Indianapolis Times, Volume 46, Number 19, Indianapolis, Marion County, 2 June 1934 — Page 14

PAGE 14

Wall Street Steel Production Figures Indicate Battle With Labor Is Near. B% 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 3Vs per cent as compared with a week ago. Ever since the

Iliiffb# s ■I • M *

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-

Hendershot

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. nan 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 tt 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 releared 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 *or 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. $2.15fe2.a0. Cherries—California. 16-lb. lug, $3.00. Oranges—California. Sunkist, 54.254i4.75: Re Lemons—Sunkist. $6.75: Red Ball $6.25. Grapefruit—Florida Seedless, $3.75(04. Strawberries —Aromas, 24-qt. crate, $2.00 @3.25; Premiers, $2.50(03.25. Cantaloupes—Calif ornia. Pony crate $2.50; jumbos. 455, $3.50; standards. $3.25 Hone’ydews, $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. c e i er y—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, sl.i'o; 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. 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, $4.50(05.75 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 Mexicon. 30-lb. lug. $3.50. CHICAGO FRUIT MARKET (By United Press \ CHICAGO. June I.—Fruits and vegetables: Apples—Michigan Spies. $2.25@ 2.50 bushel. Carrots—Southern, $1 bushel. Spinach—lllinois. 50@75c bushel. Beans— Southern green, 40c@$l bushel hampers. Cucumbers—Central Western Hothouse. oOc @51.50 (2 dozen to boxi. Tomatoes — Texas, $1.50(81.75 lugs. Sweet Potatoes— Tennessee, $2 bushel hampers. Mushrooms—lllinois. 10@37%c (lb. cartonsi. Asparagus—lllinois 30@40c flats. Strawberries boxes). Onion Market—(so-lb. sacks). Texas—Yellows. 75c@$l. Texas—Whites, [email protected]. California—Whites, [email protected]. GENERALSHOWERSAID CROPS DURING 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 of the 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 Times Speciul CHICAGO, June 2.—Assets oi Allied General Corporation preferred stock were reported at $17.70 a share on March 31, 1934, compared with $16.18 on Dec. 31, 1933.

STOCKS BREAK 3 POINTS AFTER FUTURES DROP Tickers Run Almost Full Force to Keep Pace in Late Trading. BY ELMER C. WALZER United Press Financial Editor NEW YORK, June 2.—Stocks broke rather easily yesterday when the prolonged rise in grains suddenly cameto a halt. Stocks went down and losses ranged to more than 3 points. For a few minutes tickers ran almost full tilt, the first bit of activity in several days. J. I. Case dropped to 47 V>, off 3%; Sears Roebuck 38 Vs, off 2% and anew 1934 low; and a long list of others were down 1 to 4 points. Homestake Mine sold at 365, off 10. early in the day and was dormant thereafter. Dealings, aside from the brief burst of activity late in the day, continued at a 1924 rate. Several issues did not appear until late in the day. American Can opened in the fourth hour at 94, up %, but later declined to 92Vs. New Lows Made New lows were made by practically all the steels, including United States Steel 38, off 1; Steel preferred 80, off 4; Bethlehem 30%, off 1%; Bethlehem preferred 59, off 1!4, and National 38%, off 1%. Automobile issues weakened on the decline with General Motors touching 30, off 1%, while Chrysler was at 38%, off 1%. Losses of a point or more were noted in American Smelting, Atchison, Baltimore & Ohio, New York Central, Northern Pacific, Commercial Solvents and Du Pont. Silver shares firmed in the early afternoon, but reacted later and closed lower. Aviation issues were fairly active at slightly lower levels. Cotton futures advanced more than $1.50 a bale and held firm. Rubber jumped more than a halfcent a pound. Hides dropped sharply. Copper and silk firmed. Silver eased. Cotton Up Sharply The sharp rise in cotton was induced by reports congress would pass the Smith bill to purchase $150,000,000 cotton for relief purposes. Manufacture of this cloth would keep mills busy in the summer, and it was said a threatened strike might be averted. There was nothing in the news to stir stock market interest. Sales approximated 630,000 shares against 440,000 shares Thursday. Curb sales were 113,000 shares against 107,000 shares Thursday. Dow-Jones preliminary closing averages showed industrial. 91.79, off 2.21; railroad, 41.77, off 0.93; utility, 22,48, off 0.38.

Money and Exchange INDIANAPOLIS BANK CLEARINGS —June 1— Clearings $2,158,000.00 Debits 5,862,000.00 FOREIGN EXCHANGE? (By Abbott. Hoppin & Cos.) —June 1— Sterling. England $5 06% e ' Franc, France 0658 Lira, Italy ;0861% Belgias Belgium 2335 Mark. Germany 3906 Guilder. Holland ]6768 Peseta. Spain 1365 Krone. Norwav 2548 Krone. Denmark [2263 Yen. Japan .3014 Treasury Statement (By United Press) WASHINGTON. June I.—Government, expenses and receipts for the current fiscal year to May 29, compared with the corresponding period of the previous fiscal vear. This Year. Last Vear. Expenses $6,351,989,999.66 34.660 845.797 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 (Bv Abbott. Hoppin & Cos.) —June 1— . „ , Bid. Ask. Amer Bank Stocks Corp 1,10 1 15 Amer & Gen Sec A 4.00 5 00 Amer & Inv Tr share 1.75 Basic Industry shares 3.15 3.20 British Type Inv Tr shares.. .45 .50 Collateral Trustee shares A... 4.37 4.62 Corporate Trust shares (old).. 1.95 2.00 Corporate Trust shares (new) 2.19 2.23 Cumulative Trust shares 3.72 Diversified Trust shares A 6.25 Diversified Trust shares B .. 7.20 7.40 Diversified Trust shares C ... 2.94 2 98 Diversified Trust shares D .. 4.37 4.62 First Insurance Stock Corp . 1.20 1.25 First Common Stock Corp .. .64 .69 Fixed Trust Oil shares A .. . . 7.75 8.00 Fixed Trust Oil shares B 6.75 7.00 Incorporators Investments ...16.76 18.02 Land Bank Bond shares 1.17 1.31 Low Priced Trust shares 5.75 5.85 Mass Inv Trust shares 18.30 19.89 Nation Wide Securities. , 3.15 3.20 North Am Trust shares (53) 1.78 North Am Trust shares (55-56) 2.22 2.26 North Am Trust shares (58) . 2.18 2.22 Selected American shares . 2.46 Selected American shares Inc . 1.13 1.22 Selected Cumulative shares ... 6.38 Selected Income shares ... 3.31 3.75 Std Amer Trust shares A 2.71 2.76 Trust Shares of America 2.50 2.55 Trustee Std Oil A 5.40 5.60 Trustee Std. Oil B 4.85 4.95 U S Electric Lt & Pw A 12.12 12.50 Universal Trust shares 2.78 2.82 Daily Price Index (Bv United Press) NEW YORK. June I.—Dun & • Bradstreet's daily weighted price index of thirty basic commodities compiled for the United Press: (1930-1932 Average. 100) Today (new high) 112.93 Yesterday 112.01 Week ago 109.70 Month ago 105.70 Year ago (June 2( 92.26 1934 High (June 1) 112.93 1934 Low (Jan. 3i 101.05 Copyright. 1934. by Dun & Bradstreet Inc.

Bright Spots (Bv Abbott. Hoppin & Co.) - “

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 March 31 had a net loss of $931,195 after all charges against $51,408, 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 Company declares a dividend of 12% cents a share on the common stock, payable July 2. of record June 15. BUSINESS FAILURES UP Total Default Number Advances to 225 During Week. By Times Special NEW YORK, June 2.—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 fr 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 ißy 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 F.orty 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 I—■ Prev. Oils— High. Low. Close, close. Amerada ... 50 Atl Rfg 25% 24 24 24% Barnsdall 7% 7% 7% 7% Consol Oil 10% 10% 10% 10% Cont of Del ... 19% 18% 19 19% Houston (new). 3% 3% 3% 3% Mid Cont Pet.. 13 12% 12% 13 Ohio Oil 12 11% 12 11% Pet Corp . 10 % 11 Phillips Pet ... 18% 18 18'% 18% Plymouth Oil . . •• 12% Pure Oil 10% 10 10 10% Royal Dutch ... 34 33% 33% 33% Sbd Oil 31% 31 31 31% Shell Un 8% 8 8 8% Skelley Oil 9% 9% 9% 9% Soc Vac 15% 15% 15% 15% S O of Cal .... 33% 32 32 32% SOOf N J 42% 42% 42'% 42% Texas Corp 23% 23'/ 4 23% 23% Tidewater Assn . 12% 12% 12% 12% Un Oil of Cal .. 16 15% 15% 16 Steels — Am Roll Mills .. 17% 17 17 17% Beth Steel 3i% 30% 30% 31% Byers AM 20! 19 19 • Cruc Steel 24% Inland Steel 35% Ludlum Steel 13% McKeesport Tin 84 • Mid Steel • 12% Natl Steel 39% 39 39 40 V* Otis Steel 4% 4% 4% ■ Rep Iron Sc Steel 16 15% 15% 16 Rep Ir &St pfd 43% 43% 43% 44 U S Pipe & Fdy 21% 21 21 22 U S Steel 39 38 38'% 39 U. S. Steel pfd.. 83 80 80 84 Warren Bros 8% 8 8 Youngst’n S&T 18% 18% 18 V* 19 Motors— Aubrn 35% 34 34 34'% Chrysler 39% 38% 38% 39% Ger, Motors 31% 30 30 31% Gen Motors pfd 100% • Graham Mot ••• 2% 2% Hudson 12% 13% 13% 13 Hupp • 3% 3% Mack Truck.... 25% 25 25 25% Nash 16% 16% 16% 16% Packard ••• 3% 4 Reo ■ 3 % 3% Studebaker .... 4% 4% 4% 4% Yellow Truck 4V* 4% Motor Access— Bendix 14% 14% 14% 14% Bohn Alum • ••• 53 Borg Warner .. 22'% 21% 21% 22% Briggs 16% 16% 16% 16% Budd Wheel * 3% Eaton Mfg ... •■ • 16% 16% Elec Auto Lite.. 21 19% 19% 21 Houdaille (A) - ••• 4% Mullins Mfg ■ ■ 11 10% 10% 11 Mullins Mrg pfd . ... 33% .._ Murray Body ... 6% 6% 6% 7 Stew Warner.. 7 6% 6% 7 Timken Roll . ... 29 27% 27% 29 Timken Det Axel 6% 6% 6% 6% Mining— Alaska Jun .... 19% 19'4 19% 19% Am Metals .... 22% 21% 21% ... Amer Smelt... 38'4 37 37 38% Anaconda 14% 13% 13% 13% Cal Sc Hecla ... . 4% ... C'erro de Pasco 34% 33% 33% 34J4 Dome Mines.... 38% 38% 38% 38% Granby 7 8% 8% 9% Gt Nor Ore •. 11% 11% 11% 11% Homestake Min 370 365 365 Howe Sound ... 49% 48% 48% 49% Ins Copper . . 4% Int Nickel 25% 24% 25 25% Isl Cree kCoal.. 27% 27 27 27 Kennecott Cop . 19% 18% 18% 18% Mclntyre Mine.. 45% 44% 45 4414 Noranda Cop 42% 42 42 42% Park UUtah ... 4% 4 4 4J4 Phelps Dodge... 15% 15 15 15% St Joe Lead .... 18% 18 18 19 U S Smelters.. .116% 114% 114% 115% Vanadium 19 18% 18% 19 Amusements— Crosley Radio 12 12% Fox Thea • . 13% 14 Loews Inc 31% 30% 31 31% Radio Corp ... 7% 7 7 7‘/a RKO 32% 2% 2% Warner Bros ... 5% 5% 5% 5% Tobaccos— Am Snuff 58 57 57 Am Sum Tob 17% 17% Am Tobacco “A” 69% 69'/g 59% 69 Am Tobacco “B” 70% 70 70 70% Gen Cigars . ■ .. Ligg & Myers ‘B’ ■ 94% . - Lorillard 17% 17 17 17% Reynolds Tob ‘B’ 43% 43 43% 43 % Rails— Atchison 54% 43% 53'% 54% Atl Coast Lines 39 B&O 22% 21% 21% ... Can Pac ....... 15% 14% 14% 15% Ch & Ohio 45 7 /8 45% 45 % 45 % Chi & Gt W 3% ... CM&StP . 4% 4% 4% 4% CM& St P pfd- 8 7% 7% 8 Chi N W 9% 9 9 , 9% Dela & Hud • 50% 50% Del Lac & W .. 22% 21% 21% 22% Erie 18% 19 Erie pfd 23 22 22 23 Grt Northern p 20% 19 19 20% 111 Central 24 23 23 24% Lou & Nash ... 50% 49% 49% 51 M K & T 8% 8% 8% , 9 MK & T pfd.. 22 21% 21% 22 Mo Pac 4 4% Mo Pac pfd ... •• 5% 5% N Y Cent 27% 27 27 28 N Y Chi & St L ... 18% ... N Y Chi &St L p 32% 33% N Y New Haven 15 lo N Y Ont & West ••• • ■ „]% Nor Pac 23% 22% 22% 24% Penn R R 29% 29 29 29% Reading • 45% 45% Sou Pac 21% 20% 20% 21% Sou R R 24% 23% 23% 24 Sou R R pfd ... 30% 30 30% 31% Union Pac 120 119 119% 122 Wabash 3'% 3% 3% West Maryland . 11% 11% 11% 11%

Equipments— Allis fchalmers . . 15% 15 15 15% Am Car & Fdy 19% 19% 19*/2 Am Cr & Fy pfd 41 42 Am Loco 23V2 22% 22% ■ , Am Loco pfd 49 50 V* Am Mach & Fdy 14*4 Am Steel Fdy . 1514 15 15 Bald Loco .. 10% 10% 10*4 10 3 A Bald Loco pfd... 44% . Burroughs 13% 13 13% *3% Case J I 49>2 47*4 47*4 50% Cater Tract 26% 24% 24% 26% Deere &Cos ... 20% 19% 19% 20% EleCw Stor Bat ... 41 Foster Wheeler . 14% Gen A Tank Car 36% 35*4 35*4 36 Gen Elec 19% 19*4 19% 20 Gen R R Sig - 32% 32*4 Ingsol Rana .. 55 54 54 55 In? Bus Mach.. 134 132 134 Int Harvester . 32*4 30 3 A 30% 32*4 Natl Cash Reg ..15% 15 15% 15*4 Pullman Inc ... 48*4 46% 46% 48 Rem Rand 9% 9% 9% 9*4 Und Elliot ... • 40 West Air (B) . 27% 26 26*4 27*4 Westingh Elec . 3"% 32% 32% 34*4 Worthington P • - 20 Utilities— Am & For Pwr 7% 7% 7% 8 Am Power & Lit 6% 6 la 6% 7 AT&T . 113% 112% 112% 113% Am Wat Wks . 18% 17% 17% 18% Brook Un aGs 62% 62'4 62*4 62*4 Col Gas & Elec 12% 12*4 12*4 12% Col G& E pfd 73 - 73 Com & Sou ■ ... 2*4 2*4 2*4 2*4 Consol Gas . . 32% 31% 31% 32 Elec Pwr & Lit . 5% 5*4 5*4 5*4 E p & L pfd 13 Int Hydo Elec .. 6*4 6*4 6*4 6 Int T & T 12% 11% 11% 12 Lou G & E "A” 17 Nat Pwr & Lit.. ... 9% 9% North Amer 16% 16*4 16*4 16% Pac G & E .17 16 3 A 16% 17% Postal Tel pfd . . 17% 18% Pub Serv NJ ... 35% 35 35 So Cal Edison . 16% 16*4 16*4 Std Gas 10% 9% 9% 10 Std Gas pfd 10*2 10*4 10*4 11% Stone & Webster 7*4 7*4 7*4 7*4 United Corp .... 5*4 5 5 5*4 Un Gas Imp 15% 15*4 15% 15% Ut P & iLt (A) 32% 3 Western Union . 43% 41% 42*4 43 Rubbers— Firestone 17% 17*4 Goodrich 13 12% 12% 13*4 Goodyear . ... 27*4 26*4 26*4 27*4 Kelly Spring 2*4 2*4 U S Rubber 18% 18 18 18% U S Rubber pfd 45 43% 43% 44%

Miscellaneous— Am Bank Note . 19% 19 19 19’A Amer Can ... 94 92V4 92Vi 93% Anchor Cap 20 20% Brklyn Man Tr 38 37% 37% 37% Conti Can 74% 73% 73% 74% Crown Cork .. 25'/2 25 25 Vi 26 Curtis Pub 22 Vx 22 22 22% Curtis Pub pfd . . 79% 79 Eastman Kodak.. 95 93% 93% Gillette 10% 10% 10% 11 Glidden . .. 25% 24% 24% 25% Inter Rapid Tr.. 8 7% 7% . Owens Bottle 74 74 Raybestos Mfg 18 Foods— Am Sugar 56% 55 55% 56 Armour “A” 6% 5% 5% 6% Beatrice Cream 15% 15% 15% 15% Borden Prod . . 25% 24% 24% 24% Cal Packing . 30 29 29 30' Can Drv G Ale 20% 20% 20% 21% Cont Bak “A”.. . 9 Corn Prod 65 63 % 63 % 67 Crm of Wheat 33 32% Cuban Am Sugar 7 6% 6% 7 Gen Foods 32% 32% 32% 32 % Gold Dust 19 18% 18% 19 G W Sugar 29 28 Vi 28 Vi 28 Hershey 60 Int Salt 28 % 28 Natl Biscuit .... 34% 33% 33% 34% Natl D Pro... 17% 16% 16% 17% Purity Bak 13 12% 12% 13% S Porto Rico Sug 30% 29% 29% 31% Std Brands ... 20 19% 19% 20'A Un Biscuit 25% 25% United Fruit 70 69 69 70% Retail Stores— Assd Dry Goods 12% 12% 12% 12% Best & Cos ... lu 1 2 First Natl Stores 65 65% Gimbel Bros 3% 3% Gimbel pfd 22 Vi Hahn Dept Sts . . 5 a 5% Kresge S S .... 17% 17% 17% 175/. Kroger Groc 29% 29Vi 29% 29% Macy R H 39% ,79% Marshall Fields .15 U% 14% 15 May Dept St . .. 36 Mont Ward -.. 25% 23% 23% 24% Natl Tea . 12% Penny J C 56 55 55 55% Safeway St 47% 47 47 48% Sears Roebuck.. 40% 38% 38% 41 Vi Wool worth 49% 48% 48% 49% Aviatiorfeb Aujtton At.. 6% 6% 6% 6%

THE INDIANAPOLIS TIMES

Curtiss Wright. 3% 3% 3% 3% Curtiss W “A”. 10% 9% 9% 10% Douglas Air .... 19% 19 19 20 Nor Am Av .... 4% 4% 4% 4% Speery Corp ... 8% 8% 8% 9 United Aircraft. 20% 20% 20% 20% Wright Aero ... 50 49 49 Chemicals— Air Reduction... 94 82% 82% ... Allied Chem ..133 132% 132'/* 133 Am Com Alcohol 33 '4 33 33 Vs 33% Col Carbon ... 66% 64% 65 65% Com Solvents... 22% 21% 21 % 22% Dupont 85 82 82 84% Freeport Tex.. 39% 39 39 39 % Liquid Carb ... 28 28% Math Alkali .... 30 28% 28% 30% Montosonta Chm 43 42 42 43 Natl Dis (new).. 25 24% 24% 25% Scheneley Dist.. 26% 25% 25% 26% Tex Gulf Sulph.. 34 33% 33%„ 34% Union Carbide 39% 38% 38% 39% U S Inds Alcohol 40 Vlr Chm 6% pfd 17 Drugs— Coty Inc 5% 5% Lambert 25 Lehn Sc Fink ... 22 Un Drug 15% 14% 14 7 /a 15% Zonite Prod .... 5% 5 5 5% Financial— Adams Exp 7% 7% 7% 7% Aleghany Corp 2% 2% Am Int Corp 8% 8% Chesa Corp 43% 44 Lehman Corp 66% 66% Transamerica ... 6% 574 574 6% Tr Conti Corp... 4% 4% 4% 4% Building— Am Radiator 13% 12% 12% 13% Gen Asphalt.... 177a 17% 17% 17% Int Cement ... .. . 22% 22% Johns Manville . 47% 46 46 49% Libby Owens Gls 31% 30 30 3074 Otis Elev 15% 15% Household— p Col Pal Peet.... 13% 13% 13% 13% Congoleum 25% 25 25 25 Kelvinator 1774 17% 17% 17% Mohawk Carpet 17 74 Proc Sc Gamble .. 33% 33% Sim%ons Bed.. 15% 15% 15% 16 Textiles— Amer Woolen 1074 10% Belding Hem 11% 11% 11% 12 Celanese Corp . 23% 23 23 24 Collins Aikman 16% 16'4 1674 ... Gotham Hose... 7% 77a 7% Indus Rayon ... .. . 2374 23 Kayser Julius... 17% 17% 17% ... New York Curb (By Abbott, Hoppin Sc Cos.) —June 1— Close Close Allied Mills ... 7% Gen Aviation .. 4% Alum Cos of Am 65 Glen Alden Coal 157a Am Cyand ‘B” 16% Gulf Oil of Pa. 58% Am Sc Fr Pr wr 574 Hiram Walker . 34% Am Gas Sc El-• 13% Hud Bay Min.. 12% Am Superpower 2% Humble Oil ... 4374 Assd Gas * El 7% Impel- Oil Ltd.. 1474 Atlas Corp .. 1074 Int Petrol 267a Brazil Tr 78 Lt 874 Lake Shore Min 50 Cn Ind Ale ‘A* lr% Libby McN Lib. 5% Can Marc 2% Natl Bellas Hs 3%| Carrier Corp . 774 Newmont Min . 477a Cities Serv • • 2% Nia Hud Pwr .. 5% Con Gs of Balt 6274 Novadel Agene . 20 Cord Corp ... 5 Pan Am Airwys 36% Creole Petrol . 1274 Park Davis 24 Crown Crk Inti 7 I Penn Road 2% Deere & Cos ... 19% ISt Regis Paper. 3 Dstillers Lim . 22T4|Sherwin Wms . 6574 Distillers Corp. 15%|std of Ind .... 26% Dow Chem 80 | Technicolor Ind 10% El Bond & Shr 13%!Teck Hughs Gld 6% Ford of Can ‘A’ 20%|Un Gas 274 Ford of Europe 8741 Wright Har Min 9 New York Bank Stocks (Abbott. Hopkin Sc Cos.) —June 1— Bid. Ask. Bankers 6174 62 Brooklyn Trust 112 115 Central Hanover 127 128 Chase National 2774 28 Chemical 39 3974 National City 27 27% Corn Exchange 5174 52 Continental 13 1374 Emipre 19 1974 First National 1,640 1,650 Guaranty 356 358 Irving 17 1774 Manhatten &Cos 28% 29 Manufacturers 2174 21% New York Trust 100 101 Public 3274 33 U, S. GOVERNMENT BONDS (By United Press) NEW YORK, June I.—Closing Liberties: (Decimals Represent Thirty Seconds) —Liberty—--3%s (32-47) 103.27 Ist 474s (32-47) 103.26 4th 474s (33-38) 104.30 —Treasury—--474s 3745, (45) 103.10 474 s, (47-52) 112.4 3%s (43-47) 104. 3%s (41-43). March 104.10 3%s (40-43). June 104.11 374s (43) 104.10 3%s (46-49) 101.31 3s (51-55) 100.29 FEDERAL FARM LOAN BONDS (By Blyth Sc Cos., Inc.) —June I—■ Bid. Ask. 4s, Nov. 1 1957-37 1017* 101% 4s, May 1. 1958-38 10174 101% 4 745, July 1, 1956-36 101 101% 4 74s Jan. 1, 1957-37 101% 101% 4745. May 1 1957-37 101% 101% 4745. Nov. 1. 1958-38 101% 10274 4745. May 1 1942-32 10174 101% 4745, Jan. 1. 1953-33 101% 101% 4%5, July 1 1953-33 10174 101% 4%5. Jan. 1. 1955-35 101% 101% 4745, Jan. 1 1956-38 101% 1027; 4%5, July 1. 1953-33 10174 101% 4%5, Jan. 1 1954-34 101'4 101% 4%5. July 1. 1954-34 101'4 101% ss, May 1 1941-31 102% ... ss. Nov. 1. 1941-31 102% —Home Loan—4s. July 1 1951 101.22 101.28 —Federal Farm Mortgage Corporation—--3745, March 15. 1964-44 . 101.24 101.30 The two latter quotes are in thirty seconds

RAILROAD CO. ACTS TO PROTECT BONDHOLDERS Western Pacific Revises Plan for Deferring 1934 Interest. By Times Special NEW YORK, June 2.—T. M. Schumacher, chairman of the executive committee of the Western Pacific Railroad Company, yesterday 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. Asa 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.

SUGAR QUOTAS ARE SET FOR ‘OFF-SHORE* AREAS Secretary of Agriculture Fixes Output in Five Zones. By United Press WASHINGTON, June 2.—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. Pittsburgh Business Advances PITTSBURGH, June I.—University ofPitsburgh in its weekly survey of business activity in this district reports an increase of 1.1 per cent to 72.3 per cent in the week ended May 19.

ONEVEN ACTION MARKS TRADING IN HOGMARKET Heavy Classes Advance 5 to 20 Cents; Others Move Lower. Two-way trading range featured the pork market at the local stockyards yesterday. 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 Thursday’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 Thursday’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(g) 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—-(l6o-180) Good and choice.... 3.40® 3.45 (180-200) Good and choice.... 3.50 Medium Weights—-(2oo-220) Good and choice 3.55(g) 3.60 (220-250) Good and choice.... 3.60® 3.65 Heavy Weights—-(2so-290) Good and choice.... 3.60(g) 3.70 (290-350) Good and choice 3.50® 3.65 —Packing Sows—(3so downi Good 2.75® 3.00 (250 lbs.) Good 2.50(g) 2.85 (All weights) Medium 2.25® 2.75 —Slaughter Pigs—-(loo-130) Good and choice.... 2.00@ 2.25 CATTLE Receipts, 700; market, steady. Good and choice $ 6.75® 8 25 Common and medium 4.50® 6.75 (1.100-1,500) 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 (750-900) Good and medium 4.50@ 6.00 Common and medium 3.25® 4.50 Good ..f 3.00® 3.75 Common and medium 2.25® 3.0 C 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 cognmon 2.00® 3.50 —Calves — Good and choice 3.50® 5.00 Common and medium 2.00® 3.50 —Feeder and Stocker Cattle— Good and choice 4.50® 6.00 Common and medium 3 00® 4.50 (800-1,500) — Good and choice 4.50® 6.00 Common and medium 3.00® 4.50 SHEEP AND LAMBS Receipts, 1,000; market, steady. (Shorn basis) Spring lambs $ 7.00®10.00 (90-lb. down) Good and choice B.oo® 8.25 (90-100-lb.) Good and choice 7.50® 8.00 1500-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 1, —Hogs—Receipts 20.000; including 8,000 directs; slow, steady with yesterday; 210-340 lbs., $3.50(03.75: top, $3.75; lighter and heavier weights, $3.50 down; most pigs, sl@2; packing sows $2.75(03.10; light lights. 140-160 lbs., good and choice. $2.5003.10; light weight, 160-200 lbs., good and choice, [email protected]; medium weights, 200-250 lbs., good and choice, $2.8503.50; medium weights 200250 lbs., good and choice, [email protected]; heavy weights, 250-350 lbs., good and choice. [email protected]: packing sows. 275-550 lbs. medium and choice, [email protected]: slaughter pigs. 100-130 lbs., good and choice, $1.50(02.50. 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-stock contingent; four loads, 1,255 lbs., Nebraska steers $9.40, best here; most yearlings and light steers. [email protected]; better grade heifers scarce; cutter and low cutter cows $102; selected vealers. $5.5006.75 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 <O9; 1,100-1 300 lbs., good and choice, $6.75 @$10; 1,300-1,500 lbs., good and choice, $8 <410: 550-1300 lbs., common and medium, $3.50@7; heifers 550-750 lbs., good and choice. $5(06.75: common and medium, $2.75@5; cows good. $3.25(04.50; common and medium, $2.25(03.25; low cutter and cutter, [email protected]; bulls, yearlings excluded good beef. $3(03.50; cutter common and medium [email protected]; yearlings good and choice $5(@5.7£; medium. s4@s; cull and common $3(04; stocker and feeder cattle: steers, 550-1,050 lbs., good and choice, $4.25 (05.75; common and medium [email protected]. Sheep—Receipts. 6 100; lower classes generally 25c off: bulk springers, $9.75 and lower; top $lO to small killers; grassy clipped lambs, $7.50; sheep steady to easier; slaughter sheep and lambs: Spring lambs good and choice, $8.75(010.25; medium, $8.25@9: lamb 90 lbs. down, good and choice $7.50(08.25; common and medium $6.25®7.65; 90-98 lbs., good and choice. [email protected]: ewes, 90-150 lbs., good and choice. $1.7502.50; all weights common and medium. $1(0:2. 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—idarket 10c higher; 100-130 lbs., $3.40(03.45; 160-200 lbs., [email protected]; 140-160 lbs... $2.50(02.75; 120-140 lbs., $2(02.25; 100-120 lbs., $1.50(0 1.75; roughs. $2.75 down. Top calves, $4.50. Top lambs, $8.50; spring lambs, $8(09.50.

(By Times Special) LOUISVILLE. June I.—Cattle—Receipts, 125; slaughter classes In light supply; quality plain; market slow and around steady at week’s loss; bulk common to medium steers and heifers $4075; thin fleshed §rassy heifers down to $3.50 or less; good ry 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- strictly 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: 120145 lbs., $2.30; 100-120 lbs.. $1.80; sows; $1.55. Sheep—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 2.—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. 31, 1933,

Chicago Stocks " 1 1 (By Abbott, Hoppin Sc Cos.)

TOTAL SALES. 23,000 SHARES —June 1— High Low Close Abbot Lab .. 50 Acme Steel Cos 37 Adams Royalty ... 3 Advance Aluminum 2% Altorfer Bros 1874 Berghoff 6% 6% 6% Bendix Aviation 14% 14 14 Borg-Warner 22 21% 21% Brach Sc Sons 10% Brown Fence Sc Wire A. 3 Butler Bros 8% 8% 8% Canal Construction .... .. 3 Cent 111 Pub Serv pfd... 18% 1874 18% Cent Sc So West 1 Cent-So West P L pfd 1674 Chi Sc North Western 9

FERTILIZER VALUES INCREASE SHARPLY Rise in Manufacturing Costs Principal Factor. By Times Special WASHINGTON, June 2 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 meal-,, 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 —June 1 — CHICAGO High. Low'. Close. January 12.26 11.86 12.15 March 12.30 11.96 12.26 May 12.40 12.26 12.35 July 11.83 11.48 11.73 October 12.13 11.70 11.94 December 12.22 11.82 12.06 NEW YORK January 12.18 11.78 12.04 March 12.28 11.87 12.14 May 12.37 11.97 12.23 July 11.81 11.40 11.64 October 12.04 11.61 11.87 December 12.15 11.73 11.99 NEW ORLEANS January 11.99 March 12.03 11.86 12.02 July 11.77 11.39 11.66 October 11.99 11.58 11.85 December 12.10 11.72 11.97 N. Y. Coffee, Sugar Futures COFFEE —June 1— —Santos— High. Low. Close. March 11.63 11.57 11.57 May 11.66 11.65 11.65 July 11.01 10.99 10.99 September 11.41 11.37 11.38 December 11.55 11.50 11.50 —Rio— January 8.76 March 8.84 8.81 8.81 May 8.87 July 8.55 8.48 8.55 September 8.65 8.61 8.62 December 8.74 8.69 8.73 SUGAR High. Low. Close. January 1.71 March 1.76 May 1.80 July 1.56 1.54 1.56 September 1.62 1.60 1.60 December 1.71 1.69 1.70

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 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 Virgtnia lump 6.75 West Virginia egg 6.50 L’land Creek 7.00 Extra charge of 5Gc a ton for wheeling coal, and $1 a ton for coal carried to bln.

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 boileis, 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 bv Wadley Company •By United Press) CHICAGO June I.—Receipts, 26,680; extra firsts, 15Vic; fresh graded firsts, 15c; current receipts, 13@14c; dirties. No. 1. i2%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%®> 24Vic; firsts. |88@89% score), 22%®>23%c; seconds. <86@87%). 21@21%c; extras. (92 score). 24%c; specials. 25% @25%; standards. 24 Vis. Poultry—Market easy, receipts, 43 trucks. 2 cars; hens. 12%c; old roosters, 7%c; geese. 6c; broilers, Leghorns, 16@19c; turkeys, 15c; leghorns. 8%@9%: barebacks. 16@18%c: ducks, old, 9@ioc; fryers, 2®24c. Cheese—Twins, 12%@13; daisies. 13V4@13%c; longhorns. 13 Vi fa 13 Vic. Potatoes—Old stock supply moderate; demand and trading slow; market dull; Idaho russets, [email protected]; 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, Lousiana triumphs. [email protected]; slightly decayed, [email protected]; 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, $1.25® 2.50 barrel; Idaho, $1.65® 1.75 sack; Bermuda, $6 barrel. Sweet potatoes Firm; Jersey baskets, [email protected]; southern basket, [email protected]. Flour —Firm; springs, patents, [email protected] barrel. oPrk—Steady; mess, $20.25 barreL Lard—Firm: middle west spot, [email protected] per 100 lbs. Dressed poultry—Steady; turkeys, 13@27c; chickens. B@29c; broilers, 19@29c; capons, 21@ 34c; fowls, 12®>17c; ducks, 10®13c; Long Island ducks. 14@15c. Live poultry—Dull; §eese, 6(S7c: turkeys. 10@17c: roosters. 9c; ucks, B@l2c; fowls, 15@18c: capons. 22c: broilers. 12<g:25c. Cheese—Firm; state whole milk, fancy to specials. 18® 19c; young Americas. 14@14V4c. Butter—Receipts. 28,932 packages; market, strong; creamery, higher than extras. 25%@26%c: extras. 92 score, 25V4@25%c; firsts, 90-91 score. 24%@25%c; firsts. 88-89 score, 23% @24%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, 14Vic; checks. 14%@14c; storage packs. 17®>17V4c. 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. [email protected] per 100 lb sack CINCINNATI. June I.—Produce; ButterPacking stock No. 2 17c; butter fat, 29c. Eggs—Steady; extra firsts. 14c; seconds 12c; nearby ungraded, 13c. Live Poultry —Fowls, 5 lbs. and over. 12c; Leghorns 3 lbs., and over 9c; roosters, 6c; colored broilers, 1 lb. and over, 21c; ducks, white, 4 lbs. and over 8c; guineas old, 13c; No. 1 young turkeys young hens, 8 lbs. and over, and young toms, 10 to 15 lbs., 13c; young toms, over 15 lbs., lie; No. 1 old toms, 13c.

Chicago Corp Com ... 274 Chicago Flexible Shalt 10,, Chicago Yellow Cab 1474 Cities Service 274 Coleman Lamp Sc S 16 Commonwealth Edison.. .- ... 48 Cord Corp 5 474 47s Capne Cos 874 874 87a Electric Household 15 14% 1474 Gen Household Ut 12% 11% 12 General Candy Corp 5% Godchaux “B” 874 Goldblat Bros 17% 17% 17% Great Lakes Aircraft 574 Great Lakes Dredge 17% Houdaille-Hershey “A”.. ... ... 22 Houdaille-Hershey “B” 474 4% 42 Iron Fireman 14% Kalamazoo Stove - 2374 Katz Drug * 33% Libby-McNeil 5% 5 5 Loudon Packing 1874 Lynch Corp 3474 3374 3374 Middle West Utilities 74 Middle W Ut 6% pfd A 1 % 1 Midland Util 6% P L 1% Miller & Hart pfd 574 National Leather .' ... 1% National-Standard 247 a Noblitt-Sparks Indu Inc 1374 12% 12% Oshkosh Overall ... 474 Penn Gas Sc Elec 1474 14% 1474 Perfect Circle 2674 Public Serv 7% pfd 66 Quaker Oats 113 11274 113 Signode Steel Strapping 1% So West G Sc Elec pfd . • 557 2 So West LSc P pid . ... 29 74 2874 297* Stutz Motor Car of Am 4 Sutherland Paper Cos 8 Swith & Cos 1574 15 1574 Swift Internacional ... 307* 3074 30% Thompson JR 774 Utility & Ind ... 174 Utility & Ind pfd 3 % Vortex Cup Cos 1274 12 12 Wahl 1% Ward. Montgom “A” ... ... 110 Wayne Pump pfd 2% 274 274

Cash Grain

INDIANAPOLIS —June 1— The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. o. b., shipping point, basis 4174 New York rate, were—Wheat—Weak; No. 1 red, 9374 @9474c; No. 2 red, 92%@93%c; No. 2 hard, 92%®93%c. corn Weak; No. 2 white, 56@57c; No. 3 white, 55@56c; No. 2 yellow, 52@53c; No. 3 yellow. 51@52c; No. 2 mixed, 51®52c; No. 3 mixed. 50@51c. Oats—Firm: No. 2 white, 40@41c: No. 3 white, 39®40c. Hay—(F. o. b. country points taking 2374 c or less rates to Cincinnati or Louisville). —lnspections Corn—No. 2 white, 2 cars; No. 3 white, 4 cars; No. 3 yellow, cars. Total, 12 cars. Oats—No. 2 white. 1 car; No. 3 white, 2 cars. Total. 3 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, June I.—Cash Grain: Wheat —Sample grades northern, 374 c. Corn — No. 2. yellow, 63@64c; No. 2, white. 67 74 (a!63c; No. 3, white 6674 c: sample grade. 50c. Oats—No. 2, white, 46%@4774c; No. 3, white, 47c; No. 4, white, 45@467ic. Rye—No sales. Barley—No sales; quotable. 55@94c. Timothv —$7.55018.00. Clover seed—slo.2s —@l3.7s. Cash provisions— Lard, $6.47; loose, $5.87; leaf. $5,87; Bellies, $8.75. ST. LOUIS, June I.—Cash grain closed; Wheat—ln fair demand, red 2c higher early, nominally steady at the close. Hard, 74c lower. Nor. 2. red $1.04 early; No. 2, red, $lO2 nominal, a close. No. 2, hard $1.03 nominal: No. 2. dark hard SI.OB. Corn—ln fair demand 74c higher. No. 2, yellow 62 74c; No. 3, yellow 62c; No. 5, yellow 61c. No. 2. white 6674 c. Oats — In fair demand lc higher. No. 2. white 46c. TOLEDO, June I.—Grain Close—(Grain in transit billing). Wheat—No. 2 red. [email protected]. Corn—No. 2 yellow, 6274® 6374 c. Oats—No. 2 white. 48%®49%c. Rye—No. 2, 70@71c. (Track prices. 2874 c rate). Wheat—No. 1 red, $1.01744(1.02; No. 2 red, $1%@1.01. Corn—No. 2 yellow, 58@ 59c; No. 3 yellow, 57@58c: No. 4 yellow. 56@57c. Oats—No. 2 white, 45%@46%c; Noi 3 white, 44%@46c. (Toledo seed close) —Clover—Cash, $8.25. Alsike —Cash. $8.50. Chicago Futures Range —June 1— WHEAT— Prev. Open. High. Low. Close. Close. Sept.... 104 107% 101% 102% 103% Dec 107 109 103% 104 74 ... CORN— July 60% 647* 58% 58% 60% Sept.... 63 74 66 % 60% 60% 62% OATS— July 4674 41% 45 45% 44% Sept 47 47% 45% 45 % 45 Dec... 49% 50 47 47% ... RYE— July 6674 69% 65 65 65% Sept... 6874 7174 667* 6674 6774 BARLEY— July 58 61 56% 56% 56% Sept.-.. 61 62 5674 567 * 567* LARD— July 650 667 650 652 645 Sept 680 695 672 680 672 Oct 687 700 ‘ 685 685 675 Dec 712 720 695 702 692 BELLIES— July 865 865 865 865 647 Sept 887 887 887 887 887 CHICAGO PRIMARY RECEIPTS —June 1— Bushels Today. Last Week. Wheat 611,000 447.000 Corn 436,000 266,000 Oats 191,000 122,000

AWARDS OF PRIVATE CONSTRUCTIONS RISE Total Contracts Increase 42 Per Cent in Week. By Times Special NEW YORK, June 2.—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 2. 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 reasonably expect at this time of yea.*. A year ago this time business was 36 per cent below normal. Indications now are that there will not b; much increase in business activity until fall. Crude Oil Production Off LOS ANGELES, June 2. Production of crude oil in California last week averaged 480,000 barrels daily, a decrease of 15,670 barrels from the previous week. Ninety-five patches were required to repair damage inflicted to wings of an airplane caught in a hailstorm in South Dakota.

.JUNE 2, 1934

HEAVY SELLING WAVE AT CLOSE REDUCESGRAINS Prices Forced Lower After Reaching New Highs for Season. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO, June 2.—A heavy selling wave moved into grains at the close of the Board of Trade yesterday and prices sagged below the previous close after having been sensationally higher all day. Ihe selling was blamed to stop-loss orders. Wheat finished V> to % cent lower, corn was 1% to 2 cents off, but oats held their strength and were Vs to % cent higher. New high levels for the season were established in all deliveries of grain today with a rush of buying starting at the starting gong. Wheat soared around 4 cents a bushel over yesterday’s finish at the top and to the highest level since last July, while com was up 3% cents at the extreme to the highest since August. Profit-Taking Heavy The markets were broad affairs early with ’"■dividual operations counting for little in the early trading but the sensational advance which has lifted wheat 19 to 1974 cents, corn 13 13% to 14 cents, and oats 12% cents from the inside figure last week encouraged heavy profit-taking. A recession from the highs followed realization of the sharp advance this week and selling was further accelerated by forecasts of rain over the Dakotas and Nebraska. However, the markets took the selling in'good shape and generally held above the finish of the previous day with oats showing stubborn resistance to pressure. Crop Estimate Bullish Sensationally bullish construction was placed on the private crop reports with average estimates for both spring and winter wheat production of 547,000,000 bushels, with the exception of last year’s low yield, the lowest in thirty years. An oats crop of 789,000,000 bushels was suggested by the reports, the lowest since 1907. Activity in all pits was pitched to feverish heights at times with quotations on the boards often major fractions out of line with actual sales. An extra crowd of workers was called to handle the thousands of orders. Provisions averaged higher with grains. OFFICE EQUIPMENT FIRM RECEIVES HUGE ORDERS Indianapolis Concern Listed Among Companies Ordering Materials. By Times Special NEW YORK. June 2.—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. EQUITIES CORPORATION REPORTS ASSETS GAIN Preferred Stock Rises to 541.17 a Share in First Quarter. By Times Special CHICAGO, June 2.—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.

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