Chicago Tribune from Chicago, Illinois • 23

CHICAGO ATLI' TRIBUNE: TUESDAY. JULY 7. 1936. 23 dammosill HOW TAXABLE AND TAX EXEMPT BOND YIELDS COMPARE MILTON FISH, AT 35, NAMED PRESIDENT OF FURNITURE FIRM INVESTORS SCAN, SECURITY FIELD FOR FAIR YIELD GRAIN PRICES SOAR TO LIMITS ALLOWED IN PIT VIEWS FEDERAL POLICY AS BLOW TO INVESTMENT from a 5 per cent municipal bond held by a person with a taxable income of $6,000 to $8,000 is equivalent to that from a taxable bond paying 5.49 per cent interest, and a 3 per cent municipal bond held by an individual with a taxable income of $1,000,000 to $2,000,000 yields an amount equal to 13.05 per cent return on a taxable security. The figures in this table are adapted from a chart prepared by John Nuveen Chicago investment bankers, and are reprinted with their permission.

Clip this table and preserve it with your securities for handy reference. L. Fish Furniture company yester Investors income from municipal bonds and certain other securities is exempt from federal income taxes and surtaxes. Because of this exemption feature, interest return on corporate bonds and other taxable investments must be higher than the interest return on municipal bonds to compensate for the tax. The rate of taxation on the income from taxable bonds varies with the individual's total taxable income.

The following table compares the net yields of taxable and nontaxable bonds for individuals in each of the federal income tax brackets. It shows the rate of return which each individual would have to receive on a taxable corporation bond to compensate him for the tax. For example, the net yield Sur- Normal Total day announced the Interest rates on nontaxable securities 5 5 6 2 2Y4170 3 34 To 4 4345, Taxable income-- tax tax tax 15, IA 2 214 Banker Cites Low Interest, Fear of Inflation. Income Hit by Easy Money Rates, Higher Taxes. Hot Weather and Lack of Rain Cause Upturn.

Rates of return necessary on taxable investments to produce net yields equivalent to above interest rates on nontaxable securities A k. fil 4.4i,;;;;A 'L' 45: f'-': election of Milton Fish as president of the company, succeeding i uncle, the late Isaac Fish. At 35 years of age Fish is one of the youngest major executives in the retail furniture business in this country. He is a director of the Chicago Better Business bureau and of the Chicago Retail Furniture association, and resides at 5000 East End 9 10 11 12 13 Continued from page 21, column, 8 1.65 1.67 1.69 1.71 1.73 1.77 Continued from page 21, column 1. 2.48 2.50 2.53 2.56 2.59 2.65 2.71.

2.78 2.20 2.22 225 2.27 2.30 2.35 2.41 2.47 6,000 to 8,000 to 10,000 to 12,000 to 14,000 to 16,000 to 18,000 to 20,000 to 1.92 1.95 1.97 1.99 2.01 2.06 2.11 2.16 2.75 3.02 3.29 3.84 4.38 4.95 5.49 2.78 3.06 3.33 3.89 4.44 5.00 5.55 2.81 3.09 3.37 3.93 4.49 5.06 5.62 2.84 3.13 3.41 3.98 4.55 5.11 5.68 2.87 3.16 3.45 4.02 4.60 5.17 5.75 2.94 3.24 3.53 4.12 4.70 5.29 5.88 3.01 3.31 3.61 4.22 4.82 5.42 6.02 3.09 3.40 3.70 4.32 4.94 5.55 6.17 3.16 3.48 3.80 4.43 5.06 5.70 6.33 IUti J-L I I 4.70 5.29 5.88 4.82 5.42 6.02 4.94 5.55 6.17 5.06 5.70 6.33 4.38 4.95 5.49 4.44 5.00 5.55 4.49 5.06 5.62 4.55 5.11 5.68 4.60 5.17 5.75 4.70 5.29 5.88 4.82 5.42 6.02 4.94 5.55 6.17 5.06 5.70 6.33 15 8,000.... 5 10,000.... 6 12,000.... 7 14,000.... 8 16,000....

9 18,000....11 20,000....13 .15 26,000....17 32,000....19 38,000....21 44,000....24 50,000....27 17 1.81 19 1.85 4 4 4 4 4 4 4 4 4 5c, 4 A A WIROPPOW PIONMPINIIMMUMS FISH. Mt Boit! Photo. avenue. I. '41 We, 22,000 26,000 32,000 38,000 44,000 21 1.90 2.22 2.53 2.85 23 1.95 2.28 2.60 2.92 25 2.00 2.34 2.67 3.00 28 2.09 2.43 2.78 3.12 31 2.18 2.54 2.90 3.26 to to to to to 3.25 3.33 3.47 3.62 3.57 3.67 3.82 3.99 3.90 4.00 4.17 4.35 4.55 4.67 4.86 5.07 The general offices of the L.

Fish Furniture company are located at 2225-2237 West Pershing road. The firm operates seven stores in Chicago and one in Gary, Ind. 4.62 4.92 5.26 5.38 5.74 6.14 4.25 4.83 5.19 5.61 3.85 4.10 4.39 4.72 5.10 50,000 to 56,000 to 62,000 to 68.000 to 74,000 to 3.46 3.69 3.95 4.25 4.59 3.08 3.28 3.51 3.78 4.08 6.04 6.58 6.11 6.66 6.18 6.74 6.25 6.82 6.32 6.90 35 39 43 47 51 2.31 2.46 2.63 2.83 3.06 2.69 2.87 3.07 3.30 3.57 56,000....31 62,000. ...35 68,000 71,000....43 80,000. 47 eio 4 4 blighted area in the American northwest.

The prices reached yesterday by grains in Chicago represented the highest quotations of the season. The following table shows final quotations on the September futures with comparative figures: Yesterday. Friday. Wkago.Mo.ago. Wheat $0.95 Corn .57 Oats 171i IA .3 PA Rye 68 The upturn in wheat over the last week has amounted to 111AL cents a bushel, while corn has risen nearly 9 cents a bushel.

Butter sold at the highest level yesterday in the Chicago market since January. The November future rose 1 cents per pound to 33 cents. Pastures are suffering along with the grain crops from the drouth, with the prospect that butter production will be curtailed. With pastures burning up under the excessive heat and feed supplies scarce in some localit ies live stock producers 5.66 6.60 6.12 7.14 6.66 7.32 7.90 6.11 6.70 7.24 5.55 6.10 6.58 7.78 8.54 9.21 5.00 5.50 5.92 4.45 4.88 5.26 4 55 3.33 3.89 4 59 3.66 4.27 4 62 3.95 4.61 80,000 to 90,000 to 100,000 to 90,000. .51 100,000....55 CHICAGO SHOWS SHARP DECREASE IN FORECLOSURE litr AF.

ClIASE. Foreclosures during the first six months of 1936 were nearly 190 mib lion dollars less than during the peak year of 1932, and $11,103,548 less than during the same period of last year. So far this year there have been $19,435,080 in foreclosures filed in the Superior and Circuit courts of Cook 8.33 9.72 6.95 7.64 150.000 to 200,000. 60 4 64 4.17 4.86 5.56 6.25 .35 8.09 8.82 10.29 200.000 to 250,000....62 4 66 4.41 5.15 5.89 6.61 taxable bond to compensate him for 6.47 7.06 the tax. For example, a person with 6.63 7.23 a taxable income of $10,000 to a year is subject to a surtax of T.

6.79 7.41 per cent in addition to the normal 6.96 7.59 tax of 4 per cent. Because of tit 5.19 5.84 6.49 7.14 7.79 11 per cent tax, this person will havgi to obtain 4.49 per cent on a taxable 5.33 6.00 6.67 7.33 899 bond to obtain a net yield equal to 5.56 6.25 6.94 7.64 8.33 that from a 4 per cent tax exempt 5.80 6.52 7.25 7.97 8.70 security. In the higher brackets the spread. 6.15 6.92 7.69 8.49 923 is much greater. A person with tax6.56 7.38 8.20 9.02 9.84 able income of $300,000 to 7.02 7.90 8.78 9.65 10.51 is subject to a total tax of 70 per cent.

It would be necessary lot hint 7.55 8.50 9.44 10.39 11.31 to obtain 10 per cent on a taxable 8.16 9.18 10.20 11.21 12.22 investment to yield a net return equal 8.90 10.00 11.10 12.21 13.39 to that from a 3 per cent municipal bond. 9.75 11.00 12.20 13.40 14.62 Suggest Ending Tax Exemption. 10.52 11.85 13.15 14.48 15.80 The difference in yields of taxabll! 11.10 12.50 13.89 15.23 16.67 and tax exempt securities also calls 11.78 13.21 14.70 16.19 17.61 attention to the agitation in some 12.50 14.08 quarters 15.62 17.20 18.75 and efronrmt he ne tr esme couvrailtioefs municipal rom al 1 13.32 15.00 16.67 18.32 20.00 tax exemption. 14.29 16.07 17.85 19.65 21.41 Success of such a move, figures in- dicate, would make it necessary for 15.40 17.30 19.25 21.18 23.09 government to pay much higher in16.69 18.72 20.80 22.90 25.00 terest for their money. Interest co5t3 17.40 19.59 21.75 23.90 96.10 Of local government units apparently would be increased rather 18.20 20.41 22.75 25.00 27.25 This.

in turn, would mean heavitsr 19.05 21.41 23.80 26.20 28.60 debt charges and the necessity for I higher taxes to support them. GRAIN IN OTHER MARK from ETS Even in the case of the federal gov- rnment, income tax though eenitipo: I from surtaxes, some upward adjust- July Wheat ment of interest rates would seem Prey. Year likely. On Low. Close.

close. ago. 1 1.01N4 3 1.01 .96 6 1 DIVIDENDS AND .,1 oi 1.21 1 1 1.211:, .2 1.2 I 'y 1.16;4 .991,, 1.19',.i. .71, liVmr 92''. 8'7N '8() 1 INTEREST PAID ti1 .96 l.4 .92.

At September Vi'beat. K. 1.01 IA. 1.07!1,4., 1.001, 1.02,.;, 80'K. I RISES IN JULY, 1.1914 1.19 1.193,i.

1.14,v, i 1Dul 1.144 .4 1.1.11 1.11;4 1.09':v4 1 American investors this month will 6.47 7.06 6.63 7.23 6.79 7.41 6.96 7.59 5.19 5.84 6.49 7.14 7.79 5.33 6.00 6.67 7.33 8.00 5.56 6.25 6.94 7.64 8.33 5.80 6.52 7.25 7.97 8.70 6.15 6.92 7.69 8.49 9.23 6.56 7.38 8.20 9.02 9.84 7.02 7.90 8.78 9.65 10.51 7.55 8.50 9.44 10.39 11.31 8.16 9.18 10.20 11.21 12.22 8.90 10.00 11.10 12.21 13.32 9.75 11.00 12.20 13.40 14.62 10.52 11.85 13.15 14.48 15.80 11.10 12.50 13.89 15.28 16.67 11.78 13.21 14.70 16.19 17.61 12.50 14.08 15.62 17.20 18.75 13.32 15.00 16.67 18.32 20.00 14.29 16.07 17.85 19.65 21.41 15.40 17.30 19.25 21.18 23.09 16.69 18.72 20.80 22.90 25.00 17.40 19.59 21.75 23.90 26.10 18.20 20.41 22.75 25.00 27.25 19.05 21.41 23.80 26.20 28.60 INTEREST PAID RISES IN JULY 9.38 10.92 7.81 8.60 250,000 to 300,000 64 4 68 4.69 5.46 6.25 7.04 10.00 11.67 8.33 9.16 300,000 to 400,000 .06 4, 70 5.00 5.84 6.67 7.50 10.71 12.50 8.93 9.82 400,000 to 500,000. 68 4 72 5.36 6.25 7.15 8.04 11.54 13.45 9.63 10.59 500,000 to 750,000 .70 4 74 5.77 6.73 7.70 8.65 12.50 14.60 10.40 11.45 13.05 15.20 to 1,000,000. .72 4 76 6.25 7.30 8.34 9.36 to 4 77 6.53 7.60 8.70 9.80 to 5,000,000....74 4 78 6.81 7.95 9.10 10.21 750,000 1,000,000 2,000,000 10.87 11.96 11.38 12.50 13.62 15.90 14.28 16.67 11.90 13.10 Over $5,000,000 75 4 79 714 8.34 9.53 10.71 Charlottesville, July 6.ESpeeial.3--Record low interest rates and the fear of inflation are the two major problems affecting investors today, Orrin G. Wood of Estabrook Boston, president of the Investment Bankers Association of America, asserted in an address here today under the auspices of the institute of public affairs of the University of Virginia. Both problems arise through governmental policy, interest rates in part, and inflation entirely, he said.

"Until the federal government's budget is balanced we shall have continual pressure by the government to maintain artificially low interest rates, which are on invitation to speculation ond unwise business ventures, and may well assist us down the road to inflation," Wood warned. Warns of Future Debacle. "Unless the federal government balances its budget within a reasonable period we shall surely be led down this roadthe road by which all endeavor is converted into unwilling speculation, and down which labor, the farmer, thrift and honest industry are led to the precipice in chains. "Six years have passed, however, since the inception of this depression. Business has been on the upgrade for three years.

Yet our governmental expenditures and the federal deficit continue to increase. "It is time to take stock to see how the trend can be reversed, and that immediately. To say that it cannot be done, or not to do it, is to lead this great country down the road to an abyss deeper than any it has ever seen." Sees Alt Investors Affected. The investor is affected whether he is a purchaser of fixed income bearing securities, such as a bond or mortgage, or a partner in a business enterprisea stockholderWood said. Be enumerated the types of investors in securities.

"who by their invested savings from the year 1929 to date accumulated of bonds, $20,800.000,000 of mortgages, and nearly $17,000,000,000 of new stock issues." Taking account of investors in savings and loan associations, owners of savings and commercial bank accounts, holders of life insurance policies and others. Wood said, there Pre some 137,000.000 separate investment accounts, the CANnerS of which, directly or indirectly, are affected by conditions which relate to fixed income securities. Matthew Woll, vice president of the American Federation of Labor, spoke in favor of "sound currency." "American labor stands unalterably opposed to inflation and coinp'et ely in favor of sound money," Volt said. OFFICIAL WEATHER FORECAST CHICAGO GRAIN PRICES I INS 69 64 138 7t3 72 82 84 8t) 84 7S 82 The official forecast for today and tomorrow cloudy W. 1 I and yesterday's table of records follow: Philadelphia.

WHEAT. Pittsburgh. cloudy N. Prey. Year.

INDIANA: Generally fair Tuesday and i(aleigb. clear N.E. Washing Oocri. 111411. Low.

Close. close. too). WednesdaY; warmer in north Tuesday, con- ton. clear N.

Gu l.1147.s I.05'.; 1.4)4 I 057, 'I MI tinned warm Wednesday. lf tales LOWER, Iki ICBM AN Generally fair Tuesday N.E. Q.E. and Wedneaday; wartner Tuesday and in cliuld.y...l4.E, east Wednesday. El Paso.

clear UPPER MICFTIGAN: Generally fair warmer f)allas. cloudy E. GalveAotL SsE in NV et. TI.W3daY Wednesday increasing Jacksonville. clear W.

cloudinese a continued warm. Miami. cloudy N.E. MONIP. eh-MO, WISCONSIN Generally lair Tuesday and oroans tolo S.

Wednesday, becoming unsettled in extreme Antonio.elear e- cc Abilene. cloudy N.E. Amarillo. cloudy 8.E Brownsville. El Paso.

elear 8.E. Dallae. cloudy E. Galveston. S.E.

Jacksonville. clear W. Miami. cloudy N.E mobile. elmitlY New Orleans.

S.F.,. Antonio. clear Shreveport. cloudy E. S.VV county, compared wit $60,538,628 made heavy shipments of cattle to last year, and $239.135,493 in 1932.

Chicago and other markets. AbA comparison wit other years shows the 1936 foreclosure situation normally large receipt of cattle in the Chicago market totaling 20,000 tm be distinctly During bead broke the market. Prices closed the first six months in 1934 suits ag- 25 to 50 cents a hundred weight gregating $85,402,000 were filed, which lower. was $35,966,920 more than for the Lard Price Advances. same period this year.

In 1933 suits totaling $293,318,741 The lard market advanced sharply were filed and in 1931 the total for the on the strength of the reports on the lirst six months was condition of the corn crop. The De-Foreclosure suits filed during June, cember future advanced 50 cents a 1936, were the smallest in sever-il hundred pounds on the Board of years. Last month's total was arade, the maximum permitted. The 552. This compares with a year ago, $11,884,499 in 1934, $31,408,309 department of agriculture has estiin 1933, $14,889,683 in 1932, $17.427,417 mated a 29 per cent increase in the in 1931, and $23,320,478 in 1930.

spring pig crop over 1935, but with Foreclosures during June this year a corn shortage possible it is doubt-also were considerably less than for ful if the lard production will show the preceding month of May, when a corresponding increase. If the corn they totaled $8,897,603. supply is deficient and the price high Foreclosures filed during June were hog and lard production will be re-the lowest in number since March. dueed, Last month 680 bills were filed, coin- Flax rose 10 cents a bushel. It is pn red with 891.

in the preeeding 3 Important croo in the nod hwest noI1l an 9 --d 87 Jul'e of 19:5 1 y'here the drouth is most severe. June, 1931, there were 1,121 suits; in Cotton futures advanced 1,551, and in 1.386. TCIA 7 5 vont a ha ip in ChiCPLO a corn shortage possible it is doubt- ful if the lard production will show a corresponding increase. If the corn supply is deficient and the price high hog and lard production will be re- duced Flax rose 10 cents a bushel. It i an important croo in the northwest the drouth is most severe.

Cotton futures futures advanced 75 conts a hale in Chicago matcly supply is deficient and the price high hog and lard production will be re- duced. Flax rose 10 cents a bushel. It is an important crop in the yvhee the drouth is most severe. Cotton futures advanced approxi- ma icly 75 conts a bale in Chicago July sent Dec. July Sent Dec.

Dec. Sent Dec. ()5'i 1 1 I i 0e; 1 Ltn01 1.071,, I 1.07,, 1.02 CORN. .751 .7:5 .5 1 .7 Fl .747, .711.4 .75 .70 70'A .1 0 0 k.rs. .3574 1,: 1 05l4 1 1.051i 1 I Al I Irkl ..1.061 I Hi .107,,,: 1.02 CORN.

7fil .75 761.4 77 F1 .7564 .11. 75 I'll 's 70, 4 kTs. 1 -4 107' I'll' -3512 -Fr- 145 00 74 72 74 72, 7S 84 72 78 84 Pti J011 1.02 80 88 IS4 86 91-1 8' 8ti 8'2 st SS 8li 90 St4 Tampa. cloudy Vicksburg. elmniv 86 90 Mountain statee October IV ea receive interest and dividend pay merits in excess of $572,000,000, according to a compilation by the New York Journal of Commerce, which compares with the total for 1935, of The total of dividend payments ready scheduled for this month is 917.

.87 .9174, .02 I tLypl 931J .96 .931.4 .9634. .923,4 .70 December Wheat. W. 1.03 1.017A3 1.03 .81 Mpts .1.11 1.17 1.1714 1.1734,1.12 .84 Wng .89 tl.vpi .93 1)012 9612 .92 .72 oly Corn. K.

.741,14 .17:8 .713 i seet 4 1 Dec .38, )S .38 .381,3 .33,,,4 north Wednesday; warmer in east and 1 E. north Tuesday, continued warm Wednesday. 11 July .72 .72 .7311 m814 .42,,,, Generally lair Tuesday and I sew. 73 .73 .68 .4:3 Wednesday; continued warm. i 4 t59 'i- .46 IOWA: Generally fair Tuesaiay and Wedne 13EtLEY.

s- I ,1 i .33 .14 day; continued warm. except not quite so warm in tree northwest Wednesday July i .58 .58 5 .8 .4 4 ntlernoon. NORTH DAKOTA: Somewhat unsettled 'cuesvhere day and Wednesday; not so warm approxi-! CASH GRAIN day, and in southeast Wednesday. Sot7TH DA KOTA Cenerally fair in east. And nnt arm in wPgi .:14 1,,, .311,4, 1 1t rt.

north Wednesday; warmer in east and sew, rot.t -'1Ot, .73 .6 Wedneday continud arm. 8 .411, Dec. l'Ill .46 IOWA: Generally fair Tue day and Wednets- s7 BA RLEY. day; continued warm. except not quite so July .33 .14 warm in ex treme northwest Wednesday 58 .58 .58 .44 afternoon.

NOWITI DAKOTA: Somewhat unsettled Toes- day and Wednesday; not FO warm Tues- CASH GRAIN day and in southeast Wednesday. souT II DA KOTA Generally fair in cast. Rini not so Warm in west Tile- 60 54 ed siti fi tiii siti fi clear 92 94 1 Cnn3cnue cloudy S.W. 90 92 i Denver, IA' 88 96 Havre. cloud; l4 W.

ii4 98 Helena, clouilY VV. 82 86 Lander. eloudy W. S4 94 Milcs City, eintitLY 3.94 199 ppoprix, lo il Pilehlii einkr K. 940 94 Salt Lake Ctly, clear 84 92 VP.

1,. 1.2 ltil clotitly SO SA Pacific idat-- principal Ma I. kois 3'esterciay. The -72 1(111 1114 ('ivar 90 94 Salt 1.ttku Ctly, cleat 92 Stinta VP. rain.

72 99 Vell()tttrif, Pk. (midy W. 80 Pacific 1 01) cloudy Sw Portiand. '7 San Diego. let ,4 'N.

ra tif IMP W. 10 tip. Oen t4. St. 84 ,1041 W.

814 tot Yuma. eitiudy 1041 110 SPOKillia. I' ,,) WN113. NUN. W.

8 el 1.0i Yuma. elnutty ,4 is' 1 tai 110 urn Al lg. onday oaf i ea 1Py. oa SOV 1 N.S.A GrmPrally fair TiteAday a bor-hel irt onntInwtd warm. If VAT, OH 10'.

arid f4Ii2htly warmPr rrnni944 of iii Chinazn on WiTinesday and not so warm Chieitatio. liatost St. LOON. Se ptembe Corn. approximately $300,000,000 i li.

-): It''' 71nti '74'''I' I amount will be increased by furthe .0 teeer Corn. announcemrsnts during the month 60 qt rill 2 tn 691' 51; 5, 7' i ,2 .6. i Joh' Oats. 2 1' The revised total for July, 1935 was 7 ...1 pl Arll w'''' -3-' 1274' 1 The higher dividend total this 5Pi tliber month is due wholly to 1Firger pay slise FA- i '1 ni 311 merits by industrial concerns. Dis58 1 K.

.311 3" -cements by railroads, utilities, lietof too Oats. 140 wt, .3 ys .1,, .3 11,., .3,,.:14 .30,,,,, Ond financial institutions as classes 81) i i'levembr (Opts. I will be smaller than in the cor- Imni' 32 5 -341' resolndin month of last year 5'1- Pr, 1 .3031,,, .313 I k- I 4S Jesiy Rye. i Interest payments this month will -ti pif. i 1 ()1 21 S267.000.000 a moderate rain Interest payments this month will.

total $267,000,000, a moderate gain. RFC INVESTMENT IN BANKS IS CUT TO $75619151566 southeastern producing states are suffering from drouth, while the crop in '1'exas in some sections is deteri orating from excessive heat and lack of moisture and in other areas from 1,1 rt A. of moisture arid in other areas front interest TO0.4(1NY Wedneetlay generally lair, warmer rpir. t.o,roiolt LIM 0iOS floods. '2.

1.1)N .1 .041.. 1,, 1.1151,40 111 in north. red 08 1.03i,it.4t04');,, 1.05 tiia alit, INN ESOTA Generally fair TtleatlaY be Cantjdiall NVin ter NVheat Marketed. 4 riil 1.03 1.0ft coming. hnset I led Wednesday warmer in Eta 1 I leford.

elontly 80 4 0 1 4t7i kt i 4 I 0' t.ili SO not PO warm in the Red Ca elotitlY I enterit of the new Nvint er Ali( ia 1 I I.I 0 1.41'7f It i lM I'S iti I hi -v rr Ile i a 3' nI s'I) a rtn Art I-I aL'IL'acirt 'tidy F. 4 88 CI OP iS 110W at its height and is ex- 3 ild tip Lir; .1 1.i,,,,r,, i IA portion Wriiittesnity. Millned0FN. i lowly 'N. E.

Sti Sil petted to remain heavy for several eithith. wi llll a ii.i. Ir. looli, MI ASK A Gne erally fair in east. be- 81 weeks.

Yesterday nearly S.009,000 I it. ii. 1 tin )4O il'A we Ft, yontin tied war in TI-ni Pas. tear S. E.

MO s'It tt I -3 bush( Is of winter Nvheat wer e- ci weilneeday unsettled, OOt quite elondy I I 1. 1 It ivrr. 'At. W. lii Sit ceived at primary and interior terrn-; I d.

O. I I51.4t:C; 7) '''n Winnipeg, eltnbly I' 9,4 i inal markets, but without affecting Tolptlo. OpitAton. ri "2 tN ed I itolU I 3 I the basis for sales as compared with 1' tn.9. ORN.

i place of -ip a- HAY PRICES ADVANC the future deliveries to any great Kansa. cll. st. ri, yo. 3 Ili 4-t 17 41', Sialti of wen i her.

7' HAY PRICES ADVANCE HAY PRICES ADVANCE 1 1 over the $231.000,000 paid in int( (iti i Rye. I during July last year. fin to, .1 i .7 1 .71 ..101:. i I 40, 00 ober ve. SPRING Vk Tog .561 .55 .531:, Rye.

i 0 1 I' fl 7 c' 'I' Rye. PIG CROP IS over the $231000,000 paid in during July last year. 1 -1! 21 JI ,1 i 7 z. PCT. ABOVE 191, end and new tame bay advanced 1 Per i Wpz An .48 .17 Tlx 143' PrOi3Pecte, wore tor still higher 4 i Springfield, July Jody dolly Feed Bde PCT.

ABOVE 1935 Nit rI extent. ix s. 7:1 l'he bulge of more than 20 cents Nfi 2 yet 1,, ne outge or more Irian Lit cents yet Washington, D. July I he Reconst ruct ion Finance corporation of preferred stocks, liOtes and ores of 6,068 banks and loans: secured by preferred stock which once. totaled 003 have been 'educed by the banks to JessE I I.

Jones, chairman, stated today. The statement was made in connection with the ant the First National Bank of Chicago had completed the retirement of the last of of its preferred stock which it had sold in 193,1 to the government corporation. Exclusive Of the loans the peak value of the stock, notes end debentures purchased was $1.041,937,053. These seen les of he ha nks, which I he It I.C was authorized by the emergency banking, act to purchase in a program to strengthen the capital structures of the nation's banks during depression. according to Jones, had the desired effect.

5 per Uushel in futures front the re- YPI qi -7 7 Chleazo daylight time -1 1 4 y.1 No. 4 y.1 7(9 794.4SI lll" Chleazo daylight time. 1 N. 5 yt 1 542 76 1 1.88 1.545 Rra Tints. mai car and one truck 1 pis i.98.1,.

1.8sik 1.5., spring pig crop in Illinois, the state ond for Pin days. Qnotati ns for ton ollow federal ag-ricultural depart- I Dui 3 .308 No. 1. No. fl.

No. ll Wit'? 1 -liiN 1 riti'l'F. 1 1.roi 1.51 7 1. I til) EaS 1 cen i ral ta A 4 lear tc s-- S-F ti8 11 Tim and clovar 1 'Durum- tExchaoge against $5.02 ments announccd today, increased 1 C-1 tro 4 1.4Halv s.w. Oil 9.1 Ifi IlliNefL rail .11 I (415 a SSilia I 012 I turday I 2L per cent over the 1935 recora 1 Chicao.

4.1,iir N.1.7. 7s 8 47 Do truck 1.2. L10112 1 9 1,:, 1 I i neinnat cleiir 8 W. MI 0 I 7t1 Tim, rad. neW I 2 lel tiqlz 7t-i 9 low, but was still 25 per cent SO 1 lafl cicP ll N.

78 7S 61- 4 rail. 1W 1 I 1 1 0001 16r 8 1 442 PHONE CABLE EMPLOYES EARN $10 000 OR MORE Washington, D. July The federal communications commission reported today that 412 officials and employs of communications companies received annual salaries of or more during 1934. Top salary listed was $206.250 for NAialter S. Gifford, president and director of the American Telephone an ri TePt.graph company.

Ntswcomb Carlton. chairman of the hoard of Western Union Telegraph company, received a $60,000 salary during 1934 and a like sum was paid to R. B. White, the company's president and director. cent low point has advanced prices in the Kansas City market to a point where farmers who have been holding back their new lAhcat for $1 per bushel i interior points are within H.

few cents of reaching the desired level. Tne current price for No. 1 and No. 2 soft red winter in Chicago No. 2 wh 91 No.

wit 8 5 (0 1 No. 4 wit 1 No. 5 wit 5 1 T.tto 1 S. grd. 50411 Ottoolot.

No. 2 No. 4 yet f(t1 No. 4 wri 81 8 A 1 ro, WHEAT IN U. S.

FUNDS average. WHEAT IN IL PIINnS 1 the average. WI -MAI IN U. tUNUS Peoria. tanrolt.

Ititar 18 844 5" A I rail ((VI 3 90,11 I The official survey indicated that 11 Du 62 I 4) 11 8 It'oEvansvilftt. t.loott,kt 1Y tr r.1, 1 RYP. straw. rail uttk, oats hush 585.000 sows saved 3,510,000 pigs I ttt, Wayon. elett it IN'Onat tttrt in 1-aninz rnarittc between Dec.

1 and June 1, an to Statcs ftintts at tees of Grton Rapids, anti whit straw. Monday. wty-n hsy closed: erage of six per litter, and th e. see, chicago, epterniYr OnCt qMalleSt number on record. womipeg.

October Winter conditions were bad, but FIELD SEEDS La 82 iS 1 he highest since December, 19 35. holp.1.1g city. SI. 1.nol,. 1 ill P.

981 -i'2, Big prerniunts are being paid for 2 'AIL ar- 1 Tih 4, ..,4 1 mm.ad?)Iir. Nr 1, ,.8 .1.27 )I 011iC C8Sh C0111 in the 3 wil 1 '4e1gill'el' 11elC)'(117v No. 1 wh. N.W. 18, SS It kets as compared with the July de-I Nlilwstotkre.

Otttabii. Minm'aimlis 11'1 i 1 wallic'e It Ili thl I I' I ashville $4 74 livery. No. 1 and No. 2 white on theIN- :1 wh 3ti Peoria.

loar s.w. 9.3 I of; 14 I Chicago Board of Trade sold at 91 1 Winnipeg. l'oletiot. 1 .8. 8'2 88 52 i 1 October -91512 In April and May had Do No.

2 Manitoba 1 1.00 No. 4 Manitoba weather for farrowing, said A. 9 i .90 Do Polish -96 Surratt, agricultural statistician. increase over 1935 was general for no Australian 00:, .9814 July 3 90 Ibienna Aires, July all states, the corn belt percentagc3 Do SeMoolbor 9fi -924 i nvtri qi Ised.oss,rw It percentage3 and 24 below Field ed prtoes were hither in Chicago market yesterday. Timothy.

endotry run. was quoted per ittio $5.3505.45: red clover. fair to chotoP, -Caney, S1700: alsike elover 7.00: to rf'd toe, I .75013.75: sweet (lover. alfalfa, Kansas, Idaho. below 32 :.9 above 2 being hci rt a 1935 1932-'33.

W. 162 7S La, fIvar cif; Inn tin West-Contra! Ptai-- Tiigmr.rek. clear 71-1 l'haries City. clear 1C12 Concordia. vicar Davennoct.

cleDr q.W 106 cloar VS 102 ti taite. clear 104- 112. cni Dodge City. ar S. DO Dubuque.

clear S. 1112 6M Duluth. cirar 60 79 52 r7rh prIe cents per bushel yesterday, or 15 3:74 cents over the July contract, and the HI B.Aat.,14;1', A NIP 1,1,. X. highest price quoted for cash corn inl Rye.

Harlry. Eta 79 5 (o.97 2.4); the local market since October. 1935. 7 si 50 fruti No. 2 white oats sold at 39 cents yes- ina 41 torday, a new high since July, 1935.

SOY Climb in IVinnipeK. I No. 2 IA ap at I Mt; ppr U. S. Business Defaults Smallest in 16 Years New York, July Special.

Business failures for the week ended Thursday fell to another ncw sixicen year low. The tioroher reported to Dun St Bradstiect, was 162, against 165 la the previous week, while a year ago the total kvas 188. Insolvencies with liabilities of $3,000 and more in each instance rose this week to 101, against 97 in the previous period, a gain of 4.1 per RiPlir4F07.7McK77MA7SIWR I 1 I IFack. No. yellow, 1.060,01; -j uron.

elear jr 106 71 Mayor Issues Proclamation Designating Railroad Week Mayor Edward J. Kelly yesterday issued a procia mat on setting the week of July 13 to 18 as "Railroad Week." More than 500 cities and towns in the west will participate in the celebration. The beginning of Railroad Week on Monday will he proclaimed by blasts from the whistles of 18,000 locomotives in all parts of the west. Harry G. Taylor, chairman of the Western Association of Railway Executives, will deliver the keynote address at the Modinan club at a breakfast Monday morning.

WINNIPEG, July Speeiall --Scorching temperatures in western Canada over the Nveek-end sent bullish enthusiasm rampant on the Winnipeg wheat market today and prices skyrocketed. Winnipeg values advanced the 5 cent limit and finished at the high point, with July Ni. 4 yellow. and sample grade, 1 .01 I City. S.

PO 118 Keokuk. ilea W. 10)0 102 Moorhead. S.VW. 10S 114 08 North Platte.

clear S. 92 94- 72 COTTONSEED OIL. Oklahomti City. lowly S. 88 Omaha.

elear S. 14-1 118 71: NEW YORK'. Jvily C4tY, l'IPfir SE. 102 104 74 Sioux City. elear 08 1110 78 St 10day and at si.

S.W. 98 100 78 new tviirtitt or the Season in distant de inneatedis ilea 100 114 08 liveries on vy snd southern buy. Soriturficid. cicar.S.E. 88 1411 7:1 intr.

promoted hy i he streotrth of eorn, lerrs. 1Vichita. clear 8.W. 90 112 74 erode oil. Final tiriees Williston.

clear N.E. 104 2 10 78 oil. Final tirirTs Will isto, a ler Dallas, Teltas, Banker Says: 1.12;, cents. Expoit business wa's to I points twit hirxher. 1 astern stati.s placed at 2 million bushels.

EQtevan onfri. Illeaohahlri soot, nominal; Albany. eletu Atlanta. tilondy. Ift011 dy 76 82 MO N.E.

88 96 S.E. 66 741 58 K. 80 fil! 44 tfig 841 mummmo.dnanc-Amoms..... in southeastern Saskatchewan re- (1')s'd rot 111: 971e: meal. DP(rrn her, Jaltu'lrY I nilto10.

009fly corded Ft temperature of 110 do9rees York, OMR ave.mommum.donaklimminEMIIMIEEMOtillmnomolow.mmalmeneloomommoi-- fly Labor Board Asks Review in Jones Laughlin Case New July for a rehearing in the suit hrought Labor Relations board to compel the Jones Lawz.hlin Siecl corpoiation to accent the of National Lahor Relations Act hefore the tinitnd Stales Citcvit Court of Appeals here todGy. The typical attitude of leading bankers toward Credit Insurance is set forth by Mr. Nathan Adams, President of the First National Bank, Dallas, Texas. He says: "Every jobbing house and manufacturer should carry Credit Insurance. It is the only safe plan.

and particularly in these troublous times, it should appeal with greater effect than ever to those who extend credit generally. I hope that every jobber and manufacturer will give the matter seriou3 consideration." CLCrilloolo (frril 4.1rt -rmgrryrwrInnrIrrirrowIrryrrrinrwIrrowswrirworWE' MARSHALL FIELD CO. Air- vr- N. Y. Central Streamline Soy Beans Climb to New High for Season No.

2 soy bcans sold at SI.Ol prr bushfl eFtet clay on the Chicago Board of Trade, setting- a new record for the season. The gain over Friday was 3 cents. Early in June they sold at 843,, cents. According to reports from central Illinois yesterday, early planted beans are making excellent growth, but late planted are suffering from the dry weather, and in some instances farmers are waiting for rain before completing American Credit Insurance I The July Sale of I I Train Visited by 17,250 Approximattly 17,250 persons yesterday visitcd the Mercury, new strcarriline train of the New York Central, on exhibition at the La Sa street station. The train will be open II) the public today from 8 a.

rn. to p. in. It soon will be placed in scrvice between Detroit and I C( 'ST for policyholders, and maintaining good will. This supplementary service in many cases more than pays the annual premium.

An "American" policy strengthens your own credit standing. Your banker is vitally concerned in knowing that your receivables are absolutely good. Consult your banker about Credit Insurance. offers you positive protection fosters sound credit granting definitely limits your credit losses due to receiverships, reorganizations, bankruptcies, failures. "American's" Delinquent Debtor Service conserves your capital keeps it liquid.

This department functions with great effectiveness, recovering an average of $4,500,000 annually GRAIN STATISTICS BIOS AND OFFERS offers substantial savings to discriminating men who appreciate the best. Select your fabric, pattern and color from our array of imported woolens, and we will then custom-tailor for you as fine a suit as we know how to make. The special price during the course of this sale is $98 A ERICAN CREDIT INDEMNITY CO. OF NEW YORK J. F.

Mc FADDEN. PREsiDENT A 4, of on bids and on the llwird of. Trade, good all day today, follow: WHEA T. --P. 11 iLf 1.0W.

Clo.e. High. Low. Close. I July 1.11l, 1.1112 Dee.

1.03, 1.122 1.12 I 21,,2 CO fl N. July SO .4 Dec. m8 .87 1,, -4 (IA Ts. .35 .31 .4 01, .39 .4014, Dee. .37 l.1112 .4 1 .4112 Al RYE.

.70 .70 70 .77 .77 .77 Sept .69 .09 78 .8 .78 Dec .701,4 .6914 .7014 .7914 .7814 .7812 llnited visinle supply 2.l2S.000 hit last NV(7 ft; rot. Corn I 1)11: bu, and biirkY, Details follow week. Last week. I.st year. Wheat 21,950.000 corn 7,05.000 7,301 Oi t1 31,041,000 Rye.

Parley 0,000 5,, hienini in Sineks. Wheat in lj ii) ChiZO r4-ereased 415.000 bit i wnek and rye hii. 4.011) i 4)(14) lin, and barley, 16,0011 bp. Delik follow, last three ciphers ()milted except in th nials: Private. Total.

Last year. Wheat .2,119 1,3415 3.214,000 2,600,000 l'otrn 1 .809 1.146i ,000 Oats 2.123 2,991, 5,1 19,000 1,764,000 Rye 844i 58:1 Barley 801 893,000 839,000 Contract Grain Stotkot. Contract grades of wheat in local public clevators elerrased 295,000 bu last week and corn 130,000 NI. Details follow: Thi4 week. week.

Last year. 1,825,000 2,10,900 Corn 159,000 nalq 2 1.2,3,tifiti 2,073,004) 47.000 Ryr 807.0Pil Sliz.0(10 1.nns.foon 1 1,00 MI p. p. R. J.

LYDD AN MonaRer, 20th Floor, 220 South State Street, Phone: HARrison 8947, Chicago, Illinois. The Ply Sale of Custom Shirts, also now going on, six neckband shirts for $35; or six collar-attached shirts for $39. Collars to order, each 75c. s4bbCiGIJE44, 31,1713 714 vac 1 i MINNEAPOLIS FLOUR. MINNEAPOLIS.

July 6(A3)-- FLOURCarload lots, per barrel, 98 yound sacks: annly patents. 25c bigber, CUStOM Silop, Second Floor stpnclard patents bakers. t.25c I biaber. Vt.65(46.85. Shipments were 31,748 brran WP.

1 pnr1 no 1.11.1.11.-..A.-5-2-0911-e rrl FOR 43 YEARS THROUGH 7 MAJOR DEPPrqSIONS -1.