Indianapolis Times, Volume 34, Number 283, Indianapolis, Marion County, 7 April 1922 — Page 20

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HEAVY TRADING FEATURES DAY’S STOCKS RECORD Broader Scope of Activity Than Experienced in This Year. MARKET LIST CHANGING Special *> Indiana Daily Times and Philadelphia Public Ledger. BY MONITOR. NEW YORK, April 7.—Heavy trading again characterized the stock market Thursday, with transactions around the record total of the year, while the number of issues embraced in the day's operations represented a broader scope of a. L. than has been seen at any time- thii year. There were times when the num' er of recorded sales tested the capacity of the ticker, particularly In the first hour and again toward the close. The market appears to be changing its character somewhat, ns reactions in the favorite issue are transient and limited in scope. Evidently, the professional element, as well as some of the outsiders (hat have been tempted to enter the market, have made the interesting discovery that it does not pay ro take profits and then re-buy on advances. There was pronounced group activity in equipments, oils, motors and steels, while several of the rails, including New Haven and Ontario and Western, vied with the industrials in respect to activity. The best showing in the steels wan made by tfiie Bethlehem issues and Midvale. The outstanding feature of the market, however, was furnished by Mexican Petroleum, with a turnover estimated around 45,000 shares. 'The advance, of nearly six points on the day, pave proof of the volatile character of this stock in its response to several items of news that were considered as favorable to its advance. Royal Hutch also made a newhigh level on the present move. Market street railways -were airnng the most buoyant of the specialties. Brooklyn Rapid Transit and Its bonds were exceptionally stronrt. Among the mkvancing specialties were American Linseod. Electric Storage Battery, Endicott JVihnson. Great Northern Ore and United Retail Stores. The explanation of the day’s market, as well as some <tf its recent predecessors, undoubtedly is tke entrance of the public on the buying stale. Thus far. this participation does rtot appear to have been extensive enough to have endangered the health of the technical position.—Copyright, 10.2, by I’s blie Ledger Company.

WALL STREET GOSSIP

BY MONITOR. NEW YORK, April 7.—Ontario & Western, and to tema extent New Haven were taken on leavy scales yesterday, la Ontario & Wofstern. buying was based on revival of tbi* story that the New York Central has renewed its offer to the New Haven for purchase of 201.000 shares of Ontario A Western stock held by that road. TVhis would give the New York Central control, anti as this road has superior facilities for helping its smaller subsidiaq.es. the position of the minority stoekroUiers in Ontario A Western will be greatly improved. The story going the rounds is that the New York Central has offerr-d New- Haven I*3o per share for its Ontario A YVestern stock. In the market lire Ontario A Western sold above 30, but soon reacted to a point slightly below tlitt level. Car loadings for St. I'anl during March were more than double those for the same month a year agt>. Buying in Royal Dutch, which carried that issue to anew high, is based on a hope for modification of taxes. thi3 expectation being apparently justified by the cancellation of the oil tax in the Dutch East Indies. Further optimistic lights were shed on the automobile iadustry by the statement of the Packr.rd Company, showing more orders for March for the twin-six and the single-six than could be shipped, with truck sales ( Iso increased. At the same time John N. Willys, who has just returned to headquarters from a quick trip around the .principal Willys-Over-land distributors, sees a veiy cheerful outlook for the remainder of the year, and declared that sales were making new high records tince the turn in business first came. The tremendous trading here is bringing about anew crop of rumors hourly, one of the 'atest being talk of a Replogle and Empire Steel merger, with lteplogle taking over the Empire. General improvement throughout the country, with consequent increase in purchasing power on the part of farmers and others who make up the clientele of the mall order houses, is responsible for improving sentiment on Sears-Roet.uck and Montgomery Ward, the first companies likely to neap the benefit of this improvement. Mexican Petroleum was the outstanding star of the afternoon movement, and with exceptionally heavy trading, the stock moved up to 130% and closed very near the high. This rise of about 6 points is based first upon the better advices from the Mexican oil fields; second. upon the agitation for recognition of Mexico, and third, as a sympathetic movement with oils and industrials generally in the current bull market. Stocks of the electric and electric supply companies are being steadily absorbed because of the general improvement in underlying conditions in this industry. Buying of electric equipment by public utilities is coming into the market in constantly increasing volume, and in quarters close to the larger companies, it is asserted that buying of this nature should come very near to the billion-dollnr mark this year. At the same time the country-wide craze foi radio equipment is also helping these companies as well as the smaller companies. and such local companies as Manhattan Electric Supply Company andothers. Brooklyn Rapid Transit issues are meeting with 'air support on the theory that this company has passed the worst of its troubles and that a rehabilitation program should prove successful. The net earnings of the company's subway and elevated lines have steadily improved, due in part to increased gross earnings and to reduced operating costs. The receiver controller reports that for the eight months ending Feb. 28, l'J22, net earnings of the company and elevated lines over operating expenses, taxes, interest on the $22,907,000 underlying bonds on the elevated lines and on the receivers certificates and other prior charges, amount to $2.375.0.5t5. or about 5.9 per cent per year on outstanding notes and bonds. A statement made by the protective committee advises that there is reason to hope for a continued improvement in net earnings. Surface lines'also show marked improvement. Following the announcement of heavy car purchases by the New Y'ork Central, James A. MeCrea announces for the Pennsylvania that $s.000,t)00 is to be spent for new trackage and greater switching facilities in and around Pittsburgh, and it is expected that a total of $100,000,000 will be spent in that district for this purpose in the present movement to relieve traffic congestion there. This is regarded as further Justification for the movement in the various equipment and railway supply stocks. Production of 7,443,000 pounds of copper during six weeks ended March 31 bv Inspiration indicates the revival of copper operations. This companv is now working thirteen of its twenty' units. Caddo Oil, which is thought in some quarters to be selling out of line with other oil stocks, picked up a bit today and it is reported that at least two prominert stock bouses here are planning for a movement in the stock.—Copyright, * 1022. i y Public Ledger Company.

M. Y. Stock Exchange

(By Thomson & McKinnon.) —April 7. Pres. High Low Close Close Advance-Rumcly 47 47 47 47% Ajax Rubber . 17% 17 Vi 17% 17% Allied Cbem. .. (18'4 00% 07Vi 09Vi Am. Bascb Mag. 40% 45% 40Vi 45% Am. Can 48% 47% 48 48% Ain. Car FUy.. 155% 155% 155)4 155% Am. lee 107% 107 107 10!)% Am. 11. A L. .. 09% 09% 09% 09% Am. Int. Corp.. 40% 45Vs 45% 45% Am. Loco 113 111% 112 Vs 112 Am. Steel Fdy... 38% 37% 38 27% Am. Smelt. Ref. 57% 55% 57Vi 55% Am. Sag. Ref... 72% 72 72% 72% Am. Sum. Tob. 33% 33 33 33% Am. Tel. A Tel. 121% 120% 121% 121% Am. Tob 140 Vi 139% 140 111 Am. Woolen ... 89% 88% 88% 88% Anaconda 52% 51% 52% 52% Atchison 99 Vi 97% 98% 97% At. Coast Line.. 98 97 98 90 At. G. A W. 1.. 34 31% 33% 32% Austin Nicholas 27 20% 20% 27 Baldwin L0c0... 115% 114', 114'/. 115% I!. A 0 43% 42% 43% 43% Belli. Stel (B). 70", 70 77% 70% Brook. It. Trans. 24% 21% 24 20% California Pete.. 54% 54% 54% 54% Canadian P. R. 139% 138% 139% 138% Central Leather 38% 37% 38 37% Chandler Motor 78% 76V- 18 77% C. AO 05 04 % 04% 04% CM A St. P com 24% 24 Vi 24% 24 CM A St. P pfti 40‘i 39% 40 39% Chi. A North... 73% 71% 72% 71% O R I A Pac.. 44% 41% 44 41% C UIA 1' Opet p 81% 81% 81% 80% CItI Al* 7pct p 94% 94% 94% 94% Chili Copper 17% 17% 17% 17% duett A I’ 55 Chino Copper... _<% 27% 27% 28 Colum. Gas 8-3% 83 S3 $4 Coca Cola 49% 48% 48% 49 Col. F. A Iron 31% 31% 31 Vi 31 Con. Gas 109% 108% 108% 108% Con. Can 02 00Vi CU% .... Corn Prods 104% 103% 104 105 Crucible Steel... 04% 00 04% 00Vi Cub. A. Sugar.. 23% 22% 22% 22vs Cub. C. Sugar... 10% 15% 15% 10% Del. A Hudson.ll9'- 119% 119% 119 Del. A Lac 115% 114%. 115% 110 Dome Mines.... 25% 25% 25% 25'/ Erie 12 Vi 12% 12% 12% Erie Ist pfd.... 20", 20% 20% 20Vi Kndicot A J.... 84% 84% 84% Sl-i Fain. Players... 82 79% 82 79% Fisk Rut. C 0.... 10% 10‘i 10% 10% (Jen. Asphalt.... 07 05% 00% 05% G -11. Cigars 72 71% 72 72% Ge”. Electric...-102 101 102 103 Geu. Motors 13% 12% 13 13% Goodrich 40% 59% 40% 39% Gt. North, pfd,. 73% 72 73% 71% Gt. North. Ore.. 40% 39 40% 35% Gulf States Steel 83% 74Vi 73 72% Hupp 17% 17'% 17% 17% Houston 0i1.... 80% 77 79** 78% Illinois Central.lo6% 1"4% 100% 105 Inspir. Copper... 40% 40'- 40% 41 Inter. Harv 97% 97% 97V'- 97% Inter. Nickel.... 17% 17 17 17 Inter. Paper.... 48% 47% 47% 47"! Divine. Oil 19% 18% 19 19% Kelly-Spg. Tire 40% 40% 40% 47% Konno -ut Cop... 30% 29gt 29% 30% Lack;: Steel 53 51% 52 )i •>!■% l.ee 7:% A Rub. 33% 33 33 55% Lima 1-oco 111% 110% 110'/. 11l Lehigh Valley.. 04% 02% 63% 01", 1.. & N 110% 110% *lO% 110 Loews, Inc 15% 14% 15% 15 Martin Parry... 28% 28% 28% 2>% Marine com. ... 18% 17% 17% 17% Marine pfd 70% 74V* 70 74% Maryland 0i1... 28% 20% 28 20% Mex. Pet 132% 12S 131 129% Miami Copper . 25% 28% 28% 2.8% Mid. States Oil. 13% 13% 13% i: % Midv. Steel .... 34% 34 34% 34 Mis. Pac 23Vi 22% 23V* 23 Mis Pac. pfil.... 55% 54% 55 54% Mont. A Ward. 20% 19% 20 19% Nevada Copper. 15% 15% 15V* 15% N. Y. Air Brake 71'. 70% 70% 70% N. Y. Central.. SS% 87% KS% *B% New Haven .... 21% 21% 21% 21'.a Nor. A West ...100% 105% 100% JOS N'or Pacific 70% 75% 70% 75% Ok.P. A R. Cos.. 2% 2% 2% 2% Owen But. com. 51% 31 Vs 51 % 31 % Pacific Oil 54% 54 54% 54% Pan-Am. Pete.. 61% 59% 01'8 60% Penn. Ry 43 42% 42% 42% People's Gas... 82% 82% 82% 82% I’rre Marquette. 29% 29% 29',* 39% Pierce-Arrow ... 2rt 19'% 20 19% Pierce O. C 0.... 9Vi 9 9 9% Pul. Pal. Ca. 123% 125 123 123*8 Pure Oil 31% 31 31% 31%: R. Springs...loo 99% lot) 99V* Reading 79% 78 78% 77*4 Rep. I. A 8 54% 53% 54% 54% Replogle Steel.. 34% 33% 33% 51% Ry Dutch X. Y. 60% 59% 69 59% S-Roebuck 70% 75% 70 70V* Sinclair 261* 25% 25% 20% Sloss-S. S. A 1.. 44Vs 44% 44% 43% South. Tac 89 87 % 89 $8 South. Ry 24 23% 23% 23% St. L. A SW. Rv. 50% 29% 30% 30% Stand. O. of Cal. 97% 97V* 97% 97',* S. Oil of N. .T... 175 174 174 175 SLAS. F. com. 30% 29% 50% 30% Stewart A W... 4040 4040 stromberg Carb 51% 48% 51 48% Studebaker 117% 15% 117% 118 Tex. G. A Sul.. 41% 41% 41% 41% Ter. Coal AOH 28% 27% 27% 27% Texas Cos 45 44 44% 44% Texas A Pacific 34% 54 3ti 34% Tob. Products.. 64% 63') 04 64*4 Trans. Oil 9% 9", 97* 9"* Inion Oil 19% 187* 18*4 18% 1 nicn /Pacific ..136% 13474 130 134% United Drug .. 71 Oil 70% United Fruit ..146% 146 140 117 IT S. Retail Stores 49 47% 48% 48% F. S. Cst lr. Pp. 37 30% .3:1% 37'* IT S. I ml. Alco 477* 45", 47 V* 47% r. S. Rubber . 04% 03'- 63% 01 >4 IT S. Steel 98 97*4 97% 97V4 r. S. steel pfd. 117 117 117 117 Vi I'tah Copper .. 65% 65 65 65 Vanadium Steel 44% 43V* 44% 4.3% Wabash 9% 9% 9% 9% Wabash Ist pfd. 31% 31 31% 31% Worth. Pump .53 5274 53 53 Western l nion . 95% 98% 9875 98 West. Electric.. 6274 61% 61% 62 White Motors .. 43% 42% 43% 43% Willvs-Overland 9 8% 8% 8% White Oil 10 9% 9Vs 10 Woolworth ....163 1617* 163 101 NEW YORK LIBERTY BONDS. —April 7 I’rev. High. Low. Close. Close. L. B. 3Vi* 99.40 99.24 99.24 99.28 L. B. Ist 4s 99.04 L. B. 2nd 4s 98.86 L. 11. Jsf 4%s ... 99.58 99.32 99.58 99.58 L. B. 2cd 4%s .. 99.20 99.14 99.20 99.14 L. I?. 3rd 4%s .. 99.56 99.44 99.56 99.52 L. B. 4th 474s .. 99.52 99.42 99.52 99.50 Victory 3%s 100.01 100.02 100.04 100.06 Victory 4%s 100.90 100.90

CHICAGO STOCKS. (By Thomson & McKinnon.) —April 7 Open. Il(gb. Low. Close. Am. Ship 96 96 93 95 Case Plow 4 4'/* 4 4 CCAC Rys. pfd.. 7% Chi. L. R.vs.pfd. 6 Cudahy 65 Com. Edison .. ..12'' ISO 129 130 Cont. Motors... 7% 7% 7% 7% Deere & Co.pfd. 70*4 71 76% 71 Earl Motors 2% 3*4 .”% 374 Libby McNeill. 3% 3% 3% 3% Mont. Ward... 19% 20 19% 19% Nat. Leather.... 2*A 2% 2% 2% Nat. Loath.new 10% .1074 10 10 Pick & Cos 27% 28 27%. 27% I’iglv Wigly A.". 9% 39% 39% 39% Quaker Oats 94% Ken Motor 22% 23% 22% 23% Stew. Warner... 40'/* 40% ::9% 39% Swift & Cos. 104 104 10274 102% Swift Inti 19% 20 18% 18% Thomson (J R> 4:8% 41 43*% 44 Temtor Corn.Y 2% I .Car fi Corfbo. 57 57% 57 37% Wahl 6774 Yellow Taxi.... 80% 80'% 78% 79% NEYV YORK WOOL. NEW YORK, April 7.—YVool prices were firm in Irade on the market here today, prices of the past week or more being well maintained. NEYV YORK PETROLEUM. NEW YORK. April 7. —Petroleum prices were steady in trade on market here today. Pennsylvania crude oil selling at $3.23 per barrel. INDIANAPOLIS PRODUCE. Eggs—Fresh, 21@22e. Buter—Packing stock, 14@13c. Poultry—Fowls, 17@22c; broilers, 1% to 2 lb. size, 50c; leghorn broilers, at discount; cocks. 13@14c; young hen tnrks, 8 lbs. and up 34®35c; young tom tnrks. 12 lbs. and up, 33@35c; old tom turks, 28@S0e; cull thin turkeys not wanted; ducks, 4 lbs. and up. 15@B); geese, 19 lbs. and up, 13@14c; squabs, 11 lbs. to dozen, $5.50®6.00; old guineas, per dozen, $3. Butter—Local dealers are paying 38® 39c per lb. for butter delivered in Indianapolis. Butterfat—Local dealers are paying 38c per lb. for butterfat delivered in Indianapolis. Corn —New, per bushel, 60@65c. Corn—Old. per bushel. 60®05c. TOUCH TYPISTS BETTER. American typists are said to surpass 'those of Gieat Britain because they learn the “touch.’’ system.

STOCKS REGISTER SHARPADVANCES Gulf States Steel Makes Gain of Over Eleven Points. NEW YORK, April 7.—The stock market closed strong, today. Mexican Petroleum advanced nearly 3 points to 13274 and Gulf States Steel, at its high of 6374. showed anew gain of 1174 points.. Studebaker rallied over 1 point to 116% am! Baldwin Locomotive recovered to 11474. Government bonds were unchanged and railway and other bonds strong. Total sales of stocks for the day were 1,579,100 shares; bonds, $18,513,000. (By Thomson A McKinnon.) —April 7 That the public has taken hold of the stock market there can be little doubt and apparently is fully in control at tills time. It has at last grasped the idea of business improvement and expansion and recognizes the power derived from the strong banking situation. Endec such circurOStances it would be only natural to expect further concessions to the ranks of security buyers and a continuation of the big markets. This morning there was a substantial amount of profit taking in the industrial list by numerous commission houses, but apparently new buyers were waiting for the opportunity to acquire stocks at concessions. and as a result the early selling had but slight effect on values. The recessions that occurred here and there were not important, and it required but little support during the day to tun the market and again give it an appeaanee of strength. The rails constiiuted the real feature in the day’s trading. The demand for this group was more pronounced than during any of the recent recessions and some new highs established. We feel at this time the main point to consider in connection with the markets is its technical position. It is merely a matter of keeping the market in a healthy situation, so as to ’’avoid any congestion in the event of something unexpected happening, which would have an adverse influence. In this connection, however, we have no hesitation in stating that we regard the position of the rails, coppers and three steel issues as occupying a position of advantage and purchases arc justified in these groups now as well as on any reactions that might occur. TWENTY' STOCK AVERAGE. NEW YORK, April 7.—Twenty industrial stocks Thursday averaged '.<0.80, up .13 per cent. Twenty active rails averaged 82.78, up 1.13 per cent. CLEARING HOI’SE STATEMENT. NEW YORK, April 7. Exchanges. $ii09,4'10,006; balances, $62,003,000; Federal Reserve Bank credit balances, $59,100,000.

Money and Exchange

Indianapolis bank clearings Friday were $2,548,000; bank debts, $4,819,000. NEW YORK, April 7.—The foreign exchange market opened firm today, with demand Sterling %c higher t 4.54. Francs were 1'- centimes higher at 9.12 c for cables and 9.1174 c for checks. Lire rose of a point to 5.25 c for cables and to 5.24'ie for cheeks. Belgian francs rose 1 centime to 8.45 c for cables and to j 844%c for chocks. Marks advanced •% lof a point to .0033 c. Guilder cables were 37.82 c; checks. 37.77 c. Sweden kronen cables were 26.08 c; checks. 26.03 c. MOTOR SECURITIES. (By Thomson A McKinnon.) —April 7. —Closing— Bid Ask Earl Motors 274 3 Packard com 7% BV* Packard pfd 74 76 Peerless 35 37 Continental Motors com 7% 8 Continental Motors pfd 90 93 Hupp com 17 17% Hupp pfd 100 103 Reo Motor Car 22 22% Elgin Motors 2'- 3 Grant Motors 174 1% Ford of Canada 330 310 National Motors 1 '4 2*4 Federal Truck 17 19 l’alge Motors 20 21 Republic Truck 7*4 8 ACTIVE OIL STOCKS. (By Thomson A McKinnon.) April 7 -OpeningBid. Ask. Anglo-American Oil IS** 18*4 Atlantic Lobes 9 9*4 Borne-Scrymser 350 . 37ft Continental Oil. Colorado ...130 140 Cosden Oil and Gas 4*4 4% Crescent Pipe Line 33 34 Elk Basin Pete 6% 6% Eureka Pipe Line 93 96 Galena-Signal Oil, Pref. ...lift 115 Galena-Signal Oil, Com 46 48 Illinois Pipe Line 176 179 i Indiana Pipe Line 102 105 Merritt -Oil 10% 10% Midwest Oil 2% 3 Midwest ltfg 170 180 National Transit 27 28 Northern Pipe Line 106 106 Ohio Oil 273 278 Oklahoma P. A R 5*4 6 I’enn. Mex 27 29 Prairie Oil and Gas 560 570 Prairie Pipe Line 228 233 Sapulpa Rofg 3 3*4 Solar Refining 340 360 Southwest Penn Pipe Lines . 62 64 Standard Oil Cos. of Ind. ... 8874 88% Standard Oil Cos. of Kan. ...530 5.50 Standard Oil Cos. of Neb. ...165 175 Standard Oil Cos. of N. Y. ...368 373 Swan A Finch 25 30 Vacuum Oil 345 355 Washington Oil 24 23 NEW YORK CURB MARKET. (By Thomson A McKinnon.) —April 7. —Close— Bid. Ask. Acme Packing 65 75 Curtis Aero, com 474 7 Curtis Aero, pfd 24 27 First National Copper 4 6 Jumbo Extension 3 5 International Petroleum 15% 15% Nlpissing 5% G 74-. Standard Motors 5 574 Salt Creek 1474 14% Tonopah Extension 17-10 174 United P. s>. new 6% 0% Tonopah Mining 1% 174 U. S. Light and etlat pfd. .. 1 I*/* Wriglit-Miirtin 2 5 Yukon Gold Mine Cos 1% I*4 Jerome 3% 374 New Cornelia 1774 18 I'nited Verde 27 28 Sequoyah 3 10 Omar Oil 95 97 Republic Tire 55 00 Boston and Mont 26 27 Kirby Oil 22 22'/* NEW YORK SUGARS. NEW Y'ORK, April 7.—Raw sugars were unsettled in trade on the market here today. Culms being quoted at 4.11 c per lb. duty paid, and I’nrto Ricos at 3.98@4c per Hi. duty free, delivered. Refined sugars were steady, tine granulated bping quoted at 5.25®.5 50c aud No. 1 soft at the same figure. NEW YORK COFFEE. NEW Y'ORK. April 7.—Coffee values were firm in trade on lbe market here today, opening options being 9 to 16 points higher. Rio No. 7, on spot, sold at 10%(f5.10%c per pound. NEW YORK RICE. NEW YORK. April 7—ltico prices were unchanged in trade on the market here today, domestic being quoted at 3%@ 7'/*c per lb. NEW YORK METAL MARKET. NEW YORK, April 7. Copper—Firm ; all positions offered. 12%c. Lead—Firm; all positions, 4.907(5.10c. Speller—Steady; spot, 4.82<g i.900: April, 4.55(g.4.93c; May and June, 4.90(f(5.(! fc. NEW YORK HIDES. NEW Y'ORK, April 7. —Hides wove quiet In trade on the market here today. native steer liidss selling at 1274 c and branded steer bide? at 1174 c. NEW YORK TURPENTINE. NEW Y'ORK. April 7. sold at So@S7c per gallon in the market here today.

INDIANA DAILY TIMES.

Local Stock Exchange

STOCKS. —April 7 . Bid. Ask. Ind. Ry. A Light com 60 ... Ind. By. e. Light pfd 75 ... Indpls. St. Ity 43*/4 48% Indpls. A N. YV. pfd 60 Indpls. A S. E. pfd 60 T. 11., T. A L. pfd 69 T. H„ I. A E. com 5 T. H„ I. A E. pfd 15 U. T. of Ind. com U. T. of Ind. Ist pfd 374 1 U. T. of Ind. 2d pfd 2 Advance-Itumely Cos. pfd.. ... Advance-Rumely com Am. Central Life 195 ... Am. Creocotlng pfd 94 ... Belt R. li. com 6774 ••• •Belt R. It. pfd 50 Century Bldg. Cos. pfd 93*4 ••• Citizens Gas Cos 20 ... City Service com City Service Cos. pfd 59 ... Dodge Mfg. Cos. pfd Home Brewing 45 ... Ind. Hotel Cos. com 85 ... Ind. Hotel Cos. pfd 93 Ind. Nat. Life Ins. C 0....... 2 ... Ind. Title Guarantee 71 Uid. Pipe Line ... Indpls. Abattoir pfd 1. 46 ... Indpls. Gas 4474 ••• Indpls. Tel. pfd 90 Indpls. Tel. com 2 Mer. Pub. Util. pfd 48 ... Nat. Motor Car Cos. 1 3 Pub. Sav. Ins. Cos 5*4 ... ltauh For. pfd 47 Stand. Oil of Ind ... ... Sterling Fire Ins. Cos 7*4 ... Van Camp Hdw. pfd 90 Van Camp Prod. Ist pfd 100 Van Camp Prod. 2d pfd 102 Vandalia Coal Cos. com ... Vandalia Coal Cos. pfd 6*4 ••• Wabash Ry. pfd ... Wabash Ry. com ... BONDS. Broad Ripple 5s 61 ... Citizens St. R.v. 5s 75 78 Indian Creek Cos.! A Mine 6s ... 100 Ind. Coke A Gas Os SO Indpls. C. A S. 5s 91*4 ... Indjils. A North. 5s 38 4374 Indpls. A Martinsville 5s .. 59 Indpls. A N. YV. 5s 48 51 Indpls. A S. E. 5s 45 Indpls., Shel'oyv. A S. E. 5s 70 Indpls. St. Ry. 4s 61 T. H.. I. A E. 5s Citizens Gas 5s 86 88 Indpls. Gas Os 86 Kokoino, M. A YV. 5s 84*4 ... Ind. Hotel Cos. 6s 96 Indpls. Water 5s 92*4 ... Indpls. Water* 474s 81 86 Indpls. T. A T 7574 SO Indpls. L. AH. 5s 8674 89 l!. T. of Ind. Os 40 Mer. 11. A L. 5s 96 New Tel. L. D. 5s 96 New Tel. Ist 65 90*4 Sou. Tel. Power 6s S6T4 9174 •Ex-Ulvldend. LIBERTY BONDS. Liberty first 3%s 99 20 99.60 Liberty first 4Vis 99.42 90.82 Liberty s eond lira 99.04 99.44 Liberty third 4%s 99.44 99.64 Liberty fourth 4%s 99.31 99.51 Victory 4%5.. 100.80 101.10

Local Cush Market

(By Newton Todd.) —April 7 Bid Ask Am. Hominy Cos 10 10 Central and Coast Oil ...... % ... Choate Oi! Corp V* % Citizens Gas Cos. pfd 90 96 Commonwealth Fin. Com 30 36 Commonwealth Fin. pfd 41 48 Columbian Fire Ins. Cos 6 7V4 Comet Auto 74 2 Dayton Rubber Units 41 54 Dictograph Prod, pfd 30 38 D. W. Griffith 374 7% Elgin Motor Car 2 3% Fed. Fin. Cos. pfd. 77 87 Fed. Fin. Cos. com 124 132 Gt. Sou. Prod. A Ref 674 I Metro, 5-lQc Stores com 3 7 Metro. 5-10 c Stores pfd 19 27 Nat.rijnderwritlng 274 5 Revere Motors V* 94 Rauch A Lang Units 20 32 Rub. Tex. Units 10% 15% U. S. Auto Units 47 57 U. S. Mfg. Cos. Units 138 152 BANK STOCKS. Commercial Nat. Bank 74 83 Coot. Nat. Bank 103 116 Ind. Trust Cos 175 Ind. Nat. Bank 257 267 Mer. Nat. Bank 282 Security Trust Cos 130 State Sav. A Trust 93 99 Union Trust Cos 300 ... YVash. Bank A Trust Cos. .. 150

Weather

The following table shows the state of the weather at 7 n. m., April !, as observed by U. S. Weather Bureaus: Station Bar. Temp. Weather Indiunupoils, Ind. , 20.93 61 Cloudy Atlanta, Ga 30.18- 50 Oiotidy Amar'i o, Tex 29.78 50 Clear Bismarck. N. D. .. 29.84 34 Clear Boston, Mass 30.26 4 4 Cloudy Chicago, 111 29.82 66 Cloudy Cincinnati Ohio .. 30.00 62 PtCbly Cleveland, Ohio ... 29.98 £8 Cloudy Denver, Colo 29.90 34 Clear Dodge City, Kiss. .. 29.86 42 Clear Helena, Mont 29.84 46 Cloudy Jacksonville, Fla. . 30.12 66 PtCldy Kansas City, Mo. .. 29.86 60 Rain Louisville, Ky. ... 30.00 64 Cloudy Little Rock Ark, . 29.90 68 Cloudy Los Angeles, Cal. . 30.14 46 Clear Mobile, Ala 30.06 70 Clear New Orleans. La. 30.02 72 Cloudy New Y’ork. N. Y. . 30.28 42 Rain Norfolk, Y’n 30.22 58 Cloudy Oklahoma City .... 29.76 68 Cloudy Omaha, Neb 29.88 72 Cloudy Philadelphia, Pa. .. 30.26 42 Rain Pittsburgh, Pa. ... 30.06 66 Cloudy Portland, Ore 30.18 50 Rain Rapid City, S. D. .. 29.94 30 Clear Roseburg, Ore 30.26 42 Cloudy San Antonio, Tex. . 29.82 68 PtCldy San Francisco, Cal. 30.16 48 Cloudy St. Louis, Mo 29.86 70 Cloudy St. Paul, Minn. .. 29.62 46 Cloudy Tampa, Fla 30.70 72 Clear Washington, D. C. 30.22 46 Cloudy WEATHER CONDITIONS. Shoivcr* have fallen in the middle and upper .Mississippi valley nnil in adjoining sections, iind In some places on the Atlantia const, while light snows ure reported In (lie southwestern plateau. Warmer Weather prevails from the Great Lakes to the west Gulf States, but the readings nrc lower in the middle Rocky Mountains and tlio northern Pacific States. —YY'liite River Conditions.— At 7 a. m. today stages in White River were ns follows: Indianapolis, 6.9, failing; Shonls, 18.3, failing; Decker, 22.5, stationary. CORN AND WHEAT BULLETIN. For the Iwnty-four hours ending at 7 a. in., Friday, April 7, 1922: Temper- i ature. g j “ © OS O Stations of g • Sr* 1 j Indianapolis „t= a 5 _ o District. J'g laif £5 2 tc72 ft- 4>f. a : es B ui South Bend 70 00 I O , Good Angola (SS 51 0 | Fair Ft. Wayne 70 58 | 0 1 YY'hcntfield 04 58 | 0 | Fair Royal Center ... 72 50 O (Fair Marion 74 57 O Good Lafayette 73 61 0 | Fair Farmland 74 57 0 j Good Indianapolis .... 74 (it 0 Good Cambridge City.. 73 52 0.01 | Fair Terre Haute .... 76 62 0 | Bloomington ... 76 55 0 | Fair Columbus 76 52 0 | Good Y'incennes 79 61 0 j Good I’aoli 76 61 oj Good Evansville 80 64 0 | J. H. ARMINGTON, Meteorologist, Weather Bureau. CHICAGO FRODUCE. CHICAGO, April 7.—Butter—Receipts, 7,300 tubs; creamery extras, 34c; standards, 33%e: firsts, 31® 33c; packing stocks, 16@18c. Eggs—Receipts, 25,100 cases; current receipts, 22@22%c; ordinary firsts, 21@21*%c: firsts, 22%c; checks, 20c; dirties. 20%®20%c. CheeseTwins, new, 17@177jC ; Daisies, 17®17%c; Young Americas, 18%@19e; Longhorns, 17%® 1S%o; Bricks. 14@14%e. Live poultry—Turkeys, 30c; chickens, 2Sc; springs. 30c; rooters, 20c; geese. 18c; ducks, 3(>e. Potatoes —Receipts. 43 cars: Wisconsin Round YVhites. [email protected] per 150-lh. bag; Minnesota Round Whites, $1.40® 1.50; Early Ohios, Idaho Rurals, $1.50®1.60; Idaho Russets, $1.50® 1.75.

GRAIN PRICE CHANGES SMALL General Market Tone Is Firm —Provisions Irregular. CHICAGO. April 7.—Grain prices fluctuated fractionally and Irregularly on the Chicago Board of Trade today. The general tone was firm with most quotations Fhowing slight gains. Shorts bought wheat rather heavily and offerings were lights. However, after a slight upturn during the opening, considerable wheat came on the market. YV'eather over the grain belt was unsettled. A fractional advance In corn prices brought out liberal offerings. There was heavy commission house demand for oats. Provisions were irregular. May wheat opened up %c at $1.30% and closed off '%c. July wheat opened up 74c at $1.19*4 anil closed at that figure. September wheat opened unchanged ht $1.13 and closed %c higher. May corn, after opening up %c at 5874 c, closed up %c. July coni opened at 6274 c, up Tie, and closed off Tic. September corn opened unchanged at 047*c and, closed up 74c. May oats opened off Tic at 36%c and closed up Tic. July oats opened unchanged at 39T*c and closed up Tic. September oats opened unchanged at 4074 c aud closed up 74c. (By Thomson A McKinnon) —April 7 Wheat—For some time past the wheat market has been devoid of developments sufficiently radical to broaden general Interest, todays crop report being a confirmation of private estimates will not serve to offset prices to any material extent. It must be remembered that this report is compiled as of April 1 and that favorable conditions since that time have probably improved the condition. Argentine shipments were considerably larger tiian expected, with the major portion of the total being shipped for orders, in other words, destination unknown. There is a littie European inquiry for wheat, corn, oats and rye, but the amount of business as closed is unimportant. It is estimated that srnn: where around half million business has been done in wheat rile Inst few days, but it i- for deferred shipment. Cash wheat is distinctly slow In all markets except possibly for choice milling grades of spring wheat, those being in demand from eastern millers. Hard winter wheat continues slow sale with western market on a workable basis under Chicago. The complete absence of foreign demand for I'nited States accumulations and tlie unimportant milling demand make the cash wheat situation comparatively heavy. This should be the dominating influence for a time, but crop news will very shortly be all important. W'e are not expecting any radical action in prices, although anticipating a dragging tendency. Corn and Oats—Receipts of corn are sufficiently small to keep the cash wheat relatively steady, but the demand instead of improving is slowing down, it is said tha two plants of the principal corn industry are shutting down because f the poor demand for their products. In the far Southwest planting is either completed or well advanced, but farther north, weather conditions arc not exactly what they should lie. it is again claimed that the acreage of oats will lie decreased because of the lateness of the season duo to excessive moisture. There is no improvement whatever in the cash demand for oats. Provisions —Extreme dullness in the provision list is tiring some holders, but the'volume of selling is not large. A better cash trade was reported both domestic aud foreign account. Further improvement In this demand should be reflected in values. CHICAGO GRAIN TABLE. —April 7 WHEAT— Open. High. Low. Close. Mav.... 1.30% 1.31% 1.30*4 1.30% July.... 1.19** 1.19% 1.18% 1.197* Sept.... 1.13 1.13% 1.12% 1.13% CORN— May 58% .58% .58% 38% July 62% .62% .61 % .62 % Sept.... .037* .61 "s .617* .047* OATSMnv 36% .36% .30% .36% July 39% .31*'4 .39% .39% Sept 40% .41 .40' 4 .40% PORK—•Mav 20.50 LARD— , „ May.... 10.95 10.97 10.90 10 90 July.... 11.17 11.20 11.15 11.15 j Sept.... 1110 11.52 11-40 11.00 RIBS— Mav 11.25 11 25 11.20 1 1.20 July BMW 10.65 .10.00 10.05 •Sept 10o> K 'tay.... 1.01*4 1.01% 1.01 1.01% July 93'.j .93% .93% .93% •Nominal. CHICAGO CASH GRAIN. CHICAGO. April 7—Wheat No. 2 red, $1,31: No. 4 hard yellow, 81.20; No. 3 mixed. $1.25%. Corn—No. 2 mixed, 57® 57',4c; No. 2 wiiite, s®-; No. 3 yellow. 50% @57%c: No. 3 mixed, 55%®}55%e; No. 3 white, 5757' *0 ; No. 3 yellow, 55%t0 50%c; No. 4 mixed, 54@54%r: No. 4 white, 547*c; No. 1 yellow. 54@,55%c. Oats >i>. 2 white. 37%®39c : No. 3 white, 35% @'37%c; No. 4 white 34%®30%c. TOLEDO SEED AND CHAIN. TOLEDO April 7,—Cloversecd Cash, 514 50- April. $13.35: October. 811.40. AlHlke Cash, $11.50. Timothy--Cash. $2.95; May. $3; September. $3.30; October, $3.25. Wheat—Cash, $1.39571.11; May. $1.39: July, 81.22%. Corn—Cash. ol%(<J62'i<.. oats— Cash, -J 1 tft, tEc. Rye—Cash, 99c. Barley—Cash, 67c.

PRIMARY MARKET. (By Thomson & McKinnon.) —April 7 —RECEIPTS—YY'heat. Corn. Oats. St. Joseph .. 7,000 29,000 2.0(H) Chicago .... 73,000'1 210,000 158,000 Milwaukee .. 4.000 34,000 27,000 Minneapolis .. 179.000 29,000 26,000 Duluth 31,000 21,000 St. Louis .. 31,00 09,000 58,000 Toledo 1.000 4,(H0 0,000 Detroit 2,000 2,000 Kansas Citv . 101.000 29.000 12.000 Peoria 2,000 45.000 20,000 Omaha 19.000 s>Uko 36.000 Indianapolis . 5,000 38,000 29,000 Totals .... 455.000 560.000 .".75,000 Year ago .1,104,000 504,000 243,050 —SHIPMENTS—- ' Wheat. Corn. Oats. St Joseph .. 24,000 11.(00 2,000 Chicago .... 18,000 115,000 134,000 Milwaukee .. 6.0(H) 00.000 50.000 Minneapolis .. 83,(HM) 20,000 129,(XK) Duluth 44.000 St Louis ... OS.OOO 53,000 66,000 Toledo 4,000 3.000 2,000 Detroit 6,000 Kansas TTty . 181,000 fIo.IHHI IO.tHH) Peoria ....... I.(HH> 16,00 ft 43,000 Omaha 148,000 f'l.'HM) 20,000 Indianapolis 20,000 20,000 Totals 564,003 428.000 382,000 Year ago ... 915,000 347,000 40i,000 —CLKAHA NCES — YY’heat. Corn. Oats. New’ Orleans . 33.000 300,000 Totals 33,000 309,000 Year ago ... 253,600 159,000 INDIANAPOLIS CASH GRAIN. —April 7 Bids for ear lots of grain and hay at the call of the Indianapolis Board of 'Trade were: YVlieat—Steady: No. 2 red, $1.08@1.. Corn —Easier ; No. 3 white, 58%@59%c; No. 4 white. 57%@55%e; No. 3 yellow, sS®sß%c; No. 4 yellow, 67@57%c; No. 3 mixed, 57®57'%c; No. 4 mixed, 56® (hits—Steady: No. 2 white, 09%@41%c; No. 3 white. 36%®35%e. Hay—Steady: No. 1 timothy. $lB 50® 19; No. 2 timothy, [email protected]: No. 1 light clover mixed, $17.50@18; No. 1 clover, $19@20. —lnspection Corn —No. S white, 1 tar; No. 3 yellow, 1 car; No. 5 yellow, 2 cars; total, 4 Oats—-No. 2 white, t car; No. 3 white, 3 cars; No. 4 white, 5 ears; total, 9 cars. HAY MARKET. The following are the Indianapolis prices for hay by the wagon load, delivered: Hay—Loose timothy, sl7@lS; mixed hay, $16@17; baled hay, sl7@lS. Oats —New, per bushel, 42@44c. WAGON WHEAT PRICES. Indianapolis flour mins 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.

SWINE VALUES RULE STRONG Cattle Prices Sustain Losses— Veals Are LoYver. RANGE OP HOG PRICES. Good Good Good Mar. Mixed. Heavy. Light. 30. $10,154(110.40 [email protected] $10.40® 10.60 31. 10.35(g) 10.40 10.15®10.35 10.60® 10.75 April 1. 10.20 @10.30 9.85 @ 10.15 [email protected] 3. 10.25 ® 10.40 [email protected] [email protected] 4. [email protected] [email protected] [email protected] 5. [email protected] [email protected] [email protected] 6. [email protected] [email protected] [email protected] 7. [email protected] 10.25@ 10.50 [email protected] YY'ith receipts close to 8,000 for the day and the demand by shippers and packers good, swine prices were steady to strong in trade on the local live stock market. Mixed, mediums and lights were steady generally, but there were sales of heavy hogs that were much stronger, there being but few of that grade ou sale. There was also an extremely good demand for pigs, which brought the price of the loads and down, with but few saies under the top price. Roughs were in fair demand, selling at $9 and down. The saies for the day ranged within very narrow limits, the bulk ranging at $10,400(10.65. There was decided weakness in cattle prices. Values were barely steady to 15®;25c lower, due principally, it was said by packers and commission men, to the slowness of tlie meat trade. Local packers practically have their coolers full of dressed meat. Receipts for the day ran close to 1,000 and the quality of stuff offered for sale was none to good although there were a few good cattle here and there. Veals were 40e lower generally. Shipping orders were not so plentiful as on the market of the previous day and receipts were large, running close to 1,000. There were close to 200 sheep and lambs on ihe market, and with the quality fair and the demand good prices again ruled steady. HOGS. 100 to 180 lbs average [email protected] Over 300 lbs 10.65 150 to 360 llis [email protected] Best pigs, under 140 lbs 10.0(>@10.73 Top 10.75 Roughs 7.75® 9.00 Stags ' 5.00® 7.00 Bulk of sales [email protected] -CattlePrime corn-fed steers, 1,000 to 1,800 llis 7.25@ 8.25 Good to choice steers, 1,200 to 1,300 lbs 6.50@ 7.00 Good to choice steers, 1,100 to 1,200 lbs C.oo@ 6.50 Good to choice steers, 1,000 to 1.100 lbs 5.30@ 5.73 Common to medium steers, 800 to 1,800 lbs 5.23® 5.73 —Cows and Itelfers— Good to choice heifers 7.50®1 8.00 Medium heifers 0.50® 7.25 Common to medium heifers.. 5 ‘.7@ 0.25 j Good to choice cows ssti@ 0 25 Fair to medium cow3 3.500; 4.50; fanners 3.00@ 4.00 Cutters 2.75@ 3.73 I —Bulls— Fancy butcher bulls 5.50® 600! Good to choice butcher bulls 4.00% £l:s j Bologna Bulls 3.50® 4.23 ' Light bologna bulls 3 00® 31.0 j Light to common bulls 2.70@ 3.50 1 —Calves— Choice veals 11.50® 12.50 Good veals [email protected] Medium veals 9.50® 10.50 Lightweight veals B.oo® 9.00 Common to heavyweight veals 7.00® S.OO ' —Stockers and Feeders— Good to choice steers under 800 lbs 5.75@ 6.75 Medium cows - 2.25® 3.75 Good cows 3 50® 4.50 j Good heifers 5.25® 0.50 Medium to good heifers 4.00@ 5.00 Milkers 455.00®85.00 —Sheep and LambyCull ewes 2.25® 3.00 Good to choice ewes 5.50® 8.00 | Bucks 2 30® 3.50 Clipped lambs [email protected] YVool lambs 12.00® 15.00 Seconds 6.00® 8.00 J Buck lambs 5.50® 6.50 : Culls 3.00® 5.00

Other Livestock

CHICAGO, April 7.—Hogs—Receipts. 22,000; market, active and steady to lt)c higher; Bulk of sales, $10.20® 10.75; top, $1".5": heavies. $10.25® 10.55: mediums, $10.45® 10.75: lights. slo.oo® 10.80; light lights, $10.25® 10.73; packing sows, smooth. $9.30®9.90: packing sows, rough. $9.25® 9.60; pigs, $9.50®, 10.05. Cattle— Receipts, 4.500; market, slow and generally steady; beef steers, choice and prime, $8.75®. 9.40; medium and good, [email protected]; choice and prime. [email protected]; common and medium, $6.00®8.15; butcher cattle, heifers. $5.35®,8.15; cows, $4.50® 7.25; bulls, $4.50®6.25; dinners and cutters, cows and heifers, $5.25®4.30; enn-iu-r steers. $4.23®5.25; veal calves, light and handy weight, $0.50®5.50; feeder steers, $5.40®7.33; stocker steers. $5.25® 7.23; stocker cows and heifers. [email protected]; Sheep and lambs—Receipts. 5,300; market. generally steady; good to choice lambs, sl3® 16.25: cull and common lambs. $10.50® 15.30: yearling wethers, $11.75® 14.50; cues. $7.25® 10.50; cull and common ewes, $3.30® 7; feeder lambs, $11.75® 13.73. CLEVELAND, April 7 Hogs—Receipts, 4,500; market steady generally; yorkers, mixed, mediums and pigs, $11.25; roughs. $5.73; stags, $5.75. Cat-tle-Receipts. 250; market steady generally, none too active. Sheep and lambs —Receipts, 1,000; market steady; top, sl4. Calves—Receipts, 400; market steady; top, $11.50. CINCINNATI, April 7.—Hogs—Receipts, 6,S(JO; market, steady to 15c lower; heavies, mixed, mediums and lights, $10.85; pigs, $10.25; roughs, $8.50; stags, $3.50. Cattle —Receipts, 550; market, steady; bulls, steady; calves, sll. Bheep and lambs—Receipts, 350; market, steady ewes, s7(i/7.50; clipped ewes, [email protected]; wool lambs, sl6; clipped lambs, sl4; springers, $lB. EAST BUFFALO. April 7.-Hogs—Re-ceipts, 7,200; market, slow; yorkers, $11.25: pigs, $11.25; sll® 11.35: heavies, $10.50® 10.75: rough's, s9® 9.75; stags, $5®;5.50. Cattle —Receipts, 250; market, active and about steady; shipping steers, $8.25®.8.<0; butcher grades. $7.25® 8.50; heifers, $5.25® 5.75: cows, $2.23@6; bulls, [email protected]: milk cows aid springers, $25 @lls. Calves —Receipts, 2,600; market, active: cull to choice, $4.50® 12. Sheep and lambs—Receipts, 8,0001 market, active: choice lambs, [email protected]; cull to fair lambs, [email protected]; yearlings, sS®ls; sheep, s3@l2. EAST ST. LOUIS, April 7.—Hogs—Receipts, 8,500 ‘.market, steady; mixed and butchers, $10.53® 10.05; good heavies, $10.25(1/10.70; roughs. $5.75@9; lights, $10.55® 10.65; pigs. s9® 10.40: bulk of sales slo.sofi/10.00. Cattle—Receipts, 130; market, steady; native beef steers, $8.25@9; yearling steers and heifers ss.so®9; cows, $1®0.50: Stockers and feeders. [email protected]; calves, $3.75®9; canners and cutters, $2.50 @3.50. Sheep and lambs—Receipts, none; market, nominal. PITTSBURGH, April 7—Hogs—Receipts, 1,030; market, 10 cents higher; prime heavies, $10.75® 11; mediums, $11.40 @11.90; heavy yorkers, $11.40® 11.50; pigs, roughs, $8.25®,8.75; stags, $5®5.23. Cattle —Receipts, light; market, steady. Calves—Receipts, light; market, strong; veal calves, $11.30; heavy and thin calves, $0.50(38.50. Sheep and lambs —Receipts. 850; market. 25 cents higher; prime wethers, [email protected]; good mixed, $S(i/8.50; fair mixed, $7.25® 7.50; culls and commons, $2.25@:4.50; choice lambs, $14.25. WHOLESALE BEEF PRICES. The following are today's wholesale prices for beef cuts as sold on the Indianapolis markets of Swift & Company: I{iV>s —No. 2,20 c; 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; Plates—No. 2,7 c; No. 3,6 e. CLEVELAND PRODUCE. CLEVELAND, April 7—Butter—Extra, in tubs, 40*/(@4lc; prints, 41%@42c; extra firsts, 39%@40c; packing stock, 17@ 19c. Eggs—Fresh gathered, northern extras, 28e; extra firsts, 27c; YVestern firsts, new cases, 24c. Poultry—Live, heavy fowls, 27®}28c; spring culls, 24@ 26c; ducks, 32@34c. IMPECUNIOUS KAISER. BERLIN, April 7.—YY'ritiug to nft old friend in I’otsdam, the ex-Kaiser denied j reports of his coming marriage, declaring that he hardly has money enough I to support himself. j

In the Cotton Market

NEYV YORK, April 7.—The cotton market was active at the start today. First prices were 3 to 12 points net higher. There was selling by New Orleans and buying by Japanese and local Interests. The list was steady after the opening although liquidation continued in May. New York opening cotton prices. May, 17.90 c; July, 17.30 c; October. 17.14 c; lie eember, 17.07 c; January, 16.98 c; March. IG.SSe. —Cotton Futures— Open High Ijow Close January 16.98 17.03 16.93 16.97 March 16.88 16.94 16.88 16.85 May 17.88 ,47.94 17.70 17.78 July 17.36 '17.3(5 17.24 17.2S October 17.14 17.18 17.01 17.09 December 17.07 17.14 17.01 17.06 Cotton Review— NEW YORK, April 7.—Tbe cotton market wa sagain a very narrow affair today with trading very limited during the greater part of the session. There was nothing unusual in the news. There was a disposition on the part of professionals to sell the market on the outlook for better weather in the belt, but so far the selling does not make much of an impression. However, it will be only natural to expect easier markets, especially after we have had a continuation for a week or two of favorable weather. Statistics will make, a bearish showing today because of the small spinners’ takings tiie estimate for the week being considerably under last week as well as last year. This is probably due to labor difficulties at the cotton mill. Since the weather is the dominating factor at the moment, we see nothing at this time to attract public attention, but in the event of a reasonable recession, we would again recommend the purchase of the new crop months. LIVERPOOL, April 7.—Spot cotton was moderate demand today. Prices were irregular and close to 8,000 bales. American middlings fair. ll.90d; good middlings. 10.90d; fully middlings, lO.OOd; middlings. 10.43d; low, b.74d; good ordinary, S.DOd; ordinary, 8.40 U. Futures were quiet. WINTER WHEAT MAKING GAINS Condition Far Below Figures for Same Date in 1921. WASHINGTON, April 7—The average condition of winter wheat in the United States on April 1 was 75.4 per cent of normal, against 97 per cent on April 1, 1921, the crop reporting board of the Department of Agriculture announced today. There was an increase in condition from Dec. jf, 1921, to April 1, 1922, of 2.4 points as compared with an average decline in the past ten years of 4.7 points between these dates. Upon the assumption of average abandonment of acreage ami average influences on the crop to harvest, the condition on April 1 forecast a production ol about 575,974.000 bushels, as compared with 557.032.009 bushels in 1921. The average condition of rye on April 1 was 89 per cent of a normal, against 90.3 on April 1, 1921. The condition of rye on April 1 forecasts a production of approximately 69,667,000 bushels, as compared with a production of 07,915,000 bushels in 1921.

Oil Leasing Active in the Philippines Special to Indiana Daily Times and Philadelphia Public Ledger. MANILA. April 7. —Under the petroleum leasing act of 1921. pertaining to both United States public lands in the Philippine* and private lands, the taking out of leases on large tracts where oii indications are favorable is progressing actively. The Standard Oil Company of California and the Benednm independent group have obtained leases, some on Luzon and some on Leyto and in Mindanao. It is assumed the Borneo oil belt extends under the Philippines. The question is whether or not deposits have been dissipated through faults in the formation. Seepages show* tbe highest quality of parafin-base crude oil; oil has been dipped up and used to run interna! combustion engines without any refining. The Philippine Supreme Court has ruled that the law must respect mining claims previously tiled on which assessments have been kept up. This paragraph in the law, which would have nullified all mining claims except where patent had already issued, has been declared unconstitutional, as it violates that clause in the Jones (Philippine organic law of 1916) act declaring a man can not be deprived of his property in the Philippines without due process of law. The court considers a claim a vested property right. This, however, it is asserted, does not affect the Standard Oil leases, as mining claim assessments are said not to have been kept up on their leases. The company sank one well 1.500 feet and abandoned it because of caving. It is on Bondoc Peninsula, in Tayabas. on Luzon. Another well is <bclng bored to go much deeper. McDaniels, who has mining claims In Tavabas, has sunk five wells and alleges In his brief to the Supreme Court, where he won the case referred to here, that he has discovered oil. The leas law stoppd prospecting in a small way, but opened the Held to corporations amply financed. Leaseholders are awaiting the outcome of the Standard Oil's tests in the Tavabas field—Copyright, 1922, by Public Ledger Company. GERMAN SHELLS STILL KILL. OSTEND, April 7.—During the last two months ten men engaged in clearing the battlefield at Lombartzyde have been killed by exploding German shells. CLUSTER OF 634 SNAKES. Cluster of snakes recently found in Dorsetshire, England, contained 634 of these reptiles. SOOT DESTROYS INSECTS. Foliage in London or any place where there is much soot is 'usually fairly free from insect pests. ItFT Y IN ONE GRAVE. MOSCOW, April 7—Fifty victims of starvation were buried in a single grave at Y'elatina.

First Mortgage Real Estate Bonds Sinking Fund Provisions, Serial Maturities, Property in Operation, Ground Owned in Fee Simple. Price to Yield 7-^2% Real Estate Tax Exempt Preferred Stock Serial Maturities, Ground Owned in Fee Simple. Price to Yield o^2 ®fo Indiana Tax Exempt Municipal and Road Bonds Serial Maturities, Various Denominations. Breed, Elliott and Harrison 109 North Pennsylvania Street Floor INDIANAFOLIS Cincinnati Chicago Detroit

i BUY r^rsd SELL

Unlisted Stocks See Local Curb Market. 415 Lemcke Bldg.

APRIL 1, 1922.

TRIALS OF 500 MINERS START ON APRIL 24 If All Face Court Hearings Would Last 110 Years. ■ AT COST OF $7,000,000 CHARLESTOWN, YV. Va., April 7.—ls. every one of the 500’ or more men indicted as a result of the miners’ socalled “rebellion” last August were brought to trial it would cost the State of West Virginia $7,000,000, and the trial would last 110 years, according to H. YV. Houston, chief counsel for the United Mine YVorkers. Trial of these many men is scheduled to begin at Charles Town, Jefferson County, April 24. “Obviously the State will never attempt to try ail of these cases,” Houston said. “Hundreds of the 500 or more indictments will be nolle pressed. In my opinion, not more than six United Mine YY'orkers officials will be tried as a result of the socall insurrection.” Theoretically, if the State intends to try all the cases, it -will be the 'biggest legal action in American history. Bat the task of trying so many men is impossible, according to Isaac Scott, acting secretary of District 17, United Mine YVorkers. Scott declares it is the intention of the defense to subpoena 10,000 witnesses who are widely scattered, and it would be impossible to assemble them all cm the same day. Quite a number of the men under indictment face charges of treason against the State. Conviction may he followed by long prison sentences, life imprisonment, or even the death penalty, if the court secs fit to impose it. During the fighting at the height of the invasion a number of meu. lost their lives. Attorney Houston, for the United Mine Workers, declares that in where United Mine Workers members o| officials are accused of treason, conspiracy and complicity in the deaths, the defense will show the union had nothing to do with the alleged rebellion. “There were many involved who had nothing to do with the union,” Houston laid. The State charges the men who are believed to be responsible for deaths during the fighting with murder. Attorney Houston announces that in all cases a plea of not guilty be entered. Frank P. Walsh, international labor leader, is expected to be an attorney for the and sense. Several of the leading attorneys of the State have been engaged to act as counsel for the defense. Among the most important defendants are: C. Frank Keeney, president of District 17, United Mine YVorkers, and other district officials as follows: YY'illiam Pettry, vice president; Fred Mooney, secretary, as well as William Blizzard, president of Sub-District No. 4.

Portland Shipping Reported Gaining i Special to Indiana Daily Times and Philadelphia Public Ledger. 1 PORTLAND, Ore., April 7.—Pc.rtlanl is beginning to realize on its investment i in modern facilities for loading and dis- | charging cargo at the municipal termiI nals, on which several million dollars ! were spent. Business of the port is in- : creasing rapidly. Y'olume of wheat and ; flour now exceeds the exports of all Puget I Sound ports combined, largely because | of a decision of the Interstate Commerce Commission, effective July 1, 1921, giving wheat shipments from the producing interior a differential of forty cents fl tone under the rate application to Sound ports. According to file Commission of Public Docks, the y/iinage of vessels entering the Columbia River at Portland from foreign ports and of foreign vessels entered coastwise into the port in 1921 was 1,931.930, with 331 vessels. In 1920, 82 vessels of 451.260 tons entered. Overseas clearances from Portland last year were 343 vessels of 1,994.635 tons, compared with 1920 clearances of 193 vessels 942.701 tons. In inter-coastal service 13S vessels with tonnage of 915,667 a In inter-coastal service 13S vessels with a tonnage of 915.667 entered, while in 1920, 19 vessels of 105.552 tons entered. Tramp steamships taking out full cargoes, mostly of lumber, grain and flour, carried commodities of the Pacific northwest amounting to 1.636,702 tons in 1921 and 863.462 tons in 1920. In the domestic trade the outbound tonnage was $334,810 tons in 1921 and 165.575 tons in 1920. Copyright 1922, by Public Ledger Company. New Lincoln Motors Capital 815,000,000 Special to Indiana Daily Times and Philadelphia Public Ledger. DETROIT, April 7.—lncorporation papers for the Lincoln Motor Company, with a capitalization of $13,000,000, have been filed in Lansing. The officers of tho new company are Henry L. Leland, president; YY'ilfred C. Leland, vice president: Edsel B. Ford, second vice president: YVilliam T. Nash, secretary-treasurer: B. B. Craig, assistant secretary and assistant treasurer. The Ford interests are represented by Edsel B. Ford ami B. B. Craig. William T. Nash, secretary and treasurer, held the same official capacity in the former Lincoln Motor Company since its inception. Directors of the corporations are M. Leland, Edsel B. Ford and Henrjlß Ford. The new corporation is Identical Is name with the old companv. and its officers are identical save for the addition of Edsel B. Ford and Mr. Craig. The personnel of the board of directors reflects both the Ford and Leland interests. “The business of the Lincoln Motor Company is at flood tide." said Wilfred C. Leland. “The steadily increasing schedule of production determined early in February, has been fully maintained and the increase planned for April will be realized.” —Copyright, 1922, by Public Ledger Company.

NEWTON TODD