Indianapolis Times, Volume 46, Number 249, Indianapolis, Marion County, 26 February 1935 — Page 11

Wall St. Plans Go Forward to Sell New Bond Flotations. —BY RALPH IfI.NHLRSHOT Timn Writer

YORK. Feb 26 —ln Wall Street a certain amount of wailing was heard over the decision handed down by the United States Supreme Court on the gold clause Many thought the sanctity of contracts had been violated, and the "horror was made greater by reason of the fact that the act

had been commited by a branch of the government mch is supposed to be the last word when it comes to integrity and such things Lawyers were prominent among those who raised their voices in condemnation. They would have done differently, they said. But

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these same fellows had an important part in preparing the sales literature which was sent out to the public in the "good old days.'* And that literature invariably earned the line in small tyj* at the bottom which said that the accuracy of the statements made in the big. bold type was not guaranteed. But while on the one hand there was this criticism. on the other hand plans were going ahead to float a creaty man new bond issues. No one seemed to think that the gold decision would present much of a handicap to those efforts. And yet the decision struck at the very heart of bond contracts. It destroyed the constancy of the basis upon which contracts of that sort are made. man ONE would suppose—assuming the bankers are seriously disturbed by the gold decision—that future bond advertisements would carry the warning that Congress is permitted i change the value of the dollar on a moment's notice and that the purchaser buys at his own risk. It is a safe bet that they will not, of course, so it may be assumed tha_ their sub-surface feeling is not so bitter that it can not be wiped out by business profits and that the gold decision is likely to prove a seven-days wonder. Theoretically. it is clear that the gold decision was a severe blow to business. But from a practical standpoint, though, it looks as if it will prove to be a distinct help. The heavy goods industries, which depend on long-term credit and which, according to all the rules, should now be headed toward oblivion, may not fare so badly, after all. Ac any rate, the market for their bonds was not disturbed, and there is reason to believe that within the next few months they will be getting all the credit they can use. * a * AND. continuing to look at the picture from its practical side, the fact th-t the decision is at last out of the wav is likely to prove a much more important business factor than the decision itself. It so happened that the government’s actions received the court's backhanded bleosing. but had it been otherwise we have the word of high government officials that it would have made but little difference. Ways and means already had been found to offset an "adverse" decision. It would be highly entertaining if the next few years should witness a sharp business recovery based largely on credit expansion despite the “demoralizing" gold decision. Your correspondent expects to be entertained in just that fashion.

AUTOMOBILE OUTPUT RISES TO 1935 PEAK Production of Cars and Trucks in Week. 82,481 Units. By Ti me* Special DETROIT. Feb. 26. Current weekly production of automobiles and trucks showed a slight increase to anew 1935 high as the total rose to 82.481. compared with 82.119 last week, and with 71.047 a year ago, according to Cram's Reports. Inc. Individual gains were registered by 10 plants. 11 remained the same and six declined. Two plants established new weekly peaks for this year. “Unusual in the retail automotive field now." the publication said, “is the shortage of low priced cars, the sales of which are taxing some of the plants to capacity production. Current large scale operations present a decided contrast with the views of economic theorists who for five years have blamed large corporations for plant expansions prior to 1929."

On Commission Row

Quotations below are averse? wholesale prices being oflvred to buyers bv local commission dealers .... . Fruit* Bananas S'.ca lb Apples Indiana Winesaps $175. Golden Delicious. *1 85. Lemons Sunklst 2605. $4 25. Grapef'Uit Texas, seedless $2 75: Arizona. 84s. 70s and 80s $2 50. Limes. Mexican, rer carton II 25c Bvram. seedless. per hundred. *3 Pineapples. Porto \Rieans. half crates. $3 50 Avocados. Farida, box. 8j so Strawberries Honda, pint. \ I7‘.jc. 3tv-pt. e-ate. $6 Apricots. S3 crate. I VreetaMea—Cabbaee. Northern Danish. 50-'b. bag $1 35 red 50-lb. box, $! 25: N w Texas cabbage large crate, $3 25. Cmons sweet Spanish. large. 50-lb. hag $3 M-chigan yellow- 50-lb bag. I 75. potatoes Green Mount uns. 100-lb b'g. tl SO. notthern round white, jo?-. vie. *1 Nebraska triumphs 50-lb. ba'd. *2 25; Chios 100-Sb bag. $2. Idaho Itu'se’loo- - bag $1 90; New Florida Triumphs, bushel $2 Sweet potatoes Indi. n j *rsevs. bushel. $1 85. Tennessee Na lev Halls, bushel $1 35 Beans round strlt.gless. hamper $2 50 flat $2 25 Celery F.orida 34 25 crate California $4 crate, medium, dozen 60c: lutr.bo. dozen. 80c Cucumbers, hot house dozen $1 40 2 dcten box. $2 50. Endive California dozen. 90c; peck basket. $2 Eg plant $2 50 dozen. Kale, bushel. Oe Lettuce hot house. 15-ib basket $1 15: Arizona Iceberg head lettuce $3 50. Manfoes Florida crate. $8 50 Mint, a dozen. 1 Parsley, dozen. 35c Peas hampers. *2 75 Spinach. Texas. bushel. $1 35 Radishes dozen. 45 u 60c. Tomatoes 10-Ib. carton. $1 60 Honda original. $2 75. Turnip*- bushel, 75c Parsnips, bushel, at SS Beets bushel. *1 25. Carrots bushel. Si J - 100-lb sack. $1 75. Rhubarb, hot house 5-lb carton. 45c. Mushrooms, lb.. **A:l Quotations subject to change up or down. FBtITS AND VEGETABLES <Fy United Press i CHICAGO. Feb 26 Apples-Michigan Jonathans. bush-*!. $160.' 175: Mclntosh. Si >04:1 75 Turnips Illinois, bushel. 2<* ; w UttV'e- Western crate* $2 25 :2 73 Parsnip? Illinois bushel 30*: 65c Carrots r California crates. 82 50 62 7S Illinois and M cMgar bushel SO a 60c Sweet potatoes Tennessee bushel 85c *: $1 Indiana 3125*1140 Bea ns—Florida, bushel 8150 si l 7*. few. $1 85 Spinach—Texas bushel. SI iS 140 Tomatoes—Cuban lugs. $3 25 #8 75 Beets—EUnois. bushel. Jo*isoc. Cabbage- Wisconsin. 100 lb*.. 52 25 u 2.50. Texas. 100 lbs.. $3 a 3 25.

J. 0. ADAMS CO. NET INCOME UP 350 PER CENT Indianapolis Organization Enjoys Profitable Year in 1934. Operations of the J. D. Adams Manufacturing Cos., makers of roadbuildmg machinery 7, and whollyowned subsidiaries, were highly profitable last year, net income after charges and taxes rising more than 350 per cent over the preceding year, a&cording to the annual report of the company issued today. Net for the 12 months’ period aggregated $279,013. equivalent to 93 cents on the 300.000 no-par common shares outstanding, contrasted w’ith $73,813, or 24 cents on the common shares, in the corresponding period of 1933. Gross profit on sales during the year came to $1,197,742, while the operating profit before depreciation and Federal income taxes amounted to $215,487. After payment of 60 cents in dividends out of 1934 earnings, represented by three regular disbursements of 15 cents and an extra of the same amount, the company finished the year with a surplus of $99,013. This brought the total surplus, as of Dec. 31, 1934, to $1,133,348. Present prospects, according to Roy E. Adams, president, indicate profitable results from operations of the business for 1935. The excellent financial position of the company is demonstrated by the balance sheet, which shows a ratio of current assets to current liabilities of 10.3 to 1. Total current assets at the close of last year were $3,221,894, contrasted with current liabilities of 5322.756, leaving an indicated net working capital of $2,999,138. Listed among the current assets are Indiana municipal bonds which are carried on the books at $513.164, 1 whereas the market value at the j close of the year was $550,300. Other municipal bonds held total $31,16C. Building, machinery and equipment are carried at $606,349 after deducting the $396,149 reserve for depreciation. Land is valued at $38,806.

Ralph Hendershot

GRAIN PRICES MOVE HIGHER AT CHICAGO Weather News Unfavorable in Southwest Area. fl)f United Prrrg CHICAGO. Feb. 26.—Weather over the vast southwestern winter wheat territory was unfavorable to the growing cro ptoday and prices on the Chicago Board of Trade moved fractionally upward. Wheat opened ’s to 3 a cent, and oats were unchanged to up Is cent. There were no sales in rye at the start. The market firmed here in the face of a lower opening at Liverpool. Broomhall said the British market was affected by a mild wave of liquidation, although considerable attention was paid to weather conditions here. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close. May 97% .97' 4 .97% .97 July 92', ,91 7 .92% .91 Sent 91% .90', .91% .90', * Corn— Mt 85 1 , .84', .84'* .84', July 80 7 , .80’, .80’, .80', Sept 77', .76'j .76’, .76' 2 Oats— May 51'* .50 7 , .50 7 , .50'* July 44' 44 .44 .43’* Sept 41' a .41', .41'* .41', Rye— May 64 s , 64', .64', .6*', July 64*, .64% .64' a .63% Sept 65 54*,a .64'* .64', LOCAL CASH MARKET City grain elevators are paying 89 cents for No 2 soft red wheat. Other grades on their merits Cash corn No. 3 yellow 81 -cents and oats 48 cents. Retail Coal Prices The following prices represent quotations from leading Indianapolis coal dealers. A 25-cent carrying charge per ton will be added DOMESTIC RETAIL PRICES Indiana lump $5 20' Egg 5.03 Nut 48C Brazil BlockLump 5 54 Egg 6.31 Nut 604 GlendoraLump 5.3405.59 Ecg 5.18 3 5.43 Nut 4 9505.20 West Virginia and Eastern Kentucky iGroup B) 6.77(37.18 Pocahontas and New River, smokeless . 7.3008 32 Coke, egg and nut 8 93 Pea CoV; 7.40 anthracite 10.13 012 88 Produce Markets Delivered In Indianapolis prices: Heavy breed hens. 14c. 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 of: 17c. 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 38 ?39c; butteriat, 34c. Quoted by the Wadley Cos. ißv United Press > CHICAGO. Feb 26—Eggs—Market, mean receipts 11.461 cases; extra firsts. 23 c. fresh graded firsts. 23%c. current receipts. 21',c. dirties. 20c: checks. 19%c. Butter- Marset. weak: receipts. 7850 tubs; cvra fir*:s 90-91'.: score', 31',tt32c: extras i92 scorei. 32%c: firsts (88-89'a score 1 . 31'-i3l;c; seconds 1 86-87' 2 score'. 30 30%c specials. 32% >33%c standards 32c Poultry—Market, firm: receipts. 19 trucks: hens 16'i21c. Leghorns. 13ti17%c: springers 20c Leghorns. 14c; broilers. 21 ••i23c. capons 6-7 lbs.. 28r; old roosters. 13 : .--.i I4‘.c ducks. I7ii2oc: turkeys. 19"<i 21c. geese. !4c stags. 16‘2C: frvers. 22%4i 23c Cheese—Twins. 17<jl7',c; Daisies. 17' a'* •’ 17',c. Longhorns. 18','18%c. Potatoes—Supply liberal; demand and trading slow; market weak on russets: steady on others Wisconsin round whites, one car fine quality. 77%c: Idaho russets. II 50 si 155: commercial grade. *1.30. Arrivals. 80. on track. 268: shipments. 615. NEW BOND ISSUE OFFERED By rime# Special CHICAGO. Feb. 26.—A group composed of John Nuveen & Cos., C. W. McNear & Cos. and A. C. Allyn & Cos., all of Chicago, is making public offering today of anew issue of $1,630,000 Los Angeles County (Cal.i sanitation districts Nos. 1. 2 and 5\ per cent bonds, due serially from 1938 to 1965.

Abreast of The Times on Finance

New York Stocks

■By Thjmson & McKlnnom 11 a. ra. Prev. Oils— High Low. N Y. close. Atl Rfg 23 1 2 23' i 23% 23% BarnsdaH 6% 8S 6S 6S Consol OH 7% 7% 7% 7 3 Cont ot De! ... 17% 17% 17% 17% Houston told).. 14% 14% 14 1 2 14 1 2 Ohio Oil 9% 9’, 9’, 9’. Pet Corp 8% 8% 8% 8% Phillips Pet 14% 14'2 14 3 14'2 Pure Oil 6% 6% 6 3 6 5 s Royal D>ttch... 30% 30% 30' 2 30% Soc Vac 13% 13% 13% 13' a SO of Cal 30% 30% 30% 30% S OOf Ind 24'2 24% 24>2 24',2 SOOf N J 39% 39% 39% 40 Tidewater Assn B'2 B'a 8% 8% Steels— Am Roll Mills.. 19 v 4 19 3 4 19% 19 3 4 Beth Steel 28 > 4 27 % 28 28 Byers AM 16 16 16 15 3 4 Col Fuel & Iron 3 3 4 3 3 4 3% 4 Natl Steel 45 3 4 45% 45% 45% Otis Steel 5' 2 5' 2 5' 2 5' 2 Rep Iron * Stl 12 3 4 12'2 12% 12% Rep Iron & Stl p 38'2 38 ! 2 38'2 38 U S Steel 33'2 33% 33% 33% U S Steel pfd 83 82% 83 82' 4 Youngstn S & T 16' 2 16'2 16% 16% Motors— Auburn 22% 22>2 22'2 22% Chrysler 37 s * 37% 37'2 37% Gen Motors .... 30'* 30 30'* 30 Graham M0t.... 2 3 2 3 * 2 3 2% Hudson 9 s * 9 s * 9 s * 10 Hu pp ..... 2' 4 2 % 2'.* 2' 4 Mack Truck ... 26 25 3 4 26 25'2 Nash 15'* 15', 15'* 15', Packard 4'* 4', 4', 4', Reo 3'/ 3', 3'/* 3*/, Motor Acre*,— Bendix 15 15 15 15 Borg Warner ... 32 31 32 31 Briggs 28% 28% 28% 28 1 2 Bud Mfg 4'/ 4', 4', 4> 4 Budd Wheel 3% 3 3 , 3 3 , 3 3 Houdaille "A".. 8’ 4 B>, B', 8' 4 Stew Warner ... 7 s * 7 s * 7 s * 7 s , Timken Roll 34 34 34 34 Timken Det Axle 5 3 4 5% 5 3 4 5% Mining— Alaska Jun 16 7 , 16 7 , 16 7 , 17 Am Smelt 35' 4 34 3 4 35' 4 34’2 Anaconda 10', 10 10- 10', Cal & Hecla 3', 3% 3% 3 Cerro De Pasco. 43'2 43 43'2 42% Gt Nor Ore .. 10 s , 10 s * 10 s , 10a Homestake Min 375 375 375 379 Howe Sound 46 7 , 46% 46% 46' 2 Ins Copper .... 2 7 , 2 7 2% 3 Int Nickel 23 s , 23% 23'2 23% Isl Creek Coal.. 34 34 34 34'2 Kennecott Cop ..16 16 16 15% Park Utah 2% 2% 2% 27, Noranda Cop ... 33% 33'* 33'* 33 Phelps Dodge ... 14 7 * 14 7 , 14% 15 U S Smelters.... 117 15'2 117 116 Vanadium 16% 16% 16 7 /a 16% Amusements— Crosley Radio... 13% 13% 13% 14 Loews Inc 35' 2 35‘* 35'* 35'* Radio Corp .... 5 4 7 , 4% 4% Paramount 3'* 3', 3'* 3'* RKO I s * I s * I s , I s * Warner Bros ... 3*4 3% 3*/ 3'/ 4 T ibarros— Am Tobacco *'A” 79% 79% 79% 79'/a Gen Cigars 57 57 57 57 Ligg & Myers B .105% 105 s * 105% 105% Lorillard 20% 20% 20% 20% Phil ip Morris .. 38% 38 s , 38% 38

N. Y. Bonds

(Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 86 8 *BO.O 94.3 87.0 Saturday 86.9 81 8 94 4 87.7 Week ago 87.0 83 6 94.1 88 2 Month ago ... 87,1 85.1 92.9 88.4 * New 1935 low. (Copyright, 1935. Standard Statistics Cos.) U. S. GOVERNMENT BONDS (By Fenner & Beane) Liberty* Prev. Close, close. Ist 3' is 1932-47. 103.7 103.15 Ist 4'*s 1932-47 103.7 103.10 4th 4's 1933-38 funcalled)-. 103.12 103.15 4th 4',s 1933-78 (called* ... 101.27 101.25 Treasury* 4',s 1943-45 116.13 116 4s 1944-54 111.14 111.19 3 3 ,s 1546-56 109.23 109.28 3',s 1940-43 106.20 3%s 194.3-47 106.16 106.14 S%s 1941-43 106.18 106.13 3',s 1943-45 105.13 105.16 3',s 1941 106.15 106.23 3',s 1944-46 105.9 105.16 3',s 1946-49 104.20 104.28 3',s 1949-52 104.22 104.26 3s 1951-53 103.27 103.28 3s 1946-48 103.20 103.26 Home Owners Loan Corp. 2%s 1949 100.5 100.12 3s 1952 102.1 102.7 4s 1951 101.10 101.12 Federal Farm Mortgage Corp. 3'* 1964 103.19 103.24 3s 1949 102.2 102.6 3s 1942-47 102.3 102.14 DOMESTIC Alleg Corp 5s ’44 70% 71% Alleg Corp 5s '49 62 63'/* Alleg Corp 5s ’SO 22% 22% Am For Pwr 5s 2030 60 60 Am T and T 5%s '43 112'/ 2 112 Arm & Cos iDeli s' 2 s '43 ....106', 106 Atl Coast Line 5s '52 102 103 Atl Coast Line 4'is '64 90% 91% Atch Top A S Fe 4%s '4B 109% 109',* Am Wat Wks 5s 44 94% 94’/, Am Rolling Mills 5s '3B 107% 107% Balt A Ohio 6s '95 74 76% Balt A Ohio 5s 95 63 66% Balt A Ohio 5s '95 63 66% Balt A Ohio 6s '95 74 76% Balt A Ohio 4%s 60 . . 47 43 Buff Roch A Pitt 4%s ’57 .... 60% 63% Beth Steel 5s '36 103% 103% CM&St Pss '75 19% 21 C M & St P 5s 2000 5 5 Clee Un Term 5s '73 94% 95 Cleve Un Term 4%s '77 88 88% Col Gas 5s Mav 52 78% 80 Col Gas 5s April '52 79 80 Col Gas 5s '6l 75% 77 Can Pac Pero 4s 87', 87% Cent Pac 5s '6O 76% 78 Big Four 4'as '77 65% 68 Big Four 5s '63 74 77 Colorado & So 4%s 'BO 6374 65% Chi A West Ind 4s '63 98 98% C A W Ind 5%s '62 103% 103% C A Nor West 4%s '49 16 16% Con Gas 5s '57 104% 104',a Chesa Corp 5s '47 104 106 Dodge Bros 6s '4O .106% 106'/a Del A Hud 4s 43 87% 88% N Y Dock 4s 'sl 64% 63% N Y Dock 5s '3B 45 46 Erie 5s '75 63'/* 64 Erie 5s '67 63% 65% Gen Cable 5%s '47 89 89 74 Grt Northern 7s '36 90 91% Grt Northern 4%s '76 76 76% Grt Northern 4%s '77 76% 76% Gen Stl Cast WW 5%s '49 ..85 88 Hud & Manhat Ref 5s '57 ... 90 90 111 Cent 4%s '66 53 55 111 Cent Jt 4%s '63 65% 67 111 Cent 5s '63 68% 69 Interlake C A- I 5s 'sl 77'* 78 Interntl Hv Elec 6s '44 46 477* Interntl Tel & Tel 4%s '39... 67% 68% Interntl Tel & Tel 5s '55 64 63'a Interntl Tel A- Tel 4%s '52 ... 58% 59 P Lorillard 7 S '44 127% 127% McKess & Rob 5%s 'SO 99 98% Midvale Stl 5s '36 103% 103% Natl Dairy s',s '4B 104', 105 Natl Steel 5s '56 107% 107', Nickel Plate 5%s ’7B 57% 59% Nickel Plate 5%s '74 69 71% Nickel Plate 6s '35 62% 63 N Y Cent 5s 2013 55% 58% N Y Cent 4'is 2013 (Old) 50% 53% Nor Amer Cos 5s '6l 84% 85% Nor Pac 3s 2047 76% 76', Nor Pac 4%s 2047 86', 87% Nor Pac 6s 2047 99% 99-, Nor States Pow 5s ’4l 106% 106 Otis Steel 6s 41 82 83% Pen Rv 4's 'B4 103', 104', Pen Rv 4's 'Bl 103% 104% Penn Rv 4%s '7O 96’, 97 Pac G & E 5s '42 107 107 Portland Gen El 4%s '6O 57% 57% Para Publix 5%s 'SO 69 69% Penn PAL 4%s 'Bl 103% 103% Postal Te! A Cab 5s 53 47 48 Rem Rand WW 6%s '47 lot 101 Sinclair Oil 6%s '3B 104% 104 Shell Union Oil 5s '47 103 Sou Pac 4*is 'Bl 62 64% Sou Pac 4%s '69 63’, 65 Sou Pac 4s '49 67 68% Sou Rail 4s '56 43% 46 Sou Rail 6s '56 64’, 70 Sou Rail 6%s '56 63 72 Sharon Stl Hood 5%s '48... 85% 86% Texas Pac 5s 'BO .. 90% 92 Te :as Pac 5s '7O 90% 92 Tecas Pac 5s '77 91 92 Union Pac 4s '47 11l 111 United Drug 5s '53 88% 89% U S Rubber 5s '47 95 95 N NH A Hart 6s 48 35 343* NY NH A Hart 4%s '67 30% 30;, Warner Bros 6s '39 53 55; 2 West Marv ,£%s '77 100% 101% West Marv 4s '52 95% 96 Youngst'n S A T 5s '7O 95 95% Youngst'n S&T 5s '7B .... 94’, 95 FOREIGN Argentine R 6s ’SB 923, 93 Brazil 8s '4l 32% 32% Canadian Govt 4s 60 107 10. * * Denmark 5%s '55 'SSI' I SSt < German 5%s '65 33% 33% German 7s '49 <3% 44 Italy 7s 'sl 0 Japan 6%s '54 93 93 Po>Bd 7s '47 .125% 124% Rome 6%s '52 81 82 Tokio City 5%s 'IT '* 22 • Yokohama 6s '6l 84’, 84 FEDERAL FARM LOAN BONDS ißv Bivth A Cos.) Bid. Ask. 4s. July 1. 1946-44 105% 105% 4s. Nov. 1. 1957-37 103% 104 4s. Mav 1 1958-36 103'a 4%s July 1. 1956-36 103’, 104% 4% s' Jan. 1 1957-37 103’, 104% 4% a Mav 1. 1957-37 103% 104% 4%si Nov. 1 1958-38 104 ;%s Mav 1. 1947-32 101% 101% 4%5. Jan. 1. 1943-33 101% 102% 4%5. Jan. 1. 1953-33 101% 102 4%s Jan. 1. 1955-35 101% 102% 4%5. Jan. 1. 1956-36 103 ss. Mav 1. 1941-31 101% 102 ss. Nov. L 1941 -31 ...101%- 102

INDIANAPOLIS, TUESDAY, FEBRUARY 26, 1935

Reynolds Tob B 48 47% 48 47% Rails— Atchison 41% 41 41% 40% Can Pacific 11% 11% 11% 11% B& O 10% 10% 10% 10% Ch & Ohio 42 41% 41% 42% Chi & Gt W pfd 3% 3% 3% 3 C M& St P 2% 2% 2% 2% C M & St P pfd 32% 2% 3 Chi N W ... 4% 4% 4% 4 Dela A- Hud ... 31% 31 31% 30% Del Lac & W . 13% 13% 13% 14 Grt Northern pfd 12% 12% 12% 12% 111 Central 12 12 12 12 M K & T % 3% 3 2 3% MEAT pfd.. 8 8 8 8 Mo Pac rfd ... 2% 2% 2% 2% N Y Cent ... 16 15% 16 15% N Y New Haven 5% 5 5 5 Nor Pacific ... 16% 16 16 16% Penn R R 20 s , 20% 20 s , 20% Sou Pac 14% 14% 14% 14% Sou R R 10% 10 10 10 Union Pac 97% 96% 97% 96% Equipments— Am Brake Shoe 26% 26% 26% 26% Am Car & Fdy . 14% 14% 14% 15% Amer Loco ... 12% 12% 12% 12% Bald Loco 2% 2% 2% 2% Gen Elec 23% 23% 23% 23% Gen R R Sig ... 25 25 25 24% Pulman Inc .... 47% 47% 47% 47% Westlngh Elec... 37% 37 s * 37% 37% Utilities— Am & For Pwr • 3'/* 3',* 3% 3% Am Power & Lit 2% 2% 2% 2% AT&T 105% 104% 104% 105 Am Wat Wks ... 11% 11% 11% 11 Col Gas & Elec. 5% 5 5 5% C’onn & Sou ... 1 1 1 1 Consol Gas . 18% 17% 18% 18 Elec Pwr & Lit. 2 2 2 2 Interboro RT. .. 14% 14% 14% 14% Int T & T ... 81* 8 8 8 Nat Pwr & Lit.. 5% 5% ss,5 s , 5% North Amer .... 11% 11% 11% 11% Pac G & E 13% 13% 13 s * 13% Peoples Gas 20 20 20 20 Pub Serv N J... 22% 22% 22% 22% So Cal Edison . 12 11% 12 12% Stone & Webster 3% 33 3 United Corp .. . 1 % 1% 1% 1% Un Gas Imp 10% 10% 10% 10% Ut Pwr & Lt (A) 1% 1% 1% 1% Rubbers— Firestone 16 15% 15% 16% Goodrich 9% 9% 9% 9% Goodyear 21% 21% 21'/s 21% Kelly Spring ... 1% l 3 * 1% 1% U S Rubber ... 14 14 14 14 U S Rubber pfd 33% 33% 33% 33 Miscellaneous— Allis Chalmers.. 16% 16% 16% 16% Amer Can 118 117% 117% 117% Anchor Cap 16% 16'% IS% 16% Burroughs Add.. 15 15 15 15 J I Case 56% 55% 56'% 56% Conti Can 71V* 71 71% 71% Caterpillar Tract 42 5 , 42'% 42% 42% Crown Cork .... 26% 26% 26% 26% Curtis Pub .... liT% 19'% 19V* 19 Deere & Cos ... 28% 28 28 28% Eastman Kodak 122% 121'% 122% 122% Gillette 14V, 14 14V* 14 Glidden 26V* 26% 26% 26% Inter Harv 39% 39% 39% 39% Owens Bottle .. 90% 90% 90 % 90% Underwood E ... 58% 58 s , 58% 59 Foods— Am Sugar 68% 68% 68% 68’% Armour 5% 5 V* 5% 5 Armour 6% pfd. 68 68 68 68 Borden Prod .. 25% 24% 25 24% Cal Packing .... 41 41 41 40',* Corn Prod 65% 65% 65% 65% Crm of Wheat . 39% 39% 39% 39 Vi Cuban Am Sug.. 7 6% 7 6% Gen Foods ..... 35% 35% 35'% 35% Gold Dust 17'.* IT* 17'% 17% G W Sugar 31% 31% 31% 30% Natl Biscuit .... 37% 37% 37% 37% Natl D Prod 16% 16% 16% 16% S Por Rico Sug 23% 23 23% 23% Std Brands .... 17 17 17 17. Un Biscuit 19% 19 191% 25% Ward Bak B 1% 1% 1% 1% Retail Stores— Assd Dry Goods 10 9% 10 10% Jewel Tea 55% 55% 55% 55',s Kiesge S S 21'* 21% 21'% 21 Kroger Groc ... 24 24 24 24'% Macy R H 37 37 37 37’% McCrory St .... 10 9% 10 10 Marshall Field . B‘/a 8V BVs 7% Mont Ward .... 25% 25 25% 25'% Penney J C 68'% 68 68 68'% Safeway St .... 39% 39%333%9 3 % 39% Sears Roebuck .. 33'* 32 % 33% 33% Woolworth 55'% 55 V* 55 V* 55'% Aviation— Curtiss Wright.. 2% 2’/a 2% 2% Douglas Air .... 21% 21% 21% 20% Nor Am Av .... 2% 2% 2% 2% Speedy Corp .... 8% 8% 8% 8% Uni Aircft New. . 27'% 27'% 27'% 27V* Col Carbon 76 76 76 75% Com Solvents .. 21'% 20% 21'% 20% Dupont 93% 93% 93 s , 93% Freeport Tex .. 21% 21% 21% 21 Liquid Carb 27 27 27 26% Math Alkali 26% 26% 26% 26% Monsanto Chem 58% 58% 58% 58% Natl Dis (new).. 27% 27% 27% 27% Schenley Dist . 26% 26 26'% 25% Tex Gulf Sulph 34% 34% 34% 34% Union Carbide . 47'% 47 47 46% Drugs— Coty Inc ss,5 s , 5% 5% 5% Sterling Prod .. 63% 63 63% 63 Un Drug inew).. 10% 10% 10% 10% Vick Chem 35% 35'* 35% 35% Zonite Prod 4 4 4 4 Financial — Adams Exp 5% 5% 5% 5% Allegheny Corp.. 1% 1% 1% 1% Am Int Corp .. 5% 5% 5% 5% Chesa Corp .... 42% 421* 42'* 42% Lehman Corp ..71 71 71 71% Transamerica .. s'/* 5 5 5% Tr Conti Corp.. 33 3 3'% Building— Am Radiator ... 13 12% 12% 12% Holland Furnace 7% 7% 7'% 7% Johns Manville 50 50 50 49% Libby Owens Gls 28% 28% 28% 28% U S Gypsum ... 45 44% 44'* 45% Ulen Cons I'* I'* 1% 1% Household— Col Pal Peet.... 17 16% 17 16% Congoleum .... 32% 32'/* 32% 32% Kelvinator 16% 16% 16% 16'* Mohawk Carpet. 14% 14% 14% 13% Proc & Gamble • 49V* 48% 49 48% Servel Inc 8% 8% 8% 8% Textiles — Amer Woolen ... 6% 6% 6% 6% Belding Hem ... 13% 13% 13'* 13'* Celanese Corp .. 29% 29% 29% 29% Collins Aikman. 12% 12% 12% 12% Gotham Hose ... 4 4 4 4 Indus Rayon ... 31% 31% 31% 31 Kayser Julius... 17% 17% 17'/* 17'* Chicago Stocks ißv Abbott. Proctor & Paine) 11:00 Prev. A. M. close. E. L. Bruce & Cos 6 6% Butler Bros 7% 6% Bendix 15 Vi 15 Borg Warner 31% 30% Chicago Corp 2% 2% Cities Service 1% 1% Cent 111 Pfd 7% 7% Libbv -... 7% 7% Pub Servos 111 19% 18 % Swift 17% 18 Swift 35 35% Zenith 1% 1% New York Curb (By Abbott, Proctor & Paine) 12 (Noon) Prev. N. Y. close. Allied Mills 14" 14% Am Cyanide "B" 17 16% Atlas Corp 8 7% Carrier Corp 18 17% Distillers Corp 17% 17% El Bond & Share 8% 5 Ford of Europe 7% 7% Hiram Walker 29% 29% Humble Oil 49 48% Lake Shore Min 55 54% Pan-Amer Airways 42 42% Penn Road 1% 1% Sonotone 1% St of Ky 20% 20%

TREND OF COMMODITY PRICES AND TRADE CHARTED

MOODY’S daily rVf 80 60MM00ITY INDEX VW / * . ||4Q § 1 2 75 I" j— f '3O | | f /pH/ : { § i ' fK./ /moody’s WEEKLY ; / V.•*. .‘BUSINESS IREWD, • / 70' ■ H M j 120 \J | i r — zf i — uo . MQOOVn IWVESTQftS SfftVICC j V, ~OEc7 JAN. rCS. MAH, APRr MAY J UL. AUG. SCR OCT. NOV. OCC7 JAN- F^T * /a /

PRICES HIGHER IN DULL TRADE ON BIG BOARD

Baldwin Issues Weakest as Common Sinks to Record Low. By United Pres* NEW YORK, Feb. 26—Prices moved irregularly higher in a dull forenoon session on the Stock Exchange. There were several weak spots for special reasons, but the general list appeared to be without any pressure. Demand continued small. Baldwin issues were weakest. The common, most actively traded, issue, sank to a record low at 1%, off % on fears the reorganization plan would leave little equity for the issue. The preferred touched 10 *4, off 1% and met meager resistance. A few of the lowly rails—new Haven and Chicago, Milwaukee, St. Paul & Pacific—made new lows. Homestake Mining dipped 4 points to 375 on one sale. United States Gypsum lost a point to 44%. On the upside with gains of a point or more were such issues as United States Smelting. Union Pacific, Spiegel May Stern, Universal Leaf Tobacco, Cuban American Sugar preferred, Atchison, Borg Warner and Central Aguirre Associates. United States Steel was at 33%, unchanged; Bethlehem 28, upti; American Can 117%, up %; American Telephone 104'g, off Vs ; Chrysler 37%, off Vs, and General Motors 30, unchanged. Money and Exchange TREASURY STATEMENT (By United Press) WASHINGTON. Feb. 26.—Government expenses and receipts for the current fiscal year to Feb. 23, compared with the corresponding period of the previous fiscal year: r py*ic Vpar T.acf Vpar Expenses $4,478,316,325.03 $4,148,421,114.34 Receipts 2,234.049.579.79 1.857.158,486.56 Deficit . 2,244,266,745 24 2.291,262,627.73 Cash bal. 2,061.975,558.96 4.988.709,251." 1

Stock Studies

DETROIT EDISON $ CAPITAL STOCK pen f— —■—■"■ '■ ■■■■ pr>ce share EARNINGS PRICE RANGE SCALE __ -*t ———— 250 j-,- f— -200 130 31 32 33 34|30 31 32 33 34| WINCHESTER INSTITUTE OF FINANCE

The Detroit Edison Cos. has for years supplied without competition all commercial and residential electric lighting and power repuirements in Detroit and vicinity. The company’s generating plants are modern and efficient with ample reserve capacity. Ninety per cent of earnings come from electric service and 40 per cent of its electrical output is sold for industrial uses. The 1934 power output was 15% per cent ahead cf 1933. The company has voluntarily made several successful rate reductions in spite of the fact that taxes paid by the company in 1934 were the largest in its history. FINANCIAL DATA As of Dec. 31, 1934 Capita! Stock (SIOO par)... 1,272.260 shares' Funded Debt $134 000,000 Profit and Loss Surplus 19,018,400 Plant and Property (less depreciation) 259,569.388 Net Working Capital 12.224,921 Detroit Edison was incorporated in 1903 in New York. The stock is listed on the New York and Detroit Stock Exchanges. At a current price of around 70% the stock sells to yield 5 % per cent ana at 16% times earnings. (All Bights Reserved. Winchester Institute of Finance. Winchester, Mass.) STOCKS retaTn~places General Motors, American Gas and Electric Most Fopular. By Times Special NEW YORK, Feb. 26.—According to the sixth annual analysis of American trust holdings, General Motors and American Gas and Electric again are the most widely held stocks in the management trust division, it was announced today by Frazier Jelke & Cos. These two stocks, the only ones that have retained places among the ten most popular issues in each of the last four years, headed the compilation in the previous year. LIST FREIGHT SURPLUS By Times Special WASHINGTON. Feb. 26—Class I railroads on Jan. 31 had 341.918 surplus freight cars in good repair and immediate’/ available for service, the Association of American Railroads announced today. This was a decrease of 34,657 cars compared with Jan. 14, at ivhich time there were 276,575 surplus freight cars.

PAGE 11

Watchdogs at Capital Preparing to Protect Interests of Consumers

Rapid Shifts Made in Recent Weeks of Advisory Board. By Seripps-Hntcard A ewspapir Alliance WASHINGTON, Feb. 26.—A new pack of watchdogs has been installed in the government to pro- | tect the interests of the consumer. The AAA and the NRA at the start of the New Deal set up special divisions to protect all of us, as consumers, against the practices of nearly all of us. as producers, distributors, financiers and exploiters. The late Mrs. Mary Rumsey, head of the NRA Consumer Advisory Board, was appointed by President Roosevelt to a seat in his ‘‘super-cabinet,’’ the National Emergency Council. Rapid shifts in recent weeks have completely changed the situation. Here are the new watchdogs: Criticise AH Codes Emily Newell Blair is chairman of the NRA Consumers’ Advisory Board. Best known as a magazine writer and politician, former vice chairman of the Democratic National Committee. Small, dark, lowvoiced, amiable. Her husband was lately named an official in the Justice Department. She succeeds Mrs. Rumsey. Her chief aid is Corwin Edwards, heavy-set young economist. They and their staff criticise all NRA codes. Thomas C. Blaisdell Jr. is chairman of the consumers’ division of the National Emergency Council, also succeeding Mrs. Rumsey. Young, red-headed, grins most of the time. A friend and co-worker of Jerome Frank and Fred Howe, victims of the AAA purge of left-wingers, he was taken over for the NEC by Recovery Co-Ordinator Donald Richberg at the same time. Appears to be just as liberal as they, but perhaps less aggressive. Calvin B. Hoover, 37-year-old economist from Duke University, completes the picture. He is Dr. Howe’s successor as AAA Consumers’ counsel, operating in a recently restricted field. Heretofore he has been an economic adviser in the Agriculture Department. He started in his new job by objecting to a Boston milk marketing agreement on the ground that distributors as well as producers would profit from a retail price increase. But Secretary of Agriculture Wallace came out at once with the statement that consumer prices were not the prov-‘ ince of AAA. Dr. Hoover Veteran Dr. Hoover is a war veteran and spent several years studying Russian economic problems. His best-known New Deal contribution was a study of abuses visited upon sharecroppers in the South under the crop reduction program. The AAA group ivill continue one activity connected with field consumer work, publication of its magazine, “The Consumer’s Guide,” giving official information on retail food prices and other market-basket data. The NEC group circulates a similar publication among 200 county consumer councils that have been set up to check on retail prices and to act when one item rises out of line with other prices. The rest of. the work is statistical and factual, aimed at heading off code and marketing agreement provisions which would lead to exploitation of consumers.

EXPECT SHOE OUTPUT AT PEAK DURING 1935 Fall Sales Show Increase Ranging From 10 to 25 Per Cent. By Times Special NEW YORK, Feb. 26.—Due mostly to the rec°nt expansion in leather trade, both oroduction and distribution of shoes during the current year are expected to reach anew peak, according to a report made today by Dun & Bradstreet, Inc. Fall sales of manufacturers were approximately 10 to 15 per cent larger than in 1933, while retailers reported increases ranging from 15 to 25 per cent. Several leading manufacturers report orders sufficient to keep present working forces busy throughout the entire season. Shipments of shoes have been steady since the first of the current year, with capacity schedules general, in order to provide for commitments, which are in excess of those placed during the preceding season by approximately 20 to 25 per cent, the report stated. SALES UP 13 PER CENT By Times Special CLEVELAND, Feb. 26—The City Ice and Fuel Cos. and subsidiaries today reported 1934 sales of $26,472,076, an increase of about 13 per cent over the previous year. Net profits after Federal taxes and charges were $4,126,482, equivalent to $2.45 per share.

What Does It Mean? Current Assets—Assets such as cash, marketable securities and accounts receivable, are known as current assets, in other words, they arc cash or other items which are quickly convertible into cash. A synonym is quirk assets.

ggg I j

Dr. Calvin B. Hoover

SWINE VALUES CONTINUE RISE Few Good and Choice Kinds Sell at $9.55 After 10-Cent Advance. By United Press CHICAGO, Feb. 26.—Spirited bidding for the limited supply of choice hogs on hand today brought a top of 59.50 a hundredweight at the Chicago Stockyards. The price was the highest paid here since Oct. 30, 1930. Despite the largest run of receipts on hand at the Indianapolis Union Stockyards today in more than a week, porker prices, advancing 10 cents in practically all divisions, continued the upward movement toward a $lO level, anew high for more than four years. Supplies on hand during the early trading reached the 5000 figure, which is considered around normal for a week day session at the oleal yards. Following today’s moderate increase prices for good and choice weights held at $9.55. The general bulk, 160 to 300 pounds, was selling at $9.40 to $9.50, while weighty classes ranging from 300 pounds and upward, brought $9.25 to $9.35. Light lights, scaling 150 to 160 pounds, sold at $7.85 to $8.85, while 100 to 130 pounders cashed in at $6.60 to $7.60. Packing sows brought $8 to $8.75. Holdovers numbered 105. With slaughter classes of steers active to packers and shippers, the market was steady to slightly stronger than yesterday’s close. A single load of better grade steers sold at $12.65, while few odd head brought sl3. Receipts were 2200. Vealers were sharply 50 cents higher, salable at $9.50 down. Receipts were 700. Trading interest was scarce and dull in the lamb market, with few grades of native lambs fully steady. Bulk of good and choice natives sold at $8.75, while heavies cashed in at $8.25 down. Throwouts ranged from $6.50 to SB. Slaughter sheep brought $5. Fed western grades were unsold. Receipts numbered 1700. HOGS Feb. Bulk Top Receipts. 20. $9.00*/ 9.10 $9.15 3500 21. 9.00*8 9.10 9 15 4000 22. 9.00® 9.10 9.15 4000 23. 9.25® 9.35 9.35 1000 25. 9.30® 9.40 9 45 4000 26. 9.40*8 9.50 9.55 5000 Light light: (140-160) Good and choice $8.35® 9.10 Medium 7.85® 8.85 Light weight: (160-180) Good and choice . 9 40® 9.45 Medium 8 85*/ 9.25 (180-200) Good and choice .. 9 40® 9.50 Medium 9.00®. 9.30 Medium weight: 1200-220) Good and choice .. 9 45® 9.55 (200-250) Good and choice .. 9.45® 9.55 Heavvweight: (250-2901 Good and choice . 9.40® 9.45 1290-350) Good and choice .. 9.30® 9.40 Packing sows: 1275-3501 Good 8 40® 8.75 (350-425) Good 8.25® 8.65 1425-5501 Good B.lo® 8.50 (275-350) Medium B.oo® 8.40 Slaughter pigs. (100-140) Good and choice .. 6.60® 8 35 Medium , 5.50® 7.85 CATTLE —Receipts. 2200 —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 <910.00 (1300-1500) Choice 12 25® 13.50 —Heifers—-(soo-750) 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 and choice . 8 25®10.5G 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 VEALERS —Receipts. 700— Good and choice . . $9 00® 9.50 Medium 7 00'S 9 00 Cull and common 3 50® 7 00 —Calves—--1250-500) Good and choice.... 6 25® 9.00 Common and medium 3.50® 6.25 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice 5 50® 7.75 Common and rredium 4 00® 5.50 (900-1050) 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. 1700— Lambs. 90 to 120 ;bs. good and choice . $8 00® 8.75 Common and medio' 6 00 ® 8.00 90-120 lbs., g 0 074 holce 4 00® 5.00 Sheep: (120-150) choice 3 50® 4.<5 All weight and medium 2 50® 3 75 Other Li tock <Bv Uni! S' LAFAYETTE. Feb. ia Ice?, steady to 15c higher: 200-275 ,9 35*/ 9 40: 275325 lbs $9.20® 9.30: 1 JO lbs . $9 70*/ 9 30: 150-160 lbs . S8 50< 75: 155-150 !b.s . *B*i 825 125-135 lbs s7l/7.2. 100-11 lbs. $6 0® 6.75: roughs. $8 25 down: calves. 50c higher; 58 down; iambs steady, $8.50 down. $

FRENCH SCENE NOW CYNDSURE DF N. Y. BANKS

Political Situation Watched Closely for Effect on Gold Bloc. BY BARROW LYONS, Times iper.al Writer NEW YORK. Feb. 26. Those watching political developments in France for their effect upon the franc, and hence on all other gold bloc currencies, see grave political implications in reports that two powerful regents of the Bank of France representing gold and munitions interests were about to resign. The fact that their resignations have not been handed in is assumed here to mean that, for a time at least, a break with the new premier has been avoided. Whether the reports were true or not, it is asserted, the fact that they have come through usually reliable sources suggests serious tension and the latent possibility of a parting of the ways between the French New Deal forces and have backed Premier Pierre-Etienne Flandinand the conservative and reactionary elements. Recent accounts from Paris have stated that Baron Edouard Rothschild and Francois de Wendel, who are leaders of French industry and finance as well as regents of the central bank, were about to resign. Dissatisfaction with the borrowing and discount policy of the new regime. generally considered mildly inflationary, has been regarded as dangerous to the gold standard. Linked to de la Rocque Some of the best informed New York banking authorities are convinced that no matter how hard France may struggle to protect the gold standard world economic conditions are so against her situation that in the end elements demanding devaluation or abandonment of go' will be successful. Among those who cling to goia are the families who for years have been identified with orthodox banking, whose values, financial and social, have been measured for centuries largely in gold. These are believed to be allied politically with the truculent Col. de la Rocque, Fascist leader of the Croix de Feu, who threatened, with his host of armed veterans, to wage open warfare upon the Communists and radicals when the Doumergue government was tottering. Much to the disgust of Leon Daudet and his Royalist followers. Col. de la Rocque has managed to hold his legion in calm restraint through the recent change in government. Should Baron Rothschild and M. de Wendel resign from the board of the Bank of France it is not at all clear that the truce between the liberals, whom Premier Flandin now leads, and the ultra-conservatives would be maintained. Politically, Col. de la Rocque’s organization is far more significant than the Royalists. A break could easily mean the preciptation of civil conflict. Has Wide Interests In view of the situation the connections of Francois de Wendel are illuminating. In addition to being a regent of the Bank of France he is a member of the Chamber of Deputies, owner of a majority interest in La Journal des Debats, head of the group that purchased the semi-official newspaper of the French government, Le Temps, controls the Journal Industrielle, and is a power in the management of Le Matin, L’Echo de Paris and the Havas Agency. He also is president of the Comite des Forges de France, the great French steel and iron trust. The powerful Schneider-Creusot munitions company belongs to the Comite, along with all other French munitions makers. A year ago Fortune magazine published an article declaring that the de Wendel munitions concerns in France, friends of French Fascism, had united with the Fascists of Germany in elevating Adolf Hitler to power. Their policy, the article asserted, was to keep Europe in a constant war scare. Now the gold standard is at stake, and with it accumulated wealth. Baron Edouard Rothschild, who is now 66, is the head of the French branch of the Rothschild family. He was the only son and heir of Baron Alphonse Rothschild. For more than a century his family has helped to finance French wars. The resignation of two such men as these from the Bank of France, when the political struggle for supremacy between the Socialistconservatives provided a continuous threat of volcanic action, might be a signal for considerable trouble, observers believe.

Other Livestock

<By United Press! FT WAYIJE F?b. 26—Hogs-Market. 10c higher: 200-250 lbs. $9 35 250-300 lbs.. $9 20; 300-350 lbs, $8 90. 180-200 lbs.. $9 25; 160-180 lbs.. $9 15; 150-160 lbs., $8 60; 140-150 lbs , $8 10. 130-110 lbs . *7 85; 220-130 lbs $7 25 140-150 lbs. $8.10: 130MO lb?.. $7 85: 120-130 lbs . $7 35: 100-120 lbs. $6 85; roughs. SB. stags, $5.75. Calves. $9: lambs. $3 50 ißy Times Special i LOUISVILLE. Feb. 26—Cattle—Receipts. 250; supply slaughter classes; light qualtt. generally plain: market about steady will. Monday: bulk common to medium steers and heifers, $64:8 few common dairybreds down to around $5 50: better finished steers and heifers quotable $8 50 to around $10; bulk beef cows. $4,254:5.50: good heavy beef types and smooth heifer offerings eligible to $6 or better; most low cutters and cutters. s2@3 75; few strong weight cutters higher: sausage bulls scarce: mostly kinds of weight and quality to sell $4 75 down: best heavies and desirable butcher bulls eligible higher; Stocker trade generally steady- bulk better beef type stock calves. $6 504! 7 50: inferior and common southern dariybreds. $4 50 down Calves— Receipts. 200; better grade vealers fully steady to strong, bulk. s7'.: 8. few strictly choice $8 50: medium and lower grades weak at $6 50 down to $3 or less for immature culls Hogs—Receipts. 700: marine 25c higher: top and bulk better. 160250 lbs $9 45 highest locallv since Oct. 29 1930. 255 its up $9: 160-175 lbs., $8 90; 140-155 lbs. ’s4o 123-135 lb* $7.45; sows. $7.70. FLeep—R-'ceip’s. 50: steady; bulk med um ‘o gozd lambs $74:8: choice considered salable around *t 50, common throwouts. $6, fat wea mostly U.iO lowa.