Indianapolis Times, Volume 46, Number 8, Indianapolis, Marion County, 21 May 1934 — Page 11

MAY 21, 1034

Wall Street Pennsy Official Suggests New Plan to Reduce Rail Expenses. BY RALPH IftNDLRSHOI

Tim Sprtul Financial Writer \ . J. COUNTY, vice-president of 4 the Pennsylvania railroad, set forth the rather interesting proposal late last week in a University of Pennsylvania round table conference that all of the eastern railroads should be unified under one management company. He suggested that the company might be called the United Eastern Railroad Company.

The object of Mr County's proposal, he said, would be to red u c e operating expenses of the railroads in this section of the country by eliminating needless and expensive competition t o the end that the carriers would be able to get back on their feet financially. Existing corporate entities would be maintained, and

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representations and earnings would be apportioned according to the income of each road as averaged over a period of years. Presidents of the existing roads would make up the board of governors of the proposed management concern. Theoretically the plan is excellent. From a practical standpoint, however, there are several logical exceptions to it. If the various companies entering into the corporate whole were to maintain their ldenties and if the presidents of tnese companies were to be held responsible to their stockholders there probably would be more battles among directors of the top concerns over where money would be spent for such things as improvements and maintenance than there is among politicians over disposition of patronage and postofficcs. a a a AS the biggest railroad in the country the Pennsylvania would have more votes than any of the other roads in the management of the United Eastern. That probably would not set very well with the other concerns which are supposed to enter into the scheme. A fight somewhat like that which arose among the states when they first sought to select representatives to Washington probably would develop. Mr. County suggested that the new operating company should have a working capital ultimately of as much as $100,000,000 and that this fund might be supplied by the individual railroads or by the government in the form of a loan. Obviously the railroads could not dig up that much money at this time. Many of them can not meet even their interest charges. He probably had in mind the second alternative —the borrowing of the money from the government. No provision, howev.-r. was made for a government representative on the board of directors .although the Interstate commerce commission would continue to regulate their activities to the extent it has regulated them in recent years. ana i>UT despite the objections to Mr. County's plan from a practical standpoint, it has many advantageous features. As he says, if it is advisable to reduce the number of system in the east to lour or two. as has born proposed, it would be even more advisable to reduce them to one. The railroads seem to be getting as much competition these days from trucks and other carriers as they are from one another, and this competition would remain. Moreover, with the proper regulation they could be kept pretty well in line on such things as rates and service. A point about which there might be some concern, however, is the fact that the railroads, under Pennsylvania executive’s plan, would have the same type of management that they have had in the past. This management has not been particularly aggressive. They might well hire some of the automobile people to show them how to get things done. On Commission Row —May 21— —Fruits— Apples Fancy Ben Davis. Indiana. SI I.' fancy Winesaps. $2.15//2.50. Cherries—California. 16-lb lug. $2 50. Oranges—California. Sunkist. $5 i 4.50. Red Ball. 53.50 4.25 l emons—Sunkist. $6 75: Red Ball. $6 25 Grapes—South American crate S3 Grapefruit- Florida, Seedless. $3 75/( 4.2.3. Stanbeies- retaoin shrdhi cmfwv \bg Strawberries Aromas. 24-q! crate. $3 25: R'lkeinires and Premiers $2 50: Klondvkes $2 25 Melons Argentina Honerden s. S3 Cantaloupes Poi-.v crate, f2.254i2.50 jumbos. 45' >3 25 standards. s2® 3. Pears—Calavos $4 per box. Pineapples -Cuba, all sires, crate. S3 25. Bananas Per pound, c Raspberries. Cil. 12: % pts., $2.0. —5 ejelables— Cabbage Mississippi, 50-lb. bag. $1.35 Fionda red S2 50 per hamper. Celery- Florida <4 50 a crate, mammoth h.nch. 90c medium bunch. 60c hearts, dozen bunches $1 25. Onions—lndiana yellow. 30-!b bag. 75c. Potatoes -Northern round white. 100-lb bag 51.65; Red River Ohio* $165; Maine Green Mountain. $2; Colorado McClures <! SO Idaho Russets S’ SO Idaho Rusests. l A ’-'.b. bag. SI 90 Nett Texas Triumphs S2 10 Sweet Potatoes—Tennessee Nancy Halls crate S2 Asparagus— Home grown, dozen. 60c 4! > R i ringles si 125 Beet* —New 65c a dozen. Carrots—California 6-dozen crate. $2.50. bi lk new. si 60 Cauliflower -California. SI 90 It’ ice Hot 15-ylb. basket. sllO L 'be. g best $4 25 575 a crate. Fez- 2S-!b hamper $3 R >d:shes—Home grown buttons. 30c a doZt n. R barb Home grown dozen. 30c. Spinach Home grown bushel 65c Tomatoes Repacked. 10-lb. carton. $1 50 original Mexican 30-lb lub . $3 50 IIICAGO FRI IT MARKET Bi United Press' CHICAGO. M.iv 21. Apples—Michigan S" es. *2 Carrots—sl bushel isouthern, n Beans- Southern green, 35c • / $125. Cucumbers —Central western hothouse. *1 25.-2 2 dozer. Tomatoes—Florida. *1 75' 250 lugs Sweet potatoes— Tennessee $180" '. 85 Mushrooms—Blmois. 10. / 35 1 lb Asparagus—lllinois. 30// 90c f! crae.- Strawberries—lllinois, $125" 225 qis Onion market ‘SO-lb sacks Te\ • whites. 65c isl Texas yellow . 65c SI. California whites, $1 15. HUGE PROFIT SHOWN Metro-tinldu yn Income $.>.037,698 in Twenty-eight Weeks. /.* </ !iin 1 1 Special CHICAGO. May 21 profit of tfip Metro-Goldwyn Pictures Corporation in twenty-eight weeks ended March 15 amounted to $3,037,698 against $966,163 for the corresponding period a year previous. All common shares of the company are held by the Metro-Gold-wyn-Mayer Company, Inc., a subsidiary of Loews, Inc.

SILVER SHARES SHOW ADVANCE; OTHERS UNEVEN Sales Volume Smallest in Several Years; Net Issues Steady. BY ELMER C. WALZER (nited Press Financial Editor NEW YORK, May 21.—Silver issues strengthened in morning dealings on the Stock Exchange today, while the remainder of the list moved irregularly in a narrow range with volume the smallest in several years. Anticipating a silver bill today, traders bid for silver issues. United States Smelting firmed to 119, up American Smelting 41'j, up and Howe Sound 52' *, up 1V American Telephone firmed around noon, reaching 116 ’, up a point. Other leading issues generally were slightly higher. A few issues made relatively vz.de dips, notably Pennick sic Ford, which lost 2 points to 54 ! g in dull turnover. American Commercial Alcohol was a weak spot in an otherwise steady liquor group. It touched 36, off l 1 * points. Commodities were about steady. Wheat and corn were practically unchanged. Silver was off 5 points to up 7. Rubber gained 7 to 10 points. Silk declined. Cotton eased about 50 cenas a bale. Money and Exchange INDIANAPOLIS BANK CLEARINGS May 21 Clouting*! ... 51,671.n0n.00 Debits . 4.630,000.00 FOREIGN EXCHANGE ißv Abbott. Hoppin & Cos.) —Mav 19Close. Sterling. England $5.11 ’ Franc. Fiance 0661% Lira, Italy .0851 ‘a Bflgias. Belgium 2342 Mark. Germany 3950 Guilder. Holland 6796 Peseta. Spain 1371 Krone, Norway 2570 Krone. Denmark 2283 Yen. Japan 3034 Treasury Statement 'By United Press) WASHINGTON. May 21.—Government, expenses and receipts of the current fiscal year to May 18. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $6,211,547,375.17 $4,561,074,464 38 Receipts 2.657.881.481.40- 1.744.119.247.76 Deficit 3.553.665.893.77 2.816,955,216.62 Cash Bal. 2,091,938.616.72 Investment Trust Shares 'By Abbott. Hoppin & Cos.) —Mav 19— and A s lc American Bank Stocks Corp . 110 1.13 American & General Sec A 4.00 5.00 American & Inv Tr Sh . 1.75 Basic Industry Shares 3.15 3.25 British Type Inv. Tr Sh .45 .50 Collateral Trustee Shares A . 4.55 4.65 Corporate Trust Shares 'oldi . 202 2.06 Corporate Trust Shares (new) . 2 25 2 28 Cumulative Trust Shares . 3.83 3.90 Diversified Trust Shares A .. 6.25 r.Mfied Trust Shares B .. 7.30 740 versified Trust Shares C 2.99 3.02 D. ersified Trust Shares D 4 48 4.54 . Irst Insurance Stock Corp 1.22 1.27 I :rst Common Stock Corp . .79 .85 Fixed Trust Oil Shares A . . 7.75 8.00 Fixed Trust Oil Shares B . . 662 687 Incorporators Investments .. 1706 18.34 I. nd Bank Bond Shares 1.17 1.30 Low Priced Trust Shares 5.78 .88 Mas-, Inv. Trust Shares 18.31 19.80 Nation Wide Securities 3.25 3.30 North Am. Trust Shares is3> 1 82 1.88 North Am. Trust Shares (55-56) 2 27 2.32 North Am Trust Shares 1581 2.34 228 S lectcd American Shares 2.42 Sel-ctcd American Shares Inc 1 10 1.19 Se'ccteri Cumulative Shares 6.24 r'"iccted Income Shares . 3.25 375 'd American Trust Shares A 2.82 2.90 ' r, i’st Shares of America 2.57 2.62 Zrustee Std. Oil A . . 5.50 5.75 Trustee Std Oil B 485 4.95 tt S Electric Lt A; Pwr A 12.50 12.75 Universal Trust Shares 2.92 2.97 New York Bank Stocks tßv Abbott. Hoppin & Cos • Bid. Ask. Brooklyn Trust 112 115 Bankers 61% 62 Central Hanover 129 130 Chase National 28 3 * 28% Chemical 41% 41% National City 27 s * 28 Corn Exchange 52% 53 Continental 13 5 * 14 Empire 191* 19% First National •• 1.645 1.660 Guaranty 359 361 Irving 17 s * 18 Manhatten & Cos 29 s * 29*4 Manufacturers 21’* 21% New York Trust 101’- 102% Public 32’- 33’*

Bright Spots “'Bv ADbott Hoppin & CO 1 ~-~

Electric Storage Battery Company declares tlie regular quarterly dividend of 50 cents a share on the common stock Stockholders of the Industrial Rayon Companv approve an increase in the authorized stork lo 1.200,00 P shares from '200.000 shares and exchange of stock on basis of three shares of the new stock for each old single share. An option of 100.(Nto shares of the new stork at S3O a share to six officers of the company also is approved. Directors of the firm declare a dividend of 4‘2 cents a share on the new stork, equivalent to St. '2s a share on the old stork. Bayuk Cigar Company declares* a dividend ot 4-100 of a share of common stock on each common share outstanding. Aluminum Corporation of American declares the regular quarterly dividend of 37% cents a share on the preferred stock American Sumatra Tobacco Company declares a dividend of 25 cents a share on the common slock, the first oavment since January. 1930. Fairbanks Company and subsidiiries in the quarter ended March 31 had a net loss of 5C2.177 after taxes, interest, depreciation and other charges against 558,3,3.3 in the corresponding quarter a year ago. Kansas City Southern Railroad Company net operating inrome during April amounted to $143,144 against $82,678 in the similar 1933 month. WIEBOLDT STORE SALES ADVANCE 21.2 PER CENT Net Income During First Quarter Amounts to 5501.062. By Times s peri a I CHICAGO. May 21.—Net sales of Wieboldt Stores. Ine., amounted to $4,506,553 in the first fiscal quarter ended April 28, an increase of 21.8 per cent over the corresponding period last year. The report is the best of the company since 1930. and E. F. Wieboldt, president, announced that the number of transactions during the quarter increased accordingly with the dollar sales. Report for fiscal year ended Jan. 27 shows the company earned $501.062. as compared with a net loss of $344,206 in the preceding fiscal year. The company is composed of five stores here. Coal Production Rises Ha / f mrs sprcial WASHINGTON. May 21.—Bituminous coal production in the United States for the week ended May 12. amounted to 6.200.000 tons compared with 5.080000 tons in the same period of 1933. Benefit Payments Made li u / t m m >/#♦ 1 i,ii WASHINGTON. May 21.—Rental and benefit payments by the farm admit' str. .. B.tM.ice January to cottoE. t %r i^corn-hoe^iarmers totaled s9,F‘fib with hi

New York Stocks • —“ .Bv Abbott Hoppin Ai <~o i ——————————— AVERAGE STOCK TRICES FOR SATURDAY Net High. Low. Close, change Thirtv industrials 95.35 94.68 95.13 —.04 Twenty raiks 43.72 43.39 43.<0 -.06 Twenty utilities 23.26 23.06 23.18 —.12 Forty bonds •• • • 94.05 —.03 Ten first rails •••• 190.41 —.09 Ten second rails 81.71 —.ll Ten utilities •••• 97.51 —.Ol Ten industrials .... 96.57 +.07 + l’p. -Off.

—May 21 Prev. High. Low. 10:30 Close. Atl Rfg ... • • 25% Barnsdall ... B’* Consol Oil •. 10% 10% Cont of Dei 20 19% 20 20la Houston 'Oldi 20 Indian Rfg . .. ... 2 s * Mid Cont Pet 12% Phillips Pet 18 18 Plymouth Oil * 12 J * Pure Oil 10% Shell Un 8% Soc Vac 16 16 S O of Cal 32’2 S O of N J 42% 42 3 4 Sun Oil ••• 57 Texas Corp ... ... 23* Tidewater Assn ... ... . 13 Un Oil of Cal 19 19’4 Steels— Am Roll Mills 34 s * 34 s * Cruc Steel • - 26_ Ludlum Steel .. .. ... 14% 14% Mid Steel 13 % Natl Steel . 43- 3 4 Rep Iron & Steel 17’,2 17',2 Rep Iron&Stlpfd 49 50 U S Pipe & Fdv 23' 22 3 4 U S Steel 43 42'.j 42’ 2 42 s * U S Steel pfd 89 Warren Bros 9'4 9V Youngstn S & T ■ 20'2 Motors— Auburn • • 35% 35 7 * Chrysler . . 39 s * 39'* Gen Motors 33 32 3 * 33 33'* Gen Motors pfd 99% Graham Motor . . 3 Hudson • • • 14' Hupp 4 3 7 * Mack Truck ... 25 Nash ■ 17’* Packard ... 4'* 4'* 4'* 4 Studebaker • • • • ■ ■ s’* Yellow Truck 4 s * Motor Access — Bendix 15 3 4 15 ■’ Bohn Alum ... 54% Borg Warner 22% Briggs 16 s * 16% Euda Wheel ••• 3’* Eaton Mfg 17 Elec Auto Lite ••• 2144 Houdaille IAI ••• 4’* Stew Darner ... • 714 Timken Roll 28Vi 29 _ Timken Det Axel .. ... ... 6% Mining— Alaska Jun ... 18% 19 Am Metals .... . . 24''4 Amer Smelt ... 41% 41 41 40% Anaconda ... 15 15 Cal & Hecla 4% Cerro de Pasco . 35% 35'2 35','2 35 7 a Dome Mines . • •• • 37 Granby ... ... 10 Homestake Min . .. ... 370 Howe Sound ... 50% 49’4 Int Nickel 27’,2 27- 3 Kennecott Cop •• 20’ 4 Mclntyre Mine ... ... ■■■ 44 3 4 Norar.da Cop .- 41*2 Park Utah ... 4% 4 3 4 Phelps Dodge ... ... 16 s * St. Joe Lead 19 7 s U S Smelters 117 7 * in’* Vanadium ... 21’4 21 Amusements— Loews Inc 31 30% 31 30% Radio Corp 7 s * 7% RKO 2 7 * Warner Bros ... 6 6 Tobaccos— Am Snuff ... ... 56 3 4 Am Sum Tob .. ... . 17’/4 Am Tobacco A” .. ... 68 69 Am Tobacco “B” .. ... .. 71’4 Ligg & Myers B .. ... ... 94 s * Lorillard .. ... . 17 ’* Reynolds Tob B .. ... 43 3 * 43% Rails— Atchison ... ... 55 55’2 Atl Coast Lines. .. ... 41 B & O 24’/* Can Pac 16 16’* Ch & Ohio 45 1 4 45% Chi & Gt W pfd 8 B’2 C M & St P p(d B’4 Chi N W 9% 9% Chi N W pfd 18 Dela & Hud 52'2 Del Lac & W 23 22% Erie pfd 2.1'2 Grt North pfd . .. ... ... 21 111 Central ... ... 25 Lehigh Valley ... 15'2 M K & T 9% Mo Pac ... ... 4'4 Mo Pac pfd ... ... 6% N Y Cent 29 NY C & St L 19% N Y New Haven .. ... 15% 15% Nor Pac ... ... 26 Penn R R 31'2 31% Sou Pac 22'4 22% Sou RR ... 25% Union Pac 121% West Maryland 11% 11% Equipments— Allis Chalmers ... ... 16 IS 7 * Am Brake Shoe .. ... 27 Am Car & Fdy.. ... . 21% Am Steel Fdy . .. ... . 16% Bald Loco .... ... ... lIV2 Bald Loco pfd - ... ... 46 Burroughs ... 13*/a Case J I . .. .. 51% 52 Cater Tract 27% 27% 27% 27% Deere & Cos 21% Elec Stor Bat 42% Gen Am Tk Car 36% 36% Gen Elec .. 19% 19% 19% 20 Genu R R Sig .... ... ... 34 Ingsol Rand 52% Int Bus Mach .... ... ... 136% Int Harvester .... ... ... 33% Pullman Inc ... ... 50 Natl Cash Reg 16'i Rem Rand ... ... 9% West Air B 28’4 Westingh Elec 33 33 ’4 Worth'ton emp 21% Utilities— Am & For Pwr B’4 Am Pwr <& Lit .... ... ... 7% AT&T 115% Col Gas & Elec 12% 12% 12% 12% Com & Sou 2'4 2'* Consol Gas . .. ... 33% 33% Elec Pwr & Lit ... ... .. 5% Int Hydro Elec . .. ... ••• 6% Int T & T 12% Nat Pwr & Lit.. .. ... 10Vs North Amer ... 16% 16% Pac G & E 17% 17% Postal Tel pfd 19% Pub Serv N J . 36% 36% So Cal Edison ... 11 7 16% Std Gas 10% 10% Stone & Webster 8% United Corp —5% 5% Un Gas Imp .. ... 15% IS 3 4 Ut Pwr & Lit A 3’a West Union ... 44% 43% 44% 43% Rubbers— Firestone ... Goodrich ... 14% Goodyear 29% Keily Snring ... 2% U S Rubber 19% U S Rubber pfd ... ... ... 47 Miscellaneous— Am Bank Note ••• • 20': t Am Can 94 94% Brklvn Man Tr 38 37% 37% 38% Conti Can ■ • 74% Curtis Pub .... Curtis Pub pfd ... Eastman Kodak .. ... • 94% Gillette .. ... 10% 10% Gliddcn .. ••• • 25% Inter Rapid Tr . .. ... 8% 8% Raybestos Mfg .. ... 17% —Foods— Am Sugar ... ... ... 52% Armour A ... ... 6% Beatrice Cream 15% Borden Prod ... ... 24 24 Cal Packing 31% Canada Drv G A 22% Coca Cola .. ... 123 4 Cont Bak A . ... ... 9% 9% Corn Prod 65% 65% Crm of Wheat ... ... 33% Cuban Am Sugar .. ... 7% 7% Gen Foods ... ... 32% 32% Gold Dust 19% 19% G W Sugar 29% Int Salt 26% Loose Wiles 39% Natl Biscuit 3.->% 36_ Natl D Prod }s% Puritv Bak 13% 13'* S Porto Rico S • 31 % Std Brands 20% 20% United Fruit . .. ... ••• 70% Retail Stores — First Natl Stores .. ... 61% Gimbel Bros ... ... ••• 4 Oimbel pfd 23 Hahn Dent Sts . 5% Macv pH 41 % 40% 40% 41 Marshall Fields 15% 15% 15% 15 Mav Dept St 37% Mcnt Ward 25% 25% 25% -25% Natl Tea . .. . 13 Pennev J C ... • Safewav St ... ... 4i% Sears Roebuck 42% Woolworth .. ••• 50 V* A> iation — Aviation Corp 7 7 Curtiss Wright • ■ 3 3% s *3% Curtiss Wri (A) 9% Douglass Air 20% 20% 20% 20'* Nor Amer Av . 5% Speerv Corp 9 United Aircraft 21% 21 s * 21% 21% Wright Aero ... •• ■ 52 Chemicals — Ari Reduction . ■ 95 Allied Chern . 132% Am Com Alcohol 36% 36 36 37% Com Solvents 23% 23 23 22% Dupont • ■ • - 83 83 % Freport Tex 39 ** Liquid Carb 28% Math Alkali 29% Natl Dis (new 25% 25% Schenclev Dist 27 27% Tex Gulf Sulph 34% Union Carbide .. ... 38 39 U S Indus Alco .. ... 40 4 Vir Ch S'r pfd 18 Drugs— Coty. Inc 6_ Lambert ... ... 25% Un Drug " 15% Zonite Prod ss*5 s * 5-4 Fioanrial— Exp . .. —B% Allegheny Cogp 8% Am Int Corp 8% 8% Lehman Corp 66% Transamc i-a ... ... 6 6% Tr Con:l Corp 4% Building—\n Radiator 14% G-n Asnhalt . ... 18% Int Crm'*! .. ... 25 Jnbo* M >vii> ... 49 48% Lib v ''wenslGls 30% Oils Eiev ...l 15% 15%

THE INDIANAPOLIS TIMES

Household — Col Pal Peet ... 14 14 Congoleum • 26 Kelvinator 16% 16% Proc & Gamble 34% Textiles— Amer Woolen 10% Belding Hem ... ... 12% Celanese Corp ... ... ... 26% Collins Aikman 17% Gotham Hose 8 8 New York Curb 'Bv Abbott Hoppin & Cos.) —Mav 19Close. Close. Alum Cos of A 67% Humble Oil 42% Am Cvanide B 18% Imperial Oil Ltd 14% Am & For P W 5% Ir.t Petrol 26% Ass Gas & El . % Lake Snor Miri 49% Atlas Corp 10% Natl Bellas Hess 3% Brazil Tr & Lt 10% Nia Hud Pwr . 5 s * Can Marc ... 2% Novadei Agene . 21 Cities Serv ... 2% Pen Road 3 Deere & Cos ... 21%'St Reeis Paper. 3% Distillers Lim . 22% Sherwin Wms 68% Distillers Corp . 16 Std of Ind .... 26% Ei Bd & Shar 14% Std of Kv 15% Gen Aviation 4% Teck Hughes G 6 Glen Alden Coal 16% Un Gas 2% Gulf Oil of Pa 61 Un Pw & Lt A 3 Hiram Walker . 34 Wr Harg Min... 9 Hud Bav Min 13%

Bond Prices —— IB\ Fenner Beanei —Mav 21High. Low. F> 30 AT&T 5c '65 103 Atchison gen 4.s ’95 . . . 101*4 B &O 5%s ’6O .. . 66 ChMStP&P ad 5s A 2000 14% Ch M St P & P rs 5s ’75 45% Goodyear 5s '57 99% 99% 99% GI Nor 7s A ’36 . .... 95 s , 95% 95% Interboro RT 5s '66 . . 68% 67% 68% Int T & T db 5s '55 63 1 Nat Dairy db 5%s '4B . .. ... 04 ! Pac Gas & El 5s A ’42 106’* Penn R R 4%s D 'Bl ... 96% Poland 7s ’47 110% Texas Corp 5s ’44 102% 102% 102% Un Pac Ist 4s ’47 105 U S Rubber 5s A ’47... 84% 84% 84% U. S. GOVERNMENT BONDS (By United Press) NEW YORK. Mav 19. Closing liberties. (Decimals represent thirty-seconds.) —Liberty—--3%s (32-47) 103.25 First 4%s (32-47) 103.31 Fourth 4Vis (33-38) 103.31 —Treasury—--4%5, 3’iS (45) 102.29 4%s (47-52) 111.30 3%s (41) 103.22 3%s (46-49 101.24 3s, (51-551 100 23 FEDERAL FARM LOAN BONDS (By Blyth & Cos., Inc.) —Mav 19— Bid. Ask. 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%s May 1. 1957—37 100% 101% 4%s Nov. 1, 1958—38 100% 100% 4%S May 1. 1942—32 100% 101% 4%s Jan. 1. 1943—33 100% 101% 4%s Jan. 1. 1953—33 100% 101 4%s July 1. 1953—33 100% 101 4%s Jan. 1. 1955—35 100% 101% 4%s Jan. 1. 1956—36 101% 101% 4%s July 1. 1954—34 100% 101% 4%s Jan. 1. 1954—34 100% 101% 4%s July 1. 1954—34 100% 101% 5s Mav 1. 1941—31 101% 102’, 5s Nov. 1. 1941—31 101(4 102% Home Loan 4s July 1. 1951 100.24 101.00 Federal Farm Mortgage Corporation 3%s March 15, 1964—44 .. 101.20 101.28 N. Y. Coffee, Sugar Futures COFFEE —May 19— Santos High Low Close March 11.44 Mav in 77 May . 10.87 September 11.30 11.25 10.25 December 11.39 11.35 11.35 Rio January 8.54 March 8.60 Mav . 8.20 July 8 35 September 8.49 8.45 8.45 December 8.53 Sugar High Low Close January % 1.66 March . . . 1.72 May 1.52 1.51 1.51 July . . 1.51 September 1.58 1.57 1.57 December 1.65 In the Cotton Markets —May 19— CHICAGO High. Low. Close. January 11.90 11.84 11.90 March 12 04 11.94 12.04 Mav 11.53 July 11.57 11.46 11.57 October 11.75 11.62 11.64 December 11.84 11.77 11.84 NEW YORK January 11.84 11.74 11.84 March 11.93 11.85 11.93 Mav 11.34 11.32 11.41 JulV 11.49 11.39 11.49 October 11.67 11.56 11.66 December 11.79 11.68 11.79 NEW ORLEANS January 11.84 11.77 11.84 March 11.94 11.81 11.94 Mav . . 11.41 July 11 48 11.37 11 47 October 11.66 11.53 11.65 December 11.78 11.66 11.78 Retail Coal Prices The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 25 cents per ton is allowed. Domestic Retail Prices Anthracite $14.25 Brazil lump 5.75 Brazil egg 5.25 Brazil mine run 5.00 t Coke, nut size 8.75 ! Coke, egg size 8.75 Indiana forked lump 5.50(f?5.75 Indiana, egg 5.25(®5,50 Indiana, mine run 5.00®5.25 Kentucky lump 7.00 Pocahontas lump . 8.25 Pocahontas egg 8.25 Pocahontas forked lump 9 25 Pocahontas mine run 7.25 New River smokless 8.25 West Virginia lump 6.75 West Virginia egg 6.50 Island Creek 7.00 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bin. C. & o7oRDERS 35X100 TONS OF STEEL RAILS Track to Be Used for Scheduled * Replacements Along Line. By Times Specin! CLEVELAND. May 21.—The Chesapeake Sc Ohio Railroad Company has placed orders for a total of 35,000 tons of steel rails to be used in pursuance of its schedule for rail replacements at various points along its line. Delivery is to be made before Aug. 31. The contracts call for 30.777 tons of 131-pound rail and 4,223 tons of 112-pound rail, and awards were made as follows: Illinois Steel Company, 15.085 tons; Inland Steel Company, 11.900 tons; Carnegie Steel Company, 4,515 tons, and Bethlehem Steel Company, 3,500 tons. BUILDING" PERMITS - RISE Increase of 36 Per Cent Reported Over March Figures. By L nited Pres * WASHINGTON, May 21.—April building permits increased 36 per cent in number and 18.5 per cent in estimated value over March in 764 cities, the labor department reported. Value of new nonresidential building was estimated at $17,860,865; residential buildings. $10,328,745. and additions, alterations and repairs, $14,000,000. 20-Cent Dividend Declared I By V irn< * Special BOSTON, May 21.—A dividend of 20 per cent, payable on all policies i expiring in July, has been declared by the American Mutual Liability Insurance Company

ALL LIVESTOCK RECEIPTS CLIMB AT CITY YARDS Increase Is Attributed to Huge Fire Damage at • Chicago. An increase in livestock receipts and business at the Indianapolis Union Stockyards this morning resulted greatly from the huge fire damage at the nation's largest livestock trading center Saturday. Practically all receipts of various clases of livestock on hand in early trading today showed a substantial increase as compared with previous Monday sessions. Extremely heavy hog receipts forced prices from 10 to 20 cents lower than Saturday average. Underweights registered the minor decrease. The general bulk of 160 to 350 pounds was selling at $3.50 to 53.60. Cattle Market Uneven Several better grade porkers were reported salable up to 53.65. Lightweights ranging from 130 to 160 pounds sold at $2.75 to $3.25, while extreme grades scaling 100 to 130 pounds, brought $2 to $2.50. Receipts were estimated at 11.000; holdovers. 295. Early sales of slaughter steers in the cattle market remained unchanged to slightly higher than the previous close. Bulk ranged from $6 to $8.65. Heifers and cows showed only a slight change. Receipts numbered 1,600. Usually, only around four to ten loads of cattle are available on Monday, while today twenty loads were reported on hand. Veal prices continued to display a steady trading range, selling at $6 down. Receipts were 800. Sheep Prices Steady Sheep receipts held near a normal figure, with the majority of prices mostly stationary. Initial bulk of spring lambs sold from S8 to sll, while shorn natives ranged from $7.50 to $8.50. Slaughter sheep were salable at $3 down. No western grades were available. Receipts were 300. Livestock trading was continued as usual at Chicago, despite the large fire loss. However, no early bids or sales were reported during the early part of the session. Hog receipts were estimated at 26,000; cattle, 12,000. and sheep, 5,000. HOGS May Bulk. Top. Receipts. 14. $3,654/ 3.75 $3.85 7.000 15. 3.454/ 3.55 3.60 10.000 16. 3.654/. 3.75 3.80 6,000 17. 3.604): 3.70 3.75 7,000 13. 3.604/ 3.70 3.75 7.000 19. 3.704/ 3.80 3.80 2.000 21. 3.50@ 3.60 3.65 11,000 Market. Lower (140-160) Good and choice .. $3.00® 3.25 —Light Weights—-(l6o-1801 Good and choice . . 3.50 1180-200) Good and choice ... 3.55 —Medium Weights—-(2oo-2201 Good and choice ... 3.6047 3.65 1220-250) Good and choice . . 3.604/ 3.65 —Heavy Weights—-(2so-290) Good and choice .. . 3.60® 3.65 1290-350) Good and choice 3.50® 3.60 —Packing Sows—(3so down) Good 2.754/ 3.00 )250 lbs.) Good 2.50® 2.90 i All weights) Medium 2.25® 2.75 —Slaughter Pigs—-(loo-130) Good and choice - 2.00® 2.50 CATTLE Receipts, 1,000: market, steady. (1.050-1,1001-Good and choice $ 6.75® 8 25 Common and choice 4.504/j 6.75 (1.100-1,5001-Good and choice 7.00® 9.00 Common and medium 5.504/ 7.00 (675-7501 Good and choice 5.25® 6.50 Common and medium 3.004/ 5.25 (750-900) Good and medium 4.75® 625 Common and medium 3.75® 4.75 —Cows— Good 3.50® 4.50 Common and medium 2.754/ 3.50 Low cutter and medium . 1.75® 2 75 (Bulls (yearlings excluded) Good (beef steers) . . 3.OQ® 3.75 Cutter, common and medium 1.75® 3.00 VEALERS Receipts, 800; market, steady. Good and choice $ 5.50® 6.00 Medium 3.50® 5.50 Cull and common 2.00® 3.50 —Calves— Good an dchoice 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 ... 3.004/; 4.50 SHEEP AND LAMBS Receipts, 300; market, steady. (Shorn basis) Spring lambi $ B.oo® 11.00 190-lb. down) Good and choice 8.504/ 9.00 (90-100-lb.) Good and choice 8.25®> 8.75 )500-lb. down) Com. and med. 7.004); 8.25 —Ewes— Good and choice 2.00® 3.25 Common and medium I.oo® 2.00 Other Livestock (By United Press) CHICAGO. May 21.—Hogs Receipts, 26.000. including 11.000 directs; market slow, weak to 70c lower than Friday; 160-310 lbs., $3,504/ 3.65; top. $3.70; pigs. $2.50 down: packing sows. $2,754/3: iight lig’ ts. ’.40-160 lbs., good and choice $34/ 3.50; light weight, 160-200 lbs., good and choice. $3,354/3.70: medium weights. 200250 lbs., good and choice. $3.50®3.70: heavy weights. 250-350 lbs., good and choice. $3,404/3.65; packing sows. 275-550 lbs., medium and choice. $2,504/3.70; slaughter pigs. 100-130 lbs., good and choice. $24/3. Cattle—Receipts, 12.000: calves. 2.000: fed steers and yearlings strong to 15c higher; practically all grades sharing advance; better grade weighty steers. $9; long yearlings. $8.25; heifer yearlings. $6 85; receipts yarded and sold without much confusion: slaughter cattle and vealers. steers. 550-900 lbs., good and choice, $6,254/ 8: 900-1.100 lbs., good and choice. $6,504/8.75; 1.100-1.300 lbs . good and choice. 56.75®9.25: 1.3001.500 lbs., good and choice. $7.50® 9 40: 550-1.300 lbs., common and medium. $4,504/ 7: heifers, 550-750 lbs., good and choice. 55.65®7; common and medium. $3.50®5.65: cows, good, $4,254/5.25; common and medium. $2,904/4 25: low cutter and cutter. $1.65®2.90: bulls, yearlings excluded, good, beef. $3,25®3.75: cutter, common and medium. $2,504/3.25: vealers. good and choice. $54/ 6.50: medium. $3,754/ 5.50: cull and common. $3®3.75' stocker and feeder cattle. steers. 550-1,050 lbs., good and choice. $4,754/6: common and medium. $3,254/ 5. Sheep—Receipts. 5.000: lambs actite: strong to 15c higher: others steady: load wooled lambs $9.75 early; sales ciitiped lambs $8.60 down: but quality plain; shorn ewes, $1.50® 3: springers up to sl7 75. Slaughter sheep and lambs, spring lambs, good and choice. 950-1.075. medium. $8,754/ 9.50: lambs. 90 lbs. down, good and choice, $8,354)8.70: common and medium. $6.50® 8.40: 90-98 !bs.. good and choice. SB4/3.70: ewes. 90-150 lbs., good and choice. $24/3 ail weights common and medium $1,504/ 2.65. LAFAYETTE. Mav 21.—Hogs—Market. 10® 20c lower; 200-300 lbs.. $3.45: 160-200 lbs' $3,304/ 3.35: 140-160 lbs.. $2.75§3: 120104 lbs.. $2.25®2.50: 100-120 lbs.. sl7s® 2; roughs. $2.75 down: top calves. $5: top lambs. $8.50. spring lambs, SB4/9. FT. WAYNE. May 21.—Hogs—Steady to 15c lower: 250-300 1b.;.. 53.55: 200-250 lbs , S3 50- 160-200 lbs.. 53.40: 300-35 lbs.. 53.20: 150-160 lbs.. $3:140-150 lbs.. $2.75; 130-140 lbs. $2.50: 120-130 lbs.. $2.15: 100-120 lbs.. $2; roughs. 52.75; stags, $1.25; calves, $6; lambs. $9.50 down.

Abbott, Hoppin & Company 203 Continental Bank Bid?. Riley 5491 NW , VOr , k Indianapolis 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 Produce Exchange Commodity Exchange, Inc New York Coflee and Sugar Exchange. Inc. Chicago Mercantile Exchange Co-Managers James T. Hamill Kenneth K. VVoolling - ■ i

Indiana Wheat Condition 80 Per Cent of Normal

Yield Estimated at Sixteen Bushels an Acre in Monthly Survey. By Times Special LAFAYETTE. May 21.—Winter wheat condition in Indiana on May j 1 was reported at 80 per cent of normal, about the same as the tenyear average, and two points above April 1. according to the monthly crop report issued by the department of agriculture of Purdue university. While the drought was beginning to cause apprehension on May 1, there was but little actual damage apparent in wheat fields throughout the state at that time, the report stated. A yield of sixteen bushels an acre and a production of approximately 26.128.000 bushels was indicated, as compared with s he average crop from 1927 to 1931 of 27.401,000 bushels. The abandonment of winter wheat was estimated as 3 per cent of last fall’s sown acreage. Acreage of rye to be cut for grain was estimated at 111.000 acres, an increase of 22.000 acres over last year. Its condition, 82 per cent of normal, was three points below average, indicating a yield of twelve bushels an acre and a production of 2.332.000 bushels. Stocks of hay were reported low. with only 10 per cent of last year’s crop, or 182,000 tons, on hand May 1, as compared with the average carryover of 1933-32 of 342.000 tons. The condition of hay meadows was estimated as 72 per cent of normal, or eight points below average, while pasture condition in Indiana was reported at 67 per cent of normal. Produce Markets Delivered In Indianapolis Prices—Hens, lie; Leghorn hens, 9c: Leghorn springerstags, 6c; large springer-stags. 9c; cocks, 5 lbs. and over, sc. under 5 lbs., 4c; ducss. 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 oil 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 bv Wadley. (By United Press) CHICAGO. May 21—Eggs—Market unsettled: receipts, 27,481; extra firsts, 15%c; fresh graded first. 15c; current receipts. 134/13 %c; dirties. No. 1, 12 %c: No. 2. ll%c; checks. No. 1. 12%c; No. 2, ll%c. Butter—Market firm; receipts. 11,626: extra firsts (90-91% score), 22%®23c; firsts (88-89% score). 224/22%c: seconds 186-87% score), 21c; extras (92 score). 23%c: specials, 24®24%c: standards. 23%-c. Poultry—Market steady: receipts. 23 trucks, 1 car due; hens, light. 12 %c; heavy hens, 12%c: old roosters. 7c; geese. 6c; broilers, 21® 22c: heavy Leghorn broilers. 20c; turkeys, 18c: heavy spring ducks. 114/ 13c; Leghorns. No. 2. 9c: capons unquoted; Rock fryers. 244/25c. Cheese— Twins. 134/13%c; daisies. 13%4/13%c: longhorns, 13% 4) 13%c. Potatoes—Old stock, supply moderate; demand and trading moderate; market dull: Idaho russets, 3 cars. $1.25: 2 cars. $1.30; 1 car. $1.32%: 6 cars, $1.35; combination Red River Ohios. 1 car. 95c. New stock, supply heavy; demand and trading; market steady; Alabama triumphs. 2 cars. $1.60; 3 cars. .$1.65; 1 car. $1.70; 2 cars. $1.75. Shipments Saturday. 954; Sunday, 68: arrivals, 242; on track, 349. NEW YORK. Mav 21.—Potatoes, steady; Long Islang. $1.85® 1.90 barrel; southeastern. $.2,504/ 5.50 barrel; Maine, $1,054/ 2.75 barrel; Idaho, $2 sack; Bermuda. $6 barrel. Sweet potatoes, steady; Jersey basket $.604/2; southern basket. sl.4o®' 1.60. Flour, quiet; springs; patents. $6.80 ® 7.05 barrel: pork firm: mess. $22.50 barrel: lard, steady; middle west spot. $4,154/ 4,25 per 100 lbs. Dressed poultry, quiet; turkeys. 12® 23c; chickens. 8%4/28c; broilers, iB4/28c; capons. 21® 34c; fowls. 124/ 17c: Long Island ducks. 15® 16c. Live poultry, dull; geese, 64/7c; turkeys. 104/. 17c; roosters. 10c; ducks, 8® 12c: fowls, 154/17c; chickens, 10; capons. 22: broilers, 12® 23c. Cheese, firmer; state whole milk fancy to speda s. 18® 19c; young America, 14® i4%c. Butter —Receipts. 9,188 packages; market, firmer: creamery, higher than extras. $254/25%c: extra i92 score). 24%c: first (90 to 91 score). 23’)4/24c; first (88 to 89 score), 22®22%c; seconds, 214/ 21%c: centralized (90 score). 23%c; centralized 188 to 39 score), 22®22%c; centralized 184 to 87 score), 214/21%c. Eggs—Receipts. 26.165 cases: market, easier; special packs, including unusual hennery selections, 18® 20c: standards, 17%c; firsts. 15%c; seconds. 15®15Uc: mediums, 14% 15c: dirties. 14%4/15'ic: checks. 14%c: storage packs. 16%4/17%c. CLEVELAND, May 21.—Butter—Market., steady; extras, 27%c; standards. 27%c; Eggs—Market, steady: extra white. 14%c: curren receipts, 14c. Poultry—Market, steady; colored fowls, 6 lbs., and over, 15c: colored fowl, medium, 16c; leghorn fowl. 3% lbs., and up. 14c; leghorn fowl, light. 13c; broilers, colored, ordinary. 23® 24c; old roosters, 10c: ducks, white. 5 lbs., and over. 14® 15c. Potatoes —Alabama bliss triumphs. $2.15®'2.20, per 100 lb., sack; Idaho. $1.70® 1.75 per 100 lb. sack; Ohio best. $1.35® 1.40. Other Livestock (By Times Speciali LOUISVILLE, May 21.—Cattle—Receipts, Sou; market moderately active; fully steady with close last week or strong to 25c higher than last Monday on steers, heifers and medium and lower grade cows'* bulls steady; bulk common to medium steers and heifers, $4.25®5.25: load or so. $5.50; top on good 569 lb. heifers, $6.25: bulk beef cows, $34/ 3.50; low cutters and cutters, $1.25®2.50; sausage bulls. $2,504/ 3.25; bulk desirable light Hereford and Shorthorn Stockers, $4,504/5; common to medium grade natives and southern. $2.754/ 3.75; inferior southern stockers down to $2.50 or less. Calves—Receipts. 700; steady with Saturday: bulk better vealers. $4,504/ 5; strictly choice. $5.50; medium and lower grades. $4 down. Hogs—Receipts. 2,500, including 118 direct: steadv with Friday; 180-275 lbs.. $3.85; 275 lbs. up. S3; 160-180 lbs.. 53.60: 140-160 lbs.. $3.35; 120-140 lbs.. 52.50: 100-120 lbs., $2; sows, $1.70. Sheep— Receipts. 1.500; run late in arriving; mostly spring lambs: demand broad: market fairly active and 25c higher on better grade springers: bulk better ewe and wether trucked in springers. $10.25: choice longhaul overnight and rail lambs quotable to $10.75; bucks discounted $1: bulk $9.25: medium and lower grade springers. $64/8: medium to good clir.oed lambs. $64/ 7: clipped ewes mostly s2®3. FIRM MAY RETIRE DEBT Humble Oil Considering Cailing of 5 Per Cent Debentures. By Times Special NEW YORK, May 21.—Possibility of calling its 5 per cent debentures, 1937. for payment next Oct. 1, is being considered by the Humble Oil and Refining Company, it is rumored in bond headquarters. The issue composes Humble’s sole funded debt, and last year totaled $13,950,000. The debentures are callable on sixty days’ notice at 102.

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

Chicago Stocks

Bv Abbott. Hoppin & Cos. —— —May 21 High. Low. 11 3(1 Allied Products • • 14'* Berghoff ... 6% Bendix Aviation 15% Borg-Warner ... 23 E L Bruce Cos • • 1! Butler Bros 9% 9% 9% Cent & So West Chicago Ccrp pfd 26% Cities Service 2 s * 2% 2% Gen Household Ut 14 Libbv-McNet! 54 Middie West Utilities ’ % % Parker Pen .. . 8% 8 8 Pinna Cos 8 Quaker Oats 198% Swift & Cos 15% 15% 15%

Cash Grain

(Bv United Press i CHICAGO. Mav 19 —Wheat-No 1 dark hard. 92 %c Corn—No 2 vellow lake billing 54 ,c: No 2 vellow. V2%0 new: No 3 vellow 51 %r new No 2 white, old. 57%c: No. 3 white, new 55'./. 56%-c. Oats—No 2 white. 364/ 36’ c; No. 3 w hite. 3336 c No. 4 white. 34 % f 35c. Bariev—Sa lor.. 754) 80c: quotable 43./80r timothv $6 75®7; clover seed $lO4/ 14.25. Cash nrovisions—Lard. $6.12; loose. $5.70: leaf, $5.75: bellies $8.37. TOLEDO Mav 19 —Grain close- (Grain in elevators, transit bill.' Wheat—No 2 red 92® 93c. Corn—No. 2 vellow, 564/ 57c. Oats—No 2 white, 40%@41%c. Rvr —No. 2. 62®63c Track prices 23%-c rate Wheat No. 1 red. 88';® 90c: No 2 red 87'. i 88c Corn—No 2 vellow .31% :> 52’_e: No. 3 vellow. 50'.-®sl%e: No. 4 vellow. 49%'u 50';C. Oats—No. 2 white. 37%®38' -c: No 3 whtie. 3647 38' -e Seed close— CloverCash. $8.25. Alsike—Cash. $8 50. Local Wagon Wheat Citv grain elevator.' are paving 79 cm's (or No 2 soft red wheat Otner grades on their merits ADDITIONAL LISTING OF BONDS IS APPROVED Permission Granted by Committee of Chicago Exchange. Rif Timrx Special CHICAGO. May 21.—Additional listing of $27,500 principal amount of first lien bonds, 6 per cent series of the Southeastern Gas and Water Company was approved here late last week by the governing committee of the Chicago Stock Exchange. Other listings approved by the committee included: 50,000 shares of 6 1 ; per cent cumulative preferred stock of the Federal Public Corporation; $1,180,000 in fifteen-year secured 6 per cent debenture bonds, series “A,” of Lindsay Nunn Publishing Company; 40.000 shares preferred stock of Elmer Richards Company, and $1,187,700 principal amount of first mortgage leasehold 6 per cent sinking fund bonds of the South La Salle Building Corporation. DECLARES 2 DIVIDENDS Cash, Stock Payments to Be .Made by Trust Corporation. By Times Special NEW YORK, May 21.—Directors of Commercial Investment Trust Corporation have declared the regular quarterly dividend of 50 cents per share on the common stock, payable July 1. to stockholders of record June 5. The usual quarterly dividend on the convertible preference stock, optional series of 1929, also has been declared at the rate of 1-52 of one share of common stock, or, at the option of the holder, in cash at the rate of $1.50 for each convertible preference share. This dividend is also payable July 1, 1934. to stockholders of record June 5. 1934. Wool Eslfmatc Increased By Times Special NEW YORK, May 21.—Shorn wool production for 1934 will be approximately 353,000,000 pounds, according to an estimate of the new York Wool Top Exchange service, as compared with a previous estimate of 345,000,000 pounds, March 15.

DICTAPHONE

'Ws'ffl'k& 4 ;> * > & *wr '’ •■ '

THE NEW MODEL 12

AND NOW IT LOOKS THE PART It is one thing to offer a house, a suit of clothes or a dictating machine that provides shelter, covers the body or records speech. It is quite another thing to give those products the style that makes them pleasant to live in, wear or have on your desk. A product that is made to save time must look the part —have fleetness and speed in appearance. A product that simplifies the executive’s daily routine fits into that role infinitely better when it is simple and forthright in appearance. If it is easy to use, it must be made to look easy to use. (The man who is using the Dictaphone in this picture is indicating on the Automatic

The word DICTAPHONE is the Registered Trade-Marie of Dictaphone j Corporation, makers of Dictating Machines and Accessories to which Trade-Marfc is Applied. 1

PAGE 11

WEATHER NEWS FORGES FUTURE PRICES UPWARD Light Showers Reported in Northwest Section; Cotton Even. BY HARMAN W. NICHOLS l nited Pres* Staff Correspondent CHICAGO. May 21—Little precipitation was received in the Aheat fields o! the great northwestern plain section over the week-end and wheat prices held sharply higher at the opening of the Board of Trade today. Wheat opened % to % cent higher; corn and oats were to •% cent up. and rye was % cent lower to % cent higher. Scattered showers were reported over certain sections of Canada and the American northwest, but the amounts were of little consequence. Green Bay, Wis., reported half on inch of rain. Liverpool remained closed in a holiday. Stocks and cotton offered no market incentive, holding about | steady. Chicago Futures Range —Mav 21 Trov. Whrat— High Low 10 00 ClO.*(*. Mav .91 90' ■ .90' 90 s * Julv 90% 89% 89% 89% ; Sept. ,91 90 .90% .90 Corn— Mav .50', 49% 30 49% Julv 52% .52% .42% .52 • Sept 54% .53% .53 % ..33% Oats— Mav 35%. 3.3% .35'. ..35 Julv 36% 3.4% 36% 3.3% Sopt 36% .35% .36% 85% Rve— Mav 55% 54% 55% .55% Julv .37% ..36’ * .56% .56% Sept 59% .58% 58% 58% Barley— Mav 44 44 July 45 .44 ; i Sept 46% .46% CHICAGO PRIMARY RECEIPTS —May 19— Bushels Today Last Week Wheat .. 550.000 764.000 Corn 231.000 260.000 Oast 573.000 328 000 VOLUME OF NEWSPAPER ADVERTISING ON CLIMB April Total lfi.6 Per Cent Above Samp Period in 1933. By Times Spi eiai CHICAGO. May 21.—Volume of newspaper advertising in seventyseven leading cities in the United States during April totaled 149,433,000 lines, an increase of 16.6 per cent over April last year. Every classification took part in the upward trend, but automotive advertising, which for the last few months has been making an outstanding gain, again led the way. )J .’ Retail advertising gained 11.8 pfel cent to 83,416.000 linos, and financing advertising increased 24.9 per ccr_ to 2,764.000 lines. Classified advei’i tising rose 2.8 per cent to 21.991.000 ! lines. AUBURN DELIVERIES UP Export Shipments in Four Months Above Entire 1933 Total. By Times Special AUBURN. May 21.—Auburn de- ! livered 10 per cent more cars to export markets in the first four months of 1934 than during the entire previous year, it was announced here by factory officials. There has been no let up in demand and the backlog of unfilled | export orders is practically equal to , that of two months ago. it was also pointed out. Auburn has added I twenty-seven new accounts in twenty counties .since Jan. 1.

Monitor that he has changed his mind.) This philosophy of contemporary design has been applied to the most widely used machine of its kind in America—• the Dictaphone. In appearance the new Model 12 Dictaphone now measures up to the high engineering standard which this dictating machine has maintained continuously for over 48 years. If you have not seen the new Dictaphone at the Century of Progress Exposition at Chicago, you may see it I completely, in picture form, by writing or ’phoning the Dictaphone office in your city for a copy of the new ‘‘Progress Book.” • Dictaphone Sales Corporation Bankers Trust Bldg. Indianapolis