Indianapolis Times, Volume 46, Number 251, Indianapolis, Marion County, 28 February 1935 — Page 19

Wall St. Farm Problem Still Unsettled About Rise in Prices. _BY RALPH H UNDERSHOT Tlan SwrMl rlt

TWJEW YORK. F*b 28—Prices of A-n farm products have reached tha highert levels In more than four years, according to an agricultural bulletin prepared by the editorial staff' of several important farm magazines. Asa result of these Increases, it states, farmers are in a greatly improved financial position, and they are

buying equipment and other goods on a much larger scale than heretofore. The importance of this news can not be overestimated. One of the prime causes of the depression, many economists agree, was the slump in the buying power of the farmer public. But

'

Ralph Hendershot

the betterment has been brought about, at least in part, by aruflcial means, and because of that fact many people are wondering whether it will last. We can produce more farm products in this country than we can consume within our own border. In the past we have been able to export the surplus without much difficulty. But the artificially high prices established here have cut off a larger portion of our export market, and other countries have been quick to claim them for their own. This is particularly true in che case of wheat and cotton. a a a IT may be assumed that many of the steps taken to lift prices here were prompted only by emergency conditions, and it is possible that when the emergency passes the industry will be thrown back on the old basis of supply and demand. . In that event conditions may become worse than they were before, due to the fact that we may not be able to win back our export trade. Under such circumstances we may be forced into a managed economic situation whether we like it or not. We may be obliged to abandon part of our farm property permanently, or at least until the population reaches the point where it will sustain our productive capacity. This might not be such a bad idea, either, if a plan were mapped out in advance so that we may be a step ahead of situations when they arise.* mm a THUS far it has appeared as though we did not quite know where we are headed agriculturally. With the help of the weather man we have done a good job in adjusting farm prices and have balanced farm and city purchasing power to a marked degree. But it does not seem as though we have sufficiently adjusted the situation so that it can take care of itself. In ether words, the machine runs well so long as we push it, but it is likely to stop when we cease supplying the motive power. President Roosevelt has asked for an extension of the NRA. which indicates that permanent plans for industry are in the works, even though rather vague as yet. Under the circumstances it is hardly conceivable that a permanent farm program will not be worked out. Certainly the more nationalistic we become the more need for supervision in both divisions. It is highly probable that the farm situation may prove even more difficult to improve t*. ">n than has been the industrial situation.

WAGE CONFERENCE IS OUT UNTIL MARCH 11 Bituminous Pay Parley Recesses Pending Legislation. By Serippe-Hnieard Xcirepaper Alliance WASHINGTON, Feb. 28. Uncertain what Congress is going to do on labor and coal legislation, the annual wage conference between bituminous miners and operators of the Appalachian reg* m has receded until March 11. The recess was taken after a spokesman for the operators pointed out that Congress k c . 'stdenng the Black 30-hour bill the Guffey coal control bill and the revision of NIRA —all Intimately tied up with the bituminous industry—and that nobody Is sure what wiil hapepn to any of these measures. John L. Lewis, president of the United Mine Workers, seconded the motion for recess after some remarks indicating that when sessions are resumed he will insist on full consideration for the miners' proposals for a 33-hour week and an Increased wage scale.

On Commission Row

Quotations below are arrrt.e* wholesale prices be.r.r offered to bitters bv local commission dealers. rrwjts—Bananas. S'.-ca lb Apples. Indiana Winesaps SI 75; Golden Celiciou,. Si 88. Le~ ns, Sunkist. 3605. $4 25. Grapefruit. Texas, seedless. $2 75; Arizona. •4a 70s e-r SOs 52.50. Limes. Mexican, per car a. 25c; By ram. seedless, per hundr Pineapples. Porto Ricans, half c j.w. Avocados. Florida, box. $! 50. ..-wberrrs. Florida, pint. 14Q1SC. 30-pi. crate SC Acrtcots. $3 crate. Vegetables—Cabbage. Northern Danish. 50-lb. K.t. 5135. red. SC-lb. box. 5125; New Texs cabbage. large crate. 53 25. Onions. sweet Spanish, large. 50-lb. bag 53. M: hiean vellows 50-lb bag. 52.75. Potatoes. Green Mountains. 100-lb. bag. 51 SO; northern round white. 100-lb. bag sl. Nebraska triumphs 50-lb. bag 52 25; Ohio*. 100-lb bag 52. Idaho Russets 100lb. bag. 51 90 New Florida Triumphs, bushel. 52 Sweet potatoes Indiana Jersers. bushel. 51 *5. Tennessee Nancy Halls, bushel. 5135 Beans round strtngless. hamper. 52 50: flat. 52 25. Ceierv. Florida. (4 35 crate. California. 54 crate; medium, doren. 00c; Juaabp. d-*en. 00c. Cucumber*, hot bouse doren. 51 40 2 dozen box. 52 50. Endive. California, doren. vOc; peck basket. 53. Rgg plant. 52 50 dozen. Rale, bushel. 50e. Lettuce, hot house. 15-lb. ba-ket. 51.15. Arizona Iceberg head lettuce 53 50. Manmm Florida, crate. 54 50 Mint, a dozen. |1 parsley. dozen. 35c. Peas, hampers. (2 TV Spinach. Texas. bushel. 5135. Radishes dozen. 45960 c. Tomatoes 10-lb. carton. 5100: Florida original. 42 75. Turnips bushel, 7>c Parsnips bushel, at 35 Beets, bushel. 41 25. Carrots, bushel. MJS; 100-lb sack. 51 75. Rhubarb hot bous*. 5-lb. carton. 45c. Mushrooms, lb.. AH quotations subject to change up or Sown. FBI IT' AND VEGETABLES (By United Press! CHICAGO. Feb 25 Apples— Michigan Mclntosh bushels. 51504(1*5. Jonathans. i 50W1 75 Turnips—lllinois, bushels 20*r jsc Lettuce Western, crates. 110 150 Parsnip*- Illinois bushels. 60*i7Sc. Carrots —California, crates. 52 50m2 75 Sweet Potatoes —Tennessee, bushels. 90ci51 10; Indiana. $1 23441 40 Beans—Florida bushels. 1150453. Spinach—Texas, bushels. 51 BS 61 SO Beets —Illinois bushels 40| SOu. Cabbage—Wisconsin. 190 *as- 42U 2 50.

EXPORT SLUMP BAR TO SPURT IN LINT VALUES Prices Off 5.4 Per Cent Since August, as Other Staples Advance. By Times Sprrinl NEW YORK. Feb. 28—Cotton’s reactionary price trend since last August, in the face of a brisk upward movement for farm products generally, today was ascribed, among other factors, to the increasing competition encountered by the domestic staple in world markets. This is reflected in decimated exports to foreign consuming areas and the concomitant failure to effect a further sizable reduction in American stocks despite a 3.000.000bale contraction in last year’s harvest. Coincident with these developments, resiilting in the smallest world consumption of American cotton in years, the price of the commodity receded from its three-year high of 13.12 cents last August to its current level of around 12.40 cents, a decrease of 5.4 per cent. Other farm products advanced from 68.1 per cent of the 1926-29 average last August to approximately 76.1 per cent of that mean at the close of last week, an increase of about 15 per cent. Price “Peg” Blamed Different factors, incidentally, were responsible for the conflicting price trends. In the case of cotton, the decline may be attributed to the premium, due to government loan • pegs - ’ commanded by the domestic staple, which diverted world demand to the competitive Indian and Brazilian growths. With respect to other commodities. the advance, principally in grains, was due to the shrinkage in harvests occasioned by last summers drought, which practically expunged surpluses of many crops. Effects of the price disparity which restricted cotton exports during recent months are manifest from statistics relating to foreign supplies and consumption of the domestic product, made public by the New York Cotton Exchange Service. Stocks at ihe close of December, last, amounted to 2,763.000 bales, more than 1.500.000 less than at tne end of 1933 or 1932, while consumption for the five-month period from Aug. 1 to “Dec. 31, last, totaled 2.750.000 bales, a decline of nearly 750.000 bales from the average of the two preceding years Exports Lowest in Years At the same time, exports for the season to Feb. 14 have dwindled perceptibly, amounting to only 3,056.000 bales, contrasted with 5.226.000 bales in the corresponding period of the preceding season and 5.377.000 bales in the 1932-33 year. This development coincided with a substantial increase in the export volume of both Indian and Brazilian growers. So pronounced did the shrinkage become in domestic shipments that exports for the week ended Feb. 14 totaled only 65,000 bales, against 147,000 a year ago. Another factor in the price recession was the contraction in domestic cotton mill activity that got under way in May, 1934. as a result of overproduction in the preceding year, and which persisted until after the strike of last September. Since then output has recovered to a considerable extent, currently exceeding the average for all of 1934. Operations in the industry at present, by the way, are about 85 per cent of Dermal, with incoming orders reported once more in excess of production after several weeks of lethargy.

GRAINS SLIGHTLY UP DURING EARLY TRADE Traders Wary of Damage to Crops in West. fly Vnited Press CHICAGO. Feb. 28. Grain futures were steady to a shade higher on the Chicago Board of Trade today as traders considered the possibility of damage to the growing crop in tne winter wheat territory of the Southwest. At the start wheat was unchanged to % cent higher, oats were unchanged to *t cent up. and rye was up % to •% cent. Little attention was paid to routine developments at the start and the market was not particularly active. Bartlett Frazier <fc Cos. reported the demand for wheat in Liverpool was well sustained, but that hedging sales checked the upward tendency.

(By James E. Bennett* 1100 Prev. Wheat— High. Low A. M. close. Mae 98% .97*, 97 s , .97% Juiv 93*. .92% .93 .93% Sep* 92% .92% .92% .92% Cora— Mav 85% .85 .85 .84% Juiv 60% .30% .80% .80% Sept. *....••• ,76** .'B% .76% .76% Oats— Miv .50% .50% .50% .50% Juiv 44% .44 .44 .44 Sept 41 s * .41% .41% .41% Bye— Mav 65% .65 .65 . 65 Juiv 65% .64% .64% .64% Sept 65% .65 .60% .64% LOCAL CASH MARKET City gram elevators are paving 90 cents for No 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 61 cents and oats 48 cents. ATTE N PS CONVENTIO N Indianapolis Manager of Insurance Firm Is in New Orleans. D. E. McDonald. Indianapolis district manager of the Life Insurance Cos. of Virginia and president of the One Hundred Thousand pollar Club of that organization, is attending the annual convention now in session at New Orleans. He was joined in Cincinnati by other members of the company who qualified for the convention.

Abreast of The Times on Finance

Barter Reaches New High; Swap Fish for Equipment By Timm Special LONDON. Feb. 28.—A Birmingham firm of electrical motor manufacturers has just opened up a new’ expoit market by exchanging electrical equipment for haddock, according to the magazine Industrial Britain. Some time ago the firm received an order for ?oods from Iceland. Owing to currency restrictions the firm in Iceland found they could not pay for the goods in money, and accordingly forwarded nearly a ton of haddock to the Birmingham firm. This firm bought a license to enable them to import the nsh, which were afterward sold, on their behalf, in the fish market. So both Iceland and Birmingham were satisfied, and as the firm say they intend to continue business relations with Iceland, there is every indication that Birmingham will not suffer from a shortage of haddock.

Government Price Fixing Held Dangerous Process Large Resources r/iight Be Used to Fight Economic Forces, Economists Say in Study. JULES BACKMAN and A. J. JACKSON Editors of Economics Statistics, Inc. NEW YORK. Feb. 28.—1n the President’s message on the NRA he did not suggest the complete abandonment of price fixing. He did say, however, that “private price fixing within industries must not be allowed or condoned.” Apparently government price fixing is still to be sanctioned, since it is to be applied to the natural resource industries, such as oil, coal, and gas. In another portion of this message be also implies that price fixing is to be condoned for the small business man.

HOG PRICES 10 CENTS HIGHER Cattle Market Active and Steady; Veals Climb Sharply. Porker prices recovered slightly in early trading at the local stockyards today following the small decline yesterday. Prices of the various classes were steady to generally 10 cents higher than the previous average. The increase was small, considering the extremely light run of supplies on hand. Receipts were estimated at 3000, compared with 4000 yesterday. The bulk of 160 to 400 pounds, cashed in at $9.30 to $9.55, while few better kinds brought $9.60, the highest price for the week. Lightweights, scaling 100 to 130 pounds, sold at $6.50 to $7.50. Packing sows held at $8 to $8.75. Holdovers numbered 132. Initial trading again was active in the cattle market, with the majority of prices fully stationary. Good and choice grades of cattle were not available. Best low-grade steers were valued to sell at $lO, while bulk of cows held at $4.25 to $7. Receipts were 800. Vealers were strong to largely 50 cents higher, selling at $lO down. Receipts were 500. With trading interest still light in the lamb market, most all classes were unchanged. Bulk of fed Western grades sold at $9 down. Throwouts ranged from $6.50 to SB, while slaughter sheep brought $5 down. Receipts were estimated at 4500. HOGS Feb. Bulk. Top. Receipts. 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 28. 9.30® 9.55 9.60 3000 “tfVJlfr-Good and choice.. $8.25® 9.00 Medium 7.75® 8.75 L1 ?5'60-'l8(M il Good and choice... 9.30® 9.35 Medium - 8 -76® ? • 180-200) Good and choice ... 9.30® 9.40 Medium 8.90® 9.20 Medium weight: • 200-220* Good and choice... 9.40® 9ao • 220-2501 Good and choice... 9.45® 9.60 He ( a 250-2 F 90i ht Good and choice... 9 50® 9.60 • 290-350) Good and choice... 9.40® 9.50 Packing sows: „ • 275-3501 Good 8.40® 8.75 (350-425) Good 8.25® 8.65 • 425-5501 Good §.lo® 8.50 (275-3501 Medium B.oo® 8.40 Slaughter pigs. , , , . (100-140) Good and choice... 6.50® 8.25 Medium 5.50® 7.75 • * CATTLE —Receipts, 800— —Steer*— (550-900) Choice Good 9.50®11.75 Medium LW)®. 9.75 Common 5.00® 7.25 1 900-1100• Choice 12.00® 15.25 Good 8-KS 1 2-58 Medium Sj’Zl? Common 5.25® 7.25 (1100-1300) Choice }2.50®13.50 Good 10.00'd 12 30 Medium . (1300-1500) Choice 12.50®13.50 —Heifers—-(soo-750) Good 10 [email protected] Choice S M^TO-SO Common and medium 4.25® 8.25 (750-9001 O'od and choice-... 8.50® 10.50 Common ,nd medium 4.50® 8.50 —Cow*— Good •• 6.00'?? 7.75 Common and medium 4.00® 6.00 Low cutter and cutter 2.00® 4.u0 —Bulls—(Yearlings Excluded) Good 5.50® 6.50 Common and medium 3.do® 0.50 * VEALERS —Receipts. 500— Good and choice Medium J 50® 9.50 Cull and common 3.50® 7.50 —Calves—- • 250-500, 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® 5.50 (900-1050* Good and choice 5.75® 7..5 Common and medium 4.25® 5.75 —Cows — Good 3.50® 4.25 Common and medium 3.00® 3.50 SHEEP AND LAMBS —Receipts. 4500 Lambs. 90 to i2O ibs.. good and choice $8.25® 9 00 Common and medium 6.00® 8.25 90-120 lbs., good and choice... 4.00® 5.00 Sheep: • 120-150) Good and choice .- 3.50® 4.<5 All weights, common and tnedium 3.50® 3.75

Other Livestock

ißy United Press* FT WAYNE. Feb 28 —Hogs—Steady to 10c higher. 200-250 lbs , 59 35; 250-300 lbs.. 59 20 . 300-350 lbs 58 90: 180-200 lbs.. 59 25: 160-180 lbs . 59 15; 150-160 lbs . *7.50: 140-150 lbs.. 58. 130-140 lbs . 57.75; lbs . 57.25; 100-120 lbs . 56 75: roughs. 88; stags. 55 75. Calves, 59 Lambs. 58 50. ißy Times Special i LOUISVILLE. Feb. 28 —Oattle—Receipts. 175; salable supply slaughter cattle: light killing quality plain: demand dependable; market generally steady: bulk common to medium steers and heifers. s6'</8; better finished kinds scarce, quotable to around Sid; bulk beef cows, 83 2541530; good heavy offerings and smooth heifer types quotable 56 or better; bulk low cutters and cutters. *2 504i3 75: sausage bulls mostly 53 50' i 4.75: best heavies and desirable butcher bulls eligible higher: desirable beef type stock calves mostly 56 5041..50: some ' eligible higher. Calves—Receipts. 275. Including 50 stock calves: better grr.de vealers mostly 50c higher: bulk 57.504i8 50. few strictly choice. 59: medium and lower grades slow and steady at 56 50 down to around 53 Hogs—Receip’s. 600: market steadv: top ana bulk better 180-250 lbs.. 59 35 255 fbs up. 58 90: 160-175 lbs.. 58 80. 140-155 lbs.. 58 30: 120-135 lbs . 57.35: sows. 57 60 Sheep—Receipts. 50; generally steadv on slaughter classes: medium to good lambs mostly 570 8; choice quotable •round *8 50:icommon throw-outs. $6, and fas ewes salable mostly $3.50 dowv.

INDIANAPOLIS, THURSDAY, FEBRUARY 28, 1935

It appears as though government price fixing and government monopoly are both permissible, while private monopoly and private price fixing are unsound and are to be discarded. See No Difference We can see no reason to believe that price fixing undertaken by the government is any sounder than that engaged in by private interests. If anything, government attempts at price control are attended with the more serious consequences. The mistakes made by a government usually tenjj to be larger and have more important consequences than those made by private interests. This is so because of the larger scale on which the government’s experiments are carried. These experiments are also more dangerous since if they are wrong the government can not be forced to mend the error of its ways. It may continue to try to fight economic forces because of the larger resources at its disposal. The problem of weighing costs and considering losses must not be faced by a government as it must by private interests. Pressure Continues When private price fixing fails there will be ’osses and probably some cnaos in the industry, but the scheme will be definitely abandoned. On the other hand when government schemes fail the pressure continues for additional attempts at control. To take tw T o recent illustrations, the breakdown of the private price fixing experiment in copper in 1930 meant the abandonment of that type of panacea by the group which was carrying it out. On the other hand the Brazilian government has continued in one form or other its attempts at price fixing, despite the chaos into which the Brazilian economy has been throw’n because of its ill-considered efforts in this direction in the past. Private people learn by mistakes, but governments do not. And the mistakes of governments tend to perpetuate themselves. Both private and government price fixing have serious disadvantages. Both cause price dislocations and disequilibria. In order for price fixing to be successful —and we doubt if it can be permanently successful—good leadership is required. And w'hat evidence have w’e that the leadership furnished by governments is better than that furnished by private interests? BUSINESS SHOWS GAIN Canadian Industrial Situation Unaffected by Gold Ruling. By Times Special MONTREAL, Feb. 28.—Fears of a disturbance in the American currency situation, now’ removed by the United Stages Supreme Court’s decision, and uncertainty over the legislative program of the Canadian government failed to halt industrial improvement in Canada during the past month, according to the current business summary of the Bank of Montreal. “Notwithstanding the uncertainties which have prevailed, the economic index compiled by the Dominion Bureau of Statistics stood 13 points higher in the second week in February than in the conesponding week last year, this representing a gain of 1 point over the preceding week.” says ;he summary. DIVIDEND IS DECLARED By Times Special BOSTON. Feb. 28.—A dividend of 20 per cent, payable on all policies expiring in April, has been declared by the American Mutual Liability Insurance Cos. This is American Mutual’s 558th consecutive dividend of 20 per cent or more.

CAR LOADINGS CHARTED

THOUSANDS MILLIONS OF CARS OF CARS 1100 fill . -T YEAR WEEICEHDED - . TO 1050 FEBRUARY 16 - “ PATE - 1000 I. —■*- 950 ■ - 3 — 00 22 1 Bso , 21 o-800 ' - 19750 1 ’ B— (si PS ♦ Mo — £|E|m |nl- 7 n n Irt n joo— <M 2 £j 2! ;[£ 2 CoffljUgd by. Brooks Earning*

STOCK MARKET EXTENDS RISE; SUGARSIN VAN Steel Shares, However, Fail to Participate in the Recovery. By Vailed Press NEW YORK. Feb. 28.—The stock market extended yesterday’s gains in the first two hours of trading today. Around noon the list was up fractions to more than a point. Steel shares were among the few sections which failed to participate in the rally. Motors made small gains. Sugars responded to further demand for sugar futures. Rails added a bit to the rise of the previous session and utilities about held their owm. * American Crystal preferred jumped 2 points to 84. anew 1935 high, in the sugars. Its common also made anew top on a fractional rise. Small gains were made by Great Western Sugar and by South Porto Rico Sugar. Central Aguirre Associates was up nearly a point at 26%, anew high for the year. United States Industrial Alcohol spurted 2'? points to 41 on resumption of dividends and other wet issues followed. American Commercial Alcohol gained a point to 27% and National Distillers was up fractionally at 27%. United States Steel around noon W’as at 32%, off %; American Telephone 105%, up %; American Can 117%, up %; New York Central 15%, up %, and United States Smelting 119, up 1.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,199,000.00 Debits 5,150.000.00 Clearings for the month 48.901,000.00 Debits for the month 122.336,000.00 TREASURY STATEMENT •Bv United Press) WASHINGTON, Feb. 28.—Government expenses and receipts for the current fiscal year to Feb. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $4,497,920,510.23 $4,187,136,306.89 Receipts. 2.249.176,427.47 1.869,635,089.93 Deficit . 2.248.744.082.76 2.317.501.216.96 Cash Bal. 2,057,926,294.00 4.961,332,281.47

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 35®36c: butterfat. 23c. Quoted by the Wadley Cos. (By United Press) CHICAGO. Feb. 28.—Eggs—Market, unsettled; receipts. 15,022 cases; extra firsts. 21 %c: fresh graded firsts. 21*/*c; current receipts. 19%c; dirties, 18%c; checks, 18c. Butter—Market, unsettled: receipts. 5330 tubs; extra firsts (90-91% score), 31 %® 3i%c; extra (92 score). 32c; firsts (22® 89% score!. 30%®31%c; seconds (86-87% score). 30®30%c; specials. 32%®33c; standards. 31%c. Poultry—Market easy; receipts, 28 trucks; hens. i8%@20%c; Leghorns. 13® 18c; springers. 20c; broilers, 21® 23c; capons. 6-7 lbs.. 23c; old roosters. 13%®14%c; ducks, heavy whites, 21c; turkeys. 19®21c; geese, 14c: stags, 16%c; fryers. 22%@23c. Cheese—Twins. 16% ® 17c: Daisies. 17%®17%c; Longhorns, 17% @lßc. Potatoes—Supply liberal; demand and trading very slow: market weak; Wisconsin round whites, U. S. No. 1, no sales reported, commercial grade 67%@70c; Idaho russets $1.50, commercial grade $1.30; sales to jobbers. Florida bushel crates bliss triumphs, washed, $1.75. Arrivals, 68; on track, 285; shipments. 683.

Retail Coal Prices

The following prices represent quotations from leaning Indianapolis coal dealers. A 25-cent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Indiana lump $5.20 Egg 6 03 Nut 480 Brazil BlockLump 6.54 Nut 6.04 Glendora— _ Lump 5. 3405.59 Egg 5.18®5.43 Nut 4.9505.20 West Virginia and Eastern Kentucky (Group B) 6.77®7.18 Pocahontas and New River, smokeless [email protected] Coke, egg and nut 8.90 Pea Coke 7.40 Anthracite 10.13012.88

PEOPLES GAS AND COKE MAY SKIP DIVIDENDS Company Fears Heavier Taxes, New Laws, Simpson Says. By Times Special CHICAGO. Feb. 28—Resumption of dividend payments by Peoples Gas Light and- Coke Cos. still is clouded in uncertainty, according to James Simpson, chairman of the board. The business outlook, threat of new tax burdens and new legislation •were listed as principal controlling factors. Adjustment of natural gas purchase contracts also will affect the dividend outlook, Mr. Simpson said. Earnings of Peoples Gas for 1934 would have been $1,402,885, instead of $863,145 as reported, if the decision of the state Supreme Court in the 2 per cent sales tax case had been handed down early enough for the recovered tax accruals to be shown as income in the report, he declared.

PAGE 19

New York Stocks

ißy Thomson & McKinnoni 11 a. m. Prev. Oils— High. Low. N. Y close. Barnsdall 6', 6% 6', 6 1 * Consol Oil 7% 7% 7*2 7% Com of Del 17 s * 17% 17% 17V, Ohio Oil 9% S’s 10 Phillips Pet ... 14% 14’, 14% 14’, Plymouth 0i1... 8 7’s 8 7’, Pure Oil 6’ 6’, 6 5 * 6% Roval Dutch 31 31 31 30* s Seaboard Oil”. 24 2?’, 24 24 Shell Un 6’s 6* 2 6% 6% Soc Vac 13*a 13 13*b 13*s S O of Cal ... 29’% 29’, 29’, 30 S O Os Ind 24*2 24’a 24*2 24*2 S O of N J 39** 39 39', 39 Texas Corp 19% 19’b 19’a 19% Tidewater Assn.. B’b 8% B’b 8% Un Oil of Cal . 19% 19*2 19% 16% Steels^— Beth Steel 27% 27*, 27% 27% Col Fuel & Iron 3*, 2% 32% Inland Steel . 52*.* 52*, 52% 52 McKeesport Tin 97’, 97* 2 97*2 97*2 Mid Steel 11% 11% 11% 10% Natl Steel 43% 43% 43’, 43% Otis Steel 5% s', s*, 5% Rep Iron & Stl . 12 12 12 12 U S Steel ... 33 32% 32% 32% U S Steel pfd . . 80% 80% 80*2 80 Warren Bros. 3% 3% 3% 3% Youngst’n B& T 16% 16% 16V* 16% Motors— Chrysler 37% 36% 37 36% Gen Motors ... 30% 30% 30% 30% Graham Mot ... 2*, 2% 2% 3*, Hudson 9% 9% 9% 9% Hupp 2*b 2>s 2% 2% Nash 15% 15% 15% 15 Packard 4% 4 4% 4 Reo 3*a 3% 3Vs 3 Yellow Truck ... 3*4 3Vi 3j* 3V* Motor Access— Bendix 15% 15 15% 14% Bohn Alum 55’, 55% 55’, 55’, Borg Warner ... 33% 32% 33% 32% Briggs 28% 28*2 28*2 28% Budd Mfg 4*4 4% 4*, 4*, Budd Wheel .... 3% 3Vs 3Vs 3', Eaton Mfg .... 19 19 19 18*2 Elec Auto Lite 24% 24% 24% 24*2 Elec Stor Bat .. 3% 3% 3% 8% Murray Body .... 6 5% 6 6 Stew r Warner —7% 7% 7% 7% Timken Roll .... 33% 33Vs 33*/s 33% Mining— Alaska Jun .... 17% 17 17% 17 Am Metals .2... 15 15 15 15 Am Smelt 35% 35 35% 34% Anaconda 10 9% 9% 9% Cal & Hecla 33 3 -3 Cerro De Pasco. 43% 43% 43% 43% Dome Mines .... 39*2 39V4 39% 38% Granby 5% 5% 5% 6% Gt Nor Ore ... 10% 10*/a 10% 10'/a Homestake Min .370 370 370 370 Howe Sound ... 48% 48% 48% 47 Int Nickel 23 % 23% 23% 23 % Isl Creek Coal .. 33Vi 33% 33% 33% Kennecott Cop .16 15% 15% 15% Mclntyre Mine.. 43% 43% 43*4 43 Park Utah 2% 2% 2% 2% Noranda Cop Phelps Dodge ... 15*s 15% 15*a 15 St Joe Lead 13% 13% 13% 13 U S Smelters ...119 119 119 113 Amusements— Crosley Radio .. 14% 14*/a 14% 14 Fox Theat 10 10 10 10 Loews Inc 35% 35 */ 8 35% 34% Radio Corp 5 4% 4% 5 Paramount 3% 4% 4% 3*4 RKO 1% 1% I*B 1% Warner Bros ... 3*/s 3*/s 3Vs 3*/s Tobaccos— Am Sum Tob ... 20% 20% 20% 20% Am Tobacco A.. 79% 79% 19', 78% Am Tobacco B 81'/* 81 81*4 80% Ligg & Myers B 106 106 106 105 Lorillard 20*4 20% 20% 20*4 Phillip Morris . 39% 39% ■*<>% 39 Reynolds Tob B 47% 47% 47% 47% Rails— Atchison 41% 41% 41 % 41% Atl Coast Lines.. 26% 26’* 26% 26% B& O 10% 10% 10’, 10% Can Pacific 11% 11% ll'/a 11% Ch & Ohio 42 42 42 41% Chi & Gt W pfd 2% 2% 2% 2% C M & St P pfd 2% 2% 2% 2% Chi N W 3% 3% 3% 3% Chi N W pfd 7 7 7 6% Dela & Hud .... 30% 30% 30% 30 Del Lac & W ... 14 14 14 13% Erie .. 9% 9% 9% B’* Gt Northern pfd 13 12% 12% 12% 111 Central .... 11% 11% 11% 11% M K & T 3% 3% 3% 3% M K & T pfd... 7% 7% 7% 7 N Y Cent ... 15% 15*4 15*2 15% N Y New Haven 4% 4% 4% 4Vi Nor Pacific .... 16% 16 16% 16 Penn R R 20% 20% 20% 20% Sou Pac 15% 14% 15 14% Sou R R 10 9% 9% 9% West Maryland.. 7*/a 7*4 7% 7*4 Equipments— Am Steel Fdy.... 15% 15% 15% 15 Bald Loco 2 l’/s 2 1% Gen Am Tk Car 35 35 35 33% Gen Elec - 23% 23% 23'/a 23% Pullman Inc 47% 46% 47% 46% Westingh Elec.. 78% 37% 38 38% Utilities — Am & For Pwr.. 2% 2% 2% 2% Am Power & Lit 2'/* 2% 2% 2% AT&T 105% 105% 105% 105% Am Wat Wks ... 10% 10% 10% 10% Col Gas & Elec.. 4% 4% 4% 4% Com & Sou 1% 1 1 1 Consol Gas ... 19 18% 18% 18% Elec Pwr & Lit.. 1% 1% l’/s 1% Interboro R T . 14 14 14 14*/, Int T & T 8 7% 7% 8 Nat Pwr & Lit.. 5V4 5% 5% 5% North Amer ... 11% 11*4 11% 11% Peoples Gas 19*4 19*/a 19% 18% Pub Serv N J... 22% 22 22% 23 So Cal Edison. 11% 11% 11% 11% Std Gas 2% 2% 2% 2% Stone & Webster 32% 32% United Corp ... 1% 1% 1% lVa Un Gas Imp 10 10 10 10 Western Union.. 26% 26% 26% 26 Rubbers— Firestone 15% 15% 15% 1,5% Goodyear 21% 21% 21*4 21 Kelly Spring ... 1% 1% 1% 1% U S Rubber ... 14 14 14 14 U S Rubber pfd.. 33% 33*4 33*4 33% Miscellaneous— , , Allis Chalmers.. 16% 16Vi 16V4 16% Am Can .118 117% 117% 117% Am Mach & Fdy 21% 21 21% 21% Burroughs Add.. 14% 14% 14% 14% J I Case 56% 56% 56% 55'/s Conti Can 71% 71 Vs 71% 71% Caterpillar Tract 42% 42% 42% 41% Crown Cork ... 26% 26% 26% 26 Curtis Pub 18*2 18% 18% 18 2 Deere &Cos ... 28 27% 27% 27% Eastman Kodak '20% 120% 120% 120% Foster Wheeler. 13% 13% 13% 13 2 Gillette 14*4 14 14 13% Glidden 27% 27 27% 26 s Ingersoll Rand . 69% 69% 69% 69 Int Bus Mach ..159 159 159 158% Inter Harv 39% 39% 39% 39 * Natl Cash Reg .. 15% 15% 15% 15% Ow'ens Bottle .. 90 90 90 90 Rem Rand 9% 9% 9% 9/4 Worthingtn Pmp 16% 16*/* 16% 16 Foods— Am Sugar 68% 68 68% 67 4 Armour Com •. 5 4% 4% 4% Armour 6% pfd 68% 68 68% 68 Beatrice Creamy. 17% 17 17% 17% Borden Prod ... 25 24% 24% 24% Cal Packing .. 41% 41% 41% 41 Can Dry G Ale 12% 12*/* 12% 12% Coca-Cola 175 175 17d Corn Prod 64’* 64% 64*4 65 Crm of Wheat 39% 39% 39% 39% Cuban Am Sugar 7 6% 7 6'a Gen Baking . . . 3% 8% 8% 8% Gen Foods 35% 35% 3a's 35 Gold Dust 17*, 17* 4 17*4 16% G W Sugar 31% 31% 31*4 31% Natl Biscuit 27 26% 26% 27 Nail D Prod 16% 16% 16% 16% S Porto Rico Sug 24% 24 24 23% Std Brands 17% 17% 17% 17 United Fruit ... 80% 80 80*4 80% First Natl Stores 50’4 50 50% 50% Gr Un Tea ... 3% 3% 3*4 3% Hahn Dept Sts . 4% 4% 4% 4% Kresge S S 21 Vs 21% 21% 21 Kroger Groc .... 24 , 33% 24 23% Macv R H 37*4 37% 37% McCrory St .... 10% 10 10% 9% McLellan St ... 13_ 13 13 13 Marshall Field . 7% 7% 7% j 4 Mont W’ard .... 25*2 25*s 25% 25V* Natl Tea 9% 9 9% 9 Penney J C 67% 61’* 6i% 67 Safeway St .... 39% 39% 39% 39% Sears Roebuck.. 34% 33% 33% 33% Woolworth .... 55% 54% 55 54% Aviation— . Aviation Corp . 4 3% 3% 4 Boeing Aircrft.. 8 8 8 7% Curtiss Wright.. 2% 2% 2% 2% Douglas Air.... 21*2 21% 21% 21% Nor Am Av 2% 2’* 2% 2% Sperry Corp 8% 8% 8% B*2 Utd Aircraft new 12% 12 12% 11% Chemicals — Air Reduction ..112 112 112 111% Allied Chem . 135*4 135V* 135*4 135 Am Com Alcohol 27% 27 27% 26%

Chicago Stocks

* (Bv Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Allied Products 16 15 Butler Bros 6% 6% Bendix 15% 14 s * Borg Warner 33% 32 \ Cities Service 1 1 Crane Cos 8% 8% Cord Corp *. 3% 3% Elec House 15% 15 Gen House Util 5% 5% Perfect Circle . 32 31% Quaker Oats 131% 131% Swift 17% 17% Swift Int 35% 33%

New York Curb

(By Abbott. Proctor & Paine* 12 Noon* Prev. N Y close. Allied Mills .• 13% 14% Amer Superpower % % Atlas Corp 8 8 Can Marc 1% 1% El Bond and Share 4% 4% Humble Oil 48-* 48% Imperial Oil Ltd 16% 16% Lake Shore Min 54% 54% Natl Bellas Hess 1% }% Penn Road ( St of Ky 2 ?> 2 ? 2 geek Hughes Gol4 *'• *

What Does It Mean? Working Capital—The difference between current assets and current liabilities of a corporation represents the working capital. It is the surplus of current assets over current liabilities.

Com Solvents . 2C’ 20% 20% 20% Dupont .. 93*2 93 93*2 93*2 Math Alkali . 27* a 27% 27 * 3 27% Monsanto Chem 59 59 59 58% Natl Dis newi 27% 27', 27% 27*, Schenlev Dist 26% 26*, 26% 26 Tex Gulf Suiph . 33*2 33% 33*2 33% Union Carbvoe 46% 46% 46% 46', U S Indu Alcohol 41 39% 41 38*2 Drugs— Cotv Inc 5% 5% s’, s*. Lambert ... 27’, 27’, 27% 27’, Sterling Prod . 63% 63% 63% 63% Un Drug (new. 10*, 10*, 10% 10’, Vick Chem 65% 65% 65*, 35 Financial— Adams Exp .... s’, s’, s’, 5% Allegheny Corp . 1% I*, I*, 1% Am Int Corp .. 5% 5% 5% 5% Chesa Corp ... 42 42 42 41% Lehman Corp .. 70*2 70*2 70*2 70 Transamerica .. 5% 5 5 5% Tr Conti Corp .. 3% 3% 3% 3 .Ruilding— Am Radiator . 12’, 12% 12% 12% Holland Furnace 7% 7% 7% 7*2 Int Cement 26% 26% 26% 26% Johns Manville 48 47*, 48 47% Libby Owens Gls 27 26’, 27 27 U S Gypsum 45% 45% 45% 44% Household— Col Pal Peet ... 17% 17 17% 16% Congoleum 31 31 31 30’, Kelvinator . 16% 16% 16% 16% Proc & Gamble 49*, 49 49% 48% Servel Inc 8% B*2 2% 8% Textiles— Amer Woolen .. 6% 6% 6% 6% Belding Hem ... 13% 13*, 13% 13*, Celanese Corp .. 29% 29*2 29*2 29*2 Collins Aikman . 12' 2 12* 2 12% 12% Gotham Hose ... 3% 3% 3% 3% Indust Rayon .. 31 % 30% 31 31 Kayser Julius .. 17% 17% 17% 17',

N. Y. Bonds

• Reprinteo trom vesterdavi DAILY BOND INDEX 20 20 20 60 Indus. Rails Util. Bonds Today 86.0 78.7 93.9 86.4 Yesterday 86.7 78 3 94.0 86 3 Week Ago 86.9 83.0 94 2 88.0 Month Ago 87.0 85.1 93.0 88.4 (Copyright. 1935. bv Standard Statistics Cos.) U. S. GOVERNMENT BONDS (By Fenner & Beane) Libertys Prev. Close. close. Ist 3*is 1932-47 103. 103.3 Ist 4*,s 1932-47 102.39 103. 4th 4 1 ,s 1933-38 (Uncalled). 103.9 103.12 4th 4%s 1933-38 (Calledi... 101.23 101.24 Treasurys 4Vis 1943-45 116.5 116.14 4s 1944-54 111.5 111 8 3%S 1946-56 109.16 109.16 3%s 1940-43 106.14 106.17 3%S 1943-47 106.5 106.10 3%s 1941-43 106.16 106.13 3*is 1943-45 105. 105 6 3'is 1941 106.14 106.14 3%S 1941-46 104.31 105.7 3'ss 1946-49 104.13 104.14 3 VsS 1949-52 104.12 104.16 3s 1951-53 103.15 103.15 3s 1946-48 103.12 103.12 Home Owners Loan Corporation 2’is 1949 100. 99.31 3s 1952 101.25 101.28 4s 1951 101.10 101.10 Federal Farm Mortgage Corporation 3s 1949 101.29 101.28 3s 1942-47 101.29 101 31 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 70% 69% AUeg Corp 5s '49 61 61 Am Frgn Pow 5s 2030 57% 59 Am Tef & Tel 5%s ’43 112% 112'/* Am Tel & Tel 5s ’65 Ill’* 112% Arm & Cos (Del) 5%s '43 105% 105% Atl Coast Line 4s ’52 102% 102% Atl Coast Line 4%s ’64 89V* 90V* Atch Top & S Fe 4Vis '4B ... 108 108 Am Wat Wks 5s ’44 92% 92% Am Rolling Mills 5s ’3B 106% 106’, Balt & Ohio 5s 95 63% 61' 2 Balt & Ohio 6s ’95 72 69% Balt & Ohio 4%s ’6O 47 44% Buff Roch & Pitt 4%s ’57 60 57% Beth Steel 5s '36 . 103% 103% Chi Milw & St PI 5s ’75 19% 17% Chi Milw & St P 5s 2000 4'% 4% Cleve Un Term 5s ’73 93 94% Cleve Un Term 4%s ‘77 85% 84 Col Gas 5s May *52 77 78% Col Gas 5s ’6l 74 75% Can Pac Perp 4s 87 87% Cent Pac 5s ’6O 74% 75 Big Four -l'/is '77 63 63% Big Four 5s '63 71 72 % Colorado &So 4%s 'BO 62% 63Vs Chi & West Ind 4s ’52 97*4 97% Chi & West Ind s*is ’62 104 104 Chi & Nor West 4%s ’49 15% 14'% Con Gas 5s ’57 104% 104% Chesa Corp 5s '47 105 104% Dodge Bros 6s '4O 106% 106% Del & Huds 4s ’43 86% 87 N Y Dock 4s ’sl 65 64% N Y Dock 5s ’3B 44 44% Erie 5s ’75 63% 61 Erie 5s ’67 63% 62*/s Grt Northern 7s ‘36 88% 87% Grt Northern 4%s '76 74% 75'% Grt Northern 4%s ‘77 74% 75 Gen Stl Cast WW s'is ’49 ... 81% 86 Hud & Manhat Ref 5s ’57 89% 89 111 Cent 4%s ‘66 52 50 111 Cent Jt 4*%s ’63 64 65 111 Cent 5s ’63 67 65 Interlake C&I 5s ‘sl 77% 76% Interntl Hy Elec 6s ’44 46V* 46'% Interntl Tel & Tel 4%s ’39... 67'% 67% Interntl Tel & Tel 5s ’55 62 63 Interntl Tel & Tel 4%s '52 ... 56'% 56% McKess & Rob 5%s 'SO 99% 99', Midvale Stl 5s ’36 103'% 103 Vs Natl Dairy 5%s ’4B 104*% 105 Natl Steel 5s '56 107 107 Nickel Plate 4%S '7B 57'% 55 Nickel Plate 5%s '74 66% 67 Nickel Plate 6s ’35 61% 60 N Y Cent 5s 2013 56% 54 N Y Cent 4%s 2013 (old) .... 52'% 49'% Nor Amer Cos 5s '6l 83'% 84% Nor Pac 3s 2047 75'% 75% Nor Pac 4%s 2047 84% 84% Nor Pac 6s 2047 97'% 97 Nor States Pow 5s '4l 106 106 Otis Steel 6s ’4l 82'% 82 Penn Ry 4%s ’B4 103% 103% Penn Ry 4%s 'Bl 104 103% Penn Ry 4 Vis ’7O 95% 96 % Pac G & E 5s '42 106'% 107 Portland Gen El 4%s '6O 56 57 Para Publix 5%s ’SO 75 69 Penn P & L 4%s 'Bl 103% 103 Postal Tel & Cab 5s '53 45'% 45 Rem Rand WW 5%s '47 102 101% Sinclair Oil 6'is ’3B 103% 103’* Shell Union Oil 5s '47 102*% 102% Sou Pac 4%s '6B 63 62 Sou Pac 4%s ’Bl 62% 60% Sou Pac 4 1 is ’69 63 61% Sou Pac 4s ’49 67% 66 Sou Rail 4s '56 45 41'% Sou Rail 6s '56 61’% 56 Sou Rail sVis ’56 63 58 Sharon Stl Hoop 5%s ’4B 84% 85% Texas Pac 5s ’BO 90 89 Texas Pac 5s ’79 90 89% Texas Pac 5s '77 90 89% Union Pac 4s '47 110% llOVs United Drug 5s ’53 88% 88 U S Rubber 5s '47 ... . 94'% 94% NY NH & Hart 6s ’4B 36 32V* NY NH & Hart 4%s '67 31% 29% Warner Bros 6s ’39 52 52 Western Mary 5%s ’77 99'% 98% Western Mary 4s '52 94% 94'% Youngstown S & T 5s 70 .... 94 94 Youngstown S & Tss 78 ... 94'/s 94% FOREIGN Argentine B . s 58 92% 92% Brazil 8s 41 31% 32% Denmark 5% '55 100% 100% German 5%s '65 33% 32% German 7s '49 44% 43Vs Italv 7s 'sl 89% 90 Japan 5%s '54 92% 93 Poland 7s '47 126 126 Rome 6%s 52 79% 80% Tokio City 5%s '6l 73 76% Yokohama 6s '6l 84% 84% FEDERAL FARM LOAN BONDS (Bv Blyth & Cos.) Bid. Ask. 4a July 1. 1946-44 105% 105% 4s Nov. 1, 1957-37 103% 104 4s Mav 1. 1958-38 103% 104'/* 4>/s July 1. 1956-36 103% 104 4%s Jan. 1. 1957-37 103% 104% 4%s Mav 1. 1957-37 103’* 104% 4*,s Nov. 1. 1958-38 104 4'is Mav 1. 1942-32. 101% 101% 4'is Jan. 1. 1943-33 101% 102% 4%s Jan. 1. 1953-33 101% 102 4%s Jan. 1. 1955-35 101% 102% 4%s Jan. 1. 1956-36..., 103% 103% 5s Mav 1. 1941-31 101% 101% 5S Nov. 1. 1941-31 101% 101% EXCHANGE SEAT SOLD By Times Special NEW YORK. Feb 28.—Arrangements today were completed for the sale of a New York Stock Exchange seat at $83,000, off $7,000 from the ; last previous transaction.

Government Bonds Home Owners’ Loan Corporation and Municipal Bonds BOND DEPARTMENT The Union Trust Cos. of Indianapolis 120 E. Market ley 5341

LENDING GLUT HELD CAUSING TRADESLUMPS Ban on Overborrowing Is Urged by Economist to End Evil. This is another of a series at articles written for The Indianapolis Times by members of the economics department of New York University's School of Commerce, Accounts and Finance. BY WILLFORD I. KING NEW YORK. Feb. 28 —The present depression is probably 'lie most severe experienced since the industiral revolution. It has wrought untold havoc. However, one good thing has come out of it. Its characteristics have been so well defined that; for the first time, careful students of economic principles have been enabled to determine the true nature of depression. Five short years ago no economist in the world had succeeded in arriving at an adequate explanation of the origin of depression. Today, by contrast, the forces leading to depression are thoroughly understood and the explanation can be presented in such simple terms that he who runs may read. Credit Activity Blamed Scientific research has now established the fact that depressions always originate in overexpansion of credit. The only way to prevent future business declines is to make it impossible for either individuals or concerns to overborrow. Five forces converted the 1929 crash into a major depression: 1. The collapse of credit caused a decline in the average of all prices, that is, in the general price level. 2. Unsound commercial banking practices laid the foundation for an epidemic of bank failures. 3. The declir'ng price level magnified the burden of indebtedness and this brought about panic and failures of individuals, business enterprise and banks. 4. Some prices declined much and others declined but little, and this disparity of movement threw prices out of balance and interfered with the free exchange of products. 5. Rigidity of prices and wage rates produced unemployment. Government Has Power The government has full power to prevent credit collapse from resulting in a price level decline, for it can readily substitute government credit money for bank money as fast as the latter fades away. The practical way of making the substitution is for the government to issue paper money and use it to buy its own outstanding bonds. Repetition of an epidemic of banking failures can readily be prevented by compelling commercial banks to give up investment banking and return to a purely commercial banking basis. Were this step taken failures of this class of banks would soon become rare. Sees Need for Peace If the government persists in its avowed program of maintaining m the future a stable price level both individual and corporate failures are likely to become relatively few in number and panics probably will be eliminated. If employes’ organizations and the American Federation of Labor were both to cease fighting one another and if both instead were to eliminate the existing rigidity of prices and wage rates and substitute therefor prices for both commodities and labor low enough to be compatible with the present limited buying powers of the consumers, they would soon have the satisfaction of seeing the mills humming, employment steady and annual earnings of both employes and employers breaking all records.

Other Livestock

(Bv United Press! CHICAGO. Fei. 28. —Hogs—Receipts, 17.000. including 0000 directs; active, fully steady with Wednesday; weights above 210 lbs . $9.25® 9.35; top. $9 35; 160-210 lbs., $8.35® 9.30; light lights. $8 25® 8 90; slaughter pigs. .'56.50® 8 25: packing sows, $8.50®8.65; fight lights. 140-160 lbs., good and choice. $8.25®9; light weight 160-200 lbs., good and choice. $8.75® 9 25; medium weights 200-250 lbs., good and choice, $9.10 ® 9.35: heavy weights, 250-350 lbs., good and choice. $9.20® 9 35; packing sows 275550 lbs., medium and choice, $7 50® 8.75: slaughter pigs 100-140 lbs., good and choice $6.50®8.50. Cattle—Receipts. 8000; calves 1500; fed steers and yearlings unevenly steady to 25 cents lower; killing quality, however, much plainer than Wednesday—this tending to soften downturn: offerings of value to sell at s9® 12 promising to show most downturn; top sl3 75; very little here of value to sell above sl3: all other killing classes fully steadv with heifer and beef cows strong; slaughter cattle and vealers: s*eers 550-900 lbs., good and choice, $9 50® 13; 900-1100 lbs. good and choice. $9.50® 13.75; 11001300 Ids., good and choice. slo® 13 90; 13001500 lbs., good and choice, $lO 25013 90; 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; common and medium. $4 J6®6.75: low cutter and cutter, *3® 4.50; bulls lyearlings excluded! good ibeefi, $5 25®7; cutter common and medium. $3 75®5 40; yearlings good and choice, $7.50® 9.50; medium, s6® 7 50; cull aid 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 fairly active; fully steady; asking 10 to 15 cents and more higher; bulk better grades held $9®9.10 and above; bids and few sales nearly good quality. SB.SC® 8 75: sheep firm; feeding lambs strong to higher at upward to $7 25 ®7 50: slaughter sheep and lambs: lambs 90 lbs. down good and choice. S3 35® 9 10: common and medium. SS.7S®B 50: 90-96 lbs., good and choice $8®9.10; ewes, 90150 lbs . good .>nd choice. $405.50: all weights commo.i and medium. s3® 4 85; feeding lambs 5t -75 lbs., good and choice, $6 75® 7.50.