Indianapolis Times, Volume 46, Number 255, Indianapolis, Marion County, 5 March 1935 — Page 13

Wall St. Stock Prices Drop in Face of Gold Ciause Ruling*. BY RALPH HENDERSHOT— Tlmn rl*r

N"EW YORK. March s—One after a favorable decifjon bv the United States Supreme Court on the gold clause stock prices were found to be lower ail along the line. The action tends to di prove the contention of most of the experts that the market id b*-en awaiting the decision before moving forward. It indicates

very definitely that there were i t her factors in the situation aLo r, r.:rh were hoiduiK back prices. I may be said, x>;*hout fear of c o n t r adiction. that the market has not d1 scounted the improvement in business. Trade ■ rlty Jmb iary was the

Ralph llendershot

greatest since 1330 It has fallen some since, but it i still well above the depression yoar But despite the increased volume, profits in many lines are still very low. and it is profits which count in stock market apraisals. Os late. too. business people and stock market traders have become o :v *-med over the apparent intention of the Administration in Washington to purue its so-called reform efforts. The bill to force holding companies out of business has been particularly disturbing. People are beginning to wonder again whether capital is safe in any business. a a a \rESTERDAY the railroad issues took a tumble. Their latest earning statements have shown up very poorly, net declining despite an increase in gross. Several roads are to go through the wringer, in the opinion of competent observers. The higher wages they are obliged to pay. plus the provisions they mu-t make for retirement pensions. appear to be straws which finally are breaking their financial barks. Prospects of increasing difficulties tilth labor unions also are retarding stock purchases. Differences have bee n patched up in important industries, but they have not been settled, it seems and probably sooner or later will break out with renewed vigor. Labor troubles always are costly. Then, too. the market may be said to be suffering from lack of sponsorship. Past performance has proven that the public almost never gets into the stock market until prices are well up from their lows Most people would never k of buying shares of inactive counties or m inactive markets. They profess to be desirous of investing. but their actions proveconclusively that they are after quick profits, which is speculation. a a a IT is impossible to say whether stocks would attract good sponsorship at this time were it not for the rules and regulations of the Securities and Exchange Commission. Those who make markets ordinarily might well feel that conditions are much too uncertain to justify a mark-up in values. Specialists on the floor of the Exchange have been saying all along that the buying side of their books looks better than the selling side, but this has meant little or nothing. Selling orders have had a habit of popping up when least expected, and invariably the buying side has not been strong enough to stand the strain.

COMMODITY PRICES UP Index Reaches New High Level for More Than a Year. B’l Times Special NEW YORK. March s.—The index of all commodity prices based on 1326 as 100, rase from 76 9 in December to 78.8 in January, anew high peak fur the upward movement which bocan in March, 1933. after reaching the depression's low of 59.8 in the preceding month, according to Business Conditions Weekly of the Alexander Hamilton Institute. The rise from December to January was primarily due to an advance in the prices of raw materials in which livestock played an important part. The raw material price index rose from 73.1 to 76.6. At the same tune, there was a noticeable increase in the price level of manufactured goods with the index rising from 79.5 to 80.8. On Commission Row Q.f>*:ons below are average wholesale p: or. being offered ;o buyers by local c mmission dealers. I'rait* Bananas 5c a lb Apples, Inti -i Winesaps $175. Golden Delicious. $lB5. Lemons sunkist. 2605. $4 25. Grapefr ::: Texas seedless. *2 75; Ar.rona. 64> 76. . r.d 80- $2 s*' Limes. Mexican, per carton 12- 25c. Bvram seedless, per hundred $3 Pineapple- Porto Ricans rra*e $5 Avocados. Florida, box. $1 50. S' aw berries Florida, pint 160 per 36p eras* 15c. Apricots. $3 crate. Vegetable*—Cabbage. Northern Danish. s'-In bag $1 V. red. 50-ib. box. $: 25; N> > Texas cabpage ball crate. $2 50 Os r * swee- Spanish large. 50-lb b.g c 3 Michigan vcllows 50-ib bag. $2 75. r tat es. Green Mountains. tOO-lb. bag. II -lb bag $7 75; r . rn round white* 100-lb. bag 4 Nebraska trim I--0.1.100 .c bag $2 Idaho Russets. 100$1.96 K Florida Triumphs, .-he! $2 Sweet potatoes. Indiana Jstryys. b ishel $: >v Tennessee Nancy Hails, bushel $1 is Bears round string’.ess. hamper $2 2' fiat $2 wax $2 25 Ce’.erv. • washed and trimmed', medium dor. 60c: dog $1 C . iir.h'rs. hot house do.’en. $140: 2 and ten box. $2 50 Endive. California, do.-en. 90c, peck basket $2. Egg plant. *; 50 dozen. Ka> bushel. $1 Lettuce, ho - house. 15-lb baste’ $1 15: Anrona I -’here head lettuce. $3 50 Yuma crate. $6 VO Mangoes peck basket. $1.75 small basset. 65c Mint a dc/tr. sl. Parslev. cuer.. 35c Feas hampers. $2 75 Spinach. Texas bushel. $1 7' Radishes dr.-en 45-.: 69c T'ma’oes 10-lb. carton. $1 85 Florida original, $2 75 Turnips. bushel. 75c. Pimps bushel. $1 35 Bees bushel. sl2'. Carrots bushel $125. 100-lb. sack. !75 Rhubarb hot house 5-Ib carton. ' 60c doz. bunches. SI. Mushrooms, lb.. 3% All quotations subject to change up or dewn. FRIiTS AND VEGETABLES •Bv United PressCHICAGO March 5 Arpies Michigan Mclntosh b.'hels $1 50s* 175 Jonathans $150; 175 Turnips -Illinius bushels. 20*i 35c Le”uce Western, crates s2®2 35. Carrots California. crates. $2 50u2 75 Sweet Potatoes Tennesae. bushels 80c® SI Indiana. $1 25,1 35 Beans Fonda, bushels green $125 a 175 Spinach Texas, bushels $1 25-i 140 Cabbage—Wisconsin. 100 lbs. *2 i2 25 Onion Sets—Michigan, sacks, per busheL No 1. S4B 4 15. No. 2 yellow *2 75 Onion Market 'SO-lb sacks' - Michigan veilows s2® 2.15 Michigan Indiana whites *2 3 2 15: Michigan reds. 81.8563. western Vs.encia* 52.25,

♦ ♦ Abreast of The Times on Finance ♦ ♦

AAA'S FUTURE HELD TO REST WITH INDUSTRY Farm Prices Must Be Supported by More Manufacturing, Study Says. By I nitffl Press * JWASHINGTON, March 5. The Agricultural Adjustment AdminisUition counted its attainments today and put itself on the defensive to hold the gains of a 200-month campaign against agricultural depression. Responding to the influences of a record drought and the acreage limitation programs, prices which farmers receive for their products have about reached the desired point. Now, says the AAA, it is the duty of industry to manufacture more employ more, charge less and supply enough consumer buying power to keep farm prices up. The AAA realizes that the drought was the chief agent of reduction and consequently the chief price booster. So it will abide by reasonably strict crop controls on the theory that after a bad year will come a good and the nation’s farms, if unregulated, will yield so much that the surplus cycle will start all over again. Start With Cotton The first attack on overproduction began-nearly two years ago ,vhon the AAA got cotton planters to plow under one-fourth of their crop. For their co-operation, farmers received SI 12,739,161 in benefit payments raised by a s2l-a-bale processing tax. Since that time the AAA has enlisted about 3.000.000 farmers in its balanced economy" movement, mailed 11.000,000 checks and poured $674,304 860 Jlito every state and one territory. The value of all crops has increased from $4,114,265,000 in 1933 to $4,782,626,000 in 1934, and prices of farm products are up about 42 per cent above those of a year ago. For the 14 “basic” commodities, including the seven upon which there is a processing tax, the price index in January was 124 per cent of parity. The index for the same products in February, 1933, was 52. Agriculture's share of an estimated total national wealth of $51,920.000.000 last year was $5,287,000,000, compared to a $4,557,000,000 total income in 1933, or 10.2 per cent compared to 9.9 per cent. Average per capita income for a farm population of 32.509.000 last year was $163. cotnpared to sl4l in 1933 and slls in 1932. Officials were frank to admit, however, that these gains can not be maintained unless domestic demand increases substantially this year. Benefit Payments Regardless of economic laws, farmers will receive more than $400,000,000 in benefit payments from crop programs effective this year, most of it before Jan. 1, 1936. Perhaps the mast vexatious problem which the farm recovery unit faces today is the future of the cotton control plan. Raised against it are influential forces which complain that it is losing the United States its dominance over world cotton markets, that other countries are increasing acreage to u ldersell the United States. Secretary of Agrictulturp Hpnry A. Wallace professes to be temporarily unafraid of this prospect. He believes it an imagined evil, conjured by parties whose best business depends on large volume. American cotton prices are not unduly high, he contends, and the diminishing foreign market would j expanded again if the United States would only buy more foreign goods. Nevertheless, Wallace sent Oscar Johnston, an expert, to tour Europe and discover what's wrong. Another outgrowth of cotton j limitation is increasing unemployment among the tenant farmer and share-cropper population. Independent and federal investigaj tors have reported widespread labor and social disturbances in ' the Cotton Belt. Wallace says the problem is "grossly exaggerated.”

Other Livestock

Bv Times Speciali LOUISVILLE. March 5 -Cattle- Receip’s. 174. salable supply slaughter cattle light: quality plaint market, stradv: bulk common to medium steers and heifers. $6 ;8 better finished fed offerings quotable to around *10: bulk beef cows $4.50 8 5 50; good kinds to $6 and above for smooth heifer types: bulk low cutters and cu”ers $2 40 :■ sausage bulls quotable $.4 down: bulk desirable rd Mock calves. 86.5987.50. Calves Receipts 200 market steady: bulk bever grade vealers. $7 50® 8.50; strictly choice $9 mediant and lower grades. $6 50 dean Hogs Receipts. 600: market. 5® 10c higher: weights from 175 lbs. down up mo>- top and bulk desirable. 16' 1 -240 las S9 50 225 ,bs up $9.05: 160175 IbC $9. 140-14.4 *bs . $8 50: 120-135 lbs $7 55. sow s weighing 400 lbs down, $7 74. heavier weigh’s discounted 40c Sheep Receipts 50. market steady at s7® 8 for bulk medium to good lambs: choice qtio’able higher, common throwouts listed at $6. and fat ewes. $3 50 down. Retail Coal Prices | The loLowing prices represent quotations from .eading Indianapolis coal dealers A 25-cent carrying charge per ton will be added DOMESTIC RETAIL PRICES Indiana iumo $5.30 Egg 5 03 Nut 480 Brazil BlockLump 6 54 Egg 6 31 Nut 6.04 GlendoraLump 5 3465 59 Egg 6.18 3 5.43 Nut 4 9556.20 West Virginia and Eastern Kentucky (Group Bi • 6.7727.18 Pocahontas and New River, smokeless 7.30 2 8 32 Coke egg and nut 890 Pea Coke (•♦0 Anthracite 10 13812 88 34 MILLION AUTOS IN WORLD By I nited Press NEW YORK. March 5. There are 34.927.121 automobiles in the world. 24.751.644 of them in the United States, and the balance of them. 10.175.477, scattered in other countries, an anuual survey just completed by overseas edition of 1 the American Automobile shows.

INDIANAPOLIS, TUESDAY, MARCH 5,1935

New York Stocks

.Bv Thomson & McKinnont 11 00 A. M. Prev. Oil* High. Low. N. V. close. Amerada 54 55'a 55% 54 Atl Rfg 23 ’a 23 23 23% Barnsdail 6', 8-, 6*. 6', Consol Oil 7% * • Con’. of Del 17% I<% lf'a Ohio Oil 10 I°, J®. ® 4 Phillips Pet 14% 14 • 14 i 15 Plymouth Oil ••• 8 8 8 8 Soc Vac 13 12; a 12 a 12 a SO of Cal • • 29', 29 a 29% 29 a SO of Ind 24', 24’a 24 a 24 s BOof N J ... 38% 38% 38% 39 Texas dorp 19% 19% 19 a 19'2 Tidewater Assn B‘2 B’a 8-a 8 a Steels— Am Roll Mills •• 19 18% 18% ISU: B-th Steel ... 28', 26% 26% 2,% Cruc S-eel .. 18’, 18% 18 % 9 Ludfum S-eel ... 15’a 15’a 15 a 15 a Natl Steel 44’ 44% 44% 44 j O’is S’eel s’, s’-* s’, s ;< ; Rep Iron A- steel IP, 11', 11 a 11.' Rep Ir & Stl pfd 32 3P. 31 * 35', U S S*el pfd 80 80 80 80’* Youngstn S& T 16% 16> 16’* 16% Motors— Auburn 21% 21 j a 21% 22 Chrvsler ...... 35'* 35’, 35’, 38 Gen Motors ... 29’, 29’, 29’, 29 s , Graham Mot .. 2‘, 2], 2 , 2s Hudson 9 1 * 9’, 9 a 9’, Macic Truck 22% 22% 22% 22% Nash 14% l* 5 i 14’a If; Packard 4 a 4 4‘, 4 Reo 2 7 b 2% 2’, 3 Yellow Truck .. 3 ! 3% 3‘, 3 * Motor Access— Bendlx ■ 14’, 14’, 14’, 14% Bonn Alum 54’* j>4% 04-* so’a Borg Warner ... 32 3 * 32 32 32 , Briggs 28’* 27% 2 1 • eS s Budd Wheel 33 33 i Eaton Mfe ... 18 18 18 17 : Elec A™o Lite . 23 5, 8 23* 23> 2 22 4 Elec Sior Bat .. 45 45 4d 40% Murrav Body .. 6’a 6% 6-g J> a Stew Warner ... 7% 7% J’l 'a Timken Roll ... 32- 32 32 32,8 Mining— Alaska Jun .... 16% 16% 16% 17 Am Metals 15’a 15% 15% 16 An. Smelt 35’2 39% 34 a 3o 2 Anaconda 10-, D'g 10% 9% Cal At Heel a 33 33 Cerro De Pasco 43 42% J?! 4 Dome Mines . 39% .39% 33% 39 4 Ins Copper 3‘, 3‘, 3’ 3 Int Nickel 23’a 23 23 23% Kennecott Cop. 16 15’* 15’* la's Mclntyre Mine . 42’* 42% 42’, 43_* Park Utah .... 2% 2 T , 2 , 2 a Noranda Cop .. 34% 34% 34% 03 Phelps Dodge ... 15 15 15 15 U S Smelters ...118 118 118 19 4 Vanadium 16% 16% 16% 16% Amusements— Fox Theat 10 10 10 10 Loews Inc 35% 35% 35% 35% Radio Corp .... 5 4% 4% 5 Paramount 3% 3% 3’, 3% Warner Bros ... 3% 3% 3% 3% Tobaccos — Am Sum Tob 20% 20% 20% 20% Am Tobacco “B” 81% 81% 81% 61% Lig A: Myers B' 105% 105% 105% 105% Lorillaid ... 20’, 20% 20% 20% Phillip Morris 39 39 39 39% Reynolds Tob B’ 47% 47y, 47 s , 47 Rails— Atchison 40% 40% 40% 41 B At O 9’* 9% 9% 9% Can Pacific 10% 10’, 10% 10% Ch At Ohio 41% 41% 41% 41’* Chi At Gt W ... 1 1 1 % CMAt St P . 2 2 2 2 C M At St P pfd. 2% 2', 2', 2% Chi N W 3% 3% 3% 3% Del Lac At W ... 13% 13% 13% 13% Erie 9% 9% 9% 9% Grt Northern pfd 12% 12% 12% 12% 111 Central .. 11 10% 11 11 Lehigh Veliev. . 6’* Bs,8 s , 6% 7 M K Ac T ... 3% 3% 3’* 3’, M K At T pid .. 6% 6', 6% 7 Mo Pac 1% 1% 1% 1% N Y Cent . 14% 14', 14’* 14% N Y New Haven 4% 4% 4% 4% N Y Ont At West 3% 3% 3', 4 Norfolk At West 163 163 163 164 Nor Pacic 15% 15% 15% 15% Penn R R 20% 20 20% 20% Reading 36 36 36 36% Sou Pac 14’* 14', 14*, 15 Sou R R. 9% 9% 9% 9% Union Pac 92% 92 % 92% 93 3 4 Wabash - ■ 1% 1% 1% 1% West Maryland . 7 7 7 7% Equipments— Am Brake Shoe . 27% 27% 27% 27% Am Car At Fdy .14 13% 13% 14% Am Loco ....... 12 11% 12 12 Bald Loco 2 1% 2 2 Gen Am Tank C 35 34% 34% 35 Gen Eiec 23 22% 22% 23 Gen R R Sig ... 21% 21% 21% 22% Pullman Inc ... 46% 45 45 47 West Air Br ... 21% 21% 21% 21% Westingh Elec... 38 37% 37% 38 Utilities— Am At For Pwr.. 2% 2% 2% 2 3 * AT&T ...105 104% 104% 105% Am Wat Wks 10% 10% 10% 10’* Col Gas At Elec 4% 4% 4 s , 4% Com At Sou .... 1 % % 1 Consol Gas . .... 17>* 16% 16% 17% Elec Pwr At Lit- 1% 1% 1% 1% Int Hvdro Elec . 1% 1% 1% TANARUS% Int T &• T 7% 7% 7% 7% Lou G At E “A" 12% 12% 12% 12% Nat Pwr At Lit . s’* 5% 5% 5% North Amber ... 11% 11 11 11% Pac G Ac E 13% 13’* 13% 13’, Peorles Gas ... 18% 18% 18% 18’* Pub Serv N J ... 21% 21% 21% 21% So Cal Edison .. 11% 11% 11% 11% Std Gas 2% 2% 2% 2% Stone & Webster 3% 3’, 3% 3% United Corp ... 2 2 2 2 Un Gas Imp ... 9% 9% 9;, 10 Western Union 24% 24% 24 * 25% Rubbers— Goodvear 20% 20% 20-* 21 Kellv Sprine ... 1% 1% 1% 1% U S Rubber . 13% 13% 13% 13% U S Rubber pfd 33 33 33 33% Miscellaneous—\llis Chalmers 16% 16 16 16 Am Can 117 116% 116% 116% Am Mach At Fdv 21 20% 20% 20% Brklvn Man Tr 39% 39% 39% 40 Burroughs Add . 14 •* 14% 14% 14% J I Case 55 54% 54% 56 Conti Can 71’* 71% 71% 71% Caterpillar Tract 42% 42 42 42% Crown Cork ... 25% 25% 25% 26% Curtis Pub .... 18% 18’, 18% 18% Deere At Cos 27 26% 26% 27’, Eastman Kodak 120% 120% 120% 122 Foster Wheeler . 13 13 13_ 13 Gillette 13% 13 ', IS % 14'b Glidden 26% 26 26 26% Int Bus Mach 160% 159% 159% 160 Inter Harv .. 39 38% 38% 39% Natl Cash Reg . 15% 15% 15% 15% Owens Bottle ... 89% 89% 89% 89% Foods— Am Sugar 68 67% 67% 68% Atmour 4% 4% 4% 4% Armour 6 r pfd 69% 69% 69% 69’, Beatrice Cream 25 24% 24% 18% Can Dry G Ale . 10% 10% 10% 10% Cont Bak “A”.. 5% 5% s’, s’, Corn Prod 64% 63% 63% 64% Cuban Am Sugar 6’* 6’* 6’* 6% Gen Foods 35 34', 34 s , 34% Gold Dust 17 16% 16% 17% G W Sugar 31 s , 31 31 31% Loose Wiles .... 35% 35% 35% 35 Natl Biscuit .... 26% 25% 26 26% Natl D Prod 16% 16% 16% 16’* Puritv Bak 9% 9’.* 9% 9% S Porto Rico Sug 24 23% 23’, 24% Std Brands 16% 16% 16% 17 Un Biscuit . 24% 24% 24% 24% United Fruit ... 80% 80% 80% 81 Wrigley 78 78 78 78 Retail Stores— Assd Drv Goods 9’, 9% 9% 9% Best At Cos ... 36% 36% 36% 36% Hahn Dept Sts . 4% 4% 4% 4’* Jewel Tea 55 55 55 56 Kresge S S 20% 20 s , 20 s , 20% Kroger Groc 23’* 23% 23% 23% Macv R H 37% 37 37 37% McCrorv St 9% 9% 9% 10 McLellan St .. 12% 12% 12% 12% Marshall Field . 7’* 7% 7 s , 7’* Mav Dept St 40% 4040 40% Mont Ward 24% 24% 24% 24% Natl Tea 9 9 9 9 Pen-.'v J C ... 67% 67% 67% 67% Safeway S- .. 40% 40% 40% 40% Ser.rs Roebuck . 32 s , 32% 32% 32% Woolworth .... 54% 54% 54% 55 Aviation— Aviation Corp .. 3% 3% 3% .. B'eine Aircraft . 7% 7% 7% 7 s , Curtiss Wright . 2% 2% 2% 2% Curtiss Wri 1A 7’, 7% 7% 7% Douglas Air . 0 s , 19% 19 s , 20*4 sor Am Av 2’* 2% 2% 2’* i Sperrv Corp . Bs,8 s , 8% 8% 8% ’.ltd Aircraft new 12 11% 11% 12 Chemicals — Air Reduction ..111% 111’* 111’* 112 Allied Chem 134 133% 134 134 Am Com Alcohol 26% 26 26 26% 1 Com Solvents 20% 20’* 20% 21 Dupont ... 92% 91% 91% 92% Freeport Tex . . 20% 20% 20% 21 1 Liquid Carb 27% 27 27 27 , Monsanto Chem 59% 59% 59% 58 % 1 Natl Dis cnewi 26% 26% 26% 26% ‘ SCI.-fllev Dist 25% 25 25 25 s , Tex G’tlf Sulph • 32% 32% 32’, 32% Union Carbide 47% 46’* 46’* 47% U S Indt. Alcohol 40% 4040 40 Drugs— Cotv Inc 5’ * 5 5 5% Lambert <... 28 28 28 -8 Sterling Prod ... 64% 64’* 64% 64% Un Drug inewi.. 10 10 10 10% i Vick Chem 37 37 37 37% i Zonite Prod .... 3’* 3’* 3% 4 Chicago Stocks By Abbott. Proctor & Paine) 11 00 Prev. A M close Berghoff 2 s , 2 s , Acme Steel 46% 46% Butler 7% 7% Borg Warner 32 32 * Crane 8% 83, Com & Edison 55% 54", Cord -2% 2’* Libbv •% 7% Marshall Fields 7’* 7’, Lvnch Glass 29 30 Noblitt Sparks 14’* 15 j Perfect Circle 36% 38 Quaker Oats 131% 132% Swift 17% 17% 1 Swift Int 35% 35% i Vortex Cup IS 18 Walgreen 29 29%

Financial— Adams Exp . 5% 5% 5% s s , ■ Allegheny Corp 1% 1% 1% 1% Am Int Corp ... 5% "% 5% 5% Lehman Corp . 70 70 70 70 Transamerica . 5% 5 5% 5% Tr Conti Corp .. 2% 2’* 2% 2% Building— Am Radiator ... 11% 11', 11% 12 Gen Asphalt 14% 13% 13% 14%' Holland Furnace 7 7 7 7% In- Cemer.t 26 25’* 25% 26% Johns Manville 44 43 % 43% 44% Libbv Owens Gis 26% 26 26 26% Otis Kiev 13% 13% 13% 13% U S Gypsum ... 45% 45% 45% 45% Household— Col Pal Peet .. 17% 17% 17% 17% Congoleum 30% 30 30 30% Kelvinator 16% 16% 16% 16 s , Proc &• Gamble 49% 49% 49% 49% Servel Inc ... 8% 8% B’, 8% Simmons Bed ... 7’* 7% 7% 8 Textiles— Celanese Corp ... 26', 24% 24% 28% ’ Belding Hem ... 12% 12% 12% 12 s , i Collins Aikman . 11% 11% 11*, 12 Gotham Hose ... 3% 3% 3% 3% Indus Ravon ... 31 29% 29% 31% Kayser Julius ... 17% 17 17 17% ; Real Silk 4% 4% 4% 4% ! New York Curb (By Abbott, Proctor <sr Paine) 12:00 Noon Prev. N, Y. close. Alumn Cos of Am 4040% Am Cyanide B ' 16% 16% Am Superpower % % ! El Bond & Shares 4 4% Ford of Europe 7’/ 7% Humble Oil 47% 48 Lake Shore Min 55’* 56% Nia Hud Pwr 3% 3% Novadel Agene 21% 21% Teck Hughes Gold 4’, 4% N. Y. Bonds (Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails Util. Bonds Today 86.7 78.7 94.6 86.7 Saturday 86.7 79.0 94.6 86.8 Week ago 86 8 80 0 94.3 87.0 Month ago 86.8 82.7 92.7 87.4 Copyright. 1935. by Standard Statistics Cos. U. S. GOVERNMENT BONDS (By Fenner & Beane) Libertys Prev. Close, close. Ist 3%s 1932-47 103 4 102 23 Ist 4% s 1932-47 102.17 102.12 4th 4%s 1933-33 (uncalled).. 103.7 103.6 4th 4%s 1933-38 (called) 101.24 101.18 Treasurys 4%s 1943-45 116.8 116 4s 1944-54 111.9 111.4 3%s 1946-56 109.25 109.15 3%s 1940-43 107.10 106.24 3%s 1943-47 106.24 106.11 3%s 1941-43 107.11 106.23 3%s 1943-45 105.15 105.12 3% s 1941 107.17 106.25 3%s 1944-46 105.14 105.2 3%s 1946-49 104.22 104.19 3%s 1949-52 104 23 104 17 3s 1951-55 103.21 103.16 3s 1946-48 103.22 103.17 Home Owners Loan Corp. 2%s 1949 100.13 100.4 3s 1952 102.2 102 4s 1951 100.16 100.11 Federal Farm Mortgage Corp. 3% 1964 103,27 103.25 3s 1949 102.3 101.30 3s 1942-47 102. 101.31 DOMESTIC Prey Close, close. Alleg Corp 5s ’44 70% 70 Alleg Corp 5s ’49 61 3 , 61% Am Frgn Pow 5s 2030 57% 58% Am Tel & Tel 5%s '43 112% 112% Am Tel & Tel 5s ’65 112 112 Arm & Cos (Del) 6%s ’43 105% 105% Atl Coast Line 4s ’52 102% 10212 Atl Coast Line 4%s '64 87 88% Atch Top & S Fe 4%s ’4B ...108 108% Am Wat Wks 5s '44 92% 92% Am Rolling Mills 5s ’3B 107 106% Balt & Ohio 5s 95 62% 63% %alt & Ohio 6s '95 73% 73% Balt & Ohio 4%s ’6O 46% 46% Bull Roch & Pitt 5%s ’57 61 62 Beth Steel 5s ’36 103% 103% Chi Milw St. PI 5s ’75 17 18% Chi Milw & St P 5s 2000 4% 4% Cleve Un Term 5s '73 93 Cleve Un Term 4%s ’77 85% ... Col Gas 5s Mav 52 77% Col Gas 5s ’6l 76% 75% Can Pac Perp 4s 85% 86% Cent Pac 5s '6O 76% 76 Big Four 4%s '77 61 62% Colorado & So 4%s ’BO 61% 62% Chi & West Ind 4s ’52 98% 98V, Chi & West Ind 5%s ’62 104 103% Chi & Nor West 4%s ’49 15% 15% Chesa Coro 5s ’47 105 105% Dodge Bros 6s '4O 106% 106% Del Htlds 4s ’43 85% 85% N Y Dock 4s ’sl 65% 65% N Y Dock 5s '3B 45 44 Erie 5s ’75 62% 63% Erie 5s ’67 64 64 Gen Cable 5%s ’47 89% 89 Grt Northern 7s ’36 88 88 Grt Northern 4%s ’76 73% 73 % Grt Northern 4%s ’77 72% 74% Gen Stl Cast WW 5%s '49 ... 83% 83% Hud & Manhat Ref 5s ’57 ... 89% 89% 111 Cent 4%s '66 52% 53% 111 Cent 5s ’63 66 66% Interlake C & I 5s ’sl 77 77 Interntl Hv Elec 6s '44 .... 38 38 Interntl Tel & Tel 4%s ’39 ... 67% 67 Interntl Tel & Tel 5s ’55 .... 62% 63 Interntl Tel & Tel 4%s ’52 ... 57% 57% P Lorillard 7s ’44 126% 126% McKess & Rob 5%s ’SO 99% 99% Midvale Stl 5s ’36 103% 103% Natl Dairy 5%s '4B 104% 104% Natl Steel 5s ’56 107% 107% Nickel Plate 4%s ’7B 58 58% Nickel Plate 5%s '74 67% 68% Nickel Plate 6s '35 61% 61% N Y Cent 5s 2013 58% 59 N Y Cent 4%s 2013 (old) 53% 54% Nor Amer Cos 5s '6l 85% 85% Nor Pac 3s 2047 76 76% Nor Pac 4%s 2047 83% 83% Nor Pac 6s 2047 96 96 Nor States Pow 5s ’4l 106% 106% New- Orleans Term 4s ’53 .... 83% 83% Penn Rv 4%s 'B4 104% 104% Penn Rv 4%s ’Bl 104 s , 104% Penn Rv 4%s ’7O 94% 95 Pac G & E 5s ’42 107% 107 Portland Gen El 4%s ’6O 57 57 Para Publix 5%s 'SO 75% 75 Penn P & L 4%s ’Bl 103% 103% Postal Tel & Cab 5s '53 45% 46% Rem Rand WW 5%s ’47 ....103% 102% Sinclair Oil 6%s ’3B 103% 104 Shell Union Oil 5s ’47 102% 102% Sou Pac 4%s '6B 64 64% Sou Pac 4%s ’Bl 62% 62% ! Sou Pac 4%s '69 63% 63% Sou Pac 4s '49 67% 67 Sou Pail 4s ’56 45% 45% Sou Rail 6%s ’56 64 63% Sharon Stl Hoop 5%s ’4B .... 84% 84% Texas Pac 5s 'BO 88*8 88% Texas Pac 5s 79 88% 89% Texas Pac 5s '77 90% 90 Union Pac 4s '47 11l 111 3 , United Drug 5s '53 90 89% U S Rubber 5s '47 95 95 NYN H & Hart 6s '4B 37% 37 N Y N H & Hart 4%s ’67 ... 32 31% Warner Bros 5s '39 52% 53 Western Marv 5->s '77 99% 99% Western Mary 4s '52 95 94% Youngstown S&T 5s '7O .... 94% 94% Youngstown S&T 5s ’7B .... 94% 94% FOREIGN Argentina A 6s ’57 93% 95 Canadian Govt 4s '6O 105*2 106% Denmark 5%s *55 90% }OO French 7s '49 187 iS®’; German 5%s '65 33% 33% German 7s '49 44% 4a Italv 7s 'sl 90 90% Japan 6%s '54 92% 94% Rome 6%s '52 81% 81 Tokio Citv 5%s '6l 78% 7i% Yokohama 6s ’6l 84% 84% FEDERAL FARM LOAN BONDS ißv Blvth A: Cos.) Bid. Ask. 4s Julv 1. 1946—44 105% 105% 4s Nov. 1. 1957—37 103% 104 4s Mav 1. 1958—38 103% 104 4%s Julv 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—38 103% , 4%s Mav 1. 1942—32 101% 101% 4%s Jan. 1. 1943—33 101'= 102. 4 ,s Jan. 1. 1953-33 101% 101% BARBASOL AND U. S. ENTER STIPULATION Indianapolis Corporation Makes Agreement With Trade Body. The Barbasol Razor Corp., Indianapolis, has entered into a stipulation with the Federal Trade Commissiou to cease and desist from representations tending to deceive buyers into believing that certain of its products are manufactured by the company, when this is not true, it was learned today. The company agrees to discontinue using the phrase “Made by Barbasol Razor Corp.” on wrappers, containers or in advertisements, and from employing the words by” or “made only by” in connection with its trade name or in any way tending to confuse purchasers into believing the products to be manufactured by this corporation.

STOCKS RENEW FALLING TREND; VOLUME HIGHER Utilities and Railroads Are Feature of Generally Weak Market. [i p L ti ilril Prrxit NEW YORK, March s.— Utilities and railroads resumed their decline on the Stock Exchange today to feature a generally weak market. Prices dropped fractions to more than 4 points with a moderate increase in volume. Celanese was the heaviest loser in tLje active issues. It broke to anew low for the year at 24’ 2, off 4’s on a sharp decline in 1935 net income. Industrial Rayon broke 2 3 s points to 29 1 .?, also anew 1935 low. J. I. Case was depressed 3 points to 53 to head a decline in the farm group. In the rails, Atchison declined to 39 : 2, off 1% points; Union Pacific 92, off 1 3 4 and anew low for the year; New York Central 14%, off % and also anew low; Southern Pacific 14%, off %. Consolidated Gas dropped 1% to 16% and other utilities were down fractions to a point. Chrysler and General Motors made new lows for the year in the motors. United States Steel led its division down, making anew low for the year at 31% off 1%. Standard of New Jersey; Spiegel, May, Stern; Douglas Aircraft; Westinghouse Electric; American Tobacco B, American Sugar; Cerro De Pasco, and United States Smelting were down 1 to nearly 3 points. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,375,000.00 Debits 6,388.000.00 TREASURY STATEMENT (By United Press) WASHINGTON. March s.—Government expenses and receipts for the current fiscal year to March 2. compared with the corresponding period of the previous fiscal year: This year. Last year. Expenses $4,568. i 59.129.10 $4,288,264,003.80 Receipts.. 2.285,783,289.70 1.908,301.959.66 Deficit. . 2,282.375.839.40 2,379.962.044.14 Cash bal.. 2,048.064,724.08 4,878,513,435.52

GRAIN PRICES LEAN LOWER Market Dull With Weakness Abroad a Factor. By United Press CHICAGO. March s.—Foreign exchange quieted today and grains were dull at the opening of the Board of Trade. Prices leaned lower. At the start wheat was % cent lower to % cent higher, corn was off % to % cent, oats were unchanged to % cent down, and rye was off % to % cent. Easiness at Liverpool had some effect on local sentiment. Bartlett, Frazier <fc Cos. said the British market eased on account of a poor demand for flour, but that prices were steady at the decline. Broomhall reported that nearby Argentine wheat was offered at lower prices and longs were realizing profits. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. Close. May 96% .98V, .96% .97 Julv 91% .90% • .90% .91% Sept 90% .90 .90% .90% Corn— Mav .83% .82% .82% .83% Julv 79% .78 .78% .79% Sept 75% .74% .74% .75% Oats— May 49% .48*4 .48% .49% Julv 42% .42% .42% .43 Sept. 41 .40V* .40% .41 RyeMav 63% .63% .63% .64'/a Julv 63% .63% .63% .64 Sept 64% .63% .63% .64% LOCAL CASH MARKET City grain elevators are paying 87 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 89 cents and oats 47 cents.

Stock Studies

LIBBEY-OWENS-FORD 1 COMMON STOCK era 1^ SHR£ EARNINGS PRICE RANGE scale 1.50 p | _ 4O — 2O 0 ■3O 31 32 33 34 30 31 32 33 3-4 ° Wr.’CHE'.iER INSTITUTE OF FINANCE

The Libby-Owtins-Ford Glass Cos. is one of our largest producers of flat glass, with the automobile industry its largest customer. The company is a leader in the production of “safety” or shatterproof glass and the rapid increase in the use of this glass in automobiles has naturally resulted in increased sales. The company has a contract, running for several years, to supply all General Motor's glass requirement, FINANCIAL DATA As of Dec. 31, 1934 Common Stock *no par*.. 2.549 864 shares Surpluses sl4 380.879 Cash and Securities 5.853.108 Inventories 4 766.543 Total Current Assets 11.690.604 Current Liabilities L 590.914 The company was originally incorporated in 1916 in Ohio, and the name changed to the present in 1930. The common stock is listed on the New York Stock Exchange. At a current price of around 29 it sells to yield nearly 4% per cent-and at 234 times earnings. ■ All Rights Reserved. Winchester Institute of Finance. Winchester, Mass.) COAL OUTPUT LISTED Indiana Produced 398,000 Tons in Week Ended Feb. 16. Indiana produced 398.000 tons of coal for the week ended Feb. 16, the United States Bureau of Mines reported today. The production was 13,000 tons less than that of the previous week, but 32.000 tons more than produced during the same period a year ago. The state produced more than 4 per cent of the nation’s output.

PAGE 13

London Aims Trade War; Pi ice Deflation Is Seen

English Banker Forecasts 10 Per Cent Reduction of Pound. B i/ Times Special NEW YORK. March s.—Great Britain was held today to be definitely embarked upon a campaign calling for progres.sive depreciation of the pound sterling in terms of gold and other currencies. A London banker, visiting here, is j reported to have expressed the conviction a few days ago that the aim of the Bank of England and of the Exchange Control is for a depreciation of around 10 per cent current j levels. The of the program, it is j declared, is to bolster the position of British industry in the world markets, recent severe competition through currency depreciation and other methods on the part of several countries having found reflection in substantial falling off in trade activity. Allowed to Slip The pound sterling has recently j been allowed to slip definitely through its old parity of $4.8665, and ; on the basis of reputed plans of the British Control, would appear to be headed in due course for levels around $4.40. The trend of gold prices in the London bullion market is the focus of world-wide interest at the moment, with the quotations for the metal having mounted to unprecedented levels since the beginning of the week. Private advices received in banking and foreign exchange circles from their London offices suggest, it is said, that che rising trend of gold is not likely to be seriously impeded until the quotation for the metal is established above the 150! shilling level. Considerable bearishness has pre- : vailed among foreign exchange I bankers in New York with regard j to sterling. Many have contended ] recently that sterling “looked definitely lower” and were convinced that but for the activities of the British and American equalization funds, the decline in the pound to this point might have been much more precipitate. The internal “boom,” which had serveS to cheer England domestical- j ly, has given definite signs of “rounding off,” it is declared. And at the same time British industry, which depends in a large way upon world markets for consumption of its output, has been increasingly hard put to maintain production. Faced with a deflationary movement in world prices, probably definitely engineered through the operation of the British equalization fund, this country today is threatened with a downward movement in prices comparable to that which took place during the Hoover Administration, in the opinion of Rene Leon, authority on foreign exchange. The only salvation for this country, Mr. Leon believes, is for the government immediately to alter its monetary policy and definitely divorce the dollar from gold. “Changes of fundamental importance are now taking place in the foreign exchanges,” declared Mr. Leon. “Gold prices have reached a record high in London, reflecting the widening of the disparity which exists between the pound and all the gold currencies, including the dollar. The pressure on the gold bloc is being increased at a time when the economy of the western European nations can least withstand it. Pound Influence Greatest “By reason of its numerical importance, as affecting the greatest number of producers and consumers. the pound sterling, of all the world’s currencies, is the most potent single factor influencing the international price level. World prices tend to readjust sterling prices more surely than to any other price level and we will do well not to lose,sight of the fact that a falling pound sterling will inexorably undermine prices in America. “If it is deemed to be to the best interests of the people of the United States that control over the purchasing power of the dollar shall not rest in foreign countries, then we might as well decide to detach the dollar from gold altogether until such time as Britain makes up her mind definitely to stabilize the pound in terms of gold.”

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 bv the Wadley Cos. (By United Press) CHICAGO. March s—Eggs—Market, easy: receipts. 14 835 cases: extra firsts. 22%c: fresn graded firsts. 21%c: current receipts. 20%c; dirties. 19c; checks. 18%c Butter —Market, steady; receipts, 10.247 tubs: extra firsts '9O-91% score'. 29%® 29%c; extras '92 score'. 30c: firsts 'BB- - score i. 29®29%c: seconds 86-87% scorei, 28®28%c: specials, 30%®31c: standards. 29%c. Poultry—Market, steady; receipts, 23 trucks; springers. 20c: broilers. 21%®23c: capons. 6-7 lbs. 23c: old roosters 13%®14%c: ducks. 17® 21c: turkeys. 19®21c: geese. 11*® 15c: stags. 16%c: fryers. 21%®23e: hens. 17%®19c. Cheese —Twin;-. 16%®17c: Daisies. 17®17%c: Longhorns. 17%®17%c. Potatoes—Old stock, supply liberal: demand and trading slow; market steady: Wisconsin round whites late sales Monday. 72%®73c. commercial grade 72%c; no sales reported early todav. Idaho Russets late sales Monday. *l4o® 1.45; early sales todav. sl4s® 150. occasional car fine quality, large size higher. New stock, supplv moderate: demand and trading light, market about steadv: sales to jobbers. Florida bushel crates Bliss Triumphs, washed $1 85. Arrivals 42. on track 273. shipments 674. CLEVELAND. March 5 —Butter—Market weak: extras, 34c: standards. 34c. Eggs —Market steady: extra whites. 21 %c: current receipts. 21c. Poultry—Market, firm; fowls. 6 ibs and under. 22c; ducks, voung, 24®25c: ducks, old. 20c Potatoes—Maine. sl.lo® 1 15 a 100-!b. bag Ohio mostlv 75® 80c a 100-lb. bag; Florida. $1 90 , g2 a bushel crate. INVESTMENT AVERAGES DROP By Times Special NEW YORK. March s.—The investment companies common stock index declined with the general stock market during the past wee' as evidenced by the averages coinpiled by Distributors Group, Inc. The average for the common stocks I of ten leading management companies, influenced by the leverage factor, stood at 9 25 at the close of March 1, compared with 10.00 on i Feb. 21.

What Does It Mean? Sinking Fund Bond—When an indenture of a bond issue provides that a certain percentage of the issue will be retired each year these obligations are knou'n as sinking fund bonds.

New Business Books Available at Library The following new books are now available at the business branch of the Indianapolis Public Library: ONE HE! I OF A BUSINESS ■bv H C. Engc brrcht 1 In:prprr*s w.*h frrjh evidence uncovered a* the United States Senate investigation of the munitions industrv. IVHO GETS THE. MONEY? bv Walter Rautenstrauch ■ An engineer draws here a picture of the wav in which the national income is spent. ECONOMICS WITH APPIICATION TO AGRICULTI RE bv F F Dummeier and Richard Heflebouer* ' Agriculture today ts more than a wav of living, it is a business." COST OI GOVERNMENT. 19231934 'Compiled bv NaUonal Industrial Conference Board)- "In the last five vears the gross public debt has increased about fifteen billion dollars." BUSINESS ORGANIZATION AND COMBINATION tbv Lewis H Hanev) —Third Edition. N. W. AYER AND SON S DIRECTORY OF NEWSPAPERS AND PERIODICALS. 1935. MINERALS YEARBOOK. 1934 * Composed bv United States Bureau of Mines*.

HOG PRICES UP 5 TO 25 CENTS Cattle Market Active and Strong; Veals Weak to Lower. By United Press CHICAGO, March s.—Hog prices moved 15 cents nearer the SlO mark in a spirited trading session at the Chicago Stockyards today. Choice qualities sold at a peak of $9.75 a hundred pounds and the ' general market was 10 to 15 cents higher than yesterday’s four-year high. The top today was the highest since Oct. 27, 1930. The top price paid for hogs at the Indianapolis Stockyards today! following an auvance ranging from 5 to 25 cents in all classes, was within 20 cenis of the $lO level, a new high for approximately five years. Heavyweights and choice grades, however, were only around 5 cents higher than yesterday’s best average, while the sharp upturn was effective mostly in the lightweight division. The upward movement in prices faced an increase in the j number of supplies on hand. Re- ! ceipts were estimated at 5000, and holdovers numbered 191. The bulk, 160 to 350 pounds, was selling at $9.60 to $9.75, while few extremely choice grades ranged upward to $9.80. In the lightweight division, slaughter pigs weighing 130 to 160 pounds, cashed in at $8.25 to $9 25. Others, scaling 100 to 130 pounds, brought $7 to SB. Good packing sows sold at $8.25 to $9. Initial trading in slaughter steers in the cattle market continued active and prices were slightly higher than yesterday's best average. Best steers sold at $13.75, while the general bulk ranged from $8.50 to sll. Receipts were 1800. Veals displayed weakness with good and choice classes salable at $9.50 to $lO. Receipts numbered 700. With quality being considered in the lamb market, prices were mostly unchanged. Several early sales of native and fed western grades were salable at $8.75 down. No particular interest was evident in any .class. Bulk of throwouts sold at $6.50 to SB, while slaughter sheep brought $5 down. Receipts were 3000. HOGS Feb. Bulk. Top Receipts 27 28 9.30 <d 9.55 9 60 i^OO Mar. 1 9.30'S 9.55 9.60 4569 2. 9.6offi 9.75 9 75 1000 4. 9.50*5? 9.70 9 75 4000 5. 9 60® 9.75 9 80 5000 Light light: G4O-160) Good and choice $8.75® 9 50 Medium 8.25® 9.25 Light weight: (160-1801 Good and choice... 9.60® 9 65 Medium • ... 9.00® 9.40 (180-200) Good and choice . 9.65® 9.70 Medium 9.15'® 9 50 Medium weight: (200-220i Good and choice... 9 65® 9.75 (220-250i Good and choice .. 9.70® 9.80 Heavv weight: i250-290i Good and choice .. 9.70® 980 (290-350) Good and choice .. 9 60® 9.70 Packing sows: (275-3501 Good 8 75® 9 00 (350-425* Good 8.60® 8.85 (425-550* Good 8.50®, 8.75 *275-350* Medium B.oo® 8.60 Slaughter pigs. 100-140* Good and choice... 7 00® 8.75 Medium 6.25® 8.50 CATTLE —Receipts, 1800— —Steers—-(sso-900) Choice $lO 75® 12.75 Good [email protected] Medium 7 00® 9 75 Common 5.00® 7.25 (900-1100* Choice 12.25® 13.50 Good 9 75® 12.75 Medium 7 75® 10.00 Common 5 50® 7 75 (1100-1300* Choice 12 75® 13.75 Good 10.00® 12 75 Medium B.oo® 10 00 (1300-1500* Choice 12.75*%, 13.75 —Heifers—-(soo-7®l) Good 10.25® 12 75 Choi e 9 50® 10 50 Good 8.50® 9.a0 Commcn and medium ...... 4 50® 8.50 (750-900* Good and choice ... 8 75® 10.75 Common and medium 4 75® 8 75 —Cows— Good 6 00® 8.00 Common and medium 4 25® 600 Low* cutter and cutter 2 25® 4 25 —Bulls—(Yearlinxs Excluded) Good 5.75® 7 00 Common and medium 3.75® 5.75 VEALERS —Receipts, 700— Good and choice $ 9 50® 10.00 Medium 7 50® 9.50 Cull and common 3 50® 7.50 —Calves—-(2so-500) Good and choice 6 25® 9 00 Common and medium . ■ 3 50® 6.25 —Feeder and Stocker Cattle——Steers— (soo-900* Good and choice ... 600 ® 800 Common and medium 4 50® 6 00 (900-1050i Good and choice .. 6 00® 825 Common and medium 4 50® 6.00 —Cows— Good 3.75® 4.50 Common and medium 3.25® 3.75 SHEEP AND LAMBS * —Receipts. 3000— Lambs 90, to 120 lbs., good and choice S8 2d® 9 00 : Common and medium 6.00 3 8 25 90-120 ,bs.. good and choice . 4.00® 5.00 ; Sheep: • 120-150* Good and choice 3 50® 4 7c All weights, common and merliiim 2 50® 3.7a PENN MUTUAL SALES GAIN PHILADELPHIA, March 5 Sales of life insurance by the Penn Mutual Life Insurance Cos. in February increased 6 5 per cent over February of last year, William A. Law, presi--1 dent, announced today.

INTEREST CUT OF 830,000,000 TREASURY PLAN March 15 Operations Aim Swap of Libertys for 2 7*B Per Cent Bonds. By l n<ted Pert* WASHINGTON. March s—Federal taxpayers will save $30,000,000 annually through reduced interest charges under terms of the Treasury's $2,378,000,000 March 15 refinancing program marie public today. The operations provide exchange of $1,850,000,000 of Fourth Liberty Loan bonds carrying 4% per cent interest for new Treasury bonds maturing in 20-25 years at 2% per cent interest. In addition, the Treasury will exchange $528,000,000 of its 2% per cent notes for new five year notes carrying 1% per cent interest. Sets New Low Treasury officials said the new long term bonds and the notes are carrying the lowest interest rates of any similar Federal securities since prior to the World War. This is in keeping with the policy to slash interest rates on government securities to save charges. The new Treasury bonds will be the longest maturing of any Federal securities on the market at present. The refinancing program will be one of the most simple in recent years, since no cash subscriptions will be received. It embraces exchange of bonds for the new bonds and notes for new notes, at lower interest rates. The operations will be carried out with Federal Reserve Banks and the Treasury as official agencies although other banks will receive applications for the exchanges. Marks Third Call The new long term bonds mature March 15, 1960 although they can be called at the government's option after March 15, 1955. This is the third redemption call for the original Fourth Liberty issue, leaving $1,327,000,000 uncalled. Another move toward lower interest rates was taken by the Federal Home Loan Bank Board, which authorized its 12 regional banks to loan to member banks at a rate of 3% per cent for short term credit up to six months. The previous rate had been 4 per cent. VANDERLIP COMMITTEE APPROVES NEW PLAN Reorganization of Paramount Corp, Sanctioned by Bondholder By Times Special v , NEW YORK, March s.—The Paramount Publix Corp. Bondholders Protective Committee, of which Frank A. Vanderlip is chairman, announced today that it had adopted and approved the reorganization plan for the corporation, modified in accordance with the suggestions made by the Federal Court. This action follows the recent approval of the plan by protective committees for stockholders of Paramount Publix and bondholders,, of Paramount BroadVay Corp* which is also affected by the reorganization proposals. The bondholders committee represents the Paramount Famous Lasky Corp. 20-vear 6 per cent bonds, due 1947, and Paramount Publix Corp. 20-year 5% per cent bonds, due 1950. In notifying holders of these securities of the procedure to be followed in formally assenting to the plan, the committee strongly recommends its acceptance by the bondholders. Other Livestock (Bv United Press) CHICAGO. March s.—Hogs—Receipts, 10 000. including 3000 directs; active, fully 15c higher than Monday; weights above 200 lbs.. $9 70 and $9.75: top. $9 80: 160200 lbs.. $9.50®9.75: light lights. s9® 9.50; slaughter pigs, $7.50® 9; packing sows, $8 90® 9: estimated holdover 1000; light .ights, 140-160 lbs., good and choice, $8.90 ® 9 60; lightweights. 160-200 lbs. good and choice, $9.35®9.75; medium weights, 20-250 lbs,, good and choice, $9 60®9.80' heavvweights. 250-350 lbs., good and choice, $9.65®9.80; packing sows, 275-550 lbs , medium and choice, sß®9 10; slaughter pigs. 100-140 lbs., good and choice, $7.50®9.15. Cattle—Receipts. 8000; calves, 200: better grade weighty steers and all representatives weights common and medium steers strong to unevenly higher in fairly active market: in-between grades light cattle fully steady; all she-stock steady with heifers and better grade shipping cows firm: general killing quality plain; most steers, $9®12.50; top. $13.75; long yearlings, sl3 25; heifer yearlings, $10.50; slaughter cattle and vealers: Steers, 550-900 lbs., good and choice. $9 75® 13 25; 900-1100 lbs . good and choice, $9.75® 13 85: 1100-1300 lbs., good and choice, $10.25® 13; 1300-1500 lbs., good and choice, $10.50® 14; 550-1300 lbs . common and medium, $5.50® 10.50; heifers. 550-750 lbs., good and choice. $9.25® 11.50; common and medium, ss® 9.50; cow s, good. s7® 9.60; common and medium. $4.50®7. low cutter and cutter cows, s3® 4 50; bulls, yearlings excluded, good beef, $5.25®7; cutter, common and medium. $3 75® 5.50; vealers, good and choice, $7.50®9.75; medium, $6®7.50: cull and common. s4® 6; stocker and feeder cattle: Steers. 550-1050 lbs., good and choice. $6 25® 8.50; common and medium. ss® 6 50. Sheep—Receipts. 11.000; opening lairiy active; fully steady to strong on slaughter offerings; asking higher on limited number choice lambs on sale, sheep and feeding lambs firm, early bulk medium to good iambs. $8 25; bids and choice offerings upward to $9; asking $9 10 to $9 25 and above; ewes, S4 sfl®s 2a mostlv; feeding lambs quotable $6 503 7.50; I slaughter sheep and lambs: Lambs 90 lbs. down: good and choice. $8.25®9.25; common and medium. $6 75®8.40, 90-98 lbs., good and choice. sß®9; ewes, 90-150 lbs., good and choice. $4 8 5.50: all weights, common and medium, s3® 4 65: feeding lambs. 50-75 lbs., good ana choice. $6.7a ®7.50. LAFAYETTE. March s.—Market—steadv to 25c higher. 200-300 lbs . $9 60 ®9 65: 160-200 lbs. $9 40® 9.50: 150-160 lbs.. $8 75® 9 130 150 lbs.. $3 258 8 50. 120-130 lbs. $7 758 8. 100-120 lbs. $7®7.50; roughs, $6.75 down. Calves- —Steady; $9 down. Lambs--Steady; Sfe 50 down. FT. WAYNE March s—Hogs—sc to 25c higher: 200-250 lbs. $9 65: 250-300 lbs., $9 50: 300-350 lbs. $9 20: 180-200 lbs.. $9 55. 160-180 lbs. $9 45. 150-160 lbs.. $9: 140-150 Tbs $8.50. 130-140 lbs . $8 25, 120130 lbs.. $7 75 100-120 lbs $7 25: roughs. $8 25. stags. $3. Calves —$9.50. Lambs—sß 50. - ~

Building ti Loan Stocks Bought and Sold SCHLOSS BROS. INV. CO. 137 E. Wash. St. LI-2318