Indianapolis Times, Volume 45, Number 274, Indianapolis, Marion County, 27 March 1934 — Page 11

MARCH 27, 1934-

Wall Street

Black Offers Argument in Approving New Stock Exchange Bill. ■ BY RALPH HENDERSHOT

Time* Special Financial Writer EUGENE R. BLACK is quoted in Washington dispatches a s last week before the senate banking committeee that he did not believe marginal restrictions would have stopped the "mad speculative orgy” of 1929 but that he felt the country now is coming into “saner times.” Mr. Black is governor of the federal reserve board, and he

was testifying in connection with the new FletcherRayburn bill to regulate stock exchanges throughout the country. One of the essential aims of the exchange bill is to halt excessi v e speculation in the future on the theory that such speculation is a detriment to business. Moreover, the provision expected to

Ralph Hendershot

be most effective in reducing speculation is the one which raises margin requirements to much higher levels than have ever prevailed in the past. The federal reserve official said he favored the bill on three counts, one of which was that he felt speculation should be properly curbed and dishonest speculation eliminated. It is difficult to understand how he thought speculation could be "properly curbed” if the high margin provision would not do the trick. nan Point Not Well Taken TO intimate that he thought the coming of “saner times” could be counted upon to safeguard the country against another boom in the stock market is not very convincing. We have had so-called sane times in the* past, but they have been followed by times not quite so sane. The fact that the administration is willing to sacrifice the present to protect the country against excesses in the future is fairly well established, but if Mr. Black’s reasoning is to be accredited sound it might be supposed that the sacrifice is to be made in vain. The chief criticism of the bill in Wall Street is its high-margin provisions. Consequently, if congress were to accept Mr. Black’s reasoning little difficulty probably would be experienced in revising the measure to suit all parties concerned. It is fair to assume, however, that the legislative body and the reserve bank head may not see eye to eye on the margin point. a a o The Automobile Strike THE increase in pay granted workers of the automobile companies is unlikely to have much direct influence on the strike negotiations now in progress. It may, however, have plenty of indirect influence, although it may have come too late to give the corporations the edge over the unions they were seeking. It has been fairly well established that the main issue between the warring factions is not wages or working conditions, but whether the companies shall deal with the American Federation of Labor on labor questions rather than with their own company unions. The men themselves appear to be rather undecided, and, while they are likely to be well pleased over the better wages, they may credit the A. F. of L. with having indirectly secured the higher rates for them.

Chicago Stocks By Abbott Hoonir* & Cos.

—March 28High. Low. 11:30. Asbestos Mfg 31/. Bendix Aviation 18* 18 18 Borg-Warner 24% 24% 24* E L Bruce Cos .. 14 Butler Bros 9% 93* 9% Chicago Corp com 2% Cities Service 2% Cord Corp 6% Crane Cos 8% Gen Household Ut 12% 12 12 Libby-McNeil . sy. Lynch Corp 31% 31 31 Marshall Field 17% 17 17 Middle West Utilities.. . * Swift &Cos 15% 15* 153/8

Investment Trust Shares

(By Abbott, Hoppin & Cos.) ■—March 26 Bid. Ask. Amer Bank Stocks Corp 1.16 1.19 Amer and Gen Sec (A) 5.00 7.00 Amer and Inv Tr Sh 1.50 Basic Industry Shares 3.55 3.65 British Type Inv Tr Sh .55 .65 Collateral Trustee Sh (A) 4.87 5.00 Corporate Trust Shares (old).. 2.15 2.19 Corporate Trust Shares (new).. 2.42 246 Cumulative Trust Shares ... 415 420 Diversified Trust Shares (A).. 6.25 Diversified Trust Shares <Bt.. 8.12 8.25 Diversified Trust Shares (Cl.. 325 3.30 Diversified Trust Shares <D).. 5.00 5.25 First Insurance Stock Corp,.. 1.31 1.36 First Common Stock Corp 84 .87 Fixed Trust Oil Shares 1 A 8.87 9.00 Fixed Trust Oil Shares i8).... 7.62 7.87 Incorporators Investments 18.37 18.75 Land Bank Bond Shares 1.03 1.20 Low Priced Trust Shares 640 6.50 Mass Inv Trust Shares 18 88 20.52 Nation Wide Securities 3.45 3.50 North Am Trust Shares (53).. 1.90 1.95 North Am Trust Sh (55-56).. 244 2.47 North Am Trust Shares (58)-. 2.51 2.55 Selected Amer Shares 1 30 1.35 Selected Amer Shares Inc 2 80 .... Selected Cumulative Shares 7.12 . . . Selected Income Shares 360 4.00 Std Amer Tr Shares iA) 3.03 3.09 Trust Shares of America 2 90 2.95 Trustee Std iOl (A) 5.60 5.75 Trustee Std Oil (B) 5 15 5.30 U S Elec Lt & Pwr (A) 12.62 13.00 Universal Trust Shares 3.10 3.15

Federal Farm Loan Bonds

ißv Blvth & Cos, Inc.) —March 26Bid. Ask. 4s Nov. 1. 1957-37 96% 9,% 4s Mav 1. 1958-38 96% 97 3 4 4%s July 1. 1956-36 97 98* 4*s Jan. 1. 1957-37 97 98% 4*s May 1. 1957-37 97 98% 4*s Nov. 1. 1958-38 97 98* 4%s Mav 1. 1942-32 99 100% 4%s Jan. 1. 1943-33 98% 99* 4%s Jan. 1 1953-33 98 a 99% 4*s Julv 1. 1953-33 98% 99% 4%s Jan. 1 1955-35 98% 99% 4%s July 1. 1955-35 98% 99% 4%s Jan. 1. 1956-36 98* 99% 4%S Julv 1. 1953-33 99% 100% 4%s Jan. 1. 1954-34 99% 100% 4%s Julv 1. 1934-34 99% 100% 5s Mav 1. 1041-31 100% 101* 5s Nov. 1. 1941-31 100% 101% Home Loan 4s. July 1. 1951.. 98% 99%

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 550 Indiana, egg 500 Indiana, mine run 4.75 Kentucky lump 7.00 Pocahontas lump 8 25 Pocahontas egg 825 Pocahontas forked lump ........... 9.29 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 earned to

STOCK LIST FRACTIONALLY TO 3 POINTS LOWER

SALES VOLUME LIGHTER AFTER HEAW SELLING Tickers Barely Move as Trading Turns Quiet; News Weak.

Average Stock Prices

Average of thirty industrials for Monday High 102.67. tow 100 70. close 100 95. ip 03 Average of twenty rails: 48 71. 41.73. 47.84. off 08 Average of twenty utilities: 26 79. 26.(0, 26 36. off .01 Average of forty bonds: 92.86 up 31. Average of ten first rails: 98 48 up .34. Average of ten second rails: 81.77. up .26. Average of ten utilities: 96.19. up .33 Average of ten industrials: 94 99. up .30. BY ELMER C. WALZER United Press Financial Editor NEW YORK, March 27. The stock market this afternoon drifted at losses of fractions to more than 3 points after an early sharp break. By afternoon trading had subsided to a point where tickers barely were operating. Losses were scattered through all divisions and leading issues of the last few r years again were in cctimand of the market. United States Steel was of! 2% points at 49%. Chrysler was off 3Li at 50%. Dupont was off 2% at 93%. Auburn was off 2% points at 51 Vi and Bethlehem Steel dropped 2% points to 39%. American Telephone lost 2Vi points to 117%. Mining issues weakened with United States Smelting off 3 points at 117% and American Smelting off 2 at 41. Among the repeal issues Schenley declined 2% points at 33%.

Bank Clearings

INDIANAPOLIS STATEMENT —March 27 Clearings $1,362,000.00 Debits 5,296,000.00 TREASURY STATEMENT By United Press WASHINGTON March 27.—Government expenses and receipts of the current fiscal year to March 24, compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $4,709,435,397.76 $3,735,903,993.33 Receipts. 2,281.193.713.20 1.495.770.911.55 Deficit 2.428.241 684.56 2.240,133.081.78 Cash Bal. 4.905 529,901.33 New York Curb (By Abbott. Hoppin & Cos.) —March 26 Close.] Close. Allied Mills ... 7%!Glen Alden Coal 17 Alum Cos of Am 69 Gulf Oil of Pa 68% Am Beverage 2% Hiram Walker, 43% Am Cyanide B 18 Hud Bay Min., 11% Am & For P W 6% Humble Oil 42% Am Gas & EL 26%:1mp Oi: Ltd ... 13% Am Superpower 3%!lnt Petrol 22% Asso Gas & El. l%iLake Shore Min 48% Atlas Corp 13%iLone Star Gas . 6% Brazil Tra &Li 11 iNatl Bellas Hess 3% British Celanese 3 5 8lNewmont Min, 47% Can Lnd A1 A 14% Nia Hud Pwr , 6* Can Marc 2% ( Novadel Agene . 65% Carrier Corp , B%:Pan Ar Airways 41 Cities Serv 3 (Park Davis 24 Commonw Edi. 54%|Penn Road 3% Cord Corp , 7 St Regis Paper. 3% Creole Petrol . ll%!Sal Creek Prod. 6% Srown Ck Inti. 7%|Sherwin Wms, 62% Deere & Cos , 29 iStd of Ind 26% Distillers Lim . 22%iStd of Kv 15% Distillers Corp. 19%]Technicolor Ind 8% El Bond & Sn. 17%lTeck Hugh Gold 6% Fisk Rubber , 18%!Un Gas 3 Ford of Can A 22%iUn Pwr & Lt A 3% Gen Aviation, 6*|\Vr Harg Min , 9%

Daily Price Index

By United Press NEW YORK, March 26.—Dun & Bradstreet's daily weighted price index of thirty basic commodities compiled for the United Press: (1930-1932 average, 100) Today 107.98 Saturday 108.58 Week ago 109.19 Month ago 108.12 Year ago 'March 27) 71.70 1934 High (March 12) 110.24 1934 Low (Jan. 3) 101.05 (Copyright, 1934, Dun & Bradstreet. Inc.)

In the Cotton Markets

—March 26 CHICAGO High. Low. Close. January 12.56 12.49 12.49 March 12.67 12.62 12.62 May 12.19 12.06 12.06 July 12.30 12.20 12.20 October 12.42 12.31 12.31 December 12.51 12.45 12.45 NEW YORK January 12.53 12.40 12.40 March 12.64 12.49 12.49 May 12.13 11.99 11.99 July 12.25 12.10 12.10 October 12.37 12.23 12.23 December 12.47 12.34 12.34 NEW ORLEANS January 12.49 12.37 12.37 May 12.10 11.97 11.97 July 12.22 12.10 12.10 October 12.34 12.23 12.23 December 12.44 12.33 12.34 Other Livestock By United Press EAST ST. LOUIS. 111.. March 27.—Hogs —Receipts. 5.000; market, mostly 15c to 20c higner than yesterday's average; pigs and light lights opened 25c higher; bulk 180 to 240 lbs., $4,554(4.65: top $4.65; no heavies sold; lew 150 to 170 lbs., $4.25® 4.50; 130 to 140 lbs., $3.1503.75; 100 to 130 lbs.. $2,500 3.25: sows, $3.500 3.75, mostly. Cattle—Receipts. 1.700; calves— Receipts. 800: market: steers moderately active and 15c to 20c higher: some up more: fixed yearlings and heifers, 15c to 25c higher: cows, 10c to 15c higher; bulls 10c higher: veaiers. 25c lower, top. $6.50; steers. $4.60 0 6.25; mixed yearlings and heifers. $4 25415.50; cows. $34/ 3.75; low cutters. $1,254/ 1.75; top sausage bulls. $3.50: nominal range slaughter steers. $3,754/7; slaughter heifers, $3.25 0 6.25; slaughter steers. 550 to 1.100 lbs., good and choice. $5.75V 7: common and medium. $3,754/5.75: 1,100 to 1,500 lbs., choice. $64/7; good, $5,254/6 50: medium. $4,754/ 5.75. Sheep)—Receipts. 1.500; market no early sales; packers talking lower on lambs; holding better wooled around $9: lambs. 90 lbs. down, good and choice, $8,754/9.25; common and medium, s6® 8.75: 90 to 98 lbs., good and choice. $8.25 4/9.15; yearling whethers. 90 to 110 lbs good and choice. $6.75 0 8.50: ewes. 90 to 150 lbs., good and choice. $3.7505.50: all weights common and medium. $2,754/4.25. FT. WAYNE. March 27.—Hogs—15 cents higher: 250-300 lbs., $4 60 ; 200-250 lbs , $4.50: 180-200 lbs.. $4.35: 160-180 lbs $4 25: 300-350 lbs., $4.15: 150-160 lbs.. 53.80; 140-150 lbs.. $3.55; 130-140 lbs.. $3.30; 120130 lbs.. $2 80; 100-120 lbs.. $2.30; roughs $3 25; stags. $2. Calves—Receipts. $6.50; lambs. $8 50® 8.75. LAFAYETTE. March 27.—Hogs—Market. 10c higher; 200-325 lbs.. $4,304/ 4.45. 170200 lbs . $4 25 / 4 35: 150-170 lbs.. $3.75® 4: 130-150 lbs. $3 054/3 50: 120-130 lbs.. $2.75 473; 100-120 lbs.. *24/2.50; roughs. *3.75 down; top calves. $5.50: top lambs, SB. CINCINNATI. March 26—Hogs Receipts. 3.700 head, including 450 direct and thru; holdover. 585 head: mostly 10 cents under Saturday or 20 cents lower than Friday, slow at decline: top and bulk, 180-300 lbs.. $4 60: 160-180 lbs.. $3 754/ 4 25: 130-150 lbs.. $34/ 3.50; pigs down to $2 or below; packing sows unchanged, mostly S3O 3 25: better lightweights occasionally $3.50. Cattle—Receipts. .00 head; calves. 400 head: most classes steady to strong; bulk fed steers and heifers. .$4,85 4t6; best heifers $6.35: load good around 1.280 lb. steers. $6.75: bulk fat cows. $34/ 4: low cutter and cutters mostly sl.7s®' 3: sausage bulls upward to $3.85; calves. 50 cents under Friday: good to choice, $6.50 0 7 50; others downward from $6. Sheep)—Receipts. 100 head: receipts moderate to light, but weak to low tendency on) virtually all classes; better wooled lambs putable frfom $8 504(9.50; just about dfit of date at this market: few lots springers. $11514; fat ewes quotable $3475: mostly from $4 downward for represented offerings. TOLEDO. March 26—Hogs—Receipts. 225; market 10 cents lower; heavy Yorkers. $4.40: mixed and bulk of sales. *4 25 // 4 40: pigs and lights. s2® 3.75; medium and heavies, $404.40; roughs. $3 Cattle —Receipts. 300: market 10 to 15 cents lower: prime steers. *6 2506.50; fair to good cows, *2.50412.75: fair to good bulls. $2,504/3; fair to good heifers, $494.-50; Stockers good to choice. *5475 50 Calves Receipts, light; market steady: choice to extra *7® 7.50; lair to good. *56/6: common and light, s4®s: heavy and led $4 95. Sheep and lambs—Receipts, light; market steady; wool lambs, ss#9,

New York Stocks ” ———— <Bv Abbott. Hoppln & Cos i ——— —

—March 27 Prev. OH*— High. Low. 10:30. close. Amerada • • 49% Atl Rfg 30Va 30% I BarnsdalJ •• 8 BV, Consol Oil 11% 11% 11* *2% Cont of Del 19 19% Houston i newt 4% 4% Houston 4old> 24% [ Mid Cont Pet 12% 12% Ohio Oil 13% Pet Corp ••• 12% 13% Phillips Pet ... 17% 17% 17* 18% Plymouth Oil 14% Pure Oil 12% 12% Royal Dutch 36 SO* Oil 32% 32% 32% ... Shell Un 9% 10% Skelley Oil 9% 10% Soc Vac 15% 16% S O of Cal 36% S O of N J 44% 45% Sun Oil 59% Texas Corp . 25% 25% 25% 26% Tidewater Assn 11 11% Un Oil of Cal . 16* 16% 16% 17 Steels— Am Roll Mills . 22% 23% Beth Steel 39% 39% 39% 41% Byers A M 25% 25% 25% 26% Cruc Steel . • . 30% Inland Steel .■. . 43% Ludlum Steel ... ... 16% McKeesport Tin .. ... 85 87 Mid Steel 18 Natl Steel . ■ ... 48% Otis Steel 6% 6% 6% 6% Rep Iron & Stl ... ... 21% Rep Ir & Stl pf , 58% U S Pipe & Fay 25% 27 U S Steel 51* U S Steel pfd 20 90% Warner Bros 10% 10% Youngst’n S it T 27% Motors— Auburn 53% Chrysler 53% Gen Motors 36 % 38 Gen Motors pfd .. 99 Graham M6t 3% 3% Hudson 21% Hupp 5% 6 Mark Truck ... 33% Nash 25% 27 Packard 5% 5% 5% 5% Reo ... 4% Studebaker ... ... 7% Yellow Truck ... ... 6 Motor Access— Bendix 18 % IS% Bohn Alum 59 60 Borg Warner 25 26 Briggs 15% 15% Budd Wheel ... . 4% Eaton Mfg 20 Elec Auto Lite. 27* 26% 26% 23% Houdaille A 5 6 Mullins Mfg ... .. ... ... 131% Mullins Mfg pfd . ... ... 31 ’ Murray Body . . 9% 9 9 10 Stew Warner ... . . 9 Timken Roll 33% 33% 33% 35% Timken Det Axel 6% 6% Mining— Alaska Jun 20% 20% Am Metals 22 23'% Am Smelt ... 40% 43 Anaconda 14 14% Cal & Hecla 5 Cerro de Pasco 34 Dome Mines 38% 38* 38 * 39% Granby 10% 10 10 10% Gt Nor Ore . , 131% Homestake Min 380% How'e Sound 46 46% Ins Copper 5% 5% Int Nickel . 26% 26% 26% 27% Kennecott Cop . 18 19% Mclntyre Mine . 45% 44% 44% 45% Noranda Cop 38 38%

Bond Prices

(By Fenner & Beane) —March 27 ~, High. Low'. 10:30. Alleg Corp 5s 'SO 33% 33 33% Am & For Pr 5s ’2030 51% 50 50 A T & Tdb 5s '65 106% 106 106% Atchison Gen 4s '95 100 B & O CV 4%s '6O 69 Brazil 6%s <26) '57 28% CMStP&P adj 5s A 2000 18 17% 17% CMStP&P rs 5s A '75 51% 51% 51% Cons Gas N Y 4% s '57 103% 103% 103% Erie RRrf 5s '67 70 69* 69% Goodyear 5s '57 98 97% 98 Gt Nor 7s A '36 97 Interboro RT 5s ’66 , 70% 69*% 69% Int T & T db 5s ’55 66 McKess & Robb 5%s ’SO 76% 76% 76% Pac Gas & El A ’42 , 105% Penn R R 4%s D 81 95 94% 94% Sin Cons 6%s B '3B . 104% 104% 104% Texas Corp 5s '44 101% 101% 101% Tob Pr N J 6%s 2022 . 105 U S Rubber 5s A '47 ,83 82% 82%

On Commission Row

—March 27 Fruits Apples—New York Baldwins, fancy, $1.60: fancy Staymans $2.25; fancy Winesaps, $2.60. Oranges California Sunkist. $3.25@4: Floridas. $2.75®3.50. Lemons—Sunkist. $5.75; Red Ball. $5.25. Grapefruit—Arizona seedless 80s. $2.75® 3: Florida. $3.25. Strawberries—Florida, pint. 16® 17c; 36pt. crate, $5.50@6. Strawberries—Florida, pint. 16c: 36lb. bo. $2.25. Melons—Argentina Honevdews. $2.75. Pears—Florida. Avacados. $2.50: Calavos $3.50 per box. Bananas—Per pound, 5 cents. Vegetables Cabbage—New Texas. $1.25 per halfcrate; Florida red. $3 per hamper. Celery—Florida. [email protected] a crate; mammoth bunch 75c; medium bunch, 45c: he rts, dozen bunch. $1.35. Onions—lndiana yellow 50-lb bag. $1.35: red. $1.35: Idaho. Spanish. $1.35. Potatoes—Northern round white. 100-lb. bag. $2; Red River Ohios. $2.20: Maine Green Mountain. $2.50: Colorado McClures. $2.25; Idaho Russets. $2.25; Wyoming Triumphs. 50-lb bag. $1.25; New Florida Triumphs $2.15. Sweet Potatoes—lndiana Jerseys per bushel. $2; Porto Ricans, $1.85. Asparagus—California seiect. crate. $2.50® 3.50. Beans—Round, stringless, $2.75@3; new lima, S3 Beets—New Texas. 3 dozen crate. $1.75: bulk per bushel $1.50. Carrots—California 6 dozen crate. $3: bulk new. $1.40: bulk old. $1.75. Cauliflower—California. $1.60. Cucumbers —Hot house per dozen, $1.25. Lettuce—Hot house. 15-lb basket, $1.15; Iceberg best, [email protected] a crate. Peas—2 B-lb. hamper. $2.35. Radishes —Hot house buttons. 45c a dozen: long white, $1.25 per dozen. Rhubarb—Hot house. 45c a bunch. Spinach—New Texas. $1 per bushel. Tomoatoes—Repacked. 10-lb. carton. $1 25: selected, cellophane wrapped $1.50: original Florida. 20-lb lug. $2.50. Marriage Licenses Edgar McCammon, 29. of 25 Schiller street, painter, and Imogene Emery. 17, of 2017 Bluff street, restaurant owner. John Teeguarden. 24. R. R. 17. Box 90, grocer, and Mary Doeppers, 24, of 4326 Barnett avenue, teacher. Harry Williamson. 22. of 3103 Jackson street, clerk, and Helen Clark, 21, of 3101 Jackson street, housekeeper. Henry Franklin, 23. of 608 West Twentyeighth street, laborer, and Mae Block, 20. of 2335 Fairview place, housekeeper. Burrel N. Craig. 38. of 4 South Capitol avenue. CWA, and Minnie Brewer. 29. of 343% West Washington street, waitress. Marlin Boss. 30, of 124 North Spring street, CWA. and Mai*y Owen. 28. of 2618 West Wainut street, housekeeper. Arthur Burk. 41 Demotte. Ind., barber, and Mabel Nelson. 34. of 404 North Walcott street, music teacher. Clyde Cazee, 21. of 1142 Cameron street, laborer, and Daisy Golding, 18. of 1424 Lawton street, stenographer Baron Jones. 21. of 146 Douglass street. CWA. and Ruth Alien. 19, of 333 Patterson street, maid. Guy Traughber, 21. of 716% Ogden street, clerk, and Edna Griffith. 19. of 1010 West Twenty-seventh street, beautician. Births Girls June and Effie Carr. 1802 West Minnesota. Harry’ and Ruth Trabue, 4162 Winthrop. John and Margaret Kress, 2118 Station. Boys John and Wilma Kelly. 3033 East Thirtyeighth. Elmer and Verna Wahle, St. Vincent’s hospital. Sylvester and Julia O'Brvan. St. Vincent's hospital. Arthur and Agnes Morrifield. 517 North Wallace. Twins Robert and Eileen Dinnin. St. Vincent’s hospital. Deaths Vina Coolev Whited. 72. 1043 Division, cerebral hemorrhage. Nancy J. Curry. 7 months. Riley hospital. broncho pneumonia. Margaret Miller. 66, city hospital, hvpostatic pneumonia. Clyde Busselle. 49. city hospital, lobar pneumonia. Elizabeth Wiltshire. 86, city hospital, hypostatic pneumonia. Sherman Martin Mason. 65. 902 West Eleventh, cerebral hemorrhage. James Anderson. Wilds. 22. 1125 St. Peter, chronic myocarditis. Sarah Isabel Foster. 55, 2702 Sutherland. carcinoma. Louie F. Smith, 54. Methodist hospital, cerebral apoplexv. Mary Bassinger. 78. 1114 East Ninth, chronic myocarditis. Marie J. Glaubke, 76. 5541 Central, pernicious anemia. Mary Josephile Dinnin. 1 day. St. Vincent's hospital, atelectasis. Dona Mav Robinson. 46. city hospital, uremfa. Elmer E. Welshane. 51. 2521 English, pulmonary hemorrhage. Sarah B. Nicholas. 48. 1619 Alvord. acute myocarditis. James Girard Brokau, 68, 2424 North Pennsylvania, diabetes. Flovd Kriner. 31, Twenty-first and Montcalm, drowning. Ewald Benno Noack. 5. Veteran's hospital, cerebral hemorrhage. Nancy Foltz. 83. 43 South Holmes, chronic myocarditis. Emma Adams Martial. 59, 1254 West Twenty-sixth, gastric ulcer Mary Elizabeth Lyster. 85, 1326 Naomi, ■cute myocarditis.

_ THE INDIANAPOLIS TIMES

Park Utah . 4% 4% 4% 4’. Phin S Dodge .. .. 14% 15% / 0* Lead 21% 21% 21% 22% U S Smelters 116 120% Vanadium 26 26% Amusements— Crosley Radio ... . 14 Thea 15% 15 15 15% Loews Inc 30% 30% 30% 31% g 3d ‘ o Corp •••• 7% 7 % 7% WKO . qi/, oj. Warner Bros ” 6% 6% Tobaccos— Am Snuff Am Sum Tob " jo o?n B :: ::: a* B :• ::: 5$ ??'* Reynolds Tob B 40% 4040 40% Atchison psiii b'V^o 351 Llne 44,4 46 % ca*& c ff '4 cm & ot io w ••• 43% 43! - 435 ‘ 4 :‘ SVA w P pfd i* &.W ppw 10 * 101/8 j? 4 Chi N W pfd . . 12 8 \\ 8 1 Dela & Hud . it, | Fr/p Lac & W 26% 26% 26% 27* | Erie pfd !! L ’ 24% osv i Grt North pfd. .i 24 * IV* 111 Central .. 705/ 717/ K C Sou ’ 30/8 Lehigh Valley ' l7 i/ a Lou & Nash 541 8 I? M K & T pfd 26% 8 Mo Pac 8 ? 3/ Mo Pac pfd ... 7* '7% "7% 73? N Y Cent ... 34% 341® 341? ,L 8 :vY Y c c &s?L St pfd 211 ' 8 . 21 21 1 N Y S 6 nt' n Pa R c 307/11 r* 301/8 31 | Reading " =?, 8 Sou Pac . 27>; Sou R R ... 30 \L 31 8 Sou R R pfd 34% 36 * Union Pac ..... . . 10= Wabash 1 33/. West Maryland 14* 14% 14% 14% Equipments—j Allis Chalmers 18% 18% 18% 19% Am Brake Shoe . . 33 Am Car & Fdy 27% 28* Am Loco 341,. Am Mach & Fdy .. ... 16% 17 Am Steel Fdy 20 20% L° co 13% 12% 13% 13* Bald Loco pfd 49 % 52 Burroughs 15V 4 16 Case J I ... 711/0 Cater Tract 29 30' Deere & Cos 28* 28* Elec Stor Bat .... ... . 4714 Foster Wheeler 18% 1914 Gen Am Tk Car .. ... . 397/Gen Elec ;. ... 21 21% Gen R R Sig ... 43 Int Bus Mach .. ... 132 Int Harvester 40% 40% 40% 41% Natl Cash Reg . 18% 18% 18% 19% Pullman Inc .54 53% 53% 55 Rem Rand .... 12% 12% 12% 13 Und Elliot ... . 43% West B „, 30 30% Westingh Elec 36% 38 Worthington Pm 25*4 Utilities— Am & For Pwr 10% 9% 9* 10% Am Power & Lit 9% 9 9 9% A T & T ... H 93 8 Am Wat Wks 20% 20% 20% 21% Col Gas & Elec 15% 15% 15% 157. Col G & E pfd 74 Com & Sou ... 2% 2% Consol Gas 38% 37% Elec Pwr & Lit. . ... . 7% Int Hydro Elec 7% 7 7 71/, Int TANARUS& T 14 13% 13% 14% Lou G& E A ... 1 ... 18 Nat Pwr & Lit 11% 12% North Amer 18% 18* 18% 19% Pac G& E 19% 191/4 19% 195/3 Peoples Gas 39% Postal Tel pfd 23% Pub Serv N J . 3314 393/, So Cal Edison . 18% 18 Vi 18% 18% Gas 12 Vi 12% 12% 13% Std Gas pfd 12 12% Stone & Webster 9% 9% 9% 9% United Corp 6% 6% Un Gas Imp 16% 16% Ut Pw & Lit A' 3% 3% 3% 4 West Union . 53% 53 53 55Vi Rbbers— Firestone 21% 21 21 21% Goodrich 15* 16 Goodyear , .. 3534 Kelly Spring 3% 3% U S Rubber . 18% 19% U S Rubber pfd 42% 41% 41% 43% Miscellaneous— Am Bank Note .18 17% 17% 18% Am Can •. 99 Anchor Cap 20% Brklyn Man Tr 29 28% 29 2974 Conti Can .. / 77% Crown Cork .... . . 30 Curtis Pub .21 Vi 20% 20% 23 Curtis Pub pfd . . 69 Eastman Gillette 10% 10% Glidden 24 24% Inter Rap Tr . 8% BVi 8% Owens Bottle 85 Raybestos Mfg ... ... 191/2 20% Foods— Am Sugar 51 51% Armour “A” .. 5% 5* 5* 6% Borden Prod 22% 22% Cal Packing 24% 25 Canada D G Ale .. ... 26% 26% Cont Bak ”A” 11 12 Corn Prod ... 70% 71 Crm of Wheat 32% 32% Cuban Am Sugar 7% 7Vi Gen Foods ... . . 33% 33% Gold Dust 19* 19% 19% 20 G W Sugar 27% Hershey ... ... 55 Int Salt 27 Loose Wiles . 41 Natl Biscuit .... 7% 42 42% Natl D Prod 15% 15 * Purity Bak ... 15 15% S Porto R Sug 32 Spencer Kellog 22 Std Brands 20% 21% Un Biscuit 25% United Fruit ... 66 Ward Bak “A” 9% Wrigley ... 59 Retail Stores— Ass Dry Goods 15* Best & Cos 31% 33 First Natl St 58* 58% Gimbel Bros ... 5 Gimbel pfd 25% Gr Un Tea ... 6% 7% Hahn Dept Sts . 6% 6% 6% 7 Jewel Tea . . 45 Kresge S S 19% 19 19 20 Kroger Groc 30% 31 Macy R H 54% Marshall Fields 17% 16% 16% 18 May Dept St 41 Mont Ward 30% 30* 30% 32 Natl Tea 16 16% Penny J C 64% Safeway St .. 51 52 Sears Roebuck . 46 45% 46 48% Woolworth 50 51' Aviation— Aviation Corp 734 g Curtiss Wright 4* 4% 4% 4* Curtiss Wright A 10% 10% 10% 11% Douglas Air ... 23% 23% 23% 24% Nor Am Av 6 6% Speery Corp 9% 9% United Aircraft. 22 21* 21* 23% Wright Aero ... ... 57 Chemicals— Air Reduction ... 94 95 Allied Chem 149 150% Am Com Alcohol 50% 50 50 51% Col Carbon . 66% 66 66 66% Com Solvents... 28% 28% 28* 29% gu p out 93% 93% 93% 95% Freeport Tex 427/. Liquid Carb 07V2 Math Alkali " 35 Montosonta Che 84% 85 Natl Dis (newt 27% 27* 27% 28% Scheneley Dist 34% 34* 34% 35% Tex Gulf Sulph. 35 35% Union Carbide . 42 41 3 * 42 43sU S , Ind Alco.. .. ... ... 547. Drugs— Coty Inc 7% 73/. Lambert . 27 Un Drug 13% 13 Vi 13% 14 3 * Zonite Prod .... 6% 6% 6% 7 Financial— Adams Exp .. 9Vi 9% “9V e 9% Allegheny Corp 3% 3* Am Int Corp BVi 9 Chesa Corp 4034 Lehman Corp .. .. .. .. 73 Transamerica .. 7 6 T 7 7 Tr Conti Corp .. 4 3 i 4% 4% 5% Building— Am Radiator ... 14% 14 14 15 Gen Asphalt ... 17 3 4 17* 17% 19 Int Cement .. . 30% 29% 29% 30% Johns Manville 53% 52% 52* 54% Libby Owens Gls 35'% 35 35 37 Otis Elev Isv Ulen Const 3 3* Household— Col Pal Peet . ... 15% 16% Congoleum 26* 26% 26% 27% Kelvinator 18* 18% 18% 15* Mohawk Carpet . 16% Proc & Gamble 6 ... 35 Simmons Bed .18 17% 17% 18% Textiles— Amer Woolen 13% 14 3 s Amer Woolen • 13% 14% Belding Hem .. 12% 12* 12* 13 Celanese Corp 36% 36% 36% 38% 1 Collins Aikman . 24% ' Gotham Hose 9% | Indus Ravon . 79% 78% 78% 80 Kayser Julius 16% 16* 16% 16%

U. S. Government Bonds

By United Press NEW YORK, March 26.—Closing Liberties. (Decimals represent 32nds.). Liberty. 3*s (32-47) - 103.30 First 4*s 132-4") 103.12 Fourth 4%s (33-38) 103.12 Treasury. 4%5-3*s (45) 101.29 4*s (47-52) 110 3 3%s (43-47) 102.11 3%s (41-43) March 102.10 ! 3%s (40-43i June 102.17 j 3%s (46-49) 100 16 , 3sc (51-55) 99.7

Foreign Exchange

—March 26 (By Abbott, Hoppin & Cos.) Close. Sterling. England *5.10% Franc. France 0658% Lira, Italy 0857 Belgias, Belgium 2332 Mark. Germany 3970 Guilder, Holland ■.■■■,,,,,,•■*. .6'33 Peseta, Spain .1365 Krone, Norway 2655 Krone. Denmark 2289 Yen. Japan .3008

FUTURE PRICES LOWER DESPITE BULUSH NEWS Wheat, Corn Down Over a Cent; Oats Decline Fractions. BY HARMAN W. NICHOLS United Press Staff Correspondent CHICAGO, March 27.—President Roosevelt’s indorsement of the Fletcher - Rayburn stock market control bill discouraged grain traders at the opening of the Board of Trade today and holders dumped their commodities. Wheat was % to IV4 cent lower, corn was 3 8 to l cent lower, and oats were Vi to % cent lower. Grains followed stocks lower in fairly active turnover. The President’s suggestion of commodity exchange regulations “with teeth in them” frightened traders into a wave of selling. Crop news continued bullish, but was overshadowed by the new developments at Washington. Liverpool w’heat opened fractionally lower, although not as low as was expected. Chicago Primary Receipts —March 26 —Bushels—- . Today. Last week. Wheat 654,000 540,000 Corn 768,000 955,000 Oats 167,000 139,000 Chicago Futures Range WHEAT— ~ March 2|— prev High. Low. 10:00. close'. May 85% .84% .85% .86% JulV 85% .84% .85% .86% 7 ’ e May 4934 . 48* .49% .50* July 51* .50% .51* .52* OATS- 53H • 52 ’ 8 ’ 53 ’ S4VB May 33 .32% .33 .33% July 33% .33* .33% .34% Se S.YE— 33, - 331 * - 33 ® .34% May 58% .58 .58% .59% July 59* .59% .59% .60% "XIBLEY—' • •“ 62 •“* July .'.'.7.7.7 ::::: : I?;; sept ; ; 49 i/’ CHICAGO CASH GRAIN By Vnited Press March 26.—Cash grain: Wheat—No 1 red. 89%c: No. 3red, 88%c; n 9- I hard, 89c: No. 2 hard. 89c: No. 2 *u )x ed. 88%c. Corn—No. 2 mixed. 49%(ft 49%c; fancy mixed, 51c: No. 3 mixed. 49fr/ ?*c: No. 2 yellow. 49%@50c: old, 50*c; No. 3 yellow. 49(49%c: No. 4 yellow 4 ?%c: No. 6 yellow 48*c: No. 2 white, 51%f/52*c: No. 3 white. 51*c: No 4 white. 49%c; sample grade white 41%e (Local rates, via lake only) No. 2 yellow 48%c: No. 3 yellow. 48c; old. No. 2 vellow. 49%@51c, Oats—No. 2 white. 34%c: No. 3 white. 33%@35C: No. 4 white. 33*csample grade white. 30%c. Rve—No 2 61 *c. Bariev—Sales. 48W79C. Timothy—s"@7.3s. Clover seed—sll@l3. Cash provisions— ard. $6.27; loose. $6.27; Teas. $6.25: S. Bellies. SB. TOLEDO CASH GRAIN By United Press TOLEDO March 26.—Grain close: (Grain in elevators, transit billing.) Wheat—No. 2 red. 92@93c. Corn—No. 2 yellow. 53%4? 54%c. Oats—No. 2 white. 38@39c. RyeNo. 2. 65%(5!66%c. Track prices. 28%c rate.) Wheat—No. 1 red. 88V2@89c; No 2 red. 87%@88c. Corn—No. 2 yellow. 49%® 50c: No. 3 yellow. 48%'ft 49c: No. 4 yellow. 47%<548c. Oats—No. 2 white. 35@36%c: No. 3 white. 34%©36c. Seed close—l Clover—March. $8.25. Alsike—Cash. $8.50 ST. LOUIS CASH GRAIN By United Press ST. LOUIS. March 26. —Cash grain: Wheat—ln sari demand, l*c lower on red and l*c lower on hard wheat; No. 2 red. 88%c: No. 2 red garlicky, 86c; No. 3 red garlicky. 86%(<i89c; No. 2 hard. 87c: nominal: No. 3 hard. 65c: No. 5 yellow hard. 83c. Corn—ln fair demand, steady to %c higher: No. 1 yellow. 50c: No. 2 yellow. 49%®50%c: No. 3 yellow. 49c. Oats—ln fair demand, steady: No. 3 white, 356%c; No. 4 whit.e 35c: No. 1 mixed. 35c: No. 2 mixed. 35c: No. 2 red. 35%c: No. 1 burt 35%c: No. 2 burt. 35%c.

Indianapolis Cash Grain

—March 26 The bids for car lots of grain at the call of the Indianapolis Board of Trade, f a. b.. shipping point, basis 41 %c New York rate, were: Wheat—Steady; No. 1 red. 82®83c: No. 2 red. 31® 82c: No. 2 hard. 81@82c. Corn—Steady: 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. 4 mixed. 40®41c. Oats—Steady: No. 2 white. 30%®31%c: No. 3 white. 29%@30%c. —lnspections Wheat—No. 1 red. 2 cars: No. 2 red. 6 cars: No. 1 hard. 1 car: No. 2 mixed 1 car. Total. 10 cars. Corn —No. 2 white. 6 cars: No. 3 white. 13 cars: No. 1 yellow. 1 car: No. 2 yellow. 12 cars: No. 3 yellow. 17 cars: No. 4 yellow. 4 cars. Total. 53 cars. Oats—No. 2 w’hite. 13 cars: No. 3 white. 14 cars: No. 4 white. 2 cars: sample white. 1 car. Total. 30 cars. INDIANAPOLIS WAGON WHEAT City grain elevators are paying 80 cents for No. 2 soft red wneat. utner grades on their merits.

Produce Markets

Delivered in .Indianapolis Prices—Hens. 11c. Leghorn hens. Bc, Leghorn spring-er-stags, 6c; large springer-stags. 9c; cocks, sc: Leghorn cocks, 4c; ducks, full fegrfhered and fat. 4Vi lbs. and over 7c. geese. 6c; young guineas. l*/a 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. 37@28c; butterfat. 23c. —Quoted by Wadley. By United Press. CHICAGO, March 27.—Produce: Eggs— Market, easy: receipts. 34,743 casts: extra current receipts, 15 3 4c; dirties. 14 3 4c; firsts. 17'ic; fresh graded firsts 16 3 4C; checks,, 14’/*c. Butter —Market, easy; receipts, 9.375 tubs; storage standards '92 score*. 22c: extra firsts <92-91'a score*, 22®22’ic; firsts 188-89 1 2 scorei, 21@21 1 ,2 C: seconds iB6-87'2 score*. 20'2C: extra *92 score). 22'ac; specials. 22 3 4®23'ac; standards. 22 3 4C. Poultry — Receipts. 19 trucks 2 cars due: hens, 16®17c; Leghorns, lie; ducks. 18c; old roosters, Otic; springs. 19c: broilers. 27c; geese, 12c; turkeys. 22c. Cheese —Twins. 13)4 @ 13 1 2C: Longhorns. 13 3 4®14c; daisies. 13 3 4®14c. Potatoes — Old Stock. supply heavy; demand and trading slow; market firm on Russets and steady on others; Wisconsin round whites, $1.40; Minnesota and North Dakota Red River Ohios $1.50® 1.60; partly graded, $1.3501.45; Idaho Russets. sl.72>a® 1.77> 2 . New r Stock—Supply moderate: demand and trading steady; sales to jobbers Florida, bushel crates. Bliss Triumphs. $2. Shipments, 613. arrivals 102. on track 403. CLEVELAND. March 27.—Butter—Market, weak; extra. 26 ! 2 c; standards. 27c. Eggs—Market, steady: extra white. 17 ! 2c; current receipts 16’2C. Poultry—Market, firm; colored fowl, medium. 160:17c: Leghorn fowl. 13®14c; springers, smooth, 16 ®l7c: colored broilers. 250 28c: stags. 12® 13c: ducks, spring. 5 lbs. and VP- 18c: ducks, light, 16c. Potatoes —Maine best. $2.25; Idaho. S2O 2.15; Ohio and New York best. $1.7504.90. NEW YORK. March 27.—PotatoesSteady; Long Island. $1.250 2.40 barrel: southern, $4.5006 barrel; Maine. $1 200 3.80 barrel: Idaho. S2O 2.25; sack; Bermuda, 1540 7 barrel; Canada, $1.8002.15 barrel. Sweet potatoes —Quiet; Jersey basket. 40C051.75: southern basket. 75c® $1.35 Flour—Easy; springs; patents. $6.40 @6 65 sack. Pork—Steady; mess. *20.25 barrel. Lard—Firm; middle west spot. $5.050 5.15 per 100 pounds. Dressed poultry—Steady; turkeys. 18 l ao25 1 2c; chickens. 90 27c: broilers. 14 0 30c: capons. 19 0 33c: fowls, 130 18c: Long Island ducks frozen. 14 , 2 015>2C. Live poultry—Firm; geese. 70 9c; turkeys. 230 30c; roosters, lOc: ducks. 80 12c; fowls. 150 21c; chickens. 150 20c; capons. 25®30c; broilers. 12 0 25c. Cheese—Easy: state whole milk specials. 19c: Young America. 15®15Hc. CHICAGO FRUIT MARKET By Cniti and Prrss CHICAGO. March 27.—Apples—Michigan Baldwins. *1.5001.60 bushel. Carrots— Illinois. 400 50c bushel. Spinach—Texas. 500.80 c bushel. Beans—Southern green. S2O 3: wax. $2.500 3. Cucumbers —Central western hothouse. *2.2502.75. 2 doz. to box. Tomatoes—Florida. $1.500 275 box. Sweept potatoes—Tennessee. *1.6001.65; Indiana. *1.7001.75. Rhubarb—Michigan hothouse 200 40c, 5 lb. cartons. Turnips —Central western. 65® 75c bushel. Mushrooms—lllinois. 17'j®,30c. 1 lb. cartons. Asparagus—California. $1.2502.50. dozen bunches. Onion market, 50 lb. sacks— Western Valencias 85c @(1.30; central western yellows, 75@9/<c.

Today and Tomorrow

NRA Has Failed to Meet Promise of Collective Bargaining to Everybody. BY WALTER LIPPMANN

MUCH of the most fundamental criticism of NRA that has yet been offered is to be found in the report of the federal trade commission on the steel code. It is, in substance, that the code has authorized a system of price fixing in which the United States Steel Corporation and Bethlehem have a dominant position. The effect, says the commission, has been to raise prices, give advantage to certain large consumers, and create an artificial price structure which favors some and handicaps other industries and localities. I have not seen the answer either of the steel companies or of the NRA to these complaints. But it is not open to doubt that the steel code raises in its

most far-reaching implications the fundamental questions as to whether this country is to preserve the competitive principle in its industrial organization or is to move steadily toward centralized monoply under government control. For nobody can suppose that the country will permanently agree to let a basic product like steel be managed by centralized monopoly under private control. v ' The real issue has been much confused by the current talk about rugged individualism on the one hand and a planned collectivism on the other. Neither of these catchwords correctly describes the real situation in the steel industry. In respect to prices, which is, after all, the crucial point the steel industry is, and has been for many years, a quasi-monopolistic combination. The NRA code adopted last summer recognized for all practical purposes the monopolistic practice which the government had for many years tried, on the whole

ineffectively, to stop. Having recognized a system of price-fixing, the NRA did not. probably becatfse it could not, do anything to regulate that price-fixing in the interests of the consumer. The President did make a personal bargain with the steel companies in which he persuaded them to reduce the price of rails. It appears that the Michigan automobile companies also made their bargain with the monopolistic power. But these exceptional and inci-

dental bargains merely demonstrate the general fact that the NRA suspended the anti-trust laws without establishing an effective substitute for them. This is not individualism and it is not collectivism. It is simply our old friend private monopoly. an u r T'HE issue which has now to be decided is whether the govern- . ment will attempt to restore compe- ! tition or whether it will approve I combination, which must lead in- | evitably and directly to regulation | comprehensive as that imposed on other monopolies like the railroads and the public utilities. The trade commission unmistakably prefers a return to competition, and without much doubt the mass of the people would prefer it if the choices were clearly presented. The steel companies would naturaTly like to fix prices without government regulations. And those who have enthusiasm for a collective order 1 would like the monopoly to exist, ! but to transfer its control to the j government. There is thus a tri- ! angular conflict of old-fashioned trust busters, old-fashioned private | monopolistic and new-fangled collective planners. In this conflict NRA does not seem to know where its stands and what it thinks. It is impossible to j find out definitely where the ad- ! ministration stands. When the re- ; covery act was before congress last spring Senator Borah tried to find out by raising the issue squarely as to whether it was proposed to resist or to tolerate monopolistic combination. From Senator Wagner, who undertook to answer him, he got wellmeant but vague assuiances which indicated clearly that the matter I had not been thought through to a j conclusion. When the bill became 1 law both the President and General Johnson issued sincere appeals to industries not to exploit their new right of combiantion to raise prices. I

bub ' I 'HE NRA has continued interA mittently to growl about the rising prices of manufactured goods, and it has even set up representation for the consumer which permits them to growl. But the principle had not been thought out. Then the administration became possessed with the idea that recovery depended upon hustling everybody into a code. There began a mass production of codes. In the heat of the Washington summer with everybody overworked and nervous, hundreds of codes were put together slap-dash somehow. Speeches, regulations, statements, personal assurances followed one another in a torrent of excited good will. The price of all this hurry was that there was no time to settle the vital issues, no time to work out what the labor sections ought to mean, no time to work out the basic problems of competition and monopoly. It was not the original intention to proceed in this fashion. The original idea was to work out codes for a few industries, like coal, oil, textiles, steel, to work them out carefully and with a recognition that as the conditions are radically different, the codes must be radically different. To have made half a dozen good codes would have been a great contribution to reconstruction. But the NRA had to have several hundred codes right away on the theory that it was promoting recovery’. It was this desire to do the thing wholesale and in a hurry which is the root of the trouble. It is at the root of the whole problem of compliance. attn THE NRA has made more rules for more people than it can possibly remember, much less enforce. It is at the root of the labor problem. For instead of working out a method of collective bargaining in a few industries, the NRA has promised collective bargaining to everybody immediately, and it can, not make good its promise. It is at the root of the enormously disturbing interference with the natural order in the reflation of prices of which NRA is in part the cause and in part the pretext. It is not pleasant to have to criticize men who have worked as hard, as disinterestedly and with such fervor as General Johnson and his aids. They have performed miracles of organization and diplomatic negotiation, and General Johnson particularly has a vitality, a rough good humor and a capacity for getting a result which are altogether extraordinary. Probably no other man could have done w’hat he has done, and though it has seemed to me ever since the blue eagle campaign was started last summer, that the NRA is distorted in its execution, for General Johnson as a person#! and as a public figure it is impossible not tb have the utmost respect and admiration. He has proved himself to be a field officer of genius. He has not been, I think, a wise staff officer. He wins battles on fifty sectors. He is in grave danger of losing the war. I do not mean the war against depression. For that was never more than a minor part of the task

r^Hjp

of NRA. I mean the war against industrial anarchy, which it was and is the task of NRA to win by working out a system of constitutional government in the basic industries. By failing to concentrate on a few industries and working out the problem thoroughly there, the NRA has scattered its energies all ~v-er the place and has raised more troublesome issues than it has settled. n n n THIS will provoke against it most formidable opposition; from labor which is bound to be disappointed, from employers in rebellion against bureaucracy, from consumers faced with monopolies. The portents are already here in the strikes, in the solidfying of the resistance of business men, and in the discontent which is voiced by men like Senator Borah and Senator Nye. and now fortified by the federal trade commission. The sensible thing to do would be to start anew chapter in the administration of NRA. Concentrate on the steel code and a few other important ones. Try to revise them with a view to restoring competition, within the limits of a code of fair practice, and to establish a system of collective bargaining. If it turns out to be impracticable to do this, cancel the code in accordance with Sec. 10 B of the law and set in motion the machinery of the anti-trust laws. If anything will produce a code which is complied with that will, and this, I believe, was the opinion of the authors of the act. As for the great mass of minor codes, the best thing to do would be to regard them as temporary and due to expire in the near future, except where an industry can prove that it really needs a code, really wishes a code, and means to comply with the social ideals of NRA. A code should become a privilege granted by the government in return for the acceptance of certain public standards, not something imposed on the unwilling who have no incentive to comply with it. It is by some such strategic concentration on the things that matter most that NRA is most likely to prove its usefulness and perpetuate its purposes. Copyright. 193>

Bright Spots

(By Abbott, Hoppin & Cos.) New York. New Haven & Hartford Railroad Company February net operating income totaled $163,607. against $236,516 in February, 1933. Park & Tilford Company in 1933 earned s L-=Ba common share, against a net loss of $399,651 in 1932. Chesapeake Sc Ohio Railroad Company car loadings in the week ended March 24 totaled 29,722 cars, against 31,018 cars in the previous week and 19,900 cars in the like 1933 week. Seaboard Oil Company in 1933 earned $1.02 a common shrae. against 71 cents a share in 1932. Delaware. Lackawana & Western Railroad Company February net operating income amounted to $272,792. against a deficit ot $62,680 in February, 1932. Chicago. Milwaukee. St. Paul Sc Pacific Railroad Company February net operating income totaled $264,090, against a deficit of $344,092 in February last year. Missouri Pacific Railroad Company February net operating income amounted to $559,078 against $181,611 in February. 1933. Union Carbide and Carbon Company and subsidiaries in 1933 had earnings of 51.57 a common share, against 53.834.724 in 1932. Pullman Company and subsidiaries in 1933 had a net loss of $2,672,864 after all charges, against $3,834,724 in 1932. Pacific Gas and Electric Company and subsidiaries in 1933 had earnings of $1.48 a common share, against $2.09 in 4932. Ctis Elevator Company net loss in 1933 to aled $2,465,028 after all charges, against a net profit of $307,519 in 1932. Great Northern Railroad Company February net operating income amounted to *156 300. against a deficit of *640.494 In February. 1933. Centrifugal Pipe Line Company in 1933 earned 67 cents a common share, against 40 cents a share In 1932. Net income of the Bendix Aviation Company and domestic and Canadian subsidiaries in 1933 was $1,242,891 after charges against a net loss of $1,501,241 in 1932. Advance Rumeiy Company in 1933 had a net loss of $51,041 after all charges, against *55.988 in 1932. In the Air Weather conditions at 9 a. m.: North wind, 23 miles an hour; temperature, 27; barometric pressure, 3.27 at sea level; general conditions, overcast ' ceiling, estimated 800 feet; visibility, seven miles. NEW YORK COFFEE FUTURES —March 26 Santos. High Low Close. May 10..’0 10.67 10.69 July 10 89 10 85 10 89 September 11.20 1114 1120 December 11.32 11 23 11 32 Rio January . . 8.70 May 8 39 July 8 51 8.47 8.51 September . . 8.58 December 8 67 8 65 8.65 NEW YORK RAW SUGAR FUTURES —March 26High. Low. Close January ni March 1.75 1.74 1.75 May 1 55 1 54 1 55 July 1.61 1 60 1.61 September 1 65 1.64 1.65 December 1 70 1.59 1.70

SWINE MARKET UP 10 CENTS ON LIGHT RECEIPTS Vealers Continue Weak at $6.50 Down: Cattle Steady. With extremely light receipts on hand at the Union Stockyards this morning, porkefc prices moved around 10 cents higher than yesterday's average. Initial trading was fairly active and demand strong. General bulk of all weights was ! selling at $4.35 to $4.60, while sevicral Sckx* and choice classes sold at $4.65 to $4.70. Small grades, weighing 130 to 160 pounds, brought i $3.50 to $4. Extremely light slaughter pigs, scaling 100 to 130 pounds, were salable at $2.25 to $3.25. Receipts were estimated at 3.500. Holdovers, 271. With only slight action evident, cattle values remained unchanged with the previous close. She stock were strong. Early bulk of steers was salable at $4.25 to $5.75. Some j better grades held around $3.25. Part load of good classes were reported sel’ing around $6.85. Receipts numbered 803. Weakness continued in the veal market, with majority of* grades 50 cents lower, saiable at mostly $6.50 down. Initial top held at $7. Receipts were 600. With the lamb market not fully established, early supply consisted mostly of clippers. Several small lots remained unchanged at SB. Few springer grades held at sl2 to sl3. Receipts were 600. Asking was higher on hogs at Chicago, with few early bids fully steady at yesterday's average at $4.50 down. Receipts were estimated at 21.000, including 9.000 directs; holdovers. 3.000. Cattle receipts numbered 5.530; calves. 3.000; market strong to 25 cents higher. Sheep receipts were 11,003; market steady to strong. HOGS March. Bulk Top. Receipts. 21. $4.20® 4 45 $4.45 6,000 22. 4.154/ 4 40 4.50 5,000 23. 4.354/ 4.60 4 70 4 000 24. 4.25® 4.50 4 55 2,000 26. 4.25®. 4 50 4.60 7,000 27. 4.35® 4.60 4 70 3,500 Market, hicher i (140-160) Good and choice $ 3.75® 400 —Liqht Weights—-(l6o-1801 Good and choice 4 35®, 4.45 (180-200) Good and choice 4 55 —Medium Weights—-i2oo-220i Good and choice 4.60 (220-250) Good rnd choice 4 55® 4.70 —Heavy Weights—--1250-2901 Good and choice 4.55® 4 70 (290-350) Good and choice 4.45® 460 —Packing Sows—(3so down) Good 3.50® 3.75 (250 up) Good 3.25® 3.50 (All weights) Medium 3.00® 350 —Slaughter Pigs—-(loo-1301 Good and choice 2.25® 3.25 CATTLE Rece pts. 800; market, steady (1.050-1,100) Good and choice S 6 25® 7.25 Ccmmon and medium 4 25® 625 (1,100-1.5001-Good and choice 6 00® 7.50 Common and medium 4 50® 6 Ou (675-7501 i Good and choice 5.25® 650 ; Common and medium .. 3.00® 5.25 (750-0001 j Good and choice 4 75® 6.25 I Common and medium ... 2 15® 4.75 —Cows— Good 3 25® 3 75 I Common and medium 2.75® 3 25 Low cutter and me-lium 1.50® 2.75 i— Bulir (yearlings excluded) , Good (beef steers) 2.75® 3.50 Cutter, common a: cl medium . 1.50® 2.75 VEALERS Receipts, 660; market, lower Good and choice s 6.00® 700 Medium 4.00® 6.00 ! Cull and common 2 00® 4.00 —Calves— Good and (choice 7.00® 7.50 Common and medium 2.00® 3.50 —Feeder and Stocker Cattle—-<soo-9001 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 r."d me'' urn 2 75® 4.00 SHEEr AND lAMBS Receipts, 600; market, steady V.'oo( Grades 90 lbs. down) Good & choice $ 8.75® 9.25 '9O-110 ibs.) Good and choice 8.50® 9.00 (50 lbs. down) Com and med. 6 50®' 350 —Ewes— Good and choice 4.50® 5.50 Common and medium 2.50® 4.50 Other Livestock Bv United Press CHICAGO. March 26.—Hogs—Receipts, 30.000; including 15.000 directs; strong to 5c higher than Friday's average; few choice, 200-220 lbs. snowing advance; butchers slow: top. $4 60: better gr-'.de. ISO--240 lbs. mostly $4,501/ 4.55: pigs $2.50® 3.25: packing sows, $3.50 '/3.65; light lights, 140-160 lbs., good and choice. $3.50® 4 35; lightweights. 160-200 lbs., good and choice, s4i/4.50; medium weights. 200-250 lbs., good and choice, $4.40® 4.60: heavyweights, 250-350 lbs., good and choice. $4,15®4.50: packing sows. 275-550 lbs., medium and choice. $3.25® 3 70; slaughter pigs, 100-130 lbs., good and choice. $2.50® 3.50 CattleReceipts. 17,000; calves. 2.000; few steers and yearlings. 15® 25c lower; comparatively little done at decline; killing quality good; largely, $5.50® 7: market, early top $7.35 paid for long yearlings as well as prime 1,400-lb. bullocks; bulls steady: but all others tending lower: slaughter cattle and vealers: Steers. 550-900 lbs., good and choice, $5.75® 7 60: 900-1.100 lbs., good and choice. $5.75® 7.60; 1.100-1,300 lbs., good and choice. $5.75®7.50; 1,300-1.500 lbs., good and choice. $5.25® 7 35; 550-1.300 lbs., common and medium. $3 75® 5.75; heifers, 550-750 lbs., good and choice. $4.502 6; common and medium. $3.25® 4.60; cows. food. $3.25® 4.25; common and medium, 2.502 3.25: low cutter and cutter cows. $1.50® 2 50: bulls, yearlings excluded, good beef. $3.25®3.75; cutter, common and medium, [email protected]: vealers. good and choice, $5.252 7.50: medium. $4 501/ 5 25: culls and common, $3,501/4.50; stocker and feeder cattle: Steers, 550-1,050 las., good and choice. $4 50 2 5.75: common ana medium, $3.25®4.75. Sheep—Receipts, 24.000: fat lambs opening slow; indications 25®35c lower, or around $8.75® 9 on good to choice wooled lambs; sheep steady: slaughter sheep and lambs: Lambs, 90 lbs. down, good and choice $8.65®9.15: common and medium. $72 8 60: 90-98 ibs good and choice. $84(9.10; ewes. 90-150 lbs., good and choice. $4®5.75: ail weights, common and medium s3® 4.50. PITTSBURGH. March 27.—Hogs—Receipts, 1.000; holdovers, none: open slow; closed mostly 10c lower on 160 to 220 lbs., bulk these weights, $4.90: one load early, 185 lbs., $5; 240 to 300 lbs., quotable, $4.65 2 4.75: 130 :o 145 lbs, $3.50'q3.75: 90 to 120 lbs, $3.25 down; sows, $3,251/3.75. Cattle—Receipts, 10; nominally steady. Calves— 130; steady; good and choice vealers. $7 50 28: medium, $8 27. Sheep—Receipts. 700; steady to weak; closely sorted wool lambs. $9.50; medium, $7 504/ 8 75: good and choice shornlambs, $7,251/7.61; spring lambs, up to $11.75; good and choice clipped wethers, $4.50® 5.25. or steady to 25c higher. By Times Imperial LOUISVILLE. March 27 —Cttle—Receipts. 175: supnlv verv light, demand dependable; market, fully steady; bulk common to medium steers and heifers, s4® 5: better finished fed offerings. .*5 25 ®6; bulk beef cows. $2 50® 3 25: good kinds to S3 50 and above, low cutters and cutters, mostly $1.25® 2 25: sausage bulla, $3 50 down, stockers and feeders, unchanged Calves—Receipts. 300: steady: bulk better vealers. *s® 5 50: strictly choice eligible. $6: medium and lower grades. $4 50 down. Hogs—Receipts. 700: 10c higher: 170-240 lbs, $4 65; 245-270 lbs, $4 30; 275 lbs up $3 95: 145-165 lbs, $3 65 120-140 lbs, $2 30; sows. *2.70. Sheep—Receints. 100: few lots choice around 65 lb. springers. sl2® 12 50; less desirable kinds quotable down to *10; other classes, steady bulk medium to good lambs. *7.50® 850 choice kinds quotable to $° light throwouts. *5.50; fat ewes. $2.50® 3. Fire Reports Yesterday 819 a m 702 West Thirtieth, transformer on pole. 12 01 c m, rear 730 Hampton drive. T-- -so-mer. 3 33 p. m, 3847 Ruckle, residence, no loss. 523 p. m 2262 North Alabama. resi(>nce small loss. 6:10 p. m, 2645 Ruckle, residence, no loss. 6 11 p. m, 6172 Norwaldo. res.dence. no loss. 823 p m, 5432 University avenue, residence, no loss. 826 p m, 3310 North Cap.tol. auto, small loss. 11:02 a. m , 2408 College, residence, moderate loss. 11:05 p m, 2909 East New York, garage, (400.

Lippmann

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