Indianapolis Times, Volume 46, Number 254, Indianapolis, Marion County, 4 March 1935 — Page 8

Wall St. Important Changes Going On in X. Y. Stock Exchange. BY RALPH HENDERSHOT Tim*-* Writer TWJEW YORK. March 4—Largely behind the scenes, the New York Stock Exchange is undergoing the most important changes in its history. Some of these are tor the purpose of meeting the requirements of the Securities and Exchanee Commission, while others are intended to put the exchange

in step with the new business conditions. Many important people in the financial district believe that speculation. as was known in 1928 and 1929. is a thing of the past. They believe brokers will be obliged to depend largely on investment purchases in the fu-

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Ralph llendrrshnt

ture for commissions. And if this apprai.al of the situation proves accurate, they expect the hearings of the average broker to be much smaller than they have been. Serious consideration is being given to the advisability of raising commus.on charess to partially offset the continued small volume of of sales. Some are arguing for a graduated scale, depending on the distance from New York City. m m a HERE and there throughout the Street are brokers who believe the Exchange needs a thorough overhauling from a business practice standpoint. Some even would go so far as to incorporate the institution in order to reduce taxes Others would adopt certain : of the London Stock Exchange practices, such as splitting commissions with outsiders. The position of the so-called customers' man us becoming increasingly precarious For the most part j his salary is based on the commis- 1 sions he can create, and he has , been non-productive for so long i that he is being gradually crowded out of the picture. Many think he j ne’*?r will come back. Rapidly the Exchange is passing from the private club type of organization to the usual big busi- i ness enterprise. Old-timers are fiehting the transition, bu? seem- ; ingly it is a losing battle. The insurgents are receiving the support of the SEC. mam FOR several months after the SEC came into being insiders on the Exchange were inclined to j ignore the “uprisings” within its own borders. They figured apparently that there was nothing to . fear in that connection inasmuch as it seemed so disorganized. Now that the election methods are to be changed, however. these critics i have tatcen on added importance, j arjf last-minute efforts now are Wing made to placate them and develop a united from As usual, developments are being guarded with great care by officials of the institution. 3ut brokers drop bits of information here and there, and. while these, pieced j together, may not present a per- , feet picture of what is going on. they furnish a sufficient basis for the statement that the Exchange s affairs are in a turmoil. They also suggest that out of the affair mav emergp some very decided changes in policies and practices. PROTECTIVE GROUP IS FORMED FOR HOLDERS Committee Named to Handle Baldwin Locomotive Bond Problem. Bv Time* Spt i'i*il CHICAGO. March 4—A protective committee for holders of the Baldwin Locomotive Works five-year 6 per cent consolidated mortgage bonds due in 1938 has been formed at the request of holders of substantial amounts of these bonds. An announcement by the committee stated that a deposit agreement providing for deposit of bonds and issuance of certificates of deposit will be prepared in due course, hut for the present, deposits .if- 7 not invited and will not be accepted. Holders of the bonds have been requested to send to the secretary of the committee their names and addresses and a statement of the amount of their holdings.

On Commission Row

Question* be> are average wholesale proves be;r.g .Set'd to buyers by local Ct'tr.aiJ cn , Fruit* Banana* 5c a lb App.es. Indiana Wmesaps. SI 75. Gulden Delicious II tv * M*l Grapetrait Texas seedless : 15. Arizona. 14, r, and Sf. 52 50 Limes. Mexican, per car:i 12s 25c B-ram seedless per hundred S’ Pineapples Ps-roßicans. crate 55 Avocados F.or.da. box. Si M* fTii hprrifj Florldi. pint. 16c ptr jdp' crat* !5r Apricots. $3 crate Vegetable* Cabbage. Northern Dar..sh bag 11 SC. red. 50-lb box. 51 -5. New Texas csbiage. half crate. *2 50 Onions sweet Spanish .arge • £-> ba* S3 M.chtgan rell • 50-. b bag. $2 .5 F 'atoes. Green Mountains I<K*-Ib bag 51 5P selected cobblers 50-lb bag SI .a, northern round white 100-lb bag $1 Nebrass* triumph. 50-lb bag *2 .3. Chios 100-lb bag S. Idaho Russets. .00lb bag St i" Ne Florida Triumphs, bushel 51 S*‘t potatoes Indiana Jer*es bushel S! 85. Tennessee Nancv Hal.s. bushel SI 35 Beans round stringless, hamper S2 25 f.at S2 s2 25 Celerv iwashed and trimmed*, medium dor twc. jumbo dor 75c hearts, dog Si Cucumbers, ho* house deren SI SO. 2 dorers box. S3 50 Endive California, dozen. 90c pecs basket $2. Egg plant. 52 50 doren Kale bushel. Si Lettuce hot house 15-lb basset $1 15. Arizona Iceberg head lettuce, S3 50 Yuma crate. *8 50 VVirgoes peck basket SI 75 .-snail *sket 85c M’.r* adore- $1 P-irsley dozer 35c Peas hampers $2 75 Spinach. Tsi* bushel SI 75 Radishes dozer. 4S*i 60 Tomt’oes 10-lb carton $lB5 Florida c.ugma. $2 75 Turns? s. cishel. 75c l amp, oushel SI 35 Bee- fcesi.'’.. St 25 Carrots bushel 1125 100-I** ck. Si 75 Rltubarb bo: house 5-. b 'ir**n. 55 -80 c tor bunches. Si M. hroor.s. lb Me All guotations subject to change up or down. FBI ITS AND VEGETAB*.*A Bv United Press CHICAOO March 4 Adb>s—Mclntosh bushels. SI 5C(i 1 75 Jonatha-is SI 503 1 75 Turnips—lllinois bushels. 39135 c Lettuce —Western, crates $2 :2 .C Carrots— California. cra*es $2 25 52 75 Swee- Potatoes—Tennessee bushels. 90c t? SI Indiana. *1 25 •; 135 Beans—Florida r. she'.s green SISO u 2 Spinach—Texas bushels. SI 25 . 143 Cabbage— Wisconsin 103 .bs S2 25 250 Ottson Sets—Michigan sacks a bushel *S* 1* 76 DIVIDENDS FAVORABLE By Tim ft op. i Ml NEW YORK. March 4 —Favorable dividend change? during February amounted to 76. compared with 136 to January'* and 101 to February. 1934. according to a report made today by the Standard Statistics Cos. Un7%voraolc- changes numbered 27. again*; 2d in January.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 8

POTASH TRADE HELD BACK BY PRICE FACTORS Spain Blamed for Unsound Conditions Prevalent in Industry. By Timri .-penal NEW YORK. March 4 Although ’he infant American potash industry has a producing capacity sufficient for domestic needs of this prune fertilizer ingredient, the world-wide price war and overproduction has put this American mdu trial stepchild of the Federal government at a grave disadvantage in competing with foreign importations. it was learned today. Potash export prices in the United States are the lowest on record. The price of fertilizer, however, is higher than a year ago. The American price is half that of a year ago, while the Franco-German cartel, which once dominated the world : situation, now is selling potash at • prices one-lourth to one-third of those prevailing in 1930. Potash is imported into the United States free, placing the new Amerii can mines under a great handicap in high freight and labor costs. Is Depression-Born The American potash industry, as now developed, is depression-born. The two mines near Carlsbad, N.M., have an annual production capacity exceeding 1,000 000 tons of manure salts. The principal producer here is the United States Potash Cos.. which is jointly owned by the Snowden McSweeney Cos. and the Pacific Coast Borax Cos. The lesser producer in this field is the Potash Cos. of America. These mines, together with the California plant of the American Potash and Chemical Corp., which recovers potassium from brines, nowsupply about half the potash needs of American agriculture. The United States Potash Cos. began production at its mine near El Paso in 1931 and completed its refinery in 1932. The nearby Potash Cos. of America mine began production about a year ago. These pro- | ducers operate on leased government land and under administrative control of the United States Geological Survey. Receipts, income and production are reported to the government. Blame Spanish Mines New potash producers outside the German and Alsatian fields have brought about the price demoralization of the world market, according to authoritative opinion. Most of the blame is given to the new Span- i ish mines, which came into production In 1932. Last year Spain, by cutting prices, j shipped twice the potash tonnage of \ France under the Franco-German cartel quota. In Europe 180 mines have been paid to shut down. The European cartel, which includes one Spanish producer, quotas production. Poland is not an important producer. Also complicating the world situation are the new Dead Sea mines in Palestine and the extensive and potentially great Russian fields. Palestine came into production in 1927. Shipments Flood Country Americas wartime famine of potash led to costly development of potash mining in this country, which was. however, short-lived when European shipments flooded this country after the war. Only ihe California property of the American Potash and Chemical Cos. survived as an important producer. The U S. Geological Survey spent much government money in exploring and locating the Carlsbad <N. M.) properties which now find themselves at a grave competitive disadvantage with the low-cost, duty-free European product.

Stock Studies

P. LORILLARD CO. t COMMON stock 1 v-f EARNiNOS PRICE RANGE scale ° [so ?1 32 33 34130 31 3a 33 34 ° WINCHESTER institute OF FINANCE P. Lorillard <v Cos. manufactures a wide line of tobacco producebut specializes in its “Old Gold'* cigarette. "Old Gold" was first put on the market in 1926 and through intensive advertising is now one of the most popular in the field. The stock of P. Lorillard was originally held by the American Tobacco Cos., but “on its dissolution in 1911 was turned over to the new company. Plants are owned outright and modernly equipped. FINANCIAL DATA .%* of Doc. SI. 19.31 Common f~'< 410 pari 1.6*1 "38 shares ' rreff rrrd stock 4 9 800 000 Funded debt 14 Profit ar.d -oss surplus 14558 64< Cash ar.d securities 20.568.795 Inventories 3-,434 238 Total current assets 55.876 612 Current liabilities 4 487.031 During the year 1934 funded debt was decreased by about $900,000. cash and securities increased $2400.000 but inventories dropped more than $2,700,000 and net working capital declined $2,900 000 Profit and loss suiplus dropped $2,200,000. On Dec. 31, 1934. the current ratio was 12 J a to 1, while the per share equity of the common stock was $17.83. or sl.lO less than at the beginning of the year. Earnings have been somewhat erratic. due in large measure to unstable cigarette prices. The low in recent years was in 1933 when 89 cents was earned on the common and $1.15 was earned in 1934. Dividends were started on the common in 1932 at the annual rate of $1 20. This rate has been maintained. In addition $1 cash extra was paid Jan. 2 of this year. P. Lorillard was incorporated in 1911 in New Jersey. Both classes of stock are listed on the New York Stock Exchange. At a current price of around 20- 2 the common sells to yield better than ss*5 s * per cent on its regular dividend, and for 18 times earnings. • All Right* Reserved 'Winchester Insulate of Finance, Win the* ter. Utasy

New York Stocks

<Bv Thomson St McKinnon < 11 00 A M Prev. Oil*— H'.ztL Low. N. V. Close. Amerada .... 56-4 56% 56% 55% AM Rfg 23 23 23 23% Barr.sdall 6% 6;* §; £ • Consol Oil ■■ 7% ’ 2 '.’s' ,‘J* font of D' l~*a l.‘ li Ohio Oil •• 8* 9 • 9"* i’* Pet Corn 8 8 8 § * Plymouth 0:1 .. I 8 8 8 * Seaboard Oil 23 23 23 23 Shell Un .fa % *• So** Y’ac .. . *3 12 'a 12 § 13 % SO of Cal ... 29% SOof N J 39. 38 . 38 7 . 38% Texas Com 19 * 19% I |’ 1 2 s Tidewater Assn BHi Bxa8 x a **2 8-s Steels— Am Roil Mills • 19% 19% 19 m 19% Bctfi P'eel .27 27 27 2.% C:ue Steel 19 19 19 19 ! Inland Steel ... 52 52 52 52 $ Mid Steel 11% }l% U 3 a Reo Ir & Steel 12 12 12 12 Rep Ir <V S’ Dfd 3(% 3. >4 3< 3. j !U S SteM 32-a 31 % 32* a U S Steel pfd .. 81 81 81 81 Motor*— Auburn 22’ < 22 22 1 22 Chrysler33l6 1 35% 36 36 ; Gen Motors 29% 29% 29 29 Hudson 9% 9% J i J * i Hupp •• 2*B 2 b 2■ 2_a Mack Truck ... 22% 22'. 22'. 22;. Nash 14 T a 14% 14% 14% Packard .• ■ 4% J * ! 4 Reo 33 33 Motor Access— Bohn Alum 55% 55 7 . 55% 55% Bore Warner ..33 7 33 5 32% 32% Br;egs ■ ■ 28 3 . 28 3 . 28% 29 Bund Mfg 4 1 a 4% 4% 4% Budd Wheel . 33 3 o’a Eaton Mfg 18 1 . 18 1 . 18’. 18 Elec Stor Bat 45% 45% 45% 46 Houdaille A ’ .. 8 8 8 8 Murray Body . ■ 6*. 6% 6% 6'. S<w Warner 7% 7% 7% 7% Timken Det Axle 5% 5% 5% 52 Mining— Alaska Jun .... 17 7 . 17'. 17's 18 Am Metals 16% 16% 16% 16 3 . Am Smelt 3337 3 36' * 36% 36 7 s Anaconda . ... 10% 10 10 10% Cal & Hecla . 33 33 Cerro De Pasco . 44 7 44 44 44% Dome Mines .... 41% 40% 40% 41% Granbv .... 6% 6 5 6% 6% Gt Nor Ore 10 10 10 10 Homestake Min 380% 380'a 380% 380 Howp So'ind . 49 48’a 48'a 49 Inr Nickel ... 23 5 23% 23% 23% Kcnnecott Cop 16 15'. 15 s . 16 Mrlnt’-re Mine . 45'. 44 5 . 44% 45 3 * Park Utah 3 1 . 33% 3% Noranda Cop . 36’. 35% 35% 35 3 4 Phelps Dodge 15% 15 3 . 15% 15 3 * U S Smelters 122'. 121 1 a 121% 122% Amusements— Loews Inc 35% 35% 35% 36 Radio Corp 5 4 7 s 4 7 . 5 Paramount 3% 3 3 3% 3’s RKO ... 1% I'. 1 5 1' s Warner Bros 3’. 3‘s 3 1 -'. 3’s Tobaccos—

Am Tob “B" 80*4 80% 80% 81 Lieg Myers 'B” 47% 47% 47% 48 Rails— A*chison 41 41 41 41 ** B A- O 10>4 10% 10% 10% Cao Pacific . ... 10% 10% 10% 11% Cb & Ohio 42% 41*2 41 s , 42% Ch & Gt W pfd 2*4 2' 4 2% 2 C .1 A- St P pfd 2% 2 s * 2% 2% C H ft St P . 2% 2 2 2 Chi N W .. . 3% 3% 3% 3% D>!a A Hud 29% 29% 29% 29% Pel Lac A W . 13% 13% 13% 14% Erie 9% 9% 9% 10 En nfd . 10% 10% 10% 11 Grt North fpd 12% 12% 12% 12% Lehigh Valiev . 7 7 7 7% Lou A Nash 40% 40% 40% 40% M K A T pfd 7% 7% 7% 7% Mo Pac pfd 2>* 2'i 2 5 4 2% N Y Cent 15' 2 15' B 15’ 15% N Y New Haven 4% 4% 4% 4% Norfolk A- West 165 164% 165 165 Penn R R 20% 20% 20% 20% SOU Pac 15 14% 14% 15% Sou R R 9% 9% 9% 9% Equipments— Am Brake Shoe . 27% 27% 27% 27% Bald Loro 1% 1% 1% 1% Gen Elec 23% 23% 23% 23% Gen R R Sic ... 23 22% 22% 23 Pullman Inc . 47% 47 47% 47% West Air Br - 21% 21% 21% 21% Wesfingh Elec . . 38% 38% 38% 38% utilities— Am Power A Lit 2% 2% 2% 2 s , A T A T 105% 105% 105% 105% Col Gas A Elec 5 4% 4% 4% Com A Sou 1 1 1 1 Consol Gas . 17% 17% IT's 17% Eler Pwr A Lit . 1% 1% ' % i% Inte.boro R T . . 14 13% 13% 14% Tot TAT • 7% 7% 7% ?% Nat Pwr A Lit . 5 s z 5% 5% 5% North Amer ... 11' 2 11% 11% 11% Par G A E ... 13% 13% 13% 13% Pub Serv N J 21 s 2 21% 21 % 21% So Cal Edison 11% 11% 11% 11% Stone A- Webster 3% 3% 3% 3% Pni’ed Corp . . 2 1% 1% 1% TTn Gas Imp 10 9% 10 . 10 TTt Pwr ALt "A" 1% 1% 1% 1% Western Union . 25% 25% 25% 26 Rubbers— Firestone 15% 15% 15% 15% Goodvear 21 20% 20% 21 Kellv Soring 1% 1% 1 % 1% U S Rubber 13% 13% 13% 14 U S Rubber pfd 33% 33% 33% 34 Miscellaneous— Allis Chalmers 16% 16% 18% 16% Am Can 117% 117 117 117% Am Mach A Fdv 20% 2"% 20% 20% Brklyn Man Tr 40% 40% 40% 41% Burroughs Add . 17% 17 17 15 T I Case . . . 57% 56' 2 56% 56% Conti Can 71% 71% 71% 71% Caterpillar Tract 4’% 42% 42% 42% Ou-tis Pub pfd 97% 97% 97% 98 Gillette 14% 14% 14% 14% Gild-Ten ... 26% 26% 26% 26% In- Bin Mach ■ 1601 2 ifin% 160% ISO’s T nter Harv . 30% 39% 39% 3% Natl Cash Reg . 15% 15% 15% 15% Owens Bottle .. 90 90 90 90 Foods— Am Snear 68% 68% 68% 68% Armour 4% 4% 4% 5 Armour 6% pfd 69 89 69 68% Beatrice Cream 18% 18% 18% 18% Borden Prod . 24% 24% 24% 24% Ca! Packing 41% 41% 41% 41% (~an Dry G Ale 10’, 10% 10% 10% Coca-Cola 178% 178% 178% 178% Font Bak “A” 5% 5 5 5% Crm of Wheat 39% 3”% 39% 37% Cuban Am Sug .7 6% 6% 7 Gen Foods . .... 34% 34% 34% 35 G-jrl Dust 17% 17% 17% 17% G W Sugar 31% 31% 31 % 31% Ve-l Biscuit .. 26% 25% 25% 26% Natl D Prod 16% 16% 16% 16% Puritv Bak 9% 9% 9% 8% ■3 Por-o Rico Sug 24% 24 24 24 B-d Brands 17 16% 16% 17 United Fruit 81% 81% 81% 81% Ward Bak B" 1% 1% 1% 1% Retail Stores—4rsd Dry Goods 9% 9% 9% 9% F-rst Natl Stores 49% 49% 49 50% Kresge S S 20% 20% 20% 20% Kroger Groc .■ ■ 23% 23% 23% 23% Macv R H . ... 37% 37% 37% 37% MrCrorv St 10 10 10 10 MrLellan St 13 13 13 13% Marshall Field 7% 7% 7% 7% May Dept St ... 41 41 41 41%

Survey of Current Business Conditions

BUSINESS ACTIVITY {NEW YORK TIMES)* WC "■ ‘ * o b3*s; / - V | 1,1 '■ 1 1 — 1 90 i--.---- --I-*. i:Li. 1, :. Li! .1i ::' AUTOMOBILE PRODUCTION A *6O FPDGHT car LOADINGS ICO I JO 70 i J ! I■% •.... riSHERS WHOLESALE FRICE INDEX* ICO (—————————————l jo - ' ■V kT.Y.'.'.'r,l ''11.... 1.1.ii7l COMMERCIAL FAILURES* no r - i0 DgSC" iAor zoliiili.iliiiiliiilmliiiilmlmluuiiiiliiil.iii, FEDERAL RESERVE MEMBER BANK LOANS too j 9C

♦ COMPUTED NQPI4BL• ipo *GHAMS ESTIMATE vus.# ftWtAOA. * 1926' 1 400 * NUMBER ®OAiIY AVERAGE JjSEflr 19*0*400

INDIANAPOLIS, MONDAY, MARCH 4, 1935

. Mont Ward 25 25 25 25 1 * Natl Tea 9 9 9 9 Penney J C 67 3 f>-\ 67 3 67’a Safeway St ... 40*a 40‘a 40’a 39‘* Sears Roebuck.. 33 32 ! . 33 33 Woolworth 54 7 54 s . 54 3, 4 55 Aviation— Boeing 7 7 s 7N 7 3 4 Curtiss Wright A 7* 7 7 s T"s 8 Nor Am Av .... 2 7 8 2\ 2 3 4 2 s . Sperrv Corp B*a B‘a B’a Boi United Air aft N 12> 4 12 12 12 3 4 i Chemicals— Air Reduction . 112 3 4 112 112 1!2 3 4 | Allied Chem ...134 134 134 134’a > Col Carbon 79>/ 2 79'i 79'a 79 3 4 I Com Solvents ... 21 21 21 21 Dupont . .. 93'a 92 7 92 7 s 93 ! Freeport Tex ... 21' 4 21 1 . 21 3 4 21 '. I Liquid Carb ... 27' 4 27' 4 27’~ 4 27 'Ma’h Alkali ... 26 7 <> 26% 26 7 s 27 ! Natl Dis < new). 27 3 a 26 5 2S 5 8 27 ,Unlon Carbide.. 47 3 8 47 3 s 47 1 / 47^ 4 Drugs Bristol Mvers ... 34 34 34 33'a I Lambert ... 27>/ 2 27 1 2 27'a 27* 8 Lehn & Fink ... 16' 2 16' 16'a 15 3 4 ’Sterling Prod .. 63 7 8 63 7 s 63 7 e 63 3 4 iUn Drug mew).. 10' 8 10' 8 10 1 * 10 Financial— Adams Exp ... 5 3 S'i 5 3 5' 8 Allegheny Corp.. I' B 1 l's 1 * Lehman Corp .. 70' 4 70' 4 70 3 4 70'a ;Tr Conti Corp . 3 2 7 4 2 7 8 3 Building—jAm Radiator.... 12' 2 12 3 8 12% 12'i Int Cement .. 26% 26% 26' 4 26% ! Johns Manville 46 44 3 4 44 3 4 46' 4 j Bibbv Owens Gls 2T! 3 4 26'a 26'a 26 3 4 1 O'is Kiev 13 5 8 13*8 13 s 8 13 5 8 |U S Gypsum.... 45% 45% 45% 45’ 8 Household — Col Pal Peet 18 18 18 18 Kelvinator 17% 17 17 17% Proc & Gamble 49% 49% 49% 49% Serve! Inc 8% 8% 8% 9 Simmons 8ed.... 8 8 8 8 Textiles — Belding Hem 13 12% 12% 13% Celanese Corp . 28% 28% 28% 29% Collins Aikman.. 12 12 12 12% | Indus Rayon ... 31 30% 30% 31%

Chicago Stocks

(Bv Abbott. Proctor & Paine) 11:00 Prev. A. M. close. Bendix 15 15 Borg Warner 32% 32% Berghoff 2% 2% Butler Bros 7% 7% Chicago Corp pfd 30% 30% Com & Edison 54% 55 Cord 33 Iron Fireman 14% 14% Libby 7% 7% Lynch Glass 30% 29% Prima 2% 2% Quaker 132% 133 Swift 17% 17% Walgreen 29% 29%

New York Curb

(Bv Abbott. Proctor & Paine) 12 (Noon) Prev. N. Y. close. Am Cyanide , 'B" j 6% 16% Can Indus Ale “A” 8% 8% Distillers Corp 16% 16% El Bond & Share 4% 4% Hiram Walker 29% 30 Imperial Oil Ltd 16% 16% Long Island Lighting 2% 2% Sonotone 1% 1% St of Kv 20% 20% Teck Hughes Gold 4% 4%

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,307,000,00 Debits 6.383.000.00 TREASURY STATEMENT ißy United Press) WASHINGTON. March 4.—Government expenses and receipts for the current fiscal vear to March 1, compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $4,546,963,798.08 $4,255,974,395.13 Receipts. 2.273.011.795.63 1,894.137.036.63 Deficit - 2.273.952.002.45 2,361,837.358.50 Cash Bal 2.057.943.959.62 4,896.767.194.78

Other Livestock

ißy Times Special) LOUISVILLE. March 4 —Cattle—Recepits, 1350: run mostly steers and heifers: Quality much less desirable than W’eek ago; market slow, slaughter steers and heifers weak to mostly 25c lower: cows about i steady; sausage bulls unchanged: early : bulk, common to m edium steers and I heifers. s6*s 8: few better finished knids. $8.25<a9.50: latter for several lots weighing I up to 1095 lbs.: bulk beef cows. $4.25 (a 5.50: good kinds and smooth heifer types \ quotable $6 or better: most low cutters ;and cutter cows, $2.50®3.75; sausage bulls i mainly $3.50® 5; good beef bulls quotable higher: Stocker trade moderately active; generally steady: most Hereford stock calves. $6.50® 7.50; few choice higher. Calves. 500; steady with last Friday and Saturday: bulk better vealers. $7.50®8.50: strictly choice, $9; medium and lower grades. $6.50 down. Hogs—Receipts, 1100; market steady with Saturday or 10c higher than last Friday: top and bulk desirable. 180-250-lb, weights. $9.45: 255 lbs. up. $9: 160-175 lbs.. $8.90: 140-155 lbs., $8.40; 120135 lbs.. $7.45; sows from 400 lbs. down. $7.70; heavyweights discounted sc. Sheep —Receipts. 100; market steady; bulk medium to good lambs. s7®B: choice eligible around $8 50; common light throwouts, $6, and fat ewes. $3.50 down.

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. 32c. Quoted by the Wadlev Cos. LOCAL CASH MARKET Citv grain elevators are paying 89 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yelfow 82 cents and oats 48 cents.

•United States Department of Commerce

WEEKLY BUSINESS INDICATORS WEEKLY AVERAGE 1923-1925 IOC

STEEL INGOT PRODUCTION ioc i'*— ——— y - c 01: 11! Ii i! i,: iL i 11; i:! l: 111 i 11! i 1111111 i I li! i 111nI: LUMBER PRODUCTION (001 ac j 01. 11111.!:i: i: 1) i:!i'11111 (1 nll mi! i k!n111 ill COTTON RECEIPTS W| 300 -r BOND prices* 80 T -' - AO I i 1 11 : ■ i 1 1 1 1.11 ii ’ l , l ■ll ■! 11 1! 111 ■■! ■ 1; 11 1 * 111 J i bank DEBITS OUTSIDE new YORK CITY* I*o, 120) TIME MONEY RATES* *SO J —** “ ,00 ; i *o ——> — .AS HLB . S*A jIM ■ MR* . .*l IJVvYfftA* ?OC 7 ( etc

STOCK MARKET PRICES LOWER i VOLUMEJIROPS Losses Range to 2 Points With All Sections Hit by Pressure. By United Press NEW YORK. March 4.—Trading on the Stock Exchange dropped to a slow pace today and prices declined in all sections. Losses ranged to nearly 2 points. Traders were drawn between two conflicting points of view—outlook for inflation as a result of the drop in the dollar in Paris, and the statement by Donald Richberg, chief NR A executive, that there would be no inflation under Roosevelt. They withdrew from the market. Left to its own the list sagged. Mining shares, firm at the outset, joined the drop on the Curb as well as on the Big Board. Losses were held to a point in the group, however, the widest in Dome and McIntyre Porcupine. The latter made anew 1935 high before turning down. Spiegel, May, Stern made anew 1535 low at 66%, off l 7 s, in the mail order shares, where other issues were about steady. Rails eased fractionally as did most of the utilities. Motors were steady, sugars firm and steels lower. The feature of the day was a rise in United States government bonds, inspired in part by the Richberg statement, and by the government’s plan to refund outstanding Liberty 4th 4 , 4 s with bonds bearing a 2% per cent coupon. RAIN IN WHEAT BELT BRINGS BEARISH TONE Major Grain Opens Fraction Lower; Corn, Oats Off. By United Press CHICAGO, March 4.—Precipitation over the arid Southwestern winter wheat belt brought a bearish tone in grains today on the Chicago Board of Trade. Wheat opened to % cent lower, corn and oats were off 3 4 to % cent, and rye was unchanged to % cent lower. Spots in the Southwest, long in need of moisture, received rains over the week-end and the weather map showed some sections still receiving rains today. Liquidation developed in wheat in the face of firmness at Liverpool. Corn was less active than wheat although the price trend here too was lower. (Bv James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. Close. Mav 97% .96% .97 .97% Julv 91% .91% .91% .92% Sept. 99% .90% .90% .91% Corn— Mav ..v 83% .83% .83% .84 Julv 79% .79% .79% .79% Sept 76% .75% .75% .76% Oats— May 50% .49% .49% .50% July 43% .42% .43% .43% Sept 40% .40% .40% .41% Rre— Mav 64% .64% .64% .65% julv 64% -64% §4% .65 Sept 65% .64% .64% .65% A. T. & T. INCOME IS $6.52 SHARE IN 1934 Net Is Lowest Since Start of Depression, Report Shows. By Times Special NEW YORK, March 4. —The American Telephone and Telegraph Go., parent company of the Bell Telephone System, failed to gain any financial reward from 1934 business improvement, the company’s annual report revealed today. Gross revenues and consolidated net income of the system showed improvement over 1933 figures, but non-operating income taken in the top company was sharply reduced and the latter’s net income per share earnings consequently fell to the lowest level since the depression began. The parent company net income was $121,748,729, equal to $6.52 a share on outstanding stock, against $137,456,776, or $7.37 a share in 1933. Maintenance of dividends at the full $9 rate entailed a charge of $2.48 a share to surplus, a total of $45,211,746. In the previous year the charge totaled $30,503,699, or $1.63 a share paid out of surplus.

LEGEND ***** 1935

19 33 CONSTRUCTION CONTRACTS AWARDED* ••MFte vi %| AL<, i fCF ,CCT j NOV : otc. 100 j 80 111 flu 1 Inn in lln lllllili [ill 11 in (11 n ill 11: ■MI BITUMINOUS COAL PRODUCTION* 100 AO 20 nli, ■!. „,!■■, !■:,!■(, ■!■„!, ELECTRIC POWER PRODUCTION* 120 110 ' °° STOCK PRICES * •so r ■ ' too rn —r — 'j,,,* i so ’***■■ ft ' •■ 1 ' !" ' 'ln 'll’ l!i i.i'i ■ ilnli'i 1 ii!:ii!:ii!i44, BROKERS'Ioans Ne'w YORK CITY toor ftl ,!..il:n:!i..l. MONEY IN CIRCULATION* ■I oo ———C.. 11., iln, 1. uiZHL

There’s Balm in Gilead for City’s Housewives; Living, Costs Here Lower

BY VINCENT LYONS Timfs Financial Editor THERE’S balm in Gilead for the many Indianapolis housewives who at present are feverishly engaged in the Heiculean task of balancing the family budget. The balm has come to light in a study of the changes in the cost of living just released by Faith M. Williams and Stella Stewart, chiefs of two divisions of the United States Department of Labor. The average housewife, who has resorted to some inflation of her own by trying to make the present dollar buy as much as it did a vear or more ago, gets a severe case of the jitters every time she turns to the financial page and learns that livestock values have experienced another rise. She knows that eventually this upswing is going to be translated into higher costs for the food which she sets on the table. Indianapolis guardians of the family pursestring, however, can console themselves with the thought that their role is less burdensome than that of housewives in other cities of the country. 3 a a DURING the five-month period ended Nov. 30, 1934, Misses Williams and Stewart record, the average cost of food purchased by the families of wage earners and low-salaried workers increased in all of 32 cities surveyed except one. The exception, of course, was Indianapolis, where a decrease of 1 per cent was registered. The recession recorded here was the more interesting when it is considered that the increases in the other cities ranged from 1 pier cent in Detroit and Philadelphia to 13 per cent in Los Angeles. Another advantage was enjoyed by this city in that for the same five-month period the cost of goods purchased by families of wage earners and low-salaried workers scored a decline of onetenth of 1 per cent. Here again, Indianapolis’ showing was distinctive, as the other 31 cities all reported increases. ana BY cost of goods is meant food, clothing, rent, fuel and light, house furnishing goods and miscellaneous other articles. The food prices used in the compilation were drawn from retail price quotations procured in 51 cities. These quotations were obtained from a representative number of grocers, meat dealers, bakers and dairymen in each city and covered 42 articles. Fuel and light prices, including gas, electricity, coal and other fuel and light items, were obtained by mail from regular correspondents. All other prices were gathered in the various cities by personal representatives of the Department of Labor.

Local Livestock

HOGS Feb. Bulk. Top. Receipts 26. s9.4oft 9.50 49.55 cOOO 27. 9.30® 9.45 9.50 4000 28. 9.30 ft 9.55 9.60 300 J Mar. 1 9 30® 9.55 9.60 4 00 2. 9.60 ft. 9.75 9.75 1000 4. 9.50 ft. 9.70 9 75 4000 Ll ?140-lloi Good and choice.. 48.50® 9.25 Medium B.oo@ 9.00 Ll *l6o-\!cT| h Good and choice . . . 8.55® 9.60 Medium 900® 9.40 1180-200) Good and choice... 9 10ft 9.40 Medium Medium weight: i2OO-220> Good and choice... 9. 9.70 i 220-250 * Good and choice... 9.65® 9.75 Heavy weight: „ _ „ __ 1250-290) Good and choice... 9.65® 9.75 (290-350) Good and choice... 9.55@ 9.65 Packing sows: _ (275-3501 Good 8 60ft 8.90 (350-4251 Good Boo@ 8.80 (425-5501 Good 8.20 Jr 8.75 (275-3501 Medium B.oo® 8.50 Slaughter pigs: . , . n .„ „ (100-140) Good and choice... 6.75® 8.5" Medium 6.00@ 8.00 CATTLE —Receipts. 900— —Steers—-(sso-900) Choice $10.50® 12.50 Good 9.50^11.75 Medium 7.00®. 9.7d Common ,5.00® 7.25 (900-1100) Choice 12.00 Jr 15.25 Good 9.50®T2.50 Medium 7.50 ft 9 e Common 5.25 ft 7.2a (1100-1300) Choice )2 .50n ia Good 10.00ftT2.50 Medium 7.75® 10.00 (1300-1500) Choice 12.a0fti4. —Heifers—-(soo-750) Good 10 00gl2 50 Choice [email protected] Good 8.25 ft. 9.25 Common and medium 4.25'a . (750-900) Good and choice 8.50 ft 10.aO Common and medium 4.50® B.ao —Cows— Good 6 00® 7.75 Common and medium 4.00 ft 6.0n Low cutter and cutter 2.00® 4.00 —Bulls—(Yearlings Excluded) Good 5.50 ft 6.a0 Common and medium 3.50 ft 5.50 VEALERS —Receipts. 500— Good and choice $ 9.50® 10.00 Medium 7.50 ft Cull and common 3.ao® 7.50 —Calves—-i2so-500) Good and choice.... 6 25ft 9.00 Common and medium 3.50 ft 6.25 —Feeder and St*ker Cattle — —Steers—-(soo-900) Good and choice.... 6'.00® 8.00 Common and medium ... 4.50 ft, 6.00 (900-10501 Good and choice... 6.00® 8.2a Common and medim 4.50 ft 6.00 —Cows— Good 3.75 ft 4.50 Common and medium 3.2a® 3.0 SHEEP AND LAMBS —Receipts. 2000— Lambs, 90 to 120 lbs., good and choice 48 2aft 9 00 Common and medium 6.00® 8.25 90-120 lbs., good and choice .. 4.00 ft a.OO Sheep: „ _ ,__ 1120-150) Good and choice ■■ 3.50 ft: 4..a All weights, common and me- „ „ dium 2.50® 3.ia CONFERENCE IS CALLED By United Press LONDON, March 4.—A rise of 8 shillings 9 pence a ton in copper prices is seen as indicating confidence that an international restriction scheme will result from the conference to start in New York early this month. British delegates leave today on the Bremen.

Klein and Kuhn Property Management LI-3545 706 Guaranty Bldg.

J. EDWARD JONES ROYALTY TRUST CERTIFICATES Chapin Seward & Shi:!, Inc. rietcher Trust Bldg. LI-4466.

What Does It Mean? Dealt i>i Flat—Ordinarily bonds are traded in on a basis of the market price phis accrued interest. If, for reason of default, no consideration is given to interest the bonds ar dealt in “flat.”

/ Nv i Going . . . Going . . , Up

SWINE MARKET MOVESLOWER Prices Generally 5 to 15 Cents Under Last Week's Close. Increased supplies and a slightly weaker demand at the Indianapolis Union Stockyards today sent porker prices generally 5 to 15 cents lower than last week’s close. However, only lightweight classes were affected by the major decline and the top price remained at $9.75. Receipts were estimated at 4000, still slightly under a normal run for a regular session. The extremely heavy demand for hogs Saturday was somewhat smaller and several buyers were hesitant in making early purchases. The bulk, 160 to 400 pounds, sold at $9.50 to $9.70, while few better kinds ranged upward to $9.75. Small slaughter pigs, scaling 100 to 130 pounds, cashed in at $6.75 to $7.75. Packing sows held at $8 to $8.90. Holdovers were 106. With steers- and heifers scarce in the cattle market, early supplies consisted largely of cows selling from $4.25 to $7.50. All classes were active and mostly stationary at Saturday's close. Few steers sold under $10.50, while heifers ranged from $6 to $8.50. Receipts numbered 900. Vealers held unchanged, salable at $lO down. Receipts were 500. Weak undertone featured trading in the lamb market with most grades around 25 cents lower. Bulk of good and choice kinds sold from $8.50 to $8.75, while heavies cashed in at $8 down. Throwouts ranged from $6.50 to SB. Slaughter sheep held at $5 down. Receipts were 2000.

Retail Coal Prices

a The following prices represent quotations from leading Indianapolis coal dealers. A 25-cent carrying charge per ton will be added. DOMESTIC RETAIL PRICES Indiana lump $5 20 Egg 5-03 Nut 480 Brazil Block— Lump 5.54 Egg 5.31 Nut 504 Glendora— __ Lump 5.34®5.59 Egg 5.18®5.43 Nut 4.95@5 20

OFFERING EXCEPTIONAL FACILITIES —For the Corporation requiring speed and accuracy in handling intricate banking transactions For the Banker who takes pride in the quality of his service. For the Institution, Club and Associa tion desiring a conservative banking connection. t For the Business and Professional Man who values careful and considerate attention of financial problems. For the Woman who appreciates a spe cialized service adapted to the requirements of discriminating depositors. AMERICAN NATIONAL BANK AT INDIANAPOLIS Capital and Surplus $3,360,000 Branch at College Avenue and Forty Second Street

INTEREST CCT IS ADVOCATED ON HOLC LOANS Cheaper Rates Sought on Heels of Slash on Land Bank Bonds. By Scripps-li'iicard Srtcspapcr Alliance WASHINGTON, March 4.—Harassed Administration leaders in Congress were plunged into new difficulties today by agitation for lower interest on government loans to distressed city home owners. Cnecred by the Senate's recent 1 per cent slash in Federal Land Bank interest charges, leftist House members launched a drive for a similar amendment to the Steagall bill—the measure to add $1,500,000,000 to the lending power of the Home Owners Loan Corp. HOLC now charges 5 per cent on 15-year amortized loans. The bonds it exchanges tor home mortgages bear 2% per cent, and advocates of lower interest for home owners contend the spread of 2% per cent is more than enough to pay Administration expenses and care for losses. Aim 1% Per Cent Cut Rep. Ellenbogen <D„ Pa.) is proposing a reduction to 3’i per cent and extension of the amortization period of 25 years. Others are urging a 1 per cent cut. HOLC directors are opposing the reduction. It would Interfere with their efforts to coax private capital back into mortgage lending, they argue. Bond interest rates were originally fixed by the HOLC act at 4 per cent, but the return was cut to 2 % when Congress voted so guarantee both interest and principal. The reduction meant a “paper” saving of about 35 millions a year on the three billion dollars in bonds HOLC was authorized to issue, and the figure will be increased when the additional billon-and-a-half authorization is voted. Fight Carpetbag Amendment HOLC directors also are exerting pressure to defeat the “carpetbagger” amendment, written into the Steagall bil by the House Banking and Currency Committee to soothe Democratic patronage seekers. This amendment, proposing the dismissal within 90 days of all HOLC employes must have been residents of the district at Ihe time the office was established. This means, according to officials, that as years go by only “old settlers” can qualify for jobs. The present law contemplates the operation of HOLC administrative offices until 1951. If the amendment is forced through it will mean widespread reshuffling of officials in the 12 regional collection offices. Managers of these offices, almost without exception, were selected from outside the territory to avoid local influence. SILVER IMPORTS DROP B;/ Times Special WASHINGTON, March 4.—lmports of silver into the United States during the week ended Feb. 22 totaled $2,578,429, a sharp decline compared with the preceding week, the Department of Commerce reported today. HUDSON SALES INCREASE Bv Times Special DETROIT, March 4.—Retail sales of Hudson and Terraplane cars between Jan. 1 and Feb. 23 totaled 8,327, an increase of approximately 5000 over the corresponding period of 1934, it was learned today.