Indianapolis Times, Volume 45, Number 54, Indianapolis, Marion County, 13 July 1933 — Page 15

JULY 13, 1933

Wall Street

Drop in United States Steel Stockholders Suggests Accumulation of Company's Shares. BY RALPH HENDERSHOT Timei Special Financial Writer

The decrease of 3.299 in the number of ,‘tockholders of {he United States Steel Corporation between March 18, 1933, the date of the last annual meeting. and June 1, 1933. was fully as important in many respects as the big jump in the company's backlog of orders last month. It indicated that the small holders of the stock had been selling and that

the big holders had been accumulating it. The drop probably also reflects speculation in the issue. Severe stock market crashes always convert a great many speculators into involuntary investors. That is to say, many of those who buy on margin with the hope of making a profit invariably refuse to take their losses in a decline and put up enough extra cash to take up and pay for the stock. This takes the title out of the brokers' hands and places it in the hands of the actual owners. Moreover, bargain-hunter investors are quick to buy stocks when they are down from their highs, and thus furnish excellent depositories for pool operators and other large holders. At the height of the market boom in 1929 there were only a little more than 100,000 Steel stockholders. By last March the total had nearly doubled. Thus the odd-lot buyers took the stock on the way down throughout the depression, the price appearing more attractive a,t each stage of the decline. Now that the business skies have cleared accumulation once more

I 4.

Ralph Hendershot

apparently has begun. And anew cycle seems to be in the process of formation. a a a Textile Code Adopted The first industrial code of business practice has been approved and signed by President Roosevelt. The honors go to the cotton textile industry. The fact that an agreement, apparently satisfactory to -all concerned, could be reached in that industry would indicate that almost any division of business can get together under the terms of the National Recovery Act. As Douglas G. Woolf, editor of the Textile World, points out, “cotton manufacture is broken up into relatively small units scattered throughout the country. Its traditions are rooted in the cHm past. That combination of circumstances makes concerted action particularly difficult.” a a a France and Gold Standard If the action of the bond market means anything—and it is fair to assume that it does—France is unlikely to go off the gold standard in the near future, as many people had anticipated. French government and municipal bonds have been advancing quite sharply during the last few days, establishing new high levels for the year. The connection, of course, is that if the gold standard is maintained the interest, which is supposed to be payable in gold, can be converted into dollars at a favorable rate of exchange. a a a The Bullish Mr. Durant Returns W. C. Durant, who has taken two or three lickings in the stock market because of his bullishness, is back again, it is learned on the best of authority.

New York Stocks " — ~~— (Bv Abbott. Hoppln Ac Cos.) ~~~~~~~~~~~~~~

—July 13— i Oils— Prev. High Low 11:00 Close Amerada ■■. •• • 3?Vi ! Atl Rfg 31% 31 31% 31 Barnsclah 10% 10% 10% 10% Cons Oil 15 14% 14% 15 Cont of Del ••• 18% 18% Houston 1 new 1 7% 6% Houston (old 1 36 36% Indian Rfg ...... .. . ■• • Mid Cont Pet ... lj>% 16 Ohio Oil 17 16% 17 16 Pet Corn ,44 1 }V% Phillips Pet 13% 13 w Pure Oil 10% 10% Royal Dutch ■ ■ 33^ Shell Union 10% 10% Simms Pet . • “.l 4 Skellev Oil ... .L 2 Soc Vac 14 7 8 14 3 4 14% iJ- 4 SO of Cal 39% 39% 39% 39*1, S O of Kan • ■ • BOof N J .l ; ' 40 % Sun Oil • • iL* -H' Texas Corn . 23% 27% 23- 4 27% Tidewater Assn .10 9% 10 9 * Un OH of Cal. 22 4 21 * Am* Roll" Mills. . . 29% 28% 29% 29% Beth Steeel .47 46' 2 46 4 45 * Byers AM... 32/ 32 4 Col Fuel & Iron i6 2 IS, 8 Cruc Steel St, 2 Gulf Sts Steel 34 * 77 4 Inland Steel ?%■ Ludlum Steel ■ • ••• ■ IS, 8 McKeesport Tin. * ?S, 4 Natl Steel . ... 53% 53% 53% 53 4 Rep 3 & Steel . 22% 21 s Rep Ir &; Stl Pfd ... • • £2 b US Smelt.. .58% 58|r 58% | ' Vanadium 31 * 4 31 n 31 4 JO Midland .... . „ nj • AS, 2 20 US P & Fdy . 20% 20% 20 2 2U U S Steel 65 5 h 65 65 b 4 4 U S Steel pfd u ’* 3 8 Yrs S Ac. T 35 4 34 4 Atchison 76% 75% 76% 75 SVo* L,ne : 35% 35% 35% 35 Can Pac .20 19% 20 L Ch Ac Ohio . 46% 46% 46 2 46 Chi & Gt W CM& St P pfd. 11% 11% IF. n’ 3 Chi NVV 14% 14 C R I I'r pfd.. 14 4 Dela Ac Hud ... ... ■ • 4 Erie 20% 19% 2 0' 8 Grt Northern... 31% 30% 31% 31 111 Central . . 42% 41 42% 41 K C Sou 21% 21 Lou Ac Nash 65 62% MK & T ••• 13 4 Mo Pac 8% 8% Mo Pac pfd J 2 '4 12% N Y Cent . ... . 55% 55% 55% 54% NYCh& St L 20% 20% NYCAc S L pfd 28% 27% 28% 27% N Y New Hav 32% 31% N Y Ont Sc W. .. J 3 2 Norfolk & West. 168% Nor Pac • • 32 l 4 31 Penn R R . 39% 38% 39% 38% Sou Par • 37% 35% Soil R R 31% 30% 31% 30% Sou R R pfd 38 ... Union Pac 127 126% 127 125% Wabash 6% W Maryland 15 15 Motors— Auburn 82 81 82 78% Chrysler 37% 37% 37% 36% Gen Motors . 33% 32% 33% 32% Graham Mot ... 5% 5% Hudson ... 15 15 Hupp 7% 6% 7% 6% Mark Truck 42% 42% Nash . 26% 26 26% 26V* Packard . 6% 6 6% 6 Reo ... 5% 5% Studobaker ... 8% 8 Yellow Truck 7% 7 Motor Access— Bendtx 19% 19% 19% 19% Bohn Alum . . ... 51% 49% Borg Warner ... ... 19% 19% Briggs . ... 12% 12% 12% 12% Buad Wheel ... 5 4% Eaton Mfg . 13 Elec Auto Lite . 25% 25 25% 24% Houd Hershev.. .. ... 5% 5% Mullins Mfg 9 8% Murray Body ... 10% 10% Stew Warner * 8% 8% Timken Rol . . 34% 33% 34% 32%

Milling— Alaska Jun .. . 23% 23% 23% 23 Am Smelt 39% 38% 39% 37% Anaconda ... 20% 20% Cal A- Hecla 8% 8% 8% 8% Ccrro De Pasco. 35 33% 35 32% Granby ... 15 15 Gt Nor Ore ... 15% IS Howe Sound ... 24 Ins Copper ... 9 8% 9 B*B tnt Nickel . .. 20% 20% 20% 20% Isl Creek Coal. ... . . 29 Kennecott Cop 24% 24% 24% 23% Noranda Cop . 31% 31% 31% 31% Phelps Dodge... 16% 16 16% 16 Tobaccos— Am Snuff 47 Am Sum Tob .... .. 15 15 Am Tob A 88 87 % 88 87 Am Tob B 92% 91% Gen Cigar . 44% 44 44% 43 Ligg & Mvers B . 93% 93% 93% 92% Lornllard . 24% 24 24% 24% Reynolds Tob B. 50% 50 50% 49% Equipments— Allis Chalmers . 25% 24% 25% 24% Am Car & Fdv . 34% 33% 34% 32% Am Loco 33% 33% 33% 32% Am Mach A- Fdv 20% 20% 20% 20% Am Steel Fdv.. 24% 24 Bald Loco . 16% 15% 16% 15% Burroughs . .... 19 18% 19 19% Case J I ...100% 98% 100% 97% Cater Tract 27% 26% 27 27% Colgat Palm Peet .. ... ... 19% Congoleum ... ... 20% Elec Stor Bat ... ... 52 Foste" Wheeler.. 20% Gen Elec . 29% 28% 29% 28% Gen R R Sig 47% 44 Inugsol Rand ... 69% 68 69% 67 Int Bus Mach... .. ... 138% Int Harvester .44 43% 44 43% Kelvinator ~ ... 12 Nat! Cash Reg .21 20% 21 20% Proc <fc Gamble . ... ... 433; Pullman Inc . . 56% 56% 56% 54% Simmons Bed . . ~. 23 Und Elliot ... . 37 West Air B 33% 34 West Eleec . 54% 54% 54% 53% Worthing Pmp.. 37% 37% 37% 36% Utilities— Am & For Pwr.. 18% 18 18% 18 Am Pwr 8: Lt 18 17% 17% 17% AT&T . . ,33% 130% 132 129% Am Wat Wks 41% 4C% 41%,333,9 3 , Brook Un Gas.. . . . . 84 Col G * Elec 26% 26% 26% 26 Col G * E pfd . 81% 81% Com Si Sou 5% 5 5% 5 Consol Gas 62% 61% 62% 60% Elec Pwr Ac Lt 14% 13% 14% 14 E P A- L pfd 27 26% IPt T A- T 20% 19% 19% 19% Lou O Ac E A 22% Nat Pwr A- Lt 19% 19 19% 19% North Amer 35% 34% 35% 34% Pac G A: F 31 30% 31 31 Pub Serv N J 55 53% 55 53% So Cal Edison . . 26% 26 Std Gas 20% 20% 20' 19% Std Gas pfd . 22% 21% United Com . 14 13% 13% 13% Un Gas Imp 23% 23% 23% 22% Ut Pwr * Lt A 7% 7% 7% 7% Western Union . 72% 71 72% 69 Rubbers— Firestone 27% 26% 27% 26% Goodrichc .. 18% 17% 18% 17% Goodvear 42% 41% 41% 41 U S Rubber 15% 15% 15% 15 U 8 Rub pld 29% 28%

Kellv Springfld.. 4% 4V 8 4% 414 Amusements— Crosley Radio.. . ... . . 12V8 Fox Film 4% 4% 4 1 /* 4% Loews Inc 27% 27'4 27% 26% Radio Corp . . 11% 11 11% 11 RKO 5 4% 4% 4% Warner Bros 8 7% E’oods— Am Sugar 73% 70 73% 69% Armour A 6% 6% 6% 6% Beatrice Cream.. 25% 25% 25% 25% Borden Prod ... 36% 36 36 35% Cal Packing 29% 28% Canada Dry G A 27 26% Coca Cola 103% 10314 103% 102% C’ont Bak A ... 16% 16% 16% 16% Corn Prod .... 82 81 82 81% Crm of Wheat . 37% 37% 37% 36% Gen .Foods ... . 36% 36% 36% 37 Gold Dust, 25% 25% 25% 25V* G W Sugar 34% 33% Int Salt 26% Loose Wiles 42 % Natl Biscut 58% 58% Natl D Prod . . 23% 23% 23% 24 Pet Milk 12% Purity Bak . 24% 24% 24% 24*4 S P Rico Sug . 40% 38% 40 37% Std Brands 29% 29% 29% 29% United Fruit 61 % Ward Bak A 19% Wrigley 50 Retail Stores— Asso Dry Gds , 15 Best &Cos 29% 29V* Gimbel Bros 6% Gimbel pfd " 31 Gr Un Tea <ji 2 9% Hahn Dept Sts. .. ... 8% 8 Jewel Tea 42 Kresge S S 16% 16 16 16% Kroger Groc 35 34% Macy R H 62 62 May Dept St 30% Mo’nt Ward 28% 27% Penny J C 45% Safeway St 56% 54% Sears Roebuck 43% 43% Woolworth 48% Aviation— Aviation Corp ... 14*4 Douglass Air . . 17% 16% 17% 16% Curtiss Wright.. 4% 4% 4% 4% Curtiss Wright A 7% Nor Am Av .. . . 8 7% 8 7% United Aircraft.. 41% 41% 41% 381* Chemicals— Air Reduction ..100% 98% 100% 981* Allied Chern ... 128 128 Am Com Alcohol 71% 68% 71 % 63% Col Carbon .... 67% 67% 67% 65% Com Solvents, . 38% 37% 38% 36 Du Pont 82% 81 % 82% 80 Vi Freeport Tex. .. 41% 40% 41% 40 Liquid Carb ... 42% 41% 42% 41% Math Alkali . .. 38% 37 37% 36% Tex Gulf Sulph. 33% 33% 33% 33% Union Carbide.. 45% 44% 45% 44% U S Tn Alcohol 89% 88 89% 86% Nat Distil 116'2 114'* 115% 114 Drugs— Coty Inc . 6% 6% Drug Inc 58 56% 57 56 Lambert . 38% 38 % Lehn Ac Fink . 22% 22% 22' 2 22’* Zonit.e Prod .... 8 7% 8 7% Financial— Adams Exp 12% 12% 12% 12% Allegheny C ... " 6% 7 7 Chesa Corp .... 48% 48 48% 47% Transamerica . 9% 9 9 8% Tr Conti Corp.. 8% 7% 8% 8 Building— Am Radiator .. 17% 17% 17% 17% Gen Asphalt . . 22 21% 22 21% Int Cement .... 37% 36% 37% 36% Johns Many ... 54% 54 54% 54 Libby Ow Gls .. 32 31% 31% 30% Otis Elev 23% 23% 23% 23% Ulen Const ... 4% 4% Miscellaneous— Am Bk Note ... 28 26% 28 Am Can 94 93% 94 92% Anchor Cap . 30 28% 29 26% Bklvn Man Tr 40% 40% C’ontl Can 62% 61% 62% Eastman Kod .. 85% 84 85% 83% Owens Bot . . 93% 92 93% 91% Oilette 17 16% 17 16% Glidden 16% 16% 16% 16% Gotham Silk ... 15 143. Indus Rayon 68% 68% 68% 68 Int Rap Tr 9% 9% 9% 9% Real Silk Hos 153;

Investment Trust Shares

(By Abbott. Hoppin Sc Cos.) —July 12— Bid. Ask. American Bank Stocks Corp... 126 1.44 Basic Industry Shares 3.66 . . British Type Inv Tr 5h...... 89 95 Collateral Trustee Shares A' 5.25 552 Corporate Trust Shares iold). 2,40 Corporate Trust Shares (new). 259 266 Cumulative Trust Shares 4 50 Diversified Trust Shares A'. 650 Diversified Trust Shares ' B". 887 9.12 Diversified Trust Shares “C 3.49 354 Diversified Trust Shares "D'’. 562 587 First Insurance Stock Corp 1.68 1.98 First Common Stock Corp 126 144 Fixed Trust Oil Shares A"... 9.50 Fixed Trust Oil Shares ••8"... 812 Fundamental Trust Shares A 4.50 Fundamental Trust Shares B 4.37 Low Priced Shares 6.75 .... Mass Inves Trust Shares 19.91 21.63 Nation Wide Securities 3.96 North Amer Trust Shares 1953 198 North Am Tr Shares (55-56).. 275 3.05 Selected American Shares .... 299 Selected Cumulative Shares.. 756 766 Selected Income Shares 4.04 4.14 Std Amer Trust Shares 333 3.39 Super Amer Trust Shares ' A'’ 342 Trust Shares of America 3.25 330 Trustee Std Oil "A" 5 35 5.50 Trustee Std Oil •B“ 485 500 U S Electric Light Sc Pow "A’’ 16.75 ... Universal Trust Shares 3.30 3.40

In the Cotton Markets

—Julv 12— CHICAGO High Low Close January 11.91 11.05 11.91 March 12.05 11.22 12.05 Mav 12.25 11.40 12.25 Julv 11.30 October 11 70 10.77 11.70 December 11.83 10.94 11.83 NEW YORK January 11.95 10 96 11.95 March 12 10 1113 12.10 Mav 12.25 11.30 12.25 Julv 11.73 10 48 11.68 October 11 74 10.72 11.70 December . . 11.92 10.87 11.90 NEW ORLEANS January 11.90 10 95 11.88 March 12 04 11.20 12.04 Mav 12.18 11.28 12.18 Julv 10.80 1080 10 80 October 11.65 10.71 11.65 December 11.85 10.87 11.81 NEW YORK RAW SUGAR —Julv 12— High. Low Close January .. 1.69 1 63 1 63 March 1.75 1.68 1.74 Mav 1.79 1.72 1.78 Julv 1.58 September 1.61 1.55 1.60 December 1.68 1.62 1.68

DOLLAR EASES, STOCK MARKET MOVESUPWARD ‘Wet’ Issues in Demand at Higher Prices; Trade Active.

Average Stock Prices

Average of thirty industrials for Wednesday. hizh 105 46. low 101:37. 104 55. uo 1.47. Ayeraze of twenty rails 54.71. 53.08. 54 30. ud 06 Averaze of twenty utilities 37 35. 35 82. 36 86. uo .61 Ayeraze of forty bonds 37.73 uo .14. Averaze of ten first rails 92.81 of! .01. Averaze of twenty second rails f5 45. ud .11. Averaze of ten utilities 94.92. ud .16. Averaze of ten industrials 87.75. ud .30. BY’ ELMER C. WALZER United Press Financial Editor NEW YORK, July 13.—Stocks opened strong, with gains of fractions to 2 points in heavy turnover involving large blocks. The dollar was easier abroad and off in terms of sterling in New York. Cotton futures lost $1 a bale at the outset. The first sale of Western Union was 2,500 shares at 71, up 2 points and anew 1933 high. Postal Telegraph preferred firmed up 6 to 32’4. Radio Corporation opened 5,000 shares at 11, unchanged from the previous close. Demand continued for the ‘wet” stocks. United States Industrial Alcohol jumped to 89 1 2 , up 554, while National Distillers was at 115%, up 1%; Crown Cork and Seal 60, up 154, and Liquid Carbonic 41 74, up %. American Commercial Alcohol opened 1,200 shares at 68%, up 4 3 4 points and anew high. Mining issues were strong and active. International Nickel opened 5,000 shares at 20%, up 54, and within Vh of its 1933 high. Kennecott opened 3,000 shares at 24’%, up %.

Bank Clearings

INDIANAPOLIS STATEMENT —July 13— Clearings $1,934,000.00 Debits 5,567,000.00 TREASURY STATEMENT —Julv 13Net balance for July 11 $869,851,318.35 Misc. Int. Rev. Rects. for dav 4.519.326.23 Customs rects. mo. to date... 6,540.516.72

Foreign Exchange

(Bv Abbott. Hoppin & Cos.) —July 12Close. Sterling. England .$4.80% Franc. France 0555 Lira. Italy 0748 Belgas. Belgium 1970 Mark. Germany 3400 Guilder Holland ' 5700 Peseta. Spain 1100 Krone. Norway 2365 Krone. Denmark 2100 New York Curb (By Abbott. Hoppin & Cos.) —July 12Close Close Alum Cos of Am 83% Imperial Oil .... 13 7 /a Am Bev 3 llntl Petrol 17% Af C P & L (B) 5% Lake Sh Mines. 40% Am Cyan B. . . . 13% ! Lone Star Gas.. 11 Am & For Pwr 12% Mount Prod .... 6 Am Gas Sc El.. 44%’Natl Bellas Hess 4% Am Sup Pwr... 7% Niag Hud Pwr.. 13 Ark Natl Pwr A 2%,Pan-Am Airways 4 7 / 8 Asso Gas (A)... 1 % Parker Rstprf. .. 61'/* Atlas Ut Crp.. 17V 4 Pennroad 5% Axton 62 jPioneer Gold M.. 13V* Braz Tr Sc Lt.. 16% St Regis Paper.. 7% Can Marconi .. 2%|Segal Lock 1% Cent Sts E 1.... 3% Std Oil of Ind.. 33 Cities Serv ... 4% Std Oil of Ky... 18% Com Edison.... 71 iStutz 18 Cord 14'.'2 Translux 2% Eisler Elec .... 1% United Founders 2% El Bnd Sc Sh... 37%jUnited Gas .... 5% Ford of Eng ... s’4(Un LSc Pwr (A) 8 Ford Mot Can.. 12% ! United Verde ... 5% Hudson Bay M. 9% Wri Hargraves.. 6 New York Bank Stocks (By Abbott. Hoppin Sc Cos.) • —July 12— Bid. Ask. Bankers 66’i 67 Broklyn Trust 139 144 Central Hanover 140 142 Chase National 32% 33% Chemical 40% 41% City National 36% 37 Corn Exchange 61% 63 Continental 16 Vi 17 Empire 22% 23% First National 1,495 1,515 Guaranty ... 316 318 Irving 21% 22 Manhattan Sc Cos 32 32% Manufacturers 20 20% New York Trust 95% 96% Public 32 32% Liberty Bonds By United Press NEW YORK, July 12.—Closing Liberty bonds: By United Press (Decimals Represent Thirty-seconds) Liberty 3%s (2-47) 102.28 Liberty first 4%s (32-471 102.5 Liberty fourth 4%s (33-38) 102.30 Treasury 4%s (47-52) 110.3 Treasury 4s (44-54) 106.17 Treasury 3%s (46-56) 105. Treasury 3%s (43-47) 102 24 Treasury 3%s (41-43). March 102.13 Treasury 3%s (40-43% June 102.13 Treasury 3%s (46-49) 100.14 Treasury 3s (51-55) 99.5

Daily Price Index

By United Press NEW YORK. July 12 —Dun Sc Bradstreet's daily weighted price index of 30 basic commodities, compiled for the United Press: (1930-1932 Average. 100) Today 110.04 Tuesday 108.38 Week Ago 101.7 C Month ago 93.16 Year ago 75 11 1933 high (July 12) 110.04 1933 low (Jan. 20) 67.85 Copyright, 1933 by Dun Sc Bradstreet, Inc.

Bright Spots

By United Press National Automobile Chamber of Commerce reports June output of members totaled 195.178 units, up 13.2 per cent from May and 14 per cent over June, 1932. Lindsay Light Company reports June quarter net income of $7,716. against $4,111 in preceding three months. Dun & Bradstreet, Inc., weekly food index rises to $2.03. highest levels since December, 1931. Servel Sales. Inc., reports June orders for commmercial electrical refrigerators were 70 per cent over May total. CHICAGO FRUIT MARKET By f nited Press CHICAGO. July 13.—Apples—Illinois Transparents and Duchess. sl® 1.25. Raspberries—Michigan reds. $1.25® 2.25; Michigan blackcaps. [email protected]. Ch?rries—Michigan sour. $1.25® 1.40; sweet [email protected]. Gosseberries—Michigan. [email protected]. Currents —Michigan. $1.50® 175. String Beans— Illinois. &2£2.25. Celery—Michigan. 702 80c. Onion market—Texas and California Crystal White waxed. [email protected]; California yellows, Sl® 1.15; lowa yellows. 90c @sl; Illinois yellows. 75®80c. NEW YORK COFFEE FUTURES —Julv 12— RIO „ . High Low Close March 6.34 6.27 6.27 Mav 6.35 6.25 6.25 July 6.00 September 6.05 6 00 6.00 December 6.22 6.10 6.12 SANTOS March 8.44 8 36 8.36 May 8.40 8.38 - 8.38 Julv 8.42 8.24 8.85 September 8.40 8.32 8.35 December 8 40 8.34 8.37 INDIANAPOLIS WAGO.N WHEAT Citv grain elevators are paving 96 cents for No. 2 soft red wheat. Other grades on their menu.

THE INDIANAPOLIS TIMES

INDIANA STOCKS AND BONDS

The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level based on buying and selling inquiries or recent transactions —Julv 13— STOCKS Bid. Ask. Belt Rail Sc Stock Yards, com. 26 30 Beit Rail Ac Stock Yds pfd 6 i 45 50 Cent Ind Pwr pfd 7% 13 16 Citizens Gas com 14 17 Citizens Gas Cos pfd 5<%- 63 67 Home T & T Ft Wavne pfd 7To 36 40 Ind Ac Mich Eiec Cos pfd 7%.. 68 73 Ind Gen Service Cos pfd 6To .. 62 66 Ind Hydro Elec Cos 7r, 27 30 Indpls Gas Cos com 40 44 Indpls Pwr & Li pfd 6% 60 64 Indpls Pwr & Lt Cos pfd 6%%. 69 73 Indpls Water Cos pro 5", .88 92 No Ind Pub Serv C'o pfd 5%% 37 40 No Ind Pub Serv Cos 6% 38 42 No Ind Pub Serv Cos 7%.... 43 47 Public Serv Cos of Ind pfd 6% 14 17 Public Serv Cos of Ind pfd 7 % 38 42 South Ind Gas & El pfd 6%.. 56 60 Terre Haute Elec j>rd 6% 40 43 BONDS Belt R R * Stkyds 4s 1939... 88 92 Citizens Gas Cos 5s 1942 79 1 a 83% Home T & W 5%s 1955 96 100 Home T Ac T W 6s 1943 98 102 Indpls Gas Cos 5s 1952 77 80 Indols Rvs Inc ss. 1967 27 30 Indpls Water Cos 4' 2 s 1940.... 98 101 Indpls Water Cos 5s 1960 93 97 Indpls Water Cos 5s 1970 92 96 Indpls Water Cos 5%s 1953. ..100 103 Indpls Water Cos 5%s 1954. 100 103 Kokomo Wat Works 5s 1958... 74 78 Lafayette Tel Cos 5s 1957 83 87 Muncle 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 £6 Traction Terminal Cos 5s 1957.. 44 48 Joint Stock Land Banks ... , Bid. Ask. Atlantic 5% 46 49 Burlington 5% 37 40 California 5% 55 58 ♦Chicago 5% 26 29 Dallas 5% 53 56 Denver 5% 52 55 Des Moines 5 % 50% 54% First Carolina 57- 35 38 First Ft. Wayne 5% 52 55 First Montgomery 57> 38 % 41% First New Orleans 5% 37 41 First Texas 5% 49 52 First Tr Chicago 5% 55 58 Vi Fletcher 5% 69 73 Freemont 5% 58 61 Greenbrier 57 58 61 Greensboro 5% 47 50 Illinois Monticello 57 60% 63% Illinois-Midwest 5% 43 46 Indianapolis 5% 77 81 lowa 5% 57 60 Kentucky 5% 61 64 Lafayette 5% 50 53 Lincoln 57- 52 55 Louisville 57, 52 55 Maryland-Virginia 57 67 70 Mississippi 5% 45 48 New York 5% 48 51 North Carolina 57? 40 43 Oregon Washington 5 38 41 Pacific Portland 5% 47 50 Pacific Salt Lake 57 50 53 Pacific San Francisco 5% .... 50 55 Pennsylvania 5% 53 57 Phoenix 57> 68 71 Potomac 57 50 53 ♦St. Louis 57- 25 28 San Antonio 57 55 58 ♦Southern Minnesota 57 .... 15 18 Southwest 57? 41 44 Union Detroit 57 51 54 Union Louisville 57 52 Vi 56 Vi Virginia Carolina 57 43 46 Virginian 5% * ... 53 56 ♦Flat.

Chicago Stocks By Abbott. Hoppin Sc Cos. ——

TOTAL SALES. 150.000 SHARES —July 12High. Low. Close. Allied Products 19 Am Pub Serv pfd 8 American Yvette % Asbestos Mfg 4% Asso Telephone Util % % % Associates Inv Cos 47 46 46 Bastian-Blessing 12% 11% 12 Bendix Aviation 19% 18% 19% Borg-Warner 20% 19% 19% Brach & Sons ... 8 Brown Fence & Wire A .. ... 7% E L Bruce Cos 16 15 15% Butler Bros 5% 5% 5% Berghoff 14% 13% 14% Cent 111 Pub Serv pfd. . . . 24% 2% 24% Cent 111 Securities com 1% Cent 111 Securities pfd.. .. ... 7% Cent Pub Util % Cent & So West 3% 3% 3% Cent & So West pfd.. .. ... 19 Chi & North Western.. 14% 13% 14% Chi City & Com Rys ... 2 Chi City & Con Rys ctfs 1% Chicago Corp com 4% 4% 4% Chicago Corp pfd 31% 30 31% Chicago Flexible Shaft, B'/ 2 7 8% Chicago Yellow Cab. .. 13% 13% 13V 2 Cities Service 4% 4% 4% Club Aluminum Commonwealth Edison. . 72 69% 70% Construct Materials pfd 3 Cord Corp 14% 12% 14% Crane Cos 11 % 11 n Crane Cos pfd 58 57% 57% Dexter Cos 8 7 8 Electric Household ... 12 Goldblatt Bros 25% 25 25% Great Lakes Aircraft. ..1% 1 1 Great Lakes Dredge .... 17 16% 17 Greyhound Corp 1% 1% 114 Grigsby-Grunow 3% 35/. 3% Hall Printing 9 9 Hart-Carter pfd 7 Hart S & M 28 Houdaille-Hershe.v (At.. 12% i2% 12% Houdaille-Hershey (81.. 5% 5% 53* Jefferson Elec 12% 12 12% Kalamazoo Stove 28% 28 28 Katz Drug 24 Kentucky Ut Jr cum pfd oi Keystone Steel 16 is Te Libby-McNeil . I S 3/ , Lincoln Printing 1% '134 it® Lion Oil Refining Cos 0 Lynch Corp 3534 ‘32% 7? Marshall Field 16% 16% 16% McGraw Electric si, Mickelberry's Food Prod 6% 6% 6% Middle West Utilities 1® Middle W U 67. pfd A 1% Midland United li? Midland United pfd l " 2% Midland U 6% A pfd.. .. 13* Midland Util 7% 5 4% 4% National Leather 2 13/. 13; National Securities Inv .. 2% National Union Radio ' 13? Noblitt-Spa rks Indus In 27% 27% 27% North American Car . 7 North Amer Light & P 5% "5% 5% Ontario Mfg 8 q' 2 Perfect Circle ! "" 24 Pines Winterfront ’ * 3 Prima Cos 26% - 26 26% Process Corp 4 3% iv Public Service 37 35% 37' Pub he Service N P 38% 353/ s 38 Public Service 6% pfd. 72 71% 72 Public Service 7% pfd.. 80 Quaker Oats 138% i3B 138% Quaker Oats pfd 115% 115 115 Railroad Shares 11/, Raytheon V T C 5 Reliance Mfg Cos i7% ii 17% Ryerson & Son 18% 19% 19% Sears Roebuck 44% 43 44 Signode Steel Strapping . . ... 2% So WG & Elec pfd... 51 50% 50% Standard Dredging Cos 2% Storkline Furniture .... ... 5% Studebaker Maid A % % % Super Caid 5% 4% 5% Swift &Cos 20% 20 20 Swuft International ... 29 28% 29 Thompson JR 12 >4 U S Gypsum com 51 50% 51 U S Radio & Tel 23% 22% 23 Utility & Ind pfd 6 5% 5% Vortex Cup Cos A 26 24 24 Wahl 3 Walgreen Cos com 20% 19% 20% Ward Montgomery A .. .. ... 78 Waukesha Motor ... 42 Zenith Radio 2% Marriage Licenses Noral E. Green, 21, Madison. Tenn., chemist, and Fern Helena Robertson 19, of 1725 South State avenue, stenographer. Oscar Edward Creamer. 21, of 423 East Ohio street, news vendor, and Winona Warner. 22. of 421 East Ohio street, maid. William Snyder Hall, 22 of 3242 Washington boulevard, oil salesman, and Betsy Smith Toy. 22. of 700 Middle drive. Woodruff Place, house work. James Joseph Sullivan, 21. of 2150 South Pennsylvania street, apprentice printer, and Louise Habig, i9, of 1736 Union street, house work. Charles M. Keepers. 19, Daleville. Ind., farmer, and Margaret Lucille Crawford, 16 Star hotel, house work. Births Boys Robert and Berneice Castledine. 1319 Charles. Otto and Alberta Holzhausen, Methodist hospital. Lawrence and Opal Hoffman. St. Vincent's hospital. Fred and Margaret Bergman. St. Vincent's hospital. Hugh and Mary Dearing. 702 East Morris. James and Ethel Pruitt. 114 North Belmont. Augustine and Irene Bowles. Coleman hospital. Thomas and Nora Allison. Coleman hospital. Girls George and Naomi Wright. 731 Lord. * James and Ruby Baker. 6419 College William and Goldie Doll, St. Vincent's hospital. Leo and Laura Hahn. St. Vincent's hospital. William and Lillian Maschmever, St. Vincent's hospital. Paul and Carolyn Hargitt, St. Vincent's hospital. John and Edna Watts. St. Vincent's hospital. Homer and Mary Stokes. 1216 South Harding. Newland and Gladys McElfresh. 902 Buchanan. Henrv and Margaret Schott. 2162 South Pennsylvania. William and Iva! Lambert. 2021 Bluff. Harry and Daisy Stegemoller. 4204 Jackson. Deaths George Biba. 70. 11 South California, arteriosclerosis. Mozella Hampton. 21. 535 Agnes, pu* monary tuberculosis. Woo One. 48. Methodist hospital pulmonary tuberculosis. Marguerite E. Oakes. 35. 1225 LeGrande, pulmonary tuberculosis. Bessie Wyon 2. Riley hospital, hypostatic pneumonia. Katherine A. Sutton, 66. 2146 Garfield, carcinoma Rosa Davis. 46. city hospital, intestinal obstruction. John Blum berg. 74, 1551 Lexington, cerebral hemorrhage.

PORKERS SHOW LITTLE CHANGE AT CITYYARDS Cattle Active With Prices Strong; Lambs Sell Down. BY' JOHN T. HAWKINS Times Finanrtal Editor Little change was evidenced In hogs today at the city yards, prices holding firm and steady with Wednesday's average. Weights of 160 to 200 pounds sold for $4.75 to $4.80; 200 to 350 pounds. $4.80 to 54.90. with several in this classification up to $4.95. Light 130 to 160pounders brought $3.85 to $4.35. Receipts were estimated at 8,000; holdovers were 323. General grade in cattle was active and steady to strong. Choice steers were held around $7, best heifers $5.50 to $6. Others made the market downward from $5. Most cows sold at $2.75 to $3.50, difficult to get $4. Receipts were 900. Vealers were steady at $6 down. Calf receipts were 600. Lambs sold off, the range 25 to 50 cents under previous figures. The bulk of sales brought $7 to $7.50 with a few at $7.75. Extreme top was SB. Receipts were 1,300. Irregularity was displayed in hogs at Chicago, with early bids lacking and asking generally higher, while packers were talking weak to lower. Bulk prices remained undetermined until late. Receipts were estimated at 25,000, including 9.000 direct; holdovers, 2,000. Cattle receipts were 8,000; calves, 2,000; market strong. Sheep receipts numbered 11,000; market unchanged.

HOGS July. Bulk. Top. Receipts. 6. $4.6041 4 70 $4.70 9,000 7. 4.70@> 4.80 4.85 9,000 8. 4.65®' 4.75 4.75 3 500 10. 4.55® 4.65 4.65 6.000 11. 4.65® 4.80 4 80 6,500 12. 4.75® 4.90 4.95 8.000 13. 4.75® 4.90 4.95 8,000 Market, steady. (140-160) Good and ciioice. ..$ 4.10@ 4.35 —Light Weights—-(l6o-180) Good and choice... 4.75 (180^200 Good and choice.... 4.80 —Medium Weights—-(2oo-220) Good and choice... 4.85 (220-250) Good and choice... 4.85® 4.95 —Heavy Weights—-(2so-290) Good and choice.... 4.90@ 4.95 (290-350) Good and choice... 4.80® 4.90 —Packing Sows—(3so down) Good 3.50® 4.25 (350 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. 900: 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® 600 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, 600: market, steady. Good and choice $ 5.50® 6 00 Medium 4.00@ 5.50 Cull and common 2.50® 4.00 —Calves—-(2so-500) Good, and choice 3.50® 5.00 Common and medium 2.00® 3.50 —Feeder and Stoker Cattle—-(soo-800) Good and choice 4.50® 5.75 Common and medium 3.00® 4.50 (800-1,5001-Good and choice 4.75® 5.75 Common and medium 3.00® 4.50 SHEEP AND LAMBS Receipts, 1.300; market, steady. —Lambs, Shorn Basis—(9o lbs. down) good & choice.® 6.50® 8 00 (90 lbs. down) com. and mod. 4.00® 6.50 —Ewes— • Good and choice 2.00® 3.00 Common and medium I.oo® 2.00 Other Livestock BY UNITED PRESS CHICAGO. July 13.—Hogs Receipts 25.000 including 9,000 direct; slow, opening 5@ 10c lower than Wednesday; 200-290 lbs., $4.70®4.80; top. $4.85; heavy weights down to $1.50 and below; 140-190 lbs., $4 @4.75; packing sows, [email protected]; light lights, 140-160 lbs., good and choice s4® 4.60; light weight. 160-200 lbs., good and choice. $4.35® 4.75; medium weights. 200250 lbs., good and choice. [email protected]; heavy weights, 250-350 lbs., good and choice. [email protected]; packing sows, 275-550 lbs., medium and choice, [email protected]: slaughter pigs 100-130 lbs., good and choice, $3.25@4. Cattle —Receipts, 8.000; calves, 2,000; medium weight and weighty steers moderately active, steady on shipper account: supply relatively small; long yearlings and lignt steers slow, steady to weak; other killing classes under slight pressure edge being off general market compared with Wednesday's active trade; vealers 25c or more lower; largely fed steer run with inbetween grades light kinds predominating at $5,756/ 6.50: best medium weights, $7.25: weighty bullocks, $7.10; slaughter cattle and vealers: steers 550900 lbs., good and choice. [email protected]: 9001,100 lbs., good and choice, [email protected]: 1.100-1.300 lbs., good and choice $5.75® 7.50: 1.300-1.500 lbs., good and choice. $5.75®7.50: 550-1.300 lbs., comman and medium. $3.50®6: heifers 550-750 lbs, good and choice. [email protected]; common and medium, [email protected]: cows good [email protected]: common and medium, [email protected]; low cutter and cutter. $1.75®3.75; bulls, yearlings excluded, good (beef), $3.60®4.65: cutter common and medium $3.90® 4.10; vealers, good and choice, $5®6.50; medium, s4®s: cull and common. s3®4: Stocker and feeder cattle: steers 500-1,050 lbs., good and choice, $4.50@6: common and medium. [email protected]. Sheep—Receipts 11,000; fat lambs weak to mostly 25c lower; bulk $7.50 down; closely sorted lots, $7.75®7.85; only a small package at $8; little done on throwouts or yearlings; rangers absent, slaughter sheep and lambs: lambs 90 lbs. down, good and choice. $6.50®8: common and medium. $3.75®6.75; ewes 90-150 lbs., good and choice. $1.25®2.75; all weights common and medium. [email protected]. PITTSBURGH. July 13.—Cattle—Receipts, 50; market steady. Hogs—Receipts, 1,000; market steady; prime heavies, 2*o-300 lbs., ss® 5.25; heavy mixed 210-240 lbs., $5.35® 5.40; mediums. 180-210 lbs.. [email protected]; heavy yorkers, 55.25®5.40; light vorkers, 120-145 lbs.. $4.25® 4.50: pigs. yO-115 lbs., $3.50® 4; roughs. [email protected] Sheep and lambs—Receipts. 1,000; market, steady; lambs, good to choice 90 lbs. down. $7.75@8; medium 90 lbs. down $6.50® 7.25; medium 90 lbs. up, [email protected]; sheep-wethers, prime, $2.60®. 2.75; fair to good $1.75@2; ewes, medium to choice. $1®1.50. Calves—Receipts, 100; market, steady: vealers good. $6; fewchoice. 56.15; medium, $5®5.50; heavy and thin. s3® 4. EAST BUFFALO, July 13—Hogs—Receipts, 100; active to all interests, steady to 10c higher; 170 to 260 lbs., $5.15® 5.35; sales around $5.25; weights from 160 lbs. down s4® 4.75; packing sows. $3.25® 4. Cattle—Receipts. 25: no good dry fed cattle on market; good dry fed yearlings and handy butcher grades steady to strong; cows and bulls steady; cutter cows, Sl.oO @2.50; medium to good bulls. s3® 3.50. Calves—Receipts, 200; slow, with feeling easier; some early bids off 50c; good to choice. $6.50@7: medium. $5.50@3; culls and common, $4®5.50. Sheep—Receipts 500; holdovers. 400; steady, good lambs fairly active; common and light kinds slow; bulk selling with lenient sort from $8.50 down, indicating top of 58.75 for choice ewes and wethers: mixed lambs. 57.50® 7.75; medium, $6.50® 7.50; common $3.50® 5.50; sheep steady; ewes. $2.50 down. CLEVELAND. July 13.—Cattie—Receipts, 200; market, strong and active at best prices of week: fancy dry fed yearlings. $6.25® 6.75; good to choice butcher steers. 1000 lbs. and up. $5.25® 5 75: choice to prime yearling heifers. $5®5.25; prime yearling bulls, $4.50® 5: prime butcher cows. [email protected]: calves, receipts, 400; market active and strong with generous sales at $7.50: top all sold; choice to prime, $6 [email protected]: choice to good. s6®7; fair to food. ss®6. Sheep—Receipts. 600: market 5c lower in quiet trading; choice wethers, $2 50® 3.25: choice ewes, haniv weight, $2 ®3; choice spring lambs. $7 50® 8. Hogs —Receipts. 1.500; market • active and 5c higher on good local demand; all sold; heavies. $5.15: choice butcners. $5.15: stags. $2.75; roughs. $3.75; pigs. $3 50@4. EAST ST LOUIS, 111.. July 2..—Hogs— Receipts. 10.500. including 500 direct; market, opened strong to lOc higher; later deals steady to 5c lower: some bids off more: early sales. 190-290 lbs. $4 80®3. top $5: 160-180 lbs . $4 50 ® 4 75; 140-150 lbs , s4® 4 35; few 100-130 lbs $2.75® 3.75: sows argey $3 85@4 Catte—Receipts. 2.200; calves, receipts. 1.300: market, trading fairly active, market generally steadv with bulls. 15® 25c higher, and vealers 50c higher; early steer sales. $465®6.25: mixed yearlings and heifers. $5.25® 6.25 cows, 52.75@3 50; low cutters. 5150®2: top sausage bulls. $3.75; good and choice vealers. $5 75 Sheep—Rece.pts. 2.500; market, few lambs to city butchers, weak at *7 50 ® 7.75; packers taling 25c lower; indications steady on sheep.

Corn Crop 60 Per Cent of Normal for Indiana

Wheat 9 Points Below the Average: Condition of Oats Poor. By Timrs Special LAFAYETTE, Ind., July 13 Corn. Indiana's principal crop, was reported as 60 per cent normal on July 1, or 16 per cent belcfw the tenyear average, according to the monthly crop report by C. D. Palmer of the bureau of agricultural statistics of the Purdue university agricultural experiment station and the U. S. Department of Agriculture. The crop was planted late and stands are uneven, and the estimated acreage of 4.268.000 is 8 per cent below that of 1932. Prospects now are for a production of 123.772,000 bushels against 173,962,000 bushels last year. The stocks of com on farms at the start, of the month was given as 41,751.000 against 49.849.000 a year ago. Indications were for a wheat crop of 22,620.000 bushels or 356,000 bushels below last year, with the crop nine points below average. The carry-over of last year’s wheat on farms was reported as 7.5 per cent or a total of 1.741,000 bushe.'s against last year's carry-over of 4,009.000 bushels. The condition of oats at 35 per cent of normal is the lowest on record for July 1. The crop was sown late under unfavorable seedbed conditions and has suffered from heat and drought the last monthjj Many fields are too short to cut with the binder and some are being pastured. The estimated acreage is 7 per cent below last year and the indicated production is 31,-

Indianapolis Cash Grain

—July 12— The bids for car lots of grain at the cal! of the Indinapolis Board of Trade f. o. b.. shipping point, ba sis 41% New York rate, were: Wheat—Strong: No. 1 red. 98®99c: No. 2 red. 97® 98c: No. 2 hard. 28® 29c. Corn—Steadv— No. 2 write. 58® 59c; No. 3 white. 57®58c: No. 2 vellow. 56%®576%c; No. 3 yellow. 55%®56%c: No. 2 mixed. 55% ®566%c: No. 3 mixed. 54%®55%c. Oats—Form; No. 2 white. 43@44c: No. 3 white. 42®'43c. Hay—(F. o. b. country points taking 23 %c or less rates to Cincinnati or Louisville (. Steady—No. 1 timothy, No. 2 timothy, $5®5.50. r —lnspections Wheat—No. 1 red, 12 cars; No. 2 red, 16 cars; No. 1 hard, 2 cars; No. 1 mixed. 1 car; No. 2 mixed, 3 cars; total. 34 cars. Corn —No. 2 white, 2 cars; No. 3 white. 7 cars; No. 3 white, 1 car; No. 2 yellow, 14 cars; No. 3 yellow. 11 cars; No. 4 yellow. 4 cars: No. 5 yellow. 2 cars; sample vellow. 1 car; No. 2 mixed. 1 car; No. 3 mixed, 1 car; No. 5 mixed, 1 car; total. 45 cars. Oats—No. 2 white. 2 cars; No. 3 white, 6 cars: total. 8 cars. CHICAGO CASH GRAIN By United Press CHICAGO. July 12.—Cash grain close: Wheat—No. 2 red. $1.05%@1.C7; No. 3 red weevily, $1.03%; No. 1 dark hard $1.07%; sample grade 70c; No. 1 hard, [email protected]%; No. 2 hard, [email protected]%; No. 1 mixed. $1.06; No. 2 mixed, $1.05%; sample grade. $1.02%. Corn—No. 2 mixed. 62%c; No. 4 mixed, 60%@60%c; No. 6 mixed, 58c; No. 1 yellow. 64®64%c; No. 2 yellow 62%®) 64He; No. 3 yellow. .62' 4 @63c; No. 4 yellow, 62c; No. 6 yellow, 57%@58%c; No. 2 white, 64%@:64%c; sample grade, 33@53c. Oats— No. 2 white, 46’4@461ie; No. 3 white. 45® 4514 c; No. 4 white. 44@44%c. Rve —No sales. Barley—ss® 76c. Timothy—s3.so® 3.90. Clover—sß®Tl.so. Cash provisions: Lard—s7.6s: loose $6.75; leaf, $6.75; D. S. bellies, $8.37.

NEW OFFERING 200,000 Shares CENTLIVRE BREWING CORPORATION (An Indiana Corporation) Fort Wayne, Indiana Class A Common Stock 1 Convertible and Participating Convertible, share for share, into Class B Common stock at any time or in the event of call for Redemption. ■ Presently to be Authorized Outstanding Class A Common stock ($2.00 par value) 200,000 shares 200,000 shares Class B Common stock (50c par value) *420.000 shares **220,000 shares *200,000 shares reserved for conversion of Class A Common stock. *‘Wholly owned by the management and their families. Class A Common stock preferred as to fixed cumulative dividends at the rate of 25c per share per annum, payable quarterly from January 1, 1934. After payment of 25c per share on Class A Common stock, dividends may be paid on Class B Common stock not exceeding 25c per share per annum. Any further dividends during any year shall be at the same rate per share on all issued stock. The issued and outstanding Class A and Class B Common stock has full voting powers. The Centlivre family has successfully conducted a brewing business since 1862 when Charles L. Centlivre established a brewery in Fort Wayne. The Company’s brands “Centlivre Special” and “Nickel Plate Special" were widely known as quality beers, having been sold in many cities over the country and on German steamship lines and railroad dining cars. The management has retained as head brew master Mr. Frank Kloer, who occupied that position prior to prohibition. It is the purpose of the management to continue their formerly successful business as proved, sound merchandising methods and the manufacture of a beer equally as high grade as that on which their success was founded. The Centlivre Brewery, upon completion of present financing, will have an annual capacity of 130,000 barrels, according to the engineer's reports. The provision of the Indiana Beer Control Law limiting permits for the manufacture of alcoholic malt beverages is decidedly favorable to the operation of breweries located in the state. The Indiana law provides for the issuance of approximately 21 permits. The Centlivre Brewing Corporation holds Permit No. 6. Following are officers and directors: Louis A. Centlivre, chairman of board; Charles J. Reuss, president-general manager and director; Frank N. Centlivre, vice president and director; John L. Reuss, secretary and director; Carl L. Centlivre, treasurer and director; Paul W. Cleveland, director; Harry Matts, director. Legality will be passed upon by Messrs. Eggeman. Reed & Cleland for the Company arid Messrs. McKinney, Lynde & Grear for the Bankers. Audit investigation by Geo. B. Buist & Company, Certified Public Accountants, Ft. Wayne. Appraisal and Engineering by J. E. Siebel Sons’ Company, Engineers and Consulting Chemists, Chicago. Transfer Agent, First Union Trust & Savings Bank, Chicago. Registrar, Continental Illinois National Bank & Trust Company of Chicago, Chicago. Listed on the Board of Trade of the City of Chicago Price at Market Detailed Circular on Request ZAISER & ZAISER INCORPORATED 129 East Market Street, Indianapolis Telephone Lincoln 9375 Paul W. Cleveland k Company J. Ross McCulloch, William H. Rohan 120 South LaSalle Street, Chicago, 111. Old-First National Bank Building. Fort Wayne, Ind.

059,000 bushels, compared with 50.950.000 harvested last year. Potatoes, with an acreage slightly above that of last year, are only 41 per cent normal, compared to 81 a year ago. Tree fruits have shown a general decline due to the hot. dry weather, cutting the size of apples. peaches and pears. Tobacco acreage has been increased 24 per cent, but condition is 28 per cent below average. Hay crops are somewhat below average, with pasture conditions off 25 points. The supply of farm labor was 127 per cent of normal, compared with 134 a year ago. and the demand for labor was 69 per cent of normal this year, against 63 per cent of a year ago. indicating some improvement in this general situation. The United States as a whole indicates yields of corn, wheat, both winter and spring', oats barley, rye, tame hay, potatoes and sweet potatoes below a year ago. The indicated total production of apples, peaches and tobaccco is above a year ago.

Produce Markets

Delivered In Indianapolis prices: Hens, heavv breeds over 4% lbs.. 10c: Leghorns. 7c. Broilers: Colored springers. 1% lbs. uo. 14c: SDrinzers i Leghorn i. 1% lbs. up. 11c: barebacks. 7c: cocks and stag-. 6c: Leghorn cocks and Leghorn stags. sc. Ducks, large white, fuii 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 fresh country run ezzs. 12c. 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 27® 28c: No. 2. 26c. Butterfat—l9c. Quoted by the Wadlev Company. BY UNITED PRESS CHICAGO. July 13 —Eggs—Market, irregular. prices %c lower to %c higher; Receipts. 11,707 cases; extra firsts, 14® 14%c; firsts. 13®13%c: current receipts. 11%® 12%c: dlrities, 10%c Butter-Mar-ket, easy, prices unchanged 'o %c lower; receipts. 16.508 tubs; specials, 25@25%c; extras. 24%c: extra firsts. 23@24c; firsts. 22®22%c; seconds. 20® 21c; standards, 24%c. Poultry—Market, about steady; receipts 58 trucks: fowls, 11c; Leghorn broilers. 11® 11 %c: Leghorns, 9c; ducks. 7®9c; geese, 8® 10c; turkeys. 10@llr: roosters. 8c: broilers, 12®20c. Cheese—Twins. 13%® 13%c: Longhorns, 13%@14c. Pota-toes-On track. 267: arrivals, 157; shipments. 717; market slow, dull; Kansas and Missouri sacked Cobblers, [email protected]; Virginia sacked Cobblers. $3.35; Missouri sacked Early Ohios. $2.40®2.50. NEW YORK. July 13.—Potatoes-Firm; Long Island. $4.75®% a barrel; New Jersey. $1.25® 3; southern, s2® 5 a barrel. Sweet potatoes—Ssteady; Jersey basket. $1.50® 2 50. Flour—Higher. springs, patents. $6.50® 7 a sack. Pork —Firm: mess. $11.75® 12.50 a barrel. Lard-Firm: middle west spot. $8.05® 8.15 a 100 Dousds. Petroleum—Firm; New York refined, $1.17; crude Pennsylvania. $1.17® 1.70 a barrel. Grease—Steady: brown, 3%@3%c a pound; yellow. 3%®3%c a pound; white 3%@4%c a pound. Tallow—Firm; special to extra, 3%®3%c a pound. Hides—City packer, firm; native steers. 13c: butt brands, 13c; Colorados, 12%c. Dressed poult ry—Steady: turkeys. 14® 24c; chickens. 9®25c; broilers. 13® 21c; fowls. 10® 16c; Long Island ducks, 20@25c. Live poultry—Steady: geese. 6@Bc; turkeys, 10® 15c; roosters, 10c; ducks. 9® 19c; fowls. 8® 16c: chickens. 180i 22c: broilers. 10® 22c. Cheese—Higher; state whole milk fanev to specials. 20®21%c; Young America. 15%@ 18%c: Butter—Receipts. 16,244 paegages; market, irregular; creamery, higher than extras. 25®25%c; extras. 92 score. 24%® 24%c: first. 90 to 91 score. 23%®24'/4C; first. 88 to 89 score. 22\®23%c; seconds. 21%@22%c. Eggs—Receipts. 19.696 cases; market, irregular; special packs, including unusual hennery selections, 18@20%c; standards. 16%c; firsts. 14%@15c: seconds, 14@14%c; mediums. 13@ 13 3 4 c; dirties. 13@13%c; checks, 11' ; c. White eggs—Pacific Coast, fresh, shell treated, fancy. 24%@25c; Pacific Coast, standards. 23%®24c: Pacific Coast, shell treated, mediums, 21%@22c. California spends four million dollars a year in its effort to keep down insects menacing the citrus fruit crop.

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NEW HIGHS SET BY WHEAT, RYE IN FAST TRADE Weather and Firmness in Securities Aid Major Grain. BY HAROLD E. RAINVILLE United Trrss Staff Uorrespnndrnt CHICAGO. July 13—Wheat and rye set further new highs for the year as the Board of Trade opened today, rye advancing 2% to 2% cents in a buoyant trade. Wheat was % to 1% cents higher with May at $1.15\ at the peak while December rye sold at $1.07%. The weather and firmness in stocks and sterling gave wheat impetus for the upturn despite profittaking selling. Other grains made fair advances, corn being unevenly % cent lower to % cent higher, and oats % to % cent higher. Provisions were steady. The big activity in rye has given wheat strength so far this week. The dollar again declined today, which was partly responsible for the sharp 1 to 1% cents advance at Liverpool by mid-day. Kansas had quite heavy rains last night, Wellington reported seven inches. The American and Canadian northwest, however. are warm and urgently in need of rain. Farmers of lowa, Indiana and Illinois are taking advantage of the rises in corn to sell heavily, particularly lowa. Bookings of 718,000 bushels Wednesday swelled the total for the week to nearly 3,000,000. The belt is clear and hot. Oats traders are taking profits but there remains sufficient buying to sustain levels so long as the other grains remain firm. Rye has advanced approximately 25 cents so for this week. Chicago Primary Receipts —July 12Wheat 1,311.000 Corn 2.716 000 Oats 674.000 Chicago Futures Range —July 13WHEAT— Prey. High. Low. 10 00 close. September .. 1.09% 1,08% 109% 108% December .. 1.12 110% 1.11% 110% Mav 1.15% 1.14% 1.15% 1.14% CORN— September .. .68% .67% .68% 68% December . . 72% .71% 72% .72% Mav 77% .77 .77% .77% OATS— September .. ,48% .47% .48 .47% December .. .50% .50% .50% .49% RYE— September .. 103 101% 101% 1 00% December 1.07% 1.05% 1.05% 1.05% BARLEY— September .. .65% .65% 65% .65% December .. .69% .69% 69% .68V* TOLEDO CASH GRAIN By United Press TOLEDO. July 12.—Cash grain close: grain in elevators, transit billing. Wheat —No. 2 red. 51.09%@1.10%. Corn—No. 2 vellow. 67%@ 68%c. Oats—No. 2 white. 50® 51c. Rve-No 2. 99c® sl. Track prices. 28%c rate: Wheat -No 1 red. $1.06 @1.07%; No. 2 red. [email protected]%. CornNo. 2 vellow. 63%® 64c; No. 3 vellow. 62%@63%c. Oats-No. 2 white. 47®48%c; No. 3 white. 46%@48c. Seed close: Clover —Cash. $7.75; October. SB.OOB. Alsike— Cash. $7.75; August. 58.008. ButterFancy creamery. 30c. Eggs—Extras, 1444 15c. Hay—Timothy, per cwt.. 70c.