Indianapolis Times, Volume 46, Number 20, Indianapolis, Marion County, 4 June 1934 — Page 11

JUNE 4, 1934

Wall Street Suspension of Trading in When-Issued Stocks May Aid Investors. BY RALPH HENDERSHOT Times Special Financial Writer TRADING in securities on a when-issued basis has been suspended by the New York Curb Exchange and the Chicago Stock Exchange, apparently on the order of the federal trade commission. The commission is entirely justified in ordering the suspension, although it would have been much better had

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the exchanges made the rulings on their own initiative. Trading in when - issued stock can hardly be justified from any standpoint. It can b e criticised on several scores, foremost among which is that

Hendershot

the privilege is often abused by those who wish to create fictitious prices in order to achieve ends in which they are interested. This frequently happens in the case of reorganizations or other changes in capital setup. By having the proposed new stocks of a company undergoing capital change listed for when-issued trading it is possible to bid up their prices to points which create unwarranted impressions of their value. In this way holders of the existing shares are induced to make exchanges which may or may not prove advantageous. u tt tt THE when-issued trading privilege has been sought in numerous instances in the past also by underwriters when they wish to promote the sale of stocks. After having announced the offering price but before they are ready to make actual delivery they are in a position to bid up the price in the open market and thus create the impression that the issue is being sought after and that purchasers may expect an immediate profit if they subscribe for the offering. Not infrequently in the past the entire marketing job on an issue of stock has been completed through the use of the when-issued privilege. In many instances those offering the shares have been able to take a short position as a result of clever market manipulations, thus providing their own open market buying power to take up profit-taking sales when formal offering is made. tt tt tt TRADING in when-issued stock is the equivalent of trading in something which does not exist. In many instances there is no assurance that the shares ever will come into being. The contract provides that when, as and if the stock or bonds, as the case may be, are issued the purchaser will buy them at the agreed-upon price and the seller will make delivery at that price. The seller is “short” of the market in the issue until such time as the stock is issued and he is able to acquire for delivery. If the stock is not issued the buying and selling orders are automatically cancelled. It would be advisable to eliminate trading in when-issued stocks in the over-the-counter as well as in the listed markets. There would seem to be no special point in closing one and leaving the other open. Closing the markets to such issues will tend to reduce speculation, inasmuch as the “free riders”—those who subscribe with the idea of selling immediately in the open market —are invariably speculators. These “free riders” in “the good old days” were inclined to pay much more attention to the banking group handling the underwriting of an issue than to the issue itself. In the case of some houses an underwriting was almost always good for a point or so profit. On Commission Row —June 4 —Fruits— Apples—Fancy Ben Davis. Indiana. $1.75; fancy Winesaps. [email protected]. Cherries—California. 16-lb. lug. $3.50 Oranges—California. Sunkist. $4.75®5; Red Ball. $4®4.75. Lemons—Sunkist, $7: Red Ball. $6.50. Grapefruit—Florida Seedless. $3.75®4. Strawberries—Aromas. 24-qt. crate. s3® 8.25: Premiers. $2.75@3. Cantaloupes—California. Pony crate. $2.50; jumbos. 455, $3.75; standards, $3.25; Honeydews, $2.50. Pears—Calavos, $4 per box. Pineapples—Cuba, $3.25®3.75. Bananas—Per pound. sc. —Vegetables— Cabbage—Tennessee, pony crate. $1.25. Celery—Florida. $4.25 a crate; mammoth bunch, 90c; medium bunch. 60c. Onions —Indiana yellow. 50-lb. bag. 75c. Potatoes—Northern round white, 100-lb. bag. $1.75; Red River Ohios. $1.50: Maine Green Mountain. $1.90; Colorado McClures. $2; Idaho Russets. 100-lb. bag. $2; New Texas Triumphs. $2.10. Swept Potatoes —Tennessee Nancy Hans, crate. $2.40. Asparagus—Home grown, dozen. 60c@ $1.25. Beans —Round, stringless. $1.25. Beets—New, 65c a dozen. Carrots —California, 6-dozen crate. $3.25; bulk new. $1.60. Cauliflower—California. $2.75. Lettuce—Hot house. 15-lb. basket. 90c; Iceberg best. s4®s a crate. Peas—2 B-lb. hampers, $2.50. Radishes—Home grown buttons. 35c a dozen. Rhubarb—Home grown, dozen, 30c. Spinach—Home grown, bushel. 75c. Tomatoes —Repacked. 10-lb. carton. $1.25: original Texas. 30-lb. lug. $2.25. CHICAGO FRUIT MARKET (By United Press) CHICAGO. June 4.—Apples—Michigan Spies. $2.25'6 2.50 bushel. Carrots—Southern. $1 bushel. Spinach—lllinois. 40® 75c bushel. Beans —Southern green. 25c ®sl bushel hampers; wax. 51®1.25. Cucumbers—Central western hothouse, [email protected] (2 dozen to box). Tomatoes —Texas. $1.15 (a 1.75 lug boxes. Sweet potatoes—Tennessee. $2 Mushrooms —Illinois. 10® 20c lb. cartons. Asparagus —Illinois. 45® 65c box. Strawberries —Illinois. $2.75®3 (24 quarts). Onion market (50-lb. sacks)—Texas— Whites. 75c®51.25: Texas—Yellows. 75c®, $1.25; California —Whites. $1.15® 1.25. RECORD SHORTAGE SEEN FOR U. S. WHEAT CROP Four Forecasters Estimate Year’s Output at 546,000,000 Bushels. By Timex Special CHICAGO, June 4.—Four leading forecasters of wheat crops in the United States late last week estimated the total crop for the year at 546,000,000, surpassing all post shortages in the country. The four, Bernard W. Snow, Bart-lett-Frazier Company; Nat Murray, Clement, Curtis & Company; R. O. Cromwell, Lamson Brothers, and H. C. Donovan, Thomson & McKinnon estimated the winter wheat crop at 420,000,000 bushels, 60.8 per cent of normal and the spring crop at 126,000,000, 51.5 per cent of normal. Average domestic consumption of wheat under normal crop and price conditions is about 625,000,000 to 650,000,000 bushels a year. The crop this year is not expected to be sufficient for the nation’s own use, where as before, surplus crops have been exported.

SILVER ISSUES RISE 2 POINTS; OTHERS FIRM Strength in Mining Shares Features Trading at Mid-Session. BY ELMER C. WALZER United Press Financial Editor NEW YORK, June 4.—Strength in mining shares featured a firm stock market session in the early afternoon trading today. Volume continued at a pace prevalent ten years ago. In the mining division, the silver shares made gains ranging to more than 2 points. United States Smelting sold at 117, up 2%; Howe Sound 50%, up 1; American Smelting 38, up 1%, and Cerro De Pasco 35%, up lVs. Phelps Dodge firmed in the coppers. Dome was at 39%, up 1%, and Mclntyre Porcupine 46%, up %, in the gold division. Steels continued to recover, with Bethlehem in the lead. Rails were steady to firm. Automobile issues were strong, with Chrysler up more than a point at 39%. American Telephone was up nearly a point in the communications. Commodities were mixed. Wheat was off nearly a cent a bushel and other grains lost fractionally. Cotton futures were a few points lower. Silver and rubber were about steady. Bonds were steady, with some demand noted for speculative rails. Money and Exchange INDIANAPOLIS BANK CLEARINGS *—June 4 Clearings $2,366,000.00 Debits 5,240.000.00 FOREIGN EXCHANGE (By Abbott. Hoppin & Cos.) . —June 2 Close. Sterling, England $5.06% Franc. France 06581/2 Guilder. Holland 6765 Peseta, Spain 1366 Krone. Norway 2548 Krone. Denmark 2265 Yen. Japan 3014 Treasury Statement (By United Press) WASHINGTON. June 4.—Government expenses and receipts of the current fiscal year to June 1. compared with the corresponding period of the previous fiscal year; This year. Last year. Expenses $6,392,737,655.95 $4,680,829,922.60 Receipts $2,732 310,316.98 $1,797,784,956.58 Deficit... $3,660,427,338.97 $2,883,044,966.02 Cash balance $2,008,109,197.11 Investment Trust Shares (Bv Abbott. Hoppin & Cos.) —June 2 . _ , Bid Ask American Bank Stocks Corn.... 1.10 1.15 American & General Sec. A... 4.00 5.00 American & Inc. Tr Sh. : 1.75 . . Basic Inductrv Shares 3.08 3.12 British Type Inv. Tr. Sh 44 .50 Collateral Trustee Shares A 4.25 4.50 Corporate Trust Shares (old).. 1.30 1.35 Corporate Trust Shares (new).. 2.16 2.20 Cumulative Trust Shares 3.65 Diversified Trust Shares A 6.25 Diversified Trust Shares B 7.00 7.50 Diversified Trust Shares C 2.85 2.90 Diversified Trust Shares D 4.12 4.37 First Insurance Stock Corn 1.20 1.25 First Common Stock Corn 63 .68 Fixed Trust Oil Shares A 7.50 7.75 Fixed Trust Oil Shares B 6.50 6.75 Incorporators Investments ....16,60 16.75 Land Bank Bond Shares 1.17 1.31 Low Priced Trust Snares 5.62 5.75 Mass. Inv. Trust Shares 17.50 17.75 Nation Wide Securities 3.15 3.15 North Am. Trust Shares (53) . 1.74 1.80 North Am. Trust Shares (55-56) 2.18 2.22 North Am. Trust Shares (58).. 2.13 2.20 Selected African Shares . . 2.45 Selected Americar Shares Inc. 1.13 x. 22 Selected Cumulative Shares .. 6.38 Selected Income Shares 3.31 3.75 Std. American Trust Shares A. 2.66 2.71 Trust Shares of America 2.45 2.50 Trustee Std. Oil A 5.30 5.45 Trustee Std. Oil B 4.75 4.85 U. S. Electric Lt & Pwr. A...12.00 12.37 Universal Trust Shares 2.72 2.78 In the Cotton Markets —June 2 CHICAGO High. Low. Close. January 12.23 12.20 12.20 March 12.33 12.30 12.33 May 12.45 July 11.87 11.77 11.82 October 12.09 11.97 12.02 December 12.19 12.11 12.14 NEW YORK January 12.16 12.07 12.16 March 12.27 12.15 12.16 May 12.36 12.31 12.36 July 11.78 11.66 11.76 October 12.01 11.89 11.99 December 12.12 12.00 12.10 NEW ORLEANS January 12.11 12.10 12.11 March 12.11 May 12.32 July 11.77 11.63 11.73 October 11.98 11.86 11.94 December 12.09 11.98 11.07 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 6.25 Brazil mine run 5.00 Coke, nut size 8.75 Coke, egg size 8.75 Indiana forked lump v 5.5065.75 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 smokeless 8.25 West Virginia lump 6.75 West Virginia egg 6.50 Island Creek 7.00 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bin. FREIGHT TRAFFIC IN NATION NEARS PEAK 624,567 Car Total Second Largest Week in Year. By Times Special NEW YORK, June 4.—The American Railway Association reports total freight traffic in the United States expanded during the week ended May 26 to 624,567 cars, the second largest week of the year, and within striking distance of the record of 625,773 cars in the week ended April 17. The advance was accomplished despite a drop of 365 cars and 6,230 cars respectively of the previous week and the corresponding week last year in grain shipments. A gain of 2,751 cars was made over the previous week in miscellaneous shipments which totaled 244,171 cars for the week. Coal shipments also made sharp gains, rising 5,165 cars over the previous week. Live stock, forest products and coke shipments all made small gains and regained 4,848 over the preceding week. All districts with exception of the southwestern reported increases over the corresponding 1933 week. Births Boys Emory and Mattie James, 1206 Finley. Edward and Hazel Henegen. 2122% North Talbott. Girls James and Mabel Smith. 306 Beecher. Deaths Charles B. Montgomery. 45, Veterans' hospital, chronic nephritis. Alma A. Wilt, 78, 129 East Fiftieth, broncho pneumonia. Hattie Orr, 76. Deaconess hospital, chronic interstitial nephritis. Alma Gammans, 1, city hospital, broncho pneumonia. George Williamson. 75, 319 North Davidson, arteriosclerosis. Alma Marvel. 11. city hospital, skull fracture. Clyde Williams, 40, St. Vincent’s hospital, anemia. Lillie Hensley, 48. city hospital, intestinal obstruction. Hazel Yeager, 16. 942 West Twenty-fifth, pulmonary tubercu osis. Dorothy Nell Hood, 1, city hospital, broncho pneumonia. Clifford Raymond Marlnee, 5 mos., city hospital, broncho pneumonia.

New York Stocks , tßv Abbott. Hoppin & Cos.)

AVERAGE STOCK PRICES FOR SATURDAY Net . High. Low. Close, change Thirty industrials 91.74 90.85 91.41 —.38 Twenty rails -72 41.25 41.68 -.09 Twenty utilities 22.57 22.24 22.48 same Forty bonds * ioi ib ‘ii Ten first rails •••• •••• ' Ten second rails ••** *•“ q7 ' 7ft Ten industrials •••• 9622 03 —Off. + Gain.

—June 4 Oils— Prev. High. Low. 10:30 close. Amerada ... . • • 50 Atl Rfg 24 24 Barnsdall ....... 7% 7% 7% 7% Consol Oil ... ... 10 Cont of Del ... 19 18% 19 18% Mid Cont Pet 12% Ohio Oil ... Pet Corn 10 Vt Phillips Pet 18% 18% Plymouth Oil 11% Pure Oil 1014 10 Royal Dutch 33 s /* Sbd Oil 30>/2 3014 Shell Un 8 Soc Vac 15 1 /* 15 SO of Cal 32% 31% SOof N J „„„ 42% Texas Corp . 23% 23 % Tidewater Assn. 12% 12 12!® 12% Un Oil of Cal 15% Steels— Am Roll Mils 17 Beth Steel 3114 30% Byers AM ... ... 18% Col Fuel & Iron 4% Cruc Steel 23 Ludlum Steel 12% McKeesport Tin 83 Natl Steel 38% Otis Steel , 4% Rep Iron & Steel 15% 15% Rep Ir & Stl pfd 42 U S Pipe & Fdy 20 % U S Steel 38% 3814 38 % 38% U S Steel pfd 81 80 Warren Bros 8 Young’n S & T 18% 18’/ 2 Motors— Auburn 33% 33% Chrysler . 3814 37% Gen Motors 30% 30 30 29% Gen Motors pfd 10014 Graham Mot . 2% Hudson 12% 1214 12% 12% Hupp 3% Mack Truck 24% Nash 1614 16 Packard 3% Reo 3% Studebaker 4% Yellow Truck 4% Motor Access— Bendix 14% 14% Bohn Alum 52% Borg Warner 21% 21 Vi Briggs . 16 Elec Auto Lite 21Vi 20% Mullins Mfg 10 Mullins Mfg pfd 32 Murray Body 6% 6% Stew Warner 6% Timken Roll 27% 27% Timken Det Axel 814 6% Mining— Alaska Jun 1914 Am Metals 21% Am Smelt 36% 36% 36% 36% Anaconda ... ... 13% Cal & Hecla ... 4 Cerro de Pasco 34% 34% Dome Mines ... 38% 38% 38% 38% Granby ... ... 8% Gt Nor Ore 11% Homestake Min 366 Howe Sound 49% Int Nickel 25 25% Isl Creek Coal.. .. ... .. 27 Kennecott Cop . 18% 18% 18% 18% Mclntyre Mine 45% Noranda Cop. 42% Park Utah 4 Phelps Dodge 15% St Joe Lead ; 17% U S Smelters 114% Vanadium 18% Amusements— Fox Thea 13% Loews Inc 31% 31 Radio Corp 7 7 R K O 2% Warner Bros 5% 5% Tobaccos— Am Tob (A) 6814' 68% Am Tob (B) 69% 70 Gen Cigars 38 % Lig & Myers (B) 93% 93% Loriilard 17% Reynolds Tob (B) 43% 43% Rails— Atchison 531* 52% 52% 53% Atl Coast Lines 38 B & O 22 Can Pac 15% 15% 15% 14% Ch & Ohio 45 % 45% Chi & Gt W 3% Chi & Gt W pfd 7% C M & St P 4% 4% C M & St P pfd 7% 7% Chi N W 9 9 Dela & Hud 50 Del Lac & W 21% 21% Erie . 17 Grt Northern pfd 19% 18% 111 Central 23% 22% Lehigh Valiev 14% Lou & Nash . 48% MX is T 21% . M K & T pfd 2l'/e Mo Pac 4 Mo Pac pfd 5% N Y Cent 27Vi 27% 27% 26 3/ . N Y New Haven .. ... .. 14% N Y Ont & West 714 714 Nor Pac 2314 22% Penn R R . 22 Sou Pac 21 20% 21 21% Sou UR . . . 23% Sou R R pfd 30% 3014 3014 30 Union Pac 119 119% West Maryland 11 10% _ Equipments— Allis Chalmers 14% 154 Am Car % Fdy 18% Am Loco 23 Am Loco pfd 49 Am Mach % Fdy 14 Am Steel Fdy 14% Bald Loco 10% Burroughs 12% Case J I 48% Cater Tract 24% 24% Deere & Cos 1914 18% Foster Wheeler 13% Gen Am Tank Car 35% Gen Elec 19% 19% Ingsol Rand 54% Int Bus Mach 131 Itn Harvester 30% 30% Natl Cash Reg 1514 1514 Pullman Inc 47 Rem Rand . 9 Westingh Elec 33% 32% Worthington Pm 20 Utilities— Am & For pwr 7% Am Power & Lit 6% AT&T ...112% 112% 112% 112% Am Wat Wks 18% 18% Col Gas & Elec 12% 12 Col G & E pfd 73 Com & Sou 2% 2% Consol Gas . 31% 3114 Elec Pwr & Lit . 5% 5% 5% 5% E P & L pfd 14 Int Hvdro Elec 614 6 Int T & T 12 11% Lou G & E A .. .. ... 1614 Nat Pwr & Lit 9% North Amer 16% 16% Pac G&E 16% 16% Peoples Gas ... 29% Postal Tel pfd 17% Pub Serv N o’ 3c So Cal Edison 1614 Std Gas 9% 9% Std Gas Dfd 10% Stone & Webster 7% United Corp 5 5 Un Gas Imc 15% lj% Ut PWr & Lit A 2% Western Union 42 Rubbers— Firestone 17 Goodrich 12% Goodyear 26% Kelly Spring 2% U S Rubber . .. ... 17% 17% U S Rubber pfd 43 43 Miscellaneous— Am Bank Note 1? 'Am Can 92 91% Anchor Cap 19% Brklyn Man Tr 38 Conti Can j>£% Crown Cork 25% Curtis Pub 21% Curtis Pub pfd.. .. 77 Gillette 10% Glidden 24% Inter Rapid Tr 7% % Owens Bottle 74 Foods— Am Sugar 56 Armour A 5% Beatrice Cream 15 Jo Borden Prod 2414 24% Cal Packing 29 28% Canada Dry G A 20% 20% Cont Bak A 8% Corp Prod 64% 64 Crm of Wheat 02% Cuban Am Sug. .. ... 6% 6% Gold Dust 19 G W Sugar 28 % Hershey 60 Int Salt . 28% Natl Biscuit ••• 34% 34% Natl D Prod ... 16% 16% 16% t% Purity Bak 12% S Porto Rico Sug 29% Spencer Kellog . 20 19% 20 19 Std Brands 19% Un Biscuit 25 United Fruit 68% Retail Stores— First Natl Stores 63 6214 Gimbel Bros 3% Hahn Dept Sts 5 Kresge S S 17% Kroger Groc ... - 29 Macy RH 38% Marshall Fields 14% May Dept St 35% Mont Ward .... 24% 24% 24% 23% Natl Tea 12% Penny J C 53 54 Safeway St • 46% 47% Sears Roebuck • 38% 38% 38% 38% Woolworth •_ ••• 48% 48% Aviation— Aviation Corp 6% 6% Curtiss Wright 3% Curtiss Wri (A) • 9% Douglas Air .... .. ... 19% 19% Nor Amer Av 4% 4% Speery Corp 8% United Aircraft 20 Chemicals— Air Reduction 93 Allied Chem 130% 130% Am Com Alcohol 34 3314 34 32% Com Solvents . • 21% 21% Dupont ••• 83 81% Liquid Carb • • 27 Math Alakli 28% 28% 2814 28% Montoson Chem 41% Natl Dis (new).. 24% 24% 24% 24% Scheneley Dist 25% 25 s * Tex Gulf Sulph 32% Union Carbide 38% 38% U S Ind Alcohol 40 % Vir Chem 6% pi 17 Drugs— Coty Inc 5 5 Lambert ....y. . ... 26 26

THE INDIANAPOLIS? TIMES

Un Drug 15 Zonite Prod 5% 5% Financial— Adams Exp 7% Allegheny Corp 2% Am Int Corp 8 Lehman Corp 65 66% Transamerica 6 6 Tr Conti Corp 4% Building— Am Radiator ... 12% Gen Asphalt ... 1714 Int Cement 22 Johns Manville . •. • 46% 46 Libby Owens Gls 30% 30 30 29% Otis Elev 15% Household— Clo Pal Peet 13% 13% Congoleum 24 Kelvinator 17% 17% 17% 17% Mohawk Carpet. - . • '. ■. 17 Proc & Gamble.. 34 33% 34 33V* Simmons Wed 15% Textiles— Amer Woolen 10% Belding Hem 11% Celanese Corp 23 Collins Aikman 15% Indus Rayon 23% 2314 Kayser Julius ... 17 Real Silk 9 New York Curb (By Abbott, Hoppin & Cos.) —June 2 Close. Close. Allied Mills ... 7%|Gulf Oil of Pa . 60 Alu Cos of Am 62% Hiram Walker.. 3414 Am Cyanide B 16%IHud Bay Min .. 12% Am Gas & El . 24 IHumble 0.1 .... 42% Am Superpower 2%|lmp Oil Ltd ... 14% Asso Gas & El %|lnt Petrol 26% Atlas Corp 10%iLake Sh Min . 50% Brazil Tra &Li B%lNatl Bellas Hess 4% Can Marc 2%|Newmont Min 46% Cities Serv ... 2%|Nia Hud Pwr .. 5% Common Edison 49 INovadel Agene.. 19% Con Gas of Bal 62 Penn Road .... 2% Cord Corp . ... 4% St Regis Paper. 2% Crwn Ck Inti.. 6% Sherwin Wms... 65 Deere & Cos ... 18% Std of Ind .... 26'% Distillers Lim.. 22% Std of Ky 1514 Distillers Corp. 15% Technicolor Ind 10% El Bnd & Sh... 13% Teck Hughes Go 6% Fisk Rubber ... 13% Un Gas 2% Ford of Can A. 20% Un Pwr & Lit A 2% Ford of Europe. 8% Wr Harg Min.. 9% Gen Aviation .. 4% New York Bank Stocks (By Abbott. Hopkins & Cos.) —June 2 Bankers 61% 62 Brooklyn Trust 110 114 Central Hanover 126% 127% Chase National 27% 27% Chemical 39 39% National City 27 27 % Corn Exchange 51% 52% Continental 13 13 % Empire 18% 19% First National 1.635 1.650 Guaranty 356 358 Irving 17% 17% Manhattan & Cos 28% 28% Manufacturers 21% 21% New York Trust 100 101 Public 32% 33%

Chicago Stocks 1 (Bv Abbott. Hoppin & Cos.) ” V —June 4—Asbestos Mfg ... 2% Berghoff 7 6% 7 Bendix Aviation 14% Borg-Warner 22 21% 22 Butler Bros 8% 8% 8% Chicago Corp com 2% Cities Service 2% 2% 2% Cord Corp .. 5 Crane Cos 8% 8% 8% Electric Household ... 14% Gen Household Util 12% Great Lakes Aircraft % Kingsbury 5% 5% 5% Lynch Corp 34 Middle West Utilities % Noblitt-Sparks Indu Inc 12% Sears Roebuck ... 38 % Swift & Cos 15% 15 15% Swift Internacional ... 30% 30% 30% Thompson, J R 7!4 7% 7'/* Zenith Radio 2%

Bond Prices ißy Fenner & Beanei —June 4 High. Low. 10:30. AUeg Corp 5s ’SO ... 37% Am & For Pwr 5s 2030 52 A T & T db 5s ’65 .... 107% 107% 107% Atchison Gen 4s ’95 . . 102% B & O cv 4%s ’6O 63% 63% 63% Can Pac 4s ... 83 C & O 5s A *39 109% CMStP&P adj 5s A 2000 13 12% 12% CMStP&P rs 5s A '75 41% 40% 41% Cons Gas N Y 4%s ’sl 103% 103% 103% Erie R R rs 5s '67 . 70 Goodyear 5s ’57 99% 99 99% Gt Nor 7s A ’36 91 90% 90% Int T&Tdb 5s ’55 ... 63% 63 63% Loriilard 7s ’44 122 121 122 McKees & Robb 5s ’SO. ••• 80 Nat Dairy db 5%s ’4B . .. ... 94% N Y Cent 4%s O 2013 74 Nor Am 5s ’6l 87 Pac Gas & El 5s A ’42 106% Penn R R 4%s D ’Bl • . 97% Poland 7s ’47 113% 11S% 133% Royal Dutch 4s A ’45... 132 Shell Un Oil 5s ’47 98% 98V* 98'% Texas Corp 5s '44 .102% 102% 102% Tob Pr N J 6%s 2022 105 Un Pac Ist 4s ’47 ....106% 106% 106% U S Rubber 5s A ’47 84% Western Un 5s ’sl 86 U. S. GOVERNMENT BONDS (By United Press) NEW YORK. June 2.—Closing Liberties (Decimals represent thirty-seconds): —Liberty—--3%s (32-47) 103.25 First 4Vis (32-47) 103.25 Fourth 4y*s (33-38) 104 —Treasury—4'As—3!4s (45) 103.7 4!is (47-52) 112.5 3 'is (43) 104.6 3>/*s (46-49) 101.27 3s (51-55) 100.26 FEDERAL FARM LOAN BONDS (By Blyth & Cos.. Inc.) —June 2 Bid. Ask. 4s. Nov. 1 1957-37 101% 101% 4s, May 1. 1958-38 101 V* 101% 4'4s. July 1. 1956-36 101 101% 4%s Jari. 1, 1957-37 101% 101% 4%5. May 1 1957-37 101% 101% 4y 4 s. Nov. 1. 1958-38 101% 102'i 4%5, May 1 1942-32 101'4 101% 4%5, Jari. 1. 1953-33 101 !4 101% 4%5, July 1 1953-33 101 li 101% 4%5. Jan. 1. 1955-35 101% 101% 4V 2 S. Jan. 1 1956-36 101% 102V* 4%5, July 1. 1953-33 101 % 101% 4%5. Jari. 1 1954-34 101 % 101% 4%5. July 1. 1954-34 101 Vi 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—--3%5. March 15. 1964-44 101.24 101.30 The two latter quotes are in thirty seconds. Daily Price Index (By United Press) NEW YORK, June 2.—Dun & Bradstret’s daily weighted price index of thirty basic commodities compiled for the United Press; (1930-1932 Average, 100) Today 112.25 Yesterday 112.93 Week ago 109.62 Month ago 106.38 Year ago (June 3) 92.07 1934 high (June 1) 112.93 1934 Low (Jan. 3) 101.05 Copyright. 1934, by Dun & Bradstreet. Inc. REPORTS LARGE PROFIT Lee Tire Company Income Wipes Out Huge Last Year Loss. By Times Special CHICAGO, June 4.—Lee Tire and Rubber Company during the six months April 30 moved back into the number of companies showing earnings, and reported a net income for the period of $128,510, equivalent to 50 cents a share on the company’s capital stock. In the similar period a year previous a net loss of $195,159 was reported. Following reports of the earnings, directors of the firm declared a dividend of 20 cents a share on the common stock, payable Aug. 1, of record July 16. A similar payment was made for the previous six months. Bond Offerings Advance By Times Special NEW YORK, June 4.—Offerings of bonds last week totaled $5,000,000, a sharp decline from the offerings of $16,390,400 in the previous week, but only slightly less than the offerings of $5,410,000 of the last .1933 week.

PORK MARKET DROPS 5 CENTS AT CITYYARDS Veal, Lamb Values Slump; Cattle Prices Show Uneven Trend. Weakness was carried over into the hog market from the previous week at the Union Stockyards this morning, with the majority of prices showing a 5-cent drop from Saturday’s average. Few classes remained unchanged. Receipts estimated at 9,000 were considered heavy as compared with previous Monday sessions. Bulk of ali vveights was selling from $3.55 to $3.60. Few classes brought $3.65. Lightweights, scaling 130 to 160 pounds, were salable at $2.25 to $2.75, while extremely small kinds, weighing 100 to 130 pounds, sold at $1.50 to $2. Holdovers numbered 291. Initial trading in the cattle market was unsettled, with better grade steers and few heifers mostly steady at Saturday’s close. Practically all grass cattle were tending lower. Receipts were 1,200. Veal prices dipped sharply in early trading, with most kinds selling 50 cents lower at $5 down. Receipts were 900. A decline of 50 cents featured the lamb market. Bulk of spring grades ranged from $9 down. Few better classes sold up to $9.50. Receipts were 600. - Few bids on hogs at Chicago moved around 15 to 25 cents lower than Friday’s average at $3.50 down. Receipts were estimated at 45,000, including 25,000 directs; holdovers, 4,000. Cattle receipts were 25,000; calves, 3,000; market steady to weak. Sheep receipts numbered 12,000; market unchanged. „ Bulk. Top. Receipts. May 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 2. 3.40® 3.60 3.60 4,500 4. 3.35® 3.60 3.65 9.000 Market, Lower. (140-160) Good and choice $ 2.50® 2.75 —Light Weights—-(l6o-180' Good and choice ... 3.35 (180-200) Good and choice 3.40 Medium Weights—-(2oo-220) Good and choice ... 3.50 (220-250) Good and choice . . 3-50® 3.55 —Heavy Weights—-(2so-290) Good and choice 3 60® 3.65 (290-350) Good and choice 3.50® 3.60 —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 and choice ... I.5C® 2.00 CATTLE Receipts, 1,200) market, steady. Good and choice s $ 6.75® 8.25 Common and medium 4.25® 6.75 (1,100-1,5001-Good and choice 7.00® 9.00 Common and JKiedium 5.25® 7.00 (675-750) , Good and choice 1 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 —Cows— Good 2.75®) 3.50 Common and medium 2.00® 2.75 Low cutter and medium I.oo® 2.00 Bulls (yearlings excluded) Good (beef steers) 2.50® 3.50 Cutter, common and medium. 1.50® 2.50 VEALERS Receipts, 900) market, lower. Good and choice $ 4.50(d > 5.00 Medium 3.00® 4.50 Cull and common 2.00® 3 00 —Calves— Good and choice 3.50® 500 Common and medium 2.00® 3.50 —Feeder and Stocker Cattle— Good and choice 4.25® 5.75 Common and medium 3.00® 4.25 (800-1.500) Good and choice 4 25® 5 75 Common and medium 3.00® 4.25 SHEEP AND LAMBS Receipts, <>00: market lower. (Shorn basis) * Spring lambs $ 7.00® 9.50 (90-lb. down) Good and choice 7.50® 8.90 90-100-lb.) Good and choice 7.00® 7.50 (500-lb. down) Com. and med. 5.70® 7.00 —Ewes— Good and choice 2.00® 3.00 Common and medium I.oo® 2.00 Other Livestock (By United Press) CHICAGO. June 4.—Hogs—Receipts, 45.000, including 25.000 directs; market 10 @lsc lower than Friday; 220-310 lbs., $3.50®3.65; top, $3.65; 170-210 lbs., s3® 3.50; light lights, $2.50@3; most pigs $2 down; packing sows, $3.65®3.93; light lights. 140-160 lbs., good and choice, $2.50 ®3; lightweights. 160-200 lbs., good and cnoice, $2.75® 3.40: medium weights, 200250 lbs., good and choice, $3.25®3.65: heavyweights. 250-350 lbs., good and choice, [email protected]; packing sows, 275-550 lbs., medium and choice. $2.40®3.10; slaughter pigs. 100-130 lbs., good and choice, $1.50® 2.50. Cattle—Receipts. 25,000; calves, 3,000; rank and file, common to medium grade fed steers and yearlings 25c or more lower; slow at decline: comparatively meager proportion strictly good and choice kinds steady; early top weight steers, $9.65; several loads. $8,407/9.40; bulk lower grade steers, hastened to market for most part by drought conditions, selling at $7.50 down to $4.50: thin Stockers. $2.25@4; others evenly lower; slaughter cattle and vealers: Steers. 550900 lbs., good and choice, $5.75® 7.75; 9001,100 lbs., good and choice. s6®9; 1,1001.300 lbs., good and choice, $6.75® 10; 1.300-1,500 lbs., good and choice. sß® 10; 550-1,300 lbs., common and medium $3.25 @7: heifers. 550-750 lbs., good and choice, $4.7®6.50; common and medium. $2.50® 4.75; cows, good, [email protected]; common and medium. s2@3; low cutter and cutters, 75c ®s2; bulls, yearlings excluded, good beef, $2.75®3.50; cutters, common and medium, s2®® 2.85; yearlings, good and choice, $4.50® 5.25: medium, $3.75®4.50: cull and common. $2.50®3.75; stockers and feeder cattle: Steers. 550-1,050 lbs., good and choice. $4®5.50; common and medium. $2,257/4. Sheep—Receipts. 12,000 (effective today lambs born in spring of 1933, classified as yearlings); spring lambs opening 50c lower; clipped offerings termed yearlings; also aged sheep, 257/50c lower; top native springers. $9.50; bulk. $9.25 down; clippers, $7.25, to mostly $7.50; ewes around sl7/2; best held up; slaughter sheep and lambs: Spring lambs, good and choice, $8,257/9.50; medium, $7.50 S B =? 5 'o e 'i’ es ' 90-150 lbs., good and choice, $1.50® 2.25; all weights, common and medium. [email protected]. LAFAYETTE, June 4. —Hog market generally steady; 250-300 lbs.. $3.45: 200-250 lbs., $3.35®3.40: 160-200 lbs.. [email protected]: 140-160 lbs.. $2.25®2.50: 120-140 lbs.. $1.75 ®2: 100-120 lbs.. $1.25®1.50: top calves, $4: top lambs. $7.50; spring lambs. $7.50® 8.50. FT. WAYNE, June 4.—Hogs—Steady to 25c lower: 250-300 lbs.. $3.50; 200-250 lbs.. $3.40; 160-200 lbs.. $3.30; 300-350* lbs., $3.10; 150-160 lbs., $2.65; 140-150 lbs., $2.50; 130-140 lbs., $2.25; 120-130 lbs., $1.85; 100-120 lbs., $1.50; roughs, $2.25; stags. $1.25. Calves, $4.50; lambs, $8.50. (By Times Special) LOUISVILLE, June 4.—Cattle—Receipts, 700. including 101 direct; supply very light; quality plain; market slow, steady to 25c lower than close last week or fully 25c to mostly 50c under last Monday on slaughter classes; bulk common to medium steers and heifers. [email protected]; practically nothing included of value to sell above $5.50; beef cows mostly $2.25®3: practical top dryfeds. $3.50; low cutters and cutters. sl®2: sausage bulls, $3.25 down: stockers and feeders salable mostly $5 down. Calves—Receipts, 575, including 118 stock calves: vealers weak to mostly 50c lower; bulk. $4 down. Hogs—Receipts. 2.300. including 119 direct; market unevenly steady to 15®20c lower; loss on lights and pigs. 185-275 lbs., $3.75: 275 lbs. up. $3.05: 160185 lbs.. $3.25; 145-160 lbs.. $3; 120-145 lbs.. $2.10; 100-120 lbs.. $1.80; sows. $1.60. Sheep—Receipts. 3.200, including 473 stock ewes: market not established: early bids mostly 25c lower on springers at $9 for bulk better trucked-in ewes and wethers; sellers confidently holding for steady prices and asking up to $9.75 on most choice longhaul overnight and rail lambs: some held higher: yearlings absent; fat clipped ewes. $1®2.50. THEFT SUSPECT IS HELD Port Chester Youth Is Alleged to Have Tampered with Cars. James Daly, 23, of Port Chester, was arrested Saturday night after he is alleged to have tried to open the doors of several parked cars at Illinois and Georgia streets. Daly is reported to have told the police a rambling story of embezzling money from a Port Chester firm and that he was on parole. He was held for investigation.

Heavy Demand for Coins Indicates Business Gain

Philadelphia Mint Ordered on Double Shift by Treasury. BY RICHARD L. GRIDLEY United Press Financial Correspondent WASHINGTON, June 4.—A sudden and abnormal demand on the United States Treasury by banks for pennies, nickels, dimes and quarters for change-making was ascribed today to increased business and more normal spending by the public. The heavy demand for small change, the first at this time of the year in a generation, was believed to indicate that the billions in federal relief money was rapidly finding its way to the grocery store, the meat market or the corner newsboy. Treasury statistics indicate that periods of increased business activity are usually proceeded by a rapid increase in the circulation of minor coin. This is usually followed by new manufacturing which creates more new buying power. Double Shift Ordered Only last week the federal reserve board reported a shift in the use of paper money to denominations of less than S2O as evidence of increasing business activity. The increase in demands for small change is regarded as even more significant because pennies, nickels, dimes and quarters are what the housewife and small wage earners use most. So great has been the demand for minor coin that the treasury has ordered the Philadelphia mint on a double shift basis to stamp out shiny new 1,5, 10 and 25 cent pieces. For the last generation, the treasury said, demand for small coin has come only during the holiday season and the fall crop moving season. May Output Increases In May alone, the mints turned out 11,452,000 new pennies, bringing output for the year to 19,912,000 coins. In the 1933 fiscal year only 25,322,000 pennies were turned out and in the 1932 fiscal year only 13,128,000. The treasury reported the 1,2, 3 and 5 cent pieces held by the public May 1 were worth $118,247,738, against $111,497,154 March 1, 1933. Similarly, the number of 10, 25 and 50 cent pieces has risen from a low of $250,426,000 at the end of January,. 1933, to $274,626,000 now. Both the subsidiary silver and minor coin circulation is now higher than at any time since the start of the depression. LEADERS TO DISCUSS CONGRESS CLOSING Roosevelt Will Be Asked His Views on Adjournment. By United Press WASHINGTON, June 4.—Congressional leaders arranged to consult President Roosevelt today to determine whether he wants them to close out the present session of congress this week or go on into a broadened legislative program. The senate was scheduled to pass the reciprocal tariff treaty today and the house was ready to act on the administration’s $1,172,000,000 deficiency bill to cover PWA and relief needs for the summer. With those two measures disposed of, congress had only to complete action on the new silver bill and clean up a few measures still in conference to conclude the program mapped by leaders. Should President Roosevelt desire action on the Wagner labor bill and his housing program, adjournment this week might not be possible, FLOUR PRICES CONTINUE TOWARD HIGHER LEVELS Fatal Advance Brought to sl-50 a Barrel by Latest Rise. By Times Special CHICAGO, June 4.—The level of flour prices here late last week was pushed up to a point $1.25 to $1.50 higher than two weeks ago with a further increase of 25 to 50 cents a barrel. The latest rise brought top spring wheat patents to $6.85 to $7.15, hard wheat patents to $6.60 to $7.20, soft wheat to $6.40 to $7 and white flour to $5.20 to $4.25. Minneapolis also hoisted prices 25 cents a barrel throughout. Large consumers have been caught open-handed, and many who usually carry heavy stocks of flour are reported to have missed the opportunity of stocking up before the rise. VORTEX RAISES ANNUAL DIVIDEND RATE TO $1.20 Square D and Central Power Firms Resume Cash Payments. By Times Special CHICAGO, June 4.—Annual dividend rate of the Vortex Cup Company was increased to $1.20 a common share late last week with the declaration of a quarterly payment of 30 cents. Three months ago the rate was increased from 50 cents to sl. z The Square D Company resumed dividend payments last week with declaration of 27% rents a preferred share, the first payment since September, 1931. Directors of the Central Power Company late last week voted dividend of 87% cents a share and 75 cents a share, respectively, on the 7 and 6 per cent preferred stock, the first payments since July 15, 1933. Editor Plans Tour Charles Edward Thomas, editor of the Delta, magazine of Sigma Nu fraternity, 745 Illinois building, announced today that he would visit fourteen universities in England and Europe this summer after attending commencement exercises at his alma mater, the University of the South, Sewanee, Tenn. Wool Business Increases By Times Special NEW YORK, June 4.—The New York Wool Top Exchange Service reports wool piece goods business last week, particularly in the tropical worsteds, flannels and other type of summer fabrics, was the most active in many weeks. Soft Coal Output Up By Times Special CHICAGO, June 4.—National Coal Association estimates production of bituminous coal in the United States in the week ended May 26 at 6,375,000 tons, an increase of 150,000 tons over the corresponding 1933 week.

U. S. DEBT NEAR ALL-TIME PEAK Treasury Offers Securities to Finance Recovery Program. By United Press WASHINGTON, June 4.-The national public debt neared anew all-time peak of approximately $27,000,000,000 today with the offer by the treasury of $800,000,000 in new securities to obtain funds to carry the recovery program through the summer months. Investors were asked by the treasury to buy $500,000,000 of five-year 2% per cent treasury notes and $300,000,000 of twelve to fourteenyear 3 per cent treasury bonds. Enough 3 per cent bonds will be issued above the $300,000,000 cash sale to allow holders of treasury certificates and notes maturing over the next six weeks to exchange them dollar for dollar for the new bonds. The securities which may be exchanged for the new bonds are $174,905,500 of % (.CQ) per cent treasury certificates, due June 15, and $345,292,600 of 2% per cent treasury notes, due Aug. 1, a total of $520,198,100. Sale of the new securities carries the debt of $26,955,017,448, surpassing the war time peak of $26,596,701,642 reached on Aug. 31, 1919. The government at the present time, however, has nearly a billion dollars more cash than in 1919. Today’s security sale boosts cash in the treasury to $2,010,850,698, exclusive of $811,000,000 of gold dollar devaluation profits. This sum will be a large back log for recoveryexpenditures as current government expenditures are now running at little more than half a billion dollars monthly. 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 Iresri 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 4.—Eggs—Market, unsettled; receipts, 28,287 cases; extra firsts, 15%c; fresh graded firsts, 15c; current receipts. 13® 14c; dirties No. 1,12 c; NO. 2. ll%c; checks, No. 1, ll%c; No. 2,11 c. Butter—Market, unsettled; receipts, 16,655 tubs; extra firsts, 90-91% score, 23%@ 22%c; firsts, 88-89*2 score. 22%®23c; seconds, 86-87% score, 21®21%c; extras, 92 score, 24%c; specials, 25®25%c; standards, 24%c. Poultry—Market, steady; receipts, 33 trucks; hens, 12c; old roosters. 7%c; geese, 6c; broilers, colored, 19c; turkeys. 15c; Leghorns, B®9c; barebacks. 16 ® iß%c; ducks. 9® 10c; fryers, colored. 15 ®l7c; Leghorn broilers. 16®18c; springers. 22®23c. Cheese—Twins. 13%® 13%c; Longhorns, 13%® 14c; daisies, 13%®14c. Potatoes old stock—Supply moderate: demand and trading rather slow; market, slow; Idaho Russets, $1.55®1.65: combination grade, $1.35; Wisconsin Round White, $1.20. New stock—Supply heavy; demand and trading moderate; weak; Alabama Triumphs. $1.55® 1.65, decayed. $1.40® 1.45; Mississippi. $1.50: Texas, showing decay. $1.40; Louisiana, $1.50®1.65. showing decay, $1.40; Louisiana Burbanks, $1.50. Arrivals, 218, on track. 382; shipments Saturday. 38. CLEVELAND, June 4.—Butter—Market, steady; extras, 28%c; standards, 28%c. Eggs—Market, steady; extra white. 14c; current receipts, 13%c. Poultry—Market, weak; colored fowl, 6 lbs. and up. 14c: colored fowl medium, 14c; broilers colored ordinary, 23® 24c; old roosters, 9c, ducks, white 5 lbs. and over, 14® 15c; ducks light, old. 10® 12c; broilers, fancy rocks. 26®27c. Potatoes—South Carolina. $33.50 per bbl.; California. $2.40®2.50 per 100-lb. sack. NEW YORK. June 4.—Potatoes —Weaker; Maine, $1.30® 2.65 barrel. Sweet potatoes— Steady; Jersey basket. 60c® $2.25; southern basket, 75c®51.65. Flour—Quiet: springs: patents, $7.45® 7.70 barrel. Pork—Steady; mess, $20.25 barrel. Lard—Easy; middle west spot. $4.20® 4.30 per 100 lbs. Dressed poultry—Steady; turkeys. 13®23%c; chickens, B@29c; broilers,' 19®29c; capons. 21 ®34c; fowls. 12®27c; ducks, 11® 14c; Long Island ducks. 14%®15c. Live poultry—Firm; geese. s®7c; turkeys. 10® 17c; roosters, 9c; ducks. B®l2c: fowls. 14®16c; capons. 22c; broilers. 19®26c. Cheese— Firmer: state whole milk, fanev to specials. 18® 19c; Young America. 14® 14%c. Butter —Receipts. 10.569 packages; market, easier: creamery, higher than extras. 24 3 4 25%c; extra. 92 score, 24%c: first. 90-91 score. 23%®42%c; first. 88-89 score. 22% ®23%c; seconds. 22®22%c; centralized. 90 score. 23%®23%c; centralized. 89-89 score. 22%®23%c; centralized, 84-87 score, 22®22%c. CINCINNATI. June 4.—Butter —Packing stock No. 2,17 c; butter fat, 20c. Eggs— Firm: extra firsts. 14%c: seconds. 12c: nearby ungraded. 13%c. Live poultry— Fowls. 5 lbs. and over. 12c; Leghorns. 3 lbs. and over, 10c: roosters. 6c; colored fryers. 3 lbs. and over. 26c; ducks, white. 4 lbs. and over. 8c; guineas, old. 13c; No. 1 turkeys, young hens, 8 lbs. and over, and young toms. 10-15 lbs.. 13c.

Indianapolis Tomorrow

Republican state convention, Cadle tabernacle, all day. Jewelers Guild, dinner, Washington. Rotary Club, luncheon, Claypool. Gyro Club, luncheon Spink-Arms. Mercator Club, luncheon, Columbia Club. Architectural Club, luncheon, Architects and Builders building. American Chemical Society, luncheon, Severin. Universal Club, luncheon, Columbia Club. Phi Delta Delta, luncheon, Columbia Club. Hilton U. Btown Jr., legion post, luncheon, Board of Trade. Federation of Beneficial Insurance Societies of Marion county, Claypool, 8 p. m. CITY MAN GIVEN POST Thomas Crouch Named Chief of Indiana Haymakers’ Association. Thomas Crouch, Indianapolis, Saturday was elected chief haymaker of the Indiana Haymakers’ Association, an affiliate of the Improved Order of Red Men. The association met at the Lincoln. Other officers named were William Sowers, Cambridge City, vicechief haymaker; Emil G. Decker, Noblesville, collector of straws; Fay Eddleman, Anderson, keeper of bundles, and J. W. Van Buskirk, South Bend, trustee.

Abbott, Hoppin & Company 203 Continental Bank Bldg. , Riley 5491 Nw T,.rk Indianapolis Chijago Montreal .Pittsburgh MEMBERS: New York Stock Exchange Chicago Board of Trade New York Curb Exchange) Chicago Stock Exchange New York Cotton Exchange Chicago Curb Exchange New York Produce Exchange Commodity Exchange. Inc New York Coffee and Sugar Exchange Inc. Chicago Mercantile Exchange Co-Managers James T. Hamill Kenneth K. Woolling

PAGE 11

SELLING WAVE - FORCES GRAIN PRICESLOWER Reports of General Rains Over Northwest Area Weak Factor. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO, June 4.—Reports of fairly general rains over the parched northwest induced a mild wave of selling in the grain pits on the Board of Trade today and wheat prices receded. At the start what was off % to 1% cents, corn was off % to a cent, oats was off 2% to 2% cents, and rye was off % to a cent. Rainfall was reported in parts of Nebraska and North Dakota, though the precipitation was not believed to have been heayy enough to relieve the intense drought. Liverpool wheat opened lower but did not fully reflect the sharp recession here Saturday. Chicago Futures Range —June 4 Wheat— Prev. High. Low. 10:00. close. July 97% .96 .97% .98 Sept 98% .97% .98% .99 Dec 1.00% .99 1.00 1.00% Corn— July 55% .54% .55% .56 Sept 57% .56 % .57 .57% Oats— July 42% .40% .42% .42% Sept 42% .40% .42% .43% Dec 44 .43 .44 .44% Rye— July 61% .60% .61 .62 Sept .63% .62% .63 .63% Barley— July 51% Sept 56 CHICAGO PRIMARY RECEIPTS —June 2 —Bushels— Today. Last week, a Wheat 413,000 422,000 Corn 266,000 339.000 Oats 88,000 142,000 Cash Grain Local Wagon Wheat City grain elevators are paying 87 cents lor No. 2 soft red wneat Otner grades on their merits (By nited Press) CHICAGO. June 4.—Cash grain; Wheat —No. 3 red. 98c; No. 5 hard. 95%c; sample grade hard. 90c; No 5 hard weevily, 93%c: No. 2 mixed. r /B%c; No. 3 mixed, 97%c. Corn —No. 2 mixed. 56%c; No. 3 yellow. 56®57c; No. 2 yellow, lake. 56%c; No. 3 yellow, 56%c: No. 4 yellow. 56%c; No. 2 white, 60%® 61c; No. 6 white, 58c; sample grade white. 56c. Oats—No. 2 white. 43®44c: sample grade whites, 40%c. Rye—No sales. Bariev—Sales. 96c; quotable. 55c® sl. Timothy—s7,soo/8. Clover—Seed, $10.25® 14. Cash provisions: Lard, $6.37; loose, $5.70: leaf. $5.62; bellies, $8.75. TOLEDO, June 2.—Grain close: (Grain in elevators, transit billing). WheatNo. 2 red. [email protected]. Corn—No. 2 yellow. 59%®60%c. Oats—No. 2 white. 47®) 48c Rye—No. 2, 67%®68%c. (Track prices, 28%c rate). Wheat—No. 1 red, 97%®98c: No. 2 red, 96%®97c. Corn— No. 2 yellow. 55%®56c; No. 3 yellow. 54% ®/55c: No. 4 yellow. 53 %® 54c. Oats— No. 2 white, 44®45c: No. 3 white. 43® 44%c Seed close: Clover—Cash. $8.25. Alsike—Cash. $8 50. ST. LOUIS, June 2.—Cash grain close: Wheat—ln fair demand. 4®4%c lower on led, and 4c lower on hard; No. 2 red. 99%c®$l; at close 98%c nominal. Corn— In slow demand. 3%c to 3%c lower: No. 2 mixed. 57%c; No 3 yellow. 58%c: No. 2 white. 63 % @63 tic. Oats—ln no demand. Nominally l%c to 2c lower. No sales. VALUE OF 100 STOCKS DOWN 8.5 PER CENT May Decline Largest for Ai;y Month Since October, 1933. By Times Special NEW YORK, June 4.—The market value of 100 representative common stocks decreased $1,254,753,000 or 8.5 per cent in May, according to Frazier Jelke & Company. This is the largest drop recorded in any month since October, 1933, when the group depreciated 9.3 per cent. The May shrinkage of 8.5 per cent compares with a loss of 3.5 per cent in April; a gain of three-tenths of 1 per cent in Msrch; a depreciation of 3.5 per cent in February, and an increase of 11 per cent in January. The largest decline in dollars in any subgroup in May was $280,813,000 in the motors. The rails lost $147,590,000; the oils, $131,984,000, and the utilities $111,874,000. On a percentage basis the steels recorded the largest decline, 17.5 per cent. Plymouth Sales Decline By Timex Special DETROIT, June 4.—Plymouth car sales in the week ended May 26 totaled 7,707 units, a decrease frem the 8,315 units of the previous week, but an increase over the 6,091 units of the corresponding 1933 week. Lead Stocks Gain By Times Special NEW YORK, June 4.—Lead stocks in the United States on May 1 totaled 299.927 short tons, according to the American bureau of metals statistics, a slight increase over the total of 298,293 short tons on April 1.

CITIES SERVICE STOCKHOLDERS Spoking protection will receive extremely valuable,information, documents and official records relating thereto. Send $1 to cover service charge and compilation expense. We analyze and report on non-in-come, defaulted and obsolete securities. Bank references. W. D. Hord & Associates Investment Counsellors Dixie Terminal. Cincinnati, Ohio.

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