Indianapolis Times, Volume 46, Number 37, Indianapolis, Marion County, 23 June 1934 Edition 02 — Page 14

PAGE 14

Wall Street Ruling on Gold Clause in Bonds Tends to Favor Monetary Policy. HI RALPH HL.NULKbHOT

Itmfi hßißfiil HMiff \ FEDERAL court has ruled that j the ' gold clause" in a bond issue is just so many empty words. Although anticipated quite generally, the ruling Is of the highest importance. In effect it means that the administration's dollar devaluation action was entirely constitutional and the circumstances govern the

va 1 1 and ity of contracts. The Bankers' Trust Company of N e w York, acting as a trustee for a railroad bond issue, brought the action, which was ruled upon by Fede r a 1 Judge| Charles B. Louis. It was a test ease. I the bank act- j ing in the I

Hrndrrshot.

interest of bondholders. While it is j doubttu! that it even hoped to collect interest on the bonds in gold or its equivalent in paper currency, a j rourt ruling was necessary to keep the records straight and to clear the | bank of its responsibilities as a trus- \ tee in so far as the gold clause was concerned. Every one knows, of course, that, the railroad could not make the pavment in gold, as provided in the bond indenture. It is common kne ledge also that the bondholders would be subject to arrest if they accept ed gold in payment of the bonds. That part of the contract became invalid as soon as it became illegal to live up to it. And making the pavment in paper currency in an amount equal to its gold equivalent would be rather impracticable. The declared value of the dollar and its actual value today are two different and distinct things. BUM INVESTMENT bankers made a special point of the gold clause in offering bonds for sale during the past decade or so. And many investors regarded a “gold” bond as somewhat superior to one described differently. It never had been recorded up until recently that holders of gold bonds in this country ever asked for or received payment of interest or principle in gold, however. The idea of the gold clause appears to have originated many years ago. when other countries went off the gold standard from time to time and sought to make payment in depreciated currency. It proved a derided advaptage on many ncrasions at such times. But the importance of the judge's ruling was not so much in its application to bonds as it was in its indirect placement of legal approval on the official arts of the President in connection with dollar devaluation. Had he ruled that the railroad must pay in gold he would have implied that the impoundment of the yellow metal was illegal, and had he ruled that it should pay in paper currency on the basis of its old official gold valuation it could bo assumed that the court did not rpgard the reduction in the gold value of the dollar as justified or constitutional. nun ASIDE from the justice in the matter, the judge would have ma' 1 ' a dangerous decision had he ruled otherwise than he did. The prices of stocks and commodities and other things of value probably would have fallen sharply. And if the supereme court of the United States were to have foiowed through with a sustaining ruling it is conceviable that the entire country later might have been forced intp bankrupt ry. It is to be supposed that the bank may take the casp finally to the United States supreme court. And if it rircs thp big surprise would come if that court were to reverse the ruling N. Y. Coffee. Sugar Markets rorrrr. —June 22 —Santo*— High. Low Close M irth ... 10.95 10.61 10.6S , Inlr 10.75 9 94 3 94 I B-niember 10 *6 10 33 10 33 j DtCfmbft 10.85 10.55 10.57 —Bio— January * 01 I M*rch 875 80S 8.07 Mar 814 7.11 8.11 July 8 01 7.81 7.85 j September 8 03 7.90 7.90 December 827 7.93 7.95i SUGAR High. Low C!os . January . .... I*3 181 1.82 March l.tt 1.86 1.83 ■ Mav 194 1.91 1.94 I September . . 1.73 1.70 1.73 ! December . 1.82 1.79 1 82, In the Cotton Markets CHICAGO —June 23 High. Low. Clow January . ... 12-48 12 44 12 48 V * rch . 12.60 12 55 12 60: Mai 12 70 12 65 12 70 Julr 12 OS 1199 12.05 OctnSr 12.32 12 75 12 32 ! December 12 *2 12 38 12 42 , NEW YORK January 12 39 17 37 12 38 ! Mar h 12 53 12 47 12 49 Ur 12 67 12 53 12 59] 11 99 11 91 11 94 October 13 26 12 20 12.22 1 IVc ember 12 3* 12 31 12 33; NEW ORLEANS January 12 34 March 12 46 12 44 12 44 M*v 17 58 12 54 12.54; ,’rv 11 98 11 90 11 92 12 23 12 16 1 2 16| Peccrr.* v "r 12 3.5 12.29 12 30 | Retail Coal Prices The !c.lowing prices represent trio's- ; . from leading Indiananolts coa’. deal- : rr 5 tain discount of 25 cents oer ion is alfewetf Domestic Retail Price* Anthric ie *l4 75 Branl lumo 575 Prar-l egg -5 Branl mine run 500 Coke, nut sue 8 <5 Coke egg sire 875 Indiana forked lump 5 5005.75 Indiana egg 50065 25 Kcntuckv lump 700 Pocahontas lump 825 Pocahontas ecg 825 Pocahontas forked lump 925 1 Pocahontas mine run 725 j N-w Rnrr smokeless 8 25 1 West Virginia lump 6 75 West Virginia egg 650 Island Creek 7 00 Extra ch irge of 50t a ton for wheeling coa'. and Si a ton lor coai carried to bin. Daily Price Index ■Bv United Pressi NEW YORK. June 23.—Dun A- Bradstrers dailv weighted price index of thirty banc commodities compiled for the United Press . U930-19J2 Average. 100> Today 112*4 Yes'erdav 112 01 Week ago 112 80 Mooth ago 109 114 Year ago (June 24> 94 8. 1934 High 'June 19* - - 113*8 1931 Low 'Jan S' 10105 Cop r.rht 1934 by United Press' Pbalop Take* Radio Serie* The Rev George G. Kimsey. pastor of the Memorial Baptist church, will eonduct next week the devotional period held over WKBF at 7 every morning except Sunday.

SILVER SHARES LEAD RECOVERY IN STOCK LIST ■ Traders Continue Cautious Over Appointment of New Commission. BY ELMER C. WALZER United Press Financial Editor NEW YORK. June 23 —Stocks recovered today from their nervousness of the last hour yesterday when selling attained proportions sufficient to cause tickers to lag three minutes for a brief period. Silver shares led a rise that spread to nearly all groups. Trading, however, continued quiet with trades apparently patiently awaiting appointment of the commission of five to administer the Stock Exchange act. Meanwhile, there were statements Issued by leaders in the street in an effort to curb fears over the commission’s personnel. E. A. Peirce, head of the brokerage house that bears his name, the largest house in the country, believed the commission would administer the act fairly and that it would be beneficial to the customers and brokers alike. Auto Shares Steady The Association of Stock Exchange Firms found no government control of corporations in the act's provisions. E. Burd Grubb, president of the Curb Exchange, anticipated no difficulty with the administration of the act. The foregoing may have had some influence on the market, although traders doubted it. The main reason for the better feeling was the steadier tone in the automobile issues, whose weakness yesterday caused heavy selling throughout the list. Hudson Motors, which led yesterday's last hour break, firmed nearly a point. Auburn Auto also made a fair gain, as did Nash. These three made new 1934 lows in the preceding session. Chrysler and General Motors firmed fractionally. The rise in silvers restored nearly all of yesterday’s declines in that group. The recovery was merely technical, however, as there were no new' developments in the silver situation. Trading ceased in silver futures today as the Commodity Exchange. Inc., closed for its first of a series of Saturday holidays that will continue throughout the summer. Cotton Futures Rise Practically the only commodities dealt in today were grains and cotton. Cotton futures were 5 to 7 points higher. There was no trading in rubber, hides, tin. copper, cocoa, coffee or sugar futures. Southern California Edison firmed fractionally despite reduction in the quarterly dividend from 50 cents to 37% cents. The stock recently had discounted omission of the dividend, hence reduction was considered a favorable factor. Utilities generally were steady to firm. The bond market was irregular and quiet. United States government issues were dull and steady. Foreign loans were mixed w’ith Germans lower. The dollar was slightly firmer. Sales Volume Slumps By l nited Pres* NEW YORK. Jun 23.—Sales on the New York Stock Exchange today were the smallest for a Saturday since Sept. 13, 1924, with a total of 233.350 shares exchanged. On the small day ten years ago 214.000 shares were exchanged. Last Saturday 576.295 shares w r ere exchanged on the Stock Exchange. On the Curb Exchange today only 55.000 shares were exchanged, against 139.000 last Saturday. Dow-Jones preliminary closing averages showed industrial 96.59, up .66 point: railroad 44,13. up .09. and utility 2371, up .23. Money and Exchange INDIANAPOLIS BANK CLEARINGS —June 23 df ••iM ... 31 673.n0n on Debus .... 4.385.000 nn Clearings fur the *erk 10.651.000 00 Debits for the week . 29,108,000.00 FOREIGN EXCHANGE ißy Abbott. Hoppin & Co.l —June 23 Close. Sterling. England $5 03% F-anc. France 0*59% Lira. Italv 0852 Beleias. Belgium 2337 Guilder. Holland 6779 Peseta. Spain 1318 Krone. Norway 2532 Krone. Denmark 2250 Yen. Japan 2903 Treasury Statements 'Bv United Pressi WASHINGTON. June 22.—Government expenses and receipts of the current fiscal tear to June 20. compared with the corresponding period ol the previous fiscal vear: „ .. This Year. Last Year. Expenses $6 851.124.353 93 84 969.297.945.50 Receipts 33.042.556.414 70 S2 029.981.457.35 Deficit S3 808.567.939 23 $2,339 316.488.15 j Cash Bal 52.687.516.358 54 Investment Trust Shares ißv Abbott. Hoppin & Co.l —June —* Bid. Ask American Bank Stocks Corp . 109 1.13 American A: General Sec A . 4.00 6.00 ■ Amcr A: Inv Tr Sh Basic Industry Shares 325 British Tvpe Jnv Tr Sh . . 44 50 ; Collateral Trustee Shares (At 4.50 4.62 : Corporate Trust Shares • old> .2 05 2,10 Corporate Trust Shares inewi 2.26 230 ; Cumulative Trust Shares . . 3.85 . . ;Dnersified Trust Shares 'A>... 625 Diversified Trust Shaes B' 7.55 7.65 Diversified Trust Shares >C' . 2.98 3.00 ■ Diversified Trust Shares iD*.. 440 4.60 First Insurance Stock Corp ... 87 ion First Common Stock Corp • 66 .70 Fixed Trust Oil Shares <A).. 787 Fixed Trust iOl Shares B' 690 ; Fundamental Shares Inc 1.90 210 i Incorporators Investments 1 Land Bank Bond Shares 1.19 1.32 ’Low P-:ced Trust Shares .... 570 5.80 Mass. In- Trust Shares 18 25 19.75 Nation Wide Securities . .. 324 330 North Am Trust Shares i.ASi.. 184 North Am Trust Sh i$S-S6> 230 234 North Am Trust Shares 58* . 2.28 232 , Selected Amer Shares . 2 50 Selected Amer Shares Inc .1.14 123 Selected Cumulative Shares ... 6 33 Selected Income Shares .... 3.31 3.75 Std Amer Trust Shares >Ai... 2 84 290 Trust Shares of America 270 275 Trustee Std Oil 'A' 540 5.80 Trustee Std Oil 'B 4.95 5.10 U S Elec Lt * Pwr 'A' 12 25 12 50 Universal Trust Shaers ....... 290 2.96

FRIGIDAIRE SALES SOAR i G. M. C. Reports 45 Per Cent Gain in Three Months. By United Press NEW YORK. June 23 —Household j refrigerator sales volume of Fngi- { daire Corporation, subsidiary of General Motors, was 45 per cent greater in March. April and May , than in any similar three-month period in the history of the company. E. G. Biechler. president and ! general manager, announced here j today. Demand for household products has been such. Mr. Biechler said, that the corporation's two large manufacturing plants in Dayton. 0.. are opreating on a peak production basis, and prospects indicate that 1934 will see both manufacturing and sales records established by the organization.

New York Stocks (Bv Abbott. Hoppin A Coj ———————

AVERAGE STOCK PRICES FOR FRIDAY Net High. Low. Close, change. Thirty industrials 97.87 95.48 95.93 —1.57 Twenty rails 44.71 43.67 44.04 —.64 Twenty utilities 24.08 23.32 23.48 —.57 Forty bonds •••• 94.74 —.20 Ten first rails .... 101.29 —.42 Ten serond rails •••• 81.92 —.19 Ten utilities •••• 98.61 same Ten industrials •••• 97.15 —.20 -Off.

—June 23 _ Prev. Oil*— High. Low. Close close. Amerada • 51% Atl Rfg 25% 24% 25 24% Barnsdall 7% 7% 7*2 7_ 2 Consol Oil • , ]*% Cont of Del ... 19 18% 19 18% Houston 'new).. . 3’. 3 * Houston (Oldt.. 19% 19% 19% 20% Mid Cont Pet 12% 13 Ohio Oil • . }J, Pet Corp 10% 10% 10% 10% Phillips Pet ... 17% 17% 17% 17% Plymouth Oil H 5 Pure Oil 10., 10 Roval Dutch 35% • Sbd Oil 32 % Shell Un 8% 8% Skellev Oil • • • .?% Soc Vac 15% 15% 15% 15% S O of Cal . 34% . SOOf N J 43% 43% 43 3 4 43% Sun Oil • . 61 Texas Corp . .. 2.3% 23% 23% 23% Tidewater Assn. 12% 12% 12% 12% Un Oil of Cal 16 15 /* Steel*— Am Roll Mills.. 19% 18% 19% 18% Beth Steel 34% 33% 34 33% Byers AM 22% 22 22'/ 22 Col Fuel <fc Iron _5% Inland Steel . • 39',2 Ludlum Steel 13% 14 Natl Steel 4040 Otis Steel • 4% Rep Iron & Steel 16% 16% 16% I*% Rep Iron At S p 47 45 47 47 U S Pipe & Fdy 24 24 U S Steel ... 40% 39% 40% 39% U S Steel pfd .. 87% 36% 86% 85% Warren Bros • 9% Youngst’n S&T 21 20% 21 19% Motors— Auburn 25 24 25 24 Chrysler .79% 38% 39 38% Gen Motors .... 31% 31 31% 31 Gen Mot pfd 102 Graham Mot .... . • 2% 2% Hudson 9% 9% 9% 8 Hupp 3*a 3 2 Mack Truck ... . 26% 26% Nash 16% 16 16% 15% Packard t.. 3% 3% 3% 3s Reo .. 3 % 3% Studebaker ... 4% 4% 4% 4% Yellow Truck .. 4% 4% 4% ... Motor Access— Bendix 14% 14% Bohn Alum ... , j;3% 53% Borg Warner . . 23% 23% 23% 23 Brizes 16% 16% 16% IS t Budd Wheel 3% J. 1 * Eaton Mfg ... 37 16 * Elec Auto Lite .. 21% 21 21% 20% Houdaille A 4% Mullins Mfg 11 , Mullins Mfg pfd 34 - Murray Body .. 7 6% 5 0/2 Stew Warner ® Timken Roll ■■■ . • •• z |% Timken Det Axel 6% 6% 6% 6 % Mining— Alaska Jun .... 19% 19% 19% 19% Am Metals 22% 22 22 % 22 2 Am Smelt 41% 41 41:* 40/2 Anaconda 15 14% 15 14 * Cal & Hecla ... • • 4% 4% Cerro De Pasco . 41% 40% 41 40 Dome Mines ... 44'/4 43'/s 44 4 43,2 Granbv 9% Gt Nor Ore .... cj , ; . I*’* Howe sound .... 54% 53% 54 53-4 Ins Copper .... . ■ •„ *' 2 Int Nickel 25% 25 25 ?5. a Int Silver „ 30% Kennecott Cop . 21% 21V 21’s 21 Mclntyre Mine . • „ 78 4 47 Noranda Cop ... 43*/* 42% 43 * 42 4 Park Utah .... 4 3 * 4V* 4% 4% Phelps Dodge ... 17% 17 17% 16% St Joe Lead .... 21 20% 21 ,36/7 U S Smelters ...128 126 127 125 2 Vanadium 21% 21 21% -1.2 Amusements— Croslev Radio .. 15% 15% 15% 15 Fox Thea • 13% 14 Loews Inc 30% 30 30*/4 30 Radio Corp .... 7% F6% 7 6 RKO •• .. 2 * ?% Warner Bros ... s*!® oVm 3-2 3's Toharros— Am Snuff 58% Am Tobacco A . ••• ••• 4 Am Tobacco B . (4% 14 74% 74',4 Gen Cigars 41% . Lice A- Myers B • Lo'rillard 18 17-4 17 a 17 s Reynolds Tob B 43 44% 44% 44 * Rails— Atchison 57% 57% 57% 57 Atl Coast Lines . , 38% - o - Bk O 23% 23% 23% 23% Can Pac 15 14% 15 14% Chi At Ohio 47 46% 36% 47 Chi & Gt W 3% 3% Chi & Gt, W pfd 7% C M & St P 4% 4% C M & St P pfd . ... 7% 7% Chi N W 9% 9% 9% 9 Chi N W pfd .. . 16% 17% Del Lac & W... 23% 22% 23% 22% Erie 18% 19% Erie pfd „ • A ,, 24 2 Grt Northern p 21 3 4 21% 24% 21'/8 111 Central.. .... 24 5 s 24% 24% 24 Lehigh Valley... 15% 15'4 15% 15 Lou & Nash ... . . 50% 51% M K & T ... 9% 9Vs 9% 914 M K & T pfd 22% Mo Pac pfd • • „6 5% N Y Cent 29% 28% 29% 29 N Y Chi & St L • 19% N Y Chi &S L p 32% 32 32 34 N Y New Haven 15% 15'/$ 15% la N Y Ont & West 1% 2*4 Norfolk & Wes . . , • 182% Nor Pac 24% 23% 24% 23 3 4 Penn R R 30% 30% 30% 30% Reading „ • , • Sou Pac 23 1 * 23 l i 23 3 23 Sou R R 25% 25% 25% 25 Sou R R pfd 30% 31% Union Pac 1,,, Wabash 3% W Maryland ... 11% 12 Fqiiipments— Allis Chalmers 16 16 Amer Brake S•• • ■ 26% Am Car Ac Fdv 21% 20% 21% 20 Am Car fc Fdy p . ... 33% . Amer Loco •■ • 24 24 Am Loco pfd ... ••• 55 j 5 Am Mach At Fdy 14% Am Steel Fdy . • 16'a Ba'l Loco ■. 10*’ 10% 10% 10% Bald Loco pfd.. . 44% Burroughs ... 13% 13% 13% 13% Case J I .... 51 48% 51 48% Cater Tract ... 27% 27% Deere A; Cos . 19% 19% 19% 19% Foster Wheeler .. ... . 15 Gen Am Tank C . 37% 37 Gen Elec 20 19% 20 19 s * Inesol Rand ... • • 60% Int Harvester .. 32% 32 32% 32% Natl Cash Reg.. . 17 16% Pullman Inc ... 48% 48% 48% 48% Rem Rand 10% 10% Und Elliot 47% 47% West Air B • • 21% Wertineh Elec . 36% 35% 36% 35% Wovth'ton Pmp. .. ... 20% 21% Utilities — Am fi For Pwr 8% 8 8% 8 Am Power At Lit 7% 7% 7% 7 A T A- T .114% 114 114% 114% Am Wat Wks . 19% 19% Col Gas A- Elec 13% 13% 13% 13% Col G At E pfd 78 Com At Sou ... . 2% 2% Consol Gas . 33% 33% 33% 33% Elec Pwr A Lt 5% 5% 5% 5% EP & L pfd . . . . 13% Int Hvdro Elec 6% 6% 6% 7 Int T Ac T . 12% 12% 12% 12% Nat Pwr & Lit. 10% 10 10 9% North Amer .. 17% 17% 17% 16% Pac G A E 18% 18% 18% 18 Peoples Gas 32% 31% 32% 32 Postal Tel pfd . . 20% 20 Pub Serv N J . 36% 36 36 % 36 So Cal Edison . 16% 16% 16% 16% Std Gas 11% 10% 11% 10 Std Gas pfd ... . 11% 11 s * Stone A Web 8% 8 United Corp ■■■ • 5% 5% Un Gas Imp 16% 16% 16% 16% Ut Pwr A Lit A 3% 33% 3 Western Union . 45 44% 45 44% Rubbers— Firestone 17% 16% 17% 16% Goodrich , • 12% Goodyear 28% 28% 28% 27% Ke’.lv Spring ... • 2% . U S Rubber 19 18% 18% 18% U S Rubber pfd 45% 45 45 45 Miscellaneous— Am Bank Note *. 20 Am Can ■••• 96 95% 95% 96 Anchor Cap . • 20% 20% Brklyn Man Tr 37 * 37% 37% 37 Conti Can ....... ... 78 78 Crown Cork -• • 24% 25 Curtis Pub 22 . Curtis Pub pfd ... 78 -* 78% Eastman Kodak . 9< 97 Gillette ■ l n % 16’* 16% 10% , Glidden 23% 23% 23% 23% Inter Rapid Tr ■ • 8 8 * Owens Bottle • 'g.. Raybestos Mfg Foods — Am Sugar •• 1% 61% Armour A 5% 5 i 5 * 5 * Beatrice Cream- 15% 15 3 15% 15% Borden Prod ... 26% 26 26% 26 • Its •* Cont Bak A ... -9% • Corn Prod 66 % Cu’ban^Am I’Sugar 1 ’Sugar 7% 7% 7% 7% Gofd F dSs* 19% 19% 19% 18% ?nt w sau ugar .:::: 31S< 31J ll' / ! Loose Wiles 39 * Natl Biscuit ... • 55 * 35 ! Natl D Prod ... I<% 17% 17% 1* i Purity Bak . • 4? 3 1* i S Porto Rico S 3a 34% 3o 34 ; Spencer Kellog . • • " Std Brands 20% 20% 20 * j.O Un Biscuit ■ 2a 25 United Fruit 72 71% 71-* <2% Retail Stores — Asso Drv Goods 11% Best A Cos ■ . r ••• • 32 First Natl Stores 63% 64% Gimbel Bros 3 Gr Un Tea . Hahn Dept Sts 5% 5% Kresge S S !!* 18% Kroger Groc 3®% 30% Maev R H . 41% 41 41 42 Marshall Fields 15 15 Mav Dept St . • 36% Mont W%rd 27% 26 3 27 26 3 , Natl Tea 12% 12% Pennev J C 56% 58% Safeway St .... • • 49% Sears Roebuck . 42% 41% 42 41% Woolworth .... 50% 50 50 % 49% Aviation— Aviation Corp .. •% 6% 6% 6% Curtiss Wright 1% 3% 3% 3% Curuss Wright Al 9 9% 10 8% I

THE INDIANAPOLIS TIMES

Douglas Air... 20% 19% 20% 19% Nor Amer Av.... 4% 4% 4% 4% Speerv Corp .. S’* 8% a l * 8% United Aircraft. 18% 18% 18% 18% Wright Aero ... 52 51% 51% 52% Chemicals— Air Reduction.. 98 97% 98 93 Allied Chem .. 139% 139% 139% 139 Am Com Alcohol 34% 34% 34% 34% Col Carbon 72% 71 % 72 3 4 71% Com Solvents... 23% 22% 23% 22% Dupont 8% 88 3 * 89% 88% Freeport Tex ... . 31% 31% Math Alkali .... 32 31'/* 32 31% Montoson Chem. . 49 49 Natl Dis (new).. 24 23% 24 23% Schenlev Dist .. 27% 27% 27% 27% Tex Gulf Sulph 33% 33% 33% 33% Union Carbide . 41% 41% 41% 41% U S Ind Alcohol 40% Drugs— Coty Inc 5% 5% Lambert ... 25% 26 Un Drue 15% 15% Zonite Prod 5% 5% Financial— Adams Exp 8% 8% 8% 8% Allegheny Corp 23% Am Int Corp 8 Chesa Corp ... 45% 45% Lehman Corp ... .. 68% Transamerica .. 6% 6% 6% 6% Tr Conti Corp... 4% 4% 4% 4% Building— Am Radiator ... 14% 13% 14% 13% Gen Asphalt 18% Int Cement ... ... 26 Johns Manville . 52% 51% 52 51% Libby Owens Gls 30% 30% 30'% 30V* Otis Elev 15 s Ulen Const 2% Household— Col Pal Peet ... 15% 15% 15% 16% Congoleum 27% 26% Kelvinator 17 16% Mohawk Carpet. .. . 17% 17% Proc A Gamble. 36 35% 35% 35% Simmons Bed 16% 16 Textiles— Amer Woolen .... ... ... 10% Belding Hem ... 12 ! / 12 12 12% Celane’se Corp 25% 25 Collins Aikman 15% 16% Gotham Hose 7% Indus Ravon ... 24% 23% 23'% 23% Kayser Julius 16% New York Curb (By Abbott. Hoppin & Cos.) —June 23Close I Close. Alum Cos of Am 65% Ford of Europe. 7% Am Cyanide B. 17% Gen Aviation .. 4% Am Gas A El . 26 Gulf Oil of Pa 62%l Am Superpower 2%!Hiram Walker.. 37% Ass Gas A El.. Ts Hud Bay Min. 14 Atlas Corp . 10%;Humble Oil ... 417* Brazil T A Lt 9 ilmperial Oil Ltd 14% Can Ind Ale A 10% tint Petrol 27% Can Marc 2%lNatl Bellas Hess 3% Cities Serv .. 2%|Penn Road 2% Consol Gas of B 64'i Ist Regis Paper 3% Cord Corp 4%|3td of Ind 27 Deere A Cos ... 19%|std of Ky ... 16% Distillers Lim 22%Technicolor Ind 13% El Bond A Sh 15%jreck Hughes G 6% Fisk Rubber ... 10%i New York Bank Stocks IBy Abbott, Hoppin A Cos.) —June 23 Bid. Ask. Bankers 63% 63% Brooklyn Trust 108 111 Central Hanover 127 127% Chase National 26% 27% Chemical 40V* 40% National City 27V* 27% Corn Exchange 51V* 51% Continental 13% 13% Empire 19 19% First National 1680 1695 Guaranty 363 365 Irvine 16% 16% Manhatten A Cos 30% 30% Manufacturers 21% 21% New York Trust 106% 107% Public 33% 34%

Chicago Stocks

(Total Sales 9,000 Shares) , —June 23 Advance Aluminum 2 Asbestos Mfg 2% Bendix Aviation 14% 14% 14% Borg-Warner 23% Brack & Sons 10 Butler Bros 8% Berghoff 7% 7 7 Cent 111 Pub Serv pfd . .. 15% Chicago Corp com 2% 2 2% Cities Service 2% Commonwealth Edison 53'% Cord Corp ... 4% Deep Rock Oil 7% 6% 7% Great Lakes Dredge.. . .. 17% General Household .. 12% 12 12 111 Northern Util 68 Kalamazoo Stove 23 Kv Ut Jr com pfd .... .. 8% Libbv-McNeil 5% 5% 5% Marshall Field 15 Middle West Util % Muskegon Motor Spec A 12% National Repub Inv .... ... 1% N Am Light & Pow.. 2% 2 2 , Process Corn . .. 17% Swift & Cos. 17% 17% 17% Swift International 31 Utah Radio 1 Walgreen Cos com 27%

Bond Prices Bv Fenner & Beane’

—June 23High. Low. Close. Alleg Corp 5s ’59 . ... 38% 38 38% AmAFor Pwr 5s 2930.. 51% 51% 51% AT&T db 5s '65 ...110% 110 110 Atchison een4s ’95 103 102% 103 B&O cv 4%.* '6O 64% 64% 64% Beth Steel 5s A '36 . 102% Can Pac 4s . . . 82% 82% 82% ChMStP&P aj 5s A 2000 13% 13 1.3% ChMStP&P rs 5s A '75 41 40% 40% Cons Gas NY 4%s 'sl 104% 104% 104% Denmark 5%s '55 89% Det Ed 5s E '52 107% 107% 107% Erie RR rs 5s '67 ... 74 73% 73% French 7s '49 183% 183% 183% Goodyear 5s '57 . 100 Gt Nor 7s A '36 .... 94 93% 94 Interboro RT 5s '66... 70% 70% 70% Int T&T db 5s ’55.. 65 64 65 McKees&Robb 5%s ’SO 83% 83 83% Nat Dairy db 5%s '4B. 98 97% 97% NY Cent 4%s O 2013 .76 75% 75% Nor Am 5s '61........ . 90 PacGas&El 5s A ’42 .107 106% 107 Penn RR 4'„s D 'Bl .. 98% Poland 7s '47 112 111% 112 Sin Cons 5%s B '3B 105 Texas Corn 5s '44 .103 109% 103 Tob Pr NJ 6%s 2022 106 Un Pac Ist 4s '47 .. . . . 106 US Rubber 5s A '47.. 86% 86 86 Western Un 5s ’sl 36 Ygstwn S&T 5s B '7O 83% V. S. GOVERNMENT BONDS (By United Press) NEW YORK. June 23.—Closing liberties. (Decimals represent thirty-seconds.) —Libertv— First 4'4s (32-47) 103.4 Fourth 4%s <33-381 103.19 —Treasury—--4%5-3%S (45) 103.16 3%S '4O-43) June 104.26 3%S (43' 104.28 3%s '46-49) 102.10 3s (51-55' 101.4 FEDERAL FARM LOAN BONDS (By Blyth & Cos., Inc.) Bid. Ask. 4s Nov. 1. 1957—37 100% 101', 4s Mav 1. 1958—38 100% 101% 4%s July 1. 1956—36 100% 101% 4%s Jan. 1. 1957—37 100% 101% 4%s Mav 1. 1957—37 100% 101% 4%s Nov. 1, 1958-38 101% 4%s Mav 1, 1942—32 100% 101% 4%s Jan. 1, 1943—33 100% 101% 4%s Jan. 1, 1953—33 100'* 101% 4%S julv 1, 1953—33 100% 101% 4%s Jan. 1. 1955—35 100% 101% 4%s Jan. 1. 1956—36 101% ... 4% s Julv 1. 1956—36 100 4%s Jan. 1. 1954—34 100 4%s Julv 1. 1954—34 100 5s Mav 1. 1941—31 101% 101% 5s Nov. 1. 1941—31 ... 101% 101% Home Loan 4s July 1. 1951 ... 100.24 100.28 Federal Farm Mortgage Corporation 3%s March 15. 1964—44 ... 101.14 101.20 The two latter quotations are in thirtyseconds.

Bright Spots -~(Bv Abbott Hoppm Ss Co.i --

Pacific Power and Light Company In twelve months ended May 31 had a net income of $60,734 after charges against 5330.999 in the previous twelve months. American and Foreign Power Company and subsidiaries in the year ended Dec. 31 had a net income of $5,006,819 after charges, depreciation and subsidiaries. Production of cigarets in the United States during May totaled 11.174.076.117, against 12.8.972,513 in May. 1933, according to the internal revenue bureau. Large cigars produced totaled 380,449.937 against 371,372.981 a year previous. Great Atlantic and Pacific Tea Company m twelve months ended Feb. 28 had a net income of $20,478,190 against $22,732,772 in the preceding twelve months. Chicago Curb Removes Stock By Times Special CHICAGO. June 23.—Stock of Grigsby-Grunow Company, bankrupt radio concern, will be removed from the Chicago Curb Exchange Monday, the exchange announced this week. In the last few days the stock has ranged between 6 and 7 cents a share, f

PORK MARKET ENDS WEEK 10 CENTSLOWER Cattle, Veals Scarce and Steady; Lamb Prices Stationary. Extremely light receipts on hand in early trading at the Union stockyards this morning failed as a strong influence in the final session of the week when porker prices held steady to mostly 10 cents lower than yesterday’s average. Receipts estimated at only 1,500, were considerably light as compared with previous Saturday sessions, and initial demand was slightly weaker than during the week. The bulk, 160 to 350 pounds, was salable from 54.90 to $5.10, while few good and choice grades reached the top price of $5.15. Small slaughter pigs, weighing 130 to 160 pounds, cashed in at $4 to $4.50. Other lightweights, scaling 100 to 130 pounds, brought $3.25 to $3.65. Packing sows ranged from $3.50 to $4. Holdovers numbered 976. Trading was practically at a standstill in the cattle market, with no early sales reported. Receipts were 50. Vealers moved in a narrow range, holding at yesterday's prices. Top was $5. Receipts were 100. Only slight activity was evident in the lamb market, with all prices stationary at the previous close. Top held at $9.25 while throwouts ranged from $6 to $7. Fat ew'es sold at $3 down. Receipts were 50. Initial prices of hogs at Chicago remained unchanged. Few occasional sales and bids held at $5 down. Receipts were estimated at 8,000, including 7,500 directs, holdovers, 1,000. Cattle receipts were 3,000; market steady to higher. Sheep receipts were 3.000; market strong to 50 cents higher. Juno Bulk. Top. Receipts. 18. $4.90® 5.05 $5.10 8.000 19. 4.90® 5.05 5.10 9 000 20. 4.95® 5.10 5.10 6.500 21. 4.95® 5.10 5.20 6 500 22. 4.95® 5.10 5.15 8 000 23. 4.90® 5.10 5.15 1.500 Market. Uneven (140-160) Good and choice ...$ 4.25® 4.50 —Light Weights—-(l6o-180) Good and choice.. 4.90 (180-200) Good and choice ... 4.95 —Medium Weights—-(2oo-220) Good and choice.. 5.05 (220-250) Good and choice.. 5,05® 5.15 —Heavy Weights—-(2so-290) Good and choice ... 5.10® 5.15 (290-350) Good and choice.... 4.95® 5.10 —Packing Sows—(2so down) Good 3.90® 4.25 1250 lbs.) Good 3.65® 4.10 (All weights) Medium 3.50® 3.90 —Slaughter Pigs—-(loo-130) Good and choice.... 3.25® 3.75 CATTLE Receipts, 50; Market. Steady Good and choice $ 6.50® 9.00 Common and medium 4.00® 6.75 (1.100-1,5001-Good and choice 7.25® 9.25 Common and Medium 5.50® 7.50 (675-750) Good and choice 5.50® '(.00 Common and medium 3.25® 5.75 (750-9001 Good and choice 5.25® '(.00 Common and medium 3.50® 5.25 —Cows— Good 3.50® 4.25 Common and medium 2.50® 3.50 Low cutter and medium 1.50® 2 50 Bulls (yearlings excluded) Good (beef steers) 2.50® 3.50 Cutter, common and medium.. 1.50® 2.50 VEALERS Receipts, 100; Market, Steady Good and choice $ 4.50® 5.50 Medium 3.00® 4.50 Cull and common 2.00® 3.00 —Calves— Good and choice 4.50® 5.50 Common and medium 2.50® 4.50 —Feeder and Stocker Cattle— Good and choice 4.25® a.75 Common and medium 3.00® 4.25 (800-1.500) Good and choice 4.25® 5.75 Common and medium 3.00® 4.25 SHEEP AND LAMBS Receipts, 50; Market Steady (Shorn Basis) Spring lambs, good and choice $ 8.50® 9.25 (500-lbs. down) Com. A med.. 6.50® 8.50 —Ewes— Good and choice 2.00® 3.00 Commoq and medium I.oo® 2.50 Other Livestock IBy United Press) CHICAGO. June 23.—Hogs Receipts, 8.000, including 7.500 directs; market nominally steady; choice kinds scarce; occasional sales and bids $5 downward; shippers took 100: estimated holdover. 1.000. Cattle—Receipts, 3,000; compared Friday last week receipts included approximately 15.500 northwest drought cattle purchased for processing on federal accounts: regular trade active but very uneven; strictly good and choice yearlings, medium weight and weighty steers 25 cents higher; other steers and yearlings steady to weak after losing early advance; extreme top $10.35. new high on the crop; best long yearlings $9.60; 1.025 lbs. steers, $9.35; weighty heifers, $7.75; 800-lb. averages, $7.50; 700 lbs., $6.90; bulk fat steers, all weights, $6.75®9; kintis selling at s6® 7 early in week highest of season: Stockers and feeders closed strong to 25 cents higher, but 25 cents under high time: thin replacement cattle scarce: bulk $3.50® 4.25: lower grade beef cows and cutters unevenly 25 to 50 cents lower; better grade beef cows steady to 25 cents lower; bulls steady; vealers 50 to $1 off. Sheep—Receipts. 3.000; for week ended Friday 1 double from feeding station; 16,000 directs; compared Friday last week spring lambs and yearlings 35 to 50 cents and more higher; sheep strong to 25 cents up, sorts considered; no range offerings available locally this week; top native springers 59.50; late bulk 59.25 downward with week's bulk $9 and below; common native throwouts, s6®7; week's top yearlines, $7.75; carrying around 30-day fleece; bulk. $7®7.50; aged ewes. $1®2.25 largely; scattered breeding ewes. s3® 4. FT. WAYNE. June 23—Hogs—Steady to 10 cents lower; 250-300 lbs.. $5.50: 200250 lbs.. $4.95; 180-200 lbs.. $4.85; 160-180 lbs., $4,75; 300-350 lbs. $4.35: 150-160 lbs.. $4.20; 140-150 lbs.. S3 90: 130-140 lbs.. $3.65; 120-130 lbs., $3.40; 100-120 lbs.. $3.15: roughs. $3.50; stags. $2. Calves, $5; lambs. $8.75. (By Times Special) LOUISVILLE. June 23.—Cattle—Receipts. 75: market nominal, compared week ago: sausage bulls, mostly 25c lower, other classes steady to weak: bulk common to medium grassy steers and heifers, s4® 5: plain thin fleshed grassers down to around $3.50; strictly good dryfeds. quotable to $6.50; bulk beef cows. $2.50®3.25: good smooth kinds and heiferettes to $3.75 and above: low cutters and cutters, $1®2.25; sausage bulls mostly $2 25®.3: most Stockers. $2.50®4.50: depending on quality and weight. Calves—Receipts. 500; market, steady: bulk better vealer;. $4®4.50; medium and lower grades. $3.50 down: market closing fully 50c lower than last Saturday. Hogs—Receipts. 500; steady: finished 185-275-lb. weights, $5.10; grassy and unfinished hogs of all weights discounted 50c®$1 a hundredweight: weights from 275 lbs. up. $4.40: 160-185 !bs.. $4.10: 146-160 lbs.. $3.75; 120-145 lbs., $2.35: sows. $2.85: market, closing 10®20e higher than last Saturday. Sheep—Receipts. 1,200: run mostly overnight and rail lambs; market, generally steady; bulk better truckedin ewe and wether springers. $8.25® 8.50; most rail and overnight lambs, $8.75®9: nothing strictly choice included; bucks out at $1 discount: plainer grade springers, mostly $5.50 down: fat ewes. sl®2; stock ewes, salable mostly ss® 7 a head. NET EARNINGsTnCREASE Nickel Plate Railroad Income in May Totals $36,318. By Times Special CHICAGO. June 23.—Report of the Nickel Plate Railroad for May shows a net income of $36,318 against $6,202 in the similar 1933 month. Net earnings in the first five months this year amounted to $1.20 a share on the 6 per cent preferred stock as compared with a net loss of $1,412,593 in the corresponding period last year. Steel Scrap Up 25 Cents PITTSBURGH. Pa.. June 23.—A rise of 25 cents a ton on No. 1 heavmelting steel scrap was made by dealers here this week, marking the first upward movement since the metal started on the downward trend eight weeks ago.

Farm Purchasing Power Increases 25 Per Cent

Crop Reduction Payments Boost Cash Income to $4,199,000,000. By Untied Press WASHINGTON. June 23.—Farmers’ purchasing power increased 25 per cent during the first nine months in which crop reduction benefits were distributed, it was shown today in an analysis by L. H. Bean, AAA economic adviser. Bean’s analysis said farm prices, including benefit payments had an average exchange value this May of 30 per cent higher than in the corresponding month last year and 60 per cent higher than in March, 1933. Benefits Are Distributed From August, last year, when distribution of benefit payments began, to last April, farm cash income totaled $4,199,000,000 (B) compared to $3,033,000,000 (B> in the ninemonth period, August, 1932, to April, 1933, Bean reported. Cash income was said to be 38 per cent larger during the period of benefit distribution. Bean noted, however, that this increased income was somewhat offset by a rise in prices farmers paid for commodities they used for living, production, and for services, such as wages, taxes and interest on indebtedness. These prices, the analysis showed, averaged 11 per cent higher between August, 1933, and April, 1934, than in the corresponding period of the previous twelve months. Allowing for these higher costs, the net increase in purchasing power was approximately 25 per cent, Bean concluded. Benefit payments were said to have contributed nearly one-fifth of this increase. Costs Up 12 Per Cent Comparing the farm cash income for the first four months of this year with that of a similar period last year, the analysis show’ed an increase from $1,184,000,000 (B) to $1,698,000,000 (B) or 43 per cent. The net increase in purchasing power, allowing for a 12 per cent rise in costs, approximated 28 per cent. Bean said farmers’ purchasing power had increased “somewhat more” than that of the country as a whole. Produce Markets Delivered in Indianapolis prices: Heavy hens. 10c; Leghorn hens, 7%c; 1934 broilers l'/a lbs. and over, 18c: Leghorn broilers 1% lbs. and over, 16c; bareback broilers, 12c; oid roosters. 3c; ducks and geese. 3c: young guineas, lVa to 3 lbs., 20c; old guineas, 15c; No. 1 strictly fresh country run eggs. loss off lie. 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. 28® 29c; No. 2, 26® 27c. Butterfat. 22c; Quoted by Wadley Company (By United Press) CHICAGO, June 23. Eggs Market, steady; receipts. 15.729 cases; extra firsts. 15%c; fresh graded firsts. 15%c; current receipts, 12%®13%c; dirties, No. 1. 12c; No. 2. 11c; checks No. 1. ll%c: No. 2. lie. Butter—Market, steady; receipts. 15.244 tubs; extra firsts 190-91'2 scorpi, 23®. 23%c; extras (92 score), 24c; firsts (8889% scorci, 22®22%c; seconds (86-87% score), 21®21%c; specials. 24%®25c: standards, 24%c. Poultry—Market, about steady; receipts. 18 trucks, 1 car: hens. 12 %® 13 %c; broilers. Leghorns. 16® 17c; Plymduth Rock, 21c; colored. 19c; fryers, colored. 19c; White Rock. 20c: Plymouth Rock, 21%c; springers, rock. 24c; spring feese, 13c; turkeys, 14c; heavy spring, 4%c; Leghorns, 10c: old roosters, B%c; colored broilers, 20c. Cheese—Twins, 13'4® 13%c; Longhorns, 13%® 14c; Daisies, 13%®14c. Potatoes, old stock—Supply, fight; demand and trading hone; market, dull; no sales reported. New stock—Supply moderate; demand and trading slow; market, steady on good triumphs, weak on others; Alabama triumphs, showing decay. $1.15; Louisiana triumphs. $1.80; slightly decayed, 90c® $1.40; Arkansas triumphs, $1.50® 1.60; Oklahoma triumphs. $1.50®1.55: one car. $1.40; slightly decayed, $1.10: Mississippi triumphs, $1.40; Oklahoma Cobblers, $1.05® 1.10; slightly decayed, 80c; North Carolina Cobblers, $1.10®1.15; slightly decayed, $1; barrels, $2®2.25; slightly decayed, $1.90. Arrivals, 104; on track. 245; shipments. 1.159. NEW YORK. June 23.—Potatoes —Easy; southern. 50c®$2 barrel; Maine, $1®2.25. Sweet potatoes—Easy; Jersey basket, 50c@ 52.25: southern basket, $1.50. Flour— Steady; springs; patents, $7®7.25 barrel. Pork—Steady; mess, sl9 barrel. Lard — Firm; middle west spot. $4.20® 4.30 a 100 lbs. Tallow—firmer; special to extra, 3% ®3%c lb. Dressed poultry—Steady; turkeys. 12%W27c; chickens, 9® 29c; broilers, 20®29c; capons, 25®35c; fowls. 11® 18c; ducks, 13®14c; Long Island ducks, 13® 15c. Live poultry—Quiet; geese, 6®loc: turkeys, ll®19c: roosters. 10c; ducks, 8 ® 13c; fowls, 15® 18c; broilers, 12® 26c. Cheese —Quiet: state wholt milk, fancy to specials, 18® 19c. Butter—Receipts, 10.607 packages; market, firm; creamery, higher than extras, 25%®26c; extra (92 scotei. 25c: first (90-91 score'. 24%®24%c: first, 'BB-89 scorei. 23%®24c; seconds, 22%<8 23c: centralized 190 score', 24%c: centralized 88-89 score'. 23%®24c: centralized (84-87 scorei. 22%®23c. Eggs—Recipts, 23.865 cases; market, steady; special packs, including unusual hennery selections. 19® 22c; standards. 17%®18%c; firsts. 16%c; seconds. 15®15%c: mediums. 14%C; dirties. 14%c; checks, 13%®14c; storage packs. 17c. On Commission Row —June 23 —Fruits— Apples—Fancy Winesaps. $2.25. Cherries—Home grown. 24-qt. crates. $2 <32.50. Oranges—California. Sunklst, $5.25@6: Valentias. $4.75@6. Lemons—Sunkist, $7. Grapefruit—Florida seedless. $4®!4.25. Strawberries—Home grown 24-qt. crate. $2.50®3. Raspberries—Southern Indiana black. 24Dt. crate. $1.75@2. Cantaloupes—California Jumbos, 455. $4.25; standards. $3.75; Honeydews, $2.75. Pears—Calavos, $3.50 per box. Pineapples—Cuba. $3.5004.25. Bananas —Per pound. sc. —Vegetables— Sweet Corn —Alabama. 5-dozen crate, $1.50® 1.75. Cabbage—Tennessee, pony crate. $1.25. Celery—Florida, $5.50 a crate; jumbo bunch, 90c: medium bunch, 75c. Onions—Texas yellow, 50-lb. bag, $1.90. 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, $1.85. Sweet Potatoes—Tennessee Nancy Hanks, hamper. $2.40. Asparagus—Home grown, dozen. 65c @ $1.25. Beans—Round, stringless. $1.60; Kentucky Wonders, $1.75. 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. 85c; iceberg best. $4.50 a crate. Peas—lndiana. $2.50. Radishes —Home grown buttons, 'arge bunch. 50c. Rhubarb—Home grown, dozen, 30c. Spinach—Home grown, bushel. 85c Tomatoes Hothouse. 10-lb. basket, sl.lO- original Texas. 30-10. lug. $1.50 CHICAGO FRUIT MARKET ißv United Press) CHICAGO. June 23.—Fruits and vegetables: Apples—Michigan Spies, s2® 2.25 bushel; Illinois Transparents. s2® 2.50 bushel. Carrots—California. $2.25® 2 35 crates. Cucumbers—Central western hothouse, 75c®51.50 (two dozen to box'. Beans—Southern green. 50c® *1 bushel. 1 Tomatoes —Texas. 75c®51.15 lug box. Sweet potatoes—Tennessee. $1.90 bushel hampers. Mushrooms —Illinois. 10® 35c ilb. cartoons). Asparagus—lllinois. 40c® $1 square crates. Strawberries—Michigan. $1.25®2.25 (16 quarts 1; Wisconsin. $2.25® 2.75. Beans—lllinois green. 50® 75c hampers. Peaches—Georgia, 50c® $1.15 1% bushel). Red raspberries—lllinois, $2.25® 3 (24 quartsi. Onion market ' 50lb. sacksi: Texas whitas. $130®1.60. California yellows,* $1 3501.50.

Income Annuities What percentage of your present income would continue to your family in event of your death? SEE OR CALL R. F. LINDEMAN Aetna I-ife Insurance Cos. 10th Floor Illinois Bldg. RI-9505

ACID-KNOX INSTANT RELIEF! From IN DIGESTION, jm GASTRITIS. W\ _ SOUR iTOMACH. C GUARANTEED. ■ ON'SALE AT ALL HAAG DRUG STORES

Cash Grain

INDIANAPOLIS —June 2*— The bids for car lots 01 grain at the call of the Indi-napolis Board of Trade, f. o. b . shiDDing point, basis 41 %c New York rate. were. WHEAT—Strong; No. 1 red. 85® 86c; No. 3 red. 84®85c: No. 2 hard. 84®85c CORN— Strong No. 3 w hite. 56 a 57c. No. 3 white. 55® 56c: No. 2 yellow. 52%® 53%c: No. 3 yellow. 51':®52%c. No. 2 mixed. 51%®52%c: No. $ mixed. 50%® Oats—Strong: No. 2 white. 39® 40c; No. 3 white. 38®39c. (By United Press) CHICAGO. June 23.—Cash grain: Wheat —No. 1 hard. 94%c; No. 2 hard. 95%c. Corn—No. 2 mixed. 58%c; No. 1 yellow 58%c, lake; No. 2 yellow. 59®59%c: No. 2 white. 61 %® 63c. Oats—No. 3 white, 42c. Barley—Quotable. 55c'>$1.01. Clover seed —510.25® 14.50. Timothy—s 925 0 9 50. Cash provisions: Lard $6.65; loose. $6.12; leaf, $6.12; bellies. $9.57. TOLEDO. June /3.—Grain close; (Grain 1 nelevators. tran'it billing.) Wheat—No. 2 red. 95® 96c. Corn—No. 2 vellow. 61% ®62%c. Oats—No. 2 white. 47® 48c. Rve —No. 2. 69%070c. (Track prices 28%c rate.) Wheat—No. 1 red. 91%r<i92c: No. 3 red. 90%® 91c. Corn—No. 2 vellow. 57® 58c: No. 3 vellow. 56057 c: No. 4 vellow. 55®56c. Oats—No. 2 white. 44®45c: No. 3 white. 43%®44%c. Seed close. Clover — Cash. $8.25. Alsike—Cash. $8.50. EARNING RECORD SET BY MONTGOMERY WARD Total May Profit of $1,048,818 Largest in History. By Times Special NEW YORK, June 23.—Montgomery Ward & Cos. net profiits continue on the upgrade, according to a report by Sewell L. Avery, president, and in may totaled sl.048.8*8, the largest total for that month in the company’s history. The figures. Mr. Avery reports, are based on conservatively stated book inventories. The figures compare with earnings of $983,131 in the preceding month and a net loss of $548,347 in the corresponding 1933 month. Net profit in the first four months of the current fiscal year, begining Feb. 1, totaled $3,309,946 and sales were $75,451,012, as compared with a net loss of $2,744,446 and sales of $52,308,663 in the corresponding 1933 period. Marriage Licenses Robert Christian. 52, of 1355 North Senate avenue, minister, and Floyd Brown, 44, of 1010 North Senate avenue, housekeener Charles Halev. 27, of 155 East Fall Creek boulevard, credit man. and Lenore Brown, 20, of 6148 Bellefontaine street, beauAbraham Johnson, 21, of Kokomo, laborer, and Novo Ruth Bone, 19. of Kokomo, clerk. Richard St. John. 23, of 922 Marion avenue, salesman, and Ruby Belcher, 24, of 709 Lexington avenue, inspector. Lawrence Van Cleave. 30. of 538 West New York street, chauffeur, and Mable Beason, 22. of 538 West New York street, chambermaid. Henry Woodson. 22. of 806 Blake street, laborer, and Rachel Barnes, 20. of 737 Indiana avenue, housekeeper. Arnold Koclliker. 26, of 18 West Twentyseventh street, inspector, and Lucile Corrie. 24. of 1701 North Capitol avenue, housekeeper. Gaylord Moss, 27. of 907 North Temple street, mechanic, and Dorothy Carter, 19. of 6015 Marion road, stenographer. Donald Gulley. 21. of 810 South State avenue, clerk, and Margaret Dickey. 20. of 1009 Laurel street, looper. William Willsey. 31. of 2310 Prospect street, laboratory helper, and Gertrude Dunn. 24, of 2312 Laurel street, stenographer. Hubert Collins. 23. of 1524 North Gn!e street, bookkeeper, and Cordelia Harner. 23. of City Hospital Nurses home, nurse. Richard Pohlman. 19. of 3165 Station street, Coca Cola Company, and Louise Hausman. 18, of 2321 Station street, clerk. Floyd Painter. 29. of Portsmouth. O, stone cutter, and Margaret Haffield, 20. of 3216 Guilford avenue, clerk. Noble Reynolds. 42. of Ft Ryan. Colo, hospital attendant, and Julia Haulon, 50, of 3014 Phipps street, nurse. Harold Roeder, 23, of 244 North Keystone avenue, machinist, and Ruth Harrell. 23. of 26 Hendricks avenue, typist. Frank Skinner. 21, of 5603 Guilford avenue, clerk, and Doris Hare. 19, of 57 East Regent street housekeeper. Clifton Griffith, 18, of 38 North Beville avenue, truck driver, and Ada Lockwood. 16, of 30 South Christian street, housekeeper. Henry Freeman. 21, of 1740 Yandes street, drug clerk, and Mary Morris. 18. of 1641 North Arsenal avenue, housekeeper, George Jackson, 68. of 509 West Vermont street, minister, and Martha Morton, 38. of 435 West Ohio street, housekeeper. David Mitchell. 27. of 1116 North Capitol avenue, engineer, and Olthea Miller, 23, of 5906 Rosslyn avenue, stenographer. William Smith, 35. of 2817 Boulevard place, houseman, and Lillian Mills. 30. of 415 Broadway, maid. Herbert Jackson. 20, of 1044 River avenue. grocery manager, and Ada McMurray. 19. of 1326 Lie street, factory worker. Marvin Sanders, 32, of 2855 Highland ?lace, clerk, and Alma Partridge, 31, of 842 Shriner avenue, maid. Clarence Broven. 30. of 105 South Catherwood avenue, clerk, and Leoia Smith. 29. of 2351 North Capitol avenue, maid. Charles Anderson. 23. of 927 West Thirty-second street bookkeeper and Kathryn Spurgeon 20, of 1062 West Thirty-first street, housekeeper. Francis Ehrlich. 31. of 2141 South Delaware street, electrician. and Margaret Speth, 32, of 2140 South Delaware street, milliner. Bernard Henry. 29. of 545 Warren avenue. manufacturer, and Ina Smvth. 27. of 462 North Randolph street, laboratory technician William Cannicott. 26, of 3114 College avenue, clerk, and La Von Wolf, 25. 2036 North Delaware street, social worker. Births Girl* William and Ruby Wright. 3320 East Twenty-eighth. James and Viola Healey. St. Vincent's hospital. Riley and Helen Richards. 4712 North Sheldon. Luther and Elizabeth Roach. 606 West Twenty-fourth. William and Mvrtle Napier. 651 Arbor. George and Blanche James. 826 Blake. Boys Everett and Mabel Cobb. 2041 Ludlow. Joseph and Louise Ramsey. 344 Cora. Tommy and Algerine White. 1341 Nordvke. Kenneth and Anna Trammel. 1239 South Pershing. Ollie and LaVerne Hodge. 1438 South Harding. Deaths Marv A. Brown. 76. of 3010 North Capitol. acute cardiac dilatation. Peter J. McGrath. 46 of St. Vincent hospital, pulmonary embo'ism. Albert Woodfork. 31. of 1614 North Missouri. uremia. _ _ Margaret Sbea. 60. of 1819 East Ohio, arteriosclerosis. , , ... Elmer E. Record. 72. Methodist hospital, accidental. _ . .... .. ~ Josiab L. DeForest. 84. of 1435 North New .Tersov. arteriosclerosis. , Frances E, Clark. 54. of 1427 North Delaware. carcinoma. . .. .. Alice Fleenor. 70. of 1125 West Thirtieth. a °Fory X C. Horner. 62. of 126 West Eighteenth. coronary th-ombosis. William Carr. 75. of 1132 Westbroox. cerebral hemorrhage. . Silas Willis. 42. city hospital, bram Margaret Kinzer. 72, of 531 South New Jersey, cerebral embolism. Dividend Is Declared By Times Special BOSTON, June 23.—A dividend of 20 per cent, payable on all policies expiring in August, has been declared by the American Mutual Liability Insurance Company.

©Evening Law School OPENS SEPT. 17TH for 37th Year Three -year standard legal course leads to LL.B. degree. Catalogue Opon Request. BENJAMIN HARRISON LAW SCHOOL 1152 Consolidated Bldg. RHey 5887

Evening School Strong courses offered In Secretarial, Stenography. Accounting, Bookkeeping and kindred subjects. Spend part of your evenings in selfimprovement. Cost low. Central Business College Architect* A Builder* Building. Indianapolis

Fletcher Ave. Savings & Loan Assn. _ __ Has Paid Dlvldead* Mall Account* Isl Laaf M 01 on having* for Safely Handled IU Lddl IflallVwl Ul. 41 Year*

k 23, Ift*

HEAVY BUYING CARRIES GRAIN PRICES HIGHER Sharp Reduction in Foreign Crop Estimate Proves Strong Factor. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO, June 23.—Wheat prices soared sharply higher on the Chicago Board of Trade today when Broomhall, leading European authority, suggested the small grain crops of that section of the world, including Russia, had been reduced around 1.400.000.000 bushels as compared with last year. Good buying continued to the close and wheat finished 2% to 3 cents higher, corn was up T\ to 2 cents, and oats were 2's cents higher. Foreign Estimate Cut The estimate came as a complete surprise to the trade and brought a strong wave of buying into the market. Drought and heat were given as reasons for the sharp decline in European production. The tremendous* reduction abroad and the known shortage in the United States attracted a great deal of attention and brought general buying of all grains. Whiljj nothing was said regarding corn. Jp was generally believed that on tht*L outcome of the latter grain mights depend whether there was any sur-1 plus feeding grain of consequence. % These strong influences induced a marked broadening of speculative interest with commisison houses | leading the buying. Wheat, oats, | rye and barley advanced more than 1 2 cents from the previous close at 1 the top. Strength at Kansas City further encouraged buying in the local market. Rains Benefit Crops Farmers reported that rains which have been general throughout the corn belt during the last two days have benefitted growing crop* imnvnsely, but have done little to abade the menace of chinch bugs. A battalion of 300 CCC workers mobilized at Sigourney, la., to aid farmers overwhelmed by the insects and in Illinois employes of the emergency relief commission joined the battle. Chicago Futures Range (Bv United Press) —June 23 Wheat— Close. Open. High. Low. Close, close. Julv 99% .92% .90% .92% 89% Sept 90% .93) j .90% 93', 99'* Dec 92% .94% .92% .94% .91% Corn— Julv 55% ,57 .55% .56' 54% Sept 57 .58% .57 .58% ,56% Dec .57% .59% .57% .59% .57% Oats— I Julv 40% .42% 40% .42' • 40% Sept 40% .42% .40% . 12% .40% Dec 41% .43% .41% .43% .41% Rye— July 62% .65% .62% .65% .62 Sept .64% .67% .64% .67 .63% Dec 67% .69% .67% .69 .66% Barley—July 55 .5,3% Sept 51% .53% .51% .53% 50% Lard— July 660 650 Sept .... 6.90 6.92 6.90 6.90 6.30 Oct .... 6.95 7.00 695 700 690 Nov .... 7.10 700 Dec 7.20 7.22 7.20 7.22 710 Jan 7.32 7.20 Bellies— July 937 937 Sept 9.62 955 CHICAGO PRIMARY RECEIPTS —June 23 —Bushels— Today. Last week. Wheat 1,438,000 576,000 Corn 436.000 344 000 Oats 64,000 420,000 Local Wagon Wheat City grain elevators are paving 77 cents for No. 2 soft red wheat. Other grade* on their merits. Declare Regular Dividend By Times Special CHICAGO, June 23.—Great Lakes Power Company directors this week declared the regular quarterly dividend of $1.75 a share on the preferred stock, and announced business conditions in the territory served by the company are improving. Statement of Condition of ihe LIBERTY NATIONAL LIFE INSURANCE CO. Birmingham. Alabama. Avenue C and 20th Street. On the 31st Dav of December. 1933. ROBERT P. DAVISON, President. RALPH W. BEESON. Secretary. Amount of capital paid up $ 206 575 00 NET ASSETS OF COMPANY Cash in banks ton Interest and not on intercsti ... $ 105 831 38 Real estate unincumbered 443.776.38 Bonds and stocks owned (market values 545 789 20 Mortgage loans on real estate 576,994 77 Other securities—policy loans 603,172 80 Collateral loans 3 749.39 Premiums and accounts due and in process of collection 58,096.28 Total net assets $2,337,410.16 LIABILITIES Reserve or amount necessary to reinsure outstanding risks $1,765,584.00 Losses adjusted and not due (Installment i 38.515 29 Losses unadjusted and In suspense 20.596.90 Bills and accounts unpaid ... 11,218 93 Other liabilities of the company 114.737.63 Total liabilities $1,950,652.75 Capital 206,575,00 Surplus 130.182.41 Total $2,337,410.16 Greatest amount In anv one risk .. •. • $ 60.000.00 Greatest amount allowed by rules of the company to be insured in any one city, town or village ■ No limit Greatest amount allowed to be insured in any one block No limit Life companies—Maximum risk written "• • • No limit Amount retained bv company $ 5.000.00 STATE OF INDIANA: Office of Commissioner of Insurance. I the undersigned. Commissioner of Insurance of Indiana hereby certify that the above Is a correct copy of the Statement of the Condition of the above mentioned Company on the 31st dav of December. 1933 as shown bv the .original itatement. and that the said original statement Is now on file In this office In Testimony Whereof I hereunto subscribe mv name and affix mv official seal, this 4th dav of Mav .934. rSeail HARRY E McCLAIN. Commissioner.

Safe Deposit Boxes The Indiana National Bank of Indianapolis

3% Paid on Savings Security Trust Cos. 11l North Pennsylvania Street