Indianapolis Times, Volume 45, Number 36, Indianapolis, Marion County, 22 June 1933 — Page 13

JUNE 22, 1933

Wall Street-

Investors Would Be Helped by Standardized Corporate Balance Sheets and Income Accounts. * BY RALPH HENDERSHOT

Time* Special Financial Writer Everything is good, bad or indifferent only by comparison with something else. And that, goes for stocks as well as for automobiles, radios, people, hoiises. etc. The lack of standardization in methods of compiling balance sheets and income accounts, however, makes it impossible for the average investor, or even the experts in some cases, to make accurate comparisons. Framers of the “Truth in Securities'’ law did fi excellent job in setting up protections for investors in most respects, but they might have gone a little farther and laid down rules and regulations for the

issuance of corporate financial reports. By doing so they would have eliminated an important part of the guesswork which must now be indulged in in the purchase of securities already outstanding. But there is a strong likelihood that such standardization will come later. It may come in the form of new legislation, but if not the chances are it will come as a result of the new industrial recovery law. The government will be obliged to keep its eye on corporate reports to determine whether the profits of industry are being properly apportioned as between capital and labor, and standard returns will be almost essential if it is to be able to do that effectively. bob Good Effects Already Shown The Industrial recovery law seems to have brought good results already. Tire companies have agreed on a code of ethics, according to reliable reports, and they have made a tentative agreement on

Ralph Hendershot

wages and hours of labor for their workers. It is doubtful that any other industry has suffered more in recent years from price cutting and general disagreement among the various competing units on what might or might not be regarded as fair business practices. a a t Getting Rack to Old Principles Traders in the stock market appear to be getting back to old principles. A lady walked into one of the larger brokerage houses a few wees ago and placed an order to buy fifty shares of every listed stock the name of which included the word General. She closed her account not long ago with a profit of about 100 per cent, having had the stocks on margin. The stock market panic of 1929 is supposed to have taught the public to “investigate before they invest,’’ but it seems that the lesson did not take very well. Speculators are buying today with almost the same disregard for values that they did in the last bull market. They learn—to forget.

New York Stocks (Bv Abbott. Hopptn A Cos.) ———————

- June 22Prev. High. Low. 11 00 close. Oils— Amerada 40> 2 40>4 40% 39% A* 1 Rfg 29% 28% 28% 28% Barn'rial! 10 9% 9% 9% Consol Oil 15 14% 14% 15 Cont of Del Ift 15% 15% 15% Houston (newt .. 6% 6% fi% fi% Houston 1 old I .. 34% 33% 34% 33 Indian Rtg ... . 4% Mid Cont Pet 13% 13% Ohio Oil It! 15% 15% 15% Pel Corp 14% 14% 14% 14% Phillips Pet 15% 15% 15% 15% Pure Oil 9% 9% 9% 9 Roval Dutch .... . . ... 28% Shd Oil 31% 31% 31 % 31 Shell Union 9% 8% Simms Pet 1111 % Skellev Oti ... 9% 9% Sor Vac 13% 17% 13% 13V, S O of Cal 36% 36 S O ol N J 29% 29% 29% 28% Sun OU 45 • 1 Col p 24% 24% 24% 23% Tidewater Assn .. .. 9% 9% Ull Oil of Cal .. 19% 19% 19% 19% Steels— Am Roll Mills.. . .. 18% 18% Belli Steel .. . 36 1 2 35% 36% 35% liver- AM. 26% 26% 26% 25% Col Fuel & Iron . . .. 14 Oruc Steel . . 22% 23% 23% 24 Gulf St.s Steel ... 27% Inland Steel , 39 Ltldlum Steel ... 18% McKeesport Tin. 84 83% Natl Steel 49% 49% 49% 49% Rep Iron A' Steel 18 17% 18 17% Rep Ir & Stl pfd 42% U S Smelt . 26' 2 26% 26% 25 U S Pipe & Fdv 17 16% 17 16% U S Steel 58% 57% 57% 56% U S Steel pfd 95% 94 '2 Youngstwn S& T 30% 29% Kails— Atchison 67 66% 67 65% Atl Cst Line . . . . 44% B & O 23% 23% 23% 22% Can Par .. . 16% 16% 16% 16% Ch & Ohio .... 41% 41% 41 % 40% Chi * Gl W 4% 4% C M ,fc St P 4% 4' 2 C M At St P . . 6% 6% 6% 6 C M A St P pfd. 10% 10% 10% 10% Chi N W 7% 7% Chi R Isl 5% 5% Dela A- Hud 77 76 Erie 13% 13% Git Northern 23% 23% 23% 23% 111 Central 30% 30% 30% 29% K C Sou 17% Lou Ac Nash . . .. 54% 53% M K Ac T 14% 14% 14% 14' a Mo Pac ... 5% 5' 2 Mo Pac pfd .. 8% 8% N Y Cent 40% 40% 40% 39 % N Y Chi A: St L 12% 10% NY C A- St I. pfd 18% 17% N V New Haven 25% 25% 25% 25 N Y Out, A Wes 13% 13% Norfolk A Wes 151% Nor Pac .. . .. . 24 23% Penn R R . .29 28% 28% 28% Sou rac 26% 25% 25% 25% Sou HR 24 23% 23% 23% Union Pac . ... 116% 115% 115% 114% W Maryland 11% 11% Motors— Auburn 67% 66% 67% 64% Chrysler 33% 32% 32% 32% Gen Motors 28% 28% 28% 27% Graham Mot ... 3% 3% Hudson ... il% 11% Hupp ... . . 6% Mack Truck 4! 40% Nash . 20% 20% Packard . . 5% 5% Rco .. .. . . 5% 5 Studebaker . . 6% 6% 6% 6% Yellow Truck ... ... 6% 6% Motor Accessories— Bendix . 18% 18%, 18% 18% Bohn Alum 48% 48% 48% 47% Rorg Warner ... 18% 18% Brings 12 11% Burid Wheel . .4% 4% 4% 4% Eaton Mfg . 13% Elec Auto Lite... 23% 23% 23% 23% Houd Hershev . . . ... 6% 5% Mullins Mfg 9% Murray 80dy.... 9% 9% 9% 9% Stew Warner 7% 7% Timken Rol 29% 29% 29% 29 Mining— Alaska Jun 20% 20'a 20% 20 Am Smelt .. 34'2 34 Anaconda ... 17% 16% 16% ... Cal A Hecla . . 7% Cerro rie Pasco.. 25% 25% 25% 24% Granby 13 12% Ot Nor Ore. 13% 13% 13% 13% Homestake Min . ... ... ... 225 How e Sound . . .. 22 Ins Copper 7', 7% 7% % Int Nickel 18 17% 18 17% > Isl Creek Coal . . 29 1 Kennecott Cop 20 19% 20 19% ; Noranda Cop 29% 28% 28% 28% ' Phelps Dodge ... 13% 13 Tobaccos— Am Snuff ... 47 47 1 Am Sum Tob 15% j Am Tobacco A 86 86 Am Tobacco B 90% 89% 89% 88% 1 Gen Cigar 45% 45% 45% Licg A Mvers B . 93 92% Lombard . 22’, 22% 22% 22% Reynolds Tob B 45% 44% 45% 44% Equipments— Allis Chalmers .... ... 193, Am Car A Fdv 24 24 Am Loco . . 27% 26% 27% '’s3, Am Mch A Fdv. 19 18% 19 18% I Am Steel Fdv... . . . 19% 18% Bald Loco . 10% 10-% 10% 10% Burroughs 18 17% 18 18 Case J 1 88% 87% 88 85’a Cater Tract . . 23% 22% Colgat Plm Peet . . ... , 18% Congoleuni 17 Elec Stor Bat ... . 473 Foster Wheeler . 18% 18% 18% 18% Gen Am Tk Car ... 36% C.en Elec . . 24% 24% 24% 24 Gen R R Sig . . . . . 341 , Ingso! Rand . ... 70 69'- TO 68 Int Bus Mach . .. 336 Int Harvester 41 40% 40% 391, Kelvmator ... . 33* Natl Cash Reg . ... ... 39 3gt . Proc A Gamble ... .. 42 * Pullman Inc 45 451 Simmons Bed. 37.,, Und Elliot 29% 28% 28% 28-% West Air B 29% 28 , 28% 28% "cst mgh Elec 461, Worthington Pmp 34% 23% 23-• 32% l tilitieAm A For Pwr 17% 16% 16% 16% Am Pwr A Lt 14 13% 14 13% A T A T 129% 128 128% 127% Am "a: Wks ... . . 33 Brook Un Gas ' 33 Col Gas A Elec 25% 25% 25% 24-% Col G A E pfd 331, Com A Sou . . 5% 5% 5% 5% Consol Gas .. .. 60% 59% 59% 58 Elec Pwr A Lt.. 13% 13% 13% 12% EP A L pfd ... ... 26% J n < 18 '" 18 ' 18% it% Nat Pwr A Lit . 18% 18 1R 17% North Amer . 33% 33% 33% 32% Pac G& El 29% 28% N j 53% 53% 53% sai, So Cal Edison... 25 1 * 2f> 25 24 1 a 'td Gas ini. Std Gas pfd ' ‘ 22 United Corp 13% 13 13 ' 12% In Gas Imp 22% 22% 22% 22’. Ut FA Lt A . 7% 7% 7% 7 ' Westotri Union . 57% 55% 55% 55% Rubbers— Firestone 241, 2 3% 24 23% Goodrich 16% 15% 15% 15% Goody ear 36% 25% 35% 35% U S Rubber 14% 14% 14% 14% U S Rub pfd 29% 28% Kelly Spring Amoaemenls Crosier Radio . 12% I Fox Film .. 3s, 31* Loews !ne . 22% 22 Radio Com 10% 9% 9% 9% RKO ... 4'. 4 Warner Bros 5% 5% Foods— Am Sugar 67 66% 67 67 Armour A 5% 5% Beatrice Cream 22%

Borden Prod ... 34% 34% 34% 35% Cal Parking ... . .. ... 23% Can Dry G Ale. 19% 19% 19% 19% Coca Cola 95 94 Cont Bak “A”.. 14% 14% 14% 14% Corn Prod 76% 75% Crm of Wheat 36% 36% Gen E'oods 37% 37 % 37% 36% Gold Dust, 23% 23% 23% 23 % G W Sugar ... 28% 28% 28% 28 Hershev ... ... 57 Int Salt 25% Loose Wiles ... ... 39% Natl Biscuit .... .. 55% 35% Natl I) Prod.. 22% 22 22 21% Pet Milk . 14% Purity Bak 21% 20% S Porto Rico Sug .. ... 34% 34% Std Brands ... ... 20% 19% United Fruit 60 00 1 2 Ward Bak “A" 16% Retail Stores— Ass Drv Goods 14% Best A Cos 25 Gimbel Bros ... 7% 6% 714 6% Gimbel pfd ... ... 27 Or tin Tea . 9% 9% 9% Hahn Dept Sts ... 5% 5% Kresge S S 15 14% 14% 15 Kroger Groc . . ..., ... 30% £O% Macy R. H 60% 1)8% May Dept Sts... 31% 31% 31% 40% Mont Ward .... 24% 24% 24% 23% Penny J C 40% 40% Safeway St ... 53% 53% Sears Roebuck . .. 35 35% Woohvorth 44% 44% 44 % 44% Aviation— Aviation Corp ... ... 12% Douglass Air 16 15% Curtiss Wright.. 3% 3% 3% 3% Curtiss Wright 'A' . . . ... 5% 5% Nor Am Av ... 7% 7% United Aircraft. 33% 33 33 32% Chemicals— Air Reduction... 86% 86% 86% 86% Allied Chem ... 18 116 Am Com Alcohol 33% 33 33 32% Col Carbon 60 59% 59% 59% Com Solvents. . 23% 23Vs 23% 23% Dupont 78% 77% 77% 76% Freeport Tex . . 37% 37% 37% Liquid Carb 33% 32 32 32% Math Alkali . 31% 31 31 31 Tex Gulf Sulph. 30% 30% 30% 29% Union Carbide . . 40% 39% 40% 39% U S Indus Alco.. 53 51% 51% 52% Nat. Distil 78'% 76% 77 79% Brugs— Coty Inc ... 6% 6% Drug Inc ... 54% 54% Lambert 37% 37'% 37% 36% Lehn A Fink 21% 21 Zonite Prod .... 6% 6% 6% 6% Financial— Adams Exp 11% 11% 11% 11 Allegheny Corp . 4% 4% 4% 4 Chesa Corp 40% 4040 39% Transamerica ... 8 7% 7% 8 Tr Conti Corp.. 8% 8% B', 8 Building— Am Rad 16% 16 16 15% Gen Asphalt 21 20% 20% 20% Int Cement . 34 33 1 2 Johns Manville. 53% 52% 52% 51% Libbv Ow ens G.. 29% 29 29 28% Otis Elev 24% 23% 23% 23% Ulen Const 5'% 5 5 5 Miscellaneous— Am Bank Note . .. . 23 22% Am Can 94% 83Vi 93 1 2 92% Anchor Cap. .... ... ... 20 20% Bklvn Man Tr 39 '4 39 Conti Can 63% 62 63 62 Eastman Kodak. .. ... 81 % 81 Owens 80tt1e.... 76% 76 76 75 Gillette 15% 15% 15% 15% Glidden 17% 17% 17% 16% Gotham Silk ... 15% 15% Indus Rayon .. 69% 67 67 65% Inter Rapid Tr ... 8% 9 Real Silk Hose 18 18% New York Curb (By Abbott, Hoppin A Cos.) —June 21— Close. Close. Alum Cos of Am 87 Irving Airchute. 6% Am Bev 2% Inti Ptrol 17% Am CPr A L B 5% Lake Sh Mines. 37% Am Cyan B. ... 13% Lone Star Gas.. IPs Am A For Pr.. 10% Mount Prod ... 6% Am GA El 45 Nat Bellas Hess. 3% Am Sup Pwr... 7% Niag Hud Pwr. 13% Ark Ntl Pr A.. 3% Pan Am Airways 42% Asso Gas A ... 2% Parker Rstprf.. 49% Atlas Ut Crn.. IT’s Pennroad 3% Braz Tr A Lt. 14% Pioneer Old mi 13% Can Marconi .. 2% St Regis Paper. 6 Cent. Sts Et 4 Salt Crk Prod.. 8 Cities Serv .... 5% Segal Lock 1% Com Edison . 7! Std Oil of Ind.. 32'a Cord 11% Std Oil of Kv.. 17 Deere A Cos ... 30 Stutz 17 Derby Oil 2% Translux 2% Eisler Elec .... 1% United Founders 2% E! Bnd A Sh.. 35% United Gas 4% Ford of Eng .. 4V, Un Lt A Pr A.. 7% Ford Mot. Can. 11% United Verde .. 4% Hud Bay Min.. 8% Wr Hargraves.. 5% Imperial Oil .. 12 I Liberty Bonds Bu United Pres* NEW YORK June 21.—Closing LibertyBonds 1 Decimals represent thirtv-second). Liberty- 3' 2 s ,32-47 102 24 Libertv Ist 4%s 1 32-47 > 102.16 Liberty 4%s ■ 33-38> 103.5 Treasury 4%s 1 47-52) . 110.5 Treasury 4s (44-54) 106 16 Treasury 3%s i46-56 105.2 Treasury 3%s >43-47) 102.15 Treasury- 3%s 1 41-43* March 102.11 Treasury 3%s (40-43 1 June 102.11 Treasury 3%s '46-49) 100.8 Treasury 3s (51-55) 98.31

Daily Price Index

By l nited Press NEW YORK. June 21.—Dun A- Bradstreet's daily weighted price index of thirty basic commodities, compiled for the United Press--11930-1932 Average. 100) Todav 93.32 Tuesday 93 22 Week ago 92.06 Month ago 87.46 Year ago 72.93 1933 High (June 21) 93.32 1933 Low 1 Jan. 20) 67.86 Ccpvneht. 1933 bv Dun <fc Bradstreet, Inc.

In the Cotton Markets

June 21 CHICAGO High. Low Close. anuarv 9 81 9.72 9 81 March 9 96 9 86 9 96 July 930 9 22 9 60 October 9 64 9 48 9 58 December ... 976 965 974 , NEW YORK January 9.78 9 66 9 75 March 9.94 9 81 9.91 Mav 10 09 998 10.06 JV V 9 30 9 16 9 27 October 9 57 9 44 9 54 December 9.71 9 59 9 70 NEW ORLEANS January 9,70 9 60 9 60 March 9 87 9 78 9 87 May 10.03 9 91 9 91 JUI. V w 927 913 924 December . 9 68 9 95 9.66 RAW SUGAR PRICES —June 21— High. Low. Close. Jfhuary 1.50 148 150 March 1.56 1 5* 1 55 May 1 60 1 59 1.60 i u -\ : 1.40 138 139 September 143 1.41 143 December 1.51 1 18 j SO

STOCK TICKERS LAG BEHIND AS PRICES MOUNT Slump of Dollar to New Lows Brings Flood of Buying.

Average Stock Prices

Average of thirty industrials for Wednesday, high 97 34. low 94 41 last 95.91, up 68. Average o ftwenty rails. 4a 39, 43 92. 44 39 up .17 Average of twenty utilities. 35.70, 34.51, 34.95. off .03. Average of forty bonds 84.78, up .02 Average of ten first rails, 89 76, off .05. A- erage of ten second rails, 71.07, off .03 Average of ten utilities. 92.57. off .10. Average of ten industrials, 85.71, up .24. BY ELMER C. WALZER United Press Financial Editor NEW YORK. June 22.—Prices advanced fractions to more than a point in 'lively trading at the opening of the Stock Exchange today as the American dollar sank to new lows since the United States abandoned the gold standard. Orders to buy flooded into brokerage houses overnight. Specialists bundled them into large blocks, but, despite this, tickers were unable to keep pace. Railroad shares were bought in large amounts with New York Central the feature. It opened at 40%, up 1%, anew 1933 high on a block of 6,000 shares. Chesapeake & Ohio and Southern Pacific each gained about a point. Others of the group made corresponding gains. United States Steel common opened 3,000 shares at 58ti, up 1% points. Steel reports continued to indicate sharp gains. Youngstown reported a rise in operations to 54 per cent, the highest rate since Nov. 1, 1930. That compared with 51 per cent last week and 21 per cent a year ago. Oil stocks, Wednesday’s features, moved into new high ground for the year today. Gains ranged to a point. Coppers were in demand. Utilities firmed up, as did communications, American telephone rising to 128, up 1 2 point. Mercantile issues were strong. Farm equipments continued to improve, with Case at 87y 2 , up 1%. General Motors rose % to 28% in the automobile division, where Chrysler was at 32%, up %, and Auburn Auto 66%, up 2.

Bank Clearings

INDIANAPOLIS STATESIENT —June 22 Clearings $1,396,000.00 Debits 4.191,000.00 TREASURY STATEMENT —June 22 Net balance for June 20 $1,007 142 898 41 Expenditures 10 727'965 77 Customs rects, month to hate 15.124.543.74

Investment Trust Shares

By Abbott. Hoppin & Cos. —June 22 . „ , „ Bid. Ask. American Bank Stocks Corp ... 1.29 147 American Founders Corp 187 200 American & General Sec. "A'’. 5.50 650 Basic Industry Shares 3 41 British Type Inv. Tr. Sh 93 1.66 Collateral Trustee Shares "A".. 475 512 Corporate Trust Shares (old) .. 2.55 Corporate Trust Shares (new).. 246 253 Cumulative Trust Shares 425 Diversified Trust Shares "A’’. 6.50 Diversified Trust Shares “B”. 8.50 887 Diversified Trust Shares “C’’. 3.25 330 Diversified Trust Shares “D”.. 5.00 512 First Insurance Stock Corp... 1.67 197 First Common Stock Corp .. . 1.24 141 Fixed Trust Oil Shares “A" . . 940 Fixed Trust Oil Shares B" 7.70 Fundamental Trust Shares "A" 442 447 Fundamental Trust Shares •B“ 4.24 447 Low Priced Shares 587 Mass. Inves. Trust Shares ..18.75 20 37 Nation-Wide Securities 3 65 No Amer. Trust Shares > 1953 1 2.02 No Amer Trust Shares 155-56) 2.59 285 Selected American Shares .... 2.76 280 Selected Cumulative Shares.. 7.00 715 Selected Income Shares 3.76 386 St. Amer. Trust Shares 326 332 I Super Amer Trust Shares "A". 3.10 .... Trust Shares of America 3.21 3 26 Trustee Std Oil "A" 5.50 600 Trust Std Oil "B“ 475 500 U S Elec Lt &■ Pw ' A" 16.00 Universal Trust Shares 3.22 3.27 New York Bank Stocks By Abbott, Hoppin & uo. —Junue 22 _ Bid. Ask. Bankers 63 63% Central Hanover 1.37 1 39 Chase National 31% 32 Chemical . . 4040% City National 48% 34% Corn Exchange 59% 61 Continental 16 16% First National 1.485 1,520 Guaranty 302 304 Irving 20% 21% Manhatten <V Cos 31 % 321, Manufacturers 18% 18% New York Trust 95% 97 NEW YORK COFFEE RANGE —June 21— RIO High. Low. Close. March 552 May 5,47 5.43 5.47 July 5.67 December 5.61 5.58 5.59 SANTOS March 7.65 7.60 7 64 May ’ 7.60 July 7.92 7.90 7.90 September .... 7 84 December 7.77 7.74 7.77

- THIS CURIOUS WORLD -

SMELL of the blossom of £••*:§!'■*Hy A STAPELLA PLANT IS ENOUGH to GIVE a\ost persons a H£ADAC/V£/ OEATBWALLEY CALIFORNIA,

DEATH VALLEY has little rain, but it is not always hot there. In December, Januarv and February. 1928-29, there were seventy - two consecutive days on which the temperature dropped to freezing, or below. But the valley does have plenty of heat at times,

THE INDIANAPOLIS TIMES

INDIANA STOCKS AND BONDS-

The following quotations do not represent ac’ual bids or offerings, but merely indicate the approximate market level based on buying and selling inquiries qr recent transactions. —June 22STOCKS Bid. Ask. Belt Rail A Stock Yards com 25 30 Beit Rail A Stock Yds Dfd 6% 45 aO Citizens Gas com 13 18 Citizens Gas Cos old 50 . . 61 67 Home TAT Wavne Dfd 7% 36' a 40% Ind A Mich Elec Cos pfd 7%.. 65 70 Ind Gen Service Cos Dfd 6%.. 60 65 Ind Hvdro Elec Cos 7% 20 25 IndDls Gas Cos com 40 45 IndDls Pwr A Lt 6% 64 69 Indpls Pwr ALt Cos pfd 6%% 68% 72% Indpis Water Cos Dfd 5% 87 92 No Ind Pub Serv Cos pfd 5% % 36 40 No In Pub Ser Ce 67 39 % 43% No Ind Pub Ser Cos 7% 40% 44% Public Serv Cos of Ind pfd 6% 17 21 Public Serv Cos of Ind Dfd 7% 37 41 South Ind Gas A El pfd 5% .. 52 56 Terre Haute Elec pfd 6'i... 39 44 BONDS Citizens Gas Cos 5s 1942 75% 80% Home TA W 5%s 1955 93% 97% Home TA T W 6s 1943 94% 98% Indpls Gas Cos 5s 1952 73 78 Indpls Rvs Inc 5s 1967 24 29 Indpls Water Cos 5%s 1952 95 99 IndDls Water Cos 5s 1960... 92 96 IndDls Water Cos 5s 1970 91% 95 >2 Indpls Water Cos 5%% 1953.. 97% 101% IndDls Water Cos 5%s 1954... 97 101 Kokomo Water Works. 1958... 72 77 Lafayette Tel Cos 5s 1957 81 85 Muncie Water Works 5s 1930.. 80 85 Richmond Water Works 1957,. 81 85 Terre Haute Water Wk 5s 1956 82 87 Terre Haute Wat Wk 6s 1949 91 96 Tractioti Terminal Cos 5s 1957.. 42 47

Joint Stock Land Banks

. , Bid. Ask. At anta 5% 38% 42% Atlantic 5% 45 49 Burlington 5% 35 39 California sr 54% 58% •Chicago 5% 24% 28% Dallas 5% 51% 55 1 2 Denver 5% 50 54 Des Moines 5% 45 49 First Carolina s*7r 34 38 First Ft Wavne 5% 50 54 First Montgomery 5% 38 42 First New Orleans 5% 46% 40% First Texas 5% 44 48 First Tr Chicago 5% s 52% 56% Fletcher 5% 68 72 Fremont 5% 49 53 Greenbrier 5% 47 51 Illinois Montlcello 5% 60 65 Illinois-Midwest 5% 41 45 Indianapolis 5 % 77 i Jpwa 5% 56 60 Lafayette 5% 50 54 Lincoln 5% 40 53 Louisville Maryland-Virginia 5% 63 67 Mississippi 5% 43 46i', New York 5% 46 i/ 50 ,f North Carolina 5% 39% 43% Oregon Washington 5% .... 37 41 Pacific Portland 5%... 44% 48% Pacific Salt Lake 57c 49% 53% Pacific San Francisco 5%.. 49% 53% Pennsylvania 5% 52 rb Phoenix 5% 67 71 Potomac 5% 45 50 *St. Louis 5% 24% 27% San Antonio 5 % ’... 541/, 501., •Southern Minnesota 5%.... 13 lfi Southwest 5% .... 41 45 Tennessee 57c 43 46 Union Detroit 5% '’ 45% 401 ■ Union Louisville s% 'sl 54 Virginia Carolina 5% . 43 47 Virginian 5% 52 rr •Flat.

Produce Markets

Delivered in Indianapolis prices: Hens, heavy breeds over 4% lbs.. 8c; Leghorns, 6c. Broilers: Colored springers, 1% lbs. up. 13c; springers (Leghorn), 1% lbs. up, 10c; barebacks, 7c; cocks and stags, 6c; Leghorn cocks and Leghorn stags, sc. Ducks, large white, full feathered and fat, over 4 lbs.. 4c; small and colored. 3c. Geese, full feathered and fat, 3c. Young guineas, 20c; old guineas. 15c. Eggs—No. 1 fresh country run eggs. Bc. Each full egg case must weigh 55 lbs. gross; a deduction of 10c per lb. for each lb. under 55 lbs gross will be made. Quoted bv the Wadlev Company. BY UNITED PRESS. CHICAGO, June 22.—Eggs—Market firm, prices % to %c higher: receipts. 15.869 cases; extra firsts, 12%®13c; firsts. 12® 12%c; current receipts. ll%c: dirties. 9%c. Butter—Market steady, prices unchanged; receipts. 14,647 tubs; specials, 23%®23%c; extras. 22%c; extra firsts. 21%® 22c; firsts 19%@20%c; seconds. 17@18%c; standards, 22%. Poultry—Market steady; receipts, 27 trucks; fowls, 10® 11c; Leghorn broilers, 11 ®l3c; Leghorns. 8c; ducks. j®9c; geese. 6%c; turkeys, 10®llc; roosters. Bc, broilers 1 4®17c; stags, lie. Cheese—Twins, 13<ii longhorns, 13%®13%c. Potatoes—On track, 219: arrivals, 103; shipments, 970; market firm; Oklahoma sacked cobblers, $2.20®2.35: Triumphs., $2®2.15' Arkansas sacked Triumphs, $2.25®2 35North Carolina barrel cobblers, $4.50. CLEVELAND. June 22.—Butter—Market steady; extras. 26%c: standards, 26%5. Eggs—Market firm; extras, 14%c; current receipts. 12c; extra firsts, 12' 2 c. Poultry —Market steady; heavy fowl, 10® 12c: medium fowl, 10® 12c: Leghorn fowl. 8® 10c; heavy broilers. 17®20c; Leghorn broilers, 13® 14c: ducks. 8® 10c; old roosters, Bc. Potatoes—No receipts.

In the Air Weather conditions at 9 a. m.: North-northwest wind, five miles an hour; temperature, 76; barometric pressure, 29.94 at sea level; general conditions, scattered clouds; ceiling, unlimited; visibility, eight miles. VISITOR NOTES CHANGES Indiana Different Now, Finds Head of Washington Prisons. “Indiana has changed,” said M. M. Barnard of Washington, general superintendent of the District of Columbia penal institutions. Wednesday, during a visit to Indianapolis. “The changes in Hoosier landscape in the last decade are more vivid to me, because of having spent so much time in the unchanging scenery of penal institutions,” he said. Barnard pointed out that all the woodlands which formerly skirted Indiana roads on both sides, now are gone, and that the space they occupied is being used for grain fields.

and held the world’s heat record from 1913 until 1922, with a • scorching temperature of 134 degrees. Next What President rebelled against moving into the White House?

CROP DAMAGE REPORTS SEND GRAINS HIGHER All Deliveries of Oats, Rye Hit New High Marks for Season. BY HAROLD E. RAINVILLE United Press Staff Correspondent CHICAGO. June 22. —Grain prices I advanced unevenly on the Board of j Trade today, the deferred months showing the greatest strength. December wheat, September and December corn and all deliveries of 1 oats and rye Veached new tops for j the season as the high temperatures returned to the northwest. Scattered rains in Canada acted as a restricting factor on Bullish sentiment. Undertone Is Firm Wheat opened to 1% cents higher, the latter on December which was 83’2 to 84 cents. Corn was to % cents higher, rye 3 4 to 1 cent up. Strength in cables | and in stocks were added factors. | Provisions were dull. | Fears of a return of high temperaj tures in the American northwest ; coupled with inflation ideas gives | the wheat market a firm undertone. | The winter w'heat crop is admitted- | ly short and with severe deterioration being reported in spring wheat, the huge carry-over is likely to be sharply reduced. Rain Needed in Corn Belt Liverpool responded slowly to the strength in North America Wednesday but was Ps to 1% cents higher at mid-afternoon. No complaints of damage have been heard from the corn belt as yet but the area has had very little rain and moisture is urgently needed in many localities. Crop complaints are becoming even more drastic as the oats crop progresses and only a nominal yield is promised in some sections. Prices for futures are around the year’s j high levels. Chicago Primary Receipts —June 21— I Wheat 014,000 Corn 975,000 ! Oats 420,000 ; Chicago Futures Range —June 22 Prev. WHEAT— High. Low. 10:00 Close. July 78 3 4 78% 78 3 4 72% Sept 81 80% 81 80% Dec 84 83% 83% 82% j CORN— July- 48% 48 48% 47% Sept 52 >2 52*4 52% 52 Dee. 56% 56% 56% 56% OATS— Julv 33%. 33% 33% 32% Sept 35% 35 35% 34% Dec 37% 37% 37% 36 RYE— July 66% 66% 66% 65% Sept 69% 69% 69% 69 Dec 73% 73% 73% 72% BARLEY— Julv 40 39% Sept 43 42% Dec 47% 46% CHICAGO CASH GRAIN By United Press CHICAGO. June 21.—Cash grain close: Wheat—No. 2 red. 77c: No. 2 hard. 76%c; No. 2 mixed. 75%c. Corn —No. 2 mixed, 44'4®44%c: No. 3 mixed. 41@41%c; No. 2 vellow. 46%%46%c: No. 2 yellow. 45%® 46%c; No. 3 yellow. 41(®44%c; No. 4 yellow. 40%W42c. No. 6 yellow. 38®39c: No. 1 white. 4614(®46%c; No. 2 white. 45%® 46%c: sample grade. 35®36c. Oats —No. 2 white. 32%®32%c: No. 3 white. 31%® 32c: No. 4 white. 31c. Rye—No. 4. 61c. Bariev —32®55c. Timothy Clover—sß® 12.75. TOLEDO CASH GRAIN By United Press TOLEDO. June 21.—Cash grain close: Grain in elevators, transit billing: Wheat —No. 2 red. 80® 81c: No. 1 red lc premium. Corn —No. 2 vellow. 50®51c. Oats—No. 2 white. 35%®36%c. Rye—No. 2, 68® 69c. Track prices. 28%c rate: Wheat—No. 1 red. 76%®77c: No. 2 red. 75%®76c. Corn —No. 2 yellow. 46®46%c: No. 3 yellow. 45® 45%c. Oats—No. 2 white. 32%®,34c; No. 3 white. 32®33%c. Toledo seed close: Clover—Cash, $7.75: October. SB. Alsike——Cash. $7.75: August. SB. Toledo produce close: Butter —Fancy creamerv. 26c. Eggs —Extras. 11 @ll Vic. Hay—Timothy per cwt.. 70c. ST. LOUIS CASH GRAIN" By United Press ST. LOUIS. June 21.—Cash grain close; Wheat in fair demand, lc higher on red and %c loyver to %c higher on hard; No. 2 red. 77%® 78c; No. 5 red. 70® 73%c, weevil, musty and damaged; sample red, 67%c. must, damaged; No. 2 red garlicky. 77c. light; No. 2 red garlicky, 76Vic; No. 1 hard, 78c: No. 2 hard. 76%c; No. 1 mixed, 77c, Corn in slow demand, unchanged to lc higher: No. 2 yellotv. 45%@46c; No. 5 vellow, 42%c; No. 6 yellow. 40%® 41. musty; No. 2 white. 48®48%c. Oats in sloyv demand. unchanged; No. 2 yvhite, 32%c; No. 3 mixed. 31c.

Indianapolis Cash Grain

—June 21— The bids for car lots of grain at the call j of the Indianapolis Board of Trade, f. o. b,, shipping point, basis 41% New York rate, were: Wheat—Strong: No. 1 red. 68@69c; No. 2 red. 67® 68c. No. 2 hard. 6566 e. Corn—Strong; No. 3 white. 39®40c: No. 4 white. 384/39c; No. 3 vellow. 36%®37%cNo. 4 yellow. 35%®36%c; No. 3 mixed, 35%®36%c; No. 4 mixed. 34%®35%c. Oats—Strong; No. 2 white. 28®29c; No. 3 white. 27® 28c. Hay if. o. b. country points taking 23%c or less rates to Cincinnati or Louisville) No. 1 timothy. $5.50® 6; No. 2 timothy, $5 ©5.50. —lnspections Wheat—No. 1 red. 1 car; No. 2 red, 3 cars. Total. 4 cars. Corn—No. 2 white. 1 car: No. 3 white 2 cars: No. 4 white, 3 cars; No. 2 yellow 3 cars; No. 3 yellow. 3 cars; No. 4 yellow' 4 cars; No. 5 yellow. 2 cars; No. 6 yellow' 1 car. Total. 19 cars. Oats—No. 2 white. 6 cars; No. 3 white 4 cars. Total, 10 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paving 67 cents for No. 2 soft red wheat. Other grades on their merits Other Livestock BY UNITED PRESS TOLEDO, June 22.—Hogs— Receipts. 250market 10c lower; heavy yorkers, s4® 4 40mixed and bulk of sales, $4.40; pigs and lights, $34/3.50; medium and heavies S4 ®4.40, Cattle Receipts, light; market steady. Calves Receipts, liah’; market steady: choice to extra. $5 ®0; fair to good. s4® 4.50. Sheep and lambs Receipts. light; market steady; spring lambs, 2)4 r n t. Bf/ Timex Special LOUISVILLE. June ?2.—Cattle—Receipts, : 250: action slow on grassy slaughter ! classes: market about steady; dry feds fully steady; bulk com—ion to medium grass steers and heiferz, 54®4.75- most I better finished fed kinds. ss® 5.50: bulk ! beef cows $2,254/2.75: low cutters and cut- j ters, $1,254/ 2: bulls. S3 25 down: bulk light . stoexers, $4.25® 4.75: common down to I around *2.75. Calves Receipts, 300' ; marxet steady: better grades. $3.50© 4medium and lower grades. $3 down Hogs —Receipts, 1,000; steady; 135-275 ibs ! $4 40: 275 lbs. up. $4; 140-185 lbs., $3 55; 140 Ibs. down 52.40: sows. 52.90: stags $lB5. Sheep—Receipts. 3.000. market not) fully established, but most early sales 25c ! higher at $7,254/7.50 for bulk ’ruck iambs and $7.75 for most choice long haul over- . night and rail kinds: a few strictly choice. ; $8: bucks mostly $6.25©6.75: common and ] medium light lambs. $4 504/ 5.50: fat ewes sl®2; stock ewes. $5.50® 7 per head' j Wednesday’s receipts calves. 944 hogs and 2.364 sheep. Wednesday's shipments—3o cattle. 171 calves, 265 : hogs and 2,412 sheep. TRUCK DRIVER HELD UP White Woman, Negroes Obtain S4B in N'orthside Robbery. A white woman bandit working with three Negroes robbed Ross Taylor, 260 Hendricks place, truck driver, of S4B, as he returned from making deliveries in the 5800 block, Forest lane. Wednesday night. Forcing Taylor into the rear of his laundry truck the bandits drove the truck into a lane off Sixtysecond street, east of Keystone ave- j nue, where they robbed him. 1

—Today and Tomorrow— J The Depression Clearly Has Revealed That There Is No Effective Market Co-Ordination. BY WALTER LIPFMANN

WHILE the industrial control bill was being debated in congress. Dr. Benjamin M. Anderson Jr., economist of the Chase National Bank, made an address in which he showed how difficult it would be for any central authority to plan and direct the economic life of this country. What Dr. Anderson had to say on this point would, it seems to me, be denied only by those who do not realize the extraor-

dinary complexity of the American eco^my. When he pointed out that “to regulate the business of a country as a whole and to guide and control production, there is required a central brain of such vast power that no human being can be expected to supply it,” he spoke the simple truth. When he said that such centralized control almost inevitably would produce political logrolling rather than genuine economic planning, he was on the same sure ground of experience. Admirably as were these observations, they do not, I think, take account of the real problem with which a modern industrial society like ours is confronted. Dr. Anderson's own view is that ‘‘the co-ordination of the multitudinous elements must be through the markets and not through a central brain or a central authority.” This does not seem to me to be very illuminating.

For it is an attempt to solve very real difficulties by offering us a choice between two unreal alternatives. It is unrealistic to the point of oeing wholly misleading to assume that “the co-ordination of the multi-

tudinous elements” now takes place through “the markets.” B B B has been more clearly revealed during the course of the depression than that there is no longer an effective “co-ordination” by “the markets.” That is why some prices have fallen so much less than others. The three years of the depression have demonstrated, I think, conclusively, that the modern industrial economy simply does not “coordinate” itself, as Dr. Anderson thinks it should, by the action of supply and demand . At a thousand vital points the system has become rigid through contracts, gentlemen's agreements, virtual monopolies, trade union rules, legislation and other devices for interfering with the law of supply and demand. Had that not been the case, the Chicago Stocks By Abbott, Hoppin & Cos. TOTAL SALES. 121,000 SHARES —June 21— High. Low. Close. Acme Steel Cos 35% Allied Products 22 21% 22 j American Yvette ... % Asbestos Mfg 5% 4% 5 j Assoc Telephone Util ... % Automatic Washer ... 1% I Bastian Blessing 12% 12 12% Bendix Aviation 18% 17% IBV2 j Borg Warner 18% 18' 4 18% i E L Bruce Cos ... 12 [ Butler Bras 5% 5% 5% Berghoff 17 16% 16% j Cent 111 Pub Serv pfd.. 26 ?4% 24% Cent Ind Power pfd ... 14% | Cent Pub Util % I Cent & So West 2% 2% 2% Cent & So West pfd 15% I Cent & So West P L pf .. ... 24% Chi & North Western .. 7% 7% 7% Chicago Corp com 4% 3% 4 Chicago Corp pfd 26% 26 26% j Chicago Yellow Cab ... 15% 15% 15% I Cities Service 5% 4% 5 Club Aluminum ... % Commonwealth Edison.. 69% 68% 69 Continental Steel 9% 9% 9% Cord Corp 11% 11% 11% Crane Cos ... 9 Crane Cos pfd 49 48% 48% Dexter Cos 4% Electric Household ... 12 1 4 Godchaux B 7% 7 7% I Goldblatt Bros 24% 24 24% | Great Lakes Aircraft .... ... 1% Great Lakes Dredge ... 17 Greyhound Corp 1% 1% 1% Grigsby Grunow 2% 2% 2% 1 Hall Printing 7% 7 7 I Harnischfeger ... 8 I Hormel & Cos ... 20% 1 Houdaille Hershey 8... 6 5% 6 Ind Pneu Tool 15% | Jefferson Elec ... 10 [ Kalamazoo Stove ... 31 [ Kellogg Switch com ... 5% j Kirsch Mfg pfd ... 60 j Libby McNeil 6% 6% 6% Lindsay Nunn Pub .... 4% 4 4% Lynch Corp 34% 32% 33 1 Marshall Field 15% 15V4 15% | McWilliams Dredging Cos . . ... 15_ I Mickelberrv's Food Prod 6% 6% 6% | Middle West Utilities.. % % % Midland United ... 1% Midland Util 7C4 A pfd 5% 4 4 Millpr & Hart pfd ... 20% Modine 15% 14V4 15 Muskegon Motor Spec A .. ... 7 Nachmann Springfield .. ... 8 National Leather 2% 2 2 National Securities Inv 2% 2% 2% I National Union Radio.. 2% 1% 1% Noblitt-Sparks Ind Inc 26% 26% 26% No Amer Li & Pow. 10% 10V4 10% Northwest Engineering.. 10 9% 9% Penn Gas & Elec 9% Perfect Circle 25'-s 25 25 i Prima Cos 28 25% 27% ! Process Corp 3% 3% 3->b i Public Service ... 30 Public Service N P 34% 32% 32% Public Service 6% pfd 64% 62% 62% Quaker Oats 127 Railroad Shares ... I'4 Raytheon V VT C R R, 6V4 Reliance International .. ... 4 Reliance Mfg Cos ... 17 Sears Roebuck 35% 34 35 Seaboard Utilities share 1 Standard Dredging Cos 3 Standard Dredg Cos pfd 4'4 4 4'4 Storkline Furniture ... 6% Studebabcr r.iail % % % Studebaker Mail A.... % % % Super-Maid 4% 4% 4% Swift & Cos .24% 20% 21 Swift Intemacional.. 31 29% 30 Teleph Bond & Share A . . ... 12 Thompson JR 13 12% 13 U S Gvpsum com 42 41% 42 U S Radio & Tel... 17% 16% 17 Utah Radio 2 Utility & Ind 2 s ? i Utility & Ind pfd 6% 6 6% j Vortex Cup Cos 9 8 8% Vortex Cup Cos A .... 25 23% 25 Wahl ... 1% Walgreen Cos com ... 18% 18% 18% Waukesha Motor 36 Wavne Pump Com ... 2 Wavne Pumn pfd 6 West PL & Tel A... 12% 12% 12% Wolverine Cement . 1% Zenith Radio 2 1% 2

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“markets" might have “co-ordinat-ed us rapidly and successfully to a new and lower price level, and we should have made our recovery by completing the deflation. So when Dr Anderson asks us to consent to being “co-ordinated” by “the markets.” he is not describing the world he lives in, but the imaginary world of the clasical economics. He seems to me to be equally unrealistic in assuming that the only alternative to this imaginary economy is an ecor.ou- - centrally planned and, centrally directed. Such centralized economy indeed would have all the vices which Dr. Anderson ascribes to it. But where is such an economy contemplated, except perhaps in Russia, and who that has any instinct for reality supposes that a system of controi, which may work in the simple and relatively primitive Russian economy among a people habituated to political absolutism, could be initiated in the United States? It does not seem to me to throw any valuable light upon our own problems to ask us to choose between Adam Smith on the one nand and Lenin on the other. B B B IS IT not possible, in fact, not altogether probable, that our own experience and our own needs may produce measures which difTer from those contemplated either by an eighteenth century thinker in Scotland or by a twentieth century revolutionist in Russia?, I do not think we have to choose between the devil and the deep blue sea, the frying pan and the fire, or between two systems which in relation to our own actual life are equally imaginary and equally unrealizable. Where and when direction and management are necessary, how car. they be organized, how far they must be carried, how made responsible, how kept informed and flexible—these are the nroblems which we shall be dealing with all the rest of our lives. Obviously measures like the farm and the industrial bills are at best only rough and tentative experiments in dealing with some phases of a vast problem that no one as yet understands. B tt B THERE are, I know, some who object to the idea of experinTenting with the solution of great problems. But their complaint on this score should be addressed to the universe to which man belongs, which has, and always has had, the unfortunate character of confronting men with problems and of not being finished, perfect, or stable. But having complained about what seems to me the false dilemma in Dr. Anderson’s reasoning, I must come back to what is the true wisdom of his argument. He is aware of the limitations of the human mind and of human energy, and nobody thinks effectively on public affairs who forgets these limitations. They are decisive in any program of human action. (Copyris!ht, 1933) CHICAGO FRUIT MARKET. By United Press CHICAGO. June 22. - Strawberries Michigan Premiers. $1.25® 1.50: Gibson's and Dunlap's. $1.25® 1.50; Wisconsin Premiers and Beavers. $1.50®2 Raspberries —lllinois Red Lathams. $2.50® 2.75' Indiana. $1.75® 2.50. Blackberries 16 pints, $1.50® 1.75; Indiana. $1.25® 175. Applies - Illinois Transparents, bushel. slso® 1.75. Onion Market—Texas, United States No 1, Crystals White waxed, bushel, $1.40® 1.50: Yellow Bermudas, bushel. $1.40® 150California, United States No. 1, Crystals White waxed, bushel. sl4o® 1.50; Yellow Bermudas, bushel, $1.40® 1.50

PAGE 13

SWINE STEADY TO NICKEL OFF AT CITY YARDS No Changes of Importance Made in Cattle Mart: Sheep Up. j Hogs were steady to 5 cents lower. I mostly steady, at ’he city yards this I morning. The bulk. 180 to 350 pounds, sold for 54.40 to 54 55. Early top held at $4.60. Weights of 13C to j 160 pounds sold for $3.75 to $4.15. Receipts were estimated at 9.000. Holdovers were 309 No changes of importance were | made in cattle. All classes held practically steady with the previous | range. Receipts were 900. Vealers ; were steady at $5 down. Calf receipts were 500. Early lamb trade was around 25 cents higher, most sales made at $7.75 down. A few sold up to $8.50. Receipts were 1.600. With trading slightly more active I than the previous session, asking on hogs at Chicago held around steady I to higher, while few scattered bids I were 5 to 10 certs lowtr than Wednesday's average. The bulk, 220 ! to 260 pounds, was bid in at $4.50. J Receipts were estimated at 27.000, including 11.000 direct: holdovers 4.000. Cattle receipts numbered 6.- ! °°o; calves, 2.000; market steady. ! Sheep receipts were 8,500; market unchanged. HOGS '/s* ne ' ... ToD - Receipts. ! 15. $4.40® 4.50 $4,60 7 000 I }g. 4.50® 4.60 4 70 8 000 17. 4 50® 4.60 4 65 4 000 ! 19. 4.40 4.50 4.55 12 000 20. 4.40® 4 55 4 55 12 000 1 21. 4.45® 4.55 4 60 loiooo 21. 4 45® 4.55 4 60 9,000 Market. Steady (140-160) Good and choice ..$ 4 00® 4.15 ... —Light Weights—--1160-1801 Good and choice . 435 tlßo-200) Good and choice 4 40'u 445 Medium Weights—--1200-220) Good and choice... 4 45® 440 (220-250) Good and choice 445 ./. 460 I —Heavy Weights—• >250-290) Good and choice 4 55® 460 i290-350l Good and choice.. 4 45. 455 i , —Packing Sows—--1 >350 down) Good 3 85'. 400 1350 UDI Good 37f 330 (All weightsi medium 3.5c®. 3 85 —Slaughter Pigs—-(110-190) Good and choice .. 3.00® 335 CATTLE Receipts, !>()(); market, steady. 1 (1.050-1,1001-Good and choice $ 5 25® 700 Common and medium 4 00®) 525 (1.100-1.5001-Good and choice 5 25® 7 00 Medium 4.25® 5.25 _ —Heifers—-(sso-750) Good and choice 4.75® 600 Common and medium 3 50® 4 75 (750-900) Good and choice 4 25® 575 Common and medium 3 25% 4.25 —Cows— £ ,ood 3 50® 4 00 Common and medium 2 75® 3 50 Good 3.50 a 4no Common and medium 2.75 ft 3 ,y> Low cutter and modiumm . 1 —Bulls (yearlings excluded' Good ib- efi 3 no® 350 Cutter, common and medium.. 2.00® 3.00 VEALERS Receipts, 50ft; market, steady. Good and choice $ 4 50® 5 00 Medium 3.00® 4.50 Cull and common 2.00® 3 00 ,250-500.- —Calves Good and choice 3 50® 4 50 Common and medium 2 00®. 3 50 /sen 077, Ffeder and Stocker Cattle—-(soo-800) Good and choice 4 75® 8 00 (800-TSOOI — mf,dium 3.00® 4.75 Good and choice 4 75® 6 00 Common and medium 3.00@ 4.75 SHEEP AND 1.A518S Receipts. 1,600; market, steady. ... ~ —Lambs. Shorn Basis—• '9o lbs. downi good * choice.s 6 50® 775 (90 lbs. down) com. mod... 4.50®. 650 —Ewes— Good and choice 200 ® 3 00 Common and medium 1 00®, 2.00 Other Livestock BY UNITED PRESS ')77mn CAG 9' J Junr 22 - Hogs Receipts, 27.000, including 11.000 direct; slow, weak to 10c lower than Wednesday 100-290 lbs *4.50® 4.55; top. $4 60; 140-190 lbs $3 50®’ P lf L s .' 3.25; packing sows. $3.65® 3.90; light lights, 140-160 lbs goori ,£ ho,ce - *3.50® 4.25; light eights. 160200 lbs., good and choice. $3.35® 4 5.5- medium weights, 200-250 lbs., good' and choice. $4.45® 4 66; heavy weights. 250-350 lbs., good and choice. $4 30'./ 100 ; packing SOWS- 275-550 lbs . medium and good. $3 40 ® 4.10; slaughter pigs. 100-130 lbs., good and choice. 53®3.50. Cattle Receipts 6 000; calves. 2.000. few early sales fed steers and long yearlings about steady best yearlings. $7 10; not much done, however, and most bids weak to 15c lower on better grades as well as medium to good steers; considerable beef m runshipper demand narrower then Weanesdav; most early steer sales, $5.25® 6 50light heifers and mixri yearlings steadybest heifer yearlings. S6; moderately active on grass cows and heifers: bulls fully steady: vealers. 25c or mo r e higherslaughter cattle and vealers. steers 550-900 bs., good and choice. $5.25® 7.25; 900-1 100 KOOd and choice, $5.25® 7 25; 1100L3OO lbs., good and choice $5 50® 7 25-IAgO-Lj’oo, lbs., good and choice. S5 25® ,b-1.300 lbs , common and medium, $3 do® 5.50; heifers. 550-750 lbs good and choice, ss®6; common and medium, .s3® s; m’SaV ‘k 0 ?-• ? 3 - 25 ' ,,4: common and medium’ s2__so® 3.25; low cutter and cutter. $1.75®) 2_>s: bulls, yearlings excluded, good beef e/?; 5 2 ; r„ cutte r- common and medium, $2 50® 3.50; vealers. good and choice $4 75 medium, $4.25® 4.75: cull and common, $2 50®%.25; Stocker and feeder cattle - 500-1,050 lbs., good and choice, $4.75®.6; common and medium $3.50®4 75 Sheep Receipts, 8,500: fairly active steady with Wednesday s best prices; early bulk good to choice native ewe and wether lambs, $7®7.50: best held higher, clipped Californias,as7.so, fed yearlings. $5.75®. . s^eu ?hter sheen and lambs, lambs, 90 lbs. down, good and choice, s7® 785 common and medium. ss® 7; ewes 90-150 lbs good and choice. $1.75® 3: all weights comf mon and medium. $1.25® 2 25. EAST ST LOUIS. 11l June 22 Hogs— Receipts. 9.500; market glow, teadv tr/ se, lower than Wednesday's average top S4 *>. majority 200-250 lbs, $4 50® 4 hi' few' 180-200 lbs.. $4.40® 4.50; L'o-160 lbs' S3 60® 4 25; sows. $3 65® 3. 85 Cattle Rei ceipts. 1.500. calves. 900. maiket steers 10® 15c higher; mixed yearling: and neifers steady to 15c higher; fat. kinds showing the advance: vealers 25c ugher with top at $5.25: other classes steady; steers, $5 15®6.25; mixed and heifer: ss®6 top heifers. Sft.3s; cows. $2.75® 3.50; low cuters. $1.50®2; top sausage i nils $2 85 Sheep Receipts. 4,000, market., lambs opened steady; few good and choice kinds on packer account. $7.50® 7.75; common throwouts largely $4 25, fat ewes, $1.50 ® 2.50. CLEVELAND. June 2.—Hogs— Receipts, 1 200; holdover none steady to 10 reni Tower: 160-300 lbs. $4 65, l.so lbs. down, $3 50® 3.75; sows. $3 50 CattleReceipts 300 slow, asking about steady; some interests talking lower medium to cutters to good cows around $175®3.50: good light.we'gh’ steer*. ss® 5.75 low occasionally $4 Calves- 400: stead-, good to choice vealers $5.50® 6, ’op $6 SO, onlyscattered available under $4 common to medium most frequently, *4 50®5. Sheep Receipts, 600 steadv: good to choice lambs. s7® 3, throwouts, $5.75® 6, yearlings scarce. EAST BUFFALO, June 22 Hogs on sale —-1.600; very li'tle done, odd sales 10c to 15c under Wednesday's average,. few 180 ibs.. $4 75 holding desirable 190 ’o 250 lbs., at So. Cattle—Receipts 250: grass steer trade slow, about stead-. : medium kinds, $5 25: common and cutterv descriptions downward to $5; cows unchanged: cutter grades. $1.85® 2.60. Cakes —Receipts 200: vealers barely steady good to choice, largely $6 common and medium. S4 75 /5.50. Sheep Receipts. 1.100: lambs 10c to 25c lower good to choice. carrying sprinkling of bucks, $8.25: medium and mixed weights $7.25 @7 85; throwouts downwaord to $7. PITTSBURGH June 22 —Hogs Receipts, 1 500: market mostly 10c loaer 170-270-lbs . $4 75 @ 4.90. 100-130 lbs $3 50®4; most packing sows. $3 50 downward Cattle Receipts. 15c mark-*- steadv Good steers quoted $5.65®6.40. good heifers. $5 ® 5 50 Sheep—Recelp’s 100 market steady. Better grade lambs at $7.50®8: good yearlings. $5 50 downward good aged wethers $2 50®2 75 LAFAYETTE, June 22 Hog market, steadv to 5 cents lower 225-300 Ibs $4 40 "4 45 300-325 lbs . $4 30 170-22.5 lbs., *4 20® 4 35: 140-170. lbs $3 75® 4 100-140 lbs. $2 75® 3 50, roughs $3 75 down too calves. $4: top lambs. $7 FT WAYNE June 22 Hogs—Market steadv 250-350 lbs.. $4 50 200-250 lbs, $4 40 170-200 lbs $4 30 140-170 lbs.. $4 100-140 lbs. $3 50® 3 65. roughs. $3 50; stags. $2 50. calves. $5 spring lambs. $7. Cattle market—Steers, good to choice, $5% 550 medium good. $4 30® .5, common to medium. $3.50® 4 50: heifers, good to choice. ss® 5 50: medium to good $4 50® 5: common to medium. S3 50® 4 50: cows, good to choice. s3® 3 50; medium to good. $2 30®3: cutter cows. s2® 230 canner cows, sl@2; bulls, good to choice. SS# 3.50. medium to good, 52.75&3.