Indianapolis Times, Volume 46, Number 259, Indianapolis, Marion County, 9 March 1935 — Page 14

T rends Highlights of News During Last Week. —BY FRF.DF.RICK M \TSON—

TmM Financial Writer PRESIDENT ROOSEVELT shifted full responsibility for the success of the NRA squarely upon Congress Thursday in a 17-point program designed to safeguard the New Deal project from criticism and court attacks. The Administrations stand was presented to the Senate Finance Committee by Donald R. Richberg. recovery co-or-dmator ... It came some 24 hours a V. r announcement of the resigns! o' of S. Clay Williams as chairman of the National Industria’ Recovery Board . . . Mr Williams. who was drafted" by President Roosevelt to head the seven-man board when Gen. Hugh S. Johnson resigned, oflered his resignation in a letter to the President. A ked that he be relieved "ju.t oon as possible," he i< llEpeeled to remain as head of the board for another two weeks upon request of Mr Roosevelt ... Federal taxpayers will save $30,000,000 annually through reduced interest charges under terms of the Treasury's $2,378,000,000 refinancing program beginning March 15, made public this week .. . The operations provide exchange of $1,850,000 of Fourth Liberty Loan bonds carrying 4 ! t per cent interest for new Treasury bonds maturing in 20 to 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 .. . Tl>. business of Brown Bros., long estabii. hed Indianapolis meat packers, has been arquired by Armour A- Co s. Samuel T. Brown, president of the local company, announced. a a a THE spectacle of an industrial corporation borrowing money for 15 years at 3\ per cent interest was afforded yesterday in the application of Swift A Cos. one of the nation's leading packers, to the Securities and Exchange Commission lor registration of anew $43,000.000 bond issue . . . This represents the largest flotation of bonds to be arranged by a domestic corporation since the SEC was created The issue will consist of 15-year 3 . per cent first mortgage bonds to refund outstanding first mortgage 5 per cent sinking fund bonds due July 1. 1944. and 10-year 5 p •' cent notes due Sept. 1, 1940 .. . Joseph P. Kennedy, chairman of SEC. said the Swift issue indicates the beginning of the break in the frozen capital market.” . . . The average cast of food purchased by the families of wage earners and low-salaried workers, during the five-month period ended Nov 30, 1934, increased in all of 32 cities surveyed except one. The exception was Indianapolis, where a decrease of 1 per cent was registered. The statistics, announced after an extensive survey, were compiled by the United States Department of Labor . . . Net income of the Indiana Bell Telephone Cos. for 1934 totaled $1,588,480, compared with $1,495,161 in Id**!, according to the annual report of the company issued by James F. Carroll, president. a m a FOREIGN exchange markets experienced wide during the last week. Gold soared to anew all-time high in London and sterling broke approximately 3 cents further in dollar terms before rallying .. . With sterling at $4 71% the dollar equivalent was $35 29. but the subsequent rally for sterling pushed the dollar equivalent to anew high of approximately $35.53 ... In the meantime, the Department of Commerce reported the United States balance of trade in January fell to $9,217,000, compared with 538.321.000 for December and $36,515,000 in January. 1934. The decline was partly attributed to large imports of gram and Philippine sugar . . . The Department of Justice entered the natural gas scene Wednesday. In a suit filed in the Wilmington • Del * Federal Court, the government charged that the Columbia Gas A- Electric Corp. had violated anti-trust laws —the Clayton Act in particular —in an effort to prevent the entrance of the Panhandle Eastern Pipe Line Corp. into the retail natural gas field in Indiana. Kansas. Missouri. Illinois and Michigan . . . The judicial assault on the NIRA was renewed this week when, in New Orleans, United States District Judge Wayne G. Borah orally expressed belief that the act is unconstitutional. He denied a government petition seeking to compel a box manufacturer to comply with the maximum hour and minimum wage provisions of the lumber code.

CARLOADINGS INCREASE RK* 51.746 in Hffk Kndrd March J, Rail Association Reports. Kjf f mif> 4 l*r. *• WASHINGTON. Mar'h 9—The Association of American Railroads has announced that carload mgs of .revenue freight for the week ended March 2 totaled 604.642 cars, an increase of 51.746 above the preceding week, which contained a holiday, but a reduction of 1075 under the corresponding week in 1934. Miscellaneous freight totaled 225.678 cars, increases of 15.904 above the preceding week and 19.547 above last year. Merchandise in less than carload lots totaled 160.320 cars, an increase of 17.849 above the preceding week, but a reduction of 2139 below 1934. OFFICIALS ARE ELECTED Faul G. Hoffman Named President of Studebaker Corp. Bf Ttmrt sj>rial NEW YORK. March 9—Election of Paul G. Hoffman, president, and Harold S. Vance, chairman of the board of directors of the newly organized Studebaker Corp.. was announced here today following the initial meet mg of the new board. Following the meeting, the new president announced the election of four vice presidents. They are Ralph Vail. D G Roos. George Keller and C K Whittaker. A G. Rumps was elected secretary of treasurer. BELL STATIONS GAIN Bt Tim, a Sprctal NEW YORK. March 9 —The Bell Telephone System reports a net gain of 37.000 stations for February, compared with a gain of 35.000 in the corresponding month last year, > it was announced today.

PAGE 14

BOULDER DAM DECISION HELD HOPE FOR TV A Brandeis’ Ruling Viewed as Meaning to Prevent Discarding. H>i Srripps-Hotraril Net espaper Alliance KNOXVILLE. Tenn., March 9 The Tennessee Valley Authority is depending today on the decision ol the United States Supreme Court in the Boulder Dam case, written by Justice Louis Brandeis. to save its power program from the discard into which Federal Judge W. I. Grubb of Birmingham attempted throw it. It aLso expects this decision to protect the government's other power developments in the West. In the Boulder Dam case, the Supreme Court held that Congress had a right to dam the Colorado River to improve navigation, provide flood control and irrigation and manufacture power. In the face of allegations that one of the primary purposes of the Boulder Canyon Project Act was to put the government into the business of manufacturing power. Justice Brandeis said the court had no right to look behind the law. Jurist Expresses View' A divided court in the child labor case, which Newton D. Baker and James M. Beck have cited in branding TV A unconstitutional, held the statute void where the unconstitutional aim was clear on the face of the law’.) "In the motives which induced members of Congress to enact the Boulder Canyon Project Act this court may not inquire,” the Supreme Court said. "The act declares that the authority to construct the dam and reservoir is conferred among other things, for the purpose of 'improving navigation and regulating the flow of the river.’ Clearly Within Powers "As the river is navigable and the means which the act provides are not unrelated to the control of navigation the erection and maintenance of such dam and reservoir are clearly within the powers conferred upon Congress. “Whether the particular structures are reasonably necessary is not for this court to determine. “And the fact that purposes other than navigation will also be served could not invalidate the exercise of the authority conferred, even if those other purposes would not alone have justified an exercise of congressional power. "This court may not assume that Congress had no purpose to aid navigation, and that its real intention was that the stored water should be used to defeat the declared primary purpose. The possible abuse of the power to regulate navigation is not an argument against its existence.” Has Many Objects TVA'S primary purposes are to improve navigation and provide flood control of the Tennessee River, to protect marginal lands, provide for national defense, and dispose of surplus power created in tnese operations. To accomplish its primary ends TV A holds that high dams must be constructed. High dams are power dams. Part of the power produced is used to operate the dam —to lift locks, etc. Pow’er above that consumed at the dam or otherwise used by the Authority itself is surplus power. TVA claims the right to manufacture power as a by-product of its undoubted privilege of damming rivers to provide navigation and flood control, and contends that this right to manufacture a commodity —electric power—carries with it the right to take that commodity to market. In other words to buy or build transmission and distribution lines. TVA points out that when the dams necessary to navigation, etc.. are built energy is created behind these dams. If that energy of falling water were permitted to go unused a natural resources would be wasted, says TVA. and this would be contrary to the general welfare.

NORTHWESTERN HEAD ISSUES STATEMENT E. A. Crane Says Security Plan Does Not Conflict With Insurance. ' The extension of social security as proposed by President Roosevelt will not conflict with the vast services of life insurance, but rather, will emphasize their individual and social values." E. A. Crane. Indianapolis general agent of the Northwestern Life Insurance Cos., said today. In pointing out the increasing interest in security, both personal and national. Mr. Crane brought out the importance of individual provision through life insurance. "W'hile the national program of social security embodied in the plan of the President is. indeed, a long step toward economic stabilization, I can not overemphasize hat not until individual Americans start seeking security as a fundamental, and not merely as a by-product, will they find it.” Mr. Crane stated.

Chicago Grain Futures

(Reprinted from vest*rdtyl Wheat— Prev. • 4 Open. Rich. Low. Close. Close. Mav . .95% .96% .95% 96% .96 Jalv . .90% 90% 90% 90% 90% Sent 89% .90% .89% .90% .89% tern— Mav . .82% 82% 81% .82 ,82' Julv . 82'. 82% .81 ’a 82 82% Jalv . .77% .78% .77% .78 . 78% Sept .75% .75% .75 .75% .75% Oat— Mav . 49% .49% 48% .49 48% Jalv . .42% 42% .42% 42% 42% Sept. .40% .40% .40% .40% .40% live— Mav . 63% .63% .63% 63% 63% Jalv . *3% 63*. 62% 63% 63% Sept 64 64% .63% .64% .64% Bariev— Mav . 73% .73% .73% 73% .73% Julv 65 .65 .65 65 .65 LardMar. 13 40 13 40 13 40 13 40 13 37 Mav 13 45 13 50 13 45 13 45 -13 42 Julv 11 57 13 60 13 50 13 55 13 55 Sept 13 60 13 63 13 50 13.55 13.57 Bellies— Mav 16 70 16 7# 16 70/* %7s 170 Jalv 16 jfi 18 80 18 * IS.M Sept. ;fc 18.90 l.f 16.90

Abreast of The Times on Finance

New York Stocks

(Reprln'ed from yesterday! (By Thomson & McKinnon) Prev Oil. High. Low. Close. Close. Amerada 55% 55% 55% 55% At! Rfg 22' 2 22% 22U 22'. Barnsda 11 6 1 * *, 8 Si Consol Oil ‘ 8 ,4, 4 i Cont of Del ■ 17’. l-* • Houston inew).. 2*2 J*a .a * B 2 | Houston old . 13 13 13 12 * , Mid Cont Pel .. 10-’. 10% 10’. 10 • Phillips Pet ... 14% H a H 2 J a 1 Plymouth Oil ..8 * §. ! Pure Oil f * ® * ,5,* Seaboard Oil 23% 23 2%. 2 ?,* I Shell Un 6% 6% <>!* ! Skelley Oil 7f , < .I?? Soc Vac 12% H’. 11 l2 * j SO Os Cal .... 29% 29 29 29% j SO of Ind 24’. 24 24 24 . SO Os N. J ... 38% 3.>2 37% 38 * Texas Corp 19% 18 . 18 a 19 . Tide Asso ... 8% B'. 8% B*B, Un Oil of Cal .. 16’. 15’. 15% 16 Steels— Am Roll Mill* .. 18’s 18% 18’ ljj% ; Beth Steel 26% 26 26 ?? * Bvers A M ... 13% 13% 13_. 14 Col Fuel Ac I .. 2% 22 s 2 Inland Steel .... 51 j 1 51 50 Mid Steel 10 10 lg 3 Nat Steel 44 42’. *2’ 43 Otis Steel 5 5 5 H Rep IA: Stl ... 11 JO;. 10% 10’. USP Ac Fdv .. 16’. 16’. .8. .6.8 U S Steel 31*. 31 31% 31 U S Steel pfd 78% 78% <B% 78 2 j Warren Bros 3‘2 3% 3 2 3 2 Motors— Auburn 19'2 19’ a 19’2 19 1 . Chrysler 34’s 33’. 34 34'. Gen Motors .... 29 28% 28’. 28’. Graham Mot ... 2'. 2 2Vs 2 Hudson 9% 9 9 # MacE Truck':;". *22% 22’, 22-2 22'. Nash 13 1 a 13’. 135 13'. Packard 4 3’e 3% 3% Reo 2’a 2% 2’a 2% Yellow Truck ... 3 -Vs Motor Access— Bendix 13% 13% 13’. 13% I Bohn Alum 54 53’. 54 55 Borg Warner 32% 32’. 32% 32 Briggs 28% 27 5 a 27’. 23 Budd Mfg 4>* 3% 4% 4 Budd Wheel 3% 3 3‘a 3 Eaton Mfg 18'* 18 18 1 . 18'/ Elec Auto Lite.. 22’a 22 22 22% Houdaille A".. 7’. 7% 7 5 , 7% Murray Body ... 6 s’a 5% s’r Stew Warner 7’a 7% 7% 7'/. I Mining— Alaska Jun 17’, 16’. 17’, 16’1 Am Metals 15*2 15% 15% 15 Am Smelt 35’. 35 35 35 Anaconda 9% 9 s . 9% 9% Cal A: Hecla 2’, 2’. 2’. 2% Cerro De Pasco 43% 43 43 42'a Dome Mines .... 40 39 39'4 38 Granbv 6 s’a 6 s’. Gt Nor Ore 9'2 9' 2 9% 9‘ 2 Homestake Min 375 375 375 378 Howe Sound • 47'2 47 47 46’. Int Nickel .... 23'. 22% 23 . 23 Kenne Cop 15% 15'. 15', 15% Mclntyre Mine . 45'. 43% 44% 43% Park Utah 2’, 2% 2’. 2’. Noranda Cop ... 35'r 34 34 1 2 33 3 4 Phelps Dodge . 14’. 14'. 14% 14% St Joe Lead ... 12% 12% 12% 12’a U. S. Smelt 119’. 118 118 118 Vanadium 15% 15% 15% 15% musements— Croslev Radio .. 14% 14% 14% 14 Fox Theater ... 9% 9% 9% 9% Loews Inc 35’, 35% 35’. 35’, Radio Corp 4’. 4% 4% 4% Paramount 3% 33 3% RKO 1 5 . 1% 1% 1% Warner Bros .... 3% 33% 3 Tobaccos— Am Tobacco A 78% 78’. 78% 78% Am Tobacco B . 80% 80 80 80 Gen Cigars . 54% 54 54 55% Ligg Ac Myers B 105% 105% 105% 105% Lorillard 20% 20 20% 20 Phillip Morris 37’. 37 37% 37% Reynolds Tob B 48% 43 48% 48 Rails— Atchison 39’. 39 39% 39% Atl Coast Lines 23% 23’. 23% 23% B Ac O 9% 9 9 9 Can Pacific iO% 10% 10% 10% Ch Ac Ohio 39% 38% 38% 39V. Chi Ac Gt W pfd 2 2 2 2 C M Ac St P l’ 1* 1% 1% C M Ac St P pfd 2% 2% 2% 2’a Chi N W 3’, 3V* 3Va 3% Cht N W pfd... 5% 5% 5% 5% Deia Ac Hud ... 27% 26% 27% 27% Del Lac Ac W .. 12% 12% 32% 12% Erie B*a 8% 8% 8% Erie pfd 10 9% 9% 10 Grt Northn pfd 11% 11% 11% 11% 111 Central 10% 10% 10% 10% Lou Ac Nash ... 39 38% 39 38 M K Ac T 3% 3% 3% 3% Mo Pac pfd 2% 2% 2% 2 N Y Cent 13’. 13% 13% 13’. N Y New Haven 4% 4 4% 4% Nor Pacific 15% 14% 14% J 5 Penn R R 19% 19 19 19% Sou Pac 35 14% 14% 14% Sou R R 9 B’a 8% 9 Union Pac 89 87% 88 90% West Maryland . 6'/. 6% 6% 6% Equipments— Am Brake Shoe . 25% 25! a 25% 25 Am Car Ac Fdv 13 13 13 12% Am Loco 11% 11 11 11% Bald Loco 1% 1% 1% 1% Gen Am Tk Car 34% 33% 33% 34% Gen Elec ... 22% 22% 22% 22% Gen R R Sig .. 20% 20 20 20 Pullman Inc ... 45% 44% 44% 44% Westingh Elec... 37% 36% 36V 2 36% Utilities— Am Ac Fur Pwr . 2% 2% 2% 2% Am Pwr Ac Lit. 2% 2% 2% 2% A T Ac T 107’. 105 106’. 106 Am Wat Wks .. 10% 9% 9% 9% Col Gas Ac Elec. 4% 4% 4% 4% Conn Ac Sou. .. Va % % % Con Sol Gas .. 17% 17% 17% 17 Elec Pwr Ac Lit. 1% 1% 1% 1% Int Hydro Elec.. 1% 1% 1% 1% Interb R T 12% 12% 12% 12% Int T A: T 7% 7 7 7 Nat Pwr Ac Lt .. 5% 5% 5% 5% North Amer .... 10’. 10% 10% 10% Pac G Ac E 13% 13% 13’. 13% Pub Serv N J .. 22% 21% 21% 21 So Cal Ed 11% 11% 11% 11V* Std Gas 2% 2*a 2% 2% Ston.- Ac Web .. 33 32% United Corn .... 1% 1% l'a 1% Un Gas Imp ... 10 9% 9’. 9% Ut P Ac Lt A .. l’a 1% 1% P. Western Union . 24% 24% 24% 24% Rubbers— Firestone 15% 15 15 15% Goodrich 9% B’. 8% 9_ Goodyear 20% 19% 19% 19% Kelly Spring .... 1% 1 U S Rubber . . 12% 12% 12% 12% U S Rubber pfd 32 31% 31% 31% Miscellaneous— Allis Cralmers.. 15 15 15 15 Am Can . 118 116% 117 117 Anchor Cap .... 15% 15% 15% 15% Brkiyn Man Tr.. 40% 39’. 40% 40% Burro'.'ehs Auii.. 14% 14% 14% 14% J I Case 54% 52% 52% 53% Conti Can 71% 70 70 70% Caterpillar Tract 40’* 40% 40** 40% Cutris Pub 17% 17 17 17% Deere A- Cos ... 26% 25% 2E% 26 Eastman Kodak 121% 120’. 121% 118’. Foster Wheeler.. IPs IP. IP, IP. Gillette 13*a 13% 13% 13% Glidden 26 26 26 25% Ingersoll Rand.. 65 65 65 65 Int Bus Mach ..160% 160 160% 157 Inter Harv 38% 37% 38 38% Natl Cash Reg .. 15 14’, 15 15 Owens Bottle ... 88% 88% 88% 88% Rem Rand .... 9% 9% 9% 9% Underwood E 56 56 56 56 Worthington Pm 15 14% 15 15% Foods— Am Sugar 66% 66 66% 66 Armour • 4** 4% 4*. 4% Armour 6% pfd 67’. 67’, 67’. 68% Borden Prod . 25% 24’, 25% 25 Can Drv G Ale 10% 10% 10% 10% Coca Cola .179’, 179 179% 177% Cont Bak "A" .. 4% 4% 4% 4'a Corn Prod 65% 64% 65 64% Crm of Wheat • 39’. 39% 39% 39 ’* Cuban Am Sugar 6% 6% 6% 6% Gen Foods 34% 34% 34% 34% Gold Dust 16% 16*. 16*. 17% G W Sugar 31%' 34'* 31'. 31% Natl Biscuit ... 26% 25% 25% 25*. Natl D Prod . ... 16% 16 16 16% Purity Bak 9% 9% 9% 9% S Porto Rico Sug 24 23’. 23% 23’. Std Brands 16% 16’, 16’, l’a United Fruit 80% 79% 80% m 80% Wrigley 77% 77% 77% 76% Retail Stores — Assd Drv Goods B’* 8% 2’* 9 Best Ac Cos 36 36 36 35’ 2 First Natl Stores 49 49 49 49 Gimbel Bros 2% 2*. 2*. 2% Gr Un Tea .. 2% 2% 2% 2’* Hahn Dept Sts . 5% 5% 5 . 5% Kresge S S 20% 20% 20*. 20% Kroger Groc ... 24 23% 23% 23% Macv R H 37% 37’. 37% 37% McCrorv St .... 9% 9’. 9% 9% McLellan St .... 12% 12% 12% 12% Marshall Field .. 7’. 7*. 7’. 7% Mav Dept St ... 39% 39% 39% 39 Mont Wfard 24% 23 . 23% 23% Penney J. C ... 66% 66% 66% 66% Sears Roebuck . 33% 32*. 32% 33% Woolworth 54% 54% 54% 54% Aviation— Boeing airest ... 7’, 7*. 7% 7% Curtiss Wright . 2% 2% 2% 2% Curt Wright A 7% 7% 7*. 7% Douglas Aid .... 19% 19% 19% 19% N Am Av 2% 2% 2% 2% Sperry Corp 8% 7’, 8% 8 Urated Air New 11% 11% 11% 11% Chemirals — Allied Chem 134 133% 133’. 133 Am Com Ai .... 26 25% 25% 25% Col Carbon .... 78 76• 77% 77% Corn Solvents .. 20 19’, 19’, 19% Dupont .... 92*a 91% 91% 92% 1 Freeport Tex ... 21 20% 21 20% ' Licuid Carb .... 26’. 26% 26% 26 Math Alkali 26 25% 25% 25% Nat Dis 1 new) . 27% 26% 28% 26*, Scheniev Dis 24** 24% 24% 24% Tex Gulf Sulph 33 32% 32% 32 ! Union Carbide .. 47% 47 47 47’* |US In Alco 38% 38% 38% 38% lirugs— Bristol Mvrrs ..33% 33% 33% 34 _ Cotv Inc 4% 4*. 4% 4% Lambert ... 27’. 27*, 27% 2i% Sterling Prod 63% 63% 63% 63% Un Drug inew 10% 10 10% 9 a Vick Chem 37% 37% 37% 36’. Zcnite Prod .... 3% 3*. 3’. 3% Financial— Adams Exp 5% 5 5 5 Allegheny Corp .1 1 1 1% Am Int Corp ... 5% 5 5% 5 Chesa Cora .... 38% 37% 37*. 38 Transamerica .. 5% 5 5% 5 Tr Conti Corp .. 2% 2% 2’, 2% BuilAmc — Am Radiator ... 13% 13 13% 12 CKc Asphalt ... 14 14 14 14

INDIANAPOLIS, SATURDAY, MARCH 9, 1935

Int Cement 24% 24% 24% 25% Johns Manv ... 43% 42% 43 43% Libbv Owens G.. 26 25*, 25% 25% O'ls Elev 13% 13% 13% 13% U S Gvpsum ... 43 41% 41% 41% Household— Col Pal Peet ... 18% 17% 18 17% Congoleum 30% 29’. 30 29% Kelvinator 16% 16 16% 15’. Proc Ac Gamble 49% 48% 49% 48% Servel Inc 8% 8% 8% 8% Simmons Bed .. 7% 6% 7 7% Textiles— Am Woolen .... s’, s’, s’, 6 Balding Ham ... 12*, 12% 12% 12% Celanese Cora .. 25% 24 s , 24’, 25 Gotham Hose .. 3% 3% 3% 3% Indus Ravon ... 30 29% 29% 30 Kavser Julius .. 17 16’, 16’, 16% Real Silk 4% 4% 4% 4V.

N. Y. Bonds

(Reprinted from yesterdayi DAILY BOND INDEX 20 20 20 20 Inds. Rails. Util. Bonds. Today 86.3 76.2* 94.1 85.5 Yesterday 86.3 76 3 94.0 85.5 Week Ago .... 86.8 78.8 94.4 86.7 Month Ago . 86 4 82 8 92.7 87.3 •_ New 1935 Low. Copyright. 35. By Standard Statistics Cos. U. S. GOVERNMENT BONDS IBy Fenner Ac Beane) Liberty*. a Prev. Close. close. Ist 3%S 1932-47 103 8 103.6 Ist 4%s 1932-47 102.14 102.13 4th 4%s 1933-38 <uncalled). 103.12 103.14 4th 4%s 1933-38 (calledl 100.29 100.29 Treasury*. 4%s 1943-45 115.20 115.28 4s 1944-54 110.20 110.22 3%s 1946-56 109.8 109.12 3%S 1940-43 106.30 107 3’eS 1943-47 106.14 106.24 3%s 1941-43 106.28 107 3%S 1943-45 104.31 104.31 3%s 1941 107.2 107.3 3%s 1944-46 104.31 104.31 3! as 1946-49 104.6 104.2 3%s 1949-52 104.6 104.4 3s 1951-53 103.2 103.4 3s 1946-48 103.4 103.2 Home Owners' Loan Corporation. 2%s 1949 100.6 100.4 3s 1952 101.21 101.16 4s 1951 1019 101.12 Federal Farm Mortgage Corporation. 3s 1949 101.23 101.16 3s 1942-47 101.24 101.16 DOMESTIC Alleg Corp 5s '44 71Vi 71 Alleg Corp 5s '49 61 60% Alleg Corp 5s ’SO 18% 18 Am Frgn Pow 5s 2030 67 56V. Am Tel Ac Tel 5%s '43 13% 113 V. Am Tel Ac Tel 5s '65 112% 112% Arm A: Cos (Del) 5%s ’43 105% 10a% Atl Coast Line 4s ’52 101% 101 Atl Coast Line 4Vis '64 87 86 Atch Top Ac S P'e 4%s ’4B ....107 106% Am Wat Wks 5s ’44 89% 90% Am Rolling Mills 5s ’3B 105% 106 Balt Ac Ohio 5s ’96 60% 61 Balt Ac Ohio 6s '95 69% 69% Balt Ac Ohio 4%s '6O 45Va 44% Buff Roch Ac Pitt 4%s '57 53% 58 Beth Steel 5s ’36 i 103% 103% Chi Milw Ac St PI 5s ’75 17% 16% Chi Milw A: St P 5s 2000 4 4 Cleve Un Term 5s ’73 88 89 Cleve Un Term 4%s '77 82% 82% Col Gas 5s May ’52 76% 77 Col Gas 5s ’6l 74 74% Can Pac Perp 4s 85% 85% Cent Pac 5s ’6O 74% 74 Big Four 4 Vis ’77 56 58 Big Four 5s '63 68 68 Colorado Ac So 4%s ’BO 61% 61'/a Chi Ac West Ind 4s ’52 97% 98 Chi Ac West Ind 5%s ’62 104 104 Chi Ac Nor West 4%s ’49 14% 14 Com Gas 5s '57 105 Vi 105% Chesa Corp 5s ’47 104 Vi 104% Dodge Bros 6s '4O 104 106 Vi Del Ac Huds 4s ’43 80'/i 82% N Y Dock 4s ’sl 66% 66% N Y Dock 5s ’3B 45% 45% Erie 5s '75 99 59% Erie 5s ’67 60 60% Gen Cable 5%s '47 89 89 Grt Northern 7s ’36 86Vi 86% Grt Northern 4Vis ’77 68 % 69 Gen Stl Cast WW sVis ’49 -.80 80 Hud Ac Manhat Ref 5s ’57 ... 88% 89 111 Cent 4%s ’66 49 49% 111 Cent Jt 4Vis '63 56 57% 111 Cent 5s ’63 60% 61 Vi Interlake C Ac I 5s ’sl 76% 76% Interntl Hy Elec 6s '44 37% 26% Interntl Tel Ac Tel 4%s '39 ... 67 67 Interntl Tel Ac Tel 5s '55 61 60 Interntl Tel Ac Tel 4%s ’52... 57 56 P Lorillard 7s ’44 127% 126% McKess Ac Rob 5%s ’SO 99 99% Midvale Stl 5s ’36 103% 103% Natl Dairy 5%s '4B 104% 104% Natl Steel 5s '56 107% 108 Nickel Plate 4%s '7B 54% 54% Nickel Plate 5%s ’74 64% 63% Nickel Plate 6s '35 5t 57 N Y Cent 5s 2013 54% 54VL N Y Cent 4Vis 2013 (old) 50% 50% Nor Amer Cos 5s '6l 86% 85 Nor °ac 3s 2047 75 75V. Nor Pac 4%s 2047 83Vi 83% Nor Pac 6s 2047 94% 94% Nor States Pow 5s ’4l 107 106% Otis Steel 6s ’4l 80 78% Penn Rv 4Vis ’B4 103 103% Penn Rv 4%s ’Bl 102% 103% Penn Ry 4%s ’7O 93% 92% Pac G Ac E 5s ’42 107 107 Portland Gen El 4%s ’6O 56% 56 Para Publix 5%s 'SO 73% 73Vi Penn P Ac L 4%s ’Bl 103% 103% Postal Tel Ac Cab 5s ’53 44% 45 Rem Rand W W 5%s '7 102* 2 102% Sinclair Oil 6%s ’3B 104 103% Shell Union Oil 5s ’47 103'% 103 Sou Pac 4%s ’CB 61 60% Sou Pac 4%s 'Bl 60% 60% Sou Pac 4%s '69 61 1 a 60% Sou Pac 4s '49 66 65% Sou Rail 4s '56 44 43% Sou Rail 6s ’56 - 57 Vi 58Va Sou Rail 6%s ’56 59% 59 Sharon Stl Hood 5%s '4B .... 83 83% Texas Pac 5s '79 85% 85 Texas Pac 5s ’77 85Va 87 Union Pac 4s ’47 .110% 110% United Drug 5s ’53 89 89 U S Rubber 5s ’47 95% 95% NYN HAc Hart 6s ’4B 36'% 34% N Y N H Ac Hart 4%s ’67 31 31 Warner Bros 6s '39 56 50' \ Western Marv 5%s ’77 98 98% Western Marv 4s 52 91% 92% Youngstown S Ac T 5s 70 95 94% Youngstown SAcT 5s ’7B 94% 94% FOREIGN Argentina A 6s ’57 92 92 Argentine B 6s 'SB 92 92% Brazil 8s ’4l 31% 31% Canadian Govt 4s ’6O Denmark 5%s '55 99% 99 German 5%s '65 32 al German 7s '49 41% 40-a Italy 7s ’sl 90% 90 Japan 6%s '54 ,2? • Poland 7s ’47 125 124 , Rome 6%s ’52 -■ 80 81 2 Tokio Citv 5%S ’6l 78% 78% Yokohama 6s '6l 83% 84

Stock Studies

CONSOLIDATED CIGAR $ COMMON STOCK ota ———Vce share EARNINGS PRICE RANGE SCALE 6-_s —j 60 iiiMr"' 40 — x t'i , 0 . 1 LJ.EJJL— . O 13031 32 33 34)30 31 32 3334 J WINCHESTER INSTITUTE OF FINANCE

The Consolidated Cigar Corp. specializes in cigars and is one of the largest producers in this country. The company is also engaged in the growing, curing and general handling of tobaccos of all descriptions. It manufactures a wide range of brands, so that its cigars meet the needs of every class of smokers. A large part of its output is sold under nationally known trade names. FINANCIAL DATA As of Drc. 31. 1934 Common S’ock <no pari 250.000 Shares Preferred Stocks $10,555,700 Surplus 2.804.033 Cash and Securities 3.208.186 Inventories 9.828.136 Total Current Assets 14.i75.513 Current Liabilities 443.699 Consolidated Cigar was incorporated in 1919 in Delaware. All classes of stock are listed on the New York Stock Exchange. During 1935 the price of the common has kept within a narrow' range, with a high of 10% and a low of 9. It is currently selling for about 9 5 i. (All Riehts Reserved. Winchester Institute of Finance. Winchester. Mass.). DIVIDEND IS VOTED Bp Times Special NEW YORK. March 9.—Directors of Selected Industries, Inc., have ceclared a dividend of 87% cents a shate on the $5.50 dividend prior stock, payable April 1 to stockholders of record March 16, it was learned today.

AUTO BACKLOG POT AT TOTAL OF 10 MILLIONS Pent-Up Demand and Need for Replacement Factors in Potential Growth. By Times Special NEW YORK. March 9—While automobile production is speeding along at a 1930 pace, a pent-up demand and replacement potential for 10,000,000 cars and trucks lies ahead, it was estimated today in trade circles. Assuming the average life of an automobile to be seven and twothirds years, estimates of the replacement potential can be roughly computed in two ways. One is by the "mortality” formula of Professor Clare Griffin of the University of Michigan. He attempted to set up an actuarial formula for the life of an automobile by a thorough study of the auto’s life history during the years 1923 and 1924. Though since greatly improved technically, automobiles today are driven much more and cover far greater mileage. Thus the average life span is still competently estimated at seven and twothirds years. 24,850,009- Registered The means of conjecturing the pent-up demand arising out of the lag in purchasing through the depression is that of summing up the difference, or purchasing lag, between actual auto sales by years and the estimated replacement norm of 3,450,000 cars. There are now 24.850,000 cars and trucks registered in the United States. The peak registration of 26,545,000 was attained in 1930. A break down by the Automobile Manufacturers Association attempts to classify by age the autos now registered and in service. It follows : 1934 models ?’2§l’2S2 1933 models 1932 models 1931 models 1930 models Cars of older vintage which are registered and presumably still in service also are estimated on the basis of the "mortality” formula. The estimates to follow, however, are not considered trustworthy. 1928 models J 1927 models I 278.296 1926 models 1,154,070 1925 models 1924 models 1923 models 305,000 1922 models 101,000 To establish an annual norm, the 1930 peak year of 26,500,000 registrations is taken. This is intended to show how many persons have had cars and will again have them, if and when the 1930 level of prosperity is regained. If seven and twothirds years is the average auto's life span, then the average "mortality” expectancy is found to be 3,450,000 cars going into discard each year. Throughout the depression owners have kept their old cars and repaired them so that a very great pent-up replacement demand exists. Large Replacement Need Summation of the difference between actual auto sales since 1929 and the annual discard expectancy of 3,450,000 points to a potential replacement need for 6,600,000 cars 'ip to now. If the 1935 "mortality” expectancy is added, then the indicated market ahead of the automobile industry approximates 10,000,000. The turnover and junking of old used cars by persons who habitually buy second-hand autos greatly complicates matters. However, the fact that the 10,000,000-car potential market may be exaggerated does not belie the fact that, undoubtedly, a very great pent-up demand exists, according to authoritative opinion. Another crude gauge may be made in another way. Os the 24,850,000 cars and trucks now registered as in service, about 12,413,000 have been sold since Jan. 1, 1929. Prior to that date there were roughly 12,400,000, which certainly points to a great market ahead if the average life span is seven and two-thirds years. Most probably, however, the last figure is extremely high.

$25,000,000 READY FOR HOME MORTGAGES 78 Leading Institutions in Indiana Receive Questionnaires. Approximately $25,000,000 is available in Indiana banks and other lending institutions for investment in home "mortgages insured under the mutual mortgage insurance provisions of the national housing act, it was estimated today by R. Earl Peters, state director of the FHA, on the basis of first returns from a questionnaire sent to leading institutions. The questionnaires have been sent to 78 banks, building loan associations and iife insurance companies throughout the state which have been aDproved as mortgagees under Title II of the housing act, Mr. Peters stated. Replies already received from 14 of the 78 mortgagees scattered from Evansville to South Bend, listed a total of $3,785,000 available for investment in insured mortgages, it was learned. The individual amounts ranged from $25,000 up to $1,000,000. NET INCOME HIGHER Perfect Circle Earnings in 1934 ShowSharp Gain. Bp Times Special HAGGERSTOWN, March 9.—Net earning of both the Perfect Circle Cos. of Indiana and Toronto, Canada, showed a substantial increase during 1934 over the previous year, it was announced here today. Consolidated net income for the year, after all deductions, including taxes and depreciation, amounted to $549,762.51, compared with $397,039 during the 1933 period. The 1934 earnings were equivalent to $3.38 a share on 162.000 shares of common stock outstanding. N. Y. SHIPBUILDING LOSES Bp Times Special NEW YORK. March 9—New York Shipbuilding Corp. sustained a net lose of $257,965 for 1934. against a net i*>ss of $24,322 for 1933, company reports shewed today.

British Sterling Policy Declared China's Ruin hy Exchange Authority Price of American Co-Operation in the F: r East Should Be the Definite Stabilization of the Pound, Leon Says. The following article was written by Rene Leon, authority on foreign exchange. NEW YORK. March 9.—ln China commodity, prices have fallen heavily while the currency has risen, subjecting the nation to serious deflation. It is said that China would welcome outside aid. and Japan has been reported as having made certain advances to her. On the other hand. Great Britain has invited American co-operation with the view of aiding China before Japan effects her rescue on Japanese terms. London is afraid that the "open door” might be slammed In the

face of the Occidental nations if, Japan succeeds in extending her; sphere of influence over China. America has interests in the Pacific, but as compared with Hong Kong and with Britain's three hundred million pounds sterling worth of investments in China they are trifling. The record of Sino-Amer-ican relations is one of unbroken amity and of mutual respect and consideration—not one of exploitatiem as are the records of Britain, Russia and Japan. China Loan Doubted As Britain’s high gold policy, which undermines our own economy, tends to shift the Chinese from the arms of the British into the clutches of the Japanese, we are invited to take England’s chestnuts out of the fire. Asa matter of fact, China needs no loans from any nation or group of nations. What she sorely needs is a higher price level for the commodities she produces that she may purchase her indispensable necessities. This she can not expect -so long as England facilitates the bidding up of gold. Like western Europe and the United States, China is the victim of the ruthless policy of deflation which is being carried, out by the British treasury. If England wants to save her interests, not alone in China but in Hong Kong and in Singapore as well, and if the door to India is not some day to be forced open in spite of her, she had better abandon manipulation, stabilize the pound sterling, allow commodity prices to rise and give a breathing spell to the entire world. America remonetized silver so as to restore gold equivalent values destroyed by the British through India. She tried in this way to break the “corner” in gold so as to raise the international price level, but England will have none of it, and her exchange equalization fund, by stimulating gold hoarders and speculators everywhere, is sterilizing gold values faster than America can create them. Battle Being Waged There is now being waged a battle between two great managed currencies, the pound and the yen, which are at grips in the Far East, and under ordinary conditions it is only natural that we should co-operate with Great Britain if only to preserve western civilization. But apparently neither Neville Chamberlain no r Montagu Norman knows the meaning of “quid pro quo.” British authorities, formerly imbued with a sense of responsibility by *-eason of England's leadership in world affairs, have adopted a policy of sheer opportunism and are cold bloodedly exploiting the situation in utter disregard of the consequences which must inexorably follow. The price of American co-opera-tion in the Far East should be the definite stabilization of the pound sterling. JOINS FENNER & BEANE Leßoy C. Breunig has become associated with Fenner & Beane, members of the New York Stock Exchange and other important exchanges, according to an announcement made today by Russell McDermott, manager of the Indianapolis office.

Local Livestock

(Reprinted from yesterday) HOGS Mar. Bulk. Top. Receipts. 2. $9.60® 9.75 $8.75 1000 4. 9.509.70 9.75 4000 5. 9.60® 9.75 9.80 5000 6. 9.70® 9.85 9.90 4500 7 9.60® 9.80 9.85 4000 3. 9.50® 9.70 9.75 4000 140-160? Good and choice. . $8.50® 9.25 Medium B.oo® 9.00 l Good and choice.. 9.50® 9.60 Medium 9-QO® 9.40 (190-200) Good and choice... 9.65® 9.70 Medium 9.15® 9.50 Medium weieht: . <2OO-2201 Good and choice... 9.65® 9.75 (220-250' Good and choice... 9.60® 9.70 Heavy wsiKht! (250-2901 Good and choice... 9.50® 9.60 (290-3501 Good and choice... 9.40® 9.50 Packine sows: „ (275-350) Good 8 75® 9.00 1 (350-4251 Good B.Bo® 890 (435-550) Good J 8.50® 8.75 (275-350) Medium 8.25® 8.75 Slaughter pigs: ... (100-140) Good and choice .. 6.75® 8.50 Medium 6.00® 8.00 CATTLE —Receipts. 700 — —Steer*— (550-900) Choice $10.75® 12.75 Good [email protected] Medium 7.00® 9.75 Common ,§-295, 1 ’5 (900-1100) Choice [email protected] Good 9.75® 12.75 Medium 7.75® 10.00 Common 5 - 50 ®,2'22 (1100-1300) Choice [email protected] Good [email protected] Medium B.oo® 10.00 (1300-1500) Choice 12.75® 13.75 —Heifers—-(soo-750) Good 10.25® 12.75 Choice 9.50® 10.50 Good 8.50® 9:50 ‘ Common and medium 4.50® 8.50 (750-9001 Good and choice [email protected] Common and medium 4.75® 8.75 —Cows— Good 6.00® 8.00 Common and medium 4 25® 6.00 Low cutter and cutter 2.25® 4.25 —Bolls—(Yearlings Excluded) Good 7. 5 is@ 7.00 Common and medium 3.75® 5.75 VEALERS —Receipts. 500Good and choice $ 9.50® 10.00 Medium 7 50® 9.50 CuU and common 3.50® 7.00 —Calves—-(2so-500) Good and choice.... 6 25® 900 Common and medium 3.50® 6.25 —Feeder and Stocker Cattle——Steers— (soo-900* Good and choice.... 6 00® 800 Common and medium 4.50® 6 00 (900-1050i Good and choice... 6.00® 8.25 Common and medium 4.50® 6.00 —C ow *— Good 3.75® 4.50 Common and medium 3.25® 3.75 SHEEP AND LAMBS —Receipts. 1800— 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 Bhep---(120-150) Good and choice .. 3.503 4.75 All weights, common and me- . „ dlua 3.509 3.75

What Doeß It Mean? Bond Premium—When a borrower receives money over and above the par value of the bonds sold he is receiving a premium. This happens when the bonds are especially attractive.

FINANCING WAVE PREDICTED SOON Private Undertakings to Obtain Low Rates Is Foreseen. Bp United Press WASHINGTON. March 9. —High government officials today predicted a wave of private financing to obtain low interest rates prevailing on Federal borrowing. It was estimated $3,000,000,000 in domestic corporate financing awaits only a "break in the ice” before being placed on the market to finance plant improvements, expansions and refunding of high interest securities. Indications this break already is occurring were seen by Chairman Joseph P. Kennedy of the Securities Exchange Commission in a forthcoming $43,000,000 issue of 15-year Swift & Cos. first mortgage bonds. The issue, the largest since the Fedeial government assumed control over security issues in 1933, “indicates the beginning of the break in the frozen capital market,” Mr. Kennedy said. Under the Swift plan, the company is refunding with 15-year 3'U per cent bonds, issues of 5 per cent first mortgage bond and notes. The Bethlehem Steel Corp., it was learned, may soon make application for the sale of $75,000,000 in new securities for the same purposes as the Swift issue.

ENGINEERING AWARDS LOWER IN FEBRUARY Construction Contracts Drop to $68,089,000 Worth. Bp Times Special NEW YORK, March 9. —Engineering construction awards in February dropped to $68,089,000 for a four-week month, according to Engineering News-Record today. Private work, however, increased to $20,485,000, or from $4,696,000 a week in January to $5,121,000 a week in February. Public awards dropped to $47,604,000 or $11,901,000 a week, compared with $24,957,000 a week in January. This big drop, the survey states, was largely in Federal work for which awards for only $8,965,000 were made in February. This compares with a $48,736,000 Federal total for five weeks last month and $40,365,000 for February last year. The drop in state and municipal work for the month was less drastic, from $15,210,000 a week last month to $9,660,000 a week or a total of $38,639,000 for February. The work going ahead consists of a larger number of medium sized and smaller projects and fewer of the very large projects that boosted the volume statistics last year. Calls for bids are running steadily higher than a year ago, the report said. COLUMBIA PICTURES INCREASES INCOME Equals $5.15 i Share During Last Six-Month period. Bp Times Special NEW YORK, March 9.—Columbia Pictures Corp. and its subsidiary companies today reported net profit, after all charges and provision for Federal income and other taxes, for the six months period ended Dec. 29, 1934, of $919,184.81, equal to approximately $5.15 a share on 173,593 common shares outstanding as of that date, after deducting preferred dividends. This compares with $404,563 for the six months ended Dec. 30, 1933, which was equal to $2.25 a common share on 167.885 shares, and with earnings of $5.69 a shar* for the company's fiscal year ended June 30, 1934. Earned surplus amounted to $3,903,448 at the end of 1934, compared with $2,363,610 at the end of 1933, and current assets were $7,137,715.50 against $1,418,973.23 in current liabilities, or a ratio of more than 5 to 1. INSURANCE SALES INCREASE By Times Special CHICAGO, March 9.—The North American Life Insurance Cos. of Chicago showed an increase of 120 per cent in new business for February compared with the same month last year, according to Paul McNamara, vice president.

DIUREX Relieves Bladder and Kidney Trouble, Stops Getting Up Nights, Expels Nervousness. Try DIUREX Today Can Be Purchased at HAAG’S

Evening School Strong courses offered in Seeretarl al, Stenography, Accounting, Bookkeeping and kindred subjects. Spend part of your evenings tn selfimprovement. Cost low. Cintral Business College Architects A Builder* Bonding, Indianapolis.

N. Y. CENTRAL CEASES FIGHT IN C.&EJ. CASE Carrier Decides Not to Appeal to Supreme Court on Eastman Ruling. BY RANDOLPH PHILLIPS Times Special Writer NEW YORK. March 9 —The New York Central Railroad has decided to allow the ruling of Joseph B. Eastman in the Chicago A: Eastern Illinois case to stand without further appeal, it was learned today, and as a result the anticipated test of the powers of the Federal Coordinator of Transportation under the Emergency Railroad Act will not be made. Mr. Eastman refused to sanction the switching of the Louisville Ab Nashville Railroad of its crack "Dixie Flyer” passenger trains from the tracks of the Chicago A; Eastern Illinois Railway to those of the New York Central. Considered Appealing A three-judge Federal Court upheld the Eastman order that the existing alignment he maintained, and stated that the case should first have gone for review before the Interstate Commerce Commission. An appeal to the Supreme Court was weighed by the New York Central and the Louisville Ai Nashville, and for a time railroad and banking officials were excited at the prospect of a complete test of the powers of Mr. Eastman. Had the injunction requested by the appealing railroads been granted all efforts of Mr. Eastman to force railroad co-ordination might have been halted. The emergency railroad act will expire on June 15, after being in force two years, unless renewed by Congress. For this reason some doubt exists as to the permanence of Mr. Eastman's ban against the switching of service to the rails of the New' York Central. There is a question whether, if the act lapses and the co-ordinating powers are not renewed, Mr. Eastman's order will have a legal effect after June 15. This is one of the reasons that the New York Central decided not to fight the case through to the highest court, or to even avail itself of the right to a review by the Interstate 4 Commerce Commission. Would Cost Business The Eastman ruling carries vast significance to the railroad world. In pleading against an upset of tha ruling, the Chicago & Eastern Illinois pointed out that the business it would lose would be taken off those 287 miles of its trackage between Chicago and Evansville, Ind., in which were embodied more than 56 per cent of its total capital investment. By sending the service over the lines of the Central’s subsidiary, the Big Four, as proposed, the Chicago & Eastern Illinois would be subjected to a passenger revenue loss of $1,000,000 annually, it was stated.

§ART According to Huey Long, 50 million listened to his bedtime story. It was the “yawning” of anew era. a tt a Have you seen and heard the new 1935 Philco Auto Radios. New beauty, marvelous tone, spectacular home radio performance, amazing value. Quickly installed in any car with handsome control on either the steering column or instrument panel. Priced as low as 542.95. Drive in tomorrow for a free demonstration. Learn why more Philcos have been sold than all makes of auto radios combined. We are open all day Sunday until 6 p. m. tt tt tt At least two parties will b relieved by the adjournment of legislature—the Republicans and the Democrats. a Your tires will never have to stand the gruelling punishment thaC those on the Bluebird received traveling at 276.816 miles per hour on the sands of Daytona Beach, but even at 40 miles per hour tires receive terrifio punishment, every point on the tread striking the pavement 14 times per second, much faster than you can tap with your finger. To avoid tread separation at high speeds, .Miller Geared-to-the-Road Tires are built with a Tread-weld which cushions and distributes the blows. In addition each layer of cord is laid parallel and imbedded in rubber so there is no chance for friction to develop and break down the carcass. Miller Gearedto - the - Road Tires give you four long, safe mileage features at no extra cost. Let us quote you on your size. The plan of payment, convenient to you, is convenient to us. tt a a CHIEF TIRE CHANGER MILLER TIRE DISRIBUTORB