Indianapolis Times, Volume 45, Number 270, Indianapolis, Marion County, 22 March 1934 — Page 15

MARCH 22, 1934

Wall Street a a a Strike Threats and Stock Bill Are Disturbing to Traders.

HY RALPH HEXDERSHOT Time* >pecial financial Writer tloveial 'factors have arisen of late to di'turb business people and stock market traders. Foremost among these are the likelihood of labor Difficulties and the proposed revised bill for regulating security exchanges. Trade activity has already begun to slump, according to reports and it is feared that it may fall further if the exchanges

are subpjected to e x cessive restriction and the more important in dustries are obliged to operate under strike conditions. Wall Street authorities had not had an opp o r tunity to study Senator Rayburn's new exchange bill in detail, but tile quick glance they were able to give it suggested that it still is quite se-

Ralph Hendershot

vero. although much less so than the on 0 submitted originally. It was though the high margin requirements would reduce trading to a minimum, and might seriously affect, the effectiveness of the markets. Tlie Street, of course, was well pleased that the margin question was taken out of the hands of the federal trade commission under the provisions of the new bill and placed with the federal reserve board It has always felt that the board has a more friendly feeling toward the financial district and that it probably is in a better position to make rulings on such matters as margin requirements than is the commission. a a a Precedents in Making It is felt quite generally that widespread strikes throughout industry can not be avoided during the next few month. In addition to the fact that labor trouble usually is experienced after periods of depression, the present happens to be an especially important time for both capital and labor. Important precedents are in the making, and both sides are anxious not to get off on the wrong foot. Big business, generally speaking, is afraid labor will become too powerful if permitted to take full advantage of its organizing privileges under the new deal. The point has been made privately that if the American Federation of Labor is allowed to have full sway, no President ever will be elected in this country again without the stamp of approval of labor. This would mean, it is feared, that capital would have to bend to the will of labor on every important question in the future. a tt tt Prefer Showdown Now The stand apparently is being taken by those seeking to protect the interests of capital that it would be much better to have a showdown at this time on the question of company vs. national unions than to compromise with labor on that score. Because of that fact, the opinion exists in many quarters that the NRA will not be particularly effective in preventing strikes. Trade leaders also appear to be willing to sacrifice profits and the business recovery itself to protect its rights and standing in the general scheme of political and economic life. If the recovery falls by the wayside, it is contended, probably the NRA will lose much of its popularity, and the administration will experience more difficulty in getting anti-capital legislation enacted. Many people have sold stocks within the past week or so because of the apparently discouraging outlook.

In the Cotton Markets

March 21 CHICAGO High Low Close January 12,57 12 to 12 -50 March 11.94 Mav 12 18 12 01 12.02 July 12 29 12 13 12 13 October 12.41 12 24 12 24 December 12 52 12.32 12.32 NEW YORK January 12 48 12 28 12.28 March 12.05 11 90 11 90 Mav 12 12 11.92 11.97 Jlllv 12 72 12 03 12.03 October 12 38 12.15 12 15 December .. 12 43 12 25 12.26 NEW ORLEANS January 12.27 March 11 90 11 87 11 87 Mav 12 09 11 93 11 93 Julv 12 18 12.03 12 03 October 12 32 12 16 12.16 December 12 32 12.24 12.24 NEW YORK COFFEE FUTURES -March 21— SANTOS High. Low. Close. March 10 45 10 18 10 18 Mav 10.75 10.38 10 38 July 10 82 10 56 10.56 September 11 15 10 36 10 86 December 11 25 10 95 10.95 RIO January 8 30 March 8.15 7 97 7.97 Mav 8 28 7 99 7 99 Julv 8 38 8 12 8 12 September 8 37 8 22 8 23 December 8 48 8 25 8.25 Commits Suicide by Shooting Ollie Ragsdale, 60. of 102 East McCarty street, committed suicide yesterday by shooting himself in the head. His body was lound on a bed by a relative.

News . . . Investors in the fifty cities reached by wires of this firm have available a coordinated news service on the security and commodity markets. © Fmner & Beane 512-514 Circle Tower Bldj. Telephone Riley 3306 mshuu vrw ro*K stock rxchang*

STOCKS PICK UP AFTER SLOW START

PORKER PRICES OOWN 5 CENTS AT STOCKYARDS Vealers Continue Strong; Cattle, Lambs Remain Unchanged. Weak undertone prevailed in the pork market at the Union Stockyards this morning, with initial sales around 5 cents lower than yesterday’s average. Early trading developed slow and receipts were lighter than in the previous session. General bulk of all weights was selling at $4.15 to $4.40, while few good and choice butcher grades were reported salable at $4.45 to $4.50. Other weights scaling from 130 to 160 pounds, sold at $3.35 to $3.85. Light slaughter pigs, 100 to 130 pounds, brought $2.10 to $3.10. Receipts were estimated at 5,000; holdovers, 331. Cattle values remained mostly unchanged, with several slaughter classes fairly active. Initial bulk of better grade steers was selling from $5.25 to $6.50. Common and medium kinds held under $4. Receipts were 800. Strength continued in the veal market, with most classes salable around $7.50. Early top held at SB. Receipts numbered BCO. Only slight action was evident in lamb trading. Most grades were stationary with the previous ciase. General run of lambs sold mostly at $9.25 down. Receipts were 400. Few scatered bids on hogs at Chicago moved around 10 cents lower than yesterday’s average at $4.40 down. Receipts were estimated at 22.000, including 8,000; holdovers, 5.000. Cattle receipts were 5.000; calves. 2,500; market, strong. Sheep receipts numbered 12,000; market, weak to lower. March Bulk. Top. Receipts. 18. $4 40V,; 4 65 $4.75 6.000 17. 4 30®j 4.55 4.60 2.000 19. 4.*<047 4.65 4.75 4.000 20. 4 35®> 4 60 4 65 7.000 21. 4.204* 4 45 4.45 6.000 22. 4.1541. 4 40 4.50 5,000 Market Lower (140-1601 Good and choice . $3.60® 3.85 —Light Wrights—-(l6o-180* Good and choice 4.15® 4.25 (180-200) Good and choice 4 35® 4.45 —Medium Weights—-(2oo-2201 Good and choice . 4.40® 4.45 (220-2501 Good and choice .... 4.40® 4.50 —Heavy Weights—-(2so-290) Good and choice . 4 40® 4.50 (290-350) Good adn choice ... 4.25® 4.40 —Packing Sows—(3so down) Good 3.40® 3.65 (250 up ( Good 3 15® 3.40 (All weights* Medium 3.00® 335 —Slaughter Pigs) (100-130) Good and choice .... 2.10® 3.10 CATTLE Receipts. 800; market, steadv. (X. 050-1.1001 - 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 (675-7501 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 ivearlings excluded' Good (beef steersi .. 2.75® 3.50 Cutter, common and medium .. 1.50® 2.75 VEALERS Receipts. 800; market, steadv. Good and choice $7.00@ 8.00 Medium 4.50® 7.01 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® 525 Common and medium 2.75® 4.00 SHEEP AND LAMBS Receipts, 40(1; market, steady. (90 lb. down* Good & choice $8.75® 9.25 (90-110 lbs.i Good and choice 8.50® 9.00 (50 lbs. down) Com and med . 6.5068.50 • —Ewes— Good and choice 4.50® 5.50 Common and medium 2.50® 4.50 Other Livestock By United Press CLEVELAND, March 22.—Cattle—Receipts. 200; market slow but steady; choice steers. 750-1.100 lbs., $6.50®7; 600 to 9.50 lbs., *5.50® 6.50: 900 to 1,200 lbs., $5.25®6,25; heifers. 600 to 850 lbs.. $4.50® 5.50: medium. $3.50® 4.50: cows good all weights, $2.75® 3.50; medium, s2@ 2.50. Calves—Receipts. 400: market, 50 cents lower; prime ' vealers, s7® 7.50; choice veals, $6 (J 7; mediums. ss® 6.00: common, s3t§s. Sheep and lambs—Receipts, 1.500; market. 25 cents lower; good to choice wool lambs, s9® 9.50; medium to good $7.50 ®8.50: culls and cuts. ss® 7; choice clipped lambs. s7® 7.75; medium to good. s6® 7; prime wether sheep. ss® 6: choice ewes, S4®s; medium to good. s3® 4. Hogs—Receipts 1.500; market 15 cents lower on heavy- weights in slow trading: 250 to 300 180 to 210 lbs.. $4.75: 150 to 180 lbs., $4.75; lbs.. $4.35® 4.50: 220 to 250 lbs.. $4.50®4.75; pigs. 100 to 140 lbs., $3; roughs, $2.75; stags, $1.75. EAST ST LOUIS. 111., March 22.—Hogs —Receipts. 10.500; market, slow; few sales weak to 10 cents lower: bulk still unsold; top. $4.35; early sales 190 to 270 lbs.. $4.30 ® 4.35: most bids $4.30 down: few 160 lbs., $4.10; 80 to 100 lbs.. $2.25®2.40: other pigs and light lights not established; sows, $2.30® 2.50. Cattle—Receipts, 2.500; calves. 2 000; market: opened steady on all classes: early steer sales. $5.90®6.25: mixed yearlings and heifers, $4.50® 5.50; cows. s3'® 3.55; low cutters. $1.25® 1.75: lop sausage bulls. $3 35; top vealers. $7.25: nominal range slaughter steers. $3.75® 7; slaughter steers. $3.75®7; slaughter he.fers. $3.25® 6.50: slaughter steers. 550 to 1.100 lbs . good and choice!. 55.75®7; common and medium $3.75® 5.75: 1.100 to 1.500 lbs., choice. $5.75® 7; good, *s® 6.50; medium. $4.50® 5.75. Sheep—Receipts. 2.500: market, not yet established: few choice wooled lambs to city butchers. $9 ® 9.50: no earlv action on part of packers, lambs. 90 lbs. down, good and choice. $8.75® 9 50: common and medium. s6® 9; 90 to 98 lbs., good and choice. 58.50fi9.35: yearling wethers. 90 to 110 lbs., good and choice. $6.75®8 50; ewes. 90 to 150 lbs., good and choice. $3.75® 5.50: all weights common and medium. $2 75® 4.25. PITTSBURGH. March 22—Hogs—Receipts. 1.200: holdovers. 600: 160 lbs. up. mostly- steadv: top and bulk. $4.85 on 160230 lbs.. 230-300 lbs $4.65®4 85; 130 to 145 lb averages. S3 50® 3.80: 100-120 lbs . 53®3.25: sows, mostly $3.75 or steadv. Cattle—Receipts. 25: nominal. Calves — Receipts. ICO. steadv to 50 cents higher: top and bulk vealers $7.50: medium, $5 50 ® 6.50. Sheep—Receipts. 800: steady; top wool lambs. $9.75: common to medium. -7 75: sheep, steadv: good and choice $6 '9; good and choice shorn iambs. $7.25 springers, quotable slo.sofill 50. By Tinres Special LOUISVILLE. Kv . March 22.-Cattle-Receipts, 150; market slow but generally steadv: bulk common to medium steers and heifers s4®s; medium to good fed offerings. $5.25 to around $6 for good yearlings of the baby > beet tvoe ;bulk beef cows $2 50 ®3.25; low cuHers and cutters. $125®2.25; sausage bulls mostly $3.50 down: common to medium grade native Stockers and feeders Quotable mostly- $2.75 u 3 75. Calves —Receipts. 300; steadv: bulk better vealers. $5.50® 6: strictly choice kinds. $6 50: medium and lower grades. $5 down. Hogs—Receipts, 900: 10c lower: 170-240 lbs. $4.50: 245270 lbs. $4.15; 275 lbs. up $3 80: 145-165 lbs. $3 50; 120-140 lbs.. $2 15: sows. $2.55. Sheep. 25c: mostly steadv: bulk medium to good lambs. $7 50® 8.50: choice kinds quotable to $9 or better: throw-outs mostbetter; throwouts mostly $5.50; desirable fat ewes, $2 50 ®3.

Gone, but Not Forgotten

Automobiles reported to police as stolen belong to: John Orr. 215 Station street. Chevrolet sedan. 108-291. from Meridian and Thirtyfourth streets. Bernard Bace. 1746 West Minnesota street. Buiclc sedan. 45-646. from parking lot at 2114 West North street.

BACK HOME AGAIN

Stolen automobiles recovered bv police belong to: H Zidell. St. Paul. Minn., Chevrolet cocah. found a; SOS East Washington street. 4 Coridon-Hardlng Chevrolet Company. 635 Virginia avenue. Chevrolet coupe, found in front of 1603 West Washington street.

New York Stocks

—March 22 OIU— Prev. High. Low, 10:30 cioye. Amerada 43% Ati Rfg 29’. 29% 29’* 30 Birnsoall ••• 8% 8 I Consol Oil • 12 12 Cont of Del .. 18 ! 18'• 18'/4 18 1 j Houston inew).. .. ... ... 4% Houston (old i .... ... ... 24 Mid Cont Pet 12 Ohio Oil 13'/ 13 Pet Corp • • 12'i Phillips Pet ... 17% 17% 11% 17% Plymouth Oil HU 14% Pure Oil 12 12 Royal Dutch 36% Sbd Oil 33Aa Shell Un 9U 10 Skelley Oil .. ■. • • 10% Soc Vac 16% 16 16U 16U S O of Cal 36 SOof N J 44% 44 T /a Texas Corp 25% 25V, Tidewater Assn ... ll‘/a 11 V Un Oil of Cal 16% Steels— Am Roll Mills 22U 22% 22% 22% Beth Steel . .. ... 39U 40'* Byers AM .. Col Fuel & Iron .. ... 6U 6V2 Cruc Steel .. 30 Gulf Sts Steel 6 Inland Steel 41 Va McKeesport Tin ... 84 Mid Steel 16% Natl Steel 45U Otis Steel . • 6’,2 Rep Irn & Stl 20U 20U 20'i 20% Rep Irn&Stl pfd .. . • 54% 55 U S Pipe & Fdy 25 s ,a 26 U S Steel 491 a 50 Vi U S Steel pfd 90 Warren Bros .. . . 10% Youngst'n S& T 26>/s 26% Motors— Auburn . . 50'/4 Chrysler 50% 50U 50'2 50% Gen Motors 36% 36)4 36)4 36 Gen Motors pfd ... 98% 98U Graham Mot 3U Hudson 18U 18',2 18% 19Va Hupp ... .. 3V2 Mack Truck 31% Nash 24% 24% Packard .. 5% 5% Reo 4% 4% 4% 4% Studebaker ... 7% 7% Yellow Truck ... ... .. 5% Motor Access— Bendix ... 18 18% Bohn Alum ... . 56% Borg Warner 24% 24% Briegs HU H% Budd Wheel 4 4% Eaton Mfg . 19% Elec Auto Lite 27 27% Houdaille A ... 5% Mullins Mfg 12 Mullins Mfg pfd . ... 30 Murray Body 9% Stew Warner 8% 8% Timken Roll . 33 Vi 33 *4 Timken Det Axel 5% Mining— Alaska Jun ... 20% 20Vi Am Metals 22 Vs 22% Am Smelt 40% 41% Anaconda ... 14% 14% Cal & Hecla ... ... 4% Cerro de Pasco . . 32 Dome Mines . . 37% 37% 37% 37V 2 Granby ... ... 10*4 Gt Nor Ore 13 Homestake Min 360 Howe Sound 45% 45% 45% 45 Ins Copper 5 Int, Nickel 26% 26% Int Silver ... . 36 Isl Creek Coal . 25 Kennecott Cop 18% 18% 18% 18% Mclntyre Mine . 44% 43% 44% 44 Noranda Cop ... . .. 37% Park Utah ... 4% 4% 4% 5 Phelps Dodge ■ . 15% St Joe Lead 21 21% U S Smelters 115% 114=4 115% 115 Vanadium . 25% 25% 25% 25% Amusements— Croslev Radio .... ... ... 13% Fox Thea 15 Loews Inc 30% 31% Radio Corp ... 7% 7% RKO 3% 3% Warner Bros 6% 6% Tobaccos— Am Snuff ... 54 Am Sum Tob . .. 17% Am Tobacco A. .. ... . 66 Am Tobacco B 67% 67% Gen Cigars 31% . Ligg & Myers B 87% Lorillard .. ... 16% Reynolds Tob B .. ... 4040% Rails— Atchison 64% 3% B & O 28% 27% 28Va 27% Can Pac ... 16% 16% Ch & Ohio 43% 43% Chi & Gt W 4% C M & St P 6% 6% CM & St P pfd 10V a Chi N W 12% 12% Chi N W pfd . . 23 Dela & Hud 61 Va Del Lac & W . 27% 27 27 26% Erie 20% 20 % Erie pfd 24% Grt Northern pf .. ... 27 27% 111 Central 30% 30% K C Sou . 14% Lehig'. Valley . 17% 17 17 17% M K & T .11 10% 11 11 =4 M K ! T pfd 26% Mo Pac 4% Mo Pac pfd ... . . 7% N Y Cent 34% 34% 34% 35 H Y Chi & St L 19% 21 NY C & St L pf 28% N Y New Haven .. ... ... 18% N Y Ont & West 9% Nor Pac ... 31 31% Reading . . 7 Penn R R 32% 32% 32% 32% Sou Pac 26% 26% 26% 26% Sou R R .... 31% 31% 31% 31% Sou R R pfd ... 35 Union Pac 123% 123% Wabash . 11 West Maryland 14% 14% Equinments— Allis Chalmers 18% 18% Am Brake Shoe 31% 31% Am Car & Fdy 27 27% Am Loco 31 Vi 32 Am Loco pfd ... ... . 64 Am Mach * Fdy . 16 Am Steel Fdy... 19% 19% 19% 20% Bald Loco .. 13% 13 13 13 Bald Loco pfd 50% Burroughs ... ... 15% Case J I 69 % Cater Tract 28 28% Deere & Cos 28% Foster Wheeler 18% Gen Am Tk Car . . 37% 38% Gen Elec ... 21 Vi 21 21% 21 Gen R R Sig . 40% 40% 40% 40 Ingsol Rand ... ... 64% Int Harvester ... ... ... 40% Natl Cash Reg 18% Pullman Inc . .. 54 Vi Rem Rand .... 12% 12 12 12% West Air B 30% 30 30Vi 30 Westingh Elec 36% 36% 36% 37 Worthington P .... ... ... 25 Utilities— Am & For Pwr .. ... 9% 10 Am Pw- & Lit. 9 9% AT&T ■ 117% 117 Vi 117% H 7% Am Wat Wks . 20 20% Col Gas & Elc 15% 15% 15% 15% Com & Sou ... 2% 2% 2% 2% Consol Gas . 38% 38% 38% 38% Elec Pw & Lit 7'/a 7% E P & L pfd... 7% 7Vi 7% 7% Int T & T .. 14% H 14 14% Lou G & E A 17% Nat Pw & Lit 11 Vi North Amer 18% Pac G & E 19% Peoples Gas 37% Postal Tel pfd 21% Pub Serv N J . • . 38% 37% Sol Cal Edi ... 18% 18% 18% 18% Std Gas 12% Std Gas pfd 12% Stone & Webster 9% 9% United Corp ... .■ ■ 6% 6% Un Gas Imp 16% 16% 16% 16% Ut Pwr & Lit A 4 4 Western Union . 54 53% 54 53% Rubbers— Firestone • 20'2 20*2 Goodrich 15 1 2 15H 15% 15 l i Goodyear ••• • •• 35 Kelly Spring 3% U S Rubber . 18% 19 U S Rubber pfd 42% 42 42% 42% Miscellaneous — Am Bank Note 18 Amer Can ... 97% 97%

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. Fire Reports Wednesday. 7:17 a. m.. Keystone and Belt railroad, glass factory, not estimated. 8:31 a m.. 832 East Minnesota, automobile. small loss. 11:45 a. m., Sherman and Pleasant Run. grass Are. 1:10 p m. 362 West Twelfth residence. *25. 1:37 p. m., 415 West Twenty-first, grass fire. 2:20 p. m., 400 South Hamilton, grass fire. 2:42 p. m., 827 Sanders, residence, no loss. 5:02 p. m., 4426 North Illinois, false alarm. 5:06 p. m., 1803 Martindale. residence, small loss. 5:31 p m.. 1402 East Minnesota, residence small loss. 5:48 p. m. East Tenth and Ewing, grass fire. 6:03 p. m.. Raymond and Villa, grass flr<*. 6.33 p. m., Kentucky and Sand, foundry, small loss. 7:37 p. m.. 2631 Guilford, residence, no loss. 8:54 p. m.. 2934 Broadway, residence, no loss. 9:36 p. m 915 North Warman. residence, small loss. 9:43 p m. Thirty-Fourth and Central, false afarm. 9:54 p. m. 4627 East Tenth, drug store, small loss. 10:10 p. m., 2241 North Talbot, residence, *lO.

THE INDIANAPOLIS TIMES

Brlclyn Man Tr . . 76% Conti Can 7* 75% 75% 76% Crown Cork 29 Curtis Pub 21% Curtis Pub pfd 67 Eastman Kodak 87% Gillette 10% 10% Glldden 23% 23% Inter Rapid Tr 8% 8% Owens Bottle 84 Raybestos Mfg 18% 19 Food! Am Sugar ... ... 52 Armour (A( 5% 5% 5% 5% Borden Prod 22% 22% 22% 23% Cal Packing .. . 23 23 Can Drv G Ale . 25% 25% 25% 25% Coca Cola 104% Com Bak (A).. . . 11% Corn Prod 70% 70% 70% 70% Crm of Wheat 32% 32% Cuban Am Sugar 6% Gen Foods 33% Gold Dust 19% 19% G W Sugar ... 26% 26% Int Salt 25% Natl Biscuit ... 42% 42% Natl D Prod 15% 15% Purity Bak 15 S Port,o Rico S 31% Spencer Kellog .22 Std Brands . 20% 20% 20% 21 Un Biscuit ... 24% . United Fruit .. 65% 05% 65% 64% Wriglev 59 Retail Stores— Asso Dry Goods 15 % Best & Cos 32% 32% First Natl Stores 56% Gimbel Bros 4% Gimbel pfd 25% Gr Un Tea . . 6% 6% Hahn Dept Sts. . . 7 Kresge S S 19 18% 18% 19 Kroger Groc 30 Macy R H 52% 52% Marshall Fields 17% 17% May Dept St .. . . 40% oMnt Ward ... 31% 30% 31% 31% Natl Tea is'. Penny J C 63% Salewa'- St ... . . gj Sears Roebuck . 47% 47 47 46% Woolw'orth ... . 50% Aviation— Aviation Corp . .. ... .. 7% Curtiss Wright .. ... 4% 4% Curtiss Wri (A) 9% Douglas Air 25 24% 25 25 Nor Am Av 51, 57, Speer.v Corp 9% 93 United Aircraft . 23% 23 23% 23% Wright Aero 553. Chemicals— Air Reduction • ... 95 Allied Cliem 148% Am Com Alcohol 49s s Col Carbon ... . . 67% 66% Com Solvents ... 28% 28 28% 28% Dupont ... 93% 93% 93 % 93% Freeport Tex 41% 42 Liquid Carb 27% Math Alkali 33% 3334 Montosonta Chm 83 Natl Dis (new). 28 27% 28 28% Scheneley IMst 35 34% 34% 35 Tex Gulf Sulpm 35% Union Carbide 42% U S Ind Alca 53% Drugs— Coty Inc ... 7% Lambert 28 % Lehn & F*ink 20 Un Drug 13% 13% Zonite Prod ... 7 7 Financial— Adams Exp ... .. 9% Allegheny Corp 3% 3% 3% 3% Am Int Corp 8% 8% Chesa Corp 39% 39% Lehman Corp 71% Transamerica .... ... 6% 6% Tr Conti Corp 4% 4% Building— Am Radiator . 14 14 Gen Asphalt ... 17% 17% 17% 17% Int Cement ... . 28% John Manville ... 55% 64% Libby Owens Gls .. ... ... 36 Otis Elev ... ... 15% Ulen Const 3 Household— Col Pal Peet ... 15% 15% 15% 15% Congoleum . . 27 Kelvinator 19% 19% 19% 19% Mohawk Carpet .. ... . 16 Proc & Gamble 34Vi 35 Simmons Bed . 18% 18% 18% 18% Textiles— Amer Woolen 14 Belding Hem .. 13% Celanese Corp . 37% 37% 37% 38 Collins Aikman. .. ... ... 22% Gotham Hose 9% Indus Rayon .... 82 Kayser Julius ...

Bond Prices

(By Fenner & Beane) —March 22High. Low. 10:30. Aileg Corp 5s ’SO 34 33% 33% Am & For Pwr 5s 2030 ... ... 50 A T & T db 5s '65 . 106 B&o cv 4%s *6O .... 68% 68U 68% Brazil 6%s (26) ‘57 . 78% Can Pac 4s 79% 79% 79% Ch M S&P adj 5s A 2000 17% Ch M S P&P rs 5s A '75 . 50% Denmark 5%s ’55 93 92% 93 Det Ed 5s E ’52 . 104% Erie RRrf 5s ’67 71 70% 71 Goodyear 5s ’57 .... 98% 93 98% Gt Hor 7s (A) ’36 96% 96 96% Int T & T db 5s ’55 66% Nat Dairy db 5%s ’4B 91% N Y Cent 4%s O 2013 78% Nor Am 5s ’6l ... 85 Pac Gas & El 5s A '42. 105 Para Pub 5%s ’SO ... 49% Penn R R 4%s D ’Bl 94% Poland 7s '47 98% Royal Dutch 4s A '45 141% Sin Cons 6%s B ’3B .. .. ... 104% Texas Corp 5s ’44 101 % Ygstn S & T 5s B '7O 85

Chicago Stocks "" By Abbott Hoonir & Cos

TOTAL SALES, 42,000 SHARES —March 21— High. Low. Close. Abbot Lab 46% Acme Steel Cos ... 38V2 Advance Aluminum 3% Allied Products 16% Am Pub Serv pfd 6% Asbestos Mfg 1. 3% Assoc Tel & Tel 7% 19 Bendix Aviation 18% 18 18>/4 Borg Warner 25 24% 24% Brach & Sons . 10% Butler Bros 10% 10 10 Cent 111 Pub Serv pfd . 18% 17% 17% Cent 111 Securities com . % Cent Ind Power pfd ..12 10 12 Cent & So West 1% Cent & So West pfd ... ... 5% Cent & So West P L pf . ' % Chi <fc North Western 13 12% 12% Chi City & Con Rys ctf .. 1 Chicago Corp com 2** 2% 2% Chi No Sh & Mil R R % Chicago Railws Series 2 .. ... Vs Chicago Towtl pfd ... 66 Cities Service 32% 2% Club Aluminum % Coleman Lamp & S 15% Commonwealth Edison. 54 53% 53% Cord Corp 6% Crane Cos pfd ... 60 Gen Household Ut 12% 12 12% General Candv Corp .. 7% 6% 7% Godchaux "B” 9 Goldblatt Bros 16% Great Lakes Dredge •. 17% 17 17 Hcudcille-Hershey “B” 5% Illinois Brick 5% Kalamazoo Stove ........ . 23 Kentucky Ut Jr Cm pfd 17% 17 17% Keystone Steel . • 17% Ltbby-McNeil 5% 5 5 Lindsay Nunn Pub 2% Lynch Corn 30% McGraw Electric Mickelberry's Food Prod 2% Middle West Utilities % Muskegon Motor Spec A 10% National Leather 1% National-Standard ....... . 25 Noblitt-Sparks Indu Inc 14% 14% 14% Northwest Bancorporatn 4% 4% 4% Northwest Engineering %% Oshkosh Overall . 514 Penn Gas & Elec 13% 13 13% Potter Cos 6% 6 6% Quaker Oats ••• 114% Quaker Oats pfd . 122 Reliance Mfg Cos 18 17% 18 Sangamo Elect., com . 6% Signode Steel Strap pfd 13 12 12 Southern Union Gas .. 2 1% 2 So West L & P pfd . .. 32 Swift & Cos 16% 15% 16 Swift International .... 27% 27% 27% Utah Radio ... 1 % Utility & Ind pld 4 Vortex Cup Cos 10% Wahl 2 1% 2 Walgreen Cos com .. 24% 23% 23% Ward. Montgomery “A" 105% Wieboldt Stores .. ... 15% Wisconsin Bankshares .. ... 2% Births Girls Lee and Lucie Dessauter, Coleman hospital. Boys Jack and Mary Rossin, Coleman hospital. Roy and Helen Robertson, Coleman hospital. Harry and Vera Ware Coleman hospital. Deaths Walter Smith. 52. Long hospital, uremia. Mary Ann Braddock. 80 335 North Grant, chronic myocarditis. Cordelia Winn. 62. 3141 North New Jersey, cerebral hemorrhage. Mary F. Reagin. 80. 1427 North Delaware. chronic myocarditis. Mary Sohl, 60. 226 East Twelfth, carcinoma. Mary Lawn. 77 520 East Vermont, arteriosclerosis. Elizabeth Cook. 62. 2126 South Delaware chronic nephritis. Patrick Murphy, 73 1146 North Tecumseh. acute myocarditis. Margaret Coldazier, 33. Coleman hospital. acute nephritis. Robert A. King, 50, 924 Camp, pulmonary tuberculosis. Lucas Halbing. 68. 524 North Morris, acute cardiac dilatation. Caroline Dudley 57. 934 Sanders cardio vascular renal disease. Mary Rock, 50. 117 North Pine, lobar pneumonia. NEW YORK SUGAR FUTURES —March 21 High. Low. Close. January 1.66 1.64 1.64 March 1.41 1.39 139 May 149 1.44 1.44 July 155 152 1.52 September 1.61 1.56 1.57 December 1.60 1.63 1.6

WHEAT VALUES DROP SHARPLY IN DULL TRADE Confused Sentiment Upsets All Deliveries: Corn, Oats Weak. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO. March 22.—Confused j sentiment continued to upset the | grain trade today and wheat deliv- ! eries held sharply lover at the | opening of the Board of Trade. The main cereal was % to % cent lower; com was unchanged to ■% cent lower, and oats was % to % cent lower. Bullish crop news was offset by the uncertainty in economic circles. Liverpool was steady under the influence of the rally in the American market late yesterday and on a setady parcel market. The fact that corn was near the export price level virtually was ignored at the start today and selling developed in this pit in sympathy j with wheat. Chicago Primary Receipts —March 21— Bushels Todav Last Wk. Wheat 366.009 318.000 ! Corn 498.000 416.000 Oats 75.000 52.000 Chicago Futures Range —March 22 WHEAT— Prev. High. Low. 10:00 close. May 86% .86% .86% .87% July 86% .86% .86% .87% aept. 87% .87% .87% .88% CORN— May 50% .50% .50*4 .50% July 52% .52% .52 s , .52% Sept 54% .54% .54% .54% OATS— May 33% .33% 33% .33% July .34% .34% Sept .34 % RYE— May 59% .58% .59% .59% July 60% .60% .60 % .60% Sept .62% .62% .62% .62% BARLEY— May 47% .47% .47% .47% Julv .. . . 49% Sept .50% CHICAGO CASH GRAIN By United /‘res* CHICAGO, March 21.—Cash grain: Wheat—No. 2 mixed, 88c. Corn—(Regular run). No. 2 mixed, 40c: old. 46%c; No. 2 yellow. 49'®>49%c: old, 50c: No. 4 yellow, 48c; No. 2 white. 52c! No. 3 white 50% ® 51c: No. 4 white, 49%c. (Local rate applicable only via lakei. No. 2 yellow, 48%c; No. 3 yellow, 48c; No. 3 white, 50c. Oats—No. 2 white 34%®35%c; No. 3 white, 34c: No. 4 white. 31 %® 33c; lake No. 2 w'hite, 34%c. Rye—No. 1, 63%c. Bar-ley-Sales. 58® 80c. Timothy—s7.2s® 7.50. Clover seed—sll® 14. Cash provisions— Lard. $6.22; loose, $6.20; leaf, $6.25; S. Bellies, SB. TOLEDO CASH GRAIN By United Press TOLEDO. March 21. Grain close (Grain in elevators, transit billing). Wheat —No. 2 red. 92@93c. Corn—No. 2 yellow. 54%®55Vic. Oats—No. 2 white. 38%®39 , ic. Rye—No. 2. 65%®66Vic. (Track prices 28%c rate). Wheat No. 1 red. 83%@ 89c: No. 2 red. 87%®)88c. Corn —No. 2 yellow. 50®51c: No. 3 yellow. 49®50c: No. 4 yellow', 48®49c. Oats—No. 2 white. 35®37c; No. 3 w'hite. 34%®36%c. (Toledo saed cloce). Clover —March. $8.25. Alsike —Cash. $8.50. ST. LOUIS CASH GRAIN By United Press ST. LOUIS. March 21.—Cash grain: Wheat —In fair demand. %@%c low-er and Vic low'd- on hard; No. 2 red. 89%c; No. 3 red. 88%c: sample red. 79Vic; No. 2 red, garlicky. 87®88%c; No. 3 red. garlicky, 85%c; No. 2 hard, 87c; No. 1 hard 87Vic. Corn—ln fair demand, unchanged to %c higher; No. 2 yellow'. 50c; No. 3 yellow, 49%c: No. 2 white. 50%c. Oats—ln faildemand. tone steady; No. 2 w'hite 35%c; No. 4 white. 34%c. ’ NEW YORK CASH GRAIN By United Press NEW YORK. March 21.—Wheat—No. 2 red, $1.05%- No. 2 hard winter. $1.05%. Corn —No. 2 mixed, 58%c. Oats—No. 3 white, 44%c.

Indianapolis Cash Grain

—March 21. The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. o. b., shipping point, basis 41% New York rate, were: . • WHEAT—Easy; No. 1 red. 81%®82%c; No. 2 red, 80%@8f%c; No. 2 hard, 80%@ 81 %c. CORN—Easy; No. 3 white, 43@44c: No. 4 white, 42@43c; No. 3 yellow, 42%®43c: No. 4 yellow. 41@'42c; No. 3 mixed 41@ 42c; No. mixed. 40®;41c. OATS—Easy: No. 2 white, 30%@31%c; No. 3 white, 29%®,30%c. —lnspections WHEAT—No. 1 red 2 cars! No. 2 red, 4 cars! No. 1 hard, 4 cars; No. 2 hard, 1 cars: No. 2 mixed. 1 car; total. 12 cars. CORN—No. 2 white. 2 cars; No. 3 white. 3 cars; No. 4 white. 3 cars; No. 2 yellow, 9 cars: No. 3 yellow. 20 cars; No. 5 yellow. 1 car; No. 6 yellow 1 car; total. 39 cars. OATS—No. 2 white, 5 cars: No. 3 white. 3 cars; No. 4 white. 1 car; sample white. 1 car; total 10 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 80 cents for No. 2 soft red wheat, otner graaes on their merits.

Produce Markets

Delivered In Indianapolis Prices—Hens, lie, Leghorn hens, Bc, Leghorn spring-er-stags, 6c; large springer-stags, 9c; cocks. sc; Leghorn cocks. 4c; ducks, full feathered and fat. 4Vi lbs. and over 7c. geese. 6c: young guineas. IVi to 3 lbs.. 30c; old guineas, 20c. No. 1 strictly fresh country run eggs, loss oft 14c each full case must weigh 55 lbs. gross; a deduction of 10c 8 pound for each pound under 55 lbs. wil Ite made. Butter—No. 1, 30®> 31c. No. 2. 27528 c; butterfat. 23c.—Quoted by Wadley. By United Press CHICAGO. March 22.—Eggs—Market, firm; receipts, 19,255 cases; extra firsts, 18c; fresh graded firsts, 17 3 i; current receipts, 16' 2 c; dirties, 15MC; checks, 14 1 2C. Butter—Market, weak; receipts, 7.901 tubs; storage standards, 90 score. 23c; extra firsts, 90®91 ! 2 score. 23®23'4c; firsts. 88-89 '2 score. 224i22 3 *c; seconds. 86-87'i score. 21UC; extras ,92 score. 23!ic; specials. 23 3 4-24'4c; standards, 23V4C. Poultry—Market, steady; receipts, 20 trucks, no cars; two cars due; turkey hens, 22c; Leghorns, 12c; bucks, IS'*/ 18c; roosters, 10c; colored springers, 17c; Plymouth Rock broilers. 26c: geese . 12c: heavy hens. 14c Cheese—Twins. 14‘ 4 ® H’ic; longhorns, 14 3 /4®lsc; daisies. 14 3 4 ® 15c. Potatoes—Old stock, supply heavy; demand and trading slow; market dull: Wisconsin round whites. sl.4o''/1.45: Minnesota cobblers, one car. SI.BO, one car 51.70: early Ohios. 51.75; Idaho russets. 51.70'ii1.77 1 /2: combination grade. 51.60; Colorado McClures. SIMS'S 1.90. occasional car higher. New Stock—No sales. Shipments, 890; arrivals, 112; on track, 356. NEW YORK March 22.—PotatoesDull; Long Island. 5252.40 bbl.; Southern. 53.354i.5.65 bbl.; Maine. $1.20413.80 bbl.; Idaho, $2.20412.25 sack; Bermuda. ss@7 bbl.: Canada, $2 bbl. Sweet potatoes—Dull; Jersev. bskt.. 40c®,*1.75; Southern, bskt., 40c® $1.34. Flour—Easy: springs, patents. S6. 0 3 46.65 bbl. Pork—Steady; mess. $20.25 bbl. Lard—Quiet; middle west spot, ss® 5.10 per 100 lbs. Dressed poultry—Firm; turkeys. 18’j(g26c; chickens 9@27c: broilers i4®29c: capons. 194j33c: fowls, 13® 18c: Long Island ducks, spring 16® 17c; frozen, 14'2® 15' 2 c. Live poultry—Easy; geese, 74i95; turkeys, 19® 25c; roosters, 10c; ducks. 8® 12c: fowls, 1347 18c; chickens, 13S 18c; capons. 22c; broilers. 15®25c. Cheese—Quiet: state whole milk fancy to specials. 19c; Young America 15';!® 16c. CLEVELAND, March 22.—Butter—Market barely steady; extra. 27', 2c; standards. 27Mc. Eggs—Firm; extra white, 18c; current receipts, 17c. Poultry—Market, firm; colored fowl, medium. 16®i7c; Leghorn fowl. 13® 14c; springers, smooth. 16 ®l7c; capons 8 lbs. and up. 22c: colored broilers 25®28c; stags. 12® 13c: ducks, white. 5 lbs. and up. 18c: ducks, light, 16c. Potatoes—Main. $2.25® 2.50; Idaho. s2® 2.25; New York and Ohio. best. $2. Other Livestock (By United Press) FT WAYNE. March 22.—Hogs—Steady to 10 cents lower: 250-300 lbs.. *4 40; 200-250 lbs.. $4 30: 180-200 lbs., $4.15; 160180 lbs.. $4.05; 300-350 lbs., $3.80; I=o- - lbs., *3.50: 140-150 lbs.. $3 25; 130MO lbs., $3; 120-130 lbs.. *2.5#; 100-120 lbs. $2; roughs, *3.25; stags. *2. LAFAYETTE, March 22.—Hogs—Market, steady to 5c lower; 200-325 lbs., *4.10® 4.25; 170-200 lbs.. *4.10® 4.20; 150-170 lbs., *3.60® 3.80: 130-150 lbs., $3.10® 3.35; 120130 lbs.. 52.60® 2.85; 100-120 lbs . *1.75® 2.25; roughs, *3 75 down; top lambs, *8 down.

Bank ‘Call’ for March Is Likely BY RICHARD L. GRIDLEY United Press Staff Correspondent (Copyright. 1934. by United Press) WASHINGTON. March 22.—A resumption of the usual March “call" for conditions of national banks in lan effort to publicize improving banking conditions and as agesI ture of confidence to business was | indicated today in important administration and banking circles. The government is required to make at least three “calls" annually on the condition of national banks and as many more are usual:ly necessary. In the last eleven years as few as three calls have been made only in 1926, 1932 and 1933, ! while six calls annually were made from 1914 to 1920. Resume Bank Calls Usually calls have been made n March, but these were suspended during the last two years presumably because of unsettled banking ! conditions and the difficulty of making accurate condition state- | ments due to fluctuating security ; and real estate values. Because cf the sweeping improveI ment in banking conditions as a result of better security prices and drastic reorganization and strengthening of individual banks, it is believed usual bank calls can be resumed. Interests close to the administration believe the inherent soundness of the banking system can be demonstrated by a call now. The United Press was told on high authority today that a bank call now would show practically all the ground recovered that was lost during the drastic banking “cleanout” last year. Hundreds of banks were closed permanently during this period. Others were consolidated with stronger institutions and still others were strengthened by a billion dollars of government money advanced through the reconstruction finance corporation. The country's 5,159 operating national banks are believed to have increased their deposits by half a billion dollars in the first quarter of this year to above the $18,000,000.000 mark. Business Sentiment Improves On Dec. 31, 1932, the last call date prior to the national banking holiday, the 6,016 national banks had total deposits of $18,518,107,000. These dropped to $16,774,115,000 for 4,902 national banks on June 30. 1933. By Dec. 31, 1933, they had risen to $17,589,882,000. Banking officials also report a steady strengthening of the position of the banks through new capital and liquidation of slow assets. Reports to the reconstruction finance corporation indicate a continued improvement in business sentiment. - Banks which borrowed heavliy from the RFC have found conditions improving so that they are making repayments at faster rate than anticipated.

Bright Spots

(By Abbott. HoDnin & Cos.) Phelps Dodge Company report for 1933 shows a net loss of $83,568 after all charges against $3,752,252 in 1932. Union Bag and Paper Company in 1933 earned $2.78 a common shares, against a net loss of $259,392 in 1932. Philadelphia Company declares a quarterly dividend of 20 cents a share on the common stock. In the preceding quarter 17% cents was paid. Public Service Corporation of New Jersey and subsidiaries February net income totaled $2,284,997 after charges against $2,175,111 in February, 1932. Electric Output of the Commonwealth and Southern Corporation system in February was 453,410.413 Kilowatt hours against 387,465,494 in February last year. Report of the American Cynamide Company and subsidiaries for year ended Dec. 31 shows earnings of 99 cents a share on the combined (A) and (B) stocks. Pennsylvania Railroad January net income totaled $1,043,479 after charges against a net loss of $40,615 in January. 1933. Car loadings of the company for own lines and connections in the week ended March 17 totaled 96,565, against 94.563 in the previous week and 67,511 in the like week of 1933. National Distillers in 1933 earned $3.23 a share on the common stock. New York Central Railroad Company car loadings in week ended March 17 were 111.911 cars against 70,625 cars in the like 1933 week. Continental Oil Company of Delaware declares a dividend of 25 cents a share and rails for retirement of $1,500,099 on the 5% per cent debentures on May 1. R H Macy Company declares the regular quarterly dividend of'6o cents a common share.

On Commission Row

—March 22Fruits Apples—New York Baldwins. fancy, 51.60; fancy Staymans $2.25; fancy WinesaDS. $2.60. Oranges Caliofrnla Sunkist. *3414; Floridas. $2,75®3.75. Lemons—Sunkist. $6; Red Ball. $5.50. Grapefruit—Arizona seedless 80s. $3; Florida. $3.25 Strawberries—Florida, pint. 16® 17c; 36pt. crate. $5.50446. Cranberries—C. C. Howes. Eatmore, 25lb. box. $2.50. Melons—Argentina Honeydews. $2 50. Pears—Florida. Avacados, 52.50; 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. *2.50® 3.25 a crate; mammoth bunch 75c: medium bunch. 45c: hearts, dozen bunch. $1.35. Onions—lndiana vellow. 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. $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. Cucumoers—Hot house per dozen. $1.25. Lettuce—Hot house. 10-lb. basket. 70c; Iceberg best. $2.75®3.25 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. lug. S2. SOCIOLOGIST TO SPEAK Reed College Professor to Reveal Results of Survey. Results of studies among students in more than eighty American colleges will form the basis of a series of taalks given in Indianapolis by Dr. Pieter K. Roest, sociologists of Reed college, Portland, Ore., under the auspices of the Indianapolis chapter of the American Theosophical Society. Dr. Roest will speak first at 7:45 Sunday night in the lecture room of the All Souls Unitarian church.

STRIKE TRUCE PUTS NEW LIFE INTO WALL ST, Prices Fractions to More Than Point Higher at Mid-Day.

Average Stock Prices

Average cf thirty industrials for Wednesday; high 100.73, low 98.45. close 99.33. ofT 1.68. Average of twenty rails: 47.80 46.52. 46.94. off 1.00. Average of twenty utiliiics: 26.04. 25 47, 25 71. off .41. Average of forty bonds: 92.53. off .19. Average of ten first rails: 97.94, off .03. Average of ten second rails: 81.91. off .39. Average of ten utilities: 95.74. off .07. Average of ten industrials: 94.72, off .27. By United Press NEW YORK, March 22.—Strength came into the stock market today after a lower opening. At mid-day prices were fractions to more than a point higher. Volume continued light. The strength %vas rather general. Gains came into the recently depressed steel and motors stocks. There was some hope in Wall Street —without any definite foundation—that labor difficulties might be adjusted amicably. United States Steel, after an early fractional loss, firmed to 50% for a %-point, gain. Chrysler was unchanged after being a full point lower. General Motors showed a half point gain. Silver shares firmed, with United States Smelting showing a 2-point advance at 117. American Smelting was % of a point stronger at 42. Other mining shares showed firmness. Rails and oils firmed. Utilities were mixed.

Bank Clearings

INDIANAPOLIS STATEMENTT —March 22Clearings $1 502.000.00 Debits 3.956.000.00 TREASURY STATEMENT By United Press WASHINGTON, March 22.—Government expenses and receipts of the current fiscal year to March 20. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $4,643,357,891.24 $3,676,881,123.83 Receipts $2 232.360.506.40 $1,452,432,683.21 Deficit $2,410,997,384.84 $2,224,448,440.62 Cash Bal $4,880,302,966.21 New York Curb (Bv Abbott. Hoppin & Cos.) —March 21— Closel Close Alum Cos of Am 65 Gulf Oil of Pa . 64 Amer Beverage 3 Hiram Walker.. 45 Am Cyanide B 18 Hud Bay Min . lit* Am Gas &El 28 jHumble Oil .... 41% Am Superpower 3 3 |Imp Oil Ltd . 13% Asso Gas & El 1 % Int Petrol 22 Atlas C’orp 12% Lake Sh Min .. 49% Brazil Tr & Lt 11%'Massey Harris 6% Can Indu Ale A 15% Natl Bellas Hess 3% Can Marc 3% Ne'.vmont Min 47 Carrier Corp .. 7 7 a|Nia Hud Pwr 6% Cities Serv 2% Novadel Agene . 84 7 , a Consol G of B 60 iPan-Atn Airways 39 Creole Petrol 11 Park Davis 24 Crown Cork Inti 7%!Penn Road 3*/8 Deere &Cos . 28% St Regis Paper 3% Distillers Lim . 22%|Sherwin Wms. . 61% Distillers Corp. 18%'Stcl of Ind . . 26% El Bd & Share 17% Std of Ky 15% Fisk Rubber 18%l Technicolor Ind 8% Ford of Can A 21% Teck Hughes G 6% Ford of Europe 7%<Un Gas 2% Gen Aviation 6 |Un Pwr & Lt A 3% Glen Alden C’oal 18 Wr Hargraves M 9%

Foreign Exchange

(By Abbott. Hoppin & Co.i March 21— Close. Sterling. England $5.11% Franc. France 0660% Lira. Italy 0858% Beigias. Belgium 2337 Mark. Germany 3969% Guilder. Holland 6748 % Peseta. Spain 1368 Krone. Norway 2570 Krone, Denmark 2288

Investment Trust Shares

March 21— Bid. Ask. American Bank Stocks Corp . 1.14 1.18 American & General Sec A . 5.00 7.00 American & Inv Tr Sh 1.50 Basic Industry Shares 3.38 344 British Type Inv Tr Sh .. .50 .60 .Collateral Trustee Shares A 4.62 4.87 Corporate Trust Shares (old) 2.08 2.12 Corporate Trust Shares (new) 2.36 2.38 Cumulative Trust Shares 4.05 Diversified Trust Shares A . 6.14 Diversified Trust Shares B . 7.75 8.00 Diversified Trust Shares C ... 3.14 318 Diversified Trust Shares D . 4.80 4.90 First Insurance Stock Corp .. 1.27 1.32 First Common Stock Corp ... .32 .85 Fixed Trust Oil Shares A ... 8.50 9.00 Fixed Trust Oil Shares B .. 7.25 7.50 Incorporators Investments • 18.37 18.75 Land Bank Bond Shares .... 1.08 1.20 Low Priced Trust Shares 6 10 6.20 Mass Inv Trust Shares 18.78 20.41 Nation Wide Securities ■. . 3.36 3.42 North Am Trust Shares (531 1.84 North Am Trust Sh (55-56) 2.37 2.40 North Am Trust Shares (58) 2.43 2.48 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 American Trust Shares A 2.92 2.96 Trust Shares of America . 2.80 2.85 Trustee Std Oil A 5.50 5.70 Trustee Std Oil B .... 5.05 5.15 U S Electric Lt & Pwr A . . 12.00 12.50 Universal Trust Shares 3.00 3.05

Federal Farm Loan Bonds

(By Blyth & Cos.. Inc.) —March 21Bid. Ask. 4s Nov. 1 1957-37 96% 98 4a Mav 1. 1958-38 96% 98 4%s Jul'v 1, 1956-36 97 98% 4%s Jari. 1, 195V 7 97 93 % 4%s Mav 1, 1957-37 97 98% 4%s Nov. 1. 1958-38 97 98% 4%s Mav 1, 1942-32 93% 93% 4%s Jan. 1, 1943-33 93% 99% 4%s Jan. 1. 1953-33 98% 99% 4%S Julv 1, 1953-33 98% 99% 4%s Jari. 1. 1955-35 98% 99% 4%s July 1, 1955-35 98% 99% 4%s Jan. 1 1956-36 98% 99% 4%s July 1, 1953-33 99% 100% 4%s Jan. 1 1954-34 99% 100% 4%s July 1, 1954-34 99% 100% 5s May 1, 1941-31 100% 101% 5s Nov, 1. 1941-31 100% 101% Home Loan 4s. July 1. 1951 ... 98 % 98%

Daily Price Index

By United Press NEW YORK, March 21.-Dun & Bradstreet’s daily weighted price index of thirty basic commodities compiled for the United Press (1930-1932 average, 1001: Today 108.75 Yesterday 109.19 Week ago 109.90 Month ago 108.58 Year ago 71.22 1934 high (March 12* 11C.24 1334 low (Jan. 3i ... 101.05 (Copyright. 1934. Dun & Bradstreet. Inc.i

U. S. Government Bonds

By United Press NEW YORK. March 21—Closing Liberties. (Decimals represent 32nds.i. Liberty. 3’is '32-47 102.24 Ist 4 ! ,s (32-47) 103 3 j 4th 4'*s (33-38) . . 103.11 ■ Treasury. 4U-3Us MS) 101.18 4>,s 1 47-52 1 101.1 3 3 *s (43-47) 102.7 3 3 s (41-43) March 102.9 3 3 5 (40-43) June 102.11 3' iS (41) 1012$ 3Ms (46-49) 100 18 3s (51-55) 98.39 Bing Crosby’s Home Guarded By United Pr< ss LOS ANGELES, March 22.—A special guard watched the home of i Bing Crosby today after police received reports of a plot to kidnaaj the screen crooner's infant

PAGE 15

Today and Tomorrow Just Politics a a a Air Mail Change a Blunder but Not a Disaster, Is Belief.

-BY WALTER LIPPMANN-

IN many minds the question has arisen whether the air mail blunder marks the turn of the political tide. Naturally, among partisan Republicans the wish it father to the thought ana there are some signs that they are seeing visions in which the popularity of Lindbergh is to be used to neutralize the popularity of the President.

There is not, I believe. m u c h substance to thjs. The air mail fiasco has, it is true, hurt the administration; it has impaired the legend of its infallibility among many who were disposed to regard its every act as inspired. But that legend was always rathe# a doubtful asset. It caused the people

| to expect too much; it caused the Washington officials to be overconfident. Perhaps, then, it is just as well to be done with it and to move on to the more prosaic level of ordinary government. Apart from the loss of some of his surplus prestige, the affair of the air mail should not have any deep and lasting consequences on the political fortunes of the President. The public is certain to conclude that the error was due to an excess of zeal and that no sinister purpose was involved. That is easier to forgive than its opposite, the excessive complacency, for example, with which the Cooiidge administration regarded the scandals of the Harding regime. It will not be easy to make very much political capital out of a patently honest mistake. an u NOR is the kind of mistake which could of itself turn public opinion decisively against the party in power. It could do so only if much more general conditions were producing discontent. Then any incident might crystallize the opposition. We saw that last autumn, when for about two weeks the administration was on the defensive, because of the manner in which it initiated the gold purchase policy and reorganized the treasury. That, too, was a case of bad administration. But it had no lasting consequences because the fundamental actions of she President in the field of monetary policy and public expenditure produced such prompt and such general good effects. For a week the opposition thought it could organize. But it could not. By December the President was stronger than ever. His popularity rose with the sense of economic revival throughout the country. So it is today. The air mafi is a blunder. But it is not a disaster. The real peril to the administration lies elsewhere in the field of its major, net of its minor and incidental actions. It lies, I believe, all in the NRA as now administered. a a u THERE are two very great troublemakers in NRA. One is the propaganda w'hich has taught the people to believe that NRA is a great instrument for restoring prosperity. The other is that NRA has started so many things which it can not hope to finish. The propaganda has given official approval to the theory that the depression can best be overcome by shorter hours and higher wages. If this thocry were correct, there is no reason why we should not impose a seven-hour week at seven times the existing wages. That ough to cure the depression even more quickly than a 10 per cent reduction of hours and a 10 per cent increase in pay. Why should we not do it? The answer is that nobody could afford to buy the goods produced at such cost. Since nobody could buy them, no one could sell them, and so there would be more unemployment rather than less. Now, NRA has been working on just that principle; it has been forcing wages and costs up. This has forced up prices. Higher prices have reduced demand. Reduced demand has hindered re-employment. The theory is false, even though in special cases of sweating it is desirable on social and even on economic grounds to force up labor costs. tt u u AS a general rule applied to industry in general it is bound to be false because it is the demand coming from consumers in general, not the demand coming from the relatively small number of Industrial wage earners affected by codes, which determines how much employment there will be. It is this general consumer demand which has to be stimulated, and it is not stimulated but is depressed by the rise of industrial prices which have followed in the wake of NRA. Had NRA been set up as the law intended, in the spirit in which it was w'ritten. no industry, except where there is vicious sweating, would be under a code if the managers did not want that code very badly. A code would be a favor granted, for which they would be grateful. Then if they did not comply the remedy would be to take away the code and enforce the antitrust laws. That might worw. But when codes have been imposed, just how are you going to compel compliance? If anybody thinks the government can do it with injunctions he is deceiving himfcelf. Organized labor knows that. % It is serious, potentially very serious. It is in the complex of the NRA, in the fallacy of its economy theory and in the gross distortion which with the law is being put into effect, that the administration is most dangerously threatened. It can stand the incident of the air mail. It can not stand the halting of recovery’ and the provoking of great industrial disturbances. (Copyright. 1934 CHICAGO FRUIT MARKET By United Press CHICAGO. March 22.—Anole*— Michisran Baldwins. $1.50 bushel. Carrots — nilnols. *o®soc bushel. Spinach — Texas. 60® 85c bushel. Bans — So”rhern qrecn. 2.25® 2.75 bushel: wax S2 75®3 25 Cucumbers— Central western hothouse. $2 254(2.75. 2 dor. to box. Tomatoes—Florida. 2.25® 275 box. Sweet Potatoes—Tenne'see. $1 CP ® 1.70: Indiana. sls® 1,75. Rhubarb— Michigan hothouse. 15®35c, 5-’b. cartoons. Turnips — Central Western. 50c bushel. Mushrooms — lllinois 17%®30c. lb. car'(Mft* Asparagus—California 1.'‘5)5*3. do*. .1 yp* vs. Onion market: 50-lb. sacks; JKr rn valencias. 80c®$l.30: central -■ rr, yellows, 75®95c; western whites.

I.ippmann