Indianapolis Times, Volume 45, Number 306, Indianapolis, Marion County, 3 May 1934 — Page 22

PAGE 22

Wall Street Guaranty Trust Company Speaks Plainly About Business Prospect. —BY RALPH HENDFRSHOT Time* SoecUl FlnneUl Writer.

THE Guaranty Trust Company of New York speaks out rather plainly about business prospects in its current bulletin. In fact, it lays down some rather definite principles which it says the government must follow if it is to avoid all kinds of difficulties, including currency infla-

tion and excessive taxation. Declaring that the business structure of the country faces an important test in the termination of erne r g e n c y employment under the CWA. this bank suggests that among the things which should be done to help private business to take over the resultant load is the liberalization of

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Hendcrshot

th" federal securities act of 1933. the repeal of the permanent guarantee bank deposit, plan and the reorganiza ion of the banking system "along lines that would provide reasonable assurance against a repetition of th' unhappy experience of recent years.” It does not offer any plan for reorganizing the banking system, but it implies that it has some very definite ideas along that line. If such is the case one wonders why it withholds them. It is a fair assumption that congress got behind the deposit guarantee plan because at seemed to be the best way to provide depositors with the protection they demanded and which it was thought they should have. a a a THE bank goes on to say that if recovery is to proceed in a normal way "it is absolutely essential that business concerns be allowed to earn reasonable profits—that 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." It points out that the vast majority of concerns are in no position to assume the additional burdens involved in any sweeping revisions of wages and working hours under the code in order to increase consumers’ purchasing power and to spread work. If such revisions are ordered it predicts widespread financial difficulties. The Guaranty believes the government should not excessively increase its expenditures or its debt; otherwise it must impose “upon business a tax burden that will defer the return of prosperous conditions for an indefinite period.” It believes, further, that ‘‘one of the most imperative needs of business is a scrupulous avoidance of further experimentation with currency and credit," holding that "a foundation has been laid for credit expansion more than sufficient to fianance any conceivable business recovery and to support a price level high enough to satisfy the most enthusiastic advocates of ‘reflation.’ ” mam TD more or less sum up the position of the bank, it might be said that, while it does not directly criticise the actions of the government under the new deal, it implies that it is not in favor of many of the things which have been done, and it asks, in effect, to please not go any further, but rather get back to the old order of things, so that business may know- where it stands and can plan for the future. It is not at all certain that we can get back on the old country road without getting last, but it does not offer any suggestions in the event we do lose the way. In fact, it does not even seem to sympathize with our plight.

MINING FIRM ENTERS MARKET FOR CAPITAL 397.590 Shares of Capital Stock to Be Publicly Offered. By Ti mr* Special ■ NEW YORK. May 3.—The Austin Silver Mining Company, a Nevada corporation formed last February to acquire and operate under a thirty-five-year lease the eightyfive patented mining claims and certain real estate owned by the Austin Properties Corporation in the Reese river mining district. Lander county. Nevada, is entering the market for capital after having registered its stock with the federal trade commission. Klopstock & Cos.. Inc.. New York, are agents,and underwriters for 392.500 shares of capital stock of $1 par value, which will be publicly offered as a speculation at 51.50 a share. Shares to be outstanding, including thus offering, total 775.000 and the total authorized are one million. There is no funded debt and no preferred stock. The offering consists of 300.000 shares of the authorized but unissued stock and 92.500 shares now outstanding. The 300.000 shares will be sold for the company’s account to net the company $1 a share. The properties comprise approximately 800 acres of developed mineral lands. The lease runs to Feb. 26. 1969. ENGINEERING AWARDS DECLINE DURING WEEK Contracts Issued in First Quarter Amount to $404,238,000. By Timrg Special NEW YORK. May 3.—Engineering contract awards for this week at 523.580.000 are slightly above the average week to date but represent a considerable drop from last week's record total as reported by Engineering News-Record. The first four months total. $404,238,000. is 54 per cent ahead of th§ corresponding period last year. During the current week state and municipal awards held up well at $16,429,000 while federal awards dropped to $3,597,000. Private contracts at $3,959,000 are ahead of last week. Highways, chiefly responsible for the state and municipal total, are *10.636.000 the second highest week of the year in this classification. Sewerage at $1,379,000 and bridges at $2,980,000 are well above last v.eek. Public buildings dropped from their record total last week to $3,454,000 this week.

STOCK SHARES RALLY 3 POINTS AT MID-SESSION Most Groups Strengthen as Pressure Lifts After Dull Trade. BY ELMER C. WAI.ER United Pre** Financial Editor NEW YORK. May 3.—A slowmoving rally carried the stock market fra ) ions to 3 points above the previous close in the morning dealings today Pressure lifted on yesterday’s weak spots. American Telephone, wrA?h last 3\ points in the preceding session, rose to 115%, up r. points, while Spiegel-May-Stern recovered 2% points of its yesterdays loss of B’* points. The Street circulated a report that the Stock Exchange was investigating recent swings in the latter issue. In connection with American Teleprone there were reports the dividend would be reduced, but these were less in evidence today as the company’s leading subsidiary reported a rise of more than 4,000 in stations in April Silver issues followed up upward course of silver metal. U. S. Smelting rose 2% points to 116 1 2 . while American Smelting gained a point to 40. All the leading issues in the industrial division rose fractions to a point. Utilities were barely steady. Rails rallied. Gold mining issues dipped slightly after a rise late yesterday. American Sugar spurted 3 points to 52 in its division. Oils were firm, as were mercantile issues and aviation stocks.

Money and Exchange INDIANAPOLIS BANK CLEARINGS —May 3 Clearings *s.oi.oon.no Debits .V*BR,no<!.oo FOREIGN EXCHANGE (By Abbott. Hoppin & Co.i —May 2 Close. Sterling England $5.12% Franc. France .. 0b63 Lira Italy 0854 Bclgias. Belgium 2348 Mark. Germany 3!ifio Guildr. Holland 6800 Peseta. Spain 1373 Krone. Norway 2573 Krone. Denmark 2292 Yen, Japan 3031 Treasury Statement •By United Press I WASHINGTON. Mav 3. Government expenses and receipts of the present fiscal year to May 1. compared with the corresponding period of the previous fiscal year: This year. Last year. Expenses $5,854,244,152 67 $4,259,933,312 76 Rereipts . 2.512.928.285 42 1.660,081.324.71 Deficit . 3.341 315.867.25 2.599.851.988.05 Cash bal. . 2.283.678.819t56

Bond Prices .Bv Fenner & Beane;——

—May 3 High. Low. 10:30 Allee Corp 5s 'SO .. 42’ * 42 42 % AmA-For Pwr 5s 2030 . 53% 53 % 53% AT&T db 5s '65 ... 107% Atchison gen 4s '95.... 101 100% 100% B&O cv 4%s 60 67% 67 67 Both Steel 5s A '76 102% Can Pac 4s 82 ChMStP&P al 5s A 2000 16% 16 s , 16 s , ChMStP&P rs 5s A '75 70% Cons Gas N Y 4%s 'sl 104% Denmark 5%s '55 90 Det Ed 5s E '52 . 107% Erie RR rs 5s '67 75 74 s * 75 French 7s '49 . 181 Goodyear 5s '57 99 98% 98% Gt Nor 7s A '36 98% 98 98 Interboro RT 5s '66 .. . 70 Int, T&T db 5s '55 .62 61% 62 McKees&Robb 5%s 'SO . 83% Nat Dairy db 5%s '4B 94 s * 94% 94% NY Cent 4%s O 2013 77 s * 77% 77% Nor Am 5s '6l . 89% Para Pub 5%s 50 .. 50 s * 49% 49% Penn R R 4%s D 'Bl . 96% Poland 7s '47 . 105 104% 104% Roval Dutch 4s A '45 . 126 Shell Un Oil. 5c '47 . 38 37 s * 37 s * Texas Corp 5s 44 102 Tob Pr NJ 6%s 2022 .. 106% Un Pac Ist 4s '47 .104% 104 s , 107% US Rubber 5s 3 '47. 97% 86% 86% Vanadium 5s 41 . 84% Western Un 5s 'sl .. 94% 94 94 Ygstwn S&T 5s B '7O 84'% IT. S. GOVERNMENT BONDS By United Prmg NEW YORK. Mav 2.—Closing Liberties. /Decimals represent thirty-secondsi Liberty 3%s (32-47) 104. First 4% s (32-471 104.8 Fourth 4 V*s (33-38) 104.6 Treasury 4 % s-3%s (45) 102.27 4%s /47-52' 111.6 3 s ,s (43-471 103.11 3 s ,s (41 -43 1 March 103.21 3 s *s (40-43i June 103.21 3% s /41 ( 103.19 3%S (46-491 101.14 3s (51-551 100.3 FEDERAL FARM LOAN BONDS (By Blyth & Cos.. Inc.) —May 2 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 s , 4%s Mav 1. 1942—32 100% 100% 4%s Jari. 1. 1943—33 100% 100% 4%s Jan 1. 1953—33 100% 100% 4%s Julv 1. 1953—33 99 s * 100% 4%s Jan. 1. 1955—35 100% 100 s * 4%s Jan. 1. 1956—36 100% 101 4%s July 1. 1953—33 100% 101 4 s *s Jan. 1. 1954—34 100% 100 s * 4 s ,s July 1. 1954—34 100% 100 s * 5s Mav 1. 1941—31 101 101% 5s Nov. 1. 1941—31 101 101% Home Loan 4s July 1. 1951 100% 100% Federal Farm Mortgage Corporation 3%s March 15. 1964—44 101 s * 102%

Bright Spots (Bv Abbott, Hoppin St Co.i

Puritv Baking Company and subsidiaries in sixteen weeks ended April 21 earned 9 cents a share on the common stock against 15 cents a share in the corresponding 193 period. Pan Handle Producing and Refining Company and subsidiaries in the quarter ended March 31 had a net loss of $47,013 after all charges against $118,443 in the first quarter of 1933. Kelth-Orphenm Corporation In the first quarter had a net profit of $403,616 after charges against a net loss of $1,197,947 in the first quarter last year. Chesapeake Sc Ohio Railroad Company In the quarter ended March 31 had a net profit of $1,871,886 after all charges but exclusive of profit of S9B 812 on sale of securities, against $1,568,518 exclusive of profits on $84,052 on bonds purchased in the first quarter of 1933. New York Shipbuilding Corporation in the first quarter had a profit of $10,050 after taxes, interest and depreciation, but before loss of $53,200 on disposition of marketable securities extraneous to shipbuild. ng operations. This compares with a net profit of $129,289 in the first quarter of 1933. Standard Oil Company of California in the quarter ended March 31 had a net profit of $3,323,591 after charges, against a net loss of $718,987 in the first quarter of 1933. The company declares the regular quarterly dividend of 25 cents a share on the common stock. Report of Motor Wheel Corporation for the quarter ended March 31 is expected to show a ne f profit of approximately $260,090 after all charges or about 30 cents a share In the first quarter of 1933 the company had a net loss of $227,000 Shell Union Oil Corporation and subsidiaries m the first quarter had a net loss of s4l 091 after charges, against $9.239.550 in the first quarter last year. Briggs and Stratton Corporation in the quarter ended March 31 earned 70 rents a share on the common stock, agsinst Into than 1 rent a share in the first quarter last year. National Tea Company in twelve weeks ended March 24 had a net profit of $97.192 after interest depreciation on the 5’ 2 per cent preferred to 10 cents a share on $864,953 shar of common stock, against $339,832 or 51 cents a share on $627 736 shares of common fn the corresponding period last year.

New York Stocks - ißy Abbott Hopptn At Co.i ——————

AVERAGE STOCK PRICES FOR WEDNESDAY Net High. Low. Close, change Thirty industrial* 101.36 98.47 98.82 —I.BO Twenty rail* 47.24 46.14 46.29 —.77 Twenty utilities 24.91 23.98 24.10 -.87 Forty bond* 94.72 —.lO Ten first rail* 101.06 —.09 Ten second rails 83.91 + .01 Ten utilities 97.46 - .02 Ten industrials ..... 97.46 —-34 + Up. -Off.

—May 3 Prev. Oil*— High. Low. 10 Off. close Amerada 48 ’a Atl Rfg . , . 26% 26% Barnsdall 8% 8 Consol Oil .... 11% 11'. Cont of Del 20% 20% 20% 20’, Houston <oldt . .. ... ... 21% Mid Cont Pet 17% Ohio Oil 12% Pet Corp 11% Phillips Pet 18% 18 Plymouth Oil . 12’, 12% 12 s , 12 s , Pur- Oil 11% 11% 11’, 11% Roval Dutch . .. 34 1 a Sbd Oil 34% Shell Un 8% 0 Skellev Oil 10% Soc Vac 15% 15 s , 15% 15% S O of Cal 34% 33% S O of Kan 40 S O Os N J 43’, 43% 43% 43% Sun Oil • 65 59% Texas Corp 25% 25% Tidewater Assn . 12% 12% 12% 12% Un Oil of Cal 16% 16% Steehs— Am Roll Mills . 22 24% 22 11% Beth Steel 38% 37% 38'% 38 Bvers AM .. ... ... 13% Col Fuel & Iron 5% Cruc Steel . .. ... . 28% Inland Steel .... ... 43% 44 Ludlum Steel ... ... ... 15% McKeesport Tin 85 Mid Steel 14% Natl Steel . 47% Otis Steel 5% 5 % Ren I A- Btl 19% 19% Rep I & S pfd .. ... 54 53 U S Pipe & Fdv 25 25% U S Steel 46% 46% U S Steel pfd 92% Warren Bros .. ... 10 s , 10 ’* Youngst'n S & T .. ... ... 23% Motors— Auburn ...... 42 41% 42 41% j Chrysler 45% 45 45% 45 Gen oMtors 35% 35' 2 Gen oMtors pfd . - 102 s , Graham Mot ... 3% 3% 3% 3 s , Hudson 15% . Hupp ... • 4% Mack Truck 28% Nash ... 19% 19% Packard ... 4% 4% Reo 4 4% Studebaker . ss,5 s , 5% 5% 5% Yellow Truck • ■ '5% 5% Motor Access— Bendlx ... 16% 16% Bohn Alum . • - 60 60% Borg Warner ... 23 23 Briggs 17% 17 17 Vi 17 Budd Wheel 4 4 Eaton Mfg 19 19% Elec Auto Lite 23% Houdaille "A" 5 Mullins Mfg 12% Murray Body ... .. ... 8% 8% Stew Warner 8% 8 Timken Roll .... ... 31% 31% Timken Det Axel. .. ... 7% 7% Mining— Alaska Jun 19% Am Metals 27% Am Smelt . ... 39Vi 39 39% 39 Anaconda ....... .. . 15 15 Cal & Hecla 4% Cerro De Pasco ... ... 31% Dome Mines ... ... 36% 37 Granbv ... 9% 9% Gt Nor Ore 13% 13', Howe Sound ... 46% 46 Ins Copper 5% Int Nickel ... 27% 18 Int Silver .. Isl Creek Coal . 27% Kennecott Cop 20% 20 s , 20% 20% Mclntyre Mine 45 45 s , Noranda Cop .... ... 40% 40% Park Utah 3% Phelps Dodge .... ... ... 17 St Joe Lead ..... ... ... 13% U S Smelters .... ... ... 114 Vanadium ... ... 23 Amusements— Crosley Radio ... ... . 13% Fox Thea . 15Vi 15% Loews Inc 32 31% 32 31 % Radio Corp . 8% 8% RKO 3% 3 % 3'/a 3% Warner Bros 6% Tobaccos— Am SnufT 57% 57% Am Sum Tob 17 Am Tobacco A . .. ... 69 69 Am Tobacco B 70Vi 70% Gen Cigars .. ... 36 36 Ligg & Myers B .. ... 97% Lorillard . 17% 17% Reynolds Tob B 42% 42% 42% 42% Rails— Atchison 64% 64% Otl Coast Lines . 43 43% B & O . 26% 26% 26% 26% Can Pac 16% 16% Ch & Ohio 45% 45% Chi & Gt W 3% Chi * Gt W pfd 9% C M & St P 5% C M & St P pfd 9% 9Vs Chi N W 10% 11 Chi N W pfd 21% Del a & Hud 59% 60 Del Lac & W 25 Erie Erie pfd .. 24% 24 Great No pfd . 25% 25 25% 25 111 Central 28% 28% Lehigh Valley 17% 17% Lou & Nash 58% MK&T 10% M K At T pfd 26% Mo Pac 4% Mo Pac pfd 6% 7 N Y Cent . 30% 29 5 , N Y Chi A- St L 21 % 21 21% 19% N Y Chi * S L p . ... 34 34 % N Y New Haven 16% N Y Ont & West 8% Norfolk Ar Wes 176 Nor Pac 31 31% Penn R R . 31% 31% Sou Pac 24% 24% 24% 24 s , So R R 28 Vs 28Vs Sou R R pfd ... 35% 13'/s 35V, 35% Wjhbash 3% West Maryland . .. ... 13Vs 13% Equipments— Alis Chalmers 17% Am Brake Shoe ... ... ... 29% Am Car & Fdy .. ... ... 25% Am C At Fdy pfd ... 45% Amer Loco 29% Am Loco pfd 65% Am Mach & Fdy .. ... ... 16 Am Steel Fdy 18 Bald Loco 12Vs 12% Burroughs 14% Case J I 65 Cater Tract ... 30% 30Vs Deere At Cos 25% 26 Elec Stor Bat ... ... ... 43 s . Foster Wheeler 17% Gen Am Tk Car .. ... . 39 Gen Elec .... ... 21 20% Gen R R Sig .... .... 38% 39 Ingsol Rand 60 60 Int Bus Mach ... 143 Int Harvester 38% Natl Cash Reg 16% 16% Pullman Inc 54 Rem Rand .... . 10 10% Und Elliot 43Vi 43 43 43% West Air B 31% 31V, Westingh Elec .. ... 37% 37 Worthingtn Pmp 25 Utilities— Am At For Pwr .. ... 8% Bs,8 s , Am Power A- Lit 8 BVs A T A- T 114% 114% 114% 114 Am Wat Wks 20 19% 20 19% Brook Un Gas 64 Col Gas At Elec 14 14 Col G A- E pfd 74% Com At Sou ... . 2% 2% Consol Gas 34% 34% 34% 34% Elec Pwr A- Lit . 6% 6% Int Tvdro Elec 7% 7 7 7% Int T A- T 13% 13% 13% 13% Lou G At E "A” . . 17 Nat Pwr A: Lit 10 s , 10% 10% 10 s , North Amer ... 17% 17 17% 16 s , Pac G At E . 17% 18 Peoples Gas .. 33% 33 33% 33% Postal Tel pfd 21 Pub Serv N J . .. ... 37% 37% So Cal Edison 17 s , 17% §td Gas 11 % 11 % td Gas pfd 12% 13 Stone A- Webster . .. 8% Bs,8 s , United Corp ... ss,5 s , 5% 5% 5% Un Gas Imp 16% Ut Pwr A- Lit ‘A’ .. . .. 3% Western Union . 49% 48% 49% 49% Ruber*— Firestone 20% 20% Goodrich- 15 s , Goodyear 34 34% Kelly Spring ... . . 3 U S Rubber . 21% 21% 21% 21% U S Rubber pfd 54 53% 54 54 5 , Miscellaneous— Am Bank Note . 20 19 s , 20 19% Am Can 99% 99 99% 99% Anchor Cap 10% Brklvn Man Tr. . 35% 35% Conti Can 79 78% 79 78% Crown Cork 29% 29% Curtis Pub 23 s , Curtis Pub pfd 77 Eastman Kodak . - . 91 Gillette 10 s , 10 s , 10 s , 10 s , Gildden . 25% 25% 25% 25 s , Inter Rapid Tr 8% Owens Bottle 82% 82 s , Ravbestos Mfg 18 18% Foods— Am Sugar ... 50 s , 49 Armour "A” ... < 6% 6% Beatrice Cream . . 16% Borden Prod ... 23% 23% 23% 23% Cal Packing 32 s , Can Drv G Ale 15% Coca Cola 117% Cont Bak "A" 10 Corn Prod 69% . Crm of Wheat 32 s , 32 s , Cuban Am Sugar .. ... Gen Foods 34% Gold Dust 20% G W Sugar 28% 28% Hershev 62 Int Salt 27 Loose Wiles 41% Natl Biscuit • 4040 Natl D Prod 16% 16 16% 16 Puntv Bak ...... .- 15 15% S Porto Rico Sug 31 • Std Brands 20 s , 20% 20 s , 20 s , Un Biscuit 27 27 United Fruit <0 70 Wrigley 54% Retail Stores— Ass Drv Goods. .. ... ... 14% Best A- Cos 32% First Natl Stores 63% Gimbel Bros 4 s , 4 s , Oimbel pfd . .. ... 24% Hahn Dept Sts 6% 6 Kresge S S 19% 19% Kroger Groe ... 30% 30% Macv R H 44% Marshall Fields 16% 16% Mav Dept St .. . 39% 39 s , Mont Ward .... 27% 27% 27% 27% Natl Tea 13% 13 13% 14% Penny J C ..... 59% 59% 59% 60

THE INDIANAPOLIS TIMES

Safewav St . . 52% Sears Roebuck 45 s , 45 45 5 , 44’, Woolworth 50 s , 30 s , Aviation— Aviation Corp . . . . 7 s , Curtiss Wright 3% 3% 3% 3 s , Curtiss Wrt A . .. ... Bs,8 s , 9% Douglas Air ...... ... .. 19% Nor Am av . s s , ss,5 s , Speery Corp 9% 9% United Aircraft 22 s , 22% 22 s , 21 s , Wright Aero 52% 52% Chemical*— Air Reduction . 102% 101% 102 s , 100% Allied Chem 144% 142% 144% 143% Am Com Alcohol 47 46% 47 46 Col Carbon 70% 70 70% 69% Com Solvents .. . 24 5 , 25 s , Dupont ... 92% 92 92% 92 Freeport Tex .. . . 43 Liquod Carb ... 31% 30 s , 30% 30% Math Alkali 32% 31 s , Montosonta Chem 43 Natl Dis mew . 29% 28 s , 29% 28 s , Scheneley Dist . 33% 32 s , 32% 33 Tex Gulf Sulph . 34% 34% 34’, 34% Union Carbide . .. . 42% 42% U S Indus Alco 50 Virg Ch 6% pfd 19% 19 s , Drug*— Coty Inc . 5% 5% Lambert .. 25% 25 25% 26 Lehn At Fink 22 Un Drug 16% 16 Zonite Prod 6% 6% Financial— ’ Adams Exp Bs,8 s , 9 Allegheny Corp .33% Am Int Corp ... . 8 8% Chesa Corp .5 4 45 4 44% Lehman Corp . .. 70 *70% Transamerica 6 s , 6% 6% 6% Tr Conti Corp ... .. 4 s , 4% Building— Am Radiator ... 14% 14% 14% 14% Gen Asphalt . . 20% 20% 20% 20% Int Cement 26% 26% Johns Manville . 53 52 5 , 52% 51 s , Liby Owens Gls 34% 33 s , 34% 33% Otis Elev 15% Ulen Const. 3 Household— Col Pal Peet 16 C'ongoleum . 26 25% Kelvinator . . ... 17% 17 17% 17 Mohawk Carpet IR% 18% Proc Ac Gamble . . 34% 34% Simons Bed 18 17% 17% 18 Textile,— Amer Woolen 12% Belding Hem 1.3% 1.3% Celanese Corp 29 5 , 29 s , Colins Aikman .. . . 21% Indus Ravon ... 73% 73% 73% 73% Kayser Julius 15 s , 16 New York Curb (By Abbott. Hoppin Ac Cos.) —May 2 Close Close. Allied Mills 8% Gulf Oil of Pa 63 s , Alum Cos of Am 71 Hiram Walker 36% Am Cyanide B 19% Hud Bay Min 13 Am Gas Ac El 25'/,iHumble Oil 42% Am Superpower 2% Imperial Oil Ltd 14% Ass Gas Ac El . 1 |lnt Petrol 26% Atlas Corp 11%'Lake Shore Min 49% Brazil Tr Ac Lt 11 ILibby McNLib 6 Can Ind Ale A 12%(Lone Star Gas 7 Can Marc 2%.Natl Bellas H 3% Carrier Corp .. 7 Newmont Min . 50 Cities Serv ... 2% Nia Hud Pwr . 6 Com'th Ed 54% Pan Am Airways 39 Consol G of B 57% Park Davis . 24% Cord Corp . s%lPenn Road ... 3 Creole Petrol .. 12 St Regis Paper. 3% Deere Ac Cos 26 Sal Creek Prod 6 s , Distillers Lim 23% Sherwin Wms . 68 Distillers Corp 18% Std of Ind ... 26% Dow Chem 85 Std of Kv . 16 El Bond Ac Sir 14% Technicolor Ind 9 s , Fisk Rubber 13% Feck Hughes G 6% Ford of Can A 23% Un Gas 2% Ford of Europe B%<Un Pwr Ac Lt A 3% Gen Aviation . 5% Wright Harg M 9 Glen Alden Cos 16V,

Chicago Stocks By Abbott. Hoppin & Cos. ——

—May 3 High. Low. 11:30 Asbestos Mfg .. 2 s a BerghofT 7 s * 7 s * 7% Bendix Aviation 16% 16% 16 s * Borg-Warner 23% 23 23% Butler Bros . 10 s * 10 s * 10% Cent 111 Securities pfd .. ... 8 Chicago Corp com .. 2% Chicago Yellow Cab 2 s * 2 s * 2 s * Commonwealth Edison 55 54 s * 55 Cord Corp ... 5% Crane Cos. . 9% Chicago Ribbon . 16% 16% 16% Electric Household ... 13 12% 12% Gen Household Util ... 13 Great, Lakes Aircraft % Kingsburv .. 6 Libbv-McNeil 6 5% 6 Middle West Utilities .. . '/* Public Service N P 17% 17 17 Quaker Oats . 112 Swift & Cos 16 s * 16' 16% Swift Internacional ... 30% 29 s * 30% Thompson JR ... 8 Utility & Ind 1 ’ * Utility & Ind pfd 4% Walgreen Cos com 25% 25% 25% Zenith Radio 3% Investment Trust Shares (By Abbott. Hoppin & Cos.) —Mav 2 Bid. Ask. American Bank Stocks Corp . 1.18 1.22 American & General Sec A .. 4.50 6.50 American & Inv Tr Sh 1.75 Basic Industry Shares 3.37 British Type Inv Tr Sh .43 .54 Collateral Trustee Shares A . 4.62 5.00 Corporate Trust Shares loldi 2.60 2.14 Corporate Trust Shares (new) 2.33 2.36 Cumulative Trust Shares 3.85 Diversified Trust Shares A .. 6.25 Diversified Trust Shares B .. . 7.87 8.12 Diversified Trust Shares C ... 3.14 3.17 Diversified Trust Shares D .. 4.62 5.12 First Insurance Stock Corp .. 1.30 1.35 First Common Stock Corp ... .80 .84 Fixed Trust Oil Shares A .... 8.50 8.75 Fixed Trust Oil Shaies B ... 7.25 7.50 Incorporators Investments ... 18.00 18.37 Land Bank Bond Shares 1.16 1.23 Low Priced Trust Shares 6.25 Mass Inv Trust Shares 13.00 20.65 Nation Wide Securities 3.33 3.42 North Am Trust, Shares (53* . 1.86 1.87 North Am Tr Shares (55-56). 2.37 2.41 North Am Trust Shares (58) .. 2.43 2.50 Selected American Shares . . 2.63 Selected American Shares Inc. 1.21 1.30 Selected Cumulative Shares .. 6.76 Selected Income Shares....... 3.52 4.00 Std American Tr Shares A ... 2.35 3.00 Trust Shares of America 2.82 2.90 Trustee Std Oil A 560 5.75 Trustee Std Oil B 5.00 5.12 U S Electric Lt & Pwi A 13.00 13.25 Universal Trust Shares 3.00 3.10 Daily Price Index (By United Press) NEW YORK. Mav 2.—The Dun & Bradstreet dailv weighted price index of thirty basic commodities compiled for the United Press (1930-1932 average. 100 c Today Yesterday J 95 72 Week ago 105.18 Month ago • 10/ 46 Year ago (May 3) 85.04 1934 high /March 12) 1934 low (Jan. 31 101.05 (Copyright, 1934. Dun & Bradstreet. Inc.) NEW OFFICER APPOINTED Commercial Investment Trust Names F. T. Lyons Vice-President. By Times Special NEW YORK. May 3.—lmportant changes in the executive personnel of the Commercial Investment Trust Corporation factoring divisions. whereby Francis T. Lyons, who has been president of Commercial Factors Corporation, was elected vice-president in charge of all factoring activities, were announced today by Henry Ittleson. president. The commercial Trust Corporation factoring units. Commercial Factors Corporation, William Iselin & Cos., Inc., and Meinhard, Green & Cos., Inc., comprise the largest group of textile factoring companies in the world. Their combined volume of business last year exceeded $218,000.000. and they are factoring for more than six hundred mills and manufacturers. DIVIDEND SCALE RISES Casualty Company Increases Rate 23.4 Per Cent During Year. By Timrg Special CHICAGO. May 3—The Lumbermens’ Mutual Casualty Company has announced an increase in its scale of dividend distribution on compensation policies of 23.4 per cent compared with the rates paid during the past twelve months. The company has taken this action in recognition of the improved compensation experience resulting from increased pay rolls and higher individual wage scales. During the first quarter of 1934 the company had a net gain in premium income over the same period of last year of $776,000, or 15.6 per cent.

PORK MARKET UNCHANGED TO NICKEL HIGHER Beef Steer Prices Reach New High for Year; Veals Even. With exception of a few butchers around 5 cents higher than yesterday's average, the majority of prices on hogs at the Union Stockyards this morning remained unchanged. The bulk of 160 to 325 pounds, was selling at 53.70 to $3.80, while several butcher classes were reported salable from $3.85 to $3.90. Usual run of extreme light slaughter pigs, weighing 130 to 160 pounds, brought $3 to $3.50. Other light grades scaling 100 to 130 pounds, sold at $2 to $2.75. Receipts were estimated at 6,000; holdovers, 339. Initial trading in beef steers featured the cattle market with prices sharply higher than the previous close. Two loads of steers reached anew high for the year, selling at $9.10 per hundredweight. Other grades sold mostly under $7.50. Receipts numbered 700. Practically no change was evident in the veal market and prices continued at yesterday’s figures. Most grades were salable from $6.50 down. Receipts were 800. Lamb market resumed the dull and draggy trading of the last few days and values were stationary. Bulk of shorn kinds ranged from $8.53 to $9. Receipts, 600. Early demand for hogs at Chicago was dull and bids were steady with yesterday’s average at $3.80 down. Receipts were estimated at 18,000, including 7.000 directs; holdovers, 2.000. Cattle receipts numbered 6,006; calves, 2,500; market unchanged. Sheep receipts were 10.000; market steady to strong. HOGS April. Bulk. Top. Receipts. 27. $3.80® 3.90 $4.00 6.000 28. 3.75® 3.80 3.90 2.000 30. 3.80® 3.85 3.95 7.000 May. 1. 3.70® 3 75 3.80 8.500 2. 3.70® 3.80 3.85 6.000 3. 3.70® 3.80 3.90 6,000 Market, higher. (140-160) Good and choice . $ 3.25® 3.50 —Light Weights—-(l6o-180) Good and choice ... 3.70 (180-200) Good and choice ... 3.75 —Medium Weights—-(2oo-220) Good and choice 3.80® 3.90 1220-250) Good and choice ... 3.80® 3.90 —Heavy Weights—-(2so-290) Good and choice ... 3.80® 3.90 (290-350) Good and choice ... 3.65® 3.80 —Packing Sows—(3so down) Good 3.00® 3.25 (250 lb. I Good 2.85® 3.15 (All weights) Medium 2.75® 3.00 —Slaughter Pigs—-(loo-130) Good and choice ... 2.00® 2.75 CAT!LE Receipts. 700; market, higher. (1.050-1,1001 Good and choice $ 6.75® 8.25 Common and medium 4.50® 6.75 (1.100-1.5001 - Good and choice 7.00® 9.10 Common and medium 5.50® 7.00 (675-750) Good and choice 5.25® 6.50 Common and medium 3.00® 5.2a (750-9001 Good and medium 4.75® 6.25 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® 2.76 —Buds (yearlings excluded) Good (beef steers) 3.00® 3.75 Cutter, common and medium 1.75® 3.00 VEALERS Rereipts, 800; market, steady. Good and choice $ 6.uo® 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 CattleGood and choice 4.25® 5.75 Common and medium 3.00® 4.25 (800-1.5001-Good and choice 4.25® 5.75 Common and medium 3.00® 4.25 SHEEP AND LAMBS Receipts, 6ss; market, steady; shorn basis. (90-lb. down) Good and choice $8.50® 9.00 (90-110 lb.i 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 3.—Hogs—Receipts. 18 - 000, including 7.000 directs: slow, about steady with Wednesday spots 5c higher; 180-250 lbs., $3.75® 3.85'; top. $3.95; 260-340 lbs., 53.60® 3.80; 140-170 lbs.. $3.25-3.75; pigs, $2.50 down; packing sows, $2.90® 3.15; light lights, 140-160 lbs., good and choice. $3.25®3.75; light weight 160-200 lbs., good and choice, $3.50® 3.85; medium weights, 200-250 lbs., good and choice, $3.70® 3.95; heavy weights. 250-350 lbs., good and choice. $3.50® 3.85: packing sows. 275-550 lbs., good and choice. $2.80® 3.35; slaughter pigs, 100-130 lbs., good and choice. s3® 3.25. Cattle—Receipts. 6.000: calves, 2.500; well-finished yearlings and all weighty steers fully steady: lower grade light steers and yearlings slow but mostly steady; lower grande light steers and yearlings slow but mostly steady; good cows ana all heavy heifers slow'; lower grade cows weak. 10 to 15c lower in instances; bulls steady to 10c lower; vealers mostly steady; best heavy steers. $9. past load. $9.25; choice 1.087-lb. yearlings. $8.75; slaughter cattle and vealers: steers. 550900 lbs., good and choice. 56®7.75; 9001.100 lbs., good and choice. s6® 8.75: 1.100-1,300 lbs., good and choice. $7.50® 9.50; 1.300-1.500 lbs., good and choice. SB4/ 9.50: 530-1.300 lbs., common and medium. $4.50® 7.75; heifers. 550-750 lbs., good and choice. $5.25® 6.50; common and medium, $3.50®5.25; cows. good. $4.25®5.25; common and medium. $2.85®4.25; low' cutter and cutters. $1.75®3; bulls, yearlings excluded. good beef. $3.55® 3.75: cutters, common and medium. 53®3.50: vealers. good and choice. $5.50® 7; medium, s4® 5.50; cull and common. s3® 4; stocker and feeder cattle; steers. 550-1.050 lbs., good and choice, $4.75®6: common and medium. $3.50® 5. Sheep—Receipts, 10.000: fat lamb undertone steady to easier; initial bids around 25c lower; talking around $lO ® 10.10 on good to choice wooled lambs; best held above $10.25; refusing $9 on choice clipped lambs; sheep strong to 25c higher; slaughter sheep and lambs: lambs. 90 lbs. dowm. good ana choice. $8 60® 9.25; common and medium. $6(38.60; 90-98 lbs., good and choice. $8.35®9: ewes. 90-150 lbs., good and choice. $3.25® 4.50: all weights, common and medium, s2® 3.65. FORT WAYNE. Mav 3.—Hogs—Steadv to 10c lower: 2.50-300 lbs.. $3.75; 200-250 lbs.. $3.70: 150-200 lbs.. $3 65: 300-350 lbs.. $3.40; 150-160 lbs.. $3.: 140-150 lbs., $3: 130-140 lbs.. $2.75; 120-130 lbs.. $2 25; 100120 lbs.. $2: roughs. $2.75; stags, $1.50; calves, $6; lambs. $9.75 down. (By Times Special) LOUISVILLE. May 3—Cattle—Receipts, 225. including 97 direct; demand fairb' broad for most slaughter classes; market moderately active, fullv steady; common to medium steers and heifers. $4.50®5.50: better kinds mostly $5.75®6.50: beef cows largely $3.25®4.25; good smooth kinds to $4.50; bulk low cutters and cutters. 51.50® 2.75: most sausage bulls. $3.75 down; bulk desirable light Hereford and shorthorn Stockers. $4.75® 5.25: common to medium grade natives mainlv s3® 4. Calves—Receipts. 350. including 94 stock calves; market mostly 50c higher; bulk better grades. ss® 5.50; strictly choice eligible higher; medium and iower grades. $4.50 down. Hogs—Receipts. 800: market uneven, due |to change of sort: most weights and classes steadv to 5c higher, with weights from 245-270 lbs.. 40c up. and heavier kinds 5c lower: top and bulk desirable. 185-275 lbs. $3.80: 280 lbs. up. S3: 145180 lbs.. 53.25; 120-140 lbs., $1.90; sows, SI.BO. Sheep—Receipts. 350; run mostly spring lambs: market generally steadv; bulk better springers. $10.50 to mostly $11: deck Tennessee.* held higher; heavier weights and plainer grades down to $9 or less: most better wooled lambs. sß®9. cull to medium. s4® 7; bulk better clipped ewes. $2.50® 3; choice lightweights eligible higher.

FIRM PAYS DIVIDEND Quarterly Income Shares Disbursing Agent Distributes $573,056. By Ti mi g Special NEW YORK. May 3 Payment of $573,056. constituting the quarterly distribution to shareholders of Quarterly income Shares, Inc., for the quarter ending April 15. was made this week by the Chase National Bank of New York, dividend disbursing agent, ' This distribution, together with the quarterly distribution to shareholders of $469,659 on Feb. 1 brings the total distribution of this supervised investment fund for 1934 to f1,042,715.

New Wage Rate of Steel Industry Over 1929 Peak

Report Shows Increase of 6 to 7 Per Cent in Salaries. By Tinie* Special NEW YORK. May 3—The new wage scale of the steel industry is approximately 6 to 7 per cent higher than the 1929 peak, and new prices are about 5 per cent below the 1929 level, according to a statement made today by the American Iron and Steel Institute. The new bituminous coal wage scale, granting miners a seven-hour day and five days a week instead of the eight-hour day and five-day week established by the code las’ fall, represents an increase of 25 per cent in the hourly wage rate. The building industry is another in which costs have been rising rapidly, due to the effects of the codes on both construction wages and prices of materials, the report states. Reports show that a residence which cost $5,000 before the depression could have been built lor around $2,560 a year ago. due to the bulk effect of the codes, it w r as revealed. During the first three weeks of April contracts for residential buildings amounted to 17.4 per cent less than in March, taking the daily average, but 12.4 per cent above the same period last year. Public works classification declined 9.6 per cent during April, but was nearly five times greater than the 1933 figures. Total awards dropped 15.9 per cent during the month and were up 146.2 per cent for the year. The hopeful factor in the future regarding the building situation is that public works expenditures will increase but not reach the peak until mid-summer. Out of $462,000,000 in contracts awarded in the eastern states in the first quarter. $350,000,000 were publicly financed, according to the survey. Produce Markets Delivered in Indianapolis Prices —Hens, lie; Leghorn hens. 9c; Leghorn springerstags. 6c; large springer-stags, 9c; cocks, 5 lbs. and over. sc, under 5 lbs.. 4cducks, full feathered and fat, 4% lbs. and over. sc: geese, 4c; young guineas, 1% to 3 lbs., 20c; old guineas, lac; No. 1 strictly fresh country run eggs, loss of! 13c each full case must weigh 5 lbs. gross; a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter—No. 1. 27® 28c: No. 2. 25® 26c; butterfat, 20c.— Quoted by Wadley. (By United Press) CHICAGO. Mav 3.—Eggs Market unsettled; receipts. 28.660 cases; extra firsts. 16%c; fresh graded firsts. 16c: current receipts. 14%c; dirties, 13%c; checks. 13%c. Butter —Market. steadv; receipts, 6.185 tubs; extra firsts, 90-91% score. 23 %® 23%c; firsts. 88-89% score. 22%®23c; seconds. 86-87% score. 22c; extras. 92 score. 23%®24r: specials, 24%®-25c; standards. 23%c. i^ultry—Market firm; receipts. 28 trucks. 1 car due; hens, heavy, 14%c: old roosters. B%c: geese. 8c: broilers, Plymouth 24c; turkevs, 18c; ducks. 16c; fryers and springers, 26c. Cheese—Twins. 11%(ft ll%c; Longhorn. 11%®12c; Daisies. 11%® 12c. Potatoes, old stock—Suppiy liberal: demand and trading slow; market weak; Idaho russets, 9 cars $1.45. 4 cars $1.50: U. S. No. 2. 1 car $1.25; Colorado McClures. 1 car $1.50. 1 car $1.55; Wisconsin round whites. 1 car $1.15. 1 car $1.23, ungraded 1 car 70c; North Dakota cobblers, 1 car fine quality $1.25. New stock—Supply liberal, demand and trading quiet: market weak; sacks per hundredweight. Texas Bliss Triumphs. 1 car $3. Shipments. 641; arrivals. 109; on track. ' 15. CLEVELAND. May 3. Butter—Market, steady; extras, 28c; standards. 27%c. Eggs—Market, steady; extra white. 15c: current receipts. 14%c. Poultry—Market, firm; colored fowl, 4% lbs. and over, 16c; colored fowl, medium. 17c: Leghorn fowl. 3% lbs. and up, 15c; ordinary. 23® 24c; old roosters, 10® 11c; ducks, white. 5 lbs. and over. 18c; ducks, light, old. 15c; broilers, fancy rock. 26® 27c; broilers. Leghorn. 21® 22c. Potatoes Florida Spaulding rose, mostly $5.25® 5.50 barrel: bliss triumphs, $1.50® 1.60 per bushel; Maine. $1.90® 2 per 100-lb sack: Idaho. $1.75® 1.90 per 100-lb. sack; Ohio best. $1.60® 1.65 per 100-lb. sack. NEW YORK, May 3.—Potatoes —Steady; Long Island, $1 ® 2.10 barrel: seuthern, $1.75(95 barrel; Maine, $1.15®3.40 barrel; Idaho, s2® 2.10 sack; Canada, $1.90® 2 barrel. Sweet Potatoes —Steady: Jersey, basket. 60c® $2: southern, basket, 65c® $1.65. Flour—Dull: springts, patents. $6.25 ®6.50 barrel. Pork—Steady: mess. $20.25 barrel. Lard—Dull; middle west spot, $3,80®3.90 per 100 lbs. Dressed Poultry— Quiet; turkeys, 14®26c; chickens. 10%® 28c: broilers. 18® 28c; oapons. 21® 34c: fowls, 16®21c: Long Island ducks, 15%® 16c. Live Poultry—Dull; geese. 6®7c: turkeys, 10® 22c: roosters. 8c; ducks. 8® 12c: fowls. 16® 18c: chickens. 11c; capons. 22c: broilers. 12® 24c. Cheese—Steady; state whole milk fanev to specials. 18® lEc; young America. 12% ® 13c.

On Commission Row —May 3 —Fruits— Apples—New York Baldwins, fancy. $1.65 up; fancy Staymans, $2.25; fancy Winesaps. 52.50. South American Cherries—l6-lb lugs, $3.50. Oranges—California Sunklst, $3/34.50; Floridas, $3.50®4. Lemons—Sunklst. $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. $1.25. 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. Asparag’is—California fancy, crate. $3 75. Beans —Round, strineless. $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. *l/0 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 (By United Press) CHICAGO. May 3.—Apples—Michigan Spies. $2 bushel. Carrots—lllinois. 75c bushel. Spinach—lllinois. 75c® $1 bushel. Beans—Southern green. $1.75® 2.50 bushel bushel hampers; wax. $3. Cucumbers— Central western hothouse. $1.75®2.25 two dozen. Tomatoes—Florida. $1.50® 3 lug box. Sweet Potatoes—Tennessee. $1.60® 1.70 Indiana. $2®2.15. Mushrooms—lllinois. 15&32%c lb. cartons. Asparagus— Illinois. 60c®Sl. Leaf Lettuce—lllinois hothouse. 60c®75c per 10 lb. baskets. Onion market: 1 50 lb. sacksi—Michigan yellows. 75c® $1; Texas vellows, sl.lo® 1.25; Texas whites. $1.25® 1.35. Retail Coal Prices The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 2o 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 5.00 Indiana, mine run 4 75 Kentucky lump 7.00 Pocahontas lump 8 25 Pocahontas egg 8 25 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 700 Extra charge of 50c a ton for wheeling coal and *1 a ton for coal carried to ■in. Fire Reports Wednesday 8 14 a. m, 836 Edison residence, small 9 26 a. m. Pennsylvania and Ohio, autoloss mobile, loss loss. 10:55 a. m, 2123 Martlndaie. residence, small loss. 1 45 p. m„ 2518 Indianapolis, residence, small loss. 4:35 o. m.. State and Spann, automobile, small loss. . 7 46 p m. West Washington and Misaouri, automobile, small loss.

HEAVY FROSTS CHECK STATE CROP GROWTH Fruit. Truck Gardens, I'n.ifTpctcd by Cold. Wheat Progresses. Unseasonably cold weather, with heavy killing frosts during the middle and latter part ot the week, was unfavorable to crop progress in the state last week, according to ! the United States department of agriculture. Deficient precipitation was an- : other unfavorable factor. Activity during the week consisted mainly of plowing and preparing the ground lor corn. Some planting was done in the southern counties. Wheat showed slight progress 1 generally, and is reported stooling in all sections. It continues to be :n fair condition despite the weather. Fruit and truck gardens were not sufficiently advanced to suffer damage from the cold, but made | little progress because of the lack of rain and sunshine. Oats sowing 1 is finished and crops up except in the northern part of the state.

RADIO CORPORATION INCOME $1,235,725 Gross Business Up 45 Per Cent in Quarter. By L nihil I‘rcas $ NEW YORK, May 3.—Radio Corporation of America earned a net profit of $1,235,7725 in the first quarter of 1934. compared with a loss of $478,164 in the initial quarter of last year, David Sarnoff, president, told stockholders at their annual meeting. Gross business increased 45 per cent from the level cf the similar 1933 months to a total of $19,134,000. he reported. ‘‘lt is not my intention now,” Sarnoff told the stockholders, ‘ despite the material improvement that has been noted during the first quarter of this year, to assert that everything is smooth sailing ahead. Quite naturally there are a number of important problems yet to be solved. "The profitable operation of the company is dependent in very large measure upon the trends cf business generally and upon the buying power of the public . . . nevertheless, we are hopeful as to the future.” QUARTER SALES GAIN Ameriran Beverage Corporation Earnings Total $304,941. liy Timm Special NEW YORK, May 3.—American Beverage Corporation, holding company controlling Carl H. Schultz Corporation, Schoneberger & Noble, Inc., and the Brownie Corporation, manufacturers of Schultz Club soda, which on Dec. 6, 1933, entered the alcoholic beverage business with a complete line of liquors, reports consolidated sales for the first quarter of 1934 of $304,941. This figure compares with sales of strictly nonalcoholic beverages in the same quarter of 1933 amounting to $134,833. This is an increase of 125 per cent. Sales of nonalcoholic beverages in the first quarter of 1934 were $173,030, or an increase of 28 per cent. N. Y. Coffee, Sugar Futures COFFEF. —May 2 —Santo* High. Low. Close. March 11.33 11.31 11.33 Mav 10.65 July 10.80 10.73 10.78 September 11.75 11.05 11.14 December 11.41 11.18 11.26 —Rio— January . .. 8.50 March 8 52 Mav 8 16 8.15 8.15 July 8 30 September 8 49 8.37 8.37 December 8.57 8.45 8.45 SUGAR High. Low. Close. January 1.67 March 1 72 1.69 1.72 Mav 1 48 July 1.53 1.49 1.53 September 1.59 1.56 1.59 December 1.66 1.62 1.66 In the Cotton Markets —Mav 2 CHICAGO High. Low. Close. January 11.34 11.25 11.29 March V... 11.43 11.35 11 43 Mav 1089 July 11 03 10 83 10.99 October 11.12 11.02 11.14 December 11.30 11.15 11.25 NEW YORK January 11.29 11.15 11.28 March 11 38 11,27 11 38 Mav 10 82 10.70 10 82 Julv 10 97 10.81 10.95 October 1112 10.97 11.10 December 11.23 11 08 11.22 NEW ORLEANS January 11 22 11.06 11.21 March 11.33 11.29 11.33 Mav 10.75 July 10.93 10.80 10.90 October 11 09 10.54 11.05 December 11 IS 1106 11,16

Home Owners’ Loan Corporation Bonds 4% BONDS DUE JULY 1, 1951 Callable at 100 on any interest payment date. Interest guaranteed by the U. S. Government ARE EXCHANGEABLE during the next six months (unless redeemed at an earlier date), for anew issue of 3% Bonds Dated May 1, 1934, due May 1, 1952 Callable on or after May 1, 1944. Principal and Interest fully guaranteed by the U. S. Government. Bott. issues are exempt as to principal and interest, from all taxes except surtaxes, estate, inheritance and gift taxes, now or hereafter imposed. We buy and sell Bonds of these issues and will assist in the Exchange of the 4% Bonds for the new 370 Bonds. BOND DEPARTMENT The Union Trust Company of Indianapolis 120 East Market Street RHey 5341

MAY 3, 1935

WHEAT SHOWS WEAK TONE ON WEATHER NEWS Scattered Rains Over Belt Induces Traders to Sell Holdings. BY HARMAN W. NICHOLS United Pres* Stuff Correspondent CHICAGO, May 3. Uneasiness over unsettled weather conditions and their probable effect on the wheat crop brought a lower tendency into wheat prics at the opening of the Chicago Board of Trade today. Wheat opened % to % cent lower, corn was % to % cent lower, and oats and *ye were unchanged. Scattered rains were reported in parts of Co’orado and Kansas and this induced wheat traders to sell their holoings. A report of spotty rains in lowa brought sellers into the corn pits. Liverpool wheat was higher than expected. Stocks and cotton were steady to firm but this item was ignored. Chicago Futures Range —May 3 WHEAT— Prev. High. Low. in no close. Mav .76 s , .78% .78% .78% July .77% .76% ,77 s * .77% September .78% .77** .78% .78% CORN— Mav .45% .45% .45% .45% July .. .48% .47 s , .43% .48% September .49 s , .49% .49% .49% OATS— Mav 29 s , .29% .29% .29% July . .29% .29% .29% .29% September . . .29% .29% .29% .29 s * RYE— May 55% .55% 55% .55% July .55% .55% September 56% .56 .5 .56% BARLEY— Mav ... .38% .38% July .39% September ... ... .39% CHICAGO PRIMARY RFCEITTS —May 2 Bushels Today Last Wk. Wheat 3.34.000 230.000 Corn 480.000 445.000 Oats 355.000 353.000

Cash Grain

INDIANAPOLIS -Mav 2The bids for car lots of grain at the rail of thr Indianapolis Board of Trade, f. o. b.. shipping point, basis 41 1 2 New York rate, were: Wheat No. 1 red. "OW 71c; No. 2 red. 694/ 70c; No. 2 hard. 694/'7oc. Corn—Strong; No 3 white. 434/ 45C: No. 4 white. 424/ 44c: No. 3 yellow. 414/43c: No 4 yellow. 4047 42c: No. 3 mixed. 404/! 42c; No. 4 mixed. 394/41r. Oats Strong; No. 2 white. 29® 30c; No. 3 white, 2841290 —lnspections Wheat No. 2 red, 1 car. Total. 1 car. Corn—No. 2 white. 6 cars; No. 3 white, t car; No. 4 white. 2 cars; No. 6 white. 1 car; No. 3 yellow. 3 rats. Total. 13 cars. Oats—No. 2 white. 6 cars. Total. 6 cars. Local Wagon Wheat city grain elevators are paying 67 cents for No 2 soft red wheat. Otner grades on their merits. IBy United Press) CHICAGO. Mav 2.—Cash grain: WheatNo. 2 red. 81 1 2 c. Corn -No. 4 mixed, old. 46c; No. 6 mixed, old, 45' 2 c; No. 2 yellow. 48c; No. 2 yellow , old. 48' 2 c: No. 3 yellow, old. 47' 2 c; sample grade. 40'2C; sample trade, old. 44' 2 4i45c. Oats—No 2 white. l',r32 1 4c: No. 2 white lake. 30 s ,c: No. 3 white lake. 30'*c; No. 4 white. 304/31',ic: sample grade white. 284/ 28' 2 c. Rve—No sales, Bariev—7s4/79c: anotable 24/ 80c; clover seed. $9,504/ 12.50. Timothy—s 647) 6.50. Cash provisions: Lard. .55.72; loose, $5.42; leaf. $5.37; S. bellies. $7.75. TOLEDO. May 2 Grain close: iGrain In elevators, transit biliingi: Wheat—No 2 red. 81 , ,a4/82’/ic. Corn - No. 2 yellow. 52’ 4/53' 2 c. Oats —No. 2 white. 364/37c. Rve —No. 2. 60' 2 4/61 1 2 c. tTtack prices. 28'2C rate). Wheat—No. 1 red. 77' 2 4i78c: No. 2 red. 76' 2 4/ 77c. Corn—No. 2 yellow. 48 r '/> 49c: No. 3 yellow. 4747 48c; No. 4 yellow. 46 4/47c. Oats —No. 2 white, 32' 2 4/34c: No. 3 white. 324/ 33' 2 c.. Seed close: Clover— Cash. $8.25. Alsike—Cash. $8.50. ST. LOUIS. May 2.—Cash Grain —Wheat —ln fair demand, tone steady: No. 2 red, 77' 2 c, nominal; No 3 red. 76V 2 ®77c; No. 5 red. 71c; No. 2 hard. 77' 2 c. nominal. Corn —In slow demand, unchanged; No. 2 yellow, 49e. Oats—ln slow’ demand. ' 2 c higher; No. 3 white. 33c. CANADIAN BOND SALES ADVANCE 109 PER CENT Increase Results From Greater Volume of Financing:. Rl/ Times Special NEW YORK. May 3. For the first four months of 1934 total bond sales in Canada amounted to $72,$12,187, as compared with $34,690,614 for the same period of 1933, an increase of 109 per cent, according to Dominion Securities Corporation. This increase resulted principally from the greater volume of financing undertaken by Provincial governments and the resumptions of the sale of public utility and industrial securities. The latter issues amounted to $16,650,000 in the 1934 period as compared with $6,625,000 a year ago. Total bond sales during April amounted to $16,746,000 as compared with $13,588,150 in April, 1933. Dividend Is Disclosed Rjl United Tress WILMINGTON. Del., May 3—The Atlas Powder Company yesterday declared a dividend of 50 cents a share on common stock, payable June 11, on stock om record May 31.