Indianapolis Times, Volume 45, Number 256, Indianapolis, Marion County, 6 March 1934 — Page 13

'MARCH 6, 1934.

Altschul Recognizes Existence of Stock Market Abuses and Secs Need for Corrections. BY RAI.PH HENDERSHOI Timet Special Financial Writer

Frank Altschul chairman of the committee cn stock list of the New York Stock Exchange, made an important contribution toward solution of the problems surrounding stock market operations when he said in his testimony before the house interstate commerce committee earlier this week ‘ I recognize that abuses have grown up about the market place which require correction in order that the public may be afforded proper protection . . . Wall Street's views on stock market regulation are needed in order to avoid serious mistakes in applying legal restrictions to trading operations. But it can hardly help in correcting a situation it does not recognize as

existing. Mr. Altschul is the first important man in the financial district to make an official admission that the public was not being adequately protected, so far as your correspondent can recall. Others, however have made similar admissions privately. The head of the committee on stock list supplemented his statement about the need for corrections *.;th what would appear to be rather sound observations. "I believe,” he said, “that the object of farsighted legislation should be to afford such protections while placing as few obstacles as possible in the way of the normal functioning of this part of our economic mechanism." "I suppose,” he continued, "that there would be general agreement with the principle that, to the extent that the provisions of the proposed legislation are so onerous In their application as to render it impossible for corporations to comply with their terms, these provisions must be looked upon as inconsistent with the conceptions of the useful and essential qual-

St -^ r *

Ralph Hendershot

Hie of security exchanges and that, accordingly, such provisions should be either modified or eliminated.” a a a nan Sees Era of Prosperity Some people believe a great many things can be foretold by a proper study of the stars, and some don't. But inasmuch as those who are supposed to be able to put 2 and 2 together economically and get the sum of 4 have lost their touch or can’t take it any more or something, the views of an astrologer on the nation’s outlook may be at least intor* ..ting. William Philiips has looked into the heavens, and he finds that America is heading for a number of years of prosperity. Mr. Phillips anticipates a rise in all commodity prices due to a crop shor .ge this summer, and he expects money to be distributed freely an, ng the populace, making it possible for the people to buy. He claims that even though strict regulations are imposed on the New York Stock Exchange, security values will seek higher levels. a a a a a a Will Last Until 1937 or 1938 In fact, the astrologer has been told by the stars that the present i a buver's paradise, to use his words. Legitimate business, with a minor interruption in April, will lorge ahead, against scandals, greed or any otii'T obstacle, and the upward cycle will last until 1937 or 1938. “The spirit of live and let live,” he predicts, "will bring the nation into an era of love and plenty."

New York Stocks

—— i — , Bv Abbott. March 6 Oil*— Prev H.gh Low 10 30. close. Amerada ••• 48 ' 2 l* 8^4 A'. Rtf! 3 L Burnsdal! . • • • * 8 Consol Oil I>' 13' 13' 13‘ font of Del la 18' 18 8 18 . 8 Houston <ne*> ... 4 4 * Houston 'old' ... 28 8 f? 2 Mid Cont Pet ... } 2 *3 Shell Un ... 10 ‘ }° 8 Ohio Oil ••• } 4 4 Phillip Pet }•'* ‘4, 8 Pure OH ••• IJ,• J?, 8 H val lJutc.i ••• 38 2 Jo a Sod Oil 36 •q„ Simms Pet ... .it, 8 Sko.ley Oil ••• . Jx, 8 Soc Vac ••• 17,4 '-J 8 bO of Cal •... “L 4 SOof N J 4 3 48 ' 8 48 ' 8 44 Texas Corp ••• 27 * 7,,, T.dewater A; ii 11 1 H 3 * J 1 2 11 a Un Oil of Cal . 18 • 18 Steels— , Am Koil Mills ... 2a’ 25>a Beth Steel 45 4 43 4 Byers A M 27 7 4 Cos Fuel A: I on ... ... J * Cruc Steel . . • •• • 34 Lnd.um S -r . McKeesp T.n. ... 88 Natl She. 51, 4 Rep Iron A ■ Hi's 24 24 23 g Rep Iron .V . tl p • :uu *? * V S Smelt 123 . 12 2,* Vanadium a 1 Mid Steel „„ ,; 3 4 U S Pipe g F v 29 29 U S S-eel sb>2 55>* 55 * 55' 4 XJ S S eel of • 82 '2 93 Youngstn S & T ... Rails— Atchison 68 4 87 4 Atl Cst Line 48/4 BA O 31 30 7 e 30 a 31 Can Pac 13'* 16' 16's 15 a Ch & Ohio . . 45 8 43 , 8 Chi A- Gt V. . ... 4 ' 4 4 ' 4 ( M A St P 8 7 4 C M & St P JO' a Chi N W 13 4 Chi R Isl 8 8 Chi R I 7 • p.u 8 4 Dfla A Hu 1 84 4 Brie 21 4 Grl Northern p. 28 a 111 Central . ... 33'3 33‘a Lou & Nash ... .•• 55a M K A T 12' Mo Pac ... 5 ... Mo Pac pfd ... ••• 2 8 N Y Cent 3w'a 38' 4 38'* 33‘* N Y C A St L pf , 31> N Y New Hat en. lf'a 19 3 a 19'a l? J s Nor Pac 31'* 31'a 31 4 31 Penn R R .... • , 35 Sou Pac X8 7 a 28'a 28'a 29 Sou R R ... 32 2 32 2 Sou R R pfd ■■■ 37 Union Pac U8 5 a 128 4 West Maryl 15 x a Motors— Auburn ,53Jv, Chrysler .■■ 5a •% 55a Gen Motors 33'a 39 39 'a333.9 3 . Graham Mot ... 4 4 Hudson 19 7 a 19 3 4 19 3 4 20'* Hupup 8 Mack Truck 33 1 Nash 27 27* Packard ... 8 38 Rco 5 4a Sttidebaker . ... 8 •’ Yellow TIUCk 6 3 a 6'a Motor Access— Brndix ••• 19 a *0 Bohn Mum ... • 61 4 Bore Warner ■ ■ r® B.iggs 15” a 16 Budd Wheel 4 ' 2 Eaton Mfs ■■ 21'a 20 3 * Elec Auto Lite 30'* 30 30 30'a Hond A 8 Mullins Mfe ,• 13 8 Murra.' Bodv 10 10* Stew Warner ,9 4 Timken Rol ... 37 l * 36 * Minir* — Alaska Jun 21 20 -1 21 a Am smelt ... 45'a 4 o'a Anaconda ... la 4 15 a Cal A Hecla 5 3 s Cerro De Pa.co 3t>'a 36'a Granbv ... ... ll' 4 11 4 Gt Nor Ore 13 3 * Homestake Min. .. ... • • 350 Howe Sound . ... 48 * 48 Ja Ins Copper ■■ 5 list Nickel 21'a >4'* Kemseco't C p ‘-O’s 20'* 20'* 20'* Noranda Cop 38 3 e 38'a 38'a 3S'a Phelps Dodce 1” 1' Pitt Coal 14 3 u Tobaccos — Ant SnufT 55'a 55'a Am Sum Tob . • 19'a Am Tob A. . 73'* 72'a 72'2 73 Am Tob B 75 73 s a 73 3 s 75' 2 Gen Cigar ■ . 33 3 * L:gg A Myers B 8 9 3 * 89'2 Lorrillard 18'* 18 18 18‘s Reynolds Tob B 42 8 s 42> 2 42>2 42‘a Equipments— Allis Chalmers.. .. ... ... 20>a Am Car A Fdv .. ... ... 23 3 s Am Loco ... ... 36 Am Mach A Fdv ... 17 17' Am Steel Fdv 22 Bald Loco 14 14 Burroughs . . . . . 16 s * Case J I 77 76 3 76\ 76, Cater Tract ... 30 l a Colgat Palm Peet . 16 3 * 16 3 * Congoleum . 29 ester Wheeler ... 19*2 Gen Am Tank C ... 41\ 41>2 Gen Elec 22 3 22 l * 22'4 22'* Gen R R S:g . . 44 3 * 44' 3 Ir.t Bus Mach ... ... 141 7 a Ir.t Harvester ... 43 43 Ke.vmator ... 19'a 19 3 * Nat! Cash Reg 20'2 J'roc A Gamble . ... 33'a 38S Pullman Inc ... .. 57 s a Simmons Bed ... , 20 3 * Und Elliot 47 West Air B ... 32 Wes'inch Elec . 40\ 40 s * 40 3 * 40'a I'tilities— Am A For Pr ... 10‘a IP 3 * Am. Pow A Lit ... 9 3 * 9 7 a A T A T ... 21 3 * 1121 Air. Wat Wks 21'a 20 3 * 21' 20 3 * Col Gas A Elec ... . 16 Com A Sou . 2 3 * 2 3 * Cor. sol Gas 39'a 39 3 * 39 3 * 39 s * Elec Pwr A Lit ... . 7*a E L A L pfd 14'j Inf T T. . ... 14 Si 14S* Nat Pwr A Lit 12'a 12 12 12 North Air.er ... 19 3 * 19 7 Pac G A E ... 19H 19 7 Fab Serv N J 3339 3 38'a 38'a 38 3 * So Ca! Edison 19 Std Gas ... 13'. 13' United Corp ... 6 7 a 7 Un Gas Imj . ... 17'* 17'a Ut Pwr A Lit A ... 4 Western Union . . ... 56’* 56 Rubbers—me 22 7 t Goodrich ... I6 3 a 16 l * Goodvesr ... ... 38 1 * V S Rubber ... 19a* 19 s * U S Rubber old .. 44‘a 45 Kel Spring 3 7 3>* 3 7 * 3 3 * Amuprnsrnts— Crosley Radio 13'a 13 Ox A 15 l Loews Ine 32 31S 3i, 32 Radio Oorp 8S B l * 8 1 * RKO ... 3* 3 7 W'arner Bros 6 7 7 Foods Armour A 6 6 Borden Prod 23ft 23 Cal Packing ... M u* M . 34ft

Wall Street

ODDIn Si Cos. 1 ~~——————— Canada Dry G A 25% 25% Cont Bax A 12 Corn Prod 72% Crm of Wheat 33% Gen Foods 33% 33% Gold Dust 19% G W Sugar . 28% 23% 28% 29 Hershey .. ... ... 52 Int Sait 25% Loose Wiles .. ... 42 \ Nat: Biscuit .1% 41% 41% 41% Natl U Prod ~% 15% 15% 15% Purity Bak 16% 16 S Porto Rico Li 3414 Std Brands . ... 22% 22% 22% 22% United Fruit ... . 64% W'r-Kley ... 58% 59% Rctai. Stores— Ass Dry Goods 17 Best & Cos ... 32 32' Gimbel Bros . ... 5% Gr Un Tea ... 7% 7% Hahn Dept S.s. ... 7% 7% Jewel Tea . . ... .. 45 Krrsge S S .. 20% Kroger Grcc 31% Mac.v R H . . . 551% May Dept St 4040 Mont Ward 32% 32 32% 32% Penny J C 67% 66% Scfeway St . . . ... 53% ... Sears Roebuck. 49% 48% 48% 48% Woolworth 51 % 5i3 Aviation— Aviation Corp 7% 7% Douglass Air 22% 22% Curtiss Wri-.ht.. . ... 4% 4% Curtiss Wr A ... 10 10*4 Nor Am Av ... ... g United Airor. . 24% 24% 24% 24% Chemiea 5 Air Reduction ... . 97% Allied Chera 153% 153 Am Com Alco.iol 53% 52% 52% 53% Col Carbon ... 67% Com Solvents 28% 26% Dupont 100 ioa% Freeport T x ... .. 47 Liquid Ca-o 27% Math Aika i 36 35% Tex Gulf Lain i. ... 38 08% Union Ce.-’oiae 453.., U S Ind A cohol 55% 551* Nat Dist mew 28% 28% 28% 27% Drugs— Cotv Inc ... ... 7% Lambert . , 23 23 Lehn ii F r.k ... 20 20 Zonite Prod 6% Finane Adams E.p ... 9% 10 Allegheny Corp 4 4% Ciiesa Corp 40=4 41 Transamer.ca .. .. ... .... 7% Tr Conti Corp 554, 53. Builrii* ; Am Radiaor 15 1514, Gen A:p.ia’t ... ... 19% Int Cement ... . 31 Johns Ms.:. i . . " ' 58% Libby Owe: G 38% 38% 38% 33% Otis Elev ... 1714 17 U!en Con ... ... ... 31; Am Can !.’.’ 103 Anchor C p ... 21% Brklyn Mr IT. 32% 32'* 32% 31% Conti Can .. . . 78=4 73% Eastman .It- 1; 89% 90 Owens Gillette 11% 11% 11% 11% Glldden 23% 23% 23% 23 > a Gotham Silk io3* Indus Rayon ... ... 86 New York Curl? (By Abbott. Hoppin & Cos —March 5 Closel Clnsp Allied Mills . .. B%;Ford of Can A 23% Am Beverage.. 2% Ford of Ettrepe. 73. Am Cyanide B 18% Gen Aviation... 6% AmA'ForPw: War 6% Glen Aiden Ceal 19% Am Gas El. .26% Gul Oil of Fa 71 ' Am Superpower 3% Hiram Walk-r.. 49% Ass Gas Ar EL. I*2 Hud Bav Min 12 Atlas Corp 13% Humble Oi. 42% Axton Fish leb 66 [lmperial OH Ltd. 13 3 4 Biazl! Tr .V- Lt 11% Int Petrol 21 3 * Brit Am lou A.30*2 Lake Shore Mm 47 Brit Celanese. . 4 (Lone Star Gas.. 7*, Can Idus Ale A. 15% Massev Harris 6% Can Marc . 3% Natl Bellas Hess 3% Cities Service 3% Newmont Min 54 J R Cons Gas e.; 8a1.60 ;Nia Hud Pwr. 7 Cord Co-p 7 Park Davis 24' * Creole Retro., 11 Ppnn Road . 3% Crn Co*!: Inti . 6% St. Regis Paper. 4' Dee-e V Cos .31 iSherwln Wms... .64% Dtstlrs I m 23 Sid of Ir.d ...28% Distlrs C-rp 19% Std of Kv . ...163g Dow Chem. 72 Heek Hchs Gold 6% E! Bond Sh 18% Un Pwr A- Lt A 3% Fisk Rubber 19 3 , Wright Targ Min B*2

Investment Trust Shares

IBy Abbott. Hoppin & Cos.) —March 5 . Bid. Ask American Bank Stocks Corp. 1.18 122 American & General Sec A. 500 700 American Inv Tr Sh 175 250 Basic Industry Shares 3.50 360 British Type Inv Tr Sh 65 .75 Collateral Trustee Shares A 487 500 Corporate Trust Shares (Old*. 217 220 Corporate Trust Shares mew) 246 250 Cumulative Trust Shares . 430 4.40 Diversified Trust Shares A. 650 Diversified Trust Shares B. 825 850 Diversified Trust Shares C 329 3.32 Diversified Trust Shares D. 495 505 First Insurance Stock Corp . 130 135 First Common Stock Corp ... 90 107 Fixed Trust Oil Shares A. ... 887 925 Fixed Trust Oil Shares B 762 787 Inc Investments 18.87 20 12 Lrnd Bank Bond Shares .. 105 1.17 Low Priced Shares 645 655 Mass Inv Trust Shares 19 30 21 00 Nation Wide Securities 355 360 North American Tr Sh *s3* . 192 1.97 North American Tr Sh <55i.. 2.47 254 North American Tr Sh isß> . 2.70 280 Se’eeted American Inc 120 1.25 Selected American Shares ... 320 Selected Cumulative Shars ... 7.12 .... Selected Income Shares 350 375 Std American Trust Shares A 3 07 3 12 Trust Shares of America . 296 300 Trustee Std Oil A 575 600 Trustee Std Oil B 550 5.75 U S Electric Lt Si Pwr A 12.75 13 25 Universal Trust Shares 3 19 3.27

Federal Farm Loan Bonds

tßy Blvth * Cos.. Inc.) —March 5 Bid Ask. j 4s. Nov. 1. 1957-37 93 l 94>j 1 4s May 1. 1958-38 93‘ 4 94*2 4 1 s. Julv 1. 1956-36 94*4 95'j 4' 4 s. Jan. 1. 1957-37 94>< 95 1 : : 4 l s. Mav 1 1957-37 94 7 95 l 2 I 4s. Nov. 1. 1955-3S 94 1 95'a i 4'rs. Mav 1. 1942-32 96H 97> 2 4’ 2 s. Jan 1. 1943-33 9S* 2 97‘ 2 4'jS. Jan. 1. 1953-33 95 96 ! 4 i 4 , jS. Julv 1. 1953-33 96 96 1 , 4';s. Jan. 1. 1955-35 96 96 1 , 4 ! -s. July 1. 1955-35 96 965, 4*as, Jan. 1. 1956-36 96 96' 4 4 3 45. Julv 1. 1953-33 96'- 97 7 s 4 3 4 s. Jan. 1. 1954-34 96% 97‘a 4*4*. July 1. 1954-34 96*4 97‘a ss. May 1. 1941-31 97* 100S ss. Nov. 1. 1941-31 97'* 100% Home Loan 4s, July X. 1951 .. 97W 97%

STOCK SHARES IRREGULAR AS DOLLAR FIRMS Cotton Prices Decline 2 to 4 Points; Few Issues Up Fractions.

Average Stock Prices

Average of thirty industrials for Monday High 105 89. low 103 79. close 105 02, off 54. Average of twenty rails: 49 11. 48 45. 48 89. off .33. Average of twenty of ten first rails. 97.50. up .20. Average of Utilities: 26.93. 26. 45* 26®6. off 20 Average of fortv bonds: 91.78. up .11. Average ten second rails: 81.31, off .11. Average of ten utilities: 94 87, up .08. Average of ten industrials: 93 46. up .30. BY ELMER C. WALZER United Press F ; nancial Editor NEW YORK. March 6.—Prices moved irregularly in a narrow range at the opening on the Stock Exchange today, while cotton was dull with prices 2 to 4 points lower, and the dollar firmed slightly in terms of foreign exchange. Trading was fairly active at the opening on the Stock Exchange, but it quieted down later and continued dull in the early trading. Price changes were confined to fractions in a majority of issues. Several stocks held at the previous closing levels, including Chrysler at 5575, Commercial Solvents at 28%, and Bethlehem Steel at 45%. Small gains were made by Westmghouse Electric, Case, Radio, Steel Common, Sears Roebuck, United States Industrial Alcohol and International Nickel. Equally small losses were noted in General Motors, public Service of New Jersey, International Harvester, Montgomery Ward, Woolworth and United Aircraft. During the early dealings the market was dull with prices around opening levels. American Telephone was bid up nearly a point to 121%. American Tobacco firmed despite a poor 1933 earnings statement. Oils held around the previous close as did utilities. Rails were steady to firm. Gold mining issues, favorites near the close yesterday, made fractional gains at the outset in light turnover. Silver issues eased slightly with United States Smelting at 125, off %. There was nothing in the news to affect the market. Traders continued to remain aloof from speculative operations pending more definite clarification of the Stock Exchange regulation proposals now being discussed by the senate banking committee.

Bank Clearings

INDIANAPOLIS STATEMENT —March 6 Clearings $1,610,000.00 Debits 5.268,000.00 TREASURY STATEMENT By United Press W VSHINGTON, March 6.—Government expens* -and receipts of the current fiscal year ti March 3. compared with the corresponding period of the previous fiscal year: „ This Year Last Year. Expenses .$4,305,863,813.96 $3,435,891,499.57 Receipts. 1.919.348.251 84 1.272.131.415.49 Deficit. .2.386.515.562.12 2,162.760,084.08 Cash bal 4,871,471.061.02

Foreign Exchange

(By Abbott. Hoppin & Cos.) —March 5 „. _ . Close. Sterling. England $5 06% Franc. France 0658 Lira. Italy 0859% Belgas, Belgium 2330 Mar. Germany *. 3967 Guilder. Holland ]. [6724 Peseta. Spain 1360 Krone. Norway 2250 Krone. Denmark 2267

Daily Price Index

By United Press NEW YORK. March s.—Dun and Bradstreet's daily weighted price index of thirty basic commodities compiled for the United Press 11930-1932 average. 100): Today 109.51 Saturday 109.45 Week ago 108.12 Month ago .....* 109 24 Year ago (closed) 1934 high (March 5) 109.51 1934 low (Jan. 3) 101.05 (Copyright. 1934. Dun & Bradstreet. Inc.)

U. S. Government Bonds

NEW YORK. March s.—Closing Liberties: (Decimals Represent 32nds). LIBERTY 3%s (32-47) . 102 3 h 32-47. 102:27 41h 4%s (33-38) 103.6 TREASURY 3 !i s -4 100.10 4***s 1 11*52 ) 108.28 3** s s 141-43) March 100.27 3%s (40-43) June 100 26 3s (51-55) 973

Bond Prices

By Fenner & Beane —March 6 , High. Low. 10:30. Alleg Corp 5s 50 35 31 > 2 31 2 AmArFor Pwr 5s 2030.. 50'-> 50> 4 50'i AT&T db 5s 65 107 Atchison gen 4s '95. . 99’ 4 99 ! 2 99 ! 2 !B&O cv 4'as '6O 70 3 s 70% 70 3 s Brazil 6' 2 s .26> '57 . 30% 30% 30% Can Pac 4s '57 .. 78 ChMStPA-P ad 5s A 2000 20 19% 19% . ChMStP&P rs 5s A 75 51 3 s 50% 51 i Cons Gas NY 4%s 51 98% Erie BR rs 5s 67 . . 71 1 2 71 71 Goodyear 5s '7 95% 95% 95% jGt Nor 7s A '36. ... 95 1 2 95% 95 1 . Interboro RT 5s ’66.... 71% 71 71% Int TA.-T db 5s '55... 62% 62 62% Nat Dry db 5%s '48.. 88 ! 2 88 88 NY Cent 5s O 2013 79% Nor Am 5s '6l SOU PacGas&El 5s A 42 105 Penn RR 4Us D 'Bl 93% Poland 7s '47 99 Shell Un Oil 5s '47 95% Sin Cons 6%s B '3B 104 Texas Corp 5s '44 .101 100% 100% Tcb Pr NJ 6%s 2022 105% Un Pac Ist 4s 47... 102% 102% 102% US Rubber 5s A '47 79% Western Un 5s '51... 89 88*2 88% NEW DIRECTOR ELECTED Public Service Company Names W. Marshall Dale to Board. W-*h exception of W. Marshall Dale of Indianapolis elected anew member to the board, all directors of the Public Service Company of Indiana were re-elected at the annual stockholders meeting yesterday. Re-elected directors include J. N. Shannahan, C. D. Porter. Edwin J. Booth, Henry Bucher of Indianapolis; L. K. Callahan. Chicago, and B. P. Sliearon of Hammond. Fire Reports Monday, March 5 7 35 a. m.. 3911 East Eleventh street, residence. SSO loss 11:39 a. m.. 3321 Massachusetts avenue, shed. SSO loss. 2.01 p. tn.. 1252 West Washington street, residence, small loss. 2 30 p. m . 3510 North Meridian street apartments, small ioss. 5:31 p m.. 35 North Addison street, residence, small loss. 5:32 p m.. 420 North Senate avenue, roof, small loss. 7:16 p. m.. 464 Agnes street, residence. no loss. 8:07 p. m.. Missouri and Merrill streets, false alarm. Tuesday, March 6 4 20 a. m., 739 East Market street, automobile, small loss.

inE INDIANA. UaJax. a IMES

Chicago Stocks

B Abbott. HoDoir A Cos. TOTAL SALES 24.000 SHARES —March 5

High. Low. Close Acme Steel Cos 39% 39% 39% Adams Mfg 8% Advance Aluminum 3% Asbestos Mfg 3% Associated Tel & Tel A 7% Bastian Blessing 7% 6% 6% Bendix Aviation 20 19% 1?% Borg Warner 26 25% 25% Butler Bros . 11% 11% 11% Central Cold Storage Cent 111 Pub Serv pfd.. 19% 19 19,, Cent <fc So West 1% Cent & So West P L pf 11 Chi <st North Western . 13% 13% 13% Chicago Corp com 3% 3% 3% Chicago Corp pfd 28% Cities Service 3% 3% 3% Commonwealth Edison. 55% 54% 54% Construct Materials pfd Cord Corp 7 Crane Cos 9% 9% 9 a Crane Cos nfd ’l% Dexter Cos 5 4% 5 General Candv Corp.. . ... *. Goldblatt Bros 16% 16% 16% Great Lakes D.edge .. 19% 19% 19% Gen Household Ut 14% 13% 14 Houdailie-Hershev A 21 Houdallle-Hershev B .... 8 Libby-McNeil 5% 5% 5% Loudon Packing 19% 19 19% McWilliams Dredging Cos ... ... 22*-* Mickelberrv's Food Prod 2% 2% 2% Middle West Utilities. . % % % Messer Leather ••• lj> Muskegon Motor So ’A" ... ••• * < National Leather 2% 2 2 Noblitt-So Ind Inc ... 14% N Am L & Pow 3% 33 Northwest Ban ••• ’ 8 Oshkosh Overall 5V* 5% 5% Pines Winterfront if Potter Cos # 5% 5% 5% Public Serv N P 20% Pub Serv 7% Pfd 69 Quaker Oats }i?- B Quaker Oats Pfd ... Ravtheon VT C ••• •% Reliance Mfg Cos J 7 R-.erson & Son ... ■■ if Swift &Cos 17 16% 16% Swift International ... 27% 27% 27% Telephone B & Sh pfd. .. ... 10 Utah Radio 1% Utility & Ind pfd 4% 4 4% Viking Pump pfd 26 Vortex Cup Cos 10% Vortex Cup Cos A ... 27% Walgreen Cos com ... 24 Ward. Montgomery “A" .. ... 110 Waukesha Motor ... 29 Wisconsin Bankshares 3

Bright Spots

(By Abbott, Hoppin & Cos.) United Profit Sharing Stores in 1933 earned 25 cents a common share against 34 cents a share in 1932. Sterling Products, Inc., and subsidiaries report for 1933 shows earnings of $4.66 a common shares against 85.34 in 1932. Chevrolet Motor Car Company increased its production in February 78 per cent over January to 72,273 cars and trucks. Burroughs Adding Machine Company report for year ended Dec. 31 shows earnings of 26 cents a common shares against 13 cents in 1932. Atchison, Topeka & Santa Fe Railroad car loadings tor first six days of last week were 17.673 cars against 16,400 cars in the like 1933 period. American Smelter and Refining Company and subsidiaries report for 1933 shows earnings of 77 cents a share against a net loss of $4,506,175 in 1932. New York Ship Building Company in 1933 hau a net loss of $24,322 against a net profit of $1,328,191 in 1932. Chesapeake & Ohio car loadings in week ended March 3 were 28,176 cars against 28,914 cars in the previous week and 21,316 cars in the same week last year. Standard Oil Company of Indiana in 1933 earned $1.13 a common share against $1.04 a share in 1932. Pullman Company report of transportations in December, 1933 net, after taxes $772,842 against $68,746 in 1932; twelve months deficit after taxes $564,427 against $1,218,955 in 1932. W. T. Grant February sales totaled $4,549,610 against $4,492,044 in February. 1933. Simmons & Cos. and subsidiaries February sales totaled $1,711,765 against $1,241,422 in February. 1932.

Produce Markets

Delivered in Indianapolis Prices —Hens. 10%c; Leghorn hens, 10c; Leghorn spring-er-stags. 6c; large springer-stags. 9c: cocks. sc; Leghorn cocks. 4c; ducks, full feathered and fat. 4'/ 2 lbs. and over. 8c; feese, 6c; young guineas. I*% to 3 lbs.. sc; old guineas. 25c. No 1 strictly fresh country run eggs, loss off 13c; ea full case must weigh 55 lbs. gross: a duction of 10c a pund for each pou* under 55 lbs. will be made. Butter—No. 27® 29c* No. 2. 24®25c: butterfat. 22c.—Quoted by Wadley Company. By United Press CHICAGO, March 6.—Eggs Market, firm; receipts 16,119 cases; extra firsts 16'ic; fresh graded firsts 16c; dirties 14c; current receipts, 15%c; checks. 13%c. Butter—Market, steady; receipts, 11,055 tubs; storage extras (92 score) 24%c; storage standards (90 score) 24%c; extra firsts (90-91% score) 25'/ 4 @25%c; firsts (88-89% score 24@24%c; seconds 186-87% score) 23c; extras (92 score). 26c; specials 26*/4@27c; standards 25%c. Poultry— Market, steady; receipts, 33 trucks; turkeys hens, 17c: hens. 14®15c; Leghorns, 12c; ducks. 12®15c; geese, 10c; old roosters, 9c; colored broilers. 23c; colored springers, 17c; Plymouth Rock broilers. 25c; White Rock broilers. 23c. Cheese —Twins, 14% ®lsc; Longhorns. 15®15'/ 4 c; Daisies. 15® 15' 4 c. Potatoes—Old stock —Supply liberal; demand and trading slow; market dull; Wisconsin Round Whites, $1.70®1.80, mostly around $1.75; Minnesota earlv Ohios, $1.50®1.60. few fine qualities, $1.55 ® 1.70, poorer quolities, $1.30®1.40; Idaho Russets, closed mugs. [email protected], open mugs, [email protected]; Colorado McClures, burlap bags, $2.10®2.20. New* Stock — Supply moderate; demand and trading moderate; market about steday; sales to jobbers. Florida bushel crates. Bliss Triumphs. $1.70® 1.75. Shipments. 837. arrivals. 109; on track. 299. NEW YORK. March 6.—Potatoes—Easy; Long Island. $2.75®2.90 bbl.; southern. $2.50®3 50 bbl.; Maine. $1.50®4.60 bbl.! Idaho. $2.50®2.75 sack; Bermuda. $6®7.65 bbl: Canada. $2.30®2,45 bbl. Sweet potatoes—Weak; Jersey, basket, 75c® $1.50. Flour—Dull: springs, patents. $6.50® 6.75 bbl. Pork—Easy; mess, s2l bbl. Lard—Easy; middle west spot, $6.90®7 per 100 lbs. Dressed poultry—Firm; turkevs. 15® 25c; chickens. B®3oc: broilers. 14®30c; capons, 10®32c: fowls. 13® 18c; Long Island ducks, 15®15%c. Live poultry—Frm; geese. 8® 12c:; turkeys. 18® 23c: roosters. 10c; ducks. B®l2c; fow*ls. 17®20c chickens. 13@18c; capons. 16®24c. Cheese—Quiet; state whole milk specials. 19®20c: young America. 16c. CLEVELAND. March 6.—Butter—Market, firm: extras. 30c; standards. 29%c. Eggs— Market, firm; extra w*hite, 16%c; current receipts. 15%c. Poultry—Market firm; colder fowl, medium. 16® 17c; colored fowl, heavy. 15c: Leghorn fowl. 3% lbs. and over. 13c: Leghorn fowl, light. 12c; springer. smooth. 16® 17c: capons. 8 lbs. and up, 22c; colored, broilers. 25c: stags. 12c; roosters. 9c: ducks, white. 5 lbs. and up, 18c: ducks, light. 16c; geese. 12c. Potatoes —Maine, best, $2.50; Idaho. $2.35®2.50; Ohio and New* York best, [email protected]; Florida best, $1.75® 1.85 per bushel. Other Livestock By United Press FT. WAYNE, March 6.—Hogs—Receipts, 15c lower; 200-250 lbs.. $4.65: 250-300 lbs.. $4.50; 160-200 lbs.. $4.35: 300-350 lbs.. $4.35; 150-160 lbs.. $3.85: 140-150 lbs., $3.60; 130140 lbs.. $3.35; 120-130 lbs., $2.85: 100-120 lbs.. $2.35; roughs $3.25; stags. $1.75; calves $6.50; western lambs, $9; native lambs. $9. PITTSBURGH. March 6.—Hogs—Receipts 1,200; holdovers. 1.000; slow, 10c to 15c lower; early sales. 160 to 210 lbs.. $5.10; one deck. 240 lb.. $4.90; small lots, 260 to 280 lbs., $4.80; weights below 150 155.. slow; 130 to 140 lbs., quotable around $3.75; small lot. 120 lbs.. $3.50: packing sows, quotable steady. $3.75 down. Cattle—Receipts, 10c; nominal. Calves—Receipts. 250; 50c lower; top and bulk vealers, $7.50; medium grades quoted. $5.50®6.50. Sheep —Receipts. 500: desirable woolskin lambs. 35c lower, largely $lO down; common to medium. s6®9; supplies, shorn lambs more plentiful; good and choice largely $8 to d0 cents lower. ALLEGED CAB BANDIT ARRESTED BY POLICE Prisoner Nabbed While Waiting for Another Taxi. While he was waiting for another taxicab he had called, police early today arrested Robert Goodlets, 28, of 1318 Oliver avenue, in connection with the holdup of Bedford Moore, 20. of 314 North Liberty street, cab driver, a short time before. Goodlets was held on charges of robbery and auto banditry. Moore told police that he had picked up Goodlets at the Traction Terminal and had been held up at jhe point of a revolver and robbed of $4.25 and his cab. Police found the cab in the 100 block, Belmont avenue. In the Air Weather conditions at 9 a. m.: West wind, 20 miles an hour; temperature, 36; barometric pressure, 29.98 at sea level; general conditions, overcast, field soft, use runways; ceiling, estimated 5,000 feet; visibility, 8 miles.

SWINE VALUES DIP 25 CENTS; VEALERS WEAK Cattle Market Scarce and Slightly Lower; Lamb Prices Steady. Weak undertone developed in hog trading at the local stockyards this morning and practically all classes displayed a decline of 25 cents under yesterday’s average. Bulk, 160 to 300 pounds, was selling at $4.50 to $4.65. while a single load was reported salable at $4.75. Weighty grades, scaling 300 pounds and upward, brought $4.25 to $4.55. Porkers weighing 130 to 160 pounds held available from $3.40 to $3.90. Light slaughter pigs scaling ICO to 130 pounds, sold at $2 to $2.90. Receipts were estimated at 8,000; holdovers, 268. With only slight action evident in the cattle market, all slaughter classes of steers were slow and mostly unchanged. Initial bidding was slightly lower on all grades than in the previous session. Receipts numbered 1,600. Weakness continued in veal trading and most kinds dropped 50 cents under the similar decline registered yesterday. Prices ranged from $6.50 down. Receipts were 900. Early lamb sales remained stationary at mostly $9.50 down. Few small lots ranged up to $9.75. Receipts were 1,000. Asking on hogs at Chicago was slightly higher than yesterday with sales scarce and no early bids evident. Receipts were estimated %,t 12,000, including 1.500 directs; holdovers. 4,000. Cattle receipts numbered 5,500; calves, 2,000; market, strong. Sheep receipts were 8,000; market unchanged. HOGS Feb. Bulk. Top. Receipts. 28 $4.65® 4.70 $4.75 7,500 Mar. 1. 4.65® 4.70 4.70 4,300 2. 4.60® 4.85 4.85 4.000 3. 4.60® 4.75 4.75 1.500 5. 4.75® 4.90 S 00 4.000 6 4.50® 4.65 4.75 8.000 Market, lower (140-160) Good and choice.. ,$ 3.65® 3.90 —Light Weights—-(l6o-1801 Good and choice 4.50 (180-200) Good and choice.... 4.55 —Medium Weights—-)2oo-220i Good and choice.... 4.65® 4.75 (220-250) Good and choice. . 4.65® 4.75 —Heavy Weights—-(2so-290) Good and choice. .. 4.SO® 4.70 (300-350) Good and choice.... 4.45® 4.60 —Packing Sows—(3so down) Good 3.60® 3.85 (350 up) Good 3.25® 3.75 (All weights) Medium 3.00® 3.50 —Slaughter Pogs—-(100-130) Good and choice.... 2.00® 2.90 CATTLE Receipts, 1,600; market, steady (1.050-1,100) — Good and choice $6.00® 7.00 Common and medium 4.00® 6.00 (1.100-1,500) Good and choice 5.50® 7.00 Common and medium 4.00® 5.50 (675-750) Good and choice 5.25® 6.50 Common and medium 3.00® 5.25 (750-900) Good and choice 4.75® 6.25 Common and medium 2.15@ 4.75 —Cows— Good 3.25® 3.75 Common and medium 2.75® 3.25 Low cutter and medium 1.50® 2.75 —Bulls (vearlings excluded) Good (beef steers) 2.75® 3.50 Cutter, common and medium.. 1.50® 2.75 VEALERS Receipts, 900; market, lower Good and choice $ 6.00® 7.00 Medium 3.50® 6.00 Cull and common 2.00® 3.50 —Calves—-(2so-500) Good and choice 7.00® 7.50 Common and medium 2.00® 3.50 —Feeder and Stocker Cattle—-(soo-900) Good and choice 4.00® 5.25 Common and medium 2.75® 4.00 (800-1,5001-Good and choice 4.00@ 5.25 Common and medium 2.75® 4.00 SHEEP AND LAMBS Receipts. 1,000; market, steady (90 lbs. down) Good & choice.s9.2s® 9.75 190-110 lbs. ( Good and choice.. 9.00® 9.50 (90 lbs. down) com. and med.. 7.00® 9.00 —Ewes— Good and choice 4.50® 5.50 Common and medium 2.50® 4.50 Other Livestock By United Press CLEVELAND, March 6.—Cattle—Receipts, 250; market, slow and about steady with yesterday's average; choice 750-1.100 lb. steers, $6.25®7; 550-1.200 lbs. ss®6; heifers, 600-1.000 lbs.. $4.25®5.50; good cows, all-weights. $2.50®3.25. Calves—Receipts, 400; market, slow and prices unchanged with $7.50 top; choice to prime. $7®7.50: choice to good. s6®7; fair to good, ss@6. Sheep—Receipts. 800: market slow; $lO to for choice lambs: choice wethers, s4®s; medium to good, $3.50®4; choice spring iambs. s9® 10: good to choice, sß® 9; medium to good, s7® 8. Hogs—Receipts, 1.000; market, drops 25 cents as government contracts are terminated; 250300 lbs.. $4.25® 4.50 220-250 lbs., $4.50® 4.75; 180-210 lbs., $4.75; 150-180 lbs.. $4.75: stags, $1.75; pigs. $3; roughs. $2.75. EAST ST. LOUIS. 111.. March 6.—Hogs —Receipts, 8,500; market, steady to weak with yesterday's close: 10®f5c below average top, $4.50; some held higher; bulk 160-260 lbs., $4.45® 4.50: pigs and light lights not established; cows mostly $3.25 ®3.40. Cattle—Receipts, 3.000; calves, receipts. 1.500; market, slow on all classes despite light receipts; a few opening sales of steers, mixed yearlings and heifers about steady; nothing done on cows; bulls opened steady with top at $3.25, paid sparingly; vealers unchanged; a few early steer sales. [email protected]: top vealers. $6.50: slaughter steers, 550-1,100 lbs., good and choice. $5.50®6.75; common and medium. $3.75® 5.75; 1.100-1.500 lbs., choice. $5.50 ® 6.50; good. $4.50® 6.25; medium, s4® 5.50. Sheep—Receipts. 1.000; market, few choice lambs to city butchers. $lO down, steady with late Monday; packers talking lower; Lambs. 90 lbs. down, good and choice. $9 ®10: common and medium. 55®9.25: 9098 lbs., good and choice. $8.75® 9.85; yearling wethers, 90-110 lbs., good and choice. $6.75®8.50; ewes. 90-150 lbs., good and choice. $3.75®5.50: all weights, common and medium. $2.75®4.25. LAFAYETTE, March 6.—Hogs—Market. 15® 25c lower: 225-275 lbs.. $4.45® 4.50: 275-325 lbs. [email protected]: 170-225 lbs.. $4.30® 4.40: 140-170 lbs.. $3.45® 3.75: 120-140 lbs 7, $2.65® 3.15; 100-120 lbs.. $1.75®2.15: roughs, $3.75 down. Top calves. $5.50. Top lambs, $8.50. By Times Special LOUISVILLE. March 6.—Cattle—Receipts 200; supply, light; demand, limited; market, slow; mostly steady; bulk common to medium steers and heifers. s4®s; well finished offerings, auotable to $6 or better; bulk beef cows. $2.50®3 25; practical top. $3.50; low clutters and cutters mostly $1.25 ®2.25; sausage bulls, $3.50 down: bulk desirable Hereford stockers, 54.75® 5.25; common to medium native mostly $2.75® 3.75. Calves—Receipts. 250; vealers. weak to 50c lower: most loss on better grades: bulk better vealers, ss® 5.50: medium and lower grades. $4.50 down. Hogs—Receipts. 15c lower; 170-240 lbs., $5; 245-270 lbs.. $4.65; 275 lbs. up, $4.30; 145-165 lbs.. $4.05; 120-140 lbs,. $3.15; sows. $3.05: stags. $1.75. Sheep—Receipts. 25: steady, medium to good lambs, mostly $7.50®8.50; choice grades quotable $9 or better: bulk throwouts. $5.50; fat ewes, $2 50®3. TWO ALLEGED TAXI BANDITS ARE NABBED Driver Identifies Pair as Holdup Men, Police Claim. Two men were arrested early today in connection with the robbery of Weldon Brooks, 32. of 518 North Alabama street, taxicab driver, a short time before. William Cosgrove, 24, of 837% Ft. Wayne avenue, and Frank Thomas. 25, of 243 East Eleventh street, identified by Mr. Brooks as the two men who held him up and robbed him of $4.25. were slated on vagrancy charges under high bond. Pedestrian Injured by Automobile Jesse Jones. 54, Negro. 1008 North West street, suffered an injured knee and body bruises last night when he walked into the side of a car driven by James Shelley, 47, Negro, 702 West Tenth street, at Tenth and West streets. Jones was taken to city hospital.

Today and Tomorrow

Tariff Proposal Most Important Issue Placed Before Congress by President Roosevelt. BY WALTER LIPPMANN

'VTOTJHING else r.ow before congress compares in importance with the 11 tariff proposal submitted by the President. Here in concrete form the issue is presented as to whether America is to have moderate or drastic changes in its economic life. The President's path is the moderate one. If we take it, and work through it successfully, we can hope with some confidence to reduce to manageable proportions the problem of the farm surpluses and of unemployment. It will be necessary 7 to withdraw only the poorest lands from cultivation, and to find new opportunities for a relatively small

number of permanently displaced farmers and wage earners. If. on the other hand, we do not take the President’s path, that is to say if we do not restore a substantial part of our foreign trade, it is no exaggeration to say. as he has said, that we are doomed to “heart-breaking readjustments.” In order to adjust ourselves to a permanent loss of the major part of our principal exports, millions of men must move from their homes, millions must find new work, a vast amount of capital invested in agriculture and in the great mass production industries must be written off as lost. Such heart-breaking readjustments of human life and labor can not be made without serious risk. The government could not. and would not if it could, let the displaced farmers and workers fight out by themselves so desperate a struggle for survival.

It will be compelled to control the readjustment. But that means, as Secretary Wallace has pointed out, an overwhelming use of government power to regiment and direct American producers. It means the creation of an enormous permanent bureaucracy. And it means, too, an enormous expenditure, over and above anything now provided for in our gigantic budget. For the displaced farmers and workers will have to be supported and the development of new opportunities for them will have to be financed.

THERE is only one way in which exports can now be increased substantially. That is by increasing imports. If Americans are to sell cotton or tobacco or automobiles to foreigners, they expect to be paid in American dollars. It does them no good to be paid in Canadian dollars or in French francs. They can not pay their bills in the United States with Canadian or French monies. How, then, is the foreigner to get hold of American with which to buy American goods? He can not print the dollars. He might borrow them, but that only means that he has to pay them back later, and if he has borrowed too many dollars, he will not be able to pay them back. In any event, the American investor is not going to lend many dollars abroad. He has been burned once, and, when he look abroad and sees war threatened both in Europe and Asia, he certainly is not going to do much lending. The only other way to put dollars in the hands of foreigners is to buy their goods and pay them with dollars. Every dollar spent by an American in buying goods from a foreigner or traveling abroad, or in any other form, has in the end to come back to the United States and buy American goods. For it is only in the United States that a man can finally convert American dollars into real wealth. He can, for example, take dollars to Paris, buy francs with the dollars and buy French wine with the francs. But the man who sold his francs for dollars can not buy French wine or French real estate with his dollars. He, too, can if he wishes, sell his dollars for francs and buy French goods. But somewhere along the line there is a man who has to bring the dollars here and buy something American with them. a a a ALL this is the A B C of trade, and there is not an economist in the world who could or would dispute it. The usual popular objection is that if Americans buy goods from Frenchmen they are depriving Americans of the opportunity to make and sell those goods. Granted. Obviously it does deprive Americans of the opportunity to sell those particular goods. But at the same time it provides them with the opportunity to sell other goods. If an American woman buys French perfume, that sale is lost to the American perfumer. Mut the French perfumer then has American dollars, which he or some other foreigner must—absolutely must—spend in America. He may buy American apples or an American automobile. That creates a sale in America, and business for American labor and capital. Now what is the advantage of buying from the foreigner and then selling to him? The advantage is in more employment, higher wages, and more profit here and abroad. When we buy from a foreigner, we buy because his goods are cheaper than ours. When he buys from us, he buys because our goods are cheaper than his. Let us take a simple theoretical case to illustrate the principle. Let us suppose that we can produce a SSOO car with 10 units of labor and 10 units of capital. Let us say that to produce SSOO worth of perfume we have to use 20 units of labor and 20 units of capital. Let us suppose that in France the situation is reversed. Their SSOO worth of perfume can be produced with 10 units of capital and labor, but the French car is twice as expensive to make. Then if we make cars and perfume only for ourselves, it costs us 30 units of labor and capital. It costs the French 30 units to make cars and perfume for themselves. a a a BUT suppose we make two cars and sell one to the French. That costs us only twenty units of capital and labor. And suppose the French make double the volume of perfume and sell half to us. They have a cheap car. We have cheaper perfume. It has cost each of us only twenty units of labor and capital instead of thirty. With the capital and labor we have both saved we can exchange another car

On Commission Row

—March 6 trulls Cranberries—Cape Cod early blacks. 25lb. box. $2.50. Pears—Calavos (12-16-20-24si. $3.50 Strawberries—Florida, 14Q15C per pint. Bananas—Per pound, oc. Apples—Wealthy, Wolf River, Grimes Golden, Jonathan. Florida. 51.35Q2.15 a bu.. fancy Stavmans. $2.25 a box. Grapefruit—Texas. $3.25*53.75. Oranges—California Navels. $3.50. Pineapples $3 a % crate. Vegetables Cabbage—New Texas, half crate. $1 35. Onions—lndiana red. 50-lb bag. $1.35. Indiana yellow, 50-lb. bag, $1.35. Beans—Round stringless, hamper. $3.25 Q 3.50. Beets—Bulk per bu.. $1.25; Texas, new $1.50 a crate. Peas—3oc lb. crate. $3.25 Carrots—California. $3.25 a crate; per doz.. fcoc: bulk per bushel. $1.15. Cauliflower—California 110-11 -12s. crate $1.60. Celery—Michigan Mammoth. dozen. 85c; medium bunch. 45c; hearts. 35c. California. $2 40 a crate. Cucumbers—Hothouse. $1.15 per dozen. Lettuce—lceberg. best 14-5s 1 crate. $3.25; hothouse. 10-lb basket. 75c. Radishes—Hothouse button. 55c dozen. Spinach—New Texas. $1 bu. Turnips—Per bu.. 90c. Tomatoes—3o lbs.. $2. Potatoes—Northern round whites, 100-lb. bag. $2.25; P.. R. Ohios. 100-lb. bag. $2.30; 15-lb. bag. 40c; Idaho Russets. 100-lb bag. $2.25. Sweet Potatoes—Nancy Halls, per bu., $lB5.

[ for some more perfume. Both peoI pie are richer. They have made a profitable trade because they have . used their capital and labor more j efficiently. Now it is true, and there is no use denying it, that the American perfumer and the French automobile producer suffer by this exchange. For that reason it is necessary to move cautiously and perhaps even to make special provisions for those industries which would lose by tariff reductions. But the general advantage would be so great tha'i there would be profit available to make provision. So much for the principle on which the policy is based. The question then is whether it is wise for congress to give the President power to carry out the policy. The choice is clear. It is absolutely impossible for congress to carry out the policy. To revise the tariff scientifically—that is, with a view to balancing imports and exports—changes in rates should oe made in the light of a gerjral plan, but very slowly, after detailed examination and in accordance with the opening up of the possibility of agreements with foreign nations. How can congress do this? It can not have a general plan because tariffs, as every one knows, are for congressmen a/local issue. All American tariffs are logrolled, and a log-rolled tariff has no plan, and can not have a plan. How can congress revise the tariff cautiously, step by step in agreement with other nations? It would have to be in continual session. It could never adjourn. It would have to debate the tariff every week for the next three years. There is, the '“fore, no other way to have a r.ational tariff policy at the present time except by giving authority to the President. It is, I believe, impossible to deny this successfully. • nan 'T'O the Democrats the President’s policy presents the question of party discipline. To the Republicans it presents a most interesting dilemma. If they attack it on the ground that the tariff should not be modified by the President, they run head on into President Hoover’s one and only excuse for approving the Haw-ley-Smoot abomination. That was, it will be recalled, that he would by executive act through the flexible tariff provisions undo the mischief of that tariff. He did not undo them, partly because he did not have enough power, partly because he had no tariff policy, had no convictions and no principles that he believed in sufficiently to make him stand up to the Republican tariff lobbyists. Nevertheless, as a matter of fundamental political principle, Mr. Hoover saw and said again and again that the only way to get a sound revision of the tariff was by executive act. So the Republicans j had better be wary of assuming too quickly that Mr. Roosevelt is overturning the constitution. Asa matter of principle, his precedent was furnished by Mr. Hoover. But that is not the only dilemma which the Republicans have to face. They are saying that they deplore and fear the tendency of the .lew deal to set up a regimented economy. Here is their chance to prove that they mean what they say, and know what it is all about. For none of their leaders will deny that unless exports are revived the tendency to regimentation will become stronger. Any Republican conservative, then, who opposes tariff reduction should be stood up and made to explain what he proposes to do with the farm surplus, and the plant surplus which can not now be used for exports. A sincere and intelligent opponent of regimentation of government control, of bureaucracy, of paying men not to produce, of spending great sums for relief and reconstruction should support this tariff policy with enthusiasm. It is the only real alternative to the difficulties and dangers which he dreads. (Copyright. 1934

In the Cotton Markets

—March 5 CHICAGO— High. Low. Close January 12.75 12 64 12.73 March 12.25 May 12 34 12 20 12 33 July 12 45 12.32 12 45 October 12 57 12 46 12 57 December 12 68 12.58 12 68 NEW YORK January 12.65 12.56 12 62 March 12 14 12.04 12 10 May 12 23 12.11 12 21 Julv 12 36 12 22 12 33 October 12 50 12 36 12 46 December 12.59 12.48 12 53 NEW ORLEANS January 12.55 12.51 12.55 March 12.05 Mav 12 22 12 07 12.19 July 12.34 12.18 12.32 October 12 46 12 32 12 45 December 12 54 12 45 12 54 CHICAGO FRUIT MARKET By I'nitrd Prtun CHICAGO, March 6.—Apples—Michigan Baldwins, 11.35Q1.50 bushel. Carrots— Illinois. 40Q50c bushel. Spinach—Texas. 75*3900 bushel. Beans—Southern green S2.SO'S 2.75; wax, $150*5:2 Cucumbers— Central western hothouse, s2*3 2 30. 2 dozen to box. Tomatoes—Florida. $1 7 2 box Sweet Potatoes—Tennessee. $1.60*1 175 bushel; India. 51.70<& 1.75; Rhubarb — Michigan hothouse. 20Q35c 5 pound Rhubarb—Michigan hothouse. 20Q 35c 5 80c 50 pounds. Turnips—Central western, pounds. Rutabages—Central western, 70 r n 50Q 75c bushel. Mushrooms—lllinois. 17 1 2 *532%c pound carton. Asparagus—California crates, $2 25*55 dozen bunches. Onion Market—'so-lb sacks) —Western Valencias, $1Q1.30; Central Western Yellows, *[email protected]; California Whites, $lB5 61.90.

FUTURE PRICES MOSTLY STEADY IN LIGHT TRADE Wheat Longs Attempt to Prevent Aggressive Selling. BY HARMAN W. NICHOLS United Pres* Staff Correspondent CHICAGO. March 6. —There was : nothing to shake the grain market out of its dullness at the opening of the Board of Trade today and prices hung close to yesterday's final i levels. Wheat futures held from % cent * lower to % cent higher, corn was ! unchanged to % cent lower, and I oats were % to % cent lower. Cotton eased slightly and the stock market opened irregularly, partly accounting for the steady tone in grains. The possibility of more inflationary moves encourages wheat longs to hold on and prevent any aggressive selling. Nevertheless, general interest is so light that the j market makes little response to con- | tractive news, and opinion is ex- ; pressed that a slow sagging of | prices is to be expected under the j circumstances. ! The possibility of a crop beyond i domestic neer I '**. is not comtorting to those who seek high prices, notwithstanding the steady and liberal decrease in the visible stock. Chicago Futures Range —March 6 WHEAT— p re , v . High. Low. 10:00. close". May 88 .87% .87% ,87 s * July 87% ,86% .86% .86% Sept 88 .87% .87% .87% CORN— I May 51% .51 > 2 .51% .51% July 53% .53% .53 > 4 .53% Sept 55% .55% .55 % .55% OATS— May 35 .34% .34% .35% July 34% .34% .34% .35 Sept 34% .34 > 4 .34% .34% RYE— May 60’ 4 .59% 59 1 „ .60% 1 July 61% .61 % .61% .61% Sept 63% .62% .62% .62% ) BARLEY— I May 47% .47% July .. .. .48% CHICAGO CASH GRAIN By United Press CHICAGO. March s.—Cash grain: Wheat —No. 2 hard. 88%®88%c. Corn—No. 2 mixed, 49%c; No. 3 mixed. 49%c; No. 4 mixed. 48%®49c; No 5 mixed. 48%c; No. 6 mixed. 47%c; No 2 yellow. 49%®50%c; No. 3 yellow. 49®49%c No. 4 yellow 48% ® 49c; No. 5 yellow. 49c; No. 6 yellow. 4i%c; No. 2 white. 51 %c; No. 4 white. 60%c: sample grade white. 46%c Oats— No. 2 white. 36®36%c; No. 3 white. 35® 36c; No. 4 white. 34%®35c; sample grade white, 33c. Rye—No sales. Bariev—46® 80c; quotable. 46® 80c Timothv—s7.2s® 7.50. Clover seed—sll® 13.65. Cash provisions—Lard. $6.62 loose. $6.37; feat, $6.50; S. Bellies. $8.25. TOLEDO CASH GRAIN By United Press TOLEDO. March s.—Grain close: Grain in elevators, transit billing: Wheat—No. 2 red. 92® 93c. Corn—No. 2 veilow, 55® 56c. Oats—No. 2 white, 39%®40%c. Rye—No. 2. 67®68c. Track prices, 28%c rate: Wheat—No. 1 red. 88%®89c; No. 2 red. 87%®88c. Corn—No. 2 yellow. 51®51%c; No 3 yellow, 49%®50c; No. 4 veilow. 48% ® 49c. Oats—No. 2 white. 36® 38c: No. 3 white, 35%®37%c. Toledo seed close: Clover—March. $8.25. Alsike—Cash, $8 50. ST. LOUIS CASH GRAIN By United Press ST. LOUIS. March s.—Cash grain; Wheat —In lair demand, tone steadv on red and % cent higher on hard grades: No. 2 red. 91c; No. 3 red. 90%c: No. 3 red. garlicky, 88c: No. 2 hard. 87%c%8R%c: No. 3 hard. 87*4: No 5 hard. 81c: No. 2 mixed. 87*4c. Corn—ln fair demand, unchanged to % cent lower; No. 2 vcllo*.. 49%®50‘4c: No. 3 veilow. 49%: No. 85 white. 51. Oats—lr. fair demand. ui_, changed; No 3 white. 36c- No. 4 whibEr 35%c®35%c: No 2 red. 36c. NEW YORK CASH GRAIN By United Press ’ NEW YORK. March s.—Wheat—No. 2 red. $J.05%: No 2 hard winter. $1.05%; corn. No. 2 mixed. 59%c: oats. No. 3 white. 45%c.

Lippmann

Indianapolis Cash Grain

—March 5 The bids for car lots of grain at the can of the Indianapolis Board of Trade, f. o. b. shipping point, basis 41 %c New York rate, were: Wheat—Easv: No. 1 red. 82® 83c; No. 2 red. 81®82c: No. 2 hard. 81®82c. Corn —Easv: No. 3 white. 42%@43%c; No 4w hite, 41%cW42%c; No. 3 veilow. 41%c®42%c; No 4 veilow. 40%®41%c; No. 3 mixed. 40%fi41.%c; No. 4 mixed, 39%® 40%C. Oats—Easv: No. 2 white. 31®32c; No. 3 white. 30®31c. —lnspections Wheat —No. 1 red. 1 car: No. 3 red. 1 car: No. 2 hard 2 cars. Total. 4 cars. Corn—No. 1 white. 2 cars: No. 2 white. 7 cars: No 3 white 5 cars: No. 4 white. 2 cars; No. 2 veilow. 1 car; No. 3 veilow. 17 cars: No 4 veilow. 3 cars; No. 5 yellow. 2 cars: No. 4 mixed, 1 car. Total, 40 cars. Oats —No. 2 white. 17 cars: No. 3 white. 4 cars: No. 4 white 2 cars. Total. 23 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 80 cents for No. 2 soft red wheat, utner grades on their merits.

Retail Coal Prices

The fol.owing prices represent quotations from leading Indianapolis coal dealers. A cash discount of 2o cents per ton is allowed DOMESTIC RETAIL PRICES Anthracite $4 25 Coke, nut size 8.75 Coke, egg size S.'S Indiana, forked lump 5 50 Indiana, egg 5 00 Indiana, mine .run 4 75 Kentucky lump 700 Pocahontas lump 8 25 Pocahontas egg &25 Pocahontas forked lump 9.25 Pocahontas mine run 7.25 New River smokeless 8 25 West Virginia lump 6.75 West Virginia egg 6 50 Island Creek 7 00 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bln. NEW YORK COFFEE FUTURES —March 5 SANTOS High. Low. Close. March 10.85 May 11 15 11.08 11.08 July 11.26 11.16 11.16 September 11 53 11.46 11 47 December 11.68 11.59 11.60 RIO January ... 8 86 March 8.45 May 8 58 July 8.76 8 64 8 64 September 8 82 8.69 8.70 December 8 79 8.70 8.70 NEW YORK RAW SUGAR FUTURES —March 5 High. Low Close. January 1.75 1.75 1.74 March Mav ... 1.61 July 1 66 1.64 1.64 September ... 1.68 December 1 74 1.72 1.72 V. F. W. PROTESTS CWA LAY-OFF ACTION Council Alleges Discrimination Against Ex-Soldiers. Protesting action of local CWA officials in laying off ex-service men from CWA work, members of the Marion county council of Veterans of Foreign Wars have demanded explanation from senators, congressmen and other ''fficials. Copies of the resolution passed at the executive session in the rooms of the LaVelle Gossett Sunday afternoon have been sent to Senators Arthur Robinson and Frederick Van Nuys, Congressmen William H. Larrabee and Louis Ludlow, and to the Marion county director of the CWA.

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