Indianapolis Times, Volume 45, Number 292, Indianapolis, Marion County, 17 April 1934 — Page 13

APRIL 17,1934.

STOCKS SHOW SMALL GAINS AFTER SLUMP Rubbers, Rails and Utilities Rally From Initial Weakness. Average Stock Prices Average of thirty industrials for Monea.' Hqrh 105 31, 102 88 c!os- 103 57. on 147 Average of twenty rails: 43 76. ♦n >5 49.03. off 54 Average of twenty Utilities 28 24 25 52. 2.5 71. <ff 50 Average of forty bonds 94 61. off 18 Avp.-hk-Os ten first rah 93 84. of! .18. Average of ten second rails 84 22 off 45 Average of ten utilities 97 14. off 18 Average of ten industrials: 97 25, up .11. BY ELMER €’. WALZER l nilecl I'ress Financial Editor NEW YORK. April 17. —Interest of the trading element centered on the Chicago Board of Trade today v.here gains were making wild fluctuations. Stocks settled down to a narrow rut. a majority registering Email gains in light turnover. Near the end of the third hour leading shares were fluctuating in a fractional area. Paacking issues were strong. Farm equipments rallied from yesterday’s decline. Some of the rubbers, rails, utilities and coppers made small advances. International silver broke 3 points to 37, getting into line with other silver issues which dropped yesterday while International was not traded. United States Steel was at SO 7 *, off \; Montgomery Ward 30%, up V%\ Chesapeake X Ohio 46%, up %; National Distillers 29'*. up %; Deere & Cos. 29, up %; Consolidated Gas 37%, up %, and Eastman Kodak 91 Vt , off 1%. Grains turned down late in the day after a brisk recovery. Silver held small gains. Cotton were slightly lower. Bank Clearings INDIANAPOLIS STATEMENT —April 17Clearings .' $1,920,000.00 Debits 5,542.000.00 TREASURY STATEMENT By United Press WASHINGTON, April 17.—Government expenses and receipts of the current fiscal year to April 14, compared with the corresponding period of the previous fiscal year: This year Last year Expenses $5,170,711.458 48 $3,943,931,627 27 Receipts $2 412,882,905 52 $1,586,584,470.16 Deficit.. $2,757,829,552 95 $2,357,347,157.11 Cash ba1ance.54,640,364,829 81 New York Curb (By Abbott, Hoppin 5c Cos.) —April 16Close! Close. Allied Mills 9%.Gulf Oil of Pa. 5 Alum Cos of Am 75 Hiram Walker.. 43 Am Beverage . 2% Hud Bav Min. 13% Am Cyanide B. 20 Humble OH 45 Am & F P W. 6 :, 8 Imperial Oil Ltd 14% Am Gas Ar El 26 Int Petrol . 26% Am Superpower 3 Lake Shore Min 52% Ass Gas <fe El., 1 Libbv McN Libby 6% Atlas Corp .. ’ 13' Lone Star Gas. . 68 Axton Fisher T 61% Natl Bellas H . 3% Can Marc 2% Newtnont Min.. 54 Cities Serv .. 2% Nia Hud Pwr... 6% Common'w’th E 56% Novadel Agene. 66% Consol G of B 59 Pan Am Airways 40% Cord Corp .. 6% Park Davis 24 1 i Creole Petrol . 11 % Penn Road 3% Crown C Inti. 7% St Regis Pape r 3% Deere & Cos .. 28% Sal Creek Prod. 7 Distillers Corp. 20% Sherwin Wms.. 67% Dow Chem .. 80% Std of Ind 26% El Bond & Sh. 16% Std of Kv . . 16% Fisk Rubber . 17%iTpchnicolor Ind 9 3 4 Ford of Can A 23 3 4 Teck Hughes G 7' 4 of Europe 7% tin Gas 3 3en Aviation . 6V; Un Pw & Lt A 3Vi jlen Alden Cos 17 Wright Harg M 10 Federal Farm Loan Bonds tßv Blyth Sc Cos.. Inc.) April 17— Bid. Ask. 4s Nov 1. 1957—37 99% 10(1% 4s Mav 1. 1958—38 99% 100% 4 1 4 S July 1. 1956—36. 100% 101 4%s Jari. 1. 1957—37 100% 101 4%s Mav 1. 1957—37 100', 101 4%s Nov. 1. 1958—38 100% 101 4%s Dec. 1. 19.33—32 100% 101 4%S May 1. 1942 -32 100% 101 4%s Jan. 1. 1943 33 100% 101 4%s Jan. 1. 1953 33 100% 100% 4%s July 1. 1953 —33 100% 100% 4%s Jari. 1. 1955—35 100% 101 4%s July 1. 1955—35 100% 101% 4%'S Jari. 1. 1956—36 100% 101% 4%s July 1. 1953 33 100% 101% 4%s Jari. 1. 1954 34 100% 101% 4%s Julv 1. 1954—34 100% 101% 5s May 1. 1941—31 101% 102% 5s Nov. 1, 1941—31 101% 102% Home Loan 4s. July 1. 1951.. 100% 100% Federal Farm Mortgage Corporation 3%s March 15. 1964—44 101% 102 Foreign Exchange (By Abbott. Hoppin & Cos.) —April 16—■ Close. Sterling England $5.15% Franc, France 0659% Lira. Italv 0854% Belgias. Belgium 2337 Mark. Germany 3947 Guilder. Holland 6769 Peseta. Spain 1367% Krone. Norway 2595 Kronen. Denmark 2307 Yen. Japan 3043

FORMAL APPROVAL OF REO HEAD EXPECTED R. A. Scott Resigns as President and Director of the Company. By United Press LANSING. Mich., April 17.—Formal approval of the present management of the Reo Motor Car Company was expected to be voted today at the annual stockholders' meeting here. R. A. Scott late yesterday ended his battle with R. E. Olds for control of the company, withdrawing from the controversy by resigning as president and director of the company and handing his proxies to Olds and his committee. RUBBER DEMAND RISES Consumption by Manufacturers in U. S. Up 17.2 Per Cent. By Times Special NEW YORK. April 17. Crude rubber consumption by manufacturers in the United States during March amounted to 47,614 tons, an increase of 17.2 per cent over February, and 163.8 per cent better than in March 1933, according t 6 the Rubber Manufacturers' Association. Imports during March were 44.605 tons, or 43 7 per cent above February and 60 per cent above the same period a year ago. Stocks on March 31 totaled 351.094 tons, slightly under Feb. 28, and 10.1 per cent under the March 31. 1933 figure. Chain Store Sales Rise By Times Special CHICAGO, April 17.—March store sales reported by twenty-eight companies, including two mail order systems, totaled $264,008,875 against S2OB 153.111 in March, 1933. an increase of 26.8 per cent. Fire Reports Mondav 10 52 ir. . 5350 Kenwood (rear), automobile. small loss. 6 05 p m . 2111 North Arsenal, residence, am all loss. Tuesday 1:59 air... 400 North Illinois, street car. ■mall loss. Hint on Good Lighting Smooth, snow-white ceilings and upper side walls provide the best diffusion of light for a room, says ft lighting engineer.

New York Stocks ““” (Br Abbott. Hoppin A Cos.) — ■

—April 17 Prey. ! Oils— High. Low. 10 30. close. Amerada 49% 49Va . At! Rfg 29 29 ! Barnsdail 8% 8% | Consol Oil 12 12 Cont of Del 20% 20% Hous’on i new .. ... ... 4% Houston ioldi 26 e! 13% Ohio Oil 12% 12 7 a Pet Corp 11% 12 Phillips Pet 19% 18% 19% 19% Plymouth 0:1 .. 13% 13% 13% 12% Pure Oil 12% 12% Boval Dutch 35% Sbd Oil 36 She;; tin 9% Skejley OU 10% Soc Vac 18 16' S Q of Cal 36% S O of N J 44% 45 Sun Oil 61 % Texas Corp 26% 26% Tidewater Assn 12% 12% L’n Oil of Cal 17% 17% Steel.— Am Roll Mi 115.... .. ... 23% 23% Beth Steel 42% Byers AM 25% Col Fuel At Iron 6% Inland Steel ... 46 Ludium Steel 16% McKeesport Tin 89% Mid Steel 16% Natl Steel 47 Otis Steel 6% Rep Iron & Steel 21% . Rep Iron & S*l p 58% U S Pipe A: Fdy 27% 27% U S Steel 51V* 51% U S Steel pfd ... ... 96% Warren Bros . .. ... ... 10% Youngs n S & T 28% Motors— Auburn 48% 48% 48% 48% Chrysler 53 52% Gen Motors 37% 37% Gen motors pfd 99 % Graham Mot 3% Hudson 19% 19% Hupp 4% 5 Mack Truck 32% Nash 23% 23% Packard 5% 5% 800 4% 4% Studebaker ... 7 7 Yellow Truck .. ... ... 5% Motor Access— Bmdix 18% Bohn Alum 62 Borg Warner 24% Briggs 16% Budd Wheel ... . 4 Eaton Mfg 20% 20% Elee Auto Lite 26% Houdalle A 4% Mullins Mfg 13% Mullins Mfg pfd 36 Murray Body 9 Stew Warner 8% 8% Timkeri Roll 34% Timken Det Axel 7% Mining— Alaska Jun 20% 20% 20% 20% Am Metals ... .. 23% Am Smelt ... 43% 43% Anaconda • 16*4 16% Cal A Hecla 5% ?% Cerro de Pasco. ••• .. 36 Dome Mines .... 38% 38% 38% 38% Granby .A ... 11 % Gt Nor Ore ... 13% Howe Sound 51% Ins Copper ... 5% Int Nickel ... 27% 27% Isl Creek Coal 26 26 Kennecott Cop . 21V* 21 21 21 Mclntyre Mine 48% 48% Norarida Cop ... 42% 42% Park Utah 4% 4% 4% 4% Phelps Dodge ... 17 16% 17 17 St Joe Lead ... ... 22% U S Smelters 123% Vanadium ... 26 Amusements— Crosley Radio .... ... ... 14 Fox Thea .. ... ... 15% Loews Inc .. ... 33% 33% Radio Corp ... 8 8% RKO 3% 3% Warner Bros ... .. ... 7% 7% Tobaccos— Am Snuff ... ... 55% Am Sum Tob ..... 18 Am Tobacco A.. .. ... 69% 70 Am Tobacco B. .. ... 71 71% Ligg & Myers B 92 % 92% Lorillard ■ ... . 17% Reynolds Tob B 42% 43% Rails— Atchison ... 67% 67% Atl Coast Lines 46 % 47 B & O 29 29 Can Pac 16% 16% Ch Sc Ohio 4 45% 46 46 Chi Ar Gt W pfd 10% C M & St P 6% C M * St P pfd 10% Chi N W 13 Chi N W pfd 23% Dela & Hud 64 Del Lac & W 27% Erie 21% Grt Northern p 28'/* 22% 111 Central 31 % K C Sou 15% Lehigh Valiev 18% Lou Ar Nash 60% MKArT 11% M K Ar T pfd 28 Mo Pac ... .. 4% Mo Pac pfd 7% 7% N Y Cent 34% 34% 34% 35% N Y Ch Ar St L p 31% N Y New Haven 18% N Y Ont & West 9% Norfolk & Wes 179% Nor Pac . . 33 33% Penn R R 34% 34% 34% 34 s * Sou Pac 27% 27: 27% 27% Sou R R 31% 31% 31% 31% Sou R R pfd 37 37% Union Pac 132 West Maryland.. .. ... ... 14% Equipments— Allis Chalmers 19 Am Car Ar Fdy . .. 27% Am Car Ar F pfd 52 Am Loco .. ... ... 32% Am Mach Ar Fdy .. 16% Am Steel Fdy... .. 20 Bald Loco ...... .. ... 13% 13% Bald Loco pfd 15% Burroughs ... 15% .. Case J 1 67% 68 Cater Tract 31 Deere At Cos 28% 28% Elec Stor taß ... 44% 44% Foster Wheeler ... .. . 18% Gen Am Tank C 40% 39% 39% 40% Gen Elec 22% 22 22 22% Gen R R Sig 41 Ingsol Rand ... 65% Int Bus Mach 144 Int Harvester ... ... 40% Natl Cash Reg ... 18% Pullman Inc . • 56% Rem Rand 12% 12% West Air B ... . 31% Westingh Elec.. 38 37% 37% 37% Utilities— Am Ar For Pwr 9% 9% Am Power Ar Lit 8% 8% A T At T 119% 119 119 118% Am Wat Wks 20% 20% Col Gas Ar Elec 15% 15% Col G Ar E pfd 76 Com Ar Sou 2% 2% Consol Gas 37% Elec Pwr Ar Lit 7 7% E P Ar L pfd 15% Int Hvdro Elec 7% Int T Ar T 14% 14% Lou G Ar E A 17% 17% Nat Pwr Ar Lit 11% North Amer ... 18% 38% Pac G Ar E 19% 19% Peoples Gas ...... ... ... 37 Postal Tel pfd. 23% Pub Serv N J 37% So Cal Edison.. .. ... 19% 19% Std Gas 12% 12% Std Gas pfd 13% 13% Stone Ar Webster 9% 9%

Bright Spots

(By Abbott, Hoppin & Cos.) Beldinc Hemingway Company in the quarter ended March 31 had a net profit of $159 078 after charges against $55,203 in the like 1933 quarter. Graham-Paige Company and subsidiaries in the first auarter of the current rear earned SI a share on the preferred stock against a net loss of $86,696 in the first auarter of 1933. Du Pont Company earned 90 cents a share on the common stock in the March quarter against 35 cents a share in the like 1933 quarter. Harbison Walker Company declared a dividend of 25 cents a share on the common stock. Last previous payment was 12%’ rents a share on March 1. 1932. Chesapeake Sc Ohio Railroad Company car loadings in the week ended April 14 totaled 28.146 cars against 23.649 cars in the previous week. International Printinc Ink Company and subsidiaries in the first quarter earned 69 cents a share on the common stock ifter charges and preferred dividends against a net loss of $109,509 in the first quarter of 1933. Results of United States Steel Corporation for the first quarter this vear are not expected to be as good as those for the final three months of 1933. Conservative guesses are for a profit of between $4,000.000 and $5,000,000 before deprecation depletion. interest charges and extraordinary expenses. The United States navy has awarded a $175 000 contract to the American Rolling Mill Company for 400 000 pounds of stainless steel sheets, one of the largest orders of the kind ever placed. Cream of Wheat Corporation and subsidiaries in the quarter ended March 31 had a net profit of $367,740. Bayuk Cigar Company in the March quarter earned 74 cents a share on the common stock against $1.21 in the quarter of 1933. World consumption of cotton during the current season will total about 24.913 - 000 bales as compared with 23.505.000 bales last season. New York Dock Company in 1933 had a net loss of $2 152 354 after charges against a net income of $123,564 in 1932. Crocker Wheeler Electric Company in the quarter ended March 31 had a net loss of $8,094 after charges, against $68,666 in the first quarter a vear ago. Standard Oil of California report for 1933 shows earnings of 58 cents a share on the common stock, against $lO7 in 1932. United Corporation of Delaware in the March quarter earned 49 cents a common share agair.s’ 9 cents a share in the March. 1933. quarter. M. A. Hanna Company and subsidiaries report for the quarter ended March 31 shows earnings of 15 rents a share on the common stock against $1.19 a share on the first preferred stock in the first quarter of 19SS. Alton Railroad Company March deficit totaled $115,280 after charges, againtt s4p33i la the March. 1933. quarter.

United Corp 6 6% Un Gas Imp 18% 16% Dt Pwr At Lit A 3% 3% Western Union 53% 53% 53% 54 Rubbers—- ! Firestone 22 I Goodrich 16% 16% | Goodyear 35% 35% I Kelly Spring 3% jU £ Rubber . 20% 20% 20% 20% U S Rubber pfd. 49% 49 49 49% Miscellaneous— Am Bank Note 19 Am Can 103% 102% 102% 103 Anchor Cap 20% Brklvn Man Tr . . . 30% 30% Conti Can 81% 81 81 81 Crown Cork . 30% Curtis Pub 27 27 Curtiss Pub pfd 79% 79% ; Eastman Kodak 92% | Gillette ... ... io% i Glidden 26% 26% Inter Rapid Tr.. .. ... ... 9% Owens Bottle 86 Raybestos Mfg. 20% Food*—Armour A 7% 7% 7% 7% Beatrice Cream 14% Borden Prod 22% 23% Cal Packing 28 Cana Dry G Ale 26% Coca Cola ns Corn Prod 77 76% Crm of Wheat 32a, ‘Cuban Am Sugar 7% Gen Fobds 34% 341. Gold Dust ... . 20% G W Sugar 28% 28% Hershey 577. Int Salt 29 Loose Wiles ... ... 42V 4 Natl Biscuit .... 43% 42% 42% 43 Natl D Prod 15% 15% Purity Bak 16 ig S Porto Rico Sug .. ... . 32% Spencer Kellog.. .. 22 22 Std Brands 21% 21% 21% 21% Un Biscuit ... . 26 United Fruit 69% 69% Ward Bak (A).. .. ..I . g Wrigiey 61% 61% Retail Stores Asso Dry Goods 16% 16% Best & Cos 321Flrst Natl Stores ... 63% Gimbel Bros 5% Gfmbel pfd 25% Gr Un Tea 7 Hahn Dept Sts 6% 6% Jewel Tea 48 Kresge S3 19% Kroger Groc 31% 31% Macy R H ... 49% 49 49% 49 Marshall Fields . . .>lB% Mont Ward 30% 30% 30% T 30% Natl Tea ... .. 17 Penny J C 66 66% Safeway St 53.% Sears Roebuck 48% 48% Woolworth 52% 52% Aviation— Aviation Corp ... 8% 9 Curtiss Wright 414 41/* Curtiss Wri (A) 11% 11 11% 10% Douglas Air 23 23% Nor Am Av 57/ g 57/Speery Corp 10% 10 10% 10% United Aircraft.. 22% 22% 22% 22% Wright Aero ... ... 56 Chemicals Air Reduction 98% ... Allied Chem 148% Am Com Alcohol .. ... ... 48 Col Carbon .. . 68% Com Solvents... 28% 28% 28% 28'% Dupont 96% 95% 96 96 Freeport Tex 44% 44 Liquid Carb... .. . 28% Math Alkali 35% 35% 35% 35 Natl Dis (new).. . 29% 29% Scheneley Dist.. 35% 35% 35% 36 Tgx Gulf Sulph 36V* 36% Union Carbide .. ... 44% 441U S Indu Alcohol 52% Drugs— Cotv Inc . . . 6% 7 Lambert 26% 26% 26% 26% Un Drug 15% 15% 15% 15% Zonite Prod 6% 7 Financial— Adams Exp 9% 9% Allegheny Corp 3% 3% Am Int Corp ... 8% 8% C’hesa Corp 4534 453/ Lehman Corp 727* Transamerica 7 6% Tr Conti Corp 5 514 Building— Am Radiator .... 15% 15% 15% 15% Gen Asphalt.... 19 18% 18% 18% Int Cement 30 Johns Manville . .. . 56 56% Libby Owens Gis 36% 3614 36% 36% Otis Elev ... ... 15% Ulen Const ! 3 Household Col Pal Peet ... 17 17 Congoleum ... . 27% Kelvinator 18% 18% Mohawk Carpet .. 19 18% 18% 19 Proc & Gamble . 35% 35% Simmons Bed 19% 19% 19% 19% Textiles— Amer Woolen ... ... 147/Belding Hem . . . , 137* Celanese Corp . 36% 36 36% 36% Collins Aikman .... ... 24 23 Gotham Hose ... 9% 954 Indus Rayon 85 % 85% Kayser Julius... 17% 17% 17% 17%

Chicago Stocks

By Abbott. Hoppin & Cos. -—— —April 17High. Low. 11:30. Asbestos Mfg ... 314 Berghoff 8% 8% 8% Bastion Blessing ~ 7 Bendix Aviation 1814 18% 18% Borg Warner . 24% Butler Bros 11% 111/- 1114 Castle A M I*l4 15 15 ' Cent 111 Securities pfd. .. ... 8 Cent & So West ... 1% Chicago Corp com 2% Cities Service 23s 2% 2*2 Club Aluminum .. 3 /J Commonwealth Edison. 56% 55% 56% Cord Corp 6 3 4 6% 64 Crane Cos 03^ Gen Household Util ... 15 Great Lakes Aircraft.. .. ... % Great Lakes Dredge ... 193. Libby-McNeil . ■ 6*4 6% *6% National-Standard .. 24 Noblitt-Sparks Indu Inc 14% 1414 141.4 Prima Cos gi Swift & Cos 171/2 17Vs 171/2 Swift Internacional 29 Vortex Cup Cos . . 10% Walgreen Cos com 26'4 26% 26% Zenith Radio 3% 3% 3% Bond Prices •By Fenner & Beane) —April 17— H gih. Low. 10:30. Alleg Corp 5s 'SO 42 T 4 4134 42 Am&For Pwr 5s 2030... 54% 53% ‘52% AT&T db 5s ’65 107% 107% 107% Atchison gen 4s '95 102% 101% 102% B&O cv 4%s 60 713-. 71 7,3 Beth Steel 5s A '36 . 102% Brazil 6%s (26> '57 27% Can Pac 4s 70 ChMStPadi 5s A 2000 . 181. ChMStP&PrfssA'7s 55 54% 54% Denmark 5%s '55 92% 92% 925“ Erie RR rs 5s '67 77% 76% 763® Goodvear 5s 57 99% 99 99 Nor 7s A '36 9914 99% 99% Interboro RT 5s ’66 71 >4 71 % 7i% Int T&T db ’55 67 66% 67 McKess&Robb 5%s 'SO 83 82% 82% Nat Dairy db 5Hs '4B . . 94 NV Cent 4%s O 2013 .. 80% 80% 80% Nor Am 5s ’6l 90>4 90 90% Para Pub 5%s 50 . 53 3 4 Penn RR 4%s D '81.... 96% 96 96 Poland 7s '47 99 98*4 99 Royal Dutch 4s A ’45 .138% 138% 138% Shell Un Oil 5s '47 . .. 9914 Texas Corp 5s '44 102 101% 101% Tob Pr NJ 6%s 2022 .. . 107 Un Pac Ist 4s '47 105 104% 104% US Rubber 5s A ’47 88% 87*4 88 Vanadium 5s '4l ... .. 86% Ygstwn S&T 5s B ’7O . 87% 86% 87 Investment Trust Shares (Bv Abbott. Hoppin & Cos.) —April 16Bid. Ask. American Bank Stocks Corp.. 120 124 American & General Sec A . 5.00 7.00 American & Inv Tr shares.. 1.50 Basic Industry shares 357 367 Briitsh Type Inv Tr shares .. .53 ,60 Collateral Trustee shares A . 487 5.00 Corporate Trust shares < old) 2.18 2.22 Corporate Trust shares (new) 246 450 Cumulative Trust shares 4.12 4.25 Diversified Trust shares A... 6.25 Diversified Trust shares B 8.12 8.37 Diversified Trust shares C ... 3 28 3 32 Diversified Trust shares D.. 487 5.00 First Insurance Stock Corn... 1.30 1.35 First Common Stock Corn.. .84 .86 Fixed Trust Oil shares A 8.75 Fixed Trust Oil shares B 7.75 Incorporators Investments ....18.75 19.00 Land Bank Bond shares 1.10 1.23 Low Priced Trust shares 6.60 6.70 Mass Inv Trust shares 19 57 21.21 Nation Wide Securities 3.52 3 62 North Am Trust shares (53) . 1.93 1.97 North Am Trust shares (55-56) 2 47 2.51 North Am Trust shares (58).. 2.58 2.62 Selected American shares 2.75 Selected American shares Inc 1.28 1.32 Selected Cumulative shares .. 7.09 ’Selected Income shares . 3.67 425 Std American Trust shares A 3.09 3.12 Trust Shares of America 2 94 3.00 Trustee Std Oil A 5.75 5.87 Trustee Std Oil B 5.25 537 U S Electric Lt & Pwr A 12 62 13 00 Universal Trust shares 3.15 3.20 U. S. Government Bonds By I'nitrd Prrgg NEW YORK April 16.—Closing liberties. 1 Decimals represent thirty-seconds.) Liberty 3%s (32-47) 103.25 First 4%s '32-47! 1.03.22 Fourth 4%s (33-38) 104.2 Treasury 4%5-3%s (45) 102 8 4%s (47-52) 111.2 3%s 143-47* 103.2 3%s (41-43) March 103.12 3%s (40-43i June 103 13 3%s (4D 103 4 3%s 46-49) 101 29 3s (51-55( 99.24 Daily Price Index By Cnited Presg NEW YORK. April 16—Dun & Bradstreet's daily weighted price index of thirty basic commodities compiled for the United Press: (1930-1932 average. 100) Today ..106 55 Saturday 107.15 Week ago 107 60 Month age 109.30 Year ago .April 17) 75 44 1934 high (March 12) 110.24 1934 low (Jao. 3) 10105 tCopyright, 1834, Dun & Bradstreet, Inc.)

THE INDIANAPOLIS TIMES

GRAIN PITS IN . TURMOIL; ALL PRICES FALL Quotations Drop to New Low Levels for 1934 in Hectic Trading. (Continued from Page One) bling over each other as they fought to execute selling orders ahead of the dropping market, battled and shouted. Messenger boys, scurrying from brokers' telephones along the fringes of the great high-cei’inged mart, with orders to buy and sell, were caught in the jam of frantic activity. The din of the pits reached a deafening crescendo at 11 o’clock when wheat—the great grain of baiter—fell off in anew decline after a brief rally. The sweating traders, collars torn open, and hair disheveled, pushed savagely into the pits and frantically waved their crytic signals. A flicker of a finger meant the sale of 10,000 bushels of wheat. Young Traders Look On So sensational was the great wave of trading, precipitated by yesterday’s collapse of wheat, barley, oats and rye prices, that activity in other commodities on the Board of Trade was almost at a standstilll. The youthful traders from brokers’ offices ran on to the floor of the exchange to watch the veterans in their battle—this one trying to unload and escape heavy lossses, that one buying up the offerings in the hopes of an early rise. When the market opened after yesterday’s hectic sesssion the great wave of liquidation continueed to sweep over the pits. Wheat and com dropped as much as 2 cents a bushel —and a 1-cent drop is a sensation among those barterers who deal in hundreds of thousands of bushels. After an hour or so, however, the shouting died down to a deep drone as the great boards at either end of the exchange showed a steadying of the market. Silver Policy Is Cited Many traders, faced a few minutes before with great losses, paused to mop their brows. There were numerous reasons for the “great liquidation” of the market, but the one heard most around the pits was a theory that the President’s announcement on silver policy had beeen an exceedingly bearish factor.

Chicago Primary Receipts —April 16— Bushels. Today. Last Week. Wheat 499,000 416,000 Corn 514,000 360,000 Oats 174,000 118.000 Chicago Futures Range —April 17WHEAT— Prev. High. Low. 10:00. close. May 79% .78 .78V* .80 July 79% .78% .79% .80% Sept 80% .79% .80% .81>/s CORN— July 44% .43 .44% .45% May 42 .40 .41% .42% Sept 47 .45 .46% .47% OATS— May 26% .24% .26% .26% Julv 27% .24% .27 .27 Sept 28% .26'/a .28% .27% RYE— May 52% .50 .52% .52% July 54% .52% .53% .54% Sept 56 .55 .55%! .56% BARLEY Mav 34% .33% .34 .33% Julv 36 .35% .35% .36% Sept 37% .38% CHICAGO CASH GRAIN By United Press CHICAGO. April 16.—Cash grain: Wheat —No. 2 red, 84%c; No. 2 hard 85c; No. 1 mixed. 84%c. Corn—No. 2 mixed, 46%c; No. 6 mixed, old. 45c; No. 2 yellow. 47@ 47%c; No. 3 yellow. 46%@47'/ 4 c: No. 2 white, 48%c lake; No. 2 white 48%c; No. 4 white. 46c; sample grade white, old, 40c. Oats —No. 2 white. 30®30%c: No. 3 white 30c; No. 4 white. 27%@29%c. Rye— No. 2 61c. Barley—72®7Bc; quotable, 42 ®B2c. Timothy—s6.so96.9o. Clover seed $11912.25. Cash provisions: Lard. $5.87; loose. $5.87; leaf. $5.87; S. Bellies. SB. TOLEDO CASH GRAIN By United Press TOLEDO April 16.—Grain close: Wheat —No. 2 red 84%@85%c. Corn—No. 2 yellow. 48®49c. Oats No. 2 white, 32® 33c. Rye —No. 2 . 59 9 60c. (Track prices. 26%c rate). Wheat —No. 1 red, 80®80%c; No. 2 red. 79®79%c. Corn—No. 2 yellow 44® 44%c; No. 3 yellowy 43®43%c; No. 4 yellow 42®42%c. Oats-—No. 2 white, 28%'® 30c; No. 3 white. 28® 30c. Toledo seed close close: Clover—Cash. $8.15. Alsike— Cash. $8.50. ST. LOUIS CASH GRAIN By United Press ST. LOUIS April 16.—Cash grain: Wheat—ln fair demand; sales 1% td 2c lower; nominally quoted 4% to 5c off on red and 4%c oft on hard; No. 2 red 83® 83%c: quoted at 80c nominal at close; No. 3 red. 82%®83c: No. 2 hard, 79%c nominal. Corn—ln fair demand. l%®2c lower; No. 2 yellow. 47 9 48c; No. 3 yellow, 46®46%c; No. 3 white 48c. Oats—ln fair demand. l@3%c lower; No 2 white, 29% ®32c; No. 3 white. 29%c; No. 3 mixed 29 %C. Indianapolis Cash Grain' —April 16— The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. o. b.. shipping point, basis 41% New York rate, were: Wheat—Weak; No. 1 red. 79 9 80c: No. 2 red, 78 9 79c; No. 2 hard, 78®79c. Corn—Weak; No. 3 white. 41®42c; No. 4 white. 40®41c; No. 3 yellow, 39@40c; No 4 yellow. 38®39c: No. 3 mixed. 38® 39c: No. 4 mix?d. 37®38c. Oats —Weak; No. 2 white. 26®27c; No. 3 white. 25®26c. —lnspections Wheat—No. 1 red. 7 cars: No. 3 red. 1 car; No. 2 hard. 1 car. Total. 9 cars. Corn—No. 2 white, 1 car; No. 3 white, 6 cars; No. 2 yellow. 12 cars; No. 3 yellow. 9 cars. Total. 28 cars. Oats—No. 2 white. 8 cars: No. 3 white, 6 cars; No 4 white. 7 cars; sample white. 3 cars. Total, 24 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 70 cents for jYo. 2 soft red wneat. otner grades on their merits. CHICAGO FRUIT MARKET By United Press CHICAGO April 17.—Apples—Michigan Jonathans. 51.50 bushel. Carrots—lllinois, 50®65c bushel. Spinach—Texas. 75c®51.15 bushel. Beans —Southern green. $2®2.65; wax. $2.50® 3. Cucumbers—Central western hothouse. $2 9 2.50 two dozen. Tomatoes—Florida 51.50® 3 lug box. Sweet potatoes—Tennessee $1.65®1.75. Mushrooms—lllinois. 17% @ 30c lb. cartons. Asparagus—California. $2.409 3.25. Leaf lettuce—lllinois hothouse 40 ten lb. Onion market 'SO-lb. sacks); Western Valencias 90c®51.15: Michigan yellows. 70® 750: Oregon yellows. 90c® 1: central western yellows. 50®75c; Texas yellows $1.50: Texas whites. $2. NEW YORK RAW SUGAR FUTURES —April 16— High Low Close January 1.60 1.58 1.58 March 1.65 1.62 1.62 Mav 1 45 1.39 1.39 July 1-49 1.46 1.46 &SSfc t .:::::::::::::: i:8 fcfl OFFICERS ARE ELECTED L. D. Seymour Named President of American Airlines, Inc. By Times Special , CHICAGO. April 17— L. D. Seymour has been elected president of the newly organized American Airlines. Inc. Other officers elected include C- R- Smith, vice-president; T. J. Dunnion. treasurer; Harold Kondolf, secretary, and R. S. Pruitt, general counsel. The board of directors will be composed of the five officers under the chairmanship of L. B. Manning.

Condition of Wheat Crop Is 78 Per Cent Normal

SALES OF GENERAL MOTOR CARS CLIMB Gain of 79 Per Cent Reported Over First Quarter of 1933. By Tim ft Special NEW YORK. April 17.—General Motors sales abroad of car and truck units, from all sources, for the first quarter of 1934 totaled 39.616 units, an increase of 79 per cent over the total for the corresponding period of 1933, and an increase of 83 per cent over the total for the first quarter of 1932. The March results, reflecting a continuation of the vigorous upward trend which has beeen in evidence since the spring of 1933. were at the highest level of any month since May, 1930. The total of 18.106 units was 89 per cent greater than the total in March, 1933. and 123 per cent greater than the total in March, 1932. These gains are world-wide in extent and appply not only to the corporation’s products manufactured in the United States and Canada, but also the Opel product manufactured in Germany and the Vauxhall product manufactured in England.

FIRM REPORTS LARGEJROFIT Container Corporation Net Income for March Quarter Is $291,690. By Times Special CHICAGO, April 17.—Container Corporation of America reports net income of $291,690 for the first quarter of 1934, after deduction of selling and administrative expense, interest, depreciation, federal income tax and adequate reserve for year-end adjustmnts, and before profit on purchase of bonds and debentures. This compares with a net loss of $190,868 in the first quarter of 1933. In order to present a fair comparison of earnings, it should be pointed out that the federal income tax deduction this year amounted to $51,000, against none last year; also that the reserve for depreciation was increased by $45,431 as compared with a year ago, and that a current reserve against possible loss on bad and doubtful accounts has been set up, amounting, for the first quarter, to $20,839, which is equal to one-half of 1 per cent of total net sales of $4,167,898. After deduction of $24,775 preferred dividend requirements for the three months, there was a balance of earnings applicable to the Class A and Class B common stocks amount ing to $266,915. As each share of Class A is entitled to twice the earnings for any share of Class B, this balance of earnings was equivalent to approximately 41 cents a share on the Class A and 20 cents a share on the Class B common stocks in the three months. There was an accumulation of dividends on the preferred stock, as of March 31, last, amounting to $322,071, or $22.75 per share. “During the first quarter of 1934 the outstanding bonds, debentures and preferred stock were reduced by $274,600, par value. Working capital during this period increased by $399,747. As of March 31, 1934, the corporation had a current asset ratio of 3.67 to 1, compared with 3.18 to 1 on Dec. 31. 1931,” according to Walter P. Paepcke, president.

INDEX NUMBER OF COMMODITIES DROP Farm Products Off More Than 1 Per Cent. By Times Special WASHINGTON, April 17.—Index number of wholesale commodity prices in the week ended April 7 declined 1/10 of 1 per cent, according to the report of the United States department of labor statistics. The largest decline was in the farm products group, which decreased 1% per cent. Grains moved downward to new low levels, and livestock dropped 4 per cent, erasing gains made in the previous week. Index for the foods group dropped 6 10 of 1 per cent. This was due mainly to declining prices for butter, canned peas, wheat flour, corn meal, certain meat items and lard. Coffee, cottonseed oil, cured beef, macaroni and canned peaches were the only important items in the group making advances. Declining of prices for fertilizer materials, benzine, denatured alcohol and inedible tallow were chiefly responsible for the slight drop in the chemicals and drugs group. Textiles continued to drop for the sixth consecutive week dipping to 75.7 per cent of the 1926 average. TOURIST TRAFFIC GAINS Four Western States Report Best Business in Three Years. By Times Special CHICAGO. April 17.—Early returns showing substantial increases in tourist traffic over corresponding months last year foreshadow the most favorable outlook for the far west's annual tourist trade in three years, according to a weekly comment on western business by the Bank of America, Pacific coast branch banking institution. Tourist traffic in the four states of California. Arizona, Washington and Oregon yielded more than $260,000,000 in 1933. The 1933 figures show that California with expenditures of $138,777.697 from 997.500 tourists had more dollar return and less tourists than Arizona, which reported $71,500.000. from 1.16600 visitors. Similarly, Washington with $32,000,000 in expenditures from 400.000 tourists enjoyed a larger tourist income than Oregon with $18,000,000 return from 500,000 visitors.

Production in Indiana Will Exceed Last Year by 3,000,000 Bushels. By Tim-'* Special LAFAYETTE. Ind.. April 17. The condition of winter wheat in Indiana on April 1 was 78 per cent of normal, a decline of five points since December, and a production of 25.392,000 bushels was indicated for this year as compared with 22,344.000 bushels last year, according to the monthly crop report issued today by Purdue university of agricultural officials. The five-point decline In condition this year is comparatively low, as the average decline from December to April for th£ past ten years has been approximately eleven points. The report points out that a week of growing weather was followed on Jan. 28 by a drop in temperature to about zero, but that February and March were comparatively dry and there was no surplus water in the soil to make freezing heave the soil and injure the wheat, The main damage on April 1 consisted of thin stands and a small amount of abandonment in some areas. Winter wheat condition was reported the best In the southwestern part of the state, while the northwest section reported the lowest condition and the largest amount of abandonment. Condition of rye was reported at 81 per cent of normal, and a cool, dry March retarded growth of pasture to the point where its condition was reported at 69 per cent of normal, nine points below 7 the ten-year average. Stocks of wheat on Indiana farms April 1 were about 15 per cent less than a year ago; stocks of corn 48 per cent less, and oats less than half of last year.

EMPLOYMENT SHOWS ADVANCE IN CHICAGO Building Permits Jump 75 Per Cent Over 1933. By Times Special CHICAGO, April 17. Employment in this city during the month of February, rose to 63.2 per cent of the 1925-27 average in manufacturing industries, against 49.7 in February, 1933, it has been revealed. For all cities in Illinois industrial employment in February was placed at 68.1 per cent against 56.6 per cent a year ago. Building permits in March, while still comparing unfavorable with better years, were 75 per cent better than the 1933 level. Following the elimination of the threatened automobile strike, steel mills are again operating at approximately 50 per cent of capacity. Hardware sales at wholesale are running 80 per cent above last year. St. Louis also reports an improvement in business, stating that collections are better and forward buying is increasing. Railroads are placing enlarged orders for rail and track materials and in scores of plants wages are being increased. Automobile sales are reported 25 per cent* better and shoe sales 50 per cent above last year. Produce Markets Delivered in Indianapolis Prices—Hens. 11c. Leghorn hens. Bc. Leghorn spring-er-stags, 6c; large springer-stags. 9c; cocks 5 lbs. and over 6c; under 5 lbs., 4c: ducks, full feathered and fat, 4% lbs. and over 7c: geese. sc; young guineas. 1% to 3 lbs., 30c: old guineas. 20c. No. 1 strictly fresh country run eggs, loss off 13c each full case must weigh 5 lbs. gross; a deduction of 10c a opund for each pound under 55 lbs. will be made. Butter—No. 1, 25@26c. No. 2 23@24c; butterfat. 21c.— Quoted by Wadley. Bv United Press NEW YORK, April 17.—Potatoes— Steady: Long Island, $1.10(82.20 barrel: southern, $3,250/6 barrel: Maine. 90c® $3.75 barrel; Idaho. $3®2.20 sack: Bermuda S4O/4.50 barrel; Canada. SI,BOO/ 1.90 barrel. Sweet potatoes—Steady; Jersey baskets, 85c® $1.75; southern baskets, $1.15(81.60. Flour—Weak; springs patents, $6.15(86.40 barrel. oPrk—Quiet; mess $20.25 barrel. Lard—Easy; midale west spot. [email protected] per 100 lbs. Dressed poultry—Firm; turkeys 16/825%c; chickens, 9 8 29c; broilers, 168 29c: capons. 208 32c; fowls. 14815 c: Long Island ducks. 158 16c. Live poultry—Firm: geese. 78 19c: turkeys, 188 22c; roosters 10c; ducks, 8812 c; fowls, 19 8 20c; chickens, 108 12c; capons 25c; broilers 128 25c. Cheese—Weak; state whole milk, fancy to specials. 188 21c. CHICAGO. April 17.—Eggs Market, steady; receipts 29.450 cases; extra firsts, 17c: fresh graded firsts, 16%c; current receipts. 15%c; dirties, 14%c: checks. 13%c. Butter—Market, easy; receipts 7.742 tubs; extra firsts (90-91% score), 21%c; firsts I <BB-89% score). 21%®21%c: seconds (8687% score), 20%c; extras (92 scorei 22c; specials. 22%<823c; standards. 22%c. Poultry—Market, firm; receipts. 31 trucks, two cars; heavy hens, 15c: light hens, 16%c; ducks. 16c; old roosters, 9c; springs, 25c; geese. 8c: broilers. 248 25c; capons, 22c; turkeys, 20c; fryers, 25c; Leghorn. 14c; No. 2. 11c. Cheese—Twins. 11%® 12c: Longhorns, 12812%c; daisies. 12%8, 12%c. Potatoes—Old stock, supply liberal; demand and trading slow; market slightly weaker; Idaho Russets two cars, $1.55: one car $1.57%; six cars, $1.60. combination grade one car, $1.35; U. S. No. 2 one car, SI 27%: one car. $1.30; Washington combination Russets two cars. $1.45: Colorado McClures two cars. $1 65. Nebraska Triumphs one car. $1.40; North Dakota Red River Ohios one car $1.35: Michigan Rural Russets one car, $1.50. CLEVELAND. April 17.—Butter—Market Eggs—Marker, steady: extra white. 15%e; barely steady; extra, 26c; standards. 2G%c. current receipts. 15c. Poultry—Market firm: colored fowl 4% lbs. and’ up. 17c: colored fowl medium. 17c; Leghorn fowl. 3% lbs and up. 15c; Leghorn fowl. 13c; broilers colored. 25c; old roosters. 10c; ducks white 5% lbs. and up, 20c; ducks light old. 17c: geese ordinary, 12c; bro'ers fancy rock. 27c; broilers Leghorns. 23c: stags. 14c. Potatoes—Maine mostly. $2.15 per 100 lb sacks; Idaho mostly $1.90; Ohio and New York. $1.8591.90. Retail Coal Prices The following prices renresent quotations from leading Indianapolis coal dealers. A cash discount of 25 cents per ton is allowed DOMESTIC RETAIL PRICES Anthracite *4 25 Coke, nut size 8.75 Coke, egg size 8.'5 rndiana. forked lump 5 50 Indiana, egg 5.00 Indiana, mine run 4.75 j Kentucky lump 7.00 Pocahontas lump 8 25 Pocahontas egg 82$ Pocahontas forked lump 9 25 Pocahontas mine run 7 25 New River smokeless 8 25 West Virginia lump 6.75 West Virginia egg 6 50 Island Creek 7.00 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to oin. NEW YORK COFFEE FUTURES —April 16— Santos High Low Close March 11.43 Mav 10.65 10.63 10.63 July 10.54 10.76 10.76 September . . . 11.09 December 11.35 11.19 11.34 Rio January 8.53 March . . 8.56 Mav 8 32 8.15 8.16 Julv 8.52 8.36 3.36 September 8.66 8.42 8.47 December 8.70 8.49 8.49 \ Oil Sales Show Gains By Time* Spi rial NEW YORK. April 17—A 25 per cent sales increase in quality motor oils and lubricants, the greatest for any period in the last four years, was shown in the first quarter of this year, according to Samuel Messer, president of the Quaker State Oil Refining '

SWINE VALUES DROP 15 CENTS AT CITY YARDS Increase in Receipts and Weak Demand Aid Decline. Slight increase in receipts and a weaker demand was partly responsible for a 15-cent decline in porker values at the Union Stockyards this morning. General bulk of 160 to 300 pounds was selling at $3.85. while several better grades were reported salable at $3.90. A number of buyers were absent during the early trading. Light slaughter pigs, weighing from 130 to 160 pounds, brought $3.10 to $3.60. Others scaling 100 to 130 pounds sold at $2.25 to $3. Receipts were estimated at 8,000; holdovers, 166. Trading was active in steers with practically all classes strong to slightly higher than yesterday’s average. Early bulk of steers ranged from $5 to $6.50. Receipts were 2.200. Vealers displayed an unevent rading range, selling at $6.50 down. Few held at $7. Receipts numbered 900. Strength continued in the lamb market with most kinds on hand around 50 cents higher than the previous close. Initial bulk of good shorn western grades was selling at $8.50. Receipts were 1,000. Early bids and sales on hogs at Chicago showed a decline of 15 cents from yesterday's average at $3.90 down. Receipts were estimated at 22.000, including 6,000 directs; holdovers. 2.000. Cattle receipts were 6,500; calves, 4,000; market steady to strong. Sheep receipts, 7,000; market strong to higher.

HOGS April. Bulk. Top. Receipts. 11. $4 00 $4 15 6.000 12. 4 009 4.10 4.15 5 000 13. 4.10 4.20 7.000 14. 4 10 4 15 2,500 16. 4.00 4.05 7.000 17. 3.85 3.90 8.000 Market Lower. (140.160) Good and choice $ 3.359 3.60 —Light Weights—-(l6o-180) Good and choice ... 3.85 (180-200) Good and choice ... 3.85 —Medium Weights—-(2oo-220) Good and choice ... 3.859 3.90 (220-250) Good and choice . 3 859 3.90 —Heavy Weights—-(2so-290) Good and choice.... 3 859 390 (290-350) Good and choice ... 3.659 385 —Packing Sows—(3so down) Good 300 9 325 <250 upi Good 2.859 3 10 (All weights' Medium 2.759 3.00 —Slaughter Pigs—-(loo-130) Good and choice .. 2.259 3.00 CATTLE Receipts. 2,200; market, higher (1,050-1,100) Good and choice $ 6.509 7.50 Common and medium 4.50% 6.50 (1.100-1.500) Good and choice 6.259 7.65 Common and medium 4.75® 6.25 (675-750) — Good and choice 5 25® 8.25 Common and medium . 3.0095.25 (750-900) Good and medium 4.75® 6.00 Common and medium ... 2.759 4.75 —Cows— Good 3 50 9 4.00 Common and medium 2.759 3.50 Low cutter and medium 1.50® 7.25 —Bulls ivearlings excluded' - Good (beef steers' 3 00® 3.75 Cutter, common and medium. 1.75® 3.00 VEALERS Receipts. 900; market, uneven. Good and choice $ 6.00® 7.00 Medium 4.00® 6.00 Cul and common 2.50@ 4.00 —Calves — Good and choice 3.50 9 800 Common and medium 2 00® 3 50 —Feeder and Stocker Cattle— Good and choice 4.00® 5.50 Common and medium 2.755% 4.00 (800-1,500) Good and choice 4.00® 5.50 Common and medium 2.75® 4.00 SHEEP AND LAMBS Receipts. 1,000; market, higher shorn basis. (90 lb. down' Good and choice $ 8 00® 8 50 190-110 lb.' Good and choice 7.75® 825 ( 500 lbs. down) Com. and med. 7.00®. 8.00 —Ewes— Good and choice 3.50® 400 Common and medium ■ 1.75® 3.50 Other Livestock By United Press FT. WAYNE. April 17—Hogs—10® 15c lower; 250-300 lbs.. $3.85; 200-250 lbs., $3.75; 180-200 ibs.. $3.70; 160-180 lbs., $3.65; 300-350 lbs., $3.55; 150-160 lbs., $3.35; 140-150 lbs.. $3.10; 130-140 lbs., $2 85; 120-130 lbs . $2.35; 100-120 lbs., $2; roughs, $2.75; stags, $1.50. Calves. $6.50; lambs, $9.25 down. LAFAYETTE. April 17.—Hogs—Market, 15c lower; 200-325 lbs $3.50® 3.70; 160200 lbs . $3.50®3.60; 140-160 lbs. $3.10® 3 35; 125-140 lbs . $2.60 9 2 85; 100-125 lbs.. $1.8592.35; roughs, $3 down; top calves, $5.50; top lambs. SB. By Times Special LOUISVILLE. April 17.—Cattle—Receipts, 175; supply light: demand fairly broad; market, steady with yesterday's advance; bulk common to medium grade steers and heifers. $4 25® 5 25; most bitter finished kinds. $5,50 96; bulk beef cows, $39 3.75; good. $4; smooth heifers types higher: low cutters and cutters, mostly $1,50 9 2.50; sausage bulls, generally $3.2593.75; desirable light Hereford Stockers, $4.75®5.25; common to medium grade natives. s3® 4. Calves—Receipts. 300: vealers. steady; bulk better grades, $4 50 95; strictly choice handyweights. $5.50; medium and lower grades. $3.50 down. Hogs—Receipts, 1,000: market, not established: most bids 35c lower at $3.75 for desirable 170-240 lbs. weights; generally asking 25c lower or $3.85 for such kinds. Sheep—Receipts. 150; run mostly stock ewes and immature lambs; market, steady on all classes and grades; bulk medium to good wooled lambs. s7®B; choice eligible higher; common light throw'outs mostly $5; bulk fat wooled ewes. $2.5093: better spring lambs, salable mostly $10.50. On Commission Row —April 17Fruits Apples—New York Baldwins, fancy. $1.66 up: fancy Staymans. $2 25; fancy Wmesaps. 52.50. Oranges—California Sunkist. $3.25®3.75: Floridas. $393.75. Lemons—Sunkist. $5 50. Grapefruit—Arizona seedless. 645-70s. $3 ®3.25; Florida. $3.2593.50. Strawberries—Louisiana. 24-pt. crate. $3. Melons—Argentina Honeydews. $2.25. Pears —Calavos. $3.50 per box. Bananas—Per pound. 5 cents. Vegetables Cabbage—New Texas. SI 35 per halfcrate; Florida red. $3 pe* hamper. Celery—Florida. $2 8o a crate; mammoth bunch. 85c; medium bunch, 45c: hearts, dozen bunch. $1 $5. Onions—lndiana yellow. 50-lb. bag. *1.25: red. $1.15: Idaho. Spanish. $1.35. Potatoes—Northern round white. 100-lb. bag. $1.90: Red River Ohios. $2.10; Maine Green Mountain. $2.40: Colorado McClures, $2 15; Idaho Russets, $2.15: Wyoming Triumphs. 50-lb. bag, $1.15: New Texas Triumphs, $1.90 Sweet Potatoes—lndiana Jerseys, per bushel. $2; Porto Ricans. $1 90. —California select, crate. $2.25 Beans—Round, stringless. $3.50; lima $3 25® 3.50. Beets—New Texas. 3-dozen crate. $2: bulk per bushel. $1.50. Carrots—California. 6-dozen crate. $2.75: bulk new. $1.40; bulk old. $1.75. Cauliflower—California. $2 30 Cucumbers—Hot house, per dozen. $1 10. Lettuce—Hot house. 10-lb. basket. 70c: Iceberg best. $3.75® 4.50 a crate. Peas—2 B-lb. hamper. $2.25. Radishes—Hot house buttons. 60c a dozen. Rhubarb—California. 20-lb. box. $1.75. Spinach—New Texas. sl.lO per bushe. Tomatoes Repacked. 10-lb. carton. $1.50: selected, cellophane wrapped. $1.75: original Mexican. 30-lb. lug. $3.50. In the Cotton Markets —April 16— CHICAGO High. Low. Close. January 12 33 12.19 12 10 March .. 12.42 12 20 12 20 May 11 93 11 68 11 68 Julv 12.05 11 82 11 82 October 12 18 11.93 11 93 December 12 29 12 03 12.03 NEW YORK January 12 26 12 04 12 04 March 12 35 12.10 12.10 May 11.34 11 62 11.63 Julv 11 95 11.73 11 75 October 12 08 11.86 11 87 December 12 21 11 96 11 97 NEW ORLEANS January 12.22 12.18 12 IS March 12.34 12 29 12 29 May 11 88 11 65 11.65 July 11.96 11.70 11.71 October 12 10 i 11 83 1184 December 12 21 B 11.96 11 95

PAGE 13

Wall Street Foreign Traders Surpass Americans in Taking Stocks Profits. BY RALPH HENDERSHOT Time* Special Financial Writer

FOREIGN traders have it over on Americans in the art of taking profits out of the stock market, like one of Mr. Ringling’s big tops, in the opinion of Victor B. Cook of Fenner & Beane, members of the New York Stock Exchange. And Mr. Cook should know. He has charge of the big wire house's foreign busi-

ness. Mr. Cook has worked out a unique system for handling this foreign business. A group of expert tabulators take quotations from a private electric quotation board, code them neatly and then cable them to a central office in Europe. The quotes are then flashed to a long list of important

Hendershot

banks and brokerage offices all over Europe. Traders sitting in a London or Paris brokerage office can trade much more rapidly in New York under his system than they can on the exchnages in their own countries. Orders are executed on an average in about five minutes, but they have been put through in seventeen seconds, according to Mr. Cook. On the Paris or London mart traders do not get reports until later at night on orders placed in the forenoon. outt Service Not Expensive A ND the service, which amounts JL to a syndicate, is not so very expensive, either. A ten-letter code word gives people on the other side of the Atlantic the current market prices on ten stocks in which they are interested. With ten such words they are supplied with quotations on a hundred stocks. And the cost of sending those words by cable is divided among the several houses to which they are sent. With such quick and inexpensive service it is not surprising that foreigners have become so much interested in our markets, which provide about the only place they can really speculate in stocks. And this speculation is becoming constantly greater, Mr. cook says. In fact, it seems as if much of the speculation of late on the big board has come from across the sea. a tt n Trade by Groups AND they seem to trade in groups. First they will take hold of one list of stocks, and a few days later they will get out and the Americans will get in. They will have a small, but reasonable profit, and our traders will be in at the tops. From there they will go to another list, and so on. invariably making money, according to Mr. Cook. They weigh a great many more factors in making their selections, he finds, than do Americans, and, despite the handicap of the distance, which has been reduced to the minimum, usually come out in a much better way financially. The foreigners bumped up against a tough situation when we went off the gold standard and currencies began to fluctuate widely in the foreign exchange markets. They ran the risk always of losing more on a movement in the price of the currency than they made on their stock transactions. But they soon solved that problem. They trade entirely on a French franc or a sterling basis, depending on where they are located. A Frenchman, for instance, will deposit francs as margin with an American house. The broker buys the stocks with dollars, finances the transactions with the banks and remits profits in francs. We seem to have the edge on speed, but the foreigner has ideas when it comes to finance.

SERVICE COMMISSION ISSUES 1.710 ORDERS I Demand for Busses, Trucks Shows Increase Over 1933. Orders amounting to 1,710 were issued yesterday by the Indiana Public Service Commission affecting utilities of the state during the full year's work of the new three-man commission, according to a report to Governor Paul V. McNutt by Pete M. Dawson, commission secretary. Orders issued outnumbered by 205 the amount 1 -filed during the period, while the total number written exceeded that issued during the preceding year by 760, the report stated. Written orders for busses and trucks totaled 1,169, an increase of 676 over those in the previous year. The new 1933 regulations over contract of motor vehicles accounted for 624 of the total issued. TRUCK LOADINGS GAIN Several Companies Ask Compromise in Transportation. By Times Special NEW YORK. April 17.—Railroad car loadings and freight transportation decrease in the first eleven weeks this year, as compared with the corresponding period of 1933, and an increase in the percentage of freighting by trucking companies has brought about a suggestion of compromise. It has been recommended that rail and motor transportation should be co-ordinated by contract, joint rates, lease or ownership, so that merchandise could be concentrated at and distributed from a limited number of key concentration stations by highway and moved between stations by rail in car load lots. Distances would be figured by longitude and latitude instead of miles, and all distances over 150 miles would be handled by rail, while all distances under seventyfive miles would be transported by trucks. Operating Rate Increased Hi/ Times Special NEW YORK. April 17.— Dun & Bradstreet reports many factories producing supplies are now operating at 60 per cent of capacity, compared with an average of 30 to 25 per cent for the first four month* of 1933. *