Indianapolis Times, Volume 46, Number 243, Indianapolis, Marion County, 19 February 1935 — Page 10

Wall St. Two Leading- Units of Trade Voice Optimism. BY RALPH HENDERSHOT Tlbm 'itrrial Writ*’

•KJEW YORK. Feo I#.—Two large corpora lions—Republic *lron and Steel Corp. and the A'uminum Cos. of America—have expressed their opinions In advertisements recently that the outlook for a recovery in business is good. These concerns are obliged to keep their fingers on the pulse of trade, and the fact that they offer sound reasoning rather •

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than mere opinions tends added weight to their news. “It is probable," aays the Aluminum Cos. advertisement. “that more technical progress has been made during the depression than in any other equal period of time. We are ready, as

Ralph Hendershot

never before, to move forward together. "We believe the real impetus wall first be felt when each industry avails Itself of all the help which all othef industries now have to offer. We are equally sure that this help can come only through a stripping away of side issues and a clear understanding of fundamentals.” mum NEXT to the creation of new industries technical progress in the industries already in existence prdbably provides the strongest force in trade development. It is the force which makes us replace old plants with new ones, giving direct and indirect employment to a great many people and whe’ting the appetite of us all or the things we never have enjoyed before. This force, however, is usually felt only after the wheels of industry have begun to turn. Unless prompted by the possibilities of great savings, few corporate executives are likely to remodel their plants. Certainly they are unlikely to construct plants to produce new things unless and until they are reasonably sure of a market for their products. And resistance to sales is great so long as people are holding on to the little money they have left. Undoubtedly, however, the Aluminum Cos. and Republic Iron and Steel are looking in the right direction. They will help to create business by helping to solve the problems of those with whom they come into business contact. Some other corporations probably are not so farsighted. Your correspondent has one such corporation in mind It is a local power and light concern. a s a ONE of the customers of this concern is a relatively small restaurant. The owner of this restaurant relates that he was approached by a representative of this, company and told thjit unless he increased his deposit by $75, his lights would be shut off. Without lights he could not continue in business, and. being unable to raise tUe required money, he tendered a check, knowing full well that it would “bounce” back unless in the meantime he is able to cover it with cash. The restaurant owner already had made a large deposit with the company to insure payment of his bills. Moreover, his bills were paid at the time the c.dded amount was demanded. He was doing a reasonably profitable business and mas applying his surplus cash to pay off debts incurred when he went into business. If he succeeds in covering the check in time he will carry on. but he will be a dissatisfied client. If he fails, he may be forced out of business. The company from which he buys light will lose his business, the people from whom he purchased his equipment probably will be obliged to take it back, and the employes he hires will be out of work.

On Commission Row

Quotations oelow are average wholesale Brices bßi offered to buyers by local Commission dealer*. Frail* —bananas. Se a lb. Apples. Indiana Jonathans. I1IS: Golden Delicious, tl 75 ft I*s Lemons. Sunkist. ISO*. $4 25. Grapefruit. Texas. seedless, *3; Arizona. 54.. 70s and SO* *2 50. Limes. Mexican. t#r carton 11s 35c Byram. seedless, per hundred. *3 Pineapples. Porto Ricans, half crates. *3 50 Atocados Florida, box. *1 50 Strawberries. Florida, pint. 13c. M-pt. erate. *4 50. Apricots. *3 crate Vegetable*—Cabbage. Northern Danish. 50-lb bag. *1 25. red. 50-Ib. box. *1 25: New Texas cabbage, large crate. *3.75. Onions. Idaho, sweet Spanish, large 50lb bag *2. Michigan yellows. 15 lbs. *1 50; western white. 50-lb bag. *2: Michigan yellow. *1 25 Potatoes.. Green Mountains. 100-:b bag *1 50: northern round white. 100-lb. bag *1; Ohios. ICO-lb. bag. *2; Idaho Russets. 100-lb bag *1 90: New Florida Triumphs, bushel. (2 25 Sweet potatoes Indiana Jersey*, bushel. *1.65: Tennessee Nancy Halls, bushel *1.35. Beans, round stnngless, hamper. *3 50. flat. (2 75. Celenr. Florida *4 25 a crate: California. S4 a crate; medium, dozen. 60c; Jumbo, dozen. 90c Cucumbers, hot house, dozen. *1 40. 2 dozen box. *2 50 Endive. California, dozen. 90c: peck basket. *2 Egg Plant. *2 25 doren Kale, bushel. 90c. Lettuce, hot house. 15-lb basket. *150; Ariona Iceberg head lettuce. *3 75 Mangoes. Florida, crate *8 Mint, bunch. 15c. Parsley, dozen. 35c Peas, hampers. *3 Spinach. Texas, bushel. *1 85 Radishes doen 60875 c. Tomatoes 10-lb. carton. *1 60 Florida original *2 75 Turnips bushel. 75c. Parsnips. bushel. *1 35 Beet*, bushel. *135. Carrots bushel *1 35: 100-lb. sack. *L .5. Rhubarb, hot house. 5-lb. carton. 50c Mushrooms, lb. SO3sc. All auotatlons subject to chant# up or down. Fit ( ITS 1511 VEGETABLE* Bv United Press' CHICAOO. Feb. 19 —Apples—Michigan Mclntosh bushels *1508175; Jonathans. *1 50 ti 1 75 Cranberries —Massachusetts, i, barrels. *4 50 1 5 Turnips—lllinois, bushels 35 :35c Lettuce—Western crates *2 6S .i 275 Parsnips —Hinois. bushels. 50 4JBOC Carrots—California, crates. *3i 325 Beans—Florida, bushels, green. *1 .5 e 3 Spinach—Texas bushels *1 4081 60 Toms toe*— Mexican, lugs S3 50 8 4 Sweet potatoe*—Tennessee, bushels, 90c 5 *lO5. Beets—lllinois, bushels. 50*: 60c. Retail Coal Prices Th* following prlcos represent quotations from leading Indianapolla coal dealera. A 25-cent carrying charge per ton will b* added. DOMESTIC RETAIL PRICES Indian* lump •* *> ■M 103 Nut 0 Brasil BlockLump ■ ” Egg 8 81 Nut * 04 Glgndor*— M I film p 6 S4S 59 Vfg ••••• 6 18 ?5 43 nS 4.9*85.20 West Virginia and Eastern Kentucky lOroup Bl 6.7787. H Pocahontas and New Rlrar. smokelesa ricas '• nn * V*o AnttfWJß .a J 0.1101166

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 10

ALABAMA ACTS TO GET PLANTS FOR NEWSPRINT

Financing Virtually Assured to Provide Cheaper Product, Governor Says. BY BARROW LYONS, Time* Special Writer NEW YORK. Feb. 19.—Following conferences with New York bankers, Governor Bibb Graves of Alabama has announced that news--1 print plants may be established in the South soon. The product would be cheaper than, but equally as good as that provided by Canadian mills, he said. “I believe that financing for the project is assured,” said Governor Graves. He did not reveal the identity of the bankers. The industry in Alabama would be based on the processes recently developed by Dr. Charles S. Herty in the pulp and paper laboratory of the Industrial Committee of Savanah. “Dr. Herty has convinced the scientific world that he can /nake good white paper out of ordinary slash pine, which grows very rapidly .n Alabama,” Governor Graves declared. “Alabama possesses large resources of this variety of pine. “Instead of paying import duties on higher priced paper coming from Canada and giving employment to thousands of Canadians, we night pay lower prices for our newsprint and give employment to Americans. Cheaper newsprint would be of inestimable value to every newspaper published in America. Has Site Picked Out “I am convinced that we can produce newsprint more cheaply in Alabama than they can do it in Canada. Establishment of such an industry in our 6tate would give employment to thousands of persons in our backwoods and bring large revenues to our state. “The first plant probably will be established on the Tom Bigbee River, where it will have water carrier facilities to all points on the navigable Mississippi and to ocean vessels from New Orleans.” Dr. Herty estimates that the conversion costs of wood into newsprint would amount to $19.06 per ton in the South, as compared with $27.90 a ton in Canada, a saving of $8.84 a ton. not including the difference in transportation costs. Canadian newsprint sources are said to regard the development in the South with considerable alarm. American paper interests also are concerned, since much capital from 1 the United States moved in Can- : ada with the depletion of the northern woods of this country. Kellogg Doubtful Royal S. Kellogg, secretary of the News Print Service Bureau, maintained by newsprint manufacturers, recently declared that Dr. Herty had not demonstrated that he could i produce the quality of paper he claims in commerecial quantities. “There is no basis of scientific comparison between products made on a piece of laboratory apparatus running at 100 feet a minute and such a commercial machine running 1000 or 1200 feet a minute.” he said. To overcome this argument' Dr. Herty shipped pulp to a Canadian mill, where it was made into serviceable newsprint and used on the presses of southern newspapers. Production of newsprint in the United States and Canada in January was reported today at 282.625 tons, compared with 272,568 in the same month last year. Canadian mills turned out 201,959 tons, against 239.544 last year.

GRAIN PRICES MOVE IN NARROW RANGE Sentiment on Gold Ruling Mixed at Pits. By r*i Hf 4 Press CHICAGO. Feb. 19. Brokers held prices within a narrow range on the Board of Trade today when trading was resumed after closing of the pits because of sharp reactions due to the Supreme Court gold decisions. Sentiment over the effect of the rulings was mixed along La Sallest and traders operated with caution. preventing any marked rise in prices. Many brokers were advising their clients to be suspicious of sharp advances until the full reaction to the decisions could be digested. Wheat, the barometer of activity in the grain pits, was unchanged to a quarter-cent higher at the opening, while com prices moved erratically from 1 cent higher to a cent lower than yesterday’s close. Oats were unchanged to a half-cent higher, and rye was unchanged to a quarter-cent higher. i ßv James E. Bennett' 11 00 Prev. Wheat— High. Low. A M close Mav 99 V 98% .98' 2 98% Julv 93% .91% 92 V 92% Segt i .91 .90% .90% .90% Mav .88% ST’, 88 .89 Julv S3 1 * 82’. 82V 81’. Sept .79’ > .78% .78 s * .79’ f Oltl ’■ Mav 53% .52V .52*. .53’* Julv .*s’ 2 ,M’i .45% .45’. Sept 42 .41’j .41’, .42 . Mav ........ .67 s * 67 5 , .67*, .K’ Julv .67 s , 88’, .68’, .67’. Sept 67 .66% .66 V .66% LOCAL CASH MARKET City gram elevators are paying 91 cents for No 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 84 cents and oats 47 cents. . Hide Band Skins Hides—Green country cows ana steers 4c flat: green country bulls and glues. 2%e flat; green country calf hides. 4%c flat; green country kip. 4c: No. 1 large horse hides with full beads, shanks, manes and tails. 63.50: medium sire. 83 All No. 3 grade horse macs. 50c less; {tines and ponies half price. No. 1 rendered tallow. 4v*Ssc; No. 3 at value. Yellow grease. 464 Tic; dark grease, liifilkt.

INDIANAPOLIS, TUESDAY, FEBRUARY 19, 1935

Richard Whitney Replies to Suggestion of Times President of New York Stock Exchange Tells of Problems in Educating the Public.

Vincent S. Lvona. Time* financial editor, recently suggested on this pare that the New York Stock Exchange redouble ita efforts to educate the public in the mechanics of stock market procedure and outlined a possible program for the institution to follow. The reply of Richard W hitney, president of the Stock Exchange, follow*: Mr. Vincent S. Lyons, Financial Editor, The Indianapolis Times. Dear Mr. Lyons: I have before me the clipping of your column in the Indianapolis Times of Jan. 31. I was very much interested in your article. There is no doubt as to the accuracy of your statement that the education of the public in matters affecting security markets is of greatest importance.

You suggest that “the New York Stock Exchange might find it profitable to establish a separate department to take over the work of educating the public in stock market procedure. Lecturers could be appointed and given the widest training and schooling in the subject they are to discuss. It might even be possible for the exchange to erect miniature sets showing just how the Stock Exchange operates.” The difficulty with that proposition is to educate the educators. Men on the floor of the exchange and the men in*the offices who are familiar with brokerage practices and floor technique also, could not possibly be spared to do this work. On the other hand, it would take a long time to educate a set of laymen lecturers, and it would always be a question whether these men would themselves imbibe an understanding of the full details of the mechanics of the market place. Problem Is Difficult It is not an easy subject and it would be better to leave the public in ignorance than to advise them wrongly or so superficially that their last state might be worse than their first. But, even assuming the possibility of creating a borps of lecturers, there is one thing that you as a newspaper man will readily realize. Should we turn loose on the public this group of educators. I do not doubt for a minute that in many of the newspapers, and in the halls of Congress, our work would be denounced as propaganda and we would be summoned forthwith to explain our attempt to educate the public into “gambling” methods. The program proposed by you undoubtedly would meet a different reception, although its purpose would be constructive and decidedly important, as you say, from an economic standpoint. Therefore it would require serious consideration before we could embark on any such proposition, even though I admit the desirable results to be obtained. Education by Motion Pictures We have two motion pictures, one called ‘The Nation's Market Place” and the other “The Mechanics of the Nation’s Market Place.” During the past year these pictures have been shown to a million and a quarter persons throughout the country, and to more than seven million people during the last five or six years. There has4>een under consideration by one of our committees the desirability of anew film, but we have not reached a decision in that matter yet. There is no doubt that the motion picture is a splendid means of education and if it would be possible to combine the motion picture and the lecture, fine results might be accomplished. It is something that we have in mind. Every One Wants a “Scapegoat” Every man who lost money in Wall Street between 1929 and 1934 is a critic of the market place and does not take into consideration his own fallibility or the inescapable results of conomic typhoons. I find that men of education, intelligence and understanding are often as clamorous to find a scapegoat when they lose, as men who are less mentally equipped. This means a situation extremely difficult. Let me thank you again for your interesting article and good letter, and I shall appreciate it if you will give me the benefit of your suggestions or criticism at any time. You will find us co-operative, but there are certain restrictions and limitations on our work w'hich I hope you will recognize. Faithfully vours. (Signed) RICHARD WHITNEY, President.

Stock Studies

HOWE SOUND CO. ♦ CAPITAL STOCK . 8(2 —— "-seoce share EARNINGS PRICE RANGE SCALE 2 g It-~nj -i- 40 ;pßzkk: 2 : WINCHESTER INSTITUTE OF FINANCE

Howe Sound is a holding company. Subsidiaries are engaged in mining, principally of lead zinc and copper, while smaller quantities of silver and gold are also produced. The Britania Mining and Smelting Cos. Ltd., the company’s largest ■subsidiary and also the largest copper producer in British Columbia, is located at Howe Sound, British Columbia. Other mining operations are in Washington and Mexico. FINANCIAL DATA A, of Doc. 31, 1934 Capita! stock tss par) 473.791 shares Surplus $13,606,077 Cash and secuiities 4.474,353 Inventories 1 292.097 Total current assets 6.163.690 Current liabilities 530,987 Howe Sound was incorporated in 1903 in Maine. The capital stock is listed on the New York Stock Exchange. At a current price of around 44% the stock sells to yield about 6% per cent and at 12% times earnings. (All Riahrs Reserved. Winchester Institute of Finance. Winchester. Mass 1 EXCURSION CONTINUED The Big Four Railroad again will operate the annual mid-winter excursion to Niagara Falls, on Feb. 22 ana 23, it was learned today. Return limit has been extended this year and patrons may remain at the F?" until Monday morning.

SWINE VALUES BISE2SCENTS All Classes Move Higher as Receipts Decline; Cattle Active. Following the trend of other commodities into higher levels, porker values in early trading at the local stockyards today were largely 25 cents higher than yesterday’s best prices. Receipts were estimated at 4000, compared with 5000 in the previous session The gold decision ruled on yesterday in Washington, however, was believed by livestock officials to have little or no effect at all on the local market. The sharp increase was attributed mostly to the continued heavy demand and the decrease in supplies. The highest prices for more than four years were paid for good and choice porkers, ranging from 160 to 275 pounds, cashing in at $8.75 to $8.85. Others, weighing 273 pounds and up, brought $8.50 to $8.70, while light slaughter pigs, from 130 to 160 pounds, sold at $7 to SB. Lightlights, scaling 100 to 130 pounds, were salable at $5.75 to $6.75. Packing sow's held at $7.25 to SB. Holdovers were 121. General trade was extremely active in the cattle market, with slaughter steers, however, remaining unchanged at the' previous figures One load of extremely good and choice steers ranged upward to $12.25. General bulk sold mostly at $lO down. She stock were active with some spots slightly higher. Receipts numbered 1400. Trading interest remained about the same in veals and prices held stationary at $9 down. Receipts were 700. Lamb dealings also were about steady, with bulk of good and choice kinds salable at $8.50. Few brought $8.75. Throwouts sold at $6.50 to SB, while slaughter sheep sold at $5 down. Receipts were 3000. HOnjS Feb. Bulk. Top Receipts. 12. $8.15® 8.25 $8.30 5000 13. 8.25® 8.35 8.35 4000 14. 8.50® 8.60 8.60 4000 15. 8.60® 8.70 8.70 3000 16. 8.60® 8.70 8.70 2000 18. 8.50® 8.60 8.65 5000 19. 8.75 8.85 4000 Light light: (140-160) Good and choice $7.50® 8.25 Medium 7.00® 8.00 Light weight: (160-1801 Good and choice... 8.75® 8.80 Medium .... 8.25® 8.60 (180-2001 Good and choice.. 8.75® 8.85 Medium 8.35® 8.65 Medium weight: (200-2201 Good and choice... B.Bo® 8 85 (220-250 1 Good and choice .. B.Bo® 8.85 He -vv weight 1250-2901 Good and choice .. 8.70® 8.80 (290-350) Good and choice... 8 55® 8.75 Packing sows: (275-350) Good 7.65® 00 (350-425) Good 7.50® 7.6^ (425-5501 Good 7.40® 7.75 (275-350) Medium 7.25@ 7.65’ Slanehter pigs. (100-140) Good and choice... 5.75® 7.25 Medium 4.75® 7.00 CATTLE —Receipts, 1400— —Steer* — (550-900) Choice $10.25® 12.25 Good 9.25®11.50 Medium 6.75® 9.50 Common 5.00® 7.00 (900-1100) Choice 11.75® 13.25 Good 9.50® 12.25 Medium - 9.25® 9.75 Common 5.00® 7.50 (1100-1300) Choice 12.25®13.50 Good 9.75® 12.50 Medium 7.50®10.00 (1300-1500) Choice 12.25®13.50 —Heiffrs—-<soo-7l0) Good 10.00®12.50 Choice 9.00® 10.00 Good B.oo® 9.00 Common and medium 4.00® 8.00 (750-900) Good pnd choice... 8.25®10.50 Common and medium 4.25® 8.25 —Cows— Good 5.75® 7.50 Common and medium 4.00® 5.75 Low cutter and cutter 2.00® 4.00 —Bulls—(Yearlings Excluded) Good . 5.00® 6.00 Common and medium 3.25% 5.00 VEALEBS —Receipts, 700— Good and choice $8.50® 9.00 Medium 6.50® 8.50 Cull and common 3.00@*>6.50 —Calves—-(2so-500) Good ond choice.... 6 25® 9.00 Common and medium 3.50® 6.25 —Feeder and Stocker Cl ttle——Steers— (soo-900) Good and choice 5.50® 7.75 Common and medium 4.00® 5.50 (900-10501 Good and choice 5.75® 7.75 Common and medium 4.25® 5.75 —Cows— Good 3.50® 4.25 Common and medium 3.00® 3.50 SHEEP AND LAMBS —Receipts, 3000— Lambs. 90 to 120 lbs., good and choice sß.oo® 8.75 Common and medium 6.00® 8.00 90-120 lbs., good and choice... 4.00® 5.00 Sheep: H2O-150) Good and choice... 3.50® 4.75 All weights, common and medium 2.50® 3.75 Other Livestock (Ur United Press) LAFAYETTE. Feb. 19.—Hogs—Market. 25c higher: 200-250 ibs.. $8.70f 8.75; 250300 lbs. $8 60®8 65; 300-325 lbs.. $8 50: 160200 lbs.. $8.55® 8.65: 150-160 lbs.. *7.75®8: 135-150 lbs . $7 25® 7.50; 125-135 lbs $6.75 ®7; 115-125 lbs. ?5 25®6,50; 100-115 lbs.. $5.75® 6; roughs, 57.75 down. Calves steady, $8 down: lambs steady, $8.50 down, ißy Times Special) LOUISVILLE. Feb. 19—Cattle—Receipts, 200; supply light; quality only fair; demand dependable; few early sales generally steady; bulk common to medium steers and heifers, $5.75® 8; better finished kinds practically absent: early quotable from $8 50 to around $10; bulk beef cows, salable $4 25®5.50; good kinds considered salable h:gher: low cutters and cutters, mainlv s2® 3.75: nothing done on sausage bulls considered salable largely at $3 50 ® 4.75; desirable beef type stock calves salable mostly $6 50 ® 7.50. Calves—Receipts. 175; steady; better grades s7®B: medium and lower grades. $6.50 down to arrund $3 Hogs—Receip s, 600: market. 25: higher; top and bulk desirable 180 -250 lb weights, $8.75, highest locally since Nov 13, 1930: weights 255 lbs. up, $8 30: 160-.75 lbs. $8: 140-155 lbs., *7 50; 120-135 lbs.. *6 55: sows *7 Sheep—Receipts. 50: generally steady: market for meager supply: most medium to good lambs, s7®6; choice absent and considered eligible to *8.50; common light throwouts mainly $6 and fat ewes, $3.55 down.

HIGHEST 60URT ADVICE SOUGHT ON LEGISLATION

Congress Should Get Legal Opinions Before Passage, Lawyer Says. The following article was written for The Indianapolis Times bv Samuel Hershenstein. fo:mer Assistant United States Attorney and a member of the New York and New Jersey bars. NEW YORK. Feb. 19.—The failure of the Supreme Court of the United States to act promptly in the pending gold clause and devaluation cases stresses the inadequacy of the present grant of power to the Supreme Court under the judiciary code. In fact, the present law is an incentive to speculations and guesswork for or against the government, which may be partially responsible for the build-up of group action of speculation in the markets of the United States, whether they be stock or commodities, each one trying to outguess the other in the various analyses of what the Supreme Court may do in a given case. Many Guesses Possible Since the four cases now under decision by the Supreme Court involve at least three separate decisions. therd are three major guesses out of which there may be a dozen smaller ones, all linked up with a speculative tendency or frenzy to make gambling of smart money out of the right guess, “long” or “short.” It follows that the wrong side of the speculative guess results in losses of millions of dollars and induces the sort of newspaper publicity which finally finds its expression in the use of such words as chaos, riot, upheaval, bloodless revolution, etc., each time the Supreme Court is met with a decision of prime importance concerning the economic or financial stability of the nation. Would Provide Advice Congress should pass a bill (amending the judiciary act) under which the Supreme Court of the United States will give to Congress or to the President, upon call, an advisory opinion concerning the intended congressional enactment, so that Congress and the Executive may have its decision prior to the legislation being made into law. The Constitutions of seven states impose the duty on their highest courts t,o render advisory opinions on important questions when requested by the Governors or either branch of the Legislature. They are Colorado, Florida, Maine, Massachusetts, New Hampshire, Rhode Island and South Dakota. In performing this function, the judges act not as a court, but as constitutional advisers of the other departments of the government. Loughran vs. Portland, 111 Me. 486. In re Op. of Justices, 126 Mass. 557. Acting in this capacity, therefore, questions may properly be propounded to them in this way that would not be cognizable by them in their judicial capacity. In re Op. of Justices, 126 Mass. 557, supra. In re Justices’ Answer, 122 Mass. 600. Have No Judicial Force Such provisions do not extend to the determination of questions of fact. The opinions are given in the nature of advice having no force of judicial decision. 11l Me. 486, 55 Mo. 497. 70 Nebr. 523. But in 126 Mass. 557; 19 Inn. 103, and 62 N. H. ’’OB, the courts are under no duty to render such opinions in the absence of constitutional provisions, and as to the Supreme Court of the United States, it has only such power as is granted to by Congressional declaration. Asa matter of fact, Congress would be wise immediately to put info law a repeal of the delegation of authority to the President to revalue the dollar, so that it shall be its act and not the act of its delegated agent, and at the same time empower the Supreme Court to give to it advisory opinions so that as to the pending legislation amending the bankruptcy acts, banking bill, housing bill and other major measures, the country does not go through the same travail that it has and now is going through in reference to the delay in the gold clause cases. Produce Markets Delivered In Indianapolis prices: Heavy breed hens. 13c; Leghorn hens. 9c; colored springers. 13c: heavy stags, 9c: Leghorn stags. 7c; old roosters, 6c; ducks, full feathered and fat. 10c; geese, full feathered and fat. 8c; all classes of guineas, 15c; No. 1 strictly fresh country run eggs, loss off. 21c. Each full case must weigh 55 lbs. gross, a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter—No. 1. 39®40c: butterfat. 36c. Quoted bv the Wadley Cos. (Bv United Press) CHICAGO. Feb. 19. Eggs—Market, steadv; receipts. 12.327 cases: extra first. 29c: fresh graded firsts. 29c: current receipts, 26%; dirties. 25c; checks, 24%c. Butter—Market, steady: receipts. 11.718: tubs; extra firsts 190-91 1 scorer. 34%® 35c; extras (92 score). 35*ic; firsts (8889 1 2 score). 34®34%c: seconds (86-87>2 score). 33®33%c; specials. 36®36'.2c: standards. 35c. Poultry—Market, firm: receipts. 20 trucks; hens. 17@18c; springers 19®20c: broilers, leghorn. 21c: capons. 6 to 7 pounds. 23c: old roosters. 13® 14c ducks. 17® 20c: turkeys. 19® 21c: geese. 11-6 14c: stags. 15%c frvers. 21-22 c Chese —Twins. 17® 17%c: daisies. 17%017%c; longhorns. 18®18V*c. Potatoes —Supply liberal; demand and trading, moderate: market, dull; Wisconsin round whites. 72 3 ->c: unclassified. 67%c: Idaho russets, $1.42%®1.50. Arrivals 36; on track. 2a6; shipments. 843. CLEVELAND, Feb. 19— gutter—Market steadv; extras. 39%c: standards. 39c. Eggs —Market, firm: extra white, 28%c; current receipts. 28c. Poultry—Market, steadv: fowls, 19® 20c: Leghorn fowls. 16® 17c; ducks, old. 19®.21c; ducks, young, 24 ®2sc; turkeys, young, 20c Potatoes— Maine. *1 .1551.35 a 100-lb. bag: Ohio mostly 75®80c a 100-lb. bag; Michigan. 80 @Bsc a 100-lb. bag; Texas, *1.50 a 50-lb. bag. t INDIANA - COAL OUTPUT HIGHER DURING WEEK State Production Shows Increase of 26,000 Tons. Indiana produced 418,000 tons of coal during the week ended Feb. 2, the United States Bureau of Mines reported today. This was a seasonal increase of 26,000 tons over the production for the previous week and was 56,000 tons more than produced during the same period a year ago. The state produced more than 4 per cent of the nation's output.

New York Stocks

(Bv Thomson & McKinnoni 11:00 A M. Prev. 1 Oil*— High.# Low. N. Y. dose. I Amerada 56*2 56 56 56% | Atl Rfg 25 25 25 25 I Barnsdall 7 6% 6% 6% Consol Oil B'. 8% 8% 7% Cont of Del .. 18% 18'2 18% 18*4 | Houston mew).. 33 32% i Houston (oldi.. 15% 15% 15% 15 1 2 Mid Cont Pet . 12% 12% 12% 11% Ohio OH 10% 10% 10% 10=4 Phillips Pet ... 15% 15% 15% 15% Plymouth Oil ... 8 8 8 8 Pure Oil 7% 7 7Vi 6% Seaboard Oil ... 26% 26% 26 s * 26 1 2 Shell Un 7 7 7 7% Skellev Oil 26 % 26% 26% 26*2 Shell Un 7 7 7 7% Skellev Oil 7\ 7% 7% 7% | Soc Vac 14 13% 14 14 S O of Cs! 31 1 n 30*8 31% 31 S O Ol Ind 24% 24% 24** 24% Is OOf N J 41 3 b 41 3 4 41 1 4 41 3 4 Texas Corp .. . 20 s * 20 3 2 20% 20% ! Tidewater Assn . 9 9 9 t\ [Un Oil of Cal. 16 3 2 16% 16% 11% ■ Steels—iAm Roll Mills .. 22*i 22%' 22% 22 i Beth Steel 31 7 s 31 31'i 31% Byers A M 17% 17 5 8 17*s 18 Col Fuel & Iron 4 3 4 4% 4 3 4 4% Cruc Steel . 23 3 4 23 23 23*4 Inland Steel ... 54 53 53 54 3 4 Ludlum Steel ... 17% 17 17 17 McKeesport Tin 99 99 99 99 Mid Steel 13V, 13‘a 13% 13 Natl Steel 48% 48 3 2 48*4 48% Otis Steel 6% 6 3 / 2 6% 6% Rep Iron & Steel 14 3 2 14 3 s 14*s 14% Rep Ir & Stl pfd 43 3 2 43% 43*2 43>4 U S Pipe & Fdy 19% 19'2 19*2 19% U S Steel ... 37* 37 37*i 38 U S Steel pfd... 89 88 3 3 88** 88% Warren Bros ... 5% 5 5 5 Youngstn S& T. 19% 19 19 19 3 i Motors— Auburn 25% 25% 25% 25 Chrysler 41% 40% 40% 41 3 8 Gen Motors ....' 33 32% 32% 32*4 Graham Mot ... 2*i 2% 2% 2% Hudson 11% HV2 11*2 11% Hupp 2% 2 3 4 2*4 2% Mack Truck .... 26% 26% 26% 26% Nash 17Vi 16% 16% 16% Packard 5 4% 4% 4% Reo 33 3 2*4 Studebaker % % % % Motor Access— Bendix 16% 16% 16% 16% Bohn Alum 58 58 58 57% Borg Warner ... 31 3/ 2 31% 31% 31*8 Briggs 30 29% 29% 29% Budd Mfg 5 4% 4% 4% Budd Wheel 3% 3*4 3% 3% Eaton Mfg 20*2 20% 20% 20 Elec Auto Lite .. 27% 27 27 27 Elec Stor Bat .. 47% 47% 47% 47% Houdaille "A"... 9% 8% 8% 9 Mullins Mfg ... 10% 10% 10% 10 Murray Body ... 7% 7% 7Vi 7% Stew Warner .. 8% 8% 8% 8% Timken Roll 35% 35% 35% 35 Timken Det Axle 6% 6% 6% 6% Mining— Alaska Jun 18% 17% 17% 18 Am Metals 17% 17 17 17% Am Smelt 37% 37% 37% 37% Anaconda 11% 11 3 4 11% 11*8 Cal & Hecla 3% 3% 3% 3% Cerro De Pasco. 44% 43 3 2 44 44 Dome Mines .... 39*4 39% 39%3339 3 A Granby 6% 6% 6% 6% Gt Nor Ore .... 10% 10*.4 10% 10% Howe Sound .... 49% 48% 49% 49 Ins Copper 3% 3% 3% 2% Int Nickel 24% 24% 24% 23% 'lsl Creek Coal ..34 34 34 32% Kennecott Cop .. 17% 16% 17 17% Mclntyre Mine . 43% 42 42 43 Park Utah 2% 3% 3% 3% Noranda Cop ... 33% 33% 33% 33Vi Phelps Dodge ... 16 16 16 16 St Joe Lead ... 15% 15% 15% 15% U S Smelters .120 118% 120 119 Vandaium 19% 19 19 19% Amusements— Crosley Radio .. 15% 15% 15% 15% Fox Theat 11% 11% 11% 11 Loews Inc 35% 35% 35% 35% Radio Corp 5*4 5% 5% 5% Paramount 3% 3*4 3% 3% RKO 1% 1% l’/a 2 Tobacois— Am Situ ft 69 68 69 68, Am Tobacco “A” 80 79% 80 79% Arn Tobacco “B” 82% 81% 81% 82 Gen Cigars . 57% 57% 57% 57% Ligg & Myers ‘8’105% 105% 105% 105% Lorillard ... 20% 20% 20% 20% Phillip Morris 4040 4040 Reynolds Tob ‘B’ 48 Vi 48 % 48 % 48% Rails— Atchison 47% 46% 46% 47 Ttl Coast Lines. 31% 30 30 31 B & O 13% 12*4 12% 13% Can Pacific 12% 12% 12(2 12% Ch & Ohio ... 43% 42% 42% 43 3 i C M & St P . 2% 2% 2% 2% C M &St P pfd. 4 4 4 4 Chi N W ... 5(4 5 5 5% Chi N W pfd . . 9% 9% 9% 9% Dela <fc Hud . . 37 3 4 37% 37*4 37 Del Lac & W . 16% 16% 16% 16% Erie 12 11% 11% 11% Erie pfd .. . - 13% 13% 13% 14 Gt Northern pfd 15% 14% 15 15% 111 Central .15 14 14 15% Lehigh Valley . 10% 9% 9% 9% Lou & Nash .... 44% 44 44 3 4 44 M K & T 5% 5% 5Vi 5% MK & T pfd.. 11% 11% 11% 11% Mo Pac 2% 2% 2% 2% Mo Pac pfd ... 33 33% N Y Cent 19% 18% 18% 19 N Y New Haven 7% 7Vi 7% 7% N Y Ont & West 5% 5% 5% 4% Nor Pacific .... 18*4 18% 18% 18% Penn R R 23Vi 22% 22*% 23 Sou Pac 16% 16% 16*4 16% Sou R R 14Vi 13% 13Vi ICL Union Pac 105 103 103 102% West Maryland . 9 9 9 9 Equipments— Am Brake Shoe 26% 26% 26% 27 Am Car & Fdy . 18% 18 18 18 Amer Loco .. 18 17% 1 V.a 18 Am Steel Fdy ... 17% 17% 17'% 17% Bald Loco 6% 5% 5% 6 Gen Am Tk Car 37% 37% 37% 36% Gen Elec 25 24% 24% 25% Gen R R Sig ... 27% 27 27% 25% Pullman Inc ... 50 49 3 2 49% 50 West Air Br ... 24% 24% 24% 24% Westingh Elec.. 41 40% 40% 40% Utilities— Am & For Pwr.. 4 3% 4 4% Am Pwr & Lit . 2% 2% 2% 2% AT&T 104*4 104% 104% 105 Am Wat Wks ... 11% 11 11 11% Col Gas & Elec 6 5% 5% 5% Com & Sou 1% 1 1 1% Consol Gas ... 18 17% 17% 17% El Pwr & Lit... 2% 2% 2% 2% Int Hydro Elec . 2% 2% 2% 2% Interboro R T . 14% 14% 14'% 13% Int T & T 9% 9 9 9% Lou G & E “A’’. 13% 13% 13% 12% Nat Pwr & Lit . 6% 6% 6% 6% North Amer .... 11% 11% 11% 11% Pac G & E 14 14 14 14% Peoples Gas .... 20% 20% 20% 20*8 Pub Serv N J . 23% 22% 23% 23% So Cal Edison . 12% 12% 12% 12% Std Gas 3% 3% 3% 3% Stone & Webster 4 4 4 4% United Corp . .. 2% 2Vi 2% 2% Un Gas Imp .. 10 9% 9% 10 Ut Pwr & Lt‘A’.. 1% 1% 1% 1% Western Union.. 31 31 31 31% Rubbers— Firestone 17 Va 16% 16% 16% Goodrich 11 11 11 11 Goodyear 24 23% 23% 24 Kelly Spring .... 1% 1% 1% .1% U S Rubber . 15% 15% 15% 15 U S Rubber pfd 36% 37% 37% 37% Miscellaneous— Allis Chalmers 17% 17% 17% 17% Am Can 121% 120% 120% 121% Am Mach & Fdy 22% 22% 22% 22% Anchor Cap . . i6% 16% 16% 17% Brykin Man Tr . 43% 43% 43% 42 3 2 Burroughs Add . 15% 15% 15% 15% J I Case 60*4 59*/4 59% 60% Conti Can 75% 72 72 72% Caterpillar Tract 43% 42% 43 43% Crow’n Cork .. 27% 27% 27% 27% Curtis Pub 20% 19% 19% 20 3 i Deer &Cos 30 3 i 29% 30 29% Eastman Kodak 123% 122% 123% 123 Foster Wheeler . 15% 15% 15% 15 Gillette 14% 14% 14% 14% Glidden . 27% 27% 27% 27% Ingersoll Rand . 69% 69% 69% 70 Inter Harv 42fs 42 42 42% Natl Cash Reg. 17% 17% 17% 17% Owens Bottle .. 89% 89% 98% 90 Rem Rand 10% 10% 10% 10% Underwood E . . 61 3 2 61 61% 60% Worthington Pm. 19% 19% 19% 19 Foods— Am Sugar 68% 68% 68% 70 Armour 5% 5% 5% 5% Armour 3% pfd 69 68% 69 69 Beatrice Cream. 18 18 18 18 Borden Prod ... 25% 25 25Vi 25% Cal Packing ... 42% 41% 41% 41% Can Dry G Ale . 14% 14% 14% 14 Cont Bak “A'’.. 6% 6 6% 6 Corn Prod 67% 67% 67% 67% Crm of Wheat . 39% 39% 39% 39% Cuban Am Sugar 7% 7% 7% 7Va Gen Baking 9% 9 9% 9 Gen Foods 35% 35 35% 35 Gold Dust 18 17% 17% 17-4 G W Sugar 30% 30%, 30% 30% Loose Wiles .... 36 35% 36 35% Natl Biscuit 29*2 29 29 29 Natl D Prod 6 'a Purity Bak . 10% 10% 10% 10% S Porto Rico Sug 24% 24 24 24% Std Brands 18 17% 17% 18 Un Biscuit 25% 25% 25% 25_ 2 United Fruit .. 75% 75 75 75% Ward Bak “B".. 1% 1% 1% 1% Wrigley 77% 77% 77% T 7 Retail Stores — Best &Cos 38% 38 38 38 First Natl Stores 52% 52 52% 51% Gimbel Bros 3% 3% 3% 3 Gr Un Tea 3% 3% 3% 3% Hahn Dept Fis. 5% 5% 5% 5% New York Curb (Bv Abbott. Proctor & Paine) 12 Noon Prev. NY. Close Allied Mills 15 Alum Cos of Am 46% 46 Am Cyanide B' 17% 17% Am Superpower •.... % % Atlas Corp of 4 5% Can Indus Ale ‘A 9% 9H Distillers Corp El Bond & Share a% ** Gulf Oil of Pa 5<% 57% Hiram Walker 32 32% Humble Oil fj% 50% Imperial Oil Ltd 18% 16% Lake Shore Min 54 54 Novadel Agene 21 21% Pan Am Airway* 44% 44 Penn Road 1% * St of Ky 21% 31%

What Does lt Mean? Senior Stocks—Preferred shares are usually knouti as senior stocks due to the fact that they have some preferred privileges over the common shares of the same company.

Jewel Tea 56% 56% 56% 57 Kresge S S . 22 21% 21% 21% Kroger Groc 26*8 26 26 25 * Macy R H 40% 39 \ 39% 40 McCrorv St .. 11% 11'* 11% 11 McLellan St 13 3 2 13% 13% 13% Marshall Field 9% 9 9% 9% May Dept St 43% 43% 43% 43', Mont Ward . 28% 27% 28’, 28% Penney J C 69% 68% 68% 70 Safeway St 42% 41*4 41% 42_ Sears Roebuck 37% 36% 36% 36% Woolworth 55% 55% 55% 55% Aviation— Aviation Corp . 5 4% 4% 5 Boeing Aircft . 9' 9% 9'4 9% Curtiss Wright . 2% 2*, 2*y 2% Curtiss Wright A 9% 9 9 9 Douglas Air . 23% 22*4 22*4 23% Nor Am Av 3% 3'* 3% 3% Sperry Corp 9'2 9% 9*a 9 3 4 United Air New 14*, 14% 14% 14 Chemicals— Air Reduction ..114 114 114 114 Allied Chem 140% 139* 139% 139% Am Com Alcohol 30%333,0 3 , 30% 30 Com Solvents . . 22% 22% 22% 21*4 Du Pont . 97*8 96% 97 97% Freeport Tex .. 23% 23% 23% 23 Liquid Carb ... 29% 29% 29% 29% Math Alkali 29% 29 29 29 Monsanto Chem 59% 58% 59% 58% Natl Dis (new). 28% 28% 28'2 29 Schenlev Dist 27% 26*, 27% 27% Tex Gulf Sulph 36% 35 s , 35% 36% Union Carbide 48% 48% 48% 48% U S Ind Alcohol 40% 39% 40% 39% Drugs— Coty Inc 6% 6 6 6 Lambert 28 28 28 28 Lehn & Fink ... 17 17 17 17 Sterling Prod . 63% 62% 63 62* s Un Drug inew) 12% 11*4 11*4 12 Vick Chem ....33 3 a 36% 36% 36 Zonite Prod 4% 4* g 4* 2 4% Financial— Adams Exp 6*4 6*4 6% 6% Allegheny Corp.. TANARUS% 1% 1% 1% Am Int Corp.... 6% 6% 6% 6’i Chesa Corp ... 42 42 42 42 Lehman Corp. .. 74* t 73% 76% 74% Transamerica. . 5% 5% 5% 5% Tr Conti Corp.. 3% 3* g 3*s 3% Building— Am Radiator .. 14% 14*s 14% 14% Gen Asphalt .. 16*4 16% 16% 16% Holland Furnace 8% 8% 8% 8% Int Cement . 29 3 2 29 29 29■% Johns Manville 53% 52% 52% 53% Libby Owens tUs 29% 29% 29% 29•% Otis Elev 14% 14% 14*8 14 3 2 U S Gypsum 48% 48 48 47% Ulen Cons 1% lVi 1% I*4 Household— Col Pal Peet 17% 17% 17% 17% Congoluem 33%33 3 233 3 2 33 3 2 Kelvinator 18% 17% 17% 18 Proc & Gamble 48% 48 3 2 48% 48% Servel Inc 9% 9% 9% 9 3 t Simmons Bed ... 9% 9% 9*4 9% Textiles— Amer W001en.... 8 8 8 8 Belding Hem ... 13% 13 13% 13 Celanese Corp . 32% 31% 32 32% Collins Aikman . 14 13% 14 14 Gotham Hose ... 4% 4% 4% 4% Indus Rayon ... 32% 32% 32% 32% Kayser Julius .. 19 18*g 18% 18% Real Silk 3 . .... 5% 5% 5% 5%

N. Y. Bonds

(Reprinted from yesterday) DAILi BOND INDEX 20 20 20 20 Inds. Rails. Util. Bonds. Today 87.0 83.6 94.1 x 88.2 Saturday 86.8 82.8 93.9 87 8 Week ago 86.5 83.0 , 93.0 87.5 Month Ago . ... 86.7 84.5 91.2 87.5 x New 1935 high. (Copyright 1935 bv Standard Statistics Cos.. Inc.) U. S. GOVERNMENT BONDS (By Fenner & Beane) Liberty* Prey. Close. close. Ist 3Vis. 1932-47 104.12 104.20 Ist 4%5. 1932-47 103.9 103.16 4th 4%5. 1933-38 (uncalled) 103.16 103.23 4th 4%5. 1933-38 (called) . 101.20 101.26 Treasury* 4%5. 1943-45 114.29 114.29 4s, 1944-54 110.16 110.13 3*/ 4 s. 1946-56 108.29 108.27 3*/ g s. 1940-43 106.6 106.6 3*/aS. 1943-47 105.29 105.26 3%5. 1941-43 106.2 106.9 3 Vis. 1943-45 104.2 104.15 3 Vis. 1941 106. 105.29 3%5. 1944-40 104.2 104.16 3%s 1946-49 104 5 104.4 3 Vis. 1949-52 104.4 103.29 3s. 1951-53 103.4 103.4 3s. 1946-48 103.4 102.31 Hume Owners Loan Corp. 2*iS. 1949 99.18 99.7 3s. 1952 101.14 101.6 4s. 1951 101.10 101.12 Federal Farm Mortgage Corp. 3Vis 1964 102.30 102.29 3s 1949 101.15 101.6 3sl 1947-42 101.16 101.12 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 72 70% Alleg C’orp 5s '49 60 d9% Alleg Corp 5s ’SO 24 23 Am Frgn Power 5s 2030 61 60% Am Tel & Tel 5%s ’43 112% 112% Am Tel & Tel 5s '65 112'/* 112% Arm & Cos (Dell 5%s ’43 104% 104% Atl Least Line 4s ’52 102% 102% Atl Coast Line 4 3 2S '64 92% 92 Atch Top & S Fe 4%s '4B ... 108% 108*2 Am Wat Wks 5s ’44 95 94 A.m Rolling Mills 5s '3B 109% 108 Balt & Ohio 5s '95 71 69 Balt & Ohio Ss ’95 : B<F 78 Ealt & Ohio 4%s '6O 56% 54% Buff Roch & Pitt 4Vis ’57 66% 65% Beth Steel 5s '36 103% 103% Chi Milw & St PI 5s ’75 24 23% Chi Wilw & St P 5s ’75 6 3 i 5% Chi Milw &StP 5s 2090 100*, 100% Cleve Un Term 5s '73 95% 95 3 /2 Cleve Un Term 4%c '77 88V2 88 Col Gas 5s May ’52 80% 80% Col Gas 5s '6l 78 77% Can Pac Perp 4s 87 87 Cent Pac 5s ’6O 78% 78% Big Four 4 3 is ’77 71% 70 Vi Big Four 5s ’63 78% 77 Colorado & So 4%s 30 65 67 Chi & West Ind 4s ’52 98 997% Chi & West Ind 5%s ’62 103% 103% Chi & Nor West 4%s ’49 19% 18% Con Gas 5s ’57 104% 103% Chesa Corp 5s ’47 105 105 Dodge Bros 6s ’4O 106 106% Del & Huds 4s ’43 90 90 N Y Dock 4s ’sl 65 64% Erie 5s ’75 68% 68% Erie 5s ’67 69 68% Grt Northern 7s ’36 92 92 3 L Grt Northern 4%s ’76 77% 75% Grt Northern 4 3 is ’77 76% 76% Gen Stl Cast WW 5%s ’49 ... 88% 89 Hud & Manhat Ref 5s ’57 88 88% 111 Cent 4%s '66 59Vi 55% 111 Cent Jt 4%s ’63 67 66% 111 Cent 5s ’63 72 71% Interlake C&I 5s 'sl 77% 77 Interntl Hy Elec 6s ’44 48*4 48 Interntl Tel & Tel 4%s ’39 ... 69% 69% Interntl Tel & Tel 5s '55 ... 66 % 66 Interntl Tel & Tel 4%s '52 .. 61% 61% McKess & Robb 5%s 'SO 98 97% Midvale Stl 5s ’36 103 103 Natl Dairy 5%s '4B 103 103 Natl Steel 5s '56 107% 107 Nickel Plate 4%s ’7B 62% 61 3 i Nickel Plate 5%s ’74 72% 72% Nickel Plate 6s ’35 66 64% N Y Cent 5s 2013 64% 62% N Y Cent 4%s 2013 (old) 59*1 58 Nor Amer Cos 5s ’6l 86% 85% Nor Pac 3s 2047 74 74% Nor Pac 4%s 20 4 7 86 3 4 8 7 Nor Pac 6s 2047 100% 100% Nor States Pow 5s ’4l 105'2 106 Otis Steel 6s ’4l 82% 83% Penn Rv 4*is ’B4 103% 103% Penn Rv 4Vis ’Bl 103% 103% Pen Ry 4%s ’7O ?•->% 96% Pac G & E 5s '42 107 107% Portland Gen El 4%s ’6O 38% 5/% Para Publix 5%s ’SO 70% 70 4 Penn P & L 4%s 'Bl • 103% 103 Postal Tel & Cab 5s '53 51 49% Rem Ran W W 5%s '47 100% 100 Shell Union Oii Ss '47 102% 102% Sou Pac 4'is 68 66% 64 /2 Sou Pac 4Vis 'Bl 657, 64 Sou Pac 4Vis 69 66% 64 2 Sou Pac 4s '49 69 67 a Sou Rail 4* 56 56 5o Sou Rail 6s '56 74*4 74% SOU Rail 6Vis '56 77 76 Texas Pac 5s 'BO 87 91% Texas Pac 5s '79 92 91% Texas Pac 5s '77 92% ?2% Union Pac 4s ’47 1 10 % IXO% Urfited Drug Fs ’s3s 90*4 90 U S Rubber 5s '47 95% 94 , NY NH & Hart 6s ’4B 42% 42'2 NY NH & Hart ’67 37% 37% Warner Bros 6- '39 55% 55 Western Mary 5%s ’77 100% 100% Western Marv 4s '52 95 94% Youngstown S&T 5s '70.... 95% 95 Youngstown S&T 5s '78.... 95% 94% FOREIGN Argentina A 6s '57 92 91% Argentine B 65 'SB 91% 92 Canadian Govt 4s '6O 95% 105% I German 5%s '65 36% 36% j German 7s ’49 46*4 46*4 Italy 7s 'sl ?3% 93 Japan B%s '54 9#% 93% Poland 7s '47 123 123 3 „ Rome 6%s '52 83 83 Tokio City 5%s *6l 76% 76% FEDERAL FARM LOAN BONDS (Bv Blvth & Cos.) Bid. Ask. 4s July 1. 1946-44 104*8 105% 4s Nov. 1. 1957-37 102% 102*4 4s Mav 1. 1958-38 102% 102% 4%s Julv 1. 1956-36 102% 103% 4%s Jan 1. 1957-37 102% 103% 4%s Mav 1. 1957-37 102% 10?% 4%s Nov. 1. 1958-38 101% 4 3 2* May 1. 1942-32 101% 101% 4%s Jan. 1. 1943-33 101% 102% 4%s Jan. 1. 1953-33 101% 102 4 3 j* Jan. 1. 1955-35 101 % 102 4%s Jan. 1. 1956-36 102% . 5* May 1. 1941-31 101% 101% 5* Nov. 1. 1941-31 101% 101%

STOCK MARKET SLUMPS AFTER EARLIER SPURT

Prices Turn Lower; Trade in First Hour Hits 380,000 Shares. By United /’rra* NEW I’ORK. Feb. IP—United States government securities swept to record hiffh prices on the bond market today in a heavy investment demand caused by removal of the gold clause uncertainties. Hy l nited Pres* NEW YORK. Feb. 19.—The stock market resumed its lethargy today after a burst of activity at the opening. Prices turned irregularly lower. Trading in the first hour—3Bo,ooo shares—was at the rate of 1,700.000 shares for a full day. and was the largest first hour since Jan. 12, when 430.000 shares were traded. What pressure developed centered on the utilities, notably United Gas Improvement. It opened 2300 shares at 10, unchanged, and iater dipped to anew low at 9%. United Corp. preferred made anew low at 23, off 1%. North American, Consolidated Gas and Columbia Gas eased fractionally. American Telephone and Western Union registered small declines. United States Steel eased to 37, off a point ; American can 120 %, off ■%; Case 59%, off 1 •%; Chrysler 40 %. off %; General Motors 32%, off %, and Woolworth 53%. off %>. Rails turned down with the others and recorded small losses around noon. Spiegel, May, Stern lost a point. A few special issues, including Mesta Machine, American Chicle and Eastman Kodak madevnew highs. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,244,000 00 Debits 4.927,000.00 TREASURY STATEMENT (By United Press) WASHINGTON, Feb. 19.—Government expenses and receipts for the current fiscal year to Feb. 16. compared with the corresponding period the previous fiscal year; Th’s year Last year Expenses $4,345,i>3.},977.46 $3,996,361.762 29 Receipts.. 2,193,420.849 45 1,820,381,341.40 Deficit. . 2,152,110.128 01 2,175,980.420.89 Cash bal.. 2,153,551,105.17 4,244 193,581.20

Chicago Stocks

11:00 Prev. A. M. close. Butler Bros V 2 7’ 2 Bendix 16V 16' 2 Chicago Corp 2*4 2V Cities Service 114 1 Crane Cos 9*4 9 s , Com & Edison 56 56'2 ' Cord Corp 3 s , 3 ',2 (Chicago Mail 17 16’* Elec House 15 15 Grt Lakes Dredge 20‘,4 19’. Iron Fireman 15 1414 Libby 8 7V, Lynch Glass 27 Noblit Sparks 15’/, 15 Perfect Circle 32 Vs 31 Pub. Servos 111 18Vi 18'. Quaker Oats 131 131'. Swift 18% 18'4 Swift 35’/, 35Vi J R Thompson 5% 6 Walgreen 30% 30% Other Livestock (Bv United Press' CHICAGO. Feb. 10. Hogs—Receipts. 15 - 000 including 7000 directs; active, mostly 25 cents higher than Monday; weights above 210 lbs.. $8.854/8.95; top $6 95, highest since Nov. 12. 1930; 160-210 lbs,. $8.40® 8.90; light lights. $7.85@3 50; slaughter pigs. $64/8; packing sows. SB4/8.15; light lights 140-160 lbs . good and choice. $7.75® 8.50; light weight 160-200 lbs., $8,254/8.90; medium weights. 200-250 lbs., good and choice. $8.75® 8.95; heavy weights. 250-350 lbs . good and choice, $8,854/8.95; packing sows 275-550 lbs., medium and choice, $7,254/8.25; slaughter pigs. 100-140 lbs., good and choice. s6®) 8. Cattle—Receipts, 7.000; calves 2,000, better grade fed steers and yearlings weak with Monday's 25 to 50-cent, downturn; lower grade steers steady; this applying to kinds selling at $9 downward; very slow market on good and choice offerings; bulk selling at $10.50®13; top on weighty steers $13,50; best yearlings held around sl3; other killing classes mostly steady: heifers fully steady; cows weak; bulls and vealers about steadv. Slaughter cattle and vealers; Steers 550-900 lbs., good and choice, $9 25 4/ 12.50: 900-1100 lbs., good and choice. $9.50® 13.25: 1100-1300 lbs. good and choice, [email protected]; 1300-1500 lbs., good and choice. $10,504/13.65; 550-1300 lbs., common and medium. $5®,10.50; heifers 550750 lbs., good and choice. $94/ 11.25; common and medium. $4.50®9; cows good, $6.50® 8.50; common and medium. $3.75®) 6.50; low cutter and cutter. $2,754/4; bulls 'yearlings excludedi good (beefi. $54/7; cutter common and medium, $3.50® 5.25. yearlings good and choice, $6.50vu8 75; medium, $5.50® 6.50; cull and common. $3,504/5 50; stocker and feeder cattle: steers 550-1050 lbs., good and choice s6@ 8.25; common and medium, $4 75®6. Sheep —Receipts, 8,000; strictly good and choice lambs steady to strong; spots 5 to 10 cents higher: others little changed: sheep and feeding lambs about steady; better grade lambs to local packers. $8,404/8 65; top $3.75 to shippers and small killers; ewes quotable $4,504/5.25; slaughter sheep and lakibs: lambs 90 lbs. down, good and choice. SB4/8.75; common and medium, $6,504/8.10; 90-98 lbs., good and choice $7.75®8.75; ewes. 90-150 lbs., good and choice, $3,904/5.50 all weights common and medium, $34/ 4 50; feeding lambs, 5075 lbs., good and choice. $6 25® 7.25. FT WAYNE Feb. 19.-Hogs—Market 15c higher: 200-250 lbs . $8.75; 250-300 lbs , $8 60; 300-350 lbs . $8 30: 180-200 lbs $8 65; 160-180 lbs., $3.55' 150-160 lbs. $7.90. 140150 lbs.. $7.40: 130-140 lbs.. $6 90: 120-130 lbs.. $6 65; 100-120 lbs . $6 15; roughs. $7; stags, $5. Calves. $9; lambs, $8 50. CHAIN STOREJALES UP Daily Average Business in January 4 % Per Cent Higher. By Times Special WASHINGTON, Feb. 19.—Daily average sales of chain grocery stores during January of the current year were largely 4!c per cent higher in dollar volume than in the same month of 1934, and about 10% per cent above 1933, according to a report today by the Bureau of Foreign and Domestic Commerce. Sales reported for January showed a decrease of approximately 5% per cent from December of the previous year, compared with an average decrease of 6*2 per cent between these two months for the last five years, the report said. HUDSON OUTPUT GAINS Shipments During January Largest Stnce 1930. By Times Special NEW YORK, Feb. 19.— Factory shipments of Hudson and Terraplane cars during January aggregated 9997 units, the largest output for any corresponding month since 1930, company officials announced today. Compared with January, 1934, when shipments amounted to 3230 cars, the increase was estimated at 209 per cent, according to the report.