Indianapolis Times, Volume 45, Number 268, Indianapolis, Marion County, 20 March 1934 — Page 13

MARCH 20, 1934

STEEL SHARES LEAD RALLY; SILVER ISSUES ARE STRONG

Wall Street Industrial Strikes at Present Time Endanger Entire Federal Recovery Program. Time* SgMlll Financial Writer

That the possibilities of labor difficulties during the next few months constitute a serious threat to the entire national recovery program should be obvious to almost every one. Reports of probable strikes have been heard from several quarters, the most serious emanating from the automobile manufacturing centers. Strike calls hardly appear jusitfled in view of the machinery which has been set up by the federal government to adjust the differences between capital and labor under the codes of fair businss practice. This

would appear to be a time for all factions to pull together in order that the wheels of industry may start rolling again rather than one for any faction to throw a monkey wrench into the machinery. It probably is safe to say that the present administration in Washington has been the best friend to labor ever to hold the reins of power in this country. It has brought into being more favorable labor legislation than any of its predecessors. Moreover, it has brought pressure to bear upon industry to conform to the spirit as well as the letter of this new legislation. nun Governmental Interference Resented. That industry has resented governmental interference in a great many instances is well known. But, generally speaking, it has had little choice in the matter. Rigid codes were written and heavy penalties were provided for disobedience. But if compliance to codes of fair business practice can be forced

jyjH-. ‘

Ralph Hendershot

only on industry and not on labor it would appear rather obvious that such codes are not as practical as they were generally supposed to be. In the absence of full and complete facts of the difficulties now being encountered it is fair to assume that both industry and labor have taken advantage of all of the technicalities in the codes which would react in their favor It is but natural that they should do so. Both sides are fighting for principles not necessarily involved in the manner in which labor is now being treated. Important precedents are in the making, and both sides wish them to be favorable to their cause. u a a a u a Right to Organize Conceded. Most corporations have conceded to labor the right to organize and bargain collectively, but many do not grant outside labor leaders the right to come into their plants and organize their workers. It would be ridiculous to say that corporate managements are not in a position to exercise some control over company unions, but, at the same time, these managements can not be blamed for not wanting to discuss labor problems with some person or persons on the outside who should have no direct interest in the people whom they seek to organize but seek only to increase their own power and importance as labor leaders. Inasmuch as industry Is subject to severe punishment for failure to abide by the codes which have been drawn after conscientious if not careful consideration of the rights and welfare of all parties concerned, it would seem no more than right and just that equal punishment should be meted out to others who seek to prevent fulfillment of the aims of the I.RA, Tt would seem that the NRA administrators should be in a position to adjust fairly and equitably any labor problem w 7 hich might be brought before it for review. It would seem also that after it has heard such cases it should be in a position to enforce its findings whether they be in favor of industry or labor. Without such power it is difficult to see how it ever can be very’ effective in really promoting the aims for which the act was created. Industrial wars should be outlawed for the same reasons that civil wars should be outlawed.

New York Stocks

—March 20 — Prev. Oils— High. Low. 10:30. close Amerada 4 Z% Atl Rfg 30 Va 30'a Barnsdall • • • ® Consol Oil 12'a 12‘a 12% 12's Cont of Del 17% 1] 2 Houston i newi J J Houston (oldi • 23 Mid Cont Pet 12% 12'4 Ohio Oil 73% 12 4 Pet Corp • 12 a Phillip.- Pet 17'a 17' 4 17*2 17 4 Pure Oil 12‘ 12*4 Royal Dutch 37^ Sbu Oil 33% Shell Un 10 Simms Pet Skellev Oil ML Soc Vac 16 4 16*2 SO of Cal 36 2 36% SOof N J 44,4 44% Sun OH s?j Texas Corp •• "-4 23 4 Tidewater Assn IX Mi 11 *1 8 Un OH of Cal 16 5 a 16% Alii VolT Mills. • - 23 22' 2 Bolh Steel 41 3 ,4 41'2 41 2 40 a Bvers AM 26 '2 25 2 Col Fuel & Iron 62 Cruc Steel 31 30 2 Lualum Steel •• ••• ••• *S 8 McKeesport Tin Nirl Steel • 8 Rep Iron A Steel 20% 19% 20; 2 19% Rep In A St pfd 56' 2 56' 4 56' 2 57 U S Smelt - 118% 117 118 116 2 Vanadium 25 a 23 2 Mid Steel Ji, u S Pipe A Fdy 2 1) 2 U S Steel 61 j0 5 4 u S Steel pfd ■ ••• • . S,* Youngst'n SAT 2.'= 26 4 2i 2 26 4 Atchison 66 s3 B !fcO Une .2B% '2B', '28% 28% ChVohio"-"’.'. % St ' 2 r Chi A Gt * 2 C M A St P 6% 62 CMA St P pfd • • }O% 10 a Chi N W 13 12% 13 12 4 Chi R Isl 2 3 4 Chi R I 77 pfd ‘ 4 £ r e .e & :: ::: 20% 21* Ort Northern pf 27% 27 27% 26,* 111 Central 31% 31% 31-a 30 * K C Sou Lou A Nash ??, 8 M K A “ 3 4 Mo Pac 2, 4 N Y Cent 35% 35% 35% 3d N Y Chi A St L SL, NY C A St L pfd •- J 4 NY New Haven 18 17% 18 18 Norfolk A Wes l‘ Nor Pac 30% 30% P#nn R R • 33 4 33 2 SoS Pac- 26% 25% 26% 25% Sou R R 31 31 Sou R R pfd 33 Union Pac “J 4 West Marvl I 4 ** 1* 8 Motors — Auburn ? 4 Chrysler 50% 30 Gen Motors 35% 35% Graham Mot 3* 34 Hudson i? 3 2 EE nil':::::: ::: ’• Nash 24 24 8 Packard " s 8 Reo - ••• • 5. 8 Studebaker .... <% < ‘ 4 a Yellow Truck 5% 32 Motor Access— Bendix 18 4 is Bohn Alum • 56 2 Bora Warner .. 24% at Briggs 15 14% 14% 14 ’ 2 Budci Wheel 4 4 Eaton Mfg ... •••, 19 19 Elec Auto Lite.. 27% 26% 27% 26 * Houd A 5% 5% Mullins Mfg 12 12 Murray Body 9a 9 Stew Warner 8% o Timken 34 Mining— Alaska * 7?3 2 Am Smelt ••• 42 4 1j 4 Anaconda ••• •• 14 4 Cal A Hecla 5 4 a 5 % Cerro De Pasco 34 34% Granby 10% 10 s Gt Nor Ore - 13% 13 4 Howe Sound 46% 45% 46% 44 '4 Ins Copper • 5 St Nickel ... 26% 26 26% 25% Isl Creek Coal *5% Kennecott Cop 19 19 Noranda Cop 3.% 3.% PhelDs Dodge 15% 15 Tobaccos— Am Snufl 54 Am Sum Tob 18% Am Tob A 66 % Am Tob B 68% Gen Cigar 31 Ligg A Mvers B 8.% Lornllard . 16 8 . 16% Reynolds Tob B 40% 4C% 40% 40% Equipments— AUis Chalmers 19 19% Am Car A Fdy 27 Am Loco 34 Am Mach A Fdy Am Steel Fdy 20% 20% Bald Loco 12% 12 * Burroughs 15% 16 Case J I 69% 68% Cater Tract 28% Colgat Palm P 15% 15% Coneoleum 27 Elec Stor Bat .. .. 46% Foster Wheeler 18% Gen Am Tank C .. ... 39 39 Gen Elec 21% 21% Gen R R Sig 42% 42% Ingsol Rand 64% 64% Int Bus Mach . .. ... ... 140 Int Harvester ... . . 40 Kelvinatcr 19% 19% 19% 19% Natl Cash Reg 18% 18% Proc A Gamble .. ... 36% 36% Pullman Inc 54% 54% Simmons Beand ... Und Elliot 44% West Air B 29% Westineh Elec 37% 37 37% 37 Utilities— Am A For Pwr 9% 9 9% 9% Am Power A Lit 8% A T A T 17% Am Wat Wks 20% 20% Brook Un Gas 70% Col Gas A Elec 15% 15% Com A Sou ... ... 2% 2% Elec Pwr A Lit 7 ‘4 E P A L pfd 14% Int TA T 14% 14 Nat Pwr A Lit.. .. ... ... 11%

Hoppln & Co.i " , North Amer 18% 18% Pac G&E . 19% i Pub Serv N J 38% 38” So Cal Edison... .. ... ... ia% Std Gas 125. Std Gas pfd 12% United Corp 6% 6% Un Gas Imp 16% 16% Ut Pwr & Lit A 3% Western Union 54 54 Rubbers— I Firestone 20% 20 i Goodrich 15% 15% 15% 15% j Goodyear 36 35% 36 36 *U S Rubber . 18% 18% 18% 18% ! U S Rubber pfd 43 43 | Kel Spring 35* Amusements—i Crosley Radio 13 13% Fox Thea 15 145! i Loew’s Inc 31% 31 >4 31% 30% Radio Corp 75/. 73. RKO 3% Warner Bros ... 6% 6% 6% 6% j Foods—- : Am Sugar 52% 1 Armour A 6 5% 6 5% Beatrice Cream 141, I Borden Prod 22% 22% Canada Dry G A 24% Coca Cola ... 104% Cont Bak A ’ 12 Corn Prod 71 71 Crm of Wheat. .. ... 32% 32 F^ ods 331 33 G W Sugar 26 Loose Wiles ... 42 42 Natl Biscuit . 42 Natl D Prod ... 15% 15% 15% 15 Purity Bak ,= i< S Porto Rico S ’ ' 3i.v Std Brands 21% 21 21% 20% United Fruit . 8 W’rlgley ’59 58:1 ; Retail Stores— Ass D:y Goods 153. Best & Cos ....... 017 Gimbel Bros ”514 5% Hahn Dept Sts 7% 7 7% 71 * Jewel Tea 45 8 Kresge S S ’ig | Kroger Groc ‘!' 09 3 , . Macy R H .... .. ..7 53 52% ; May Dept St 791,' 301 2 Mont Ward .... 31% 31% 31% 31 2 Penny JC 64 , 8 Safeway St 5? Sears Roebuck 46% 46 3 4 wooiworth : . 8 591" Aviation— Aviation Corp 73, 71; ; Douglass Air 25% 25 I Cunrtiss Wright 414 41. i Curtiss Wright A 101 8 Nor Am Av . gi. United Aircraft 24 £. ,3 4 24 23% Chemicals— Air Reduction or Allied Chem 147% Am Com Alcohol 50 Col Carbon .. 68 67 I Com Solvents... 27% 27V* 27% 26% : Du Pont . 935. Freeport Tex 41% 41 % Liquid Carb 26% 26% Math Alkali . 33% 33% 33% 33% Tex Gulf Sulph. . . 36 Union Carbide 43% 42% 43% 43 Natl Dist tnewi 28% 27% 28 1 - 27% ■ Drugs—- { Coty Inc 7 Lambert 28% 28 % I Lehn & Fink ... ... .. 19% ; Zonite Prod ... 7% 7% 7% 7% Finanrial— Adams Exp ... 9% 9% 9' R g3„ i Allegheny Corp .32% 33 I Chesa Corp ... .. 39% Transamerica 6% 6% Tr Conti Corp 4% 4% Building— Am Radiator .. 14% 14% 14% 14 Gen Asphalt ... . 17% ; Int Cement ... 29% 29% [Johns Manville . 55% 55% Libby Owens Gls 35% 35% 33% 35% | Otis Elev 15% : Ulen Const .... ... 3% 31 „ Miscellaneous— Am Bank oNte . 18% Am Can 97 96 Brklvn Man Tr 30 Conti Can 76% Eastman Kodak. 88% 88% Owens Bottle 83% Gillette 10% 10*8 Glidden 23 22% Gotham Silk 9% Indus Ravon ... 82 Inter Rapid Tr ... 9% Real Silk Hose 11 New York Curb (Bv Abbott. Hoppin & Co.l —March 19— Close Close Allied Mills 8 Gen Aviation . 6% Alum Cos of Am 65% Glen Adler. Coal 18% Am Beverage . 3 Gulf Oil of Pa . 67% Am Gas & El 24% Hiram Walker . 46 Am Superpower 3% Hud Bav Min .. 11% Asso Gas fc Ei. 1% Humble Oil 40% Atlas Corp . 12 s , Imperial Oil Ltd 13% Axton Fisner T 60 Int Petrol . 22% Brazil Tr A; Lt 11% Lake Sh Mni 49% Can Indu Ale A 14% Natl Bellas Hess 3% Can Marc 3% Newmont Min . 50 Carrier Corp 8% Nia Hud Pwr . 6 s , Cities Serv 3 Novadel Agene 65% Consol Gos Bal 61 Penn Road . 3 Cord Corp ... 6% St Regis Paper . 3% Creole Petrol .. 1% Sal Crk Prod . 6% Deere &Cos ... 28 s , Sherwin Wms, 61% Distillers Ltm . 22% Std of Ind 26% Distillers Corp 18% Std of Kv 15% El Bd Jr Share 16% Technicolor Ind B s * Fisk Rubber 17% Teck Hughes G- 6% Ford of C (A) 22% Un Gas .. S Ford of Europe 7% Wrl Harg Min . 9*,

U. S. Government Bonds

i Ry United Prenn NEW YORK. March 19 —Closing liberties (Decimals represent thirtv-seconds 1 Liberty 3%s (32-471 . 103 3 Ist 4%s 132-471 103 9 4th 4%s 1 33-38 1 103 16 Treasury 4%5%3%s .451 10J 4%s 147-52 110 12 3%s .43-47) 102 11 3%s i4l-43) March 102 11 i 3%s 140-431 June 102 14 i3% (41) 102 3 3%s (46-49) 100.21 3$ 151-55) 99.7

PORKER PRICES STEADY TO 5 CENTSLOWER Cattle, Vealers Unchanged; Lamb Market Scarce at $9.25 Down. Uneven trading range developed in the pork market at the Union Stockyards this morning. General run moved around 5 cents lower, while underweights remained steady at yesterday’s average. Receipts displayed an increase and demand was less active. Initial bulk of all weights was selling at 54.35 to 54.60. Few butcher grades sold at 54.65. Small slaughter pigs. 130 to 160 pounds, brought 53.50 to $4, while light lights, scaling 100 to >l3O pounds, were salable at $2.10 to $3.25. Receipts were estimated at 7.000. Holdovers, 131. With the cattle market not fully established in the early trading, practically all bids were around stationary at the previous close. Stock on hand consisted mostly of steers and heifers. Receipts numbered 2,000. Vealers remained steady with yesterday’s opening, selling at $7.50 down. Odd head held at SB. Receipts were 800. No test was made in the lamb market, with the majority of classes scarce and unchanged. Few grades ranged from $8 to 9. equivalent to $9.25 for strictly choice kinds. Receipts were 100. Firm undertone prevailed in the hog market at Chicago, with no early bids evident. Initial trading was scarce and bulk prices remained undetermined. Receipts were estimated at 20,000, including 5.000 directs; holdovers, 3,000. Cattle receipts numbered 8.000 calves, 2,500; market, strong. Sheep receipts were 13,000; market, steady to weak. March Bulk. Top. Receipts. 14. $4.55® 4.70 $4.80 4.500 15. 4.50® 4.75 4.90 4 500 16. 4 40® 4.65 4.75 6,000 17. 4.30® 4.55 4.60 2.000 19. 4.40® 4.65 4.75 4.000 20. 4.35® 4 60 4.65 7.000 Market Lower 1140-160) Good and choice . $3.75® 4.00 —Light Weights—-(l6o-180) Good and choice .. 4.35® 4.45 (180-200) Good and choice .. 4.55 —Medium Weights—-(2oo-220) Good and choice ... 4.60 (220-250) Good and choice ... 4.60® 4.65 —Heavy Weights—-(2so-200) Good and choice ... 4.60® 4.65 (290-350) Good and choice ... 4.45® 4.60 —Packing Sows—(3so down) Good 3.50® 3.75 (250 up) Good . 3.25® 3.50 (All weights) Medium 3.00® 3.50 —Slaughter Pigs) (100-130 Good and choice .... 2.10® 3.25 CATTLE Receipts, 2,000; market, steady (1 050-1,100i — Good and choice $6.25® 7.25 Common and medium 4.25® 6.25 (1.100-I,SOOi-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® 3.50 Cutter, common and medium .. 1.50® 2.75 VEALERS Receipts, 800; market, steady Good and choice $7.00® 8.00 Medium 4.50® 7.00 Cull and common 3.CO@ 4.50 —Calves—-(2so-500) — Good and choice 7.00® 7.50 Common and medium 2.00® 3.50 —Feeder and Stocker Cattle — (500-900) 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 Receipt;, 100; market, steady (90 lb. down) Good & choice $8.75® 9.25 190-110 lbs.) Good and choice 8.50® 9.00 (50 lbs. down) Com and med , 6.50 6 8.50 Ewes— Good and choice 4.50® 5.50 Common and medium 2.50® 4.50 Other Livestock By United Press CHICAGO, March 20.—Hogs—Receipts, 20,000. including 5,000 directs: slow. 10c lower than yesterday; bulk 180-240 lbs., $4,400(4.50: extreme top, $4.60; 250-400 lbs.. S4O/4.40; 140-180 lbs., $3,500/4.40; pigs. $2,500/3.25: packing sows. $3,600/3.75; light lights, 140-160 lbs., good and choice, $3,500/4.25; light weight. 160-200 lbs., good and choice. $47/4.50; medium weights. 200250 lbs., good and choice. $4.30614.60; Heavy weights, 250-350 lbs, good and choice. $4,100/ .40; packing sows, 275-550 lbs., medium gnd choice. $3,400/3.90; slaughter pigs, ’ 100-130 lbs., good and choice. $2,500/ 3.50. Cattle—Receipts, 8.000: calves, receipts, 2.500; better grade fed steers and yearlings, steady: lower grade weak to mostly 10615 c lower: all heifers lower in sympathy with light steers; other killers uneven; cutter cows weak to shade lower; beef cows steady; bulls steady to weak; vealers unchanged; most steers. $566.75; top $7.60: slaughter cattle and vealers: steers 550-900 lbs., good and choice, *367.65; 900-1.100 lbs., good and choice, $66 7.65; 1,100-1,300 lbs., good and choice, $5 756 7.50; 1.300-1,500 Ids., good and choice. $4.7567.25: 550-1.300 lbs., common and medium. $3.7565.75: heifers, 550750 lbs., good and choice, $56 6.75; common and medium. $3.5065: cows. good. $3.2564.25; common and medium. $2,506 3.25; IoW cutter and cutter. $1.50 6 2.50: bulls, vearlings excluded, good beef. 53.25 63.75; cutter, common and medium. $2.50 63.40: vealers. good and choice. $5.5067.50; medium. $4.506 5.50; cull and common. $3.5064.50: stockers and feeder cattle: steers. 550-1.050 lbs., good and choice. $4,507/ 5.75: common ana medium, 53.256 4.75. Sheep—Receipts. 13.000; fat lambs opening slow, weak to 25c lower from yesterday’s best time and in line with weak close; bids and sales, good to choice wool lambs, $96 9.25: sheep steady: slaughter sheep and lambs: lambs 90 lbs. down, good and choice. $8.5069.35; common and medium. $76 8.75: 90-98 lbs., good and choice. SB6 9.25; ewes. 90-150 lbs., good and choice, $46 5.75: all weights, common and medium. S3® 4.50.CINCINNATI. March 20—Hogs—Receipts. 5.000. including 530 direct and through; holdover. 155: top and early bulk. 180-300 lbs.. $4.80; better 150-180 lbs.. $46 4 50: 130-150 lbs., $36 3.75; bulk good swos, 53.25'//3.50. Cattle—Receipts. 300; calves, receipts, 60(1. mostly fully steady; steers and heifers. $4.50 6 5.60: few upward to $6; fat cows, mainly s3'//3.75: low cutters and cutters. $1.50 6 2.75: sausage bulls. $3.75 downward; others $5.50 down. CLEVELAND. March 20.—Cattle—Receipts, 225: market, steadv: steers. 7501.100 lbs.. $6.50 67 ; 650-950 lbs.. $5,506 6.50: 900-1.200 lbs.. $5,506 6.50; heifers, 600-850 lbs. $4,507/5.50; good cows, all weights. $2.756 3 25. Calves—Receipts, 600: market, active and strong: prime veals at $8 top; prime veals. $7,506 8; choice vealers. $6.50®7.50; medium. 55.506 6 50; common. $36 5. Sheep and lambs— Receipts. 1.200: market, steady: good to choice wool lambs. 596 10; medium to good. $869; culls and cuts. $567: choice clipped lambs. $7 506 8: medium to good. $66 7: crime wether sheep. $56 6: choice ewes. $4 506 5 50; medium to good. $36 4.50. Hogs—Receipts. 1.200; packers bidding 10c lower but no sales made in early tracing: 250-300 ibs.. $4.2564.50: 220-250 lbs.. $4.5064,85: 180-210 lbs.. $4.85: 150180 Ibs . S4 85: pigs. 100-140 lbs.. $363.25; roughs. $2,757)3; stags. $1 7562. LAFAYETTE March 20—Hogs—Market, steadv to 5c lower: 200-325 lbs. $4,306 4.45; 170-200 lbs.. $4.30 6 4.40: 150-170 lbs., $3 75 6 4 10: 130-150 lbs S3 2563 50; 120130 lbs 52.7563: 100-120 ibs.. $1.75 6 2.25: roughs $3 75 down; top calves. $6.50: top lambs. $8 50. FT WAYNE, March 20—Hogs—Steadv to 10c lower: 200-250 lbs.. $4 45; 250 to 300 lbs.. $4.60: 160 to 200 lbs., $4 35; 300 to 350 lbs.. $4 05: 150 to ISO Ibs.. 53.65; 140 to 150 lbs.. $3.40: 130 to 140 lbe.. $3.15: 120 to 130 lbs . $2 65: 100 to 120 ibs.. $2.15; roughs. $3.50; stags. $2: calves, $7; lambs. $9 g 9 25. By Time* Special LOUISVILLE March 20—Cattle—Receipts. 200; supply light: quality generally plain; market generallv steadv: bulk common to medium steers and heifers, s4® 5: better finished kinds. $5.25 to around $6 for desirable lightweights of the babv beef tvpe. bulk beef cows $2.50 63 50; low cutters and cutters. $1256 2 25; sausage bulls. $3 75 down; stockers and feeders practically absent. Calves— Receipts, 300: market fully steadv to strong’ bulk grades. $5 506 6: strictly choice kinds. $6.50: medium and lower grades. $5 down Hogs—Receipts 900: 15c lower: 170-240 lbs.. $4 70: 245-270 lb.*.. $4 35: 275 ibs up. $4; 165-165 lbs.. $3 70; 120-140 lbs. $2 35: sows. 52.75. Sheep—Receipts. 25; steadv; medium to good lambs, $7.50 6 8.50: choice eligible to S9O: throwouts mostly *5.50; desirable ewes, $2.50 @3.

THE INDIANAPOLIS TIMES

Chicago Stocks 1 B Abbott Honnlt* A Cos.

(Total Sales 38.000 Shares) —March 19— High. Low Close. : Acme Steel Cos 40% 4040 Altorfer Bros . 24 22% 21 ; Assoc Telephone Util ... ... % i Assoc Tel Util A pfd ... • Bastlan-Blessing . .. 7 ; Bendix Aviation 18 1 a 17% 18 1 Borg-Warner 35 23 % 24 ! Brown Fence & Wire B 4'* 4 4 E L Bruce Cos 14*4 Butler Bros . 10** 10 10 >. j Cent 111 Pub Serv pfd 18 Cent 111 Securities pfd 8 ! Cent Pub Util % Cent & So West pfd 5% Cent & So W P L pfd 9% i Chi <sr North Western 13 12% 13 j Chi Corp Com 2% 2% 2% ! Chi Corp pfd 27% j Cities Service 32% 2% Commonwealth Edison 54% 54% 54% Continental Steel .... .. BVi Cord Corp 6% 6% 6 s * Crane Cos 8% 81* 8% Crane Cos pfd . 60% Curtis Mfg Cos 5% Fitzsimmons & Connell 14% Gen Household Ut 13 12% 12% General Candy Corp . 6% 6% 6% Godchaux B . 9% Goidblatt Bros . ... 17 Vs 16% 16% Great Lakes Aircraft 7 s Hall Printing . 7% Hart S &: M 20 19 3 a 20 Houdaille Hershey B 5% Keystone Steel 17% 17 17 Libby McNeil 5% 5 5 Loudon Packing ... 18 Manhattan-Dearborn .. 1% Marshall Field 17V* 17 17 Vi McCord Rad (Al Electric 7 1 /* 7* 7 Mcjuay-Norris . 43 McWilliams Dreding Cos 21 20% 20% Merchants & Mfrs (A) 2% Mickelberry’s Food Prod 2 3 4 Middle West Utilities . % % % Midland Utilit 6% P L l 3 i Midland Util V7o P L 1% Monroe Chemical ... ... 6 Nachmann Springfilled 4 3 4 National Leather 2 17/*l 7 /* 1% National-Standard . 25 3 2 Noblitt-Sparks Indu Inc 14 3 4 14% 14% Northwest Bancorporatn 4% 4*2 4% No West Util Pr Lien 6% Parker Pen 6' 2 Perfect Circle 3331 3 2 Prima Cos 9 3 i 9>/g 9% Public Service N P 20 Reliance Mfg Cos 17% 17 3 i 17% Sears Roebuck • • 47 Southern Union Gas 1 5 8 Storkline Furniture 6 Stutz Mo Car Cos of Am . 6 Swift & Cos .... 16V4 1574 16 Swift International . 27Vi 27 1 /e 27% Thompson JR 9 8 3 /* 8 3 4 Ctilitv & Ind pfd IV4 Vortex Cup Cos 10*4 Walgreen Cos com . Zenith Radio 3Vi 3% 3%

On Commission Row

—March 20— Fruits Apples—New York Baldwins, fancy, $1.60; fancy Staymans $2.25; fancy Winesaps, $2.60. Oranges Caliofrnia Sunkist. s3®4; Floridas, [email protected]. Lemons —Sunkist, $6; Red Ball. $5.50. Grapefruit—Arizona seedless 80s, $3: Florida. $3.25. Strawberries—Florida, pint, 16@17c; 36pt. crate, $5.5066. Cranberries —C. C. Howes. Eatmore, 25lb. box, $2.50. Melons—Argentina Honeydews. $2.75. Pears—Florida, Avacados, $2.50; Calavos $3.50 per box. Bananas —Per pound. 5 cents. Vegetables Cabbage—New Texas. $1.25 per halfcrate; Florida red, $3.50 per hamper. Celery—Florida, $2.5063.25 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, $2.10; Red River Ohios. $2.30: Maine Green Mountain $2.50; Colorado McClures, $2.35; Idaho Russets. $2.35; Wyoming Triumphs. 50-lb. bag. $1.25: New Florida Triumphs. $1.90. Sweet Potatoes —Indiana Jerseys per bushel. $2: Porto Ricans. $1.85. Asparagus—California select, crate. $4. Beans—Round, stringlgss. $3.25®3.50; 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, $1.25. Lettuce—Hot house. 10-lb. basket, 70c; Iceberg best, $2.7563.25 a crate. Peas —30-lb. hamper. $2.75. Radishes—Hot house buttons. 45c a dozen; long white, 40c per dozen. Rhubarb —Hot house. 45c a bunch. Spinach—New Texas. $1 per bushel. Tomatoes —Repacked, 10-lb. carton. $1; selected, cellophane wrapped $1.25; original Florida. 20-lb. lug. $2.

In the Cotton Markets

■—March 19— CHICAGO High. Low. Close. January 12.55 12.40 12.45 March' 11.99 May 12.20 11.88 12 07 July 12.30 12.00 12.16 October 12.38 12.18 12.30 December 12.50 12.28 12.39 NEW YORK January 12.48 12.27 12.36 March 12.01 11.80 11.91 May 12.13 11.86 11.96 July 12.22 11.96 12.08 October 12.33 12.10 12.26 December 12.43 12.20 12.32 NEW ORLEANS January 12.42 12.32 12.32 March' 12.00 11.89 11.90 Mav 12.12 11.80 11.95 July 12.24 11.90 12.06 October 12.34 12.01 12.20 December 12.40 12.14 12.28

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: voung 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. gross; 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 20—Eggs—Market unsettled: receipts. 24.061 cases; xerta firsts. 17%c; fresh graded firsts, 17%c; current receipts. 16%r; dirties. 15c% checks. 14%c, Butter—Market unsettled: receipts, 9,864 tubs: storage standards <9O score). 23%c: extra firsts (90-9102 scorei. 23%®24c: firsts 1 88-89% scorei 22%@25c: seconds 1 86-87% scorei. 22c; extras (92 score'. 24%c: specials. 24%@25%c; standards, 24%c. Poultry—Market about steady; receipts. 26 trucks, one car, one car due. old turkey toms. 14c; Leghorns, 12c; ducks. 15(318c; roosters. 10c; colored springers. 17c; Plymouth Rock broilers, 25c% geese. 12c; heavy hens. 14c. Cheese—Twins 14% ®l4%c; Longhorns. 14'%% 15c; daisies. 14% 15c. Potatoes—Old stock, supply heavy; demand and trading slow; market dull; Idaho Russets. [email protected]: mostly *1.80% 1 85; Minnesota and North Dakota Red River Ohios. $1.70®1.80; partly graded. $1 60(31.65; Wisconsin round whites, few saies $1.50(31.55. New stock, no sales reported. Shipments, 647; arrivals. 139; on track, 359. NEW YORK. March 29.—Potatoes—Dull: Long Island. $2.25(32 50 bbl.: Southern, $3.50(3 6.25 bbl.; Maine. $1.25® 4 bbl.; Idaho, $2.25(3 2.40 sack; Bermuda, $6.50® 7.65 bb!.: Canada. $2,154/2.25 bbl. Sweet Potatoes —Steady; Jersey basket, 40c® $1.75: Southern basket. <oc®sl.2s. Flour —Dull; springs, patents. $6,504/6.75 bbi. Pork—Dull. Mess—s2o.2s bbl Lard—Easy. Middle West Spot. $54/5.10 per 100 lbs. Dressed Poultry—Dull; turkeys. 18%®250: chickens. 94/ 28c: broilers, 14® 30c; capons. 174/32c; fowls. 13® 18c: Long Island ducks, 14%® 15%c. Live Poultry—Moderately active; geese. 7® 9c; turkeys. 204/22c; roosters. 10c; ducks. 84/12c; fowls, 13®16c: chickens, 12® 18c; capons. 22c; broilers. 22 4/'2sc. Cheese -Quiet: state whole milk fancv to specials. 19@20c; Young America. 15%ai6c. CLEVELAND. March 20.—Butter—Market steady; extras. 28%c: standards 28%c. Eggs—Market steady: extra white, 18c; current receipts. 17c. Poultry market barely steady; colored fowl, medium, 16c; Leghorn fowl. 124/ 13c: springers, smooth. 16c; capons, 8 lbs. and up. 23c: colored broilers. 25®27c: stags. 12c: ducks, white. 5 lbs. and up 18c; ducks light. 16c. Potatoes—Maine. [email protected]: Idaho. s2® 2.25; Ohio and New York best. $2. NEW YORK COFFEE FUTURES —March 19— Santos High. Low. Close March 10.43 May 10.61 10.57 10.61 July 10.78 10.74 10 78 September 11.09 11.04 11.09 December 11.19 11.11 11.19 Rio January 8 58 March • 8.15 May 8 22 8.18 8.22 July i 8.35 8,22 8 34 September , 8 44 December 8 52 8.47 8 52 •CHICAGO FRUIT MARKET R’l United Prea* CHICAGO, March 20 —Apples—Michigan Balowms. $1.50 bushel. Carrots —Illinois. 404/ 50c bushel.- Spinach—Texas. 75® 90c bushel. Beans -Southern green. $2 504/ 3 25; wax. $2.75® 3.25. Cucumbers —Central western hothouse. 52.254/2.75. 2 dozen to box. Tomatoes —Florida. $1.75(3 2.50 box Sweet pota'oes—Tennessee. SI 604/ 1.70: Indiana. $1.65® 1.75. Rhubarb—Michigan hothouse. 20® 35c. 5-lb. cartons Rutabagas Michigan hothouse. 754/85c. 50-lb. sacks. Turnips—Central western, 50c bushel. Mushrooms—lllinois. 17%4/30c. pound cartons. Asparagus—California. $1 404/3.25, dozen bunches. Onion market. 50-lb. sacks —Western Valencias. 90c4i51.30: central western yellows, 75c@$l; western white, L55©1.78.

SECURITY LIST STRENGTHENS IN LIGHT TRADING First Interpretation of Revised Stock Bill Aids List.

Average Stock Prices

Average of thirty industrials for Monday: high 101.04. low 98 99, close 99 68. off 1.97. Average of twenty rails: 48.07. 46.94, 47.21, off 1.19. Average of twenty utilities: 26.15. 25.53, 25 68, off 65. Average of forty bonds: 93.12. off .28. Average of ten industrials; 95.27, off .28. BY ELMER C. WALZER United Press Financial Editor NEW YORK, March shares led a quiet rally today at the opening on the Stock Exchange. Silver issues also were strong and silver futures advanced sharply. New York Central rose to 35%; International Nickel 26 %, up a s . Small advances were made by United Aircraft, National Distillers, Chesapeake & Ohio, North American, General Motors, Douglas Aircraft and Sears-Roebuck. During the early trading volume was small, with prices tending up in many issues. Howe Sound, which opened at 45%, up 1, later advanced to 47 Vs . United States Smelting continued to rise, as did American Smelting. Atchison was up more than a point in the rails, and gains of a point or more were noted in American Telephone, Case and Schenley. Advances were aided in part by first interprettions of the revised stock exchange bill. The clause extending until 1939 the present margin holdings jvas seen -as the principal change in the bill. It would eliminate forced liquidation of vast amounts and thus be beneficial to the market. Other sections of the revised bill were considered as deflationary as the former measure, and a majority in Wall Street construed them as distinctly bearish. Trading was dull, however, and there was no tendency to follow up the advance except in the silver and steel divisions. Railroad issues were firm and automobile stocks recovered a small part of yesterday’s losses.

Bank Clearings

INDIANAPOLIS STATEMENT —March 20— Clearings $1,680,000.00 Debits ...'. 4,043,000.00 TREASURY STATEMENT By United Press WASHINGTON, March 20. Government expenses and receipts of the current fiscal year to March 17. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $4,607,487,764.05 $3,634,762,714.88 Receipts $2 164 813.773.64 $1,394,485,384.37 Deficit $2,442,673,990.41 $2,240,277,330.51 Cash Bal. $4,808,833,457.92

Bond Prices

(By Fenner & Beane) —March 20— High. Low. 10:30 Alleg Corp 5s ’SO . 34% 33% 34% Am & For Pwr 5s 2030 50% B&O cv 4%s ’6O 68 67% 68 Can Pac 4s 79% 79% 79% ChMStP&P ad 5s A 2000 18% 18% 18% ChMStP&P rs 5s '75 . 51 50% 50% Erie RR rs 5s ’67 71% 71% 71% Goodyear 5s ’57 98 97% 98 Gt Nor 7s A ’36 .... 97 96% 96% Int T&T db 5s ’55 . 65% 65% 65% McKees&Robb 5%s 'SO . 75% Nat Dairy db 5%s ’4B . 91% 91% 91% NY Cent 4%s O 2013 . 79% 79% 79% Nor Am 5s ’6l .. ... 83% Pac Gas & El A ’42 105% Royal Dutch 4s A '45 96x Shell Un Oil 5s ’47 96% Sin Cons 5%s B ’3B . 103% Texas Corp 5s ’44 .101% 101% 101% Un Pac Ist 4s ’47 94% U S Rubber 5s A ’47 82 Vanadium 5s ’4l ... 79 Ygstwn S&T 5s B ’7O . 86 ... 86

Investment Trust Shares

(By Abbott. Hopoin & Cos.) —March 19— Bid. Ask. American Bank Stocks Corp 1.14 1.18 American & Qeneral Sec. A . 5.00 7.00 American & Inv Tr Sh 1.50 . . Basic Industry Shares 3.40 3.50 British Type inv Tr Sh 60 64 Collateral Trustee Shares A 4.70 4.85 Corporate Trust Shares (old) 2.10 2.14 Corporate Trust Shares (new) 2.37 2.42 Cumulative Trust Shares 4.08 .... Diversified Trust Shares A... 6.25 .. . Diversified Trust Shares B .. 7.87 8.12 Diversified Trust Shares C... 3.17 3.22 Diversified Trust Shares D ... 4.87 4.92 First Insurance Stock Corp.. 1.28 1.32 First Common Stock Corp 82 .85 Fixed Trust Oil Shares A 8.62 8.75 Fixed Trust Oil Sharesß 7.37 7.50 Incorporators Investments 18.50 18.87 Land Bank Bond Shares 1.03 1.14 Low Priced Trust Shares 6.15 6.30 Mass Inv Trust Shares 18.95 20.60 Nation Wide Securities 3.42 3.48 North Am Trust Shares (53). 1.86 North Am Trust Sh (55-56).. 2.38 2.42 North Am Trust Shares (58 . 2.48 2.52 Selected American Shares 1.15 1.20 Selected American Shares Inc 2.50 .... Selected Cumulative Shares... 7.00 .. . Selected Income Shares 3.50 3.75 Std Am Trust Shares A 2.94 3.00 Trust Shares of America ... 2.83 2.87 Trustee Std Oil A 5.55 5.65 Trustee Std Oil B . 5.10 5.25 U S Electric Lt & Pw A .....12.25 12.62 Universal Trust Shares 3.04 3.10

Daily Price Index

By United Press NEW YORK. March 19.—Dun & Bradstreet’s daily weighted price index of thirty basic commodities compiled for the United Press: (1930-1932 Average. 100) Todav 109.19 Saturday 109.22 Week ago 110.24 Month ago 108.53 Year ago (March 20) 72.24 1934 High ’March 12) 110.24 1934 Low’ (March 3( 101.05 Copyright 1934. bv Dun & Bradstreet. Inc.

Foreign Exchange

(Bv Abbott. Hop Din & Cos.) —March 19— Close. Sterling. England $5.10% Franc. France 0658% Lira. Italy 0857% Belgias. Belgium 2333 Mark Germany 3950 Guilder Holland 6755 Peseta. Spain 1364 Krone Norway 2562 Krone. Denmark 2278 Y'en. Japan 3013

Federal Farm Loan Bonds

(By Blyth & Cos.. Inc.) —March 20— 4s. Nov. 1, 1957-37 96%” 98“'* 4s. Mav 1. 1958-38 96% 98 4%5. July 1. 1956-36 97 98% 4%5. Jan. 1, 1957-37 97 98% 4%5. May 1. 1957-37 97 98’ < 4%5. Nov. L 1958-38 97 98% 4%5. May 1. 1942-32 98% 100 4%5. Jan. 1. 1943-33 98% 99% 4%5, Jan. 1. 1953-33 98% 99% 4%5. Julv 1 1933-33 98% 99% 4%5. Jan 1. 1955-35 98% 99% 4%5. Julv 1, 1955-35 98% 99% 4%5. Jan. 1. 1956-36 98% 99% 4%5. July 1. 1958-33 99 3 a 100% 4T;s. Jan. 1. 1934-34 99% 100% 4%5. Julv 1. 1934-34 99% 100% ss. Mav 1. 1941-31 100% 101% ss. Nov. 1. 1941-31 100% 101% Home Loan 4s. July 1. 1951 97% 98% NEW YORK RAW SUGAR FUTURES —March 19— High. Low Close. January 1.72 1.71 1.71 March . 1.43 May 1 54 1.53 1.54 July 1.60 1.59 1.60 September 1.66 1.64 1.64 December 1.71 1.69 1.70

—Today and Tomorrow — Verdict Rendered Before Evidence in Canceling U. S. Air Mail Contracts. BY WALTER LIPPMANN

THE handling of the air mail provides a perfect illustration of the wrong way to institute a reform. On Feb. 9 the President canceled all domestic air mail contracts on the ground of fraud and collusion and ordered the army to begin carrying the mails ten days later. This decision rests on two judgments: the first, that all the contracts were in fact fraudulent; the second, that the army was competent to fly the mails. The udgment that the contracts were fraudulent was no doubt based on evidence which the President and his advisers considered conclusive. But the verdict was rendered before the evidence was produed, and the companies were condemned without be-

ing heard in their own defense. This procedure, even if it was legally correct, was morally incorrect and in the highest sense inexpedient. For, happily, the American people are so constituted that any wholesale condemnation instantly strikes them as unfair; a wholesale condemnation without a hearing violates their sense of justice. It makes no dfference, therefore, whether the administration has conclusive evidence or whether its verdict was in fact just. A government must not only do justice; it must also at all times appear to do justice. a a THE judgment that the army could fly the mails was taken, we now know, without serious investigation. It appears that the chief of staff was not

consulted, and that at 9 o'clock in the morning of the day the contracts were canceled the second assistant postmaster-general asked the chief of the air corps whether the army was prepared to carry the mails. The answer was yes. and on that assurance the administration acted. The result showed that the chief of the air corps did not understand what flying the mail involved. But worse than that, the result showed that the President's advisers had no real conception of their own resnon-

sibility. What they got at 9 o’clock that morning was the off-hand opinion of a soldier whose every instinct it must be to say yes to any assignment coming from his conmander-in-chief. His professional pride, his sense of duty, his traditions of audacity were bound to weight his judgment. An experienced administrator w’ould know’ that, and w’ould not be satisfied until he had checked this soldierly opinion against the opinions of men who had nothing to lose, whose pride was not involved, in a cool calculation of the risks. After all, the army had never flow’n the mails. In all probability the program of the mails has never been studied in the war college or in the general staff. So the postoffice department should not have been satisfied even with the considered opinion of the high command of the army, much less w’ith the unconsidered opinion of the officer. The matter should have been submitted then, not after the fiasco, to civilian experts like Colonel Lindbergh. a a a THE reason the precautions were not taken is clear enough. The administration w r as more interested in righting a WTong than in flying the mails. Its indignation over the evidence of fraud and collusion shut out any cool calculating as to what w’ould happen after the contracts w’ere canceled. So the officials snatched at General Foulois’ opinion that the army could take the assignment, and believed it implicitly because that is w’hat they most wished to believe. This is the w r ay many w r ell-meant reforms come to grief. The reformer, possessed with indignation at an abuse, tends to think that his own sense of moral righteousness provides the solution of the problem. If he does not strike, he is, moreover, compromising with evil. That is all very well when his only task is to make speeches or write articles. But if he is in responsible position, it is not enough for him to strike at the abuse, to cancel a fraudulent mail contract, for example; he must also, and without delay, produce a substitute for the thing he has abolished, for example, someone who can fly the mails. For when he is reforming an instition which does an important service, he can not stop it, take it apart and put it together again at his own convenience; he has to keep it running while he reconstructs it. The air mail is perhaps a luxury which can be suspended for a time without serious consequences. But suppose the same procedure had been applied to all the mails because it w r as found necessary to reform the whole system, then it would have been perfectly evident w’hy major reforms of vital services must be, undertaken in such a way as to make sure that the services do not break down. a a o THE incident of the air mail is highly relevant to other reforms which the administration has instituted. It is particularly relevant to the Securities act and the proposed Stock Exchange bill. Investment banking and the stock market perform vital functions in the national economy. Like the aviation companies, only more so, like the human race as a matter of fact, they are full of sin. They are ripe, overripe for reform. But ! there they are, nevertheless, and here w’e are, dependent upon their not coming to a dead stop. The old sinners do a job which has to be done. What is more, they do it better than any one else could do it without years of practice. It is not wise, therefore, to write laws which list all their sins and threaten them with penalties sp terrific that they are paralzed with fear. You can not call up somebody at 9 o’clock in the morning and ask him whether he is ready to improvise a whole system of investment in the next ten days, and if someone says he can, you must not believe him. You have to keep tfie existing system working while you perform it, or you will find yourself without an adequate investment system. When you are trying to re-employ millions of people, it will not do to smash up too righteously one of the chief instruments needed to reemploy them. You can not feed the unemployed very long upon the moral satisfaction of reading in the papers that the banks and the brokers have gotten what was coming to them. a a a THE incident of the air mail illustrates another thing which those of us who wish to reform the wickedness of the world will do well to take to heart. When the decision to cancel the contracts was announced, Colonel Lindbergh protested. What happened then? Was his protest considered on its merits? It was not, The overzealous partisans of the administration set out to discredit him, to investigate his earnings to make out that he was a vulgar profiteer who was disqualified and had no right to be heard. This was a shocking performance and the administration itself took no part in 17 and tried to show ifs real feelings oy inviting Colonel

Lippmann

Lindbergh to serve on its board of inquiry. But the fact that supporters of the administration attacked him for protesting in the matter on which he had every right to speak his mind should not be accepted complacently. It should not be accepted if Colonel Lindbergh were not the man he has shown himself to be. if he were an unknown citizen, with no special claim upon the gratitude of the nation, who had come So Washington pleading for what he felt were his rights and expressing his convictions. The notion that you must not answer a critic, but must discredit him, is bad medicine anywhere at any time in any cause, however noble and however righteous. Copyright. 1934 , OPERATING COST CUT BY PENNSY Expenses Sliced $.5,000,000 in 1933: Net Income Increases. A notable increase in the efficiency of operations is revealed in the annual income statement of the Pennsylvania Railroad Company which has just oeen completed. Although gross operating revenues which amounted to $324,715,813 were $6,677,643 less than in 1932. the operating expenses were reduced by $15,243,255. The company also saved $1,000,000 in hire of equipment and taxes were more than $3,000,000 lower. The operating ration for the year was cut 69.8 per cent, bringing it down to the lowest point since 1906. Os the total reduction in operating expenses last year the largest single item was a cut of $9,516,107 in transportation expenditures. Net income of the company totaled $19,281,169, representing the amount earned on the capital stock. The amount exceeded the Income of 1932 by $5,707,633.

Bright Spots

(By Abbott. Hoppin & Cos.) Weston Electrical Instrument Company in quarter ended Dec 31 earned 17 cents a common share after charges and dividend requirements on the Class A stock, against a net loss of $14,114 in the like 1932 quarter. Chesapeake & Ohio Railroad Company in two months ended Feb. 28 earned 51 cents a common share after payment of all charges and dividend requirements against 42 cents in the like 1932 period. Car loadings of the company for the week ended March 17 totaled 31,018 cars, against 30,184 cars in the previous week and 21,0*9 cars in the like week and last year. Chickashaw’ Cotton Oil Company declares a special dividend of 50 cents a share on the common stock. Atchison. Topeka & Santa Fe Railroad Company car loadings for the week-ended March 17 totaled 23.099 cars against 21 660 in the previous week and 18,365 in the like 1932 week. Kansas City Southern Railroad Company net operating income in two months ended Feb 28 amounted to $165,648 against 98 - 245 in the like 1933 period. Simmons & Cos. and subsidiaries In 1933 earned 4 cents a common shares against r. net loss of $2,884,146 in 1932. Montgomery Ward Company report for year ended Jan. 31 shows earnings were 18 cents a common share after payment of all charges, and dividend requirements on the $7 Class A stock on which there are unpaid accumulations. International Continental Rubber Company and subsidiaries In 1933 had a net. loss of $172,453 after charges against $471,992 in 1932. Wabash Railroad Company January net loss totaled $481,836 after charges against $857,371 in January. 1933. Chicago. Great Western Railroad Company January net loss was $158,139 after charges against $252,855 in the like 1933 month.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A cash discount of 25 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 500 Indiana, mine run 4 75 Kentucky lump 700 Pocahontas lump 8 25 Pocahontas egg 825 Pocahontas forked lump 925 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. Fire Reports MONDAY 10:01 a. m . 914 West Twenty-seventh, residence no loss. 12:04 p m. 1647 Bellefontaine. residence no loss. 12 12 p. m.. 513 South Holt road residence small loss. 3:47 p m . 1157 Spruce, residence $lO. 4:00 p. m . 838 West Tenth residence small loss. 6:02 p. m.. 1340 Madison, brewery, small loss 7:40 p. m.. 4542 North Delaware residence, no loss. 7:43 p. m., 2218 North Capitol, residence small loss. Tuesday 2:12 a. m.. 1145 East Twenty-second, industrial center, false alarm.

PAGE 13

FIRM TREND IN STOCKS, COTTON REVIVES GRAINS Traders Watch Labor and Industrial Movements: Sales Light. BY HARMAN W. NICHOLS I nitfd Prrss Staff Correspond*nt CHICAGO. March 20.—A steadier tone in stocks and cotton relieved some of the nervousness in p-ains at the opening of the Board of Trade today and prices were slightly improved Wheat deliveries were unchanged to % cent higher, corn was unchanged to % cent lower, and oats were unchanged to % cent higher. The trade watched with interest the trend of labor and industrial news. There was little activity at the start and most traders preferred to hang to the side lines to await developments. Liverpool wheat reflected the late rally in the Chicago market of yesterday. Chicago Primary Receipts —March 19— Bushels—t Todav Last week. "’heat 540.(910 521 000 £°r n ’ 955.000 701.000 ° ats 139.r00 143.o:o Chicago Futures Range March 20— WHEAT— p rev . High. Low. 10 00. close! May 87% .87% .87% .87 July 87% 97 1 4 .97% .87% Se & RN _ 88 '* 88 '* • 88 ’’ 88 May 51 % .50% .51 .50% July 53 .52% .52% 52% Sept. 55 54% .54% .54% May July 34% 34% 34% 34' 2 May 59 59 o(?Dt. ~ go BARLEY— May 48 .46% 8 1 4 Sept .. .. .48 ' 2 CHICAGO CASH GRAIN By United t're** CHICAGO. March 19 —Cash grainW’heat—No. 2 red, 90/*. No 2 hard, 88c; No. 2 mi;:ed. 87%c. Corn—(Regular run). No. 3 mixed, 48%648%c; No. 3 mixed. 48c; No. 2 yellow. 48%®49%c; No. 3 yellow, *8%7/49c, No 4 yellow 48®48%c No. 5 yellow, 47%c; No 4 yellow. 4S%@ 47%c: No. 2 •white, 51%c: No. S white. 50%c; No. 4 white. 49%® 49%c; sample grade white. 43%7/47c iLake billings. No. 2 yellow, 48%c; No. 3 yellow, 47%c: No. 2 white. 51%c Old Corn—(Regular rum. No. 2 mixed. 50c; No 2 yellow. 506506 c: No. 4 yellow, 49c iLake billing). No. 2 mixed 49c; No. 2 yellow, 49%c; No 2 white. 52 %c Oats No 2 white. 34%® 35c; No. 3 white, 346 34%c; No 4 wihte, 32%632%c; sample grade, 30% 632%c. Rye—No quote. Bariev—7l ®77e Clover seed—sll 106 14.25. Timothy—s7,2s6 7.50. Cash provisions— $6.25; loose, $6.20; leaf, $6.25; S. Bellies, SB. ST. LOUIS CASH GRAIN By United Pri ss ST. LOUIS. March 19 Cash grain: Wheat—ln fair demand. l%c lower on red and 1c lower on hard grades: No. 2 red, 87%6 88%c; No 2 red garlicky. 86%e; No. 2 hard. 86%c. Corn—ln fair demand. 1 4®6c lower; No. 2 yellow. 49%c; No. 5 yellow’. 48%c. Oats—ln slow demand: lc loiver; No. 3 white 35c.

Indianapolis Cash Grain

—March 19— The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. 0 b. shipping point basis 41 %c New York rate, were: No 1 red 81%(3 82%c; No. 2 red. 80%@81%c No, 2 hard. 80%® 81%c. Corn—Easy. No 3 white. 43%®44%c; No. 4 white 42% (3 43 %c: No 3 yellow, 42%®'43%c: No. 4 yellow, 41%<3 42%c: No. 3 mixed. 41%4/42%c: No. 4 mixed. 40%4i 41%c. Oats—Easv: No. 2 while. 314/32c: No. 3 white. 30®31c. —lnspections Wheat—No. 1 red. 1 car: No. 2 red, 2 cars: No. 3 red,. 1 car; No. 2 hard 1 car. Total 5 cars. Corn- No 2 white 2 cars: No 3 white. 14 cars; No. 4 white, 4 cars: No 2 yellow. 23 cars: No. 3 yellow. 38 cars: No. 4 yellow. 7 cars: No. 5 vellow. 1 car: No. 4 mix=d 2 ears Total. 91 cars. Oats—No. 2 whit-v 9 cars: No. 3 white. 2 cars: No. 4 white. 3 cars. Total. 14 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 80 cents for No. 2 soft red wheat utner grades on their merits Marriage Licenses George Webber. 21, of 1220 North Grand avenue, theatrical executive and Marllda Wysong 18. of 3717 East Robson street, housekeeper. Harold Stiles, 22. of 970 West Twentyeighth street, mechanic, and Loraine Long, 18. of 866 Udell street, housekeeper. Clarence Allen, 25. Harlan, Ky., miner, and Lillian Webb, 21, of 956 Udell street, housekeeper. Wilbur Doran. 27. of 310 North Illinois street chemist, and Julia Cooper, 23, of 56e3 Lowell avenue, student Addison Wilson. 31 of 856 Woodrow avenue, truck driver, and Mildred Dickerson, 22. of 1179 North Tibbs avenue, housekeeper. Births Girls Merrill and Nola Smith, 2238 North Rural. Robert and Idalyn Mcßeynolds. St. Vincent’s hospital. Charles and Theta Rodman, St. Vincent's hospital. Charles and Wilma Schubert. St. Vincent’s hospital John and Kathryn Bennet - , St. Vincent's hospital. Fred and Eva McNarv. St. Vincent’s hospital. Samuel and Elizabeth Mclntype, 1317 LeGrande. Herman and Fannie Adams, 105 North Denny. Boys Elmer and Myrtle Harrison. 831 South Randolph. Arthur and Elizabeth Edwards. 1821 Commerce. Fav and Daisy Harlan, 209 North Eastern. Clifford and Joseph Chapman, 1701 North Delaware. Doyle and Jane Allgood Coleman hospital. John and Jean Herrmann, Colemand hospital. Hiram and Genevieve Burger, Coleman hospital. Loyd and Hester Kinney. Coleman hospital. Paul and Ruth Milholland, Coleman hosDital. Elmo and Addie Morgan. Coleman hospital. Clarence and Martha Reed, Coleman hospital. Ernest and Mary ones. St. Vincent’s hospital. Jesse and Dorothy Hale. St. Vincent’s hospital. Vester and Mary Potter. 2618 Finley. Carl and Bessie Robertson, 844 Biltmore. Walter and Bernice Kane. 1713 West Morris. Deaths Walter Erly. 36, City hospital, hvpostatlc pneumonia Richard Eugene Clark. 5. St Vincent's hospital, tuberculous meningitis. Sallie E Light. 54, 3512 Nowland cerebral hemorrhage Nancy Jane Studie. 76. 1712 Rembrandt, cardio vascular renal disease Ross Grundy. 55. 1916 Highland place, apoplexy Glenn B Harman. 45 Methodist hospital. cardio renal vascular disease. Sarah Appleby. 94, 2115 Central, chronlo gastritis. Isaac M. Bishop 66 2827 East Washington, pulmonary tuberculosis. Markus Hennlg. 77, 1912 South Delaware. arteriosclerosis. Gorg Dun Dun Jung. 47. 417 North Illinois, fractured skull. Anthony J. Petero. 37. city hospital, endocarditis Charles M Carter. 51. city hospital, lobar pneumonia. Sophia Larson 91. 1*27 North Delaware. arterio sclerosis. Paul Eugene Hedge 6 146$ South Illinois. broncho pneumonia George Smith, 74. city hospital, lobar pneumonia. Mary Loul e Hughes. 20 Central Indiana hospital, tuberculous meningitis. Sam Schuchman. 75. Methodist hospital, cerebral hemorrhage Tommv Faulkes. 7 months, city hospital, cerebral spinal meningitis. James R Blanchard, 57. city hospital, tetanus. Ota L. Bchrecker.gost 71, 1940 Arrow, cerebral hemorrhage. *