Indianapolis Times, Volume 45, Number 31, Indianapolis, Marion County, 16 June 1933 — Page 26

PAGE 26

‘Truth in Securities’ Law Faces First Important Test in Colombian Bond Situation. BY RALPH HENDERSHOT Timri Special Financial Writer It appears likely that the new Truth in Securities" law is to be tested in an important way sooner than had been generally expected. The republic of Colombia is desirous of paying part of the interest on its bonds held in this country in scrip, and this, according to legal experts in Wall street, throws the question into the lap of the federal trade commission. The important question arises as to whether Colombia will care to supply the commission with all the facts and figures called for under the law and whether the commission can permit the payment unless this information is furnished. The South American republic may prefer to

default in the payments rather than comply with our law, in which event investors here stand to be left high and dry. A factor which leads some authorities to believe Colombia will take a rather arbitrary view of the matter is the general impression that the country is doing much better financially than it cares to make public. Some say it Is in a position to pay the interest entirely in cash and is withholding such payment in order to repurchase its bonds in the open market at very low prices. It will be interesting to see how the American authorities conduct themselves in this apparently ticklsh spot. a a a Conference and Market Foreign speculators would seem to be in a position to put this country in an uncomfortable position through their operations in the foreign exchange market, and yesterdays actions may indicate that they plan to do so. The day after the opening of the In-

L *';■ ,Jja

Ralph Ilendershot

ternational Economic Conference the dollar fluctuated very widely, being up 8% cents in comparison with sterling and francs at one time. This movement was reflected in $. correspondingly wide movement in the price of stocks, extreme weakness developing in the final half-hour of dealings. It is a rather well known fact that the advance in the price of securities and commodities in this country has been due in large measure to the fall of the dollar in the foreign exchange market following our suspension of gold payments. It is also generally agreed that our upturn in business is traceable, in large part, to ir advance in such securities and commodities. A sudden reversal in the trend of such prices, it may be assumed therefore, might halt the business improvement and might even cause a set-back. Dispatches from abroad Indicate that European countries, especially France, are desirous of having this country stabilize its currency and go back on the gold standard. They also have other very definite ideas they would like to put over at the economic conference. A little stock market and business confusion over here, they might assume, might put us in a more bargaining mood. a a a a a a Position Is Not Clear It is impossible to say, of course, that our neighbors across the Atlantic have any such ideas in mind. It might even be that our own speculators have been attempting to maneuver a break in the stock market. Or recent wide swings in the dollar price might have been the result of normal developments. But irrespective of the cause of recent movements, it remains that we have no equalization fund to stabilize dollar movements. And Europeans might see fit to take advantage of it, assuming they have not done so already.

New York Stocks ~~~ (By Abbott. HoDPin & Co.* ———————

—June 16— _ nils— Prev. High. Low. 1100 close. Amerada ■■ u S? 7/ Atl Rig 25% 25% 25V* 24.8 ?on"of o,i u% •% jL com of Del 13% 13% 13% 13V. Houston mew i *'* Houston i old 2a 21 a Indian RTk 1 a/® Mid Con Pet • omo ou < 3; }2s 12% Pet Corn 12V* 12% 12 4 12 * Phillips Pet 13V. 12% 13 % 13 Sbd Oil 29% 29 -9 28 3 Shell Union 6 8 .2 8 ,m 4 Simms Pot *3 * vac ou ::: :: ::: u SO of Cal ..t 21 s ® 22 U S O of Kan 22 22 BOof N J 35% 34% Sun Oh ■■ ■■■ If;" 20% Texas Corp . 21% 21% 214 2U 4 Tidewater Assn .. ... ,2 4 Un Oil of Cal... 17*/. 17V* 17% 17 Am RoiT Mills. . 17% 16% 17% 16% Beth Steel 26% 28% 28 ■* 27 * Bvers A M 23% 23’/. 23 g 22 s Cos! Fuel A Iron 11,', 4 Crue. Steel... 20% Gulf Sts Steel 24 2 Inland Steel ... .. ... 37% 36 Luriluum Steel. . 14% H 14% 14 McKeesport Tin. 79 -8% 79 <8 * Nat! Steel 48% 47% 48% 47 Rep In A Steel.. 15V. 15V. 15/. 15 Reo In A Stl pfd : jo 41 TT S Smelt 46 44% 46 43 Vanadium 22% 22 22 22 . U S Pipe A Fdy 15% 15% 15% 14% U S Steel 53 52% 52% 52V* U S Steel pfd ••• 93 Youilgst'n SAT 28’* 27% 28V* 28' Atchison 63% 63% 63% 62% Atl Cst Line , 44 43'a B & O 20 19% 20 20 Can Pac. 15% 15% 15% 14% Ch & Ohio 39 38% 39 38% Chi & Gt W • 4% C M & St P 4% 4% C M & St P pf 8% 8% Chi N W 6 6% Chi R Isl 4% -4% Chi R I 7% pfd . . 7% Dela A Hud 74% 73% 74% 72 Brie 11% 11% Grt Northern 20% 111 Central 28% 27% 28% 27'a K C Sou 17% Lou A Nash ... 50% M K A T 13% 13% 13% 13% Mo Pac . 4V* 5 Mo P:*.c pfd 7% 7% 7% 6% N Y Cent 37 36 36 35% N Y Chi A St L 9% N Y C & St L p 16 N Y New Haven 23 N Y Ont A- West 12% Norfolk & Wes.. . 142% Nor Pac 22% 21% 21% 21% Penn R R 27% 26% 26% 26% Rending 51 Sou Par 22% 22% 22% 21 Sou R R 22% 21% 22% 21% Union Pac 11l 110% 111 109V'. Wabash ... ... 3 W Maryland ... 11 10% 11 10% Motors— Auburn 62% 61% 61’* 60 Chrysler 26% 26% 26% 25% Gen Motors .... 25% 25% 25% 25% Graham Mot ... ... 3% Hudscer ... 10% 9% Hupp ... 5% 5% Mack Truck .... 36% 36% 36% 36% Nash 18% 18% 18% 19 Packard 5% 5% 5% 5 Reo 4% 4% 4% 4% Studebaker 6 5 s * 6 6 Yellow Truck ... 5% 5% Motor Accessories— Bendlx 16V* 15% 16; 15% Bohn AJurn 43% 43 Borg Warner •• ■ 17 16 s Brtggs 10% 10% 10% 11% Budd Wheel 4% 4% Eaton Mfg • ■ 11% 11% Elec Auto Lite.. 22% 21% 22% 21 3 Houd Aershey 5% 5% Mullins Mfg 7% 7% 7% 7% Murray Body ... i% 8% 8% 8% Stew Warner • •• - ■ • 5% Timken Roi ... 28*. 28% 28% 27 s Min Ids— Alaska jun 19 18% 19 18% Am Smelt 31% 28 Anaconda 15% i* 2 Cal A Hecla 6% 6% 6% 6% Cerro de Pasco.. 22% 22% 22% 21% Granby 12% 12 . Ot Nor Ore . ... 12% 12% 12% 12% Homestake Min ... ••• *ls Howe Sound 21% Ins Cepper .... 6 3 6% 6’ 6 2 Int Nickel 16% 6% 6% 45% Isl Creek Coal .... ... ... 2>% Kennecott Cop.. 18% 18% 18% 16% Nevada Cop .. 8% 9% Noranda Cop ... 27% 26% 27% 27% Phelps Dodge ... 12% 12% 12% 12% Tobaccos— Am Snuff ... 46 Am Sum Tbb ... 14 13% 14 13% Am Tobacco ... ... 82 Am Tobacco 8.. 86% 85% 86 85 Gen Cigar ... ... 39 Lig & Myers B 89% 87 Lombard 21 20% 21 20% Reynolds Tob B. 43% 43% 43% 43% Equipments— AlUs Chalmers .. 18 17% 18 17% Am Car A Fdy 31% 22 Am Loco ... 21 20% Am Much At Fdy 17% 17% Am Steel Fdy .. 17% 17% 17% 17% Bald Loco % 9%9 9% 10 Burroughs 17% 17 17 16% Case J l 79% 77% 77% 17% Cater Tract .... 19% 19% 19% 18% Colgat Palm Peet .. 17% Congolcum 16 s . Elec Stor Bat * 42% Foster Wheeler.. 17% 16% 16% 16% Gen Am Tk Car 34 1 s Gen Elec 22% 22% 22% 21% Gen R R Sig 32% Ingsol Rand 65 64 64 65 Int Bus Mach 127 127 Int Harvester .. 37 36% 36% 35% Kelvinator 9% Natl Cash Reg.. 18 17 18 17 Proc A Gamble 40% Pullman Inc ..' 72 Simmons Bed 15** Und Elliot 29 29 West Air B 27 Westingh Elec.. 44% 43% 43% 43% Worthington Pm 33S 32% 33 32% Utilities— Am & For Pwr. 15 s . 15% 15% 14% Am Pow & Lit 13% 12% 12% 11% AT A T 123% 1222% 123% 121 Am Wat Wks ... 37 s * 37% 37 s * 35 s * Col Gas & Elec 23 s , 23% 23% 22 s * Col G A E pfd.. 83 Com A Sou ... 4% 4 s * 4% 4 s * Consol 57 5 , 57 s * 56 Elec Pwr A Lit. 12% 11% 12% 10 E P A L pfd..., . 24% Int TANARUS& T. 16% 16% 16% 15% Lou G Jk E A . 22 22 s * Nat Pwr A Lit. 17 s . 16 s . 16 s , 16% North Amer 32% 31 s . 31 s , 31% Pic O 4 I 28 27% Pub Berv N J ... 50 s , So Cal Edison . 24 23 s , 34 24% Std Gas 19 18 Sad Oat pfd 20%

Wall Street

United Corp ... 12 11% 11% 11% Un Gas Imp ... 21% 21% 21% 21 Ut Pwr ALA. 6% 5% 6% 6% Western Union.. 52% 51% 52% 50% Rubbers— Firestone 21 21 Goodrich 14% 13% 14% 14 Goodyear 33‘/a 33 33 32% U S Rubber .... 12% 12% 12% 12 U S Rubber pfd 25% 25 Amusements— Croslev Radio.. 10 9% 10 11 Fox Film 3% 3% 3% 3% Loews Inc 20% 20V* 20% 20% Radio Corp .... 9% 8% 9 9% RKO 4 3% 4 4Va Warner Bros .... 5 4% 5 5% Foods— Am Sugar 60 60% Armour "A” 4% 4% 4% 4% Beatrice Cream 21% Borden Prod .... 34 33% 34 33% Cal Packing ... ... 22% Canada Drv G Ale . . 17% 17% Coca Cola ... ... 89% Cont Bak "A" 133* Corn Prod 72% 71% 72 71% Crm of Wheat 34% 34% Gen Foods 34% 34% 341-3 341,, Gold Dust 22 21% G W Sugar ... 24% 24 Hershev 55% Int Salt ... ... 24% Loose Wiles ... 38 Natl Biscuit 53 543% Natl D Prod 20% 20% 20% 20 Pet Milk . . .. . 13 Purity Bak ... 19 18 3 /* i9 18 S Porto Rico Sug 31 30% 30% 30% Std Brands 19% 19 United Fruit 52% sis; Wriglev ' 48 Retail Stores— Ass Dry G00d5.... . 113/. 1214 Best A Cos . 23 Oimbel Bros 4% 4% Gr Un Tea 8 ' 8% Hahn Dept Sts 4% 414 Jewel Tea 39 Kresge S S 14 13% 13% 13% Kroger Groc.... 29% 29% 29% 29V a Macy R H 56% May Dept St 26 24V 8 Mont Ward 22% 21 3 / 4 21 3 4 22% Penny J C . 39 Safeway St 52% 51’'* 52% 50% Sears Roebuck 31% 32 ! Wool worth 40% Aviation— Aviation Corp... 11% 11% 113/* 1174 Douglass Air 15% 15V, 15% 14% Curtiss Wright.. 3V, 33 3 Curtiss Wright A 5% 5% Nor Am Av ... ... 7 United Aircraft. 31% 30% 30% 30% Chemicals— Air Reduction.. 78 3 * 78% 78V'* 77 Vi Allied Chem.... 114 112% 112% 112 Am Com Alcohol 31% 30% 30% 31V* Col Carbon 56% 55% 55’* 55% Com Solvents 18% 18V. 18% 18% Dupont 74% 73% 74 % 72% Freeport Tex.... 34 3 4 34>/ 34 3, 4 32 Liquid Carb. .. 30 29 30 29 Mthwn Alkali... 293* 28 293* 27% Tex Gulf SulljP 27% 27 Union Carbide’. . 38% 38% 38% 38 U S Ind Alcohol. 47% 46% 46% 46% Drugs— Coty Inc 6% 6% Drug Inc 54 53 Lambert 36% 35% 3534 37% Lehn A Fink..* 20% Zonite Prod 6% 6% Financial— Adams Exp 10 9% 10 9% Alleghany Corp. 3% 3% 3% 3% Chesa Corp 37% 36 5 , 37V* 36% Trans-America . 7% 7 3 g 7% 7% Tr Conti Corp 6% 7 Building— Am Radiator ... 13% 13% 13% 13 Gen Asphalt .. 15% 15% 15% 15% Int Cement ... 29% 27% John Manvllle . 45% 45% 45% 43% Libby Owens Gls 28 s , 28% 28% 28% Otis Elec 19% 18% 18% 18% Ulen Const 37. 3% 3% 3 3 . Miscellaneous— Am Bank Note.. .. .. 21% 21% Am Can 88% 87% 87% 873, Anchor Cap . 19'* 19% 19V, 19% Brklyn Man Tr 38% 37% 38% 37% Conti Can 56% 55% 56% 55 Eastman Kodak 79 79 Owens Bottle . . 73% 72% 73', 72 Gillette 15% 14’* Glidden 13 % Gotham Silk ... .. 13 s . Indus Rayon .... . 65% 65 % Inter Rapid Tr. 9% 8% 9’, 9 Real Silk Hose ..16 15 16 16% New York Curb (By Abbott. Hoppin A Col —June 15— Close.: close. Alum Cos of Am 84 Irving Airchute 7% Am Cts P A L B s’* Inti Ptrol 15 Am Cyan B . 12% La Sh Mines.. 36’, Am A F Pwr.. 9% Lone Star Gas.. 13% Am Gs A El . 42 Natl Bellas Hess 3% Am Sun Pwr 7 Niag Hud Pwr. 12% Ark Ntl Pwr A 3 Parker Rstprf.. 45 Ass Gas A .. 2'* Pennroad 3’, Atlas Ut Crp.. 16% Pierce Gov 4 s * Axton . 54 Pioneer Gld Min 11% Bra: Tr A- Lt. . 13’* St Regis Paper 5% Can Marc 2'* Salt Creek Prod 7’* Cent Sts El 3’3 Stutzg 15 Cities Serv .... 4’: Seeal Lock .... 1% Comm Edison. 68 Std Oil of Ind.. 29’, Cord 10-3* std Oil of Kv.. 15% Deere OCo 17 s , Trans'uv 2’, Perbv Oil 2 United Founders 2 Fisler Elec . 1% United Gas 4 s , FI Bnd A Sh.. 32'. Un Lt A Pwr A 7% Ford of Eng . 4’* United Verde .. 4’, For i Mot Can 10% Util Pwr A Lt. . 2% Hudson Bov Mi 8 Wright Hargrav 4’* Imperial 0i1... 11 New York Bank Stocks ißv Abbott. Hopnin A Cos.) —June 15— _ , Bid. Ask. Central Hanover 141 144 Chase National 32 37:, Chemical 401. 411 Z Citv National 35.* 361* Corn Exchange 64 65', Continental 171* ig First National 1.540 1.560 Guaranty 310 314 Irving 22 5 ; 23% Manhatten A Cos 32 5 , 32% Manufacturers iqs, anti New York Trust 95 99 8 Liberty Bonds Sy United Press NEW YORK. June 15.—Closing Liberty bonds Liberty 3%s (32-47) 102 18 Liberty First 4s <32-471 i..' 10124 Liberty First 4%s (32-47) ' 102 13 Liberty Fourth 4%s (33-38) -03 2 Treasures 4%s (47-52) no 3 Treasury 4s (44-54) 106 9 Treasury 3%s (46-56) 104 23 Treasury 3’,s (43-47) 102 15 Treasury 3 s ,s (41-43) March 102 13 Treasury 3%s (40-43) June 102.14 Treasury 3 s ,t (46-49) 100 4 Treasury

HEAVY BUYING SENDS STOCKS PRICESHIGHER Tickers Lag Behind Market in Early Trade; Large Blocks Moved. """ Average Stock Prices Average of thirty industrials for Thursday. high 93.94. low 88.17. last 88.87, off 5.19. Average of twenty rails 44.33, 41.25. 41.01. off 2 36. Average of twenty utilities 36.12. 32.71 32 94, off 2 94. Average of forty bonds 84.34. off .22 Average of ten first rails 89.37, off .13. Average of twenty second rails 70.65. off .49. Average of ten utilities 92 60, up .14. Average of ten industrials 84.74, off 42. BY ELMER C. WALZER I'nited Press Financial Editor NEW YORK, June 16.—Stocks advanced fractions to 2 points today in a rush of buying that brought out huge blocks and caused tickers to lag behind the market. Thursday’s break brought in orders to buy. from all sections of the country. Stimulus also was afforded the list by a decline in the dollar and by adjournment of Congress. Radio Corporation opened 10,000 shares at 8%, off %, largest of the early blocks. It was an exception to the general trend. It quickly regained the loss. Steel common on a block of 2.500 shares rose 1% to 52% and then continued to advance. American Telephone on 2,000 shares opened at 122%, up % and then added to the gain. Western Union rose to 52 14, up 2; Case 794, up 1%; Celanese 31% , up 1%; Allied Chemical 1134, up 14; National Distillers 71%, up 1%; Standard of New Jersey 35%, up 1%; Consolidated as 58, up 1%; Du Pont 734, up -14; Montgomery Ward 22%, up 1%; Kennecott 18%, up 14; International Harvester 37, up 14; American Can 884, up 14; Auburn Auto 61%, up 1%; Southern Pacific 224, up 14; Union Pacific 110%, up 1%; and Crown, Cork & Seal 524, up 4%.

Bank Clearings INDIANAPOLIS STATEMENT —June 16— Clearings $1,996,000.00 Debits 5,529,000.00 TREASURY STATEMENT —June 16 — Net balance for June 14 $268,136 103 50 Expenditures 8,427,329 82 Customs rects., mo. to date 9.879,491.23 Foreign Exchange By Abbott. Hoppin A Cos. —June 15— _. „ , Close. Sterling. England ..$ 406 Franc. France 047 i/ 2 Lira. Italy 0625 Franc. Belgium 1680 Mark. Germany 2855 Guilder, Holland 4817 Peseta. Spain 1025 Krone. Norway 2057 Krone. Denmark 1820 Investment Trust Shares By Abbott, Hoppin A Cos. —June 15— . , , Bid Ask American Bank Stocks Corp.. 1.33 154 American Founders Corp 1.87 200 American A General Sec. '‘A” 5.50 650 Basic Industry Shares 3.36 British Type Inv. Tr. Sh 95 1.05 Collateral Trustee Sh. "A”... 4.62 512 Corporate Trust Shares (old) 244 Corporate Trust Shares (newt 2.45 2.52 Cumulative Trust Shares 4.30 Diversified Trust Shares “A” 6.50 Diversified Trust Shares “B” 8.00 850 Diversified Trust Shares “C” 3.15 3.25 Diversified Trust Shares “D” 5.25 5,62 First Insurance Stock Corp.. 1.83 2.16 First Common Stock Corp.... 1.24 142 Fixed Trust Oil Shares “A”. 8.85 9.15 Fixed Trust Oil Shares “B". 7.45 775 Fundamental Trust Sh. “A”.. 4.37 4.47 Fundamental Trust Sh. “B”.. 4.15 435 Low Priced Shares 5.75 .... Mass. Inves. Trust Shares 18.50 20.12 Nation Wide Securities 3.65 .... N Am. Trust Shares (1953).. 2.06 .... N. Am. Trust Sh. (55-56).... 2.68 2.95 Selected American Shares 274 2.81 Selected Cumulative Shares... 7.10 7.20 Selected Income Shares 3.74 3.84 Std. Amer. Tr. Shares 3.20 3.35 Super Am. Tr. Shares “A”... 3.07 ... Trust Shares of America 3.10 320 Trustee Std. Oil ‘'A’' 5.20 5.35 Trustee Std. Oil “B” 4.65 485 U. S. Elec. Light A P. “A”... 16.50 .... Universal Trust Shares 3.10 3.20 Daily Price Index Bn United Press NEW YORK. June 15.—Dun A Bradstreet's dailv weighted price index of 30 basic commodities, compiled for the United Press: (1930-1932 Average. 100) Today 91 42 Wednesday 92 06 Week Ago 91.59 Month Ago 88.59 Year Ago 72.65 1933 High (June 12) 93.16 1933 Low (Jan. 20) 67.86 (Copyright. 1933, by Dun & Bradstreet. Inc Indianapolis Cash Grain —June 15— The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. o. b., shipping point, basis 41 % New York rate, were: Wheat—Weak: No. 1 red, 66%067%c; No. 2 red 65%@66%c; No. 2 hard, 63% @64%c. Corn —Firm: No. 3 white. 3805: 39c; No. 4. 37038 c: No. 3 yellow. 35036 c: No. 4 yellow, 340? 35c; No. 3 mixed. 34@ 35c; No. 4 mixeci, 330734 c. Oats —Firm: No. 2 white. 23%024%'c; No. 3 white. 23 @ 24c. Hay—Steady (f. o. b. country points taking 23%c tor less rates to Cincinnati or Louisville). No. 1 timothy, $5.5006; No. 2 timothy. ss® 5.50. —lnspections Wheat—No. 2 red. 1 car; total. 1 car. Corn—No. 1 white. 2 cars; No. 2 white, 6 cars; No. 3 white. 4 cars; No. 4 white, 6 cars: No. 6 white. 1 car: No. 1 yellow. 2 cars; No 2 yellow. 14 cars: No. 3 yellow, 12 cars: No. 4 yellow. 5 cars; No. 6 yellow, 2 cars; Sample yellow 4 cars; Sample mixed. 1 car: total. 59 cars. Oats —No. 2 white. 14 cars; No. 3 white. 5 cars; No. 4 white. l--car: total. 20 cars. NEW YORK RAW SUGAR FUTURES —June 14— High. Low. Close. January 1.50 1.47 1.47 March' 1.56 1.53 1.53 Mav 1.60 1.58 1.58 July 1.41 1.37 1.37 September 1.42 1.39 1 39 December 1.49 1.46 1.47 STATE WOMAN KILLED Dies When Auto Smashes Into Side of Freight Train. By United Press SULLIVAN. Ind.. June 16.—Estella Burris, 30. of Vincennes was killed here today when an automobile in which she was riding crashed into the side of a freight train. Clarence Smith, 28. Lawrenceville, 111., the driver, escaped without injuries. Miss Burris’ throat was cut by glass from the windshield or window. In the Air Weather conditions at 9 a. m.: West-southwest wind. 25 miles an hour; temperature, 72; barometric pressure, 30.06 at sea level; general conditions, high, broken clouds, lower, scattered clouds; ceiling, un- j limited; visibility, miles. 1

THE INDIANAPOLIS TIMES '

INDIANA STOCKS AND BONDS

The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level based on buying and selling inquiries cr recent transactions. —June 16— STOCKS Bid. Ask. ! Belt Rail <sc Stock Yards com. 25 30 Belt Rail <fe Stock Yds pfd 6% 45 50 Citizens Gas com 13 18 Citizens Gas Cos pfd 5% 60 65 Home T&T Ft Wavne nfd 7 7, 36% 40% Ind & Mich Elec Cos pfd 7't-.. 65 70 Ind Gen Service Cos pfd 6dr . . 60 65 Ind Hydro Elec Cos I'j 20 25 Indpls Gas Cos com 40 45 Indpls Pwr & Lt 6% 64 69 Indpls Pwr & Lt Cos pfd 6%% gg 72 Indpls Water Cos ptd 5% 86 91 No Ind Pub Serv Cos pfd 5%% 38 42 No Ind Pub Ser Cos S'- .... 40 44 No Ind Pub Ser Cos 7 f > 42 46 Public Serv Cos or mu pfd 6"r 18 22 Public Serv Cos of Ind pfd 77- 38% 42' 2 South Ind Gas & Ei pfd 5%.. 52 56 Terre Haute Elec pfd 6% 39 44 BONDS Citizens Gas Cos 5s 1942 75% 80% Home T & W 5%s 1955 93% 97% Home T & T W 6s 1943 94 % 984 Indpls Gas Cos 5s 1952 73 78 Indpls Rvs Inc 5s 1967 24 29 Indpls Water Cos 44s 1952 95 99 Indpls Water Cos 5s 1960 91 95 Indpls Water Cos 5s 1970 91 95 Indpls Water Cos 54s 1953 97 101 Indpls Water Cos 54s 1954 97 101 Kokomo Water W'orks. 1958.... 72 77 Lafavette Tel Cos 5s 1957 81 85 Muncie Water Works 5s 1930.. 80 85 Richmond Water Works 1957 . 82 86 Terre Haute Water Wk 3s 1956 82 87 Terre Haute Wat Wk 6s 1949. 91 96 Traction Terminal Cos 5s 1957.. 41 47 Joint Stock Land Banks Bid. Ask. Atlanta 57 37 41 Atlantic 57c 45 49 Burlington 5% -34 38 California 5% 54 58 •Chicago 57c 24 4 28 4 Dallas 5% 51 55 Denver 57c 50 54 Des Moines 570 43 47 First Carolina 57c 33 37 First Ft. Wayne 5% 50 54 First Montgomery s<7> 374 414 First New Orleans 590 46 4 404 First Texas 5% 44 48 First Tr Chicago 5 7c 51 4 55 4 Fletcher 5% 68 72 Fremont 5% 49 53 Greenbrier 57c 45 49 Illinois Monticello s"c 60 65 Illinois-Midwest 5% 41 45 Indianapolis Z>% 76 80 lowa 57c , 56 60 Kentucky 57c V. 60 64 Lafayette 5% 50 54 Lincoln 57c 49 53 Louisville 57c 51 55 Marvland-Virglma 57> 63 67 Mississippi 5 % 43 464 New York 5 7c 46 50 North Carolina 5% 39 43 Oregon Washington 57c 37 41 Pacific Portland 57c 444 484 Pacific Salt Lake 5% 47 4 514 Pacific San Francisco 5 7c 474 514 Pennsylvania 5% 52 58 Phoenix 5% 67 71 Potomac 57e 454 494 •St Louis 59r 24 27 San Antonio 5% 54 58 •Southern Minesota 57c 14 17 Southwest 5% 41 45 Tennesse 5 7c 43 46 Union Detroit 57- 424 464 Union Louisville 57c 51 54 Virginia Carolina 5% 43 47 Virginia 5 7c 59 54 •Flat.

AUTO PRODUCTION BEST IN 22 MONTHS May Total Shows Gain of 23 Per Cent. By United Press NEW YORK, June 16. Last month’s production of motor cars by companies belonging to the National Automobile Chamber of Commerce was the highest in twenty-two months, totaling 172,883 units, the chamber reported today. This total represents a gain of 23 per cent over April and was 51 per cent greater than in the corresponding month of 1932. For the first five months of this year, members of the organization showed a total output of 605,739 cars, compared with 584,505 cars in the corresponding months of last year. Since factory operations still are being controlled closely by retail sales, the report was viewed by the chamber as the most encouraging in many months. Alvin Macauley, president of the Packard Motor Car Company, was re-elected president of, the organization. CHICAGO STOCKS (By Abbott, Hoppin A Cos.) —June 15— . . , High. Low. Close. Adams Mfg 8 Bastian-Blessing 13% 11% 11% Bendix Aviation 17V, 15% 15% Borg Warner 18% 16% 16% E L Bruce Cos . 12 10 10 Butler Bros s’/ 4 5% 5’4 Chicago Corp com 4 3% 3% Chicago Corp pfd 26 25% 25V* Chicago Yellow Cab. ... 19 16 17% Cities Service 4% 4’4 4% Cord Corp ..- 11% 10% 10% Crane Cos 9% 91/. 91,. Electric Household 12% 10% 11 Great Lakes Aircraft .. 1% 1% 1% Grigsby-Grunow 2% 2% 2% Libbv-McNeil 7% 6% 6% Lynch Corp 31% 30% 30’* National-Standard ... 21% Noblitt-Sparks Indu Inc 26% Pr V a Cos , 25 Vi 23% 24 Public Service N P. 3534 Quaker Oats 122 i2O 120 Seaboard Utiliites shar 1 % t Swift &Cos 21 19% 20 Swift Internacional 30 28% 28% U S Gypsum com 39% 39 39 U S Radio & Tel 18% 16% 17 Utility A Ind 2’* 2% 2% Utility A Ind pfd 6% 5% 5% VoVrtex Cup Cos 7 714 Smthß.gi °° m !*’* . ,'i In the Cotton Markets —June 15— CHICAGO High. Low. Close. Japvarv 9.78 9.49 9.49 March 9.95 9.60 9.60 goober 9.58 9.24 9.27 December 9.71 939 9 4 { _ NEW YORK Ja, n u,arv 9.69 9.31 9.31 JJf rch 985 9.46 9.46 October 9.49 g'j,j g December . g. 62 £25 9!26 _ NEW ORLEANS uSSF..:.’:: 968 932 in Mav '.V/ .’ 097 gVober’;:;;:;;;;;;;;;. £ Iff Member 962 9.26 9!28 Other Livestock BY UNITED PRESS 4 ™n N h^? Al T- J^ ne 16 -—Hogs—Receipts. 4,500 head 177 direct: generally steadv: acti\e on 180-300 lb., top and bulk, good to choice. $4.70: mildly active on lighter ,l nd So *'S. 160-180 lbs., S4(B 4.50-130-laO lbs., $3.3504: most sows. $3.50’ Cattle Receipts, 500 head; calves. 300 head, fairly active; most classes steadv; choice vealers 25c higher; steers mostly $506; beef cows. $2.750 3.50; low cutters and cutters. $1.5082.50: bulls. $2.7503 50good to choice vealers. S4B 4.75; plainer : grades mostly $2.50 0 3.50. Sheep—Receipts, i 3 000 head, including 647 direct and better grade lambs scarce; fully steady; spots strong: earlv sales good to choice mostly $7.508 7.75; some mixed j lambs. $787.25; a few fat ewes, $101.50. i LAFAYETTE. Jtine 16.—Hogs—Market j 10c higher; 250-325 lbs.. $4.3504 50: 200ief - *[email protected]: 150-200 tbs.. 540 4.30: 100-laO lbs. 53.2503.75: roughs $3.75 down; top calves. $4: top lambs. $7. By Times Special , S A ol tl^" lL^ E - June 16—cattle—Receipts, 150 little better activity on steers and heifers; other slaughter classes still slow, mostly steady; bulk common to medium steers and heifers, S4O 4.75: better finished rTL feds Quotable. SSO 6: bulk beef cows. $2.25 0 2.75: low cutters, $1.250 2: bulls I mostly $3 down; bulk Stockers salable $4.50 ; down. Calves—Receipts. 250: market not established: indications fullv steadv at ! $3.500 4 for bulk better grades Hogs—i Receipts. 1.000 : 5c higher: 185-275 lbs . i *4.40: 275 lbs. up. $4, 140-183 lbs., $3 55140 lbs. down. $2.40: sows, $2 90; stags, | $1.85 Sheep—Receipts. 2.500: market fully I steady; bulk better trucked in lambs. s'7 jto mostly $7.25; most choice long haul overnight and rail lambs $7 50; strictly choice quotable to $7.75; bucks and most heavy lambs. S6O 6.50: medium and lower grades. $4 50 0 5 50: fat ewes. $lO2. Thursday's receipts—l 74 cattle. 117 calves. 1.076 hogs and 1.720 sheep. Thursday's shipments sheep. NEW YORK RAW SUGAR FUTURES —June 15— High. low. Close. January 1.47 1.41 1.42 March 1.55 1.47 1.48 May 1.57 1.56 1.57 July 1.37 1.32 1 32 September 1.39 1.33 1.34 •December ............ 1.46 1.40 l.

SWINE VALUES GAIN 10 CENTS IN FIRM TRADE Cattle Dull in Week-End Cleanup Deals; Sheep Steady. Most hog classes showed a strong trend, with prices 10 cents higher on the average at the city yards this morning. The bulk. 180 to 350 pounds, sold for $4.50 to 54.60, with a few small lots going at $4.65. Extreme top registered was $4.70. i Weights of 130 to 160 pounds brought $3.85 to $4.25. Receipts were estimated at 8,000. Holdovers were 342. A week-end cleanup trade was in progress on fresh and stale supplies here in the cattle market. Receipts were 400. Vealers were steady at $5 down. Calves receipts were 600. Trade was steady in the sheephouse with ewe and wether lambs ranging from $7.50 to SB. Bucks brought a dollar less. Throwouts sold down to $5. Receipts were 800. Stronger trend was evident in hog trading at Chicago, with several early bids around 5 cents higher than Thursday’s average. The bulk of good to choice kinds weighing from 200 to 250 pounds was bid in at $4.60 to $4.65. Receipts were estimated at 21,000, including 12,000 direct; holdovers 2,000. Cattle receipts numbered 1,500; calves 800; market steady. Sheep receipts were 5,000; market unchanged. HOGS J “ ne - ~ Bulk. Top. Receipts, in' s f®9f $4.65 7.590 10. 4.454} 4.55 4.60 3,500 12. 4.55® 4.60 4.75 7,500 }b HIS ill 4.70 11.000 }£■ 4.60 4.70 9.000 15. 4.40® 4.50 4.60 7.000 16. 4.50® 4.60 4.70 8.000 Market, higher. (140-160) Good and choice.... $4.10® 4 25 —Light Weignts—-(l6o-180* Good and choice ... 445 (180-200* Good and choice. .. 4.50 —Medium Weights—. (200-220* Good and choice.... 4.55® 460 < 220-250) Good and choice .. . 4.55 fit 4.70 —Heavy Weights—-(2so-290* Good and choice.... 4.60® 4 70 (290-350* Good and choice.... 4.50® 460 j —Packing Sows—(3so down) Good 4 00® 4 15 <350 up* Good 3.90® 4] 10 (All weights) medium 3.60® 4.00 —Slaughter Pigs—-(llo-190) Good and choice.... 3.50® 3.85 CATTLE Receipts, 400; market, steady. (1.050-1,100) Good and oholce $ 5.25@ 7 00 „S25 1I ???„, and medium 4.00® 5.25 (l.luu-1,5001 Good and choice 5.25® 7.00 Medium 4.25® 5.25 —Heifers— (550-750) Good and choice 5.00® 6 00 (750 >I 9oo° n and medium 3 50® 5.00 Good and choice 4.50® 5 75 Common and medium 8.25@ 4.50 —Cows—>J ood 3.50® 4.00 common and medium 2.75® 3.50 Low cutter and medium 1.50® 2.75 _ . —Bulls (yearlings excluded* Good (beef) 3.00® 3.50 Cutter, common and medium.. 2.00@ 3.00 VEALERS Receipts, 600: market, steady. Good and choice $ 4. 00® 5.00 Medium 3.00® 4.00 Cull and common 2.00® 3.00 s(2so-SCO—- ) and choice 3.50@ 4.50 Common and medium 2.50® 3.50 ~m — Feed < !r and Stocker Cattle—-(soo-800* Good and choice 9. 75® 6.00 .Common and medium 3.00® 4.75 (oUU-1,000 I Good and choice 4.75® 6.00 Common and medium 3.00® 4.75 SHEEP AND LAMBS Receipts, 800; market, lower. .. —Lambs, Shorn’Basis—,us - _? own * good & Choices 7.00® 8.00 (90 lbs. down) com. & Med... 5.00® 700 _ —Ewes— Good and choice 2.00® 3.00 common and medium I.oo® 2.00

Other Livestock BY UNITED PRESS CHICAGO, June 16. Hogs Receipts, 21.000, including 12,000 direct; active, 100 15c higher than Thursday; bulk 190-300 lbs., $4.6504.75; top. $4.75; heavier weights down to $4.50 and below; 140-180 lbs., $3.60 @4.60; pigs, [email protected]; packing sows. $3.80® 4.10; light lights. 140-160 lbs., good and choice, $3.6004.35; light weights, 160-200 lbs., good and choice, [email protected]; medium weights, 200-250 lbs., good and choice, $4.6004.75; heavy weights, 250-350 lbs., good and choice, [email protected]; packing sows, 275-550 lbs., medium and good. $3.60® 4.35; slaughter pigs, 100-130 lbs., good and choice, [email protected]. Cattle Receipts, 1,500 calves. 800 direct; fed steers and yearlings moderately active; lower grades predominating; bulk selling at $5.75 down to $4.75; largely a clean-up market; best yearlings, $6.20; not much beef in run, but both local and outside demand still restricted; vealers strong, but other killing classes dull; both cows, heifers and low price steers showing considerable grass; most grass cows, $303.75; grass heifers,$3.7504.50; grain fed heifers, [email protected]; slaughter cattle and vealers. steers, 550900 lbs., good and choice, $5.2507.25; 9001,100 lbs., good and choice, [email protected]; 1,100-1.300 lbs., good and choice, $5.50® 7.25; 1,300-1.500 lbs., good and choice, $5.2506.75; 550-1.300 lbs., common and medium, $405.50; heifers. 550-750 lbs., good and choice, $4.7505.85: common and medium, $3.5005; cows, good. $3.5004.25; common and medium, S3B 3.50; low cutter and cutter, s2@3; bulls, yearlings excluded. good beef, [email protected]; cutter common and medium, $2.5003.40; vealers, good and choice, $4.5005.50; medium. S4O 4.50; cull and common, $2.50@4 Stocker and feeder cattle, steers, 500-1,050 lbs., good and choice. [email protected]; common and medium, s4®s. Sheep Receipts, 5,000; fairly active; steady to strong: spots unevenly higher; bulk desirable native ewe and wether lambs, $7.50 straight to packers; choice sorted lost, $7.75 08; best shorn yearlings, $6.50. Slaughter sheep and lambs, lambs, 90 lbs. down, good and choice. $7 2508; common and medium, $5 @7.25; ewes, 90-150 lbs., good and choice, $1.75 03; all weights, common and medium, $1.25 0 2.50. CLEVELAND. June 16. —Hogs—Receipts, 1,000; holdover, none: bidding 5010 c higher, or $4.7504.80 on 160-300 lbs.; asking 15c up; 150 lbs. down, $3.5003.75; for week, steady to 15c or more higher: some pigs 25c lower; week's top, $4.35. Cattle— Receipts. 100; draggy, catchy week-end trade on mainly lower grades: few common to medium steers, $4 0 5.50: bulk above $5; low cutter to cows. $1.75@ 3.50: largely $2.25 up; desirable sausage bulls. S3O 3.50: for week, weak to 25c lower; steers and bulls down most: week’s best steers, $6.25; calves, receipts. 450; choice handyweight vealers, steady; others slow: top, $6; bulk, $5.50 down; cull to medium. $3.50 0 4.50 mostly; for week, mostly steady: only odd head above $6. Sheep—Receipts. 250; little available: odd head and small packages medium to nearly good lambs. $5.50 0 7.50: few low grade year'ings, $2.5083.50; for week, lambs steady to 50c higher: other classes unchanged; week's top SB. EAST ST. LOUIS. 111., June 16.—Hogs— Receipts. 9.500: including 200 direct; market, moderately active: generally 5c higher than Thursday's average; top. $4.65; bulk 170-240 lbs., $4.508 4.60: 140-160 lbs., S3 508 4.40; 100-130 lbs . $2.50 8 3.25: sows, $3.758 3.85. Cattle—Receipts. 1,000: calves, receipts, 500; market, about steady in cleanup trade; not enough steers on sale to make a market; heifers. $4.2585: few at the extreme; cows. $2.7503.50; low cutters. $1.5082: sausage bulls. 52.5003: top paid sparingly; vealers, $4.75. Sheep— Receipts. 2,000; market, not established; indications about steady. TOLEDO. June 16 —Hogs—Receipts. 200; market. 10c higher; heavy vorkers, $4,400 4.60; mixed and bulk of sales, $4 60 pigs and lights. $303 25: medium and heavies, $404.60; roughs. $303 25. Cattle—Receipts, light; market, slow: calves, receipts, light: market, steady. Sheep and lambs—Receipts. light; market, steady. EAST BL T FFALO. June 16 —Hogs—On sale. 3,100: rather slow, shippers inactive; steady to weak with Thursday’s average: deisrable 180-250 lbs.. $4 950 5: holding averages above 215 lbs., at outside figure; mixetf quality. 150-160 lbs., $484 25- pigs downward to $3.50. Cattle—Receipts. 200; all classes fully steady; good mixed yearlings. $6.50: common steers. $5.10: low cutter to medium cows. $1.850 3.25: calves receipts. 400; vealers slow, steady to weak; good to choice. $5.50; few $5.75; common and medium. S4. T 7@s 25. Sheep—Receipts. 800; lambs steady, plain quality and sorts considered; few good lambs around $8; bulk common to medium. $8.50 0 7 25; inferior throwouts. $5 50. har.dv weights ewes. $2 50; fat heavies. $2 down. FT WAYNE. June 16.—Hogs—Market, 5c higher; 250-350 lbs . $4.55: 200-250 lbs $4.45: 170-200 lbs . $4 35. 140-170 lbs., $4.15; 100-140 lbs.. $3 50: roughs. $3.75: sows. $2 50: calves. $5; springs lambs. $7. Cattle —Market, steers, good to choice SSB 5.50: medium to good. $4.508 5; common to medium. $3.50 8 4 50; heifers, good to choice SSO 5.50. medium to good. $4.508 5; common to medium. $3.500 4.50: cows, good to choice. $303.50; medium to good. $2,500 3; cutter cows. $282.50: canner cows. sl@ 2; bulls, good to.<hoice, $303.50. medium to -good, *2.7503^

Today and Tomorrow ‘Widespread Political Consequences’ Influence Britain in Making Partial Debt Payment. BY WALTER LIPPMANN In the British note, dated June 13, it is said that the conclusion at which his majesty’s government have arrived is that payment of the June installment could not be made at this juncture without gravely imperiling the success of the conference and involving widespread po-

litical consequences of a most serious character. In his reply the President, presumably with deliberate intention, makes a rather sharp distinction between the economic consequences of war debt payments and the political consequences. Thus he “by no means concedes some of the statements concerning the world-wide economic cause and effect” of the debts, but he does not deny; in fact, he “understands” that payment now would have "widespread political consequences of a most serious character.” It is these “political consequences” which must be understood in the United States if we are to understand why the British government has not made full payment. For obviously it could not be said today that the British government is unable to pay the June installment, since in the last few months Britain has accu-

mulated a larger gold stock than at any time since the war. The decision not to pay in full and to ask for immediate revision is not, as the British note clearly shows, based on inability to pay, but

on larger political considerations. They originate in the agreements made at Lausanne about a year ago. It will be recalled that by the Lausanne convention, signed on July 9, 1932, reparations as such were canceled, but Germany agreed under certain circumstances to make a contribution to her creditors. She was to deposit bonds for about $750,000,000, but these bonds were not to pay interest for at least three years. The bonds were not to be issued, however, until and unless other German government securities are on a 5 per cent basis or better. (They are now’ on a 10 per cent basis or worse.) Now the point to be noted is that this agreement reduced Germany's capital liability to a little less than 10 per cent of her liability under the Young plan. The payment made by Great Britain on Thursday is a little less than 10 per cent of what was due. This is not a coincidence. It must next be recalled that a week before the Lausanne convention was signed, Great Britain, France, and the other creditors of Germany entered into a “gentlemen’s agreement,” which provided that they would not ratify the convention with Germany until they had made satisfactory debt settlements with one another, and with the United States. They said further that if the agreement with Germany were not ratified “the legal position, as between all the governments, would revert to that which existed before the Hoover moratorium.” In other words, legally, Germany would be liable for the payment stipulated in the Young plan. a a a WHEN Herr von Papen, who represented Germany at Lausanne, learned of this gentleman’s agreement, he put a question publicly to Mr. MacDonald, the British premier, asking him what would happen if the Lausanne agreement were not ratified. The reply was that in that event “a further conference will be held.” Now, as a result the position today is this: The Lausanne convention has not been ratified and will not be ratified until Britain, France and the other creditors of Germany obtain a final war debt settlement. If they do not obtain it, either by agreement or default, they have to have another reparations conference with Germany. These, in brief, are those “widespread political consequences of a most serious character” which the British note refers to without dissent by the President. It may be asked why the British could not have made their payment and washed their hands of German reparations. The answer is, first, that they have agreed not to do it; and, second, that it would make matters worse if they did it. For then Lausanne still would remain unratified by France and a direct conflict over reparations between France and Germany would be far more dangerous to peace then negotiations in what Great Britain still was a participant and able to exert a moderating influence on both sides. ana NO one, I think, who really comprehends the European situation will hesitate in agreeing that the British government’s decision is sincere and is an act of responsible statesmanship. The British could not cut loose from Europe and leave the continent to stew in its own juice. By paying in full, they would have

Produce Markets

Delivered in Indianapolis prices: Hens, heavy breeds over 4'/2 lbs., 8c; Leghorns. 6c. Broilers: Colored springers. IV2 lbs. up. 14c: springers (Leghorn). lVi lbs. up, 11c; barebacks, 7c; cocks and stags. 6c; Leghorn cocks and Leghorn stags. sc. Ducks, large white. lull feathered and fat. over 4 lbs., 4c; small and colored. 3c. Geese, full feathered and fat. 3c. Young ?uineas. 20c; old guineas. 15c. Eggs—No. 1 resh countrv run eggs. Bc. Each full egg case must weigh 55 lbs. gross; a deduction of 10c per lb. for each lb. under 55 lbs. will be made. Quoted by the Wadley Company. BY UNITED PRESS CHICAGO. June 16.—Eggs—Market steady; prices unchanged: receipts. 15 888 cases; extra firsts. ll'/2@ll 3 4 c; firsts. life 11*2C; current receipts, 10c; dirities. BV*c. Butter—Market, steady, prices unchanged; receipts. 20,066 tubs; specials, 22fe22 3 2 c; extras, 2IV2C; extra firsts, 20>/ 2 fe2lc; firsts, 19:520c; seconds, 17fe.l8c; standards, 21', 2 c. Poultry—Market. steady: receipts, 31 trucks: fowls, 9V2@loc; Leghorn broilers, life 13c; Leghorns, 8c; ducks. sfe9c; geese. 6*2C; turkeys, lOfellc: roosters, B'2c; broilers, 15fe20c; stags, 11c. CheeseTwins, 13fel3V 4 c; Longhorns. 13' 2 fe13 3 4 c. Potatoes—On track. 130; arrivals. 99; shipments, 1,035; market steady to firm; Wisconsin sacked Round Whites, $1.35: Idaho sacked Russets. $1.85; Alabama. Louisiana and Oklahoma sacked Triumphs, $2.35fe 2.50: North Carolina Cobblers sacks. $2.15fe2.30, barrel, $3.50. CLEVELAND. June 16.—Butter—Market, Steady; extras, 25'2c; standards. 25 : 2 c. Eggs—Market, steady; extras, 13> 2 c; current receipts, 10' 2 c; extra firsts, 11c. Poul-try-Market. steady: heavy fowl, lOfellc; medium fowl, lOfellc; Leghorn fowl, Bfe 10c; heavy broilers, 17fe20c; Leghorn broilers, 13fel4c: ducks, 8fel0c; old roosters, Bc. Potatoes—Michigan, Ohio. 100-lb. sacks. United States No. 1 and partly graded. [email protected]. CHICAGO FRUIT MARKET By United Pres* CHICAGO, June 16. Strawberries Michigan Premiers, $1.25fe150: Gibsons and Dunlaps: 16 quarts, 75cfe$l Raspberries—lllinois Red Lathams. 24 quarts, $2.50fe2.75; Indiana Reds, 24 quarts, $1 75fe2.25. Cherries—lllinois, 16 quart, $1.25: 24 quart, $2fe2.25: Indiana, l(i quart, 75cfe$2. Onion market—Texas—united States No. 1, Crystal White waxed, bushel $135 ■a 1.50; Yellow Bermudas, bushel, $1.35fe1.50; Commercials, crystals White waxed, bushel $125; Yellow Bermudas, bushel $1.25: California. Crystals White waxed, bushel $1.35fel 50; yellow Bermudas, bushel sl.3sfe 150 NEW YORK COFFEE FUTURES —June 15— RIO High. Low, Close January ... 5 63 March 5.67 5.65 5.65 May 5.67 5.57 5 57 July 5 72 September 5 72 5 69 5 69 December 5 68 5.65 5.65 SANTOB March 7.87 7.70 7.76 May 7.70 July 8 20 8.10 8 20 September 8.05 7.97 7.97 •December jJ. 7.90 7.80 7.85

separated themselves from France, wrecked the Lausanne convention and precipitated a Franco-German dispute which, under present conditions of fear and suspicion, could lead no one knows where. The payment of something less than 10 per cent has been called a “token payment." It is doubly a token. Toward the United States it signifies a recognition of the debt contract. Toward the continent of Europe it signifies a recognition of the Lausanne agreement. If the art of statesmanship is to compose divergent interests, this is statesmanship of a high order. For while it does not settle the issue, it averts a breakdown over the issue. The irreconcilables may cry out that less than 10 per cent is a default. But less than 10 per cent without repudiation of the contract will not be considered a default by the opinion of the world. (Copyright, 1933)

The City in Brief

SATURDAY EVENTS Alliance Francaise, luncheon. Washington. Sigma Alpha Epsilon, luncheon. Columbia Club. Dramatic Club of Prospect chapter, Order of Eastern Star, will give a minstrel show at 8 tonight in St. Mark’s English Lutheran church, Prospect and Linden streets, Dick Miller is directing the. shown. K. M. Lucas, Chicago, has been appointed manager of the Indian-* apolis office of the Thomas System, baldness treating company, at 17 West Market street. Dr. Bruce Kershner, professor of New Testament history and literature at Butler university, has been named as teacher of the men's Bible class at the Central Christian church. He will take charge Sunday. Trip O. White, 108 West Tenth street, was attacked by two men near Military Park. Thursday and robbed of $8 in cash and a watch. He could not give a description of his assailants to police. Fiftieth anniversary of the Seventh - Christian church, Annetta and Udell streets, will be observed Sunday. Regular morning services will be followe.d by a basket dinner and a special musical program will be presented in the afternoon. The Indianapolis Philharmonic Club orchestra of fifteen pieces will give a free concert at the Liederkranz hall, 1417 East Washington street, at 8 Sunday night. Following the concert, there will be dancing. Central W. C. T. U. was addressed by Mrs. Anna M. Ranck, Los Angeles, national temperance and missions director, at 2 today in the Y. W. C. A. Green parlor. The Marion county W. C. T. U. held a reception for Mrs. Ranck, following the meeting, with Mrs. Robert McKay as reception chairman. Lester Wilson, 38, of 517 Abbott street, is in city hospital, due to injuries received when he dropped a heavy iron casting on his foot in junk yard at Capitol avenue and Merrill street, Thursday. Hit by a moving swing at Riley playground, Oliver avenue and White River boulevard, Thursday night, Jesse Head, 12 years old, 1051 Oliver avenue, was treated for lacerations. William May, 62, of 645 Arbor avenue, was arrested on a reckless driving charge Thursday night when he made a left turn from Washington street into Noble street and his car collided with one driven by Edgar Callingham, 22, of 434 Goodlet avenue. Cutting through -u screen wire over the transom of a rear door, burglars broke into a sandwich shop owned by Gus Licho at 523 West Washington street Thursday night and stole $25 in cash and cigars and cigarets valued at S3OO. Leo C. McNamara, president of the Journal Box Serviging Corpora- ; tion, will tell members of the Scien- j tech Club of Indianajolis at a : luncheon at the Columbia Club j Monday, about the method of reclaiming used railway journal box packing. Accident prevention bureau of the Indianapolis police department will be host to a party of children at the Emerson theater, 4630 East Tenth street Saturday morning, when, in addition to a feature picture and comedy, safety talks will be given.

Abbott, Hoppin & Company 203 Continental Bank Building Riley 5491 ’ Indianapolis New York Pittsburgh Chicago MEMBERS: New York Stock Exchange Chicago Board of Trade New York Curb Exchange Chicago Stock Exchange New York Produce Exchange Chicago Curb Exchange Commodity Exchange, Inc., N. Y. New York Coffee and Sugar Exchange Co-Managers James T. Hamill Kenneth K. Woolling

GRAIN FUTURES WEAKEN UNDER LIGHTSELLING Uncertainty of Processing Tax Depressing to Trade. B HAROLD E. RAINVILLE toiled Press Staff Correspondent CHICAGO. June 16.—Wheat opened unevenly % to %cent lower on the Board of Trade todav despite a strong stock market.’ firm cables and bullish weather in the spring wheat belt. The uncertainty over the expected statement on the processing tax today or soon, and the lower sterling exchange depressed the trade and caused scattered selling. Corn weakened with wheat although news was favorablen and prices were unchanged to %cent lower. Oats held firm, unchanged to % cent higher: rye was % cent higher, barley % cent higher. Provisions were down 10 to 17 points. Press reports from London that a stabilization of exchange rates had practically been agreed upon and the expectancy that terms of the processing tax will be made public today or Saturday had a tendency to create caution. Weather in the spring wheat area is bullish. Liverpool was not disturbed by the exchange news and was stronger than due. % cent lower at mid-afternoon. Corn is not included in the processing tax and maintained a firm tone. High temperatures of the northwest are moving into lowa with the forecast warmer for the belt. Oats is holding around the season's best levels due to fears of more damage from heat to a crop that already has been crippled by unfavorable weather.

Lippmann

Chicago Primary Receipts •—June 15Wheat 1.039. OOP Corn 1.118.000 Oats 464.000 Chicago Futures Range —June 16— WHEAT— p rev< High. Low. 10:00 close July 74*2 .74 .74% 74*2 September .. .76% .76% .76% .76% Decembber 79% .78% .78% .79% CORN— July 44 1 4 .44% .44% .45% September 48% .47% .47% 47% Decembebr 51 .59% .51 .51' OATS— Julv .28*2 .28% September 30% .30 .30 30% December ... 31% .31% RYE— July 61% .61% .61% ~61% September 63% .63% 63% .63% December 66% .66% .66% .67 BARLEY—•IuIv .. ... . 3gi • September .38% [38% December ...... ... ... 41% CHICAGO CASH GRAIN By United Press CHICAGO. June 15.—Cash grain close: Wheat—No sales. Corn—No. 2 mixed. 43% ®4sc: No. 3 mixed. 39c r*oor: No 6 mixed. 37®37%c: No. 2 yellow. 43 %® 45c: No 2 yellow, old. 45%c: No 3 yellow. 42®43%c: No. 4 yellow. 41c: No. 6 yellow. 36® 38c; No. 2 white. 44%®45%c: sample grade 29 ®3sc. Oats—No. 2 white. 29®29%c No 3 white. 27%®28%c: No. . white 25® 26%c samDle grade. 25* 2 c. Rve—No sales Bariev—3o®ssc. Timothy Clover—sß®ll.7s. TOLEDO CASH GRAIN By United Press TOLEDO. June 15.—Cash grain close: Grain in elevators, transit billing Wheat ■ No. 2 red. 77®78c: No. 1 red. lcc premium. Corn—No. 2 yellow. 46%®47%c. Oats—No. 2 white. 31%®32%c. Rve—No. 2. 63®64c. Track prices, 28%c rate: Wheats—No. 1 red. 73®73%c: No. 2 red. 72@72%c. Corn—No. 2 yellow. 42*2®43c; No. 3 yellow. 41 Vi®42c. Oats—No 2 white. 28%®29%c: No. 3 white. 28®29c. Toledo seed close: Clover—Cash. $7.50: October. $7.75. Alsike—Cash. $7.50; August. 57.i5. Produce close—Butter—Fancy creamerv. 27c. Eggs—Extras. 10%@ 11c. HayTimothy per cwt.. 70c ST. LOUIS CASH GRAIN By United Press ST. LOUIS, June 15.—Cash gram close: Wheat :n fair demand; l%c lower: No. 1 red - 75%®.76c; No. 2 red. 75®75%c; No 3 red. 74%c; No. 1 red garlicky, 74%®75%c----sample red garlicky. 60c; No. 2 red smutty. 74Vic; No. 2 hard. 75%c: No 2 d 'j 7 ? c ' ~C Orn in * air demand; unchanged to %c higher: No. 3 mixed. 42c; No. 2 yellow. 43®43Vic; No 3 yellow. 43c; < yelI ?, W ' 42 S- No. 6 yellow. 36%39c; 4?v?rxKi Ve loW A ? 0c - mustv : No. 2 whiet. u 4 2C .v Oats in slow demand; unN „°- 2 „ whlte - 29 N0. 2 red. 28%c. No. 4 red. 27%c, musty. INDIANAPOLIS WAGON WHEAT 't v „ Brain elevators are paving 64 cents £°T N ,°„ 2 * oft J* and wheat and 63 cents for merits hard wheat: ottler grades on their Bright Spots By United Pres* Dun & Bradstreet, Inc., reports band clearings in the United States for week ended June 14 totaled $4,434, 681,000, up 6.3 per cent from like 1932 week. Alabama Great Southern Railway reports April net income of $9,4.54, against net loss of $68,023 in April’ 1932. Mac Andrews & Forbes Company increases quarterly dividend rate on its common stock from 25 cents to 40 cents a share. Econostat index of general business rises 2 points to 61 per cent of normal. LOANS AT REASONABLE RATES FOR ALL WORTHY PURPOSES The Indianapolis Morris Plan Company Delaware and Ohio Sf. Rl. I.YMI U. S. Government Bonds Indiana Municipal Bonds Federal Land Bank Bonds T. P. BURKE & CO. Incorporated SUITE 222 CIRCLE TOWER PHONE Riley 8536

-JUNE 16,1933