Indianapolis Times, Volume 45, Number 53, Indianapolis, Marion County, 12 July 1933 — Page 15

JULY 12, 1933.

Two-Year Drop in Trade Recovered in Last Four Months: Depression Believed to Be Licked. BY RALPH HEN'DERSHOT Timet Special Financial Writer

Compilations show that business is not only better today than it was a year ago, but that it is better than it was in 1931 at this time. Thus the reaction in the trend of trade over a two-year period has been erased in the short period of about four months—a remarkable upturn and a splendid tribute to the new administration. Economists probably will argue back and forth for years to come over the question of whether the upturn was a normal one, brought about by natural causes, or whether it was due to the policies and leadership of President Roosevelt, plus the action of congress giving him

power to inflate the currency of the country’. Irrespective of the results of their discussion, the thing of special interest at the moment is the fact that the depression appears to have been definitely licked. Several authorities are now willing to go on record to that effect. In commenting on the comeback. Dun & Bradstreet, Inc., said recently that it has “now reached such proportions that it has swept aside all the suspicion and lack of confidence prevalent three months ago. a a a Car Loadings Reflect Gain The car loading figures released on Saturday for the week ended July 1 bore potent testimony to the betterment in trade. Compared with the corresponding week of last year, they were up 145,793 cars, or about 30 per cent. It w r as the eighth consecutive w’eek in which gains had been shown over loadings of 1931. Reports of wage increases, enlarged output of plants and other favorable developments have been

Ralph llendershot

coming in constantly of late. These hold promise of balanced national, state and municipal budgets, a further reduction in the number of unemployed and a lifting of the burden of poverty which has hung over the nation in recent years. The markets in Wall Street have been reflecting the improvement in trade already shown, and they also have been attempting to anticipate the betterment many people believe to be in the offing. Gains in prices have been exceptionally sharp, but they do not seem so much out of line when comparison is made with the tangible evidences of trade pains, to say nothing of the depreciation which has occurred in the nation s currency in the foreign exchange market. a u tt Taxes and the Market The increase in the income tax rates to be levied on earnings for tills year undoubtedly have been an important factor in supporting the advancing level of stock prices in recent months. Those who have large profits have been afraid to take them, knowing that the government will step in and relieve them ithe owners) of a large portion of them. It is much more to their advantage to sit tight and hope to spread their earnings over the next few' years. There is reason to believe also that income tax rates may be reduced before the end of another year. Those who have made a close study of market operations claim high income taxes were responsible in large part for the boom in prices prior to 1929. It is argued that the market did not have the natural selling correctives ordinarily in evidence.

New York Stocks ““ (Bv Abbott. Hoppin <fc Cos.) ■

NEW YORK STOCKS —July 12— Oils— Prev. High Low 11:00 Close Amerada ... 39Via 39 All Rfg 29% 29% Barnsdall . 10% 10% Consol Oil 14% 14 1 a 14% 14% Coni of Del . , 17% 17% 17*ii 17% Houston (new! ... ... 6'* Houston loldi ... ... 34% Mid Cont Pet . . 14% 14% 14% 14% Ohio Oil 15% 15% 15% 15% Pet Corn 13% 13 13 13% Phillips Pet 16% 16% Pure Oil 9% ?% Roval Dutch 33% Sbd Oil 30Va Shell Union 9 7 10 Simms Pet 11% Skelley Oil ... Soc Vac ... 14% 14% SO of Cal 38% 38% 38% 39 SO of Kan ■ ... 22% SOof N J 39% 39% 39% 39% Sun Oil • - 46% Texas Corp ... 26V* 26% Tidewater Assn.. 9% 9% 9% 9% Un Oil of Cal 21% 22% Am *RotrMills... 29% 29% 29% 29% Beth Steel .... 45% 45% 45% 45% Bvers AM .... .*• 32 Col Fuel Ac Iron. 1% 15% 15% 15% Cruc Steel 29% Inland Steel ■ • 43% Ludlum Steel . . 19 19% McKeesport Tin. .... J 5% 86% Natl Steel 53% 53 53 53 Rep lAc Steel.. 20% 20% 20% 21% Rep Ir Ac Stl pfd 55 54 1 % 55 54 Vanadium ?7% Midland ••• } 2 .a U S Pipe Ac Fdy 19% 19% U S Steel 64 63% 63% 63% U S Steel pfd 103 Youngs'n SAc T 34% 34% 34% 35 Rails— Atchison 73% 73% 73% 74% Atl Cst Line 54% 55 B& O 34% 33% 33% 34% Can Pac ... 18% IB’s Ch & Ohio 45% 45% 45% 45% Chi & Ot W 6% 6% 6% 6% C M Ac St. P 6% 6% 6% 7 CM& St P pfd 10% 10% 10% 10% Chi N W . 13% 13% 13% 14% Chi R Isl 8 % Dela Ac Hud 37% Erie 19 19% Grt Northern 31% 111 Central 39 39Va K C Sou 21 20% 21 21 Lou Ac Nash .... 64% 64 64 65% MKAc T 15% 15% 15% 15% Mo Pac 7% 8% Mo Pac pfd .. ~ 12% 12% N Y Cent 53% 52% 53 53% N Y Chi & St L 20% 21% NYC&StLp 27-% N Y New Haven 31 31% N Y Ont Ac Wes 13% Norfolk. Ac Wes 169% Nor Pac 30 29% 30 31% Penn R R 37% 38 Sou Pile. 35 34 % 34% 34% Sou HR 29% 28% 28% 28% Sou R R pfd 36% Union Pac ... . 128% Wabash 6% 6% 6% 6% W Maryland ... 15% 15 15 14% Motors— Auburn ... 68% 68 Chrysler 35% 35 35 35% Gen Motors 32% 31% 31% 32% Graham Mot ... 4% 5 Hudson ... ... 14 % Hupp ... 6% 6% Macs Truck 42% 42% Nash 25% 25% Packard 5% 5% 5% 5% Reo 5% 5% 5% 5% Studebaker 7% 7% 7% 7% Yellow Truck 7% 7% Motor Access— Bendix 18% 18% 18% 19% Bohn Alum 48% 49% Burg Warner 20 19% 19% 20 Briggs 12% 12% Budd Wheel 5 5% Eaton Mfg . . 14% 14% Elec Auto Lite.. .. 24 24% Houd Hershev ... ... 5% Mullins Mfs 9 Murray 80dy.... 10% 10% 10% 10% S‘ew Warner ... ... 8% Timken Roll ... 32% 32% Mining— Alaska Jun .... 22% 22% 22% 22% Am Smelt 37% 36% 37% 36% Anaconda 20% 19% 19% 19% Cal Ac Hecla.. 8% 8% 8% 8% Cerro De Pasco .31 30% 31 30% Granbv 14% 14% Gt Nor Ore. .. 15% 15 s * 15% 16% Homestake Min 245 Howe Sound 25 25% Ins Copper 8% jj, Int Nickel .. 19% 19% 19% 19 Isl Creek Coal . 29% Kennecott Cop.. 23% 23% 23% 23% Noranda Cop 31% 31% 31% 31% Phelps Dodge 15’ Pitts Coal ig% Tobaccos— Am SnutT 47 473. Am Sum Tob 15 15 Am Tobacco A., ... g 6 5714 Am Tobacco 8.. 90 89% 90 90% Gen Cigar 43 421, Ligg A: Myers B. . 93 Lorrtllard 23% 23% 23% 23*. Reynolds Tab B 49 48% 48% 49 Equipments— Allis Chalmers.. .. 031Ant Car A: Fdv. 31% '30% '30% 31% Am Loco Am Mach At Fdv .. ." '20% 20% Am Steel Fdy. . 24'. 23% 23% 23% Bald Loco 16 15% 15% 151’ Burroughs 19% 19% 19% 193, Case J I 95** 95% 85*! 95 Cater Tract 27% 27% 27% 27% Colgat Palm Peet .. . * fa, 2 Congoleum i.-* Elec Stor Bat .. .. %t*. so,* Foster Wheeler 21 20% 21 ou Gen Am Tank C.. . 40*. lot Gen Elec 28 27% 27% Ingstd Rand 50 il * Int Bus Mach ' Int Harvester ... 42% 42% 42% 2?t 4 Kelvinator ' 4 * Natl Cash Reg !! 20% 20*. PuUman < fn\ mWe g* fp utfd°iniio® ed .:::. 2I ’ 8 32! * west Air b ... : Westingh Elec 53% 52% 531! ” t 4 w Pmp 36 35*! 39 37 2 Am A- For Par . . ..j Ana Power At Lit 17% 16% % * A r At T ....130% 129'- 130 13ti :• ■ 155 ssi s*v** , ga < >. Com At Sou ... 5% "5 ’% Consol Oas 60*. 59 % 60% so * S!, T oi T * a . 18 '* , 18 ’ 4 1814 4 Nat Pwr Lit. 19 18** is*. 103 North Amor 34*. 34% 34% 34% rOc O ff E ... fAj. = J 55 53% M 53 8" Cal Edison . . |!2 M *>% 19% 20% I#% Btd Gas pfd . . 93 * United Cora 13% u is ff. Un Oes Iras ... 23% 22*. 23% 33 Ut Pwr A Lit A 7% 7% 7% 7% W RnM>er —“‘ 6l ** *°‘* S#% Firestone 27 25% 2*% 35% Goodrich 17% 17% 17% 17% Goodyear 41% 40 % 41% ant 4 U S Rubber ... 15 14% 15 15 *

Wall Street.

U S Rub pfd... .. ... 2834 Kel Spring ”414 41'^ Amusements— Crosley Radio .... .. las. Fox Film 4% 4% 4% 4% £ nc 26% 26% 26% 26% Radio Corp 1 10% 11 11% ° K O 4 s r 4 5 /a 4 7 0 Warner Bros 8 7% 7% ol® Foods— 8 * 8/8 Am Sugar ... . 64 i/, Armour (A) gv; 1 1' 2 Beatrice Creamy 24% 25% ®°f d n Prod .... 36% 35% 36 35% Cal Packing ... 901 Can Dry G Ale .. !.'.' !' 9534 Coca Cola ,n7i 4 Cont Bak (A) 17 i6% 'ie34 17 Corn Prod 4 Crm of Wheat.. .. !" ’aßu 9V oSw nSSt..:::: 37,/ * vfi Hersheif UKar 30 ‘ 4 29% 29% Int Salt .** OR xi Loose Wiles ’.. ”• 8:8 ana-:::, 88 8$ 8$ &> Pet Milk 8 * 4 23 8 ?2 1/2 Purity Bak " '941- zj v S Porto Rico S.. ... 35 2 ?! 8 United r Fruft.”‘ 28 ’ 8 287/8 2^! 8 :: % 'jj* 88 Retail StoresBe*? & r co^ 00 *?* :; ••• 141/2 14*1 Glmbel Bros .... R i/ 2 f,/ Gr Un Tea . . f Sf* ' Hahn Dept Sts.. 8% '7% a 77? Jewel Tea .... 8 8 , 7 ! 8 Kresge S S ie 'is% ’Hy, ig 2 -•* *- 3 " : May Dept St . S, 1/a Mont Ward 27 '26 3 / 4 '2634 27 Safeway St V.:". , 45 45% wo a o r iworth buck :: - f : 4* *** Aviation— Aviation Corp... 14 13% 13% 13% Douglass Air ,b% 17 Curtiss Wright.. 4% 4% 4% 414 Curtiss Wright A. . .. 8 7. 4 5, 4 Nor Am Av 734 714 7v 8 I3 2 United Aircraft.. 38% 37% 38% 37% Chemicals— Air Reduction.. .. ... 97 07 Allied Chem.,.,127 126% 127 11 Am Com Alcohoi 55% 51% 12 5% “f Col Carbon 63 3 / 4 63a-U' Com Solvents... 34% 31% 34% 313! Pont 80 78% 80 79 4 Freeport Tex ... 37% 36% 353,. 3774 Liquid Caro 40% 39% 40% an * Math Alkali .... 34-" 33% 74:? !?, T>x Gulf Sulph. 32% 32 4 32 33% Union Carbide.. 44 4314 44 477 u S Indus A1... 35% 84% 85', 82 “ Nfit Distil 1133; m 4 1133 2 j^ 4 Drugs—

53 " M M Lehn At Fink ... "I *" V 2 4 l* * Zonlte Prod 7% 7% 774 73 Financial— * ' * 7 /4 Adams Exp 12% 12 19 193 Allegheny Corp.. * Chesa Corn ' 40(4 .I,* Transnmerica " 7 1; Tr Conti Corp.. 8% 8% B'i % Building-—-Am Radiator 17 K 17 17 171Hn"c A e'm P e h n a , !t 2034 2058 2034 , Johns Manville.. "1 53" If 2 Libby Owens Gls ... " 3,5 qnj Otis Kiev .... . . S§ 3 . 4 Ulen Const ‘ ” 43' 43* Miscellaneous— * 4 ’ 4 Am Bank Note.. ~ 2 s\, Anch C o a r n cap Jg* CotitPcar? 11 . , Tr 40,8 39 ,4 If 4 Eastman Kodak.' "I 82% 831? Owens Bottle.. 9i% 89% 91% 89% g fel* I6 3 ’ 16-a 16' * I?*! Glinden ir i Gotham Silk '! 1414 15 u Indus Rayon . .. 68% 67% 68% 68 Inter Rapid Tr.. .. g*| 91, Real Silk Hose .. . 16'a 16% 16% IB*J

Investment Trust Shares

INVESTMENT TRUST SHARES (By Abbott, Hoppin & Cos.) —July 12— . . _ Bid. Ask. American Bank Stocks Corp... 126 144 Basic Industry Shares 3 66 British Type Inv Tr Sh 89 .95 Collateral Trustee Shares A' 5.25 562 Corporate Trust Shares (old•. 2.40 Corporate Trust Shares (new). 2.59 266 Cumulative Trust Shares 4 50 Diversified Trust Shares "A". 650 Diversified Trust Shares "B". £B7 912 Diversified Trust Shares “C”.. 349 354 Diversified Trust Shares D”. 5.62 5.87 First Insurance Stock Corp.... 168 198 First Common Stock Corp 126 144 Fixed Trust Oil Shares •A'... 950 Fixed Trust Oil Shares 8"... 812 Fundamental Trust Shares A 4.50 Fundamental Trust Shares B 437 Low Priced Shares 6.75 Mass Inves Trust Shares r@ 91 2i.63 Nation Wide Securities 3 96 North Amer Trust Shares 1953 198 North Am Tr Shares 155-56).. 275 305 Selected American Shares 2.99 Selected Cumulative Shares.. 7.56 7.66 Selected Income Shares 404 414 Std Amer Trust Shares 333 3.39 Super Amer Trust Shares "A” 342 Trust Shares of America 3.25 3.30 Trustee Std Oil -A" 535 5.50 Trustee Std Oil •B” 4.85 5.00 U S Electric Light Ar Pow •'A" 16.75 Universal Trust Shares 3.30 3.40

In the Cotton Markets

—July 11— . High. Low. Close. January 11.25 11.14 11.16 March 11 48 11.32 11.35 Ma>' 11.60 11.46 11.50 October 11.06 10 S4 10.36 December 11.20 11.05 11.08 , . NEW YORK January 11.24 ll 04 11,11 March 11.40 11.21 11.25 ¥*- t 11 55 11.77 11.42 fifty 10.64 10.47 10 50 X!' obe J 10 98 10.79 10.83 December . 11.15 10.96 11.01 - NEW ORLEANS vrJViV 7 H U 11.05 11.50 S" ch 1132 11.17 11.21 #2.*,'u., 10 60 10.54 10.54 X!i?£r 10.95 10 76 10.80 December 11 13 10.92 10.98 NEW YORK RAW SI’GAR FCTIBES —July 11— r.n... High Low Close if" l iV* 1.67 1.63 1.66 1:8 i:3 1:S ajSSJl'i.g tS 1:8

UNEVEN TREND IS FEATURE OF STOCICSACTION Business Continues Steady Upturn; Steel Plants Active.

Average Stock Prices

Average of thirty industrial.} for Tuesday. high 105.10, low 101.97: last 103.08. off 1.00. Average of twenty rails 55.70. 53 39. 54 24. off 49. Average of twenty utilities 37 26. 35 96. 36.25. off .63. Average of forty bonds 87.59. up .04. Average of ten first rails 92.82. up .32. Average of ten second rails 75 34. off .33. Average of ten utilities 94 76. up .10. Average of ten industrials 87.45. up .09 BY ELMER C. WALZER United Press Financial Editor NEW YORK, July 12.—Stocks and the foreign exchanges were irregular in opening dealings today. Share prices ranged from gains of 2 points to losses of more than a point with dealings relatively quiet. The pound, rallying, rose 2 cents while the French franc declined points. Business continued to forge ahead. Steel operations are at 59 per cent of capacity up 3 points from last week, according to Iron Age. Electricity output for the week ended July 8 rose 14.7 per cent over the corresponding w r eek of 1932, the tenth consecutive weekly increase. The southern states made the best showing with electricity output 29.1 per cent above 1932. Leading issues were mostly lower. American Can dipped to 92%, off 1%; Chrysler 35, off Atchison 73, off 1%; New' York Central 53, off %; General Motors 32, off % on 6,000 shares; Deere & Cos. 43%, off % on 5,000 shares; Westinghouse Electric 52%, off %, and Bethlehem Steel 45%, off %.

Bank Clearings

INDIANAPOLIS STATEMENT —July la— Clearings $2,172,000.00 Debits 5,568,000.00 TREASURY STATEMENT —July 12Net balance for July 10... .$870126.740 96 Int. Rev. Rects. for day.... 7.048.302.31 Customs rects. mo. to date 5.939,604.56 New York Curb (By Abbott. Hoppin & Cos.) —July 11Closet Close Alum C’o of Am 86% Irving Airchute 6% Am Bev 2% Inti Petrol 18% A Cts P & Lt B s%.Lake Shore M.. 41 Am Cyan (B>.. 13%Lone Star Gas.. 10Ve Am & For Pwr 12 .Mount Prod .... 5% Am Gas & El.. 45 ?Natl Bellas Hess 4% Am Sup Pwr... 73% Niag Hud Pwr.. 13% Ark Natl Pwr A 3 Pan-Am Airways 46 3 4 Asso Gas (Ai... 2 Parker Rstprf.. 61% Atlas Ut Crp . 17% Pennroad 5% Braz Tr & Lt.. 15%:Pioneer G Mines 14 Can Marconi .. 2 3 s jst Regis Paper.. 7% Cent Sts E 1.... 3 3 4lSegal Lock i% Cities Serv 4% 6ta Oil of Ind.. 32% Com Edison ... 70 Std Oil of Ky... 18% Cord 12% Stutz 17% Eisler Elec .... 1% Translux 2% El Bond & Sh.. 36% United Founders 2 7 % Ford of Eng 5% United Gas 5 3 4 Ford Mot Can. . 12 7/ o Un Lt & Pwr A. 8% Hudson Bav M 9% United Verde ... 5% Imperial Oil ... 13 3 4 !Wri Hargraves.. 6% New York Bank Stocks (By Abbott, Hoppin & C’o.) —July 11Bid Ask. Bankers 66% 67 Broklyn Trust 139 144 Central Hanover 140 142 Chase National 32% 3314 Chemical 40% 41% City National 36% 37 Corn Exchange 61 % 63 Continental 16% 17 Empire 22% 23% First National 1,495 1,515 Guaranty 316 318 Irving 21% 22 Manhattan & Cos 32 32% Manufacturers 20 20% New York Trust 95% 96% Public 32 32 3 /4 Liberty Bonds By United Press NEW YORK, July 11.—Closing Liberty bonds: (Decimals Represent 32nd’s.) Liberty 3%s (32-47) 102.24 Liberty Firsts 4%s (32-47) 102.5 Liberty Fourths 4%s (33-38) 102.26 Treasury 4%s (47-52) 110 2 Treasury 4s (44-54) 106 16 Treasury 3%s (46-56) 104.30 Treasury 3%s (43-47) 102.22 Treasury 3 3 es (41-431 March 102 9 Treasury 3%s (40-431 June 102 14 Treasury S’as (46-49) 100 12 Treasury 3s (51-55) 99 3

Daily Price Index

By United Press NEW YORK. July 11.—Dun Ac Bradstreets dally weighted price index of thirty basic commodities, compiled for the United Press: (1930-1932 Average, 100). Today 108.33 Monday 106.68 Week Ago (July 5) 101.70 Month Ago 93.16 Year Ago 75.01 1933 High (July 111 108.38 1933 Low (Jan. 20)- 67 06 Copyright, 1933. by Dun Ac Brcadstreet. Inc' Other Livestock BY UNITED PRESS Julv 12 - Hogs Receipts. 24,000, including 10,000 direct: active, unevenlv 10-25 c higher than Tuesday on all classes: bulk. 200-300 lbs., $4.750 4.85: top. $4.90; 300-350 lbs.. $4.604.80: 140-190 lbs.. $4: pigs. $3. 3.75; packing sows. 53.90 @4.35. Light lights. 140-160 fbs.. good and choice. 5404.60: light weight. 160-200 lbs.. good and choice, S4.3s<ff 4.85; medium weights. 250-350 lbs., good and choice, $4.6004.90: packing sows. $2.75: 550 lbs., medium and choice, $3.750 4.50: slaughter pigs. 100-130 lbs., good and choice, $3.25 04. Cattle—Receipts. 8.000; calves, 2.000: fed steers and long yearlings, fully 25c higher, active at advance; all grades showing upturn: heifers and mixed vearlings. strong to 15c higher: she stock and bulls firm: veaiers weak to 25c lower; largely fed steer run, eastern shippers buying freely: best 1.183 lb. steers. $<.35: heavies. $7.25: some held higher; mostly *5.50®7: best light heifers earlv, $6. Slaughter cattle and veaiers: Steers. 550i>oo 10s.. good and choice. 55.750 7.25: 9001.100 lbs., good and choice. $5.755 7.50: 1.100-1,300 lbs., good and choice. $5,753 7.50: 1.300-1.500 lbs., good and choice, $3.7507.50: 550-1,300 lbs., common and medium. $3.5056: heifers. 550-750 lbs., good end choice. $5.2506.25: common and medium. 52.7553.50: low cutter and cutter. $1.7502.75. bulls yearlings excluded, good beef. $3.5004.25: cotter common and medium. $2.90 0 4.10: veaiers. good and choice. $5.5006.75: medium. $4.5005.50: cull and common. S3O 4.50. Stocker and feeder cattle: Steers. 500-1.050 lbs., good end choice. $4.5008: common and medium. $304.50. Sheep Receipts. 8.000: lambs slow with killers bidding 250 50c lower: sellers resisting downturn: most bids under $8 with best lights held above *8.25: odd bucks sold at that price: yearlings sharing dullness. Slaughter sheep and lambs. Lambs. 90 lbs., down good common and medium. $4.250 7: ewes. 90-150 lbs., good and - 1 weights, common and medium. *101.75.

CLEVELAND. July 12—Cattle —Receipts. 360: market steadv with slightly weaker undertone; all sold early; fancy drv fed yearlings. $6.2506.75. choice to prime yearling heifers. $505.25; prime yearling bulls. s4.so'u 5: prime butcher cows, $3 0 3.50. Calves—Receipts. 550; market active and steadv: all sold early; choice to ?rr~te. $6 5007 50: choice to good. $607; air to good. ss®6: common. $4 50 down. Sheep—Receipts. 600; market slow, but steadv: quality cf receipts common; choice wethers. $2 5003.20; medium to good. $1 50®2; choice spring lambs. $7.50 0 8 25; good to choice. $6.5005.50. Hogs— Receipts. 1.400: heavy local demand lifted prices 25c in all sections of iparket: all sold earlv: heavies. $5.10: choice butchers. *5 10: stags. $2.75; roughs. *3.75; pigs, $3.50 ®4. LAFAYETTE. Julv 12— Market. 10c higher: 200-300 lbs. $4.70® 4.7£; 300-325 lbs. $4 60 150-200 lbs. $405®4 65: 140170 lbs. $3 8504.10: 100-140 lbs, $3,103 3 60: roughs. $3.75 down: top calves. $5: top lambs. $7.25. NEW YORK COrFEE FCTfHES —July 11— ° High Low Close March 6.45 6.37 6.37 May 8.45 6.35 6.35 July 6.09 September 6.18 6 09 6.09 December 6.29 6.25 6.25 March a. 8.47 8 42 8.43 May 8.42 8.41 Ml July 8.4$ 8.42 8.42 September 8.48 jUI 842 December Ml iso &$2

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 inqulriei or recent transactions —July 12STOCKS w Bid. Ask. Belt Rail Sc Stock Yards, com. 26 30 Beit Rail fc Stock Yds pfd 6% 45 50 Cent Ind Pwr pfd 79i 13 16 Citizens Gas com , 14 17 Citizens Gas Cos pfd 5% 63 67 Home T & T Ft wavne pfd 7% 36 40 Ind Sc Mich Elec Cos pfd 7%.. 68 73 Ind Gen Service Cos pfd 6%>.. 62 66 Ind Hydro Elec Cos 7% 27 30 Ir.dpls Gas Cos com 40 44 Indpls Pwr Sc Li pfd 6G 60 64 Indpls Pwr & Lt Cos pfd 6%% 68 72 Indpls Water Cos pid S'T- 88 92 No Ind Pub Serv C'o pfd 5%% 37 40 No Ind Pub Serv Cos 6G 38 42 No Ind Pub Serv Cos 7"- 42 46 Public Serv Cos of Ind pfd 6% 14 17 Public Serv Cos of Ind pfd 7% 38 42 South Ind Gas & E! pfd 6%•.. 56 60 Terre Haute Elec prd 61• 40 43 BONDS I Belt R R & Stkvds 4s 1939... 88 92 I Citizens Gas Cos 5s 1942 79 1 i 83'a Home TANARUS& W 5> 2 s 1955 96 100 | Home T & T W 6s 1943 98 102 ! Indpls Gas Cos 5s 1952 77 SO Indpls Rys Inc ss. 1967 27 31 indpls Water Cos 4 1 2 s 1940.... 98 101 Indpls Water Cos 5s 1960 93 97 Indpls Water Cos 5s 1970 92 96 Indpls W’ater Cos 5%s 1953....100 103 Indpls Water Cos 5 1 2 s 1954 100 103 Kosomo Wat Works 5s 1958. . 74 78 Lafayette Tel Cos 5s 1957 83 87 Muncie Water Works 5s 1939.. 90 94 Richmond Water Works 1957.. 84 88 Terre Haute Water Wk 5s 1956 82 86 Terre Haute Wat Wk 6s 1949.. 92 96 Traction Terminal Cos 5s 1957.. 44 48 Joint Stock Land Banks Atlanta 5& 4®*?' 4314 Atlantic 5% 46 49 Burlington 5% ‘37 40 California 1% . 55 •Chicago s% 29 Des Moines 5% 501/, 5414 First Carolina 5% I!.. 35 38 First Ft Wayne 5% 52 55 First Montgomery 5" 331, 41 i/ First New Orleans 5% 37 41 2 First Texas 575 49 52 £w t i. Tr 9 hlca e° s% 55 58 % Fletcher 5% 69 73 Freemont 5% sa bi Greenbrier 6% 58 <ji Greensboro 5 % 47 59 Illinois Monticello 5% 60’5a 63 1 5. Illinois-Midwest 5% 43 4c 2 Indianapolis 5% 77 01 lowa 5% 57 Kentucky 5% 61 64 Lafayette 5% 50 53 Lincoln 5 % 52 54 Louisville 5% 52 55 Maryland-Vlrginia 5% 67 70 Mississippi 5% 45 4r New York 5% 48 51 North Carolina 5% 40 43 Oregon Washington 38 41 Pacific Portland 5% 47 50 Pacific Salt Lake 5 % 50 53 Pacific San Francisco 5% .... 50 53 Pennsylvania 5% 53 57 Phoenix 5% 68 71 Potomac 5% 50 53 •St. Louis 5% 25 28 San Antonio 5% 55 58 •Southern Minnesota 5% .... 15 18 Southwest 5% 41 44 Union Detroit 5% 51 54 Union Louisville 5% 52% 56% Virginia Carolina 5% 43 46 Virginian 5% 53 56

I Chicago Stocks | By Abbott, Hoppin & Cos.”" 1 Total Sales 150.000 SHARES High. Low'. Close. Adams Mfg ... 10 Asbestos Mfg 41% Associated Tel & Tel A 2% I Assoc Teelphone Util % ABC Brewing gig Bastian-Blessing 12% 11% 12 Bendix Aviation 19% 19 19 Borg Warner 20% 19% 20V4 Brach & Sons 8 E L Bruce Cos 15% Butler Bros 5 7 /e 5% 5% Berghoff 14*/* 14'/* 14% Castle AM 17 Cent 111 Pub Serv pfd 24% 24'% 24% Cent 111 Securities com 1% Cent 111 Securities pfd 7% Cent Pub Util % Cent & So West 4'/* 3% 3% Cent & So West P L pf .. ... 24 Chi & North Western.. 15 13% 15 Chi City & Con Rys ct 1% 1% 1% Chicago Corp com 4% 4% 4% Chicago Corp pfd 32% 31'/* 32 Chicago Yellow Cab 13% Cities Service 4% 4% 4% Commonwealth Edison. 70 68% 68% Consumers 5 Continental Steel 10 7 / s 10 10% Cord Corp 13% 11% 12% Crane Cos 11% 10% 11 Crane Cos pfd 59 52 59 Curtis Mfg Cos 7% 7% 7% Decker & Cohn 4 DeMets Inc Pfnce 13% Dexter Cos . . ... 8 Electric Household 13 12% 12% Gardner-Denver Cos 12 Godchaux “B” 7 B'% 6% Great Lakes Aircraft IV4 1% 1% Great Lakees Dredge 17 Greyhound Corp 1 % Grigsby-Grunow 3% 3 V* 3% Hall Printing 9 B** 8% Hart S & M 27 Horme! As Cos 20% 20 ‘/a 20% Houdaille-Hershev “A”. ... ... 12% Houdallle-Hershey “B”. 5% 5% 5% Illinois Brick 7% Ind Pneu Tool 15 Iron Fireman 8% 8% 8% Jefferson Elec 12 11 12 Kalamazoo Stove 29 28 29 Kentucky Ut Jr Cum P ... ... 28 K?vstone Steel 16% 14 16 Libbv-McNeii 6% Lindsay Nunn Pub 3% Lion Oil Refining Cos ... 8% Lynch Corn 34% 31 v3 Marshall Field 17 16% 17 McGraw' Electric 5% 4% 5% McWilliams Dredg Cos.. 14% Merchants & Mfrs A 2% Mickelberry's Food Pro 6% 6% 6% Middle West Utilities .. % % % Mid West Ptil 6 % pfd A 1 Midland United 1% Modine 19 National Leather 2 National Repub Inv 1 % National Securities Inv .. ... 2% Noblitt Sparks Ind Inc. 27% 26% 27V* North American Car 7% Northwest Bancorpora 9% Parker Pen 8 Pines Winterfront 2% 2% 2% Prima Cos 27 26% 26% Public Serice N P 34% Quaker Oats 138 136 138 Quaker Oats pfd 116 115% 116 Railroad shares 1% Reliance Mfg Cos 17 16% 16% Ryerson & So 19% 19 19% Seaboard Utilities share % Sears Roebuck 44 42% 44 Signode Steel Strapping 2% Standard Dredg Cos pfd 4 Storkline Furniture ... 5% Studebaker Mail % Studebaker Mail A ... % Super-Maid 4% 4% 4% Swift Ac Cos 21% 20% 20% Swift Internacional 29% 28% 28% Thompson JR 12 V* U S Radio Ac Tel 25% 22 22% Utah Radio 1% Utility & Ind 2% 2V4 2V* Vortex Cup Cos 8% Vortex Cup Cos A ... 26 Wahl 3 2 3 Walgreen Cos Com 19% 19% 19% Ward Montgomery A.. .. ... 79** Yates Machine ... 2% Zenith Radio 2Vi

Indianapolis Cash Grain

—July 11— 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 —No. 1 red. 97® 98c; No. 2 red, 96097 c: No. 2 hard, 97098 c. Corn—Strong; No. 2 white 58@59c; No 3 white, 57®58c: No. 2 yellow'. 56‘/2®57V2C; No. 3 yellow. No. 2 mixed, No. 3 mixed. 54',2®55 1 2C. Oats—Strong. No. 2 white. 43 1 2@44 l ic; No. 3 white. 42 , 2043 1 2C. Hay—Steady. <F. o. b. country points taking 23 1/ 2 c or less rates to Cincinnati or Louisville!. Timothy—No. 1. $5.50@6; No. 2 timothy. $505.50. —lnspections Wheat —No. 1 red, 23 cars: No. 2 red. 33 cars: No. 3 red, 3 cars; No. 4 red. 2 cars: No. 1 hard. 12 cars; No. 2 hard. 3 cars; No. 1 mixed. 4 cars. Total, 80 cars. Corn—No. 1 white. 5 cars; No. 2 white, 17 cars: No. 3 white. 8 cars; No. 4 white 1 car; No. 6 white, 2 cars: No. 2 yellow, 27 cars; No. 3 yellow, 27 cars; No. 4 yellow, 8 cars: No. 5 yellow, 5 cars; No. 6 yellow', 2 cars: Sample yellow, 5 cars; No 3 mixed, 1 car; No. 6 mixed, 1 car. Total 109 cars. Oats—No 2 white. 9 cars; No. 3 white. 20 cars. Total, 29 cars. INDIANAPOLIS WAGON WHFAT . Citl’ grain elevators are paying 95 cents for No. 2 soft red wheat. Other grades on their merits Births Bovs Gayner and Helen. Neal. 2136 DeQuincy. George and Diomedea Coats. 641 North Duett. William and Maxie Chaplin, 2869 North Stuart. George and Dollv Tvree. 24 Plum. Walter and Lois Prather. 1132 North Illinois. Curtis and Florence Carpenter. 1742 Yandes. Cov and Margaret Swearingen. 915 Eugene Clifford and Florence Bohm. 406 Division. Francis and Minnie Simmons. 332 North Blackford. Acvie end Margaret Wildrick. 109 North New Jersev. James anc Marv Campbell. 2215 North Dearborn. Beniamin and Colleta Gross. 4633 Hillside. John and Matilda Phillips. Christian hospital. Girls Sam and Marjorie Lee. 5347 West Washington. Albert and Elizabeth Chambers. 1426 Rembrandt. Walter and Alcenina Stark. 1206 Yandes Louie and Ada Bowman. 742 North Rochester. Jasper and Loyd Gatewood. 820 East North. Louie and Reba McDowell. 333 South Harris. Henry and Edwena Townsend. 904 North Belmont. Moris and Goldie Moore. 3715 Roosevelt. Ha/old and Erma Hiaer 909 Prospect.

SWINE MOSTLY 10 CENTS UP IN STRONG TRADE Cattle Classes Active in Firm Range: Sheep Steady. BY JOHN T. HAWK IX S Times Financial Editor* Hogs generally were 10 cents higher in a firm market at the city yards today. The bulk of 160 to 200 pounders sold for $4.75 to $4.80; 200 to 350 pounds, $4.80 to $4.90, with a top price of $4.95. Weights of 130 to 160 pounds brought $3.85 to $4.35. Receipts were estimated at 8,000. Holdovers were 352. Cattle displayed a strong, active trend. All slaughter classes moved briskly with prices seeking higher levels. Bulk of steers sold for $5 to $6.50, with one load at $6.75. Common kinds brought $4.50. Most heifers made the market in a range of $5 to $6, several loads selling at the latter price. Cows were to be I had at $2.75 to $3.50, some up to $4. Receipts were 1,200. Vealers were steady at $6 down. Calf receipts, numbered 700. Sheep were fully steady with | Tuesday’s market. The bulk of ewe ! and wether lambs sold for $7.50 to SB, with a top of $8.25. Bucks were discounted sl. Culls and throw- j outs brought $3 to $6. Receipts | were 2,000, With the market active, hog prices 1 at Chicago moved around 10 to 15 j cents higher than Tuesday's average. The bulk of good to choice porkers, scaling from 200 to 300 pounds, sold at $4.75 to $4.85. Early top held at $4.85. Receipts were estimated at 24.000, including 10,000 direct; holdovers, 1,000. Cattle receipts numbered 8,000; calves, 2,000; market strong to mostly 25 cents higher. Sheep receipts were 8,000; I market around 25 cents higher.

HOGS July. Bulk. Top. Receipts. 5. $4,45 0 4.60 $4.60 1.100 6. 4.60® 4.70 4.70 9 000 7. 4.700 4.80 4.85 9.000 8. 4.65® 4.75 4.75 3 500 10. 4.55® 4.65 4.65 6,000 11. 4.65® 4 80 4.80 6,500 12. 4.75® 4,90 4.95 8.000 Market, higher. (140-160) Good and choice...s 4.10® 4.35 —Light Weights—-(l6o-180) Good and choice... 4.75 (180-200) Good and choice. ... 4.80 —Medium Weights—-(2oo-22Q) Good and choice... 4.85 (220-250) Good and choice... 4.85® 495 —Heavy Weights—-(2so-290) Good and choice. .. 4.90 0 4.95 (290-350) Good and choice... 4.80® 4.90 —Packing Sows—(3so down) Good 3.50® 425 1350 up) Good 3.25® 4.00 (All weights) Medium 3.00® 3 50 —Slaughter Pigs—-(loo-130) Good and choice 3.35® 3.60 CATTLE Receipts. 1,200: market, steady. (1.050-1,1001 Good and choice $ 5.50® 700 Common and medium 4.25® 5 50 (1,100-1,500) Good and choice 5.50® 700 Medium 4.25® 5.25 —Heifers—-(sso-750) Good and choice 5.00® 6 00 Common and medium 3.25# 5.00 (750-900) Good and choice 4.25® 5 75 Common and medium 3.00® 4.25 —Cows— Good 3.25® 4.00 Common and medium 2.50® 3.25 Low cutter and medium 1.50® 2.50 —Buis (yearlings excluded! Good (beef) 3.00® 3.50 Cutter, common and medium 2.00@ 3.00 VEALERS Receipts, 700: market, steady. Good and choice $ 5.50® 600 Medium 4.000 8.50 Cull and common 2.50® 400 —Calves—-(2so-500) Good and choice 3,50® 5.00 Common and medium 2.00® 350 :Feeder and Stoker Cattle—-(soo-800) — Good and choice 4.50® 5.75 Common and medium 3.00® 4 50 (800-1.500) Good and choice 4.75® 5.75 Common and medium 3.00® 4.50 SHEEP AND LAMBS Receipts. 2,000: market, steady. —Lambs, Shorn Basis—(9o lbs. down) good and choice.s7.oo® 8 25 (90 lbs. down) com. and mod... 4.50® 7.00 —Ewes— Good and choice 2.00® 3.0 C Common and medium 1.000 2.00 Other Livestock BY UNITED PRESS PITTSBURGH. July 12.—Cattle Receipts, 25; market, steady. Hogs—Receipts, 750: market active and higher; prime heavies 240-30 lbs., $5®5.25; heavy mixed 210-240 lbs., $5.35®5.40: mediums, $5.250 5.40; light yorkers. 120-145 lbs., 180-210 lbs., $5.350 5.40; heavy yorkers. $4.2504.50: pigs 90-115 lbs., $3.5004; roughs. $303.75. Sheep and lambs—Receipts, 1,000; market, steady; lambs, good to choice 80 lbs down, $7.7508; medium 80 lbs. down. $6.5007.25; medium 81 lbs. up, $4.5005.25; sheep-weathers. prime $2.6002.75; fair to good, $1.75®2; ewes, medium to choice, $101.50. Calves—Receipts, 200: steady veaiers; good. $6 0 6.50; medium, $505.50; heavy and thin, $304. EAST BUFFALO. July 12.—Hogs on sale —Receipts. 880; active to local Interests; strong to 25c higher; 170-250 lbs., $5,150 5.25; 130-160 lbs., $404.65; slaughter pigs. $3.75. Cattle.—Receipts, 500; steady to strong, largely castoff dairy cows; cutter and low cutter grades. $1.5002.50: fat cows. $303.50. Calves—Receipts. 200; active. strong to 25c higher; good to choice, $6.50 07; few held higher, medium. $5,500 6; culls and common, $405.50. Sheep— Receipts. 600; holdovers. 400: 25c lower; lower grades extremely dull: good to choice, $8 0 8.75; medium and ducks. $6.50 @7.50; common. $3.5005.50. Sheep— Steady; handy weight ewes. $1.50 0 2.50.

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J ' • OO T_L_ Three Uncertainties Must Be Cleared Before World Agreements Are Possible. BY WALTER LIPPMAXN

PARIS. July 12.—At this writing it appears that the United States has agreed to a virtual adjournment of the debate on monetary questions. If tl-us is true, it is a wise decision. The whole argument for the last few days about whether to adjourn the London economic conference or to go on talking has been real. No practical decision could have come out of the talk. The alignment of Great Britain with the United States in the conference maneuvers has been political rather

than financial or economic. The question as to whether Britain would lead the sterling bloc toward inflation could not have been determined in the world economic conference. It necesvsarily will be determined by the logic of events as that logic is interpreted by the Bank of England, the treasury and the leaders of the Conservative party. Nothing could be accomplished by debate which will not be accomplished without the debate. On the other hand, insistence on continuing the debate would have made future agreements more difficult. For while the debate could have settled nothing, it would have emphasized and consolidated the division among the nations, and it would have put the United States in a position where it would be charged with the responsibility for every financial development in Europe.

There will be very important developments. It would be highly imprudent to accept responsibility for them. There are three fundamental uncertainties which have to be cleared

I before international monetary ! agreements are possible. One is the uncertainty as to the degree of in'flation which President Roosevelt is | seeking. The second is the uncertainty as! to whether, in view of the inherent grave conditions of the French and of certain other continental budgets, the gold currencies can be j maintained at their present parities, j I The third is the uncertainty as j to whether Britain will continue to j keep the pound sterling stabilized with the franc or whether it will allow the pound sterling to depreciate with the dollar. Not one of these questions can now be debated in the conference. The President has insisted that for the time being he must have an absolutely free hand. The gold countries will not, for obvious reasons, debate in public the questions which trouble them, such as whether they really can deflate their budgets and their manufacturing costs enough to maintain their credit. And Great Britain will not, w'e may be reasonably certain, discuss! before an international committee the question as to what policy she will adopt for the pound. Certainly it is hard to imagine j such a discussion with men like Neville Chamberlain and Montague j Norman at the helm. a a a INEVITABLY, therefore, a continuation of the debate w'ould be j meaningless in the realm of finance, but highly dangerous in the realm of politics. No financial policy would be decided, but every attempt to touch the realities would provoke sharp j opposition from that one of the. three parties—the dollar, the sterling and the gold—whose position was threatened. It is, therefore, better to adjourn and then quietly to resume conversations, with a view to important agreements later. (Copyright. 1933. by The Times) Chicago Primary Receipts —July 11— Wheat 1,213,000 Corn 1,312,000 Oats 425,000 CHICAGO FRUIT MARKET CHICAGO. July 12.—Apples—Illinois transparents. $1 1.25: duchess. $110(04.35. Raspberries—lllinois. Indiana and Michigan reds $1.15*01.40: Indiana and Michigan blackcaps. 85c(5.51.05. Currents — Michigan, [email protected]. Cherries—Michigan sour. $1(51.25; sweet. $1.25(01.50. Dewberries—Michigan. $1.25(01.40. Gooseberries—Michigan, $1*01.50. Onion market —Texas and California creamys white waxed. $20245; California yellows. sl@ 1.25; lowa yellow. 9Oc(0$l. Deaths Thomas C. Sherman, 73. Methodist hospital, intestinal obstruction. Thomas Patrick Killilea, 14. 414 North Grav, Hodgkin’s disease. Josephine Massing. 67. 15 East Minnesota. chronic interstitial nephritis. Marv A. Stetten. 60, 3122 Sutherland, broncho pneumonia. Charlotte Jenkins, 5, city hospital, mastoiditis. Henrietta Roberts. 70. Winter apartments. coronary occlusion. Jennie Blosser, 82. 5025 Park, chronic myocarditis. August H. Fiesel. 71. 312 North Walcott, chronic nephritis. Madina Sarah Weaver. 72, 4357 Guilford, cerebral hemorrhage. Andrew B. Zaenglein. 80, 2001 North Capitol, carcinoma. Anna Marie Riebenach. 80, 2001 North Capitol, cardio vascular renal disease. Charles F. Kerkhoff, 71, 4120 Shelby, fitral regurgitation. Ala Jean Simmons, 3, city hospital, lobar pneumonia. In the Air Weather conditions at 9 a. m ; Northeast wind, 5 miles an hour; temperature, 73; barometric pressure, 29.96 at sea level; general con- j ditions, scattered clouds; ceiling,: unlimited; visibility, 8 miles.

r“

Foreign Exchange

Bv Abbott. Hoppin & Cos. —July 11 Sterling. England $4 66% SC Franc France 0551% Lira. Italy 4751 Belgos. Belgium 1975 Mark. Germany 3390 Guilder Holland 5700 Peseta. Spain 1186 Krone. Norway • 2360 Krone. Denmark . 2110

Produce Markets

Delivered In Indianapolis prices: Hens, heavy breeds over 4% lbs.. 10c: Leghorns. 7c. Broilers: Colored springers. 1% lbs. i up. 14c: springers (Leghorn). 1% lbs. up. 11c: barebacks. 7c: cocks and stags. 6c: Leghorn cocks and Leghorn stags. sc. Ducks, large white, fuli leathered and la: over 4 lbs.. 4c: small and colored. -3c. Geese, fuL feathered and fat. 3c. Young guineas, 20c: old guineas. 15c. Eggs—No 1 tresh country run eggs, 12c. Each full egg n? s %!? ust W il lß 1 55 lbs - * r °ss: a deduction of 10c per lb. for each lb. under 55 lbs. 902? S m Wi11 „ b e made. Butter—No. 1 27® hv 'th^°wLi 26c V- Butterfat—l9c. Quoted by the Wadlev Company. BY UNITED PRESS J ul >- 12.— Eggs—.Market, unsettled, price %c lower to %c higher- rej £**?*• f-l? 8 ?- fi?# es; extra first*. 14-514 %c: J' .1 H„ 4 , c: c “ rr ent receipts Ufa 12 2C, dirties, 10%c. Butter—Marxet easyP. n ?£? unchanged to %c lower; receipts’ oL 584 . . tubs: „ specials. 25%(a2c; extras 23%*524c; firsts. 22%5i Poultr S v COnd iw= ?°^ 31 %c; standards. 25c. I2r- P c ; leghorn broilers. 11(0 1 leghorns, 9c; ducks. 7@ 10c: geese. 8 1.10 c, turkeys, 10@llc; roosters Bcbroilers 12&20C. Cheese—Twins. 13%c@ trPk thorns. J3%@l4c. Potatoes—On ' r ??- M : arrivals. 122; shipments, 581 maiket, stronger; Missouri and Kansas blers e< sacked*, e tfarrei, 1 Ys 600 (i COb ' S2£Sn r^4ev^isk b e a t rr ii-.2s^r^ fa?k Patents. SBO 6.50 sacK. Fork—Steady, mess. sl9 barren Dressed Poultry— Steady; turkeys 14*524c 9® 2oc: broilers, 13*5 2l'c fowls Poultrv rw'iP Island ducks. 20*a2ac. Live ?sc; ' ?§cT’dueled 9Vw°£ 23c ft 16^ heese lCe o S ' , 19a2: / ; broilers, 130 ZJC. Cheese—Quiet. sSite whole milk fan c V to specials. 20*021 %c- Young Amer--5 Butter—Receipts. 16.608 package*. Market unsettled. Creamery higher than extras. 26%&27c- extra ' 92 94° r r-7si 5 ■‘®2 6c ; First. 90 to 91 score! 24%@25%c, first. 88 to 89 score. 23024 c seconds. 2 1 %'522i2C. Eggs—Receipts, 33,.Market irregular. Special E B *- , i’Jhpol l ?* unusual hennery selecill 2 ??? %c: standards, 16%@17Vc: firsts. 14V5 15C. Seconds. 14014'iC; meJtums. 13%®14c: dirties. 13 %c; checks. Other Grain CHICAGO CASH GRAIN B>i United Press w .pBICAGO, July 11.—Cash grain, close: Wheat—No 1 hard $ 1 .05%'ri.07; No. 2 hard ■ danr hard. $1.06%; 1 No * 2 mi *ed, 51.04. f, 0 , rn -S 0 - 2 mixed. 63064V.C; No. 6 mixed. No. 2 yellow. 630 64c: No. 3 vellow, 61 3 /<063 1 .,c, No. 4 yellow. 60ti62%c; No. 6 veHow. 47%<059c: No. 1. 64 3 .c; No. 2 rvl te " xt 63 /i^ 64c i- sample grade. 30@42c. Oats—No. 2 w-hite. 46%*5 46\c; No. 3 wjnte. 45*046%c; rye, no sales: barley. 50® 75c: timothy. $3.500 3.75; cfover. $8 @11.25. Cash provisions: Lard. $7.82; loose. $6.95: leaf. $6.87. TOLEDO CASH GRAIN By United Press —Cash grain close: elevators, transit billing: Wheat —No. 2 red. $1.07*01.08; No. 1 red. 1 cent premium. Corn—No. 2 vellow, 67% 0 68%c 0 1 .. *5 51 1 = c. Rye—No. 2. 96@97c. Track prices. 28%c rate. Wheat 2 red s i .o Corn—No. 2 yellow, 63%°,64c; No. 3 vellow. 62%0 63%c. Oats—No. 2 white. 47%*@48%c; No. 3 white, 47048 c. Seed Close: CloverCash. $7.75: October. SB.OOB. Alsik®— Cash. $7.75: August, $3.008. Produce, close: Butter—Fancy creamery. 30c. ST. LOUIS CASH GRAIN By United Press un, • BDD I ®. July 11.—Cash grain: Wheat in good demand. 3@4% c higher; No. 1 red. $1.06*51.07%; No. 2 red. $1.05% 3 41.07%; No. 3 red, $1.05(51.08%: No. 4 red, $1.05; No. 1 red garlicky. $1.06 light; No. 2 red garlicky. sl.Ol heavv; No. 2 red garlicky. $1.05 light; No. 3 red garlicky. $1.02 heavy: No. 4 red garlicky. sl.Ol heavy; No. 4 red garlicky. 51.04% light; No 2 red smutty, $1.02%; No. 1 hard, sl.o4%;smutty; No. 1 hard. Sl.O6 1 , regular; No. 2 hard. $1.06*31.05%; No. 1 dark hard, $1.05 , 41.06: No. 1 mixed. $1.04% soft; mlxed . $105% hard; No. 2 mixed, $1.04% soft; No. 2 mixed. $105% hard. Corn-—ln good demand. 2^/2'2C higher; No 6 mixed. 561 2 c mustv; No. 2 vellow. 62%*563%c; No. 3 yellow, Siy 4 c: No. 6 yellow. 56%*358%c mustv; ~0. 2 white. 64 ! 4C. Oats—ln good demand. 1%*52c higher; No. 2 white. 47*5 47%c; No.' 3 white. 46%@47c; No. 2 red, 47%c.

QUARTERLY INCOME SHARES Secured by a logical and careful selection of diversified stocks in the nation's leading industries. The underlying portfolio stocks enjoy continuous research and intelligent supervision. These shares, from point of dependability, income and outlook for appreciation, merit the investor’s confidence. Detach and mail this coupon for further information. NAME ADDRESS WILLIAM E. SHUMAKER and COMPANY, Inc! 1408 Circle Tower LI. 8354

We Offer Two Brewery Stocks AS ATTRACTIVE SPECULATIONS The Muessel Brewing Cos. Capital Stock (South Bend, Ind.) Price at market. .Frank Fehr Brewing Cos. Participating Preference (Louisville, Ky.) Price at market. Both Listed Chicago Curb Exchange T. P. BURKE & COMPANY, INC. Investment Securities 217-224 Circle Tower Telephone Riley 8536

SELLING SENDS GRAIN FUTURES DOWN FRACTION Public Buying Lets Up in Early Dealings: Rains Are Reported. BY HAROLD E. RAINVILLE United Press Staff Correspondent CHICAGO, July 12 Grains {turned weak on the Board of Trade , today as the pub’.ic buying let up and with the market in an over- ( bought position, scattering selling i drove prices unevenly but sharply j lower. Wheat opened unchanged to cent lower, with weakness in stocks a factor. The other grains followed wheat rye lost its momentum and was unchanged to 1 cent lower, while corn broke \ to 2 cents. Rains Are Reported. There were some rains in lowa which more than offset high temperatures. Oats was unchanged to % cent lower. Provisions were steady. The official Canadian crop estimate was 50.000.000 bushels under I the recent private estimates. The | sharp advance in flour and rising bread prices are factors creating caution. Liverpool was %to •% cent higher at mid-afternoon. Old Corn Is Sold Corn is subjected to immense profit-taking sales on advances, but the strength in wheat and oats sustains prices. Higher prices are operating to the benefit of the farmers who are selling on all advances, some corn being as much as two years old. Oats likewise meets heavy realizing sales on bulges, but the market remains strong with cash offerings only light due to the deplorable condition of the new crop. The cash market is strong. Rye already has advanced 15 to 17 cents this week. Chicago Futures Range , —July 12WHEAT— p r ev „ , High. Low. 10:00 close! September .. 1.07% 1.05 1.07% l 07% December .. . 1.09% 1.08 1.09% 109% M corn-"’ lU3l ' a 112 ’ 4 ll3 ‘ 2 113 ‘ 2 September ... .67% .66 . 67% 68% December ... .72 .70% .72 72% “oATS—- 77 * ' 76 ' 77Vi :>m September .. .48% .47% .48 .48% December ... .50% .49 .50% .50% RYE— September .. .98 .95% 98 97% December ... 1.04 .99% 1.04 1.02 BARLEY— September .. .64% .64% .64% .84 December 68 .67% ANNOUNCEMENTS 1 Death Notices ARMOUR, MARK R.—Beloved son of Lucy Armour and Harrv Mates, brother of Mav Armour departed this life July 11th. age 20 years. Funeral Friday at the MEEKS MORTUARY. MUNCIE. IND., 2 p. m. Burial Mount Tabor cemetery. Friend mav view the body at the residence of Miss Eleanor Baker. 806 E. Raymond St . until Thursday noon. For information call MOORE is KIRK. CH-3550. GRAVES. BESSIE VIRGINIA—BeIoved daughter of Ottis and Welda Graves, departed this life July 11. age 8 years. Funeral Saturday. July 15th. at the residence. 1850 Tallman Ave.. 10 a. m. Burial Memorial Park Ccmeterv. Friends invited. Funeral under direction of MOORE & KIRK. KILLILEA. THOMAS—Age 14. beloved Util® son of Mr. and Mrs. Daniel Killilea. brother of Margaret. Catherine. Helen and Joseph, died at the home. 414 North Gray street. Tuesday. Funeral Friday. 8:30 at the home. 9 a. m. St. Philip Neri Church. Burial Holy Cross cemetery. Friends invited. KIRBY-DINN Service. MASSING. JOSEPHINE—Mother of Mrs. Frank Fertig Jr.. Ida. Victor and Herman Massing; sister of Mrs. Emma Fritzgibbons. Mrs. Sadie Richardt, Mrs. Christina Maschtno. John. Will. Fred and Louis Bauerle. died Monday. Funeral Thursday. 8:30 a. m.. at the home. 15 East Minnesota street, 9 a. m.. Sacred Heart Church. Burial St. Joseph's cemetery. KIRBY-DINN SERVICE. [Seymour (Ind.) papers please copy.) MARONEY. DONALD HARRY—Son of Mr. and Mrs. K. J. Maronev. brother of Kvle. Passed away Wednesday morning. Services FLANNER <fc BUCHANAN MORTUARY. Friday. 10 a. m. Friends invited. Burial Danville. Ind. Friends mav cal 1 at the Mortuary anvtime. 2 Cards, In Memoriams BROWN—In loving remembrance of our dear Mother and Grandmother, DOLLIE MAY BROWN, departed this life 2 years ago todav. July 12th. 1931. Two dear bright eves, a tender smile. A loving heart that knew no euile. Deep trust in God. that all was right. Her lov to make, make other bright. If sick or suffering one she knew. Some gentle act of love she'd do. No thought of self, but of "the other’ ; I know He said, “Well done, dear mother. Son CLAUDE and FAMILY. 3 Funeral Directors, Florists W. T. BLASENGYM Main office 2226 Shclbv St. Branch office. 1634 W. Morrl FINN BROS. Funeral Home 1639 N Meridian St TA-1825. GRINSTEINER’S 522 E. Market RI-5374

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