Indianapolis Times, Volume 46, Number 250, Indianapolis, Marion County, 27 February 1935 — Page 13

Wall St. Pamphlet Relates Ins-and-Outs of Inflation. _BY RALPH HENDERSHOT rinrt SwtW Wnm

NEW YORK. Feb. 27—Many people are siv in z serious thought these days to the possibility of inflation. Some think it will come through the printing of a vast amount of new money, while others expert it to take the form of excessive credit expansion. Few people, however, seem to have any idea what they can do about

it or how it is likely to affect them. W M Kiphnger and Frederick Sholton. ousiness rommen tutors, have written and Simon Ac Schuster have published a pamphlet which does an excellent Job of telling what it is all about. These men. who are certain that inflation is "just

I

Ralph flendemhot

around the corner." present a rather convincing argument in simple, everyday language. They waste no space in complicated and academic discourses. but rather approach the issue from a practical and useable angle. The authors apparently have no false illusions about their ability to look into the future. They ask that readers challenge everything they say. In fact, they even tell them how to do it. But they do lay claim to having no position to maintain and to not having inflirted their own personal views on the advisability or inadvisability of inflation. What they do primarily in their pamphlet is pull in all the factual loose ends of political and financial development and show how these point toward inflation. m * • WITH non-callable 5 per cent bonds selling at a 20 per cent premium and 4s selling 10 points above their par value, there can be little question about the demand for high grade securities. In fact, the demand is better than it has been in years, and it is rather certain that this market will prove too tempting for our larce corporations to pass up for long. It is true, of course, that underwriting bankers and corporate executives have been hesitant about signing on the dotted line in view of the terms of the Securities Act. The gold clause decision held them in check for a long time also. But any one of these days now one of the bieger concerns is likely to dive overboard, and then it will not be long before a great many of them are in the water again. Money has been piling up gradually*. but steadily in the hands of investors for quite some time now. And just as gradually these investors have been losing their timidity and have been going out further and further into the open market for securities. The indigestion of securities so much in evidence after the market crash of 1929 has long since passed, so with the buyers and sellers smiling at each other again it should not be long until the new capital market begins to function. * n u A WALL STREET man with a Greenwich Village apartment for rent was approached recently by a prospect, who said he represented California racing interests with "heavy" money. After a tentative rental deal had been negotiated. and the prospect agreed to return the next day for the final transactions, discussions turned to racing. It seemed that once in a great while special conditions arose which made it possible to make a killing on the ponies. Such conditions were favorable for the next day. Without any kind of selling pressure, the Wall Street man soon became very eager to participate. 1 and what could be more natural than he place his bet through his new acquaintance? He still has his apartment for rent; he hasn't heard whether or not he won his bet. and his friends are razzing him more than a little.

EXPORTS SET RECORD Scrap Iron From United States Hits All-Time High. Bv t mitrl Press WASHINGTON. Feb. 27—Exports of scrap iron and steel from the United States in 1934 set an alltime record of 1.835.554 gross tons, compared with exports of 773.406 gross tons in 1933. the Department of Commerce reported today. Japan was the largest purchaser of scrap iron and steel, taking 1.168.796 gross tons, or 63 per cent of the total.

On Commission Row

Quotations below ere average wholes* prices being offered to buyers by local commission dealera Frail* Bananas. S'.ta ib Apples. Indiana wmesaps. *1 75. Golden Delicious. $1 85 lemons. Sunkrn. 2605. $4 25. Grapefruit. Texas, seedless. *2 75: Arizona. f4s 70s and 80s *2 50. Limes. Mexican. r' carton 12s. 25c. Byram. seedless, per - .r.dred *3 Pineapples. Porto Ricans, half crates. *3 50 Avocados. Florida, box. *1 to Strawberries. Florida pint. 14Q15c 36-pt. erate. *6 Apricots. *3 crate. tecetablea —Cabbace. Northern Danish 50- - bag. *1 35 red 50-lb. box. *1 25: N** Texas cabbage. large crate. *3 25 sweet span.sh. large. 50-lb tec S3 Michigan yellows 50-lb bag. *2 75 P ' u*oes Green Mountains. 100-lb bag. *1 50 northern round white. 100-lb. bag *1 Nebraska triumphs 50-lb bag *2 25 Oh: -s 100-lb bag. *2. Idaho Russets. 100li bag *1 90; New Florida Triumphs, bushel *2 Sweet potatoes Indiana Jerseys b .she. *1 65. Tennessee Nancy Hails, b he! *135 Beans round stringless, hamper. *2 50: flat *2 25 Celery. Florida *4 25 crate, California. *4 crate, medium, dozen 60c. l imbo, dozen. 60c Cucumbers h-t house dozen. II 40. 2 dozen box. *2 50. Endive California, dozen. 90c. peck basket. *2 Egg plant. *2 50 dozen Kale, bushel. *oc Let -nee hot house 15-lb basket. *1 15 Arizona Iceberg head lettuce *3 50 ManSoe- Florida. crate. *6 50 Mint, a dozen. 1 Par-ley. dozen. 35c. Peas hampers. (2 75 Spinach. Texas. bushel. II 35. Radishes dozen. 45 S 60c Tomatoes 10-lb carton *1 60; Florida original. *2 75 Turnips, bushel. 75c Parsnips bushel. •1 35 Beets, bushel *1 25. Carrot* bushel. *125 10d-;b. sack. *175. Rhubarb hot house 5-lb. carton. 45c. Mushrooms, lb. JO* 35c Ail quotations subject to change up or down. FBI ITS AND VEGETABLES ißv United Press i CHICAGO. F>b. & Apples—Michigan Jonathans bushel* 61 50m 175 Mclntosh. 61 SO-.* 175 Turnips mlUmoi* bushels 20 4120 c Lettuce—Beslern crates *3*l2 50 Parsnips Iliinots oasnels. Soi7sc Carrots —CaiUernia crates. 2 504iS. Sweet potatoea—Tennessee bushels 75eta61. Bear.* — Florida bushel*. 61 3t4i2 Spinach—Texa* bushels *1 25411 65 > Beet*—lllinois bushy

BLAST FALLACY OF ECONOMICS IN NEW REPORT Brookings Experts Flay Old American Theory in Study. BY MAX STERN Timet Special Writer WASHINGTON. Feb. 27.—Another American economic fallacy has been blasted by scholars of the Brookings Institution in the third of their Falk Foundation studies on the relations between economic progress and distribution of income. This fallacy is that capital—tools, railroads, power houses and other means of produciton—must be accumulated out of savings and at the expense of consumers. • The demand for capital goods is derived from the demand for consumption goods.” says the Brookings report, entitled “The Formation of Capital." "Hence, an increase in savings at the expense of consumptive demand will decrease rather than increase the output of capital goods.” History Bears Out Dictum The Brookings experts find that "if new capital is to be created there must be an increasing flow of funds through consumption channels as well as through savings channels.” History bears out this dictum, they say. "The fact show incontrovertibly that new capital is constructed on an extensive scale when consumption is expanding rather than when it is contracting,” says the report. Likewise, it was found that there is no support for the popular theory that recoveries of the past have generally been brought about by the rise of new industries during the depressions. "Actually, it says, the new industries that are popularly supposed to have pulled the country from depressions—the auto in 1920, for in-stance-developed after expansion was under way.

Evidence Supports Theory "The available evidence supports the view that the growth of capital is directly related to the demand for consumption goods,” the study continues. "In the first place changes in the direction of business activity in most cases appear to have begun with factors affecting the consumption side of the economic picture. In the second place, the growth of new capital is adjusted to the rate of expansion of consumptive demand rather than to the volume of savings and available for investment.” Before the Civil War, the people's savings were needed for capital expansion. Since then the growth of a well-to-do middle class with plentiful funds for investment and the development of a banking system capable of supplying expanding credits for business have upset the old economy. We now have not only an abundance of funds for financing American enterprises but enough to lend abroad. Excessive Supply Dangerous 4 “Instead of a scarcity of funds for the need of business enterprise there tends to be an excessive supply of available investment money, which is productive not of new capital goods, but of financial maladjustments,” the Brookings report concludes. The new study, like the two earlier ones, bears directly on the highwage claim of labor economists. The first report showed that America suffers from under-consumption through maldistribution of the national income. It found 16 million families in 1929 living below a minimum standard income of S2OOO a year. The second study revealed America tragically failing to live to its productive capacity. With its plant and labor capacity it could produce twice as much as it is producing today and 20 per cent more than it turned out in 1929.

BOND SALE PLANNED Atlantic Coast Lines Will Sell 812.000.00 fl Issue. By Times Special CHICAGO. Feb. 27.—Atlantic Coast Line Railroad has asked permission of the Interstate Commerce Commission to sell $12,000,000 general unified, series A. 4% per cent coupon bonds maturing Jan. 1, 1946. Proceeds from the sale of the bonds would be used to retire $lO,500.000 itt obligations maturing between March 30 and July 1. 1935. and for working capital, officials said. The road asked permission to sell the bonds at the best prices obtainable. "due to present markets.”

Produce Markets

Delivered In Indianapolis prices: Heavy breed hens, 14c: Leghorn hens. 9c; colored springers. 13c: heavy stags. 9c: Leghorn stags. 7c; old roosters. 8c; ducks, full feathered and fat. 10c; geese, full feathered and fat, 8c; all classes of guineas. 15c; No. 1 strictly fresh country rua eggs, loss of: 17c. Each full case must welch 55 lbs gross, a deduction of 10c a pound for each pound under 55 lbs will be made Butter No. 1 SB'S39c: butterfat. 23c. Quoted by the Wad ley Cos. *Bv United Press! CHICAGO. Feb 27 Eggs Market, weak receipts. 13.638 cases; extra firsts. 22’iC fresh gTaded firsts. 22*4C: current receipts. 20c dirties. 19c: checks. 18- s c. Butter Market, easy receipts. 6027 tubs; extra firsts 90-91‘j score-. 31’j4i31'*c: extra -92 score*. 32c firsts *BB-89',; score*. 31'*i31'c: seconds *B6-87 , j score*. 30*7 JO’rC special. 32';4t33c: standards. 32c Poultry Market, firm: receipts. 30 trucks. 1 car due hens 16*i21c. Leghorns, 1347 18c springers. 20c. broilers. 214723 c: caFor.s. 6-7 lbs. 23c: old roosters. 13'j47 4'jC: ducks, heavy white 21c; turkeys. 19 -j2lc geese. 14c stags. 16'aC. frvers. 22 ! z *j 23c Cheese — Twins. 1747 17'*c: daisies. 17 , j4j17',c: Longhorns. 18'44i18> ; c Po-tatoes-Supply liberal: no demand or trading on account of cold weather: no sales reported Closing sales Tuesday; Wisconsin round white 75c: Idaho russets *1 50. commercial grade. *1 20 Arrivals 87. on track 273 shipments 619. CLEVELAND Feb 27 —Butter—Market, weak; extras, 36c. standards. 36c Eggs— Market, weak extra whites, 21'ac; current receipts 21c Poultry—Market firm: fowls under 6 lbs. 21® 22c: ducks, young. 24-i2sc old ducks 19c: turkevs. young 21c Potatoes—Maine *1 1547 125 a 100-lb bag Ohio, mostly 7545 80c a 100-lb bag: Michigan. 80® 85c a 100-lb. bag: Florida. II 75 a bushel crate. B. A O. DEFICIT SMALL By Time* gg*rial NEW YORK. Fob. 27.—Deficit of the Baltimore <fc Ohio Railroad after charges dunng January was estimated at approximately $500,000. compared with a loss of $1,088,743 in the same month of 1934, it was announced today. This was the smallest fj-. the month since 1930.

Abreast of The Times on Finance

INDIANAPOLIS, WEDNESDAY, FEBRUARY 27, 1935

New Business Books Available at Library The following new books are now available at the business branch of the Indianapolis Public Library: PSYCHOLOGY FOR EXECUTIVES Iby Elliott D Smith. Revised Edrioni—What is of value is to utilize psychology to organize one's own experience into a more orderly and accurate understanding of men. MODERN NEWS REPORTING •by Carl N Warrent—The exciting sport of writing daily for publication!'' ECONOMIC HANDBOOK OF THE PACIFIC AREA (edited by Frederick V. Field 1. A LIVING FROM THE LAND ‘by Will.am B Duryeei—Are homesteading days here again? HOW TO INTERVIEW (by W V. Bingham and B V. Moore • —The spaciousness of mutual understanding of two persons face to face has no counterpart In correspondence or in a book

N. Y. Bonds 'Reprintea troin vesteraayi U. S. GOVERNMENT BONDS •By Fenner <ss Beanei Liberty* Prev. Slose. close. Ist 3%s 1932-47 103.3 103.7 Ist 4’s 1932-47 103 103.7 4'h 4 1 *s 1933-38 (uncalled' 103 12 103.12 4th 4%s 1933-38 fcalled t 101.24 101.27 Treasury* 4 1 4* 1943-45 .. 116 14 116.13 4s 1944-54 111 8 111.14 3%s 1946-56 109.16 109.23 3%s 1940-43 106.17 106.20 3%S 1943-47 ...106.10 106.16 3%s 1941-43 106.13 106.18 3%s 1943-45 105 6 105.13 3%s 1941 ...; 106.14 106.15 3%s 1944-46 105.7 105.9 3%S 1946-49 104.14 104.20 3%S 1949-52 104 16 104.22 3s 1951-53 103.15 103.27 3s 1946-48 103.12 103.20 Howe Owners Loan Corp. 2 3 *s 1949 99.31 100.5 3s 1952 .MOl 28 102.1 4s 1951 101.10 101.10 Federal Farm Mortgage Corp. 3%s 1964 103.22 103.19 3s 1949 101 28 102.1 3s 1942-47 101.31 101.10 DOMESTIC Prev. Colse. close. Allig Corp 5s ’44 69 3 /4 70% Alien Corp 5s ’49 61 62 Am Frgn Pow 5s 2030 59 60 Am TeT Si Tel 5%s 43 112% mVj Am Tel & Tel 5s '65 112% 112% Arm & Cos (Deli 5%s ’43 105% 10674 Atl Coast Line 4s '52 102% 102 Atl Coast Line 4%s '64 90% 90% Atch Top & S Fe 4 1 aS '4B ...108 109'2 Am Wat Wks 5s '44 92% 94% Am Rolling Mills 5s '3B 106% 107% Balt & Ohio 5s '95 61% 63 Balt A- Ohio 6s '95 69% 74 Balt & Ohio 4%s '6O 44% 47 Buff Roch & Pitt 4%s '57 57% 60% Beth Steel 5s ’36 103% 103% Chi Milw & St PI 5s ’75 17% 19% Chi Milw & St P 5s 2000 4% 5 Cleve Un Term 5s ’73 94% 94% Cleve Un Term 4%s ’77 84 88 Col Gas 5s May ’52 78% 78!'* Col Gas 5s April ’52... 78% 79 Col Gas 5s ’6l 75% 75% Can Pac Perp 4s 877a 87% Cent Pac 5s ’6O 75 76% Big Four 4%s ’77 63% 65% Big Four 5s ’63 72% 74 Colorado <fc So 4%s ’80...• 63% 63% Chi & West Ind 4s ’52 97% 98 Chi A- West Ind 5%s '62 104 103% Chi & Nor West 4%s ’49. 14% 16 Con Gas 5s 57 104% 104% Chesa Corp 5s 47 104% 104 Dodge Bros 6s '4O 106% 106% Del & Hud.s 4s ’43 87 87% N Y Dock 4s 'sl 64% 64% N Y Dock 5s 38 44% 45 Erie 5s '75 61 63% Erie 5s 67 62% 63% Gen Cable 5%s '47 88% 89 Grt Northern 7s '36 87% 90 Grt Northern 4%s '76 75% 76 Grt Northern 4%s '77 75 76% Gen Stl Cast W W 5%s ’49 86 85 Hud & Manhat Ref 5s ’57 89 90 II Cent 4%s '66 50 53 111 Cent Jt 4%s ’63 65 65% 111 Cent 5s ’63 65 68% Interlake C & I 5s ’sl 76% 77% Iterntl Hv Elec 6s '44 . .. 46% 46 Interntl Tel Si Tel 4%s ’39 . 67% 67% Interntl Tel & Tel 5s '55 ... 63 64 Interntl Tel A- Tel 4%s ’52 ... 56% 58% McKess A Rob 5%s 50 .... 99% 99 Midvale Stl 5s ’36 103 % 103% Natl Dairy 5%s ’4B 105 104% Natl Steel 5s '56 107 107% Nickel Plate 4%s '7B 55 57% Nlckei Plate 5%s ’74 67 69 Nickel Plate 6s '35 60 62% N Y Cent 5s 2013 54 55% N Y Cent 4%s 2013 (Old) .. . 49% 50% Nor Amer Cos 5s '6l 84% 34% Nor Pac 3s 2047 75% 76% Nor Pac 4%s 2047 84% 86% Nor Pac 6s 2047 97 99% Nor States Pow 5s '4l .....106 106'/* New Orleans Term 4s ’53 84% 86 Otis Steel 6s '4l 82 82 Pen Rv 4%s 'B4 1225 s 121? 4 Pen Rv 4%s 'Bl 103% 103% Penn Rv 4%s '7O 96V* 96% Pac G A* E 5s '42 107 107 Portland Gen El 4%s 60 57 57% Para Publix 5%s 'SO 69 ,2® Penn PAL 4%s 'Bl 103 103% Postal Tel A Cab 5s '53 45 47 Rem Rand W W 5%s '47 101% 101 Sinclair Oil 6%s 38 }03% 12J'* Shell Union Oil 5s '47 102% 103 Sou Pac 4%s '6B 62 102% Sou Pac 4%s 'Bl 60% 62 Sou Pac 4%s '69 61% 63% Sou Pac 4s 49 66 67 Sou Rail 4s '56 41% 43% Sou Rail 6s '56 56 64% Sou Rail 6%s '56 58 63 Sharon Stl Hoop 5%s '4B 85% 80% Texas Pac 5s 'BO 89 90% Texas Pac ss' 79 89% 90% Texas Pac 5s '77 89_* Union Pac 4s '47 110% 111 United Drug 5s '53 88 88 ,a U S Rubber 5s '47 94% 95 NY NH A Hart 6s '4B 32% 35 NY NH A Hart 4%s '67 29% 30% Warmr Bros 6s '39 52 53 Western Mary 5%s '77 98 ? TOO * Western Mary 4s 52 94% 95 Youngstown fe A T 5s '7O 94 95 Youngstown SAT 5s '7B • • 94% 94% FOREIGN Argentina A '57 92% 93% Argentine B6s 'SB 92% 92 Brazil 8s '4l 32% 32% Canadian Govt 4s '6O 106 107 Denmark 5%s '55 100, 8 German 5%s '65 32 s 33% German 7s '49 43% 43 2 Italy 7s 'sl 90 90 Japan 6%s '54 93 93 Poland 7s '47 126 125% Rome 6%s '52 - 80_a 81 Tokio City 5%s '6l 76% -6% Yokohama 6s '6l 84% 84 FEDERAL FARM LOAN BONDS ißv Blvth A Cos.) Bid. Ask. 4s July 1. 1946-44 105% 106% 4s Nov 1. 1957-37 103% 104% 4s Mav 1. 1958-38 103% 104% 41.5 July 1 1956-36 103% 104% Ul Jan. 1. 1957-37 103% 104% 4%s May 1. 1957-37 103% 104% 4%s Nov. 1. 1958-38 104 _ 4%s May 1 1942-32 101% 101% 4%s Jan. 1. 1943-33 101% 102% 4%s Jan. 1. 1953-33 101% 102 4%s Jan. 1. 1955-35 101% 102% 4%s Jn. 1. 1956-36 }2?l* 8 5s Mav 1. 1941-31 101% 102 5s Nov. 1. 1941-31 101% 103

Other Livestock

(By United Press) FT WAYNE. Feb 27—Hogs—10c lower; 200-250 lbs *9 25; 250-300 lbs .. 59.10: 300750 lbs *8 80; 180-200 lbs . *9 15; 160-180 lbs . *9 5: 150-160 lbs.. *8 50. 140-150 lbs 8 130-140 lbs.. $7.75: 120-130 lbs.. *7.25. 100-120 lbs *6 75: roughs. *8; stags. $5.i5. Calve*:--S9: lambs. *8 50. I ?•* VFTTE Feb 27.—Market steady to lOclover 225-300 lbs.. *9 30479 35; 300-325 ■Vs ‘sQ2o' 180-225 lbs *9 20479 30: 160-180 hi ' iq io : 150-160 lbs.. *8.5047 8.75: 135-150 b* *BOB 25: 125-135 lbs. *7 5007 75: 115125' lbs *7 0 7.25: 100-115 lbs. *6 50476 75; roughs. 68 25 down, calves steady. *8 50 down- lambs steady. *8.50 down. ißv Times Special i LOUISVILLE. Feb 27-Cattle—Receipts. 200 salable supply slaughter cattle light; quality generally main, demand dependable; market generally steady; bulk common to medium slaughter steers and heifers *647 8. few common dairybreds down to around *5 50; better finished steers and heifers very scarce: quotable most *8 50 to around *lO. bulk bee. cqws. *4 2547 5 50; good heavy beef types and smooth heifer cows quo'able to *6 or bette' mo’ low cutters and cutter cows. *2'So4i 3 75: odd head strong weight cutters to *4 sausage bulls quotable mostly *s'down: bulk desirable beef type stocic calves *6 50? 7 50. few eligible higher. Calves. 275. including *5 stock calves: market steady; bulk better vealers. *7 g 8 few strictly choice. *8 50; meduim and lower grades. *6 50 down. Hogs—-Receipts. 600 market 10c lower: top and bulk desmabl- 180-250 lbs *9 35: 255 lbs. up. 1* 90 160 175 lbs . *8 80 140-155 lbs .*8 30. 120-135 lbs. *7 35; sows. *<6o Sheep. 50. msrket steady; bulk medium to good iambs *7iß. choice quotable to around *8 50. common light throwouts mainly *6; fat ewes. S3 50 down. AUTO PRODUCTION RISES By T:mr Special TORONTO. Feb. 27.—Production of automobiles in Canada during January totaled 10.607, compared with 6.904 in the same month of 1934. an increase of 54 per cent, according to a report made today by the dominion bureau of statistics*

BETTER TONES DISPLAYED ON STOCKMARKET Firming Tendencies in Rail Shares on Big Board Help Trading. Sy United Press NEW YORK, Feb. 27.—Firming tendencies in yesterday’s weak spots—rails, utilities and railroad equipments—gave the stock market a better tone this morning. Some selling went ahead in individual issues although losses were relatively small. Among the wider swings was a decline of 3*2 points to 48, anew 1935 low, in Columbia Gas preferred, and a rise of 2Mt points to 63 in North American Edison. Small gains were noted in Consolidated Gas, Public Service of New Jersey and several other utilities. United Corp. preferred dipped to a new low at 21 1 2 and then rallied to a small net gain. A single block of 21.800 shares of Seaboard Air Line sold at %, unchanged. giving it the lead in volume. Next in sales was Wilson, which firmed 3 g to 6 1 *. The preferred new stock of Wilson Cos. made anew high for the year at 72%, up •%. United States Steel issues made new lows for the year and so did Bethlehem Steel and National Steel. Most of the rails recorded small gains. Coppers rallied. Case rose a point to 55in the farm equipments. American Telephone was unchanged at 105.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,125,000.00 Debits 4,964,000.00 TREASURY STATEMENT IBy United Press) WASHINGTON. Feb. 27.—Government expenses and receipts for the current fiscal year to Feb. 25. compared with the corresponding period of the previous fiscal year: Expenses $4.491 h O2U 62(723 $5 788.49 Receipts 2.243.255.065.25 1.861.863.883.74 Deficit . 3.247.769.554.98 2.296.175.904.75 Cash bal. 2,059,104,754.82 4,983.282,128.80 TRADING INACTIVE IN CHICAGO GRAIN PITS Values Vary Fractionally at Board of Trade. Bf United Pre% s CHICAGO. Feb. 27.—Grain prices were unsettled on the Chicago Board of Trade today. Trading was not very active. Wheat opened % cent lower to % cent higher, corn was Vs cent lower to 74 cent higher, oats were off Vs to up Vs cent, and rye was % cent hig\er. The domestic Southwest still remained without sufficient moisture. Cables from abroad reported Liverpool slightly firmer at the start. •Bv James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close. Mav 97% .97 .97% .97% July 92% .92% .92% .92 Sept .91% .91% .91% .91 CornMay 84% .84% .84% .84% July 80% .79% .79% .80 Sept 76% .76 .76 .76% Oats— May .50% .50% 50% .50% July 44 .43% .43% .43% Sept 41% .41% .41% .41 RyeMay 64% .64% .64% .64 July 64% .64 .64 .63% Sept .64% .63% .64% .63 5 /* 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.

Stock Studies

GENERAL BAKING $ COMMON STOCK ee -eaice SMWtf EARNINGS PRICE Range scale o ■ uY/X i 1-I—l . o u bo 31 32 33 34131 32 33 34 35l WINCHESTER INSTITUTE OF FINANCE

The General Baking Corp. is the second largest company in the industry. Its output of a million loaves of bread constitutes about 90 per cent of its production. The balance consists of cakes and pies. Large advertising expenditures have greatly contributed to the company's rapid expansion. General Baking operates 65 bakeries in 53 cities of 20 states. It holds exclusive rights, under patents granted, to incorporate vitamin D into bread. FINANCIAL DATA A* of Dec. 29, 1934 Common Stock ($5 par) . 1,594,799 shares *8 Preferred Stock (no par).. *9.077,500 Funded Debt 3.916 000 Profit and Loss Surplus 4 133,052 Cash 4,354.286 Inventories 2.359.745 Total Current Assets 7.184.240 Current Liabilities 3.298,358 General Baking was incorporated in 1911 in New York. Both classes of stock are listed on the New York Stock Exchange. At a current price of around the common sells to yield 7 per cent assuming a 60 cent annual rate and for 11 times earnings. (All Rights Reserved. Winchester Institute of Finance. Winchester, Mass.)

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers A 25-cent carrying charge oer ton will be added DOMESTIC RETAIL PRICES Indiana lump 85.20 Egg .. 5.03 Nut 480 Brazil Block— Lump 6 54 Egg 531 Nut 504 GlendoraLump 5 340569 Egg 5.18®5.43 Nut 4.95(35.20 West Virginia and Eastern Kentucky (Group B) 6.7707.18 Pocahontas and New River, smokeless 7.300833 Coke, egg and nu* 8.90 Anthracite liLis o lain

Maximum Freedom for Management Needed , Stock Exchange Head Says

Richard Whitney Maps Three Main Planks for Recovery. By Times Special PITTSBURGH, Feb. 27.—Adequate incentives for private enterprise, maximunj of freedom for management and restoration of confidence for capital were offered as the three cardinal instruments of recovery by Richard Whitney, president of the New York Stock Exchange, in an address delivered here last night before the Engineers Society of Western Pennsylvania. Nowhere is the prospect of reasonable gain more important, Mr. Whitney said, than in the capital goods industries, as these are fields first affected by a decline in confidence. In recent years studies of the business cycle have clearly demonstrated that the pendulum of prosperity is moved by the fortune of the capital goods industries, he said. “It is to the owners and managements of these heavy industries that incentives must reappear,” Mr. Whitney declared. "They must be given grounds for believing that the risks which they now assume will not proye fatal and that operations may be undertaken once more with a reasonable prospect of sustaining income. “Until this condition is met progress in this country will mark time and full recovery will be postponed. In this connection the security markets play a vital part. The risks

New York Stocks

(By Thomson & McKinnon) • 11:00 A. M. Prev. Oils— High. Low. N. Y. close. Atl Rfg 23% 23% 23% 23% Consol Oil 7% 7% 7% 7% Cont of Del .... 17% 17% 17% 17% Houston (new)... 2% 2% 2% 2% Mid Cont Pet .. 10% 10% 10% 10% Ohio Oil 9% 9% 9% 97* Pet Corp 8% 8% 8% 8 Phillips Pet .... 14% 14% 14% 14% Pure Oil 6% 6% 6% 6% Shell Un 6% 6% 6% 6% Soc Vac 13% 13 137s 13% S O of Cal 30 30 30 307a S O Os Ind 24% 24% 24% 24% SOof N J .... 39% 39% 39% 39% Texas Corp .... 20 197a 20 19% Tidewater Assn. 8% 8% 8% 874 Un Oil of Cal . 16% 16% 16% 16% Steels— Am Roll Mills.'.. 19 18% 19 19% Beth Steel . 26% 26% 2674 26% col Fuel & Iron. 3% 3% 3% 3% Cruc Steel 19 19 19 19 Mid Steel 10% 10% 10% 107a Natl Steel 44% 44% 44% 45 Otis Steel . 5% 5% 5% 5% Rep Iron & Steel 11% 11% 11% 12 U S Pipe & Fdy. 17% 17V 4 17% 17% U S Steel .. 32>/ 4 32 327a 32% U S Steel pfd.. 80 79% 80 80% Warren Bros 3% 37 2 3% 374 Youngstn S& T 15% 15% 15% 16% Motors — Auurn 21% 21% 217 4 22 Chrysler 36% 367a 36% 36% Gen Motors 29% 29% 29% 30 Graham M0t.... 2% 2% 2% 2% Hudson 9% 97a 9% 97c Hupp 2 2 2 Mack Truck 24% 24% 24 % 25 Nash 15% 157a 157a 157a Packard 4% 4 47a 4 Reo 37a 33 3 Motor Access— Bendix 14% 14% 147s 14% Bohn Alum .... 55V 2 55% 55% 55% Briggs 28 27% 27% 28 Budd Mfg 4 3% 3% 3% Budd Wheel 37 s 3% 3% 37 8 Eaton Mfg 187a 18% 18% 18% Elec Auto Lite.. 24% 247 4 247a 24% Houdaille (A) .. 87a 8 8 87a Murray Body .. 6 6 6 Stew Warner . • 7 5 /a 77a 77a 77a Timken Det Axle 57 8 5% 57a 5% Mining— Alaska Jun .... 167a 167 g 16% 16% Am Smelt 34 33% 34 33% Anaconda 9% 9% 97* Cal & Heels. 37a 3 37a 3 Cerro de Pasco.. 42 42 42 42 Dome Mines .... 38 377a 38 3774 Gt Nor Ore 10% 10%. 10V 2 10% Howe Sound 45 % 45% 45% 45% Ins Copper 2% 274 2% 2% Int Nickel .. 237 s 23 237* 237i Isl Creek Coal . 33% 33% 33% 34 Kennecott Cop . 15% 15% 157 4 157 2 Mclntyre Mine . 41% 41% 41% 41% Park Utah ... 2% 27a 27* 2% Phelps Dodge 4 3 / 4 14% St Joe Lead .... 137a 13 13 13% Vanadium ...... 16 16 16 16V 2 Amusements— Loews Inc 34% 3478 34% 34% Radio Corp .... 5 4% 47a 47 4 Paramount 37a 3% 3% 37 g RKO 1 % 1% 1% 1% Warner Bros ... 378 3 37a 3 Tobaccos — Am Snuff 67% 67% 67% 68% Am Sum Tob... 20% 20V 4 2074 20% Am Tob "B" ... 80% 80 80 80% Lorillard • 19% 19% 19% 19% Reynolds Tob B 47 3 / 4 477 2 407 2 47%

Rails— Atchison 40% 39% 40% 39% Atl Coast Lines 25 24% 24% 25 B& O 10% 9% 10 10 Can Pacific 11% 11% 11% 11% Ch & Ohio 41% 41% 41% 41% Chi & Gt W .. 1 % 1% 1% 1% Chi Gt W pfd 2% 2% 2% 2% CM&StP 2 2 2 2 CM& St P pfd 2% 2% 2% 2% Chi N W 3% 3% 3% 3% Chi N W Dfd ... 6 6 6 o x 4 SSa & Hud ... 29% 29% 29% 29% Del Lac & W ... 13% 12% 13 2 12 < Erie 8% 8% 8% 8% Erie pfd 10% 10% 10% 10% Gt Northern pfd 11% 11% 11% 11% 111 Central ... 11% 10% 11 10 Lehigh Valley... 7 6% 7 7 Lou & Nash ... 40 39 4040 M K T -.3% 33% 3 MK&Tpfd. 7% 7% 7% 8 Pnr 1 3 4 1 3 4 1 3/ 4 1% Mo Pac pfd 2J 2% 2% 2 N Y Cent 15% 14% 15 14 2 N Y New Haven 4 3% 4 3% N Y ont & West 4 4 4 4 Nor Pacific 15% 15 15% 15 4 Penn R R 20% 19% 20 20% Sou Pac 14% 13% 14% 14 Sou R R 3% 8% 0 ?,4 Union Pac 96 95 • 96 95j ? Wabash J ■ 1% 1% 1% I'a West Maryland . 7 6% 7 7 Equipments— Am Car & Fdy .14 13% 14 14% Amer Loco ■ }2% 12% 12/2 *}2 Am Steel Fdy . 15% 15% 15% 15% Bald Loco J 1% 1% 1% Gen Am Tk Car 35 34 2 34% 35 Gen Elec 23% 23% 23% 23% Westingh Elec . 37% 36% 37% 36% Am & For Pwr . 2% 2% 2% 3 Am Pwr & Lit • 2 2 2 2*4 AT&T ..105 1043/4 105 105 Am Wat Wks 10% 10' 2 10% 10% Col Gas & Elec 4 3 4 4Va 4 S § Com <fe Sou 1 1 1 1% Consol Gas • 18% 18 18% 18% Elec Pwr & Lit. 1% 1% 1% l' Int Hydro Elec . 2% 2% 2% 2 Interboro RT • 14% 14 14 14% Int T & T • 7% 7% 7% .% Nat Pwr * Lit . 5% 5% 5% 5% North Amer 10% 10% 10- 11 Pac GA- E .... 13% 13% 13% 13% PeoDles ■ • • • 18 5 s 18 18 18 2 Pubstrv NJ ■ 22% 22% 22% 22% Std Gas 2% 2% 2% 2% Stone & Webster 32% 2i 2s United Corp l 3 a 1% 1% 1. * Un Gas Imp 10 9% 10 10% Ut Pwr & Lt 'A) 1% 1% 1% 1% Western Union • 25% 25% 25% 25 ■ j * Goodrich 9 9 9 9% Goodvear ■ 20% 20% 20% 20 2 Kelly Spring •• 1% 1% 1% J% U S Rubber 13% 13% 13% 13% U S Rubber pfd 32 32 32 31% Miscellaneous — , Allis Chalmers • 18 18 16 15 s Amer Can UJ% 116% 117% 117% Am Mach * Fdy 21% 21 % 21% 21% Anchor Cap 16 % 16% 16'2 16% Brklva Man Tr • *l% 41 41 41 Burroughs Add . 14 * 14 14 * 14 s J I Case 55% 53; 5a% 54% Conti Can 71 70% <O% .0% Caterpillar Tract 40% 40% 40% 41 Curtis Pub • • 18% 18% 18% 18% Dee*e Ar Cos .- • 27 26 3 4 2 27 Gillette* •• 13 5 13 3 i 13 *4 Int Bus Mach 157% 157% 157% 157 Inter Harv 39 38 4 39 39% Natl Cash Reg 15% 15% 15% 15% Owens Bottle 90 90 90 90% Rem Rand 9% 9 9 9 Am Sugar 68 67% 68 67% fISSS 6-. ,fd. ■ Beatrice Cream 17% I<% 17% 1. 2 Borden Prod ■25 25 25 24 Cal Packing 40 39% 4040% Canada Dry o A 12% 12% 12% 13 Cont Bak -A " . 5% 5% 5% 5% Corn Prod ..... 64% 64% 64% 65 Crm of Wheat . 39% 39% 39% 39% Cuban Am Sugar 7 6% 7 6 Gen Baking .... ** .8% • 8-2 Gen Foods 35% 35 35% 35% Gold Dust *••• 17% 18% 18% M

. ||

Richard Whitney

| which attend any venture in anew field require capital. In some cases j such ventures are undertaken by companies which have accumulated ; earnings from past operations in reflated fields. “There is another condition which must be satisfied before any general appeal for capital can be success-

G W Sugar .... 317a 30% 30% 30% Loose Wiles ... 34V 2 347 2 347 2 34% Natl Biscuit ... 27% 27 277a 27% Natl D Prod ... 16% 16>/ 2 16V 2 16% Purity Bak 9 9 9 9% S Porto Rico Sug 23% 23 23% 23 7* Std Brands . ■ 17% 16% 17% 17 Un Biscuit 257a 257 g 257a 25% United Fruit . 79% 7974 797* 79% Ward Bak "B”. 17 2 IV 2 1% 1V 2 Retail Stores— Assd Dry Goods- 97 2 9% 9% 97* Best &Cos 36% 36% 36% 37 First Natl Stores 50 50 50, 50 Gimbel Bros ... 2% 2% 2% 27 2 Gr Un Tea 3V.) 3% 3% 3% Hahn Dept Sts.. 4% 4% 4% 4’a Jewel Tea 567a 56% 567 2 55% Kresge S S 21 21 21 21 Kroger Groc ... 24 23% 23% 23% Macy R H 37 37 37 37% McCrory St .... 9% 97 g 9% 9% McLelliil St ... 12% 12% 12% 12% Marshall Field .. 7% 7% 7% 7% Mont Ward .... r*?4 24% 24% 24% Natl Tea 8% 8% 8% 8% Penney J C •. 60% 66% 66% 67% Sears Roebuck • 3'!7 4 32% 33 32% Woolworth 5-.% 54V 2 547 2 55 Aviation— Aviation Corp .. 4 3% 3% 4 Boeing Aircft .. 7% 7% 7% 8 Curtiss Wright . 27 2 27 2 2V 2 2% Curtiss Wr “A”. 8 8 8 8% Douglas Air ... 20% 207 2 20% 20% Nor Am Ay 2% 2% 2% 2% Sperry Corp ... 87 2 874 8% 8% Uni Aircft New .12 3.1% 11% 127a Chemicals— Air Reduction 112 112 112 113 Am Com Alcohol 26% 26% 267 2 26% Col Carbon 76% 76 74 76% 75% Com Solvents .. 20% 20% 20% 20’a Dupont 93% 92% 92% 93% Math Alkali ... 27 27 27 26% Monsanto Chem. 58% 58% i'B% 58% Natl Dis (new). 27 26% 26% 26% Schenlev Dist • • 25% 25% 25% 25% Tex Gulf Sulph . 33% 33% 33% 33% Union Carbide 46% 46% 46% 46% U S Ind Alcohol 37% 37 74 37 % 38% Drugs— Bristol Myers •. 33% 33% 33% 33% Coty Inc 5% 5% 5% 5% Lambert 27% 27% 27% 27% Lehn & Fink ... 15% 15% 15% 15% Sterling Prod . 63% 62% 63% 62 a Un Drug (new) 10% 1074 1074 10% Vick Chem .... 35 35 35 357a Zonite Prod .... 4 4 4 4 Financial — Adams Exp ... 5% 5% 5% 5% Allegheny Corp.. IV* 1% 174 1% Am Int Corp 5% 5% 5% 5% Chesa .Corp ... 41% 41 41% 41% Lehman Corp... 707* 7074 70% 70% Transamerica .. 57a 5 5 57a Tr Conti Corp . 33 33 Building— _ Am Radiator .. 12% 12% 12% 1274 Gen Asphalt 14% 14 3 ,4 14% 15 Holland Furnace 7% 7% 7% 7% Johns Manville 48 47% 47% 48 Libby Owens Gls 27% 2774 2774 28% Otis Elev, .... 14 14 14 13% U S Gypsum ... 4474 4474 447 2 44 Ulen Cons 1% 1% 1% 1% Household— Col Pal Peet •.. 16% 16% 1674 17 C’ongoleum 31 % 3 1 3174 30% Kelvinator 16% 16% 1674 16% Mohawk Carpet 1374 1374 1374 14% Proc & Gamble 4874 48% 48 5 /a 48% Servel Inc .... 874 474 o'/* 8% Simmons Bed ... 874 874 874 87a Textiles— Amer Woolen.. 674 674 6% 67a Belding Herr. 13% 13% 1374 13*s Celanese Corp 28% 28% 28?a 28% Collins Aikman. 11% 11% 11% 11% Gotham Hose .. 374 374 3% 374 Indus Rayon... 30 5 /a 3074 3074 3074 Kayser Juiius 17% Real Silk 4V 2

Chicago Stocks

(By Abbott. Proctor & Paine) 11:00 Prev. A. M. close. Acme Steel 46V 2 47 Butler Brcs 6% 674 Bendix 1474 1474 Chicago Corp 2 2 Cities Service 174 17a Cord 37a 3% Grt Lakes Dredge 18% 1874 Iron Fireman 14 74 14% Kingsbury 17* 17* Marshall Fields 8 8 Noblitt Sparks 14% 14% Pub Serv 18% 19% Swift 17% 17% Walgreen 28 29

New York Curb

(By Abbott. Proctor & Paine) 12:00 Noon Prev. N. Y. close. Allied Mills 14 14% Aiumn Cos of Am 4040% Am Cyanide “B” 17 17 Am Superpower % % Atlas Corp 7% 8 Can Indus Ale “A 8% 8% Distillers Corp 17% 17% El Bond & Share 4% 4% Ford of Europe 7% 7% Hiram Walker 29% 29% Humble Oil 48% 48% Lake Shore Min 54 54% Lone Star Gas 5% 5 Natl Bellas Hess 1% 1% Nia Hud Pwr 33 Penn Road 1% J % Teck Hughes Gold 4 4 NEW FREIGHT RATES AID CHICAGO TRADE Business Competition With St. Louis Materially Improved. B’l Time* Special CHICAGO, Feb. 27.—Chicago business competition with St. Louis has been materially improved, according to local trade leaders, by the new orders issued by the Interstate Commerce Commission covering freight rates on traffic to Arkansas, Louisiana, Texas and Oklahoma. The decision, which follows a long fight before the commission by the Chicago Association of Commerce and other local institutions, reduces the first class differential from 3 to 10 cents on each 100 pounds and to this extent modifies the decision handed down in 1928 when substani tial increases were made in this adjustment* f

What Does It Mean? Current Liabilities—Obligations of a company which become due and payable within a few months are known as current liabilities. A bond issue maturing in a short time would fall into this category.

PAGE 13

Revival, He Says, Can Not Be Accomplished by Government Alone. ful. The men whose funds are solicited must be certain that a broad and active market will permit them to sell their securities on short notice and at a reasonable cost for the service of conversion. If the investor is asked to place his capital in a form where retreat is difficulty, costly, or impossible, new enterprise will be checked at the start. For this reason there is a natural and mutual interest between security markets and capital industries. “As we regard the scope and complexity of the recovery problem, we realize that it can not be solved by government intervention alone. Such intervention can be, at best, only a temporarily palliative. This is not a criticism of the government, but rather a recognition of the magnitude and difficulty of the task. “Recovery, when it comes, must come, in the future as in the past, through the initiative of private enterprise, the intelligence of private management and the courage of private capital. National policy, to be successful, should embrace these three cardinal instruments of recovery: Provide adequate incentives for private enterprise; grant management the maximum of freedom and restore confidence to capital. “With these three great fundamentals achieved; then indeed is true recovery assured.”

PORKER PRICES DROPSUGHTLY Majority of Classes Stand Steady to 10 Cents Lower. i First sign of weakness in the pork market for more than a week was evident in early trading at the Indianapolis Union Stockyards today where prices were unchanged to generally 10 cents lower than yesterday’s best average. The top price however, -emained at $9.50. An increase in supplies during the last two sessions and a slightly weaker demand from packing houses was believed mostly responsible for the moderate decline. The bulk 160 to 350 pounds, sold at $9.30 to $9.45, while 130 to 160 pounders, brought $7.75 to $8.75. Sows cashed in at $8 to $8.75. Receipts were estimated at 4000; holdovers, 107. With initial trading on slaughter steers undeveloped in the cattle market, only slight activity was evident and prices were mostly unchanged at the previous close. Several loads of good grades of cattle were valued to sell from $11.25 to $12.75. Receipts were 1000. Vealers continued stationary, selling at $9.50 down. Receipts numbered 600. Trading interest was lacking in the iamb market with most all classes unchanged at yesterday’s close. Good native grades were salable at $8.75 down, while fed westerns brought $8.85. Throwouts cashed in at $6.50 to SB. Slaughter sheep held at $5 down. Receipts were 500.

HOGS Feb Bulk. Top Receipts. 21. $9.00® 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© 9.50 9.55 5000 27. 9.30® 9.45 9.50 4000 Li *l4o-160) t Good and choice ■ $8.25® 9.00 Medium 7.75® 8.75 X ' i^6o-'lß(h h Good and choice .. 9.30® 9.35 Medium 8-75® 9.15 tlßo-200) Good and choice ... 9.30® 9.40 Medium 8.90® 9.20 Medium weight: „ „ .. 1200-220) Good and choice .. 9.40® 9.45 (220-250) Good and choice... 9.40® 9.50 Heavyweight: . „ _ . (250-2901 Good and choice .. 9.40® 9.a0 (290-350) Good and choice... 9.30® 9.40 Packing sows: „ „ (275-350) Good 8 40® 8.75 (350-425) Good - 8 25® 8.65 (425-550) Good B.lo® 8.50 (275-350) Medium B.oo® 8.40 Slaughter pigs. „ 0 (100-140) Good and choice .. 6.50® 8.25 Medium 5.50® 7.75 CATTLE —Receipts. 1000— —Steer*— (550-900) Choice Good ill?'HZ Common (900-1100) Choice n-75®13.25 Common (1100-1300) Choice Indium 7.50610.00 (1300-15001 Choice 12.25613.50 —Heifers—-(soo-750) Good !0 00®12.50 Choice 9.00© 10.00 Good B.oo® 9.00 Common and medium ... 4 00® 8.00 (750-900) Good end choice -. 8 2a®lo o 0 Common and medium 4.2d® 8.20 —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, 600— Good and choice s ?-22? 2 52 Medium J-Ms 9 00 Cull and common 3.50© 7.00 —Calves—-(2so-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 medium • 4 00® a.OO (900-1050) Good and choice .. 5 >s@ 7.75 Common and medium 4.25® 5.7s —Cows— Good 3.50® 4 ,5 Common and medium 3.00® 3.10 SHEEP AND LAMRS —Receipts, 500— Lambs. 90 to 120 lbs. good and choice *8 25® 900 Common and medium 6.00® 8.25 90-120 lbs., good and choice . 4 00® 5.00 Sh aio-150) Good and choice 3.50® 4.75 All weights, common and me* „„ „__ dium 2.506 3.75

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CHEMISTS AIM LARGE MEETING IN APRIL WEEK American Chemical Society to Celebrate Tercentennary of Founding. B ;/ Times Special NEW YORK. Feb. 27.—Plans are proceeding today for what is heralded as the world's largest gathering of chemists during the week of April 22. when the American Chemical Society convenes in annual convention to celebrate the tercentennary of the founding of the American chemical industries by John Winthrop Jr., Colonial Governor of Connecticut. First call on four large hotels, the Pennsylvania, New Yorker, McAlpin and Governor Clinton, has been contracted for in anticipation of an attendance of up to 10 000 chemists from all parts of the world. This will be the first annual convention of the society in New York City since 1921. The sessions among the four hotels will be by divisions. Several hundred scientific papers will be read before the 17 divisional programs. Many excursions of visiting chemists are scheduled to important chemical manufacturing plants in the metropolitan region. Dinner Important Event Commemoration of the industries’ tercentennary will be celebrated the evening of April 24 with a dinner at the Waldorf-Astoria Htoel. Senator Pat Harrison of Mississippi and Representative James W. Wadsworth Jr. of New York are expected to speak. Francis P. Garvan. president of the Chemical Foundation, will be toastmaster. Preceding the banquet in the afternoon session will be addresses by William B. Bell, chairman of American Cyanamid Cos.; Thomas Midgley, of the Ethyl Gasoline Corp., who is a nationally known chemist; Lammot du Pont, president of E. I. du Pont de Nemours & Cos., and Prof. Alfred H. White, of the University of Michigan. Priest to Receive Medal A feature of the week’s program will be the award of the Nichols medal to the Notre Dame University priest, Father Julius a. Nieuwland, for his researches in acetylene derivatives, upon which the present synthetic rubber industry is based. This will be the first time the chemical society has ever so honored a priest. A program on the economic problem of the chemical industry to be held Thursday. April 25, will be an important feature of the week. Important subjects to be covered will be “Is Commercial Research Keeping pace with Laboratory Research?”; “Chemical Prices—ls Their Past History a Guide for the Future?”; “Depreciation and Obsolescence Charges Under the New Deal” and “Machine Age or Material Age?”

Other Livestock

(Bv United Press) CHICAGO. Feb. 27.—Hogs—Receipts. 16,000, including 6000 directs; slow, 10 to 15 cents lower than Tuesday; weights above 210 lbs.. $9.2547 9.35; top. $9.35; 160-210 lbs., $8 85© 9.30; light lights, $8.25© 8.85; slaughter pigs. $6.50©8.25; good packing sows, $8.50©8.65; light lights. 140-160 lbs., good and choice, $8.25©9; lightweight. 160-200 lbs., good and choice. $8.75®9.25; medium weights. 200-250 lbs., good and choice, $9.10© 9.35; heavyweights, 250-350 lbs,, good and choice, $9 20© 9.35; packing sows, 275-550 lbs., medium nad choice. [email protected]; slaughter pigs. 100-140 lbs., good and choice. $6.50©8.50. Cattle—Receipts. 10,000; calves, 1000; very liberal supply strictly good and choice steers and ■yearlings here; very little done on such kinds; few early sales steady to weak with prospects 25c to more lower on kinds selling at sll upward; lower grades steady to 25c lower: early top sl3 50. but several loads held at $13.75© 14; all she-stock firm ana active; bulls fully steady and vealers strong to 25c higher with supply scarce; slaughter cattle and vealers: Steers. 550900 lbs., good and choice. $9.50© 13: 900IiOO lbs., good and choice. $9 75© 13.75; 1100-1300 lbs., good and choice, $lO 25© 14; 1300-1500 lbs., good and choice, $10.50® 14: 550-1300 lbs., common and medium, ss© 10.50: heifers. 550-750 lbs. good and choice, $9 25© 11.50; common and medium. $4 75© 9.25; cows, good, $6.50® 9 25; common and medium. $4.25© 6 75: low cutter and cutter cows. s3© 4.50, bulls lyearlings excluded good beef), $5 25©7; cutter common and medium. $3.75© 5.40; vaeiers. good and choice. *7.50® 9 50: medium. s6©) 7 50; cull and common. s4©6; Stocker and feeder cattle: Steers. 550-1050 lbs., good and choice, $6.25©8 50: common and medium. ss© 6 25. Sheep—Receipts. 18.000; fat lambs opening slow; early undertone weak to lower; sneep and feeding lambs firm; bidding $8.50© 875 for good and choice wooled lambs, now held $9 upward; slaughter ewes, $4.50© 5.25; slaughter sheep and lamb,': Lambs, 90 lbs. down, good and choice. sl>2s©9; common and medium, $6.75© 8 ss, 00-98 lbs., good and choice. $8 ©9: ewes, 90-150 lbs., good and choice. $4 © 5 50: all weights, common and medium, $3©4.65: feeding lambs, 50-75 lbs., good and choice, $6.65© 7.50.

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