Indianapolis Times, Volume 46, Number 2, Indianapolis, Marion County, 14 May 1934 — Page 11

MAY 14; 1934-

Wall Street Morgenthau Is Criticised for Alleged Activities in Silver Mart. —BY RALPH HENDERSHOT

Times Soecisl Financial Writer. SECRETARY OF THE TREASURY MORGENTHAU has been criticised severely during the last lew days in private communications between Wall Street and Washington lor what has been termed the use ol his office to “rig” the market in silver lutures. One such communication was sent last night to a

prominent member of the socalled silver bloc ! in the senate, and a subsequent | long- distance telephone conversation indicated that a real issue might be made of the charges if they could be sufficiently substantiated. While the charges should be set down as part and parcel l of the fight now

Ilendershot

being waged in this country to use silver as a supplement to gold as a monetary base, they are, nevertheless, interesting. They accuse the treasury department of buying huge contracts for the white metal on weakness caused by conditions it helped to create. The object, it is suspected, is to make a big profit for the treasury if and when silver legislation is enacted, but the result, it is maintained, has been to cause wide fluctuations in the price of the contracts. It is worthy of note that there has been much of the “off-again-on-again Finnigan” interpretations of silver developments in Washington of late. On weakness caused by such versions brokers have noted heavy purchases by one special group, particularly of May options. By a process of deduction and by reason of the fact that the purchases have cleared largely through one large bank in the financial district, these brokers have concluded that they were for the account of the treasury department. a tt a ACTIVITIES have not been limited to the issuance of seemingly conflicting statements, either, it is contended. Gold holdings in London, so it is charged, have been sold and the proceeds used to purchase silver. And the equalization fund has baen brought into play, according to the complainants, to buy American dollars in Shanghai in order to depress the Shanghai dollar, which is of silver content. The world price of silver follows the price of the Shanghai dollar to a marked degree, it is explained. A widely fluctuating market usually affords excellent opportunities for trading profits if traders are nimble enough to catch the swings. But when someone else holds all the cards, as would the treasury department if it is buying silver, as it is alleged to be doing, the chances of being “tyhipsawed” are very great. It is that condition, and no doubt also the fact that the purchase commissions are not being spread, that is so annoying to the brokers on the Commodity Exchange. a a a THE silver bloc, of course, is con- < cerned because developments of that sort interfere with its program. That part of the bloc who are interested in the price of the metal largely because it affects the returns of the people in the States they represent are opposed to anything which has a depressing influence. The other part of the bloc, who are not especially concerned about silver as such, but want an expansion in currency because of its inflationary effects, are peeved over the supposed operations primarily because they are deflationary in their effects on all commodities. It is estimated in the trade that 50.000.000 ounces of the metal have been taken by the one source during the last three weeks. It is said that 5.000.000 ounces were bought recently. No one other than a person acting for the treasury department would be likely to make such large purchases, it is contended. Further confirmation of the source of the buying is afforded, the trade believes, by the pride Mr. Morgenthau has manifested over the paper profits made by the treasury on its government bond purchases. N. Y. Coffee, Sugar Futures S COFEE —May 12— —Santos— High. Low. Close. March 11.48 Mav . 10.56 July 16.63 1 0.57 10 63 September 11.00 10.99 11.00 December 11.11 11.09 11.11 —Rio ■ ■ January 8.42 March 845 May 8 03 July 8 21 8.20 8.21 September 8 30 8 25 8.30 December 8 39 8.33 8 39 SC GAR High. Low. Close. January 1-66 March 1.71 1.70 l.<o Mav - 148 July 1.52 1.50 1.50 September 1.58 1.56 i.56 December 1.65 1.64 1.64 In the Cotton Markets —May 12— CHICAGO High. Low. Close January 11.64 March 11.74 11.72 11.74 Mav 11.22 July 11 32 11 27 11.31 October 11 50 11 40 11.47 December 1161 1154 11.47 NEW YORK January 1160 1151 11 60 March 11 70 11 63 11.70 Mav 11.17 Juiv 11.28 11.18 1128 October 11 44 11 34 11 43 December 11.55 11 46 11 55 NEW ORLEANS January 11 60 March 11 68 . Mav 11 20 11 09 11 18 July 11 28 11.17 11.27 October 11 43 11 30 11 41 December 11 54 11.42 11.54 Retail Coal Prices The following prices represent auotmtlona from leadlna Indianapolis coal dealers. A cash discount of 25 cents per ton ts allowed Domestic Retail Prices Anthrvute S 4 25 Cojte. nut size . 875 Cose egg sire 875 Indiana forked lump 5.50 Indiana, egg 500 Indiana mine run 4.75 Kentucky lump 7.00 Pocahontas lump 8.25 Pocahontas egg 1. . 8 25 Pocahontas forked lump 9.25 Pocahontas mine run 7.25 New River smokeless 8.25 West Virginia lump 6.75 West Virginia egg 6.50 Island Creek 7.00 Extra charge of 50c a ton for wheeling coal, and 81 a ton lot eoal carried to But.

STOCK SHARES PLUNGE TO NEW LOWSFOR YEAR Passage of Regulation Bill Creates Heavy Selling at Mid-Session. BY ELMER C. WALZER United Prm Financial Editor NEW YORK, May 14.—The stock market plunged to the lowest levels of the year today under heavy oddday selling and held around lows of the day as trading quieted. Losses in- the general list ranged j from 1 to 7 points, with scores of j new 1934 lows recorded, with some 1 special issues showing declines of as much as 15 points. All divisions j shared, with leading industrials un- I der most pressure. Passage of the Stock Exchange control bill, bringing government regulation of all trading, weaker commodity prices and Wall Street “gloom” accounted for the selling. Wheat was off more than a cent a bushel, but up slightly from the lows. Allied Chemical was one of the chief losers on the Stock Exchange, holding a 7-point loss at 128 going into the fourth hour. Other leaders and their net i changes included: Du Pont, 80’i.j off 1%; General Motors, 30’s, off; %; Continental Can, 70, off 4; Chrysler, 71, off 1 Vs; Johns-Man-ville, 45, off 1%; J. I. Case, 47, off 1%; American Can, 91*2, off 2 3 *;l Celanese, 34%, off 1%; Atchison, 57%, off Hi; International Harvester, 30 3 *, off 2 , 2 ; Union Carbide, 36' 2, off 1%; Youngstown Sheet and Tube, 17%, off 1%; United States Steel. 40'4, off 2; New York Central, 26' k, off %; Consolidated Gas, 32, off V 2. Money and Exchange INDIANAPOLIS BANK CLEARINGS —May 12— Clearings $2,556.00 00 Debits 4.667.000.00 Clearings for the week 12.316.000.00 Debits for the week 29,248.000.00 FOREIGN EXCHANGE (By Abbott. Hopnin & Cos.) —May 12Close. Sterling England $5.11% Franc. France 0661 lira. Italy 0850 Belgias. Belgium 2341 Mark. Germany 3966 Guilder. Holland 6787 Peseta. Spain 1371 Krone. Norway 2582 Krone. Denmark 2288 Yen. Japan 3036 Treasury Statement ißv United Press) WASHINGTON. May 14.—Government expenses and receipts of the current fiscal year to May 11, compared with the corresponding period of the previous fiscal year: This Vpn r T.get V PUT* Expenses $6,103,915,416.71 $4,472,436,352.49 Receipts . 2.622.747.118 16 1,716.238.281.56 Deficit 3.481.168.298.55 2,756,198,070.93 Cash bal. . 2.740.869,751.06 New York Bank Stocks —May 13— (Bv Abbott. Hoppin & Cos.). Bid. Ask. Bankers 61% 6274 Brooklyn Trust 100 104 Central Hanover 129 130 Chase Nitional 27% 28 *4 Chemical 397s 40'4 National City 27 27% Corn Exchange 51% 52 >4 Continental 13 Vs 13 1 2 Empire 19 1974 First National 1,650 1,660 Guaranty 360 362 Irving . ... 17*4 17*4 Manhatten & Cos 2974 29 '2 Manufacturers 207s 20% New York Trust 102 V* 103% Public 32 32% Investment Trust Shares (By Abbott, Hoppin & Cos.) 1 —May 12Bid. Ask. Amer Bank Stocks Corp 1.12 1.15 Amer and Gen Sec A 4.00 6.00 Amer and Inv Tr Shares 1.75 Basic Industry Shares 3.25 3.35 British Type Inv Tr Sh 45 .50 Collateral Trustee Sh (A) 4.25 4.50 Corporate Tr Shares (old) .. 1.95 2.00 Corporate Tr Shares (new).. 2.15 2.20 Cumulative Trust Shares .. 3.65 .... Diversified Trust Shares (A)... 6.25 Diversified Trust Shares (B) . . 6.87 7.12 Diversified Trust Shares (Cl.. 2.90 2.95 Diversified Trust Shares (D) .. 4.12 4.37 First Insur Stock Corp ... 122 126 First Common Stock Corp .. .79 Fixed Trust Oil Shares (A).... 7.50 7.75 Trustee Std Oil (A) 5.25 5.37 Incorporators Investments 16.75 17.12 Land Bank Bond Shares 1.19 1.30 Low Priced Trust Shares 5.60 Mass Inv Trust Shares 18.26 19.85 Nation Wide Securities 3.15 3.25 North Am Trust Shares (53)... 1.77 North Am Trust Sh (55-561 .. 2.18 2.22 North Am Trust Shares (58).. 2.25 2.30 Selected Amer Shares 2.59 Selected Amer Shares Inc ... 1.19 1.28 Selected Cumulative Shares ... 6.65 Selected Income Shares 3.46 4.00 Std Amer Trust Sh (A) 2.70 2.75 Trust Shares of America ... 2.57 2.63 Fixed Trust Oil Sh (B) 6.50 6.75 Trustee* Std Oil IB> 4.75 4.95 U S Elec Lt & Pwr (A) 12.00 12.50 Universal Trust Shares 2.80 2.90 INDUSTRIAL PURCHASE MADE BY MARS, INC. Candy Company Buys Seven Acres for Possible Expansion. By Times Special CHICAGO. May 14.—Negotiations for one of the largest purchases of industrial land since the depression started, were completed here late last week by Mars, Inc., candy manufacturers. The property, seven acres, located on one side of the candy company’s plant here, was bought from the Chicago. Milwaukee. St. Paul & Pacific Railroad Company for a reported $114,000. It is understood the land was purchased for possible future ex- ’ pansion. Officials of the company announced no immediate plans for enlargement. INLAND ADDS FURNACE Two New Ovens at Indiana Harbor to Aid in Ingot Production. By Times Special CHICAGO. May 14.—Preparations for the blowing in of two more open hearth furnaces at its plant in Indiana Harbor, were made late last week by the Inland Steel Company. Total number of furnaces engaged in the production of ingots, will be brought to twenty-seven with the ! addition of the two new ovens. The I expansion is expected to give jobs to a number of old employes. RAIL ROUTE SHORTENED C. & E. I. Cats 13 to 24 Hours From Chicago-to-Florida Schedule, By Times Special CHICAGO, May 14.—Savings of from twelve to twenty-four hours in rail travel between Chicago and Georgia, Florida and the Carolinas, was announced here today with the inaugurating of anew route by the Chicago & Eastern Illinois railway, over the tracks of the Louisville & Nashville, and the Chattanooga <Sc St. Louis railroad companies. Special Dividend Is Declared. By Times Special CHICAGO, May 14.—A special dividend of 25 cents a share on the common stock was declared this week by the McGraw Electric Com-

New York Stocks 11 IBy Abbott Hoppin & Cos.) ———————

AVERAGE STOCK PRICES FOR SATURDAY Net High. Low. Close, change Thirty industrials 93.19 91.23 92.22 Twenty rails 41.65 40.61 41.11 .59 Twenty utilities 22.40 21.91 22.11 -.09 Forty bonds •••• 93.58 —.24 Ten first rails .... 100.07 —.lO ’Ten second rails .... .... 81.11 —.65 Ten utilities ... 96.84 —.33 Ten industrials .... 96.29 —.OB - Up. -Off.

—May 14— Prev. High. Low. 10:30 close. Amerada 487* Atl Rfg 23% 23 3 s Barnsdall .. 7 3 7* Consol Oil 9% 9*4 9% 9% Cont of Del 18V* 18 Houston (new).. .. ... 3*4 Houston (old) 18 1 * Mid Cont Pet... 11'2 11H 11% U'2 Ohio Oil 11 10 5 a Pet Corp 10'4 Phillips Pet 16% 16% Plvmouth Oil .. . 10% Pure Oil 3% Royal Dutch 34’a Sbd Oil 32 r ’a Shell Un 8% 8% Skellev Oil 9' 2 9% Soc Vac 15 14*8 S O of Cal 31 31 3 b S O of N J 41 7 b 41% Texas Corp 22' 2 22% Tidewater Assn. .. ... . 11 3 4 Un Oil of Cal 15% 151s Steels— Am Roll Mills.. 177* 17 1 a 17's 17% Beth Steel 33 V* 33 33Vi 33 Byers AM 20 Col Fuel & Iron 4 4 Cruc Steel ... ... 21 Vi Inland Steel ... 40 Ludlum Steel 12 3 4 Mid Steel 11 *2 Natl Steel 42% 42 V* Otis Steel 474 Rep Iron & Stl .. ... 15% Rep Iron & Stl p 47% U S Pipe & Fdy 20 20% U S Steel 4174 41 >4 U S Steel pfd 87% Warren Bros .. ... 87* 8 3 4 Youngstn S & T .. ... ... 19 Motors— Auburn 32% 33 Chrysler 38'2 38 3 a 38% 38'a Gen Motors .. ... • • 30 7 8 Gen Motors pfd 99% Graham Mot ... 2% Hudson 12% 12 5 8 Hupp 3 3 4 Mack Truck 25 Nash 16*2 Packard 4 Reo .. ... 374 3 5 8 Studebaker 4 3 4 Yellow Truck 474 47* Motor Access— Bendix ... 13 5 /4 14 Bohn Alum 51% Borg Warner 2174 Briggs 15 15% Budd Wheel 372 Eaton Mfg ... ••• 157* Elec Auto Lite.. .. ... 19% 20 Houdaille A 4 Mullins Mfg 10 Murray Body ... 6 3 s 6*4 Stew Warner 67* Timken Roll 2774 2774 Timken Det Axel .. ... ... 6v* Mining— Alaska Jun •• • 1874 17% Am Metals ... 197* Am Smelt 37% 38% Anaconda 1374 1374 1374 13 3 /g Cal & Hecla ... 4 Cerro De Pasco. .. Granby ... ••• 874 Gt Nor Ore .... ... ... 1174 Homestake Min .. ... 345 Howe Sound , 4474 Ins Copper ... 4Vi 4 Int Nickel ... 267a 2674 Int Silver , 31 Kennecott Cop 197s 1974 Mclntyre Mine.. .. ... Noranda Cop 39 Park Utah 374 3% Phelps Dodge 15% St Joe Lead ... _ 16% U S Smelters ...11574 115 11572 115 Vanadium ••• ••• 1874 Amusements — Fox Thea 14 Loew’S Inc ... 29 3 s 297* Radio Corp 7% 774 RKO 2% Warner Bros 574 57s Tobaccos— Am Sum Tob 1574 Am Tob B' 6874 Gen Cigars 35 Ligg & Myers ‘B’ ?1% Lorillard .. ... • 1672 Reynolds Tob B’ 4274 41% Rails - Atchison ... 537 b 53 Atl Coast Lines 37 B& O 21 21% Can Pac 15 5 / 8 15% Ch & Ohio ... 45 3 /8 4374 Chi & Gt W 3% Chi & Gt W pfd 7% C M & St P 474 CM& St P pfd 7 674 7 7 Chi N W 874 874 Chi N W pfd 15 Dela Sc Hud - 52 Del Lac & W 207* 20% Erie 1678 Erie pfd 20 Grt Northern pf 1874 1874 1874 • • 111 Central ... 22'? 227s K C Sou 12 Lehigh Valley J3% Lou & Nash 50'4 50 1 * M K & T 87 2 874 M K & T 20’* Mo Pac 3 3 8 Mo Pac pfd 5*4 N Y Cent 27 26V2 N Y Chi & St L 18 N Y C & St L pf 3072 N Y New Haven 1474 1474 14% 14 N Y Ont & West 774 . 774 Norfolk & Wes 173% Nor Pac 23'* Penn R R 287 s 287* Reading ... 4474 Sou Pac 20 3 8 20% Sou R R 2274 2274 Sou R R pfd 28 Untsn Pac ••• 117*4 West Maryland.. .. ... ••• ‘ 10 Equipments— Allis Chalmers.. .. ... 13 7 8 14*4 Am Car & Fdy 19% Am Loco • 24 Am Mach &: Fdy 14 14 Am Steel Fdy 15% Bald Loco ... 1074 1074 Bald Loco pfd 43 Burroughs 13 Case J I 48 7 4 Cater Tract ... 267s 2674 Deere & Cos • 20 Foster Wheeler ... ... 1474 14 Gen Am Tk’Car 34 ’2 35 Gen Elec 197s 197s Ingsol Rand •• • 52 Int Harvester 33’* Natl Cash Reg 14% Pullman Inc 48'* Rem Rand ... 874 8% Und Elliott 40 West Air B 27 Westingh Elec ... ... SIT'S 31% Worthington P 18 Utilities— Am & For Pwr 774 Am Pow & Lit 6% 6% AT&T 112 110% 112 110 3 * Am Wat Wks 1774 Col G & Elec . U 3 * 1114 ll 3 * ll J a Com & Sou 2 2 Consol Gas 3274 Elec Pwr & Lit 57s 5 57b 5 E P & L pfd 12 13’* Int Hvdro Elec 12 11*4 Int T & T 12 11% Lou G & E 'A' 16 Nat Pwr & Lit 9% 9V4 974 974 North Amer 1574 1574 1574 157s Pac G & E 17 Peoples Gas .... ... ••• 29*4 Postal Tel pfd . 1772 Pub Serv N J . .. ... 33 T 4 34 So Cal Edison 16% Std Gas 874 87s Std Gas pfd ..... ■ ■ • • 10 Stone & Web... 7% 7 7’s 7 United Corp 4 s 4 3 * Un Gas Imp 15' 2 15 3 s Ut Pwr & Lit A 2% 3 j Western Union ... ... 42 4 Rubbers — I Firestone ••• ••• J®'/* Goodrich ■ „ 13 Goodyear 29 3 4 27% 29-s 2i^a U S Rubber 18'2 17 7 4 18'4 18 3 s U S Rubber pfd 44% 44 44% 44% Miscellaneous — Am Bank Note . 1874 1874 Am Can 95 94 3 4 95 94 V* Anchor Cap If Brooklyn Man Tr • 347s Conti Can 7374 7374 *3 % 74 Crown Cork 25% 25 Curtis Pub • 20 Curtis Pub pfd *2 Eastman Kodak 88% 89 Gillette 10% 10 Glidden 23 23 I Inter Rapid Tr 7% Owens Bottle T 6 75 | Foods—|Am Sugar „ • ■ 49 Armour A .... 5% 5% 5% 5% : Borden Prod ■ 23% I Cal Packing 31 30 31 30% Can Drv G Ale 2174 S Coca Cola , 115 Cont Bak A 9% 9% j Corn Prod 63 s * 64% j Crm of Wheat ... ••• 32% 31 Cuban Am Sug 6% ; Gen Foods 33 : Gold Dust 19 IG W Sugar 257* 25 25% 25% i Hershev 62 1 Loose Wiles •• • Natl Biscuit 37% 37% : Natl D Prod 15% 15% 1 Puritv Bak 13% S Porto Rico S 29% Spencer Kellog 17% Std Brands ... 19% 18's Un Biscuit 25% United Fruit 61% Ward Bak (A) Wrigley 62 Retail Stores— Best & Cos 29% I First Natl Stores 59% ! Gimbel Bros 3% 3% Gr Un Tea 6% 5% Hahn Dept Sts 5 5% 1 Kresge S S 1774 16% 17% 17 Kroger Groc 28% Macv R H 41% Marshall Fields 13% 13% 13% 14 Mont Ward 24% 23%' 23% 23% Nnil Tea 12 Pennev JC ■ • 56 Salewav St 47 Sears Roebuck . 42 42% 42 42 Woolworth 48% 47% Aviation — Aviation Corp .. 6% Curtiss Wright . 37. 3% 3% 3% Curtiss Wri (A) 8% 8% 8% 8% Douglas Air 17% 17% Nor Am Av .. . 4% Speery Com .. BV4 77a 8 8 United AJpraft 19% 19

THE INDIANAPOLIS TIMES

Wright Aero 447-4 Chemicals — Air Reduction .. .. ... 97 97% Allied Chem • 134 135 Am Com Alcohol .. ... Col Carbon 61 % Com Solvents.... 20% 20% 20% 20% Dupont ... 83% 82 Freeport Tex 37 37% Liquid Carb 27% Math Alkali 28% Montoson Chem. 40 Natl Dis (new).. 24% 24% 24% 23- 2 Scheneley Dist 27% 26% 27 26 Tex Gulf Sulph 31% 31% 31% 31 Union Carbide 37% 37% U S Ind Alcohol 39 40 % Vir Chm 6% pf 17 Drugs— Coty Inc 5% 574 Lambert 25% 25 Lehn & Fink .. ... 20 20% Un Drug 15% 15 15% 15% Zonite Prod .... 5% 574 574 5% Financial— Adams Exp 7% 7% Allegheny Corp 2% Am Int Corp 674 6% Chesa Corp 4074 Lehman Corp ... 66 65 74 6 6 65 Transamerica .... ... 6% 674 Tr Conti Corp ... ... 474 Building— Am Radiator 12% 12% Gen Asphalt 1774 1774 17% 16% Int Cement . ... 22'4 Johns Manville .47 74 4 7 4774 46% Libby Owens Gls 28',2 2874 28% 28% Otis Elev ... 1474 147* Household— Col Pal Peet 1314 Congoleum 24% Kelvinator 15% 15% Mohawk Carpet 167* . Proc & Gamble . . 3474 Simmons Bed . 15% 157* 1574 15% Textiles— Amer Woolen .. 10% 974 9% 1074 Belding Hem ... 11% 11 11% 11 Celanese Corp .. 257 2 25% 25% 2674 Collins Aikman 167* 167* Gotham Hose 7% Indus Rayon 7374 ... Kayser Julius 15% 1574 New York Curb (By Abbott, Hoppin & Cos.) —May 12Close.j Close. Allied Mills ... 7% I Gulf Oil of Pa 60 Alu Cos of Am.. 657*Hiram Walker.. 32 Am Beverage .. 2 ;Hud Bay Min... 1274 Am Cyanide B 17%;Humble Oil .... 41 Am Superpower 2% Imperial Oil Ltd 13% Asso As & El.. 741 Int Petrol 267* Atlas Corp 10%|Lake Sh Min .48 Brazil Tr & Lt 10% Libby McN Lib. 5 Can Marc 2%'Lone Star Gas . 6 Carrier Corp .. 67*iNatl Bellas Hess 3 Cities Serv . 274|Nia Hud Pwr... 574 Comnwlth Ed 51 iNovadel Agene . 20% Con Gas of Bal 5974 Pan Am Airway 35% Cord Corp .... 5 |Park Davis 23 Creole Petrol.. 12 jPenn Road .... 274 Deere & Cos ... 20 Ist Regis Paper. 374 Distil Lim .... 2274ISherw'in Wms... 62 Distill Corp .. 15%!Std of Ind 25% Dow Chem ... 81%;std of Ky 15% El Bnd &Sh .. 13741 Technicolor Ind 87* Fisk Rubber ... 12741 Teck Hugh Gold 5% Ford of Can A 20*/2(Un Gas 27* Ford of Europe 9 jUn Pr & Lt A . 2% Glen Aid Coal . 157,Wr Harg Min... 8%

Chicago Stocks By Abbott. Hoppin & Cos. ——

—Mav 14— High. Low. 11:30. Asbestos Mfg . 2% Berghoff 7% 77)8 7’/* Bendix Aviation 1474 13% 13% Borg-Warner 21% 20% 21 Butler Bros 2% B'/8 8% Cent 111 Securities com % Cent 111 Securities pfd . . 8 Chicago Corp com 27i 2 2 Chicago Corp pfd 26% 26 26 Cities Service .• ■ 2% Club Aluminum • % Commonw'ealth Edison-. 50% 50 50% Cord Corp 5 4% 4% Gen Household Ut .... 12'/8 1)% 11% Great Lakes Aircraft % Iron Fireman 12% Libby McNeil 5 4% 4% Lynch Corp 28 27% 27 7 X * Marshall Field 14 Middle West Utilities 7i Midland United . ... % National-Standard 24 Noblitt-Sparks Indu Inc 13% Parker Pen . 8 Prima Cos B’4 8 8 Quaker Oats • 110 Swift & Cos 15% 14% 1574 Swift Internacional .... 3074 28% 29% Thompson JR 77* Utility & Ind pfd 3*4 3% 374 Vortex Cup Cos 11 Walgreen Cos com 25 2474 2474 Zenith Radio 374 33

Bond Prices By Fenner & Beane) *

—May 14— High. Low. 10:30 Allee Corp 5s ’SO 38 37% 37% AT&T db 5s '65 108 107% 108 Atchison gen 4s ’95.... 100% 100% 100% B&O cv 4%s ’6O ... 62 61 Vs 62 Beth Steel 5s A ’36 103 Can Pac 4s 82V 4 81% 81% ChMStP&P ad 5s A 2000 13 % 12% 12% ChMStP&P rs 5s A '75 42% 42 42 Erie RR rs 5s ’67 67 68Vs 68% Goodyear 5s '57 98% Gt Nor 4%s D ’76 78% Gt Nor 7s A ’36 94 93% 94 Interboro RT 5s ’66 ... 6614 66% 66 1 8 Int T&T db 5s '55 . 59% 59 59 McKees & Robb 5%s ’SO 78% 78% 78% Nat Dairy db 5%s '4B . 94% 93% 93% NY Cent 4%s O 2013 .. 72 71% 72 Nor Am 5s '6l ... 88% PacGas&El 5s A ’42.. . 105% Penn RR 4%s D ’Bl 96% 96 96% Royal Dutch 4s A '435 135% 135 135 Poland 7s ’47 118 Shell Un Oil 5s ’47 .. 98% 98 98% Sin Cons 6%s B '3B . 104% Texas Corp 5s '44 .102% 102% 102% Un Pac Ist 4s ’47 .104% 104% 104% U S Rubber 5s A ’47 . 83% 83 83 Western Un 5s 'sl 89% Ygstwn S&T 5s B ’7O . 83% 83 83 U. S. GOVERNMENT BONDS (Bv United Press) NEW YORK, May 12.—Closing Liberties. (Decimales represent 32nds.). Liberty. r 3%s (32-47) 103.27 First 4%s (32-47) 104.4 Fourth 4%s (33-38) 104.5 Treasury 4%5-3%s (45) 103.1 4%s (47-52) 112.2 3 3 sS (43-47) 104. 3 3 ss (40-43) June 104. 3%S (41) 103.24 3%s i46-49) 101.29 33 (51-55) 100.20 FEDERAL FARM LOAN BONDS (Bv Blyth & Cos.. Inc.). —May 12— yVslc 4s Nov. 1. 1957-37. 100% 101 4s May 1. 1958-38 100% 101% 4%s July 1. 1956-36 100% 101 % 4%s Jan. 1. 1957-37 100% 101% 4 Vis May 1, 1957-37 100% 101% 4%s Nov. 1. 1958-38 101% 101% 4'~s May 1. 1942-32 100% 101 % 4%s Jan. 1. 1943-33 100% 101 4%s Jan. 1. 1953-33 100% 100% 4%s July 1, 1953-33 100% 100% 4%s Jan. 1, 1955-35 100% 101% 4%'S Jan. 1, 1956-36 100% 101% 4%s July 1. 1953-33 100% 101% 4%s Jan. 1. 1954-34 100% 101% 4%S Julv 1, 1954-34 100% 101% 5s May 1. 1941-31 101% 102 5s Nov. 1. 1941-31 101% 102 —Home Loan—--4s Julv 1. 1951 121 127 —Federal Farm Mortgage Corporation—--3%s March 15. 1964-44 102% 102% BUSINESS GAIN SHOWN Baldwin Loco April Business More Than Three Times Last Year. By Times Special NEW YORK. May 14.—Baldwin ! Locomotive works consolidated busi- | ness during April amounted to 51.694.000. more than three times ! the $538,000 total of the corresponding month of 1933. Consolidated bookings for the first four months of the current year amounted to $7,695,000 against $2,046,000 in the same four months last year. Shipments and unfilled orders also were reported increased. HARDWOOD PRICES GO UP i Lumber Values Increase 15 to 20 Cents a 1,000 Feet. By Times Special MEMPHIS, Tenn., May 14.—Decision to increase the assessment of hardwoods to lumber mills from 15 to 20 cents each one thousand feet, has been made by directors of the Hardwood Manufacturers’ institute, diviSonal code administrative agency. The extra revenue will be used to defray expenses of administratering and enforcing the national lumber code in the southern and Appalachian territories.

PORK MARKET UNCHANGED IN SLOWSESSION Cattle, Lamb Values Even: Veals Drop Sharply at $5.50 Down. Initial sales on hogs at the Union Stockyards today were generally steady with Saturday’s average. Trading developed slow and buyers were hesitant in making early purchases. The bulk of 160 to 350 pounds, was selling at $3.65 to $3.75, while few better grades ranged from $3.80 to $3.85. Light kinds weighing from 130 to 160 pounds, brought $2.85 to $3.35. Smallest classes available, scaling from 100 to 130 pounds, were salable around $2.10 to $2.60. Receipts were estimated at 7.000; holdovers, 275. With only slight action evident in the cattle market, initial sales on slaughter steers were slow and weak with quality plain. She stock continued unchanged. Receipts were 500. Extreme weakness was displayed in the veal market, with the majority of grades moving around 50 cents to $1 lower, selling at mostly $5.50 down. Top held at $6. Receipts numbered 700. Lamb market remained steady with last week's close, or sharply lower than the week’s early trading Bulk of shorn western kinds sold at $8.50 down. Sheep held at $3. Receipts were 1,200. Asking on hogs at Chicago was strong with Saturday’s average, while few early bids were weak at $3.70 down. Receipts were estimated at 30,000, including 15.000 directs; holdovers, 1,000. Cattle receipts numbered 15,000; calves, 2,000; choice steers firm, others lower. Sheep receipts, 9.000; market, unchanged. HOGS May. Bulk. Top. Receipts. 7. $3.70® 3.80 $3.85 5,500 8. 3.65® 3.75 3.80 5.500 9. 3.55® 3.70 3.75 5,000 10. 3.50® 3.65 3.70 6.000 11. 3.55® 3.70 3.75 5,500 12. 3.65@ 3.75 3.75 1.500 14. 3.65® 3.75 3.85 7,000 Market, steady. (140-160) Good and choice-...$ 3.10® 3.35 —Light Weights—-(l6o-180) Good and choice.... 3.65 (180-200) Good and choice 3.75' —Medium Weights—-(2oo-220) Good and choice ... 3.75® 3.80 (220-250) Good and choice ... 3.75@ 3.85 —Heavy Weights—-(2so-290) Good and choice ... 3.75® 3.80 (290-350) Good and choice ... 3.65® 3.75 —Packing Sows — (350 down) Good 3.00® 3.25 (250 lbs.) Good 2.85® 3.15 (All weights) Medium 2.75® 3.00 —Slaughter Pigs)— (100-130) Good and choice ... 2.00® 2.60 CATTLE Receipts, 500; market, steady. (1.050-1.100) Good and choice $ 6.75® 8.25 Common and choice 4.50@ 6.75 (1.100-1,500) Good and choice 7.00® 9.00 Common and medium 5.50® 7.00 (675-750) Good and choice 5.25® 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® 3.50 Low cutter and medium 1.75® 2.75 —Bulls (yearlings excluded) Good (beef steers) 3.00® 3.75 Cutter, common and medium.. 1.75® 3.00 VEALERS Receipts. 700: market, lower. Good and choice $ 5.50® 6.00 Medium 3.50® 5.50 Cull and common 2.00® 3.50 . —Calves— Good and choice 3.50® 5.00 Common and medium ........ 2.00® 3.50 —Feeder and Stocker Cattle— Good and choice 4.50® 6.00 Common and medium 3.00® 4.50 (800-1.500) Good and choice , 4.50® 6.00 Common and medium 3.00@ 4.50 SHEEP AND LAMBS ' Receipts, 1,200; market, steady. (Shorn basis) Spring lambs $ 8.50® 10.00 (90-lb. downi Good and choice 8.25® 8.75 (90- 110-lb.) Good and choice B.oo® 8.50 (500-lb. down) Com. and med. 6.50® 8.00 —Ewes— Good and choice 2.50® 3.50 Common and medium 1.50® 2.50 Other Livestock (By United Press) CHICAGO. May 14.—Hogs—Receipts, 30,000. including 12.00 directs: slow. 5 to 10 cents lower than Friday; 180-250 lbs., $3.60 @3.70; top, $3.75; 260-350 lbs., $3.40®3.65; 140-170 lbs., $3.15®3.60: most pigs, $2.50 down; packing sows. $2.75®3: light lights, 140-160 lbs., good and choice. [email protected]; light weights. 160-200 lbs., good and choice. [email protected]:74 medium weights, 200-250 lbs., good and choice. $3.60®3.75; heavy weights. 250-350 lbs., good and choice, $3.35® 3.70; packing sows. 275-550 lbs., medium and choice. [email protected]; slaughter pigs. 100-130 lbs., good and choice. s2® 3.15. Cattle—Receipts, 15,000 calves, 2.000; not enough medium weighty and weighty steers to make a market; undertone weak to 25 cents lower; strictly choice kinds absent: general killing quality plainer than week ago: light cattle unevenly weak to 25 cents lower, but light heifers and mixed yearlings fairly active; bididng lower on cows; bulls strong to 15 cents up; vealers steady; early top yearling steers, $8.40: slaughter cattle and vealers, steers, 550-900 lbs. good and choice. $5.75®7.50; 900-1,000 lbs., good and choice, $5.75@ 8.25; 1.100-1.300 lbs., good and choice, [email protected]; 1.300-1.500 lbs., good and choice, $7.25®9.50; 550-1,300 lbs., common and medium. $4.50®7.25: heifers. 550-750 lbs., good and choice, [email protected]; common and medium, $3.50®5.25: cows, good. s4® 5.25; common and medium. $2.65@4; low cutter and cutter, [email protected]; bulls (yearlings excluded) good (beef) $3.25® 3.75; cutter, common and medium. $2.50® 3.25; vealers, good and choice. $5.50@7; medium. s4® 6; cull and common. s3® 4; Stockers and feeder cattle, steers. 5501,050 lbs., good and choice. $4.75® 6; com--1 mon and medium. $3.50® 5. Sheep—Receipts. 9.000; lamb undertone weak to 25 cents lower; sheep, steady; bulk shorn lambs. $8 and lower; talking $9 and lower on wooled offerings; light w r eight ewes, 53.50; 150-200 lbs., mixtures largely, $2; slaughter sheep and lambs, spring Jambs, good and choice. [email protected]: medium $8.25® 9.25: lambs. 90 lbs. down, good and choice. $7.60® 8.25; common and medium, $5.75®7.75: 90-98 lbs., good and choice $7.65® 8.10; ewes. 90-150 lbs., good and choice. $2.50® 3.50: all weights, common and medium. $1.25® 3. By Times Special LOUISVILLE. May 14.—Cattle—Receipts. 700; run mostly stockers and feeders; demand for slaughter classes narrow; market. slow, about steady with close last week; 25®50c or more lower than last Monday: bulk common to medium grade steers and heifers, s4®s; few better kinds, [email protected]: eerly top good. 645-lb. yearlings, $6.25; hulk beef cows, $2.75® 3.50; good, smooth drvfeds quotable higher; sausage bulls, mostly $3.25 down; Stocker and feeder trade dull; most well bred light Hereford stockers salable. $4.75®5.25: common to medium grade natives. s3® 4. Calves—Recipts, 650. including 174 stock calves; market, steady with Saturday; bulk better vealers. $4.50®5; medium and lower grades. $4 down. Hogs—Receipts. 1,600. including 213 direct; mrrket. mostly 5c higher; 185-275 lbs.. $3.75: 280 lbs. up. $2 95 145-180 lbs. mostly $3 20: few* choice 160-180 lbs.. 53.45: 120-140 lbs.. $1 85; sows, $1.75. Sheep—Receipts. 1.500; market not fully established; early indications 50c lower on better grade ewe and wether trucked in springers: most bids on these $10.25: bucks out at $1 discount: old crop sheep and lambs, steady: medium to good clipped lambs. $6®,7; fat clipped ewes mostly s2®3.

Abbott, Hoppin & Company 203 Continental Bank Bldg. Riley 5491 Nw J or , k Indianapolis Chicago Montreal Pittsburgh MEMBERS: New York Stock Exchange Chicago Board of Trade New York Curb Exchange Chicago Stock Exchange New York Cotton Exchange Chicago Curb Exchange New York I’roduce Exchange Commodity Exchange, Inc. New York Coffee and Sugar Exchange, Inc. Chicago Mercantile Exchange Co-Managers James T. Hamill Kenneth K. Woolling c

Recovery Expenditures Reduced 50 Per Cent

Business Improvement Cuts President's Emergency Fund in Half. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON, May 14—Business improvement on an unexpected scale was credited today with a 50 per cent reduction in the $7,523,486.700 emergency recovery expenditures President Roosevelt planned to make during the present fiscal year. It would be almost impossible now to step up governmental spending to a pace which would disperse all the budgeted relief fund. Mr. Roosevelt will go into the new fiscal year July 1 with the treasury about $4,000,000,000 ahead of the position plotted in early January. Up to May 9. only $3,373,061,000 of the "emergency” expenditure estimated in President Roosevelt's budget actually had left the treasury. This figure is not expected to rise sharply in the last six weeks of the fiscal year. Business improvement of greater than expected proportions is given chief credit for the curtailment of expenditures. The Reconstruction Finance Corporation alone is running about $2,000,000,000 under its budget because of decreased demands of loans from business and an unexpected rise in loan repayments to around $3,000,000 daily. Another reason for the relative slowness of relief expenditures was the virtual impossibility of spending nearly a billion dollars a month. Only the national recovery administration and the farm credit administration, with relatively insignificant amounts, have actually exceeded their allotted funds. Slowest expenditures have been for the Tennessee valley authority. Produce Markets Delivered In Indianapolis Prices—Hens, 11c; Leghorn hens, 9c; Leghorn springerstags. 6c; large springer-stags, 9c; cocks, 5 ibs. and over, sc. under 5 lbs.. 4c; ducks, full feathered and fat, 4% 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 each full case must weigh 5 lbs. gross; a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter —No. 1, 27@28c; No. 2. 25@26c; butterfat. 20c.— Quoted by Wadley. (By United Press! CHICAGO. Mav 14.—Eggs—Market unsettled: receipts. 30.751 cases; extra firsts, 16c: fresh graded firsts. 1674 c; current receipts, graded, 14%@14%c; miscellaneous 14'/*c; dirties No. 1, 13’2@i4c; No. 2, 13c; checks, No. 1,14 c: No. 2. 13c. But-ter-Market weak: receipts, 13.203 tubs; extra firsts (90-9174 score). 22%®23c: firsts (88-89% score i. 2222%c: seconds (86-87 74 score), 21%c; extras *92 score). 23%c; specials, 23%®24%c; standards, 23c. Poultry—Market about steady; receipts 27 trucks; 1 car; hens. 13®14%c; old roosters. 8c; geese. 674 c; broilers. Plymouth Rock. 23%c; turkeys, 18c: heavy ducks, spring, 13%c; light ducks, 11c; Leghorns. 12c; capons, unquoted; Rock fryers, 25c; Rock springers, 26c: Cheese—Twins, 12'4@12%c: Longhorns. 1374@1374c; daisies 12%® 13c. Potatoes-Old stock, supply moderate; demand and trading moderate; market dull: Idaho Russets. 3 cars. $1.27%; 14 cars. $1.30: 2 cars, 51.32%; 1 car, $1.35; combination grade, 1 car, $1.15; U. S. No. 2 2 cars. $1.10; Colorado McClures, 1 car, $1.50; 1 car. $1.60; Wisconsin round whites. 1 car. $115; Minnesota cobblers, 2 cars sl. New stock—Supply moderate: demand and trading moderate; market, dull; Louisiana Triun*Dhs. 2 cars; $2.15; 1 car, $2.25: 2 cars, $2.30: 3 cars, $2.35; fair quality, 1 car. $2; 2 cars, $2.10. Arrivals. 182; on track. 286; shipments Saturday. 799; Sunday. 20. NEW YORK, Mav 14.—Potatoes steady: Long Island, [email protected] bbl.; southern. $2 ® 4.75 bbl; Maine. $1.35®2 bbl. Sweet potatoes—Easy; Jersev. basket. 60c®51.75; southern basket. $1®1.60. Flour—Quiet; springs. $6.75@7 bbl. Pork—Quiet; mess. $20.25 bbl. Lard—Firm: middle west spot, $4.20®4.30 per 100 lbs. Dressed poultry— Steadv: turkeys. 12®26c; chickens. 10® 27c; broilers, 18® 27c; capons. 21@34c: fowls, 13® 18c; Long Island ducks. 15@ 16c. Live poultry—Steady; geese. 6®7c; turkeys, 12® 18c; roosters, 10c; ducks, 9@ 12c; fowls. 15f/18c; chickens. 11c; capons. 22c; broilers. !2@23c. Cheese—Quiet; state whole milk fanev to specials. 18® 19c. On Commission Row —May 14— —Fruits— Apples —New York Baldwins, fancy, $1.85; fancy Ben Davis. Indiana $1.75; fancy Winesaps, $2.15®2.50. Cherries—California, 15-lb. bag. $3.50® 4.25. Lemons —Sunkist, $6.50; Red Ball. $6 Grapes—South American, crate. $3. Grapefruit—Florida, seedless. $3.75®4.25. Strawberries Mississippi. 24-qt crate. ,$3.25: Tennessee 24-qt. crate, $3. Melons—Argentina Honey dews. $3. Cantaloupes—Pony crate, $2.50; standard (45). 53.25. Pears—Calavos. $4 per box. Pineapples—Cuba, all sizes, crate, $3 25. Bananas—Per pound, sc. Raspberries, Cal., 12; 74 pts., $2.50. —Vegetables— Cabbage—Louisiana. $2 crate; Florida red. $2.50 per hamper. Celery—. Florida. $3.15 a crate, mafnmoth bunch, 90c; medium bunch, 45c; hearts, dozen bunches, $1.25. Or,ions —Indiana yellow. 50-lb. bag, 75c. 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. $1.90: Idaho Russets, 100-lb. bag, $1.90; New Texas Triumphs, $1.90. Sweet Potatoes —Tennessee Nancy Halls, crate. $2. Asparagus—Home grown, dozen. 50®85c. Beans —Round, stringless. $2.25®2.50, Beets —New Texas, 3-dozen crate. $1.75. Carrots—California. 6-dozen crate. 32.75; bulk.' new, $1.60. Cauliflow-er —California, $1.90. Lettuce—Hot house. 15-lb. basket. sl.lO. Iceberg, best, [email protected] a crate Peas—2 B-lb. hamper, $2.25. Radishes—Home grown buttons. 40c a dozen. Rhubarb—Home grown, dozen, 30c. Spinach—Home grown, bushel. 90c. Tomatoes —Repacked, 10-lb. carton, $1.50; original Mexican. 30-lb. lug., $3.50 CHICAGO FRUIT MARKET (Bv United Press• CHICAGO. May 14.—Apples—Michigan Baldwin. $2; spies. $1.65® 2. Carrots—lllinois. 60®65c bushel. Spinach—lllinois. 65® 85c bushel. Beans—Southern green. sl® 1.75: wax, $1®1.50. Cucumbers Central westerri hothouse. $1.60®2.25 (2 doz. to boxi. Tomatoes —Florida, $2.25® 3 lug box. Sweet potatoes—Tennessee. 51.65 bushel hampers. Mushrooms—lllinois. 1772')'45c fib cartons). Asparagus—lllinois. 65c® $1.15 flat crates. Onion market (50-lb. sacks)—Texas yellow's, 75c® SI; Texas whites, 75c® $1; California whites. $1.15. Other Livestock (By United Press') FT. WAYNE. May 14.—Hogs—Steady to 10c higher: 250-300 ibs.. $3.70; 200-250 lbs . $3.65; 140-150 lbs.. $2.85; 150-200 lbs., $3.55; 300-350 lbs.. $3.40; 150-160 lbs., $3.10; 130-140 lbs . $2.60: 120-130 lbs,. $2.10; 100-120 lbs., $1.75; roughs. $2.75: stags, $1.25. Calves. $5.50; lambs, $9.75 down.

Safe Water delivered day and night costs less than anything else you buy Indianapolis Water Cos.

Cash Grain

Local Wagon Wheat Citv grain elevators are paying 75 cents for No. 2 soft red wheat. Otner grades on their merits. (Bv United Press) CHICAGO. Mav 12 —Wheat—No. 2 red. 84%c; No. 2 hard. 89%@90%c. CornNo. 2 Mixed. 49c; lake No. 2. mixed. 49c; No. 3 mixed. 48%®49c: No 2 yellow. 49% ® 50c; No. 2 white. 55c; lake No. 2 white. 54%c. Oats—No 2 white. 34%f36’*c; lake. 35%c: No. 3 white. 34@35V*c; No 4 white. 33®33%c. Barley—6o® 74c; quotable. 44 ti 82c Timothy—s6.so® 6.75. Clover seed— slo® 13.50. Cash provisions: Lard. 16.12; loose. $5.62; leaf. $5 62; bellies, *7.87. TOLEDO. Mav I.—(Grain in elevators, transit billing)—Wheat—No. 2 red. 88%® 89%c. Corn —No. 2 yellow, 54ii55c. Oats —No 2 white, 39%u40%c. Rve—No. 2. 61%®62%c. iTrack prices. 28%c rate). Wheat—No. 2 red. 84®85%c; No. 2 red, 83 %® 84 %c. Corn—No. 2 yellow. 49 a 50%c. No. 3 vellow. 48'_®49%c: No 4 yellow. 47%@48c Oats—No. 2 white. 36 i 37c; No. 3 white. 35% < 37c. Seed close; Clover —Cash, $8 25. Alsike—sß 50. ST. LOUIS. Mav 12.—Cash grain: Wheat —ln slow demand to 3c lower on red and 2'*c lower on hard; No. 2 red. 85c nominal- No. 2 red Garlicky, 84c, No 2 hard. 85%c nominal. Corn—ln fair demand. 1 to l%c lower; No. 2 vellow. 51 %c; No. 4 yellow. 50c: No. 2 white. 53: No 3 white. 52c. Oats—ln*fair demand. l%c lower: No. 2 white. 36%c; No. 3. white. 35c; No. 4 white. 34%c; No. 2 mixed. 36c. Chicago Futures Range —May 12Wheat— Prev. High. Low. 10:00. close. May 87% .85% 86% 87% July 85% .83% 84% .85% Sept. 86% .84% .85 .86% Corn— Mav 46% .45% .45% .46% Julv 49 .48 .48% .49% Sept. .. 50% .49% .49% 50% Oats— Mav 34 .33% .33% 34 July 33 .32 .32% 32% Sept 33% .32% .32% .33 RyeMay 55 .54 .54 .55% July 56% .55 .55 .55% Sept 57 74 . 56% .56% .57% Barley— May -40 3 * July 42% .42% .42% .41% Sept 43 % .43% CHICAGO PRIMARY RECEIPTS —May 12— —Bushels— Todav. Last week. Wheat 774,000 231.000 Corn 260.000 2 70.000 Oats 228,000 151,000 Births Girls Guy and Dorothy Anderson, Coleman hospital. Lew and Elizabeth Cooper. Coleman hospital. Claude and Marjorie Cox. Coleman hosPit® l - - , Robert and Ann McClain, Coleman hospital. Robert and Orma Minmck, Coleman hospital. Robert and Gladys Bey. 1146 East Sixteenth. Augustave and Nancy Ettinger. 328 North West. Everett and Vivian Compton. 4509 Manlove. August and Josephine Rankin, 2322 Glen Dr. Clinton and Clara Johnson. 1346 West Thirty-fourth. Paul and Lillian Wheeler. 1323 Blaine. Boys Samuel and Lurlle Leverett. Coleman hospital. _ , Robert and Trula Miller, Coleman hospital. Robert and Bertha Smart. Coleman hosPi tal - . „ , Lawrence and Lola Sutphen, Coleman hospital. George and Velva Watts, Coleman hospital. Matthew and Beryl Pass, 19 North Denny. Harrv and Anna Montgomery, 242 West Thirty-sixth. Kay and Louise Williams. 928 Moreland. Jesters and Sarah Scott, 1312 North Missouri. William and Sarah Swanigan, 2143 Northwestern. Earle and Alta Bennett, 2015 Wilcox. Ingram and Lena Richardson. 2374 North Oxford. Thomas and Henrietta Margason, 3716 Parker Ogle and Esther Crossley. 32 North Milev. Twins Lew and Elizabeth Cooper. Coleman hospital, girls. Deaths Mary A. Shepherd. 75, Methodist hospital. hypostatic pneumonia. Opal Weightsman. 34. Long hospital, lobar pneumonia. Louis D. Collins, 64, 3319 East Washington. cerebral hemorrhage. Lucia M. Craine. 83. 1318 North Pennsylvania, arteriosclerosis. Taylor Butler, 83. city hospital, arteriosclerosis. Frank Severance, 44, city hospital, lobar pneumonia. George W. Hammans, 81. Bit railway, fractured skull.

The Climax of a Century of Progress in Business Methods

TheMEW Model 12 DICTAPHONE

Since the invention of the Dictaphone 48 years ago, its role in the business world has been to increase an executive’s efficiency—to “double his ability to get things done.” Then, at the Century of Progress Exposition, appeared anew Dictaphone— Model 12—a dictating machine contemporary in design and as handsome as it is efficient. The outside has caught up with the inside. Business men everywhere have accorded the new Dictaphone

They have expressed this enthusiasm in orders for the new Model 12.

The word DICTAPHONE is the Registered Trade Mark of Dictaphone Corporation, Makers* of Dictating Machines and Accessories to whit* said Trade Mark ia Applied. ’

HEAVY RAINFALL OVER WEEK-END LOWERSGRAINS Wheat Prices Decline More Than a Cent: Corn, Oats Drop. BY HARMAN W. NICHOLS I'nited Press Staff Correspondent CHICAGO, May 14.—Heavy rains over certain sections of the wheat growing areas of the country induced an easier tone in wheat at the opening of the Board of Trade today. Wheat held 7 s to 1% cents lower, corn was % to 3 * cent lower, and oats were unchange to % cent off. Rye worked against the trend and held unchanged to % cent higher. Kansas and Missouri reported heavy rainfall over the week-end. Some spots in Kansas indicate 3 to 5 inches of precipitation. The arid northwest, on the other hand, remained without moisture. Liverpool was fractionally lower at the start although the market did not fully reflect the decline here Saturday. Stocks and cotton eased slightly. APRIL HARDWARE SALES SHOW GAIN OVER 1933 Federal Reserve Districts Report Huge Percentage Increases. By Times Special NEW YORK. May 14.—Hardware sales during April maintained good gains over 1933. but with a more moderate percentage of increase than any month of the first quarter. This trend was expected, for the comparable months of 1933 began showing their upturn in April, according to the Hardware Age in a market survey. The percentage gains in net wholesale hardware sales by federal reserve districts, for the first quarter of 1934, as compared with the same period of last year ranged from 22.7 to 82.9 per cent, it was reported. PASSENGER REVENUES OF RAILROADS ADVANCE Six Companies Report April Business Above Previous Year. By Times Special CHICAGO, May 14.—Railroad passenger revenues for the fourth consecutive month, showed a gain over the corresponding month a year previous, during April, The upturn reverses a ten-year downward trend in passenger business. Gains were reported during the month as follows: Chicago & Burlington, 8 per cent; Illinois Central, 18.9 per cent; Rock Island, 15.2 per cent; Baltimore Ohio, 25 per cent, and Pennsylvania, 35 per cent. SCRAP STEEL DECLINES No. 1 Grade Off 25 Cents in Fifth Consecutive Week. By Times Special PITTSBURGH, May 14.—Price of steel scrap, which in the last few weeks has been receding, showed further weakness during the week, according to reports from steel trade circles. The market here for the fifth consecutive week fell off 25 cents to a range of $12.75® 13.25 a ton on the No. 1 grade. Railroad and other grades also reflected pressure of offerings and fewer buyers.

an enthusiastic welcome. And all of this in the face of the fact that the Dictaphone has to prove its own value to your business before you are -asked to pay for a single machine. If you haven’t personally seen this outstanding example of modern design, you ought to do so. The easiest way is to have on your desk the new portfolio of photographic studies of the new Model 12. A telephone call to the Dictaphone office in your city will bring this to you by mail.

NR A Dictaphone Sales Corporation, Bankers Trust Bldg., cf. -* Indianapolis.

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