Indianapolis Times, Volume 35, Number 32, Indianapolis, Marion County, 17 June 1922 — Page 13

JUNE 17,1922.

TRADING FALLS TO LOW TOTAL IN ALL STOCKS Million Shares in Turnover, Undertone Heavy W Throughout List. SCATTERED LIQUIDATION Fpectal to Indiana Daily T'mes jind Philadelphia Public Ledger. ’ BY MONITOR. NEW YORK, June IT.—Trading In stocks Friday tapered down to smaller proportions, with the turnover in the neighborhood of a million shares. The undertone was heavy throughout most cf the list for the greuter part of the session, with scattered liquidation and short selling about evenly divided as to the source of the pressure. It was not until late In the afternoon that the market showed a disposition to turn, when a spectacular rise in Mexican Petroleum gave room shorts quite a scare and imparted a mixed appearance to later dealings. 4 The advance in Mexican Petroleum, which covered a scope of S% points from .Thursday's close, was due to special inFduences, chiefly the prediction that the forthcoming reports would show stir’prlsingly large earrings, and a rumor to the efTect that the company had bought in ft big new well. Prospects of a reduction in the export tax on oil from Mexico also may have been an influence. At any rare, the action of this stock, which is one of the market leaders, gives Lome indication of the extent to which r the selling movement has been carried in this and other issues. Professional pessimists hare made the customary rapitai out of the impending tariff legthe bonus and hip subsidy ■ tone of the addresses at the of the American Federation B ißr. and the threat of a railroad The prospect of a dull market also has led many holdEpJ of stocks to unload in the belief thev might as well be ou* of their commitments and pick them •-> at their convenience later on. From the standpoint of the average trader, the market has drifted into an unsatisfactory position with technical influences predominating. Nevertheless. It must be admitted that buying on the decline has been of a substantial character,, and that lines of stocks liquidated around recent high levels are being gradually reinstated on the recessions. A catalog of the unsettled issues Brould be neither important nor Some of the specialties, ns well as a few of the equipments steels, motors and oils, were vigorously sold. Here and there among the rails weak spots were uncovered, but the standard Issues yielded rather grudgingly and In some cases scored fractional recoveries. This week's Federal resent statement shows a slight decline to the basis of 77.4 for the reserve ratio. No special significance need be attached to the change which is due chiefly to expansion In Government deposits. It is encouraging to note that the money market this week has been free from unsettlement due to the large Government gansactions incident to the tax date.— ’ Copyright, 1022, by Public Ledger Company.

h #\ll street gossip BY MONITOR. NEW YORK, .Tune 17.—There was a rumor in circulation in Wall Street yesterday to the effect that the Consolidated Stock Exchange was to inr rporate in the near future. This report was read over the wire to W. S. Silkwortb at his home in Roslyn. L. 1., and was denied flatly by the president ot the Consolidated. Consolidated Textile is meeting with some support in the market, on the general theory that the breaking up of the New England textile strike, a heralded in Boston dispatches, will be greatly beneficial to th company. BKJth the Baltimore A Ohio meeting up, the financial community is in speculation as to the pr •- of dividend action. The census ■“’’opinion seems to be that a resumpB* nos the 1 per eci.t rate may be exBocted. K Broadway commission house wires are ■predicting a movement in Orpheum ■Circuit for the near future, but there is “kittle information behind the wire advices. ■ Mexican Petroleum worked Into new High ground above 11.7 and closed around Hie high. Statements from Mexican PetHdeum and I'an-American are due soon, it is declared in some quarters that [Spese will be as good s any the comH- ales have ever shown. One report. Cai-rent in Wall street, has it that MexH..u Petroleum has brought In a well JFhloh Is apparently destined to be the IjY end largest in the world, and that regJr.it buying has been based on this feayt lted Alloy Steel has resumed diviHj! on the common after a lapse of a year. A payment of 50 cents has ordered, as compared with H V disbursement of $1 per share JEiade Jan. 20, 1921. Stock holders of the Durant Motors InjPfcrporation will be asked to meet June 27 Hid authorize an Increase in the capital ’stock from a basis of 1.000,000 shares, no nar, to 2,000,000 shares, no par. Ann Arbor is making a very good showring from present operations'as witnessed by the April gross of $407,546. which was a gain of 144.0+4 over the same month a year ago. However, it may be deemed the wiser thing to defer action on the preferred dividends at this time and Wall street would not be greatly surprised If this were to happen. In ofiler to retire 5i.793.000 first mortgage bands and to finance improvements which jvlil add 50 per cent to production capacity, Lima Locomotive is to brin"-oiit considerable new common stock.* Stockholders have been presented with 0 pian for approval. This is based on the exchange of two shares of new common for on of old. with the preferred still holding its voting position and , protected in its pref Tentiai ns to assets and div’dends. At present there are 23.500 shars. of preferred and 48 590 shares ot common outstanding. The plan Is to be submitted at a spe-lal meeting of stockholders in Richmond (Va., July 14. The financial community is led to be- . eve that the “three-company" merger will be completed with the Inland. Midvale and Republic working as one corporation in the sreei trade t v the beginning of next month. No further trouble is anticipated by the authorities in the matter, and it is current belief that the merger is practically eomplet at the present time. Merger plans for the New York Airbrake Company and the Automatic Straight Airbrake Company have come to a halt for the time being, according to recent information. The hitch In th resulted from the financial of the New York Aairbrake Company. which is understood to have bank loans cf about $5,000.00 and a loan of *1.010,000 from onther equipment company. Inasmuch as the Automatic is free from debt, the merger plan did not seem ’o prom se them much and the deal has terminated for the time being.—Copyright, 1922. by Public Ledger Company. CLEVELAND PRODI CE. CLEVELAND. June 17.—Butter—Extras 42<g42%e; prints. 43@43%c; firsts, 41® 41%c; packing stocks, ltV-ilSc. Eggs— Fresh, 27%c; Ohio firsts, 23%c; western firsts. 22%e. Cheese—York State, 22%<3: 23c. Poultry—Fowls. 226.23 c; broilers, 25<a40c; roosters, 15@10c. Potatoes, s3@ 8.25. sack of 150 pounds. Strawberries, 15620 c quart.

i Stock Market Review j NEW YORK, June 17.—Shorts in some of the volatile stocks ’ike Mexican Petroleum and Crucible Steel had a rather uncomfortable time during the two hours of trading on the New York Stock Exchange today. These two stocks had been selected os the issues most likely to suffer from a reactionary turn In the market, but professionals who put short lines at the low levels of the week found themselves facing severe losses and the scramble to cover resulted in the bidding up of both stocks. Crucible's rebound and the remarkable strong position of the whole steel industry furnished the incentive for a quick recovery in stocks on this class which effect advances in Lackawana, Republic and other issues. N. Y. Stock Exchange (By Thomson ft McKinnon.) —June 17— RAILROADS. Prer. High. Low. Close. Close. Atchison 98% 97 5s 97 Is 9<% I. and 0 46% 46% 40% 40% Can. Pacific ....13bis 135 135% . 1351s C. and 0 9354 62)4 62(4 63(4 C. & N. W. Ry. 724, 72(4 724, 73(4 C„ it. I. & P. 331,D 1 , 39 39(4 39','4 Del. A Hud. ..123 3227s 123 122 DeL & Lack. .322 122 122 .... Erie 14% 13*4 1* Erie Ist. pfd. .. 21% 21(4 21(4 21(4 Gc. North, pfd. 73% 75(4 73% 75% K. C. South. .. 24 23% 23% 24 Lehigh Valley.. 61(4 61 (2 61 % 62 L. A N 117 M. K. AT. ... 17 16% 1* 17 Mo. Pacific .... 20% 19(4 20 20% Mo. l’ac. pfd. . 51(4 51 31 61% N. Y. Central... SS% BS% 88% 89% N„ Y..N.U. &H. 27% 27 27% 27% North, l’ac. ... 74% 74 71% 73% Norfolk A West.los% 193% 103% 105(4 Pennsylvaia 41% 41 41 41 Reading 72% 72 72 71% So. Ry 22% 22 22 % 22% So. Ry. pfd. ... 53 52% 52% 53 St. Paul 24(4 24% 24% 24% St. P pfd 39 35% 39 39% St. L. AS.W.pfd. 42 42 42 41% St. L.AS. Fe R. 25% 25% 23% 25% Texas A Pac 25 24% 24% 25 Union Pacific.. .135% 135% 135% 133% Wabash 11% 11% 11% 11% Wabash pfd. ... 28% 27% 28% 28% West. Tac 19 19 19 BIBBERS. Ajax Rubber .. 14% 14% 14% 13 Fisk Rubbtr... 15%' 14% 14% 15% Goodrich Rub.. 38% 38% 38% 38% Kelly-Sprlngfield 45% 44% 44% 40 Keystone Rub... 15 14% 14% 15% Lee Rubber .... 29% 25% 25% 29% EQUIPMENTS. Am. Car Fdy... 150 159 150 160 Amer. Loco 110 110 110 109% Baldwin L0c0...11l 109% 11074 110% Lima Loco. .. 113 111 111 113% Pullman 117 117 117 117 Rv Steel Sp’gs. 99 99 90 West. Elec 59% 59% 59(4 69% STEELg. Beth. A 70 70 70 69% Beth. B 74% 7274 74% 737, Colo. Fuel 29 28% 29 29 Crucible 71% 67% 70% 68 Gulf States .... 73% 70% 73% 69% Lack 73 70 73 70 Midvale 33% 31% 33% 31U Otis 12 12 12 12 Replogle 32 31 32 31 Kep. Iron Stl... 6974 66% 09% 66 Sioss Sheffield.. 41 41 41 40 United States . 98% 07% 98% 97% Uni. States pfd 119% 119 118% 119% Vanadium 44*4 43% 44% 43% MOTORS. Chandler Mot. . 72% 72 727; 7271 Geu. Motors 14 13% 13% 13% Hupp Motors .. 19% 19% 19% 19% Kelsey Wheel... 95% 95% 95% 95% Max. Mot. A 65% 63% 04% 66 * Max. Motor (B) 23% 23 23 23% Pierce-Arrow .. 19% 19 19% 19% Mudebaker 122% 120% 122 120% Stromberg 47 46 47 40% Sfewart-Warner 41% 41% 41% 42 Wiilys-Overland. 8 8 8 8 White Motors.. 48% 48% 48% 4874 MININGS. Butte Superior .. 27 27 27 27 Dome Mines .. 28% 28 28 28 Int. Nickel 16% 16 10% 16% Tex. G. and Sul. 45 45 45 46 COPPERS. Amer. Smelting 58% 37% 8774 5,8 Anaconda 50% 50% 50% 00% Chile Copper 19% 19% 19% 19% Inspiration 39% 39% 39% 39% Kennescott 33 32% 33 32% Miami 28% 28% 28% 28% Nevada Cons 16% 10% 16% 16% l tab Copper 62% 62(4 62 % 02% Ray Cons 16% 16% 16% 16% OILS. California Petrel 60% 59% 59% 60 Cosden 47% 46% 46% 46% Houston Oil .... 73% 73 73% 73 invincible Oil.. 15% 15 15% 14% Mexican Petrol 118 144% 145% 143% Mid. States Oil. 13% 13% 13% 13% Oklahoma Pro... 3% 3% 3% 3 Pan-Ani. Petrol. 6974 68% 68% 68% Pacific Oil 57% 56% 57% 57% Pierce Oil 8% 8 8% 8 Pro. and Ref.. 4074 39% 4074 39% Pure Oil 30% 30% 30% 30% Royal Dutch.... 58% 0774 58% 58 tan. Oil of Cal. 105 100% 104% 1047; S Oil of X J.. 185 183% 185 IS4 Sinclair 33% 32% 33% 32% Texas Cos 47% 40% 46*4 46% Tex Coal A 0.. 27% 26(4 26% 20% Trans-Cont Oil. 15 14% 14% 14% Union Oil 22 21% 21% 21 White Oil 8% 8% 8% 874 INDUSTRIALS. Allied Chem ... 67% 66% 67% 67 Arne. Can 45% 45% 45% 46 Am n & L pfd 67% 67% 67% 67% Amer Ice 103% 1037, 103% 1037* Am Linseed ... 33 33 .33 33 Am Woolen ... 88 87’4 88 57% Cen Leather 36% 36% 30% 3<>, Cocoa Cola .... 63% ti 2% 63% 62% Comp A Tab... 04 63% 64 63% Coni Can 65 t's 65 64 Endi-Johnson .. 78% 78% 78+4 77% Earn Players... 78% 78% 78% 78% Gen Asphalt.... 58% 57% 58% 58% Inter Paper ... 46 45% 46 40 Mont A Ward.. 29% 2074 20% 20% Nat Enamel 40% 46 46% 45% Nat. Lead 90(4 90% 90% 91 Owen Bottle .. 35% 35% 35% 34% Pittsburgh Coal 61% til 61 c,t% Sear-Roe 74% 74% 74% 74% United Drug 74% 74% 74% 73 V S Retail S.. 63% 62% 0.3% 63% U S Cast I Pipe 28 27 28 27(* U. S. In. A1c0... 51% 51 51% 51 -,s, Worth. Tump,. 48% 08% 42% 49 UTILITIES. Am. Tel. A Te 1.122%.122% 122% 122% 1226, Bk Rp. Trans.. 25% 24% 24% 24% Consol. Gas 116 115% 11574 115% Columbia Gas.. 83% 83% 8.3% 83% People's Gas— 81 81 81 81 Phila Cos 37% 37% 37% SHIPPING. Am. Int. Corp.. 4174 45% 41(4 41% Am. Ship. A C.. 39 18% 19 19% Atlantic Gulf... 36 35% ,36 35% Inter Mer. Mar. 18 17% 17% IS in. M. M. pfd... 72% 71% 71% 71% United Fruit. ..137 137 137 137% FOODS. Am Bu gar 76 75% 76 75% Austin Nichols. 27 26% 20% 26% Booth Fish 8% 8% 8% Corn Products.. 102 100% 102 100% Cub. Cane Sug. 16 15% 16 15% Cub. Am. Cugar 2.3% 23% 2.3% 23% I’unta Alegra... 47 46% 47 TOBACCOS. Am. Sumatra... 36(4 50% 3674 36 Am. Tob. C0....1.38 137% 138 137% Con. Cigars 32 31 32 Tobacco Prod... 78% 77% 78% 78% MISCELLANEOUS STOCKS. Alaska G01d.... % (4 (4 Am. Radiator... 05 95 55 95 Venn, (topper... 11 11 11 1074 Revnols 45 44% 45 44% Davison Chem.. 45% 44% 45% 45% Callahan 8% 874 S% 8% C.. C..C. & St. L. 68 68 68 Elec. A Battery 41% 40% 40% Pere Marquette 29% 29 29 STANDARD OIL OF INDIANA. Sales for forenoon, 9,600 shares. Open 198; high, 108%; low, 100%; close, 108%.

NE YVYORK LIBERTY BONDS. • —June 17— Prev. High. Low. Close, close. Liberty, 3%s .. .100.16 100.08 100 08 100.1S Liberty, 2nd 4s 99.96 99.86 Liberty, Ist 4%5.100.20 100.12 100.14 100.20 Liberty, 2d 4%5. 100.10 99.96 10010 99 98 Liberty, 3rd 4V,S. 100 12 100.04 100.06 100 06 Liberty, 4th 4Vi5.100.10 100.04 100.00 100.00 Victory 4%s 100.56 100.54 100.56 100.56 NEW YORK SUGARS. NEW YORK, June 17.—Raw sugars were steady on the market here tuday. Cubas were quoted at 4 01c per lh( duty paid, and Porto Ricos at 4.50 c per lb, duty free, delivered. Refined sugars were firm, tine granulated selling at 560(£0c and No. 1 soft at [email protected] per lb.

STOCK MARKET CLOSES STRONG Active Issues Make Gains of 1 to 2 Points. NEW YORK. June 17.—The stock market closed strong today. Many, of the active Issues rose from 1 to * 2 points lu the late dealings, especially the steel shares. United States Steel moved up 97% to 9874, and Republic Steel rose 3% points to 69%. while ruclble Steei advanced from 68 to 71. Mexican Petroleum, after advancing 4% points to 148, fell to 145%. Studebaker advanced over 1 point to 122%. Government bonds were unchanged and railway and other bonds strong. Stock antes today totalled 419,900 shares; for the week 6,873,600 shares. Bond sales for the day'were |6,745,000; for the week, $78,391,000. (By Thomson A McKinnon.) —June 17—■ Taking everything into consideration, we had this morning a state of facts that ordinarily should have met with a favorable response in the stock market. We had the announcement of the execution of ‘a definite agreement with regard to Mexican finances. We had the announcement of a further adjustment of wages of railroad employes. No*withstanding all this, the market was decidedly irregular during the firs\ Mexican Petroleum monopolized attention, and, while this stock was at its best, there was some pressure exerted against the rest of the list with a good many recessions. This served the very useful purpose of demonstrating that at a price stocks were wanted. Before the second half of the session was well on its way early sellers became eager to recover stocks sold. Some new buyers appeared. The steel group began to show signs of life, and the market looks better and healthier than in a number of weeks. We realize fully that it is ns difficult to be friendly to the market after a severe depression as it is to be unfriendly at the height of the boom, but there is ample precedent for following such a course and we feel that the market may enjoy further recovery. TWENTT STOCKS AVERAGE. NEW YORK, June 17.—Twenty industrial stocks Friday averaged 91.11. down .14 per cent. Twenty aetlv* rails averaged 81.91, down .37 per cent. CLEARING BOUSE STATEMENT. NEW YORK, June 17.—Exchanges, $840,300,000; balances, $.86,000,000; Federal Reserve Bank credit balances, $09,900,000. Money and Exchange Indianapolis bank clearing Saturday were *3.112,060 and for the week ending Saturday, *19,115,000. Bunk debits Sa.eruuy- were 56.H49.000 and for tlie week ending Saturday, $37,286.000. NEW YORK, June 17.—Demand Sterling was quoted at $4 45 in trading on the foreign exchange market today. Franc cables were 8.72%c; checks, 8.72 c. Lire cables were 4 9Sc; checks, 457%c. Belgian franc cables were 8.28 c; checks, 8.27%c. Marks were .0631 %c. Guilder cables were 38.70 c; checks, 38.71 c. Sweden 1 cable* were 25.87 c. Norway kronen rabies were 17.14 c; checks, 17.09 c. Denmark cables were 21.58 c; checks, 21.53 c. NEW YORK BANK STATEMENTS. NEW YORK, June XT. Average— Loans, Increased, $47,343,009; demand deposits increased, *146.-. 44,000; time deposit. decreased. $ 19,049.000; reserve, increased, $3,870,090. Actual—Loans, increased, $25.693,000; demand deposits. Increased, $12.3,183.000; time deposit, decrease.!. $.39,707,000; reserve, increased, $32,422,460. MOTOR SECURITIES. (By Tbomsou A McKinnon) —June 17— -ClosingBid. Ask Earl Motors 3% 4 Packard com 147, 14% Packard pfd 87 89 Peerless 47 49 Continental Motors com 7% 7% Continental Motors pfd 88 92 Hupp com 19% 19% Hupp pfd 106 115 Keo Motor Car 23% 24 Elgin Motors 2% 2% Grant Motors 1% 1% Ford of Canada .385 390 National Motors 2% 3 Federal Truck 15 17 , Paige Motors 23% 24% Republic Truck 10% 11 ACTIVE OIL STOCKS. (By Thomson A McKinnon.) —June 17— —Closing— Anglo-American Oil 20% 21 Atlantic I.obos 10% 11% Borne-Scrymser 380 400 Buckeye Pipe Line 91 93 Chesebrough Mfg. Cous 185 193 Continental Oil, Colorado.... 135 140 Cosden Oil and Gas 6 13 Crescent Pipe Line .55 38 Cumberland Pipe Line 125 1,33 Elk Basin Pete 10 10% Eureka Pipe I.ine 90 95 Galena--Signal Oil, pfd 105 110 Galena-Signal OH, coin 56 58 Illinois Pipe Line.. 170 175 Indiana Pipe Line. 1 90 95 Merritt Oil 10(4 11 Midwest Oil 274 3 Midwest Rfg ,225 National Transit 27 29 New York Transit 168 175 Northern Pipe Line 100 105 Ohio Oil 295 300 Oklahoma P. & R 7 9 Penn.-Mex 30 37 Prairie Oil and Gas 600 610 I'rairie Pipe Line.., 255 265 Sanulpa Hefg 4% 4% Solar Refining 360 380 Southern Pipe Line 93 97 South Penn. Oil 215 220 Southwest Penn. Pipe Lines.. 62 65 Standard Oil Cos. of Ind 108% 108% Standard Oil Cos. of Kan 540 560 Standard Oil Cos. of Ky 9174 95% Standard Oil Cos. of Neb.... 185 195 Standard Oil Cos. of N. Y.... 410 415 Standard Oil Cos. of 0hi0....400 480 Swan A Finch 30 40 Vacuum Oil 420 430 Washington Oil 22 28 NEYV YORK CURB MARKET. (By Thomson & McKinnon) —June 17— —Closing— Bid. Aak. Acme Packing 45 50 Curtis Aero, com 3% 5% Curtis Aero, pfd 23 25 Boston A Montana 15 16 Boston A Montana Corp.. 75 80 Goldfield Con 0 8 Jumbo Extension 3 5 Kirby Oil 6% 6% Nipissing 6% 0% Standard Motors 4 5 Salt Creek - 16% 17 Tonopah Extension 1 9 10 1 11-16 Tonopah Mining 1% 1% United P. S. new 7% 8 U. S. Light and Heat 100% 100% U. S. Light and Heat pfd 1% 1% YVright-Martln 2 6 Yukon Gold Mine Cos 87 100 Jerome 3% 3% New* Cornelia 177a 19 United Y'erde 27% 28% Sequoyah 2 10 Omar Oil 2 1-16 2 3-10 Kep. Tire 65 70 NEYV YORK BIDES. NEW YORK, June 17.—Hide prices were firmer in trading on the market here today, native steer hides selling at 15%@17c and branded steer hides at 13%tg14c per lb. • NEYV YORK PETROLEUM. NEW YORK, June 17.—Petroleum prices were firmer in trading on the market here today, Pennsylvania crude petroleum selling at $3.50 per barrel. NEW YORK YVOOL. NEW YORK, June 17.—W00l prices were steady in trading on the market here today, priceß of the past week being well maintained. NEW YORK TURPENTINE. NEYY r YORK. June 17,—Turpentine sold at SI.OB per gallon on the market I here today, oeing 5 cents higher.

INDIANA DAILY TIMES

Weather The following table shows the state ot the weather at 7 a. in., June 17, as observed by U. S. Weather Bureaus: Station. 1 Bar. Temp. Weather. Indianapolis, Ind... 29.89 80 Clear Atlanta. Ga 30.10 76 Clear Amarillo, Texas .. SO.OB 60 PtCldy Bismarck. N. D 30.10 60 Clear Boston, Mass 30.12 62 Cloudy Chicago, 111 29.84 72 Clear Cincinnati, 0hi0.... 29.90 80 Clear Cleveland, 0hi0.... 29.82 76 Clear Denver, Col 30.18 71 Clear Dodge City, Kas... 30.08 64 PtCldy Helena, Mont 30.10 52 Clear Jacksonville, Fla .. 30.08 80 Clear Kansas City, Mo.. 30.00 72 I’tCldy IjOtiisville, Ky .... 29.94 82 Clear Little Rock, Ark... 29.94 82 Clear Los Angeles, Cal.. 29.86 58 Cloudy Mobile. Ala 30.06 80 Clear New Orleans, La.. 30.04 82 Cloudy New Y'ork, N. Y... 30.04 08 Cloudy Norfolk, Y’a 30.10 72 Cloudy Oklahoma City .... 30.08 74 Rain Omaha. Neb 30.04 68 Cloudy Philadelphia, Pa... 30.00 74 Cloudy Pittsburgh, Pa. ... 29.88 72 Clear Portland. Ore 30.12 52 Clear Rapid City, S. D.. 30.12 60 Clear lloseburg, Ore 30.06 50 Clear Snn Antonio, Tex.. 80.00 72 Cloudy San Francisco, Cal. 29:90 56 Clear St. Louis, M 0...... 29.94 .h 4 PtCldy St. Paul, Minn 80.04 56 Cloudy Tampa, Fla 30.02 70 Clear YVashington, D. C. 29.98 74 Cloudy WEATHER. The disturbance over the upper Mississippi Valley Friday morning moved eastward to the middle Lakes region, accompanied by light showers which extended southward to the upper Ohio Valley. Showers also have occurred In the southwest and In some localities in the northwest. Warm weather eontlues in eastern sections, but the readings are somewhat lower In the States Immediately west of the Mississippi River. Temperatures of 90 to 98 degrees occurred Friday ufternoon from southern Indiana southward, and the readings this morning over that region are about 80 degrees. CORN (NO WHEAT BULLETIN. For the twenty-four hours ending at Y n. in., Saturday, June 17, 1922: temper 1 ature j , j Stations of > I _ Se-i ludlanapoila _ -c .z h'O _-k District. 8S f5! t c l s ej **rJ= a - S *l OSS South fiend 92 i67 j 0 ] Good Angola 90 ;69 I O' Good Ft. Way no 92 I 72 ! 0.01 j Wheatfleld 95 168 | 0 j Good Royal Center . 94 |7O | 0 | Good Marion 93 ! 71 i 0 i Good Lafayette 94 !73 I 0 j Good Farmland 95 i72 j 0 1 Good Indianapolis .... 93 77 I 0 ; Good Cambridge City .95 73 i 0 1 Good Terre Haute 90 76 i 0 1 Bloomington .... 95 73 I 0 Good Columbus 98 72 1 0 | Good Vincennes 97 75 j 0 j Good Paoll 92 : 75 j 0 Good Evansville 96 j 76 | 0 * "T U. ARMING-VOX.' ~ Meteorologist. Weather Bureau.

Local Stock Exchc.nge —June 17— STOCKS. Bid. Ask. Ind. Rv. A Light com 57 Ind. Ry. ft Light pfd 84 ludpls. St Ry 43 Indpls N. W. pfd ludpls. A S. K. pfd 60 1. H., T. A L. pfu 75 T. 11. I. A E. com 1 T. H., I. A E. pfd 2% U. T. of Ind. com 5 V. T. of Ind. Ist pfd 7% 12% U. T. of Ind. 2.1 pfd 1 3 Advance-Kuroely pfd 40 Ad vance-Riimely com 17 ..... Am. Central Life 2<io Am. Creosotiug pfd 94 ... Beil R. R. com 60 Belt It. K. pfd 50% ... Century Bldg. Cos. pf.l. .. 93% ... Citizens Gas Cos 20 City Service com 224 227 City Service Cos. pfd 61% 05% Dodge Mfg. pfd Home Brewing 00 Ind. Hotel com 87% ... Ind. Hotel Cos. pfd 99 Ind. Nat. Life Ins. Cos 2 Ind .Title Guarantee 50 ... Ind. i’lpe Line* 89 Indpls. Abattoir pfd 45 Indpls. Gas 48 48 iudpls. Tel. pfd 90 Indpls. Tel. com 7 Mer. Bub. Util, pfd 30 Nnt. Motor Car Cos 2 3% Pub. Savings Ins. Cos. ... 0 Hauh Fert. pfd 47 Stand. Oil of Indiana 109 Sterling Fire Insurance Cos. 7% ... Nan Cauip Hwd. pfd 9u Van Camp Prod. Ist pfd. ... 97 100 Van Camp Proa. 2d pfd Vandalia Coal Cos. c0m...... 1 4 Vandalfa Coal Cos. pfd 7 12 Wabash Ry pfd 28% 20 Wabash Ry. com 12 13% BONDS. Broad Ripple 5t 62% ... Citizens St tt. U. 5s 82% ... Indian Creek Coal & Mines 0s ... Ihi Ind. Coke A Gas 8s 86 1)0 Indpls. C. A 8. 5s 01% Indpls. A Martinsville 5s ... 58 ... Indpls. A North. 5s 44% Indpls. ,St. Ry. 4s 67 72 ,ndp!. A N. W. 5g 53 58 Indpls. A S. E. 5s 40 Indpls. Shelby A S. E. 5s . 65 T. II . I. A E. 5s 64 Citizens Gss 5s 85 87% Indpls. Gas 5s 86 Kokomo M. &W. 5s 88% 01(4 Ind. Hotel Cos. tls 99% ... Indpls. Water 5s 96 Indpls. Water 4%s 81 Indpls. T. AT. 5s 82(4 84% Indpls. L. A 11. 5s 91 % 93 1. T. of Ind. 6s 57 Mer. 11. A L. 5s 99(4 ... New Tel. L. I). 5s 97 New Tel. Ist 8s 97 South. Ind. I’uwer 6s 86% 91% CHICAGO STOCKS. (By Thomson McKinnon.’ —June 17 — Open. High. Low. Close. Am. Ship 67 A. A Cos. pfd. .97 Armour Leather 12% Case Plow 7% C.C.A C. K. pfd. 7% Cudahy 64 Com. Edison .130% 131 130% 131 Con. Motors —B% 8% 8% 8% Libby-McNelll.. 2% Mont. Ward ... 20% 20% 20% 20% Nut. L., New.. 8% i’ick A Cos 26 I’iggly W. "A * 42% 43 42% 42% Quaker Oats ... 96% 97 90 % 97 Reo Motor .... 24 24% 24 24% Stewart-War. . •12 1 4 42% 42 42% Swift A Cos. ..100% 130% 160 100% Swift Inti 19% 19% 19% 19% Union C. A C.. 55% 55% 55% 55% Wahl 59 Wrlgley 105 106% 165 105 Yellow Taxi .. 70% NEYV YORK RICE. NEW YORK, June 17. —Itlce was firm on the market today, domestic selling at 3V*(<i7%c per pound. NEW YORK COFFEE. NEW YORK, June 17.—The coffee exchange here was closed today in observance of the Saturday holiday. INDIANAPOLIS PRODUCE. Eggs—Fresh, 22c. Butter—Packing stock, 10t&17e. Poultry—Fowls. 19@23e; leghorn fowls, 15e; broilers,l% to 2% lb size, 40c; broilers under 1% lbs, 35cleghorn broilers at discount; cocks. 13cstags, 13c; young hen turks. 8 lbs and up, 28c; old tom turks, 23c; young, tom turks, 12 lbs up, 28c; cull thin turkeys not wanted; ducks, 4 lbs and up, ldcql'e; geese, 10 lbs and up, 12c; squabs. 11 ih ß to dozen. $5.50@6; old guineas, ptr dozen $3 Butter—Local dealers are paying 35(& 30c per lb for butter delivered In Indianapolis Butterfnt—Local dealers are paying 33e per lb for butterfnt delivered in Indlauapoiis. CHICAGO PRODUCE. CHICAGO, June 17.—Butter—Receipts, 18.000 tubs; creamery, extras. 35%® 34%0; standards. 35%c; firsts, 30%@34c. Eggs—Receipts, 30,100 eases ; current receipts. 21@21%c; ordinary firsts. 20%® 21c; firsts, 22c: extras. 23%@24c: checks, 10c; dirties. 19%c. Live poultry—Turkeys, 25c; chickens, 21%c; broilers. 33® 42e; roosters, 14c; geeae, 12@23c; ducks, 20&23c.

SWINE VALUES RULE STEADY Speculators Principal Buyers of Cattle. RANGE OF HOG PRICES. Good Good Good Juno Mixed. Heavy. Light. [email protected] [email protected] $11.05 12. 10.80@ 10.90 10.75 @ 10.80 10.90 13. 10.60@ 10.65 10.55 @10.65 [email protected] 14. 10.60 @10.65 10.50 @10.60 [email protected] 15. IC,SO® 10.85 10.75 @ 10.80 10.85 @10.90 16. 10.80 10 [email protected] [email protected] 17. [email protected] 10.65 @ 10.80 [email protected] With receipts close to 6,000 and the demands of both packers and shippers fair, swine prices were steady generally in trading on the local live stock exchange today. Trading was of a fair nature, and a fair clearance had been effected before the close of the early forenoon hours. Cattle values were slow steady to weak, with 250 on the market, the quality below the usual standard and speculators the principal traders. Veal prices ruled about steady. Receipts were extremely light, the quality good uud the demand fair. Sheep prices were about steady and lamb values sharply lower, with receipts around 100, the quality fair and the demand slow. HOGS. 100 to 180 lbs. average $10.35030.90 Over 300 II h 10.70® 10.75 350 to 300 lbs 10.70® 10.90 Best pigs, under 140 lbs .... 10.50®10.85 Top 10.90 Roughs 9.00@ 9.00 Stags 7.00® 8.00 Bulk of sales 10.80010.90 -CottleFew choice steers 8.000 8.75 Prime corn-fed steers, 1,000 to 1,300 lbs 7.75(8) 8.00 Good to choice steers, 1,200 to 1,300 lbs 7.50(g 7.70 Good to choice steers, 1,100 to 1 .Loo lbs 7.207.50 Good t" choice steers, 1,000 to 1,100 lbs 0.75@ 7.25 Common to medium steers, 800 to 1,600 lbs o.23'fji 0.75 —Con , and Heifers— Few choice heifers 8.50(81 8.75 Good to choice heifers 8.01%* 8.00 Medium heifers 7 50<44 8.00 Common to medium heifers.. C.oufq) 7.50 Good to choice cows 6.00'q. 6.50 Cauners 2.50<8i 3.50 Cutlers 2 25fgl 3.20 —Bull*— Fancy butcher bulls 6.25(iJ 5.50 Good to choice butcher bulls. 6.00% 525 Bologna bulls 3.50(8 3.75 Light bologna l nils 3.00(8. 3.25 Light common bulls 3.00(8 3.50 —Calve* —- Choice veals 8 50(8 9 00 Good veals 8.00(d 8.50 Medium veals 6.00(8 7.00 Lightweight veals 5.50(1.5 6.00 Heavyweight veals 4.50(i4 5.(70 —mockers mid Feeders— Good to choice sicers under 800 lbs 5.50(g 7 35 Medium cows 2.50(8 3.75 Good cows 4.00 8 4.50 Good hellers 5.50(8 7.23 Medium to good heifers .... 4.50(55 5.50 Milch cows and springers.... 37.00(875.00 —Silecy and Lamb*— Cull ewes 1.50(8 2.00 Good to choice ewes 2 OO'q 4.(Hi Burks 2.iX'{ 3 25 Yearlings 6.UO((j; 8.00 Springers 8.00(4! 1.00 Culls 5.00$ 7.00

Other Livestock CHICAGO, June 17.—Hogs -Receipts, 6.000; market, bettor grades steady to strong and other grades weak to lower; bulk of Hales, SU)(, ? 10.75; top, $10.75; heavies, $10.40'810.05; mediums, $10,60 8 10.75; lights, $lO 70,(10.75; light lights, $10.20(8.10175; packing sows, smooth. SB.OO <8 0.40; parking sows, roughs. $910(89-40; pigs, $9.25-ii 10 30. Cattle Receipts, 500; market, steady. Sheep and lambs —Receipts, 5,000; market, steady. CINCINNATI, June 17.—Hog*—Receipts, 1.500: market, steady generally: heavies, $10.754110.90; mediums, mixed end lights, $10.90; ptps, $10.75; roughs, $8 504.C5.75 : Stags. $50(5.50. Cattle—Receipts, not); market, wVuk; bulls, weak: calves, $9. Sheep and lambs Receipts, 3.300; market, steady; ewes. $1(0.5: lambs. 50e lower: choice lambs, $12((*13; seconds. $7.50(88; culls, $4(85. CLEVELAND, June 17 -Hogs—Receipts, 3.1 M); market, 15c higher; yorkera and pigs, .$!! 15>; mixed and mediums. sll . rougns, $Vu s 58; atngs, ssfjjs.so. Cuttle -Receipts, 400; market, slow. Sheep and lambs Receipts, 5o(>; market, slow; top. sl2. Calves—Receipts, 300; market, slow; top. sll. SUM X CITY, lowa, June 37.—Hogs . Receipts. 6,000; market, steady strong; range of prices. $9.75(810.65; bulk best butchers. $10.25(it 1055; medium, mixed an and lieu vies, $9.8.5© 1015. Cattle—Receipts 300; market, steady; compared with last week, good fed grades, steady to strong ; grussers, 25c down ; st< leers, steady, and others 25c lower.. Sheep— None; market, nominal. EAST NT. LOUIS, 111.. June 17. —Hogs Receipt*. 4.500; market steady to 5c higher; mixed and butchers, $10.50'% 10.85; good heavies, $10.70y|:lo.8o; roughs. S9'B 9.16. lights. $10.75-8 10.85; pigs. $10.40 <® 10.88; bulk of sales. [email protected]. Cattle Receipts, 400; market steady generally ; native la ■•■{ steers. $9(89 50; yearling steers and heifers. $5.80.'89.5t>; cows. $.■'.25(80.50; stockers and feeders, $3.75(8 0.40;' calves. $2.5088 50; cannert and cutters. $2.25(83.73. Sheep and la in 1.8 - Receipts, 300; market nominal EAST BUFFALO. June 17. -Hog* Receipt*. 1.600; market, active; yorkera, $11.25(811 10; pigs. $11.251811.35; mixed, sll 25(811.to; heavies, $11.258 1135; roughs ss(<c.l; stags. $58.6. Cattle- Receipts, 250; market, active; feeders, $5(80.75, shipping- * rs, $8 758 9.50 ; but'her grades, $7.50-118.25 ; InOfers, $5.7588; rows, $2,508. 6.50; bulls, $3.758 5.50; milch cows and springers, $,308.130. Calves —Receipts. 3(H); market, slow, cull to choice, s3<ij 10.50. Sleep and lambs—Receipts, 200; market, active; choice lambs, $12812.50; cull to fair lambs. $781.75; yearlings, SOB %9.50 ; sheep, $387.25. I’ii'TNßt UGH, June 37.—110 gs - Receipts. 3,500; market, higher; prime heavies, $11,108.11.15; mediums, $11.40© 11.45; heavy yorkera, sll 40© 11.45; light vorkers, sll.lO©li 45; pigs. sll 10(811.25 ; roughs. SBB 9; stags. $5(85.50; heavy mixed, $1.1.20. Cattle —Receipts, extremely light; market, steady. Calves Receipts, light: market, steady; veals, $9.50; heavy and thin calves, $48.7. Sheep and lambs —Receipts, H-Xl; market, steady; prime wethers. $6(80.50; good mixed. $585.75; fair mixed. $lB 1.75; culls and commons, $18)3; good lambs, $10; springers, $lO. In the Cotton Market j NEW YORK, June 17.—Overnight buying orders unstained the cotton market at the opening today in the face of a clear weather map. First prices were 2 to 10 points net higher. Commission house buying was supplied southern Interests, who acted on improved weather prospects in Texas, the Gulf storm apparently disappeared into Mexico. Later the list reacted to last night's close. New York opening cotton prices—June, 21.60 c bid; July, 21.95 c; August. 22.15 c; October, 21.90 c; December, 21.0oc; January, 21.54 c; March, 21.40 c. The market was steadier In the late dealings, closing at a net advance of 10(8 17 points. COTTON FUTURES, Open High. Low. Close. January 21.54 23.65 21.35 21.00 March 21.40 21.54 21.20 21.40 May 21.05 21.33 21 05 21.25 July 21.95 22.05 21.70 21.98 October 21.90 22.05 21.70 21.98 December 21.65 21.85 21.48 21.76 —Cotton Review— NEW YORK, June 17. —The cotton market gave another demonstration today of iis inherent strength. The more suggestion of unfavorable weather in any particular locality* is sufficient to arouse the anxiety of the trade and force-shorts to cover. When you have such a condition there must be some good reason for it, and the reason for it is the rapidy diminishing supplies of the raw material with general business better and wih the distribution of cotton goods proceeding at an increasing rate. What will the trade do if we have normal developments during July and August. s Because normal developments during that period means deterioration. The cotton crop is in a posilon where' it would require an unusual long spell i of very favorable weather to recover j ample justification for the, policy of buy- | ing on every reaction.

BUYING CAUSES GRAIN ADVANCES Unfavorable Threshing Returns Also Has Influence. CHICAGO. June 17.—Wheat prices closed fractionally higher at the end of the dull session on the Chicago Board of Trade today. The advance was due to heavy buying by Eastern Interests and discouraging results of early threshing in the Southwest. Corn and oats ■ closed irregular. Provisions, were Irregular. July wheat opened at sl.ll, unchanged and closed %c higher. September wheat opened at $1.12, up %c, and was %c higher at the close. December wheat opened unchanged at $1.15%, and closed up 6e. July corn opened unchanged at 62c and closed up %c. September corn opened oft %c at 65%c and closed %o higher. December corn opened off %c at Cs%c and closed off %c. July oats opened off (4c at 34%c, and closed off %c. September oats opened unchanged at 36%c, and closed off c. December oats opened unchanged at 39%c, and closed unchanged. (By Thomson A McKinnon.) —June 17 Wheat —Cooler temperatures over the entire West, together with a general run of favorable crop news, gave the early market in wheat an easier tone. The easiness was more a matter of Insignificant demand than any influential selling. During tho day, there appeared an excellent demand from eastern sources, values responding readily. There seems to be no improvement in the flour situation uud old wheat la coming to market very freely in the far Southwest. Until hedging sales from the country appear, the pressure upon wheat is sentimental. We are inclined to feel that brilliant crop outlook lias due Influence in the market, but, at the same time, we do not discover anything at the moment to advance prices steadily. We anticipate irregular action around the present level. Corn and oats —Lower temperatures and a few shattered showers have been influential in corn and oats to the extent of checking any important demand from believers in higher prices. Neither one of these markets has any individuality, they being simply u minor reflection of wheat. There are many reports of oats heading short anil a few reports of replanting of corn. We feel that any new problems in tho situation are likely to tuvor the holder. Provisions—Today’s provision market absolutely featureless. CHICAGO GRAIN TABLE. —June 17— WHEAT— Open. High. Low. Close. July 1.11 1.11 % 1.00% 1.11% Sept.... 1.12 1.12% 1.10% 1.12% Dec 1.15% 1.10 1.14% 1.10 CORN— July 62 .62(4 .61% .61% Sept 66% .05% .64% .05% Dec .655, *65% -64% .64% OATS— July 34% .34% .33% .34% Sept 36% .3UB .38% .30% Doc .39% 3’j ’’y .39 .39% LAUD— July.... 11.40 11 42 11.42 11.42 S**pt 11.70 11.72 11.70 11.72 RIBS - •July 12 37 Kept 12.20 12.20 12 18 12.20 R V L J uly ST .87% .85% .87 Sept.... .85% .87% .85% .87% •Nominal. TOI.KDO SEED AND GRAIN, TOLEDO, June 17.—Oloverseed —Cash, sl3; October, $11.05; December, $11.05. ADike—Cush, $11.75; August. $12.05; October. $11.50. Timothy—Cash. $2.90; September. $3.25: October, $3.10. Wheat —(. „h. sl.lß- June, $1.18; July, $1.14; 8.-; :ember, $1 14%. Corn -Cash, 05%'g,, 60%.-. Oats -Cash, S9%UU %c. Rye— Cash, 88%c. Barley—Cush, Gsc. CHICAGO CASH GRAIN. CHICAGO, June 17.- Wheal- No. 3 hard winter, $1.08%. Corn—No. 2 mixed, (lie; No. 2 white, 01%'q2c, No. 2 yellow, 62%<802c; No. 3 white, G0((J60%o, No. 3 ieilow, 60Vi(,00%c: No. 4 mixed, 58%c; •o. 4 white, 58%(if59c; No. 4 yellow, 58% ftps9’/jc. Oat* No. 2 white, 35840 c ; No. ■i white, 33©,34 %<:, No. 4 white, 33%c.

PRIMARY MARKETS. , (By Thomson & McKinnon.) —June 17— RECEIPTS. Wheat Corn Oats St. Joseph .... 18,1100 22,000 4.000 Chicago 401.000 389,000 180,000 Milwaukee .... 10,000 O.lkiO 44,<W0 Minneapolis .. 282,00.) 35,000 100,000 Duluth 128,000 136,000 2.000 Bt. Louis 44.11*) 77.000 82,000 Toledo 7,1*10 8.000 4,000 Detroit 2,l**) 2.000 Kansas City .. 390.000 78,000 13,1*11 Omaha 5,000 84,000 50,000 .i.u.uuapolia ~ 40,000 59,000 54,i*A) Totals 957.000 980,000 638,000 Year ago .. 991,(X1) 805,000 837,000 SHIPMENTS. Wheat Corn Oats St, Joseph 4,(44) 17.01) 2,0tX1 Chicago 443.t*4) 294,000 115.(4*1 Milwaukee ... 12,000 9.000 12,(41) Minneapolis .. 109,000 86.000 95,(K*) i until li 22,(4) 623,14*1 128,000 St. Louis 53,000 82,000 72,1X41 > oleuu 4,(110 3,000 1,000 Kutisus City .. 230.i*i) 26.000 15,(44) Omaha 6.000 129,000 41.(4.*) Indianapolis 27,000 22,000 Totals 883.000 1,137,000 506,0(41 Year ago .. 607.000 979,000 423,9u0 CLEARANCE. YVheat Corn Oats New York 8.000 100,000 Baltimore 24,000 86,000 New Orleans .. tH.OUO 17,000 Totals 88.(44) 111,000 100,000 Year ago ... 228.000 116,000 INDIANAPOLIS CASH GRAIN. —June 17— Bids for ear lots of grain and hay at the call of tho Indianapolis Board of Trade were: Wheat —Easier; No. 2 red. [email protected]. Corn —Steady; No 3 white, 53@54e; No. 4 white. 52(5;53<:; No, 3 yellow, 52%££ 53'/ie; No. 4 yellow, 51%fti52%c; No. 3 mixed. 52fif53c; No. 4 mixed, 51(q,52c. Oats —Easier; No. 2 white, 31%(U32c; No. 3 white, 41@31%c. liny—Weak; No. 1 timothy, SIS@IS3O; No. 2 timothy, $17.50(j3:18; No. 1 light clover mixed, [email protected]; No. 1 clover, $14.50® 15. —lnspections— Wheat—No. 2 red, 2 cars; No. 4 red, 1 car; No. 3 dark northern spring, 1 car; sample, 1 car; total, 5 cars. Corn—No. 3 white, 2 cars; No. 4 white, 7 cars; No. 6 white, 1 car; No. 2 yellow, 2 cars; No. 4 yellow, 0 cars; No. 5 yellow, 3 cars; No. 6 yellow, 8 cars; No. 2 mixed, 1 car; No. 3 mixed. 1 oar; sample mixed, 1 car; total, 32 cars. Oats—No. 2 while, 2 cars; No. 3 white, 5 cars; No. 4 white, 5 cars; total, 12 cars. Hay—No. 1 timothy, 1 car. Number of cars for day, 50. Main prices quoted f. o. b. basis, 41%a rate to New Y'ork. BOARD OF TRADE STATEMENT. The weekly statement of the Indianapolis Boar dos Trade showing the output of flour by local mills, inspections for the week and stock lu store, follows: COMPARATIVE STATEMENT. Output of Flour— Bids. June 17, 1922 6,959 June 10, 1922 0.670 June 18, 1021 4,895 June 19, 1920 8,540 Inspections for Week— 1921 1922 —Bushels— Wheat 25.000 Corn 328,000 134.000 Oats 224,000 100,000 Rye - 1,400 STOCK IN STORE. Wheat. Corn. Oats Rye. June 17, 1922.. 65,800 339.(4)0 152,400 June 18, 1921,. 61,200 394,100 267,220 2.850 June 19, 1920..121,670 351,000 81,100 3,040 HAY MARKET. The following are the Indianapolis prices for hay, by the wagon load, delivered in Indianapolis: Hay—Loose timothy, $18@20; mixes hay, slß® 19; baled hay, slß@l9. Oats—New, per bushel, 42®45c. Corn—Both old and new. per bushel, 63 Si 68c. WAGON WHEAT PRICES. Indianapolis flour mills and leevators yesterday were paying $1.12 per bushhl for No. 1 red winter wheat ; sl.lO for No. 2 red winter and according to test for No. 3 red winter.

Sent to Jail Because Stories Were Varied So glaring were the lscrepancies in the conflicting stories told by Nick Burson, Sam Baltesu and oJhn Bompa, all of Terre Haute, charged with violation of the national prohibition laws, to Judge Albert B. Anderson in Federal Court today, that he ordered all three defendants tatken to the Marion County jail until June 23. when their case will be tatken up again. According to Federal offilcals Burson and Bompa rented a farm where Burson attended to the selling end of the white mule produced by Bompa. All three defendants admitted thteir guilt but told widely different stories. The case against Virginia Baltesu was nolle don motion of the Government. PHILIPPINES DO NOT EXPECT TO HAVE FREEDOM Island President Is Aware of Opposition of Senate to Independence. WASHINGTON, June 17.—0 n the face of things, Manuel Quezon, head of the Filipino Independent delegation, which has Just arrived In the United States, is beaten before he starts his campaign. The wily president of the X’hillppine Senate is too well versed in the mysterious ways of diplomacy and propaganda to believe for a moment the expensive mission he is convoying to Washington to plead .the cause of "immediate, complete and absolute Independence” will accomplish nothing. Through agents in the United States Quezon is perfectly well informed of official and public opinion in this country, and though he refused to be a member of the mission unless It was Instructed to demand complete independence, he hasn’t the slightest idea of obtaining it—just yet. That is exactly what he told the Independence Commission personally only n few minutes after it had voted to give definite Instructions to the delegates to demand complete and lmmedia:e independence. He said to them that, although he had stood out for those Instructions, he knew perfectly, well that any one who expected the commission to return to Manila with i’hilippine Independence in its portfolio was doomed to disappointment. He then proceeded to read to the commission a cablegram from his agents in Washington showing that the attitude of the Harding Administration was distinctly opposed to Philippine independence at this time.

QUEZON IN UNITED STATES. Quezon is now in the United States, however, and he has authority to expend considerable sums in missionary work. lie frankly admits he believes the surest way of bringing the American people to the Filipino point of view Is through publicity. Tills, however, will not prevent the commission from prosecuting its case vigorously, both before the President and before Congress. As president of the Philippine Senate, Quezon is a powerful factor lu Filipino politics. With him is Osrnena, Speaker of the House of Representatives, also a powerful figure in the Philippines, and appealing to a more conservative element than Quezon. Thongh Osmena has shown more willingness to coperate w-ith Governor General Wood in domestic legislation than Quezon, the two nevertheless are apparently united on the question of independence for the Philippines. The attitude of the Harding Administration, however, is believed to be unshakable. The White House is on record as declaring that the indepndene mission will return to Manila ‘'with something more definite than it has received for the last three or four years,” Secretary ol War Weeks, under whose Immediate jurisdiction the Islands fall, has elaborated somewhat on the Administration policy. “I am opposed to Immediate independence for the Philippines,” said Seer, tay Weeks, “anil so is President Harding." WOOD’S REPORT CONSIDERED. The attitude of tho Administration, according to Secretary Weeks, is based to a considerable extent upon the report compiled by Maj. Gen. Leonard Wood, now Governor General of the islands, and former Governor Forbes, who made their recommendations after months of exhaustive study. This report was definitely against immediate recognition and ascribed much of the present chaos in the islands to too much previous talk along that line. Tho Administration not only has Indorsed that report In toto, but has evidenced its indorsement by making General Wood Governor General of the islands and by bringing all sorts of pressure to bear upon him and the University of Pennsylvania, from which he has leave of absence, to induce him to remain in the islands as Governor. Ali this is well known to Quezon and Osmena, who, according to their own statements, intend to try to counteract the influence of the YVood-Forbes report in the United States by giving the Ameviean people “the true facts” with regard to conditions in the Philippines.

EXAMINERS TO HOLD MEETING International Association of Boards in Optometry Coming. Preceding the annual meeting of the American Optoruetrlc Association to be held in Indianapolis, the week of June 23-30, a meeting of the International Association of Boards of Examiners in Optometry will be held at the Athenaeum, June 23-28, according to an announcement made today by H. M. Cantwell of Indianapolis, general chairman of arrangements. Important matters coming up for discußslon will Include new educational standards, -cooperation In the nationwide movement for eye-sight conservation and the reading of reports of delegates who attended an educational conference held at St. Louis last January. The election of officers will take place. A joint session of the Board of Examiners with members of the Federated Schools of Optometry will also occur during the week. Among prominent speakers who will be heard during the convention sessions will be Roe Fulkerson of Washington, D. C., I>r. William S. Todd of Hartford, Conn.; Dr. Charles Sheard of Southbridge, Mass.; Dr. Frederick Woll of Columbia University, N. Y. C.; Dr. H. S. McClung of Regina. Sask., Canada; Dr. Hoard Bestor and Dr. Claud Walcott of Dallas, Texas; Dr. Joseph I. Pascal of the New Y'ork Institute of Optometry, New York City; Dr. W. B. Needles of Kansas City, head of the Needles Institute of Optometry, and Dr. George A. Barron of Boston. WHOLESALE BEEF PRICES. The following are today’s wholesale prices for beef cuts as sold on the Indianapolis markets of Swift & Cos.: Ribs—No. 2,17 e: No. 3. 13. Loins— No. 2,10 c; No. 3, Do. Plates—No. 2,7 c; No. 3, Cc.

VINEGAR MILLS STATE PARK IS OPENTOPUBLIC Heavily Wooded Tract in Jennings County Added to Indiana’s Attractions. Vinegar Mills State Park. Indiana’s latest acquisition to its State park chain, has been opened. Every’ Indication points to its popularity as a tourist camp and wayside inn for residents of half a dozen southern counties, as well as tourists in that section of the commonwealth, in the opinion of Richard Lieber, director of the State conservation department, under whose jurisdiction State park res* ervations are operated. Vinegar Mills is a heavily wooded tract of about eighty-five acres in Jennings County. It is on State road 26, easily accessible to motorists, and only two miles from North Vernon, accessible to the Pennsylvania, B. & O. and New Y'ork Central rail lines. The park is a gift to the State by the generous and public spirited people of Jennings County. Its rustic scenery and primitive beauty favorably compares with much of Indiana’s scenic grandeur possibly better known at this time to the touring public, Mr. Lieber says. A feature of this park is the excellent restaurant service Installed in an old farmhouse remodeled into an inn. It will be known as Muscatatuek Inn, and the dining room is capable of seating sixty guests at one time. The inn is in charge of Miss Edna Birkit. In addition to a regular restaurant service both day and night, the inn will specialize on chicken dinners, spreads for parties, clubs, lodges, reunions, etc.

SUMMER FIELD I WORK PLANNED | BY COMMISSION State Conservation Workers to Spend Time in Coal and Lake Regions. Extensive plans for summer field work In connection with the State geological survey are being formulated by Dr. W. N. Logan, State geologist under th" State : conservation department, Richard Lieber, director, announces. A field party will study the geological ! occurrence and conditions of the coal j beds In the south centra! part of the Indiana coal field, the area surveyed to Include parts of Greene, Martin, Daviess, Knox, Sullivan and perhaps other counties. The party will be directed by Dr. I I.ognn, and will Include M. A. Harrell, R. E. Esarey, W. I‘. Rawles. G. G. ; Battle, F. L. Madenwals and R. Hunt. Subjects to be studied are the conditions of the coal measure strata, correlation of the coals or other regions, collection of samples of coal and other economic products for laboratory investigation, and study of structural conditions of the area, and determination as far as possible, of the structures favorable to the accumulation of oil and gas. Dr. E. It. Cummings expects to continue his studies of the Silurian and Ordovician formations of this State. He will carry his Investigations into Ohio and Michigan. I)r. C. A. Mnllott will spend some time this summer In the counties of the driftless area along the Ohio River. Dr, YV. M. Tucker, hydrologist of the division, assisted by Avery Thomas, will study the water conditions of the lake region about La Porte. Later he will make a study of the lakes of Kosciusko County, contour them and collect the data regarding temperature, depth and other features. This work will be done in cooperation with the fish and game division of the conservation department, and information will be obtained, it is hoped, that will be serviceable in better preserving the aquatic life of the Dr. J. K. Reeves is to continue his studies of the oil shales of Indiana, devoting much time to mapping oil shale areas, and determining localities favorable to mining and location of extraction plants. He will be assisted by Robert 'Kidd. Samples of shales collected will be tested In the laboratory at Indiana University, to determine tho yield and any variation of yield from place to place. The remainder of the geological ulvision's program of summer field work includes a study of < istribution and composition of ancient lake beaches of Lake Michigan area in Indiana by George Crossy study of strata of the knobstone area of Brown County by Flenn Lee, and study of the physiographic conditions of Monroe County by Arch Addington. To Recognize Bravery of Lineman Payne KOKOMO, Ind., June 17.—Officials of the Indiana Bell Telephone Company will gather here Monday night to participate in the ceremonies incident to the presentation of the Vail Bronze medal, a company honor, to Otis Payne, lineman. I’avne is to be rewarded for conspicuous bravery lu saving the life of It. F, (\ right, a fellow worker, Dec. 24, 1921. Payne risked his life In releasing (Yright fxoia a high tension wire. Indiana Baptists Meet at Franklin FRANKLIN, Ind., June 17.—The Indiana Baptist Assembly, of which the Rev IT, S. Clutton, Indianapolis, is president, meets here Aug. 12 to 19. The meeting will be featured by a sess on of the Baptist Young People's Union. The program will incuude lectures, studies, musical entertainment and recreation.

X<A< COX We Own, Offer and Recommend Indiana Tax Exempt Road Bonds Denominations $250, $282, SSOO, $650, SB7O, $921, $1.090. Exempt from all taxes in Indiana and from all Federal income taxes. PRICES 1922 to 1927 maturities—• Yield 4 1928 to 1932 maturities— Yield 4.40%. 1933 to 1942 maturities— Yield 4.309 c. Fletcher American Company 2nd Floor Fletcher American Bank Bldg. INDIANAPOLIS Chicago Detroit t-oui*vi!k South Bend Private Wirc Principe > Markets

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