Indianapolis Times, Volume 47, Number 230, Indianapolis, Marion County, 4 December 1935 — Page 20

Trends Vast Insull Empire Finds Its Way to Bankers. BY JOHN T. FLYNN

NEW YORK, Dec 4 —The huge hulk of Insull's great holding company, the Middle West Utilities, finally has been reorganized. After three and a half years of receivership this floundering enterprise is started on anew career. The United States Court has permitted the turning over of all its assets to anew company called

the Middle West Corp. The event is full of lessons. The new plan may be difficult t o follow but it is worth the trouble. Back in 1930 this c o r p o ration belonged t o its common s t o c kholders, subject to the claim of its preferred stock holders

Flynn

and its outstanding creditors. a a a WHEN the great corporation collapsed there were four groups of investors who had an interest in this company the common stockholders, the preferred stockholders, the note holders and the bankers who had made loans to the company. The contributions of the four groups to the corporation were as follows: Common stockholder* . $158,800,1100 Preferred stockholders fi11,*39,000 Note holders . . 10,000.000 Banker* 27,000,000 a a a NOW the new company is formed , but as you look at the distribution of what was left among these various interests you will be surprised at how, under the new set-up, the order of importance is completely reversed. Stockholders, noteholders, bankers all turn in their claims and receive instead stock in the new company. Here is what they will get: Common stockholder* 158,829 shares Preferred stockholders 151,928 shares Noteholders 1,290,000 share* Bankers 1,710,000 shares a a a THUS the old laws of finance work ruthlessly. When the wreck is hauled ashore and all the stockholders are drowned, the salvaged property finds its way into the hands of the bankers. Each common stockholder now gets one share in the new company for each 100 he held in the old. That is to say, he gets one share valued at $8 for each SIOOO worth he held in the old company, but he is given a priceless privilege along with all this—the right to subscribe to mare. Thus he is asked to put more money into this company. The intelligent investor will a.sk himself whether or not the Middle West Corp. is the best place in which to invest SB. if he has that much. (CopvrlKht, 1935, NEA Service. Inc.l

COTTON TRADE WITH GERMANY DECREASES Brazil Supplants U. S. as Principal Supplier to Nazis. Hi/ United Prvxs WASHINGTON. Dec. 4 Brazil supplanted the United States as the principal supplier of raw cotton to Germany in the first nine months of 1935, the Commerce Department reported today. Total German imports of raw cotton in the January-September period of 1935 amounted to 221.795 metric tons compared with 265,709 metric tons in 1934. The value of the raw cotton imports in ihe 1935 period was $84,087,000 compared with $74,238,000 in 1934. The United States’ share of this trade declined from 166,996 metric tons in 1934 to 46.117 tons in 1935, while imports from Brazil increased from 3.164 metric tons to 61,874 tons. On Commission Row Quotations below subject to chance are average wholesale priqes being offered to buvers bv local commission dealers: Fruit—Cranberries, early blacks, 25-lb. box $4.25. Pears—Washington D'Anjo. $2 25. Bananas—7 hands, a pound. 5%c. Persimmons—California. lug. $1.50. Apples— Indiana Jonathans. $1 60 Summer Rambos, $1 Delicious. $1 60(1( 1.75; Wealthys. $1; Grimes C.oldne, 51.154i1.25. Lemons—Sunkist, 3605, $6 Grapefruit—Texas, 64s to 70s. $3 50. Florida seedless. $2.75. Limes— Mexican, a carton 12s, 20c: Persian seedless. a hundred. $3. Vegetables Beans, green, round stringless. bu , $2 50 Beets—Texas. 3-doz. crate, $1 90 Cabbage—Northern Danish. 50-lb. bag. 90c Carrots—Home grown. 40c. new bulk, half bu.. 60c. Cauliflower—California, crate. $2,50 Celery—Michigan, washed and trimmed, extra large. 55c; jumho. doz.. Sac. Cucumbers—Southern, bu $3 50. doz. 85c. Kale—Home grown, bu., 60c. Lettuce —Iceberg, California, best. $5; home grown leaf. 15-lb basket. $1.60. Endive—Ohio, basket, 85c. Mangoes—California, crate. $4.75; small basket. $1.25. Mint—Bunch. 15c. Mustard-Home grown, bu., 60c. Onions —lndiana yellow. 50-lb. bag. $1; Indiana yellow. 10-lb. bag, 22c. western Spanish. 50-lb. bag. $1.50. Parsley—Home grown, doz . 35c. Peas —Telephone, hampers. $4. Potatoes —Round Cobblers 100-lb. bag. $1 65 Michigan Round White 100-ib bag. $1 50 Early Ohios, bu. $1.60; Idaho Russet*, $2.40 Sweet potatoes —Indiana. Jerseys, bu.. $1.65. Radishes—Ohio, button, dor. baskets. Sage—Dor . 45c. Spinach-Broad leaf, bu 85c. Squash— Bu $2 50. Tomatoes California, repacked, 10-lb. carton. *1.500' 1.75. FRUITS AND VEGETABLES (By United Press! CHICAGO Dec. 4 Apples—Michigan. Mclntosh, bushel. $1 25 ,1 50 Carrots— Illinois, bushel. 25ti35c Sweet Potatoes— Tennessee. bushel 85'u90c Beans— Florida, bushel s3® 4 Cabbage--Sacks per hundred weight. $1.1567125. Peas— California. bushel hampers. $34( 3.75. Tomatoes—Florida lugs $2,754(3.25. Spinach Illinois, bushel, 75c and slls. Lettuce —Western crates. 5 doz. $2 504/ 350 Cucumbers—Florida bushel. $1,756(2.50 Celery—Michigan, square crates 504(850 Cauliflower—California, crates. $1 256( 1.75 Onion market (50-lb. sacks'—Minnesota yellows. $1; western Valencia* $1 15 i 117%: Illinois yellows. 50®$1; lowa whites $1; Michigan yellows. 90c Indians vellows 80c Unlisted Stock ■By Blyth A- Co.i NEW YORK BANK STOCKS _ Bid. Ask. Bankers 67'* 69 Central Hanover BAT .. 117 129 Chase 39% 40% Chemical National 57 58% Guaranty 315 317 Irving 16*. 18', Manufacturers 43 44', National City 38% 37’, Cent 111 iChieagoi 95% 98 First National of Boston 43'* 45 Natl Shawmut 26 s , 28 FIRE INSURANCE Aetna Fira 56% 58% City of New York tnewi 27 s * 29 s * Federal Ins 83 s * Franklin Fue 30% 31 s * Great American Ins 26 s * 28 s , Hanover Fire Ins 37 s , 39 s , Hartford Fire Ins 79% 81 s * Home In* 35 s , 37% In* Cos of N A 68 s * 70 s * National Fire 72 s * 74 s * North River Insurance 27'* 29 s , Phoenix Insurance 92% 94 s * U 6 Fire 52% 54A, Manchester Fue 34V* 36

PAGE 20

NATIONS APPLYING ECONOMIC SANCTIONS VIEWED ULTIMATE LOSERS IN WORLD COMMERCE Production Stimulated in Country Against Which Embargo Is Directed, Writer Explains. BY CLARENCE W. FACKLER Professor of Economirs, New York University NEW YORK, Dec. 4.—As a result of relentless pressure by Great Britain more than 50 countries have assumed the role of belligerents and, acting together under the banner of the League of Nations, have commenced to crack down on Italian trade. The Romans have been stigmatized for two breaches of etiquette.

Without troubling to manufacture even a simple grievance they heve attempted, at i the point of the sword, to initiate Ethiopia into higher civilization—a fraternity of questionable fellowship and devotion. And they have presumed to challenge the right of Great Britain, a country much more subtle in her imperialism. to dominate affairs in the Mediterranean. Protect Britain’s Trade Route Pummeling Italy is to be accomplished with the injurious thongs of commercial and financial non-inter-course. But if the backswings of the lashes cut deeply into the profits of any of the League states, always holy and honest in their dealings, concessions will be granted back and forth as freely as political patronage in America after a presidential landslide. In other words, instead of fighting another armed war to end war the league is trying ecowarfare to abolish war. Outwardly, the plan is to save Ethiopia from further invasion. But | the real purpose is to protect Great Britain's trade route through the Suez Canal to India. Designed to j curtail Italy's purchasing power, the | international boycott, as now in- | voked, stops all exports to her of essential war materials. And, what is more 9penly hosI tile, it prohibits all imports from Italy except gold, silver and cultural objects. Besides, most of the League members will refuse her financial aid.

Encourage Offending Nation Applied in the interest of peace | these sanctions are very expensive, however justifiable they may be. Momentarily they deprive enterprisers in neutral countries of profits which could be secured by lending a helping hand to both armies, engaged as they are in the honorable and glorious business of human slaughter. In the long run, however, economic sanctions have the disadvantage oi encouraging the offending nation, even at great expense, to produce goods which it formerly imported. So other countries sooner or la er are compelled to make permanent readjustments in their industries, in spite of the possibility of higher production costs. To a considerable extent the effectiveness of these embargoes de- ! pends also upon the co-operation of non-members of the League. Interesting in this connection is the neutral policy of the United States. While apparently leaning over backward in her desire to co-operate, American embargoes on exports are legally limited to arms and munitions. Dangers to United States Seen The exportation of many other essential war materials like oil and cotton cannot be prevented, but if sold and transported to Ethiopia such goods could be seized by Italy. Such an act would probably draw America into the war. In all probability the sanctions are to be applied slowly and imperfectly. Italy will thus be given ample opportunity either to get in and out of Ethiopia gracefully or ! time to effect a settlement with England and France—the two selfappointed, independent deputies of the League. It is unfortunate for world recovery that embargoes of such magnitude in international trade should be invoked at this time, and particularly so since they may easily provoke a war with arms, which is even more destructive. The point is that there is no safety in any kind of war—armed or economic.

COAL OUTPUT CLIMBS Indiana Produces 325,000 Tons for Week Ended Nov. 16. Indiana produced 325.000 tons of bituminous coal during the week ended Nov. 16, the United States Bureau of Mines reported today. The output amounted to more than 4 per cent of the national tonnage of 7.807,000. During the corresponding week last year the state produced 321.000 tons.

Busigraphs

TREND OF BUILDING MATERIAL PRICES 2 '*<>1 — O DOTTED LINE IS THE PAST TEN YEARS AVERAGE OF THE SAME MONTHS i "IMi s •S-.P J fmamjjason L”±J 1.,. ita> THE PAOKEfi COOP GENERAL D>STRiOuTORS incorpqrated"investors^

The price of building materials has remained steady during the last two years. While wholesale prices, as a whole, have advanced about 3 per cent during the last year, the price of building maerials has increased only about ] per cent. However. compared with the low point in 1932 and 1933 building material prices have advanced 23 per cent. From the standpoint of costs, now is a most favorable time to build.

Abreast of The Times on Finance

SWINE VALUES RISE 10 CENTS Cattle, Lamb'o Unchanged; Vealer Prices Move Sharply Lower. A general increase of 10 cents in the pork market today at the Indianapolis Stockyards again carried the top price above the $lO level which was established late last week for the first time since October. The top today held at $10.05. An extremely sharp decrease in j the number of receipts was believed j largely responsible for the model-- ! ate upturn in prices. Receipts were estimated at only 4000, compared with 8000. respectively, in the last two sessions. Holdovers numbered 134. Trading, however, developed slow after the opening, but turned fairly active as the session progressed. A fairly strong demand prevailed for practically all classes. The bulk of 160 to 300 pounds, cashed in at $9.90 to $lO. Heavies, ranging from 300 pounds and upward, brought $9,60 to $9.80. Lightweights, scaling 100 to 160 pounds, sold at $9.35 to $9.35. Packing sows held at $8.50 to $9.50, Initial trading in the cattle market was limited and mostly unchanged, especially on steers and heifers. Cows and bulls, however, were strong to slightly higher. Most steers were eligible to sell at $lO downward, while few held around sll. Heifers brought $9.35, with most sales at SB. or below. Bulls held at $4.25 to $6. Receipts were 1200. Vealers lost the advance of the previous session, moving sharply 50 cents lower. The bulk of good and choice kinds sold at sll to $11.50.' Receipts were 600. With trading not fully developed in the lamb market, native grades were mostly steady at yesterday’s opening. Bulk of good and choice ewe and wether kinds sold at $10.50 to $11.25. Fed western and yearling classes were absent. Slaughter sheep sold at $3.25 to $5.25. Receipts were 1500. HOGS Nev. Bulk. Top. Receipts. 27. $9.70@ 9.80 $9.80 3000 29. 10.05® 10.15 10.15 6000 30. [email protected] 10.00 2500 2. ’ 9.80® 9.90 9.95 8000 3. 9.80@> 9.90 9.95 8000 4. [email protected] 10.05 4000 Light Lights U4O-160) Good and choice . $9.60@ 9.85 Medium 9.10® 9.70 Lightweights 1160-I8O) Good and choice... 9.90® 10.05 Medium 9.40® 9.90 1180-200) Good and choice .. [email protected] Medium 9.40® 9.90 Medium Weights .200-220) Good and choice .. 9.95(5)10.00 )220-250i Good and choice... 9.90@ 9.95 Heavyweights (250-290) Good and choice . 9.85® 995 (290-350) Good and choice . . 9.70@ 9.90 Packing Sows (275-350) Good 9.15@ 9.50 1350-425) Good 9.00@ 9.35 (425-450) Good 8.85@ 9.25 (275-450) Medium 8.50@ 9.00 Slaughter Pigs (100-140) Good and choice .. 9.35® 9.85 Medium 8.60® 9.60 CATTLE —Receipts, 1200— (500-900) Choice [email protected] Good 9 00® 11.50 Medium 6.75@ 9.00 Common 5.25® 6.75 (900-1100) Choice 12.00013.00 Good [email protected] Medium 1.50® 9.50 Common 5.15® 1.25 (1100-1300) Choice [email protected] Good 9.75®12.25 Medium 1.50® 9.75 (1300-1500) Choice 15.25®12.50 Good 9.75® 12.25 Heifers (500-750) Choice 9.75®11.00 Good 8 25@ 9.75 Common and medium 4.75@ 8.25 750-800) Good and choice .. [email protected] Common and medium 5.00® 9.00 Cows Good 5.25® 6.25 Common and medium 4.25® 5.25 Low cutter and cutter 3.00@ 4.25 Bulls, good ; 5.75® 6.25 Cutter, com. and med. bulls. 4.00® 5.75 VEALERS —Receipts, 600— Good and choice [email protected] Medium [email protected] Full and common 5.00® 9.00 Calves (250-500) Good and choice .... 7 00® 9.50 Common and medium 4.OC® 7.00 Feeder and Stocker Cattle (500-800) Good and choice . .. 6.50® 825 Common and medium . .. 4.25® 650 (800-1050) Good and choice.. 6.50@ 850 Common and medium 4.25® 6.50 Cows Good S.oo® 6.50 Common and medium . .... 4.00@ 5.00 SHEEP AND LAMBS —Receipts. 1500— Lambs. 90 lbs. down, good and choice $10.50® 11.50 Medium 8.75® 10.50 Ewes (90-125) Good and choice. 4.25® 5.25 All weights, common and medium 3.75® 4.75 (120-1501 Good and choice 3.25® *.25 Produce Markets The prices quoted below are paid for stock gathered in the country, while delivered in Irdianapolis the price wi:l be a cent higher Heavy breed hens. 16c: Leghorn breed hens. 12c: springers, over 4% lbs . 17c: under 4 1 i lbs.. 16c; old cocks. 9c: Leghorn springers. Its lbs. and up. 12c. Turkeys—Young hens. 8 lbs. and up. 19c: toms. 13 to 18 lbs.. 19c: over 18 lbs.. 18c: old toms. 14c. Ducks—White. 4’a lbs. and up. 10c; geese, 10 lbs., full feathered and fat. 9c: old guineas, 15c; vourg guineas. 1 1 2 lbs. and up. 25c No. 1 strictly fresh eggs, loss off. 25c: pullet eggs. 18c. Each ful case must weigh 55 lbs. gross, a deduction of 10c a pound under 55 lbs. will be made No. 1 butter. 36%@37%c; No. 2. 34%®35%c; butterfat. 31c Quoted by the Vi’edley Cos. DIVIDENDS CONSIDERED Time a Special TORONTO. Dec. 4.—Samuel Bronfman. president of the Distillers Corp.-Seagrams. Ltd., today told stockholders at an annual meeting that “dividends will be given active consideration at an early date.” The company earned $5.05 a share for the year ended Julj; 31.

INDIANAPOLIS, WEDNESDAY, DECEMBER 4, 1935

WEEKLY BUSINESS INDICATORS LEGEND WEEKLY AVERAGE 1923-1925 INCLUSIVE * 100 - 1935 “ l|3* BUSINESS ACTIVITY (NEW YORK TIMES)* STEEL INGOT PRODUCTION CONSTRUCTION CONTRACTS AWARDED* , 03^.>^.^.i *e* < M*r, J . w tjjut Y .. UG ; St p t : OCT|WOVIDCC |, t ,.|MAR |Aem W gr M uNt!JUir l au*HS [ gT. ! xt ! W., Otc (M*. J 90 60 ■ I—so In: In 111 1 111 nil 11 1 In 11 1 1 1 1 1 11 > I LLtili 11 1 111 1 1111) o [nilnili liilm liiiluii Ini li nI m 1 1 111 1 111 1 * 111 1 oL i 1 1 1 ' ii ii 11 ! i, 1 1 11 .1 (n 1 1 1 n 1 11 ' 1 1 (11 ! 111 ! 11 ; ; . i AUTOMOBILE PRODUCTION a LUMBER PRODUCTION BITUMINOUS COAL PRODUCTION* to ■L.ihiiliiiiliiiliiiliiiiinililihVTiiinamxm ob.iilmliiiiliiiliiilimli:ilmlii'ilinlit(lnnl Oli 1 1 1 . ■ ■ 1 1111 1 111 1 111 1 m 1 1 1 11 1 h,I, m 1,,, 1 ,,, 1,,,, . FREIGHT CAR LOADINGS COTTON RECEIPTS ELECTRIC POWER PRODUCTION* 100! - “ 400 r 120 1 —— 80 300 1 -CT- no , I,•- “ ™ * io ° -V- , AO : 100 90 L_J -U-llllil I Hill 111 LI ,111111 11 1111 11 ]ll 11.1111111111111 0 :: :11!I! 11 i ' !,J :: 80 : : iLnTfjJTffnTn :! I:ii11 i: !: 11! iii;li :,! . , ~ | , - FISHER'S WHOLESALE PRICE INDEX* BOND PRICES* STOCK PRICES* 100 "" 120 150 —’ A0 li 1 1 1 U 11111 1 1 11 11 111 1 1 u,IJ II1111) 1) 1 111111 1 11 1 1 1 111 60 Li 1 1 1 1 11 1 1111 1 111 1 11 11 1111 1 n 1 1 111 1 1111 1 111 1 n 1 1 1111 1 oli n l"i Imi il n ili i ili ii ilillli 11 li 111 1 111 1 111 1 1 ... COMMERCIAL FAILURES* BANK NEW YORK CITY* BROKERS'LOANS NEW YORK CITY 220 1 * ——* , 40 | • - too 180 j— 2O 80 *OO 80 40 60 20 Lujii.il ll 111111111111 1 11 H 1111 1 111! i 1111M111111111 ii 40li ii !m 1 1111 1 iTi li 11 1 1 hi I iii h 11 1 1 mlilllill li ihi Ol M 1 1 1 i 1 1 1 ,, 1 1 ■■ ■I. ■ ■ 1 1111 ) i■■l■i ■l■ ■t ■ 1 1 ,, 1,,, 1,,,, RESERVE MEMBER BANK LOANS TIME MONEY RATES® • MONEY IN CIRCUI ATION ® 1001 1001 1601 V " 90 1 75 —A - 1 40 '' 70 ■■ 25 Aft- 1 uy/i 1 00 0 s; Inc I “Bdialajwldiabliitliiiila.ltMliii l COMPUTED NORMAL = 100 ESTIMATE for U. S CANADA . * 1926* 100 * NUMBER ® DAILYAVERAGE* *1928-1930*100

New York Stock Exchange Prices

(By Thomson & McKinnon) 11:30 A. M. Prev. Oils— High. Low. N. Y. close. Amerada 71V* 71’,2 71% 71 % Atl Rfg 24 23% 23% 23 s * Barnsdall 12 s * 12% 12% 12Vi Consol Oil 10V4 10% 10's 10% Cent of Del ... 28 s , 28% 28% 28'.. Houston (new)., 6V 2 6V2 6V2 6% Mid Cont Pet .. 16% 16% 16% 16% Ohio Oil 11% 11 % 11% 11% Pet Corp 11% 11% 11% 11% Phillips Pet .... 36% 36% 36% 36% Pure Oil 3 12% 12% 12% Royal Dutch ... 47% 47% 47% 47'% Seaboard Oil ... 31'% 31% 31'% 31 Shell Un 15 14% 14% 14% Skellev Oil .. .. 15% 15% 15% 15'% Soc Vac 13 12% 12V, 12% S O of Cal 37% 37 37'% 37 S O of led 26% 26% 26% 26% S O Os N J 49% 49 49'% 48% Texas Corp .... 25 24’% 25 24% Tidewater Assn. 11% 11% 11% 11 % Un Oil of Cal... 21'% 21% 21'% 21V* Steels— Beth Steel 49V4 48% 49% 48% Byers A M 18% 18% 18% 15% Cruc Steel 30% 30% 30% 30% Inland Steel 106'% 105'% 106'% 105% Natl Steel 77% 76% 77% 76% Otis Steel 16% 16% 16% 16'% Rep Iron & Stl .19 18% 19 18 s * U S Pipe & Fdv 21'% 20% 21'% 20 U S Steel . ... 48% 47% 48% 47% U S Steel pfd .115 115 115 113% Warren Bros . 4% 4% 4% 4% Youngst’n S& T 35'% 3%% 35'% 35'% Motors— Auburn 39% 39% 39% 39 Chrysler 84% 84% 84% 84$/* Gen Motors 55'% 55 Vi 55 Vi 55 Graham Mot ... 3Vi 3Vi 3Vi 3Vi Hudson 15% 15'% 15% 15'% Hupp 2% 2% 2% 2% Mack Truck .. . 26 25% 25% 25% Nash 16% 16% 16% 16% Packard 6% 6% 6% 6% Reo 5% 5 Vi 5% 5% Studebaker ..... 10 9%' 10 9% Yellow Truck ... 8 7% 8 7% Motor Access— Bendix 21 Vi 20% 21V* 20% Bohn Alum 51% 50'% 51% 49% Borg Warner .. 63 62% 63 62% Briggs 51 Vi 51 Vi 51'A 50% Budd Mfg 9 8% 9 8% Budd Wheel .... 12% 12% 12% 12% Eaton Mfg 27% 27% 27 s * 27'% Elec Auto Lite . 34% 33% 34V4 33 Elec Stor Bat . 56 56 56 55% Houdaille ‘B’. ... 28% 28 28 27% Murray Body ... 19% 19'% 19% 19% Stew Warner ... 16% 16% 16% 16% Timken Roll ... 67% 67 67% 67% Timken Det Axle 11 10% 11 10% Mining— Alaska Jun .... 16V, 16 16% 15% Am Metals .... 31% 31 Va 31% 31 Am Smelt 62% 61 Vi 61% 61% Anaconda 27’% 26% 27% 26 5 , Cal & Hecla . .. 6% 6 6 6% Cerro De Pasco 59% 58% 58% 58% Dome Mines 42% 42% 42% 42% Granby 9 Vi 9% 9% 9'/, Gt Nor Ore .... 14% 14% 14% 14Va Homestake Min 432 432 432 432 Howe Sound 56 55% 55% 56 Ins Copper 7Vi 7% 7Vi 7 Int Nickel 43Vi 43% 43% 43% Kennecott Cop . 29% 28 s , 28% 28% Mclntyre Mine . 39% 39% 39% 39% Park Utah 5 4% 5 4% Phelps Dodge ... 26% 26 26% 26V* St Joe Lead 24% 24 24'/, 23% U S Smelters 107 105% 106% 104 Vanadium 19'/, 19% . 19% 19% Amusements— Crosley Radio .. 17 16% 17 16% Fox Theat 23% 23% 23% 23% Loews Inc 53 52% 53 52% Radio Corp 12% 12 12% 11% Paramount 9% 9 9% 9 KRO 5 V * 5% 5% 5% Warner Bros .... 9% 8% 9 8% Tobaccos— Am Tob (A) 99% 99% 99% 99% Am Tob (B) 101% 101% 101% 101% Gen Cigars 52% 52 s , 52% 52 Lig & Myers tB) 113 112% 113 113 Lorillard . . 25% 24% 24% 25% Phillip Morris 62 % 62 62% 62 Reynolds T (Bl 55% 55% 55% 55% Rails— Atchison 55% 55 55% 54% Atl Coast Lines.. 3 34% 35 34 s , B & O 17Vi 16% 16% 17 Can Pacific 11% 11% 11% 11% Ch & Ohio 52% 52% 52% 52% Chi & Gt W 2 2 2 1% Chi & Gt W pfd 5% 5% 5% 5% C M & St P 2 1% 1% is, C M & St P pfd 3% 33% 3 Chi N W ... 3% 3% 3% 3% Chi N W pfd ... 7 s , 7% 7% 7% Dela & Hud ... 38% 38% 35% 38% Del Lac & W 17% 17 17 17 Erie 13 % 12% 13% 13 Erie pfd 19% 19 19% 18% Grt Northern pfd 33% 32 s , 33% 32% 111 Central 21 20% 21 20% K C Sou 11 s ,* 11 11 10% Lehigh Valley.. 10% 10 10% 9% Lou & Nash 61 60% 61 61 M K * T .. 6% 8 6Vi 6 MK & T pfd . 15% 15% 15% 14% ”5 Par. 2 s * 2 s * 2 3 * 2 s , Mo Pac p. f d . 4% 4% 4% 4 N Y Cent 28 s , 28% 28% 2C% N Y New Haven 4 s , 4% 4% 4% N Y Ont & West 6% 6% 6% 6% Norfolk & West 208% 208% 208% 208 Nor Pacific . . . 24 s , 24 24 s , 23% Penn R R 32 31% 32 31% Reading 39% 39% 39% 38% Sou Pacific .... 25 24% 24% 24% Sou R R 15 14 s * 15 14% Union Pac 108 108 108 107% West Maryland . 9% 9% 9% 9% Equipments— Am Brake Shoe 4040 40 39% Am Car & Fdy . 31% 31 31% 30% Am Loco 25% 25% 25 s , 25% Am Steel Fdv .. 23% 23% 23% 23 Bald Loco 4% 4 s , 4 s , 4 s * Gen Am Tank C 45 45 45 44% Gen Elec .. . 38% 38% 38% 38% Gen R R Sig ... 39% 38% 39% 38 Pullman Inc ... 38% 38 38% 37 s * West Air 8r335,2 5 , 32% 32 s , 32 Westingh Elec . 94% 93 s , 98% 52% Utilities— Am & For Pwr 7Vi 7 7 7 Am Power & Lit 8% 8 8 FV, AT&T .159 158 158 157% Am Wat Wks . 20 19 s * 19% 19% Col Gas & Elec 13% 13% 13 s , 13% Comm & Sou .. 2% 2% 2% 2 s * Consol Gas 32% 32 32 32% Elec Pwr & Lit 5% 5% 5% ss,5 s , Int Hydro Elec .. 3% 3% 3% 3 s , Interboro RT .. 17% 17% 17% 17 s , Int T & T 13 12 s * 12% 13 Nat Pwr & Lit 9 s * 9 s * 9 s , 10 North Amer ... 25% 25% 25% 25 Pac G & E 30 29 s * 29 s , 29 s , Peoples Gas 4040 40 40 s , Pub Serv N J ... 44% 44% 44% 44 s , So Cal Edison .. 25 25 25 24 s , Std Gas ... ss.5 s . s s * 5% 5% Stone & Web . 12% 12% 12% 11 s * United Corp ... 7% •% 7% <%

Un Gas Imp ... 17% 16% 17% 17% Ut Pwr & Lt A 3'/, 3% 3% 3 West Union 72% 71% 72% 71 % Rubbers— Firestone 21 20'/, 20% 20 Goodrich 12% 12 12% 12% Goodyear * 21% 21% 21% 23% U S Rubber ... 15% 15% 15% 15% U S Rubber pfd 41 >/i 40% 40% 41 Miscellaneous— Allis Chalmers .. 34 33Vi 33% 33% Am Can 141% 141 141 140 Am Mach & Fdy 31% 31 31V* 30% Anchor Cap ... 16% 15% 16V 2 13% Brklyn Man Tr 42% 42% 42% 42% Burroughs Add.. 25% 25% 25% 25% J 1 Case 1027, 102% 102'% 101% Conti Can . 91'4 91 91 91 Caterpillar Tract 57'% 56% 57% 56% Crown Cork. .... 46 46 46 46 Curtis Pub 22% 22% 22% 22% Curtis Pub pfd ..103 103% 103% 103% Deere & Cos. .. 52% 52% 52% 49% Eastman Kodak 163% 163% 163% 163 Foster Wheeler.. 24% 23 1 /, 24% 227, Gillette 177', 17% 17 s /, 17% Glidden 45 44% 44% 44% Int Bus Mach .. 183 183 183 184 Inter Harv 62 62 62 62 Natl Cash Reg.. 21V 8 21% 21% 21% Owens Bottle 122 120 122 1197, Rem Rand .... 17% 16% 17',, 16% Underwood E .. 83% 83% 83% 82% Worthington P.. 24 24 24 23

N. Y. Bonds (Reprinted From Late Times Yesterday) U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Treasurys Prev. Close. close. 4 %s 1947-52 115.2 115 4s 1944-54 110.24 110.20 3 Vis 1946-56 109.1 108.27 3%s 1940-43 107.8 107 8 3%s 1943-47 106.13 106.7 3%s 1941-43 107.17 107.5 3’As 1943-45 105.10 105.6 3 Vis 1941 101.30 107.21 3%s 1941-46 104.38 104.23 3'As 1943-49 102. 103.15 3’As 1949-52 103.1 103.10 2%s 1955-60 99.31 99.25 2Vis 1945-47 99.18 100.12 Home Owners Loan Corp. 2 3 As 1940 99.18 99.13 3s 1952 102.18 100.20 Federal Farm Mortgage Corp. 3 Vis 1964 102.18 102.14 3s 1949 100.25 100.22 3s 1942-47 101.10 101.8 2%s 1947 100 99.27 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 86% 86% Alleg Corp 5s ’499 78% 78% Aleg Corp 5s ’SO 53 51% Am Frgn Pow 5s 2030 67 67 Am T & T 5%S ’43 113 112% Am T & T 5s ’BS 113 113 Arm & Cos (Del) 5%s '43 94'A 94 Atl Coast Line 4s ’52 96% 96 Atl Coast Line 4%s 64 83% 83% Atch Top & S Ft 4%S ’4B 108'A 108 Am Wat Wks 5s ’44 110 109 Am Rolling Mills 5s ’3B 121% 117% Bait & Ohio 6s ’95 ... 85 83’, 2 Buff Roch & Pitt 4%s '57 .. 64% 64% Chi Milw & St P 5s '75 15 *4 Chi Milk & St P 5s 2000 7 6% Cleve Un Term 5s ’73 100 99% Cleve Un Term 4%s ’77 92% 92% Col Gas 5s May ’52 99Vi 99'A Col Gas 5s ’6l ..... 98 98V, Can Pac Perp 4s 84% 84% Cent Pac 5s ’6O 86% 86% Big Four 4'As ’77 75% 75 Big Four 5s ’63 82% 82% Colorado & So 4 1 As 'BO 55% 56 Chi & West Ind 4s ’52 98% 98% Chi & West Ind 5%s '62 .... 106', 106 Chi & Nor W 4%s ’49 12'/* 11% Con Gas 5s '57 106 s * 106% Chesa Corp 5s '47 117% 116 Del & Huds 4s ’43 77 76'A N Y Dock 5s '3B 57 57 Erie 5s '75 68% 68'A Erie 5s ’67 69% 69 Gen Cabl% 5%s ’47 100% 100 Grt Northern 7s ’36 102 s * 102% Grt Northern 4%s ’76 93 92% Grt Northern 4%s ’77 92% 92 5 , Gen Stl Cast WW 5%s '49 ... 86 85 111 Cent 4%s ’66 61% 59% 111 Cent Jt 4'is '63 65 64 111 Cent 5s ’63 69 68 Interlake C & I 5s ’sl 85 85% Interntl Hv Elec 6s ’44 . ... 47% 46% Interntl Tel & Tel 4%s ’39 .. 83% 82 s * Interntl Tel & Tel 5s '55 ... 75 s * 75 Interntl Tel & Tel 4%s ’52 ... 71 s , 71 McKess & Rob 5%s 'SO ... .102% 102% Natl Dairy sVis ’4B 104% 103% Natl Steel 5s 56 106 V, 106 Nickel Plate 4%s ’7B 67% 65% Nickel Plate 5%s ’74 77% 76% Nickel Plate 6s '35 g3\ R 2% N Y Cent 5s 2013 .. 78% 77:% N Y Cent 4%s 2013 (old) .. 72% 71% Nor Amer Cos 5s '6l 103 s * 103% Nor Pac 3s 2047 75 751? Nor Pac 4%s 2047 .. ' go gS,? Nor Pac 6s 2047 102’, lnj't Otis S t te t e1 SP °-S I SS ’ 4l 1061 = utis steel 6s 41 in? in*? Penn Ry 4%s 'B4 101% 104’, Penn Ry 4%s ’Bl .. 1!..!!!!.! 104% ios Penn Rv 4%s ’7O 975, ng Pac G&E 5s '42 105 s * 105% Portland Gen El 4%s '6O ... 73% 77% Para Publix s'is ’SO 903," 4 Penn P& L 4%s 'Bl ..... 106 105% Postal Tel & Cab 5s '53 .. 35 ?z al ? and ™, w s’-s '47 .104% 104% Shell Union Oil 5s '47 103'i 103% Sou Pac 4%s '6B 77 2 7^l* Sou Pac 4%s 'Bl ........ 763. vs' 2 Sou Pac 4%s '69 i 771* 42, i Sou Pac 4s '49 gqs' anil §ou Rail 4s -56 52% ?, 2 Sou Rail 6s '56 ' 67 66' Sou Rail 6%s '56 A 70 69 Sharon Stl Hood 5%s '4B 102% 10?% Texas Pac 5s ’BO 92 99 Texas Pac os '79 93 gyi. Texas Pac 5s ’77 933; 931* Union Pac 4s ’47 lll't 111’! United Drue 5s '53 945;, 94% U S Rubber 5s '47 100% 100% N Y N H & Hart 6s '4B 31 30% NYN H & Hart 4%s '67 . . 303* 99 Warner Bros 6s '39 g 6 gg Western Marv s'~s '77 104% 1043; Western Marv 4s 52 .. . 95% 953, Youncstown 5 & TSs '7O ... 101% ini% Youngstown S & T 5s '7B 101 s * 101 s , FOREIGN Argentina A6s '57 9g% 973 Argentine B 6s ’SB 98 s , 98 Brazil 8s '4l 27% 26 5 , Canadian Govt 4s '6O 105*, 105 s , Denmark 5%s '55 100% 100 s * French 7s '49 176 s , 177 German 5%s '65 27% 28% German 7s '49 . 38 38% Italv 7s 'sl 57% 57 Japan 6%s '54 .98% 98 Rome 6%s ’52 47 46% Tokio Citv 5%s '6l 80 80% Yokohama 6s

Foods— Amer Sugar ..... 54 52% 52% 53% Armour 5 5 5 5 Armour 6% pfd 67% 67% 67% 67% Beatrice C'rem'y 19 18 s , 19 18% Borden Prod 267, 26% 26% 26% Cal Packing 35% 3514 35% 35% Can Dry G Ale. 14% 14 14 14U Coca Cola 296 296 296 293 Cort Bak (A) 10% 10% 10% 10 Corn Prod 69% 69'4 69% 69 % Crm of Wheat... 37'/, 37'/, 37% 37 Cuban Am Sugar 6'/, 6 6% 6 Gen Baking 12 12 12 12 Gen Foods 33% 33% 33% 33% Gold Dust 20% 20% 20% 20 s , G W Sugar 3374 33% 33% 33% Int Salt 25V, 25% 25% 25 Natl Biscuit 34 337, 34 33% Natl D Prod 20% 19% 19% 19% Purity Bak 14', 2 14% 14% 14% S Porto Rico Sug 26 26 26 25% Std Brands 15% 15% 15'/, 15 Un Biscuit 24% 24 24 247, United Fruit ... 68% 68% 68% 68% Ward Bak (B).. 2% 27/, 2% 2% Retail Stores— Assd Dry Goods . 17% 17% 17% 16% First Natl Stores 477', 47% 47% 47% Gimbel Bros ... 7% 7 7% 7 Hahn Dept Sts.. 8% 8% 8% 8% Jewel Tea 62 62 62 61 Kresge S S 27% 27'% 27% 27V, Kroger Groc ... 267, 26% 26 5/ , 26% Macy R H 55'% 54% 54% 54 McCroYy St 137, 1374 1 374 137, McLellan St 1374 13% 13% 13% Marshall Field.. 33% 33% 3374 137, May Dept St ... 55% 55', 2 55% 54% Mont Ward 39% 39 % 39% 39% Natl Tea 9% 974 97, 9% Penney J O 79% 79'% 7974 79 Safeway St .... 3374 33% 33% 33 Bears Roebuck.. 67% 67 67% 6674 Woolworth 57 56% 57 56'% Aviation— Aviation Corp .. 4% 4% 4% 47, Boeing Aircft, ..14 14 14 13% Curtiss Wright . 374 374 3% 3 3 4 Curtiss Wr "A”. 9 s , 9% 9% ... Douglas Air 34% 34'% 34% 34% Nor Am Av 6 574 574 6 Sperry Corp ... 12% 12% 12% 12% Uni Aircft New. 22% 22'A 22'A 22% Chemicals— Allied Chem . . 164% 164'4 164% 163% Am Com Alcohol 31% 31V, 31'4 30% Col Carbon 93 93 93 92 Com Solvents .. 21 % 21 21 % 20% Du Pont 139% 139% 13974 1 39% Freeport Tex ... 29 29 29 28% Liquid Carb ... 37% 36% 37% 35% Math Alkali 32% 32 32 % 32', Monsanto Chem. 99% 99 99% 88 Natl Dis (new). 31% 31% 3174 31% Schenley Dist .. 52% 51 s , 52 51'% Tex Gulf Sulph .32 31% 31% 32 Union Carbide 73 72% 7274 72% U S Ind Alcohol 48 47% 48 47 Drugs— Bristol Myers ..41 41 41 41% Coty Inc 6% 6% 6% 6% Lambert 23% 23% 23% 23% Sterling Prod . . 65% 65 65 65% Un Drug (new). 12V, ll 7 /, 12 11% Vick Chem 42 42 42 41% Zonite Prod .... 574 574 574 574 Financial— Adams Exp 9% 9 s , 9% 9% Allegheny Corp . 3'/, 3% 3% 3', Am Int Corp ... 11 10% 11 1 0% Chesa Corp .... 60% 60 60 60 Lehman Corp .. 93 93 93 93 Transamerica .. 12 7 t 1274 12% 12% Tr Conti Corp . 7% 7% 774 7% Building— Am Radiator .. 21% 21% 217, 21% Gen Asphalt ... 21% 207, 21 20% Holland Furnace 30% 30 30 30 Int Cement . 34% 347, 3474 33% Johns Manville 92 '4 91 92 90 Libby Owens Gls 45% 4574 45 % 44% Otis Elev 24% 237, 23% 23 s , U S Gypsum ... 83% 8274 83 83 Household— Col Pal Peet ... 1774 1774 17 s i 17% Congoleum ..... 43 s , 43 43% 42% Kelvinator . . 14% 14% 14% 14% Mohawk Carpet 21% 21 % 21% . Proc & Gamble 4774 467, 47% 46 s , Servel Inc 14% 1474 14% 14 Simmons Bed .. 1774 17% 1774 17% Textiles— Amer Woolen .. 9% 974 9% 9% Belding Hem ... 13% 13% 13% 13% Celanese Corp .. 29'4 29 29 '4 29 % Collins Aikman . 43% 43'4 43 s , 43 7, Gotham Hose .. 9% 9% 9% 9 Indus Rayon ... 31% 31% 31 74 31 Kayser Julius ■ • 2674 26 26 26'/,

Chicago Stocks ißy Abbott. Proctor & Paine) 11:30 Prev. A. M close. Butler Bros 8% 8% Chicago Corp 4>/ 4V Chicago Corp pfd 45 45 Conti Steel 42% 42% Cities Service 2% 2% Com and Edison 95% 95 Cord SV 4% Crane 22% 22% Elec House 17% 18 Great Lakes 27% 27% Libby 9% 9% Noblitt, Sparks 31% 30 3 4 Perfect Circle 39% 40 Pub Servos 111 50’4 50>4 Quaker Oats 139% 139 Swift 20% 20 ! Swift Int 33% 32% Zenith 13% 13% New York Curb •By Proctor & Paine) 12:00 Noon Prev. N. Y. Close Alumn Cos of Am 90 88% Am Cyanide ‘B" 29% 29% Am Superpower 2% 2% Atlas Corp 13% 13% Carrier Corp 9% 9% El Bond & Share 14% 15% Ford of Europe 8% 8 Hiram Walker 31 31 Imperial Oil Ltd 20 20 Lake Shore Min 52% 52% Newmont Min 70% 70 Nia Hud Pwr 9% 8% Pan Am Airways 41% 41% Penn Road 3% 3% Wright Hargraves Min 8 7% PAPER CO. HAS LOSS Time* Special CHICAGO, Dec. 4.—lJie International Paper and Power Cos. today reported a net Joss of $901,636 for the quarter ended Sept. 30. compared with a net loss of $1,042,963 ih the similar quarter last year.

Bond Obligation Converted The outstanding bond obligation of wore than $1,600,000 of the Murray Corp. of America has been converted into common stock of the Detroit automobile body concern or redeemed , according to C. H\ Avery, president.

OFFICIAL LAUDS FISCALSUCCESS Morgenthau Is ‘Gratified’ at Over-Subscription of New Issue. By United Press WASHINGTON, Dec. 4.—Henry Morgenthau Jr., Secretary of the Treasury, expressed “gratification and delight” today at the success of the government’s largest “new money” financial operation of the year which boosts the national debt to an all-time high of $30,541,606,134. The $900,000,000 of new security issues, offered Monday to help the government met its heavy work-re-lief burden and current expenses, were over-subscribed within a few hours after they were placed on sale. The new issues consists of $450,000,000 2 3 A per cent Treasury bonds with a 10-year maturity, and $450,000,000 1% per cent Treasury notes with a five-year maturity. Included in the transaction was an offer to purchasers to exchange either issue for $418,000,000 in 2*% per cent notes maturing Dec. 15. Subscription books will be kept open for exchange purposes only. The exact amount of cash subscriptions and the bases of allotment probably are to be revealed in a Treasury statesment tomorrow, CREDIT CONDITIONS BETTER Times Special NEW YORK, Dec. 4.—Commercial conditions in Latin-America have shown considerable improvement during recent months, according to a survey released today by the foreign department of the National Association of Credit Men. Eleven of the 21 markets included in the survey showed improvement. Local Securities (Because quotations on local seenrities are unlisted on an Exchange, The Times can not assume responsibility for the accuracy of these figures gathered from local brokers.) STOCKS Bid. Ask. Belt RR & Sstk Yds com ... 50 52% Belt RR & fetk Yds 6% pfd .. 52 Central Ind Pow 7% pfd 16 19 Home Tel&Tel Ft. Wn 77 pfd 50% 52 Hook Drug Inc com . . 14 15% Ind & Mich Elec 7% pfd 99 102 Ind General Service £9 93 Ind Hydro Electric 53 57 Indpls Chain Sto Term pfd... 52% 6274 Indpls Gas Cos com 38 Indpls Pow &Lt 6 pfd ... 82 85 Indpls Pow & Lt 67414 pfd . 88 9174 Indpls Water 5% pfd 102% North Ind Pub Svc 574% pfd.. 67 70 North Ind Pub Svc 6% pfd.. 75 79 Progress Laundrv com 6% . Pub Svc of Ind 6% pfd 12 15 Pub Svc of Ind 7% pfd ..... 30 34 So Ind Gas & Elec 6% pfd . 93 97 Terre Haute Elec 6 % pfd ... 80 84 Union Title com 18 20 BONDS Atlanta Dlstr Term 6% ‘4l ... 62% 70 Buffalo Distr Term 6% '4l .. 70 80 Brooklyn Postal Sta 5% % ’4B . 37% 42 Home Tel&Tel FtW 5%% ’35 .103 105 Home Tel&Tel FtW 6% ’43 103 106 Indpls Railways Inc 5% ’67 ... 50 53 Indpls Water 474% ’4O 105 107 Indpls Water 5% ’SO & ’6O 105 107 Indpls Water 5%% ’53& 54 103% 105 Interstate T & T 5% 14 ’53 93 96 Kokomo Water Works ’SB . 104 105% Lafavette Telephone 5% ’57 102 Morris 5 & 10 Stores 5% ’SO 99 102 Muncie Water Works 5% '65 .102% Noblesville HL&P 6% ’47 . . .. 97 100 Ohio Tel Service 6% 47 95 Richmond Water Works 5%’57 104% 106 St. Louts Post Office 5%% ’33 18 25 Seymour Wtr Ist mtg 5% ’59 101 104 Terre Haute Water Wkss% ’56 101% 10374 Terre Haute Wat Wks 6% '49 103 105 Traction Terminal 5% ’57 69 73

Thomson & McKinnon MEMBERS NEW YORK CHICAGO lOT\l OT \ s r k K = lch * nfe THRnVTrt New York Curb Exchange 1 UuU.> 1U New York Cotton Exchange BOSTON I New York Coffee and gar Exchange SOUTH BEND • Orleans Cotton Exchange FT. WAYNE ™ cn£o i toc \ E ? c * a T PV ANQVIT T IP Chicago Board of Trade AJNaVILiLL Winnipeg Grain Exchange Indianapolis Office And other leading Exchange* 200-214 Circle Tower Li. 5501

11. S. BUSINESS TO BE SUBJECT OF NEWCENSUS Bureau Announces Program Covering National Activities. Timm Special PHILADELPHIA. Dee. 4 A national census of business, comparable to those made for 1929 and 1933. is to be taken next year covering business activity in 1935, the business branch of the Census Bureau announced today. The business census is to be the most comprehensive yet undertaken, the announcement said. Basic statistical data is to be obtained largely through a field canvass starting Jan. 2. with enumerators covering the entire country, under supervision of the experienced field organisation of the bureau. Demand of business leaders for more complete data of a recent date concerning the activities of American business was cited as the chief factor responsible for the undertaking. Census*on Geographical Basis The census is to provide a complete enumeration of types and kinds of business on an established basis. It is intended to include such facts as volume of buiness for 1935, expressed in terms of functional classes and comparably arranged; pay rolls, or the purchasing power in the form of wages and salaries added to each community by business concerns operating there. Information also is to be obtained on the location of various types of establishments, legal forms of organization, businesses in which engaged and type of operation The census, according to the announcement. will make possible the presentation of data on volume of business, expenses, personnel and pay roll on a geographic basis—by states, counties and cities. Some additional statistics on specialized trades also are to be obtained. Information to Be Confidential Scope of the 1935 business census is to include retail trade, wholesale trade, hotels, amusement concerns, insurance broker or agent, distribution of manufacturers’ sales, construction, trucking and warehousing, banking, bus transportation, business services, operation of nonresidential buildings, broadcasting and advertising agencies. The last two will be mail canvasses, the other being field canvasses. Only sworn employes of the Census Bureau will be permitted to examine the individual returns, the announcement states. No access to census reports is permitted under the law, not even by other governmental agencies, and no information is to be disclosed which would reveal any facts or figures in the returns. MARKET VALUE OF 50 ' STOCKS OFF SHARPLY Decrease of 2.56 Per Cent Shown for Week Ended Nov. 30. Timm Special NEW YORK. Dec. 4.—The market value of 50 representative stocks listed on the New York Stock Exchange at the close of business for the week ended Nov. 30 was $16,984.589,000, a decrease of $445,630.250, or 2.56 per cent, compared with the preceding week, Paul H. Davis & Cos. announced today. In the preceding week the total value was $17,430,219,250. At the close of the same week a year ago the same 50 stocks had a market value of $12,266,145,000, indicating an increase of $4,718,444,000, or 34.47 per cent during the year. Timm Special CHICAGO, Dec. 4.—Twenty-five representative stocks listed on the Chicago Stock Exchange for the week ended Nov. 30, had a market value of $799,648,125. a decrease of $15,351,375, or 1.88 per cent, compared with the total value of $814,999.500 at the close of the preceding week, it was announced today. Chicago Grain Futures (By James E Rsnnett & Cos ) 11:30 Pree. Wheat— High. Low. A M. close. Dec 97>, 957, .95", .97 1 May 96% .95", 95% .96', July 89 .88 s , .88% .89',. Corn— Dec 57% .57 .57% ,57'i May 58 s , .58% 58% .58% July 60 59 s , .59% .59 3/ Oats— P,ec 28’, .25' 2 .25 Vi ,25 s . May 27', .26% 26% .26% July 27 s , .27% .27% .27% Rye— £ ec <7% .47 s , .47% .47'% May 51% 50 s , .51% 50% July 51% 51% .51% .511 J LOCAL CASH MARKET City grain elevators are paying 88 cent* for No. 2 soft wneat. other grades on their merits. Cash corn new No. 4 yellow 51 cents and oats 19 cents BUY A HOME WITH A LOAN FROM A LOCAL Building & Loan Assn. \V Pay Highest Cash Price* for OLD GOLD AND SILVER Also Discarded Jewelry LINCOLNLOAN CO. 201 W. Wash. St