Indianapolis Times, Volume 35, Number 47, Indianapolis, Marion County, 5 July 1922 — Page 11

i JULY 5, lb„

DEVELOPMENTS FAVORABLE IN ’ HOLIDAY NEWS Good Demand for € tocks at Opening, Specialties Making New High. SALT WATER IN OIL FIELDS Heavy Selling of Mexican Petroleum and Other Oil Issues. TWENTY STOCKS AVERAGE NEW YORK. July s.—Twenty industrial stocks Monday averaged 92.92. up .02 per cent. Twenty active rails averaged 84.52, up .07 per cent. By United Financial MOW YORK, July s.—Developments in the railroad strike over the holiday were generally favorahle and there was a good demand for stocks this morning, several specialties mak mg new highs for the year. The advance was Interrupted by the news of salt water invasion of one of the large Mexican oil fields, causing heavy selling in Mexican Petroleum and the Pan-American Petroleum issues, which suffered declines of from 7 to 11 points and reactionary tendencies throughout the entire list. After much consideration the Street decided that the news was bullish ■or these domestic oils and these isPues advanced later in the day. Independent steej Issues were in greater demand than they have been in some time. Railroad issues are firm. So far, the shopmen strike has had no visible effects. Call money -was renewed at 4 a * per cent, but later went down to 4 per cent. Still lower money rates are expected. MONEY AND EXCHANGE Indianapolis bank clearing# Wednesday were 53,989.000; bank debits. 56,829,000. By United Financial NEW YORK. July s.—Foreign exchange opened irregular today. Demand sterling was quoted at $4.43%. Other quotations were: Francs, demand. 8.24 c; cables. 8.24 tic. Liro. demand. 4.61 He: cables. 4.62 c. Belgian francs, demand, 7.44 Ho: cables. 7.44 c. Marks. .0023 He. Draekmas. demand, 3.04 c: cables. 3.06 c. Swiss kronen, demand. 19.03 c: cables. 19.05 c. Guilders, demand. 38.60 c: cables. 38.65 c. Pesetas, demand. 15.61 c: cables. 15.63 c. Swedish kronen, demand. 26c: cables, 26.05 c. Norway kronen, demand. 16.40 c; cables. 16.45 c. Danish kronen, demand, 21.55 c; cables. 21.60 c. NEW YORK LIBERTY BONDS —July 5 Prev. High. Low. Close. dose. L B. 3%. . .100.32 100.18 100.26 100.14 L. B. Ist 4s 100.24 Ik B. 2d 4s 99.96 L. B. Ist 4%51.00.4“ 100.28 100 40 100.30 L. 3. 2d 4 H 5.100.14 99.96 100.14 100.04 L B. 3d 4 % 5.100.12 100.06 100.10 100.06 L B. 4th 4 % 9.100.38 100A3 100.36 100.28 Victory 4%5. 100.54 100.52 100.54 100.54 MOTOR SECURITIES ► (By Thomson & McKinnon! —July 5 —Closing— Bid Ask Earl Motors .............. 3H 4 Packard com ............. 14 14H Packard pfd .............. 86 S8 Peerless 47 49 Continental Motors com 8% 8H Continental Motors pfd ..... 90 95 Hupp com 19*4 19 % Hupp pfd ................105 .. Reo Motor Car 28 H 29 Elgin Motors .............. 2 2*4 Grant Motors ............. 1 1* 4 Ford of Canada ....... 390 3915 National Motors 3 5 Federal Truck 18 23 Paige Motors 22 23 Republic Truck 11 n % ACTIVE OIL STOCKS* (By Thomson St McKinnon) July 5

—Closing— Bid. Ask. Anglo-American Ot! ........ 20 % 20 % Atlantic Bobos 9% 10% Borne-Scrymser 350 400 Buckeye Pipe Bine 04 96 Chesebrough Mfg Cons 185 105 Continental Oil, Colorado .... 135 140 ~osden Oil and Gas 6 13 Crescent Pipe Bine 35 38 Cumberland Pipe Bine 135 145 Elk Basin Pete 10 10% Eureka Pipe Bine 90 93 Galena-Signal Oil pfd 105 110 Galena-Signal Oil com ...... 56 57 Illinois Pipe Bine 170 175 Indiana Pipe Bine 89 92 Merritt Oil 9% 10 Midwest Oil .............. 2% 3 Midwest Rfg ..............200 ... National Transit 26 27 New York Transit .........165 175 Northern Pipe Bine 98 102 Ohio Oil £BS 290 Oklahoma P&8.......... 8 10 PennJdex 40 45 Prairie Oil and Gas 550 570 Prairie Pipe Bine 248 253 Sapulpa Reis 4% 4% .Solar Refining 360 380 (Southern Pipe Bine 97 99 Penn Oil 217 275 Southwest Penn Pipe Bines. . 62 64 Standard Oil Cos of Ind 100 100% Standard Oil Cos of Kas 540 560 Standard Oil Cos of Ky 93 94 Standard Oil Cos of Neb.... 183 195 Standard Oil Cos of N Y 425 430 Standard Oil Cos of Ohio 440 460 Swan A Finch 35 45 Vacuum Oil 415 420 Washington Oil 22 28 NEW YORK CURB MARKET (By Thomson & McKinnon* —July 5 —Closing— Bid. Ask. Acme Parkins’ 44 48 Curtis Aero com 3% 5 Curtis Aero pfd 23 25 Boston A Montana 15 16 Boston 4 Montana Corp.... 78 85 Goldfield Con 6 8 Jumbo Extension ......... 2 5 Kirby Oil 5% 0% Nipissing 8% 8% Standard Motors 4 4% Salt Creek 16% 10% Tonopah Extension ........ 1% 1% Tonopah Minina I s . 1 % I'nited P S new 7% 7% 17 S Light and Heat 1 % 19-16 S Bight and Heat pfd 1% 1% ■Fright-Martin 2 5 rt ton Gold M.ne C 0....... 86 100 Mew Cornelia 18 19 ■bnited Verde 27% 28% 'Sequoyah 3 10 Cmar Oil 2 1-16 2% Rep Tire 60 65 CHICAGO STOCKS (Thomson A McKinnon) —July 5 Open. High. Bow. Close. Arm A Cos pfd 97 *i 97% 97% 97% Arm Beather 12 % ... ... Chi El Ry pfd 7 Cudahy 63% 63% 02% 63% Com Edison .130% 131 130% 131 Cont Mot .. 8% Dlamd Mtch.ll4 kEarl Mot ... 3% (Libby-McNeid 2 2% 2 2% ►font Ward . 22% 22% 27% 22% Pig Wig “A” 41% 42 4040 Reo Mot . . 28% 28% 28 28% Stew-War.. 43% 44% 43% 44 Swift A C0..100% 100% 100% 100% Swift Inti... 19% 19% 19% 19% Thmpsn (JR* 43 ... ... ... Cn C A C.. 55% 55% 54% 54% Wahl 56% 50% 56% 56% Wrigley 102 102% 102 102% Yellow Taxi. 69% 69% 09% 69% NEW YORK METALS Bv United Financial JJE WYORK, July s.—47opper—Dull: soot and September offered. 13 %c. Lead— Dull: spot. July and August offered. 5.80 c. Soelter —Heary. East St. Louis, spot. July • and August. 5.40 @5 60c.

New York Stocks (By Thomson & McKinnon.) —July 5

Prev High. Low. Close, close. Railroads— I Atchison ... 99 H 99 % 99 % 99 H B. & 0 49% 49% 49*4 48% 'Can. Pacific.. 138 H 138% 138 H 138% 1 C. & 0 67 60% 66 H 66% C. & N.W. Ry. 74% 74% 74% 74% C. R. L A P. 43% 42% 42% 43 C. &G.W. . . 8 8 8 BVi ! Del. A Lacka.l26 120 126 Erie 15% 15% 15% 15% Erie Ist pfd. 23% 23 23 23 Gt. North pd. 77% 77 77% 77% 111. Central.. .100 105 103 105 Kan. City So. 25 % 25 25 % 25 L. A L 124% 121 124% 121 Mo. Pacific.. 21% 21 21% 21 Mo. Pac. pfd. 54% 53% 53% N. Y. Central 95% 94 94% 94% N Y N HAH 30% 29% 29% 29% North. Pac... 75% 75 75% 75 iNor. A West. 108% 108 108% Pennsyl .... 42 % 42 % 42 % 42 % Reading .... 74 73 % 74 74 So. Ry 23% 23% 23% 23% So. Pacific... 89% 89% 89% 89 St. Paul 26% 26% 26% 28 St. Paul pfd. 32% 31 % 31% 31 Vi St. I. A S.W. 27% 27% 27% 27 Vs St.L.A S.W.p. 36% 46 4040 St-L.A S.FeR. 27% 27% 27% Union Pac. . . 139% 139% 139% 139 Wabash 12% 12% 12% 12% Wab. pfd 30% 30% 30% 30% West. Pac... 19 19 10 18% Rubbers— Ajax Rubber 16 15% 15% 15% I Fisk Rubber. 15% 15% 15% 15 i Goodrich Rb.. 38 % 38 % 38 % 39 % , KellvSpg ... 47% 47% 47% 47% 1 K. T. A R. Cos. 15% 15% 15% 15% i U. S. Rubber. 63% 62% 03 63 j Equipments— Am. C. AF. .162% 162% 162% | Am. Loco.. . .111% 111% 111% 112 : Baldwr. L0c0.114 112% 113 113% Gen. Electric.l67% 107 107% 162% 'Lima L0c0...105% 105% 105% Pullman 119% 119% 119% 118% West. Elec... 68% 58% 58% 58 Vi i Steels—--1 Beth. “8”... 76% 75% 75% 76 ) Colo. Fuel... 29% 29 29 i Crucible 75% 73 73% 74% Gulf States.. 80 77% 78% 70% j Lack a 74 74 74 73% i Midvale .... 33 % 33 33 % 33 % Otis 11% 11% 11% H% Replogle .... 32% 31% 31% 31 Rp. Iron A S. 71% 70% 70% 70% Sloss Shes... 43% 43% 43% U. S. Steel... 99 98 % 08 % 98 % |U. S. Stl. pfd.l2l Vi 120% 121*4 120 % i Vanadium .. 46 V 444 Vi 44 V* 44 * ; Motors— Am. B. Mag. 40% 40H 40% 39H IChand. Mot... 70 H 69% 70% 70 I Gen. Motors. 15*4 14% 14*4 15 1 Hupp Motors 20 19 H 20 19% Hudson Mot. 23 % 22 % 23 *4 22 % Max. Mot. A 67 67 07 68% .Max. Mot B. 24% 23% 23% 24 Martin Perry 31 *4 31 ’ 31 % 31 % Pierce Arrow 20 19% 19% 19 % Studebaker ..130% 128% 128% 128% Stewart War. 44 4Ii 7 M 44 V* 4-1 Willye Over.. B*4 White Motors 48 47** 48 48 Mining*— Dome Mines.. 30 COS 20S 29 Int. Nickel. 16% 16% 16% 16% Copper*— Am. Smelt... 59% 50 59 % 2, * Anaconda ... 51% 51 * r >l % •?* * r’hiie Copper. 22% 21% ~1 * ! inspiration .. 39 % 39 % 39 % 39 % HOG PRICES IRREGULAR Choice I.ight Stock 3 Cents Higher, With Common Down. By t'nlted Financial CHICAGO. July s.—Hog prices were irregular at the Chicago stockyards today. While choice light stock was 5c higher, the common grades were down 10@15c. Receipts of 25.000 were not enough for the demand, but a stale supply of more than 13,000 kept prices generally steady. The big j market reports receipts of 85,000, com- ' pared with 50.000 a week ago. Prices on ajl grades of cattle were steady. Receipts were 13.000, with the big killers getting only sixty head direct from outside trading points. High class sheep and lambs were 25c higher today. Local packers bought heavily and the, run of 8.000 was just sufficient for the moderate advances. Big killers received 1,000 lambs direct from other markets.

THE WEATHER The following table shows the state of the weather at 7 a. m . July 5. as observed by United States weather bureaus: Station. Bar. Temp. Weather. Indianapolis, Ind . ,30.21 62 Clear Atlanta. Ga 3U.00 00 Rain Amarillo, Texas ...30.02 62 Clear Bismarck. N. D....29.80 08 Clear Boston. Maes 30.14 82 Rain Chicago. 11l 30.18 08 Clear Cincinnati, Ohio ...30.24 62 Clear Cleveland. Ohio ... 30.29 02 PtCldy Denver. Colo 29.88 6R PtCldy Dodge City. Kas. ..29.94 60 PtCldy Helena. Mont 30.06 54 PtCldy Jacksonville. Fla. ..30.00 70 Cloudy Kansas City. Mo. ..30 00 60 PtCldy Louisville. Ky 30.22 62 Clear Little Rock Ark. ..30.06 00 Clear Los Angeles, Cal. ..29.94 64 Cl-ar Mobile. Ala 30.08 72 Clear New Orleans La. . . 30.08 70 PtCldy New York. N. Y.. 30.10 64 Rain Norfolk. Va. 30.04 08 Rain Oklahoma City .... 30.08 68 Cloudy Omaha. Neb 29.94 08 Clear Philadelphia. Pa. ..30.12 02 Rain Pittsburgh. Pa. ....30 20 62 PtCldy Portland. Ore 30.12 54 Clear Rapid City. S. D...29.90 00 PtCldy Roseburg. Ore 30.08 68 Clear San Antonio. Texa% 30.10 70 PtCldy San Francisco. Cal . 29.90 50 Cloudy St. Louis. Mo 30.18 68 Clear St. Paul. Minn. . ..29.86 00 Cloudy Tampa. Fla 30.08 81 Cloudy Washington. D. C... 30.14 60 Rain Weather Conditions Since Monday morning showers have occurred In the ra’ddlc and south Atpntle States and from the npper Mississippi Valley northwestward. Elsewhere throughout the country' the weather has been generally fair. . The area of eool weather over the north-central Stntes Is now passing eastward and temperatures are somewhat higher this morning from the Ohio Valley to the eastern great plains region. Over the far Northwest there Is another turn to cooler weather. CORN AND WHEAT BULLETIN For the twentj-four hours ending at 7 a. m.. W**dnet*lay. July 6. 1922: Temper- I ature ————— 5 e ** Stations of j- w jz Indianapolis " o 2? S • _ § " District x:* J; pt* l3 ' |2 ll *oB £ J j fl.-g.cl O South Bend 72 54 0 Good Angola 75 49 0 Good Ft. Wayne 72 50 O Wheatland 74 4.5 0 Good Royal Center 74 50 0 Good Marion 77 50 0 Good Lafayette 77 54 0 Good Farmland 74 ’4O 0 Good Indianapolis 75 JSO 0 Good Cambridge City. . . 74 46 0 Good Terre Haute 78 j 56 0 Bloomington 82 I 47 0 Good Columbus 82 J 45 0 Good Vincennes : 82 51 0 Good Paoli 76 !47 0 Good Evansville 78 | 60 0 TT~ EL ARM I NGTON, * Meteorologist* Weather Bureau. NEW YORK HAY MART By United Financial. NEW YORK. July s.—Local hay receipt* are moderate, but the movement of new hay at outside points is Increasing. No particular demand is noted, but here the undertone is belter with less pressure to selling and owing to the lighter arrivals. Second cutting choice green alfalfa Is quoted at $32 nominal. Timothy—Large bales. No. 1. S3O: No. 2. 527® 29: No. 3. $22@20: small bales. No. 1. S2B asked: No. 2. 524@20; No. 3, s2o® 23. Clover—Fancy. S2B asked: No. 1, $23 @26: No. 2. s2o® 22; 6mall bales, fancy, $24 @2O; No. 1. $22 @23: No. 2. $19@20. RAW SUGAR MART By United Financial N7W YORK. July s.—The sugar market was steady today. Warner bought 20.000 bags Cubas at 3%c cost and freight July shipment, while an operator bought 10.000 bags at 3.15 cf. o. f. same shipment. The latter was up 5 points from the previous sales on f. o. b. terms. The local and outport refiners bought around 9.000 tons Pihilippines due in August at 4.80 c and e. i. f. delivered. High. Low. Close. July 3.27 3.20 3.27 September 3.39 3.83 3 39 December ..........3.45 3.39 345 March

Prev. ■ High. Low. Close. Close. Kennecott ... 34% 34V, 34% 34% Miami 28% 28 V* 28 V* Nev. Cons... 10% 10% 10% 10% Utah Copper. 64 V* 63 63% 64% Ray Cons 18% 10% 16 16 Oils— Cal. Petrol... 63% 60% 62% 61% Cosden 47% 45% 47% 45 Houston Oil.. 70 % 74 % 76 % 70 Invinc. 0i1... 15% 14Vi 14% 14% Mex. Petrol.. 177 V* 105 % 160 117 Vi Mid. St. Oil.. 14 13% 13% 13% Okla. Pr 0.... 3*4 3 3V4 3 Pan-Arn. Pet. 77% 71% 71% 78 Pacific Oil. . . 57 % 54 % 57 Vi 35 Vi Pierce Oil 8% 7% 7% 8 Pro A Ref.. 43% 41% 42% 42 Pure Oil 30% 30% .30% 30% Royal Dutch. 59 % 58 V* 58 % 58 % St. OH of Cal.lo4Vi 103 104% 103% St. Oil of N.J.193 181 182% 180% Sinclair .... 32 % 31 % 32 *4 32 % Texas C 0.... 47 % 46 44 47 % 47 Tex. C. A Oil 27% 28% 27 27% Tran-Con. Oil 15% 15 15% 14% Union Oil 21% 20% 21% 21% White 0H... 8% 8 8% 8% Industrials— Alied Chem. .68 67% 68 67% Allis Chaim.. 48 V* 48% 48% Am. Can... 47% 40% 40% 46% Am. Ice 105% 104 Vi 104% 104% Am. Linseed. 33% 33 33 33% Am. Woolen. 89 88% 89 Cen. Leather. 38% 37% 37% Cocoa Cola.. 74% 72% 73% 73 V 4 Comp. A Tab. 84'* 64% 04*4 02% Cluett A Pea. 54% 54 Vi 54% End. Johnson 79 79 79 78 % Fam. Players 81% 81 81V* 80% Geu Asphalt, 60% 65 05% 64% Inter. Paper .48 47 % 47 % Loews 14% 14% 14% Mont A Ward 22% 22% 22 % 22% Nat. Enamel. 53% 51 53% Owen Bottle. 35% 35% 35% Sears Roebuk 74% 75% 75% 75% U .S. Ret. Str 60% 00 60 66% U. S. C. I. P.. 32 31% 31 31 * U. S. In. A.. 56 Vi 55 V* 65% 55 V 4 Valhem 32 V* 31% 32 V* A. Tel. AT. 120% 120 V* 120 V* 120*4 Brook. R. T. 28 27% 27% 28 Consol. Gas .119% 117% 119 117 Col. Gas ... 88 80% 87’, Peoples Gas. 82% 82% 82% 81% Shipping— A Int. Corp. 42 41 Vi 42 41 % A. Ship & C. 20% 19% 20 20% At. Gulf ... 37% 37% 37% 37% In. M. Marine 19% 19V* 19V* 18% I M. M. pfd. 74 73% 73% 73% Foods— Am. Sugar . 79 Vi 79 Vi 79 Vi . ... Am. Beet S. 45 44 45 45 % Aus Nichols 29% 27% 20 27% C Products .102% 101% 101% 102 Cuban AS.. 23% 23 23% 23% Wilson A Cos. 43 43 43 42% T olnicros— Am. Sumatra 30** 39% 39% 30 V* Am. T Cos. 140% 140% 140% 140% Gen. Cigars .70 75 76 .... T. Products .79% 75% 79% 79 Miscellaneous Stocks— Alaska G. . . % % % .... Tenn. Cop . 10% 10% 10% 10% P A W. Va. 30% 36 * 9 30% 30% R. J. R. "B” 45% 46Va 45%. 45% Reynolds S. . 45 44% 45 44% Callahan ... 8 8 8 8 Elec. S B. 43% 43% 43% 44% Lorlllard ...151 151 151 150 Lee Tire ... 29 28 % 28 % 29

LIBERTIES IN ANOTHER JUMP Practically All Issues Equaled Highs or Made New Ones. By United Financial NEW YORK, July 5. —Another spurt by liberties during which practically all Issues equaled highs or made new ones was the feature of the bond market today. Liberty 3%s went to 100.50; first 4%s to 100.40; second 4%s to 100.14; third 4%s to 100.18, and fourth 4%s to 100.38. Victory issues were firm, but not at anew high. Rails held firm under what were considered favorahle stock developments. Total sales for the day were $13.220,000. INDIANAPOLIS STOCKS —July 5 Stocks Bid. Ask Ind Ry. A Light com 67 ... Ind. Ry. 4 Light pfd 84% 89% Indple. St. Ry 42 47 Indpls. N W pfd 49 lr.dpls. A 8. E. pfd 60 T. H.. T. * L pfd 76 T. H.. I. A E. com.., 1 0 T. H„ 1. AE. pfd 2% ... U. T. of Ind. com .. 8 U. T. of Ind let pfd. 0% 14 U. T of Ind. 2d pfd 1 0 Advanee-Rumely pfd. ... Advaiice-Rumaly com ... Am Central Life 200 ... Am. Creosoting pfd 94 ... •Belt R. R. com 60% ... •Belt R. It. pfd 60% ... Century Bidg. Cos. pfd 94 ... Citizens Gag Cos . M . 20 ... City Service com 218 ... City Service Cos. pfd *lO 68 Dodge Mlg. pfd 80 ... Home Brewing 65 ... Ind. Hotel com 8, ... •Ind. Hotel Cos. pfd 97% ... Ind. Natl. Life Ins. Cos. .... 2 ... Ind. Title Guarantee 60 ... Ind Pipe Lines 88 ... Indpis Abattoir pfd 40 •Indpls. G& 44 ... Indple. Tel. pfd 90 ... Indpls.Tel.com 2 ... Her. Pub. Util, pfd 60 ... Natl. Motor Car Cos 3 6 Pub. Savings Ins. Cos 0 ... Rauh Fort, pfd 49 ... Standard Oil of Indiana... .104 % ... Sterling Fire Insurance C 0... 7% ... Van Camp Hdw pfd 90 ... Van Camp Prod, let pfd.... 97 100 Van Camp Prod. 2d pfd ... Vandaiia Coal Cos. com 1 ... Vandalia Coal Cos. pfd 7 12 Wabash Ry. pfd ... Wabash Ky. com 11% ... Bonds Broad Ripple 5e 62 44 ... Citizens St. R. R. 6e 82% 86 Indian Creek Coal A Mines 6s . . 100 Ind. Coke A Gas 6s 86% 90 Indpls C. A 8. 6s 92 ... Indpls. A Martinsville 6s 61 % ... Indpls. Northern oe 40% 49 Indpls. St. Ry. 4s 65 07% Indpls. A N. W. 6s 55 59 Indpls & 8. E. 6* 40 ... Indpls.. Shelby A S. E. 55... .65 ... T H. I. AE. 6s 64% ... Citizens Gas 6s 85% 87% Indpls. Gas 6s 85 % 87 Kokomo. M. A W. 6s 88% 92 Ind Hotel Cos. 0s 09% ... Indpls. Water 5g 90% 98 Indpls. Water 4 % 81 85 Indpls. T. A T. 5s 82% 85 Indpls. L. 4 H. 6s 91 % 03 U. T. of Ind. 0s 69% 62% Mer. H. 4L. 5s 00% ... New Tel. L. D. 6s 97 ... New Tel. Ist 0s 97 South. Ind. Power 0s 80% 91% •Ex-dlvidend. LIBERTY BONDS Liberty first 3%5. 100.08 100.28 Liberty fist 4% 100.18 100.38 Liberty second 4% s 100.00 100.20 Liberty third 4 Vis 100.08 100.20 Liberty fourth 4%s 100 20 100.40 Victory 4%s 100.40 100.62 TERSE MARKET NOTES NEW YORK. July 6.—Dividends announced today include: Kelsey Wheel Company. regular quarterly 1 % per cent preferred dividend payable Aug. 1 to stock of record of July 20. NEW YORK—Gulf States Steel placed in operation July 3. Its 20-inch bar mill, the first time since 1020. At the same timo the 13-inch mill went on double turn. Another open hearth furnace will be blown in July 8. making four of its five open hearth furnaces in operation. WASHINGTON.—The Erie Railroad Company has been granted authority hy the interstate commerce commission to assume liability for 84.500,000 equipment trust cer- j tificates to be issued by the Commercial Trust Company of Philadelphia and sold at i not less than 90.94. WASHINGTON.—Lake Erie St Pittsburgh 1 appealed for authority to issue 6142,000 first mortgage 6 per cent bonds, dated Jan. 1. 1922. maturing July 1, 1005. The road Is controlled by the New York Central and Pennsylvania. NEW YORK COFFEE NEW YORK, July s.—Coffee opened steady today. July. 0.71 @9.72c: December. 0.61 @9.63c; March, 9.60 c bid; May. 9.54® 9.55 c. Stocks: Rio. 1,555.000. against 1,106.000 a year ago. Santos, 2,609.000. against 2.958.000. Receipts— Port. 17.000, against 64,000. Interior. 12.000. against 60,000.

Till LNDIANAPOLIS TIMES

GRAIN PRICES IRREGULAR AT CLQSEOF TRADE Reports of Rains Through Red River Valley and Harvest Fields. By United Financial CHICAGO, July s.—Grain prices were irreg%lar at the close of the Chicago Board of Ti ade today. Reports of rains throughout the Red River valley and the Western harvest fields caused a lack of aggressive buying in wheat and prices declined %@lc from the opening. Corn was fractionally higher on fairly active export demand and continued dry weatHer in lowa and parts of Illinois. Oats was dull, but had a strong undertone, In sympathy with corn. Provisions were lower. July wheat opened up %c at $1.17*4, and closed off %c. September wheat opened up Vic at $1.17%, and closed off December wheat opened up Vic at $1.20%, and closed off l%c. July corn opened unchanged at 63 %c, and closed up %c. September corn opened up %c at 6674 c, and closed up December corn opened up %c at 66%c, and closed up %c. July oats opened up %c at 36%c, and closed off %c. September oats opened up %c at 38 %c, and closed up %c. December oats opened unchanged at 41 %e, and closed up Vc. CHICAGO GRAIN TABLE By United Financial —July 5 WHEAT— Open. High. Low. Close. July ... 1.17% 1.17% 1.158* 1.16% Sept. ... 1.17% 1.17% 1.16% 1.10% Dec. ... 1.20V* 1.20% 1.10 1.19 V, CORN— July ... .63% .64% .03% .63% Sept 00% .68 .66% .67% Dec 00% .07% .06% .67% OATS— July ... .36% .37% .35% .35% Sept 38% .30% .38 % .39 Dec 41% .42% .41% .41% LARD—July ...11.35 11.87 11.17 11.17 Sept. ...11.00 11.02 11.40 11.40 RIBS— Sept. ...11.35 11.35 11.25 11.25 RYE— July ... .86% .87 .80% .86% Sept 80 % .86% .80% .80% Dec 88% .88% .88% .88% CHICAGO CASH GRAIN , B.v ( nltffj Financial. CHICAGO. July 5 —Wheat—No. 2 reel, $1.18: No. red. $1.10: No. J hard. $1 IT: No. 3 spring. $1.14. Corn —No. 1 yellow. 64 Ny. ’J yellow, H4 I,**?: 1 ,**?: No. 3 yellow. tJ3* 4 o; No. 4 yellow, 63 l *o; No. 5 and No. 6 yellow*. 62c: No. 1 mixed. 64 *4o; No. 3 mixed. 64c; No. 4 mixed. 03 \c: No. f> mixed, 63*40: No. 6 mixed, 63c; No. I white. 05c: No. 2 white. 64 \c: No. 3 and No. 4 white. 640; No. 6 and No. 0 white. 63e. Oats—No 3 white. 37c: No 4 white. 36c Barley—Cash. f>8 it 63c Timothy— Cash. s4(ss. Cloverseed—Cash. sl(K<l 18. LIVERPOOL CRAIN lly United Financial —July 5 WHEAT— Open. High. Low. Close. July ...11.0% 11.0% 11.6% 11.6% Sept. ..10.8% 10.8% 10.8% 10.8% CORN— July ... 8.4% 8.4% 8.4 8 4 INDIANAPOLIS CASH CRAIN —July 5 Bids for car lot* of irrain ami hay at the call of the Indianapolia Board of Trade were: WHEAT—Firm; No. 2 ml. $1 09. COHN—Steady: No. 3 white. f>7 1 a ; No 4 white, 56 <?£ T 6 Lj c; No. 3 yellow. 56 <U 57c; No 1 yellow. 55 l -*j <ii 56<*. No. 3 mixed. OATS—Steady; No. 2 white. 3 s * U 36c; No. 3 w hite 34 v 2 3 <ii 5c HAY—Weak: No. 1 timothy. sl7*4 17.50: No. 2 timothy. sl6 6216.50; No. 1 Ufht clover mixed. sls£ 15.50. No. 1 clover hay. $14.5015; new hay quotable at $2.50 under old. —lnspections WHEAT—No. 2 red H cam; No 3 red 6 care; sample. 1 car. Total. 15 cars. CORN—No 3 white. 3 earn; No. 4 white. 8 earn; No. 5 white *1 car.*#: No. 6 white. 2 cars; No. 2 yellow. 4 car*. No. 3 yellow 1 car: No. 4 yellow. 5 cars: No. 5 yellow*. 1 car: No. 6 yellow*. 6 cars; No. 3 mixed. ! 2 cars; No. 4 mixed 1 car: No. 5 mixed, j 2 car**: No. 6 mixed. 1 car. Total, .38 cars. OATS—No. 1 white. 1 car No. 2 white. 1 ear: No 3 white, 12 cars; No. 4 white. 6 car** sample white 1 car. Total. 21 <su*v* HAY—No. 2 timothy. 1 car. Total. 1 car. Total number of car-* for day. 7# Grain pri<* q quoted f. o. b. basis 41 Ho rate to New York. PRIMARY MARKETS (By Thomson A McKinnon) —July s—• RECEIPTS Wheat Com. Oats. Sioux City ... 5,000 57.000 24.000 St. Joseph ... 4.000 29.000 Chicago 50.000 .785.000 300.000 Milwaukee ... 3.000 117.000 80.000 Minneapolis ...331 00 07,000 70.000 Duluth 109.000 44 000 2.000 St. Louis ..128,000 224.000 100,000 Toledo 15.000 8.000 18.000 Detroit 0,000 4,000 14,000 Kansu, City ..159.000 35.000 43,000 Omaha 14.000 70,000 34.000 Indianapolis . . 9.000 62.000 04 000 Totals 839.000 1.498.000 758.000 Year ago ..977.000 1.565.000 900.000 SHIPMENTS Sioux City 28.000 12,000 St. Joseph ... 1,000 25.000 Chicago 225.000 304,000 258,000 Milwaukee .. 432.000 3,000 10,000 Minneapolis . . 08,000 50.000 63,000 Duluth 140,000 44.000 2.000 St. Louis ... 71.000 06.000 08,000 Toledo 1.000 9.000 5,000 Kansas City ..247.000 5.000 3,000 Omaha 10.000 57.000 54.001) Indianapolis 31.000 6.000 j Totals 831,000 628.000 481.000 j Y'ear ago ..553.000 778.000 204.000 CLEARANCES New York ...100.000 168.000 76,000 Boston 34.000 Philadelphia . 18.000 Baltimore 80.000 61.000 Totals 198,000 243.000 70.000 Year ago ..532.000 374.000 HAY MARKET The following are the Indianapolis prices for hay, by the wagon load, delivered in Indianapolis: Hay—Loose timothy. $lB (it 20: mixed hay, $18619: baled hay. $18(819. Oats—New, per bushel. 42 @ 45c. Corn—Both old and new. per bushel, 03 @ 08c. WAGON WHEAT PRICES Local mills and elevators today are paying $1 for new No. 2 red winter wheat. They are paying 33c for new No. 2 white oats. NEW YORK COTTONSEED Bv United Financial NEW YORK. July s.—Cottonseed oil sales today totaled about 3.000 barrels. Prices advanced 10 to 15 points and sold off a few points from the high. Commission houses with southern connections were scattered buyers, while offerings were very light and the selling largely by a few locals. The cotton report of Monday Induced some of the buying, but sentiment around the belt was not bullish on the report. Crude oil offerings are lighter and bids of 7 cents for the new crope crude failed to fl#d sellers. There were no deliveries on contracts, while cash trade continued hand to mouth. English oil was unchanged at 46s per pound. WHOLESALE BEEF PRICES The following are today's wholesale prices for beef cuts as sold on the Indianapolis markets of Swift A Cos.: Ribs—No. 2, 15%o: No. 8. 12c. Loins —No. 2,20 o: No. 3.10 c. Rounds—No. 2, 15o: No. 3.14 c. Chucks—No. 2. 10c: No. 3, 90. Plates—No. 2. 6c; No. 3,6 c.

GOOD DEMANDS SEND PRICES TO 10 CTS. HIGHER Live Stock Trading Brisk, With Hogs Stronger in Good Clearance. RANGE OF HOG PRICES. Good Good Good June mixed. heavy. light. 27. $10.70-10.80 $10.05-10.75 $10.85-10.90 28. 10.80-10.90 10.70-10.80 10.90-11.00 29. 10.95-11.10 10.85-10.90 11.00-11.15 80. 10.85-10.95 10.76-10.85 10.96-11.10 July 1. 10.85-10.95 10.75-10.90 10.95-11.05 3. 10.95-11.10 10.75-10.05 11.10-11.15 5. 11.05-11.15 10.85-10.95 11.10-11.20 With both the shipping and packing demands good and receipts close to 8,500, swine prices were strong to 10 cents higher in trading on the local livestock exchange today. Trading was active, and a good clearance had been effected before the close of the forenoon hours. There was a top of $11.20 on light swine, the bulk of that grade brought $11.15 and the bulk of the sales for the day were made at [email protected]. Pigs sold at the price of the loads and down, roughs at $9.50 and down and stags at $8.50 and down. Cattle Prices Strong Cattle prices were steady to strong, with [Kickers showing fair demands. The quality was good and receipts i close to 1,000. The good grades moved with more rapidity than did the commoner kinds. Weather conditions had a strengthening effect. Veal prices were steady to strong, with receipts light at 500, the quality fair to good and the shipping as well ; as the local butcher demand good. Sheep were steady and lambs 50 ' cents to $1 higher. Receipts for the day ran close to ! 1,000, but the weakening effect that 1 j large receipts usually have was more 1 than offset by a brisk shipping demand. -■•*- 100 to 150 lbs. average $11.10(811.20! Over 300 lbs 10.85 I 150 to 300 lbs 10.90® 11.20 Best pigs, under 140 lbs ... 11.00® 11.25 Top 11.20 Boughs 9.25® 9.50 Bulk of sales 11.00® 11.15 Stags 7.50® 8.60 —Cattle—- ; Few choice steers 9.00® 9.05 , Prime ooru-feil steers, 1.000 to - 1.300 lbs 7.60® 8.50 Good to choice steers. 1.000 to 1.300 lbs 7.26® 7.60 | Good to choice steers, 1,100 to 1,200 lbs 7.00® 7.25 iGood to choice steers. 1.000 to 1.100 lbs 0.75® 7.00 bemmon to medium steers. 800 , to 1.000 lb# 0.26® 6.76 —Cov* and Heifers— Few choice heifers 6.76® 9.36 Good to choice heifers 7.86® 8.36 Medium heifers 7.35® 7.85 Common to medium heifers .. 6.00® 7.25 | Good to choice cows 6 85® 6 36 Common to good cow# 3.60® 6.60 Canners 2.50® 3.50 Cutters 2.25® 3.26 —Bulls- - Fancy batcher bulls 6.25® 6.50 Good to choice butcher bulls.. 6.00® 5.25 Bologna bulls 3 50® 3.76 Light bologna bulls 3.00® 3.25 Light common bulls 3.00® 3.60 —Calves ■ Choice veals 8 50® 9.00 Good veals B.Oo® 8.60 Medium veals 7.00® 8.00 Lightweight veals 6.00® 6.60 Heavyweight veals 5 60® 0 5o Fair to medium 0 50® 7.00 ! —Blocker* and Feeders— Good to choice steers under 800 lbs 6.25® 7 60 j Medium cows 3.60 it 3.75: Good cows 4.00® 4 05 Good heifers 0 00® 7.50 Medium to good heifer# 4.50® 6.75 Milch cows and springers 35 00®85.00 —(Sheep and Famine— Cull ewes 1.50® 2.00 Good to choice ewes 2 00® 4 80 Bucks 2.00® 3.30 Yearlings 7.00® 9.00 Springers 9.00® 13.00 Culls 5.00® 7.60 OTHER LIVESTOCK CHICAGO. July s.—Hogs Receipts. 25.000 market, steady to 6c higher on better grades: others weak to 10c lower: bulk. $9 35G10 85; top. $10.90; heavyweight, $10.40® 10.85; medium weight. $10.55® 10 85 light weight. slo.Bo® 10.85; light lights. $lO 25® 10.78: heavy packing sows, smooth. so® 9.50: packing cows, rough. $8.05® 9.10- pig*. $0.25® 10.30. Cattle— Receipts. 13,000; market, steady to strong: top. $10.20; beef steers, choice and prlino, $9.80® 10 25: medium and good, $8.35® 9.80: good and choice, $0 10® 9.85; common and medium, $7®9.10: butcher cattle, heifers, $5.50®8.75; cows. $4®7.75: bulls $4 40® 0 75: canners and cutters, sows ana heifers, $2.76®4, .-aimer steers, $3.50® 6: veal calves (light and handy weight). $7.50® 9: feeder steers. $5.06® 7.75; Stocker cows amt heifers, $3.25® 6 76 Sheep —Receipts, 8,000; market, mostly 26c higher; lambs (84 lbs down), $1.50® 13.75; lambs, culls and common, s7® 12.25; yearling wethers, s9® 11.75; ewes, $4.50®7.50; ewes. calls and common. $1 50® 4 : breeding ewes. so® 11.25; feeder lambs. $11.50® 12.50. CLEVELAND, July 6.—Hogs—Receipts, 2.800; market, strong to 10c higher, all grades good swine. $11; pigs. $10.75: roughs, $8.50: stags, $5.50. Cattle—Receipts, 850: market, steady to strong: bulls, steady; calves, $8.50 down. Sheep and lambs—Receipts. 3.000; market, sharply higher, ewes. $3.50®6: choice lambs, sl4; seconds, sß®9; culls. s4®o. ST. LOUIS. July 6 —Cattle—Receipts. 7,000: market strong to 15c higher: native herd steers. $8 50® 9.50; yearling steers arid heifers. $8.25®9; row*. s4® 0.50; stoe’kers and feeders, $3.20®0.76; calves, $8.50 ®0 manners amt cutters. $2.60® 3.50 Hogs—Receipts, 11.000; market 15c to 20c higher: mxied and butchers. $10.8010.90; good heavies, $9®0.10. roughs. $10.90® 11; IN THE COTTON MARKET By United Financial. NEW YORK, July 5. —The cotton market opened lower today on poor Liverpool cables and better weather news over the holiday. (Juder selling by spot houses and Liverpool first prices sagged 16 to 31 points. Wall street bought. Locals traded both ways. In the afternoon the cotton market recovered somewhat and closed steady, being off 23 to 44 points. A report that ocean freight room' has been engaged for shipment of an additional 8,000 bales out of the local stocks to Bremen. Havre and Genoa helped facilitate the subsequent recovery. Open. High. Low. Close. January 22.50 22.60 22.13 22.31 March 22.33 22.40 21.97 22.18 May 22.19 22.19 21.83 21.92 July 22.93 23.13 22.08 22.03 October 22.85 23.06 22.30 22.90 Deemeber 22.75 22.85 22.43 22.65 By United Financial NEW ORLEANS. July s.—Bearish behavior of the Liverpool market yesterday was reflected In the Now Orleans Cotton Exchange trading at the opening today. Futures were from 22 to 31 points lower than last sales Monday. October sold at 22.50 c, off 31 : December. 22.20 c, off 28; January. 22.060. off 27. and March. 21.80. off 22. Reports of good rains in western cotton growing States assisted in the downward move and prices were off the opening 13 to 17 points after two hours of trading. By United Financial LIVERPOOL. July s.—Cotton showed a fair spot demand today. Sales ran close to 8.000 bales and receipts around 20.000 bales, including 17.000 American. Good middlings, 14.20d; middlings. 13.76d. Futures opened quiet. Open. High. Low. Close, July 13.37 13.38 13.28 13.36 October 12.94 12.98 12,00 12.80 January 12.54 12.60 12.94 12.90 March 12.35 12.37 12.25 12.27 May 12.20 12.20 12.18 12.18 At 12:46 p. m.: American middlings, fair, 12.65d; good middlings. 12.40d: fully middlings, 12.90d; mids, 18.76d; low mids. 13.80d; good ordinary, 12.45d; ordinary, 11.95d. Cotton dosed quiet.

lights, $10.25® 10.75: pigs. $10.90® 10.06. Sheep—Receipts. 7.000; market strong; mutton ewes, $4.25®6.50: lambs, $12@13; canners and choppers, [email protected]. KANSAS CITY. July s.—Hogn—Receipts, 14,000; market, 10c to 15c up; bulk, $10.40 @10.65; heavies. slo.lo® 10.60: butchers, $10.45® 10.65: lights, $10.50® 10.70: pigs, [email protected]. Cattle—Receipts, 10,000: market, steady: prime fed stecra, $9.85® 10; plain to fair dressed beef Bteers, $7.75® 9.25; western steers. $7.50®9.55; southern steers, [email protected]; cows. [email protected]; heifers, [email protected]: Stockers adn feeders, [email protected]: bulls, [email protected]; calves. $4.50 9.50. Sheep—Receipts, 5,000; market, 250 to 50c up; lambs. $11.50® 13.25; yearlings, $8.50® 10.30; wethers. [email protected]; ewes. $4.75 @0.25. EAST BUFFALO, July s.—Cattle—Receipts, 225: market, active; feeder, ss@ 6.50; shipping steers. $8.75® 10.50; butcher grades. sß@9: heifers. [email protected]: cows. [email protected]; bulls. $3@5.‘00; milk cows and stringers. $20@145. Calves —Receipts. 600; markets, slow; cull to choice. $3 @9.50. Sheep and lambs— Receipts, 1,200; market, active;; choice lambs. sl3® 13.50: cull to fair. [email protected]; yearlings, [email protected]; sheep, [email protected]. Hogs —Receipts. 0,400; market, slow; yorkers, $11.50: pigs. $11.50; mixed. $11. 25 @11. 50: heavy. $11.25® 11.40; roughs, sß@9; stags, $5 @6. WOOLEN MILLS TO OPEN By United Financial NEW YORK, July 5.—-Woolen mills, it is believed, will take first staps toward their spring opening about the middle of the present month and by Aug. 1 sellers generally should be In position to offer their wares. Worsted mills are in need of business and this may hasten their opening and competition may bring shading of prices so far as price of raw wool will allow. In the cotton textile trade the failure of the strike in New England to terminate is having its effect. Naming of the spring prices for ginghams is being held up because of the strike. Some mills will not name price until late In August, when a better idea of cotton prospects may be secured. -On the whole, gingham and percales are so uncertain that wash fabric deulers are hesitating about going to their trade with them. INDIANAPOLIS PRODUCE Eggs—Fresh, 13® 19c. Butter—Packing stock, 17® 18c. Poultry—Fowls, 10® 21c: leghorn fowl*. 15c; broilers, 1% to 2% lb. sue. 30c: broilers under 1% lbs. 82c: leghorn broilers at discount: cocks. 12c; etag*. 12c: young hen turks. 3 lbe. and up, 28o: old tom turks. 23c; young tom turk* 12 lbs. up. 28c; cull thin turkeys not wanted; ducks. 4 lbs. and up. 15® 10c: geese, 10 lbs. and up. 12c; squabs, 11 lbs. to doien. [email protected]; old guineas, per dozen. $3. Butter —Local dealers are paying 35® 30c per lb. for butter delivered in Indian•polls. Butterfat—Local dealers are paying 35c per lb. for butterfat delivered in Indianapolis.

STATE HANK STATEMENTS JAMES L. GAVIN, President. H H. BURNETT, Vice President. LEWIS N. POYSER. Cashier. J LEWIS BRAY, Assistant Cashier. Report of the condition of the Northwestern State Hunk, at Indianapolis, in the State of Indiana, at the close of Its business on June 30, 1922. RESOURCES. Loans and discounts $515,816.1% Overdrafts 221.17 U. S. bonds 80,819 <Q other bonds and securities .... 22,250.00 Furniture and fixtures 1.000.00 Other real estate 19.900.00 I)ue from hank* and trust companies 12,637.00 ('ash on hand 18,480.21 Cash items 1,48137 Insurance 157.20 Other assets 247 54 Total resources $073,017 00 LIABILIT lE3. Capital stock —paid In $ 25,000.00 Surplus 20,000.00 Undivided profits 065.55 Interest, discount, etc 5,210.65 Demand deposits 260,799.40 Demand certificates 12.172.17 Time certificates 2,990.00 Savings deposits 337.135.1 W Certified checks 41.06 Total liabilities $073,017.00 State of Indiana, County of Marion, ss: I. Lewis N. Poyser. cashier of the Northwestern State Hang,* do solemnly swear that the above statement Is true. LEWIS N. POYSER. Cashier.

What Is Cement? What is this finer-than-flour building mate.idi called cement, that you can mix with water, sand, and stone or pebbles, and cast into all sorts of shapes that become as hard and enduring as solid rock ? Q Q Q Portland cement consists principally of •ilica,lime, and alumina. In cement manu - facture these are obtainedf rom(l) Cement rock and limestone; (2) Limestone or marl and shale or clay; (3) Blast-furnace slag and limestone. First the rock is quarried and transported to the mill. Then it is ground to a powder, analyzed, and the several ingredients mixed in accurate proportions. Next it is subjected to long and gradually increasing heat until,at about3,ooodegrees Fahrenheit, the mixed materials decompose and fuse into hard balls, known as clinker. Then this hard clinker is cooled, mixed with a definite proportion of gypsum, and again ground to a powder so fine that at least 78 per cent of it will pass through a sieve having 40,000 holes to the square inch. Finally this finished product must be analyzed to determine that it conforms to the exacting specification requirements of cement manufacture, packed in bag 9 and placed in cars for snipment. Q Q Q The manufacture of cement is a complex process involving great care, skill and expense, and requiring an enormous capital investment This Is the Age of Cement PORTLAND CEMENT ASSOCIATION 111 West Washington Street CHICAGO TO FURTHER THE BEST INTERESTS OF CEMENT USERS

BANKING HOUSE LETTER DIRECTS CLIENTSTO LIST Points Out Fact of Figure* Being Where They Were One Month Ago. By R. L. BARNTM NEW YORK. July s—One of the best known banking houses here, in a letter sent out today to its clients, points out that security prices are now about where they were a month ago and the belief Is expressed that for the next month, barring serious labor troubles, there will only be minor price reactions. With the labor troubles out of the wav and the technical condition of the market improved by the minor reactions, it is stated, “we look for a resumption of the price advance in the late summer.” Instead of deploring this marking of time the banking house in question says: “We think it a very desirable phase. The market has gone far ahead of business; now business is getting a chance to catch up with the maiset.” Failures In June Almost every day fresh evidence comes to hand showing the ground covered in the improvement in general business. Today's instalment is the June figures of commercial failures throughout the country which are the smallest for any month since last September. There were 1,656 which is still 19 per cent ahead of June, 1921, but 40 per cent below the peak reached in January of 1922. Compared with May of this year this is a decrease of 6.7 per cent. Compared with the June quarter of 1921 there is an increase of 30 per cent, hut compared with the first three months of this year the figures at hand for this June quarter show a decrease of 24 per cent. Attention has frequently been called in this column to the progress being made by the Norfolk & Western as a result of increased business coming from the non-union coal mines along the company’s lines; Figures are now at hand showing

STATE BANK STATEMENTS HUGH McK. LAXDON, President. CHARLES \V SCOTT, Vlee-President. KVANSWOOLLEN. Jr., Cashier. LILLIAN R. REIN PELS, Assistant Cashier. Report of the condition of the Six teentn Street State Bank, at Indianapolis. In the State of Indiana, at the close of Its business June 30, 1922, RESOURCES. Loans and discounts $ 5,052.83 Overdrafts 35.98 Purntture and fixtures 4,875.55 Due from banks and trust companies 70,007.07 Cash on hand - 0.031.14 Current expenses 4,340 61 Interest paid 43.68 Total resources $90,392.50 LIABILITIES. Capital stock—paid in $25,000.00 Exchange, discounts and Interest 1,311.88 Demand deposits 40.052.82 Demand certificates 1.860H9 Time certificates 2,913.21 Savings deposits 17.096.43 Certified checks 80.00 Cashier's checks - 1,508.43 Total liabilities .' $90,392.80 State of Indiana, County of Marion, ss: I. Evans Woollen. Jr., cashier of the Sixteenth Street State Bank, do solemnly swear that the above statement is true. EVANS WOOLLEN, JR., Cashier. Subscribed and sworn to before me, this 3d day of July, 1922, L H. CRAWFORD, (SEAL) Notary Public. My commission expires January 6, 1925.

that for May all records In net were broken, the surplus over fixed charges for the month of $3,132,000 being 536,000 common stock, after allowing for the dividend cn the 4 per cent preferred. June gross, officials of the company say, will be as large for May; but with the larger business naturally there will be an increase In maintenance. First five months of the year the company earned within $1,087,000 of the full year’s 7 per cent on ,the common stock, allowing for the preferred dividend. Since February monthly surplus has been increasing as follows: February, $1,108,000; March. $1,547,000; April, $1,196,000, and May, $3,132,000. One very favorable feature of the detailed statement at hand show's that gross for May. amounting to $9,005,000, was larger than a year ago by 36 per cent; that maintenance of way and equipment remained practically the same; but that the cost of “conducting tranpo,” the item more than any other in the Income account, reflecting efficiency or the lack oft, actually decreased $378,000, despite the $2,363,000 increase in gross. This item required only 25 per cent of the gross this May, against a 40 per cent a year ago. Conducting transportation cost is made up of labor and the cost of fuel. VIGOROUS DECUNEsTn OIL Advice from Tampico That Salt Water Appears in Wells. By Inlted Financial NEW YORK, July s.—Receipt of advices from Tampico that salt water was appearing In some of the old fields caused vigorous declines in the oil companies with Mexican holdings today. Domestic oils such as Standard Oil of Indiana and of New York, however, were not affected and the close consequently was irregular. Mexican Seaboard, one of the companies affected by the salt water report, was off 11 points at the close. Standard Oil of Indiana waa up 2 points. Industrials failed to maintain the firm position of Monday, and Reo Motors and Philip Morris were off fractionally at the close.

STATE BANK STATEMENTS JOHN L. DUVALL, President. OMEiI L. BTUI.TZ, Vice-President V. VANDAGRIFFT, Vice-President CLYDE E. ROBINSON, Cashier. E. W. HUGHES, Assistant Caahler. Report of the condition of the Marios County State Bank, at Indianapolis, In the State of Indiana, at the close of its business on June 30, 1922. RESOURCES. I,cans and discounts .....$531,699.20 Overdrafts - - 44L48 United States bonds 00,102.04 Other bonds and securities 104.975.80 Furniture and fixtures 9,000.00 Other real estate 3,021.90 Due from banks and trust companies 98,428.06 Cash on hand 87.006.54 Cash Items 6.159228 Total .$908,891-98 Trust securities 51.936.80 Total resources ...,.$900,828.78 LIABILITIES. Capital stock—paid 1n....,....$ 25.000,00 Surplus 10,000.00 Undivided profits 3,341.91 Demand deposits.. .$538,842.90 Demand certificates 76,282 92 Savings deposits... 245,143.44 860.269.20 Certified checks 4,662.62 Cashier's checks 874.44 Due to departments 4,743.75 Total J905.89L98 Trust investments ...$ 51,930.80 Total liabilities $960,828.78 State of Indiana. County of Marlon, *•: I. Clyde E. Robinson, cashier of the Marlon County State Bank, do solemnly swear that the above statement is truei CLYDE E. ROBINSON, Cashier. Subscribed and sworn to before me, this sth day of July, 1922. (SEAL) C. W. HENRY, Notary Pnblic. My commission expires Sept. 3, 1922.

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