Indianapolis Times, Volume 46, Number 63, Indianapolis, Marion County, 24 July 1934 — Page 10

PAGE 10

Wall Street Banks, Insurance Firms Take Half of New N. Y. Bonds. BY RALPH HEMJERSHOI Tim'i spiil Financial Writer TT may surprise a great many to learn that the Insurance com|>ar:cs took more than 25 p*r cent of the SSB OOhVttO of N**w York City bonds which were placed on sale late last week. Banks and other institutions took another 25 per cent. 1 leaving less than half of the total to go to the genera’ pubuc Ins usance j

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Hrndershot

tion is deserving. But nevertheless, they seem to set the pace when it pomes to the longer-term municipal bond prices. And of the large number of insurance buyers there are five or six men who are outstanding leaders. If they favor an issue that Issue usually responds prieewise. If they disapprove of it the opposite Usually occurs. . It is considered rather unethical for an insurance buyer to give his 4deas as to price to an underwriting ■banker who proposes to make a bid tor a municipal issue or any other, es a matter of fact. But. of course, it is very important to the banker to have a fairly definite idea of the insurance mans views, and there are way of finding out. as a general rule, without too much embarrassment. At any rate, whether directly nr in open-market operations, the insurance people rather than the bankers tell Mayor La Guardia and Yhe mayors of most other cities at what price they may sell their securities. a a a THE bankers will maintain—and naturally—that they arrive at municipal bond prices after a long and painful procedure which is highly complicated. Thus procedure, -they will explain, involves the comparison of market values of hundreds of various other bonds in the same category. It is pertinent to note, however, that no two cities have the same financial setup or comparable financial problems. And Jf they did they probably would not have bonds of the same maturities. Yet when bids are made they usually are very close. Banks of all kinds are excellent prospects as purchasers of good short-term bonds these days. There •was not enough of the short-term New York City bonds to go around. This is because the banks are still very eager to keep in a liquid position. These institutions usually are well provided with investment advisers also, so there is likely to be very little careless buying. a a a WITH more than half of the New York City issue going to Insurance companies, banks and other institutions, it should be apparent that municipal bonds are not sold in the same fashion as the usual run of securities. It is not possible to secure a big profit spread by getting out the brass band, such ;as was done a few years ago. when foreirn loans, industrial issues and the like were peddled to investors, "who frequently did not know the •first principle of investing. The municipal bonds which are sold to the so-called general inventing public likewise follow a ‘somewhat different route than the ordinary issue. Being tax exempt, they appeal largely to people of wealth. These people usually know their way around when it comes to ■selecting securities or they have means of finding out. In the Cotton Markets —July 23 CHICAGO High Loir Close January 13 27 12 9S 13 18 March 13 32 13 15 13 32 July 13 *8 October 13 09 12 82 13 03 .December 13 23 12 95 13 17 NEW YORK January 13 18 12 92 13 18 •March 1? 2R 13 Os 13 27 May 13 35 13 10 13 35 July 13 92 12 87 .12 85 October 13 03 12 75 12 99 December 13 16 12 87 13 11 NEW ORLEANS January 12 94 12 90 12 34 March 13 32 13 01 13 32 ajlv 13 34 13 08 13 34 July 12 61 12 71 12 81 October 12 99 12.71 12 49 N. Y. Coffee. Sugar Futures —July 33*. COFFTE Santos High. Lost Close March 1" *2 10 47 10 47 Mav 10 62 10 54 10 54 July . 9 85 9 81 9 81 fer'ember 10 36 10 30 10 30 pecemt-er 10 52 10 40 20 40 Rio May 7 ? July ... T.SO September 780 7. 5 ..2 December 7 86 7 83 7.83 SUGAR High. Low. Close January March 1 85 1 84 1 84 May 1 90 1 88 1 88 July 7 68 September 1 74 1 72 1.2 pecember 180 1.79 L 79 Retail Coal Prices Hie following once* represent Quotations from leading Indianapolis coal dealers A cash discount of 25 cents per tor 1 allowed Demesne Retail Price* Antnracite *l3 H Brazil .umg 600 BtUU egg 5 50 Brail! tr.lne run 525 Coke nut site {I; Coke egg all* 625 8. ana forked lump fOO lana egg S.'S itucky lump • po ahontas luma s£o ahontaa egg 8•> ahontaa forked lumo 9£o ahontas mine run .•••••••••••• *25 R:n; smoke.eas 8 00 it Virginia lump * J Eatra charge of 50e a ton for whee.mg goal and *1 a ton for coal carried to bln U. S. DOLLAR STRONG London Market Lists British Pound Value at ss.o4'i. LONDON. July -4 —The pound .was $5 04 • today. Gold was unchanged at $34 76 a fine ounce, with ithe sterling rate 137 shillings 11 "pence, up one-half penny. Yesterdays rate was fixed with the pound ■mt'ss 04 l i. - PARIS, July 24—Francs were 15.16\ to the dollar today (6.592 cents a francs).

STOCK MARKET FIRMS; VOLUME AGAIN DECLINES Tickers Barely Operate as Issues Improve; Rails Lead Advance. BY MAX BUCKINGHAM l mtrd Pr, lass Corryipflnd.nl NEW YORK. July 24 —The stock market had a firm tone today but trading volume drifted off. Volume in the first hour was 490,000 shares bu* by the third hour had slipped to 170 000 shares. Tickers barelv operated. Brokers reported an apathy to trade in view of the heavy tone for the last lew days. Ra.ls, leader of the decline, firmed slightly today New York Central at 22 * Atchison around 57, Baltimore and Ohio at 17’... Southern Pacific at 19 i and Southern Railways at 15 • all shewed fractional advances.i This was carried into the industrial list with United States Steel up almost a point at 36 * and motor! shares fractionally higher. Utilities also firmed after Consolidated Gas had touched another record low for the present stock. Money and Exchange INDIANAPOLIS BANK CLEARINGS —July 23Clarir.z& $1,752 000 Wj Debit! ... 4.403.000 00 FOREIGN EXCHANGE ■Bv Abbott. Hoppin A: Co.i —July 23 Close. S'eriins England $5 04% Franc France 0659 l . Lira Italy 0858 B*.g;as Belgium 2334 Mark Germany 3895 Guilder. Holland 6769 P'e*a. Spain 1366 Krone. Norwav 2536 Krone Denmark 2254 Treasury Statement *Bv United Press! WASHINGTON July 24 —Government expenses and rereip's of the current year to Julv 21. compared rh the corresponding period of the previous fiscal vear: This Year Last Year Expenses $ 380.550 119 18 $233 360.550 86 P-'-eiptS .. 167 383 370 90 121 559.355 49 Deficit 212 560.748 28 111 801.195 37 Cash bal. . 2.512 761,516 75 New York Bank Stocks <Bv Abbott. Hoppin Ac Cos. I —July 23 Bid. Ask Bankers 62', 62% Brooklvn Trust 95 98 Central Hanover 1 25 1 z 126% Chase National 25% 26 Chemical 41 41% National City 24’, 25', Corn Exchange 49* 49% Continental 12' 2 12% Empire 18’, 19* First National 1.620 1.6.30 Guaranty 358' 2 360' ' 2 Irving 16% IS 3 , Manhatten At Cos 28', 28'2 Manufacturers 20 20 * Hew York Trust 101% 102' 2 Public 31 Va 32', Daily Price Index •By United Pressl NEW YORK. Julv 23 —Dun and Erad- ? treats daily weighted price Index of •him basic commodities compiled for the United Press 1 1930-1932 average. 100*: Todav 115.17 Friday 114.87 Week ago 114 55 Month ago 112 64 Year ago ijulv 24t —.. 104.55 1934 high 'Julv 23 1 115 17 1934 low (Jan 3l 101.05

company executives generally are regarded as toe shrew dost: security pur- j chasers ini the country. When one looks over the j long list of | r a ilr oad I securities in their port-! folios, how- j ever, he is j apt to wonder whether the reputa-

Bright Spots 'Bv Abbott. HoDDln Ac Co.i

Phillips Petroleum Companv net profit for the six months ended June 30. totaled $2 510 157 after taxes and charges, against a net loss of $6,324,588 for the first half Os 1933. National Dairy Products Corporation net income for the first half of the current year after ail charges was $4,009..367, equal to 38 rents a common share after preferred dividends as compared with $3,133,603 or 73 rents a share for the first half of last vear. London rubber stocks on Julv 20 totaled 49.654 tons, an increase of 746 tons over the preceding week. Stocks at Liverpool totaled 55.749 tons an increase of 608 tons. UNITED FRUIT COMPANY EARNINGS SHOW GAIN Firm Nets SI.BB in Each Common Share in First Six Months, By Times Special NEW YORK. July 24—United Fruit Company net earnings for the first half of the current year equaled SI.BB a common share as compared with slsl for the corresponding period of last year. Larger banana sales and higher prices also with an increased shipping business all contributed to the rise. Heavy sugar shipments during the balance of the current season has been assured, 'ts quota having been increased from 536.000 bags to 1.307.201, the largest of the company's history. Based an the general improved conditions it was reported that it is quite possible for the earnings to run j close to $5 a share compared with | $3 47 a share a year ago. GENERAL FOODS REPORT 55.882.712 NET PROFIT First Six Month's Earnings 8 Cents Less Per Share Then in 1933. By Times Special NEW YORK. July 24—The report of General Foods Corporation for the six months ended June 30. made public today, shows net profits, after all charges and provision for taxes, of $5,882,712. The amount is equal to $1.12 a share on the 5.251.440 shares of common stock outstanding June 30. and compares with net profits of $6,342,562 for the corresponding six months of 1933. or $1.20 a share, on the 5.251.468 shares then outstanding. Net profits for the second quarter totaled $2,203,062. or 42 cents a share, as against $3,104,394, or 59 cents a share for the second quarter of 1933. PLEA TO HOLD CATTLE HEEDED BY STOCKMEN Yesterday's Shipments to K. C. Pens Cut to 12,000 Head. By I'nitcd Press KANSAS CITY. Mo.. July 24 Stock raisers heeded the pleas of commission men yesterday and only about 12.0C0 head reached the yards ! instead of the expected run of 35.000. Last week commission men warned cattlemen to hold their cattle if possible. Lack of pasture and water had caused a heavy run. L?<%: Monday 20.000 head were received. Unless there is rain, however, it is expected receipts will go up again. There were many eastern buyers in the market today. Good stoeker cows have been selling for as low as a cent a pound, offering farmers with pasture and water excellent buys. &

New York Stocks ————————— ,h, apljoH. MODUID * Co* ———————— AVERAGE STOCK PRICES FOR MONDAY Net ,High. Low. Close, change. Thirty industrials 95.17 91.16 91.98 —2.64 Twenty rails 40.50 38.18 38.41 —1.86 Twenty utilities 21.87 20.80 21.03 —.BO Forty bonds •••• 95.12 —.26 Ten first rails •••• 102.67 —.13 Ten second rails •••• 80.64 —.57 Ten utilities .... 99.01 —.13 Ten industrials •••• 98.15 —.23 - Off.

—July 24 Prev Oil*— High Low 10 00 close. Amerada ... ... 48 Atl Rfg 24 Barnscall 6% 6', 6', 6 Consol 0:1 8 3 B'2 8% B'. Cont of Del . . . 17'2 Houston 1 new 1 ... ... ... 3 Houston ' old 1 . .. ... ... 15% Indian Rfg ... ... 2% Mid Cont Pet . 18', 11 Ohio Oil ■ 10'2 10% 10 3 10% Pet Corp 9’, 3% Phillips Pet 15% 15 s , 15% 15>2 Plymouth Oil 9 3 , Pure Oil B'4 B'4 Sbd Oil 27', 27 27 Shell Un 7 7% Skeliev Oil .... 9' 9* So; Vac 14'2 1G 14% 14'2 S O of Cal . ■ 33', S O of Kan . 34 8 O of N J 43 421, 42', 42 Sun Oil ... . 62 Texas Corp ... 22 1 , 22', Tidewater Assn 9* 9* Un Oil of Cai 15'a Steel*— Am Roll Mills . 15’, 15La 15* 15'* Beth S'eel 27', 28 Biers A M 16% 16', 16% 16 Col Fuel At Iron ... 4'* Cruc Steel ... ... 21 3 , Inland Steel ... ... 37', Ludlum Steel ... ... 10> 2 Natl S'eel 39'. O f is Steel . 4* 4'.* Rep Iron A- Stl 12’, 12’* 125* 13 Rep Iron A: Stl p .. ... 42 U S Pipe <fc Fdy 19 U. S S’ee] 38% 36 U S S*eel pfd 83 s , 83 Youngstn S Ac T 16', 16* Motors— Auburn ... 21'* 21 Chrysler 36', 35 Va Gen Motors 28 s , 28 Gen Motors pfd .. ... 103 Graham Mot 2 Hudson ... 6 s , 6', Hupr 2% 2 Mack Truck 24', 24'2 | Nash .. 14'/* Packard 33 Reo ... 2'* 3 Studebaker 2' 2 2% Yellow Truck 3'/ 3',2 Motor Access— Bendlx 11 s , 12'', Bohn Alum . 52'2 Borg Warner 20 21 Briggs 15% 15 % Bticfd Wheel 2' 2 Eaton Mfg 14’, Elec Auto Lite. 18% 18% Houdaille A 2% Mullins Mfg . .. ... ... 7% Mullins Mfg pfd 29 Murray Bodv ... 4'* Stew Warner s', Timken Roll .. ... ... 25% Timken Det Axel .. ... ... 5 Mining— Alaska Jun 18’, 19 Am Metals 19 s , 19% Am Smelt 38 Anaconda 11% .. Cal <fc Hecla 3% Cerro De Pasco 37% 37% Dome Mines 40% 41 Granby ... 6% 7 Gt Nor Ore 10 Howe Sound 48% 47% Ins Copper ... 3 Int Nickel . 24% 24 24% 24% Isl Creek Coal 28’* 29 Kennecott Cop . . . 19% 19% Mclntyre Mine . 45'* 45% 45% 44% Noranda Cop .... ... 42 41% Park Utah 2% Phelps Dodge N4 15% 15% St Joe Lead . . 17 U S Smelters ..131% 130 s , 131% 130% Vanadium 16% 16% 16', a 16% Amusements— Crosley Radio 14% 14% Fox Thea 9% 8% Loews Inc 23% 23% Radio Corp 4% 4% 4 s , 4% R KO ... 1% 1% Warner Bros ... 3% 3% 3% 3% Tobaccos— Am Snuff 61 Am Sum Tob 18% 18 s , Am Tobacco A 72% Am Tobacco B 74% 74% Gen Cigars 40% 40% Ligg A: Myers B 95 Lonllard 17 17% Reynolds Tob B 45% Rails— Atchison 55% B& O 17% 17% Can Pac 12’, 13% Ch A: Ohio 44% .. Chi & Gt W 2 % Chi At Gt W pfd 4% 4% C M Ar St P 2’, 2% C M & St P pfd 4 s , 5 Chi N W 5% 5% Chi N W pfd 10% Dela Ac Hud 42% Del Lac Ac W ... 17% 17% 17% 18 Erie 12% 12 Erie pfd 17% Grt Northern pfd 15% 15% 111 Central 16% 17% K C Sou ....•••• ... 8% 8% I>ehigh Valiev 11% 11% Lou Ac Nash .. 46% M K Ac T 6% 6% MK & T pfd 16% 16% Mo Pac 32% 2% 3 Mo Pac pfd 3% 3'* 3% 4 N Y Cent 22% 22% 22% 21% N Y Chi Ac St L . 10% N Y New Haven 10% 10% 10% 10% N Y Ont At W 5% Norfolk Ac Wes 183 s * 183% Nor Pac ... 18% 18% Penn R R 26% 26% Reading . . 43% 43% Sou Pac 19 18% 19 19 Sou R R 15% 15 15 15% Union Pac 11l 111 Wabash 2% 2% West Maryland.. 8% 8% Equipments— Allis Chalmers . 13% 12% 12% 13% Am Brake Shoe 17% Am Car Ac Fdv 17V* Am Loco 18% ... Am Loco pfd ... 49 Am Steel Fdv 15 Bald Loco 7% 7% 7% 7% Bald Loco pfd ... ... ... 38 Burroughs ... .. 11% Case J I 44% 44’, Cater Tract 25 25% Deere Ac Cos 16% 16% 16% 16* Elec Stor aßt ... . 41% Foster Wheeler 11 11% Gen Am Tank C 34% Gen Elec 18% 18% Gen R R Sig 29% 30 Ingsol Rand 55 Int Bs Mach 136% 137 Int Harvester 30 30% Natl Cash Reg 14% 14 PUman Inc 44% Rem Rand 8% 8% Und Elliot 45 West Air B 19% 20 Westingh Elec 31% 31% Worthingn Pmp 18 Utilities— Am & For Pwr ss,5 s , 5% Am Power A; Lit ..{, B ATAcT 112% Am Wat Wks 16% 16% Brook Un Gas 62'* Col Gas A- 71ec 9 * 9% Com Ac Sou 2 Consol Gas 31 30 j Elec Pwr A: Lit 3 , 4 EP & L pfd 8% 8% Int Hydro Elec ••• ■ J 3 Int TANARUS& T 10 9% 10 10 U>u G&E -A" ... 14% 15 Nat Pwr A- Lit. 8% 84 North Amer ... 14% 14 14 , 14 s Pac G Ac 16% Peoples Gas 77 3 Postal Tel pfd. , Pub Serv N J 34 * 33% So Cal Edison 14% 14% Std Gas ]' l * Std Gas pfd {, Stone A- Webster 5% 5% United Corp ... •• ••• 4 4 Un Gas Imp ■ 15% 15% 15% 15* Ut Pwr Ac Lit A 2 , 2% Western Union 3*% ••• Rubbers— .. Firestone 3 jj, Goodyear 23 22% 22% 22-, Kelly Spring 1 ’ 4 u S Rubber . • 12 4 13 U S Rubber pfd 33 JJ Miscellaneous — Am Bank Note J*’ 3 Am Can 96% 96% Brklvn Man Tr 38% '38% ‘38% 38% Crown 'cork ... 22 s . 22% 22% 23 Curtis Pub 18% 18% Curtis Pub pfd--3, 3 Eastman Kodak “7 2 r.-iiefe • 11% 11% G.idden ■' 22% 22% 22% 23_ Inter Rapid Tr ‘ 3 Owens Bottle Ravbestos Mfg i0 Food, — Am Sugar ," Armour ' A” ’ * Beatrice Cream- •.... i?. 8 Borden Prod ... 25 t 25% *5 , 26 Cal Packing f: 4 Canada Dry G A Coca Cola ■ 13 2. Corn Prod 65 % Crm of Wheat Cuban Am Sugar e.j o^, Gen Foods •• • *,,, i?i 8 h Gold Dust 18 I*% 18 18 G W Sugar 31 3 Loose Wiles *1 4 3 h 4 Natl Biscuit 3 J; Natl D Prod ... }®% 16 4 Puritv Bak 11% H 11 S Porto Rico Sug 8 Spencer Kelleg -* *i 3 , Std Brands 16 s * I*% Un Biscuit * United Fruit ,0 Retail Stores— Asso Drv Goods ® Best A- Cos 30% 31 First Natl Stores ®6 j Gunbel Bros 3% 33% 3;* Gr Un Tea 4 s . 4-a Hahn Dept Sts . • • ■ 4 Kresge S S 18’. 18% 18% 18% Kroger Groc 28% 28 Macv R H 4040% Marshall Fields. 12% 12% May Dept St 38 Mont W r ard 28 25% 26 26 Natl Tea 9% 10 Penny J C S3 Safeway St 47% 48 Sears Roebuck *O% 40% Wooiworth 4 C 48% 49 49

THE INDIANAPOLIS TIMES

Aviation— Avia’ion Corp 4% 4* Curtiss Wright . .. .. 2% 2% Curtiss Wr A 7% 7 s , Douglas Air 16 15’* 16 15 s , Nor Am Av .. . . 3 2’, 33% Speery Corp 7 6% 7 7 United Aircraft 15% 14'-* 15% 14% Wright Aero 40 Cbemiral,— Air Reduction 36% Allied Chem 131% Am Com Alcohol 24% 24 s , Cos! Carbon 65* Com Solvents 19 18* Dupont 87% Freeport Tex 30% Liqui Carb ... 21% 22 , Math Alkali 29 29* Montosonta Ch 48* 48 3 s Natl Dls inewi 18% 17* Schenelev Dist . .. ... 21% 20* Tex Gulf Sulph 31% 31', Union Carbide 40% 40% U S Indus Alco 40* 40 Virg Ch 67, pfd 14 Drugs— % Cotv Inc ... 5% 5 Lambert 24% 24 s , Lehn A: Fink 19% 20 Un Drug .. ... 12% 12 Zonite Prod 3% 3% Financial— Adams Exp 7% 7% Allegheny Corp .. 2 Am Int Corp 6% 6% Chesa Corp ... .. 42 Transamerica 5% 5% Tr Conti Corp 4% 4% Building— Am Radiator 11% 12% Gen Asphalt 14% 14% Int Cement .. .. ... 22 22% Johns Manville 46 s , 46% Libbv Owens Gls 23 Otis Elev 14% Ulen Const lVi 1 Household— Col Pal Peet 13% 13% Congoleum 25 25 Kelvinator 13* 13* Mohawk Carpet 13% Proc A: Gamble .. 36% Simmons Bed 10% 10% Textiles— Amer Woolen 8% 8% Belding Hem 11% 11% Celanese Corp 21% 21% Collins Aikman li% 11% Gotham Hose 5% 5% Indus Ravon 22% 23% Kayser Julius 15% 15% Real Silk 7% New York Curb (By Abbott. Hoppin & Co.I —July 23 , Close' Close. Allied Mills . 7* Hiram Walker.. 26 Alum Cos of Am 60 Hud Bav Min.. 13* Am Cyanide B 17-% Humble Oil . ... 41* Am A For P W 4 Imperial Oil Ltd 14* Am Gas &El 23% Int Petrel .27 Am Superpower 2 Lake Shore Min 53% Atlas Corp 8% Libby McN Libbv 4% Brazil Tr & Lt 8% Lone Star Gas. . 5 Can Indu A1 A 6% Mt Producers .. 4% Can Marc .... 2 Natl Bellas Hess 2% Carrier Corp .. . 8% Newmont Min .. 48 Cities Serv ... 17,I 7 , Nia Hud Pwr... 5% Commonw’th E 51 Nova del Agene.. 19 Consol G of B 65% Pan-Am Airway's 37* Cord Corp ... 3* Park Davis ... 24* Creole Petrol.. 12% Penn Road 2% Deere &Cos ... 17 St Regis Paper 2% Distillers Lim . 22% Sal Creek Prod.. 6 Distillers Corp. 10% Sherwin Wms.. 68% Dow Chem .72 |Std of Ind 26 s , El Bd A Share 11% Std of Kv .... 16% Fisk Rubber 6% [ Technicolor Ind 13% Ford of Ca A . 18 ITeck Hughes G. 6% Ford of Europe 7* Un Gas 2% Gen Aviation .. 4% Un Pwr A Lt A 2% Glen Alden C.. 20* Wr Hargraves M 9% Gluf Oil of Pa.. 57

Chicago Stocks 'By Abbott. Hoppin At Cos ) "" '

—July 24 . . . High. Low. 11:00. Asbestos Mfg .. 2 Bendix Aviation 12 11* 12% Berghoff Brew Cos 4% 4% 4% Borg-Warner 20 19% 20 Chicago Corp com 2% Chicago Corp pfd 26% Commonwealth Edisr 50* 50 50* Crane Cos . 8% Marshall Field &Cos ... 12% 12* 12% General House Util . 8% Iron Fireman 13* 13 13 Lynch Corp ... 29 Libby McNeil 4% 4% 4% National Standard 25% Prim a Cos 3% Public Service N P ... 14% 14% 15% Swift A: Cos 17 16% 17 Swift International ... 31% 31 31 Walgreen Cos com 28

Bond PrL~s Bv Fenner As Beane 1

—July 24 High. Low. 10:00. Alleg Corp 5s ’SO 31 30% 30% Am & For Pwr 5s 2030 51% 51% 51% A TAcTdb 5s '65 .110% 110% 110% Atchison Gen 4s '95.... 105% 104% 104% BAcO cv 4%s ’6O 60 59% 59% Beth Steel 5s A '36 103% Brazil 6%s (26 1 ’57 25% 25 25 CMStPAcP adj 5s A 2000 9 8% 8% CMStPAcP rs 5s A 75 31% 31 31 Cons Gas N Y 4%s ’sl 105 '2 Erie R R rs 5s '67 69 Goodyear 5s '57 102* 102% 102% Gt Nor 7s A '36 93% 93 93 Interboro R T 5s '66... . 74% Int TAcTdb 5s ’55 61 60% 60% McKess Ac Robb 5%s ’SO 81% 80% 80% Nat Dairy db 5%s ’4B . 99% 99% 99% N Y Cent 4s O 2013 . . 69% 69 69 Penn R R 4%s D 'Bl 98 Poland 7s "47 115 Royal Dutch 4s A '45 138 Sin Cons 6%s B ’3B 104% Texas Corp 5s '44 103 Tob Pr N J 6%s 2022 107 Un Pac Ist 4s '47 108% U S Rubber 5s A ’47 . . 85% 85 85 Western Un 5s ’sl ... 85% 85 85 Ygstwn S Ac T 5s B ’7O 35% C. S. GOVERNMENT BONDS (Bv United Press) NEW YORK Julv 23 —Closing Liberties. (Decimals represent 32nds.). Liberty. 3%S (32-471 104.13 Ist 4%S (31-47) 103.7 4th 4*s (33-38) 103.22 Treasury. 4%5-3*S (45) 114 1 4%5-3*s 1 45 l 114.1 3%s (41-43 1 March 105.17 3%s (40-43) June 105.18 4*s 1 43 1 105 18 3%s >46-49) 103 14 3s (51-55- 102.8 FEDERAL FARM LOAN BONDS (By Blyth Ac Cos.. Inc.) —Julv 23 Bid Ask 4s Nov. 1. 1946-44 0 7 s 4s Nov. 1. 1957-37 100% 100* 4s Mav 1, 1958-38 100% 100* 4',S July 1. 1956-36 100% 101 4*s Jari 1. 1957-37 100% 101% 4%s May 1. 1957-37 100% 101% 4*s Nov. 1 1958-38 101* 103 4%S Mav 1. 1942-32 100* 101 4%s Jan. 1. 1943-33 100% 101 4%s Jan. 1, 1953-33 100% 100% 4%s Julv 1. 1953-33 100* 100% 4%s Jan. 1. 1955-35 100% 101 4%s Jan. 1. ’SS6-36 101% 102 5s Mav 1. 194131 101 101% 5s Nov. 1. 1941-31 101 101% —Home oan—--3s Mav 1. 1952-44 104 29 101.02 4s July 1, 1951 101.01 101.06 —Federal Farm Mortgage Corporation—3*s March 15. 1964-44 .... 102.19 102.24 The latter three quotations are in thirtyseconds. SEARS-ROEBUCK SALES BEST IN LAST 3 YEARS Output for 4 Weeks Ended July 16 11.3 Per Cent Above 1933. By Times Special NEW YORK. July 24.—Sales of Sears-Roebuck & Cos. for the fourweek period ended July 16 amounted . to $21,651,512 and were the best for | the similar period in any year since 1931, being an increase of 11.3 per cent over the corresponding period last year, the company reports. The amount, however, is $3,381,881 less than sales of the previous four-week period, considerably under the average for the season. Report for the first six periods of the year shows sales totaled $140.639.500 as compared with 108.900, 590 in the similar 1933 period, an increase of 29 per cent. Open New Bond Office NEW YORK. July 24.—C. J. Devine & Cos.. Inc., one of the largest houses in the country dealing exclusively in United States Government securities, announced today the opening of anew office in St. Louis, the sixth in a coast-to-coast chain established by the organization since it started business in New York City in June, 1933.

HOG QUOTATIONS CONTINUE DROP AT CITY YARDS Dip 15 to 25 Cents in Day's Trading; Cattle and Vealers Steady. Hog prices at the Indianapolis Union Stockyards today continued their drop which began yesterday, showing a decline of 15 to 25 cents the latter amount being mostly on underweights. The bulk heavy weights, ranging between 200 and 300 pounds sold at prices of from $4.65 to $4.75 while weights above 300 pounds brought prices of from 54.50 to $4.60. Medium weights sold at $4.40 to $4.60. light weights at $3.25 to $3.75 and light lights at $2.75 to $3. Packing sows brought $3.25 to $4. Receipts of hogs totaled 6,000. Holdovers numbered 303. The cattle market was mostly steady at yesterday’s decline, the bulk steers selling at $7 down. Two loads were sold at SB. Heifer trading was weak, and the cow market was at a standstill. Receipts totaled 1.400. Steady prices continued to prevail in the veal market, the bulk of the 700 receipts selling for $5 downward. Sheep receipts totaled 1.200 and the trading was mostly weak to 25 cents lower than in the previous session. Good ewe and wether lambs brought prices of from $7 to $7.25, with a few small lots ranging up to $7.50. Throwouts brought prices ranging between $4.50 and $5.50 and slaughter sheep $1.50 to $3. No market was established at Chicago, the Bureau of Agricultural Economics reported, due to a strike of handlers. Because of the congestion it was impossible to accurately estimate today’s run. Jul.V Bulk. Top. Receipts. 18. $4.90® 5.00 $5.00 5,000 19. 4 80® 4 90 4.95 5,000 20. 4.80® 4.90 4.95 7.000 21. 4.80® 4.90 4 95 2 000 23. 4.75®. 4.80 4.80 5.500 24. 4.65® 4.75 4.75 6.000 Market. Lower (130-160) Good and choice... $ 3.50® 3.75 —Light Weights—-(l6o-180) Good and choice ... 4.40® 4.50 (180-200) Good and choice.... 4.55®. 4.60 —Medium Weights—-(2oo-220) Good and choice .. . 4,65® 4.70 (220-2501 Good and choice ... 4.70®. 4.75 —Heavy Weights—-(2so-290) Good and choice.... 4.65® 4.70 (290-350) Good and choice 4 55® 4.65 —Packing Sows—(2so down' Good 3 75® 4.10 (250 lbs.) Good 3 50® 4.00 (All weights) Medium 3.25®. 3.75 —Slaughter Pigs—-(loo-130) Good and choice ... 2.75® 3.00 CATTLE Receipts, 1,100; Market, Steady. Good and choice $ 6.50® 8.75 Common and medium 3.00® 6.50 (1,100-1,5001-Good and choice 7.00® 9.00 Common and medium 5.00® 7.00 (675-750) Good and choice 5.25® 6.75 Common and medium 2.50® 5.25 (750-900) Good and choice 5.25® 7.00 Common and medium 2.50® 5.25 —Cows— Good B.oo® 3.50 Common and medium 2.00® 3.00 Low cutter and medium I.oo® 2.00 Bulls (yearlings excluded) Good (beef steers) 2.50® 3.50 Cutter common and medium.. 1.50® 2.50 VEALERS Receipts. 700; Market, Steady. 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 CStocker CattleGood and choice 4.00® 5.50 Common and medium 2.75® 4.00 (800-1.500) Good and choice 4.00® 5.50 Common and medium 2.75® 4.00 SHEEP AND LAMBS Receipts. 1,200; Market, Weak. Lambs. 90 lbs. down, good and choice $ 7.00® 7.50 <9O-110 lbs.) Good and choice 6.75® 7.25 (90 lbs. down) Com. and med. 5.00® 6.50 —Ewes— Good and choice 2.00® 3.00 Common and medium I.oo® 2.00 Other Livestock ißv United Press) FT. WAYNE. Julv 24.—Hogs—15® 35c lower; 250-300 lbs.. $4.65; 20-250 lbs.. $4.50; 180-200 lbs., $4.45- 160-180 lbs.. $4.35; 300.350 bs., $4.55; 150-160 lbs.. $3.50; 140-140 lbs.. $3.35; 130-140 lbs.. $3.10; 120-130 lbs., $2.60; 100-120 lbs., $2 25; roughs. $3.50; stags. $1.75. Calves, $5; lambs. $6.25. LAFAYETTE, Julv 24—Market. 15c lower; 200-300 lbs., $4.45® 4.65; 180-200 lbs.. $4.40® 4.45- 160-180 lbc.. $4 25® 4.35; 140160 lbs.. $3.25® 3.50; 120-140 lbs., $2.75® 3; 100-120 lbs., $2 50; roughs. $4 down; top calves. $4.50; lambs, $6.50 down. By Times Special LOUISVILLE. July 24—Cattle—Receipts, 150; very little early trading; outlet for all plainer grade slaughter cattle very restricted due to continued severe heat wave; market quotable steady to weak; common to medium steers and heifers salaole s3® 4.50 with low qualitied grassers and low cutter and cutter flesh $2.75 down as low as 51.50: bulk plainer grade grassy beef cows. $2.25®3: good kinds and smooth heifers types to around $3.50; low cuttersd and cutters sl®2: sausage bulls conslow mostly s4® 4.50 for light Hereford slow mostlyl $4®4.50 for light Hereford heifers and s2® 3 for inferior and common native and southerns. Calves —Receipts. 300: market, steady; bulk of the vealers. $4 down: strictly choice. $4.50. Hogs—Receipts. 500: market steady; top and bulk on better 210-300 lbs., $4.85; 185205 lbs.. $4.65: 305 lbs. up, $4.15; 160-180 lbs., 53.85: 145-155 lbs., $3.50: 120-140 lbs.. $2 10; sows. $2 60; grassy and unfinished; hogs were discounted. Sheep—Receipts, 2,000: quality of the lambs less desirable than that of Monday; market not established but early bids fullv 25c or more’ lower at SB'S 8.25 for bulk; better truckedin ewes and wethers; fat ewes, sl®2: stock ewes moderately active bulk. 55.50"a 750 head: choice Idaho and Montana yearlings. $8.50: dealers sold approximately 2.500; stock ewes Monday with around $1,500 on sale. NET ‘PROFIT INCREASES Kelvinator Earnings in Quarter Total 51,348.839. By Times .'•peciol CHICAGO. July 24.—Net profit of the Kelvinator Corporation for the quarter ended June 30, amounted to 51.348.839 after all charges, equivalent to $1.13 a common share as compared with 5305.517 or 28 cents a common share in the preceding quarter. Net profit in nine months ended June 30 totaled $1,121,421 or sl.lO a common share against $622,828 or 55 cents a share in the corresponding period a year previous. FIRM ANNOUNCES - LOSS Operations Cost Company 5187.631 for First Half of Y’ear. By Times Special CHICAGO, July 24.—John H. Thompson Company reports net loss in the first six months of the current year amounted to $187,631, against $291,631 in the corresponding period a year previous. Gross sales during the period :otaled $5,435.870. against 55.096.397. Directors of the company this week declared a dividend of 12% cents a share on the common stock, the same as was paid in the preceding quarter. The payment, to be made Aug. 10 to stock of record Aug. 1, will be taken from earned surplus.

Investors, Speculators May Bear Cost of U. S. Regulation Machinery

Amount Will Be Defrayed by Turnover Tax on Stock Deals. (Copyright. 1934 bv United Press) WASHINGTON. July 24.—Ultimate cost of operating the federal governments ambitious stock exchange regulation machinery in all probability will be borne by the nation's investors and speculators, informed circles said today. About SBOO,OOO is available for the securities and exchange commission up to Jan. 1, and this is expected to approximate the annual cost of market regulation. This cost, however, indirectly will be defrayed by the 1-500 of one per cent turnover tax on stock exchange dealings when it becomes effective Sept. 1. The turnover tax is expected to be passed along to clients by the brokers. Neither the New York Stock Exchange nor the securities and exchange commission has yet eomleted estimates of the exact revenue to be derived from the turnover tax. Semi-official estimates place the figure at more than $500,000 annually. The administration feeling was that if the $500,000 cost is paid by investors they would still be “ahead of the game" because of the safeguards for their protection under the law. The heavy Wall Street “take” from the nation's investors and speculators is shown in figures compiled by the senate banking and currency commitee. From Jan. 1. 1929, to Aug. 3). 1933, it estimated that $1,649,658,691 had been collected in commissions ' and $325,453,972 in interest by stock exchange members. The federal government and various state governments, however, also have profited handsomely from Wall Street activities, the taxes collected from such transactions in the year ended June 30, 1930, passing the $100,000,000 mark. Produce Markets Delivered in Indianapolis prices; Heavy hens, 10c Leghorn hens, 7c 1934 broilers, 2 lbs 'and over. 16c; Leghorn oroilers 1% to 2 lbs. and over 13c bareback broilers 11c; old roosters. 4c: ducks and geese. 3c; youag 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 @2Bc; No. 2. 25®26c. Butterfat. 20c: Quoted bv Wadley Company (Bv United Press) CHICAGO. Julv 24. Eggs Market, steady; receipts, 7.445; extra firsts. 16%e; fresh graded firsts. 16*c: current receipts. 13%®14%c: dirties, No 1. 13c; No. 2. 11c; checks. No. 1,12 c: No. 2 11c. Butter—Market, steady: receipts. 17.092; extra firsts (90-91% score*. 23®23%c; extras (92 score* 24c; firsts (88-89 1 2 score*. 21%(3 22*c: seconds (86-87% score). 20® 20%c: specials. 24%®25c; standards. 24%c. PoulfT'*— Market, steadv; receipts. 39 trucks; Leghorn hens, B%c; No 2. 7c; White Rock fryers. 15c; colored. 13c; colored broilers. 13c; White Rock. 15c; Plymouth Rock. 16c; spring geese. 7c; turkeys. 14c; old roosters. 9c: Leghorn broilers. 1% lbs. up. 12c: under 1% lbs.. 12c: colored springers. 8c: Plvmouth Rocks. 20c; White Rocks. 19c; hens, over 5 lbs.. 12c: under 5 lbs.. 10c; black chicks 10® 12c: cocks, 8c; Leghorn cocks, 9c; barebacks. 13c. Cheese—Twins. 11**6 ll%c: daisies. 11%®12c; Longhorns. 11%®11%C Potatoes—Supply liberal: demand and trading light: market, weak: Virginia cobblers. $1®1.10; showing decay. 90c; North Carolina, barrel Triumphs. $1.90. Arrivals, 29 cars; on track. 302; shipments 373. CLEVELAND. Julv 24.—Butter—Market, firm: extras. 28c; standards. 28c. Eggs— Market, firm; extra white. 18c; current receipts. 15c; ordinary firsts, 13c. Poultry —Market, weak; colored fowls. 4% lbs. and up. 14%c; old roosters. 10c; ducks white. 5 lbs. and up. 14c. Potatoes—Virginia mostly $2. NEW YORK. July 24 —Potatoes—Steady; Long Island, $1.63® 185 barrel; New Jersey, 80c® $1 a bag; southern. $1®1.50 a barrel; Maine. $1®1.15. Sweet potatoes —Steady: Jersey basket, $1®2.25; southern basket. 50c. Flour—Steady: springs: patents. $7.50®7.75 barrel. Pork —Firm; mess. $19.75 barrel. Lard—Steady; middle west spot, $4.65® 4.75 a 100 lbs. Dressed poultry—Quiet; turkeys, 12® 27c; chickens, 8® 27c; broilers, 16® 20c: capons, 25® 35c; fowls. 8® 17c; ducks. 12®14c; Long Island ducks. 12® 15c. Live poultry—Weak; geese, 7c; turkeys. 10®15c: roosters. 11c; ducks. 8®llc; fowls. ll®14c; broilers, 15® 25c. Cheese—Steady; state whole milk; fancy to specials. 18®19c; Young America. 13c. Eggs—Receipts, 24.046 cases: market, steady; special packs, including unusual hennery selections. 20®23%c; standards. 19%®19%c: firsts. 17%c: seconds. 16®16%e; mediums, 16c; dirties. 16c: checks. 14®14%c. Butter—Receipts, 16.611 packages: market, about steady; creamerv higner than extras. 25%®26c: extra (92 score), 24%®25 if first (90-91 score). 24®24’,c; first (88-89 score*. 23 ®23%c; seconds, 22®22%c. On Commission Row —July 24Quotations below are average retail prices being offered to buyers by local commission house dealers. Apples—Fancy Delicious, $2.50; Transparents. $1.50®2. Peaches. Georgia, Elbertas. bushel. $1.35 @2.50. Oranges—California Sunkist, $54x5.50: Valencies. $4.25®4.75. Lemons—Sunkist. $6.50. Grapefruit—Florida seedless. $4.50. Cantaloupes—lndiana jumbos, flats. 75c: standards, flats. $3.50; Honeydews. $3.50. Pears—Caiavos. $2.50 a box. Watermelons—2s® 75c. Bananas—A pound sc. —Vegetables— Sweet Corn—Home grown, doz. 12%c.. Cabbage—Home grown, bushel. 65c. Celery—Michigan, at boxes. $1.25; medium. doz. 45c. Onions —California yellow, 50-lb. ‘bag. $1.65. Potatoes—Rural New York. 100-lb bag, $1.65; Idaho Russets. 100-lb. bag, $2; new. barrel. $1.50® 1.60. Sweet potatoes—New Alabama, bushel, $2. Beans—Round stringless, bushel. $1.50 @2. Beets—New. 25c a dozen. Carrots —Home grown, bushel. $2; doz., 35c. Cauliflower—lOs-lls, crate. $2 50. Lettuce—Outdoor. 15-lb. basket. 85c; Iceberg best, $3 a crate. Pes—California, hamper, $3. Radishes—Ohio. 50 doz. bunches. 50c. Rhubarb—Home-grown, dozen. 25® 30c. Spinach—Home grown, bushel. 65c. Tomatoes—Hothouse. 10-lb basket. 35 ®soc, original Tenn.. 30-lb. lug. $2. CHICAGO FRUIT MARKET ■ Bv United Press 1 CHICAGO. July 24 —Fruits and veget abies Apples—Michigan Transparent, 85c® $125 bushel; Duchess. Sl® 1.25. Cucumbers —Illinois bushel. 75c®51.50. Carrov—California cra’es. $1.50® 2: Illinois bunches. 2®2%c Tomatoes —Tennessee lug box [email protected]: Illinois flat lugs. 25® 65c. Swpet potatoes—Tnnessee bushel. $1.50®’.75. Mushrooms —Illinois, lb. cartons. 30® 40c. Peaches—Georgia % bushel. Sl® 1.25. Rpd Raspberries—Michigan. 24 pts $1.25® 2 Lettuce—California crates, *3® 3.50: Ohio % bushel leaf 60c. Beans - - Ilinois green, bushel 75c®5125; wax. $1 ®125 Cabbage—lllinois crates. Sl® 1.50 '4O-70 lbs 1. Celerv—Michigan crates 35® 50e Cherries—Michigan. 16-qt,, red tour 75c® sl. Cantaloup—lndiana crates, $1 ® 1.25. Cauliflower—lllinois sacks. 5 doz. yellow. 40® 60c. Peppers—Tennessee, bushel. $l5O Onion market 'SO-lb. sacks) California yellows. $1 10® 1.20: California wbi’es $1.75® 1.85; Washington Valencias. $ 1 ®. 1.15. BANK DEPOSITS CLIMB Federal Reserve Members Report 554.00f1.000 Rise in Week. By i nitrd Prrt* WASHINGTON, July 23.—Deposits of reporting federal reserve member banks in ninety-one leading cities in the week ended July 18 rose $54,000,000 to a total of $18,560,000.000. the federal reserve board reported today. Desipte the further rise in deposits. loans of these banks dropped $45,000,000 to $7.961,000 000. Investments rose $51,000,000 to $9,796, 000,000.

ELECTRIC OUTPUT DIPS June Production Totals 119,656,346 Kilowatt Hours. By L nited Vrt >.< NEW YORK. July 24 —The power output of the electric subsidiaries of the American Water Works and Electric Company for the month of June totaled 149.656.346 kilowatt hours, against 150,322.568 kilowatt hours for the corresponding month of 1933. For the six months ended June 30, power output totaled 908.373.868 kilowatt hours, as against 767.905.731 kilowatt hours for the same period last year. JUNE ADVERTISING SHOWS SHARP GAIN Newspaper Volume Climbs 9.9 Per Cent. By Times Special CHICAGO, July 24.—The confidence of business men that sales opportunities justify increased promotion effort is reflected in the increase of 9.9 per cent in the volume 01 newspaper advertising in June, as compared with June, 1933, Advertising Age reports. The total volume in seventy-seven leading cities was 145.237.000 lines, as compared with 132.500.000 lines in June, 1933. General advertisers led the way in percentage of increase with a total of 27..922,000 lines, a gain of 17.9 per cent over the figures of a year ago. Automotive advertising made an increase of 1.046,000 lines to 12,918,000, an increase of 8.8 per cent. Retail advertising also showed a healthy increase of 4.715,000 lines, the new total being 76,715,000 lines. The percentage gain was 6.52. Classified advertising gained 4.6 per cent, totaling 20.946,000 lines, while financial registered a loss of 154.000 lines, approximately 6 per cent. This is the only newspaper advertising classification which showed a decrease for the month. Magazine advertising is also going ahead rapidly, Advertising Age reports, July lineage of 104 publications totaling 1,636,000 lines, an increase of nearly 45 per cent compared with the corresponding month of 1933. BEAN RUG CONTROL PLANNED BY COUNTY Calcium Arsenate to Be Sprayed on Gardens. With the bean crop in at least one out of every five Marion county community gardens completely devastated by the Mexican bean beetle, intensive efforts are under way to effect its control, it was announced at the Community Garden center late last week. Although the center is spraying the bean patches of 1,675 gardens with calcium arsenate, it was pointed out that there are more than 5,000 gardens which they will be unable to reach. To offset this loss, calcium arsenite, which can be mixed with water to form a spray, has been prepared and is available to those gardens at the Community Garden center in the Holliday building. Those needing the spray are requested to call there and obtain their chemicals at once. The Mexican bean beetle has been working its way northward for several years, it was stated", and although there were some instances of it in Marion county last summer, it has reached its greatest severity in the past month. The beetle itself is the only destructive member of the lady bird beetle family. It feels on the under side of the bean leaf. Spraying the top of the leaf will not eradicate the pest, it was stated. OWENS ILLINOIS GLASS EARNINGS UP SHARPLY Net Income for Twelve Months Totals $5,854,212.09. By Times Special TOLEDO, 0., July 24.—Net earnings of the Owens-Illinois Glass Company and subsidiaries for the twelve months’ period ended June 30, totaled $5,854,212.09, equivalent to $4.88 a common share, as compared with $4,208,498.98, or equal to $3.14 a share for the twelve months ended June 30, 1933. Earnings for the current period are less than thase reported during the last preceding period when $6.993,489.10 was earned for the twelve months ended March 31. These latter earnings were the largest in the company’s history and were largely due to the legalization of 3.2 beer and repeal of the eighteenth amendment, which resulted in combined demand for an initial supply of beer and liquor bottles. The beard -of directors recently declared a dividend of 75 cents a share on the common stock, payable Aug. 15, to stock of record July 30. Marriage Licenses John Atkins. 27. of 740 Prospect street, laborer and C lee Mac Falls, 21 of 1111 Enziish avenue, housekeeper Albert Weeden. 40. of 1924 West Tenth street, flour packer, and Margaret Bibbs of 1924 West Ter.'h street, housekeeper Herbert Law. 25. of 1444 Rembrandt street, truck driver and Mildred Odetta of 1444 Renbrandt street, housekeeper. James Leonard. 58. city, railroad inspector. and Marv Mi.es. 39. of 112 ..ast Ohio street, housekeeper. Arnam Hazel 39. of 1437 West Everett street, laborer and Bonnie Neighbors, 27. of 2074 South Belmont avenue, housekeeper. Charles Berrv. 29. of 715 South Meridian street, laborer, and Marv O” 20. of 2120 South Meridian s'r*et. housekeeper Donald Schorteme'.er, 21. of 6321 Park avenue, clerk, and Marv Reynolds. 21. of 6616 Ferguson street. U. S. Tire Company employe. James Matturg 23. of 1122 East Washington street, V S government emplove. and Clara Smock. 19 R P. 5. Box 626 housekeeper Julius A exar.der. 21. of 2840 Shriver avenue foundry worker, and Grace Woods. 18 of 1826 Peck s’ree* housekeeper P.oscoe James 28 of 1209 East Nineteenth s*ree' por'er. and Luia Feaslev 21 of 1010 East Nineteenth street, housekeeper. Dividend Action Postponed By Times Special CHICAGO , July 24—Armour & Cos. has postponed dividend action until the board of directors meet in August. The dividend is regarded as a certainty for distribution by Oct. 1.

JULY 24, 1934

RAINS REPORTED OVER DAKOTAS; GRAINS RECEDE All Deliveries Drop Despite Continued Dryness in Most Sections. BY HARMAN \V. NICHOLS l nited Press Staff Correspondent CHICAGO. July 24.—Rain received over the Dakotas started grains on the downside at the opening of the Chicago Board of Trade today despite the fact the remainder of the country remained hot and dry. Wheat started % to * cent lower; corn was unchanged to off % cent. High temperatures continued over most of tlie country but many operators were disposed to come into the pits for profits on reports of heavy rains in the Dakotas. Liverpool cables indicated the market there was unchanged in spite of considerable profit taking Chicago Futures Range —July 24 .. , P r,> ' • Wheat— High. Low. 10:00 close Julv 98 * 97* .98* 98 * Pcpt 99 b 98 \ 99 99 \ Dec 101', * 1,00% 100% I.ol* j Corn— TulV 64 .63% .73% 64 s sept 66 65% .65% .66* Dec 69 .68* 68% 68% Oats— I Julv 44* I Sept 45% .45% 45% 45% j Dec 46% 46% .46% 46% Rve— Julv 73% Sept 73% .73% .73* .73% Dec 75 .74% .75 .75% Barley— Julv 60* .60* Sept 57 .57' i CHICAGO PRIMARY RECEIPTS —July 23 —Bushels—- „„ Today Last week. Wheat 1,845,060 2.792 000 Corn 2.227.000 1.126.000 Oats 148,000 194,000 Loeal Wagon Wheat City grain elevators are paving 87 cents for No. 2 soft red wheat. Other grades on their merits.

Cash Grain

INDIANAPOLIS —July 23 The bids for car lots ot grain at the call of the Indianapolis Board of Trade f. o. b., shipping point, basis 17 f a to river Neiv York rate, were: Wheat—Easy: No. 1 red. 90 ! 91 1- o No 2 red. 89' 2 4/ flO'ic: No. 2 hard. 89'j,90 ! -c* Corn—strong: No, 2 white, 61 1 2 <fi 62' 2 cNo. 3 white. 60 , 261 , 2c: No. 2 yellow' 594/60c; No. 3 vellow. 584/ 59c: No. 2 mixed 584/ 59c; No. 3 mixed, 5747 58c. Oats—Steady No. 2 white. 43^44- No 3 white. 4247 43c. Hay—Steady: <f. o b. country points taking 23' 2 c or less rates to Cincinnati or Louisville.) No. 1 timothy. $13^413 50. (Bv United Press) CHICAGO. July 23.—Cash grain: Wheat —No. 2 red sl.Ol >, 4 47 1.02; No. 4 red. Sl.OO'itSl.Ol’i: No. 3 red tough. SIOO' 4 ’ No. 4 red, $1.00>: No. 1 hard, $1.05 , 4 4 1-05•? 4 : No. 2 hard, $1.04 r !< 1.05' 2 - No. 3 hard. sl.o4>i & 1.04 3 i. No. 3 hard tough. $1: No. 4 hard. $1.04; No. 1 mixed. $1.02® 0/ 1.03; No. 2 mixed. sl.Ol-, 1 03 1 2. : No 2 mixed tough, 99' 4 c. Corn—No. 2 mixed 67' 2 c; No. 3 mixed. 65',; No. 1 yellow, 67 4 c; No. 2 yellow, 66 1 2 e,, 67'ic: ‘ No. 3 yellow. 65 3 4 (1t 66' 2 c; No. 5 yellow. 65c; No. vellow. 63 , ,2<ii64xc; No. 2 white, 68 1 4 -<£ 68 '.,c. Oats—No. 2 white. 47c; No. 2 white new 46' 2 c No. 3 white. 46 1 2 4/ 46 1 ,c• No 3 white new. 45' 2 c: No. 4 white. 44,4, 4 c: No. 4, white new. 44c: sample grade white, 45 V2C. Barley—Quotable, 58® 96c RyeNo. 2. 761 2 'n 76", c. Timothy—s 9 604,9 75. Cloverseed—slo 2547 14. Cash Provisions— Lard, $7 02; loose. $6.42; leaf. $6 37: bellies, $lO. TOLEDO. July 23.—Cash grain: (In elevators, transit billing) Wheat—No. 2 red. $1.014,.1.02 Com—No. 2 vellow, 69 1 2 471 ,0' 2 c. Oats—No 2 white, 49'i47,50' 2 c. Rye—No. 2. 754, 76c. iTrack prices, 28', 2 C rate) Wheat—No. 1 red, 97', 2 4/98c; No 2 red, 96 1 24/ 97c. Corn-No. 2 vellow, 65>h4 66c; No. 3 yellow, 64' 2 4/65c; No 4 vellow 62 1 2 4, 63 1 2 c. Oats—No. 1 w hite, 474, 48 1 2 c: No. 2 white. 464t47',ic; No. 3 white. 45,a 4,4/ c. §T. LOUIS Julv 23 —Cash grain: Wheat.— In good demand to lc higher on red; No. 1 red. 994,99’ 2 c; No. 2 red 984?99(2c; early, and 97'-aC at close; Nol 3 red. "9B4; 99c; No, 4 red. 9747 97' 2 C' No 1 red garlicky. 94' 2 c: No, 2 red garlicky 944, 95c; No. 3 red gariickv. No. 4 red gariickv. 94'ic: No. 2 red smutty. 97' 2 c: No 1 hard. $1 03 *a; No. 2 hard $1.02‘ 2 47 1.03: sample grad,- hard $l.O2 3 4 ; o. 1 vellow hard. $1 04' - No 2 light gariickv 974, 97' 2 c; No. 3 light gariickv 97' 2 c; No. 1 mixed. 99c; No. 2 mixed. 99' 2 4, $lO4. Corn In good demand 2c higher: No. 2 vellow, 67c; No. 3 yellow 66' 4 4, 66';.c: No. 4 vellow 65 1 7c; No 5 vellow. 65',r: No. 6 vellow 64'/C: No. 2 white. 704, 70' 2 c. Oats—ln good demand. unchanged: No. 3 white 46U®47cNo. 1 mixed. 47'. 2 c: No. 2 mixed 47*zC. CONTINENTAL CAN NETS $13,154,973 IN YEAR j Earnings Are Equivalent to $5.16 on Each Common Stock Share. By Times Bprrinl NEW YORK, July 24.—Net income of Continental Can Company, Inc., for the twelve months ending June 30, amounted to $13,154,973, which, after providing $4,095,311 for depreciation and federal taxes, left net earings available for the common stock of $9,059,662, equivalent to $5.16 a share on 1,755,689 common shares. In the corresponding twelve month period ending June 30, 1933, net income amounted to $8,729,109, from which $3,297,762 was deducted for depreciation and federal taxes, [leaving net earnings of $5,431,347, ! for 1,733.345 common shares issued ■at June 30, 1933, equivalent to $3.13 ; a share. Sales in dollars for the first six months of the current calendar year were over 26 per cent ahead of the same period in 1933, according to the company. TRUST STOCKS DECLINE Average of Ten Leading Common Investments Drops to 12.39. By Times . pedal NEW YORK. July 24—The investment companies common stock index eased slightly during the past week, as evidenced by the averages compiled by Distributors Group, Inc. The average for the common stocks of the ten leading management companies, influenced by the leverage factor, stood at 12.39 as of the close July 20, compared with 13 07 on July 13. The average of the nonleverage stocks stood at 14.63 as of the close July 20, compared with 15.00 at the close on July 13. The average of the mutual funds closed at 10.47, compared with 10.90 at the close of the previous week. Gold Production Drops By United Press TORONTO, Ontario, July 24.—Ontario gold production during June amounted to $5,707,873 against $6,454 614 in the preceding month. Output for the first six months of tho vear totaled $34,867,329, an increase of about $7,000,000 over the corresponding period last year.

USED SAFES & STEEL SHELVING W. C. Brass & Associates Office Equipment Engineer* 134 S. Meridian St. RI. 9727