Indianapolis Times, Volume 45, Number 269, Indianapolis, Marion County, 21 March 1934 — Page 11

MARCH 21, 1934

SECURITY LIST FRACTIONALLY LOWER; DOLLAR STEADY

Wall Street Public Still Falling Hard for Methods of Fake Stock Salesmen. BY RALPH HENDERSHOT Timfi Special Financial Writer State Attorney-General John J. Brnnett Jr. says that stock racketeers are increasing in number and are becoming more active. He suspects that the bootlegger, seeing his business fall from under him because of repeal of the eighteenth amendment, has turned to the new

field of selling quest i o n a b 1 e stock. And the securities act of 1933. having caused the large underwriting concerns to halt operations, places the racketeer in a particularly good position, the field being relatively bare of legitimate offerings. It is a rather difficult matter to halt the sale

”

Ralph Hendershot

of worthless or nearly worthless securities. The law does not begin to function until after the damage has been done, and the victims almost never get their money back even though the criminal is apprehended and punished. The only really effective correction probably must come through education of the public in the selection of their investments. Stock racketeers make excellent use of the human trait to want to get rich quickly. In fact, that is their chief stock in trade. And ipany people who are astute in other things fall like a ton of brick for their glib promises of great returns for the investment of a small amount of money. Seldom are any attempts made to investigate the worth of the securities offered. a a V Investors Easy Victims It seems rather strange, though, that investors fall so easily. The stock racketeer has made a few* improvements in his art in the past decade or more. Improvements have j not been needed. He still employs ! the old high-prssure methods of salesmanship; he still does most of j his solicitation over the telephone; ; he almost never presents proof of any of his statements; he very rarely offers a balance sheet or an income account of the company, the securities of which he seeks to sell, and he usually gets mast of his j clients from a “suckers’ list.” The salesman's most effective weapon today is the “trade out.” He i secures the stockholders’ list of a company, and immediately goes to work, suggesting to his victim that an exchange of the securities he now holds for those he has for sale would be very advantageous. Such an argument is particularly ( appealing in times like these. In many cases the security holder has held his stocks throughout the depression without getting dividends. He is anxious to recover his losses and so is a relatively easy victim to | a high-pressure sales talk. nun Sellers Should Be Licensed There is a type of salesman, too, who works from one security selling organization to another, getting his ; clients to switch in and out of stocks j and each time getting a fat commissi— \ on the change. He does neither his client nor the firm for which he w’orks any good. Perhaps the most effective way to correct the entire situation would be to require every security sales- ; man and every security selling or- ; ganization to secure a state license j before they can operate. And the state might well require applicants | to prove a good reputation as well as a knowledge of securities before j granting licenses. And if the schools were to co-operate by giving courses in security selection, conditions probably would be materially improved.

Federal Farm Loan Bonds

(By Blyth A Cos.. Inc.) —March 20— Bid. Ask 4a, Nov. 1. 1957-37. 96'* 98 4s Mav 1. 1958-38 96”* 98 4i*S. July 1. 1956-36 97 98’i 4 1 *s. Jan. 1. 1957-37 97 98’. 4>*s, Mav 1. 1957-37 97 98’. 4’.s Nov. 1. 1958-38 97 98’* 4’ 2 s. Mav 1. 1942-32 98”* 100 4’j. Jan. 1. 1943-33 98’2 99”. 4’ a*. Jan. 1. 1953-33 98’.i 99”. 4’ j*. Julv 1. 1933-33 98 1 2 99”. 4’ 2 s. Jan. 1. 1955-35 98’ 2 99”. 4’2S. July 1. 1955-35 98’ a 99”. Jan. 1. 1956-36 98’ 2 99”. 4*a. July 1. 1958-33 99 '2 100”. 4 r *B. Jan. 1. 1934-34 99 '2 100”. 4”*S. July 1. 1934-34 99’ 2 100”. ss. Mav 1. 1941-31 ss. Nov. 1. 1941-31 10O' a 101'Homy Loan 4s, July 1. 1951 ... 97”* 98' 2

Daily Price Index

By United Press NEW YORK. March 20—Dun A Bradstreet's daiiv weighted price index of thirty bssie commodities, compiled for the United Press (1930-1932 Average. 100 ) Todav 109 19 Yesterday 109.19 Week ago 109.96 Month Ago 108.53 Year ago (March 21 > 71.97 1934 high iMarch 12) 110 24 1934 low ijar. 3' 10105 Copyright. 1934. by Dun A Bradstreet. Inc.

U. S. Government Bonds

By l nitfd Prrtt NEW YORK. March 20 —Closing Liberties (Decimals represent thirty-seconds': LIBERTY i',f (32-471 103. First 4‘s 33-47i 103. Fourth 4’s (33-381 103 14 TREASI RY 4,5 3’.s <451 101 24 I 4',S 147-521 110 3 ! S’a* (43-471 102 13 3*s 1 41-43' March 102.13 3>s (40-43) June 102 11 3',S • 41 101 29 3>.s 48-49) 100.25 3* isl-55( 99. FILING TIME EXTENDED ON STOCKYARDS CODE All Briefs and Statements Must Be Filet Before March 27. By 1 1 me* itprcial WASHINGTON, March 21.—The time for filing briefs and statements on the proposed code of fair competition for the stockyards operators on which a public hearing mas recently held by the agricultural adjustment administration, has been extended to include March 2d, it was announced today. All briefs and statements on the proposed code are to be filed with the chief hearing clerk. United States department of agriculture, Washington, D. C.

GRAIN VALUES MOVE DOWN IN DULL SESSION All Deliveries Off Sharply on Early Weakness in Stocks. BY HARMAN W. NICHOLS, United Pres* Staff Correspnndent CHICAGO, March 21.—The more confident tone which grain traders expected would carry into today’s maiket on the Board of Trade was tempered by weakness in stocks at the opening. Grain deliveries were sharply lower. Wheat held % to % cent lower, and corn and oats were Vi to \ cent lower. A majority of traders were disappointed at the poor response the market made yesterday when President Roosevelt signed the giain exchange bill. Chicago Primary Receipts - March 20— - Bushels - Todav Last week Wheat 340 one 254 000 Corn 737 000 584.000 Oats 98 000 124,000 Chicago Futures Range —March 21— WHEAT— Prev. High. Low. 10:00, close. May 87', .86"* .86’* .87% Julv .87% .87 .87 .87 s , Sent 88 s , .88 88 .88 s , CORN— May 50 T ANARUS, .50 s , .50% .51 Julv 52 s , .52'2 .52’4 .53 Sept 54 s 4 .54' 2 .54' a .55 OATS— May 33’, .33*4 .33V, .34>4 July 34 s , .34' 4 .34' 4 .34% Sept .. .34', ,34 s 4 fjyjj May 59'4 .59% .59 ; „ .59' 2 Julv 60'2 .60'4 .60'4 .?n% Sept. .. .. .62'2 BARLEY— May .. .46 .46 July .. .47\ .47*4 Sept .. .. .48% CHICAGO CASH GRAIN By United Pres a CHICAGO, March 20.—Cash grain: Wheat—No. 1 hard. 89' 4 c; No. 4 mixed, 84c. Corn (regular rum—No. 2 mixed. 48 s 4 c: No 2 yellow, 494/49' 2c; No. 3 yellow, 48'4 fi 49' 2 c; No. 4 yellow. 47%®49c; No. 6 yellow, 46: No. 2 white, 51%®52c; told I No. 2 yellow. 49% ® 50' 2 c; No. 2 white, 52'2C; sample grade white. 45c. (Lake Billingl No 2 yellow, 49®49%c----old 50c: No. 2 white. 51 S 4C. Oats—No 2 white, .354/ 35'2C: No. 3 white, 34%c. Rve —No sales. Bariev—Sales 744176 c; quot--1 able, 504/ 31c. Timothy—s3 254/ 7.50. clover ! seed—sll4/14.25 Cash provisions—Lard. $6.22; loose. $6.20; leaf. $6.25; S. bellies, SB. TOLEDO CASH GRAIN By United Print TOLEDO. March 20.—Grain close: Grain in elevators, transit billing: Wheat—No. 2 red. 92%09,3%c. Corn—No. 2 yellow, 54%®55%c. Oats—No. 2 white, 38%® 39'2C. Rye—No. 2, 65%®66%c. Track prices. 28' 2 c rate. Wheat—No. 1 ,ed. 89®89%c; No. 2 red. 884/88'2C. Corn— No. 2 yellow, 50%®51c; No. 3 yellow. 494/ 50c: No. 4 yellow. 48® 49c. Oats—No 2 white. 35® 3 *c; No. 3 white, 34%®36%c. Toledo seed close Clover—March, $8.25. Alsike—Cash. $8 50. ST. LOUIS CASH GRAIN By Unit' and Press ST. LOUIS. March 20 —Wheat—ln fair demand. I'?c higher; No. 2 red winter. 89*2 4/ 90c: No. 3 red. 89®89%c: No. 2 red garlicky. 89c: No. 3 red garlicky. 85c: hard wheat lc higher: No. 2 hard. 87' 2 c. nominal: samnle grade hard. 76c CornIn fair demand unchanged: No 5 mixed 48c: No. 1 yellow. 49%c: No. 2 yellow. 45c: No. 4 yellow. 49c; No. 2 white 51c. Oats—ln fair demand, unchanged: No. 2 white. 38%®35%c: No. 3 white. 35c; No. 2 mixed. 35'2C: No. 2 red. 35', 2 c. NEW YORK CASH GRAIN By United Press NEW YORK. March 20— Cash grain: Wheat—No 2 red. $1.05'4: No 2 hard < winter. $1.05%. Corn—No. 2 mixed. 59'ac. Oats—No. 3 white. 44 5 ,c.

Indianapolis Cash Grain

—March 20— 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—Firm: No. 1 red. 82®83c; No. 2 red. 81®82c: No 2 hard. 81@82c. Corn—Steady: No 3 white. 43%®44%c; No. 4 white 42%®43%c; No. 3 yellow. 42%043%c: No. 4 yellow. 41%®42%c; No. 3 mixed, 41%@42%c; No. 4 mixed. 40% ®4l%c. Oats—Steady: No. 2 white, 31®32c; No. 3 white, 30®31c. —lnspections Wheat—No. 1 red, 5 cars; No. 2 red. 2 cars; No. 1 hard. 1 car. Total. 8 cars. Corn—No. 2 white, 6 cars; No 3 white, j 10 cars; No. 4 white. 4 cars; No. 2 yellow. ; 20 cars; No. 3 yellow. 43 cars; No, 4 yellow. 6 cars; No. 5 yellow, 1 car; sample yellow 1 car: No. 2 mixed. 1 car. Total. 92 cars. Oats—No. 2 white. 3 cars; No. 3 white. 5 cars; No. 2 mixed, 1 car. Total, 9 cars. INDIANAPOLIS WAGON WHEAT Citv grain elevators are paying 80 cents for No. 2 soft red wneat. utner grades on their merits.

In the Cotton Markets

—March 20— CHICAGO High. Low. Close. January 12.60 12.51 12.53 March 12.08 Mav 12.19 12 04 12.16 Julv 12.32 12 15 12.27 October 12.45 12 34 12.39 December 12.55 12.43 12.51 NEW YORK January 11.53 12.38 12.45 j March 11 98 11.93 11.98 Mav 12.12 11.96 12.06 Julv 12.23 12 08 12.18 October 12 38 12.23 12.33 December 12.47 12.33 12.42 NEW ORLEANS January 12.45 12.39 12.42 March 1138 11.91 11.98 Mav 12.10 11.94 12.04 July 12.22 12.07 12.16 October 12.34 12.20 12 31 December 12 43 12.31 12.39 ; N. Y. CENTRAL SEEKS AUTHORITY OF I. C. C. Ten-Year 6 Per Cent Issues Apt to Be Used as Refunds. By United Press WASHINGTON. March 21.—The New York Central Railroad applied to the interstate commerce commission today for authority to issue $59,991,100 ten-year 6 per cent convertible secured bonds and 1.497,777 shares of stock at no par value to be used in refunding bonds maturing May 1. Subsidiaries of the New York Central also asked permission to i launch bond issues, which would be pledged as collateral for the new j bonds. The New York Central proposes to issue $48,000,000 in 4 per cent consolidation mortgage bonds, the New 1 York. Central and Hudson Railroad. { $6 000.000 in mortgage bonds, the! Big Four, $3,205,000 in refunding j improvement mortgage bonds, the Michigan Central, $6,171,000 in im- , provement bonds and the Boston I and Albany. $4,500,000 in refunding | bonds, which would be pledged as collateral for the $59,991,100 issue, j NEW YORK RAW SUGAR FUTURES —March 23 High ILow. Close January 1.69 1.68 1 68 March . 1 40 Mav 1 53 1.50 1 50 Julv 1 59 1.56 1.57 September 164 1 61 162 December 1 69 1 66 1,67 Pari-Mutuel Bill Introduced By United Press ALBANY. N. Y., March 21. miah F. Twomey, Brooklyn Democrat, introduced a resolution in the legislautre today designed to permit pari-mutuel betting at New York state it ce tracks.

Chicago Stocks j " B Abbott Boodlk A Cos. TOTAL SALES. 25.90 SHARES —March 20— High. Low. Close. Am Pub Berv pfd 7 | Asso Tel Util A pfd V : Eastian Blessing 7 | Bendlx Mfg 19 17 s , 19 | Borg Warner 25 24 25 Borg Warner pfd ... 98 1 Brach A: Sons 10 ! 2 ! Brown Fence & Wire A .. ... 10' Brown Fence & Wire B 4* 4 E L Bruce Cos 15% 15 15 Butler Bros 10'2 10 10' 4 Cent 111 Pub Ser pfd 18'2 Cent 111 Securtles com >2 Cent Ind Power pfd 12 9 12 Cent Pub Serv Cl A >, Cent Pub Util t 4 Cent Pub Util V T C % Cent A So West 1 % Cent A So West pfd 5 Chi A North Western 13% 12*2 13 Chicago Corp com 2*4 2’ 2 2*4 Chicago Corp pfd 26' 2 Cities Service 27, Commonwealth Edison ... 54 Consumers ... % Continental Steel .. 8 Cord Corp 6*4 6* * 6 s , Crane Cos ■ 8% B s , 8% Crane Cos pfd 61 60 61 Gen Household Ut . . . 12% 12 12% Gardner-Denver Cos ... • . . 18 General Candy Corp .. 6% 6% 6 7 , Godchaux B . 9' 4 Goldblatt Bros 16 s , 16'2 16 7 , Great Lakes Dredge 17 7 , 17% 17 7 , Hall Printing 7 7 , 7% 7 s , Hormel A Cos . . .. 19 Houdaille-Hershey "B ’ s s , ss,5 s , s s , Keystone Steel 17 Kevstone Steel pfd . 72% Libby McNeil . ... 5% 5 514 Lion Oil Refining Cos 4% Loudon Packing 17 1 2 17 17 Lvnch Corp 31 % Marshall Field 17 Material Service 5 McGraw Electric 7 McQuay-Norris .. .. 45 Merchants A Mfrs (At 2 s , Mohawk Rubber 2' 2 Muskegon Motor SpecA 10% National Leather 1% 1% 1% Noblitt-Sparks Indu Inc 14% 14% 14% No Amer L A Pwr 2% Northwest Engineering . 6*4 Oshkash Overall 5% 5% 5*4 Potter Cos 6% 5% 6% Prima Cos •. . 91, Public Service 7% pfd 65% 65 65', Quaker Oats pfd 115 7 , 114 114'* Rath Packing 24% Reliance Mfg Cos 17V 17% 17 s , Sears Roebuck .. 48 Southern Union Gas 1% I'/, 1% Stutz Mo Car Cos of Am 5% 5 57% Swift ACo 16% 15*4 16 Swift Internacional 27% 27% 27% United Gas Corn . 3 Vortex Cud Cos 10% 10% 10% Walgreen Cos com .... 24 23% 23% Ward Montgomery A . . 108 106 106 Wayne Pump Com 1% 1 I', Wavne Pump pfd .. 2% Zenith Radio 3% 3% 3%

On Commission Row

—March 21— Fruits Apples—New York Baldwins. fancy, $1.60; fancy Stavmans $2.25; fancy Winesaps. $2 60. Oranges Caliofrnia Sunkist. s3@4: Floridas, $2.75®3.75. Lemons—Sunkist, $6; Red Ball. $5.50. Grapefruit—Arizona seedless 80s. $3: Florida, $3.25 Strawberries—Florida, pint, 16017 c; 36pt. crate, $5.50® 6. Cranberries—C. C. Howes. Eatmore, 25lb. box. $2.59. Melons—Argentina Honeydews. $2 50. 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 per hamper. Celery—Florida, $2.5003.25 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—lndiana Jerseys per bushel. $2: Porto Ricans, $1 85. Asparagus—California select. crate. $2.75® 3.50. Beans—Round, stringless. $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. $2.7503.25 a crate. Peas—3o-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. )ug. $2.

Produce Markets

Delivered ln Indianapolis Prices—Hens, 11c, Leghorn hens. Bc, Leghorn spring-er-stags. 6c; large prlnger-stags, 9c; cocks. sc; Leghorn cocks. 4c; duclcs. 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. 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. By United Press CHICAGO. March 21.—figgs—Market, easy; receipts, 17.511 cases: extra firsts, 17%c: fresh graded firsts. 17%c; current receipts, 16%c: dirties, 15c; checks. 14%c. Butter—Market, easy; receipts. 6.497 tubs; storage standards (90 scorel 23%c; 'extra firsts (90-91% score) 23%®23%c; firsts (88-89% scorei. 22%®23c; seconds iB6-87% scorei, 22c; extras (92 scorei. 24c; specials 24% ® 25c: standards, 24c. Poultry—Market. steady: receipts, 22 trucks, one car; one car due: turkey hens, 22c; Leghorns. 12c; ducks, 15018 c; roosters. 10c; colored springers. 11c: Plymouth Rock broilers. 25c; geese. 12c; heavy hens. 14c. Cheese —Twins. 14%@14%c; Longhorns, daisies, 14%®15c. Potatoes—Old Stork —Supply heavy; demand and trading slow: market dull; Wisconsin Round Whites, $1.40® 1.50: Minnesota and North Dakota Red River Ohios, $1.7001.75; partly graded $1.5001.55; cobblers. $1.75© 1.80. few $1.85. partlv graded. $1.60® 1.70; Oregon Garnets, $1.40: Idaho Russets. $1.75® 1.80. few $1.85, partly graded $1.60 01.70; Oregon garnets. $1.40; Idaho Russets. $1.7501.80, combination grade, $1.60 01.65. new stock—Supply light; demand and trading moderate: market firm; sales to jobbers. Florida bushel crates Bliss Triumphs. $1.75. Shipments 1,124: arirvals 109, on track 388. NEW YORK. March 21.—PotatoesWeak: Long Isle nd $2.25®2.40 bbl.; Southern. s4©6 bbl.: Maine. $1.25® 4 bbl.; Idaho. $2.2502.30 sack: Bermuda. ss®7 bbl.; Canada. $2.150 2.25 bbl. Sweet potatoes—Dull; Jersey, basket 40c® $1.75; Southern. basket. 40c®51.35 FlourSteady; patents. $6.50® 6.75 bbl. Pork— Steadv; mess. $20.25 bbl. Lard—Quiet; middle west. spot. $5®5.10 per 100 lbs. Dressed poultry—lrregular: turkeys. 18%@ 25c. Chickens. 9@2Bc: broilers. 14® 30c; capons. 19® 33c: fowls 13® 18c: ducks Long Island spring. 16® 17c: Long Island ducks, frozen. 14%®15%c. Live poultry— Steady; geese. 7®9c: turkevs 20®28c; roosters. 10c: ducks. 8® 12c; fowls, 13®18c; chickens. 13® 18c: capons. 22c; broilers. 15® 25c. Cheese—Quiet; state whole milk specials. 19 0 20c; Young America. 15%® 16c. CLEVELAND. March 21.—Butter—Market barely steady: extras. 28c; standards, 28c. Eggs—Market steady; extra white. 18c; current receipts. 17c. Poultry—Market. steady; colored fowl, medium 16c; Leghorn fowl, 3% lbs. and up. 12® 13c: springers, smooth. 16c: capons. 8 lbs. and up. 22c: colored broilers. 25 0 27c: stags. 12c: ducks, white. 5 lbs. and up. 18c: ducks, light. 16c. Potatoes—Maine 52.25® 2.50: Idaho. $202.25; mostly $2.15; Ohio and New York. best. $2. Other Livestock (Br United Press) FT. WAYNE. March 21.—Hogs—15 cents lower: 200-250 lbs., $4.30; 250-300 1 bs.. $4 45; 160-200 lbs.. $4.20: 300-350 lbs.. $4 20; 300-350 lbs . $3.90: 150-160 lbs , $3 50; 140-150 lbs. $3 25: 130-140 lbs, $3; 120130 lbs.. $2.50: 100-120 lbs.. $2: roughs $3.25. $3.25; stags, $2. Calves—s 7; lambs, $8.75. LAFAYETTE. March 21.—Market 15 to 20 cents lower: 200-300 lbs.. $4.30; 300325 lbs . *4.15: 180-200 lbs. $4.20: 170-180 lbs.. $4.10; 160-170 lbs . $3 90: 150-160 lbs. S3 60; 140-/50 lbs . $3 35: 130-140 lbs., $3.10; 100-130 lbs. $1 750 X 95: roughs. $3 75 down: top calves. $6.50; top lambs. SB.SC. PITTSBURGH. March 21— Hogs—Receipts, 1.000; holdovers. 750; active on 160 lbs., irp; n-ostly 5c lower: top and bulk $4 85 on 160 to 220 lbs., 220 lbs. up. $4 65 0 4.75; 120 to 140 lbs., quotable $3.25® 3.50: 90 to 120 lbs., pigs. *2.750 3.25; sows, held steady at *3 75 down. Cattle— Receipts. 25; steady. Calves—Receipts. 50: steady to stronger: most sales, good and choice vealers. *7: few selected. *7 50: med.um. *s®6. Sheep—Receipts. 500; desirable wool lambs. 25c lower: good and choice sorted kinds. *9.75: medium. $7.50 09: culls, down to $5 50; shorn lambs, steady; good and choice *7.250 7.75: sheep, steady. NEW YORK COFFEE FUTURES —March 20— SANTOS High. Low. Close. March J. 10 49 Mav 10 69 July 10.89 10.77 10 86 September 11 16 11.10 11.16 December 11 27 11.22 11.27 RIO January 8 67 March . 8.22 May 8.32 8 20 8.32 Julv 8 44 8 29 8.44 September 8.54 8.40 8.54 fiUBhW ............ Rtt 849 8.83

THE INDIANAPOLIS TIMES

SWINE MARKET DIPS 15 CENTS AT CITYYARDS Cattle Active and Steady; Vealers, Lambs Hold Stationary. Further weakness developed in hog trading recently after the opening at the local stockyards this morning. The various classes moved around 15 cents lower than yesterday's average. Receipts continued about normal. Initial bulk of all weights was selling at $4.20 to $4.45, while several choice kinds were reported slightly higher. Lighter grades weighing 130 to 160 pounds, sold at $3.35 to $3.85. Few light lights scaling 100 to 130 pounds brought $2.10 to $3.10. Receipts were estimated at 6.000. Holdovers, 228. Activity strengthened in the cattle market, with practically all slaughter classes mostly stationary. Best grade steers held above $7.60 Receipts numbered 900. Vealers displayed little change, selling at mostly $7.50 down. Receipts were 800. With nothing on hand to command top prices, lamb values remained unchanged. Most all grades sold under $9. equivalent to $9.25 or better for choice weights. Receipts were 700. Chicago hog prices continued fully steady at yesterday's average. Several initial bids and sales ranged at $4 50 down. Receipts were estimated at 22,000, including 3,500 directs; holdovers, 3.000. Cattle receipts numbered 7,500; calves, 2,500; market strong. Sheep receipts were 8,000; market steady to weak. March Bulk. Top. Receipts. 15. $4.5042 4.75 $4.90 4 500 16. 4.40® 4.65 4.75 6,000 17. 4.304/: 4.55 4.60 2.000 19. 4.40® 4.65 4.75 4.000 20. 4.35® 4.60 4.65 7.000 21. 4.20® 4.45 4,45 6,000 Market Lower (140-160) Good and choice $3,60@ 3.85 —Light Weights—-(l6o-1801 Good and choice . 4.20® 4.30 (180-200) Good and choice 4.40 —Medium Weights—-(2oo-220) Good and choice . . 4.45 (220-250) Good and choice .. . 4.45 —Heavy Weights—-(2so-290' Good and choice ... 4,45 (290-350) Good and choice ... 4.30® 4.45 —Packing Sows—(3so down') Good 3.40® 3.65 (250 up) Good 3.15® 3.40 (All weightsi Medium 3.00@ 3.35 —Slaughter Pigs) (100-130) Good and choice 2.10® 3.10 CATTLE • Receipts, 900; market steady. (1.050-1.100i — Good and choice $6.25® 7.25 Common and medium 4.25® 6.25 (1.100-1,5001-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. S00; market, steady. Good and choice $7.00® 7.50 Medium 4.50® 7.00 Cull and common 3.00® 4.50 —Calves—-(2so-500) Good and choice 7.00® 7.50 Common and medium 2.00® 3.50 —Feeder and Stocker Cattle—-(soo-900) Good and choice 4.00® 5.25 Common and medium 2.75@ 4.00 (800-1,5001-Good and choice 4.00® 5.25 Common and medium 2.75® 4.00 SHEEP AND LAMBS Receipts, 700; market, steady. (90 lb. downi Good & choice $8.75® 9.25 (90-110 lbs.) Good and choice 8.50® 9.00 (50 lbs. down) Com and med.. [email protected] —Ewes— Good and choice 4.50® 5.50 Common and medium 2.50® 4.50 Other Livestock By United Press CHICAGO. March 21.—Hogs—Receipts, 22.000, including 8,500 directs; fairly active. steady; 180-280 lbs.. $4.400.4.50; top ! $4.50; 290-325 lbs., $4.25®4.40; 140-170 \ lbs . $3.50®4,40; pigs, $2.50®3.25: packing ; sows, $3.6003.75; light lights. 140-160 lbs., i good and choice, $3.50®4.35; light weight 160-200 lbs., good and choice. $4.10 0 4.50; medium weights 200-250 lbs., good and choice, $4.40® 4.50: heavy weights, 250-350 lbs., good and choice. $4.2004.50: packing sows, 275-550 lbs., medium and choice, $3.40®3.90; slaughter pigs. 100-130 lbs., good and choice. $2.50®3.50. Cattle—Receipts. 7.500; calves, 2,500; better grade fed steers and yearlings, strong to 25c higher; killing quality improved; lower grades, steady to strong; largely steer run; killers, fully steady; extreme top yearlings, $7.65 and $7.60 respectively; best heavies. $7.40; 1.500 lb. averages. $6.50; slaughter cattle and vealers: steers 550-900 lbs., good and choice, $64/7.75; 900-1,100 lbs., good and choice. $6®7.75; 1,100-1.300 lbs., good and choice. $64/7.65; 1.300-1.500 lbs., good and choice, $5.25® 7.50; 550-1.800 lbs., common and medium, $3.75® 6: heifers 550-750 lbs., good and choice, $4.75®6.25; common and medium, $3.50® 4.75; cows, good. $3.25®4.25; common and medium, $2,650.3:25; low cutter and cutter, $1.5002.65; bulls, yearlings excluded, good beef, $3.25® 3.75; cutter, common and medium. $2.500 3.40; vealers, good and choice, $5.50® 7.50: medium. $4.50® 5.50; cull and common, $3,504/4.50; Stocker and feeder cattle, steers. 550-1.050 lbs., good and choice. $4,504/5.75: common and medium. $3.25® 4.75. Sheep— Receipts. 8.000: fat lambs, slow early; undertone weak to 25c lower; initial packer bids down to $9 and below; best held around $9.35; sheep steady; slaughter sheep and lambs: lambs 90 lbs. down, good and choice. $8.500 9.35; common and medium, $7®8.75; 90-98 lbs., good and choice, SB4/9.25; ewes 90-150 lbs., good and choice, $44/5.75; all weights, common and medium. $34/4.50. EAST ST. LOUIS. March 21—Hogs—Receipts. 7,500: market, slow; opened steady to 1% lower than yesterday's average; light lights and pigs in some cases off more: bulk 180-250 lbs., $4.35® 4.40: many held higher; 150-170 lbs.. $3.75®4.30; 100140 lbs., $2.50®3.35; some light pigs down to $2.25 and below; sows, $3.35® 3.50. Cat- j tie—Receipts. ?,500: calves, receipts, 1.500; market, opened steady on steers; mixed yearlings and heifers strong to 15c higher; other classes unchanged; a few ' steers, $4.65®5.40; mixed yearlings and heifers, $4.50 0 5.75; with a few odd head upward to $6.25: cows. $303.75; low cutters, $1.25 ®1.75: top sausage bulls, $3.35; top vealers. $7.25’2 nominal range slaughter steers. $3.7507: slaughter heifers. $3,254/ 6.50; slaughter steers. 550-1,100 lbs., good ad choice, $5.75®7: common and medium. $3.75® 5 75; 1.100-1.500 lbs., choice. $5,754/. 7; good. $54/6.50: medium. $4,504/ 5.75. Sheep—Receipts. 2.500; market, opened about steady; packers talking lower on lambs: a part load of 90 lb. cnoice lambs to citv butcher, $8; few at $7.85: double | deck *7 lb. Arizona spring lambs to small | killer. $11; lambs. 90 lbs. down, good and choice. $8.75®9.50: common and medium. $64/9; 90-98 lbs., good and choice. $8,504/ 9.50: yearling wethers. 90-110 lbs., good ; and cnoice. $6 754/8.50; ewes, 90-150 lbs., good and choice. $3.7505.50: all weights. ! common and medium. $2.75® 4.25. CLEVELAND March 21.—Cattle—Receipts, 275; market active and steady; choice steers. 750-1.100 lbs . $6.5007; 650900 lbs.. $5.50® 6 50: 900-1.200 lbs $5 50® 6.50: heifers, good. 600-850 lbs. $4 50® 5.50: medium. $2 0 2.50; good cows, all weights. $2 7553.25: medium. s2® 2 50. Calves—Receipts 550: market, active and strong; prime veals. *7.50® 8: choice veals. $6.50® 7.50: medium. $5.50® 6 50: common. s3® 5. Sheep and lambs—Receipts, 17.500: market 10 to 15 cents lower: good to choice wool lambs. $9®9.75; medium to good, sß® 9: culls and cutters. ss® 7: choice clipped lambs *7.50®7.85: medium to good. *6® 7: prime wether sheep. *s®6; choice ewes. *4.50® 5.50: medium to good. (3®4.50. Hogs —Receipts. 2.000: market 10 cents lower: all sold: 250-300 lbs. $4 504/ 5 65; 220250 lbs., $4.65® 4.75 . 180-210 lbs.. $4.75; 150-180 lbs . $4 75. pigs. 100-140 lbs.. $3; roughs. $2.75; stags, *1.75. By Times Special LOUISVILLE. March 21.—Cattle—Receipts. 175; market, slow, mostly steady: bulk common to medium steers and heifers. *4® 5; medium to good fed offerings quotable *5 25 to around *6 for good baby beef type yearlings; bulk beef cows, $2 50'./ 3.25: practical top. $3 50: low cutters and cutters. $1.25® 2 25; bulk sausage bulls. s3® 3 50: common to medium grade native stockers and feeders. *2 75® 3.75 Calves—Receipts. 400: steady; bulk better vealers, *5.50® 6: strictly choice handyweights eligible, *6.50; medium and lower grades. *5 down. Hogs—Receipts. 1.200. including 234 direct: market, mostly 10c lower: some bids 15c off; bulk 170-240 lbs . *4 60; 245-270 lbs., *4.25: 275 lbs. up. *3.90; 145-165 lbs., (3 60; 120-140 lbs . *2 25: sows *2.65. Sheep—Receipts. 25; mostly steady; medium to good lambs, *7.500 8.50; choice quotable, *9 or better: light throwouts, *5.50; bulk fat ewes, *2.soit 3.

—New York Stocks — “—— (Bv Abbott. Hoppin A Cos 1

—March 21— Prev. Oil*— High. Low. 10 30 close. I Amerada 48% 48% Atl Rfg 30*4 29% 29% 30% j Barnsdall 8% 8% Consol Oil 12% 12% 12% 12% Cont of Del . 18% 18%i 18% 18 Houston (new ) 4% Houston 'Old' 24% I Mid Cont Pet 12% 12% I Ohio Oil 13% 13 13 13% Pet Corp 12% 12% j Phillips Pet 17’. 17% 17*4 17% Plymouth Oil 14% 14% : Pure Oil ... 12% 12% | Roval Dutch ... 36% 37% I Sbd Oil 34 Shell Un 10 10% | Skellev Oil 10% ; See Vac 16% 16% S O of Cal . ... 36% 36% 36% 36% S O of Kan 45% 45% 45% 45% Texas Corp 25 Tidewater Assn . .. 11% 11 Un Oil of Cal 16% 16% Steels— Am Roll Mills .. 23% 22% 23 23% Beth Steel .... 41% 41% 41% 42 Byers AM ... ... 26% Col Fuel A Iron ... 6 s * Cruc Steel 31% Ludlum Steel 16% McKeesport Tin 85% Mid Steel 17% ... Natl Steel 46 45% 45% 46% Otis Steel 6% 6% 6% 6 Rep I & Stl 21% 21 21 21% Repj I & Stl pfd 57 % 59 | U S Pipe A Fdv . . 27 27 iU S Steel 50% 50 s . . 50% 51% U S Steel pfd • 90'2 Youngst'n SAT 27% Motors— Auburn 52% 52 ! Chrysler 51 % 52% I Gen Motors 36% 37% Gen Motors pfd •• ... 99 99 I Graham Mot 3% 3% Hudson 19% 20% ! Hupp ... 5% 5% ! Mack Truck . 32% j Nash .. 25% 25% I Packard 5% 5% 5% 5% Reo . . • . 4% I Studebaker ... 7% 7% j Yellow Truck 6 5% 6 5% 1 Motor Access—- | Bendix 18% 18% 18% 18*4 Bohn Alum 53*4 Borg Warner 25 25 : Briggs 15% Budd Wheel .... 4% 4 Eaton Mfg . . 19% 19% 19% 19% Elec Auto Lite .. ... .. 28% Houdaille A 5% 6 Mullins Mfg 12 % Mulins Mfg pfd 30 Murray Body 9% Stew Warner 9 Timken Roll 34% Mining— Alaska Jun 20% 20% Am Metals 22% Am Smelt ... 42% 42',2 Anaconda 14% 14% 14% 14% Cal A Hecla 4% 4% Cerro dp Pasco 32% 33'4 Dome Mines 37% 37 Granby 10% Gt Nor Ore 13% Howe Sound 46% Ins Copper . 5 Int Nickel . 26% 26% 26% 26% Isl Creek Coal 25 Kennecott C’op 18% 18% Mclntyre Mnie 44 44 Noranda Cop 37% Phelps Dodge.. .. ... 15% 15 St Joe Lead 22 % U S Smelters 118% Vanadium 26% 26% Amusements— Crosley Radio 13*4 Fox Thea . 15 Loews Inc 31% 31% 31% 31% Radio Corp 7% 7% RKO 3% Warner Bros 6% 6% Tobaccos— Am Snuff 54% Am Sum Tob 18% 18% Am Tob 1A) 67% Am Tob (Bt 69% Gen Cigars 31 % Lig A Myers B . . 89 % 89 Lorilard 17 16% 17 17 Reynolds T (3) 40% 40% Rails— Atchison 66 65% 65% 65 Atl Coast Lines 46% B A O . 29% aCn Pac 17 16% 16% 17% Ch A Ohio 44% 44% Chi A Gt W . 4% 4% Chi'* Gt W pfd 9% .. C M A St P 6% C M A St P pfd . 10% 10% Chi N W 13% 13% 13Vs 13% Chi N W pfd 23 Dela A Hud 61% Erie 21 21% Erie pfd 26 Grt North pfd 28 28 111 Central 31% K C Sou 14% Lou & Nash 55 M K A T 11% M K T pfd 27 26 ! Mo Pac ... . 4% I Mo Pac pfd ... . . 7% 7% N Y Cent 36 35% 36 36% NYC &St L 20% NYC A St L pfd 29% N Y New Haven .. ... ... 18% N Ont A West 9% Nor Pac 31% 31% Penn R R 34% 34 34 34% Sou Pac 27 26% 26% 27 Sou R R 31% 32% Sou R R pfd 36% 35% Union Pac . 125% West Maryland 15% 15 Equipments— Allis Chalmers ... 19% Am Car A Fdy. .. ... ... 27% Am Loco ... ... 67 Am Mach A Fdy . . . 16 Am Steel Fdy . 21% 21 21 20*4 Bald Loco 13% 13% I Bald Loco pfd 48 Burroughs 15% 15 s , Case J I 70 70/4 Cater Tract 28% 29% Deere & Cos ... 29% Elec Stor aßt 26% Foster Wheeler 19 Gen Am Tk Car 38 38% Gen Elec 21% 21% 21'% 21% Gen R R Sig 42% Ingsol Rand’ 64% Int Bus Mach 136 Int Harvester .. . . 41*% 41% Natl Cash Reg 19% 19 19 19% Pullman Inc 55 i Rem Rand ... 12% 12% Und Elliot 44 ! West Air B 29% I Westingh Elec 37% 37% 37*% 37% i Worthington Pm 25% Utilities— Am A For Pwr .. ... .. 10% 1 Am Power & Lit 9% 9% AT&T 118 118% Am Wat Wks 20% 20% Brook Un Gas.. . . . 70 Col Gas & El.. 15% 15% 15% 15% Com & Sou 2% 2% 2% 2% Consol Gas 39 39*% Elec Pwr & Lit 7% Int Hydro Elec. • 5% Int T & T 14% 14% Nat Pwr & Lit. . .. . 11% North Amer 18% 18% 18% 19 Pac G & E . 19% 19'% Peoples Gas ..38 37'% 37'% 38 Postal Tel pfd 22 22 ! Pub Serv N J 38% So Cal Edison 19 | Std Gas 13 j Std Gas pfd 12% 12% Stone & Webster 10 10 i United Corp 6% 6% Un Gas Imp 16% 16% Ut Pwr & Lit A 4 | Western Union 54% 54% I Rubbers— Firestone 20% Goodrich 15'% 15 Vi 15% 15% Goodyear 36% 36'% Kelly Spring 3% 4 U S Rubber 19% 19% U S Rubber pfd 43% 43% Miscellaneous— Am Bank Note. ... 18 18 Am Can 97% 97 97% 97 Brklyn Man Tr 30% Conti Can 77 Crown Cork 30 Curtis Pub 22% 22% Eastman Kodak 89 89% Gillette ... 10% 10% Glidden 23% Inter Rapid Tr 9 Owens Bottle 85% Raybestos Mfg 19% 19% Foods— Am Sugar 52% Armour A 6 5% 5% 5% Beatrice Cream 14% Borden Prod 23 23' Cal Packing 24 Canada Dry G A 25 Coca Cola 106 Cont Bak •'A’’ 11% 11% Corn Prod 71% Crm of Wheat 32% Cuban Am Sugar . 7 7% Gen Foods 33% 33% 33% 33% Gold Dust 19% 19% 19% 19% G W Sugar 26% 26% Hershev ... 53 *4 Int Salt 25%

House to Close Hearings on Stock Exchange Bill

Pecora Make Bitter Attack on Whitney After Attack. By United Press WASHINGTON, March 21.—Despite sweeping criticism of the new stock market regulation bill by exchange officials, hearings before the house interstate commerce committee probably will be concluded as soon as representatives of the treasury department and the RFC have appeared. Thomas Corcoran, RFC official who assisted in the drafting of the bill, was scheduled to complete his testimony today. Representative Sam Rayburn (Dem., Tex.), chairman of the committee, announced he plans to close the hearings without further testimony by opponents of the bill.

'Loose Wiles ... . 42% Natl Biscuit ... 42% 42% i Natl D Prod ... 15% 15% 15% 15% Puritv Bak .. 15 15 Spencer Kellog . 22% 22% 22% 22% Std Brands 21 21% United Fruit A 66 I Wnglev 59 Retail Stores—j Asso Drv Goods IS** 15% 15% 15% , Best A Cos . 33 32% | First Natl Stores . . . .. 55 i Gimbel Bros 5 j Gr Un Tea . 7 : Hahn Dpt Sts 7% Jewel Tea 45 : Kresge S S 19% 19% 19% 19% Kroger Groc 29% 30 ! Macv R H . .. 52 ! Marshall Fields 18 18 1 May Dept St 40% j Mom Ward 31% 31% 31% 31%

Bond Prices

(By Fenner A Beane) —March 21— High. Low. 10:30. Alleg Corp 5s 'SO 34% 34 34 Am & For Pwr 5s 2030 50% AT & T db 5s 65 106% Atchison gen 4s '95 ... 100 B & O CV 4%s '6O 68% 68 68 Beth Steel 5s A '42 102 Brazil 6%s (26) '57 28% 28 28 Can Pac 4s 79% ! CMStP&P arij 5s A 2000 18% 17% 17% I CMStP&P rs 5s A 75 50% 50 50 Goodyear 5.s '57 98% 98 98 Gt Nor 7s A '36 96% Interboro RT 5s 66 69% 69 69 Int T & T db 5s '55 66 McKees & Robb 5%s 'SO ■ 74% ! Nat Dairy db 5%s 48 91 % i N Y Cent 4%s O 2013 78% 78 78 I Po'and 7s 47 98% i Roval Dutch 4s A '45 142% , Sin Cons 6%s B '3B 104% 104% 104% Texas Corp 5s '44 101% I Tob Pr N J 6%s 2022 105% 105% 105% iUn Pac Ist 4s '47 102% 102% 102% | U S Rubber 5s A '47 82% 82% 82% Vanadium 5s '4l 80 | Western Un 5s 'sl 91% Ygstwn S & T 5s B '7O 85% 85*4 85%

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 5.00 Indiana, mine run 4 75 Kentucky lump 7.00 Pocahontas lump 8 25 Pocahontas egg 825 Pocahontas forked lump 9.25 Pocahontas mine run 7.25 New River smokeless 8 25 West Virginia lump 6 75 West Virginia egg 6 50 Island Creek 7 00 Extra charge of 50c a ton for wheeling coal, and $1 a ton for coal carried to bln

Foreign Exchange

(By Abbott. Hoppin & C’o.) —March 20— Lira. Close. Sterling. England $5.11% Franc. France 0659 Lira. Italy .' 0858 Franc, Belgium 2336 Mark. Germany 3960 Guilder. Holland 6735 Peseta. Spain 1365 Krone. Norway 2570 Krone. Denmark 2285 Yen, Japan 3017 AIR-CONDITIONING TO BE DISCUSSED HERE Frigidaire Officials Sponsor Conference at City Headquarters. Indianapolis is one of the twentysix leading cities in tne United States to have a conference dealing with air conditioning, under the direction of the Frigidaire division of the General Motors corporation. The three-day conference, which opened today in the Frigidaire headquarters, will be under the direction of Dale Theobald, Dayton, O. “Air conditioning, according to an analysis by leading industrial concerns, means refrigerating the air when it is too warm; warming the air when it is too cool; humidifying the air when it is too dry. and dehumidifying the air when it is too moist,” Mr. Theobald explains. “In addition to these activities, the air should be cleaned, filtered, and circulated.” ELECTRIC OUTPUT GAINS Production Last Week 20 Per Cent Above Like 1933 Period. By United Press NEW YORK, March 21.—The best year to year percentage gain on record was recorded by electricity production for the week ended March 17. Total output rose 20 per cent over the corresponding week of 1933 to a total of 1,650.013.000 kilowatt hours, the Edison Electric Institute reported today. VALUE OF EXCHANGE SEATS FALLS $85,000 Sale of Two Seats Discloses Decline in Prices. By United Press NEW YORK, March 21.—The value of a membership in the New York Stock Exchange has declined $85,000 since Feb. 3, sale of two seats revealed today. Sale of memberships today were arranged at SIIO,OOO and $105,000, respectively. The previous sale was $190,000. CHICAGO FRUIT MARKET CHICAGO. March 21.—Apples—Michigan Baldwins. $1.50 bushel. Carrots—lllinois. 40® 50c bushel. Spinach—Texas, 70® 90c bushel. Beans—Southern green, $2.75® 3.25; wax, $2.50®3.25. Cucumbers — Central western hothouse, $2.25® 2.75 (2 doz.). Tomatoes—F i rida, 52®2.50 box. Sweet Potatoes—Tennessee, $1.60® 1.65; Indiana, $1.70 01.75. Rhubarb—Michigan hothouse. 20®35c (5-lb. carton*. Turnips —Central western, 50c bushel. Mushrooms —lllinois. 17%®30c. Asparagus—California. $1 25®.3 (crate). Onion Market—-(so-lb sacksi Western Valencias. 90c© $1.30; Central Western Yellows, 75c® $1; Western Whites. $1.55®1.75.

The opponents, led by Richard Whitney, president of the New York Stock Exchange, contended the new bill was little better from their point of view than the original Fie*cher-Rayburn measure. Ferdinand Pecora, senate banking committee counsel, replied sharply to Whitney’s attack . "Os course.’’ said Pecora, “if all of Whitney's objections were met there would be no bill at all. The American business man who reads this bill with an honest and open mind will not shiver with fright at the scarecrows and ghosts which Whitney pretends to see.’' Whitney termed the new draft as “dangerous” as the old bill. “In my opinion.” Whitney charged, “this bill will inevitably bring about declining prices and will interfere with and delay the economic recovery of the nation. This bill is destructive and not constructive.”

Penny J C *4l, Safeway St ... - cqj 7 Sears Roebuck 4* 471* Woolworth 50% 50% Aviation— Aviation Corp ... . gi. 77 Curtiss Wright 4% 4% 4% 41! Curtiss Wri IAI 10 s , in% ni_ ln -." Douglas Air.... 25% 25% 25% 25% Nor Am Av gi* Speerv Corp 9% 9 s , 97. 9 ‘ United Aircraft 23% 23 s , 23% 23% 1 Wright Aero ...... 471, Chemicals— 2 I Air Reduction ... 951, qtj. Allied Chem .. 150 * 150 ; Am Com Alcohol 511. 51 i Col Carbon 67% 67 67 68% Com Solvents 28% 27% 27% ‘>7% Dupont .95% 95 95 96 j Freeport Tex .<37, Liquid Carb . 27 271. : Math Alkali 34 j Natl Dis 'new 28% 27% 27% 28% i Schenelev Dist 35% 35% 35% 35% j Tex Gulf Sulph 35% 35 Union Carbide 431, 47 U S Ind Alco 54% Vir Chm 6% pfd . . ... ... 20 Drugs— Cotv Inc . .. 7% 7% 7% 71 Lambert 28% 28% 28'- 28% Lehn & Fink . ‘ 193, Un Drug .. . 13% 131 . Zonite Prod ... 7% 7% 7% 7% Financial— Adams Exp .. 9% 9% Allegheny Corp 4% 3% 3% 3 Am Int Corp 8% Chesa Corp ... 4040 | Transamerica 7 Tr Conti Corp 5 5 Building— Am Radiator .... 14% 14% Gen Asphalt . . 173. Int Cement 28% 28% 28% 29% Johns Manville 56 Libby Owens Gls 36% 36% 36% 38% Ulen Const . . ... 3% Household— Col Pal Peet is% Congoleum 27% 26 s , Kelvinator 19% 19% 19% 19% Proc & Gamble 35% 35 35 35% Simmons Bed 19 19% Textiles—i Amer Woolen 14 14% Bolding Hem 13 12% Celanese Corp 38% 38% 33% 39% ; Collins Aikman . . 23% 2t : Gotham Hose . .. ... 9% Indus Rayon .... ... 82 I Kayser Julius .... .. 16% 16% i Real Silk 10%

Bright Spots

General Foods Corporation and subsidiaries report for 1933 shows earnings of 1932° a common share against $1.97 in Pan Handle Products and Refining Company and subsidiaries in 1933 had a net loss of $231.66* after charges against $353,919 in 1932. Cudahy Packing Company declared the regular quarterly dividend of 62% cents a share on the common stock. Phillips Petroleum Company declares a dividend of 25 cents a common share. Southern Pacific Railroad Company car loadings for the week ended March 17 totaled 19,206 cars, against 19.193 cars in the previous week and 14,269 cars in the like 1933 week. Report of Kelsey Haves Wheel Company and subsidiaries for the period from Feb. 9 to Dec. 31, 1933 shows net losses of $696,707 after all charges against $3,365,298 in the previous year. Canada Dry Ginger Ale Company declares the regular quarterly dividend of 25 cents a common share. Otis Elevator Company declares a dividend of 15 cents a share on the common stock. Gotham Silk Hosiery Company declares the regular quarterly dividend of $1.75 a common share. Louisville & Nashville Railroad Company January net income was *586,701 after charges against *23,694 in January, 1933. Domestic crude oil output in the United States in the week ended March 17 averaged 2.447.864 barrels daily, up 62 692 barrels over the previous week. CHARGES OF COLLUSION LODGED AGAINST R. R. St. Paul Receivership Prearranged, Sub-Committee Learns. By United Press CHICAGO. March 21.—Delays in completing the receivership of the Chicago, Milwaukee, St. Paul and Pacific railroad from 1925 to 1928 cost the road about $2,500,000. A congressional sub-Committee's records revealed today. The sub-committee pushed ahead in a study which is expected in drafting legislation for reforms in receivership and bankruptcy practices in federal courts. The St. Paul road receivership, like that of the Chicago Railways Company, was prearranged, the suo- ! committee learned. Charges of collusion in the prearrangement of the Insull Utilities Companies receiverships have been lodged with the sub-committee. Births Girl* Oliver and Alice Johnson, 506 Buchanan Solomon and Ora Inabritt, 3033 North Keystone. Cecil and Pearl Floyd, 1625 West Ohio. Arthur and Florence Cole, 941 Olive Eural and Odessa Thompson. 909 North Sheffield Orie and Geneva Simmons, 716 West Wabash. Adrian and Rebecca Colvin, 2908 East Michigan. William and Ernestine Bolton. 1518 Sheldon. Elmer and Alberta Storms, 1535 West Ohio. George and Margaret Cain. 910 Wright. Clarence and Alice Lair, 134 South | Arsenal. Roscoe and Ruth Ruffin. 1821 Montcalm. • , and Josephine Stelzel, 1054 West | Thirty-fourth. Boys j Charles and Rosa Sadin. 2051 Tipton ! Herman and Carrie Wallace 321 South Temple. ' Rollin and Pauline Oakes, 1859 Apple- : gate. Alfred and Fannie Boling, 1508 East Bates. I George and Elizabeth Ramsay. 525 West ; Seventeenth. Herbert and Marie Dahlen, 514 Eastern. Deaths Martha E Younk 83, 3156 School, chronic myocarditis. Edith E. Fletcher. 62. 1645 Broadway, coronary occlusion. Adeline C. Wright. 60. Methodist hospital. cerebral hemorrhage. Maude R. Seefred. 68. 2414 Pierson, anemia. Nancy Delila Rose. 80 136 South Emerson. cerebral hemorrhage. Margaret Swift. 26. Methodist hospital, hypostatic pneumonia. Romie Tilson, 76. Deaconess hospital uremia Lorenzo Shearer, 55, Methodist hosiptal coronarv embolus. Fannie Randle. 48 1022 North West, acute cardiac dilatation Lou Lawson, 51, city hospital, intestinal obstruction. ' John Marco 50, 531 West Pearl, acute cardiac dilatation. William Andres Dillman, 53, 755 North Lynn, cirrhosis of liver. Myra Jo Albrecht 4, Riley hospital, broncho pneumonia John Roach, 65. Eighteenth and Northj western, skull fracture, j Geraline Thompson. 1, city hospital, tuberculous meningitis Philena J. Cook.' 81. 730 Pleasant Run Parkway, acute myocarditis Margaret Purvis, 66. 3849 Kenwood apoplexy. Netta Charlotte Fischer. 55, 18 West Fortieth, coronarv thrombosis. Cora W r . Bell, 67, 1515 West New York carcinoma. Ralph Whitehill. 28. %ity prison, acute cardiac dilatation. Sarah F. Rogers, 72. 768 Fletcher, entero colitis. William V Weber. 53. 3839 Brill, coronal v occlusion. William H Scott 73 . 606 North Hamilton. coronarv embolism. Elizabeth Britz. 71, 1204 North Dearbcrn. cerebral hemorrhage. Fire Reports TUESDAY 245 p m.. 2017 Ralston residence no loss 3.23 p. m . 1102 North Meridian, automobile building, small loss 6:01 p. m . South Meridian. R. R. 5, residence. $lO 6:30 p. m,. 3400 Shelov. grass fire. 9:49 p. m. Brookside and Jefferson, false alarm. 10:06 p. m.. Brookside and Jefferson, false alarm. 10:06 p. m.. 2804 North Talbott, residence *IOO. WEDNESDAY 1:40 a. m.. 4645 East Stratford, residence. *I,OOO. 3:05 a. m., 2621 West Walnut, residence, small loss 5:58 a. m.. 1002 Bouth Senate, residence and storeroom, $lO.

PAGE 11

STEEL COMMON LEADS DECLINE ON FIRST SALE Silver Futures Down 20 Points: Cotton Prices Strengthen.

Average Stock Prices

Average of thirtv industrials for Tues- ; day high 101 82 low 98.75. close 101 01 ! up 7.33. Average of twenty rails: 48 19! ; 46.81. 47.94. up .71 Average of twenty utilities 26 21. 25 56:26 12. up 44 Average of forty bonds 92.77. off Average of ten first rails: 97 97 off 42 Average of ten second rails 82 30 off 56. Average of ten utilities 95 81. off 14 Average of ten industrials; 94 99. off ,28. BY ELMER C. WALZER United Press Finanrial Editor NEW YORK. March 21.—United States Steel common stock broke nearly a point to 50 % on the first sale on the Stock Exchange today and other issues receded fractionally after yesterday's rise. Silver futures lost about 20 points: cotton was unchanged to 7 points higher: the dolj lar was steady. Case opened at 7, off %; American Telephone 118. off 3 ; American Can 97%. up •%; General Motors 36%, off 1; Pierce Arrow 4%, off %; Chrysler 51%, off ; New York Central 35%, off United Aircraft 23%, off 'i; American Smelting 42%, off %; Chesapeake & Ohio 44%. off %, and Consolidated Gas 39, off %. I Sales Volume Small Volume was small during the early trading. Labor difficulties continued the paramount topic in Wall Street. 'Failure of presidential intervention to avert a clash between organ- | ized labor and the automobile industry might be followed by general suspension of steel shipments to motor car makers.” the Iron Age said, “with resumption dependent on the severity and duration of the strike.” | Industries allied with the auto- . mobiles are taking steps to avert labor troubles, it was learned. Members of the Rubber Manufacturers’ Association met all day yesterday to discuss possibility of a strike in the tire industry, and means to prevent its occurrence. Industrial News Bright Meanwhile industrial news continued favorable. Comparisons with a year ago were rosy because at that time industry was at a low ebb. Electricity output was up 20 per cent above 1933, the best year ago percentage showing on record. New York City department store sales from March 1 to 15 recorded a rise of 36.4 per cent over the corresponding period of 1933. Iron Age reported steel operations unchanged at 48% per cent because of heavy orders for steel from railroads and other sources offsetting j a falling off from the automobile i industry.

Bank Clearings

INDIANAPOLIS STATEMENT —March 21— Clearings *1,320.000.00 Debits 4,415,000.00 TREASURY STATEMENT By l nited Press WASHINGTON. March 21.—Government expenses and receipts of the current fiscai year to March 19. compared with the corresponding period of the previous fiscal year: This Ypa r . Last Year. Expenses $4,634.379 082 48 $3,650 132,632.43 Receipts. 2.208.594.033 66 1.423.958,478 00 Deficit 2.425 785.048.82 2.226.174 154.43 Cash Bal. 4,863:683.073 85 New York Curb ( By Abbott. Hoppin & Cos.) —March 20— Close’ Close Allied Mills 7'.s Gen Aviation . 6% Alum Cos of Am 67 Glen Alden Coal 18% Am Beverage 3 Gulf Oil of Pa 65% Am Cyanide B 17% Hiram Walker . 46% Am G& El .26 Hud Bay Min . ll'/ 4 Am Superpwr .3% Humble Oil .. 41% Ass G & El .. 1% Imp Oil Ltd . 1.3% Atlas Corp 13% Int Petrol .. 22% Can Ind Ale A 15% Lake Sh Min 49% Can Marc ... 3%'Natl Bell Hess 3% Carrier Corp 8% Newmont Min . 49 Cities Serv 3 Nia Hud Pwr . 6% Commonwlh Ed 54% Novadel Agene. 64 Con G of Balt 60% Park Davis ... 23% Cord Corp 6% Penn Road . . 3% Creole Petrol 11% St Reg Paper. 3% Crown Ck Inti 7% Sal Ck Prod .. 6% Deere & Cos 29% Sherwin Wms.. 62% Distill Lim ... 22% Std of Ind 26% Distill Corp 1 Std of Ky 16% Dow Chem . 69% Technicolor Ind 8% El Bnd & Sh . 18% Teck Hugh Gold 6% Fisk Rubber 18% Un Gas 3 Ford of Can A 22% Un P & Lt A 3% Ford of Europe 7% Wright Har Min 9%

Investment Trust Shares

(B> Abbot Hoppin A C’o.) —March 20— Bid. Ask. American Bank Stocks Corp . 1.14 1.18 American & Gen Sec A . 5.00 7.00 Amer & Inv Tr Sh 1 50 Basic Industry Shares 3.38 3.44 British Type Inv Tr Sh 50 .60 Collateral Trustee Sh (Al 462 487 Corporate Trust Shares (oldi.. 2.08 2.12 Corporate Trust Shares (new).. 2.35 2.38 Cumulative Trust Shares 4.05 .... Diversified Trust Sh (At 625 . .. Diversified Trust Sh (Bi 7.75 8.00 Diversified Trust Sh (Ci 3.14 318 Diversified Trust Sh <D) 480 490 First Insur Stock Corp 1.27 1.32 First Common Stock Corp ... .81 .84 Fixed Trust Oil Shares (A).. 870 9.00 Fixed Trust Oil Sh <Bi 7.25 7.50 Incorporators Investments 18.37 18.75 Land Bank Bond Shares 1 08 1.20 Low Priced Trust Shares 610 6.20 Mass Inv Trust Shares 18.59 20.21 Nation Wide Securities 3.36 3.42 North Am Trust Sh <53 > 184 . North Am Trust Sh f55-561 ... 2.37 2.40 North Am Trust Shares < 581. . 243 248 Selected Amer Shares ... 1.15 1.20 Selected Amer Shares Inc ... 250 .... Selected Cumulative Shares ... 700 Selected Income Shares 3 50 3.75 Std Amer Trust Sh (A) 292 296 Trust hares of America 2 80 2 86 Trustee Std Oil (A) 5.50 5.70 Trustee Std 10l <B> 5.05 5.15 U S Electric Ls & Pwr (A)... 12 00 12 50 Universal Trust Shares 3 00 3.05 Suppose you need $500.00 You borrow 552.00 It costs you 44.16 You receive 507.84 You repay in 12 monthly t repayments of ... 46.00 ISO CHATTEL LOANS Morris Plan loans are made on character and income. THE INDIANAPOLIS MORRIS PLAN CO. Delaware and Ohio Sts. 81. 1536