Indianapolis Times, Volume 45, Number 276, Indianapolis, Marion County, 29 March 1934 — Page 22

Wall Street Importance of Section 7A National Recovery Act, Highly Underrated. BY RALPH HENDERSIIOT Tlmn Special Financial Writer

SECTION 7 <ai of the national recovery act guarantees to workers the right to organize and to bargain collectively with representatives of their own choosing and without interference on the part of employers. Relatively few people realized the importance of that provision when it was written into

the act. but the threatened strikes in some of the major industries of late to have tended to bring it more to public attention. It is a fair guess, however, that the potential effect of the section still is very much underrated. It is estimated that the section affects bet ween 15,000.000 and 20.000,000 work-

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Ralph Hendershot

ers. It is possible that in time all cf these people may become organized under the one banner or at least under unions highly sympathetic to one another. The influence of such a group in this country would be tremendous, and those at the top would exert more power than the head of any political party. That workers should have the right to organize is generally conceded, and most people are happy that this right has been sanctioned officially by the government. But there are those who are afraid the results may not meet with general expectations—that those who succeed in having themselvees selected to head the various unions may not be truly representative of American workmen. a a a Better Orators Than Workmen IT is rather well known that there are certain types of labor agitators who are neither good workmen nor good citizens. They are, however, good orators and good organizers. On the other hand, there are a great many workers who know relatively little about labor unions but who probably would be susceptible to the promises of professional agitators. The danger ot making serious mistakes in selecting their leaders, consequently would seem to be quite real. Your corespondent was about to compare the present situation in some respects to that which prevailed after the slaves were freed but on second thought he decided that would be too far fetched. Corporations probably can be counted upon to act as a balance wheel, as they apparently have in the case of the automobile difficulties. The government probably also will exert some form of control over the unionization efforts which are anticipated. But irrespective of this the situation is an acute one, and it would be indeed surprising if a great many strikes are not called in the next few months. B B B Inflation Prospects ALTHOUGH everything appears relatively quiet in Washington these days as far as the monetary situation is concerned, Wall Street is convinced that we have not yet seen the end of inflation. The next few months, it is contended, are likely to see all sorts of proposals made, and the government, it is held, probably will not be able to avoid dangerous compromises. Everything is fine, it is argued, as long as expenditures of borrowed money are being made, but when ways and means are sought with which to make repayment the shoe is likely to be on the other foot The idea of greenbacks is then likely to take on added appeal.

On Commission Row

—March 29 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. S3 25 Strawberries—Florida, pint. 16ffl7c: 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. $2.50®3 25 a crate; mammoth bunch 75c: medium bunch. 45c: hearts, dozen bunch. $135. Onions —Indiana yellow 50-lb bag. $1.35: red $1 35: Idaho Spanish. $1 35. Potatoes—Northern round white. 100-lb. bag S2; Red River Ohios $2 20: Maine Green Mountain. $2.50; Colorado McClures. $2 25: Idaho Russets $2 25: Wyoming Triumphs. 50-lb. bag. $125: New Florida Triumphs $2 15, Sweet Potatoes—lndiana Jersevs per bushel. $2: Porto Ricans. $lB5. Asparagus—-California select. crate. $2 50© 3 Beans —Round, stringless. $2.75©3; new lima. S3 Beets—New Texas 3 dozen crate $1.75: bulk per bushel $l5O. 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. 5353.50 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. carton, $1 25: selected cellophane wrapped $1.50: original Florida. 20-!b lug. $2.50.

Retail Coal Prices

The following prices represent quotations trom leading Indianapolis coal dealers A cash discount of 25 cents per ton Is allowed DOMESTIC RETAIL PRICES Anthracite 14 25 Coke, nut size 8.25 Coke, egg size 8.'5 Indiana, forkeid lump 5 50 Indiana, egg ... 5 00 Indiana, mine run 4 75 Kentucky lump 7.00 Pocahontas lump 8 25 Pocahontas egg 825 Pocahontas forked lump 925 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 bin. COUNTY POST IS FILLED Jacob Neidenthal Appointed to Carpenter's vacancy. Jacob Neidenthal, Bluff read, yesterday was named county carpenter to succeed Louis Smith, deceased. The appointment was made bv the Marion county commissioners and will remain in effect until Dec. 31. Mr. Neidenthal has been active in Democratic politics in Perry township for many years, according to Commissioner Dow W. Vorhles. who recommended him for the post.

METAL SHARES LEAD ADVANCE IN ACTIVE TRADE

SWINE VALUES MOVE 5 TO 15 CENTS LOWER Cattle Market Slow and Unchanged: Veals Even at $7 Down. Porker prices turned 5 cents lower in early trading at the Union Stockyards this morning. Underweights diopped H* to 15 cents under yesterday's average. Initial trade developed slowly and demand continued weak. General bulk of all weights sold at $4.20 to $4.45. Few better grade porkers were salable up to $4.50. Small weights from 130 to 160 pounds, brought $3.25 to $3.80, while light slaughter pigs scaling 100 to 130 pounds, were selling at $2 to $3. Receipts were estimated at 7,000; ! holdovers, 617. Steer trading was slow in the cattle market, with lower grades unchanged. Only little was done on good choice kinds. Seme classes held above $7. She stock remained steady. Receipts numbered 900. Vealers continued stationary, selling at $7 down. Receipts were 700. Steady trading range featured the lamb market, with few wooled grades salable at $9.25. Clippers ranged from $7.85 to SB. No spring lambs were available. Receipts were 700. Asking on hogs at Chicago was strong with the previous average, while few early bids were weak at $4.45 down. Receipts were estimated at 21.000, including 10,000 directs; holdovers, 3,000. Cattle receipts numbered 6,000; calves. 2,800. market steady to strong. Sheep receipts were 11.000; market unchanged. HOGS March. Bulk. Top. Receipts. 23. $4.34'a, 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 SO 4.70 3.500 28. 4 25® 4.50 4.55 7.000 29. 4 25® 4.50 4.50 7,000 Market, lower (140-160) Good and choice $ 3.50® 3.80 —Light Weights—--1160-1801 Good and choice 4.20® 4.30 (180-200) Good and choice 4.40 —Medium Weights—-(2oo-2201 Good and choice . 4.40 1220-250) Good and choice . 4.40® 4.50 —Heavy Weights—--1250-2901 Good and choice ... 4.40® 4.50 (290-350) Good and choice . 4.20® 4.45 —Packing Sows—(3so down i Good 3 50® 3.75 (250 upi Good 3.25® 3.50 (All weights) Medium . 3.00® 3.50 —Slaughter Pigs—--1100-130) Good and choice .. 2.00® 3.00 CATTLE Receipts, 000; market, steady. (1.050-1.100) Good and choice $ 6.25® 7.25 Common and medium 4.25® 6.25 (1.100-1,5001-Good and choice 6.00® 7.50 Common and medium 4.50® 6.00 (675-750) Good and choice 5.25® 6.50 Common and medium 3.00® 5.25 (750-9001 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 steersl 2.75® 3.50 Cutter, common and medium . 1.50® 2.75 VEALERS Receipts. 700; market, steady. Good and choice $ 6.00® 7.00 Medium 4.00® 6.00 Cull and common 2.00® 4.00 Good and choice 7.00® 7.50 Common and medium 2.00® 3.50 —Feeder and Stocker Cattle—-(soo-900) Good and choice 4.00® 5.25 Common and medium .. .. 2.75® 4.00 (800-1.5001-Good and choice 4.00® 5.25 Common and medium 2.75® 4.00 SHEEP AND LAMBS Receipts, 700; market steady. 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 Bv United Press LAFAYETTE. March 29.—Hog market 5 to 15 cents lower; 200-325 lbs. $4.15©4.30; 170-200 lbs., $4.10'?; 4.20: 150-170 lbs.. 53.50 ©3 90; 130-150 lbs.. 53®3.25; 120-130 lbs.. $2.50® 2.75: 100-120 lbs.. 51.75W2.25; roughs, $3.50 down; top calves. $6; top lambs. SB. EAST ST LOUIS. II!., March 29.—Hogs —Receipts. 7,000; market, fairly active; around 5 cetns higher than yesterday's average; 5 to 10 cents below best time; pigs and light lights, steady to 15 cents higher; bulk. 180-270 lbs.. $4.35® 4.40; top. 54.40: 150-170 lbs.. $3.90® 4.25; 130-140 lbs.. s3© 3.50: 100-120 lbs. $2.50®,2.90; light pigs down to $2.25 or under;: sows. $3.35® 3.60. Cattle—Receipts. 7,800; calves. 1,000; market opened slow on steers with a few small lots about steady at 54.75@5; mixed yearlings and heifers steady; cows steady t< strong; bulls unchanged; vealers. 25 cents higher. top. $6 75; mixed yearlings and heifers. $4.50®5.50; cows. $3©3.7a; low cutters. $1.25® 1.75; top sausage bulls. $3.40; nominal rage 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. 53.75 d0.75: 1.100-1 500 lbs .choice, s6© 7; good. $5.25 ©6.50; medium. $4.75® 5.75. Sheep—Receipts. 1.800; market not vet established; generally asking strong to 25 cents higher: packers talking steady: few choice spring iambs to butchers. sll and 12.50: lambs. 90 lbs. down, good and choice. 58.75©9.25; common and medium. $6©8.75: 90-98 lbs., good and choice. $8.25® 9.15: yearling weathers. 90-110 lbs . good and choice, 56.75#8 25: ewes. 90-100 lbs., good and choice. S3 75©5.50; all weights, common and medium $2.75®4.25. FT WAYNE. March 29.—Hogs, steady to 10 cents lower: 250-300 lbs., $4.45; 200250 lbs.. 54.35: 180-200 lbs., $4.20: 160180 lbs.. 54.10, 300-350 lbs.. $4.10: 150160 lbs. $3.60. 140-150 lbs.. $3.35. 130-140 lbs.. $3.10; 120-130 lbs . $2.60; 100-120 lbs.. $2.10: roughs. $3.25: stags. $2. Calves. $7: lambs. $8 50 a 8.75. PITTSBURGH. March 29.—Hogs Receipts. 1.800; holdovers. 300; slow; early sales, mostly 15 cents lower: bulk 160-210 lbs.. $4.85; one small lot. $4.90; 210-250 lbs., $4.75® 4 85: 250-300 lbs. quotable $4.65® 4.75; 150 lbs., averages, around S4: 120-140 lbs.. $3.50® 3.75; 90-120 lbs , s3® 3.25; sows. S3 75 down. Cattle—Receipts. 10; nominal. Calves—Receipts. 160: steady; choice vealers. $8: medium. s6®7. Sheep—Receipts, 1.800: shorn lambs, steady: better grade, 57.25®7.50; medium. s6® 7; good and choice wol lambs. $9 25® 9 50: spring lambs. slo® 13: good and choice shorn wethers. $4.30©5. CLEVELAND. March 29.—Cattle Receipts. 150; market active with stronger undertone; steers. 750® 1.100 lbs.. $6.50® I7: 650-90 lbs.. $5.50® 650 ; 900-1,200 lbs.. | $5.25©6.25; heifers. 600-850 lbs.. $4 50© 5 50; good cows, all weights. $2 75® 3.50. j Calves—Receipts. 300: market active and steady: prime veals. s7® 7.50: choice veals. s6® 7; medium. ss® 6. Sheep and Lambs—- , Receipts. 2.200; market steady; good to : choice wool lambs. 59®9.50; medium to i good. sß® 9: choice clipped Limbs. $7®'7.50: medium to good. s6®7;* prime wether i sheep. $5216; choice ewes. s4© 5: medium :to good. s3®4 Hogs—Receipts. 1.000: mar- , ke! closes 10 cents lower in moderate trade: 250-300 lbs., $4.25© 4.50: 220-250 lbs.. $4 65® 4 7j; ISO-220 lbs. $4.65: 150-180 lbs. $4 65; nigs. 100-140 lbs.. $3; roughs. $2.75; stags. $1.75. By Time* Special LOUISVILLE. March 29—Cattle—Receipts. 200, including 41 direct; market, generally steady, bulk, comfnon to medium steers and heifers. s4© 5; better finished kinds quotable $5 25 J 5.75 or better: bulk beef cows. $2.50®3 25: good kinds to $3.50 and above for smooth heifer tvpes; most low cutters and cutters. $1.25® 2.25: bulk sausage bulls. $3 50 down; stockers and feeders slow and unchanged: common to medium grade natives mostly $2 75® 3.75: desirable Hereford stockers considered eligible around f*s. Calves—Receipts. 300: fuuy steady to strong: bulk better vealers. ss© 6 latter price strictly choice har.dvweights: medium and lower grades. $4 50 down. Hogs—Receipts. 900: market | unevenly. 5 to 30 cents lower: most loss on weights from 165 lbs. down: 170-240 lbs. $4 45: 245-270 lbs.. $4.20: 275 lbs. up. $3,85; 145-165 lbs., $3.60: 120-140 lbs.. *2 25: sows. $2 60. Sheep—Receipts. 75: spring iambs practically absent: old crop lambs, mostly 50c lower: medium to good kinds. $7 ©S. choice quotable to $8 50. common light throwouts. $5: fat ewes. $2 SOS3. Odd Fellows to Initiate Two Harris lodge. Independent Order of Odd Fellows, will confer tl initiatory degree on two candidate”* at 8 Monday night at Addison and West Washington streets. The first degree will be conferred at the same time April 9. All Odd Fellows have been invited to attend.

Today and Tomorrow

Picture of Mass Production by Machinery Is Outlined Before House. BY WALTER LIPPMANN

THE other day in the house of representatives a congressman was explaining why he favored the Bankhead bill, which would make it a criminal offense to produce more than the allotted amount of cotton. He had returned recently, he said, to a farm in central Kansas where he worked as a boy. and there he saw three using machinery to harvest a crop that once would have required thirty men. This is the picture of mass production by machinery in wheat. The harvest hand is gone. The cotton picker is going. Cows are milked by machinery. Printing is a dying trade. Telephones are self-operative.

Accounts are kept by machinery. The machinery is self-created. It digs its own materials out of the ground, transports them to the manufacturing plaint, manufactures itself and operates itself. Every day in even- way, on the farm, in the factory, in the mine, the need for human labor becomes less and less.” The congressman has stated a view which is widely held at the present time. It is at the root of the multitudinous efforts being made to limit production and create an artificial scarcity in the midst of what is felt to be an overwhelming abundance. Is there anything wrong with the congressman’s statement and, if so, what is it? It is not difficult, I think, to show that there is something fundamentally wrong with it. If laborsaving machinery produces unemployment and the amount of Labor-saving machinery. Now, a few years ago, Mr. T. T. Read made what is supposed to be the

best available estimate of the world’s output of work based upon the amount of mechanical and human energy used in different countries. The calculation was made in 1926. At that time the United States had a work output per capita which was one and a half times that of Great Britain, two and a half times that of Germany, nearly forty times that

of China, India and Russia. But at the same time, in 1926, the United States was prosperous. B B B IN England and Germany there was serious unemployment and in Russia, China and India a desperately low standard of life. If the theory that labor-saving machinery is the cause of unemployment were correct, we should have had in 1926 nearly three times the amount of unemployment there was in Germany. In fact, we had much less. What is more, if the theory were correct, we should have had everincreasing unemployment for the last hundred years. For there has been a prodigious increase in laborsaving machinery. But the fact is that, except temporarily during depressions, we have employed more and more people at higher real wages throughout that period. The explanation is not difficult to find. Take the congressman’s wheat farm, where three men do the work that thirty did when he was a boy. By dint of a little research in the congressional directory I find that the congressman did his farming from 1884 to 1894. In 1894 the country produced 634.000.000 bushels of wheat and in 1928 it produced 813,000,000 bushels, an increase of about 30 per cent in a period when the population increased about 70 per cent. So, in 1894, the country was producing about nine bushels per capita and in 1929 a little less than seven. Wheat production was actually declining. But with the aid of labor-saving machinery the individual farmer was producing more wheat. B B B That machinery had to be made out of something. In that same period the production of pig iron multiplied seven times. To maka that machinery requires fuel. In that period the production of coal multiplied three and a half times. The machinery requires fuel to operate it. In that period the production of petroleum multiplied forty times. -That Is the answer to the congressman’s argument. The three men on the farm who use machinery were not the only ones working to harvest that crop. Behind them, but out of sight, were the miners who dug the ore and the coal, the men who made the steel and manufactured the machines, the men who produce the fuel to run them, who transported and serviced them. It may not any longer take thirty men to do the work of three men, but it takes more than the three. When the congressman exclaimed that ‘‘the machine is self-created” he showed what his illusion is. The machine is not self-created. A tractor which displaces twentyseven men on a Kansas farm does not displace twenty-seven men in the United States. It takes many of those twentyseven men to produce the tractor and keep it running. A few are displaced, presumably on the average about one man in fifty per year, since total production tends to increase about 2’a per cent a year. That labor power can either be directed to increased leisure or used to produce more wealth. B B B FOR the country as a whole and in the long run the problem of technological unemployment, socalled. can not be of a much greater order of magnitude than this. The idea that labor-saving machinery makes a nation poorer is

Market Average m m a 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 >C*RUAHy * MARCH ,8 H 11 19 f IS 19 36 $ II 17 It , C | i I I lil 4 e— j. ■. I--- > > 7 0.• 1— 1 . U. f — Ito % ■ II 1 "!'! ■ J ■ ' 1 i f ll ' 1 1 •: 6Q r . ! ! : ■ ■- : ■—l 00 ’ : i 1 : l z. :: !; ! 1 : T 5$ : • £ a.”'-"! Ii | 1 * “I;1; : -1 7 • i, j ! 1 j ' i j, 2. _ , V : \f j yAf j ... 5 ” 600 / ' VO® OOuiLCO ~ y ¥ \j o M /ATUROAY/ I I ' 4 s 5 ,0 ° —A —! i 1 ■- ' O = , _ + 4I !, I ! . . : ■ . 1 oo _l_-.-_.__l.. 4 _4J 1 !__— ; * 1 p STO ° uiiiij. ' I iiiii iiiTiiniii iiifiti ~~ 1

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

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Lippmann

a most curious but persistent illusion. In • the unsettled parts of Africa, according to Mr. H. Foster Bain, a man carries on his back about sixty pounds of food and eats two pounds a day. That means that he can go forward fifteen days and have enough food to get back alive. Now you can say, if you like, that this means work for everybody. But it really means poverty and the risk of starvation for everybody. In 1902, a man went deep into Afirca to study the copper deposits of the Belgian Congo. It required 5.000 men on his line of supply to take care of him, and even then he had to hurry to avoid a food shortage. That is* what the lack of labor-saving machinery means. The mere task of carrying enough food for him and for the men who were carrying the food required a small army. That is one way to make employment. But it is not the way to raise the standard of life, and yet that is precisely what will be accomplished if those who are haunted by the specter of overproduction are allowed to translate their delusion into public policy. (Copyright, 1934)

Chicago Stocks Bv Abbott Hoonir & Cos.

—March 29 , , High Low 11:30 Associated Apparel .... 314 Benaix Aviation 18% 18% 18% Borg-Warner 25 24% 25 Butler Bros 9% 93/, g 3 /. Cent <fc So West . .. j Chicago Corp Com 2% 2% 2% Chicago Corp pfd .. 26 Cities Service 2% 2% 2% Commonwealth Edison. . .. 5514 Cord Corp 6% 6% 6% Crane Cos 8% 8% 8% Gen Household Ut 12% 12% 12% Libby-McNeil 5% Material Service 24'% 24 24% Swift & Cos 16 Swift International 28 • Vortex Cup Cos 10% Zenith Radio 314

Bright Spots

(By Abbott, Hoppin & Cos.) Boston & Maine Railroad Company February, deficit totaled $422,936. against $156,145 in February, 1933. Pennsylvania Railroad Company February net operating income totaled 84,098,442, against $2,619,641 in February, 1933. Carloadings of the company for own lines and connections in the week ended March 24 totaled 91,194 cars, against 96,565 in the previous week and 70,039 in the like 1933 week. Hershey Chocolate Company declared the regular quarterly dividend "of 75 cents a share on the common stock. American Light and Traction Company declares a dividend of 40 cents a share on each share of the common stock. Safeway Stores and subsidiaries in 1933 earned $4.11 a common share, against $4.22 a share in 1932. Ohio Edison Company in twelve months ended Feb. 28 had a net income of 83,537,941 after taxes and other charges, against 84,026.595 in the previous twelve months. New York Central Railroad car loadings in the week ended March 24. for own line and connections, totaled 107,360 cars, against 72,883 cars in the like 1933 week. Production of electricity bv the electric light and power industry of the United States for the week endd March 24 totaled 1,658.389,000 kilowatt hours, against 1,409,655.000 kilowatt hours in the like 1933 week. Monsanto Chemical Company stockholders have approved the proposal to increase the authorized capital stock to 1,250,000 shares from 500,000 shares, to capitalize 84.323,000 on paid in surplus and to distribute the additional capital stock share for share. The 100 per cent stock dividend will be distributed on April 30 to stockholders of record April 20.

Inti. Harvester Johns-ManviDe Nat Biscuit Pub Sot N J Sears Roebuck Stand, of N J. Un. Aircraft U. S. Steel Union Pacific Westinghouse

DOME MINES AT NEW 1934 HIGH; OTHERSJLIMB Senate Action in Overriding Veto on Pensions Is Strong Factor.

Average Stock Prices

Average of thirty industrials for Wednesday: high 99.84. low 98.60. close 99.02. up .26. Average of twenty rails: 47.50. 46 41, 46.90. up 28. Average of twenty utilities: 26.02. 25.65. 25.79. up .05. By United Pres* NEW YORK, March 29.—Trading picked up slightly at the opening on the Stock Exchange today and prices firmed fractionally on inflation aspects of the senate’s action in overriding the veto on che veterans’ pensions. Metal shares were prominent on the upside in active turnover. ’ International Nickel opened 5,000 shares at 27"5, up %, and equal to its 1934 high. United States Smelting, selling ex-dividend, was up 19i at 119 and American Smelting up IVi at 43. Silver List Strong Dome Mines made anew high for the year at 39%, up %. Noranda was unchanged at 39%. Mclntyre Porcupine rose to 48%, up %, and Alaska Juneau 20%, up %. Meanwhile silver was strong and active on the commodity exchange, and prices advanced after opening 37 to 56 points above the previous close. United States Steel opened at 50%, up %; American Can 95%, off %; United Aircraft 23%, off %; Chrysler 51%, up %; Bethlehem Steel, 40. up %; Sears Roebuck 47,1 up %; Montgomery Ward 31%, up %; National Distillers, 28, up %; j American Commercial Alcohol. 49%, j up 1; Consolidated Gas 38%, up %,! and New York Central 35, up %. In the early trading the main list I was dull. Metals continued active. Mclntyre Porcupine made anew high for the year, while United States Smelting added a point to its initial gain. Cotton Futures Gain Leading issues held around opening levels. Texas Land Trust was active in the oils after opening 4,000 shares at 9%, up %. Western Pacific rose 1% to 17%, extending its gain for the last two days to more than 3 points. Commodities generally were higher with silver. Cotton extended initial gains to 4 to 8 points. Sugar rose 1 to 2 points. Rubber futures were up 12 points. Bonds were mixed and quiet. The dollar was down in terms of sterling and steady otherwise.

Bank Clearings

INDIANAPOLIS STATEMENT —March 29 Clearings $1,506,000.00 Debits 3,323,000.00 TREASURY STATEMENT By United Press WASHINGTON, March 29.—Government expenses and receipts 0" the current fiscal year to March 27, compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $4,772,811,675.41 $3,732,082.112 59 Receipts $2,294,874,858.58 $1,505,763,403.11 Deficit . $2,477,936,816.83 $2,226,318,709.48 Cash Bal. $4,863,463,697.66 New York Curb (By Abbott, Hoppin & Cos.) —March 28 — Close! Close Allied Mills .. 7%|Hiram Walker... 42% Am Cyanide B 17% Hud Bay Min... 11% A & For P War 6% Humble Oil 43 Am Gas & El . 25%11mp iOl Ltd... 13% Am Superpower 3% Int Petrol 22% Asso Gas & El 1% I Lake Shore Min 41 Atlas Corp 12% Natl Bellas Hess 3% Can Indu A1 A 13% Newmont Min.. 48% Can Marc 2% Nia Hud Pwr.. 62 Cities Serv .. . 2(©Novadel Agene • 62% Com nwealth E 54 IPan-Am Airways 39(4 Consol Gos Bal 61 Park Davis ... 24 Cord Corp . 6% Penn Road .... 3 Creole Petrol .. 11% 5t Regis Paper . 3% Crn Cork Inti . 7%j3al Crk Products 6(4 Deere &Cos . 28(4 Sherwin Wms . 61% Distillers Lim . 22% Std of Ind 26% Distillers Corp. 18 Std of Kv 15% El Bond &Sh . 17(/B Technicolor Ind 8 Fisk Rubber . 16%!Teck Hughes G 7% Ford of Can (A) 22% Un Gas 2% Ford of Europe 2% Un Pwr & Lt A 3% •jlen Alden Coal 17V* Wri Harg Min.. 9% Gulf Oil of Pa 64 I

Daily Price Index

By United Press NEW YORK March 28.—Dun & Bradstreet’s daily weighted price index of thirty basic commodities compiled for the United Press: (1930-1932 Average. 100) Today loq.ig Yesterday 107 37 Week ago 108 75 Month ago 108 60 Year ago 71.70 1934 High (March 12) 110 24 1934 Low (Jan. 3) 101 05 Copyright. 1934. by Dun & Bradstreet. Inc

Investment Trust Shares

(By Abbott. Hoppin & Cos.) —March 28— Bid. Ask. American Bank Stock Corp.. 1.12 1.16 American & General Sec A... 5.00 7.00 American & Inv Tr Sh 1.50 Basic Industry Shares 3.35 3.50 British Type Inv Tr Sh 50 .60 Collateral Trustee Shares A . 4.65 4.75 Corporate Trust Shares (old). 2.10 2.15 Corporate Trust Shares inew) 2.35 2.40 Cumulative Trust Shares .... 4.05 4.15 Diversified Trust Shares A 6.25 Diversified Trust Shares B ... 7.75 8.00 Diversified Trust Shares C ... 3.15 3.20 Diversified Trust Shares D.. 4.84 4.90 First Insurance Stock Corp . 1.27 1.30 First Common Stock Corp 84 .87 Fixed Trust Oil Shares A 8.50 8.75 Fixed Trust Oil Shares B 7.25 7.75 Incorporators Investments'... 18.00 18.37 Land Bank Bond Shares 1.10 1.22 Low Priced Trust Shares 6.10 6.30 Mass Ir.v Trust Shares 18.54 20.15 Nation-Wide Securities 3.40 3.46 North Am Trust Shares (53).. 1.80 1.95 North Am Trust Sh <55-56' . 2.38 2.42 North Am Trust Shares 158). 2.45 2.50 Selected American Shares . 1.22 1.27 Selected American Shares Inc 2.70 Selected Cumulative Shares . 7.00 ... Seelcted Income Shares 3.50 3.80 Std American Trust Shares A 2.95 3.00 Trust Shares of America ... 2.80 2 85 Trustee Std Oil A 5.45 5.55 Trustee Std Oil B 5.00 5 00 U S Electric Lt & Pwr A 12.25 12.75 Universal Trust Shares 3.01 3.12

U. S. Government Bonds

By Visited Press NEW YORK. March 28. Closing Liberties. (Decimals represent thirty-seconds) LIBERTY 3'js (32-47) 103. Firsts 4‘ 4 s (32-47( 103.13 Fourth 4 1 4 s (33-38* 103.11 TREASURY 4*<S —3’is (45) 101.26 4>S (47-521 110 2 3%s *43-47) 102.7 3%s (41-43i March 102 6 3%s *4O-431 June 102.14 3%S *4l) 102 30 3'aS (46-49) 100 15 3s (51-55) 99 2 NEW YORK RAW SUGAR FUTURES —March* 28— 1 High Low Close January 1 67 1.65 1.67 March 1.70 1.68 1.70 Mav 1.51 1.46 151 July 1.57 1.52 1.57 September 1.61 1.57 1.60 December 1.66 1.64 1.66

New York Stocks ~ 'Bv Abbott. Hoppln & Co.I ——

—March 29 Prev. High Low 10:30 Close Amerada • 47% All Rfg 29% 29% 29% 29% Barnsdall • 7% 8 Consoi Oil 12% 11% 12% 11% Cont of el 19 19% Houston i new) 4% Houston t01d)... 24 23% 24 23% Mid Cont ePt .. . . 12% Ohio Oil 13 12% 12% 12% Pet Corp 12 12% Phillips Pet 18% 18 Plymouth Oil 14% 14% Pure Oil 12% Sbd Oil 32% Shell Un 9% 9% Seiley Oil • • 10 Soc Vac ".. .16 15% 16 16 S O of Cal 36% 36% S O of N J . 44% 44% Texas Corp • . 25% 25% 25% 25% Tidewater Assn 11 10% Un Oil of Cal . - 16% 16% 16% 16% Stee%— Am Roil Mills . 23% 23 23 22% Beth Steel .... 40 39% 40 39% Byers A M k .. ... ... 25% Col Fuel & Iron ... 6 Cruc Steel 29% McKeesport Tin 84 Mid Steel 11% Natl Steel 46% Otis Steel 6% Rep Iron & Steel .. ... 20% 20% Rep Iron-Stl pfd .. ... 55% 54% U S Pipe & Fdy . • 26 U S Steel 50% 50Vs 50Ve 49% U S Steel pfd 89 Warren Bros 10% 10 Yo-ungstn S&T 26 26 Motors— Auburn ... 51% Chrysler 51% 51% 51% 51% Gen Motors 37% 37% 37% 36% Gen Motors pfd .. ... •• • 98% Graham Mot . . ■ 3% Hudson 20% 20 20 20% Hupp ... 5% 5% Macs Truck 31% Nash •• 25% Packard ... 5% 5% Reo ... .. 4% Studebaker 7% 7% Yellow Truck ... ... 5% ... Motor Access— Bendix 18% 18% 18% 18% Bohn Alum 58 Borg Warner ... 25 24% Briggs 15 14% Buad Wheel 3% Eaton Mfg 19 Elee Auto Lite... 27% 27% Houdaiile A 5% Mullins Mfg pfd 29 Murray Body 9% Stew Warner .. 8% 8% 8% 8% Timken Roll 34% Timken Det Axel .. ... 6% 6% Mining— Alaska Jun 21% 20% 21% 20% Am Metals . . 22% Am Smelt 43% 43 43% 41% Anaconda 14% 14% 14% 14% Cal & Hecla . . 4% Cerro De Pasco 34% 33% 34% 32% Dome Mines 40% 39% 40% 39% Granby 10% Gt Nor Ore 13% Homestake Min ... 388 380% Howe Sound ... 48% 47% 48% 46% Ins Copper . . 5 Int Nickel 28 27% 28 27% Isl Creek Coal .. . 25% Kennecott Cop • 18% 18% 18% 18% Mclntyre Mine .49 48% 48% 47% Noranda Cop ... 39% 39% 39% 39% Park Utah 5% 5% 5% 4% Phelps Dodge • • 15% 15 15% 15% St Joe Lead ... 21% U S Smeiters .120% 119 120% 118% Vanadium ... 25% 25% 25% 25% Amusements— Crosley Radio .... ... ... 13% Fox Thea .. 14% Loews Inc 31% 31% 31% 31% Radio Corp ... 7% 7% RKO 3 Warner Bros 6% 6% Tobaccos— Am Tobacco "A" 66% Am Tobacco “B” 68% 67% Ligg & Myers B 89 Lorillard 16% Reynolds Tob ‘B’ 40 Rai.s— Atchison 65 Atl Coast Lines. .. ... ... 44 B&O 28% Can Pac 16% 16% Ch & Ohio 44% 43 7 /b 44% 43% Chi & Gt W 4% Chi & Gt w pfd 11 C M & St P 6% 6% CM& St P pfd 10% 10% Chi N W 12% Dela & Hud 61% Del Lac & W 26% Erie 20% Erie pfd 24% Grt North'n pfd .. ... 27% 26% lil Central 30% K C Sou 15 Lehigh Valey 19% 18 Lou & Nash ... ... 54% M K & T 11% M K & T pfd 25 V* Mo Pac ... . • 5 Mo Pac pfd .... 8% 7% N Y Cent 35% 35 35% 34% N Y Chi & St L 21 NY C & St L pfd 30 30 N Y New Haven 18% N Y Ont & West 10% Norfolk & Wes 174 Nor Pac 31 Penn R R 33% 33% 33% 33 Reading 51 Sou Pac 26% 26% 26% 26 Sou R R 30% Sou R R pfd 35 35 Union Pac 125 124% Wabash • 4 West Maryland 15 15 Equipments— Allis Chalmers 18% 18% Am Brake Shoe- 31% Am Car & Fdy 27% Am Car Fdy pfd 16 Am Loco .. ... 31% ... Am Mach & Fdy . 16 Am Steel Fdy .. 20 19% 20 19% Bald Loco 13% Bald Loco pfd 49 Burroughs ... 15% 15 Case J I 63%

Produce ’Markets

Delivered In Indianapolis Prfces—Hens, lie, Leghorn hens. Bc. Leghorn spring-er-stags, 6c; large springer-stags. 9c; cocks. 4p: Leghorn cocks, 4c; ducks, full feathered and fat. 4% lbs. and over 7c. geese. 6c: voung guineas. 1% to 3 lbs., 30c; old guineas. 20c. No. 1 strictly fresh country run eggs, loss off 13c each full case must weigh 55 lbs gross; a deduction of 10c a pound for each pound urder 55 ibs. will be made. Butter—No. 1. 25® 26c, No. 2. 23®24c; butterfat, 21c.— Quoted by Wadley. BY UNITED PRESS CHICAGO, March 29 Eggs—Market, steady; receipts, 28,605 cases; extra firsts, 17c: fresh graded firsts. 16%c; current receipts, 15%c: dirties. 14%c; checks, 14c. Butter—Market, steady: receipts. 8.975 tubs; extra firsts, 90-91% score. 22%® 22%c; firsts. 88-89% score. 21%©22c; seconds, 86-87.% score. 20%c; extras. 92 score. 23c: specials. 23 , '824c: standards, 22%c. Poultry—Market, steady; receipts, 47 trucks. 1 car, 1 car due; hens. 13%© 17c: Leghorns, lie; ducks, 18c: old roosters. 9%c; springs. 19c; broilers, 27c; geese. 12c; turkeys. young. 18® 20c. Cheese—Twins, 13(4© 13%c; longhorns. 13%®14c: daisies. 13%®14c. Potatoes—'Old stock): supply liberal; demand and trading moderate: market barelv steady; North Dakota and Minnesota Red River Ohios, $1.50© 1.60; Idaho russets. $1.75® 1.82%: Colorado McClures, $1.70(31.80; inew stock:, supply moderate; demand and trading slow: market barely steady; sales to jobbers. Texas, 501 b. sacks, $1 85; shipments, 677; arrivals, 144; on track, 406. CLEVELAND. March 29.—Butter market, firm; extra. 27%c: standards. 26%c. Eggs —Market, weak: extra white. 17%c: current receipts, 16®16%c Poultry—Market, firm: colored fowl medium, 18© 19c: Leghorn fowl. 15c; springers, smooth, 18® 19c; colored broilers. 27©30c; stags, 12® 13c Potatoes —Main. best. $2.25; few higher: Idaho best. S2 10W2.15; Ohio and New York best. $1.70® 1.90. NEW YORK. March 29.—Produce—Potatoes—Quiet; Long Island, sl.lo© 1.25 barrel; Southern, $5.25© 5.75 barrel; Maine, $1.10©3.80 barrel: Idaho. $2.15©2.25 sack; Bermuda. $3.50©7 barrel: Canada. sl.Bo® 215 barrel. Sweet Potatoes—Steady; Jersey basket, $ 50®,1.75; Southern, basket, $ .75© 1.35. Flour Steady; springs, patents. $6.30© 6.55 barrel. Pork—Quiet; mess, $20.25 barrel. Lard—Dull; middle west spot, $4 90© 5 per 100 lbs. Dressed Poultry Steady; turkeys. 18©25%c; chickens, 9© 27c: broilers, 14© 30c: capons. 20© 32c fowls. 13® 18c! Long Island ducks, 14%©15%c. Live Poultry—Dull; geese. 7© 9c: turkevs, 22©33c: roosters. 10c; ducks, 8® 19c: fowls. 15©20c: chickens. 15©20c; capons, 25©40c; broilers. 12®26c. Cheese — Easy; state whole milk specials, 19c; Young America. 15®15%c.

In the Cotton Markets

—March 28— CHICAGO High. Low. Close. January 12.32 12.22 12.22 March 12,39 May 11 85 11.77 11 83 July 12.09 11.87 11.95 October 12.i8 12.05 12.09 December 12.28 12.14 12.19 NEW YORK January 12.25 12.13 12.21 March • 12.30 Mav 11 86 11.7 T 11.77 July 11.97 11.81 11.89 October 12 10 11.97 12 03 December 12 21 12.01 12.13 NEW ORLEANS January 12.29 12.17 12.17 May 11 83 11.68 11.77 July 11 94 11 79 11 86 October 12 07 11.93 12.02 December 12.16 12 03 12.04 INDIANAPOLIS WAGON WHEAT City grain elevators are paving 78 cents for No. 2 soft red wheat, utner grades on their merits. NEW YORK CASH GRAIN By United Press NEW YORK March 28—Cash grain: Wheat—No. 2 red. $104%: No. 2 hard winter. $1.04%. Corn—No. 2 mixed, 56%e. Oats—No. 3 white, 43c. Yongstown Sheet and Tube Company and the Republic Iron and Steek Corporation anounce wage increase of 10 per cent effective April 1. Public 3ervlce Corporation of New Jersev announced a 5 per cent increase in wages effective April 1.

Cater Tract 29% 29 Deere & Cos 28% Elec Stor Bat 44% Foster Wheeler 18% Gen Am Tnk Car 38 38 Gen Elec 21% 20% Gen R R Sig . . 41% 41% 41% 41% Ingsol Rand 65 Int Bus Mach 132% Int Harvester . . . . 40% Natl Cash Reg . 17% 17% 17% 17% Pullman Inc 52% Rem Rand ... 12% 12 Und Elliot ! . 43 West Air B 30 29 Westingh Elec 36% 36% Utilities— Am & For Pow .. .. .. 9% Am Power A* Lit 9% 8% 9% 9% AT&T ... ... . 117% Am Wat Wks 21% 20% Col Gas ft Elec 15% 15% 15% 15% Col G & E pfd . 74 Com & Sou 2% 2% £P" SO ‘ Gas , _ . 39% 38% 38% 38% Elec Pwr & Lit 71- 71. Int Hydro Elcc 7 Int TANARUS& T . 14% 14 14% 14 a s Lou G&EA ... .. 18% 17% Nat Pwr & Lit I! North Amer . 10 a, Pac G & E ” JS.t! Peoples Gas 39 38 © Postal Tel pfd Sol Cal Edison ig: jgi* Std Gas ... ... 12 s . Stone & Webster . .. g\ gi. United Corp 6% 6% 6% 6% Un Gas Imp .... ... 17 i6 7 Western Union 533’ Rubbers— Firestone 20% Goodrich 15% 15% Goodyear 34% 34 s * 34% 34 Kelly Spring ... 3% 314 U S Rubber 19% 19% 19% jgs B U S Rubber pfd 43% 42% 43% 41% Miscellaneous— Am Bank oNte 17 Am Can 975* 9g Anchor Cap 193. Brklyn Man Tr 29% Conti Can 757, Crown Cork . 29% Curtis Pub 21% 21% Curtis Pub pfd 67% Eastman Kodak 85% 86 Gillette 10% Giidden 24% 23% 24% 23% Inter Rapid Tr ... ... g' 2 Owens oßttle 83 Raybestos Mfg 191^ Foods— Am Sugar . 50% Armour “A" ....?> 6 Beatrice Cream 13 S 4 Borden Prod 22% Cal Packing 23% 23% Canada D G Ale 26 Cont Bak ‘'A” 10% Corn Prod 70% 70% 70% 71 Crm of Wheat 32% 32% Cuban Am Sugar .. ... 7% 7% Gen Foods 33% 33 Gold Dust 19% 19% G W Sugar, 27% 27% 27% 27 Int Salt . J 26% Loose Wiles ... . 40% Natl Biscuit . . 41% 42 Natl D Prod .. 15% 15 16% In'. Purity Bak 14% S Porto Rico Sug . 32 Std Brands 20% 20% 20% 20% Un Biscuit 25% nited Fruit 65% 65% Wriglev 59% Retail Stores— Ass Dry Goods 14% Best A Cos 31% First Natl Stores .. 58 Gimbel Bros 5% 5% Gr Un Tea .. 7 6% 7 Hahn Dept Sts . 6% 6% 6% 6% Jewel Tea ... 46 46 Kresge S S 19% Kroger Groc ... 30 30 Macv R H . . 52% Marshall Fields . 17% 17% 17% 17% May Dept St . .. . . 39% Mont Ward .... 31% 31% 31% 30% Natl Tea 15% 15% 15% 15% Penny J C ... 62 62 Safewav St ..... . . 51% Sears Roebuck . 47% 47 47% 46% Wool worth 50% Aviation— Aviation Corp . 8% 8 8% 7% Curtiss Wright ... 4% 4% Curtiss Wright A 10% Douglas Air . . 24% 24% 24% 24% Nor Am Av ... . . 6 6% Speery Corp .. 9% 9% 9% 9% nited Aircraft . .. ... 23% 23% Wright Aero 57% 58 Chemicals— Air Reduction.. .. ... ... 94% Allied Chem .. ... • 148 Am Com Alcohol . 49% 48% Col Carbon . . 66 65 % 66 64% Com Solvent ... 28% 28% 28% 28 Dupont . Freenort Tex 42% 42% Liquid Carb ... ••• 26% Math Alkali 33'/ B Montsonta Chem 85 84% Natl Dis (new) 28 27% Scheneley Dist . 35 34% Tex Gulf Sulph 36 35% 36 35% Union Carbide 42% 42V 4 42% 41% Vir Chem 6% pfd .. ... 7% Drugs— Coty Inc 7% 7% Lambert 27 Lehn & Fink 19% 19% Zonite Prod 6% 6% Financila— Adams Exp 9% Allegheny Corp 3Vi 3‘/ 8 Am Int Corp 8% Chesa Corp 39% Lehman Corp 70 Transamerica 7 6% Tr Conti Corp 4% 4% Building— Am Radiator .. 14% 14Vi 14 1 /* 14 Gen Asphalt ... 18% 18 18% 17% Int Cement .... ... 29 29 Johns Manville ... ... 54 Libby Oens Gls 35% 37% Otis Elev 15% 15% Ulen Const 3 Househo'd— Col Pal Peet 15% Congoleum . 27% 26% Kelvinator ■ 19% 19% 19% 18% Mohawk Carpet 15% Pros & Gamble 34% 34% 34% 34% Simmons Bed 18% 18% 18% 18% Textiles— Belding Hem 12% Celanese Corp .. 36% 36% 36% 35% Collins Aikman 23% 23% Gotham Hose ..’ 9 Indus Rayon ... 78 Rayser Julius 16% Real Sil k 10%

Bond Prices

(Bv Fenner & Beane) —March 29 High. Low. 10:30 Alleg Corp 5s ’SO . 33% 33 % 33% Am & For Pwr 5s 2030 51 50% 51 A T & T db 5s '65 . 107 106 106% Atchison Gen 4s 95 . . 99% B&O cv 4%s 60 68% 68% 68V* Beth Steel 5s A '42 102% Can Pac 4s 79 % ChMStP&P ad 5s A 2000 18% 18 18% ChMStP&P rs 5s A 75 52% 52 52% Cons Gas N Y 4%s ’57 103 Det Ed 5s E ’52 104% Erie R R rs 5s ’67 70% Goodvear 5s ’57 . 98 Gt Nor 7s A 36 97 96% 96% Interboro RT 5s '66 70% Int T & T db 5s ’55 65% McKess & Robb 5%s 'SO .. ... 76 Nat Dairv db 5%s 48 . .. ... 91 N Y Cent 4%s O 2013 77% Penn R R 4%s D 'Bl ... 94% Sin Cons 6%s B ’3B .. 104 Texas Coro 5s 44 .. .101% 101% 101 Vi Tob Pr N J 6%s 2022 .106% 106% 106% Un Pac Ist 4s ’47 ... 103 S Rubber 5s A ’47-.. 83 82% 83 Western Un 5s 51 92 91% 92 Kgstwn S & T 5s B ’7O 85 84 85

Federal Farm Loan Bonds

(Bv Blyth <fe Cos . Inc.) —March 28— Bid. Ask. 4s Nov. 1. 1957-37 97 98% 4s Mav 1. 1958-38 97 98% 4%s Julv 1. 1956-36 97% 98% 4%s Jan. 1. 1957-37 97% 98% 4%s Mav 1, 1957-37 97% 98% 4%s Nov. 1. 1956-38 97% 38% 4%s Mav 1. 1942-32 99% 100% 4%s Jan. 1, 1943-33 99% 100' 4%s Jan. 1. 1953-33 98% 100 4%s Julv 1. 1933-33 98% 100 4%s Jan 1. 1955-35 98% 100 4%s July 1, 1955-35 98% 100 4%s Jan. 1. 1956-36 98% 100 4%s Julv 1, 1953-33 99% 101 4%S Jan. 1, 1954-34 99% 101 4%S July 1. 1954-34 99% 101 5s May 1. 1941-31 100% 101% 5s Nov. 1, 1941-31 100% 101 s , Home Loan 4s, July 1. 1951 ... 98% 99%

Foreign Exchange

(By Abbott. Hoppin & Cos.) —March 28Close Sterling. England $5.10% Franc, France 0658 Lira, Italy 0858% Belgias. Belgium 2332 Mark. Germany 3970 Guilder Holland 6731 Peseta. Spain 1364 Krone. Norway 2565 Krone. Denmark .2280 Yen. Japan 3012 CHICAGO FRUIT MARKET By l tiffed Press CHICAGO March 29.—Apples—5 ichigan Baldwins, Si.so bushel. Carrots- Illinois. 40*3 500 bushel. Spinach—Texas. 50ft 90c bushel. Beans—Southern, green s2*3 3 wax. $2 75*3 3.25. Cucumbers—Central western hothouse. $2 25*32 75 *2 doz to box . Tomatoes—Florida. $1.50 3 2.50. Sweet potatoes—Tennessee. SI. 603 1.85: Indiana. 51.703 1.75 bushel. Rhubarb—Michigan hothouse. 20*3 40c 5-lb. cartons* Turnips— Central western. 65c bushel. Mushrooms— Illinois. 17%*330c *lb. cartons*. Asparagus —California. 51.25*^12.75 (doz. bunches Onion market—>so-lb sacks*: Western Valencias. 90c*351.35. Central western Yellows. 80c3$l. Western white, $1.5031.75. NEW YORK COFFEE FUTURES —March 28— SANTOS High Low Close May . . 10.50 July 10.70 10.65 10.66 September 11 00 10.95 10.95 December 11 13 11.04 11.10 RIO January 8.54 March 8.55 May 8 29 8 25 8.25 July 8.39 8.34 8.34 September 8.41 December 8.50 8.48 8.49

MAKCH W.T934

GRAIN MARKET UP FRACTIONS; COTTON FIRM Wheat Prices Soar Nearly a Point: Trade Turns Inactive. BY HARMAN \V. NICHOLS United Pres* Staff Correspondent CHICAGO. March 29—The forward movement in stocks and cotton was reflected in grains at the opening of the Board of Trade today and prices were higher Wheat opened % to ■% cent higher, corn was unchanged to © cent better, and oats were unchanged to % cent higher. Rye opened unchanged to % cent improved. The stock list worked fractions and cotton was steady to 8 points higher. Trade in grains, however, was not active and brokers expected a trading market today with evening up of positions for tomorrow's holiday. Chicago Primary Receipts —March 28Bushels _. Today. Last Wk. Wheat 297.000 366 000 Corn 406.000 498 000 Oats 86.000 75 000 Chicago Futures Rarge —March 29WHEAT— p r ey. .. High. Low. 10 00 close. May 86% .85% ” .86% BV* July 85% .85% .85% .85 September ... .86% .86% .86% 86 CORN— Mav 43% .48% .48% .48% Julv 50% .50% .50% .50% September .. .52% .52% .52% .52% OATS— Mav 32% .32% .32% .32% July 33% .33% .33% .33% September ... . 33% RYE— Mav 59 .58% .58% 58% Julv 60 .59% .59% .59% September ... .61% .61% .61% 61% BARLEY— Mav .44.44% Julv .46 September ... ... 48 • CHICAGO CASH GRAIN By United Press CHICAGO. March 28 Cash grain; Wheat—No. 2 hard 87%@87%c: No 3 mixed. 85c weevilv. Corn No. 2 mixed, 47%® 48c: No. 5 mixed. 46%c: No 2 vellow. 48c: No. 3 yellow. 47©47%c; No 4 yellow. 46%c: No. 4 white. 43%c: sample grade white. 40c: (lake billing 1 No 2 yellow. 47 Hi 47%c: No. 3 yellow. 46%r; No. 2 white. 50c. Oats—No. 1 white. 35c; No. 2 white. 34%®34%c: No. 3 white 33c; No. 4 white. 32%®32%r Rve No. 2 weevilv. 59c. Bariev -464/81c. Timothv—s6 509 7. Clover—Seed. sll® 12 50 Cash provisions—Lard. $6.12: lose $6 12: leaf. $6.12; S. Bellies. SB. TOLEDO CASH GRAIN By United Press TOLEDO. March 28 —Grain close: (Grain in elevators, transit billnig.l Wheat —No. 2 red. 90%®91%c. Corn—No 2 vellow. 52® 53c. Oats—No 2 white 37%'® 38%c. Rve—No. 2. 64%®65%e. Track prices. 28%c rate. Wheat—No. 1 red 86% ©B7%c: No. 2 red. 85%®86%c. Corn—No. 2 yellow. 48®49c: No. 3 yellow. 47® 48c; No. 4 yellow. 46® 47c. Oats—No 2 white. 34® 36c: No. 3 white. 33®35%c Toledo seed close: Clover—March. $8 25 Alsike —Cash. $8.50.

Indianapolis Cash Grain

—March 28— The bids for car lots of grain at the call of the Indianapolis Board of Trade, f. o. b shipping point, basis 41% New York rate, were: WHEAT—Firm: No. 1 red. 81®82c: No 2 red. 80®81c: No 2 hard. 80©81c CORN—Firm; No. 3 white. 42©43c; No. 4 white. 41®42c; No. 3 yellow. 41®42c: No. 4 yellow, 40®41c; No. 3 mixed. 40®41c; No. 4 mixed. 39© 40c. OATS—Firm; No. 2 white. 30®31c: No. 3 white. 29© 30c —lnspectors WHEAT—No. 2 red 3 cars, total. 3 cars. CORN—No. 2 white. 8 cars. No. 3 white, 2 cars; No. 4 white, 2 cars; No 2 yellow. 18 cars; No. 3 yellow, 8 cars; No. 4 yellow. 1 car; total. 39 cars. OATS—No 2 white, 4 cars; No 2 white, 2 cars; No. 4 white. 1 car; total. 7 cars.

Directory . . . A directory of the Branches and Other Connections of this firm has been printed. It lists sixtyseven branches and twentysix correspondent offices. This directory will interest accredited investors who travel in the East, Midwest, South and Southwest. Copies available. © Tenner & Beane 512-514 Circle Tower Bldg. Telephone Riley 3306 NKY YORK STOCK EXCHANGE

OFFICE SPACE

The available vacancies in the several office buildings under our management offer a full range in pnee, size and type of office space KLEIN & KUHN Inc. Property Management LINCOLN 3545