Indianapolis Times, Volume 47, Number 41, Indianapolis, Marion County, 27 April 1935 — Page 14

Trends Highlights of News During Last Week. —BY FREDERICK MATSON— Timet Financial Writer

TJROGNISTICATION'S of financial observers in general and western Congressmen in particular were borne out when Secretary of the Treasury Henry Morgenthau Jr. indicated Thursday that the Federal government will continue to buy silver until the price reaches $129 an ounce, or until silver stocks reach a third the value of the gold stocks. . . . The $1 29 an ounce value will place silver on a 16-to-l ratio with gold. the Joy of many mountain-state Congressmen, who predicted that that level will be attained within a year . . . Mr. Morgenthau’s statement was made after the Treasury had increased its price for domestically mined silver to 77.57 cents an ounce, the second boost in two weeks. On April 10 the Treasury raised the price from 64 64 to 71.11 an ounce. . . ..Meanwhile, in New York, barsilver soared to 81 cents an ounce. Since the Treasury 's actions have been made in keeping with President Roosevelt's announced intention of sustaining the price paid domestic producers well above the world market quotations, another price-raising move in the near future is considered probable by many observers. . . . The stock market felt the effects of Washington’s action when silver shares soared more than six points Thursday and tickers were late. a a a THE nation witnessed an unprecedented spectacle Wednesday. Pinancial difficulties of a single firm, the Rosebaum Grain Corp.. caused suspension of all trading on the Chicago Board of Trade, one of the world's greatest grain exchanges. . . . Under the rules of the board an insolvent member is immediately suspended and his trades closed out. It was held by the Rosenbaum attorneys that their client was not insolvent and they went into court and obtained an injunction against suspension of the firm from the board. The exchange, however, was faced with the possible liquidation of large quantities of grain held by the Rosenbaum company if it permitted trading to begin in the pits. The Board of Trade was unable to suspend or force closing of the trades and therefore had no other course but to discontinue trading for the day. . . . Grain markets in Kansas City, Omaha. St. Louis and Indianapolis also were forced to close because of the hiatus in Chicago. ... In the meantime, the Rosenbaum firm filed a petition of bankruptcy under section 77-B of the Federal Bankruptcy Act in the United States District Court at Wilmington Del., seeking reorganization and appointment of temporary trustees. a a a THE House Appropriations Committee reported favorably the new $465,286,261 peace-time recordbreaking naval budget for the 1936 fiscal year. It exceeds the 1935 budget by $174,879,089. Despite the increase, the committee slashed the Administration's projected building program of 24 new ships in half on the grounds that this work can be started later under a special appropriation if the scheduled naval disarmament conference is unsuccessful. . . Farm debt conciliation committees operating in Indiana have adjusted farm indebtedness of $3,009,973 to $2,068,522 as of April 22. Dr. E. S. Shideler, director of the rural rehabilitation division of Governor's Commission on Unemployment Relief, announced. . . The State Tax Board will not collect the intangibles tax for 1933 and 1934 on investments of non-profit organizations, according to Philip Zoercher, chairman. Religious, educational, fraternal and charitable organizations will be given until June 1 to pay the tax for the current year, he said. . . . Wholesale prices reached their highest level since Nov. 30 in the week ended last Saturday, according to the Department of Labor statistics index. ... Anew high price for cattle since February. 1930. was paid at tire Chicago stockyards this week. The five-year top of $15.85 was ptud for a load of prime steres. ana AMERICA'S cotton textile leaders joined New England in a battle against the Administration's processing tax. William D. Anderson, president of the American Cotton Manufacturers’ Association, bitterly accused Secretary of Agriculture Henry Wallace of taking “a special delight in harrying the textile industry”. Mr. Anderson attacked the processing tax in his presidential message to the thirtyninth annual convention of the association, which is seeking a remedy for grave ills—taxes and Japanese competition—facing the industry. . . . William W. Atterbury. president of the Pennsylvania Railriad since 1925. announced nis retirement as head of the system. Mr. Atterbury, 69. was born in New Albany. Ind. He was succeeded by Martin W. Clement, former vice president. . . . Federal Emergency Relief Administration statistics reveal that one-sixth of the nation's population depends on the government for food and clothing. Relief rolls listed 20.523.042 persons in March, the last period for which figures are available. . . President Roosevelt added two alphabetical agencies to the long list he has organized under the New Deal— DAI and WAB. DAI is the division of applications and information and WAB is the works allotment board. Both are part of the administrative setup of the 54.880.000.000 work-relief program.

Chicago Stocks

(Bv Abbott. Proctor & Pamei Prev Close, close Bastian-Blessing 3% 4 Berghoff Brew Cos 4% 4% Borg-Warner. pfd 33% 34 Butler Bros 6% 6% Chicago Corp.. com 1% 1% Chicago Corp pfd 31'4 31 1 3 Cities Service 114I 1 4 1% Commwealth Edison 65% 63’* Cord Corp 33 a Crane Cos • % *% Electrical Household 12% 13’* General House Util 3 3*4 Iron Fireman 14% 14*4 Libhv-Melfeil ... 7% 7% Noblitt-Sp'ks Indus. Ine .... 15*4 15% Swift A Cos IS*. 15*j Thompson J F 6% 6% Vortex Cup Cos 16% 18 Walgreui Cos., com 29 29 1

PAGE 14

DROP IN SILVER PRICE UPSETS STOCK MARKET Heavy Profit-Taking Occurs as White Metal Falls 4 1 -2 Cents an Ounce. MARKETS AT A GLANCE Stocks irregularly lower; silvers weak. Bonds strong and fairly active. Curb stocks irregularly lower. Foreign exchange: Gold currencies ease: sterling group steady. Cotton futures 8 to 14 points lower. Rubber futures unchanged to 7 points lower. Grains: Chicago wheat as much as 1 cent lower; other grains fractionally lower. Silver: Bar metal at New York 77 ! t cents an ounce, off 4% cents; 1 Montreal futures weak. BY ELMER C. YVALZER l nited Press Financial Editor NEW YORK, April 27.—A break of more than four cents in the world silver price today brought heavy profit-taking into silver shares and unsettled the stock market. Losses ranged to more than 2 points in the silvers and to a point or so in other sections. Trading was relatively light. Losses of more than 2 points were sustained by Cerro De Pasco, United States Smelting and Howe Sound. Federal Mining dropped 5 points. American Smelting declined fractionally and Silver King Coal- ! it ion Mines more than a point. I Copper and gold shares were off, but mast losses were a point or ’ess. Weakness developed in telegraph stocks with Postal Telegraph preferred ofT 2 and Western Union off I one point. American Telephone moved narrowly. International Telj ephone dipped fractionally and Postal's bonds also were sharply | lower. American Can iost nearly 2 points ! and fractional declines were noted in such leaders as U. S. Steel, j Westinghouse Electric, Chrysleii Consolidated Gas, Du Pont, Loews. New' York Central, Atchison, and j Public Service of New' Jersey. General Motors. General Electric j and Montgomery Ward w r ere steady j to firm. Eastman Kodak rase 2 points to anew high for the year at 146 and then dipped to the nrevious close. Utilities w r ere down small Rails were down but held better than others on the list. Week in Review Trading on the New York Stock Exchange this week set anew high for any week since July 28. 1C34. Prices registered gains in major groups, with silver shares outstanding. Gains in w'orld silver prices of sensational proportions together with a day's closing of the Chicago Board of Trade on a technicality coming out of a move of a member firm to reorganize under the Bankruptcy Act vied with the exchange for the. spotlight in the financial world. The gain in silver shares added more than $100,000,000 in value to the group, and many observers said the rise had been overdone, since it represented the entire United States silver production for several years. These fears seemed to have some basis when silver shares broke today. Traders, however, were convinced the Treasury would continue to buy | silver at rising prices until the value of silver reached one-third the value of gold in the Treasury or until the price of the metal in world centers reached $1.29 per ounce. Railroad shares had a good week. The car loadings report was close to the best of the year and earnings of some roads are picking up thanks to the surcharge recently permitted by the Interstate Commerce Commission. Several of the leading rails were up more than a point. American Telephone was a strong spot, rising to anew high for the year on a gain of 3 points. Traders 1 accumulated the issue, realizing the company would not come under the Rayburn bill on holding companies even if it passed in its present form. They die not expect such passage and hence there was a better feeling toward the gas and electric utilities for a time. However, when Consolidated Gas offered to cut rates and Public Service was ordered to cut, the utilities had another decline. Steel operations showed a further slight gain, but steel issues failed to advance. Copper shares were forced up on the strength of the silver rise since most of them mine silver as a by-product. Oils were firm with Amerada making anew top for the year. Amusements firmed with Paramount certificates and other issues strong on word Atlas Corp. would underwrite the company. There were several weak spots. Poor earnings reports reacted against National Distillers and National Biscuit. Adolph Gcbel issues on the Big, Board and Curb were forced down when the company announced it would reorganize under i the Bankrupted Act. General Motors sagged on a strike at its Chevrolet plant at Toledo.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings *2.116.000 no Debits 5.106.000.00 Clearings for Week . 12 430.(K0 00 Defiis for Week 31 373.0^0.00 TREASURY STATEMENT ißv United Pressi WASHINGTON. April 27.—Government expenses and receipts for the current fiscal vear to April 25. compared with the corresponding period of the previous fiscal vear: This Year Last Year. Expenses *5 759.180.603 96 *5.764 963 484 50 Receipts 3 067.552 827 R 0 2 467 986.726 69 Deficit . . 2.691.657.776 16 3 296.976.757 81 Cash bal 2.007.164.079 87 4.342.683.376 45 FOREIGN EXCHANGE •Bv Abbott. Proctor A: Paine Prev. Close. close. Sterling England *4 83 S4 81' 4 Franc. France 0661% .0660% Lira. Italy 0828 0827*4 Belga. Belgium 1699 1699 . Mark. Germany 4040 4036 Guilder. Holland 6775 .6768 Peseta Spain 1371 1363 Krone Norway 2426 .2420 Krone Denmark 2156 .2150 Franc. Switaerland .... 3247 .3247 Dollar, Canada .9950 .99 38

Abreast of The Times on Finance

New York Stocks

Sales approximated 590,000 shares, compared with 880,000 shares last Saturday. Dow, Jones preliminary closing averages showed industrials 109.68, off .69, railroads, 31.30, off .31 utilities 18.29, off .37. ißv Thomson & McCinnon) Prev. Oils— High. Low. Close, close. Amerada 62% 61% 62% 61% Atl Rfg 23% 23% 23% 24% Barnsdall 8% 8% B*4 8 Consol Oil 8 7% 8 8% Cont of Del .... 20 19% 19% 19% Mid Cont Pet ... 11% 11% 11% 11% Ohio Oil 11% 11% 11% 11*8 Pet Corp 9% 9% 9% 9% Philips Pet 19 18% 19 19 Plymouth Oil ... 10% 10% 10% 10% Pure Oil 7% 7% 7% 7% Seaboard Oil ... 29% 29 29 29 Shell Un 7 7 7 7% Soc Vac 14 13% 13% 13% S O of Cal 33 33 33 33% S O of Ind 25*8 25% 25% 25% S O Os N J 42*8 42% 42% 42% Texas Corp . . 21% 21% 21% 21% Tidewater Assn . 9% 9% 9% 9% Un Oil of Cal . 18% 18% 18% 18% Steels— Am Roll Mills ... 18% 18% 18% 18% Beth Steel 26% 25% 25% 26% Byers AM .. 14% 14% 14% 14% Col Fuel & Iron 1% 1% 1% 1% Cruc Steel 19 19 19 19 Inland Steel .... 52% 52% 52% 52 L'jdlum Steel 15% 15% 15% 15 McKeesport Tin 103 103 103 104% Mid Steel ll'a 11% 11% 12% Natl Steel 47% 47% 47% 47% Otis Steel 5% 5% 5% 5% Rep Iron & Steel 12% 12 12% 12% Rep Ir & St pfd 39 39 39 40% U S Steel . 32% 32% 32% 32% U S Steel pfd .. 88 87% 87% 88 Warren Bros 5 5 5 5% Youngstn S& T 15% 15*8 15% 16%

Motors— Auburn 20 1 19% 19% 20% Chrysler 37% 37' 4 37% 37% Gen Motors 30% 30% 30 1 2 30'2 Graham Mot ... 1% 1 7 Du 1% Hudson 7% 7% 7% 8 Hupp 1% lVa 1% 1% Mack Trock .... 24 24 24 24% Nash 12',8 12 12'a 12% Packard 4 3% 3 7 b 4 Reo 3'2 3‘a 3% 3‘A Studebaker 32% 33 I fellow Truck ... 33 3 3!4 Motor Access— Bendix 14 7 a 14*s 14% 14®,4 Bohn Alum .... 55% 55% 55% 55 Borg Warner —34 33% 33 7 a 34 Briggs 27 7 a 27'% 27% 28 Budd Mfg 3% 3% 3*4 3 7 s Budd Wheel 3% 3% 3% 3% Eaton Mfg 19% 19% 19% 19 7 b Elec Auto Lite .. 2114 20% 20% 21'4 Elec Stor Bat . .. 42% 42 7 a 42% 42'.i Houdaille "A”.. 12% 12 12', 12', Murray Body ... 8 5 s BV, 8% 8% Stew Warner 9*4 9% 9% 9% Timken Roll ... 32' 32' 8 32V 8 32% Timken Det Axle 6‘,s 6 6 6V 4 Mining— Alaska Jun 18 17'2 17% 18 Am Metals 19% 19 19 19 7 a Am Smelt 43'2 42' 2 42 7 s 44 Anaconda 13 7 a 13% 13% 13% Cal & Hecla ... 3% 3' 2 3% 3% Cerro De Pasco 53% 57* 2 57% 61 Dome Mines 42% 41% 41 5 s 42 3 8 Granby B'a 8 8 8 Is Gt Nor Ore . ... 11% 11% 11 Va IDs Homestake Min 400 400 400 400 Howe Sound 53 51'2 52'2 54 's Ins Copper 3% 3% 3 3 4 3% Int Nickel 27 3 8 27 27' 4 27 3 8 Kennecott Cop . 18'4 17 3 4 17 7 a 18':, Mclntyre Mine. 44' 4 44 44 44' 4 Park Utah ... 6 5% 5% 5% Noranda Cop .. 39% 38' 4 38'4 40 Phelps Dodge ... 18' 8 17 3 4 17 3 4 18' 8 St. Joe Lead ... 16'2 16* 8 16' B 16' 4 U. S. Smelters ..118 116 116 7 s 120'a Vanadium 12 ’ 2 12% 12% 12% Amusements— Crosley Radio .. 15' 4 14% 14% 15% Fox Theater ... 10% 10 3 a 10 3 s 10% Loew's Inc 38 37 3 4 37% 38 Radio Corp 5 3 B 5 5 5% Paramount 3 5 a 3 3 s 3% 3 3 s Warner 8r05.... 3' 4 3' a 31 a 3Vi Tobaccos-*-Am Sum Tob ... 21 3 4 21% 21% 22 Am Tob A 82 82 82 82 Am Tob B 84' i 84 84 84 Lie <<fc M B 106'2 106*4 106'4 107 Lorillard 20 7 s 20% 20% 20% Phillip Morris .. 42’ 2 42' i, 42'/s 43 Reyn Tob B 48% 48% 48% 48% Rails— Atchison 43% 42% 42% 42% Atl C Lines ... 25 3 r 24% 24% 25% B <fc O ll 7 s 11% 11% 11% Can Pacific 10% 10% 10% 10% Ch & Ohio 43 42% 43 43 Chi <fc Gt W . 7 a 3s % 7 /s Chi & Gt W pfd 2 2 2 2 C M & St P 1% 1% 1% 1% Chi N W 3 3 s *3 33% Del a & Hud 31 30 30 30% Del Lac W ... 14% 14% 14% 14% Erie 9% 9% 9 Vi 9% Grt North pfd .. 13% 13% 13% 13% 111 Central .... 12% 12% 12% 12% M K & T 3% 3' 2 3% 3% M K & T pfd 7% 7% 7*4 7% Mo Pac I*B l*a 1% 1% Mo Pac pfd ... 2% 2',4 2% 2% N Y Cent 17*a 17 17% 17% N Y New Haven 5% 5% 5% 5% N Y Ont & West 4 3% 3% 3% Norfolk West.l69 169 169 168% Nor Pacific .... 17% 16% 16% 17 Penn R R 21% 21% 21% 21% Reading 32 32 32 32% Sou Pac 16*a 16% 16% 16% Sou R R 11% 11% 11% 11% Union Pac 91% 90 90% 92% W. Maryland .. 8% 8% 8% 8% Equipments— Am Brk Shoe .26 26 26 25% lAm Car & Fdv 13% 13% 13% 13% j Am Steel Fdv . 14 14 14 14% Bald Loco 1% 1% 1% 1% Gen Am Tnk Car 33% 33 33 34% i Gen Elec 24% 24% 24% 24% ! Pullman Inc .. . 38% 38 38 38% i West Air Br ... 19*4 19% 19% 20%. j Westinah Elec .. 42% 42 42 45 ! Utilities— Am & For Pwr. 3% 3% 3% 3% Am Pwr & Lit 3% 3% 3% 3% AT&T ... 113 112% 112% 113 Am Wat Wks 11% 11% 11*4 11% Col Gas & Elec 6% 6 6% 6% Comm & Sou .. 1% 1% 1 1 a 1% Consol Gas .23 22% 22% 23 Elec Pwr & Lit. 2% 2% 2% 2% Int Hydro Elec 1% 1% 1% 1% Interboro R T .. 10% 10% 10% 11% Int T & T ... 7% 7% 7% 7% Lou G & E A .. 15% 15% 15% 15% Nat Pwr & Lit. 8% 8 8 8% North Amer ... 13% 13% 13% 13% Pac G & E 17% 17*8 17% 18% Peoples Gas ... 22% 22% 22% 22% Pub Serv N J .. 27% 27% 27% 27% So Cal Edison 15% 15% 15% 15% Std Gas 3% 3% 3% 3% Stone & Webster 4% 4% 4% 4% | United Corp ... 2% 2% 2% 2% Un Gas Imp . 13% 13 13 13% lUt Pwr & Lt A 1% 1% 1% 1% Western Union.. 27 26% 26% 27%

Rubbers— Firestone 14* a 14*2 14 1 2 14*8 Goodrich 8' 2 8% 8% 8% Goodyear 18 17*4 17*4 18' 2 Kelly Spring ••• % % % % U S Rubber .. 12 s * 12 12 12% U S Rubber pfd 30'* 30 30 30% Miscellaneous — Allis Chalmers . 15% 15' 2 15' 2 15'i Am Can . 122 121 121 122% Am Mach & Fdv 20% 19% 19*4 20% Brklyn Man Tr 38% 38*4 38% 38% Burroughs Add. 15*4 15*8 15* 4 11*a J I Case 55*4 55% 55% 56% Coiltl Can 72’ 2 72’a 72*4 73 s * Caterpillar Tract 44% 44 44 44' 2 Curtis Pub pfd 99 99 99 99 Deere & Cos 28 T s 28% 28% 29 Eastman Kodak 146 144 144 144 Foster Wheeler . 14 14 14 14 Gillette 15* 2 15's 15* l5* 2 Glidden . 27% 27% 27*4 27*8 Ingersoll Rand 77* s 77 77 76' 2 Int Bus Mach 175 175 175 174% Natl Cash Reg 15 14*, 14% 15 Owens Bottle . ... 92 91*8 91 7 b 92 Rem Rand ... 9% 9** 9% 9% Underwood E . 62 62 62 62 Inter Harv .... 40 39* 2 39*' 2 40 Foods— Am Sugar 62% 62% 62% 63*8 Armour 3% 3% 3 3 4 3*4 Beatrice Cream. 16 16 16 16% Borden Prod . ..23% 23% 23% 23 7 8 Cal Packing ... 36% 36% 36% 37 Can Drv G Ale . 10 10 10 10 Coca-Cola 200% 200% 200% 201 Corn Prod ... 68% 67% 67% 67% Crm of Wheat 37 36% 38% 37 Cuban Am Sugar 6% 6% 6% 6% Gen Foods 34% 34% 34% 34 Gold Rust 15 14 7 s 14% 15 G W Sugar .30 29% 29% 30% Int Salt 32% 32% 32% 32 Natl Biscuit 25% 23% 24% 23% Natl D Prod 14% 14 14% 14% Purity Bak 10% 9% 9% 10 S Porot Rico Sug 25 25 25 25% Std Brands 14% 13% 14% 14 United Fruit 88 87% 87% 88 Ward Bak B" 1% 1% 1% 1% Wriglev ..... 82 82 82 82 % Retail Stores — Best & Cos 36*4 36% 36% 36% First Natl Stores 48% 47 47% 48 Oimbel Bros . 3*4 33% 3 Hahn Dept Sts . 3% 3% 3*B 3*B Jewel Tea 53% 53% 53% 53% Kresge S S ... 21% 20% 20% 21 Kroger Groc .... 24% 24% 24% 24*8 Macv R H 35 35 35 35% McCTOrv St .... 9% 9% 9% 9*B McLellan St ... 5% 5% s* t 10 Marshall Field ..7 7 7 7*, Mont Ward ... 25% 25 25% 24% Natl Tea 9% 9% 9% 10 Penney J C 64% 63% 63% 64% Sears ' Roebuck . 36% 36% 36% 36% Woolworth 58 % 58% 58% 58% Aviation—i Aviation Corp .4 4 4 4 Boeing Aircft 8 7% 8 8% Curtiss Wright 2% 2% 2% 2% , Curtiss *Vr> 'A* 8% 8% 8% 8% Douglas Air 24*8 24*. 25% 25 Nor Am Av 3% 3% 3*4 3% Sperrv Corn 9% 9% 9% 9 Utd Aircraft new 12*4 12% 12% 12% Chemicals— Allied Chem 145 144% 145 145% Am Com Alcohol 24 24 24 24% Col Carbon 78*4 77 78*4 79 .Com Solvents ... 20% 20 20% 20% IDu Pont ... 97% 96% 96% 97’, i Freeport Tex 22 22 22 22 ! Liquid Carb 28% 28% 26% 29 Math Alkali ... 28% 28% 28% 28% .Monsanto Chem 66% 66% 66% 67% Natl Dis mewl.. 25 24% 24% 25 'Schenley Dm ... 24 23% 23% 23%

INDIANAPOLIS, SATURDAY, APRIL 27, 1935

Tex Gulf Sulph . 31% 31% 31% 31% Union Carbide .. 51% 51 51% 51% U S Indus Alco. . 42 41% 41% 42 % Drugs— Bristol Myers ... 32% 32% 32% 32% Coty Inc 5*4 5% 5% 5% Lambert 25% 25% 25% 25% Lehn & Fink ... 15% 15% 15% 15’, Sterling Prod ... 66% 66% 66% 66% Un Drug <new).. 10% 10% 10% 10% Vick Chem 35% 35% 35 s , 36 Zonite Prod .... 4% 4% 4% 4% Financial— Adams Exp 5% 5% 5% 5% Allegheny Corp . 1111 Am Int Corp .... 6% 6% 6% 6% Chesa Corp 42 42 42 41% Lehman Corp .. 74% 74 74 74% Transamerica .. 5% 5% 5% 5% Tr Conti Corp .. 3% 3% 3% 3% Building— Am Radiator Gen Asphalt . 14% 14% 14% 15 Holland Furnace 8% 8% 8% 7% In; Cement .. 26% 25% 25% 26% Johns Manville . 46% 46 46 46% Libby Owens Gls 25*8 25% 25% 25% Otis Elev 13% '3*B 13*8 14 U S Gypsum ... 47% ‘7% 47% 48% Household— Congoleum 32% 32% 32% 32% Kelvinator 15% 15% 15% 15% Mohawk Carpet. 14% 14% 14% 14% Proc & Gamble 49 48% 49 49 Servel Inc 8% 8% 8% 8% Simmons Bed .. 9 9 9 9% Textiles— Amer Woolen ... 6% 6% 6% 6% Belding Hem 1% 12% 1% 12 Celanese Corp .. 20% 19% 20% 19% Collins Aikman.. 11 10% . 11 11 Gotham Hose .. 3% 3% 3% 3% Indus Rayon ... 25% 25 25% 25% Kavser Julius ... 18% 18 18 18% Real Silk 5% 5% 5% s*s

N. Y. Bonds

(Bv Abbott. Proctor & Paine) DAILY BOND INDEX 20 20 20 60 „ , Inds. Rails. Util. Bonds. Today 87.1 77.1 95.5 86.9 Yesterday 87.0 77.4 86.7 87.0 Week Ago 86.4 75.3 95.9 85.9 Month Ago . ... 83.6 72.3 93 8 83.2 (Copyright, 1935, bv Standard Statistics) UNITED STATE GOVERNMENT BONDS Libertys. Close, close. Prev. Ist 3%s 1932-47 101.15 101.12 Ist 4%s 1932-47 101.17 101.14 4th 4'4 s 1933-38 102.20 102.19 Treasury*. 4* t S 1047-52 116.14 116.10 4s 1944-54 111.19 111.16 3%S 1946-56 109.29 109.29 3%s 1940-43 . 107.23 107.23 3%s 1943-47 107.7 107.3 3%s 1941-43 107.28 107 28 3*is 1943-45 106.11 106.7 3%s 1941 107.31 108.1 3%S 1944-46 106.4 106.2 3VsS 1949-52 104.31 104.28 3s 1951-55 103.26 103.25 3s 1946-48 103.31 103.30 2’/is 1955-60 103.31 103.30 Home Owners’ Loan Corporation. 2 3 4S 19*2 100.15 100.11 4s 1951 100.27 100.27 3s 1952 102 101.30 Federal Farm Mortgage Corporation. 3%s 1964 103.21 . .. . I 3s 1949 102.1 102 3s 1947 102.8 102.3 DOMESTIC Prev. Issue. Close, close. Alleg Corp 5s 40 61% 61% Alleg Corp 5s ’SO 17 17 Am Frgn Pow 5s 2030 60 60% Am Tel & Tel 5%s '43 112% 113 Am Tel & Tel 5s '65 112% 112% Arm & Cos iDel) 5%s '43 104% 104% Atl Coast Line 4%s '64 83% 83% Atch Top &S Fe 4'/2s 48 ....105% 106% Am Wat Wks 5s '44 94 95 Am Rolling Mills 5s '3B 103 103 Balt & Ohio 5s ’95 63 63 % Balt & Ohio 6s '95 72 72 Balt & Ohio 4%s '6O 57% 58% Buff Roch & Pitt 4%s '57 56 55% Beth Steel 5s '36 104*4 104*4 Chi Milk & St P 5s '75 11*4 12 Chi Milw & St P 5s 2000 318 318 Cleve Un Term 5s '73 91% 90% Cleve Un Term 4%s '77 86 85 Col Gas 5s Mav '52 87% 89% Col Gas 5s April ’52 88 88 *4 Col Gas 5s '6l 87% 88% Can Pac Perp 4s 86% 86 a Cent Pac 5s '6O 74 74% Big Four 4%s '77 64% 65 Colorado & So 4%s 'BO 62 62 Chi & West Ind 4s '52 96% 97% Chi & W Ind 5%s '62 104% 104% Chi & Nor W 4%s ’49 13 Y* 13 * 8 Con Gas 5s '57 105*4 105% Chesa Corp 5s '47 104 104% Del & Huds 4s '43 83% 83% Erie 5s ’75 60 60% Erie 5s '67 60% 6! Grt Northern 7s ’36 88 83% Grt Northern 4%s ’76 71% 71 Grt Northern 4%s ’77 71 70% 111 Cent 4%s ’66 50% 49% Hud & Manhat Ref 5s ‘57 .. 88% 88 111 Cent Jt 4%s 63 55% 56 111 Cent 5s ’63 60% 61 Interlake C & I 5s ’sl 78 78% Interntl Hy Elec 6s '44 36 36% Internatl Tel & Tel 4%s '39.. 65% 67*2 Interntl Tel & Tel 5s ’55 .... 60% 62 Internl Tel & Tel 4%s ’52 .. 56 56% P Lorillard 7s ’44 128% 129 McKess & Rob 5%s 'SO 97% 97 * Midvale Stl 5s ’36 103 108 Natl Dairy 5%s '4B 103% 103% Natl Steel 5s ’56 106% 106*2 Nickel Plate 4%s ’7B 54 55% Nickel Plate 5%s ’74 66% 67% Nickel Plate 6s 35 57% 57% N Y Cent 5s 2013 59% 60% N Y Cent 4%s 2013 (old! 54% 54% Nor Amer Cos 5s '6l 97% 96% Nor Pac 3s 2047 73% 73 Nor Pac 4%s 2047 78 78'4 Nor Pac 6s 2047 94% 94'., Nor States Pow 5s ’4l 106% 106% New Orleans Term 4s '53 .... 86% 86% Otis Steel 6s ’4l 92% 92 Penn Ry 4%s 'B4 104 104 Penn Ry 4%s ‘lll 1047a 104'% Penn Rv 4%s 70 95 95 Pac G & E 5s 42 106% 106% Portland Gen El 4%s '6O 64 63% Para Publix 5%s 'SO 85 85% Penn P & L 4%s ’Bl 104% 105 Postal Tel & Cab 5s '53 35% 39% Rem Rand W W 5%s 47 103% 103% Sinclair Oil 6%s '3B 102 102% Sou Pac 4%s ’6B 65 65% Sou Pac 4%s ’Bl 64 65*4 Sou Pac 4%s '69 64*4 65% Sou Pac 4s 49 67% 68 Sou Rail 4s ’56 43 43% Sou Rail 6%s '56 59% 59% Sharon Stl Hoop 5%s '4B 88 88% Texas Pac 5s 'BO 87 87 Texas Pac 5s 79 86% 86% Texas Pac 5s ’77 87% 87 Union Pac 4s ’47 113 113 United Drug ’53 90*4 90% U S Rubber 5s ’47 94 93% NY NH & Hart 6s ’4B 37% 37% NY NH & Hart 4%s ’67 33% 33% Warner Bros 6s ’39 56% 57% Western Mary 5%s 77 99*2 99 Western Mary 4s ’52 93% 94 Youngstown S & T 5s ’7O 95 94% Youngstown S&T 5s ’7B .... 94% 94% FOREIGN Argentina A 6s ’57 94% 94% Argentine B6s ’SB 94% 94% Brazil 8s ’4l 29* 4 29% Canadian Govt 4s ’6O 107 107 Denmark 5%s ’55 99 99 French 7s ’49 181 % 180% German 5%s ’65 27% 27% German 7s 49 36% 37 Italy 7s ’sl 88 88% Japan 6%s ’54 96% 96*, Rome 6%s ’52 77% 77% Tokio City 5%s ’6l 79% 79% FEDERAL FARM LOAN BONDS ißy Blyth & Cos.) Bid. Ask. 3s Mav 1. 1955-45 101% 101% 4s July 1, 1946-44 107% 107% 4s Nov. 1, 1957-37 103% 104% 4s May 1. 1958-38 103% 104'4 4' ,s Julv 1, 1956-36. 102% 103% 4%s Jan. 1. 1957-37... 103% 104% 4%S Mav 1. 1957-37 103*8 104% 4%S NOV. 1. 1958-38 105% 4%s Mav 1. 1942-32 101% 102% 4%s Jan. 1. 1953-33 101% 101% 4%S Jan. 1. 1955-35 101% 101% 4%s Jan. 1. 1956-36. 102% 102% 5s Mav 1. 1941-31 99% ... 5s Nov. 1. 1941-31 99% •••

Commodity Prices 'Rv Abbott. Proctor & .’alnei—.

COTTON NEW YORK Prev. High. Low. Close, close. Mar 11 85 11.74 11 85 11.85 Julv 11.89 11 78 *ll 88 11.89 October : 11 42 11.35 11.41 11.49 December .... 11.49 11 42 *ll 46 11.56 January .... 11.52 11.47 11.49 11.59 March 11 58 11.55 11.57 11.67 Spot steady: middlings. 12 25. NEW ORLEANS Prev. High. Low. Close, close Mav 11.<5 11 72 11.75 11 80 Julv 11 84 11.71 11 84 11 85 October 11 40 11 29 *ll 38 11.45 December .... 11 46 11.40 11 46 11 61 January 11 49 11.49 11.49 11 55 March 11.57 11 57 11 57 11.63 NEW YORK COTTONSEED OIL Prev. High Low Close close Mav 11.38 11.35 11.358 11.39 July 10.71 10.67 10 688 10.72 September 10.718 10.72 October 10.-3 10.54 10.588 10.61 B—Bid. SI GAR Prev. High. Low. Close, close Mav *2 31 2.32 Julv 2 40 2 38 *2 38 2 39 September ... 245 243 *2.43 245 December 2 52 2 50 *2 50 2.51 BITTER Prev High. Low. Close, close. April 30 .29% .29% .30% November 28% .28% .28% .28% EGGS Prev. High. Low Close, close. April .25% .25% 25% .25% October 26% .26% .26% .26*4 May 25% .25% .25% .25%

INDUSTRY SEEN HOLDING GAINS UNTILSUMMER Coal Mining Adjustment Points to Increase in Car Loadings. BY JULES BACKMAN and A. L. JACKSON Editor*. Economics Statistics. Inc. NEW YORK, April 27.—Most of the weekly indices recorded small advances last week. These, however, were more than offset by the sharp decline in bituminous coal production. The average daily rate of bituminous coal production , was 749,000 tons, as compared with 1,611,000 tons in the preceding week. Under normal conditions, coal production usually declines slowly from January to the end of April. This year, however, production continued to increase contraseasonally until the end of March, because of strike fears. The unusually high level of coal production during the first three months of the year caused an inquently this sharp correction became necessary. This correction w r as so drastic that no further reduction in the rate of production is necessary. It might also be pointed out that inventories in the hands of consumers are not so burdensome as they were a year ago, and thus production should not remain at its present low level for more than a few weeks. In fact, an increase is expected in the immediate future. Rise in Loadings Expected The sharp decline in car loadings during the week ending April 6 was due almost entirely to the reduction in shipments of coal. Coal loadings amounted to 74,761 cars, as compared with 146,572 cars in the preceding week. The '•cause of this decline is similar to that explained in connection with coal production. Loadings of merchandise increased, rising to the highest level of the year, and loadings of miscellaneous freight were only slightly lower than the peak of the year. There was not much change in the other classifications; and since coal loadings will probably increase in the immediate future, the general trend in total loadings over the next two or three months will be upw'ard. Activity in the cotton industry has also been curtailed sharply and the inventory position is being rapidly corrected. Thus cotton forwardings should not decline much further. The steel industry showed the first improvement experience since the week ended March 9. This increase was contraseasonal, and thus our adjusted index advanced. Inventories have been sharply reduced, according to the Automotive Daily News, and currently the automobile companies have only about ten days’ supply of steel on hand. Steel on Upgrade Again Orders placed by other consuming industries are also showing some improvement. Thus the rate of steel production should continue to increase. As is pointed out below, automobile production seems to be at its peak at the present time, and gradual curtailment in this ind astry should take place during the next two months. This should lead to some curtailment in the rubber, plate glass, and other industries that are closely associated with the automobile industry. The corrections that took place recently have improved the supplydemand situation of industry and thus the decline from current levels should be relatively small. The improvement that is expected to take place in steel, coal, petroleum and textiles should just about offset the declines that are expected in the automobile and allied industries.

RATES ON INSURANCE TO BE RAISED MAY 1 Pacific Mutual to Boost Prices on On Non-Participating Policies. Rates on non-participating life ipsurance policies underwritten by the Pacific Mutual Life Insurance Cos. after next Wednesday, May 1, will be raised 4 per cent, E:.rl T. Bonham, Indianapolis general agent, announced tdoay. All other major companies increased their rates on non-partici-pating insurance early this year, Mr. Bonham said.

New York Curb

(By Abbott, Proctor & Paine) Prev. Close. close. Allied Mills 15 15 Am Cyanide B 17 17% Am Gas & Elec 23% 24% Am Superpower . i 1 1% Art Metal 5 5 Atlas Corp 8% 8% Can Indus Ale A 9% 9% Can Marc 1% i- - Corp 16 16% Cities Service . 1% 1% Commonwealth Edison 65% 65% Consol Gas of Balt 64% 65 Creole Petrol 13 13% Crown Cork Inti 9% 9% Deere & Cos 28% 29 Distillers Corp 14% 14% Dow Chemical 94 95% El Bond & Share 1 6% 7 Fisk Rubber 7% 7 Ford of Can A l 28% 28 Ford of Europe 8% 8% Gulf Oil of Pa 59% 66 Hiram Walker 24% 25 Hollinger Mines 16% 17 J Humble Oil 50% 49*4 Imperial Oil. Ltd 16% 16% Hudson Bay Min 15 15% Int Petrol 31% 32% Lake Shore Min . 54% 55 Long Island Lighting 3% 3% Natl Bellas Hess 1% 1% Newmont Min 48 48 Nia Hud Pwr 4 4% Novadel Agene 21 21 Pan-Am Airways 41 40 Penn Road I*4 1% Salt Creek Products 6% 6% Sherwin Wms 90 89% Sonotone 2 2 St of Kv 18% 18% Swift & Cos 15% 15% Technicolor Ind 18% 19 Teck Hughes Gold 4% 4% Un Gas I*4 1% W.'.eht Hargraves Min 9 9 •Bid. FRUITS AND VEGETABLES ißv United Pressi CHICAGO. April 27.—Apples—Michigan Spires bushels. *1.50. Illinois Jonathans, *1504(1.75: Illinois Willow Twigs. *1.254/ 1 50. Carrots—Western crates, 6 doz . *2.40 4z2 60 Turnips—lllinois and Michigan bushels. 254/50c. Sweet potatoes—Tennessee bushels. *l4/1.10. Lettuce—Western crates. *4 504(5 50 >5 doz.'. Leaf Lettuce —Illinois and Michigan 10 lbs.. 90c4j *1 10 Beans—Florida bushels, green. *1 to 1.50. Cabbage-—California and Mississippi crates. *4. Onion sets —Illinois and Michigan sacks a bushel. *2.754/3.25. Peas —California bushel hampers. *1 3501.65. Tomatoes—Florida lugs. *147 1 85. Mexican lugs. *1 7502.25. Rhubarb—lllinois 40lb cartons. *101.25. Spinach—Arkansas bushels. *1451.25; Illinois, t1.254r1.35. Asparagus—lllinois sectional crates 2 doz.,

State and City Officials Converge on Washington for Work-Relief Grants Nation's Capital Becomes Vast Shopping Center for Municipal Officers; Direct-Grant Bargain Counter Causes Friction.

By Times Special WASHINGTON. April 27.—This | city hits boomed as a shopping center since President Roosevelt signed | the work-relief bill. Scores of bar- i gain seekers, recruited from the ! ranks of state, county and city of-fice-holders, daily crowd the quarters of governmental agencies from which allocations of the four billion dollars will be made. The visitors, armed with long lists of projects which they say would provide employment, are showing a tendency to play one governmental agency against the other, seeking to place their pet plans wherever they will receive 100 per cent Federal grants. So serious has the problem become that administrators of the various emergency divisions, such as public works, Federal relief, soil erosion and the CCC, have asked the White House for immediate clarification of the President’s plans for spending the four billion dollar fund. Grants vs. Loans In establishing regulations, the President faces the ticklish duty of deciding which localities are to get work-relief funds by direct grant and which shall be required to take their money in the form of loans, or combination loans and grants. The mix-up in authority over public works has already caused clashes between officials of the Public Works and Emergency Relief Administrations. Cities which have obtained PWA approval of loans and grants for public construction have discovered they could switch their projects to the FERA state work administration on a 100 per cent grant basis, no strings attached. Cancellation of PWA contracts "lias resulted, and local officials in some instances have publicly taken credit for “saving” the taxpayers’ money—to the chagrin of PWA Administrator Ickes. Billion for Loans-and-Grants Approximately one billion dollars of the work-relief fund will go out on loan-and-grant agreements. The remainder of the money, because of amendments added by the Senate, must be spent directly without provision for repayment. The President must set the line of demarcation, and in so doing he may run the risk of antagonizing many communities. It is expected that he will establish a single channel of examination for work projects through which all applications for funds must pass. If the applicant is in position to assist the government in the financing, the project will b e routed through PWA. SCHEDULES CHANGED Big Four Trains Will Operate On Reduced Time Next Week. Train schedules of the Big Four route will be quickened and air conditioned equipment added, effective tomorrow, J. N. Lemon, Indianapolis division passenger agent, announced today. The change, affecting 12 trains, is incidental to daylight saving time, which goes into effect Monday in Chicago, New York and other cities, Mr. Lemon said.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers: Fruits—Bananas, 4%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; Byram, seedless, per hundred, $3. Strawberries. Louisiana. 24-qt. crate, $2.50; Mississippi, 24-qt. crate. $4.25. Apricots. $3 crate. Grapes, South America, white, 20-lb. box, $2.75. Cantaloupes— Honey Dews. South America, $3; Mexican Jumbo’s, $6 a crate: standards. $4.75 a crate. Nectarines. South America, box, $3 SO. Vegetables—Cabbage, new Carolina, hamper. $2.75; Florida, $2.75 a hamper; Mississippi, half crate, $2.50. Onions, 50-lb. bag, $2.50; 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, $2.50; northern round white. 100-lb. bag. $1.15; Ohios, 100-lb. bag. $2.10; Idaho Russets, 100-lb. bag, $2.60: new Florida Triumphs, bushel. $2. Sweet Potatoes, Indiana Jerseys, bushel. $1.50; medium or seed, $1.10; Nancy Hall, bushel, $1.40. Beans, round stringless, hampers. $2 75. Celery (washed and trimmed), medium, doz., 50c; jumbo, doz., 75c; hearts, doz.. 90c. Cucumbers, hot house, doz., $1.15; 2 doz. box. $2. Endive, California, dozen, sl. Egg plant, $1 50®2 doz. Kale, bushel. 60c. Lettuce, hot house, 15-lb. basket, $2.10. Arizona Iceberg head lettuce, $4 50 Mangoes. Ssig6 a crate: small basket. 60c. Mint a doz., sl. Parsley, doz, 35c. Peas, California, hamper, $3.50: Mississippi, hamper, $2.35. Spinach. Texas, bushel, sl. Radishes, dozen, 60®75c. Turnips, bushel, 75c. Parsnips, bushel, half bushel. sl. Beets, crate, new Texas. $2. Carrots, California, crate. $3. Rhubarb, outdoor, doz.. 30c. Mushrooms, lb.. 30c. All quotations subject to change up or down.

Other Livestock

(Bv United Press) CHICAGO. April 27.—Hogs—Receipts. 5.000 including 4500 directs; holdovers, 1.000: market nominally steady; top *9 10. Cattle—Receipts. 300: calves. 200: compared Friday last week; choice to prime medium weight and weighty steers steady to 25 cents higher: top $15.85: medium weights up to 515.60: light sreers 514.75; most killing steers and yearlings. *9.5045 13.50: average price for week being around *11.35: all she-stock generally 50 cents lower; common and medium light heifers *1 under last week s high time best yearling and heavy heifers *11.50: bulls closed weak to 10 cents lower: vealers. steady; meaty, heavy short turn steers at *9.5045 10.45. Sheep—Receipts, 3.000; for week endfng Friday 16.400 directs: compared Friday last week: fat lambs strong to 25 cents higher; sheep firm; week's top wooled lambs *8.60. shorn lambs around *1 under woolskins. closing top *7 50; bulk around *6 3545 7.50; week’s top on spring lambs. *l4: late top. ill: bulk around. *94/ 13: wooled native ewes mostly *4§s; shorn ewes. $34/4 LAFAYETTE. April 27—Market. 54515 c higher: 180-225 lbs.. *8 954/9: 250-275 lbs . S8 854/ 8.90: 275-325 lbs. S8 704/-8 80: 160180 lbs.. $8 90: 140-160 lbs $8 15458 40; 125-140 lbs. $7,504/ 7.75: 115-125 lbs, $74/ 7.25: 100-115 lbs., *6 504/6 75: roughs. *8.25 down. Calves—soc lower; *7.50 down. Lambs—Steady: *7.25 down.

Hides and Skins

Hides—Green country cows and steers 4%c flat; green country bulls and glues. 3c flat: green country calf hides. 5c flat; green country kip. 4c: No. 1 large horse hides with full heads, shanks, manes and tails. *2 50: medium size. *2. All Not 2 grade horse hides. 50c less: glues and ponies half price. No. 1 rendered tallow. 505* 2 c: No. 2 at value. Yellow grease 4% 2 sc; dark grease. 464&*.

Oil Industry Looks Up Higher gasoline prices, prevailing conditions in crude and progress made by many oil companies in 193\ suggest a better year for the industry. Substantial blocks of petroleum shares, it is said, recently passed into strong hands.

PORKER PRICES CONTINUE RISE Advance of 10 to 15 Cents Effective in Most All Classes. The pork market in early trading at the Indianapolis Union Stockyards today was generally 10 to 15 cents higher than yesterday's best average. Few underweights, however, being exceptions, remained unchanged. Receipts were estimated at only 1000. the lowest number on hand since last Saturday. The major increase was noticed mostly in the lightweight division where all classes were extremely scarce with a fairly heavy demand prevailing. With the small supply on hand, the market was active throughout the session. The moderate increases of the last two sessions have been attributed mastly to a larger demand and a sharp drop in the number of receipts. The bulk, 160 to 275 pounds, was selling at $9 to $9.15, while large butcher classes, scaling from 275 pounds and upward, sold at $8.65 to $8.95. Lighter grades, weighing 130 to 160 pounds, cashed in at $8 to $8.65. while light lights, scaling 100 to 130 pounds, brought $6.75 to $7.75. Packing sows sold at $7.75 to $8.35. Holdovers were 117. Trading remained practically at a standstill in the cattle market with hardly no supplies available. No early sales were reported. Receipts numbered 100. Vealers were scarce to around 50 cents lower, selling at $9 down. Receipts numbered 50. The sheep market was undeveloped with suplies on hand. HOGS April Bulk. Top. Receipts. 22 $8.90® 9.10 $9.15 4000 23. 9.004* 9.15 9.20 6000 24. 9.000 9.10 9.15 4500 25. 8.750 8 95 9 00 6000 26. 8.850 9 05 9.05 4500 27. 9.000 9 15 9.15 1000 Light lights: (140-160) Good and choice.. $8 400 9.00 Medium 8.000 8.75 Light weight: 1160-180) Good and choice . 9 100 915 Medium 8.600 8.90 (180-2001 Good and choice... 9.10® 9.15 Medium 8.65@ 8.90 Medium weight: (200-2201 Good and choice... 9.05® 9.10 1220-2501 Good and choice... 9.00® 9.10 Heavyweight: (250-290) Good and choice .. 8 95® 9 00 (290-3501 Good and choice... 8.75® 890 Packing sows: (275-350 Good 8 10® 8.35 (350-425) Good B.oo® 8.25 (275-350) Medium 7.90® 8.15 (425-550) Good 7.75 Q 8.10 Slaughter pigs: (100-140) Good and choice... 6 75® 8.40 Medium 6.25® 8.00 CATTLE —Receipts. 100— —Steers—-(soo-900) choice $11.25®13.50 Good 10.00® 12 25 Medium 8 25® 10 50 Common 6.50® 8.50 (900-1100) Choice 13.00® 14.25 Good 10.75®11.00 Medium 9 00® 9.00 Common 13.25®14.50 (1100-1300) Choice 13.25®14.50 Good 11.25® 13.50 Medium 9 50® 11.50 (1300-1500) Choice 13.50® 14.50 —Heifers—-(soo-750) Good 11.50013.75 Choice .. ..4 10.00® 11.00 Good 9.00® 10.00 Common and medium 6.00® 9 00 (750-9001 Good and choice .. 9.25® 11.25 Common and medium 6 00® 9.25 —Cows—(Yearlings Excluded) 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, 50— Good and choice sß.oo® 8 50 Medium 6 00® 8.00 Cull and common 3.00® 6.00 —Calves—-(2so-500) Good and choice ... 6.50® 9.50 Common and medium 3.50® 6.50 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice 6.50® 850 Common and medium 5 00® 6.50 (900-1050) Good and choice... 6 50® 850 Common and medium 5.00® 6.50 —Cows— Good 4 25® 5 25 Common and medium 3.75® 4.50 SHEEP AND LAMBS —Receipts. None—(Shorn Basis) Lambs. 90 to 120 lbs., good and choice $6 75® 7.25 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

ißy Times Special* LOUISVILLE. April 27.—Cattle. 100: market nominal compared week ago, sausage bulls, steady; o’her slaughter classes unevenly 254/ 50c lower; closing bulk common to medium grade steers and heifers. $74/9, better finished dry fed steers quotable to *10.50 and above: bulk beef cows, *54/6.25; good kinds to *7 and above for smooth heifer types: most lowcutter sand cutters, $34/ 4.50; sausage bulls mostlv $54/ 6; desirable beef bulls to $6 50 and above for yearling types: stockers and feeders steady to weak: most desirable Hereford stock calves $7,504/8.50; plainer frade Southerns. *3.504/5: supply stockers or Monday s market liberal. Calves. 400 including 150 stock calves; market seady to mostly 50c lower for week: closing bulg good to choice vealers. $74/8. medium and lower grades. *6 50 down. Hogs. 250. market 10c lower; top and bulk better, 180-250 lbs. $8.65; 255 lbs. up $8 20; 160175 lbs. $8 15: 140-155 lbs. $7.65; 120-135 lbs. $6 70. sows weighing 400 lbs. down $6 90: heavier sows discounted 50c: marl ket closing 20c lower than last Saturday. Sheep. 25; market nominal: closing steady with last Saturday: medium to good wooled lambs. $8 504/7.50 choice quotable around $8: common wooled throwouts *5; bulk iat wooled ewes. $4 down; spring lambs, *9<&. ID. ißy United Press) FT WAYNE Anr.l 27.—Hogs—Steadv to 10c higher. 180-200 lbs . S9 160-180 lbs *8 90: 200-225 lbs . *8 85 225-250 lbs *8 75: 250-300 lbs.. *8 65: 300-350 lbs. *8 45: 159160 lbs.. $8 50: 140-150 lbs *8 25; 130-140 lbs. *8: 120-130 lbs.. *7 50 100-120 lbs *7: roughs. $7.75; stags. $5.75. Calves—sß.so; wooled lambsz *8 clipped lambs. *7.

Fidelity Trust Company Member Indianapolis Clearing House Association 148 E. Market St. General Commercial Banking Your Account Solicited

SILVER BREAK FORCES GRAIN j PRICES LOWER Wheat Values Go Steadily Down in Trading at Chicago Pits. By United I'rei* CHICAGO. April 27.—The ractionarv tendency in the silver markets lent a bearish undertone to grain markets on the Board of Trade today and prices declined. At the end wheat was off to 1% cents: corn was % to •% cent lower, and rye was % to % cent lower. Although there was considerable inflation talk heard in all pits, a rather pronounced disposition to even up for over the week-end developed. There were numerous sharp rallies after the dips during the day and on the advance there were ample offerings. Wheat prices tended lower throughout the session, however.

Uncertainty as to the effect of the government's silver policy on the grain markets was noted in trade gossip during the day. Some traders believed that inflation possibilities will become the predominant influence for a time with weather and crop developments pushed into the background. Dust storms wore reported in the Southwest and th# forecast indicated no moisture for tomorrow. Pressure credited to liquidation by longs developed in rye toward the close of the market with the May and July deliveries showing a sharp decline, wfrovisions were weaker with grains. Wheat— Prev • Open Hich. Low nose close' May 99% ino .9914 .99% 1 on% •July PJPr .99% 99. i 4 99*2 Se P f -SS 1 * 99% 98% .99', Lob% Corn— Mav 88 *. .83% 88 88% 89 Sept (B*, .79-% 78% .79% .79% Oats— May 50 ,50% .49% 49% vm. ul '’ -43 .43% .42% 42% 43*J Sapt 4040 39% .39% .40*2 Rve— Mav 58 7 4 .53% .57% 57% 59%^ July .60% 60% 58', 58% 6t ' Barley— , Ma. v 66% .66% .66% 66% 67'* Ju ‘V .64 Lard— May 12.70 12 70 12 65 12 65 12 75 July 12 82 12 82 12 75 12 75 12 87 Sept 12.87 12 90 12 80 12 82 12 90 unties— Mav 16 65 16 65 16 65 16 65 16 6,5 Julv .... 16 60 16 60 16 60 16 60 16 60 Sept .... 16.65 16.65 16 65 16 65 16 65 CHICAGO PRIMARY RECEIPTS —Bushels—- ..... Today. Last week. wheat 289.000 583,000 g°* n 466.000 974.000 ° ats 59,000 135.000

Cash Grain

INDIANAPOLIS Wheat- Weak, No. 1 red. 90®91c No a red. 89V 90c; No. 2 hard. 924i93c. Corn Steady. No. 2 white, 86%i87%c, No 3 white. 85%®86%c; No. 2 yellow. 80'.® 81 %c: No. 3 yellow. 79®80%c; No 2 mixed <8%5 79c%c: No. 3 mixed, 77' 2 ®7B'2c’ Oats—Weak. No. 2 white, 46®47c; No. 3 white. 45®46c. LOCAL CASH MARKET City grain elevators are paving 89 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow. 82 cents, and oats 42 cents. fßv United Press) CHICAGO. April 27.—Cash grain: Wheat - No. 3 red. $1: No. 2 hard. $1.06%. CornOld No. 2 yellow. 91c; No. 2 yellow 90® 90', c: No. 3 vellow. 88%®89',c; No. 2 white. 95c; No. 3 white. 93%c: sample grade. 76c. Oats—No 2 white. 51 %c; No. 3 white. 48%49%c: No. 4 white. 47e. Rve—No sales, barley: Feed quoted 50® ,0c malting. 70c*,/SI 05. Timothy sls® 17 50. Cloversed. slsf/ 18 Cash provisions; Lard. $12.70a; loose. $12.70a: leaf. sl2 75n: bellies. $16.75b A—Ask. B—Bid. N—Norminal.

Produce Markets

Delivered In Indianapolis prices: Heavy breed hens. 16c: Leghorn hens. 14c; broilers. 2 lbs. and up. 20c: Leghorn broilers. 2 lbs and up full feathered. 18c; Leghorn broilers. 2 lbs. and up full feathered, 16c; barebacks broilers. 13c; cocks and stags. Bc. Ducks full feathered and fat. 8c: geese full feathered and fat. 6c. All classes of guineas. 15c; No. 1 Rtrictiv fresh country run eges. loss off 20c Each full case must weigh 5 lbs. yjoss a deduction of 10c a pound under 55 lbs. will be made. Butter—No. 1. 34®35e; butterfat. 30c. Quoted by the Wadlev Cos. 'By United Press I CHICAGO. April 7 Eggs- Market, firm; receipts. 28.713 casec: extra firsts. 25%c; fresh graded firsts. 24%e; current receip's, 23 3 ,c; dirties. 22%c checks. 22c ButlerMarket. weak: receipts, 9489 tubs: extra firsts <9O-91% score i. 29®29%c: extras ‘ 92 score). 29%c; firsts 'BB-89% score). 28 ® 23'c; seconds <BB-37% scorei. 27 %c; specials. 30', fri 30%c: standards. 29'-o. Poultry- Market, steady; receipts, 4 trucks, no cars, 1 car due: capons. 26'//27c; hens. 19®20c; broilers. 23''/24c; fryers 24*/ 25'-c----turkeys. 20® 22c; old roosters. 14® 15c; stags no quote; ducks. 18'-22%c; geese. 13c: Leghorn hans. 18c: light hens, 21c. Cheese—Twins 16c: Daisies. 16' 4 ® 16%c; Longhorns. 16’®18%c. Potatoes—Old stock: Supply liberal: demand and trading slow; market slightly weaker: Wisconsin round whites dealers asking 80® 85c mo sales reported': commercials 70®72%rIdaho russet. *2® 2.05: United States No. 2. $1.45. New stock: Supply moderate; demand and trading slow; market weaker; Louisiana sacked bliss triumphs. $2 90® 3 25. Arrivals, 102; on track. 369. shipments, 900.

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