Indianapolis Times, Volume 35, Number 70, Indianapolis, Marion County, 1 August 1922 — Page 10

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MARKETS AWAIT El OF STRIKES; BOSKS SLOW Values Fluctuate Aimlessly in in Expectation of Final Rail Decisions. INDUSTRIALS GO STRONG ■Motor Stocks Also Rule Heavy, Due to Uncertain Price Changes. Twenty Industrial stocks Monday averaged 97.05, up .22 per cent. Twenty railroad stocks averaged 83.98, Up 77 per cent. By United Financial NEW YORK. Aug. I.—The Wall Street Journal today says: Wall Street spent most of the day waiting for railroad executives to make a decision on President Harding’s proposal for settlement of the shopmen’s strike. This left the market without an impulse in either direction and prices fluctuated aimlessly, producing the least Improvement of the summer. It added little to the market data from which some Idea of the immediate trend of security values may be gained. Rails were In special demand, St. Paul common and preferred reached anew high for the year, while Union Pacific, Frisco common and Pittsburgh & West Virginia showed substantial gains over the previous close. Trading in the industrial group was featured by exceptional activity in mercantile stock. Kresge, Woolworth, Kayser, Mallinson, Sears Roebuck, Montgomery-Ward and Cluett-Pea-body were well treated to especially fine demands. Motor stocks were heavy during the greater part ■of the day because of the uncertainty over the effect of price reduction on the profits of the automobile companies. When the President's insistence upon restoration of full seniority rights to the striking shopmen became known pressure was extended to many other sections of the list and the market displayed an irregular tone during the latest dealings. LOCAL BANK CLEARINGS Indianapolis bank clearings Tuesday wera 53.059.000: bank debits. $5,240,000. NEW YORK CALL MONEY KEW YORK. A US'. I.—Money—Call money ruled 4 per cent: high, 4 per cent: low. 4 per cent. Time rates ail 3 % ffi 4 % per cent. Prime mercantile paper, quiet, eterllnff Exchange was steady, with business in bankers' bills at $4.44 % for demand. NEW YORK LIBERTY BONDS —Aug. 1— Prev. High. Low. Close, close. L. B. 3%* 101.08 100.96 101.04 101 06 L. B. 2d 45.. 100.42 100.40 100.42 100 50 L B. Ist 4%5..101.40 101.32 101 34 101 40 L. B. 2d 4 ‘*8.100.60 100.42 100.56 100.56 Xi. B. 3d 4%5.100.60 100.50 100.54 100.52 l. B. 4th 4 % 5.101.32 101.22 101.32 101.28 Victory 4\s. J. 00.90 100.86 100.88 100.88

MOTOR SECURITIES (By Thomson & McKinno) —A US. 1— —Closing— Bid. Ask. Earl Motors 2 % 3 Packard com 14 14Vi Packard pfd 85% 87 Peerless 5S 69 Continental Motors com 7Vi 7Vi Continental Motors pid 39 .... Hupp com 18 % 19 Hupp pfd 105 110 Reo Motor Car 1214 13 Vi Elgin Motors 1 2 Grant Motors .......... 1i 1 Ford of Canada 380 390 International Motor com 57 Vi 59 National Motors S federal Truck 20 23 Paige Motors 21 Vi 23 Republic Truck 9% 10 ACTIVE OIL STOCKS (By Thomson & McKinnon) —Aug. 1— —Closing— Bid. Ask. Anglo-American Oil ... 18 Vi 18 4* Borne-Scrymser 390 400 Buckeye Pipe Line 92 94 Chesebrough Mfg. Cons. 185 195 Continental Oil. Colorado ....135 142 Cosden Oil and Gas 3 ... Crescent Pipe Line ........ 33 35 Cumberland Pipe Lina 135 145 Eureka Pipe Line ..' 87 90 Galena-Signal Oil. pref 107 112 Galena-Signal Oil. coms2 54 Illinois Pipe Line 180 165 Indiana Pipe Line 88 90 Midwest Rfg 200 National Transit . 25Vi 28Vi New York Transit 160 170 Northern Pipe Lino 98 99 Ohio Oil 275 280 Penn.-Mex 30 35 Prairie Oil and Gas 690 600 Prairie Pipe Line 254 258 Solar Refining 330 350 Southern Pipe Line . 92 94 South Penn Oil 210 220 Southwest Penn Pipe Lines .. 61 63 Standard Oil C0.,0f lnd 108% 108% Standard Oil Cos. of Kan.... 530 650 Standard Gil Cos. of Ky 9ft t>s % Standard Oil Cos. of Neb.... 170 180 Standard Oil Cos. of N. Y..... .425 430 Standard Oil Cos. of 0hi0....440 460 Swan & Finch 35 45 Vacuum Oil 420 425 Washington Oil 22 28 NEW YORK CURB MARKET fr Thomson A McKinnon) —Aug. 1— "——■Closing l Bid. Ask. Acme Packing ...... 43 45 Curtis Aero c0m....... 3 6 Curtis Aero pfd 25 28 Boston A Montana.... 18 19 Boston & Montana Cor. 1 7-10 1% Goldfield Con 3 5 Jumbo Extension 3 4 International Petroleum 21% 21*4 Kirby Oil 4 % 6 % Nipissing 5% 6% Salt Creek 15 15% Tonopah Extension .... 111-16 IV* Tonopah Mining 114 IVi United P S new 6Vi 7 U. S. Light A Heat.... IVi 1 9-16 U. S. Light A Heat pfd. 1 9-10 1% Wrtght-Martin 2 6 Yukon Gold Mine C 0... 96 100 Jerome 3% 3% New Cornelia ........ 19 *4 20 United Verde ........ 2714 28 Sequoyah 3 10 Omar Oil 114 1% Republic Tire 60 60 CHICAGO STOCKS (By Thomson A McKinnon) —Aug. 1— Open. High. Low. Close. Ar. A Cos. pfd 99 % 99 % 9914 99 % Com. Edison 130 130*, 139 130% Con. Motors. 7% 7% 7% 7Vi Mont. W.... 22% 2214 22% 22% Pick. A Cos.. . 28% 26% 26% 26% Pig. Wig. (A) 41 Vi 41% 41% 41% Stewart-W 44 44 43% 43% Swift A Cos. 101% 102 101% 101% Swift Inti 19 19% 19 19% I Thom (J R). 62% 62% 61% 61% U. C. A Car. 57% 67% 57 67 Wahl 68 68 57% 67% Wrigley .106% 10614100% 100% YeL Taxi... 72% 73% 72% 72% CHICAGO PRODUCE By United Financial CHICAGO. Aug. I, —Butter—Receipts, 46.118 tuba: creamery extra. 33c; Standard, 32%c: firsts. 29%tf-32c: packing stock. 23 @240. Eggs—Receipt*. 13.931 cases. Current receipts, 19@19%e: ordinary firsts. 18 @ 18He: firsts. Cog2o%c: extras. 21% 9 22c: Checks. 16 @l6 %c: dirties. 17c. Cheese —Twine, new. 18%@18%c Daisies. 18c: Young Americas. 18%@19e: Longhorns, 18%10%: Brick. 18@18%c. Live poultry—Turkeys. 26c: chickens. 16 @2l %o: springs, broilers. 21026 c: roosters, 13 %o; ftme, 144121 c; ducks, 22c.

New York Stocks <By Thomson A McKinnon.) —Aug. 1—

Railroad*— Prev. High. Low. Close, close. Atchison ...101% 101% 101% 101% At. C. L. ..110% 109% 110 111% B. and O. . 58% 56% 57% 58% Can. Pacific 141% 140 140% 141 C. and O. . 73% 72% 72% 72% C.&N. W. Ry. 79 77% 77% 78% C.. R. 1. it P 45% 44% 44% 44% C. *G. W. . 9 9 9 9 Del. & Hud. 127 126% 127 127 Del, & Lack.l3o 129% 129% 130 Erie . . 18 17% 17% 17% Erie Ist pfd. 27% 26 26 26% Gt. N. pfd. 84% 83% 83 % 83% El. Central 109% 109 109 109 Kansas C. S. 26% 26% 26% 26% Lehigh Valley 65% 65 65 65% LI and N. ..134 133 133 134% Mo. Pacific 23% 22% 22% 23 Mo. Pac. pfd. 67% 56% 66% 66% N. Y. Cen. . 97% 97 97% 98 N.Y..N. HA-H 32% 31 31 31% North. Pac. 79% 78 78% 78% Nor. & West.lls 112% 112% 114% Pennsylvania 47% 46% 56% 47% Reading ... 76 % 75 75 76 So. Ry. ... 25% 25% 25% 25% So. Pacific. 92% 91% 91% 91% St. Paul... 30% 29% 30% 29% Bk Paul... 30% 29% 30% 29% St. P. pfd... 48 40% 46% 46% StX.&S. W. 30% 30 30 30% St. L.ASW.p. 48% 47% 47% 48 StXASWe Ry 30% 29% 29% 30 Tex. Sc Pac.. 31% 29% 29% 30% Union Pao. .144% 143% 142% 143% Wabash ... 13% 12% 12% 13% Wabash pfd. 33% 32% 32% 32% P. & W. Va. 41% 4040% 40% Rubbers— Ajax Rub... 12% 11% 12% 13 I'isk Rubber. 12% 12% 12% 12% Keily-Spg. .. 45% 43% 43% 45% K. T. A R. C. 28% 27% 27% 10% U. S. Rubber 59 57 57% 68% Equipments— Am. C. A Fd..171% 170 170 172 Am. L0c0...120% 118% 119 119% Bald. L0c0..121% 119 120% 121 Gen. Elec... 179% 179% 179% 179% Lima L0c0..109% 108% 108% 109 Pullman ....121 120% 120% 120% Ry Stl. Sug:. 108 % 108% 108% 109% Am. Stl. Fdy. 38 % 38% 38% 38% West. Elec.. 62% 61% 62% 62% Steels— Beth. “8”... 78 77% 77% 77% Crucible 93% 90% 90% 92% Gulf States.. 82% 82% 82% 84 Lacka 78% 77% 77% 77% Midrale 35% 35 35 35% Otis 11% 11% 11% Replogle ... 32% 32% 32% 33 Rep. I. A S.. 73 72 72 73% U. S. Steel.. .101% 100 100% 101% Vanadium ..50% 48% 49 49% Motors— Am. Bosh M. 30% 30% 30% 36% Chandler Mot 62% • 68% 69 % 62% Gen. Motors. 13% 13% 13% 13% Hupp Motors 18% 18 18 18% Hud. Mot... 21% 19% 19% 21% Max. Mot. A 61% 59 69 60% Max Mot. B. 20% 19% 19% 21 Mack Truck. 68% 57 68% 58 Martin P. ..29% 29% 29% 30 Pierce-Arrow 9 % 9 9 9 % Studebaker ..13:! % 129% 129% 132% Stromberg.. 44 42 % 43 42 % W.-Overland .8% 8% 8% 8% White Motors 45% 48 V* 48% Minings— Butte C. A Z 7% 7% 7% 6% Butte 8. ... 31% 31% 31% 31% Dome Mines 30 % 30 30% 29 % Int. Nickel. 18 17% 17% 17% Texas G. &3. 49% 47% 47% Coppers— A. Smelting 61% 6014 60% 61 Anaconda .. 53 % 53 % 53 % 53 % Chile Copper 22% 21% 22 22 Kenneeott .. 36 % 36 36 30 Miami 29 % 29 % 29 % .... BONDS CLOSE ADVANCED Liberties Hold Steady at Slight!} Lower Level. By W. B. GRIMES. United Financial Staff Correspondent. NEW YORK. Aug. I.—The bon<T market had another day of advancing prices, the procession upward agair led by railroad issues, which were fol lowed by most Industrials. Liberty bonds had another day o: steadiness around prices slightly bo low the recent high figures, widen following Government bonds were In t hesitant mood.

Third Avenue income fives wer< agpiln a leader among the tractions advancing 1% points over yesterday’ close to G3'4. In many ways the strike has ap peared to help the railroad bonds. O course, such issues as Norfolk £ Western and C. & 0., both nonunioi coal carriers, were expected U he benefited. But as to the other roads, the strike caused an analysis by investor and traders, which disclosed the favoarble position they were in. This was emphasized by the good Juni earnings statement. Both first and second-class railroac bonds participated in today's advance, which was by small fractions, but wel distributed over the whole list. Foreign bonds we-e irregular French 7%s were oft %, while th< 8s were up %. United Kingdom bond; held firm. COTTON PRICES LEAP Government Report Stimulates Sudden Advances. By United Financial NEW YORK. Aug. I.—Cotton on the New York cotton exchange went up $7 a hale today on the Government report showing a condition of 70.8. All private estimates had placed the probable condition higher than the estimate for June and the Governments report was a distinct surprise that brought immediate advances which grew as trading progressed. The floor of the exchange where trading had been dull for the past several days, suddenly was transft formed into a shouting, seething mass of men who bid frantically. NEW ORLEANS, Aug. I—Futures on the New Orleans cotton market shot upward on the Government report today and sales were made at from 149 to 165 points above the opening. TERSE MARKET NOTES By United Financial CHICAGO. Aug. 1. —Repeated report* that tbs Russian wheat yield will surpass expectations has caused considerable bearishness among traders. Russia, which wss the largest wheat exporting nation In the world before the war, has been dependent upon the American crop for several years, and If that country can meet Us own demand this year, the American export business will decrease heavily. Roumania also Is reported to have a satisfactory crop ready for harvesting. MINNEAPOLIS. Aug. I.—Eight oars of the spring wheat crop arrived here yesterday and satisfied trader* that the quality wiU be above the average. It tested high and sold near the top of the range sot the same kind of old whoat. JOHNSTOWN. Pa„ Aug. I.—Coal production In Cambria and Somerset Counties shows an increase for the first week under military protection. Operators declare the current week will bring another increase. RAW SUGAR MARKET By United Finanoial NEW YORK Aug. I.—The raw sugar market Is unsettled. Cuba# continued to be offered at 3%e cost and freight, while some duty paid Cuban In warehouse here are offered at about 5.30 e delivered which figures a parity of about 311-10 c cost and freight. Demand for refined is very quiet. Raw sugar opened strong today: September, 3.66 ii 3.67 c; December. [email protected]: March. 3.50 a 3.51 c. CLEVELAND PRODUCE By United Financial CLEVELAND, July 31.—Butter-—Extra, ir. tuba. 40@40%c: prime. 41@41%c; firsts, 88 %c packing stock. 23 025. Eggs —Fresh gathered Northern extras. 28c: extra firsts. 27c; Ohios. 21 %c; Wostarn firsts, new cases. 21 %c. Poultry—Live heavy fowls. 23 @ 34croostes*. 15c; spring ducie, 19023 c.

Prev. High. Low Close. close. | Nev. Cons.. 10% 10% 16% 16% Utah Copper 05% 65 65 60 Ray Cons.. 16% 16% i% ie% L. S. Smelt. 4034 403s 40% 40% Oils— Cali. Petrol 60 69 % 59 % 69 % Cosden 43% 42 34 42% 43 In. Oil .... 13 34 13 13% 13% Mex Petr01..168% 164% 167 166% s - ' OI J •• i 3 13 13 13 Mex. C. S. B. 23 20% 21% 21% P.-Am. P. .. 74 % 73 73 73 % Pacific Oil. .55 % 64 64 64 % Pierce Oil . 7 % 7 % 7 % 74. Pro. & Ref.. 37 34 37% 37% 37% Pure oa 30 29% 29% 29% Royal Dutch 55 % 52 % 62 % 53 % §• Oil of C. .107 105% 105% 106 S. O. of N. J. 181 % 1813:, 181181% Sinclair .... 31% 31 31 31% Texas Cos. .. 46% 46 46 46% Tex. C. A 0.. 25% 24% 24% 25% T-Con Oil. . 14% 13% 13% 14% Union 0i1... 20% 20% 20% 20% Industrials— Allied Chem. 74 72 72 73% AjL Rumley. 18 18 18 18% Allis-Chalm.. 54% 63% 63% 53% Amer. Can... 61 69% 60 60Va A. H. A L... 13%, 13% 13% A. H. A L. pfd 71 % 71 71 71 Am. Ice .112% 113 % 111% 110% Am. Linseed. 34 34 34 Am. Woolen 91% '90% 90% pi% Central L.... 39% 38% 38% 38% Coca-Cola . . 70 % 70 % 70 % 71 C. A Peabody 58% 67 57 69 Coot. Can... 77% 76% 76% 76% Ehdicott-J.. .. 83 82 82 83 Fam. Players 84% 83% 84 83% Gen. Asphalt. 70% 68% 69% 70% Inter. Paper. 56 % 54 65 54 Inter. Harv. 104% 104% 104% 103% Loews 10 15% 15% 15% May Stores. 122 119 120% 119 Mont. A W... 22% 22 22 22% Nat. Enamel 57% 50% 56% 67 Owen Bottle. 35 35 35 34% Pitts. Coal.. 64% 64% 64% 65 Sears-Roe 80% 80 80% 80 United Drug. 82 81 81 80% U. S. R. St. . 61 "4 61% 61% 61 U. S. C. I. P. 36 35 35 35% U. S. In. Al. 64% 63 63 64 Worth. Pump 53 52 7 4 63 51% Utilities— Am. T. AT. .122 % 122 122 122% Brk. R. Tran. 26% 25% 23% 25% Consol. Gas.. 125 122% 124% 122% Colum. Gas.. 93% 92 92 92% People's Gas. 87 86% 56% 87% West. Union. 100% 105% 106% ..... Shipping— Am. In. Corp. 42% 41% 42% 42% Am. S AC.. 19% 19% 19% 19% Atl. Gulf 32% 31% 32 33% In. M. Mar.. 18 17% 17% In. M. M. pd. 71% 68% 68% 72 United Fruit. 147% 147 147 147% Foods— Am. Sugar.. 81% 89% 890% 81% Austin Nich. 28 27% 28 27% Am. Cot. Oil. 28% 20% 20% Corn Prod. .109 107% 108% 107% Cub. Cane Sg. 16% 18% 16%. 16 Cub. Am. Sg. 26% 26 26 26% Wiison A Cos. 43 43 43 43% Tobaccos— Am. Sumatra 40 39% 40 Am. Tob. C0..149% 148 148 149 Gen. Cigars.. 78% 77 77 78% Tob. Prod... 77 % 77 77 77 % Miscellaneous Stocks— Alas. Juneau 1 % 1 % 1 % Am Rad... 104% 103 103 % 103% Tenn. Cop... 10% 10% 10% 10% Kelly Oil 9% 9% 9% 9% Dae. Chem... 49% 47% 47% 47 Elec. S. Bat.. 47 46% 46% 46% C.C.C.& StX. 77 77 77 78 it. J. Reyn. B 46% 46% 46% 46% Reyn. Spsts.. 28 28 28 29% Marland Oil. 39% 39 39 39 Chino Cop. .. 30 % 30 % 30 % 30 % CURB FINISHES EASY Standard Oil of Indiana Follows Recession. By IV. n. GRIMES United financial Staff Correspondent. NEW YORK, Aug. 1. —After an active morning of higher prices, curb traders today became more interested in the conference of rail executives here than they were in the market with the result that prices eased off and the general market closed lower. Throughout the day motor stocks acted well. Willys first preferred reached anew high at 30% and closed only slightly under that figure. The rise came coincident with | reports that Willys corporation had reported a settlement of its obliga T tions to Willys Overland. Stutz closed at 15%, % of a point better than yesterday, while Mercer Motor voting trust certificates and stock closed off slightly. The oils joined the recession of the afternoon. Standard of Indiana getting to 108% after selling above 108 in the morning. International Pete and Mutual Oil were off % and Atlantic Lobos off %. Southern States at 13Vi was unchanged.

INDIANAPOLIS STOCKS —July 28— Stocks • Bid. Ask. Ind. Ry. * Light com. ... 57 ... lud. Ry. & Light pfd 84% ... Indpls. St. Ry 47% ... Indpls. N W. pfd 45 ... Indpls. tc S. E. pfd 60 T H. T. & L. pfd 75 T. H. I. A E. com 1 6 T H. I. & E. pfd. 2% 7% U. T. of Ind. com 3 U. T. of Ind. Ist. pfd 10 U. T. of Ind. 2d pfd 1 6 Advance-Rumely pfd ... Advance-Rumely com .... Am. Creosoting pfd. 94% ... •Belt R .R. com 65 ... •Belt R R pfd. N 50% ... Century Bldg. Cos pfd. ... 94 ... Citizens Gas Cos 20 ... City Service com 195 .. City Service Cos. pfd. ...... 65 ... American Central Life 1n.... 200 ... Dodge Mfg. pfd .., Home Brewing ... Ind. Hotel com 83 ~.. •Ind. Hotel Cos. pfd 89 .... lnd. Natl Life Ins. Cos. ... 2 .... •Ind Title Guarantee 50 ... Ind. Pipe Lines 87 indpls. Abattoir pfd. 46% ... •indpls. Gas 45 ... Indpls Tel. pfil. 90 ... indpls. Tel. com 1 ... Mer. Pub. Utl. pfd 75 Natl. Motor Car Cos. 2 4 Pub. Savings Ins. Cos 6% ~.. P.auth Pert, pfd 49 ... Standard Oil of Indiana ... 107 % ... Sterling Fire Insurance Cos.. 7 ... Van Camp HUw pfd 90 ... Van Camp prod Ist pfd ... 97 100 Van Camp Prod. 2d. pfd 100 Vandaiia Coal Cos. com .... 1 4 Vandalia Coal Cos. pfd. ... 7 12 Wabash Ry. pfd 32 36 Wabash Ry. com. 12 16 Bonds Broad Ripple 5s 03 % ... Citizens St. R. R. 6s 83 88% Indiana Creek Coal It M. 6s. 100 ... Ind. Coke & Gas 6s 80 91 Indpls C. A S. 5s 92 Indpls & Martinsville 5s ... 01% ... Indpls. Northern 5s 40 68 Indpls. St. Ry. 4s 65 07 V 4 fndpls. A N. W. 5s 54% 59 Indpls. A S. E. 5s 40 ... Indpls. Shelby A S. E. 5s ... 65 ... X. H. I. A E. 5s 65 Citizens Gas 5s .......... 88 88 Indpls. Gas 5s 88 87% Kokomo M A W. 5s 88% 92 Ind Hotel Cos. 6s 99 % ... Indpls. Water 5s 00% 08 Indpls Water 4%s 81 85% Indpls. T. A T. 5s 84 86 Indpls L. A H. 6s 92 94 U. T. of Ind. 6s 60% ... Mer H. A L. 5b 99 % ... New Tel. L. D 5s 07 New Tel. Ist. 0s 97 South. Ind. Power 6s .... 80% 91 INDIANAPOLIS PRODUCE Eggs—Fresh, 19c. Butter —Packing stock, 19c. Poultry—Fowl*, over 4% lbs.. 21c; under 4% lbs . 10c: broilers. 1% lbs. up. 27c: broilers under 1% lbs., 24c. Cocks and stags, 12c; young tom turkeys over 12 ■ bs., 27c; young hen turkeys over 8 lbs 27c: old tom turkeys over 8 lbs.. 22c. Geese over 10 lbs, 12c: ducks over 4 lbs, 16c: squabs 11 lbs to the dozen. 16c. CITY ECONOMICAL Mayor Shank’s repeated pleas that department heads live within the restricted budget inherited from the Jewett administration are being heeded. City Purchasing Agent Jesse E. Miller said today. Outgo from the city general fund for materials and supplies, for the last three months was from SSOO to $5,000 less than the same weeks J n 1921.

THE INDIANAPOLIS TIMES

II PRICES HOLD STEftDY; RECEIPTS HIGH Calves and Sheep Lose Ground —Cattle Manage to Cling to Old Levels. RANGE OF HOU PRICES. Good Good Good July mixed. heavy. light. 25. $10.25-10.80 $10.40-10.85 $10.75-10.00 20. 10.15-10.50 10.30-10.60 10.60-10.80 27. 9.90-10.25 10.00-10.25 10.35-10.05 28. 9.80-10.15 9.90-10.20 10.20-10.55 29 10 00-10.10 10.10-10.50 .10.35-10.90 81. 9.80- 9.90 9.90-10.30 10.15-10.70 Aug. 1. 9.80-9.90 9.90-10.80 10.15-10.70 Although buyers attempted to exert pressure in the hog section of the local livestock exchange today to lower prices, the market remained steady to weak, with best hogs bringing sll. Receipts, 7.000. The cattle market remained steady, with best steers at $10.15 @10.40. Receipts, 800. The bottom dropped out of the calf market, however, which has been showing exceptional strength, and prices dropped 50 cents to $1 uniformly throughout the whole market. The principal cause of the drop was the size of tho receipts, 900. The bulk of the sales were from $8.50 to SlO, with an extreme top of $10.50. Prices on common grades of sheep and lambs fell 25 to 50 cents, with the better grades holding steady. Good to choice ewes brought $2.50@6, with spring lambs bringing $9 @l2. 100 to 150 lbs average ~..510.30®10.60 Over 300 pounds 10.004410.30 160 to 300 pound* 10.35 010 80 best Pigs under 140 lb*. ... 10.10% 10.30 Roughs 6.55 0 7.30 Top 1100 Bulk of sales 10.20 4110.60 Stags 5.50 0 0.75 - Few choles steers 19.15 <310.40 Prime corn-fed steers. 1,000 to 1.300 lbs 8.05@ 9.10 Good to choice steers, 1,000 1.300 lbs 8.15(3 8.65 Good to choice steers. 1,000 to 1,200 lbs 7.60®) 8.25 Good to choice steers. 1,000 to 1.100 lb* 7.250 7.60 Common to medium steers, 800 to 1,000 lbs, ■. 8.500 7.25 —tows and Heifers— Few choice neifers 9.250 975 Good ol choice heifers 8.250 9.00 Medium heifers 7.76 0 8.25 Common to nedami heifer*.. 6 300 7.50 Good to choice cows 5.75 0 0.50 Common to good cows .... 3 750 5.75 Canncrs 2.50 0 3.50 Cutters 2.260 3.25 —Bulls— Fancy butcher bulls 6.250 6 00 Good to choice butcher bulls. 4.000 5.00 Bologna bulls 3.50 t( 3.70 Light bologna bulls 3.000 3.35 Light common bulls 3.00 0 3.50 Choice veals 9 50010 25 Good veals 8.50 0 9.75 Medium veals 7.750 3To Lightweight vea's ......... 6.750 7.7,> Heavyweight veals 6.50 0 6.75 Common heavies 4 000 6.00 Top 10.50 —mockers and Feeder*— Good to choice steer* under 800 lbs 6.250 7.50 Medium cows 3.500 3.75 Good cows 4.00 0 4 rto Good heifers . . 6.000 7.50 Medium to good heifers .... 4.500 6.76 MUch cows and springers. . 35.00 0 85.00 —Sheep and Lambs— Cull ewes 1.75 0 2 50 Good to choice ewes 260 0 5.50 Bucks 2.750 3.50 Yearlings 6.000 8.00 Springers .....J 9.00 H 12.00 Culls 3.25 0 6.00

OTHER LIVESTOCK By United Financial CHICAGO, Aug. I.—Hogs—Receipts. 21 000. market, steady to strong: top $10.75: bulk of sales. 58.10010.65: heavy weight. 50 80 0 10.30: medium weight. 110.20(51('.fi5: lightweight. $10,500 10.70; I‘ght, lights. 510.25® 10 65: heavy packing sows, 58 fis.6s: packing sow* rough. $7.26®8: pigs. $9.75® 10.40. Cattle Receipts. Buo. market .steady to strong: choice and prime. $10810.75; medium and good. $8.15® 10: common. 50.650 8.16; good and choice. $9 8 10.30: common and medium. $0.50 0 9; fanners. cutters, cows and heifers. $2 8504 10; canner steers. $3.50® 3.25: vea’ calves. $9.25® 10.60: feeder steers. $5.50®7.05 Stocker steers, $4.760 7.65: stooker cows and j heifers, $3.5005.75. Sheep Receipts, I 13.000: market, steady to 25c lower; lambs. I $11..50® 12.75; laml-s cull and common. $7,50® 11.35 yearling wethers. $8.50011; i ewes. $3.25 0 7.60: cull to commou ewes, , $20.3.75. CINCINNATI. Aug. I.—Hogs—Receipts. 2.500: market, 35c higher: heavies. $lO 0 10.26; mixed. $10.50; mediums. $10.50® j 10.76: lights, sll , puts. 510.50; roughs. ,$7 25: slags, $5.25. Cattle—Receipts. 000: market, steady; bulls, strong; calves. $lO. j Sheep and lambs—Receipts. .5,200: market. 50c higher for sheep, lambs, steady: ewes, i [email protected]: lambs, top. $13.50; seconds, $8; | culls. s3@s. EAST ST. LOUIS, Aug. I.—Cattle—Re- ! celpts, 500: market, strong. 25c up; native | beef steers, $9 010.25; yearling steers and heifers, sß® 10: cotvs, [email protected]; stockers and feeders, s7®B: < wives. $509.75: canners and cutters, $2.7503.75. Hogs— Receipts, 10.500; market, steady: mixed and butchers, $10.35 010.70; good heavies. $lO 0 10.25; roughs. $7.5008; lights, $10.60® 10.75: pigs. $10.250 10 75; bulk. $10.35® j 10.70. Sheep—Receipts, 6.000: market, steady: mutton ewes, $4 06; lambs. $11.75 012.25; canners and choppers, $1 @3. EAST BUFFALO. Aug. I.—Cattle—Receipts. 300: market, active; prime steers, feeders. $5 06; shipping steers. $8,60 0 10.50: butcher grades. $7.6008.50: heifers, $5.5008; cows. $2.5000.50; bulls. $3 7.5 0,5.75; milk cows and slringers. s2o® 110. Calves —Receipts, 750; markets, slow; cull to choice. S4O! 12. Sheep and lamb—Receipts. 1.200: market. active; choice lambs. $13.20 013.75; cull to fair. $8012: yearlings, s7olo' sheep, S3O 8.25. Hogs—Receipts. 4.000; market. active: yorkers. $11.50 011.75; pigs. $11.60® 11.75: mixed. $10.77>®11.50; heavy, 10.25 @10.50; roughs, SS®B.2S; stags. $4.50® 5.50. KANSAS CITY, Aug. I.—Hogs—Receipts. 5,000: market, strong: bulk. $9.75010.50; heavies, $9.3509.85; butchers. $9,850 10.10: lights, $9.25010.50: pigs, $9.25® 10.50. Cattle—Receipts, 7.000; market. 16c up; prime fed steers, $9.65® 10.40; plain to fair dressed bcel steers. [email protected]: Western steers, S7O 9.35; Southern stores. s4® 8.25; cows, $2.2506.85; heifers, $4.5009.10; stockers and feeders, $4®8.85; bulls. $2.25 @4.50; calves, [email protected]. Sheep Receipts, 3,000: market, 25c up. lambs. $11.75 @l3; yearlings, $8.50 010.75: wethers, $0.5008; ewes. $507.-5: stockers and feeders. $9.50@13. CLEVELAND, Aug. I.—Hogs—Receipts, 1,100; market 10c up: yorkers. '511.35; mixed, [email protected]: mediums, $10.26; pigs. $11.35; roughs, $8: stags, $5. Cattle— Receipts, 160; market, steady; good to choice steers. [email protected]; good to choice heifers, s6@7; good to choice cows. $4.50® 5.60: fair to good cows, $4.50: common cows. [email protected]; good to choice bulls, $6 @7; mllchers, $35 0 75. Sheep and lambs—Receipts. 300; market, steady, top, $12.50. Calves—Receipts, 150; market, steady: top. $12.50. PITTSBURGH, Aug. I.—Cattle Supply--200; market steady: choice. $9.35 09.75; prime good. $8.50®9; tidy butchers, $8 0 8.76; fair. $6.2507,75; common. $507.75: common to good fat bulls, [email protected]; common to good fat cows. S3O 5.75: heifers, $5 0 7.76: fresh cows and springers, s3s® 85; veal calves. $11.50: heavy and thin calves. [email protected]. Sheep and lambs—Supply. 300 head: market, steady: prime wethers, $7 @7.25; good mixed, $5.60 @6.25; fair mixed, $4.5005.27): culia and common, $1 @2.60; lambs, $12.50. Hogs—Receipts, 2,000; market 15@25c up: prime heavy hogs. $lO @ 10.26; mediums. $11.60 @ 11.65 • heavy yorkers. $11.60 @ J 1.65; light yorkers. $11.60011.65; pigs, $11.60011.65; roughs, $7 07.75; stags. $404.50; heavy mixed, $10.50@11. BOSTON WOOL MARKET By United Financial BOSTON, Aug. li—At the resumption of the London wool auctions prices were reported firm and this had a steadying influence on the local market. The continent was reported a good buyer. Theer was reported much interest In the Government estimate of the Argentine clip, which was given a 181.000.000 pounds, against 300,000,000 pounds last year. This I year's estimate is the smallest in many years. There is a good demand locally for throe-eighth blood wools and some dealers are said to be bolding out for 1, but this price is not general. Buying in the West is practically over, but if three-eighth blood wools are available local dealers do not know anything about them, for any lots of this type are quickly snapped up.

CHICAGO CRH CLOSE UNEVEN Com Displays Only Strength of Group—Wheat Lacks Steadiness. By United Financial CHICAGO, Aug. I.—Grain prices closed irregular on the Chicago Board of Trade today following a day of easy fractional fluctuations. Trading was mostly light, corn showing the only strength manifested during the day, closing higher. Wheat prices were Irregular, September closing lower and December advancing about V&c over the opening level. Thrashing returns of winter wheat showed an average yield slightly below previous indications, according to a report issued today by B. W. Snow, grain expert. Spring wheat is maturing rapidly. Figures show the total wheat yield to approximate 831,000,000 bushels, compared with the official forecast last month of 817,000,000 bushels. Some buying that wa3 believed to be speculative developed late In the day and boosted prices fractionally over the day's low mark. Prices showed a strong upward tendency in the late hours of trading in corn. Returns throughout the corn producing area point to a lighter crop than anticipated. Buyers were active toward the close, and the purchasing spread to tho houses with export connection. Oats continued steady and prices were practically unchanged at the close. Generally favorable crop reports came from several points in the West, but lighter? receipts at all primais markets made traders look with some doubt at the crop prospects. Prices showed a tendency to follow the corn market and they closed up about % cent. Weakness in tho foreign demand resulted in a drop in the prices of provisions today, but fairly heavy buying by local packers held the decline to narrow limits. CHICAGO GRAIN TABLE By United Financial —Aug. 1— WHEAT— Open. High. Low. Close. Sept... 1.06 1.06% 1.05 105 % Dec 107% 1.08% 1.07 1.08% May... 1.12% 1.12% 1.11 112% CORN— Sept... .61 .62% .60% .61% Deo 57 % .59 % .57 % .59 May... .01% .62% .61% .62 OATS Sept... .33% .33% .33 .33% Deo 30% .36% .35% .36% May. ... .39% .40 .39% .89% LARD— Sept... 11.36 11.35 11.30 11 32 Oct 11.45 11.45 11.37 11.37 RIBS— Sept... 10.70 10.75 10.65 10 67 RYE— Sept... .74% .75% .73 .75% CHICAGO CASH GRAIN By United Financial CHICAGO, Aug. 1 .-—Wheat— No. 2 rial. $1.06%; No. 3 red. *104%: No. 2 hard.

A Business Motive Power

$1.08%. Corn—No. 1 yellow. 63%c: No. 2 yellow, 63 %c: No. 3 yellow, 62 %c; No. 6 yellow. 60 %c. : No. 1 mixed, 62 %c: Nb. 2 mixed, 62 %c; No. 4 mixed, 61 %c; No. 6 mixed. 60%c; No. 2 white, 63%c; No. 3 white, 62e; No. 4 white, 61 %c; No. 6 white. 61c: No. 6 white. 60 %c. Oats— No. 3 white, 33%©35%c: No 4 white, 32 % @ 36c. Barley—ss 0 62c. Rye—7s% j 076 c. Timothy—s4os. Clover seed—sl2olß. INDIANAPOUS~CASH GRAIN —Augr. 1— Bids for car lots of grain and hay at the call of the Indianapolis Board of Trade were: Wheat—Easier: No. 2 re>h 98% 04)9 %c. Corn-—Easier; No. 3 white. 58059 c: No. 4 white, 57058 c; No 3 yellow. 58% 0 59%e; No. 4 yellow, 57%®58%c: No. 3 mixed. 67%@58c; No. 4 mixed, 57@57%c. Oats—Steady; No. 2 white, 31031 %c: No. 3 white. 30% @3lc. Hay—Track Indianapolis—Weak; No. 1 timothy, $17017.50; No. 2 timothy, $l6O 16.50; No. 1 light clover mixed. $15015.50: No. 1 clover hay, $14.50 015. New hay quoted at $2.5003 under old. —lnspection* Wheat—No. 2 red, 14 cars: No. 3 red, 11 cars; No. 1 hard, 1 car; No. 1 mixed, 1 car: No. 2 mixed, 3 cars; No. 3 mixed, 1 car. Total. 31 cars. Corn—No. 3 white, 4 cars; No. 4 white, 1 car; No. 5 white, 3 are: No. 6 white, 1 car; No. 2 yellow, 2 cars; No. 3 yellow, 3 cars: No. 4 yellow, 7 cars: No 5 yellow. 3 cars; No. 6 yellow. 3 cars; No. 6 mixed, 1 car. Total. 28 cars. Oats—No. 2 white, 7 cars; No. 3 white, 15 cars; No. 2 mixed. 1 car. Total, 23 cars. Rye—No. 3, 1 car; No. 4. 1 car. Total, 2 cars. Total number of cars for day, 84. Gram prices quoted f. o. b. basis 41 %c rate to New York. PRIMARY MARKETS (By Thomson & McKinnon.) —Aug. 1— Receipts Wheat. Com. Oats. Sioux City . 17.000 41.000 38,000 St. Joe .. . 90.000 75,000 8,000 Chicago . . 607.000 306,000 252,000 Milwaukee . 4,000 9,000 25,000 Minneapolis 271,000 11,000 62,000 Duluth ... 117,000 103.000 21.000 Toledo .. . 77.000 3,000 8.000 Detroit ... 17.000 11,000 14.000 Kansas City 529,000 4.000 10,000 Peoria .. . 37.000 31,000 36,000 Omaha . . 100.000 56.000 24,000 Indianapolis. 90,000 31.000 60.000 Totals .1.956.000 681.000 646.000 Y'ear ag0.2.762,000 616.000 2,428.000; Shipments Wheat. Com. Oats. I Sioux City 36,000 20,000 ] St. Joe .. . 60,000 10,000 4,000 1 Chicago . 1,133,000 251,000 228,000 i Milwaukee . 6.000 3.000 27,000 1 Minneapolis 109.000 16.000 104.000 Duluth ... 34.000 232.000 ! Toledo .. . 3,000 4,000 | Detroit . . . 2.000 6,000 ! Kansas City 494.000 85,000 5.000 ! Pioria ... 120,000 18.000 83.000! Omaha ... 171,000 92.000 66,000; Indianapolis 13.000 3,000 18,000 I Totals .2,135,000 1,250,000 661,000 Y’ear ago 2,571.000 900,000 717,000 ! Clearances Whrat. Com. Oats. New York. 145.000 180.000 212.000 Totals . 145.000 3 86,000 212.000! Year ago 4.783,000 242,000 i COTTONSEED OIL By United Financial NEW YORK. Aur. I.—The cottonseed oil market was active and weak New crop months were 10 to 14 pouts lower on the ! early call and there was quite heavy liqui- ! dation in these new crop deliveries. Old : crop months were comparatively steady and ] August was a premium over September ; with September unchanged at the closing ! price of yesterday. The strength in the nearby positions seems to be duo to the fact that there is a fairly good business in oi! for domestic use both solid arid compound and quite a* good demand for shortening oil. There is some foreign inquiry, new crop, but this is thought to be due to the die-ount of the new crop months under the old. The weakness in lard after the opening also hRd a somewhat depressing effect, but new crop oil is going down much faster than is lard.

The time must come when all businesses will consider the advisability of advertising in the same spirit that a manufacturer ponders over the advisability of adopting anew machine. One does not install a piece of labor-saving mechanism because it suits his fancy, but because the efficiency of the business requires it. He expects the new machine to reduce his cost to operate—perhaps to make a better product —and thus aid him in meeting competition and making larger profits. Advertising is exactly similar. The man who refuses to consider it as a possible expedient, simply shuts his eyes on one of the problems of his business. He might as well ignore the banks as sources of credit when he has need to borrow capital. •'

[Published by The Indianapolis Times, in co-operation 1 with the American Association of Advertisng Agencies J

CORN AND WHEAT BULLETIN For the twenty-four hours ending at 7 a. m.. Tuesday. Aug. 1, 1922. Temperature ———— S ° if "0m a O Stations of j. 3 and Indianapolis „ * t 5*5 5" District ’= -g fsj be t ”co tj.S -* e<s fa o ct * ££ tßi oZb South Bend .... 81 62 0 Good Angola 85 61 0.10 Good Ft. Wayne 84 64 0.78 Wheatfield 90 58 0 Good Royal Center ...(881581 0 I Dusty Marion 88 161 0 Good Lafayette (90 61 0 Good Farmland 88 58 0.04 Good Indianapolis .... 88 66 0 Good Cambridge City . 87 60 0 Good Terre Haute ... 92 66 0 Bloomington ... 93 60 0 Good Columbus 94 00 0 Good Vincennes 93 65 O Good Paoli 88 64 0 Good Evansville 90 I 74 0 J. H. ARMTNGTON. Metorologist. Weather Bureau. IN THE COTTON MARKET By United Financial NEW YORK. Aug. I.—With cotton trades generally content to remain pending the Government report there was little action at the opening of the exchange today. First prices were up 2 to off 2 on light trading among Southern, Western and local interests. Cotton opened steady: October, 21.23 c up 2 points: December. 21.16 c oft 2 points: January. 21.02 c off 2 points; March, 20.97 c up 1 point; May, 20.83 c oft 2 points. Ooen. High. Low. Close. January 21.02 22.60 21.01 22.10 March 20.97 22.80 20.97 22.07 May 20.83 22.25 20.83 21.95 October .... 21.23 22.95 21.16 22.30 December .... 21.16 2290 21.11 22.25 By United Financial LIVERPOOL. Aug. I.—Spot cotton opened quiet today with prices easier, 6ales 4.000: receipts 8,000 including 2,000 American. Good middlings 13.17d, middlings 12.87d. Futures opened quiet. Open. High. Low. 12:30. October 12.00 18.05 11.09 12.03 January ....... 11.81 11.82 11.77 11.81 March 11.72 1.75 11.72 11.74 May 11.61 11.63 11.61 11.63 By United Financial WASHINGTON. Aug. I.—The Department of Agriculture today estimated the condition of the cotton crop July 23 as 70.8 compared with 71.2 a month ago and 64.7 a year ago. The estimate of the crop for 1922 w-as 11.449,000 bales compared with the 1921 crop of 7.953.641 bales. Indicates yield pei* acre was 157.2 pounds compared with 124.5 pounds a year ago. The condition of the crop on July 25, by States with comparison follows: July 25, June 25 July 25 State. 1922. 1022. 1921. Virginia 80 North Carolina 78 76 75 South Carolina 60 60 62 Georgia 54 58 59 Florida 65 76 \ 60 Alabama 70 68 \ 58 Mississippi 74 76 \ 68 (Louisiana ......... 70 69 60 Texas 72 73 02 Arkansas 81 80 70\ Tennessee 85 83 75 Missouri 90 02 80 Califronia 95 91 83 Arizona 86 83 8h New Mexico 85 85 88 Tie acreage of Egyptian cotton in 1922 is estimated at 80,000 acres in Arizona and less than 1.000 acres in California. In 1921 Arizona had 75,000 acres and California 9.000 while In 1920. Arizona reported 200.000 and California 45.000 acres. The great decrease in the acreage from the high figure of 1930 follows tha disastrous break in prices that yew CLEVELAND PRODUCE By United Financial CLEVELAND. Aug. I.—Butter—Extras in tub*. 39®39%c: prime, 40 040 %c: firsts. 37 ®37 % o packing stock. 23 025 c. Eggs—Fresh gathered Northern extras. 28c: extra firsts. 27c: Ohios, 22%c; Western firsts, new cases. 21 %c. Poultry unchanged.

On the other hand, the man who looks to advertising to checkmate all weaknesses and shortcomings of his business to carry it along to victory despite these, has a childlike faith in the miraculous. Advertising will not make his product or his service any better than they are, but it will bring him the full benefits of their merits. It will not eliminate wastefulness in his factory or his store, but it will reduce his cost to operate. It will not make illogical selling methods successful, but it will assist good selling methods, and often point the way for improving them. Advertising is the most inexpensive motive power that the manufacturer or merchant can buy today. It is a form of stimulus that brings excellent returns on the investment.

AUG. 1, 1922

RIAN HOLDINGS : GO TOMORROW * % Stutz Collaterals Are Expected to Be Bought by Banks Now Holding Them. By United Financial NEW YORK, Aug. I.—The banks which hold as collateral for loans to Allan A. Ryan, the controlling Interest in the Stutz Motor Car Company, probably will buy in the stock at the public auction tomorrow. After the banks buy in the stock it is reported they will attempt to have is listed again on the stock market in hope of in this way creating a market that will bring a higher price for the stock and enable them to realize on the Ryan loans. CHICAGO HOGS STEADY Demands Take Care of Receipts and Holdover. By United Financial CHICAGO, Aug. 1. —Hog prices were steady to strong at the Chicago stockyards today. Receipts were 21,000, with a holdover supply of more than 12,000, but fairly active demand held prices to steady figures. A quantity of choice light grades was the best strengthening influence in the trading. Total supply at tl.e ten big markets was 81.000 compared with 08,500 for the corresponding day last week. Light receipts was the chief factxutf in holding cattle prices at steady strong figures. Receipts were only 8,000 and the killers took about 1,000 head of this number in direct consignments from other trading points. The total supply of cattle at the ten principal markets was about 3,000 lighter than the same day last week. A run of 13,000 sheep, most of which were common grades, gave the market a weak tone and some lambs were selling a quarter lower than yesterday’s average. The ten chief markets posted a total supply of 43,500 against 42,000 last Tuesday. WILL GIVE PLAYLET Tuberculosis Association to Show “Health Fair” at Playgrounds. The "Health Fairy” playlet, under the auspices of the Marion County Tuberculosis Association, will be given before children and their parents at three playgrounds this week, June Gray, educational secretary of the anti-tuberculosis organization, announced today. The schedule is: Tuesday, 3 p. m., Ellenberger Park playground, In Irvington; Wednesday, 2:45 p. m.. Fall Creek and College Ave.; Thursday, 3 p. m., at School No. 30, W. Washington St. and Elder Ave.