Indianapolis Times, Volume 45, Number 310, Indianapolis, Marion County, 8 May 1934 — Page 14

PAGE 14

Wall Street New Price Raising Plan Likely to Prove No Easy Task. — — BY RALPH HENDERSHOI Timet Special Financial Writer. A COPYRIGHTED United Press dispatch from Washington late last week stated that the administration had been reliably reported to have decided to try tp raise commodity prices Indirectly by stimulating business activity rather than by experimenting with currency depreciation or price-fixing. The

change in the policy Kas attributed to disa p poi n tment over failure of pr i c e - boosting schemes to bring results. The government his set itself no easy task, and if it is to accomplish its purpose one of the first things it should do in the opinion of many, would be to send congress

Hendershot

home. Business men can not apply themselves to advantage if they must constantly keep a weather* eye cocked on Washington. They can not lay plans for the future if they are fearful that som" legislation might Come along which would upset their calculations. But before they go they should take the trouble to ease the provisions of the securities act of 1933 a trifle. Unless they do so business is going to suffer considerably from a lack of credit, and business can not thrive under such a handicap. While it Is true that the Reconstruction Finance Corporation can help supply these credit needs, the thought alone of placing that load on the government and the increase in taxes which would result would offset to a very large extent, if not completely, the benefits involved in the credit extension. a tt a 'T'HE government has given no indication that it desires to get into the banking business. Such investments as it has made in that direction have resulted entirely from the emergency and, according to Washington, advices should be reregarded as largely temporary. Past abuses of the privilege of selling securities to the public could be eliminated as far as it is possible to do so by law even though the act were modified sufficiently to allow credit to flow naturally again. Early passage of the Stock Exchange regulation bill also would be helpful, particularly if. as is expected, the senate ideas are carried out. Brokers have been afraid even to take a full breath while the measure i has been under consideration. The I exchange officials have let it be known that they will stand for no nonsense, which would tend to prejudice congress further while they are putting up their fight in Washington. And, realizing this, traders have kept away from the market in droves. a a a but natural, too, that those fk. opposed to the bill have put their worst foot forward. They realize that the legislators have it in for them and that the only thing likely to hold them within moderation is fear that business would be adversely affected if they became too tough The bill's opponents have preached the doctrine of market destruction so long and the market has responded so well to their preachings that they are about ready to believe it themselves. A reasonable measure would be helpful, not harmful, and if business received the proper encouragement stock prices will take care of themselves. Produce Markets Delivered In Indianapolis Prices—Hens, lie; Leghorn hens. 9c: Leghorn springerstags. 6c: large springer-stags, 9c: cocks, 5 Ids. and over. sc, under 5 lbs.. 4c: ducks, full feathered and fat, 4 1 a lbs. and over sc; geese. 4c; young guineas. 1' i to 3 lbs.. 20c: old guineas, 15c; No. 1 strictly fresh country run eggs, loss off 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. 37928 c; No. 2. 254j.26c; butterfat. 20c.— Quoted by Wadlev. tßv United Press) CHICAGO. May 8 Eggs Market, steady: receipts, 30.635 cases: extra firsts. 16'2c; fresh graded firsts. 16c; current receipts. 15c; dirties. 13%c: checks. 13 1 2 c Butter-- Market, easv; receipts, 10 - 582 tubs; extra firsts 190-92% score'. 22% ® 22* ic ; firsts 'BB-89*2 scorei, 21%(/22c; seconds (86® 87% yore). 31c; extras 1 92 scorei. 23c; special* 23%®24c: standards. 23c. Poultry- Market, easy; receipts. 48 trucks; heavy hens. 14c; old roosters. 8c geese, 8c; broilers. 1-2 lbs . 23ft/25c; turkeys. 18c; heavy ducks, lie; small ducks. 10c: frvers and springers .Plymouth Kocki 26c; leghorns. 12c: capons unquoted. Cheese —Twins, I*4 9 12c: Longhorns. 12% o 13c; daisies. lJ'.iiff'/C. Potatoes —Old stock, supply moderate: demand and trading moderate; market steady Idaho Russets. 7 cars. $1.50: 2 cars. $152; 1 car. $155; U. S No 2. 1 car. $1 25: 1 car. $1 30: Washington Russets, combination grade. 1 car. $127*2: Wisconsin round whites. 7 cars. $1.30. Colorado McClures. 1 car $1.50. New stock— Slv moderate: demand and trading rate: market steady: Louisiana Triumphs sacks per Hundred* eteht. 1 car dirtv $2.20: 2 cars. $2 30; 2 cars. $2 35; 2 cars. $2.40: 4 cars $2 50: Texas Triumphs. 1 car. $2 65. Shipments. d65; arrivals. 257: on track. 58. NEW YORK. May 8-Potatoes—Dull; southern s3fti 4.75 bbl.; Maine. 81.50® 3.15 bbl.: Idaho. $2 sack: Canada, st.9ofti2 bbl. Sweet potatoes Dull: Jersey basket *Oeft/ $2 southern basket. Flour— Finn; springs, patents $6.40i6.85 bbl. Pork —Steady, mess. $20.25 bbi. Lard— Steady; middle west spot. $3,905/4 per 100 lbs. Dressed poultry Dull: turkeys 12® 16c: chickens. 10*2ft/27c; broilers. I*® 2/c. capons. 215/ 34c. fowls. 15920 c: Long Island ducks. 15 1 2fti 16c. Live poultry- Easy; geese. 69.7 c turkeys. 10916 c: roosters. 5c ducks. 8912 c: fowls. 15917 c: chickens, lie: capons 22c broilers, 10923 c. Cheese —Firm- state whole milk, fancy to specials 18& 19c: Young America. 13c. On Commission Row —May 8— —Fruits— Apples—New York Baldwins, fancy. $175 p: fancy Ben Davis. $2.85£3; fancy Wine-**£henueV-^Cahfornia. 15-lb. bag. $2.753. Oranges—California Sunkist. $3.2594.25; r £imonsii“ktVt, $8; Red Ball. $5 50. Grapes—South American crate. 83. Grapefruit—Florida, seedless. $3. ,59 4 25. Strawberries —Louisiana. 24-pt crate. ■2 40 Alabama. 24-qt. crate, $4 25 Melons —Argentina Honevdews. $3 25. Cantaloupes —Pony crate, $3: standard pears—Calavos. $3 50 per box. Bananas— Per pound 5c Rasber-.es. Cal.. 12. % pt*-. —Vegetable*— Cabbage—Louisiana. $1 35 per half grate Florida red. $2 50 per hamper * Celery—Florida $2 75 a crate mammoth hunch 85c. medium bunch. 45c. hearts. d0 50-lb. bag. Northern round white. 100-lb. a*® $1 75" Red River Ohio*. $1.75: Maine Green Mountain $2 10: Colorado McClurbs. aio Idaho Russets. $2; Nebraska Trmmphs. 100-lb. bag. $1 85; New Texas —Tennessee Nancy Haila. * r A3Daragus—Home grown, dozen. 759 90c. Beans—Round, stringless. $3 new lima. New Texas. 3-doren crate. SI.7F cirrots—Calitorma. -dosen crate. $3; California. $3. Lettuce—Hot house. 15-lb. basket. sl.lO. Iceberg, best. $4 505 50 . erste. * pra*— 28-lb. hamper. 81 752. Radishea—Hot house buttons. 80c dozen. Rhubarb—Home grown, doaen.3oc. Fmnach Home grown, bushel. sl. IBrctto** —Repacked. 10-Ib. carton, $1.50; tr/gifai Mexican.. 50.1 b,. lui- M 50. ..

STOCK SHARES IMPROVE AFTER HEAVYSELLING Commodity Prices Weaken as U. S. Dollar Shows Firm Tones. BY ELMER C. WALZER United Press Financial Editor NEW YORK, May B—Commodities turned down at the opening today were steadier, reversing yesterday's trend. Bethlehem Steel rose lU to 36 on the first sale, a block of 1,000 shares, while United States Steel declined \ to 4 on 1,800 shares. Railroad issues improved and small gains were noted in such industrial leaders as Du Pont, American Can, Montgomery ward and Union Carbide. Gold mining issues were firmer, with Mclntyre Porcupine at 2, up l i. Oats were firm as were wet stocks. American Telephone rallied point to 110 and International Telephone V* to 11%. Western Union dipped a point to 43 1 3 . Goodyear was up nearly a point in the rubbers. United States Smelting firmed a point in its division and Westinghouse the same in the electrical equipment. Trading was fairly active at the outset, but dwindled after initial ! orders were executed. Prices were mixed in the early trading. Consolidated Gas opened at 32%. up %, later lost ground. Steel common firmed from its opening. Paramounted certificates were active in the amusement section. Cotton opened 5 to 9 points lower, sugar 1 point down; silver 5 to 30 points down, and rubber 11 to 16 points lower. The dollar was firm in relation to all currencies except the pound sterling. Money and Exchange INDIANAPOLIS BANK CLEARINGS —May 7 Clearings $2,537,000.00 Debits 4,404,000.00 FOREIGN EXCHANGE (By Abbott, Hoppin & Cos.) —May 7 Close. Sterling. England $5.11 Franc. France 0662 Lira, Italy 0853 Belgias. Belgium 2340 Mark. Germany ' .3955 Guilder, Holland 6797 Peseta. Spain 1372 Krone, Norway 2570 Krone. Denmark 2284 Yen, Japan ; 3035 Treasury Statement 'By United Press* WASHINGTON. May B.—Government expenses and receipts of the current fiscal year to May 5. compared with the corresponding period of the previous fiscal year: This year. Last year. Expenses $5,954,910,548 97 $4,393,647,743.49 Receipts. $2,571,411,129.27 $1,689,529,752 53 Deficit.. $3,383,499,419.70 $2,704,117,990.96 Cash balance $2,239,200,891.85

Bond Prices ' By Fenner & Beane ~

—May 8— High. Low. Close. Alleg Corp 5s 'SO 40 % 4040 Am <fc For Pwr 5s 2030- 53 52% 52% A T <sr T db 5s '65 , 107% Atchison Gen 4s 95 ...100% 100'* 100% B & O cv 4%S '6O 65% 65 65 Beth steel 5s A '76 102% 102*, 102% Can Pac 4s 57 82% . 81% 82 CMStPA-P adj 5s A 2000 15% 15% 15** CMStP&P rs 5s A 75 48% 48% 48% Cons Gas N Y 4%s 'sl 103% Denmark 5%s '55 ... 92 Det Ed 5s E 52 . 106% Erie R R rs 5s 67 73% 73 73% Goodyear 5s '57 99% 99% 99% Gt Nor 7s A '36 97 96 96% Interboro R T 5s '66 .. 68% 68% 68% Int T & T db 5s '55 -63 61% 63 McKess <fc Robb 5%s 'SO 81 80% 81 Nat Dairy db 5%s 48 . 94% 94*, 94*, N Y Cent 4%s O 2013 . 75% 75% 75% Nor Am 5s '6l . 891* 89% 89% Pac Gas & El 5s A '42. 105% Penn R R 4%s D 81... 96% 96% 96% Poland 7s *47 110 Royal Dutch 4s A '45... . - 132% Shell Un Oil 5s '47 98% 98 98 Sin Cons 6%s B '3B 104% Texas Corp 5s 44 .102% 102 102 Tob Pr N J 6%s 2022 .. 106% Un Pac Ist 4s '47 ....104 103% 103% U S Rubber 5s A '47 ... 86 85% 85% Vanadium 5s '4l . 83% Western Un 5s ’sl 93'* 92% 92% U. S. GOVERNMENT BONDS (By United Pressi NEW YORK. Mav 7.—Closing liberties. (Decimals represent thirty-seconds.) Liberty 3%s (32-47) 103.30 First 4\s (32-47( 104 8 Fourth 4* * s (33-38) 104.10 Treasury 4 '*s-3's (45) 103.4 4 1 1s (47-52i 111.20 3%s (43-471 103 25 3%s (41-431 March 103 27 3%s (40-43( June 103.30 3%s (41) 103.28 3%s (46-49) 101.18 3s (51-55) 100.13 federal farm loan bonds tßy Blyth & Cos., Inc.) —May 7 Bid. Ask. 4s, Nov. 1. 1957-37 100% 100% 4s, Mav 1, 1958-38 100% 100*, 4%5. July 1. 1956-36 100% 100% 4' *s, Jan. 1. 1957-37 100% 100% 4%5. Mav 1, 1957-37 100% 100% 4%5. Nov. 1. 1958-38 101 . . 4%5. May 1. 1942-32 100% 100% 4%5. Jan. 1, 1943-33 100% 100’, 4%5. Jan. 1, 1953-33 100 100% 4%5. July 1. 1953-33 100 100% 4%5. Jan. 1. 1955-35 100% 100% 4%5. Jan. 1, 1956-36 100** 101% 4%5. July 1. 1953-33 100% 100’, 4%5. Jan. 1, 1954-34 100% 100% 4%5, Julv 1, 1954-34 100% 100% ss, Mav 1, 1941-31 101% 100% ss. Nov. 1. 1941-31 101% 100% —Home Loan—--4s July 1. 1951 100% 100% —Federal Farm Mortgage Corporation—--3%5. March 15. 1964-44 ... . 102% 10% Bright Spots - * ( By Abbott. Hoppin & Co.i Alaska Juneau gold mines report April profits after expenses and development charges to be $204,100 before depreciation depletion and federal taxes as compared to $102,900 for the corresponding period of last year. Interstate Commerce Commission has derided lo continue reduced passenger fares throughout the south at 1%-rent a mile instead of the 2 cents as proposed by the NBA and southern rarrirers. London stocks and Rubber here Mav 5. totaled 41.815 tons a decrease of 724 tons frem the preceding week. California Crude Oil output during the week ending May 5. averaged 473,700 barrels daily, up 2.500 barrels over the preceding week. Pullman Corporation net after taxes for transportation operations were $236.813 against a loss of $1,136,220 in 1933. Chrvater Motors corporation in Aprrl shipped 82.481 cars, against 38.830 in 1933. For the- first four months 250.473 as compared to 97.177 for the previous corresponding, period. Montgomery Ward April sales were reported to be up 33 2-10 per cent. Ohio Oil declared a 13-eent dividend on the common stock the first dividend since September, 1932. Atchison Railway carloadings for the week ending May 5 were up 22 per cent. Steel operations for the week beginning Mav 7 were Indicated at 56 9-10 per cent against 55 7-10 per cent for the previous week. CHICAGO FRUIT MARKET ABy United Press: CHICAGO. Mav 8 —Fruit and vegetables: Apples -Michigan Jonathans. $1.40.(150 bushel. Carrots—lllinois. 60® 80c bushel. Spinach—lllinois. 25ft/65c bushel. Cucumbers—•entral western hothouse. $1.50® 2.2S <2 doren to boxi. Beans -Southern Green, $2 25ft/3.50; wax. s2®3 Tomatoes—Florida $1 75®3 lub box: central western hot house. $1,404) 1.60. Sweet Potatoes —Tennessee. slßo® 1.65 bushel. Mushrooms— Illinois. 15ft/32%c 'lb. cartons). Asparagus - Illinois. 254/50c flat crates. Onion Market —150-lb. sacks/—Michigan Yellows, 75c ®sl Texas Yellows, [email protected]. Texas Wbuea. sl6 L !&.<•-

1 New York Stocks ———— ——' ——— , By Abbott Hopptn Si Cos.) ' AVERAGE STOCK PRICES FOR MONDAY Net High. Low. Close, change Thirty industrials 98.71 94.30 95.51 —2.69 Twenty rails 45.56 43.70 43.70 —1.98 Twenty utilities 23.20 21.93 22.69 -.87 Fnrtv bonds .... 94.43 —.35 Ten first rails 99.82 —.42 Ten second rails .... 83.35 —.47 Ten utilities .... 97.42 -.29 Ten industrials 9714 —.23 -Off.

—May 8— Prev. Oils— High. Low. 10:00. close. Amerada 48 2 49 Atl Rfg ... 29% 25% Barnsdall 7% 7% 7% I Consol Oil 10% 10Va 10% 10*4 Cont of Del 19 19 ; Houston (new) . . . . 4% 'Houston toldl .. 21 1 * 21 21 22 1 2 I Mid Cont Pet .. 11% 11% 11?* 12% Ohio OU 12*4 12', 12 1 , -—12% Pet Corp 12' 12V, 12 1 12 5 4 Phillips Pet ... IJ% 17 17% 17% Plymouth Oil ... . 11% 11% Pure Oil 10% 10% 10% 10% Roval Dutch 36‘, Sbd Oil 32 V, Shell Un 8% Skelly Oil 10 Soc Vac 1514 15% 15 1 2 15 1 * SO of Cal 334* 32’, S O of N J 43 42% Sun Oil ~ * 57% . . Texas Corp 24% 24 1 a 24 1 2 "24% Tidewater Assn . 12% 11’/* 12 V, 12 Un Oil of Cal . 16V* 16 16% 16 Steel*— Am Roll Mills 19 ’ 3 19% Beth Steel 36 35% 351* 34% Byers AM 22 21*4 Col Fuel & Iron 4V2 Cruc Steel 25)4 25 25 >4 26 Inland Steel 42% Ludlum Steel .14% 14% McKeesport Tin 83% 83% Mid Steel 13 Natl Steel 45% 45% Otis Steel 5 4% 4% 4% Rep lAS.. 17% 16% 17% 16% Rep I .SsS pfd . > 49 U S Pipe & Fdy 22% U S Steel ... 44 44% uU S Steel pfd 89 89% Warren Bros 9% Youngstn S & T 21% Motors— Auburn 37 37 Chrysler .. . 42%Gen Motors 33 32% 32% 33% Gen Motors pfd 101 101 Graham Mot 3% Hudson .. ... 13 Hupp 3% 3% 3% 4 Mack Truck 26% 27% Nash ... 17% 18 Packard 4% 4 4 4% Reo 3% Studebaker 4% 4% Yellow Truck 4% Motor Access— Bendix 15%' 15 15 15 Bohix Alum 57% 57% Borg Warner .. .. ... 23% 22% Briggs 16% 16 16 16% Budd Wheel 3% Eaton Mfg 16% 16% Eled Auto Lite... 20% 20% Houdaille A 4% 4% Mullins Mfg ...; ' 10% Murray Body 7 Stew Warner 7% Timken Roll ..... 30% Timken Det Axel 6% 6% Mining— Alsaska Jun 17% 1734 Am Metals 21% Am Smelt 38% 38 38% 38 Cal & Hecla ...... . . 4 % 4% Anaconda 14% 14% 14% 14% Cerro De Pasco 31% Dome Mines 36% 36V* Granby 9 Gt Nor Ore 12% 12% Homestake Min .* 348 351 Howe Sound 43% 43 Ins Copper ... . 4% Int Nickel 27% 27% 27% 27% Int Silver ... . 31 Kennecott Cop. 20% 19% 20 19% Mclntyre Mine . . 42 41 % Noranda Cop ... 38% 38 38% 38% Park Utah ... , 3% 4 Phelps Dodge 16 St Joe Lead ... 18% U S Smelters . 116 115 Vanadium 20% 20% 20% 21 Amusements— Crosley Radio. .. ... ... 12V2 Fox Thea 14% 14% Loews Inc 31% 31 31% 31% Radio Corp —7% 7% RKO 3 Warner Bros ... 5% 5% 5% 6 Tobaccos— Am Snuff 56% Am Sum Tob ... 15% 15% Am Tob A ... . 67% Am Tob B 69% 70 Vi Gen Cigars ... 35 Ligg A Myers B 92 Lori’lard .. ... 16% 16% Reynolds Tob B 41% 41 % Rails— Atchison 60 % 60*4 Atl Coast Lines 40 B & O 23% 23 Can Pac ... 16 16 Ch & Ohio 44% 44% Chi & Gt W . . 3% Chi <t Gt W pfd 8% C M & St P 4% 4% C M A St P pfd 8% 8% Chi N W . . 9% Chi N W pfd 17% Dela A Hud 55% Del Lac AW 22% 22 Erie 18 18 Erie pfd 22% 22% Grt North pfdj .. .. 20% 111 Central 26 25*4 K C Sou 14 Lehigh Valiev . 14% 14% 14% 15 M K A T 9V 2 MK A T pfd 23% 24 Mo Pac J. 4 Mo Pac pfd 5% 5% N Y Cent 27% 27% N Y Chi A St L 18 NY CASt L pfd . ... 33% 32% N Y New Haven 14% 14% 14% 14% N Y Ont AW 7% 7Vi Norfolk A Wes 176 Nor Pac . 27*i 27% Penn R R 30% 30% 30% 30*4 Reading . . 47 Sou Pac 22 21% 22 21% Sou R R 26 25% Sou R R pfd 33% Union Pac 125 124% Wabash .. ... —3% West Mary .... .. 12 Equipments— Allis Chalmers , •• • . 15% Am Brake Shoe 21% 21% 21% 21% Am CA Fd pfd 40% 40% Am Loco •• • •• • 26 Am Loco pfd .. ... ••• 61 Am Mac A Fdy. .. ... 14% 14% Am Steel Fdy . - 17 Bald Loco .. 10% 10% 10% 10% Bald Loco pfd 48 Burroughs ... 13% 13% Case J I ... • 54% Cater Tract ... 28% 28 Deere A Cos ... 22% 23 Foster Wheeler 15% Gen Am Tk Car 36', 36 ■ Gen Elec 19% 20% Gen R R Sig 35% Ingsol Rand .. .. ... 53% Int Bus Mach ... 140 Int Harvester . .w 35% Natl Cash Reg 15% Pullman Inc 51 51 Rem Rand 9)4 Und Elliot 41*4 West Air (B) 29% 29% Westingh Elec . 34*4 34 34 33% Worthington P . .. ••• 21*4 21 Utilities— Am A For Pwr 7% 7% 7% 7% Am Pwr A Lit.. • 6% 6% A T A T 110 109% 109*4 109% Am Wat Wks 17% 18 Brook Un Gas ... ... . 61 Col Gas A Elec . .. 11% 12 Com A Sou .... 2*l 2% 2% 2% Consol Gas . 32% 32 * * 32 ** 32% Elec Pwr A Lit 5 5% E P A L pfd 13 13% Int Hydro Elec . . . 6% Int TAT .12 11% 12 11% Lou G A E *A) 16 Nat Pwr & Lit.. ■ . 9% 9% No Anier 15 s , 15% 15% 15% Pac G A E 17*4 Peoples Gas , ... 9% 29% Postal Tel pfd 19% Pub Serv N J 34 34 So Cal Edison 16% 16% Std Gas . 10 9% Std Gas pfd . 10% 10% 10% 11 Stone A Webster .• 7% 7*4 United Corp .... ■ 5% 5 5 5% Un Gas Imp ... 16 15% Ut Pwr A Lit A 33% Western Union.. 44 43% 43% 44% Rubbers— Firestone 19*4 19' 19% 19 Goodrich 14 * * 14% 14% 14% Goodyear 32% 32 32 31% Kelly Spring ... 2*4 -2% U S Rubber . 20% 20% 20% 20*4 U S Rubber pfd 53% 52* 2 Miscellaneous— Am Bank Note.. . * 20 20 Am Can 97 96% 96*4 96** Anchor Cap .. . . . . 26. Brklyn Man Tr 37% 37% 37% 37% Conti Can 76% 76 76% 76% Crown Cork 27 Curtis Pub • < 23% 23% Curtis Pub pfd 77 76 Eastman kodak. .. . 87% Gillette 10% 9’4 10% 10*2 Glidden .. 22% 22% 22% 22*, Inter Rapid Tr 8% Owens Bottle 39 Ravbestos Mfg 17% Foods— Am Sugar - .. 51% 51 Armour A 5% 5% 5% 6 Beatrice Cream 14*4 Borden Prod . 23% Cal Packing . 30% 30% 30% 30% Canada Dry G A 21'2 Coca Cola 117 Cont Bak A 10 Corn Prod ... ... 64'* Urm of Wheat 32 Cuban Am Sugar .. ... ... 5% Gen Foods 33% Gold Dust 19*2 19% G W Sugar 28 Hershev ®J% Int Salt 27 Loose Wiles ... -40% 40 Natl D Prod ... 15% 15% 15*. 15% Purity Bak 14'* 14% 14', 14 4 S Porto Rico Sug ... 30 31% Spencer Kellog }9'* 19 2 Std Brands 19% 19% 19*, 19% Un Biscuit % United Fruit ®* Wrig'.ey 64 1 Retail Stares— Asso Dry Goods J 2% Best ACo 31*. 31% 31% 32 First Natl Stores 63 Gimbel Bros 4 4% Gimbel pfd 23'* Gr Un Tea Hahn Dept Sts.i .. ... 5% 5% Jewel Tea . 4 *’-’ Kresge SS ... 17% 17% Kroger Groe ... .. .t. 28V* 28** M*ey -R H*v**9**'* ••• 43^4

THE INDIANAPOLIS TIMES

Marshall Fields 14% 15'* May Dept St 33** 38 Mont W r ard 25% 25*, 25*, 25% Natl Tea . 12% 12% Penney J C . . .. 55*, 55% 55*, 56 Safeway St .. . 49% 50% Sears Roebuck.. 43*, 43% . 42 Woolworth 48% 48% Aviation— Aviation Corp .. 6% 6% 6% 6% Curtiss Wrignt . 3% 3)4 3% 3% Curtiss Wr A 8% 8% Douglas Air 19 18% Nor Am Av .. 46 46 Speery Corp 8% 8% B'* 81, United Aircraft. 20% 19% 20% 20 Wright Aero 48 Chemicals— Air Reduction 99 98 Allied Chem 142 Am Com Alcohol 38% Col Carbon ... 69% 68% 68*4 68% Com Solvents ..22% 22 22'* 22% Dupont 86% 85% 86 861, Freeport Tex .. 40% 39% 40 41 Liquid Carb . 29% 29% Math Alkali. .. 32 31 31 30% Montosonta Ch . . 43% Natl iDs I new 1.. 25% 25 25 24% Schenelev Dist . 27 28% 29 29 Tex Gulf Sulph.. 33% 33% ■ 3'i Union Carbide . 41% 40% 40% 40% tJ S Indus Alco 41% 41% Virg Ch 6% pfd 18% Drugs— Cotv Inc • 5% Lambert 25% 247s Lehn & Fink.... . 21 Un Drug 15% 15% 15% 15’, Zonite Prod 5% 5 5% 6 Financial— Adams Exp 8 8 Allegheny Corp . .. ... 2% 2% Am Int Corp ... 7% 7% Chesa Corp 42 3 4 Lehman Corp 67% Transamerica 6'* 6", Tr Conti Corp 4 % 4% 4 Building— Am Radiator.... 13% 13% 13% 13% Gen Asphalt.. 187, 18% Int Cement 24% 24% Johns Manville 49% 49 49 49 Libby Owens Gls 30% 30% Otis Elev 14 Vi Household— Col Pal Peet 14% 14% 14% 14V, Congoleum .... . • 25% 25% Kelvinator 16 15% 15% IS Mohawk Carpet 17% Proc A Gamble . 33% 33% Simons Bed 16% 16% 16% Textiles— A7ner Woolen ••• 11% 71% Belding Hem .. 12% 12% 12% 12% Celanese Corp 28 27% Collins Aikman 18% Gotham Hose 8 Indus Rayon 72 71 % Kavser Julius.. 16 15% 15% 16 Real Silk 9 9 New York Curb (Bv Abbott. Hoppin & Cos.) , —May 7 Close Close Allied Mills.. 7% Hiram Walker. 31*. Alum Cos of A 66*4'Hud Bay Min.. 12% Am Beverage 2VHumble Oil .... 41% Am Cyanide B 17%:1mp Oil Ltd 14% Am A F P Wr 5 lint Petrol 26% Am Gas A El 22% Lake Shore Min 4R :i ■ Am Superpower 2%|Libbv McN L . 5% Ass Gas A El.. %;Lone Star Gas 6% Atlas Corp . ll*-ft!Natl Bellas Hess 2% Brazil Tr A Lt 10% Newmont Min . 48% Can In A1 “A” 11 INia Hud Pwr . 5% Can Marc . 2%iN>vadel Agene 20% Carrier Corp.. 6%!Pan Am Airwys 38 Cities Serv . . 2% Park Davis 24% Consol Gos B 5R' • Penn Road ... 2% Cord Corp .. 5% St Regis Paper. 3% Creole Petrol.. 12 |Sal Crk Prod.. 6% Deere A Cos . . 23 ISherwm Wins.. 67% Distillers Lim . 22% Std of Ind 26% Distillers Corp. 16'. 1 Std of Kv..... 16 El Bond A Sh. 12 s , Technicolor Ind 8% Fisk Rubber . 13* Teck Hugh Gold 5' Ford of Can A 21% Un Gas . . 2% Ford of EuroDe 9 ■Un Pwr A Lt A 3 Glen Aid Coal 15% Wright Harg M 8/2 Gulf Oil of Pa 61 I

Investment Tr ust Shares (By Abbott. Hcppin & Cos.) —May 7 Bid. Ask. Am Bank Stocks Corp 1.16 1.21 Am & Gen Sec A 4.00 6.00 Am & Inv Tr Sh 1.75 Basic Industry Shares 3.25 British Tvpe Inv Tr Sh 48 .54 Collateral Trustee Sh A.. 4.55 4.65 Corp Trust Sh (old) 2.06 2.11 Corp Trust Sh (new 7 ) 2.29 2.32 Cumulative Trust Sh 3.90 Diversified Trust Sh A ... 6.25 Diversified Trust Sr B 7.62 7.87 Diversified Trust Sh C 3 05 Diversified Trust Sh D 4.50 4.60 First Insurance Stock Corp 1.28 1.32 First Common Stock Corp . .79 .83 Fixed Trust Oil Sh A ... 8.12 8.37 Fixed Trust Oil Sh B ... 6.87 7.12 Incorporators Investments .17.75 18.00 Land Bank Bond Shares .. 1.16 1.29 low Priced Trust Shares.. 600 6.12 Mass Inv Trust Shares ...18.61 20.23 Nation-Wide Secuirties .. 3.30 3.36 North Am Trust Sh (53) .. 1.85 1.90 North Am Trust Sh (55-56) 2.31 2.34 North Am Trust Sh (58) .. 2.35 2.40 Selected American Sh .... 2.59 Selected Am Shares Inc 1.19 1.28 Selected Cumulative Shares 665 Selected Income Shares .. 3.46 4.00 Std Am Trust Shares A . 2.85 2.90 Trust hares of America .. 2.72 2.76 Trustee Std Oil A . 5.50 5.75 Trustee Std Oil B ....... 4.95 5.05 U S Elec Lt & Pwr A ...12.62 12.87 Universal Trust Shares 2.92 2.98 Daily Price Index (By United Press) NEW YORK May 7.—Dun & Bradstreet's daily weighted price index of thirty basic commodities compiled for the United Press: (1930-1932 Average, 100) Today 108.82 Saturday 107.28 Week Ago 106.75 Month Ago 107.91 Year Ago (Mav 8) 86.26 1934 High (March 12) .%. 110.24 1934 Low 7 (Jan. 3) 101.05 Copyright. 1934, by Dun <fc Bradstreet, Inc. N. Y. Coffee, Sugar Futures —May 7 —Santos— High. Low. Closp. Mjirch 11.45 11.37 11.41 Mav 10.82 10.73 10.74 Julv 10.93 10.85 10.85 September 11.31 11.21 11.23 December 11.40 11.32 11.33 —Rio— January ... 8 58 March ... 8.60 Mav 8.25 Julv 8.44 8.40 8.40 September 8.53 8.46 8.46 December 8.60 8.53 8.53 . SUGAR High. Low. Close. January 1.74 1.72 1.72 March 1.78 1.76 1.78 Mav 1.55 Julv 1.59 1.57 1.58 September 1.66 1.64 1.65 December 1.73 1.71 1.72 In the Cotton Markets —May 7 CHICAGO High. Low. Close. January 11.75 1161 11.75 Mav 11.20 11.10 11.20 July 11.37 11.25 11 34 October 11 56 11.35 11.55 December 11.66 11.49 11.66 NEW YORK January 11.68 11 50 11.67 March 11.78 11.61 11.68 Mav 11.20 11.06 11 20 July 11 33 11.16 11.33 October 11.49 11.31 11.48 December 11.60 11.43 11.59 NEW ORLEANS January 11.62 March 11.72 11.67 11.72 Mav 11.15 11.10 11.14 July 11.33 11.11 11.30 October 11.45 11 26 11.44 December 11.58 11.40 11.58 Retail Coal Prices The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 25 cents per ton Is allowed. Doraestie Retail Prices Anthracite $ 4.25 Coke, nut size >.75 Cokf 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 ran 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 Via. . G. M. C. Declares Dividend By T'nitcd Press NEW YORK, Mav B—General Motors Corporation today declared the regular quarterly dividend of 25 cents a share on the common stock, payable June 12 to siockholders of record May 1.

PORK MARKET STEADY TO 5 GENTS LOWER

Cattle, Lambs Scarce and Stationary; Values Are Weak. Porker prices lost the previous advance in initial trading at the Union Stockyards this morning. Practically all classes, with exception of underweights holding steady, moved around 5 cents lower than yesterday's average. The bulk. 160 to 325 pounds, was selling at $3.65 to $3.75, while few better grades sold up to $3.80. Smaller kinds, weighing from 130 to 160 pounds, brought $2.90 to $3.40. Extremely light kinds, scaling 100 to 130 pounds, was selling at $2 to $2.65. Receipts were estimated at 5,500; holdovers, 445. Trading was slow on beef steers and heifers in the cattle market and a lower tendency evident. Most classes remained inactive. Cows were unchanged. Receipts numbered 1,400. A sharp decline of 50 cents marked initial sales in veals, and the general run was salable from $6.50 down. Receipts were 900. With cnly slight action shown in the lamb market, prices were statiqnary at the previous close. Bulk of shorn grades sold at $9.25, while springers were selling from $9 to $lO. Receipts were 600.. Asking on hogs at Chicago remained steady with yesterday's average, while few early bids were mostly 10 cents lower at $3.70 down. Receipts were estimated at 22,000, including 7.000 directs; holdovers, 3.000. Cattle receipts were 7,000; calves, 3,500; market steady to strong. Sheep receipts numbered 13,000; market weak. HOGS May Bulk. Top. Receipts. 2. S3.7O<S 3.80 $3.85 6,000 3. 3.7oftJ 3.80 3.90 6.000 4. 3.75ftV 3.85 3.90 6,000 5. 3.65(® 3.75 3.85 1,500 7. 3.70® 3.30 3.85 5.500 8. Market, lower. (140-160) Good and choice $ 3.15@ 3.40 —Light Weights—-(l6o-180) Good and choice....? 3.65 (180-200) Good and choice 3.70 —Medium W'eights—-(2oo-2201 Good and choice ... 3.75/ff 3.80 (220-250) Good and choice ... 3.753.80 —Heavy Weights—-(2so-290) Good and choice.... 3.75® 3.80 (290-350) Good and choice 3.60 ft/ 3.75 —Packing 50w5.(350 .(350 down) Good 3.ooftv! 3.25 (250 lb. 1 Good 2.85® 3.15 (All tveights) Medium 2.75® 3.00 —Slaughter Pigs—-(loo-130) Good and choice ... 2.00® 2.65 CATTLE Receipts, 1,400; market, steady. (1.050-1,1001 Good and choice $ 6.75 ft? 8.25 Common and choice 4.50® 6.75 (1.100-1,500) Good and choice 7.00® 9.10 Common and medium 5.50® 7.00 (675-7501 Good and choice 5.25 ft? 6.50 Common and medium 3.00® 5.25 (750-900)--Good and medium 4.75 ft? 6.25 Common and medium 3.75ftt 4.75 —Cows— Good 0 3.50® 4.50 Common and medium 2.75® 3.50 Low cutter and medium 1.75® 2.75 —Bulls (yearlings excluded 1 Good (beef steers) 3.00® 3.75 Cutter, common and medium. 1.75® 3.00 VEALERS Receipts, 900; 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 2.00ri 3.50 —Feeder and Stocker Cattle — Good 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, 600; market, higher, (Shorn basis) Spring lambs $ 9.00® 11.00 (90-lb down 1 Good and choice.sß.7s® 9.25 (90-110 lb. 1 Good and choice . 8.75® 9.00 (500 lbs. down) com. and med. 7.00@ 8.50 —Ewes— Good and choice 3.00® 4.25 Common and medium 2.00® 3.00

Other Livestock (By United Press) CHICAGO. May 8. —Hogs—Receipts, 22.000. including 7.000 directs; slow, mostly 10c lower than Monday: 180-250 lbs., $3.60 ® 3.70: top, $3.70; 260-350 lbs.. 3.40® 3.60: 140-170 lbs., $3.25®3.65; pigs. $2.50 down; most packing sows. $2.75® 3.10. Light lights. 140-160 lbs., good ancl choice. $3.15 ft/3.65; light weight, 160-200 lbs., good and choice, S3.4oft/3.70; medium weights, 200250 lb., good and choice, 53.55ft/3.70; heavy weights, 250-350 lbs., good and choice, $3.40®3.65; packing sows, 275-550 lbs., medium and choice. $2®3.15. Cattle —Receipts, 7,000: calves. 3.500: generally steady, slow; good to choice medium weight and weighty steers, 25c to 40c under high time last week: strictly choice kinds steady: top $9.50; sheep steady to weak; slaughter cattle and yearlings, steers 550-900-lb., good and choice, s6ft/7.75; 9001,100 lbs., good and choice. s6ft/8.50; 1,1001.300- * good and choice. s7.soft< 9.50; 1.300- lbs., good and choice. SBft/ 9.50: 550-1.300 lbs., common and medium $4.50 ft/ 7.75: heifers. 550-750 lbs., good and choice. $5.25ft/6.50; common and medium, s3.soft/ 5.25: cows good. $4.25® 5.25; common and medium. $2.75® 4.25; low cutter and cutter. sl.soft/2.75: bulls (yearlings excluded' good beef, $3.25ft/3.75: cut common and medium, $2.75ft/ 3.40; yearlings good and choice, ss.soft/7.25: medium. S4ft/5.50: cull and common. S3ft/4; Stocker and feeder cattle: steers. 550-1.050 lbs., good and choice. $4.75ft/6; common and medium, $3.50® 5. Sheep —Receipts, 13.000: indications steady on all lambs, but sheep lower; wooled lambs, $10; talking S4ft/4.25 on ewes and sll ft? 11.50 on desirable spring lambs; slaughter sheep and lambs: spring lambs, good and choice. 510.25ft/11.50; medium. s9® 10.25-. lambs 90 lbs down, good and choice. sß.soft/9.10; common apd medium $6.25® 8.60: 90-98-lbs., good and choice. sß.soft/ 9; ewes. 90-150 lbs., good and i choice. %2.75ft/4.35: all weights common and medium. sl.soft/ 3.35. CINCINNATI. May B.— Hogs—Receipts, j 2.500 head including none direct and through, holdover 350 head; slow; sales 180 to 300 lbs., generally 10c higher at $4: lighter weights steady at 10c higher; better 160 to I*Bo lbs . $3.50® 3.90: 130 to 160 lbs.. S3ft/ 3.50: good packing sows steady at s2.soft/ 2.75. Cattle—Receipts. 300 head: calves. 700 head: generally around steady: few lots better steers and heifers, $5.50® 6.75: odd lot 350 lb. steers. $7: most fat cows. $3.25ft/4; low 7 cutters and cutters, s2® 3.25: buls shade lower, mostly $3 50ft/ 3.75: calves, steady; buik good to choice. $5.50® 6.50: others $5 dow 7 n. Sheep—Receipts 700 head: direct and through none, steady *o weak: most better spring lambs. s7® 1150: and plainer sorts from $lO down to $8 or below; few shorn lambs from old croD sßdown; odd head fat ewes, $3 64. FT. WAYNE. Mftv 8 —Hogs—s to 20c lower; 250-300 lbs. $3.85; 200-350 lbs., 53.65; 180-200 lbs.. 53.55: 300-350 lbs.. $3 40; 150-160 lbs.. $3.15; 140-150 lbs . $2 90; 130-140 lbs.. $2.65; 120-130 lbs. $2.15; 100-120 lbs.. $1.80: roughs, $2.75; stags. $1.50: calves. $6: lambs, $9.75. LAFAYETTE, Ind . May B.—Hog market, steady to 5 cents lower: 200-300 lbs.. $3 60® 3.65: 300-325 lbs. .s2.4oft/2 65; 100125 lbs. $1.65 fti 2.15: roughs, $2 7’ down. Top calves. $5.50; top lambs. $8.50; spring lambs. sll. (By Times Special). ’ LOUISVILLE Mav 3.—Cattle Receipts. 150: supply light: quality plain; market, mostly steady: bulk common to medflim steers and heifers. s4.soft/5.25: tetter finished kinds quotable. $5 50®/ 625 and above: bulk beef cows. s3ftr4; practical top. $4.25: sausage bulls. $3 75 down: bulk desirable light Hereford and Shorthorn stockers. $4.75ft: 5.25; common to medium grade natives. S3ft/4. Calves — Receipts, 300; weak to 50c lower: most loss on better grades: bulk. ss® 5 50; medium and lower grades. $4 50 down Hogs —Receipts. 1.000; mostly 5 cents higher; finished, *BS-275 lbs., $3.75; 280 lbs. up, $2.95: weights from 145-180 lbs. uneven, mostly 53.20; choice. 160-180 lbs., 53.45; 120-140 lbs.. SI 85; sows, $1 75: grassy and unfinished hogs discounted Sheep—Receipts. 900: run mostly spring lambs: market not established on these most; most buyers talking weak to slight lower with sellers generally holding for steadv values: better spring lambs Monday sll to mostly $11.50: better wooled lambs quotable sß®9; cull to medium. s4®7: fat clipped ewes mostly s2.soft/3; choice lightweights to $3 50. Banquet to Be Held Second annual Mothers’ and Daughters banquet of the Olive Branch Christian church will be held at 6:30 Friday night in the church. Mrs. James Carter is general chairman. \

U. S. Business Recovery Is Progressing Faster Than Other Countries

Federal Reserve Board Figures Show Activity In America at 81 Per Cent of 1928 Average and Near Peak of Year Ago. BY RICHARD L. GRID LEY United Press Staff Correspondent (Copyright. 1934. by United Press) WASHINGTON, May B.—Recovery in the United States is believed to be progressing faster than in other sections of the world follfwing a setback in the closing months of 1933 that carried American activity well under world levels. Extensive industrial production figures compiled by the league of nations shows that the United States had made .greater progress to date from its depression low than any other major country, with the possible exception of Japan and the Soviet Union.

Chicago Stocks —— By Abbott. Hoppin A Cos. —May 8— * High. Low. 11:30. Asbestos Mfg 32% 3 Bastian Blessing ss*5 s * Bedix Aviation 15% 14% 15% Borg Warner 23% 22*, 23% Butler Bros 9’, 9% 9’, Berghoff 7% 7 7), Cent, A So West .. Chicago Corp com .... 2% 2% 2% Chicago Corp pfd . 26% Commonwealth Edison 51% 50 50% Cord Corp s‘* 5% 5% Crane Cos ... 9 8% B’, Great Lakes Aircraft... . % Gen Hsehold Util 12 11% 12 Kingsbury • 5% Libby McNeil 5% 5% 5' 2 Lynch Corp 29', 29 29'* Marshall Field ... 15% 14** 15% Middle West Utilities . U % Midland United % Noblitt-Sparks Ind.. Inc 13% 13% 13% Quaker Oats . ll®. Swift A Cos 16% 15% 16% Swift Internacional .... 30% 29% 29’, Utah Radio }% Utility A Ind }% Utility A Ind pfd ••• 4 Walgreen Cos com 24% 24 24% Zenith Radio 3% 3*/ 3%

CONSTRUCTION COST. COMPARISON MADE Apartment Erection Figures Steady at 1919 Level. By Timm Special NEW YORK, May B—A comparison of actual cost records for fortytwo apartment house buildings erected from 1919 to 1931 with twenty-one similar units proposed for 1933-34 construction shows that today fireproof construction costs no more than the semi-fireproof construction of the previous fifteen years, and that a fireproof, elevator apartment of the proposed slum clearance type can be built now for only slightly more than the semifireproof walk-up of 1919, according to the 1934 edition of Construction Costs, published annually by Engineering News-Record. In one section Construction Costs presents an analysis of building costs for eight groups of buildings, the first built in 1919-20. and the others in 1921-22, 1922-23. 1923-24, 1927-28 and 1933-34, respectively, with two groups included in the last period. For the 1919-20 period an analysis of ten units is presented. These units consist of four-storv, semifireproof walk-up apartments. In all they include sixty-four apartments of four rooms, sixty-four of five rooms, sixteen of six room, and a total of 144 baths and twenty garages. The average gross area a room is 237 square feet, and the total cubic volume 2.146.918 feet. For this type of construction the cube foot cost was 38.1 cents. Similar construction, equipped with elevators, cost 57.7 cents a cube foot in the 1921-22 period.

CANNED FRUIT EXPORTS OF U. S. SHOW ADVANCE First Evidence of Gain Since 1929 Is Revealed in Survey. By Times Special CHICAGO, May B.—The steady decline of United States exports of canned fruit and vegetables, halfbillion dollar far western industry, has been definitely checked, according to an analysis of the latest available figures made by the Bank of America, Pacific coast branch banking institution. First evidence that the tide had been stemmed occurred in the last half of 1933. when the volume of exports for all canned fruit and vegetables, after having fallen off steadily since 1929, rose to 194,871,985 pounds frrm the 167,208,380 pounds exportea ror the last six months of 1932. Convincing proof pointing to the definite recovery of exports is revealed in figures showing that foreign shipments of asparagus, apricots, peach and pineapples increased more than 100 per cent for the first two months of 1934 over the corresponding period in 1932, the report states. THERMOID CO. REPORTS FIRST QUARTER INCOME Earnings During Three Months Total $56,108 After Charges. By Timt * .'pedal NEW YORK. May B.—Operations of Thermoid Company and wholly owned subsidiaries for the \ first quarter of 1934 resulted in a net profit from operations of $56,108, after expenses, interest and depreciation, but before federal income taxes. This figure compares with a loss of $103,363 in the same period of 1933, when no federal income tax liability accrued. Estimated federal incomes taxes for the first quarter of 1934 were $7,476, leaving net income applicable to the stock of the company of $48,534. Net income of Southern Asbestos Company, 98 per cent owned, was $8,203, after federal income \axes, compared with a loss of $10,596 in the first quarter of 1933. Cash Dividend Declared By United Press CHICAGO. May B.—Directors of the Standard Oil Company of Indiana today declared a cash dividend of 25 cents a share, payable June 15 co stockholders of record at the close of business. May 15. Dividend Payments Resumed j By Times Special CHICAGO, May B.—The National Enameling and Stamping Company declared a dividend of 50 cents a share on the common stock, marking the first payment since March 3L 1930.

A part of the rapid rebound in the United States was accounted for’in part by the fact that the depression had previously cut deeper in the United States than elsewhere. At the close of 1933 official figures showed that United States activity was lower than in most other countries, but the domestic upturn since that time is believed to surpass that in other nations. Since December, 1933, the United States has experienced a rapid growth of industrial activity after a slight decline in the closing months of 1933 when other nations were experiencing continued upturn. The rise since the first of the year, according to federal reserve board statistics, has been rapid. For the first four months of this year the federal reserve board figures showed that activity in the United States reached 81 per cent of the 1928 average and close to the peak reached in the speculative upturn a year ago. This gain was believed again to place the United States in the lead in the recovery drive and to have carried American industrial activity to or above the world level of industrial activity. Statistics of the extent of the recovery in other sections of the world for the first four months of this year are unavailable. Full effects of President Roosevelt’s recovery drive on business activity are not expected for some time and credit for the promotion of increased domestic activity is likely to be an increasingly important political issue. Assertions in some republican quarters that the business rebound since the summer of 1932 was ‘‘automatic” and would have occurred despite the Roosevelt recovery program with its billions of new expenditures, are met with the reply that the President has not yet completed the program and that its accomplishments can not be gauged over so short a period.

ELECTRIC CONSUMPTION UP 11 PER CENT IN 1933 59,884,000,000 Kilowatt Hours Sold to Consumers During Year. NEW YORK. May B.—Expanded use of electrical energy and manufacturing during the second half of 1933, not only wiped out the earlier deficiency compared with 1932 but piled up an excess. From a detailed analysis of the energy sales of 137 large electric light and power systems, published by the Electrical World, it appears that the demand for industrial power increased so greatly, as factory production was accelerated, that the year's total for this part of the consumption rose 11 per cent over 1932. During the year, the systems thus surveyed generated upward of 73,818,000.000 kilowatt hours, or 93 per cent of the total production in the entire country for electric light and power. Os this they sold 59,884,000,000 kilowatt hours to ultimate consumers, the difference representing chiefly losses together with a moderate amount of energy used directly by the companies for their own needs. About 56 per cent of the amount sold went to large users, in the main for industrial purposes. INVESTMENT TRUST SECURITIES REACT Average of Ten Leading Common Stocks for Week at 13.99. By Times Special NEW YORK, May B.—lnvestment securities reached further during the past week reflecting the 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-Dis-tributors, Inc., stood at 13.99 as of the close of May 4, compared "with 15.01 ofi April 27. The average of the nonleverage stocks stood at 15.58 as of the close May 4, compared with 16.46 at the close on April 27. The average of the mutual funds closed at 10.96 compared with 11.35 at the close of the previous week.

Always >teven/ CHICAGO • MICHIGAN BLVD. Surrounded by interesting Boulevard shops. Only a few minutes to all Loop points of interest. •

MAY 8, 1934

GRAIN FUTURES DIP SHARPLY ON WEATHER NEWS Cloudy Skies Over Parts of Drought Sections Creates Selling. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO. May 8. Cloudy weather over parts of the sprinß 1 wheat belt attracted sellers to the ! erain pits at the opening of the | Board of Trade today and prices eased rather sharply. At the start wheat was % to 1 cent lower; corn was off ’* to ’a cent; oats was % to 1 cent lower, j and rye dropped % cent. Although there was no precipitation of consequence overnight, cloudy weather over the belt caused traders to act with caution. Many of yesterday's buyers switched to the selling side. Stocks were firmer but • commodities were lower. Liverpool wheat firmed. Influenced more by Winnipeg than by yesterday's strength in local markets. Chicago Futures Range —May 8— Prey Wheal— Hi?h. Low, lo On. close. I May * 84*4 .83% .83% .84% J2U 81% -81% .82% Sept. 83% 82*4 .82% .83% Corn—--1 Mar 47% .46% 46% .47% July 50 48% .49', .SO'* ** P PT 50% .50 .SO** M% Oats—--1 May 33% .33 .33% .34 : July 33% .32% .31% .33% SPP' 33% .32% .32% .33% Rye— May 86% .56% July 57% .57 .57*4 .57*, Sept 58% .57% .58 .58% BarleyMay .491 j Sept. 7.7.7” .43% .'43% :% .43% Cash Grain INDIANAPOLIS —Mav 7 The bids for car lots of erain at the call of the Indianapolis Board of Trade, r o. b.. shipping point basis 41% New York rate, were: WHEAT—No. 1 red. 75'® 77%; No 2 re S%7i 4 'a®76%; No. 2 hard. 74%®76%c. COR —Strong: No. 2 white. 46%®48%c; I No 3 white, 45%®47%c; No. 2 yellow, 44 ® 46c: No 3 yellow. 43® 4 5c; No. 2 mixed. 43®45c: No. 3 mixed. )®44c OATS—Strong; No 2 white. 32%®33%c; No. 3 white. 31%®’32!i. —lnspections WHEAT—No. 1 red, 1 car; No. 2 red. 2 | cars; total. 3 cars. CORN—No. 2 white. 1 car: No. S white. 4 cars: No. 4 white. 2 cars: No 2 yellow 19 cars: No. 3 yellow. 6 cars; No. 4 velI 1 c , ar: No 5 yellow. 2 cars; sample yellow. 1 car: total, 36 cars. [ OATS—No. 2 white. 7 cars; No. 3 white. I 3 cars; total, 10 cars. Local Wagon VV'heat | City grain elevators are pacing 72 cents ! * or No. 2 soft red wheat. Otner grades j on their merits. Bv United Press. i CHICAGO. May 7. Cash Grain: Wheat —No. 3, mixed weevilv. 82 %c: No 2 aoi rd w eeviiy. Corn—No. 2 mixed] ! 49%c: No. 4 mixed. 49c: No. 2 yellow I 2 VJilow lake. 50c; No. 2 vellow old. 50ft/ Sig; No 3 vcllov lake. 50c No. 3 vellow old. 50c: No. 4 yellow old. 49%cNo. 2 white old. 54Vic: No 3 white. 54csampleg rade white old 15c. Oats—No 2 white 35%ft/36%c: No. 3 white 35%® 35%c: No 4 white 34c. Rye—No sales. Bariev—7oft/82c. Tiniotnv Clover Seed—S9.soft/12.75: Cash Provisions -Lard, $5.82. loose. $5.40- leaf. $5.37; bellies. $7.75. TOLEDO. Mav 7.—Grain Close /grain In Ci. e . v 2^° rs - transit billingi. Wheat-No. 2. 86A87c. Corn—No. 2. vellow. 54ft/55c. Oats —No. 2 white. 40® 41c Rye—No. 2. 62% A63%c. 1 Track prices 28%c ratet. Wheat —No. 1 red, 82ft? 83c; No. 2 red. 81® 82c. Corn—No. 2 vellow. 49</50%c: No. 3 vellow. 48%®49%c: Nl. 4 vellow. 47%@ 48%c. Oats—No 2 white 36',®S8r: No. 3 white. 36®37%c. Seed close: Clover—■ Cash. $8.25. Alsike—Cash. $8.50. ST. LOUIS. Mav 7. —Cash grain closed: Wheat—ln fair demand. 3c higher on all grades: No. 2 red. 82c: No. 3 red gariickv. 79c: No, 1 hard. 32%c: No. 2 hard. 8?c nominal. Corn—ln god demand 1 % to 2c hieher: Nc. 1 vellow. 52xc: No. 3 vellow. 52c. Oats—ln good demand. 1 to l%c higher: No. 2 white, 37c; No. 3 white. 36'. r- No. 1 hurt. 36%C. NEW YORK, Mav 7.—Cash grain: Wheat —Nn 2 red, 102%; No. 2 hard winter. $103%. Corn—No I mixed. 55%c. Oats—No. 3 white. 44 %C. CHICAGO PRIMARY RECEIPTS —May 7 Bushels. Today. Last Week Wheat 217,000 269 000 Corn 230.000 230.000 Oats 121.000 51.000 LOAN APPLICATIONS OFF Drop Caused by Seasonal Activity in Farming Communities. By Times Special LOUISVILLE, May B.—Seasonal farm activity as wejl as a noticeable easing of the credit situation throughout thd farming communities of Ohio. Indiana, Kentucky and Tennessee is reflected in the decrease in loan applications received during April by the Federal Land bank of Louisville, according to Colonel Frank D. Rash, president. “April applications for loans from the Federal Land bank of Louisville and the land bank commissioner totaled 4,388, asking for $17,254,600, as compared with 6.604 applications in March for $24,984.200. Applications for loans during the first four months of 1934 totalled 25,241 and the amount asked for totalled $96,970,200. Advertisers to Meet By Tunes Special CHICAGO, May B.—Members of the Chicago Financial Advertisers will convene here tomorrow for their annual meeting and election of officers.