Indianapolis Times, Volume 34, Number 263, Indianapolis, Marion County, 15 March 1922 — Page 11

STOCKS MAKE SHARP GAINS IN Llosing rally Dividend Paying Rail Stocks Among Issues Showing Advances. GAIN IV TRADING NOTED to Indiana Daily Times Iknd Philadelphia Public Ledger. " By MONITOR. YORK, March 15.—Early Irregularity In the stock market, due in part to a further violent decline in foreign exchanges and in part to doubt as to the final outcome on the fourpow*r treaty at Washington, gave way in the afternoon in pronounced strength, in which nearly all Issues participated. A sharp recovery in the foreign changes. the course of which was followed by the grain markets, was taken to Indicate favorable developments in the political situation abroad. The recovery in the exchanges was followed by aggressive operations for the advance in the tock market, and prices closed at abon* the highest of the day. INVESTMENT ISSUES KEADIEY SOUGHT. Substantial advances id the dividendpaying railroad stocks in the afternoon, accompanied by similar movements in the preferred stocks of a large number of industrial corporations gave a more conservative tone to the day’s operations than has been witnessed recently. Not that pool activities were not in evidence, for a numher of specialties and of lowpriced rails were aggressively bought by their speculative sponsors. Back of this movement, however, was the solid support of the investment issues. Among the notable movements of the day were those in the United States Castlron Pipe issues due to a better reai■zation of the possibilities afforded by the krerent acquisition by that company of ohe widely discussed manufacturing process to which it has obtained the American rights. The annual report to be made public today is expected to substantiate in targe degree the claims which have been advanced by recent buyers. Consolidated Gas and Brooklyn Union Gas both were favorably affected by the mandate of the United States Supreme Court. The oils were neglected, as were the coppers. Profit taking was responsible for a sharp setback in the Market Street Railway issues. The steel stocks all were strong on reports of Improvement in the operating ratio of the mills in the Chicago district. EFFECT OF TEXTILE STRIKE NOTED. Trading in cotton was within a narrow range, an early decline being recovered before the close. The effects of the New England strikes in the textile mills is shown by the census bureau's report on cotton consumption during February. The takings of domestic mills during that month amounted to 473,000 bales, r.s compared with 527.000 bales in January. This year’s figure is. however, 78,000 bales larger than that for February a year ago. Export- during the month were 338,000 bales, as compared with 476,000 in January and 403.000 a year ago. On the eve of Government withdrawals from the local banks which are expected to total J 50.000.000 call money ruled throughout the day at 4 per cent. There was no change in the prevailing rates for time money, although some small loans for thirty and sixty days were reported at 4% per cent.—i Copyright, 1922, by Public Ledger Company.

Local Stock Exchange —March 14. STOCKS. Bid Ask Ind. Ry. A Light com. Ind. Ry & Light pfd. Indpls. St. Kv 47% ... Ind. &N. W. pfd ' (JO indpls. & S. E. pfd T. H. T. & L. pfd 07 ... .T. H. I. A- E. com 5 T. H. I. * E. pfd 15 l'. T. of Ind. com 1 U. T. of Ind. Ist pfd 4 ... U. T. of Ind., 2d pfd 2 Advanee-Rumiey Cos. com. .. 15 Advance-Rurnley Cos. pfd.. ... Am. Central Life 93'4 Am. Creosoting, pfd 0314 Melt R. R. com Belt R. It. pfd 50 1 ... Central Bldg. Cos. pfd 63% ... Otizens Gas. Cos, 23 ... City Service com.. Dodge Mfg. Cos. pfd $5 Home Brewing 45 Ind. Hotel coni 85 Ind. Hotel pfd OS ... Indpls. Ahhatoir pfd 4." Indpls. Gas 4414 ... Indpls. Tele. com. .......... 2 ... Indpls. Tel. pfd 90. !.. Mer. Pub. Util pfd 4S ... Nat. Motor Car Cos 1% 2 Pub Sav. Ins. Cos 4% ... Ranh Fer. pfd 47% ... ' Standard. Oil <.f Indiana 80 ... Sterling Fire 111s. Cos 7 Van Camp Hllw. pfd Van Camp Prod. Ist pfd. Van Camp Prod. 2d pfd Vandalia Coal Cos., pfd 7 10 s Wabash Ry. pfd 25% ... f Wabsah Ry. com. 7% ... BONDS. Broad Ripple 5s 01 00 Citizens Sr. Ry. 5s 75 80 Indian Creek Coal and Mine 100 Ind. Coke & Gas 5s 89 Indpls. C. A S. 5s 89 Indpls. North. 5s 3814 42 Indpls. & Martinsville 5s ..t Indpls. A N VV. 5s ’54 Indpls. A S. E. 5s 45 Indpls. Shelhyville & S. E. ss. 75 Indpls. St. Rv. 4s 63 T U. I A E. 5s 49 ... Citizens Gas Cos. 5s 80 89 Indpls. Gas Cos 85 89 Kokomo, M. A W. 5s Ind. Hotel Cos. Gs ’9O ’** Indpls. L. A 11. 5s 86% <ij Indpls. Water ss. 94 97 Indpls. T. A T . 76 r. T. of Ind 45 no Mer. It. A L. 5s 9ft 99 New Tel. L D. 3s 95 New Tel. Ist Os 95 3ou. Tel. Power Gs ’sgiz LIBERTY BONDS. Bid Ask Liberty lt 3%s 90.00 90.90 Liberty Ist 4%s 97. K 97.40 Liberty 2d 4%s 97.12 97 42 Liberty 3d l%s 98.34 98^04 Liberty 4th 4%s 97.32 97 02 Victory Loan 3% s 99.84 Victory Loan 4%s 100.40 IOO.TO —SALES—SSOO Liberty Fourth I% s at 97.62. NEW YORK SUGARS. NEV. YORK. March 15. —The demand •■r raw sugars was much improved in trade <>n the market here today. Prices were about steady. Cabas selling at 392 c per pound, duty paid, and Porto Ricos at 3.80 c per pound, duty free, delivered. Refined sugars w<*re qfuiet, tine granulated being tjurded at 5.30 c per pound r.nd No* I soft at [email protected] - per pound. NEW YORK COFFEE. NEW YORK. March 15.—CofffrcffetTfir 'allies rnbd steady in trade on the exchange today, opening options being 5 to II points higher. Rio No. 7on spot sold at O-TstijOysC per pound. NEW YORK RICE. NEW YORK, March 15. —Rice values were firm in trade on the exchange today, domestic rice selling at 3%@7%c per pound. NEW YORK METAL MARKET. NEW YORK, March <4.—Copper— Quiet; all positions offered. 12%c. Lead Quiet; all positions offered. 4%c. Spelter—Quiet; spot and March offered, 4.70 c; April offered, 4.75 c. NEW YORK PETROLEUM. NEW YORK, March 13.—Petroleum prices were steady In trade on the market here today. Pennsylvania crude selling at $3.25 per barrel.

N. T. Stock Opening —March 15— —Opening— American Bosch Magneto Cos 41% Am. Car & Foundry v.,.153 Am. Can 46% Am. Locomotive 108% Am. Smelt. & Ret? 53% Am. Sumatra Tobacco Cos 82 Am. Tel. & Tei 124% ♦Am. Woolen 89 ♦Austin Nichols 24% Anaconda Min. Cos 49% Atchison 97% Atlantic Gulf & W. 1 30% Baldwin Loco 107 Bethlem Steel (B) 64% ! Calif. Fete .*..52 Canadian Pac. Ry. 137% Central Leather 36% Chandler Motors 72% Chi., Mil. & St. Paul 24 Chi.. MIL & St. Paul pfd 38% Chicago & Northwestern 70% Chi., Rock Island & Pac 41% Comp. & Tab.,. 72 Columbia Gas 79% Consolidated Gas 110% Continental Can 60% Cosden Oil 36 Crucible Steel 58 Cuban A4ll. Sugar 26% Famous Players 81% •Fisk Rubber Cos 15% Goodrich 40% Gt. Northern pfd 80 Gt. Northern Ore 36% Gulf States Steel 72 Inspiration Copper 40% Inter. Paper 46 Kennett Copper 29% Lackawanna Steel 48% Lehigh Valley 59% •Ex-dividend. ♦Mexican Petroleum 123% Midvale Steel 80% X. Y. Central 83% New Haven 18% Norfolk & Western 100% Northern Pacific 82% Pure Oil 30% ♦Pan-American Petroleum 55% Penna. Ry 33 Peoiple’s Gas 77% Pittsburgh Coal 61% Pullman Palace Car 117% Reading 75 Rep. Iron A Steel 51 Royal Dutch of N. Y 52% Sinclair 23% Southern Pacific 80% St. L. & SW. Ry 29% Stromberg Carb 20% Studebaker 102% Texas Gas and Sulphur 43% Texas Cos 44% Tobacco Products 62% Union Pacific 133% United Retail Stores 40% United Fruit Cos 140% U. S. Castiron Pipe 38% U. S. Steel 94% Vanadium Steel 38% Vir.-Car. Chem 35% Western Union 96% Wtstinghouse Electric 57% Westinghouse Air Brake 84 Willys-Overland 5% •Ex-Div.

N. Y. Stock Exchange (By Thomson & McKinnon.) —March 14. Pre'v. High Low Close Close Advance Rumely 10% 16% 10% 17% : Ajax Rubber ~. 16% 10% 10% 10% Allied Chem 58% 57% 57% 58% Allis-Chelmers . 47% 40% 47 40% Am. Feet Sug. 42 41% 42 41 l Am. Bosch Mag. 41 39% 40% 38% Am. Can 45% 44% 45% 44% , Am. Car Fdy.. 150% 155% 150% 150 Am- Ice 104% 103% 103% ll)4% Ain. H. &L. pfd. 09 68 % 09 63% Am. Int Corp.. 45 44 44% 44 Am. Loco 109% 108% 108% 103% Am. Steel Fdy. 33% 33% 33% 33% ! Am. Smelt. Ref. 50% 50% 50% 50% j Am. Sugar Ref. 73% 72% 73% 72% ! Am. Sum. Tob.. 31% 30% 31% 30% Am. Tel. A Tel. 124% 124 124 121 Am. Tobacco... 136% 136 136 137 Am. Woolen 90% 89% 90% 89 Anaconda 49% 48% 49% 49% I Atchison 97% 97% 97% 97% Atl. Coast Line. 90 90 90 89% Atl. Gif. &W.I. 31 30% 30% 30% , Austin Nichols ..24% 24% 24% 24% i Baldwin L0c0...107% 106% 106% 106% B- A 0 35% 37% 33% 37% Beth Steel <B>.. C 4% 63% 63% 65 Brook. Rap Tr. 11% 11% 11% 1114 California Pete. 51% 51% 51% 51% Can. Pac. Ky... 130% 135% 136% 135 Central Leather. 36% 35% 36 36% Chandler Motor 73 72% 72% 72% C. A 0 61% 60 61 59% CMA St P com.. 24 22% 23% 23 CMA St P pfd.. 38 37% 3s 37 Chi. ANw 71 69% 70% 69% C., R. LA P 41% 40% 41% 40% C R I A P 7 pc pf 9? 93 93 92 Chili Copper.... 17% 17% 17% 17% Comp, a Tab... 72% 71% 71% 71 ! Chino Copper.. 27% 27% 27% 27% Coiura. Gas 80 79 % 79% 79% ;Coca Cola 43% 43% 43V* 43% | Col. F. A Iron 28% 28 28% 27% Con. Gas 110% 107% 110% 107% Con. Can 00% 59% 00% 59 V* Corn Prods ....104% 103% 104 104% Crucible Steel.. 58 57% 58 57% Cub. Am. Sugar 26% 25 26% 24% Cut. C. Sugar. 18% 15% 18% 15% Del. A Hudson.ll4V4 114 114V* 114% Del. A Lack... 115 115 115 114% Dome Mines 25% 24% 25% 24% Erie 11 10% 11 10% Erie Ist pfd.... 17% 17V* 17% 17V* Endicott A J.. 82% 81% 82% 81% Fain. Plays 84% 83% 84 84% Fisk Rub. C 0... 10% 15% 15% 10 Gen. Asphalt 01 % 59% 00% 60% General Cigars.. 70% ii 9% 69V* 70% Gen. Electric ..156 155% 156% 156% Gen. Motors ... 10% IOV* 10% 10% Goodrich 41 40% 40% 40% Gt. North, pfd. 80% 78% 80% 78% Gt. North. Ore. 36% 34% 36% 34% Gulf S. Steel... 72% 71% 71 % 71*% Hupp 15% 14% 14% 15% Houston 0i1.... 75% 75 75% 75% Illinois Cen. ...100% 100 100% 100 Inspiration Cop. 40% 40% 40% 40% Inter. Har 92% 92 92% 92 Inter. Nickel... 13 12% 13 12% Inter. Paper 45 45% 45% 46 Invincible Oil.. 17% 17% 17% 17% Kan. City 50... 26% 25% 26% 25% Kelly-Spring. T. 45% 45% 45% 46% Kcnnecott Cop.. 29% 28% 29% 29 Lee Tire A Reb. 29% 28% 29% 29 Lima Loco 10? 102% 102% 102% Lehigh Valley 5 % 58% 59 58% Loews, Inc. ... 1 14% 14% 14% Martin - Parry . i 1 28 28 27% Marine com. .. 13% 15% 16% 15% ! Marine pfd 721* 70% 71% 70% May Stores ....112% 112 112 112% Mex. Pet 127% 126% 120 126% Middle St. Oil .. 13% 13% 13% 13% Midvale Steel . 30% 30 30% 30 ! Mo. - Pac. Ry. . 22% 22% 22% 22% ; Mo. - Pc. Ry. p. 55% 54% 55% 54% i Mont, and Ward 15% 15% 15% 15% National Lead. 90% 89% 90% 89 Nev. Con. Cop. 14% 14% 14% 14% |N. Y. Central... S3 81% 83 - 80% i New Haven .... 18% 17% 18V*® 17$* X A W 100% 100 100% 100 Northern Pac. .82 80% 81% SON OUIa. P. A R. 2% 2% 2% 2% ; Owen Bottle ... 33% 33 33% 33% Pacific Oil 49% 49% 49% 49 Pan. Am. Pet. . 58% 57% 57% 57% | Penna. Ry 38 37% 37% 38 People's Gas .. 78 75% 77% 76% I’ere Marq 28% 27% 28% 27% Pierce-Arrow.. 10% It % 16% 16% Pierce Oil Cos. . 8% 8 8% 8 Pullman Car .. 118% 117 117% 117% Pure Oil 30% 30% 304 30% Reading 75 74 % 74% 73% Rep. Iron Steel 51% 51 51, 51 Replogle Steel .. 32% 31% 32% 31 Royal Dutch .. 52 51% 52 51% Sears-Roebuck .68 67% 67% 68 Sinclair 1.. 23% 22% 23V* 22% I Sloss S. S. A 1. 37 37 37 37 South. Pacific . 86% 85 86% 85% South. Ry 21% 20% 21 21 St. L. AS. W. R. 29% 29 29% 29% S:aad. O. of C. . 95% 95% 95% 95% S. O. of X. J... 177 175% 170 177% St. L. AS.F. c. 29% 28% 28% 28% Stewart A W. .37% 36% 37% 36% Strom. Carb .. 46 43% 46 44 Studebaker ....102% 101% 102% 102 | Texas G. A 5... 43% 43% 43% 43% Texas C. AO. . 27% 26% 26% 26% Texas Cos 44% 43% 44% 44 Texas A Pac. . 34% 33% 33% 34 Tob. Prod 62% 61% 62% 6‘>% Trans. Oil .... 9% 9% 9% 9% j Union Oil 18 17% 17% 17% Union Pac 133% 132% 133% 132% | United Drug .. 72 70 70 69%' U. S. Retai Stors 46% 45% 46% 45% U. S. Cast Ir Pp 38 32% 37% 32 ! U. S. Ind. Alco. 49% 48% 48% 48% I U. S. Rubber .. 02% 61 62 01% U. S. Steel 95 94% 94% 94% U. S. Steel pfd. 117V* 117 117% 117 Utah Copper .. 63% 63% 63% 63% Vanadium Steel 39 38 38% 38 Wabash 8% 7% 8% 8% Wabash Ist pfd. 26% 2*% 26 24% Wilson and Cos. 40 39 404 TANARUS% Worthington P. 49% 48% 48% 4.8% Western Union 96% 96% 90% 96% West. Airbrake 84 83 83 So West. Electric .. 58 57% 57% 58 White Motors .. 41 40% 40% 40% Wiilys - Ovlnd . 6 5% 5% 5% White Oil 10% 9% 10% 10% Wls. Central... 32% 32 32 32%

STOCKS DISPLAY STRONG TONE Fractional Gains Made During Initial Trading. NEW YORK, M.-rch 16.—The stock market showed a s’rong tone at the opening today, good fractional gains being made :n all the active issues. The railroad shares continued in demand, New York Central moving up to 83% and Reading showing a gain of Vi of a point at 75%. Anaconda Copper rose % of a point to 49% and Cuba Cane Sugar was % of a point higher ar 19. Mexican Petroleum, -selling ex-dividend, rose % of a point to 123% and United Retail Stores moved up % of a point to 46%. United States Castiron Pipe and Foundry rose % of a point to 38%. I’n ted States Steel was unchanged at 94%. The list continued to move forward during the forenoon, with some new highs being made. American Can touched anew high at 43% and American Ice also pushed through Its previous high, selling at 104%. Railroad stocks maintained a strong tone, Union Pacific selling up to 133% and St. Paul advancing to 38%. Public Service Corporation rose to a new high on the movement above 86. Consolidated Gas and People Gas were In demand. (By Thomson A McKinnon) —March 14 Today's stock market was again In all respects a repit it lon of what we have experienced for some time. In the industrials It is a specialty market and those interested in the various issues have found It a comparatively easy matter to advance values. They have encountered very little opposition and under such conditions it is not surprising that issues that have been dormant for some time are brought forth and are moved through the same process to the high quotations. Up to the present time the basis for all this has -been the strong banking situation, the large stock of gold, the thorough liquidation of last year and the betterment in business. But so far as actual business results are concerned. It is too early in the year to estimate probable earnings. We must be content with the knowledge that conditions are growing better and trust to the future for favorable results. We reeognize fully that we are in the midst of a bull market with a higher Vvel ultimately likely, but for best results frequent reactions are essential and one at this time would not be out of order. TWENTY STOCKS AVERAGE. NEW YORK, March 15.—Twenty industrial stocks Tuesday averaged 87.92, up .36 per cent. Twenty active rails averaged 79.56, Hip .85 per cent. CLEARING HOUSE STATEMENT. NEW YORK, March 15.—Exchanges. 5697,600,00(1; balances, $80,700,060; Federal Reserve Bauk credit balauces, $73,500.00 Q.

Money and Exchange Indianapolis bank clearings Wednesday were $2,533,0U0; bank debits, $5,923,000. j NEW YORK, March 15. —The foreign ! exchange market opened steady today I with demand Sterling l%c higher at ; $4.31%. Franca rose 3 centimes to 1 8.95%c for cables an ' 8.95 c for cheeks. ] Lire yielded 5 points to 5.04 c for cables and to 3.03%c for checks. Belgiau francs were up 5% centimes to 8.30 c for cables j and to 8.29%0 for checks. Marks were 1 % of a point lower at ,0037 c. Guilder I cables were 37.63 c; cheeks, 37.58 c. Sweden kronen rubles were 25.90 c; checks, 25.85 c. Norway kronen cables were 17.67 c; checks 17.62 c. Denmark kronen cables were 21.13 c; checks, 21.05 e. * NEW YORK LIBERTY BONDS. —March 14— Prev. High Low, Close, close. Liberty 3%s 96.96 96.82 96 06 96.80 Liberty 2nd 4s 97.40 97 34 i Liberty Ist 4%s 97.50 97.46 97.50 97 50 Liberty 2nd 4%s 97.48 97.40 97.44 97 50 1 Liberty 3rd 4%s 98.68 98.60 98.66 9.8 68 Liberty 4th 4%s 97.79 97.64 97 00 97,76 Victory 3%s lOO.IM ino.CM ! Victory 4%s 100.80 100.66 100.76 100.80 NEW YORK CALL MONEY. NEW YORK, March 15.—Money: (.’all money yesterday, 2 per cent; high. 4; i low 4 per cent. Time rates were steady. | all 4%®5 per cent. Prime mercantile ■ paper was steady. SterPng Exchange was steady, with business In bankers bills at $4.31% for demand . MOT‘'R securities. (By Thomson A McKinnon.) “--March 15— —Closing—- | Bid. Ask. :Earl Motors 33% I Packard com 6% 6% | Packard pfd 65 67 ■ Peerless 85 36% Cont. Motors com 0% 6% Font. Motors pfd 84 88 j Hupp coin 15% 10 I Hupp pfd 90 " ... j Reo Motor Gar 19% 20 Elgin MotorS 2% 2% Grant Motors % 1 Ford of Canada 292 298 National Motors 1% 2 Federal Truck 15 17 Paige Motors 17 19 Republic Truck 6% 6

ACTIVE OIL STOCKS. (By Thomson & McKinnon) —March 15— —Opening— Bid. Ask. Anglo-American Oil 16% 17 Atlantic Lobos 10% 11% Borne-Scry mer 350 370 Buckeye Pipe Line I 91 93 Chesebrough Mfg. Cons 185 190 Oninental Oil, Colorado ....127 132 Cosden Oil and Gas 5 8 <'rescent Pipe Line 33 35 Cumberland Pipe Line 140 150 Elb Basin Pete 6% 6*% Eureka Pipe Line 93 96 Galena-Signal Oil, pref 110 115 Galena-Signal, com 4:5 45 Illinois Pipe Line 173 176 Indiana Pipe Line 93 95 Merritt Oil 9% 9% Midwest Oil 2% 3 Midwest Kfg 170 175 National Transit 27% 28% New York Transit 168 173 Northern Pipe Line 105 107 Ohio Oil 267 270 Oklahoma P. & It 5% 5% Penn.-Mex 20% ' 28 Prairie Oil and Gas 535 545 Prairie Pipe Line 228 233 Sapulpa Itefg 2% 3 Solar Refining 860 380 Southern Pipe Line 90 98 Sou’h Penn Oil 180 185 Southwest Penn Pipe Lines.. 58 02 Standard*V)il Cos. of Ind 87 87% Standard Oil Cos. of Kan 515 530 Standard Oil Cos. of Ky 480 490 Standard Oil Cos. of Neb J 65 175 Standard Oil Cos. of N. Y 370 375 Standard Oil Cos. of Ohio ....385 395 Swan & Finch 40 50 Vacuum Oil 335 342 Washington Oil 23 28

CHICAGO STOCKS. —March 14 — (By Th~mson A McKinnon.) Open. High. Low. Close. Arm. & Cos. pfd. 98 Arm. Leather.. 12% Arm. Lea. pfd.. 83 Case Plow 5 6 5 5% C . C A C Ry pf. 7 Cudahy 67% Conti. Motors.. G% 6% 6% 6% Deere A Cos. pfd. 71 „ Earl Motors.... 3 Libby-McNeill.. C 6 5% 5% Montgy. Ward.. 15% 15% 15% 15% Nall. Lea., new. -10% Pick & Cos 23% ...... * I'tggly Wig (A) 35% 37% 35% 36% Stewart-Warner. 36% 37% 36% 37 Swift A Cos 105% 105% 105% 105% Swift. Inti 22% 22% 22 " 22 Thompson J. R.) 42 ..... Tender Corn A 2% 3% 2%? 3% I'nion C. & C... 52 52% 52 52% Wahl 67% 69 67% 69 Wrigley 105 Y'ellow Taxi 68% 68% 68% 68% NEW YORK HIDES. NEW' YORK, March 15.—Hides were weak in trade on the market today, na tive steer hides being quoted at 12 %c per pound aid branded steer hides at'll%c per pound.

iJNDIANA DAILY TIMES, WEDNESDAY, MARCH 15, 1922.

SWINE VALUES RULE STEADY Cattle Prices 25 Cents Lower— Calves Close Weak. RANGE OF HOG PRICEB. Good Good Good Mar. Mixed. Heavy. Light. 7.511.60# 11.70 [email protected] $11.70(011.75 S. 11.60 @ 11.60 [email protected] [email protected] 9. [email protected] [email protected] [email protected] 10. [email protected] [email protected] [email protected] 11. [email protected] 10.76 @ 11.10 11.35 @11.40 13. [email protected] [email protected] [email protected] 14. [email protected] 10.25 @ 10.50 [email protected] 15. [email protected] [email protected] [email protected] With receipts close to 3,500 and the demand by bother packers and shippers rather slow, swine prices ruled about steady in trade on the local livestock market today. There was a top of $10.90, the same as was maintained on the market of the previous day and the bulk of the sales for the day ranged at [email protected]. Cattle values were slow sleady to 25 cents lower, with the bulk of the sales being made at prices that were fully 25 cents lower than those of the market of the day befo> Receipts ran * to 700, with some stale stuff held in tie pens. An oversupply of meat in the coolers of the packing houses, the weather somewhat against the meat trade and holidays were said to have been principal factors In lower values. Large receipts l l Chicago and elsewhere and lower prl-e tendencies also had their effect upon the trend of the local market. Veal prices were steady to strong at the opening of the market, when the demands of the shippers were good, but after the first hour there was a slack in buying these shippers and easiness set in. The market closed slow steady. Receipts for the day ran close to 250 and the quality was fair. There were about 100 sheep and lambs on the market. Prices were steady generally. HOGS. 160 to 180 lbs average [email protected] Over 300 lbs [email protected] 150 to 300 lbs 10.25(510.90 Best pigs, under 140 lbs [email protected] Stags 5.00@ 6.00 Top 10.90 Roughs 7.3b@ 8.75 Bulk of sales 10.50® 10.75 —CuttlePrime corn fed steers, 1,200 to 1,800 lbs 7.00® 8.00 Good to choice steers, 1,200 to 1,300 lbs 6.50® 7.00 Good to chotce steers, 1,100 to 1,200 lbs 6.00® 6.56 Good to choice steers, 1,000 to 1,100 lbs 5.50® 6.00 Common to medium steers, 800 to 1,000 lbs 5.00® 5.50 —Cows and Heifers— Good to choice heifers 7.00® 8.00 Medium heifers 5.75® 675 Commop to medium heifers.. 4.50® 5.75 Good t 6 choice cows 3 50® 5.50 Fair to medium cows 2.uo@ 3.50 Cutters 2.50® 4.25 Canuers 2.50® 3.50 —Bulls— Good to choice butcher bulls. 4.00® 5.25 Bologna bulla 3.50® 4.00 Light bologna bulls 2.76® 3.25 Light to common bulls 2.23® 3.25 —Calves— Choice veals 12.00®12.50 Good veals 10.50® 1150 Medium veals 7.00® 9.00 Lightweight veals 6.00@ 7.00 Common to Heavyweight veals 5.00® 6.00 —Stockers and Feeders— Good to choice steers under 800 lbs 5.50® 6,50 Medium cows 2 2554 4 00 Good cows 3.50® 425 Good heif*rs 5.00® 6.50 Medium to good heifers 4.00® 5.00 Milkers 35.00® 75.U0 —Sheep and Lambs— Ewes 2 00® 5 50 Bucks 2 50® 3.50 Good to choice lambs 10.00® 14.50 Seconds . 0.50® 8.50 Buck lamts .’ B.dO® COO Culls 3.00® 5.00

t Other Livestock CHICAGO, March 15.—Hogs—Receipts, 18,000; market mostly 10®15c lower; lights, active and others slow; bulk of sales, $9.85®10.3b; top, $10.50; heavies, $9.90® 10.10; mediums, $10®K)10; lights. $10.20® 10.45; light lights, soso®lo 33; heavy packing sows, smooth. so@o 50; packing sows, rough, $8.85®9.10; pig*, $8®975, Cattle—Receipt*, , (Mi ket slow and weak to 15c lower. Beef steers—Choice and prime, [email protected]; medium and good, $7.23®8.76; good and choice. s7D<)®9.ls; common and medium, $8.25®7.9(). Butcher cattle —Hell-re. *4.Li @8: cows, 84.15®0.75: bulls. $3 su®t;3s. Canners and cutters—Cows and heifers, $3®4.15; onnner steers, s4® 185; veal calves, light and hnndvweight, s6.Vi® 9.50; feeder steers, $5.30®7 00; Stocker steers, $5 25@7 25; Stocker cows and heifers, $4 25®5.50. Sheep and lambs— Receipts, 10,000; market steady to strong; good to choice lambs, sl3® 15.75; cull and common lambs, $10.25®!2.75; yearling wethers, sll® 14.25; ewes, so.7s(<s 10.25: cull and common ewes, [email protected], feeder lambs, sll 50® 13.50. CINCINNATI. March 15.—Hogs— Receipts, 4,200; market, slow and 15c to 25c lower; heavies, $10.50®10.75; mixed and mediums, $10.75; lights, $10.25; pigs. $9.50; roughs, $8 25; stags, $3.25. Cattle —Receipts, 800; marked., weak and 15c to 25c lower; bulls, steady; calves, $11.50. Sheep and lambi,—Receipts, 250; market, steady; ewes, s2®7; bucks, $4.50; wool lambs, sl6; seconds sl2; culls, s6®B; clipped lambs, SC@T4.

CLEVELAND, March 15.—Hogs—Receipts, 3,000; market, steady to 25c lower; yorkers, $11; mixed, sll- mediums $11; pigs, $10.50; roughs, $8.50; stags, $5.50. Cattle —Receipts, 200; market, slow steady. Sheep and lambs—Receipts, 500; market, steady; top, sl6. Calves— Receipts, 200; market, steady; top, sl3. EAST BUFFALO, N. Y„ March 15. Hogs—Receipts, 2,400; market slow; yorkers, [email protected]; pigs, $11(011.10; mixed, slo.so@ilo 90; heavies, [email protected]; roughs, $808.50; stags, $405.50. Cattle '■ —Receipts, 225; market alow: shipping steers, [email protected]; butcher grades, si.2s@ 8.25; heifers, $3.5007.75; cows, S2(O 0; bulls, $3.50(3)5.25; feeders, $5(3*5; milk cows and springers, $30*3110. Calves— Receipts, 2oO; market Blow; cull to choice, [email protected]. Sheep and lambs Receipts. 1,200; market slow: choice lambs, sls [email protected]: cull to fair, $9015.00; yeurliugs, sß@ls; sheep, [email protected]. EAST ST. LOUIS, March 15.—Hogs— Receipts, 12,000; market, 10 to 13 cents lower; mixed'and butchers, [email protected]; good heavies, $10010.35; roughs, $8.50(3 8.75: lights, $10.25(310.40; bulk of sales, [email protected]. Cattle—Receipts, 44,500; market, slow steady; native beef steers, [email protected]; yearling steers and heifers, sS@s>; cows, $3.7506.25; atoekers and feeders, $4.5007.35; calves, s3@ 10.25; ennners and cutters, [email protected]. Sheep and lambs —Receipts, 1,000; market, steady; mutton ewes. $708; good to choice lambs, SBO 15.50; canners and choppers, s3@4. PITTSBURGH, March 15.—Hogs—Receipts, 1,500; market, steady to 5 cents higher; prime heavies, $10.85011; mpdiums, $11.50011.25; heavy yorkers, $11.25; heavy yorkers, $11.25; light yorkers, $10.75; roughs, $9.25; stags, $6; heavy mixed, sll. Cattle—Receipts, light, market, steady generally; choice, [email protected]; prime, $8.5008.75; good, $80(8.25;' tidv butchers, $7 500 8; fair, $6.5007.23; common, [email protected]: common to good fat bulls, $306; common to good fat cows, s2@t>; heifers, $5(37.50; fresh cows and springers, $30@75; veal calves, sl3; heavy and thin calves, ss@9. Sheep and lambs— Receipts, 600: market, steady; prime wethers, $9.50@10; good. $8; good mixed, $8.50(39; fair mixed, s7@B; culls ana commons, $2.50(34; choice lambs, sl6; spring lambs, $74. CHICAGO PRODUCE. CHICAGO, March 15.—Butter—Receipts, 6.500 tuns; creamery extras 38%c; standards. 28c; firsts, 33%(338c; packing stock, 15@17e. Eggs—Receipts, 15,000 cases; current receipts, 21@21%c; ordinary firsts, 19020; firsts, 22c; checks, 18@19c; dirties. 190j20c. Cheese—Twins, new, 20 @2o%c; Daisies, 20@20%c; Young Americas, 20y 2 @2lc; Longhorns, 21%@22c; Bricks, 17/317%c Live poultry—Turkeys, 30c; chickens. 26c: springs. 28c; roosters, 18c; geese, 18c; docks. 28c. PotatoesReceipts, 46 cars; Wisconsin Round Whites, $1.6501.90 p-r 150-lb. bag; Minnesota Red Rivers, [email protected]; Early Ohios, [email protected]. NEW YORK WOOL. NEWi YORK, March 15.—W00l prices were firm in trade on the market today. Domestic tlece, XX Ohio, was quoted at 33(3:4,8c per pound; domestic pulled, scoured basis, at 38@90c and Texas domestic, scoured basis, at 40@95c.

GRAIN VALUES CLOSE LOWER Lower Prices on Fore' ?n Marts Principal Factor. CHICAGO, March 15. —Grain prices were lower on the Chicago Board of Trade today. ■ There was general selling of wheat by commission houses and locals. Lower prices in foreign markets was the principle depressing factor. Weather was generally fair over the entire belt. There was a general selling of corn in evidence. Oats- showed an easier tendency in sympathy with the trend in other grains. Provisions were irregular. -May wheat opened off l%c at $1.32% and closed off %c July wheat opened off %e at $1.14% and closed off %e. 'f v corn opened ai tile, on %<•, closing off %c. July corn opened at 63%e, off .losing off %c. May oats opened off %c at 88%c and closed off %o. July oats opened off %c at 40c, closing off %e. (By Thomson & McKinnon.) —Alarcu i-t.--Wheat—Weakness in Liverpool and Sterling exchange, together with rains over the entire winter wheat belt, were reflected in (he early market for wheat. Many believed that a reaction was in order after the extreme dc 'ine from re cent high point and this belief was helped by claims that European countries were Rgain inquiring for wheat. There is one message from Toronto reporting two and one-half million bushels sold for export yesterday, but the seaboard has not mentioned any business whatever. Chicago millers were more interested in the market, especially in soft winter wheat, basis for which was advanced 1 to 3 cents. Elsewhere the flour trade was slow. It ,s still an open question as to what the future will uncover, relative to the balance betW'Hui w\rld's requirements and supplies A Brilsh authority believes there wil lbe a surplus of 80,000,000 bushels over and above requirements of importers. This estimate includes about 50,000,000 bushels taken by India. So far as imme diately available supplies are concerned, there is no cause for apprehension. The North Americas visible supply is 25,000.000 bushels larger than a year ago Bradstreet's available supply which Includes Fnited States. Canada and the amount afloa 1 is 37.000,000 bushels more than a year ago. Accumulations in Kansas City are record for this lime of year and it is believed that the deliveries on May contracts will lie very liberal. Believe the wheat market will take its color from the attitude of the foreign buying and 'he crop news from the southwest. Corn and Oats The discounts for current receipts of corn continue to dwindle and it is quite possible that they will disappear entirely for the reason that the movement will probably be even leB than at the present time. Country roads are breaking up. farmers are busy with spring work, and it is probable that there will be no free movement of corn until after planting is out or the way. The market, naturally, reflects this condition, but in reality, Is still sympathetic with wheat. There is no indication of any betterment of the oats situation. Terminal elevators, everywhere, have enormous accumulations, for whicn tnere is no important demand, it is becoming quite generally believed that these accumulations of last year's light weight crop will not be distributed until it is possible to obtain new oars of better quality to mix with thin. For some time, the market has made very feeble response to the strength in other grains. Provisions —Lower hogs occasioned further liquidation in provisions, but there developed a rather persistent demand from outside sources This market is inclined to take its color from grains.

CHICAGO GRAIN TABLE. March 14— WHEAT— Open. High. Low. Close. May 1.11% 131% 1.31 ’ 1.34 July.... 1.14% 1.16% 1.13% 1.13% CORN— May CO% .61% .60 .61% July 63 .04% .62% .64 OATS— May 38% .38% .37% .38% July 40.40% .39% .40% FORK—•May 30.00 LARD May.... 10.62 10.92 10.00 10.90 July 10 97 11.10 10.80 11.10 RIBS— Mav 10,40 10.62 10.25 10 60 July 10.10 10.20 9.1*7 10.17 RYE—j May 1.03 1 03% 1 01% 1.02% | July 90 .92% .90 .92% ; •Nominal. CHICAGO GRAIN PRICKS. CHICAGO, March 14. Wheat—No. 3 red. $1.31%; No. 4 red, $1.27; No. 2 hard winter. $1.30; No. 3 northern spring dark *135; No. 3 mixed, $1.27%. Corn—No. 2 mixed, st'@s6%c; No. 2 w hite, 00%®01c; Nu. 2 yellow. 56%®57%c: No. 3 mixed, 55%@56%e; No. 3 white, 58%®39c; No. 3 yellow. 55%®.56%c; No. 4 mixed, 55c; No 4 yellow, 05%@55%e. 'hits No. 1 white. 39%@40e; No. 2 white, 37%®39%c; No. 3 white. 34%®36%c; No. 4 white, 33@34%c. TOLEDO GRAIN PRICE. j TOLEDO. March 14—Wheat—Cash, !$1 42® 1.44; May. $1.42:.Ju1y. $1.19. Corn i—Cash, 62%®03%c. Oats—Cash, 40%@ 42%c. Itye—Cash, sl.Ol. Burley—Cash, 64c. PRIMARY MARKETS. —March —RECEIPTS—(By Thomson & McKinnon.) Wheat. Corn. Oats St. Joseph ... 13,000 18,000 8,000 Chicago 34,000 362.000 281,000 Milwaukee .. 6.000 65,000 ,68,000 Minneapolis . 325.000 70,000 75,0(*> Duluth 178,4X10 256,000 14,000 St. Louis ... 1.13,000 83,0*0 44,000 Toledo 21,000 30,000 2,000 Detroit 12.000 23,000 B.tX)*i Kansas City . 60.000 36,000 10,000 Peoria 4,(XX) 30,(XX) 31,000 Omaha 23,000 80,0 t) 10.000 Indianapolis . 14,000 48,000 68,000 Totals 812,000 1,107,000 600,000 Year ago . 671,000 1,042,000 028,OX) —SHIPMENTS— Wheat. Corn. Oats. St. Joseph ... 1,000 15,000 2,000 Chicago 20,000 380, ()yb 186,000 Milwaukee .. 8.000 98.000 33,000 Minneapolis . 125.4 XX) 66,000 119,000 Duluth 30.000 St. Louis ... 77.00(1 98,000 54,000 Toledo 8.000 8,000 11,000 Detroit 2.000 2,000 Kansas City . 203,(XX) 16,000 17.000 Peoria 5,4 XX) 7,000 22,000 Omaha 70,000 48,000 42,000 Indianapolis 31,000 10,006 Totals 519,000 709.000 496.<>00 Year ago .. 636,000 983,000 320,(XX) —CLEARANCES— Wheat. Corn. Oats. New York 219.(XX) Philadelphia . 83,000 OO.txX) Baltimore ... 10,000 26,000 Totals 99,000 365,000 Year ago .. 200,000 365,000 52,000

INDIANAPOLIS CASH GRAIN. —March 14Bids for car lots of grain and hay at the call of the Indianapolis Board Os Trade were: Wheat —Steady; No. 2 red. $1.42®1.44. Corn —Steady; No. 3 white, 0O@01o; No. 4 white, 59@60c; No. 3 yellow, 59% @6o%c: No. 4 yellow. 58%@59c: No. 3 mixed, 58%@50%c. Oats —Steady: No. 2 white, 40@43c; No. 3 white, 38%®39c. Hay—Firm; No. I timothy, $lS®lB.5O; No. 2. timothy, 517.50@18; No. 1 light clover mixed, [email protected]; No. 1 clover, $18.50 ®19.50. —lnspections Corn —No. 3 white, 1 car: No. 5 white. 1 car; No. 3 yellow, l car: No. 4 yellow, 1 car; No. 5 yellow, 2 cars; No. 2 mixed, 1 car; No. 3 mixed, 2 cars; No. 4 mixed, 1 car; No. 5 mixed, 1 car: total. 11 cars. Oats—No. 1 white. 1 car; No.-3 white, 3 cars; No. 4 white, 2 cars; total, 6 cars. Rye—No. 4. 1 car. WAGON WHEAT PRICES. Indianapolis fiour milts and elevators today were paying $1.30 per bushel for No. 1 red winter wheat; $1.28 for No. 2 red winter and according to test for No. 3 red winter.

CLEVELAND PRODUCE. CLEVELAND, Ohio March 15.—Rutter —Extra, in tubs. 45@45%c; prints; 46@ 46%c; extra firsts, 44@44%c; packing stock, 17@19c. Eggs—Fresh gathered, northern extras, 26c; Extra firsts, 25c; Chios, 23%@24c; western firsts, new cases, 23c. Poultry—Live, heavy fowls, 30@31c; spring culls,- 24@26c; spring ducks, 27@28c. Potatoes—Ordinary, $3 @3.25 per 150-lb. bag; Mlchigans, $2.90; Early Ohios. $2.10 per 120-lb. bag; Red Rivers, $2.40. Sweet Potatoes—Delawares. $1.2501.40 per bpmjper.

In the Cotton Market ■ . .NEW YORK, March 15.—The cotton market opened 2 points lower to 4 points higher today, with the near positions heavy. Liverpool was a buyer of the new crop months. Local traders and the South sold. After the opening, the market eased off about 10 points. New York opening cotton prices; March, 18.15 c; May, 17.93 c; July, 17.24 c; October, 16.73 c; December, 16.51 c; January, 16.34 c. LIVERPOOL, March 15. —Spot cotton opened in good demand today. Prices were steady and sales approximated 8,000 bales. American middlings fair, 12.25d; good middlings, 9.80d; good ordinary, 8.93d; ordinary, 8.45d. Futures opened quiet. DOLLAR RAILS CONTINUE TO MOVE UPWARD ' 9 Volume of Business on London Exchange Is Said to Be Shrinking Daily. MONEY RATES ARE HARD LONDON, March 15.—Although subdued, the stock market was steadier yesterday, developments both at home and abroad being regarded as of a more settled character. Actual business, however, continued to shrink. British funds in the gilt edged market were steadier with two exceptions. In foreign bonds, movements principally were governed by exchanges, the fall in Sterling being the outstanding influence. Home rails sagged in the absence of demand and fractional losses were noted all round. Dollar rails continued to gain and other foreign rails showed some improvement. There was a better tone among industrials, although iron, steel and engineering issues still were idle. The oil nmrket wus firmer in tendency, though inactive. Mexican eagles were 3 13-16, Shells 4 11-16 and Royal Dutch 30%. African minings improved slightly on the latest news from the Rand. Americans were buoyant. Great pressure was experienced for loanable credit in Lombard street. Overnight money was up to 4 per cent early in the day, but conditions eased toward the close when 3 per cent was demanded. Fixtures were at the latter figure. Bar stiver declined to 33%(1 and to 33d for spot and forward.—Copyright, 1922, by Public Ledger Company.

Local Curb Market (By Newton Todd.) -March 15Bid. Ask. Am. Hominy Cos 10 18 Central and Coast Oil % ... Choate Oil Corp % % Citizen Gas Cos pM 93 98 Commonwealth Fin Com. ... 30 36 Common wealth Fin pfd. ... 41 48 Columbia Fire Ins Cos. ... 6 7% Comet Auto ~ % 2 Dayton Rulitwr Units 47 55 Dictograph Prod, pfd 23 33 D. W. Griffith 3% 7% Elgin Motor Car 2 2% Fed. Fin. Cos. pfd. 77 87 Fed Fin Cos. com 125 135 Gt. Sou ProiL A Ref. 5 6 Goodyear T. m R com 10 12 Goodyear T. W K pfd 25 28 Ind. Rural Credits 50 00 Metro 5-10 c Store* com 3 5 j Metro. 5-K)r Stores pfd. .... 19 27 Nat. Underwriting 2% 4 Rauch A Lang Units 18 20 Rub.-Tex. Units 11 10 Ste*-1 Craft Units 32 42 Stevens-Duryen Units 15 25 U. S. Auto Units 64 64 U. S. Mtg. Cos. Units 145 160 BANK STOCKS. Commercial Nat. Bank 71 81 1 Cont. Nat. Bank 100 116 • ind Trust Cos 175 190 ! Ind. Nat. Bank 200 270 j Mer Nat. Hank 280 I Security Trust Cos 130 ... I State Sar. & Trust.. 93 98 Union Trust Cos ;... 300 ... Wash. Bank & I'rust Cos. .. 150 INDIANAPOLIS PRODUCB. Eggs—Loss ofl. 17® 18c. Butter—Packing stock, 13c Poultry—Fowls... 16@22c; springs, 20@21c; cocks, i2@l3c; stags 13c; capon*. 7 lbs. and up 28c; capons, under 7 lbu. 25c; capons slips, 7 tbs and up. 24c; apon slips, under I lbs 21®24e; younq hen tnrks, 8 lbs. and up. 34>@35c; yo lrg tom turks, 12 lbs. and up. 30®55c; old tom turks, 2H@3oc; cull thin turkeys not wanted; ducks, 4 tbs and up, 15®16c; geeso, 10 lbs and up, 14c; squabs 11 lbs. doz. $4.50- young guineas. 2-11* size, per doz. [email protected]; old guineas, per doz. SS. Butter—Looai dealers are paying 38® 39c per lb. for butter delivered in Indianapolis. Butterfat—Local dealers are paying 36c per lb. for butterfat, delivered In Indianapolis. WHOLESALE BEEF PRICER. The following are today’s wholesale prices for beef cuts as sold on tbs Indianapolis markets of Swift & Cos.: Ribs —No. 2, 20; No. 3,15 c. Loins—No. 2. 24c; No. 3.18 c. Round*—No. 2,15 c; No. 3.14 c. Chuck*—No. 2,10 c; No. 3, B%c. Plates—No. 2. 8c: No. 3.7 c. TOLEDO SEED PRICKS. TOI.EDO, March 14.—Clover seed— Cash, $16.15; March, $16.15; April, sl4 30Octolier, sll. IK). Alsike—Cash, $11.75; March, $1175. Timothy—Cash, $3.13, March, $3.15; May, $3.23; September, $3.50; October, $3.40. NEW YORK TURPENTINE. . NEW YORK, March 13.—Turpentine sold ut 80c per gallon on the market today.

Agruinaldo Asked to VisitjSpanish Vets LOS ANGELES, March 15.—Remembering the magnanimous spirit displayed by Abraham Lincoln toward bis enemies and those of his aflg and how the war with Spain united the North and South, the executive committee of Spanish War Veterans, having in charge the arrangements for the twenty-fourth annual convention of United Spanish War Vaterons, to be held here In August, today voted to .extend a special invitation to Emlloi Aguinaldo, leader of the insurrectionists in the Philippine Islands, to be the convention's guest of honor. Recent cablegrams 'gave the committeemen the cue that Mr. Aguinaldo planned an extensive tour of the United States this summer. Other guests of honor invited were Secretary of War Weeks, Secretary of the Navy Denby, Secretary of the Interior (Fall, who are members of Spanish War Veterans’ camps; United States Senators Johnson and Shortridge, Governor Stephens and many State, county and city officials. Roosevelt Camp of this city, will extend u special invitation to young “Teddy’* Roosevelt to attend the convention as Its own guest. Roosevelt Camp was named In honor of his illiistrious father. I

American Telephone & Telegraph Cos, 130th Dividend m The regular quarterly d of two dollars and twenty-five share will be paid on to stockholders of recotAgbyn® close of business on Friday, 3|Mt)2‘2 On account of the of the stockholders, the will he closed the on Friday, March 17. at 10 a. m„ March 29. 1 h. p.lain-fef ■-r.

Ropes Stray Dogs With His Lasso NEW YORK, March 15.—Patrolman Edward Traynor didn’t came from Texas, but he’s “champeen” lariat thrower of New York and has become a terror to iiti-ay dogs. Asa dog-catcher, Traynor ibas become the pride of “Gotham's finest.” Because stray canines were speedier afoot than he, Traynor invented the system of lassoing the mongrels. On his vacation he went to the Catskills and roped steers, becoming adept at the art. And many Bronx dogs have heard the Hinging whine of his lariat. BEER AND MNE FIGHT IN VAIN, THINKS BREWER Repeal of Volstead Act Is Declared Necessary Before Sale. CHICAGO, March 15.—There isn’t a chance that the sale of wine and beer will be permitted in the United States, in the opinion of Dr. Max Henius, nationally recognized authority on brewing, who recently left Chicago for a tour of European countries. Before beer or wine could be sold legally, Dr. Henius declared, it would be necessary to repeal the eighteenth amendment, and this he does not consider probable. “It is utterly impossible by amending the act to permit the sale and manufacture of beer and wine." Dr. Henius said, “as It is a recognized fact that wine is intoxienting andbeerdrer3 percent may be. The eighteenth amendment prohibits the manufacture, sale and importing of intoxicating beverages. In order to get wine and beer restored to their former status it would be nec.vsary to repeal the eighteenth amendment.” Dr. _Henius believes, however, specific modification of the Volstead act through definition of __ what constitutes an intoxicatirg beverage would be beneficial in removing some of the objections that now contribute to the certain measure of unpopularity now attached to the prohibition amendment. Asa suggested means of arriving at the definition of an intoxicating beverage Dr. Henius put forth the plan that a commission of twenty scientists —ten from the American Medical Society and ten from the American Chemical Society—be named to settle the problem. This committee could report its decision to Congress, be says, and its findings could be

- CONCRETE Unde Sam Puts Concrete Roans First No one has better facilities for determining the past performance of roads of all kinds in all parts of the country than the United States Government. The Government approves the types of construction to which it will lend its aid, and in an overwhelming majority of instances it has approved Concrete. Cooperating with the states, the Government lias approved In the past five years expenditures totaling $229,000,000 for three kinds of pavement —Concrete, brick and bituminous. Os this, $184,000,000, or more than 80 per cent, has been invested in Concrete. That represents 793 percent of the mileage paved. Any community that selects Concrete for its high* ways is fully sustained in its choice by the observation and experience of the Federal Government. PORTLAND CEMENT ASSOCIATION Merchants Bank Building INDIANAPOLIS, IND. a4 National Organization to Improve and Extend the Uses of Concrete Office* In 23 Other Cities

(M) Higher Bond Yields The present trend of Bond Prices is reflected in the splendid investment offerings of our new Circular. These lists show a lower price and a corresponding increase in yield that make them particularly attractive to March investors. In recommending our Real Estate preferreds, Indiana Road and Municipal Bonds, we are offering the experience of 31 years without a loss to any investor. Call or write today for Bond Circular No. 343 / r~ rat ] CshfcMwdinlMl isfiiiMjJ j fnoarporws<fft*l9os J.F.Wild M^Stateßank K@©B3 | !7)<kanat,9!s4 / sm J fewfam USA

substituted, in the form of an amendment to the Volstead law, for the present arbitrary definition of % of 1 per cent, which is the prescribed limit of alcoholic content for any beverage. Dr. Henius says beverages containing less than 3 per cent alcohol should be classed as non-intoxicating. EXPOSITION OF CHILDREN TO BE FIRST OF KIND Los Angeles Plans to Stage Nations First Juvenile Fair. LOS ANGELES, March 15.—Los Angeles is the first city in America, as far as it can be learned here, which has ever attempted to stage a children's exposition on the same scale as a regular State fair. The huge event will be held April 8 to 16, and it is anticipated that there will be not less than 10,000 children exhibitors and 23,000 articles of all descriptions, made by themselves, on dis* play. * The exposition takes on a civic character. being backed by the board of education and managed by the ParentTeacher Association and the Assistance League of Southern California. Back of the plan are two primary motives; to present an educational display of the Ingenuity and skill of children and to obtain funds with which to carry on child welfare work. The idea originated In the mind of Robert E. Wells, general manager of the Assistance League and formerly San Diego Exposition Special Events manager. “We will put on the novel and bigge.st exposition of the kind ever staged in the country,” says Wells. “Three of the largest tents in America, bigger even than the largest circus 'big top,' have been secured to house the ex Mbits. “One of the most interesting divisions will be the anXmal department, in which the youngsters will display their personal pets. We expect to have a regular domestic menagerie. “Everything conceivable) that Is made by the schoolboy or girl, either during school hours or In their homes, will be shown, and suitable prizes will be of. sered in each division. “To make the affair doubly interesting we are arranging a program of unusual special events, such as a motion picture stars' pageant, great outdoor eo’ncerts by world-famous artists and many other amusement features.” ’

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