Indianapolis Times, Volume 35, Number 35, Indianapolis, Marion County, 21 June 1922 — Page 12

12

SHORTS FIND THEMSELVES IN TIGHT PLACE Efforts to Get Out Causes Sharp Rise in Long List of Stock Specialties. •Special to Indiana Dally Times and Philadelphia Public Ledger. BV MONITOR. NEW YORK. June 21.—Favored by a strong technical position and a series if constructive news developments re- j uiting directly to the general business and financial situation, Tuesday's stock market displayed unmistakable firmness and buoyancy. Shorts found themselves in a most uncomfortable position, and : heir efforts to extricate themselves were responsible for spectacular rises In such issues as Mexican Petroleum, Studebaker. Crucible. Gulf States Steel, L r . S. Industrial Alcohol, Lackawanna Steel, U. S. Rubber, Burns Brothers, Republic Iron and Steel and a long list of spt cialties. Those who had hastily come to the conclusion that the advance in the market had discounted all that was favorable In the situation were hardly prepared to withstand the stimulating effect of such developments as the decision to postpone action on the bonus bill for the present, the impressive figures on car loadings showing a substantial gain in traffic over a wide area, the big equipment orders now being placed with the prospect of more to come, evidences of a satisfactory conclusion to be reached as a result of conferences on the Mexi--u oil situation, the vigorous rally in foreign exchanges, particularly sterling and francs. The list might be considerably amplified, but the items noted above are sufficient to provide encouragement for wavering minds, and give further confidence to those who have been steadfast in their beliefs. Aside from the sharp advances that took place in the oversold oils, steels, equipments and motors, a strong upward movement In the rails furnished the leading market feature. For the first time in weeks, the rails were active and firm. The technical position had been strengthened by recent liquidation and short selling prompted by fears of a decline In the event of a railroad strike. Recent traffic returns have been most encouraging and the declaration by the Great Northern Railway directors of a semi-annual dividend of 3Vi per cent on the preferred stock appeared to be the only thing needed to set the group iu motion Great Northern advanced more than four points, and good advances were scored by Northern Pacific, St. Paul preferred, Pittsburgh and West Virginia. Union Pacific. Chesapeake and Ohio, Lehigh Valley and numerous others. Activity in the steel industry Is becoming intensive. Chicago reports mill deliveries so far behind that producers refuse to make promises except on a few products. Some mills in the Youngstown district are working close to 100 per cent capacity. The sharp recovery in foreign ex■hanges may be set down largely to short overing. London was reported as a xeavjr buyer here. Confidence in the market situation has been so largely restored /hat it probably would require some adverse development of a striking character o cause a return of last week's reaction •id hesitation.—Copyright, 1022 by Pubic Ledger Company.

WALL STREET GOSSIP 1 BY MONITOR. NEW YROK. June 21. -Mexican Pe--oleum was again the feature yesterday ltd the drive carried the market to 171 V; ■fore the position became easier. I.oang rates were fiat to 1-32 per cent Ternium with stock scarce. Mexican Petroleum and Pan-American ■iiild issue their report? this coming idny. or the following Monday. It is nerallv expected that Mexican I’etrontn will show earnings for the year of 5 per share on the common, as against >OO in ltrjo and $11.75 in 1010. With ■ stock making new high for the year . ;cb day. traders are looking back into •? files for past performances. Call money again cased off in the late :ding. closing at 2% per cent, with litchange in the local situation. Corn Products took its place with the udustrials. which are recovering shnrpy. and sold up to 105 1 *, new buying eing based on the good earning record f the company. At the present time he company is operating about *SO per nt of capacity and expects to re-open ' e Edgewater plant early next month, urine the first quarter Corn Products rned $3.47 per share on the common and esent earnings are running well in cess of $1.50 dividend requirements. Directors of Great Northern declared the regular semi-annal dividend on the rock during the day, this action bringng in a very good buying movement, which carried the issue up 4-% points. Great Northern is looking forward to a good improvement in lumber, ore and ■rop movements. However, the road will suffer in one respect as most of its heavy traffic will come after July 1 and therefore come under the lower rate schedules. Buying of American Ice was of the same sort that has preceded othei directors’ meetings this year and was based on hopes of an extra disbursement to be declared at the June 27 meeting. Current strength in the oils is based on something more than speculative activity, as recent reports from the gasoline markets have been more bullish. May is usually a month of excess consumption. as the trade Is inclined to draw heavily on stocks in anticipation of the -trong summer demand for motor use. Refiners reporting to the American Petroleum Institute advise of a decrease of 5.000,000 barrels for the month, these figures embracing 62 per cent of the operating capacity of plants in this country. Western reports on Texas Company are more encouraging and It is said that oil resources of the company have been increased largely by several new wells in the Hull and West Columbia fields in the Gulf Coast section. Directors of Maryland Oil decided In favor of quarterly dividends at the rate of $4 per year and have instructed the executive committee to declare and pay the first dividend on Sent. 30 to stockholders of record Aug. 31. Recent strength in equipments is meeting with justification in the number of tew equipment orders placed or planned by the large rail systems. The New Volk Central Is asking permission for authority to issue $27,645,000 bonds for the purchase of new equipment, while Wabash ordered $12.000,.000 of equipment. The New York. Lackawanna A Western is also seeking permission to issue $30.000,000 5 per cent bonds, and $5,000,000 in common stock. Total rolling stock orders placed in this country from the first of the year to June 15 amount to about 53,000 cars and about 000 locomotives. Os the latter class 504 were for domestic roads. This showing compares with total order? of 28.358 cars for ail 1021. while but S2O engines were ordered for the entire year and of those 581 were for export. Mexican envoys and American oil leaders are in close conference in New York Clty'at present wit hthc future of the oil industry in Mexico as the subject. No announcement has been made a? yet. although experts of the commission were busy on figures late on this evening. Harry F. Sinclair has not attended the meetings ns yet, as he is making an inspection trip to the Teapot Dome field. The drive in Studebaker, which carried the stock up 6** points, it, based to a large extent upon expectations of an extra payment to be declared at the meeting to be held July 31. Studebnker earnings are running at a very good rate and various reports floating around Wall street are all very optimistic over the outbook for the extra.—Copyright, 1922, by Public Ledger Company.

N. Y. Stock Exchange

(By Thomson & McKinnon.) —June 21— RAILROADS. l’rev. High. Low. Close, dose. Atchison 99 98% 98% 98% At. Coast L. .103 102% 11)3 102 Vs B. and 0 47% 47 47% 47% Can. Pacific. ..138 137% 137% 137% C. and 0 04% 04% 04% 04 C. AN. W. Ky.. 73% 73% 73% 73 C\, R. 1. A I'.. 40% 40% 40% 40% | IM. A Hudson .120 119% 120 119% I Del. A Lack. ...123% 121% 123% , Erie 15% 15 15 15 I <.lie Ist. pfd. •• 22Vs 22% 22% 22% Gt. North, pfd. .81 79% 79% SO j 111. Central ....104 104 104 103% Kans. C. 8. ...24% 23% 23% 24% Lehigh Valley . 03% 02% 02% 03Vs I L. and N 118 11S 118 .... Mo. Pacific ... 21% 20% 20% 21 Mo. Pacific pfd. 53% 53 53% 52% N. V. Central . 90% 90 90 90% 1 X. V., X. H AII. 28% 28 28% 28% i Northern Pac. 70% 75% 70% 70%. Norfolk A West.los% 105% 105% 105% ; Pennsylvania ... 41% 41% 41% 41 y* Reading 73% 72% 73% 73% So. Ky 23 22% 23 22% So. Pac 89% Bs% 88% 89% St. Paul 23% 25% 25 % 23% St. Paul, pfd. . 40% 39% 39% 39% St. L. A S. W. 27 26% 26% 20% St. L.&S. W.pfd. 45 43 43 42% St. L.&.S Fe It. 20% 20 2(1 20% Texas A Pac... 27% 26% 26% 27 Union Pacific.. .137% 150 130 150% Wabash 12% 11% 11% 12% Wabash pfd... 29 28% 28% 29 West. Pacific .. 19% 19% 19% 19 RUBBERS. Alnx 15 15 15 14% Fisk 10% 15% 10 15% Goodrich 40 39 39 39% Kellv-Springfield 47% 40% 47 40% Keystone Tire.. 10% 15% 15% 10% United States... 62% 01% 01% 09% EQUIPMENTS. Am C. & Fdry.,.104 162% 102% 102 Am. Loco 114% 112% 112% 112% BaldWwin Loco .116% 112% 113 115% Gen. Electric ...105% 105 165 105 Lima Loco 110% 109% 109% 110% Pullman 121 120 120 117% West. Airbrake. 93% 93% 95% Vest. Electric... 59% 59% 59'% 59% STEELS. Belli. (B) 77% 75% 7.7% 70% Crucible 75 71% 71% 75% Golf States 82% 78% 75% 77% La yawanna ... 75% 74 74 74% Midvale 34% 32% 32% 34% l’eun. Seaboard 10% 9% 10% 10% Keplogle 33 31 % 31% 32% Reo. I. A- S 73% 70 70 71% Sioss-Slieffffield. 44 44 44 43% United States ..100% 99 99% 100% U. S. pfd 120% 119% 119% 119% Vanadium 47% 43% 45% 42% MOTORS. Am. Bosch Mag. 43 43 43 42K Chand. Motors- 73% 72% 72% 74 Gen. Motors 14% 14 14 14% Hupp Motors.... 20% 20% 20% 20% Max. Motors (Al 06% 00 60 * 07% Maxwell Mot. B 24% 23 23 23% Martin Perry... 31% 31% 31% 31% Pierce Arrow... 23 19 19 * 20% Studebaker 151% 127 12744 129% Stromberg 49% 47% 47% 48% Stewart Warner 42% 42% 42% 42% Willys Overland 9 844 8% 8 MININGS. Butte C. A 7.inc 7% 7 7% Butte Superior.. 28% 28 28 2S Dome Mines.... 29% 29 29 28% Int Nickel 10% 10% 10% 10% Tex. Gas A Sul. 45% 48 48 48 COPPERS. Am. Smelting... 00% 59% 00 no% Anaconda 52 51% 51% 51% Chile Copper.... 20% 20% 20% 29% Inspiration 40% 39% 59% 40 Ki-nn. Copper.. 54% 33% 33% 34 Miami 28% 28% 28% 2?% Nevada Cons.... 17% 17% 1748 17' Utah Copper (21 63 03 04 Ray Cons 10% 10% 10% 10% U. S. Smelting.. 41% 41% 41% 41 OILS. Cal. Petrol 66% 03 63% 01% Cosden 49% 47% 47% 40% Houston Oil 81% 75% 78% 70 Invine. Oil 10% 15% 10 10 Mexican Petrol.l79 107'; 175 109% Middle St. 0i1... 14% 14 14 34% Okia. Pro 3% 3% 3% 3% I’un-Am. Petrol. 75% To',, 75% 72% Pacific Oil 69% 5844 58% 58% Pierce oil 8’; 8 B', s% Pro. A Ref 44% 42 42>* 42% Pure Oil 31% 51% 51% 51% Royal Dutch.... 01% 50% 59% 00% Std. Oil of Ca1..109% 100 100% 198 Std. Oil of N. J.. 187% 180 180 180% Sinclair 34% 53% 55% 33% Texas Cos 49’ 1 47% 47% 47% Tex. Coal A Oil 284; 27% 27% 27% Trans-Con. Oil.. 35% 15% 15% 15% Union Oil 21% 21% 21% 21’; White Oil 94* 8% 9% 8% INDUSTRIALS. Ailed Chemical.. 68% 6.?% 6.8% 09% Advance Rumiey 18% IS 18% Allis Chalmers.. 49% 49 49 49% Am. Can 48 40% 404; 47% Am. H A L pfd. 09 09 09 Am. Ice 198 190 7* 190% 107% Am. Linseed.... 34% 34% 34% 34% Am. Woolen 90% 89% 89% 90 Ctlit. Leather... 5?% 37% 58% 5? Coco,Cola 07% 05% 05% 00% Comp. A Tab... 05% 65% 15V* 65% Cont. Can 09 07 07 07 Endicott John... 79% 79% 79% SO Famous Players 80% 78% 79% 80% Gen. Asphalt.... 66% 03 03% 04 Inter. Paper 48 47% 47% 48 Inter, llarv 100 lot 105 103 Loews 14% 14% 11% 147(, Mav tSores 110 110 110 110% Mont. A Ward.. 21% 21% 21% 21% Natl. Enamel... 49% 49 49 48% Owen 80tt1e.... 30% 30 30 35% Pittsburgh Coal 03% 62% 63% 05% Sears Roebuck. 75% *.i 75 75% I'. S. Ret. tSores 06% 05% 65% 00% U. S. Sast I. P. 30% 29% 29% 30% U. S. In. Alco. 56% 544-4 55% 54% Wotth. Pump... 50 49 % 494-4 •••• Wool worth 103 109 162 .... UTILITIES. Am. Tel. & Te1..120% 120 12044 120 B. R. Transit.. 24% 24% 24% 24% Consol. Gas ...US 117 117 117% Colum. Gas .... 85% 85 85% 85% Peonle's Gas .... 83 83 83 82 West. Union 99 98% 99 .... SHIPPING. Am. Int. Corp. 43% 42% 42% 43% Am.Shpl A < om. 194-4 18 18% 19% Atlantic Gulf... 3$ 3744 37V* 37% Int. Mer.Mar.pfd 19% 18% 18% 18% Int.Mcr.M. pfd. 75% 73 73 73% United Fruit ....137% 13744 13744 137% FOODS. Am. Sugar 7944 7744 78 "7% Am. I‘. Sugar 45V* 45 45 44 Austin Nichols.. 28%. 27% 27% 28% Am C. Oil 26% 25 20 27 Cora Prods ....105% 103% 103% 104% Cub. C. Sugar.. 164s 16% 10% 10% Cub. Am. Sugar 24% 24 24 23% Wilson A C 0.... 41 39 39 .... TOBACCOS. Am. Sumatra... 40 39 39 .... Amerinn Cos. ...140% 140 1 4044 ■••• Tob. Prods 8344 81% 81% MISCELLANEOUS STOCKS. Am. Radiator... 974-4 05 95 974-4 Tenn. Copper.... 11 10% 10% 11 Davison Chem.. 49 47 47 4744 Callahan 8% 8% 8% 8% C. S. Realty 60 04 64 06 Pitts. A W. Va.- 37 30 30 37 R.J.Reynolds B 45% 4544 45% 45% Elec. 8. Batty. 43 4174 41% 42% Pert Marque*to.. 3044 29% 29% SO’,4

NEW YORK LIBERTY BONDS. l’rev. —.Time 21— High. Low. Close. Close. Libcrtv 3%s 100.12 100.08 10042 100.0$ Liberty 2nd 4s ..100.00 99.90 99.90 99.90 Liberty Ist 4%5.1004 8 10040 100.16 100.14 Liberty 2nd 4%5.100.04 99.98 100.04 100.02 Liberty 3rd 4V*s. 100.12 100.00 1 oft4o 10040 Liberty 4th 4%g. 100.14 100.0$ 10040 10040 Victory 4%s 100.60 100.58 100.00 100.02 CLEVELAND PRODUCE. CLEVELAND. June 21. Butter Extras. 42@42%c; prints. 43®43%c; firsts, 41(041 %e; packing stock. 20f022c. Eggs—Fresh, 2Cc: Ohio firsts. 23c; Western firsts. 21e. Live poultry—Fowls, 24 @2sc; roosters, 15@10c; broilers, 30® 45c. Potatoes—Ordinary to good, $2.75 per 150-lb bag. Sweet potatoes—Good, 90c to $1 per crate; new. $4<g5.10, per barrel. 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. 17c; No. 3. 13. Loins— No. 2,10 c; No. 3.9 c. Plates—No. 2,7 c; No. 3,6 c. Proprietors Watch Parade; Burglars Act LAFAYETTE, Ind., June 21.—While proprietors of the Bonner Meat Company were watching a circus parade, burglary entered the establishment and took about SSOO from the safe, which had been left! unlocked. They left no clew. *

STOCK MARKET TONE UNSETTLED Leading Issues React From 1 to 3 Points. NEW YORK, June 21—The stock market closed unsettled today. Many of the leading issues reacted from 1 to 3 points. Mexican Petroleum, after touching 179, broke to 171 and then came back to 17544. United States Steel reacted over 1 point to 99. Gus States Steel yielded over 4 points lo 7844. and Studebaker dropped over 4 points to 127. Government bonds wore unchanged and railway and other bonds unsettled. Stocks sales for the dav totaled 1,134,200 shares; bonds, $11,380,000. (By Thomson A McKinnon.) —June 21— When all is said with reference to what has transpired since last Friday’s culmination of the decline, we come to the inevitable conclusion that the stock market is a mighty good one. With all its faults wo still take pride in it and call it by its true designation “big bull market.” We have lately witnessed some very violent fluctuations, and we will without doubt witness some more of this. There is really no way to avoid It so long as we enjoy the benefits of a free and open market where every one is permitted to buy or sell in such quantities as be pleases. This is what ultimately creates a strained market situation, which in turn is corrected by the violence In fluctuations. Mexican Petroleum at present is the key to the entire market. On the reactions stoeks may be bought. TWENTY STOCKS AVERAGE. NEW YORK June 21.-Twenty Industrial siocks Tuesday averaged 93.51. up 1.50 per cent. Twenty active rails averaged 52.55, up 97 per cent. CLEARING HOUSE STATEMENT. NEW YORK, June 21.—Exchanges. $707,000,000; balances, $7.8.200,000; Federal Reserve Bank credit balances, $55,700,1X10. \ ~ Money and Exchange Indianapolis bank clearings Wednesday were $2,530,000; bank debits, $5,500,000. NEW YORK, June 21.—Demand Sterling was quoted at $4.43% in trading oil the foreign exchange market today. Franc rabies were 8 07; checks, 8.0044 c. Lire cables were 5 88%c; checks, S.SS%c. Belgian cables were 8.2344 c; checks, 8.23 c. Marks were ,0031 c. Guilder cables were 38.64 c; checks, 38.59 c. Sweden kronen cables were 25.70 c; checks, 25.70 c. Norway kronen cables were 10.08 c; checks, 10.03 c. Denmark kronen cables were 21.38 c; checks, 21.33 c. NEW YORK CALL MONEY. NEW YORK, June 21.—Coney—Call money ruled 2 per cent: high. 3 per cent; low, 2% per cent. Time rates, 4(o4'* per cent: prime mercantile paper quiet. Sterling exchange was steady, with business in bankers’ bills at $4.43',4 for demand.

MOTOR SECURITIES. (By Thomson A McKinnon.) —June 21. —Closing— Bid Ask Earl Motors 344 4 Packard com 14% 144* Packard pfd 80 88 Peerless 47 49 Continental Mot. com 7% 7% Hupp com 20% 21 Hupp pfd .....105 Ueo Motor Car 24 244* Grant Motors 14k 1% Ford of Canada 385 390 Federal Truck 10 18 Paige Motors 23% 2444 Republic Truck 11 12 ACTIVE OIL STOCKS. (By Thomson A McKinnon) June 21— —Opening— Bid. Ask. Anglo-American Oil 10% 20% Atlantic Lobos 10% 1% Borne-Scrymer 380 40n Buckeye Pipe Line 91 93 Chesebrough Mfg. Cons 185 195 Continental Oil, Colorado... .135 140 Cosden Oil 1 nd Gas 6 13 Crescent Pipe Line 35 38 Cumberland Pipe Line 125 135 Elk Basin Pete 1044 11 Eureka Pipe Line 90 95 Galena-Signal Oil, prof 100 105 Galena-Signal Oil, coni 50 58 Illinois Pipe Line 170 175 Indiana Pipe Line 90 95 Merritt Oil 1044 11 Midwest Oil 2 3 Midwest Rfg 200 National Transit 27 £9 New York Transit 168 185 Northern ripe Line 100 105 Ohio Oil ;; 300 305 Oklahoma P. A It 7':. 9 Pennl-Mex 30 ‘ 37 Prairie Oil and Gas 590 010 Prairie Pipe Line 257 203 Sapulpa Itefg . 4% 4% Solar Refining ... Soo 380 Southern Pipe Line 93 97 South Penn. Oil 220 230 Southwest Penn Pipe Lines.. 01 04 Standard Oil Cos. of Ind 110% 110% Standard Oil Cos. of Kan 510 500 Standard Oil Cos. of Ky 95% 90% Standard Oil Cos. of Neb 185 195 Standard Oil Cos. of N. Y 441 443 Standard Oil Cos. of Ohio 440 400 Swan A Finch 30 40 Vacuum Oil 420 430 Washington Oil 22 28 NEW YORK CURB. (By Thomson A McKinnon.) June 21— —Closing— Bid. Ask. Acme Packing 35 50 Curtis Aero, com 3% 5 Curtis Aero, pfd 23% 25 Boston A Montana 15 10 Boston A Montana Corp.... 60 09 Goldfield Coil ■ 0 8 Jumbo Extension 3 5 Kirby Oil 0% 7 Nipissing 046 0% Standard Motors 4 5 Salt Creek J 7 17V* Tonopah Extension 1% 1 11-16 Tonopali Mining 1% 1% United P S new 7% 8 IT. S. Light A Heat 1% 19-10 U. S. Light A Heat, pfd.... I'% 1% Wright Martin 2 0 Yukon Gold Mine Cos 90 ICO Jerome 3% 3% New Cornelia 18 19 United Verde 27% 28 Sequoyah 2 20 Omar <’il 2 21-1 G Rep. Tire 65 70 CniCAGO STOCKS. (By Thomson & McKinnon.) —June 21. Open High Low Close Am. Ship'bldg.. 63 03 02 62 Armour Cos. .... 97 97% 97 97 Armour Lea.... 1244 ..... Case Plow 7 7 044 044 Chi. El. Ry. pfd 744 Cudahy 03% Com. Edison... 13044 131 13044 131 Con. Mot. ... 7% Libby-McNeiU . 2% 2% 2% 2% Mont. Ward .. 21% 2144 21% 21% Nat. Lea 2 Nat. Lea. new.. 8% 844 8% 8% Pick A Cos 204; Piggly Wiggly. 4 3 4344 42 % 42% Quaker Oafs .. 96% 90% 9644 9644 lteo Motors .... 24 24% 24 24 Stewart-Warner 4344 434 k 42% 4344 Swift A Cos. .. 100% 101 100% 101 Swift Inti 20% 20% 19% 19% Thompson JR.. 40% 4044 40% 46% Union Carbide.. 56% 50% 50% 50% Wahl 00 6144 5944 59% Wrlgley 102 Yellow Taxi ... 72 73% 7144 72 NEW YORK METALS. NEW YORK, .Tune 21.—Copper—Easy; all positions 13%@13%c. I,pad—Dull; all positions 5.50@!5.80c. Spelter—Dull; all positions [email protected]. CHICAGO PRODUCE. CHICAGO, June 21.—Butter—Receipts. 13,000 tubs: creamery extras, 35%c: standards, 35c: firsts, 30%@33%c; packink stuck. 20® 27c. Eggs— Receipts, 25,000 cases; current receipts, 2<1%@21e: ordlf r firsts, 20c; extras. 23c: checks, 19e. poultry—Turkeys. 25c; chickens, 23e : lers, 32@34c; roosters, 14c; geese, 12@ ducks, 20@23c.

INDIANA DAILY TIMES

Local Stock Exchange

—June 21— STOCKS. Bid. Ask. Ind. Ry. & Light com 57 Ind. Ry. & Light pfd 84 Indpls. St. Ry 40 55 I nil pis. N. W. pfd 49 Indpls. A S. E. pfd 60 T. H., T. & L. pfd 75 T. H. I. & E. com 1 T. H„ I. & E. pfd 2% U. T. of Ind. com 3 U. T. of Ind. Ist pfd S 13 U. T. of Ind. 2d pfd 1 5 Advance-Rumely pfd 40 Advance-Rumely com 17% ... Am. Central Life 200 Am. Creosoting pfd 94 ... Belt K. K. com 60 Belt R. R. pfd 5044 ... Century Bldg. Cos. pfd. .. 93% ... Cit izens Gas Cos 20 City Service com 220 230 City Service Cos. pfd 0744 09% Dodge Mfg. pfd Home Brewing 00 Ind. Hotel com 8744 ... Ind Hotel Cos. pfd 99 In. Nat. Life Ins. Cos 2 Im Title Guarantee 71 Ind. Pipe Linus 89 Indpls. Abattoir pfd 45 ... Indpls. Gas 45 indpls Tel. pfd 90 Indplfi. Tel. com Mer. Tub. Util, pld 50 Nat. Motor Car Cos 5 Pub. Savings Ins. Cos. ... 0 ... Haul) Fert. pfd 49 Standard Oil of Indiana ... 10944 ••• Sterling Fire Insurance Cos. i% ••• Van Camp Hwd. pfd 90 Van Camp Prod. Ist pfd. ... 97 100 Van Camp Pron. 2d pfd Vandaiia Coal Cos. com 1 4 Vnndalia Coal Cos. pfd. 7 12 Wabash Ry. pfd 27% Wabash Ry. com 11% ... BONDS. Broad Ripple 5t 02% ... Citizens St R. R. 5s 8244 ... Indian Creek Coal A Mines 6s ... 100 Ind. Coke A Gas 0s 86 90 Imlpls. C. A S. 58.... 92 ..... Indpls. A Martinsville 5s .. 60 Indpls. X North. 5s 45 Indpls. St. Ry. 4s 0744 "244 Indpls. A N. W. 5s 5344 5844 Indpls. & S. E. 5s 40 Indpls. Shelby A S.*E. 5s . 05 T. H„ I. A E. 5s 61% Citizens Gas 5s 85 88 Indpls. Gas Is 86 Kokomo M. AW. 5s 88% 91'/* Ind. Hotel Cos. Cs 99% ... Indids. Water 5s 96 100 Indpls. Water 4%s 81 Indpls. T. A T. 5s 52% 85 Indpls. L. A 11. 5s 9144 91 U. T. of Ind. 0s 59 02 Mer. H. A L. Is 99% ... New Tel. L. D. 5s 07 ... New Tel. Ist 0s 97 South. Ind. Power 6s 8644 91% LIBERTY BONDS. Bid. Ask. Liberty Ist 3%s 100.00 100.20 Liberty Ist 44*s 100.08 160.14 Liberty 2d 4%s 99.92 100.00 Liberty 3d 4'*s 100.00 loo.tO Liberty 4t!i 4%s 100.06 10040 Victory 4%s 100.48 100.56

Weather

The following table shows the state of the weather at 7 a. 111., June 21. us observed by V. S. Weather Bureaus: Station. Bar. Temp. Weather. Iniliannpolls, Ind. ..30.00 ~i Clear Atlanta. Gn 29.98 70 Cloudy AmarlTTu. *t’exas ....30.14 01 PtCldy Bismarck. N. D 30.02 61 Cloudy Boston, Mass 30.00 58 Rain Chicago, ISI 30 12 01 Cloudy Cincinnati, Ohio ....30.04 72 Clear Cleveland. Ohio ....30.02 00 Cloqjjy Denver, Col 29.90 04 Clear Dodge City, Kaa...30.10 00 PtCldy Helena, Mont 29.72 58 Cloudy Jacksonville, Fla. ..3n,02 80 Clear Kansas City, M0....30.10 74 Clear Louisville, Ky 30.00 76 Clear Little Rock, Ark.... 3004 74 Clear Los Angeles, Ca1....29,90 58 Cloudy Mobile, Ala 30.00 70 Rain New Orleans. La....29.98 78 Clear New York. N. Y.... 29.80 OS Italn Norfolk, Va 29.92 72 Cloudy Oklahoma City 30.08 00 Cloudy Omaha, Neb 30.00 74 Clear Philadelphia, Pa. ..29.88 70 Cloudy Pittsburgh, Pa 29.98 01 Cloudy Portland. Ore 29.98 58 Cloudy Rapid City. S. D..29.84 76 Cloudy Koseburg. Ore 30.02 58 Cloudy San Antonio, Tex... 30.00 70 Clenr San Franeiseo, Ca1..30.02 54 Clear St. Louis, Mo 30.08 72 Clear St. Paul. Minn 30.20 60 Clear Tampa. Fla 30.02 82 PtCldy Washington, D. C... 29.90 72 Cloudy WEATHER CONDITIONS. Si nee Tuesday morning showers have Occurred in scattered localities from the west Golf to the Middle Atlantic .States, and also In few places in the far northwest. Elsewhere, us n rule, fair weather has prevailed, with higher temperatures from middle western (anada southeastward over the great plains, duo to south, erly winds in front of a depression that traverses the western highland region. In the western plateau the readings are lower. Temperatures east of the Rocky Mountains continue near or above the seasonal average. CORN AND WHEAT BULLETIN. For the twenty-four hours ending at 7 a. m., Wednesday, June 21. 1922: Vemper- ‘ ature. a - Stations of ,• , c . Indianapolis -c fi 2 District. gs Sll a<v ; a sc--2a Ss£ South Betid .... 81 157 I O I Good “ Angola 82 |6O I 0 ! Good Ft. Wayne ...... 78 100 I 0 Wheatfield |B2| 52 I 0 Good Royal Center .. 82 |54 I O | Good Marlon 81 |57 j 0 1 Good Lafayette 86 | 60 0 Good Farmland S3 |55 | 0 | Good Indianapolis .... 82 104 | 0 Good Cambridge City . 81 |54 | 0 | Good Terre Haute .... 84 |54 j 0 | Bloomington .... 87 |SB I 0 | Good Columbus 88 | 55 0 I Good Vincennes 85 163 | 0 | Good Paoli I 80 | 00 1 0 I Good Evni sville | 82 I 00 ! 0 24 j J - !!. ARMIXGTON, Meteorologist, Weather Bureau. In the Cotton Market NEW’ VORK, June 21.—Cotton prices declined 14 to 24 points at the opening of the cotton market here today, under liquidation induced by expectations of a favorable weather report. Buying early was mostly for Wall Street.'the trade and Japanese accounts. Later, the list recovered half of Its loss ou fears of more rain in the belt. Now York opening cotton prices: July. 22.70 c; August. 22.80 c; October. 22.03 c ; December, 22.36 c; January, 22.20 c ; March, 22.15 c; May. 22c bid. The cotton market closed steady today at a net decline of 28 to 38 points. Open. High. Low. Close. January 22.20 22.50 22*4 0 22.18 March 22.15 22.31 21.92 21.01 Mav 22.10 July 22.70 22.87 22.40 22.47 October 22.03 22.59 22.40 22.42 December 22.30 22.05 22.23 22.25 LIVERPOOL. June 21.—With trading fairly active spot cotton prices were steady in trading on the market here today. Sales approximated 15,000 bales. AmcrlC! n middlings fair. 15.16d; good middlings, 14.1ji1; full middlings, IS.SId; middlings, 13.60d. low, 13.21 cl: good ordinary, 12.3 Cd; ordinary, II.SCd. Futures were quiet. —Cotton Review— NEW YORK, June 21.—Thu weekly report of the weather bureau today fully confirmed recent private reports of improving crop conditions, but has been fully discounted, and, while fluctuations have been non or less Irregular, the market has shown a very steady undertone owing to the continued strength of liverpool and bullish spot advices. Heavy realizing sales have been absorbed on very moderate setbacks during the past three cr four days, and contracts appear to be going into strong hands with the probability that many of them are being locked hedges against trade requirements. With the appearance of the crop now improving, however, we feel that traders should be prepared for tlie possibility of reaction between now and the publication of the Government crop report on June conditions and acreage.

SWINE STEADY TO 10 CENTS HQGHER Trade in Cattle Again Slow— Veals Stronger. RANGE OF HOG PRICES. Good Good Good Juno Mixed. Heavy. Light. 14 . [email protected] [email protected] [email protected] 15. [email protected] 10.75 @ 10.80 [email protected] IS. 10.80 10 [email protected] 10.80©10.90 17. 10.80®10.55 10.65 @ 10.80 [email protected] 19. [email protected] [email protected] [email protected] 20. [email protected] [email protected] [email protected] 21. [email protected] [email protected] [email protected] With both the packing and shipping demands good and receipts close to 8,000 j for the day, swine prices were steady to 10 cents higher in trading on the local j live stock exchange today. There was again a top of sll.lO on light swine, while that grade brought $11®) 11.03 generally. Mixed and mediums sold at $10.96(011, and there were only a few sales of heavy swine below $11.95. There were, however, but a few really heavy swine on the market. A few sales of this kind sold at $10.85. Pigs brought $11.25 and down, roughs $lO and down and stags $8.50 and down. The bulk of the sales for the day were made at sll. Trading was cf a very active nature, and practically all of the receipts had been sold before the close of the early forenoon hours. Cattle trade was again slow. There was a fair demand for better grades at prices that were slow steady, but the demand for the commoner kinds, especially grassers, and values were slow steady to 10 cents lower in spots. There were four loads of good to choice steers on the market that brought good prices. Some of these four loads brought $9.10, while the greater part of them brought $9.30. Receipts for the day run close to 800. Veal prices were strong to 50 cents higher in spots, especially In cases of sales of the commoner kinds, with receipts close to 500 and the shipping demand good. Both sheep and lambs were about stoa ly. with receipts close to 350. the quality fair to good and the demand fair. HOGS. 100 to 150 lbs. average $11.00(811.10 Over 300 lbs . 10.85(510.90 150 to 300 It'S 10.90 m 1140 Best pigs, under 140 His 11.004(11.25 Top 1140 Roughs 9.50(1140.00 Stags 7.50% 8.50 Bulk of sales 8.505(4 9.00 —tattle— Few choice steers 8.75® 9.30 Prime corn-fed steers, I,UOU to 1,300 lbs 7 00'ij 8.35 Good to choice sieers, 1,200 to 1,300 lbs 7.35(2 7.60 Good to choice steers, 1,100 to 1,200 lbs 7.15® 7.35 Good to choice steers, 1,000 to 1,100 lbs o.oo® 7.15 Common to medium steers, 800 to 1,000 lbs 615® 0.00 —Cows and llolfers— Few choice heifers S.3o® 9.00 Good to choice heifers 7.85';t 8.35 Medium heifers 7.33(0 7.85 Common to medium heifers.. 0 00(0 7.25 Good to choice cows ......... 5.85 q 635 Comun to good cows 3.50® 5.50 Canut es 2’.50(u. 3.50 Cuttirs 2.23® 3.20 —Balls— Fancy butcher bulls 5.25® 5.50 Good to choice kutein r bulls, fi.ou® 5.23 Bologna bulls 3.50® 3.75 I Light bologna bulls 3.00® 3.25 Light common bulls 3.00® 3.50 —Calves— * Choice veals 1000® 10.30 Good veals 9.50® 10.00 'Medium veals 9 00® its 6 Fair to medium B.oo® 9.ml Lightweight veals 7.00® 8.00 Heavyweight veals 6.00® 7.u0 —Stockers and Feeders— Good to choice steers under 800 lbs 6.25 | 7.50 Medium cows 3.50® 3.73 and cows 4.00 Good heifers 600® 7.50 Medium to good heifers 4.50® 5.75 Milch cows and springers 35.00®55.00 —Sheep and Lambs— Cull ewes 1.50® 2.00 Good to choice ewes 2.'?)® 4.50 Bucks 2.00® 3.50 V. arliugs 6.00® 8.0 Spi agers [email protected] ! Culls 5 UO® 7.00

Other Livestock

CHICAGO. June 21.—Hogs—Receipts, 21.000; market, steady to 10 cents liiguer; bulk of sales. $9.75®40.90; top. $11: heavies, $10.40® 10.70; mediums. Sio.Sooi4o.9it; lights, $10.89® 10.90 ; light lights. $10.50® 1045; packing sows, smooth, $9,25® 10; packing sows, rough, [email protected]; pigs, $9.25®40.45. Cattle—Receipts. 12,000: market, steady to p) cents higher. Beef steers —choice and prime, $9.35® 10; good and choice sß®9 55; common and m>diuni. S7®S.OO. Butcher Cattle — Heifers, $5.50®5.40; cows, $4®7.25; bull*. $4.10® 0.25. Conners and cutters —Cows ami heifers. $2.75® 1: canner steers. $lO/5.25; veal calves, light nnd hatidvweight, $7.23® 9: feeder steers, $3.75(07.75; sleeker steers. $5®7.75; stocker cows and heifers, $3.50®,5.75. Sheep and lambs —Receipts, 13.000: market, steady to 25 cents lower: lambs. 25 cents lower; sheep, steady; good to choice lambs, $11.50® 13: cull and common lambs, $0.50®, 11; yearling wethers. $8.25® 11.25; ewes. $3®6.75; cull nnd com mon ewes, $1.50®3: breeding ewes, ss® 11: feeder lambs, $10.50® 12. CINCINNATI. June 21.—Hogs—Receipts, 3.200; market, strong; nil grades good swine. $1145: pigs. $11; roughs, $9 down; stags, $5.50®5.75. Cattle—Receipts, 450, market, slow steady; bulls, weak; calves, $9.50 down. Sheep and lambs—Receipts, 5.200: market, steady; ewes, sl®s; choice lambs 50 cents higher; with $13.50 top; seconds SO@S; culls, $3 @5. CLEVELAND, June 21.—Hogs—Receipts, 3,500; market, steady; yorkers and pigs. $11.35; mixed, $11.30; mediums, $11.25: roughs $8.50; stags $5.50. CattleReceipts. 300; market steady generally. Sheep and lambs—Receipts, "OOO; market, 50 cents higher; top, sl3. Calves —Receipts, 350; market, steady; top. sll. EAST BUFFALO, June 21— Hogs— Receipts, 2.400; market, active; yorkers $11 .25® 11.65 ; pigs, $11.50® 11.60; mixed, $11.40(241.00; heavies. $11.25® 11.40; roughs sß®. 9; stags, ss® it. Cattle—Receipts, 125; market, active and steady generally. Calves—Receipts, 290: market, active and steady; cull to choice. $3(041. Shoe]) and lambs—Receipts. 000; market, nettve; choice lambs, $13®41: cull to fain, Ss(o 12.75; yearlings, $S® 10.50; sheep, s3® 7.50. RITTSBURGH, June 21.—Hogs—Receipts, 1,800; market, 20 cents lower; prime heavies. $1140(041.20; mediums, $11.50; heavy Yorkers, $11.50; light Yorkers. $11.50; tugs. $11.50 down; roughs, $8 ®9; stags. $5®5.50; heavy mixed, sll® 11.30. Cat lie—Receipts, less than 100; market, slow and about steady. Calves Receipts, light: marker, sharply higher; veals. $10.50; heavy and thin calves, ss® S. Sheep nnd lambs—Receipts. 500; market. steady: prime wethers, $0(00.50; good mixed, $5(05.75; fair mixed, $4®'1.75; culls nnd commons. sl@3; good 'to choice lambs, $12@13. EAST ST. LOUIS, 111,. .Tune 21,-Hogs —Receipts, 14,000; market. 5® 10c higher; mixed and butchers, $10.90@11; good heavies. $10.801040.90; roughs. $9(09.20; lights, $10.90(011 ; pigs, $10.25(040.90: bulk <’f sales, $10.90®11. Cattle—Receipts, 0,000; market, best cattle steady to strong, others slow and steady; native beef steers, $8.75®9.50; yearling steers and heifers. $8.25@9; cows, [email protected]; Stockers and feeders, $3.50(07.40; calves, [email protected]: canners and cutters, $2.50® 3.25. Sheen nnd lambs—Receipts. 4 00O; market lower; mutton ewes, [email protected]: good to -choice lambs, $7(010; canners and choppers, [email protected]; springers, $11.75® 12.15. INDIANAPOLIS PRODUCE. Eggs—Fresh, 18@19e. Butter—Packing stock, 17@18c. Poultry—Fowls, 10®21c ; leghorn fowls, 15e; broilers, 1% to 2% ib size, 30c; broilers under 1% lbs. 32e; leghorn broilers at discount: cocks. 12c: stags. 12c; young hen turks, 8 lbs and up. 2se: old tom turks, 23c: young tom turks, 12 lbs up. 2.8 c: cull thin turkeys not wanted; ducks. 4 lbs nnd tip, 15®10e; geese, 10 lbs and up. 12c; squabs, 11 lbs to dozen, [email protected]; old guineas, per dozen, $3. Blitter—Local dealers are paying 35® 30c per lb for butter delivered in IndU annpolls. Butterfat —Local dealers are paying 35c per lb for butterfat delivered iu Indianapolis.

GRAINS SUSTAIN LATE RALLIES July Wheat Is, Exception, Showing Small Loss at Close. CHICAGO, June 21.—Grain prices rallied at the close of the Chicago Board of Trade today, and nil quotations were higher, with the exception of July wheat. Export buying continued good. Corn weather was not so promising, clue to heavy rains in some sections of the mid-west. Provisions were irregular, with little activity. July wheat opened up %c at $1.13, and closed off %e. September wheat opened up V*c at $1.13%, and closed up %e. December wheat opened up %c at $1.10%, and closed up %c. July corn open'd up %c at 02%c, and closed up %c. September corn opened up %c at 63%e, and closed up %c. December corn opened up %c at 65%c, and closed up %c. July oats opened unchanged at 35c, and closed up %c, September oats opened up %c at 37%c. and closed up %c. December oats opened up %c at 40%c, und closed up %e. (By Thomson & McKinnon.) —June 21— Wheat —Yesterday's Improvement in the milling demand for wheat was not in evidence today. On the other hand, there were increased offerings of new wheat from nearby territory. Thu foreign demand was very s’.oiv. In fact there were some private advices of offers to resell. A moderate business was done in Manitoba?, but no reports of United Stntes wheat. One or two cars of new winter wheat have been received in southwestern markets of excellent quality atul condition. Claims of reduced yield by recent heat would have been repeated. For the immediate present, the wheat market is confronted with hedging sales against the new crop, together with an insignificant foreign demand, but for the more deferred future we must remember that the promised yields of principal importing countries are estimated as smaller than a year ago, which necessitates larger importation. We must remember, also, that the southern hemisphere surplus is well cleaned up. Between these conflicting nearby and deferred conditions an irregular market without pronounced trend is to be expected. Corn and oats—Further pessimistic reports from the new oats crop promoted a little better buying than hag been seen for some time. Evidence of a short yield is increasing and we feel, therefore, that the comparatively slow demand for the elevator accumulations of the old crop should be forgotten. Corn has been helped by previously formed ideas of dry weather in the future. It Is to be noted, however, that the advance in prices increased the offerings from Illinois and loiva points to a considerable extent. There is a moderate export business aiui the market is relatively strong, the better grades selling at the half cents over the July. We feel that both of these markets are worthy of attention from conservative and patient Investors. Provisions—Outside of transference of July holdings to September, the provision market tins been inactive. Strength In hogs and the fact that warehouse accumulations are not excessive underlia this market. CHICAGO CASH GRAIN. —June 21— WHEAT— Open. High. LoW. Close. July 1.13 313% 141% 1.12% Sept.... 143J0 113% 142% 143% D.-e 140% 147% 143% 1.17 C( 1R X July 02% .63 .62% .62% Sept..., .65% .66% .65% .06% Dee 05% .60% .05% .00% OATS— July 35 .36% .35 .35% Sept 37% .58', .37% .38% Dec 40% .40% .40.40% LARD— July.... 11.50 11 52 11.47 1150 Sept.... 11. SO 11.82 11.77 11.80 R!BS—•July 1240 Sept 12.27 12.27 12.25 12.27 It V K Julv 87 .87% .80% .87 Sept 87 .87% .80 .80% Dec 59% .80% .88% .88% •Nominal. CHICAGO CASH GRAIN. CHICAGO, •Tun'' 21.—Wheat—No. 2 red. sl4 lilt 1.15® ; No. 2 mixed. sl42® 1.13; No. 1 hard winter $1.15%@1.16%. Corn— No. 2 mixed. 62’-c: No. 2 white, 62%® (':*,<•: No. 2 yellow. 02%® 03c; No. 3 mixed. 01V*e; No. 3 white, 0i%@61%c; No. 3 vclfow, 01'*01%c; No. 4 mixed, 59%@ 60c; No. 4 white. 60@00%c; No. 4 yellow, .7j ;, | ®00'•*(•. Oats—No. 1 white, 38% ® 33c; No. 2 white, 3C®37%e; No. 3 white, 34%®3C’*c; No. 4 white, 34@3Gc.

TOLEDO SEED AND GRAIN. TOLEDO. June 21.—Wheat—Cash, $148: June, $148; July, $145%; September. $140%. Corn—Cash, 06®!67c. Oats— Cash, 40®,42c. Rye—Cash. 88c. Barley— Cash. 05c. Clover seed—Cash, sl3; October, $10.05; December, $10.95. Alelke — Cash. $11.75; August, $12.05; October, $11.50. Timothy—Cash, $2.55; September, $3.20; October, $3.05. PRIMARY MARKETS. (By Thomson & McKinnon.) —June 21 —RECEIPTS— Wheat Corn Oats Sf. Joseph .... 2,8,000 22.000 2,000 Chicago 31,000 640,000 247.000 Milwaukee 59,000 78,000 Minneapolis ...153,000 23,000 37,000 Duluth 178.000 74.000 St. Louis 00.000 43,000 38,(MX) Toledo 10.000 4,000 Kansas City ..242,000 79,000 5,000 Peoria 51,000 41,000 Omaha 23.000 70,000 20.000 Indianapolis .. 4,000 74.000 30,000 Totals 729,000 1.051,000 510,000 Year ago ...1.000,000 1.268,000 598,000 —SHIPMENTS— Wheat Corn Oat* St. Joseph 8.000 22,000 2.000 Chicago 294.000 Sft.OOO 296,000 Milwaukee 8,000 239,000 153,000 Minneapolis ...106,000 44.000 93,000 Duluth 123.000 161,000 St. Louis 90.000 89,000 112.000 Toledo 2.000 19,000 Kansas City ..109.000 19.000 7,000 Peoria 1.000 14,000 77,000 Omaha 13,000 87.000 18,000 Indianapolis 20,000 20,000 Totals .820,000 775,000 797.000 Year ago... 091,000 1.000,000 805,000 —CLEARANCES— Wheat Corn Oats Now York 75,000 100,000 Philadelphia .. 72,000 9,000 Baltimore 190,000 320,000 Totals 147.000 199,000 420,000 Year ago... 708,000 112,000 INDIANAPOLIS CASn GRArN. June 21— Bids for car lots of grain and hay at the call of the Indianapolis Board of Trade were; Wheat—Steady; No. 2 red, $1 08®1.11. Corn—Firm: No. 3 white. 54®55c: No. 4 white, 53@54c; No. 3 yellow, 54@55c; No. 4 yellow, 53@54c: No. 3 mixed, 53@ sic; No. 4 mixed, 52®53c. Oats—Firm; No. 2 white, 33%@34e; No. 3 white, 32%®33c. Hay—Track. Indianapolis; weak; No. t timothy, $18(018.50; No. 2 timothy, $17.50®15; No. 1 light clover mixed, sis @47.50; No. 1 clover, $14.50(015. —lnspections Wheat—No. 3 red, 1 car; sample, 2 ears; total, 3 ears. Corn—No. 3 white, 2 ears; No. 4 white, 3 cars; No. 5 white, 1 car; No. 2 yellow, 1 car; No. 3 yellow, 1 car; No. 4 yellow, 2 cars; No. 5 yellow. 5 cars; No. 0 yellow. 2 cars: sample yellow. 1 car; No. 3 mixed. 1 ear; No. 5 mixed, 1 car; No. 0 mixed, 1 ear; total, 21 cars. Oats—No. 2 white, 2 cars; No. 3 white, 4 cars; No. 2 mixed, 2 cars; total, 8 cars. Rye—Sample. 1 car. Number of cars for day, 33. Grain prices quoted f. o. b., basis 41%c rate to New York. HAY MARKET. The following are the Indianapolis prices for hay, by the wagon load, delivered in Indianapolis: Hay—Loose timothy, $18@20; mixed hay, $18@19; baled hay, $18(019. Oats—New, per bushel, 42@45c. Corn—Both old and new, per bushel 63 <0 68c. WAGON WHEAT PRICES. Indianapolis flour mills and elevators Saturday were paying $1.07 per bushel 2 red winter and according to test for for No. 1 red winter wheat; $1.05 for No. No. 2 red.

BROKERS LOOK FOR DULL TRADE DURING SUMMER Mergers Said to Mark Westward Migration of Big Steel Trade. BY C. B. EVANS. Public Ledger Service. CHICAGO, June 21.—Stock brokers, after making barrels of money in the past few months, are said to be now worrying about a ‘‘dull summer.” It is in the ordinary course of nature for financial operations to slacken when the sun Is high, or when it stays above the horizon an excessively long time each day, but there are all sorts of summers fiscally speaking. It is quite an even chance that we shall have much activity in stocks, probably relatively less in bonds, in the next three months. It should be remembered that the business revival is still in the days of its youth, and naturally presses forward irrespective of the weather. Moreover, the commitments of investors and speculators, large and small, are now so great, as to call for much attention, while everything outside the stock trade is moving toward greater activity. Motives will exist among promoters and speculators for making a lig market. A

They Got a Mile of Road for Nothing At a quarry in the Imperial Valley, California, where aggregates were being obtained for another addition to the States system of Concrete roads, the methods used in screening the stone caused a waste of 35 per cent. One of the Portland Ce* ment Association field engineers interested in the progress of this work called attention to studies made by our Structural Materials Research Laboratory on the selection and proportioning of materials for Concrete. He suggested that proper application of these might considerably reduce the waste. A change in the method of screening ma~ terials was therefore adopted, reducing the waste to only 15 per cent, without lowering the strength of the Concrete Now the stone is costing 42 cents instead of $1 a ton, as estimated when the contract was let this year, as against $1.45 actual cost last year. On the mileage to be built, this means a saving of more than $30,000, which will be used to build more Concrete road —at no cost to the taxpayers. This is but one example of the value of our laboratory studies to users of Concrete. The Laboratory’s work is to develop continually, without cost to the public, better and more economical methods of making and using Concrete under all conditions. The Laboratory is one of the numerous services maintained by the Pordand Cement Association —the joint research and educational foundation of 85 independent manufacturers in the United States, Canada, Mexico, and Cuba, conducted for the benefit of those who want dependable information on hew to use Concrete. Suggestions as to how our work may be made more useful to you are invited PORTLAND CEMENT ASSOCIATION cA National Organization to Improve and Extend the Uses of Concrete Atlanta Dei Moines Parkersburg San Frandaco Boston Detroit Lo. Angelea Philadelphia Seattle Chicago Helena Milwaukee Pittsburgh St. Louia Dallas Indianapolis Minnespolis Portland, Oreg. Vancouver, B.C. Denver Kansas City New York Salt Lake City Washington, D.C

JUNE 21, 1922.

number of new combinations have been announced, or are on the way, and the tendency is decidedly toward mergers, or, at least, a close correlation. This will be a stimulating factor. The North American Steel Company Is still a long way from a completely rounded unit. The combination will have some stocks for sale before long and most likely a market will be made in which holders of Republic, Midvale and Inland stocks will have a chance to get out if they wish. There is a suspicion, too, that the Steel and Tube Company of America, a distinctively Chicago concern, will be taken into the combination. The works of this company are just across the canal at Indiana Harbor from the Inland Steel Company, stockholders of which are believed to be interested in Steel and Tube. The Sclilesingers of Milwaukee, closely identified with the wmr trade, are pre sumed to control the Steel and Tube Company. These combinations are part of the migration of the steel trade westward.— Copyright ,1922, by Tublic Ledger Company. France Would Compel Respect for Mothers PARIS, June 21.—A measure to compel by law the reservation in railway carriages of places for mothers and nurses accompanied by infants hat been proposed in the Chamber of Detunes. Objection has been raised on the grounds that the law would be useless, because all French travellers are so polite that no baby-burdened woman ever lacks a sat.