Indianapolis Times, Volume 46, Number 14, Indianapolis, Marion County, 28 May 1934 — Page 14

PAGE 4

Wall Street Reorganization of United Aircraft Will Aid Stockholders. i —BY RALPH HENUERSHOI Times Special Financial Writer Reorganizers of the united Aircraft and Transport Corporation obviously were much more investor-conscious when they drew up plans for a division of the company’s properties than have been reorganizers of any other important concern in recent years. It may be said, too, that the stockholders protective committee, which was on the job w r hile

the work was being done, was really interested in pro fecting s t ockholders rather than ’in trying to find a way to sell them down the river. One of the important provisions which will go into she bylaws of the three companies which will merge after the reorganization states that bonus pay-

Hendershot

ments to officials must be voted upon by shareholders. Another provides that salaries in excess of SIO,OOO annually must be approved by a two-thirds vote of the entire board of directors. The object of these two provisions is to prevent officials and directors from draining the resources for their own benefit. And it is going to be difficult for any one group to gain control of the companies and hold it exclusively. At all elections of directors each stockholder will be entitled to as many votes as shall equal the number of his shares multiplied by the number of directors to be elected, and he may cast all of these votes for one or more directors if he so elects. This means that a minority group could gain representation on the board quite easily by concentrating their votes pn one man. a a a IT is refreshing to witness the obvious attempts at fairness to stockholders by such a large corporation and by the members of this stockholders’ .protective committee —which, incidentally, includes such important personages as George Gordon Battle, the attorney; ex-Congressman Martin C. Ansorge, George Brokaw Compton and others. It is to be hoped that it represents a trend in corporate financing rather than merely an incident. It is interesting to speculate on what factor or factors, if any, were responsible for the inclusion of such drastic provisions. Was the desire to protect the stockholder as sincere as it appears? Did the corporation really catch the spirit of the new deal? Did the fuss made over the air mail contracts have anything to do with it? Were the members of the protective committee responsible for it? What prompted them to serve? Later developments may or may not reveal the answers. ana IT looks very much as if the question of whether big business will recognize labor unions in its dealings with employes will be answered shortly. The Amalgamated Association of Iron, Steel and Tin WorkKrs, in Pittsburgh, has decided to *ll a stike in the steel mills on June 16, and Tom M. Girdler, chairman of the Republic Steel Corporation, has said he w r ould close the company’s plants rather than recognize the union. While the government probably can be counted upon to seek a peaceful settlement of the differences, it looks very much as if it might be one of those things which can not be arbitrated. On Commission Row —May 28— —Fruits— Apples—Fancy Ben Davis. Indiana, $1.75; fancy Winesaps, $2.15©2.50. Cherries—California, 16-lb. lug, $3.50. Oranges—California, Sunkist, $4.25©4.75; Red Ball, $46 4.50. Lemons —Sunkist. $6.75; Red Ball. $6.25. Grapefruit—Florida Seedless, $3.756.4. Strawberries —Aromas, 24-qt. crate, $2.50 ©2.75; Premiers. 2.25©2.50. Cantaloupes—California. Pony crate, s2.sojumbos, 455, $3.50; standards. $3.25; Honeydews. $2.50. Pears—Calavos, $4 per box. Pineapples—Cuba, all sizes, crate, $3.25. Bananas —Per pound, sc. —Vegetables— Cabbage—Mississippi, 50-lb. bag. $1.25. Celery—Florida. $4.50 a crate, mammoth bunch. 90c; medium bunch, 60c. Onions—lndiana yellow, 50-lb. bag. 75c. Potatoes—Northern round white. 100-lb. bag. $1.60; Red River Ohios. $1.50; Maine Green Mountain. $1.90; Colorado McClures S2, Idaho Russets. 100-lb. uag, $1.90; New Texas Triumphs, $2.10. Sweet Potatoes—Tennessee Nanvy Halls, crate. $2.40. Asparagus—Home grown, dozen, 60c© $1.25. Beans—Round, stringless, $1.50. Beets—New. 65c a dozen. Carrots—California, 6-dozen crate, $2.50; bulk new. $1.60. Cauliflower—California. $2.50. Lettuce —Hot house. 15-lb. basket. 90c; Iceberg best. $4.506 5.75 a crate. Peas—2 B-lb. hampers. $2.75. Radishes—Home grown buttons, 30c a dozen. Rhubarb—Home grown, dozen, 30c. Spinash—Home grown, bushel. 65c. Tomatoes—Repacked. 10-lb. carton. $1.50; original Mexican, 30-lb. lub., $3.50. CHICAGO FRUIT MARKET (By United Press! CHICAGO. Mav 2S.—Apples-—Michigan Spies. $2.25 bushel. Carrots—lllinois Southern. 80c© $1 bushel. Spinach—lllinois, 50c6 $1 bushel. Beans—Southern green and wax, 90c# $1.25 bushel hampers. Cucumbers —Central western hothouse. 85c $1.25 12 dozen!. Tomatoes—Texas. $26 2.50 lug box. Sweet Potatoes—Tennessee, $1.85©190 bushel. Mushrooms—lllinois. 256 ©soc lib. cartons). Asparagus—lllinois. 75c©51.50 crate. Strawberries—lllinois. $1.7562 (24 qts.l. Onion market 150 lb. sacks): Texas Yellows. 75c© SJ: Texas White. 75c@$l: California White. [email protected]. ENGINEERING AWARDS DOWN 15 PER CENT State, Municipal Contracts Total $11,886,000 in Week. By Times Special NEW YORK, May 28.—Engineering awards for this week at $20,027,000 are 15 per cent below the average week to date, according to Engineering News-Record. The drop is in state and municipal work which totals only $11,886,000 for the week while federal work at $5,285,000 is 145 per cent higher than last week and slightly over the overage week to date. Private awards at $2,856,000 are ahead of last week, but 60 per cent below the average week to date. The drop in public work is in hfghways and bridges. Street and road awards for the week total only $5,115,000 and bridges $620,000. Public buildings are higher this week $5,145,000 as are sewerage contracts at $1,478,000. Earthwork, drainage and irrigation are also up to $3,230,000. Sales of state and municipal bond issues for new productive purposes increased to the third highest week of this year, $9,752,000.

SECURITIES RISE FRACTIONS IN DULL TRADING Steel Shares Improve as Youngstown Boosts Operations. BY ELMER C. WALZER Times Special Financial Writer NEW YORK, May 28—The stock market opened firm today with trading dull. Cotton was a little easier at the opening while silver moved listlessly. Bonds were about steady. On the stock market changes were better, led by Republic, which jumped a point to 1714 as advices came from Youngstown on steppedup operations of the company. United States Steel was 14 improved at 4114, while Bethlehem Steel showed 3 4 point gain at 34%. Rails were steady except Atchison, which dropped 3 4 of a point to 54%. New York Central spurted % of a point to 28 3 i. Chesapeake & Ohio gained 14 to 45%. In the industrial list Du Pont opened with 14 point gain at 8514 and then advanced to 86. Metals were fractionally higher. General Motors was up 14 at 3314 and Chrysler showed the same gain at 40. American Telephone was up 14 at 114% and Consolidated Gas showed a fractional gain at 32"4.

Money and Exchange INDIANAPOLIS BANK CLEARINGS —May 28— Clearings $1,959,000.00 Debits 3,699,000.00 FOREIGN EXCHANGE (By Abbott. Hoppin & Cos.) Close. Sterling. England $5.09% Franc. France 0660*2 Lira. Italv 085114 Belgias. Belgium 2344 Mark. Germany 3919 Guilder. Holland 6783 Peseta Spain 1369 Krone. Norway 2558 Krone. Denmark 2273 Yen. Japan 3024 Treasury Statement (By United Press) WASHINGTON. May 28—Government expenses and receipts of the current fiscal year to Mav 25, compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $6,322,677,434.11 $4 641.526,153.96 Receipts. $2.697 798.759.09 $1,771,421,453.25 Deficit . . $3 624.878,675.02 $2,870,104,700.70 Cash Bal. $2,051,210 983.79 Investment Trust Shares (By Abbott, Hoppin & Cos.) —Mav 26 Bid. Ask. Amer Bank Stocks Corp 1.12 1.15 Amer and Gen Sec (A) 4.00 5.00 Amer, and Inv Tr Sh 1.75 ... Basic Industry Shares 3.22 3.30 British Type Inv Tr Sh 45 .50 Collateral Trustee Shares (A).. 4.50 4.62 Corporate Tr Shares lold) ... . 1.98 2.02 Corporate Trust Shares mew) 2.23 2.27 Cumulative Trust Shares 3.75 .... Diversified Tr Shares (A) 6.25 Diversified Trust Sh (B) 7.30 7.60 Diversified Trust Shares (C).. 2.96 3.00 Diversified Tr Shares ID) 4.60 4.62 First Insurance Stock Corp 1.22 1.27 First Common Stock oCrp 63 .67 Fixed Trust Oil Shares lA) 7.87 8.12 Fixed Trust Oil Shares IB) 6.87 7.12 Incorporators Investments 16.76 18.02 Land Bank Bond Shares 1.17 1.30 Low Priced Trust Shares 5.80 5.90 Mass Inv Trust Shares 18.16 19.74 Nation Wide Securities 3.17 3.20 North Am Trust Sh (53) 1.79 .... North Am Tr Sh (55-56) . ...... 2.25 230 North Am Trust Shares (58).. 2.23 2.28 Selected Amer Shares 2.42 .. . Selected Amer Shares Inc 1.10 1.19 Selected Cumulative Shares.. 6.27 elected Income Shares 3.26 3.75 Std Amer Trust Sh (A) 2.75 2.80 Trust Shares of America 2.55 2.60 Trustee Std Oil (A) 5.50 5.62 Trustee Std Oil <B) 4.90 5.10 U S Elec Lt & Pwr (A) 12.37 12.75 Universal Trust Shares 2.85 2.95 Daily Price Index (Bv United Press) NEW YORK. Mav 26—Dun & Bradstreet’s daily weighted price index of thirty basic commodities compiled for the United Press: (1930-1932 Average, 100) Todav 109.62 Yesterday ’.... 109,70 Week ago 109.61 Month ago 105.00 Year ago (Mav 27) 90.95 1934 high iMarch 12) 110.24 1934 low (Jan. 3) 101.05 i Copyright. 1934. bv Dun & Bradstreet. Inc.) Produce Markets Delivered in Indianapolis prices: Heavy hens, 9c: Leghorn hens. 7c; 1934 boilers 2 lbs and over. 18c: under 2 lbs., 16c; Leghorn boilers 1% lbs. and over. 15c; bareback boilers. 12c: springer-stags. 6c: large springer-stags, 9c; old roosters, ducks and geese. 3c; young guineas. 1% to 3 ibs., 20c; old guineas. 15c; No. 1. strictly fresh country run eggs, loss off 10c. Each full case must weigh 5 lbs. gross; a deduction of 10 cents a pound for each pound under 55 Ibs. will be made. Butter—No. 1, 26©) 27c; No. 2. 24#25c. Butterfat. 20c. Quoted by Wadley Company. (By United Press) CHICAGO. May 28. Eggs Market, steady; receipts, 23.840 cases: extra firsts, 15c; fresh graded firsts. 14%c; current receipts. 121 a© 1314 c: dirties No. 1. 12c; No. 2. ll*2c; checks No. 1. ll*2c; No. 2, lie. Butter —Market, steady: receipts. 13,801 tubs; firsts. 88-89*2 score. 20 3 4©21%c: seconds. 86-87*2 score. 20c; extras. 82 score, 23c: specials. 23%©24c: standards, 22%c. Poultry—Market, firm'; receipts. 70 trucks, 1 car; hens light, 13c; old roosters, 7c; geese. 6c; broilers, 18*2©20%c, Leghorn; turkeys. 15c; Leghorns. B%©9‘-c: capons unquoted; barebacks. 16©18*2c; ducks, old. 9® 10c. Cheese—Twins, 12%© 13c: Longhorns, 13*4© 13* 2 c; daisies, 13*4 © 13c; Potatoes, old stock—Supply moderate; demand and trading good; market, stronger; Idaho Russets. $1.40©1.60, combination grade. $1.30; U. S. No. 2. $1.15; Wisconsin Round Whitp. sl.lo© 1.25. New stock—Supply moderate; demand and trading good: market, stronger; Alabama Triumphs. sl.Bo© 1.90: Louisiana Triumphs. Sl.Bo(fi 1.90; Mississippi Triumphs, $1,75® 1.00; Texas Triumphs, $1.65© 1.85. Arritals, 170; on track, 272; shipments Saturday, NEW YORK. May 28.—Potatoes—Steady; southern. $1©3.50 barrel: Maine. $1®2.50 barrel; Bermda. $6. Sweet potatoes— Steady; Jersey basket. 60c© $2; southern basket, 75c©51.65. Flour—Firm: -springs: patents. $7.15©.40 barrel. Pork—Steady; mess, $20.25 barrel. Lard—Easy; Middle West spot. s4© 4.10 per 100 lbs.' Dressed poultry—Dull: turkeys. 12© 27c; chickens, 8© 29c; broilers, 19® 29c: caoons, 21© 34cfowls. 13© 18c: ducks, 10©13c; Long Island ducks, 14%@15c. Live poultry—Dullgeese. 6©7c: turkeys. 10© 17c; roosters, 9c : ducks. 8© 12c; fowls, 15© 18c: chickens 9ccapons, 22c; broilers. 12©28c. CheeseQuiet: state whole milk fanev to specials 18@19c: Young America, 14@14%c. CLEVELAND, May 28.—Butter—Market steady; extras. 27c: standards, 26 3 4 c. Eggs —Market week; extra white, 14cn current receipts, 13'jc. Poultry market steadv; colored fowl, 6 lbs. and over. 14c; colored fowl medium, 14c: broilers colored ordinary, 23©24c: old roosters, 9c: ducks white. 5 lbs. and up, 14© 15c. Potatoes— Florida. $4.85 per bbl.; Maine, best. SI 45® 1.59 per 100 ibs. sack; Ohio best, $1.25@ 1.35 per 100 lb. sack. U. S. DOLLAR STEADY Gold Price at London Advances 3 Cents to $34.80. By United Press LONDON, May 28.—The dollar was steady today. The pound was $5.09’ 2. Gold rose 3 cents to $34.80, with the sterling rate at 136 shillings 8% pence, up 2% pence. Saturday’s rate was fixed with the pound at today’s figure. PARIS, May 28.—The dollar was slightly stronger today. Francs were 15.15 to the dollar (6.60 cents a francs). April Profit Reported Natomas Company ' in four months ended April 30 had a net profit of $300,229 after depreciation, depletion, federal taxes and other charges, equivalent to 30 cents a share on the common stock. Net profit during April alone amounted to $79,481 after all charges against $93,052 in the previous month.

New York Stocks 1 “ 1,1 'Bv Abbott Hoppin * Do.) ————————~—

AVERAGE STOCK PRICES FOR SATURDAY Net High. Low Close Change Thirty industrials 95.51 94.64 95.05 +.55 Twenty rails 43.57 43.22 43.44 +.43 Twenty utilities 23.39 23.20 23.30 +.06 Forty bonds .... 94.03 +.06 Ten first rails .... 100.95 +.95 Ten second rails .... 80.97 +.20 Ten utilities .... 96.67 —.03 Ten industrials .... 95.62 +.Ol + Up;—Off.

—May 28— Prev. Oils — High, Low. 10:30. close. Atl Rfg 25% 24 7 / 8 Barnsdall 8 8 Consol Oil *O% ,10% Coat of Del 20*i 20 Houston inew) • , 3% Mid Cont Pet 12% 12% Ohio Oil 11% Phillips ePt .... .’. ••• 18% X 8.2 Plymouth Oil Pure Oil 10 3 Soc Vac 15% 15% S O of Cal 32% SOof N J 43% 42% Texas Corp 24,4 Z 4 Tidewater Assn 21 ,s 12 ,a Un Oil of Cal I°% Steels— Am Roll Mills 18% 18% Beth Steel 34% 33% Byers AM 21 */b Cruc Steel f4 Ludium Steei j", 8 McKeesport Tin 86,2 Rep Iron l *' Steel '17% "17% "17% 18x Rep iron & Stl 46 U S Pipe and Fdy • 22 4> U S Steel 41% 40% U S Steel pfd 83 Youngstn S & T V)/* Motors— . , 3 , Auburn 35% 34% Motors— Auburn •• 35% 34% Chrysler 40% 4040% 39 s Gen Motors 33% 33% 33 4 33 Graham Mot 2 ,4 2 4 Hudson 13% 13% Hupp .% 8 Nash , 1 ? '* Packard * , 3 ,. Reo lii s Studebaker “/ 8 “, 4 Yellow Truck * Motor Access— Bendix 15 4? Bohn Alum 54, 2 53% Borg Warner 23 zz 4 EBW:::::: ::: * Eaton Mfg 17 ' Elec Auto Lite 2U_4 Houdaille A . • ■ ,4 /s Mullins Mfg pfd 3( Murray Body ‘ /8 Stew Warner * 3/ Timken Roll .... 2 4 Timken Det xel b ' 2 Mining— Alaska Jun 20 19% 20 / 19% Am Metals 23 8 23 Anaconda 14 4 14 y 2 Cerro De Pasco 20,4 oa Dome Mines 38% 38% Gt Nor Ora 11% 11% Howe Sound ; 51 50 4 Ins Copper Hat Nickel ?6% 26,4 Kennecott Cop . 19% 19% 19% 19,2 Mclntyre Mine.. ■ ■ ••• 45% 45 Noranda Cop ... 43% 43% 43% 43 a Park Utah 4% Phelps Dodge 16% 16% St Joe Lead 20 U S Smelters ITT 116/2 Amusements— Crosley Radio . •• ••• 12% Loews Inc 31% 31% 31% 31_a Radio Corp TANARUS% TANARUS% 7% 7% RKO 33 Warner Bros 6 0,8 Tobaccos — Am Sum Tob ... 18% 18% 18% 18% Am Tobacco A. 70 70 Am Tobacco B T 2% 72% Gen Cigars - nc 38 , 4 Ligg & Myers B 96 96 Lorillard ••••■■ IT 4 Reynolds Tob B. ~ ... 43% 43% Rails— Atchison 55% Atl Coast Lines • 40% B & O 24 23% Can Pac 1508 15% Ch & Ohio 45% C M & St P pfd 8% 8% Chi N W 9% 99 4 Dela & Hud 52% Del Lac & W.... 23% 23% 23% 23 Erie 19% 18% Qrt Northern pfd 21% 20% 21% 21 111 Central 25% 25% Lehigh Valley 15% Lou & Nash 53% M K & T ■ 9 % Mo Pac pfd 6% N Y Cent 29 28% 29 23% N Y New Haven 15% Norfolk & W 174 Nor Pac 25% 25% 25% 25% Penn R R 31% 30% 31*8 30% Sou Pac 22% 22% 22% 22% Sou R R 25% 25% Sou R R pfd 32% 32 Union Pac 125 123 Wabash 3% West Maryland 11% 11% Equipments— Allis Chalmers 16% 16% Am Car '& and pf 42 Am Loco pfd 55 Bald Loco 11 11% Burroughs 13% 13 13% 13 Case J I 51 Cater Tract 27% Deere &Cos 21% 21 Foster Wheeler.. .. ... 14% 14% Gen Am Tk Car .. ... 37% 36% Gen Elec 20 19% Int Bus Mach 136 Int Harvester 32 Natl Cash Reg 15% Pullman Inc 51 Rem Rand 9% Und Elliot 41 West Air B 28 Westingh Elec.. 34% 34% 34% 34% Utilities— Am & For Pwr 8% 8% Am Power & Lit 7% ... AT&T 114% 114 Am Wat Wks 19% 18% Col Gas & Elec . 13 12% 13 12% Com & Sou ...... . 2% 2% Consol Gas -. 33 32% 33 32% Elec Pwr & Lit 5% Int Hydro Elec 6% 6% Int T & T 12% 12% Lou G&EA 17% Nat Pwr & Lit 10% North Amer .... 16% 16% 16% 16% Pac G & E 17 17 Peoples Gas 30% Postal Tel pfd 19% Pub Serv N J 36 So Cal Edison 16% 16% Std Gas 10% 10% Std Gas pfd 11% 11% Stone & Webster 8 8 United Corp 5% Un Gas Imp 15% Ut Pw & Lit A 3% . West Union ... 45% 45 , 45% 44% Rubbers— > Goodrich ... 14 Goodyear . . . 28% 29 U S Rubber ... 19% 19% 19% 19 U S Rub pfd .. 47% 47% 47% 47 Miscellaneous— Am Bank Note. 19% 19% 19*4 20 Am Can 94% 94% Brklvn Man Tr 39>2 39% Conti Can 75% Curtis Pub pfd 19% Eastman Kodak 95% 95% Gillette 10% 10% Glidden 26 26 Raybestos Mfg 1874 18 Foods— Am Sugar 56 55% Armour A ... 6% 6% Beatrice Ceam 15% Borden Prod ... 25% 25 25% 24% Calu Packing 31% Coca Cola 123% Cont Bak A 8% . Corn Prod 68% 68% Crm of Wheat 31% 32% Cuban Am Sug 7% 7% Gen Foods 31 % Gold Dust 19% 19% 19% 19% G W Sugar 30% 30 30 30>3 ■Natl Biscuit .. 34% 34 34 33% Natl D Prod . 17 Vs 17 17 17 Purity Bak - ... 13% S Porto Rico S 30% Spencer Kellog 20’% Std Brands 20% 20 20 20 Un Biscuit 25% United Fruit 69 Vi Retail Stores— First Natl Stores 65% Hahn Dpjpt Sts 574 Kresge S S 18 18 Macy R H 4040 Marshall Fields . 15% 15% Mont Ward 26% 25% 26Vs 25* 2 Natl Tea 127 a Penny J C 56% 56 Safeway St . . 48% Sears Roebuck . 43% 42% 43% 42*4 Woolworth ••• 49% 4972 Aviation — Aviation Corp .. 7% 7% 7% 7 3 4 Curtiss Wrignt 3*2 3*2 Curtiss Wright A 10% 0% Douglas Air .... 207's 20% 120% 20% Nor Am Av •. 5 5 Speery Corp .... 9% 9% 9% 9% United Aircraft. 22% 22% 22% 21% Wright Aero 54% 54 Chemicals— Air Reduction ’ 95*5 Allied Chem 133 Am Com Alcohol 34% 34*2 Col Carbon 67% 67% 67% 65% Com Solvents ... 23*4 23 23% 23 Du Pont 8674 8574 86% 85 Frpeport Math Alakli 30% 30% Montoson Chem. . 44% 43% Natl Dis (new). 26 25% 26 25% Ccheneley Dist • 2874 28 28 2775 Tex Gulf Sulph. 34 75 34% 3475 34*2 Union Carbide 4075 40 75 U S Ind Alcohol 40 Drugs— Coty Inc 5% Lambert . • • 26 25% Un Drug 16% 16 16% 15% Financial— Adams Exp 874 874 874 8 Allegheny Corp 2% 2% Am Int Corp 8* 2 Chesa Corp 4374 Lehman Corp ... 67 Transamerica 6% 674 Tr Conti Corp 4% Building— Am Radiator 13% 1374 111 Cement ... 24% 24% Johns Manville 49*4 4974 Libby Owens Gls 29% 30 Otis Elev 15% Uleh Const ’ ... %.. 2% Household— Col Pal Peet ... 14*4 1474

THE INDIANAPOLIS TIMES

Congoleum 25% Kelvmator 1874 17% 1874 17% Mohawk Carpet 17 Proc & Gamble 34 Simmons Bed 1675 Textiles— Amer Woolen 11 Celanese Corp 24% 2474 Collins Aikman 17% ... Gotham Hose 874 Indus Rayon ... 22% Kayser Julius... 18% 18 1874 18 New York Curb (By Abbott, Hoppin & Cos.) —May 26 Close. Close. Alum Cos of Am 63*,2:Humble Oil ... 427s Am Cyanide B. 18%Ump Oil Ltd... 15 Am Gas & El.. 23%11nt Petrol 27 Am Superpwr.. 2%|Lake Sh Min... 51 Atlas Corp ... li 3 8i Natl Bell Hess. 3% Can Ind Ale A ll‘/ aj Newmont Min .. 49 Can Marc 2>,2|Nia Hud Pwr. 5% Cities Serv 2%'Park Davis 23% Cord Corp .... s%jPenn Road .... 2% Creole Petrol . 12%;Sherwin Wms.. 68‘ 4 Crown Cork Int 7%iStd of Ind 26% Distill Lim 23 jStd of Kv 15% Distill Corp .. 15%iTeck Hugh Gold 6% Dow Chem 92 |Un Gas 2% El Bnd & Sh .. 14% Un Pwr & Lt A 3 Gulf Oil of Pa. 59 I Wright Hrg Min 874 Hiram Walker . 35 New York Bank Stocks (By Abbott. Hoppin & Cos.) —May 26 r, Ask. Bankers 62 6275 Brooklyn Trust 113 ne Central Hanover 126 127 Chase National 28 28*4 Chemical 4040% City National 28 28*4 Corn Exchange 53 53% Continental 1374 14' Empire 19 197', First National 1,655 1,660 Guaranty 357 360 Irving 17% 17% Manhatten & Cos 29*2 30 Manufacturers 21% 22 New York Trust 101% 10275 Public 32 75 33

Chicago Stocks Bv Abbott Hoppin & Cos. Allied Products 13 Berghoff 6% 6% 6% Borg-Vvarner 23% 23 23% Brach & Sons 2% Butler Bros 9% 9% 9% Cent & So West . 1 Chicago Corp com .... 274 274 2*4 Cities Service 2% 275 2*, 2 Crane Cos 974 9% 97i Electric Household 127 2 Gen Household Util ... 1374 13% IS*2 Gadchaux B .. . 8% Iron Fireman 1575 1574 1574 Libby-McNeil 5*, 4 Marshall Field 16 Middle West Utilities .: .. ... 74 Noblitt Sparks Ind Inc. 1375 13 13* 4 Sears Roebuck 4374 Swift & Cos 1575 Walgreen Cos com 26% 2675 26% Zenith Radio ... 2%

Bond Prices ;By Fenner & Beane —~”

—May 28— High. Low. 10:30. Alleg Corp 5s ’SO 39% 39 39% Am&For Pwr 5s 2030 54 AT&T db 5s ’65 108 Atchison gen 4s ’95 ...102% 102 102% B&O cv 4%s ’6O 65 64% 64% Beth Steel 5s A ’36 102% Can Pac 4s 81% ChMStP&P adj 5sA 2.000 14% 14 14 ChMStP&P rs 5s A ’75.. 45% 44% 45% Cons Gas NY 4%s ’57.. . . . 103% Erie RR rs 5s ’67 .... 72% 72 72% Goodyear 5s ’57 99% 99% 99 Vi Gt Nor 4%s D ’76 77 Gt Nor 7s A ’36 95% 94% 94% Interboro RT 5s ’66 ... 69% 63*4 69% Int T&Tdb 5s ’55... 65 63% 65 Lorillard 7s ’44 .. 120% McKess & Robb 5%s ’SO 82 81 % 82 Nat Dairy db 5%s ’4B . 94% 94 94 NY Cent 4%s O 2013. 74% 74 74% Nor Am 5s '6l 86% 86% 86% Para Pub 5%s ’SO 52 51% 52 Penn RR 4*is D ’Bl ... 96% 96% 96% Poland 7s ’47 112 111% 111% Shell Un 011 5s ’47 ... 98 Sin Cons 6%s B '3B 104% 104% 104% Texas Corp 5s '44 102% 102% 102% Tob Pr NJ 6 Vis 2022 105 % Un Pac Ist 4s ’47 106% 105% 106% US Rubber 5s A ’47 86 85% 86 Vanadium 5s ’4l 77% Western Un 5s ’sl 88% Ygstwn S & T 5s B ’7O 82% U. S. GOVERNMENT BONDS (Bv United Press) NEW YORK. Mav 26.—Closing Liberties (Decimals represent thirty-seconds); Liberty 3%S (32-47) 103.26 First 4%s (32-47* 103.26 Fourth 4%s (33-38) 104 Treasury 4%5. 3%s (45) 103.6 3%s (41-43). March. 103.30 3* is (411 104.1 3%S (46-49) 100.28 3s (51-55) 100.28 FEDERAL FARM LOAN BONDS (By Blyth & Cos., Inc.) —May 26Bid. Ask. 4s Nov. 1. 1957-37 101% 4‘is July 1. 1956-36 100% 101% 4%s Jan. 1. 1957-37 101 101% 4%S Mav 1. 1957-37 101 101% 4%s Nov. 1. 1958-38 101% 4> 2 s May 1. 1942-32 101 101 % 4%s aJn. 1. 1953-33 100% 101 % 4%s July 1. 1953-33 100% 101% 4%s Jan. 1, 1956-36 101 101% 4%s July 1. 1953-33 101 101% 4%s Jari. 1. 1954-34 101 101 Vi 4%s July 1. 1954-34 101 101% 5s May 1. 1941-31 101 102% 5s NOV. 1. 1941-31 101 102 % —Home Loan—--4s July 1, 1951 101.9 101.14 —Federal Farm Mortgage Corporation—--3%s March 15, 1964-4 100.22 100.29 Note—The two latter quotes are in thirty-seconds. Other Livestock 'By Times Special) LOUISVILLE, May 28.—Cattle—Receipts, 500; slaughter classes in light supply: market opened active, later trading slowed down; slaughter classes generally 25c higher than last Monday; few early sales up more: bulk common to medium grade steers and heifers, [email protected]; nothing good included: bulk beef cows, [email protected]; good, $4 and above for heifer type; low cutters and cutters mostly $1.50©2.75: sausage bulls, $3.75 down; Stockers and feeders absent. Calves—Receipts. 600; market mostly 50c lower, considering stricter sort; bulk $4.50 down; strictly choice vealers $5. Hogs—Receipts. 2,100, including 138 direct; market steady with Saturday or steady to 5c higher than last Friday; 185-275 ibs.. $3.60; 175 lbs. up, $2.75; 160-185 lbs.. $3.30: 145-160 lbs., $3 05; 120-145 lbs.. $2.20; 100-120 lbs.. $1.70; sows. $1.45. Sheep—Receipts, 2,500; market not established on spring lambs; most bids 50c lower with sellers generally asking steadv to 25c lower: most bids on better trucked in ewe and wether spring lambs $10; generally asking $10.25 with choice longhaul and overnight lambs higher: clinped lambs. $6.50 down; fat ewes.. [email protected]. SEARS, ROEBUCK SALES SHOW SHARP INCREASE Advance of 30.6 Per Cent Made Over Previous Year. By Times Special CHICAGO, May 28—Sales of Sears, Roebuck & Cos. in the fourth period ended May 21, showed an increase of 30.6 per cent over the corresponding period of last year. Sales during the four weeks’ period ending May 21 amounted to $27,485,073, against $21,050,502 in the same period of last year. This is an increase of $6,434,571. The May period sales brought business so far this year to $93,974,595, compared with $69,612,587 in the same months of 1933. This shows a gain of $24,362,008, or 35 per cent. Volume of sales in May was 17.8 per cent greater than in the same period of 1932, but 8.6 per cent below the 1931 figures. New Bond Offerings Higher By Times Special CHICAGO, May 28.—New bond offerings for last week totaled $16,390,400 compared to $6,175,000 a week ago and $10,177,000 in the same week for 1933. Corporate bond maturities during the month -of June will amount to $86,111,920, according to the reports of the Standard Statistics Company.

SWINE VALUES UNCHANGED TO 5 CENTSLOWER Cattle, Lambs Stationary; Vealers Weak at $6 Down. With exception of underweights remaining unchanged, porker prices moved around 5 cents lower -than Saturday’s average in early trading at the Union Stockyards this morning. Activity was light in the majority of classes and receipts were slightly above normal. The bulk of 160 to 350 pounds, sold at $3.45 to $3.55. Initial top held at $3.60. Weights ranging from 130 to 160 pounds were selling at $2,65 to $3.15, while light slaughter pigs, scaling 100 to 130 pounds, brought $2 to $2.40. Receipts were estimated at 8,000. Holdovers, 297. Largely a steer and heifer run was on hand in the cattle market, with prices around Saturday’s close. Bidding on cows was slightly lower. All choice grades were scarce. Receipts numbered 900. Veal prices were weak, ranging from $6 down. Receipts were 900. Lamb values held practically unchanged in dull trading. Bulk of spring lambs sold at $8 to sll. Slaughter sheep ranged mostly from $2.50 down. Receipts were 600. Early bidding was slightly lower on hogs at Chicago, with no sales reported. Asking held around Friday’s average. Receipts were estimated at 37,000, including 15,000 directs; holdovers, 1,000. Cattle receipts numbered 19,000; calves, 2,000; market, steady. Sheep receipts, 9,000; market unchanged. HOGS May Bulk. Top Receipts. 22. $3.45©) 3.55 $3.6d 8.000 22. 3.45# 3.55 3.60 8,009 24. 3.40©) 3.50 3 55 6,000 25. 3.40© 3.50 3#o 7.000 26. 3.50© 3.60 3.60 3,000 28. 3.45® 3.55 3.60 8,000 Market. Lower (140-160) Good and choice....s 2.90@ 3.1f —Light Weights—-(l6o-180) Good and choice ... 3.45 (.180-200) Good and choice... 3.50 Medium Weights—-(2oo-220) Good and choice ... 3.55# 3.60 (220-250.) Good and choice ... 3.55® 3.60 Heavy Weights—-(2so-290) Goofl and choice .. 3.55© 3.60 (290-350) Good and choice .. 3.45® 3.55 —Packing Sows—(3so down)’ Good 2.75© 3.00 (250 lbs.) Good 2.50© 1 2.85 (All weights) Medium 2.25® 2.75 —Slaughter Pigs—-(loo-130) Good and choice.... 2.00@ 2.40 CATTLE Receipts, 50; market, steady. (1,050-1,100) Good and choice $ 6.75© 8 25 Common and medium 4.50® 6)75 (1.100-.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) 1 Good and medium 4 75@ 6.25 Common and medium .7 3.75® 4.75 —Cows— Good 3.25# 4.25 Common and medium 2.60© 3.25 Low cutter and medium 1.50® 2.60 Bulls (yearlings excluded) Good (beef steers) 3.00® 3.75 Cutter, common and medium.. 1.75© 3.00 VEALRS Receipts, 150; market, steadv 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. 100; market, steady. (Shorn basis) Spring lambs $ 8.00 @ll.OO (90-lb. down) Good and choice 8.50© 9.00 (90-100-lb.) Good and choice . 8.25© 875 (500-lb. down) Com. and med. 7.00@ 8.25 —Ewes— Good and choice 2.00® 3.00 Common, and medium I.oo© 2.00 Other Livestock (By United Press) CHICAGO. May 28.—Hogs—Receipts, 37.000. including 15.000 directs; 10c lower than Friday; 200-300 lbs., $3.50© 3.55; top, $3.56; light and heavy weights, $3.50 down: pigs belowe $2.25; packing sows, $2.65©3; light lights. 140-160 lbs., good and choice, $2.75©3.35; light weight 160200 lbs., good and choice, $3.15©3.55; medium weights, 200-250 lbs., good and choice, $3.40©j3.55; heavy weights, 250-350 lbs., good and choice. $3.40©3.55; packing sows, 275-550 lbs., medium and choice, $2.40®3.10; slaughter pigs, 100-130 lbs., good and choice. $1.75©.2.75. Cattle—Receipts, 19,000; calves, receipts, 2.000; medium weight and weighty steers, steady to 25c lower; mostly 15©25c lower on lower grades; all light cattle. 15©25c lower; comparatively little done on all killers, unevenly weak to 25c lower; bulls, 10© 15c down; not many steers here; top 1,513-lb. kinds, $9.25; sprinkling sales better grades with weight $8.25®8.75; slaughter cattle and vealers: steers, 550-900 lbs., good and choice, $5.50©7.50: 900-1.100 lbs., good and choice, $5.75©8.25; 1,100-1,300 lbs., good and choice, $6.25©9.50; 1,300-1,500 lbs., good and choice. [email protected]: 550-1,300 lbs., common and ffiedium, $3.75©6.75; heifers, 550-750 lbs., good and choice, $5®6.50; common and medium, s3©s; cows, good, 53.50© 4.75; common and medium, $2.25© 3.50; low cutter and cutter, $1.25®2.25; bulls, yearlings excluded, good beef, s3© 3.50: cutter, common and medium. $2.25 © 3.15; vealers. good and choice, ss© 6.50; medium, s4@s; cull and common. s3©4: Stocker and feeder cattle: steers, 550-1,050 lbs., good and choice, $4.50@6; common and medium, $2.75©4.75. Sheep—Receipts, 9.000; lambs, steady to 25c lower; springers off most: sheep, steady; extreme top springers, $11.25, others. sll down; bulk $10.75 and below: top clipped lambs, $8.65: shorn ewes, [email protected]: slaughter sheep and lambs: spring lambs, good and choice. $*.75©11.25; medium. $9©:9.75; lambs. 90 lbs. down, good and choice, $8.15®8.65: common and medium. $6.75©8.15; 90-98 lbs., good and choice. $8.15©8.65: ewes, 90150 lbs., good and choice. $1.75© 2.50- all weights, common and medium, sl@2. LAFAYETTE. May 28.—Hogs—Market, steady to 5c lower; 200-300 lbs., $3.40; 160-200 lbs.. $3.20©3.30: 140-160 lbs.. $2.65 ©2.90: 120-140 lbs., $2.15© 2.40: 100-120 lbs.. [email protected]: roughs. $2.75 down; top calves. $5; top lambs, $8.50; spring lambs. [email protected]. FT. WAYNE, Mav 28.—Hogs—Steadv to 10 cents lower; 250-300 lbs., $3.50: 200-250 lbs.. $3.45: 160-200 lbs.. $3.35: 300-350 lbs., $3.15: 150-160 lbs., $2.90: 140-150 lbs.. $2.65; 130-140 lbs.. $2.40; 120-130 lbs., $2.10; 100120 lbs., $1.90: roughs, $2.50; stags. $.25. Calves, $5.50. Lambs, $lO.

Government Bonds Home Owners’ Loan Corporation and % Municipal Bonds The Union Trust Cos. of Indianapolis BOND DEPARTMENT 120 E. Market ' Riley 5341

Abbott, Hoppin & Company 203 Continental Bank Bldg. Riley 5491 New York Indianannli* Chicago Montreal Indianapolis 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 Vork Coffee and Sugar Exchange, Inc. Chicago Mercantile Exchange Co-Managers James T. Hamill Kenneth K. Woolling

Unemployment Decreases 1.4 Per Cent During April

Increase in Mining Group Overcome by Drop in Other Industries. By Times Special * NEW YORK, May 28.—The total number of unemployed in the United States in April of the current year amounted to 7,907,000, according to an estimate of the national industrial conference board issued today. This is a decline of approximately 114,000 or about 1.4 per cent from the March total and a decline of 5,296 or 40.1 per cent, as compared with March, 1933, when unemployment was at the highest point. Unemployment increased 32,000 in the mining group, but was overcome by decreases in other various industries. Decreases reported in the latter groups include: Manufacturing and mechanical, 99,000; transportation, 7,000; trade, 59,000; domestic and personal service, 5,000, and 3,000 in miscellaneous occupations. In addition, it is estimated that 27,000 new workers became available for employment during the month. Unemployment has decreased since March. 1933, in all industrial groups for which figures are available, it was reported. Decreases were especially marked in manufacturing and mechanical industries. The number unemployed in this group of industrials in April of the present year was 2,500,000, a decline of 3,923,000, or 61.1 per cent from the peak of unemployment in this group in March, 1933. Zrom March, 1933, to April, 1934, the number of unemployed workers in other groups decreased as follows: 58 per cent in trade; 29.7 per cent in domestic and personal service; 14% per cent in the extraction of minerals, and 11.1 per cent in the transportation division. The above estimate includes workers employed through the public works administration, while emergency workers employed under government auspices, usually part time, in lieu of direct unemployment relief are not included. In the Cotton Markets —May 26 CHICAGO High. Low. Close. January 11.87 11.80 11.87 March' 11 97 11.90 11.97 Mav • • • 12.07 July 11.47 11.44 11.46 October 11.69 11.62 11.67 December 11.80 1i.76 11.79 NEW YORK January 11.80 11.75 11-79 March 11.92 11.83 11.92 May ••• ■ 12.01 July 11.44 11.33 11.43 October 11.64 11.56 11.63 December 11.76 11.69 11.74 NEW ORLEANS January March 11-85 Mav - •••• 11.99 July 11.40 11.30 11.40 October 11.60 i1.53 11.59 December 11.72 11.65 11.70 N. Y. Coffee, Sugar Futures COFFEE —May 26High. Low. Close. —Santos — March 11.53 11.51 I}- 88 Mav 11.60 11.58 11.60 July 10.96 September 11.33 11.30 I}’2l December 11.45 High. Low. Close. January ••• §.63 March ••• B §B May § ' 3 September 8.50 8.49 8.50 December 8.63 8.60 8.60 SUGAR High. Low. Close. January 1-72 1.70 1.72 March 1.76 1.75 1.76 Mav •••••••••••••*•••• 1.81 July 1.56 1.55 1.56 September 1-64 1.61 1.64 December 1.71 1-70 1.71 Retail Coal Prices The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 25 cents per toD is allowed. Domestic Retail Prices Anthracite sl+2f Brazil lump f- 4 j> Brazil egg Brazil mine run 00 Coke- nut size 8 I5 Coke, egg size Indiana forked lump 5 50©5 75 Indiana, egg 5 Indiana, mine run 5.00©5.z5 Kentucky lump 7.00 Pocahontas lump § 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 § 50 Lsland Creek 700 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bin. Montgomery Ward Sign Lease By Times Special CHICAGO, May 28.—Signing of a long term lease for a large five story and basement building in Louisville was announced today by the Montgomery Ward & Cos. Remodeling is to begin June 1, and the new store is to be opened early in the autumn. Approximately $50,000 will be spent on remodeling.

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

REVENUES FROM BUS OPERATIONS ADVANCE Increase of 4 Cents a Mile Shown in Quarter. By Times Special NEW YORK, May 28.—Revenues from bus operation, covering all classes of carriers for the first three months of 1934 are four cents a bus-mile higher on the average than in the same quarterly period last year, and passenger revenue busmile is higher than in any similar period for the past four years, Bus Transportation reports in its May issue. The revenue range a bus-mile runs from a low of 22.69 cents for the city and suburban group to a high of 24.92 cents for the carriers in the intercity group. Operating expenses, exclusive of depreciation and property rents, take 16.66 cents a busmile on the average for all companies, leaving slightly more than 7 cents with which to meet taxes, depreciation, rents and interest charges when figured on a bus-mile basis. “Net income from bus operations therefore,” Bus Transportation states, “ was sufficient after meeting the cost of service operated to show a profit. This profit, though small, looms large when compared with the losses that were current last year and amounts to a gain of $144 for each bus owned. In other words, in 1934 the profit per bus operated was $97.87 as compared to a loss of $64.40 during the previous year, an increase in net income of 224 per cent.

Gash Grain

(By United Press) CHICAGO. May 26.—Cash grain: Wheat —No. 1 hard. 94%c; No. 2 hard, 94*ic. Corn—No. 2 yellow. 54*4 ©ssc; No 3 yellow 53%®54c; No. 2 white, 59%@60c; Lake. 59%c. Oats—No. 2 white. 38©38%c; Lake 38c: No. 3 white. 38%c: No. 4. white. 37c. Barley—2 cars at 88c: quotable, 45©88c. Lard—s6.o2; loose. $5.45; leaf, $5.50; bellies. $8 50. TOLEDO. May 26.—Grain close: In elevators, transit billing. Wheat—No. 2 red. 94%©95%c. Corn—No. 2 yellow, 57© 58c. Oats—No. 2 white, 4!%@'42%c. Rye —No. 2, 64@65c. (Track prices 28%c rate). Wheat—No 1 red. 91©91%c; No. 2 red. 90©90%c. Corn—No. 2 yellow. 53® 54c: No. 3 yellow. 52@53c; No. 4 yellow. 51 @s2c. Oats—No. 2 white. 38©39%c: No. 3 white, 37%©39c. Seed close: Clover — Cash, $8 25. Alsike—Cash. $8 50. ST. LOUIS, May 26.—Cash grain closed: Wheat—ln fair demand. %c higher on red and steady on hard; No. 2 red. 90%® 91 3 4C; No. 3 red, 91c: No. 3 red garlicky. 91%c: No. 2 har *. 92%c nominal. Corn —ln fair demand, unchanged to %c lower; No. 2 yellow. sic: No. 3 yellow. 54%© 55c: sample vellow, 49c. Oats—ln fair demand. unchanged; No. 2 white, 38%c; No. 3 white, 38c. Local Wagon Wheat City grain elevators are paying 81 cents for No. 2 soft red wneat. Otner grades on their merits. Chicago Futures Range —May 28Wheat— Prev. High. Low. 10:00. close. May 95% .94% .95% .93% July 94% .92% .94 .91% Sept 95 .93% .94% .92% Corn— Mav 52% .52% .52% .51% July 54% .54% .54% .53% Sept 56% .56 .56*2 .55% Oats— Mav 38% .38*4 .38% .37% July 39*4 .38% .39*8 .37% Sept 39% .38% .39% .38% RyeMay .. .. .57% July 60% .59% .60% .58% Sept 62% .61% .62% .61 Barley— May 48*2 .48 .48*2 .47% July 50*2 .48% .50% .48% Sept 50% .49 .50% .48% CHICAGO PRIMARY RECEIPTS —May 26 —Bushels— Todav. Last week. Wheat 422.000 550,000 Corn 339,000 281.000 Oats 142,000 578,000

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DROUGHT NEWS FORCES WHEAT TO NEW HIGHS Temperatures Nearing 100 Mark Are Reported in Grain Belt. By United Press CHICAGO, May 28.—The wheat market jumped 4% cents above Saturday’s close on the Board of Trade today. September sold at 97 3 cents while July was at 96! a cents. Both only y& of a cent under the maximum fluctuation permitted by Board of Trade regulations. By United Press CHICAGO, May 28.—The wheat market climbed to the highest levels in months today under the influence of an almost unprecedented drought. With the winter wheat area baking under temperatures near the 100 mark, the grain pits reacted wtih bullish enthusiasm and prices soared. The heat wave extended into the canyon that is La Salle street and as traders perspired in the Board of Trade building, which houses the world’s greatest grain trading mart, they sent prices rapidly higher. At the opening prices continued the bullish trend that marked Saturday’s session. Trade was at a furious pace with grains mounting the price scale fractionally almost with every new sale. Within half an hour after the opening wheat was 2% to 2% cents higher; corn was 1% to 1% cents higher, and oats were VA cents up. May wheat at 95% and oats at 38% were the highest prices paid for those grains since last November. DOMESTIC PRODUCTION OF BEET SUGAR CUT Output Limited to 1,556,166 Tons by AAA Under New Act. By United Press WASHINGTON, May 28. Domestic production of beet sugar was limited to 1,556,166 tons by the agricultural adjustment administration in accord with the new sugar control act. Production was split among twen-ty-two processing firms, in ratio with past production. The limitation cuts domestic production 2.6 below 1932-33 output, but is higher than most recent years. Eastern beet sugar areas will be allowed to grow 4,423,698 bags of refined sugar. Western areas were allotted 24,663,502 bags. Insular quotas will soon be established. The AAA left 161,308 bags unallotted to allow for adjustment if necessary. Individual acreage allotments will probably not be made due to the advance of planting. FREIGHT CARLOADINGS SHOW IMPROVEMENT Increase of 9,403 Cars Reported Over Last Week. By Times Special CHICAGO, May 28.—First increase in three weeks was reported in carloadings cf railroad freight traffic. Carloadings for the week ending May 19, totaled 9,403 above the preceding week and 75,423 higher than the same week a year ago. The gain last week over the preceding week amounted to 1.6 per cent, slightly greater than the seasonal average for this period. This is only about 14,000 cars under the high peak of the year, reached last March.

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