Indianapolis Times, Volume 46, Number 253, Indianapolis, Marion County, 2 March 1935 — Page 14

Trends iiijrhlights of News During* Last Week. RY fRI 111 RK K M\T>OV_

T.m* FiMnfUl Wrtlrr rw-'HIS •*■■■• h.trdlv a for N**w 1 !>*! cxulation In eon'rart with th** striking victory it received bv II < S ipi*m © - gold :<•'■> s ions last week, the Administration suff f T**(l two setbacks Wednesday. . . Federal Judg** P Ni**lds. in Wilmington. I**’. held that Section 7-A of the NIRA is “unconstitutional and void a applied to the Went on Steel Cos and denied the government s plea for an injonction to restrain the West Virginia firm from dealing collectively with its employes through a company union He held the union is adequate undci tin ad . In LouisI ’ C Dawson gran'ed 35 we tern Kentucky coal operators a permanent writ preventing the government from enforcing th*- bituminous coal code. The court ruled that coal mining is an intrastate business and beyond the regulatory power of Congress. . . . Meanwhile, the deadlock between Piesident Roosevelt and the Senate over the $4,800,000,000 works relief bill continues. At weeks end the White House and organized labor settle down 40 a grim struggle. with no immediate break in the stalemate :-**en probable. . . . Business activity in January reached the highest levels since mid-sum-mer 1933 and was higher than in any January since 1930. the Federal Reserve Board reiiorted in its monthly survey. . . . The PWA made a direct grant of $l2O 000 to be used in the construction of a new $400,000 administration building at Indiana University. a m m U NITED STATES Savings Bonds. popularly known as ’baby bonds," went on public sale in 14000 po.vtoffices throughout the country yesterday. William H. Meub. general agent of the New England Life Insurance Cos was the first Indianapolis purchaser. First ffays sales of the new securities here approximated SIO,OOO. . . Operations of the J. D. Adams Manufacturing Cos. Indianapolis makers of road-building machinery, were highly profitable last year. Net income after charges and taxes riisng more than 350 per cent over 1933. according to the company's annual report. . . . Continuing a steady climb during the last month, swine prices rose to $9.60 a hundredweight at the Indianapolis stockyards Thursday, the highest price paid since October. J 930. In Washington, Henry A. Wallace. Secretary of Agriculture, predicted that food costs during the first half of this year probably will be 11 per cent higher than in the last half of 1934. The cost of living as a whole, however, will not increase more than about 4 per cent, he estimated. . . . Exports of scrap iron and steel front the United States in 1934 set an all-time record of 1.835.554 gross ton. compared with exports of 773.406 gross tons in 1933. the Department of Commerce reported. Japan was the largest purchaser, taking 1.168.796 tons, or 63 per cent of the total. a a a THE Indiana Senate yesterday passed the State-NRA bill by a vote of 28 to 22. The measure was one of the most bitterly assailed of the Administrationbacked bills. Passed by the House.it was drastically amended in the Senate. Prohibition of price fixing and use of loss leaders were eliminated by the upper house. The bill now goes back to the lower house for action on the Senate's amendments. . . . United States Senators Frederick VanNuvs and Sherman Minton favor repeal of the "pink slip’’ publicity provision of the Federal income tax law Reps. Louis Ludlow. John Boehne. Samuel B Pettingili. James Farlev. Virginia Jenckes. Eugene R Crowe and Charles *A Hallepk have all expressed themselves as for repealing the publicity provisions. . . . All restrictions on feed grants to farmers in drought-stricken areas were ordered lifted immediately bv Harry L Hopkins, Federal Relief Administration At the same time Mr Hopkins predicted "the end of the big problem in the drought sections within three months'' . . . The state Legislative Gas Committee closed its activities yesterday with the hearing of testimony of Henry L. Dithnicr. president of the city utilities district. At two hearings earlier in the week. H F Rhtnedell. New York attorney for J. H Hillman Jr. who is president of the Kentucky Natural Gas Corp ; William J. Hinchey. Owensboro. Kv general manager of Kentucky Natural: Gavin Payne and Herbert Todd. Indianapolis brokers, were witnesses. ENGINEERING AWARDS HIGHER DURING WEEI Construction Contracts Amount t *'■.2.762.9#©. Report Shows. By Time* Sp rint NEW YORK. March 2—Engi neering construction contract awarded during the week ende Feb. 23 amounted to $22,762,000. ac cording to the Engineering News Record today. Private work during the wee amounted to $4,763,000 and publi work totaled $17,999,000. of whic $1968 000 is Federal, and $16,031.00 state municipal. Highway award aggregated $7088.000. marking th third highest week for the curren year. Practically all classes of worl however, were higher than a wee ago except earthwork, irrigation an drainage. Bridge contracts a war do totaled $2,818,000. while publi buildings amounted to $4 680.000. EARNS $5.42 A SHARE By Imx >/•*■ li DETROIT. March 2. Consoli dated net profit of the Evan Products Cos during 1934 was equa to $5 42 a spare on capital stocl aaginst $297 126 or $1 12 a share, i the preceding year, it was learne today. DRY GOODS MEN TO MEET By r e roil NEW YORK March 2.—Plans so >AA mid-year convention of the Na Retail Dry Goods Association jfjJßoe held in Chicago from June 1 have been completed, it wa WjggkVdy today.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 14

U. S. LEASING OF ALL ROADS URGED AS HELP Terms Suggested to Be on Basis of Average Earnings Over 10 Years. P; Timm Spxinl NEW YORK. March 2 —The proposal that th" Federal government lease the nation's railroads on the t basis of average earnings over the last 10 years was made today by Graham Adams, formerly of J. A. Sisto fc Cos, who is well known in Wall Street investment banking circles. The 10 years earnings basis would comprise five good and five I bad years. Mr. Adams’ proposal embodies the major points. In the first place, it would entail no costly outlay of government funds, hp said. • The government must and should refinance the railroads’ require-; ments.” said Mr. Adams, "if the ! billions of dollars of rail bonds held bv banks, insurance companies,, institutions and government agencies are not to default. Has Moral Obligation "Furthermore, the government has a moral obligation to the railroads to ‘see them through.* It is largely because of government laws, restrictions and regulations, the subsidizing of competition and pre-empting the investment market that the railroads are in their present plight.’’ Government leasing of the railroads could achieve operating advamages sponsored by Joseph B Eastman. Federal Co-ordinator of Transportation, Mr. Adams said, j They would include those of consoli- j dation. freight, car pooling, stand- : ardization. joint use of terminal and ■ other facilities, and so on. Mr. Adams pointed out that 25 per rent of the rail mileage carries 2 per cent of the traffic, an uneconomic burden of which the railroads can not relieve themselves because of political barriers. Moreover. railroads can not rehabilitate themselves at present. The leasing j terms could also be used as a basis for pending reorganizations. Would Receive Benefits "The railroads are normally the i best customers of the heavy indus- 1 tries, in which unemployment is greatest.” said Mr. Adams. "They j have lost half their traffic since ; 1929. The railroads have cut ex- | penditures $2,265,000 a year, and re- ’ duced their employes by 600.0001 since 1929. By leasing the railroads j now r the government would itself re- j coivp many benefits from increased traffic and could lease now on ‘rock \ bottom’ terms. ‘ There are 250.000 miles of rail- j roads operating in every State and ; .section. They need modern equip- i merit, repairs, deferred mainte- J nance, replacements and improve- ; ments of all kinds. This would give j constructive work for hundreds of j thousands in widely spread and di- j versified communities. "Money spent on railroad reha- ! bilitation is non-competitive, non- : experimental and would use a ; maximum of labor. Based on past j experience it would be repaid to the Government in more than one way.” Mr. Adams declared that neither | railroad stockholders nor labor could object to this program Neither would banks and institutional bondholders. "If the period of governmental operations under lease justifies eventual government ownership,” j Mr. Adams concluded, "it can then be intelligently considered on the basis of actual operating results and experience.”

Stock Studies

GENERAL RAILWAY SIGNAL COMMON STOCK <■ I I PAIC t <~i earnings price Range scale I L 75 Xii-JuU-* ,-£bgE—IJL.. 130 31 32 33 341? Q 31 32 33 34| winchester institute of finance General Railway Signal Cos. for over a quarter of a century has been a I* ader in the manufacture and installation of railroad and train signals. Its products include automatic block and interlocking systems, automatic train controls and car retarder controls used in freight switching. Tne company and its subsidiaries operate in the United States. Canada. England and other foreign countries. The main plant, which is located at Rochester, N. Y.. is modern and well equipped. The company holds valuable patents, FINANCIAL DATA Ak of Doc. SI. 1534. Common Stock -no par 32C.700 sharps , 6 Prrieried Stock 5100 par' $2,303,932 Surpluses • . 2.E46.932 Patents etc 4 461.340 Cash ar.d Securities 1.771.051 Inventories 1 639 946 Totl Current Assets 4.403.99! Current Ltabitic.es 217 545 General Railway Signal was incorporated in 1904 in New York. Both classes of stock are listed on the New York Stock Exchange. At a current price of around 27 the common sells to yield nearly 3 4 per cent. At. Rtshts ReviA\<>d Winchester Institute of Ptnance Winchester. Mass ’ LUDLUM EARNINGS RISE Stffl Firm Net, SII2IIM After Charges During 1934. Fh Timi s>r. inf NEW YORK March 2 —Net earning of the Ludlum Steel Cos. during 1931 amounted to $442,348. after all charges including depreciation and Federal taxes, compared with net earning of $161,063 in 1933. it was announced today. The earnings are equivalent to 76 cents a share on 202.155 shares of common stock, after payment of the full dividend of $6.50 a share on the 44.290 shares of preferred stock. In the preceding year earnings equaled $3.59 a share.

INDIANAPOLIS, SATURDAY, MARCH 2, 1935

Managed Currency Seen by Vanderlip as Method to Safeguard Inflation Former Banker Believes We Shoulc Look to a Scientific Price Index System as Objective in Regutory Currency. BY RANDOLPH PHILLIPS, Tim** special Writer NEW YORK. March 2. —A managed currency plan to achieve a stable price level by Congressional mandate was described today by Frank A. Vanderlip. who said h was looking for a control of inflation.

"Some call me ar. inflationist,”; he said with a smile. "Inflation is I completely out of niv range. My purpose it to set up safeguards! against inflation. There are many bankers who inveigh against, it, but thev don't guard against it.” Mr Vanderlip believe we should look to a scientific price index sys- ; tom as the objective in regulating the value of our currency. First, he j said, it is necessary for Congress to j assume the duty it has under the | Constitution to regulate the value ; of money. Price Level Urged "Congress should choose a stated index price level—be it that of 1926 or any other year that is desirable as a goal—and a federal monetary authority should be established to regulate the value of j the dollar so that it will have an j unvarying purchasing and debt I paying quality with respect to the j index.” he said. "The present Administration banking bill does not take this first essential step of fixing the policy and objective <f currency management. It sets up no limits, takes I the Federal Reserve banks out of the hands of bankers and reposes their powers in the hands of five men who. by the nature of their appointment, would be subject to business and political pressure.” Mr. Vanderlip's plan for a Federal monetary authority would preserve the Reserbe banks’ present function of being a bank for bankers, he said. He described the mechanics of the plan as follows: The authority to be established would be a branch of the government such as the Treasury, but it would be as securely insulated against political and business pressure as is the Supreme Court. The authority would have exclusive power over currency issue; it would receive no deposits and it would have no printing press. It would issue notes only against five forms of assets. It would buy and sell gold governmental obligations having not more than one year to mature, foreign exchange and bankers’ acceptances, and it would be under obligation to rediscount for Federal Reserve banks’ rediscounted notes of member banks secured by self-liquidating commercial loans. Procedure “Improper” At present these powers are controlled by the Treasury, a ‘‘most improper procedure,” against which the banks are afraid to speak out. The transfer of these powers—which used to be the exclusive province of the Federal Reserve —to the non-political authority of Mr. Vanderlip's conception would not alone make it possible to regulate the value of money so as to hold the price index level. A control must also be exercised directly over bank deposits because of their predominating importance as a portion of the medium of exchange. Therefore Mr. Vanderlip recommends that the authority have power to vary the percentage of cash reserves held by banks against their total deposits, but this control would only be used if a runaway loan inflation threatened. An important feature of the plan would be the compulsion placed on the authority by Congress to hold the price level steady. There would | thus be erected a sound barrier against uncontrolled inflation. In conclusion Mr. Vanderlip warned that if Congress continues to abdicate the function of monetary' regulation and to leave these powers in the hands of the Treasury. the country would drift into a nationalization of the banks. "I'm no crusader.” he remarked. •'But there's the plan constructed out of tried and established parts by a man with experience in and out of the banking business who has no axe to grind.” CANADIAN EXPORTS INCREASE $70,734,892 United States Is Best Foreign Customer in 10-Month Period. Bn Timm Special MONTREAL. March 2.—An increase of $70,794,892, or 14.6 per cent, was shown in Canada's domestic exports for the 10 months ended in January, when they totaled $554.656.913. compared with $483,863,021 in the corresponding previous period last year, according to the Dominion Bureau of Statistics reports. The United Kingdom was the best empire customer and took goods to the value of $232,987,396. an increase of 21.3 per cent, compared with $191,277,804 for the 10-month period ended January. 1934. The United States was the best customer among foreign countries, with $187,164,620, an increase of 17.1 per cent, compared with $159,851,192. ECONOMIST FORESEES -PRICE RISE BENEFITS Pittsburgh University Professor Gives Depression One More Year. By l nited Press PITTSBURGH. March. 2. —A cyclonic rise in prices, which will "crush the depression in 12 months,” was foreseen here by Dr. George K. McCabe. University of Pittsburgh economist. Dr. McCabe predicted the government would soon assume the financial obligations of railroads because the companies were in a "hopeless” condition. "So far.” said Mr McCabe, "it has been cheaper to buy a home than build one and cheaper to rent it than buy it. This rise in prices—--2 per cent a month until a level of 30 per cent is reached —will make it profitable to build homes. He described utilities as suffering a “bad attack of jitters” because they “have to take the cut* we took two years ago.”

AIRS TRADE TREATY

fl v JB Its JS

Cordell Hull

N. Y. Bonds

(Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Brtds Today 86.7 78.8 94.4 86.6 Yesterday 86.6 79.1 94 3 86.7 Week ago 86 9 82 6 94 2 87.9 Month ago 85 8 83.3 92.6 Year ago 86.8 88.3 92.6 87.6 U. S. GOVERNMENT BONDS (By Fenner & Beane) Libertys Prev. Close. Close. Ist 3%s 1931-47 102.23 102.18 Ist 4%s 1932-47 102.18 102.20 4th 4%s 1933-38 (uncalled) 103.7 103.7 4th 4%s 1933-38 icalled).. 101.21 101.23 Treasurys 4%s 1943-45 116.3 116.2 4s 1944-54 111.5 110.30 3% s 1946-50 109.15 109.11 3%s 1940-43 106.22 106 14 3%s 1943-47 106.12 106.1 3% S 1941-43 106 19 106.14 3%s 1943-45 105.7 104.29 3%s 1941 106.24 106.12 3%s 1944-40 105.5 104.28 3%s 1946-49 104.19 104.8 3%s 1949-52 104 20 104 9 3s 1951-55 103.18 103.8 3s 1946-48 103.21 103.8 Home Owners Loan Corp. 2'*s 1949 100.7 100.1 3s 1952 101.31 101.27 4s 1951 101.11 101.13 Federal Farm Mortgage Corp. 3%S 1964 103.24 103.18 3s 1949 102. 101.26 3s 1942-47 102. 101.24 DOMESTIC Prev. Issue. Close. Close. Alleg Corp 5s '44 70 68% Alleg Corp 5s ’49 61 % 61% Am For P 5s 2030 58 58% Amer T & T SVaS ’43 .... 113 112% Am Tel & T 5s ’65 . 112% 112 Arm & Cos Del) 5%s '43 105% 105% Atl Coast Line 4s ’52 102'% 102'* Atl C Line 4%s '64 89 89% Atch Top S Fe 4%s ’4B 108% 109 Am Wat Wks 5s '44 92% 92% Am Rolling Mills 5s ’3B 107 107% Bait & O 5s '95 63% 62% Balt Ohio 6s ’95 73% 73 Balt & Ohio 4%S ’6O 46% 46% Bus Ro & Pitt 4%s '57 59% 61 % Beth Steel 5s '36 103% 103% CM St P 5s ’75 18' 2 18% C M & St P 5s 2000 4% 4% Cleve Un Term 5s '73 93 93 Cleve Un Ter 4%s ’77 86% 86% Col Gas 5s May ’52 76 76'% Col Gas 5s April ’52 76% 77 Col Gas 5s ’6l 73% 74 Can Pac Perp 4s 86% 87 Cent Pac 5s ’6O - 76 76'i Big Four 4%s ’77 62 63% Big Four 5s '63 72 72 C & W Ind 4s ’52 98% 97'* C & West Ind 5%s ’62 104 104 C & North W 4%s ’49 16 15% Com Gas 5s ’57 105% 105 Ches Corp 5s ’47 ...105 104'* Dodge Bros 6s ’4O 106% 106'% Del & Hud 4s ’43 85% 86 N Y Dock 4s ’sl .. 65% 65% N Y. Dock 5s ’3B 44 44 Erie 5s ’75 *. 63 63 Erie 5s ’67 64 64 Gen Cable 5%S ’47 89 . 88% Grt North 7s 36 88% 88% Gn North 4%s ’76 73% 73% Gen Stl Cast WW 5%s '49 .. 88'* 83 Hud & Manhat Ref 5s '5 7 ... 88% 90V* 111 Cent 4%s CS 53 53 111 Cent Jt 4%s ’63 64 65 111 Cent 5s ’63 66% 67% Interlake C & I 5s ’sl 77 77V* Interntl Hv Elec 6s '44 38 43 Interntl Tel & Tel 4%s '39 .. 66% 67% Interntl Tel & Tel 5s '55 .. 63 62% Interntl Tel & Tel 4Vis '52 .. 57% 57 McKess & Rob 5%s 'SO .... 99 99% i Midvale Stl 5s '36 103 'i 103'* Natl Dairv 4%s '4B 104% 104'* Natl Steel 5s ’56 107V* 107 Nickel Plate 4%s ’7B 58 57% Nickel Plate 6s ’35 62 62% N Y Cent 5s 2013 58 57 N Y Cent 4%s 2013 (old) .. 54 53 Nor Amer Cos 5s ’6l 85 84% Nor Pac 3s 2047 76% 76 Nor Pac 4%s 2047 83% 83'* Nor Pac 6s 2047 95% 96% Nor States Pow 5s '4l 106’ b 106V* New Orleans Term 4s '53.... 84 85 Otis Steel 6s ’4l 84 85 Otis Steel 6s ’4l . 80'* 84% Penn Rv 4'*s ’34 104% 104 Penn Rv 4'*s ’Bl 104 104 Penn Rv 4%s ’7O 94% 95% Pac G & E 5s '42 107 107% Portland Gen El 4%s ’6O 56 s * 56% ; Para Publix 5%5. ’SO 72 _*l% ! Penn P & L 4%s 'Bl 103% 103V* Postal Tel & Cab 5s '53 46' 2 45% Fem Rand WW 5%s '47 102% 102% Sinclair Oil 6%s ‘33 I Shell Union Oil 5s ’47 102 7 ** 102% 1 Sou Pac 4%s 'Bl 63'* 63 Sou Pac 4%s ’69 64 63% Sou Pac 4s ’49 67% 67 % | Sou Rail 4s ’56 45% 45 ! Sou Rail 6s ’56 61% 6L'* Sou Rail 6%s ’56 63 % 63% Sharon Stl Hood 5%s ’4B .... 84% 84% Texas Pac 5s 80 88% 89 Texas Pac 5s ’77 „ 9 9, , Union Pac 4s ’47 Ill’s rtl United Drug 5s ’53 89 88% i U S Rubber 5s ’47 95 94- 2 ! N Y N H & Hart 6s ’4B 37 37 NYN H & Hart 4%s ’67 .... 31% 32 Warner Bros 6s ’39 53% 52% Western Mary 5%s ’77 99% 99_* Western Marv 4s ’52 94% 94% Youngstown S&T 5s ’7B ... 94% 94% FOREIGN „ „ I Areentina A 6s ’57 * 02_* Argentine B 6s ’SB 94 * 92-_ Brazil 8s ’4l 31 31% Denmark 5%s ’55 German 5%s ’65 34 33 * German 7s ’49 4s 44% Italy 7s *sl 90 * 90% Janan 6' 2S '54 93 % 92 * Poland 7s '47 126% 126' 2 Rome 6%s 's* 81 80 Yokohama 6s ’6l 84 * 84% FEDERAL FARM LOAN BONDS ißv Blvthe & Cos.) . , Bid. Ask. 4s July 1. 1946-44 105’* 105'* 4s Nov. 1. 1957-37 103% 103% 4.- Mav 1. 1958-38 103% 103% 4%s July 1. 1950-36 03% 103 4',s Jan. 1. 19oi-.ii I??, 1 - *2l 4V*s Mav 1. 1957-37 103% 104 4%S Nov. 1. 1958-33 103% 104% 4%s Mav 1. 1942-32 10U* 101% 4%s Jan. 1. 1943-33 101% 102% 4’ 2P Jan. 1. 1953-35 101% 103_* 4 ! .* Jan. 1. 1955-35.. 101'* 103 * 4%S Jan 1. 1956-36 102% 103% I* n‘ ,v 1; 1941-31101% 101% PESO HELD IMPORTANT Central Bank to Stabilize Buying Tower in Argentina. By Times Special NEW YORK. March 2—One of the important functions of the new Central Bank will be the stabilization of the purchasing power of the peso in Argentina, according to a statement made today by Dr. Federico Pinedo. minister of finance. Notwithstanding the depreciation of the peso in relation to the dollar and the pound sterling. Dr. Pinedo pointed out. its present internalpurchasing power is equal, on a basis of average living costs, to that in 1928.

EXCESS FUNDS CHIEF CONCERN OF FINANCIERS Stagnant Demand for Loans and Receding Bond Yields Cited as Problems. By Times Special NEW YORK, March 2.—Where to find an outlet for the plethora of idle cash at their command is chief among problems confronting institutional investors, principally banks and insurance companies. Demand for commercial credit from eligible borrowers is stagnant. Yields from high-grade corporate obligations, approximating only 3 U per cent, are so low as to arouse fears of capital losses in the event of a reactionary price trend, while the new capital market remains apathetic. Premiums on primary obligations are so high that demand, according to dealers, is coming principally from individual investors who prefer the obtainable realizations to the low interest received on time deposits. Institutions, on the other hand, appear to have no other recourse at the moment than to place their funds in government, state and municipal securities, thus acccunting for the gradually receding coupon rates affixed to tax-exempt obligations since last autumn. Demand Exceeds Supply Still, the demand far exceeds the supply of fixed income bearing obligations available in the market. Excess reserves of member banks now stand at approximately $2,224.000.000, while the cash balances of insurance companies are reported to be more than $600,000,000. At the same time, savings banks have been accumulating huge amounts of cash for which they .can find no investment outlets insuring profitable returns, and, accordingly, are contemplating further interest reductions. Consequently,’ high-grade and selected intermediary bonds are steady at record high levels. Buying of secondary obligations, however. is diminishing in volume. This development has been occasioned by the increasing doubt among investors and speculators alike that the recovery movement will be extended appreciably during the present year. In this respect, incidentally, some observers look for a contraction in activity, with resultant recessions in corporate profits. Industrial Profits Mixed Bearing this in mind, investors are becoming increasingly selective in their investment commitments. That they are justified in adopting that procedure is evidence by earnings of 500 industrial enterprises for 1934. showing a wide divergence in individual group results, despite an increase, according to Standard Statistics Cos., of 41.8 per cent in aggregate net income. Os the twentynine industries, five —aircraft, steel, shipbiulding, rail equipment and railroads —operated in the red last year. Notable improvement in earning power over 1933 was shown in advertising, automobiles, chemicals and fertilizers, containers, electrical equipment, and radio, food products, household products, metals, sugar, tobacco, entertainment and miscellaneous trades. Moderate betterment was shown by the oil, office equipment, shoe, paper, retail, automobile and coal trades, while declines were shown by the textile and shipping lines.

Local Livestock

(Reprinted from yesterday) HOGS Feb, Bulk. Top. Receipts. 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(a> 9.45 9 50 4000 28 9.30® 9.55 9.60 3000 Mar. 1. 9.30® 9.55 9.60 4500 " Good and choice.. $8 40® 9.15 Medium 7.90® 8.95 Light weight; . (160-180) Good and choice... 9.30® 9 40 Medium 8.75® 9.15 (180-200) Good and choice.. 9.30® 9.45 Medium 8.90® 9.25 el Good and choice... 9 40® 9.50 (220-250) Good and choice... 9.45® 9.6 Q Ke (250^29 1 o| ht Good and choice... 9.50® 9 60 (290-350) Good and choice... 9.40® 9.50 Packing sows: (275-3501 Good BAO® 8.75 (350-425) Good B.2a® 8.60 (425-550) Good 8.10 qj 8.50 (275-350) Medium B.oo® 8.40 S1 a'^O-MO) P Good and choice... 6 65® 8 40 Medium 5.75® 7.90 CATTLE —Receipts. 600 — —Steers— _. (550-900) Choice $10.50®12.50 Good 9.50®11.75 Medium 1’225 ! Common (900-1100' Choice 12.00® 15.2a Good 9.50®12.5fi Medium Common (1100-1300) Choice 12.50® 13 .0 Good 10.00® 12 50 Medium . ,7.75®10.C9 (1300-1500) Choice 12.50®13.50 —Heifers—-(soo-750) Good 10 -22!?, 1 2'22 Choice 9.50(810.50 Good 8.25® 9.25 Common and medium 4 25® 8.25 (750-900i Good and choice.... 8.50®10.00 Common and medium 4 50® 8.50 —Cows—- | Good 6 00® 7. (5 Common and medium 4.00® 6.00 Low cutter and cutter 2.00® 4.00 —Bulls—(Yearlings Excluded) Good 5 50® 6.50 Common and medium 3.50® 5.50 VEALERS —Receipts. 600— Good and choice *lO 00® 10 aO Medium 8.00®10.00 Cull and common 4.00® 8.00 —Calves—-(2so-500) Good and choice .. 6.25® 900 Common and medium 3 50® 6.25 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice ... 6.00 8 800 Common and medium ... 4 508 6.00 (900-10501 Good and choice-.. 6 008 8.2a Common and medium 4.50® 6.00 —Cows— Good 3.75® 4 aO Common and medium 3.25® 3.75 SHEEP AND LAMBS —Receipts, 1600— I 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 i e i e fi’-150) Good and choice .. 3.50® 4.75 All weights, common and me- ! dium 2 50® 3.75 LOCAL CASH MARKET C:'v gram elevators are paving 90 cen's for No. 2 soft red wheat. Other grades ion their merits. Cash corn No. 3 yellow 82 cents and oats 48 cents.

Evening School Strong courses offered in Secretarisi, Stenography. Accounting, Bookkeeping and kindred subjects. Spend part of your evenings in selfIniprorement. Cost low. Central Business College Architects & Rnllders Building, . Indianapolis.

New York Stocks

ißeorlnted trom yesterday) Sales today approximated 640.000 shares, compared with 570,000 shares yesterday. Dow, Jones preliminary averages showed industrials 103.27, up .89; railroads 31.10, up .73, and utilities 15.95, up .07. ißy Thomson A- McKinnon) Prev. Oils— High. Low. Close, close. Amerada 55'* 55'* 55-'* 55 1 * At I Rfe 23% 2.3 1 * 23'* 23% Barnsdall 6% 6% 6' 6' Consol Oil .... 7 s * 7' 2 7' 2 7*2 Cont of Del ... 17% 17', 17'* 17's Houston tnew).. 2'* 2\ 2% 2% Mid Cont Pet .. 11', 11'* 11> 10’* Ohio Oil 9 s * 9 5 * 9'* 9% Pet Corp 8 1 8 1 * 8% B'* Phillips Pet .... 14% 14'* 14 7 * 14 7 S Plymouth Oil ..B'* 8 8 ! * 8 Pure Oil 7 6 7 * 6% 6'* Roval Dutch ... 31'* 31'* 31'* 31 Seaboard Oil ... 23' 2 23 23 24 Shell Un -••••• 6' 2 6% 6'* 6'* Skelley Oil 7 7 * 7 7 * 7 7 7 7 * Soc Vac 13 12 7 * 12 7 * 13 S O of Cal 29% 29' 2 29' 2 30'* S O of Ind 24’ 2 24% 24 1 2 24'* S O of N J 39'* 39'* 39 7 * 38 Texas Corp . .. 19% 19% 19'* 19 7 4 Tidewater Assn.. 8 7 * 8% 8% BJ*8 J * Un Oil of Cal . 16% 16 16‘* 16% Steels— Am Roll Mills . 19% 19'* 19% 19% Beth Steel ...27% 26'* 27% 26 s * Col Fuel & Iron 3% 3% 3% 3 Cruc Steel 19 19 19 18'i Inland Steel .. 53% 52% 52% 52 Ludlum Steel . 15% 15% 15% 15 McKeesport Tin 98% 98% 98% 97% Natl Steel 44% 44% 44% 44 Otis Steel 5% 5% 5% 5% Rep I & Stl . . 12% 11% 12 11% Rep I & Stl pfd 37% 37% 37% 36% U S Pipe & Fdv 17% 17% 17% 17% U S Steel 33 32 33 32% U S Steel pfd... 81 80 81 80 Warren Bros ... 3% 3% 3% J% Youngstn S & T 16% 16 16% 16% Motors— Auburn 22% 22% 22% 22% Chtvsler . 36% 35 s * 36% 36% Gen Motors 30 29 s * 29% 29 s * Graham Mot... 2% 2% 2% 2% Hudson 9% 9% 9% 9% Hupp 2V 2% 2% 2'* Mack. Truck .. 24% 23V* 23% 24% Nash 15% 14% 14 s * 15 Packard 4 V* 4 4% 4 Reo 33 33% Yellow Truck... 3Vi 3 1 /* 3% 3% Motor Access— Bendix 15 14% 14% 14% Bohn Alum .... 56 56 56 55' 1 Bore Warner... 34% 32% 33% 32 s * Briees 29 28% 29 28 s * Budd Mfe 4% 4% 4% 4% Budd Wheel 3.3 33% Eaton Mfe 18% 17% 18% 18% Elec Auto Lite . 24% 24 24% 24 Elec Stor Bat .. 45% 45% 45% 45% Houdallle “A’’ .. 8 7% 8 8% Mullins Mfe •••• 9'% 9% 9% 9% Murray Body ... 6 5% 6 5% Stew Warner ... 7% 7% 7% 7 s * Timken Roll ••• 33% 33% 33% 33% Timken Det Axle ss*5 s * 3% 5% 5% Mining— Alaska Jim 17% 18% 17% 16% Am Metals ..... 15% 15% 15% 15 Am Smelt 36% 35 36V* 34% Anaconda 10% 9% 10% 9% Cal Hecla 3% 33 3 Cerro De Pasco. 44% 4.3 44% 42% Dome Mines .... 40% 39 40'/4 38% Granby 6 6 6 5% Gt Nor Ore ... 10% 10% 10% 10 Homestake Min .380 365 379 366 Howe Sound ... 48% 46 48% 46% Ins Copper .... 32% 32% Int Nickel •• 24 23% 24 23% Isl Creek Coal. 33% 33 33 33% Kennecott Cop.. 16 15% 16 15% Mclntyre Mine.. 45% 43 44% 43 Park Utah 32% 3 2;t Noranda Cop... 35% 33% 34% 33% Phelps Dodee.. 15% 15 15% 14% St Joe Lead ... 13% 12% 13% 13 U S Smelters... 121% 118 121% 118 Vanadium 16% 16% 16% 16% Amusements— Croslev Radio .. 14% 14% 14' i 14% Fox Theat .... 10 9% 9% 9% Loews Inc 36 35% 36 35% Radio Corp .... 5 4% 4% 5 Paramount .... 3% 3% 3% 3% RKO 1% 1% 1% Warner Bros .. 3 % 33 % 3 Tobaccos— Am Snuff 69 68% 69 67% Am Sum Tob ... 20% 20% 20% 20-* Am Tob A 79% 79% 79% 79% Am Tob B .81 80% 80% 80% Gen Cigars 55% 55% 55% 56 Lig & Mv B 106% 106 106% 10a% Lorillard . 20% 20 20% 20 Phillip Morris . 39% 39 39 39% Reynolds Tob B- 48% 47% 477* 47- 4 Rails— Atchison 42% 40% 42 40% Atl Coast L .... 26 25 26 25 4 B <fe O 10% 10% 10% 10% Can Pac. 11% 11% ll 3 s Ch & Ohio 42 41% 42 41% Chi &Gt W ... 7* % % % Chi &Gt W pfd. 2 2 2 17s C M& S P ■ -- • 2% 2 2 2 C M & S P pfd. 2% 2% 2% 2% Chi N W 3*7 3 5 /8 3 * 3 3 /4 Dela & Hud .... 30% 30 30% 30 Del L& W .... 14% 14% 14% 13% Erie 10 9% 10 9% Er l pfd U 31 11 11% GrT North pfd .. 13 12% 12% 12% 111 Central VS 11% 12 11% Lehigh Valley .. 7% 6% 7% 6% Lou & Nash .... 40% 40% 40% 39% M K & T 3% 3% 3% 3% M K & T pfd .. 7% 7% 73/4 7% Mo Pac pfd .... 2% 2% 2% 2% N Y Cent 16 15% 16 15% N Y New Haven 4% 4% 4% 4% Norfolk & West. 165 165 165 167% Nor Pacific 16 , 10% 16 15% Penn R R 20% 19% 20% 20% Sou Pac 15% 14% 15/2 4 Sou R R 9 T/ s 9 ? S 3 -* o'y Union Pac 95 94% 95 94% Wabash 1% 1% 1* West Maryland . 7% 7% 7% 772 Equipments— Am Brake Shoe 237% 27% 27% 27 Am Loco .... 13% 12% 12% 13 Am Steel Fdy .. 15% 15% 15% 15 Bald Loco 2 1% 1% 1% Gen Am Tnk Car 35% 34 72 34 '2 35 Gen Elec 23% 22% 22 7 * 23% Gen R R Sig ... 23 23 23 24V* Pullman Inc ... 47% 47% 47% 47% West Air Br ... 21% 21% 21% 21 Westingh Elec .. 38% 37'i 37 37% Utilities— Am & For Pwr . 27* 2% 2% 2% Am Pwr & Lit.. 2 1 4 27* 2% 2 1 * AT&T 105% 105 s * 105% 105% Am Wat Wks ... 10% 10'/2 10% 10% Col Gas & Elec. 5 4% 5 4% Com & Sou ... 1 % 1 Conson Gas .... 18 *-2 18% 18% 18 s * Elec Pwr & Lit . 1% 1% 1% 1% Int Hydro Elec . 1% 1 % 1 % l 7 * Interboro R T.. 14% 14% 14% 14

WE HAVE EXPANDED OUR DAMP WASH DEPT. We ll Accept 40 More Customers Monday and Tuesday >1 WASH O'! c J Flat Work Ironed ■ MKM AND HAND FINISHED * Additional Pounds 7!4c a Pound —Mon., Tues. Shirts Finished, 10c Each If Requested We want only 40 new bundles at this time. No more. Our idea is to give such fine, careful service that you will become a PERMANENT patron. • In this service we wash everything thoroughly CLEAN, return the wearing apparel damp, just right for ironing. We iron-and hand finish the bed, bath and table linen. It is a semi-finished service at only a trifle more than the cost of damp wash. STERLING cfliehorySoap LAUNDRY DRexel 6300

What Does It Mean? Depreciation—This term, in its widely accepted usage, means the decline in value in use of fixed tangible assets, particularly buildings and equipment .

Int T & T ... 7% 7'* 7% 7'* Nat Pwr & Lit. s'* 5% s'* 5 North Amer 11% 11% 11% 11% Pac Cr & E . 13% 13% 13'. 13% Peoples Gas ... 18% 18'* 18'* 19 Pub Serv N J .. 21' 21'. 21% 21'* So Cal Edison .. 11% 11% 11% 11% Std Gas . 2 s * 2% 2'. 2% Stone & Webster 3% 2% 3% 3 United Corp —l% 1% I'* I'* Un Gas Imp 10 9% 10 10 Ut Pwr &Lt -A’ 1% 1% 1% 1% Western Union . 26% 25% 26% 25'* Rubbers— Firestone 15'* 15'* 15% 15'* Goodrich ... . 9% 9% 9% 9% Goodyear 21 20% 21 20% Kelly Spring .. I'* I'* 1% 1% U S Rubber 14% 13% 14% 13% U S Rubber pfd 34% 33 34% 33% Miscellaneous— Allis Chalmers . 16% 16% 16% 16% Am Can . -118% 117 117% 117% Am Mach & Fdv 21 20% 30'* 21% Anchor Cap . 16% 16 16% 16 * Brklvn Man Tr .42 41'* 41% 41% Burroughs Add . 15 14% 15 14% J I Case 56'* 55% 56% 55% Conti Can .. 72 71 % 71% 72 Caterpillar Tract 42% 42 42% 42 Crown Cork .. . 26% 26 26 .6 Curtis Pub . .. 18% 18% 18% 18% Curtis Pub pfd.. 97'* 97’* 97% 97% Deere & Cos . 28% 28 28% 28% Eastman Kodak 121'* 121 121% I*<U* Foster Wheeler . 13 13 13 13% Gillette 14% 13% 14 13% Glidden . .27 26 s * 27 26 % Int Bus Mach 161 161 161 1.*9 Inter Harv .40 39’ i 4039 1 Natl Cash Reg.. 15'* 15% 15% 15% Owens Bottle .. 89'* 89'* 89% 89 s * Rem Rand 9% 9% 9% 3% Worthington Pm 16% 16% 16% 16% Foods— Am Sugar 68 67'* 67% 67% Armour 5 4% 5 5 Armour 6% pfd. 5 4% 5 5 Beatrice Cream. 19 18% 19 18% Borden Prod ... 24% 24% 24% 24% Cal Packing •... 41% 41% 41% 41% Can Ddv G Ale. 11% 9% 10% 11% Coca Cola 179'* 175% 179'* 175 Corn Prod 64% 64% 64% 64% Crm of Wheat.. 39'* 39 39% 39 Cuban Am Sugar 6% 6% 6% 6'* Gen Baking 8% 8% 8% 8% Gen Foods —. 34% 34% 3t% 34% Gold Dust 17% 17 17% 17 G W Sugar 31% 30 * 31% 30 •* Hershev 78 78 78 78% Int Salt 30% 30% 30% 30 Loose Wiles ... 35 3o 35 35% Natl Biscuit .... 27 26'* 26% 26% Natl D Prod ... 16% 16% 16% 16'* Purity Bak . .. 9% 9’* 9% 9 S Por Rico Sug 24 23% 24 23% Std Brands 17’* 17 17% 17 Un Bisriut .... 25% 25 25 25% United Fruit . . 81% 80% 80% 81 Wriglev 79 . 79 79 78'* Retail Stores — Assd Dry Goods 9'* 9% 9% 9% Best & Cos. 36% 36% 36% . First Natl Stores 50 50 50 50_ Gimbel Bros 2'* 2% 2-'< 2% C.r Un Tea ... 3% 3% 3'* 3% Hahn Dept Sts . 5 4% 5 4% Jewel Tea 57 56% 56% 56% Kresge S S 20% 20'* 20% 20% Kroger doc ... 23% 23% 23% 23% Macv R H 37% 37 37% 36% McCrorv St .... 9% 9'* 9% 10 McClellan St ... 13% 13 13 13 Marshall Field . 7% 7'* 7'* 7% May Dept St ... 40'* 40% 40% 41% Mont Ward 25'* 24V* 25'* 24 * Natl Tea 9 8% 9 9 Penney J C .... 67% 67 67 61 Sears Roebuck . 33% 32% 33% 33% Woolworth 55% 54% 54% 54'* Aviation— Aviation Corp . 4 3% 3% 3% Boeing Aircraft . 7 % 7% 7'* 7% Curtiss Wright . 2% 2% 2'< 2 Curt Wrght •'A’* 8 7'* 7% 8 Douglas Air .... 21 20% 20 s * 20% Nor Am Av 2% 2% 2% 2% Sperry Corp • 8% 8% 8% 8% Utd Aircrft New 12 11% 11% 12 Chemicals — Air Reduction ..111'* 111'* 111% 112 Allied Chcm . ..135% 135 135% 134 Am Com Alcohol 27% 26% 26% 26% Col Carbon 76% 75% 76'* 75% Com Solvents... 21% 20% 21 20% Dupont 92% 92 92% 92% Freeport Tex ... 21% 21 21 21 Math Alkali —. 26% 25% 26% 27 Monsanto Chem. 59% 58% 58% 58 s * Natl Dis (new).. 27% 26% 27 26% Schenlev Dist.... 26 25% 26 25% Tex Gulf Sulph. 33% 32% 33 33% Union Carbide • 47% 46% 47% 46 1 U S Ind Alcohol 40% 4040% 40 Drugs— Coty fnc 5% 5% 5% 5% Lambert 27% 27% 27% 27% Lehn & Fink ... 15'* 15% 15% 15% Sterling Prod ... 64% 64 64 63% Un Drug (new).. 10 10 10 10 Vick Chem 35 V* 35% 35 V* 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% Lehman Corp ... 70% 70% (0% 70% Transamerica ... 5% 5 5% 5% Tr Conti Corp .. 33 3 3Vs Building— . Am Radiator ... 12% 12% 12% 12% Gen Asphalt ... 14% 14% 14% 15 Holland Furnace 7% 7% 7% 7% Int Cement 26% 26% 26% 26% Johns Manv .... 46% 45% 46% 46% Libby Owens Gls 27 26% 26% 27 Otis Elev 13% 13% 13% 13% U S (Svpsum .... 45'* 45% 45% 46 Ulen Cons 1% 1% 1 % 1% Household— Col Pal Peet .. 17% 17V* 17% 17V* Congoleum 31 Vi 31 31 31 Kelvinator 16% i6% 16'* 16% Proc & Gamble . 49% 49 49% 49% Servel Inc 8% BV* B'* 8% Simmons Bed .. 8% 8 8% 8% Textiles — Amer Woolen .. 8% 6% 6% 6 * Belding Hem ... 13'* 13% 13% 13% Celanese Corp .. 29% 28'* 29% 28% Collins Aikrnan . 12% 12% 12% 12% Gotham Hose ... 3% 3% 3% 3% Indus Rayon ... 13% 31 31V* 31% TEXTILE ACTIVITY UP First Quarter of Year Shows Gain Over 1934 Period. By Times Special NEW YORK, March 2.—Activity in textiles and related industries during the first quarter of the current year, judged by the record of the last two months, exceeded that of the corresponding period last year, according to J. Fredrick Talcott, president of the James Talcott, Inc.

BELGIAN PACT BEFORE PUBLIC Secretary of State Places Treaty Into Fire of Opinion. B</ f nited Tims WASHINGTON. March 2 —Secretary of Stat-> Cordell Hull today placed his reciprocal trade treaty program in the crucible, in the form of the "Yankee trading” agreement with Belgium, and shoved it into the fire of public opinion. The treaty, the first to be negotiated with a highly industrialized nation, grants Belgium tariff concessions on some 47 prod tic's, in return the United States obtains tariff and quota concessions on some 45 important products, 22 of which are agricultural. Sec. Hull believes the treaty, signed by the State Department and a special trade envoy of Belgium to something like their 1929 value. In 1929 the United States exported $114,855,000 worth of products to Belgium. In 1934 we exported only $49,814,000 to Belgium. The big drop was in cotton, automobiles and parts, wheat and lard.

C'ART

Our Spring 1 stock of new Seat Covers has just arrived. We can now fit the deeper and wider seats on the new 1935 models. These covers are attractive, well-tailored, snugfitting and will take a world of wear. We put them on at no extra charge. Let us install a set before dust and grease ruin the upholstery of your car. Drive in Sunday (we are open until 6 p. m.) and let us outfit you. tt tt tt The Government is trying to encourage a baby bond in every home. It’s the birth of anew idea to which even Margaret Sanger will not object. u a tt Independent operation of the Rose Tire Cos. free from outside control or dictation enables us to maintain a broad customer policy and to give every purchase that touch of individual relationship which permits better understanding 1 of the customer’s needs and a greater degree of satisfaction. tt a tt There is a breath of spring in the air and from afar one hears the call of the woods . . . and irons. a tt tt CHIEF TIRE CHANGER mbm MILLER TIRE DISTRIBUTORS