Indianapolis Times, Volume 45, Number 275, Indianapolis, Marion County, 28 March 1934 — Page 14

PAGE 14

Wall Street Oil Charges Constitute an Important Challenge to Entire Code.

BY RALPH HENDERSHOT Time* Special Financial Writer TT is beginning to look sui if there was something more than mere talk to the statements which have been made from time to time in regent months by the independent oil people about unfair competition under the petroleum code. At any rate, the government seems to think such was the case. Some of

the larger companies operating in the California area have been indicted by the federal grand jury for violating the competitive feature of the code. Moreover, the charge constitutes an important cha 1lenge to the entire oil code adm ini s t ration, since the Pacific coast cartel,

% * TiTHM

Ralph Ilendershot

under which the reputed practices were made possible, had received the blessing and the sanction of not j only the planning and co-ordinating committee but of Secretary of Interior Ickes, as petroleum code administrator, as well. The indictment maintains that the big companies were guilty of j selling their products through sub- j sidiaries or affiliates at less than they charged at the parent company plants and apparently at less than the independents in the district could meet in fair competition. It is to be assumed that this was done to force the independents into bankruptcy. if a a Independents on Job That the independents have been aware of the practices all along is indicated by the fact that they sought injunctions against the procedure months ago. They also have charged that the creation of the cartel was for the purpose of legalizing these practices by bringing them under code permission. But although the big concerns succeeded insetting past Mr. Ickes, they apparently ran up against a snag in; the department of justice, which already has recommended that no corporate affiliate be permitted to selj oil without revealing its source of Supply. t But the weaknesses in the oil co#e, if such they prove to be, can not be laid at the door of General Johnson, code administrator. The general has never had anything to do; with administering the oil code, that one industry holding the distinction and unique position of being entirely under the guidance of the interior department. And while it must be admitted that such practices, if they are proven to be existed, reveal the inherent dangers which are generally known to be present in the codes, they can not be presented as definite weaknesses of the code idea or of the NRA. If the code principle is accepted as sound—and it is by mest people—the existence of urifair practices which it seeks to eradicate can not be accepted as condemnation merely because they have escaped the attention of some administrator. Particularly is this true when the practices have been detected so quickly by other government agencies. Such a stand would be as untenable as holding the school system unsound because some professors have been proven incompetent. a a a A Courageous Enterprise In all probability it will be found, as time goes on that many in- J dustrial codes have not lived up to expectations in important respects. Bpt it should not be forgotten that industrial regulation is a relatively new thing. Likewise it should not be- overlooked that the authorities haVe been obliged to throw together! a great many difficult and complicated codes in the course of a few months and that they have not rewlly had much time to give to admjnisrtation or to the correction of deflects. The entire code program was a bold and courageous enterprise. Few people would have attempted it. It was bound to create more confusion than a barroom brawl. That the whole thing has worked out as well as it has probably will be held up by historians as the marvel of the age.

Bond Prices

ißv Fenner & Beane) —March 28— High Low. 10:30. AUeg Corp 5s 'SO 33% 33 33% Arn&Fcr Pwr 5s 2030 .. 51 AT & T db 5s '65 107 106% 106% Atchison gen 4s '95 100 99% 99% B&O CV 4%s '6O 68 % 68% 68% Can Pac 4s 79% 78% 78% CO 5s A '39 108 C.IMStP adj 5s A 2000 17% ChMStP&P rs 5s A '75 . 52 51% 52 Det Ed 5s E ’52 104% Erie RR rl 5s '67 70% 70% 70% Goodyear 5s '57 98% 98 98 Gt Nor 4%s D '76 . 79 Gt Nor 7s A '36 97 96% 96% Interboro RT 5s '66 ... 70% 70% 70% Int T&T db 5s '55 ... . 65 NY Cent 4%s O 2013 .. 77% 77 77% Pac Gas & Ei 5s A '42 .105% 105% 105% Penn RR 4%s D 'Bl ... 94% S;n Cons 6%s B 38.. 108% 104% 104% Texas Corp 5s '44 101 s * 101% 101% Un Pac Ist 4s 47 103% 103% 103% US Rubber 5s A '47 ... 82% 82% 82% Western Un 5s 'sl .. 92 91% 914* Ygstwn B&T 5s B '70.. 85% 85 85

Investment Trust Shares

(Bv Abbott. Hoppin & Cos.) —March 27 Bid. Ask. American Bank Stocks Corp.. 1.13 1.18 American A: General Sec A.. 500 7.00 American & Inv Tr Sh 1 50 Basic Industry Shares 3.55 365 British Type Inv Tr Sh 55 .65 Collateral Trustee Shares A . 487 5.00 Corporate Trust Shares iold. 2.15 2.19 Corporate Trust Shares (newt 242 246 Cumulative Trust Shares .... 4.15 4.20 Diversified Trust Shares A ... 6.25 .... Diversified Trust Shares A ... B*l2 8.25 Diversified Trust Shares C ... 3.25 330 Diversified Trust Shares D ... 500 525 First Insurance Stock Corp . 1.31 136 First Common Stock Corp ... .84 87 .Fixed Trust Oil Shares A 887 900 Fixed Trust Oil Shares B .... 7.62 7.87 Incorporators Investments ... 18 37 18 75 Land Bank Bond Shares 110 1.22 Low Priced Trust Shares .... 640 650 Mass Inv Trust Shares 18 92 20.21 Nation Wide Securities ... 345 350 North Am Trust Shares (53).. 1.90 195 No Am Trust Shares (55-56.. 244 247 North Am Trust Shares <sß>.. 251 255 Selected American Share* ... 1.30 1.35 Selected American Shares Inc 2.80 Selected Cumulative Share* . 7.12 Selected Income Shares 3.60 4.00 Sid American Trust Bhare A 3.03 309 Trust Shares or America .... 2.90 295 Trustee Std Oil A 560 5.75 Trustee Std Oil B 515 5.30 U S Electric Lt & Pwr A.... 12.62 13 00 Universal Trust Shares ...... 1.10 3.15

STOCK LIST STRENGTHENS FRACTIONALLY

GRAIN FUTURES RESUME WEAK TRADIfOANGE Bullish Crop Possibilities Ignored; Wheat Off Half Cent. BY HARMAN W. NICHOLS United Pres* Staff Correspondent CHICAGO, March 28.—Overnight news lacked any encouraging items and grains followed stocks and cotton off at the opening of the Board of Trade today. Wheat was M to 4 cent lower, corn was % cent lower to % cent higher, and oats were unchanged to M cent lower. The crop situation held about unchanged. but the trade paid little attention to the bullish possibilities. Trade was dull at the start with neither sellers nor buyers showing any enthusiasm. Liverpool held firm and advanced when there was a scarcity of sellers. Liquidation in this market appeared to be over. Chicago Primary Receipts —March 27 Bushels. Todav. Last Week. Wheat , 372,0&0 340.000 Corn 523.000 737 000 Oats 111.000 98.000 Chicago Futures Range —March 28WHEAT— Prev. High. Low. 10:00. close. May 85% .85 .85% .85% July .85 .84% .85 .85% Sept. 86% 85% .86 .86% CORN— May 49 .48% .48% .49 July 51 50% .50% 50% Sept .52% .52% .52% .52% OATS— May 32% .32% .32% .32% July 33Vs .32% .33V* .33% Segc 33 .32% 33 .33 May 53% .57% .58% .58 July .59% .58% ..53% .59% Sept. 61 .60% .61 .6078 BARLEY— May .. .44% .44% July .. .46 Sept .. .. 48 CHICAGO CASH GRAIN By United Press CHICAGO, March 27.—Cash grain: Wheat—No. 1 hard. 87%c: lake. 87c; No. 2 hard, 87c- No. 3 hard. 86%c. Corn —No. 2 mixed. 47%@48c; No. 3 mixed. 47%c; No. 2 yellow. 47%® 48Vic; old. 48%®,49c; lake, 48c: No. 3 yellow. 47%@48%c; No. 4 yellow, 47% dry: No. 2 white. 50Vic; lake, 49% @ 50c: No. 3 white. 49%c; sample grade white. 43c. Oats—No. 2 white. 34 to 35c; No. 3 white. 34c; No. 4 white, 31%c; lake. 31 %c. Rye—No quote. Bariev—7o® 75c. Timothy—[email protected]. Clover seed—sll@l3. Cash provisions: Lard. 56.15; loose. 56.15; leaf. $6.12; S. Bellies. SB. TOLEDO CASH GRAIN By United Press TOLEDO. March 27. —Grain close: 1 Grain in elevators, transit billing 1 Wheat —No. 2 red. 90%®91%c. Corn—No. 2 yellow. 52%®53%c. Oats—No. 2 white, 37%@38%c. Rye—No. 2. 64%@65%c. (Track prices. 28%c ratei: Wheat—No. 1 red, 87%c. W’heat—No. 1 red, 87@87%c; No. 2 red. 86@86c. Corn—No. 2 yellow, 48 %®49c; No. 3 yellow, 47%@48c; No. 4 yellow, 46%@47c. Oats—No. 2 white, 34% <5 36c: No. 3 white. 34®35%c. Seed close: Clover—March. $8.25. Alsike—Cash, $8.50. NEW YORK CASH GRAIN By United Press NEW YORK. March 27.—Wheat—No. 2 red. $1.03%; No. 2 hard winter. $1.03%. Corn—No. 2 mixed. 57c. Oats—No. 3 white. 43 Vic.

Indianapolis Cash Grain

—March 27 The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. o. b., shipping point, basis 41 % New York rate, were: Wheat—Weak; No. 1 red, 80%@81%c; No. 2 red. 79%@80%c; No. 2 hard. 79%® 80 1 2. Corn—Weak; No. 2 white, 42@43c; No. 3 white. 41®, 12c: No. 3 yellow. 41® 42c; No. 4 yellow. 40® 41c: No. 3 mixed, 40@41c; No. 4 mixed, 39@40c. • Oats—Weak: No. 2 white, 29%®30%c: No. 3 white. 28%@29%c. —lnspections Wheat—No. 2 red. 4 cars. Total. 4 cars. Corn—No. 2 white. 1 car: No. 3 white. 3 eras;. No. 4 white. 1 car; No. 2 yellow 13 cars; No. 3 yellow, 29 cars; No. 4 yellow, 3 cars; No. 6 yellow. 1 car. Total, 51 cars. Oats—No. 2 white. 3 cars; No. 3 white, 5 cars: sample white, 1 car: Nc*. 1 mixed. 1 car. Total. 10 cars. INDIANAPOLIS WAGON W’HEAT City grain elevators are paying 78 cents for No. 2 soft red wneat. utner grades on their merits.

In the Cotton Markets

CHICAGO —March 27High. Low. Close. January 12.40 12.34 12.38 March 12.52 May J 2.05 11.86 11 96 July 12.15 12.00 12.09 October 12.31 12.11 12.20 December 12.42 12.26 12.32 NEW YORK January 12.33 12.23 12.31 March 12.44 12.36 12.39 Mav 12.01 11,82 11.86 Julv 12.13 11.93 12.00 October 12.27 12.07 12 14 December 12.37 12.18 12.26 NEW ORLEANS January 12.30 12.24 12.24 May 11.96 11.80 11 89 Julv 12.10 11.92 12.01 October 12.23 12.04 12.12 December 12 34 12.15 12.23 NEW YORK COFFEE FUTURES —March 27 SANTOS High. Low. Close. May 10.65 10.50 10.50 Julv 10.83 10.65 10.66 September 11 14 11.98 11.98 December 11.25 11.07 11.07 RIO January 8.51 Mav 8.31 8.30 8.30 July 8.32 8.30 8.30 Sentember 8.37 December 8.46

Market Average m * u Twenty Active Issues Listed on the N. Y. Stock Exchange.

All. Chemical Am. Smelting Am. Can Am. Telephone Am. Tob. B Atchison Chrysler Con. Gas N. Y. DuPont Goodyear

f JANUARY ►•eHUAfty MARCH , 8 11 * 11 19 1 II (9 16 1 II )9 1* i , —s ! ! i' ■ 1 ; I--..! 1 . ■:l —1"|1 11 V' 1 WVI ,;H-i ;a' 1 ; ! , -; I 1 ii ! ■ i— —” I ; - ; ; }' 1 j —’> r [ 1 j ! ! ! r i i?i —r~ -i 5 i -1... 1 ; ■ , 4 : ; . ■ —t- ! ■ I 1 ! I — i j |y._| .! |~ j j | ;wo V y v * V v/\| —• * !! * utn/ 4 vol. QouAiCQ ill V * \ O ‘iJ— ,t T‘ r 'T-Hl ill I?* 00 l rr ! r 4 1 1 r • —.2 I\\ ; 1 i ■ ! J !sToot3r:"t';"i i tr-itr „ ... 1 *

This daily record of the movements of twenty active stocks, averaged, gives a clear view of the market trend. Long pull movements and daily variations are apparent at a glance.

Chicago Stocks | Abbott Hoonin & Cos. —March 28— High. Low. 12:00. Asbestos Mfg 3Vs I Bendix Aviation 18% : Borg-Warner 25 24% 24% ! E L Bruce Cos .. 14 ; Butler Bros 9% 9% 9% | BergoS 9% 9% 9% I Cent 6c So West 1% Chi city 6c Con Rys Ctf 5 ! Chicago Corp com 28 Chicago Corp pld 26% Cities Service 2% Commonwealth Edison 54 Cord Corp 6% 6*4 6% Great Lakes Dredge 18 Grigsby Grunow .. 12% Libby McNeil 5% 5 5% Marshall Field 17% Middle West Utilities % National Standard 24 Nobiltt Sparks Ind Inc 14% Perfect Circle 32 Quaker Oats 114 Swift 6c Cos 15% Swift International .. 27% 27% 27% Vortex Cup Cos 10 Walgreen Cos com .... 2t 23% 21 Zenith Radio 3% 3% 3%

Bright Spots

(By Abbott. Hoppin Sc Cos.) Commonwealth and Southern Corporation earned $5.72 a share on 6 per cent stock for twelve months ending Feb. 28, against 7 cents a share earning for like period in 1933. Baltimore & Ohio Railroad showed a net operating income of $1,423,382 for month of February, against $1,244,338 in like period in 1933. Texas Gulf Sulphur showed earnings of 52.93 a share for 1933. against $2.32 in New York Central Railway reports net operating income of $1,365,873 for month pi February against $1,070,835 for same per.od in 1932. New Mont Mining Company declared a dividend of 50 cents a share, last disbursement was $1 paid in April. 1931. Atchison Railway report net operating income of $243,737, against a net operating deficit of $710,064 in February. 1933. Norfolk Sc Western Railways shows net gain for two months ending February after charges and taxes of $2.02 a share against $ 180 a share for like period in 1932. Standard Oil of Ohio and subsidiaries for 1933 report a net loss of $823,356, after all charges against $1,206,361 in 1932. Steel operations for week beginning March 26 indicate 45 7-10 per cent of capacity against 46 8-10 per cent for week ago. Superior Oil Corporation and subsidiaries for 1933 report net loss of $327,344 after ali charges against net profit of $9,436 in 1932. Republic Steel Corporation and Youngtown Sheet and Tube Company, today announced a 10 per cent wage increase for all employes in their plants, effective April 1. Marriage Licenses Lester Eakin, 41. Warrington, Ind., mechanic, and Bessie Stanley. 32, of 638 Buchanan street, beautician. Robert Chandler, 38, of 415 West Empire street, painter, and Dorothy Chandler, 21. Lyndhurst drive, housekeeper. Births Girls Raymond and Lorine Englert. 769 North Tremont. Herbert and Gladys Hill. Coleman hospital. Arthur and Rose Leonard, Coleman hospital. Ralph and Marie Arbaugh. Methodist hospital. Eugene and Mary Dollens. Methodist hospital. Ernest and Emma Miedema, Methodist hospital. . Charles and Rosemary Sharp, Methodist hospital. Robert and Letha Smallwood. 1506 East Thirteenth. Felix and Ellene AUg. St. Vincent's hospital. Boys Milo and Nina Aiken, Methodist hospital. Roger and Alice Trueblood. Methodist hospiiai. Paul and Mary Anderson, Coleman hospital. Hubert and Florence Bean, Coleman hospital. Lora and Mamie Buis, Coleman hospital. Washington and Heiene Dillon. Coleman hospital. . benjamin and Lola Watson, Coleman hospital. Vvi.iiam and Dorothy Steele, Methodist hospital. Lee and Helen Showalter. Methodist hospital. Paul and Mildred Rupprecht, Methodist hospital. rsUwin and Bernice Cassady, Methodist hospital. Deaths John Reptik, 46. 359 Addison, fractured skull. Hannah Kelley, 81, 520 East Vermont, chronic myocarditis. John H. Scott. 77, 421 North Gladstone, aspnyxiation. May Alice -Patterson. 36. 350 Hanson, carcinoma. Jonn B. Waggoner, 77. 854 South Sheffield, arteriosclerosis. William Lang. /a, 2345% Station, cerebral hemorrhage. George B. Doddridge. 54, Central Indiana hospital, chronic myocarditis. Chanes Bailey. 65, 720 Darnen, acute cardiac dilatation. Thomas Atherton, 69. 3131 Northwestern, chronic nephritis. Louis Howland, 76, 1233 North Penn* syivama, broncho pneumonia. Eieanor Weels Pirkey, 72, 3263 Central, coronary occulsion. Laura Kungeunan, 71. 110 North-. Noble, acute cardiac dilatation. Sarah Clark, 94, 520 East Vermont, chronic myocarditis. Louisa Phillips, 73, 520 East Vermont, chronic myocarditis. Herman Ellsworth Taylor, 64, Methodist hospital, hypostatic pneumonia. BIRTHDAYS COME HIGH Woman. Grandson, and Niece Born on Same Date. By United Press ROCKVILLE, Conn., March DC. — It’s an expensive proposition ouying birthday presents in the Kibbe family. Mrs. Julia Kibbe, her grandson, Charles, and her niece, Phyllis, have the same birthday anniversary. Three birthday cakes decorated the table at the last one. Mrs. Kibbe’s had eighty-one candles.

Inn. Harvester Johns-ManviDa Nat Biscuit Pub S oi N J Sears Rdebuck Stand, oi N J. Un. Aircraft U. S Steel Union Pacific Westinghouse

THE INDIANAPOLIS TIMES

PORKER PRICES DROP 10 CENTS AT STOCKYARDS Cattle, Vealers Steady to Strong; Lambs Are Stationary. Following an advance in the previous session, porker prices declined 10 cents at the Union Stockyards this morning. Initial sales were scarce and receipts around normal. Several buyers remained inactive. The bulk of all weights was selling at $4.25 to $4.50, while few better grade porkers sold up to $4.55, light kinds, scaling 130 to 160 pounds, brought $3.40 to $3.90. Extremely light slaughter pigs, weighing 100 to 130 pounds, were salable at $2.15 to $3.15. Receipts were estimated at 7,000; holdovers, 502. Slaughter steers in the cattle market held steady to strong, with initial bulk selling from $5.25 to $7.25. Receipts numbered 1,000. Vealers continued strong at $7 down. Receipts were 600. Lamb trading was unchanged with the previous close. Clipper grades sold at $7.50 to SB. Fewgood and choice spring lambs were salable from sl4 to sls. Receipts were 300. Asking was firm on hogs at Chicago, with few early bids and sales around 5 to 10 cents lower than yesterday’s average at $4.45 down. Receipts were estimated at 20,000, including 10,000 directs; holdovers, 4,000. Cattle receipts were 8,000; calves, 2,000; market strong. Sheep receipts numbered 6,000; market mostly 25 cents higher. lIOGS March. Bulk. Top. Receipts. 22. $4.15® 4.40 $4.50 5.000 23. 4.35® 4.60 4.70 4,000 24. 4.25® 4.50 4.55 2,000 26. 4.25 @ 4.50 4.60 7,000 27. 4.35(77 4.60 4.70 3,500 28. 4.25® 4.50 4.55 7.000 Market, lower (140-160) Good and choice . ..$ 3.65® 3.90 —Light Weights—-(l6o-180> Good and choice ... 4.25@ 4.35 (180-200) Good and choice .. 4.45 —Medium Weights—-(2oo-220) Good and choice ... 4.50 (220-250) Good and choice .. 4.45® 4.55 —Heavy Weights—-(2so-290) Good and choice ... 4.45@ 4.55 (290-350) Good and choice ... 4.25® 4.50 * —Packing Sows—(3so down) Good 3.50® 3.75' (250 up) Good 3.25® 3.50 (Ali weights) Medium .. 3.00® 3.50 —Slaughter Pigs—-(loo-130) Good and choice .. 2.15® 3.15 CATTLE Receipts, 1,000; market, steady. (1,050-1,100. Good and choice $ 6.25® 7.25 Common and medium ' 4.25® 6.25 (1,100-1,500) Good and choice 6.00® 7.50 Common and medium 4.50® 6.00 (675-750) Good and choice 5.25® 6.50 Common and medium 3.00® 5.25 (750-900) Good and choice 4.75® 6.25 Common and medium 2.15® 4.75 —Cows — Good 3.25® 3.75 Common and medium 2.75® 3.25 Low cutter and .medium 1.50® 2.75 —Bulls (yearlings excluded) Good (beef steers) 2.75® 3.50 Cutter, common and medium . 1.50® 2.75 VEALERS Receipts, 600; market, steady. Good and choice $ 6.00® 7.00 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 (800-1,500) Good and choice 4.00® 5.25 Common and medium 2.75® 4.00 SHEEP, AND LAMBS Receipts, 300; market, steady. Wool Grades 90 lbs. down) Good & choice $ 8.75® 9.25 (90-110 lbs.) Good and choice. 8.50® 9.00 (50 lbs. down) Com. and med.. 6.50® 8.50 —Ewes — Good and choice 4.50® 5.50 Common and- medium 2.50® 4.50 Other Livestock BY UNITED PRESS PITTSBURG, March 28.—Hogs—Receipts, 1,500; holdovers, none; slow; steady to 10c higher; advance on weights, 160220 lbs., top and bulk. $5; 230 lbs. up, quotable, $4.60®4.85; 150 lb. averages, around $4; 100-140 lbs., and sows. $3®3.75. Cattle—Receipts, 50; steady; choice vealers, $8; medium, s6®7. Sheep—Receipts, 750; wool lambs, steadv to 10c higher; good and croice, [email protected]; one load early at latter figure; common to medium, $6®8.75; choice shorn lambs, 15c lower; good and choice. $7.25®7.50; sheep, steady; springers, higher, best up to sl3. EAST ST. LOUIS, 111., March 28—Hogs —Receipts. 7,000; including 100 direct; market, very slow; 15® 20c lower than Tuesday’s average; pigs and light lights, opened 15® 25c lower; bulk 180-230 lbs. early $4.40®4.45; most bids $4.40 down; top $4.50 for small lots; few 120-140 lbs., [email protected]; light pigs down to $2.25; sows, $3.40® 3.65. Cattle—Receipts, 2,500; calves, receipts, 1,500; market, slow on steers, mixed yearlings and heifers with indications about steady; cows unchanged; bulls tending lower; vealers steady, top $6.50; nominal range slaughter steers, $3.75®7; slaughter heifers, $3.50®6.25; slaughter steers, 550-1,100 lbs., good and choice, $5.75®7: common and medium. $3.75® 5.75; 1.100-1,500 lbs. choice. s6®7; good $5.25® 6.50; medium. $4.75®5.75. Sheep—Receipts, 1.500; market, few choice wooied lambs to city butchers, steady at $9.25; [ no other sales or bids: lambs 90 lbs. down, good and choice. 58.50®9.25; common and medium. $6®8.75: 90-98 lbs., good and choice, $8.25®9.15; yearling wethers, 90110 lbs., good and choice, $6.75®8.25; ewes, 90-150 lbs., good and choice, $3.75®5.50: all weights, common and medium, $2.75 ® 4.25. bLEVELAND, March 28.—Cattle—Receipts. 200; market, steady; steers, 750 to 1,100 lbs., $6.50©7.50; 650 to 950 lbs., good, [email protected]: 900 to 1.200 lbs.. [email protected]: heifers. 600 to 800 lbs.. [email protected]; good cows all weights. $2.75®3.50. Calves—Receipts, 700: market, 50 cents lower in slow trading; prime veals, $7®7.50; choice veals, S6O 7: medium, ss®6: common. $3 @4.50. Sheep and lambs—Receipts. 1,000; market, steady; good to choice wool lambs, $9®9.50; medium to good, sß@9; culls, $5 @7: choice clipped lambs, [email protected]; medium to good, s6@7; prime wether sheep, ss®6: choice ewes. S4@s; medium to good, $3 <4 Hogs—Receipts, 1,000; market. 10 cents higher in active trading:- 250 to 300 lbs., f 25®4.50; 220 to 250 lbs.. $4.65® 4.75: to 220 lbs., $4.65®:4.75; pigs 100 to 110 lbs.. $303.25; roughs. [email protected]; stags. $1.75®2. FT. WAYNE. March 28.—Hogs—Receipts, 10c lower; 250 to 300 lbs., $4.45: 180-200 lbs.. $4.25: 160 to 180 lbs.. $4.15; 300 to 350 lbs.. $4.05; 150-160 lbs., $3.75; 140-150 lbs.. 53.50; 130-140 lbs., 53.25; 120-130 lbs., $2.75: 100-120 lbs., $2.25; roughs, 53.25; stags. $2; calves. $6; lambs, [email protected]. LAFAYETTE. March 28.—Hogs—Market, 10c lower; 200-325 lbs.. [email protected]; 170200 lbs., [email protected]; 150-170 lbs., $3.65® 3.90: 13Q-150 Ibs.. 53.1503.40: 120-130 lbs., $2.65® 2.50: ICO-120 lbs., 51.90®2.40; roughs. $3.75 down; top calves. $5.50: top lambs, SB. By Times Special LOUISVILLE. March 28 —Cattle—Receipts. 200: market fully steady; bulls strong; bulk, common to medium steers and heifers. s4® 5; better finished fed offerings. $5.25®6; full load 703-lb. steers. $5.50: one package strictly good light yearlings considered eligible around $6; bulk beef cows. $2.50® 3.25; practical top. $3.50: sausage bulls mostly $3.50 down; few desirable heavyweights, $3.75: stockers and feeders slow and unchangedfl Calves —Receipts. 300: steadv: bulk Detter grade, vealers, $5®5.50; medium and lower g rades, $4.50 down. Hogs—Receipts, 800; weight from 165 lbs. down. 25c higher; other weights and classes 5c lower; 170240 lbs.. $4.60; 245-270 lbs.. $4.25: 275 lbs. up, $3.90; 145-165 lbs., $3.90; 120-140 lbs., $2.55: sows. $2.65. Sheep—Receipts, 75; no springers on sale: early other classes steady: emdium to good fall lambs. $7.50®. 8.50; choice kinds eligible. $9: light throwouts. $5.50: fat ewes, $2.50®3 Receipts Tuesday: Cattle. 190; calevs. 315: hogs. 765; sheep. 114. Shipments Tuesday: Cattle. none; calves. 26(1: hogs, none: .sheep, none. Fire Reports Tuesday 6:35 a. m.. 543'i Guilford, residence, no loss. 11:22 a. m.. 1103 Vincennes, residence, small loss. 11:27 a. m.. 124 Monument Circle, theater, small less. 3:25 p. m.. 358 North Tremont. residence, small loss. 4:19 p. xn., 3232 Roosevelt, residence, small loss. 7:29 p. m., 2528 Central, residence, small loss. 11:09 p. m., 947 North Pennsylvania, hotel no loss. Wednesday 2:48 a. m., West Thirtieth and State road £2, automobile truck, moderate loss.

New York Stocks ‘ IBy Abbott. Hoonin & Cos.) " 1 11 "

—March 28Oils— Pr* v High. Low. 10:30 closi. Amerada .' Atl Rfg 29% 29% Consol Oil 12 11% J 2 11* Cont of Dei 19% 19 19 18% Houston (new) J* Houston (old) Mid Cont Pet “ * Ohio Oil ‘*J 4 Phillips Pet 18^ Plymouth Oil sVefcal'".': 2 35% 1 O of N J •• 44 44% 44% 44% Texas°Corp 25% 25% 25 3 2a* s Tidewater Assn . 11 l s 10 a 10 a 10 4 Un Oil of Cal * 6 ' B l* 1 2 Am'RcSTMills 23% 22£ Beth Steel 40% 4040% 39 a Bvers AM 2 2, Cruc'aSel*' 29% 29% 29% 29% Inland Steel ri Ludlum Steel ■ • • •• • •• • ,2, McKeesport Tin 88 8 nlu ItSei .7.7.7.:: ::: % \h rld Iron &'Steel* 20% '20% 20% 20% Rep Ir & Stl pfd =4> g ISSi*”?:** '* 'J U S Steel pfd 89 Warren Bros ■ I^, Youngstn S & T 26 26% Motors— .. Chrysler 51 s * 51 5l * 51 Gen Motors 36 s 36 Gen Motors pfd 9 ° * 99 Graham Mot 3 1 •> 4 K on ::::::: ::: Macit Truck 31% 31% Nash 25% 25% Packard 5 a Reo ■ • •• ••• Studebaker ‘ * Yellow Truck ... 08 Motor Access — . Bendix 18 * 2 18 4 15, 2 Bohn Alum Sla? Borg Warner r?, 4 Briggs — i Budd Wheel .5 8 Eaton Mfg is/, 4 i? Elec Auto Lite 27 % Houdaille A .2 2 Mullins Mfg • 4 5,/, Mullins Mfg pfd 28 2 Murray Body 9 8 9 „ Stew Warner 82 8% Timken Roll 34 33 s Timken Pet Axel *> 0,8 Mining— .. Alsaka Jun Am Metals , 15 , 7? 3 ' 8 Am Smelt 41% 41% Anaconda 14/8 1 2, 4 Cal & Hecla ,J, /2 Cerro De Pasco- ■ g 2 Dome Mines 38% 38% 38 * 38 2 Granby 10 - 8 Howe° r Sound ' ' ' ■ 46% 48 8? SSSr M ?'’• Kennecott Cop . 38 8 3 2,, Mclntyre Mine . 46% 46% 46 4 46/ Noranda Cop •’“/s oa Park Utah 4% 4% Phe'ps Dodge 1 4% d> St Jffe Lead ... 2 U S Smelters 119 Vanadium 20,8 Amusements— Croslev Radio ••• J 8 Fox Thea 14% Loews Inc 30 4 30 ,2 Radio Corp 7% 7% RKO fil/ 8 8 Warner Bros 8% 6/8 Tobaccos— Am Snuff 35 Am Sum Tob Am Tob A 66% Am Tobacco B 63 Ligg & Myers B 8(% Lorillard 17 17 Reynolds Tob B 40% 40% Rails— Atchison ••• 64% Atl Coast Lines „ 44% B& O 23% 28% Can Pac ••• 16% 16% Ch & Ohio 44 Chi & Gt W .. ... 4% Chi & Gt W pfd 10% C M & St P 6% CM& St P pfd ’ ... 10% 10% Chi N W • 12% Deia & Hud 61 61 Del Lac & W 26% Erie 21 Ene pfd ... • 24% Crt Northern pfd 26% 27 111 Central 30% K C Sou 13 •/* Lehigh Valley 17% Lou & Nash,. 54 53% M K & T . .*• 10% M KK & T pfd 24% Mo Pac 4% N°Y P Cent ,fd 34% 35% 34% 34% N Y Chi & St L 20% N Y C & St L pf 29'/ 2 29% N Y New Haven 17% N Y Ont & West . „ • 9% Nor Pac 30% 30 3 4 3074 30^4 Penn R R _ A , 334 Sou Pac 30% 25% Sou R R 30% Sou R R pfd • 35 Union Pac ~ l? 2 ! 2 1??West Maryland. 14(2 14% 14% 14% Equipments— Allis Chalmers 18% 18% Am Brake Shoe 88 Am Car & Fdy 27 27% Am C & Fdy pfd 45 Am Loco ■ ?2% Am Mach & Fdy lj> 8 Am Steel Fdy l 9 ‘/2 Bald Loco 13% 13 Bald Loco Pfd 49% Burrouhgs Ig/ 8 Case J 1 „ nv 68.2 Cater Tract ' 22 f * Deere & Cos 28 Elec Stor Bat 44% Foster Wheeler 18% 17% Gen Am Tk Car 38% 38 2 Gen Elec 20% 20% Gen R R Sig 41 Vs 41% Ingsol Rand §7 Int Bus Mach • , 182 Int Harvester .. 41 40% 41 40 ,s Natl Cash Reg „ Pullman Inc 53 /4 53 2 Rem Rand }2 12/* Und Elliot 43 V* 43 West Air B „ 28 2 Westingh Elec ... ... 37 36/4 Utilities — Am & For Pwr 9% 9% Am Power & Lit 9 8 s AT&T ••• 117% 117% Am Wat Wks .. ■• •• 20% Col Gas & Elec 15% 15% 15% 15% Col G & E pfd . • • 73% Com & SOU 2% 2% 2 4 2 % Consol Gas 38% 38% 38% 38 b Elec Pwr & Lit. 7% 7 7% 7% E P & L pfd 13% Int Hydro Elec 7 Int T & T 13% Lou G & E A } 7 % Nat Pwr & Lit.. 11% North Amer 18% 18% 18% 18% Pac G& E 19% 19% Peoples Gas ... • , 38 37 Postal Tel pfd . 21% 21% 21% 21’* Pub Serv N J • 38% 38V8 38Vs 38 So Cal Edison JB% Std Gas 12% Std Gas pfd 12% Stone % Webster 9% 9% United Corp 6% 6% Un Gas Imp 16% 16% Ut Pwr Lit A 3^B Western Union 53 53% Rubbers — Firestone '••• _ 20% Goodrich 15% 15% Goodyear 35 35 Kelly Sprmg 3% U S Rubber • 19% 19Vi 19% 18% U S Rubber pfd 42% 42Vs

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.

Foreign Exchange

(By Abbott. Hoppin & Cos.) —March 27 Close. Sterling. England $5.09% Franc. France 0658 Lira. Italy 1857 Belgias, Belgium 2332 Mark. Germany 3969 Guilder. Holland 6730 Peseta. Spain 1363 Krone. Norway 2563 Krone. Denmark .2280 Yen. Japan 3008

Federal Farm Loan Bonds

(By Blyth & Cos.. Inc.) —March 27 Bid. Ask. 4s Nov. 1. 1957—37 9SH 98 4s Mav 1. 1958—38 96% 98 41.S July 1. 1956—36 97 98% 4.s Jan. 1. 1957—37 97 98*. - 4>.s Mav 1. 1957—37 97 98% j 4 V*s Nov. 1, 1958—38 97 98'. 4 l zs Mav 1. 1942—32 99 100% 4V 2 s Jan. 1. 1943—33 99 100% 4%s Jan. 1. 1953—33 99*. 100 4%S July 1. 1953—33 98% 100 4%s Jan. 1. 1955—35 98% 100 4>iS July 1. 1955—35 98% 100 4VaS Jan. 1, 1056—36 98*. 100 4%s July 1. 1953—33 S9V 2 100% 4%s Jan. 1. 1954—34 99% 100% 4%s July 1. 1954—34 99% 100 5s May 1. 1941—31 100% 101% 5s NOV. I. 1941—31 100% 101% Home Loan 4s.

Miscellaneous— Am Bank Note 17% Am Can 97 Anchor Cap 19% Brkiyn Man Tr 29 Conti Can 76% Crown Cork 29 % Curtis Pub 21 % Curtis Pub pfd 67% Eastman Kodak 86 Gillette 10% 10% Olidden 23% 23% 23% 23% Inter Rapid Tr BVs Owens Bottle 83 Raybestas Mfg 19 Foods— Am Sugar 51 Armour A 5% 5% Beatrice Cream 14 Borden Prod 2% 22% Cal Packing 24% Canada Dry G A 26 Cont Bak A 10% 10% Corn Prod 69% Crm of Wheat 32% 32-s Cuban Am Sugar 7% Geu Poods 33 33 Uoid uust ... ... ia-% G W sugar 26% Hershey 54.^ Loose Wiles 40 Natl Biscuit 42 Natl D Prod 15% 151, Purity Bak 14% S Porto Rico Sug 32 Spencer Kellog . . 20% Sid Branus 20% 20% 20% 20% Un Biscuit ... 25% United Fruit 65% Wrigley 59 Retail Stores— Ass Dry Goods 15 Best & Cos 3i% Gimbel Bros 5 Gimbel pfd 24 % Or Un Tea . 6% Hahn Dept Sts ... 6% Jewel Tea 44% Kresge S S 19 19 * 8 Kroger Groc 30 Mtcv R H 52 Marshall Fields 1, May Deot St . . 40 39% Mont ~ard 31% 30% 31 -i)- 8 Nat. Tea Id penny J Cl% ei% Safeway St 51 Sears Roebuck . 47% 46% 47 4d% Woolwcrth . 50% 50% 50% 50% Avlatio— Asiation Corp ... ... 8% 7% Curtiss Wrignt 1% 4% Curtiss Wright All Vi 11 _ 11 10% Douglas 'Air .... 25 24% 2i% 24-a Nor Am Av.... 6 5% 6 6 Speerv Corp .... . 9% 9% United Aircraft . 23% 23% 23% 22% Wright Aero 58 Chemicals — Ail Reduction 93% Allied Chem 147% Am Com Alcohol ■ 48 % Col Carbon ... 65% 65% Com Solvents .... ... 28 28 Dupont 94 93% 94 94% Freeport Tex 41 % Liquid Carb 2%7 26% Math Alkali 34 Montoson Chem 84% Natl Dis (new). 27% 27% 27% 27% Scheneley Dist. 34% 34% 34% 34 Tex Gulf Sulph 34% 34% 34% 34% Union Carbide ... 42% 42 % U S Ind Aicohol .. ... ... 50% Virg’Che 6% pf 19 Drugs— Coty Inc 7 Lambert 27 Un Drug 13% 13% Zonite Prod 6% 7 Financial— Adams Exp 9% Allegheny Corp 3Vs 3% Am Int Corp BV4 Chesa Corp 39 Lehman Corp 70 Transamerica 6% 6% Tr Conti Corp 4% Building— Am Radiator ... 14 Gen Asphalt 17% Int Cement 29 % 29 Vi Johns Manville .. ... 54 54 Libby Owens Gis 35% 35% Otis Elev 15% 15% 15% 15V* Uien Const 3 Household — Cal Pal Peet 15% Congoleum .... 26 Vs Kelvinator 18% 18% 18% 16% Mohawk Carpet .. ... 15% Proc & Gamble .. ... 35 '34% Simmons Bed 18 Textiles— Amer Woolen ... 13% Belding Hem 12% Celanese Corp 35% 36 % Collins Aikman 22% Gotham Hose 8% Indus Rayon 78 Kayser Julius 16% Real Silk 10

Produce Markets

Delivered in Indianapolis Prices—Hens, 11c, Leghorn hens. Bc, Leghorn spring-er-stags, 6c; large springer-stags. 9c: cocks, sc; Leghorn cocks, 4c; ducks, full feathered ana fat, 4% lbs. and over 7c. geese, 6c: young guineas. IV 2 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 28.—Eggs—Market, unsettled: receipts, 25,773 cases; extra firsts, 17%c; fresh graded firsts, 16%c; current receipts, 15%c; dirties, 14%c; checks. 15%c. Butter—Market, unsettled; receipts. 6.868 tubs; extra firsts. 90-91% score, 22®22%c; firsts, 88-89% score, 21® 21%c; seconds. 56®87% score, 24%c; extras, 92 score, 22%c; specials, 22%@23%c: standards, 22%c. Poultry—Market, about steady; receipts, 31 trucks, 1 car, 1 car due; hens. I7@18c; Leghorns. 11c; ducks, 18c; old roosters, 9%c: springs, 19c; broilers, 27c; geese. 12c; turkeys, 11c. Cheese — Twins, 13%@13%c; Longhorns, 13%@ 14c; daisies, 13%@14c. Potatoes—Old stock: supply liberal; demand and trading slow; market, slightly stronger; Wisconsin Round <A/.ites. few slaes. $1.45: Minnesota and North Dakota Red River Ohio. $1.60®: 1.65; few higher; partly graded. $1.50® 1.55; Idaho Russets, mostly $1.80; combination grade, $1.65; Colorado McClures, cotton bags. SI.BO. New stock: supply moderate: demand and trading moderate; market about steady: sales to jobbers, Florida bushel crates. Bliss Triumphs, $1.90. Shipments. 729; arrivals. 106; on track, 391. CLEVELAND, March 28.—Butter—Market, weak; extras. 26®26%c; standards. 26%c. Eggs—Market, steady; extra whites. 17%c; current receipts. 16%c. Poultry— Market, firm: colored fowl medium IPo; Lekhorn fowl, 14® 15c; springers smooth, 18c: colored broilers. 25® 28c: stags. 12 @ 13c. Potatoes —Maine best. $2.25; Ohio and New York best, $1.75®1.90; Michigan. $1.75® 1.90. NEW YOPK. March 28.—Potatoes—Dull; Lone Island. sl.lo® 2.25 barrel: southern. $4®5.75 barrel; Maine. [email protected] barrel; Idaho, [email protected] sack: Bermuda, s4® 7 barrel: Canada. $1.80®2.15 barrel. Sweet potatoes—Dull; Jersey basket. 40c@$1.7a; southern basket, 75c® $1.15. Flour —Easy; springs, patents, $6.30® 6.55 per barrel. Pork—Quiet: mess. $20.25 barrel. Lard— Easy; middle west spot. $4.90"/5 per 100 lbs. Petroleum—Steady; crude Pennsylvania, $1.97® 2.45 barrel. Grease—Dull; brown, 3%c lb.; yellow. 3%c lb.; white, 3% ®4%c lb. Tallow—Dull: special to extra. 3%®3%c lb. Hides—City packer active; native steers. 10c; butt brands, 10c: Colorados, 9%c. Dressed poultry—Easy; turkeys. 18®25%c; chickens. 91'/'27c: broilers, 14® 30c; capons, 20® 32c: fowls. 13® 18c; Long Island ducks, 14%@15%c. Live poultry—Fairly active; geese. 7®9c: turkevs. 23 (330 c: roosters, 10c; ducks, B@TBc: fowls, 15®20c; chickens, 13®20c; capons. 25® 30c; broilers. 20® 26c. Cheese—Dull state, whole milk specials. 19c: young Americas, 15@ 15%c. Butter—Receipts. 17.459 packages: market weaker, closing steady; creamery higher than extras, 23%@24%c; 92 score, 23%c; firsts. 90-91 score. 23c; firsts. 88-89 score. 22%@22%c; centralized, 90 score, 23c; centralized. 88-89 score. 22% (3 22%c. Eggs—Receipts. 64.534 cases; market, steadv: special packs, including unusual hennery selections. 20®21%c; standards. 18%@19c: firsts, 17%® 17%c; seconds," 16%® 17c; mediums. 16%@16%c; dirties, 16%®16%c; checks. 16c; storage packs, 18@18%c. CINCINNATI. March 28.—Butter—Packing stock No. 2,18 c; butterfat. 21c. Eggs —Steadv; extra firsts. 17%c; seconds, 15%c; nearby ungraded. 16%c: goose. 75c; ducks, 25c. Poultry—Fowls. 5 lbs. and up, 15c; 4 lbs. and up. 14c; 3 lbs. and up, 15c; Leghorns, 3 lbs. and up. 13c; roosters. 9c; stags, colored. 13c: Leghorns, 10c: 1934 colored broilers. 1% lbs. and up. 24c; 2 lbs. and up. 25c; 1934 Leghorn broilers. 1% lbs. and up. 22c; capons. 8 lbs. and up. 22c: under 8 lbs.. 20c; ducks, white. 4 lbs. and up. 12c; under 4 lbs.. 11c: colored, 4 lbs. and up, 11c; under 4 lbs.. 10c: guineas, old. 12c; No. 1 turkeys, young hens. 8 lbs. and up. and young toms. 10-15 lbs.. 20c; young toms, 15 lbs. and up. 20c; No. 1. old toms, 15c. NEW BOOKS RECEIVED AT BUSINESS LIBRARY Two of Vash Young’s best sellers are combined in a single volume in the new books received today at the business branch library. The books are “Fortune to Share” and “Let’s Start Life Over Again.” Other books received are “Making the Most of Your Income,” by Blodgett; “Key to Stock Price Movement,” by Ayres; “National Recovery Measures in the United States,” compiled by the International Labor office; "Department Leasing in Department Stores,” compiled by Teele. and "Manual of Practical Indexing,” by Clarke. American Flier Leaves for Rio PORTO ALEGRE, Brazil, .March 23.—Laura Ingalls, American flier on a solo tour of South America, left for Rio De Janeiro at 9:26 a. m. today.

INDUSTRIAL LIST HEADS ADVANCE IN DULLTRADE Several Protest Meetings Planned Against New Control Bill.

Average Stock Prices

Average of thirtv industrials vas;erdav were. 9j 32 high, a.' 41 low. 95 76' last, oil 2.19. Average of twenty raiis 46 34. 46 03. 46 62. off 122. A'.erage of twenty utilities. 25 98. 25.43. 25 74. off 62. Average oi forty bonds. 92.66. off 20 Average of ten first rails, 98.34. off 15. Average of ten second rails. BUO. off 47 Average of ten utilities. 96 05, off .14 Average of ten industrials. 94.96. off .03. BY ELMER C. WALZER. United Press Financial Editor NEW YORK, March 28. —Prices I were irregularly higher on the stock market at the opening today. Trading was listless. Chief easiness appeared to be in the railroad and utility lists. Most j of the industrial group showed fractional strength. Few overnight I developments affected the market, save worry ever the stock market control bill. Several protest meetings are planned against this measure as now written. Price changes at the opening were fractional. General Motors was up % at 36%, United States Steel was up % at 50%, and then advanced to 50%; Bethlehem Steel was % stronger at 40%; Westinghouse showed % advance at 37; Chrysler was % better at 51%. New York Central lost % at 34%, Union Pacific was off % at 122%, while Chesapeake and Ohio gained % at 44%, Consolidated Gas lost % to 38 % at the opening and American Telephone was tfff % at 117%. Trading continued extremely dull.

Bank Clearings

INDIANAPOLIS STATEMENT —March 28— Clearings $1,407,000.00 Debits 1 3.522.000.00 TREASURY' STATEMENT By United Pri ss WASHINGTON, March 28.—Government expenses and receipts of the current fiscal year to March 26. compared with the corresponding period of the previous fiscal year: This year Last year Expenses $4,744,433,254.77 $3,733,072,886.86 Receipts $2,239,510,021.17 $1.499,792.056.39 Deficit. $2,454,923,233.60 $2,233,280,830.47 Cash balance $4,887,666,100.16 New York Curb (By Abbott. Hoppin & Cos.) —March 27Close Close. Allied Mills 7% Gulf Oil of Pa 66Va Alum Cos of Am 66% Hiram Walker 41% Am Beverage 2%>Hud Bay Min . 11 Am Cyanide B 17% Humble Oil ... 42 Am & F P War 6%!lmp Oil Ltd ... 13% Am Gas & El 26 Int Petrol 22% Am Superpwr . 3% Lake Shore Min 49% Ass G & El . 1% Libby McN Lib 5 Atlas Corp 12% Lone Star Gas . 6% Can Ind Ale A 13% Massey Harris 5% Can Marc 2% Natl Bell Hess 3% Carrier Corp . 7% Newmont Min 46 Cities Serv 2% Nia Hud Pwr 6% Commonwth Ed 53% Novadel Agene 63% Con G of Balt 60% Pan Am Airwys 39% Cord Co.p 6% Park Davis 24 Creole Petrol . 11 iPenn Road 3 Crown Ck Int 7'2 St Reg Paper . 3% Deere & Cos 28 Sal Crk- Prod i 6' . Distill Lim .. 22% Sherwin Wms.. 61% Distill Corp .. 17% Std of Ind .. 25% Dow Chem ... 70% Std of Ky 15% El Bnd & Sh . . 16% Technicolor Ind 7% Fisk Rubber 16% Tech Hugh Gold 6% Ford of Can ‘A’ 22 Un Gas 2% Ford of Europe 7% Un P Lt A 3% Gen Aviation 6% Wright Har M. 9% Glen Aid Coal 17%1

Daily Price Index

By United Press NEW YORK. March 27.—Dun and Bradstreet’s daily weighted price index of thirty basic commoaities compiled for the United Press: (1930-1932 Average. 100) Today 107.37 Yesterday 107.98 Week ago 109.19 Month ago 108.13 Year ago 71.70 1934 high (March 12) 110.21 1934 low (Jan 3) 101.05 Copyright, 1934, by Dun & Bradstreet. Inc.

On Commission Row

—March 28 — Fruits Apples—New York Baldwins. fancy, $1.60; fancy Staymans $2.25; fancy Winesaps. $2.60. Oranges California Sunkist. $3.25@4: Fioridas. $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, $2.5003.25 a crate; mammoth bunch 75c; medium bunch, 45c; hearts, dozen bunch, $1.35. Onions—lndiana vellow 50-ib bag. $1.35: red, $1.35: Idaho. Spanish. $1.35. Potatoes—Northern round wmte. 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 —Indiana Jerseys per bushel. $2: Porto Ricans. $1.85. Asparagus—California se.ect. crate. $2.50@3. Beans—Round, stringless. $2.7503; new lima. $3. 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. $3 @3.50 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. car'.*n, $1.25: selected, cellophane wrapped $1.50: original Florida. 20-lb. lug. $2.50.

U. S. Government Bonds

By United Press NEW YORK. March 27. Closing i Liberties. iDecilnals Represent 32nd$.) LIBERTY 3‘is (32-471 102.31 i Ist 4%5. (32-47) 103.14 I 4th 4%s (33-38> 103.13 TREASURY 4Us-3>4S, (45) 101.30 4V.s. (47-52) 110.5 3%s (43-471 102.9 3 3 sS (41-43). March 102.13 3%s (40-43). June 102.14 3%s (41) 102.3 3 Vis i46-49) 100.16 3a (51-55) 99 9 CHICAGO FRUIT MARKET By United Press CHICAGO. March 28.—Fruits and vegetables: Apples—Michigan Baldwins. SI 50. Carrots—lllinois. 40ft ooc bushel. Spinach —Texas. 50ft75c bushel. Beans—Southern green. s2ft3; wax. $2.50ft3 25. Cucumbers —Central western hothouse. $2.25ft2.75 Tomatoes—Florida. SI 50ft 2.75. box. Sweet potatoes—Tennessee. Sl.6oft 1.65 bushel: Indiana. Sl.7oft 1.75. Rhubarb—Michigan hothouse. 25ft 40c. 5 lb. cartons. Turnips —Central western. 65c bushel. Mushrooms j —lllinois. 17%ft30c. lb cartons. Asparagus—California. $1ft2.50. doz bunches. Onion market. 50-lb. sacks—Western Valencias 85cft$1.30: central western yellows. 75ft_95c; western whites. $1.50(3:1.75 NEW YORK RAW SUGAR FUTURES —March 27 High. Low. Close. January 1.67 March 1.72 1.71 1.71 Mav 1.54 1.50 1.51 July 1.59 1.5)4 1.56 September 1.64 1.60 1 60 December 1.67 1.65 IM • /

.MARCH 28, 1984

Today and Tomorrow — I Price Fixing Higher Wages of NRA Are Counterbalanced by Cost of Living. I BY WAI TER LIPPMANN

NO more pert.nent thing has been said, none that strikes more deeply into the roots of our current difficulties, than Senator Borah's protest against "a policy of destruction, of restraint upon initiative. upon energy and upon production.” The notion that we

are devastated by o v e r p r o duction and that the road of prosperity is to produce less of everything has assumed the proportions of a mass delusion. We have the government reducting agricultural production. We have the NRA codes tolerating or approving all manner of schemes to produce less manu-

factured goods. We have the administration as a whole, the con- ' gross, and the American Federation | of Labor all possessed of the idea that the way to remedy unemploy- | ment is to keep reducing hours of I work. This is the economy of b*d- | lam. uaa ; 'T'HE delusion got its start in real case of over-production. It seems to be reasonaby clear that, taking the world as a whole, too much wheat was being produced in the United States. That is to say, the world's demand for wheat could be supplied more cheaply by farmers in other countries working newer and cheaper land, and there was, therefore, i substantial argument for assistii.g the wheat farmers to cut down their production and convert their lands to other ! uses. Yet it has taken hold of the popular mind and of officialdom. There is a general popular sentiment that unless production is cut down we shall have ever-increasing unemployment and ever-diminish-ing profits. With this opinion prevailing everybody comes to think that the way to increase his own “purchasing power” is to produce less so that he may have less to sell so that he may sell at a higher price. By this path we have got to cur present policy where the agricultural adjustment administration is trying to raise the prices of things the farmer sells, the national recovery administration is raising the prices of the things the manufacturer sells. Group of farmers, manufacturers, workers has become imbued with the idea that if they can charge more for their product they will have more purchasing power. It might work if they were the only fellows practicing this policy. But if everybody r'-actices it at once the result is a tendency to cancel out everybody's gains. a tt tt WHAT the farmers have gained by the agricultural adjustment administration they have in considerable degree lost in the higher prices of NRA. The higher wages of NRA are counterbalanced by the higher cost of living produced by the agricultural administration and NRA. The increased employment brought about by the cedes is counterbalanced by deceased employment due to the decreased demand of consumers faced with higher prices. Were it not for the fact that the monetary policy has kept a jump ahead cf NRA and agricultural ad- ! justment administration by giving j agriculture and industry some quick profits over fixed costs, we should not be having as much recovery as we are having. And it is a reasonably safe prophecy that if the 1 artificial and monopolistic price I policies are not abandoned we shall come into another stalmate, like that of September and October, which will be overcome only by another dose of monetary inflation. a a a BETWEEN the monetary policy of the administration on the one hand and its price and labor policies under NRA, and in some measure agricultural adjustment administration, on the other hand, there is a destructive contradiction. The monetary* policy, under which I include both the revaluation of the dollar and the inflationary expenditures, really tends to produce recovery. How little that would have been we can see by looking at France, Holland, Switzerland, where such a policy has not been adopted. That we owe the bulk of our recovery to it can be seen by the fact that we have had just about the same amount of recovery as the countries of the sterling bloc which have revalued their currencies but have had no general policy such as NRA. The price-fixing policies of NRA and agricultural adjustment administration on the other hand work contrary to the monetary policy. They raise costs ahead of profits, thus discouraging enterprise; they raise prices without increasing production—in fact, by decreasing it—so that the real net income of the community tends to fall. a a a rT becomes more difficult to sell, and therefore more difficult to produce and therefore more difficult to revive business and employment. The monetary policy strikes at the root of the depression and is bringing about the cure. The price policies of NRA and agriclultural adjustment administration are in essence an attempt to give every one the position of a monopolist who can charge all that the traffic can bear. But in so far as every one becomes a monopolist, the effect is to cause goods to be exchanged very slowly. This may produce high prices. But high prices without increased production are of no benefit to anybody. The railroads tried this policy all through the depression. They kept up their rates and made it as hard as possible for people to use their services. They had wonderfully high prices, together with brilliant pros pects of bankruptcy. Yet this is precisely the policy that the NRA and A. F. of L. and agricultural adjustment administration are encouraging, tolerating, and even imposing upon almost all branches of production. Copyright, 1934

Lippmann