Indianapolis Times, Volume 35, Number 1, Indianapolis, Marion County, 12 May 1922 — Page 22

22

MARKET STEADY AFTER EARLIER TRADE LOSSES Steadier Undertone Develops Following Hardening of Prices. PROFESSIONAL PRESSUR Special to Indiana Dally Time! and Philadelphia Public Ledger. BY MONITOR. .NEW YORK, May 12.—After responding to reactionary influences for the first three hours of the session, the market developed a steadier undertone, with a general hardening of prices that cut down the early losses in most Issues and was responsible for a sharp gain in others. Trading was on a fairly active scale, wilh a turnover aproximating a million and a quarter shares. During tha forenoon pressure from professional sources gave the market a most unsettled appearance. Commission houses were liberal sellers for the account of room traders who were Impressed by the undertone of weakness. Along la the early afternoon It began to look a if resistance was being encountered, end short covering started an upturn. The news from Genoa was sufficiently favorable to provide encouragement for those who looked to the conference for a cue. Later in the day the action of the independent steels, appeared to be authentic reports -If merger developments, brought a flood of buylrg intj these issues. Lackawanna, Republic, Midvale and Bethlehem displayed firmness, and the first named stock advanced with great rapidity on large transactions. Vanadium and Replogle alao were strong. A few specialties, such as Laclede Gas, Butte & Superior, Computing. Tabulating and Recording and Coca Cola, showed enough firmness to give the impression that liquidation in certain quarters of he market had run its course. The recovery, however, was not sufficiently substantial or general to cancel some large early losses, but sentiment was muth more optimistic than It has been for several days. It was admitted that stocks have been well taken on the decline and the te-hnieal position Is believed to be much healthier as a result of the shakeup. The Street is awaiting with much interest the details of the s’eel merger, whb-h is expected to be the forerunner of further industrial consolidations later on.—Copyright, 1922, by Public Ledger Company. WALL STREET GOSSIP BY MONITOR. NEW YORK, May 12.—Lackawanna Steel was an outstanding feature in the market yesterday and advanced 7 points in a strong closing rally. President E. G. Grace of the Bethelhem announced last evening that h*s company had leached au agreement with the La ku wanna Steel Company whereby lae latter would be taken over. This deal has been under consideration since last fall, but until yesterday It had been generally considered that Lackawanna was to be one of the units of the so-called seven coiui ;iiv steel merger. The BethlehemLarkawnnua transaction involves the use of Bethlehem 7 per cent preferred and Class "B” common stock in payment for tha Lackawanna properties. Stockholders of Lackawanna and Bethlehem will ui'-et next Tuesday to prepare a statement of details for stockholders of the two companies. Incidentally, next Tuesday will also witness the meeting of the other, independent steel companies in the Kuhn, Loeb A Cos. offices. A minority stockholders' committee is being formed here to fight the acquisition of the Empire Iron and Steel Company by the Keplogie interests. This committee is planning to take the matter to the courts as soon as lawyers have completed th- ir preliminary plans. It Is not known as yet what percentage of stockholders have turned in their stock to this committee. Stewart-Warner Speedometer shows a surplus of $95 451 f r the first quarter, aft-'r taxes and dividends had been paid. Current assets as of March Si amounted to $6,810,20”, as against liabilities of but $462,943. In connection with the strong showing made, an officer of the company is quoted as saying “business has held up remarkably wetland gives every indication of continuing to do so."—Copyright, 1P22, by Public Ledger Company.

I Weather The following table ■show* the state of the weather at 7 a. in., May 12, as observed by United States Weather Tureaiis: Station. Bar. Tem. Weather. lit<lian|Mll*, Ind. . 29.87 71 Cloudy A lar.ta, Ga 29.92 06 Clear Amarillo, Texas .. 30.10 48 Clear Bismarck. N. I>. ... .'at.46 42 Cloudy Boston, Mass 29.5 1 * 54 Clear Chicago. 11l 29.84 72 PtCldy Cincinnati, Ohio ... 29.80 70 PtCldy Cleveland. Ohio ... 29.84 60 PtCldy Denver, Colo 3> .14 46 Clar Dodge City. Kas. . 30.14 46 Clear Helena. Mont 30.18 42 Cloudy Jacksonville, Fla. . 29.90 74 Clear Kansas City. Mo. .. 3<M>4 58 Clear Louisville, Ky. ... 2‘j.'jo 72 Clear Little Rock, Ark. . 29.04 70 Rain Los Angeles, Cal. . 30.04 60 Clear Mobile. Ala 29.96 76 Clear New < >rl<-i ns, I.a. . 29.90 74 Clear N'ew York. X. Y. .. 29.Nt 56 Clear Norfolk. Y.i 29 NJ (is PtCldy Oklahoma City ... 30.02 36 Clear Omaha. Neb 30.00 50 Clear Philadelphia, I*a. . 20.82 < Cloudy Pittsburgh, I*a. 29.80 66 Cloudy I’ortland, Ore 30.34 52 Cloudv Rapid City. S. D. . 29.92 46 PtCldy Roseburg, Ore. ... 30.32 52 Cloudy San Antonio, Texas 29.94 74 Cloudy San Francisco, Cal. 30.16 52 Clear St. Louis. Mo. ... 29.92 68 PtCldy St. Paul. Minn. .. 29.84 52 Clear Tampa. Fla 29.90 78 Clear Washington, D. C-. 29.82 62 Cloudy WEATHER CONDITIONS. The center of the western disturbance has moved almost directly northward and now overlies North Dakota, accompuniel by unsettled, showery weather in that region. .showers anil thunderstorm* also have oceurred Iron) the upper and middle Mississippi volleys southeastward to the Atlantic coast. Temperature* are lower over much of the region between the Mississippi Kiver and the Rocky Mountains, and somewhat higher In the far west. Frosts occurred last night in many sections of the Rocky Moantolu region. CORN AND WHEAT BULLETIN. For the twenty-four hours ending at 7 a. m., Friday. May 12, 1922: Temper ature _ r V c c Station* of-. 1 _ -•e.c _ u Indianapolis „ c i £ _ e ** District. I* Si! -=;g gzj Qgs South Bend 1 87 I 65 1 0 ! Good Angola 86 !64 J 0 i Good Ft. Wayne jB6I 66 i 0 1 Wheatfieid jß6j 63 I 0 1 Good Royal Center ... 86 ■64 ! 0 | Good Marion S3 62 i 0.30 j Good Lafayette 85 166 j 0 Good Farmland 78 61 I 0.02 ! Good Indianapolis 86 : 68 ’ 0 j Good Cambridge City. 84 60 ! 0.41 ; Good Terre Haute .... 86 !68 0.24 j Bloomington .... 88 ! 60 0 I Good Columbus 82 I 61 0 ! Good Vincennes 91 !6S 0.10 1 Good Paoli 86 I 64 01 Good Evansville 88 j 68 0 j " J H. ARMIXGTON. Meteorologist, Weather Bureau.

| hi. T. Stock Exchange (By Thomson & McKinnon.) Prev. High. Low. Close, close. AJnx Rubber ..17 17 17 10% Allied Chem ... 06% 66 06% 60 Allis-Chal 66*4 06 66% 4.8% Am Beet Sug... 39 38% 39 38% Am Bosch Mag 44% 43% 44 43% Am Can 47% 47 47% 47 Am C & F 158% 15814 158% 156% Am Ice 164% 102 164 102 Am H & L pfd 67 66% 67 66% Am Int Corp... 44 43% 44 43% Am. Loco .114% 113% 114 113 Am. Steel Fdy. 38% 37% 38% 37% Am. Sm. & Ref.. 58V* 57% 57% 56% Am. Sug. Ref... 74% 73% 74% 73% Am. Su. Tb. Cos. 33 32 % 32% 33% Am. Tel. A Tel. 121% 121 % 121% 121% Am. Tobacco... 139% 139 139% 139% Am. Woolen 91% 91 91% 91 Anaconda 53 52% 52% 52% Atchison 99% 99 Vs 99% 99V* Am. Ship A C.. 17% 16% 17 10 Atl. Gulf A W.I. 35% 35% 35% 35 Austin Nichols. 25% 25 25 25% Baldwin L0c0..116% 114% 116% 115% B. A 0 46 Vs 45% 46 45% Beth. Steel (B). 82V* 75% 81% 78% Brook. R. Trans. 26% 25% 25% 25% California Pete. 06% 55% 56% 54% Canadian P. R.. 140% 139% 140 130% Central Leather 37% 36% 37% 36% Chandler Motor 73% 72 73% 72% C. A 0 65 61% 60 64 CM A St. P com 25% 25 25% 25% CM A St. P pfd 42% 41% 42% 41% Chi. A North 73% 73% 73% 73% CR I A I’ac 42% 42% 42V* 42% CRI A P 6pct p 80V* 80% S<>% 80% CKI &I* 7pct p 95% 19 19% 19% Chill Copper .. 19% 19 19% 19% Comp. A Tab.. 66% 65 65 66 duett A P 54 54 54 .... Chino Copper . 25% 28 28% 27% Columbia Gas .. 57% 87% 87% 87 Coca Cola OS 56% 57% 07 Col. Fuel A I. 35 33% 35 32% Con. Gas 116% 116 116% 116% Con. Can 65 64 % 65 64% Corn l'rod 101% 99% 101% 100% Crucible Steel .. 75% <.8% 75% 68% Cuban Am. S. . 21% 20% 20 •* 21% Cuban Cane Sug 15% 15% 15% 15 Del A Lack .. 117 116% 116% 116% Davison Chem.. 58% 56% 58% Dome Minos ... 27% 27% 27% 27 Erie 12% 12% 12% 12% Endlcott and J. 81% 81V* 81% 81 Famous Players 80% 79% 80% 80% risk Rub. C 0... 18% 18% 18% 1H Gen. Asphalt .. 61%' 61 61% 61 Geu. Cigars ... 71 71 71 71 Gen. Elec 163% 162% 162% 162 Geu. Motors 12% 12? 12% 12% Gt. North, pfd. 74% 74% 74% 73% Gt. North Or .. 41% 39% 41% 39% Gulf States Oil. 86Vg 81% 84% 82% Hupp Motors.. 18% 17% 18% 18 Houston 0i1.... 78% 77% 75% 77% Illinois CentraLlo4% 1u3% I<V.% 104% Indiahoma 4% 4% 4% 4% Inspir. Copper. 40% 39% 40% 39% Inter. Harvester 97% 96% 97% 96% Inter. Nickel... 17% 16% 17% 16% Inter. Paper... 51% 49% 5u% 49% Invincible OIL. 17% 17% 17% 17% Keystone Tire. 22% 21% 22% 21% Kelly-Spg. Tire. 50% 49% 50% 40% Kennect. Copper 33 32% 33 32 Lacka. Steel.... 78% 71% "8% 65% Lima Loco 108% 108% 108% 107% Lehigh Valley.. 61% 61 61 % 61 Loews Inc 16 15% 16 16 Martin Parry ... 30% 30% 30% 30% .Marine com 23% 22% 23% 22% Marine pfd 82% 81% 82% 81% Maryland 01L... 31% 21% 31% 31% .Hex. Pete 130% 127% 139% U’B% Middle S. Oil. .. 14% 14% 14% 14% Midvale Steel... 38% 36% 38% 37% Mo. I’ac. Kv.... 23 22% 22% 22% Mo. Pac. Rv. pfd 55% 55% 35% 54% Mont. A W 21 Vi 20% 21 21% National lead.. 92% 92% 92% 92 N. Y. Air Brake 76 76 76 75 N. Y. Central.. 89 ~ 88% 89 89% New Haven 2%, • 28% 29% 29% Norfolk A West 105% North. Pacific.. 75% 75 75% 75 Pro. A Refiuers 37% 3*5% 37 36% Pacific Oil 65% 63% 64% 64% Pan-Am. Petrol. 63% 02% 63% 62% IVnna Ry 40% 40% 40% 41 People’s Gas... 86 SO 86 85% IN re Marquette. 30% 30% 30% 30% Pi>-rce Arrow .. 21 19% 20% 21 Pierce Oil Cos.. 10% 10% 10% 10% Pullman P C. .122% 120 121% 119% Pure Oil 33 ■„ 32 33% 31 % Reading 77% 76% 77% 76% K I A Steel 68% 64% 08% 66% Rep Steel 33% 31% 33% 33 % R Dutch of N Y *13% 02% <13% 62% Sears-Roebuck . 74% 73% 73 8, 74 -, Sinclair 32% 31% 31% 31% Sis-Shf S. A 1... 49% 44 49% 44 South. Pacific... 90% 90 90% !<•>% Southern Ry 24 23% 24 23% St.L. * S.W.Rv. 29 28% 28% 29 Std. OH of Ca1..114% 110% 1136* 112 Std. Oil of N. JlB7 186 187 186 St.L. A S F-coin. 29% 28% 29 29 St-vart A War. 4<> 35% 4<< 37% Strom. Curb 52 V* 51% 52% 51% Stttdebaker 118% 114% 118 116% Texas Coal AO. 29% 28'* 29 28% Texas Cos 48 40% 48 47% Texas A Pac... 32 31% 32 31% Tobacco Prod. . 68% 67% 08% 66% Trans. Oil 14% 13% 14% 13% I tiion <>tl 22% 21% 22% 22 Vntort Pacific ..137% 137 137% 1 91% Pnited Drug .. 72 72% 72 65% United Fruit ..1381; 13.8% 138% 14;% 4. S. Retail 5... 5s 55% 58 54% F. S. Cast I. P. 36% 33% 35% 32% U.S.lndus. Alco. 49% 48% 49V, 4*, I‘. 8. Rubber.... 61% 03 63%, 63% I". S. Smelting 39% 39% 39% 39 I‘. S. Stel 98% 97% 98% 97% US. Steel pfd..llßl, lIS 118 118% Utah Copper 65% 64 64% <2%, Van. Steel 48% 46% 48% 4i % Wabash 10% 10% 10% 10% Wat). Ist pfd.. 30% 30% 20% 30% West. Pac 21% 20% 21% 20% Western Union . 93% 97% <07% 97 West. Elec ... 62% 02 02 02% White Motors . 47% 47% 47% 47% WillvsOverland 8 7% 8 7% White Oil 10 10 10 lo M ilson A Cos. .. 45% 41% 45% .....

NEW YORK LIBERTY’ BONDS. —May 12— Fret High. Low. Clone. Close. L. B 3%ft 99.36 ',*9.24 99.30 99 14 L. B. 2d 4s 99 30 99 40 L. B Ist 4Hr-. 99.86 99 76 99 Ml 99 7c. L. B 2d 4%*.. 99.64 99.50 99 56 99.52 L. B. 3d 4%5... 99 90 99 78 itOpu 99 SO L. B. 4th 4%5.. 99.92 99 S6 99.92 99 90 Vltcory 3%s KO.lrj lotiirj Victory 4%5... .100.08 100.50 100.58 100.36 CHICAGO STOCKS. (By Thomson ,V McKinnon). —May 12Open. High. Low. Close. Armour & Cos pf 96% ... Armour Leather 12% ... ... ... Chro Plow ... 4% ... ... Chi Kiev Ky pfd 8 8 71(, 7% Com Edison 150', i 130*{, 130'-.. 130% font Motors.... 8% S : ,’ s 8%i i s Earl Motors 3% ... Libby IcNeill . 33 2% 3 Mont Yard 21% 21% 21 21% Nat Leather.... 2% X Leather, new 9L> ... P Wiggly "A".. 46 * 46 44 41% Stewart-W 39 40 39 40 Swift & Cos 101 '4 101% 101% 101% Swift Inti 20% 20% 20% 20% ThompsonfJ It) 48 4.8% 4S 4.8% Tcmtor Corn A 2% Union C & C... 57 f>s% 511% 5.8% Wahl 64% 64% 03% 64 Wrlgley 102 102% 102 102% Yellow Taxi 73% 73% 70% 72% NEW YORK WOOLNEW YORK, May 12.—W00l prices were strong in trade on the market here today. I'riees of the last week were well maintained. NEYV YORK PETROLEUM. NEW Y ORK. May 12.—Petroleum prices were steady in trade on the market here today, Pennsylvania crude soilin' at ?3 25 per barrel. SEW YORK TURPENTINE. NEW YORK. May 12.—Turpentine Hold at 92c per gallon on the market today INDIANAPOLIB PRODUCE. Eggs—Fresh, 22®23c. Butter—Packing stock. 15c. Poultry—Fowls, 18®23c; broilers. 1%@2-lb size, 45c; leghorn broilers at discount; cocks, 14c; stags, 34c; young hen turks 8 lbs and up. 32c; olti tom turks. 25c; cull thlu turkeys not wanted: ducks, 4 lbs and up,l6@l7c; geese, 10 lbs and up. 14c; squabs. It lbs to dozen, SS.SO®C; old guineas, per dozen, $3. Butter —Local dealers ate paying 35® 36c per lb for butter delivered lu Indianapolis Butterfat —Local dealers are paying 35c per lb for butterfat delivered in Indianapolis. YAiie bankers for the seven company plan refuse to make any statement news of the Bethlehem-Lucka-transaction. It was learned that merger is to proceed on a the six rematetec companies.

STEEL FEATURE STOCK TRADING Lackawana Recovers Part of Early Advances. NEW YORK, May 12.—The stock market closed strong today. The market continued active and strong in the last hour, many new issues coming into pronrinece. Lackawanna. after reacting again, moved up to 78%. United Stales Steel rose to 98%, and Crucible Steel was in large demand, selling at 75%, a gain of 7 points from Us low level of the morning. Virginia Iron, Coal and Coke rose 4 points to 58%, anew high for the year. Studebaker rose to 115%, and Mexican Petroleum to 130%. Pittsburgh A West Virginia rose % of a point to 35%. Government bonds were unchanged and railwnv and other bonds strong. Stock sales for the day were 1,172,800 shares, botids, $15,257,000. (By Thomson A McKinnon.) —May 12In today’s market all attention was centered on the steel merger. The plan as announced proved to be a complete surprise, and was responsible for an accumulation of buying orders which caused a sensational rise in Lackawanna Steel. This announcement came at a very opportune moment, the market having been placed in a favorable position by the heavy selling of several days. The Senate today adopted a resolution directing the Federal Trade Commission to investigate this subject ; but there need be no apprehension because of this as the subject was thoroughly eo\ ered by the United States Supreme Court In deciding the case which involved the standing of the United States Steel Corporation —a merger that was larger and of greater consequence than the present one. From a National, as well as a commercial. standpoint these mergers are very desirable and place American industry in a better position to meet the competition of the world. It is quite likely that plans will be developed for the merging of other companies and ultimately will result in an institution that shall be second only to the United States Steel Corporation. The market In general has displaced a better tone anil shows the favorable ofrect of recent liquidation and professional selling, and it Is quite likely that some further improvement may follow. TWENTY STOCKS AVERAGE. NEW YORK, May 12.—Twenty industrial stocks Thursday averaged 91.50. off .08 per cent. Twenty active averaged 53.12, oil .01 per cent. CLEARING lIOCSE STATEMENT. NEW YORK, May 12.—Exchanges $720,300.000; balances $78,100,000; Federal Reserve Bank credits balances, $48,200,000. Money and Exchange Indianapolis tank clearings Friday were $3,336,000; bank deposits, $5,381,000. NEW YORK, May 12. -The foreign exchange market opened easier today, with demand Sterling 316 c low. rat $1.44wi0. Francs yielded 1% centimes to 9.12 c for cables and to 9 11%c for checks. Lire were off 2% points to 5.2.8 c for cables, and to 5.27%c for checks. Belgian francs were 1% centimes lower at 8.33 c for cables and 5.32% for checks. Marks were higher at .00.4 4% c. Guilder cables were 55.62 c; checks. .3.8 57c. Sweden kronen cattles were 25.60 c; checks. 25.55 c. Norwuj kronen cables were 1858 c; ehecks, 18.53 c. Denmark kronen cables were 21.32 c; checks. 21.27 c. MOTOR SECURITIES. (By Thomson A McKinnon.) —May 12— —Closing— Bid. Ask. Earl Motors 3 .7% Packard com 12% 12% Packard pfd 87 90 Peerless 40 42 <’ont. Motors com 8% 8% Cunt. Motors pfd 89 92 Hupp com 18 18% Hupp Pfd 98 103 Reo Motor Car 24 24% Elgin Motors 2% 3 Grant Motors 1 1% Ford of (’ana.la 375 385 National Motors - 4 Federal Truck 22 24 Paige Motors 19% 2'l Republic Trtiek b 8%

ACTIVE OIL STOCKS. (By Thomson <t McKinnon.) —May 12— —Opening Bill. Ask. Anglo-American Oil 20% 21 Atlantic Lobos 10% 11 Borne-Scrymsi-r 360 3st) Buckeye J'ipe Line U 7 99 <’hesetirough Mfg. Cons 19 1 206 Continental (Ml, Colorado ....140 145 Cosden Oil and <ifls 5 8 Crescent Pipe Line 35 38 Cumberland Pipe Line 140 150 Elk Basin. Pete 8 .8% Eureka Pipe Line lot 164 Galena-Signal oil. pref 110 115 Galena-Signal oil. com 60 63 Illinois Pipe Line US 193 Indiana Pipe Line 99 103 Merritt till 13% 13% Midwest oil 2% 3 Midwest Ufg 206 Oklahoma P. & R 7 8 Penn. Mex 27 32 Sapulpa Kefg 3% 4 Solar Refining 360 3SO Southern Pipe Line 161 164 South Penn Oil 220 227 Southwest Penn Pipe Lines.. <l2 65 Standard Oil of Ind 161% 101% Standard Oi! Cos. of Kan 570 SHO standard Oil Cos. of Ky 82 82% Standard oil Cos. Neb 190 200 standard Oil Cos. of N. Y 400 410 Standard Oil Cos. of Ohio ....466 480 Swan A Finch 30 40 Vacuum oil 420 436 Washington Oil 20 30 NEW YORK CURB MARKET. (By Thomson & McKinnon.) - May 12. ClosingBid Ask Acme Packing 40 50 Curtis Aero, com 4% 5% Curtis Aero, pfd 24 25 Boston A- Montana 19 21 Boston & Montana Corp 95 100 Goldfield Coll 6 .8 Jumbo Extension ....a 3 5 internal; iial Petroleum 20% 21 Kirby oil 11 11% Niplssiug 5% 6 Standard Motors 4% 5 Salt Crock 17% 18 Tonopnh Extension 9 9 16 1 11-10 Tonopah Mining 1% 1% United P S new 0% 7 U. S. Light and Heat 7% 7% U S Light and Heat p1d.... 1% 1% Wright Martin 2 5 Yukon Gold Mine Cos 1 1% Jerome 3% 8% New Cornelia 17% 18% United Verde 28 29 Sequoyah 3 10 Omar Oil 1% 111-10 Rep. Tire 80 NEW YORK SUGARS. NEW YORK, May 12. Raw sugars were aetive and strong in trading on the exchange today. Cuba* were quoted at 4.04 c per lb, duty paid, and Porto Ricos at 3.86%3.92c per lb, duty free, delivered. Refined sugars were firm, fino granulated selling at s.3()frJ 5.40 c and No. 1 soft at 5.20(ii5.50c per lb. NEW YORK COFFEE. NEW YORK. May 12.—Coffee values were easy in trade on the exchange here todav. opening options being around 9 points lower. Itlo No. 7 on spot sold at 10%®llc per lb. NEW YORK RICE. NEW YORK, May 12.—Rice prices were firm on the market today, domestic selling at 3%®7%c per lb. NEW YORK METAL MARKET. NEW YORK, May 12.—Copper—Steady; spot and May offered. 12%c; June and July, 12%®12%c. Lead—Quiet; spot, May and June offered 5.50 c. Spelter— Firm; spot and May, 5.07%c bid; June, 5.07%®5.12%r. NEYV YORK HIDES. NEW YORK. May 12.—Hides were steady in trading on the market today, native steer hides selling at 13 !o and branded steer hides at 13c per lb

INDIANA DAILY TIMES.

GRAINS SUFFER LATE DECLINES Heavy Selling Is Chief Factor in Closing Weakness. CHICAGO, May 12.—Grain prices closed lower on the Board of Trad© today. After a slow opening yesterday’s buyers sold heavily and caused a decline. Local milling and elevator Interests bought on the decline. Deliveries of May wheat continued large. Provisions were lrregnlar. May wheat opened unchanged at $1.45, and closed off %c. July wheat opened Unchanged at $1.20%, and closed oft %c. September wheat opened up %c at $1.20, and closed off %c. May corn opened at 61%c; unchanged, and closed dowu %c. July corn opened at 65%c, unchanged, and closed oft %c. September corn opened at 67%c, unchanged, and closed off %c. May oats opened up %c at 37%c and closed off %c. July oats opened at 40%c, up %c and closed off %c. September oats opened at 41%c, unchanged, and closed off %c. (By Thomson A McKinnon) —May 12— Wheat—Foreign markets failed to make an adeqtiate response to our strength yesterday, in addition to which the general run of crop news was favorable. Under these conditions theru was a cessation of the demand noted here ysterday. Good milling wheat at ourside markets is In better demand at higher premiums, and there Is also a little bi4tter tone t othe flour situation. There was foreign buying of moderate quantities in nearby position today, but on the whole the export trade was not brisk. It Is believed that some of the early buying of the July deliveries was for foreign account. Primary receipts are tn exoess of Ins-, year, with the bulk of the movement headed toward the Chicago market. So long ns thohe Is no adverse news from new crop territory and so long as the foreign demand for old wheat remains negligible the market is not likely to become excited, but .we feel that the market Is now undergoing all of { the bearish news that can be uncovered and that any change from the present situation must necessarily be In favor of holders. We have no desire or Intention to preach disaster or calamity to the coming crop, at sometime prior to completion of the eroy and any gen erallty of such claim will be more than usually effective because o fthe position that our new crop occupies In the world situation. Corn iiiiii Oats—As yet nothing has developed to broaden outside Interest In either com or oats. Cash markets remain relatively firm under fair domestic demand. Planting of corn Is progressing rapidly where weather permits. It is now eon’eded that the acreage of oats will ie reduced and we are commencing to receive reports of a wekly condition of the new crop, tills Is n natural sequence of the cool, wet weather which wo have had. Provisions—Values of hog products have held quite steady In the face of a small decline In hogs and pronounced dullness In the whole market. Packing interests sold a little lord which was taken by investors. The domestic cash deman dls reported good. CHICAGO GRAIN TABLE. , —May 12W HEAT — Open. High. I/ow. Close. Mil V 1.45 1.46% 1.44% 141% Jufv 1 .25% 1,27% 1.26 1.26% Sept 1.20 1.20% 119% 1.19% CORN— Mnv 61% .62 .61% 61% jllly 65% .65% .64% .61% Sept 67% .67% .66% .06% OATS— May 37% .37% .37% .37% J ill V 4"% .41% .39% .39% Sept 41% .41% .411* 41 PORK •Mav 22.25 LARh— Mav 11 27 11.27 11.25 11.25 Jufv 11.50 11.50 11.45 11 45 Sept 11.70 11.70 11.67 11.67 R IBS - .•May 12 52 •July ll.ftti •Sept U. 85 RYE — May 1 07% 1.08% 1.07 10,% July 1.06% 1.07% 1.66 1.06% Sept. 99 .99% .98% .99% •Nominal. CHICAGO CASH GRAIN. CHICAGO. May 12. -Wheat No. 3 mixed. $135; No. 4 mixed, $138; No. 2 hard w inter, $1.44%® 1.45; No. 3 hard winter. $1.41. Corn No. 2 mixed. 62% 62'jo; No. 2 white, 62%®030; No. 2 ye| low. 62%',l 63’4i’: Ns 3 mixed, 61®01%c: No. 3 w hite, 61 %(T;62c; No. 3 yellow. 61 i*’.24e; No. 4 mixed, IV’ , %®OO%C; No. 5 whi’e. 00c; No. 1 yellow 60%0/62i\ Outs Cash No 1 white, 44c; No. 2 white, 40® 43%c ; No. 3 wihte, 3D%i4lc; No. 4 white, 36%®38%c. TOLEDO SUED AND GRAIN. TOLEDO, May 12.—Cloverseetl—Cash. $1375; October. $1135 AD Ike —Cash. sllsu; August, $1175; October. $1126. Timothy Cash. $3 10; May, 3.10; Sep tende r. $3.50: October, $3.80. Wheat - Cash. $1.4.34(1 45; May. SI 13; July, $1 2’s%. Corn—Cash. 07%(ff68%e. Oats - Cash, 444t,46c. Rye—Cash, $1.08%. Bar-ley-Cash, 70c. PRIMARY MARKETS. (By Thomson & McKinnon.) May 12— —RECEIPTS— Wheat. Corn. Coats St Joseph ... 14,606 28,060 Chicago 480,000 316,000 182,000 Milwaukee ... 77,006 52.0 X) Minneapolis .. 17.3,000 74.<x> 95.000 Duluth 120 000 22,000 13.1*4) St. Louis 163,000 138,000 98,000 Toledo 4,000 s,<W> 12,000 Detroit 2,600 4.000 Kansas City . 155,000 85,000 12.000 Peoria IJM) 65.000 47.000 Umalia 122,000 90."0d 66,1 *o< 1 Indianapolis . 3,000 ’41,000 40,000 Totals 1,248,000 957.000 017.000 Year ago ... 870,600 478,1X8) 392,0CX) —SHIPMENTS— Wheat. Corn. Coats St Joseph .. 16,000 41.000 18,000 Chicago 236,009 372.000 215.000 Milwaukee 14,000 10.006 Minneapolis .. 8.000 49.000 253,000 Duluth 343,000 520.000 SI Louis ... 50,000 103,(XX) 46,600 Toledo 12,000 Detroit 0.0:0 ...... Kansas City .. 296,000 1.5.1 M) 15.1*0 Peoria 1,000 35,000 30,006 Omaha 40,tHX) 14S.(M) 60.004 Indianapolis 24.000 16,000 Totals 1,072,000 1,230,000 672.000 Year ago .. 807,000 657-, 1 000 445,000 —OLKA It A NCES— Wheat. Corn. Cotits New York 86.000 135,000 Philadelphia 00.00 Baltimore 183,000

Totals 331,000 135,000 Year ago ... 165,009 190,0CX) INDIANAPOLIS CASH GRAIN. —May 12— Bids for car lots of grain and hay at the call of the Indianapolis Board of Trade were: Wheat —Steady; No. 2 red, $1.40%@ 1.42%. Corn—Firm; No. 2 white, We; No. 4 white, 64%®65c; No. 3 yellow, 6454 ©6sc: No. 4 yellow, 63%®04c: No. 3 mixed. 04®05c: No. 4 mixed, 63®03%c. Oats— Steady; No. 2 white, 42®42%c; No. 3 white. 41©41%c. Ilaj'—Steady ; No. 1 timothy, *l9® 19.56; No. 2 timothy, $18.50® 19; No. I light clover mixed, $lS©lB.5O; No. 1 clover, $19.50© 20.50. —lnspections Wheat—No. 3 dark northern spring, 1 car. Corn —No. 3 white, 1 car; No. 4 white, 6 cars; No. 6 white, 1 car; No. 2 yellow. 1 car; No. 3 yellow, 1 car; No. 4 yellow, 2 cars; No. 5 yellow, 3 cars; No. 6 yellow. 3 cars; No. 3 mixed, 2 cars; No. 4 mixed, 1 car; No. 5 mixed, 2 cars; total. 23 cars. Oats —No. 2 white. 1 car; No. 3 white, 6 cars; No. 4 white, 2 cars; sample white, 1 car; total, 10 cars. Bye—No. 2, 1 car. HAY HA BRET. The following are the Indianapolis prices lor hay, t>y the wagon load, delivered In Indianapolis: Hay—Loose timothy, $17®18; mixed nay. sl6® 17: baled hay. sl7® 18. Oats —New, per bushel, 42®45c. Corn—Both old and new, per bushel. 60 <oi6sc. YVAC.ON WHEAT PRICES. Indianapolis flour mills and elevators yesterday were paying $1.30 per bushel for No. 1 red winter wheat; $1.28 for No. 2 red winter and according to teat for No. 3 red winter.

Local Stock Exchange —May 12STOCKS. Bid. Ask. Ind. Ry. & Light com 57 ... Ind. Ry. & Light pfd 78 Indpls. St. Ry 50 Indpls. N. W. pfd 60 Indpls. & S. E. pfd 60 T. H., T. & I. pfd 70 T. H„ I. & E. com 5 T. H., X. & E. pfd 15 U. T. of Ind. com 1 U. T. of Ind. Ist pfd 4% 9% U. T. of Ind. 2d pfd 2 Advance-Rumely pfd Advance-Rumely com ... Am. Central Life 200 Am. Creosotlng pfd 94 ... Belt R. It. pfd 50% Belt R. R. com 60 62% Century Bldg. Cos. pfd 93% ... Citizens Gas Cos 20% ... City Service com 234 237 City Service Cos. pfd 231 236 City Service Cos. pfd 64% 67% Home Brewing 48 Ind. Hotel com 86% ... Ind. Hotel Cos. pfd 99 ... Ind. Nat. Life Ins. Cos 2 ... Ind. Title Guarantee 50 ~. Ind. Pipe Lino 98 Indpls. Abattoir pfd 45 ... Indpls. Gas 44 ... Indpls. Tel. pfd 90 Indpls. Tel. com 5 ... Mer. Pub. Util, pfd 48 ~.. Nat. Motor Car Cos 1% 4 I'ub. Savings Ins. Cos 5% ... Rauh Fer. pfd 47% ... Stand. Oil of Indiana 103% ... Sterling Fire Ins. Cos 7% 8 Van Camp Hdw. pfd 1 90 Van Camp Prod. Ist pfd.... 97 100 Van Camp Prod. 2d pfd ... Vandalla Coni Cos. com 1 ... Vandalia Coal Cos. pfd 7% 12% Wabash Ry. pfd 36 Wabash Ry. coin 10 ... BONDS. Broad Ripple 5s 59 64 Citizens St. Ry. 5s 78% ... Indian Creek Coal & Mine Cs ... 100 Ind Coke & Gas 5s 80 Indpls. C. & S 5s 91% ... Indpls. A Martinsville 55.... 55 Indpls. & North 5s 40 43 Indpls. St. Ry. 4s 59% 64 Indpls. A N. W. 5s 51 55 Indpls. & S. E. 5s 45 Indpls., Shelby. Ac S E. 55.. 65 ... T. IF, 1 A E. 5s 58 Citizens Gas 85 90 Citizens Gas 81% 89% Kokomo, M. & W. 5s 87 90 Ind. Hotel Cos. 6s 98% ... Indpls Water 5s 95 100 Indpls. Water 4%s si Indpls. T. A T 78 Indpls. L. A H 5s 90 92% I . T. of Ind. -is 51% ... Mer. H. A L. 3s 99 99% New Tel. L. 1). 5s 96% ... New Tel Ist 6s 96% ... South. Ind. Power 6s 86% 91% LIBERTY BONDS. Bid Ask Llber'v, first 3' ■ s 99 16 99 30 Liberty, first 4%s 99 78 99 82 Liberty so.- m I 4%s 99.54 99.61 Liberty, third 4% 99.80 90 84 Liberty, fourth 4%s 99 8k 99.92 Victory, 4%s 100.50 100.50 Local Curb Market (By Newton Todd.) —May 12— Bid. Ask Am. Hominy Cos 10 10 Central and Coast Oil \ Choat# Oil Corp % % Commonwealth Fin. com. ... 28 38 Commonwealth Fin. pfd. ... 43 58 Columbian Fire I's. Cos 6 7% Dayton Rubber Units 43 53 Dictograph l’rod. pfd 28 ;is [i W. Griffith 3% 6% Elgin Motor Car 2 . 3% Fed Fin. Cos. pfd 78 88 Fed. Flu. Cos coin 121 131 Gt. Soil. Prod. A Ref 6% 9 Interstate I’uh. Serv. pfd. ... 81 81 Metro. 5-lOc Store com. 3% 7 Metro. 5-10 c Stores pfd 18 27 Nat. Underwriting 2% 5 Rauch A Lang 1 nits 21 31 Robbins Body Units 14 23 Rub. Tex. Units 10% 16 U. S. Auto Units 36 40 U. K. Mtg. Cos. Units 105 125 BANK STOCKS, Commercial Nat. tlaua .... 74 23 Cont Nat. Bank 104 114 Ind Trust Cos 176 Ind. Nat Bank 253 2C3 Mer. Nat. Bank 282 Nat l City Bank 72 88 Security Trust Cos 131 140 State Sav A Trust 91 98 Union Trust Cos 300 Wash Bank A Trust Cos. .. 150 CLEA’ELAN D PRODUCE. CLEVELAND, May b> Butter- Extras. 41 fgt4l Va*’: prints, 42tf(4U%e; firsts. 40® 40%c; packing stock, I tic 18c. Eggs— Fresh, 23c; Ohio firsts, 26%e: Western firsts, 25%c; eleo nut. 214(220; high grade animal oils. 22 - u22%e; lower grad. s. 18 ®l7e. Cheese- Y->rk State, li%(ii'2Bc. Poultry-—Live fowls. 27(<j,29c; roosters, lTtjtlSc; broilers, 40®'5oc.

® MARVEL “The MILEAGE ACE” 10,000 MILE GUARANTEE To introduce MARVEL TIRES at this, the beginning of the touring DISCOUNT SATURDAY. All sizes, 30x3V 2 up to 35x5. Don’t mar ERIE Extra Ply SERVICE TIRES Our Low Price Merits Your First Order. Quality Your Future Business. The Best Service Tire Cos.

SWINE PRICES ARE IRREGULAR Cattle Demand Is Still Slow— Veals Higher. RANGE or HOG PRICES. Good Good Good May Mixed. Heavy. Light. 8.1#[email protected] SIO.6OAIt.T( $10.10011.00 0. 10.65 ©10.75 10.f0010.T0 10. TI 010.00 8. 10.90 10.75010.t0 10.00 011.00 9. 10.90011.00 10.75010.00 10.00011.00 10. 10.80910.90 10.05010.7$ 10.15010.00 11. 10.66910.75 10.(0010.60 10.76010.80 12. 10.65 9 10.75 10.50 9 10.05 10.75 9 10.t0 Swine prices opened lOe to IB* lower and cloaed about steady with the market of the previous day In trading on the local live stock exchange today. Shippers were about the only buyer*, early, and there were none too many orders, but later orders appeared and the packers were forced to raise the values in orde to fill their needs. Receipts ran close to 7,000, all of which *wcre sold before the close of the forenoon hours. Packers took about 4,000 of th* 7,000 receipts. There were several sales at th* lower prices that prevailed early, but th* bulk of the sale* were made steady valuea. There was a top of $10.90 on two loada of light swine, but that grade sold at $10.75®10.55. Mixed and light mixed brought and heavlea slo.so<g! 10.65. The bulk of the sales for tb* day ranged at $10.651010.80. Pigs were In fair demand, selling at steady prices. Rough also were in gopd demand. They sold at [email protected]&. Stags brought [email protected]. Cattle values were slow steady to 10 to 15 cents lower in spots, with 700 cattle on the market, the quality fair and the shipping demand still slow. Veals were strong to 50 cents higher, due to a good demand bv shippers with Eastern house connections. Receipts ran close to 700 for the day. There was an extreme top of $10.50, gt which a few choice veals sold, while the practical top for the day's market was $lO. The bulk qf the good to choice veals brought $9 50® 10. With 100 sheep and lambs on the market, the quality only fair and the demand slow, prices were sharply lower. HOGS. 100 to 180 lbs. average ... .$10.75®a0.90 Over 300 lbs 10.50 130 lbs. to 300 lbs 10.66(010.85 Best pigs, under 140 lbs. ... [email protected] Top 10.90 Roughs 8 50@ 9.25 Stags 6.009 7.50 Bulk of sales [email protected] —Cattle—--1 Few choice steers 8.00 Prime corn fed steers, 1,000 to 1.800 lbs 7.50® 7.75 Good to choice steers, 1,200 to 1,300 lbs 7.00® 7.50 Good to choice steers, l.lou to 1,2U0 lbs C.so® 7.00 Good to choice steers, 1,000 to 1.100 lbs 6.75® 0.50 Common to medium steers, bUU to 1,800 lbs 52)0® 5.75 Cows and Heifers— Good to choice heifers 7.6560 800 Medium heifers 7.00® 7.50 I Common to medium heifers.. 6.55® 6.85 Good to choice cows 6.00® 6.75 Fair to medium cows 4.00® 5.50 : Canners 2.50(8 3.75 Cutters 2:50® 3.75 —B tills— Fancy butcher bulls 5 50® 6.00 Good to choice butcher bulls. 5 00® 5.75 Bologna bulls 3.75® 450 Light bologna bulls 8.50® 4.00 Light common bulls 3.25® 3.50 —Calve*— Choice veals [email protected] Good veals k D.OOifi 9.50 Medium veals 7.50® 8.50 U inmon to heavyweight veal* 7.00(3 7.50 Lightweight veals 6.00® 7.00 —Stockers and Feeders— Good to choice steers under 806 lls 5.75® 7.00 Medium cows 2.sof<§ 4.00 Good cows 3 23® 4.25 I heifers 5.75® 675 Medium to good heifers 4.50® 5.75 —Sheep and Lambs— Cull ewes 2 50® 350 Good to choice ewes 5.00® 8.00 Bucks 2 50® 3.00 Clipped lambs 9.00(311.00 Wool lambs 11.00® 13.00 Springers 13.00®17.00 Buck lambs - 5.00® 6.00 Culls 3 00® 4.00

Other Livestock CHICAGO, May 12.—Hogs—Receipts, 1P,0"((; market, steady to 10 cents lower; lieavlea off mostly; bulk of sales, $10.25® 10.75; top, $10.85; heavies, $10.25® 10.50; mediums slo.4v®lo..'*t; lights, $10.70® 10 85; light lights. $10.59® 10.75; heavy packing sows, smooth, $9.35®9.60; packing sows, rough, $9®9.40; pigs, 10.55). Cattle—Receipts, 4,0 X); market, generally steady. Beef steers; choice and prime, $8.60®9.25; medium and good, $7.05®5.(j0; good and choice, $8.25®9.10;

common and medium, $7®8.23. Butcher cattle; heifers. [email protected]; cows, $4.75(g? 7.25; bulls, [email protected]. Canners and cutters; cows and heifers, [email protected]; canner steers, [email protected]; veal calves, light and handy weight, $7.50®9.75; feeder steers, $6.25®7.85; Stocker steers, s6® 7.75; Stocker cows and heifers, [email protected]. Sheep and lambs —Receipts, 9,000; market, slow steady to shade higher; good to choice lambs, sll® 13.85; cull ana common lambs, $7.50®11; springers, sl4® 15.75; yearling wethers, s9®lL7s; cull end common ewes, s3®s. CINCINNATI, May 12.—Hogs—Receipts, 5.500; market, mostly 15 cents lower; all grades good swine, $10.75; pigs, 5.0.50; roughs, $9; stags, $5.50. Cattle — eceipts, 800; market, strong; bulls, strong; calves, $9.50. Shea pand lambs — Receipts, 2,300; market, steady; ewes, s7®B; cupped ewes, s6®7; choice lambs, sl6; seconds, $lO®U; culls, s7@9. EAST BUFFALO, May 12.—Hogs—Receipts, 8,800; market, slow; yorkera, mixed and pigs, $11.10®11.25; heavies, $11; roughs, $9®9.25; stags, s4®6. Cattle—Receipts, 450; market, active; shipping steers, $&50®8.90; batchers, $7.50® 1 8.65; heifers, [email protected]; cows, $2®6.75; bulls, $4®5.75; feeders. ss@6; milk cows and springers, $33@125. Calves—Receipts, 2,200; market, active; cull to choice, [email protected]. Sheep and lambs —Receipt, 6.000; market, slow; choice lambs, $12.0f!@13; cull to fair lambs. $5.50®12; yearlings, $8®11; sheep, s3®9. EAST ST. LOUIS, May 12—Hogs—Receipts, 10,500; market, 5 to 10c lower; mixed and butchers, $10,603(710.70; roughs. [email protected]; lights, $10.60(610.70: pigs, SR® 10.50; bulk of sales, $10,603(010.70. Cattle —Receipts, 1.200; market, steady; native beef steres, $8.75®9; yearling steers and heifers, $8.50; cows, $3.5036,6.75; stockers and feeders, $5.75®7.50; calves, $4,503(0 9.50; canners and cuters, $3(6 4.75. Sheep and lambs —Receipts, 700; market, steady; mutton ewes, $7®7.50; good to choice lambs, [email protected]; canners and choppers, sl®3; springers, $14.25®15.25. PITTSBURGH, May 12—Hogs—Receipts, 3,000; market, 15 cents lower; prime heavies, slo.Bo® 10.90; mediums, [email protected]; heavy Yorkers, $11.20® 11.25; light Yorkers, $11.25; pigs, $10.75® 11; roughs, $&50®8.75; stags, [email protected]. Cattle—Receipts, less than 00; market, steady; choice, [email protected]; prime, $8.3,0®9; good, [email protected]; tidy butchers, $7.50@8.£5; fair, [email protected]; common, ss@<>; common to good fat bulls. $3(6,6.50; common to good fx>-cows, [email protected]; heifers. $5.5 0/ 7.50; fresh cows and springers. $35(6 f >; veal calves, $9.50; heavy and thin calves, [email protected]. Sheep and Lambs—Receipts, 1.600; market. 50 cents lower: prime wethers, [email protected]; good mixed, $7@S: fair mixed, so@7; culls and commons. s2@4; choice lambs, sl4; springers, sll@lti. CHICAGO PRODUCE. CHICAGO, May 12.—Butter—Receipts. 7,200 tubs; creamery extras, 34%e; standards, 33%c; firsts, 31@34c; packing stock, 16@18c. Eggs—Receipts. 26,000 cases ; current receipts, 23%@24c; ordinary firsts. 22@22%c: firsts, £4%(6>25c; checks, 20%@21c; dirties 21%@22e. CheeseTwins, new, 15%®15%c: Daisies. 15-%@ 10c; Y’oung Americas, 16%c; Longhorns, 10c; Bricks, 13%@14c. Live poultry— Turkeys, 25c; chickens, 26c; springers, 3ft®46c; roosters, 15c; geese, 14c; ducks, 22c. WHOLESALE BEEF PRICES. The following are today's wholesale prices for beof cuts as sold on the Indianapolis markets of Swift A Cos.: Ribs —No. 2,18 c: No. 3.14 c. Loins—No. 2, 24c: No. 3,18 e. Round—No. 2,15 c: No. 3.14 c. Chucks—No. 2. 11c; No. 3,9 c. Plates —No. 2,7 c; No. 3,6 c.

Mr.Shipper Take Notice Freight service between Indianapolis, Toledo, Detroit and points in Michigan reached by electric lines. Through freight service beginning Monday, May 15th, AT REDUCED RATES Leaving Indianapolis 3:30 p. m. daily except Sunday, arriving at Toledo 8 :00 a. m. the following morning and at Detroit same evening. Returning leave Detroit 1:00 p. m., Toledo 5:30 p. m., arriving at Indianapolis 12:00 o’clock noon on the following day. Freight to and from points beyond Detroit will require 24 hours’ additional time. This is something unprecedented in freight service and only possible via electric railways. Try It and Be Convinced. Union Traction Company of Indiana

MAY 12,1922,

In the Cotton Market NEW YORK. May E2—Realizing sales. Induced by favorable weather, led to a decline of 2 to 12 points at the open* lng of the cotton market today, but the market quickly turned firmer on strength at Liverpool and bullish reports from domestic cloth centers. Commission houses were fair buyers; as were traders and New Orleans Interests. Soma local operators sold. New York opening cotton prices: Maag 19.88 c; July, 19.42 c; August, October, 19.48 c; December, 19.47 c: Marcff 19.50 c. The close was steady following a moderate set back. Final prices were 10 points lower to 1 higher. —Cotton Future*— Open High Low Close January ....... 19.33 19.63 19.33 19.43 March 19.50 19.62 19.31 19.45 May 19.88 20.00 19.70 19.(37 July 19.42 19.72 19.36 19.50 October 19.48 19.72 19.39 19.51 December 19.45 19.75 19.42 19.53 LIVERPOOL, May 12.—There was & good demand today for spot cotton, but business moderate. Prices were steady and sales around 12.000 bales. American mlds fair, 13.03d; good mids, 12.03d; fully mlds, 11.73d; mlds, ll.58d; low, ILOSd; good ordinary, 10.23d; ordinary, 9.73d. Futures were steady. STANDARD OIL OF INDIANA. Sales, 19,700 shares. Open. 104; high, 106%; low, 1037 k; dose, 106%.

XJaTcOX We Own, Offer and Recommend Fishbauk Realty Cos. Tax Exempt Ist Preferred 6%% Stock Shares SIOO Each Sertired by fee simple Indianapolis real estate, located within the mile square, appraised at practically tn ice this issue. Price sloo—Yield 6’/ 2 % Fletcher American Company 2nd Floor Flrtcher American Bank Bid®. INDIANAPOLIS Chicago Detroit Louisville South Bend Pritate Wire to Principe * Market*