Indianapolis Times, Indianapolis, Marion County, 30 April 1940 — Page 19

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higher;

TUESDAY, APRIL 30, 1940

PRICES PLUNGE

25 T0 35 CENTS FOR HOGS HERE

More Than 10.00 10,000 Porkers Sent to Stockyards; Vealers Steady. Amal Leath

The downward movement in hog Am Airlines m Bank Note 11% prices at Indianapolis continued Am Bk Note pf 18%

with greater force today as receipts rE ar Sh

TV 24

FI+1

Addrgsiograph ressogr p r Reduc Iasi Jun “ Allegh orp DR of $3 2 we Allg .

Aliekn ©

ifeq bv Aue Mills . A lied Stores

Br Shoe... at the Union Stockyards exceeded fm €an 10,000 head, the Agricultural Mar-| am keting Service reported. |Am In line with substantial losses Am elsewhere prices here were 25 to 35 Am © cents lower. The full 35-cent loss an & was oh hogs above 160 pounds and | Am the top dropped te $6.10. Packing Am Fore or 6a sows were off 25 cents. Am Int 514 Vealers sold steady with a $10.50 | Am Invest m ot 36 t ne Ip. Mach & rdy Metal 2 Pwr & Lt mP&L 6p ST P&L 5 pf A d& SS Rail Mill .. [Am Seating |

Repts. | April Top

58686 27 .. 8657 RY . 88235

April 24 25 26

Top ..$ 8.15 6.50 6.06

6.45 6.15

30 Barrows and Gilts Packing Sows

$ 4.75- 5. a0 Good and Choice— 160.0 5.25- 5.9 300 '§ 5.50- 5.80 | Am 2o0- 330

Am Ship Build Am S 501 2 sme: " pt 144% Sn 63 Shu of. 182 Stl Fdies.. 291% Stores R&T ... 108% Tabacco . 88'2 Tob B .. 90%

25- 5.50 Am 350: 5.40 [Am

5.00- 5.25 Am 4.85- 5.10 Am 4.80- 5.25 AY

4.75- 5.50 Am ype Fo... 47% Slaughter Pigs (Am Water W _. 10% 5.25- 5.90 Metium and Good-— Am Wt W 1 pt 100 120. 4.25- 4.85 Am woolen ' a onthe: Cattle & Vert (Reccipts, 2166) | Am Woolen 'p oy zinc prof.

Choi Brils 441% 1 $00 $10.75-12.00) (Yearlings xecludde) | Anaconda OV 10 » 12.00 Good $ 6.75- 7.25 | Anchor Hock Gl ions 10.75-12 00 Sausage .. 6.15- 7.10 Anch H G 5 pf 112 10 oo. 11.75 Mean im 6.75 | Apw Paver . 35% itter an ax | Arch-Dan-M 3334 7 “common a 6.25 | Armour Del pt 1p Vealer | Armour a Tis rmour Ill prpf &Nlp 10.00-10.50 | 3 vmetrong ox 41

Arnold Const 103g 7.00- 0-10.00 afte Dry oe

m Am

FERRI

1300-1500 6.25~

od ~~ 750- 900 900-1100 1100-1300 1300-1500

9.50- 1. 75 9.50-10 501

Good and choice Common and

8.25- 9.50 con um. .

- { Feeder Stocker Cattle, Calves (Receipts, 818) Steers

1100-1300 8.25- 8 50 Common— 750-1100 25- 8.25 Steers, Heifers

oice— 500- 750. 00 en

7.50

| Beth Steel 7 nf 125 Black & Decker a Blaw-Knox 0% Boeing Ai- 2 Ts Bohn A] & Br Bese Bon Ami A 118 Bond Stores 29% Borden 233% s 3

Cho 10.00-11.00 0 00 9.00- 9.75 | Atl : | 800-1050 8.75- 9.50 | Atl Refining .. 9.25-10.00 Good {Atlas Corp ... eifers - £00 8.25- 9.25 | Atlas Tack .... Choice— | 800- 1050 8.00- 9.00 | Austin Nich %50- 900. 10.00-10.7 b Mec: Pi— Aviation Corp . ot SN0-100 7.50 8.50 mmon Medina. © 10-10-90 B500. 900 6.50- 7.50 | Bald Loco ct . 17% 500- . 000. 9.05. 0.40. Calves (steers) (Balt & Ohio 5 Com Good and Choice— | Bangor & Ar of 443 B00. S00 n 95. 500 down 10.00-12.00 | Barnsda a Cows Medium— | Bavuk oe Good $ 675. 7.50 “00 down 8.50-10.00 Beatrice Cr . Mediu 6.25. 6.75 & Boo alves (heifers) | Beerh oN Pkg 549 Good. e eth... ¢ eommon. 5.25 S28 Medae DO0-1L00 Bena Avh Bute Canner 4.50- 5.08 . 9.00 Ben Ind Ioan 223% SHEEP AND LAMBS (Receipts, Lambs (shorn) Good and choice Medium and good Common

Ewes (woolea) Qocd and choica Common and medium

CHICAGO LIV ESTOCK

HS Chip 3 00; gener al v. 25 r

FEEEEIF]

Borg-Warner Bower R B Brewing Cb Am XL Bdgept Brass 1358 233%

a OO pa Aan

good A 550-1b

smoot lighter

ir weights,

— NICSE BORIC — ow DTS ON 3 La }

}

5.50. Cattle—Receipts, teers and year lower; steady offerings mostly buying interests grades and rej

1500. 25 cents to choice with all 1 on all sentative weights; hardly enough cattle here ‘to permit sharp downturn, however, local and northside demand narrow; largely steer run with medium to strictly good kinds predominating: mostly light and mediumweight steers; bulk, $10.75; early top, $12.10; some held few loads, $10.75@ 11.40; scaling 1244 lbs. at $12.05; all other classas steady mostly; heifers active; weighty kinds up to 310.15: canher cows Sui x other cows steady bulls steady and ers 25 to 50 cents higher $10.50 &11 50. h y Sausage bulls to $7 Sheep-—Receipts, 4000; lambs Klose to 25 cents higher; top ¢ bulk fed range wooled lambs, $10.50; and small lots, $10@10 25; best fed © lambs, $9.25; today's trade fat strong to 15 ‘cents higher bulk good “and Dolce fed Western wooled lambs, $10.50@ 0.80 few loads choice Kinds load or two good rage. clippers, $9.50; r i $9 oa sheep, scarce; ive wr 001 ed ew es, “most ly [email protected] 50.

7500; calves fed

~The OUI JI EIT

PION

Bruns-Ba'ke ... Bucvrus-Erie .. Budd Mfg Budd Mfg pf Budd Wheel Bullard Bulova W . Burlington M .. Burroughs ..... Bush Term Butler Bros Butler Bros of Lijmutee Cop&z

EY A Fa a PE aoe | [+4

t > ot TRG HA OF Ths OT rt FIP

OF ps SY ON

- or

one load |

{Cal Packing Callahan Zinc Calumet

~ ra For

late Monday fat

BI «on rat

= NE eet

Carpenter Stl Carriers & Gen Caterpillar Tr a | Celanese , Celanese pr pt 18% Celotex Cent Rpuirce nis ent Foundry 534 ent Ill Lt pf 112 Cent Vial Sug.. {Century Rib

- Nara NTO SRIRION TO ie DRI —1 DH 00

= 0 FN

a k clippers, y ‘throw-

outs mostly $3@3

OTHE ‘R LIVESTOCK Cerro de Pasco

CINCINNATI, April 30 (U. P,) --Hogs— [Certaih-tee Receipts, 3000; general trade du all; 35 So Sortaln-re % ower on best w velgnis; sows 25 cents © hamp Pape BR $8 20. y 250 1bs., $6.1 10; Wy Pap br. 1 5 35° Som 5. mostly $4 50 Ches

a S lasses cenerall m edi um weight

Ib. average t $8.75 9.65 HMmbh @8.75; few com beef ¢ 1 ond cutters. $4 shelly Su 50 ov n practical top sal 1.50 Sheep-—Recai supply lamb pr

Chi SF asha

his City I&F Citv Inv . Citv Stores "a Clark Eq Cleve Gr Br

pite limited ces 25 cents or more lower with demand for clipped offerings not particularly broad; medium to good shorn, $8 @9. choice eligible around $8.25: ood to choice Sou 5 lamb Killers $12G@13 common, f April 30 (TU. P) ats lowe er, 220-240 Ibs 85 {0-260 1bs., » 180- 10 Ibs. $5.75: (Q2 280 300 Ibs, $5.60: 300-25-350 1bs., $5.30: 350-400 s., 85,35: 140-150 1bs

BIRITD = LI pit 0 £3

o@ We Sow

Pe Aa TR 4 ~

' April 30 (UO 25 to 40 cents lower; 00 1bs., $5.506:5.70; 200-260 lbs. $5.80@ 8; 260- 350 Ibs. [email protected]; pigs, $5.25 down roughs, $5 down. Calves, $10.50; clipped

Hoes Marke! 160-

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High Sd en Low Close oi 68

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DOW-JONES STOCK AVERAGES % INDUSTRIALS

+0.29 +0.92 40.20 +1.99

Th esteriny , | Week Ago ... i Month Agd ......... {Year Ago High (1940), 152.80; Low, 114.65. High (1989), 155.92; Low, 121.44. 3 2 RAILROADS " | Today

15 | Yesterday

| Vg | 1% |

High (1910), 832.6%; Low, 20.78. High (1939). 85.90; Low, 21.14.

i Is rerihy 2 Week Ago

‘1, | Month Ago

Ys Year Ago High (1940). 26.45; High (1989), 27.10; Low,

Low, 21.02. 20.71.

High Low Close Ohi 68 ye

com & 8 of -Nairn dison gar Qireraft. . Cigar .

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® Every time you hear a fire truck roar down the street, you can be certain that it's oh its way to a fire that’s partly yours. As a property owner you help pay for fires through insurance premiums. If you rent property, you absorb part of the cost in the rent you pay. XxX XX % Mutual Insurance works fo ve duce insurance costs through the prevention of fire. That it has been able to do $0 Over ah experience of years has meant the saving of millions of dollars for

the policyholders of mutual companies. The “Grain Dealers Mutual” —one of the coun try’s leading mutual companies — has saved and returned to its olicyholders more than 17,000,000. Your resident agent listed below will welcome the opportunity to ex. plain to you how it is possible to share in these substantial save ings. Through him is available the service and facilities of “Grain Dealers Mutual” famil. iar to policyholders throughout the United States.

GRAIN DEALE MUTUAL FIRE |

Clu Re

RS NATIONAL NSURANCE CO

3s 1s

LPH

Hupp otor

Ill Central. ... 11 Ill Central «dl {nd Rayon .... 25 land Stl 80% Inspiration Cop 147% Interchem LR | Interchem o.. AD Interlake Ir .. 10 m Hare to 8 hn ar eo . SR i

tnt NM “Na ine . Int Nickel re ! Int P | Int

| Int Int t

89 14%

42 110% 10%

#1 IF+F

& P & Potf.. hoe “ Silver

81% 27%

» 3% Ts L 7 Df 83% €3% hes & PF 14 14% Ries pf 103 108 elsey eveey sendall ennecott

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1 1 Be ™ Link Belt .. ... 37% | Lockheed Aireft 38%

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RAIA

Lo DEPOSIT INI URANCE CORPORATION.

fy UNITED PRESS

Looe kb

4 Motor Prod

| Murray

3 pt Ny&HaT or ® | NYNH&

| Pac Am Fish .

|Pac Tin Cons . [Exe West Oil

® Pan

12 2 | Phillips Jns

Pure Qil | Oo

| Pure

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| Reading

| Revere A

.. 43% +++ | Richfield Oil .. "Ye | Ritter Dent ..

(St L-S Fran pt

{ Schenley

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NAATAADN

SKIL

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COMMERCIAL LOANS to Small and Large Business-Organizations

Pennsylvania and Market Streets

THE INDIANAPOLIS TIMES |

FINAL NEW YORK STOCK QUOTATIONS

Net Low Close Change Si % 3 1g %

+ +

1 3 Ye Ya Ys

Mead Cp Melville 8

12 bs a

S 1s | 5% a

j++]

J++):

« L9% . . 30% wou #2 . 15% 33

f: J++:

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Mont Ward

otor W ueller Br

CETTE L:

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Av {ation

Od kk BY A BI OF OY pp SEN

—, +1:

| Bragprt Brass 49

15 MOST ACTIVE STOCKS

Sales Net Low Close Change S41, 35% — 1% 197% 20 % 14% 46% x 5114

6% 28% 28 821% 88 10% 10% 31% 81% R21, 42% 20%

Bh Mish 861% 201% 16% 5114 65% 283% 841, 10% 32% 123% 30%

Am Hawaiian. 79 G y 8 Gon Duta Aa 1 Briggs Mfg 58 Beth Steel .. 57 Curtiss . 58 Cons Edison. 55 Std Oil NJ. 50 Inter Nickel 50

t+ Fer +

STOCKS DIP ON STEEL CHANGE

N. Y. Market Has Dull Day As Traders Take to Sidelines.

NEW YORK, April 30 (U.P) = Downward revision of earlier op-

207% 13 13% 6% 6% 18% 18% 187% 15%

» % u

Tnter Mer Mar 50 Radio Corp .. 49

18% 6% 13% 17%

[+++

Bald Loco

Stock sales approximated 590,000 | shares against 570,000 in the previous session. Curb stock sales were 220,000 shares against 151,000 yes-| terday.

Ct 48

Net High Low Close Change hompson Be h 4 dle ble BO Pr. 87%

> Cp le 1% Ay 3 3

115 734 27% 481% iy "1s i 2% 26

3% 1 “W% “ » $8)

4 | i

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Pac Coast Pac Coast 1 ptf Pac Coast 2 pf

Pac G & EI

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Packard Am Alrwys

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1 o> nN y I OWT POLIT ND IBD : :

Parke Davis Park Utah Pathe Film . Patino Mines

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CEFF)

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Peoples Gas Peoria & East Pere Mgt pi Pere Hy pr pt y

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| Per Milk WTR, pe

Pet Corp Am “ a Pfeiffer ba Te | is

Brew

+ | Phillips Pet +

“| Phoenix H pt . 3 3 . woh g

Pierce O nt | Pillsbury Pitts Coke & Ir 8% “uh Pitts Coke & Ic 7 ah "| Pitts Sc & B 7 Pitts Stl AN pt Pitts & W\

| Blymouth oh’ 1

Poor 4-1- 18 | Press Sti Car

Press Stl 7 Procter & G

| Proct. & Yo pt 114 1g 42

Pub S Pub Ser 8 pf Pub Ser 5 pf Pullman .

— . 188

dh 113%

Pure 06 or

Raybestos Ravonier Ravonier Reading

2 pf Reliable Stores Rem R Reo Mot Vte.. | Republic Stl .. | Republic Stl pt Rep Stl pi A Revere Lop

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| Revere 514 ot @ Revn Met Reynh Tob B

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| gateway 50% Safeway 5 pt. 10814 St Jos Lead Py Arms 207% Dist 14 D pt 8 EL 1% 8%

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Therma Third Av

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LS ITCH PREVALENT TR TVDTANA | ota ATE SR Shu gern a Botte |

A pli Rey ahd discomfort = D large bottle, tisfaction or toney | refund guaranteed

ALARA RAY

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|W Va P&P . 24) West Auth Sup. nd | West Md | West Union n3i West Air Bke . 833, Westing El 114 "114 87%

veel El Wheel Steel 30% Stl pt 105 Wheel St! prot 67 White Mot 13 | White Sew M 65% White 8 M orof 234 Willys Overlnd 3% | Willvs Ov He. pf 68% Wilson & 67% Woodward Tron Woolworth 40 { Worthington Wrthing cvprpf Worthin | Wright Wrigley

Yale ol | Yellow Yellow | Young | Young

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U.S. S STATEMENT

WASRINGTON. April 30 (U. P.).—Government expenses and receipts for the current fiscal year through April 27, com{pared with a MY 3 0. ear

Th a . 87, Bhs. ob, 2%. «0 a1 048 18 529.39 47,029,511 .48

“ADDITIONAL FINANCIAL NEWS, PAGE 21

; % |2 points.

timistic estimates on steel operations brought a reaction in steel shares and generally unsettled the % stock market today. | Several other factors also served x send prices down and keep buyers away from the market. Among these were reported Nazi successes in Norway. Railroad earnings were only moderately above a year ago [for the roads thus far reporting for

March. Wheat broke after an early | ark

rise and closed more than a cent ‘a bushel lower. [the sidelines and volume dwindled to the levels of a month ago. U. S. Steel declined from 617% to * [below 60, where it registered a frac[tional loss. Bethlehem dropped [nearly 2 points from its high and was a point net lower. Copper shares had small losses and Cerro de Pasco made a new [low for the year. Motor shares, strong early, slipped back to around | the previous close. Studebaker's re[port showing record first quarter

Traders took to | Avia Bab &

Corn and Wheat Region Official Weather

hss BY UNITED PRESS wn

April 30, High Low

3 i & : 5 i

ecipi= Stat tation

3 1 !

D 21 44 4

Stations weat

Notre Dame ....

q Bd 8 3 1dy 136 iad

Ce Stocks

Net High Low Close Change LEY 68's Ya Alum Co Am ..190 188% 3 Am Centrif .... 5-18 5-18 Am Cvan B E03

Ano Gas & Te.

Aero Sup B ...

“1-16

9% a

5.0 18

RD)

ih +3 Ys

SPRrERTe 4

1% 1a %

pees

car sales and the best dollar income [£9

[since 1920 was a factor in the early «Strength.

Railroad issues held around the {previous close. Rubbers were strong | with U. S. Rubber preferred up : nearly 2 points. Standard Oil (New | Jersey), at the high of 42%, was | lap a point. Utilities had gains. | Aircrafts eased. Mercantiles were | ‘mixed. Chemicals gained With | Monsanto at a new high of 118, up

LOCAL ISSUES

rp. do not repre sent attual orice Ray but merel Pin. dicate the approximate market level based on buying > jransacuor Agents Finance yore 8 com

Belt BR & : St Ye Yds com. ....

e Fit "Wayne ay a 501 Ind d Asige Tel Co $6 ora... » i ch

3 . 85%

Pub Serv Progress Laundry com pub Serv Co of Tha 8% HE SR fle oh n ec 4 fd. . Terre Haute Free 6% pd vig.

Milk pfd. Van Camp Milk com Bonds American Loan 5s 51.......... BO American Loan 55 46 Citizens Tnd Tel 414s 61 1 Crabbs-Reynolds- Taylor Co Bs Home T&T Ft Wayne bla

selling quotations of recent |i Stocks Bid Ask

Home T&T Ft Wavne go TW Ind Asso Tel Co 3% % Ind Tel 5% 60 . Indpls P&L 3% % 68 hdbls Railway Tne 5% Indpls Water Lo Joh % 53° Interstate T&T Kokomo Water aes 3% 5 Kuhner Packing Co 4%% 49 1 Morris 5&10 Ctores 57% 50 4441 Muncie Water Works 65 . 1 Nat Silk Hosiery 5s 4 N Ind Pub Serv 3% {N Ind Tel Co 4%% 55........ Pub Serv of Tnd 4% 59........ ub Tel Co 42% 55

s Richmond Wat

ley

Trac Term Corp 5% *Ex-Dividend. Heavy breed hens, 5 Ibs, and over, 12¢: Leghorn hens, Tc; old roosters, 7c: Barred 20¢; colored broilers, 2 Ibs, and over, Re: Ege drojlers, 2 Ibs. and over, 18¢; No. 1 nT, Nn eggs, 13h (each full case must weig 55 ibs. cage under 55 Ibs, Will ade) Butter—No, 1. 20! 4@30c; 0. B, 2% @ (Country pickup prices quoted by Swaa2] FOOD PRICES New York Mackintosh, weet Potatoes— Tennessee, bu., 1, ia om toes— Florida, lugs. $4.75@5. Spinach Ti. nois, bu., 40@ 5c. Carrots _— California, crates, [email protected]. Onion arket (50-1b. od 556: Tey Texas ellow Bermudas, $2.30¢ @2.35 exas ‘White Wax, $2

Decca Ree Tne. | Diveo Twn BR Tiny 5

E Sh EIBALSH 8 pf Equity Cp .... Fairchild Av .. Fansteel Met. . Ford Cah A Glen Alden . Gulf Oil Humble Oil Imp O Can Insur No Am Int Petrol Irving Air Jacobs Co . Kingston Pro . Lake Sh M_....

A L&EX a Marion Stm 8hv 38% Mid £t Pet Avte 3% Molybdenum ... 8° Mont Vale a 16) OPP

¥ 1 Nat Bellas Hess 3% Nat Contr 1 Nat Fuel G . Nat Rub M Nat TunyeleM. Zin

Ss Std & Starrett Cp re n, lb Taggart Cp . B3% Technicolor 151% Transwest Oil . 2% Tubize-Chat 2 Un Cigar Strs. 1 Un Gas Corp . Un Lt & Pwr A 15- 1

{Un Lt & Pwr pf Rane

Shoe

8 Foi Un wall Paper Utah Tdaho Sug 15% Venezuelan Pet 15-16 Wright arg SU

moved above ay | closing levels under spurts of buying

% |

haya. ‘$1 Qo @

"PAGE 19 |

WHEAT LOWER IN ERRATIC TRADING

CHICAGO, April 30 (U. P). Wheat futures were erratic on the "Chicago Board of Trade today and and below previous

and selling. Other grains followed the irregular trend. Wheat closed 7% tO 13% cents Jowe er, May $107%@107% a bushel, Corn was off 14 to 1 cent, May 64% @64%c; oats 4 to 1% cent lower, May 40% ¢ asked, and rye 1% to 1% cents lower, May 674 @67%e¢. Soy beans were off 4 to % cent, May $1,093 asked. Opening wheat trade was mixed but within the first few minutes prices eased major fractions of a cent under increased selling. May | steadied more quickly than the des ferred positions and led the subsequent moderate upturn. Some early selling was attributed to Northwest= ern interests. | The corn market followed the ree actions in wheat and prices saw » | both higher and lower levels. Cash | interests and locals were on the [selling side,

RANGE High Low % $1.07% T% 1.08% 1.06%

Close 81.07% 1 08% 1.081%

Wheat

84% 85 65%

64% 65% 657%

40%a B1% 84%

8714

Dek: Bid. CHICAGO GRAIN

CA Wheat-No. 4 hard 81.06. .Corn—No. vellow, yellow, oa ee, ol 3 low Bb, @B8IL0 No. 5 vellow, 9. 1 white, Tite, On ts—No 1 feed ihe, =o 2 mixed, 40%} ample mixed, 37° 2 white, 42146, e—No_salse, Soybean hg = No. 3 yellow, WN 10@ 110% Barlev—Feed, 40@b3¢e, nomis nal; malting, 53@86c, nominal, Cash Proe visiohs—Lard. $6.17, hominal; 10088, $5.45, nominal: leaf, $5.50, nominal; bellies, $6.12, asked.

LOCAL GRAIN

CASH Wheat-—Weak ret Rt none; (red. $1.08%[email protected]%; No. red, $1 1.081%; No RD $1 D131 02%

Weak receipts 80% @81%¢c; No No. 4 vellow,

3 “

8H $1.00%; Sample hard i 88140; No. 3

. 2

Corn=— 2 yellow, @e0%¢; corn, 17 8

14 a Rud vellow, Bf o 5814 A500; cents over vellow; corn, 14 to 2% Senta under vellow, Oats—Weak: receipts, 3 carloads, 2 white, 30@4blze; No. 3 white, Base,

WAGON WHEAT Wo gs | erain_ elevators are payin No. 1_ ‘wheat, 08¢: subject to marke SAAR. other grades oh their i, Cnt corn, No, 2 yellow shelled white shelled, 86¢c; No. 2 white A, She.

Prev,

WINNIPEG WHEAT i Clore

Radio schedule and column are on Page 16 of this edition,

é PAGES

of Home Furnishing Values From L. S. AYRES & CO,

in Today's Times SEE PAGES 7,

8 9,10, 11, 12

and White Rock broilers, 2 Ibs. and over, roilers, fresh countrygross. a net deduction of 15¢ for Bach full 28c; butterfat, No. 1, CHICAGO, April 30 (U. P.),— Apples bu., 330 50@ 1. ns. elery—Florida, crates $2, 7568 Cauliflower—California, crates, $1.85@ 1.90. sacks) —Oregon Sweet §)anish, 40@ 2.50

To be dated June 1,

ward thereafter,

The issue and sale of the

the and all legal proceedings in connection with the

This advertisement is not, end vs under mo circumstances to be construed as, en offering of these Bonds for sale or as a solicitation of an offer to buy any of such Bonds. registered Indiana dealers participating in this issue,

This advertisement is published

The offering is made only by the Offering Circular,

$81,602,000

1940

above Bonds to

In the o inion of counsel these Bonds are investments for savings PN New Pun Pennsylvania, evil Sve Rhode Island, New Hampshire and Vermont.

undersigned is subject to the approval issue and sale thereof are subject to the approval of counsel for the undersigned.

Union Pacific Railroad Company Refunding Mortgage 32% Bonds, Series A

To be due June 1, 1980

Redeemable as a whole at any time and in part (but only in amounts of $5,000,000 or multiples thereof, except for the sinking fund) on any interest date, at redelption prices beginning at 106% to and including June 1, 1950, and scaled downRedeemable for sinking fund on June 1, 1951, or any interest date thereafter at redemption prices beginning at 1024% to and including June i,

1958, and scaled downward

The proceeds of the sale of thease Bonds will be used, with other moneys, to redeem $85,002,000 principal amount of the Com= pany's First Lien and Refunding Mortgage 4% Bonds and 5% Bonds. The Company advises that such bonds will be redeemed at 107% % plus accrued interest to September 1, 1040, upon surrender thereof, promptly after the Refunding Mortgage Bonds, Series A, shall have been delivered.

THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK, Trustee

of the Interstate

Copies of the Offering Cate dated April 29, 1940, describing these Bonds and giving information regarding the Company may

be obtained only from registered Indiana dealers participating in this issue,

OFFERING PRICE 102% AND ACCRUED INTEREST TO

DATE OF DELIVERY

banks wnder the laws of New York,

on behalf of only

thereafter.

Commerce Commission

To facilitate the offering it is intended to stabilize the price of these Bonds. This statement is not an assurance that the price of

these Bonds will be stabilized or that the stabilizing, if commenced, may not be discontinued at any time.

Temporary Bonds, exchangeable for definitive Bonds, when make applica

prepared, may be delivered in the first instance,

Lh Company will

ond in due course for the listing of these Bonds oh the New York Stock Excha and for their registration under the Securities Exchange Act of 1934,

New York, April 30, 1948,

Kuhn, Loeb & Co.