Indianapolis Times, Volume 46, Number 75, Indianapolis, Marion County, 7 August 1934 — Page 13

AUG. 7, 1934_

Wall Street British Book on Coming Boom in U. S. Stocks Makes Big Hit. —BY RALPH lIENDF.RSHOT

lia>i financial Writer THE ermine boom in American stock*— Major L. L. B Angus, prominent British economist, could have selected no better title lor his latest literary offering. Imagine .rr.rxr of people in this country who will rush to the book stores for the fir*t copies to reach these shores. Wall Street is all steamed up over the

thing. One firm alone has placed orders for 200 volumes, which are being shipped over on the S. S. Olympic. One ponders the possibility of the come-on game, but is inclined to reject it because of the standing of the author in his own country. And then he begins to

iiendrrshot

wonder about the factors upon which the Britisher may have based his contentions. I? he so much impressed by the New Deal, or is he thinking about the possibilites of inflation? Just how does he get that way? For the last few years and even now the situation has seemed to hold no surh possibilites as are suggested in the title of this new book. The most radical steps the government has seen fit to take thus far have brnucht but a ripple in the stork market. Our shrewdest investors appear unwilling to buy shares even at their current low levels. And here this fellow comes along with a book on the coming boom in American stocks!

AND yet he may not be so far . wrong. after all. The United States is the most advanced industrial nation in the world. The depression has not destroyed our abilty to produce goods. It did not destroy any of the vast natural resources of the country. Our people are as anxious to work as ever, and they can still turn in excellent results when they have a chance. The home market for goods and commodities is as great as ever, except for the inability of our people to buy, and there should be no reason why we can not get our share of foreign trade. But there is another factor, which may be an even more potent one than any of the foregoing. The United States has the basis for more credit today than it ever had before in its history. To be sure, this protential credit is in hiding, but it is there nevertheless. n m a \1 rE hold approximately oneW third of the world's monetary supply of gold. Only this year we added approximately 66 per cent to its credit effectiveness. And we are now buying up silver with the idea of using it as a currency base, which will add still more to our ability to lend in this country. Tins increased potential credit rapacity is useless today, just as much of our vast mechanical equipment is to all practical purposes useless. It is useless primarily because those who are in the business of lending money have not sufficient confidence to put it to work. They must be careful, of course, because this money does not belong to them. But the time probably will come when they will feel free to lend with a lavish hand, and when it does they will find the supply almost inexhaustible. This should make possible the coming boom in American stocks the major is forecasting. N. Y. Coffee, Sugar Futures Aug 6 COFFEE Santo, Hign. Low. Close March 10 *6 M.vv 10*0 10 72 .0 74 Sep'rmber 1" $0 10 45 10 4S December 10 66 10 57 10 59 Rio March * 12 *OO *OO Mav *O7 July * 12 September 7 Rl 7 78 7 78 December 7 9* 7 90 7.90 S! GAR —Aug 6—■ High. Low. Clos" •Hilary . I*3 March 1 *6 1 *5 1 86 Mav 1 90 Juiv 1 95 1 94 1 55 September 17* l 77 1 77 December I*4 182 183 In the Cotton Markets Aug. 6 CHICAGO High. Low Close January 13 3 13.31 13 31 March 13 43 13 34 13 46 Mav 13 57 13 42 13 43 October 13 19 13 05 13 17 December 13 32 -13 16 13 28 NTW YORK January 13 29 13 18 13 24 March 13 42 13 28 13 37 Max 13 48 13 34 13 43 Julv 13 50 13 42 13 48 October 13 14 12 99 13 08 DeccaAar ■ n25 U.ll 13 20 NEW ORLEANS January 13 22 13 17 13 22 March 13 37 13 35 13 35 Mav 13 43 13 38 13 41 Jilv 13 46 Ox-ber 13 10 12 96 13 06 December 13 24 13 10 13.20 Retail Coal Prices The following price* represent quota'lons from leading Indianapolis coal dealer*. A cash discount of 25 cent* per ton is allowed A 25-cent carrying charge per ton will be added - DOMESTIC RETAIL PRICES Anthracite *l3 50 Brazil Lump 5 90 Braul Egg 590 Branl M.r.e Run 5.75 Cose. Nut Sire 8 5C Coe. Fgc 5..- g 25 Indiana Eorited Lump No. 4 and 6 575 Indiana Egg 5 75 Kentucky Lump. Group 'B' - 715 Pocahontas Lump • * 2-Pocah.xn-a* Fcg 8.35 r-cahor.tas Mine Run 700 New River Smotltss 8 00 LIVING~COST ADVANCES Dollar Purchasing Powvr Declines to 126.4 Cents in July. B i I NEW YORK. Aug. 7.—lncrease of 4 per cent in the wage-earners’ cost of living from June to July was reported by the National Industrial Conference board Living cost in July was 5.2 pdr cent higher than the same month in 1933 and 20 9 per cent lower than in July. 1929. Purchasing power of the dollar in July was 126 4 cents as compared with 126 9 cents in June. Coffer Consumption Drops By 7 wri Special CHICAGO. Aug. 7—Smallest world consumption in coffee since 1926 was reported m July when the total amount consumed fell to 1,634,154 bags.

HUGE DROUGHT LOSS WEAKENS STOCK MARKET Selling in Railroad Group Forces Prices 1 to 4 Points Lower. BY ELMER C. WALZER l nit-d Press financial Editor NEW YORK, Aug. 7—Estimates that the drought had caused a loss to the country amounting to $5,000.00.000 today led traders to sell stocks that might be directly affected. These were depressed 1 to 4 points and the entire stock market turned lower in the early afternoon dealings today. Union Pacific was hardest hit in the railroad division, selling down to 90%, off 4%, and anew low’ for the year. Atchison, another of the grander roads, made anew low at 45 off Is. The mail order shares dropped more than a point each, while farm equipment eased in light turnover. Gold mining issues turned down, with Dome losing 2 points to 43. S’lver issues lost early gains ranging to more than a point. Pullman extended an early loss to more than a opmt, making anew low for the year at 40V Corn Products was forced down to 56 V off 2 V and anew 1934 low. General Motors held a %-point gam in the motors, where Chrysler hovered around its low for the year. Steel common lost a point just before noon and was unchanged from its 32% level at the end of the third hour. Amercian Telephone gave up a point. A few issues were steady to firm, including some of the sugars, oils and store issues.

Money and Exchange INDIANAPOLIS BANK CLEARINGS —Aur. 7 C>* rings $1 9U.000.00 Debits 4.745,000.00 FOREIGN EXCHANGE ißv Abbott. Hop Din A: Cos.) —Aur. 8— Close. Sterling England $5 64% Franc. France 0661 % Lira Italv 0860’* Belgias. Belc.iim '... .2355 Mark. Germans- 3893 Guilder. Holland 6783 Peseta. Snain 1371 Krone. Normav 2537 Krone. Denmark 2255 Treasury Statement 'Bv United Pressi WASHINGTON Aug 7—Government expenses and receipts of the current fiscal year to Aug 4 compared wnh The corresponding period of tne previous fiscal year: This Year. Last Year. Expenses *553.397.080 78 *339,786.592.12 Receipts 279,574.766 16 201.856.891.96 Deficit 273.822,314 62 137.929.700 16 Cash bal 2.421.012.498 87 Investment Trust Shares ißv Abbott. Hoppin & Co.i —Aug. 6 Bid Ask. American Bank Stocks Corn . 1.00 iO4 American A: General Sec A.. 350 4.50 American & Inv Tr shares .. 1.75 Basic Industry shares ... 2.83 2.93 British Tvpe Inv Tr shares... 32 39 Collateral Trustee shares A .. 395 4.15 Corporate Trust shares ioldi . 1 76 i 30 Corporate Trust shares mewl. 1.99 2.04 Cumulative Trust shares .. 340 3.50 Diversified Trust shares A ... 625 Diversified Trust shares B ... 662 Diversified Trusts hares C 260 2.70 Diversified Trust shares D .. 405 4.20 First Insurance Stock Corp . .50 1.00 First Common Stock Corn .. 50 .55 Fixed Trust Oil shares A ... 6 87 ... Fixed Trust Oil shares B .. 587 Fundamental Investors Inc . . 1 69 1 87 Incorporators Investments ...15.37 15.75 Land Bank Bond shares 1.14 Lorn Priced Trust shares ... 4.70 480 Ma's Inv Trvist shares 17.25 17 62 Nation Wide Securities ... 2.83 2.87 North Am Trust shares <s3* . 1.66 North Am Trust shares 455-561 2.01 2 06 North Am Trust shares 1581 - . 208 2.13 Selected American shares 224 Selected American shares Inc 1.03 1.12 Selected Cumulative shares . 5.96 Selected Income shares 310 3.50 S'd American Trust shares A 2.55 262 Trust Shares of America 2 47 2.53 Trustee Sd Oil A 500 5.20 Trustee Sid Oil R 4.50 4.65 U S Fleetrie Lt A- Pr A 11.00 11.50 Universal Trust shares .. 2.58 2.58 New York Bank Stocks —Aug. 6 Bid. Ask Bankers . 5R' 58% Brooklvp Trust 88 91 Central Hanover 123 124 Chase aNtional 24'2 25 Chemical 41' 41% National Citv 23'-* 24 Corn Exchange 48 48' 2 Continental It 3 * 12 1 Empire .18 18'2 First National 1*45 1560 Guaranty 338 340 Irving ...... 18 16' Manhattan Ac Cos 28% 28% Manufactures 20 20% New York Trust 98 % 99', Public 30 30'2 Daily Price Index IBv United Pressi NEW YORK. Aug. 6 Dun A* Bradstree s daily meich’ed price index of 'hir’v basic commodities compiled for the United Press >1930-1932 average. 100>Todav inew 1934 highi 117.07 Friday 115 92 Week ago 115.27 Month ago 111.83 Year ago <Aug 7t 103.58 1934 high * Aug. 61 117.07 1934 low .Jan 3t 101.05 Copyright. 1934. Dun A- Bradstreet. Inc.i

STEEL OPERATIONS FOR WEEK SHOW DECLINE Curtail Activity to 25.8 Ter Cent of Total Capacity. By United Prrss NEW YORK. Aug. 7.—Steel operations showed further curtailment this week, the national average falling 1.2 per cent to 25.8 per cent of capacity, the American Iron and Steel Institute reports. The current rate, which represents operations of 98 1 per cent of the nation's total capacity, compared with 26 1 per cent a week ago, 27.5 per cent in the first week of July and 57 per cent in the corresponding 1933 week. MINERS BARRICADED IN SHAFT. DEFY POLICE 200 Polish Workers Hold French Prisoners as Protest. By Unit'd Pres* LENS. France. Aug. 7.—Two hundred Polish coal miners, holding a group of French miners as prisoners. were barricaded 1.000 feet underground today, defying authorities to oust them. The miners have been underground since yesterday morning. It was believed they were without food or water. The poles acted in protest against the discharge of fellowworkers during Communist demonstrations here May 26. Hundreds of persons gathered at the pithead but police were powerless to intervene, as the shaft hoist had been put out of commission. World's Coffee Supply Lower. By I nit- and Pr. M CHICAGO. Aug. 7—The New York Coffee and Sugar Exchange reports that the world's visible supply of coffee numbers 8.495.850 bags as compared with 8.525.899 on July 1, a decrease of 30,049 bags.

New York Stocks ~ bv Abbott. Hoppin A Cos 1 .

AVERAGE STOCK PRICES FOR MONDAY >•>* High. Low. Clo'-e. change. Thirty industrials 88.51 86.32 88.11 .32 Twenty rail, 34.15 33.18 33.91 -.31 Twenty utilities 20.06 19.51 19.94 —.13 Forty bonds .... 93.72 .16 Ten first rails .... 101.62 —.06 Ten second rails .... 76.94 —.58 Ten utilities .... .... 98.97 —.06 Ten industrials .... 97.35 .19 - Off. - Up.

—Aug. 7 Prev. Oil*— High. Low. 10 00, close. Amerada 43 Atl Rfg 23% 23 Barr,sd*ll —6% 6'* Consol Oil . . 8% Cont of Del . .. 17% 1714 17% 17', Houston ir.ew) 3 Mid Cont Pet 10>4 Ohio Oil 10 ! Pet Corp 9 8% I Phillips Pet 15', 15’, j Plymouth Oil . 9 Pure Oil 7% 7% Rcval Dutch 33’4 32' | Sbd Oil 24’, 24'2 ; Shell Ur . 6 s , 6’, I Skellev Oil .... 13’, 13'2 13 s , 13', I n Oof Cal 33 33', S O of N J 42% 42’, i Texas Corp . .. ... 22', 21',2 • Tidewater Assn 9% 9 I Un Oil of Cal 15 Steel,— Am Roll Mills... 18!% 16' 2 16', 16’, Beth Steel 25’, 27 Bvers A M 15 14', Cruc Steel 18 Inland Steel ... . 36', Ludlum Steel 12', 10’, Mid Steel B', Otis Steel 4U 4>, Rep Iron A Steel 13 % 12', Rep I A- Stl pfd 37 U S Pipe A Fdy 17’4 16% IT S Steel 34 33’, U S Steel pfd 81% Warren Bros 6*2 Youngst'n SAT 15% 15 Motor,— Auburn . 20 19 Chrysler .... 31% 31% 31% 30% Gen oM’ors .. ... 28% 27 Gen oMtors pfd .. 101 I Graham oMt ... I’A 2 Hudson ... ... 7% Hupp 2% Mac Truck 23% Nash ......... .• ... 14% 13% Packard ... 32% Rrn ... .. 2% Studcbaker .... 2!, 2% 2% 2% Yellow Truck ... ... 3% Motor Access— Bendix 12% 12% 12% 11% Bohn Alum . . ■ • 51 Borg Warner ... 19’, 19% 19% 18% Briggs 14% B'ldd Wheel 2% Ea'on Mfg Elec Auto Lite.. .. ... 17 17 Houdaille A' 3% 3% Mullins Mfg 6% Mullins Mfg pfd 20% Murray Bodv 4% Stew Warner ... .. 5% Timken Roi 25% Timken Det Axel .. 5% Mining— Alaska Jun .... ••• 21% 21% Am Smelt 35 34% 34% 34 Anaconda 11% 11% 11% 11% Cal A Hecla • ■ 3% Cerro De Pasco 38% 38% 438% 38 Dome Mines ••• 45 45 Granbv . •, <>, Gt Nor Ore 9% 9 , Homestake Min 429% Howe Sound • • 52’, 51% 52 51% Int Nickel 24% 24% 24% 24% Int Silver 22 Isi Creek Coal.. 20 Kennecott Cop.. 18’, 18% 18’, 18% Mclntyre Mine . 48% 48’, 48’* 48% Noranda Cop .... .. 43% 42% Park Utah .... 4’* 4% 4% 3% Phelps Dodge 15% 14% St Joe Lead 16% U S Smelters.. 132% 132 132% 130 a Vanadium 16% 16 Amusements— Crosley Radio 14 14 Loews Inc 24% 24% Radio Corp 5% RKO 1% Warner Bros ... •• ... 3% 3% Tobaccos— Am SnufT 60 69 Am Sum Tob 16% 17 Am Tobacco A 71% Am Tobacco B 74% Ligg A Myers B 94 Lonllard - ... ... ••• 17 Reynolds Tob B 45% Rails— Atchison .... .48 47% 48 47% Atl Coast Lines. . 24% B A O 15% 15 15 14% Can Pac Ch A Ohio 42% 42% Chi A Gt W 2% 2% Chi A Gt W pfd 4% C M A St P 3% C M A St P pfd 4% 4* 2 Chi N W 5!, 6 Chi N W pfd 10% Dfla A Hud 35 Del Lac A W 15 14% Erie 10 Erie pfd ... 17 Grt Northern pf 14% 14 14 13% 111 Central 15 15 K C Sou 7% 7 7 a Lou A Nash 45 45 M K A T 5% 5% M K A T pfd 15 Mo Pac pfd .... ••• ■■■ 3% N Y Cent 20% 20% 20% 20% N Y Chi A St L 11 N Y New Haven 10% % N Y Ont A West 5% .. Nor Pac 16% 16% 16% 15% Penn R R 22’, 22% 22% 22% Sou Pac 16% 16% Sou R R 13% 13% 13% 12% Sou R R pfd ... • 16% Union Pac ... ... 95 95 West Maryland ... 8% Equipments— Allis Chalmers ... ... 12% Am Brake Shoe . 22 22 Am Car A Fdy 15 14% 14% 14% Am Car A Fd pf 35% Am Loco 15% Am Mach A Fdy 13% 13% Am Steel Fdy 12% Bald Loco 7 Bald Loco pfd 29 Burroughs 11 Case JI ... 36 Cater Tract 26 Deere A Cos 12% 12% Elec Stor Bat 38 Foster Wheeler . 10% Gen Am Tank C . 32 32 Gon Eire 18% 17% 18% 18% Ingsol Rand 52 Int Bus Mach.. .. ... ... 132 Int Harvester 25 Natl Cash Reg 13', Pullman Inc /... ... 42 Rem Rand 8 Und Elliot 43 West Air B . ■ 17 Westingh Elec . 30% 30', 30’, 29 'e Worth'ton Pmp. .. ... ... 16 Utilities— Am A- For Pwr 5% 5% Am Power A Lit- 5 4% A T A T . . 109 108% 109 108% Am Wat Wks . .. ... 15% 15% Brook Un Gas ... •> .. 60 Col Gas A Elec 9 8% 9 8% Com A Sou ... I', I s , Consol Gas . . .. .. 27% Elec Pwr A Lit. 4% 4% 4% 3% E P A L pfd 9 Int Hvdro Elec. . .. .. 4% Int T A T . 9% 9% 9% 9 Nat Pwr A Lit. .. ... 8% 8 , North Amer 13% 13< Pac GA E 15% 15% Feoples Gas 23% 23% Postal Tel pfd. 13% So Cal Edison 14 Std Gas 7% Std Gas pfd 7% Stone A Webster 5% 5% United Corp 4 4 Un Gas Imp 14', Ut Pwr A Lit A 2% Western Union. .. ... 34% 33% Rubbers— Firestone 14’, 14% Goodrich . ■ 9% Goodyear ... 21% 21% 21% *o_ Keilv Spring .. . 1% U S Rubber 14'* 14% 14’, 13% U S Rubber pfd 34 33 Miscellaneous— Am Bank Note 13% 13% Am Can 94% 94% 94% 93 Anchor Cap 16 Brklvn Man Tr 41% 40% Conti Can 75% Crown Cork f 23 23 Curtis Pub 17 Curtis Pub pfd . 75', Eastman Kodak 99 97% 99 98 Gillette 11% I}% Glidden .. . 22% 22% 22% 21% Inter Rapid Tr. % Owens Bottle 5 Raybestos Mfg 17 Foods— Am Sugar 62% Armour "A" 5% 5 Beatrice Cream ■ Borden Prod 25% 25 -4 s Cal Packing 36% 36% 36% 36 Canada Dry G A Coca Cola 13 ‘. Cont Bak “A" , ■ , • , * Corn Prod 60% 59% 6°% 59 s Crm of Wheat ... 31-, . Cuban Am Sugar <% 7 Gen Foods 3 Gold Dust If. 5 G W Sugar -. 31% Hershev Int Salt Loose Wiles Natl Biscuit . Nat! D Prod 6 Purity Bak ii S Porto Rico Sug 33 33 Spencer Kellog Std Brands Un Biscuit 22 > Cni’ed Fruit * Ward Bak. (A) 3 Wriglev 3 Retail Stores — Asso Drv Goods 9% 9 Best ACo 30% 30% First Natl Stores Gimbel Bros 3% 3, Or Un Tea Hahn Dept Sts 4 3 Grot 29'. 29% 29% 8% Marshal *Vie'4s 9% 9% ’9% 9% Msv Dept St . , - 36 Mont Ward 21* 21% 21% 21% Natl Tea ‘ * Penney J C ... - - 57 se% Safewav St 44% 44 Sears Roebuck 32’, 32 s , 32% 32% Woolworth . ••• 48% Aviation— Aviation Corp .. 4 s , * 4% 4 s , 4% Curtiss Wright ... ... ... Curtiss Wrt iAt . . ■ 8% Douglas Air .... 17% 17% 17% 16% Nor Amer to ... 3 s , Speery Ccifi... .. ... ... 8

THE INDIANAPOLIS TIMES

United Aircraft 15% 15% Wright Aero 42 Chemical,— Air Reduction.. 96% Allied Chem 123 Am Com Alcohol . 24% Col Carbon ... ... 63% 63% Com Solvents .. 18% 18% 18% 17% Dupont 86’, 86% 86’, 85 Freeport Tex ... 27% 27 27% 27 Liauid Carb ... 19% Math Alkali 26% 26% Montosonta Ch . .. ... 47 Natl Dis 1 new 1 ... ... 18% 18% P'-hen-le' - Disr 19% 19% Tex Gulf Sulph 31% 31% 31% 31% Union Carbide .31% 31% 31% 3’% U S Ind Alco 36 Virg Ch 6% pfd 14% ... Drug,— Cotv Inc 4% Lambert 23% 23% Lehn & Fink 17 Un Drug 11 11 Zonite Prod 3% 3!, Financial— Adams Exp 6% 6% Allegheny Corp 2 1% Am Int Corp 5% Chesa Corn ... ... 37% Lehman Corp . . .. .. 65% Transamerica ... 5% 5% 5% s’, Tr Conti Corp.. .. 3% Building— Am Radiator ... ... 11 Gen Asphalt 1 13% Int Cement ...... . . ... 20 Johns Manville 41% 41 41% 40% Libby Owens Gls 27% 27 Otis Elev . . 14 Ulen Const 14% 14 14 13% Congoleum 27 Kelvinator ...... .. ... 12% 12% Mohawk Carpet. .. ... . 13% Proc A Gamble 35% 35% Simmons Bed 10 10 Textile,— Amer W’oolen ' 8 8 Belding Hem 11 11 Celanese Corp 20 % Collins Aikman t ... 11% Gotham Hose 46 Indus Ravon ..... ... 22% 21 Kavser Julius 14 Real Silk 6% ... New York Curb (By Abbott. Hoppin & Cos.) —Aug. 6 Close.: Close. Allied Mills ... 7%!Hiram Walker.. 24% Alum Cos of Am 54 |Humble Oil .... 41’, Am Beverage 1% Imp Oil Ltd ... 13% Am Cyanide B 18 Hud Bay Min... 13% Am Gas & El 21%'Int Petrol 25% Am Superpower 2 Lake Shore Min 54', Asso Gas A El. %ILibby McN Lib. 5% Atlas Corp .... B%'Lone Star Gas.. 4% Can Marc .... 1% Mt Producers .. 4% Carrier Corp .. 9 iNatl Bellas Hess 2% Cities Serv I%'Nia Hud Pwr... 4% Con Gas of Bal 64 iNovadel Agene.. 18% Cord Corp ... 34 (Park Davis .... 24% Cm Crk Inti.. 6 (Penn Road .... 2 Deere A Cos ... 12', St Regis Paper. 2% Distillers Corp. IIV-i'Sherwin Wms.. 70% Dow’ Chem .. 73 tstd of Ind 25% El Bond A Sh. 11 'Technicolor Ind 12% Fisk Rubber ... 8% Teck Hu Gold.. 6% Ford of Can A 20%iUn Gas 2 Ford of Europe 7%[Wr Harg Min.. 9% 31en Aid Coal.. 20 I

Chicago Stocks jßv At)bott HODDIn <v Cos.)

—Aug. 7 High. Low. 11:00. Bpndix Aviation 11% Borg-Warner 19% 19 19% Butler Bros 7 6 s * 6% Chicago Corp, pfd 25 Chicago Mail Order ... 9% Cities Service 1% Commonwealth Edison.. .. ... 46 Cord Corp • .. 3 % Marshall Field & C 0... 10 9% 9% General House Util .... 8% 8 8 Lynch Corp ... 28 Noblitt Sparks Ind Inc 11 Prima Cos 3% Quaker Oats . 118 Swift Ac Cos 17% 17% 17% Swift International .... 34% 33% 31% Walgreen Cos com 23% Zenith Radio 2'/b

Bond Prices

————— bv Fenner & B ———. —Aug. 7. High. Low. 10:00. Alleg Corp 5s 'SO 28 Am&For Pwr 5s 2030. .. ... 48% AT&T db 5s ’65 110% Atchison gen 4s 95 ... 104 103% 104 B&O cv 4'is '6O 57% 57 57 Beth Steel 5s A ’36 103% Can Pac 4s ’57 ... 81% C&O 5s A ’39 11l ChMStP&P ad 5s A 2000 . 8% ChMStP&P rs 5s A '75 31% 31 31 Cons Gas NY 4%s ’sl 105 Goodyear 5s ’57 ... 101% Gt Nor 4%s D '76 . 67% Gt Nor 7s A ’36 .. . 90% 90'4 90% McKees&Robb 5%s ’SO 80 79% 79% Nat Dairy db 5%s ’4B .. ... 98% NY Cent 4%s O 2013 67 Penn RR 4%s D ’Bl 96% Shell Un Oil 5s ’47 99% Sin Cons 6%s B '38.. 105 104% 105 Texas Corp 5s '44 103 102% 103 Un Pac Ist 4s '47 ...107% 107% 107% US Rubber 5s A '47 84% Vanadium 5s ’4l ... 80 Western Un 5s 'sl 83% U. S. GOVERNMENT BONDS (By United Press) NEW YORK. Aug. 6.—Closing Liberties: (Decimals represent thirty-seconds) Liberty 3%s (32-47) 104.1 First 4%s 32-47) 102.31 Fourth 4Us (33-38) 103.18 Treasury 4%s —3'4S (45) 103.12 4%S (47-521 114.3 3%s (43-471 104.12 3%s (41-43) March 104.24 3%s (40-43) June 104.23 3Us '43) 104.24 3',s (46-49) 102.20 3s (51-55) 101.18 FEDERAL FARM LOAN BONDS (By Blyth & Cos.. Inc.) —Aug. 6 Bid. Ask. 4s July 1.1946-44 99% 100% 4s Nov. 1, 1957-37 99', 100% 4s May 1. 1958-38 99% 100% 4% S July 1. 1956-36 99% 100% 4%5. Jan. 1, 1957-37 99% 100 U 4%s May 1. 1957-37 99% 100% 4%s Nov. 1. 1958-38 100 U . ... 4%s May 1. 1942-32 99% 100% 4%s Jan. 1. 1943-33 99%' 100% 4%s Jan. 1, 1953-33 99% 100% 4%s July 1. 1953-33 99% 100% 4%s Jan. 1. 1955-35 100 100% 4%s Jan. 1. 1956-36 100% 100% 5s Mav 1, 1941-31 100 100% 5s Nov. 1. 1941-31 100 100% —Home Loan—--3s Mav 1, 1952-44 100.00 100.06 4s July 1. 1951 100.06 100.10 —Federal Farm Mortgage Corporation—3><s March 15. 1964-44 . 101.20 101.28 The latter three quotations are in thirty-seconds. Births Boys Oliver and W’inona Harman. 2928 McPherson. Harold and Ethel Simpson. 2717 East Riverside drive. Girls Robert and Thelma Clements. 4401 East Thirtieth. Arthur and Alma Reis. 1323 North Dearborn. Russel and Julia Eden. 347 South Rural. deaths Rebecca Jane Adams. 62. St. Vincent’s hospital, acute myocarditis Mary E Scott. 78. of 1823 North Capitol, chronic myocarditis Mary Elizabeth Lilly. 75. of 3601 Carrollton, arterio sclerosis. Marv E. Henson. 79. of 4966 West Thirteenth. chronic myocarditis. Isabella W. Fulton. 89. of 2221 Nowland. hypostatic pneumonia Mark Voris. 27. Methodist hospital, fracture* skull. Nora A. Camp. 62, of 233 Hiwatha, cerebral hemorrhage Marv Alice McCutchen. 11. Riiev hospital. mitral stenosis Van B Cones. 90. of 5130 Pleasant Run boulevard, cerebral apoplexy. Emma Francis Pogue. 81. of 1811 College. carcinoma Donald Cleveland, 5. of 2260 Baltimore, heat exhaustion Elizabeth Ramsev. 25. city hospital, acute entero colitis. Nick Culoff. 48. Methodist hospital, endocarditis. Gordon Cholston. 19. city hospital, tuberculous meningitis. Thelma Farthing. 33. Long hospital. Hodgins disease. William Marshall DeWitt, 71, city hospital. broncho pneumonia. Dolores Mav Butler. 2. city hospital, straptococoic meningitis. Claude McClaren. 32. Central Indiana hosoital. genera, paralvsis. Henry Williams. 58. of 1712 North Arsenal. acute nepphritis. James Clark. 67. of 331 East Sahm. mitral insufficiency. Dexter C Ber"" f t. 58 of 7251 Union, tuberculous adenitis. Plumbing Permits L B Skinner. 510 East Twenty-fourth, one fixture John Florence. 3425 Chester, one fixture. Bond Maturities Decline By United Press NEW YORK, Aug. 7.—Maturities of corporate bonds during August will total $65,754,000. as compared with $125,458,100 for the preceding month, according to figures compiled by the Standard Statistics Company.

SWINE MARKET DIPS 10 CENTS; VEALERS WEAK Lamb Prices Turn Lower; Cattle Unchanged at $9 Down. Porker prices slipped into lower ground in early trading at the city stock yards today, following a sharp advance yesterday. Initial prices generally were around 10 cents lower. Receipts estimated at 6,000, were slightly larger than the previous figures, and demand shdwed slight weakness. The bulk, 160 to 200 pounds, sold at 54.90 to $5.10. Other grades scaling 200 to 300 pounds, were salable at 55.15 to $5.25, while few brought $5.30. Lightweights, ranging from 130 to 160 pounds, held at $3.55 to $4.15, with extremely small kinds, weighing 100 to 130 pounds, selling at $2.40 to $3.40. Packing sows cashed in at $3.75 to $4.50. Holdovers were 233. Trading of steers in the cattle market continued unchanged, with few early sales ranging mostly from $6 to $8.25. Few choice grades held at $9. while plain killers sold at $4 to $5.85. Early sales of heifers were weak at mostly $6.25 down. Cows were active and strong, with bulk selling at $2.25 to $3.50. Receipts numbered 4.000, including 2,500 government cattle, A decline of 50 cents marked trading in the veal market. Bulk ranged from $6 down. Receipts were 1,000. Slight weakness was evident in the lamb market, with most grades around 25 cents lower than yesterday. General run sold mostly at $7.25 down, while few choice kinds brought $7.50. Receipts were 2,000. Chicago hog market remained unchanged with yesterday’s average at $5.10 down. No early action was evident. Receipts were estimated at 22,000, including 6,000 directs; holdovers, 1,000. Cattle receipts were 12,000, including 6.000 government; veals numbered 6,000. including 4,000 government; market steady. Sheep receipts were 4,000; market unchanged.

Aug. Bulk. Top. Receipts. 1. $4.7045 4.90 5.10 5.000 2. 4.70® 4.90 5.10 7.000 3 4.85® 5.05 5.25 6.000 4. 4.85® 5.05 5.20 2.000 6 5.00® 5.20 5.40 5 000 7. 4.90® 5.10 5.30 6,000 Market, Lower (130-160) Good and choice . $3.9045, 4.15 —Light Weights—-(l6o-180) Good and choice.... 4.9047 5.00 (180-200) Good and choice ... 5.05® 5.10 -Medium Weights—-(2oo-220) Good and choice ... 5.154? 5,20 (220-250) Good and choice ... 5.2045: 5.30 -Heavy Weights—--1250-290) Good and choice ... 5.1545 5.20 (290-350) Good and choice ... 5.05® 5.15 —Packing Sows—(2so down) Good 4.15® 4.50 (250 lbs.) Good . . 4.00® 4.25 (All weights) Medium 3.75® 4.15 —Slaughter Pigs—-(loo-130) Good and choice ... 2.40® 3.40 CATTLE Receipts, 1,000; Market, Steady Good and choice $ 6.50® 8.75 Common and medium 3.00® 6.50 (1.100-1.500) Good and choice 7.00® 9.(>0 Common and medium 5.00® 7.00 (550-750) Good and choice 5.00® 6.75 Common and medium 2.00® 5.00 (750-900) Good and choice 5.00® 7.00 Common and medium 2.00® 5.00 - —Cows— Good 2.75® 3.50 Common and medium 2.00® 2.75 Low cutter and medium I.oo® 2.00 Bulls (yearlings excluded) Good (beef steers) 2.75® 3.50 Cutter common and medium. 1.50® 2.75 VEALERS Receipts, 1,000; Market, Lower Good and choice $ 5.504? 6.00 Medium 4.00® 5.50 Cull and Common 2.00® 4.00 —Calves— Good and choice 4.50® a.50 Common and medium 2.504.50 —Feeder and Stocker CattleGood and choice 4.00® 5.25 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, 2,000; Market, Lower Lambs, 90 lbs. down, good and choice $ 7.00® 7.50 (90-110 lbs.) Good and choice 6.50® 7.25 (90 lbs. down) Com. and med. 4.50® 6.50 —Ewes— Good and choice 2.00® 3.00 Common and medium I.oo® 2.00 Other Livestock (By United Press) CHICAGO. Aug. 7.—Hogs—Receipts. 22,000, including 6.000 directs; market active. 10c higher than Monday; 210-300 lbs.. $5,104; 5.20; top. $5.25; 170-200 lbs.. $4,754; 5.10; light lights largely $4,154; 4.65: pigs. $3.50 down; packing sows mainly $4,104; 4.40; light lights. 140-160 lbs., good and choice. .$44; 4.75; light weight. 160-200 lbs., good and choice. $4,504)5.10: medium weights. 200-250 lbs., good and choice. $54/ 5.25; heavy weights. 250-350 lbs . good and choice. $54/5.25: packing sows. 275-550 lbs., medium and choice. $3,504; 4.50; slaughter pigs. 100-130 lbs., good and choice, $34; 4 Cattle—Receipts. 6,000 commercial. 6,000 government: calves. 2.000 commercial: 4.000 government: better grade fed steers and yearlings strong to 15c higher: lower grades strong; medium weight and weighty steers in broadcast demand: best heaves. $9.25; long yearlings at $8.75; light heifers and mixed vearlings fully steady: cutter and low grade beef cows 10 to 15c higher; better grade crows firm: other killing classes generally steady; eastern shippers most actiye influence in steer market. Slaughter cattle and vealers—Steers. 550900 lbs., good and choice. $5.75% 8.25: 9001,100 lbs., good and choice. $6,254; ■ : 1.100-1.300 lbs. good and choice. 56.504; 9.75: 1.300-1.500 lbs., good and choice. $74; 9.75: 550-1.300 lbs., common and medium. $2,504; 6.75: heifers. 550-750 lbs., good and choice. $54)7.25: common and medium. $2 4)5; cows. good. $34.75: low cutter and cutters, $1,254; 2.50: bulls (yearlings excluded!. good ibeefi. $3.254;3.75: cutter, common and medium. $24; 3.50: vealers. good and choice. $54; 6 50: medium. $34; 5• cull and common. $2,504; 3; Stocker and feeder cattle: steers, steers. 550-1.050 lbs., good and choice. 5447 5.25: common and medium. $2,254; 4. Sheep—Receipts, 4.000: fat lambs in fairlv active demand: undertone strong to higher: $7 bid freeiv: best natives held $7.25 upward: no rangers available: sheep steady to stronger; native ewes upward to $2 50: best aoutable higher. Slaughter sheep and lambs: Lambs. 90 lbs. down, good and choice. $6,504; 7.38: common and medium. $4,304( 6 65. ewes. 90150 lbs . good and choice $1,754)2 85: all weights, common and medium. $1,504; 2.35; feeding lambs, 50-75 lbs., good and choice. $54) 5.75. FT. WAYNE. Aug. 7.—-Hoes—Steady to 5c lower: 250-300 lbs.. $5.25. 200-250 lbs., $5.10; 180-200 lbs.. $4 95: 160-180 lbs.. $4.80: 300-350 lbs.. $4 95: 150-160 lbs., $4; 140-150 lbs , $3.75; 13-140 lbs.. 53.40; 12G--130 lbs.. S2 90: 100-120 lbs.. $2.60; roughs, S3 75; stags. $2. Calves. $6. calves, $6.75. LAFAYETTE. Aug 7—Market. 104; 15c lower 200-300 lbs.. *5.054)5.10: 180-200 lbs.. $4 4) 4.80: 160-180 lbs.. $3.650 3.90; 120-14 lbs $34)3.4; 1-12 lbs.. $2 254;2.30: roughs, $4 50 down; calves, S5 down; iambs, $6.50 down. (By Times Special) LOUISVILLE. Aug. 7.—Cattle—Receipts, commercial 200: market, slow: generally steady with Monday's decline: general quality of run plain: bulk, common to medium slaughter steers and heifers. s3'-; 4 50; few grassy cutter grades, salable down to $2.50 better; finished fed steers and heifers quotable mostly *54;5.50 with best kinds eligible to *6; bulk beef cows. *2 504; 3: good kinds and smooth heifer types *6.50; low cutters and cutters. sl4; 2 25; sausage bulls mostly S3 down; Stockers in light supply, salable mos’ly steady: bulk light Hereford', 14 -i 4 50: common to medium grade natives. S2 504/3.50 Calves Receipts, commercial. 375: market weak; better vealers mostly *4 504; 5 few strictly choice handyweights. $5 50; medium and lower grade vealers and heavy grass calves. $4 down. Hogs—Receipts. 900. market. 5c lower’ 210-300 lbs . *5 39; 185-205 lbs . 55.10: 305 ibs. up. $4.60: 160180 lbs.. $4 30 145-155 lb' $3 95 120-140 lcs $2 55: sows. S3 05. Sheep—Rece:p;s. 2 000; lambs ;n moderate supply: qua..tv fair: market not established on lambs; few early bids 25c or more lower, but sellers generally asking steady or *6.50 to mostly *6.75 for bulk better trucked in ewes and wethers: choice kinds held to *7 and above: light throwauts quotable at a bulk of *4; fat slaughter ewes. *14)2; stock ewe trade slow, bulk ewes salable *5 504)7 50 a head: choice Montana yearlings eligible to $8 or better.

Steady Gain Expected in September Auto Output

Retail Sales Predicted to Continue Drop During August. B'J Timr* Sprrial DETROIT. Aug. 7.—Retail sales of automobiles gradually are tapering off and as a result manufacturers’ production schedules are being trimmed, a survey of the industry reveals. Unless a decided change in business conditions occurs during the month, particularly in the trend of the stock market, it is expected that the recession will gain momentum in August, although no abrupt slump is expected. Expect Gain in Month When manufacturing operations on new models begin in September, however, a steady gain in production is anticipated. The falling securities markets have had a depressing effect upon the automobile trade and sales have dropped in the sections affected by the drought. Continued labor troubles over a broad area also have discouraged prospective purchasers and dealers. The possibility of more labor trouble in the automotive industry has appeared, pattern makers here have gone on strike. They help provide new models. Nevertheless notwithstanding this, the trade remains hopeful, because of potential demand for autos and general extension. Production last week totaled 59,412 units, a decrease of 6,417 from the preceding week, and 5.013 less than were produced in the corresponding 1933 week, making the second week since January in which production fell below the like period last year. July production is estimated at 260.000 units in the United States and Canada, a decline of 19 per cent from June production, but an increase of 10 per cent over July last year. Estimates for August place probable production at about 220.000 units. The United States bureau of labor statistics showed that based upon the 1923-25 three-year average employment in the automobile industry declined from 114.4 in May to 105.7 in June. Would Stand at 85 If the decline in production was reflected in employment, the index for July would stand at about 85. On the same basis the index number of pay rolls in the industry declined from the May peak of 100.4 to 88.6 in June, and would have fallen to about 74.0 in July. An indication of the way in which the industry improved during the early months of the year is shown by a comparison of passenger car registrations, as compared with the five-year average. In January registrations were 44.13 per cent of the average, in February 64.63 per cent, in March 83.57, in April 82.83, in May 81.87 and in June 92.90 per cent.

On Commission Row —Aug. 7 Quotations beiow are average retail prices being offered to buyers bv local commission house dealers. Apples—Fancy Delicious. $2.25: Transparents. $1.50® 1.75. Peaches, Georgia. Elbertas. bushel. $2 25. Oranges—California Sunkist. $5: Valencies. $4.25@5. Lemons —Sunkist. $6®7.25. Grapefruit—Florida seedless. $4.25®4 50. Cantaloupes—lndiana juniors, fiats. 75c; bushel, $1.50. Pears—Caiavos, 52.50 a box. Watermelons—2s® 75c. Bananas—A pound sc. —Vegetables— Sweet Corn —Home grown, doz.. s®2oc. Cabbage—Home grown, bushel. $1®1.50. Celery—Michigan at boxes $125: medium, doz. 45c. Onions—California yellow 50-lb. oag. $1.65. Potatoes—Eastern Cobblers, 100-lb. bag. $1.75: Idaho Russets, 100-lb. bag. $2; new, barrel, $2.85. Sweet, potatoes—New Alabama ousnei. $1.60. Beans—Round stringless, bushel. s2® 2.50. Beets—New, 25c a dozen. Carrots—Home grown, bushel. $1.50: doz. 35c. Cauliflower—lOs-lls, crate. $1.75®2. Lettuce—Outdoor. 15-ib. basket. 85c: head lettuce crate. $6. Peas—California, hamper, $3. Radishes —Ohio, 60 doz. bunches, 50c. Rhubarb—Home-grown, dozen, 25@30c. Spinach—Home grown, bushel. 65c. Tomatoes—Home grown—lo-lb. baskets. 65c; bushel, $1.50. CHICAGO FRUIT MARKET (Bv United Pressi CHICAGO, Aug. 7.—Fruits, vegetables: Apples—Michigan duchess bushels. 504; 90c. Cucumbers—lllinois bushels. 50c®51.25; Michigan. $1,754/ 2.25. Tomatoes—lllinois lugs, sl4/1.25. Sweet Potatoes —Mississippi bushels. $1,804) 1.85. Mushrooms—lllinois pound cartons. 204; 25c. Peaches—Georgia bushels. $1.75® 2.40. Lettuce—California crates. $3,754/4.25: leaf 10 lb.. 50c lOhioi. Beans—-Illinois and Michigan green bushels. $1.25® 1.50. Cabbage—Wisconsin crates. $1,504/2. Cherries—Michigan sixteen quarts red sour, sl4/1.50. Canteloup —lndiana crates. 65c®.51.25; Michigan. 75c 4; $1.65. Corn—lllinois sacks, 4 dozen yellow, 35® 75c. Peppers—lllinois bushels. sl4/1.25. Carrots—California crates, $1.75; Illinois and Ohio bunch 1%4)2%c. Eggplant—lndiana bushels. $1.25® 1.50. Pears —Michigan bushels. $1®1.75. Celery— Michigan crates. 65®85c. Onion Market—--150-lb. sacksi. California Yellows, $1.15 ® 1.25. California whites. $1.75. Washington Valencias, sl.lo® 1.15. lowa Yellows, 65<?/90c. Produce Markets Delivered in Indianapolis onces: Heavy hens. 10c Leghorn hens. 6c. 1964 broilers 2 lbs. and over. 13c Leghorn broilers 1% to 2 lbs. and over 11c bareback broilers 10c: old roosters, 4c; ducks and geese. 3c; young guineas, 20c; old guineas. 15c; No. 1 strictly fresh country run eggs, loss off 13c. Each full case must weight 55 lbs. gross; a deduction of 10 cents a pound for each pound under 55 lbs. will be maoe. Butter—No. 1. 29® 30c. Butterfai, 2ic. Quoted by Wadley Company. (Bv United Press) CHICAGO. Aug. 7.—Eggs—Market firm: receipts. 3.111; extra firsts, 19c; fresn graded firsts, 18%c; current receipts, 10% 4; 17%c; dirties No. 1. 15c; No. 2. 11c; cnecks. No. 1. 15c; No. 2. He. ButterMarket firm; receipts. 14.547; extra firsts • 90-91 1 scorei. 25®25%c; extras i92 scorei, 26c. firsts iBB-89% score'. 23® 24c; seconds 186-87% score'. 21'24;22c: specials. 26%®27c; standards. 26c. Poultry Market, firm; receipts. 29 trucks. 1 car; fryers, 13® 18c. White Rocks. 15c: broilers. Plymouth Rocks. 14'2c; Leghorn, 13%c; geese. 7®Bc; turkeys. 14c, old roosters, 8%?: hens. 11 ; 2® 1? 1 2c; Leghorn hens 9c: biack chicxs. 10® 12c; bareoaexs. 13c: cocks. 8c; Legnorn cocks. 9c: coloreo spring. 17c; White Rocks. 18c; Plymouth Rocks. 19c; ducks. 8® 9c; spring ducks. 8 y 12c colored Plymouth Rocks. 16c; Leghorns. 8%®10%c. Cneese—Twins. 12%';/ 13c. oaisies. 13% a 13%c: Longhorns IJ*.2® 13%c Po atoes—Supply lignt; demand traaing mooerate; marxet aoout sieaov: Idaho triumphs. $1.70® 1.8; snghtiy aecavea. 51.50: Idaho Russets. 81.1 o; New Jersey cocb.ers. SI 46® 1.50; Wisconsin cobblers $1.35® 1.40; Nebrasxa cooblers. partly graced. $1.50, North Dakota triumphs. SI.BO. Arrivals. 28. on track. 148, shipments. 289. . NEW YORK. Aug. 7.—Potatoes— Steady; Long Island. 90c4;*1.19 bag, New Jersey. 50c >; *1 10 bag. southern. *1.40 oarrel. Sweet potatoes —Steady. __soutnern barrel, s2'.; 4: southern baskets. .ac4;*2.50fl Flour —Strong, spring-, patents, *'.7s® 8 barre;. Pork—Quiet; mess, *l9. o bbl.’ x?._ Lard— Firm; middle west spot, $5 bbfy 5 65 a 100 ibs. Dressed poultry—Steady; turkeys 11 4; 33c chickens. B®B%c. broilers, 16® 20c; capon' 25-. 35c: fowls. 84il8c; ducks, 124; 14c Long Island ducks. 11%® 15c. Live poultry—steady; geese. 6® 7c; turkeys. 10 ® 15c,' roosters, luc: ducks, 84?10c. fowls, 12'-; ;6c broilers. 134; 23c Cheese—Firm; state whole milk, fancy to specials. 18® 19c young Americas. 14%®14'2C. Butter —Receipts 17.162 paexaged; market firmer, creamer, higher than extras, 27% 28c extra 92 score', 27c; first '9O-91 .-core 2t; a 26%c; first 88-89 score'. 24% 4; 25c. seconds 23%4; 24c. Eggs—Receip’s. 22.994 cases; market firm; special paexs including unusual nennery selections. 23® 25%-c; standards. 224;22%c, firsts, 19 1 ac; seconds 17%c- mediums. 16%4i 16%c, dirties, 16% ; 17c; check;, 14t) 15c. 'x Export tax not included. CLEVELAND Aug. 7—Butter—Market, firm; extras. 20c; standards. 30c. Eggs— Market, firm; extra white. 22c; current receipts. 16' 2 c; ordinary firsts, 12c. Poultry —Market, steady: colored fowl*. 4% lbs. and up. 14%c; old roosters. 10c: ducks, white. 5 lbs. and up, 14c. Potatoes—Virginia, *2.10 a 2.25 a barrel.

U. S. DOLLAR DECLINES British Pound Valued at $5.05 % in American Currency. Bji I'nitfd Press LONDON. Aug. 7.—The pound sterling was at $5.05% in London today in terms of the American dollar and 76 5-16 in terms of the franc. Yesterday's pound price was $5.04 S. Gold sold at 137 shillings ten pence t 534.85) an ounce. B’J United Press PARIS, Aug, 7.—The dollar slumped strongly today, probably because of inflation rumors in the United States. The franc closed at 15.09% to the dollar (6.625 cents a franc). BUSINESS FAILURES LOWEST SINCE 1920 July Defaults Total 912 Against 1,033 in June. B<j 1 imes Special NEW YORK. Aug. 7.—A decline of 11.7 cent was shown in business failures during July, according to Dun & Bradstreet, Inc. The number declined from 1,033 in June to 912 in July, the lowest on record since July, 1920. Failures in the corresponding month of last year amounted to 1,421, indicating a decrease of 35.8 per cent during the last month. High mark for business failures during July was registered in 1932, when the total was 2,596. Liabilities involved in failures during the month was $19,325,517, compared with $23,868,293 in June, a decline of 19.0 per cent. Liabilities in the same period of 1933 totaled $27,481,103. During the first seven months of the current year business defaults totaled 7,489 compared with 14.144 in the same period of 1933, and 20.029 for the corresponding month of 1932. This shows a reduction of 47.1 per cent from the first seven months of the previous year. Liabilities in the last seven months of 1033 were $355,071,851, a reduction of 51.8 per cent from the preceding year. HUDSON, TERRAPLANE RETAIL SALES CLIMB U. S. Shipments Total 40,982 During Week Ended July 28. By Times Special CHICAGO, Aug. 7.—With little more than half of the current year gone, Hudson and Terraplane retail sales in the United States have passed the total retail sales figure for the twelve months of 1933. This record was accomplished, announces Roy D. Chapin, president of the Hudson Motor Car Company, during the week ended July 28, when domestic retail sales reached a total of 40,982. This exceeded the figure for all of last year by 831 cars. Hudson and Terraplane production and shipments passed the 1933 mark several weeks ago. “We have to go back to 1925 to find a time when retail sales up to the end of July exceeded the total for the previous year,” Mr. Chapin stated. “Sales have remained at a high level through the summer period, ignoring the customary hot weather decline.”

U. S. RETAIL SALES DIP SHARPLY SINCE 1929 Decrease of 48 Per Cent Shown After Economic Collapse. “ By United Press WASHINGTON, Aug. 7.—Retail sales in the United States dropped nearly 48 per cent following the economic collapse of 1929, department of commerce figures showed today. Total sales amounted to slightly more than $49,000,000,000 in 1929 compared with the 1933 ficure of $25,750,000,000, measuring for the first time the depth oi the depression into which the country fell after the stock market crash of 1929. Meanwhile, full-time employment decreased about 30 per cent and payrolls about 47 per cent, the figures revealed. Part time employment increased during the four year period, part-time payrolls rising to one and one-half times the 1929 total. The figures indicate that the annual average compensation of full time workers, $1,312 in 1929, decreased to $992.

INVESTMENT COMPANIES STOCK INDEX CLIMBS Average for Ten Leading Firms at 10.58 on Aug. 3. By Times Special NEW YORK, Aug. 7.—The investment companies’ common stock index rose with the general market during the last 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 10.58 as of the close Aug. 3, compared with 9 68 July 27. The average of the nonleverage stocks stood at 14.23 as of the close Aug. 3, compared with 13.69 at the close on July 77. The average mutual funds closed at 9.98. compared with 9.73 at the close of the previous week. Raw Silk Deliveries Decrease By Times Special CHICAGO. Aug. 7.—Raw silk deliveries of all sorts to American mills during July declined to the smallest amount of this year, according to the National Federation of Textiles, Inc., when only 32,021 bales were delivered, a decrease of 1.048 bales under tne previous month. Sugar Melt Off Sharply By Timrs Special Sugar Institute announces that the total sugar melt, according to reports from thirteen refineries in the United States from Jan. 1 to July 28. totaled 2,040,000 long tons as compared with 2,29p,000 in the same period oi 1933.

PAGE 13

GRAINS RESUME SHARP ADVANCE ON CROP NEWS Southwest Remains Under New Scorching Heat Wave. BY HARMAN W. NICHOLS United Pres* Staff Cerresooiident CHICAGO, Aug. 7.—Strength in Winnipeg and Liverpool and continued bullish crop comment in the domestic grain tracts brought buyers into the pits at the opening of the Chicago Board of Trade today. Wheat started •■% to 1% cents higher, corn was up % to 1% cents, oats were up % to % cent, and rye was up % to a * cent. Some showers were reported over the middle west but the west and southwest generally remained under the scorching spell of anew heat wave. Winnipeg wheat, after a holiday yesterday, opened around 4 cents a bush( 1 higher, while pronounced strength also was shown at Liverpool. The local market stood up well under heavy profit-taking. Chicago Futures Range Aub. 7. Prpr. Wheat— HiEh Low. in nn close. Sept 1.09% 1.08% 1.08% 108 Dec 111% 1.10% 1.10% 1 10-% May 1.14% 1.13% 1.13% M3 Corn— ScDt 76' .74% .76% 71’, Dec 78% .77% .78 ’ , 77% May 83 .82% ,83 .82 Oat,— Sept 49% .49% :49 % 48% Dec. .51(4 .50% .51 * 50-% May 54% .53’, .54 .53% R reScnt 94% 84', 84% .83 % Dec. 87% 86% .87 K 5% May 91% .90% .91% 90% Barle?— Sept .. .67% Dec .70 .69 The aeove auotationi are for new options. CHICAGO PRIMARY RECEIPTS —Aug. 6 Bushels Todav Last Week. Wheat 1,284.000 1.337.000 Corn 2.579.000 2,286,000 Oats 446,000 149.000

Cash Grain

INDIANA TOLIS —Aug. 6 The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. o. b., shipping point basis 17 to river, were: Wheat—Strong: No. 1 red. 98'i'1199 No. 2 red. 97'u®98!2c; No. 2 hard. 98'a fit 99 1 2C. Corn—Strong: No 2 white, 2(1'320 , 2c: No. 3 white. 694769'2C; No. 2 yellow. 67'a 4/68 ! 2C; No. 3 yellow. 66' 2 4, 67' jc; No 2 mixed, 66 , /2®67'.2c; No. 3 mixed, 65'.aft! 66'-c. Oats—Strong: No. 2 white, 454?,46c: No. 3 white. 444/45c. Hay—Steady: if. o. b. country points taking 23'.c or less rates to Cincinnati or Louisville)—No. 1 timothy, $134x13.50. —lnspections Wheat—No. red. 2 cars No. 2 red, 7 cars; No. 3 red, 2 cars; No. 1 hard, 3 cars; No. 2 mixed. 1 rar. Total, 14 cars. Corn—No. 2 white, 7 cars; No. 3 while. 8 cars; No. 4 white. 3 cars; No. 5 white. 1 car: No. 2 yellow. 30 cars; No. 3 yellow. 31 cars: No 4 yellow. 12 cars; No. 6 yellow. 1 car. Total. 6 cars. 9 Oafs—No. 2 white. 1 car; No. 3 white, 10 cars; No. 4 white, 3 cars; No. 2 mixed. 1 car. Total, 15 cars. Local Wagon Wheat City grain elevators are pa . ing 24 centii for No. 2 soft red wheat. Other grades® on their merits. (By United Press) CHICAGO. Aug. 6.—Cash grain: Wheat —No. 1 red, $1.0545 1.07; No 2 red, $1,044$ 1.07: NO. 3 red, sl.o3 l 2 451.06 :, 4: No. 4 red. $1.03; No. 2 dark hard. $1.08>. 4 ; No. 3 dark hard. $1.06: No. 1 hard. $l.O8 3 ,,4/. 1.lO 3 *; No. 2 hard, sl.oß'i4/,1.10 3 4; No. 3 hard. Sl.O5 1 a ; No. 2 mixed. $1.05451.08’/i; No 3 mixed. *l.o2‘br-1.05*a: No. 4 mixed. $1.05’2: No. 2 red garlicky, $1.01; No. 3 red garlimkv. 99c4/sl. Corn—No 1 mixed 73' 2 4/ 74c; No. 2 mixed. 72'4/74c; No. 3 red, 73',c: No. 1 yellow. 734/ 75' 4 c; No. 2 yellow, 72’24/ 75'ic; No. 3 yellow. 724/> 73 3 4 c: No 4 yellow, 71'..4/ 73c: No. 5 yellow. 714/72c: No. 1 white. 74<?L75’*c; No. 2 white, 744/ 7514 c; No. 3 white, 73'.2c; No. 6 white. 71'4c; sample, 674/,70‘2C. Oats No 2 white. 504/ 50' 2c; No. 3 white, 45 3 <4i 48'ic; No 4 white 44 , 2 4i46c: sample. 41 ’2C. Rye — No. 2. 84'2C: No. 4,84 c. Barley Quotable, 5R4/94c. Timothy—sl24e 12.75. Clover seed—slo.7s(s 15. Cash prolusions Lard $7.95; loose. $7.35; leaf, $7.37: bellies. $10.37. ST. LOUIS. Aug 6—Cash griin Wheat? —ln good demand, 1U to 3c higher oii red and 2 td 3c higher on hard No r red. $105: No. 2 red. $1.04', 1 4i 1.04',j; N'-. 2 V red garlicky. 97Vi@98c: No. 1 hard. $1.15 'i; No 2 hard. $1 ll'*; No. 1 light garlltkv, $1 04. Corn in fair demand; 2 to 3c higher; No. 2 yellow. 754x756c, No. 2 white, 78c; No 3 white. 76'io. Oats in fair de- ' mand. '2 to l'/C higher: No 2 while. 48'2c; No. 2 mixed. 46 1 2 , 348 1 2C. TOLEDO. Aug 6 —Grain close: (In eevators, transit billing). Wheat—No 2 /’d, $1 07*24/ 1.08 1 2 Corn—No 2 yellow. 7tTfc 79c. Oats—No 2 w hite. 52'245 53' .c. RyeNo. 2. 884/ 89c. (Track prices. 24 ! 2 c rate). Wheat No. 1 red, $1,044/ 1.05; No. 2 red. $1,034/ 1.04. Corn—No. 2 yellow 75 ■/ 74',..c; No. 3 vellow. 734/ 73 e; No 4 yellow. 724/) 72 ! 2C. Oa*s—No 1 white. SO 1 ?*/ 53',/c: No. 2 white. 49 l g4/51c; No. 3 white. 46!:/&soc. RFC LOANS $28,615,330 TO AID CLOSED BANKS Corporation Notes Outstanding in May Totals $3,312,314,748.58. B<J Lnitrd Prcx* WASHINGTON, Aug. 7—The RFC during May authorized advances of 528.615.330 to aid in the reorganization or liquidation of closed banks, it was shown today in the corporators monthly report to the house of representatives. Advances to a building and loan association, mortgage loan companies and regional agricultural credit corporations brought this type of aid to $57,512,410 for the month. The RFC authorized subscription of $41,560,000 for preferred stock of 279 banks and trust companies. The report showed that of May 31, there were outstanding $3,312.314.743.58 of the corporation's notes. COAL OUTPUT DECLINES State .Mine Production 10,000 Tons Under Previous Week. Indiana coal production for the week ended July 21 was 10,000 tons under that of the previous week, a report of the United States bureau of mines showed toxlay. Production for the period was 195.000 tons, more than 3 per cent of the nation's output. For the same period a year ago, Indiana produced 239.000 tons. Stock Transfer Tax Higher B'j United Pre*x ALBANY, N. Y., Aug. 7 Stock transfer tax during the month of July in the state of New York, totaled $1,556,278, against $1,194,065 in the preceding month and $8,084.792 in the corresponding month of last year.

USED SAFES Si STEEL SHELVING W. C. Brass & Associates Office Equipment Engineer* 134 S. Meridian St. SI. 97*7