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The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1912-01-18
COMMERCIAL CLUB
HOLDS SPIRITED
MEETING

econtinued from page l.,
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1912-01-18
INSURANCE:
COMPANY
FORMED

tcontinued from page L,
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1912-01-18

Thomas Smell, tire wealthy president
of the First National bank of Gary
was one of Col. SMELLS heirs and is said
to have received 100000 from his es-
tate
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1912-01-18

THE MOST WIDELY READ NEWS.
PAPER IN NORTHERN INDIANA
THE TIMES.
The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1912-01-18
SMELL COUNSEL GET
$17,5OO FOR SERVICES

Bloomington. H.. Jan. 1s.-The last
chapter in the famous Thomas Smell
will case ended today, when the Bloom
ington lawyers who defended the will
received check for s17,5oO for their
services They asked $4,000. and after
considerable litigation the case was
compromised.
The Birmingham age-herald., 1912-07-14
WHEAT YIELD MAY
 BREAK ALL RECORDS
Lower Prices in Wheat. Closing Figures Steady,
 Nearly a Cent Lower

Chicago, July 13.-An idea that the black rust would have to hurry to catch the spring crop brought lower prices today for wheat. Experts in the field declared that unless the plague should develop with extraordinary ra- pidity the yield would break all rec ords Closing figures were steady but Ae to hG9sc under last night. Latest trading left corn asc lower to i4 up, oats off Is e ss c and provisions at E 6r 22 E c decline.
 North Dakota joined win Minnesota and south Dakota today in reporting not arrive until the wheat pit had be- come impressed thoroughly with the belief that the chances In the north west favored a bumper crop. In ad- dition there was a material increase in market southwest and a dispatch from there said No. ? red could not be sold at $l to Europe with a profit, Prospects for a large decrease in the United States visible supply next week caused the market to harden a little at one time but the effect to last. Dur ing the day September ranged from s1.o0ss q 1.O0% to s1.olsk and closed E m tsc net lower at s1.007s.
 Holders of corn took advantage of Kansas reports that temperatures were too high. The unloading forced a de. elined. emphasized by advices from Illinois and elsewhere that growth of late had heen surprisingly swift Sep tember fiuctuated from 691s @6914c to roc, closing steady lsc down at 69he, Cash grades were in fair demand. No. yellow was quoted at 75@7514e.
 In oats the first fea ture was the squeezing of July shorts. Weakness of other cereals however, and the favor able weather of the growing crop put the market on the down grade. Cut ting of oats was reported to have be- gun in central and southern Illinois. Outside limits reached for September were s5A m351sc and 357sc with last sales 35ss e S5I Iac, decline of 14 c net.
 Selling on the part of packers made the provision market sag. Pork showed drop of 15m22Mc, lard 10d De down and bacon 7k @ 10c
 Future quotations were as follows
The Birmingham age-herald., 1912-07-14

low prices on Monday. At the highest the trading months were 8 to "A points oyer last weeks close, at the lowest they were to points under. The range WAS x to Il points.
 TnfavoFable weather reports we're the chief cause for the advance. They stim- ulated fresh buying for long account and caused heavy short covering. Accord ing 10 the general run of crop reports too much rain fell in the eastern half of the cotton region and not enough fell In the western half. Georgia and Alabama cohl- planed most about excessive rains ana Texas and Oklahoma complained most about the lack of it, High temperatures were also the cause Of some cotnpalhlS from Texas and small part of Okla homa The unfavorable weather condi- lions continued right up to the end of the week and the forecast promised fair weather for Texas and Oklahoma, and showers in the eastern belt over Sun day.
 Extremely favorable reports were ca bled from Manchester and intensified the effect of the new crop news. Ensilsu weaVers were said to be engaged rom o to r months ahead and to be book ing large orders from both Indiana and China These reports caused much com ment and. according to the bulls, were fully borne ont by the mill takings Tor lhe week of American cotton which were 203 GO bales, against 1llaUD this week last year and 1l9.0O0 this week TWO years ago.
 In the spot department prices advanced 9se. middling closing q Be, against lZPse last week and l4Hsc this week last year. Sales on the spot amounted Ia 1ll6 bales against 573 last week and 1ao this week last year; sales to arrive amounted to S72 bales. against last week, and an thls week last year
The Birmingham age-herald., 1912-07-14
DEVELOPMENTS FEW
 AND UN|MPORTANT
St. Paul Again Subject to Selling Pressure-Trad-
 ing at Low Ebb

New York July 13.-Developments in the stock market during todays two hour session were few and unimportant. St. Paul. which was the most prominent Tea ture of the preceding day, was again subjected to selling pressure which sent it below par. Other grain carriers also showed weakness. Later St. Paul re covered to elvel well above yester- days final quotation. whereupon the gen. eral list improved
 Trading was at low ebb, however, all though the outside news affecting stocks was fairly encouraging. A further re- duction in the number of coal cars in dicated increased activity in that indus try.
 London's markets were as featureless sas our own. but weakness was mani 9ested by some of the high grade securi- 7 lies. in which there appeared to be some liquidation because of a further harden ing of discounts and money.
 Unusual interest was shown in the bank statement because of last weeks actual deficit in the reserves, well as the heavy cash loss and fairly large loau expansion. These conditions were radi- cally changed today, loans decreasing by over s37, ,0o0Oo0, with a cash gain of ap proximatey $9o00.o00. while the surplus increased by over s16.000,00. and the defct changed to gain of 10,706,55. That no small part of the burden of the week was transferred to the trust companies and banks which do not report to the clearing house was shown in the SIP. .500,000 loan increase of those institutions.
 Bonds were easy. Total sales par value $l ,3e000O. Panama 3s declined Is per cent on call for the week.
The Birmingham age-herald., 1912-07-14
New York Cotton Futures
Daily Cotton Market

Galveston: Steady; mlddling. 127sc net receipts, l12l; gross receipts, ll24; sales, S5. stock 54, 692.
 New Orleans Firm. middling, 13c net receipts, 6. gross receipts, 22S sales. 10, stock, 3l ,256; continent, 7l5l, coastwise, 247.
 Mobile Net receipts, lS5: gross receipts, l35; sales, 90; stock, l2lj coastwise, 12S
 Savannah: Steady; net receipts, 6l5 gross receipts. 2lS; stock ;D,5S5 continent, 2737. coastwise, 53S.
 Charleston: Nominal; middlng. 111e; stock, SGi2
 Wilmington: Firm; stock, 4Si; coast wise, l6.
 Norfolk: Nominal mldding 1Se; net receipts, 625: gross receipts, 623; stock, P ,S74; coastwise, 3l.
 baltimore: quiet; middling, 13c stock, 1892
 New Yorl5 Steady; middlmg, 12 5Oci gross receipts, 3o2; stock. l36,s51; Great Britain. 2l continent. 15l; coastwlse, 1l6l.
 Boston: Steady: middlng, 2.50c; gross receipts, JOS; stock, 76li5.
 Philadelphia: Steady mldding, 1275c stock. 2S55.
 Great Britain. 2l continent. lO,o3s; stock. 2S3,OlT
 Consolidated at all ports: Net, 2069; Great Britain. 21: continent, 10,03S
 Total since September 1 at all ports Net, 1l,SlS,626: Great Britain, 4,l24, ,320. France, 1lG).7a5; continent. 4,h04l2; Japan, 5l2926 Mexico, s9l3.
 Receipts 2o69 bales, against 1850 last week and 3G9 last year For the week F GOO, against 130a2 last week and 4S90 last year Today's receipts at New Or leans 6, against 5o last year. at Hous- ton B. against ls5 last year and at Gal weston l12l. against l3l last Near
The Birmingham age-herald., 1912-07-14
New Orleans Cotton Market

New Orleans, July 13.-Cotton futures opened steady at q decline of to 6 points Cables were anout as good as due, but longs were profit takers over the weekend as soon as trading com menced. The weather map did not show very much rain in the eastern, belt, ex- cept along the Atlantic coast and this in- creased offerings from the long side. Shorts were not aggressiye as the fore cast for the eastern belt over Sunday was the reverse of what would be fla vorable conditions. At the end of the first half hour of business prices were to 12 points under yesterdays close.
 Toward the middle of the morning longs were not inclined 10 sell as much cot ton and the market did better. A mod crate demand from covering shorts served to check the decline and bring about q partial recovery. Much bearish comment was caused by the receipt of two bales of new crop cotton at Galveston and the report that New Orleans would get it's first new crop bale Monday. as result of consignment from Galveston.
 Prices were put within l to 2 points of yesterdays final quotations: the close was firm 1 point up to 2 points down, compared with yesterdays close.
The Birmingham age-herald., 1912-07-14
London Stock Market

London. July 13.-Hot weather, holidays and lack of public support combined to reduce business on the stock exchange this week and the tendency of prices was generally downward. The feature of the trading was the weakness in consols which were depressed to 75ss, a new low record on the dearer money outlook and the absence of buyers to absorb the stock put on the market
 Home rails sagged pending dividend an nouncements and Marcon shares experl- enced another set back under forced liqui- dation Some recent issues received steady support and investors were inter- ested in foreign rails, but the American n section suffered from bear pressure and prices closed from l to points lower than last week. Anna algamated copper was freely offered after the break in the price of copper metal and Chicago, Milwaukee ee and St. Paul shares were weak on fears of reduction In the dividend.
 The money market is light as the sur plus funds have been exhausted through repayments to the Bank of England. Ow- ing to the prevailing scarcity of money and the stringent outlook discount rates were advanced to per cent the bank rate level
The Birmingham age-herald., 1912-07-14

900 Market steady. Reeves $5.6O4 sl5, Texas steers s5.2067.35, western steers s5m7.75, stockers and feeders S4Q6.Sb. cows and heifers $2.70@S, calves S6@ 9.15.
 Hogs: Receipts 5000. Market steady to shade lower. Light s7.15 7,6s, mixed s1o5m7.65, heavy $7@7621a. rough s695 @715. pigs s5.4o@7S5, bulk of sales s7.30@ 7.so.
 sheep: Receipts 5000. Market weak Natives S3.20M525, western s3.504 5.25. yearlings $4.2O@5.S5. native lambs s4.25 m7.40, western s4.50@ 7.50.
 St. Louis, July 13.-Cattle: Receipts 600, including 200 Texans. Mark let steady Native shipping and export steers $Sm9.15, dressed and butcher steers $60S.50 stockers $3.5o 615, Texas and Oklahoma steers $5a S.'5, cows and heifers $S.50@S.
 Hogs Receipts 5000. Market steady. Pigs and lights $5.75m 7.60, mixed and butchers I7.45m7.60, heavy $755 m ITO. 2 Sheep: Receipts 2000. Market steady. Muttons s3.75m4.75, lambs s5.25 d S.25, stockers s1.25@3.
 Louisville, July 13.-Cattle: Receipts 50. Market slow; range $2dS.5o.
 Hogs Receipts 500. Market 5c high CT; range $4.50@7.60.
 Sheep and lambs: Receipts 5000. Mar ket slow; lambs Ac down, sheep 3s4 c down.
 Weeks receipts of sheep and lambs. 55,262, largest weeks receipts or lambs in history of themarket.
The Birmingham age-herald., 1912-07-14
HEAVY REALIZING
 OVER TIE WEEK END
Close Steady at Net Loss of 2 to } P0ints-Selling
 Extremely Heavy

New York. July 13.-There was heavy realizing for over the week ending in the cotton market today but offerings were well absorbed on a comparatively mod crate setback and the close was steady al a net loss oe5a 10 points.
 The market opened steady at unchanged prices to decline of points under profit taking by recent buyers and some local selling based on the reaction theory and on private predictions of clearing weath- CT in the eastern belt by the first of the week. The selling was extremely heavy and was supported to repeat both realiz- ing by scattering longs and reduction in one of the leading long lines.
 The forecasts were for continued show CTS today or tomorrow in the eastern belt, and for continued dry weather in the southwest. and after selling off to a net loss of about to points, the market ranged 2 or 3 points from the lowest on covering.
 Commissioners were active buying dur ing the morning and while there was no sign of further covering by the larger short interest. the market continued to reflect anxiety over the new crop out look both with to further showers pre- dicted for the eastern belt and fear of drouth damage in the southwest, a crop expert wired from Dallas that the big producing sections of Texas could stand the dry weather for another 10 days or two weeks. but with damage reports com ing fin from many sections of the eastern belt the trade showed apprehension that another few days of dry weather in Texas would create even Il more serious crop scare than has been reflected by the ad- Vances of the past week
 Sales of print cloth at Fall River were estimated at l65.00a pieces for the week against 55,000 last year.
The Birmingham age-herald., 1912-07-14
Clearing House Statement

New York July 13.-The statement Of the actual condition of the clearing house banks for the week shows that the banks hold S10. T06, 550 reserve in excess of legal requirements. This Is an excess of s116,- 119,17O in the proportionate cash reserve as compared with last week. The state ment follows:
 Daily average: Loans, s202 ,S62, 900; de- crease, s2o, 900. Specie. 45973,00o; de- crease. s9,6730o0. Legal tenders, ss6.36S,- OO0: increase, s2,55S,00O. Net deposits. sl, ,9l7, ,03o 600: decrease $33, 907, 900. Crcu(a- tion. s46,074,00o: decrease. s19o00o. Banks cash reserve in vault. sS57, ,5390 GOO. Trust companies cash reserve in vault. $15,117,- 600: aggregate cash reserve, $432, ,656,0OO Excess lawful reserve, s2,5746o0. increase, $l,24615o. Trust companies reserve with clearing house members carrying 25 per cent cash reserve. s6l, 461,O00.
 Actual condition: Loans, S,05l, ,0s2. .oo0 decrease, $37, ,276,N0 Special, s349. 109.ooo increase, s5.029,O0O. Legal tenders, sS9,055, 600: increase. s3,S33.00o. Net deposits, si i.9o7, s9s.00O; decrease. s2s,s77,0oo. Circula- ton, s46. 126, 900; decrease. s10000. Banks cash reserve in vault. s76,9s6000. Aggre- gate cash reserve, S43S. .164 GOO. Excess of lawful reserve, s10,7O6,550 increase, sl6,- 119.750 Trust companies reserve with clearing house members carrying 25 per cent cash reserve. $65 629 00o.
 Summary of state banks and trust com panies in Greater New York not report ing to the New York clearing house Loans. s632 9S2, 400; increase. SIP. 493, 200 Specie, s67 409. 800: increase, 8. 774600. Le- gal tenders $S.527, 100: decrease. s379,O00 Total deposits $7o5, 710,200; increase. g., 6So 800.
 The Financier will say:
 The clearing house banks of New York quickly recovered the loss of cash re- ported in the previous statement. the exhibit of the current week showing gain based on actual conditions of ss.s62. oo0. The striking feature of the statement aside from the increase in cash was |, reduction in loaps amounting to sss,2sdooo. This in turn brought about decrease of s26 271,ooo in deposits. lessening re- serve requirements by s6.,oD.oov. so that the full effect of the changes was to increase cash reserves sl5,IlssJ0. making the present excess over The legal 2 per cent minimum slo,sOt.55o The statement compiled on daily averages did mol show changes as large az those Just reported. Es en -o loans in the average statement were decreased nearly szi.0o1 while de posits were reduced ss3. 20i VVo. The gains in cash made by the banks during the latter part of the week were not reflected In the average statement. that item hay ing shown q decrease of s..0JDGS. The excess reserve in the statement of aver ages Is only s2.514,650 above the legal requirement.. A separate statement by the trust companies indicates that a shifting of loans has been in progress as be- tween the banks and trust companies. the latter institutions having expanded
The Birmingham age-herald., 1912-07-14
Treasury Statement

Washington, July 18.-At the begin ming of business today the condition of the United States treasury was: Working balance in treasury offices, $92,174, ,395; in banks and Philippine treasury. $36.327,797 total of general fund, $15SS43,s23; receipts yesterday, S2,257174: disbursements, $2,S92,727. The deficit to date this fiscal year is s71O9.O42 as against a deficit of $13,- 123,1S7 at this time last year. These figures exclude Panama canal and pub lie debt transactions.
The Birmingham age-herald., 1912-07-14
Two Sides of the Case

From the London Chronicle.
 A remarkably brief and effective sum- ming mp was once quoted by Lord James in an afternoon speech.
 It was delivered by an Irish judge try ing man for pig stealing. The evidence of his guilt was conclusive, but the pris- oner insisted OH calling a number of wit nesses who testified most emphaticalIy to his general good character.
 After hearing their evidence and the counsels speeches the judge remarked: "Gentlemens of the jury, | think that the only conclusion you can arrive at is that the pig was stolen by the prisoner and that he is the most amiable man in the country"
The Birmingham age-herald., 1912-07-14
Coffee Market

New York, July 1S.-Coffee futures opened steady at an advance of l to points in sympathy with steady primary markets Trading was not active but there was moderate demand from scat tering -shorts or trade sources and the market ruled generally steady with the close quiet at a net advance of 1 to 3 points. Sales 27750. July, F. lSc; August. 13.l7c; September. $13 Pc; october, 13. 34c 1; November, IS. 40c; December. 1S. 46c; Jan uary, 13 49d;F February 1S 43c: March, 1S. 54c; April, 13 55c; May, 1s.56c; June, 13. 56c.
 Havre unchanged to i4 lower; Ham, burg 14 lower; Rio unchanged. Santos unchanged. Brazilian port receipts. 2S,000 against holiday last year Jundiahy re ceipts, 23.00o against holiday. New York warehouse deliveries yesterday 7016 against 12.91S last year. Spot. steady; Rio No. ', 141ac; Santos As. 16l9c; mild, quiet; Cordova, l6alSAc nominal.
The Birmingham age-herald., 1912-07-14

Cash quotations were as follows:
 Flour: Steady; winter patents, s5GI5. 20; stIaights, s4 50QI5 10 spring patents, s5d G.10; straights. $4. 7Od49o; bakers, s4 25Gl 4. 45
 Rye: No. ?. 76c.
 Barley: Feed or mixing, 5Sq70e, fair to choice malting. 95casl .0S.
 Timothy Seed: S7qS.
 Clover Seed. s176f1S. 50.
 Mess Pork: sl7 .S71anis.
 Lard: In tierces. 1v.41a
 Short Rigs: Loose, $10.27h.
 Cheese: steady daisies, 151a0115sic; twins. 15A@l51ac; young Americas, 151a@ 15S4c; long horns. 151aQ1574c
 Potatoes: Easy: receipts, 40 ears: Okla homa, Toe; Kansas and Missouri, Toe Ohio, 60c; barreled stock. s2. 60d2. 75. Poultry Live steady; chickens, He tur- keys, Pc; springs. 2oNt24c
 Veal: Steady Sm11c.
The Birmingham age-herald., 1912-07-14
Liverpool Cotton Market

Liverpool. July l3.-Closing Cotton spot quiet: prices IA points higher. Amer ican middllng fair, 7.S3d; good mlddllng' .55d. middling, 7.2ld; low middling, tsld' good ordinary. esd ordinary. 6old.
 The sales of the day were SUD bales or which zoo were for speculation and ex- nort and included 500 American Re- eeipts. 4OOO bales. including 3lO0 American.
 Futures opened firm and closed quiet. July. 696d; July-August 695d. August September. 690d: September-Octob | stud. october November, 6.76iad; No- yember- December. 6.721ad; Deeember-Jan- uarv, January February. 67lAd: Febru' ary-March, 6.72d; March-April. 67Sd April-May, G.73lkd; May-June, 6.74lsd.
The Birmingham age-herald., 1912-07-14
Live Stock Market

Kansas City, July 13.-Cattle: Re ceipts 300. including 200 southerns Market steady. Dressed beef and ex- port steers $s6 9.60. fair to good s6.50 67 &, southern steers s4.75@ 7.1O, south- ern cows S3G $50
 Hogs Receipts 1000. Market sc low CT. Bulk of sales $735M745, heavy s7.S0M7.40, packers and butchers s740 q 1.50. lights s7.35 m 750, pigs $6m675
 Sheep: Receipts 200. Market steady Lambs s6.50mS. yearlings $5@575, wethers s4.25d5, ewes s3.50d4.25 stockers $275M4.
 Chicago, July 13.-Cattle: Receipts
The Birmingham age-herald., 1912-07-14
Interior Cotton Movement

Houston Steady, middling, 12 13-l6c net receipts 52; gross receipts, 52 ship ments 69: sales 65; stock, 2i,6Sl.
 Augusta: quiet; middlng, l3c; net re ceipts, 2S; gross receipts, 2S; shipments, 5S: stock 27.455.
 Memphis: Steady: mddllng. 12asc; net receipts. 46 gross receipts 528; shipments, 1893: sales, 100: stock. 16 lO3.
 St Louis: Steady; middllng. 12izc: gross receipts. 4; shipmenfs, 639; sales, 36 stock, 962G.
 Cincinnati: Net receipts 97; gross re- ceipts, %; shipments, f4s; sales, BOO; stock, 2l. i15.
 Little Rock. Firm: 1nfddling, 12Ac; net receipts. & gross receipts, 6; shipments, 4S. stock S756.
 Total today: Net receipts. 229: gross re- ceipts 752: shipments, 2l49; sales, 5Ol. stock 07915.
The Birmingham age-herald., 1912-07-14
A Pagan Fashion
From the Avle Maria.

From the AVle Maria.
 The fashion of keeping little dogs as objects of luxury is not at all mod ern. Both Greek and Roman women used to have small pet dogs. over which they made as much fuss as does a fashionable lady of today over her poodle.
 Even men. usually foreigners. were not ashamed to stroll about tho Ro- man streets carrying dogs in their arms. It Is said that Julius Caesar, once seeing some men thus occupied. arcastieally inquired of them if the women of their country had no chil- dren.
The Birmingham age-herald., 1912-07-14
Weekly Naval Stores

Savannah. July 13.-Turpentine ranged barely steady last week, ranging from the week before 44i5c lower. The week s lowest was 431zc. Sales for week 5512 casks. Receipts were rather large, 69O0 casks, against 657S last year. Shipments were 5599 casks, 4300 foreign and i299 do- nestle During the week stock increased 1879 casks.
 Rosins displayed a hardening tendency throughout the list and the results of the week are net gains of 15c to 200. Sales 15,Ss0 Receipts for the week were IT, o40 barrels against 19,640 last year Ship ments, 1l31 foreign and 10.7s5 domestic During the week increased 7JIS barrels.
The Birmingham age-herald., 1912-07-14
The Thrifty Upstate Teacher

the Leroy 'tdLrllrt
 Just 11 years ago Miss Cordelia Ildefkin deposited yl0 in q bank, the savings of her first and only year as school teach CT Miss Fderkin has never touched the principal ol this amount, but yearly has drawn out the interests on the same. The money al the preesnt time Is on de- posit in the Bank of Leroy.
 Miss Eiderkin, who is now ss years of age started to teach school when she was only i5 years of age. Her weekly salary was $i
The Birmingham age-herald., 1912-07-14
Bonds
Money on Call

New York, July 13.-Money on call nominal: time loans firm; 60 days. 3 SA per cent: go days. 31a per cent; six months, 3A 31a per cent; prime mer- cantile paper, IA @41a per cent; sterl- ing exchange steady with actual busi- ness in bankers bills at s4.S4.75 for so day bills and al $1S735 for de- mand; commercial bills, $4.S4; bar sil- yer, 60Ac Mexican dollars, 4Sc; gov ernment bonds steady; railroad bonds easier.
The Birmingham age-herald., 1912-07-14
HUBBARD BROS. & GO.

Cotton Merchants. Hanover Square, N. y Members New York Cotton Ex- change. New Orleans Cotton Exchange. New York Produce Exchange. Asso- ciate Members Liverpool Cotton Asso- riation. Orders solicited for the pur- chase and sale of Cotton and Cotton Seed oil for future delivery. Special at tention and liberal terms given for con- signrsents of spot cotton for delivery. Correspondence invited.