Indianapolis Times, Volume 45, Number 304, Indianapolis, Marion County, 1 May 1934 — Page 13

MAY 1, 1934’

PORKERS DROP 10 TOl5 CENTS AT CITY YARD'S Cattle Market Strong to Higher: Veals Steady at $6 Down. An increase in receipts and a weak demand sent porker prices around 10 to 15 cents lower than yesterday's advance at the Union Stockyards this morning. Only slight action was evident in the early session and few buyers were hesitant in making purchases. The general bulk of 160 to 325 pounds brought $3.70 to $3.75. Light slaughter classes, weighing from 130 to 160 pounds, was selling at $3 to $3.50. while extremely small pigs, scaling 100 to 130 pounds, were salable at $2 to $2.75. Receipts were estimated at 8,500; holdovers, 215. Local cattle conditions were practically unchanged with the previous session. Beef steers continued active and strong to slightly higher. Bulk ranged from $6.50 to $8.55, while part load of good grades sold at $8.75. She stock displayed little change. Receipts were 2,000. Initial sales in the veal market remained stationary with yesterday’s decline at $6 down. Few better grades were salable up to $6.50. Receipts numbered 1,000. Steady and quiet trading range featured the lamb market. Several shorn western kinds sold at $9. while few wooled natives ranged from $9.50 to $lO. Good ewes were quoted at $2 to $4. Receipts were 1,200. Asking was strong on hogs at Chicago and few early bids 5c to 10c lower than yesterday at $3.75 down. Receipts were 23.000, including 8.000 directs; holdovers, 3,000. Cattle receipts, 8,500; calves, 3.500; market steady to weak. Sheep receipts, 7,000; market steady to strong. HOGS April. Bulk. Top. Receipt/. 25. $3 90'S 4 00 $4 00 7.060 26 3.80# 3 90 3 90 7.000 27. 3 80® 3 90 4 00 6.000 28. 3.75® 3 8 0 3 9 0 2 000 30. 3.75® 3 80 3 90 2.000 30 3 80# 3 85 3 95 7.000 May. i. 3.70® 3.75 3 80 8,500 Market Lower. (140-160i Good and choice... $ 3.25® 3.50 —Light Weights—-(l6o-1801 Good and choice ... 370 (180-2001 Good and choice ... 3.75 —Medium Weights—-(2oo-220) Good and choice ... 3.75® 3.80 (220-250) Good and choice.... 3 90® 395 —Heavy Weights—-(2so-290) Good and choice ... 3 90® 3.95 (290-350) Good and choice ... 3.50® 3.75 —Packing Sows—(3so down) Good 3 00® 3 25 (250 lb.) Good 2.85® 315 (All weights) Medium 2.75® 3.00 —Slaughter Pigs—-(loo-130) Good and choice ... 2.00® 2.75 CATTLE Receipts, 2,000; market higher. (1.050-1,100 l . „ Good and choice $ 6 50 ® 8 00 Common and medium 4.50® 6.50 (1,100-1,500) Good and choice 6.75® 8.25 Common and medium 5.00® 6.75 (675-750) — Good and choice 5.25® 650 Common and medium 3.00® 5.25 (750-900) . Good and medium 4.75® 6.2a Common and medium 3.75® 4.75 —Cows— Good 3.50® 4.50 Common and medium 2.75® 3.50 Low cutter and medium 1.75® 2.7a —Bulls ivearlings excluded)— Good ibeef steersi . .. .... 3.00® 3.75 Cutter, common and medium. 1.75® 3.00 VEALERS Receipts. 1,000; market, lower. Good and choice $ 6 00® 6.50 Medium 4.00® 6.00 Cull and common 2.50® 4.00 —Calves— Good and choice 3 50® 5.00 Common and medium .... 2.00® 3.50 —Feeder and Stocker Cattle — Good and choice 4.25® 5.75 Common and medium 3.00® 4.25 (800-1.500) Good and choice 4.25® 5.(5 Common and medium 3.00& 4.25 SHEEP AND LAMBS Receipts, 1.300: market, steady, shorn basis. (90-lb down> Good and choice $8.50® 9.00 (90-110 lb.) Good and choice . 8.50® 8.75 (500 lbs. down) com and med. 7.00® 8.25 —Ewes— Good and choice 3 00® 4 00 Common and medium 2.00® 3.00

Other Livestock (By United Press) CHICAGO. May 1. -Hogs—Receipts, 23.000. including B,too directs; steady to 10c lower 180-280 lbs S2 65®3 80; top. $3.80; 290-350 lbs. $3 40.i 3 65; 140-170 lbs.. $3 25 ®3.65. pies. $2 50 down: pack sows. $2 80 ox 3 10. light lights. 140-160 lbs., good and choice. *3.15® 3.65; light weight 160-200 lbs . good and choice, $3.40® 3.80; medium weights, 200-250 lbs . good and choice. $3 65i 380 heavv w eights. 250-350 lbs., good and choice. $3.40®3.80; packing sows, 275-550 lbs . medium and choice. $2.75® 3 25; slaughter pigs 100-130 lbs . good and choice, s2® 3.15. Cattle Receipts. 8.500; calves, receipts. 3.500: fed steers with weight and better grade yearlings, fully steady; others slow but mostly steady: sales well-finished weighty cattle firm; top $9; led long yearlings. $8 75; cows slow; steady to weak: other killers steady: not much steer beef in run; slaughter cattle and vealers: steers. 550-900 lbs., good and choice s6® 7.75; 900-1.100 lbs., good and choice. $6®8.50: 1.100-1 300 lbs, good and choice. $7.25® 9; 1.300-1.500 lbs., good and chotce. $7.50 i 9 550-1.300 lbs., common and medium. $4 50 ® 7.50; heifers, 550-750 lbs., good anfl choice. $5 25® 6.50; common and medium. $3.50® 5.25; cows. good. $44)4.75; common and medium. *3® 4; low cutter and cutter. *1.75.!3 hulls, yearlings excluded good beef. S3 50 .i 3 85: cutter, cornman and medium. *3m3.75; vealers. good and choice. $5.50®7: medium. *44/5.50; cull and common. 5.3/ 4 slocker and feeder cattle steers. 550-1 050 lbs . good and chotce. *4.75 .6 common and medium. *3 50 a 5. Sheep -Receipts. 7.000: fat lambs in fairly active demand, undertone strong to higher: bulk wooled lambs. *lO tip: asking S§ and higher for clipped offerings sheep firm: shorn ewes. $3.50®4: slaughter sheep and lambs, shorn basis: lambs 90 lbs down, good and choice. *8 35 ®9: common and medium. *5.50® 8 50 ; 9098 lbs . good and choice. sß® 8.85: ewes 90150 lbs. good and choice. *347 4.10: all weights, common and medium. $24) 3.50. CINCINNATI. May 1. Hogs—Receipts. 4.000, including 160 direct and through, holdovers 275. market slow; 160 lbs. up, 10c lower: top and bulk better. 160-300 lbs . *4 lighter weights steady to weak, most 140-160 lbs.. *3.25 . 3 75; underweights and pigs. $2 i3. good packing sow s unchanged at *2 50 i 2 75. Cattle —Receipts. 400; calves. 700 market active, steers and heifers steadv to strong, bulked on killing account. $5 50® 6.50; some around 950-lb. yearling steers. *7; broad demand for medium weight and heavy steers with strictly good quo'ed above *7. cows and bulls steadv bulk fat cows. $3,504/4.25: most low cutters and cutters. $2 x3 50: sausage bulls. $3 25(/ 4. oremng calf trade steady: good to choice vealers. *5 50 :6 50. weaker undertone latvr plainer sort. $5 down Sheep—Receipts. 600 generally fully steadv. bulked better spring lambs. sll® 12 several lots shorn old crop lambs. *8.50 9. odd head shorn fat ewes. S3 i 3.75. FT. WAYNE. Mav I.—Hogs Market 5® 10c lower 250-300 lbs *3 75 200-250 lbs. $3 70: 180-200 lb- . *3 60; 160-180 lbs. *3 60; 300-350 lbs. *3 4 150-160 lbs. *3 30; 14150 lbs *3: 130-140 lbs. *2 80; 120-130 lbs.. $2 25 100-120 lbs *2 roughs. *3 75: stags, $1 50. Calves. *6. lambs. $9.75 down. LAFAYETTE Mav I—Hogs Market. 10 *7 15c lower 200-325 lbs.. S3 40./3 65: 160200 lbs *3 40 /3 50; 140-160 lbs s3®3 25: 125-140 lbs *2 50 :2 75: 100-125 lbs.. *1.75 ®2 25. roughs. *2 75 down. Top calves. $5. Top iambs. *8 50. spring latnos. $lO. ■Bv Times Special) LOUISVILLE. May I— Cattle—Recepits. 175 demand broad for all slaughter classes marke’. active and fully steady: bulk common to medium grade steers and heifers. *4 50475 50. better finished kinds. $5 75-: 6 50: lat'er for one lot strictly good 620-lb weights, bulk beef cows, *3 25 @4 25. good kinds to *4 50. low cutters and cut.ars mostly *1 50® 275 sausage bulls. *3 ;5 down: Stockers and feeders, slow and unchanged: bulk better light Shorthorn Stockers. *4 75 ; 5 25: most common to medium grade nativ es. *3 i4. Calves Receipts. 350: vealers mostlv 50c lower; bulk better grades. *4 50 ./ 5; strictly choice. $5 50; medium and lower grades. $4 down. Hogs Receipts. 1,200: 15c lower: top and bulk finished. 170-240 lbs . #3 75 245-270 lbs *3 40 275 lbs up. $3 05; *45-165 lbs., *3 25. 120-140 lbs. $1.90; sows. $! 80: grassy and unfinished hogs discontinued, mostlv 50c ■/$1 per hundredweight. Sheep—Receipts. 150; generally steady; better spring lambs. $10.50 to mostly $11: plainer kinds down to $9 or less; best wooled lambs. sß® 9: cull to medium kind. s4§7; fat clipped ewe* genvtu& M.306J.50.

Crucial Test of Whole Recovery Program Near

Withdrawal of Federal Aid Threat to Business, Survey Says. By Times Special NEW YORK, May I.—The crucial test of the whole recovery program will come when the federal government withdraws its support from the many millions of persons who have been wholly or partly dependent on it and the burden must be assumed by private business, according to a survey by the Guaranty Trust Company of New York. “The termination of emergency employment under the civil works administration and the apparent tendency to avoid further drastic emergency legislation have brought the country face to face with perhaps the most crucial question of the entire recovery program—how and to what extent private business will be able to resume its normal functions and permit the government to withdraw gradually from the economic field,” the review states. “The question does not apply to the CWA alone. It covers the whole range of emergency activities whereby the government has undertaken to relieve the conditions resulting from the depression.” A Critical Problem “The critical nature of the problem is only too obvious. The announcement of the plan for ’demobilization’ of the CWA was followed by a storm of protest, not only from CWA beneficiaries but also from local officials and social workers who saw themselves faced with a set of seri’ous problems after the withdrawal of federal aid.” “The situation furnishes one more illustration of the well-known fact that it is much easier for a government to embark on paternalistic schemes than it is to escape from them later on.” “If recovery is to proceed in a normal way, it is absolutely essential that business concerns be allowed to earn reasonable is, profits sufficient to meet their obligations, to attract new capital, to offer an incentive to enterprise, and to provide adequate reserves against future contingencies. At present, the earning power of many business concerns is being threatened from two directions. First, there exists in some quarters great enthusiasm for the idea of a ‘redistribution of income,’ with the redistribution to be effected, apparently, at the expense of business enterprises.” Second Great Threat The codes adopted under the recovery act, for example, provide for minimum wage rates and maximum hours of labor; and an effort was made recently to bring about a sweeping revision of the rates and hours in order to increase consumers’ purchasing power and to spread the work’. “The second great threat to business profits lies in the possibility of excessive increases in governmental expenditures and in the public debt. The present plans of the administration contemplate a level of federal expenditure in coming months that is without precedent in times of peace, and an advance in the public debt to a total several billions of dollars in excess of the post-war peak in 1919. In the face of such a prospect, the credit of the government can be maintained only if the administration adheres rigidly to its plan to bring the budget into balance by the end of the coming fiscal year. Otherwise, the government, to maintain its solvency, must impose upon business a tax burden that w ill defer the return of prosperous conditions for an indefinite period,” the survey reveals.

ASSET VALUE RISES Fourth National Investors Common Stock Advances 52.03 a Share. Bp ie* Special NEW YORK, May I.—Asset value of the common stock of Fourth National Investors increased $2.03 a share in the first quarter of the current year, management of the company reports. The gain, which is approximately 8 per cent above the Dec. 31 figures, brings the value of the common stock to $32.07 a share. Marriage Licenses Urban K. Wilde Jr., 25. of 2358 Kenwood avenue attorney., and Beatrice V. Burgan, 25. of 5154 North Capitol avenue, journalist. Larry M. Baker. 22. of 132 Sturm avenue, salesman, and Helen Sebastian. 19, of 1158 Evison street. Bernard J. Lee. 28. of 1330 North Pennsvhanla street, press feeder, and Florence J. Gamble. 26, of 3917 Conser avenue, mail clerk. Harold Sprong. 25. of 1323 South East street, clerk, and Dorothy L. Brooks. 24. of 830 East Morirs street, beauty operator. Thom E. Shaw. 23. of 555 North Lynn street, contractor, and Dorothy E. Miller, 16. of 555 North Lynn street. Wililam C. Plank, 37. of 1001 Lexington avenue, machinist. Laura M. Fort. 36. of 1001 Lexington avenue. Gus P. Rosen, 26. of 622 East Twentythird street, manager of haberdashery, and Rose Ann Schwartz, 22. of 2311 North Meridian street, salesgirl. Frank B. Roe. 26. of Toledo. 0.. department manager, and Gladys Champlin. 29, of 5345 East Washington street. Forrest Judd. 25. of 1810 Madison avenue. Delco-Remv employe. and Ethel Sandlein. 19. of R. R 17. Box 236. Alfred L Stepp. 26. of 2266 North Rural street, laborer, and Marguerite E Moore, 27. of 1811 Alvord street, music teacher. Joseph Schloss. 47. of 1212 North Missouri street, laborer, and Cordelia Steward. 47. 932 North Missouri street maid. Raymond Taylor. 21. of 1655 Bellefontaine street, bus manager, and Dora K. Warfield. 20. of 1641 Yandes street. Arnold L. Purvis. 25. of Greenwood, laborer, and Mary L. Batner, 26. of Wanamaker Henrv L. Vieu. 30. of 232 South Illinois street, chef, and Clella Mae Lawson. 24 of 2139 North Illinois street, waitress. John Fekete Jr.. 25. of Ft. Benjamin Harrison, soldier, and Dorothy Shull. 20, of 2145'j North Illinois street. William B Phillips. 22. of 2323 Columbia avenue, and Alberta Holt. 22. of 2413 Yandes street, maid. Joe Curtis McCrav. 24. of 358 West Cora street, foundry worker, and Frances M. Johnson, 21, of 306 East Washington street! Cletus F Stenger. 25. of 849 North Rural street, driver, and Suzanne McCallum. 21. of 221 East Michigan street, fountain manager. Thomas H Woodmansee. 23. of 102 North Noble street, welder, and Marie Lasiter. 19. of 614 North East street. Apt. Henry Welch, 26. of 237 McKim avenue, club shiner, and Bonnie May Armes. 20. of 1429 Southeastern avenue Robert E. Troutman. 20. of 115 North Harding street, laborer, and Lillie Rose. 18. of 329 Cable street. Robert Pendleton. 2018 Martindale street, laborer, and Susanna Williams. 40. of 2461 Sheldon street. Calvin K Kntttel. 22. of 1826 Arrow avenue, assembler, and Frances J. Manning. 22. of 72 South Audubon road, food dispenser. Charles E Mcßride. 35. of Burlington. Ind . salesman, and Mary L. Fftchett. 23. Clavpool. Floyd Gable. 23. of 1026 South West street, laborer, and Garnett G. Woods. 18. of 509 West Morris street. Ralph Tallon. 36. of 905 Corcord street, cook, and Viola E. Ramey. 24. of 438 North Davidson street, waitress. Everett Brown. 46. of 151 North Illinois street, adjuster, and Leora Sarah Grosse. 36. of 921 North La Salle street. Oscar Herring. 29, of 1216 Gross street, laborer, and Lillian Cox, 22 of 40 South Mount street, clerk. Robert A Goucher, 24. of 54 North Fleming street, laborer, and Elnabeth R. Hamilton. 22. of 814 North Jefferson street. Harry L. C-merman, 29. of Dayton O . supply keeper, and Dorothy A. Beit, 23, of 910 North Tacoma avenue.

TIN CONSUMPTION UP 28 PER CENT IN YEAR Increase of 28,167 Tons Reported Over Previous Year. By Times Special NEW YORK. May I.—A 28 per cent increase in world tinconsump* tion for the year ended February, 1934, compared with the previous year, is shown in hte current bulletin of the International Tin Research. Tin consumption during the twelve months ended February, 1934, amounted to approximately 128.000 tons compared with 99,83 tons during the twelve months ended February, 1933, and 129.003 tons during the twelve months ended February, 1932. Consumption during February, 1934, amounted to approximately 9.250 tons compared with P,196 tons during February, 1933, t*nd 8,936 tons during February, 1932. SILVER PRICES BREAK TO NEW 1934 LOWS London Values Also Touch Year’s Lowest Mark. By l nited Pr( ss NEW YORK, May I.—Bar silver broke 1 cent an ounce to 41 -“i cents here today, the lowest level recorded this year and 5 cents an ounce below the year’s high registered on Feb. 19. London silver also touched anew low for the year at 18 3-16 pence, down % penny and 9-16 pence below the high for the year. Silver eligible for treasury purchase was unchanged at 64Vs cents an ounce. In the futures market further heavy pressure was exerted on the metal and prices dropped some 85 to 95 points. Speculators, who had purchased metal earlier this year in anticipation of further inflationary developments, viewed current developments as unfavorable for passage of silver legislation before adjournment of congress next month and liquidated their holdings. 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, lull 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. (By United Press) CHICAGO. May I.—Eggs—Market, unsettled; receipts, 34.971 cases; extra firsts, 1614 c; fresh graded firsts, 15%c; current receipts. 14%c: dirties, 13%c; checks, 13c. Butter —Market, steady: receipts 11.432 tubs; extra firsts )90-91 1 2 score). 23%@ 23 1 2c; firsts (88-89% scores), 22*2® 23c; seconds 186-87'2 score). 22c; extras )92 score), 24c; specials, 24%®25c; standards. 23%c. Poultry—Market, steady: receipts. 43 trucks, 1 car due; hens 15*20: old roosters, 8c; White Rock springs. 25c; geese, 7c; broilers, 1 to 2 lbs., .c; capons 22c; turkeys. 20c; Plymouth Rock fryers. 2 to 3 lbs., 25c: heavy ducks, 13c; Leghorn broilers. 21c. Cheese—Twins. 11 % @ll%c: longhorns, 11%®12c: daisies. 11® ®l2c. Potatoes—Old stock, supply liberal; demand and trading very slow; market, weak: Idaho Russets 3 cars, $1.60; Washington Russets combination grade 1 car $1.30. New Stock—r Supply moderate; demand and trading light; market barely steady: sacks per hundredweight Texas Bliss Triumphs 1 car. $3.35, 1 car $3.45. Shipments. 661; arrivals. 130; on track. 334. CLEVELAND. May I.—Butter—Market, steady; extras, 28c; standards. 27 3 4C. Eggs —Market, steady: extra white. 15c: current receipts. Hie. Poultry—Market, firm: colored fowl. 4% lbs. and up. 17c: colored fotvl medium. 17c : Leghorn fowl light. 14c; broilers colored, ordinary, 22 ®24c: old roosters, 10c: ducks, white, 5 lbs. and up. 18c; ducks, light old, 15c: broilers, fancy rock. 26c; broilers. Leghorn. 21®22c; stags. 13c. Potatoes—Maine best, $2®2.15 per 100-lb. sacks: Idaho, $1.85® 2: Ohio and New York. 51. 65.

On Commission Row ■—Mav 1— —Fruits— Apples—New' York Baldwins, fancy, $1.65 up; fancy Staymans, $2.25; fancy' Winesaps. $2.50. South American Cherries—l6-lb lugs, $3.50. Oranges—California Sunkist, [email protected]; Floridas. $3.50® 4. Lemons—Sunkist. $5.50. Grapes—South American, crate. $3 00. Grapefruit—Florida, seedless, [email protected]. Strawberries—Louisiana. 24-pt. crate $2 50: Alabama, 24-qt. crate. $4.25. Melons—Argentina Honeydews. $4.00. Cantaloups—Pony crate, $4.50; standard (45). $5. Pears—Calavos, $3.50 per box. Bananas—Per pound. 5%c. Rasberries. Cal., 12; % pts., $2.50. —Vegetables— Cabbage—New' Texas, $1.35 per half crate; Florida red, $3 per hamper. Celery—Florida. $3 a crate, mammoth bunch, 85c; medium bunch, 45c; hearts, dozen bunches, $1.25. Onions—lndiana vellow, 50-lb. bag. 51.25. Potatoes—Northern round white. 100-lb. bag. $1.85: Red River Ohios, $1.85: Maine Green Mountain, $2.10: Colorado McClures, $2; Idaho Russets, $2.20; Wyoming Triumphs. 50-lb. bag. 90c; New' Texas Triumphs. $1.85. Sweet Potatoes —Tennessee Nancy Halls, crate. $2. Asparagus—California fancy, crate. $3.75. Beans —Round, stringless. $4, lima. $4.50. Beets—New Texas, 3-dozen crate. $1.75. Carrots—California. 6-dozen crate. $3.25; bulk new. $1.50. Cauliflower—California. $2.25. Cucumbers—Hot house, per dozen. sl® 1.25. Lettuce—Hot house. 15-lb. basket. $1.50: Iceberg, best. $5 a crate. Peas—2 B-lb. hamper. $2 25. Radishes—Hot house buttons. 60c dozen. Rhubarb—Home-grown, dozen. 35c. Spinach—New Texas, 90c per bushel. Tomatoes—Repacked. 10-lb carton. $1.50: original Mexican. 30-lb. lug, $3.50. CHICAGO FRUIT MARKET (Bv United Press) CHICAGO. May I.—Fruits and vegetables: Apples—Michigan spies. $2 bushel. Carrots—lllinois. 5047 75c bushel. Spinach —lllinois. $1 bushel. Beans—Southern green. $24/3: wax. $3'i73.25. Cucumbers— Central western hothouse. $1.500 2 25. 2 dozen. Tomatoes—Florida. *1.7503 lug box. Sweet Potatoes—Tennessee. $1 60® 1.75 bushel hampers: Indiana. $2.15. Mushrooms—lllinois. 17%®32%c. pound cartons. Asparagus—California. s2® 3; Illinois flat crates. $101.50. Leaf Lettuce— Illinois hothouse. 50® 75c. 10 lbs. Onion market. 50-lb. sacks—Michigan yellows, 75c®$1: Texas yellows. $1.1031.35; Texas whites. *1.25® 1.50. COMMODITY PRICES UP Labor Bureau Index Reaches 73.7 Per Cent During March. By Tlines Special NEW YORK, May I.—lndex of all commodity prices during the month of March was 73.7. according to the Bureau of Labor Statistics. The index figures are based with prices in 1926 as 100 per cent. The March index represents a relatively sharp rise, having gained 23 2 per cent since the depression's low of 59.8 made in February of last year. World Auto Output Soars By Times Special NEW YORK. May I.—World automobile output during twelve months ended February, 1934. amounted to approximately 2.930.000 units, compared with 1,995,000 units for the twelve months ended February. 1933, and 2.876.000 units during the twelve months February, 1932.

THE INDIANAPOLIS TIMES

SELLING ORDERS FORCE MAJOR GRAINSLOWER Oats Resist Pressure and Move Upward: Corn Off Fractions. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO, May I.—A collection of selling orders sent wheat prices lower at the opening of the Board of Trade today. At the start the principal grain was 3 2 to cent lower. Corn was off 3 s to *k cent, but oats resisted the influence of other grains and held unchanged to % cent higher. Rye was 3 8 to 3 i cent lower. The grains ignored the better tone in stocks and a firm market at Liverpool. Chicago Futures Range —May 1— WHEAT— p r p v. High. Low. 10:00 close’. May 80 .78% ,78 3 4 .80% July 79% .77% .77% .79% September ... .80% .78% .78% .80% CORN— May 45% .44% .44% .45% July .48 .47% .47V4 .48% September ... .49% .47% .49 .50 OATS— May 29% .29 .2£>% .29% July 29 5 8 .29% .29% .29% September ... .29Va .29% .29% .29% RYE— May 55% .54% .54% .55 July 56 .55 .55 .56 September ... .57% .56% .56% .57% BARLEY— May 38% .38% .38% .39 July 40 .38% .39% .39% September ... .41% .40% .40% .41% Cash Grain INDIANAPOLIS —April 30— 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—Strong; No. 1 red, 72®73c; No. 2 red, 71@72c; No. 2 hard, 71®72c. Corn—Strong; No. 3 white. 43®45c; No. 4 white. 42®44c; No. 3 yellow, 41®43e; No. 4 yelow, 40®42c; No. 3 mixed. 40®42c; No. 4 mixed, 39® 41c. Oats—Strong: No. 2 white. 28%@29%c; No. 3 white, 27%® 28%c. —lnspections Corn—No. 2 white, 13 cars; No. 3 white, 5 cars: No. 4 white, 3 cars; No. 2 yellow, 7 cars; No. 3 yellow. 8 cars; No. 4 vellow, 3 cars. Total, 39 cars. Oats—No. 2 white. 15 cars; No. 3 white, 3 cars. Total. 18 cars. Local Wagon Wheat City grain elevators are paying 69 cents for No. 2 soft red wheat. Other grades on their merits. (Bv United Press) CHICAGO, April 30.—Cash grain. Wheat, none. Corn—No. yellow. 47 %c; No. 2, yellew, 47%%47%c; No. 3. yellow, 46®47. No. 2, white, 49%c; No. 3, white, 49c. No. 2, old yellow. 47%c: No. 3, yellow, old yellow. 47® 47 Vic; Old No. 2. white, 50%c. Oats—No. 2, white lake. 30c; No. 4, mixed 28c; No. 2. white. 32%c®32%; No. 3 white. 30%®32%; No. 4, white, 28c. Rye —none. Barley—Sales, 75@77c; quotable. 40® 80c. Timothy. $6®6.50. Clover seed, slo® 11. Cash provisions, Lard. $5.77; loose. $5.42; leaf, $5.55; Bellies, $7.75. TOLEDO. April 30.—Grain close: What —No. 2 red. 83® 84c. Corn—No. 2 vellow, 52®53c. Oats—No. 2. white, 35%®36%c. Rye—No. 2. 60®61c. Track prices 28% rat). Wheat—No. 1 red. 79@79%c; No. 2 red, 78®78%c. Corn—No. 2 vellow, 47® 48%c; No. 3 yellow, 46%®4?%c; No. 4 yellow. 45%®46%e. Oats—No. 2 white. 32 ®33%c; No. 3 white. 31 %® 33c. SeedClose. Clover—Cash. $8.25. Alsike—Cash. $8.50.

CHICAGO PR IMAP,Y RECEIPTS —April 30— —Bushel—- , Today. Last week. Wheat 359,000 367.000 Corn 371.000 242.000 Oats 145.000 123,000 N. Y. Coffee, Sugar Futures —April 30— —Santos— „ , High. Low. Close. March 11 47 May 10.76 July ■ • 10.91 September 11.29 11.25 11.29 December i0.40 11.38 11.40 —Rio— January 8.59 March 8.62 May 8.22 July 8.37 September 8.47 8.45 8.47 December 8.57 8.55 8.55 —Sugar— High. Low. Close. January 1.63 1.62 1.62 March 1 68 1.67 1.67 May 1.47 1.44 1.44 July 1.49 1.48 1.49 September 1.56 1.54 1.55 December 1.62 1.61 1.61 In the Cotton Markets —April 30— CHICAGO High Low Close January 11.50 11.30 11.30 Mav 11.10 10.90 10.90 July 11.20 10.94 10.94 October 11.35 11.11 11.11 December 11.47 11.20 11.20 NEW YORK January 12.47 11.21 11.21 March 11.59 11.30 11.30 Mav 11.05 10.74 10.82 July 11.16 10.90 10.90 October 11.31 11.05 11.05 December 11.42 11.14 11.14 NEW ORLEANS March 11.50 11.35 11.35 Mav 10.95 10.76 10.76 July 11.15 10.87 10.87 October 11.31 11.00 11.00 December 11.40 11.10 11.11 Retail Coal Prices The following prices represent 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 8.75 Indiana forked lump 5.50 Indiana, egg 500 Indiana, mine run 4.75 Kentucky lump ....' 7.00 Pocahontas lump 8.25 Pocahontas egg 8.25 Pocahontas forked lump 5-25 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 •in. DIVIDEND RATE BOOST AIDS OLD EMPLOYES Many Procter & Gamble Workers to Profit by Sharing Plan. By Times Special CINCINNATI. May I.—An increase in the profit sharing dividend rate affecting practically all the employes of the Procter & Gamble Company, was announced by the company. From a flat rate of 8 per cent the dividend has been placed on a sliding scale ranging from 5 to 15 per cent depending on length of service. Employes who are receiving the 8 per cent rate will not be reduced regardless of length of service, but jif they have been with the com--1 pany longer than six years, they will automatically benefit by the in- ; creased rate. I • The profit sharing plan as operated by Procter l & Gamble is based on stock ownership and has been in operation forty-eight years. Five thousand employes of the company’s plants throughout the United States will be affected by the new j plan. Fire Reports Yesterdav 7:26 a. m., 2030-32 Lexington, resience. no loss. 8 06 a. m.. 3020 North Gale, false alarm. 10:25 a. m.. 1337 South Sheffield, shed. . $25 loss. 12:18 p. m.. 251 South Audubon, residence. small loss. 4 40 p. m.. 209 East Tenth, residence, small loss. 6:56 p. m.. 320 North Illinois, business building, small loss. 7:58 p. m.. 1248 Cornell, residence $l5O loss. 7:31 p. m., 922 East Tenth, residence. SIOO loss. 11:12 p. vn., Delaware and McCarthy, factory, small loss.

New York Stocks ' ■ Bv Abbott Hoppin As Cos.) AVERAGE STOCK PRICES FOR MONDAY Net High. Low. Close. change Thirty industrials 102.72 100.31 100.49 -2.41 Twenty rails 48.30 47.30 47.39 -1.39 Twenty utilities 25.51 24.98 25.05 —.45 Forty bonds 94.83 —.14 Ten first rails 99.92 —.12 Ten second rails 84.22 —.32 Ten utilities ..... 97.49 —.16 Ten industrials 97.70 -i- .05 -Off. i- Up.

—Mav 1— Oils— Prev. High. Low. 10:00 close. Amerada 49% Atl Rfg 27% 27% Barnsdall 8% 8% Consol Oil 12 11% 11% 11% Cont of Del ... 20% 20% 20% 20% I Houston inew).. .. ... .. 4% i Houston (old) 24% Mid Con* Pet 13 13 Ohio Oil 12% 12% Pet Corp . . 12% Phillips Pet 18% 18% 18% 18% Plymouth Oil 12% 12% Pure Oil 11% 11% Royal Dutch 33% 33% Sbd Oil 35 35 Shell Un 9 8% Skelley Oil 10% 10% Soc Vac . 15% S O of Cal 35 34% 34% 35% S O of N J 44% 44% Sun Oil . 60% . Texas Corp 25% 25% 25% 26 Tidewater Assn .. ... 12% 12% Un Oil of Cal 16% 17 Steels— Am Roll Mills . 21% 21% 21% 21% Beth Steel 39% 39% 39% 39 Byers AM 25% Col Fuel & Iron .. ... ... 5% Cruc Steel 45% Ludlum Steel 16 16 McKeesport Tin 86 Mid Steel 15% Natl Steel 47% 48 Otis Steel . 6 6 Rep Iron & Steel 20 19% 20 19% Rep Irn&Stl pfd 55% 56 U S Pipe & Fdv 26% 26% U S Steel ... 47% 46% 47 46% U S Steel pfd 93% 93 Warren Bros 10% Youngs’n S& T 24% 25 Motors— Auburn 41 40% 41 40% Chrysler 46% 46% 46% 46% Gen Motors 36% 36% 36% 36% Gen Motors pfd .. .. 101% .. Graham Mot . . . 3% 3% Hudson 15% 15% 15% 15% Hupp 4% 4% Mack Truck . 29% 29% Nash 20% 20% 20% 20% Packard 4% 4% Reo 4 V 4 Studebaker 5 3 i 5% Yellow Truck 5% 5% Motftr Access— Bendix 17% 17% 17% 17% Bohn Alum 62% 61% 62 % 62 Borg Warner . 23% 23% Briggs 17% 17 1714 17% Budd Wheel 4% 4% Eaton Mfg .. .. 19% Elec Auto Lite. 23% 23 23% 23% Houdaille A 5% 5% Mullins Mfg ... ... 12% Murray Body ... 8% 8% Stew Warner .. . . . 8% Timken Roll . . 31% 31% 31% 31% Timken Det Axel 7% 7% 7Vs 7% Mining— Alaska Jun 19% 19% 19% 19% Am Metals .... . 22% Am Smelt 39% 39 39% 39% Anaconda 15% 15% 15% 15% Cal & Hecla ■ . . . 5 Cerro de Pasco. 32 31% 31% 31% Dome Mines ... 36% 36% Granbv ... . 10% Gt Nor Ore 13% 13% Homestake Min. ... . 351% Howe Sound ... 46 45% 45% 46% Ins Copper . ... . 5 5% Int Nickel 27% 27% 27% 28 Int Silver ... 34 Isl Creek Coal.. . . 27 Kennecott Cop . 20% 20% 20% 20% Mclntyre Mine.. 44V4 44 44% 44 Noranda Cop ... 40% 4040% 39% Park Utah 4 4 Phelps Dodge 17% 17% St Joe Lead .... 20% 20 20 20% U S Smelters ...116 115 116 115 Vanadium 24% 24 24% 24% Amusements— Crosley Radio 13% Fox Thea . . 15' b Loews Inc 32% 31% 32% 31% Radio Corp 7% 7% 7% 7% RKO 33 Warner Bros ... 6% 6% 6% 6% Tobaccos— Am Snuff 58 58 Am Sum Tob 17% Am Tabocco A . ... 69% 70 Am Tobacco B . 70% 70% 70% 71% ligg & Myers B 93 92% 92% 93% Lorillard 17% 17% 17% 17% Reynolds Tob B. .. ... 42% 42% Rails— Atchison 65% 65 65 % 65 Vi Atl Coast Line 45 B& O 27% 27% Can Pac 16% 16% 16% 15% Ch & Ohio 46 45% 45% 45% Chi & Gt W 4 Chi & Gt W pfd 10% C M & St P 6Vi C M & St P pfd. . 9% 9% Chi N W 12 11% 12 12 Chi N W pfd 22 Dela & Hud 63 Del Lac & W... 25% 25% 25% 26% Erie ... ■ 21 Erie pfd . 24% 24 Grt Northern pf 26 25% 26 26 111 Central 30 29% 29% 30% K C Sou 16% 16 Lehigh Valley ... 17% 17% Lou & Nash 60 60% M K & T 11 M K & T pfd 27% Mo Pac pfd .... 7% 7% 7% 7% N Y Cent 30% 30% 30% 30% NY Chi & St L 21% NY C & St L pfd . 36 35% NY New Haven 17% 17% 17% 17% N Y Ont & West 8% 7% 7% 8% Nor Pac 32% 31% 32% 31% Penn R R 32% 32% 32% 32% Sou Pac 26 25% 26 25% Reading . . 50% Sou R R 3 6 29 % 30 29% Sou R R pfd 36 37 Va Union Pac 128 Wabash 4 West Maryland. . • ... 13Vi 14 Equipments— Allis Chalmers 18% 18% Am Brake Shoe .. ... ... 30 Am Car & Fdy 26 Am Car & Fdy pf 46% Am Loco ••• ••• 31 Am Loco pfd 15% Am Mach & Fdy 15% . Am Steel Fdy • 18% Bald Loco •• 12% 12% 12% 12% Bald Loco pfd }4% Buroughs • 14% 14% Case J I ...... 66% 66% 66% 67 Cater Tract .... 30% 30% 30% 31 Deere & Cos ••• 26Vi 26% Elec Stor Bat _ 44 Foster Wheeler .. ... 18 18% Gn Am Tnk Car . ■ 38% 38% Gen Elec 21% 21% 21>/2 21% Gen R R Sig... * . • 40% Ingsol Rand ... 63Vs 63 63 • . Int Bus Mach 143 Int Harvester . • 38% 39% Natl Cash Reg. 17% 17% 17% 17% Pullman Inc 55% 55 m Rem Rand 11 11 Und Elliot 43 West Air B •• . - 31% 31% Westingh Elec 38 37% 37% 37% Worthingtn Pmp 25 V* Utilities — Am & For Pwr 9% 8% 9 9 Am Power & Lit 8% 8% AT&T ...118% 117% 117% 118% Am Wat Wks . 20 19% 20 20% Col Gas & Elec 14% 14 14% 14% Col G & E pfd. . . • 73% Com & Sou 2% 2% 2% 2% Consol Gas • 35% 35 30% 3% 8 Elec Pwr & Lit. 6% 6% 6% 6% EP & L pfd . . . • . 14% Int Hydro Elec. 7% 7% 7% 7 2 Int T & T 13% 13% 13% 13% Lou G & E “A” }B% Nat Pwr & Lit . ■■ • 11 Jl North Amer 17% 17% 17% 17 and Pac G & E If % 18% Peor ’S Gat ••• 35 4 ■ Postal Tel pfd 21 a Pub Serv N J 38% 38 a So Cal Edison 17% 17 2 Std Gas 12% 12% Std Gas 12% 12% Std Gas pfd 13 13 Stone & Webster 8% 8 a United Corp . •. 5/4 t> Un Gas Imp ... 16% 16% 16% 16% Ut Pwr & Lit A 3% Western Union 51% 51% Rubbers — Firestone f”. 8 Goodrich 15% lo s Goodvear 34% 34,2 Rubber ".'.".'•22 ’21% 21% 2 % U S Rubber pfd 54 53% 54 a2% Miscellaneous — Am Bank Note . 21 20% . 21 20 Amer Can 100% 100 100 100% Anchor Cap • . „„ 21% Brklvn Man Tr . 36 35% 36 35% Conti Can 81 80% 80% 81% Crown Cork 31 Curtis Pub 24 20% Curtis Pub pfd 28 4 Eastman Kodak . -• 93 93 Gillette 11 10% 11 11 Glidden ■ . 26% 25% 26% 26% Inter Rapid Tr f% Owens Bottle §4 Raybestos Mfg . 1 20 Foods — Am Sugar 48% 48% 48% 48% Armour 1A) 6% 6% Beatrice Cream’y •• I®, Borden Prod 24% 23% 24% 23% Cal Packing .... 33% 33 33% 33% Can Dry G Ale 26 25% Coca Cola 119% IJ9 Cont Bak )A) 10% Corn Prod 71 Crm of Wheat 33 33 Cuban Am Sugar 6 Gen Foods 30% 30% Gold Dust 20% 20% 26% 20% G W Sugar .... 29 28 % 28% 28% Hershey 62% Loose Wiles ••• 41% 41% Nall Biscuit . .. <O% 40% 40% 41 Nat! D Prod ... 16% 16% 16% 16% Purity Bak 15% 15% S Porto Rico Sug 32% Spencer Kellog 21% Std Brands ... ... 21% 21 Un Biscuit 28 28% United Fruit ••• 72 )2% Wrigley ... 64% 64% Retail Stores— Asso Drv Goods . 14% 15% Best & Cos 32% 32% 32% 33% First Natl Stores 64% 65% Gimbel Bros ... 4% Gimbel pfd 26 26% Gr Un Tea .. 6% 6% Hahn Dept Sts 6% 6% 6% 6% Kresge S S 20 19% 19% 19% Kroger Groc ... . 31 31% Macv R H .46 45% 46 46 Marshall Fields 18% 17 May Dept St ... .. ... 41

1 Mont Ward 28% 28% 28% 28% Natl Tea 16 Penny J C 61 Safeway St . . 53% Sears Roebuck . 47% 47 47% 47 Woolworth 51% 51 51 50% Aviation— Aviation Corp . . 7% 7% Curtiss Wright 4 3% 4 3% Curtiss Wr A ... 9% 9% Douglas Air . . 22 21% 21% 22 Nor Am Av . . 5% 5% Speerv Corp 9% 9% 9% 9% United Aircraft 22% 22% 22% 22% Wright Aero 53% 53% Chemicals— Air Reduction . 100 99% 99% 101 Allied Chem 145 144 144% 144 Am Com Alcohol 45% COl Carbon 70 70 Com Solvents 26% 25% 25% 25% Dupont 92% 92 92 92 Freeport Tex ... 43% 44% Liquid Carb ... 31% 30% 30% 31% Math Alkali 33 32% 32% 33% Montosonta Chem 45% 45 45 46 Natl Dis inewi 29% 29% 29% 20 Schenelev Dist . 34% 33% 33% 34% Tex Gulf Sulph 34% 34% 344% 34% Union Carbide 42% 42% 42% 42% U S Indus Alco 50% 50% Virg Ch 6IT pfd 20% Drugs— Coty Inc ... 5% 5% Lambert 26% Lehn & Fink ... . 22 Un Drug 17 17 Zonite Prod 6% Financial— Adams Exp . . .. 9% 9% Allegheny Corp 3’a 33 3 Am Int Corp 8% Chesa Corp - 45% 45% Lehman Corp ■ . • ■ 70% 71 Transamerica 6% 6% Tr Conti Corp .. 4% 4% 4% 4% Building— Am Radiator.... 14% 14% 14% 14% Gen Asphalt . . 21% 21% 21% 21 Int Cement . .. 28 28 Johns Manville 55 54% 55 54% Libby Owens Gls • • • • • 35 Otis Elev • • • • • • • • 15% Ulen Const • • ■ •• • 3 % Household — Col Pal Peet 16% 16V5> 16Va 16% Congoleum • 27 Kelvinator 17% 17% 17% 17% Mohawk Carpet 19 18% 18% 18% Proc & Gamble. .. ... . 34% Simmons Bed 18% 18 % Textiles— Amer Woolen .. .. ... 13% 13% Belding Hem ... 13% 13% Celanese Corp 29’/2 29 29 28% Collins Aikman.. .. . 22% Gotham Hose .. .. ••• 9% 9% Indus Rayon 72% 72% Kavser Julius .. .. • 16% 16% Real Siik 11 New York Curb (By Abbott. Hoppin & Cos.) —April 30— Close. Close. Alu C o of Am 73 IGulf Oil of Pa . 64 Am Cvanide B 20% ; Hiram Walker . 39% A & Fo Pr Wa 5% Hud Bay Min . . 13 Am Gas & El 25%!Humble Oil 43% Am Superpower 3 Imperial Oil Ltd 14% Asso Gas & El. %!Int Petrol 26 Atlas Coirp 12%iLake Shore Min. 49% Brazil Tra &Lt 10% Lioby McN Lib . 6% Can Indus A1 A 13% Lone Star Gas . 7% Can Marc . ... 2% Natl Bellas Hess 3% Carrier Corp .. 8 INewmont Min.. 52 Cities Serv . 3 1 Nia Hud Pwr 6 Commonw Ed 55% Pan Am Airway 40 Con Ga.s of Bal 58%!Park Davis •... 24% Cord Corp 5% Penn Road 3 Creole Petrol 12% St Regis Paper. 3% Crown Cork Int 7% Sal Crk Prod .. 7 Deere & Cos 26%'Sherwin Wms . 65% Distillers Lim . 23% Std of Ind 26% Distillers Corp. 19 Std of Ky 16 El Bond & Sh . 15% Technicolor Ind 9 Fisk Rubber .14 ITeck Hugh Gold 6 Ford of Can A 22%iUn Gas 3% Ford of Europe 8 lUn Pr & Lt A.. 3% Glen Aide Coal 16%1Wr Harg Min... 8% Chicago Stocks ” By Abbott, Hoppin & Cos. ——- —May 1— High. Low. 11:30 Bendix Aviation 17% 16% 17 Borg-Warner 23% 23% 23% Butler Bros 10% 10% 10% Berghoff 8% 8 8 Chicago Corp Com .... 2% 2% 2% Cities Service • 2% Commonwealth Edison 55 Vi 55 55 Cord Corp 5% 5% 5% Electric Household 12% Great Lakes Dredge ... 19% Gen Hsehold Util 13% 13 13 Libby McNeil 6% 6 6% Marshall Field 16% National Standard 25% 25 25 Prima Cos 8% Quaker Oats -8% Swift & Cos 16% 16% 16% Swift International ... 29Vi 29 29% Thompson JR • 8 U S Gypsum com • 40 Utility & Ind 1% 13/al 3 /a 3 % Vortex Cup Cos I*% Walgreen Cos com ... 26% Zenith Radio 3% Investment Trust Shares (By Abbott, Hoppin & Cos.) —April 30Bid. Ask. American Bank Stocks Corp.. 1.21 1.24 American & General Sec A.. 5.00 7.00 American & Inv Tr Sh 1.75 Basic Industry Shares 3.45 British Type Inv Tr Sh 50 .56 Collateral Trustee Shares A . 4.75 5.00 Corporate Trust Shares (old) 2.15 2.20 Corporate Trust Shares (new) 2.40 2.43 Cumulative Trust Shares ... 4.10 Diversified Trust Shares A ... 6.25 Diversified Trust Shares B ... 8 00 8.25 Diversified Trust Shares C ... 3.22 3.37 Diversified Trust Shares D ... 4.75 5.00 First Insurance Stock Corp 1.30 1.35 First Common Stock Corp 80 .85 Fixed Trust Ail Shares A 8 65 8 85 Fixed Trust Oil Shares B 7.40 7.60 Incorporators Investments . . 18 50 18.75 Land Bank Bond Shares .... 1.16 1.29 Low Priced Trust Shares 6.45 Mass Inv Trust Shares 19.25 19.63 Nation Wide Securties 3.45 3.55 North Am Trust Shares (53) . 1,90 1.95 No Am Trust Shares (55-56). 2.42 2.46 North Am Trust Shares (58).. 2.50 2.55 Selected American Shares 2.72 Selected American Shares Inc 1.26 1.35 Selected Cumulative Shares . 6.97 .... Selected Income Shares 3.62 4.12 Std American Trust Shares A 3.01 3.05 Trust Shares of America 2.88 2.92 Trustee Std Oil A 5.70 5 90 Trustee Std Oil B - 5.12 5.25 U S Electric Lt & Pwr A 13.00 13.25 Universal Trust Shares 3.10 3.15 Daily Price Index IBy United Press) NEW YORK. April 30 —Dun & Bradstreet daily weighted price index of thirty basic commodities compiled for the United Press: (1930-1932 average. 100) Today 106.75 Saturday 105.96 Week ago 105.75 Month ago Good Friday Year ago iMav 1) 83.68 1934 High (March 12) 110.24 1934 Low (Jan. 3) 101.05 (Copyright. 1934, Dun & Bradstreet, Inc.) NET PROFIT CLIMBS Belding-Hemingway Has 188 Per Cent Gain in First Quarter. By Times Special NEW YORK, May I.—BeldingHemingway Company, continuing its steady progress of 1933 scored a 183 per cent gain in net profits before taxes in the first quarter of the current year. Earnings during the first quarter amounted to 34 cents a common share against 12 cents a year ago j On the basis of the company’s present showing, profits of approximate- | ly $1.50 a share are expected for the ! full year.

REPORTS $762,000 LOSS Marshall Field's Quarter Deficit Substantially Below 1933. By Times Special NEW YORK. May I.—lncreased consumer purchasing power and higher commodity prices were responsible for a sharp improvement in Marshall Field Company's earning power in the final six months of 1933, the company's management reports. A loss of $762,000 was suffered in the first quarter this year, but the figure is substantially below the deficit of $2,073,500 in the corresponding 1933 period. Hoosier Killed by Train By United Press GARY, Ind.. May I.—Elmer Greenlee, 35, Hobart, was killed when his truck was struck by a Pennsylvania train and hurled into the path of another locomotive at a New Chicago crossing late yesterday. 4

SPECIAL ISSUES STRENGTHEN ON GOOD SUPPORT Silver Prices Drop Penny an Ounce as Cotton Values Dip. BY ELMER C. WALZER United Press Financial Editor NEW YORK, May I—Stocks opened steady and active today, while silver plunged down a cent an ounce, and cotton continued toward lower levels. Stock trading quieted down after the opening and prices held around opening levels. Several of the leading issues met support after wide declines late yesterday. Steel common opened 1,500 shares at 46%, up %; Sears-Roebuck 47, up %; General Motors 46%, up %; Chrysler 46%, up %; Bethlehem Steel 39%. up %. Montgomery Ward 28%, up %; National Distilleries 29%, up %. and New York Central 30%, up %. A number of issues opened at the previous close, including Allied Chemical. Republic Steel, Union Carbide, Commercial Solvents, Consolidated Gas, Standard Oil of New Jersey, Chesapeake <Sr Ohio. Auj burn and National Power and Light. United States Smelting was | steady despite the wide decline in silver metal. It opened unchanged at 115. Losses in silver futures amounted to 85 to 112 points—.Bs to 1.12 cents—an ounce. The May position was at 41% cents. After the opening some buying came into Auburn Auto and it rose to 41, up American Can held at its opening of 100. off %. American Telephone was steady at 118%, off %. Steel held at 46%. Schenley firmed. Money and Exchange INDIANAPOLIS BANK CLEARINGS —May 1— Clearings $2,121,000.00 Debits 5.335,000.00 FOREIGN EXCHANGE (By Abbot. Hoppin & Cos.) • —April 30— Close Sterling. England $5.13% Franc. France 0664 Lira. Italy 0855 Belgian. Belgium 2354 Mark. Germany 3973 Guilder. Holland 6820 Peseta. Spain 1377 Krone. Norway 2585 Krone. Denmark 2298 Yen, Japan 3042 Treasury Statement (By United Press) * WASHINGTON. May I.—Government expenses and receipts of the current fiscal year to April 28. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $5,786,384,808.44 $4,217,302,690.75 Receipts $2,478,263,022.60 $1,632,803,615.72 Deficit . $3,308,121,785.84 $2,584,499,075.03 Cash Bal. $2,321,935,004.17 Bond Prices By Fenner & Beane, """■■■ “ —May 1— High. Low. 10:00. Aleg Corp 5s 50 43% 43 43% Am & For Pwr 5s 2030.. 55 54% 54% A T & T db 5s '65 107% Atchison gen 4s - 95....101% 101% 101% B & O cv 4%s '6O 68 3 4 68 68 Beth Steel 5s (A) '36 102% 102% 102% Can Pac 4s 81% 81% 81% C & O 5s (A) ’39 9% C M SP&P adj 55A20000 16% 16% 16% C M S P & P ri 5s A’7s 51 50% 51 Cons aGs N Y 4%s 'sl 104 103% 104 Denmark 5%s ’55 . 91 Erie R R rs 5s ’67 77 76% 76% French 7s '49 . 180 Goodyear 5s ’57 99% 99% 99% Gt Nor 4%s D '76 84% Gt Nor 7s A '36 98% 98 98% Int T & T db 5s '55 63% 63 63 McKess & Rob 5%s 50 83% 83% 83% Nat Dairy db 5%s 48 94% 94% 94% N Y Cent 4%s O 2013 . 78 77% 78 Nor Am 5s '6l 89% 89% 89% Pac Gas & El 5s A - 42.105% 105% 105% Para Pub 5%s 'SO 50% Penn R R 4%s D ’Bl. ... 96% 96% 96% Poland 7s ’47 104% 104 104% Shell Un Oil 5s ’47 ... 97% 97% 97% Sin Cons 6%s B '3B .104% 104% 104% Tex Corp 5s ’44 . .102% 101% 101% Tob Pr N J 6%s 2022 107 106% 106% Un Pac Ist 4s ’47 ...104% 104% 104% U S Rubber 5s A ’47 87% 87% 87% Vanadium 5s ’4l 86% 86 86 Western Un 5s ’sl 95 94% 95 Ygstwn S & T B ’7O 86% V. S. GOVERNMENT BONDS (Bv United Press 1 NEW YORK. April 30.—Closing Liberties. (Decimals represent thirty-seconds) Liberty 3%5. (32-47) 103.29 Ist 4%s (32-47) 103.31 4th 4%S (33-38) 104.3 lr Treasury 4% s. 3%S (45) 102.18 4%s (47-52) PS-iP 3%s (43-47) }2H, 3%s (41-43) March 3%s (40-431 June }9H2 3%s (41) 103.15 3%s (46-49) 101.3 3s (51-55) 99-30 FEDERAL FARM LOAN BONDS —April 30— (By Blyth & Cos., Inc.) Bid. Ask. 4s Nov. 1, 1957—37 100 100% 4s Mav 1, 1958—38 100 100% 4%s July 1. 1956—36 100 100% 4%s Jan. 1, 1957—37 100 100% 4%s Mav 1, 1957—37 100 100% 4%s Nov. 1, 1958—38 100% 4%S Mav 1, 1942—32 100% 100% 4%s Jari. 1 1943—33 100% 100% 4%s Jan. 1. 1953—33 99% 100% 4%s July 1. 1953—33 99% 100% 4%s Jan. 1, 1955—35 100% 100% 4%s Jan. 1, 1956—36 100% 101 4%s July 1. 1953—33 100% 100% 4%S Jari. 1. 1954—34 100% 100% 4%s July 1, 1954—34 100% 100% 5s May 1. 1941—31 101% 101% ; 5s NOV. 1, 1941—31 101V* 101% j Home Loan 4s July 1, 1951 100% 100% | Federal Farm Mortgage Corporation 3%s March 15. 1964—44 101 101% |

Bright Spots ißy Abbott. Hoppin <fc Co.i ~~~~~~ Peoples Gas for the first quarter ending March 31 earned $685,922, against $940,538 in like period in 1933. Hershey Chocolate reports net earnings for the first quarter of $1,660,488, against *1,074,088 for first quarter last year. Granbv Consolidated Mining ended March quarter with a net loss of $307,736, against a net loss of $224,798 for the same period in 1933. Commonwealth Edison & Cos. and subsidiaries in first quarter of 1934 ending March 31 show a net income of *2,495.816 after interest and depreciation taxes, equal to *1.53 a share on 1.623.902 shares, against $2,155,440 for the same period in 1933. Atchison Railroad report carloadings on own lines for the week ending April 28, to be 3 1-10 per cent below the like week of 1933, and 8 9-10 per cent increased over the preceding week. Kelsey Haves Wheel for March quater shows a net profit of *127,303. against a net loss in 1933 of *363.363. Hazel Atlas Glass and subsidiaries report a net profit for the first quarter of the year of $568 074 after taxes, against a profit of $296,729 for March quarter of last year. Continental Oil Companv and subsidiaries earned 25 cents a share for the first quarter, against a net loss of $2,823,247 for the first ouarter of 1933. Texas & Pacific Coal and Iron report a net loss for the March quarter of *39 565 against a net loss of $252,933 for March quarter 1933 Canadian Pacific Railway reports net income of $1,518,929, against *877. 496 In March 1933. Calumet A Hecla Copper Company for March quarter show a net loss of $1,005.446 after all charges and reserves against a loss of $1,123,996 in first 1933 quarter. Kresge Department Stores and wholly owned subsidiaries for the year ending January 31. report a ne\r. loss of $29,151 after taxes, against a nfc loss of $24,278 ta preceding fiscal year.’

PAGE 13

Wall Street Criticism of Many New Business Laws Is Not Entirely Justified. BY RALPH MENDERSHOI Times Special Financial Writer. nnHE assertion that laws and -*• regulations can not be substi- | tuted for character in running the ; business affairs of this country has been made a great many times in recent months. C. Howard Wolfe, | cashier of the Philadelphia National bank of Philadelphia, repeated it in a recent address before the North I Carolina Bankers' Association, hold-

ing that the American banking system rested in the last analysis on the men who managed banks. Tnis is one of thos; catchphrases which imply more than the words actually mean, and it is the implication rather than the actual wording which may be open to challenge. In this particular case

Hendershot

! the thought which is left with the hearer is that no new banking laws : are needed and that those which we already have are of little use from a practical standpoint. One might almost as well say that all laws are of no value and that society could get along better if people were permitted to follow' only the dictates of their judgment and conscience. Bankers and other business men. as a rule, probably could be counted upon to regulate their own actions in a satisfactory manner, but there are a few, it would seem, as in other fields of endeavor, who need definite limitations placed upon their activities and definite punishment provided for occasions when they get over the line. tr u o Regulations for regulation sake would not seem to be the answer, however. The restrictions, | to be worth while, must be intelli- ! gently drawn and practically operj ative. The real trouble would seem to be not too many laws but rather improperly conceived laws. But as the careful driver is handicapped by the traffic lights erected to curb the speed demon, so is the honest business man handicapped by the laws placed on the books to hold the violator of business ethics in check. Unfortunately, too, the more complicated business becomes the greater the need for restrictive legislation. The stockholder today knows relatively little about the way his company does business, and the bank depositor knows probably less about what is being done with his money. He could not be expected to keep pace with such things even if the i facts were available, which they are j not. He must rely on the govern- ! ment to see that he gets a square deal. a u BUT it would be equally ridiculous to rely too much on laws to keep the business records'clean and safe as it would be to feel that we can get along without such laws. An honest man can make an awful mess of a bank’s affairs if he is not familiar with the business. He probably would be just as dangerous as a capable man who is inclined to cut corners. Perhaps, though, if our business men were not so keen to secure clever lawyers who can find loopholes in existing law's, our legislators would not be so hard pressed to create law's which have no loopholes. Many of the business laws we are getting these days are designed to correct the weak spots in the laws already on the books. It probably would be safe to say that business men in a democratic and intelligent country such as the United States will be burdened only with such laws as they themselves make necessary. FEDERAL DEBT REVEALS HUGE GAINS SINCE 1932 Considerable Linuidation of Private Indebtedness Is Reported. By Times Special BOSTON, May 1. —Considerable liquidation of private indebtedness of all kinds was made during the latter part of 1932 and 1933 by payments and bankruptcies, according to the United Business Service. The federal debt since February, 1932, has increased more than $5,000,000,000 the report states, and state and local indebtedness under pressure of relief requirements added another $1,000,000,000 or more. By allowing $10,000,000,000 for private debts during that period, it is estimated that the present total indebtedness of the nation is nearly $156,000,000,000. TRUST VALUES FALL Ten Leading Common Stocks End Week at 15.01, Off .63. By Times Special f NEW YORK, May I.—lnvest me/ trust securities reacted moderat/. / during the last week, reflecting tne movement in the securities markets in general. The average for the common stocks of the ten leading management trusts, influenced by the leverage factor, as compiled by Allied-Distributors, Inc., stood at 15.01 as of the close, April 27, compared with 15.64 on April 20, a drop of .63. The average of the nonleverage stocks stood at 16.46 as of the close, April 27, compared with 16.70 at the close on April 20. The average of the mutual funds closed at 11.39, compared with 11.66 at the close of the previous week. U. S. INCOME RISES America’s Earning Power During Year Nears 1931 Level. By Times Special BOSTON. May I.—Total income in the United States during 1933 was considerably greater than in 1932, and reached approximately 90 per cent of the 1931 total, according to the United Business Service. Agriuural income alone is estimated to have surpassed the 1932 mark by more than $1,000,000,000. Corporate net profits of thirtyfive groups of companies, as shown by a study made by the New York Federal Reserve Bank, rose in 1933 to $673,000,000. The same companies in 1932 had net profits of only $17,000,000. j