Indianapolis Times, Volume 45, Number 271, Indianapolis, Marion County, 23 March 1934 — Page 30

PAGE 30

Wall Street Whitney Criticism of New Exchange Bill Was Expected.

—BY RALPH lIENDERSHOT Times Special Financial Writer TT was to be expected that Richard Whitney, president of the New York Stock Exchange, would find fault with the new FletcherRavburn bill to regulate stock exchanges throughout the country. The revised bill seeks to reduce speculation to the minimum, and. quite naturally, the leading stock exchanges in the country is op-

posed to such a development. In other words, the exchange authorities and the government are definitely opposed to each other on fundamentals. Not all people in Wall atreet are behind the exchange president on the question of speculation. Many feel it would be a good thing to limit the amount of stock the pub-

mug&jrj' ' > V

Ralph Hendershot

lie can buy to that which it can pay for in large ; measure with cash. They contendit would result in a stronger busi- \ ness and security foundation. The general public would seem to be stringing along with the adminis- j tration also. From the standpoint of the ! brokers, speculation is desirable. It makes for a larger turnover of I stocks and, consequently, additional commissions. And since Mr. Whit- j ney is representing the brokers, he : can not be criticised for speaking j in their behalf. In fact, Mr. Whit- , ney is a broker himself, and his firm | would suffer along with the others in the loss of commissions. a tt tt Decide on Fundamentals WHAT the country should decide upon is whether speculation is necessary' to the proper functions of the exchanges and to business. No one will question the fact that industry is aided materially in securing long-term capital when the market is active and when the public is participating normally in the market, but it may be that the cost of this capital is too great for industry to bear if speculation, with its consequent dangers, is permitted to flourish unrestricted. Certainly speculation ran wild in the last bull market, and it is obvious that all, even the brokers, have suffered as a result. That it should not be allowed to happen again is generally conceded. The point to determine, if possible, is just how severe the brakes should be to keep trading in check and at the same time conserve the better features of the exchanges’ facilities. u tt a Outlook Is Encouraging TT is difficult for the layman to ' A determine whether the administration or the Exchange officials "are right in their contentions, because they are not talking about the same things. As already stated, the Exchange authorities are seeking to retain orderly speculation in the interest of their own business, while some of those working for the administration seem more intent upon punishing brokers for past perform- ; ances than upon perfecting legislation which will be to the best interests of the country in the future. Undoubtedly the new bill should be still further revised in some respects. It is no easy matter to create a measure which will work well from a practical standpoint. But. on the other hand, it must be admitted that the administration, or those working in its behalf, have sought to eliminate the more serious mistakes of the original bill. They have maintained a fairly openminded position, and the outlook for the right kind of legislation would seem to be encouraging. NEW YORK RAW SUGAR FUTURES —March 22 High. Low. Close January 1 65 1 62 1.65 March' 1.39 1.32 1.32 Mav 1.45 1.42 1.45 July 1 53 1.49 1.53 September 1.58 1.53 1.58 December 1 64 1 63 1.64

Soundly managed commercial and industrial enterprises desiring to establish new, or add to existing, banking relationships will tind this bank responsive to their credit requirements. AMERICAN NATIONAL BANK AT INDIANAPOLIS Capital and Surplus $3,200,000 ☆ DIRECTORS T. I. HOLCOMB .... President Holcomb and Hoke Mfg. Cos. WILLIAM J MOONEY Sr, President Mooney-Mueller-Ward Cos. G BARRET M0XLEY....... President Kiefer-Stewart Cos. JOHN H RAU President Fairmount Glass Work* JAMES S ROGAN President CHARLES B SOMMERS ...... President The Gibson Cos. FRANK H. SPARKS . .Treasurer, Noblitt-Sparks Industries, Inc. ELMER W. STOUT Chairman of tbe Board THOMAS D. TAGGART President French Lick Springs Hotel Cos. J. H. TRIMBLE President Trimble Realty Corporation SCOTT C. WADLEY President The Wadley Cos.

SECURITY MARKET SHOWS UNEVEN PRICE'RANGE

GRAIN FUTURES WEAKEN; CRUP NEWS IGNUREU ! All Months Drop Fractions; Dry Weather Reported in Southwest. BY HARMAN \\. NICHOLS United Press Staff Correspondent CHICAGO. March 23 —There was nothing to attract ihe attention of the trade in the overnight news and despite the bullish influence of : the crop situation grains opened lower on the Board of Trade today Wheat held unchanged to % cent | lower, corn was unchanged to % cent lower, and oats were % to 14 cent off. Stocks and cotton offered no incentive either to buyers or sellers and traders virtually ignored reports of continued dry weather from the southwest. Liverpool wheat ruled slightly higher. Chicago Primary Receipts —March 22 Bushels tTodav. Last Wk. t 265.000 303.000 Corn 484 000 607.000 Oats 121.000 68.000 Chicago Futures Range —March 23 WHEAT— Prev. High. Low. 10:00. close. May 87% .87 .87% .87' 4 July 87'2 .87 1 a .87'2 .87% Sept. 88% .88' h .88’ i .88% CORN— May 50% .50% .50% .51 July 52% .52% .52% .52% Sept .. .54'2 ,54 3 4 OATS — May 33% .33% .33% .34 July 34 1 2 34% .34 1 2 ,34 s * “SWMay 60 ,59 3 4 .60 .59% July .. .61 .61' 8 Sept .. .63*4 .63 >4 BARLEY— May 47 7 r July .. .. .49% Sept .. .. .50 ',4 CHICAGO CASH GRAIN By United Press % CHICAGO. March 22.—Cash grain: W'heat—No. 2 red, 88‘ 2 c, No 3 hard. 22‘-c, Corn—(Regular corn). No. 2 mixed. 49049’4c; No. 2 yellow. 49049'2C; old, 50Vic; No. 3 yellow, 48 3 4@49>/ 2 c; No. 4 yellow. very dry. 48*2®49c; No. 2 white, 51% 0 52' 4 c; No. 3 white. 51 % 'lls1 1 2 c. (Lake billing) (Local rates applicable by way of lake only) No. 2 yellow. 49’, ®49* 2 c;'No. 3 yellow. 48* 4 @48%c. Oats—No. 2 white. 350/ 35 1 2 c; No 3 white. 34*4® 34%c: No. 4 white. 33%4)34c. Rve—No sales. Barley —487/740: quotable, 48® 81c. Timothy—s7.2s® 7 50. Clover seed—sll® 13. Cash provisions—Lard. $6.17; loose, $6.17: leaf, $6.25*8 S. Bellies. SB. TOLEDO CASH GRAIN By United Pres* TOLEDO. March 22.—Grain close: (Grain in elevators. transit billings i. W'heat—No. 2 red, 92® 93c. Corn—No 2 yellow. 54>2@55*2C. Oats—No. 2 white, 38 * 2 <fi33l2 c.9 1 2 c. Rye—No. 2. 65>2'566 , 2 c. (Track prices 28*, 2 c rate). Wheat—No. 1 red, 88' 2 089c: No. 2 red, 87’ 2 ®88c. Corn —No. 2 yellow 7. 50@51c; No. 3 yellow 49 ®soc; No. 4 yellow 7. 48 0 49c. Oats—No 2 white, 35®37c: No. 3 white. 34%®36> 2 c. (Toledo seed close). Clover. March. $8.25 Alsike. cash. $8.50. ST. LOUIS CASH GRAIN By United Press ST LOUIS. March 22.—Cash grain: Wheat—ln fair demand, tone steady on red and % cent higher on hard grdades; No. 2 red 89* 2 c; No. 3 red, 88 %c; No. 2 red. garlicky 86%c: No. 2 hard wheat, 87c nominal; No. 3 mixed. 83 7 sc. Oats—ln fairfair demand, unchanged to tic lower! No 2 yellow. 49%®51c; No. 3 yellow. 49'ic; No. 5 yellow 7. 45c: sample yellow. 38c. Oats—ln fair demand, unchanged to 1 cent higher; No. 2 white, 36@36%c; No. 4 white, 34c. NEW YORK CASH GRAIN By United Press NEW YORK. March 22.—Cash Grain: Wheat—No. 2 red. $1.05%; No. 2 hard winter. $1.05*4. Corn—No. 2 mixed. 59%c. Oats—No. 3 white 44* 2 c. Indianapolis Cash Grain —March 22 The bids for car lots of grain at the call of the Indianapolis Board of Trade f o b shipping point, basis 41 %c NeW York rate, were: Wheat—Steady; No. 1 red. 81%®82%c: No. 2 red. 80%®81 %c; No. 2 hard. 80%@ 81%c. Corn—Steady: No. 3 white. 437744 c: No. 4 white. 42% 43c: No. 3 yellow 42® 43c: No. 4 yellow. 41® 42c; No. 3 mixed. 41® 42c: No 4 mixed. 40041 c. Oats—Steadv: No 2 white. 30’i®31' 2 c: No. 3 white, 29* 2® 30 tic. —lnspections Wheat—No. 1 red 1 car: No. 2 red. 1 car: No. 5 red. 1 car. Total. 3 cars. Corn—No. 2 white. 5 cars: No. 3 w 7 hite. 8 cars: No. 4 white. 2 cars; No. 2 yellow. 13 cars; No. 3 yellow. 16 cars: No. 4 yellow. 4 cars: No. 5 yellow. 1 car Total. 49 cars. Oats—No. 2 white. 7 cars: No. 3 white, 3 cars. Total. 10 cars. Rve—No. 3. 1 car; No. 3. 1 car. Total. 2 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 80 cents for No. 2 soft red wheat, otner grades on their merits.

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Porker Prices Advance 20 Cents at City Pens; Cattle, Veals Steady

Bond Prices

By Fenner <fc Beane —March 23 High. Low 10:30 Alleg Corp 5s 50 . 34*4 33 1 2 34 Am & For Pwr 5s 2030. .. ... 51 A T & T db 5s 65 106* Atchison gen 4s 95 99% B & O 4%s '6O 69 Beth Steel 5s A 42 102 Can Pac 4s 79*4 Ch I,' St P A:P adj 5s A 2000 18 Ch M St P & P rs 5s A ’75 . 57% 51 3 4 5J 3 4 Con Gas N Y 4* 2 s ’sl 102% Denmark 5 1 2 s 55 ... 83 3 4 Erie R R rs 5s 67 72*4 ; Goodyear 5s '57 ... 98 Gt Nor 4%s D '76 77*2 Gt Nor 7s A 36 .. . . 96% Interboro Rt 5s 66 . 69% 69 1 2 69 1 2 Int T & T db 5s '55 . 62 61% 61% I Lorillard 7s 44 118 McKess fz Robb 5%s 'SO . 75 Nat Dairy db 5%s '4B . 91 90*2 90*2 ! Nor Am 5s '6l ... 85% Para Pub 5%s 'SO ... 49 1 2 Penn R R 4%s D ’Bl .. .. Roval Dutch 4s A ’45 . 141 % Texas Corp 5s 44 . 101% 100% 100% Tob Pr N J 6%s 2022 . 106 Un Pac Ist 4s ’47 . 102% 102% 102% U S Rubber 5s A '47 81% 81 81 Ygstwn S & T 5s B '7O 85% 85% 85% Federal Farm Loan Bonds (By Blyth <fc Cos., Inc.) —March 22 Bid. Ask. 4s Nov. 1. 1957-37 96*4 97% 4s Mav 1. 1958-38 96*4 97'2 4*,s July 1. 1956-36 97 38*4 4xs Jan. 1. 1957-37 97 98% 4*4 s Mav 1, 1957-37 97 98 ’ 4 4*4s Nov. 1, 1958-38 97 98% 4%s May 1. 1942-32 98% 100 4%s Jan. 1. 1943-33 98*4 99% 4%s Jan. 1 1953-33 98% 99*2 4%s July 1. 1953-33 98% 99 >2 4 %S Jan. 1, 1955-35 98% 99% 4%S July 1 1955-35 98% 99*2 4%s Jari. 1 1956-36 98% 99*2 4%s July 1, 1953-33 99% 100% 4%s Jan. 1. 1954-34 99 1 4 100% 4%s July 1. 1954-34 99% 100% 5s May 1. 1941-31 100% 101*2 5S Nov. 1. 1941-31 100% 101% Home Loan 4s, July 1, 1951 .. 98 '98% Produce Markets Delivered U. Indianapolis Prices—Hens, 11c, Leghorn hens, Bc. Leghorn spring-er-stags, 6c; large springer-stags, 9c; cocks. sc; Leghorn cocks. 4c: ducks, full feathered and fat. 4% lbs. and over 7c. geese. 6c: young guineas. \Va to 3 ibs.. 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 23.—Eggs—Market, steady: receipts. 29,224 cases; extra firsts, 18c; fresh graded firsts, 17%c; current receipts. 16%c; dirties, 15%c; checks, 14%c. Butter—Market, steady; receipts, 11.125 tubs: storage standards, 90 score, 23c; extra firsts. 900 91% score. 23(523 c; firsts. 88-89*2 score. 22®22%c; seconds, 868-7*2 score, 21%c; extras, 92 score, 23%c; specials. 23% ® 21%c: standards. 23%c. Poultry—Market, firm; receipts, 14 trucks. 1 car. 1 car due; tuikey hens, 22c; Leghorns, 12c; ducks. 15® 18c: roosters, 10c: colored springers. 17c; Plymouth Rock broilers. 26* 2c: Leghorn broilers, 22c; geese. 12c; hens, 14%c; colored and w’hite rock broilers. 25c; bare back broilers. 21c. Cheese—Twins. 14%®14%c: Longhorns. 14%®15c: Daisies. 14%®15c. Potatoes— Old stock: supply liberal; demand and trading slow; market, dull; Wisconsin Round Whites, $1.30® 1.40. unclassified $1.15® 1.20: Idaho Russets, $1.70® 1.75; Colorado McClures. $1.60® 1.70; new stock, supply light: demand and trading moderate: market, stronger, sales to jobbs, Florida bushel crates. Bliss Triumphs. $2. Shipments. 922; arrivals, 77; on track, 319. CLEVELAND. March 23.—Butter—Market. steady; extras, 27* 2 c; standards, 27* 2 c. Eggs—Market, steady; extra white, 18c; current receipts. 17c. Poultry—Market,. firm: colored fow’l medium, 16® 17c; Leghorn fowl, 13® 14c; springers, smooth. 16® 17c; capons. 8 lbs. and up. 22c; colored broilers. 25® 28c; stags. 12® 13c; ducks white. 5 lbs. and up. 18c; ducks light. 16c. Potatoes—Maine best, $2.2502.35: Idaho best. $2®2.15; New York and Ohio best. 51.7501.90. NEW YORK. March 23.—Potatoes—Dull; Long Island, $2.13'1i2.40 barrel; southern. $5.38®5.63 barrel: Maine. $1.2003.80 barrel: Idaho. $2®2.25 sack; Bermuda. s4®7 barrel: Canada s2® 2.15 barrel. Sweet Potatoes—Dull; Jersey, basket, 40c®51.75: southern, basket 85c®51.35. Flour—Steadv. Springs, patents, $6.40®;6.65 barrel. Pork —Steady: mess. $20.25 barrel. Lard— Easy; middle west spot. $4.95® 5.05 per 100 lbs. Dressed Poultry—Quiet; turkeys. 18%®25%c: chickens, 9®27c; broilers. l4® 28c; capons. 19033 c; fowls. 13®18c: Long Island ducks, spring. 16® 17c; frozen 14%®15%c. Live Poultry—Easy; geese. 7® 9c; turkeys, 29®29c: roosters, 10c; ducks 8® 12c; fowls. 13®17c; chickens, 13® 18c: capons. 22®30c: broilers, 15®25c. Cheese—Dull; state w’hole milk specials. 19c: young America. 15%®16c. Butter— Receipts. 9.601 packages: market firmer; creamery, higher than extras. 25®25%c; extra 92 score. 24%®24%c; first, 90 to 91 score. 24* 2 c; first. 88 to 89 score. 24® 24%c: centralized. 90 score. 24%c; centralized 88 to 89 score. 24®24%c. Eggs—Rectipts. 21.439 cases; market firm; special packs, including unusual hennery selections. 20%®22%c; standards. 19%®19%c: firsts. 18%c; seconds. 17c: mediums. 16%® 17c: dirties. 16%®17c: checks 16@16%c; storage packs, 18%®19c

On Commission Row

—March 23 Fruits Apples—New York Baldwins, fancy, $1.60; fancy Staymans $2.25; fancy Winesaps. $2.60. Oranges Caliofrnia Sunkist. s3@4; Floridas, $2.7503.75. Lemons—Sunkist. $6; Red Ball, $5,50. Grapefruit—Arizona seedless 80s. $3; Florida. $3.25. Strawberries—Florida, pint. 16® 17c; 36pt. crate, $5.50®6. 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. $2.5003.25 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 Chios. $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. 52.75®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. $2.75®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-ib. lug. $2. 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 8.75 Indiana, forked lump 5.50 Indiana, egg 5.00 Indiana, mine run 4.75 Kentucky lump 7.00 Pocahontas lump 8.25 Pocahontas egg 8.25 Pocahontas forked lump 9.25 Pocahontas mine run 7.25 New River smokeless 8.25 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. CHICAGO FRUIT MARKET By United Press CHICAGO. March 23.—Apples—Michigan Baldwins. $l5O. Carrots—lllinois. 40® 50c bushel. Spinach—Texas. 60® 85c bushel. Beans—Southern green $203; wax. $2.50® 3. Cucumbers—Central wpstern hothouse. $2.25 S 2.75 Tomatoes—Florida. s2® 2 75. Sweet Potatoes Tennessee. $1.60® 1.65 bushel: Indiana, $1.654 1.75. Rhubarb— Michigan hothouse. 15® 35c. (5 lb. cartons i Turnips—Central westren. 50c bushel. Mushrooms ilb. cartons). Onion market (50 lb. sacks) —Western vaiencias, 80c® $130; central western yellows. 75®95c; western whites, $1.85 SL7S. s

THE INDIANAPOLIS TIMES

Lamb Prices Unchanged at $9 Down: Chicago Hog Market Scarce. First advance of the week was registered in porker prices at the local stockyards this - nitial sales on practically all grades were around 20 cents higher than yesterday's average, or steady with Monday's average. General bulk of all weights sold at 54.35 to $4.60, while several and choice butcher classes brought $4.65 to $4.70. Lighter kinds, scaling from 130 to 160 pounds, were salable at 53.50 to $4. Small slaughter pigs, weighing 100 to 130 pounds, were selling at $2.25 to $3.25. Receipts were estimated at 4.CCO. Holdovers, 366. Slaughter steers remained unchanged in the cattle market, with most grades inactive. A week-end cleanup trade was in evidence. Nothing was on hand to command top prices. Receipts numbered 300 Vealers continued steady with good and choice kinds selling at $7.50 to SB. Receipts were 600. Lamb values were stationary \vitn the previous session, while part load of fall clippers held salable at $8.50. Other grades, mostly in small lots, sold under $9. Receipts were 200. Porker prices at Chicago remained fully steady with yesterday’s average at $4.45 down. Only slight action was displayed during the early trading. Receipts were estimated at 17,000, including 8.000 directs; holdovers, 4.000. Cattle receipts numbered 1,500; calves, 1.000; market, unchanged. Sheep receipts were 10,000; market, steady. March Bulk. Top. Receipts 17. $4.30® 4 55 $4.60 2 000 19. 4.40® 4.65 4.75 4.000 20. 4.35® 4.60 4.65 7 000 21. 4.20®! 4.45 4.45 6.000 22. 4.15®! 4.40 4.50 5.000 23. 4.35® 4.60 4.70 4,000 Market, higher. (140-160) Good and choice $ 3.75® 4.00 , „ —Light Weights—-(l6o-180) Good and choice ... 4 35® 4.45 (180-200) Good and choice ... 4.55 —Medium Weights—-(2oo-220) Good and choice ... 4.60®: 4.70 (220-250) Good and choice .. 4.60® 4.70 —Heavy Weights—-(2so-290) Good and choice.... 4.60® 4.70 (290-350) Good and choice ... 4.45® 4.61 —Packing Sows—(3so down) Good 3.50® 375 (250 up) Good 3.25® 3.50 (All weights) Medium 3.00® 3.50 _ —Slaughter Pigs) (100-130 Good and choice . . 2.25@ 3.25 CATTLE Receipts, 300; market, steadv. (1.050-1.100 i Good and choice $6 25® 725 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 4.750 6.25 Common and medium 2.15® 4.75 —Cow’s— 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. 600; market, steady. Good and cnoice $7.00® 8 00 Medium 4.50® 7 09 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, 20ft; market, steady. (90 lb. down) Good & choice $8.75® 9.25 (90-110 lbs.) Good and choice 8.50® 9.00 (50 lbs. down) Com and med . 6.5008.50 —Ewes— Good and choice 4.50® 5.50 Common and medium 2.50® 4.50

Other Livestock By United Press EAST ST. LOUIS, 111., March 23.—Hogs —Receipts. 6.500, including 200 through and direct; market fairlv active, 15 to 20c higher; pigs and light lights steady to 25c higher; bulk 190-260 lbs.. $4.50® 4.55; 160-180 lbs. $4.15©4.40; 140-150 lbs., $3.25®3.85: few 7 ' higher. 100-130 lbs., $2.3502.85; few at $3; sows mostly $3.40® 3.65. Cattle—Receipts. 800; calves, 800; market, not enough steers on sale to make a market; vealers 25c lower: other classes unchanged in clean-up trade; few mixed yearlings and heifers. $4.2505.25; cows, $303.75; iow cutters, $1.250.1.75: sausage bulls, $303.35; top vealers, $7; nominal range slaughter steers. $3.7507; slaughter heifers. $3.25®6.50. Slaughter steers 5501.100 lbs . good and choice. $5.75® 7: common and medium $3.75® .5.75; 1.100-1.500 lbs., choice. $5.7507: good. SSO 6.50; medium. $4.50®5.75. Sheep—Receipts, 1,200; market, very few 7 on market early; not established: small lots good to choice lambs to city butchers. $9.25 down: lambs. 90 Ids. down good and choice, $8.7509.50; common and medium. $609: 90-98 lbs., good and choice. $8.50®9.50; yearling wethers. 90-110 lbs., good and choice $6.7508.50; ewes. 90-150 lbs., good and choice. $3.75 0 5.50: all weights common and medium, $2.7504.25. CLEVELAND. March 23—Cattle—Receipts. 100; market steady today and prices unchanged for the. week; choice steers. 7501 100 lbs., $6.500 7; 650-950 lbs., $5.50® 6.50: 900-1.200 lbs.. $5.250 6.25; heifers, 600-850 lbs., $4.500 5.50; good cows all weights. $2.750 3.50. Calves Receipts. 200:'market steady with stronger undertone slid a few prime veals bringing $8: unchanged for week: prime vealers, s7®B; choice vealers. $607; medium. ss®6; common, S3O 5. Sheep and Lambs—Receipts. 700: steady today and 25c lower for the week on lambs, sheep unchanged; good to choice wool lambs. $90,9.50; medium to good, $7.50 0 8.50; culls and cuts, $507: choice clipped, lambs $707.75; medium to good. $607: prime wether sheep, ss@6; choice ewes. s4® 5; medium to good s3® 4. Hogs—Receipts, 750; market steady today; prices dow 7 n 25c for the week: 250-300 lbs.. $4.3504.50; 220-250 lbs., $4.5004.60; 180220 lbs.. $4.60: 150-180 lbs.. $4.60: pigs. 100-140 lbs.. S3; roughs, $2.75: stags. $1.75. LAFAYETTE, March 23.—Hogs—Market. 15®20c higher; 200-325 lbs., $4.3004.45; 170-200 lbs.. $4.250 4.35: 150-170 lbs.. 53.75 04: 130-150 lbs.. $3.2503.50; 120-130 lbs., $2.750 3: 100-120 lbs.. s2® 2.50: roughs. $3.75 down. Top calves—s6.so. Top lambs Ft. Wavne. March 23.—Hogs. 15 cents higher: 250-300 lbs.. $4.55; 200-250 lbs.. $4.45: 180-200 lbs.. $4.30; 160-180 lbs.. 54.20; 300-500 lbs., $4.05; 150-160 lbs., $3.65; 140150 lbs.. $3.40: 130-140 lbs.. $3.15; 120-130 lbs.. $2.65; 100-120 lbs.. *2.15: roughs, 53.25; stags. $2. Calves. $7.50; lambs. $8.750 9. Pittsburgh. March 23.—Hogs—Receipts, 800: holdovers. 450; fjfwd demand: steady to unevenly higher; top, $5; 160-230 lbs.. $4 850 5; 230 lbs. up. quotable, 54.65® 4.35. one deck. 240 lbs., averages, $4.75; 130-145 lbs., quotable, $3.500 3.75; 100-120 Ibs.. S3O 3.25; sows. $3.250 3.75. CattleReceipts. 10; nominal. Calves—Receipts, 100; steady: good and choice vealers. s7® 7.50; medium. $5.50®6.50. Sheep—Receipts. 200: steadv to weak: good and choice sorted wool lambs, quotable. $9.50 0 9.75; common to medium. $609; spring lambs, quoted up to S11.50; shorn lambs. 57.75 down; choice clipped wethers, eiigible up to $5; fat wool ewes, $505.50. By Times Special LOUISVILLE, March 23—Cattle—Receipts, 100: salable supply very light; demand fairly broad: market fully steady: bulk common to medium steers and heifers. S4O 5: medium to good fed offerings. $5.25 to around S6 for best baby beef type yearlings bulk beef cows. $2.500 3.25; practical top. $3.50; with best heifer types nigher: low cutters and cutters. $1,250 2.25: sausage bulls mostly. s3® 3.50: Stockers and feeders practically absent: common to medium grade natives quotable mostly. 52.75® 3.75. Calves. 200: fully steadv: bulk better vealers. $5 500 6.50: medium and lower grades. $5 down. Hogs. —Receipts 600; market. 15c higher: 170240 lbs.. $4.65; 245-270 lbs.. $4 30: 275 lbs., up $3 95; 145-165 lbs. $3.65: 120 5140 lbs., SZ.3O: sows. $2.30: sows. $2.70. Sheep Receipts 25 market steadv; bulk medium to good lambs. $7 500 8.50; choice kinds quotable to $9 or better; light throwouts mostly $5.50; fat ewes. $2.5003. Plumbing Permits Ktrkhoff & Wolefing. 50 N. Capitol. 2 fixtures. Ray Biauvelt, 42r.d and College, 1 fixture. Roy McQueen. 2008 N. Keystone. 4 fixtures". C. A. Johnson, 2017 Sherbrook. 3 fixtures. Don Carlisle, 2146 Madison. 2 fixtures. Geo. Rickes. 10th and Arlington. 1 fixture. Indianapolis Plumbing Cos.. 2310 Harlan, 3 fixtures.

INITIAL SALES ARE LIGHT IN SMALL LIMITS Temporary Truce in Motor Labor Situation Is Favorable. Average Stock Prices Average of thirty industrials for Thursday: High 100.94, low. 98 87, close 100 54, l up 1.21. Average of twenty rails: 47.74. 46.79. 47.69, up .75. Average of twenty ; utilities: 26.33, 25.68. 26.26. up .55. Average of forty bonds: 92.49, off .09. Average or ten first rails: 97.86. off .08 Average ,of ten second rails: 81.87, off 04 Average of ten utilities: 95.67, off 07. Average of ten industrials: 94.57. off .15. By United Press NEW YORK. March 23.—Prices were irregular at opening of the Stock Exchange today. Trading continued dull. The temporary truce in the motor car labor situation and improvement in retail trade gave a more hopeful tone, but traders continued on the sidelines pending definite settlement of many conflicting factors confronting the market. Motor stocks were mixed ’lth General Motors off % at 37 % and Chrysler up % at 52. U. S. Steel was unchanged at- 51%. U. S. Smelting, leader in yesterday’s late strength, lost % point at the opening today at 119%. Repeal stocks were mixed. Rails were slightly lower with New York Central off % at 36%; Atchison off % at 65 1 2 and Pennsylvania unchanged at 33%. Trading at the opening was the dullest in the recent inactive markets. Prices had a heavier tendency after opening quotations, but there w f as no pickup in volume. Bank Clearings INDIANAPOLIS STATEMENTT —March 23Clearings $1,375,000.00 Debits 4,034.000.00 TREASURY STATEMENT By United Press WASHINGTON, March 23.—Government expenses and receipts of the current fiscal year to March 21, compared with the cirresponding period of the previous fiscal ..year : This year Last year Expenses $4,658,436,319.42 $3,693,368,244.81 Receipts. $2,248,501,444.06 $1,465,672,633.24 Deficit . $2,409,935,375.36 $2,227,695,611.57 Cash balance $4,882,727,990.14 New York Curb (By Abbott. Hoppin & Cos.) —March 22 Close. Close Alum Cos of Am 68%! Glen Alden Coal 17% Am Cyanide B 18%:Golf Oil of Pa 65 Am Gas & El 26 Hiram Walker . 46 Am Superpower 3% Hud Bay Min 11% Ass Gas & El. . 1% Humble Oil 42% Atlas Corp 12 7 8ilmperial Oil Ltd 13% Brazil Tr & Lt ll%[lnt Petrol . 22% Can Ind Ale A 15 'Lake Shore Min 50 Can Marc 3 Natl Bellas Hess 3%' Carrier Cp ... B%'Newm Min .. . 47 Cities Serv ... 3 Nia Hud Pwr . 6% Ccmmonw Ed 54% Novadel Agene 63% Cons Gas of Bt 60 Pan Am Airways 39% Cord Corp .. 6%!Park Davis ... 24 Creole Petrol . 11 !Penn Road . ... 3 Deer e& Cos . 29 3t Reeis Paper . 3% Distillers Lim 22%!Sherwin Wms . 62% Distillers Corp. 19 !Std of Ind 27 Dow Chem 70%'Std of Kv . 16 El Bond & Sh.. 18 Teck Hughes Gd 6% Fisk Rubber. . 18 Un Gas . ..• 3V B Ford of Can A 22% Un Pw & Lt A 3% Ford of Europe 7% Wr Harg Min 9%

Foreign Exchange

(By Abbott. Hoppin & Cos.) —March 22 Close. Sterling. England $5.11% Franc, France 0661 Lira, Italy 0860 Belgias. Gelgium 2337 Mark. Germany 3985 Guilder, Holland 6763 Peseta, Spain 1369 Krone. Norway .' 2568 Krone, Denmark 2284 U. S. Government Bonds By United Press NEW YORK March 22.—Closing liberties. (Decimals represent thirty-seconds.) Liberty 3%s (32-47) 1.72.26 Ist 4hs (32-47) 103.8 4th 4'is (33-38) 103.4 Treasury 4Us-3*4s )45) %1.18 40s (47-52) 110. 3%S (43-47) 102.8 3%s (41-43) March 102.6 3.%s (40-43) June 102.10 3%s (41) 101.24 3%S (46-49) 100.12 3s .(51-55) 98.26 Daily Price Index By United Press NEW YORK. March 22.—Dun & Bradstreet's daily weighted price index of thirty basic commodities compiled for the United Press (1930-193 average. 100): Today 108.59 Yesterday 18.75 Week ago 109.56 Month ago (holiday! Year ago iMarch 23) 71.76 1934 high (March 12) 110.24 1934 low (Jan. 3) 101.05 (Copyright. 1934. Dun & Eradstreet. Inc.) Investment Trust Shares (By Abbott, Hoppin & Cos) —March 22 Bid. Ask. American Bank Stocks Corp . 1.14 1.18 American and General Sec A 5.00 7.00 American & Inv Tr Sh 1.50 Basic Industry Shares 3 42 3.46 British Type Inv Tr Sh ... .50 .60 Collateral Trustee Shares A 4.75 4.87 Corporate Trust Shares (Old) 2.10 2.14 Corporate Trust Shares new) 2.38 242 Cumulative Ttrust Shares .. 4.08 4.13 Diversified Trust Shares A . 6.25 Diversified Trust Shares B . 7.87 8.12 Diversified Trust Shares C.. 3.17 3.21 Diversified Trust Shares D . 4.87 500 First Insurance Stock Corp . 1.30 1.35 First Common Stock Corp .. .83 .86 Fixed Trust Oil Shares A . 8.62 9.00 Incorporators Investments... 18.37 18.75 Land Bank Bond Shares .... 1.08 1.20 Low Priced Trust Shares 6.15 6.30 Mass Inv Trust Shares .... 18.58 20 20 Nation Wide Securities ...... 3.40 346 North Am Trust Shares (53) 1.88 North Am Trust Sh (55-56) 2.40 2.43 North Am Trust Shares (58) 2.45 2.50 Selected American Shares 1.25 1.30 Selected American Shares Inc 2.75 Selected Cumulative Shares. . 6.75 Selected Income Shares 3.60 4 00 Std American Trust Shares A 295 3.05 Trust Shares of America ... 285 2.90 Trustee Std Oil A 5.55 5.70 Trustee Std Oil B 5.15 530 U S Electric Lt & Pwr A 12.25 12 37 Universal Trust Shares 3.05 3.10 In the Cotton Markets CHICAGO —March 22High. Low. Close January 12.36 12.28 12.36 March . . 11.92 May ' 12 04 11.90 12 00 Julv 12 15 12.02 12 08 October 12.25 12.15 12 19 December 12 33 12.23 12 29 January 12 29 12.18 12.23 NEW YORK January 12 29 12.18 12.23 March 11.89 11.80 11.82 Mav 11.97 11.89 11.87 July 12.07 11.95 12 02 October 12 19 12.05 12.10 December 12 26 12.14 12.13 NEW ORLEANS January 12.25 12.19 12.24 March 11.78 Mav 11.96 11.83 11 92 July 12.06 11.94 12 02 October 12 16 12.05 12 13 December 12 25 12 13 12.21 Bandits Take 526.000 Pay Roll BROCKTON. Mass., March 23.—A $26,000 payroll was stolen here today by five bandits who held up a bank automobile and escaped in another car.

—New York Stocks — Bv Abbott. Hoppin M Cos > ————————————

March 23 Prev. ! Oils— High. Low 10 30. close j Amerada 49% 49% 49% .48% I Atl Rfg 30*4 30*2 j Barnsdall 8% 8% | Consol Oil .. 12% 12*4 i Cont of Del 19* 19 19 18% Mid Cont Pet 12* 4 Ohio Oil 13 12% 12% 13*4 ; Pet Corp . . 12% 12% Phillips Pet 18% 18 18* 4 18 Plvmouth Oil .. .. 14% 14*2 1 Pure Oil 12*2 i Royal Dutch 36 % 36% 1 Sbd Oil .34% 33 3 4 Shell Un ' 9% , Skellev Oil ... 10% 10% 10% 10% Soc Vac . 16% 1 16*8 16*, S O of Cal 36% ! S O of N J 44% 45*4 Sun Oil 60's 60 60*8 i Texas Corp 25% I Tidewater Assn .. 11% 11% Un Oil of Cal . .. ... 16% 16% Steels— Am Roll Mills 23*2 23* 2 ! Beth Steel 40% 41 Byers AM .. ... ... 26% Col Fuel Iron .. ... ... 6% Cruc Steel 31 j Inland Steel 42* 2 Ludlurr Steel ... ... ... 16* 2 j MjXeesport Tin .. ... ... 86 Mid Steel .. 18 Natl Steel 4b% ' Otis Steel . . . 6% 6% ] Rep Ir & Stee] 21 20% 20% 21 % Rep Ir & Stl pf 58*4 57% 57* 4 58 j U S Pipe & Fdy . 27% 27% ! U S Steel 51*8 51% j U S Steel pfd 91% ) Warren Bros .. ... 11 11 Youngstn S & T.. ... ... 27 I Motors— Auburn ... ... 53 Chrysler 52 51% 51*2 51% Gen Motors 37*8 36% 36% 37% i Gen Motors pfd 98% Graham Mot ... 3% 3% Hudson ... 20 19% l Hupp ... 5% 5% Mack Truck 32* 2 | Packard 5% 5% i Nash 26*4 Reo 4% 4% 4% 4% i Studebaker 7% ; Yellow Truck .. ... 6 Motor Access— Bendix 18% 18% j Bohn Alum • ... 58 58 j Borg Warner 25% 25% j Briggs 15 % 15% Budd Wheel 4 j Eaton Mfg ... 19% 19*2 Elec Auto Lite . 28*4 I Houdaille "A” 5% 5% Mullins Mfg pfd 30*2 Murray Body .... ... 9*2 9% Stew Warner .. 9. Timken Roll ••• 34% Timken Det Axle < 5% Mining— Alaska Jun 21 20% 21 21 Am Metals ... 23% 23% j Am Smelt 43 Anaconda 14% 14 1 a I Cal & Hecla Cerro De Pasco 33 33% I Dome Mines 38% 38% i Granby 10% 10 Gt Nor Ore ... Howe Sound 47% i Ins Copper 4% 5 i Int Nickel .... ... 27 27 Isl Creek Coal 25 ! Kennecott Cop 19* 18% j Mclntyre Mine . 45% 45% 45% 46 Noranda Cop ... 38% 38% | Park Utah 4% Phelps Dodge ... . 15 j St. Joe Lead ... 21% j U S Smelters 119% 119% ! Vanadium .. ... ... . 26% j Amusements— Crosley Radio ... 13% 13% Fox Thea 15% Loews Inc 31% j Radio Corp 7% RKO 3% j Tobaccos— Am Snuff ... ... 18 Am Tobacco A . 66 Am Tobacco B ... 68 1 2 68 Gen Cigars 31% Ligg & Myers B 88’4 Lorillard Reynolds Tob B 41 40% Rails — Atl Coast Lines ... ... • 46 B&O 28*2 28% Can Pac 17% 17 17% 17% Ch & Ohio 43% 44 Chi & Gt W 4% C M & St P. 6% 6% CM& St P pfd 10% 10% 10% 10% Chi N W 12% 13 Chi N W pfd 23% De! Lac & W 28 27% 27% 28 Erie 21% 20% Erie pfd ■ • 24% Grt North pfd. . 28% 28* a 111 Central ... 36% 35% 35% 31% Lehigh Valley ... ... 17% Lou & Nash M K & T 11% M K & T pfd 26% Mo Pac pfd ... ... 7% N Y Cent 35% N Y Chi & St L 22 NY C & StL pfd 29 29% N Y New Haven 13% Nor Pac • 32 31% Penn R R 33% 33% 33% 33% Sou Pac 27% 27 27 27 Sou R R 32% 32% Sou R R pfd ... 36% Union Pac West Maryland . . ... 15 15 Equipments— Allis Chalmers ... 19% Am Brake Shoe ... 31% Am Car & Fdy 27% j Am Loco 33 33 Am Loco pfd . 65 Am Mach & Fdy ... ... . 16% | Am Steel Fdy 20% 20% 1 Bald Loco • 13% Bald Loco pfd • 50 Buroughs ... 15% 15% ! Case J I 71 Cater Tract 29 29 Deere & Cos 29 Elec Stor Bat .... ... 46 Foster Wheeler .. ... . 18% Gen Am Tk Car 38% Gen Elec . 21% 21% 21% 22 Gen R R Sig . . . ... 41% 41% Ingsoil Rand 66 Int Bus Mach ... ... 123% Int Harvester . 41 % Natl Cash Reg . 19% Pullman Inc 54% 54*4 Rem Rand 12% 12% Und Elliot 44 West Air B 30 > 4 Westingh Elec 37% 37% Worthingtn Pmp 25 26 Utilities— Am & For Pwr 10% 10* 4 Am Pwr & Lit . .. - ... 9% 9*2 1 AT&T 118 118% Am Wat Wks 20% 20% j Brook Un Gas ... Col Gas & Elec .. ... 16% 15% Col' G & E pfd ’ 75 Com & Sou ... ... 2% 2% Consol Gas . 39% 39% 39% 39* 2 ! Elec Pwr & Lit 7% 7% E P & L pfd 14% Int Hydro Elec 7% 7% Int T & T 14% 14% 14% 14% Nat Pwr &Lit . 11 12 North Amer ... 19% 19% 19% 19% Pac G & E 19% Peoples Gas ... 39 Postal Tel pfd 22 * 2 Pub Serv N J 38 39 So Cal Edison ... 18% Std Gas 13 Std Gas pfd 12% Stone & Webster . • .• .. 10% United Corp . 6% 6% 6% 6% Chicago Stocks Abbott HoDnir & Cos —March 22 (Total Sales. 26,000 Shares) Abbot Lab ... 48 j Acme Steel Cos 39% 38*2 39*2 i Advance Aluminum ... .. 3% Am Pub Serv pfd 6% 6% 6*2 ' Asbestos Mfg ... 3% Bastian-Blessing 7 Bendix Aviation 18% 17% 18% Borg-Warner 25% 24% 25% Brach & Sons 10% Butler Bros 10% 10 10*8 Cent 111 Pub Serv pfd 17 Cent & So West •• 1% Cent & St W P L pfd 10 9*B 9*2 Chi & North Western. 13% 13 13% Chicago Ccrp com ... 2% 2% 2% Cities Service Club Aluminum •• 7% Commonwealth Ed ...54*4 53 % 54 % Cord Cforp 6% 6% 6% Crane Cos pfd 60 j Curtis Mfg Cos •• 5% ; Dexter Cos 4% 4% 4% | Fitzsimmons & Connell . 14% Gen Household Ut 13 12% 12% General Candy Corp... 7% 7% 7% ] Godchaux ' B" 9% 9 9% I Goldblatt Bross .... 17 16% 17 j Great Lakes Dredge .. 18 17% 18 Houdaille-Hershey A.. 19% 19 19% 1 Houdaille-Hershev B . 5% Kentucky Ut Jr C pfd 17*2 17% 117% Keystone Steel 17*2 ! Llbby-McNeil 5% 5 5 > Lindsay Nunn Pub 2% I Lion Oil Refining Cos 4 \ Marshall Field 17% : McGraw Electric Mickelberry’s Food Prod .. .. 2% Middle West Utililtes % % % Middle W Util 6% pfd A 1% Miller & Hart pfd 8 Monroe Chemical pfd 33% National Leather 1% Noblitt-Sparks Ind Inc 14% 14% 14% Oshkosh Overall ....... 5% 4% 4% Potter Cos 6% 6% 6*2 Prima Cos 9% 9% 9% Process Coro 2% i Quaker Oats .. 114 Quaker Oats Dfd . 123 Reliance fg Cos .... 18% 18 18% Sangamo Elect Com 64 Southern Union Gas 2 ! Storkline Furniture ... . - 6 1 Swift & Cos 16 15% 16 Swift International . 27% 27% 27% Utah Radio 1% 1 Utility & Ind .. 1% Utility Ind pfd 4% 4 4 Wahl 2 | Walgreen Cos.. Com .. 24 Zenith Radio 3% 3% 3% NEW YORK COFFEE FUTURES —March 22 —Samos— High. Low. Close March 10.32 May 10 46 10.20 10.46 July '.. 10 66 10.39 10 65 September 10 96 10 70 10 96 December 11 09 11.06 11 06 —R-io — January . . . 844 j March 7.98 May 8 09 8.0 1 8.08 j July 8 20 8 10 8.20 September 8.30 8.12 8.30 1 December 833 40 8.33 4

Un Gas Imp 16% 16% 16% 16% Ut Pwr & Lit A ... 3% 4 Western Union ... 54’ 2 Rubbers— Firestone 20% Goodrich 16 Goodyear 353, 35% Kelly Spring 3% U S Rubber 19% 19% U S Rubber pfd 44% 43% Miscellaneous— Am Bank Note 18‘ 2 Am Can 98*2 98% Anchor Cap 20 Brklyn Man Tr 30% Conti Can 76% 76% Crown Cork 30 Curtis Pub 22% Curtis Pub pfd 69 Eastman Kodak 88% Gillette 10% in% Glidden 24% 24 24 24 Inter Rapid Tr 8% Ravbestos Mfg . . 19*4 Foods— Am Sugar 50* 4 Armour A . :. ... 6 6 Beatrice Cream 14% Borden Prod .. ... 22% 22% Cal Packing .. ... 23 Can Drv G Ale 26% Coca Cola 105 Corn Prod 71* 4 71 Crm of Wheat ... ... . 32% Cuban Am Sugar 7 Gen Foods 33* a 33% Gold Dust 19*2 G W Sugar 26% Int Salt 25*2 Loose Wiles ... 41 Natl Biscuit ... 42% 42% Natl D Prod 15% 15% 15% 15% S Porto R Sug . ... 31% Purity Bak 15*2 15 Spencer Kellog , 22% Std Brands ... ... 21% 21 Un Biscuit 2 4% United Fruit 65% Wrigley 59 Retail Stores— Ass Dry Goods 15% Best & Cos 32*2 First Nat Stores 56% Gimbel Bros .... ... ... 5 Gr Un Tea .... ... .. 7% Hahn Dept Sts 7% 7 Gresge S S .... ... 19% 19% Kroger Groc 30% 30% Macy R H 54 Marshall Fields . ... 18 17% May Dept St. 40% Mont Ward 32 31% 32 32 Natl Tea .... . . 16% Penny J C .64 63% 64 63% Safeway St ... . . . 52 Sears Roebuck . 47% 47 1 a 47% 47% Wool worth 50*2

City Securities Corp. Complete INVESTMENT and INSURANCE Service 420 CIRCLE TOWER LI. 5535

Suppose you need §1,000.00 . You borrow .. . 1,140.00 It costs you .... 91.20 You receive ... 1,048.80 You repay in 12 monthly repayments 0f.... $95.00 NO CHATTEL LOANS Morris Plan loans are made on character and income. THE INDIANAPOLIS MORRIS PLAN CO. Delaware and Ohio Sts. HI. 1536

We Huy and Sell HOME OWNERS’ LOAN CORPORATION 4% Bonds due 1951 Interest guaranteed by U. S. Government Exempt from all taxes except surtaxes, inheritance, estate and gift taxes. i Indianapolis Bond and Share Corporation 129 Eatt Markt Strttl lultphont Kilty 4551

State & Municipal Bonds n I .1 a | New York, Chicago, Office blyth & CO.. InC. Boston, Nan FranContinental niiAvn r Cisco, Lo Angeles, Building PHONE LI. 6083 Seattle, Portland. Active Trading in Government Municipal Land Bank Catholic Church and Institutional Bonds Real Estate Bonds and Stocks General Market Securities A. J. WICHMANN & CO:, INC 712 CIRCLE TOWER. RILEY' 1810 INDIANAPOLIS, INDIANA Abbott, Hoppin & Company 203 Continental 'lank Building Riley 5491 Indianapolis Montreal Pittsburgh MEMBERS: New York Stock Exchange Chicago Board of Trade New York Curb Exchange Chicago Stock Exchange New York Cotton Exchange Chicago Curb Exchange New York Produce Exchange Commodity Exchange, Inc. New York Coffee and Sugar Excnange. Inc. Chicago Mercantile Excn&ng* Co-Managers James T. Hamill Kenneth K. Woolfing

IMARCH 23, 1934

Aviation— Aviation Cop 8% 8 8 8% Curtiss Wright 4% 4% 4% 4% Curtiss Wright A 10% 0% 10% 10% Douglas Air 26% 5% 25% 26% Nor Am Av 6% 6% Speers- Corp 10% 19 10 10% United Aircraft 24% 24% 14% 24% | Wright Aero so Chemicals Air Reduction ... ... 95 Allied Chem ... ... 149 Am Com Alcohol ... ... 51 Col Carbor so Com Solvents . 28% 28% 28% 29 Dupont .. 94% 95% : Freeport Tex . 42% : Liuid Carb 28% Math AlkaN 34% Montoson Chem 85 84 \ 85 84 Natl Dis (new 28% 28% 28% 28*2 Schenelev Dist 36% 36% 36* 4 36 4 ( Tex Gulf Sulph 36 Union Carbide 42% 42% 42% 43 I U S Ind Alcohol . 54 54% Vir Chem 6 r , pf 20 Drugs— Cotv Inc 7% Lambert ... ... 27 27* 4 Lehn Ar Fink . . oq Un Drug 13% i 3 s, Zomte Prod .... ... 7% Financial— Adams Exp . o% 9% Allegheny Corp 3% 3% 3% 3% Am Int Corp 9 #% Chesa Corp 41 40% 41 40*Lehman Corp ... 71% Transamerica 7 7 Tr Conti Corp.. .. 4% 44. Building— * Am Radiator ... 14% 14% 14% i4% Gen Asphalt ... {7% Int Cement 30% 29% 30 4 29% Johns Manvi]le 35 Libby Owens Gls .. . . , 36% Otis Elev ... 15% Household— Col Pa! Peet . 16% : Congoleum > 27 27* Kelvinator 19% 19% 19% 19% Mohawk Carpet . 151 2 i Proc & Gamble . 34% (Simmons Bed 19% Textiles—- ! Amer Woolen 14% Belriing Hem 13*4 13 Celanese Corp 38% 38% Collins Aikman 23% 23% I Indus Rayon ... ... 82 Kayser Julius .. ... 16%

OFFICE SPACE JfHi Architects 9 Builders Blds Baldwin Bid Foui Circle Towef Consolidated Continental *3uarantv Indiana Pythian Kahn Kresqe Medical Art* Mever-Kisei Roosevelt Stewart Block Traction-Term inaf KLEIN St KUHN Inc. Property Management LINCOLN 35 4 9

J BE SAFE Insure Sour Car Today Automobile Insurance Ass’n. LI H~.7i 7th Floor, O.ddrntal Bldg Edward Boren Insurance Wine & Beer Bonds 40? Continental Bldg. LI-1508 Investments and Investment Service Wm. E. Shumaker & Company, Inc. I4QH Circle Tower L. 1-8354 RO\ r E. McCOY Representing Travelers Insurance Cos. LIFE INSURANCE RI. 3334