Indianapolis Times, Volume 45, Number 47, Indianapolis, Marion County, 5 July 1933 — Page 9

JULY 5,1933 J

Victory of Exchange Over Allied Chemical Reflects Great Power of Institution. BY RALPH HENDERSHOT Time* Special Financial Writer

The New York Stock Exchange and the Allied Chemical and Dye Corporation have settled their difficulties over the presentation of the company's balance sheet to Its stockholders. While no official statement has yet been made which would indicate which side won, there is reason to believe the Exchange came out victorious. The question of which was the victor is an important one, not so much for its effect on Allied Chemical but because of its bearing on the general principle of furnishing important financial data to stockholders.

While the Exchange has been criticised in some quarters for taking up the fight for shareholders, its victory, if such it is, may be regarded as a victory for investors in general. Unquestionably the trend in,recent years has been more and more toward greater frankness between corporations and their stockholders. There was a time when company executives seemed to have the opinion that the concerns they headed were their own personal property and that they were responsible only to a group of directors who were in a position to exert control, but that attitude seems to be passing, although it Is still much too prevalent. a a tt Some Facts Should Be Kept Secret There are certain things concerning the operations and policies of a company which probably are best kept from stockholders, for to reveal them would be the equivalent of taking their competitors into their

Ralph Hendemhot

confidence. But there should be no sound reason for withholding information of any other sort, and it is well that the Exchange has seen fit to exert its influence in having it brought to light. Since the Exchange has assumed the position of policing the corporations whose shares are listed, it might be well for that body to give thought to the question of its responsibility. Powers invariably bring responsibilities, and it has proven its powers in the Allied Chemical case. The question arises as to whether it should be answerable to some governmental body for its acts since they are bound to affect such a large part of the public. o a a Exchange Wants No Supervision The Exchange has fought the idea of incorporation and governmental supervision for years. It has consistently maintained that its governing body as it stands is much more effective in keeping standards of business conduct on a much higher plane than would be possible under governmental interference or supervision, and a great many people who have made studies of its operations are inclined to agree. But there still remains the question of principle, especially so since it has begun to expand its executive control as it has in the case of Allied Chemical. It has reached out beyond the confines of its own member organization, and has told a private corporation how it should issue its balance sheets. The question of whether its acts in that respect, at least, now become a public matter would seem to warrant consideration. Should a corporation which wishes to have its shares listed on the Exchange be permitted to place the conduct of its affairs before a public tribunal for review, or should it be obliged to depend on the fairness of the Exchange itself?

New York Stocks

' (By Abbott. U •—-July 5 Prev. Oil* High. Low. lt:00. close. Amerada 39% 39 s * Atl Rfg 31% 31% Barnsdall - 10% 10 Consol 011 15% 15% 15% 15% Cont of Del ... 18 17% 17% 17% Houston mew).. . ... 7'% 7 Houston (old> ... 36% 36 36 36 MUI Cont Pet 14'% 14% Ohio Oil 17 Pet Corp 14% 14% Phillips Pet 16% 16% 16Vs 16% Pure Oil 9% 9 9% 9 Royal Dutch 33% Bbd Oil ... 32% Shell Union 10% 10% 10% 10% Simms Pet ... 11% 11% Skelley Oil 9% Soc Vac 15 14% 15 14% SO of Cal 39% 38% 38% 38% S O of Kan ... . ■ 23 SOof NJ. 40 39% 39% 40 Sun Oil 44% Texas Corp ... 26% 28% Tidewater Assn. 10% 10% 10% 10% Un Oil of Cal 22% 21% Am* Ron" Mills... 27% 26% 26% 27% Beth Steel 46% 45% 45% 46% Byers AM. ■ 32% 32% 32% 32% Col Fuel & Iron 16% Cruc Steel 26 Gulf Sts Steel 33 Inland Steel Ludlum Steel 18 * McKeesport Tin. .. ... Natl Steel 54% 54 54 54% Rep Iron it Steel 20% 19% Rep Iron & St pf • ■ 47% U S Smelt , 56% 55% Vanadium 29 28% 28 4 -84 U S Pipe & Fdy 22% 21 < U S Steel 62% 61% 61% 62% U S Steel pfd .. . . 102% 101% Youiqptn S & T 32% Atchison 73% 72% 72% 73 Atl Cst Line 49% 49% Bft O 35% 35 35 32% Con Pac 19% 19% 19% 19 Ch ft Ohio 44% 44 44 43% Chi A Ot W % 5 % C M ft St P ..... 6% 6% CM& St P pfd 11% 10% 11 11 Chi N W 10% 10% 10% 10 Chi R Is 0% 8% 8% 8% Dela ft Hud 90% 89% 90% 91 Erie 22 214* 22 22 Or* Northern 27% 27% 111 Central 38% 35% K C Sou ... • • • 19% Lou ft Nash 59% 59% 59% 59% MK & T • 15% 15% Mo Pacific 6% 6% 6% ... Mo Pac pfd 10% 10% 10% 10 N Y Cent 51% 50% 50% ... N Y Chi ft St L 20% N Y Ch ft St L p .. . . 29 26 N Y New Haven 31% 31% N Y Ont ft West 13% Norfolk & West.. . . 168 168 Nor Pac 29% 28 28 28% Penn R R 36% 36% 36% 36% Reading ... ••• 62 Sou Pac 35 33% 33% 34% Sou R R 27% 27% 27% 27% Union Pac •••., 129 . 131% Wabash 6% 6% 6% 6% W Maryland.... 13% 13% 13% 13% MOTORS— _ . Auburn 70% 69% 70% 69% Chrysler 38% 37% 37% 34% Gen Motors .... 31% 31% 31% 31% Oraham Mot 4% 4 Hudson 12% 12 3 Hupp 6% 6% Mack Truck ... 44 44 Nash 25 24% 25 24% Packard 6 5% Reo ••• 5 . 4 s Studebaker 6% 6% 6% 6% Yellow Truck... 6% 6% 6% 6% Motor Access— Bendtx ...... 19% 19% 19% 19 3 4 Bohn Alum 53 Borg Warner .... ... 21 Briggs i2% 12% 12% 12% Budd Wheel 5% 5% 5% 5% Eaton Mfg , •■ ■ 14% 14% Elec Auto Lite. . 25% 25% 25% 20% Houd Hershey .... . 5% 5% Mullins Mfg ... 9% 9% 9>j 9% Murray Body ... 11% 10% Stew Warner . . 7% 7% Timken Rol .... 35 34 34 35 Mining— Alaska Jun 2m 20% 21% 21% Am Sm"lt ...... 38 37% 37% 36% Anaconda 19 18% 19 18 3 4 Cal ft Hecla 8% 8% Cerro De Pasco 27% 27% 27% 26% Granbv 14% 14% 14% 14 Gt Nor Ore 14% 14% 14% 14 Howe Sound ... 24*4 24% Ins Copper .. . 9 8% Int Nickel . 20% 20% 20% 20 Isl Creek Coal.. . ... ... 29'2 Kennecott Cop.. 23% 22% 22% 22% Noranda Cop. . 30% 29% 29% 30*4 Phelps Dodge 15% 15% 15*2 15% Pitts Cool 18% Tobaccos — Am SnulT 46% 46 Am Sum Tob 15 Am Tobacco 88% 89 Am Tob (B>. .. 92% 92** 92% 91% Gen Cigar 44% 44% Lig & Myers tBl 91 94 Lorrillard 23% 23% 23% 23% Reynolds Tob B 46’* 45% 46% 45% Equipments— Allis Chalmers.. 22% 22% 22% 22% Am Car it Fdv 36% 36% 36% 36 Am Loco . 38 38% Am Mach A: Fdv 22% 22 22% 22 Am Steel Fdy. 24% 24% 24% 24% Bald Loco 16 s * 16% 16% 15% Burroughs 20% 20% 20% 20 4 Case J 1 96 95% 95% 95% Cater Tract 25% Colgat Palm Peet ... 19% Congo'uem 181" Elec Stor Bat 47% 47% Foster Wheeler, 20 19% 19% 19% Gen Am Tank C 41% 4! 41 41% Gen Elec 26*4 26 26 25% Oen R R Stg ... 46 45% 45% 44% Irtgsol Rand 71 Int Bus Mach .. . 13g Int Harvester.. 43% 42% 42% 42% Kelvinator ... . ji 1' Natl Cash Reg.. 21% 21% 2i% 21% Proc A- Gamble 43j* Pullman Inc 55 Simmons Bed Und Elliot 38 39 West Air B ... 34 33% 34 53% West lngh Elec.. 50% 49*4 49% 50% Worthington Pmp 36 Utilities— Am & For Pwr 18% 18% 18% 17% Am Power * Lit 15 14% 14% 14% A T * T 131% 130% 130*4 131% Am Wat Wks 3,4* Brook Un Gas ‘ 4% Col Gas & Elec 26% 25% 25% 25% Col G A E pfd. .. . 80% Com & Sou .. . 5 4% 4% 41. Consol Gas . . 60% 59*4 60 60% Elec Pwr A Lit ! 4% 4% 4% Consol Gas .. 60% 58*. 60 60% Elec Pwr it Lit 14% 13% 14% 133? E P At L Dfd ... Int TANARUS& T 20S 20 20 26 Lou O% E A ... ... 22s Nat Pwr A: Lit. 10 lg* 18 1 , isH North Amer ... |4H 341; 34N, 34* Pac O A E 29 s * Pub Per* N J 65*. 551’ 8° C.l Edison . 26 25% 26 26 Btd Gas 20% 19% J# % ~■ 3td Gas pfd 21% United Corp ... 13% 13% 13% 13% Un Gas Imp ... 23% 22% 25% 22% Ut Pwr it Lit A 74. 7% 7% 7% Firestone 25% 24% 24% 25

Wall Street-

>DDin & Cos.) Goodrich 18 17 17 i73i Goodyear 39% 39 y* 39% 39' U S Rubber ... 15% 15V* 15% 15% U S Rub pfd 29% 29 V* Kel Spring 4% 4% Amusements— Crosley Radio 12V* 12! ■ • * •. ... 3 % 3 1 * Loews Inc 24% 24 24 24% Radio Corp io% 10V* 10% 10% RKO 4V* 4\ 4i/ a 4% Warner Bros ... 6% 6 3 /* 6% 6% Foods— Am Sugar 67 66 3 /* 66% 67% Armour A 6 1 /* 6% 6V* 6% Beatrice Cream 26% 26% Borden Prod ... 39% 36% 37% 36% Cal Packing 26 25% 15% 25V* Cana Dry G Ale 26 25% 26 25% Coca Cola 100 100 Cont Bak A 1534 453* Corn Prod 81% 82 Crm of Wheat 34 34 Gen Foods 38% 38% Gold Dust 26% 25% 25% 25% G W Sugar 31 % 31 Vs 31% 30% Hershey 5g% 573, , Int Sal * 25% 24% Loose Wiles ... . . 40% Natl Biscuit 58% 58% Natl D Prod . .25 24% 24% 24% Purity Bak 22% ... S Porto Rico Sug . ... 35% .. Std Brands 27% 27 27 27% United Fruit ... 64 63% Wrigley 49% Retail Stores— Asso Dry Goods. 15% 15% 15% 15% Best &Cos 29% 29*8 Gimbel Bros 7a* Cir Ull Te* 10% 10% Hahn Dept Sts 8y 7% 7% 7% Jewel Tea 42% 41 Kresge S S 15% 15% 15% 15% Kroger Groc ... 334* 33% 33% 33% Mcy R H ~ ... 64% 64 May Dept St 3i V* 31% Mont Ward 28% 27% 27% 27% Penny J C 45% 4,6% Sears Roebuck. 43% 43% 43% 43 W’oolworth 48% 47% 48 y* 47% Aviation— Aviation Corp ... 13 12’/* 12% 12% Douglass Air... 17 16% 17 16% Curtiss Wright.. 3% 3% 3% 0% Curtiss Wright A 5% 5% Nor Am Av ... 7% 8 United Aircraft. 37% 38% 37% 37% Chemicals— Air Reduction 93% g 4 Allied Chem ...130 128 128 133% Am Com Alcohol 40% 40% 40% 40 Col Carbon 70% 70 70 69% Com Solvents ... 29 29% DuPont 82 30 y* 80 Vi 82% Freeport Tex... 38% 38 V* 38% 38 Liquid Carb 39% 39% Math Alkali 33% 33 33 33% Tex Gulf Sulph 34% 34 Union Carbide.. 44% 43V* 43V' 43’/* U S Indus Alco. 65% 64% 64% 64 Nat Distil 102V* 99% 99% 100% Drugs— Cotv Inc 7% 7% 7% 7Vi Drug Inc 59% 59% Lambert 38% 38 38 37% Lehn & Fink 22 21% Zonite Prod ... 7 7 Financial— Adams Exp.,... 12% 12% 12% 12% Alleghany Corn.. 5 4% 4% 4% Chesa Corp 45% 44% 45% 43% Transamcrlca 8 8 Tr Conti Corn 8% 8% Building— Am Radiator... 8% 8% 8% 8% Gen Asphalt 21 20% Int Cement ... 37% 36% 36% 37% Johns Manville. . 53% 53% 53% 53 Libby Owens Gls 33 32% 32% 33 Otis Elev 22% Ulen Const 5 4% 5 4% Miscellaneous— Am Bank Note.. 25% 25% 25% 25% Am Can 95% 94% 94% 95c, Anchor Cap . 23% 23% 23% 23% Brklvn Man Tr 391. Conti Can . 63 62 % 62% 63% Eastman Kodak 85 84% Owens Bottle 89% 89% Gillette 15% 15% 15% 15% Olidden 17 16% 17 16% oGotham Silk 16% Indus Ravon 70% 70 70 72% Inter Rapid Tr 9% 8% 8% 8% Real Silk Hose . 17% 17% 17% 18%

Investment Trust Shares

(By Abbott. Hoppin & Cos.) —July 3 Bid. Ask. American Bank Stocks Corp 124 141 American Founders Corp 1.87 200 American & Gentral Sec iA> . 550 6.50 Basic Industry Shares 3 51 British Type Inv Tr Sh 85 .95 Collateral Trustee Shares (A)., 5.00 5.37 Corporate Trust Shares told >.. 233 Corporate Trust Shares (new).. 2.51 255 Cumulative Trust Shares 415 Diversified Trust Shares iA)... 650 Diversified Tr Shares (B> 875 900 Diversified Tr Shares (C) 345 352 Diversified Tr Shares iDt 537 587 First Insurance Stock Corp.... 164 193 First Common Stock Corp 127 145 Fixed Trust Oil Shares (At.... 925 9.40 Fixed Tr Oil Shares iß> 790 805 Fundamental Trust Shares (At 4.54 460 Fundamental Tr Shares i8)... 433 450 Low Priced Shares 6.12 Mass Inves Trust Shares 194 2is Nation Wide Securities 3.75 . No Amer Trust Shares (19531N 192 No Amer Tr Shares (55-56' 260 2.90 Selected American Shares 2 85 Se,ected Cumulative Shares . . 727 737 Selected Income Shares 388 398 Std Amer Tr Shares 310 3.16 Super Amer Tr hares iA> 3 12 Trust Shares of America 330 340 Trustee Std Oil iA > 550 575 Trustee Std Oil B 490 5,15 U S Electric Light A- Pwr (A) 16 25 ... Universal Trust Shares 327 337 Liberty Bonds By Z'nlird Press NEW YORK. July 3.—Closing Liberty bonds: (Decimal* represent thirtv-sec-onds). Liberty 3> 2 s (32-47) 102.24 Liberty Ist 4*„s (32-47) 102 7 Liberty 4th 4>,s (33-38) 102 31 Treasury 4>s (47-52) 110 12 Treasury 4; i44-54> 106 27 Treasury 3 J 4 s (46-56) 105T1 Treasury 3s (43-47) 102 20 Treasury 3\s (41-43• March 102.14 Treasury 3Ss 140-43 i June 102 17 Treasury 3's (46-491 100 10 Treasury 3s (51-55) J 95 INDIANAPOLIS WAGON WHEAT City grain elevators are paving 87 cents for No. 2 soft red wheat. Other grades on their merits NEW YORK RAW SUGAR FUTURES . High. Low. Close January I.fO 159 1.59 March 1 65 1.63 1.64 Mav 1.69 1.67 1 68 J'llV 1.50 1.46 1.48 September 1.51 1.49 1.61 December ;.59 1.57 1.57

STOCKS SHOW UNEVEN TREND IN FAST TRADE Profit Sales Work Against Weakness in American Dollar.

Average Stock Prices

Average of thirty Industrials for Monday .high 104 98. low 101.64. last 103.77 HP, 2 - 8 ? Average of twenty rails. 53.58. 50 54 53 38 up 3.30 Average of twenty utilities 36.95. 35 IS. 36 45, un 1.52. Average of forty bonds 86.74. un .34 BY ELMER C. WALZER United Fre Financial Editor NEW YORK, July s.—The stock j market opened irregularly higher today in a heavy volume of trad- j ing. Further weakness in the American dollar served to aid bullish j forces, but profit-taking caused some issues to sag below their Monday! closing levels. This particularly was true in the chemical shares, where Allied Chemical, at 1,300 shares, opened at 130, off 3% points. Rails again were active with gains and losses both being shown among the leaders. Baltimore & Ohio opened at 35*2 on 3,000 shares, a new high for the year, at a 3-point gain. Delaware and Lackawanna (lost at 43; Canadian Pacific advanced to anew high for the year at 19%, up Pennsylvania lost \ at 36%; Union Pacific lost 2% at 129, while Chesapeake & Ohio advanced % to anew high for the year at 44. American Telephone opened unchanged at 131 Vi, while United States Steel common showed a Vi point gain at 62%; Union Carbide was up % at 44; Bethlehem Steel gained % to 46%, and American Can gained Vi at 95%.

Bank Clearings

INDIANAPOLIS STATEMENT —July 3 Clearings $2,396 000.00 Debit 1,431,000.00 New York Curb (By Abbott, Hoppin <St Cos.) —July 3 Close; Close. Alum Cos of Am 92 jlntl Ptrol 18% Am Bev 3% Lake Shore Mi 39% Am C P & L B 5% Lone Star Gas.. 10% Am Cyan B .. 14% Mount Prod ... 5% Am & For Pwr 12%.jNatl Bellas Hess 4% Am Gs & E 1... 46 Niag Hud Pwr.. 13 1 /* Am Ship Pwr .. 7% Pan Am Airways 46 Ark Ntl Pwr A 3 Parker Rstprf... 50% Ass Gas A .... 2>/ 8 Pennroad .... 4 Atlas Ut Crp .. 18%SPioneer Gld Mi 13 Axton 62%>St Regis Paper.. 5% Braz Tr & Lt.. 16 jSalt Creek Prod 8 Can Marconi ... 2%;Segal Lock 11% Cent Sts El ... 3%;std Oil of Ind. 32V* Cities Serv 4% Std Oil of Ky. 17% Commn Edison. 67 Stutz 17% Cord 12%iTranslux 2% Derby Oil 2% United Founders 2% Eisler Elec .... lViiUnited Gas ... 4% El Bnd & Sh.. 34%Un Lt & Pwr A 7% Ford of Eng ... 4%:United Verde ... 5 Ford Mot Can 13%'Util Pwr & Lt 2% Hudson Bay Min B%,Woolworth Lmtd 17% Imperial 0i1... 14%,Wright Hargrave 6% Irving Airchute. 6%|

In the Cotton Markets

—July 3 CHICAGO . High. Low. Close. Japuary 11.00 10.95 10.95 March 11.17 11.08 11.08 May 11.30 11.26 11.26 July 10.38 October 10.87 10.65 10.68 December 10.97 10.85 10.85 NEW YORK. January 11.04 10 85 10.85 March 11.19 10.98 10.98 May li.U July 10.50 10.25 10.25 October 10 82 10.61 10.61 December 10.96 10.76 10.77 NEW ORLEANS January 10.90 March 11.05 10.97 10.97 May 11.22 11.07 21.09 July 10.28 October 10.75 10.58 10.60 December 10.90 10.75 10.77

Indianapolis Cash Grain

—July 3 The bids for car lots of grain at the call of the Indianapolis Boatd of Trade, f. 0. b.. shipping point basis 41% New York rate, were: Wheat—Strong; No. 1 red. 87@88c; No. 2 red. 86© 87c; No. 2ahrd, 84@85c. Corn—Strong: No. 3 white. 48%@49%c; No. 4 white. 47%© 48%c; No. 3 yellow, 46% © 49%c; No 4 yellow. 45%<5 46%c; No. 3 mixed. 45%©46%c; No. 4 mixed, 44%(g 45%c. Oats—Strong; No, 2 white 41@42c; No. 3 white. 40<&41c. Hay—Steady. (F. o. b. country points taking 23%c or less rates to Cincinnati or Louisville 1. Timothy No. 1, $5.50®6; No. 2 timothy, [email protected]. —lnspections Wheat—No. 1 red, 1 car; No. 2 red. 3 cars: No. 3 red, 1 car; No. 5 red, 1 car; No. 2 mixed, 1 car. Total, 7 cars. Corn—No. 1 white, 5 cars; No. 2 white, 11 cars: No. 3 white 9 cars; No. 4 white. 3 cars; No. 5 white, 1 car; No. 2 yellow, 14 cars; No. 3 yellow, 17 cars; No. 4 yellow, 8 cars; No. 5 yellow. 1 car: No. 6 yellow, 1 car; No. 2 mixed, 1 car; No. 4 mixed. 1 car; sample mixed 1 car. Total, 73 cars. Chicago Primary Receipts —July 3 Wheat 1,922.000 Corn 1.696.000 Oats 489.000 „ CHICAGO CASH GRAIN By Lniled Pr<:gn ..CHICAGO, July 3.—Cash grain close: Wheat—No. 2 hard. 97%©'97%c: No 2 northern. 96%c; No 2 mixed. 96c. CornNo 2 mixed. 52%54c; No. 3 mixed 53® 53%c: No. 6 mixed, 44(a44%c: No. 1 yellow--55®55%c: No. 2 yellow. 54%®55%c:' No. 3 yellow, 53%C154%c: Np. 4 yellow, 51%c: No 5 yellow. 50©50%c: No. 6 yellow, 44® 46%c: No 2 white. 55©55%c: No. 6 white 44®46c. Sampie grade. 30® 46%c.Oats— No 2 white. 46%®47c; No. 3 white. 46® 48' 4 c: No 4 white. 44©45c. Rye—No sales Barley 4i©7oc. Timothy Clover—sß®ll.7s. 4ta-,u '

. ST. LOUIS CASH GRAIN B'i l/ tin fed Press ST. LOUIS. July 3—Cash grain—Wheat: In good demand. 4 to 5 cents higher: No l re ?' nr' IU J 101X0 2 red - 98>2C<J*1: No. 3 red 99c($l; No. 4 red. PB' 2 c: No. 2 red ?L rll u k v7. h *avy; No 4 red garlicky, 96c, light; No. 5 red. garlicky. 91c, heavy No. 2-red. smutty. 97> 2 c; No. 2 hard. 51.0'2 nominal: No. 1 mixed. $1.02> 2 . hard: No. '■ mixed, 61. Corn—ln good demand. 2c higher. No. 2 mixed. 56c; No. 3 mixed. No. 1 yellow. Se’xfcSlc; No. 2 yellow. 5b056 3 4 c: No. 3 yellow. 54Vff55> 2 c; No. 4 yellow. 54 , 2 (ffissc: No. 5 yellow. 52c: No 1 white. 57c: No. 2 white. 57> 2 c: No. 4 white. 56c. Oats—ln good demand, higher: No. 2 white. 47‘ 2 c; No. 3 white. 4 ! 2 c: sample white. 46c heating musty: No. 3 mixed, 46c; No. 2 red. 47c. TOLEDO CASH GRAIN By Z nited Press TOLEDO. July 3.—Grain close: Grain in elevators, transit billing: Wheat—No. 2 red. 61.00i5: No. 1 red. lc premium. Corn —No. 2 yellow. 59> 2 4i60'4c. Oats—No. 2 white, 504; 51c. Rye—No. 2 79>y80' 2 c. Track prices. 28'- 2 c rate. Wheat—No. 1 red. 974i 98c; No. 2 red. 964i97c CornNo. 2 yellow. 55®56c No. 3 vtllow, 54 g. 55c. Oats—No. 2 white. 47®48> 2 c- No. 3 white. 56 , 2 ®47 1 2 c. Toledo close: Clover—Cash. 57.75; October *B. Alsike— Cash. 57.75: August. *B. Toledo produce close: Butter—Fancv creamery. 28®29c. Eggs—Extras, 14(&14v 2 c. Hay—Timothy per cwt.. 70c. NEW YORK COFFEE FUTURES —RIO—- . High. Low. Close. January 5 78 March 5.78 5.75 5 78 Mav 5,83 5 80 5 80 Julv 5.80 5.75 5 80 September 5 go December 5.83 5.78 5 78 SANTOS January 7 gg March 7.87 7 82 7 87 Mav 7 85 7 82 7 85 July 8 10 8.07 8 07 September 7.97 7 94 7 gg December 7.92 7 82 7.92 CHICAGO FRI'IT MARKET By rnited Press CHICAGO. July 5 Apples—lllinois Transparent*, bushel Slnl.lS. Raspberries —lllinois. Indiana and Michigan Reds 31.50&1.75: Indiana and Michigan Blackcaps 604465 c. Cherries—Michigan sour. 50oi7Sc; sweet, *l*jl 35 Gooseberries— Michigan, 75® 90c. Currents—Michigan, 16 quarts. IlsilJO, Onion Marketi -Texas—United States No. }. Crystals White waxed, bushel 61.504* 1 60: California. United States No. 1 yellows. 11.25® 1.40.

THE INDIANAPOLIS TIMES

Chicago Stocks .... . . By Abbott. Hopptn & Cos. TOTAL SALES 121.800 SHARES —July 3 High. Low. Close. Abbot Lab 36 Acme Steel Cos 37% Adams Royalty —_ A Am Pub Serv pfd 10 8% 10 Asbestos Mfg 4% 4*2 4V* Associated Te & Te 7% 7 Assoc Telephone Util ~ „ % Associates Inv Cos 45 43% 44 Bastian Blessing 13 12% 12% Bendix Aviation 19% 19 19% Borg Warner 21 £O% 21 Brown Fence & Wire B . ... 3% Butler Bros 5% 5% 5% BerghofT 17 16% 16*2 Cent 111 Pub Ser pfd.... 26 25 26 Cent 111 Securities pfd 6% Cent Pub Ser Cl A % Cent Pub Util ... % Cent & So West 3% 2% 3V* Cent & So West pfd.... 18 16 17 3 Chicago Corp com 4'/* 4 4% Chicago Corp pfd .. .29 ?8% 28% Chi Rap Tran Pr pfd A .. ... 10 Cities Service 4 T/ 4** 4% Commonwealth Edison.. 68% 65 67 Cord Corp 12% 12V* 12% Crane Cos HV2 10V 2 11 Crane Cos pfd 53 52 52 Dexter Cos 8% 8 8% Eddy Paper Electric Household 12 11% 12 Godchaux B 6% Goldblatt Bros 26 25% 26 Great Lakes Aircraft .. IV* IV 4 1% Great Lakes Dredge ... 18% 18 3 * Greyhound Corp 1% IV* 1% Grigsby Grunow 2V 2V* 2 5 * Hall Printing 7 3 / 7% 7% Harnischfeger 10 Hart Carter pfd Houdaille Hershey B 5% Ind Pneu Tool 16 Iron Fireman 8 Jefferson Elec 9Vi Kalamazoo Stove 30 29V* 30 Katz Drug 24% 24 1 * 24% Keystone Steel 15 13 15 Libby McNeil 6% 6 6% Lincoln Printing ... IV 2 Lindsay Nunn Pub ... 4 Lion Oil Refining Cos ... 6V 4 6 6V* Lynch Corp 33% 32% 33 Marshall Field 18 17'/2 17% Mickelberry's Food Prod 7 6% 6% Middle West Utilities... V* V 2 % Midland United IV* 1 1 Midland United pfd.... 2% 1% 1% Muskegon Mot Spec (At 6% 6 6 National Leather 2% 1% 2% National Standard 22 National Union Radio.. . ... 1% Noblitt-Sparks Ind Inc 28% 27% 28% No American Car 6V2 5% 6% Northwest Bancorporatn 9 814 9 Perfect Circle .. 24% Prima Cos 28% 27 27% Process Corp ... 4% Public Service 32% 32% 32% Public Service N P 35 3 4 33 33 3 /* Quaker Oats 138 Quaker Oats, pfd ... 115 Railroad Shares 1% IV* 1% Reliance International.. .. ... 4% Reliance Mfg Cos 17 16% 17 Rverson & Son 19 Seaboard Utilities Shares. % V 4 % Sears Roebuck 43 Vs 40V* 43% Southern Union Gas.... Vi % Vi Standard Dredging Cos 3 Studebaker Mail Vi % V* Studebaker Mail (A).... Vs % Vi Super-Maid 4% 4 4 Swift &Cos 21 20% 20% Swift Internacional 30 29% 30 Thompson JR 13 12 Vi 12% U S Radio & Tel 20 19% 19%

Daily Price Index

By United Press NEW YORK. July I.—Dun & Bradstreet’s daily weighted price index of thirty basic commodities, compiled for the United Press; (1930-1932 average, 100) Today 99.81 Friday 98.25 Week ago - 94.87 Month ago 91.00 Year ago 72.71 1933 high (July 1) 89.81 1933 low (Jan. 20) 67.86 (Copyright, 1933, Dun & Bradstreet, Inc.)

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 leathered 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 lresh country run eggs. 10c. 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. Butter—No. 1. 24® 25c; No. 2. 22®23c. Butterfat—l9c. Quoted bv the Wadlev Company BY UNITED PRESS CHICAGO, July 5. Eggs Market, steady; prices unchanged to Vic lower; receipts. 20,587 cases; extra firsts, 14%®. 14 3 4c: firsts, 13%©14%c; current receipts, 11%(g12%c; dirties, 10%c. Butter—Market, unsettled, prices unchanged to Vic higher; receipts, 21.892 tubs; specials, 25*2©26c; extras. 25’ic; extra firsts. 22® 23c; seconds, 19®21c; standards, 25%c. Poultry—Market, steady; receipts 20 trucks; fowls, 11 Vic; Leghorn broilers, 10%@12c; Leghorns, 9c; ducks, 6© 10c; geese, 6%c; turkeys, 10©.llc; roosters, 8c; broilers, 12%@17c; stags, 11c. Cheese— Twins, 13© 13%c; Longhorns, 13%© 13%c. Potatoes—On track, 230; arrivals 12; shipments, 68; market, stronger; Missouri and Kansas Cobblers, $2.25; Virginia sacked Cobblers. $2.65. Chicago Futures Range —July 5 WHEAT— Prev. High. Low*. 10:00 close. September .. 1.01% .99% .99Vi 1.00% December 1.05 1.02% 1.02% 1.03% May 1.09% 1.067*6 1.07 1.08 CORN— September .. .61% .60% .60% .60% December ... .66% .64% .64% .65% Mav 71% .70Vi .70% .70% OATS— September ... .49 .46Vi .47 .48% December ... .51 .48% .48 7 /i .50% RYE— September ... .82% .81% .81% .81% December ... .87 .85% .85% .85% BARLEY— September .. .61% .60% .60% .60 December ... 64% .64% 64% .63% Other Livestock BY UNITED PRESS BY UNITED PRESS CHICAGO. July s.—Hogs—Receipts. 37.000, including 15,000 direct; moderately active, steady to 5c lower than Monday: 210290 lbs.. $4.55®4.65; top. $4.65; heavier weights down to $4.40 and below*; 150-200 lbs.. s4© 4.60. pigs. $3 25 downward; most packing sows. $3.60© 4.10; light lights. 140160 lbs., good and choice. $3.50© 4.25; lightweights. 160-200 lbs., good and choice, [email protected]; medium weights, 200-250 lbs., good and choice, $4.50® 4.65: heavyweights. 250350 lbs., good and choice, $4.40©4.65; packing sows. 275-550 lbs., medium and good, $3.40© 4.25; slaughter pigs. 100-130 lbs., food and choice, $383.50. Cattle—Receipts, 1.000; calves. 2.500; largely fed steer ana yearling run with medium weights and weighty kinds predominating; not enough done to make a market, but run excessive and undertone 25© 50c lower; light cattle promising to sell off most; heifers and mixed yearlings tending lower, but cows scarce and steady; bulls and vealers strong; early top strictly choice, 1.239-lb. steers, $7; not enough done, however, to make a market on steers. Slaughter cattle and vealers; Steers. 550-900 lbs., good and choice. ss©-6.75; 900-1.100 lbs., good and choice. ssfa 7; 1.100-1,300 lbs., good and choice. $5.25©.7: 1.300-1.500 lbs., good and choice. $5.25®7: 550-1.300 lbs., common and medium, $2.7584.75; cows, good s3® 4.25: common and medium, $2.50®3.25; low cutter and cutter cows, $1.50© 2.50; hulls, vearlings excluded, good beef. $3.25 ©3.75; cutter, common and medium, $2.75 ©3.60; vealers, good and choice. $4 75®6; J'edium, $3.758 4.75; cull and common. $2.50®3T5. Stocker and feeder cattle. Steers. 500-1.050 lbs., good and choice. $4.50 ©5.75; common and medium. s3® 4.50. Sheep—Receipts. 10,000; fat iambs slow, sales and asking prices strong to 25c higher, improved quality considered; best natives to small killers. $7.75: strong choice Idahos and two doubles yearlings unsold | ar y- Slaughter sheep and lambs: Lambs. 90 ibs. down, good and choice. S7B 7.75; common and medium, $4,757.25: ewes, 90100 lbs., good and choice. $1.25® 2.75- all and medium, 51©1.75 cf,J'o'rf FA y E ni E ' , Julv s.—Hog market. -lower; 225-300 lbs.. $4.45: ?°°-325 lbf V„ 30: 200-225 lbs.. $4.40; 190,L bs " J 4 _ 35: 170-190 lbs.. $4 30; 150f' 0 lb - *3 *O, 140-150 lbs.. $3.20; 130-140 lbs $3; 120-130 lbs.. $2 75: 100-120 lbs,. s2.ao roughs. 53.75 down: calves market $6 C so°do e wn tOD * 4 ' lambs - market steady.

M y *•—: Hogs. 5c off: 250?h 0 ! 200-250 lbs . 54.40: 170-200 (1 J 4 i 3 (Si All 0 ' 1 ,! 0 lbs - $4 05: 130-140 lbs . *?-t 5 - .l 0 ?; 130 lbs 53.20: roughs. $3 45: n t J U t : . $1 j‘ s Calves 85; lambs. $6.50 CattJfrste.adv; st eers. good to choice. 555.50grass steers, good to choice. $4.50® 5 me.to e?od. s3® 3.50: drv fed heifers. so° d to choice. *4.50® 5: grass heifers, good rnr5 holce ' 4-25: medium to good. $3 04 common to medium grass heifers. s3® 3 50 gnnrt ??? a nd, *-2 cho ‘ ce - $2.50 a3; medium to ts? i u cutters. 51.75® 2: canners. riLa. I . . bulls , Rood to choice. *34(3 25; Tto lUm l ° KOOQ - * 2 50 #3: good light *3( o PITTSBURGH. July s.—Hogs—Receipts las o, >>Sl a i^ t .u S!ea<ly; 240-300 lbs.. $4 75® L B w-,, 2 i 0 os 2 V bs *A85'(i4.95: 180-210 lbs beary Yorkers. 160-180 lbs sx’v'lof' llßht Yorkers 120-145 lbs.' "T 5414 25. Pigs, $34x3.25. Sheep—800ij market, lambs 50c higheriambs, good to choice. $7(37 50- wethers P 2 r U"V 2 50 2.75; wethers, 1 fair legood r-oT.^J 25 w ea ? s - medium to choice. Ilgl.io Cattle—Market, steady. Calves—Receipts 200. market, steady; good vealers, $4.50(3 4.75. heavy and thm. *3413 50. duly ,5 —Hogs—Receipts. 5,600, 240 direct and through- active to mostly 5c higher: top and bulk I fEFIJfr choice 180-300 lbs. weights. 4.75 160-180 lbs.. *4.154( 4.40: 130-150 lbs., *3® I so , ws - 53 25® 3.50. Cattle—: Kecrtpu 800; calves, receipts. 600; eener- ! S K ea^ y at 254i50c higher: most steers ! and heifers. $4,254( 5 50: part load of handyweight heifers, each at $5,654x5.75 1 most beef cows, $2 504 t 3.25: low cutters a " d c , utte cs. $1.25-32 25; bulls, £2.504(3.50 gotKl to choice tellers mostlv $4,504(5.25a ^ er,nf i !ales of choice hsndyweights $3 50, plainer grades moatly *34(4.25 She*!*— Receipts. 2 500: better grades of i2£ l T 5 .Jt carce and in ood demand; mostly 50e higher; plainer kind and other classes steady to strong; most better grade ewe nd w*er lambs. $7,504/8; scattering sales. *6.25; plainer kinds mostly *4.50 5.50; gome mixed at $6.60 and $6.50; culls down to 64 and below; fat Si 1.50,

PORKER PRICES DOWN 5 CENTS AT CITYYARDS Cattle Hold Steady With Previous Range; Sheep Up 50 Cents. Hogs were unevenly steady to 5 cents lower today at the city yards, following the holiday Tuesday. The lighter weights and pigs showed the most variation from the normal trend with some prices up and others as 1 much as 15 cents off. The bulk, 160 to 300 pounds, sold for $4.45 to $4.60, the latter figure holding as the top. Weights of 140 to 160 pounds brought $3.65 to $4. Receipts were estimated at 11,000. Holdovers were 222. The cattle market was steady 'with the previous range; prices scaled from $7 down. Receipts were 2,200. Vealers were 50 cents lower at $5 down. Calf receipts were 600. Sheep showed a strong tone, prices advancing 50 cents. The bulk of good and choice offerings from 90 pounds down sold for $7 to SB. Receipts were 1,500. Trading was slow on hogs at Chicago, with early asking around steady to strong, while a few bids held about 10 cents lower than Monday’s average. The bulk of good to choice kinds weighing from 210 to 280 pounds was bid in at $4.55. Other bulk prices were undecided. Receipts were estimated at 37,000, including 15,000 direct; holdovers, 1,000. Cattle receipts were 21,000; calves, 2,500; market mostly 25 cents lower. Sheep receipts numbered 10,000; market unchanged. HOGS June. Bulk. Ton. Receipts. 27. $4.35® 4.45 $4.50 10.000 28. 4.45® 4.55 4.60 8.000 29. 4.45® 4,55 4 60 9,000 30. 4.35® 4.50 4.50 8.000 July. 1. 4.35® 4.55 4.45 3.000 3. 4.50® 5.65 4.65 7.500 4. 4.45® 4.60 4.60 1,100 Market, lower. (140-160) Good and choice....s 3.65® 4.00 —Light Weights—-(l6o-180) Good and choice 4.45 (180-200) Good and choice.... 4.50 —Medium Weights—-(2oo-220) Good and choice.... 4.55 (220-250) Good and choice.... 4.55@ 4.60 —Heavy Weights—-(2so-290 Good and choice.... 4.55® 4.60 (290-350) Good and choice.... 4.55 —Packing Sows—(3so down) Good 3.85® 4.10 (.350 up) Good 3.75® 4.00 (All weights) medium 3.50® 3.75 —Slaughter Pigs—--100-130) Good and choice,... 2.75® 3.00 CATTLE Receipts, 2,200; market, steady. (1.050-1.100) Good and choice $ 5.50@ 7.00 Common and medium 4.25® 5.50 (1.100-1.500) Good and choice 5.50® 7.00 Medium 4.25® 5.25 —Heifers—-(sso-750) Good and choice 5.00@ 6.00 Common and medium 3.LJ® 4.75 (750-900) Good and choice 4.25® 5.75 Common and medium 3.25® 4.25 —Cows— Good 3.25® 4.00 Common and medium 2.50® 3.25 Low cutter and medium 1.50® 2.50 —Bulls (vear)ings excluded! Good (beef) 3.00® 3.50 Cutter, common and medium.. 2.00® 3.00 VEALERS Receipts, 600; market, higher. Good and choice $ 4.50® 5.00 Medium 3.00® 4.50 Cull and common 2.00® 3.00 —Calvesr—-(2so-500) Good and choice 4.00® 4.50 Common and medium 2.00® 3.50 —Feeder and Stocker Cattle — (500-800) Good and choice 4.75® 6.00 Common and medium 3.00® 4.75 (800-1,5001-Good and choice 4.75® 6.00 Common and medium 3.00® 4.75 SHEEP AND LAMBS Receipts. 1,500; market, higher. —Lambs. Shorn Basis—(9o lbs. down) good & choice. .$7.00® 8.00 (90 lbs. down) com. & med... 4.50® 6.50 —Ewes— Good and choice 2.00® 3.00 Common and medium I.oo® 2.00 Other Livestock BY UNITED PRESS EAST ST. LOUIS, 111., July s.—Hogs Receipts. 11.500. including 500 through and direct; market, steady to shade lower; top, $4.55;, small lot at 54.60: 190-280 lbs.. $4.45 ® 4.55; 160-180 lbs., $4.10®4.40; 140-160 lbs., 43.40® 4.15; 100-130 lbs., $2.50® 3.15; sows, $3.50®3.75. Cattle—Receipts, 3,300; calves, 1,200; market not established on steers; initial steers steady with a few $5®5.25; vealers 25c higher; top kinds. $4.75; other classes opennig steady in slow trade; mixed yearlings and heifers, $4(0,5; cows, $2.50® 3.25; low cutters, $1.60® 1.75; top sausage buljs. $3. Sheep—Receipts, 3,000; market, strong to 25c higher; bulk lambs. $6.50® 7; top to city butchers, $7.25 with small lot at $7.50; bulk lambs $1 less; throwouts, $3; fat ewes, $1<02.75. EAST BUFFALO, July s.—Hogs on sale— Receipts. 1,400; active to strong, 10c higher; top 240-250 lbs., $5.10; bulk desirable, 170-2ao lbs.. $4.90®5; lighter weights and pigs, slow, 160 lbs. down. $3.50®4.25. Cattle—Receipts, 400; holdovers, 75; slow, weak at Monday’s decline; medium, 1,100lb. steers, $5.35; common steers and heifers, $2.75®3.25; cutter and low cutter cows, $1.50® 2.50; butcher cows up to $3.25. Calves—Receipts, 400; active, steady, bulk good to choice. $5.75®6; medium grades, $5 ® 5.75. Sheep—Receipts, 1.400; top ewe and wether lambs, active, steady, at s7®B; comparable bucks, $7; lower grades extremely dull. CLEVELAND, July s.—Cattle—Receipts, 350; market, slow with easier undertone; buyers bidding around 15 cents lower; best steers, cows and bulls, steady; fancy dry fed yearlings. s6® 7; choice to prime yearling heifers. $5®0.75; prime yearling bulls. $4.50(0.5; prime butcher cows. s3® 3.75. Calves—Receipts. 500: market. 50 cents higher in active trading; all sold early; choice to prime. $6.50®7; choice to good, $6(u6.50: fair to good, ss® 6. common, $4 50 down. Sheep—Receipts. 600: market, active and 25 tt; 50 cents higher: advances made on finest only; all sold early; choice wethers. S-iAfrs 3.25; medium to good. $1.50 ®2; choice ewes, handv weight. s2®3; choice soring lambs, $7®7.50; good to choice. $6(7. Hogs—Receipts, 1.300; market, active and 10 cents higher; all sold early: heavies. $4.85; choice butchers. 2*o-250 lbs.. $4.85; roughs. $3.50; pigs. $3.25 ®3.50.

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-Today and Tomorrow

Harsh Tone of Roosevelt's Statement to London Conference Hurts Him and His Cause. BY WALTER LIPPMANN

LONDON, July 5.—A few hours after the President's statement was received in London I met the finance minister of a country which is strongly in sympathy with the President's policy. The minister was glad that the President had refused to subscribe to the gold declaration prepared at the end of last week. But he was bewildered by the statement. “We are not children,” he said, “and we do not see why we should

have to be talked to in such language.” This is, I believe, an accurate sample of the feeling in London. With Mr. Roosevelt's decision there is widespread agreement. Even in the gold delegation the ablest men recognize that, however inconvenient it may be to them, the President is justified in following out his policy. But if there is any one who thinks that the language of the statement can be defended, he is not easy to find. Thus the financial editor of the Daily Herald, who has been an active partisan of the President, remarks this morning that “even those who support President Roosevelt’s policy and regard it as the only proper approach to the problem of depression, may indeed feel that he has up to date treated the world economic conference a little to contemptuously.” If this is the way Mr. Roosevelt’s friends feel, it may be imagine what is the state of mind of other people.

Theodore Roosevelt used to advise statesmen to speak softly and carry a big stick. Franklin Roosevelt carries the biggest stick in the world, but he has chosen to speak loudly and harshly. B B B 808

/~\NE wonders why. The explanation, I suppose, is that Mr. Roosevelt wished to turn attention of the conference away from the immedate problem of the exchanges to the consideration of more farreaching projects. If that was his intention, then it must be said at once that he must be wholly out of touch with the realities if he thinks he can do that by uing pronunciamentoes. He can not have understood the state of mind in the gold countries, where among the governing classes the fear of inflation is an actual phobia. These gold delegations here are fighting, as they firmly believe, to protect themselves against political and social ruin. They may be wrong, but they believe it. Eperience alone and not words from America can make them cease to believe it. Therefore, under present circumstances, it is idle to imagine that they will discuss a radical reconstruction of the world's finances. B B B LIKEWISE. Mr. Roosevelt can not have understood how completely unequipped are his representatives here to deal with the kind of project he has in mind. For one thing they do not know what is in his mind. For another there is not among them a single man who understands monetary questions sufficiently to debate them. For another they have been repudiated so frequently they are demoralized. For another they are divided among themselves. How can a delegation, which lacks authority, which lacks technical competence, which lacks unity, which lacks contact with the President, hope to undertake the kind of difficult negotiation for farreaching reforms which the President* desires? It can not be done- Mr. Roosevelt’s purposes may be excellent. He has failed completely to organize a diplomatic instrument to express them. If Mr. Roosevelt means what he says, he must send anew delegation to London which knows what he means and has power to act for him. B B B THE simplest explanation of the whole episode is that Mr. Roosevelt has been isolated on a boat; that he has not been kept informed; that he has lost touch with his advisers, and that, lacking cleai knowledge, he has given himself the pleasure of being temperamental. Is there any better explanation? There are some who have tried to think that the statement may haye been couched in language suited to domestic politics. It does not seem likely. Congress is adjourned. The President is popular and powerful. He

FOR A SHARE IN THE PROFITS OF AMERICA’S REVIVED BREWING INDUSTRY, WE CALL SPECIAL ATTENTION TO Sterling Ecuniteille 9 Indiana COMMON STOCK Sterling Brewers, Inc., Evansville, Indiana, successor to Listed on Chicago t^ie Evansville Brewing Association, established 1876, Curb Exchange * s t^ie ma^er °f '‘Sterling” beer, in the old days one of the most popular brands sold in Indiana and in the Central and Southern parts of the United States. Manufacture of malt syrup during the past 7 years has kept the plant in splendid physical condition. Present production capacity is sufficient for 250,000 barrels of beer a year. Authorized expenditures will bring capacity substantially above that figure. Beer is now in process, and first deliveries are expected about July 15. Financial set-up and The plant has switch connections with 3 railways and other details may be had rea( jy access to Ohio River barges. Thus the Company upon request can reach many important markets at low cost The Company has no funded debt or preferred stock. It enjoys experienced management. Chairman of Board, Price at the Market gQn Q £ f oun( j hag been connected with business since 1890. Brewmaster associated with business 25 years. Haskell, Scott & Geyer 120 Scuth La Salle Street ■ Chicago . Telephone A*dor 4242

ifr" ' ' " ' ++

does not need to play politics at this time. It is much more likely that he has not been kept properly informed, and that he acted on an impulse. But whatever the explanation, he has hurt himself and his cause, and if his advisers are frank with him. they will say so. (Copyright. 1933) FALLS 2 STORIES; HURT Girl, 10, Bruised in Drop From Window to Walk. Falling from a window of the second floor of her home, Betty Pennington, 10, of 311 East Ninth street, suffered bruises on a brick walk below on Tuesday afternoon. City hospital physicians found no bones broken.

The Lincoln National Life Insurance Company FORT WAYNE, INDIANA Takes Pleasure in Announcing the Appointment of BURKHART and MOORE General Agents • • • 914 CONTINENTAL BANK BUILDING INDIANAPOLIS Phone: Riley 6543

Abbott, Hoppin & Company 203 Continental Bank Building Riley 5491 Indianapolis New York Pittsburgh Chicago IMEM33 iiaTt S 1 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

WHEAT SLUMPS AFTER TOUCHING NEW HIGH MARX Bullish Sentiment Strong on Continued Reports of Damage. BY HAROLD E. RAIWTLLE United Press Staff Corresoondent CHICAGO. July 5. —Wheat futures rose again as the Board of Trade opened today, setting new highs for all deliveries. May selling at $1.09 to $1.09%. Prices were unevenly % to 1% cents higher, with only July still below the dollar mark at 99 l *c. Sharply higher Liverpool prices, bullish crop reports and continued public participation kept prices on the upgrade. Corn followed wheat and rose %to l l * cents with chinch bug'damage reported heavy in Illinois. Oats was % cent lower to 1% cents higher ,the latter in July. Rye was % to 1% cents higher. Provisions were strong. Following the opening selling forced prices down a fraction below the previous close. Sentiment still is bullish based upon the poor out-turn of United States crops, further deterioration in Canadian crops and the underlying factor of inflation. Liverpool and Winnipeg were only slightly higher over the holiday, but with a sharp advance in sterling Liverpool showed 3% to s*s cents higher at midafternoon today compared with Monday’s close. Good growing weather was experienced in the corn belt over the holiday, but no rains were had. With all the vicissitudes ahead, the crop outlook is none too good. Small crops in other feed grains is expected to place a large drain upon corn. Oats production will be below domestic requirements and the crop probably the smallest in a quarter of a century. Prices are on the upgrade, but are progressing more slowly now.

Lippmann

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