Indianapolis Times, Volume 45, Number 278, Indianapolis, Marion County, 31 March 1934 Edition 02 — Page 14

PAGE 14

Wall Street | Steel Concerns Expected to Raise WagCo of Workers. BY RALPH HENDERSHOT Time* Special Financial Writer REPORTS in the steel trade say ; that all of the more important ‘ companies in the industry shortly j will follow the lead of the Corrigan- j McKinney Steel Company of Cleveland, and raise wages. Most people j who are familiar with steel condi- j tions are likely to regard an increase at this time as a decidedly courageous step

and one which marks an important change in nolicy from that which existed in ; the r- - era. It is one thing j for the automo- j bile companies to step up the pay of their works, but quite another thing for the steel concerns to follow suit. Most of the former - are enjoying a modest degree of prosperity, but the

Ralph llendei shot

let! r are finding it difficult to keep their heads above water even though tht; r are working at a fair rate of ca'■city. United States Steel lost a it $43,000,000 last year, and I h ; eh: m took it on the chin for r h it rn o''o.ooo. A 10 per cent wage i’ ' 'or e, it is estimated would add j rh $1.30 a ton to the average cost I ci O'Jre'ng finishc ‘ steel. 'That serious consideration is being given by the big companies to tlr wage-increase question is indica' 1 by the fact that after the Un led States Steel Corporation’s and ■ -tors’ meeting earlier this week, J. Morgan and his righthand mm. Thomas W. Lamont, remained closeted with Myron C. Taylor for r a half hour after other direct~r had left. On their way out Mr. It i tent was asked whether any action had been taken regarding v -~s. He referred the questioner to i 'r. T'”-i'v\ who beat a hasty ret.c L back into his offices. a a a S’.rals March on Big Firms RDIMARILY the little compa- * ' i ;:s do not speak out on imF~: e?-.t prrblcms such as the wage q-’'-,Ucn. In past years they had teen in the habit of taking their cues in such matters from the recognized leaders. In the present instance. according to the “dope,” April 1 had been selected as the effective date for an increase, but apparently the wires became crossed or something, and the Cleveland concern stepped out in advance of the parade. Under the new deal it may not be an easy matter to slap it down for having done so, assuming. of course, that the big companies have anything of that sort in mind. Euch consideration as the steel eg primes are giving to the wages of their workers at this time un- ( r itedly is predicated on a desire I I keep reasonable control over their men. Most of the steel plants are operated on an open-shop basis and it is a more or less open seciet that no love is lost between the big companies and the American Federation of Labor. The men are permitted to accept overtures of the big union under the national recovery act. but it may be argued that they might not be so likely to fall unuer its spell if a voluntary wage increase is forthcoming. a a a. Market Acts Unusually Well WITH President Roosevelt demanding a stock market regulation measure “with teeth in it" rnd brokers and bankers predicting all sorts of dire happenings if he gets it. the importance of the stock market’s action of late lies in the fact that prices have held up so well. Who’esale offerings of shares at this time probably would bring about very sharp declines in prices, for it is rather obvious that the public's buying power is still much less than normal. But instead of falling headlong on the bad news tee market of late has merely turned dull, and while prices have tended downward somewhat, no important disturbance has been created.

Retail Coal Prices

Hie followlnß prices represent quotations Irom 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 esr size 8 '5 Indiana forked lump 550 Indiana, egc 500 Indiana, mine run 4 75 Kentucky lump 7.00 Pocahontas lump 8 25 Tncahontas ecu 825 Pocahontas forked lump 925 Pocahontas mine run 7.25 N -u River smokeless 8 25 West Virginia lump 6 75 West Vircinia 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

Produce Markets

Delivered In Indianapolis Price*—Hens. 11c. Leghorn hens. Bc. Leghorn spring-er-stags. 6c; large springer-stags. 9c: rocks. se: Leghorn cocks. 4c: ducks full feathered and fat. 4% lbs. and over 7c gee.-e 6c: voung guineas. 1% to 3 lbs.. 30c: old guineas. 20c. No. 1 strictlv fresh country run eggs, loss off 13c each full case must weigh 55 lbs gross: a deduction of 10c a pound for each pound u-dpr 55 lbs will be made Butter —No. !. 25® 26c. No. 2. 23'u24c: butterfat. 21c.— Quoted bv Wadlev. By United Press CHICAGO March 31—Eggs—Market, weak; receipts. 69.990 (two davsi cases; rxtrr. firsts. 16%c: fresh graded'firsts 16: current receipts. 15c; dirties 14c: checks. 13 %c. Butter Market, steadv; receipts. 15.870 (two davs' tubs; extra firs,s SO- - score 22% /22%c: firsts .BS-89% scorei. 21% /22c; seconds /86-87% scorei. 20%c: extra (92 score*. 23c. specials. 23V, (•( 24c. standards. 22*sc. Poultry—Market about steady: receipts. 6 trucks, one car due: hens (heavy i. 15c; Leghorns. 11c; light hens. 16c; ducks 18c; old roosters. 9%c: springs. 19c: broilers (colored and White roeksi, 24%c; geese. 12c: turkeys. 18-%20c: Plymouth Rock broilers. 2ic: .Leghorn broilers, 23c Cheese—Twins. 13% ®!3%c. Longhorns. 13% /14c: Daisies, 13% ® 14c Potatoes—Old stock, supply liberal’ demand and trading moderate:' market about steady: Wisconsin round whites $145'./1.55: few fine quality, $165; Minnesota and North Dakota Cobblers. $1 50 '/1.60: Nebraska triumphs. $155: Idaho Russets, closed mugs $1.756 1.77%: open mugs. $1 80: Washington Russets No. 2. $1.50. Colorado McClures, cotton bags, $1 SO burlap sacks. $1.70. New stock —No sales reported. Shipments. 663; arrivals. 47. on track. 340 CHICAGO FRUIT MARKET /?y I'nitcil Trent CHICAGO. March 31 Apples—Michigan Baldwins. $1 50 bushel. Carrots—lllinois 40*/50c bushel. Spinach—Texas. 50c*/SI bushel. Beans—Southern grcn. s2.so<u 2.75; wax $2 501/2.75. Cucumbers—Centrali western hothouse. S2 25®2 50 (2 doz. to box l Tomatoes—Florida, Sl2s'u2 25 (boxt. Sweet potatoes—Tennessee, 81.75® 1.85 bushel; Indiana. $1 70® 180 Rhubarb —Michigan hothouse. 20%40c 5-lb. cartons! Mushrooms—lllinois. 15'./30c <lb. cartons i. Asparagus—California. $1.25</i 2.85 (dor. bunches). Onion market iSO-lb. sarkst: Western Valencias. $161.40; Central western yellows, 80c®$l; western whites. $1.50®1.75.

METALS, AVIATION ISSUES RISE IN ACTUAL TRADING

SWINE MARKET ENDS WEEK 10 CENTS LOWER Cattle, Lambs Scarce and Steady; Veals Show Little Change. Porker prices ended the week’s trading around 10 cents lower than yesterday’s average at the local stockyards this morning. Despite the light run of receipts practically all grades participated in the initial decline. Bulk of all weights was selling at $4.15 to $4.40, while a few good and choice kinds were reported sold at $4.45. Smaller classes, 130 to 160 pounds, brought $3.25 to $3.75. Light slaughter pigs weighing 100 to 130 pounds, sold at $2 to $3. Receipts were estimated at 2,000; holdovers, 522. All cattle prices continued stationary with hardly enough stock on hand to establish a trading range. Most grades remained inactive. Receipts numbered 100. Only slight change was evident in the veal market, with gcod and choice kinds salable at $6.50 to $7. Receipts were 200. With hardly enough stock on hand to determine a price range, lamb values held fully steady at the previous session. Clipper lambs sold around SB, while woolqd grades ranged from $9 to $9.25. Receipts were 50. Porker prices at Chicago held mostly unchanged at the previous session. Initial sales on heavy weights and plain light kinds ranged at $4.15 down. Receipts were estimated at 8.000, including 7.000 directs; holdovers, 1.000. Cattle receipts numbered 100; calves, 200; market mostly 15 to 25 cents higher. Sheep receipts were 4,000; market unchanged. HOGS March Bulk. Top. Receipts. 26. $4.254i 4.50 $4.60 7.000 27. 4.554/ 4.60 4.70 3.500 28. 4 2.'® 4.50 4.55 7.000 23. 4.2541 4.50 4.50 7.000 10. 4 254/ 4.50 4.55 6.000 31. 4.15® 4.40 4.45 2,000 Market, lower (140-160) Good and choice $ 3.50® 3.75 —Light Weights—-(l6o-1801 Good and choice ... 4.15® 4.25 (180-200) Good and choice . 4.35 —Medium Weights—-(2oo-220) Good and choice ... 4.40 (220-250) Good and choice .. 4.35® 4.45 —Heavy Weights—-(2so-290) Good and choice ... 4.354/! 4.45 (290-350) Good and choice ... 4.15® 4.40 —Packing Sows—(3so down) Good . 3.40® 3.60 (250 up( Good 3.25® 3.50 (All weights/ Medium 3.00® 3.40 —Slaughter Pigs—-(loo-130) Good and choice .. 2.00@ 3.00 CATTLE Receipts, 100; market, steady. (1.050-1,1001-Good and choice $ 6.254? 7.25 Common and medium 4.25® 6.25 (1.100-1,500) Good and choice 6.004? 7.50 Common and medium 4.50® 6.00 (675-750( Good and choice 5.254? 6.50 Common and medium 3.00® 5.25 (750-3001 Good and choice 4.754? 6.25 Common and medium 2.15® 4.75 —Cows— Good 3.254? 3.75 Common and medium 2.75® 3.25 Low cutter and medium 1.50® 2.75 —Bulis (yearlings excludedi Good (beef steers) .. 2.75® 3.50 Cutter, common and medium.. 1.60® 2.75 VEALERS Receipts, 200; 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 — (500-9001 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, 30; market, steady. Wool Grades 90 lbs. down) Good & choice $ 8.75® 9.25 190-110 lbs.) Good and choice 8.504/) 9.00 150 lbs. downi Com. and mcd.. 6.50® 8.50 —Ewes— Good and choice 4.50® 5.50 | Common and medium 2.50® 4.50 Other Livestock Bv United Press CHICAGO. March 31.—Hogs—Receipts, 8.000 including 7,000 directs; supply meager; marset nominally steady; occasional sales big weights and plain weights $4.15 down or about in line with Friday: shippers took none; holdovers, 1.000. Catt/e—Receipts. 100; calves. 200; compared with Friday last week weighty steers, 15c to 25c higher; yearlings and light steers steady to strong; better grade weighty bullocks in fairly liberal supply: heavy steers higher than at any time during 1933: 1.391-pound averages. $7.65; 1.691-pound averages, $7; big , weighty bullocks. $6.25 //7.2s;'supply choice kinds scarce: not much to killers under ! S5: better grade yearlings heifers 25c to ; 50c higher: lower grades and all other heifers about steady: cows steady; bulls, j 10c to 15c lower; vealers sl4/2 lower. Sheep i —Receipts. 4 000; for week ended Friday i 77 doubles from feeding stations: 6.300 1 directs: compared with Friday last week : slaughter classes generally around steady; week's top $9 40 paid late; closing bulk j $9.25 down; bulk wool lambs. $94/9.15; ! shorn lambs. $74/7.50. largely $7,154/7.35; scattered native springers. $lO4/ 13.25. according to quality, bulk $12.50 down; weighty yearlings. $8,254/8.75; native ewes, $54/5.50. EAST ST. LOUIS. 111., March 31.—Hogs —Rece:pts. 3,000: market, mostly 54/ 10c higher: pigs and light lights, steady; sows steady; bulk better 180-270 lbs., $4,354/ 4.40; top $4.40; few less desirable. $4.30 down; 150-170 lbs., $3,854/ 4.25; 130-140 lbs.. $34/3.35: 100-120 lbs.. $2,254(2.85; sows, $3,254/3.50; market, with week ago: 54/10c lower with 160 lbs. down. 6® 10c higher. Cattle—Receipts. 100; calves, receipts. 75: market with week ago: steers, steady to 104/15c lower: mixed yearlings and heifers in good and choice flesh, 154/ 25c off: others steady: cows unchanged: bulls, strong; vealers. 254/ 50c lower; stock cattle, steady; tops for the week: 1.268lb. steers. $6 50: 1.096 lb. yearling steers. $6.35: 1.363-lb. heavy steers, $6; 656-lb. mixed yearlings. $6: 803-lb. heifers. $5.85; cows. $4.50: sausage bulls. $3.40; vealers. $6.75: stock steers, $5 35; bulk for the week: steers. $4,754/6.20: mixed vearlings and heifers. $4,504/5.50: cows. $34/ 3.75: low cutters. $1,254/ 1.75: Stocker and feeder steers. $44/5.25. Sheep—Receipts. 50; market with week ago: mostly steady; practical top spring lambs. $12.50; few head higher: bulk. slo® 11.50: two loads at $7 4/8: top wooled lambs $9.50: bulk, $8.50 ■z8.75; top clipped $7.75: bulk. $7,254/ 7 60; fat ewes. $4 504/5.50: clipped yearlings. $6,754/7.50: few wethers. $54/5.75. FT. WAYNE. March 31.—Hogs—5 cents lower; 250-300 lbs.. $4.45: 200-250 lbs., $4 35: 180-200 lbs.. $4 20 160 to 180 lbs. $4 10: 300-350 lbs., $3.95; 150-160 lbs.. S3 60-140-150 lbs.. S3 35: 130-140 lbs.. 53.10: 120130 :b?.. $2 60 100-120 lbs.. $2.10; roughs. S3, stags. SI 75; calves. $6,504/ 7; lambs. $8 50. PITTSBURGH. March 31—Hogs—Receipts. 600; holdovers, 450. fully steadv. 160 to 210 lbs., mostly. $4.90; 210 to 250 lbs . $4.75 </4.90: heavier butchers, around $4 75: eights 150 lbs., quotable around $4: 125 to 140 lbs.. $3.504/3.75: sows. 53.75 down. Cattle—Receipts none. Calves— Receipts. 25: steady, good and choice vewers, $7.50® 8: medium. s6® 7. Sheep— Receipts. 100 nominal: better grade shorn lambs, quotable $7.25® 7.50: medium. $6 4/ 7 choice woo! lambs, around $9 70: shorn wethers. $5 down; choke spring lambs, eligible un to sl3. Rii Timr* Special LOUISVILLE. March 31—Cattle—Receipts. 50: market, compared week ago, ail classes generally steady; bulk common to medium steers and heifers. s4® 5: medium to good fed kind mostly $5.25®5.75: odd head baby beef type yearlings. $6: bulk beef cows. $2 504/ 3.25- practical ton. $3.50; bulk low cutters and cutters, $1.25®2.25; sausage bulls mostly $34/3.50: common to medium native stock-rs and feeders. $2.75 4/3 75; well bred Hrefords. $4.75® 5.25 Calves—Receipts. 275: vealer market 't*adv be - ter grades. $54.6: mostly sv., 5 59 with onlv strictly choice at $6: medium and lower erades. $4 50 down: market, most’v 50c lower than last Saturday. Hogs—Receipts. 700: market not fully established: few opening sales steadv some interest* bidding 10c lower: opening sa’es 170-240 lb* $4 55: 245-270 lbs . $4.20: 275 lbs. un S3 85: 145-165 lbs . S3 60: HOMO lbs . $2 25: sows. $2 60; market, closing steady 'to 5c higher for the week. SheeD—Receipts 25: market nominal, compared close last week, mostly 50c lower on wooled lambs: fat sheep steady: bulk medium to good wooled lambs. s7® 8; choice quotable. $8.50; light throwouts. $5: fat /ewes, mostly $2 50® J; top on spring lambs around. SIL

New York Stocks (By Abbott. Hoopln & Cos •

- March 31— Prev. Oils— High. Low. Close, close. Amerada 48% 48 An Rig 30’ 2 30 30' 2 30 Bsrnscall 8' * 8 8 8 Consol Oil 12‘. 11% 12’, 12% Cont of Del 19% 19’, 19% 19 m Houston incw) . . 4% i Houston /old) 24’, Indian Rfg ... 3V* Mid Cont Pet . 13’, 12 s * 13', Ohio Oil 14', 13% 14’, 13 ! Pet Corp 12% 12’* 12% 12’, Phillips Pet ... 18% 18% 18% 18 , Plymouth Oil ... 15 14' 15 14% Pure OH 12’2 12% 12’i 12% Royal Dutch ... 36% Sbd Oil ■ 35 1 a 35% 35% Shell Un 9% 9% 9% 9% SCelley Oil .. . 10% 10 10% . Soc Vac 16’2 16’ a 16’, 16’, SO. of Cai 37 36% 37 37% S O Os N J 45% 45 45% 44% Texas Corp 26% 26% 26% 26 Tidewater Assn 11% 11% 11% 11% Un Oil of Cal . 17 16% 17 16 * Steels— Am Roll Mills . 23% 23% 23% 23% Beth Steel 43 40 43 39 Bvers A M 27 25 27 25 • Col Fuel & Iron 6% 6% 6% 6% Cruc Steel 32 31% 32 30% Inland Steel 42% *2 Ludium Steel 17*4 McKeesport Tin 86 85% 86 Mid Steel 18 17% Natl Steel . 48% 47% 48% . Otis Steel 6% 6% 6% 6% Rep Iron & Stl 22% 21% 22% 21 Rep Ir & Stl pfd 57% 56% U S Pipe & Fdy 27% 27% 27% 26% U S Steel 52% 50% 52% 50% U S Steel pfd . 89% 90 Warren Bros 10% 10% 10% iOVi Youngstn S & T 28V, 27 28% 27 Motors— Auburn 53% 52% 53% 52% Chrysler 53% r-2% 53% 52% Gen Motors 38% 37% 38% 37% Gen Motors pfd 99% 99 99'/a 98% Graham Mot 3% 3% 3% 3% Hudson 21% 20% 21% 20% Hupp 5% 5% Mack Truck 32% 31% 32% 31% Nash 26% 25% 26% 25% Packard 5% 5 % 5% 5% Reo 4% 4% 4% 4% Studebaker . 7% 7% 7% 7% Yellow Truck 5% 5% 5 7 /* 5% Motor Access— Bendix 19% 19 19% 18% Bohn Alum .. 60% 59% 60% Eorg Warner ... 25% 25% 25’% 25% Briggs 15% 15’/, 15% 15% Budd Wheel .... 4 3% Eaton Mfg 20 % 20 20% 19% Elec Auto Lite 28% 28% 28% 28% Houdaille A 6% 6 6 '/* 5% Mullins Mfg . . . 13 Mullins Mfg pfd . 29 29% Murray Body 9% 9% 9% 9% Stew Warner 9 8% 9 8% Timken Roll 35 34% 35 34% Timken Det Axel 6% 6% 6% 6% Mining— Alaska Jun . 22% 22 22% 22% Am Metals • 24% 23% 24% 23% Am Smelt .... 45% 43% 45% 444 Anaconda ... 15% 14% 15% 14% Cal & HeUa . 5 5 Cerro De Pasco 36% 35% 36% 3 6 Dome Mines ... 40% 4040% 40% Granby 11% 11% 11% 11% Gt Nor Ore . 13% 13% 13% 13% Homestake Min. 338 Howe Sound 50 48% 43% 48% Ins Copper .... 5% 5% 5% 5% Int Nickel 28% 28 28V4 28% Int Silver 33% Kennecott Cop 19% 13% 19% 19 Mclntyre Mine 50% 48% 50% 49% Noranda Cop 41% 40 4’% 39% Park Utah ss,5 s , 5% 5% 5% Phelps Dodge 16% ,6 1 % 15% St Joe Lead 23% 2.1% ?3% 27’ • U S Smelters 129 124% 123 12 % Vanadium 77 26% 27 26% Amuscmcnls— Croslev Thea . 15% 15 15% 14* Fex Thea . ... 15% 15 15% 14% Radio Corp . 7% 7% 7% 7% RKO . .3% 3% 3% 3% Warner Bros .. 7% 7% 7% 6% Tobaccos— Am Snuff ... 55 55 Am Tobocca ‘A’. . . 66Vi Tobacco B .. 68% 68 68% 68% Tien Cigars 31% 31% 30% 31% Ligg & Myers B 90% 90 90 90 Lorillard .... 17% 17 17% 17% Reynolds Toz 'B' 40% 40% 40% 40% Rails— Atchison 65% 64% 65% 65% Atl Coast Lines. 46% 45% 46% 44% B & O 2834 28 28% 28% Can Pac . 17V* 16% Ch fc Ohio . 44% 44Vi 44% 44% Chi & Gt W 4% 4% C M & St P 6% 6% C M & St P pfd 10% 10% Chi N W . 13% 12% 13% 13% Chi N W pfd 23% Dela & Hud ... 63 62 Del Lac & W . . 27% 26% 2i% 27 Erie 21 20% 21 Erie pfd 25 Grt Northern pfd 27% 27% 27% 27% 111 Central 31% 31 31% 31% Lehigh Valley 18 17% 18 17% Lou & Nash 56% 56 M K & T 11 Vi 11% 11% ll 1 /, MK & T pfd . 27% 26% Mo Pac 5Vi 5 5Vi 5 iMo Pac pfd .... 8% 8 N Y Cent 35% 35 Vi 35% 35 Vi N Y C & St L p . 30% N Y New Haven 18% 18% 18% 18% N Y Ont & West 9% . Nor Pac 32% 31'% 32V* 31% Penn R R 34'% 34 34% 34 Reading . 51 Sou Pac 27% 27'/* 27% 26% Sou R R 31% 31 31% 31% Sou R R pfd.... 36 35% Union Pac 127% 127 127% 125 Wabash 4 3% 3% . West Maryland 15 15% Equipments— Allis Chalmers 19 18% Am Car & Fdy 28% 27% 28% 27 Am Car & Fdy p . 47% • ■ Am Loco 34 33 34 32 Am Mach & Fdy 16% 15% 15% 15% Am Steel Fdy . . 21% 20% 21'% 20V* Bald Loco . 14% 13'% 14'% 13'% Bald Loco pfd . 52% 52 52% 51 Burroughs 15% 15% 15% 15'% Case J I 72% 71% 72% 71% Cater Tract 30% 30% 30% 29*4 Deere & Cos ... 29 29 Elec Stor Bat 45 45 ! Foster Wheeler . . 18V4 19 Gen Am Tk Car 39'i 39 39'/i 38'% i G)pn Elec .. 22V* 21% 22% 21% Gen R R Sig . . . 41% Ingsol Rand .. 66 66 Int Bis Mach 133’% 132 133 133 Int Harvester 41% 41 41'% 41 Natl Cash Reg 18% 18% 18% 18% Pullman Inc . 54% 54 54% 54 Rem Rend 12% 12 12% 12% Und Elliot ... 44% 43% 44% 44'% West Air 3 30% 30% 30% 30 Westingh Elec . 39% 36% 39 36% Utilities— Am & For Pwr 10 9% 10 10 Am Power & Lit 9 8% 9 9'% AT&T 119% 118% 119% 119 Am Wat Wks .. 02% 20% 20% 21% Col Gas & Elec. 15 s * 15% 15'% 15'% Com & Sou .. 2% 2% 2% 2% Consol Gas 38% 37% 38 39% Elec Pwr & Lit 7% 7Vi 7% 7Vi E P & L pfd 13'/, Int Hydro Elec 7 7 Int T & T .. 14% 14% 14% 14% Lou G & E ‘A- . 18 17% 18 17% Nat Pwr & Lit. 11% 11% 11% 11% North Am . 18% 18®% 18% 19% Pac G & E .. . 18% 19 Peoples Gas 38 3 (*/* 37% Postal Tel pfd 23 22% 23 22'% Pub Serv N J .39 38'/, 38% 39% So Cal Edison .. 19 18% 18% 18% Std Gas 12% 12'% Stone & Webster 9% 9% 9'% 9% United Corp ... 6% 6Vi 6% 6'% Un Gas Imp 17 16% 17 16% Ut Pw Lit ‘A’ . 3% 3% Western Union 55% 55'/* 55V* 55% Rubbers— Firestone 21% 20% 21 20% Goodrich 16% 15% 16% 15'% Goodyear ...... 35% 34% 35% 34% Kelly Spring ... 3% 3% 3% 3V, U S Rubber . 19% 19% 19% 19'% U S Rubber pfd 44% 44% 44% 43% Miscellaneous— Am Bank Note 17 Vi Am Can 100 99% 99% 98% Brklvn Man Tr. . 29 29'% Conti Can 78% 77V, 78% 77% Crown Cork 29% Curtis Pub 22 21% Curtis Pub pfd 68% 68% 68'% 68 Eastman Kodak 86% 85% 86% 86% Gillette 10% 10% 10% 10% Glidden . 24% 24% 24% 24% Inter Rapid Tr. BV, 8 8% B'/, Owens Bottle 83 Ra.vbestos Mfg 19% Foods— Am Sugar 52 51% Armour “A" ... 6% 6 6% 6% Beatrice Cream . . 14'% Bidden Prod ... 22% 22% 22% 22% Calu Packink 23% Canada D G Ale. .. ... 25% 26% Coca Cola 105 105 Corn Prod 72 71 72 Crm of Wheat 32% 32%

On Commission Row

—March 31— Fruits Apples—New York Baldwins, fancy. $1.60 •1.75: fanev Staymans. $2.25; fancy Winesaps. $2.50 Oraners—California Sunkist. $3.25®4; Floridas. S3® 3.25. Lemons—Sunkist. $5.50; Red Ball. $5. Grapefruit—Arizona seedless 80s. $2.75® 3: Florida. $3.25. Strawberries—Florida, pint. 16c; 36-pt. crate $5.40. Melons —Argentina Honevdews $2.75. Pears—Calavos. $3.50 per box. Bananas—Per pound. 5 cents. Vegetables Cabbage—New Texas, $1.25 per halfcrate. Florida red. $3.25 per hamper. Celerv—Florida, $2.50® 2.60 a crate: mammoth bunch 75c: medium bunch, 45c; hearts, dozen bunch. $1.35. Onions—lndiana yellow. 50-lb. bag. $1.35; red. $1.15: Idaho. Spanish. $1.35. Potatoes—Northern round white. 100-lb. bag. $2: Red River Ohios. $2.20: Maine Green Mountain $2.50: Colorado McClures. $2.25: Idaho Russets. $2.25 Wyoming Triumphs. ?0-lb. bag. $1.15; New Florida Triumphs. $2.15. Sweet Potatoes—lndiana Jerseys, per bushel. $2: Porto Ricans. $1.90. Asparagus—California select, crate. $2 25 ® 3.25. Bean' Round, stringless. $3®a3.75; lima. $3. Beets—New Texas 3 dozen crate. $2: bulk per bushel. $1.50. Carrots —California 6 dozen crate, $2.75: bulk new. $1 40: bulk old. $1.75. Cauliflower —California s2® 2 25. Cucumbers—Hot house per dozen. $1 25. Lettuce—Hot house. 10-Ib. basket, 65c. Iceberg best. s3® 3.50 a crate. Peas—2 B-lb. hamper. $2 25 Radishes—Hot house buttens. 60c a. dozen: long white. 50c per dozen. Rhubarb —Hot house. 60c a bunch. Spinach—New Texas, SI per bushel. Tomatoes—Repacked. 10 - lb. carton. $125: selected, cellophane wrapped $1.50; original Florida, .r lb. lug. $2.50.

THE INDIANAPOLIS TIMES

[ Cuban Am Sugar 7% 7 s , 7% 7% [ Gen Foods 32% 33% 33% 33% | Gold Dust 20% 19% 20 20 G W Sugar 28 27% 28 27% Int Salt 26% Loo.se Wiles *2% Natl Biscuit 42% 43 Natl D Prod 15% 15’, 15% 10% Purity Bak 15% 15% 15% S Porto Rico S 32 Spencer Kellog 21 20’Std Brands 21% 20% 21 21% Un Biscuit 25% United Fruit .. 67% 67', 67% 67% Wrigley .. 60’, 60 Retail Stores— Asso Dry Goods . 15 s , 15% Best & Cos 33% First Natl Stores 59% 59 59% 58% Gimbel Bros 5% 5% 5% s'-> Gr Un Tea 7% 7 7% 7 Hahn Dept Sts . 7 6%. 7 6% Jewel Tea 4g Kresge S S 20 19% 20 18% Kroger Groc 3J% 30 30% 30% Macy R H 52 * 1 Marshall Fields 17% 17% 17% 17% May Dept St 59% 59% 59% 39% Mont Ward 32 31% 31% 31% -ictl Tea 16% 15% 16% 15% Penny J C 64 63% 63% 63 Safeway St 52% 52% 52% 51% Sears Roebuck 48% 47% 48% 47% Wool worth 50V, 50 50’% 50% Aviation— Aviation Corp 8% BV* 8% 7% Curtiss Wright . 4% 4% 4% 4% Curtiss Wri iAt 11% 11% 11% 11 Douglass Air 25% 24% 25% 24% Nor Am Aviation 6% 6% 6% 6 Speery Corp 11 10% 11 S% United Aircraft 23% 22)2 23% 23 % Wright Aero . . 62% 60 61'4 57V, Chemical — Air Reduction . . 95 94% Allied Chem 153 149'/* 153 150 Am Com Alcohol 49'% 49 49% 48% Col Carbon 68 67 67 67% Com Solvents . 29 28 29 28% Dupont 95% 94% 95% 94% Freeport Tex .44% 43V4 44’4 42% Liquid Carb 27V* 26% 27% 27% Math Alkali 35% 35 35% 34% Montoscnta Chm 87% 87 87 85 Natl Dis (new) 28% 27% 28% 27% Schenelev Dist 35'% 35 35% 35 Tex Gulf Sulph 37 36% 37 36% Union Carbide 44 Vi 43% 44% 42% U S Indus Alcoh 51% 51% Virg Chem 6% pf 20 Drugs— Coty inc 7% 7V* 7% 7 Lambert 27 26% 26% 27 Lehn & Fink . 19 Vi Un Drug 14% 14 14V4 14 Zonite Prod ... 6% 6% Financial— Adams Exp . 9% 9% 9% 9% Allegheny Corp 3% 3% 3% 3% Am Int Corp . 8% 8% 8% 8% Chesa Corn 40 T shman Corp . 71% 69 71% 79% Transamerica 7 7 Tr Conti Corp .5 4% 5 4% Building— Am Radiator 15'/* 14% 15 14% Gen Asphalt 18% 18% Int Cement 29% 29% .Johns Manville 57% 55% 57% 55% J ibbv Owens Gls 36% 36% Otis Elev 15% 15% 15% 15% Ulen Const 3% 3 Household — . Col Pal Peet • JgV* Ccngoleum 27 3 , 27% 27% 27 Kelvinator 20% 19% 20% 1?% Proc Gamble . 35 34% 34% 30% Simmons Bed . IS 3 ,a 18 U 18*?* 18% Amer Woolen .. 14 3 b 13 3 4 14 3 s J 4 2 Pc'dir? Fern 13 12 3 4 13 12-4 r:~rn 37 Ccll i *' , ~ /■"*‘ v an 23’ 2 23 1 1 23*2 2^ 5 ? ’’o' 1 * 9 Va 9*2 T n>u~ R—n . 81 79 7 8 81 79 -e-v-r- .T’lius I--a! Si": 0 3

Chicago Stocks

Bt Al! ! H-/ > ■ TOTAL SALES 34,000 SHARES High. Low. Close. Adams Mfg 9% 8% 8% Advance Aluminum 3% American Yvette ■ ••• Berghoff 9% 9% Bendix Aviation . N... 19% 19 19% Borg-Warner 25% 25 V* 25% Borg-Warner pfd 100 ya Brown Fence & Wire B. 3y* Butler Bros ■ 10% 10 10% Cent HI Pub Serv pfd . J 7 Cent Ind Power pfd 14 13 13 % Cent & So West J Cent & So W P L pfd 9 Chi & North West 13% 13 13% Chicago Corp com 2% 2% 2% Chicago Corp pfd 27 26',4 27 Chicago Flexible Shaft • • 10 Chicago Yellow Cab ••• 12 Cities Service ?% Commonwealth Edison ■ “jj Cord Corp 7% 6% ] 4 Dexter Cos 4'% 4 4 Eddy Paper • .4% Gen Household Ut 13% 13% 13% General Candy Corp • 7 6% 7 Goldblatt Bros 16% Great Lakes Aircraft % Great Lakes Dredge 19 18% 19 Houdaille Hershey B 6'/* 6 6% Iron Fireman 11% Katz Drug 32 Kentucky Ut Jr Cum pf 17% Keystone Steel ••• I<V4 Kingsbury Libby McNeil 5% 5'A s'/4 Loudon Packing . IJ'A Marshall Field 18 17% 18 McGraw Electric 9% 8% 9'4 Middle West Util % '/* % Mosser Leather 15 National Leather . • 1% National-Standard ... 24% 24 24% Noblitt-Sparks Ind Inc 14'% 14% 14% N Amer Light & Power ••• 2% Penn Gas & Elec .... 12% 12 V* 12% Potter Cos 6% 6 6% Quaker Oats 115 144% 114'% Reliance Mfg Cos ... 17 Southern Union Gas . . 1% Swift & Cos 16% 16 16% Swift Internacional .... 29 28% 28 ■n Thompson. JR 8% Walgreen Cos., com 25% 25 25% Ward. Montgomery (A) 109 Waukesha Motor 31 Wisconsin Bankshares • 3% Zenith Radio 3% 3Vs 3%

Bond Prices

(By Fenner & Beane) —March 31— High. Low. Close. Alleg Corp 5s ’SO .... . 34% 33'% 34 Am & For Pwr 5s 2030 . 51 50 51 A T & T db 5s ’65 106'% 106% 106% Atchison gen 4s ’95 99% 99’% 99% B & Ocv 4'%S ’6O 69% 68'% 68% Beth Steel 5s A ’36 102'% 102 102% Brazil 6%s (26) ’57 .... 28% 27% 27% Can Pac 4s 79'% 79 79% ChMStP&P ad 5s A 2000 18% 18 , 18% CIiMStP&P rs 5s A ’75 52 51% 52 Cons Gas N Y 4'%s ’sl . .. ... 102'% Denmark s'%s ’55 , 92 Det Ed 5s E '52 104% 104% 104% Erie RRrf 5s ’67 77% 70'% 71% Goodyear 5s ’57 98V* 98 98 Gt Nor 4%s D ’76 . ... • 78% Gt Nor 7s A ’36 96% 96% 96% Interboro RT 5s '66 ... 70% 69% 70% Int T & T db 5s ’55 66 65 66 Lorillard 7s ’44 75% 75% 75% McKess & Robb 5%s 'SO 91 90% 90% Nat Dairv db 5%s ’4B 77% 77 77 N Y Cent 4%s 2013 ... 85% 85V4 85% Nor Am 5s '6l • 2 Pac Gas & El 5s A '42 49• 49 49 Para Pub 5%s ’SO 94% 93% 1 Penn R R 4%s D ’Bl 99% 99 99% Poland 7s ’47 .104% 104 104 Sin Cons 6%s B ’3B 101% 101% 101% Tevas Corp 5s 44 .. 106% 106% Tob Pr NJ 6%s 2022 102% 102% 102% Un Pac Ist 4s ’47 83% 82% 83% U S Rubber 5s A 47... 83'/2 82% 83 2 Vanadium 5s '4l .... • Western Cn 5s ’sl 91% 91 2 91 2 Ygstwn S&T 5s B '7O 84 7 /* 84V* 84V* New York Bank Stocks (By Abbott. Hoppin & Cos.) —March 31— Bid. Ask. Bankers 62 62'% Brooklyn Trust 93 95 Central Hanover 123'% 1-^,? Chase National 27V* 27,2 Chemical 39% 40 National City 28V* 28% Corn Exchange 53% 54% Continental . 13'/* 13‘* First National 1,645 1.660 Guaranty 333% 3 ?®!. 2 Irving 16% 17 Manhatten & Cos 30% 31 Manufacturers 20% 20% New York Trust. 98% 99% Public 28'/* ,29

Federal Farm Loan Bonds

tßy Blyth & Cos., Inc.) —March 31Bid. Ask. 4s, Nov. 1, 1957-37 96% 97% 4s, Mav 1, 1958-38 96 97% 4%5, July 1. 1956-36 96% 98 4V*s, Jan. 1, 1957-37 96% 98 4%5, May 1. 1957-37 96% 98 4Vis, Nov. 1, 1958-36 96% 98 4%5, Mav 1, 1942-32 98% 99** 4'is, Jan. 1, 1943-33 98% 99** 4'is, Jan. 1. 1953-33 98% 99% 4%5, July 1, 1933-33 98% 99% 4%5. Jan. 1, 1955-35 98% 99** 4%5, July 1, 1955-35 98% 99% 4%5, July 1. 1953-33 99% 100** 4%5, Jan. 1, 1956-36 98% 99** 4%5, Jan. 1, 1954-34 99% 100% 4%5, July 1. 1934-34 99% 100** ss, May 1. 1941-31 100% 101** ss. Nov. 1, 1941-31 100** 101% Home Loan 4s, July X. 1951 . 98% 99** Home Loan 4s. July 1, 1951 . 98% 99%

U. S. Government Bonds

I?// I nitrd Prest NEW YORK. March 31.—Closing liberties. (Decimals represent thirty-seconds. 1 Liberty 3%S (32-471 102 31 First 4%s (32-47) 103.11 Fourth 4%s (33-38) 103.10 Treasury 4%5-3%$ <45) 101.23 4%s (47-52 1 109.30 S%s (43-471 102.10 ?-%s (41-43) March 102.9 3%s (41) 101.28 3%s (46-49) 100.12 i* (51-55/ 93.39

U. S. SMELTING SOARS 2 POINTS; OTHERS STRONG Sperry Corporation Makes New High for Year; Gold Spurts.

Average Stock Prices

Average *of thirty industrials for Thurs- i day: High 100.83. low 99.18, close 100.31. j up 1.23. Average of twenty rails: 47.52. | 4/ 12, 47.31. up .41. Average of twenty ! utilities: 26.28. 25.88. 26.19, up .40. Aver- ] age of ten first rails: 98.17. off .05. Aver- j age of ten second rails: 81.12, up .06. I Average of ten utilities: 96.01, up .05. Average of ten industrials: 94.82. up .03. BY ELMER C. WALZER U-.nri Press Financial Editor NEW YORK, March 31.—Prices ; rose fractions to more than 2 points in a majority of issues on the Stock Exchange in today's short session, j Utilities alone were depressed, reacting to prospect of a broad inves- j tigation by the New York state legislature. Dealings were moderately active in a few issues, notably Sperry Corporation which opened on a block of 20.000 shares. The issue made a new high for the year and several other aviation issues were strong. Aviation Corporation rose a point A call for air mail bids aided the group. Metal issues continued to rise on anticipation of a higher gold price, and favoraUe silver legislation. United States Smelting rose more than 2 points in the silver division, yhile fractional advances were registered in the gold group in which Noranda featured with an advance to anew 1934 high. Steel Products Rise Just before the close, the American Iron and Steel Institute announced price advances of $3 to $4 a ton in several steel products and steel issues immediately responded with substantial advances. United States Steel was bid up more than a point, while Bethlehem advanced more than 3 points. Steel operations in the Youngstown district were advanced a point to 55 per cent on the average, and a gain for the country was looked for early next week. The whole market became active in the last few minutes of trading on the steel price advance. Leading Industrial issues responded with sharp advances. Mining issues extended gains to more than 4 points. Oils were active and strong and so were chemicals. Automobile stocks joined the rise. Packing issues were higher and so were the mercantile issues. Commodity markets generally were closed in observance of the week-end Easter holiday, but business was done as usual on the Chicago Board of Trade where prices were -down fractionally. The dollar was steady in foreign exchange dealings. Bonds were irregularly higher. Retail Trade Increases Retail trade vas reported substantially higher. Dun & Bradstreet said: “The spring upturn gives no indication of reaching its peak until the latter part of May and might be extended well into June providing sufficient buoyancy to keep the midsummer recession from easing to its usual seasonal position.” A slightly more optimistic trend was noted among the traders. Some of them revised notions on the stock market bill, holding that indications were the more objectionable parts of the measure would be modified before passage. Stock sales teday approximated 810,000 shares against 760.000 shares last Saturday. Curb sales were 188,000 shares against 165,000 shares last Saturday. Dow-Jones preliminary closing averages showed industrial, 101.85, up 1.54. railroad 47.92, up 0.61, utility, 26.04, off 0.15.

Bank Clearings

INDIANAPOLIS STATEMENT •—March 31—Clearings $1,754,000.00 Debits 4,241.000.00 Clearings for the week 8,608,000.00 Debits for the week 24,208,000.00 Clearings for the month 45,247.000.00 Debits for the month 122,618,000.00 TREASURY STATEMENT Bis United Press WASHINGTON. March 31.—Government expenses and receipts of the current fiscal year to March 29. compared with the corresponding period of the previous fiscal year: This year Last year Expenses $4,817,522,582.96 $3,758,824,995.38 Receipts $2,305,864,344.40 $1,513,396,230.83 Deficit . $2,511,658,238.56 $2,245,428,764.49 Cash balance $4,849,253,392.77 . New York Curb (By Abbott, Hoppin & Cos.) —March 31— Close! Close. Alum Cos of Am 70 Hud Bay Min. 12'/* Am Cyanide B 18%! Humble Oil 43% Am Gas & El 26 Imperial Oil Ltd Am Superpower 3'/*;fnt Petrol .... 23 •* Ass Ga; & El.. 1% Lake Shore Min 53 Atlas Corp ... 13 Libby McN Lib 5V* Can Marc 3V*iLone Star Gas . 6% Carrier Corp... 8 Natl Bellas H 3% Cities Serv 2%!Newmont Min.. 51% Consol G of B 61% Nia Hud Pwr . 6% Cord Corp 7% Pan Am Airways 41 Creole Petrol . ll'.alPark Davis ... 24 Crown C Inti 7% Penn Road .... 3% Deere & Cos . 29 iSt Regis Paper. 3% Distillers Lim 23% Sal Creek Prod. 6% Distillers Corp 18 ISherwin Wms.. 61 El Bond & Sh 17%8td of Ind 26% Fisk Rubber 17 Std of Ky 16 Ford of Can A 22 Technicolor Ind 7% Glen Alden C 17% Teck Hughes G 71* Gulf Oil of Pa 66% Un Gas 3 Hiram Walker 43 Un Pwr & Lt A 3%

Foreign Exchange

tßy Abbott. Hoppin & Cos.) —March 31— Close. Sterling. England $5.12% Franc, France 0608 Lira, Italy 0859 Belgias, Belgium 2332 Mark. Germany 3967 Guilder, Holland 6741 Peseta, Spain 1363 Krone, Norway 25/3 Krone. Denmark 2287 Yen, Japan 3021 Chicago Primary Receipts —March 31— —Bushels— Todav Last week Wheat 598.000 487.000 Corn 681 000 559.000 Oats 204.000 124.000 INDIANAPOLIS WAGON WHEAT City grain elevators are paying 79 cents tor No. 2 soft red wneat u/ner eraae* on /heir merits

Edward Boren Insurance Wine & Beer Bonds 408 Continental Bldr. . „ LI-1508

—Today and Tomorrow — Power to Manage Money Should Be Put Permanently Under an Independent Agency. BY WALTER LIPPMANN

NOW that we have had twelve months’ experience, it would seem to be time to re-examine the enormous power which is concentrated in the President. The problem can best be opened up, I think, by distinguishing three general types among the recent laws. The first is represented by the economy bill, which deals with veterans’ payments and federal salaries: by the appropriations for public works and relief; by the loans through the reconstruction finance corporation and other agencies, and by the Thomas amendment and the gold bill, dealing with monetary policy. Within broad limits laid down by congress these measures vest in the President the initiative in fiscal matters.

Insofar as they involve expenditures they are in essense an application of the principle of the executive budget. This principle has been established for 200 years in Great Britain. It has been recognized as a sound principle at least for states and municipalities, for many years in America. Everyone who objects to the pork barrel and the pension scandals has long known that the only fundamental remedy is to give the executive the initiative in proposing expenditure, retaining for the legislature its historic power to grant, refuse, or reduce the funds which tHe executive asks. In the monetary measures, there may be some question as to whether the power to manage money should be vested in the executive or in an independent agency. The best opinion, I believe, would be that it should be put permanntly under an, independent agency. But there can be no question that congress itself could

not conduct the management of money or even formulate the policy for managing it except within very broad limits. The second way in which congress has delegated authority is represented by the agricultural adjustment administration and the NRA. This is a radically different business. The grant of powers under the agricultural act is really limited only by the rule laid down by congress that farm commodities shall have a purchasing power equal to that of 1909-14 'T'z-v i-u .

To carry cut this policy the secretary of agriculture, within yery wide limits, can legislate, can levy taxes, can pay subsidies. 808 THE national industrial recovery act is an even broader delegation of power. Here there is not, as in the agricultural act, a definite statement of the policy of congress and of its objectives. The purpose is so broadly stated that the executive really has virtually the whole discretion. To him has been delegated the power to make federal laws governing all interstate commerce, and interstate commerce is regarded as virtually all commerce. In fact, however, the power has not been delegated to the President only; he in his turn, delegates it to the code authorities or trade associations of various industries. Thus, the steel companies have been vested with the power to make laws for a system of price-fixing which are enforceable in the federal courts, just as if they had been passed by congress and signed by the President. The powers under agricultural adjustment administration expire when a definite objective is attained. The powers under NRA expire in about eighteen months whether the objective is attained or not. Within three limits the two acts delegate immense legislative power. * It would be difficult to reconcile a permanent delegation of such powers with the principle of rpresentative government. Only the existence of an emergency, requiring the suspension of the normal procedure, can justify the transfer to the executive of such powers to determine fundamental policy in the economic life of the country. The executive should not permanently have the right to levy taxes or to determine how far competition should be supplanted by monopoly. But in saying this, it must be recognized that in so far as the government intends to regulate production and trade, a consideable delegation of power by congress to the executive is inevitable and necessary. a b a LONG before anybody had heard of the present crop of European dictators, it had become the practice of modern parliaments to write skeleton laws and let the executives, as Sir Josiah Stamp has put it, “supply any sort of flesh that they may think suitable.” In Great Britain, for example, these executive laws are known as statutory rules and orders. In 1890 there were 168 of them issued. By 1913 there were 444. The practice of delegate legislation has increased steadily. In the nature of things, the more complicated the business which the legislature seeks to regulate, the more it must delegate its legislative powers to the executive or to commissioners. The problem is how to delegate enough power to make the law workable, and not to delegate the power to make great decisions of policy and principle. Clearly, under the NRA, the power to make decisions of policy and principle has been delegated in an extreme form, and when the time comes, next winter, to decide how much of NRA is to be retained, congress will have no greater task

OFFICI SPACE

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than to take back into its own hands and then clarify the basic policies of the act. There is a third category in ’he recent legislation which is radically different from the other two. It is best represented by the securities act, in some degree by the banking bill, and the Stock Exchange bill, at least in its earlier form. But because it was passed by the same majorities which passed the other laws, and in the some political atmosphere, it seems at first sight as if it were of the same type. But. in fact, the essential principle of these laws is that they are more or less inflexible statutes in which congress attempts by specific rules to outlaw all manner of financial abuse. The only way in which they really resemble the other emergency laws is that they also were enacted in a hurry. But they are mjant to oe permanent. They deal with a very complicated business. They are highly inflexible. One can justify the delegation of vast powers for an emergency. One can justify the delegation of considerable powers for a permanent reform. But hurried legislation for a complex matter, which is permanent and inflexible, is hard to justify and is bound to be troublesome. It is doubtful whether congress could regulate by statute the whole investment machinery of the United States if it took plenty of time to work out the statute. It is certain that it can not regulate it by hurried legislation which fixes permanent and inflexible rules. That is why this group of laws ought to be amended until it is clear that enough power has been delegated to reliable and independent authorities to make them workable in practice. Copyright. 1934 AVOID UGLY PIMPLES Does a pimply face embarrass you? Get a package of Dr. Edwards Olive Tablets. The skin should begin to clear after you have taken the tablets a few nights, if you are like thousands of others. Help cleanse the blood, bowels and liver with Dr. Edwards Olive Tablets, the successful subsitute for calomel; there's no sickness or pain after taking them. Dr. Edwards Olive Tablets do that which calomel does, and just as effectively, but their action is gentle and safe instead of severe and irritating. Thousands who take Olive Tablets are never cursed with a “dark brown taste,” a bad breath, a dull, listless, “no good" feeling, constipation, torpid liver, bad disposition, pimply face. Olive Tablets are a Purely vegetable compound; known by their o<ivc color. Dr. Edwards spent rears among patients afflicted with liver and bowel complaints and Olive Tablets arc the i immensely effective result. Take night- | ly for a week. See how much better you feel and look. 15c, 30c. 60c.—Advertisement.

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Fletcher Ave. Savings & Loan Assn. 10 East Market St.

Real Estate Mortgages WE SOLICIT APPLICATIONS FOR PREFERRED MORTGAGE LOANS ON CITY PROPERTY. INTEREST RATE 6%—NO COMMISSION. THE INDIANA TRUST SURPLUS $2,000,000.00 THE OLDEST TRUST COMPANY IN INDIANA

.MARCH 31, 1931

SHARP RALLY SENDS WHEAT PRICES HIGHER Grain Exchange Code Has Only Small Effect on Speculation. BY HARMAN IV. NICHOLS United Press staff Correspondent CHICAGO. March 31.—Provisions of the grain exchange code, which went into effect today, made no noticeable difference in speculation on the Board of Trade. Wheat and corn closed N. ‘o t cent higher, and oats were unchanged to % cent lower. Leading commission houses claimed they could see no difference and it was pointed out that the margin requirements under the code differ little, if any. from what had been asked by commission men for sqme time past. Scattered liquidation appeared in corn and oats early with the May deliveries of both grains slipping to new lows on the current downturn May corn touched 47% cents and equaled the low of Dec. 21. while May oats at 31 % were in new ground since Oct. 20. Wheat largely resisted the pressure. A sharp rally followed the decline in sympathy with stocks and on indefinite New York reports that President Roosevel might have an important announcement to make when he returns from Florida. There were no intimations as to what the alleged statement might be, but it attracted more or less attention from the trade here and in the east. Scattered rains and snows were reported from sections of both the winter and spring wheat belts, but the item had no effect as a market factor. Provisions started steady and held within narrow limits most of the day. Chicago Futures Range —March 31— WHEAT— Prev. Oqsn. High. Low. close close! May .86 .87 .85% .86% .86% July .85% .86% .85 86% .85% Ge-.t. .86% .87% .86% .87% .87% CORN Mry .48% .49% .47% .49 48% July . .50** .51% .49% .51 .50% Sent. .52% .52% 51% .52% .52% OATS— Mav ,32%. .32% .31% .32% .22% July . .33% .33% .32% .33** .33** Sent. .33% .33** .32% ..33% .33** RYE— Mav . .58% .59% .58% .59% .58% Julv . ,59% .60% ,59 3 b .60% .49% Sent. . . . .62 .61% BARLEY— Mav-. .43 .43% .43 .43% .4'% Julv . .45% .45% .44*4 .45 .46 Sent. 47 .48 LARD (old) Hav 5.67 5.67 5.65 5.67 5.72 BELLIES (old i Mav ... 7.45 7.40 BELLIES (new) Mav . 8.05 8.00 July 8.30 8 37 8.30 8.37 8.25 Sent. . 8.55 8.45 LARD (new) Mav 6.15 6.22 6.15 6.22 6.25 Julv 6.30 6.30 6.25 6.27 6.30 Sept. 6.45 6.47 6.42 6.47 6.50

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The Strong Old Bank of Indiana The Indiana National Bank of Indianapolis