Indianapolis Times, Volume 46, Number 26, Indianapolis, Marion County, 11 June 1934 — Page 8

PAGE 8

Wall Street Improvement in Credit Situation Encouraging Trade Factor. by RALPH HENDERSHOT Himes Special Financial Writer OF the fundamental business conditions of late in this country none has been of greater importance than the improvement which has taken place in the matter of loans and debts. No doubt few people realize the extent to which these have been reduced or have stopped to consider the greater degree of

sound ness their reduction brings to the country as a whole. Federal reserve member banks in ninety 1 e a ding cities in the United States report a reduc t i o n of $376,000,000 in such loans in the first five months of this year. This is with-

Ralph Hendershot

in $93,000,000 of the reduction for the full year 1933. In other words, the improvement in business and other factors have made it possible for people to get out of debt at a remarkable rate. It will be recalled that during the deflationary period immediately preceding the inauguration of President Roosevelt the country was going downhill very rapidly. The decline in prices was far outstripping the liquidation of loans, and the nation was rapidly getting into a completely insolvent condition. Had not steps been taken to correct the situation it is rather obvious that a money as well as an industrial panic would have developed. Certainly our banks and other important institutions were in at bad way. n u tt BUT whether or not we approve of the major portion of the steps which have been taken to bring orderliness out of chaos, the country has been given a breathing spell. And during this spell people have been exceedingly busy fortifying themselves against a possible resumption of the decline, so that today we find the position of the individual and corporation much sounder than at any time since the depression took place. Several things have contributed toward this betterment. Os prime importance among these was the conversion of mortgages held by individuals and institutions on private homes into bonds of the Home Owners’ Loan Corporation. The holders of these mortgages were helped far more than the home owners, and the banks and other institutions were among those to derive the greatest benefit. Not only did they get back the face value of their mortgages, but those who held the bonds now have a handsome profit in addition. This thawed out a number of frozen loans. The huge sums of money spent by the government likewise helped to make individuals, corporations, municipalities and states more solvent. In addition to making it possible to pay off private debts this money enabled people to pay taxes on property which might otherwise have been lost or have been so hopelessly involved that the situation never could have been straightened out. The low rate of interest at which municipalities and other governmental units can borrow money today attests their improved credit position. u n u 'T'HE improvement in business and the consequent advancement in the market prices of securities also have made it possible to get out from under on a great many loans which have been in the “doubtful” column. And the fact that the improvement was used to such good purpose in correct, ng a bad credit situation is encouraging. It is safe to say that the really important betterments in the country from a trade standpoint have taken place underneath the surface. Given a reasonable amount of confidence that no outside interference is going to impede progress business could go ahead in a big way. Perhaps after congress adjourns this confidence will be forthcoming. Labor troubles and the prospects of inflation are probably the only important flies in the trade ointment at this time.

N. Y. Coffee, Sugar Markets COFFEE Santos High. Low. Close. March 11.38 11.36 11.36 May 11.47 '1.43 11.43 July • 10.80 10.74 10.70 September 11.17 11.08 11.11 December 11.32 11.22 11.26 , Rio January 8.55 March 8.6? 8.60 8.60 May 8.68 July 8.44 8.40 8.40 September 8.42 December 8.50 Surer January 1.73 1.72 1.72 March 1.79 1.78 1.78 May 1 83 July 1.57 1.54 R September 1.63 1.61 1.61 December 1.72 1.71 1.71 In the Cotton Markets —June 9 CHICAGO _ High. Low. Close. January 12.55 12.52 12.52 March 12.67 12.62 12.62 May 12.76 12.70 12 71 July 12.19 12.10 12.12 October 12.42 12.34 12.35 Decembrt 12.53 12.47 12.47 NEW YORK January 12.48 12.44 12 44 March 12.59 12.55 12.57 May 12.67 12.63 12.66 July 12.09 12.03 12.06 October 12.33 12.06 12.30 December 12.44 12.38 12.42 NEW ORLEANS January 12.46 12.43 12.43 March 12.54 May 12.64 July 12.10 12.03 12.07 October 12.31 12.24 12.27 December 12.41 12.36 12.39 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 Price* 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 lufnp 5.5005.75 Indiana egg 6.2505.50 Indiana mine run 5.0005.25 Kentucky lump 7.00 Pocahontas lump 8.25 Pocahontaa egg 8.25 Pocahontas forked lump 9.25 Pocahontaa mine run 7.25 New Rirar smokeless 8.25 West Virginia lump 6.75 West Virginia egg 6.50 Island Creek 7.00 _ Extra -tharge of 50c a ton for wheeling toaif and 41 too lor coal carried to bin.

STOCKS BREAK AFTER AUBURN OMITSOIVIDEND Cancellation of Quarterly Payment Surprises Wall Street. BY ELMER C. WALZER United Press Financial Editor NEW YORK, June 11.—Omission of the quarterly dividend of 50 cents by Auburn Automobile Company was a complete surprise to the stock market today. Auburn promptly broke 5% points to 31, anew low for the year, and the entire list eased to fractional losses. Selling in Auburn dried up before the end of the third hour, however, and the issue rallied fractionally from the low. The whole market steadied and held at levels fractions to a point under Saturday’s close. Automobile issues were the weak spots along with Auburn, while steel issues were steady at small declines. Chrysler lost a point and others fractions to a point. Reductions of prices of automobiles announced by several companies were seen as admission sales were not up to expectations. Rails were off as much as a point. Coppers and other mining issues were firm. Utilities were down small amounts. Industrials generally were easier. Trading continued light in the afternoon. Money and Exchange INDIANAPOLIS BANK CLEARINGS —June 11— Clearings 51.960,000.00 Debits 4,708,000.00 FOREIGN EXHANGE (Bv Abbott. Hoppin & Cos ) —.Tune 9 Close. Sterling. England $5.0634 Franc. France 066214 Lira. Italy 0866% Belgias. Belgium 2343 Mark. Germany 3870 Guilder. Holland 6805 Peseta. Spain 1372 Krone, Norway 2546 Krone. Denmark 2263 Yea. Japan 3005 Treasury Statement i By United Press) ■WASHINGTON. June 11.—Government expenses and receipts of the current fiscal year to June 8, compared with the corresponding period of the previous fiscal year: This year. Last year. Expenses $6,539,407,091.20 $4,792,665,532.27 Receipts. $2,823,020,503.95 $1,847,148,086.95 Deficit... $3,716,386,587.25 $2,945,517,445.32 Cash balance $1,950,565,625.61 Investment Trust Shares (Bv Abbott. Hoppin &'Co.) —June 9 Bid. Ask. American Bank Stocks Corp $ 1.15 $ 1.20 American & General Sec A.. 4.50 6.00 American & Inv Tr Sh 1.7$ ... Basic Industry Shares 3.33 3.40 British Type Inv Tr Sh 45 .50 Collateral Trustee Shares A . 4.62 4.75 Corporate Trust Shares (old) 2.12 2.18 Corporate Trust Shares (rew) 2.23 2.37 Cumulative Trust Shares ... 4.00 4.10 Diversified Trust Shares A... 6.25 Diversified Trust Shares B .. 7.75 7.85 Diversified Trust Shares C... 3.10 3.15 Diversified Trust Shares D .. 4.62 4.75 First Insurance Stock Corp.. 1.22 1.78 First Common Stock Corn ... .65 69 Fixed Trust Oil Shares A.... 8.25 Incorporators Investments .. 17.75 19.25 Land Bank Bond Shares 1.18 1.31 Low Priced Trust Shares 6.05 6.20 Mass Inv Trust Shares 18.75 20.25 Nation Wide Securities 3.62 3.75 North Am Trust Shares (53). 1.90 1.95 North Am Trust Sh (55-561.. 2.36 2.40 North Am Trust Shares (58). 2.33 2.37 Selected American Shares . 2.42 ... Selected American Shares Inc 1.10 1.19 Selected Cumulative Shares . 6.27 ... Selected Income Shares 3.26 3.75 Std American Trust. Shares A 2.90 2.95 Trust Shares of America 2.70 2.75 Trustee Std Oil A 5.81 5.91 Trustee Std Oil B 5.25 5.40 U S Electric Lt & Pwr A 12.50 12.87 Universal Trust Sha’-es ...... 2.08 2.18 Daily Price Index ißy United Press) NEW YORK, June 9.—Dun & Bradstreet’s daily weighted price index of thirty basic commodities compiled for the United Press: (1930-1932 Average. 100) Today- 112.37 Yesterday 112.23 Week ago 112.25 Month ago 108.31 Year ago (June 10) 92.63 1934 High (June 5) 112.94 1934 Low (Jan. 3) 101.05 Copyright. 1934 bv Dun & Bradstreet Inc.

Bright Spots ■■ (Bv Abbott. Hoppin & Cos.) Directors of the Broad Street Investing Company. Inc., declared a dividend of 20 cents a share on the capital stock, payable July 1 of record June 18. Capital Administration Company, Ltd., directors declared the regular quarterly dividend of 75 cents a share on the company’s preferred stock, series “A,” payable July 1, of record June 18. Continental Motors Corporation repor'. for the six months ended April 30 showed a net loss of $905,940 after charges as empared with $1,432,918 in the corresponding six months a year previous. General Gas and Electric, Corporation and subsidiaries in twelve months ended March 31 had a net loss of $338,131 after all charges. Baltimore & Ohio Railroad Company car loadings in May totaled 183.736 cars, a sharp increase over the 161,226 cars In April and 153.866 cars In May. 1933. Pioneer Gold Mines May gross earnings totaled $258,500 and net earnings $187,100 after charges as compared with $251,000 gross and $183,000 net in the same month last year. Canadian car loadings in the week ended June 2 totaled 44.614 cars, an increase of 5,728 cars over the like 1933 week.

TWO AUTO COMPANIES ANNOUNCE PRICE CUTS Studebaker, Dodge Take Similar Action of Other Firms. By Times Special CHICAGO, Pune 11.—Announcement of reduction in prices by Studebaker of from $75 to $175 and by Dodge Brothers up to $45 were made this week. The cuts followed reduction recently announced by Plymouth, Chevrolet, Pontiac and Oldsmobile. Along with the announcement of the reductions came the report of the Dodge Brothers Company for the first five months of the current year stating that 98,479 units had been distributed against a total of 49,893 units in the corresponding 1933 period. Chrysler Motor Car Company reported production in May totaled 8,079 units, slightly under the April total, but more than three times the production in May last year. U. S. DOLLAR STEADY Gold Price Advances Two Cents; Sterling Bate Gains. By United Press LONDON, June 11.—The dollar was steady today with the pound at $5.0614. Gold rose 2 cents to $34.88, with the sterling rate 137 shillings 914 pence, up 1 penny. The pound was also at $5.0614 when Saturday’s rate was fixed. By United Press PARIS, June 11.—The dollar was weaker today. Francs were 15.1014 to the dollar (6.623 cents a franc,). -

New York Stocks — -“ — —” (Bv Abbott. Hoppin & Co.I

AVERAGE STOCK PRICES FOR SATURDAY Net High. Low. Close, change Thirty industrials 99.40 98.41 98.90 +.46 Twenty rails 45.47 45.13 45.31 +.22 Twenty utilities 24.21 23.96 24.05 +.Ol Forty bonds .... 94.65 +.27 Ten first rails .... 101.37 +.02 Ten second rails •••• 81.80 +.70 Ten utilities •••• 98.52 +.16 Ten industrials •••• 96.92 +.22 + Up.

—June 11— Prev. Oils— High. Low, 10:30. close. Amerada 54% Atl Rfg .. ... 27Vi 27% Barnsdall 8 Vi B'A Consol Oil 11% Cont of Del 21 % 21 7 i Houston (new).. 4% Mid Cont Pet 14 14 Ohio Oil Vi Pet Corp ... •• 12 Phillips Pet 19% 19% Plymouth Oil Pure Oil t 11 Va Royal Dutch 25 Sbd Oil 35% Shell Un 8% 8% Skelley Oil lg% Soc Vac IBv S O of Cal 36Vi 37 S O of Kan 38*4 SOof N J 46 Vi 46 46 46 Sun Oil 62/a Texas Corp 25 5 /s 25 j 2 Tidewater Assn 13 2 Un Oil of Cal 17 17 Vi Steels— Am Roll Mills 20 Vi Beth Steel 34% 34% Byers AM 23% 23% Col Fuel & Iron 6% 6 Cruc Steel 25 2 Ludlum Steel ' ••• 15% 15% McKeesport Tin 87% Mid Steel 13% Natl Steel 42Vi Otis Steel ■ 5Vi 5Vi Rep Iron & Steel 17% 17% 17% 18 Rep Ir & Stlpfd 49% 50 U S Pipe & Fdy .• 24% U S Steel 42 41% 41% 42% U S Steel pfd.. ..• , 98% Warren Bros 9% 9Vi Youngstn S & T ... ••• ••• 22 Motors— Auburn 36% 36% Chrysler 42% 42% 42% 43% Gen Motors ... 33% 33% 33% 337a Gen Motors pfd 101 Graham Mot ••• ... 2% Hudson 14% 14 14 14 K u .?l T,ck::::::: ::: ::: +’ Nash 18% Packard 4 4 Reo 3% Studebaker 5 1 /* 5% Yellow Truck 4% Motor Access— Bendix 16 16% Bohn Alum 56% Borg. Warner 23% Briggs 17,8 Buad Wheel ...... ... ... ■ 3V4 Eaton Mfg ...... .. ... 18% 18% Elec Auto Lite 23 Vi 23 % Houdaille (A) 5 Mullins Mfg..-. 12 Mullins Mfg pfd 37 Murray Body 7% Stew' Warner 7% Timken Roll 30% 30 Timken Det Axel .. ... 7% 7% Mining— Alaska Jun ... 20% 20% Am Metals - • 4Vi Amer Smelt ...... .. 41 41% Anaconda 15% 15% 15% 16% Cal & Hecla ... . . • 4% Cerro de Pasco.. 37V, 37% 37Vi 37% Dome Mines 43 42% Granby 11% 11 11 11% Gt Nor Ore 12% Howe Sound 54 V 4 54 Ins Copper 4% Int Nickel 26% 26% Isl Creek Coal 21% ... Kennecott Cop 22% Mclntyre Mine 48% Noranda Cop 45% 44% Park Utah .■ ■ 4% 4% Phelps Dodge... 17% 17% 17% 17% St Joe Lead 20Vi IT S Smelters.. 126 126 Vanadium ... 22% 22% Amusements— Crosley Radio 14% Fox Theater 14% Loews Inc 32% 32% 32% 32% Radio Corp ... 7% 7% KRO 2% 2% Warner Bros 6% Tobaccos— Am Sum Tob... .. ... •• 18 Am Tob (A 1 73% 72% Am Tob (B) 74% Gen Cigars 39% Ligg & Myers B 97 Lorillard 19 Reynolds Tob B 45% 45% 45% 46% Rails— Atchison 58% 57% Atl Coast Lines 41% 42% B & O .. 25 25 Vi Can Pac 15% 15% 15% '15% Ch & Ohio 47 Chi & Gt W pfd 8% C M & St P 51/4 5% C M & St P pfd 8% 8% Chi N W 10% IOVi Chi N W pfd 19 Dela & Hud ... 55 55% Del Lac & W 24 24 Vi Erie 30% Erie pfd 24% . Grt Northern pf 22% 22Vi 111 Central 26% 26% K C Sou 14% Lehigh Valley 16% Lou & Nash 55 M K & T 9% 9% MK & T pfd 24% 24% Mo Pac .......i 4 Mo Pac pfd 6 N Y Cent 30 29% 30 31 N Y Chi & St L 21% N Y C & St L pf 36% N Y New' Haven 16% 16% N Y Ont & West 7% Nor Pac ‘25% 26% Penn R R 31 30% 30% 31% Reading 47% 47% Sou Pac ... 24% 25 Sou R R 27% 27 27 27% Union Pac 124 Wabash 3% West Maryland 13 13% Equipments— Allis Calmers 16% 17% Am Brake Choe 28% Am Car & Fdy 22% 22% Am Loco 27 Am Mach & Fdy 16 16 Am Steel Fdy 17 17 Bald Loco 11% 11% Bald Loco pfd ... ... 46 Burroughs 14% 14% 14% 14% Case J T 55 55% Cater Tract 27% Deere &Cos 21% 21% Elec Stor Bat 43 Fostor Wheeler 16% Gen A Tk Car 37 ! /2 37% Gen Elec 20% 21 Gen R R Sig 33 Ingsol Rand 61 61 Int Bus Mach 138% Int Harvester .... ... 32% 33% Natl Cash Reg 17% 17% Pullman Inc 52 Vi 52% Rem Rand 10% West Air B : 29 Westingh Elec .. 36% 36% 36% 36% Utilities— Am & For Pwr 8% Am Pow & Lit .. 7% 7% 7% 7% AT&T 118 Am Wat Wks 19% 20 Brook Un Gas 64 Col Gas & Elec . 13% 13% 13% 13% Col G & E pfd 74% ... Com & Sou [. 7V4 2% Consol Gas ... 32% 33 Vi Elec Pwr & Lit 6% 6% 6% 6% Int Hydro Elec. .. ... .. 7Vi Int T & T . 12% 12% 12% 13 Lou G & E “A”. .. ... .. 17 Nat Pwr & Lit.. 10% 10% 10% 10% North Amer 18 V 4 18 Vi Pac G & E 18 17% Peoples Gas 32 Postal Tel pfd 20 20% Pifb Service N J 37% So Cal Edison 16 15% Std Gas 11% 11 Std Gas pfd 12% Stone & Web 7 7% United Corp 5% 5% Un Gas Imp 16% 16% Ut Pwr & Lit ‘A’ 33 West Union ... 47V4 47 47 47% Rubbers— Firestone 14% ... Goodyear ... 30% Kelly Spring 2% U S Rubber 20% 80% U S Rubber pfd 49% 49% 49% 49V* Miscellaneous— Am Bank Note ... ... -22 21% Am Can 97% 98% Anchor Cap 20% Brklvn Man Tr 49% Conti Can .. 78% Crown Cork 28 Curtis Pub 23 23% Curtis Pub pfd 81 Vi Eastman Kodak 97% 98 Gillette 11 11 Gwens Bottle 78 Foods— Am Sugar, 61 60% 60% 60% Armour “A" 6% 6% Beatrice Cream. 17 16% 17 16% Borden Prod 25% 26’i Cal Packing 31% Coca Cola 125 Cont Bak ‘A’ 9% Corn Prod ... 68 67% 67% 68% Crem of Wheat 33% Cuban Am Sug 7% Gen Goods 32% 33 Gold Dust 20 20% G W Sugar ... 31% 30% 30% 31% int Salt 29% Loose Wiles 40% Natl Biscuit 36% 36% Natl D Prod .. 18 17 7 /* 18 18% Purity Bak 4 S Porto Rico Sug 34% Spencer Kellog 21% Std Brands 20% 20% Un Biscuit ... ... 25% United Fruit 74% 75 Ward Bak A..... 9 Wrigley 63 Retails Stores— Asso Dry Goods. 13% First Natl Stores .. ... ... 64 Gimbel Bros 4% Hahn Dept Sts.. 5% 5% 5% 5% Jewel Tea 48 Kresge S S 18% 18% Kroger Groc ... 30% Macy R H 43% 43% Marshall Fields 16% May Dept St 39% Mont Ward 28% 28 28 28% Natl Tea 13% Penney J C 58% 58% Safeway St 49% 50% Sears Roebuck 43% 44% Wool worth 50% 51 Aviation— Aviation Corp... .. ... 7% 7% Curtiss Wright 3% 3% Curtiss Wr A 11 11% Douglas Air ... 21% 22 Nor Am Av 4% 5 Speery Corp 91/4 9% United Aircraft. 21% 21% 21V* 22 Wrigt Aero 53% Chemicals—--Air -Reduction M -m . M - #

THE INDIANAPOLIS TIMES

Allied Chem 140% Am Com Alcohol 38% 38 38 37% Col Carbon 70% 70% Com Solvents .. 24 23% 23% 24% Dupont 89% 89% 89% 90% Freeport Tex ... 41 40% 40% 41% Liquid Carb .... ... 29% 30 Math Alkali 31% 31V* 31V4 31% Montosonta Ch'. 44% 44% 44% 44% Natl Dis (new).. . .. ’26% 26% Schenelev Dist . 31% 30% 30% 31 % Tex Gulf Sulph 35 35% Union Carbide 41% 42 U S Indu Alcohol 43% Drugs— Coty Inc 5% 5% 5% 6 Lambert 17% Lehn & Fink 22 Un Drug 16% 16'% Zonite Prod 5% Financial— Adams Exp 9% 9 9 9% Allegheny Corp.. 32% 2% 3 Am Int Corp 8% 8% Lehman Corp ... .. 69% Transamerica .. 6% 6% 6% 6% Tr Conti Corp 4% Building— Am Radiator.... 14% 14V4 14% 14% Gen Asphalt 193, s Johns Manville 50% 51% Libby Owens Gls 32 Otis Elev 15% 15% Ulen Const ... 2% 2% Household— Col Pal Peet 14% 1514 Congoleum 27% 27% Kelvinator 18% 18% Mohawk Carpet 19 Proc & Gamble 341/. Simmons Bed 1734 1734 Textiles— Am Woolen .... .. ... . 12 Belding Hem i2V a 12% Celanese Corp 27 27% Collins Aikman ini/- 19' Gotham Hose % Indus Ravon .. 25% 25% 25% 25% New York Curb (By Abbott Hoppin & Cos.) —June 9 Closel Close. Alum Cos of Am 70 I—;S r. ETAO R Wa Am Cyanide B 18% Gulf Oil of Pa 68% Am Gas & El.. 25% Hiram Walker.. 39% Am Superpower 2% Hud Bay Min.. 13% Ass Gas & El.. % Humble Oil ... 45 Atlas Corp 11 Vi Imperial Oil Ltd 15V4 Can Marc 2V4 Int Petrol .... 28% Carrier Corp... 8% Lake Shore Min 53% Cities Serv 2%!Lone Star Cas. 5% Common’th Ed. 50%)Natl Bellas Hess 3Vi Consol G of B 65 INewmont Min.. 62% Cord Corp 5 Nia Hud Pwr... 5% Creole Petrol. 13%iPenn Road 2% Deere &Cos 21V4 St Regis Paper 3% Distillers Corp. 17 ;Sal Creek Prod 6% Dow Chem 90 Sherwin Wms. 67 El Bond & Sh.-. 15%5td of Ind... 27% Fisk Rubber ... 13%|3td of Ky 16Vi Ford of Can A 21%|recjinicol6r Ind. 17 Ford of Euruope B%lTeck Hughes G. 7 Gen Aviation . 4VijCJn Gas 2% Glen Alden Coal 17 |Un Pwr & Lt A 3 Wright Harg M 10

Chicago Stocks (By Abbott. Hoppin & Cos.)

—June 11— High. Low. 11:30. Berghoff 7% 7% 7% Bastian-Blessing ... 6 Bendix Aviation 16% 16 16 Borg-Warner 24 23% 23% Butler Bros 10 9% 9% Cent & So West 3% Chicago Corp com 2% Cities Service 2% 2% 2% Commonwealth Edison.. . ... 50% Cord Corp 5 4% 4% Chicago Ribbon 14 Electric Household 15% Libbv-McNeil 5% Marshall Field 16% 16% 16% Middle West Utilities ... % National Standard 26 Prima Cos 8% Public Service N P 17% Swift & Cos 17 16% 16% Swift International ... 17 16% 16% Utah Radio 13. Utility & Ind 1% Utility & Ind pfd 3 3 * Vortex Cup Cos 14% Walgreen Cos.. Com 28% Zenith Radio 3%

Bond Prices (By Fenner & Beane) - " - 1 11

—June 11High. Low. 10:30 Aelleg Corp 5s ’SO 39% Am&For Pwr 5s 2030 ... 54 3 k AT&T db 5s ’65 108% 108% 108% Atchison gen 4s ’95...1023/ s 102% 102% B&O cv 4%s ’6O 67 66% 67% Beth Steel 5s A ’36 103 102% 103 Brazil 6%s (26) ’57 24% Can Pac 4s 833/ 4 83% 83% ChMStP&P ad 5s A 2000 14% 14'- 14% ChMStP&P rs ’s A ’75 44 43 3 % 43% Cons Gas NY 4%s ’57 104% Erie RR rs 5s ’67 74% French 7s ’49 181 180% 180% Goodyear 5s ’57 99 98% 99 Gt Nor 4%s D ’76 77% Gt Nor 7s A ’36 93% Int T&T db 5s ’55 . 64% 64'% 64% McKees&Robb 5%s 'SO. 83% 83 83 Nat Dairy db 5%s '48.. 363/i 36% 363/ 8 NY Cent 4%s O 2013.. 77% 77 77 Nor Am 5s ‘6l 88% 88 88 Para Pub 5%s 'SO .... 55 53% 55 Penn RR 4%s D ’Bl 98 3 / Poland 7s ’47 11% 110% 111% Royal Dutch 4s ’45...132 131% 131% Texas Corp 5s ’44 102% 102% 102% Un Pac Ist 4s ’47 ... 106% 106% 106V* US Rubber 5s A ’47 .. ... 85% Vanadium 5s ’4l 82% 81 81 Western Un 5s ’sl 87% U. S. GOVERNMENT BONDS (By United Press) NEW YORK. June 9.—Closing liberties. (Decimals represent thirty-seconds.) Liberty 3%s (32-47) 103.28 First 4%s (32-47) 103.20 Fourth 4%s (33-38) 103.27 Treasury 4%5-3%s (45) 103.14 4%s (47-52) 112.15 3%s (43-471 104.12 3%s (41-43) March. 104.27 3%s (43) 104.29 3%s (46-49) 101.31 3s (51-55) 100.21 FEDERAL FARM LOAN BONDS (By Blyth & Cos.. Inc) —June 9 Bid Ask 4s Nov. 1, 1957—37 100%" 101% 4s May 1, 1958—38 100% 101% 4%S July 1, 1956—36 100% 101% 4%S Jan. 1, 1957—37 100% 101% 4%s May 1, 1957—37 100% 101% 4%s Nov. 1, 1958—38 101% 102% 4%s May 1, 1942—32 100% 101 4%s Jan. 1. 1943—33 100% 101 4%s Jan. 1, 1953—33 100% 101% 4%s July 1, 1953—33 100% 101% 4%s Jan. 1, 1955—35 100% 101% 4%s Jan. 1, 1956—36 101% 102V* 4%S July 1, 1953—33 100% 101 % 4%s Jan. 1. 1954—34 100% 101% 4%s July 1, 1954—34 100% 101% 5s May 1, 1941—31 101 101% 5s Nov. 1. 1941—31 101 101% Home Loan 4s July 1, 1951 101.11 101.13 Federal Farm Mortgage Corporation 3%s March 15, 164—44 101.27 101.31 The two latter quotations are in thirtyseconds. New York Bank Stocks (By Abbott, Hoppin & Cos.) —June 9 , Bid. Ask. Bankers 63% 64 Brooklyn Trust 112 114 Central Hanover 129 130 Chase National 29% 30 Chemical 41 41% National City 28% 29 Corn Exchange 53 53V* Continental 14 14% Empire 19'/a 20 First National 1,695 1,710 Guaranty 367 369 Irving 17% 17% Manhatten & Cos 31% 32 Manufacturers 23 23% New York Trust 104% 105% Public v 35 35% INSURANCE SALES RISE May Business of Equitable Life 25 Per Cent Above 1933. By Times Special CHICAGO, June 11.—Equitable Life Assurance Society reports an increase of 25 per cent in the new paid-for ordinary life insurance policies of the company during May over the same month last year. Sales of the new policies in the first five months this year gained 21 per cent over the corresponding period last year. Annuities of all kinds in the five months were 41 per cent higher than last year. Melting Steel Off 25 Cents By Times Special YOUNGSTOWN, 0., june 11.— Price of heavy melting steel here was advanced 25 cents last week, bring it up to sl2 a ton. The figure is still 25 cents under the price in the same week a year ago, howevesi •- — T

PORKER PRICES REACH $4 MARK AT STOCKYARDS Advance Ranges From 10 to 25 Cents on Most Grades. Strong demand in early trading at the local stockyards this morning, carried porker prices above the $4 mark for the first time in several weeks. The initial advance ranged from 10 to 25 cents on practically all grades. Receipts estimated at 6,000, were around normal for a Monday session. The bulk, 160 to 200 pounds, was selling at $3.60 to $3.80, while memidum kinds scaling 200 to 300 pounds, brought $3.90 to $4. Early top hold at $4.05. Extremely heavyweights, 300 to 350 pounds, sold at $3.80 to $3.90. Light slaughter pigs, weighing 130 to 160 pounds, were salable at $2.50 to $3, while smallest kinds from 100 to 130 pounds, cashed in at $1.75 to $2.25. Packing sows held at $2.50 to $3.25. Holdovers, 210. With mostly odd-lots on hand, cattle prices were steady to 25 cents higher than Saturday’s average. Better grade classes were strong and higher. Receipts numbered 400. Steady trading range featured the veal market, with the majority of kids selling at $4.50 down. Top held at $5. Receipts were 400. Slight strength was displayed in lamb trading and most grades sold at $8.50 down. Few selected classes were salable up to $9. Receipts were 400. Early sales on hogs at Chicago were around 5 to 10 cents higher than Saturday’s average. Bulk of better grades, weighing 250 to 290 pounds, was bid in at $3.90, while choice kinds held above $4. Receipts were estimated at 22,000, including 8,000 directs; holdovers, I, Cattle receipts numbered 10,000; calves, 2,000; market unchanged. Sheep receipts were 7,000; market steady. June. Bulk. Top. Receipts 4. $3,35ft 3.60 $3.65 9,000 5. s3.3sft> 3.50 3.60 11,000 6. 3.15 ft: 3.35 3.00 8,000 7. 3.25# 3.55 3.80 7,500 8. 3.35 f t! 3 65 2.90 8,000 9. 3.35 ft! 3.65 3.90 2.000 11. 3.60® 3.80 4.05 6,000 Market, Higher (140-160) Good and choice $ 2.75® 3.00 —Light Weights—-(l6o-180) Good and choice .. 3.60® 3.65 (180-200) Good and choice... 3.75® 3.80 —Medium Weights—-(2oo-220) Good and choice .. 3.90® .95 (200-250) Good and choice... 3.95® 4.05 —Heavy Weights—-(2so-290) Good and choice... 4.00@ 4.05 (290-350) Good and choice... 3.80® 4.00 —Packing Sows—(2so down) Good 3.00® 3.25 (250 lbs.i Good 2.75® 3.15 <AII weights) Medium 2.50® 3.00 —Slaughter Pigs—-(loo-130) Good and choice... 1.75® 2.00 CATTLE Receipts, 400; Market, Higher Good and choice $ 6.50® 8.50 Common and medium 4.25® 6.75 (1,100-1,5001-Good and choice 7.25® 9.00 Common and medium 5.25® 7.50 (675-750) — Good and choice 5.25® 6.50 Common and medium 3.00® 5.50 (750-900) — Good and medium 4.75® 6.25 Common and medium .... 3.25@ 4.75 —Cows— Good 3.00®'3.75 Common and medium 2.25 ft 3.75 Low cutter and medium I.oo® 2.25 Bulls (yearlings excluded! Good (beef steersi 2.50® 3.50 Cutter, common and medium. 1.50® 2.50 VEALERS Receipts, 400; Market, Steady Good and choice $ 4.50@ 5.00 Medium 3.00 ft 4.50 Cull and common 2.00® 3.00 —Calves— Good and choice 3.50® 5.00 Common and medium 2.00® 3.50 —Feeder and Stocker Cattle— Good and choice 4.25® 6.75 Common and medium 3.00® 4.25 (800-1,5001-Good and choice 4.25®5.75 Common and medium 3.00® 4.25 SHEEP AND LAMBS Receipts, 40(1; Market, Steady (Shorn Basis) Spring lambs, good and choices 7.50® 9.00 (500-lb. down) Com. and med. 5.50® 7.50 —Ewes— Good and choice 1.50® 2.50 Common and medium .75® 2.00 Other Livestock (By United Press CHICAGO, June 11. —Hogs—Receipts, 22.000; including 8,000 directs; active, 15ft 25c higher than Friday; 250-310 lbs., $3.90 ®4; top, $4; 170-240 lbs., $3.35ft 3.90; light lights, ?3ft 3.35; most pigs, $2.50 down; packing sows largely $3®3.25; light lights, 140-160 lbs., good and choice, 53©3.50; lightweights, lbO-2Oo*Jbs., good and choice. $3.25®3.90; medium weights, 200-250 lbs., good and choice, $3.65ft,4: heavyweights, 250-350 lbs., good and choice, $3.70ft4; packing sows, 275-550 lbs., medium and choice, $2.75ft 3.40; slaughter pigs, 100-130 lbs., good and choice, sl.7sft 3. Cattle— Receipts, 9,000; calves, 2,000; all killing classes strong to 25c higher; mostly 25c up on moderately active market; sharply aoridged receipts the main stimulating factor; very few thin-fleshed steers on heifers in run; recent rains over wide areas having ended to shut off drought cattle; most killing steers, ss.soft 8.50; top, $9.75; stock cattle mostly 50s higher than week ago; slaughter cattle and vealers; Steers, 550-900 lbs., good and choice, $5.50 ft 8.50; 900-1,100 lbs., cood and choice, $6.25ft 9.25; 1,100-1,300 ihs., good and choice, $6.75® 10; 1,300-1,500 lbs., good and choice, $7.50®10; 550-1.300 lbs., common and medium, s3,soft 7.50; heifers, 550-750 lbs., good and choice, [email protected]; common and medium, $2.75ft5.25; cows, good, $3.75 ft 4.75; common and mediuln, *2.75ft 3.75; low cutter and cutter cows, $1.50# 2.75; bulls, yearlings excluded, good, beef, $2.75 cutter, common and medium, s2ft: 3; 'vealers, good and choice, s4ft 5.25; mediums, $3.50®4.25; cuU and common, $2.25 ft 3.50; stockers and feeder cattle: Steers, 550-1,050 lbs., good and choice, $4.25ft 5.50; common and medium, $3ftj4.25. SheepReceipts, 7,000; supply fat lambs very light; most early bids around steady; practical, $8.75; throwouts mostly ss.soft: 6.50; fat sheep and yearlings scarce; around steady; these kinds; slaughter sheep and lambs: Spring lambs, good and choice, $7.35ft8.75; medium, $6ft>7.35; ewes, 90-150 lbs., good and choice. $1.50®2.25; all weights, common and medium, 75c© $1.75. FT. WAYNE. June 11.—Hogs—Market, 10 to 20c higher; 250-300 lbs., $3.95; 200250 lbs., $3.80; 180-200 lbs,, $3.65; 160-180 lbs,, $3.50; 30-35 lbs., $3.5: 150-160 lbs., $2.75; 140-150 lbs., $2.50; 130-140 lbs., $2.25; 120-130 lbs., $2; 100-120 lbs.. $1.75; roughs, $2.50; stage. 1. Calves, $4.50. Lambs, SB. (By Times Special) LOUISVILLE. June 11.—Cattle—Receipts. 500, including 38 direct, supply light; quality plain; market, slow; steady to 20c higher; advance largely on steers, heifers and sausage bulls; bulk common to medium steers and heifers, s4®s; cutter grades down to $3.50 or less; very little included of quality to sell above $5.50; but strictly good dryfeds quotaole upward of $6: bulk beef cows, $2.25ft3; practical top dryfeds, $3.50; low cutters and cutters mostly $1.25®2; sausage bulls, $3 down; stockers and feeders, slow; generally steady; most sales light Herefords, $3.50® 4.25. Calves—Receipts, 650; steady to weak; bulk, $4 down; practically nothing eligible above. Hogs—Receipts, 1.400; market steady to 20 cents higher; advance on weights. 185 lbs. up, and sows 185-275 lbs.; 195-275 lbs. up $.325; 160-185 lbs.. $3: 145-160 lbs.. $2.65: 120-145 lbs.. $1.75; sows. SI.BO. Sheep—Receipts. 3,500, including 664 stock ewes; run mostly trucked in spring lambs; practically nothing done on the market; buyers not bidding early due to strike conditions at several eastern markets; undertone weak to lower pn spring lambs; bulk better trucked in springers, $8.25; stock ewes fairly active, mostly ss® 7 per head, according to age and breeding.

Arrange Back Dividend Payment By Times Special NEW YORK, June 11.—Arrangements for the payment of the March 1, 1933, interest payment on its first mortageg 6 per cent sinking fund bonds that have been in default since that date are being made by the Otis Steel Company, it has been announced. New Auto Radio Introduced By Times Special CHICAGO, June 11.—Introduction of anew six-tube auto radio set, engineered to fit 95 -per cent of the cars on the market has been made by the Stewart-Warner Corporation. Order for the new sets are reported being received in substantial yol-

New Public Buying Power Needed to Aid Business

L. C. LEVERING NAMED MANAGER OF ANTLERS R. I. Griffen, Former Head, Receives Transfer to Ohio. The appointment of L. C. Levering, as manager of the Antlers, one of the Albert Pick group, was announced recently. Mr. Levering suc-

ceeds Mr. R. I. Griffin who has been transferred to Columbus, 0., as manager of the Ft. Hayes hotel, also of the Albert Pick group. Mr. Levering came to Indianapolis from the Ventura hotel, Ashland, Ky., which he formally managed. Prior to that he was with the Phillips hotel of

Mr. Levering

Kansas City, Mo., although he received his early hotel training on the west coast with the Linard hotel in San Francisco, Cal. Mr, Levering has been active In hotel work in this section of the country for some time, and at present holds the office of vice-presi-dent of the Kentucky Hotel Association. CATTLE SLAUGHTERING IN MAY SETS RECORD 864,075 Head Butchered in United States During Month. By Times Special CHICAGO, June 11. —Cattle slaughtering under federal inspection in the United States during May established anew all-time record for the month, because of the “worst drought in history.” Total for the month was 864,075 head, as compared with 717,413 in the same month last year and 616,063 in the corresponding 1932 months. Total increase in the first five months this year over the same period last year amounted to 816,838 head. Hog slaughtering during May totaled 4,217,624, slightly under the figures for the same month last year which was the second largest May total in history.

0n Commission Row —June 11— —Fruits— Apples—Fancy Winesaps, $2.25®2.35. Cherries—Home grown, 24-qt. crates, $2 ft 2.50. Oranges—California, Sunkist, [email protected]; Valentias, $5.50ft5.75. Lemons—Sunkist, $8; Red Ball, SB. Grapefruit—Florida seedless, $3.75®4. Strawberries—24-qt. crate, s3®4; southern. $5. Cantaloupes—California jumbos, 455, $4.25; standards, $3.75; Honeydews, $2.50 Pears—Calavos. $3.50 per box. Pineapples—Cubs, $3.50ft,4. Bananas—Per yound, sc. —Vegetables— Sweet Corn—Louisiana, 5-dozen crate, $2.25. Cabbage—Tennessee, pony crate. $1.40. Celery—Florida. $5.50 a crate; jumbo bunch, 90c; medium bunch. 75c. Onion—Texas yellow. 50-lb. bag. $1.85. Potatoes—Northern round white. 100-lb. bag. $1.75; Maine Green Mountain, $1.90; Colorado McClures, $2; Idaho Russets, 100lb. bag. $2; new Texas Triumphs, $2. Sweet Potatoes—Tennessee Nancy Hans, hamper. $2.40. Asparagus—Home grown, dozen, 65c® $1.25. Beans—Round, stringless, $1.75. Beets—New. 45c a dozen. Carrots—California, 6-dozen crate, $3.25; bulk, new, $1.60. Cauliflower—Califrnia, $2.75. Lettuce—Outdoor, 15-lb. basket, 90c; Iceberg best. $4.50 a crate. Peas—2 B-lb. hampers, $3. Radishes—Home grown buttons. 35@60c a d.ozen. Rhubarb—Home grown, dozen, 30c. Spinach—Home grown, bushel. 75c. Tomatoes—Hothouse'lo-lb. carton, $1.25; original Texas, 30-lb. lug, $2. CHICAGO FRUIT MARKET (By United Press) CHICAGO. June 9.—Fruits and vegetables; Apples'—Michigan spies. $2,25® 2.50 bushel. Carrotts —Southern. 75c bushel. Spinach—lllinois. 10® 40c bushel. Beans—Southern green. $1.75ft2.25 bushel hampers; wax. $.50®1.50. Cucumbers— Central western hothouse. s.Bo© 1.25 (2 dozen to box). Tomatoes—Texas. $1.15® 1.40 lug box. Sweet potatoes—Tennessee. $2 bushel hampers. Mushrooms —Illinois. 10®45c (lb. cartons). Asparagus—lllinois. $.75@1 box. Strawberr;es—Michigan, $1.25 %2.25 (16 quarts). Indiana. $2.25®3.50 (24,quarts). Onion market. (50 lb. sacks). Texas, vellows. $1.50; Texas, whites. $1.50: California, whites, $1.50. Produce Markets Delivered in Indianapolis prices: Heavy hens. 10c; Leghorn hens, 8c; 1934 broilers 1% lbs. and over, 18c; Leghorn broilers 1 % lbs. and over. 15c; bareback broilers, 12c; old roosters, 3c; ducks and geese, 3e; young guineas, 1% to 3 lbs., 20c; old guineas. 15c; No. 1 strictly fresh country run eggs, loss off 10%ftllc. Each full case must weight 55 lbs. gross; a deduction of 10 cents a pound for each pound under 55 lbs. will be made. Butter —No. 1, 27ft 28c; No. 2. 25ft 26c. Butterfat, 20c. Quoted by Wadley Company. (Bv United Press) CLEVELAND. June 11.—Butter—Market, firm: extras, 28c; standards. 2814 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; Leghorn fowl, 3% lbs., and up. 12c; broilers colored ordinary. 22ft 23c; old roosters. 9c; ducks, white. 5 lbs. and up, 14ft 15c. Potatoes —North Carolina, s2.9oft 3 per bbl.; mostly $3. NEW YORK, June 11.—Potatoes—Easy; Southern, $1ft2.75 bbl.; Maine $1.25®2.40 bbl. Sweet Potatoes--Dull. Jersey basket, 9G’Cfts2.2s: Southern basket, $1.75®1.85. Flour—Firm; springs: patents, s7.soft 7.75 bb*l. Pork—Steady. Mess —$20.25 bbl. Dressed Poultry—Steady; turkeys, 13® 23' 2 c: chickens, Bft 13c; broilers. 10ft31c; capons. 24ft34c; fowls. ll#17c; ducks, 14c; Long Island ducks. 14%ft lsc. Live Poultry —Easy geese. 6ft 7c; turkeys. 10©19c; roosters. Bft)9c; ducks B®>l2c: fowls. 13ft 16c; capons, 22c; broilers, 14ft 26c. Cheese —Steady; state whole milk t fancy to specials, 18ft 19c. Butter receipts, 7.831 packages market slightly firmer; creamery, higher than extras, 25ft 25%c; extra 92 score 24%c; firsts. 90 to 91 score. 24® 24%c; first 88 to 89 score 23 Vi ft 23%c; seconds. 22%ft23c; centralized 90 score, 24c: centralized 88 to 89 score. 23Vi®23%c; centralized, 84 to 87 score. 22Vi®23c. Births Girls Walter and Wanda Glover, city hospital. Arlett and Anna Duffie, city hospital. William and Catherine Birl, city hospital. Clarence and Anna Morgan, city hospital. Nelson and Mary Grimes, city hospital. Lucian and Garnett Watkins, city hospital. Boys Lewis and Roy Green, city hospital. Edward and Mathilde Elliott, city hospital. Deaths Jackie Lee Crafton, 14 hours, 1418 South Richland, intra cranial hemorrhage. Samuel Sapirie, 41, Methodist hospital, pulmonary hemorrhage. Jennie Rivers, 54, 1843 North New Jersey. coronary occlusion. , . Gladys McCallum, 44, Methodist hospital, general peritonitis. Edith Bray, 22, 746 Prospect, intestinal tuberculosis. Charles Hotseller, 2 days, city hospital, premature birth. William Berkey Orr, 78, St. Vincent’s hospital, carcinoma. Morgan Sherron, 61, city hospital, chronic interstitial nephritis. Hannah Fitzsimons, 70. 4214 Guilford, strangulated henia. Margaret Clune, 76, 520 East Vermont, ateriosclerosis. OUie Hensley, 36, city hospital, acute appenidicitis. Gilbert Groves, 47, 926 North Traub, chronic myocarditis. Harry E. Zimmer, 77, 4557 Central, carcinoma. David Edward Richardson, 1, city hospital, pertussis. Eliza Y. Spry, 62, 1428 Astor, chronic nephritis. William Wilson, 39, city hospital, coronary occlusion. Virginia F. Horner, 50, 1547 Bellefontaine, diabetes mellitus. Aaron J. Lockman, 50, city hospital, chronic nephritis. George A. Bredewater, 64, 1114 Oliver, cerebral hemorrhage. Walter Skaggs, 2, .city hospital* broncho uaemaoaia*

Spring Production Greater Than Consumption, Survey Shows. BY RICHARD L. GRIDLEY United Press Financial Writer WASHINGTON, June ll._Need for increased public buying power to stimulate further business gains was reported today by the American Federation of Labbr as the department of commerce noted “some” irregularity in business after the spring rise. The labor federation in its monthly survey said that production this spring again outstripped buying power of the public but not as greatly as a year ago when an abortive rise in busines collapsed in July. The commerce department in its survey of currert business reported that despite a further rise in April in employment and pay rolls, manufacturing expansion was checked during day. Decline Is Expected The federation survey reported that business observers “generally feel that a decline slightly more than seasonal may be expected and that it will last until late summer.” “Activity this spring,” it continued, "was stimulated by government expenditures and a rise in business confidence. The administration hoped that private initiative in business would replace government bolstering. “It is clear, with the end of spring activity, however, that business is not yet ready to go ahead on its own and must still depend on government funds.” The federation estimated that current unemployment of 10,616,000 is concentrated durable goods industries. March Employment Up It estimated those laid off since 1929 in durable goods industries at 1,500,000; in building, 1,500,000 and in mines 365,000. If these persons went to work, the federation estimated that 2,700.000 in “service and transportation” industries and 400,000 in “consumers’ goods industries” would also return to work. Substantial gains in employment and pay rolls, however, were reported between mid March and mid April by the department of commerce. “The bureau of labor statistics’ indexes,” it said show increases of 1.9 per cent in employment and 3.9 per cent in pay rolls during the month. “For the twelve months ending in April employment moved upward in eight months and declined in four months, the net gain amounting to 37 per cent. RADIO CORPORATION NET INCOME TOTALS $121,016 Zenith Earnings in Year Wipe Out Part of Previous Loss. By Timex Special CHICAGO, June • 11.—Zenith Radio Corporation net income for the fiscal year ended April 30 totaled $50,398, equivalent to 10 cents a share on the company’s outstanding stock. The figure compared with a net loss of $578,110 in the previous fiscal year. Operating profit of the firm during the year amounted to $121,016 against a deficit of $211,029 in the previous year, and gross profit amounted to $522,227 against $203,372. \Pepreciation amounted to $70,618 against $100,436. E. F. McDonald Jr., president, announces the Canadian Marconi Company has entered an agreement to manufacture and market Zenith radios in Canada on a royalty basis. EMPLOYMENT INCREASES Allis-Chalmers, Reynolds Tobacco Firms Make Additions. By Timex Special MILWAUKEE, Wis., June 11.— Allis - Chalmers Manufacturing Company reports several hundred additional employes were added to its midwes.ern plant here during May. A total of 725 additional employes to the pay roll of the R. J. Reynolds Tobacco Company at Wins-ton-Salem, N. C., during May is reported by the company. REPORT BUSINESS GAIN Ordinary Policy Insurance Sales Up 66 Per Cent Over Last Year. By Timex Special CHICAGO, June 11.—An increase of 66 per cent in ordinary business received during the first five months this year was reported late last week by the Continental Assurance Company. Along with the announcement was the declaration by directors of the company of the regular quarterly dividend of 50 cents a share on the company’s common stock. Graham-Paige Cuts Prices By Timex Special CHICAGO, June 11.—Announcement of a reduction in prices, ranging up to SSO was made late last week by the Graham-Paige Motor Corporation.

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

Abbott, Hoppin & Company 203 Continental Bank Bldg, Riley 5491 New York Indianapolis Chicago 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. YVoolling

JUNE 11, 1934

6RAIN MARKET FLUCTUATES IN 2-CENTRANGE Heavy Chinch Bug Damage Reported in Indiana and Illinois. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO, June 11.—Conflicting influences brought about wild price fluctuations in grains on the Chicago Board of Trade today. Wheat finished ’4 cent higher to % cent lower, corn was up % to ?i cent, and oats were % cent lower Vs cent higher. With outside trade only fair, there was support on the sharp recessions and pressure on the upturns throughout the session. Both corn and wheat moved within a 2-cent range. Parts of the Ohio valley received rains over the week-end but there was relatively little precipitation in the northwest and west. Pit sentiment was somewhat mixed. Chinch bug reports came thick and fast from Illinois points and also were declared to have caused damage in Indiana. The pests are said to be of sufficient numbers in some sections to prove a material factor in curtailing production of small grains. On the other hand, crop comment from the northwest suggested rains so far has brought out less improvement than was at first believed. A demand was reported for forage seeds of all kinds to be used as an emergency crop to provide necessary livestock roughage this winter. Winnipeg wheat showed fair strength with the official detailed report likening conditions in the western provinces to those which prevailed in 1931. Liverpool closed % to % cent lower. . A steady reduction in the domestic visible supply of wheat, corn and otaj again was shown, with aggregate supplies of corn and oats only slightly in excess of those a year ago. Provisions were higher early in sympathy with hogs but later selling developed and prices sagged, Chicago Futures Range .... —June 11— Wheat— Prev T , High. Low. 10:00. close! £ ul y 98% .97% .98% .98% Sept 99% .98% .99% .99% Dec 1.01% 1.00% 1.01 1.01% Corn— £ u *y 55 .54% .54% .54% Sept 57% .56% .56% .56% Dec 58% .58 .58% .58% Oats— July 43% .43 .43% .43% Sept 43*2 .42% .43% .43% See 44% .44% .44% .44% Rye— July 64% .64% .64% .64% Sept 66% .66 .66% .66% Barley— July .. .. 52 Sept .. .. .. .51% CHICAGO PRIMARY RECEIPTS —June 9 * Bushels. „„ Today. Last week. Wheat 437,000 413.000 Corn 344,000 266,000 Oats 104.000 88.000

Cash Grain

(Bv United Press) CHICAGO, June 9.—Cash grain: WheatNo sales. Corn—No. 2 vellow. 57 1 2 ft 58c: No. 3 yellow. 5M>56 l 4c: lain. No. 5 vellow. 56’/ 2 c. Oats—No. 2 white. 45c: No. 3 white. 44’ 2 c: No. 4 white. 43 , 2C. RyeNo. 2. 69' 2 c. Bariev—92c- auoted. 55c551. Timothy—sßoß.so: clover seed. $10.250 14. Cash provisions—Lard. $6.42: loose. $5.80: leaf. $5.75- bellies. $8.95. TOLEDO. June 9.—Grain close: (Grain in elevators, transit billing) Wheat—No. 2. red. *l.ol%@lo2Vi. Corn — No. 2. yellow', Oats—No. 2. white. 47 1 a <sl 48 'ic. Rye—No. 2, 68 iff 69c. (Track prices. 28' 2 c rate). Wheat—No. 1. red. gsuos'ic: No. 2. red. 97@’97V2C. Corn—No. 2. yellow. 5510.5512: No. 3. yellow. 54'a,54' 2 ; No. 4, vellow, 53<553 1 ac. Oats—No. 2. w'hite. 44 G4s' 3 c: No. 3, white. 43 1 2'f45 , 2C. Seed c'ose—Clover—Cash. $8.25; alsike—cash, m.a. Local Waron Wheat City gram elevators are paying 87 cent* for No. 2 soft red wheat. Other grades on their merits. A. T. T. EARNINGS RISE FOR TWELFTH MONTH Net Operating- Income in April Totals $1,375,664. By United Press NEW YORK,June 11.—The twelfth month of progressive earnings improvement over the preceding year by operating units of the American Telephone and Telegraph Company was completed in April, according to reports to the interstate commerce commission. Net operating incomes of assow dated companies during the month amounted to $1,375,664, as compared with $549,094 a year previous. Gross revenues totaled $7,679,438 against $6,740,001. Report for the first four months of the year shows a net operating income of $5,915,648 against $2,146,412 in the first four months last year.

Correction Please! In our Times advertisement of June 7th “Misses’ Biege Two Strap Slippers” were listed as “Pigskin.” The correct description should have been “Piggrain.” J. C. Penney Cos., Inc. 33 E. Washington St.