Indianapolis Times, Volume 45, Number 311, Indianapolis, Marion County, 9 May 1934 — Page 15

MAY 9, 1934.

Wall Street J. S. Bache & Cos. Bullish Despite Wide Breaks Over Week-End.

BY RALPH HENDERSHOT Timet Special Financial Writer. WITH Saturday's bad break in stcck.-, causing most people in Wall Street to b? very much depressed, it was encouraging to note that the partners of at least one important brokerage house was decidedly bullish on shares "for the pull.” J. S. Bache & Cos. put out a special letter

for their clients over the week-end listing I favorable credit! factors which it j feels sure will I bring materially j higher prices. i The brokerage j firm did not! dwell with such j things as cor-; porate earnings.; the Stock Ex- j change regulation measure or the President’s new deal policies, but held

Hendershot

rather to the theme that "money; eventually goes back to work." Itj ventures the prediction that “ultimately .a yield of 3 per cent will seem relatively attractive.” "England preceded us in going off the gold standard by one and onehalf years,” says the Bache letter, "with the net result today that England reduced by one-third the carrying charges on her national debt. In the same way her railroads, utilities and industrial corporations have effected great savings in interest charges, due to the fact that England was flooded with idle funds that eventually had to be reinvested. and, then, at a lower rate of interest.” man THE facts to keep In mind, the brokerage firm contends, are that United States investors will not reinvest in foreign securities, which formerly took billions of dollars out of the country, and will only invest in sound domestic enterprises that are ably managed. It presents a hr ~s unnis showing that from 1924 to 1929 new security offerings in this country never fell below $5,500,000,000, but in 1932 was dropped to $1,192,000,000 and in 1933 to $716,000,000. In 1929 the total was more than $10,000,000,000. "It is clear enough,” the letter explains, "that the funds pumped into the reservoir during 1932 and 1933 have left a considerable reserve which has been seeking an outlet in the form of investment securities. The best indication of this may be found in the examination of the course of bond prices. On April 25, 1934, the average price of representative high-grade rail bonds, as measured by Moody's Index, reached the highest level since April 1, 1902. The yield on many high-grade bonds dropped below 4 per cent for the first time since 1928.” man THE evidence presented by the Bache firm is hard to refute.< Investment funds are piling up at a high rate. These funds will continue to pile up until confidence in the business and political outlook j has returned. While uncertainties j continue this money will be attracted to the best-grade securities, 1 but as the rates of return on these < decline and as the recovery appears more certain it will drop down to the lower-price brackets, where yields are larger.

Bright Spots ' (By Aooott. Hopoln & Cos i ——~ A- Ohio Railroad Company total car loadings in the week ended May 5 totaled 29.741 cars against 28.939 cars in the previous week. Fan-Ameriran Airway* Corporation and subsidiaries In the year ended T>ee. ::t had a net profit of 5898.488 after charges, against $698.52* in 1932. Illinois Central Railroad Companv car loadings in the week ended May 5 totaled 24.976 cars against 21.977 cars in the corresponding 1933 wees. Aiperiran Telephone and Telegraph Company net operating income in tne first quarter amounted to $4,331,984, against $1,397,318 in the first quarter last year. Chicago. Rock Island A- Pacific Railroad Company car loadings in the week ended May 5 totaled 13.119 cars against 19.139 cars in the like 1933 week. Pioneer Gold Mines April gross earnings amounted to $251,000. against $260.000 in April, 1933. Mack Truck Companv in the first quarter had a net loss of *29,647. against $566,908 in the first Quarter of 1933. TAX COSTS AMOUNT TO 47 CENTS A CUSTOMER May Installment of $816,724 raid by Northern Indiana Firm. HAMMOND. May 9.—The Northern Indiana Public Service Company and affiliate companies pays property taxes of 47 cents a customer a month, it was today by Morse Dell Plain. president. Bernard P. Shearon. treasurer, has sent checks for $816,724 to county treasurers in payment of the May installment of taxes, and an additional $339,077 was paid in taxes on the Lake county property of the Chicago District Electric Generating Corporation. Total property taxes paid in •<4934 will amount to $1,633,904. Mr. DellPlain said. In addition, the federal tax on electric energy will be paid. Property taxes paid in the May installments for the affiliated companies in northern Indiana territory included the Northern Indiana Public Service Company. $586,294.98: Chicago District Electric Generating Corporation. $339,077; Indiana Service Corporation. $100,059.30; Gary Heat. Light and Water Company, $90,792.65; and the Indiana Hydro-Electric Power Company, $21,039.21. RELIEF ROLL GREATER IN FACE OF RECOVERY Exhaustion of Resource*. End of fWA Are Blamed. By I'nil'd Print WASHINGTON. May 9.—Despite continued gains in business activity, the number of families on relief rolls la greater than it was a year ago. the commerce department reported today in its monthly survey of current business. Th# report blamed “exhaustion of ..individual resources,” together with “demobilization of CWA workers.” for a ‘substantial” increase in the number seeking relief.

SECURITY LIST RESUMES FIRM TRADING RANGE Steel Operations at Peak for Year; Silver and Cotton Steady. By ELMER C. WALZER I nllrd Prm Financial Editor NEW YORK. May 9.—Stocks firmed fractionally at the opening today on the Stock Exchange; bonds were irregular; silver and cotton, were about steady, and rubber broke a cent a pound. United States Slcel opened at 46%, up %; General Motors 34%, up 1 ; Atchison 60'<. up H,\ Case 58. up %; Chrysler 44%. up •%; Du Pont 87%, up >2, and Montgomery Ward 27 i 2, up •%. United States Smelting opened at 119 ! i, off 1 in an irregular silver group. It later declined to 117. off j 34 points net. Cerro De Pasco j opened at 344, up 4, but later eased off. American Smelting held around the previous close at the outset and later sold at 40%, off 4 point. Reaction in the silver shares was brought on by selling by yesterday’s buyers who had incorrectly interpreted silver news iate in the previous session. The White House statement on silver was considered indefinite and silver enthusiasts in Wall street prepared to await more concrete developments before making new commitments. Trading was moderately active at the otitset in the general market, but it dwindled after the opening. As silver shares declined the list was unsettled. Chrysler was firm. Telephone eased, rubbers dipped with rubber futures prices. Sieel news was not considered bullish despite the fact operations were at a peak for the year at 60 per cent in the Iron Age compilation. That authority found a warning sign,?; in weakness of scrap steel, nnd noted that automobile production apparently had reached its peak. The report of the Edison Electric institute for the week ended May 5 reflected introduction in many sections of daylight savings time. Electricity output was at 1.632.766,000 kilowatt hours, against 1.668,564,000 kilowatt in the preceding week, it was up 13.7 per cent as compared with I he correspending week of 1933, against a percentage rise of 16.8 in the previous week. Money and Exchange INDIANAPOLIS BANK CLEARINGS —May 9 (Waring* $2,479,000.00 DFb ‘ ,s 5.927.000.00 FOREIGN EXCHANGE (By Abbott. Hoppin & Cos.) —May 8— Sterling. England $5 n loS f t ' Franc Prance 0661% Lira. Italy 0852% Belgias. Belgium 2343 Mark. Germany .'3951 Guilder. Holland 6790 Peseta, Spain !1371 Krone. Norway 2570 Krone. Denmark 2285 Yen. Japan [3031 Treasury Statement (By United Press) WASHINGTON. Mav 9.—Government expenses and receipts of the current fiscal vear to May 7. compared with the corresponding period of the prevoius fiscal year: This Year. Last Year. Expenses $6,000,153,779.21 $4,403,631,668.28 Receipts 2,589.644.649.32 1.683.428.070.53 Deficit . 3.410.359.129,89 2.710.203 597 75 Cash bal . 2.217.569.346 64

Bond Prices By Fenner & Beane ——— By Fenner Beane —May 9 High. Low. 10:30 Alleg Corp 5s 'SO 40% 4040% AmArFor Pwr 5s 2030 55 54% 55 AT&T db 5s '65 * 108 107% 107% Atchison gen 4s '95 10 100% B&O CV 4%s '6O 66 65’, 66 Can Pac 4s 82% 81% 87% ChMStP&P dj 5s A 2000 16 15% 15% ChMStP&P rs as A '75 49% 48% 48% Denmark 5%s '55 92% Det Ed 5s E '52 .. 106% Erie RR rs 5s '67 . . 74% 74 74% Goodyear 5s '57 99 Gt Nor 4%s D '76 80 Gt Nor 7s A '36 97% 96% 94% Int T&T db 5s '55 64 63% 64 McKess&Robb 5%s 'SO 81% 80% 80% Nat Dairy db 5%s '4B 95 94% 94% N Y Cent 4%s O 2013 75 74% 75 Pac Gas & El 5s A '42 105% Para Pub 5%s 'SO 53 52 o3 Penn RR 4%s D 81 96% Shell Un Oil 5s '47 98 97% 98 Sin Cons 6%s B '3B 105 Texas Corp 5s ’44 102% 102 102 tin Pac Ist 4s '47 104% U S Rubber 5s A '47 . 86 Vanadium 5s '4l . 83% 83% 83% Western Un 5s 'sl .. 92 Ygstwn S&T 5s B '7O 84% 84 84% U. S. GOVERNMENT BONDS (Bv United Press) NEW YORK. Mav B.—Closing liberty bonds, i Decimals represent thirtv-seconds.) Liberty 3%s (32-47) . 103.31 First 4%s i32-47i 104.9 Fourth 4%s <33-38) 104.7 Treasury 4', s-S% s (45) 103.4 4% s <47-52) 111.20 3%s <43-471 103.30 3%s <4l-431 March 103.30 3%s <4O-43) June 104.1 3'.s (41 103.27 3%s < 46-49 b 101.19 3s <sl-55) 1C0.14 FEDERAL FARM EOAN BONDS <By Blyth & Cos.. Inc.) —May 8— Bid. Ask. 4 s Nov. 1. 1957—37 100% 100% 4s Mav 1. 1958—38 100% 100% 4%s Julv 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—38 101 4%s Mav 1. 1942—32 101 4%s Jan. 1, 1943—33 100% 100 s * 4%s Jan. 1. 1953—33 100% 100% 4%s Julv 1. 1953—33 100% 100% 4%s Jan. 1. 1955-35 100% 100’, 4%s Jan. 1. 1956—36 100% 101% 4 s .s Julv 1. 1953—33 100% 100% 4%s Jan. 1. 1954—34 100% 100% 4%s Julv 1. 1954—34 100% 100% 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—44 102% 106% U. S. EMPLOYMENT UP 690.000 DURING MARCH Total Number Nears Recovery Peak Reached Last December. By Times Special NEW YORK. May 9.—The total number of persons employed in the ! United States rose from 36.431.000 in February to 37.121,000 in March, j an increase of 690.000. according to a statement just released by the Alexander Hamilton institute. "Employment in March.” says the institute, "was nearly back to the recovery’ peak reached in December when 37.228.000 persons were employed. As compared with March, 1933. when the low for the depres- j sion was Peached, March. 1934. showed an increase of 4.415.000 in the number of persons employed. The number of persons unemployed in March totaled 13.101.000. a decrease of 4,068,000 from the March. 1933, figure. The descrepancy between the increase in employment and. the decrease in unemployment during the last year is accounted for by the increase in population.

New York Stocks

AVERAGE STOCK PRICES FOR TUESDAY

Net High. Low, Close, change. Thirty industrials 97.73 94,47 97.16 -r1.65 Twenty rails 44.86 43.20 44.57 +.87 Twenty utilities 23.13 22.03 22.91 + .62 Forty bonds •••• 94.22 —.22 Ten first rails • ••• 99.82 Same Ten second rails •••• 82.80 —.55 Ten utilities .... 97.32 —.lO Ten industrials .... 96.92 —.22 + L'p; -Off.

—May 9 Prev. Oil*— High. Low. Close close I Amerada 51 50 I All Rig 25'* Barn.dall 8 8 Consol Oil . . lu % Corn of Del 20 19’, 19’. 19 •* I Houston tnew) 4' 1 Houston told* .. .*. ... 22 Mid Cont Pet 12'* Ohio Oil 124 12-y* Pet Corp 11 Phillips Pet 17?* Plymouth Oil 12% 12 Pure Oil 10% 10% Royal Dutch 34% Sbd Oil 33 Vt 33 Shell Un 9 9 Skellev Oil 10 Soc Vac 16 154 S O of Cal 33 4 33 4 3 O of N J 43% 434 Sun Oil 564 Texas Corp 244 244 Tidewater Assn 124 Un Oil of Cal 164 Steels— Am Roll Mills 204 204 1 Beth Steel 37 264 i Byers AM 23 4 ! Col Fuel & Iron 44 Cruc Steel 26 Inland Steel 43 Ludlum Steel 14 McKeesport Tin 844 Mid Steel 14 144 Natl Steel 46 454 Otis Steel ... .. . 5 Rep Iron & Steel 18% 184 18 4 114 Rep Ir & Stl pfd 52 514 U S Pipe & Fay 23 4 23 ;* U S Steel 46V* 454 U S Steel pfd 89 4 90 Warren Bros . . ... . 94 Youngst'n S & T.. ... 22 4 22 4 Motors— Auburn 384 3714 384 37% Chrysler . 44 4 434 Gen Motors ... ... 34 Oen Motors pfd . .. lOl'/a 101 Graham Mot . . 34 3 34 3 Hudson 14: 144 Hupp 4 Macs Truck ... 264 27 ('Nash ... 19 Packard 4% 44 Reo ••• 3 4 34 Studebaker ... 54 5 Yellow Truck . 5 Motor Access— Bcndix 154 154 154 144 Bohn Alum 58 Borg Warner ... 234 234 Briggs If 164 Buaa Wheel ... 34 34 itaton fc.'.g 184 1(4 Elec Auto Lite. .. ... ••• 21r* Houdaille A 44 Mullins Mfg 11 Va Mullins Mfg pfd 7;’s Stew Warner 7% Timken Roll 314 Timken Det Axel 7 Mining— Alaska Jun 1§ 4 Am Metals • 22% 23 Am Smeit 414 41 41 41,* Anaconda la 4 la Cal & Hecla , 44 Cerro Ds Pasco 34% 34 4 34 4 334 Dome Mines .... 37'A 374 37 4 374 Granby JO/* Gt Nor Ore • I*, Homestake Min ■ 354/* Howe Sound 47 4 464 46:* 464 ins Copper • , 4 * Int Nickel 28% 284 Int Silver 3f/ a Isl Creek Coal .. 27 ,2 2o 2 Kennecott Cop 204 204 204 20 2 Mclntyre Mine . • • 43% 43,* Noranda Cop ... 40 4 40 % 40V* 40 Park Utah ... 44 4 44 44 Phelps Dodge .. 17 164 164 16'/* St Joe Lead ... 204 20 U S Smelters ..1194 1174 1174 1204 Vanadium Amusements — Crosley Radio J 2% Fox Tea • ■ ■ • • • I® Loews Inc 32 31 4 31 4 32 4 Radio Corp 7% 74 74 . RKO 34 3 Warner Bros ... ••• b A Tobaccos — Am Snuff Am Sum Tob ... ••• 164 ‘J * Am Tob A 71 70 4 71 684 Am Tob B 714 Ligg & Myers B Lorillard 17/a 17,4 Reynolds Tob B .. ... 42’* 42% Rails— Atchison 604 60 60'/* 594 Atl Coast Lines 41 B & O “4 Can Pac 164 164 Ch & Ohio 444 444 Chi & Gt W 34 Chi & Gt W pfd 9 BV* C M & St P 5% 5 C M & St P ptd . .84 84 Chi N W 10% 1014 104 94 Chi N W pfd 194 174 Dela & Hud ... • , 57 Del Lac & W ... 234 234 234 234 iSrie 184 Erie pfd 22% 22/4 Grt North pfd ■ 22 4 111 Central .. ~ 274 27 K C Sou 144 Lehigh Valley 154 Lou & Nash ••• ••• 55 1 M K & T 94 M K & T pfd 244 Mo Pac 4 N °Y P Cent W .'... 29% 294 29 4 28% NY C & St L 17 NYC & St L pfd 334 'N Y New Haven 15 V* NY. Ont & West 84 § Norfolk & Wes.. 775 Nor Pac 184 284 284 29 Penn R R 32 4 32V* 32/2 32 Reading ’5 Sou Pac 234 234 234 23 Sou R R 26 3 2 V Sou R R pfd 344 Union Pac 1 *3? Wabash .• • t -“. 4 West Maryland 124 12,2 Equipments— Allis Chalmers ••• 16 164 Am Brake Shoe “S /s Am Car & Fdy Am C & F pfd 40 4 Am Loco il /3 Am Loco pfd 6* Am Mch & Fdy Am Steel Fdy J% 2 Bald Loco U. 4 114 Bald Loco pfd “O case° u / h i ::::: 58 ‘si* % Cater Tract S,, 2 Deere & Cos J?,' 4 Elec Stor Bat _ 44/2 Foster Wheeler 18/4 Gen Am Tank C 2/ 4 Gen Elec 21 21 Gen R R Sig Ingsol Rand 58 57 /* Int Bus Mach .. •,... Int Harvester .. 36* 364 36 * 36 2 Natl Cash Reg . , J®/* Pullman Inc • 53* 52/4 Rem Rand 9% 94 9/ 9/2 Und Elliot West Air B . ... „ ■ , 29 4 304 Westingh Elec 35 V 4 344 35 35 Worthington Pm Utilities— Am 6s For Pwr 84 84 84 84 Am Fower & Lit 74 74 74 64 \ T & T Ill’s 1114 1114 1114 Am Wat Wks .. ■ 184 184 8% 8/2 Col Gas & Elec .. 3 124 12% 12% Brook Un Gas 60 /* Col G & E pfd 74 72 Com & Sou 2 2 , 2 , 4 Consol Gas 33 * 33 4 Elec Pwr & Lit. .. J 5 s E P & L pfd 14 144 Int Hydro Elec .■■ 64 64 Int TANARUS& T 134 124 124 12'2 Lou G As E • A" 164 Nat Pwr & Lit . Jg** Jg * North Amer ... 16% 164 164 16 2 Pac GAs E 184 184 Peoples Gas 22 4 Postal Tel pfd 204 20 Pub Serv N J 34 344 So Cal Edison 17% 17 , Std Gas I°' 1?., Std Gas pfd t 1 i 3 2 Stone Webster .. United Corp a' 4 .5 s Un Gas Imp 1® Ut Pwr As Lit A 3 3M Western Union 45 Firestone 204 204 20 4 20 4 Goodyear ' ■ ’• ■ • 22 ' 3 u e s V RuSbev K 214 204 204 214 U S Rubber pfd 534 534 534 53 * Miscellaneous — Am Bank Note 214 21 Am Can >74 93^2 Anchor Cap 204 20% Brklvn Man Tr 3i4 Conti Can 78V* 784 Curtis Pub 24 24 Curtis Pub pfd • 7i4 Eastman Kodak • 89 4 88% Gillette 10% 104 104 104 Glidden 24 Va 24 24 24*2 Inter Rapid Tr 84 Owens Bottle *74 Raybestos Mfg ... ••• 18 s I* l * Foads— Am Sugar 524 Armour A 6 * 64 Beatrice Cream • , • % Borden Prod ... 234 23 4 234 23 Cal Packing 32 4 32 4 32 a 314 Canada Dry GA 23 22 4 22’* /2 Coca Cola 1164 Cpnt Bak A __ 94 Corn Prod .67 654 Crm < Wheat 32 . ?2 3 * Cuban Am Sugar 7 * 64 Gen Foods 334 Jj*i Gold Dust 20% 204 G W Sugar 29 29 Hershev 64 * Loose Wiles A ... ■ 04 Natl Biscuit 39 394 Natl D Prod 154 15% Purity Bak 144 S Porto Rico Sug 314 304 Spencer Kellog 20 4 20 20 20 * United Fruit 70 Wrigley 63 Retail Stores— Asso Dry Goods .. ... 134 124 Best A 60 ... 32 314 Gimbel Bros Gr Un Tea 6 Hahn Dept Sts Jewel Tea . 46 Kresge S S ...... 184 184 164 18V* Kroger Groc 394 Macy R H 44 Marshall Field* 15

THE INDIANAPOLIS TIMES

May Dept St ... . 374 Mont Wayi 274 27% 274 26% Natl Tea 134 134 Penny J C 584 58 Safeway St 514 504 Sears Roebuck .44 4 44 4 44 % 43 4 Woolworth 50 49’* Aviation— Cutriss Wright. 34 34 Curtiss Wr A.. . . 94 Douglass Air ... 194 194 194 194 Nor Am Av . 54 5 Speery Corp B’* 84 B’* 84 United Aircraft 214 20’* 21 4 20 4 Wright Aero 48 4 Chemicals— Air Reduction .. 904 994 Alli./d Chem 141 140 140 140 Am Com Alcohol 41 Col Carbon ... . 70 Com Solvents 234 234 234 23 Dupont . 88 874 874 87'* Freeport Tex .. . . 41 Liquid Carb . . 304 304 30 s * 304 Math Alkali 314 314 Montosonta C 42 4 43 Natl Dis 1 new) . 26% 26 Schenelev Dist 294 29 % 29 4 29 4 Tex Gulf Sulph 34 334 Union Carbide. 41% 414 414 41% U S Ind Alco 444 Drugs— Cotv Inc 6 5% Lambert • 244 Un Drug 164 16V* Zonite, Prod 6 6 Financial— Adams Exp ... 84 84 84 84 Allegheny Corp 2% 24 Am Int Corp 74 7 4 Chesa Corp . ... 44 Lehman Corp . . . . 68 Transamerica .. 6% 64 6% 6% Tr Cont Corp 4% Building— Am Radiator 14% 144 Gen Asphalt ••• 19 Int Cement .. .. . . _ 24% Johns Manville . 514 51 51 514 Libbv Owens Gl3 324 324 324 32 Otis Elev 144 144 Ulen Const 24 Household — Col Pal Peet , 15% 154 Congoleum .... 27 264 27 26 z Kclvinator , 18 16% Mohawk Carpet 1* Proc & Gamble 35 Vi 35 4 Simmons Bed ... •• • 17 17 Textiles— Amer Woolen 12 114 Belding Hem • i 2 ’ 8 J 2 Celanese Corp . 30'/a 30 V* 30’/a 23 Collins Aikman . z " 4 Gotham Hose 84 Bvs Indus Rayon 7j 75 Kavser Julius .... ... •• • ij| Real Silk •• New York Curb (Bv Abbott. Hoppin & Cos.) —May 8— Close Close Allied Mills .. 8 iGen Aviation . 5V* Alum Cos of Am 704,Gu1f Oil es Pa. 614 Am Beverage 2'/BlHiram Walker. 34 Am Cyan "B”. 194lHud Bav Min.. 134 Am Gas &El 24 Humble Oil .. 42 3 Am Superpower 14ilmp Oil Ltd... 14 3 * Ass Gas & El.. 78 lint Petrol ...... 26^* Atlas Corp . 114ILake Shore Min 494 Brazil T & Lt. 104 Libbv McN L . 54 British Celan 3%lLone Star Gas. 64 Can In Ale "A” 12%iNatl Bel Hess. 3 Can Marc , ... 2*/2lNewmont Min.. 50 Carrier Corp . 24lNia Hud Pwr .. 6 Carrier Corp . 64!Novadel Agene 204 Cities Serv 2@lPaa Am Airwvs 24% Con Gas of Bal 6041 Penn Road 24 Cord Corp . 54!St Regis Paper 34 Creole ePtrol 12%15al Vreek Prod 6% Crown Cork In 7V* Sherwm Wms 67. Deere & Cos ... 23V* Std of Indy. .. 26% Distillers Lim 23 Vs Std of KvC. 154 Distilliers Corp 16% Technicolor Ind 94 El B & Share. 14 ITeck Hughes G 6 Fisk Rubber 134 Un Gas . 3 Ford of Can A 21 3 /* Un P&Lt “A" 3Va Ford of Europe 9% W Hargraves M 9 Glen Alden Coal 1641 Investment Trust Shares (By Abbott, Hoppin & Cos.) —May b Bid. Ask. American Bank Stocks Corp . 1.14 1.16 American & General Sec A... 4,00 6.00 American & Inv Tr Sh F.75 Basic Industry Shares 3.45 3.55 British Type lnv Tr Sh 46 .54 Collateral Trustee Shares A . 4.50 4.62 Corporate Trust Shares (01d%2.00 2.05 Corporate Trust Shares (new) 2.22 2.25 Cumulative Trust Shares 3.75 .... Diversified Trust Shares A... 6.25 .... Diversified Trust Shares 8... 7.25 7.50 Diversified Trust Shares C... 2.98 3.02 Diversified Trust Shares D... 4.35 4.45 First Insurance Stock Corp... 1.25 1.35 First Common Stock Corp.... 79 .84 Fixed Trust Oil Shares A ... 7.90 8.10 Fixed Trust Oil Shares B .. . 6.80 6.85 Incorporators Investments 17.12 17.50 Land Bank Bond Shares 1.19 1.30 Low Priced Trust Shares .... 5.80 5.95 Mass Inv Trust Shares 18.14 19.72 Nation Wide Securities 3.30 3.36 North Am Trust Shares (53). 1.80 1.85 North Am Trust Sh (55-56) . 2.27 2.27 North Am Trust Shares (58) . 2.35 2.40 Selected American Shares . . 2.59 Selected American Shares, Inc 1.19 1.28 Seelcted Cumulative Shares... 6.65 .. . Selected Income Shares ...... 3.46 4.00 Std American Trust Shares A 2.74 2.84 Trust Shares of America 2.65 2.70 Trustee Std Oil A 5.37 5.62 Trustee Std Oil B 4.80 4.90 U S Electric Lt & Pw A 12.00 12:50 Universal Trust Shares 2.85 2,90 Daily Price Index (By United Press) NEW YORK. Mav B.—Dun & Bradstreet's daily weighted price index of thirty basic commodities compiled for the United Press: (1930-1932 average. 100) Today 108.38 Yesterday 108.82 Week ago 105.70 Month ago 107.60 Year ago (Mav 9) 85.73 1934 High (Mar. 12) 110.24 1934 Low (Jan. 3) 101.05 (Copyright. 1934. bv Dun & Bradstreet. * Inc.) N. Y. Coffee, Sugar Futures May 3 COFFEE —Santos— High. Low. Close. March 11.38 May . . 10.71 July 10.82 10.80 10.82 September 11.23 11.20 11.20 December 11.35 11.30 11.30 —Rio— January 8.55 March 8.57 May • 8.22 July , 8.37 8.35 8.37 September -••• 8%3 December 8- 3 0 SUGAR High. Low. Close. January 1-72 1.70 1.72 March 1-78 1.77 1.78 Mav 1.81 julv 1 58 1 56 1.58 September 1-65 1.62 1.65 December 1-72 1.69 1.71 In the Cotton Markets —May 8— CHICAGO High. Low. Close. January 11.87 11.61 11 87 \fe V A 1143 July 11.55 11.24 11.55 October 11.73 11.41 11.71 December 11 82 11.54 11.82 NEW YORK January 11.80 11.54 11.80 March 11.92 11.65 11.90 Mav 1135 11.10 11.35 Julv 1149 11.21 1148 October 11.65 }l?s H's 2 December 11.77 11.47 11.75 NEW ORLEANS ter..::::::.:::::: n u* 112 5K :::::::::::::::: 3 11:!S 3 Oc tob* r 112 11.32 11.59 December 11.73 11.45 11.73 Retail Coal Prices The following prices represent Quotations from leadine Indianapolis coal dealers. A cash discount of 25 cents per ton is allowed. Domestic Retail Trice* Anthracite I 4.75 Coke, nut size F. 8. <5 Coke egg size .. B.r> Indiana forked lump 5.50 Indiana, egg 5”0 Indiana, mine run 4.75 Kentucky lump 7.00 Pocahontas luire f- 23 Pocahontas egg * 23 Pocahontas forked lump ■*? Pocahontas mine run 7.2a New River smokeless 8.25 Wert Virginia lump *.75 West Virginia egg J 3 ” Island Creek 700 Extra charge of 50c a ton for wheeling coal and SI a ton for coal carried to tn. Milwaukee Loadings Gain B;i Timr* Special y CHICAGO. May 9.—Freight loadings as reported by the Milwaukee Railroad were 23.441 cars for last week as compared to 22.471 for the preceding week and 23.098 for the corresponding •"4

SWINE PRICES SLUMP 5 TUIO CENTS AT PENS • Cattle Slow and Steady; Veals, Lambs Mostly Unchanged. Initial trading on hogs at ihe local stockyards this morning was around steady to 10 cents lower, with the majority of classes 5 to 10 cents under yesterday's averages. Trading developed slow and receipts were around normal and slightly under previous figures. The bulk, 160 to 235 pounds, was selling from $3.55 to $3.70. Few good and choice kinds sold up to $3.75. Exceptionally light grades, scaling 130 to 160 pounds, brought $2.80 to $3.30, while other kinds weighing from 100 to 130 pounds, were selling at $2 to $2.50. Receipts were estimated at 5,000; holdovers, 269. The cattle market moved slow ana held about steady at the week's decline. Bulk of other grades were valued to sell under $7.50. Receipts were 600. Veal prices remained unchanged, selling at $6.50 down. Receipts numbered 700. With only a few small lots on hand in the early session, lamb values held fully steady. Several spring grades sold from $9 to sll. Shorn western were mostly inactive, but indications around steady. , Receipts numbered 200. With a dull demand and no early bids, asking on hogs at Chicago was strong to slightly higher than in the previous session. .Receipts were estimated at 22,000. including 12.000 directs; holdovers, 2,000. Cattle receipts 1C,000; calves, 2,000; market unchanged. Sheep receipts were 5,000; market steady. HDGS May Bulk. Top. Receipts. 2. s3.7o(ft 3.80 $3.85 6,000 3.3.70 ft 3.80 3.90 6,000 4. 3.75 ft 3.85 3.90 6.000 5. 3.65@ 3.75 3.85 1.500 7. 3.70® 3.80 3 85 5.500 8. 3.65 ft 3.75 3.80 5.500 9. 3.55® 3.70 3.75 5,000 Market, lower. (140-160) Good and choice $ 3.05® 3.30 —Light Weights—-(l6o-180) Good and choice 3.55 (180-200) Good and choice ... 3.60 —Medium Weights—-(2oo-220) Good and choice 3.65 ft 3.75 (220-250) Good and choice 3.70® 3.75 —Heavy Weights—-(2so-290) Good and choice ... 3.70 ft 3.75 (290-350) Good and choice ... 3.60® 3.70 . —Packing Sows—(3so down) Good 300 ft 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® 2.50 CATTLE Receipts, 600; market, steady. (1.050-1,1001 Good and choice $ 6.75® 8.25 Common and choice 4.50 ft 6.75 (. .100-1,500) Good and choice 7.00 ft 9.10 Common and medium 5.50 ft 7.00 (675-750) — Good and choice 5.25 ft 6.50 Common and medium 3.00® 5.25 (750-900) 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 ft 3.50 Low cutter and medium 1.75® 2.75 —Bulls iyearlings excluded) Good (beef steers) 3.00 ft 3.75 Cutter, common and medium. 1.75® 3.00 VEALERS Receipts, 700; market, steady. Good and choice $ 6.00 ft 6.50 Medium 4.00 ft 6.00 Cull and common 2.50® 4.00 —Calves— Good and choice 3.50® 5.00 Common and medium 2.00® 3.50 '—Feeder and Stocker Cattle— Good and choice 4.25 ft 5.75 Common and medium 3.00 ft 4.25 (800-1.5001-Good and choice 4.25@ 5.75 Common and medium 3.00® 4.25 SHEEP AND LAMBS Receipts. 200; market, steady. (Shorn basis) Spring lambs $ [email protected] i9O-lb. downi Good and choice.sß.7sft 9.25 (90-110 lb.) Good and choice . 8.75@ 9.00 (500 lbs. down) com. and med. 7.00® 8.50 —Ewes— Good and choice 3.00 ft 4.25 Common and medium 2.00® 3.00 Other Livestock (By United Press) CHICAGO. May 9.—Hogs—Receipts, 22,000, including 12.000 directs; moderately active, about steady; 160-350 lbs., $3.40® 3.65; top $3.70 for best 200-240 lbs.; most pigs. $2.50 down; packing sows, $2/?5ft3.10; light lights, 140-160 lbs., good and choice. $3.15®3.65: light weight, 160-200 lbs., good and choice, $3.40®>3.70; medium weights, 200-250 lbs., good and choice, $3.55ft.3.70; heavy weights. 250-350 lbs., good and choice, $3.40ft3.65; packing sows. 275-550 lbs., medium .and choice. $2.60ft3.25; slaughter pigs. 100-130 lbs., good and choice, $2ft3.15. Cattle—Receipts. 10.000; calves, recejpts. 2.000; fed steers and yearlings steady to 25c lower; other killing classes unevn; mixed yearlings fully steady; heavy heifers unchanged; cows weak; bulls and vealers weak; weighty steers top $9.50; bulk, $9 down to $7.50; most light cattle. $5.50ft7.25: slaughter cattle and vealers: steers 550-900 lbs., good and choice, $6ft7.75; 900-1,100 lbs., good and choice, $6ft8.50; 1,100-1.300 lbs., good and choice, $7ft9.50: 1.300-1,500 lbs., good and choice. s7.soft 9.50: 550-1,300 lbs., common and medium. $4.50ft7.25; heifers, 550-750 lbs., good and choice. *5.25(7/6.50: common and medium. s3.soft 5.25: cows, good, $4.25ft5.25; common and medium. $2.75ft4.25; low cutter and cutter. sl.soft 2.75: bulls, yearlings ex-cluded. good beef. $3.25ft 3.75; cutter, common and medium. $2.75®3.40; vealers. good and choice, $5.50 ft 7.25; medium, $4ft5.50; cull and common. s3ft 4; stocker and feeder cattle: steers. 550-1,050 lbs., good and choice, $4.75ft6: common and medium. $3.50ft5. Sheep—Receipts. 5.000; not enough on sale to make a market; buyers bearish; undertone w'eak to 25c lower; talking around $9.75 for wooled lambs; quality plain; sheep steady; slaughter sheep and lambs: spring lambs, good and choice, $lO-11.25; medium. sß.7sft 10; lambs 90 lbs. down, good and choice. $8.35(59: common and medium. $6.25®8.50: 90-98 lbs., good and choice. $8.50ft9: ewes. 90-150 lbs., good and choice. 52.75ft4.25; all weights, common and medium. $1.50®3.35. LAFAYETTE. May 9—Hogs—Market. 5c to 15c lower: 250-325 lbs.., $3.35ft 3.60: 200250 lbs . $3.50ft3.55: 160-200 lbs., $3.30® 3.40: 140-160 lbs.. $2.75@3; 120-140 lbsT. $2.25ft2.50: 100-120 lbs.. S , - 75ft2: roughs $2.75 down: top calves, ss.jo; top lambs, $8.50: spring lambs. sll. FT. WAYNE. May 9 —Hogs—loc to 15c lower; 250-300 lbs.. *3.75: 200-250 lbs.. $3.55: 160-200 lbs.. $3.45: 300-350 lbs.. $3.30: 150-160 lbs . $3: 140-150 lbs.. $2.75: 130-140 lbs.. *2.50: 120-130 lbs . $2: 100-120 lbs.. $1.65: roughs, $2.50; stags, $1.25; calves, $6 lambs. $9.75. (By Times Special). LOUISVILLE, Mav 9.—Cattle —Receipts. 175: including 35 direct; market slow: sausage bulls, weak: beef cows around 25c low’er than Monday: other classes mostly steady; bulk common to medium steers and heifers. [email protected]; better finished fed kinds quotable to around $6.25: bulk beef cows. [email protected]: practical top. *4: low cutters and cutters. sl.soft 2.75: most sausage bulls. $3.50 down; best heavy kinds considered eligible. $3.75; Stockers and feeder trade dull around steadv; bulk well bred light Hereford and Shorthorn Stockers. $4.75®5.25; common to medium grade natives ,s3@4. Calves—Receipts. 350; steady: bulk better vealers. $5ft5.50: medium and lower grades. $4.50 down. Hogs—Receipts. 900; 10c lower; finished. 185-275 lbs.. $3 65; 280 lbs, up. $2 85: 145-180 lbs. mostlv $3.10; choice. 160-180 lbs.. *3.35: 120-140 lbs.. $1.75: sows, $1.65 Sheep—Receipts. 1.000; run late in arriving, no tarlv trading: indications weak: bulk better trucked in springers. sll to mostly $11.50: better wooled lambs. sßft 9: cull to medium. s4@7: fat clipped ewes mostly *3; few choice lightweights eligible higher. REPORT NET EARNINGS Lehigh Valley Income Equal to 31 Cents a Share. By Timet Special CHICAGO. May 9—The Lehigh Valley Railroad Company in the first quarter of 1934 reported a net ! income amounting t $375,245 after taxes and charges. This was equal after preferred ; dividend requirements to approximately 31 cents a common share. The profit compares with a net loss of $1,517,824 in the same quarter last year.

U. S. Secret Service Ends Leak of Treasury News

Wall Street’s ‘Pipeline’ to Washington Believed Plugged. By T nitrtl Pert* WASHINGTON. Mav 9. —Wall Street's "pipeline” to Washington through which valuable information for market operations has flowed appeared today to have been plugged by the United States secret service. The ease with which private interests obtained advance information on treasury financing and mon-

Chicago Stocks Ey Abbott. Hoppin St Cos. ———

—April 9 High. Low. 11:30 Berghoff 7’* Bastian-Blcssing .. . 6% Bendix Aviation 15% 15% 15% Borg-Warner 23% 23% 23% E. L Bruce Cos . 12% Butler Bros 10% 10 10 Chicago Corp com z% Chicago Corp pfd . 26’* ! Cities Service . ... 2% 2 s * 2% Commonwealth Edison. 52 52% 53„ Cord Corp $ 5% 5% s#* Gen Household Ut .... 12% 12% 12% Great Lakes Dredge 18 3 * Kingsbury 5% Libbv-McNell 5% I Middle West Utilities % | Prima Cos ... 8% Quaker Ooats 110 Swift & Cos 16 16% 16V j Swift International ... 31% 30% 30% j Thompson. J R ......... ... 7% ! Utah Radio ... IV* (Utility & Ind 1% Utility & Ind Pfd 4 | Walgreen Cos Com . ... 25% 25 25 (Zenith Radio .. . 3% Produce Markets Delivered in Indianapolis Prices—Hens, 11c; Leghorn hens, 9c; Leghorn springerstags. 6c; large springer-stags, 9c; cocks, 5 lbs. and over. sc, under 5 lbs.. 4c: ducKs, full feathered and fat. 4V* lbs. and over. sc; geese. 4c: young guineas. 1% to 3 lbs.. 20c; old guineas. 15c; No. 1 strictly fresh country run eggs, loss off 13c eacn full-case must weign 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, May 9—Eggs Market, steady; receipts. 23,287 cases; extra firsts. 16%c; fresh graded firsts, 16c; current receipts, 15c; dirties. 13%c; checks, 13%c. Butter—Market, unsettled: receipts. 11.512 tubs; extras, firsts. 90-91% score. 22ft 22%c; firsts, 88-89% score. 21%ft21%c; seconds. 86-87% score, 21c: extras. 92 score, 22%c; specials, 23V*ft23%c: standards, 22 %c. Poultry—Market, steady; receipts, 37 trucks, I car; heavy hens. 13',zc: old roosters. 8c; broilers. Leghorn. 18®21c; turkeys, 18c; heavy ducks, spring. 14c: fryers and springers, Plymouth Rocks. 26c; Leghorns, 12c; capons unquoted. Cheese —Twins, 11%® 12c; Longhorns. 12% ftl3c; Daisies, 12%ft12%c. Potatoes old stock—Supply moderate: demand and trading moderate: market, about steady; Idaho Russets. [email protected]; Washington Russets combinotion j;rade, [email protected]; Wisconsin Round White. unclassified, $1.05: Minnesota Red River Ohios. $1.10; Cobblers. $1.20. New stock—Supply moderate, demand and trading moderate: market, steady; Louisiana Triumphs, $2.25ft 2.60. Shipments, 680; arrivals, 80; on track, 252. NEW YORK. May 9.- Potatoes— Easy; Long Island. 90cft51.75 bbl.; Southern, $ 1.50(7/j 4.50 bbl.; Maine. [email protected] bbl.: Idaho. $2 sack: Canada, $1.90@2 bbl. Sweet Potatoes —Easy; Jersey basket, 60cft $2; southern basket. [email protected]. Flour— Firmer; springs: patents, $6.50®6.75 bbl. Pork—Steady. Mess—s2o.2s bbl ..Lard — Steadv. Middle West Spot—s3.9o®4 per 100 lbs. Dressed Poultry—Dull; turkeys. 12ft26c: chickens. 9%@27c; broilers, 18ft 27c; capons, 21®34c; fowls. 15@20c; Long Island ducks, 15%® 16c. Live Poultry— Weak; geese. 6®7c; turkeys. 10@18c; roosters. 9® 10c: ducks, Bft 12c; fowls. 15® 17c: chickens, 11c: capons. 22c; broilers, 12ft23c. Cheese—Firm; state whole milk fancy to specials, 18ftl9c: Young America, 13c. Eggs—Receipts. 47.899 cases; market irregular; special packs, including unusual hennery selections. 18'/2@2o'/4C seconds, 16c; mediums. ds%c; dirties, 15%c; checks. 15c; storage packs. 17%c. Butter—Receipts, 15,765 packages; market, steady: creftmerv. higher than extras. 24% ft2s%c; extra, (92 scoret, 24%c: first. (9091 score), 24®24'/4C: first 188-89 score). 23 ft23'/2c: centralized (90 scoret, 24c; centralized (88-89 score'. 23@23'/2C. On Commission Row —May 9 —Fruits— Apples—New York Baldwins, fancy. $1.75 up: fancy Ben Davis. $2.85®3; fancy Winesaps [email protected] Cherries—California. 15-lb. bag. $2.75®3. Oranges—California Sunkist, [email protected]; Floridas. $3.50®4. Lemons—Sunkist. $6; Red Ball. $5.50. Grapes—South American, crate. $3. Grapefruit—Florida, seedless. [email protected]. Strawberries —Louisiana. 24-pt,. crate, $1.75@2; Alabama, 24-qt. crate. $3.25. Melons—Argentina Honeydews. $3.25. Cantaloupes—Pony crate, $3; standard (45). $4.25. Pears—Calavos, $3 50 per box. Pineapples—Cuba, all sizes, crate. $4 Bananas —Per pound. sc. Rasberies, Cal.. 12; V 2 pts.. $2.50. —Vegetables— Cabbage—Louisiana. $1.35 per half crate; Florida red. $2.50 per hamper. Celery—Florida, $2.75 a crate, mammoth bunch. 85c; medium bunch, 45c; hearts, dozen bunches, $1.25. Onions—lndiana yellow, 50-lb. bag. $1.25. Potatoes—Northern round white. 100-lb bag. $1.75; Red River Ohios. $1.75: Maine Green Mountain, $2.10; Colorado McClures. $1.90; Idaho Russets, $2; Nebraska Triumphs. 100-lb. bag. $1.85; New Texas Triumphs. $1.75. Sweet Potatoes—Tennessee Nancy Halls. Asparagus—Home grown, dozen. 35®60c. Beans —Round, stringless, $3; new lima. $4.75. Beets—New Texas, 3-doaen crate. $1.75. Carrots —California, 6-dozen crate. $3; bulk, new, $1.65. Cauliower—California. S2. Lettuce—Hot house, 15-lb. basket. sl.lO. Iceberg, best, [email protected] a crate. Peas —28-10. hamper. $1.75@2. Radishes—Hot house buttons, 60c dozen. Rhubarb—Home grown, dozen,3oc. Spinach—Home grown, bushel. sl. Tomatoes—Repack’d. 10-lb. carton, $1.50; original Mexican, 30-lb. lug.. $3,50. CHICAGO FRUIT MARKET (Bv United Press) CHICAGO. May 9.—Apples Michigan Spies. $1.75® 1.85 bushel. Carrots—lllinois. 65ft 75c bushel. Spinach—lllinois. 10®50c bushel. Beans —Southern green. s2@3 bushel: wax. s2@3. Cucumbers—Central western hothouse. $1.50ft,2.25 i2 dozen to box'. Tomatoes—Florida, $1.50ft3 25 (lug boxi; hothouse. [email protected] 8 lbs. Sweet Potatoes—Tennessee. $1.60®1.56. Mushrooms—lllinois. 17%®37%c lb. cartons. Asparagus —Illinois. 15@40e flat crates. Onion market (50-lb. sacks*: Michigan vellows. 60cft$l. Texas yellows. $1.05® 1.15; Texas whites. [email protected]. Births Girls Edwin and Virginia Allbright, Coleman hospital. Alfred and Mary Fitch. Coleman hospital. Charles and Esther Lewis, Colemand hospital. Herman and Adeline Swhear. Colemand hospital. Herman and Mildred Champer, Methodist hospital. Howard and Jaunita Hill. .Methodist hospital. Theodore and Helen Kossman. Methodist hospital. Ferris and Eva Ferris, 2203 Roosevelt. Henry and Mary Hanna. 415 Dorman. Harold and Angie Turrah. 2900 Baltimore. Rov and Ruth Ingram. 333 Patterson. Otis and Helen Smith. 911 Chase. Charles and Nevada Burke, 1022 North West. Joe and Roberta Mitchell. 2237 Hovey. Elmer and Amy Woodson. 1341 Cornell. Thurston and Helen Wolfe, 616 North Temple. Alphus and Helen Coons. 1436 South Alabama. Joseph and Marv Lambert. 752 Haugh. George and Mary Kaser. St. Vincent's hospital. Leo and Marie Donahue, St. Vincent's hospital. Joseph and Estell Mattingly. St. Vincent's hospital. Boy* Colin and Betty Jameson. Coleman hospital. Russell and Thelma Young. Methodist hospital. Carl and Delores Stillwel, Methodist hospita. . . Vance and Helen Hall. Methodist hosP Cornelius and Dorothy Cone. 1449 North New Jersey. „ .. William and Ora Pat,ton. 2737 North Temple. Jesse and Robv Browder. 232 Minerva Milford and Etta Baker. 612 North Pine. Richard and Edna Coffman. 2238 North Rut® l - - ... „ Nil and Beatrice Ford. 1025 Coe. Curtis and Helen Johnson. 1139 East Twenty-fourth. . 1 Thomas and Louise Egan. 716 North Seivle and Fav Burris. 2446 Cornell. Clarence and Pauline Hitchell, 906 Coffey. John and Evelyn Gervin. 655 Warren. Emmett and Mary Kinney, 764 North j Pershing. Victor and Mary Gootee. St. Vincent s hospital. . Herman and Josephine Schrader, St. Vincent's hospital. Dale and Valeria Apple, 8t Vincent's : hospital. Twins Kenneth and Bernadetta Peterman, Cole- i man hospital, girl snd bor.

' etary steps which was used to advantage in market operations had brought orders from Secretary | Henry Morgenthau Jr., that the I practice must- be stopped. Morgenthau's first official act last | November on taking over direction (of the treasury department way to forbid treasury officials from dis- ! cussing policy matters with out- ; siders. Treasury Guards News Later the sec it t service was set on the trail of obvious "leaks” of treasury information. The result has been that the flow of "inside stuff” to Wall Street has been reduced materially, according to Wall Street circles. * Alonff with the damming of news leaks has been a drive on connections of outside legal interests with the treasury department. Requirements of lawyers practicing tax cases against the government are being tightened and the influence of other outsiders lessened. Secretary Morgenthau is not concerned with advance information obtained by newspapers since such information is published immediately so that private interests can take no advantage of it in speculative market dealings. The treasury is determined, however, to prevent banking and speculative interests from acting to their own benefit on confidential treasury information. Another source of displeasure to the treasury department is the circulation of what it considers "malicious” and "untrue” rumors for the purpose of affecting security prices. Are Effective Operations of the secret service iD ferroting out information concerning the Wall Street “pipeline” have been closely guarded in order not to tip off suspected parties. It is known, however, that suspicious persons have been watched closely in an effort to determine the source of the alleged "news leaks.” Indications today of a sweeping curtailment of the supply of "inside information” showed that the operations of the secret service were becoming effective. The federal reserve board has been co-operating with the treasury department in its program. Because of the close association of the board with the treasury it has been necessary for the former to assist the treasury in closing up news leaks to outsiders. G. M. C. APRIL SALES SHOW IMPROVEMENT Increase of 8,175 Reported 0 er March Figures. By United Prrtt NEW YORK. May 9.—General Motors Corporation today reported April sales of 106,349 units to consumers in the United States against 98,174 units in March and 71,599 units in April, 1933. Sales to dealers in the United. States in April were 121,964 units against 119.858 in March and 74,242 in April, 1933. Total sales to dealers in the United States and Canada, plus overseas shipments, were 153,954 units against 153.210 in March and 86.967 in April, 1933. Sales to consumers in the first four months of 1934 were 286.872 units against 211,968 units in 1933. Sales to dealers in the same period were 370,234 against 241,826 the previous year and total sales were 470,518 units against 286,716 in the 1933 period. INSURANCE SURPLUS UP Lincoln National Reports Increase of $273,000 in Quarter. By Timet Special CHICAGO, May 9.—The Lincoln National Life Insurance Company had a surplus increase of $273,000 in the first quarter of 1934, according to a statement sent to stockholders this week. Marketable securities and cash of the company were increased approximately $1,858,000. A 20 per cent increase in interest collections on mortgage loans and a 60 per cent decrease in demands for policy loans were cited by Arthur F. Hall, president, as partly responsible for the surplus boost. Deaths Benjamin Bridges. 34. ritv hospital, fractured skull. Minnie Goepper. 33. St. Vincent's hospital. acute pancretitis. Betty Lou Bowles. 1. Rilev hospital, broncho pneumonia. June Sturges, 37. 2303 Massachusetts, influenza. Curtis D. Mitchell. 51. Central Indiana hospital, gen’ral paralysis. Emma R. Johnson. 70. 1621 South East, empyema. James E. Davis, 74. Methodist hospital, carcinoma. Joseph E. Kyle. 72. city hospital, broncho pneumonia Cass Lewis. 85. 434 West Michigian. acute uremia. William Lee Teare. 3 months. 2906 Station. myocarditis. William Carter. 69. 623 Coffey, chronic myocarditis. Thodes Lewis. 73, 2369 Northwestern, mitral regurgitation. Margaret Pohlkotte. 92. 242 North Tacoma. chronic myocarditis. Glen W. Junke. 50. 3805 East Thirtyeighth. acute cardiac dilatation. Elizabeth Jones, 55. St. Vincent's hospital. carcinoma. William M. Coy, 77. 537 Centennial, lobar pneumonia. Hannah Moews, 44, 234 North Gray, splenic leukemia. Prduce Irene Jester. 43. 5431 West Washington. lobar pneumonia Mary Pollock. 73. Methodtst hospital, postatic pneumonia. Willis Harvey Sering, 62. city hospital, skull fracture. Cora Kerr. 62, 123 North Noble, chronic myocarditis. Rachel Burgheim. 72. 2122 North Alabama. cerebral hemorrhage. Daisv Franklin. 56, 220 North Illinois, chronic myocarditis, Mary Louise Jones. 35. city hospital, chronic valvular heart disease. Laura E Wheeler. 58. 320 West Fortieth, coronarv thrombosis. John F. Judy. C 2, 464 Ketchem. arterio sclerosis. Maria Ashford, 86. 1014 Maple, cerebral hemorrhage. Elizabeth Harlan Douglas. 22. 136 Catherwood. pulmonary tuberculosis. Wilbur Mercott. 34. Methodist hospital, pulmonary tuberculosis. James Manson Armstrong. 72. 1508 North New Jersey, chronic myocarditis. Iley Lasley. 60, 1130 Karhart, lobar pneumonia. Ella Gossett Clark. 65. 3348 North New Jersey, cerebral hemorrhage. Edward Miles. 6. 1808 College, luffoc*tion. Frank Pardon. 60. city hospital, broncho pneumonia. Marv A. Horan. 72. 30 North Mount, coronary renal disease. Gen'a McCall. 62. city hospital, cerebral hemorrhage. Mary Avery. 70. 506 West Michigan, arterio sclerosis. William Bruce. 49. 723% Muskigum, acute myocarditis.

I BE SAFE Tear Car Today SljyyCTStat* Automobile Insurance Ass’n. 1,1 6571. 7th floor. Ocvldyptal Hldg_ j

PAGE 15

GRAIN FUTURES DIP ON CLOUDY WEATHER NEWS Wheat Deliveries Drop Half Cent: Corn and Oats Irregular. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO. May 9.—News of cloudy weather tempered the bullish effects of silver news from Washington and prices in the wheat pit were slightly easier at the opening of the Board of Trade today. Wheat deliveries were % to % cent lower, corn was unchanged to % cent off. oats were unchanged to ' cent higher, and rye was unchanged. The only precipitation over the entire belt was reported at Fargo, N. D.. and was said to be of little importance. Liverpool was firmer at the opening, but did not reflect fully the strength here yesterday. Cotton futures were steady and stocks held fractionally higher. Chicago Futures Range —May 9 Pr?v. Whzat— High. Low. 10:00. cloS.’. Mav 86% .85% .85% .85% July 65 .83% .84% .84 Sept 85% 84% .84% .84% Corn— May 48 .46% .47% 47% Julv 50% .49% .49% .49% Sept 51% .50% .51 .51% Oats— Mav 34% .34% .34% .34% July 34% .33% 34% .33’* Sept 34% .33% .34% .33% Rye— Mav 58 .57% .57% .58 Julv 58% .58% .58% .58% Sept 59% .59 .59% .59% Barley— Mav 41% .41% July 42% .42% Sept 44 .44

Cash Grain

INDIANAPOLIS CASH GRAIN —Mat 8 - The bids for rar lots of grain at Mis call of the Indlananolis Board of Trade, f. o. b.. shinning point, basts 4i 1 2 New York rate, were: Wheat—Strong. No. 1 rrd. 76'24/78' 2 c: No. 2 red. 7S r gf77tic; No. 2 hard. 75' jtf'77'.jr. Corn-Steady: No. 2 white. 46>-^4B' s c; No. 3 white. 4S>2 <fi47 , 2C: No. 2 veliow. 444/46r: No. 3 vellow. 434? 45c. No 2 mixed. 434?45c: No. 3 mixed. 424T44C. Oats —Steadv; No. 2 white. 32 , 24i33 , 2C; No. 3 white. 3U- @ 32' 3 c. —lnspections Wheat—No. 2 red 1 car Total. 1 car. Corn—No. 2 white. 1 car' No. 3 white, 5 rars: No. 3 veliow. 4 r>rs; No. 4 veliow. 3 cars; No. 6 veliow. 1 car. Total. 14 cars. Oats—No. 2 white. 2 cars: No. 3 white, 2 cars. Total. 4 cars. Local Wagon Wheat City grain elevators are paving 73 cents for tio. 2 soft red wheat. Otner grades on their merits. Bv United Press. CHICAGO. May B—Cash grain: Wheat No. 2 red. 85 :l 4c: No. 1 hard. 86c. Corn —No. 2 mixed. 49c; No. 2 yellow, new lake billing: No. 2 yellow. 49'44i49'2C; No. 2 yellow. 49' 2 4i50'2C. old; No. 3 veliow. 49' 3 c; No. 5 yellow. 48' 3 c; No. 3 white. 53' 4 c; sample grade w'hlte. 434/49c. old Oats—No. 2 white. 35%4/36c: No. 3 white. 35c. Rve —No. 1. 65c. Barley- 2 *- 514/ 78c quotable. 434/ 82c Timothy—■ $6,254/ 6.50. Clover Seed—s 9 504/12.75. Cash provisions—Lard. $5.82: loose, $5.40; leaf. 537; bellies. $7.73. TOLEDO. May 8 —Grain close: Grain in elevators, transit billing: Wheat—No. 2 red. 87' 2@88' 3 c. Corn—No. 2 yellow. 54@55c. Oats—No. 2 white. 404/ 41c. Rye —No. 2. 63'2@64',2C. Track prices. 28' 2C rate: Wheat—No. 1 red. 83' 24t84'2C: No. 2 red. 82' 2 4/83'2C. Corn- No. 2 yellow, 149'2<</50 , 2C: No. 3 yellow. 48'4f49'2C: No. 4 veliow. 47' 24/ 48' ic. Oats—No. 2 white, 36' 2 4r38c; No. 3 white. 36@37>/2C. Seed close—Clover—Cash. $8.25. Alsike—Cash. $8.50. ST LOUIS. May B.—Cash grain: Wheat No. 2 red. 814?83c: No. 5 red. 7Se: No 2 hard. nominal Corn—ln slow demand. U to cent lower: No. 5 mixed. 49M-c; No 2 white, 51 ’2 4/52c. Oats—ln slow demand. ',2 cent higher; No. 4 white, 36'hc. NEW YORK. Mav B.—Cash grain: Wheat—No. 2 red. $l.O3 7 />: No. 2 hard winter. $1.04%. Corn —No. 2 mixed. SS'/i'e. Oats—No. 3 white. 44%c. CHICAGO PRIMARY RECEIPTS —May 8 -Bushels — Todav. Last week. Wheat 225.000 182.000 corn 281.000 334.000 Oats 80.000 111.000 WHO LESATeTc OMMOD IT Y PRICES UP FOUR POINTS Five Groups Advance and Three Decline During Week. By Time* Special WASHINGTON, May 9.—Wholecommodity prices advanced four points last week, according to the index of the National Fertilizer Association. In the preceding week prices were up one point. Eight of the fourteen groups listed in the index were affected by price changes. Five groups advanced and three declined. Fuel, grains, feeds and livestock, metals, fats, oils and miscellaneous commodities advanced, while foods, textiles and fertilizer materials declined. advances during the week in individual commodities amounted to twenty-three, while decline.! totaled thirty-four. Two weeks previously advances numbered twentyone and declines forty-seven. CONTRACTS ARE CLOSED G. E. Budd Company Receives Awards Totaling Over $1,000,000. By Timrt Special PHILADELPHIA, May 9.—Contracts totaling over $1,000,000 hav® just been closed by the hi-tensile division of the Edward G. Budd Manufacturing Company. This division fabricates stainless steel in the naval, automotive and railroad fields. Ten days ago it delivered the streamlined, high speed “Zephyr” to its new owner, the Burlington Railroad. This work is to be done in the Philadelphia plant and will provide employment to considerably more than three hundred men for a period of one year. Additional employment will result in other plants in the production of raw materials.

(AUTO m AND DIAMOND LOANS £_% SL aSHH r>r Month on Entire 2 Amount 1/ on sl5OlO 72 /0 5299 Loan* Per Month on Entire Amount CHICtaO JEWELRY . t LOAN CO. 203 E. WA. sl. (teolL r