6. Sweet Potatoes—Fancy Eastern Jerseys, per hamper, $3; fancy Indiana Nancy Halls, per hamper, $2.25; fancy Indiana Jersey, per hamper, $2.50.

Weather The following table shows the state of the weather at 7 a. in., March 12, as observed by United States Weather Bureaus: Station. Bar. Temp. Weath. Indianapolis, Ind.. SV'tO 54 Cloudy Atlanta, Ga .'to'4 58 Rain Amarillo, Texas.... 20.88 44 PtCldy Bismarck, N. D.... 30.48 —2 Snow Boston, Mass 30.22 44 Clear Chicago, 111 29.90 54 Rain Cincinnati, 0hi0.... 20.02 54 Rain Cleveland, 0hi0.... 30.02 52 Cloudy Denver, Colo 20.02 20 Clear Dodge City, Kan... 30.02 28 Clear Helena, Mont 30.18 —2 Clear Jacksonville, Kansas City, Mo.. 30.02 38 Cloudy Louisville, Ky 20.88 54 Rain Little Rock, Ark.. 29.96 54 Clear Los Angeles, Cal.l. 29.02 50 Cloudy Mobile, Ala 30.00 06 Rain New Orleans, La.. 20.96 72 Cloudy New York, N. \ r .... 30.24 42 Clear Norfolk, Va 80.36 48 Cloudy Oklahoma City 20.04 46 PtCldy Omaha, Neb 30.12 30 Cloudy Philadelphia, Pa... 80.24 40 Cloudy Pittsburgh, Ta 30.10 50 CtCldy Portland, Ore 29.92 38 Cloudy Rapid City, S. D... 30.34 10 Cloudy Roseburg, Ore 20.88 38 PtCldy San Antonio, Texn. 20.94 58 Clear San Francisco, Cal. 29.82 50 Cloudy St. Louis, Mo 29.86 52 Cloudy St. Paul, Minn.,... 30.12 24 Cloudy Tampa, Fla 30.08 68 Cloudy Washington, D. C.. 30.22 42 Cloudy weather conditions. Since Friday morning precipitation has occurred extensively from the western lakes and middle Mississippi Valley to the Gulf of Mexico. Rains also have fallen in the sontli Pacific region and snows In parts of the northwest. It Is warmer in eastern sections but colder over the Plains States and upper Missouri Valley, with zero weather In North Dakota arid Montana, and readings from —lO to —3O degrees In middle-western Canada. J. It ARMINGTON, Meteorologist, Weather Bureau. WHOLESALE FEED PRICES. The following are today's wholesale market prices for beef cuts as sold on the Indianapolis markets: Ribs—No. 2. 2Mic; No. 3,17 c. Loins— No. 2,83 c; No. 8,21 c. Rounds—No. 2, 22c; No. 3,18 c. Chucks*~No. 2,13 c J No. & lie. Plates—No. 2. 12c; No. 8,10 c.

BRITISH AUTHOR SAYS CAVE MAN IDEA PURE MYTH Tales of Club Tap on Head and Drag by Hair to Den Without Foundation. SAME IN PAST AS NOW WASHINGTON, D. C.—The cave man is a myth in the opinion of Mr. Chesterton. Yon, of course, know all about the cave man. You know that he is your prehistoric ancestor, that he lived in a cave and carried a big club. His method of getting married was to approach the woman of his choice quietly from behind, tap her on the head with his club and drag her by the hair to his cave. The matrimonial method of the cave iran seems to have made an immense impression on the imaginations of all who are educated enough to have heard of the cave man at all. If you have a habit of kissing girls in the face of such opposition as they may offer, you are Immediately denominated a cave man. Even the gladsome flapper knows all about thd cave man. It is quite common to hear her say that she likes the cave man method*. Probably the popularity of the cave man as an historical character is due to that free-and-easy slap-dash way of bis, which most of us secretly admire, but are unable to practice by reason of conventions, the police and little things like that. Be that as it may, Mr. Chesterton simply makes the point that there may never have been any cave man \t all. You know all about the cave man, but how do you know that any such creature actually existed? Have you studied the evidence of his existence as carefully, for example, as you would study a bill which you suspected of being padded? You have not. You have taken the existence of the cave man on trust. You have seen him cartooned In the comic papers, you. have even read novels about him. And he appeals to your imagination. Therefore, you assume that he did exist. But if you looked into the actual evidence of his existence, you would find that it consisted "t n few scattered bones, and a great many rather speculative conclusions which the professors have deduced therefrom. As for his habit of hitting ladies over the head with a club, it is based on practically nothing, except, perhaps your own secret yearning to do likewise. Mr. Chesterton thinks it inherently Improbable that the cave man ever hatted ladles over the head. And the reason he thinks it improbable is that he cannot believe the ladies bavo changed that much since the stone age. He doubts that they were ever so reluctant ns to require such treatment. CHESTERTON, PAMOI 8 JOl KNALIST. At tills point it might be well to pause nnd explain who Mr. Gilbert Keith Chesterton Is. He is a famous English Jourjiallst and author who has receut : y been touring this country and giving Lctures, ns hnve so ninny other more or less eminent Englishmen of lute. Since the war it has become quite the custom for English authors to make a pilgrimage to America and recruit their finances by a lecture tour. As Mr. Chesterton remarked, the American people have a positively heroic capacity for giving and receiving lectures. He might have added tho.t they have an Insatiable curiosity as to what celebrities look like nnd sound like, for it is that curiosity, rather than a real interest in ideas, which recruits the audiences of British lecturers. In this respect Mr. Chesterton gives an especially large money's worth. For he la one of the largest and most picturesque men that the race has ever produced. This statement may be an advertisement for him, but it does not make any difference, because his audiences are as large as bis auditorium will hold anyway. A native lecturer in this country may sometimes have to address a good many empty seats, but let one come from England, let him but wear the label “European,” or still better, the label “British,” and he will immediately rival • the movies and the follies. With the rise of America as a patron of lecturers and a buyer of books, these distinguished visitors have become discreet and even complimentary. They do not blurt out their disparaging ideas about America lr. the crude way that Dickens did, for example. They may try to Improve us, but they do so very gently. 8o gently that often we do not realize what they are driving at. Thus, Mr. Chesterton lectures on the the ignorance of the educated. Whether he considers that there Is n special tiles sage for America in that lecture we do not know. But certainly this is a country la which the educated display their ignorance profusely. IGNORANCE OF THE EDUCATED. Mr. Chesterton speaks in a tone of gentle Irony, and makes his points in a somewhat roulidabout fashion, so that most of his hearers, while mildly enjoying his witty illustrations, never catch the main idea at all. The main Idea seems to be that mostof us who considei ourselves educated really know nothing at all. It would add greatly to our dignity and sincerity If we could grasp the one simple fact that in spite of all our education we are abysmally ignorant. You hare gone to school, you have gone to college, you are called an educated man. .Therefore, you consider yourself competent to pass upon almost any subject that comes up. You express final and definite views on literature and art and Bolshevism and New Thought and the League of Nations. Occasionally you will mdrnit a sort of ignorance. "I don't know anything about music,” you will say, “but I know what 1 like.” But you say it in a way that implies that what you like must be the last word in taste and judgment. Now, Mr. Chester challenges you to pause and consider how much you really know about anything. Y'ou have definite opinions about fiction. Have you ever studied it? Do you really read anything but the magazines and the best sellers? Is there actually any reason to believe that your opinion of a book is worth a whoop to any one? And so of politics, art, music and science. What are these glib opinions of yours actually mased upon? Whut books have you read on these subjects? If called upon to write down all that you knew about one of them, how much courd you write, and what would the screed be worth? Mr. Chesterton expresses the opinion that the ignorant peasant, who sometimes cannot even read or write, is very important to civilization, perhaps the best part of it. Why? Because the

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peasant at least knows what he knows and also what he does not know. He knows some things about birds and beasts and staxs and trees and he can tell you about these in an Interesting way. It would never oecur to him ts express his opinions on things he really knew nothing about. He therefore remains, in a world of cheap words and easy pretense, a 'valuable stronghold of simplicity, faith and intellectual honesty —things of which most of us have long since lost. Mr. Chesterton speaks politely, Ironically, somewhat obscurely. But if his lecture was boiled down to a few direct and applicable words, we think It would be about this: "My dear friends: You think yon are knowing, but you are not. Most of the things you discuss you know nothing about. And Dior© than half of the things you know aren’t so. Your wisdom is merely a collection of empty phrases and a few of those are your own. The first thing for you to learn is that you don’t know anything. When yon have fully grasped that fact, you may begin to get the rudiments of a real education." YYe went home from Mr. Chesterton’s lecture feeling humble and chastened. FIGURES DENY FARM POVERTY CHICAGO, March 12. —The American farmer is far from bankrupt. Latest Government statistics show that his actual buying power has been greatly underestimated. These statistics of the United States Department of Agriculture which are being closely studied show that the products of 1920 were worth 100 per cent more than in 1914. They place the value of tie 1920 farm crops and of farm animal products and auimale sold and slaughtered at $19,856.000,000. Since this is over $5,090 000.000 below the 1919 value, the popular theory has been to figure it all as loss to the farmer, without regard to how much of it is merely a “paper loss.” The Government in one tabulation takes the five-year period 1914-18 as 100. On this index the relative value of all crops in the United States was 2 per cent higher for 1920 than for the averege of the fiveyear period. Leading grain exchange men point to the figures as still further pro>f of the unfairness of attacks on the present marketing system by professional organizers who have sought legislation which agricultural leaders, fttrmers and grain men tol Congress would destroy the economic f nctlons of the exchanges. ‘Honor System’ Used in Loans to Jobless MUSKEGON, Mich., March 12.—Muskegon ha* inaugurated the “honor system” and is making unsecured loans to Its jobless citizens. More than SIO,OOO already hag been lent to those temporarily out of employment and in need. More than 375 persons already have been granted loans under this plan. In return for the loan the city receives a non-interest bearing note, payable when the borrower secures employment. All requests for loans are thoroughly Investigated, but only In a few cases hag an Investigation revealed that an attempt was being made to “work” the elty. The average loan is $lO. but in some cases as much as SSO has been loaned to one person. “Under the old out and cut charity system, the most worthy never would apply for aid," said City Manager Ellison. “YVe expect to lose some money; that will be due to the chronic charity seekers that the city would have to support anyway. We are confident the majority of our citizens are honest. It Is an interesting experiment.”

Prays for Delivery From Ragtime Jazz BOSTON, March 11.—" God deliver ns from the iniquities of ragtime Jazz," was the prayer of Bishop Edwin H. Hughes at the twenty-eighth annual banquet of the New England Hardware Dealers’ Association. He said that pleasures are eating the time of preseut-day society and urged that greater emphasis be placed on work and less on leisure in the everyday labors of man. Marriage Licenses Charles Reed, 895 Massachusetts 24 Gladys Wilson, 730 X. Illinois st 25 William E. Tripp. 529 S. New Jersey.. 20 Bessie Teets, 829 8. New Jersey 19 Everett Sinler, 123 W. Fifteenth 28 Kathryn 8. Briggs, 123 W. Fifteenth.. 20 Births Paul and Catherine Martin, 5936 University. girl. Robert and Blanche Hungerford, St. Vincent’s Hospital, girl. Don and Byrd Gould, St- Vincent’s Hospital, boy. Maurice and Myrtle Buergeilu, St. Vincent's Hospital, boy. Bernard and Carolyn MeConahny, 8022 Beiletoutaine, girl. John ami Florence Jameson, Clark Blnkeslee Hospital, girl. Bernard und Mary Reilly, 311 N. Arsenal, girl. Charles and iva Witham, 2520 E. Tenth, boy. John and Bridget Duffy. 1912 W. Vermont, boy. Antlion, and Frances Urbaneic, 730 W. Holmes, boy. John and Elizabeth Hutchings, Methodist Hospital, girl. Burt and Ada Douglas, Charity Hospital. boy. Ralph and Gladys Stack, 2256 Schuriv boy. Harvey and Jeannette Kissler, Long Hospital, boy. Deaths Bernice McKenzie, 27, Long Hospital, meningitis. inogene Elnora Arthur, 11 days, 1233 Reisner, inanition. Emma E. Miser, 32, Methodist Hospital, peritonitis. Marie M. Mueller. 49, 3117 N. Delaware, carcinoma. Niles Harding, 82, 1333 Kappes, cerebral hemorrhage. Lavina M. Price. 58. 2127 N. Pennsylvania, chronic interstitial nephritis. Martha Morgan, 78. 1524 E. Washington. chronic myocarditis. Anna Mesklll, 63, city hospital, arterlo scleiosis. Lucinda Sands, 78, 2445 Ashland, arterio sclerosis. Charlotte Irwin, 22. 425 N. Hamilton, pulmonary tubcrculoris. Mutildn Wallers, 69, 229 N. Hamilton, carcinoma. j

OWe Own and Offer (fllj|ra Eight Per Cent Tax Exempt Preferred Shares of the American Farms Cos. Absolute Security—Non-Assessable Indianapolis Securities Company, Indianapolis. Ind. "Without any obligation on my part, I would Hit© to have you send me your booklet regarding your tax exempt preferred shares. Name ... ...■■> Address eeee*ree*

WRIST WATCHES ARE BECOMING MOREPOPULAR They Are Subject, However, to Trying Vicissitudes, Say Experts. SOME WATCH HISTORY WASHINGTON, D. C—ls you wrtte with a pen or pencil for several hours a day, you are apt to get to your appointments ahead of time, but if you write on the typewriter, you are more apt to be late. That is, if you wear your watch on your wrist, as an increasing number of persons do. This transfer of the timepiece from the pocket to the forearm, according to watch experts, has subjected the Instrument to new and trying vicissitudes. A watch expert outlined this situation and then opened a large silver watch and Indicated the balance wheel, whirling two-thlrili of the way around and then whirling back. That wheel, he explained, turns 300 times a minute, normally. “When we test watches,” he said, “we put them on racks and run them all day face up, and at night we check up on them. Then we test them with the dial down, and with the pendant up and with the pendant down. From the variation in time in these positions we regulate the watches, so that they will run at approximately 300 beats to the minute. But when we test the watch it Is perfectly still. It is not vibrating, as it would be with the slightest motion of the body, and of course there is none of the sudden motion that comes every time you move your hand. “So if the owner writes with a pen all day, and wears the watch on his right wrist, the Jerking of the hand might increase the number of beats to 325 or even 350. If he writes on a typewriter, the beats might be retarded while he Is working to 275. “The principle Is like this; If you stir a stick around in the water, the water swlrit about. If you stir still harder, it will whirl faster. But if you suddenly stop stirring, and begin to Jerk the stick np and down across the swirling circles their speed la Immediately lessened by the conflicting motion. “So when you more your arm steadily In a direction that does not tend to go against the motion, of the balance wheel the outside vibration will make the wheel move faster, but if you swing your arm back and forth, as in a tennis game, across the motion of the wheel, its normal rate may be retarded for the time being to as low as 250 beats.” It would be impossible, this man saya, to eatimate how much the watch of a typist or a bricklayer, or a violinist would gain or lose, because individual mannerisms and habits are too important a factor. One man naturally works or plays with spasmodic motions, while another is slower, and less sudden. Then, too, weariness, the degree of skill, and the emotions all may affect the way a person moves his hands at different tlmea to do the same thing. The Government had teats made with wrist watches during ths war, and accepted for Army use those that varied not more than two minutes a day. Jewelers now quote this Government standard for wrist watches. Most wriat watches, they say, keep somewhat better time than this, and a few will vary only a minute a week, but a rate of only a minute a week is very unusual. To our inquiry as to whether anything can be done regarding the hard lot of the modern watch, the eaepert sadly shook his head. “The wrist watch la convenient. Men are coming to prefer It. And so long a* accurate time la not vital, I suppose it is Just as satisfactory. What a man lose* in accuracy when he carries his timepiece on his wrist he galas In convenience, so it really is more than fashion that popularized the wrist watch.” He went on to explain that there is no need to bewail the good old daya “when a watch really told the time.” In spite of the way we mistreat our watches, we have just about as good time now as thirty years ago. That it because of improvements In watchmaking. The flat hair spring, for instance, that used to tangle np every time a watch got dropped has been replaced by the Breguet hair spring that doesn't tangle. We look upon the wrist watch as a recent innovation aid a watch set into a ring is regarded as a truly novel idea. Yet history records the existence of watches like these, and others more unusual several centuries back. Wueen Elizabeth received a wrist watch ns a New Year's gift in 1571. Whether it was a novelty then is not noted, but the watch is described as an “armlet or shnkell of golde, all over fairely garnished with rubyes and diamondes, haveing in the closing thearof a clock®.” The Earl of Leicester made this gift. Some years later he presented the Queen with a gold chain inset with diamonds and with a diamond-studded “clocke” as a pendant. Elizabeth was fond of watches, or clocks as they were still called then and had a large collection. The Earl of Russell gave her a ring of gold sot with small diamonds “and garnished round about with small rubles and two sparks of ophalls and in the same backside a dyall.” It is written that Charles V. also had a watch in one of his rings and that skill in watchmaking had so advanced in his day that very small watches keeping reasonably good time were set in heads of walking sticks, in bracelets, and pendants and other articles of personal adornment. sien wore their timepiece swinging from their necks and women hung theirs from their girdles. A watch was a rare and costly possession in those days—a sort of mark of gentility, we are tc-ld. By 1770 dandies were wearing two watches with heavy chains and seals tlsat hung on each side of their waistcoats. Women of fashion also approved this conceit, but as the expense of keeping two gorgeous timepieces was too great for most of them, the Jewalers began making a dummy watch to go with the real one on the other side of the valst Even these dummies were often beautiful and expensive, made in odd shapes, with insects of Jewels or engraved In elaborate patterns.

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