Indianapolis Times, Volume 45, Number 281, Indianapolis, Marion County, 4 April 1934 — Page 11

APRIL 4, 1034.

Wall Street Dies Silver Bill May Be Used as Vehicle for Coin Expansion. BY RALPH MENDERSHOT

Time* Special Financial Writer MUCH too little attention is beini? given to the Dies silver bill, which has passed the house of representatives and Is now being considered in the senate agricultural subcommittee. It is highly probable that out of that bill will come the new demands for infla-

tion so many people in the financial district have been anticipating. That the inflatio nis t s or currency expansionists, as they pref e r to be called, have broken with President Roosevelt is obvious, though perhaps not generally apprec i a t e and. They have not approve and Mr. Roosevelt's apparent swing to

Rilpli Ileiidcrshot

the “light” in recent months, and new that congress has garnered enough power to override a veto of his, they are confident they can put through a measure to put more currency into circulation by using silver as a base. It w’as not by accident that the silver bill went into the agricultural committee in the senate, and the move indicates quite conclusively what the inflationists have in mind. President Roosevelt seems to have gone as far as he cares to go in the direction of inflation, and they are far from satisfied. They will put through an inflation bill whether the President likes it or not if they can gather the strength to do so. a a Sloan Discusses Labor Alfred p. sloan jr.. president of the General Motors Corporation, took his company's fight on the labor issue to stockholders and to the public through his annual report on the company's affairs. He made the important point that ‘‘as a result of an interpretation (of Section 7-a of the national recovery act), which attempts to carry the weight of an edict of law, appears to be looming the spectre of the greatest monopoly that ever existed in any country in the world —the closed shop.” Mr. Sloan would appear to be in error in only one point in that statement—the section of the act under question would seem to be quite clear on the point that workers are permitted, in fact invited, to organize and deal collectively with their employers. The General Motors head leaves no question in the minds of stockholders as to how he feels about the labor unions. He asks: “Does the philosophy of the closed shop, or the history of industries in America dominated by the closed shop justify a decision in its favor? Does not the record of American industry with its freedom and independence, as developed through the mutual confidence of management and labor in the automobile industryproviding for American labor and highest standard of living in the world—justify a decision in favor of the open shop? tt tt tt I,ate in Bringing Up Subject AS has been the case with so many corporate executives, Mr. Sloan is a little late in bringing up the subject. The right of labor to deal collectively has been accepted as an offset to the right of capital, through corporations, to deal collectively under the code, might ask: Did not the corporations act in unison to prevent a strike in the automobile industry? Have they not acted in unison on previous occasions where it was to their advantage? Have such actions always been in the interest of the public? It would seem that instead of starting from scratch, the automobile executive might better get in the race from the same point as the others, and use his influence to help labor to organize in a fashion which will do justice to the workers, the corporations and to the general public.

Births Girls John and Mary McAllen. 853 North OakJohn and Erma Epperson, 2147 North Ob If* George and Josephine Wilson, 1405 Deloss. Oliver and lona King 2024 Hovev. Harold and Margarette Haskett, 1526 Reisner. . John and Anna Anderson. 539 Minerva. John and Gladys Weeden, 475 West Twenty-fifth. Carsie and Carl Noel. 1746 Calvin. Ralph and Ethel Mathis. 1014 East Ohio. Alfred and Maude McCord. 733 Elm. Owen and Rose Young. 3021 North Arsenal . Barlow and Dorothy Abney. 710 South West Flovd and Mae Swallers. 973*2 King. Charles and Leatha Butcher, 1007 South Pershing. Boys Clarence and Ethel Huddleston. 1310 Gale. Robert and Nona Leamon, 904 North Tremont. Eugene and Alma Corliss, 1112 East Maryland. Eddie and Ethel Masters. 616 Fulton. John atid Amanda Grier. 2603 Rader. Thurman and Daisy Nevells, 1129 East Seventeenth Charles and Elizabeth Webster. 835 West Twenty-sixth. William and Anna Fugua. 426 West Twelfth. Bernard and Anna Bee. 127 North Richland. Bedford and Dorothy Moore. 314 North Liberty. Harold and Jeanette Alexander, 2321 Paris. Herman and Estella Thompson. 512% South Illinois. Richardson and Vivian Wright. 826 West Twenty-eighth. Deaths Amv Hood. 46. Central Indiana hospital, general paralysis. Lert Foist. 75. 818 Church, chronic tuberculosis. Ellen Yates Barker. 62. 1049 West Twentv-ninth. chronic myocarditis. Robert Mead, 69, 785*2 Indiana, acute myocarditis. AUhannum Barnett. 42. 852 West North, acute cardiac dilatation Marie L Archer, 42. Methodist hospital, brain tumor. Louisa Eller. 76, 1810 South Talbott, cerebral apoplexy. Squire Clark. 70. 2624 College, coronary thrombosis. Mammie Francis Pegg. 61. Central Indiana hospital, erysipelas. Augusta E. Filz. 74. 732 North Euclid, cerebral hemorrhage. Herschel Bailey. 53. 2309 North Capitol, skull fracture John T. Fields. 44. 1302 Deioss. pulmonary tuberculosis. Plumbing Permits Frank Isenthai, 425 East Thirtieth, one fixture. C. Greiner 2530 Station, four fixtures. R M. Cotton, southwest corner Fiftyfourth and College, twentv.-one flxiures. William Steck. 802 Graham, six fixtures William Steck, 6415 Riverside drive, five fixtures. Bremer Bros., 3228 East Tenth, three fixtures. Strong Bros., 4420 Washington blvd.. teven fixtures James McCHntock. 5914 East Washington. two fixtures. fi. Babcock. 534 Minerva, four fix forts.

SECURITIES MOVE IRREGULAR IN NARROW RANGE

SEVERAL ISSUES GAIN FRACTIONS! DOLLAR CLIMBS Amerada Equals New 1934 High Mark; Business News Favorable.

Average Stock Prices

Average of thirty industrials yesterday were 103 00 high, 101.18 low, 102.14 last, up .78. Average of twenty rails, 48.72. 4< 94. 48 58, up .47 Average of twenty utilities, 26 08 25 64, 25.96, unchanged. Average of forty bonds. 92 81, up .14. Average of ten first rails; 98.57. up .30. Average of tt. second rails; 81.47. up .25. Average of ten utilities; 96 10. off .04. Average of ten Industrials; 95.09, up .03. BY ELMER C. VVALZER United Press Financial Fditor NEW YORK, April 4. Price movements continued narrow and irregular at the opening on the Stock Exchange today, while the dollar strengthened in foreign exchange terms on the Orthodox government financing announcement, bonds held steady, cotton cased a few points, and silver was steady. Silver shares, strong in a lastminute spurt yesterday, eased fractionally. A few of the oils continued popular, notably Amerada which equaled its 1934 high at 51%, up %. Rails were little changed. Steels made fractional gains with United States Steel at 53, up %, and Bethlehem 43’i, up %. Utilities firmed after weakness in the first part of yesterday’s session. Aviation issues, “wet” stocks, mail order shares, and amusements made small gains. Coppers held firm on hopes of higher prices. Business news was favorable in the main. During the early trading the stock market was relatively active with prices holding around the opening. An active feature in the low-priced group was Louisiana Oil, which rose 3%, up 's, after opening at 2% on a block of 5.000 shares.

Bank Clearings

INDIANAPOLIS STATEMENT. —April 4 Clearings $2,082,000.00 Debits 5.483,000.00 TREASURY STATEMENT By United Pr, s.t WASHINGTON, April 4.—Government expenses and receipts of the current fiscal year to April 2, compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $4,874,125,376.69 $3,786,891,358.80 Receipts . 2.316.276,804.50 1,525.376 306.63 Deficit 2.557.848.572.19 2.261,515.052.17 Cash Bal. 4.809.336.811.45 New York Curb (By Abbott. Hoppln & Cos.) —April 3 Close Close. Allied Mills .. 7%;Hiram Walker.. 44 Alum Cos of Am 70 Hud Bay Min. 12% Am Cyanide B 19% Humble Oil 44% Am & F Pw W 6-%ilmperial Oil Ltd 14% Am Gas & El 25lint Petrol 24 Am Superpower 3% Lake Shore Min 54% Ass Gas & El. 1 Lone Star Gas. 6% Atlas Corp .. 13 Massey Harris . 6% Can Ind Ale A 14% Natl Bellas Hess 3% Can Marc 3VNewmont Min.. 51 Carrier Corp... 8 Nia Hud Pwr .. 6% Cities Serv ... 3 Novadel Agene 65% Common Ed . 54 Pan Am Airways 41% Con Gas of B 60% Park Davis ... 24% Cord Corp . . . 7%:Penn Road . 3 Creole Petrol .. 11*2 St Regis Paper 3% Deere &Cos .. 29*2 Sal Creek Prod 7 Distillers Llm 23%Sherwin Wms.. 61 % Distillers Corp. 18% Std of Ind 27 Dow Chem 78%:Std of Ky .... 15% El Bond & Sh 17% Technicolor Ind 8 Fisk Rubber . 17 % Tech Hughes G 8 Ford of Can A 22%iUn Gas 2% Ford of Europe 7 Un Pwr fe Lt A 3% Glen A!den C . 17% Wright Harg M 10* a Gulf Oil of Pa 67%|

Daily Price Index

By United Press NEW YORK. Anril 3.—Dun & Bradstreet's daily weighted price index of thirty basic commodities compiled for the United Press (1930-1932 average. 1001: Today 107.26 Yesterday 107.46 Week ago 107.37 Month ago 109.33 Year ago 72.12 1934 high (March 12) 110.24 1934 low (Jan. 3) '■ 101.05 (Copyright. 1934. Dun & Bradstreet. Inc.)

Investment Trust Shares

(By Abbott, Hoppin & Cos.) —April 3 American Bank Stocks Corp. 1.15 1.20 American & General Sec A . 5.00 7.00 American & Inv Tr Sh 1.50 .... Basic Industry Shares 3.45 .... British Type Inv Tr Sh 50 .60 Collateral Trustee Shares A . 4.82 4.92 Corporate Trust Shares 1 old> 2.12 2.16 Corporate Trust Shares (new) 2.41 2.45 Cumulative Trust Shares 420 4.25 Diversified Trust Shares A... 6.25 .. . Diversified Trust Shares B .. 8 00 8.12 Diversified Trust Shares C ... 3.25 3.30 Diversified Trust Shares D .. 4.87 5.00 First Insurance Stock Corp . 1.32 1.37 First Common Stock Corp ... 83 .86 Fixed Trust Oil Shares A 8.63 8.83 Fixed Trust Oil Shares B 7.40 7.55 j I Incorporators Investments- 18 37 18.62 Land Bank Bond Shares 1.10 1.22 i I Low Priced Trust Sharps .... 645 1.22* ! Low Priced Trusft Shares 6.45 6.60 j Mass Inv Trust Shares 19.05 20.70 ! Nation Wide Securities 3.47 3.55 I North Am Trust Shares (53%. 1.88 ! North Am Trust Sh (55-56) 2.43 2.46 1 North Am Trust Shares (58) 2.50 2.55 Selected American Shares 1.24 1.32 Selected American Shares Ir.c 2.70 .... Selected Cumulative Snares., 6.85 Selected Income Shares 3.57 4 13 Std American Trust Shares A 3.06 3 12 Trust Shares of America 2.88 2.94 Trustee Std Oil A 5.60 5.80 Trustee Std Oil B 5.15 5.40 U S Electric Lt A- Pwr A 12 50 13.00 Universal Trust Shares 3 12 3.22

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 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 cS 13c each full rase must weigh 55 lbs. gross; a deduction of 10c a pound for each pound under i.5 lbs will be made. Butter—No. 1 25® 26c. No. 2. 23 24c; butterfat, 21c.— Quoted by Wadlev. Bv United Press CLEVELAND. April 4 —Butter—Market, steady; extras. 27c: standards, 27c. Eggs— Market, steady: extra white. 15%c; current receipts. 15c. Poultry—Market, barely steady: colored fowl, medium. 17c; Leghorn fowl, heavy. 14*<i 15c: small. 13c; springers, smooth. 17c; fancy colored broilers. 27f,i28c; stags. 12®13c: ducks, voung, 5 lbs. and up. 18c; old roosters. 10c Potatoes—Maine. mostly around $2 25; few higher; Idaho mostly s2.l<Ki 2.15: Ohio and New York. $1.85® 1.90; Michigan. $1.85® 1.90. NEW YORK. April 4.—Potatoes—Firm; Long Island. $1.10®2.25 bbl.; Southern, *2.25®5 bbl.: Maine. 51.10,i3 bbl : Idaho. $24(2.25 sack: Bermuda. $3 50.16.50 bbl: Canada. $1.75®2.10 bbl. Sweet Potatoes— Steady: Jersey basket, 50cn51.75: Southern basket. 60®51.40. Flour—Easy; springs patents. $6 30® 655 per bbl. Pork— Steady. Mess- s2O 25 bbl. Lard—Easy. Middle West Spot—s4.7o**l 4.80 per 100 lbs. Dressed Poultry—Firm: turkeys. 18ii25%c chickens. 9® 27c; broilers. 14® 28c: capons. 2C® 32c; fowls. 13*® 18c; Long Island ducks. 14'.® 17c, Live Poultry—Dull; geese. 7® 9c: turkeys. 20® 25c: roosters. 9c; ducks S'® 14c: fowls. 14® 17c: chickens. I0 ii7c. capons. 22c; broilers. 22®27c. Cheese—Du!, stale whole milk; specials 18® 19c; young America. !4%'®lsc Butter—Receipts 14 894 packages; market, easier, closing steady (cents per lb. creamery. highe: than extras. 23%*0 24%c; extra.'92 score 23%c first. 90 to 91 score 23®23%c first 88 to 89 score 22%c centralized. 90 score. 234i 23%c centralized. 89 sgore 22%c. Egg Receipts. 43,075 cases; market, firmer. =peciai packs. Including unusual henner* selections. 18%620c standards. 18918%< firsts. 16%c; seconds. 15%c; mediums. 15% ® 15%c: dirties. 15%® 15%c; checks, 15® itfee; storage packs, 17%®17%c,

New York Stocks ißy Abbott. Hoppln & CO.l "

—April 4 Prev. | Oils— High. Low. 10.30. ciose. I Amerada 51?* • ?*‘ 4 ?/ 8 ; Atl Rig • 3U-, barnsaall 8 2 J ,r_ a Uonsoi Oil 12 U 12* ♦ 12 s loom of Del 2 9 4 8 I Houston mew) 3 * Mid Cont ePt .. 14 4 14 l4 l4 e omo on 14 Pet Corp 43 8 Pntllips Pet 19 • 19 * I®'* Plymouth Oil JL 4 Pure Oil VL* Sbci On 3 ° 8 saeuey Oil ;• ik- 8 soc vac 16% 1® * 1®. 4 I?' 4 ao oi Cal 37V 36% 3 7 / 37 s o ol rvan .... ■„ ~, 3 % SO ot N J ♦o’* 4 &% 45 * 43 8 s>un OH , j.exas oorp ••• 7-1, 7, ,’ 4 tidewater Assn . ■■ J,, 4 Un Oil ol Cat .. 17Va 17 l7 .4 1 ( /4 Am 1 tvon”Mills .. 24* 2 24% 24% 24% Seth Steel 43*, 43-. 43',4 43 t>yers A M ••• *:.' 2 tui Fuel & Iron 8: ‘ oruc ateei 34 iniand, steel 'J 3 ouoium steel 4 ‘, jMcixeespori. Tin. "JV 8 tteei:::::: 48% % %' ill iron V Steel :: LI M* 22% Hep tr <st dt pid 33 \ ? u o Pipe Oi iuy 20,4 20 8 J S Steel 03 34 4 U b steel pfd 90 * 9014 warren Hr os.. .. ... ••• 1074 ioungsn a (s I 3a^B .Minors — Auuuru 54 % 54 oinysier ... 004 po% ueu Motors 39% 39',a votli Motors pfd .. ... ••• 99% (-jranaiii Mot ... • 3 % nUusou ••• 22 Va 22 rrupp 0 Mane Truck. 3o ,s rvasn 20% pae/.ard 3 % 4 rveo *“•* enudebaker ... 7Va 3% a enow truck 6% t>% Motor Access— Betidix •• ... 19% 19% nonn Alum ... 63•% 63% uorg Warner ... .. ... 26% 26*% Briggs Ida 17 buuu W'heel ..... ... 4 4 talon Mig ... 21 20% Siec Auto Lite 29 % 29*% ttoudauie A 6% 6 Mullins Mig 13% Mumns Mtg pfd ... 30 Murray Bony 10% 10 stew vVarner ..... ... ... 9 limken Ron .. ... 35Vi 30% 1 unwell Det Axel .. ... ... 7 Mining— Alassa oun 22% 22 : /g Am Metals ... 24 Am bmeit ... 45% 45*% Anaconda 15% 15% 10-'a 10% nal & Hecla ... o'a .5% Cerro De Pasco. 37% 37% 3i ;* 3 ('% Dome Mines .. 4040 Oranby 11% 11% 11% 11% Homestake Min 380 Howe bound 51 51 ins Copper .... 6 5% 6 a% tnt Nicxet 28 Va 2u int Sliver 38% tvennecott Cop 20‘a 20' 2 Mclntyre Mine ... ... ... 49% ivoranoa Cop ... ... 41% 4174 Park Utah 5% 5% o°/ 574 Pnelps Dodge ... 17% 17'/a 11% 1(% St joe Lead ... . . 23 U S Smelters ..130% 130 130 13U% Vanadium ... ... 2i% Amusements— Crosiey Radio ... ... ... 14 Pox Tnea ... ... 102 | noews Inc ... 32% 32% Radio Corp ... 8 7% KKO .. 37a Vvarner Bros ... 7% 7% 7% 7% Tobaccos— Am Snuff ... ... 55Vi Am Sum Tob 19% 197s Am Tobocca A’ ... 61 Am Tobacco B’ .. ... ... 69 (Jen Cigars 31% 31*2 Ligg & Myers B’ . 8974 Lonllard 17'/a 17% Reynolds Tob 8.. ... 41% 41 Kails— Atcmson 67 67% Atl Coast Lines. .. ... 47% 47% BAG 29% 29% Can Pac 17V4 17 Ch & Ohio 40*4 45% Chi <& lit W 4 a 4Vs Chi Ac Ot W pfd ll 1 /4 C M & St P 6/a C M Ac St P pfd 11 Chi 14 W 13% 13'/4 Cm N W pfd 24 lieia & Hud 64 'a Del Lac Ac W 28! 2 28 2 brie 21 Erie pfd 2a % Ort Rorth pfd.. .. ... 28V 28% 111 Central 327a 32!a Lehign Valley 18% sou Ac Nasn .•■ 57 HKicT 12% 11% M K Ac T pfd 27**4 Mo Pac . . ... ... 5 Mo Pac pfd BVi N Y Cent ...... 36V'i 36% 36% 3678 N Y Chi & St L 21*2 NY C Ac St L pld 31V4 NY New Haven 19 Vi 19 19Vi 19Vi N Y Ont Ac West 10 Norfolk & Wes.. .. ... ... 174 Nor Pac ... 32% 32% Penn R R 35% 35 35 34% Sou Pac 28% 28% Sou R R 32% Sou R R pfd ... 36 Union Pac .. 127% Wabash 3% 4 West Maryland 15 Vi 15%

Equipments— Allis Chalmers.. 19% 19% 19% 19% Am Brake Shoe ... 32% Am Car & Fdy 28% Am Loco ... ... 34 Am Loco pfd .... 69 !4 Am Mach & Fdy 16 Am Steel Fdy 21 Va 21% Bald Loco 14% 14% Bald Loco pfd .... ... 55 55 Burroughs 16 Case J I 72% Cater Tract 31% 31% Deere & Cos . 29% Foster Wheeler 18% 18% Gn Am Tk Cr . ... 39% 39% Gen Elec ... 22% 22% 22% 22% Gen R R Sig 41 % Ingsol Rana 66% Int Bus Mach.. .. ... ... 133 lint Harvester .. .. .... ... 41% ' Natl Cash Reg 19% 19% j Pullman Inc ... ... 55 Rem Rand ... ... 12% Und Elliot 44'% 45 West Air B ... . 30% Westingh Elec .... ... 38% 39 Utilities— Am & For Pwr 10V* 10% Am Power & Lit 8% B**4 AT&T 120% 120*4 Am Wat Wks 20% Brook Un Gas .... ... 69% 69* 2 Cos Gas & Elec.. 15% 15% 15% 15 1 a Col G & E pfd ... ... .. 73 Com & Sou ... 2% 2% Consol Gas 37% 37% 37% 37% Elec Pwr & Lit.. ... ... 7 EP & L pfd ... 13 12% 12% 13 Int Hydro Elec ... 7% Int TANARUS& T 14% 15% Lou G & E "A” 17% Nat Pwr & Lit 11% 11 North Amer ... ... 18% Pac G&E 19% 19*4 Peoples Gas . 37% 1 Postal Tel pfd .. 25% 25% 25% 24% Pub Serv NJ .. 38 37% 38 37% | So Cal Edison 19* 8 Std Gas ... 12V* Std Gas pfd 12 Stone & Webster 9% 9% United Corp 6% 6% Un Gas Imp 16% 16% Ut Pwr & Lit A ... 3% Western Union 56% Rubbers— Firestone 21% 21% Goodrich 16% 16% 16% 16% Goodyear 35% 36 KHly Spring 3% U S Rubber 20% 20% U S Rubber pfd 45 45 Miscellaneous— Am Bank Note.. .. ... .. 18 Am Can 100% 100% Anchor Cap 20% ' Brklyn Man Tr 28% ; Conti Can ... 78 78 Crown Cork 30% Curtis Pub 23% 23 Curtis Pub pfd 68% Eastman Kodak 89 Gillette 11 11 Glidden 25% 25 Inter Rapid Tr 8% Owens Bottle ..... ... . 84% Raybestos Mfg 20% 20% Foods— Am Sugar 53 Armour A 6% 6% Borden Prod ... 23 22% 23 22% Cal Packing 25 Canada Dry G A 26% Coca Cola ... 107% Corn Prod 73% Crm of Wheat. .. ... .. 32% Cuban Am Sug 7% 7% Gen Foods 34 Gold Dust ... 21% 21% G W Sugar 30 30 Int Salt 28% 28 Loose Wiles 42% Natl Biscuit 42% Natl D Prod 16 15% 15% 35% Purity Bak 16 S Por Rico Sug . ... . . 34 Spencer Kellogg 22 21% 21% 21% United Fruit 69% 69 Wrigley 59 Retail Stores— Ass DTy Goods 15% 15* 2 15% 15%

Federal Farm Loan Bonds

(By Biyth * Cos.. Inc.) —April 3 Bid. Ask. 4s Nov. 1. 1957—37 96: 1 * 98 4s May 1. 1958—38 96:> 98 4Us July 1. 1956—36 97> 98U 4'*s Jan. 1. 1957—37 97'* 98' 3 4>*s Mav 1. 1957—37 97> 98U 4 1 *s Nov. 1. 1958—38 97'* 98U 4Us May 1, 1942—32 99' * 100 U 5Us Jan. 1. 1954—33 99>* 100 1 * 4Us Jan. 1. 1954—33 99 100'* SUs July 1. 1953—33 99 100'* lUs Jan. 1. 1055—35 99 100'* Us July 1, 1955—35 99 100'* iUs Jan. 1. 1956—36 99 100',* •\s July 1. 1953—33 99’* 101 Us Jan. 1. 1954—34 99U 101 s May 1, 1941—31 100** 100*4 5s Nov. 1. 1941—31 100 U 100 H some Loan 4s. July 1. 1951.. 99ft 99S

THE INDIANAPOLIS TIMES

Best <fc Cos 33% 33% First Natl tSores 61* 2 Gimbel Bros 5% 5% Gimbel pfd 25 Hahn Dept Sts. 7 6% Jewel Tea 45% Kresge S S 19% 19% Kroger Gros 31 Va 31 Macy R H 50% 49% 49% 51% Marshall Fields 18% 18% May Dept St 40% Mont Ward 31% 32 Natl Tea 16% Penny J C • 64 Safeway St* . . 53% 53 Sears Roebuck . 48% 43 % 48'a 48*2 Wool worth 50 Va Aviation— Aviation Corp .9*2 9% 9% 9% Curtiss Wrignt . 4*2 4% 4% 4% Cur Wright A .. 12% 12 12% 12 Douglass Air .... . 25% 25% Nor Am Av 6% 6% 6 a 6*4 Speery Corp . 11% 10% 10% 11% United Aircraft. 23% 23% 23% 23% 1 Wright Aero 61 Cnemicals— Air Reduction 98 Allied Chem 151 Am Com Alco 50'a Col Carbon 68% 68*2 Com Solvents 29% 29% Dupont 97% 97 Vi 97% 96*4 Freeport Tex .. 45 44% 44% 44% Liquid Carb .... . .. . 28 Math Alkali ... 34% 34% 34% 34% Monto Chem .... . . . . 91 Natl Dis tnew). 29% 29 29% 29 Scheneley Dist 37% 37 37% 37% Tex Gulf Sulph . . . 37% 37 Union Carbide .. 44% 44 Va 44Va 44 % U S Ind Aico 53 Vg Chem 6% pfd 19 Drugs— Coty inc 7Vi Lambert, ... ... 26% Lehn Ac Fink 197a Un Drug 15% 15% 15* a 15 Zonite Prod 7% 7% Financial— Adams Exp 9% 9% Allegheny Corp. 3% 3% 3* a 3% Am Int Corp ... .. 8% Chesa Corp . 43 42% Lehman Corp . 72% 72 72% 72% Transamerica .. 7'/a 7 7* a 7 Tr Conti Corp ... ... 5‘,4 5% Building— Am Radiator ... 15% 15% 15% 15% Gen Asphalt .. 19% 19% 19% 19 V Int Cement ... ... 29% Johns Manville 58Va Libby Owens Gls 38 37% 36 37% Otis Elev 16 16 Ulen Const ... 3% 3% Household— Col Pal Peet 16% 16% Congoleum 28% Kelvinator 20V* 20 Mohawk Carpet 16% ... Proc Ac Gamble. 21% 21% 21% 21% Textiles— Amer Woolen 14% 14% Belding Hem 13% 13 Celanese Corp 37% 37% Collins Aikman 24% 25 Gotham Hose 11% 11 Indus Rayon 80% 80% Kayser Julius 16% 16% Real Silk 11% 11%

Chicago Stocks By Abbott. Hoppin <sf Cos. ——

—April 4 High. Low. 11:30 Asbestos Mfg 3% 33% Bastian-Blessing ... 6% Bendix Aviation 19% 19% 19% Borg-Warner 26% 25% 26% E. L. Bruce Cos 14% Butler Bros 10% 10% 10% Bergofif 9% 9% 9% Cent & So West 1% Chicago Corp Com 2% Cities Service ... 2% Club Aluminum ... % Cord Corp 7% 7% 7% Crane Cos 9% 9% , 9% Electric Household ... i 12 Great Lakes Dredge .. 19% 18% 19% Gen Household Util.. 15% 15% 15% Kingsbury Brew 7!l Libby-McNeil 5% 5% 5% Marshall Field 19% 18% 19% Middle West Utilities.. .. ... % Noblitt-Sparks Ind. Inc 14% 14% 14% Ontario Mfg 13% Prlma Cos 9% Public Service N P 18 Quaker Oats 113 112 112 Sears Roebuck 49 Swift & Cos 17% 16% 16% Swfift International ... 29 28% 29 Utah Radio ... 1% Utility & Ind 1% Utility & Ind pfd 4% Walgreen Cos., com .... 27!* 27 27 Zenith Radio ... 3%

Bond Prices

By Fenner & Beane. —April 4 High. Low*. 10:30. Alleg Corp ss. ‘SO 35% 34Va 34% Am & For Pwr ss, 2030 51% 51 51 A T & T db ss, '65... 106% 106% 106% B& O cv 4%5, '6O ... 70% 69% 69% Beth Steel ss. A ’36 102% Brazil 6%s (26), ‘57 26% Can Pac 4s 79% 79% 79% ChMStP&P ad 5s A 2000 18% 18% 18% ChMStP&P rs 5s A, ’75 53 52% 52% Cons Gas N Y 4%5, '57 102% Denmark 5%5, ’55 ... 92 Goodyear ss. ’57 98% 98 98% Gt Nor 4%s D. ’76 80% 80% 80% Gt Nor 7s A. ’36 91% Interboro Rt ss. ’66 ... 70% 70% 70% Int T&T db ss, ’55... 67% 67% 67% Lorillard 7s, ’44 ... 115 McKess & Robb 5%5, 50 77% 77 77% Nat Dairy db 5%5, ’4B 90% Nor Am ss, ’6l ... 86% Pac Gas & El 5s A, ’42 J 05% Penn R R 4%s D, ’Bl.. 95 94% 95 Poland 7s. ‘47 99% Royal Dutch 4s A, ’45. ... ... 141 % Sin Cons 6%s B, '3B " ... 104% Texas Corp ss, '44 ... 102 101% 102 U S Rubber 5s A. ’47.. 83 82% 82% Vanadium ss, '4l 80% Ygstwn S & T 5s B. ’7O 85

In the Cotton Markets

—April 3 CHICAGO . High, Low. • Close. January 12.48 12.40 12.48 March 12.60 12.55 12 60 May 12.09 11.97 12 09 July 12.20 12 09 12.20 October 12.37 12.24 12 37 December 12.45 12.35 12.45 NEW YORK January 12.42 12.32 12.42 March 12.52 12.41 12.52 May 11.99 11.90 11.99 July 12.11 12.01 12.11 October 12.27 12.15 12.26 December 12.35 12.26 12.35 NEW ORLEANS January 12.37 March 12.49 12.45 12.49 May 11.98 11.87 11.97 July 12.07 11.98 12.07 October 12.24 12.13 12.24 December 12.2*7 12.23 12.27

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 ala. Other Livestock By United Press LAFAYETTE. April 4.—Hogs—Market, steady to 10c lower: 250-325 lbs., $3,804)4; 180-200 lbs., $3.85®3.&5; 160-180 lbs.. $3.65 3.75: 140-160 lbs.. [email protected]; 125-140 lbs, $2.50'? 2.75: 100-125 lbs.. 51.75ig2.25; roughs, $3.25 down; top calves, $5; top lambs, SB. FT. WAYNE, April 4.—Hogs—Steady to 10c lower: 250-300 lbs.. $4.05; 200-250 lbs $3.95; 180-200 lbs., $3.80; 160-180 lbs $3.70; 300-350 lbs.. $3.60; 150-160 lbs’ $3.15: 140-150 lbs.. 53.90: 130-140 lbs., $2 65 ; 120-130 lbs.. $2.25; 100-120 lbs., $1 75 : roughs. $2.75; stags, $1.50; calves, $6 : lambs, $8.50® 9. B,m Time* Special LOUISVILLE. April 4.—Cattle—Receipts, 200. including 31 direct; demand somewhat easier; most slaughter cattle quality generally plain; market steady to weak; bulk common to medium steers and heifers S4<gs; better finished kinds quotable. $2.25 I'd 5.75 or better; bulk beef cows. *2 5048 3 25; low cutters and cutters. $1.25<i2 25sausage bulls, mostly *3.50 down: common to medium Stockers and feeders. *34i4well bred Herefords. mostly $5(5 5.25. Calves—Receipts. 450. including load or so stock calves; market, steadv: better trades. s4®s: medium and lower grades. 3.50 down. Hogs—Receipts. 1,000: 5 cents lower; 170-240 lbs.. $4.10; 245-270 lbs S3 75: 275 lbs. up. $3.40; 145-165 lbs.. $3.25; 120-140 lbs.. $1.90: sows, $2.15. Sheep— Receipts. 25; mostly steadv: medium to food wooled lambs. $74/8: choice eligible. 8 50: common light throwouts. $5: bulk fat weolec ewes. $2.5047 3. Receipts Tuesday—Cattle. 135: calves, 414; hogs. 1.014; sheep, 12. Shipments Tuesday—Cattle, none; calves. 360; hogs. 495; sheep, none. Pension Age Reduced Bp United Pro* MILWAUKEE, April 4.—Voters of Wisconsin approved by a Bide margin a proposal to reduce the minimum age for old age pensions from 70 to 60 years, returns from yesterday’s referendum indicated today.

SWINE VALUES STEADY TO 10 CENTSJ.OWER Cattle, Lambs Turn Weak; Veals Unchanged at $6 Down. Further weakness developed in hog trading at the local stockyards this morning. Few classes remained steady to 10 cents lower while most grades were around 5 cents under yesterday's average. General bulk of all weights sold at $3.90 to $4.15, light slaughter kinds scaling from 160 to 130 pounds, were selling at $3 to $3.50. Light lights weighing 100 to 130 pounds, brought $2 to $2.75. Receipts were estimated at 6.000; holdovers, 235. With general trade less active than the previous session, good steers in the cattle market were weak to around 15 cents lowe% Bidding on other grades was 15 to 25 cents lower. Several loads in early trading ranged from $5 to $5.75. Weak trend was evident in she stock. . Receipts numbered 900. Vealers continued unchanged, salable at $6 down. Receipts were 800. Lamb values were mostly 25 cents lower in dull trading, with early bulk of clipper grades selling at $7.50. Others remained inactive. Receipts were 900. With initial bids scarce, asking was strong on hogs at Chicago. Only slight action was displayed in all classes. Receipts were estimated at 16,000, including 8,000 directs. Holdovers, 2,000. Cattle receipts numbered 8,000; calves, 2.000; market strong to 25 cents higher. Sheep receipts were 5,000; market, steady to weak. HOGS March. Bulk. Top Receipts 29. $4.25(0; 4.50 $4.50 7,000 31. 4.15(0! 4.40 4.45 30. 4.25® 4.50 4.55 6,000 A 2 PrU ' 4.15® 4.40 4.45 7.000 3 4.00® 4.20 4.25 (.000 4. 3.90® 4.15 4.15 6,000 Market, lower (140-160) Good and choice ...$ 3.25® 3.50 —Light Weights—-(l6o-180) Good and choice 3.90® 4.05 (180-200) Good and choice .. 4.05® 4.10 —Medium Weights—-(2oo-220) Good and choice 4,10® 4.15 (220-250) Good and choice 4.10® 4.15 —Heavy Weights—-(2so-290) Good and choice 4.10® 4.1a (290-350) Good and choice ... 4.00® 4.15 —Packing Sows—(3so down) Good 2 ? 22 (250 up l Good 3.15® 3.35 (All weights) Medium 3.00® 3.2a —Slaughter Pigs—-(loo-130) Good and choice ... 2.00® 2.75 CATTLE Receipts 900; market, lower. (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® 7.00 Common and medium 4.50® 6.00 <6 Good°and choice 5 25® 6.25 Common and medium 3 00® 5.25 (750-900) — Good and choice 4.75® 6.00 Common and medium 2.75® 4.(5 —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, 800; market, steady. Good and choice $ 5.50® 6.00 Medium 3.50(a) 5.00 Cull and common 2.00® 3.50 —Calves— Good and choice 3.50® 5.00 Common and medium 2.00® 3.50 —Feeder and Stocker Cattle—-(soo-900) , . „„ Good and choice 4.00® 5.50 Common and medium 2.75® 4.00 (800-1,5001-Good and choice 4.00® 5.50 Common and medium 2.75® 4.00 SHEEP AND LAMBS Receipts, 900; market, lower. Wool grades (90 lbs. down) Good & choice $8.50® 9.10 (90-110 lbs.) Good and choice 8.25® 9.00 (500 lbs. down) Com. and med. 6.50® 8.50 —Ewes— Good and choice 4.50® 5.50 Common and medium 2i>o® 4.50

Other Livestock By United Press CHICAGO. April 4.—Hogs Receipts, 16,000, including 8,000 directs; slow, about steady with Tuesday; 180-280 lbs., s4(® 4.15; top, $4.20; 280-370 lbs. $3.75; 140170 lbs., $3.25® 4; pigs, $2.50@3; packing sows, $3.10®3.25; light lights, 140-160 lbs., good and choice, $3.25(04; light weights, 160-200 lbs., good and choice. $3.75®4.15; mediugh weights, 200-250 lbs., good and choice. $4(4.20; heavy weights, 250-350 lbs., good and choice. $3.75®4.10; packing sows, 275-550 lbs., medium and choice $3®3.50; slaughter pigs, 100-130 lbs., good and choice. $2.25® 3.25. Cattle—Receipts. 8.000; calves, $2,000; fed steers and yearlings, strong; instances shade higher; shipper demand fairly broad; killing quality better; best yearlings. $6; 1,800 lbs., averages, $5.25; bulk fed steers and yearlings. $5.25®7; other killers, steady’ slaughter cattle and vealers, steers. 550-900 lbs. good and choice, $6®7.75; 900-1,100 lbs., good and choice, $6®7.75; 1.100-1,300 lbs., good and choice, $5.85® 7.65; 1,300-1,500 Tbs., good and choice, $5.50®7.65; 550-1.300 lbs., common and medium, s4®6; heifers, 50-750 lbs. good and choice, ss® 6.35; common and medium, $3.50® 5.25: cows, good, $3.50®4.50! common and medium. $2 65® 3.75; low cutter and cutter, $1.50® 2.65; bulls (yearlings excluded 1 good ibeefi, $3.10<53®5; cutter, common and medium. $2.50®3.35: vealers. good and choice. ss*® 6 75; medium. s4®s; cull and common, $3 @4; Stocker and feeder cattle, steers, 5501.050 lbs., good and choice. $4.50® 5.75; common and medium. $3.25®4.75. Sheep —Receipts. 5,000; fat lambs opening slow; indications steady; asking $9.10 and up, but buyers talking $8.90 and below'; slaughter sheep and lambs, lambs. 90 lbs. down, good and choice, $8.65® 9.10; common and medium. $7®8.65; 90-98 lbs., good and choice. $8.40®9.10; ewes, 90-150 lbs., good and choice. $4®5.65% all weights, common and medium, $3®4.50. EAST ST. LOUIS. 111., April 4.—Hogs —Receipts, 9.500; market opened 5c to 10c higher; few pigs and light lights 10c to 15c up; later trade at standstill; liberal proportion unsold; a few bids barely steady; top. $4.20; early sales 170 to 250 lbs., $4.10®4.20; a few 150 to 160 lbs.. $3.85 ® 4.10; 130 to 140 lbs., [email protected]: 100 to 120 lbs., [email protected]; sows, [email protected]. Cattle —Receipts 2,000; calves, 1,500; market opened slow but steady on few steers at [email protected]; other classes generally steady in slow trade; mixed yearlings and heifers largely $4.25®5.25; cows, $3®3.75; low cutters, $1.25® 1.75; top sausage bulls, $3.35: top vealers, $6; nominal range slaughter heifers, [email protected]; slaughter steers. 550 to 1,100 lbs., good and cho(**, 55.75®7; common and medium, $3.75®5.,5; 1.100 to 1,500 lbs., choice, $6.25® 7; good. $5.50®6 50; medium. $595.75. Sheep—Receipts, 1,800; market; only odd lots sold; city butchers bought few wooled lambs at $8.75® 9: clipped lambs. $7.25® 7.75; odd lots spring lambs. sll down, steady: lambs, 90 lbs. down, good and choice, $8.50® 9.25: common ana medium, s6® 8.50; 90 to 98 lbs., good and choice. $8.25®;9.’5: yearling wethers. 90 to 110 lbs., * good and choice. $6.7508.25; ewes, 90 to 150 lbs., good and choice. $3.75® 5.50: all, weights, common and medium, $2.750 4 25. PITTSBURGH. April 4.—Hogs—Receipts, 1.000; holdovers. 1.050; 15 to 25 cents ower; top, $4.50; bulk, 160-220 lbs.. *4.40® 4.50: 220-250 lbs . quotable, $4.25® 4 40; heavier butchers. $4.25 down: 100-130 lbs , $3®3.25; sows, s3® 3.50. Cattle—Receipts, 15; steady. Calves—Receipts, 200: unchanged: good and choice vealers. $6.50® 7; cull and common, $2.50® 5. Sheep—Receipts. 1.000: shorn lambs, steady; good and choice. *7.25®7.50; medium, s6®7; no choice wool iambs on sale, quotable. $9 50 down; clipped wethers, steady to weak. $4.50 down; spring lambs, nominally up to *l2. CLEVELAND. April 4—Cattle—Receipts, 150; market steady; run mostly common quality; all sold; choice steers. 750-1.100 lbs, *6 50® 7.50: 650-950 lbs. $5.50® 6.50: 900-1.200 lbs.. *5.25® 6 25: heifers. 600-850 lbs.. $4.50® 5 50; good cows, all weights. $2.75®3.25. Calves—Receipts. 600: market, 50 cents lower: prime veals. $6.50® 7: choice. *6® 6 50: medium. $4 50® 5 50: common. *3®4 50. Sheep and Lambs—Receipts. 1.00 G: market. 25 to 50 cents lower in dull trading; good to choice wool lambs, *8.50® 9: medium to good. *7® 8 50: culls and cuts. *s® 6.50; chice clipped lambs. $6 50®"; medium to good, *s® 6; prime wether sheeix *s® 6: choice ewes. *4®s; medium to good. *3®4. Hogs—Receipts, 1.700: market, steady to 10 cents lower, slow trading: 250-300 lbs.. *4: 220250 lbs.. *4.25; 180-220 lbs., *4.25®4.35; 150-180 lbs., *4.25®4.35; pigs. 100-140 lbs., $2.75; stags. $1.75,

Today and Tomorrow

Government Control and Regimentation Shall Become Permanent Policy of United States. BY WALTER LIPPMANN

SPEAKING the other night over the radio. Representative Wadsworth said: “To put it briefly, the government will decide how a man shall be permitted to earn his living, whether it be in a dry cleaning establishment in Jacksonville or a wheat farm in Kansas. You and I might not be disturbed about this thing if we were absolutely certain that it was temporary. But that is not the case. It is proposed that this philosophy of governmental control and regimentation shall become a permanent policy of the United States." Mr. Wadsworth bases his belief that the President is

committed to a policy of permanent regimentation upon the fact that he has made speeches within the past three months saying in general terms that he will not turn back. But Mr. Wadsworth appears to have overlooked a crucial point in the situation. It is this: The most drastic, the most inclusive, the most far-reaching power to regiment industry which the administration possesses is the power to license this under Section 4-B of the national industrial recovery act. Under this section the President could prevent almost any one from doing business who “does not conform to such regulations as the President shall prescribe.” But this power expires automatically within about three months, to be exact, on June 16 at 11:15 a. m. And the interesting thing is that there is as yet no indication that the administration intends to ask congress to extend this grant of power. In all the fore-

casts of what remains for congress to do there has been not even a hint from the President that he is going to ask congress to renew this power. If Section 4-B expires in June there will have gone out of NRA the basic power which the administration would have to have if it really in/ tended to set up a planned and— ——

regimented economy. There would, to be sure, still remain in force until June 16, 1935, the powers under Section 3-D by means of which the President can “upon his own motion” impose a code upon an industry. This is still a very great power. But it is a very different sort of thing from the licensing provision. Under that provision the President can license a business, prescribe rules for it, and if he thinks his rules have been violated, can revoke the license and shut down the business. This is the summit of administrative, or, if you like, bureaucratic, authority. It is this authority which expires this June. The other power, which lasts until a year from June, the power to impose a code upon an industry does not vest in the executive the power to judge and to punish. A violator of the code is not at the mercy of the discretion of the President or his agents. The ordinary processes of law, with his day in court, remain to him. The licensing provision is in the literal sense a dictatorial power. The executive is legislator, judge, jury and* executioner. The compulsory code provision is an extreme form of delegated legislation: it permits the President to make federal laws. But it does not give him the power to execute them as he sees fit. It may therefore be said, I believe, that if the licensing provision expires on June 16, the essential power will have disappeared which would be required to establish an industrial system planned and directed from Washington. If the President asks for a renewal of this power, then those who object to a planned and directed economy will have the issue presented in concrete and practical form. This is the acid test which will determine how much truth there is in the intentions which Mr. Wadsworth, Mr. Mark Sullivan and others impute to the President. My own view is that the administration ought not to ask for the renewal of this power. u a a THIS licensing provision is far too great a power to be vested in any official, except under the most pressing emergency and for the briefest possible time. Asa permanent power, it is utterly inconsistent with American liberties. That is the fundamental objection to it. But there is a practical objection as well. It is that the promise of NRA is most likely to be achieved if the government ceases to use compulsion and allows the codes to become compacts based on reciprocal benefits among those concerned. Then NRA may develop into a system of constitutional government within industry. But if the system is dictated from Washington, it surely will break down. For the men do not exist who can plan for and dictate to the multitudinous industries of the United States. The only way NRA can become a permanent new deal in industry is to remove from it the initiative plus compulsion which the NRA officials now possess. If that is done, the system of NRA-gradually will begin to take the form which congress obviously intended it should take when the act was passed. Codes will be a privilege granted to industries desiring them in return for concessions to the public interest in the form of collective bargaining and fair trade practices. This would be an orderly evolution of industrial co-operation within the framework of the principles laid down by the courts and invoked by Senator Wagner when he made his official argument for the act in his speech of June 7, 1933. u tt n BUT if the initiative to impose codes and the drastic powers of compulsion are made permanent the prospect would be one of infinite troubles. We should find Washington tangled in a mass of rules and decrees which it could not hope to enforce. Those to whom it was attempting to dictate would be in a state of constant rebellion; those who expected enforcement and were disappointed would be in a state cf continual discontent. All the general compulsory powers under the licensing section should be allowed to lapse in June of this year. The compulsory powers to impose codes should be allowed to lapse next year. Then, if it can be shown that a particular industry is sick, demoralized, or in need of being regimented, let us have a special bill for that industry, freely debated in congress and deliberately enacted. The Bankhead cotton bill, whatever else one may think of it, is at least an example of the right way to proceed. There may be industries which need to be regimented. They should be dealt with by specific laws and not by blanket powers. The time has passed when it can fairly be maintained that the emergency is of such a character that vague and unlimited powers are necessary throughout the whole economic order. Last June nobody knew what powers might be needed to carry the country through the winter. It was necessary to be ready for anything eventually. But now, though we have a long road to travel, the crisis is past and we have come to a point where unlimited nowersi of comparison over

' jn

industry are embarrassing rather than useful. The risk of letting them lapse is now less than the risk of holding on to them. (Copyright. 1934. by The Times)

INVESTMENT TRUST INCOME INCREASES Massachusetts Shows Gain for Three Months. Net income of Massachusetts Investors Trust for the quarter ended March 31, 1934, amounted to .235 cents per share, compared with .194 cents in the previous three months, according to the report released today. The thirty-ninth annual report of the trustees shows eight ertra dividends received in this quarter, among which were the following: Draper Corporation, Norfolk & Western Railroad Company, J. C. Penney Company, United Shoe Machinery Corporation and U. S. Smelting, Refining and Mining Company. Initial purchases w*ere made in several stocks not previously owned and these include 3.000 Hercules Powder Company, 1.000 Homestake Mining Company. 10,000 International Nickel Company. 20.000 Kelvinator Corporation, 10.000 LibbyOwens Ford Glass Company and 12.000 Loew's, Inc. Principal sales during the quarter consisted of 14,000 Gold Dust Corporation, 7.000 National Biscuit Company, 3,000 Procter & Gamble Company, and 10,000 Union Carbon Corporation. During the twelve months ended March 15, 1934, net asset value per share amounted to $18.99, compared with $14.24 in the same period of 1933. This was an increase of 33.4 per cent.

Bright Spots

(By Abbott, Hoppin & Cos.) Willys Overland factory resumed profduction Monday, the new Willys priced from $430 up. Lone Star Gas declared regular quarterly dividend of $1.62 on 6% per cent preferred stock. Net income of American Gas and Electric and subsidiaries for twelve months ending Feb. 28 was 59.699,849, after charges against $10,956,213 for previous twelve months. Electric Bond and Share declares regular quarterly dividend of $1.50 on 6% preferred stock and $1.25 on $5 preferred. International Business Machine Company report profits were $25,000 higher for month of January than for previous year. Profits for the first two months of this year were $103,000 above the same period last year. General W W. Atterbury president of the Pennsylvania Railroad Company ‘“’l ’ *l* at es that for the first quarter of 1934 the company will show available for dividends $4,600,000 as compared with of d l93 < 3 t ° f 5660 000 in flrst thre e months Unfilled orders of the Curtiss Wright totaled $6,504,763 against $5,340,890 first quarter of last year. Kelvinator Corporation report Marrh shipments to be 100 per cent over March of last year. rT?no^ o,or Metpr Gauge and Equipment ?r°jr panv -r-u nnollnce a 5 P pr cpnt wage incompany is working two full shifts and one half of a third shift

U. S. Government Bonds

By United Press NEW YORK. April 3—Closing Liberties. (Decimals represent thirty-secondsi. LIBERTY 3%s (32-47) 103 3 First 4's (32-471 103 13 Fourth 4Us (33-33) 103 18 TREASURY <45) 101.28 3’*s (43-47) 102 8 3%s (41-43) March 102 10 3%s (40-43) June 102 11 3%S (41) 102 3%s <46-49) 100 9 3s (51-55) 89.2

On Commission Row

—April 3 Fruits Apples—New York Baldwins, fancy *1 60 5T.75; fancy Staymans. $2.25; fancy W;nesaps. $2.50. Oranges—California Sunkist. $3.25® 4Flondas. $3®3.25. Lemor-s—Sunkist. $5 50Red 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 Der box. Bananas—Per pound. 5 cents. Vegetables Cabbage—New Texas. $1.25 per halfcrate: Florida red. $3.25 per hamper Celery—Florida. $2.50®2.60 a crate: mammoth bunch 75c: medium bunch 45chearts, dozen bunch. $1.35. Onions—lndiana vellow. 50-Ib. bag *1 35red. *1.15: Idaho. Spanish. $1.35. Potatoes—Northern round white 100-!b 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. *1.15; New Florida Triumphs. $2.15. Sweet Potatoes—lndiana Jerseys, per bushe*. $2: Porto Ricans. $1 90 Asparagus—California select, crate. *2 25 03 25. Beans—Round, stringless. *3 50; lima. *3 Beets—New Texas 3 dozen crate. $2bulk per bushel. $1 50. Carrots—California 6 dozen crate $2.75 bulk new $1.40; bulk old. $1,75 Cauliflower—California, $7 35 Cucumbers—Hot house per * n $1 25 Lettuce—Hot house. 10-lb. 1 t 65c Iceberg best, $303.50 a crate Pea*—2B-lb hamper. 53.25 Radishes—Hot house buttons. 60c a dozen: long white. 50c per dozen Rhubarb—Hot house. 60c a bunch. Spinacfi—New Texas. *1 per bushel. Tomatoes—Repacked. 10 - lb carton. *1 25 selected, cellophane wrapped *1 50: original Florida 20-lb. lug $2.50 NEW YORK RAW SUGAR FUTURES —April 3 High. Low. Close January ... 167 March 1.70 May 1.52 148 149 July 1.57 1.55 1.56 September 161- 1.60 160 December 1.6 1.64 166

IMPROVED CROP NEWS WEAKENS GRAIN MARKET Widespread Rains Reported Over Wheat Sections: Liverpool Lower. BY HARMAN \V. NICHOLS l nitrd Tr*** Stair Corrrapondrnt CHICAGO. April 4.—Continued better crop weather, with widespread rams reported over wheat territories, carried grain prices still lower at the opening of the Board of Trade today. Wheat opened ’1 to % cent lower, corn was % to % cent off. oats were unchanged to % cent lower, and rye was off % cent. Stocks and cotton were irrgeular and dull at the start and failed 10 influence grain traders while | Livei pool opened lower than expected. The effect of Washington announcements hinting that proposed grain exchange legislation probably will not be passed this session was : lost. Chicago Primary Receipts —April 3 Bushels. I .... Today. L Week. i Wheat 200.000 372 000 forn 367.000 528 000 Oats 121.000 111,000 Chicago Futures Range —April 4 ; WHEAT— Hijrh. Low. 10 00 close. i¥* 85% .85 85% .85% ■J uI Y 85 .84% .84% .85*2 Sept 85% .85*2 .85% .86% CORN—- : Mav 47% .47’; .47% .48 ! July SO .49% ,49% 50% : Sept 51% .51% .51% .52% i OATS— I May 31% .31% .31% .31% ■l'llv 32% .32% .32% .32% Sept . .32* i .32% | RYE— Mav .59% .59 .59 .59% I July .60% .60% .60% 61% i Sept 62% .62 .62 '.62% I BARLEY—- £ ul V. .44% Sept .45% .45% CHICAGO CASH GRAIN /?.V United Pres* CHICAGO A1 ril 3.—Cash grain: WTieat Sample grade red. 80%c. Corn—No 2 mixed. 46%r: No 2 yellow. 46%®47c: old 3 8c: late. 46'ic: No. 3 vellow 46 1 . fi 46%c; No. 6 vellow. 42%® 451,0: No. 3 white. 4 8%c: sample grade white. 43c. Oats—No. 2 white. 33%®34e: No 3 white 32%®33c; sample grade white 27c. Rye -No sales. Bariev—Sales. 58®65c: ouotable 41®80e. Timothy—*6.so® 7. Clover seed—sll 10® 12:50. Cash provisions —Lard. $5.90: loose. $5.90: leaf. $6: bellies. SB. ST. LOUIS CASH GRAIN Pll United Pre* ST. LOUIS. April 3 —Cash grain close: Wheat—ln fair demand. %c lower on red and lc lower on hard wheat: No. 2 red. 87 | hß7 , -c: No. 3 red 87r; No 2 red garlicky. 85c: No 2 hard. 86o: No 3 hard. 85c: No. 5 hard. 82c. Corn—ln limited demand, unchanged to %c lower: No. 2 yellow. 47%c. Oats—ln limited demand. unchanged; No. 2 white. 35c; No. 4 white. 33’ 1 ®33%c. NEW YORK CASH GRAIN By United Press NEW YORK April 3—Cash grain: Wheat—No 2 red 51.04%; . 2 hard winter. 51.04% Corn—No. 2 mixed. 56c. Oats—No. 3 white. 42 %c. TOLEDO CASH GRAIN By United Press TOLEDO. April 3—Grain close, grain in elevators, transit billing: Wheat—No. 2 red. 91 tit 92c. Corn—No. 2 vellow. 51 %® 52%c Oafs—No 2 white. 37®38c. Rvp— No. 2 65%®66%c. Track prices. 28%0 rate: Wheat—No. 1 red. 87%(7 88c: No. 2 red. 86%(ii 87c. Corn—No. 2 vellow. 47 V# 4 8c: No. 3 vellow 464i47c; No 4 yellow. 454) 46c. Oats—No. 2 white 33%®35c: No. 3 white. 33G35c. Toledo seed close: Clover —Cash. 58.25. Alsike—Cash. $8.50.

I.ippmann

Indianapolis Cash Grain

—April 3 The bids for car lots of erain at the call of the Indianapolis Board of Trade, f. o. b. shipping point, basis 41 Vi New York rate, were: Wheat-Weak: No 1 red. SI 4? 82c: No. 2 red. 80ft'81c: No 2 hard. 80@81c. Corn—Weak: No 3 white. 42ft43c: No. 4 white. 41st 42c: No. 3 vellow. 41ft42e: No. 4 vellow. 40ft 41c: No. 3 mixed. 40®41c; No. 4 mixed. 39ft 40c. Oats—Weak: No 2 white. 29 , i®30Vic; No. 3 white. 28’2ft29 ! 2C. —lnspections Corn—No. 3 white. 1 car: No. 4 white. 1 car; No 2 vellow 5 cars: No. 3 vellow 1 car. Total. 8 cars. Oats—No. 2 white. 2 cars' No. 3 white. 4 cars: No 4 white. 1 ear. Total. 1 cars. INDIANAPOLIS WAGON WHEAT Citv grain elevators are paying 79 cents for No. 2 soft red wneat. otner grade* on their merits.

Foreign Exchange

(By Abbott, Hoppln At Cos.) —April 3 Sterling England $5 17 Franc. France 0659 Lira. Italy 0860’/i Belgias. Belgium 2335 Mark Germany 3977 Guilder. Holland 6759 Peseta, Spain 1365 Krone, Norway 2600 Krone, Denmark 2312 Yen. Japan 3038 CHICAGO FRUIT MARKET Bp United Pre** CHICAGO. April 3 Apples— Michigan Baldwins. SI 40'y 1.60 bushel. Carrots— Illinois. 404/50c bushel Spinach—Texas, 75c 4/ $1 bushel. Beans—Southern green $2.255 3 15: wax. *24/2.75. Cucumbers— Central western hothouse, S2 254J2.50; Florida $54/6 bushel. Tomatoes—Florida. $1.15® 2.25 box. Sweet Potatoes—Tennessee. $1 754/ 1.85 bushel: Indiana, *1.7548 1.80. Rhubarb—Michigan hothouse. 204 fl 40c (5-lb. cartons'. Mushrooms—lllinois. 17'32'2C <lb cartonsi. Asparagus— California. $1,254)2 50 'dozen bunches). Leaf Lettuce—lllinois hothouse, 404i45c U 0 ibs.i. Onion market (50-lb. sacksi: Western Valencias. $151.40; central western vellows, 85c4r51.10; western whites. sl.SOft 1.60. NEW YORK COFFEE FUTURES —April 3 SANTOS High. Low. Close. March 11.50 11 37 11.37 Mav 10.85 10.70 10.85 July 11.00 10.86 10.87 September 11.33 11.16 11.20 December 11.41 11.30 11.30 RIO January § J 7 March ?2 May 8 50 8 46 8.46 July 8 60 8 58 8 60 September . 8.68 December 8 73 8 74 8.77 Marriage Licenses Perry Baird. 27. of 1550 Tabor street, laborer, and Mary C. Lustig, 27, of 336 Prospect street, assembler. Alfred F. Goshorn. 34. of 817 Prospect street, tvpewriter repairman, and Gladys Grace, 31, 1635 Roosevelt avenue, teacher. Harris Sioss. 22. of 2149 Martindale avenue laborer, and Alice Lane, 19, of 2422 Hovqy street, housework. William Verhonik. 22. Universal, Ind, truck driver, and Mary Shew. 19. of 753 Haugh street, housework. Fred R. Miller. 77. of Farmland. Ind., farmer, and Cora Moorehouse, 59, of Carrollton avenue, housekeeper. Harold H. Noel. 22 5518 Greenfield avenue porter and Fiva R. Moore, 20. ol 412 West Fifteenth street, housekeeper. Clifford Crowe. 24. 1313 East Market <tiret truck driver. and Mildred E. Pearcy. 20 of 919 Eastern avenue, silk mills 'worker Phi.'ip La Fever. 24, 568 North Lynn avenue machinist, and Opal Collier, 24, of 133 East Twenty-second street, housewife James Pryor Wilhite. 22, of 548 North Senate avenue, laborer, and Inese Mae Abel 19 of 1314 Booker street, waitress. Raymond W. Cole, 27. Kansas City. Mo . express agent, and Ruth H. Wood. 24, of 1129 North Alabama street, telephone operator. Harry Kirtley. 22, of 2522 East Twentyfifth street, laborer, and Frances Johnson. 19, of 2372 Yandet street, boysework.

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