Indianapolis Times, Volume 47, Number 39, Indianapolis, Marion County, 25 April 1935 — Page 22

Wall St. New SEC Rules Give Tighter Control to Government. —BY RALPH lIENDERSHOT Timet Special Writer

NEW YORK. April 25 If any one had any doubt that the government would take over complete regulation of the security exchanges of the country that doubt should be very effectively dispelled by the new rules which have just been suggested by the Securities and Exchange Commission. Members of these institutions will have to be very clever

i * * ' /I.

in the future to slip over anything on the trading public. That the New York Stock Exchange will be affected to a greater extent than any of the others by the new rules is rather obvious. Yet members are not united in their opposition

Ralph Ilendershot

to the encroachment. In fact, some favor the idea. The important consideration from their point of view is whether they will be able to make as much money in the future by reason of their memberships as they have in the past. And that question is not so easy to answer as it might seem. A number of factors must be taken into consideration. Illicit profits, of course, will be smaller, but legitimate profits may be expected to show an increase. Members who received most of their profits from “jiggling’* operations will be hard hit, but those who did business on a more conservative basis no doubt will benefit in the long run. The viewpoints of members, consequently, are bound to Vary according to their position. a a a MANY more people probably would “play’’ the races if they were convinced that the “game” was on the level. The same theory should hold where gambling In the stock market is concerned. And it is from gambling operations that brokerage houses receive the bulk of their commissions in normal times. But investors probably are even more concerned about getting a square deal than are the gamblers, although it is the gamblers who usually cry the hardest when they lose. They maintain invariably that they thought they were investing, whereas they know full well that their chief interest was in taking a quick profit. Commissions from pool operators in the “good old days” ran into very high figures. Some houses made out real well with but two or three of these operators on the string and with little or no general trading business. That these commissions are a thing of the past appears rather certain at this time. Whether the increase in outside business will overcome the loss from professional traders remains to be seen, but there is every reason to believe that it will. a a a IT may be argued successfully, in the opinion of this department, that the pool operators drove away more business than they brought to brokers. Those they interested by making stocks look attractive they almost invariably sent away later with a smaller amount of money with which to trade. They "cleaned out” many entirely, securing the money for themselves. From now on the money dropped in Wall Street is likely to go primarily to the brokers in the form of commissions. Another angle, which should be regarded as of the highest importance by brokers, is the ’ikelihood that when people lose money in the stock market in the future they will place the blame, if any, on the government and not on the brokers. In fact, the SEC, which now seems to be finding the going very smooth, may run into stormy weather in the next depression. FORD TRUCK SALES UP Retail Deliveries in First Quarter Increase 119 Per Cent. By Ti mes Special DETROIT. April 25.—Retail deliveries of Ford trucks and commercial cars for the first three months of this year totaled 53,167 units, an increase of 119 per cent over the 24,564 in the corresponding period last year. Truck and commercial car sales for the industry in February totaled 34.797 unites, an increase of 42 per cent of the like 1934 month. Ford's increase in that month was 122 per cent.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers: Fruits —Bananas. 4 3 *c a lb. Apples. Winesaps. $2.10. Delicious. $2 10. Baldwins. $1 60. Lemons. Sunkist, 2605. $4.25. Grapefruit. Texas, seedless. $4; Florida, seedless $3 25. Limes, Mexican, per carton. 12s 20c: Bvram. seedless, per hundred. $3 Strawberries. Louisiana. 24-qt. crare. $2 50; Mississippi, 24-qt. crate. $4 25. Apricots. $3 crate. Grapes, South America, white 20-lb. box. $2 75 Cantaloupes— Honev Dews. South America. $3; Mexican Jumbo's. $6 a crate: standards. $4.75 a crate. Nectarines. South America, box, 83 10. Vegetables—Cabbage. new Carolina, hamper. $2.75: Florida. $2 75 a hamper; Mississippi. half crate. $2.50. Onions. 50-lb. bag $3 50; new Texas boiler. 50-lb. bag $2 25. new Texas white. 50-lb. bag. $2 75 Potatoes. Green Mountains. 100-lb. bag $1.75: selected cobblers, 150-lb. bag. 82 50: northern round white. 100-lb. bag, *1.15- Ohlos. 100-lb. bag. $2 10; Idaho Russets. 100-lb. bag, $2 60: new Florida Triumphs, bushel. $2 Sweet Potatoes, Indiana Jerseys, bushel. $150: medium or seed *l.lO. Nancv Hall, bushel. $l4O. Beans, round stnngiess. hampers. $2 75. Celery (washed and trimmed. medium, doz., 50c: Jumbo. do*„ 75c: hearts, doz.. 90c Cucumbers, hot house, doz., *1.15; 2 doz box $2. Endive. California, dozen, $1 Ege plant. *1 5052 doz. Kale, bushel. 60c Lettuce, hot house. 15-lb. basket, $2 10, Arizona Iceberg head lettuce. *4 50. Mangoes Ss®6 a crate: small basket. 60c. Mint a doz.. *l. Parsley, dox. 35c. Peas. California, hamper, 53.50: Mississippi, hamper. $2 35. Spinach. Texas, bushel. 81. Radishes, dozen. 60tf75c. Turnips, bushel, 75c. Parsnips. bushel. half bushel. 81 Beets, crate, new Texas. 82. Carrots. California, crate. 83. Rhubarb, outdoor, doz.. 30c. Mushrooms, lb.. 30c. All quotations subject to change up or down. FRUITS AND VEGETABLES (Bv United Press) CHICAGO. April 25.—Apples—Michigan Spies, bu.. 81 5061.60: Illinois Jonathans 8150&1 85 Carrots—Western, crates 8 do*. *2 3*92 65. Turnips—lllinois. Michigan. bu.. 25® 50c Sweet Potatoes—Tennessee. bu.. 814)110. Lettuce—Western, crates 5 dox.. 54&4.75. Leaf Lettuce —Illinois and Michigan. 10 lbs . 7Sc#Bl. Beans —Florida, bu.. green *lso® 1.65. Cabbage —California, crate. 83.254/1 50 Onion Sets —lllinois. Michigan, sacks a bu. *2 504/3. Peas—California, bu hampers. 51.50®175. Tomatoes —Florida, lugs. 8191.75; Mexico, lugs. 81.7562 50 Rhubarb—lllinois. 40-lb cartons. 41.40fe1.50. Spinach—Texas, bu.. BM.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 22

(I. S. TO KEEP BUYING SILVER, TREASURY SAYS

Will Continue Until Price Reaches $1.29 an Ounce, Morgenthau Avers. By United Press WASHINGTON, April 25.—The Federal government will continue | to buy silver until the price reaches 51.2929 per ounce or until silver stocks reach a third the value of the gold stocks, Secretary of Treasury Henry Morgenthou Jr. indicated today. Mr. Morgenthau’s statement was made after the Treasury had increased its price far domestically mined silver to 77.57 cents an ounce. ”We are operating under a direct mandate of congress,” Morgenthau said in stating that further silver purchases will be made. More than a billion ounces of the white metal are yet to be acquired if the 25-75 ratio of silver to gold is to be obtained. Under terms of the silver purchase act of 1933 the Treasury was directed to increase its silver monetary stocks to one-third the value of the gold stocks, until the price of silver reaches $1.29 an ounce. The Treasury already has acquired 400,000,000 ounces of silver. More than 1.000,000,000 ounces remain to be acquired to reach the amount authorized by Congress. Os the amount purchased since last summer 34,552,000 ounces was newly mined metal. From Dec. 21, 1933, to April 10. 1935, the government paid 64.64 cents an ounce, the amount due miners after deduction of 50 per cent from the base price of $1.2929 for seignorage. The seniorage was reduced to 45 per cent on April 10 and to 40 per cent under the new price. The new price is to be paid on silver mined on or after April 24, 1935. Meanwhile, the government will continue to purchase imported silver at world market prices. AUTO FINANCING RISES March Figure 41 Per Cent Ahead of Same Month Last Year. By Times Special WASHINGTON, April 25. —The March dollar volume of retail financing of new passenger automobiles increased 41 per cent over March, 1934, and 233 per cent over March, 1933, according to preliminary estimates by the Department of Commerce. As compared with February, 1935, there was an increase of 35 per cent. The aggregate volume for the first three months of this year was 53 per cent above the first three months of 1934 and 168 per cent higher than the corresponding period of 1933. Other Livestock (By United Press) CHICAGO. April 25. Hogs—Receipts. 12.000, Including 5000 direct; slow. s®lsc lower than Wednesday; good to choice 180-260 lbs.. $9^i9.15; top $9.20; 260-360 lbs.. $8.75',/9; 140-180 lbs., $8,404/9; good slaughter pigs. $7 504/8.40: packing sows. $8,154/8.30: light lights 140-160 lbs., good and choice, $8,404/8.90: light weight 160200 lbs . good and choice. $8,604/9.10: medium weights 200-250 lbs., good and choice. $94/9.20; heavy weights 2ao-350 lbs., good and choice. $8,754/9.10; packing sows 275550 lbs., medium and choice, $7.50®8.35: slaughter pigs 100-140 lbs., good and choice, $7,504/8.60. Cattle—Receipts, 5000; calves, receipts 2000; general market, slow; largely a peddling affair; at steady to weak prices compared Wednesday's close; killing quality plain; shipper demand narrow: few loads $12,754/ 13.60; with bulk at sl2 down to $9; all she stock excepting to choice yearlings and butcher heifers under pressure; largely 254/50c with instances 75c or more lower for week to date: bulls easy and vealers about steady at $74/8 50 mostly Slaughter cattel. vealers: steers 550-900 lbs., good and choice, $10,504/14: 900-1100 lbs., good and choice. sll4/15; 1100-1300 lbs., good and choice. sll4/15.50: 13001500 lbs., good and choice. sll 504/ 15.85: 550-1300 lbs., common and medium. $6,754/ 11.50; heifers 550-750 lbs., good and choice. $9,754/12: common and medium. $5 504/ 10: cows. good. $7,504/ 10: common and medium, $4 754/ 7 50; low cutter and cutter. $34/5; bulls ,vearl'ngs excluded! good (beefi. $6,404/7.75; cutter, common and medium. $5,254/6 50 vealers. good and choice, $74/9: medium. $6 254/ v: cull and common. $4,254/ 6 25: stocker and feeder cattle: steers 550-1050 lbs., good and choice, $6,754/9: common and medium. *5.504/7. Sheep—Receipts, 17,000: comparatively little early trading; few' sales and indications around steady; quality of wooled lambs considered: earlv sales upward to $8 and $8.15: best held $8 40478 50 an dabove: Increased numbers native springers, dull and uneven: sheep steady. Slaughter sheep and lambs: spring lambs, good and choice. $10,504/ 14; medium. $94/ 10 50; lambs 90 lbs. down, good and choice. $7,754/8.35; common and medium *74/7.85: 98-98 lbs., good and choice. $7,504/8.40: 98-110 lbs., good and choice. $7.25ft 8.35: ewes 90-150 lbs., good and choice. $3 754/ 5 25; all weights, common and medium. $2.”5®4 25.

Produce Markets

Delivered In Indianapolis prices: Heavy breed hens. 16c: Leghorn hens. 14c; broilers. 2 lbs. and up. 20c: Leghorn broilers. 2 lbs. arid up. 17c: barebacks broilers, 13c: cocks and stags. Bc. Ducks full feathered and fat. 9c: geese full feathered and fat. 6c. All classes of guineas. 15c: No. 1 strictlv fresh country run eggs, loss off 19c. Each full case must weigh 55 lbs. gross a deduction of 10c a round under 55 lbs will be made. Butter -No 1 35@36c: butterfat, 30c. Quoted by the Wadley Cos. (Bv United Press) CHICAGO. April 25 —Eggs—Market firm; receipts. 25.653 cases: extra firsts. 24%c; fresh graded firsts. 24c: current receipts. 23* *c: dirties. 22c: checks. 21 '.-c Butter — Market steadv; receipts. 9394 tubs; extra firsts (90-91% score'. 30* „■''/ 30%c: extras (92 score i. 31**c: firsts, 188-89 % score t. 30®30%c; seconds (86-87*2 score). 29c: specials. 31 3 *®32**c: standards. 31**c Poultry—Market steady; receipts. 15 trucks; capons. 26''/27c: hens. 19ft20c: broilers. 23® 24c: frvers. 24'./25c: turkevs, 234i 24c: old roosters. 14ft 15c; stags, no quote: ducks. 19 i22%c: geese. 14c; Leghorn hens. 17c; White Rock frvers. 25%c. Cheese —Twins. 16:</16*c: daisies. 16% ft 16%c: longhorns. 16**4/ 16%c. PotatoesOld stock, supply liberal: demand and trading slow; market dull: Wisconsin round whites. 80ft85c; commercial. 72*241 75c: Idaho russet. $2472 15: new stock, suppiv light, demand and trading light, market s.ightly weaker: Texas sacked bliss triumphs. *6: Louisiana sacked bliss triumphs. $4 25 Arrivals —94; on traefc. 360: shipments. 576. CLEVELAND. Anril 25—Butter—Market, steady: extras, 35c: standards. 35c. Eggs —Market, firm: extra whites. 23c: current receipts. 23c. Poultry—Market, firm: heavy fowl 21e: medium fowl. 21@22c: ducks, young. 23®24c: ducks, old. 19c. Potatoes— Maine, St 25 a 100-lb. bag: Ohio best, mostly 70ft 75c; Michigan. 80c: Florida bliss triumphs. $2.90@3 a bushel. Hides and Skins I I Hides—Green country cows and steers %c flat: green country bulls and glues. 3c flat; green country calf hides. 5c flat; green country k:p. 4c; No. 1 large horse hides with full heads, shanks, manes and tails. 82 50: medium size. *2. All Nol 2 grade horse hides. 50c less; glues end Knies half price. No. 1 rendered tallow. !s>sc; 10. 2 at value. Yallow grease. 4%8 sc. darJc grease. 404%-i.

INDIANAPOLIS, THURSDAY, APRIL 25, 1935

New York Stocks

11:00 A. M. Prev. 1 Oil High. Low. NY. cV,se. ! Amerada 58% 58% 58% 57% Barnsdall 9* 9% 9% 8* j Consol Oil 7% 7% 7’, 7% Cont Os Del 19% 19* a 19* a 19*. Mid Cont Pet ... Ilia 11% 11*8 11*4 Ohio Oil 11*8 11*4 11*4 11*4 1 Phillips Pet 19 18% 18 1 ! 19 : Plymouth OU ... 10% 10% 10% 10*a I Pure Oil 7** 7% 7‘ 7V Seaboard Oil ... 27*. 27*4 27* 28 Shell Un 7! 7*'■ 7% 6 7 Soc Vac 14 13*4 13*4 13* S O of Cal 33 33 33 33’g 8 O Os Ind 25 24*4 24% 25% SOOf N J 41% 41* 41 7 8 41’ t Texas Corp 21% 21% 21 * * 21'2 Tidewater Assn.. 9*B 9% 9% 9'2 Un OU of Cal .. 18% 18% 18% 18% j Steel*— Am Roll MiUs .. 18% 18% 18% 18% Beth Steel 26’ 26'g 26*g 26% ! Byers A M 14% 14* 2 14* 2 14* 2 1 Inland Steel 50 50 50 49% j I.udlum Steel ... 16% 16*4 16-, ’6 McKeesport Tin 104 104 104 104 L Natl Steel 48% 48 1 4 48% 48% Otis Steel 5% 5% 5% 5% Rep Iron & Steel 12% 12's 12% 12* 8 Ren Ir A: St pfd 39% 39 3 g 39 3 a 39% U S Pipe & Fdy. 17% 17% 17'/g 17* 2 U S Steel 32 1 2 32% 32 3 g 32% U S Steel pfd... 86 1 2 86% 86* 2 86% Warren Bros 4% 4% 4*4 4',2 Youngwn S & T 16 16 16 16 Motors— Chrysler 37% 38% 37 3674 Gen Motors ... 30 3 g 30’-* 30‘a 30's Graham Mot ... 1 7 b l 7 a l 7 a 1% Hudson 7% 7% 7 3 a 7% Hupp I 3 * I*4 li 4 IV* Mack Truck .. 24'4 24*4 24 >4 24 Nash 12 3 121 m* 12% Packard 4 3% 3% 3 7 a Studebaker 2% 2*4 2% 2% Motor Access— Bendlx 15*2 15% 15% 15% Bohn Alum 55 55 55 54% Borg Warner ... 34 > 34% 34*4 34 Briggs 28*a 28'g 28% 28 Budd Mfg 4'g 4*a 4% 4*/a Eaton Mfg .... 19% 19*2 19*, 19% Elec Auto Lite. 21% 20% 21% 21% Houdaille “A".. 12% 12*2 12*2 12% Murray 80dy... 8% B*4 8% 8% Stew Varner .. 10% 9 7 /a 9% 9% Timken Roll ... 32% 32 32 32% Mining— Alaska Jun 17% 17 17% 16% Am Metals 19% 18% 18% 18% Am Smelt 43% 42% 42% 41 Anaconda 12% 11% 11% 11% Cal & Hecla 3% 3% 3% 3% Cerro De Pasco 60% 59*4 60% 57% Dome Mines ... 42 41% 41% 41% Granby 8% 8 8% 8% Gt Nor Ore .... 11% 11*4 11% 11% Howe Sound ... 54* B 54 54% 52% Int Nickel 26% 26'% 26% 26*/4 Kennecott Cop .. 17% 17% 17% 17 Mclntyre Mine . 43% 43 43% 43% Park Utah 4% 4% 4% 4% Noranda Cop ... 39% 38% 39% 38% Phelps Dodge ... 17% 17% 17% 17% St Joe Lead .... 16% 16 16% 16% U S Smelters ...119 118% 119 116% Vanadium 12'% 12% 12% 12% Amusements— Crosley Radio ..16 16 16 16*4 Fox Theat 10*4 10 10% 9 7 /s Loews Inc 38% 37% 38 38 Radio Corp 5 5 5 5 Paramount 2% 2% 2% 2% RKO .. 1% 1% I*4 1% Warner Bros ... 3% 3% 3% 3% Tobaccos— Am Sum Tob ... 22% 22% 22% 22 Am Tobacco “A” 80% 80% 80% 80% Am Tobacco ‘B'’ 83 82*% 83 83 Lig & Myers ‘8’.105% 105 105% 105 Lorillard 21 20% 21 120% Reynolds Tob ‘B’ 48% 48 48 47% Rails— Atchison 42*4 41% 42% 41% Atl Coast Lines. 25*4 24*4 25 24% BAtO . . 11% 11% 11% 11% Can Pacific 10% 10% 10% 10*4 Ch & Ohio 43 42% 43 42% Chi A: Gt. W % % y. 3'* Chi & Gt W pfd. 2 2 2 1% CMAiStP 1 1 1 1 C M <fc St P pfd. 1% 1% 1% 1% Chi N W 3% 3*2 3'i 3% Dela & Hud 31 30% 30% 30 Del Lac & W 14% 14 14% 14 Erie 9% 9*4 9% 914 C.rt North pfd .. 13% 12% 13% 12% 111 Central 12% 11% 12% 11% Lehigh Valley ... 8 8 8 7% Lou & Nash ... 40% 4040% 40% N Y Cent 17Vi 17 17% 16% N Y New Haven. 5% 5% 5% s<* Nor Pacific 16% 16% 16% 16% Penn R R 21% 21 21% 20% Sou Pac 16% 15% 16% 15% Sou R R 11% ll*g 11% 11 Union Pac 91% 90% 91% 90% West Maryland . 8% 8 BV4 8 Equipments— Am Car & Fdy . 12% 12% 12% 12% Am Steel Fdy .. 13% 13% 13% 13 Bald Loro 1% 1% 1% 1% Gen Elec 24% 24% 24% 24 1 2 Pullman Inc ... 39% 38% 38% 39% West Air Br ... 19% 19% 19% 20 Westingh Elec .. 41% 41% 41% 41% Utilities— Am At For Pwr . 3% 3% 3% 3% Am Pwr & iLt .. 3% 3% 3% 3% Am Wat Wks ..12 12 12 12 Col Gas & Elec. 7*4 7 7% 7% Common & Sou . 1% 1% 1% IV4 Consol Gas 24% 24% 24% 24% Elec Pwr Ac Lit . 2% 2% 2% 2% Interboro R T... 11 11 11 11 Int T & T 7% 7*4 7% 7% Lou G& E “A” 16% 16 16% 16*4 Nat Pwr Ac Lit.. 8% 8% 8% 8% North Amer .... 15% 15% 15% 15% Pac G Ac E 18*4 18% 18% 18% Pib Serv N J.. 30% 29% 29% 29% So Cal Edison... 15*4 14% 14% 15% Std Gas 3% 3% 3% 3% Stone Ac Webster 4% 4% 4% 4% United Corp .... 3% 3% 3% 3% Un Gas Imp ... 13% 13% 13% 13% Western Union.. 26% 26*4 26*4 26% Rubbers— Firestone 14*4 14% 14*4 14*4 Goodrich 8% 8% B*, B*2 Goodyear 18% 18% 18*4 18% Kelly Spring ... % *4 % % U S Rubber .... 12% 12 12*4 12 U S Rubber pfd 30 30 30 30 Miscellaneous— Allis Chalmers ..120% 120% 120% 120 Brklvn Man Tr.. 39% 39% 39*4 39% Burroughs Add.. 15% 15% 15% 15% J I Case 55*4 55 55% 54% Conti Can 72*4 72 % 72*4 72 Caterpillar Tract 44** 44% 44% 43 % Curtis Pub 19% 19% 19% 19% Deere Ac Cos 28% 28 28 27% Eastman Kodak. 136% 136*4 136% 136 Foster Wheeler . 13*g 12% 13*4 12% Gillette 15% 15% 15*4 15% Glidden 27*4 27 27 27*4 Ingersoll Rand.. 73 73 73 73 Int Bus Mach... 174*4 174% 174*4 173% Inter Harv 39*2 39 39% 39*4 Worthington Pm 16*4 16*4 1614 16% Foods— Am Sugar 62% 62% 62% 62% Armour 3% 3% 3% 3* a Armour 6% pfd.. 60*4 60 60 60% Borden Prod .... 24% 24*4 24*4 24% Cal Packing 38 38 38 38*4 Corn Prod 67*4 67% 67% 68*4 Crm of Wheat .. 37% 37 37% 37 Get. Foods 35 35 35 34% Gold Dust 15% 15% 15*4 15% G W Sugar 29 28* 2 29 28*4 Hershey 80*4 80 * s 80 % 79 Natl Biscuit .... 24% 24% 24*4 25 Natl D Prod .... 14% 14*4 14% 14% Purity Bak 10* 2 10 10% 10% Std Brands 14% 14 14% 14% United Fruit ... 85% 85 85% 85% Wrigley 80% 80*4 80*4 80*4 Retail Stores— Assd Dry Goods. 9 9 9 9 Best A- Cos 37% 37 37*4 37*4 First Natl Stores 48** 48*4 48** 48 Gimbel Bros 3% 33% 3*4 Gr Un Tea 3% 3% 3% 3% Hahn Dept Sts . 3% 3% 3% 3% Kresge S S .... 21% 21% 21% 21% Kroger Groc .... 25% 25 25 * a 25% Macv R H 35 35 35 35 % McCrory St 9% 9% 9% 9% Mont \Vard .... 24% 24% 24% 24% Natl Tea 10 10 10 9% Pennev J C 65*2 65% 65% 65% Safeway St 42** 42 42*4 42*4 Sears Roebuck .. 37% 37% 37% 36% Wool worth 58% 58% 58% 58** AviationAviation Corp .. 4% 4*4 4% 4*B Boeing Aircft .. 8% 8 8% 7% Curtiss Wright . 2% 2% 2% 2% Curtiss Wright A 9 8% 9 B*2 Douglas Air .... 26 25 26 25% Nor Am Av 3*4 3*4 3*4 3 Sperrv Com ... 9% 9% 9*2 9*4 United Airft New 13% 13 13% 13 Chemicals— Air Reduction... 116% 116% 116% 115*4 Allied Chem .143 143 143 145*2 Am Com Alcohol 26*4 26 26 246 Col Carbon 78 78 78 78% Com Solvents .. 20% 20% 20% 20% Du Pom 97% 97** 97*2 97 Math Alkali ... 28% 28% 28*2 2R% Monsanto Chem. 65 65 65 66% Natl Dia (new).. 27% 27% 27% 27% Schenlev Dist .. 25 24% 25 24% Tex Gulf Sulph 32% 32% 32*4 37** Union Carbide.. 52% 51% 52% 51 % U S Ind A1c0.... 44 43% 43% 44 Drugs— Bristol Mvers .. 32% 32*4 32*2 32% Cotv Inc 5% 5’* s* s*B Lambert 25 % 25 % 25% 25* 2 Sterling Pro! .. 66% 66% 66*2 06 Un Drug (new) 11 11 11 11 Vick Chem 36 35% 35% 30 Zonite Prod .... 4*4 4% 4% 4% Financial— Adams Exp 5*4 5*4 5*4 5*4 Allegheny Com .1 1 1 1 Am Int Com ... 6% 6% 6% 6*4 Chesa Corp 42% 42 42% 42 Lehman Corn .. 75 75 75 74% Transamerica ... 5 % 5% 5% 5*2 Tr Conti Corp.. 3% 3% 3% 3% Money and Exchange 1 __________ INDIANAPOLIS STATEMENT i Clearings *2.146.000.00 Debits 5.759.000.00 TREASURY STATEMENT (By United Press) WASHINGTON. April 25.—Government expenses and receipts for the current fiscal year to April 23. compared with the corresponding period of the previous fiscal year: This vear. Last year. Expenses. *5.703.551,083.51 *5.733.342.060.61 Receipts.. 3.056.675.742.70 2,458.478.817.95 Deficit .. 2.646.*75.340.81 3,274,863.242.66 Cash bL. 2.063,184.708.93 4.357,035.073.47

Building— Am Radiator .. 13% 13 13 13% Int Cement ... 26% 26% 26% 26% Johns Manville 46 46 46 46*a Libbv Owens Gls 25 *4 25’* 25 > 25% Otis Elev 14 14 14 14 U S Gvpsum .. 48 48 48 47% HouseholdCol Pat Peet ... 17’, 17*4 17*4 17 Congoleum 32** 32 32** 31% Kelvinator 15% 15% 15% 15% Mohawk Carpet.. 14*2 14% 14% 14% Proc & Gamble. 48% 48% 48*2 48** Servel Inc 8% 8% 8% 8% Simmons Bed .. 9*2 9% 9*2 9 Textiles— Belding Hem ... 12% 12% 12*4 12** Celanese Corn • 21% 21*2 21% 21% Collins Aikman . 10% 10% 10% 10% Gotham Hose ... 3% 3% 3% 3% Indus Ravon ... 25% 25% 25% 26 Kavser Julius .. 18% 18 18% 18% Real Silk 5% 5% 5% 4% Chicago Stocks (By Abbott. Proctor <k Paine) 11:00 Prev. A. M. close. Bendlx 15% 15% Borg Warner 34 34 Cities Service I*4 1% Com & Edison 64*2 65% Cord 3V4 3>s Chicago Mail 19 17% Grt Lakes Dredge 19% 19 Vi Marshall Fields 7% 8% Nobblitt Sparks 16% 16 Pub Servos 111 25 25*,'* Quaker Oats 129 129% Swift 16 15% Swift Int 34% 34 % J R Thompson 6 6 Nortex Cup 17 17 New York Curb (By Abbott, Proctor & Paine) 12:00 Noon Prev. N. Y. close. Allied Mills 15*/a 15 Alum Cos of Am 48 48*% Am Cyanide "B” 17*/g 17% Atlas Corp B*4 B*/* Can Marc 15% 15% El Bond & Share 7*/* 7% Humble Oil 49% 49% Imperial Oil Ltd 16% 16% Lake Shore Min 54*2 54% Long Island Lighting 3% 3* a Natl Bellas Hess 1% 1% Newmont Min 49% 46** Nia Hud Pwr 4Vi 4% Pan Am Airways 42’% 42 Teck Hughes Gold 4% 4*/4 N. Y. Bonds (Reprinted from Yesterday) (By Abbott, Proctor & Paine) DAILY BOND INDEX 20 20 20 60 Inds. Ralls Util. Bonds Today 86.9 76.7 96.3 86.7 Yesterday 86.5 76.5 96.3 86.4 Week ago 86.3 74.9 95.8 85.6 Month ago 84.3 74.5 93.8 84.2 (Copyright, 1935, by Standard Statistics) U. S. GOVERNMENT BONDS Liberty Prev. Close close. Ist 3*%S 1932-47 101.20 101.19 Ist 4V* s 1932-47 101.24 101.22 4th 4Vis 1933-38 102.21 102.22 Treasury 4Vis 1947-52 116.6 116.5 4s 1944-54 111.18 111.20 3%s 1946-56 110 109.30 3%s 1940-43 107.26 107.23 3%s 1943-47 107.6 107.4 3%s 1941-43 107.29 107.25 3V*s 1943-45 106.9 106.8 3 Vis 1941 108.6 108.6 3Vis 1944-46 106.5 106.6 3Vis 1946-49 104.29 104.29 3%s 1949-52 104.30 104.28 3s 1951-55 103.26 103.28 3s 1946-48 103.28 103.29 2%s 1955-60 101.18 101.17 Home Owners Loan Corp. 2?is 1949 100.15 100.17 3s 1952 102.1 101.31 4s 1951 100.27 100.28 Federal Farm Mortgage Corp 3Vis 1964 103.26 103.29 3s 1949 102.2 102 3s 1947 102.5 102 DOMESTIC Prev. Close. close. Alleg Corp 5s ’44 70 V 4 70 Alleg Corp 5s ’49 60 59*/g Alleg Corp 5s ’SO 16*% 16 Am Frgn Pow 5s 2030 58 59 Am Tel & Tel 5%s '43 112*% 112% Am Tel & Tel 5s ’65 112*/2 112% Arm & Cos (Del) 5%s ’43 105 104% Atl Coast Line 4s ’52 99% 99% Atl Coast Line 4%s '64 83!% 84 Atch Top & S Fe 4*%S '43 106 105% Am Wat Wks 5s ’44.. 95% 95% Am Rolling Mills 5s ’3B 103 103 Balt & Ohio 5s ’95 62*/a 62 Balt & Ohio 6s ’95 71 71 Balt & Ohio 4*.is ’6O 48 48V4 Buff Roch & Pitt 4%s ’57.... 56*% 57 Beth Steel 5s ’36 104% 104 Chi Milw & St P 5s ’75 12% 12 >% Chi Milw & St P 5s 2000 3% 3 Cleve Un Term 5s ’73 90% 90% Cleve Un Term 4%s ’77 84*% 84% Col Gas 5s May ’52 87 (g 81% Col Gas 5s April ’52 86% 86V4 Col Gas 5s ’6l 86*4 86 Can Pac Perp 4s 86V* 86V4 Cent Pac 5s ’6O 72% 72V* Big Four 4%s ’77 62V% 61 Big Four 5s ’63 68Va 67 Colorado & So 4>%s ’BO 58 53*% Chi & West Ind 4s ’52 96% 97 Chi & West Ind s*%s 62 104 103*% Chi & Nor West 4%s ’49 13 12*% Con Gas 5s ’57 106 105% Chesa Corp 5s '47 104 1 /* 103% Dodge Bros 6s ’4O 105 105 Del & Huds 4s ’43 81V4 80% N Y Dock 4s ’sl 68 V 4 68 N Y Dock 5s ’3B 48% 46 Erie 5s ’75 60Vi 60Vi Erie 5s ’67 61 61 Vi Gen Cable 5%s ’47 92* % 92 Grt Northern 7s ’36 88% 88% Grt Northern 4*%s. ’76 70’* 69 Grt Northern 4%s ’77 69*% 69*4 Gen Stl Cast W W 5%s ’49 .. 75% 73 V* Hud & Manhat Ref 5s ’57 86 Vi 85 111 Cent 4%s ’66 49V* 48*4 111 Cent Jt 4%s ’63 55 54*% 111 Cent 5s ’63 59% 59% Interntl Hv Elec 6s ’44 37 36V 2 Interntl Tel & Tel 4*%S ’39 .. 66‘i 67 Interntl Tel & Tel 5s ’55 ... 62% 62% Interntl Tel & Tel 4%s ’52 56% 56% P Lorillard 7s ’44 128** 123 McKess & Rob 5*%S ’SO 97‘* 97 Midvale Stl 5s ’36 103% 103% Natl Dairy 5%s ’4B 103% 104 Natl Steel 5s ’56 106% 106% Nickel Plate 4*%s ’7B 55% 54 Nickel Plate s*%s ’74 66*2 60 Nickel Plate 6s ’35 50% 56% N Y Cent 5s 2013 59% 55 N Y Cent 4Vis 2013 (old) 55 Nor Amer Cos 5s ’6l 96% 96% Nor Pac 3s 2047 73 Vi 72% Nor Pac 4*/2S 2047 78 77% Nor Pac 6s 2047 93*4 92% Nor States Pow 5s ’4l 106% 106% Otis Steel 6s ’4l 89% 85 Penn Rv 4%s ’B4 104*4 104 Penn Rv 4%s ’Bl 104% 104% Penn Rv 4%s ’7O 94% 94*/2 Pac G & E 5s ’42 107 107 Portland (Sen El 4%s ’6O 62% 63*i Para Publix s*%s ’SO 79 79% Pen P Sc L 4%s ’Bl 105 104% Postal Tel & Cab 5s ’53 42% 42% Rem Rand WW 5%s ’47 104 103 *4 Sinclair Oil 6%s ’3B 102% 102*4 Shell Union Oil 5s ’47 103*4 103% Sou Pac 4%s '6B 64 62% Sou Pac 4%s 81 63% 63*8 Sou Pac 4%s '69 64 63% Sou Pac 4s '49 67 67 Sou Rail 4s ’SB 42% 43% Sou Rail 6s '56 56 55% Sou Rail 6* 2 s '56 56 55% Sou Rail 6%s ’56 59 59*2 Sharon Stl Hoop o’is ’4B 88 87% Texas Pac 5s 'BO 86 86% Texas Pac 5s ’79 86*4 86 Texas Pac 5s ’77 86% 86 Union Pac 4s ’47 112*2 112% United Drug 5s ’53 89% ... U S Rubber 5s ’47 93% 90 NY NH & Hart 6s ’4B 37 36% NY NH & Hart 4%s '67 32 32% Warner Bros 6s '39 54 54 Western Mary 5%s ’77 99 99% Western Mary 4s ’52 93% 94% Youngstwn ScsT 5s '7O 94*2 93*2 Youngsswn S&.T 5s '7B 94V* 93% FOREIGN Argentina A6s '57 94% 94*4 Argentine B 6s 'SB 94*? 94’ 2 Brazil 8s ’4l 30% 29*3 Canadian Govt 4s ’6O 107 106% Denuiark 5%s ’55 99% 98% German 5%s ’65 27*2 26% German 7s ’49 57 35% Italy 7s ’sl 88% 89% Japan 6%s ’54 96 96% Poland 7s ’47 11l 110% Rome 6%s ’52 78 79% Tokio City 5%s ’6l 79% 79% Yokohama 6s ’6l 83% 84 SUGAR PRICES RAISED California and Hawaiian Refining Corp. Advances Quotations 20 Points. By Times Special SAN FRANCISCO, April 25.—The California and Hawaiian Sugar Refining Corp. has advanced the price of refined sugar 20 points to 5.10 cents a pound in the earnern and Missouri valley territory, it was learned today. The new basis is anew high for the year and compares with a low of 4.35 cents a pound early in 1935. The Western Sugar Refinery has announced a similar advance.

SWINE VALUES DROP 15 TO 25 CENTS AT PENS

Receipts Continue Heavy; Cattle Market Even to Lower. With an oversupply of hogs on hand in early trading at the Indianapolis Union Stockyards today prices were forced sharply 15 to 25 cents lower than yesterday’s average in an extremely slow session. In the lightweight division practically all classes were off 25 cents with only a few’ scattered bids evident. Dealings were extremely light in all classes, especially in the latter weights. The sharp decrease was attributed mostly to an extremely heavy run of receipts on hand at the opening. Supplies were estimated at 6000, compared with only 4500 in the preceding session. The bulk, 160 to 300 pounds, was selling from $8.75 to $8.95, while few better grades held at $9. Heavy butcher classes, ranging from 300 pounds and upward, cashed in at $8.45 to $8.65. Medium light kinds scaling 130 to 160 pounds sold at $7.75 to $8.60. Light-lights weighing 100 to 130 pounds brought $6.50 to $7.50. These classes were effected by the full decline. Good packing sows held at $5.75 to $8.15. Holdovers numbered 6000. Trading in slaughter steers in the cattle market was steady to slightly lower than yesterday. Bulk of steers sold at $8.50 to $11.50. She stock -were tending lower. Heifers sold at $9.50 down. Receipts were 700. Practically no change was registered in the veal market and most all classes held steady at around $9 down. Receipts were estimated at 800. Trading was dull in lambs and prices were around 25 cents lower. Bulk of clipped Western .grades sold at $7.25 while spring lambs ranged upward to sl2. Clipped slaughter sheep brought $4 downward. Receipts were 2700. HOGS April Bulk. Top. Receipts. 18. s9.oor</ 9.20 $9.25 4500 19. 9.00(<| 0.20 9.20 4000 20. 8.90® 9.10 9.10 1000 22. 8.90® 9.10 9.15 4000 23. 9.00® 9.15 9.20 6000 24. 9.00® 9.10 9.15 4500 25. 8.75® 8.95 9.00 6000 Light lights; (140-160) Good and choice.. .$8.25® 8.75 Medium 7.75® 8.50 Light weight: (160-180) Good and choice. 8.90® 9.00 Medium. 8.40<0> 8.75 (810-200) Good and choice... 8.90® 9.00 Medium 8.50® 8.75 Medium weight: (200-220) uood and choice... 8.90® 8.95 (220-250) Good and choice... 8.85® 8.90 Heavyweight: (250-290) Good and choice..'. 8.75® 8.85 (290-350) Good and choice... 8.55® 8.75 Packing sows: (275-350) Good B.oo® 8.25 (350-425) Good 7.85® 8.00 (275-350) Medium 7.50® 7.90 (425-550) Good 7.75® 8.10 Slaugnter pigs: (100-140) Good and choice... 6.50@ 8.25 Medium 6.00® 7.75 CATTLE —Receipts, 700— —Steers—-(soo-900) choice [email protected] Good 10.00^12.23 Medium 8.25®1u.30 common 6.30® 8.50 (900*1100) CmiiCfe 13.00® 14.23 Good lO.Votq/11.00 Medium 9.00® 9.00 Common 13.20®14.50 (1100-1300) Choice 13.25® 14.50 Goon 11.25®13.50 Medium [email protected] (1300-1500) Choice 13.50® 14.50 —Heifers—-(soo-750) Good 11.50®13.75 Choice [email protected] Good 9.00® 10 00 Common and medium 6.00® 9.00 (750-900) Good and choice... [email protected] Common and medium 6.00® 9.25 —Cows—(Yearlings Exclude l !) Good 7.00® 8.50 Common and medium 5.00® 7.00 Low cutter, cutters 3.00® 5.00 Bulls, good 6.50® 6.25 Cutter, com. and med. bulls... 4.50® 6.25 VEALERS —Receipts. 800— Good and choice 222 Medium 2-52 H §'£2 Cull and common 3.00® 6.50 —Calves—-(2so-500) Good and choice ... 6.50® 9.50 Common and medium 3.50 0 6.50 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice.... 6.50® 8.50 Common and medium 5.00® 6.50 (900-1050) Good and choice... 6.50® 8.50 Common and medium 5.00® 6.50 —Cows— Good 4.25® 5.25 Common and medium 3.75® 4.50 SHEEP AND LAMBS —Receipts. 2700 (Shorn Basis) Lambs. 90 to 120 lbs., good and choice $6.75® 7.2d Common and medium 5.00® 6.75 90-120 lbs., good and choice... 3.50® 4.00 Sheep: (120-150) Good and choice... 2.50@ 3.75 All weights, common and medium 1.50® 2.75

Other Livestock

(By United Press) FT WAYNE. April 25—Hogs. 25c lower; 180-200 lbs.. $8.85: 160-180 lbs.. $8.75 : 200225 lbs.. $8.70: 225-250 lbs . $8 60; 250-300 lbs $8.50; 300-350 lbs.. $8 30: 150-160 lbs., $8.45: 140-150 lbs.. $8 30: 130-140 lbs.. *7.95; 120-130 lbs.. $7.45: 100-120 lbs.. $7; roughs *7.75; stags. *5.75. Calves—sß.so; wooled lambs. $8; clipped lambs. $7. (Bv Time;. Social) LOUISVILLE. April zo. Cattle—Receipts, 300; liberal proportion of run consists of Stockers, feeders and directs; salable supply: light quality plain; fair demand for most slaughter classes; market mostly steadv: bulk common to medium steers and heifers. $74/9.25: few common dairyfeds down to $6.50: better finished steers and heifers quotable mostly $9.50® 10.50: bulk beef cows. *5ft6.50; good kinds to $7 and somewhat higher for smooth heifer tvpes: most sausage bulls. ss@6; beef bulls to $6.50 and above for yearling tvpes: most better Hereford stock calves. *7.50®8.50: plainer grade southe-ns generally $9 50 ®5. Calves—3so. Including 125 stock calves: market steadv: bulk good to choice. s7@B: medium and lower grades. *6.50 down Hogs—7oo: market 20- lower: top and bulk desirable. 180-250 lbs., $8.65; 255 lbs., up. $8.20: 160-175 lbs.. $8 15; 140155 lbs., $7 65: 120-135 lbs. *6.75: sews weighing 400 lbs., down. *6 90: heavier sows discounted 50c. Sheep—so: run mainly wooled sheep and lambs; market steadv: medium to good wooled lambs. [email protected]; choice quotable around *8; common wooled throwouts. $5; most fat wooled ewes. $4 down. ORDERS AT NEW HIGH By Times Special YORK, Pa., April 25. Dollar value of orders booked in March were greater than in any previous month in the history of York Ice Machinery Corp., company officials said today. March orders totaled $2,321,910 as compared with $2,100,000, the corporation’s previous monthly sales peak established in March, 1928. INVEST with Ist Mortgage Security on Improved Real Estate BUY Building & Loan Shares

Clement, New President of Pennsylvania System, Joined Road as Rodman Chief Executive of Line Adjudged Ablest Railroad Official in Country by Gen. W. W. Atterbury, Man He Succeeds in Office. By United Press PHILADELPHIA, April 25.—Martin W. Clement, 53-year-old impressario of the Pennsylvania Railroad Cos., largest railway system in the country from the standpoint of tonnage hauled and gross revenues received, joins the roster of railroad executives who have risen from the ranks. His first job with the road was as a rodman 31 years ago. Yesterday he was named president, succeeding Gen. W. W. Atterbury, who has resigned.

The new chief executive of the road is adjudged by the veteran Atterbury as "unquestionably the ablest railroad executive in the country.” "Since October, 1933, when he became vice president after seven years in charge of operations,” Mr. Atterbury said, "he has been continually associated w’ith me in conducting the company’s affairs and in our relatians with other railroads and with the government. Atterbury Lauds Him "The remarkable results achieved by the company last year, one of the most difficult periods the railroad has ever experienced, were largely due to Mr. Clement’s leadership.” Mr. Clement was born in Sunbury, Pa., Dec. 5, 1881. He was educated at Trinity College, Hartford, Conn., and entered the service of the Pennsylvania Aug. 1, 1901 as a rodman in the office of the principal assistant engineer of the United Railroads of New Jersey. He served successively as transit man and assistant supervisor and on Jan. 1, 1910, became supervisor in tlie general manager’s office at Philadelphia. On June 16, 1913, he was transferred to the Manhattan division, and then to the Pittsburgh division on Dec. 1, 1913, acting in the same capacity at these division points. Steadily he climbed up the promotion ladder and June 16, 1917, was appointed superintendent of the New York, Philadelphia and Norfolk Railroad. When the government took cohtrol of railroads in 1918 he was named superintendent of the freight service for the Pennsy and, four months later, passenger superintendent for the Eastern division. Held Many Jobs In 1920 Mr. Clement was named superintendent of the Lakes division with headquarters at Cleveland. Three years later he was made general manager of the Central region with offices in Pittsburgh. When Gen. Atterbury became president he appointed Mr. Clement assistant vice president in charge of operations and was elected to the board of directors, April 10, 1929. On Oct. 16, 1933, Mr. Clement was named vice president of the entire system. When Gen. Atterbury was taken ill last July, Clement was made acting president. STAKE IS $60,200,000 A. T. & T.’s Investment in Leased Lines Revealed in Report. By Times Special WASHINGTON. April 25.—The American Telephone and Telegraph Co.’s investment in interstate leased lines at the close of 1934 was $60,200,000, according to a report filed with the Federal Trade Commission. Leased line earnings in interstate business for 1934 were $3,940,000, a return of 6Y2 per cent, it was shown. Investment in teletypewriter service on an out-of-pocket basis was $6,800,000 as of Nov. 1, 1934. At the rate of return for November, 1934, computed on an annual basis, income from teletypewriter interstate business was $520,000, a return of approximately 8 per cent.

To the Conservative Investor We Offer $50,000.00 Fifth Church of Christ, Scientist 5%% BONDS Dated April 15, 1935 Due April 15, 1945 Denominations SIOO and SSOO Interest Payable Semi-Annually, April 15 and October 15 Interest and Principal payable at the Indiana National Bank of Indianapolis, Indiana Callable at any interest period, at par and accrued interest upon thirty days prior notice • A The proceeds from the sale of these bonds will be used to complete the construction of a modem church edifice at the comer of Sixty-second Street and College Avenue, Indianapolis. The Bonds are secured by a closed first mortgage on the property, which when completed will have an appraised value of more than $75,000.00. The average annual income of the Fifth Church of Christ, Scientist, daring the past four years has been more than sufficient to meet the financial requirements under the mortgage securing these bonds. A sinking fund will be established to be used for the retirement of the bonds at call or market. Adequate insurance will be deposited with A. J. Wichmann & Cos . Inc„ Trustee, for the protection of the bondholders. All matters relating to the issuance and legality of these bonds have been under the supervision of Coleman and Coleman, Attomeys-at-Law, Indianapolis. Christian Science Churches of Indianapolis have established an envt able record for meeting their obligations promptly. • We Offer These Bonds at PAR AND ACCRUED INTEREST TO NET SYi% A. J. WICHMANN & CO., INC. 712 CIRCLE TOWER • RILEY 1810 • INDIANAPOLIS. INDIANA The abov* Inionr.ation while not guaranteed by us, has been secured from sources which we deem reliable and correct and has bees approved by tbe Officers ot the Church

Indiana Outlook Good Indiana business interests had something to waft their spirits>in the disclosure by the Indiana University research division that March business conditions in the state were the best since March, 1931.

SPEAKS ON FARMING

Henry 11. Heimann

TRADE PARITY HELD ESSENTIAL Equality of Agriculture and Industry Necessary, Says Heimann. By Times Special TERRE HAUTE, April 25.—Parity of agriculture and industry is essential if we are to have a prosperous nation, Henry H. Heimann, executive manager of the National Association of Credit Men, pointed out to the credit executives attending the dinner meeting last night of the Terre Haute Association of Credit Men here. "It is a fact, even though it may sound somewhat inhuman to say it, that history records the suffering and privation occurring during a readjustment period,” the credit head emphasized, "through the operation of the law of supply and demand, usually proves less harmful, though more intense in the period pf occurrence, than the application of continuance palliatives. "The agricultural problem has been with us for years. The attempt to solve it has not been confined to this administration. Many place the problem of agriculture with the past administration, when a half billion dollars was spent to help the American farmer. "I feel the problem dates farther back than that,” Mr. Heimann declared. "Without in any way intending to condemn this government’s credit policy toward the farmer, I think we should all carefully appraise the possibilities of harm that may have followed our movements, to make credit more readily available to American agriculture, as far back as the administration of President Wilson.”

WHEAT MARTS RESUME DEALS: VALUESSTEADY Settlement of Rosenbaum Accounts Has Little Effect at Start. Liquidation of the grain holdings of the Rosenbaum Grain Corp. was completed less than an hour after the Chicago Board of Trade opened today. The liquidation brought about only a moderate recession. The market and officials believed they had successfully relieved a situation so serious that it forced the closing of the exchange all day yesterday. At 10:15 a. m., central standard time, 45 minutes after the market opened. President Robert P. Boyland of the Board of Trade issued this statement: "Liquidation of futures contract holdings of the Rosenbaum Grain Corp. on the Chicago Board of Trade was completed in orderly fashion shortly after the market opened today.” Thus the unprecedented spectacle of the affairs of a single member causing suspension of all trading on the exchange was brought to a conclusion without causing a major break in the market. At the opening all grains were steady and they slipped off only from 1 to 2 cents a bushel while brokers were liquidating the Rosenbaum holdings of about 4,000,000 bushels. (Bv James E. Bennett) 11:00 Prev. Wheat— Hich Low A. M. close Mav 99'a .97% .98% .99 Julv 98*2 .96% .97% .98 Sept .98% .96% .97% .98% Corn— Mav 88% .87% .88% .88% Julv 83*s .81% .82% .82% Sept 79 .76*4 .78 78% Oats— Mav 49*2 .48% .49% .49% Julv 49*2 .48*8 .49% .49% Sept 39% .38% .39% .39% RyeMay 60 .57% .58% .59% July 60% .59 .59% .60% Sept 62 .60% .61*2 .62% LOCAL CASH MARKET City grain elevators are paying 87 cents for No 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow. 81 cents, and oats 42 cents. RECEIVES SALES HONORS F. M. Moore, Indianapolis representative of the Lincoln National Life Insurance Cos., was informed by his home office in Ft. Wayne today that he is one of the honor salesmen • invited to the company’s thirtieth annual convention.

We Offer tue M MARYLAND % Today’s Price, $16.46 Prospectus On Request City Securities Corporation 420 Circle Tower Lincoln 5535