Indianapolis Times, Volume 45, Number 282, Indianapolis, Marion County, 5 April 1934 — Page 16

PAGE 16

Today and Ton.orrow Stock Bill U. S. Enters New Field in Effort to Regulate Speculation. 1 BY WALTER LIFPMANN

IN UNDERTAKING to regulate speculation in the security and ]the commodity markets, the government is entering anew field. Yet there Is something about this venture which seems familiar; all over the place there are recognizable landmarks; on the trail there rire footprints which look very much Ike our own. It is as if we had

over this ground before. tAs a matter of sfcct. we have. bThose are the footprints of earnest men seeking to regulate another great human appetite. ; Gambling and linking, speculation and intoxication, are difficult to regulate Jay law. They respond to deep'scated impulses In

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;inen, impulses so strong that no government ever has been strong: enough to suppress them. At th* utmost they can be moderate when j there are wise laws backed by a! convinced public opinion. To attempt more than that—to make laws that are too strict for human nature—or too noble to be sustained £>y public opinion, is simply to invite evasion, corruption and hypocrisy. It is in our long experience with the liquor problems, rather than in the maze of technical conjectures ijabout deatils of these varioas bills Jo control the exchanges that we “scan, I think, most surely find the Jwisdom to guide us in dealing with •this problem. We may begin, I think, by asking ourselves what it is in the liquor traffic that we can and have to make an effort to control. It is not the habits of individual drinkers. The law can do little or nothing about them. a u a NOR can it do very much about waiters and barkeepers and salesmen and all those who serve •the customers at retail. The effective control of the liquor traffic has to take place, if at all, higher up in the realm of the brewers and distillers, and its object must be in substance to restrain them from putJing on the pressure of high-pow-lered salesmanship. That is .the specific evil in the liquor traffic which 4he law can do something about, ■pnd if it succeeds it will have done 3a lot and it may well leave the rest Jo education ana moral discipline. ‘ So it is with the stock market. No law could abolish speculation, :even if that were desirable. But what law can do is to discourage high-powered salesmanship in the organized markets. That was the specific evil of 1928-1929. The natural appetite of the public for gambling was stimulated into a frenzy by pool operations, by security salesmen, by brokers. It is this stimulation that has somehow to be repressed. Yet it is not easy to repress it, for dealers and profit when trading is active and their incentives are to keep Jt active. What with their own inflated overhead large offices and large staffs, they must have great •activity in the markets. , It is impossible, of course, for the government to put a policeman in every brokerage office to see that business is conducted temperately. It does not matter how specifically laws are drafted, in this sort of thing the possibilities of evasion nre infinite and enforcement is bound to break down. In the nature of things, therefore, the primary control over the business must jrest in the exchanges themselves. a a a LENTIL recently the prospect of ) inducing the Stock Exchange governors to govern has not been very bright. Two years ago, for example, congress started its investigation of the stock market. When Mr. Whitney testified he took the position that there was nothing much that needed to be done which was not being done. Like the •brewers before the eighteenth amendment, his policy was to stand tpat. Then came the little bull market of last June and July. In that market all the old evils of the big bull market manifested themselves again. When the bubble burst the Stock Exchange authorities made a move that amounted to a recognition that they had to do something. But the move was feeble and utterly unimpressive. When, for the second time, they had shown that of their own motion they would not seriously attempt to put speculation under control. the die was cast, and it became certain that congress would legislate. %j; The first measure which congress produced was very close to being a •financial Volstead act. But bad as it was. it served a great purpose. It radically changed the attitude of 'the Stock Exchange authorities and the enlightened members of financial community to realize ithat the stand-pat policy was going 'to ruin them, and that they had to 'produce constructive remedies for ithe recognized evils. ; The result has been a series of • proposals from Mr. Whitney and 'from members of exchanges outside * New York which for the first time clearly recognized that the exchange is not merely a building, but a public institution, which has to be governed in the public interest. sun i 'T'O be sure, this change of policy J. within the exchanges has come .at the eleventh hour, and only as a result of the fright caused by the first congressional bill. For that reason it has aroused no great enthusiasm. though I venture to say ;that if Mr. Whitney and the others ;had made their present proposals tsix months ago they would find today sitting up with Mr. * Myron Taylor and Mr. Gerard * Swope in the front seats of the new deal. \ Be that as it may, the exchanges •now have the beginning of a constructive policy. It is not only fair, Shut statesmanlike to recognize this 'fact. For in the last analysis it is •only by a change of policy within 3 the exchanges that an effective conJtrol of speculation can be established. Congress has done more to •get at the heart of the matter by ;the threat of legislation than it is ; likely to do by the legislation itself. „Fcr the threat is producing a of attitude. The legislation "itself will do no one knows what. t Copyright, 193*

STOCKS STEADY, QUIET; DOLLAR ADVANCES

GRAIN VALUES MOVE DOWN IN DULIJESSION Traders Watch Washington for Further Silver Action. BY HARMAN W. NICTIOLS United Pre* Staff Correspondent CHICAGO, April s.—Dullness was pronounced at the opening of the Board of Trade today, and with no incentive to buy, traders sold their holdings. Asa result wheat sold off %to % cent, corn was off % to 5 2 cent, oats were down Vs to % cent, and rye ; was off % to Va cent. Traders watched Washington for | an announcement concerning silver. Rains over the wheat belts subsided. Cotton and stocks were about steady. Liverpool wheat opened about steady, influenced by somewhat easier sterling and the steadiness in North American markets yesterday. Chicago Primary Receipts —April 4 —Bushels— Today. Last week. Wheat 191,000 333.000 I Corn 336.000 376.000 Oats 240.000 211.000 Chicago Futures Range —April 5 WHEAT— Prev High. Low. 10:00 close. May 86-g .86% .86% .86% July 86% 86% .86% .86% May • 48% .47% .48% .48>4 July 50% .50% .50% .50% Sept 52% .52% .52% .52% OATS— May .. 32% .32 .32% .32% July 33 .32% .32% .33 S< ryeH 33 32% ' 32 ' B 33 v ‘ May 58% .58% .58% .59% 1 July 60% .60% .60% .60% Parley-" 62 •* • 62 ‘* May •... .42% .42% .42% .32 July 44 .44% Sept .45% „ CHICAGO CASH GRAIN By United Pruts CHICAGO. April 4—Cash grain: Wheat —No. 1 dark hard. 89c. Corn—No 2 mixed. 47%c: NS 3 mixed, 46 %c: No 2 yellow. 47% r a 47%c: lake. 46%c: old. 47%c No. 3 yellow. 4S%c; No. 2 white. 49%% 49%c: lake 49 tic. Oats—No. 2 white. 33' i ® 33%c: lake. 32%c: No. 3 white. 32% fi 33%c: lal?e. 32%c. Rve—No sales. Barlev- 43c: Quotable. 43® 80c Timothy—s6.so® 7. Clover seed—sll® 13.25. Cash provisions—Lard. 56.02: loose. 56.02: leaf $6: S. Bellies. SB. TOLEDO CASH GRAIN By United Press TOLEDO. April <.—Grain close: (Grain in elevators, transit billing.) Wheat —No. 2 red. 91 %® 92 %c. Corn—No. 2 vellow. 52® 53c. Oats—No. 2 white. 37% ® 38%c. Rye—No. 2. 65® 66c, Track prices 28%c rate. I Wheat—No. 1 red. 88@88%c: No. 2 red. 87®87%c. Corn—No. 2 vellow. 47%®48>%c: No. 3 yellow 46%@ 47%c: .No. 4 vellow. 45%®46%c. Oats— No. 2 white. 34® 36c: No. 3 white. 33%® 35%c Toledo seed close. Clov—reCash $8.25. Alsike—Cash. $8.50. ST. LOUIS CASH GRAIN By United Press ST. LOUIS. April 4.—Cash grain: Wheat —ln fair demand; % to lc higher on red and lc higher on hard grades; No. 2 red. 88%c. nominal: No. 3 red, 87%c; No. 2 red garlicky. 85%c; No. 3 red garlicky, 85%c; ■No. 2 hard. 87c nominal: sample hard. 75 ® 75%c: No. 2 mixed. 87%c. Corn—ln fair demand: unchanged to %c higher: No. 2 yellow. 47%@48c: No. 3 yellow. 47%c. Oats —ln fair demand, tone steady; No. 2 white, 35c: No. 3 white. 34%c; No. 4 white 33%c.

Lippmann

Indianapolis Cash Grain

—April 4 The bids for car lots of grain at the call of the Indianapolis oßard of Trade, f. o. b.. shipping point, basis 41% New York rate, were: WHEAT—Strong; No. 1 red, 32083 c; No. 2 red. 81®82c; Ho. 2 hard, 81082 c. CORN—Steady; No. 3 white 42®43c: No. 4 white. 41042 c: No. 3 vellow. 41@ 42c; No. 4 yellow. 40®41c: No. 3 mixed. 40041 c; No. 4 mixed, 39 0 40c. OATS—Steady; No. 2 white. 29%®130%C: No. 3 white, 28%®29%c. —lnspections WHEAT—No. 1 red. 1 car: No. 2 red. 2 cars; No. 2 hard. 2 cars: No. 1 mixed. I car; total. 6 cars. CORN—No. 2 white, 3 cars; No. 3 white. 3 cars; No. 3 yellow. 1 car; No. 4 yellow. 3 cars; No. 3 mixed. 1 car: total, II cars. OATS—No. 2 white 6 cars: No. 4 white. 1 car: total. 7 cars. RYE—No. 2 1 car; total. 1 car.

Bright Spots

(By Abbott. Hoppin & Cos.) Wilcox Rich Company declares a dividend of 20 cents a share on the Class B stock and the regular quarterly dividend of 62% cents a share on the Class A stock. Maytag Company declares a dividend of j('i on the <> per rent first preferred stock, which clears up accumulations of $7.."i1l plus the regular quarterly dividend of $1.30 per share. United Gas Corporation and subsidiaries in 1933 earned $5.04 a share on the $7 per cent first preferred stock against $2 73 on the I per cent preferred stock after payment of the first preferred stock dividends in 1932. Chrysler Corporation shipped 85.157 passenger and commercial cars in March against 19.996 cars in the same month last year. Chicago, Burlington & Quincy Railroad Company total car loadings in the week ended March 31 amounted to 21.363 cars against 20.819 in the previous week. W. T. Grant Company February sales totaled $6,773,950 against $3,716,563 in Februarv of 1933. Domestic crude oil output during the week ended March 31 averaged 2.324,850 barrels daily, off 64.950 from the previous week. Cerre De Pasco Company declares a dividend of 50 cents a share on the common stock, the first payment since February. 1932. F W Woolworth stores March sales amounted to $24,034 104 against $17,509,833 in the same month last year. Chevrolet production during March set anew high mark for the year to date and shattered all monthly production records for the last thirty-four months. , Norfolk &’ Western Railroad Company car loadings for own lines and connec. tions in the week ended March 31 totaled 23.816 cars against 23,634 cars in the firevious week and 13,588 cars in the ike 1933 week. Pennsylvania Railroad Company car loadings for own lines in the week ended March 31 increased 22 per cent over the like 1933 week. Simmons Company and subsidiaries March sales amounted to $2,462,112 against $1,391,330 in March of 1933. Walgreen Company declares the regular monthly dividend of 25 cents a share on the common stock. New York Central Railroad Company car loadings in the week ended March 31 totaled 109,970 cars against 79.431 cars in the like 1933 week. Homestake Mining CompanT declares the usual extra monthly dividend of $1 in addition to the regular monthly dividend of sl. American Water Works power output In the week ended March 31 increased 33 per cent over the previous week. Marriage Licenses Ora J. Grissom. 26. of Ft. Benjamin Harrison, soldier, and Lonetta Dunn. 27 of 1223 South Richland avenue, housekeeper. Carl L. Morgan. 48 of Muncle. scale worker, and Mable Joyce Bonner. 23. 551 Vinton street, domestic. Kenneth R Smeltzer. 21, of 138 South Arsenal avenue. laborer, and Louise Phillips. 21. 326 Minerva street, housekeeper, Bemie A Brazzel. 26. 318 Congress avenue, truck driver, and Lauretta Bennett. 19. 305 East Ohio street, housekeeper. Theodore W. Young. 39. 2026 Sugar Grove avenue, advertising salesman, and Helen B Smith. 28 5124 East North street, comptometer operator. Victor Huffman. 27. 1041 Congress avenue. driver-, and Eva Kent. 26. 1251 Wfest Twenty-nta*,! street, waitress.

Chicago Stocks

““By Abbott. Hoppla St Cos. ' —April 5 High. tow. 11:30 Adams Mfg 10% Asbestos Mfg 3 Eerghoff . 9% Borg-Warner 25% 25% 25% E L Bruce Cos 15% 14% 15% Butler Bros 10% 10% 10% Cent 111 Securities com B‘a Cent Sc So West 1 Chicago Corp com 2% Cities Service 2% Cord Corp 7% Crane Cos 9% 9% 9% Gen Household Ut ... 16% 15% 16 Kingsburv 7% 7% 7% Libbv-McNeil 5% 5% 5% Marshall Field 19% 19% 19% Middle West Utilities . . % Noblitt-Sparks Ind Inc 14% 14% 14% Potter Cos •■. 6 Quaker Oats • 112 Swift & Cos 17% 18% 17% Swift Internacional .... 29% 29 29% U S Gyprum com 40% U’ah Radio 1% Utility & Ind pfd 4 Vortex Cup Cos . 10% Walgreen Cos com 23 27% 27%

Bond Prices

(By Fenner Sc Beanet —April 5 High. Low. 10:30. A’.leg Corp 5s 'SO ... 30% 35% 35% Am&For Pwr 5s 2030 52 51% 52 AT&T db 5s 65 . . 107% 107% 107% Atchison gen 4s 95 . 101 100% 100% BfcO cv 4’2s ’6O 70% 70 70% Can Pac 4s C&O 5s A ’39 108 ChMStP&P ad 5s A 2000 19% 19% 19% ChM&StP&P rs 5s A ’75 55 54% 54% Denmark 5%s '55 . 91% 91% 91% Erie ISR rs 5s '67 . . 73% Good-ear 5s ’57 98% 98 98% Gt Nor 7s A '36 . . . 98 Interboro RT 5s '66 71 707* 71 Int T&T db 5s '55 . . 68 67% 68 Lorillard 7s '44 117% 117 117 McKees&Robb 5%s ’SO 81% 80% 81 Nat Dairy db 5%s '4B 92 91 % 91% NY Cent 4%s O 2013 . 80 79% 80 Nor Am 5s ’6l 87 86% 86% Para Pub 5%s ’50... 51 50% 50% Penn RR Vis D ’Bl ... 95% 95% 95% Poland 7s 47 99% 99 99 Roy Dutch 4s A ’45 .... ... 141 Shell Un Oil 5s '47 . . ... 98% Sin Cons 5%s B '3B .105 104% 105 Texas Corp 5s ’44 . 102% 101% 102% Tox Pr NJ 6%s 2022.. 107% 106% 107% Un Pac Ist 4s ’47 . 103% US Rubber 5s A '47... 84 83% 84 Western Un 5s 'sl 92 Ygstwn S&T 5s B ’7O 85

Produce Markets

Delivered m Indianapolis Prices—Hens, 11c. Leghorn hens. Bc. Leghorn spring-er-stags. 6c; large springer-stags. 9c: cocks. sc: Leghorn cocks. 4c: ducks, lull feathered and fat. 4% lbs. and over 7c. geese. 6c: voung guineas. 1% to 3 lbs.. 30c; old guineas. 20c. No. 1 strictly fresh country run eggs, loss off 13c each full case must weigh 55 lbs gross; a deduction of 10c a pound for each pound urder 55 lbs will be made. Butter—No. 1. 25® 26c, No. 2. 23®24c; butterfat. 21c.— Quoted by Wadley. By United Press CHICAGO. April 5. Eggs Market steady; receipts. 39.063 cases; extra firsts 16%c. fresh graded firsts. 16%c; current receipts, 15c% dirties, 14c% checks, 13%c. Butter—Market, easy; receipts, 5,465 tubs; extra firsts 190-91 1 2 scorei. 22%®22%c; firsts (88-89% scorei. 22®22%c: seconds 186-87% score). 21c; extras <92 score). 23c% specials, 23%®24c; standards. 22%c. Poultry—Market, stead; receipts 18 trucks, 2 cars due; heavy hens. 13c; ducks. 18c; old roosters, 9c: springs. 19c; colored and white rock broilers, 22c; geese. 12c: turkeys, 18®20c; Plymouth Rock broilers, 25c; Leghorn broilers, 22c; barebacks, 19c; capons. 20c. Cheese—Twins. 12%® 12%c; Longhorns. 13® 13%c; daisies. 12%@13cf Potatoes—Old stock, supply liberal; demand and trading moderate; market dull; Red 'Rrver section Minnesota and North Dakota Red River Ohios. 2 cars, $1.55; 1 car. $1.50; 1 car. $1.60; Washington Russets, 1 car. $1.67’ „' U. S. No. 2’s, 1 car, $1 45; combiantion grade. 2 cars, $1.55; Colorado McClures. 3 cars, $1.77%; 1 car, SI.BO. New Stock—Supply moderate; demand and trading moderate: market dull; sales to jobbers, Texas, 50-pound sacks, Bliss Triumphs $1.50® 1.60; poor color, $1.45: Florida, bu. crates, Bliss Triumphs, $1.70® 1.75. Shipments, 750; arrivals, 140; on track. 370. Other Livestock By United Press FT. WAYNE. April s.—Hogs, 25c higher; 250-300 lbs . $4.25; 200-250 lbs., $4.15; 180200 lbs.. $4; 160-180 lbs.. $3.90; 300-350 lbs.. $3.80; 150-160 lbs., $3.40; 140-150 lbs., $3.15; 130-140 lbs.. S3: 120-130 lbs.. $2.50; 100-120 lbs., $2: roughs, $3; stags, $1.75. calves. $6; lambs, $8.5008.75. EAST ST. LOUIS, 111.. April s—Mogs Receipts. 6,500; market, bulk strong to 10c higher; pigs and sows improved; later trade slow; top, $4.25; 180-250 lbs. early. $4.1504.20; 150-160 lbs., $3.85 0 4.10: 130-140 lbs.. [email protected]; 100-120 lbs.. $2.25 02.75: light pigs, down to $2 and below; sows. $3.2503.50. Cattle—Receipts. 2,000; calves, receipts. 1,000; market, generally steady on all classes; general market, slow; early steers, *5.20 0 6.25; mixed yearlings and heifers, $4.25®5.25; cows, $2.75®; 3.75; low cutters, $1.2501.75: practical top sausage bulls. $3.25; top vealers, SS: slaughter steers, 550-.100 lbs., good and choice. $5.7507; common and medium. $3.75®5.75; 1.100-1.500 lbs., choice. $6.25 ®7; good, $5.5006.50: medium. $505.75. Sheep—Receipts. 1,500; market, very little done: few spring lambs to city butchers, steady at $10011; bulk supply clipped lambs: no early bids, asking higher; lambs, 90 lbs. down, good and choice, $8.50® 9.25; common and medium, s6®B 50; 90-98 lbs., good and choice. $8.25®9 15: yearling wethers. 90-110 lbs., good and choice, $6.75®8.25: ewes, 90-150 lbs., good and choice. $3.75®5.50: all weights, common and medium. $2.75®%.25 PITTSBURGH, April s.—Hogs—Receipts. 800; holdovers, 600; weights above 160 lbs., 15®25c higher: top. $4 65; bulk. 160220 lbs.. 54.60W4.65; 220-240 lbs.. $4.50® 4.60; heavier butchers. $4 50 down; one load 156-lb. averages. $4.50: 145 lbs, $4; 90-130 lbs.. 52.75W3.25; sows. $3®3.65. Cattle—Receipts. 10: steady. Calves—Receipts. 100; unchanged: top and bulk vealers. $7: medium. SSW 6. Sheep—Receipts, 1,500; wool lambs, about steady: better grades. 59.25W9.50: shorn lambs, steady to easier: bulk good and choice. $7.25W 7.50: medium. S6W7; shorn wethers, mostly $4.50; spring lambs, nominally sl2 down. CHICAGO FRUIT MARKET By United Press CHICAGO. April s.—Apples—Michigan Baldwins, $1.40® 1.50 bushel. Carrots—lilinois, 50® 55c bushel. Spinach—Texas. 70c®Sl bushel. Beans—Southern green, 52.25®3.25: wax. $202.75. Cucumbers— Central western hotnouse, $2 ?2.50 <2 dozen). Tomatoes F:orida. $1.25® 2.75 box. Sweet Potatoes—TennesSbe. $1.75® 1.85; Indiana. $202.15. Rhubarb—Michigan hothouse. 20@45c <5-lb cartonsl. Mushrooms—lllinois. 12% W 30c 1 lb. cartons). Asparagus—California. 51.2502.75 (doz bunches). Leaf Lettuce—lllinois hothouse, 40® 45c (10-lbs.). Onion Market <SO-lb sacks)—Western Valencias. $1 01.35; central western yellows, 75cW51.05; western whites. $1.50® f.75. HARVARD CLUB HERE OFFERS SCHOLARSHIP S3OO to Go to Worthy Indiana Studertt for Business Course. A S3OO scholarship will be offered by the Harvard Business School Club of Indianapolis for the school year of 1934-1935 at the Harvard Graduate School of Business Administration, it was announced today. All graduates of Indiana colleges are eligible to apply for the award, which will be made on a basis of necessity for aid. scholarship and character. Information concerning the scholarship may be obtained from John P. Collett, president of the club; James A. Gloin, secretarytreasurer, or R. F. Mead, 407 Hampton drive. FLANNER HOUSE HOLDS FOUNDERS* DAY DINNER Eventual End of Need for Settlements Forecast by Speaker. By eliminating the necessity for social service settlements, Flanner House and similar organizations eventually will abolish themselves, declared Dr. John G. Benson last night. He spoke at a Flanner House Founder's dav dinner at the Phyllis Wheatley Y. W. C. A. Flanner House is the oldest social service organization for Negroes in Indianapolis. Frank B. Flanner, nephew of Frank W. Flanner, who donated the ground upon which the institution was built, was guest of honor. Travelers to Hold Memorial Indianapolis council, United Commercial Travelers, will hold the annual memorial service at the Sutherland Presbyterian church, 2801 Guilford avenue, at 10:30 Sunday morning. |

THE INDIANAPOLIS TIMES ",

UTILITIES. RAILS ARE UNEVEN IN NARROWLIMITS Low-Priced Oils Active and Slightly Higher; Bonds Irregular.

Average Stock Prices

Average of thirty industrials for Wednesday: High 103.91, low 102.21. close 103,19, up ,45. Average of twenty rads. 49.66. 48.66, 48.81, up .23. Average of twenty utilities, 26.15, 25.68, 25.83. oil .13. Average of forty bonds, 93.34, up .53. Average ol ten first rails. 98.09. up .42. Average of ten second rails. 82.45. up .98. Average of ten utilities, 96.42. up .32. Average of ten Industrials. 95.52, up .43. BY ELMER C. WALZER United Press Financial Editor NEW YORK, April 5 Stocks opened steady in quiet dealings today and were dull in the early trading. The dollar firmed further, and bonds were irregular. Cotton mixed around the previous close. Silver also was barely changed. Several of the low-priced oil shares were active. One of them—tipped for a rise today—made good. It was Indian Refining, heretofore extremely dull. The issue opened 2,900 shares at 4, up 94, and anew high for the year. Later it sold at 4%. Other oils were steady. Texas Pacific Land Trust, apparently under pool manipulation in recent sessions, met some profit-taking and eased M to 10%. Louisiana Oil, another obvious jiggle, opened at its 1934 high of 3%, up Vs. Highgrade oil shares were unchanged. United States Steel common stock fired J 4 point to 52*2 on the first sale while Bethlehem Steel dipped % to 42%. Motor shares were little changed. Rails were mixed in a narrow range and so were utilities. Mining shares failed to develop a definite trend with Howe Sound at 50 94, off 1% and Mclntyre Porcupine 48%, up Vs. Westinghcuse Electric opened at 3794, off 94; American Can 101L4, unchanged; Atchison 66-%, off 94; Consolidated 36%, off %; General Motors 38%, unchanged, and Du Pont 98, off 14. During the early dealings the market was dull with prices holding around opening levels.

Bank Clearings

INDIANAPOLIS STATEMENT. —April 5 Clearings $1,940 000.00 Debits 4,931'000.00 TREASURY STATEMENT By United Press WASHINGTON. April s.—Government expenses and receipts of the current fiscal year to April 3. compared with the corresponding period of the previous fiscal year: Expenses $4,896,863,084.58 $3,803,040,754.95 Receipts 2.322,753.876.48 1,534.191,158.22 Deficit 2,574.109,208.10 2,268.849,596.72 Cash bal 4,788,400,199.06 New York Curb By Abbott, Hoppin & Cos. —April 4 Close. I Close. Allied Mills ... 8 |Glen Alden Coal 18 Alum Cos of Am 75 Gulf Oil of Pa 69'% Am Bever . . 2%iHiram Walker - 45'% Am Cyanide ‘B’ 20% Hud Bay Min.. 13 Am&Fr Pr Wr 6%:Humble Oil 44% Am Gas Si El -25 (Imperial Oil Ltd 14% Am Superpower 3 lint Petrol .... 24% Assd Gas & El. 1% Lake Shore Min 54% Atlas Corp .. 13 (Natl Bellas Hess 4 British Celanese % Nwmont Min . 52% Braz Trc & Lt l%:Nia Hud Pw’r.. 6 Can Ind Ale A 16 (Novadel Agene . 64% Can Marc ... 3'/, Pan Am Airways 414 Carrier Corp . B%:Park Davis 24% Cities Serv .. 3 IPenn Road ... 3% Cons Gas Balt 60'sl3t Regis Paper 3% Cord Corp . ... 7‘/Bi3al Creek Prod 7% Creole Petrol.. ll'%|Sherwin Wms . 64 Deere & C 0... 30 (Std of Ind 27% Distilers Corp 20% Std of Ky ... 17'/, Dow Chem .. 80%iTeck Hughes Gld 7% El Bnd & Sh . 16% Un Gas 3 Fisk Rubber • 17%(Un Pwr &Lt A 3% Ford of Can ‘A’ 22% Wright Har Min 10 Ford of Europe 7'%i

Foreign Exchange

(By Abbott, Hoppin & Cos.) —April 4 Close. Sterling. England $5.16% Franc. France 0659 Lira. Italy 0860'% Belgias. Belgium 2335 Mark. Germany 3972 Guilder. Holland 6756 Peseta. Spain 1367% Krone. Norway 2602 Krone. Denmark 2310 Yen. Japan 3058

Federal Farm Loan Bonds

(By Blyth & Cos., Inc.) —April 4 Bid. Ask 4s, Nov. 1, 1957-37 97% 98% 4s. May 1. 1958-38 97% 98% 4%5. July 1 1956-36 97% 98% 4Vis, Jan. 1, 1957-37 97% 98% 4%5, May 1. 1957-37 97% 98% 4 Vis Nov. 1. 1958-38 97% 98% 4%5. May 1, 1942-32 97% 100'% 4%5, Jan. 1. 1943-33 97% 100% 4%5, Jan. 1, 1953-33 99% 100'% 4%5, July 1. 1933-33 99% 100% 4%5, Jan. 1. 1955-35 99% 100% 4%5. July 1, 1955-35 99% 100% 4%5, Jan. 1. 1956-36 99Vi 100% 4%5. uly 1. 1953-33 100 101% 4%5, Jan. 1. 1954-34 100 101% 4%5. July 1, 1934-34 100 101% ss, May 1. 1941-31 101 102 ss, Nov. 1, 1941-31 101 102 Home Loan 4s. July 1, 1951.. 99% 100'%

Investment Trust Shares

(Bv Abbott. Hoppin & Cos.) —April 4 . _ , Bid. Ask. Amer Bank Stocks Corp 1.17 l 21 Alter & General Sec A 5.00 7.00 Amer & Inv Tr Sh 1.50 Basic Industrv shares 3.49 British Type Inv Tr shares.. .58 .62 Coollateral Trustee shares A.. 4.87 5.00 Corporate Trust shares (old).. 2.15 2.20 Corporate Trust shares (new) 2.43 2.46 Cumulative Trust shares ... 4.22 4.30 Diversified Trust shares A ... 6.25 Diversified Trust shares 8.. 8.12 537 Diversified Trust shares C .. 3.27 3.30 Diversified Trust shares D .. 4.95 5.10 First Insurance Stock Corp . 1.32 1.37 First Common Stock Corp ... .84 .87 Fixed Trust Oil shares A ... 8.87 Fixed Trust Oil shares B .. 7.62 Incorporators Investments ..18 62 18.37 Land Bank Bond shares 1.10 1.22 Low Priced Trust shares ... 6.55 6.75 Mass Inv Trust shares 19.17 20.83 Nation Wide Securities ... 349 3.53 North Am Trust shares (53) 1.91 North Am Trust shares (55-56) 2.46 2.50 North ATra Trust shares (58) 2.55 260 Selected American shares 1.28 1.33 Selected American shares Inc 2.89 Selected Cumulative shares 7.00 Selected Income shares . 3.46 4.00 Std American Trust shares A 3.08 3.12 Trust Shares of America 2.92 3.00 Trustee Std Oil A 5.75 5 90 Trustee Std Oil B 5.25 5.50 U S Electric Lt & P A ... 12.62 13,00 Universal Trust shares 3.12 3.20 Plumbing Permits Hawkins Brothers. 601 North West, cne fixture. E. H Davidson, 1911 West Washington, three fixtures. John Florence. 602 East Fifty-ninth, three fixtures. Charles McNabb. 1122 North Meridian, one fixture. Charles McNabb. 615 East Michigan, two fixtures The Bassett Company. 2032 East Tenth, four fixtures. A. J. Fromhold. 2232 Shelbv. one fixture. H. A. Cailon & Son. 501 Linwood. six fixtures. F. J. Hyland. 3134 Clifton, one fixture. NEW YORK RAW SUGAR FUTURES —April 4 High. Low. Close. January . . 1.67 March 1.72 1.71 .172 Mav .... ISO July 1.57 1.56 1.57 September 1.61 1.60 1.61 December 1.67 1.66 1.67

New York Stocks (Bv Abbott. Hoopin & Cos.) ——————

—April 5 Oils— High. Low. Close, close Amerada 53 52 Atl Rig. 31 31% Barnsdail • 6 J B Consol Oil 12% 12 % Cont of Del 20% 20% Houston mew) 5% 5% Houston <oid) 27% Indian Rfg ... 4% 4 4% 3% Mid Cont Pet 14% Ohio Oil . •• 14% Pet Corp 13 12% 13 12% Phillips Pet 19% 19% 19% 19% Plymouth OU 14% 14% Pure Oil • • 13% Sbd Oil 37% 37 37% 37 Shell Un 10% Skeilev Oil 10% Soc Vac ... 11% 17 S O of Cal 37% 37% 37% 37% S O of Kan . 37 3. O of N J 45% 45% 45% 45% Sun Oil ... . 60% Texas Corp 27% 27% Tidewater Assn 11% 11% Un Oil of Cal 18% Steels— Am Roll Mills.. 24V, 24 24 24 Beth Steel 42% 43 Byers AM 27 % Col Fuel & Iron 7 Cruc Steel 32 1 4 Inland Steel 43% Ludlum Steel 17% McKeesport Tin 90% Mid Steel 18% 18 Natl Steel 48% 48% Otis Steel 6% 6% Rep Irn & Stl 22 21% Rep Irn & Stl pfd.. ... 58Vi 58% U S Pipe & Fdy 28% U S Steel 52% 52% U S Steel pfd 90% Warren Bros 11% Youngst'n S&T 28 1 a Motors— Aubrn 53' 2 Chrysler 55,14 54% 54% 55% Gen Motors 35% 36% 48% 48% Gen Motors pfd .. ... ... 100 Graham Mot 3% Hudson 22 Hupp 5% 5% Mack Truck 34% 34% Nash .. 26% 26% Packard 5% 5% 5% 5% Reo ... .. 4% Studebaker 7% 7% Yellow Truck 6% 6% Motor Access— Bendix 19% 19% Bohn Alum 63'% 63% Borg Warner .. \ ... 25% 26 Briggs 16% 16% 16% 17'% Budd Wheel 4 4 Eaton Mfg 20 % Elec Auto Lite 28% Houdaille “A” 6 Mullins Mfg 14 Mullins Mfg pfd 32 Murray Body 9% Stew Warner 9Vi 9Vs Timken Roll 35'% Timken Dot Axel 7% 7 7 7 Mining— . Alaska Jun 21% 21% Am Metals 25% 25 % Am Smelt .• - 44% 45 Anaconda 15% 15% 15% 15% Cal & Hecla 5% 5% Cerro De Pasco. .. ... 37 36% Dome Mines .... ... 39% 39% Granbv 11% 11% Gt Nor Ore 14 14 Howe Sound ... 51 50% 50% 51% Ins Copper 5% 5% 5% 5% Int Nickel 27% 27% 27% 17% Int Silver Isl Creek Coal. . . 26 Vi Kennecott Cop 20% 20% 20% 20% Mclntyre- Mine . 48% 48% 48% 48% Noranda Cop .. 42% 41% 42% 42% Park Utah .... 5% 5% Phelps Dodge .... St Joe Lead... • 22% U S Smelters 128'/ 4 128 128 129 Vanadium 27 Amusements— Croslev Radio 14 Fox Thea 15% 1 oews Inc 32% 32% Radio Corp 7% 7% 7% 7% RKO 3% 3% Warner Bros ... 7% 7% Tobaccos— Am Snuff 55% Ant Sum Tob 19% Am Tobacco A ... . 68 Am Tobacco B 70% 70 70 69% Gen Cigars ... 33 32 % Ligg & Myers B . . 96% Lorillard 17% 17% 17% 17 Reynolds Tob B 41 Rails— / Atchison 66% 66 66 66'% Atl Coast Lines 47% B & O 29% 29% Can Pac 17 % 17% Ch & 'Ohio 45% 46 1 a Chi & Gt W - 4'% Chi & Gt W pfd 11% C M & St P . 6% C M Si St P pfd 11 11 Chi N W 13% 13 Vi Dela & Hud 65 65 Vi Del Lac & W 27% 28 Erie 21 >/2 Erie pfd 26 V 8 Grt Northern pf 28 111 Central 32Vs K C Sou 15% Lehigh Valley 18% Lou & Nash 57% . . M K & T 12 M K & T pfd 27% Mo Pac . 4% .. Mo Pac pfd 8 8 N Y Cent 36% N Y C & St L pf 31 N Y New Haven 18% 18% 18% 19% N Y Ont & West 10 Norfolk & Wes 175 Nor Pac 32% Penn R R 35 35 Reading 50% Sou Pac 28% 28 Sou R R 32 32 Sou R R pfd 37 37 Union Pac 129% Wabash ... ... 3% West Maryland. 15 Equipments— Allis Chalmers . 19% 19'/ 4 19% 19% Am Car & Fdy 28% 28% Am Car & Fd pf 48% Am Loco 34 Am Loco pfd 69%

On Commission Row

—April 5 Fruits Apples—New York Baldwins, fancy $1.60 @1.75: fancy Staymans. $2.25; fancy Winesaps. 52.50. Oranges—California Sunkist. $3.25@4: Floridas. 53®3.25. Lemons—Sunkist. $5.50: Red Ball. $5. Grapefruit—Arizona seedless 80s. $2.75® 3: Florida. 53.25. Strawberries —Florida, pint. 16c: 36-pt. crate. 55.40. 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. Celery—Florida. $2.5002.60 a crate; mammoth bunch 75c; medium bunch. 45c: hearts, dozen bunch. $1.35. Onions —Indiana vellow. 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. 50-lb. bag. $1.15: New Florida Triumphs. $2.15. Sweet Potatoes —Indiana Jerseys, per bushel. $2: Porto Ricans. $1.90. Asparagus—California select, crate. $2.25 @3 25 Beans—Round, stringless. $3.50; 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. $"35. Cucumbers —Hot house per dozen. $1.25. Lettuce—Hot house. 10-lb. basket. 65c: Iceberg best. [email protected] a crate. Peas—2 B-lb. hamper, $2.25. Radishes—Hot house buttons. 60c a. dozen: long white 50c per dozen. Rhubarb—Hot house. 60c a bunch. Spinach—New Texas. $1 per bushel. Tomatoes—Repacked. 10 - lb. carton. $1.25: selected, cellophane wrapped $1.50: original Florida. 20-lb lug. $2.50. Births Girls. Edward and Mary Dunlap, 829 Roache. Henrv and Rhena Holt, Coleman hospital. Edward and Ruth Myers. Coleman hospital. Leroy and Ruth Swann. Coleman hospital. Boys. Harvey and Lois Ogden. Coleman hospital. Edmond and Fern Everton. 1457 Blaine. Deaths William Lawrence Smith. 31. Methodist hospital, sarcoma. John Staudt. 1. St. Vincent’s hospital, tuberculous meningitis. Norma Elizabeth Riker. 1. Riley hospital, measles. John Clay. 75. city hospital, arteriosclerosis. John Moore, 67. St. Vincent's hospital, intestinal obstruction. Judson M. Eldredge. 68 . 3344 College acute nephritis. Willard Riddle. 21, city hospital, tuberculous meningitis. Bert Wilson. 52. Methodist hospital, lobar pneumonia. Edwin Collins Weir. 67. 2340 Park, heart disease. Dora Julow. 58. Centra! Indiana hospital, cardio renal vascular disease Marie Byers. 55. 2656 Manker. septicaemia. Jessie Snipes. 66 813 North Senate, chronic myocarditis. George Carr. 36. city hospital, lobar pneumonia. NEW YORK COFFEE FUTURES —April 4 SANTOS / High. Low. Close. March 11.45 11 36 11.45 Mav 10.74 10.72 10 74 July 10.94 10.86 10.94 September 11.26 11.17 11 26 December 11 38 11.27 11 38 RIO January ... 8 81 March 8 84 Mav 8 51 Julv ... 8 64 September %.. 8.70 December 8.77 INDIANAPOLIS WAGON WHEAT City grain elevators are paying 79 cents for No. 2 soft jsa wheat, utner grade* oa their merits*.

Am Mach & Fdv 16 Am Steel Fdy 22% Bald Loco . .. 14% 14% 14% 14% Bald Loco pfd 55% 55% Burroughs 16% Case J I 72% 73% Cater Tract 32', 32 Deere & Cos 30 Elec Stor Bat 47 % Foster Wheeler 19% 19% Gen Am Tk Car 39% 39% Gen R R Sig 43 Ingsol Rand 6 7 Int Harvester .42 41% 41% 42 Natl Cash Reg 19% Pullman Inc .... 12% Und Elliot 45% West Air B 30% 30% Westingh Elec . 38% 37% 38 38% Worthington P 26% Utilities— Am & For Pwr 10 10% Am Pwr & Lit. i% 8% 8% 8% AT&T 120% Am Wat Wks 20% 20% Brook Un Gas 68 68% Col G & El . 15Vi 15V, 15V, 15% Col G Si E pfd . .. 73 73 Com & Sou .. 2% 2% 2% 24 Consol Gas .. 37% 36% 37% 37% El Pwr Lit . ..6 ... 6% 7 E P & L pfd 13 Int Hydro Elec 7% 7% Int T Si T 15% 15% 15% 15% Lou G Si E ‘A* 17% Nat Pw & Lit 11% 11% North Amer .. 18% 18% 18% 18% Pac. G&E 19% Peoples Gas 37% 37% Postal Tel pfd 25% 25% Pub Serv N J. . 374 37% 37V, 37% So Cal Edison 19% 19% Std Gas 12% 12V Std Gas pfd 12 Stone & Web 9% 9% United Corp .. 6% 6% 6% 6% Un Gas Imp .... 16% 16% Ut Pwr & Lit A . 3% 3% Western Union . 57% 57 57 57 % Rubbers— Firestone ... ... 21% Goodrich 16% 16% 16% 16% Goodyear 35% Kelly Spring 3% U S Rubber 19% 20 U S Rubber pfd 44% 44 44 45 Miscellaneous— Am Bank Note-. 19 Am Can 101% 101% 101% 101% Anchor Cap 21 Brklyn Man Tr 30% Conti Can 79% 79 79 79% Crown Cork 29% 30% Curtis Pub 23% Curtis Pub pfd 69% 69% Eastman Kodak 88 89 Gillette 10% 11 Glidden 25% 25% 25V, 25% Inter Rapid Tr 8% Owens Bottle 85% Raybestos Mfg 20 Vi 20% Foods— Am Sugar 54% 54% 54% 54 Armour A 7 6% 6% 6% Beatrice Cream ■ . . 14% Borden Prod ... 23 22% 22% 23 Cal Packing 25 Cana Ddy G Ale 27% 27% Coca Cola 109% Cont Bak A 11% Corn Prod 75% 75% Crm of Wheat 32% 32® Cuban Am Sugar ... 8 8 Gen Foods 34% 34 34 34% Gold Dust 21% 21% 21% 21% G W Sugar 29'% 29% 29% 29% Int Salt 28% Loose Wiles 42% 42 Natl Biscuit 4 2% Natl D Prod 15% Purity Bak 16% S Porto Rico Sug . 34% 34% Std Brands 22% 22% 22% 22% Un Biscuit .... . 25% 25% United Fruit ... 70 69% 69'% 69% Wrigiey 61% ... Retail Stores— Ass Dry Goods ... 16% Best & Cos . ... 331, First Natl Store 62 61 Vi 62 61% Gimbel Bros 5% 51, Gimbel pfd 25 Gr Un Tea 7% 7% Hahn Dept Sts .. ... .. 7% Jewel Tea 45% 45% Kresge S S ... 20% 20'4 20% 20% Kroger Groc 32% Mack R H 48% 48% Marshall Fields 19% 19V, 19% 19% May Dept St . . . 42 42 Mont Ward ... 32% 32 32% 32% Natl Tea 17% 17V4 17% 17% Penny J C . 65% 65 Safeway St ... 54V4 54 54 54 Sears Roebuck .49 48% 48% 49% Woolworth 51 Vs 51 51 51% Aviation— Aviation Corp .. 9'/, 9 9 914 Curtiss Wright 4% 4% 4% 4% Curtiss Wright A 11% Douglas Air 25 25% Nor Am Av ... . 6% Speery Corp . 10% IOVs 10% 19% United Aircraft 23% 23% Wright Aero 60 Chemicals— Air Reduction 97% Allied Chem i s ia /4 151% Am Com Alcohol 49 % Col Carbon 68% 69 Com Solvents .. 29% 29 29% 29% Dupont 98% 97% 97% 98% Freeport Tex .. 44% 44% 44% 45% L‘ q uid Carb 28% 28% Math Alkali ... 33 Monto Chem 94% 94 94 9534 Natl Dis (new) 29 28% 28% 28% Scheneley Dist. 37% 36% 36% 37% Tex Gulf Sulph 37% 37% 37% 37% Union Carbide 44% 44% U S Ind Alco 52% 52% Drugs— Coty Inc 71', Lambert 26% 27 Un Drug 15% 15 Vs 15 Vs 15% Zomte Prod 714 734 Financial— Adams Exp ... 10V, 10 10 10 Allegheny Corp 3'/ 4 3Vi Am Int Corp 8% 9 Chesa Corp ... ... 431.4 43 Lehman Corp .. 73% 73% 73% 72% Transamerica .. 7V, 7 7V, 7 Tr Cont Corp . 15'% 15'/i 15% 15% Building— Am Radiator 15% Gen Asphalt 20 Int Cement . 29 29 Johns Manville 58 57'% 57% 58 Libby Owens Gls . 38% 38 Otis Elev 16% 16 16 16% Ulen Const 35 a Household— Col Pal Peet .. 16% 16% 16'% 16% Congoleum 28 28% Kelvlnator 19% 19% Mohawk Carpet 16 Proc & Gamble . . . . ... 35 Simmons Bed .22 21% 21% 22V, Textiles— Amer Woolen .. .. ... 14% 1414 Belding Hem .. 13% 13% 13% 13'4 Celanese Corp 37% 375 Z Collins Aikrnan 24% 25 Gotham Hose 11 11% Indus Rayon ... ... 80% 81 Kavser Julius . 17'/, 17 17% 17% Real Silk 11% ll'/s

U. S. Government Bonds

By United Press NEW YORK. April 4.—Closing liberties. (Decimals represent thirty-seconds.). Liberty 3%s (32-47) 103.18 First 4%s (32-47) 103.18 Fourth 4Vis (33-38) 103.18 4 Vis-3 Vis (45) 102.4 4%s (47-52) 110.12 3%s (43-47) 102 20 3%s (41-43) March 102.26 3%s (40-43) June 102.26 3'is (41-) 102.18 3'/eS (46-49) 100.19 3s (51-55) 99.15

Daily Price Index

By United Press NEW YORK. April 4.—Dun & Bradstreet's daily weighted price ipdex of thirty basic commodities compiled for the United Press: (1930-1932 average. 100) Today 102.52 Yesterday 107.26 Week ago 107.19 Month ago 109.45 Year ago 73.83 1934 high (March 12) 110.24 1934 low (Jan. 3> 101.05 (Copyright. 1934. by Dun & Bradstreet. Inc.)

In the Cotton Markets

—April 4 CHICAGO High. Low. Close. January 12 56 12.46 12 56 May 12.15 12.01 12 12 July 12.28 12.11 12 26 October 12.45 12.28 12.41 December 12.53 12.39 12.53 NEW YORK High. Low. Close. January • . 12.47 March 12.59 12.46 12.58 May 12.08 11.95 12 05 Julv 12.19 12.07 12.18 October 12 34 12.20 12.32 December 12.44 12.41 12.43 NEW ORLEANS January 15.45 March 12.56 12 49 12 49 Mav 12.09 11.95 12 07 Julv 12 15 12.04 12.15 October T 2.33 12.20 12.31 December 12.42 12.28 12.41

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 *.75 Indiana, forked lump 5 50 Indiana, egg 5 00 i Indiana, mine run 4.75 Kentucky lump 7.00 : Pocahontas lump 8 25 Pocahontas egg 8.25 i Pocahontas forked lump 9.25 , Pocahontas mine run 7.25 ; New River smokeless * 25 West Virginia lump 8.75 West Virginia egg 6 50 Island Creek 7.00 Extra charge of 50c a ton for wheeling coal, and *1 a ton lor coal carried to Ala. 4

PORKER PRICES RISE 10 CENTS AT CITY YARDS Vealers Strong at 56.50 Down; Cattle, Lambs Unchanged. Following sharp declines registered during the last two days, porker prices at the Union Stockyards this morning displayed an advance of 10 cents above yesterday's average. Light receipts and a slightly improved demand was believed partly responsible for the increase. Early bulk of all weights was selling at $4.10 to $4.25. Light slaughter pigs weighing from 130 to 160 pounds, sold at $3.10 to $3.60. while lighter classes scaling 100 to 130 pounds, brought $2.10 to $2.85. Receipts were estimated at 4.000; holdovers. 330. Little change was evident in local cattle conditions, with majority of steers salable around $4.25 to $5.75. One load of good and choice kinds held above $7.15. Most heifers solid under $5.25. Receipts numbered SCO. An advance of 50 cents featured trading in the veal market, with general sales around $6.50 down. Receipts were 600. Initial trade developed slow in the lamb market and the general trend was unchanged. Few clipped grades ranged from $7.25 to $7.50, while some springers touched $lO. Receipts were 600. Opening bids on hogs at Chicago moved around 5 to 10 cents higher than yesterday’s average. Better grade porkers weighing 200 to 220 pounds, was bid in at $4.25. Receipts were estimated 13,000. including 4,000 directs; holdovers, 2.000. Cattle receipts, 5.500; calves. 800; market strong to 25 cents higher. Sheep receipts numbered 10,000; market unchanged. HOGS March. Bulk. Top. Receipts. 31. $4,15®. 4.40 $4.40 2.000 30. 4.25® 4.50 4.55 6,000 April. 2. 4.15® 4.40 4.45 7.000 3.4.00 W 4.20 4.25 7.000 4. 3.90® 4.15 4.15 6 000 5. 4.10® 4.25 4.25 4,000 Market, higher. (140-1601 Good and choice . $ 3.35® 3.60 —Light Weights—-(l6o-180) Good and choice .. 4.10® 4.15 (180-200) Good and choice .. 4.20 —Medium Weights—-(2oo-220) Good and choice .. 4.25 (220-250) Good and choice ■. 4.10@ 4.15 —Heavy Weights—-(26o-290) Good and choice - 4.10® 4.15 (290-350) Good and choice .. 4.15® 4.25 —Packing Sows—(3so down) Good 3.25® 3.50 (250 upi Good 3.15® 3.35 (All weights) Medium ... 3.000 3.25 —Slaughter Pigs—-(loo-130) Good and choice... 2.10® 2.85 CATTLE Receipts, 500 j market, steady. (1,050-1,1001 Good and choice $ 6.25® 7.25 Common and medium 4.25® 6.25 (1,100-1,5001-Good and choice 6.00® 7.50 Common and medium 4.50® 6.00 (675-750) Good and choice 5.25® 6.25 Common and medium 3.000 5.25 (750-900) Good and choice 4.75® 6.00 Common and medium 2.75 0 4.75 —Cows— Good 3.25® 3 75 Common and medium 2.75® 3.25 Low cutter and medium 1.50® 2.75 —Bulls (yearlings excluded) Good (beef steersi 2.75® 3.50 Cutter, common and medium.. 1.500 2.75 VEALERS Receipts. 500; market, higher. Good and choice $ 6.00® 650 Medium 4.000/ 6.00 Cull and common 2.50® 4.00 —Calves— Good and choice 3.50® 5.00 Common and medium 2.000 3.50 —Feeder and Stocker Cattle—-(soo-900) Good and choice 4.00® 5.50 Common and medium 2.75® 4.00 (800-1.500) Good and choice 4.00® 5.50 Common and medium 2.750 4.00 SHEEP AND LAMBS Receipts, 600; market, steady. Wool grades (90 lbs. down) Good & choice $8.50® 9.10 (90-110 lbs.) Good and choice B.'’s® 9.00 (500 lbs. down) Com. and med. 6.50 0 8.50 —Ewes— Good and choice 4.50® 5.50 Common and medium 2.‘00 4.50 Other Livestock By United Press CHICAGO. April s.—Hogs—Receipts, 13,000, including 4.000 directs; active- 10c higher than yesterday; 160200 lbs. s4® 4.30: top, $4.35; good pigs, $2 50W3.25; packing sows. 53.20® 3.40; light leights. 140-160 lbs., good and choice. $3.50® 4.20; light weights. 160-200 lbs . good and choice s4® 4.30; medium weignts, 200-250 lbs ; good and choice, $4.15® 4.35; heavy ?™ e !&Lts, 250-350 lbs., good and choice, $3.90®.4.25; sows, 275-550 lbs., medium and choice. $3®3.60: slaughter pigs, 100-130 lbs., good and choice. $2.50® 3.50. CattleReceipts. 5,500; calves. 1,500; genera! market slow; about steady; shippers buying better grades all representative weights in hit and miss fashion; best yearlings. $7.35; weighty steers. $7; killing quality plain; bulk steer trade, $5.25® 6.50; other killers uneven, slow, about steady: slaughter cattle and vealers. steers. 550-900 lbs., good and choice. $6®7.75: 900-1.100 lbs., good and choice. s6® 7.75: 1.100-1.300 lbs., good and choice, s6® 7.65; 1,300-1.500 lbs. good and choice, 55.50®7.65: 550-1.300 lbs com- ‘ mon and medium. s4f 6: heifers. 550-750 i lbs., good and choice. ss® 6 35; common I and medium. 53.5055.25: cows. good. $3.50 I tn 4.50; common and medium. S2 65S 3.75: low cutter and cutter. 51.50®2.65; bulls (yearlings excluded) good (beef). $3.10® 3.75; cutter, common and medium $2 50$ 3.35: vealers. good and choice. $506 50; medium. S4®s; culls and common. s3® 4; Stockers and feeder cattle, steers. 5501.050 lbs , good and choice. $4 5005.75; common and medium, $3.25®4.75. Sheep —Receipts. 100; fat iambs opening rather active, strong to 25 cents higher; native springers, 25 to 50 cents higher; aged sheep weak to 25 cents lower; wool lambs above $9 25: bids and sales up to 59.10: springers, sll@ 13c; bulk wool daughter sheep and lambs lambs. 90 lbs down, good and choice. $3.75® 9.25; common and medium. $76 8.75; 90-98 lbs . good and choice. $8.4059.10; ewes. 90-150 lbs., good and choice. 53.75%5 25: all weights, common and medium. $3 $4.25. CLEVELAND. April s.—Cattle—Receipts. ; 150; market, fairly active and steady; few good heifers quoted as high as $7; "choice steers. 750-1,100 lbs., $6.500 7.50; 650-950 lbs.. $5.5006.50: 900-1.200 ibs . $5.2506.25' 1 heifers. 600-850 ibs.. 54.50® 5.50. good'eows i all weights, $2.75® 3.50. Calves—Receipts, ! 300; market, active and steady; Quality of run better: prime vealers. s7® 7.50; choice veals. $6 500 7; medium. $4.50® 5.50: common. $304.50. Sheep and iambs—Receipts. 1,000; market, steady with salesmen i asking higher prices: good to choice wool : lambs. $8.506 9; medium to good $7®8.50' I culls and cutters. $506 50: chice clipped lambs, $6.500 7; medium to good. ss® 6 prime whether sheep, SSO 6: choice ewes, i S4®s: medium to good. s3® 4 Hogs—Receipts. 700; market, mostly 15c higher: > 250-300 lbs.. $4 50® 5 25; 220-250 lbs *4.250 4 40: 180-220 lbs . $4.40; 150-180 ! lbs.. $4.40; pigs. 100-140 ibs.. $2.7503 j roughs. $2.750 3; stags. 51.75®2.

FIDELITY AND i SURETY BOND R Insurance Guaranteed service m from' this responsible 9 agency on wine and 9 beer permits. WEdward Boren I 408 CONTINENTAL BLDG. I INDIANAPOLIS, IND. LI-1508

APRIL’ 5, 1934

Wall Street NRA'S Effect on Business Is Likely to Produce Arguments.

BY RALPH HENDERSHOT Times Special Financial Writer ONE still hears an argument occasionally on the subject of whether the United States helped to win the war and on the issue of whether the allies would have won had this country remained on the sidelines. It looks very much as if the NRA's influence or lack of influence on business is likely to be

fully as productive of arguments as was the war. Alfred P. Sloan Jr., president of the General Motors Corporation, and Myron C. Taylor. chairman of the United States. Steel Corpora-’ tion, both have" expressed themselves in the last day or two as doubtful that the influence of the NRA could be measured in any

Ralph Hendershot

important degree in its effect on business. Mr. Taylor said no one could give an intelligent answer backed by logic as to whether it was responsible for our economic improvement. In all probability both these gen-I tlemen would be inclined to answer “Yes and no ’ to such a query. They doubtless would find no difficulty in showing how the “co-operation” of the various companies in their respective groups had helped to bring about the betterment but how the labor clause in the code had hurt because of the uncertainty it created. tt an IT is a fair assumption that the that the heads of virtually every large concern is highly in favor of the co-operative privilege granted by the code. It is also more or less a cinch bet that if the codes were to be discontinued they would make every effort to retain that feature. Mr. Taylor said the steel industry had sought the co-operative relationship for years. The prospect of labor troubles, it is reasonable to assume, has dampened the enthusiasm of a great many corporate executives where the NRA is concerned, assuming, of course, they ever were very strong for it. Certainly the indusries represented by Mr. Taylor and Mr. Sloan have been given plenty to think about in that respect, their plants being operated now largely on an open-shop basis. a tt n IT is true, of course, that with so many different and varied factors and influences playing on the business trend it would be impossible to measure the effect of any one cf them, no matter how important. But it should be quite obvious that the effect of the NRA was constructive in a big way. In the first place, a great many people were put to work who previously had been idle. Secondly, the elimination of much cutthorat competition halted a depressing influence on prices which otherwise would have taken its toll in trader losses. Incidentally, the steel code is scheduled to expire on May 30. No negotiations have been entered into looking toward its extension as yet, but in all probability such an extension will be ordered. Begun only as an emergency expedient, it would be no easy matter to unscramble the companies affected by the codes in all industries, even though it were deemed advisable. And while criticisms may be expected to fly thick and fast in the next few months, it would seem that they have served a sufficiently good purpose to warrant keeping permanently. Window Broken in Golf Club Russell Sionehouse, 1260 West Thirty-third street, goll pro, reported to police today that glass in a window at the Riverside golf course clubhouse had been broken during the night, but that nothing was missing.

We Will Buy Lincoln Loan Corp. 6i/o% Pfd. Stock St. Joseph Valley Temple 6% Pfd. Stock Third Church of Christ Sen. 51/2% Mtg. Bonds Stebbing Realty Cos. (Anderson) 6% Pfd. Stock Smith-Alsop Paint & Varnish Cos. 7% Pfd. Stock Pilgrim Properties, Inc. Common Stock Local Bid. & Loan Stocks Kiser, Cohn & Shumaker, Inc. LI. 2481 130 E. Washington St.