Indianapolis Times, Volume 46, Number 104, Indianapolis, Marion County, 10 September 1934 — Page 8

PAGE 8

Buys Bonds Major Insurance Firms Purchase Federal Issues.

BY W. lAN MACK Ttair* S*tlaJ notarial Writer NEW YORK. Sept. 10—The major insurance companies are turning strongly to government bonds in lieu of other outlets for their funds. This was disclosed In a survey which showed that companies represented by the Association of Life Insurance Presidents expanded their holding of federal obligations by $553.000.000 during the last year. In that period total resources increased by $457000.000. Most of the government Issues purchased were longterm bonds. The reason for the heavy purchasing of federal issues is generally assumed to be the dearth of new capital offerings by firmly established private corporations. Mortgages Liquidated This change was effected chiefly through the liquidation of mortgage Investments to the extent of $314.000.000 and the reduction of railroad bond holdings by $27 000.000 In consequence, the former declined to $5.398 000 000 from $5,910,000,000 last year, and the latter receded to $2.586 000 000 from $2,613,000,000. Rail liens held constitute nearly 22 per cent of the nation's railroad indebtedness. while mortgage holdings are equal to about 12.5 per cent of the national mortgage debt. Government securities owned by the insurance units now aggregate $2,047,000,000. compared with $1,494,000.000 a year ago, an increase of about 33 per cent. Currently, they are equal to 12 per cent of the companies' combined resources, amounting to $17,487 000.0001 compared with a ratio of slightly more than 8 per cent a year ago, when assets totaled *17.030 000.000. The portfolio of governments, incidentally, approximates 8 per cent of the federal debt. Utility Holdings Expands Parm mortgages have been reflecting gradual liquidation, some through foreclosure. They declined every month in the period from *1422.000,000 on May 31. 1933. to *1,124,000.000. Likewise urban mortgages have shown persistent declines, now totaling $4,274,000,000, against $4,588,000,000 a year ago. Public utility bond holdings expanded by $58,000,000 from $1,669.000.000 to $1,727,000,000. Other investments, including stocks and bonds of a miscellaneous character, rose $62,000,000 to $559,000,000. Policy loans and premium notes continue to be a problem which in- j surance companies find difficult to* • solve. Currently, the total out- ! standing is only $63,000,000 below a year ago at $2,907,000,000. Cover Living Expenses Most of these loans were contracted in the period immediately preceding the banking moratorium of March. 1933. but the proceeds, instead of going into hoards, as then suspected, are understood to have been utilized to cover living expenses, taxes and interest requirements. Premium receipts exceed $200,000,000 monthly in amounts ranging to more than $300,000,000 usually collected in December. Both the Atlantic Seaboard and Pacific Coast States contribute more than two-thirds of the volume of new insurance policies written monthly. Lapsed policies are showing a gradual decrease, the current rate being only 25 per cent in excess of „ the 1925 figure, contrasted with 54 per cent above the 1925 level in 1933. AUTO OUTPUT SHOWS INCREASE OVER 1933 Production in First Eight Months Totals 167.407 Units. By United Press NEW YORK. Sept. 10.—Automobile production by members of the National Automobile Chamber of Commerce all leaders except Ford> for the first eight months of 1934 was 10 per cent over the total for the entire year of 1933, the chamber reported today in announcing its August production estimate. August production by members was estimated at 167.407 units, a decrease of 14 per cent from the 173.172 cars produced in August. 1933. Eight months' production was placed at 1,640.230 units, an increase of 42 per cent over the 1.155.429 produced in the corresponding period of 1933. PLANS FOR CORN-HOG ACT ARE DISCUSSED RepreM'ntatives From Six States Attend Meeting Here. Plans for a corn-hog adjustment act in 1935 were discussed today by corn-hog contract holders at a regional meeting in the Claypool. The livestock feed situation also was discussed at the session in which representatives from six states. Indiana, Illinois. Ohio. Michigan. Kentucky and Tennessee, were present. Officials of the agriculture adjustment administration attending the meeting were Dr. A. O. Black, chief of the corn-hog section; Claude R. Wickard. state senator and associate in the corn-hog section; Dillon Myer of the compliance section, and O B Thorne, senior agriculture economist. In the Cotton Markets —Sept. s CHICAGO High. Lew Clow J*nu*rr 13 4? 13 IS 13 33 March 13 M 13 35 13 38 Mav 13 83 13 37 13 33 Oc’ober 13 33 13 98 13 08 OtcnnM 13 48 13 08 13 15 NEW YORK January 13 41 13 31 13 31 March 13 49 13 38 13 38 Mar 13 51 13 41 1143 July 13 59 13 48 13 48 October 13 33 13 14 13 15 December 13 15 II 37 13.37 NEW ORLEANS January IS 40 II 31 IS 31 iiuth 13 64 13 38 13 38 May 11 49 11 43 13 43 ■ B IS 55 13 47 11 47 October 11 35 13 IS 13 15 Daccnsor 13 13 13 33 11 35 Retail Coal Prices rtM following price* rrpreaant quotations from ie admit Inaiar.a polls coal dea.ert A 35-o*n t esrmni rh*r*# net ton will MM ooittsTii as iah rtiut Anver aaia 81190 feraali Ua> I M Bram Bp . MS Brazil 7m Rub 835 Coke Mat am . f.M Coke. Bm • re IB Indiana - Forked Lome No 4 and I Its Oroap tS Foemhoataa fiat 8.35 Focahontaa Mina Run .0 VtV AMU Sill Ql l< 1# ••••••••••••••••• US

STOCK SHARES FLUCTUATE IN NARROWRANGE Further Selling Forces U. S. Smelting Down Nearly 2 Points. BY ELMER C. WALZER Called Press Financial Editor NEW YORK. Sept. 10—Some further selling came into United ; States Smelting in the early afterI noon dealings on the Stock Ex- : change today. It declined 1 > points to 120 while the general list moved irregularly in a narrow range. Steel common was buoyed up by 1 its August report on shipments of finished products. The latter showed a rise of more than 8.000 tons when a majority had anticipated a sub- ! stantial decline. Steel firmed to 1 33 : ., up % point from the previous close. Another favorable item for ■ steels was the weekly production estimate of the American Iron | Steel institute which set the rate at 20.9 per cent, a rise of 2’* points over last week. Utilities came out in large numbers. About half of them were unchanged from the previous close and the other half lower. In the latter group. Consolidated Gas was at 26 1 , off Brooklyn Union 59. off 1 %. and American Power & Light 4%, off %. Rails were mixed in a narrow’ range. Wet stocks, motors, chemicals and some special issues were slightly higher. A stock exchange seat sold at $83,000. off $7,000 from the previous transaction, reflecting the lethargy prevailing in the market and giving an indication of the brokers’ opinion on the future of the market. Money and Exchange INDIANAPOLIS STATEMENT —Sept. 10— Clearings $1,943.000 00 Debits 4.104.000.00 FOREIGN EXCHANGE <Bv Abbott. Hoppin Sc Co.i —Sept. 8— Close. Sterling England $5.00% Franc. France 0668% Lira. Italy 0870 Franc. Belgium 2377 Mark Germany 4020 Guilder. Holland .8862 Peseta. Spam 1384 Krone. Norway 2513 Krone. Denmark 2233 Yen. Japan 2998 Treasury Statement ißy United Pres) WASHINGTON. Sept 10—Government expenses and receipts of the current fiscal year to Sept 7. compared with the corresponding period of the previous fiscal year: This Year. Last Year Expenses $1.095 527.307 48 $660,679.612 11 Receipts .. 623 153 203 96 414.954.913 65 Deficit .. 472 374 103 52 245,734,698.46 Cash bal... 2.112.765.264 64 New York Bank Stocks (By Abbott. Hoppin St Cos.) —Sept. 8— Bid. Ask. Bankers 5314 54 Brooklyn Trust 83 85 Central Hanover 115 116 Chkse National 23 23’* Chemical 38** SB** National City 20% 21‘* Corn Exchange 44** 45 Continental 12 121* Empire 1714 18 First National 1.480 1.495 Guaranty 300 302 Irving 14‘a 14** Manhattan Sc Cos 26'* 26% Manufactures 19 ! * 19% New York Trust 91 95 Public . 2814 29'4 Investment Trust Shares (By Abbott. Hoppin St Cos.) —Sept. 8— Bid. Ask. American Bank Stocks Corp . .95 1.00 American A: General Sec A . 3.50 5.00 American A- Inv Tr Sh 1.70 Basic Industry Shares 2.95 British Type Inv Tr Sh 44 50 Collateral Trustee Shares A 4.12 4.25 Corporate Trust Shares ioldl 1.82 1.88 Corporate Trust Shares (new) 208 2.12 Cumulative Trust Shares ... 358 3.64 Diversified Trust Shares A... 6.25 Diversified Trust Shares B ... 6.87 .. Diversified Trust Shares C ... 2.71 2.76 Diversified Trust Shares D • . 425 4.37 First Insurance Stock Corp . 4.50 4.87 First Common Stock Corp ... .50 .54 Fixed Trust Oil Shares A .... 725 .... Fixed Trust Oil Shares B —. 6 25 Fundamental Investors Inc... 1.75 Incorporators Investments ... 16.00 17.20 Land Bank Bond Shares 1.13 1.26 Low Priced Trust Shares .... 487 5.00 Mass Inv Trust Shares 17.73 19.27 Nation Wide Securties .. .98 3.04 North Am Trust Shares '53>.. 1.72 1.80 No Am Trust Shares < 55-561.. 2 12 2 14 North Am Trust Shares < 58).. 2.14 2.18 Selected American Shares 1.00 1 09 Selected American Shares Inc 226 .... Selected Cumulative Shares .. 597 .... Selected Income Shares .... 313 .. . Std American Trust Shares A 2.66 2.72 Trust Shares of America .. 2.58 2.64 Trustee Std Oil A 5 25 5 37 Trustee Std Oil B 4 62 4.87 U S Electric Lt A- Pwr A ... 10 87 11.37 Universal Trust Shares 2.68 2.84

Bright Spots ißv Abbott Hoppin Sc Cos >

An increase of 10.750 telephones in service during August is reported by the Bell Telephone System This compares with a loss of 33 500 telephones in July, and a loss of 20,750 in August last year. Farifle Telephone and Telegraph ComSany has declared the regular quarterly ividend of 51.50 on the common stork of rerord Srpt. 20. in addition to the regular quarterly dividend of 51.50 on the preferred stork payable Oct. 15. to stock of record Sept. 29. Quarterly dividend of 30 cents has been declared by Nobiitt-Sparks on the common capital stock placing issue on a $1 50 annual basts, against *1 previously. Dividends payable Oct. 1 to stock of record Sept. 20. Electric output of the United Gas ImEfovement System for the week ending ept 1 totaled 65.866 089 kilowatt hours, as against 66.419.101 kilowatt hours during the previous week, and 66 637.592 in the same week a year ago. Reynolds Tobacco Company declared the regular quarterly dividend of 75 cents on the common stock American Smrlting and Refining Company has reduced the price of lead five points to $3.70 a pound. Brokers’ loans by reporting Federal Reserve banks in Newr York City during the week ended Sept 5 totaled *824.000.000. an increase of iSI.OOO.COO over the previous week.

WOMEN’S AUXILIARY TO BANKERS’ GROUP SET Marion County Association Holds Annual Fall Outing. Organization of a woman s auxiliary was the feature of the annual fall outing of the Marion County Bankers Association at the Colonial hotel. Lake Manitou, Saturday and Sunday. Officers of the newly formed group are Mrs. Timothy P. Sexton, president; Mesdames Frank Brady, George Bowen and Val Schneider, vice-presidents; Mrs. Arthur Craven. secretary, and Mrs. Robert Smith, treasurer. Swimming, card parties and dancing occupied the bankers and their families during their two-dav festival at the Indiana lake. Timothy P. Sexton was entertainment committee chairman. Company Declares T vidcnd Bp Times Special NEW YORK. Sept. 10—Directors of the Capital Administration Company, Ltd., declared a regular quarterly dividend of 75 cents a share on the preferred stock, series A. payable Oct. 1 to holders of record Sept.

New . York Stocks “ a* Abbott. Hoppin St Cos. —————

AVERAGE STOCK PRICES FOR SATURDAY Net High. Low. Clote. change. Thirty industrials 91 13 90.51 90.83 —.16 Twenty rails 35.18 35.02 35.14 -.03 Twenty utilities 20.07 19.91 19.96 —.07 Forty bonds .... 92.20 —.OB Ten first rails .... 99.54 —.15 Ten second rails •••• .... 74.30 —.04 Ten utilities .... 98.31 -.02 Ten industrials .... 96.65 —.15 - Up. -Off. •Where qaotatiom ire not gtvea there bit been no trading in tboie liiaea.

—Sept. 10— Prev. Oil*— High. Low. 10 00. close. Amerada 46% Ati Rfg 24’, Barnsdail fl % Consol OH 8’ Cont of Del 17’ Houston mew) 3 Mid Cont Pet - }1 * Ohio Oil 10’ * Phillips Pet 15’ 15’ Plymouth Oil • • *% Shell Un 7. • Soc Vac U' U, SO of Cal 33*. 33*, SO of Ind 26** 26*. S O Os N J J* **. Texas Corp 22'* 22% Tidewater Assn Steel*— Am Roll Mills • , Beth S'eel 281* 28% Col Fuel A Iron. J, Mid Steel ° ? Otis Steel ,2’* Rep Iron St 12 * Rep Ir St St pfd • **., U S Pipe St ft I*% U S Steel 32** 32% U S Steel pfd )7% Youngstn SAT ‘S'* Motor*— Auburn ........ 22% 22% Chrysler 32% 32% 32*. 32% Gen Motors . 28’* 28*. 28* 28*. Gen Motors pfd „ 100 * Graham Mot 2 2 Hudson 87* Hupp 2'a 2% Nash ’ 131. Packard 314 3 . Studebaker 33 Motor Access—Borg Warner 201a 20 a Eaton Mfg IJV4 Elec Auto Lite 2314 23 Murray Body Stew Warner 614 Timken Roll 29 Timken Det Axel .. ... 51* Mining— Alaska Jun 1714 Am Metals ... ••• 17 Am Smelt .. ... 34% 35 Anaconda 11% 11. Cerro de Pasco 37% 371. Dome Mines ** Granby % Gt Nor Ore ... 1114 111. Howe Sound 40". Ins Capper 3% Int Nickel 24% Kennecott Cop 18% Mclnt' re Mine 46 451* Noranda Cop 41 Park Utah 314 Phelps Dodge 14 St Joe Lead •• ,1?- 4 U S Smelters 122 121% Vanadium 161* lr . Amusements— Loews Inc 27 26** Radio Corp 514 5’2 RKO 2*. Warner Bros -• 4% 414 Tobaccos— Am Sum Tob 19 Lige St Myers B 97 Lorillard 18 Reynolds Tob B ■■ 3614 Am Tobacco B 46% ••• Rails— Atchison 49*4 B & I* * Can Pac 1312 Ch St Ohio 431a 43% C M & St P 31s C M & St P pfd Chi N W 6 Chi N W pfd }1 Del Lac & W 16% Grt Northern pf }4% 111 Central’ 161s 161. Lehigh Valley .. ••• •• 11 * Lou A Nash .... 4014 4040 40 M K A T 614 Mo Pac pfd .... . • • 4 N Y Cent 211. 2114 2114 21*4 N Y New Haven 9*. N Y Ont A West , 51* Penn R R 2214 23'* Sou Pac 171* Sou R R 16 16 Union Pac 97 Equipments— Am Car A Fdy 16'4 Am Steel Fdy 13'* Bald Loco 7% Burroughs • 11% 11** Case J I 3914 3814 39Vs 38** Cater Tract 25 Deere A Cos , 1514 Elec Stor Bat ~ 37 Gen Elec 1714 18 Int Bus Mach 138% Int Harvester 25 V. Natl Cash Reg. J |% Rem Rand Und Elliot 46 West Air B ••• 181* Westingh Elec. .. ... ... 311* Utilities— Am A For Pwr 6 Am Tow A Lit. • 4 s A T A T 113 113 Am Wat Wks la,* Brook Un Gas 59'2 Col Gas A Elec 8 1 * 8". Col G A E pfd 65 Com A Sou 1 2 I*. Consol Gas . .. ••• 26's 26,* Elec Pwr A Lit 414 4 Int Hvdro Elec. . ... •• 41* Int TA T . 914 9 9 |% Nat Pwr A Lit 8 71* North Amer J3 Pac G A E I® Postal Tel pfd Pub Serv N J 30*2 So Cal Edison. 1214 Std Gas 7 2 Std Gas pfd 71* Stone A Web ® United Corp 3!s 4 Un Gas Imp 14* W’estern Union.. .. ... ••• 33 Rubbers — Goodyear 20*4 20% Kellv Spring U S Rubber 15% 151a U S Rbber pfd 361* 36,* Miscellaneous— Amer Can 9714 9714 Brklyn Man Tr 401* Conti Can 80 79** Glidden . -• ••• • • fj. 2 Inter Rapid Tr.. 14H 4 1 /* Food— Am Sugar 651* Armour (A) 6* Beatrice Cream'y J 8 * Borden Prod 25 25js Cal Packing 40'* Canada D G Ale J 5 -a Coca Cola ••• 335.2 Cont Bak (A)... 6 Corn Prod ... 58‘2 Crm of Wheat ••• 32 Cuban Am Sugar • , 81s Gen Foods 29% 29% Gold Dust 17J* G W Sugar 29% 29% Natl Biscuit 32 Natl Prod 16% 161. Purttv Bak 9% Std Brands 19% 19*8 Un Biscuit 22'* Retail Stores—j Best A Cos 32 I First Natl Stores 64* j Gimbel Bros 3% Ge Un Tea 3 ! Hahn Dept Sts 4' Kroger Groc ... 28 Marshal! Fields • ■ ••• 11 Mont Ward .. 24% 24** 24% 25% Safeway St 46** Searse Roebuck 36% Wool worth 4i% 471* Aviation— Aviation Corp 4% 4'4 j Curtiss Wright 2** 2** Curtiss Wright A 7% “ Douglas Air ... ... 17%*8 1 6** igssta SS.K-: :: ::: STATE AND MUNICIPAL FINANCING DECREASES August Amounts, Including PWA Loans, Fall Sharply. P f J imet Special NEW YORK. Sept. 10.—State and municipal financing during August .totaled $48,293,202 including 53,116.I 940 of PWA loans as compared with 5134 509.290 during July (including S4O 996 578 PWA loans) according to The Daily Bond Buyer, of New York. The total for August of this year also included an RFC loan of $22,500 000 to the City of Chicago. The total for August, 1933 was sllO,855.276, including $74,656,000 PWA loans. The total for the first eight months of this year is $896,097,634 as compared with $467,579,176 during the same period of 1933. These figures include all RFC and PWA loans. DECLARE CASH DIVIDEND Perfect Circle Cos. to Pay 50 Cents a Share Oct. 1. Bn Times Special HAGERSTOWN. Ind.. Sept. 10.— Directors of the Perfect Circle Company declared a regular quarterly cash dividend on 162,500 shares of outstanding stock. The dividend, amounting to 50 cents a share will be payable Oct. 1 to stockholders of record Sept. 19.

THE INDIANAPOLIS TIMES

t hem inis— Air Reduction- 91 Allied Chern 1271* 127 Col Carbon 65*4 Com Solvents 19*4 19% Dupont 88 87 1 * Liquid Carb 21 Math Alkali 26% 26% Montoson Chem. 51% Natl Dis (new). 19% 19*4 19% 19% Sehenley Dist . 21** 21% 21% 21% Tex Gulf Sulph 35 34*, Union Carbide 40% 40% U 8 Ind Alcohol 37% Vir Chem 6% pf 16% Drugs— Lambert 24% Lehn St Fink 14% Financial— Adams Exp 7% 7% Allegheny Corp 2 Am Int Corp 6% Lehman Corp .... ... 69 69% Transamerlca s*/ Tr Conti Corp 4% 4 Building— Am Radiator ... 13 12 7 * 1214 12% Gen Asphalt Int Cement ... 44% Johns Manville 44% 4414 44% . Libby Owens Gls 27% 27*4 Otis Elev 14% 14'/* HouseholdCol Pal Peet 14 Congoleum 27' * Kelvinator 12% Proc & Gamble 36% Simmons Bed 914 Textiles— Amer Woolen 8% Belding Hem 11% Celanese Corp .. 20 19% 19% 20 Collins Aikman Ill* 11% Indus Rayon 23%

New York Curb (By Abbott. Hoppin Sc Cos.) —Sept. 8— Allied Mills .. 7 Hud Bay Min . 14% Alum Cos of Am 52 Int Petrol 29 Am Beverage . 11/,I 1 /, Lake Shore Min 57% Am Cvan "B”. 16%,Libby McN Liby 7% Can Marc .... 2 iLone Star Gas . 5 Cities Serv ... 11* Mt Producers . 4% Deere Sc Cos .. 15% Natl Bellas Hess 214 Distillers Lim 211* Newmont Min . 44 Distillers Corp. 15 Nia Hud. Pwr . 4% El Bond &Sn 10%'St Regis Paper 2% Ford of Europe 8% Sal Creek Prod 6 Gen Aviation 3% Std of Kv 15% Gold Seal Elect 2% Un Gas 2 Hiram Walker . 26%1Un Pr Sc Lt “A" 2 Humble Oil . 41% Wright Har Min 914 Imper Oil Ltd 14**1

Chicago Stocks Bv Abbott. Hoppin Sc Cos. """"

—Sept. 10High. Low. 11:30. Butler Bros 8% Chicago Corp, com 2 Cities Service 1% Commonwealth Edison 44% Cord Corp ... 3% Electric Household 15% Great Lakes Dredge 15Ve Iron Fireman .• 14% Libby McNeil 7% 7% 7% Nobiitt-Sparks Ind Inc. 14 13% 14 Swift & Cos 18% 18% 18% Swift International .... 37% 36% 3% Util Pwr & Lit A 1 Utility & Ind pfd 2%

Bond Prices By Fenner & Beane '

—Sept. 10— Alleg Corp 5s ’SO • • • 22% AT&T db 5s ’65 108% 108% 108% Atchison gen 4s '95 10114 101 10114 B&O CV 4%s ’6O ... • 55% Beth Steel 5s A ’42 ... ... 102% Can Pac ?s ’57 75% 75% 751* ChMStP&Padj 5s A 2000 8% 8% 8% ChMStP&P rs 5s A ’75 28% 27% 28 Cons Gas NY 4%s ’57 103 Denmark 5%s ’55 88% French 7s '49 185% Goodyear 5s 57 100% Gt Nor 7s A ’36 85 Interboro RT 5s ’66 .... 75% 75 75% McKess & Robb 5%s 'SO . 8/2 Nat Dairy db 5%s '4B -. 98 97% 98 Nor Am 5s '6l ... 85% Penn RR 4V*s D ’Bl 94 Poland 7s '47 123% 122% 123% Texas Corp 5s ’44 102% 102% 102% Tob Pr NJ 6%s 2022 106% Un Pac Ist 4s ’47 105'% US Rubber 5s A '47 84% Western Un 5s 'sl 81% Ygstwn S&T 5s B '7O 84% U. S. GOVERNMENT BONDS (By United Press) NEW YORK. Sept. B—Closing Liberty Bonds (Decimals represent 32nds.). Liberty 3%S (32-47) 102.29 First 4%s (32-47) 102.30 Fourth 4%s (33-38) 103.15 Treasury 4 1 *s 3%s (45) 100.30 4%S (47-521 110.18 3%S (43-47) 102.8 3%s (41-43i, March 102.6 3**s (40-43), June 102.8 3'Vs (43) 102.1 3%s (46-49) 100.10 3s (51-55) 99.12 FEDERAL FARM LOAN BONDS (Bv Blvth Sc Cos.. Inc.) —Sept. 8— Bid. Ask. 4s. Jlulv 1 1944-46 97 97% 4s. Nov. 1. 1957-37 96 96% 4s. Mav 1. 1958-38 96 96% 4%5. July 1. 1955-36 96% 97% 4%5. Jan. 1. 1957-37 96% 97% 4%5. Mav 1. 1957-37 96% 97'/2 4%5. Nov. 1. 1958-38 97 98 4%5. Mav 1. 1942-32 98% 99% 4%5. Jan. 1 1943-33 97** 99'% 4%5. Jan. 1. 1953-33 97% 98% 4%5. July 1. 1953-33 97% 98% 4%5. Jan. 1. 1955-35 97% 98% 4%5. Jan. 1. 1956-36 98 99 ss. Mav 1. 1941-31 100 100% ss. Nov. 1. 1941-31 100 100% —Home Loan—3s. May 1. 1964-44 97.04 97.12 4s. July 1 1951 97.04 97.12 —Federal Farm Mortgage Corporation—3'is. March 15. 1964-44 99.08 99.18 The three latter quotations are in thirtyseconds.

On Commission Row —Sept. 10 — Quotations below are average retail prices being offered to buyers by local commission house dealers. Peaches Michigan Elbertas, bushel, *2.50. Plums—Michigan, large blue, half bushel, $1.15: Italian, naif bushel. $1.15. Pears—Michigan Bartletts. bushel, $2.25; Clapps favorite, $2. Lemons—Sunkist. $5.50. Grapes—California seedless, crate, $1.25. Grapefruit—California seedless. $4.25. Watermelons—2s® 50c Bananas —Pound. 5%c. —Vegetable*— Endive —Ohio, 2 doz.. basket. 85c. Sweet Corn—Home grown, doz . 20c. Cabbage—Northern, 50-lb. bag. 85c. Celery—Michigan, medium, dozen. 45c: jumbo. 65c. Cranberries—2s-lb. box. $3 25. Onions—ldaho sweet Spanish, large. 50lb. bag. SI 50: Michigan, yellow. $1.25: westren, whites. $1.85 Pickline Onions—lo-lb. bag. 75c Fotatoes—Eastern Cobblers. 100-lb. bag. $1.75: Wisconsin round white, 100-lb. bag, $1.65; Idaho russets. $2.25. Sweet Potatoes—Eastern Yellow Jerseys, bushel. $1 75. Beans —Round stringless, bushel. $1.75; home-grown Kentucky Wonders. $1; homegrown Limas, large, lb.. 40c. Beets —New. 30c doz. Carrots —Ohio. doz.. 35c Cauliflower —15s-lls. crate. $1.75 Lettuce—Outdoor. 15-lb. basket. 65c; Iceberg California, crate. $4.50. Cucumbers—Home grown, bu.. *1 50. Egg Plant—Home grown, dob.. *l. Pea&—Hamper. $2 25. Peppers—Home grown, bu.. *2 Radishes—Basket of 2 doz.. 85c Spinach—Home grown. New Zealand, bu . 65c; Broadleaf. 12-lb. baskt 60c. Tomatoes —Outdoor, basket. 50c; bu.. $1.50. FRUITS AND VEGETABLES (Bv United Press) CHICAGO. Sept 10—Apples—Michigan Mclntosh. 2% inch. $2; Michigan. *1.75 wealthies. bu.. 2% inch. $1.35; Wisconsin fi 2. Tomatoes—Michigan. 12 qt. baskets. 35®50c; Wisconsin. 50®75c; Ohio, 60c® *l. Sweet Potatoes—Tennessee, bu.. *1 15 ®1 25 Peaches—Michigan, bu.. *lB2. Lettuce—California, crates. *2® 3.75; leaf. Ohio, basket, 40c. Beans —New Jersey, bu . green. *1: Illinois. 75c® *1 Cabbage —Wisconsin, crates. 50® 85c. Corn—lllinois. sacks. 25®50e Carrots —Illinois, bu.. 90c Peppers—niinois. bu.. 50885 c. Eggplant—lllinois, bu.. 50®65c; best. Celery —Michigan, crates (squares' 40 8 55c; flats. 3CB 50c Cauliflower—Weskern, cradtes. $1 25 81.35. Grapes—Michigan. Concord, baskets. 4 qts , 15817 c. Onion market ■ 50Ib. sacks 1: Washington yellows. $105: Michigan yellows. 75 8 85c: Idaho whites. *1.15# 1.20: Idaho yellows. tlpl.lO. Net Income Increases Bp Times Special CHICAGO. Sept. 10—Net income reported by the American Chain Company, Inc., and subsidiaries for the first six months ended June 30 amounted to $244,500, against a net loss of $056,753 in the first hall of 1933.

PORKER PRICES GENERALLY 25 CENTSLOWER Veal Market Unchanged at $7.50 Down; Cattle Turn Weak. The sharp decline of the previous week was carried over in hog trading at the Union Stockyards this morning when prices generally were 25 cents lower than Saturday’s average. Receipts estimated at 8,000, showed a slight increase as compared with previous sessions. Demand at the yards still was lacking. Bulk of 160 to 200 pounds brought $6.75 to $6.80. Other classes scaling 200 to 300 pounds sold at $6.65 to $6.85. Top price was $6.90. Lightweights ranging from 130 to 160 pounds were salable at $6.75 to 6.25. while 100 to 130 pounds brought $4.50 to $5.50. Packing sows sold at $5 to $6. Holdovers numbered 770 . General trade in the cattle market was weak to largely 25 cents lower than Saturday. Early supplies consisted mostly of Stocker feder steers and low-grade slaughter cattle. Most steers brought $4.50 to $6.75. Few choice kinds sold at SB. Receipts were 1.600. Veal prices were unchanged during the early trading, with the general run selling at 57.50 down. Top price held at SB. Receipts were 700. Practically all classes of lambs remained steady with Saturday’s close. Bulk of ewe and wether grades sold at $7 to $7.25. Few’ brought $7.50. Bucks were discounted sl, while throwouts ranged from $4 to $5.50. Receipts were 1,200. With no early bids evident talking was slightly lower on hogs at Chicago. Receipts were estimated at 20,000, including 8,000 directs. Cattle receipts numbered 32,000, including 7.000 government; veals, 7,500, including 5,000 government; market w r eak. Sheep receipts, 15,000; market, steady. Sept. Bulk. Top. Receipts. 4. 7.25® 7.55 $7.55 8.000 5. 7.40® 7.50 7.60 4.000 6. 7.15® 7.25 7.35 4,000 7. 7.15® 7.25 7.35 5,500 8. 7.00® 7.05 7.15 2.500 10. 6.75® 6.80 6.90 8,000 Market, Lower (140-160) Good and choice ...$ 6.00® 6.75 —Light Weights—-(l6o-180) Good and choice ... 6.75® 6.80 (180-200) Good and choice ... 6 80® 6.85 —Medium Weights—-(2oo-220) Good and choice ... 6.80@ 6.90 (220-250) Good and choice ... 6 80® 6.90 —Heavy Weights—-(2so-290) Good .and choice .. 6.65® 6.80 (290-320) Good and choice ... 4.45® 6.65 —Packing Sows—-(27s-350) Good 5.85® 6.10 (350-425) Good 5.65® 6.00 (425-550) Good 5.50® 5.85 (275-550) Medium 5.00® 5.75 —Slaughter Pigs—-(loo-130) Good and choice ... 4.50@ 5.50 CATTLE Receipts, 1,600; Market, Steady. —Steers—-(sso-900) Choice 7.25® 8.75 Good 6.25® 8.00 Medium 4.25® 6.50 Common 3.00® 4.25 (900-1,100) Choice 8.50® 9.75 Good 6.75® 8.75 Medium 4.50® 7.00 Common 3.25® 4.50 (1.100-1,300) Choice 9.00®10.25 Good 7.25® 9.25 Medium 5.25® 7.25 (1.300-1,500) Choice 9.00®10.25 Good 7.50® 9.50 —Heifers—-(sso-750) Choice $ 7.00® 7.75 Good 5.75® 7.00 Common and medium 3.00® 5.75 (750-9001 Good and choice ... 6,00® B.oft Common and medium .*.... 3.00® 6.00 —Cows— Good 3.50® 4.50 Common and medium 2.50® 3.50 Low cutter and cutter 1.25® 2.50 —Bulls—(Yearlings Excluded) Good 3.25® 3.50 Common and medium 2.25® 3.25 VEALERS Receipts, 700; Market, Steady. Good and choice S 7.00® 8.00 Medium 4.50® 7.00 Cull and common 2.50® 4.50 —Calves—-(2so-500) Good and choice ... 4.75® 6.50 Common and medium 2.50® 4.75 —Feeder and Stocker Cattle—(Steers) (500-800) Good and choice ... 4.50® 5.50 Common and medium 3.00® 4.50 (800-1.050) Good and choice. 4.50® 5.50 Common and medium 3.00® 4.50 (Heifers) Good and choice 3.00® 4.25 Common and medium 2 50® 3.00 —Cows — Good 2.50® 3.00 Common and medium 2.00® 2.50 Other Livestock (By United Press) * CHICAGO. Sept. 10.—Hogs—Receipts. 20,000. including 8.000 directs; market slow, around 25c lower than Friday; 200280 lbs., $7.10®7.20; top, $7.20; 140-200 lbs.. $6®7.10; pigs, $5 50 down; packing sows, $6.25® 6.50; light lights, 140-160 lbs., good and choice, $5.75®6.75; lightweights, 160-200 lbs., good and choice, $6.50®(15; medium weights, 200-250 lbs., good and choice, $7®7.20; heavyweights. 250-350 lbs., good and choice, [email protected]; packing sows, 275-550 lbs., medium and choice) $5.25*4 6.60: slaughter pigs, 100-130 lbs., good and choice. $4 25*45.75. Cattle —Receipts, 25,000: commercial. 7,000 government; calves 2,500 commercial. 5.000 government: fed steers and yearlings, unevenly steady to 25c lower; mostly weak to 25c off; strictly good and choice offerings in best demand on shipper accounts; also fairly active trade early on light heifers and mixed yearlings; hest weighty steers. $10.50: numerous loads, $9.50® 10.25; light steers at outside price; heifers of value to sell at $7.50 upward, steady; others weak to 25c lower; weighty heifers, $8.75; practical top. $8 25; bulls steady; vealers 50c lower; slaughter cattle and vealers; Steers, 550900 lbs., good and choice, $6.25® 9.25: 9001.100 lbs., good and choice. $6.75® 10.25; 1 100-1.300 lbs , good and choice. $7.25® 10.60; 1,300-1.500 lbs., good and choice. $8 ® 10.60; 550-1.300 lbs., common and medium, $3.25®7.75: heifers, 550-750 lbs , good and choice. s6® 8.50; common and medium. $3.25® 6: cows, good, $3.75® 6: common and medium, 52.50®,3.75; low cutter and cutter cows, $1.50® 2.50; bulls, yearlings excluded, good beef. $3 25® 4.25; cutter, common and medium. $2 50® 3.50; vealers, good and choice, $5.50®8.50: medium, ss® 6.50: culls and common. s4® 5: stocker and feeder cattle: Steers. 550-1,050 lbs., good and choice. $4.50® 5.50: common and medium. s3®4 50. Sheep—Receipts, 15.000; fat lambs opening slow; undertone weak to lower; bulk native and range lambs held at $7 upward; few around $7.25; sheep about steady; feeding lambs, strong to higher: best range feeders held around $6 25; slaughter sheep and lambs: Lambs. 90 lbs. down, good and choice. $6.50® 7.25. common and medium, $5.50® 6 25; ewes, 90150 lbs., good and choice. $1.75®2.85: all weights, common and medium. $1.50®2 25: feeding iambs. 50-75 lbs., good and choice, *5.50® 6 25. LAFAYETTE. Sept. 10.—Hogs—Market, 25c lower; 200-250 lbs.. 56.65®6.75; 250-300 lbs. *6.50® 6.60 160-200 lbs., $6.45® 6 ffs. 140-160 lbs., $5.75® 6; 125-140 Its.. $5.25® 5.70: 115-125 lbs., $4.75®5; 100-115 lbs.. $4.25® 4 50; roughs. *5.50 down; top calves, *7; lambs. $6 down. (By Times Speciali LOUISVILLE. Sept. 10—Cattle—Commercial. 2,000: run liberal and mostly medium and lower grade steers and heifers; market opening slow and uneven on these; early sales. 25®50c lower than high time last week; cows about steady: sausage bulls strong to 25c higher: early bull: common to medium; steers and heifers. $3 1 4 25: most better finished offerings. *s® 6: odd baby beef type yearlings, $6.50 and load strictly good around 1.100 lb.; experimentally fed steers. *7.25; bulk beef cows. *2 50®3: good. *3 23 and smooth heifer types to around $3.75; bulk low cutters and cutters. *1®2.25: bulk sausage bulls. $3 down; odd head best heavy bulls. *3 25: salable supply Hereford stock calves numbers about 2.500 head: market opening slow and about stead*-; bulk salable. *4 50 ® 5 50; calves, commercial 1.800, including about 1.150 stock calves: vealers steady with Friday and oa’urday bulk better grades. *6® 6 50: strictly choice. *7: medium and lower grade vealers. *5.50 down; heavy grass calves. *4 50 and below. Hogs—Receipts. 1.100; market 30c lower than the limited sales Saturday or 45c under last Friday, top and bulk, better: 185-275-ib. weights. 38 70 280 lbs up *6 25 160-180 lbs $6 140-155 .bs , $5 50: 120-135 lbs . *4; sows. *4.50 erassv and unfinished hogs sibject to a discount. Sheep—Receipts. 1,000. including 332 stock ewes; lamb market, steady: bulk better lambs. *6426.50; choice quotable to $6.75 and above; bucks discounted 100 per hundred weight and moat light throwouts, $3.50; bulk fat ewes. $1 02: choice lightweights eligible. $2.25; stock ewe trade moderately active; bulk salable. *6©7.50; some choice young ewes Md. IHft

Government Tests Credit by Offering to Refund $1,774,758,500 in Stocks If All Securities Are Exchanged Federal Saving on Interest Charges Will Total Approximately $12,500,000 Yearly. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON, Sept. 10.—The government puts its credit to the test today by offering to refund $1,774, 758.500 in secuirties, part of them at a lower interest rate. The offer ended several weeks of speculation about the new financial program. It was taken as a refutation of the many theories that the government woul dinfiate the currency to pay off the debt.

Instead the treasury offered new bonds for its outstanding obligations. If all the securities are exchanged it w 'ih save $12,500,000 yearly in interest charges. The big program embraces $524.748.500 in 1% per cent certificates due Sept. 15 and $1,250,000,000 Fourth Liberty loan 4'ii per cent bonds. Holders who do not want new bonds can take cash. Interest to Start Sept. 15 Certificates holders may have new m per cent two-year notes. Liberty owners may take 3% per cent ten to twelve-year bonds or fouryear 2% per cent notes. The government offered several inducements to those making the exchange. Both the notes and the new bonds offered have been selling in the open market around IOO I *, which would make a -point profit for those effecting an exchange. Interest on the new securities will begin Sept. 15 and interest on the Liberties will continue to Oct. 15, giving holders making the swap an extra month's interest. The option of long or short term securities was given in an effort to refund as much of the issue as possible. Banks not caring to tie up their money in long term obligations may take the short term notes. Investors wanting long term investments and higher returns can take the bonds. The refunding operation ends the government’s financing problems until Dec. 15 when $992,496,500 of 2% per cent certificates fall due. If it is successful and too many holders do not demand cash, the government’s $2,100,000,000 cash balance plus tax receipts is expected to cover spending until then. U. S. May Raise Debt Possibly $5,000,000,000 of new money, however, in addition to refund operations, may have to be borrowed by the government by next June. This would carry the government’s debt to the $32,000,000,000 peak set by President Roosevelt from its current level of $27,053,641,343. In addition to the $5,000,000,000 in new money to be borrowed, it was estimated the government would have to refund $5,000,000,000 of maturing securities between now and next June 30.

INCREASE FORECAST IN COTTON OUTPUT Year’s Crop Estimated at 9,252,000 Bales. By United Press WASHINGTON, Sept. 10.—The department of agriculture forecast a 1934 cotton crop in the United States of 9,252,000 bales, based on conditions as of Sept. 1. The estimate represents an increase of 57,000 bales over the forecast on Aug. 1 during the height of the drought. The predicted crop is 3,795,000 bales less than last year’s and 5.414.000 bales less than the average production in the five-year period 1928 to 1932. An average abandonment of 2.8 per cent was reported making the acreage remaining for harvest 27,241,000 acres. The predicted yield an acre for the United States is 162.6 pounds compared with an average of 169.9 from 1923 to 1932. Improved weather conditions during August bettered cotton prospects in all states east of Alabama. These increases, however, were partially offset by decreases in states west of Alabama. Produce Markets Delivered in Indianapolis prices: Heavy hens, 14c; Leghorn hens, 9c; 1934 broilers, 2 lbs. and over, 14c; Leghorn broilers. 1% to 2 lbs. and over. 10c: bareback,broilers. 10c: old roosters. sc; ducks. 4c; geese, sc; young guineas, 20c; old guineas. 15c: No. 1 strictly fresh country run eggs, loss off 19c. Each full case must weight 55 lbs. gross; a deduction of 10 cents a pound for each pound under 55 lbs. will be made. Butter—No. 1. 28® 29c. Butterfat. 23c. Quoted bv the Wadlev Company. (By United Press) CHICAGO. Sept. 10.—Eggs Market, firm: receipts. 5.609 cases; extra firsts, 22%c: fresh graded firsts. 22c; current receipts. 18®20%c; dirties No. 1. 17c; No. 2. 14c; checks. No. 1. 16c; No. 2,14 c. Butter—Market, unsettled: receipts, 10.920 tubs; extra firsts (90-91% score i, 24® 24%c; extras '92 score), 25c; firsts (8889% score'. 23®23%c; seconds 'B6-87% score), 22®22%c; specials. 25% 8 26c: standards. 24%c. Poultry—Market about steady; receipts. 17 trucks; 2 cars due; fryers, 15%®17%c; broilers, 15%®17%c; geese. 12813 c; turkeys. 13®l.>c: old roosters. 11c; hens heavy, 18c; medium, 14c: ducks, 12® 15c; springers. 16® 19c. Cheese—Twins. 13®13%c: daisies. 13%® 14c Potatoes—Supply moderate; demand and trading slow on account of Jewish holiday; market stronger; Wisconsin Cobblers. *1.25®1.32%c Triumphs, *1.608 1.67%: North Dakota Triumphs, $1.75; Washington Russets, combination grade. $1.70; New Jersey Cobblers. U. S. No. 2, 90 cents; Idaho Russets, *1.75®1.95. combination grade. *1.45; Pennsylvania Cobblers, $1.35. CLEVELAND. 0., Sept. 10—Butter—Market weak: extras. 29c lb in tubs, standards 28%c. Eggs—Market, steady: extra white. 24c doz; current receipts. 21c Poul’rv iLivei—Market firm; fowls colored 4% lbs and up. 20c; old roosters. 12c; ducks white 5 lbs. and up. 17c. PotatoesNew Jersey. $1 30®1.35 100-lb. bag; Idaho. $282.15 100-lb. bag NEW YORK. Sept. 10—Potatoes— Steady; Long Island, 40c®51.05 bag New Jersey. SW®SI bag Sweet PotatoesQuiet; Jersey, basket, 75c®5175: Southern bbi SISOB 3.50; Southern basket. 40c a *1.50. Dressed Poultry—Steady to firm; turkeys. 19®34c: chickens. 10828 c; broilers 16S 28c; fowls. 10®21c: Long Island ducks, 14® 17c. Live Poultry—Steady; geese. 88 10c; turkeys, 17023 c. roosters. 12c; ducks. 128 19c; fowls. 12021 c; chickens, 218 25c; broilers. 12®24c. Cheese —Quiet; state whole milk, fancy to specials. 198 20c: Young America. 14% ® 14**c Butter—Receipts. 10.611 packages: market, firmer: creamery higher than extras. 25%®26c: extra '92 score), 25c: firs: 90 to 91 score'. 24'*®24’c: firsts •88 to 89 score'. 23% 8 23%c: second*. 22-* 0 23c: centralized 90 score . 24 0c; centralized 'BB to 89 score'. 23%®23%c; centralized .34 to 87 score' 22-..®23c Egg— Receipts, 9.762 cases; market, steady; special packs including unusual hennery selections. 25 8 28c; standards. 24%c: firsts. 22®22'c: seconds 21®21%c: mediums. 21® 21%c; dirties. 18 2i%c; checks, 173 18c. Coal Production Climbs By Times Special CHICAGO. Sept. 10— Bituminous coal production for the week ended Sept. 1 was estimated at 6,770,000 tons, against 6.210,000 in the previous week, according to the National Coal Association.

BUSINESS LOANS RISEJHARPLY Increase During Week Ended Sept. 5 Brings Total to $1,612,000,000. By Times Special NEW YORK, Sept. 10.—Advances to business, as represented by ’’all other" loans, of reporting federal reserve member banks in New York city rose $81,000,000 during the week ended Sept. 5, according to the condition statement issued recently. The increase, which brought the total of such loans to $1,612,000,000, was the sharpest in some time. A large part of the expansion, lt is believed, represented a growth in the volumns of commercial paper outstanding at the end of August. While official figures on the amount of this paper in circulation have not yet been issued, leading dealers said that the report when released will reveal a sharp rise. The weekly report of the federal reserve system as a whole revealed a decline of $220,000,000 in member bank reserves, which had a consequent effect on excess reserves throughout the country. This decline was a result of holiday demands for currency, a drop in monetary gold stocks and a sharp expansion in the treasury's holdings of cash and deposits with the federal reserve banks. Money in circulation rose $74,000,000 during the week, representing the increased needs for the Labor day holiday. The $18,000,000 decrease in monetary gold stocks reflects the movement of the yellow metal out of the country following the upswing in the value of the French franc to the point where gold exports were profitable. Loans to industry made by the federal reserve system increased $112,000, bringing the total to $922,000. At the same time commitments to make advances rose from $134,000 to $491,000. A drop of $93,213,000 in gold certificate reserves was shown by the Federal Reserve Bank of New York, mirroring the transfer of funds to the interior and the outward flow of gold. Holdings of United States government securities were unchanged, but member banks in this area reduced their holdings by $39,000,000.

OLDSMOBILE SETS NEW RETAIL SALES RECORD August Business Exceeds Last Year By 137 Per Cent. By Times Special LANSING, Mich., Sept. 10.—Oldsmobile retail sales in August set a new record and exceeded those for the same month of 1933 by 137 per cent, D. E. Ralston, general sales manager, has announced. There has been an actual upward trend in sales recently, with the volume for the last ten days of last month exceeding that for any previous ten-day period this year, Mr. Ralston said. August sales total exceeded that for August, 1929, when the company had its best business. The plants here will continue operation on a two-shift basis this month, officials said. SCHENLEY CORPORATION EARNINGS AT $4,272,567 Profit in First Six Months Equal to $4.07 a Share. By Times Special CHICAGO, Sept. 10.—Sehenley Distillers Corporation and subsidiaries report net earning after taxes and charges for the six months ending June 30, last, of $4,272,567, equivalent to approximately $4.07 a share of capital stock. This did not include a credit to surplus of $1,775,502, which represented the difference between the book value of whisky destroyed by fire at the Lexington, Ky., plant a few months ago and the market value as settled by insurance companies, less federal taxes. The firm was not in business during the corresponding period last year, so there are no comparable figures for 1933. FREIGHT TRAFFIC GAINS Car Loadings Show Advances Over the Previous Week. By Times Special CHICAGO, Sept.. 10— Rail freight traffic, though indicating losses compared with a year ago, continued to show advances over the previous week today as leading roads reported for the week ending Sept. 1. Pennsylvania handled 84,733 cars, compared with 80,140 in the previous week, but 102.935 in the corresponding week in 1933, while Union Pacific moved 14.146 cars, 416 above tile previous week. Baltimore & Ohio moved 39,350 cars, an increase of 1,051 over the week before, but a decrease of 8,389, as compared with the same week last year. RAILROAD WINS SUIT Federal Court Here Finds Against Acme-Evans Company. Grain shipped to Indianapolis and milled and then shipped to another destination is not entitled to a continuous shipping rate. This was determined when federal court returned a judgment in favor of the Cleveland, Cincinnati, Chicago & St. Louis Railway Company in an action brought by the AcmeEvans Company to recover $125,000 in alleged transportation overcharges. ♦

.SEPT. 10,1934

GRAIN FUTURES UNSETTLED IN LIGHTSESSION Weakness in Foreign Trade Creates Selling at Chicago. BY HARMAN W. NICHOLS United Pres Staff Correnpondent CHICAGO, Sept. 10.—Easiness tn foreign grain prices unsettled the market in the Chicago Board of Trade today. Prices were un- ! steady. Wheat started % cent lower to | cent higher. Corn was off % to 4 cent, oats were off % to % cent j and rye was % to •% cent higher. Liverpool, Rotterdam and Buenos Aires showed a tendency to lean to the downside and this item brought sellers into the local pits. There was little activity, however, and mast traders stayed close to shore, watching developments.

Chicago Futures Range —Sept. 10— Prev. Wheat— High. Low. 10 00. close. Sept 1.06% 1.05% 106% 106 Dec 1.07** 107 1.07% 107% MtV 108% 1.07% 1.08% 1071* Corn— Dec 79** .79% .79% .79% May 82 .81% .81% .82 Oati— Sept 54% .54% 54% .54% Dec .55 54% .54 . 54** May 54% .54% .54% .54% Rye— Sept 84% .83% .84% .84% Dec 86% .86 .86% .85% May 90 .89% .89% .89% BarleySept 91 Dec 85% 85% .85% .84% May 85 CHICAGO PRIMARY RECEIPTS ■—Sept. 8— —Bushels— Today. Last weele. Wheat 891.000 943 000 Corn 771.000 1.126000 Oats 156.000 159.000

Cash Grain

Local Waiton Wheat City (train elevators are pavin? 94 cent* for No. 2 soft red wheat. Other erades on their merits. (By United Press! CHICAGO. Sept B— Cash Brain: Whea* —No. 2 red. $1.08; No. 3 red. tl.o7Vj; samples rade. $1.031i: No. 2 hard. $1.13; No. 3 hard. SI 12* 2 ; No. 3 mixed $1.07>2. Corn—No. 1 yellow. 82 Vi ® 82Vi; No. 2 yellow. 82® 82'ic; No. 3 vellow. 82c; No. I white. 86'4C; No. 2 white. 86®86'2c; o. 5 white. 83VaC. Oats—No. 2 white. 58‘a ® 59c: No. 3 white. 56®>57>ic; No. 4 white. 55®56'ic: sample. 53 3 ic. BarleyQuotable. 80cW$l 25. Timothy—sl6.so® 18. Clover sped—sl6® 21 50. Cash provisions— Lard. $9.47: loose. $9.60: leaf. $10.50; bellies. $13.92. TOLEDO Sept, 8 —Grain close: (Grain in elevators, transit billine > Wheat —No. 2 red. sl.oß® 1.99. Corn—No. 2 vellow. 85 iff ß6c. Oats—No. 2 white. 60®61c. Rve —No. 2 86'2®87 , /2C. Track prices. 24'2<5 rate. Wheat—No. 1 red. $1.04® 1.04 Vi; No. 2 red. $1.03® 1.03'i. Com—No. 2 yellow. 814581 1 2C; No. 3 vellow'. 80 r ac: No. 4 vellow. 80®80' 2 c. Oats—No. 1 white. 57®59Vic: No. 2 white. 56',2®59c: No. 3 white. 55®57c. U. S. STEEL SHIPMENTS CLIMB DURING AUGUST Increase of 8,035 Tons Reported Over Previous Month. By United Prett NEW YORK, Sept. 10.—Shipments of finished steel products by the United States Steel Corporation in August totaled 378,023 tons, an increase of 8,085 tons from the 369,938 tons reported for July. The increase was unexpected, i Estimates published recently anticipated a decline ranging upward to 25,000 tons. The August total compared with 668,115 tons in August, 1933; 291.688 tons on August, 1932, and 573,372 tons in August, 1931. For the first eight months of 1934 shipments totaled 4,426,856 tons, against 3,581,897 tons in the corresponding period of 1933, and inNEW DEAN NAMED FOR LINCOLN LAW SCHOOL Edward F. New, Attorney, Will Head | Legal Department. The appointment of Edward F. New, Indianapolis attorney, as acting dean of the Lincoln university law school was announced today. Mr. New, a former president of the Young Lawyers’ Association, has been connected with the faculties of the University of Maryland and Georgetown university, and he has been president of the Indianapolis Aero Club. He will continue as an instructor in the school. PULLMAN INCOME DIPS Deficit Totals $60,142 After Taxes in First Seven Months. By Timm Special CHICAGO, Sept. 10.—The Pullman Company, sleeping car firm affiliate of Pullman, Inc., reports net income after taxes of $112,180 for July, compared with $120,943 for July last year. Gross income for month totaled $3,710,106, against $3,356,102 a year ago. Deficit of $60,142 after taxes Is reported for the first seven months this year, as compared with a deficit of $1,594,735 for the corresponding period in 1933. Gross for the period was $25,356,502, against $21,190,304 a year ago. Kidnaper Gets Thirteen Years By United Pr.ett FINCASTLE, Va„ Sept. 10.— Major Robert Knet, convicted kidnaper of Mrs. Mary J. Hastings, Virginia hotel owner, w-as held in jail here today, pending filing of an appeal from a thirteen-year prison sentence. Dividend Payment Announced By Timet Special NEW YORK. Sept. 10.—Declaration of a dividend of 20 cents on the capital stock by directors of the Broad Street Investing Company, Inc., was announced today. The dividend will be payable Oct. 1 to holders of record Sept. 17. Local Insurance Man Leader L. S. Shafer. 405 New City Trust building, manager of the local agency of the Ohio State Life Insurance Company, was listed today by the home office of his company at Columbus as being among the leaders in business turned in during August. Other Livestock (By United Pres*) FT. WAYNE. Sept. 10 Hogs— 20c to 25C lower; 250-300 lbs.. *.70; 300-230 lb*.. $6O 180-330 lb*.. *0 SO; 160-180 lbs.. 14 40; 300-350 lbs . $8 45, 150-180 lbs.. $5.73; 140150 lbs, 85 50; 130-140 lb*.. *5 35; 130-120 lb*.. %i: 100-120 lb*.. *4 33; roughs. 88; stags. 83. Calves —Receipts, 750; Utah*. 450.