Indianapolis Times, Volume 46, Number 29, Indianapolis, Marion County, 14 June 1934 — Page 20

PAGE 20

Wall Street Knowlton’s Picture of Banking Situation Is Overdrawn. by RALPH HENUEKSHOT Time* Special Financial Writer HUGH KNOWLTON made a rather vicious thrust at the New Deal banking legislation recently when he said that the government was making a dangerous mistake in asking commercial banks to make long-term loans to industry, while at the .ame time damming up the natural flow of longterm invest-

ment funds t o business o y imposing what he regards as excessive r estrictions on invest ment bankers through the securities act of 1933. A partner in the investment banking firm of Kuhn, Loeb & Cos., Mr. Knowlton

Ralph Hendershot

may b* a little prejudiced, and perhaps he has painted the banking status in its darkest hues. While the position of the government may not be entirely tenable, the dangers he mentioned are not as real as he made them appear. Despite suggestions and prodding by governmental officials, the commercial bankers have not been weakening the banking structure by making long-term loans to industry. In fact, the banks are more liquid today than they have been in years, having gone out of their way to follow a course exactly opposite to that recommended by the government. tt n n INDICATIONS are that the banks may have been too conservative during the last year or more. tThey have not trusted any one, and by taking that attitude they have reduced their own earnings and have interfered with the recovery as well. They have been attempting to lock the door after the horse has been stolen. The bank holiday gave them a real scare, and they haven’t gotten over it, which is easily understandable. They buy shortterm Treasury certificates, which yield virtually nothing at the prices they pay, rather than higher-yield-ing Liberty bonds, which can be discounted at any time with the Federal Reserve banks. / Like most investment bankers, Mr. Knowlton resents the restrictions which have been placed upon the operations of his firm. And he probably is justified in doing so. The securities act of 1933 has been modified to some extent and in all probability business will be done by even the larger concerns under its present provisions. But that does not necessarily mean that there may not be trouble later. Unavoidable mistakes may prove very costly. tt n AS Mr. Knowlton says, commercial banks should not make long-term loans to business. That is to say, they should not loan money in large quantity, or probably not at all, on buildings, machinery and other things which can not be easily liquidated. This should be obvious, because these banks must stand ready to pay out deposited money on demand. When times are good and the public has full confidence in them the banks can get away with a fairly large amount of joans which can not be converted into cash on short notice, but the recent banking crisis has proven this to be bad banking practice. Had the banks followed the suggestions of the government with respect to making long-term loans the dangers to which the Kuhn, Loeb & Cos. partner referred might have been very real. Since they have not done so and since the public has largely regained its confidence in the banks and since the deflationary features of the depression probably have been eliminated and since the banks are m a very Strong cash position, it would seem that he may be a bit too alarmed or that he overshot his mark in it desire to pour water on the securities act.

N. Y. Coffee, Sugar Futures COFFEE —June 13— Santos . High. Low. Close. March 11.20 11.16 11.18 j>ulv 10.62 10.60 10.61 September 10.98 10.93 10.93 December 11.12 11.08 11.08 Rio January 8.41 March 8.50 8.46 8.46 July 8.30 December 8.42 8.38 8.40 SUGAR —June 13— I High. Low. Close. January 77 1.75 1.77 March 1.83 1.81 1.83 May 1.88 1.86 1.88 July 1.61 1.58 1.61 September 67 1.65 1.67 December 1.76 1.74 1.76 In the Cotton Markets —June 13— CHICAGO * High. Low. Close. January 12.68 12 58 12.62 March 12.73 12.68 12.72 May 12.87 12.78 12.78 July 12.22 12.19 12.22 •Ctober 12.53 12 39 12.41 December 12.63 12.50 12.54 NEW YORK January 17.61 12.49 12.54 March 12.71 12.59 12.65 May 12.79 12.70 12.74 July 12.20 12 08 12.13 ©ctober 12.45 12.33 12.36 December 12.56 12.42 12.48 NEW ORLEANS January 12.48 March 12.59 May 12.68 12.67 12.68 July 12.20 12.07 12.10 October 12.42 12.28 12.33 December 12.53 12.40 12.44 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 Fricea 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 5 25^5.50 Indiana mine run [email protected] fentuckv lump 7.00 ocahontas 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 eoal. and $1 a ton for coal carried to bin Armour Listed on N. Y. Board NEW YORK, June 14.—Receipts for the 7 per cent cumulative preferred stock of Armour & Company, Illinois, the shares of which are fceing deposited in connection with tw*. company’s financial readjustment plan, this week were listed on |h New York Stock Exchange,

SECURITY LIST TURNS UNEVEN; LIGHT Reichsbank Declares Six Months’ Moratorium on Transfers. BY ELMER C. WALZER United Press Financial Editor NEW YORK, June 14.—The New York Stock Exchange was unperturbed by the declaration of the Reichsbank of a six-month moratorium on cash transfers beginning July 1. Prices were mixed in a narrow range with trading light. Other markets were equally unruffled by the German move. Silver was steady. Cotton eased slightly. There was little trading in the German mark, which lost only 1-5 cent. German bonds dropped in London and then rallied. On the Stock Exchange German 512 per cent bonds —the Young plan loan—declined less than a point to 3612. A feature in stocks was Auburn Automobile,'which broke 1% points to anew low for the year at 2814. The issue has steadily dropped from 361a in the last few days on omission of the dividend. The high for the year was 57%. Other automobile shares were steady. A long list of stocks held at the previous close at the outset. Among them were steel common, Anaconda and General Motors. • Small gains were noted in General Electric and Westinghouse. Chesapeake & Ohio and New York Central. Trading continued dull after the opening with prices mixed. Money and Exchange INDIANAPOLIS BANK CLEARINGS —June 14— Clearings $2,099,000.00 Debits 5,817,000.00 FOREIGN EXCHANGE (By Abbott, Hoppin & Cos.) —June 13Close. Sterling. England $5.04% Franc. Fwnce 06601a Lira, Italy 0860% Belgias, Belgium 2339% Mark, Germany 3821 Guilder. Holland .6792 Peseta, Spain 1369% Ktone, Norway 2534 Krone, Denmark 2252 Treasury Statement (By United Press) WASHINGTON, June 14.—Government expenses and receipts of the current fiscal year to June 12. compared with the corresponding period of the previous fiscal yar: This Year. Last Year. Expenses. $6,590,318,053.77 $4,833,676,902.96 Receipts.. 2.861,807,107.14 1.877.672,804.25 Deficit .. . 3.728,510.946.63 2,956,004,098.71 Cash Bal.. 1,936,919,300.49 Investment Trust Shares (By Abbott. Hoppin & Cos.) —June 13Bid. Ask American Bank Stocks Corp... 1.15 1.20 American & General Sec A... 4.50 6.00 American & Inv Tr Sh 1.75 Basic Industry Shares 3.40 3.50 British Type Inv Tr Sh 45 .50 Collateral Trustee Shares A... 4.70 4.85 Corporate Trust Shares (Old). 2.15 2.20 Corporate Trust Shares (New) 2.36 2.40 Cumulative Trust Shares 4.10 4.25 Diversified Trust Shares A.... 6.25 Diversified' Trust Shares B ... 7.87 8.00 Diversified Trust Shares C... 3.13 3.17 Diversified Trust Shares D... 4.85 5.00 First Insurance Stock Corp.... 1.23 1.29 First Common Stock Corp 69 .71 Fixed Trust Oil Shares A 8.37 .... Fixed Trust Oil Shares 8...... 7.10 Fundamental Sh Inc 2.03 2.23 Incorporators Investments ....17 87 19.40 Land Bank Bond Shares 1.18 1.31 Low Priced Trust Shares 6.15 6.25 Mass Inv Trust Shares 18.94 20.59 Nation-Wide Securities 3.62 3.75 North Am Trust Shares (53) 1.92 1.98 North Am Tr Sh (55-56) 2.39 2.42 North Am Trust Shares (58). 2.40 2.45 Selected American Shares 2.59 . . . Selected American Shares Inc. 1.18 1.27 Selected Cumulative Shares... 6.68 . . Selected Income Shares 3.48 4.00 Std American Trust Sh A.... 2.95 2.95 Trust Shares of America .... 2.74 2.78 Trustee Std Oil A 5.85 5.95 Trustee Std Oil B 5.37 5.62 U S Electric Lt & Pwr A 12.75 13.00 New York Bank Stocks (By Abbott, Hoppin 6s Cos.) —June 13— Bid. Ask. Bankers 62 62% Brooklyn Trust. 11l 114 Central Hanoover 129 130 Chase National 29% 29% Chemical 41 41% National City 28% 29 Corn Exchange 52 52% Continental 14 14% Empire 19% 19% First National 1.690 1,704 Guaranty 369 371 Irving 17% 17% Manhatter. & Cos 317/g 32% Manufacturers 22% 22% New York Trust 107 108 Public 34% 35 Daily Price Index (By United Press) NEW YORK, June 13.—Dun & Bradstreet’s daily weighted price index of thirty basic commodities, compiled for the United Press: (1930-1932 Average, 100) Today 113.00 Yesterday 113.37 Week ago 112.71 Month ago 108.05 Year ago (June 14) 92.06 1934 high (June 12) 113.37 1934 low (Jan. 3) 101.05 Copyright. 1934. by Dun & Bradstreet, Inc.

Bright Spots

1 (Bv Abbott. Hoppin & Cos.) McCall Corporation declared a quarterly dividend of 50 cents payable Aug. 1, of record July 14. Pennsylvania Railroad in April reported net income amounting to $1,335,330 after charges, against $63,694 in April, 1933; four months net income totaled $5,143,341, equal to 39 cents a share, against net loss of $1,730,160 in the first four months of 1933. New York Central Railroad in April reported net loss at *450.188 after charges against $1,847,561 in April of the previous year; four months net loss was $1,712,165 against $8,076,217 in the last four months of 1933, Steel operations In the Youngstown district gained two points in the latter part of the week to 65 per cent of capacity compared with 63 per cent Monday, and 67 per cent a year ago. Effective today Standard Oil of Indiana will reduce service station prices of the regular and third grade gasoline one cent a gallon In the Chicago area. Pierce Petroleum Corporation in the quarter ended March 31. 1934, reported net loss amounting to $17,786 after expenses. taxes, etc., against net loss of $16,108 in the first quarter of 1933. New York Central carloading* In the week ended June 9, totaled 42,835 cars, against 41,164 in the same week of 1933: received from connections 55,020, against 50,979; total cars handled 97,855, against 92,143. Electric Auto Lite and subsidiaries in the quarter ending March 21 showed net profit of $374,822 after charges, against $70,402 in the first quarter of 193. AMERICAN DOLLAITwEAK Gold Prices and Sterling Rate Drops On London Exchange. By United Press LONDON, June 14.—The dollar was fractionally weaker today with the pound at ss.o4 *i. Gold fell 5V 3 cents to $34.75% with the sterling rate at 137 shillings 8% pence, down five pence. Yesterday’s price was fixed with the pound at $5.04. By United Press PARIS, June 14.—Francs today were 15.14 to the dollar (6.605 cents a franc), unchanged from yesterdays closing quotation. The franf was 78.30 to the British pound compared with 76.32 yesterday. V

New York Stocks ißv Abbott. Hoppin & Cos.) AVERAGE STOCK PRICES FOR WEDNESDAY Net High. Low. Close, change Thirty industrials 99.92 98.32 98.75 —.03 Twenty rails 45.97 45.35 45.55 +.32 Twenty utilities 24.85 24.25 24.43 +.23 Forty bonds .... * 94.83 +.19 Ten first rails .... 101.41 +.17 Ten second rails .... .... 82.06 +.34 Ten utilities .... 98.65 +.13 Ten industrials .... 97.19 +.12 + Up. -Off.

—June 14— •* Prev. Oils— High. Low. 10:00. close. Amerada 34 33 33% 34% Atl Ase , 27 27% Barnsdall 8% Consol Oil 11% 11% Cont of Del 20% 20'% 20% 20% Houston (new)’ . . 22% Mid Cont Pet .. 13% 14 Ohio Oil 12% 12% 12% 12 % Phillips Pet 19% 13% Pure Oil 11% Royal Dutch 35% 35% Sdb Oil 35% Shell Un 8% 8% Soc Vac 16% S O of Cal ... 36% 36% SOof N J 46% 46% 46’A 46% Sun Oil 63% Texas Corp 257 s Tidewater Assn 13% 13% Un Oil of Cal 16% Steels— Am Roll Mills .. 20 19% 19% 20 Beth Steel 34% 34'A 34 >A 34% Byers AM 23% Col Fuel & Iron 7% Cruc Steel 26 Inland Steel 41 Ludlum Steel 15 McKeesport Tin 88% Mid Steel 13% 14 Natl Steel 43 43 Otis Steel ... 5% 5% Rep Iron & Steel 17% 17% Rep Ir & Stl pfd 49 U S Pipe & Fdy - .. . 25 24% U S Steel 42% 42 42 42‘A Warren Bros . . . 10 Youngst’n S& T 21% 21% 21% 21% Motors— Auburn 29 27 27% 30 Chrysler 42% 42% 42% 42% Gen Motors 32% 32% 32% 32% Gen Mot Pfd 101% 101 % Graham Mot 2% Hudson 13 13% Hupp 27% 27% Nash 18 18 Packard 4 4 Reo - - .. ... 3 % 3 % Studebaker 4% 3% Motor Access— Bendix ... 16 16% Bohn Alum 56 56% Borg Warner 23% 24% Briggs 17% 17% Budd Wheel 3% 3% Eaton Mfg 18% Elec Auto Lite.. 23 22% 22% 23 Houdaille ‘A' 4% Mullins Mfg 12 Murray Body 7% 7% Stew Warner 7 S Timken Roll 30% 30% Timken Det Axel 7Vi 7% Mining— Alaska Jun .... 20% 20% 20' * 20% Am Metals .• 23% 23% Am Smelt 41% 41% 41% 42% Anaconda 15% 15% 15% 15% Cal & Hecla .... . . 5 Cerro De Pasco • 37% 37Vi 37% 38 Dome Mines .... ... 42% 42 7 A Granby 11 11 Gt Nor Ore 11% 12 Howe Sound ... 53% 53% 53% 53Vi Int Nickel 27 26% 26% ... Kennecott Cop . 22% 22% 22% ... Noranda Cop 44% .... Park Utah 4Vi Phelps Dodge 17% ... St Joe Lead 20% Vanadium 23 23% Amusements — Croslev Radio 15 Vi 15% Fox Thea .• • • ■ 14% Loews Inc 32 317* 31% 32% Radio Corp 7Vi 7Vi RKO 2% Warner Bros 6% Tobaccos— Am Sum Tob 18% 18% Am Tobacco 'A' 71% Am Tob ’B’ 74% 74 Gen Cigars 40% Ligg & Myers B 97/s Lorillard 18% 187* Reynolds Tob B 46% 46% Rails— Atchison 59% 58% 58% 59% Atl Coast Lines 42 B & O 24 1 /* 24% Can Pac 15% 15% Ch & Ohio 47% 47% Chi & Gt W pfd 8% CM&StP 5 5 C M & St P pfd 8% 8% Chi N W 10% 10'A

Dela & Hud 56 De Lac & W 25 Erie 20 Vs Erie pfd 26% Grt North pfd .. 22 21% 21% 22% 111 Central 26% 26% 26% 25% K C Sou 14 Lehigh Valley 17 Lou & Nash 65% M K & T 9% M K & T pfd 24% Mo Pac ... 5 Mo Pac pfd 6% 6% N Y Cent 31% 30% 30’% 31 N Y Chi & St L 21% N Y C St L pfd 361* N Y New Haven 16% N Y Ont & West 3% Norfolk & Wes ... 182 Nor Pac 25% 25 25% 25% Penn R R 31 31% Sou Pac 25% 24% 24% 25% Sou R R 27 26% 27 27% Union Pac 124% 125 West Maryland 13% Equipments— Allis Chalmers .... ... 17% 17% Am Brake Shoe 27 Am Car & Fdy 22% 22% Am Cr Fd pfd .. ... 26% Am Steel Fdy 17% 17 Bald Loco 11% 11% 11% 11% Bald Loco pfd 48 Burroughs 14% 13% Case J I 53% Cater Tract 27% Elec Stor Bat 43% Foster Wheeler 16 Gen Am T Car 39% Gen Elec 21 20% 20% 20% Gen RR Sig ... 35% 35% Ingsol Rand 64V* Int Bus Mach 138% Int Harvester .. 32y 8 32% 32% 33% Natl Cash Reg.. 17 16% 16% 17% Pullman Ins 52% Rem Rand 10% 10% Und Elliot 46 West Air B 28% Westingh Elec.. 38% 37% 37% 37% Worthingt’n Pmp 23 Utilities— Am & For Pwr 8% 8% 8% 9 Am Power & Lt 7% 7% AT&T 116% 119% Am Wat Wks 66% Col Gas & Elec 13% 14 Som & Sou ... 2% 2% Consol Gas 33 32% 33 33% Elec Pwr & Lit. . . . 6% Nat Pwr & Lit. 10% 10% 10% io% North Amer ... 18% 18% 18% 18 Pac G & E . 18% 18% Peoples Gas ... 33 32 32 33 Postal Tel pfd 21% 22 Pub Serv N J 37 So Cal Edison. 16% 16% Std Gas 11% 11 11 11% Std Gas pfd 12% 12% Stone & Webster 8% 8% United Corp 5% 5% Un Gas Imp 16% 16% Ut P & Lt A 3 West Union ... 48% 47% 47% 48% Rubbers— Firestone 19% Goodrich 14% Goodyear 30% Kelly Spring 2% U S Rubber 20% 20 20 20 % U S Rubber pfd 49 49% Miscellaneous— Am Bank Note .. 21% Am Can ... 96% 97% Anchor Cap ... .. 21 1 g Brklyn Man Tr. 39% 38% 38% 38% Conti Can 79% 78% 78% 79% Crown Cork 27 Curtis Pub 23% Curtiss Pub pfd .. 81 Eastman Kodak 99% Gillette 18% Glidden 25% 25% 25% 25% Inter Rap T 8% | Owens Bottle 28 % Raybestos Mfg 18 Foods— Am Sugar 61% 60% 60% 61 Armour ‘A’ 6% 6% Beatrice Cream 17 Borden Prod ... 26 25% 26 26% Borden Prod .. 26 25% 26 26% Cal Packing ... 32% 32% 32% 32% Canada D G Ale 23 Cont Bak A s 9% Corn Prod 67% 68% Gen Foods 32% 32% 32% 32% Gold Dust . 20'2 G W Sugar 32% 32% 32% 32** Hershev 63 Int Salt 31% Loose Wiles 40% Natl Biscuit 37% 37 Natl D Prod .. 17% 17% 17% 17% Purity Bak 14% 14% 14% 14% S Porto Rico Sg 32% Std Brands .... 20% 20% 20% 20% Un Biscuit 6 25% 25% United Fruit 72% 72% Wrigley 64 Retail Stores— Best & Cos 31% First Natl Stores 65 65% Gimbel Bros 4% Gimbel pfd ...... ... ... 24'% Gr Un Tea 2% ... Hahn Dept Sts.. 5% 5% 5% 5% Kresge S S 19% Kroger Groc 31% Macy R H 43 42% 42% 42 Marshall Field ’ 16% Mont Ward 28% 27% 28% 28 Natl Tea 13% Penny J C 58% Safeway St 51% Sears Roebuck 43% Woolworth ... 50% 52% Aviation— Aviation Corp 7 7 Curtiss Wright 3% 3% Curtiss Wright A 11 Douglas Air ... 21% 21% 21% 21% Nor Am Av 5 4% Speery Corp 9% 9% United Aircraft. 21V* 20% 21V* 21% Wright Aero ... 56 55 55 57% Chemicals— Air Reduction P 9% Allied Chem 140% 140 140 140 Am Com Alcohol 38% 39% 39% 33 Col Carbon 72% 72% 72% 73 Com Solvents .. 23% 23% 28% 23% Dupont 89% 89% Freeport Tex .. 38 37V* 37% 39 Liquid Carb 29% Math Alkali ... 32 321* Montosonta Chm .. J... 46% 46% Natl Dis (new).. .. 29 Scheneley Dist. . - ■ ... 30*4 lex Gull Sulph.. 34% 34% 34% 31%

THE INDIANAPOLIS TIMES

Union Carbide 42 42% U S Indus Ale 43% 43% Virg Chm 6% pfd 19 Drugs— Coty Inc 5% Lambert 28% Un Drug 16% Zonite Prod 6 Financial— Adams Exp 9 Allegheny Corp 2% 2% Am Int Corp 9% Chesa Cbrp 46 Lehman Corp ..... 68% Transamerica 6% 6% Tr Conti Corp 4% Building— Am Radiator ... 14% 14% 14% 14% Gen Asphalt 19% Int Cement 27% 27% Johns Manville 53 Libby Owens Gls. 32% 32 32 32% Otis Elev 15% Household— Col Pal Peet 16% Congoleum 28% Kelvinator 19 19% Mohawk Carpet. 18% Proc & Gamble . 34% 34% 34% 35% Simmons Bed 17 Vi Textiles— Amer Woolen 12 Belding Hem 13% 13% Celanese Corp .. 2774 27% 27% 2774 Collins Aikman 19 Gotham Hose 8% 8% Indus Rayon 26% 26V* Real Silk • 934 New York Curb (By Abbott. Hoppin & Cos.). —June 13— „ „ Closel Close. Alum Cos of Am 69 Hiram Walker.. 38% Alum Cos of Am 69 iHud Bay Min.. 14 Am Cyanide B 18%iHumble Oil . 45% Am & For P W 6 (Imperial Oil Ltd 15% Am Gas &El 25%(1nt Petrol . 28% Am Superpower 2% Lake Shore Min 53% Ass Gas & El.. 7/slLib McN Libby 6% Atlas Corp ... ll%|Lone Star Gas 5% Can Marc 2% Natl Bellas Hess 3% Carrier Corp .. B%jNewmont Min.. 51% Cities Serv ... 2%|Nia Hud Pwr . 5% Com’wealth Ed. 51 (Pan Am Airways 38 Con G of 8.. 65 (Park Davis .... 24% Cord Corp ..... 4Vi!Penn Road 271 Creole Petrol.. 13 ISt Regis Paper 3% Deere & Cos ... 21 ISherwin Wms.. 68% Distillers Lim. 22%|3td of Ind .... 27% Distillers Corp. 17 jstd of Kv 16% El Bond & Sh.. 15%irechnicolor Ind 12'% Fisk Rubber ... 12%Teck Hughes G 6% Ford of Can A 21%|(Jn Gas 2% Ford of Europe B%iCJn Pwr & Lt A 274 Glen Alden Coal 17 |WTight Harg M 97 8 Gulf Oil of Pa. 68 I Chicago Stocks '■ (By Abbott. Hoppin & Cos.)"" " —June 14— High. Low. 11:30. American Yvette 2% Borg-Warner 24% 24 24 Butler Bros 974 9% 9% Berghoff 8% Chicago Corp com 2% Chicago Corp pfd 26% Cities Service 2% 2% 23* Commonwealth Edison 51% Cord Corp 434 4% 4% Great Lakes Aircraft % Gen Household Util 12 % Libby-McNail 8 Lynch Corp 3g Middle West Utilities % Midland United % Peabody Coal B 9 Pines Winterfront % Prima Cos 8% 8% 8 % Quaker Oats 115 114% 114% Swift &Cos 17% 17% 17% Swift International ... 30'% 3034 30*% Utility & I.id . .. 1 Vortex Cup Cos 14 13% 14

Bond Prices (Bv Fenner & Beane)""

—June 14— _ „ High. Low. 10:30 Alleg Corp 5s ’SO 39% 39% 39% Am&For Pwr 5s 2030 54% AT&T db 5s ’65 ..108% 103% 108% Atchison gen 4s ’95..102% 102V 8 102 Va B&O cv 4%s ’6O 67% 66% 66% Can Pac 4s ’57 83V* 83% 83% C&O 5s A ’36 ... lOOt's ChMStP&P ad 5s A 2000 43V* 43 43 % ChMStP&P rs 5s A ’75 14V* 14V* 14V* Erie RR rs 5s ’67 75% 74% 74% Goodyear 5s ’57 99 V* 99 99% Gt Nor 414s D ’76.. 77 Gt Nor 7s A ’36 94% 941* 9414 Interboro RT 5s ’66.. . 70% Int T&T db 5s ’55 .. 67 66% 67 McKees&Robb 5%s ’SO 84 83% 84 Nat Dairy db 5%s ’4B 97% 97 97% NY Cent 4%s O 2013. 77% 77 77 Nor Am 5s ’6l 90 89% 90 PacGas&El 5s A ’42 106% 106% 106s/ Penn RR 4%s D ’Bl 97’* Poland 7s ’47 111% Shell Un Oil 5s ’47.. 98% 98V* 98% Sin Cons 6%s B ’38... 105 Texas Corp 5s ’44 103 102% 103 Tob Pr NJ 6%S 2022. . 106 US Rubber 5s A ’47.. 86% 86V* 86% Vanadium 5s ’4l 82 Western Un 5s ’sl 87 86V* 86V* U. S. GOVERNMENT BONDS (By United Press) NEW YORK, June 13.—Closing Liberties. (Decimals represent 32nds.). Liberty 3%s (32-47) 104. First 4V*s (32-47) 103.10 Fourth 4%s (33-38) 103.25 Treasury 4%5-4%s (45) 103.25 4%s (47-52) 112.26 3%s (43-47) 104.20 3%s (41-43) March 105.5 3%s (40-43) June 105.5 3%s (43) 105.1 3%s (46-49) 102.8 3s (51-55) 101 FEDERAL FARM LOAN BONDS (By Blyth & Cos., Inc.) —June 13Bid. 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 100V* 101V* 4%s May 1, 1957—37 100% ... 4%s Nov. 1, 1958—38 100% ... 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% ... 4%s July 1, 1953—33 100% 101 4%s Jan. 1, 1954—34 100% 101 4V*S July 1, 1954—34 100% 101 5s May 1, 1941—31 100% 101% 5s Nov. 1, 1941—31 100% 101% Home Loan 4s July 1, 1951 101.07 101.11 Federal Farm Mortgage Corporation 3%s March 15. 1944—44.... 101.24 101.28 The two latter quotes are in thirtyseconds. BUSINESS ACTIVITY DIPS SLIGHTLY DURING WEEK Decline of 28 Per Cent Below Normal Reported by Index. Bv Times Special WINCHESTER, Mass., June 14General business activity in the recent week was at the rate of 28 per cent below normal, according to Winchester’s Business Activity Index. This is a slight drop from the preceding week and compares with an activity of 33 per cent below normal a year ago. Since early March business activity has been almost at a standstill with no marked trend either up or down. In making our comparison with a year agd we must remember that business was gaining very rapidly and reached its • high for the year in July, so this accounts for the narrowing margin between activity at present and a year ago. Matured Bonds Deposited By Times Special NEW YORK, June 14.—Illinois Central Railroad Company announces that holders of about 80 per cent of the firm’s 4’6 per cent notes which matured June 1, have deposited iheir bonds under the company’s plan for meeting the maturity. Contract Bids Received By Times Special WASHINGTON, June 14. Pioneer Construction Company, Seattle, today was apparent low bidder, with $5,380, for painting in the Hoquiam, Wash., postoffice. Gust Lauch & Sons, Inc., Seattle, was second* with $6,467 and William Fodge, Monte Sano, Wash., third jvith sf>B32.

PORKERS SOAR TO $5 MARK IN ACTIVESESSION General Increase Ranges From 50 to 65 Cents; Veals Advance. Extremely light receipts and a heavy demand in early trading at the Union Stockyards this morning sky-rocketed porker prices from 50 to 65 cents above yesterday's sharp advance. Today's sharp increase marked the fourth consecutive advance of the week. Receipts estimated at 4,000, were around a normal figurefor a Saturday short-session. Choice grades, shortly after the opening, soared to $5, the highest prices paid for these classes since March 9. The bulk, 160 to 200 pounds, was selling at $4.80 to $4.90, while medium weights from 200 to 300 pounds, sold at $5. Cattle Strong, Active Heaviest grades available scaling 300 to 350 pounds, brought $4.80 to $4.90. Light slaughter pigs, weighing 130 to 160 pounds, cashed in at $3.75 to $4.25, while other light kinds ranging from 100 to 130 pounds, were selling at $3 to $3.50. Packing sows were salable from $3.25 to $4. Holdovers numbered 288. The cattle market continued at a strong and active pace, with the majority of classes on hand unchanged to mostly 25 cents higher than the previous advance. Top steers held at $9, while better grade heifers sold at $6.40. Receipts numbered 500. Initial increase of the week was registered in veal prices, and practically all grades were sharply 50 cents to $1 higher. Bulk of vealers ranged from $5.50 to $6. Top held at $6. Receipts were 600. Lamb Prices Steady Lamb values, however, continued unchanged, while slaughter sheep moved around 50 cents higher. General bulk of lamb was selling at $8.50. Top held at $9. Throwouts sold from $6 to $6.50. Sheep brought $1 to $2.50. Receipts were 500. Strong undertone continued in the hog market at Chicago, and most initial bids were 15 cents higher than yesterday’s average at $4.65 down. Receipts were estimated at 17,000, including 6,000 directs. Cattle receipts numbered 6,000; calves, 2,000; market steady. Sheep receipts were 10,000; market unchanged. June. Bulk. Top. Receipts 8. $3.35® 3.65 $2.90 8,000 9. 3.35® 3.65 3.90 2,000 11. 3.60® 3.80 4.05 6.000 12. 3.85® 4.00 4.15 7.000 13. 4.25® 4.35 4.50 5,500 14. 4.80® 4.90 5.00 4,000 Market, Hieher (140-160) Good and choice ...$ 4.00® 4.25 —Light Weights—-(l6o-180) Good and choice .... 4.80 (180-200) Good and choice ... 4.90 ’ —Medium Weights—-(2oo-220) Good and choice ... 5.00 (220-250) Good and choice ... 5.00 —Heavy Weights—-(2so-290) Good and choice.... 5.00 (290-350) Good and choice .... 4.80® 5.00 —Packing Sows—(2so- down) Good 3.75® 4.15 (250 lbs.) Good 3.50® 4.00 (All weights) Medium 3.25® 3.75 —Slaughter Pigs—-(loo-130) Good and choice ... 3.00® 3,50 CATTLE Receipts, 500; market, higher. Good and choice $ 6.00 ®9.00 Common and medium 4.00@'6.55 (1.100-1,5001-Good and choice 7.25® 9.25 Common and medium 5.50® 7.50 (675-750) Good and choice 5.25® 6.75 Common and medium 3.00® 5.50 (750-9001 Good and medium 5.25® 6.75 common and medium 3.50® 5.25 —Cows— Good 3.50® 4.25 Common and medium 2.50® 3.50 Low cutter and medium 1.25® 2.50 Bulls (yearlings excluded) Good (beef steers) 2.50® 3.50 Cutter, common and medium. J.so® 2.50 VEALERS Receipts, 600; market, higher. Good and choice $ 6.00® 6.00 Medium 3.50® 5.00 Cull and common 2.50® 3.50 —Calves— Good and choice 4.00® 5.50 Common and medium 2.50® 4.00 —Feeder and Stocker CattleGood 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, 500; market, steady. (Shorn Basis) Spring lambs, good and choice $ B.oo® 9.00 (500-lb. down) com. and med. 6.00® 8.00 —Ewes— Good and choice 1.50® 2.50 Common and medium 75® 2.00 Other Livestock (By United Press CHICAGO. June 14.—Hogs—Receipts, 17,000, including 6,000 directs; market active, 25 to 35 cents higher than Wednesday; weights above 210 lbs., largely s4® 4.75; extreme top, $4.85, highest since March 2; 170-200 lbs., [email protected]; light lights, $4®4.40; pigs, $3.50 down; packing sows, $3,505/3.90; light lights. 140-160 lbs., good and choice, $4®4.40; weight, 160-200 lbs., good and choice, [email protected]; medium weights. 200-250 lbs., good and choice. $4.60®4.80: heavy weights, 250-350 lbs., good and choice. $4.60@4\85; packing sows, 275-550 lbs., medium and choice. $3.25®4; slaughter pigs, 100-130 lbs., good and choice, $2.50®4. Cattle —Receipts. 6,000; calves. 2,000; better grade fed steers and yearlings slow, steady; top, $9.90; long yearlings. $9; very few light steers in run of value to sell under $6.50; all such cattle ruling active and firm; other killers gencraly steady to strong; best weighty heifers, $7.25; bulls 10 to 15 cents higher; vealers firm; Stockers and feeders scarce, slow, but sharply higher than week ago; slaughter cattle and vealers: steers. 550-900 lbs., good and choice. $5.75 @8.50; 900-1.100 lbs., good and choice, $6.50®9.50; 1.100-1.300 lbs., good and choice, s7® 10 25: 1,300-1.500 lbs., good and choice, $8®10.25: 550-1.300 lbs., common and medium, $3.50(5 8: heifers. 550-750 lbs., good and choice. [email protected]; common and medium, *5.25(3 6.75; cows, good, s4®s; comon and .medium. s3®4; low cutter and cutter, $1.75®3: bulls, yearlings excluded, good. beef. $3®8.65; cutter, common and medium, $2.25®3.40; vealers. gcod and choice. $5(56.50; medium. s4®s: cull and common. s3®4; stocker and feeder cattle: steers. 550-1.050 lbs., good and choice. $4.25 ®5.50; common and choice. $3®4.25. Sheep—Receipts, 10,000; spring lambs, active; strong to 25 cents higher; eight doubles, Idaho, $9; bids ana scattered sales natives. $8.75®9 : best held. $9.25; yearling quality plain; few early sales sheep steady; slaughter sheep and lambs: spring lambs, good and choice. [email protected]: medium. $6.60(58; ewes, 90-15 01bs. t good and choice, [email protected]; all weights, common and medium, 75c®51.25. FT. WAYNE, June 14,—Hogs—Market, 25 to 40 cents higher: 250-300 lbs.. $4.80; 200-250 lbs.. $4.70: 180-200 lbs.. *4.55- 160180 lbs.. $4.35; 300-350 lbs., $4.35; 150-160 lbs., $3.50: 140-150 lbs., $3.25: 130-140 lbs., $3; 120-13$ lbs., $2.75: 100 7 120 lbs.. $2.50; roughs, $3.50; stags, $1.50. Calves, $5. Lambs, SB. LAFAYETTE, June 14.—Hogs—Market, 35®75c higher; 225-300 lbs., $4.80®'4.85; 190-225 lbs.. $4.60®4.75; 170-190 lbs.. $4.50 ®4.55: 150-170 lbs.. [email protected]: 130-150 lbs., [email protected]; 100-130 lbs.. $1,750+3.25: 130 lbs., $1.75 ® 3.25; roughs. $4 down. Top calves—ss; lambs. $7.50©8. (By Times Special) LOUISVILLE, June 14.—Cattle—Receipts, 150, including 37 billed direct; supply light, quality generally plain; market moderately active, strong at Wednesday’s slight advance; bulk common to medium steers and heifers, s4®s; good d.-yfed yearlings quotable to $6.25 or better; bulk beef cows. [email protected]; good dryfeds quotable to $3.75 or better for heifer types; low cutters and cutters, [email protected]; sausage bulls quotable $3.25 down; Stockers and feeders practically absent. Calves—Receipts. 300; mostly 50c higher: bulk vealers. $4.50 down; strictly choice kinds. $5. Hogs—Receipts. 900: weights from 120 to 145 lbs., steady; all other weights and classes. 50c higher; 1851275 lbs., $4 90. highest since March 10: 275 lbs. up. $4 20; 160-185 lbs.. $4; 145-160 lbs.. $3.65: 120146 lbs., $2.25; sows. $2.75. Sheep—Receipts, 1.500; run light; mostly trucked in spring lambs; market not established; sellers generally asking 50c higher, or *8.50 for bulk better trucked in ewe and wether springers: other classes unchanged; fat ewes, SJUg2; stock ewes, ss®7 a head.

Annual Reports of Midland Utility Companies Mailed

Reorganization Petitions of Both Firms Are Filed in Federal Court. By Times Special CHICAGO, 111., June 14.—Annual reports of the Midland United Company and its principal subsidiary, the Midland Utilities Company, were placed in the mail recently preliminary to the adjourned annual meeting of the stockholders of the companies, which will be held tomorrow in Chicago. John N. Shannahan, presdent of the two companies whose subsidiaries provide gas, electric, water or transportaton service in approximately 800 communities, mostly in Indiana, will preside at the annual meeting. Report Gross Earnings Petitions for reorganization of the two companies under the McKeown bill for corporate reorganizations were filed in the federal court in Wilmington, Del., last Saturday. Hearing on a plea to remove the case to the United States court for the northern district of Indiana will be held at Wilmington June 16. Gross earnings of the Midland United Company and subsidiaries during 1933 totaled $32,442,534.31. The total operating expenses amounted to $23,024,783.06, of which $3,797,094.07 was for state, local and miscellaneous taxes. The net earnings were $9,417,751.25. The net loss to the Midland United Company, after providing for interest and making provision for accumulated divdends on preferred stock of the subsidiary companies, there remained a deficit of $2,355,637.73. Net Asets Listed The consolidated balance sheet of the Midland United Company and its subsidiary companies listed assets of $339,424,227.98. The Midland United Company balance sheet listed assets of $82,239,567.95. The balance sheet of the Midland Utilities Company and its subsidiary companies listed assets of $179,004,699.99, while the Midland Utilities balance sheet listed assets of $70,542,547.53. Included in these amounts were certain investments, the value of which the report did not attempt to fix. NASHEXPQRTS INCREASE Foreign Sales in Six Weeks Exceed Previous Year Figures. By Times Special NEW YORK, June 14.—Gaining popularity of American made automobiles abroad was revealed this week in a report of the Nash Motors Company. The report showed that exports of the firm to foreign countries during May and the first twelve days of June exceeded the number of shipments of the entire year of 1933. 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, 3c; young guineas. 1% to 3 lbs., 20c; old guineas, 15c; No. 1 strictly fresh country run eggs, loss off 10%@llc. 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, 27@28c; No. 2, 25@26c. Butterfat, 20c. Quoted by Wadley Company. (By United Press) CHICAGO. June 14.—Eggs—Market unsettled; receipts, 11,858 cases; extra firsts, 16%c; fresh graded firsts, 15%c; current receipts, 12% @>l3%; dirties, No. 1,12 c; No. 2, ll%c; checks, No. 1, 11 %c; No. 2, lie. Butter—Markt ‘ unsettled; receipts. 14,660; extra firsts (90-91% score), 23® 23%c; firsts (88-89% score). 22%@22%c; seconds (86-87% score), 21®21%c: extras (92 scorei, 24c; specials, 24/j@2sc; standards. 24%c; centralized 189 score), 23c; centralized (88 score), 22%c. Poultry— Market firm; receipts, 48 trucks, 1 car; hens, Leghorns. 8@ 10c; broilers, 19®22c; Leghorn. 14%c: ducks, 15c; old roosters. 8c; fryers, colored, 22c; springers, 26c; spring geese, 13c; turkeys, l4c. Cheese— Twins, 13%®13%; longhorns. 13%(®14c; daisies, 13% @ 14c. Potatoes—Old stocf:, supply moderate; demand and trading light; market dull; Wisconsin round whites, $1.05®1.20; new stock, supply moderate; demand and trading rather light; market steady; Alabama triumphs, $1.60 @1.70; Louisiana triumphs. [email protected]; Oklahoma. $1.60; Mississippi, $1.60; Oklahoma cobblers, partly graded, $1.40; Louisiana long whites, $1.65; arrivals, 63; on track. 211; shipments, 1,307. NEW YORK. June 14.—Potatoes—Irregular; southern. $1.50®2.90; Maine. sl..‘s® 2.'0 hbl.; sweet potatoes, steady; Jersey, basket, [email protected]: southern, basket, $1.75. Flour —Weak; springs, patents, [email protected] bbl. Pork—Quiet; mess, $20.25 bbl. Lard— Firm: middle west spot. [email protected] per 100 lbs. Dressed poultry—Quiet; turkeys. 13® 27c: chickens, B@3lc; broilers, 23@31c: capons, 25®35c; fowls. ll@17c; ducks, 14c; Long Island ducks. 14%@15c. Live poultry —Steady; geese. 6@7c; turkeys. ll@16c: roosters, 8c; ducks. 10®12c: fowls. 12® 16c: capons. 22c; broilers. 14®17c. Cheese —Steady: state whole milk fancy to specials, 18®19c. Births Boy* Chris and Agnes Hasselburg, 37 West Twenty-first. Paul and Margaret McDowell, 519 North Bradley. Norris and Elizabeth Harold, St. Vincent’s hospital. Robert and Estelle Hormel, St. Vincent s hospital. Harry and Hazel Buchanan, 1035 North Holmes. Gail and Rose Eaton, 860 North Gray. Girls Raymond and Marna Clark, St. Vincent’s hospital. William and Milford Taylor, 322 South Addison. Deaths Charlotte Massa, 62, St. Vincent’s hospital. fractured skull. Helen Stout. 64, 3810 Washington boulevard, septic meningitis. Cynthia Day Snyder, 94, 735 P4rk, arteriosclerosis. , , Dave Miller, 65, 513 East St. Clair, coronary occlusion. , . . Sarah Catherine Wighem, 84, 6188 Broadway, arteriosclerosis. John W. Parker, 70, city hospital, coronary thrombosis. Infant Copeland, 1 hour, Methodist hospital, cerebral hemorrhage. Plumbing Permits Karl Stahl, 308 North Rural, one fixture. Ely Kaln, 407 Exeter, three fixtures. Ed Bell, 1531 Gimber, three fixtures. Karl Stahl, 821-23 East St. Clair, six fixtures. „ _ C. A. Johnson, 44 South Grace, four fixtures. _ . Frank Irish. 61 Virginia, two fixtures. William Curtis, 50 South Illinois, one fixture. .... . , W. W. Barker, Manual high school, six fixtures. ~ Annex Plumbing Company, 6368 College, two fixtures. ...... Hankin Bros., 419 Blackford, two fixtures. C. A. Johnson, 1444 Woodlawn, two fixtures. R. Bardy. 2866 School, four fixtures. Thomas Connell Company, 3410 East Washington, four fixtures. . E. W. Barker. 3454 North Illinois, one fixture. „ . _ C. J. Smith 2837 Indianapolis, two fixtures. In the Air Weather conditions at 9 a. m.: Southwest wind, 3 miles an hour; barometric pressure, 29.89 at sea level; temperature, 71; general conditions, high thin broken clouds* smoky; ceiling, unlimited; visibility, six miles. Fahey Is Not Candidate By United Press WASHINGTON, June 14.—John H. Fahey, chairman of the Home Owners’ Ldan Corporation, today said “under no circumstances” would he become a candidate igr the governorship race in Massalfkusetts.

MAY DEPARTMENT STORE SALES RISE Increase of 12 Per Cent Is Shown Over 1933. By Times Special CHICAGO. June 14.—Department store sales throughout the country during May increased 12 per cent over last year, but were 2 per cent above the April sales this year which is less than the estimated seasonal amount. Index of the federal reserve board, based on preliminary figures for the month has been placed at 77 per cent on the basis of the 1923-25 average as 100 per cent. The estimate is based on figures from 540 reporting stores in 284 leading cities in the United States. Sales for the first five months this year, according to the reports, are 20 per cent ahead of the same period last year. Most of the gains were made in the central section of the country. Cleveland and St. Louis led the month’s gain with rises of 24 per cent each. Cleveland led all stores in the five-month period, sales rising 30 per cent. St. Louis had a gain of 26 per cent for the period. Smallest gains for the month were made by San Francisco, 1 per cent, and Boston, 3 per cent. Both cities, however, reported 14 per cent gains for the first five months.

Cash Grain

INDIANAPOLIS —June 13— The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. o. b.. shipping point, basis 41% New York rate, were; Wheat —Weak: No. 1 red. 90@91c; No. 2 red, 89®90c; No. 2 hard. 89®90c. Corn—Steadv: No. 2 white. 57@58c; No. 3 white. 56@57c; No .2 yellow. 53@54c: No. 3 yellow. 52@53c: No. 2 mixed 52® 53c: No. 3 mixed. 51@52c. Oats—Easy; No. 2 white. 40641 c: No. 3 white. 39@40c Hav—Firm; IF. o. b. country points taking 23%c or less rates to Cincinnati or Louisville). No. 1 timothy. $12612.50. —lnspections Wheat—No. 1 red. 1 car; No. 2 red. 1 car. Total. 2 cars. Corn—No. 2 white. 4 cars; No. 3 white. 2 cars; No. 6 white. 1 car: No. 2 yellow, 4 cars; No. 3 yellow. 2 cars; sample yellow. 1 car. Total. 14 cars. Oats—No. 2 white. 3 cars: No. 3 white. 4 cars; No. 4 white 1 car. Total. 8 cars. Local Wagon Wheal Citv grain elevators are paying 85 cents tor No. 2 soft reo wneat. Otnr grades on their merits. •By United Press) CHICAGO. June 13.—Cash grain: Wheat —No. 2 hard. $1.02%; No. 2 yellow hard. $1.00%. Corn —No. 2 vellow. 61c; No. 4 yellow, 60%c. Oats —No. 2 white. 46@46%c: No. 3 white. 45c: No. 4 white, 44c; sample grade white, 42%c. Rye—No sale. Barley —Sales. 90®94c; quotable. 55c@$l. Timothy—sß.2s®B.7s. Clover Seed—s9.7s® 13.50. Cash provisions—Lard. $6.75; lose. $6.15; leaf, $6.12: bellies. $9.25. TOLEDO. June 13.—Grain close: (Grain in elevators, transit billing)—Wheat—No. 2 red. 99c651. Corn—No. 2 yellow. 61%@ 62%c. Oats—No. 2 white. 48®49c. RyeNo. 2. 70@71c (Track prices, 28%c rate) —Wheat—No. 1 red. 95%@96c: No. 2 red. 94%@95c. Corn—No. 2 yellow. 57%© 58%c: No. 2 vellow. 56%®67c: No. 4 yellow, 55%®56c. Oats—No. 2 white. 45® 46%c; No. 3 white, 44@46c. Seed Close: Clover—Cash, $8.25. Alsike—Cash, $8.50. On Commission Row —June 14— —Fruits— Apples—Fancy Winesaps. $2.2562.35. cherries—Home grown. 24-at. crates. $2 ©2.50. Oranges—California. Sunkist, $5©5.75: Valentias [email protected]. Lemons—Sunkist. $8: Red Ball, SB. Grapefruit—Florida seedless. $3.75@4.. Strawberries—Home grown 24-qt. crate. $2.50©3; southern, $5. Raspberries—Southern Indiana red. 24pt. crate. $4, black. [email protected]. Cantaloupes—California jumbos, 455. $4.25; standards, $3.75; Honeydews. $2.50 Pears—Calavos, $3.50 per box. Pineapples—Cuba. $3.50®4.25. Bananas—Per pound. 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. Onions—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 Hanks, hamper. $2.40. Asparagus—Home grown, dozen. 65c® $1.25. Beans—Round, stringless, $1.75@2. Beets—New. 45c a dozen. Carrots—California. 6-dozen crate. $3.25; bulk. new. $1.60. Cauliflower—California, $2.75. Lettuce—Outdoor. 15-lb. basket. 90c: Iceberg best. $4.50 a crate. Peas—lndiana. [email protected]. Radishes—Home grown buttons. 35@60c a dozen. Rhubarb—Home grown, dozen. 30c. Spinach—Home grown, bushel. 75c. Tomatoes—Hothouse. 10-lb. carton, 90c @sl; original Texas. 30-lb. lug. $2. CHICAGO FRUIT MARKET (By United Press) CHICAGO. June 14.—Fruit and vegetable*: Applies—Michigan Spies. $262.50 bushel: Illinois transparents. $2 bushel. Carrots—Southern. $2.50 crate. Spinach Illinois. 50®75c bushel. Cucumbers—Central western hothouse. 90c®51.75 (2 doz.i. Tomatoes —Texas. 90c<S$1.10 lug box. Sweet potatoes—Tennessee. $1.90®2 bu. hampers. Mushrooms—lllinois, 15®40c (lb. cartons). Asparagus—lllinois. [email protected] Strawberries—Michigan. [email protected] (16 ouartsi. Onion market: <SO-lb. sacks). Texas yellows. [email protected]; Texas whites. $1.4561.50. INTEREST DISTRIBUTION TO BE MADE JUNE 20 Holders of City of Detroit Bonds Will Receive Third Payment. By Times Special NEW YORK, June 14.—The third distribution of interest to holders of bonds and notes of the City of Detroit, under the refunding plan declared operative on April 20, will be made on June 20 to depositors of record on that date, it was announced today by B. A. Tompkins of Bankers Trust Company, New York, chairman of the Bondholders’ Refunding Committee. The distribution will cover the period from March 16 through June 20. At the same time Mr. Tompkins announced that more than 94 per cent of the bonds and notes to be refunded under the plan, which provides for the adjustment of $280,000,000 of the city's debt, have now been deposited or pledged with the committee. Arrangements are being made for the preparation of the new refunding bonds. SPECIAL DIVIDEND PAID BY RANDALL COMPANY Disbursement of 50 Cents on Class “A” and “B” Stocks Declared. Bjj Times Special CHICAGO, June 14. A special dividend of 10 cents a share on the class ‘A’ stock and a disbursement of 50 cents a share on the class ‘B’ issue was declared this week by directors of the Randall Company. A month ago the regular quarterly payment of 50 cents a share on the cla % ‘A’ was paid, and a special disbursement was given out cm the class ‘B’ stock. Bridgeport Machine Company this week announced a payment of $1 on account of accumulations on the preferred stock. Bancamerica-Blair Corporation declares a dividend-jof 25 cents a share on the common stock.

TUNE 14, 1934

FUTURE PRICES DIP FRACTIONS ON LIQUIDATION Unsettled Weather News From Belt Creates Selling. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO, June 14.—Unsettled weather conditions over most of the grain belt brought sellers into the grain market at the opening of the Board of Trade today. Wheat opened 3 ,4 to % cent lower; corn was off % to % cent; oats was down J ,4 to % cent, and rye was Vi to ?4 cent lower. Toward the close yesterday an oversold condition was revealed in wheat and the top-heavy situation continued. Liverpool opened steady, influenced by discouraging advices from North America and by reports of extreme drought in Australia. Chicago Futures Range —June 14— High. Low. 10:00. Vlose. Wheat— Julv 95% .93% .94% .96% Sept 96% .94% .95% .96% Dec 98V* .96 .97% .98 Vi Corn— Julv 57% .56% .57% .57% Sept 59% .58% .59% .59% Dec 61% .60 .61 .61% Oats— July , 43% .43% .43% .44 Sept. 43% .42% .43% .43% Dec 44% .44% .44% .44% Rye— Julv 65 Vi .53% .64% .65% Sept 67 .65 .66% .67% Dec 69 .68 .68% ..70 Barley— Julv .. .. ' .55% Sept .53 .52% ,52% .53'% CHICAGO TRIM ARY RECEIPTS —June 13— —Bushels— Today. Last week. I Whfeat 541,000 ' 369,000 Corn 284,000 305,C10 Oats : 76,000 101,000 RAIN DURING WEEK AIDS INDIANA CROP GROWTH Wheat and Corn Now Making Good Headway; Oats-Fail. Weather conditions were generally favorable in the week ended Tuesday, and agricultural conditions throughout the state were substantially improved by the moderate and heavy rains which broke the drought conditions in the central and southern sections. Northern Indiana is still in need of more moisture, but warm weather and ample sunshine afforded favorable conditions to all growing crops not already killed by the long dry spell. Field work progressed rapidly during the week. Wheat is reported ripening in all sections and some cutting is being done in the far southwest part of the state. Corn is now making good progress, but the oats crop is practically a failure due to the lack of rain. Tobacco setting, and considerable resetting of tomatoes was accomplished during the week. BUSINESS CORPORATION DOMESTIC SALES GAIN Total Is Highest in Firm’s History; World Output Near Record. By Times Special NEW YORK, June 14.—Domestic sales of International Business Machines Corporation for the year to date are the best in its history and the company's sales throughout the world for the same period are the best since its all-time record year of 1930. The company now has in the field the largest sales force in its history, which soon will be augmented by the graduation of the June class in the company’s sales school at the Endicott, New York, plant. This information was divulged in a statement made by Thomas J. Watson, president, this week. ■ INSURANCE SALES CLIMB April Business Largest in More Than Two Years. By Times Special WINCHESTER, Mass., June 14. New life insurance polices written in April totaled 1,178 with a value of $794,495,000. This was the biggest life insurance month foi two years. In analyzing the life insurance figures the Winchester Institute of Finance brings out a very irteresting fact. The average value of a policy written in April was $673 while a year ago in April it was only $631. This increase in the size of the average policy is just one more indication that family finances are improving. SUPREME COURT OF THE STATE OF NEW YORK—COUNTY OF NEW YORK. County Clerk’s Number 11422 —1933. In the Matter of the Application of the people of the State of New York, by George S. Van Schaick, as Superintendent of Insurance of the State of New York, for an order to take possession of the property and rehabilitate the GLOBE AND RUTGERS FIRE INSURANCE COMPANY Notice of Filing First Report Audit and Petition- Notice of Motion to Confirm. Sir: TLEASE TAKE NOTICE that the first report, audit and petition of the Superintendent of Insurance of the State of New York as Rehabilitator of Globe and Rutgers Fire Insurance Company, duly verified, w’ill be duly filed on or before the 2nd day of Julv. 1934, in the office cf the Clerk of the County of New York: that a duplicate original thereof will be filed at the same time in the office of the Bureau of Liquidations, Conservations and Rehabilitations of the Insurance Department of the State of New York. No. 30 Centre Street. Borough of Manhattan, City, County and State of NeV’York; and that a triplicate original thereof w;ts supporting vouchers will be filed at the same time in the office of Saul J. Lance. Special Deputy Superintendent of Insurance In charge of th* above named company at No. 11l William Street. Borough of Manhattan. City, County and State of New York. Said first report, audit and petition will be available for inspection oy creditors and stockholders at the abovenamed offices. PLEASE TAKE FURTHER NOTICE that said report, audit and petition will be gresented to the Supreme Court of the tate of New York, at a Special Term, Part I thereof, for motions, to be held at the County Court House. Pearl and Centre Streets, In and for the County of New York. Borough of Manhattan, city of New York, on the 15th day of August. 1934. at 10:00 o’clock In the forenoon of said day or as soon thereafter as counsel can be heard, and a motion will then and there be made thereon for an order as follows: I—Approvingl—Approving and confirming the proceedings had and actions taken therein by the Rehabilitator from March 24. 1933, to March 31. 1934; 2—Approving and confirming all expenses paid and all other disbursements made as set forth in said report: 3—Approving and confirming th* assets, income and receipts charged against the Rehabilitator as set forth in said report; 4—Granting such other, further and different relief as mav seem to the Court Just and eouitable in the premises. Yours, etc. GEORGE S. VAN SCHAICK. Superintendent of Insurance of the State of New York. BASIL O'CONNOR, Attorney for Superintendent of Insurance, 120 Broadway. New York City, To: All Creditors and Stockholders of Globe and Rutgers Fire Insurance Company. Dated, New York, N. Y„ May 24th, 1934,