Indianapolis Times, Volume 34, Number 279, Indianapolis, Marion County, 3 April 1922 — Page 10

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STOCK MARKET REVIEW SHOWS HEALTHY STATE General Upward Trend Is Noted in Week’s Trading —Shorts Cover. OUTLOOK IS BRIGHT Special to Indiana Dally Times and Philadelphia Public ledger. By MONtIOR. NEW YORK, April 3.—Well sustained activity, a generally upward tendency and special strength in certain issues have given the market of the week Just closed the appearance of strength and confidence. It is not at all unlikely short covering on a large scale has been in great measure responsible for the rise in a few of the favorites among the equipments and motors, but there is no reason why this should detract from the merits of these stocks. The professionals merely miscalculated the strength of the market position. As a matter of fact, the failure of the market to respond more substantially to the imminent prospect of the coal strike has been a great surprise to the professional element here- It was felt this labor disturbance, coming on top of the spread of the walk out among the Sew England cotton mills would throw into bold relief the possibility of widespread unrest. The failure of the market to give the expected consider ation to these features was due chiefly to the ample supplies of fuel on hand, and the belief the output of the n-'ti-unlon mines would operate still further to provent scarcity. As the textile strike, the cotton manufacturers are in a position where indefinite shutdowns are preferable to yielding. As an Illustration, it might be pointed out one great concern making staple fabrics has a production cost at present 30 per cent greater than its leading southern competitor. The southern concern has reduced wages 35 per cent, but the New England company has a strike on hand as a result of its effort to cut wages 20 per cent. The economic factor is with the mill operators, and while the struggle may be prolonged, the outcome appear inevitable. MONEY EASIER THAN QUOTATIONS INDICATE. So far as securities are concerned, it would be impossible to explain the pres ent remarkable market on any grounds that would leave out of primary consideration the money situation and the technical position. Money is easier than official quotations indicate. Call money has been offered in quantity substantially below the official rate, and undoubtedly the powerful pools are financed on a basis that minimizes the cost of their operations. The position of the market is healthy because of the alsence of any unwiledly speculative long interest for on side account. Proof of this state of affairs is furnished by the moderate size of loans for the account of brokergae firms. The failure of the public to enter the market on a larger scale probably is due to the fact the influences that have been operative in the market thus far are not of the kind that impresses the mind of these speculative laymen. Big earnings, booming business, sharply advancing prices. Increased dividends and all the other trappings of inflation are of the sort making the most effective appeal. The mere abundance of money, that for the moment is seeking no other channel of enterprise, savors too much of technicality to be readily grasped by the outsider. Meantime, business is showing a preponderance of Improvement. Thus far it can not be called a general gain, but the majority of items indicate unmistakat ly a forward movement. Building is on a large scale, steel operations are proceeding at a 70 per cent rate; copper mining is on the eve of resumption, with the porohy properties opening this week. The garment making industry seems to be on the verge of settling down to a production basis The beneficial effects of-the rise in farm products are found In increased purchases of fertilizer and agricultural implements. FOREIGN REPORTS NOT ENCOURAGING. Our foreign trade figures, it is true, little occasion for encouragement. Is hardly to be expected a Nation our c,,r..m.i! KA t Is now ; ■ _ a tiebr ■■Twill increase its pre-eminence as a neller, and a seller only. February figures hid foreign trade issued this week show But of a total decrease of $238,000,000 in as compared with February, . our shipments abroad of finished qejnufactnrers declined $133.0)0.000. FJantime. Great Britain, Argentina and KSier countries are showing a disposition grant credits, with the expenditure of Be proceeds of the loans, of course, havjwS directed to the advantage of the has been a distinct Improvement H the railroad earnings situation. Rei<frns thus far indicate the probability a net operating income for February approximately 6 per cent for class 1 ■id!. If the complete returns Justify St assumption, it will mean that Febwill be the first month since the act was passed In which (Age carriers will have realized the rewlirn contemplated by Its provisions. One feature should be borne in mind is the probability of recognition of the present government of Mexico. This has been considered unlikely to the point of extreme improbability, but recent rumors as well as the action of certain stocks collaterally identified with the Mexican situation, lend color to the belief such a development may be looked for in the near future.—Copyright, 1022, by Public Ledger Company.

Local Curb Market

(By Newton Todd.) —AprU 3 Bid. Ask. Am. Hominy Cos 10 lfl Central and Coast Oil % ... CTioate Oil Corp % % Citizens Gas Cos. pfd 01 6 Commonwealth Fin Com. ... 30 36 Commonwealth Fin pfd. ... 41 48 Colombian Fire Ina. Cos 6 7% Comet Auto % 2 Dayton Rubber Units 45 55 Dictograph Prod, pfd 30 38 D. W. Griffith 3% 7% Elgin Motor Car 2 2% Fed. Fin. Cos. pfd 77 87 Fed. Fin. Cos. com 124 133 Gt Sou. Prod. & Ref. 5% 6% Goodyear T. & R. com. 10 12 Goodyear T. & R. pfd 25 28 Metro. 5-10 c Stores com 3 7 Metro. 5-10 c Stores pfd.... 19 27 Nat. Underwriting 2% 8 Revere Motors % % Bauch & Lang Units 19 30 Rub. Tex. Units 10% 15% Steel Craft Units 32 42 Stevenson Gear Units 15 21 U. 8. Auto Units SO 60 U. S. Mtg. Cos. Units 145 162 BANK STOCKS. Commercial Nat Bank. 74 83 Cont. Nat. Bank 100 116 Ind. Trust Cos. 175 Ind. Nat. Bank 260 270 Mer. Nat. Bank 282 Security Trust Cos 130 St£te sav. & Trust 93 99 T*tijon Trust Cos 300 Wash. Bank A Trnat Cos. .. 150

N. Y. Stock Exchange

(By Thomson & McKinnon) —April 3 Prev. High. Low. Close, close. Ad-Rumely com. 17 16% 17 .... Ajax Rubber.... 17% 17% 17V* 17% Allied Cheml.... 67% 64% 67% 64% Allis-Chaim;rs.. 47% 46% 47 46% Am. B. Sugar... 40% 40% 40% 40% Am. B. Magneto. 45% 44% 45% 44% Am. Can 49 47% 48% 47% Am C. & dry.lso 155 156 155 Am. Ice 108% 107 107% 107 Am.H. & L.pfd. 69% 69 69% .... Am. In. Corp... 44 43% 43% 43 Am. Locomo ....112% 110 111% 110 Am. Steel Fdy.. 37% 36% 37% 36% Am. Smelt & Ref 54 53%■ 53% 53% Am. Sug. Ref.. 71% 71 71% 71% Am.S.Tob. Cos.. 33% 32% 33% 32% Ain. Tel. & Te 1.121% 121*4 121% 121% Am. Tobacco ...139% 137% 139% 137% Am. W001en.... 88% 88 S&% 87 Anaconda 51% 51 51% 51% Atchison 97% 97% 97% 97% AtL Coast Line 95 95 95 95 Atl. G. A W.... 31% 30% 30% 30% Austin Nichols. 20% 25% 25% 25% Baldwin Loco. 113% 110% 113% 110% It. & 0 42% 41% 42% 41% Beth. Steel (B). 75% 73% 74% 73% Brook. Trans.. 18% 18 18% 17% Cal. Pete 55% 54% 54% _54 *•* Can. Pac. Ry.. 13N% 137% 137% 136% Central Lea 37% 36% 37% 36% Chand. Mot. ... 76% 74% 76% 75% C. & 0 62% 62% 62% 62% CMSTP. c0m.... 24% 24% 24% 23% CMSTP nfd. . . 40% 39% 39% 38% CM. Jc North... 71% 71 71% 70% C. R. I. P 41% 40% 40% 40% CRIP 6 pet. pfd. 79% 79 79% 80 CRIP 7 pet. pfd. 93% 93% 93% 93 Chill Copper ... 17% 17% 17% 17% Cluett & P 55% 55% 55% Chino Copper . 27% 27% 27% 27% Columbia Gas . 84% 84 84 % 83% Coca Cola 49% 49 49 48% Col. Fuel & I. 21% 30% 31% 30 Cou. Gas 109 108% 109 108% Con. Can 62% 61% 62% 61% Corn Prod 106% 105% 105% 107 Crucible Steel . 59% 56% 59 56% Cuban Am. S. . 11% 21% 21% 21% Cuban Cane S. . 15% 15 15% 15 I>el & Hud ..119*4 119% 119% 118% Del. & Lack .116% 116% 116% 115% Dome Mines .. 26% 26 20% 26 Erie 12% 11% 12% 11% Erie Ist pfd. . 19% 18% 19% Kndicott and J. 84 83% 83% 83% Famous Players 81 % 81 81% 80% Fisk Rubber Cos 17 16% 17 17 Gen. Asphalt . 64% 63% 63-% 63% Gen. Cigars .. 70% 68% 70% .... Gen. Electric ..158% 157% 158% 157% Gen. Motors 11% 10% 11% 10% Goodrich 40% 40% 40% 40% G. Nor. pfd.... 72 71% 72 72% G. Nor. Ore... 37% 36% 37% 36 G. States Steel. 73% 71% 72 % 71 Hupp 17% 16% 17 16% Houston Oil 78% 77% 77% 76% HI. Central 103 101% 103 102% Inspl. Copper.. 40*4 4040 .... Inter. Harvest.. 98 9H 98 96% Inter. Nickel... 16% 16% 16% 16% Inter. Paper.... 47% 46% 47% 46% Invin. Oil 20 18% 19% 19 Kelsev Wheel ..109 106% 109 104% K. Sfiold Tire.. 47% 47 47 47% Kenn. Copper.. 30 20% 30 29% Lack. Steel 52% 51 51 % 51% Lee Tire 33% 32% 33% 33% Lima I.ehigh Val 60% 60% 60% 60 Loews, Inc 15% 15% 15% 15% Martin Parry .. 30 29 29 % 29% Marine com. ... 16% 16% 16% 16% Marine pfd. ... 73% 72% 73% 72 May Stores ... 119% 118 119% 118 Maryland Oil .. 20% 26 20% 26% Mex. Pet. 121% 122% 120% 121% Miami Cop 27% 27% 27% Mid. States Oil. 13% 13% 13% 13% Midvale Steel ... 34% 33% 34-, 33% Mis. Pac. Rv.. . 23% 22% 23% 22% Mis. Pac. pfd... S3 54 55 54% Mont. A Ward.. 18% 17 18 17 Nat. Lead 92% 91 92% Xev. Copper... 15% 15 15 15% N. Y. Central.. 87% 87 87% 86% New Haven .... 21% 20% 20% 20VNorfolk A West P*3% 103% log% p * North. Pacific.. 75L, 75*4 75% 75% Okla. P. A R. Cos. 2% 2% 2% 2% Owen Bet. com. 32 32 32 31% Pacific Oil 54% 53% 54% 82% Pan-Ain. Petrol. 56% 35% 56% 55% Penna Ry 41% 40 41 39% People’s Gas 81% 81% Sl% 85% Pere Marquette 29% 29 29 29% Pierce-Arrow... 21% 19% ’-"% 19% Pierce Oil Com.. 9 8% 9 9 Pull. Pal. Car. . 123% 1'2% 122% 122% Pure Oil 32% 32 32% 31 •% Ry. Steel Sp... 9*% 98% 98% 98% Reading 75% 74a* 75% 75 Rep. I. and 5... 54% 53% 51% 82% Keplogle steel.. SHU 30% 33 31 Roy. D. of N. Y. 56% 54% 56% 54% Sears Roebuck.. 75% 74% 75% 74% Sinclair 255* 25% 25% 24% Sloss-She’fld 42% 41% 42% ..... Sou. Pac 87% 86% 87% 86% Sou. Rv 23% 22'-* 23% 22% STI.ASW. Rv... 29% 28% 29% 29% Stand. Oil. Cal.. 98% 97% 97% 97% Stand. Oil. N.J. 179% 176 179 175% STLASK com. . 29% 28% 29% 28% Stewart Warner 38% 38 38% 38 Strcinberg Carb. 49% 48% 48*, 47% Studebaker ... I!S% 113% 117% 1i3% Texas Gas 41% 4!', 11% 42 Texas Coal 27% 2'!% 2i % 26% Texas Cos 45% 44% IV, 14% Texas Pac 33 32 3. : 32 Tob. Prod <2! f>2 63 02% Trans. Oil 10 9% 9% 9% Union Oil 18% 18% 18% 18% Union Pac 134% 133% 134% 134% United Drug 70% 68 70 United Fruit 143% 141*. 143% 141% U. S. Rjt. Strs 45% 46% 46% 44% U. R. Cstlrn I*p 36% 35 * 36 36 U. S. Ind. Alco 47 46% 46% 46% U. S. Rubber... 03% 62% 63% 62% U. S. Steel 97'% 85% 97% 95% U S. Steel pfd..117% 117% 117% 117% Utah Copper... <l4 63% 63% 63% Vanadium Steel 42% 39% 42% 38% Wabash 9% 9% 9% 9% Wab. Ist pfd.. 32% 21% 31% 32 Worth Pump.. 54% 52% 54% 52 Wilson A C 0... 42 *22 42 West. Airbrake 90 88% 90 89% Wesths. Electric 58% 57 57% 57 1 * White Motors.. 43% 42% 43% 10% Wlllys-Overland 8% 8% 8% 8% White. Oil 10% 10% 10a; 10% Wisconsin Cent. 30% "0 30 Woolwosth ...163 163 163 NEW YORK LIBERTY BONDS. —April 3“ Prey. High. Low. Close. Close. L. B. 3%s 94.53 98 32 98.34 98.32 L. B. 2nd. 4s 98.42 L. B. Ist 4%s ... 98.98 98.88 98.94 98.74 L. B. 2nd. 4%s . 98.76 98.61 98.70 98.60 L. B. 3rd 4%s .. 99.52 99.40 99.50 99.50 L. B. 4th 4Vis .. 99.10 9*90 99.08 98.88 Victory 3%s 100.02 100.02 Victory 4%s 100.90 100.82 100.90 100.84 NEW YORK WOOL. NEW YORK, April 3.—W00l prices were firm in trade on the exchange here today, prices of the past week being well mantained.

In the Cotton Market

NEW YORK, April 3.—A favorable weather map and an unsettled labor sit uation led to Wall street and southern selling at the opening of the cotton market today. First prices showed losses of 5 to 11 points. I.iverpoql and the trade were the best buyers, but later prices failed to rally materially from the initial decline. New Y'ork opening eotton prices; Mav 17.90 e; July, 17.25 c; October, 1687 c; January. 16.76 c. The market was easier In the afternoon, but closed steady at a net decline of 1 to 12 points. COTTON FUTURES. Open High. Low. Close January 16.76 1 0.84 1*5.71 16 79 July 17.25 17.26 17.15 17.20 October 1*5.87 16 94 16.8*5 16 94 December 16.87 16.91 16.79 16.90 LIVERPOOL, April 3.—Spot eotton opened In fair demand today. Prices were easier and sales around 10,000 bales. American middlings fair, 12.16*1; good middlings, ll.lld; full middlings, 10.81 and; middlings, 10.66*1; low middlings, 9.81d ; good ordinary, 8.66d; ordinary, 5.46d Futures were dull. CHICAGO PRODUCE. CHICAGO, April 3.—Butter—Receipts, 6,000 tubs; creamery extras, 35%c; standards. 34%c; firsts, 33®35c; packing stock. 16*018c. Eggs—Receipts, 20.9*'.3 cases; current receipts. 22%@23c; ordinary firsts, 21%©22c; firsts, 23%@23%c; checks. 20@20%e; dirties, 20%©21e. Cheese—Twins, new. 18%c; daisies, 17%@ 18c; young Americas, 19%@20c; longhorns, 19%c; bricks, 14%©Toe. Live poultry—Turkeys, 30c; chickens, 28c; springs, 30c; roosters, 19c: geese, 18c; ducks, 30c. Potatoes—Receipts. 102 cars; Wisconsin Round Whites, $1.50@ I*4 per 150-lb. bag; Red Rivers, $1.50© Russets, [email protected]. “ .

RAILS RETAIN EARLY ADVANCES Market Is Active and Strong, Gains Being Sustained. NEW YORK, April 3.—-The market closed strong today. The market was active and strong in the late dealings following a small afternoon reaction. United Stnets Steel, after falling to 97 came to 97%, and Baldwin Locomotive rose to 113%. Studebaker continued in large demand, touching 118, Royal Dutch sold at 56% and allied Chemical rose over 3 points to 67%. The railroad shares held their earlier gains. Government bonds were unchanged and railway and other bonds strong. Total sales of stocks for Thursday were 1.365,200 shares; bonds, $17,282,000 TWENTY STOCK AVERAGE. NEW YORK, April 3. —Twenty industrial stocks last Saturday averaged 89.08, up .03 per cent. Twenty active rails averaged 80.63, up .02 per cent. CLEARING HOUSE STATEMENT. NEW YORK, April 3.—Exchanges, $555,800,000; balances, $62,700,000. Federal Reserve Bank credit balances, $49,400,060. Money and Exchange Indianapolis bank clearings Monday were $2,842,000; bank debits. $5,632,000. NEW YORK, April 3.—The foreign exchange market >pened strong today, with demand Sterling 1% cents higher at $4 29%. Francs advanced 10 centimes to 9.12 c for cables and to 9 11 %e for checks. Lire rose 17 points to 5.34 c for cables and to 5.33 c for checks. Belgian francs were 8.44 c for cables and 8.43%e for checks. Marks yielded 1 point to ,0032 c. Guilder cables were 37.90 c; checks, 37.85 c. Sweden kronen cables were 26.15 c; checks, 20.10 c. NEW YORK CALL MONEY. NEW YORK, April 3.—Money—Call money ruled 4% per cent; high 4% per cent flow 4% per cent. Time rates quiet, all 4% to 4% per cent. Prime mercantile puper quiet. Sterling Exchange was steady, with business in bankers' bills at $4.39% for demand. MOTOR SECURITIES. (By Thomson A McKinnon.) —April 3 —Closing— Bid. Ask Earl Motors 3% 3% Packard c0m.... 7% 7% Packard pfd 70 74 Peerless 34 36 Continental Motors com 7% 7% Continental Motors pfd 90 95 Hupp com 16% 17 Reo Motor Car 2U% 21% Elgin Motors 2** 2% Grant Motors 1% 1% Gord of Canada 330 340 National Motors 1% 2% Federit. Truck 17 19 Paige Motors 17 19 Republic Truck 7% 8 ACTIVE OIL STOCKS. (By Thomson A McKinnon 1 —April 3 -Opening Bid. Ask Anglo American Oil 17% 17% Atlantic Lobos 9% !)% Borne-Scrymser 350 370 Buckeye Pipe Line 91 9*l Chesebrough Mfg. Con 190 195 Cont. oil Colorado 13*) 135 t'osden Oil and Gas. 5 8 Crescent Pipe Line 33 34 Cumberland Pipe Line 140 150 Elk Ba.-lu Pete 6** 6% Eureka Pipe Line 93 96 Galena-Signal Oil pfd...... 110 114 Galena Signal Oil com 44 4*l Illinois Pine Lino 176 179 Indiana Pipe Line 100 103 Midwest oil 2% x Midwest Refining 170 ISO National Transit 27 28 New York Transit 170 Northern Pipe Line 105 107 Ohio Oil 270 275 Oklahoma P. A R 5% 5% Penn. Mex 27 30 Pnirle Oil and Gas 560 570 Prairie Pipe Line 228 233 Sapulpa Refining 3% 3% Solar Refining 340 350 Southern Pips Lien 97 99 South Penn Oil 1©) 185 Southwest Penn Pipe Lines. 60 64 Standard Oil Cos. Iml 87% 88% Standard OH <' >. of Kan 530 550 Standard Oil Cos. **f Ky 475 485 Standard OH Cos of Neb 165 175 Standrad OH Cos. of N. Y.... 37<> 377 Standard Oil Cos. of 0hi0.... 390 410 Swan A Pinch 25 35 Vacuum Oil 350 300 Washington Oil 24 29

NEW YORK CURB MARKET. (By Thomson & McKinnon.) —April 3 —Closing - Bid. Ask. Acme Packing 55 6*> 1 Uitriis Aero, com 4% 6 ! Curtis Aero, pfd 24 27 i Goldfield Con 1 Jumbo Extension 3 5 International Petroleum ... 15% 15% Nlpisslng 6% 6% Standard Motors 4% 5 Balt Creek 14% 14% Tonopah Extension 1% 1% Tonopah Mining 1% 1% United P. S new 5% *5 V. 8. Light and Heat 1% 1% U 8. Light and Ilent pfd. .. 1 1% ( Wright-Martin 2 5 Yukon Gold Mine Cos 1 1% ; New Cornelia 17 18 United Verde 27 28 Sequoyah 3 10 Omar Oil 95 100 R<tp. Tire 40 50 Boston fc Mont 26 28 Kirby Oil 23% 24 CHICAGO STOCKS. (P>y Thomson & McKinnon.) April 3 Open. High. Low. Close. Am. Shir* 4 95 94 93 Armour Cos. pfd. 96 Arm. Leather 12% CCU & C.Rys.pfd 6% C.E.Rys. pfd.. 6 Com. Edison ..128 128 127% 127% Con. Motors .1.. 7% 8 7% 7% Deere & Co.pfd. 71 Earl Motors 33% 2% 3 Lib. McNeil.... 4% .% .% .% Mont. Ward... 17% 18% 17% 18 Nnt Leather new 10% 10% 10% 10% Pick & CO. 28 28% 27 27% Piglv. Wlglv A 40 41 4040% Stew. Warner.. 38 38% 38 38% Swift A Cos 104% 104% 104% 104 Vi Swift 1nte1.... 20% 21% 20% 21 Thomson ).T U( 43% Tcintor Corn A 2% 2% 2% 2% U.Car. &. Carbo. 57% 58 56% 57% Wahl 66 68% 06 67% Wrtgley 100 Yellow Taxi 76% 79 76% 78% NEW YORK SUGAR. NEW YORK, April 3.—Raw sugars wore steady In trade on the exchange here today, Cubits selling at 3.89 c per pound, duty paid, and Porto Ricos at 3.87 c per pound, duty free, delivered. Rio No 7 on spot sold at [email protected] and No. 1 soft at 6.50 c per pound. NEW YORK COFFEE. NEW YORK, April 3. Coffee prices were about steady in trade on the exchange here today, opening options being 2to 7 points higher. IMo No. 7 on spot sold at 10@10%e per pound. NEW YORK RICE. NEW YORK, April 3. —Itiee trade was rather kuiet on the market here today. Domestic rice was again quoted at 3% @7%c per lb. * NEW YORK HIDES. NEW YORK, April 3.—Hides were rather quiet in trade on the exchange here today. Native steer hidt'S were quoted at 12%@13c per pound and branded steer hides at 11 %c. NEW YORK PETROLEUM. NEW Y’ORK, April 3.—Petroleum prices were again steady in trade on the market here today, Pennsylvania crude selling at its longstanding price of $3.20 per barrel. NEW YORK TURPENTINE. NEW YORK, April 3. —Turpentine sold at 830 pe rgallon in trade on the market here today.

INDIANA DAILY TIMES.

GRAIN PRICES CLOSE HIGHER Strong Cables Lend Strength During Final Hour. CHICAGO, April 3.—Grain prices closed higher on the Chicago Boar dos Trade today. Fairly general buying developed on strong cables. , Commission houses had well distributed buying orders and local traders were inclined to cover shorts. General and heavy rains fell in the Southwest, with forecast for more showers. Commission houses were fair buyers of corn. Oats were in fair demand on account of the continued wet weather. Provisions were irregular. May wheat opened up lc at $132%, closing up %c. July wheat opened up l%c at $1,18% and closed unchanged. May corn opened up %c at 58c, closing %c higher. July corn opened up %c at 61%c and closed %c higher. May oats opened %c at 36%c closing up %c. July oats opened unchanged Ui 38%c and closed %c higher. (By Thomson A McKinnon) —April 3 Wheat—The advance in Liverpool wheat prices is attributed to the lifting of hedges against Bales of Argentina wheat to the continent. Buenos Aires prices have shown firmness on smaller receipts, although the foreign demand is slow. We have reflected firmness in those markets in a moderate way. Seaboard exporters were inactive early, but towards the last, reports of 500,000 business in Manitoba* were made. Cash wheat markets, in the Southwest, were heavy, St. Louis reporting price there lower despite the advance in the futures, Minneapolis premiums for lower grades were easy, milling trade everywhere reported as unsatisfactory. Crop news considerably mixed, but western Kansas and pans of Oklahoma continue to send discouraging news. Interest in the market has fallen off materially, everybody being incllnded to awa t developments, the domestic cash situation is not encouraging lo believers it higher prices, but at the same time the uncertainty of our winter wheat crop, together with its importance in the world situation, crente an undercurrent of apprehension. So far as we van discover, the market shows no decided trend, but is in position to respond readily to any news which sug gests a shorte yield of winter wheat than now proixises. Corn mill Oats—Complaints of delay In farm work caused by low temperatures and heavy talus are becoming more general. Corn and oats are inclined to sympathize with these reports are inquring for round lots of corn, but the amount of business reported ns closed is small. Visible supply accumulations, both corn and oats should continue to decrease. There seems nothing as yet to erente independent strength in either ono of these markets. Provisions—Underlying firmness in the hog market and the action of grains were the influences in provisions. Former sellers were the principal buyers, while smaller packers were selling. The trend of prices will hinge upon the volume of European trade which is light Just now. CHICAGO GRAIN PRICES. —April 3 WHEAT— Open. High. Low. Close. May.... 1.32% 1.34% 1.32% 1.33% July 1.18% 1.19% 1.17% 1.18% CORN— May 58 .7*8% .57% .58% July 61% .62% .61% .62 OATS— May 36% .37 .36% .37 Jul v 39 .39% .38% .39 PORK—•Mav IS. 75 LARD— Mav 10.45 10 52 10.42 10.47 July 10.70 10.77 10.70 10.75 RIBS—•Mav 10.95 .lui'v 10.30 10.35 10.30 10.35 RYE— May.... 1.01*4 102% 1.*)1% l.m-8 July 92 .93% .92 .92 •Nominal.

CHICAGO CASH GRAIN. CHICAGO, April 3.—Wheat—No. 2 red, $1.33%: No. 3 red, $133%; No. 4 red. $1.12: No. 3 yellow, $1.31%. Corn—No. 2 mixed, 57%*&57%c: No. 2 white, 57%® 57%'; No. 2 yellow. 57@57%c- No. 3 mix's!, s*>%@67c; No. 3 white, 56@06%e; No. 3 yellow, 55%@56e; No. 4 mixed, 54%©55% r : No. 4 white, 54%@55%c; No. 4 yellow, 54%@55%e. Oats—No. 1 white, 38%@4*>c: No. 2 white, 38@39%e; No. 3 white, 35%@37c; No. 4 while, 35© 36c. TOLEDO SEED AND GRAIN. TOLEDO, April 5. Clover seed-Cash, $14.50; April, 13.35; October, $11.15. Al.jike Cash. sllsO. Timothy—Cash, $295; Mav. $3; September. $330; October, $325 Wheat Cash, $1.41*31.43; May, $1.41'/*; July, $1.21. Corn—Cash, Gl@2c. Oafß Cash. $41*343; May, $1.41%; July, sl2l. I Corn--Cash. 61@62c. Oats -Cash, 41*3 143 c. llye-Cash, 99.* Barley—Cash, CSc. INDIANAPOLIS CASH GRAIN. —April 3 Bids for car lots of grain and bar at the eall of the Indianapolis Board of Trade wire: Wheat—Firm; No. 2 red. $1.39®!.40. Corn —Easier: No. 3 white, 59%*360c; No. 4 white, 58%*359c; No. 3 yellow, 68%(iJ59c; No. 4 yellow, 57%@5£e; No. 3 mixed, 57'/3@sßc; No. 4 mixed, 56%@ 57c. 1 o n <.,—Steady; No. 2 white, 39®i2c; No. I 3 white, 37@38c. Hay—Steady; No. 1 timothy, $18.50® ! No. 2 timothy, $18(318.50; No. 1 light I clover mixed, $17.50*318; No. 1 clover j hay, $19(320. .—lnspections— j Wheat—No. 2 red, 2 cars; No. 8 red. I 4 cars: No. 4 red, 2 cars; No. 5 red, 1 car: No. 3 mixed, 1 car; No. 3 dark northern spring, 1 car; total, 11 cars. Corn—No 3 white, 4 cars: No. 4 white. 4 cars; No. 5 white. 2 cars; No. 1 yel low, 1 car; No. 3 yellow. 6 ears: No. 4 yellow-, 3 cars; No. 5 yellow. 4 cars; No 6 yellow, 1 car; No. 3 mixed, 4 cars: i No. 4 mixed, 3 cars; No. 5 mixed, 2 cars; No 6 mixed. 1 car: total, 35 cars. Oats —No. 1 white. 2 cars; No. 2 white, 4 cars; No. 3 white, 8 cars; No. 4 white, 6 cars; total, 20 cars. Rye—No. 2, 2 cars. Hay—No. 1 light clover mixed, 1 car; No 2 light clover mixed, 1 car; total, 2 cars. HAT MARKET. The following are the Indianapolis prices for bay by the wagon load, delivered ; Hay—Loose timothy, sl7@lßj mixed hav, $10*317; baled hay, $17(318. Oats—New, per bushel, 42@44c. WAGON WHEAT PRICKS. Indianapolis Hour 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 teat for No. 3 red winter. INDIANAPOLIS PRODUCE. Kgga—Fresh, 21@22c. Buter —Packing stock, 14@13c. Poultry—Fowls. 17@22c; broilers, 1% to 2 lb. size, 50c; leghorn broilers, at discount; cocks, 15@14c; young hen turks, 8 lbs. and up 34®35c; young tom turks, 12 lbs. and up, 33©33c; old tom turks, 28@30c; cull thin turkeys not wanted ; ducks, 4 lbs. and up, 15@10; geese, 19 lbs. and up, 13@14c; squabs, 11 lbs. to dozen. $5.50(36.00; old guineas, per dozen, $3. Butter—Local 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. Corn—New, per bushel. 60@65c. Corn—Old. per bushel, Go@6sc. WHOLESALE BEEF PRICES. The following are today's wholesale prices for beef cuts aB sold on the Indianapolis markets of Swift & Company; Ribs—No. 2. 20c; No. 3,15 c. Rounds— No. 2,15 c; No. 3,14 c. Loins —No. 2,24 c; No. 3,18 c. Chucks—No. 2,10 c; No. 3,9 c. Plates—No. 2,7 c; No. 3,6 c. CLEVELAND PRODUCE. CLEVELAND, April 3.—Butter—Extra In tubs. 42%®43c; prints. 43%©)44c; extra firsts, 41%@42c; packing stock, 17® 19c. Eggs—Fresh gathered, northern extras, 27e: extra firsts, 26c; Ohio, 25c; Western firsts, new cases, 24c. PoultryLive. heavy fowls, 27@28c; spring culls, 24@26c; ducks, 32@34c. SMOKES 600,000 CIGARETTES. LONDON, April 3.—Sir William Orpen, the famous portrait painter, estimates that! he has smoked 600,000 cigarettes. HJi began when be was 7.

Local Stock Exchange —April 3. STOCKS Bid. Ask. Ind. Ry. & Light com 60 Indpls. St. Ry 42% 47% Indpls. St. Ry 42% ... Indpls. & N. W. pfd 60 Indpls. & S. E. pfd 60 T. fa., T. & L. pfd 69 T. H., I. & E. com 5 T. H„ I. & E. pfd 15 U. T. of Ind. com 1 U .T. of Ind. Ist pfd 7 U.T. of Ind. 2d pfd 2 Aa va nee-R timely Cos. pfd 45% Advance-ltumely com 15 Am. Central Life 195 Am. Creosoting pfd 94 ... Belt R. It. coin 67% ... •Belt R. R. pfd 50 Century Bldg. Cos. pfd 93% ... Citizens Gas Cos 20 City Service com 194 199 City Service Cos. pfd 59 62 Dodge Mfg. Cos. pfd 85 Home Brewing 45 Ind. Hotel Cos. com 85 Ind. Hotel Cos. pfd 98 ... Ind. Nat. Life Ins. Cos 2 Ind. Title Guaratee 71 Ind. Pipe Line 98 Indpls. Aba tolr pfd 46 ... Indpls. Gas 44% ... Indpls. Tel. pfd 90 Indpls. Tel. com 2 Mer. Pub. Util, pfd 48 Nat. Motor Car Cos 1 3 Pub. Bav. Ins. Cos 5 Ruuh Fer. nfd 47% ... Stand. Oil of Ind 87% 88% Sterling Fire Ins. Cos 7% ... Van Camp Hdw. pfd 9G Van Camp Prod. Ist pfd 101 Van Camp Prod. 2d pfd 102 Vandalia Coal Cos .com 1 Vandalla Coal Cos. pfd 6% ... Vandalia Coal Cos. pfd 6% ... Wabash Ry. com 9 12 BOXDSBroad Ripple 5a 61 66 Citizens St. Ry. 5s 75 78 Indian Creek Coal & Mine 6s. ... 100 Ind. Coke & Gas 6s 86 Indpls. C. & S. 5s 91% ... Indpls. & North. 5s 38% 43% Indpls. & Martinsv. 5s 59% Indpls. & N. W. 5s 48 Indpls. & S. E. 5s 45 Indpls. Shelbyv. & S. E. 5s 75 Indjils. St. Ry. 4s 61 T. 11. I. & E. 5s 51 Citizens Gas 5s 86 88 Indpls. Gas 5s 55% 89 Kokomo. M. & W. 5a 84% ... Ind. Hotel Cos. 6s 9*5 Indpls. Water 5s 94 '96 Indpls. Water 4%s 81 Indpls. T. A T 75 ... Indpls. L. & 11. 5s 86% 88% IT. T. of Ind. 6s 46 4!) * Mer. H. & L. 5s 9*5 poo New Tel. L. D. 5s 96 New Tel. Ist 6s 95 Sou. Tel. Power 6s 86% i)i% •Ex-divldend. ” LIBERTY BONDS. ... _ „ Bid. Ask. Liberty first 3%s 98.26 98.66 Liberty first 4n S8 WIS Liberty second 4%s i 98.50 98.1)6 r . i hlrd * 99.26 99 68 Liberty fourth 4%s 98,88 99.28 Victory 4%s 100.1)6 100.86 \ictory 3%s 99.82 100.22 & Martinsville 5s 6000 * ’w ' >ertv won 'l ■%* 98.60 SI,OOO Liberty fourth 4%s 9894

$60,000,000 The New York Central Railroad Company REFUNDING AND IMPROVEMENT MORTGAGE 5% GOLD BONDS , SERIES C Dated October /, 1921 Due October J, 2013 Interest Payable April / and October / in the City of New York Redeemable, as a whole but not in part, at the option of the Company, at /f>s% and accrued interest on, but not before, October 1, 1951, or on any interest date thereafter, on three months' notice. Coupon Bonds in denomination of SIOO (not registerable) and in denominations of SI,OOO and SSOO, registerable as to principal. Fully registered Bonds in denomination of SI,OOO and authorized multiples thereof. Coupon and registered Bonds interchangeable. The issuance of these Bonds has been authorized by ihe Interstate Commerce Commission. GUARANTY TRUST COMPANY OF NEW YORK, TRUSTEE A. H. Smith, Esq., President of The New York Central Railroad Company, has summarized as follows his letter to us describing this issue: The Refunding and Improvement Mortgage Bonds are secured fry direct mortgage on all of the railroad ousted by The New York Central Railroad Company, the main line of which, extending from New York City to Chicago, is one of the trunk lines of heaviest traffic in the. United States. The property mortgaged includes rolling stock costing in excess of 5134,000,000 which is owned free from equipment liens, and the mortgage will attach to additional rolling stock costing approximately $135,000,000 upon the payment of outstanding equipment obligations aggregating approximately $52,000,000. The Company's investments other than owned road and equipment amount to approximately $370,000,000, about 80% of which is in affiliated or controlled steam railway properties forming an integral part of The New YorJ( Central System. Income received fry the Company from these investments in the last seven years averaged 4.67% per annum on the book cost of ail of the investments including non-dividend paying stocks. For the last seven years (i.e., since consolidation with t the Lake Shore and Michigan Southern Railway), the Company's net income, after deducting rentals and miscellaneous income charges, averaged $58,001,400 per r nurn, as contrasted with $24,057,685 average annual interest charges on mortgage and other secured debt. Net income in 1021, after deducting rentals and miscellaneous income charges, amounted to $63,090,362, as compared with $27 825,96° interest charges on mortgage and other secured debt. Inasmuch as the proceeds of this issue are to be used, in large part, to retire existing debt, the issue of these $60,000,000 Bonds will increase the annual interest charges of the Company fry only about $160,000. The average interest rate on the Company’s mortgage debt, including the present issue and $480,161,000 underlying bonds, is slightly less than 4%. Since January 1, 1915, the Company has added to surplus approximately $80,000,000 from current income after payment of dividends on its stock. The Company has additional resources in the undistributed earnings of subsidiary properties, its proportion of the undistributed surplus earned by five principal steam railway subsidiaries during the last seven years amounting to more than $44,000,000. The outstanding securities junior to the Refunding and Improvement Mortgage Bonds include $105,500,000 Debenture Bonds and $249,597,355 par value of capital stock. For every year since 1869, dividends have been paid at the rate of at least 4% per annum; since 1900 the rate has been not less than 5% per annum. In the opinion of counsel, the Refunding and Improvement Mortgage Bonds are a legal investment for savings banks tn the states of New York, Massachusetts, Connecticut and Vermont. THE ABOVE BONDS ARE OFFERED FOR SUBSCRIPTION, SUBJECT TO ISSUE AS PLANNED AND TO THE APPROVAL OF OUR COUNSEL, AT 94% PER CENT AND ACCRUED INTEREST, TO YIELD NEARLYS.3O PER CENT. Subscription books will be opened at the office of J. P. Morgan & Cos., at 10 o'clock A.M., Monday, April 3, 1922. The right is resented to reject any and all applications, and also, in any case, to award a smaller amount than applied for. The amount due on allotments will be payable at the office of J. P. Morgan & Cos., in New York funds, the date of payment to be specified in the notices against delivery of temporary bonds exchangeable for definitive bonds when prepared. J. P. MORGAN & CO. FIRST NATIONAL BANK, New York THE NATIONAL CITY COMPANY GUARANTY COMPANY OF NEW YORK BANKERS TRUST COMPANY, New York HARRIS TRUST AND SAVINGS BANK KIDDER, PEABODY & CO. LEE, HIGGINSON & CO. New York, April 3, 1922.

SWINE VALUES SHOW STRENGTH No Demand Shown for Steers —Good Veals Strong. RANGE OF HOG PRICES. Good Good Good Mar Mixed. Heavy. Light. 23. $10.50® 10.60 [email protected] $10.60®10.70 | 27. 10.50® 10.60 10.15® 10.40 10.60<5>10.75 | 28. 10,25® 10.40 9.85® 10.15 [email protected] | 29. 10.15® 10.35 [email protected] [email protected] 30. [email protected] [email protected] [email protected] 31 [email protected] [email protected] [email protected] April 1. 10.20 @ 10.30 9.85 @ 10.15 [email protected] 3. 10.25 @ 10.40 [email protected] [email protected] With receipts close to 4.0 !> 0 and the * demands of both packers and yshippeffs fair, swine prices were strong to 10 cents higher in trade on the local live stock exchange today. There were several sales of light swine ‘ at $10.60, while the bulk of that grade of swine sold at $10.50. Mixed and mediums brought $10.25®10.40 and heavies $10(0)10.25. There were but few extremely heavy swine on the market. Roughs brought $8.75 and down and stags $5.30 @7. Pigs said at $9.50@10,50. The lulk of the Bales for the day ranged at [email protected]. Trading was of a fair nature and a fair clearance for the day was anticipated. Cattle prices ruled steady generally, with receipts close to 800 and packers displaying good demand. There was, however, but little demand for steers, practically no snles of that grade being j made up to a late hour In the furennoon. Packers were not even bidding on this grade of cattle. There was a fair demand for bushels at steady prices. Veals were steady to strong generally, but there were a few sales or the Defter grades of calves that looked around 30 cents higher than the same grade would hare brought on the closing market of the previous week. Receipts for the day ran close to 400. Trading was fair. There were only 50 sheep and lambs on the market and prices were about steady. HOGB. 100 to ISO lbs. average $10.50®10.60 Over 300 lbs [email protected] 150 to 300 lbs [email protected] I Best pigs, under 104 lbs 9.50® 10.50 j Top 10.60 Roughs ?.50@ 8.75 Stags 5.500 7.00 Bulk of sales [email protected] -CattlePrime corn-fed steers. 1,000 to 1,800 lbs 7.00® 8.00 Good to choice steers 1,200 to 1,300 lbs 6.50® 7.00 Good to choice steers. 1,100 1.200 lbs 5.75® 6.35 Good to choice steers, 1.000 to 1,100 lbs 5.50® 3.75 Commnn to medium steers, 800 to 1.800 lbs 5.25® 5.50 —Cows and Heifers— Good to choice heifers 7.50® 8.00 Medium heifers 6.50® 7.35 Common to medium heifers .. 5.00® 6.00 i Good to choice cows 5.25® 6.50 : Fair to medium cows 3.50® 4.50 Cauners 3.00® 4.25 Cutters 2.25® 4.00

—Balia— ' Fancy butcher buns 5.50@ 6.00 Good to choice butcher bulls . 4.50® 5.50 Bologna bulls 3.75® 4.25 Light Bologna bulls 3.00® 3.50 Light to common bulls ...... 2.75® 3.50 Choice veals .... .. 8.50® 9.50 Good veals B.oo® 8.50 Medium veals 6.50® 7.50 Lightweight veals 5.00® 6.00 Commons to heavyweight veals 4.50@ 5.50 —Stockers and Feeders— Good to choice steers under 800 lbs 5.75@ 6.75 Medium cows 2.25® 3.75 Good cows 3.50® 450 Good heifers 5.25® 6.50 Medium to good heifers 4.00® 5.00 Milkers [email protected] —Sheeps and Lambs— Cull ewes 2.25® 3.00 Good to choice ewes 5.00® 7.00 Buct.3 2.50® 3.50 Clipped lambs 8.50® 10.30 Wool lambs 11.00®15.00 Seconds 6.00® 8.00 Buck Lambs 5.50® 6.50 Culls 3.00@ 5.00

Other Livestock

CHICAGO, April 3.—Hogs- Receipts, 44,(KM); market, fairly active; lights, strong; others steady to 10c lower: bulk of sales, $9.90© 10.40; top, $10.50: heavies, [email protected]; mediums, [email protected]; lights, [email protected]; light lights, sl9® 10.50; heavy packing sows, smooth, $9.25 @9.40: packing sows, rough, $9®9.35; pigs, [email protected]. Cattle—Receipts, 17,000; market, steady to strong: beef steers, choice and prime, [email protected]: medium and good, $7.35©8.75; good and choice, [email protected]: common and medium, $6.60® 8.15; butcher cattle, heifers, $5.25©8.25; cows, [email protected]; bulls, $4©6.25: canners and cutters, cows and heifers, [email protected]; canuer steers, [email protected]; veal calves, light and handy weight, $6.50@9; feeder steers. [email protected]; Stocker steers, $5.25® 7.25; Stocker cows and heifers, [email protected]. Sheep and lambs—Receipts, 19.090; market, steady to. 25c higher: killing classes up, mostly: good to choice lambs, sl4® 15.25; lambs, 85 lbs. and up, $13.25® 16; yearling wethers, $11.75© 14.75: ordinary ewes, $7.23® 10.50; cull and common ewes, $3.50@7; feeder lambs, [email protected]. CINCINNATI, April 3. Hogs Receipts, 7,800; market, strong; heavy, mixed and mediums, $10.60; lights, $10.50; pigs, 59.75; roughs. $8.25 down; stags, $5.25. Cattle—Receipts, 1,050: market, steady; bulls, steady : calves, $8.50 Sheep and lambs—Receipts, 300; market, steady; ewes, $7.60; clipped, $5.50; clipped lambs, sl4; springers, S2O. EAST BUFFALO, N. Y., April 3. Hogs—Receipts, 12.SOO: market active; yorkers and pigs, [email protected]; mixed, *[email protected]; heavies, $10.75@11; roughs, $5.75@9; stags, [email protected]. Cattle —Receipts, 2,625; market active; shipping steers, s.'(*>/ ROO; butcher grade** $7.25@:8t75; heifers. [email protected]; cows. $2.25*0)6; bulls, [email protected]; milk cows and springers. $25 @llO. Colves—Receipts. 2,700; market ae-

■ a ß n u d Y Unlisted Stocks N ™JJ N SELL See Local Curb Market. 415 Lemcke Bldg. J IUiIU

AFRIL 3,1922.

cive; cull to choice. s3@lo. Sheep and lambs—Receipts, 8.800: market active; choice lambs. [email protected]; cull to fair. sß®ls; yearlings, [email protected]; sheep. s3@l2. CLEVELAND. April 3—Hogs— Receipts, 5,200; market, steady: yorkers. mixed, mediums and pigs, 510.55: roughs, $.8.50: stags. $5.50. Cattle—Receipts. 550: market, slow and 10 to 15c lower; good to choice steers. [email protected]: good to choice heifers, s6*o7: good to choice cows, $4.50 @5.50: fair to good cows. [email protected]; common cows. $2.75(03.50; good to choice bulls. $5.50©6.50: milkers. $37@75. Sheep and Inntbs Receipts, 800: market, steady; top, sl4. Calves —Receipts, 800; market, slow; top. $9. EAST SS. LOUIS, April 3.—Hogs—Receipts, 13,000; market, steady; mixed aim butchers, $10.25® 10.40; good heavies, , slo.lo® 10.25; roughs, $5.50®8.75; lights. $10.30® 10.40 :pigs, $8.75© 10.25; bulk of sales. [email protected]. Cattle— Receipts, 3,500; market, steady; native beef steers, $8.25@9; yearling steers and heifers, $7.50 @8.90- cows, $2.50® 6.50; stockers and feeders, [email protected]; calves, [email protected]; canners and cutters, [email protected]. Sheep and lambs—Receipts, 12,000; market, Bteady generally: mutton ewes, sß@9; good to choice lambs. $15.50@16; canners and choppers, s3@4. PITTSBURGH, April 3. Hogs Receipts, 7.000; market, 25 cents higher; prime heavies, [email protected]; mediums, $11.10*0)11.25; heavy yorkers, $11.10(0)11.25; light yorkers. [email protected]; pigs, sll.lO ©11.25; roughs, [email protected]; stags, [email protected]. Cattle—Receipts, 1.500: market, steady generally; choice. [email protected]; prime, $7.25 ©7.75; good, s7© 7.50; tidy butchers. $7.25 ©7.65; fair. $0.50@7; common, $5.25® 6.25;c0mm0n to good fat bulls, $3.50® 6; common to good fat cows, [email protected]: heifers, $5.50© 7.65; fresh cows and springers, SSO©SO: veal calves, $9; heavy and thin calves, s2@s. Sheep and lambs —Receipts. 6.500; market, steady; prime wethers, $9©9.25; good mixed. $8.25@ 8 75; fair mixed. $7.25@8; cull* and commons, [email protected]; choice lambs, sl4. CORN AND WHEAT BULLETIN. For the twenty-four hours ending at 7 a. m., Monday, April 3, 1922: Temperature. sa .2 ® ° Stations of e ri Indianapolis *. *g 5 *35 = District. am H g= l j= s. ► c S r *c South - Bend ....' 54 | 44" j 0 | Fair Ft. Wa na ! 52 1 42 I 0 | Wheatfi <d I 50 ! 43 | 0.04 ! Muddy Koval Center ... 52 40 0.01 (Poor , Marion 57 43 0 ( Fair A Lafayette 55 45 0 : Muddy " Farmland 58 43 0 1 Good Indianapolis .... 56 40 0 I Fair Cambridge City..' 56 43 0 (Fair Terre Haute I 60 ; 50 0 I ......... Bloomington Columbus 64 ! 51 0 | Good Vincennes 62 47 0 1 Soft Paoli *... 59 14.8 0 ! Good Evansville 62;50| 01~ ~ J. H ARMINGTON, Meteorologist, Weather Bureau.