Indianapolis Times, Volume 34, Number 285, Indianapolis, Marion County, 10 April 1922 — Page 10

10

BULL MARKET GETTING UNDER WAY, IT SEEMS Rising Prices Plus Enthusiasm Make for New Situation. HISTORY IS INTERESTING By MONITOR. Special to Indiana Daily Times and Philadelphia Public Ledger. NEW YORK. April 10.— Developments this week evidently have convinced the most skeptical tLat a bull market is getting into swteg. Heretofore -we have had a rising market, one, in fact, since last September. There is a difference, however, between a market that merely advance as a result of gradual hardening of prices and a bull market with its accompaniments of buoyancy and intensive activity. A bull market is a rising market plus enthusiasm, and this latter quality appears to be in process of generation to an unusual degree. In view of the fact that the week furnished three days with transactions running over a million and a half shares, it is interesting from the standpoint of tinancial history to Jook back over the last few mouths and see how irresistibly the elements of widespread speculation have been gathering. At Srst came the investment demand for purely investment issues, largely institutional in origin. This began to overflow into preferred stocks and standard issues, as individual investors scented the trend of coming events. MONEY SITUATION' SALE INCENTIVE. Thus far the favorable money situation and the technical position of the market have been practically the sole incentives. These did not apreal strongly to the rank and tile of the outside operators. The sustained advance, however, is beginning to prove convincing. In addition to this the irregular but constant gains in the general business situation are adding their quota to the market stimuli. The banking situation has improve*!, to a surprising extent, in the agricultural districts, as reflected in the rising ratio of the banks at Dallas. Richmond, Atlanta, Minneapolis and Kansas City. Operations at steel plants show constant weekly gains. A great building program is under way. This week the orders for railroad equipment have assumed large proportions. The railroads themselves are working into a better position. Their economies have already exercised an effect on net returns, with a moderate volume of traffic. With car loadings increasing, there should be a marked improvement in gross, which will give the carriers an opportunity to profit by the economies instituted in the last two years. MATTERED GAINS IN ALL INDUSTRIES. Scattered gains are reported throughout ai! branch's of industry. Automobile manufacturers are busy, but the truck department is even mere so. Some ©t the plants manufacturing trucks which were operating on a 40 per cent basis, six months ago. are now working overtime. Copper mining has been resumed, and the statistical position of the red metal is ; ufficiently strong to keep prices firm, in the face of an impending increase in output. All this means increased employment and a gain in the general buying power. The trade situation is healthy aside from the prevalence of high prices in many lines. Retailers are notably understocked as a result of their hand-to-mouth policy. -Their purchases for replenishment will serve still further to quicken the pulse of business activity. The effect of this improvement is likely to become a cumulative market influence. .•Some of the conservatives feel that the utmost caution should he observed, owing to the fact that profits for a considerable period must be small. This probably is true, but it would be well not to overlook the factor of statistical improvement which will be reflected in alance sheets in forthcoming reports. The assets position will show up most avorably, because the annual reports of this year have been characterized by a writing down of inventories that left .•(thing to the imagination and losses ave been mercilessly charged off. With she rise in prices, although on’y moderate. in the coming year many a deficit will be converted into a surplus. This is a state of affairs which demonstrates the solid frankness and courage that characterizes the well managed American industrial ce.ncerns. So long as our great enterprises are in such competent hands there can be no basis for abiding pessimism.—Copyright, 1022, by Public Ledger Company.

WALL STREET GOSSIP By MONITOR. NEW YORK. April 10.—Buying in Southern Faeific, thought to be for intersts in close touch with the management ■f the mad, is based on the much more '..vorable outlook for recognition of the 'lexi'-an government. The holdings of Southern Pacific in Mexico, totaling about '40.b00.0f0. include valuable lands along he right of way. with potential possibilities in oils and minerals with known tim•er values. With Southern Pacific in•lined to sell out of line with other rails, r he market here is being well supported. The Ajax Rubber report was a reflection of much the same general condition ts that of the Keystone, this company ■barging 51.620.295 against manufacturing costs with fabric and rubber costs prevailing during the period and to rebates necessary by lower prices in effect during th" year, the loss comparing with but C233.3GS for 1020. Satisfactory settlement of pending legislation in which the Texas Pacific is engaged is the basis for recurring optimism on the former issue. Reports hre have it the matter is being arranged privately. Austin Nichols, thought well of by at Past one large Wall street house, shows a 1021 report in line with known conditions in the grocery trades during the past year. Earnings for the period were at the rate of but 4S rents on the preferred. whereas in 1020 the company earned at the rate of 4 cenis on the common. As an offset to the dismal 1021 reports • f rubber companies, issued Saturday, statements of the progress of the KellySpringfield company were decidedly cheerful and more descriptive of current conditions in the tire industry. This company is turning out some 5.000 tires per day and the present inventory is in a favorable position when current prices ere taken into consideration. If is reported that the company is earning its preferred dividend easily at present, and that by mid-summer it should begin to make a showing t/i the common. With the copper stocks, as a group, following the general trend of the market, traders delving into figures cxplanatorv ••t the present position of the copper industry find little to disturb them. Production for .limitary was 32.000.000 pounds with the ra t increasing steadilv. until the March total output of t10.f100.000 pounds, the total for the first quarter hoi'ig 130.00 i.OOtl pounds. Imports during the period showed the same ratio of advance The total for the quarter being t. 7.300.000 pounds. With this new supply against 351.000.000 pounds of copper sold, it was necessary to draw 134.000.C00 pounds from surplus. Stocks on hand .lan. 1 were 793.000.000 pounds, and the llrsr quarter drain reduced this to 641,oOO.OnO pounds. Os this amount approximate]/ 455,500,Q00 pa untla a rtiiaedi aad

15ti.000.000 pounds still in blister. High record figures for the industry, useful only as a basis for extreme comparison, show 1 G 0.000.000 pounds per month production made in 1910. record imports of 45.000.1 KW pounds per mouth in 1917, record exports of 94.000,000 pounds in 1917, and record domestic consumption 138,000,000 pounds in 1916. An aftermath of the strong upward movement in the motors on the exchange is reflected in growing activity in Durant on the curb here, with much of the buying attributed to houses which usually act for the Durat interests. It is regarded as probable that details of a Replogle-Empire Steel merger will be announced early next week, probeblv Monday. The general opinion is that such a deal has been or is very near to completion. This is bringing to light renewal of merger talk in other com panics. with emphasis placed on Midvale's natural position as the keystone of mergers of other independents. The strong ,-ash position of this company, which, on Dee. 31, showed total net assets applicable to capital stock of X 155.134.217. which is at the rate of $79.07 per share on the ouststanding stock, js an important item. For ibis reason Midvale selling around 34% is being watched closely for any signs of real buying from Tittc-burgh. The Kevatone Tire and Rubber report showing a net loss of $678,039, as against a loss of but $317,703. was accepted here as just one more evidence of the general adverse business conditions in 1921. and it is bclyleved that this company, as well as other rubber companies, is well past the peak of its troubles, and that the report, as a whole, has been discounted by the general marking down of the stock during the past year. The current movement In the ruber market is extremely interesting to followers of the rubber stocks, especially those with fair-sized inventories. The New York rubber market is very strong, and so far this week has advanced 2 cents per pound, with business on the broalest scale for any time this year. The Market Street Railways appears to be excetionaliy well placed at the present time as a result of the last offer made by the city of San Francisco to the Vnited Railways Investment Company, controllers of the property. The city commission, after instructing its own engineers to appraise the property anti receiving an estimate of $40,000,000. shaved the engineers’ estimate to $35,COO.OO > and have made this offer to the controlling company, this being considered under replacement costs and decidedly advantageous to the company. Dismissing the possibility of the city raising its offer, the situation as it stands under present conditions mentis that a price of $35.0-O.OeO to tlie company would retire $14,900,000 in bonds new selling at 63, would retire the $lO,0 0,000 first preferred at par. these now selling at 4S; and would retire the $3,. 900,00*1 second preferred at par. these now selling at 4*; but leave nothing for the common stock, which is holding at 9 on the market here. With the proceeds from the sale of their Market Street Railway securities, some slo.*<v ,000 to $12.0t*0,000. the United Railways Investment Company would be in a position to retire most of its outstanding $14,000,000 bond issue, and have its holdings of the Philadelphia company comprising 60 per cent of the entire capitalization of that company free as this issue is now pledged as security for the $14,000,090 United Railway bond issues. It is believed here that this would he followed by a reorganization which would give common and preferred stockholders "f the United Railway a new class of stock which would then be able to show a huge earning power.

Local Stock Exchange

STOCKS. —April 10Bid. Ask lud. Ry. & Light com > Ind. Ity. & Light pfd 75 ludpls. St Ry 44 49 Indpls. & N. W. ptil 90 Indpls. & S. E. pfd 60 T. 11., T. a: L. pfd 70 T. H.. 1. & E. com 5 T. H., I. & E. pfd 13 U. T. of Ind. com U. T. of Ind. Ist pfd 31? 7 U. T. of Ind. fid pfd 2 Advance-Kumely Cos. pfd Advance-Uumely com 13 Am. Central Life 195 ... Am. Creoeoting pfd 94 Belt R. R. com 67% ... •Belt R. R. pfd 50 Century Bldg. Cos. pfd 93% ... Citizens Gas Cos 18% ... City Service com City Service Cos. pfd ... Dodge Mfg. Cos. pfd Home Brewing 45 ... Ind. Hotel Cos. com 85 Ind. Hotel Cos. pfd 98 ... lud. Nat. Life Ins. Cos 2 .... Ind. Title Guarantee 71 Ind. I‘ipe Line Indpls. Abattoir pfd 46 ... Indpls. Gas 44% ... Indpls. Tel. pfd 90 Indpls. Tel. com 2 Mer. Pub. Util, pfd 4S Nat. Motor Car Cos 1 3 Pub. Sav. Ins. Cos 5 ... Rauh I'er. pfd 47 Stand. of Ind 87 ... Sterling Fire Jus. Cos 7% ••• Van Camp Ildw. pfd 90 Van Camp Prod. Ist pfd 99 Van Camp Prod, fid pfd Vandalia Coal Cos. com 1 ... Vandaiia Coal Cos. pfd 0% ... Wabash Ry. pfd 30 ... Wabash Ry. com 8% ... BONDS. Broad Ainple 3s 61 06 Citizens St. Ry. 3s 75% ... Indian Creek ( o.’. A Mine 6s ... 100 lud. Coke A Gas 6s ... 86 Indpls. C. A S. 5s 91% ... Indpls. A North. 5s 38 43% Indpls. A Martinsville 55.... 58% 62 ludrls. A N. W. 5s 48 51 Indpls. A S. E. 5s 45 Indpls., Shelbyv. A S. E. 5s 70 Indpls. St. Ry. 4s 61 T. H.. I. A E. 5s 50 Indpls. Water 3s 93% 98% Indpls. Gas 5s 86 Kokomo. M. A W. bs 84% ... Ind. Hotel Cos. 6s 96 indpls. Water 5s 93% 98% Indpls. Water 4%s si Indpls. T. A T 76 80 Indpls.. L. A 11. 3s 86% ... I*. T. of Ind. 6s 47 Mer. H. A L. 5s 96 New Tel. L. D. 5s 96 New Tel. Ist: 6s 63 96% Sou. Tel. JPower Ct* 86% 91% •Ex-dividend. LIBERTY BONDS. Bid. Ask. Liberty, first 3%s 99.12 99.32 Liberty, first 4%s 99.26 '.19.50 Liberty, second 4% s 99.10 99.30 Liberty, third 4%s 99.40 99.00 Liberty, fourth 4%s 99.30 99.50 Victory, 4%s 100.7S 100.90 —Sales—s3,ooo Liberty, fourth 4'is, at 99.30 Local Cu.‘h Market (By Newton Todd.) —April 10— Bid Ask Am. Hominy Cos 10 16 Central and Coast OH % ... Choate Oil Corp. ’. % % Citizens Gas Cos. pfd 90 96 Coinuonweilth Fin. com 26 36 Commonwealth Fin. pfd.... 36 46 Columbian Fire Ins. Cos 6 7% Comet Auto % 2 Dayton Rubber Units 44 54 Dictograph Prod, pfd 26 36 D. W. Griffith 3% 7% Elgin Motor Car 2 3% Fed. Fin. Cos. pfd 77 87 Fed. Fin. Cos. com 124 132 Grant Motors com % 1% Gt. Sou. Prod. & Kef 5% 7 Metro, 5-10 c Stores com 3 7 Metro. 5-10 e Stores pfd 19 27 Nat. Underwriting 2% 5 Revere Motors % % Rauch A Lang Units 29 32 Rub. Tex. Units 10% 15% U. S. Auto Unites 37 47 U. S. Mtg. Cos. Units 13S 152 BANK STOCKS. Commercial Nat. Bank 74 83 font. Nat. Bank 103 116 Ind. Trust Cos 173 Ind. Nat. Bank 253 2C3 Mer. Nat. Bank 282 Security Trust Cos 130 State Sav. A Trust 93 99 Union Trust Cos 300 Wash. Bank A Trust Cos. .. 150 ... UNFILLED STEEL ORDERS. NEW YORK. April 10.—The United States Steel Corporation, in its monthly statement, issued today, reported unfilled orders on its books as of March 31 last, of 4.494,14$ tons. • This compares with 4,141 069 tona February 2S, an increase of 553,079 tens,

N. Y. Stock Exchange

(By Thomson & McKinnon.) —April 10— Prev. High. Low. Close, close. Ail-Rumely com 17 16% 16% .... Allied Chem 67% 07% 67% 67% Ajax Rubber... 16% 16% 16% 16% Allis-Chalmers.. 49% 48% 45% 487s Am. B. Sugar... 41% 41 41 Am. B. Magneto 43% 47% 48'% 47% Am. C. A Fy Am. Ice 108% 107% 107'% 108 Am.II. A L.pfd.. 09% 09% 69% Am. Inter. Corp. 46% 45% 46% 43% Am. Lomotive ...113 111% 111%112 Am. S. Fdv.... 39 38% 38% 38% Am. S. A Ref.... 57% 57% 57% 57% Am. Sug. lief... 72% 72 72 72% Am. S. Toll. Cm. 32% 32% 32% 33% Am. Tel. A Tel.. 121 1 1 120% 120% 121% Am. Tobacco ..138% 138% 138% 139% Am. Woolen . 89% 88% .89 88% Anaconda 52 1 . 51% 52% 52 Atchison 99% 98% 98% 98% Atl. Coast Line 98 97% 97% 97% AM. Gulf &W.I. 34 3314 •'!% 26% Austin Nichols. 25% 25 25% 26% Bald. Loco 117% 114% 11614 114% R. and 0 47', 45% 46% 44% Beth. Steel (Bl . 80% 78% 80% 78% Brook, lip. Tras. 24 22 % 23% 24 Cal. Pete 54% 54 54 54% Can. I’ac. Ry. .142 141 141% 140% Cent. Leather . 39% ;>S% 38% 37% Chand. Motor . 77% 76% 77% 76% C. and 0 66 65% 05% 657s C. M. AS. P. c... 25 24% 24% 23 C. M. AS. I'. p. 41% 41 41% 41 Chi. and North. 74% 73% 74 74% C. It. I. AN. . 45% 44 45'% 44% CItI A P 67c P. $1 81 81 CItIAP 7% p. 94% 94% 94% Chili Copper .. 18 17% 177s 17% Comp. A Tab. .71 70% 71 09% Chino Copper ..28% 27% 28 27% Columbia Gas . 84% 82% 82% 83% Cora Cola 49 4.8% 49 48'% Col. Fuel A Iron 33 32 32% 32% Con. Gas 109% 109% "M>% 109% font. Can 64% 61% '1 61% Corn Prod 103% 103% ../3% 103% Crucible "Steel . 65% 63 64% 63% Cub. Am. Sugar 22% 22% 22% 22% Cub. Cane Sugar 15% 15% 15% 15% Del. A Hudson .122 121% 121% 122% Del. A Lack. .11*; 114% 114% 115% Dome Mines ... 25% 25 25 25% Erie 13% 13% 13 13% Erie Ist pfd. ... 22% 22 22% 22% Kndieott and J. 84% 84% .84% M% Famous Players 84% .83% 83% S3 Fisk Rub. Cos. . 17 10% 16% 17 Gen. Asphalt .. 455', <44% 64% 05% Gen. Cigars .. 72% 72% 72% .... Gen. Electric ...1617s 160 161% 161 • •cn. Motors .. 15 12% 12% 12% Goodrich 4" 59% 39% 35% Gt. North, pfd.. 75 71% 74% 74 Gt. N. Ore .... 42% 40% 42% 40% Gulf States S. . N5% >l% 83% 80% Hupp 17% 17% 17% 17%. Houston <>il ... 79% 7n% 7'% SI Illinois Central.lo7 105% I**7 106% Indiahoma .... 3%. 3% 5'% .... In. Copper 40% 4<> 4040% Inter. Harvester 9595% 95% .... Inter. Nickel .. 17% *O% 16% 17% Inter. Paper ... ls% 47 47 47% Invincible Oil .19 18% 18% 18% Kansas Citv S.. 28% 27% 28 27% Kelly S. Tiro.. 47% 461- 47% 46% Kenn. Copper . 39% 30 59% 29% Lack. Steel ... 55 53 55 ‘ 51% Lee Tire A R. 33 32% 52% luma Loco. ...113 110% 111% HI Lehigh Valley... 05% 64'., 65 64% L. A N 116'-* 116' - 116%. 116' . I-i.ews In*- 15% 15% 15% 15% Martin-Parry ... 28% % 28% 28 Marine coin 19% 18 18%, 18 Marine pfd 79% 76 79% 16% May Stores 117% 116% 117 Mex. Pete 133% !::!%. 131%. 1:12% Miami Conper... 29% 29 29% 28% Mid. S. Oil 14 13% 14 15% Midvale Steel. 36%, 35% 56 55%. Mo. Pa -. It v.... 25 ' 24%. 25 24 Mo. Pa*. K>.pfd. 59%. 57% 58% 57% Mont. A Ward. 20% 20 20 19% Nat. Lead 92% 90% 91 % .... Nev. <’"*,. Cop.. 15% ..15% 15% 13% N.Y. Airbrake.. 72 70% 70% 71 N. V. Central... 88% 88% 88% 88% New Haven.... 21% 20% 20% 21 N**rf. A West..BMP, 105 105% 100% North, rneitie. 77% 77 77%' 77 Okl. Pro. A Ref. 2% 2% 2% 2% Owen Bot. com.. 34% 34% 34% 34V, Pacific Oil 53% 55% 53% 51% Pan.-Am. Pete.. 63%. 62%. 62% 62% Penna. Ry 43 ' 42% 4:; * 4;:% People's Gas 84% 83 .8 4 8.1% I’* r*. Marquette. 30% 29% s<t 21U g Pierce-Arrow . 29% 19% 20% 19% Pierce Oil 9%. 9% 9% 9% Pulmn. Pal Car. 124% 122% 124 123% Pure Oil 53% 32% 33 32 Ry. Stl. Spgs.. 99% 99% 99% 99% Rending SO-% 79% 79% 79% Rep. Irn. A Stl . 56% 55% 56% 55%. Replug! Steel... 35% 34 34 .35 Kyi. P©h N. V. 62% 61 62% 60% Sears-Roebuck.. 76% 75% 75% 76% Sinclair 26 25 % 25% 25% Superior Steel. 38% .58 3.8 38% Sloss-Sh. S. AI. 46*% 45% 46% 45%. So. Pa© 99' . 89% 90% 89% So. Kv 24% 24 21% 24 St. L. AS. !'. Itr. 0% 39% 30%. 30% Stan. Oil of Cal. 96 96 96 95 St. OH of N. .1 . .174% 171% 174% 173 S. L. AS.F.cm 51 3,1% 30 1 ■„ 50% Stewart-Warner. 40 59% 39% 39% Strom berg Carl*. 50 50%.. 53 50% St mlebaker ...118%, 115'. 118% 116% Tex. Gas A Sul. 41 40% 46% 41% Tex. Coal A Oil. 28% 27% 28 27% Texas Cos 14% 14% 44% 4%. Tex. A Pa.. 55% 34% 34% 55% Tob. Products.. 64 63 % 63%s 6.4 Transient. Oil.. 9% 9% 9% 9% Union oil 19 18% 18%., I>% Union Pa© 137% 137 137% 157 Unite,l Drug ... 71 71 71 70% United Fruit ...144%'. 144'.'. 114% 116 u. S. Retail Strs 48% 47% 47% 48% U. S. Ct. Ir. Pipe 38 37 37 36% U. S. lml. Al. . 47% 47 47 47 IT. S Rubber .. 64 63% 61 .... I' S. Steel 99% 97% 98% 97% U. S. Steel pf. .117% 117% 1173,' 117% Utah Copper . 65% 65'/, 65% 65% Vanadium Cop. 41% 41% 41% 44 Wabash 9% 9% 9% 9% Wabash Ist pfd. 31% 31 31% 31% Worth. Pump . 64% 53 53% 53 West. Union ... 99% 9.8% 9.8% .... West. Airbrake 99 99 99 .... West. Fleetrie . 64 61% 63% 62% White Motors .. 44% 42% 42% 43 * Willvs-Oeverland.. s ,8% ,8% ,8% White Oil 9% 91% 93, 9% Wis. Central .. 30% 30 30% Woolworth ..162 161% 101% 131%

NEW YORK LIBERTY BONDS. —April 10— Frev. High Row. Close, close. Liberty Ist 3’bs.. 99.:'2 99.22 99.24 99.26 Libert Ist 4s 99.20 Liberty 2d 4s 99.18 99.10 Liberty Ist 4'4s. 99.30 99.40 99.40 99.40 Liberty 2d 4'iS. !<9.34 99.22 99.30 99.20 Liberty 2.1 4> is. 99.34 99.30 99.32 99.30 Liberty 4th 4V,s. 99.34 '.19.40 99.20 99.4(1 Victory 3%s 100.02 100.02 Victory Lbs 100.90 100. SS 100.90 100.00 CHICAGO STOCKS. (By Thomson & McKinnon) —April 10— Open. High. Low. Close. Arm. A- Cos. pf.l 90% Arm. Leather 12% Arm. Lentil, pfd. S3 C. .V C. H. pf. 7 Cudahy 61114 66)4 60 66 Com. Edison 131 132 131 132 Contin. Motors.. S S 7% 7% Earl Motors 3-;i 4 3' s 2$ Libby McNeill.. 3 3V; 2% 2'a Mont. Ward 20 2031, 20 20% Nat!. Leather... 2Vi 2% 2'4 2Vi Natl. Loath., uw 10 10% 10 10 Pick & Cos 27U 2S 2744 27Vj I'iggly Wig. “A” 393 j 40 39'/A 40 Quaker flats.... 93 Reo Motor 24 24% 24 24% Stewart Warn.. 49 49 39% 39% Swift L C0..:...103 103 102)2 103 Swift Tntl 17% 20 17 19A Thump. (.1. R.). 46 IS 46 47 Temtor Corn A. 2% .... I'niun C. & C... 3Si4 SS-'s 37)2 37U. Wahl 67% 68 (17 67 ' Wrigley 103 103 103 103 Yellow Taxi 79Vi 79Vi TSVi TSVi NEW YORK METAL MARKET. NEW YORK, April 10.—CopperSteady; spot, April and May offered. 13%c. Lead Firm; spot, April, May and June, 4.93 c bid. Spelter—Firm ; spot anil April, 4.83(1/4.90c; May, 4.57)i (i/,4.92 I ,Ac; June, 4.90®,4.93c. NEW YORK HIDES. NEW YORK. April 10.—Hides were active and steady in trade on the market today, native steer hides being quoted at 12'9(i/!i;ic anil branded steer hides at ll’ic per pound. NEW YORK PET ROLE IM. NEW YORK. Kpril 10. Petroleum prices were ngniuEnteadv on the market today, Pennsyl crude selling at |3.23 per barrel. NE W YOIi K Jjg|gjjj|§fo|i|pol p rices

INDIANA DAILY TIMES.

STOCK MARKET CLOSE IRREGULAR Railroads Are Heavy, Due to Realizing Sales. NEW YORK, April 10.—The stock market closed irregular today. Many of the leading issues reacted about 1 point from the high levels. I'nited States Steel touched 99% and then fell to OS% and Gulf States Steel reacted over 2 points to 84. Marine preferred was a strong feature, showing a gain of over 3 points to 79%. The railroad list was heavy under realizing sales, Reading falling over 1 point to 79%. Government bonds were unchanged and railway and other bonds irregular. Total sales of stocks for the day were 1,457,490 shares. (By Thomson A McKinnon.) —April 10—■ There is a growing conviction through the country that the business improvement in the United States is not only very distinct but is permanent. This view is confirmed by various individuals high iii commercial and financial circles and is also confirmed by no less an authority than Secretary Hoover. It is therefore not difficult to explain the increasing demand for securities. Each day new buyers appear, and this has made it possible for substantial amount of profit taking that has occurred during every session lately. This selling has been easily absorbed anil new highs have been a daily feature. There is, however, another side to the proposition and that is the technical position of the market. The buyer today does not occupy the same strong position as the buyer months ago, when we were still in the midst of depression and as the public interest becomes larger the market becomes more viunerable to unfavorable developments.It is true that there is nothing at this time that can bo considered as in any way disturbing. We seem to be making progress not only commercially but politically, for there is now in session in Europe a gathering of the leading men of each nation which should result in much good to all of them. But at the same time we know from experience that the stock market is now and then confronted with some new and unexperienced problem and we can hardly regard the situation at this time as sufficiently favorable to withstand pressure. We therefore suggest more caution and a gradual marketing of stocks that have had the most important advances. TWENTY STOCK AVERAGE. NEW YORK, April 10.—Twenty Industrial stocks last Saturday averaged 90.63, off .17 per cent. Twenty active rails averaged 83.91, up .71 per cent. CLEARING HOUSE STATEMENT. NEW YORK, April 10.—Exchanges, .8372.200,0<K); balances, $.72.f< 0,00 •: Federal Reserve Bank credit balances, $51,700,009.

Money and Exchange

Indianapolis bank clearings Monday were $2,926,000; bank debits, $4,764,000. NEW YORK, April 10.—The Foreign exchange market opened strong today, with demand Sterling I%<: higher at $1.42%. Francs advanced 8 centime* to 9.25 c for ciblcs and to 9 22c for checks. I.ircs rose 10% points to 5.44 c, for cables and to 5.43 %e for checks. Belgian francs were up 6* centimes to 8.55 c for <ables ami to 8,54%c for checks. Marks were 1% points higher to .0031©. Guilder raldos were 87 95c cheeks, 571' *'. Sweden kronen cables were 26.15 c: checks, 26.13 c. Norway kronen cables were 18.42 c; checks. 18.41 c. Denmark kronen cables were 21.23 c; checks, 2123 c. MOTOR SECURITIES, (By Thomson A McKinnon.) —April 10.— —Close. — Karl Motors 33% Packard 75 77 Packard com 75 77 Peerless 35 37 Continental Motors com 7% 8 Continental Motors pfd 00 91 Hupp com 7% 8 Hupp pfd 95 103 Rco Mof.*r Car 23% 24 Flgin Motors 2% 3 Grant Motors 1 1% Ford Os Canada 310 345 Federal Truck 17% 20 Paige Motors 20 22 Republic Truck 7% 8 ACTIVE OIL STOCKS. (By Thomson A McKinnon) —April 10 —Opening Bid. Ask. Anglo Ameri an Oil ls% js% Atlantic Lobos 8% 9'% Borne-Seryniser 35<> 379 Buckeye Pipe Line 71 76 Chcsebrougii Mfg. Con lift 195 Cont. Oil Colorado 132 135 cs*ien Oil and Gas 5 9 Crescent Pip" Lin© 33 81 Cumberland Pipe Line 140 150 Elk Basin Pete 6% 6% Eureka Pipe Line 93 96 Galena-Signal oil j.fd 110 114 1 Galena-Signal "il com 46 4$ Illinois Pipe Line 179 182 Indiana Pipe Line 102 103 Merritt "II Jft% w% Midwest "11 %2 3 Midwest Redoing 179 180 National Transit 27% 28% New York Transit 179 ’ 175 Northern Pipe Lino 195 lus Ohio "il 273 278 Oklahoma P. A II 5% 6 Penn. Mex 26 29 Prairie "il and Gas 555 < 565 Prairie Pipe Lin© 22.8 233 Sapulpa Refilling 7% 3 Solar Refining 3'o 360 Southern I 'ip** Line ! 7 99 South Penn "il 178 IX3 Southwest Penn Pipe I.lnes. (to 63 Standard "il Cos. of Ind ... 87% $8 Standard "il Cos. of Kan 530 550 Standard "11 Cos. of Kv 475 4!" Standard "il Cos. of Neb 165 175 Standard "il * 0. of N. Y 368 875 Standard Oil Cos. of Ohio 400 415 Sw.an A Finch 25 35 Vacuum "il 350 358 Washington Oil 24 29 NEW YORK CURB MARKET. (By Thomson A McKinnon) - April 10— —Closing— Bid. Ask. Acme racking 60 76 Curtis A©ro, com 5% 5% Goldfield Con 6 s .Ininbo Extension 3 5 International Petroleum .. 15% 15% Nipissing 5% 6% Standard Motors 5 5% Salt Creek 14% 11% Tonopah Extension 1% 1% Tonopah Mining 1% 1% United P S new 6 6% U. S. Light and Heat 1% 15-10 IT. S. Light and Heat pfd.. 1% 1% Wright-Martin 2 5 Yukon Gold Mine Cos 1 1% Jerome 8% 3% New Cornelia 17 1.8 United Verde 27 28 Sequoyah 33% Omar Oil IVi 1% Rep. Tire 65 75 Boston A Mont 72 24 Kirby Oil ‘-’3 21 NEW YORK SUGARS. NEW YORK. April 10.—Raw sugars were quiet in trade on the exchange today. Culms selling at 4.11 c per pound, duty paid, and Porto Ricos at 8.98@4e per pound, duty free, delivered. Itelinpil sugars were steady, fine granulated selling at 5.33©5.50c and No. 1 soft at 3.25 @5.50c per pound. NEW YORK COFFEE. NEW YORK. April 10. —Coffee values ruled firm 011 the exchange today, opening options being 7 to 10 points higher. Kio No. 7, on spot, sold at 10ts@19%c per pound. NEW YORK RICE. NEW YORK. April 10.—Rice was rather quiet on the exchange today, domestic selling at 3®7’,ie per pound. NEW YORK TURPENTINE. NEW YORK, April 10. Turpentine sold at 87088© per gallon in trade on the market here today. WHOLESALE BEEF TRICES. The following are today's wholesale prices for beef cuts as sold on the Indianapolis markets of Swift A Company: Ribs—No. 2,20 c; No. 3,15 c. Rounds No. 2. 15c; No. 3,14 c. Loins—No. 2,24 c; No. 3,18 c. Chucks—No. 2,10 c; No. 3, Oc Plates—No. !, 7c; No, 3,6 c,

GRAIN VALUES REGISTER GAINS Commission Houses Are Heavy Buyers Late. CHICAGO, April 10. —Grain prices advanced on the Chicago Board of Trade today, due principally to heavy buying by commission houses. Seaboard houses were especially heavy purchasers. Weather was wet, but was not considered unfavorable to the wheat crop. Foreign markets were higher. Offerings 'were light. Provisions were firm. May wheat opened up at [email protected]% an*l idosed up %©. July wheat opened up %c at $1.21% and closed unchanged. September wheat opened up lc at $1.15% and closed unchanged. May corn opened at 59%c, %c higher, and closed up %©. J uly corn opened at 63c, up %c, and later advanced %c. September corn opened at 65%c, a gain of %e, and closed unchanged. May oats opened up %e and closed %c higher. July oats opened 39%c. up %©, and closed up %c. September oats opened at 41 %c, up %c, and closed up Vie. (By Thomson A McKinnon.) —April 1(8 Wheat—Further rains and low temperatures, together with a sharp advance in Liverpool, produced a demand for the deferred deliveries, but did not stimulate the demand for cash wheat, cither from millers or from exporters. Cable advices do not show any demand for spot or nearby wheat, the only interest shown being in the deferred deliveries. The seaboard speaks of a foreign demand for new crop wheat, 1 lit gives no estimate of the volume of business closed. The present rate of decrease of the visible supply will by no means exhaust the accumulations between now and July first. Canadian visible exhibited a small increase, their total supply, being thirtyfour million against twenty-two million last, year. One hundred cars of wheat estimated ns receipts for this market represents the movement from southwestern terminals and will I>© applied on May contracts, none of it being offered for sale today. Unfavorable crop comment cqpitlnues to lie received from western Kansas and parts of Oklahoma, hut inasmuch as that section lias been sending the same sort of news for some time, it is largely ignored. We cannot see that there have been any developments to give the market decided trend in either way. We continue to expect erratic movement within a narrow range of prices, pending important develop-* 1 moms. Corn and Oats—Low temperatures and forecast of rain *>r snow have made coarse grains readily responsive to the strength in wheat. There was a broader commission demand In corn, also some buying by cash handlers. Transactions in oats are mainly In the way of changing by selling May and buying July. No important cash demand iins Doth reported in either one of these grains. Provisions—Firmness. In Liverpool prices and strngth in hogs and grains were influential In the early provision market, but larger packing interests were seen as sellers. Early demand was short live*!, market ruling Inactive thereafter. There is fairly good demand for fresh nients which is helping sustain th© price of hogs. CHICAGO GRAIN TABLE. —April 10WHEAT— Open. High. Low. Close. May 1.33% 1.84% 1.83 1.33% Julv 1.21% 1.21% 1.21% 1.21% Sept.... 1.15% 1.16 1.13 1.15% CORN— Mav.... .59' .60 .59% .59% July 63 ' .63% .62% .63% Sept 65% .66 .6.5% .65' "ATS— May 37% .47% .37 .37% Julv 39% .19% .39% -49% Sept 11% .42% .41 % .42 PORK—•Mav 21.90 LA RhMay 11.02 11.10 11.02 11 02 July 11 30 11.37 11.27 11.27 Sept 11.52 11.60 11.52 11.52 RIBS - Mav 11.55 11 75 11.10 11 40 July 10.82 10.82 10.65 11 To •Sept 10.80 IIVE Mar.... J.2U 1.03% 1.02% 1.98% ■lnly 95% .95% .91% .95% •Nominal. ( IllC \GO ( ASH GR VI.N CHICAGO, April 10.- Wheat No. 3 red, $133; No. 2 hard winter. $131%; No. 5 red. $1.20. Corn—No. 2 mixed. 57% tit.sß%e; No. 2 White, 59%@39%e: No. 2 yell, 58%dt 58%c; No. 3 mixed, 56%@ 57%c; No. 3 white. 58%©, No. 3 yellow. 576(7.55e; No. I mixed, 5iV ; No. 4 yellow, 55 %%' 57c. Oats No. 1 white, 39 to 59%i'; No. 3 white, Crt'i/39 ■; No. 4 white, 35® 37'%c. TOLEDO SEED AND GRAIN. TOLEDO, April 10 Cloverseed Pash, $14.50; April, $14.00; October, $11.79. Alsike —Cash, $11.50. Timothy—Cash, $2.95; May. $3.00; September. $3.39; October. $3.25. Wheat—Cash, $1424/141: May, $1.42; Julv, $1 2D.. Corn— Cash, 6.8 C" 6>t©. "ats—Cash, 41 %c. Rye-Cash, 1.01. Barley Cash, 68c.

PRIMARY MARKETS. (By Thomson McKinnon) —April 10— - Receipts Wheat. Corn. Oats. St. Joseph B,COO 45.000 6,(K*t (’Lira go 07,000 212.009 134,000 Milwaukee ... 3.000 80.009 .51 ,!;<> Minneapolis . 267.000 43,i> S2.‘ 0:1 Duluth 36.000 3,000 St. Louis 80,000 $4,000 96.60* Toledo 10,000 S.ouO 8,000 Detroit 4.00*4 6,000 4.(W0 Kansas City.. 193.009 48,000 .5.004 Peoria l,"x) 51.000 29.000 Omaha 38,000 97,000 52.00) Indianapolis... 17,000 7,000 Is.ooo Totals 714,000 727,090 465,000 Year ago.. .1,490,000 567,000 451,000 —Shipments— Wheat. Corn. Oats. St. Joseph.... 8, (M 0 23,000 Chicago 21.000 83.000 127.000 Milwaukee .. 6.000 37,090 35,000 Minneapolis . 87,'HM4 21.000 129,000 Duluth 9,000 9.000 St. Louis 67,000 77,000 7,8.000 Toledo 12,000 5,090 Detroit 10,066 Kansas City.. 205.000 34.000 10.000 Peoria 5,000 27,000 $.5,666 Omaha 71,000 78,600 61.000 Indianapolis 17,000 1.8,000 Total 489,000 416,000 560,000 Year ago... 717,000 2(15,000 230,000 —(lea ranees Wheat. Corn. Oa*s. Boston 28,000 Philadelphia 25.000 Baltimore 322,000 New Orleans 171,000 Totals 518,000 28,000 Year ago.. .1,847,000 189,000 INDIANAPOLIS (ASH GRAIN. —April 10Biils for ear lots of grain and hay at the call of the Indianapolis Board of Trade were: Wheat —Firm; No. 2 rod. [email protected]. Corn—Strong: No. 3 white. 60%@61%e; No. 4 white, 09% ®00c: No. 3 yellow, 60% @6l c; No. 4 yellow, 59@60e: No. 3 mixed, 59@C0c; No. 4 mixed, sS@s9c. Oats—Steady: No. 2 white, 40@42c; No. 3 white, 37’i@38'je. Hay—Steady: No. 1 timothy, $18.50® 19: No. 2 timothy, [email protected]: No. 1 light clover mixed, $17.50@i8; No. 1 clover, $19@20. —lnspections Wheat —No. 2 red, 1 car. Corn—-No. 3 white, 2 ears; No. 4 white, 6 cars; No. 5 white, 1 car; No. 2 yellow, 2 cars; No. 3 yellow, 1 car; No. 4 yellow, 4 cars; No. 0 yellow, 2 cars; No. 6 yellow, 2 ears; No. 4 mixed. 1 car; No. 5 mixed, 1 car; total, 22 cars. Oats—No. 2 white, 1 car; No. 3 white, 16 cars; No. 4 white, 7 cars; No. 2 mixed, 1 car; total, 25 cars. Rye—No. 2, 1 car; sample, 1 car; total. 2 cars. Hay—No. 1 light clover mixed, 1 car. IIAY" MARKET. The following are the Indianapolis prices for bay, by the wagon load, delivered in Indianapolis: Hay—Loose timothy, sl7® 18; mixed hay, $10@17; baled hay. $l7OlB. "ats—New. per bushel, 42(0-450. Corn—Both old aud new, per bushel, 60 @6sc. WAGON WHEAT PRICES. Indianapolis hour mins and elevators today were paying $1.27 per bushel for No. T red winter wheat; $1.25 for No. 2 red winter and according to test for No. 3 red winter.

SWINE PRICES 10 TO 15 CTS. HIGHER Cattle Values Rule SteadyVeals $1 to $2 Low er. RANGE OF HOG PRICES. Good Good Good April Mixed. Heavy. Light. 1. $10.20 @ 10.30 S9.So @10.15 [email protected] 3. 10.23® 10.40 [email protected] [email protected] 4. [email protected] [email protected] [email protected] 5. 10.50 @ 10.75 10.25 @ 10.50 [email protected] 6. [email protected] [email protected] [email protected] 7. [email protected] [email protected] [email protected] S. [email protected] [email protected] [email protected] 10. [email protected] [email protected] [email protected] Swine prices were 10@15c bigb'r In trade on the local livestock dkeuange here today, with receipts light at close to 3,500 and the demand by both packers and shippers good. Light receipts, however, was the principal strengthening factor. Trade was fairly active and practically all of the receipts were sold before the close of the forenoon hours. There was a top of sll on light swine, and the bulk of that grade brought $10.90 @ll. The bulk of the sales for the day ranged at $10.75®1t. Cattle values were fully steady to strong, with the prices of the Friday market of the week before, with receipts close to 809 and practically ail of the packers displaying fair demands. Veals were around $1 lower generally at the opening of the market, with receipts close to 700 and the shipping demand rather slow. Later, the demand became even duller and before the close of the forenoon hours calves were selling at prices that were $1.50® 2 lower than the levels of the closing market of the previous week. Good calves were [email protected] lower and the commoner grades $1.50(32 lower. With 150 sheep and lambs on the market, prices were steady. A few spring lambs cold at S2O and a few at as low as sls.

HOGS, 100 to 180 lbs. average $10.85(311-90 Over 300 lbs 10.23(310.35 1.50 to 300 lbs 10.50(311.00 Best pigs, under 140 lbs 9.7.5*311.00 Top 11.00 Roughs 8.90® 9.2.5 Stags 5.2.5® 7.25 Bulk of sales 10.75(3,11.00 —Cattle— Prime corn-fed steers, 1,000 to 1.8(H) lbs 7.25(3 8.25 G**od to choice steers, 1,200 to 1.300 lbs 6.50® 7.00 Good to choice steers, 1,100 to 1.200 lbs 6.00® 0.50 Good to choice steers, 1,000 to 1.100 lbs 5.50(3 5.75 Common to medium steers, 800 to 1,800 lbs 5.25® 5.75 —Cows and Heifers— G**od (o choice heifers 7 50® S.OO Medium heifers 6.50® 7.25 Common to medium heifers.. 5.25® 6.25 Good to choice cows 5.50® 6.25 Fair to medium cows 3.50® 4.50 Canners 3.00® 400 Cutters 2.75® 3.75 —Bulls— Fan©y butcher hulls 5.50® 0.00 Gi.od to choice butcher bulls 4.00® 5.25 Bologna Bulls 3.59% 4.25 Light bologna bulls 3.00® 350 Light to common bulls 2.75® 3.50 —Calves— Choice veils [email protected] Good veals 90 Glu.it I Medium veals 7.00® s.<l) Lightweight veals 6.00® 7.00 Common t* heavyweight veals 5.00® 0.0i) —Stockers and Feeders— Good to choice steers under 800 li*s 5.75® 6.75 Medium cows 2.25® 3.75 Good cows 3 50® 450 Good hoifer3 5.25® 6.50 Medium to good heifers 4.00® 5.00 Milkers [email protected] —Sheep and Lambs— Cull ewes 2 25® 3.00 Good to choice ewes 5.50® 8.00 Bucks 2.50® 3,50 Clipped lambs 8 59® 10.50 Wool lambs [email protected] Springers 15.00® 20.0 u Buck lambs oso® 6.50 Culls 3,'fO® 5.00

Other Livestock

CHICAGO. April 10.—Hogs—Receipts, 40.000; market, fairly active and 10 to 15© higher generally; bulk of sales. $10.50® 10 95; top, $11; heavies, 810.50@ 16.50® 10.80; mediums, $10.70® 11 ; lights, $16.30® 1; light lights. $10.25'*; 16 95; heavy packing sows, smooth. gO.tVWtIO.IO; packing sows, rough, s9.4o'*; 9.75: pigs, $9.50® 10.65. Cattle—Receipts, IS,Ok): market, weak te 25c lower; beef steers, choice and prime, $5.65®9.25; medium and goeil, [email protected]: good and choice. [email protected]; common and medium, SO.SO@S; butcher • •nrtie, heifers. $3.25@435; tows. $t.35.@7; bulls, $1.10®6.25; canners anil cutters, cows nnd heifers, [email protected]: ennner steers, ? 1.2.5®5.25: veal calves, light and hnniiyv.cight, 56.25@V25; feeder steers, $5. |0(i;7.35; stoeker steers, $5 25® 7.25: stoeker rows ami heifers. s4®s. Sheep nnd lambs—Receipts, 14.000; market, generally steady tu strong; good to choice lambs. $11.25® 14 : cull to common lambs, $9 50:,; 11.75 ; yearling wether.-'.' $10.54® i:!.50; ewes, $6.75(09.50; cull aud common ewes, s3® 6.50, CLEVELAND, April 10— Hogs—Receipts, 0,600; market, steady; yorkers, mixed nnd mediums, $11.10; pigs, $10.75; roughs. $8.50; stags. $5.50. Cattle—Receipts. 900; market, slow and weak. Sheep and lambs Receipts, 800; market, strong; tiqu sl4. Calves—Receipts. 1.300; market, si'e lower generally; top, sll. CINCINNATI, April Pl—Hogs—Receipts, 9.009; market steady; lights, weak; lights and mixed, $lO 85; pigs, $10.25; roughs. $8.40; stags. $5.50. Cattle—Receipts. 1,850; market steady; bulls weak to 15@25c lower: calves, sll Sheep and lambs—Receipts, 706: market steady; ewes, $7.50; clipped owes, $5.50: wool lambs. sl6; clipped lambs, sl4; springers, sls. EAST BUFFALO. April 10.—nogs—Reclpts, 1,600; market, active; yorkers. sll (i; 11.10; roughs, $5.75@9; stags, $4®5.50, Cattle—Receipts, 2,500; market, active and steady generally; shipping steers, [email protected]; butcher grades. $7.25(08.50; heifers, $5.25(07.75; cows, $2.25(4(0; bulls. [email protected]; feeders. ss(4iO; milk cows and springers. $25(0110. Calves —Receipts, 4.000; market, slow steady; cull to choice, s4® 10.50. Sheep lambs—Receipts. 10.000: market, active; choice lambs. sl6 @16.50; cull to fair, $5.15.50; yearlings, sß® 15; sheep, s3® 11. EAST ST. LOUIS. April 10— Hogs— Receipts, 11,500; market 10@15e higher; mixed anil butchers, $10.75(010.90; good heavies, [email protected]; roughs, $97(9.15; lights, $10.75® 10.85: pigs, $9.25(010.75; bulk of sales, $10.80(010.85. Cattle—Receipts, 4.000; market steady; native beef steers, $7.75(09; yearling steers and heifers. $8.25@9; cows, $4®0.25; Stockers and feeders. 3.25®6.50; calves, $3.75® 9; canners and cutters. [email protected]. Sheep and lambs—Receipts, 700: market steady; mutton ewes, sß@9: good to choice lambs, > sß® 16; canners and cutters, s3@s. PITTSBURGH, April 10.—Hogs—Receipts, 7,806; market, steady; prime heavies, [email protected]; mediums, $11.15® 11.25; heavy yorkers, $11.1.5® 11.25; light yorkers, $11.15® 11.25; pigs, $11.15® 11.25; roughs, $7.50®5.50; stags, ss® 5.25. Cattle—Receipts, 1,500: market, steady generally; choice, [email protected]; prime. [email protected]; good, $7.75(08.25; tidy butchers, s7.s(>®B; fair, $6.50®7.65; common, ss@6; common to good fat bulls. $3.50@0; common to good fat cows, $2.50 @3.50; heifers. $5.25® 7.50; fresh cows and springers, $53®80; veal calves, $11.50; I heavy and thin calves, [email protected]. Sheep and lambs —Receipts, 5,000; market, steady; prime weathers, sS.sfl@9; good mixed, $8.50; fair mixed, $7.25®,T.75; culls and commons, s3@3; choice lambs, $14.25. CHICAGO PRODUCE. CHICAGO, April 10.—Butter—Receipts, 7,000 tubs; creamery extras, 34 %c; standards, 34c; firsts, 31%@33%0: packing stock, 10@lSc. Eggs—Receipt s, 10,200 eases; current receipts, 2! %@21%c; ordinary firsts, 21 %® 22c; firsts, 23c: checks, 20c; dirties, 20® 20%e. Live Poultry—Turkeys, 30c; chickens, 20c: springs, 30c; roosters, 19e; geese, lsc; ducks, 30c. Slices*'—Twins (new). 17® 17%c; Daisies, lG@t(i%c; Young A mer A icas, ]B%®l9r; Longhorns, 17®18e; bricks, 14®14%c. Potatoes—Receipts, 1)6 cars; Chios, $1.55® 1.65 per 150-lb. bag; Minnesota Red Rivers, $1.55® 1.60; Wis - eonsin round whites. [email protected]; Idaho/ uurals, $1.5052,1.00; Idaho russets, ,sl.7o®\ 1,60,

Weather

The following table shows the state of the weather at 7 a. m., April 10, as observed by United States Weather Bureau: Station. Bar. Temp. Weather. Indianapolis, Ind.. 29.77 65 Clear Atlanta, Ga 30.04 66 Cloudy Amarillo, Tex 29.48 36 Clear Bismarck, N. D 29.94 30 Snow Boston, Mass 29.50 54 Clear Chicago, 111 29.68 56 Clear Cincinnati, 0 29.84 68 Cloudy Cleveland. 0 19.76 66 I’tCldy Denver, Colo 29.76 26 Cloudy Dodge City, Kas... 29.30 40 Clear Helena, Mont 30.12 28 PtCldy Jacksonville, Fla... 30.12 72 Clear Kansas. City, M 0... 29.42 64 Clear Louisville, Ky 29.56 70 PtCldy Little Rock, Ark... 29.64 74 Cloudy Los Argeles, Cal... 30.22 50 Clear Mobile, Ala 29.96 72 Cloudy New Orleans, La... 29.90 74 Cloudy New York, N. Y... 29.84 68 Clear Norfolk, Va 29.9S 70 Cloudy Oklahoma City .... 29.48 58 Clear Omaha, Neb "9.50 44 PtCldy Philadelphia, Pa.,, •. >.BO 70 Clear Pittsburgh, Pa 29.80 66 Clear Portland, Ore 39.06 40 Rain Rapid City, S. D... 3.1.00 30 Cloudy Koseburg, Ore. .... 30.18 42 Cloudy San Antonio, T. x.. 29.64 72 Cloudy San Francisco, Cal. 30.26 46 PtCldy St. Louis, Mo 29.64 66 PtCld-y St. Paul, Minn 29.82 36 Cloudy Tampa, Fla 30.12 72 Clear Washington, D. C.. 29.90 70 Clear WEATHER CONDITIONS. Since Saturday morning rain lias occurred in many places In the middle and northern parts of the central valleys in connection with stoim centers now located north of the Lakes region and over Kansas, respectively. The latter Is of considerable intensity and has caused higher temperatures to the eastward, while the readings are considerably lower to the west and north, nnd freezing weather prevails from Alberta and Saskatchewan southward to the middle Rocky Mountain States and southwestern pbiteau. —White River Conditions— At 7 a. m. today stages in White River were as follows: Indianapolis, 11.7, falling; Elllston, 23.3, rising; Shoals, missing; Decker, 19.9, falling. J. H. ARINGTON, Meteorologist, Weather Bureau. CORN AND WHEAT BULLETIN. For the twenty-four hours ending at 7 a. m., Monday, April 10, 1922: Temper- t ature. -- Stations of g| | _ j Indianapolis _“<** District. ?£ ** =.*£:: g=S tx-g S- if s s xT* ©J ijls' 3 ! * 32? 3 H ! --*e * g> ta •South Bond i73 <3B | t> . Good Angola |73 | '57 | 0 • Good Ft. Way se 76 160 | 0 | Wheat field j 72 54 i 0 Fair Royal Center .. 74 !56 j 0 Good Marion 'B2 1 58 0 Good Lafayette J74| 00 | 0 Fair Farmland | 70 | 61 o Good Indianapolis 177 j6l j 0 Good Cambridge City-. i 75 | 60 1 0.01 Good Terre Haute ....! 78 |62 | 0 Bloomington ....| 78 I 57 0 Fair Columbus |791 61 I 0 Good Vincennes j79| 62 j O Good I’aoli 71) j 65 | ft ! Good Evansville |7Bj GO ! 0 1 J. H. ARMINGTONL ‘ Meteorologist, Weather Bureau.

In the Cotton Market NEW YORK, April 10, —Influenced by weak cabbs and favorable weather, the cotton market opened a trifle easier today. with first prices unchanged to 13 points lower. New Orleans and loeal traders bought. After the start, the market was fairly active except May, which reduced its premium over July to 44 points. New York opening octton prices: May, 17.75; July, 17 26©; October. 17.15 c; December, 17.11 c; January, 17.02 c. The market was Irregular in the late dealers end closed firm at a not decline of 17 points to a net advance of 1 piont. —Cotton Futures— Open. High. Low. Close. January 17.07 17.09 16.98 17.08 March 17.02 17.04 16.98 17.(C May 17.75 17.k0 17.67 17.72 July 17.2.8 17.33 17 22 17.31 October 37 15 17.24 17.10 17.22 December 17.14 17.18 17.06 17.16 —Cotton Review— NEW YORK, April 10.—The prospect of better weather today encouraged selling here as well as in Liverpool. The foreign market closed ten to twenty-four points down, the near months being the weakest. This is quite natural as the weather Is the all-important market factor at this time and will so remain throughout the season. But, it is well to remember that the crop in. many sections of the cotton belt is going to be very late. Private reports from the Southwest show a condition more backward than the average and this will increase the danger from insect damage later in the season. Because of this nnd the decreasing supplies we do not deem an important decline as justified though a reasonable recession is likely. LIVERPOOL. April 10.—There was a good demand for spot cotton, but business generally moderated today. Prices were steady and sales around 10,000. American middlings fair, 11.95d; good middlings. 10.95d; fully middlings, lrt.6"xl; middlings. 10.50<1: low, 9.80d; good ordinary, 5.95d; ordinary, S.s4d;' Futures were quiet. INDIANAPOLIS PRODUCE. Eggs—Fresh, 21@22c. Buter —Packing stock, 14@15e. Poultry—Fowls, 17®22c; broilers, 1% to 2 lb. size, 50c; leghorn broilers, at discount; cocks, 13@14c; voung hen turks, 8 lbs. and up 34@35c; young tom turks. 12 lbs. and up. 33@35c: old torn turks, 2S@3oe: cull thin turkeys not wanted; ducks. 4 lbs. and up, 15@10; geese, 19 lbs. and up, 13® 14c: squabs, 11 lbs. to dozen, $5.00®0.00; 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. CLEVELAND PRODUCE. CLEVELAND, April 10.—Butter —Extra in tubs, 46%®Ur; prints, 41%@42c; extra firsts, 39%@40c; packing stock, 17® 19c. Eggs—Fresh gathered, nothern extras, 28c: extra firsts. 27c; Chios, 2oc: Western firsts, new cases, 24e. Poultry —Live, heavy fowls, 30@31e; spring culls, 24®2Gc; ducks, 32(0 34©. Locked 37 Y'ears, Chest Is Broken DEFIANCE, Ohio, April 10.—With court house habitues gathered In his office, visions of a hidden fortune dancing before the eyes of those assembled. Probate Judge C. W. rainier wielded a wrecking bar on the two giant padlocks holding the lid on a brass-bound chest. Brought from the West thirty-seven years ago, it was claimed the chest had been unopened since that time. Breaking off the padlocks, the judge drew forth— Three musty vests, a bundle of patent medicine advertisements, several pictures of pretty women, dressed in olil-fashioned costumes, anil a sock tilled with letters. The chest was bequeathed by an uncle to Edward C. Beal, for whom a guar- j dian had just been appointed by the j court. ELASTICS AS CORSETS. LEICESTER. England. April 10— Elas- j tic band manufacturers here are turning out special elastics for -women to take the place of corsets. Demand for this now form of stay has been growing fast, they say. FREAK STORM. GENEVA, April 10.—Sunshine, rain, j mow, sleet, hail and lightning all came j within twenty minutes in a freak storm ; seref ere - J BANANA DESTOYS EYE. COLON, April 10.—A banana thrown by j Luigi Santone put out the eye of a po- * liceman who took a hag of peanuts from Saatoao's counter. 1

APRIL 10, 1922.

MUSCLE SHOALS IS INSPECTED BY CHEMISTS 800 Members of National Body Attend Research Convention. BIRMINGHAM, Ala.. April 10.—Eight hundred members of the American Chemical Society gathered here today in annual convention to discuss problems and outline a program in research work for 1922. The convention will continue through Wednesday. Chemical problems that will be presented by the development of the Muscle Shoals properties in North Alabama and the possibilities of producing nitrates for fertilizer at the great water power plant were the principal subjects up for discussion today. Statements made several weeks ago by C. L. Parsons, Government chemist, in testifying before the House Military Affairs Committee that nitrates could not be produced profitably by the cyanimid process at Muscle Shoals were discussed pro and con by the delegates. A minute inspection of the plant made yesterday by all the American members of the party has resulted in divergent opinions being formed on the subject. The majority of the delegates agree with Thomas A. Edison that nitrates can be produced cheaply at Muscle .Shoals, while a number of them agree with Farsons that this is impossible, citing the failure of France, Italy, Canada, Norway and Sweden to produce cheap nitrates by the cyanimid process. In granting permission to the delegates to visit the plant the War Department specified that only members of the society who were bona fide American citizens and who were not connected v.th any corporation engaged in the manufacture of nitrates would be permitted t oinspect the Muscle Shoals properties. On account of this specification several members of the party did not accompany other members on the inspection trip. Delegates to the convention arrived today by special train, the majority coming from Washington and other Eastern point. While en route to Birmingham the delegates made an inspection trip to the properties of the Clinebfield Portland Cement Company at Kingsport, Teun.

BRING SCHOOLS IN CLOSE TOUCH WITH BUSINESS Need Fewer ‘White Shirt’ Graduates and More Workers. HONONLULU, April 10.—A conference called by Governor W. R. Farrington discussed bringing the Hawaiian school system into closer touch with Hawaii's chief industry, agriculture. Governor Farrington sail that what Hawaii needs to solve its iaho? shortage is 'fewer indifferent bookkeepers aud ‘white-shirt’ youths among graduates of Hawaiian schools and more young men aud women who will devota themselves to agricultural end kindred industries. “Many people are coneerne.l ever the future of schools and school children of Hawaii," said the Governor, “We have enrolled more than 45,00) children. If one-eighth of them are ieivlng school, each year, that moans an annual output of 6.CHW boy3 and girls. The problem of their education and ruture employment should be attacked at its roots. The necessary information should be made available.” At the conference were represented sugar and pineapple interests, the Department of Public Instruction, the University of Flawaii, the Hawaiian homes commission, the Chamber of Commerce of Honolulu and the American Legion. It was agreed that Hawaii must make agricultural work more attractive if it expects to induce the sons and daughters of the present generation of Oriental laborers to stay on the plantations. Importation of Chinese labor, now proposed in a resolution before Congress, offers only temporary relief from the labor shortage. James I). Dole, president of the Hawaiian Pineapple Company, largest packing concern in the islands, said “either we must interest our boys in agriculture or import, new labor, or see agriculture dwindle and decline." H. P. Agee, director of the Hawaiian Sugar Planters’ Experiment Station, declared that “many of the 3.000 boys graduated either must leave the islands or become day laborers." George F. Renton, Jr., manager of Er a Plantations told of a great change on the plantations in five years. Many expert plantation laborers—that is, men who really became specialists—have left. It is impossible to fill their places with younger men. He predicted that machines must ultimately be devised to do the heaviest part of plantation work, such as cutting and loading. White men find it impossible to stand up under the work. The Governor announced that he will name a committee to gather data on the schools' educational and industrial needs. —Copyright, 1922, by Public Lcd*;ar Company.

Newly-Rich Plumber Will Continue Work COLORADO STRINGS, Colo.. April 10. —Jim Y'ounger, cowboy, prize fighter, soldier and plumber’s apprentice of this city, is going to continue at the plumbing trade, despite the fact that he has just sold some land near the Mexia, Texas oil field for $50,000. Younger was orphaned in infancy when his parents were killed by bandits near La junta, in central Mexico. For years after reaching boyhood he earned a precarious living on Uie open range in Texas and became an expert rider. After serving throughout the World War he returned to Texas. At a land sale conducted by the State Younger bid in a section of 640 acres at $3.15 per acre, the State giving him forty years to pay the $2,010. An oil company offered him $50,000 for 200 acres of his land, and the plumber's helper accepted. The entire $50,000 goes into Government bonds just as soon as he can turn it over to a bank, he says. Younger is unmarried and has no mat, rimonial aspirations, he declares. Wireless Debates Should Be Painless CAMBRIDGE, Mass., April 10.—Wireless debates between college debating teams will be an innovation of the near future. This became known when it was announced that Harvard plans to enter her team in such a contest next season. Sevci middls-wcclern universities are expected to figure in the radio debates. American Telephone & Telegraph Co> 130th Dividend The regular quarterly dividend of two dollars and twenty-five cents tier share will be paid on Saturday, April 15, 1922. to stockholders of record at the close of business on Friday, March 17. 1922. On account of the Annual Meeting of the stockholders, the transfer books will be closed at the close of business on Friday, March 17, 1922, and reopened at 10 a. m.. March 29. 1922. B. BLAIE-SillXH, Treasurer.