Indianapolis Times, Volume 45, Number 263, Indianapolis, Marion County, 14 March 1934 — Page 14

PAGE 14

Wall Street

United States Steel Plant Depreciation Is More Than Fourth as Much as It Pays Employes. BY RALPH HENDERSHOT

Tlmei Special Financial Writer The United States Steel Corporation is probably the largest industrial company in the world. It may be that it has become too large to be economically profitable. Last year it deducted more than one-quarter as much for depletion, depreciation and obsolescence of its plants as it paid out in salaries and wages to all of its employes. The figure was $43,195,117, against its total pay roll of $163,149,503. Its report for 1933. issued recently, show’s a loss of more than $43,000.000, despite the fact that it paid little or nothing for the use of the money invested in its properties. It has virtually no bonds outstanding, Its senior obligations having been retired through the sale of common

stock in ‘ the good old days.” It paid but 2 per cent on Its pieferred stock in dividends. The mammoth company supposedly has the best management that money can buy. This management us supplemented in its efforts by the firm of J. P. Morgan <fc Cos., which takes more interest in its operations than in any other company w-ith which it is identified. That the prices it charges for its products are about all the traffic will bear is indicated by the fact that two of the largest users of steel, General Motors and Ford, have decided to build their own steel plants in the interest of saving money on their steel costs. a a a Lack of Business Big Factor Obviously, of course, its chief troubles in 1933 were that there was not a sufficient amount of business available to keep its plants working at a high percentage of capacity. Its plants are so large and unwieldy

rw.

Ralph Hendershot

and the nature of its business Is such that it can not adjust its operating costs to business conditions Assuming that its charges for depletion, depreciation and obsolescence are reasonable, one wonders whether sound economics warrants the property loss on any company equivalent to one-fourth of the amount it pays its employes. Does it not, under such circumstances, take on the nature of a monster w'hieh tends to eat up its creators? a a a a a a Railroad Competition For many years railroad executives laughed at the thought that bus lines and motor trucks ever would become serious competitors of the steam transportation companies. They maintained that they never could become more than short-haul carriers and that consequently they must become valuable feeders of business to the railroad properties. When this competition became a reality they bustled about to do something about it. They bought busses of their own and they established store-door delivery-. They cut passenger fares and several other things. But their greatest pressure was put on Washington to get laws which would regulate their competitors and make business more difficult for them. It is beginning to look as though they might succeed. On Saturday congress and the President were asked by Federal Transportation Co-ordinator Eastman to put through federal regulations affecting all motor and w-ater transportation.

New York Stocks -~~~~(Bv Abbott. Hoppin & Cos.) —-

—March 14— Prev. Oils— High. Low. 10:30. close. Amerada 48'* Atl Rfg 32'/a 32 Barnsdal! 8% Consol OH ••• 13 13 COnt of Del ...... ... ••• 19 Houston i new 4% Houston told; , 26 Indian Rfg ... .. ... 3 * 3 Mid Cont Pet , *3 Ohio Oil }4’ 14 Pet Corp ....... .. ... 12% 12% Phillips Pet 17’/. 17% Pure Oil 13 Sbd Oil 36 Shell Un 10% 11 Simms Pet JJJ. Soc Vac ~ ••• 17*8 16% SO of Cal 39% 39'a 39% 39 SOof N J 45% 45% 45 l/ 45% Sun Oil •• 5? Texas Corp ?7% 27% Tidewater Assn 11% U's 11% 11.4 Un OH of Cal 17% 17% Steel*— .... Am Roll Mills .. 24% 25 Beth Steel 44 43% 44 44 Bvers AM 28 Cruc Steel 34 Gulf Sts Steel 42 Natl Steel • • • • • - 50 Rep Iron Si Steel 23 22% 23 22% Rep Ir & Stl pfd - 63% U S Smelt 130 128% 129% 128 Vanadium ••• 28*4 28% U S Pipe & Fdv. • ?8% U S Steel 54% 53V* 54*4 54% V S Steel pfd 92% Toungst'n QSi T 29% 29V. B O 31S 31 3 s 31*a 31*8 can Pac 17% 17% 17% n% Ch & Ohio ... 45% 45 45 44 a Chi Si Gt W .. . ••• 4% 4% CM&StP ... 7% 7 7% 7 C M & St P pfd •, 11,2 Chi N W 13% 13% Chi R Ist *■* l Chi R I V* pfd J Ene & HU . ■ "•* 22% '21% 21% 21% Grt North pfd 29% 29% 29 8 -9% 111 Central 33% 33% 33 a 34 K C Sou I■* if l,ou Si Nash .. •• ?x. Mo Pac 2f, 8 Mo Pac pfd ..... - ■ 'Hu mi N Y Cent ..... 38% 38'a 38 a 38 a XTV P Jt- Qf T. . . •• • *1 /2 5Vh& &?£! 20% '19% '20% 8, N Y Ont Si Wes 12, 8 Nor Pac ■■ • , ”% 32 * sSu n pac R .::::: 29% ll 4 S; |% Sou R pfd "• 38*4 38*4 38% 38% Union Pac .. • • • . a West Maryland.. 16V 16 16 l6 Motors — >e]/ Chrysler 21 t 8 8 Oen Motors ..*# * ••• Graham Mot ... • ••• 2 V . Hudson •• ••• 20 * g, 8 Truckll HI •• 24% I 11 27% 27% Packard S% 5% 5% 5% Snidebaker ••• 7,i * Yellow Truck .. .. ••• ••• ° 8

Motor Acer**— Bendix ••• 18 8 lg, 8 Bohn Alum 8 Borg Warner ... .# ••• 2 ® * 2B Briggs 16 Budd Wheel Eaton Mfg 2®,* *9, 2 Elec Auto Lite-. • ••• 29 a 29 8 Houd A 6 8 • * Mullins 1* Murray Body ... .. ... 19% 10 Stew Warner -^t 8 Timken Rol ... 36 * 36 % Mining— , , Alaska Jun .... • ••• 20 8 20 4 Anaconda 1® * 1 |, 2 Cal Sz Hecla 5% 5% 5% 5% Cerro De Pasco. j? 2 Granby 11% iit Nor Ore *3% ■fiowe Sound ... .. ••• 'lns Copper * * Int Nickel Kennecott Cop 20% 20 8 Noranda Cop 38 4 Phelps Dodge 16% 16% Tonaccos— Am Snuff ... 5* Am Sum Tob 20 20% Am Tobacco A Am Tobacco B <0 '0 4 Gen Cigar 32 4 Ligg & Myers B. .. ... ••• 85% Lorrillard • .. ... 17.4 Reynolds Tob 41% 41% AiUrW 20*4 20% Am Car & Fdv 29 8 Am Loco . 37 Am Mach Sz Fdy 17 Am Steel Fdy... ••• ••• 22% Bald Loco 14% 14% 14% 14% Burroughs 16% Case J 1 75* 74 > Cater Tract 30% Col Palm 17 1.% Congoleum 23 % Poster Wheeler 20 3 20 Gen Am Tk Car .. • 41*4 CWn Elec 22% 22% 22% 22% Gen R R Sig 43*4 43% Ingso! Rar.d 65% Int Bus Mach .. ■ • 14‘'a Int Harvester .. 43% 43 43 43 Kelvinator 20 3 4 20' 8 20% 20% Natl Cash Reg 20% Proc & Gamble 3, Pullman Inc 56% 56% Simmons Bed -0 8 Und Elliot *>' 2 u>ct Air B • • • 31H Westlngh Elec 39% 39 39% 39 Worthington P 2t>% 2i% Am A- For Pr 10% 10 * Am Power A Lit ... Am 21% Brook Un Gas 7j. Col Gas A Elec 1 3 4 16*4 Pfd : *2% -2% -2% ‘2% Consol Gas ... 40% 40% 40% 40% Elec P*r A Lit 8 84 Fnt P T A A L lP fd ::is% 'is*'* *is% % Kt Pw A A E Ut:.' 12% 'l3*4 *12% 12% fSWu':::: ::: . * Pub Serv N J 39 39 s * So Cal Edison 18* 19 ttd Oas 18 % 18 td Oas pfd 13 * United Corp - • 7 • Un Oas Imp i-% 17 ,* Ut Pr A Lit A 4 8 4 2 Western Union . .. ... ••• 5* Rubber* — ~, 0 3 * 20s 20% 20% u 6 Rubber pfd. - 4 f 45% Kel Spring 4% 4% 4 • 4% Amusement* — r^.JYnc:::::::: ‘33-* % RKO° ..^° rP -** * S I s Barnbr Bros 7 1 bS°ri :: 14 BORdtn Prod ... y M 24 H * m hh*<>

Cont Bak A 13 Corn Prod 72% 73 Crm of Wheat * 32% Gen Foods 34% Gold Dust 19 3 /* 20 G W Sugar ...... ... ... 28% Hershey 52'/* Int Salt 27 Loose Wiles ...... ... 41 Natl Biscuit 41 % 41 Natl D Prod 16% 16% Purity Bak 16% S Porto Rico Sug .. ... 33 33% Std Brands ... 21% 21% United Fruit 64% 65 Wrlgley 59% Retail Stores— Asso Dry Goods 16% 16* 2 Best A Cos ... 33% 31*2 Gimbel Bros 5% 5% Gr Un Tea 7% Hahn Dept Sts.. .. ... 7% 7% Jewel Tea 44*4 Kresge S S 20% 20% Kroger Groc 31% Macy RH 54 May Dept St 42 41% Mont ward .... .. ... 33% 32% Penny JC 66 % Safeway St 52% Sears Roebuck 49 48% W'oolworth 514a Aviation— Aviation Corp .. ... 8% 8% Douglass Air ... 25V* 24’/a 25% 24% Curtiss Wright 4% 4% Curtiss Wr A 10% 10% Nor Am Av 6% 6% United Aircraft. 24% 24% 24% 24% Chemicals— Air Reduction .... ... 97% 98 Allied Chem ... 150% 150% Am Com Alcohol 50% 50% Col Carbon 69% Com Solvents 27% 27% Dupont 98% 98 % Freeport Tex ... 45 Liquid Carb 27 Math Alakli .... 35% Tex Gulf Sulph. .. ... 37% 37% Union Carbide 44 44 U S Ind Alcohol 54% 53% Natl Dist (newl 27’/e 27% 27’/* 27% Drugs— Ooty Inc 8 8 Lambert ... 28% Lehn & Fink 19% Zonite Prod .... 7*/ 7 7% 6% Financial— Adams Exp ... loy 8 10 Allegheny Corp 3% Chesa Oorp ... 41 40% Transamerica .. .. ... 7*/* 7% Tr Ctontl Corp.. .. „.. 51/4 s*/* Building— Am Radiator ... .. ... 15 14’/ s Gen Asphalt 19 Int Cement ...... * 30*/* Johns Manville 58% 58 Libby Owens Gls .. ... 37% 37V* Otis Elev ... ... 17 Miscellaneous— Am Bank Note 19% Am Can 101V* 101 101V* 100% Anchor Cap 21 Brklvn Man Tr. 33% 32% 33 32 Conti Can 80 79% 80 78 Eastman Kodak 89% Owens Bottle 86 Gillette ... HVg 11% Glldden ... 24% 24% Gotham Silk ... .. ... 10% 10% Indus Rayon ... 87% Inter Rapid Tr 9% New York Curb (By Abbott. Hoppin & Cos.) —March 13— Close. Close. Allied Mi 115.... 8 Gulf Oil of Pa.. 70% Am Beverage .. 3 Hiram Walker.. 47 Am Cvanide B. 18% Hud Bay Min.. 12% Am Gas & El . 26 (Humble Oil ... 42* 2 Am Superpower 3% Imp Oil Ltd.... 14% Ass Gas & El.. 1% Int Petrol 23% Atlas Corp 14 Lake Shore Min 48 Brazil Tr &Lt 12% Lib McN Lib.. 5 Can Ind Ale A. 16% U)ne Star Gas .. 7 Can Marc 4% Natl Bellas Hess 3% Carrier Corn... 8% Newmont Min... 52 Cities Serv .. 3% Nia Hud Pwr... 7*4 Common* Ed . 55% Novadel Agene.. 66 Consol Gos Bit 61 Pan Am Airwr.. 39 Cord Corn .... 7 Park Davis 24% Creole Petrol . 11% Penn Road .... 3% Crown Cork Inti 7 St- Regis Paper.. 4 Deere Si Cos —. 31* s Sherwin Wms.. 65* 2 Distillers Lim.. 20*. std of Ind 27’* Dow Chem .... 70** Std of Kv .... 16% El Bd A- Share 18** Technicolor Ind 9% Fisk Rubber... 20* Tech Hughes Gd 6% ~ord of Can A. 23% Un Gas 3% Ford of Europe 7% Un Pwr &Lt A. 3% Gen Aviation 7 Wr Harg Min.. 8% Glen Alden Coal 19

Investment Trust Shares

Bv Abbott. Hoppin & Cos. —March 13— cJ A lv Am Bank Stocks C-orp 1.18 1.22 Am & General Sec A. 5.00 7.00 Am Sc Inv Tr Sh 150 .. Basic Ind Shares 8.46 3.50 Brit Tvpe Inv Tr Sh 64 .70 Collateral Trustee Shares A 487 500 Corporate Trust Shares (<*ld). 2.17 2.21 Corporate Trust Shares mew) 2.46 2.50 Diversified Trust Sh A.... 6.25 .... Diversified Trust Shares B. 8 12 8.37 Diversified Trust Shares C. 3.28 3 32 Diversified Trust Shares D. 500 5.05 First Insur Stock Corp .... 1.32 1.38 First Common Stock Corp.. 86 .89 Fixed Trust Oil Shares A.. 8.75 9.00 Fixed Trust Oil Shares B . 7 62 7.87 Incorporators Investments.. 19.00 10.25 Land Bank Bond Shares.. 1.07 i.19 Low Priced Trust Shares .. 640 660 Mass Inv True* Shares.. 19 30 21.06 Nation-Wide Securities .. 3 57 21.00 North Am. Trust Shares 's3'. 1.92 196 N Am Trust Shares (55-56) 247 250 North Am Trust Shares (58 ) 2.55 259 Selected Am Shares 1.26 1.29 Selected Am Shares Inc ... 2.82 .... Selected Cumulative Shares 7.25 .... elected Income Shares ... 3.60 380 Std Am Trust Shares A... 3.10 3.14 Trust Shares of America... 294 2,98 Trustee Std Oil A 5.75 5.67 Trustee Std Oil B 5 30 5.60 U S Elec Lt & Pwr A 12 30 15 00 Universal Trust Shares .... 3.13 320

Foreign Exchange

(Br Abbott. Hoppin Sc Oo.) —March 13Close. Sterling. England 85 09% Franc. France 0653** Lira. Italy 0857% Belcias. Belgium 2333 Mark Germany 3973 Guilder, Holland 6727 Peseta. Spam 1364 Krone. Norway 2565 Krone. Denmark 2280 CHICAGO FRUIT MARKET By United Press CHICAGO. March 14.—Apples—Michigan Baldwins. (1.40® 1 50. Carrots—lllinois. 40® 50c bushel. Spinach—Texas, 60® 85c bushel. Beans—Southern green, *1.50® 3: a ax. s2'® 3. Cucumbers—Central western hothouse. 82@2 5C Tomatoes—Florida. $1 '•i 2 box Sweet potatoes—Tennessee. $1.65 @1.70; Indiana. $160'./1.70. Rutabagas— Central western. 75® 85c. 50 lbs. Turnips —Central western 60® 75c bushel. Mushrooms—lllinois, 17%@ 32%c. Asparagus— California. 8!.75<f3. Onion market (50-lb. aackai—W’ftp -n Valencia*. 8101.35; cen-

EARLY BREAK IN STEEL LOWERS ENTIREJROUP General Market Irregular in Light Trading; Few * Issues Higher.

Average Stock Prices

Average of thirty Industrials yesterday were: 104.89 high. 103.54 lown. 104.00 last, off .23 Average of twenty rails: 49.54. 48 30. 49 30, up 65. Average of twenty utilities. 27.57, 26.85, 27.13, up .13. Average of ten first rails. 98 56. up .29 Average of ten second rails, 82.91, up .29. Average of ten utilities. 99.17. up .37. Average of ten industrials. 65.51. up .19. BY ELMER C. YVALZER, United Press Financial Editor NEW YORK, March 14. Steel common broke nearly a point to 53 % at opening of the Stock Exchange today, reflecting a slowing down in steel orders because of fear of labor troubles In the automobile industry. The general market was irregular w-ith dealings light. Iron Age stressed the labor situation in reporting a decline in the country's steel operating rate from 49 to 48 1 2 per cent. It also noted ‘‘evidences of increased caution in a number of miscellaneous lines. Part of the current reaction in iron and steel demand it attributable to the failure of prices to advance for the second quarter. But few in the trade doubt that the market would recover its lost buoyancy if the threat of grave labor difficulties were removed. Other steel shares followed United States Steel down, Republic, an exception, firmed Vs point to 23. Case rose a point to 75Vs. Smaller gains were noted in the utilities division, some of the oils, motors, rails and coppers. Small losses were made by General Electric, Alaska Juneau. Commercial Solvents, United Aircraft and United Fruit. During early trading volume continued small with prices holding around the opening levels. Sperry was in demand in the aviation section, rising to 10' s, up after opening 4,300 shares at 10. United States Smelting firmed to 130 after opening up V 2 at 128 1 2- New York Central gained following an unchanged opening.

Bank Clearings

INDIANAPOLIS STATEMENT —March 14— Clearings $2,226,000.00 Debits • ,628,000.00 TREASURY STATEMENT By United Press W-ASHINGTON. March 14.—Government expenses and receipts of the current fiscal year to March 12. compared with the corresponding period of the previous fiscal year: This vear. Last year. Expenses $4,478,543,240.42 $3,520,650,950.10 Receipts $2,022,761,410.07 $1,294,574,544,07 Deficit... $2,435,781,830.35 $2,226,076,406.03 Cash balance $4,801,493,524.04

U. S. Government Bonds

By United Press NEW YORK. March 13.—Closing liberties. (Decimals represent thirty-seconds) Liberty 3%S (32-471 102.23 Ist 4%s (32-47) 103. 4th 4%s (83-38) 103.8 Treasury 4%5-3%sc (45) 101.15 4%s (47-52) 109.31 3%s (43-47) J 01.31 3%s (41-43' March 101.31 3%s (40-43) June 102.1 3%S (41) 101.18 3%s 146-49) 100.9 3s (51-55) 98.27

Federal Farm Loan Bonds

(Bv Blyth & Cos., Inc.) —March 14— Bid. Ask. 4s Nov. 1. 1957-37 97V* 98% 4s, May 1, 1958-38 97V* 98% 4%5. July 1. 1956-36 97% 99 4%s Jan. 1. 1957-37 97% 99 4%5. May L 1957-37 97% 99 4%5. Nov. 1. 1958-38 97% 99 4%5, May 1. 1942-S2 99*4 100% 4%5, Jan. 1, 1943-33 99*4 100% 4%5. Jan. 1, 1953-33 98% 99% 4%5, July 1. 1933-33 98% 99% 4%5, Jari. 1, 1955-35 98% 99% 4%5. July 1. 1955-35 98'% 99% 4tSs. Jan. 1, 1956-36 98% 99% 4%5, July 1. 1953-33 99% 101 4%5. Jah. 1, 1934-34 ......... 99% 101 4%5, July 1, 1934-34 99% 101 5s May 1. 1941-31 101% 102*4 ss. Nov. 1. 1941-31 101% 102'/* Home Loan 4s. July 1. 1951. 97% 98

Daily Price Index

By United Press NEW YOFK. March 13.—Dun & Bradstreet’s daily weighted price Index of thirtybasic commodities compiled for the United Press: (1930-1932 average, 100) Today J 09.96 Yesterday 110.24 Week ago J 98.96 Month ago •••••% 03 Year ago Bank holiday 1934 High (March 12) 110-24 1934 Low (Jan. 31 •••-•• 101.05 (Copyright. 1934. Dun & Brandstreet, Inc.)

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 2a cents per ton is allowed. DOMESTIC RETAIL PRICES Anthracite $4.25 Coke, nut size 8.75 Coke, egg size 8..5 Indiana, forked lump 5.50 Indiana, egg 5.00 Indiana, mine run 4.75 Kentucky lump 7.00 Pocahontas lump 8.25 Pocahontas egg 8.25 Pocahontas forked lump 9.25 Pocahontas mine run 7.25 New River smokeless 8.2a 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 bin.

On Commission Row

—March 14Fruits Apples—New York Baldwins. fancy. $1.605T.85; fancy Staymans, $2.25; fancy Winesaps, $2.60. Oranges California Sunkist. $3 @4; Floridas $333.75. Lemons—Sunkist. $6; Red Ball, $5.50. Grapefruit—Arizona seedless 80s. $3; Florida. $2.75. Strawberries—Florida, pint. 15® 17c: 36pt. crate. S6. Cranberries —C. C. Howes, Eatmores, 25lb. box. $2 50. Melons—Argentina Honeydews. $2.75. Pears—Florida, Avacados, $2.50; Calavos, $3 50 per box. Bananas—Per pound. 5 eents. Vegetable* Cabbage—New Texas. $1.35 per halfcrate: Florida red. $4.50 per hamper. Celery—Florida, $2.503 3.59 a crate: mammoth bunch 75c; medium bunch 45c; hearts, dozen bunch $1.35. Onions—lndiana yellow. 50-lb. bag $1.35; red, $1.35; lowa white, $3. Potatoes—Northern round white 100-lb. bag, $2.15: Red River Ohios. $2.30: Maine Green Mountains. $2.65; Colorado McClures. $2 50; Idaho Russets, $2.50; Wyoming Triumphs 50-lb. bag, $1.40; New Florida Triumphs, $2. Sweet Potatoes—lndiana Jerseys per bushel, $2: Porto Ricans. $1.90. Asparagus—California select crate. $4.75. Beans —Round stringless. $3.25; new lima. $3. Beets—New Texas 3-dozen crate, $1.50: bulk per bushel. $1.50. Carrots—California 6-dozen crate, $3.25; bulk new. $2; bulk old, $1.15. Cauliflower—California, $1.60. Cucumbers —Hot house per dozen. $1.15. Lettuce—Hot house 10-lb. basket, 55c; Iceberg bests, $3%3.25 a crate. Peas—3o-lb. hamper. $2.75. Radishes—Hot house, buttons 450 a dozen, long white. 40c per dozen. Rhubarb—Hot house, 5o a bunch. Spinach—New Texas, $1 per bushel. Tomatoes—Repacked 19-lb. carton, $1; selected, cellophane wrapped, ] tijii ~ Bristol* fiends* W-ir Im, $A

THE INDIANAPOLIS TIMES

Chicago Stocks Bv Abbott. Honnin A

(Total Sales. 27,000 Shares). —March 13— High. Low. Close. Am Pub S:rv pfd 8% 6% 8% Asbestos Mfg 3% Bastian-Biessing ........ ... 7% Bendix Aviation 19% 19% 19*2 Borg-Warner 26% 25% 25% Borg-Warner pfd ...... . 100 E L Bruce Cos 15% 147s 15% Butler Bros 11 10% 10% Cent 111 Pub Serv pfd 18% Cent 111 Sec Com % Cent 111 Sec pfd 8% 8% 8% Cent Ind Pow pfd.... 10 9 9% Cent Pub Util % % % Cent Pub Util V T C % Cherry Burrell Corp 10 Chi i North Western 14% 13% 14 Chicago Corp Com 3Vs 33% Chicago Corp pfd 28 Cities Service 3% 33 Commonwealth Edison. 55% 54% 55 Consumers 7% pfd 4% Cord Corp 7 6% 7 Crane Cos .. ••• 9% Curtis Mfg Cos 5% Deep Rock Oil ... 7% Eddy Paper _ •• • .?% Gen Household Ut 13% 13% 13% General Candy Corp .. 5% 4% o% Godchaux B •• ■ 9 Goldblatt Bros 16 15% 16 Great Lakes Aircraft 1 Great Lakes Dredge • ■ 19 Houdaille-Hershev A... 20% 19% 20% Houdaille-Hershey B 6% Illinois Brick „ 5% Kellogg Switch com .... 5% 3% 5 Kellogg Switch pfd .. 24 23% 24 Kentucky Ut Jr Cu pfd .. ... 17 Lawbeck Corn 6% Pfd ... 25 Libbv-McNeil , •• Marshall Field 18% 18 18 McGraw Electric 6 5% 6 Mickelberry’s F Prod 2% Middle West Utilities % Midland United % Mosser Leather 14 A National Leather - 2 Noblitt-Sp Ind Inc .... 15 14 T /a 15 Northwest Engineering 7 Oshkosh Overall .j>‘ Penn Gas & Elec 13 12% 13 Perfect Circle 32 Potter Cos ••• j>% Prima C’o 9% 9 9% Public Service 20 Public Service N P 20 Quaker Oats JIJ% Quaker Oats pfd Isl Reliance Mfg Cos 17% 17 17% Signode Stl Strap pfd.. - ••• 12 Southern Union Gas 2% 2% 2% Swift &Cos 17% 16% 17 Swift International 27% Utility A- Ind pfd 4% Viking Pump pfd 26 Waukesha Motor 30 West P L & Tel A % Wieboldt Stores 15 Zenith Radio 3%

Produce Markets

Delivered In Indianapolis Prices—Hens, 11c, Leghorn hens, Bc. Leghorn spring-er-stags, 6c; large springer-stags, 9c: cocks, sc; Leghorn cocks, 4c; ducks, full feathered and fat, 4% lbs. and over 7c, geese, 6c; young guineas, 1% to 3 lbs., 30c; old guineas, 20c. No. 1 strictly fresh country run eggs, loss off 14c each full case must weigh 55 lbs. grosr; a deduction of 10c a pound for each pound under 55 lbs. wil lbe made. Butter—No. 1. 30® 31c. No. 2. 27@28c; butterfat. 23c— Quoted by Wadley. Bv United Press CHICAGO. March 14.—Eggs—Market, firm: receipts. 18,853 cases: extra firsts. 17%c; fresh graded firsts, nVvc; current receipts. 16%c; checks. 14%c; dirties, 15%c. Butter—Market, weak; receipts 6.047 tubs, storage standards (90>. 22%® 23c; extra firsts i9O-91%1, 23%@23%c; firsts 188-89%). 22%ft22%c: extras (92% 24c: specials. 24%ft25c: standards, 24c; cent.. 890/ 23c; cent., 88ft 22%c; storage cent.. 89ft 22c: seconds, 21%c. PoultryMarket. steady: receipts, 20 trucks, one car due. turkey hens. 17c; light hens, 14c; Leghorns, 12c; ducks, 15ftl8c: roosters, 10c; colored springers. 17c; Plymouth Rock broilers. 26%c; geese. 12c. Cheese—'Twins, 14%ftT4%c; Longhorns. 15ft15%c; daisies, 15ft 15%c. Potatoes—Old stock, supply liberal: demand and trading slow; market weak; Wisconsin round whites, sl.6oft 1.70; Idaho Russets. $1.90ft1.95; Colorado McClures. burlap sacks, $2ft2.05; cotton sacks, S2loft2 12%c: Minnesota round wnites, sl.6sft 1.75. New stock, no sales reported. Shipments. 947; arrivals. 130; on track, YORK. March, 14.—Potatoes—Dull; Long Island, $1.30ft2.60 barrel; southern, $1 25ft 1.75 crate: Maine. sl.4oft 4.25 barrel: Idaho, $2.25ft2.40 sack: Bermuda. $5®7.65 barrel; Canada. $2.15ft>2.65 barrel. Sweet Potatoes—Dull; Jersey basket. 50cft$l.<5; southern basket, 50cft51.35. FlourSteady: springs: patents, [email protected] sack. Pork—Steady; mess, $20.25 barrel. LardMiddle west' spot, ss.3oft 5.40 Der 100 lbs. dressed poultry—Steady; turkeys, 18%@ 25c; chickens. B®29c; broilers. 14ft32c; capons, 19ft32c; fowls. ll@18c; Long Island ducks. 14%@15%c. Live poultry— Dull: geese, 7® 10c; turkeys. 18®24c; roosters, 10c; ducks. B®l2c: fowls, 15@18c; chickens. 13®19c; capons. 22c; broilers. 15®25c. Cheese—Dull; state whole milk special* 19ft20c; Young America. 16c. CLEVELAND, March 14—Butter—Market. barely steady; extras. 28c; standards, 28c. Eggs—Market, firm; extra white. 17%c: current receipts, 17c. Poultry— Market, steady: colored fowl, medium. 16 ft; 17c; Leghorn fowl, 3% lbs., and up. 13 (a 14c; Leghorn fowl light, 12c; springers, smooth, 16® 17c; capons, 8 lbs. and up, 22c; colored broilers. 27®28c; stags, 12c: roosters. 9c; ducks white, 5 lbs. and up. 17® 18c; ducks light. 16c; geese, 12@13c. Potatoes —Maine best, $2.50; Idaho. [email protected]; New- York ano Ohio best, [email protected].

In the Cotton Markets

—March 13— CHICAGO January 12.86 12.79 12.79 March ' 12.27 May 12.46 12.35 12.35 July 12.57 12.45 12.45 October 12.69 12.0 12.60 December 12.80 12.73 12.73 NEW YORK January 12.76 12,69 12.69 March 12.21 12.14 12.14 May 12.37 12.24 12.24 July 12.48 12.35 12.35 October 12.60 12.51 12.51 December 12.71 12.63 12.63 NEW ORLEANS January 12.70 12.66 12.66 March •••• ■••• 12.20 May 12.34 12.25 12.25 July 12.44 12.35 12.35 October 12.58 12.50 12.50 December 12.67 12.62 12.62 Other Livestock (Bv United Press) EAST ST. LOUIS. 111., March 14.—Hogs —Receipts, 7,500. including 200 direct; market steady to 5c lower; top, $4®4.55; 180 to 250 lbs., $4.50(1/4.55; mostly, $4.50 no heavies sold; bulk 150 to 170 lbs., $3.75 (<i4.40; 100 to 140 lbs.. $2.50®3.25; few light pigs down to $2.25; sows, $3.40® 3.65. Cattle—Receipts. 2,800; calves, 1,500; market opened active and steady to strong on steers, mixed yearlings and heifers; beef cows slow; other classes unchanged; steers largely. $4.65®6.15; mixed yearlings and heifers, $4.25®5.50; cows. s3® 3.75; low cutters, $1.25® 1.75; top sausage bulls, $3.25: top vealers. $6.25; nominal range slaughter steers. $3.75®;7: slaughter heifers, $3.25® 6.50; slaughter steers. 550 to 1,100 lbs., good and choice, $5.75® 7; common and medium. $3.75® 5.75; IJOO to 1,500 lbs., choice. $5.75® 7: good ss® 6.50 k medium. $4.50® 5.75. Sheep— Receipts. 2,800; market: fe wchoice wooled lambs to city butchers strong to 25c higher at $9.75® 10; packers talking lower; lambs. 90 lbs. down, good and choice, s9®lo; common and medium. $6.50®9.25; 90 to .98 lbs., good and choice. $8.75® 9.85; yearling wethers. 90 to 110 lbs., good and choice. $6.75®8.50; ewes, 90 to 150 lbs., good and choice. $3.75®5.50; all weights common and medium, $2.75 @4 25. FT. WAYNE. March 14—Hogs—Receipts, 10: top. 25c higher; 200-200 lbs., $4.50; 250-300 lbs.. $4.65: 160-200 lbs., $4.35: 300-350 lbs., $4 24: 150-160 lbs.. $3.60: 140-150 lbs., $3.35; 130-140 lbs . 53.10; 120130 lbs.. 52.60; 100-120 lbs., $2.10: roughs, $3.50; stags. $2. Calves—s6.so; lambs. $9.25. FIRE REPORTS TUESDAY 6:44 a. m„ 1005 South Meridian, false alarm. 6:50 a. m., 1005 Roena, residence, $2,000 damage. 9:14 a. m.. Vermont and Indiana, automobile, small loss. 9.T6 a. m. 1433 North Pennsylvania, automobile, small loss. 11:16 a. m., 4211 Sheldon, residence, small loss. 1155 a. m., 729 North Pershing, restaurant. no loss. 3:16 p. m„ 1509 Columbia, residence, small loss. 4:05 p. m., 501 Virginia, garage. S2O. 4:06 p. m., Robson and Gale, grass fire. 6:32 p. m., Keystone and Troy, grass fire. 6:41 p. m., 1102 West Vermont, fence. TODAY 1:29 a. m„ 1135 South West, residence, $lO. NEW YORK COFFEE FUTURES —March 13— SANTOS High. Low. Close. March 10.73 May 11.13 10 86 10.92 July 11.25 11.00 11.03 September •.*▲ 11.58 11.30 11.35 December 11.66 11.47 11.47 RIO January 8 76 March - - 8.68 838 8.38 Msv - *■**■*if - -) ——B 62 8.48 8.48 July 8.81 8.63 8 63 September 8 90 8.65 8.65 December 8.95 8.71 8.71 PRAYER, BISHOP'S TOPIC No Labor Saving Device He Tells Broadway Congregation. Prayer as a labor saving device was attacked last night by Bishop Edwin H. Hughes, Washington, in his sermon, “’Can You Get Anything You Want by Just Praying ” at the Broadway M. E. church. “We ask God too often to give us the baubles of life and forget the big things of tender loving grace,” he said. “The greatest thing He can give us is a heart oC sympathy, love and tenderness,*

SWINE PRICES MOVE 10 TO 15 CENTSHIGHER Lamb Values Strengthen: Cattle, Veals Hold Steady. . First increase of the week was displayed in hog trading at the Union Stockyards this morning. Various classes advanced from 10 to 15 cents over yesterday’s average. Receipts were lighter than in previous sessions and demand showed strength. The bulk, 130 to 300 pounds, sold for $4.55 to $4.70. Few good and choice weights were reported selling at $4.75 to $4.80. Largest grades available, weighing 300 pounds and upward, were selling at $4.40 to $4.60. Small kinds, scaling 130 to 160 pounds, sold at $3.35 to $3.85. Light lights from 100 to 130 pounds were salable at $2.15 to $3.10. Receipts were estimated at 4,500. Holdovers, 179. Steers in the cattle market were less active than the previous session, with most grades remaining unchanged. One load was salable at $7.25, while few better kinds held above $7.50. Receipts numbered 1,200. Vealers continued stationary, selling at $6.50 down. Receipts were 700. An advance of 25 cents featured lamb trading. Initial bulk sold at $9 to $9.75. Several grades remained inactive and failed to participate in the early increase. Receipts were 800. Early asking was strong on hogs at Chicago w-ith bids scarce. Only slight action was evident during the early session. Buik prices were not established. Receipts were estimated as 15,000, including 7,000 directs; holdovers, 4.000, Cattle receipts numbered 10,000; calves, 2,000; market unchanged. Sheep receipts were 10.000; market w-eak. Bulk. Top. Receipts. March 8. $4.65® 4.80 $4.80 5,000 9. 4.65® 4.75 5.00 4.000 10. 4.65# 4.30 4.80 1,500 12. 4.55® 4.70 4.80 6.500 13. 4.40 ft, 4.55 4.60 6,000 14. 4.55# 4.70 4.80 4,500 Market, Higher (140-160) Good and choice....s 3.60® 3.85 —Light Weights—-(l6o-180) Good and choice.... 4.55 (180-200) Good and choice .. 4.65 —Medium Weights—-(2oo-220) Good and choice 4.70®; 475 (220-250) Good and choice ... 4.70® 4.80 —Heavy Weights—-(2so-290) Good and choice.... 4.65 ft 4.75 (290-350) Good and choice ... 4.50# 4.65 —Packing Sows—(3so down) Good 3.65® 4.00 (350 up( Good 3.50# 3.75 (All weights) Medium 3.525® 3.65 —Slaughter Figs—-(loo-130) Good and choice..., 2.15® 3.10 CATTLE Receipts, 1,200; market, steady. (1,050-1,100) Good and choice $ 6.25® 7.25 Common and medium 4.25® 6.25 (1,100-1,500) Good and choice 6.00® 7.50 Common and medium 4.50® 6.00 <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 (yearlings excluded' Good (beef steers) 2.75® .50 Cutter, common and medium.. 1.50@ 2.75 VEALERS Receipts. 700; market, steady. Good and choice $ 6.00® 6.50 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 (800-1,500) Good and choice 4.00# 5.25 Common and medium 2.75# 4.00 SHEEP AND LAMBS Receipts, 800; market, higher. (90 lbs. down) Good & choice® 9.25® 9.75 (90-110 lbs. i Good and choice 9.00®. 9.50 (50 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 CHICAGO, March 14.—Hogs—Receipts. 15,000, including 5,000 directs: moderately active and steady to 10c higher than Tuesday; 180-300 lbs., [email protected]; top. $4.55; several loads 200-270 lbs.; 140-170 lbs., [email protected]. pigs. [email protected]: packing sows. $3.65® 3.85; light lights, 140-160 lbs., good and choice. [email protected]; light weights, 160200 lbs., good and choice. [email protected]; medium weights, 200-250 lbs., good and choice, [email protected]; heavy weights, 250-350 lbs., food and choice, $4.25®4.55; packing s ows, 75-550 lbs., medium and choice. $3.50® 4; slaughter pigs, 100-130 lbs., good and choice. $2.50® 3.00. Cattle—Receipts. 10,000; calves, receipts, 2,000; largely steer run; strictly good and choice offerings fully steady; others steady to 15c lower oh shipper accounts; medium grade and weighty bullocks showed most downturn: $5.50f 7 market and steers and yearling trade with best long yearning $7.60 ana best weighty bullocks $7.35; others steady; slaughter cattle and vealers. steers, 550900 lbs., good and choice, $6.25® 7.75: 9001.100 lbs., good and choice, $6.25®7.75; 1,100-1.300 lbs., good and choice. [email protected]; 1.300-1,500 lbs., good and choice, $5®6.50; 550-1,300 lbs., common and medium. s4® 6; heifers. 550-750 lbs., good and choice. $5.25® 7: common and medium, $3.50® 5.25; cows, good, [email protected]: common and medium. $2.75® 3.75: low cutter and cutter. $1.50® 2.75; bulls (yearlings excludedi good (beef). [email protected]; cutter, common and medium, $2.50® 3.35; vealers. good and choice. ss® 6.50; medium, $4.50(5.5; cull and common. $3.50® 4.50; stocker and feeder cattle, steers, 550-1,050 lbs., good and choice. $4.50® 5.85; common and medium. $3.25® 4.75. Sheep—Receipts, 10,000; fat lambs opening slow; few sales weighty kinds sold at $9.50® 9.65; best held above $9.75 and higher; slaughter sheep and lambs, lambs. 90 lbs. down, good and choice, s9® 10; common and medium. $7.25 @9 25; 90-S8 lbs., good and choice. $8.25® 9.90; ewes. 90-150 lbs., good and choice, s4® 5.75; all weights, common and medium, [email protected]. PITTSBURGH. March 14.—Hogs—Receipts. 1.000; holdovers, none; weights above 170 lbs., steady to 5 cents lower; 170-220 lbs., mostly $5; 240- lbs. up. $4.75® 4.90: one load averaging 166 lbs., $4.80; 140-150 lbs., quotable s3.2’® 3.50; 120-140 lbs., $3(5.3.25; lighter weight pigs, down to $2.50; sows, steadv, $3.75 down. Cattle —Receipts, 20: nominal. Calves—Receipts, 7; steadv; good and choice'vealers, largely $7; medium, ss® 6: cull and common, lambs, steadv to 25c higher; bulk, good and choice, $10®10.25; common to medium. s6u9: shorn lambs, quoted around $8 down' choice clipped wethers, quotable around S5.

CLEVELAND. March 14.—Cattle—Receipts. 200; market, fairly active with prices steady at the week's advance; close early; 750-LIOO lbs.. $6.50®7; 650-900 lbs., [email protected]; 900-1.200 lbs.. $5.5036.50; heifers. 600-850 lbs.. [email protected]: good cows, all weights, $2.50®3.50: bulls, butchers. $3.50® 4. Calves—Receipts. 400: market, active and strong with $7.50 top; choice veals. [email protected]; medium. $5®6.50; common, s3® 5. Sheep and lambs —Receipts, 1,100; market, active and strong with choice clipped iambs selling up to $8.25; good to choice wool lambs. s9® 10; medium to good, SB@ 9) culls and cuts. $53 7.50; choice clipped lambs. s7® 8.25; medium to good. S6@(; prime wether sheep. ss® 6; choice ewes. $4.503 5.50; medium to good, $33 4. Hogs—Receipts. 1.300: market, active. 10c lower; 250-300 lbs.. $4 25@4 60; 220-250 lbs., $4.603 4.75: 180-210 lbs.. $4.75; 150-180 lbs.. $4.75; pigs, 100-140 lbs., $3; roughs, $2.75®3; stags. $2.753,3. LAPAYETTE. March 14.—Hog—Market 10 to 20c higher, 225-335 ibs., $4.353 4.55; 170-225 lbs . *4 3 4.30: 140-170 lbs.. $3.3548 3.60: 125-140 lbs.. 52.85® 3.10: 116-125 lbs., $2 253 2 55. 100-115 lbs.. $1.753 2: roughs, $3.50 down. Top calves, $5.30; top lambs, SB. By Times Special LOUISVILLE, March 14.—Cattle—Receipts. 150; supply very light; fair demand for most slaughter classes; market generally steady; bulk common to medium steers, and heifers. s4® 5: better kinds. $5 25 to around $8 for desirable baby beef tvpe calves: bulk beef cows. $2.503 3 25; practical top. 53.50: low cutters and cutters. $1.25 3 2.25; sausage bulls, mostly s3'® 3.75: Stockers and feeders scarce, quotable steady. Calves—Receipts. 300; steady: bulk better vealers. $5'®5.50; strictly choice eligible. $6; medium and lower grades. $4.50 down. Hogs—Receipts. 1.000; market, 10c higher: 170-240 ibs.. $4.75; 245-270 lbs.. $4 40 275 lbs. up, $4.05: 145-165 lbs . $3.75; 120-140 lbs., $140; sows. $2.80. Sheep— Receipts, 25; generally steady; medium to good lambs. $7.50®’8.50; choice qoutable. $9 or better; throwouts mostly $5.50; bulk fat ewes. $2.50J Receipts Tuesday: Cattle, 153’* calves; 363; hogs. 859; sheep. I*. Shipments Tuesday: Cattle, 59; calves, US; hettb-ltfi aheeoi eeee,

Market Average 9mm Twenty Active Issues Listed on the A\ Y. Stock Exchange.

AIL Chemical Am. Smelting Am. Can Am. Telephone Am. Tob. B Atchison Chrysler Con. Gas N. Y. DuPont Goodyear

ms uAtY rcaauany march vl4 2 9 If it 19 1 It If 1* f h , 1 .;U 1 .L:—% I 1 I .. . )|lEl__ l _| (<t —rz_' 1 l •': 40.1 j [ ! , ; j. ! ! , 60 9 . 1.1 ■■ j ! - 9 7, , J .... ■ ■ I ■ - J L-| T i 6 ii r 1 * f--- ■- ■- ■ ~ ■■■■ i ■ S - j I ! -j ' ‘ i ' | l L t • i ; ; l_ : ill : L I 1 | I j j J-TAAOI O . j I I | * j EL.! ? " ooo:■ Ml/ “ , I ' 'V 1 o 1 V 7 ~ j i" % . |.oo:=%zy=:,; | , i!„—:3::z | ~ :; —n So I I ff T ~~TTTit ill : M* - jj ! 1

This daily record cl the movements or twenty active stocks, averaged, gives a clear view of the market trend. Long pull movements and daily variations are apparent at a glance.

Bright Spots

(By Abbott, Hoppin & Cos.) Chicago & Northwest railroad total car loadings for week of March 10. were 13.201, against 8.454 tor same week of 1933. Marlin Rockwell declared a dividend of 50 cents on common stock. Previous dividend paid was 35 cents. Illinois Central during week ending March handled 26,629 freight cars, against 19,535 in like 1933 period. Amalgamated Leather declared dividend of 5 cents on preferred stock, the first dividend since 1920. Burlington loadings for week ended March 10 were M>,926, against 21,158 in previous week, and 14,685 for same period last year. Trans-American holding company and all subsidiaries for 1933 reported income of 48 cents a share after charges, compared with 34 cents a share in 1932, Montgomery Ward & Cos., it is estimated, will probably show a net income after charges and taxes for the year ended Jan. 31. 1934, of approximately $3,000,000; this would be the first net income reported by the company since 1930 when a profit of $423,211 was shown. Canadian Pacific Railroad in 1933 reported net income amounting to $1,257,161 after charges, against $257,811. International Nickel and subsidiaries for 1933 reported income of 53 cents on common stock after charges. C. M. & St. P. in January showed net loss totaling $1,484,007 after charges, against $2,271,533 in January, 1933. Southern Pacific Railroad reported loadings during the week ended March 10, amounting to 19,193 against 19,205 in previous week, and 14,288 in same period of 1933. American Brake Shoe declared the quarterly dividend of 20 cents on common stock: previously 15 cents was paid. Jewel Tea declared a regular quarterly dividend of 75 cents on common stock.

SLASH EXPENDITURES WARNING OF SENATOR Relief Costs Must Be Curtailed to Keep Budget in Balance. By United Press WASHINGTON, March 14. Senator Millard E. Tydings (Dem., Md.) today warned that federal relief expenditures must‘be curtailed sharply before next winter in order to keep the budget in balance. Senator Tydings said that by the end of the next fiscal year the national debt would approximate $32,000,000,000 and pointed out that interest at 3 per cent and a 2 per cent sinking fund on that debt would require $1,600,000,000 annually. He pointed out that with the government’s income approximating $2,800,000,000. only about $1,200.000,000 would remain for all ordinary purposes after paying interest and sinking fund charges on the debt. ANGLO-JAPANESE TRADE NEGOTIATIONS COLLAPSE Failure of Textile Parley May Have World-Wide Consequences. By United Press LONDON. March 14.—Negotiations between Lancashire and Japanese textile interests broke down today, it was feared permanently, and it seemed certain the AngloJapanese trade war would be intensified. The breakdown may cause denunciation of the Anglo-Japanese commercial treaty of 1868. That would enable Britain to take tariff action against Japan. Such a trade war would entail repercussions in the international political situation and might solidify world policy against Japanese competition.

Births Boys Joseph and Anna. Cesnilc, 916 North Ar chi d rfes and Gertrude Hollcraft. 519 Pa £lovd''and Opal Miller. 1113 Calhoun. Fay and Pauline Boarman. 25 East and Minnie Cox, 1943 Parker. Girls James and Geneva Carr, 902 North Pennsylvania. Deaths Virginia Moore. 4, city hospital, broncho pneumonia. William Harley McCabe, 39. city hospital, general tuberculosis. William Gunn. 52. 2101 Blvd Place, acute cardiac dilatation. .. Phoebe Caroline Moore 71. Central Indiana hospital, arteriosclerosis. Margaret C. Henderson, 70, 701 South Capitol, influenza. . .. , William Anderson, 47, city hospital, nephritis. Ida Lmgenffflter, 52, 622 North Gray, sarcoma. George Nicholas, 70, 1619 Alvord, cerebral hemorrhage. Fred Gardner. 24. 311 Arch, pulmonary tuberculosis. Myron Warnock. 1 month, Rllev hospital, pneumonia. Joann Louise Thompson. 3. city hospital. streptococcic septicaemia. Marjorie Helen Tolson. 1, city hospital, Intestinal obstruction. Perry H. Dain. 32, 349 Terrace, carcinoma. . _ ~ Fannie Anderson. 51. Central Indiana hosiptal, chronic myocarditis. Journalist's Wife Is Dead By United Press NEW YORK. March 14. Mrs. Isabel Joyce Elliott, 53, wife of Jackson S. Elliott, assistant general manager of the Associated Press died today, She had been ill several months.

IntT Harvester Johns-Manvill* Nat Biscuit Pub Sot N J Sears Roebuck Stand, of N J Un. Aircraft U. S Steel Union Pacific Westinghouse

EVANGELIST SCORES MODERNIST PREACHERS “False Prophets Denying Christ,” Charges Dr. Gouthey. “The modernistic preachers are denying Christ and trying to glorify man, but they are only false prophets who are leading the people astray and setting up the groundwork for the Anti-Christ,” said Dr. A. P. Gouthey, Seattle (Wash.) evangelist, in his sermon last night at the Cadle tabernacle, where he is preaching every night this week. “We soon shall see the greatest material prosperity ever known in the world, money will flow like water, but we must not forget that nations and civilizations do not go to ruin in times of depression, but during their peaks. In other words, the fall comes from the top and not the bottom. This period of prosperity w-ill be very hard for you to hold on to the real things without a real anchor in God.”

Bond Prices

(By Fenner & Beane) —March 14— High. Low .10:30. Alleg Corp 5s ’SO 33 32% 32% Am & For Pwr 5s 2030 . .. ... 53% A T 4 T db 5s ’65 107% Atchison Gen 4s ’95 . 100 B & O cv 4%s ’6O 71% 71 71 Beth Steel 5s 4 ’42 .. 102% Brazil 6%s (26) ’57. 30% 30% 30% CMStP&'P ad.i 5s A 2000 20% 19% 20% Denmark 5%s 55 ... 94% Det Ed 5s E ’52 104% Erie R R rs 5s ’67 74 73% 74 Goodyear 5s ’57 ... 97 Gt Nor 4%s D ’76 80*4 Gt Nor 7s A ’36 98% Xnterboro R T 5s ’66 72 Int T&Tdb 5s ’55 ... 67% 67% 67* 2 Lorrillard 7s ’44 . 119% McKess e& Robb 5%s ’SO 76 75 75% Nat Dairy db 5%s ’4B . .. ... 90* 2 N Y Cent 4%s O 2013 79% Para Pub 5%s ’SO 48% 48% 48% Penn R R 4s D ’Bl ... 94% Shell Un Oil 5s ’47 96% Texas Corp 5s ’44 102% Tob Pr N J 6%s 2022... 106% 106 106% Un Pac Ist 4s ’47 103% U S Rubber 5s A ’47 82% Western Un 5s ’sl ■ 90% 90 90% Ygstwn S & T 5s B ’7O 87% PENNSY RAILROAD PAYS $6,583,848 IN DIVIDENDS 236,489 Stockholders Throughout Nation Receive Payments. By United Press PHILADELPHIA, March 14.—The Pennsylvania railroad today paid $6,583,848 in dividends to 236,489 stockholders, making the total dividend payments since the road was chartered $1,044,413,934 equal to more than a dollar for every minute since the birth of Christ. Today’s dividend checks were sent to every state in the union and to fifty-one foreign countries and American possessions. “The conditions under which the Pennsylvania railroad is now operating show material improvement over 1933 and warrant a feeling of decided encouragement,” A. J. County, vice-president, said. LAWYERS HEAR WILDE Federal Referee In Bankruptcy Speaker at Dinner. “The Lawyer on the Stage of Life” was the subject of an address by Carl Wilde, federal referee in bankruptcy, at the luncheon of the Lawyers’ Association of Indianapolis yesterday at the Washington. Joseph E. Hartman, vice-president and chairman of the committee on admissions, submitted the committee’s report, as result of which William Peden was admitted to membership. President Grier M. Shotwell presided.

EMPLOYERS MUTUALS of Wausau, Wisconsin ANNOUNCE the Opening of Offices In INDIANAPOLIS at 1108 CIRCLE TOWER TELEPHONE LINCOLN 2241 Herbert Higburg, Manager AUTOMOBILE, PUBLIC LIABILITY WORKMEN’S COMPENSATION, PLATE GLASS PERSONAL ACCIDENT AND BURGLARY INSURANCE ewpiovtos MtfTWM. U4MHUTV msmhu co. Hmh nrriT wiLiuan coommmm MM VMMTSAe. WISCMIIMM

MARCH 14, 1934

FUTURES SHOW LITTLE CHANGE IN DULL TRADE Dust Storms Continue in Western Area: Other News Weak. BY HARMAN W. NICHOLS T nited Press Staff Correspondent CHICAGO. March 14.—There was no new incentive for grain traders at the opening .of the Board of Trade today and prices held steady to thin fractions lower. Wheat and corn were unchanged to % cent lower and oats were '* cent lower to % cent higher. Stocks and cotton were about steady. Liverpool opened lower than due. With a majority of loncs displaying confidence in their positions, and an extensive area west of the Mississippi river complaining of dust storms, it did not seem likely to experts that the reaction of the wheat market would extend far. Chicago Primary Receipts —March 13— —Bushels—- .... . Today. Last Week £°rn ■ 584.000 41*000 Oats 124.000 116.000 Chicago Futures Range —March 14— Prev WHEAT— High. Low. 10:00. close' May 89% .88'/ .89 .88 1 a July 89% .88'j .89% 88% May 51% .51% .51% .51% July 53% .53% .51% .51% 5 ’ 4 55 ' 55 ' 4 ' 55,1> May 34% .34% .34% .34% July 35% .35 .35% .34% S Tye-' ' 353 * 35 May 60% .60% .60% .60% July 62 .61% .61% .61% Parley-"' 64 ' 63% ' 633 May 47 .46% .46% .46% Jul.V 48% CHICAGO CASH GRAIN Sy United Press CHICAGO. March 13. Cash grain: Wheat —No. 5 red weevily and musty 82c; No 5 hard. 84%c. Corn—No. 2 mixed 49%c; No. 3 mixed. 49%ft49%c No 6 mixed. 48c; No. 2 yellow, 49%ft49%c: No 2 yellow, old 50%®50%c; No 3 yellow; 49% ft 49%c; No. 4 yellow. 48%c: No. 2 white, o2c: No. 3 white. 50%ft51c- sample erade white. 44c. Oats—No 2 white. 34®35%c: No 3 white, 34%ft34%c; No 4 cl? A 3 Lft33%c. Rye No sales. Bariev —so®76c. quotable. 50® 81c. Timothy—s7.2s® 7.50. Clover seed— sll ft 14.75 Cash provisions—Lard. $6.47; leaf, $6.50; S. bellies, $8.12. TOLEDO CASH GRAIN By United Press TOLEDO. March 13.—Grain close (grain transit billing.: Wheat—No. 2 red. 93® 94c. Corn No. 2 yellow. 55® 56c. Oats—No. 2 white, 39ft 40c. Rve—- . 2. 66%®. 67 %c. Track prices. 28%c rate: Wheat—No. 2 red. 89%®90c; No 2 red, 88%® 89c. Corn—No. 2 yellow, 51®. Dl%c; No. 3 yellow, 49%®50%c; No. 4 yellow 48%®49%c. Oats—No. 2 white 35%@37%c; No. 3 white, 35f/37c. Toledo seed close: Clover—March $8.25. Alstke— Cash. $8.50. ST. LOUIS CASH GRAIN By United Press ST. LOUIS. March 13—Wheat—In fair demand, tone steady: No. 2 red winter Pp%#9lc nominal; hard grades steady; No. 2 hard. 88%c; nominal: No. 3 hard 88c. Corn—ln slow demand, unchanged’ No. 2 yellow, 50c; No 3 vellow. 49%ft 49%c. Oats—ln slow demand, l cent higher; No. 3 white. 35%c: sample grade white. 33c. NEW YORK CASH GRAIN By United Press NEW YORK. March 13.—Cash grainWheat—No. 2 red. $1.05%: No. 2 hard winter $1.05%. Corn—No. 2 mixed. 59%c Oats —No. 3 white 44%c

Indianapolis Cash Grain

—March 13— The bids for car lots of grain at the call of the Indianapolis Board of Trade f. o. b.. shipping point, basis 41% New York rate, were: Wheat—Easy: No. 1 red. 82®83c: No. 2 red. 81@82c: No. 2 hard. 81®82c. Corn—Easv: No. 3 white. 43@44c: No. 4 white. 42® 43c; No. 3 v.'Uow. 42@43c; No. 4 vellow. 41® 42c; No. 3 mixed. 41® 42c; No. 4 mixed 40® 41c. Oats—Easy; No. 2 white. 3!)%@31%c: No. 3 white. 29%@30%c. —lnspections Wheat—No. 2 red. 3 cars: No. 2 hard. 2 cars. Total. 5 cars. Com—No. 2 white. 4 cars; No. 3 white. 6 cars; sample white. 1 car: No. 2 vellow. 6 cars; No. 3 vellow. 7 cars: No 4 yellow. 2 cars: No. 5 vellow. 1 car. Total, 27 cars. Oats—No. 4 white. 1 car. Total. 1 car. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 87 cents for No. 2 so.'t red wheat, utner grades on their merits. NEW YORK RAW SUGAR FUTURES —March 13— High. Low Close January 1.77 1.73 1.73 March 1.47 1.45 1.45 May 1.59 1.55 1.55 July 1.64 1.60 1.61 September 1.70 1.66 1 67 December 1.75 1.72 1.72 Marriage Licenses William Barker. 30, of 813 North East street, truck driver, and Lorena Elmore. 21, of 844 Edison avenue, clerk. Jesse Begley, 26. Ft. Benjamin Harrison, soldier, and Eva Vorhies. 25. of 1217 North Belle Vieu place, stenographer. DeWitte Parker. 37, Beech Grove brakeman, and Marguerite Isley. 38. of 329 % East Washington street, housekeepeJack Kamtnins. 28. of 952 South Illinois street, lawyer, and Jennie Efroynison. 24, of 98 East Maple road, housekeeper. Malachv Moran. 33 of 736 East New York street, laborer, and Mary Olinskv, 22. pf 725 North Concord street, paper sorter. Speaker to Talk on Fascism “Austria and the World Threat of Fascism” will be the topic which Charles B. Rogers will discuss tonight in the Dearborn. Mr. Rogers will speak to members of the Ninth ward Socialist party.