Indianapolis Times, Volume 46, Number 47, Indianapolis, Marion County, 5 July 1934 — Page 15

JULY 5,193 -

Wall Street Investors Run Risks in Holding Bonds Selling Above Call Prices. Bit RA£.riJ Hfc..NULK>HO l limn Serial liMßtial Mriter Tabulations just completed in responsible Wall Street quarters show there are more than 000 000.000 of bonds selling at prices which are higher than that which they may be called for retirement. Probably never before m history has the total been so high. It is significant for the reflection it gives of the

excellence of the bond market and for its connection with the securities act of 1933. Ordinarily a large portion of these bonds would be retired and lower yielding issues sold to the public in their stead. That would make it possible for our

Ilendershot

corporations to save a great deal of money. But our investment banking houses are just beginning to tike the risks involved m selling se- : eurtities under the securities act, j and the directors of our companies | also are still somewhat hesitant in taking their share of the risks in j security offerings. * Within the next few months, however. many of these bonds are likely to be retired, securities act or no' securities act. And it is because of J this that many authorities feel in- j vestors are taking unnecessary risks. Their extreme desire for safety of principal has led them to stick to bonds irrespertive of whether they receive a reasonable yield. In some instances the loss in price in the case of retirement may offset all , returns in the way of interest. nun THE improvement in bond prices over the last year or so has; been unusually sharp. Issues which were dumped overboard irrespective j of price in the early part of the . depression are now commanding 1 high prices. In normal times such an improvement would be regarded as the forerunner of a proportionate advance in stock prices, but the dearth of Issues because of the banker reaction to the securities art may have caused them to move forward much more rapidly than j has been justified. It is true, of course, that investors used little judgment in the ! sale of their bonds when prices were around their recent lows. Past j performance was given scant atten- ! tion. Holders wanted cash and rash only. No doubt a great many needed this money to cover losses and obligations in other directions, however. Others were merely fol- ! lowing the crowd. The same was true of stocks, and. when confidence j in business has been sufficiently) restored and yields on bonds become no loneer attractive, it is quite ' possible that stocks will make good j on the old adage that they usually j follow bonds in price trends. ana SUPPORT of this theory is to be : found in the manner in which j preferred stocks have been acting J of late. Several of these issues have \ made sensational gains within the j las* six months. British investors have profited to a very large extent | through their holdings of preferred j stocks and bonds, and they are i.ow ! lrported to be selling their senior ! obligations and transferring the proceeds into common stock of the ! better grade. ~~ On Commission Row —July 5 App>s— Furry Delicious. $2.50; Transp* rents. s2® 3. Blackberries—24-qt. crate. S3. Cherries—Home Brown. 16-qt. crates. 1 *O. Oranges—California. Sunkist. $3.54: Vaientias. $5 50. Lemons—Sunkist. $7. Orapefiuit—Florida seedless $4 50. Raspberries—Southern Indiana black. 34-pt crate, $1.85; red. $3. Cantaloupes—California Jumbos. 455. j $4 40 standards. S3 90; Honevdews. $2.75. j Pears—Catavos. 53.50 per box. Watermelons—Florida Watsons. 30-lb. • •.erases, 75c Bananas—Per pound. sc. —Vegetables— Sweet Corn—Alabama. 5-doren crate. $2 Cabbage —Home grown, bushel. 75c. Celery—Michigan. Hal boxes. *1.50; medium. dog.. 60c. Onions —Texas yellow. 50-Ib. bag. $2. Potatoes—Northern round white. 100-lb big $l 50. North Green Mountain *1.75; ' Coiorado McClures. $1 50: Idaho Russets, j 100-lb. bag. *2 25; new Texas Triumphs. Sweet Potatoes—Tennessee Nancy Hanks, i hamper. $2 40 Beans—Round, stringless. *1.75. Beets—New. 30c a dozen. Carrots—California. 6-dozen crate. $3.25; home grown, dor.. 35c Cauliflower—Home grown, bushel. *1 75 Lettuce—Outdoor, la-ib. basket. *4; iceberg best. $4 a crate Peas—lndiana. *2 75. Radishes—Home grown buttons, large bunch 35e. Rhubarb—Home grown, dozen toc. Spinach—Home grown, bushel Rsc. Tomatoes—Hothouse. 10-lb basket. $1.25: original Tenn.. 30-lb. lug. *2 25 CHICAGO mi lT MARKET (By United Press* CHICAGO. July s—Fruit* and vegetable* Apples -Michigan spies. *1.75 bushel; Illinois transparent.*. s2® 2.50 Carrots— California. *2 ■/ 225 crate Cucumber— ! Hothouse. Jl'i: 2 dozen :o box<; Illinois • bushel baske' 75c.i 150 Tomatoes— I $1 75-t 3 lug box Tennessee 75c® 1.50 Eweet potatoes Tennessee. $2 ibushel ■ hampers'. Mushrooms—lllinois. 15® 40c ilb. carton*. Asparagus—lllinois. 50®600 ! isq. cra'ev. Strawberries Michigan. $125 . 4:15# (16 q• s 1 : Wisconsin. *1.50® 5.15. | Peaches—Georgia, Sl*: 150 >'.• bushel | Red raspberries—lllinois. 75c .i 150 24 ! pu (. Lettuce—California. *3..'3 75 crate j Bear.*—Eastern green. 50c- .'. 25 Onion ( market >SO lb sacks. Texas white. SI 75. j California vellows. $1 50 :1 25. California , white*. 51.75. $57,930,000 IN BONDS OfFERED DURING WEEK Huft New York Stale Flotation of $30,000,000 Heads List. B.V Time* Special NEW YORK. July s.—The New York state issue of $30,000,000, leading ten state and city offerings brought the total bond emissions for last week to $57,930,000 as compared to $92,595,000 for the corresponding period of last year. Buffalo offered $8,000,000 in 3.60 per cent relief and refunding bonds: Missouri $5 900.000 in 3 per cent road bonds; South Carolina $4,300.- . 000 in two senes. 3% and 4’*s. and I the city and county of San Francisco offered $5,000,000 in school.‘ fire protection and improvement bond*. Interest Payment Authorized B f V -me a Specie! CHICAGO. July s.—Ann Arbor railroad receivers, have been authorized by the courts to pay out of the i current funds interest due July 1, on 1 mortgage 4 per cent bonds.

ISSUES ADVANCE 1 TO 3 POINTS; VOLUME LIGHT

Atchison Leads Rail List Upward: All Groups Strengthen. BY ELMER C. WALZER I nited Fre* Financial Editor NEW YORK. July 5 —Stocks continued to show strength today despite a lack of volume. Up to 1 p m. 270.000 shares had been exchanged, with prices advanced 1 to more than 3 points, which was just 10.000 shares more than had been recorded in the same period in Tuesday’s dull pre-holiday session. The strength in the list was shared generally. Industrial gains were led by Dupont, which advanced almost 3 points to 90%, while United States Steel gained 1% to 39 * and point gains weie recorded in General Motors. Chrysler and most of the mining shares. Rails were improved with Atchison up more than a point at 60'* and New York Central a point better around 28%. Cotton last part of its gain, but still had 3to 6 points gain. Bonds werp firm. Money and Exchange INDI ANAPOLIS BANK CLEARINGS —July 5 Clearing* *2.609.000.00 Debits 6,691.000.00 FOREIGN EXCHANGE (By Abbott. Hoppin & Co.I —July 3 Close. Sterling. England $5.06% ! Fianc. France 0659% | Lira. Italv .0358 ; Belgias. Belgium 2338 Mark Germany 3833 Guilder, Holland 6788 Peseta. Spain 1368 Krone. Norwav 2545 Krone. Denmark 2262 Yen. Japan 2990 Treasury Statement (Bv United Pressi ! WASHINGTON. July s—Government j expen*es and receipts of the current fiscal ! year to Julv 2. compared with the corre- ; spending period of the previous fiscal year: This Year. Last Year. Expenses 585.073.334 47 Receipts $ 52 602 001.93 4.364,117 31 Surplus 52 602.00! 93 x 80.709.217.15 Cash balance 2.704.539.965.50 I xDefirit. Investment Trust Shares ißv Abbott. Hoppin & Co.l —Julv 3 Bid. Ask. American Ba lk Stocks Corn . 1.03 1.13 Anier tc Gen Sec A 4.00 5.50 American A: Inc Tr shares ... 1.75 ... Basic Industry shares .. 3.10 British Type In-. Tr shares . .44 .50 Collateral Trustee shares A .. 4 45 4.55 Corporate Trust shares (oldi . 1.92 1.96 Corporate Trust shares tnew) 220 2.24 Cumulative Trust shares ... 3.77 Diversified Trust shares A... 625 Diversified Trust shares B ... 7 50 7.75 Diversified Trust shares C... 2.90 2.95 Dnerstfied Trust shares D .. 4.45 4.55 First Insurance Stock Corn .. .75 .85 First Common Stock Corn .. .65 .68 Fixed Trust Oil shares A ... 790 Fixed Trust Oil shares B .... 6 90 Fundmental Shares. Inc 1 90 2.10 Incorporators Investments ...16.90 17.15 Land Bank Bond shares 1.16 1.29 Low Priced Trust shares .... 5.60 5.70 Mass Inv Trust shares 18 55 20.16 Nation Wide Securities .. .. 3.20 3.26 North Am Trust shares 's3* 1.79 North Am Trust, shares (55-56) 2.23 2 27 North Am Trust shares (58i.. 2.21 2 25 Selected American shares 2.54 Selected American shares Inc 1.16 1.26 Selected Cumulative shares .. 649 Selected Income shares 3.36 3.38 Std American Trust shares A 2.80 2.84 Trust Shares of America .... 2.65 2.70 Trustee Std Oil A 5 35 5 40 Trustee Std Oil B ■ • 493 5.03 U S Electric Lt A: Pwr A 12 25 12.n0 Universal Trust shares 285 2.90 Daily Price Index 'By United Pressi NEW YORK. Julv 3.—Dun At Bradstreet s daily weighted price index of thirty basic commodities compiled for the United Press: (1930-19.32 average, 100) Today }}}•*} Yesterday 11l 6} Week -go 112.61 Month ago 112.75 Year ago (Julv 4* Holiday 1934 High ( Tune 19) 113.68 1934 Low (Jan 3) 101.05 (Copvright. 1934. by Dun A: Bradstreet, fine.) New York Bank Stocks ißv Abbott Hoppin & Cos.) —Julv 3 Bid Ask. Bankers 62'z 63 Brooklyn Trust 98 102 Central Hanover 12:*% 126** Chase National 26:* 26^a Chemical 38 "a 39% National Citv 28 28% Corn Exchange 51 51% Continental 13 *3% Empire 18% 19 First National 1,625 1.640 Guaranty 35 36 Irving 16 16'< Manhattan A- Cos 30 30'* Manufacturers 20% 21 New York Trust 105'z 106 Public 34 34 i

Bright Spots (B* Abbott Hoppin * Co.i~“

Lehigh Coa! and Navigation report earnings of sl.Ol a share for the year ending March 31 1933. as compared with 43 cents a share for the previous fiscal year. Wabash Railroad rar loadings for the week ending June 30. were 12.482 as compared to 12.104 for the previous week and 12.398 for the corresponding week a year ago. Southern Pacific Railroad loaded 24.804 cars in the week ending June 30 and 24.683 cars in the previous week. C R I * P total cars handled for the week of June 30 were 24.182. against 22 419 in like week of 1933. an increase of 7 per cent. Pailv average of rrude oil production in the I'nited State* for the week ended June 30 total 2.682.102 barrels, a decrease of 14.020 barrels. New Haven Railway has received approval from the ICC for immediate loan not exceeding $1,000,000 for three fears for which to meet early financial requirements. U. S DOLLAR STRONG Gold Remains Unchanged; Sterling 2 Pence Higher. Bn T nitrti Bret* LONDON. July s.—The dollar was stronger today with the pound at $5 05%. Gold remained unchanged at $34.79. with the sterling price 137 shillings seven pence, up two pence. Yesterday's price was fixed with the pound $5.06 ’*. Tuesday's pound quotations was ss.os’*. gold Tuesday was $34.76, and the sterling rate was 137 shillings 7’s pence. PARIS. July s—The dollar was steady today. Francs were 15.16 to the dollar (6.596 cents a franc). Large Order Received By T>mrs Special CHICAGO. July s.—Westinghouse Electric and Manufacturing Company has received an order of approximately $120,000 from the American Boxboard Company of Grand Rapids to electrify and equip number 1 mill. Sales I'p 30 Per Cent By Time* Special CHICAGO. July s—Sales of the Abbott laboratories during the first six months of the current year were approximately 30 per cent greater than tnose of the last half of 1933, S. De Witt Clough, president announced.

New York Stocks ■ ■ —• )Bv Hoppin A COJ ————— AVERAGE STOCK PRICES FOR TUESDAY Net High. Low. Closp. change. Thirty industrials 95.13 94.25 94.77 —.03 Twenty rails 43.01 42.50 42.83 +.04 Twenty utilities 23.50 23.20 23.35 .15 Forty bonds .... .... 94..->3 .05 Ten first rails .... .... 101.35 .12 Ten second rails .... 81.29 +.02 Ten utilities .... .... 98.44 -r.02 Ten industrials .... 97.04 .12 -Off. -Up.

—July 5-y-Prev. Oil*— High. Low. 10 30 close. Amerada ... . 50 All Rfg 25 24% Barnsdall 7'* 7'* i Consol Oil 10‘, 10', ! Corn of Del 19 18 4 (Houston i new Indian Rfg ... . 2-, Mid Cent Pet 12 s , 12'z ; Ohio Oil 11 , Pet Corp 10% Phillips Pet 17'* 17’, Pure Oil 10', 10 s * Roval Dutch . 35', Sbd Oil 31 31 Shell Un . 7*4 7 7 , Soc Vac 15’, 15% 15 T ANARUS, 15% S O of Cal . 34 33% S O of N J 44 43% 44 43% Texas Corp 23-, 23-‘ Tidewater Assn 11 s * 11% Un Oil of Cal 16'* Steel*— iAm Roll Mills • 18', 18% Beth Steel 33'*' 33 33'* 32 s , 1 Byers AM 21% | Col Fuel At Iron 5 7 , Cruc steel 22 Otis Steel Rep Ir A: Steel * U S Pipe A: Fdy 22% U S Steel 38 U S Steel pfd 82% 82 z Warren Bros Jj 8 Youngstn S A; T *9 * Motors— Auburn 23 s , Chrysler 38% 38-4 Gen Mo'ors 30% 30 a Gen Motors pfd 10 2 2 Graham Mot , 2 Hudson 9 7 9% r,•::::: ::: ::: Nash 1®, 8 Packard 3% 3, Reo 3', 3' Studebaker 4', Yellow Truck . 4 Motor Access— Bendtx |j% Bohn Alum , 53’, Borg Warner 21% 21'a Briggs 1" 17 Buda Wheel • • * Eaton Mfg 16 IJj * Elec Auto Lite 20,1 Mullins Mfg pfd .. 32-4 Murray Body °" 8 Timken Roll 28 Timken Det Axel 6'z Mining— Alaska Jun 21’, 21 Am Metals ••• 22 J , 23 , Am Smelt J*,* Anaconda 1* Cal A: Hecla • <% Cerro De Pasco. .. ... 42'z 42 4 Dome Mines 4J., 8 Howe Sound 50_4 Ini Nickel ... - 2a% 25‘, Kennecott Cop . 21‘z 21% 21% 21% Mclntyre Mine Noranda Cop * Park Utah 4 * % Phelps Dodge 17% 1 7 2 St Joe Lead 20Va U S Smelters I" Vanadium 20 Amusements— Croslev Radio J 5 Fox Thea ‘5% Loews Inc 26 z Radio Corp 6-* 6’* RKO 2!, 2 , Warner Bros s * Tobaccos — Am Snuff 22,Am Tobacco "A" <3 z Am Tobacco "B" • ■ . ■• - *♦, * Ligg fe Myrs B 96 1 z 96'* 96',z 95% Lorillard Reynolds Tob 'B' .. Rails— Atchison 59'z 58% B& O 22 7 4 22Vi 22V* 2V, Can Pac ••• 34 IT, Ch A- Ohio 46’, Chi A Gt W 3 Chi At Gt W pfd - 6 3 * C M A St P 4', 4V, C M A St P pfd * Chi N W 8 8 , Chi N W pfd Ij 7 * Del Lac A W 22'z 22 2 Erie 18 17',2 Erie pfd 24 Grt Northern p "0U 20_’ 111 Central f3 7 , Lehigh Valley... 14 2 Lou A Nash 28-i* M K A T pfd. 22 Mo Pac 5, Mo Pac pfd • 5 * N Y Cent 27V* 27 3 , N Y C A St L p 28 3 , N Y New Haven 14-’a N Y Ont A West • J Nor Pac • 22% 23 Penn R R *29 7 * 29'z 29’, 29 z Sou Pac 23V* 23, Sou R R 23’, Sou R R pfd • ■ 28V, Union Pac ••• 119 3 * West Maryland H Equipments— Allis Chalmers 15 15 Am Brake Shoe 26 Am Car A Fdy 20 Am Steel Fdy 16'4 Bald Loco 10 2 , Burroughs 13 * Case J I 49^ Cater Tract 26t 4 Deere A Cos 20 Gen Am Tk Car • 36|z Gen Elec 19% 1 ?•> Gen R R Sig 31Vz 31’a Ingsol Rand - 59 Int Harvester 32' 2 32 , Natl Cash Reg 16'z Pullman Inc ..... ... 48' 2 48 Rem Rand ••• 10'.4 10'4 Und Elliot 47 West Air B ... . • 22’, Westingh Elec . 35'i333,5 3 , 35'z 3o'z Utilities— Am A For Pwr • 8 Am Power A Lit 6 3 4 6 3 4 A T A T 113 113 Am Wat Wks 20 Col Gas A Elec 13V* 13’, Col G A E pfd. 76' 2 Com A Sou 2 2 ConsolGGas 33,3 3 , 33*4 Elec Pwr A Lt s'z E P A L pfd 12'z Int Hvdro Elec.. .. ... 5 Int TAT 12’/* 12',, Lou G A E “A” 16 Nat Pwr A Lt 10., North 16’, Pac GAE 17 3 4 18 Peoples Gas 30’s 30's Postal Tel pfd 35’ 4 So Cal Edison }6 Std Gas 10' 4 Std Gas pfd ll' Slone A Webster ’■ , United Corp Un Gas Imp . 15la 7 , 15 3 4 15-, Ut PAL (A) 3% Western Union.. .. ... ••• 42'4 Rubbers— Firestone $ 17 Goodrich 12 , Goodyear ... 26'4 26', Kellv Spring 2 U S Rubber 17 U S Rubber pfd 41’, Miscellaneous— Am Bank oNte 21'i 4 m Can , 96 Briclvn Man Tr. 36-, 36 3 4 Conti Can 79. Crown Cork 24-, Curtis Pub 22', Curtis Pub pfd ... ... 81 81 Eastman Kodak 96 3 4 Gillette 10% 10->, Glidden . .. ... ... 23 3 4 Inter Rapid Tr 8 Owens BottJe 76 Foods— Armour (A' S 7 g 5 7 , Beatrice Cream'v . . 15% Borden Prod .. . 26% 26 26' 4 25 J Cal Packing 31% Can Drv G Ale 20-% Corn Prod ... 65 Crm of Wheat . . ... .. 33 Cuban Am Sug . S'z BV4 B'z 8 Gen Foods 31 31 Godl Dust 19 3 , G W Sugar..... .. ... 33 - g 33 % Hershev 63 s , Loose Wiles ... 40' z 40% Natl Biscuit 34 34' 4 Natl D Prod ... 17 7 * 17% 17 3 , 17 3 4 Purity Bak 13% 5 Por Rico Sug. . 35% 35 Std Brands . ... 20% 20% 20% 20% Un Biscuit 25 United Frut 71 Wriglev 64% ... Retail Stores— Ass Natl Stores 63% Gr Un Tea 5% Hahn Dept Sts 4;* Kresgke S S 18% Kroger Groc 31% Macv R H 40% Marshall Fields 14% Mav Dept St 38 Monut Ward 2i' 26 3 4 Natl Tea 12 Pennv J J' < Safewav St 50 49 Sears Roebuck 41% Woolworth 49 3 , 49% Aviation— Aviation Corn 5% 5% Curtiss Wright 3 8 Curtiss Wright A 9 4 9% Douglass Air Nor Am Av 4 3 , 4% Sneers- Coro , ,S, 8 United Aircraft 17 , 1Wright Aero ••• s 2 ••• Chemicals— Allied Chem Am Com Alco Col Carbon '%* Com Solvents 21 , Dupont 88 , B^4 Freeport Tex 3. Liqu.d Carb 26-, Math Alkali . • n1 31 z MintoSOnta Ch 50% 50% 50 z oO Na-1 Dis (new- 23-, 23-, Schenelev Dist 26.4 Tex Gulf Suiph 33 z Union Carbide jl 4 U S Indus Alco 39 Drugs— Cotv Lambert ", Un Drug 15% Zonite Prod-... *• ... 5 Financial— Adams Exp ..... .. ••• 8 8 Allegheny Corp.. .. ... 2% 2% Am Int Corp. 7% CiUS* Corp , r . *• ttt ft *4vz

THE INDIANAPOLIS TIMES

Transamerica ... 6% Tr Conti Corp ... 4 % Building— Am Radiator ... ... 13% Gen Asphalt 17% Int Cement .... . . • 25% Johns Manville 52 51 s * 52 51% Libbv Owens Gls 30% Otis Elev 15% 13% Household— Col Pal Peet 14% 14% Congoleum .... . 26% Kelvinator 13% 15% 15% . Mohawk Carpet .. ... Proc & Gamble .. ... 36V* 36% Simmons Bed 15% Textiles— Amer Woolen 10% Belding Hem 12% Celanese Corp 24% Collins Aikman ... 15% Indus Rayon 25 Kayser Julius 16% New York Curb (By Abbott. Hoppin & Cos.) —July 3 Close.l Close. Allied Mills ... 8% Glen Alden Coal 21% Alum Cos of Am 63% Gulf Oil of Pa . 63 Am Cyanide B 17%:Hiram Walker.. 13% Am Gas & El.. 27 (Humble Oil . ... 40% Am Superpwr . 2% Imperial Oil Ltd 14% Asso Gas & El. -%jlnt Petrol . . 27% Atlas Corp 10’ 4 Lake Shore Min 54 Axton Fish Tob 60 % Lone Star Gas . 5% Brazil Tra A Li 8% Natl Bellas Hess 3 Can Ind Ale A 8 |Newmont Min .. 52 Can Marc .... 2%'Nia Hud Pwr . 5% Carrier Corp .. 7% Novadel Agene 19% Cities Serv ... 2% Pan Am Airway 37% Cord Corp .... 3% Park Davis .... 24% Creole Petrol.. 12% Penn Road .... 2% Deere A Cos ... 20 ISt Regis Paper. 2% Distillers Lim . 22% ! Sherwin Wms . 69% Distillers Corp. 15% Std of Ind 27% Dow Chem . .61% Std of Ky 16% El Bond A Sh 14%. Technicolor Ind 13% Fisk Rubber 9% Teck Hugh Gold 6% Ford of Can A 20% Un Gas 2% Ford of Europe 7% Un Pwr A Lit A 2% Gen Aviation.. 4%,Wr Hargra Min 9% Chicago Stocks 11 (By Abbott. Hoppin A Co.l ' --July 5 High. Low. 11:30 Asbestos Mfg . 2% Bendix Aviation 14% 14'’, 14% Borg-Warner 22 21% 21% Brown Fence A Wire A 9% Butler Bros . 8% Chicago Corp Com ... 2 Cities Service 2% 2 2 Commonwealth Edison. 55% 55% 55% Cord Corp 3% Electric Household ... 15 Gen Hse Hold Util 11 Va Libby-McNeil 5 Midland United % Noblitt-Sparks Ind Inc 12% Prim a Cos 4% Quaker Oats 117% 117 117% Sears Roebuck . 41% Swift ACo 17% 17% 17'2 Swift International 30% Utah Radio ... 100 Vortex Cup Cos . 14% j|algreen Cos com 26% 26% 26% Bond Prices " Bv Fenner & Beane* —July 5 High. Low. Close. Alleg Corn 5s ’SO 36 35% 36 AmAFor Pwr 5s 2030 . .. ... 50% ATAT db 5s ’65 llO% Atchison gen 4s 95 ... 103 BAO cv 4%s '6O 164 % Beth Steel 5s A ’36 . ... 103% Can Pac 4s ’57 83 82% 83 CAO 5s A ’39 . 110 ChMStPAP ad 5s A 2000 13 12% 13 ChMStPAP rs 5s A ’75 37% 36% 37% Cons Gas NY 4%s ’51.. . 104% Denmark 5%s ’55 90% 90 90', Det Ed 5s E ’52 107% Erie RR rs 5s '67 73 Goodvear 5s ’7 101% 100% 101% Gt Nor 4%s D ’76 . 77 Gt Nor 7s A '36 95% 95 95 Literboro RT 5s ’66.. . 71% Int TAT db 5s ’55 .. 63% 63 63% McKeesAßobb 5%s '50.. 81% Nat Dairy db 5%s '48.. 98% 98% 98% NY Cent 4%s O 2013.. . 74% Nor Am 5s ’6l 89% 89% 89% PacGasAEl 5s A ’42 106% Penn RR 4%s D ’Bl 97', 2 Poland 7s ’47 114 Shell Un Oil 5s ’47 99% Sin Cons 6%s B ’3B 104% Texas Corp 5s '44 103% Tob Pr NJ 6%s 2022 106 105% 106 Un Pac Ist 4s ’47 106 US Rubber os A '47 85

U. S. GOVERNMENT BONDS (By United Press) NEW YORK. July 3.—Closing Liberties. (Decimals represent 32nds: —Liberty—3'bs (32-47) 104.6 First 4*is (32-47) 103.16 Fourth 4Us (33-38) 103.24 —Treasury—4'is, 3'is (45) 103.24 4Us (47-521 113.11 3Us (43-47) 104.18 3 3 sS (40-43) June 105.5 3"’aS (40-43) June 105.5 3'.s (43) 105. 3Us (46-49) 102.21 FEDERAL FARM LOAN BONDS (By Blyth & Cos.. Inc.) July 3 Bid. Ask. 4s, Nov. 1, 1957-37 99U 100V 2 4s, May 1, 1958-38 99U 100' 2 4Vis, July 1, 1956-36 99 3 a 100'i 4' 4 s, Jari. 1, 1957-37 100 U 100 U 4'is. May 1, 1957-37 100*4 100 3 i 4Us Nov. 1. 1958-38 100 U 101*4 4%5, Mav 1, 1942-32 100 100 U 4' s s, Jari. 1. 1943-33 100 100 U 4Us, Jan. 1, 1953-33 99 3 i 100'/ 2 4'is, Julv 1, 1953-33 99U 100'i 4Vis, Jan. 1, 1955-35 99 3 i 100'i 4Us. Jan. 1. 1956-36 100 U 101 3 i ss, Mav 1. 1941-31 100’j 101 * 2 os. Nov. 1. 1941-31 100 Vi 101 Va —Home Loan--45, July 1. 1951 100.12 100.18 —Federal Farm Mortgage Corporation—3Us March 15. 1964-44 101.02 101.10 The two latter quotations are in thirtyseconds. In the Cotton Markets —July 3 CHICAGO High. Low. Close. January 12.55 12.45 12.52 March 12.62 12.55 12.62 Julv . ■ 12.15 October 12.37 12.25 12.33 December 12.50 12.40 12.48 NEW YORK January 12.50 12.37 12.43 March 12.61 12.47 12.58 Mav 12 68 12 66 12.67 Julv 12.07 11.95 12.05 October 12.31 12.18 12.28 December 12,46 12.31 12.43 NEW ORLEANS January 12.45 March 12.55 12.49 12.53 Mav 12.61 Julv 12.09 11.97 12.03 October 12.29 12 17 12.24 December 12.42 12.32 12.39 N. Y. Coffee, Sugar Futures —July 3 COFFEE —Santos— High. Low. Close. March 10.39 10.15 10.34 Mav 10 43 Julv 9 62 9.50 9.82 September 10.05 °"7 10.05 December 10.34 it).oo 10.35 —Rio— January 7.74 March 7.77 Mav 7.84 Julv 7.50 7.40 7.50 September 7.47 7 40 7 47 December 7.70 7.55 7.70 SUGAR High. Low. Close. January 1.81 1.79 1.79 March 1.86 1 86 1.86 Mav 1.91 1.90 1.90 Julv 1.67 1.65 1.65 September 1.72 1.70 1.70 December 1.80 1.7* 1.78 Retail Coal Prices The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 25 cents per top is allowed. Domestic Retail Prices Anthracite 813.50 Brazil lump 6.00 Brazil egg 5.50 Brazil mine run 5.25 Coke, nut size 8 2o Coke, egg size 8.25 Indiana forked lump 6.00 Indiana egg 5.75 Kentucky lump 7.00 Pocahontas lump 8.00 Pocahontas egg 8.00 Pocahontas forked lump 9.00 Pocahontas mine run 7.25 New River smokeless 8 00 West Virginia lump 675 West Virginia egg 650 Island Creek < 00 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bin Net Income Is Reported By Times Special CHICAGO. July s—Reported net income of the International Shoe Company for the six months ending May 31 was $4,860,354 after taxes and other deductions. This is equal to $1.45 a share on the common stock as compared to 84 cents a share for the like neriod of 1933.

PORKERS CLIMB 5 TOIO CENTS RT CITY YARDS

Cattle Market Steady to Higher; Veals Remain Unchanged. With exception of underweights remaining unchanged, porker prices advanced from 5 to 10 cents above Tuesday's average in early trading at the Union Stockyards today. Initial trading developed slow and receipts held at a normal figure. The bulk, 160 to 190 pounds, was selling at $4.70 to $4.85. Heaviest kinds, weighing 190 to 330 pounds, brought $4.90 to $5. Bulk of lightweights, scaling 130 to 160 pounds, sold at $3.60 to $4.10, while other small grades ranging from 100 to 130 pounds, cashed in at $2.85 to $3.35. Packing sows held at $3.50 to $4.25, with few choice kinds ranged up to $4.50. Receipts were estimated at 6,500; holdovers, 315. With the majority of interest centering in finished steers and best heifers, cattle prices were unchanged to slightly higher. Slaughter steers were active and strong. Several loads of steers were salable at s7.B'j to $9.75. while best heifers sold at $5.50 to $7. Few choice grades brought $7.25. Receipts were 2.000. Vealers continued stationary, selling at $5 down. Receipts numbered 600. Steady trading range featured the lamb market. Bulk of ewe and weather grades, sold up to SB. Bucks were $1 less, while throwouts sold at $5.50 and below. Slaughter sheep held steady. Receipts were 1,000. Asking was slightly higher on hogs at Chicago with few early bids steady at $4.90 down. Receipts were estimated at 21.000, including 9,000 directs; holdovers, 3,000. Cattle receipts were 11,000; calves, 5,000; market, unchanged. Sheep receipts, 12,000; market, steady. June Bulk. Top. Receipts. 28. $4,50® 4.60 $4.85 7,000 29. 4.60® 4.85 4.90 5,000 30. 4.70@ 4.80 5.00 1.500 July 2. 4.60® 4.75 4.90 8.500 3. 4.65® 4.75 5.00 6.000 5. 4.70® 4.85 5.00 6,500 Market Hieher (140-160) Good and choice .... [email protected] —Light Weights—-*l6o-180* Good and choice .. 4.70® 4.75 (180-200) Good and choice... 4.85® 4.90 —Medium Weights—-(2oo-220* Good and choice.... 4.95 (220-250) Good and choice ... 4.95® 5.00 —Heavy Weights—-(2so-290* Good and choice... 5.00 (290-350) Good and choice.... 4.90® 5.00 —Packing Sows—(2so down) Good 4.00® 4.50 (250 lbs.) Good 3.65® 4.25 (All weights* Medium 3.50® 4.00 —Slaughter Pigs—-(loo-130) Good and choice.... 2.85® 3.35 CATTLE Receipts, 2,000; Market, Steady Good and choice S 6.75® 9.25 Common and medium 4.00@ 7.00 (1.100-1,5001-Good and choice 7.50® 9.75 Common and medium 5.75® 7.75 (675-750* Good and choice 5.50® 7.25 Common and medium 3.00® 5.50 (750-900 * Good and choice 5.25® 7.25 Common and medium 3.00® 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, 600; Market, Higher. Good and choice $ 4.50® 5.00 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® 5.75 Common and medium 3.00® 4.25 (800-1.500) Good and choice 4.25® 5.75 Common and medium 3.00® 4.25 SHEEP AND LAMBS Receipts, 1.0(H); Market, Steady. (Shorn Basis) Spring lambs, good A choice $7.75® 825 (90-110 lbs.) Good and choice 7.50® 8.00 (90 lbs. down) Com. and med. 5.50® 7.50 Ewes— Good and choice 2.00® 3.00 Common and medium 1.50® 2.00

Other Livestock (By United Press) CHICAGO. July s.—Hog 21,000. includ'ng 9,000 directs slow, few sales 5c higher than Tuesday; light weights and packing sows w'eak; 230-320 lbs., $4.85/0 5; top. $5: 170-220 lbs., $4.25® 4.85: light lights, $3 50®4.25; pigs. $2.50® 3.50: packing sows, $3.85©4.15; light lights, 140-160 lbs., good and choice, $3.50/o 4.25 light weight, 160-200 lbs., good and choice, $4/o4.80; medium weights, 200250 lbs., good and choice. $4.65/o5; heavy weights, 250-350 lbs., good and choice, $4.80®5 packing sows, 275-550 lbs., medium and choice. 53.50®4.30 slaughter pigs, 100-130 lbs., good and choice, $2.50® 3.50. Cattle—Receipts. 11,000; calves, 5.000; grain fed steers and yearlings strong tP 25c higher fairly active at advance: top $10.40 paid for approximately 1.225 lb. averages largely $6 50® 9: market on grain fed steers and yearlings: best 1,135 lb. cattle, $9.25; lower grade offerings firm; yearling heifers sharing steer advance: light grass heifers dull, but market active on fleshy butcher heifers and grain fed cows. Slaughter Cattle and Vealers—Steers, 550-900 lbs., good and choice, $9.75®8.25; 900-1.100 lbs., good and choice $6®9.50: 1.100-1.300 lbs., good and choice. $6.50®T0.40: 1,300-1,500 lbs., good and choice. $7.50® 10.40: 550-1.300 lbs., common and medium. $2.75® 7.50; heifers, 550-750 lbs., good and choice, ss®7; common and medium. $2.25®5.25: cows. good. $3.75© 5: common and medium. $2.50® 3.75; low cutter and cutter, sl2s® 2.50; bulls, (yearlings excluded), good ibeef(, $3.25®4; cutter common and medium. $2.25® 3.65; vealers. good and choice, $4.25® 6; medium. $3.50&4.25; cull and common. $2.50® 3.50; Stocker and feeder cattle, steers, 550-1.050 lbs., good and choice. $1®5.50; common and medium. $2.50® 4. Sheep—Receipts, 12,000; fat lambs undertone fully steady to strong early: generally asking 25c higher: early bids $8 on natives; others held well above $3.25: fat yearlings 25c higher: top 82 lb. weights, $6.75; sheep steady: slaughter sheep and lambs, ewes, $1®2.25: lambs, 90 lbs. down, good and choice. $7.50® 8 50; common and medium. s6® 7.60: ewes. 90150 lbs., good and choice. $1.50® 2.25: all weights common and medium. $1®1.75. LAFEYETTE. Julv s,—Hog Market 10 to 15c higher: 250-300 lbs . $4.90: 300-325 lbs.. $4.75: 225-250 lbs.. $4.85: 200-225 lbs.. $4.80: 180-190 lbs.. $4.70: 170-180 lbs.. *4.60; 160170 lbs., $4.50; 150-160 lbs.. *3.85; 140150 lbs., 53.60: 130-140 lbs.. $3 35: 100130 lbs., *2.60®3.10: roughs, $4 down; top calves. $4: yearling lambs, $7; springers, s7® 7.50. FT. WAYNE. Julv s.—Hogs—Steadv: 250-300 lbs . $4 35; 200-250 lbs . $4.75; 180200 lbs.. $4.65: 160-180 lbs., $4.55; 300350 lbs.. $4.75: 150-160 lbs., S3 80: 140150 lbs.. 53.50: 130-140 lbs 53.25: 120130 lbs.. S3; 100-120 lbs.. *2.75; roufths, $3.50; stags, $1.75. By Times Special LOUISVILLE, July s.—Cattle—Receipts. 250; including 103 billed direct: salable supply very light: quality niain: market slow around steadv with Tuesdav: bulk common to medium steers and heifers, $3.75® 5, and very little of value to sell above *5; good dryfeds quotable to s6® 6 50; few cutter grade steers and heifers. $2 50©3.50; bulk beef cows. $2.50® 3:; good kinds and desirable heifer types to $3.50 and above: low cutters and cutters, sl® $2 25; sausage bulls mostlv $2.75 down; run includes several loads desirable light Hereford Stockers salable mostlv *4® 4.50. Calves—Receipts. 350:; including 54: stock calves steadv: bulk better vealers. 53.50® 4: strictly choice kinds. $4 50: light culls down to $2. Hogs—Receipts. 800: market 5 cents higher than Tuesdav; desirable, 185-275 lb. weights, $4 85: 275 lbs. up. 04.15; 160-185 lbs . 53.85: 145-60 lbs.. $3.50: 120145 lbs . $2.10: sows. *2 60: grassy and unfinished hogs discounted. Sheep—Receipts. 1 500; run late in arriving; no early bids on lambs, with sellers holding bulk of the lambs Insisting on higher prices: other classes unchanged; fat ewes mostlv sl®2: stock ewes salable. $5.50© 7.50 per head. Business Activity Gains By Times Special WINCHESTER, Mass., July 5. General business activity is now 26.3 per cent '“low normal, as compared with 29% ; er cent year ago, according to the Business Activity index.

Conditions of Crops in 12 States Above 1933 Level

Grain Yield Still Favorable Despite Drought, Rail Survey Shows. Rj/ United Proa TOPEKA, Kan., July s.—Despite withering heat and an extended drought, the conditions of crops in the twelve states served by the Santa Fe railroad is above the level of last year, a monthly agricultural summary by the railroad shows. Periodic rains have bolstered crops and chances for a favorable yield still are in sight, the report added. In Kansas prospects point to a normal crop of corn, sorghums and tame hay. Dry weather forced an early wheat harvest, with the result that the crop of approximately 85.000,000 bushels soon will be out of the way. While short, the crop is 27,000.000 bushels larger than last year’s yield. Prices are double those of a year ago. The barley, rye and oats crops are light. Water Shortage Reported Stockmen report a water shortage as pastures and water holes continue in poor condition. There is no fear for a feed shortage. The Oklahoma outlook is good. The state raised and harvested approximately 40,000,000 bushels of wheat, or' 7.000,000 bushels more than last year. Rains came with fine regularity to keep the crop in satisfactory condition. Cotton is doing well and prospects are for a near-normal yield. Fruits and vegetables are fair to good and the corn growth is better than last year. With the exception of cotton and vegetables, crops in Texas deteriorated due to warm weather. A 50 pe* cent increase in tomato movements from East Texas was reported. Wheat harvesting is complete and yields were fair ana quality good. Much of the 25,000.000bushel output was stored on farms and in terminal elevators. Rain is needed in the corn areas of Missouri, the report said. The crop is good and sufficient moisture will assure a fair yield. Good crops of fruit and vegetables are being harvested. Nebraska Crops Poor Croup conditions in Nebraska are poor. Corn is only a few inches high, but there is a good stand, and rain would put the crop in a favorable position. Wheat output was 16,000,000 bushels. The sugar beet districts of Colorado reported a need for more moisture. Rice is In excellent condition in Louisiana. Cotton growth in the southwestern part of the state is fair. California’s agricultural position occupied a more favorable outlook than for some time. Production is under normal. Citrus fruits were in good condition and there was an active movement. Citrus shipments from Arizona ran above levels of a year ago.

URGES STATE DECIDE LEGALITY OF LAWS Proposed Measure Would Take Right From Counties. Legislation to take from county courts the right to decide constitutionality of state laws is being drafted by Herbert J. Patrick, deputy attorney-general, for presentation to the 1935 legislature. PurpovSe of the proposed measure, according to Mr. Patrick, is to prevent different and antagonistic holdings in different counties, which bring about confusion, until the question is settled by the supreme court. The measure, as drawn, would allow county courts to issue temporary injunctions, but would not permit them to make final rulings until decision by the supreme court. Produce Markets Delivered in Indianapolis prices: Heavy hens. 10c Leghorn hens, 7c 1934 broilers, 2 lbs. and over. 16c; Leghorn broilers 1% to 2 lbs. and over, 14c bareback broilers 11c; old roosters, 4c; ducks and geese, 3c: young guineas, 1% to 3 lbs., 20c: old guineas. 15c: No. 1 strictly fresh country run eggs, loss off 11c. 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. 22c: Quoted by Wadley Company (Bv United Press) CHICAGO, July s.—Eggs—Market steady; receipts, 12,064 cases; extra firsts, 14%c; fresh graded firsts, 14c; current receipts, 12® 12%c; dirties: No. 1, ll%c; No. 2, 10%c; checks: No. 1. 11c: No. 2, 10%c. Butter —Market weak: receipts, 18,200 tubs; extra firsts, 90-91 % score, 22 %® 22%c: extras, 92 score, 23%c; firsts, 88-89% score, 21%®21%c; seconds. 86-87% score, 20® 20%c; specials. 23® 24%c: standards. 23%c. Poultry—Market steady: receipts, 18 trucks, 1 car due; hens, 10® 13c; white rock fryers, 22%c. colored 18%c. Plymouth Rock 22%c; colored broilers, 18c: spring cheese, lie; turkeys, 14c: old roosters. 9c, leghorn broilers, 13%®14%c: old ducks, small Bc, heavy spring 14c; colored springs, 22c; rock. 24%c: leghorns. 9%c. Cheese—Twins, 12%®12%c; longhorns, 13%13%c: daisies, 13®13'4C. Potatoes —Supply moderate: demand and trading good: market firm on Triumphs, weak on Cobblers: Idaho Triumphs, $2; North Carolina Triumphs. $1.90; Louisiana Triumphs. $1.80: North Carolina Cobblers showing decay, $1.25® 1.35: Missouri Cobblers. partly graded, 75c®1.10: North Carolina, bbl., $2.25® 2.50. Arrivals, 211; on track. 296; shipments. 704, CLEVELAND, July s.—Butter—Market weak; extras, 27%c; standards, 27%c. Eggs—Market, weak: extra white, 14'zc: current receipts. 13'be. Poultry—Market steady; colored fowls. 4% lbs. and up, 16c: old roosters. 9c: ducks, white. 5 lbs. and up. 15c. Potatoes—Virginia, best, $2,75 per barrel. Births Boy* William and Gladys Bakemeier, 117 North Colorado. William and Elizabeth Rawlinson, 1541 East Tabor. Harold and Velva Nokes. 3101 Jackson. Charles and Josie Cribelar, 1140 North Alton. John and Blanche Sing, 2753 Barth, Girl Bedford and Gracie Thompson, 330 Milrace. Deaths Elizabeth Jane Reed, 90. of 2756 Cornell, chronic myocarditis. Lenora Roney, 67, of 1535 Prospect, angina pectoris. Anna Marie Lusk, 62, of 1122 English, broncho pneumonia. Harold F. Yager. 31. Central Indiana hospital, general paralysis. Florence Marie Charles. 35. of 621 North I Bradley, chronic myocarditis. Henry Franklin Anderson. 72, of 1933 I Cornell, apoplexy. Catherine Thaie. 61. St. Vincent's hospital. carcinoma. Martin F. Meyer, 51, city hospital, carcinoma. Charles Henry Allen. 4 months, city hospital, broncho pneumonia. Mary Reynolds. 87. of 438 North Jeffer- i son. chronic mvocarditis. Patrick Hobart. 51. city hospital. ; broncho pneumonia. Charles D. Pierson. 79. Methodist hospiral. mitral stenosis. Flora Fuson. 61. Methodist hospital. : cerebral hemorrhage Lou Anna Doles. 73. Methodist hospital. I hvpostatic pneumonia Sarah A. Richardson, of 1291 South Emerson, chronic myocarditis. Rebecca S Allred. 97. of 712 South Keystone, arterio sclerosis. Charles E. Crossen, 78. of 623 West Eleventh, arterio sclerosis. Orville E. Louden, 44. Veterans* hospital, chronic interstitial nephritis. Thomas Miller. 58. St. Vincent’s hospital. broncho pneumonia. Mary E. Larrner, 90, city hospital, broken hip. Edward Jones. 07, of 3420 West Washington, cerebral r-v lorrhage.

INCREASE EXPECTED IN FREIGHT TRAFFIC Advance of 4.5 Per Cent Is Predicted Over 1933. By Timrt Bpcrinl CHICAGO. July s.—Freight traffic of railroads during the third quarter of the current year will display an increase of approximately 4.5 per cent over the same period of the, previous year, according to estimates of the thirteen regional shippers advisory boards. On this basis car loadings will total 5.172.897, against 4.950.860 actual cars in the 1933 period. Increases were predicted by eleven of the thirteen boards, while one estimated a drop and others no change. Among twenty-nine commodities which are included in the survey twenty are expected to show increases. The nine commodities forecast to show reductions are grain, cotton seed and products, except oil, potatoes, other fresh vegetables, livestock, poultry and dairy products and iron. Largest increases are predicted in ore and concentrates for which a rise of 27.4 per cent is seen, agriculture implements, up 24.1 per cent and automobiles, up 22.4 per cent. WHOLESALE COMMODITY PRICES DROP SLIGHTLY Decline Brings Index Down to 71.9 During Week. By Times Bpecinl WASHINGTON. July s.—Wholesale commodity prices were slightly lower during the last week, according to the index of the National Fertilizer Association. When calculated for the week ended June 30 this index declined one point, receding from 72.0 to 71.9. During the preceding week the index also declined one point and two weeks ago it advanced one point. A month ago the index stood at 71.7 and a year ago at 63.8. During the latest week seven of the fourteen groups in the index were affected by price movements. Three groups declined, four advanced and seven were unchanged. None of the groups showed large changes. The declining groups were foods, grains, feeds and livestock, and building materials. The advancing groups were fuel, including petroleum and its products; textiles, fats and oils, and fertilizer materials. PRODUCTIOM OF OIL IN EAST TEXAS REDUCED Commission Orders 10 Per Cent Cut In Daily Output. By Times Special AUSTIN. Tex., July s.—Cut of 10 per cent in oil production of East Texas, Van, Conroe and Yates pool flush oil fields was ordered by the Texas railroad commission. This brings the state allowable production down to 1,006.000 barrels daily, or 36,000 barrels below the state allowable set for July by the federal government. Reduction was 65.000 barrels from the daily allowable of 1.071,033 as of June 24. This was 143.600 barrels daily below the nominations of purchasers for July. The production order, leaving all other except the flush fields unchanged, followed a proration hearing last week.

AUTOMOBILE SALES UP 45 PER CENT IN MAY New Car Registrations Amount to 6,431 During Month. By Times Special CHICAGO, July s.—Sales of automobiles in Cook county during June registered a 45 per cent advance over the same month of 1933, and also was slightly higher than the preceding month, according to R. L. Polk & Cos. New car registrations during the last month amounted to 6,431, as compared with 4,444 in June last year, and 6.292 in the preceding month this year. Ford continued in the lead with 1,618 sales, more than three times that of the same period last year. In May Ford sales amounted to 1.891. Chevrolet reported the largest gain over May in numbers, from 1,189 to 1,473. KROGER SALES ADVANCE Net Earnings Total 52,285,520 in First Six Months of Year. By Times Special CHICAGO. July s.—Kroger Grocery and Baking Company sales during the first six months of the current year amounted to 5101,456,700. an increase 10.3 per cent. Earnings of the company during the period, however, averaged slightly lower, totaling $2,285,520, against $2,294,794 in the previous report. Net earnings were equivalent to $1.27 a share on the common stock outstanding, after payment of preferred dividends. STATE FINANCING OFF Total Schedule for Present Week Dips to 58,005,081. By Times Special NEW YORK, July s.—Amounts of new state and municipal financing scheduled for this week totaled $8,005,081 against a revised total of $64,653,881 during the past week, according to the Daily Bond Buyer. Allegheny county, Pa., contemplated the largest issue totaling $2,250,000 on which bids will be opened today. State of Arkansas on Friday will offer $1,327,000 4 per cent construction bonds. FOOD PRICES STEADY Markets Effected by Drought Hold Their Recent Advances. By Times Special CHICAGO, July s.—The food price index, as stated by the Americap Institute of food distribution remains practically unchanged. The higher levels on sugars and meats, it was said has been approximately equalized by minor adjustments in other commodity groups. Markets most seriously effected by the drought were found to be holding their recent advances.

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WHEAT HIGHER GN STRENGTH IN FOREIGN TRADE Unsettled Weather News Creates Nervousness in Other Grains, BY HARMAN W. NICHOLS l nitfd Frr*s Staff Correapondfnt j CHICAGO. July s.—Strength* In j foreign markets yesterday leT a firm tone to wheat at the opening of the Chicago Board of Trade today and prices were sharply higher. The principal grain started % to 1% cents higher, com was % cent lower to % cent higher, oats were % cent lower to % cent higher, and rye was up % cent. Unsettled weather conditions over much of the middlewest brought nervousness into other pits and prices were unsteady. Chicago Futures Range —July 5 Pr**. Whral— Hißh. Low. 10 00 close. julv 88% .88% .88% 587 3 * Sept 89% .89% .89% .88% Dec 92 .90% .90’, .90% Corn— July 57% .57% .57% .57% Sept 59% .58% .58*, .59% Dec 60% .59% .59% .60% Oat*— Julv 43% .43% .43% .43 Sept 43% .43% .43% .43% Dec 44 s , .44% .44% .44% Rve— July .64% Sept 66% .66% .66% .66 Dec 68 3 * .68 Barley— July 53 Sept 52 52'4 CHICAGO PRIMARY RECEIPTS —July 3 —Bushels— Todav Last week. Wheat 425.000 918.000 Corn 412,000 682,000 Oats 97,000 144.000 Cash Grain INDIANAPOLIS —July 3 The bids for car lots of grain at th call of the Indianapolis Board of Trade, f. o. h.. shipping point, basis 41% New York rate, were: Wheat—Steady; No. 1 red. 78® 79c: No. 2 red. 77®78c: No. 2 hard. 77®78c. Corn—Steady; No. 2 white, 57%®58'/zc; No. 3 white. 56%®57%c: No. 2 yellow. 53 ®s4c: No. 3 yellow. 52'53e; No. 2 mixed. 524/53c; No. 3 mixed. 51®52e. Oats—Steady; No. 2 white. 39%@40%c;: No. 3 white. 38%®39%c. Hav—Steadv: (F. o. b. countrv points takine 23%r or less rates to Cincinnati or Louisville ) No. 1 timothy [email protected]. —lnspection.* Wheat—No. 1 red. 6 ears: No. 2 red. 8 cars: No. 1 mixed. 3 cars. Total, 17 cars. Corn—No. 2 white. 2 cars; No. 3 white. 5 cars: No. 5 white. 1 car: No. 2 vellow. 8 cars; No. 3 yellow. 4 cars: No. 6 vellow. 1 car. Total. 21 cars. Oats—No. 3 white. 1 car. Total. 1 car. Local Waeon Wheal City grain elevators are paying 75 cents for No. 2 soft red wheat. Other grades on their merits. (By Uted Press) CHICAGO. Ju L 3 —Wheat—No. 1 red. 90'z@90%c; No. 2 red. 90®90%C! No. 4 red. 88%c; No. 1 hard. 91®91%c: No. 2 hard. 90%c; No. 3 hard. 90®90%c: No. 4 hard, 89%c; No. 2 dark hard, 90%c; No. 3 dark hard. 90%c; No. 2 mixed. 90%c; No. 3 mixed. 88%c; No 4 mixed. 88%c Corn— No. 2 yellow. 60%®60%c: No. 2 fellow, lake. 59%c; No. 3 vellow. 60c: No. 4 vellow. 59%c No. 2 white. 64c: sample grade white, 56c. Oats—No. 2 white, 44%c. Rye —No sales. Barley—Bs®92c; auotable, 56® 96c. Timothv—[email protected]. Clover seed—slo.2s@l4. Cash provisions—Lard. $6.65: loose. $6.10; leaf. $6.12: bellies. $9.55. TOLEDO. July 3.—(Grain In elevators.' transit billing!. Wheat—No. 2. red, 88® 89c Corn—No. 2 vellow. 63%® 64'/zC. Oats —No. 2 white. 484) 49c. Rye—No. 2 68 ./ 69%c. (Track prices. 28%c rate). WheatNo. 1 red, 85®85%c; No. 2 red. 84@'84%C. Corn—No. 2 yellow, 59 %® 60c; No. 3 yellow. 58%®59c: No 4 vellow. 57%®58c. Oats—No. 2 white. 44%®46c; No. 3 white. 44@45c. Seed close—Clover, cash, $8.25. Alsike, cash. $8.50. ST. LOUIS. Julv 3 Cash grain: Wheat —ln good demand, steady to lc higher on hard and steady to %c higher on red; No. 1 red, 89'/z®B9%c; No. 2 red, 88%® 90c: 88%c at the close: No. 4 red. 86%c; sample grade red. 85c; No. 1 red garlicky. 85%®87%c; No. 3 red garlicky. 84%(ft87c; No. 2 red smuttv. 87%®88c: No. 1 hard. 90%(b91c; No. 1 mixed. 89%®90%c. CornIn lair demand, unchanged to c lower: No. 2 yellow, 61%c; No. 5 vellow. 60c: No. 2 white. 65%c; sample grade white. 55c. Oats—ln fair demand. %c lower: No. 2 white. 45%c; No. 3 white 45’*® 45%c.

TREASURY GETS DATA ON POSTOFFICE ANNEX Prospects for New Addition Are Held Promising. Possibility of anew wing on the Federal building here grew more likely today with submission to the treasury department of data and statistics supporting its need. A. L. Taylor, industrial commissioner of the Indianapolis Chamber of Commerce, gave H. C. Rawson, treasury architect, figures showing the growth of the city and the territory it serves. Mr. Rawson and W. R. Briggs, Cincinnati, were here yesterday to make a survey of the city's needs. The contemplated wing will cost approximately $400,000. TIRE PRICES REDUCED First Line Group Cut to Minimum Permitted by Code. By Times Special CHICAGO, July s—First reductions in the prices of first line tires were announced recently when the price of tires was reduced to the minimum level permitted by the tire code. Officials of the Standard Oil of Indiana stated that the tire price cuts put into effect recently was to meet cuts made by competitors. Price cuts at this time were said to be intended to stimulate replacement business over the July 4 holiday. SILVER ARTICLES TAKEN Burglars Mata Off With Valuables from City Residence. A set of silver candlesticks and a large silver flower bowl were stolen, from the home of Mrs. Earl W. Little, 4492 Washington boulevard, last night, by thieves who pried open a side window. The burglary was reported by Mrs. W. M. Moore, a relative. The Littles are out of the city temporarily. Income Totals 56,302,197 By Times Special CHICAGO, July s.—Operating net income of the Southwest Bell Telephone Company for the first five months totaled $6,302,197 against $5,911,460 for the corresponding period of last year. Net operating income for the month of May amounted to $1,265,157, against sl,277,055 for May of 1933. In the Air Weather conditions at 9 a. m.J West wind, 15 'miles an hour; temperature, 86; barometric pressure, 29.96 at sea level; general conditons, high overcast, tractor at north end municipal airport; ceiling, unlimited; visibility fifteen miles.