Indianapolis Times, Volume 46, Number 257, Indianapolis, Marion County, 7 March 1935 — Page 19

Wall St. Reform, Recovery Work at Cross Purposes. BY RALPH HENDERSHOT Tines Si*e-UI Writer NEW YORK March 7—A string can be pulled, but It can not be pushed. Credit is much the same. The tendency of a person to overborrow ran be restrained, but Retting him to borrow if he is disinclined to do so is quite another matter. The government placed no curb on overborrowing in 1927 and 1928. but in recent months it has

been atten.Dtuig to force money out into industiv m here it is no - , wanted. It has not been very successful. Tne reason why is that it can not be used profitably. At any rate, whose who have the proper rollat*’al to offer for loans these days can not use

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Ralph flrndenhot

addition?-! funds profitably. There are a great r ny, of course, who could use more capital in their businesses who are unable to get it. But if tnose who have money or the means of borrowing felt sufficiently secure, in all probability they would put it to work, and the operations they set in motion would immediately increase the borrowing power and capital of others, and o? her businesses with potential profit possibilities would start moving. The motivating force, of course, would be profits, but the efforts of the government have tended to reduce rather than increase profit possibilities. a a a IN its review of business conditions. the Guaranty Trust Cos. states that •'recovery policies designed to stimulate business and raise prices by increasing the volume of bank deposits are misdiirrt rd " It added that “they will no* achieve their purpose until the increase in volume is accompanied bv an increase in velocity.” "A recovery policy,’* it coni. ioed, “that frankly abandoned n -ory of deposit expansion but that assured a balanced %-deral budget at the earliest possible date, a stable currency, and an avoidance of further regulation of business along lines that intei sere with sound trade expansion would probably result in an increase in velocity that would be far more conducive to business recovery than any past or possible future increase in volume due to currency devaluation and to government borrowing and spending.” The bank implied. witlut actually saying as much, that the huge supply of loanable funds avail - able is acting as a detriment to business recovery. This can not be substantiated, and probably was prompted by the fact that the large amounts of money on deposit are becoming embarrassing. The banks can not find suitable employment for this money, and the oversupply tends to drive down interest rates on the money they can place. Earnings consequently are lowered. a a a BUT an amply supply of loanable money is needed for a business recovery, and when the proper time comes it will help along materially. It is only one leg of the stool, however, and that one leg is rendered even more ineffective by any activity on the part of the government to take the profits out of business. Reform tends to retard because It introduces changes, and business does not thrive on changes. If properly conceived it may prove a help in the long run. but its immediate effect is adverse in proportion to its importance. The time is about at hand when the government must make its selection between further reform and trade recovery.

182 BUILDING PERMITS ISSUED DURING WEEK Valuation Fixed at $36,204, William F. Hurd. Commissioner. Reports. Building permits Issued in Indianapolis for the week ended March 2 totaled 182. compared with 125 in the corresponding week last year. William F. Hurd, city building commissioner. has announced. Net valuation on the permits was $56 204. or an increase of $31,129 over valuation of building permits in the 1933 week. Total valuation on constructions for which permits have been issued so far this year is $348,385. against $217 405 in the corresponding period last year, a gain of $130,980. On Commission Row Questions below are average wholesale prices beint offered to buyers by local commission dealers. Frails— Bananas Sc a lb Apples. Indiana Wlnesaps. II 75: Golden Delicious. *1 55. Lemons, sunk:*?. 26Cs $4:5. Grapefruit Texas. seedless. *: 75; Arizona. Sis 70s and 80s *2 50 Limes. Mexican, per carton 12* 25c. Bvram. seedless, per hundred *3 Pineapples. Porto Ricans, crate $5 Avocados. Florida, box. $1 SO. Strawberries. Florida, pint. 16c per 36St crate. 15c. Apricots *3 crate Grapes outh America, white. *3. black. *3. $ reel able*—Cabbage, Northern Danish. 50-lb. bait. *1 50; red. 50-lb box. SI 25; New Texas cabbage, half crate. *2 50. Onions. sweet Spanish. large. 50-lb. bag $3: Michigan yellows. 50-lb bag $2 75 Texas green onions. 40c doz. Potatoes. Green Mountains 100-lb. bag. *l5O. selected cobblers 50-!b bag *1 75: northern round white 100-lb. bag. 81: Nebraska triumph 50-lb. bag. 82 25; Ohio*. 100-lb bag *5. Idaho Russets. 100lb bag 81 90. New Florida Triumphs, bushel. *2 Sweet potatoes. Indiana Jerseys, bushel. SI 65. Tennessee Nancv Halls, bushel. 81 35 Beans, round string'.ess. hamper. *2 32 25. wax. *2 25. Celery. • washed and trimmed), medium do*. 60c; jumbo. do*. 75c. hearts. doz *1 Cucumbers, ho? house dozen. *1 40: 2 dozen box. *2 50 Endue. California, dozen. 0e: create. *25 Egg plant. *2 50 dozen. Kale bushel. *1 Lettuce, hot house. 15-lb basket *1 15: Arizona Iceberg had lettuce. $3 50. Turn*, crate sa 56 Mangoes *3 50a a crate small basket. 65t Mint, adorer. sl. Parsley, dozen. 35c. Teas hampers. *2 75 Spinach. Texas, bushel. *1 50 4i 65 Radishes dozen 456 60* Tomatoes 10-Ib carton *lB5 Florida original. 82 75 Turnips bushel. 75c Parnips bushel. *1 35 Bee’s bushel t! 35 Carrots bushel. $1 25. 100-lb. sack si 7 Rhubarb hot house. 5-lb. carton’ S6 < *oc doz. bunches. 81. Mushrooms, lb 30c All quotations subject to change up or down. rmi ITX AM) VEGETABLES ißv United Press' CHICAGO. March 7.—Apples- Michigan Jonathans. 8150it75. Mclntosh. *1 50a 17* Turnips Illinois bushels. 20 U 35c Lettuce—Western crates 2*i2 56. Carrots -California, crates. *2 25<i2 50. Illinois, bushels. 65b 75c Sweet Potatoes—Tennesse. bushels 90c *,s: Indiana 81 25n 1 35 Beans-Florida. busßels. sreen. 51.253. Spinach—Texas, bishe.s, 8125411 60 Cabbage Wisconsin. 100-lb sacks. *2vi 2SO L’tucn Sr'—Michigan sacks a bushei. No. 1 Si a 4.15 Colon Market- Michigan vellona. 82*13 16 Michigan whites. *24i2 2S wes'ern Valencias 83.25. lUiccia-Wisconsin >*-s*. 81 25 a 1.75.

BANK OF ENGLAND ACCUSED OF WRECKING PRICES IN WORLD TO SERVE ITS OWN INTERESTS United States Is Urged to Buy Silver and Sell Gold to Counteract Effects in Booklet by Husband of Doris Duke. By Time* Special NKW YORK, March 7.—“ How the Bank of England has wrecked American and world prices to serve its own interests, and how heavy purchasing of silver should mark America’s counter-of Ten. ive in the economic war between the two great Anglo-Saxon nations,” is the caption which appears on a liooklet being circulated by the Sound Money League. The author of the liooklet is James H. R. Cromwell, chairman of the league, who recently married Doris Duke.

Mr. Cromwell proposes what he terms the ‘‘Gold Stabilization Plan,” which .suggests large scale selling of gold by a proposed Central Bank, owned by the government, but not politically controlled, and correspondingly large-scale buying of silver. Sees Plot in England A group of English capitalists controls British finance, and it plans to depress world commodity prices through raising the price of gold, he says. He insists his proposal would balk the capitalists. “Never before in the history were th' nany so ruthlessly sacrificed for th. benefit cl the few,” Mr. Cromwe writes, referring to the London gn ip. "From 1925 to 1931 the British people suffered the most drastic and harrowing deflation ever known --all pursuant to the deliberate, narrow-minded and malignant policies of the notorious Cui.iiffe Committee. which had recommended in 1919 that the Bank of England •deflate’ and return to tne gold standard.” In American, he declares, there is “a small group who possess the knowledge through which the Bank of England's strategy can be circumvented.” Warnings Unheeded “Their warnings unheeded, their recommendations ignored, this group has watched with heavy hearts the i devastation of the world and their ! own country by the imponderable monetary forces unloosed by British banking interests,” Mr. Cromwell asserts. “They have witnessed the rape of liberty in one nation after another, and have watched civilization's steady retrogresison toward the tyranny and low economic standards of the Middle Ages.” The efforts of the Roosevelt administration to end the depression in America he terms as “pitiful stopgaps." He holds that the depreciation of the dollar played directly into the hands of the British by bidding up the price of gold still further, and thereby reducing the price of commodities in world markets. Suggests Way Out But the tide could be turned, he asserts, by selling gold to make it cheaper, and buying silver, causing the great hoarders of gold to do likewise in order to protect their investments. Not only must a central Bank be set up here, he believes, to insure a cotinuity of policy and skill in operation of the Gold Stabilization Plan, but banking reforms within the country must be affected. “If silver should rise above $1.29 per ounce,” he points out incidentally, “it would pay the people of India to demand redemption of their paper rupees and might cost Great Britain economic control of her Indian Empire.” The creditor position of the United States, he believes, would be sufficient safeguard even to part with our entire supply of gold. Our creditors would have .o pay it back to us. he feels sure. SINKING FUND PLANNED British American Oil Will Ask Sanction of $5,000,000 Issue. By Time* Special TORONTO. March 7.—ln order to retire bank indebtedness incurred during the last few years, shareholders of British American Oil Cos. will be asked at the annual meeting here March 13 to sanction the creation of an issue of 4 per cent sinking fund debentures to the aggregate par value of $5,000,000, it was learned today. The new issue will be retired March 1, 1945. Produce Markets Delivered In Indianapolis prices: Heavy breed hens. 14c: Leghorn hens, 9c; colored springers. 13c: heavy stags. 9c: Leghorn stags. 7e; 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. e'l! be made. Butter—No. 1 34@35c; but fat 30c. Quoted bv the Wadley Cos. <By United Press t CHICAGO. March 7. Eggs M steady, receipts. 15.321 cases; extra hists, 22%c. fresh graded firsts. 21%c; current receipts. 20%c; dirties. 19c: checks. 18%c. Butter—Market steady; receipts. 6117 tubs; extra firsts (90-91% score'. 29®29%c: extars >92 score*. 29%c; firsts iBB-89% score' 28 ! .-..'28 3 c: seconds >B6-87% score'. 28c specials 30%® 30%c: standards. 29%c. Poultry—Market steadv to weak; receipts. 19 trucks. 1 car: springers. 20c; broilers. 2J*.®23%c: capons. 6 to 7 lbs. 23c; old roosters. 1J%®14%e: ducks. 17®21c: turkecs. 19*i 21c geese. 11® 15c: stags. 16%c; frvers. 22%®23%c; hens. 16®20c: Leghorns. 13 117 c Cheese —Twins. 16%17c; Daisies 17®17%c: Longhorns. 17%®17%c. Potatoes -Old stock, supply moderate; demand and *radir.g sloa; market steadv. Wisconsin Hound White. 72%®75e; commercial grade 72%c. Idaho Russets—La’e sales Wednesday. *1 42%® 1 50; early sales Thursdav. $1 50 commercial grade. $1 35: Untied States No 2 II 25 New stock, supply moderate demand and trading dull; market about steadv; no sates reported. Arrivals 58. on track. 246: shipments. 752 CLEVELAND March 7 Butter—Market, steadv extras 34c standards. 35c. Eggs— Steadv; extra white 21c current receipts. 20 ! -e Poultry--Firm, fowl.* 6 lbs. and under 20c Leghorn fowl. 18c; ducks vour.g 24 ;2Sc: ducks old 20c Potatoes— Maine |! il 10 a l*o-lb bag. Ohio mostly. 70<t75c a 100-lb. bag: New York. 80c a 100-lb. bag. OTIS GETS CONTRACT By Tim*# Special CnICAGO. March 7.—Continental Illinois National Bank and Trust building awarded a contract involving S4I.(M) to Otis Elevator Cos., for installation of 204 new hatchway doors and automatic door closers, it was learned today.

Abreast of The Times on Finance

SWINE VALUES DROPSLIGHTLY All Classes Steady to 10 Cents Lower; Cattle Market Active. A slight weakness featured dealings in the pork market at the Indianapolis Union Stockyards today, and the general run of prices were steady to 10 cents lower than yesterday's best average. Following the advance of the previous session, prices were within 10 cents of a $lO level which was the highest paid since 1930. The weak undertone was evident in face of a slight decrease in the number of supplies on hand. The major factor behind the downward movement, however, was attributed largely to a decrease in demand for pork at butcher shops since meat values have soared to new high levels. Receipts were estimated at 4000. while holdovers numbered 238. Bulk, 160 to 350 pounds, sold at $9.60 to $9.80, while best grades were salable at $9.85. Light lights, scaling 130 to 160 pounds, cashed in at $8 25 to $8.95. Others weighing 100 to 130 pounds, brought $7 to SB. Good grades of packing sows ranged from $8.50 to $9. Trading was active and fully steady in the cattle market, with mast steers, consisting largely of odds and ends, selling under sll. She stock were in demand. Veals held steady at $lO down. Lamb values were strong, with good and choice fed western and native classes selling at $9. Throwouts held at $6.50 to SB. Receipts were 3000. HOGS Bulk. Top Receipts. Mar. 1 $8.30® 9 55 $9.60 4500 2. 9.60® 9.75 9.75 1000 4. 9 50IS) 9.70 9 75 4000 5. 9 60® 9.75 9 80 500 C 6. 9.70® 9.85 9.90 4500 7 9.60 ® 9.80 9.85 4000 Light light: >l4O-160) Good and choice... $8 75® 9 50 Medium 8.25® 9.25 Lieht weight: 1160-180) Good and choice... 9.70® 9.75 Medium 9.10® 9.50 1180-200) Good and choice... 9.75® 9 80 Medium 9.25® 9.60 Medium weight: i2OO-220i Good and choice... 9.75® 9.85 1220-2501 Good and choice... 9.80® 9.85 Heavv weieht: i250-2901 Good and choice... 9 70® 9.’ <290-350) Good and choice... 9.60®. 7.i0 Packine sows: (275-350) Good 8 85® 9.15 (350-425) Good 8 75® 9.00 (425-550) Good 8 60® 890 1275-350) Medium 8 25@ 8.75 Slaughter pies: iIOH-140) Good and choice... 7.00® 875 Medium 6.25® 8.50 CATTLE —Receipts, 600— —Steers—-(sso-900) Choice ,$10.75® 12.75 Good 9.50® 11.75 Medium 7.00® 9.75 Common 5.00® 7.25 (900-1100) Choice 12 25® 13.50 Good 9.75® 12.75 Medium [email protected] Common 5.50® 7.75 (1100-1300) Choice 12 75W13.75 Good 10.00® 12.75 Medium .. B.oo® 10.00 (1300-1500) Choice [email protected] —Heifers—-(soo-7501 Good 10.25® 12.75 Choice 9.50® 10 50 Good 8 50® 9.50 Common 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—(Yearlines Excluded) Good 5.75® 7.00 Common and medium 3.75® 5.75 VEALERS —Receipts. 600— 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® 900 Common and medium 3.50® 6.25 —Feeder and Stocker Cattle——Steers— isoo-900( Good and choice.... 600 ® 8.00 Common and medium 4 50® 6.n0 (900-1050' Good and choice... 6 00® 825 Common and medium * 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 $8.25® 9.00 Common and medium 6 00® 8.25 90-120 lbs., good and choice... 4.00® 5.00 Sheep: 120-150) Good and choice .. 3.50® 4.75 1 weights, common and medium 2.50® 3.75 Other Livestock (By United Press) LAFAYETTE. March 7.—Market steadv to 10 cents lower: 200-300 lbs., $9 65® 9.70'; 300-325 lbs , $9 50; 160-200 lbs.. $9 50®9 60; 150-160 lbs . $8 75@9: 130-150 lbs . $8 25®. 8 50: 120-130 lbs. $7.75®8: 100-120 lbs.. s7® 7 SO: roughs. $8 75 down. Calves—steady, $9 down. Lambs—Steady, $8.75 down. FT WAYNE March 7.—Hogs—Steady; 200-250 lbs. $9.75: 250-300 lbs.. $9 60: 300350 lbs $9 30: 180-200 lbs . $9 65. 160-180 lbs. $9 55: 150-160 lbs. $9: 140-150 lbs.. $8 50: 130-140 lbs.. ?8.25; 120-130 lbs . $7.75: 100-120 lbs $7 25: loughs. $8 25; stags, $6. Calves, $9 50 Lambs. $8 50. ißv Times Special) LOUISVILLE. March 7.—Cattle—Receipts. 200; slaughter steers in light supplv: aualitv. plain: market moderately a.'tnr fullv steadv: bulk, common to medium steers and h*ifers. s6® 8; few cl - mon datrvbreds dowe to $5 50; better anished fed offerings quo-able to aroitaa $10: bulk beef cows $4 50® a.50. heavy kinds and smooth heifer types -f.lable to $6 50 or better: low cutters and cutters mos-lr $2.50*: 4. sausage bulls salable mostly $5 down: desirable beef bulls to $5 50 and above: bulk desirable Hereford stock calves. $6 50 a 7 50. Calves—Receipts. 300; including 85 stock calves: market steadv bulk better vealers. $7.5068.50: strictly choice. $9; medium and lower grades. $8 50 down. Hogs—Receipts. 600; market steadv: top and bulk better. 180-250 lbs., $9 55; 255 lbs up. $9 10: 160-175 lbs. $9 05; 140-155 lbs. $8 35: 120-135 lbs.. $7 60: sows. 400 lbs down. $7.80, heavier weights discounted 50c. Sheep—Receipts. 500; market generally steadv on native slaughter sheep and lambs bulk medium to good natives. s7® 8. choice ouotabie higher; common throwouts. $6; l at ewes. $3.50 down.

INDIANAPOLIS, THURSDAY, MARCH 7,1935

•• Fltuirutf Os CHANbf FROM WIJ 'O M4&:* t 93 9 TO lUliums MABCM 450 ' - The Trend of Business * so *4s' . S ! 1 DURING TM$ TWO YEARS OF THE NEW OEAI ♦ 4S ♦4O • iff XV • U . i 1 I- f*4o :**: # v >• 30 <o/ > V 7 ■■■■* 30 • y \ —V i 7, •• ♦ IS / -is ♦lO 1 •♦!(> •; ' . .1 ■[ I V P"HOLD ItANOARO Goto PURCHASI PLAN SUSPENDED * ANNOUNCED , L-, la I • > — ‘ 1 ,1 11-... . 1 : u,| L • AtTK COLD CLAUSE I LUE EACIt IABOtt PBOMIBITION 'OOUAR COTTON CONTROL NATIONALIZATION NATiOnai SUPREME COURT j HOLIDAY CANCELLED |RirE StAKTt StaiAtk- , REPEALED REVALUED LAW. OF SILVER. ELECTION COLD DECISION • OTTiTiTTTTTi rfl IWVn 1 MAR. APR MAT JUNf JULY AUG SfPT OCI NOV. DEC TAN fit MAR APR MAT JUNE JULV AUG. -.SEM OCT NOT OEC. ' JAN 66 MAR *■ i-" ■ . s/ "■ s/ ' / " y f (Reprinted from United States News).

A chart line of business activity during the first two years of the New Deal reveals the following; Uptrend for four months following March, 1933. Reasons: Precode activity; inflation hedging. Then down for four months to November, 1933. Reasons: Speculative liquidation, consumption of big inventories. Up for six months from November, 1933, to May, 1934. Reasons: Need for replenished inventories, reaction from sharp slump, CWA spending. Then down four months to September, 1934. Reasons: Fear of gov-

>Bv Thomson & McKinnon) 11 A M. Prev. Oils— High. Low. NY. Close. Atl Rfg 22 3 s 22 3 b 22% 22% Barnsdall 6 6 6 6'a Consol Oil 7% 7% 7% 7% Cont of Del ... 17 16% 16% 16% Houston (new) . 2% 2% 2% 2% Phillips Pet .... 14% 14% 14% 14% Plymouth Oil ... 7% 7% 7% 7% Pure Oil 6% 6% 6% 6% Shell Un 6% 6% 6% 6% Okellev Oil 7% 7% 7% 7% Soc Vac 12% 12% 12'/4 12% S O of Cal 29% 29% 29% 29% S O of Ind 24% 24% 24% 24% S O of N J 38% 38% 38% 38 Texas Corp 19 18% 19 18% Un Oil of Cal .. 15% 15% 15% 15% Steels— Am Roll Mills . 18% 18 -18% 18% Beth Steel 25% 25% 25% 25 Cruc Steel 17% 17% 17% 17% McKeesport Tin. 97 96% . 97 97% Mid Steel 10% 10% 10% 10 Natl Steel 43% 43 43% 43 Otis Steel 4% 4% 4% 4% Rep Iron & Steel 10% 10% 10% 10% Rp Irn & Stl pfd 34 34 34 35 U S Pipe & Fdy. 16% 16% 16% 16% U S Steel 31% 30% 31 30% U S Steel pfd 79 Vi 79 79 81 Warren Bros . 3% )% 3% 3% Youngstn S& T 15% 15% 15% 15% Motors — Auburn 19% 19% 19% 19 Chrysler 33% 33% 33% 33-ts Gen Motors 28% 28% 28% 28% Graham M0t.... 2% 2 2% 2 Hudson 9% 9 9 % 8% Hupp 2% 2 2 2 Nash 13% 13% 13% 13 Packard 4 3% 4 3% Motor Access— Bendix 13% 13% 13% 13% Borg Warner ... 32% 31% 32% 31 Briggs 28 27% 27% 27% Buad Mfg 4 4 4 3% Budd Wheel 33 33 Eaton Mfg 17% 17% 17% 17% Elec Auto Lite.. 22% 22 22% 21% Houdaille (A)... 7% 7% 7% 7% Murray Body ... 5% 5% 5% 5% Stew Warner .. 7% 7 7% 6% Timken Roll .... 30% 30% 30% 30 Mining— Alaska Jun 17< s 17 17% 16% Am Smelt 35 34% 35 34% Anaconda 9% 9% 9% 9% Cal & Hecla 2% 2% 2% 2% Cerro de Pasco. 43% 42% 43% 42Vs Dome Mines .... 39 38% 39 39 Gt Nor Ore 9% 9% 9% 9'/s Ins Copper ... 2% 2% 2% 2% mt Nickel 23 22% 23 , 22% Kennecott Cop... 15% 15 15'/4 15% Mclntyre Mine.. 42% 42% 42% 42% Noranda Cop ... 33% 33% 33% 33% Phelps Dodge .. 14% 14% 14% 14% St Joe Lead .... 12% 12% 12'A 12% U S Smelters ....117% 117 117% 117 Vanadium 15% 15% 15Vi 15% Amusements— Crosley Radio.. 14 14 14 13% Loews Inc 35 34% 35 34% Radio Corp .... 4% 4% 3% 4% Paramount 3% 3% 3% 3% RKO 1% 1% 1% 11/2 Wprner Bros ... 32% 33 Tobaccos— Am Tob ‘-A’’ ... 78% 78% 78% 77% Lorillard 20% 20% 20 % 19% Reynolds Tob B' 48 Vs 46% 48 47% Rails— A.chison 40% 39% 39% 39% B & O 9% 9% 9V* 8% Can Pacific 10% 10% 10% 10 Ch & Ohio 40% 40% 40% 41% C M & St P ... 2 2 2 2 CM & St P pfd. 2% 2% 2% 2Vi Chi N W 3% 3% 3% 3% Del Lac & W .. 12% 12% 12% 12% Erie 8% 8% 8% 8% Grt North pfd .. 11% 11 11% 11% 111 Central 10% 10% 10% 10 M E & T 3% 3% 3Vs 3Vs M K & T pfd . . 6% 6% 6% 6 N Y Cent 14 13% 13% 13% N Y New Haven 4% 4% 4% 4 N Y Ont & West 3% 3% 3% 3% Nor Pacific .... 14% 14% 14% 14% Penn R R 19% 18% 19% 18% Sou Pac 14% 14% 14% 14% Sou R R 9% 8% 9% 8% Union Pac .... 90% 89% 90 89% West Maryland. 6% 6% 6% 6% Equipments— Am Brake Shoe . 25 25 25 26 Am Car & Fdv. 13 12% 13 12% Am Loco 11% 11% 11% 11 Am Steel Fdv. 1..4 14 14 13% Bald Loco 1% 1% 1% 1% Gen Am Tk Car. 34% 34 34% 34 Gen Elec 22% 22% 22’% 22% Pullman Inc .... 45 45 45 45 West Air Br ... 20 20 20 19% Westingh Elec .. 37% 35% 36% 36% Utilities— Am & For Pwr . 2% 2% 2% 2% Am Pwr & Lit.. 2 2 2 2Vs AT&T 105% 104% 105% 104% Am Wat Wks .. 9% 9% 9% 9% Col Gas & Elec . 4% 4% 4% 4% Conn & Sou ... % % % % Consol Gas ... 17 16% 17 16% Int Hydro Elec.. 1% 1% 1% 1% Interboro R T... 12% 12% 12% 12% Int T & T 7 6% 7 7 Lou G & E (A) 12% 12% 12% 12% Nat Pwr & Lit.. 5% 5% 5% 5%

Stock Studies

KROGER GROCERY & BAKING $ COMMON STOCK PfO -T’ft'CL SMAAI EARNINGS PRICE RANGE SCALE "slip 0 . m„ u [3O 31 32 33 34130 31 32 3334| winchester institute of finance

The Kroger Grocery and Baking Cos. is the third largest grocery chain in the country. The company now operates 4366 stores, more than half of which include meat markets. Nearly 35 per cent of stores had an average weekly gross of SIOOO to $2500 in 1934. The company owns “Piggly-Wiggly” and also licenses others to use this name. Operations are chiefly in the Middle West. FINANCIAL DATA A* of Dec. 29. 1934. Coirr. , 'r stock mo par)... 1.830.886 shares Preferred stocks $ 111 000 Surpluses 14.095.536 Investments - 6.152 935 Cash and securities 9.091.801 Inventories §l2 Total current assets 32._2123.909 Current liabilities 7.520.765 Kroger Grocery and Baking was incorporated in i902 in Ohio. The common is listed on the New York and Cincinnati Stock Exchanges. At a current price of around 24 the common stock sells to yield about 64 per cent on its regular dividend and for 104 times earnings. (All Rishts Reserved. Winchester Institute of Finance. Winchester. Ma^s.).

BREAKDOWNS AND MISHAPS IN WORK OF NEW DEAL AGENCIES CHARTED

New York Stock Exchange Prices

North Amer .... 10% 10% 10% 10% Pac G& E 13% 13% 13% 13% Peoples Gas 17% 17% 17% 18 Pub Serv N J.. 21 20% 20% 20% So Cal Edison.. 11% 11% 11% 11% Std Gas 2% 2% 2% 2% Stone & Webster 32% 33 United Corp 1% 1% 1% 1% Un Gas 1mp.... 10 9% 10 9% Ut Pwr &Lt (A) 1% 1 % IVs 1% Western Union.. 24 23% Rubbers— Firestone 14% 14% 14% 15 Goodrich 9 8% 9 8% Goodyear 20% 19 V* 20 19% U S Rubber... 12% 12% 12% 13% U S Rubber pfd 31% 31 31% 30% Miscellaneous— Allis Chalmers.. 15% 14% 15% 1414 N. Y. Bonds (Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Indus. Rails. Util. Bonds. Today 86 5 *76 5 94 *85.7 Yesterday 86.4 77.6 94.5 86.1 Week ago 86.5 78.8 93.9 86.4 Month ago ... 86.2 81.5 92.1 86.6 *New 1935 low. (Copyright, 1935, by Standard Statistics) U. S. GOVERNMENT BONDS (By Fenner & Beane) Libertys Prev. Close, close. Ist 3%S 1932-47 103.2 103 Ist 4’is 1932-47 102.13 102.14 4th 4%s 1933-38 (uncalled).. 103.14 103.13 4th 4Vis 1933-38 (called) 101.10 101.24 Treasury* 4 Vis 1943-45 116 116.5 4s 1944-54 110.30 111.7 3%s 1946-56 109.24 109.23 3%s 1940-46 107.9 107.16 3%s 1943-47 106.26 106.30 3%s 1941-43 107.8 107.16 3 Vis 1943-45 105 8 105.18 3 Vis 1941 107.10 107.16 3%S 1944-46 105.7 105.14 3 VaS 1946-49 104.13 104.20 3 Vis 1949-52 104.12 104.23 3s 1951-55 103.10 103.22 3s 1946-48 103.12 103.20 Home Owners Loan Corp. 2%S 1949 100.8 100 4 3s 1952 102.26 102.2 4s 1951 101.16 101.16 Federal Farm Mortgage Corp. 3’4s 1964 103.20 103.27 3s 1949 101.27 102.2 3s 1942-47 101.28 102.4 DOMESTIC Prev. Issue. Close, close. Alleg Corn 5s ’44 70 70% Alleg Corp 5s ’49 60 61 Alleg Corp 5s ’SO 17% 18'% Am Frgn Pow 5s 2030 56 56 Am Tel & Tel s'is ’43 113% 113 Am Tel & Tel 5s ’65 112% 112 Arm & Cos (Del) 5%s ’43.... 105% 105% Atl Coast Line 4s ’52 102 102% Atl Coast Line 4’/is ’64 86 V 4 86 Atch Top & S Fe 4%s ’4B 106% 10% Am Wat Wks 5s ’44 90'% 91 Vi Am Rolling Mills 5s ’3B 105% 106 Balt & Ohio 5s ’95 60 61 Balt & Ohio 6s ’95 69% 71% Balt & Ohio4%s ’6O 43 44% Buff Roch & Pitt 4%s ’57 .... 59 59% Beth Steel 5s ’36 103% 103% Chi Milw & St PI 5s ’75 16 15% Chi Milw & Stl P 5s 2000... 4% 4% Cleve Un Term 5s ’73 90 92% Cleve Un Term 4'is '77 82% 85 Col Gas 5s Mav '52 76% 78% Col Gas 5s April ’52 77% 76% Col Gas 5s ’6l 76 77 Can Pac Perp 5s 85% 85% Cent Pac 5s '6O 74 75% Big Four 4%s ’77 58 60 Chi & West Ind 4s '52 98% 98% Chi & West Ind 5%s ’62 .. 104 103% Chi & Nor West 4%s ’49. .. 13% 14% Con Gas 5s ’57 105% 105 Vi Chesa Corp 5s ’47 104% 104% Dodge Bros 6s '4O 106% 106% Del & Huds 4s ’43 83 5 a 8? N Y Dock 4s ’sl 65% 65% N Y Dock 5s '3B 45% 45% Erie 5s ’75 59 60 Erie 5s ’67 60% 61% Gen Cable 5%s ’47 88% 88% Grt Northern 7s ’36 87 87% Grt Northern 4%s '76 70 72 Grt Northern 4%s ’77 . 69% 71% Gen Stl Cast WW 5%s '49 81% 82% Hud & Manhat Ref 5s ’57 ... 88% 89 111 Cent 4%s '66 50% 50% 111 Cent Jt 4%s ’63 60 61% 111 Cent 5s '63 63% 66% Interntl Hv Elec 6s '44 37 37 Interlake C&I 5s ’sl 76% 76% Interntl Tel & Tel 4%s '39.... 67 66 Vs Interntl Tel & Tel 5s ’55 .... 59% 61 Interntl Tel & Tel 4%s ’52 ... 56% 56 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 54% 56% Nickel Plate 5%s '74 66 66 Nickel Plate 6s ’35 57 58 N Y Cent 5s 2013 53 56% N Y Cent 4%s 2013 (old) 49% 51% Nor Am Cos 5s '6l 85% 85% Nor Pac 3s 2047 75'% 76 Nor Pac 4%s 2047 83% 83% Nor Pac 6s 2047 94% 95% Nor States Pow 5s ’4l 106% 106% Otis Steel 6s ’4l 77 80 Penn Ry 4%s ’B4 104 104 Penn Ry 4%s 'Bl 103% 104 Penn Rv 4%s ’7O 94V* 94% Pac G & E 5s ’42 107 107 Portland Gen El 4%s ’6O 55% 56% Para Publix 5%s ’SO 74 74% Penn P & L 4%s ’Bl 103% 103% Postal Tel & Cab 5s ’53 45 45 Rem Rand WW 5%s ’47 103 103 Sinclair Oil 6%s ’3B 103% 103% Shell Union Oil 5s ’47 103% 102% Sou Pac 4%s ’6B 60 % 62% Sou Pac 4%s 'Bl 61 62 Sou Pac 4 Vis ’69 61% 62% Sou Pac 4s ’49 66% 67 Sou Rail 4s ’56 43 43% Sou Rail 6s ’56 58% 61 Sou Rail 6%s ’56 58% 62% Sharon Stl Hood 5%s '4B ... 83% 83% Texas Pac 5s ’BO 86% 87% Texas Pac 5s ’79 86 87% Texas Pac 5s ’77 87% 88 Union Pac 4s ’47 11l Hi United Drug 5s '53 89% 89% U S Rubber 5s ’47 95 95 N Y N H & Kart 6s ’4B 34% 35 N Y N H & Hart 4%s *67 ... 30% 31 Warner Bros 6s '39 49% 50% Western Marv 5%s '77 99 98% Western Marv 43 '52 93% 94% Youngstown S & T 5s '7O .... 95 94% Youngstown S&T 5s '7B 94% 94% FOREIGN Argentina A 6s '57 92 93% Argentine B 6s 'SB 92% 93% Brazil 8s ’4l 31% 32% Canadian Govt 4s ’6O 105% 105% Denmark 5%s '55 99 99% German 5%s '65 30% 32% German 7s '49 41 43% Italy 7s 'sl 90% 90% Japan 6%s ’54 92% 92 Poland 7s '47 123% 125% Rome 6%s '52 80% 81% Tokio City 5%s '6l 78% 79, Yokohama 6s '6l 84% 84 2 FEDERAL FARM LOAN BONDS (By Birth & Cos.) Bid. Ask. 4s. July 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%5. Jan. 1. 1957-37 103% 104% 4%5. Mav 1. 1957-37 103% 104% 4%5. Nov. 1. 1958-38 104 104% 4%s Mav 1. 1942-32 101% 101% 4%. Jan. 1. 1943-33 101% 102 4%. Jan. 1. 1953-33 101% 102 4%. Jan. 1. 1955-35 101% 102 4%5. Jan. 1. 1958-36 103 1 03% ss. Mav 1. 1941-31 101% 101% ss. Nov. 1. 1841-31 001% 101%

PAGE 19

ernment policies, end of CWA spending. Up four months to January, 1935. Reasons: Replenishing of inventories, larger farm buying, increased government spending. Then leveling off to March. Net result: About a 38 per cent gain in business activity from depression bottom in March, 1933. About a 5 per cent gain in the last year. The cost: An 8 billion increase in the national debt. Along with business activity has gone a gradual rise in wholesale commodity prices, carrying them 35 per cent above the depression low.

Amer Can 116% 116% 116% 116% Am Mach & Fdy 20% 20 20% 19% Brklvn Man Tr.. 4040 40 38 Burroughs Add . 14% 14% 14% 14% J I Ca>e 53% 53 53 % 52% Conti Can 70% 70 70% 69 Caterpillar Tract 40% 4040% 40 Eastman Kodak 118% 117% 117% 118 Fosteo Wheeler.. 11% 11% 11% 11% Gillette 13% 13% 13% 13% Giidden 25% 25% 25% 25% Inter Harv 37% 37 37% 38 Natl Cash Reg.. 15 15 15 14% Owens Bottle ... 89% 89% 89% 88% Rem Rand 9Vs 8% 9 8% Underwood E ... 56% 56% 56% 55'% Foods — Am Sugar 66% 66% 66% 66 Armour Com ... 4% 4% 4% 4% Armour 6% pfd. 68 68 68 67% Borden Prod ... 25 24% 24% 24% Cal Packing .... 39% 39% 39% 38% Canada Dry G A 10% 10% 10% 10Vs Cont Bak "A”.. 4% 4% 4% 4% Crm of Wheat.. 39% 39% 39% 39% Gen Foods 34% 33% 34% 33% Gold Dust 16% 16% 16% 16% G W Sugar 30% 30'% 30% 30 Hershey 76% 76% 76% 76% Loose Wiles .... 34% 34% 34% 34% Natl Biscuit 26 25% 26 25% Natl D Prod - . 16% 16% 16 1 2 16% S Porto Rico Sug 23% 23% 23 7 h 23% Std Brands 16% 16% 16% 16% Un Biscuit 24% 24 24 24% United Fruit ... 80 80 80 79 Retail Stores— Best &Cos 35% 35% 35% 35 Vi First Natl Stores 49 49 49 48% Gr Un Tea 2% 2% 2% 2% Hahn Dept Sts . 5% 5Vs 5% 4% Kresge S S 20% 20% 20% 20% Kroger Groc 23% 23'% 23% 23% Macy R H 37% 37 37% 36% McLellan St .... 12% 12% 12Vs 12 Marshall Field .. 7% 7% 7% 7% Mont Ward 74% 23% 23% 23% Penney JC . .. 65% 65% 65% 66% Sears Roebuck . 33% 32% 33% 33% Woolworth 54'% 54% 54'% 54 Aviation Aviation Corp .. 3% 3% 3% 3% Boeing Aircraft. 7% 7% 7Vs 7 Curtiss Wright 2% 2% 2'% 2% Curt Wright ’’A’’ 7% 7 7'% 7% Douglas Air .... 19% 19% 19% 19% Sperry Corp .. 8 7% 7% 7% Utd Aircraft New 11% 11% 11% 10% Col Carbon 77% 76'% 77% 76', 2 Com Solvents ... 20 19% 19% 19 Dupont 92% 91% 92% 91% Liquid Carb 26 25% 26 26 Math Alkali 25% 25% 25% 25% Natl Dis (new).. 26% 26% 26% 25% Schenley Dist .. 24% 24% 24% 38% Tex Gulf Sulph.. 31% 31% 31% 31% Union Carbide.. 47 46% 47 46% U S Ind Alcohol. 38% 37% 38% 39% Drugs— Coty Inc 4% 4% 4% 4% Lambert 27% 27% 27% 27’a Sterling Prod ... 63% 63'% 63% 6.3 1 .1 Un Drug (new). 9% 9% 9% 9% Vick Chem 37 37 37 36% Financial— Adams Exp 5 5 5 5 Allegheny Corn .1 1 1 1% Chesa Corp 39 39 39 39% Transamerica .5% 5 5 5 Tr Conti Corp... 2% 2% 2% 2% Building— Am Radiator ... 11% 11% 11% 11% Gen Asphalt .... 13% 13% 13% 13% Int Cement ... 25% 25% 25% 25% Johns Manville 20% 25'4 25% 25 1 2 Libby Owens Gls 25% 25% 25% 25% Otis Elev 13% 13% 13% 13 U S Gypsum.... 31% 31% 41% 41 Household— Col Pal Pett-... 17% 17% 17'i 17% Congoleum / 29% 28% 29 28% Kelvinator 16% 15% 16% 15% Proc & Gamble. 48% 48 48 48% Servel Inc ... 8% 8 8% 8% Simmons Bed . 7% 7% 7% 7 Textiles— Amer Woolen .. 6% 5% 6% 5% Belding Hem .. 12% 12% 12% 12% Celanese Corp .. 25% 24% 24% 24% Collins Aikman . 10% 10% 10% 10% Indus Ravon .... 29% 29% 29*5 28% Kayser Julins .. 16% 16% 16% 16% Chicago Stocks (By Abbott, Proctor & Paine) 11:00 Prev. A. M close. Bastian Blessing 2% 2% Borg Warner 32% 32% Butler Bros 6% 6% Chicago Corp 1% 2 Chicago Corp pfd 29% 29% Cord 2% 2% Grt Lakes Dredge 17 18% Marshall Fields 7% 7% Libby 7% 7% Perfect Circle 36% 35 Swift 16% 16% Vortex Cup 18Vi 17% New York Curb (By Abbott, Proctor & Paine) 12 (Noon) Prev. N. Y. close. Allied Mills 13% 13% Am Cyanide (B) 16 15% Am Superpower % 3 4 Atlas Corn 7% 7% Brown Forman 7% 8% Distillers Corp 16% 16 El Bond and Share 4% 4% Ford of Europe 7% 7% Hiram Walker 27% 27% Humble Oil 47 46% Lake Shore Min 56 55 Natl Bellas Hess 1% 1% Pan Am Airways 4040 Penn Road 19% 20 St of Ky 19% 20 Teck Hughes Gold 4% 4% BOND ISSUES TOTAL $1,489,500 IN MONTH Approved State and Municipal Obligations Fall Below January. By Times Specitl NEW YORK, March 7.—New state and municipal bond issues reported approved by the voters of 39 communities in 18 states during February totaled $1,489,500 as compared with $3,614,588 in January, according to the Daily Bond Buyer. February totals for previous years were $7,437,048 in 1934. $586,000 in 1933 and $2,437,300 in 1932. All items were under $200,000 each. During February a total of $3,269,300 of proposed financing was disapproved by the voters of 16 communities in 12 states, as compared with $2,361,500 in January. February totals for previous years were sll,139.680 in 1934. $978,000 in 1933 and $4,196,350 in 1932. Largest items rejected were Greenville, Miss., $1,500,000, and Ventura, Cal., $1,150,000.

What Does It Mean? Revenue Bonds—Principal and interest, on these securities is payable only out of revenues and not from other sources, such as tares.

TRADING DULL ON BIG BOARD Most Shares Rise Fractions to More Than 1 Point During Morning. B[l United Press NEW YORK, March 7.—Extremely dull trading came back to the stock market today as prices rose fractions to more than a point. Volume the first hour was only about half that of the first hour yesterday, as traders —speculative ardor quieted by uncertainty over monetary matters and the business trend —again drifted to the sidelines. But prices slowly recovered with leading industrials and rails in the forefront. Atchison, New York Central, Bethlehem Steel, United States Steel. Chrysler, General Motors and some farm equipments showed fractional gains. J. I. Case climbed a point to 53 !i. There were individual situations with Chesapeake & Ohio touching a new low for 1935 at 40%, off %; Socony Vacuum touching anew low of 12%, off !*; Columbia Gas at a new low of 4!4, off %, and United States Steel preferred oc 2% at 78%. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,138,000.00 Debits 5.104,000.00 TREASURY STATEMENT 'By United Press) WASHINGTON, March 7.—Government expenses and receipts for the current fiscal year to March 5. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $4,634,145,307.79 $4,331,472.111 52 Receipts. 2.322.393,397.32 1,947.784.857.84 Deficit 2.311.751.910,47 2.383.687,253.68 Cash Bal. 2,013 364,171.86 4 874,633,950.89 Chicago Grain Futures (Bv James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close. May 95% .95% .95% .95 Julv 90% .89% .90 .89% Sept 89% .89 .89% .88% Corn— May 82 .81% .81% .81% July .77% .77% .77% .77% Sept 75 .74 % .74% .74 % Oats— Mav 48% .48% .48% .48% Julv 42% .42 .42 .41% Sept 40% .40.40 .40% Rye— Mav 63% .62% .62% .62% Julv 63 3 4 .63 .63 .62% Sept 64% .63% .63% .62% LOCAL CASH MARKET City grain elevators are paying 85 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 80 cents and oats 46 cents.

Retail Coal Prices

The following prices represent quotations from leading Indianapolis coal dealers. A 25-cent carrying charge ner ton will be added. DOMESTIC RETAIL PRICES Indiana lump $5.20 Egg 5.03 Nut 480 Brazil BlockLump 6 54 Egg 5.31 Nut 5 04 Glendorst— _ Lump 5.34 (a 5.59 Egg 5.18®5.43 Nut 4.9565.20 West Virginia and Eastern Kentucky (Group B) 6.7767.18 Pocahontas and New River, smokeless 7.3008.32 Coke, egg and nut 8.90 Pea Coke 7.40 Anthracite 10.13612.88 STEWART-WARNER CORP. SHOWS PROFIT IN 1934 Company Earns 49 Cents a Share on Common Stock. By Times Special CHICAGO, March 7. Consolidated net income of the StewartWarner Corp. during 1934, after all charges, including depreciation and Federal taxes, amounted to $571,963, according to an annual report released by the company today. This was the first time the company has operated at a profit since 1931. The earnings are equivalent to 46 cents a share on the 1.246,847 shares of common stock outstanding in the hands of the public, compared with a loss of $1,791,060 in the year ended Dec. 31, 1933. Current assets of the company on Dec. 31, 1934. amounted to $6,043,179, including cash of $1,024,084. against current liabilities of $1,155,324, or a net working capital of $4,887,855. This compared with a net working capital of only $3,750,926 at the close of 1933, the report stated.

POLICY LOANS DIP SHOWN BY NEW YORK LIFE Shrinkage of $17,000,000 Is Reported in 1934; Business Up. By Times Special NEW YORK. March 6—A decrease of $17,000,000,00 in policy loans and an increase of over $60,000.000 in new insurance issued during the year reflects the general improvement of business, Thomas A. Buckner, president of the New York Life Insurance Cos., declared today in the annual report of the company. Assets of the company on lee. SI, 1934. totaled $2,109,505,224. an increase of $98,562,112 over the previous year. The gain during the year is greater than the total amount of assets accumulated by the company during the first fortyfour years of its history. In the assets all bonds eligible for amortization are earn, i at their amortized value determined in accordance with the laws of the State of New York. All other bonds, including bonds in default, and all guaranteed and preferred stocks, are carried at market value as of Dec. 31, 1934. U. S. Bond Holdings Up During 1934 New York Life increased its holdings of government, state and municipal bonds by $146,918,786. Investments on Dec. 31 m United States government, direct, or fully guaranteed bonds were $208,726,056, or 9.9 per cent of total assets. The company also reported investments of $159,151,938 in public utility bonds, $341,910,539 in railroad bonds, $459,805,821 in first mortgages on city properties, and $396,467,101 in policy loans. Liabilities which include reserves to meet all contractual obligations, were $1,994,134,579. The company voluntarily set up and included in its liabilities a special investment reserve of $28,000,000 and also set aside reserves of $45,734,207 for dividends payable to policy-holders in 1935. Surplus $115,370,645 Surplus funds reserved for general contingencies on Dec. 31, 1934, amounted to $115,370,645. Total insurance in force, represented by 2,649,959 policies, was $6,661.514,072. New insurance issued in 1934 amounted to $440,000,000, and in addition men and women paid $45,000,000 to the company for annuities to provide a guaranteed life income. During 1934 New York Life paid or credited $157,000,000 to living policy-holders and $70,000,000 to the beneficiaries of those who died.

CHRYSLER FEBRUARY OUTPUT HITS RECORD Official Announces Production of 80,277 Cars; Highest in Month. By Timex Special DETROIT, March 7. Chrysler Corporaiton’s february production of 80.277 passenger and commercial cars was the highest for the month in the company's history, B. E. Hutchinson, vice president, has announced. This output compared with 54.516 units in February, 1933, an increase of more than 47 per cent. In the first two months of this year Chrysler shipped 163,153 cars, which is 97.3 per cent more than the previous record for the period. All Chrysler factories, according to Mr. Hutchinson, are operating on record production schedules to meet the increasing demand for the company’s cars. Plymouth, largest of the Chrysler units, shipped 42,874 cars in February and sales are running far ahead of last year’s figures, current reports show. Other Livestock (By United Press) CHICAGO. March 7.—Hogs—Receipts, 13,000. including 5000 directs; holdovers 3000; slow. 100,25 c lower than Wednesday; weights above 200 lbs. 39 50'S 9.65; top. 39 6d; 160-200 lbs.. *9.2509.55; Jight lights $8.7509.25; slaughter pigs. $7.2508.75; packing sows. $8 .750 8 90; light lights! 140160 lbs., good and choice, $8 750 9.35; lightweights. 160-200 lbs., good and choice. 59.10fi9.60; medium weights. 200-250 lbs., good and choice. *9.4009.65; heavyweights. 250-350 lbs., good and choice. *9 5009.65: packing sows. 275-550 lbs . medium and choice. sß*o9: slaughter pigs, 100-140 lbs,, good and choice. $7 2509. Cattle—Receipts. 5000; calves 2000: fed steers and yearlings strong to 25c higher, mostly 15® 25c up on common ond medium grade; better grades very uneven and trade on lower grade steers and all she-stock very active; all she stock 15®25c higher; bulls strong to 10c up and vealers steady to weak: no strictly choice steers here: best. $13.85; long yearlings. sl2 75: vealers. $7.25 0 8.50 on light kinds; choice offerings, $9 0 10: slaughter cattle and vealers: Steers. 550-900 lbs . good and common. $10,250: 13 50; 900-1100 lbs., good and choice. $lO 50 0 14: 1100-1300 lbs , good and choice. sll 25 014 10: 1300-1500 lbs , good and choice, $11.25014.10; 550-1300 lbs., common and medium. $60.1.25; heifers, 550-750 lbs., good and choice. $9.500 12; common and medium. $5.50 0 9.75; cows. good. *7.500 10: common and medium. *507 50; low cutter and cutter cows. $3 500 5: bulls, yearlings excluded, good beef. *5.2507; cutter, common and medium. $4 0 5 60; vealers. good and choice, $7 500 9 75; medium. S6O 7.50; cull and common. *4O 6; stocker and feeder cattle: Steers. 550-1050 lbs. good and choice. $6 5008 75: common and medium, *5 500 6.50 Sheep—Receipts. 11.000; fat lambs fairly active; opening fully steady to strong: asking higher: sheep snd feeding iambs little changed: bids ana sales good to choice fed lambs, $8.750 9 to packers and shippers: asking $9.10 and above: scattered native ewes. *405 25; slaughter shep and lambs: Lambs. 90 lbs down, good and choice. SBO 9.10: common and medium. $6 7508 15; 9098 lbs., good and choice. $7.750 9 10: ewes. 90-150 lb? good and choice $4 0 5 50; all weights, common and medium. $304 65; feeding lambs: 50-75 lbs , good and choice, $6.7507 50. DIVIDEND IS DECLARED B)/ Timex Special CHICAGO. March 7 —Directors of the Illinois Bell Telephone Cos. have declared a dividend of $1.50 a share, payable March 30, to stockholders of record March 20, it was announced today. The $6 annual rate will also be continued. I~ BE SAFE /Cffifi& lnSDr> ' otir Cnr T<ldar SjbJHfstatß Automobile Insurance Ass’n. LI-M 571. 7th Floor Occidental BM<.