Indianapolis Times, Volume 46, Number 18, Indianapolis, Marion County, 1 June 1934 — Page 26

PAGE 26

Wall Street Steel Production Figures Indicate Battle With Labor Is Near. BY RALPH HENDERSHOT

Times Special Financial Writer That the steel industry is girding itself for a fight with organized labor is indicated by the latest figures on production. Operations in the steel plants, according to the American Iron and Steel Institute, are now running at 56.1 per cent of capacity—a gain of 3% per cent as compared with a week ago.

Ever since the first of this year steel operations have been running high. In the earlier months this was easily understandable, since the automobile makers were taking large amounts of the metal. But more recently these takings have been materially reduced and business in general has slack-

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Hcndershot

ened. Ordinarily this would have brought about a slump in steel operations. In fact, the steel companies might have been expected to anticipate the downturn a week or so in advance. But instead of reducing their operations to conform with demand, steel makers have been maintaining production. Last week a slight reduction was reported, but the immediate upturn again this week makes it evident that they desire a backlog of supplies to meet demands in case of a shutdown. The head of a large steel company stated last week he would close his plants before he would recognize the labor unions. n n n IT is likely to be no easy task to select the personnel of the commission to carry out the provisions of the new stock market regulation bill if the best interests of the country are to be esrved. It would be unfortunate if men were selected who have less than a complete knowledge of market operations. It would be equally unfortunate if the men selected were not in sympathty with the fundamental aims of the measure. The stock market is too important to be made the football of politics. It is too important to be used as the private hunting grounds of racketeers. What is required is a commission fully alive to the needs of a properly regulated market place and one with sufficient courage and knowledge to get the most out of such a market place. tt a u THOSE who have been bemoaning the failure of the NRA and the other alphabetic planks in the new deal program might well take a second look at the report on world trade just released by the League of Nations economic section. The report showed that Canada and the United States led all nations in percentage of recovery in industrial activity in the first three months of this year, compared with the corresponding period in 1933. The score was 40 per cent for Canada and 30 per cent for the United States. Canada’s position has been improved, at least for the time being, by a boom in mining stocks and in mining operations. Activities in the United States have been helped in no small way by government spending. Neither country may have been rebuilding for permanency, and both may suffer later should such prove to be the case, but the effectiveness of their approach to their depression problems can hardly be challenged. On Commission Row —June 1— —Fruits— Apples—Fancy Ben Davis, Indiana, $1.75. fancy Winesaps. $2.15®2.50. Cherries—California. iB-lb. lug. $3.50. Oranges—California. Sunkist. [email protected]; Red Ball. [email protected]. Lemons —Sunkist. $6.75: Red Ball. $6.25 Grapefruit—Florida Seedless, $3.7a@4. Strawberries —Aromas. 24-qt. crate. $2.50 ® 3.25; Premiers. $2.50(5 3.25. Cantaloupes—California, Pony crate. $2.50: jumbos. 455. $3.50; standards. $3.25 Honeydews. $2.50. Pears—Calavos, $4 per box. Pineapples—Cuba, all sizes, crate, $3.25. Qananas—Per pound, sc. —Vegetables— Cabbage—Mississippi, 50-lb. bag, $1.25. (jelery—Florida, $4.50 a crate, mammoth bunch. 90'*: medium bunch. 60c. Qnions-' J 'ndiana 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 $2: Idaho Russets, 100-lb. bag. $1.90; New Texas Triumphs. $2.10. . Sweet Potatoes —Tennessee Nancy Halls. Crate. $2.40. SAsparagus—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. $4.50(85.75 a crat,. peas—2 B-lb. hampers. $2.75. Radishes— Home grown buttons. 30c a Home grown, dozen. 30c. Spinash— Home grown, bushel. 65c. Tomatoes —Repacked. 10-lb. carton. $1.50: | original Mexicon. 30-lb. lug. $3.50. CHICAGO FRUIT MARKET (By United Freasl CHICAGO. May 31.—Apples—Michigan Spies S2O/ 2.25 bushel. Carrots—Southern, 60c 'Bushel. Spinach—lllinois, 40c<8$l bushel. Beans—Southern green and wax, 50c® $1.25 bushel hampers. Cucumbers— Central western hothouse. [email protected], 2 dozen. Tomatoes—Texas, $1.50®2, lug box. Sweet potatoes—Tennessee, $1.90@2 bushel hampers. Mushrooms—lllinois, 15@40c, pound cartons. Asparagus—lllinois,so®7sc flats Strawberries —Illinois. [email protected]. 24 quarts. Onion market (50-lb. sacks) Texas yellows, 75c@$l: Texas whites, 75c i?ssi.lo: California whites. $1.10®1.15. GENERAL SHOWERS~AID CROPSDURING WEEK Light Frosts Damage Some Plants in Northern Section. Light, but general showers in the northern and central parts of the state during the week ended Tuesday aided state crops somewhat, but were insufficient to be of great benefit, according to the United States department of agriculture. Cold weather over the week-end was another unfavorable factor, and damage to strawberries, onions and mint in the northern section resulted from light frosts. Corn planting in the north and central portions is well advanced, and crops are well up in the central and southern section, where planting is finished. All planting in the southern part offthe state is practically completed, with outside work now consisting mostly of corn and truck cultivation alfalfa cutting, strawberry picking and tomato and tobacco setting. Assets Equal 517.70 a Share By. Tim ft Special CHICAGO, June I.—Assets of Allied General Corporation preferred stock were reported at $17.70 a sknre on March 31, 1934, compared

STEEL COMMON AGAIN AT NEW LOWFORI934 Remaining Issues Uneven in Lightest Trading for Ten Years. BY ELMER C. WALZER United Press Financial Editor NEW YORK, June I.—United States Steel common stock, weak spot in yesterday’s stock market session, opened today at anew 1934 low. Remainder of the list was irregular in a narrow range with trading light. First sale of United States Steel was made at 38%, off % point, from the previous close. Other members of the steel division eased with the leader, which subsequently dipped toward 38. Automobile issues were lower with Chrysler down point at 38%. Case lost more than a point on continuation of the drought in the wheat belt, a factor that would reduce its income through reduction of purchases of implements by farmers. Small losses were made by United Aircraft, New York Central, International Nickel, Atchison, Du Pont, Sears-Roebuck, Public Service of New Jersey and American Telephone. Slight gains were made by Kennecott, Consolidated Gas, Commercial Solvents, Montgomery Ward, Auburn Auto and Woolworth. Volume in early dealings was at the lightest rate in ten years with prices moving in narrow range. TTiere was nothing in the news to affect the market, which continued under domination of Washington uncertainty and labor unrest in major industries. Money and Exchange INDIANAPOLIS BANK CLEARINGS —June 1— Clearings $2,158,000.00 Debits 5,862,000.00 FOREIGN EXCHANGE (By Abbott. Hoonin & Cos.) —May 31Close Sterling England $5,067* Franc. France 0658 Lira. Italy 0852 Belgios. Belgium 2335 Mark. Germany 3907 Guilder, Holland 6769 Peseta. Spain 1366 Krone, Norway 2550 Krone. Denmark 2268 Treasury Statement (By United Pressi WASHINGTON, June I.—Government expenses and receipts for the current fiscal year to May 29. compared with the corresponding period of the previous fiscal year. This Year. Last Year. Expenses $6,351,989,999.66 $4.660 845,797 71 Receipts. $2.715 028.434.62 $1,784,856,672.65 Deficit . $3,636,961,565.04 $2,875,989,125.06 Cash Bal $2,032,205,278.71 Investment Trust Shares (By Abbott, Hoppin & Cos.) —May 31— , Bid. Ask. Am Bank Stocks Corp 1.12 1.15 Am & General Sec A 4.00 5.00 Am & Inv Tr Sh 1.75 Basic Industry Shares 3.20 3.28 British Type Inv. Tr Sh .45 .50 Corporate Trust Shares <old> 2.00 205 Corporate Trust Shares (new) 2.22 2.25 Collateral Trustee Shs A ... 4.40 450 Cumulative Trust Shares . 3.75 Diversified Trust Shares A. 6.25 .. . Diversified Trust Shares B . 7.37 7.50 Diversified Trust Shares C.. 2.95 3.00 Diversified Trust Shares D . 4.50 4.62 First Insurance Stock Corp.. 1.20 1.25 First Common Stocx Corp... .63 .67 Fixed Trust Oil Shares A .. 7.87 8.12 Fixed Trust Oil Shares B . 6.80 6.95 Fundamental Invest Inc .... 1.94 2.14 Incorporators Investments -.16.76 18.02 Land Bank Bond Shares 1.17 1.31 Low Priced Trust Shares 5.80 5.90 Mass Inv Trust Shares 18 30 19.89 Nation Wide Securities . 3.20 3.25 North Am Trust Shares (53) 1.80 2.25 North Am Trust Shs (55-56! 2.28 North Am Trust Shares (58l 2.20 2.25 Selected American Shares 2.46 . . Selected American Shares Inc. 1.13 1.22 Selected Cumulative Shares 6.38 elected Income hares 3.31 3.75 Std Am Trust Trust Shares A 2.75 2.80 Trust Shares of America ... 2.53 2.58 Trustee Std Oil A 5.45 5 65 Trustee Std Oil B 4.87 5.00 U S Electric Lt & Pwr A... 12.25 12.65 Universal Trust Shares 2.85 2.95 Daily Price Index (By United Press) NEW YORK, May 31.—Dun & Bradstreet’s daily weighted price index of thirty basic commodtties compiled for the United Press: (193-1932 average. 100. Today mew 1934 high) 112.01 Tuesday 111.15 Week ago 109.03 Month ago 106.75 Year ago (June 1) 91.g0 1934 high (May 31) 112.01 1934 low (Jan. 3) 101.05 (Copyright, 1934, by Dun & Bradstreet, Inc.)

Bright Spots -“ißv Abbott. Hoppin & Cos. - —

South Porto Rico Sugar Company declares the regular quarterly dividend of 60 cents a share on the common stock. Aviation Corporation of Delaware and subsidiaries In the quarter ended Mareh 31 had a net loss of $551,195 after all charge* against $57.1(18, in the corresponding quarter last year. / New York. Chicago & St. Louis Railroad Company car loadings for the week ended May 26 totaled 12 748 cars against 12,243 in the preceding week and 11.057 cars In the similar 1933 week. Wesson Oil and Snow Drift Companv declares a dividend of 12% cents a share on the common stock, payable July 2, of record June 15. SUGAR QUOTAS ARE SET FOR ‘OFF-SHORE’ AREAS Secretary of Agriculture Fixes Output in Five Zones. By United Press WASHINGTON, June I.—Sugar quotas for the “off-shore” areas were announced by the department of agriculture. The insular quotas were: Hawaii, 917,000 short tons: Puerto Rico, 803,000; Philippine islands, 1,015,000: Cuba, 1,902,000; Virgin islands, 5,000. Domestic quotas were fixed by the Costigan-Jones act, signed by President Roosevelt on May 9, at 1,550,000 short tons for the domestic beet areas and 260,000 short tons for Florida and Louisiana cane. Power to fix the quotas for the five inular zones which supply the American market was vested in the secretary of agriculture. During the last two months delegations from Hawaii and Puerto Rico have been active seeking quotas of 975,000 and 854,000 short tons, respectively, for their territories. BUSINESS FAILURES UP Total Default Number Advances to 225 During Week. By Times Special NEW YORK, June I.—Dun & Bradstreet, Inc., reports business failures in the United States in the week ended May 24 totaled 225, an increase of 13 over the previous week, and compared with 459 in the same week last year and 702 in the corresponding week two years ago. Almost the entire increase in fa" ~s took place in the east. Larger failures, with liabilities in excess of $5,000, totaled 133, five less than in the. preceding week.

New York Stocks (By Abbott. Hoppin & Cos.)

AVERAGE STOCK PRICES FOR THURSDAY Net High. Low. Close, change Thirty industrials 94.78 93.01 94.00 -1.32 Twenty rails 43.05 42.59 42.70 —.Bl Twenty utilities 23.16 22.81 22.86 —.52 Forty bonds .... 94.07 —.lO Ten first rails .... 101.35 —.02 Ten second rails •••• 80.91 —.15 Ten utilities .... 97.62 —.20 Ten industrials ... 96.40 —.14 -Off.

—June 1— Prev. Oils— High. Low. 10:30 close. Atl Rfg ’ ... 25% 24% Barnsdall 7% Consol Oil 10% 10% Cont of Del ... 19% 19% 19% 19% Houston (new) 3% Mid Cont Pet 13 13 Ohio Oil 11% Pet Corp 11 Phillips Pet 18% 18% Plymouth Oil 12% Pure Oil ... 10% 10% Royal Dutch 34 33% Sbd Oil 31% Shell Un 8% 8% Skelly Oil 9% 9% Soc Vac 15% 15% S O of Cal 33% 32% S O of N J 42% 42% 42% 42% Texas Corp 23% 23% Tidewater Assn 12% 12% Un Oil of Cal 16 16 Steels—. Am Roll Mills. 17% 17% Beth Steel 31% 31% Cruc Steel 24% Inland Steel 35% Ludlum Steel 13% Mid Steel 12% Natl Steel 40Vi Rep Iron & Stl 15% 16 Rep Ir & Stl pfd 44 U S Pipe <te Fdy 22 U S Steel 38% 38% 38% ?' U S Steel pfd . 83 84 Youngs’n S& T 18% 19 Motors— Auburn .. 34% 34% Chrysler 38% 38% 38% 39% Gen Motors ... 31% 31% 31% 31% Graham Mot 2% Hudson 12% 13 Hupp 3% 3% Mack Truck ... 25% Nash 16% Packard 4% 4 Reo 3% Studebaker 4% Yellow Truck 4% Motor Access— • Bendix ... 14% Bohn Alum 53 Borg Warner 22% Briggs 16% Budd Wheel 3% Eaton Mfg 16% Elec Auto Lite 21 21 Houdaille “A” 4% Mullins Mfg 11 11 Murray Bodv Stew Warner Timken Roll 29 29 Timken Det Ax 6% Mining— Alaska Jun .... .. ... .. 19% Am Metals ... 22Vi .. Am Smelt 38% 38% Anaconda 13% Cerro de Pasco 33% 34% Dome Mines 38% 38 Vi Granby 9% Gt Nor Ore 11% 11% Howe Sound 49% Ins Copper . .. 4% Int Nickel 25% 25% 25% 25% Int Silver 19 28% 19 Isl Creek Coal 27 Kennecott Cop ... ... .. 18% Mclntyre Mine 44 Vi 44% Normanda Cop-. ... ... 42% 42% Park Utah .... ... ... . 4% Phelps Dodge .. 15% 15Vi St Joe Lead 19 U S Smelters.. 115 115% Vanadium 19 Amusements— Crosley Radio 12% Fox Thea .-. . 14 Loews Inc .... 31% 31% 31% 31% Radio Corp 7% 7% RKO .. 2% Warner Bros 5% Tobaccos— Am Sum Tob . • 17% Am Tobacca”A’’ .. 69 Am Tobacco“B” ... ... 70 70 Gen Cigars 38% Lorillard 17% Rey Tob “B" 43% Rails— Atchison 54 54% Atl Coast Lines . .. 39 B <fc O 22% 22% 22% . Can Pac . 13% 15% Ch & Ohio .. 45% 45% 45% 45% C M & St P 4% C M&St P pfd 8 Chi N W 9% 9% Dela & Hud 50Vi Del Lac & W 22% Erie 19 Erie pfd 22% 23 Grt Northern pfd 20% 20% 111 Central 24% Lou & Nash .. .. 51 M K & T 8% 8% 8% 9 M K & T pfd 22 M Pac 44 N Y Cent 27% 28 NY Chi-St L pfd 33% N Y New Haven 15 N Y Ont & West 7% Nor Pac 23% 24% Penn R R 29% 29% Reading . 45% Sou Pac 21 Vi 21% Sou R R 24 23% 24 24 Sou R R pfd ... ... 31% Union Pac ... ... 122 West Maryland.. .. ... ... 11% Equipments— Allis Chalmers.. 15% 15% 15% 15% Am Car & Fdy 19% . Am Cr & Fy pfd 42 Am Loco pfd . * 50 % Am Mach & Fdy 14% Bald Loco 10% 10% Burroughs 13% 13% Case J I 49% 50% Cater Tract 26% Deere <fe Cos 20% Elec Stor Bat 41 Gen Am Tnk Car ... 36% 36 Gen Elec 19% 18% 19% 20 Gen R R Sig 32 Vi lilgsol Rand ... 55 Int Harvester .... ... 31'% 32% Natl Cash Reg 15% Pullman Inc 48Vi 48 Rem Rand 9% aVi Und Elliot 40 West Air B 27% 27% Westingh Elec 34% Worthlngtn Pmp 20 Utilities— Am & For Pwr 8 Am Pwr & Lit 6% 7 AT&T 113% 113% Am Wat Wks 18% Brook Un Gas ... 62% Col Gas & Elec 12% Col G & E pfd 73 73 Com & Sou ... 2% 2% Consol Gas , 32% 32 32 32 Elec Pwr & Lit.. .. ... 5Vi 5% E P & L pfd 13 Int Hydro Elec... ... 6 Int T & T 12 12 Nat Pwr & Lit.. ... 9% 9% North Amer 16% 16% 16% 1(1% Pac G & E 17 17% Postal Tel pfd 18Vi Pub Serv N J 35% . Std Gas io Std Gas pfd 11% Stone & Webster • .. .. 7% United Corp ... 5% 5% 5% 5% Un Gas Imp ... 15% Western Union 43 Rubbers— Firestone 17% 17 % Goodrich 13 13% Goodyear 27% 27 Vi Kelly Spring 2% U S Rubber . 18% 18% U S Rubber pfd .. ... 44% 44% Miscellaneous— Am Bank Note IP Vi 19% Am Can 93% Anchor Cap 20% Brklyn Man Tr 37% Conti Can ... 74% 74% Crown Cork 26 Curtis Pub . 22'% Curtis Pub pfd 79 Gillette 11 Glidden 25% 25% Owens Bottle 74 Raybestos Mfg 18 Foods— Am Sugar 56 Armour A 6% Beatrice Cream 15% 15% Borden Prod 24 Vi 24% Cal Packing 30% Canada Dry G A 20% 21% Cont Bak A 9 Corn Prod 65 67 Crm of Wheat 32% Cuban Am Sug 7 Gen Foods 32% Gold Dust 19 19 G W Sugar 28 Int Salt 28 Natl Biscuit 34Vi 34% Natl D Prod 17 17V* Purity Bak ... ... . 13% S Porto Rico Sug 30% 31% Std Brands 20 20% Un Biscuit 25% United Fruit v 70% Retail Stores— Ass Dry Goods 12% First Natl Stores 65% Gimbel Bros 3% Hahn Dept Sts 5% 5% Kresge S S 17% Kroger Groc 29% Macy R H 39% Marshall Fields 15 May Dept St 36 Mont Ward 25% 24% 24% 24% Natl Tea 12% Penny J C 58% 55% Safeway St ... . 47% 48% Sears Roebuck.. 40% 40% 40% 41% Woolworth 49% 49% 49% 49% Aviation— Aviation Corp 6% 6% Curtiss Wright.. 3% 3% Curtiss Wrignt A 10% Douglas Air 20 Nor Am Av • 4% Speer.v Corp 9 United Aircraft 20% 20% 20% 20’/* Chemicals— Air Reduction .... ... 94 Allied Chem 133 Am Com Alcohol 33% 33 33 33% Col Carbon 66%' 66 66 65% Com Solvents .. 22% 22% 22% 22% Dupont . . 48% 84% 84% 84% Freeport Tex 39% Liquid Carb 28% Math Alkali ... 30 30% Montoson Chem . 43 43 Natl Dis (new) 25% 25 25 25% Scheneley Dist 26 s * Tex Gulf Sulph 34 34 % Union Carbide 39 3fr% Drags— Coty Inc . ... i% 5% Lehn & Fink ... 22 Un Drug .. 15% Zonite Prod ... 5% 5% I' _ ,

THE INDIANAPOLIS TIMES

Financial— Adams Exp ... 7% Allegheny Corp 2% 2% Am Int Corp BVi Chesa Corp 44 Lehman Corp.. ... ... 66% 66% Transamerica 6% 6% Tri Conti Corp 4% 4% Building— Am Radiator... 13% 13% 13 Vi 13% Gen Asphalt 17% Johns Manville 349 *-2 Libbv OwensGls 31% 30V* Otis Elev 15% Household— Col Pal Peet 13% 13% Congoleum ... 25 % 25 Kelvinator 17% 17% Proc & Gamble 33% Simmons Bed 16 Textile— Amer Wolen 10% Belding Hem.. . 12 Celanese Corp.. 23% 23% 23% 24 Collins Aikman 16% . Indus Rayon 25 New York Curb (By Abbott, Hoppin & Cos.) —May 31Close. 1 Close. Allied Mills ... 8 (Humble Oil 43% Alum Cos of Am 63 !Hud Bay Min... 12% Am Cyanide B 17%jlmp Oil Ltd ... 14% Am & Fo Pr Wa 5% Int Petrol 27% Am Gas &El 23%lLake Sh Min .. 50% Am Superpower 2%lLone Star Gas-. 6 Asso Gas & El. %iNatl Bellas Hess 3% Atlas Corp . . 10%|Newmont Min.. 47% Can Ind Ale A. 11 Vi.Nia Hud Pwr... 5% Can Marc . ... 2%lNovadel Agene . 20% Carrier Corp .. 7%:Park Davis .... 23% Cities Serv ... 2%|Penn Road 2% Creole Petrol . 12ViSt, Regis Paper. 3% Deere & Cos .. 20>/2lSherwin Wms .. 66 Distillers Lim . 22%iStd of Ind 26% Distillers Corp. 15%[Std of Ky 15% Dow Chem .. 90 (Technicolor Ind 10% El Bond & Sh . 14 ;Teck Hugh Gold 6% Ford of Europe B%lUn Gas 2% Glen Alden Coal 15%;Un Pwr & Lit A 2% Gulf Oil of Pa. 58%;Wr Harg Min.. 9 Hiram Walker. 35 I New York Bank Stocks (By Abbott, Hoppin & Cos.) —May 31— ‘ Bid Ask Bankers 61 % 6214 Brooklyn Trust 110 114 Central Hanover 127% 128% Chase National 27% 28% Chemical 39% 40% National City 27% 27% Corn Exchange 51% 52% Continental 13V4 13% Empire 19 19% First National 1,640 1,655 Guaranty 356 379 Irving 17% 17% Manhattan & Cos 29 % 29% Manufacturers 216 21% New York Trust 100% 101% Public 32% 33%

Bond Prices By Fenner & Beane- - —

—June 1 — High Low 10:30 Alleg Cotp 5s ’SO 37% 37% 37% A T & T db 5s ’65 107% Atchison gen 4s ’95 102 Vi B&O cv 4Vis '6O 64% 63% 64 Beth Steel 5s A '36 103 102% 103 Can Pac 4s 83 Vi CMStP-P adj 5s A 2.000 13Vi 13 13 ChMStP&P rs 5s A ’75.. 42% 41% 41% Con Gas NY 4>/2S ’sl. .7 104 Denmark s'/is '55 ... 90% Erie RB rs 5s ’67 71% 70% 71 French 7s ’43 182 181 182 Goodyear 5s ’57 99% 98% 98% Gt Nor 4'is D ’76 76 75 75% Gt Nor 7s A ’36 93 Interboro RT 5s '66 .. 68% Int T & T db 5s ’55 ... 63% 63 Vi 63% Lorillard 7s ’44 120% McKees & Robb 5%s ’SO 80 79% 80 Nat Dairy db 5%s ’4B .95 94% 95 NY Cent 4 Vis O 2,013 . 74% 74 74 Pac Gas & El 5s A ’42.. .. 106% Penn R R 4%s D ’81... . 97% 96% 97% Poland 7s ’47 ... ...114% 114 V* 114% Royal Dutch 4s A ’45 131 Vi Shell Un Oil 5c ’147 98% Sin Cons 6%s B ’3B .. 104% Texas Corp 5s '44 .102% 102% 102% Tob Pr N J 6* is 2,022 . 104% Un Pac Ist 4s ’47 107% 106% 107% Ygstwn S & T 5s B ’7O 82Vi U. S. GOVERNMENT BONOS (By United Press) NEW YORK, May 31. (Decimals represent thirty-seconds). Li berty 3%S (32-47) 103.29 First 4Vis (32-47) 103.28 Fourth 4%s (33-38) 104. Treasury 4V4s-3Vis (45) 103.13 4 Vis (47-52) 112.7 ’%S (43-47) 104.1 ’4l-43) March 104.11 0-43) June 104.15 ’) 104.14 l -49) 102.8 3s tji-55) 101 FEDERAL FARM LOAN BONDS (By Blvth & Cos.. Inc.) —May 31Bid Ask 4s, Nov. 1, 1957-37 101% 101% 4s. May 1, 1958-38 101% 101% 4%5, July 1. 1956-36 101 Vs 101% Vis, Jan. 1 1957-37 101% 101% iVis. May 1, 1957-37 101% 101% 4%5. Nov. 1, 1958-38 101% 102% 4%5. May 1, 1942-32 101 Vi 101% 4Vis. Jan. 1 1943-33 101% 101% 4%5, Jan. 1. 1953-33 101% 101% 4Vis, July 1, 1953-33 101% 101% 4%5, Jan. i. 1955-35 101% 101% 4%5, Jan, 1 1956-36 102 -102 Vi 4%5, July 1. 1953-33 101% 101% 4%5. Jan. 1, 1954-34 101% 101% 4%5. July 1 1954-34 101% 101% ss, May 1. 1943-31 102% 102 Vi ss, Nov 1. 1941-31 102% 102% —Home Loan—4s, July 1. 1951 101.11 101.16 —Feflera) Farm Mortgage Corporation—--3 Vis, March 15 1964-44..:.. 101.20 101.26 The two latter quotes are in thirtyseconds. RAILROAD CO. ACTS TO PROTECT BONDHOLDERS Western Pacific Revises Plan for Deferring 1934 Interest. By Times Special NEW YORK, June I.—T. M. Schumacher, chairman of the executive committee of the Western Pacific Railroad Company, today announced that the plan for deferring 1934 interest on the road’s outstanding $49,290,100 first mortgage 5 per cent bonds had been revised for the further protection of bondholders. As a result, insurance companies holding substantial amounts of the bonds have deposited their coupons under the revised plan. The assent of 75 per cent of the bonds is necessary to make the revised plan operative and the bondholders who have assented are being asked to agree to extend the time within which the plan may become effective to July 31. The insurance companies which have assented to the plan as revised include the Metropolitan Life Insurance Company, the Prudential Life Insurance Company of America, New York Life Insurance Company and several others. EQUITIES CORPORATION REPORTS ASSETS GAIN Preferred Stock Rises to $41.17 a Share in First Quarter. By Times Special CHICAGO, June I.—The report of Interstate Equities Corporation for the three months ended March 31, shows assets per share "of its preferred stock amounting to $41.17 at the end of the quarter compared with $4102 on Dec. 31, and $30.03 on March 31, 1933. Total income for the first quarter without giving effect to results of security transactions, amounted to $38,406.42, with net income after operating expenses, interest and franchise and capital stock taxes of $18,934.39. Included in the report is a statement of assets and liabilities of American Colony Insurance Company as of March 31, which shows an excess of assets over liabilities of $1,169,131.29. ,• ‘T 7 .*■ 1 ■ V' t

UNEVEN ACTION MARKS TRADING IN MARKET Heavy Classes Advance 5 to 20 Cents; Others Move Lower. Two-way trading range featured the pork market at the local stockyards this morning. Several classes, weighing from 160 pounds up, moved sharply 5 to 20 cents higher, despite a heavy run of receipts. Underweights were weak to 10 cents lower than yesterday’s average. The bulk, 160 to 350 pounds, was selling at $3.40 to $3.65, while few better grades sold at $3.70. The usual run of lightweights, scaling from 130 to 160 pounds, brought $2.50 to $3. Other small kinds, weighing 100 to 130 pounds, were salable at $1.75 to $2.25. Receipts were estimated at 10,000; holdovers, 357. Early trading was light on steers in the cattle market, with lightweights mostly steady at the previous close. Practically all grass cattle were tending lower, especially cows. Several of the latter classes registered a decline of from 15 to 25 cents. Receipts numbered 700. Vealers remained unchanged, selling at $5.50 down. Receipts were 1,000. Weak undertone continued in lamb trading, with the majority of all classes around 50 cents or more lower than yesterday's decline. Bulk of spring lambs sold at $9.50 down, while few choice kinds ranged up to $lO. Slaughter sheep cashed in at $1 to $2,50. Receipts were 1,000. Initial bids and sales on hogs at Chicago remained steady with yesterday’s average at $3.74 down. Receipts were estimated at 20,000, including 8,000 directs; holdovers, 9,000. Cattle receipts numbered 2,500; calves, 1,000; market steady to strong on better grades; others weak to lower. Sheep receipts were 6,000; market unchanged. HOGS May Bulk. Top Receipts. 25. $3.40(&> 3,50 $3.60 7,000 26. 3.50® 3.60 3.60 3.000 28. 3 45® 3.55 3.60 8.000 29. 3.45® 3.55 3.60 9 000 31. 3.35® 3.50 3.55 11,000 June 1. 3.40@ 3.65 3.70 10,000 Market, Lower. (140-160) Good and choice $ 2.75® 3.00 —Light Weights— * (160-180) Good and choice.... 3.40® 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.... 3.60® 3.65 Heavy Weights—-(2so-290) Good and choice.... 3.60® 3.70 (290-350) Good and choice ... 3.50® 3.65 —Packing Sows—(3so down) Good 2.75® 3.00 (250 lbs.) Good 2.50® 2.85 (All weights) Medium 2.25® 2.75 —Slaughter Pigs—-(loo-130) Good ana choice ... 2.00® 2.25 CATTLE Receipts, 700; market, steady. Good and choice $ 6.75® 8 25 Common and medium 4.50® 6.75 (1.100-1,5001-Good and choice 7.00® 9.00 Common and medium ..... 5.50® 7.00 (675-750) Good and choice 5.00® 6.25 Common and medium 3.00® 5.00 (750-9001 Good and medium 4.50® 6.00 Common and medium 3.25® 4.50 —Cows— Good 3.00® 3.75 Common and medium 2.25® 3.00 Low cutter and medium I.oo® 2.75 Bulls (yearlings excluded! Good (beef steers) 2.75® 3.50 Cutter, common and medium 1.50® 2.75 VEALERS Receipts. 1,000; market, steady. Good and choice $5 00® 5.50 Medium 3.'50@ 5.00 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 (800-1.5001-Good and choice 4.50® 6.00 Common and medium 3.00® 4.50 SHEEP AND LAMBS Receipts, 1,000; market, steady. (Shorn basis) Spring lambs $ 7.00® 10.00 1 90-lb. down! Good and choice B.oo® 8.25 (90-100-lb.) Good and choice 7.50® 8.00 (500-lb. down) Com. and med. 6.00® 7.50 —Ewes— Good and choice 2.00® 3.00 Common and medium I.oo® 2.00 Other Livestock (By United Press) CHICAGO, June I,—Hogs—Receipts. 20,000; including 8,000 directs; slow, steady with yesterday; 210-340 lbs., $3.50®3.75: top, $3.75; lighter and heavier weights, $3.50 down; most pigs, sl@2; packing sows $2.75® 3.10; light lights, 140-160 lbs., good and choice, $2.50®3.10; light weight, 160-200 lbs., good and choice, $2.85®3.50; medium weights, 200-250 lbs., good and choice, $2.85® 3.50; medium weights 200250 lbs., good and choice, $3.25®3.75: heavy weights, 250-350 lbs., good and choice. $3.50®3.75; packing sows, 275-550 lbs. medium and choice, $2.50®3.25: slaughter pigs, 100-130 lbs., good and choice, $1.50®2.50. Cattle—Receipts, 2,500: calves, 1,000; killing classes fairly active steady: heavy steers unevenly up in instances; not many these kinds in run; cows predominating in she-stook contingent; four loads, 1,255 lbs., Nebraska steers $9.40, best here; most yearlings and light steers, $5®7.50; better grade heifers scarce; cutter and low cutter cows sl®2; selected vealers. $5.50 0 5.75 and better; slaughter cattle and yearlings: steers 550-900 lbs good and choice, $5.75 ®7.75; 900-1.100 lbs., good and choice, $6 ®9: 1,100-1 300 lbs,, good and choice, $6.75 ,®$10; 1,300-1.500 lbs., good and choice. $8 ® 10; 550-1300 lbs., common and medium. $3.50®7: heifers 550-750 lbs., good and choice, $5®6.75; common and medium, $2.75® 5; cows good. $3.25® 4.50; common and medium, $2.25®3.25; low cutter and cutter. $1®2.25; bulls, yearlings excluded good beef, $3®3.50; cutter common and medium [email protected]; yearlings good and choice. [email protected] medium. s4®s; cull and common. s3®>4; stocker and feeder cattle; steers, 550-1,050 lbs., good and choice, $4.25 ® 5.75; common and medium $2.50®4.25. Sheep—Receipts. 6.000; lower classes generally 25c off: bulk springers, $9.75 and lower; top $lO to small killers; grassy clipped lambs. $7.50; sheep steadv to easier; slaughter sheep and lambs: Spring lambs good and choice, [email protected]; medium. $8.25@9; lamb 90 lbs. down, good and choice $7.50®8.25; common and medium. $6.25®7.65; 90-98 lbs., good and choice. $7.50(5 8.25; ewes, 90-150 lbs., good and choice, $1.75<®2.50: all weights common and medium, sl®2. FT. WAYNE, June I.—Hogs—Market, 5 ® 10c higher; 250-300 lbs.. $3.55; 200-250 lbs., $3.50; 160-200 lbs., $3.40; 300-350 lbs.. $3.20; 150-16 lbs., $3; 14-150 lbs.. $2.75; 130-140 lbs.. $2.0; 120-13 lbs., $2.15; 100120 lbs.. $2: roughs, $2.50; stags, $1.25. Calves, $5.50; __ lambs $9 down. LAFAYETTE, June I.—Hogs—Market 10c higher; 100-130 lbs.. $3.40®3.45; 160-200 lbs., $3.10®3.25; 140-160 lbs., $2.50® 2.75; 120-140 lbs., $2®2.25; 100-120 lbs., $1.50® 1.75; roughs, $2.75 down. Top calves, $4.50. Top lambs, $8.50; spring lambs, [email protected]. (By Times Special) LOUISVILLE, June I.—Cattle—Receipts, 125: slaughter classes in light supply: quality plain; market slow and arounc steady at week’s loss; bulk common to medium steers and heifers s4®s; thin fleshed grassy heifers down to $3.50 or less; good dry fed yearlings quotable to $6 or better; bulk beef cows, $2.25®3; top on good dry feds, $3.50; low cutters and cutters. sl®>2; sausage bulls mostly $3 down; bulk light Hereford and Shorthorn Stockers, $4.50® 5. Calves—Receipts, 450; steady; bulk $4 down; strictlj choice, $4.50. Hogs Receipts, 1,600, including 119 direct; mostly 10c higher; weights from 275 lbs., up 25c higher; 185-275 lbs.. $3.70; 275 lbs., up. $3; 160-185 lbs., $3.40; 145-160 lbs., $3.15; 120MS lbs., $2.30: 100-120 lbs., $1.80: sows, $1.55. Shdtep—-Receipts, 2.700; run includes four decks Tennessee rail lambs; market not fully established; most bids 25c lower at $9.25 for bulk better trucked In ewes and wethers: sellers holding for steady prices; other classes unchanged: clipped lambs mostly $6,50 down; fat ewes. sl® 2.50. Net Assets Total $72.01 By Times Special CHICAGO, June I.—Chain and General Equities, Inc., preferred stock were reported at $72.01 a share as of March 31, 1934, on the basis of taking securities owned at market or fair values, except holdings of Interstate Equities stock taken at the net asset value applicable thereto, compared with $67.18 on Dec.'3l* 1933. '

Chicago Stocks Bt Abbott. Hoppin St Cos. ’ " "

—June 1— Butler Bros 8% 8% 8% Cent & So West Chicago Corp Com 2% Cities Service 2% Commonwealth Edison 48

FERTILIZER VALUES INCREASE SHARPLY Rise in Manufacturing Costs Principal Factor. By Times Special WASHINGTON, June I—A substantial increase in manufacturing costs is the principal cause of the increase of fertilizer prices this spring, according to a survey by the National Fertilizer Association. In common with prices of other commodities, fertilizer prices have advanced considerably during the past year. The survey shows that this increase is due largely to the increased cost of materials, bags and labor. When the fertilizer code was approved, a minimum wage of 35 cents an hour was established for fertilizer plants in the northern area. In 1933 the average wage had declined to 27 cents per hour. Operating under the code, fertilizer manufacturers are now paying much higher wages than a year ago, but fortunately the labor required to make a ton of fertilizer is a relatively small item of cost. The average cost of bags is 49 per cent higher than last year, due targely to the processing taxes that have been levied on cotton and jute. The prices of fertilizer materials are now considerably higher than they were a year ago. The percentage increase in price for a few materials used in fertilizer manufacture are: Superphosphate, 25 per cent; ammonium sulphate, 25 per cent; tankage, 113 per cent; cyanamide, 11 per cent; hone meals, 14 per cent. Even at present prices, fertilizer manufacturers expect to make a profit of about SI.OO a ton of average fertilizer and interest on investment is not included in the cost of production. In the Cotton Markets —May 31— CHICAGO. High. Low. Close. January 11.85 11.80 11.80 March 11.90 May 12.00 11.99 11.99 July 11.47 11.37 11.42 October 11.72 11.59 11.65 December 11.80 11.70 11.76 NEW YORK January 11.78 11.73 11.75 March 11.87 11.83 11.85 July 11.43 11.3# 11.37 October 11.64 11.55 11.58 December 11.75 11.66 11.63 NEW ORLEANS January ■■ 11.72 March 11.87 11.80 11.84 July 11.43 11.32 11.37 October 11.67 11.57 11.57 December 11.74 11.64 11.68 N. Y. Coffee, Sugar Futures COFFEE —May 31— Santo* High Low Close March 11.53 11.56 11.57 May 11 63 July 11.00 10.38 10:99 September 11.33 11.35 11.37 December 11.50 11.49 11.50 Rio March 8.73 8 71 8.71 Mav 8.78 July 8.53 8.50 8.50 September 8.57 8.55 8.55 December 8.63 8.62 8.63 SUGAR High Low Close January 1.72 1.71 1.71 March 1.77 1.76 1.77 Mav ’. 1.81 1.80 1.80 July 1.56 1.55 1.55 September 1.61 1.60 1.61 December 1.70 1.69 1.70 Retail Coal Prices The iollowlng prices represent quotations from leading Indianapolis coal dealers. A cash discount of 28 cents Der ton is allowed. Domestie Retail Prices Anthracite $14.25 Brazil lump 5.75 Brazil egg 5.25 Brazil mine run 5.00 Coke, nut size 8.75 Coke, egg size 8.75 Indiana forked lump 5 50®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 ccrried to bin. Produce Markets Delivered In Indianapolis prices: Heavy hens, 9c; Leghorn hens, 7c; 1934 boilers 1% lbs. and over. 16c; Leghorn boilers 1% lbs. and over 14c; bareback boilers, old roosters. ducks and geese, 3c; young guineas, 1% to 3 lbs., 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 lbs. will be made. Butter—No. 1. 26® 27c: No. 2. 24®25c Butterfat. 20c. Quoted by Wadley Company. (By United Press) CHICAGO, June I.—Receipts. 26.680: extra firsts, 15%c; fresh graded firsts, 15c current receipts, 13®14c: dirties. No. 1 12%c; No. 2. ll%c; checks No. 1,12 c; No 2 11c. Buter—Market firm; receipts. 27.990: extra firsts. (90® 91% score), 23%® 24Nc: firsts. 'BB® 89% score!. 22%® 23‘Ac; seconds. (86087%), 21®21%c: extras. (92 score). 24%c; specials, 25%®25%; standards. 24%5. Poultry—Market easy, receipts 43 trucks. 2 cars; hens. 12%c; old rososters. 7%c; geese, 6: broilers, leghorns, 16019 c; turkeys. 15c; leghorns, 8%®9%; barebacks. 16®18%c; ducks, old, 9®loc: fryers. 2@24c. Cheese —Twins, 12%® 13: daisies, 13!4@13%c; longhorns, 13%® 13 %c. Potatoes—Old stock supply moderate; demand and trading slow; market dull: Idaho russets. $1.55®1.60; U. S. No 2 $1.15; Wisconsin round whites, combination grade. $1.15: Minnesota round whites, partly graded. 90®95c; early Ohio, 1 car. sl. New stock—supply liberal; demand and trading slow; market weak: Alabama triumphs. $1.80®1.85; Lousiana triumphs. $1.7§@1.90; slightly decayed. $1 50®1.60; Texas No. Is. $1.60; California white rose. $2.10. Arrivals, 117; on track. 264; shipments, 1,051. • NEW YORK. June I.—Potatoes—Market. firm; southern, sl®4 barrel; Maine $1254(2.56 barrel; Idaho. $1.650,1.75 sack, Bermuda. $6 barrel. Sweet potatoes Firm; Jersev baskets. [email protected]; southern basket. 75c®51.65. Flour—Firm; .springs, patents, $7.65®7.90 barrel. oPrk—Steady; mess, $20.25 barrel. Lard—Firm; middle west spot. $4.30®4.40 per 100 lbs Dressed poultry—Steady; turkeys 13@27c; chickens 8029 c; broilers, 19®29c: capons. 21® 34c; fowls, 12017 c; ducks. 10013 c; Long Island ducks, 14@15c. Live poultry—Dull; §eese, 607 c; turkeys, 10® 17c; roosters, 9c; ucks, B@l2c; fowls. 15®18c; capons. 22c; broilers. 12®25c. Cheese—Firm; state whole milk, fancy to specials, 18® 19c; young Americas, 14@14%c. Butter—Receipts, 28,932 packages; market strong; creamery, higher than extras, 25%®26%c; extras. 92 score, 25%@25%c; firsts. 90-91 score. 24%@25 1 ,4 c; firsts, 88-89 score 23% 024%c: centralized. 90 score, 24%®25c: centralized, 88-89 score, 23%®24%c. Eggs —Receipts, 36,481 cases; market steady; special packs, including unusual hennery selections, 18%@21c; standards. 17%® 18c; firsts. 16c; seconds. 15c; mediums, 14%c; dirties, 14%c; checks, 14%@14c; storage packs, 17®17'/ic. CLEVELAND. June I.—Butter Market firm; extras. 29c; standards. 28%c. Eggs— Market firm- extra white, 14c; current receipts, 13%c. Poultry—Market weak; colored fowl, 6 lbs., and over. 14c; broilers, colored ordinary. 23®24c: old roosters. 9c: ducks, white, 5 lbs., and up, 14%15c: fancy rocks. 26®27c: broilers, Leghorn. 20®21c. Potatoes —Maine best, 1.50® 1.60 per 100 lb. sack. Crude Oil Production Off By Times Special LOS ANGELES, June 1. Production of crude oil in California last week averaged 480,000 barrels daily, a decrease of 15,670 barrels from the previous week.

Cord Corp .. ... 5 Crane Cos 8% Electric Household.... 15 14% 14% Gen Household Ut.... 12% 12 12 Iron Fireman .. 14% Libby-McNeil 5% 5 5 Lynch Corp 24% Middle West Utilities .. % % % Noblitt-Sprks Indus Inc 13%, 13 13 Quaker Oats 113 112'/, m Swift &Cos 15% 15 15 Swift International ... 30% 30% 30% Thompson JR 71/3 Utility & Ind 3Vi Vortex Cup Cos 12%

Cash Grain

INDIANAPOLIS The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. o. b„ shipping point, basis 41% New York rate, were: WHEAT—Strong; No. 1 red. 95®96c; No. 3 red. 94®95c; No. 2 hard, 94@95c. CORN —Strong: No. 2 white. 58® 59c; No. 3 white. 57® 58c; No. 2 yellow, 54 @ 55c; No. 3 yellow, 53®54c; No. 2 mixed. 53®54c; No. 3 mixed, 520 53c. OATS—Strong: No. 2 white, 39%®40cc No. 3 white. 38%®39c. —lnspections— WHEAT—No. 1 red. 1 car; No. 2 red. 4 cars; No. 1 hard. 1 car; total. 6 cars. CORN—No. 1 white. 2 cars; No. 3 white. 5 cars No. 5 white. 1 car; No. 1 yellow, 3 cars No. 2 yellow, 21 cars; No. 3 yellow, 22 cars; No. 4 yellow, 3 cars; No. 2 mixed. 1 car; total. 55 cars. OATS—No. 1 white, 1 car; No. 2 white. 11 cars; No. 3 white, 3 cars; No. 4 white, 2 cars; sample white, 1 car; total, 18 cars. Local Wagon Wheat City grain elevators are paying 91 cents for No. 2 soft red wheat. Otner grades on their merits. (By United Press) CHICAGO. May 31.—Cash grain: 'Wheat —No. 2 red, $1.01%; No. 2 hard. $1.02® 1.02%. Corn—No. 4 mixed. 60s (white in color); No. 1 yellow, 60@60%c; No. 3 yellow, 59Vic; No. 1 whfte. 65c; No. 2 white. 64%®66c; No. 3 W’hite. 63%c. Oats—No. 2 white, 44® 45c; No. 3 white. 43%®44c. P.ye —No sale. Timothy—[email protected]. Clover 5eed—510.25013.75. Barley—Bß® 96c. Cash provisions—Lard, $6.42; loose, $5.80; leaf. $5.75; bellies, $8.50. ST. LOUIS, Mo.. May 3' —Cash grain closed—Wheat—ln good demard, 4%c higher on red and 5c higher on hard; No. 2 red. $1.02; No. 3 red, $1; No. 1 red. garlicky. $1.01%; No. 2 red. garlicky. 99c® 1; No. 2 hard, $1.05; No. 2 hard, $1.03% nominal. Corn—ln good demand, 4 to 4%c higher; No. 3 mixed, 62c; No. 2 yellow. 62c; No. 4 yellow. 61 %c. Oats—ln fair demand. 2Vic higher; No. 2 white, 45c: sample mixed. 44c. NEW YORK, May 31.—Cash grain: Wheat—No. 2 red, $1.15%; No, 2 hard winter. $1.21%. Corn—No. 2 mixed, 67%C. Oats—No. 3 white, 54%c, Chjcago Futures Range ■—June 1— Prev. Wheat— High. Low. 10:00. close. July 1.06% 1.03 Vi 1.05 *4 1.02% Sept 1.07% 1.04% 1.06 1.03% Dec 1.09% 1.07 1.08V4 Corn— July 64% .60% .63 .60% Sept 66% .63 .64% .62% Oats— July 47% .46% .46% .44% Sept 47% .47 .47% .45 Dec 50 .49% .49% ... Rye— July 69Vi 66% .68% .65% Sept 71% .68% .70% .67% Barley— July 61 .58% .61 .56% Sept 62 .59 % .62 .58 CHICAGO PRIMARY RECEIPTS f —May 31Bushels Today Last Wk. Wheat 787,000 443.000 Corn 432,000 301.000 Oats 180,000 127,000

AWARDS OF PRIVATE CONSTRUCTIONS RISE Total Contracts Increase 42 Per Cent in Week. By Times Special NEW YORK, June I.—Private construction awards this week rose 42 per cent above last week in spite of the short week due to the Decoration day holiday. Total awards for the week as reported by Engineering News-Record are $28,549,000 of which $11,210,000 is for private work and $17,339,000 for public works. Os the public work $2,935,000 represents federal awards and $14,404,000 state and municipal. The total for the first five months is 45 per cent ahead of last year in dollar value. Commercial building awards are responsible for this week’s high total. At $9,007,000 they score their highest week this year by doube the amount of the previous high week Highways are up at $7,406,000; bridges, at $1,644,000, are higher than last week, industrial buildings at $1,481,000 are 50 per cent over last week. New financing was lower for the week and was distinguished by the entrance of the R. F. C. as a major purchaser of municipal bonds. The PWA allotment to Los Angeles for school buildingse was reduced and $1,145,000 for school buildings was loaned to that city by the R. F. C Other bond purchases by the R. F. C. include stadium bonds from Columbia, South Carolina, $24,000 and water works bonds from Dear Lodge. Montana, SIBO,OOO. BUSINESS ACTIVITY DIPS Drop to 26 Per Cent Below Normal Reported During Week. By Times Special WINCHESTER, Mass., June I. Business activity the recent week was at 26 per cent below normal as registered by Winchester business activity index. This is a drop in activity for the week# although probably no more than we should I reasonably expect at this time of year. A year ago this time business was 36 per cent below normal. Indications now are that there will not be much increase in business activity until fall.

ftOBINg & CftOMPAKV SnOesiment Securities Active Trading in Genaro! Market Securities Building and Loan Stocks Reel E fate Pret. Stocks Municipal Bonds Investments Trusts Real Estate Bonds Bonds and Stocks of Indiana Corporations INT) lANAPOLIB NEW YORK CONTINENTAL BUILDINO' MUNCEE R4LCY 332i

Abbott, Hoppin & Company 203 Continental Bank Bldg. Riley 5491 N T , Y ° r , k Indianapolis .Chicago Montreal t 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 Coffee and Sugar Exchange, Inc. Chicago Mercantile Exchange Co-Managers James T. Hamill Kenneth K. Woolling

JUNE I, 1931

SELLING CHECKS SHARP ADVANCE IN GRAINPRICES All Months Recover After; Run of Profit-Taking at Mid-Session. By Times Special CHICAGO, June I.—Following more than a 3-cent advance at the opening, grain prices on the Chicago Board of Trade today were forced down nearly 2 cents on a run of profit-taking at midsession. After the selling had run its course, practically all deliveries of the major grains recovered a cent and a half in a strong rally. By United Press CHICAGO, June 1, The dry weather condition of the northwest was more serious today and the bullish influence of yesterday was transported into the pits at the opening of the Board of Trade. A" a result wheat held 1 to 1 % cents higher, corn was unchanged to % cent higher* and oats was up 2 to 2% cents. Rye was up % to 1% cents and barley was unchanged. The trade ignored the fact that the northwest was cooler and that scattered showers were reported. The central part of the country remained a sweltering tinderbox with no relief in prospect for at least twenty-four hours. Liverpool wheat held 1% cents higher. OFFICE EQUIPMENT FIRM RECEIVES HUGE ORDERS Indianapolis Concern Listed Among Companies Ordering Materials. By Times Special NEW YORK, June I.—The trend toward economies in municipal and governmental activtiy is reflected in several additional large orders received by Addressograph-Multigraph Corporation for its equipment. These are for 38,000 worth of equipment for the Indiana Motor Vehicle Bureau, Indianapolis; a $43,000 order from Allegheny county, Pennsylvania, for equipment to be used in the collection of taxes, and orders aggregating $97,699 from one of the federal government’s corporations. Announcement of these additional orders follows an order for $82,600 worth of equipment from Cuyahoga county, Ohio, among other contracts of a similar nature. Pittsburgh Business Advances By Times Special PITTSBURGH, June I.—University of Pitsburgh in its weekly survey of business activity in this district reports an increase of 1.1 peg cent to 72.3 per cent in the week ended May 19.

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WE BUY AND SELL: U. S. Government Bond* U. S. Territorial and Insular Bonds Indiana Municipal and Gravel Road Bonds Land Bank Bonds Home Owners’ Loan Corporation Bonds Bonds and Stocks oi Indiana Corporations General Market Municipal and Corporation Bonds / Indianapolis Bond and Share Corporation 129 East Market Street Telephone Riley 4551

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