Indianapolis Times, Volume 46, Number 21, Indianapolis, Marion County, 5 June 1934 — Page 15

JUNE 5, 1934.

Wall Street Bankers Make Mistake in Offering B. M. T. Bonds, Reader Believes. —BY RALPH HENDERSHOT

Times special Financial inner A READER writes in to suggest that the bankers who recently floated the Brooklyn-Manhattan Transit bonds probably made a big mistake in seeming to evade the spirit of the securities act of 1933 if not the letter of the law. “My feelings,” he says, “is that it was

poor policy and in bad taste. Such methods certainly will not help the feeling toward Wall Street investment bankers.” His point is well taken. The action probably will arouse the resentment of a great many people toward the Street. And the Street can not afford to lose any addi-

—JB

Hendershot

tional favor in the minds of the public. In fact, it should be greatly concerned with winning back the public’s confidence and its good wishes. But circumstances sometimes make it advisable to disregard the consequences. In this particular case it was greatly to the advantage of the B. M. T. to secure the financing. The bankers were reasonably certain, apparently, that they could dispose of the issue without going through the usual procedure. Consequently they undoubtedly decided it would not be good business to run the risks involved in offering the bonds in compliance with the spirit of the securities act. a a a IT is becoming more and more apparent that the securities act is too rigid in some respects. The provisions it imposes raises the very serious question of whether responsible underwriters can afford to do business. Under such circumstances it is but reasonable to expect evasion of the law. And the tendency to evade renders the excellent features of the measure impotent. There have been a great many things for which Wall Street has been obliged to answer. The important people in the financial district are fully cognizant of them. They profess to be anxious that the Street turn over anew leaf. But any law which must of necessity be evaded is a bad law, whether it applies to Wall Street or to Broadway. It is likely to be a hindrance rather than a help in correcting existing irregularities. The securities act of 1933 as it stands would seem to be in that category. tt tt tt THE very fact that the B. M. T. bonds could be sold without advertising and without use of the mails and totally within the bounds of New York state suggests that they must have been good. Being good, they probably would have had little difficulty in meeting the requirements of the federal trade commission, which is charged with administering the securities act. But in filling the necessary application for national distribution, had the facts been wrong in even one respect, the bankers and the management as well might a f:w years hence be called upon to answer lawsuits from every person who ever owned the bonds. And the profits the bankers made out of the deal might be small indeed compared with the penalties they would be obliged to pay. On Commission Row —June a——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, s2@ 2.50; Premiers. $2.50®2.775. Cantaloupes—California. Pony crate, $2.50; jumbos. 455. 53.75; standards. $3.25: Honevdews. $2.50. Pears—Calavos, $4 per box. Pineapples—Cuba, [email protected]. Bananas—Per pound. sc. —Vegetables— Cabbage—Tennessee, pony crate, $1.25. Celery—Florida, $4.25 a crate: mammoth bunch. 90c; medium bunch, 60c. Onions—lndiana 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; Ilaho Russets. 100-lb. bag. $2; New Texas Triumphs. $2.10. Sweet 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 s.— Apples—Michigan Spies, $2.25®2.50. Carrots—Southern. 75® 85c bushel. Spinach—lllinois. 25® 60c bushel. Beans—Southern green, 25c® $1; wax, 40c® $1.25 bushel hampers. Cucumbers—Central western hothouse, 80c® $1.75 (2 dozen® Tomatoes—Texas, $1.10®1.50 lug box. Sweet Potatoes—Tennessee, $1.90 bushel hampers. Mushrooms —Illinois, 15® 25c (lb. cartons). Asparagus—lllinois, 50® 65c ibox). Strawberries —Indiana. $2®3.50 (24 quarts). Onion market: (50-lb. sacks): Texas—White, $1.25: Yellows, $1.25. California —Whites, $1.25. locaTtrustcompany RENAMES ALL OFFICERS Fidelity Reports §14,722.28 Income for Year; Declare Dividend. Timothy P. Sexton was reelected president of the Fidelity Trust Company at the annual meeting of board and share holders yesterday. All other officers and board members also retained their positions. Mr. Sexton announced the company showed a very prosperous year, having increased its assets from §1,717.092.58 to $2,019,651.51. A gain of $300,000 in deposits since Jan. 1 last year also was reported. Net profit of the company for the year amounted to $14,722.28, as compared with $207.75 in the previous year. A dividend of 6 per cent was declared by the board of directors. CHASE OFFERS BONDS Continental Paper, Bag Corporation Gold Issues to Be Sold By Times Special NEW YORK, June s.—Chase National bank, trustee for the Continental Paper and Bag Corporation, is offering for sale the company’s first and refunding 6*4 per cent twenty-year sinking fund gold bonds, series “A,” due Feb. 1, 1944. Price for the bonds is not to exceed 104*4 and accrued interest, in an amount sufficient to exhaust $70,723 in the sinking fund.

STOCK SHARES RISE FRACTIONS TO TWOPOINTS Steady Buying Movement Carries All Security Values Higher. BY ELMER C. WALZER United Press Financial Editor NEW YORK, June 5.—A steady buying movement, which in the second hour resulted in the best activity in more than a week, served to send prices upward fractions to more than 2 points in the Stock Exchange today. Mining shares provided incentive for better market tone. Inflationary rumors would not be downed and silver and gold mining shares leaped, touching new 1934 peaks in one or two instances. There were a number of favorable dividend reports. Commodity markets snapped back. In the mrning group, United States Smelting maintained a gain of almost 2 points above 114 and Noranda, Dome, American Smelting and others shared the betterment. Kennecott gained a point on strength of dividend resumption. Dupont was one of the active leaders in the "general list, advancing almost 2 points to 85. United States Steel had a point gain, American Telephone about the same and American Can more than 2 points. Rails firmed under leadership of the western grainlcarrying roads with Atchison advanced more than 2 points at 56. New York Central. Southern Pacific and Union Pacific all were improved more than a point. Utilities were firm and strong while some revival of interest came into the motor group. Money and Exchange INDIANAPOLIS BANK CLEARINGS June 5 Clearings $1,909,000.00 Deb * ts 5,616.000.00 FOREIGN EXCHANGE (By Abbott, Hoppin & Cos.) —June 4 Sterling, England $5 03% Franc. France ncsS Lira. Italy [ i0863 Belgias, Belgium 2337 Mark, Germany 4rr7 Guilder, Holland 6767 Peseta, Spain ’irk7 Krone, Norway 2535 Krone Denmark 2253 Yen. Japan 3008 Treasury Statement (By United Press) WASHINGTON. June s.—Government expenses and receipts of the current fiscal year to June 2, compared with the corresponding period (?f the previous fiscal year: This year. Last year Expenses ..$6,403,413,671.66 $4.100,1i8 736 20 5S ts •• • 2,743,718.605.94 1,806,611,128.24 Deficit ... 3.659,695.065.72 2,893,507,607 96 Cash bal... 2.011,620.385.00 . Investment Trust Shares (By Abbott. Hoppin & Cos.). —June 4 Sid. Ask American Bank Stocks Corp.. 109 115 American & General Sec. A.. 4.00 s'oo American & Inv Tr Sh 1.75 Basic Industry Shares 310 320 British Type Inv Tr Sh 45 50 Collateral Trustee Shares A.. 430 445 Corporate Trust Shares (Old) 1.99 204 Corporate Trust Shares (New) 2.18 222 Cumulative Trust Shares 3.68 374 Diversified Trust Shares A ... 625 .... Diversified Trust Shares B 715 735 Diversified Trust Shares C.... 288 294 Diversified Trust Shares D 4.30 445 First Insurance Stock Corp... 120 125 First Common Stock Corp 63 68 Fixed Trust Oil Shares A 7.69 789 Fixed Trust Oil Shares B 6.65 675 Incorporators Investments ... 16.36 17.59 Land Bank Bond Shares 1.17 1.31 Low Priced Trust Shares 5.68 5.78 Mass Inv Trust Shares 17.82 19.37 Nation Wide Securities 3.12 318 North Am Trust Shares (53). 1.79 1.83 No Am Trust Shares (55-56). 2.19 2.23 North Am Trust Shares (58).. 2.15 2.20 Selected American Shares .. 2.38 .... Selected American Shares Inc 1.08 1.17 Selected Cumulative Shares... 6.20 .. . Selected Income Shares 3.23 3.75 Std American Trust Shares A 2.72 2.30 Trust Shares of America 2.60 2.65 Trustee Std Oil A 5.42 5.52 Trustee Std Oil B 4.85 4.95 U. S. Electric Lt & Pwr A 12.00 12.50 Universal Trust Shares 2.78 2.82 Daily Price Index (By United Press) NEW YORK. June 4.—Dun & Bradstreet’s daily weighted price index of thirty basic commodities compiled for the United Press: (1930-1932 Average. 100) Today 111,59 Saturday 112.25 Week ago 110.24 Month ago 106.92 Year ago (June 5) 91.99 1934 High (June 1) 112.93 1934 Low r (Jan. 3) 101.05 Copyright. 1934. by Dun & Bradstreet. Inc.

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

National Tea Company declares the regular quarterly dividend of 15 cents a share on the common stock, payable July 2, of record June 14. Lynch Glass corporation in the first four months this year earned $101,438, equivalent to $1.12 a share on 90,000 shares of common stock. Endicott Johnson Corporation declares the regular quarterly dividend of 75 cents a share on the common stock, payable July 1, of record June 18. Walgreen Company declares the regular quarterly dividend of $1.62 a share on the preferred stock, payable July 2. of record June 20. Chesapeake and Ohio Railroad Company car loadings in the week ended June 2 totaled 20.210 cars against 17,477 cars in the similar 1933 week. 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 [email protected] Indiana egg [email protected] 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. APRirMANUFACTURING CONTINUES EXPANSION April Advance Carries Industry to 89 Per Cent of Capacity. By Times Special NEW YORK, June s.—Manufacturing activity during April expanded for the fourth consecullive month, bringing the average up to 89 per cent of capacity, 32.8 per cent above December. Current reports of a slowing down in activity suggest that the index of factory output reached the peak of the upward movements during April, although the index during that month was 8.3 per cent below the 1933 peak. Advance in the prices of manufactured goods is blamed for the decline, but there is little reason to believe at the present time that the current recession will be particularly serious. Value of factory output in April was not as far out of line with farm income as July, the 1933 peak month.

New York Stocks ” 1 Bv Abbott Hoppin & Co. l ——

AVERAGE STOCK PRICES FOR MONDAY Net High. Low. Close, change Thirty industrials 93.04 91.84 92.73 +1.32 Twenty rails 42.28 41.86 42.24 +.56 Twenty utilities 22.82 22.51 22.70 +.22 Forty bonds 93.89 same Teh first rails .... 101.54 +.OB Ten second rails .... 80.32 +.13 Ten utilities .... 97.71 +.Ol Ten industrials .... 96.01 —2l + Up. -Off.

—June 5 Prev. Oils— High. Low. 10:30. close. Amerada so % Atl Rig 24% Barnsaall 7% 7% 7% 7% Consol Oil 10% 10% Cont of Del 19% 19% IC% 19% Houston (new) 3% Mia Cont Pet 12 3 /4 Ohio Oil 11% Pet Corp 10% Phillips Pet ... 19 18% j. 8% 18% Pure Oil 10 Royal Dutch 33% Sbd Oil 30% Shell Un 8’,4 Skeiley Oil ... ... 9% Soc Vac ... 15% 15(4 S O of Cal 32% 32( 2 S O Os N J 42% 42 (2 Texas Corp 23% 23% Tidewater Assn .. ... 12% 12% Un Oil of Cal 16% Steels— Am Roll Mills 17% Beth Steel 31% 31 % Byers AM • 20(4 Cruc Steel 23 Luaium Steel 12% Natl Steel 38% Rep Iron & Steel 16 16 U S Pipe & Fdy 22 U S Steel ... 38% 38% 38% 39(4 U S Steel pfd 81% Youngst’n S & T 19 19% Motors— Auburn 34(4 Chrysler ... 38% 38% Gen Motors 30% Gen Motors pfd 100 Graham Mot .. 2% Hudson 12% 12% Hupp 2% Nash 16% Packard 3% 4 Reo .. 3% Studebaker 4% 4 3 /. Yellow Truck 4% Motor Access— Bendix 14% 14% Borg Warner 22(4 22 Briggs 16% Budd Wheel 3% Elec Auto Lite 22(4 22 Vs Houdaille ‘‘A’’ .... , 4 % Mullins Mfg pfd 32 (2 Murray Body 6% Stew Warner 7 Timken Roll 27% 28 Timken Det Axel 6(4 Mining— Alaska Jun ... 19% 19% 19% 19% Am Metals 21% Am Smelt 37% 37% 37% 37% Anaconda 14 13% 13% 14% Cal & Hecla 4 Cerro De Pasco. ■ • ■ ■ • 34% Dome Mines .... 39% 39% 39% 40 Granby 8% Howe Sound Int Nickel .. 25% 25(4 Isl Creek Coal 27% ... Kennecott Cop 18% 18% Mclntyre Mine 46% 46% Noranda Cop 42% 43% Park Utah 4 Phelps Dodge 15% 15% U S Smelters 118 118% Vanadium 19% Amusements— Crosley Radio 12 % Fox Thea 14% 14 Loews Inc 31% 31% Radio Corp 7% 7% RKO 2% Warner Bros 5% Tobaccos— Am Tobacco ‘A". .. ... 68% 68% Am Tobacco ‘*B” 70% 70 70% 70 Gen Cigars 38% Ligg & Myers ‘B’ 94 Lonllard ' 17% Reynolds Tob ‘B’ 43% 43 % Rails— Atchison 54% 53% Ati Coast Lines 39 B & O / ... 23 23 Can Pac ... 15% 15% Ch & Dhio 46% Chi & Gt W 3% C M & St P 4% C M & St P pfd 7% Chi N W 9% Del Lac & W 21% 22% Erie 17 % Erie pfd 22 Grt North pfd - 19% 111 Central 23% 24 Lehigh Valley 14 Vs Lou & Nash ... .. 47% M K & T 9 1 4 M K & T pfd 21%. Mo Pac .. ... 3% Mo Pac pfd ... 5% 6 N Y Cent 28 27% N Y New Haven 15 15% N Y Ont & West 7(4 Nor Pac ... ... 23% Penn R R 29% Sou Pac 21% 21% Sou RR ... . 24 % Sou R R pfd 30 V* 29% Union Pac 119% 119% West Maryland 11% Equipments— Allis Chalmers.. 15% 15 15% 15V 8 Am Car & Fdy 20% 194 Am Loco 23 Am Loco Dfd ... 50 Am Steel Fdy 15 Bald Loco 10% Burroughs 13% Case J I ....... .. ... 50 49% Cater Tract 25 Deere & Cos ... ... 19 Elec Stor Bat 40(4 Foster Wheel 14% Gen Am Tk Car 36% Gen Elec 19% 19% Ingsol Rand 55 Int Bus Mach 132% Int Harvester 31% Natl Cash Reg 15% Pullman Inc 50 48% Rem Rand 9% Und Elliot 40% West Air B 27 Westingh Elec .. 34% 33% 33% 33(4 Utilities— Am & For Pwr 7% 7% Am Pow & Lit 6% AT&T 114 113% Am Wat Wks 18% 18% Col Gas & Elec 12% 12 % Com & Sou 2% 2Vs Consol Gas 31% 31% Elec Pwr and Lit 5% 5(4 Int Hydro Elec 6(4 6% Int T & T ... 12 U 7 /b 11% 11% Lou G & E ‘A’ 16% Nat Pwr & Lit 9% 9% North Amer 16% 16(4 Pac G & E 16% 16% Postal Tel pfd 18 18% Pub Serv N J 35% 35% So Cal Edison .... ... 16% 16% Std Gas 9% Std Gas pfd 11 Stone & Webster .. ... 7% 7% United Corp 5 5% Un Gas Imp 15% 15% 15% 15% Ut Pwr & Lit ‘A’ 3 Rubbers— Firestone 17% Goodrich 13% Goodyear 27% U S Rubber 18 U S Rubber pfd 44% 44% Miscellaneous— Am Bank Note ... 19,, Am Can 92 % Brklvn Man Tr 38% Conti Can 73*4 Crown Cork 25(4 Curtis Pub 21% 21% Curtis Pub pfd 77% Eastman Kodak 93% 94 Gillette 10% 10% Glidden 25(4 25 Inter Rapid Tr 7% Armour “A" 5% 5% Beatrice Cramy 15% Borden Prod .... 25% 25 25% 24% Cal Packing 29% Cana Dry G Ale 20% 20% Corn Prod 64% Crm of Wheat 33 Cuban Am Sugar 6% 6% Gen Foods 32% 32% Gold Dust 19% G W Sugar 29 Int Salt 28% Loose Wiles 40(4 Natl Biscuit 34% 34% Natl D Prod 17 17 Purity Bak , 13 12% S Porto Rico Sug 29% Std Brands 19% 20 United Fruit ..... 70 Ward Bak A 7% Retail Stores— Ass Dry Goods . .. ... ... 11% Best & Cos 29(4 First Natl Stores ... 63 Gr Un Tea 5% Hahn Dept Sts Kresge S S 17% Kroger Groc ..... 29 Macy R H 39(4 Marshall Fields 14% May Dept St 35% Mont Ward 24% 24% Natl Tea 13 Penny J C 52(4 52 52 52 Safeway St •• - 47% Sears Roebuck. 39 38% 39 39(4 Woolworth 48(4 48 48% 48(4 Aviation — Aviation Corp 6% Curtiss Wright. 3% 3% 3% 3% Curtiss Wright A 10 Douglas Air 19% 19% Nor Am Av ... .. 4% Speery Corp ... 8% 8% 8% 8% United Aircraft. • . • . 20% Wright Aero ... 50 49% 50 50 Chemicals— A)r Reduction 95 Allied Chem ...134% 134% 134% 133 Am Com Alcohol 33% 33% Cos! Carbon 66 % 66 Com Solvents .. 22 21% 22 21% Dupont 83 83% Freeport Tex 39% 39% Math Alkali 29% Montosonta Ch 41% Natl Dis (new). 25% 25(4 '25% 25% Schenelev Dist 26 Tex Gulf Sulph 33 Union Carbide 38% 38% Drugs— Coty Inc . • ... 5% Lambert • 26% 26 26 26(4 Lehn & Fink 21% Un Drug 15% Zonlte Prod 5% Financial— Adams Exp , ... 7% Allegheny Corp . 2% 2% 2% 2% Chesa Corp 43% Lehman Corp 65% Transamerica 8 Tr Conti Com 4% Building— Am Radiator ... 13% 13% 13(4 13(4 Int Cement 23

. THE INDIANAPOLIS TIMES

Johns Manville 46% Libby Owens Gls 29% 30 Otis Elev 15% Household— Col Pal Peet 13% Kelvinator 18 Proc & Gamble 33% 33% Simmons Bed 15% Textiles— Amer Woolen 10 % Celanese Corp 23% Collins Aikman 16(4 Gotham Hose 7% Indus Rayon 23% 23% Kayser Julius 17% Real Silk 9 New York Curb (By Abbott. Hoppin & Cos.) —June 4 Closei.. Close Alum Cos of Am 62%|Gulf Oil of Pa . 58% A Cyanide (B) 17% Hiram Walker. 35 Am Gas & El . 24%lHud Bay Min... 12% Am Superpower 2%|Humble Oil .... 43 Asso Gas & El. %|lmperial Oil Ltd 14% Atlas Corp .. . 10%Tnt Petrol 26 Axton Fisher T 59% Lake Shore Min 52 Can Marc 2(4,Natl Bellas Hess 3% Carrier Corp... 7 iNia Hud Pwr... 5% Cities Serv 2%|Park Davis 23% Consol Gos Bal 62 Penn Road .... 2% Cord Corp 5 Ist Regis Paper 3% Creole Petrol.. 12%!5al Creek rod.. 6% Deere & Cos ... 19 ISherwin Wms.. b 6 Distillers Lim . 21%,Std of Ind .... 26% El Bond &Sh 14%:Std of Ky 15(4 Fisk Rubber 13(4 1 Technicolor Ind 10% Ford of C (A) 21 Teck Hughes G. 6% Ford of Europe 8 Un Gas 2% Gen Aviation 4%:w Hargraves M 9% Glen Alden C’l 16V New York Bank Stocks (By Abbott. Hoppin & Cos.). —June 4 Bid. Ask. Bankers 61% 62(4 Brooklyn Trust 112 115 Central Hanover 126(4 127% Chase National 27% 28(4 Chemical . 39% 39% National City 27% 27 Vi Corn EXfchange 51% 52(4 Continental 12% 13(4 Empire . * 19 19% First National 1.645 1,660 Guaranty 358 362 Irving 17% 17% Manhatten & Cos 23% 29% Manufacturers 21% 21% New York Trust 100% 101 % Public 32% 33%

Chicago Stocks (Bv Abbott.

—June 5 High. Low. 11:30. Berghoff 7% Bendix Aviation 15‘/ 8 14% 15‘s Borg-Warner 22% 23 22% Butler Bros 9% 8% 9 Chicago Corp com 2Vs Cities Service 2% Cord Corp 5 Crane Cos 8% 8% 8% Electric Household . 15 Gen Household Ut 12% 12% 12% Great Lakes Aircraft ... .. % Libby-McNeil 5% 4% 5% Marshall Field ... lS’/s Middle West Utilitifs Vs Noblitt-Sparks Ind Inc 13 Sutherland Paper Cos ... 15%. 15(4 15% Swift International ... 31 30% 31 Utah Radio 1% Vortex Cup Cos 13% Walgreen Cos., Com 26*4 Zenith Radio 2%

Bond Prices ■■■” 1 'By Fenner & Beanei”’ ’

—June 5 High. Low. 10:30. Alleg Corp 5s ’SO ... 38% Am & For Pwr 5s 2030 52% 51% 52’% A T & T db 5s ’65 .... 107% 107% 107% Atchison gen 4s ’95 102% B & O cv 4%s ’6O 64% Can Pac 4s 83% ChMStP&P adj 5s A2OOO 12% 12% 12% ChMStP&P rs 5s A '75. 42 41% 41% Denmark 5%s ’55 89% Det Ed 5s E ’52 106% Erie RR rs 5s ’67 70% 70% 70% Goodyear 5s ’57 ... 99 Gt Nor 4%s D ’76 74% Gt Nor 7s A ’36 91% 91% 91% Interboro RT 5s ’66 68% Int T & T db 5s ’55 63% Lorillard 7s ’44 122 121% 122 Nat Dairy db 5%s ’4B . 95 94% 95 N Y Cent 4%s O 2013. 74% 74(4 74*4 Nor Am 5s ’6l 86 Pac Gas & El 5s A ’42 106% Para Pub 5%s ’SO 50% Penn RR 4(4s D ’Bl 94% 97% 97% Poland 7s ’47 ... 112% Shell Un Oil 5s ’47 98’% Sin Cons 6%s B ’3B 104% Texas Corp 5s ’44 . ...102 % 102% 102% Tob Pr N J 6%s 2022 105 Un Pac Ist 4s ’47 ... 106 7 /g U S Rubber 5s A ’47... .. ... 85 Vanadium 5s ’4l 77% 77% 77% Western Un 5s ’sl . 86% 86% 86% Ygstwn S & T 5s B ’7O 82% U. S. GOVERNMENT BONDS (Bv United Press) NEW YORK. Tune 4.—(Decimals represent thirty-seconds) —Liberty—--3%s (32-47) 103.24 First 4(is (32-47) 103.25 Fourth 4(is (33-3*) 104. —Treasury—4(is. 3‘is (45) ’ 133.11 4%s (47-52) 112.4 3%s (43-47) 104.3 3%s (41-43). March 140.12 3%s (40-43). June 104.4 3%s (43) 104.13 3(is (46-49) 101.23 3s (51-55) 100.20 FEDERAL FARM LOAN BONDS (By Blyth & Cos.. Inc.) —June 4 Bid. Ask. 4s Nov. 1. 1957-37 101% 101 % 4s May 1. 1958-38 101% 101% 4(is. July 1. 1956-36 101 101% 4 (is. Jan. 1, 1957-37 101% 101% 4(is. May 1. 1957-37 101% 101% 4’,s. Nov. 1, 1958-38 102 102% 4 %s. May 1, 1942-32 101% 101% 4%5. Jan. 1, 1953-33 101% 101% 4 (is. Jan. 1. 1955-35 101% 10!% 4(is, Jan. 1 1956-36 101% 102% 4%5, Julv 1. 1953-33 101% 4%5. Jan. 1. 1954-34 101% 101% 4%5. July 1. 1954134 101% 101% ss, May . 1941-31 101% 102% ss. Nov. 1. 1041-31 101% 102% —Home Loan—4s. July 1, 1951 101.21 101.24 Federal Farm Mortgage Corporation 3 (4s. Mar 15. 1964-44 101.24 101.24 101.27 U. S. DOLLAR SPURTS ON LONDON EXCHANGE Gold Price Raised Ten Pence, Then Drops Cent to $34.76. By United Press LONDON, June 5. —The dollar strengthened sharply today after the British war debt note to the United States. The pound was $5.03%. The gold price was raised ten pence to 138 shillings, but nevertheless it dropped one cent to $34.76 because of the dollar’s strength. Yesterday’s price was fixed with the pound at $5.07. By United Press PARIS, June s.—The dollar weakened today with the franc at 15.16*4 to the dollar (6.601 cents a franc). The pound was weaker. Gold continued to flow to the United States. The Bremen will carry $3,000,000 in bullion tomorrow. 18 Dividend Changes Favorable NEW YORK, June s.—Favorable dividend changes last week numbered eighteen, two less than in the prvious week, and unfavorable changes numbered four against two, according to Standard Statistics Company.

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

PORKERS DROP 5 TOIO CENTS; VEALSSTEADY Cattle Market Irregular; Lamb Prices Move Sharply Lower. Heavy receipts on hand again at the Union stockyards today sent porker prices mostly 5 to 10 cents lower than yesterday’s average. Receipts were estimated at 11,000 against 9,000 for the previous session. The bulk, 160 to 250 pounds, was selling at $3.25 to $3.50, while heavier kinds, weighing from 250 to 350 pounds, sold at $3.45 to $3.55. Few choice kinds brought $3.60. Light slaughter pigs, scaling from 130 to 160 pounds, were salable at $2.15 to $2.65. Extremely light grades, weighing 100 to 130 pounds, cashed in at $1.40 to $1.90. Packing sows sold at $2.25 to $2.85. Holdovers, 811. Initial action in the cattle market was slow and steady, vith a few better weight steers strong to around 15 cents higher than yesterday’s close All other grades unchanged. Top on steers was SB. Receipts numbered 1,300. Activity was light in the veal market, with practically all classes steady at $5 down. Receipts were 1,000. Weak undertone prevailed in lamb trading, with spring classes moving sharply 50 cents lower. Other kinds were weak and stationary. Receipts were 1,000. Asking was strong on hogs at Chicago, with no early sales reported. Receipts were estimated at 32,000, included 12,000 directs; Holdovers, 4,000. Cattle receipts were 7,500; calves, 3,500; market unchanged. Sheep receipts, 6,000; market unchanged. ~ . Bulk. Top. Receipts. May 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 5. 3.25@ 3.50 3.60 11.000 Market. Lower. (140-160) Good and choice . . $ 2.40@ 2.65 —Light Weights—-(l6o-180) Good and choice ... 3.25 (180-200) Good and choice.... 3.30 Medium Weights—-(2oo-220) Good and choice ... 345 (220-250) Good and choice 3.45® 3.50 —Heavy Weights—-(2so-290) Good and choice ... 3.55® 3.60 (290-350) Good and choice 3.45® 3.55 —Packing Sows — (350 down) Good 2.75® 3.00 (250 lbs.) Good 2.50® 285 (All weights) Medium 2.25® 2.75 ,—Slaughter Pigs—-(loo-130) Good and choice ... 1.40@ 1.90 CATTLE • Receipts, 1,800; market, higher. Good and choice $ 6.75® 8.25 and medium 4.25® 6.75 (1.100-1,500) Good and choice 7.00® 9.00 Common and medium 5.25® 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 —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® 5 50 Cutter, common and medium 1.50® 2.50 VEALERS Receipts, 1,000; market, steady. Good and choice $ 4.50®' 5 00 Medium 3.00® 4.50 Cull and common 2.00® 300 —Calves— Good and choice 3.50® a 00 Common and medium 2.00® 3.50 —Feeder and Stocker CattleGood and choice 4.25® 5.(5 Common and medium 3.00® 4.25 (800-1.5001-Good and choice 4 25® a 75 Common and medium 3.00® 4.25 SHEEP AND ~AMBS Receipts, 1.000; market, lower. (Shorn basisi Spring lambs $ 7.00® 9.00 (90-lb. downt Good and choice 7.50® B n o 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) June 5 —Hogs—Receipts. 32.000. including 12.000 directs: strong weights about steady with yesterday; lights weak to lower: 220-350 lbs.. $3.40® 3.65; top. $3.65; 170-210 lbs.. $2.90@3 40; desirable light lights. $2.50®2.90: most pigs sl® 2: packing sows. $2.75: light lights. 140601 lbs., good and choice. [email protected]; lightweight, 160-200 lbs., good and choice. $2.65 @3.35: medium weights. 200-250 lbs., good and, choice. [email protected]: heavy weights. 250-350 lbs., good and choice. $3.40® 3.65: packing sows. 275-550 lbs., medium and choice. $2.50®3.15; slaughter pigs. 100-130 lbs., good and choice, [email protected].. Cattle —Receipth. 7,500: calves. 3,500: slow, steady market on better grade weighty steers and good and choice light and long yearlings: not much strictly grain fed beef in run: lower grade steers and yearlings wea: fresh receipts increased bv liberal holdovers from yesterday comprising lower grade steers: she stock and grassy heifers: most such offerings steady to weak on slow uneven market: earlv top weighty steers $9.35. with some held higher: most in-between grade light steers selling at $6.50 down: better grades $7 up: slaughter cattle and vealers: Steers. 550-900 lbs., good and choice. $5.50® 7.75; 900-1,100 lbs., good and choice. $5.75@9: 1.100-1,300 lbs., good and choice. $6.50® 10: 1.300-1.500 lbs., good and choice. $7.75® 10; 550-1.300 lbs., commond and medium. $3.25®7: heifers. 550-750 lbs., good and choice. $4.75® 6.50: common and medium. $2.50®4.75; cows. good. [email protected]; common and medium. s2®3: low cutter and cutter, 75c®$2: bulls, yearlings excluded, good,, beef. $2.75®3.50: cutter, common and medium. $2®2.85: vealers. good and choice. $4.50®5.25: medium. $3.75®4.50: cull and common. $2.50®3.75! Stocker and feeder cattle, steers. 550-1.050 lbs., good and choice. $4®5.50: common and medium, $2.25® 4. Sheep—Receipts. 6 000: better grade native spring lambs. 25 cents lower: lower grades and yearlings. 25 to 50 cents off: sheen steady’s top spring lambs. $9.25; bulk. $9 downward: throwouts. $5.50®7: top ewes. $2: bulk $1 down; slaughter sheep and lambs, spring lambs, good and choice. [email protected]: medium. $6.75® 8: ewes. 90-150 lbs., good and choice. $1.50 ®2 10: all weights, common and medium, 75f®51.75. FT. WANYE. Ind., June s.—Hogs—Market. 5 to 25 cents lower: 250-300 lbs.. $3.45; 200-250 lbs., $3.35: 160-200 lbs . $3.25; 300350 lbs.. $3.10: 150-160 lbs.. $2 50; 140-150 lbs $2.25: 130-140 lbs.. $2; 120-130 lbs., $1.75; 100-120 lbs.. $1.50: roughs. $2.25; stags, sl. Calves —$4.50. Lambs—sß.so. LAFAYETTE. ' June s.—Market. 5 to 10 cents lower: 250-300 lbs., $3.40: 200-250 lbs.. $3.30®3.35: 160-200 lbs.. $3®3.10: 140160 lbs.. 52.15®2.40; 120-140 lbs.. $1.65® 1.90; 100-120 lbs., $1.15®1.40; roughs. $2.50 down; top calves, $4; spring lambs, $7.50® 8.50. (Bv Times Special) LOUISVILLE, June s.—Cattle—Receipts. 150: market slow, about steady with yesterday’s decline quality plain; bulk common to medium grassy steers /and heifers. $3.75®4.75:- very little included of value to sell above $5.50; bulk beef cows. $2.25®3; pracstical top drvfeds. $3.50; low cutters and cutters. sl®2: sausage bulls mostlv $3. down; Ivulk light Hereford and Shorthorn Stockers, [email protected]. Calves—Receipts, 350; steady; bulk, $4 down. Hogs— Receipts, 1.300: market. 15 to 25 cents lower: most loss on weights from 185 lbs. down; 185-275 lbs.. $3.60: 275 lbs. up, $2.90: 160-185 lbs.. $3; 145-160 lbs.. $2.75: 120-145 lbs., $1.85: 100-120 lbs.. $1.55: sows. $1.45 Sheep—Receipts. 3.500; run includes 4 decks Tennessee Springers: bulk of run trucked in lambs; practically nothing done on the market: early indications weak to unevenly lower; some interests talking $1 lower on spring lambs; sellers generalllv asking 50 cents lower or up to $8.50- for bulk better trucked ewes and wethers.

Farm Real Estate Taxes Drop 13 Per Cent in Year

Average Decrease an Acre Is Shown for Sixteen States in U. S. By Times Special WASHINGTON, D. C., June 5. Farm real estate taxes an acre decreased 13 per cent on the average from 1932 to 1933 in sixteen states on which surveys have been completed by the bureau of agricultural economics, according to the United States Department of Agriculture. These states are widely scattered over the country, and from their previous farm tax records appear reasonably representative of the United States as a whole. Farm real estate taxes on all land in farms rose from 22 cents an acre in 1913 to a peak of 54 cents in 1929 for the sixteen states. This represented an increase of 148 per cent. Corresponding figures for the country as a whole are 24 cents and 58 cents, or an increase of 141 per cent. Year-to-year changes from 1929 to 1932 have been closely paralled for the average of the sixteen states on the one hand and the United States average on the other. So it is believed that the 13 per cent decrease for the sixteen states between 1932 and 1933 is a good indication of the average change to be expected for the country as a whole. Although farm taxes an acre declined 22 per cent in the period from 1929 to 1932, the tax burden of farmers rose sharply, because both the farm land values against which these taxes were levied and the incomes of farmers fell more rapidly than did taxes. For the United States, farm real estate values fell 37 per cent between the paymnt of the farmers’ 1929 and their 1932 taxes. Thus taxes in relation to land values increased by about a quarter from 1929 to 1932. In relation to gross farm income, farm taxes nearly doubled during the same period. Tax payments decreased in relation to land values from 1932 to 1933 for the first time since 19181919. Farm real estate values increased 4 pier cent for the country as a whole between March 1, 1933, and March 1, 1934. Farm prices of the things farmers sell rose about 11 per cent between the annual averages for 1932 and 1933. ‘BIG SHOT’OPERATORS NAMED ♦CRUSADERS’ 'Get Commodity Conscious’ Is Their Motto. By United Press LONDON, June s.—Names of some of America’s most prominent market operators—such as Ben Smith, Thomas Bragg and E. L. Cord—are being linked with activities of the “crusaders,” a London market group trading in commodities. The “crusaders” reportedly were formed by John Howeson, tin millionaire. with the idea of “doing something” for little known but worth while commodities. At the moment, shellac and black and white peppier are receiving attention from the group. Smith recently returned to his office in New York, after an extended tour, considerably impressed with the possibilities of the shellac market. Rumor has it that he was active in the shellac market while here. Cord, now center of rumors regarding kidnap threats against his family, laughed when told of rumors he was one of the crusaders. He said he was having a holiday “from all markets.” But the crusaders are continuing their efforts which have been spectacular in the last few months. Their motto reportedly is “get commodity conscious.”

"SHE'S DOING TINE cN.owl" says the Doctor / r * “but do not hesitate to telephone me at any hour of the day or night in case you Protected I INDIANA BELL TELEPHONE COMPANY

Cash Grain

INDIANAPOLIS The ) <ds for car lots of erain at the call of he Indianapolis Board of Trade, f. o. b. snipping point, basis 41% New Y Wheat—’w'eakV No. 1 red. 89®90c: No. 2 red. 87@S8c: No. 2 hard. 87®88c. Corn—Weak; No. 2 white. 51@53c: No. 3 white. 50®51c: No. 2 yellow. 48®49c; N6. 3 yellow. 47®48c: No. 2 mixed. 46® 47c: No. 3 mixed. 45®46c. Oats—Weak: No. 2 whte. 37@38c: No. 3 white. 36®37c. —lnspections Wheat—No. 2 red. 3 cars. Total. 3 cars. Corn—No. 3 white. 1 car: No. 6 white 1 car: No. 2 yellow. 5 cars: No. 3 yellow. 12 cars: No. 4 yellow. 5 cars: No. 5 yellow. 2 cars: No. 6 vellow. 1 car. Total. 27 cars. „ „ ... Oats—No. 1 white. 1 cars: No. 2 white. 7 cars: No. 3 white. 2 cars: No. 4 white, 4 cars. Total. 14 cars. Laical Wagon Wheat City grain elevators are paying 86 cents tor 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. 98%c; No. 3 mixed 97%c. Corn—No. 2 mixed, 56’ >c; No. 2 yellow. 56@57c; No. 2 yellow, <ce, 5614 c: No 3 yellow. 56%c; No. 4 yel. iw, 56%c; No 2 white. 60(4®61c: No. 6 \ hite 58c; sample grade white, 56c. Oats—No. 2 white, 43@44c; sample grade whites. 40%c. Rye—No sales. Barley—Sales. 96c; quotable. 55c®$l. Timothy—s7.so(s:B. Clover —Seed. $10.25@T4. Cash provisions: Lard, $6.37; loose, $5.78; leaf. $5.62; bellies, $8.75 TOLEDO, June 4.—Grain close: Grain In elevators, transit billing: Wheat—No. 2 red. 99%c@ $1.00%. Corn—No. 2 yellow, 57%@58%c. Oats—No. 2 white, 45% @46%c. Track prices, 28’ 2 c rate: Wheat —No. 1 red. 96®96%c: No. 2 red. 95®95%c. Corn—No. 2 yellow. 53%@54%c; No. 3 yellow, 52%@53%c: No 4 yellow, 51%® 52%c. Oats —No. 2 white. 42@43%c: No. 3 white, 41%® 43c. Seed close—Clover— Cash. $8.25. Alsike—Cash, 58.50. r Produce Markets Delivered in Indianapolis prices: Heavy hens. B%@9c; Leghorn hens. 6c; 1934 boilers 1% lbs. and over 16c; Leghorn boilers 1% lbs. and over, 14c; bareback boilers 11c old roosters, 3c; 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. w'ill be tpade. Butter—No. 1, 27® 28c; No. 2, 25@26c. Butterfat. 20c. Quoted by Wadley Company. (By United Press) CHICAGO, June s.—Eggs—Market, easy; receipts, 29,850 cases; extra firsts, 15%c; fresh graded firsts, 14® %c; current receipts, 13® 14c; dirties. No. 1, 12( 2 c; No. 2, 11 %c; checks. No. 1,12 c; No. 2 ll%c. Butter—Market, easy: receipts, 15.611 tubs; extra firsts, 90-91(2 score, 23® 23%c: firsts. 88-89(2 score, 22(4@22%c; seconds, 86-87% score, 21®,21%c; extras, 92 score, 24 I . ) c; specials. 24%®25 , 4c; standards. 24c. Poultry—Market, steady; receipts. 42 trucks; hens. 12c; geese, 9c; broilers. White Rock 18® 19c; turkeys, 15c; Leghorns. 8® 9c: barebacks. 16®,18%c; ducks, 9® 10c; fryers, colored, 19c; Leghorn broilers. 16® 18c; springers. 22®23c: old roosters. 7%c Cheese—Twins, 13%@13%c; Longhorns. 13%®14c: Daisies, 13%®14c. Potatoes— Old stock, supply moderate; demand and trading moderate; market, steady; Idaho Russets, $1.55fi1.65. New stock, supply liberal: demand and trading moderate; market, steady; Alabama Triumphs, $1.55® 1.65; Texas Triumphs, $1.55®1.60; Louisiana Triumphs. $1.50® 1.65; Mississippi Triumphs. sl.o® 1.60. Arrivals. 65; on track. 317; shipments. 628. CLEVELAND, June s.—Butter—Market, barely steady; extras, 28%c: standards. 28c. Eggs—Market, barely steady; extra white, 14c; current receipts. 13%c. Poultry —Market, steady; colored fowl. 6 lbs. and up. t-ic; broilers, colored, ordinary. 23®. 24c; old roosters. 9c: ducks, white. ,5 lbs. and up, 14®15c; broilers, fancy Rocks. 26® 27c: broilers, Leghorn. 20® 21c. Potatoes—South Carolina. $3.50 per bbl.: Alabama whites, $2.10®,2.15 per 100-lb. sack. NEW June s.—Potatoes, steady: southern, 50c®$3 bbl.; Miine $1.35®2.Y5 bbl. Sweet Potatoes Steady; Jersey basket. 60c®2.25; southeijp basket. 60® 75c. Flour—Dull; patents $7.50® 7.75 bbl. Pork—Quiet. Mess— $20.25 bbl. Lard—Easy. Middie West Spot, $4.10®4.20 per 100 lbs. Dressed Poultry—Steady; turkeys, 13@23%r, chickens. 18®29%c; broilers. 19®29Vic, capons. 28®34c: fowls. 19®29%c: capons. 28® 34c; fowls. 12® 17c; ducks. ll@14c; Long Island ducks, 14%@ 15c. Live Poultry—Steady; geese, 6®7c; turkeys, 10@17c; roosters, 9c: ducks. 8® 12c: fowls 13@15c: capons. 22c: broilers, 14®26c. Cheese—Firm: state whole milk fancy to specials. 8® 19c: Young America. 14® 14%c. Butter—Receipts. 20,367 packages; market, easier; creamery, higher than extras 24’i@25c: extra 92 score. 24c: first 90 to 91 score, 23%@23 3 4C; first 88 to 89 score, 22%c: first 88 to 89 score. 22% ®23c; seconds. 22® ’ic; centralized 90 score 23%c: centralized 88 to 89 score. 22%® 23c; centralized 84 to 87 score. 22@22%c •Jggs—Receipts, 32,834 cases; market irregular: special packs, including unusual hennery selections 18%®21c: standards 17%®18c: firsts. 16c: seconds. 15c; mediums, 14®14%c: dirties. 14®14%c: checks. 13%@14c; storage packs. 16%® 16%c. Announce Loan Payments By Times Special NEW YORK, June 5.—A total of $12,940,056 of the $73,691,368 in loans trade by the Railroad Credit Corporation has been repaid by borrowing carriers either through cash or credits up to June 1, it has been announced, leaving a total of $60,751,312 in outstanding loans on that date.

PAGE 15

MAJOR GRAINS WEAK DESPITE BULLISH NEWS Passage of Commodity Bill by House Influences Future Prices. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO, June s.—Passage late yesterday of the commodity exchange bill by the house of representatives tempered the bullish influence of further drought reports from the northwest today and wheat prices slipped ’t the opening of the Board of Trade. The principal grain opened % to % cent lower, corn was unchanged to off % cent, oats w’ere % cent lower to Vs cent higher, and rye was Vi to % cent off. The trade was disappointed at the unexpected introduction of the bill to regulate commodity exchanges since it had been believed there would not be time in this session to consider it. Dry weather news from the parched northwest remained unchanged. Liverpool wheat opened 1!4 cents lower, about as expected. Chicago Futures Range —June 5 * • Prev Wheat— High. Low. 10.00. close. Julv 96% 95% .96% .96% Sept 97% .96% .97% .97% Dec .99 .97% .99 .99V, Corn— July 54% .53% .53% .53% Sept 56% .55% .55% .55% Dec 56% 56% .56% ... Oats— July 41% .40% .41% .41% Sept 41% 40% .41% .41% Dec 42% 42 .42% .42% Rye— July 60% .59% .60% .60% Sept .62% 61% .62% .62% Barley— July 48% .51 Sept 50% ... CHICAGO PRIMARY RECEIPTS —June 4 Bushels Today Last Week Wheat 742,000 537,000 Corn 435.000 580,000 Oats 175.000 164.000 In the Cotton Markets —June 4 CHICAGO High. Low. Close. Jan 12.12 12.09 12.09 Mar 12.26 12.17 12.18 i May 12.31 July 11.78 11.69 11.71 Oct 12.03 11.91 11.93 Dec 12.12 12.04 12.06 NEW YORK Jan 12.10 12.03 12.04 Mar 12.20 12.11 12.14 May 12.20 12.22 12.23 July 11.73 11.63 11.64 Oct 11.95 11.85 11.86 Dec 12.06 11.96 11.98 NEW ORLEANS | Jan 12.00 . Mar 12.20 12.11 12.11 May 12.21 | July 11.70 11.60 11.61 Oct 11.93 11.83 11.84 ] Dec 12.04 11.95 11.96 N. Y. Coffee, Sugar Markets COFFEE —June 4 —Santos— High Low. Close. March 1 11.52 11.50 11.50 May 11.58 Julv 10.98 10.90 10.90 September 11.28 11.29 11.29 December 11.48 11.40 11.41 —Rio— January 8.65 March . 8.70 May 8.81 8.77 8.77 July 8.46 September 8.61 8.52 8.52 December 8.72 8.62 8.62 SUGAR High. Low. Close. January 1.70 1.69 1.69 March 1.76 1.73 1.73 May 1.77 Julv 1.55 1.52 1.53 September 1.61 1.57 1.58 December 1.70 1.66 1.67 INCOME~GAM\r REPORTED United Gas Balance for 12 Months Totals $3,188,167. By Times Special CHICAGO, June s.—Report of the United Gas Corporation and its subsidiaries for the twelve months ended April 30 shows a balance carried to surplus of $3,188,167, equivalent to $7.08 a share on the $7 preferred stock. The report shows a decided gain over that for twelve months ended Dec. 31, when the balance was $2,267,146, equal to $5.04 a share.