Indianapolis Times, Volume 46, Number 258, Indianapolis, Marion County, 8 March 1935 — Page 36

Wall St. ‘Baby Bond’ Sales Results Are Not Determinable. —BY RALPH HENEERSHOT

Ttan BkcUl Writer YORK. March B—The government has placed Us -baby bonds” on sale in all postoffices throughout the United States. As was to be expected, there was no sensational rush to buy them. There was no need to rush, for the bonds will be on sale for several months at least. Consequen'ly it will be impossible to

pass Judgment on the success of the venture for some time. It would seem, however, a s though the securities should And ready buyers, and it w fitting and proper that they should be placed on sale. Many investors are still hesitant about putting their money to work.

and they can find no more suitable place, from the standpoint of both income and safety, than in these bonds. The government will benefit in that it will be afforded a much wider distribution of its securities. At the present time its obligations are held primarily by banks and Insurance companies. The holdings of these institutions are considered much too large, for the reason that should they desire to sell in large amounts at any one time the price of the bonds, and, consequently the credit of the government, might suffer. m m m INASMUCH as the bonds are of the discount variety and will have a definite stated cash value at all times, purchasers will not get in a jam they found themselves in with the Liberty bonds when those securities broke sharply in price a few years after they were sold. But there is no point in trying to dodge the fact that the value of these bonds may be adversely affected at some future date by inflation. Other bonds will be in the same boat, however, and so will bank acounts; so from an investor’s point of view thus factor is not necessarily a barrier. mum MOST bankers in Wall Street are wondering these days whatever prompted framers of the new bank bill now before Congress to insert the provision permitting commercial banks to make longterm loans on real estate. They grant, ol course, that real estate mortgages should be made more marketable, but they contend that the government is courting a real danger if it permits commercial banks to make loans against them. A commercial bank must be ready at all times to meet the withdrawal demands of its depositors. It cannot do this if much of its money is tied up in real estate, which is not easily liquidated. It is true, of course..that the bill provides that these mortgages can be discounted at the Federal Reserve Banks, but even those banks are hardly capable of carrying too heavy a load of real estate mortgages in addition to their business paper. It is conceivable under such a situation that the Federal Reserve Banks might some day be found in the real estate business. Another Florida land crash, for instance, could cause plenty of trouble.

Local Livestock

HOGS Mar. Bulk Top Receipts. X *3 60# 9 75 $8 75 1000 4 9 50# 9 70 9 75 4000 J. • 60 3 9 75 9 80 5000 6 9 70# 9 85 9 90 4500 7 9 60# 9 80 9 85 4000 i. 9 50# 9 70 9 75 4000 Good and choice $8 50# 925 Medium B.oof 900 light weight , , m 1160-180. Gvod and choice . 9 50 # 9 60 Medium - 900 # 940 .190 2001 Good and choice .. 9 65# 9.0 Medium 9 15 a 9 50 Medium etsjit: -- .300-220. Oood and choice -. 9 6s # .220-250" Good and choice... 9 60u 9.0 Brave weight: . .250-290. Good and choice 9.50 a 9 60 .290-350* Good and choice -. 9 40 8 9 u 0 Bucking *ors: . „ _ „ .275-350. Good - 8-5# 9 TO 1350-425. Good 8 60g 890 .435-5501 Good 5-5 .275-350. Medium 8 25# 8 >5 Slaughter pics . . .__ _ . .100-140. Good and choice .. 850 Medium 6 00# S CO CATTLE —Receipts. 700— —Steer*— (950-9001 Choice $lO 25912.75 Medium 2 Mg 9 75 (900-1100. Choice 12 25'513 50 Good Medium 7.5S 10.00 Common 5 SO,? *.<s (1100-1300. Choice U75fi13.75 Goad ........ 10 00# 12 .5 Medium . - B.OC #lO 00 (1300-15001 Choice 12.75 #l3 79 —Heifers—-.soo-7501 Good 10 25? 12.75 Choice 9 50 a 10.50 Good 8.50® 9 50 Common snd medium 4.50 a 8 50 (750-9001 Good and choice ... 8.75 £10.75 Common and medium 4 75s 8 75 —Cew.— Good 6 00? 8 00 Common and medium ..... .. 4 25a 600 Low cutter and cutter 2.25# 4 25 —Bulls—(Tearlincs Excluded* Oeed 575 7 00 Common and medium 3.5 8 5. .5 VEALERS —Receipts. 500— Good snd choice I 9 50 £lO 00 Medium 7 50 a 9 50 Cull and common 3 50 # 7.50 —Calve*— .250-5001 Good and choice ... 6 25# 900 Common and medium 3.50# 6.25 —feeder and Stocker Cattle—-.soo-900* Good and choice.... 600 ? 800 Common and medium .... 4 50# 600 (900-1050' Good and choice .. 600 5 825 Common and medium 4.50# 6 00 —Cows— Good 3 75# 4 50 Common and medium 3 25 5 3 75 SHEEP AND LAMBS —Receipts. 1800— Lambs 90 to 120 lbs., good and choice 88 25 9OO Common and medium 600 ? 8 25 90-120 lbs., food and choice . * 00.4 SCO tl&lSOI Good and choice .. 3 568 475 All weigh to. common and medium - 2 50# 3.75

Other Livestock

Bt United Press* LAPAYETTE March 8 Market 56 35c lover 300-250 lbe. 59 50 09 80 250-300 lbs 8 MIC 940 306-325 lbs $8 20. 170jfM-. lbT 59 45 69 55 155-170 lb* . *9 9 30: 140-188 ’.be , 5* 50 :6 75 130-140 lb* . 56 0 523 I*o-136 lbe . $7 50*1 7 75 100-120 Ibe . Bp*fc : 05. rough*. 56.5 dovn. Celves — Prt *r■ *6 don l*mbe — Steady: 59 75 dnn. rr WAYNE- March B—Ho**—2sc lover: too -250 lbe . 59 50 250-306 :be . at 35. 300-350 lbe 59 05. 180-200 Ibi . 5 40. 100-180 lbe 59 30 150-180 lb* it 75. 180-150 lbe. 58 25 130-140 lbs. 58 120-130 lbs . 87 SO. 100-120 lbe . $7. roughs 58; stags. 88 78. Ca..**—Bi 50. Lamb* —Bß 80.

PAGE 36

SURTAX BOOST HELD NEED TO LIFT REVENUES Good of All Depends on Heavier Burden on Wealthy, It Is Said. By Times Special NEW YORK March 7.—That surtaxes on incomes in excess of SIOO.000 always have been inadequate is tne contention of George A. Horne, consulting engineer, who today declared that, "because of favoritism shown a few thousand ultrawealthy.” the government is being deprived of billions annually in revenue. But for its "inconsistent” taxation methods, Mr. Horne cor.i tended, the Treasury “would not be j faced with an almost insurmountai ble debt.” "The inadequacy of surtax rates,” Mr. Home explained, "is illustrated !by figures from the Revenue Department. Incomes of more than SIOO,OOO reported from 1916 to 1930, inclusive, totaled about $26,960,000,000. while the tax paid was only $6 - 000,020.000.000 a raito of 22.3 percent. Assuming that the law aid ; not provide loopholes, an actual tax !of 60 per cent would have yielded $16,176,000,000. or approximately $lO 000.000 000 more than was paid. “This item, incidentally, represents about one-third of the national debt today. The maximum number of persons involved in these larger incomes was 15.96” in 1928. This is slightly more than 1-10 of 1 per cent of the population. The surtax rate in 1934 reaches 50 per cent of net income of SIOO,OOO, and it is, therefore, apparent that an average of 60 per cent would have worked no hardship on the larger incomes during the last fifteen years.” Payments Only 16^ To illustrate the “inconsisiency” of the Revenue Act in 1928, Mr. Home asserted that 99 9 per cent of the population was adversely affected, including 99 6 per cent of the individual income taxpayers. "For example,” he said, "in that year there were only 15,697 individuals reporting incomes of SIOO,OOO and more out of an excess of 4,000,000 returns, or about 4-10 of 1 per cent. This small group reported a total net income of $4,400,000,000 and paid a total tax of $714,000,000, or! about 16 per cent. A 60 per cent tax would have yielded approximately I $2,640,000,000. It is thus apparent that, had such a tax policy been pursued, the government would not today be faced with an almost insurmountable debt. "Os still greater significance is the j fact that the enormous discrepancy ! in the distribution of the total wealth would have been avoided,” he added. "Perhaps no one single item more clearly illustrates the pernicious result of the pyramiding of wealth in the decade of 1920-30 than what is known officially as ‘brokers’ loans.’ which amounted to ! more than $9,000,000,000 in 1929. This enormous sum, of course, was largely furnished by the increased | deposits of the wealthiest. The aftermath is a matter of history.” Assails Estate Taxes To Mr. Horne, the most striking i example of the favoritism shown the ultra-wealthy is the Coolidge 1926 Revenue Act, wherein, he ex- j plained, the maximum surtax was reduced to 20 per cent. At the same time, he said, no reduction was secured for taxpayers with incomes; under $32,000. Likewise, he maintained. the Federal inheritance taxes "also are unscientific and inadequate.” “All the inheritance tax laws to date,” Mr. Horne pointed out, : “reach a maximum percentage for calculating the government tax. The maximum rate under the present act is 45 per cent on estates of $10,000,000 or more. This obviously: greatly favors all estates in excess j of $10,000,000 with increasing fav- i oritism in proportion to the size of the estate. “As there have been several estates of $200,000,000 and more in recent years, and as it it is well known that the estates of certain individuals who are living are much larger than that, the government is depriving itself of legitimate income in failing to provide a sliding scale which increases continuously, reaching the highest, percentage when the largest existing estates have been covered.”

Ralph Hendershot

Other Livestock

(By United Press) CHICAGO March B.—Hoes—Receipts. 11 000 including 7000 directs: mostly s%lvc h-.cher than Thursday's average, top $9 75; b..:k good to choice. 180-240 lbs.. $9 50*5 1 9 70. desirable packing sows. $8 light lights. 140-160 lbs., good and choice. ! $8 75': 9 45. light weight 160-200 lbs.. $9 20 : .•9 70. medium weights 200-250 lbs. good j and choice. *3 45';9 75; heavy weights. 250- ' 350 lbs. good and choice. SSSO4f9 70: I packing sows. 275-550 lbs . medium and choice. SB:9 10; slaughter pigs, 100-140 lbs good and choice. $7.25':9. Cattle— Receipts. 3000: calves, receipts. 1000; gen- 1 eral market slow steady to weak; trade shot through w:.h numerous soft spots ; and occasional 25c down compared with | Thursday s very active tradi. g. no choice j steers here; best sl2 35. bulk onlv a ‘pnr.klir.g good enough to bring *ll “5 , and better: beef cows as much as 25c 1 lower in instances: same true of bet'er j grade heifeis selling at s9's 9 50: r.ot much change in cutter cows at $5 down: bulls and vealers. steady. Slaughter cattle and vealers Steers 550-900 lbs . good and choice $lO 25 ;1350 : 900-1100 lbs , good and choice. *lOso'tl4: 1100-1300 lbs. good and choice. sll 25<i 14 10: 1300-1500 lbs., good and choice. sll 25% 14 10; 550-1300 lbs common and medium. heifer* 550-750 lbs . good and choice. $9 50 'l2. common and medium. $5 5057 9 75: cows, good s7.soy*. 10; common and medium. ss'-i 7 50; low cutter and cutter. $3 75<a5 bulls ivearlirgs excluded! good beef' *5 50 A 7 50.: cutter, common and medium. $4 25*t5 65: vealers good and choice. *7 50 n9 75 medium. s6'-j7 50: cull and common. $4 576; stocker and feeder carle s*eers 550-1050 lbs. good and choice. *6 75579: common and medium. $5 50417 Sheep—Receipts. 14 000; fat lambs, opening slow; bids and sales around steady to 15c lower: sheep and i feeding lambs, little changed; eood to , choice fed lambs. $8 75519: best held | higher: slaughter sheep and lambs: lambs. 90 lbs down, good ana choice. *8 15®9.15: common ar.d medium. $6 75578 25; 90-98 lbs good and choice. *7 75*5 9 15: ewes. 90-150 lbs. good and choice $4415 50: all weights common and medium *3554 65; feeding lambs. 50-75 lbs . good and choice. $6 75<5 “ 50. BOSTON EDISON REPORT By Times Special BOSTON. March B—The Edison Cos. of Boston reported 1934 net income $5 187.790. equal to $9lO a share on capital stock against $5.366 671. or $lO 03 a share in 1933, it, was learned today.

♦ ♦ Abreast of The Times on Finance ♦ ♦

WALL STREET'S NEW ‘EMBASSY’ AT NATION'S CAPITAL

— 1 ™ ' ~ A .. • *' J ‘ / L ,| — |IM * ill a .- 1

—Acme Photo. Known unofficially as the “Wall Street Embassy,” this Colonial structure in the ultra-exclusive northwest section of the capital, today serves as a "place of business as well as a residence for New York Stock Exchange members when in Washington in connection with exchange business.” Visitors are courteously and firmly turned away. From this outpost, Wall Street keeps an eye on impending policies of the Administration.

New York Stocks

(Bv Thomson & McKinnon) 11 A M. Prev. Oils— High. Low. N. Y. close. Amerada 55'4 55'4 55’4 ■j 6 }'* Atl Rfe 22 1 8 22% 22Vs 22% Barnsdall 6'r 6Vb 6% 6 Consol Oil 7% 7% 7V t (% Cont of Del .... 16% 16% 16% 16% Mid Cont Pet . 10% 10% 10% 10% Phillips Pet .... 14% 14% 14% 14% Plvmouth Oil .. 8 8 8 8 Seaboard Oil ... 23*4 23 23% 22% Shell Un 6% 6% 6% 6% Skellev Oil 7% 7% 7 3 / 4 <% Soc Vac 12! s 12 12 12*4 SO of Cal 29*'s 29% 29% 29% SO of Ini 24% 24% 24% 24% S Oof N J ... 38% 38% 38% 38% Texas Coro 19% 19% 19% 19% Tidewater Assn. 8% 8% 8% 8% Un Oil of Cal .. 16% 15% 16% 16, Beth Steel ... 26% 26% 26% 25% Bvers A M 13% 13% 13% 14 Col Fuel & Iron 2% 2% 2% 2% Mid Steel 10 10 10 8% Natl Steel 43 43 43 43 U S Steel 31 Vi 31 31% 31 Warren Bros ... 3% 3% 3% 3% Motors— Auburn 19% 19% 19% 19% Chrysler 34% 34 34 34% Gen Motors .... 29 28% 28% 28% Graham Mot ... 2% 2% 2% 2 Hupp 2 2 2 2 Nash 13% 13% 13% 13% Packard 3% 3% 3% 3% Reo • • 2% 2% 2% 2% Yellow Truck ... 33 33% Motor Access— Bendix 13% 13% 13% 13% Bohn Alum 54 54 54 55 Borft Warner ... 32% 32% 32% 32 Briggs 28% 27% 28% 28 Budd Mfg 3% 3% 3% 4 Buda Wheel 33 33 Eaton Mfg 18% 18% 18% 18% Elec Auto Lite .. 22% 22% 22% 22% Houdaille "A”... 7% 7% 7% 7% Mining— Alaska Jun 16% 16% 16% 16% Am Metals 15% 15% 15% 15 Am Smelt 35% 35 35% 35 Anaconda 9% 9% 9% 9% Cal & Hecla ... 2% 2% 2% 2% Cerro De Pasco. 43% 43 43% 42% Dome Mines 39% 39 39% 38 Granby 5% 5% 5% 5% Gt Nor Ore .... 9% 9% 9% 9% Int Nickel 23 % 22% 23 23 Kennecott Cop . 15‘z 15% 15% 15% Mclntyre Mine .44 % 43% 43% 43 Vi No-anda Cop ... 35 34 35 33% Vanadium 15% 15% i5% 15% .Amusements— Fox Theat 9% 9% 9% 9% Loews Inc ...... 35% 35% 35% 35% Radio Corp 4% 4% 4% 4% Paramount 3% 3% Vs 3% RKO 1% 1% 1% 1 % Warner Bros ... 3% 33 3 Tobaccos— Am Tobacco “B” 80% 80 80 80 Reynlds Tob “B” 48% 48 48% 48 Rails— Atchison 39% 39 39% 39% B & O 9% 9 9% 9 Can Pacific 10% 10% 10% 10% Ch & Ohio 39% 38% 38% 39% C M & St P 1% 1% 1% 1% C M & St P pfd 2% 2% 2% 2% Chi N W . 3% 3% 3% 3% Del Lac & W .. 12% 12% 12% 12% Erie 8% 8% 8% 2% Grt Northn pfd 11% 11% 11% 11% 111 Central 10% 10% 10% 10% Lou & Nash 38% 38% 38% 38 N Y Cent 13% 13% 13% 13% N Y New Haven 4% 4 4 4Vi Nor Pacific 15% 15 15 15 Penr. R R 19% 19% 19'% 19% Sou Pac 15 14% 14% 14% Sou R R 9 8% 9 9 Union Pac 89 88% 88% 90% West Maryland.. 6% 6% 6% 6% Equipments— Am Brake Shoe 25% 25% 25% 25 Am Car & Fdy. 13 13 13 12% Am Loco 11% 11 11 11% Bald Loco 1 3 4 1% 1% 1% Gen Elec 22% 22% 22% 22% Pullman Inc ... 44% 44% 44% 44% Westingh Elec .. 37% 36% 37% 36% Utilities— Am & For Pwr. 2% 2% 2% 2% Am Pwr & Lit. 2% 2% 2% 2Vs AT&T . 107% 107 107% 106 Am Wat Wks.. 10% 9% 10 9% Col Gas & Elec. 4% 4% 4% 4% Consol Gas .. 17% 17% 17% 17 Elec Pwr & Lit. 1% 1% 1% 1% Interboro R T . 12% 12% 12% 12% Int T & T 7 7 7 Natl Pwr & Lit 5% 5% 5% 5% North Amer ... 10% 10% 10% 10% Pac G& E ... 13% 13% 13% 13% Pub Serv N J.. 22% 21% 22 21 So Cal Edison .. 11% 11% 11% 11% Std Gas 2% 2% 2% 2% Stone & Webster 33 32% United Corp ... 1% 1% 1% 1% Un Gas Lmn .10 10 10 9% Ut Pwr & Lit A 1% 1% 1% 1% Western Union 24% 24% 24% 24% Rubbers— Firestone 15% 15 15 15% Goodrich 9% 9% 9% 9 Goodyear 20% 20 20% 19% Kellv Spring ... 1% 1 1% 1 U S Rubber . • 12% 12% 12% 12% U S Rubber pM 32 31% 32 31% Miscellaneous — Allis Chalmers 15 15 15 15 Am Can -.118 117% 118 117 Burroughs Add . 14% 14% 14% 14 s * J I Cast 54% 54 54 53% Conti Can ■ 71% 71 71% 70% Caterpillar Tract 40% 40% 40% 40% Curtis Pub .... 17% 17% 17% 17% Deere &Cos • 26% 25% 26% 26 Eastman Kodak 121 120% 120% 118% Foster Wheeler • 11% 11% 11% 11% Glidden 26 26 26 25% Int Bus Mach... 160 160 160 157 Inter Harv . ... 38% 38% 38% 38% Natl Cash Reg .15 14% 15 15 Foods— Armour ....... 4% 4% 4% 4% Borden Prod ... 25% 24% 25% 25 Coca Cola 179 179 179 177% Cont Bak ‘‘A’’ .. 4% 4% 4% 4% Corn Prod • 64% 64% 64% 64% Crm of Wheat . 39% 39% 34% 39% Cuban Am Sugar 6% 6% 6% 6% Gen Foods 34% 34 s 34% 34% Gold Dust 16% 16% 16% 17% G W Sugar 31% 31% 31% 31% Natl Biscuit .... 25% 25% 25% 25% Natl D Prod 16% 16% 16% 16% S Porto Rico Sug 24 24 24 23% Std Brands 16 s . 16% 16% 16% United Fruit ... 80 80 80 80% Wrigley 77% 77% 77% 76% Retail Stores— Assd Drv Goods 8% 8% 2% 9 Best & Cos 36 36 36 35% First Natl Stores 49% 49% 49% 49 Hahn Dept Sts . 5% 5% 5% 5% Kresge S S 20% 20% 20% 20% Kroger Groc ... 24 24 24 23% McCrorv S' 9% 9% 9% 9% McLellan St .. 12% 12% 12% 12% Marshall Field.. 7% 7% 7% 7% Mont Ward 24% 23% 24 23% Penney J C ..66% 66% 66% 66% Sears Roebuck.. 33% 33% 33% 33% Woolworth 54% 54% 54% 54% Aviation— Aviation Corp .. S’. 3% 3% 3% Boeing Aircft .. 7% 7% 7% 7% Curtiss Wright.. 2% 2% 2% 2% Curtiss Wr •A'’. 7% 7% 7% 7% Douglas Air 19% 19% 19% 19% Nor Am Av .... 2% 2% 2% 2% Sperrv Corp .... 3% 8 8% 8 Uni Aircft New.. 11% 11% 11% 11 Vi Chemicals— Allied Them ..134 134 134 133 Am Cotn Alcohol 26 25% 25% 25% Col Carbon 78 77 77 77% Com Solvents .. 20 19% 19% 19% Dupont 92% 92% 92% 92% Freepo-t Tex ... 20% 20% 20% 20% Liquid Carb ... 26% 26% 26% 26 Math Alkali 26 26 26 25% Natl Dis mewl.. 27% 26% 26% 26% Schenlev Dist .. 24% 24% 24% 24% Tex Gulf Sulph 32% 32% 32% 32 Union Carbide . 47% 47% 47% 47% C S Ir.d Alcohol 38% 38% 38% 38% Drugs— Lambert 27% 27% 27% 27% Coty lao 4% 4% 4% 4%

INDIANAPOLIS, FRIDAY, .MARCH 8, 1935

Sterling Prod ... 63% 63% 63% 63% Un Drug (new). 10% 10 10% 9% Vick Chem 37V 4 37% 37% 36 3 4 Financial— Am Int Corp ... 5 5 5 5 Transamerica .. 5% 5 5% 5 Tr Conti Corp.. 2% 2 3 / 4 2% 2% Building— Am Radiator .. 12% 12 12 12 Gen Asphalt ... 14 14 14 14 Johns Manville . 43% 43% 43% 43% Libby Owens Gls 26 26 26 25% Otis Elev 13% 13% 13% 13% U S Gypsum 43 42% 42% 41% Household— Col Pal Peet 18% 17% 18 17% Congoleum 30 Vs 30 30 29% Kelvinator 16 16 16 15% Proc & Gamble. 49Vi 48% 49% 48% Servel Inc 8% B>4 8% 8% Textiles— Amer Woolen .. 5% 5% 5% 6 Belding Hem ... 12% 12% 12% 12% Celanese Corp .15 24% 24% 25 Indus Ravon .. 30 29% 29% 30 Kayser Julius .. 17 16% 16% 16%

Chicago Stocks

(Bv Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Berghoff 2% 2% Allied Products 16 % 15% Asbestos Man 2% 2% Bendix 13% 13% Borg Warner 32% 32Vs Cities Service 1 1 Com & Edison 55 54% Cord Corp 2% 2% Grt Lakes Dredge 18 18 Libby 7% 7% Perfect Circle 37 37 Quaker Oats 132 131 Vi Swift 17% 16% Util Inv 11/*I 1 /* 1% Walgreen 29’% 29

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 34*J35c; butterfat. 30c. Quoted by the Waaley Cos. (By United Press) CHICAGO. March 8. Eggs Market easy, receipts, 11,641 cases; extra firsts, 22%c; fresh graded firsts, 21%c; current receipts, 20Vic; dirties. 18%c; checks, 18V 4 c. Butter —Market firm; receipts, 7707 tubs; extra firsts (90-91% score), 29 3 i<§,Joc; extras (92 score), 30%c; firsts (88-89% scorel, 29529%c; seconds (88-87% score). 28&28%c; specials, 30%((j31!4c; standards, 30c. Poultry—Market steady; receipts, 19 trucks. 1 car due; springers, 20c; broilers, 22%@23%c; capons, 6 to 7 lbs., 23c; old roosters, 13%6j14%c; ducks, 17(g21c; turkeys, 19(g.21c: geese, 11@15%c; stags, 16%c; fryers, 22%®<23%c; h3ns. 17%®20c; Leghorns, 17c Cheese —Twins, 16%<5417c; Daisies, 17(5,17V4c; Longhorns. 17%@17%c. Potatoes—Old stock, supply moderate; demand and trading slow; market steady, Wisconsin Round whites, late sales Thursday, 75c; early sales Friday, 70@75c; commercial grade, 67%(a70c. Michigan Rural Russets, 72%c. Idaho Russets, $1.52%© 1.55; commercial grade, $1.37%c. Washington Russets, Burbanks, $1.75. New stock, supply moderate, demand and trading slow, market dull; sales to jobbers bushel crates Florida Bliss Triumphs, washed, SI.BO. Arrivals, 97; on track. 249; shipments, 847. CLEVELAND. March B—Butter—Market, firm; extras, 34c; standards, 34c. Eggt;— Market, weak; extra white, 21c; current receipts, 20%c. Poultry—Market, steady; fowls. 6 lbs. and under, 21c; over 6 lbs., 20c: ducks young. 24*t25c; ducks old. 20c. Potatoes—Maine. Slig.l.lo a 100-lb. bag; Ohio mostly 70*j75c a 100-lb. bag: Florida. $1.90 @2 a bushel. BUS TRAFFIC IMPROVES Increase of 15 Per Cent Is Shown in Employment. Bp T imes Special NEW YORK, March 8-—Marked improvement in the financial condition of the motor bus industry in the United States during 1934 and an increase of about 15 per cent in employment is reported by Bus Transportation as a result of an analysis of reports submited by 187 motor carriers representing a cross section of the entire industry.

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

j—WE BUY. SELL. and gladly furnish quotations on: Bonds of tho United States Government, Its Territories and Insular Possessions Home Owners’ Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 129 EAST MARKET STREET

PORKER PRICES DROPjSHARPLY All Classes 10 to 25 Cents Lower; Cattle Market Active, Firm. The sharp upward movement in porker prices, which has been underway for some time meeting only a few slight setbacks, was definitely checked in early trading at the Indianapolis Union Stockyards today where prices underwent the first major decline for nearly a month. The largest number of carryovers from a previous session for some time were on hand at the opening of the local exchange today. This, however, was believed to have the greatest pressure on the market, sending the general run of hogs from 10 to 20 cents lower than yesterday's average. Several light weight classes were sharply 25 cents lower. Receipts were estimated at 4000, still approximately 1000 below a normal run. The strongest indication of a gradual decline in future hog prices was the extremely large number of holdovers, totaling 1040, from yesterday’s session. General bulk of hogs, scaling from 160 to 300 pounds, were salable at $9.50 to $9.70, while the best classes available were reported selling at only $9.75. In the lightweight division where the decline was most effective, hogs weighing 130 to 160 pounds, ranged from $8 to $9. Others, scaling 100 to 130 pounds, brought $6.75 to $7.75. Packing sows sold at $8.25 to $9. Initial supplies in the cattle market consisted largely of cows with practically all classes active and selling at firm prices. Few grades of steers brought $7.25 to $lO. Receipts were 700. Veals continued stationary, selling at $lO down. With activity limited in the lamb market most prices remained unchanged. Few native lambs sold at $8.75 down, while throwouts brought $6.50 to SB. Receipts were 1800. M’LELLAN HAS LOSS January Report Shows Deficit of $143145 Before Charges. By Times Special NEW YORK, March B.—McLellan Stores Corp. had a loss of $14,145 before depreciation, amortization and non -recurring charges in January, according to a report submitted on behalf of the trustee. At the close of the month quick assets were $4,363,171, of which sl,895,596 was in cash and $2,449,198 in merchandise inventories.

BE SAFE /jfiafeß3L lnßgre '° ur ar Igtraßf State Automobile Insurance Ass’n. LI-8571. 7th Floor Occidental Bldg.

fit 58°' Cap^ al iiHiqfflffl

STOCK VALUES RISE FRACTIONS TO 2_POINTS Recovery Extends to All Groups Despite Dull Trading Range. Btj United Press NEW YORK, March B.—The stock market gained fractions to almost two points today in dull trading. The signs of firmness which came into the market just before the close yesterday carried over into initial transactions today and every group shared in the recovery. Utilities came back under the impetus of a strong showing in American Telephone. which climbed l a *, to 107 anew high for the year. Consolidated Gas was % point higher at 17%. Rails generally maintained fractional gains, although Chesapeake & Ohio continued to dip, dropping 3 i to a new low for the year. American Can gained a point to 118. Dupont % to 92 5 4, Eastman Kodak 2 points to 120 a i and Procter & Gamble 114 to 49 \i. Kelsey Hayes Wheel advanced 1\ points to 8, a new high for the year. Elimination of the dividend on the participating and founders shares of New York shipbuilding, resulted in the common stock dropping 2H points to a year’s low of 7.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $1,929,000.00 Debits 5,563,000.00 TREASURY STATEMENT (By United Press) WASHINGTON. March B.—Government expenses and receipts for the current fiscal year to March 15. compared with the corresponding period of the previous fiscal year: This year. Last year. Expenses. $4,647,813,917.48 $4,354,417,923.04 Receipts.. 2.342,438.288 35 1,959,289.721.20 Deficit ... 2,305,375.629.13 2.395,128.201.84 Cash bal.. 2,049,143,918.68 4.861,905,807.04 WHEAT PRICES DIP IN CHICAGO BOARD Other Grains Unsettled in Inactive Trading. By United Press CHICAGO, March B.—Easiness at Liverpool brought about a price recession in wheat futures today on the Chicago Board of Trade. Other grains were unsettled. The principal cereal opened unchanged to % cent lower, corn was % cent lower to % cent higher. Oats were up Vs to V* cent and rye was unchanged to off Vs. Broomhall said the British market w T as quiet and easier because of cheaper Argentine shippers C. I. F. offers. Larger Australian shipments also induced selling. Chicago’s market was not particularly active. (Bv James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. Close. May 96% .95% .95% .96 July 90% .90% .90% .90% Sept 90V* .89% .89% .89% Corn— Mav 82% .82 .82% .82% July 78% ,77% .78% ,78V* Sept 75% .75% .75% .75% Oats— Mav 49V* 48% .49 48% July 42% .42% .42% .42% Sept 40% .40% .40% .40% Rye— May .63% .62% 63 . 63% July 63% .62% .63 63% Sept 64 .63% 64 .64% SEAT SELLS AT $4600 By Times Special CHICAGO, March B.—Sale of a membership on the Chicago Board of Trade at $4600, a decrease of S2OO from the previous sale, was announced here today.

To Holders of Called Fourth Liberty Loan Bonds Optional Exchange Offering PUBLIC notice was given on October 12, 1934, that all oi tstanding Fourth Liberty Loan Bonds (fourth 4145) bear ing serial numbers ending with the digit 5,6, or 7 are called for redemption on April 15, 1935, on which date interest on such bonds will cease. For a limited period beginning March 4, 1935, holders of such fourth 4Ms called for redemption on April 1 \ 1935, are offered the privilege of exchanging all or any part of their called bonds at par, with an adjustment of accrued interest as of March 15, 1935, for anew issue of bonds of the United States, to be dated March 15, 1935; due March 15, 1960; callable March 15, 1955, bearing interest at the rate of 2 7 /g% per annum. We offer our facilities for effecting these exchanges. 0 jftother frost dompang EVANS WOOLLEN, Chairman of the Board H. F. CLIPPINGEB, HAROLD B. THARP, Vice-President Manager Bond Department

What Doe It Mean? Coupon Bond—An obligation which has attached to it coupons which when detached entitle the holder to interest are known as coupon bonds.

N. Y. Bonds . (Reprinted from yesterday! DAILY BOND INDEX 20 20 20 90 Inds. Rails Util. Bonds Today 86 3 76.3 94.0 85.5 Yesterday 86 5 76.5 94.0 85.7 Week Ago .... 86.6 79.1 94 3 86.7 Monthy ago 86.3 82 1 92.1 86.8 (Copyright 1935 bv Standard Statistics) U. S. GOVERNMENT BONDS (By Fenner <Ss Beane) Liberty*. Prev. Close. close. Ist 3%s 1932-47 103 6 103.6 Ist 4^ s 1932-47 102 13 102 13 4th 4%s 1933-38 (uncalled) 103.14 103 14 4th 4%s 1933-38 (called)... 100 29 101.10 Treasury*. 4%S 1943-45 115 28 116 4s 1944-54 .110.22 110 30 3%s 1946-56 109 12 109 24 3%s 1940-46 107 107 9 3%s 1943-47 106.24 106 26 3%s 1941-43 107 107 8 3%s 1043-45 104 31 105 8 3%s 1941 107.3 107.10 3%S 1946-49 104 31 105.7 3%s 1946-49 104 2 104 13 3%s 1949-52 104 4 104 12 3s 1951-55 103 4 103.10 3s 1946-48 103.2 103.12 Home Owners’ Loan Corporation 2%s’ 1949 100 4 100.8 3s 1952 101.16 102.26 4s 1951 101.12 101.16 Federal Farm Mortgage Corporation 3%s 1964 103 8 103.20 3s 1949 101.16 101 27 3s 1942-47 101.16 101.28 DOMESTIC Prev. Close, close. Allee Corp 5s '44 71 70 Alleg Corp 5s ’49 60 % 60 Alleg Corp 5s ‘SO 18 17% Am Frgn Pow 5s 2030 56% 56 Am Tel & Tel 5%s '43 113V* 113% Am Tel & Tel 5s ’65 112% 112% Arm & Cos (Del) 5%s ’43 ...105% 105% Atl Coast Line 4s ’52 101 102 Atl Coast Line 4%s 64 86 86% Atch Top & S Fe 4%s +8 106% 106% Am Rolling Mills 5s '3B 106 105% Balt & Ohio 5s '95 61 60 Balt & Ohio 6s ’95 69% 69% Balt & Ohio 4%s 60 44V* 43 Buff Roch & Pitt 4%s ‘57 58 59 Beth Steel 5s ’36 103% 103% Chi Milw & St PI 5s ’75 16% 16 Chi Milw & St. P 5s 2000 4 4% Cleve Un Term 5s ’73 89 90 Cleve Un Term 4%s ‘77 .... 82% 82% Col Gas 5s Mav ’52 77 76% Col Gas 5s April *53 77% 77% Col Gas 5s ‘6l 74 s * 76 Can Pac Pern 4s 85% 85% Cent Pac 5s ’6O 74 74 Big Four 4%s '77 58 58 Big Four 5s '63 68 72 Chi & West Ind 4s ‘52 98 98Vi Chi & West Ind 5%s '63 ..104 104 Chi <fc Nor West 4%s ’49 14 13% Con Gas 5s '57 105% 105V* Chesa Corn 5s ’47 104% 104% Dodge Bros 6s '4O 106% 106% Del & Huds 4s ’43 82% 83% N Y Dock 4s ’sl 66% 65% N Y Dock 5s ’3B 45 % 45% Erie 5s ’75 59% 59 Erie 5s '67 60% 60% Gen Cable 5%s ’47 89 88% Grt North 7s ’36 86 3 /* 87 Grt North 4%s ’76 69% 70 Grt North 4%s ’77 69 69% Gen Stl Cast WW 5%s ‘49 80 81% Hud & Manhat Ref 5s ‘57 .... 89 88% 111 Cent 4%s ’66 49% 50V* 111 Cent Jt 4%s '63 57% 60 111 Cent 5s '63 61% 63% Interlake C & I 5s ‘sl 76% 76% Interntl Hy Elec 6s ’44 36"% 37 Interntl Tel & Tel 4%s ‘39.... 67 67 Interntl Tel & Tel 5s ’55 60 59% Interntl Tel & Tel 5s ’55 60 59% Interntl Tel & Tel 4%s ‘52 .... 56 56% P Lorillard 7s ’44 126% 126% McKess & Rob 5%s 'SO 93% 99% Midvale Stl 5s ‘36 .....103% 103% Natl Dairy 5%s ’4B 104% 104% Natl Steel 5s ’56 108 107% Nickel Plate 4%s ‘7B 54% 54% Nickel Plate 5%s ‘74 53% 66 Nickel Plate 6s ’35 57 57 N Y Cent 5s 2013 54% 53 N Y Cent 4%s 2013 (01d).... 50% 49% Nor Amer Cos 5s ’6l 85 85% Nor Pac 3s 2047 75% 75% Nor Pac 4%s 2047 83% 83% Nor Pac 6s 2047 94 5 /* 94% Nor States Pow 5s ’4l 106% 106% New Orleans Term 4s ‘53 82% 83% Otis Steel 6s ‘4l 78% 77 Penn Ry 4%s 'B4 103% 104 Penn Ry 4%s ‘Bl 103% 103% Penn Ry 4%s '7O 92% 94% Portland Gtn El 4Vis ‘6O 56 55% Para Publix 5%s ’SO 73% 74 Penn P & L 4%s 'Bl 103'% 103% Postal Tel & Cab 5s '53 45 45 Rem Rand W W 5%s ’47 102% 103 Shell Union Oil 5s ’47 103 103% Sou Pac 4%s '6B 60% 60% Sou Pac 4%s ‘Bl 60% 61 Sou Pac 4Vis ‘69 60% 61% Sou Pac 5s ’49 65% 66% Sou Rail 4s ’56 43% 43 Sou Rail 6%s '56 59 58% Sharon Stl Hoop 5%s ‘4B 83% 83% Texas Pac 5s ’BO 85 86% Texas Pac ss’ 79 8c 86 Texas Pac 5s ’77 87 87% Union Pac 4s ’47 ...110% 111 United Drug 5s ’53 89 89% U S Rubber 5s ’47 95% 95 NY NH & Hart 6s ’4B 34% 34U NY NH & Hart 4%s ’67 31 30% Warner Bros 6s ’39 50% 49'%

New York Curb

(By Abbott, Proctor & Paine) 12 Prev. (Noon). Close. Allied Mills 53 Alum Cos of Am 39 Am Cyanide “B“ 16% 16% Am Superpower % % Carrier Corp 16% 15% El Bond Sr. Share 4% 4% Ford of Europe 7% 7% Humble Oil 47 47V* Imperial Oil Ltd 16% 16% Lake Shore Min 56% 56% Natl Bellas Hess ............. 1% 1% Newmont Min 35% 35% Nia Hud Pwr 33 Pan Am Airways 40 41 Penn Road 1% 1% Teck Hughes Gold 4% 4%

BIG REFUNDING DEAL PROPOSED BY SWIFT & CO. Packers Aim New $43,000,000 Bond Issue for Sale to Public. By Times Special CHICAGO, March B.—Application for the registration of anew $43,000,000 issue of bonds has been filed with the Securities and Exchange Commission by Swift & Cos, one of the nation’s leading packers, it was announced here today. This represents the largest flotation of bonds to be arranged by a domestic corporation since the SEC was created and tends to break the jam which has existed in the new capital market for months. The issue will consist of 15-year 3 3 * per cent first mortgage sinking fund bonds to refund outstanding first mortgage 5 per cent sinking fund bonds due July 1, 1944. and 10-year 5 per cent notes due Sept. 1. 1940, of approximately $43,000,000. If registration becomes effective at the end of the 20 days which must intervene under the act. the company announced, it is planned to offer the bonds for public sale at par through Salomon Brothers & Hutzler, as agents, subject to the approval of a proposed new mortgage. Such a refunding would accomplish a material saving in interest charges during the unexpired terms of the outstanding issues and would extend the maturities at the lower rate to the year 1950. It is proposed to call a special stockholders’ meeting for the purpose of authorizing anew mortgage of $50,000,000 against existing properties under which bonds , for $43,000,000 would be dated May 15 and issued about June 15. The remaining $7,000,000 of the bonds to be created under this arrangement would be authorized to be issued in the future as required for the purposes of the business. At the close of last year Swift & Cos. had outstanding $25,398,500 in 10-year 5 per cent notes, which were sold publicly at par in the amount of $30,000,000 in August, 1930, and $20,589,500 of first mortgage 5 per cent siinking fund bonds due July 1, 1944, issued in 1914, out of a total authorization of $50,000,000. Under this refunding arrangement the company will show an annual interest saving of $317,481 on the 5 per cent notes and a saving of $257,368 on the 5 per cent first mortgage bonds. After announcement of the filing of the application, Joseph B. Kennedy, chairman of the Securities Exchange Commission, declared that the action of Swift & Cos. indicted a thawing of the frozen capital market. DIVIDEND IS DECLARED By Times Special NEW YORK, March B.—Directors of the Tri-Continental Corp. have declared a regular quarterly dividend of $1.50 a share on the $6 cumulative preferred stock, payable April 1 to stockholders of record March 16, it was learned today.

INSURANCE All Kinds With the Exception of Life A. J. Wichmann & Cos., Inc. 712 Circle Tower

General Banking To urteojs. dependably syrviey Bunkers Trust Cos.