Indianapolis Times, Volume 34, Number 298, Indianapolis, Marion County, 25 April 1922 — Page 10

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DISPOSITION TO TAKE PROFITS ON FAVORITES Opening of New Week in Stock Market Is Sedate. UNEXPECTED FEATURES oeclat to Indiana Daily Times ol Philadelphia Public Ledger. By MONITOR. NEW YORK, April 25—On the open‘ig day of the new week trading on the took exchange was marked by a dispoition to take profits in some of the rent favorites, while other issues that id been lagging came to the front ith a fair display of strength and acvity. Transactions were on a somehat reduced scale, with the total around million and a quarter shares. In spite f the record of a fairly large number f net losses there was no indication of onktiess, while in the stocks that admeed there was little evidence of undue xcitement. Altogether, the market was rather sedate affair. Trading features were supplied from uexpected sources The leadership of !ie rails, for example, wasl assumed by New Flaven. The strongest group was he rubber and tire section, with sharp ipturns in Keystone. Kelly-Springfiold nd Lee. The steels, as a rule, moved .ithin a rather narrow range, with Midale the outstanding exception. Steel uen apparently are convinced that a nerger is under serious consideration, lthough this gossip may not be the -ole basis for Midvale's strength. Oiis were inclined to be somewhat •-actionary, with Asphalt moving ngalnst he tendency in this group. Asphalt, however, had two points in Its favor, •ne the apparent discounting of the long •xpeeted unfavorable annual report, and the other the announcement of anew well. Specialties figured prominently in the day's advances, both among the rails and industrials. Rutland, preferred, with a gain of more than three points, furnished r.n Instance of the former, while Wilson and Company. Postum, American Radiator an-1 the Federal Mining and Smelting issues stood out sharply among the miscellaneous industrials. Call money rose to 4 per cent before the close. The warning of the comptroller of the currency, against undue speculation was generally construed as unwarranted. It was suggested that a glance at the Increase In the number of listed issues might allay official fears, caused by the rising total of transactious on the exchange. I . N. Y. Stock Gossip I BY MONITOR. NEW YORK, April 25.—New Haven was one of the most active of the rails and was in good demand yesterday. The good showing made ! y this company's recent report is attracting attention to the road, and there was a mild revival of the report that New York Central is trying to buy control of the Ontario & Western from New r Haven. Rails, as a rule, were inclined to be a bit quieter, as it is believed in the Street that rate decisions by thp Inter state Commerce Commissi >n may be expected at any time this week On the other hand, traders are inclined to the belief that the Labor Hoard will not announce wage decisions until the coal strike shows signs of settlement. Thus, if anew scale of rates were announced wirhont any corresponding change in wages, it would tend to react bearishly •>n the rails for the time being.

Wilson & Company ranched 47. a pew >igh for the rear, this being due to •he very strong financial position shown ■y the ooranany. Current assets of this ompanv are now nearly four times as .treat as eiirrent liabilities, an ! it is ex - peeted that with lower operating costs 1922 should show further improvement. General Asphalt was strong and worked 2 points higher in the early trading, following an announcement 'hit th" e,,mpany has brought in a 2".000 barrel per day well in Trinidad. While the Street wag generally expecting an unfavorable report for Asphalt for 1921. the fact tha* his is issued and out ..f the way is a source of satisfaction. The report showed t net loss after all charges of $74*1.942. against net profits of $1,465,389 in 1920. he latter figure being equal to $5.51 per share on the common after preferred dividends had been paid. Keystone Tire & Rubber ran up sharply on active trading. This company is said t obe increasing its output of tires and Is an aggresive bidder on contracts. It s reported to have obtained the contract or supplying the tires for one of the ig taxi companies in Greater New York t the face of small keen competltioa. Kelly Springfield assumed a leading ■sition among the tire and rubber iocks, and crossed 51 for anew high ■n the current move, i'nited States Rubber, Lee Tire ami other rubber stocks wer<* firm In sympathy. With the large increase in motor production and the close approach of the automobile season, tire distributors are cleaning out their ttirpius stocks, nnd it is believed that the big plants should meet with a substantial increase In demand. Call money has finally felt the influence f the heavy trading, and in the last •our, the call rate firmed up from 3% to per cent. Midvale Steel had a comparatively wide ptnlng for this usually sedate issue, onsiderable stock ebnnging hands at an dvance of a!'out a point ami a half over last Saturday’s closing. While Midvale's tarket prospects are based largely on ossip in connection with the rumored icrgvr. students of the steel industry >ok with considerable favor on the com•any on account of Its improved inustrlal position. Midvale is said to ave even a greater diversity of products mu the I’nited States Steel Corpora.en. It carries its products to a more nished state, which gives it a relatively irge margin of profit. Last year the • unpany turned back about si9.t<H).*Ss) do its properties, rendering them more indent and putting Midvale into the ■iss of the low cost producers. >teel tocks. as a group and with a few ceptions. were rather quiet, principally cause of the belief that at the quarrly meeting of the I’nited States Steel ■rporatiop. operations for the first quarr will not make : cheerful reading as do .'rations at the current rare. Inasmuch as Ilutte and Superior was osed down last year, no regular report is issued. All maintenance and other barges during the year were simply died ns charges against surplus. Total hargeg minus moderate miscellaneous in "me. amounted to $752,950. Substractig this from previous surplus left a balnee of $2,704,054. Otis Elevator is well supported here, ml traders who are following the stock re Inclined to make much of the strong nancial position. Ar the meeting yeserdav. W. D. Baldwin advised that the ■ompanv has from $7,000,000 to 8.000.000 m hand against comparatively small •urrent liabilities. It was also* stated hat at the preset t time, the Knglish business is the best in the company’s history, and that negotiations with the I'rem-h government for damages to the company’s property were finally working hrough the mesh of red tape. May Department Stores finally suc•"oded in breaking through Its 1922 high ind sold above 121. Montgomery & Ward and other retail issues were firm, the rise being based on the general improvement in demand on retail distributors. Ttah-Idaho Sugar has issued its report for the fiscal yea. ended February 28. the statement being very unfavorable, i Operating loss f..r the period was ss.s<>2.- I 765, leaving a deficit after income ■ - etc., of $5.607-916.—Copyright, 1922, b Public Ledger Company. %

A'. Y. Stock Exchange (By Thomson & McKinnon.) —April 25. Open High Low Close Armour l.ea. ... 12% Ajax Rubber .. 18?s 17% 18% 18% Allied Chern. ... 60% 60% 00% 00% Allls-Chalmers. 51% 50% 51% 50% Am. Bosch Mag. 40% 45% 45% 40% Am. Can 48% 48 45% 48% Am. Car Fdv... 102% 102% 102'.. 102% Am. Ice 108% 108% 108% 100 Am. 11. & L. pfd. 70 70 70 70 Am. Int. Corp.. 40% 45% 4040% Am. Loco 110% 114% 110 110 Am. Smelt. Fdy. 354% 38% 30% 30% Am. Smelt. Ref. 58% 57% 57% 57% Am. Sugar Kef. 70 75 75 % 70% Am. Sum. Tob.. 34% 34% 31% 35 Am. Tel. A Tel. 123% 122% 122% 123 Am. Tob 140 130% 130% 140% Am. Woolen 02% 01% 02% 03 Ananconda 53% 53% 53% 53% At'bisou 101 100% 100% 101% At. C. Line 103 102% 103 At. (4. A- W. 1. 33 32Vi 32% 33 Austen Nichols.. 25% 24% 25% 25% Baldwin L0c0...117% 115% l]<;% 117% B. & 0 48 47% 4.8 48% Beth. S. (8(... 78% 77% 78% 78% B. It. Transit.. 23% 22% 23 22% California Fete.. 55% 55 55 55 Can. Fact! K.v.,143 142% 1j2% 143% Central Leather. 30 37% 38% 38 1 hand. .Motor.. 77% 75% Vli% 70% 0 A O 05% 05 05% 05% C. A Sr.F.com 28% 27% 28 28% C.M. A S.F.pfd. 40% 44% 45% 15% Chi. A- X. W.... 70 75% 75% 75% C. It. I. A Pac. 47% 40% 40% 40% CRiAFOpc pfd 83% 83% %j% 83 CUlAl‘7 pc pfd 06% Oil 00% 00 Chili Copper — 10% 10 10% 10% Cluett A Pbody 54 54 54 .... Chino Copper.. 28% 28% 2V\ 28% Columbia Gas.. 87% 85% m% 85% Coca Cola 57% 50% 5*7% 57 Columbia <4 5% 4% 4% 4% Consolidate G 117% 115% 117% 15% Continental Can 144% 34 04 05% Corn Froducts .104 102% 103% 103% Crucible Steel.. 01% 03% 04 04% Cuban A. 5g.... 22% 22% 22% 22% Cuban C. Sg 10% 15% to 10% Hein. & Hudson 121% 121% 121% 121% Kola. A Lack... 115% 115% 115’.. lid' Dome Mines .. 20% 20% 20% .... Erie 14% 13% 14% 13% Erie Ist pfd.... 24%. 23% 24% 22% Eudicott and J. 83 84% 85 83% Famous Flayers 82% 81% 82 81%, Fisk Rub. C 0... 19® 1% 10 10% tien. Asnhalt.... (V>% O’, *25% 64% Gen. Cigars 74 73% 74 73% Gen. Electric....lo3% 105 1(23 168% Gen. Motors 12% 12% 12% 12% Goodrich 42 41 4i% 42 Gt. North, pfd.. 75% 7i% 74% 75% Gt. North. Ore.. 41% 41 41 41% Gulf States Steel 82% si % 82% *3 Hupp 10% 10 111 10% Houston Oil 77% 77% 77% 78 Illinois Central. 107% 100% 100% 107% Indiahoma 4 4" t Inspir. Copper.. 4<'% 40% 40% 41 % Inter. Harv 07 07 07 07% Inter. Nickel.... 10%. 10 10% 10% Inter. Paper.... 45% -47% 4S 48 In vine. Oil ls% is% 18% 18% Kan. City So 30% 27% 29% 27% Kelly-Epg. Tire 51% 40 T S 50% 51 Kennecott Cop.. 32 31% 31% 32% Lackn. Steel.... 50% 55% 50 50% Lee Tire A Ifub. 34% 33% 3.31.. 34' • Lima Loco 11l 111 111 111 L Lehigh Valley 62% 02% 02-% 02% 1.. A N 121% 121 121% 120 Loews( Inc 18% 17% 17% 17% Martin-Farry .. 31% 30® 31% 31%. Marine com. .. 23 21% 23 21"% Marine pfd. 84% 83% 84% 54% Mav Stores ....121'. 120% 120'. 121% Maryland Oil .31 * 30 * 30 * 31 Mex. Petroleum 132%. 130% 131'%, 132 Miami Copper . 20% 20% 20% 20% Mid. States O" 15 14% 14% 14% Midvale Steel .. 38% 57% .38% 38% Mo.-Pa. Ry 25% 24-% 24% 24% Mo.-Pa. Ry. pfd 50% 58%, 58% 58‘4 Mont, and Ward 22% 21% 22% 22% National Lead . 03% 0:2% 03% 02% Nev. Con. Cop. . 17% 17 17 17% X. Y. Cent 01% 00% 01 01% New Haven ... 2*o ‘-’7% 28% 20 N. A W 108 107% 107-% 107% North. Pac 77 % 77 77% 77% Okla. I'rod. Cos.. 3% 33% 3% Owen B' t. com. .37% 35% .35% .30% Paclfie Oil 58% 57% 58 58% Pan-Amn. I’et.. 04% 03 (21 % 04 Penna. Ky 42 41% 41% 41 7 j, People's Gas 87 87 87 s7 Fere Marq 30% 30% 30% 30% Fierce-Arrow .. 24% 2.3% 24% 24 i’ierce Oil C 0... 10% 0% 10% !l% Pullman Car .. 128% 120% 125% !2' Pure Oil 83% 53% 33% 35% Reading 7*% 77 7' 77% Rep. Iron A Stl. 58% 57% 57% 58 Rep. Steel 34 32 32 .32 Royal Dutch .. 02% 01% 02% 02%, Sears Roebuck . 77% 75% "’•% 75% Superior Steel . 37 37 37 57 Sinclair .33 .31% 32% 52% Sios.-Shf. S. A I. 44 it it 44 South. Pacific . 90% ;*o% ;h>% 01 South Ry 25' . 25% 27 , 25 St. 1.. AS. W Ry. 32 ‘ 31% 31% 31% Stad. nil 15,1. .100', 100 too 107% Stad Oil N. J. .17'.) 178% 17'.%- !70 St. L. AS.Ke c. 3" 1 -. _.)%• 30 3n% Stew-Warner .. 41 40\ 41 40% Stromb. Curb. . 55 54 % 50 55% studi Inker 124 G 121 12.3'. 122 . Tex. Gas A S'll. 43% 42 7 i 43% 42’. Tex. Coal A Oil 28% 27% 28 1 , 27 : s Texas Ca 46 43% 15% 45% Tex. A Pacific . 35% 54% 35' 34% Tobacco Prod... 70 09% c>9% r.:i% Trans. Oil 11% 11'. 11% 11% Fnion Oi 1 21' 20V 4 20% 2(4% I'nion Pacific .138% 137% 136% IiCS I'nited Drug 69% Ir. 4 o.fi , United Fruit.... 142% '12% 142% 14.",' . F. S. Ret. Stores 52 51% 51% 51% r. s. Cst 1. A P .3.5% 34% S3 25% I'. S. In. Alcohol 40% t. 8% 48% tv% r. s. Rubber... !><;'. 05", or,-, tv’,% I'. S. Smelting.. 41% to 7 ,40% 41% i'. S. Steel 95% 96% !:s'. ns F. S. Steel pfd.. 118-. ns' 118.. 118 Utah Copper.... 00% <sl (21% iki-% Vanadium Steel 42% 42V, 42' . 42% Wabash 10% 10% 10% 10% Warn. Ist pfd... 23% 32% 32% 32% Western Pacific 24 23% 24 24 Western f nion. 98 08 08 07% West. Airbrake 80%. 89% B'.*%. West. Electric.. 02% 02% 02' 172% White Motors... 40% 48% 48% 40% White Oil 10% 10 10 10 Wiilys Overland 0", S'i 8% 8% W ilson A C 0.... IS'.a 40 ’,, 48% 4, Worth. Pump... 53 53 53 53%

>’EIV YORK LIBERTY BONDS. —April 25 I’rev. High. Low. Close, . lose. Liberty 3*is 99.66 !)9 :,t> 99.66 99.36 Liberty 2(1 45.. 99.58 99.40 99.5 s 99.46 Liberty let 4%5. 99.86 99.76 119.82 99.74 Liberty 2d 4%5.. 99.66 99.50 '19.00 99.52 Liberty 3d 4 1 is.. 99.9 ) 99.76 99.9 ! 99 Ml Liberty 4th 4%5. 99.92 99.0) 99.92 99.5! Victory 3%s 100.04 100.02 100.04 loo.Off Victory 47',s 100.70 100.70 CHICAGO STOCKS. (By Thomson & McKinnon ) —April 25. Chi. City Rye.. 7Vi 8% 7',, 8% Chi. El. Rys 5 6 5 6 Com. Edison .. 131 & 131% 131 L. 131% Con. Motors .... S% 8% 8% BVi Deere & Cos. pfd. 72 Earl Motors .... 3'5 Libbv-McNeili . 2', 2T, 26, 2% Mont. Ward .. 22% 22% 21% 22Vi Nnt. Lead 2'• 2 1 j 2% 2 1 -j Tick A- Cos 27-4; 27% 27'; 27'-, Piggly Wiggly 45', 45>, 44% 41% Quaker Oats .. 95 1 , Keo Motors .... 24% Stewart-Warner 40% 40% 40", Hi's Swift A Cos 102 ~. Swift Inti 20% 20% 20% 20% Thompson .1. R.. 50% 50’i 50 50% Temtor Corn .. 2%. I’nion Car. Carb 58' . sS'ss 5814 Wahl 6S'._, 68'a 67 1 3 68 Wrigley 102%; 102% 102 i"2 Yellow Taxi .... 1, NEW YORK SUGARS. NEW YORK. April 25. —Raw sugars were rather dull in trade on the exchange here today. Colas were quoted at 3.95 e per pound, duty paid, and Porto Ricos at 3.75?.3 Mic per pound, duty free, delivered. Refined sugars were steady, fine granulated selling at 5.25(fj5.50e aud No. 1 soft at 5.20(g5.50i; per pound. NEW YORK COFFEE. NEW WORK. April 25.—Coffee values were steady in trade on the market hero today, opening options being 2 to 3 points higher. Rio No. 7on spot sold at 11c to 11 Vic per pound. NEW YORK RICE. NEW YORK. April 23.-Rice values were un- hanged in trade on the exchange today. NEW YORK PETROL EC M. NEW YORK. April 25.—Petroleum prices were firm in trade on the market here today. Pennsylvania crude selling at $.7.25 per barrel. NEW MIRK Tl RPENTINE. NEW YORK, April 23.—Turpentine sold at Sse pnr ga lifts is trade oa the market here unlftf.

STOCK MARKET TONE IS STRONG United States Steel Registers Late Recovery. NEW YORK, April 25—The stock market closed strong today. United States Steel rallied from 97% to OS’s iu the late dealings nud Baldwin Locomotive recovered to 110%. Producers and Refiners was a strong feature, showing a gain of nearly 3 points at 35%. New Haven recovered over 1 point to 25%. Studebaker was 2% points above the low at 12.3%. Pittsburgh Coal rose 2 points to 0.3%. Government bonds were unchanged and railway and other bonds strong. Total stock sales for the day were 1,345,800 shares. (Thomson A McKinnon) —April 25 There were a few strong spots in today's market, but the general tendency was reactionary and when you consider what has transpired more recently in Europe and the technical condition of the market, it is not at ail surprising that many longs should be eager to accept profits. 111 Europe affairs at the moment seem critical. There is a chance of a breach in the relations between England and France, that the conference at Genoa might prove fruitless or of a very serious situation. Is it not under the circumstances advisable to curb bullish enthusiasm and reduce commitments just as the longs have been doing here for several days. The long Interest has been increased materially and therefore the element of chance nitist be kept constantly in mind because anything really unfavorable would find the market in a poor position of resistance. We would continue to accept profits on all issues that have been most popular. TWENTY STOCKS AVERAGE. NEW YORK. April 25.—Twenty industrial stocks Monday averaged 93, off .144 per cent. Twenty active rails averaged 8 4.84, unchanged. CLEARING HOUSE STATEMENT. NEW YORK, April 25. —Exchanges yesterday were $388,11 iO,OUO ; balances, Bii2.Boo.ciKi; Federal Reserve Bank credit balances, $55,000,000. Money and Exchange Indianapolis bank clearings Tuesday were $2,748.0K1; bank debits. $5,042,000. NEW YORK. April 23—Foreign exchange opened easy today, demand Ster ling being l-16c lower at $4 42 516 Francs yielded 1 centime to 923%0 for cables and to 9.32*4 c for checks Lire were unchanged at 5 45c for cables and 5 M%c for checks Belgian francs were off 3 centimes to 8 58c for catdes and to 8.57:4c for checks Marks were 4% points lower t- .OT.b'i, milder cables were 38c; cii 'ks. 37 95c; Sweden kronen cables were 26 *e’c; checks. 26,01 c. Norway kronen cables were 15.82 c; checks. 15.77 c; Denmark kronen cables were 2123 c; checks. 21.20 c. NEW YORK (' \ 1.1, MONEY. NEW YORK. April 25.-Money- Cal! money ruled 3% per cent: high. 4 per cent: low. 3% per cent. Time rates, n I'. 4ip!4% per cent. Prime mercantile paper quiet. Sterling exi hange was quiet, with business in bank rs bill at $4.42Vi for demand. MOTOR SKUURITIKS. (By Thomson A McKinnon.) —April 25. —Close. — Bid. Ask Ear! Motor 3% Packard com 11% 11% Packard pfd 81 86 Peerless 41 43 Continental Motors com 8-, 8% Continental Motors pfd 87 90 Hupp com 19% 19% Ken Motor Car 24 24% Elgin Motors 2% 3 Grant Motors 1% 1% Ford of Cana la 363 30.S National Motorg 1 2 Federal Tntel; 20 22 Republic Truek 8% 3 ACTIVE OIL STOCKS. (By Thomson A McKinnon.)

—April 25. —OpeningBid Ask Atlantic I.obn* ; 10% 11 Horne-Scr.v lid 35*1 37' Buckeye P;p '.ine 9.8 I<2 *'hesebrough .Vfg. t'-ns 18*i 190 f’lintinen i . *'". ‘‘<*l*> 145 152 t’osdcn *"! and Gas 5 8 Crescent I'i; • Line 33 35 Cumberland Pile Line 140 no Eureka Pipe Lin- 9- 103 Galena Slg il oil. prof ln> 11) Galena-Signal ttil, com 52 54 Illinois Pipe Line Id 185 Indiana Pipe Line 98 102 Midwest oil 2% 3 Midwest Rfg 180 Nationa 1 Transit 29V*, 30% New York Transit 17<l 175 Northern Pipe Line I<*s ms 1 ihio Oil 315 322 Oklahoma P. & R •'% *l% Penn.-Me* 29 32 Prairie Oil and Gas 600 610 Prairie Pipe Line 233 238 Rapnlpa llefg 3% _3% Solar Refining . . 34*1 370 Southern Pipe Line 100 lo" South Penn Oil 195 20*1 Southwest Penn Pipe Lines .. 66 65 Standard Oil Cos. of Iml 9*;% 06% Standard Oil *’ i. of Kan s*lo 580 Stan*larij oil Go. of Ky so' . M% Standard Oil *’". of Neb 190 200 Standard Oil Cos. of N. Y. ...395 400 Standard Oil Cos. of Ohio 460 480 Swan A Finch 25 35 Vacuum Oil 400 415 Washington Oil 25 80 NEW YORK Cl RB M \RKET. (By Thomson A McKinnon.) —April 25 Bid. °Ask. Acme Packing 43 48 Curtis Aero com 4 6 Curtis Aero pfd 24 27 Goldfield Con 6 8 Jumbo Extension 3 5 International Petroleum.. 16% 17 Nipissing 3% 3% Standard Minors 5 6 Salt Creek 14% 14*J Tonopah Extension 1% 17 16 Tonopnh Mining 1% 1% I’nited P. 8. new 6 C's U. S. Light and Heat.... 2 2 1-16 Wright .Marlin 2 5 Yukon Gold Mine Cos 1 IVg Jerome 3% 4 New (’"rnelia 17% is Vi I'nited Verde 28 29 Sequoyah 3 10 Omar Oil 2 1 10 2% Rep. Tire 65 75 Boston A Mont 16 17 NEW YORK METAL MARKET. NEW YORK. April 25.--Copper—Quiet; all positions offered, 12%e. Lead - Firm: all positions offered, s',c bid. Spelter— Steady I all positions, 4.9* [email protected]. NEW YORK WOOL. NEW YORK. April 25.—W00l prices were steady in trade on he market here today, values of the last week being well maintained. NEW YORK HIDES. NEW YORK. April 25.—Hides were steady in trade on the market here today, native steer hidis selling at 13c aud branded steer hides at 12c per ib. INDIANAPOLIS PRODUCE. Eggs—Freeh. 21@22c. Buter—Packing stock, 141315 c. Poultry—Fowls !7@22c; broilers. I's to 2 lb. s' , 45(0 16c; leghorn broilers at discour..;. cocks. 1.';@14 e: young hen turks, 8 lbs. and up 55c: young tom turks, 12 lbs. and up, 35c; old tom turks, ROe: cull thin turkeys not wanted; ducks, 4 lbs. and up, 13(31(1; geese, 16 lbs. and up, 13@14e; squabs, 11 lbs. to dozen. $5.50(36.66: old guineas, per cozen, $3. Butter —Local dealers are paying 37(3 3Se per Ib. for butter delivered in Indiaunpolls. Butterfat—Local dealers are paying 3flc per Ib. tor buiterfat delivered in Indianapolis. WHOLESALE BEEF PRICES. The following are today’s wholesale prices for beef cuts as sold on the Indianapolis markets of Swift A Company: Ribs—No. 2,18 c; No. 3.15 c. Rounds— No. 2. 14e; No. 3,13 c. Loins —No. 2. 20c: No. 317 c. Cbu<ks—No. 2,11 c; No. 3.10 c nates—No. 2,7 c; No. 3,6 c

INDIANA DAILY TIMES.

GRAINS CLOSE SHARPLY LOWER Heavy Commission Selling Starts Break. CHICAGO, 'April 2%—Grain prices closed sharply lower on the Chicago Board of Trade today. Heavy commission house selling started the break in the market shortly after the opening, which was higher. Local elevators and shorts joined In the selling to drive down prices. Receipts were light and weather over the grain l>elt was reported as being generally unfavorable. Provisions were lower. May wheat opened up l%e at $'.47 and closed down 6%c. July wheat is as up %o at $1.29'/ 3 at the opening and closed off 2c. September wheat opened up vie at $1.20 and closed off IVAc. May corn opened up %c at 01 %o and closed down l%e. July corn opened up %c at 65%c and closed down l%e. September corn opened up %c at 07Vjc and closed off l%c. May oats opened off Vic at 37%e and closed off Vic. July oats opened up %e at 40%c and closed down %c. September oats opened off %<-• at 44%c and closed off Vic. (By Thomson A McKinnon) —April 25 Wheat—All of the foreign news today lends considerable color to the idea that we will have export business throughout the year, but tliis Is temporarily overcome by the almost complete absence of immediate demand for the amount now available. Liverpool firmness was attributed to a continental demand for cargoes and other wheat iu nearby position. Russia was reported as a liberal buyer of Argentine wheat on passage. The domestic situation was again characterized by indifference on the part of the millers, also by unexpectedly large receipts at southwestern markets. Knowing, as we all do, that the ultimate price of wheat is determined by the volume of demand from importing countries, we want to mention that September wheat Iu Liverpool was quoted today at $1.52 as against $1.19 in tlie Chicago market, this is impressive to the extent tl at it displays the probability of a broad foreign demand 111 the course of time. It seems to us that the willingness of consuming countries to accept our offerings in fairly good volume coupled with the idea that world's requirements will, at all times, closely approximate tii esttrpluH of exporting countries until Russia and Central Europe he rehabilitated are reasons for friendliness to new crop deliveries. Corn and Oats —There Ims been some evidence of the commencement of liquidation of holdings for May delivery in the corn market, but very little in the oats. The chief influence in prices was the action of wheat. The seaboard is again inquiring ill tlie Northwest for oats, tiut no foreign business reported in that grain, five hundred thousand ooru were sold. Neither one of these markets displays individual weakness, from which we gather the idea that an improvement in the domestic or export demand will strengthen values. Provisions Dullness and action or grains were tlie factors 111 the provisions market. Hogs were in good demand and It is still believed that Europe will dis play more Interest in the product. CHICAGO GRAIN TABLE. —April 25VYHEAT — Open. High. Low. Hose. May.... L 47 1.47% 1.40% 140% .) ill v.... 129% 1.29% 1.27% L 2.% Sept.... 1.20 1.20% 1.18% ÜB% CORN— May 61 % .61% .30% .60% July 05% .65% .'%'% .'M'n Sept 07% .67% .60% ’ ' • • ' ■ , .... JiiVy AO% .40% .40.40 Sept 41% .42 .41% 41% PORK—•May -I—> LARD— „ „ Mav . 10 85 1(4.83 10%2 10.82 July.... 11.17 11.17 11.06 11-07 Sept.... 11 32 22.32 11.30 11.30 ‘“uyT. 11.69 •July M a y.... 1 10% 111% 1.09 1"9 July 1.05 1 05% I<>4% 1.04 Sept 98 .98% .97 -1G •Nominal. TOLEDO SEED AND GRAIN. TOLEDO, April 25.—Clove raced Cash. $13.1)0; April, $15.60; October, sll *• Alstk. —Cash. $1159. Timothy ''ash, $3 ; May. $3; September. $3.30; Or;ob. r. $3.15. \Vli.at lush, $! lllilil 43: M y, $1.43 July, $1.29%. Corn—Cash. 65'u0i; Oats Cash, 44',! 46c. Rye Cash, $10" Barley—Cash, 08c. CHICAGO CASH GRAIN. CHICAGO. April 25. Wheat No. 2 mixed, $1.32% : No. 3 mixed, $1.32% Corn No. 2 mixed, 60%®01c; No. 2 white, 01 %® 03c; No 2 yellow, 01®01%e. No 3 mixed, 514%'u '* '%c; No. 3 white, 6- 4 'o 61c. No. 3 yellow, flu’,® 09 qc. No. 4 white, 54',! 58> 4 r. No. 4 yellow. 57%®' 6(4 %c. Oats No. 2 white, 39ftp 10 %e; No. 3 while, 30% ® 38% c.

PRIMXRY MARKETS. (By Thomson A McKinnon ) —April 25 RECEIPTS— Wheat. Corn. Oats. St. Joseph .. 17,0*10 25,000 2,oif Chicago 70.d<M 274,066 110 Milwaukee .. 3,001 40,060 40,0 a > Minneapolis .. 155,000 ll.otto 26,000 Duluth 122,(C0 11,000 St. Louis ... 04,00 > 29,00" 48,000 Toledo 14,000 11.000 10,00" Detroit 11,660 10,(Ko 8,000 Kansas City . 140,600 36,000 I'ooria ,0(ll) 35,(KM 3), 000 Omaha 76.000 7<>,000 12,000 Indianapolis . 9,000 63,000 46,000 Totals 09.3.000 618.000 382,000 \ car ago ... 975,00*1 4'i0,000 480,* 09 —SHIP.M ENTS— Wheat. Corn. Oa(s. St. Joscpll 24.0*0 2.0*'0 Chicago 31,0*10 397,000 369.0)0 Milwaukee . 7.1HK1 759,000 35.000 Minneapolis . 42,000 24,1-00 106,00*1 Duluth 8,000 Sf. Louis ... 73,000 17,000 52,000 Tilled* 11,000 4.00 11,000 Detroit 2.000 4.006 Kansas City . 113,000 16.000 12,000 Peoria 6,009 26.000 49.000 Omaha 79,000 73.001 20,000 Indianapolis 18,000 14,000 Totals 370,000 1 .-’WKI.OOO 671,010 Year ago 1.101 1,773,000 296,000 —CLEARANCES— Philadelphia 58,000 Baltimore ... 61,0*90 New Orleans 137,000 Totals 64.600 175,000 Year ago .' 826,000 130,000 INDIANAPOLIS CASH GRAIN. —April 25 Rids for car lots of grain and hay at tlie call of the Indianapolis Board of Trade were: Wheat— Steady : No. 2 red, $1.47071.48. Corn—Firm; No. 3 white. 61(<702%c; No. 1 white, OOOihlNo. 3 yellow. 61 (*7.320: No. 4 yellow, (i0(o 61c; No. 3 mixed. 590701 c: No. 4 mixed. 58<S00c. Oats—Firm; No. 2 white, *lo',i@42c; No. 3 white. .39;% 0i 40 ((.*'. Hay—Steady: No. 1 timothy, sl9'*? 19 50; No. 2 tir th.v. slß.so@ltt; No. 1 light clover mix slS(*r 18.50; No. 1 *do ver, [email protected]. —lnspections Wheat— Sample, l car. Corn—No. 3 white, 2 cars; No. 4 white. 1 car: No. 3 yellow. 2 cars; No. 4 yellow. 3 cars; No. 5 yellow, 5 cars; No. 6 yellow, 3 cars; No. 5 mixed, l car; No. 6 mixed, 5 cars; sample mixed, 1 car; total. 23 cars. Oats—No. 2 white, 2 cars; No. 3 white, 2 cars; No. 3 white, 3 cars; No. 4 white, 3 cars; sample white, 1 car; total, 11 cars. Rye—No. 2, 1 car. Hay—No. 2 timothy, 1 car. HAY MARKET. The following are the Indianapolis prices tor hay, by the wagon load, dePvered in Indianapolis: Hay—Loose timothy, $17(3)18; mixed hay, $16@17; baled hay, sl7@r;lß. Oats—New, per bushel, 42@45c. Corn - Both old and new. per bushel, 60 65c. WAGON WHEAT PRICES. Indianapolis dour mms and elevators yesterday were paying $1.35 per bushel for No. 1 red winter wheat; $1.33 for No. 2 red wilder ana according to test for Ko. 3 red ttnter.

Local Stock Exchange —April 25 STOCKo. Bid Ask Ind. Ry. & Light, com 60 Ind. Ry. & Light pfd 75 ladpls. St. Ry 45 j fndpl3. N. W. pfd 60 ladpls. & S. E. pfd 66 T. H„ T. & L. pfd 70 T. H.. I. & E. com 9 T. H„ I. A E. pfd 15 U. T. of Ind. com 1 U. T. of Ind. Ist pfd 4% 9VA U. T. of led. 2d pfd 2 Advanee-Rumely Cos. pfd ... Adviince-Kumely Cos. com. .. IS% ... Am. Central Life 195 Am. Cresoting pfd 94 ... Belt. R. R. com 67% 70 Belt It. R. pfd 50 Century Bldg. Cos. pfd 93% ... Citizens Gas Cos 20 ... City Service com City Service Cos. pfd Dodge Mfg. Cos. pfd 86 ... Home Brewing 46 ... , Ind. Hotel Cos. com 86 ... Ind. Hotel Cos. pfd 99 Did. Nat. Life Ins. Cos 2 ... Ind. Title Guarantee 71 Ind. Pipe Line 100 ... ludpls. Abatto'” pfd 45 Indpls. Gas 44'% ... ludpls. Tel. pfd 90 Indpls. Tel. com 2 ... Mer. Pub. Util, pfd 49 Nat. Motor Car Cos 1 3 Pub. Sav. Ins. Cos 5% ••• Raub Fe;\ pfd 47 Stand. Oil of Ind. . 96% 97'% Sterling Fire ins. Cos 7% ••• Van Camp Hdw. pfd 90 Van Camp Prod. Ist pfd 1944 Va.. Camp Prod. 2d pfd 100 • Vaudalia Coal Cos. com 1% 6% Vandalia Coal Cos. pfd 6% 11% Wabash Ky. pfd 32 36 Wabash Ry. com 9% 74 BONDS. Broad Ripple 5s 61 Citzens St. Ry. 5s 78 Indian Creek Coal Mine 6s ... 1"0 Ind. Coke & Gas 5s 86 Indpls, C. k S. 5s 91% Indpls. A Martinsville 55,... 58 ludpls. & North. 5s 39 44 Indpls. Street Ry. 4s 57’% 61 Indpls. & N. W. 5s 47 52 Indpls. A S. K. 5s 45 Indpls., Sbe'by. A S. E. 5a 75 T. H. f. A E. 5a 52 Indpls. Gas 5s 85 01' Citizens Gas 85 90 Kokomo. M. A W. 5s 84% Ind. Hotel Cos. 6s 97% ludpls. Water 5s 95 Indpls. Water 4%s 81 85 Indpls. T. A T 77% ... Indpls. L. A 11. 5s 8s 0! I*. T. of Ind. 6s 47% ... Mer. H. A L. 5s 98 New Tel. L. I>. 5s 96% ... New Tel. Ist s 96% Sou. Ind. Power 0 86% 91% •Ex dividend. | Weather The following table shows the state of the weather at 7 a. m. t April 25, as observed by U. 8. Weather Bureaus: Station Bar. Tetnp. Weather Inriliwiapolls, Ind... 30.19 53 Rain Atlanta, Ga 36.36 54 Clear Amarillo, T,-x 30.10 50 FtCldy Bismarck, N. D. .. 30 14 30 Pt< ildy Boston, Mass 30.24 50 Clear Chicago, HI 30.16 5o < imply Cincinnati, 0 30.2s 52 Rain Cleveland, 11 30.30 48 Cloudy Denver. Colo 30.10 40 Clear Dodge City. Kan. .. 30.10 54 Cloudy 1 Helena, xieiit 3.1.2s 34 Snow Jacksonville, Fla. . 30.36 66 Cloudy Kansas City, Mo. .. 30.16 54 Cloudy Louisville, Ky. ... 30.22 58 Cloudy Little ltoek. Ark . 30 10 04 Cloudy I.os Angeles, Cal. .. 29.90 54 Cloudy Mobile, Ala 30.26 66 Cloudy New Orleans. I.a. .. 3" 29 TO Clear New 1 ~rk. N. V. .. 39 52 |s Clear Norfolk, Vs 30.42 40 Clear Oklahoma City ... 3n.lt 58 Cloudy Omaha, Neb 30.22 50 Cloudy Philadelphia, Pa. .. 39.36 52 Clear Pittsburgh. Pa. ... 3" ■! 42 Cloudy Portland, or,- 30 os (c. Cloudy Rapid City . 8. D. . . 30 36 . - < lou tj Itoseliurg. Ore 3"."2 38 Clear San Antonio, Tex. 29 9s 7" Cbar San Francisco, Cal . 29.90 4'> Cloudy St. Louis, Mo 30.06 5' Cloudy St. l’aul. Minn 30.2" 44 Cloudy Tampa, FI: 30.39 6>' Clear \\... hlngtoß, D. C. 30 SO 4s Clear WEATHER CONDITIONS. Tlie depression through traversing States west of the M IssDslppi River Monday morning Is moving slowly sutward and now extends from the western lathes region to the west Gulf States It lots caused rains In the upper and middle Mississippi and lower Ohio Vallry sta'es, and showers also have occurred In a licit fronv Texas and Oklahoma northwest to .Montana. It is a little warmer in most eastern sections, and cooler over tlie northern plains region, but as a rule temperature eltaJiges have not been of marked deg roe over large ureas. -—White River Conditions.— At 7 n. m. today stages in White River were ns follows: Decker, 23.6, falling. Tlie river at ihs-ker readied erest at 25.8 leet, April 22. at 4 p. nv. CORN AND WHEAT BULLETIN. For the twenty four hours ending at 7 a m , Tuesday, April 25. 1922:

i Temper j 1 I ature. L--1- * a Stations of | ® Indianapolis '„ ! c Z \ _3 u District. I -!=•* £; UJ) J s t Ui r k~I c£ C C = 77 ! S I o *1 *• ' p 4/0 a% : j 2 is- v-c i _ South Bend .... G 4 1; n! '< S’,: • r Angola 1 62 i 44 | 6.18 ; Good Ft. Wayne 62 i 46 j 6.08 I Wheat field ; 59 i 17 i 6.25 i Fair Royal Center ... 62 48 j 0.22 Good Marion (IS 47 i 0.13 Good Lafayette ....... 64 j 49 I 0.21 j Good Farmland 65 j 46 j 0.05 1 Good Indian .polls .... 65 , 52 j 0.05 i Good Cambri Ige City. 62 j 48 I 0.05 i Good Terre Haute 68 154 0.14 Bloomington .... 70 51 ! oil Fair Columbus 70 j 50 I 0.08 | Fair Vincennes 74 i 54 ] 0.61 | Soft Paoli 70 : 56 I 0.01 i Good Evansville 72 | 56 j 0.28 | 57H * AKM l NGTON. Meteorologist. Weather Bureau. Local Curb Market (By Newton Todd.) —April 25Bid. Ask. Am. Hominy Cos 16 16 Central and Coast Oil % ... Choate Oil C*>rp Vi % Commonwealth Fin. com. ... 28 .38 Commonwealth Fin. pfd. ... 48 58 Columbia Fire Ins. Cos. ... 6 7% Comet Auto % 2 Dayton Rubber Fnits 42 52 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 121 133 Gt. Sou. Prod. A Ref 5 1 ; 8 interstate Pub. Kerv. pfd. ... SI 01 Metro, 5-lOe Store com 3 7 Metro. 5-10 c Stores pfd. ... 19 27 Nat. Underwriting .. 2% 5 Revere Motors Vi % Rauch A Lang Units 20 30 Rub. Tex. Units 1014 15V5 11. S. Auto Units 35 45 U. S. Mtg. Cos. Units 1.30 115 BANK STOCKS. Commercial Nat. Bank .... 74 S3 Cont. Nat. Bank 104 114 Ind. Trust Cos 176 lnd. Nat. Bank 253 265 Mer. Nat. Bank 282 Security Trust Cos 131 1)0 State Sav. A Trust 91 98 Union Trust Cos 300 Wash. Bank A Trust Cos. .. 150 CHICAGO PRODUCE. CHICAGO. April 25.—Butler—Receipts 11.870 tubs; creamery extras, 38c: standards, 37'4((/37%c; firsts, 34 Vi @37 Vie; packing stock, 16fi17. Eggs—Receipts, 43,000 cases; current receipts, 23@23%c; ordinary firsts. 22@22Vie; firsts, 24(*72t'..e; checks, 20*(i 20 Vic; dirties. 20'/.'ll 21c. Cheese —Twins, new, 15'4@16c; Daisies, 15Vi?716c; Young Americas, l7@l7Vie; Longborns( lO'ic: Bricks, 14(gl4*c. Poultry—Turkeys, 30c; eh'ckens, 26c; broilers, 500/00c; roosters, 17c; geese, 18c; ducks, 30c. CLEVELAND PRODUCE. CLEVELAND, April 24. Butter—Extra. 44Vi@45c; prints, 43%@46c; firsts. 43Vi@44c; packing stock. 17@19c Eggs —Fresh, 29c; Ohio firsts, 25Vi@20e. Oleomargarine, 21@22e; high-grade animal oils, 22@22Vic; lower grades, 16@17e. Cheese —York St;ite, 22Vi@25c. PoultryLive fowls, 30@31e: roosters. ISc; broilers, yearliuss. 304i3ic.

SWINE PRICES 5 TO 10 CTS. LOWER Cattle Values Steady to 10 Cents Off—Calves Down. RANGE OF HOG PRICES. Good Good Good April Mixed. Heavy. Light. 19 . $10.40@ 10.50 $10.25010.45 $10.50@ 10.60 20. 10.V04H0.60 10.40(6)10.50 10.60 4j> 10.70 21. 10.40(6 10.50 10.35 @ 10.50 10.50 22. 10.65(610.75 [email protected] [email protected] 24. [email protected] 10.45 @ 10.50 [email protected] 25. 10.40@ 10.50 10.35@ 10.50 [email protected] With receipts close to 7.500 and the shipping and packing demand fair, swine prices were 5 to 10 cents lower in trade on the local livestock exchange today. The bulk of the hogs brought $10.50, and there was a top of $10.55. on lights. There were hut few heavy swine on the market, a few sales being made at $10.40 and a similar number at $10.45. Trading was of a fair nature, and a fair eiearance for the day was anticipated. Cattle values were steady to 10 cents lower, butcher stuff being steady generally and steers a shade weak to 10 cents lower. Receipts of rattle for the day ran close to 1,000 and the quality was .>od generally. Packers displayed fair demands. There was one load of choice steers on market that brought $8.50. which was the top of the market. This load of nineteen, which was sold by Graves, Nave A Cos., was the best cattle that have been on this market for some time and the price that they brought could not be considered as coming within the general market. They averaged 1,190 pounds. Bulls were in fair demand at steady prices, ns were canners and cutters Veal prices were 50c lower generally, due to large receipts and a slow shipping demand which in turn was due to lower prices oil eastern markets. There were close to 1,000 calves on the market. With less than 100 sheep and lambs on the market, prices ruled steady. HOGS. 100 to ISO lbs. average $10.50® 10.53 j Over .".(Ky llis 10.35® 10.40 150 lbs. to 300 llis 19.406(10.55 Best pigs, under 140 lbs 9.50® 10.25 Top 10.55 Roughs 8.50® 9.oft Stags 5.50® 7.50 Bulk of sales 10.50 —Cuttle— • Prime torn-fed steers, 1,000 to l.Soti lbs 7.25® 8.50 Good to choice steers, 1,200 to 1,300 lbs 0.50® 7.25 Cecil to choice steers, 1,190 to 1.200 llis 6.25® 6.50 Good to choice steers, 1,000 to 1,100 lbs 5.25® 625 Common to medium steers, 800 to 1,800 lbs 525® 5.50 —Cows and Heifers — Good to choice heifers 7.50® 8.50 Medium heifers 7.00® 7.5') Common to medium heifers .. 6.75® 7.09 Good to choice cows 6.00® 7.00 Fair to medium cows 4.25® 5.25 Canners 3.00®. 4.00 Cutters 2.75® 3.75 —Hulls— Fancy butcher bulls 5.50® 6.25 Good to choice butcher bulls 4.00® 5.25 Bologna bulls 3.50® 425 Light bologna bulls 3.00® 3.50 Light to common Dulls 2.75® 3.50 Choice veals s.'Yt® 9.o<> Good veals 7.-"i® 8.09 Medium veals 6.00® 750 Lightweight veals s.tH)®o(o Common to heavyweight veals 5.00® 5.50 —Stockers and feeders— Good to choice steers under mm lbs 6.00® 7 25 Medium (<Jws 2.50® 4.D0 Good cows 3.75® 4.75 Good heifers .. 5.50® 7.09 Medium id good heifers 4.25® 5.00 Milker* 35.00®85.00 —Sheep and Lambs— Cull Ewes .... 2.50® s,'Mi Good to choice ewes 5.50® s.-'m Bucks 2.5(6'! 3.044 ( lipped lambs in.no® 12 5o Wool lambs 12.00 : l ..(*) Springer* 11" it lfi.ito Lnek lambs . i. hi® T.'Ki Culls 4.00® 6.00 Other Livestock CHICAGO. April 25. — Hogg Receipts, 22.1400: market, active ad steady; bulk id ■ ■ f ' ti : I p $10.60; heavier $10.60; mediums. slo.lo® 10.4 ft: lights. slo.3o®'M.oo; light lights. $lO 40®.10.60; heavy packing saws. snin"‘.h. $10®10..5<1; p icking sews, i.nigh. $9.25®!) 75; pigs. $.8.; 9.30 Cattle Receipts—, 10.000; market. steady and fairly active. Itis't' steers Choice and prime. $.8.60® 9 25 : mediums and good, $7506)8.60; good and choice, $6.25®9.10; cMiumnns and mediums. $6.75 ®6 25 Butcher cattie— Heifers. $5.30® 850 : eoyvs $1 50® 7 25: Dulls. $Fa 6.59 Can tiers and cutters-Cows and heifers. $3.35® 4.5(4; canners steers. $4.50® 5 25; veal calves, light and hanilvweight, $5.75 ® 7.75: feeder steers, $5 Ss® 7 i',o; Stocker steers. $5.75® 7.50; stoeker cows and heifers. $4®5.75. Sheep and lambs Re celpts, 18.000; market, steady; good to choice lamb*. sl2® 11.75; culls and commons, $9.25® 12; yearling wethers, slo® >

Statement of Condition OF THE National Union Fire Insurance Company PITTSBURGH, FA. 1303 Chamber of Commerce bldg. ON THE 31st Day of December, 1921 E. E. COLE. President. E. W. HALL, Secretary. Amount of rnpital paid up... $1500.000.00 NET ASSETS OF COMPANY. Cash in banks (on interest and not on Interest) $ 590,735.09 Bonds and stocks owned (market value) 5,979.540.00 Mortgage loans on real estate (free from any prior Incumbrance) 24i ,700.00 Accrued securities (interest and rents, etc.) 95.771.06 Premiums and accounts du* nnd in process of collection 678,129.61 Accounts otherwise secured .. 402,750.01 Total net assets $7,994,633.87 LIABILITIES. Reserve or amount necessaary to reinsure outstanding risks $4,662,298.42 Losses adjusted nnd uot duo 2,521.87 Losses unadjusted and In suspense $ 703,115.01 Other liabilities of the company 225,000.00 Total liabilities $5,652,935.30 Capital 1,500,000.00 Surplus 841,698.57 Total $7,994,633.87 Greatest amount in any one risk $ 325,000.00 State of Indiana, Office of Commissioner of Insurance. I, the undersigned, Commissioner of Insurance of Indiana, hereby certify that the above is a correct copy of the statement of the condition of the above mentioned company on the 81st day of December, 1921, as shown by the original statement, and that the sviid original statement is now on file in this office. In testimony whereof, I hereunto subscribe my name and affix my (SEAL.) official seal, this Ist day of April, 1922. T. S. McMCRRAY, JR., CommissloncE. ,

13: ewes, [email protected]; cull and common ewes, [email protected]. CINCINNATI, April 25.—Hogs—Receipts, 4,000; market, steady: all grades good swine, $10.30; pigs, $10; roughs, $8.50; stags, $5.23. Cattle —Receipts, 700. market, steady; calves, $8.30@9. Sheep and lambs Receipts, 300; market, steady; ewes, $7; clipped ewes, $5.50; woo] lambs, sls; clipped lambs, sl4. springers, $lB. CLEVELAND, April 25.—Hogs—Receipts, 2,000; market, steady; yorkers, mixed, mediums and pigs, $11; roughs, $8.50; stags, $5.50. Cattle —Receipts, 150; market, steady. Sheep and lambs—Receipts, 2,000; market, strong; top, sls. Calves —Receipts, 2,000; market, steady; top. $9. PITTSBURGH, April 25.—Hogs— Receipts, 1.000; market, 10 cents lower; prime heavies, $10.5'@10.25; mediums, light and heavy yorkers. $11.10(g 11.25; pigs, [email protected]; roughs, $8(08.00. stags, [email protected]. Cattle —Receipts, 160; market, slow steady. Calves—Receipts, light; market, steady; veal calves, $9; heavy and thin calves, s4@6. Sheep and lambs Receipts. 500; market, 23 cents higher, prime wethers, $8.75@9; good mixed. $7.25 <7/8; fair mixed, so@7; culls and commons, s2(h4; choice lambs, sls. EAST BUFFALO, N. I\, April 25. Hogs—Receipts, 2.400: market active; yorkers. mixed mid mediums, [email protected]; heavies, $10.50@1l ; roughs, sß.sd@9;~stags. ss@6 Cattle—Receipts, 50; market steady. Calves —Receipts, 300; market steady: cull to choice, [email protected]. Slieep and lambs—Receipts, 000; market active; choice lambs. sls@ 15.75; cull to fair, so@ 14.75; yearlings, sll @12.50; sheep, s3@l<k In the Cotton Market NEW YORK. April 25.—The cotton market opened active and steady today at an advance of 2 to 13 points. A feature early was the liberal buying of May by a spot house, the demand being supplied by commision concerns. New Orleans and Liverpool also sold. Local traders purchased the new crop on heavy rains in Texas and better news from Manchester. Later, the list was a trifle easier under local offerings. New York opening cotton prices: May, 18.b!ic: July, 17.68 c: October; December and March, 17.70 c; January, 17.G5c. The market was strong in the late iln v closing at a net advance of 16 points to a net decline of 3 points —Cotton Futures— Open, High. Low Close. January 17.65 17.66 17.47 17 61 March ‘ 17.76 1"70 17.51 17.69 May 18.07 18.12 17.81 18.07

$60,000 Inierstate Terminal Realty Ca. 6% Tax-Exempt Preferred—l to 15-Year Maturities. $35,000 Inierstate Car Trust Equipment Cos. 6% ’ Tax-Exempt Equipment .Notes—i to 6-Year Maturities. SSO,ODD Empire Realty Cos. 6% Tax-Exempt Preferred—2 to 10-Year Maturities. !n this oln* of fully tax exempt securities we are offering the experience of thirty-one year* without a loss to any investor. Call or write today. toaMtehediniaai | IncorpomedinßDS J.P.Wild &€&State Bank . . .. j K 2-353 I bianapoia / Indiana USA.

* and* Unlisted Stocks SELL See Local Curb Market. 415 Lemcke Bldg. TUOI/

Statement of Condition OF THE Security Initial Fire Insurance Company CHATFIELD, MINN. ON TIIE 31st Day of December, IS2I FRANK L. TESCA, President. L. M. THUUBER, Secretary. Amount of capital paid up Mutual NET ASSETS OF COMPANY. Cash in hanks (on interest slid not on interest) .$ 41,410.25 Bonds and stocks owned (market value) 61,341.00 Mortgage loans on real estate (free from any prior incumbrance) 09.400.00 Accrued securities (Interest and rents, etc.) 4.537.21 Premiums and accounts due nnd in process of collection 54,495.94 Accounts otherwise secured.. 21,568.51 Total net assets $ 243,056.51 LIABILITIES. Reserrs or amount necessary to reinsure outstanding risks (50% basts) $ 151,807.78 Losses adjusted nnd not due. 40,193.80 Bills and accounts unpaid.... 24,665.64 Total liabilities $ 216.667.28 Surplus 26,389.23 Total $ 243,050.51 Greatest amount in any one risk, fireproof $ 10,000.00 State of Indiana, Office of Commissioner of Insurance. I, the undersigned, Commissioner of Insurance of Indiana, hereby certify that the above is a correct copy of the statement of the condition of the above mentioned company on the 31st day of December. 1921, us shown by the original statement, nnd that the said original statement is now on flit in this office. In testimony n hereof, I hereunto subscribe my name nnd affix my (SEAL.) official seal, this Ist day of April, 1922. T. S. McMURR„T, JR., Commissioner. ,

APRIL 25, 1922.

July 17.68 17.74 17.51 17.7.': October 17.70 17.74 17.454 17.73 December 17.70 17.73 17.50 17.72 LIVERPOOL, April 25.— Cotton was quiet during opening today. Prices were easier and sales close to 0.000 bales. American middlings, fair, 11.66(1; good middlings, 10.6D1: fully middlings, 10 26d; middlings. lO.lld: low. 9.00(1; good ordinary. S.Sld: ordinary, 8.31d. Futures opened steady. BIG FAILURES IN BUSINESS STIRS BRITAIN LONDON, April 21.—The year 1919 marked the high festival of the profiteers, but the year 1922 the “lossitecrs'' are claiming as their very own. The one big business in this country at the moment is bankruptcy, and the only people forking at anything like full pressure are tlie business accountants, who are working overtime on winding up deceased businesses, getting them ready for their examination in bankruptcy. The financial rot started with the crash of the .City Equitable Assurance Company, which involved a sum of about $10,000,000. Tlie insurance world faced that earthquake with fortitude and is gradually recovering from the shock, but in textiles, rubber, oil and dry goods large numbers of once pdoSperous houses are now in serious difficulties. Almost every day adds to tlie list of voluntary liquidations. During the first fortnight in this month eighty already have been reported, and that is twenty times he average in normal lines. Since Jan. 1 1,200 failures of traders hare been notified, which is incomparably larger I ban any other year within the lust four generations. The extent of the liabilities is not such an impressive feature of the faiiures as the shrinkage of assets. Stocks bought at the top of the market have had to be realized at ruinous sacrifices. Reckless overbuying during the boom, absence of reserves n”d good will, heavy taxatiom and decline of trade are some of ttu| reasons for trade failures.

Statement of Conditioa OF THE South Carolina Insurance Company COLUMBIA, S. C. £ 1400 Main st ON THE 31st Day of December, 1921 Amount of capital paid up $ 200,000.00 NET ASSETS OF COMPANT. Cash in banks (on interest and not on Interest) $ 45.546.3 T Bonds and stocks owned (market value) 144.500.00 Mortgage loans on real estate (free from any prior Incumbrance) 409,707.31 Accrued securities (interest and rents, etc.) 4.365.90 Other securities, collateral loans 64,250.00 Dep. Globe & Rutgers Fire Ins. Cos 6,346.38 Refund admitted and due by U. S. Government on taxes paid in 1918 and 1919 7.35L52 Premiums and accounts duo and la process of collection 38.722.25 Total net assets $ 721,393.03 LIABILITIES. Reserve or amount necessary to reinsure outstanding risks $ 339,351.92 Losses due and unpaid 108,470.73 Reserve for taxes 2,500.00 Total liabilities $ 450.322 65 Capital 200.000.00 Surplus 71,070.33 Total $ 721,393.03 Greatest amount la any one risk $ 5,000.00 Greatest amount allowed to be Insured in any one block SIO,OOO to $ 20,000.0^ State of Indiana, Office of of Insurance. I, the undersigned, Commissioner of Insurance of Indiana, hereby certify that the above is a correct copy of the statement of the condition of the above mentioned company on the 3lst day of December, 1921, as shown by the original statement, aud that the said original statement is now on file in this office. In testimony whereof, I hereunto subscribe my name and affix mv (SEAL) official seal, this Ist day of April, 1922. T. S. AtcMURRAY, JR., Commissioner.