Indianapolis Times, Volume 46, Number 260, Indianapolis, Marion County, 11 March 1935 — Page 8

Wall St. Pound Depreciation Now Is Greater Than Dollar. BY RALPH HENDERSUOT Ttan Write* NEW YORK. March 11—As had been feared by many people In the financial district, England has forced the price of the pound down below the old pre -valuation dollar-pound ratio of 14 86 to the pound. This means that she has devalued her currency to a greater extent than has the United States and in doing so has secured a trade

advantage over this country. The development holds interesting possibilities. A demand is likely to be made on the President very shortly to exercise his full powers of dollar devaluaticn. He is permitted under existing laws to cut U: gold content to 50 per

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Ralph llendershot

cent of its old worth, as against its existing worth cl 59 06 per cent. It may also usher in the long feared international currency war. The lower the dollar and the pound are forced in the foreign exchange market the more difficult so-called gold countries will find international trade competition. Sooner or later all countries may be forced off gold, and then a race might be entered Into to depreciate currency values. That would make it virtually Impossible for one country to trade wnth another unless they developed some sort of barter system. * a a 'T'HE possibility exists, however, that the move in London was taken to give England a more favorable trading position when it comes to currency stabilization. It may mean that stabilization is nearer than many people suppose. Apparently the step was taken with our full sanction, for from all indications no opposition was offered on the part of our currency managers. That England made use of her huge so-called equalization fund to force down the price of the pound is generally conceded. We also have a large "equalization'’ fund, and could have interferred effectively with the operation by buying pounds as the Londoners sold them, thereby preventing a break in the pnee of the currency. It is pertinent to note that the drive against the pound was not begun until after the United States Supreme Court had rendered its gold clause decision. The decision put the Administration here in rather a hole from the standpoint of further depreciating the dollar. The Court indirectly frowned on the development, so to depreciate further in the face of the criticism might prove to be poor politics. * m a \ N alternative. x assuming that we wish to get in the rate with London, would be suspension of the gold standard again. That would permit us to sell dollars In the foreign exchange market and drive down the price to below the 59.06 p*r cent level. Asa matter of fact, suspension probably would bring in enough outside selling to turn the trick. It is unfortunate that tha currency issue had to be brought to the fore again. It can only tend to make for trade uncertainty throughout the world and probably will delay the return of normal business conditions. It may even force the inflation issue.

Produce Markets

Delivered in Indianapolis prices: Heavy breed hens. 15c Leghorn hens. lie: colored springers 13c. heavy stage, lie: Leghorn stags. 7c. old roosters. 7c. ducks, full feathered and fa’. 9c: geese, fuil feathered and Ist. 7c: all classes of guineas. ISc; No 1 strictly fresh coun’rv run eggs. le.-s of? 17c Etch full case must weigh 55 lbs gross, a deduction cf 10c a Kund for each pound under 55 lbs will made. Butter—No 1. 34% 35c; butterfat. 39c. Quoted bv the Wadley Cos. <Bv Unfted Press* CHICAOO. March it Eggs—Market, steady, receipts. 12 669 cases, extra firsts. 32r fresh graded firsts. 21 %c; current receipts. 20c. dirties. 18%c. checks. 18c. Butter—Market steadv. receipts. 8615 tuba, extra firsts i9O-si% score*. 30%% 30%c; extras <92 score t. 31c: firsts (8889% score l . 29%' i i30c. seconds (86-87% MRI 28%c: specials 31%>i32c: standards, 30% Poultry—Marset. steady; receipts. 1 car. 15 trucks, springers. 20c; brotlera. 22%v723%c capons. 6-7 lbs. 23c: old rooaters U% ;14%c. ducks. 18 i2lc. turkeys. 19i21c geese. !1. 15%c s lags. l*%c. frvers. 22% 23%c. hens. IBv2oc. Cheese—Twins 16% • 16%c: daist-v 16%% 16%c. Longhorns. 16%*i17c Potatoes— Supply liberal ■ including seed stock', demand and trading light, market, firm on russets, steady on others Wisconsin round whites. 70 72%c: Michigan rural russets. 72'sc; Idaho russets. Si so 1 150 commercial grade SI 37. Florida bits* triumphs, washed. SI 80 On track 235. arrivals 396. Shipments 104* Saturday. Sunday 32. CLEVELAND March 11 Butter—Market. steady, extras. 35c: standards. 54%c. Eggs—Market, steadv. extra *h.te. 20%c: current receip.s. 20c Poultry—Market, steady, fowls 6 lbs and under. 2lc. ducks young. 24 :25* . ducks old. 20c Potatoes— Maine. Sl tl 10 a 100-lb bag: Ohio mostly TtW?T5c a 100-lb bag. Florida. Si 90aS a bushel.

On Commission Roic

below are average wholesale price* being offered to buvers bv local commission dealers. Frails—Bananas. Sc alb Apples, tancv Wtnesaps. SI 85. Golden Delicious. $2 10 Lemons sunkist. 260s $4 25 Grapefruit. Texas, seedless. $3 13 25 Arizona. 645. 70s and 80s S3 50 L.mes Mexican. per carton 12s, 25c. By ram. seedless, per hundred. S3 Pineapples Porto Ricans crate S' Axocadoa. Plorida. bax SI 50 Strawberries Florida. pint 16c per 36-pt crate 15c. Aoncots. S3 crate Grapes South America white S3 black S3 Hrnev Dews. South America S3 75. Nectarines South America box. $2 50 Vegetable!—Cabbage Northern Danish 90-lb. bag. SI 65. red. 50-ib box. $1 50; New Texas cabbage, half crate S’ 75 Onions sweet Spanish. large.’ 50-lb bag. S3; medium Michigan vellowa 50-lb tag S3 75: Texas green onions. 40c do*. Potatoes. Green Mountains 100-ib. bag SI 50 selected cobbler 50-ib bag SI 75 northern round white. 100-Ib bag SI: Nebraska trm •• 50-Ib bag S3 25 Ohio*. 100-lb bag ' *-iaho Ruuseta. 100lb bag SI 90 New Florida Triumphs bushel $3 10 Sweet potatoes Indiana Jeraeys bushel. SI 65 Nancy Halls, bushel. SI 35 Bears r*;nd stringless. hamper. S3 25 Celerx washed and trimmed • medium dox . 60c jumbo, do i 80c: hearts dox 90c Cucumbers hot house, dozen 8139: 2 dozen box. *3 25 Endive California, dozen. 90c crate S4 35 Egg o.ar.t 83 50 dozen Kale bushel. SI Lettuce, hot house. 15-lb basket SI 15; Arizona Iceberg head lettuce. S3 25 Yuma, crate. 83 39 Mangoes SS a crate: small basket. 50c Mint, a doten, 11. Parslev. dozen. 95c Peas hampers. *2 75 Spinach, Texas, bushel SI 75 Radishes dozen. 45c Tomatoes. 10-ib. carton. SI 85 nortda original. 83 75. Turnips, bushel. 75c. Parsnip*, bushel. SI 40 Beer* bushel. sl. Carrots, bushel. SI; 100-lb- sack. I! 78 Rhubarb hot house 50-!b carton, 85490a do* bunches, 81. Mushrooms, lb.. Me AH quotations subject to change up or down.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 8

AMERICA LAST OF 11 NATIONS IN BUILDING ’ Activity in 1933 15.5 Per Cent Against 117.5 Per Cent in Switzerland. By 7imrs Special NEW YORK. March 11—How building activities in the United States have been conspicuously lagging far behind other countries of the world was desenbed today by the First National Bank of Boston. On the basis of League of Nations statistics, building activity during 1933 exceeded that cf 1928 in Switzerland, the United Kingdom and the Netherlands, the bank said. "In France the 1933 building activity was about 94 per cent of the 1928 pace.” the bank reported. The United States showed only 15.5 per cent of the 1928 rate of activity. No figures for the full year of 1934 are available. However, data covering the first nine months of last year indicate that the United States still held its relatively poor status. Summarizes Statistics “Building activity during 1933. as compared with 1928, is herewith summarized on the basis of League of Nations statistics, which admittedly are not strictly comparable from country to country: Percent. Switzerland 117.5 United Kingdom 116.8 N-therlands 112.5 Union South Africa 96.6 France 93.8 Belgium 88.5 Italy 77.1 Czechoslovakia 43.7 Germany 29.7 Canada 20.6 United States 15.5 “The principal obstacle to revival is the high building costs which are nearly double those of 1913. Can Not Afford to Build “It is obvious that with per capita income running about the same as in the pre-war year, the people of this country can not afford to pay nearly twice as much for housing. Nor would a federal subsidy of 20 per cent of building costs, as has been proposed, relieve the situation. This would merely tend to freeze the present high cost level and would not stimulate private building activity. "Our principal handicaps are 1 those that have been artificially created by high union building wages and the sharp increase in building materials under the NRA codes. “Five years of depression have created a huge potential demand for new construction, repairs and modernization. It is estimated that since the latter part of 1929 the njmber of families has increased by 1.500.000. representing a gain in population of over 6.000.000. Various estimates have been made ranging from $14,000,000,000 to $25,000.000.000 of the accumulated deficit in building in the United States.”

Local Livestock

HOGS Mar. Bulk Top. Receipts. 5 *9 60 975 89 80 5000 6 9 703 9 85 9 90 4500 7. 960 S 9 80 9 85 4000 8 9 503 9 70 9.75 4000 10 9 50‘S 5 60 9 65 2000 . 10l 9 65 3 9.75 9 80 3000 i Light light: 1140-1601 Good and choice $8 503 925 Medium 8 00 3 9 00 Ligh* weight: _ 160-180. Good and choice ■ 9 653 9 .0 Medium ••• 9.15S 945 <IBO-200i Good and choice 9 70'S 9 <5 Medium 9.253 9.50 Medium weight: 200-220< Good and choice 9 153 980 1220-2501 Good and choice .. 9 65 ® 9.75 Heaw weight: 1250-290< Good and choice 9 55 3 9 65 1290-350 < Good and choice .. 9 453 9 65 Packing sows 1275-3501 Good 8 .53 9 00 ■ 350-423 ■ Good 865 ® 890 Slaughter pigs _ 275-3501 Medium 8 253 865 .425-5501 Good 8 503 875 100-1401 Good and choice . 675 2 8 50 Medium ........ .. . ...... 6.003 8.00 CATTLE —Receipts. 700— Steers— I .550-900) Choice $lO 75312.75 Good 9 50 a 11.75 Medium 7.003 9 75 Common 500 3 7.25 1 .900-11001 Choice 12 25313 50 Good 9.75 312 75 Medium 7.753 10 00 Common 5 502 7.75 11100-1300 • Choice 12 75313 75 Good 10 00312 75 Medium 8 002 10.00 ; .1300-15001 Choice 12 [email protected] —Heifers—--500-750. Good 10 253 12 75 Choice 9 50 3 10 50 Good 8 50 3 9.50 Common and medium .... 4 503 8 50, .750-900' Good and choice ... 875310 75 i Common and medium 4.75@ 8.75 j —Cows— Good 6 003 8 00 i Common and medium 4.25 2 6 00 Low cutter and cutter 2 253 4 25 —Balls—(Yearlings Excluded) Good 5 752 7 00 ! Common and medium - • 3.75© 5.75 VEALERS —Receipts. 400— Good and choice $ 9 003 9.50 Medium 7.003 9.00 Cull and common . .. 300 © 700 ; —Calves—--250-500) Good and choice ... 6253 900 Common and medium ... 350 2 6.23 —Feeder and Stocker Cattle — —Steers—-.soo-900. Good and choice ... 6 003 800 1 Ccm-r-n and medium ... 450 3 6 00’ 90.'-1050< Good and choice 6 003 825 Common and medium ... 4 502 6.00 —Cows— Good 3 753 4 50 Common and medium 3 25 2 3 75 SHEEP AND LAMBS —Receipts. 3000— Cun and common $ 3.00 2 5.50 Lambs. 90 to 120 lbs . good and choice ......... 8253 900 1 Common and medium ... 600 5 825 90-120 lbs., good and choice . 4 50© 550 : " 120-150) Good and choice . 400 2 525 ' All weights, common and medium 3.00© 4.25, TEXILE USE ON RISE ’ By Timet Special NEW YORK. March 11.—The dollar value of textile fibers consumed in the United States aggregated 5535.000.000 during 1934. a gain of' 70 per cent over the 1932 consump- i tion. the low year of the depression, according to the Textile Organon. I published by the Tubize Chatillon Corp. FRITTS AND VEGETABLES Bv United Press) CHICAGO March 11-Apples—Michigan Mclntosh bushel. *1 50 1 1 75; Jonathans. *lso© 1.75 Turnips—lllinois bushel. 20, * 35c Lettuce—Western crates. $222 75. Carrots—California crates. $2 253 2 75; Illinois, bushel. 50265 c Sweet potatoes— Tennessee bushel 90c 2*l; Indiana. *125 2135 Bean*—Florida, bushel. green. *125 :2. Spinach—Texas, bushel. *1259 165 Cabbage—Wisconsin. 100 Ibe.. *2 50 si* Omcn^i —Michigan sacks a bushel, j

Nation 18 to 54 Per Cent of Way Toward Recovery Path, Flynn Says

ITr ' - ' rri'l 1 - . p V. ; 1 f _ ... { , I ' I ' •-> | jg-Ji *: f=co=i .-"S'- ; . .. ..i /yFy+'r ~ ' | “V" 1 J 1 * I -7= ‘i? Tz - n—‘ , _* / _' . .... . | ... |j. V,.. WMUCTIOH PAYROLLS j (btoutiWS ffi-tMWomfMT BUSWESS i I li U I ni I! 1 I

HOG PRICES UP 10 TOJSCENTS Best Grades Again Salable at $9.80; Vealers Steady. A strong undertone again was evident in the pork market at the Indianapolis Union Stockyards today where prices were generally 10 to 15 cents higher in the initial session of the week. Todays advance marked the first increase in values since last Thursday. Practically all classifications were scarce during the early trading and a fairly heavy demand prevailed in the various grades. This, however, was considered largely responsible for the moderate increase. Receipts were estimated at only rJOO, compared with 2000 Saturday. Holdovers numbered 447. The bulk, 160 to 250 pounds, ranged from $9.65 to $9.75, while few better kinds again reached the $9.80 mark. Heavyweights, scaling from 250 pounds upward, sold at $9.40 to $9.60. Light lights, weighing 130 to 160 pounds, brought $8 to $9. Others, scaling 100 to 130 pounds, cashed in at $6.75 to $7.75. Packing sows held at $8.25 to $9. With the initial supply scarce, trading in the cattle market was active and steady to slightly higher than last weeks close. Bulk of steers were valued to sell under $lO. while most heifers ranged from $7.50 to $9.50. Receipts were 700. Vealers remained unchanged, selling at $9.50 down. Receipts were 400. Only a slight change was displayed in the lamb market, with early sales of fed western grades at $9.50 down. Heavy native classes sold at $8.25 down. No lightweight kinds were available. Slaughter sheep remained at $5 down. Receipts were numbered 3000.

Other Livestock

.Bv United Press) LAFAYETTE March 11—Market. 153 25c hither. 200-250 lbs.. *9 553 9 65; 250300 lbs. *9.353 9 45; SOO-325 lbs.. $9.25: 170-200 IJS . *9 503 9 60. 155-170 lbs.. *93 9 40: 140-155 lbs.. $8.5038.75; 130-140 lbs.. SB3 8 25: 120-130 lbs.. $7.503 7.75: 100-120 lbs $( 753 7 25: roughs, $8.75 down. Calves, -teady *8 50 down. Lambs, steady, *8 75 dewn. FT. WAYNE. March 11— Hoes—ls3 25c higher; 200-250 lbs.. $9 65; 250-30 Olos.. $9 45; 300-350 lbs. $9 15; 180-200 lbs.. $9 50 1 60-180 lbs . 150-160 lbs.. $8.75; 140150 lbs.. $8 25; 130-140 lbs . S8: 120-130 lbs.. $7 50 100-120 lbs.. $7; roughs. $8; stags. $5.75. Calves *9.50; lambs. *8 50. >Bv Times Special. LOUISVILLE. March 11.—Cattle—Receipts 800 supplv slaughter cattle light.; quality fairlv desirable: market active, fullv 25 350 c higher than close last week, or unevenly 50 375 c above last Monday on steers, heifers and cows: bulk common to medium steers and heifers. $6 503 9; better finished kinds to $lO with strictly good kinds quotable somewhat hiekher; bulk beef cows. $4 75 3 6 25; good kinds and smooth heifer tvpes quotable to $6.75 and above: low cutters and cutter cows mostlv *2 75.4: strong weight cutter'. ,*4.25. sausage bulls steady: mostly $5 down desirable beef bulls. $5.50 and above; Stocker trade moderately active: generally steady: bulk better Hereford stock calves. $6 50 :7 50 Calves. 400. market stesuv to 50c lower; bulk better vealers.*s33B 50: stric'lv choice. *9: medium grades. $6 50 1 7.50: plainer sorts. *6 down Hogs—Receipts. 700: market steady with Saturday or 10c lower than last Friday top and bulk desirable 180-250 lbs.. $9 45 255 ios. up. *9: 160-175 lbs.. $8 95: 140-155 lbs $8 45; 120-135 lbs $7.50: sows weighing 400 lbs. down. *7.70. Sheep— Receipts. 100: market steady: most medium to good native lambs. *738; choice eligible to $8 50 or better: common throwouts. $6. and fat ewes S3 50 down. POLAR ICE EXPANDS Acquires Control of Five Units, Three of Which Operate Here. The Polar Ice and Fuel Cos. announces the acquisition of the Artificial Ice and Cold Storage Cos. at 1045 E. 42nd-st. The Polar company is the oldest ice company in Indianapolis and the Artificial company was the second oldest. Henry L. Dithmer. president of Polar, also announced that his firm has bought the Commercial Fuel Cos., 316 W. Ohio-st, a subsidiary of the Artificial Ice and Cold Storage Cos.; the Fowler Ice and Ice Cream Cos. at Rushville and the Indiana Ice and Daily Cos. at Anderson,

INDIANAPOLIS, MONDAY, MARCH 11, 1935

Wages, However, Are Lagging Far Behind Production, Financial Writer Says in Appraisal of New Deal as it Enters Upon Its Third Year of Operations. Ib* New Deal enters upon Its third year. Where are we now? What distance have we traveled along the road to economic recovery? John T. Flynn, Ame ’lea’s foremost writer on financial topics, tells you. In five articles, written exclusively for The Indianapolis Times and NEA Service, Flynn shows with refreshing clarity how far we have progressed toward better times. This is his first article. BY JOHN T. FLYNN (Copyright, 1935, NEA Service, Inc.) After two years of the New Deal where do we stand in our effort toward recovery? Looking out upon the foggy landscape of the American scene, the Man in the Street is a bit confused. Unfortunately, we get most of our information from people who want to sell us things and politicians who want to capture our support. Whether we have improved or not and hew far is pretty much a matter of fact. •

In order to make as simple a picture as possible let us imagine the nation as a small factory which would be typical of the whole industrial structure. In the early fall of 1929 the factory employed 1000 workers. Every Saturday night the boss paid them in wages $25,250. That is, they were earning $25.25 a week each. Wage Total Drops At the end of 1932, just before the New Deal was launched, 460 of the 1000 workers were gone—fired because of hard times. There were only 540 left. They were earning not $25.25 but $17.40 a week each. In other words, the boss pai<j out in wages only $9,396 instead of $25,250. Now, at the end of nearly two years, things have improved. Os those 460 men and women who were fired 130 men have been put back to work. That is, there are now 670 employed in that workshop instead of just 540. They are getting SIB.BO a week each instead of $17.40. The boss is paying out $12,596 a week in wages instead of $9,396. There has been a tremendous drop from the activity of 1929. But there has also been a considerable advance from the lethargy of 1932. We have traveled 28.2 per cent of the road toward re-employing people. We have negotiated 18.2 per cent of the road in restoring wages. We have covered 21 per cent of the road toward recovery in pay rolls. Tells Where We Stand This makes pretty plain what has happened and where we are. We have put back to work 130 workers, but we still must put back 330 more before we reach the stage of employment in 1929. We have increased pay rolls $1.40 a week, but we must add another $6.40 before we have gotten back to recovery. We have added $3200 to the pay roll, but we must still add another $12,654 before we have gotten back to the employment level of 1925. In 1929, let us say, the factory produced goods valued at SIOO,OOO a week. By the end of 1932, with nearly half the workers discharged, it produced only $54,000 worth each week. But the produce in 1934 was $79,000 a week. Here, then, is a startling picture. We have traveled 54 per cent of the way in production, but we have traveled only 21 per cent of the way in pay roll recovery and only 18.2 per cent of the way in restoring wages. Prices Moved Up In the meantime the products are offered for sale at a very much higher price. In May, 1933, an order of merchandise would have sold for $69.40. Today that same order of goods sells for $86.80. Here is an increase of $15.40—22 per cent. Let us apply this to our worker in the factory, who has seen his pay go up $1.40 a week. Back in 1932 he could take his week’s pay—sl7.4o —and buy a given quantity of merchandise with it. In February, 1935, that same bill of goods would have cost him $21.24. But he was getting only SIB.BO. This tendency of. prices to outstrip wages, just as production outstripped pay rolls, is one of the serious maladjustments in our situation. Last year the volume of business activity fell steadily from April to the middle of September. It rose steadily from that point to Fefaru-

! ary 1 of this year. Then it began to i decline. As for profits, the NRA reports that in 1932 some 209 large corpo- | rations had a combined loss of $190,000; that in 1933 they had combined profits of $202,000,000; that last year their profits were $430,000,000. In 1926 a worker was getting, let us say, SIOO a month in wages. A stock and bondholder was getting SIOO a month in dividends and in- ! terest. Workers’ Wages Studied In 1934 the worker’s wages had been cut to S6O. The security holder’s rewards had risen to $l5O. The worker had lost 40 per cent. The security holder had gained 50 per cent. Os course, all security holders have not been so fortunate. This is the record of a large group studied by the NRA. Looking at the whole picture you will see that it is quite uneven, that the improvement of the business man has been better than that of his employe, that the rise in purchasing power has not kept pace with the expansion of production and that, on the whole, w*e have a long way to travel. But there has been a gain. And the question is. Are we holding that gain and can we travel the remainder of the distance soon? At the moment we are arrived at a sort of pause. Since 1929 the depression has gone through four phases. Ballyhoo Era Starts The first was the period of ballyhoo when we tried to shoo it off the lot with three cheers. The second, beginning in the fall of 1931, was the debt-saving period launched with the RFC. The third was the inauguration of the New Deal. It continued the cheering and the debt-saving, but added an attempt to organize business to limit production, raise prices and check the downward spiral of wages. The fourth phase came near the end of 1933 with the doles—spending great sums for relief in various ways. Now we enter the fifth stage. It may be called the period of infla- | tion. Will it be credit inflation or currency inflation? This will be answered soon, but it will be inflation of some sort. Indeed, this has already begun. We have traveled i from 18 to 50 per cent of the road ; on cheering, debt-saving, price and production control and doles. Can we negotiate the remaining 50 to 80 per cent of the journey on inflation? To complete the picture we must point to one big fact. The big job is to get plants producing capital goods—machinery, locomotives, houses, roads, buildings, etc. —back to hire 4,000,000 people. If they did their needs would result in hiring 4,000,000 more at least in plants producing consumers’ goods. Whether we will go forward or fall back will depend on whether or not we can get the heavy goods industries to work. NEXT —The forces which have helped us on our way and the forces which hold us back. 20-CENT DIVIDEND PAID Bp Times Special NEW YORK. March 11.—Directors of The Broad Street Investing Cos., Inc., have declared a quarterly dividend of 20 cents a share on the capital stock, payable April 1 to stockholders of record March 16.

STOCKS HIGHER BUT TURNOVER REMAjNS LIGHT Market Fails to React to Calling of National Bank Notes. By United Press , NEW YORK, March 11.—The stock market moved higher today in extremely dull trading. There was no market reaction to the Treasury action of calling in National Bank notes. Instead, drifting and characterless trading continued. Rails, battered as result of adverse reports last week, firmed today. Union Pacific, which dropped to anew two-year low at the opening, came back to show only a fractional loss, while Atchison was 3 i higher at 39 3 4i Chesapeake & Ohio Is higher at 38, and New York Central about steady. Consolidated Gas and American Telephone held fractional gains to aid utilities, while industrials were improved under leadership of du Pont, which advanced 1 1 s to 92 Li. American Locomotive issues were weak spots, both the preferred and common touching new lows for the year. The former was at 35 *, off 2Vs, and the latter at 10%, off

New York Stocks

(Bv Thomson & McKinnon' 11 AM. Prev. Oils— Hieh. Low. N. Y. close. Atl Rfe 22% 22 Vi 22% 22% Barnsdall 6% 6 6 6 Consol Oil 7> g 7 7Vs 7 Cont of Del ... 16% 16% 16% 16% Mid Cont Pet... 10% 10% 10% 10% Ohio Oil 9% 9% 9 3 4 9 3 4 Phillips Pet ... 14% 14% 14' 4 14% Pure Oil 8% 6 ! 2 6% 6% Roval Dutch .. 30% 20% 29% 36 Shell Un 6% 6Vi 6% 6<4 Soc Vac ll 3 s 11 11% 11 3 4 S O of Cal 28 3 4 28% 28 3 4 28 1 2 S O of Ind ... 24 23 3 / 4 23% 23% S O of N J ... 37Vi 37 37 37 Texas Corp .... 18% 18% 18% 18% Tidewater Assn. BV4 B*4 BV4 BVi Steels— Am Roll Mills .. 18% 17% 17% 17% Beth Steel 26% 25% 26% 2 Col Fuel & lorn 2% 2% 2% 2% Cruc Steel 17 17 17 17V 2 Mid Steel 9% 9% 9% 10 Otis Steel .... 5 5 5 5 Rep I & Stl 11 10% 11 11% Rep I & Stl pfd 34 34 34 33V 4 U S Steel . 3114 30% 31 30 U S Steel pfd.. 79 79 79 79. Warren Bros 3% 3V4 3V a 3% Youngstn S& T 15% 15% 15% 15% Motors— Auburn 19 18% 18% 19% Chrysler 34 33% 33% 33% Gen Motors 28% 28% 28% 28% Graham M0t.... 2% 2 2% 2 Hudson 8% 8% 8% 8% Hupp 2 Vs 2 2 2 Nash 13% 13% 13% 13% Packard 4 3% 3% 4 Reo 2% 2% 2% 2 Vi Studebaker .... 33 3 Motor Access— Bendix 13 Va 13% 13% 13V4 Borg Warner . • 32% . 32% 32% 31% Briggs 27% 27% 27% 27% Budd Mfg 3% 3% 3% 4 Bud Wheel 33 33% Eaton Mfg ... 18% 18 18% 17% Elec Auto Lite .. 21% 21 21% 21% Houdaille (A).. 7% 7% 7% 7% Stew Warner ... 7% 7Vs 7% 7% Mining— Alaska Jun 17 17 17 16% Amer Smelt .... 35% 35% 35% 34% Anaconda 9% 9% 9% 9% Cal & Hecla 2% 2% 2% 2% Cerro de Pasco.. 43% 43% 43% 43% Dome Mines .... 40% 4040 Vs 39% Int Nickel 23 22% 23 23 Kennecott Cop • 15% 15 15% 15 Mclntyre Mine . 45% 44% 44% 44% Noranda Cop . . 35% 34% 34% 34% Phelps Dodge .. 14% 14 14% 14 St Joe Lead ... 12% 12 12% 12 U S Smelters 119% lIBV2 119 118% Vanadium 15V4 15 15% 14% Amusements— Fox Theat ..... 9% 9% 9% 9Vi Loews Inc 35% 35 35% 35% Radio Corp 4% 4% 4% 4% Paramount 32% 33% RKO IV2 1% IV2 IV2 Warner Bros ... 32% 2% 3 Tobaccos— Am Sum Tob . 20% 20% 20% 20 Am Tob *'B” 80 79% 79% 80 Ligg & Mvers B 105 105 105 105 Lorillard .20 20 20 20% Phillip Morris . 38 38 38 37% Reynolds Tob B 48% 48% 48% 48Vi Rails— Atchison 39% 39 39% 39 Atl Coast Lines . 23% 23 23% 22% B & O . 8% 8% 8% 8% Can Pasific .... 10% 10% 10% lo 4 Ch & Ohio ... 38 37% 38 37% C M & St P 1% 1% 1% 1 % C M & St P pfd 2% 2% 2*4 2% Chi N W ... 3Vi 3% 3% 3Vs Dela & Hud . ■ 26 25% 26 26 Dei Lac & W 13 12%- 12% 12% Erie ■ 8% 8% 8% 8 % Grt Northern pfdll% 11 11 10% 111 Central 10% 10% 10% 10% M K & T 3Vi 3Vs 3% 3Vi MK & T pfd .. 7 7 7 7 N Y Cent 13% 13% 13% 13Vi Nor Pacific 14% 14% 14V 2 14% Penn R R 19 19 19 19 , Sou Pac 14% 14% 14V 2 14% Sou R R 9 9 9 8% Union Pac 86% 85*2 86% 86% Am Loco 10% 10% lOV2 10% Am Steel Fdy... 13% 13% 13% 13% Bald Loco 1% 1% 1% 1% Gen Elec 22% 22% 22% 22% Gen R R Sig ... 19 19 19 20 Pullman Inc 44% 44% 44% 44% West Air Br ... 21 21 21 21 Westingh Elec . 36% 36% 36% 36 Utilities — Am & For Pwr 2% 2% 2% 2% Am Power & Lit 2 2 2 2% AT&T .107% 106% 106% 106% Am Wat Wks . 9% 9% 9% 9% Col Gas & Elec. 4% 4% 4% 4Vi Com & Sou % % % 3 4 Consol Gas •• 17% 16% 17% 17 Elec Pwr & Lit . 1% 1% 1% 1% Int T & T . 7 6% 6% 7 Nat Pwr & Lit. 5% 5% 5% 5% North Amer ... 10% 10% lOV2 10% Pac G & E 14 14 14 13% Pub Serv N J .. 22 21% 22 21%

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Berehoff 32% Bore Warner 32% 31% Butler Bros 7 7 Crane Cos „§% B’s Chicago Mail Order 16% 1? Cities Service 1 }% Kingsbury 1% 1% Prima 3 Quaker Oats 132 132 Swift IT% 17%

New York Curb

(Bv Abbott. Proctor & Paine) 12 Noon. Prev. N. Y. close. Distillers Corp 15% 15% El Bond & Share 4% 4% Fisk Rubber 8% 8% Ford of Can “A” 28 28 Hiram Walked 27 26% Humble Oil 46% 46% Lake Shore Min 56-4 56% Natl Bellas Hess 1% 1% Nia Hud Pwr 2% 3 Pan-Am Airways 40% 40 Penn Road 1% 1% Swift & Cos lj 3 s 17% Un Gas 1% 1 Wright Hargraves M:a 9% 6%

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,125.000 00 Debits 4.199,000.00 TREASURY STATEMENT (By United Press) WASHINGTON. March 11.—Government expenses and receipts for the current fiscal year to March 8. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $4.675.556,197 50 $4,398,413,340.91 Receipts.. 2,371.186.931.71 1,981.981 849.98 Deficit. 2,304.369,265.79 3,416.431.490.93 Cash bal. 3,053,709,574,53 4,843.554,663.86

What Does It Mean? Bond Call—When a borrower acts to pay off an outstanding issue of bonds this is known as a bond ■■'all. Such calls can be made years prior to maturity if the contract with the borrower provides for this.

SPEAKS THIS WEEK

* z iff! SHyl

J. W. Lewis The relation between long-term financing of homes and,the maintenance cost of dwellings will be discussed by J- W. Lewis, Chicago, at the Better House Conference at the Claypool Thursday. Other speakers will include E. D. Pierre, president of the Indianapolis Construction League, and R. Earl Peters, state director of the Federal Housing Administration. LOCAL CASH MARKET City grain elevators are paying 86 cents for No. 2 soft red w'heat. Other grades on their merits. Cash corn No. 3 yellow, 79 cents, and oats 46 cents.

So Cal Edison .. 11% 11% 11% 11% Std Gas 2% 2% 2% 2% Stone & Webster 2% 2% 2% 3 United Corp .. 1% 1% 1% 1% Un Gas Imp ... 10 9 7 * 9% 9% West Union ... 24% 24% 24V* 24% Rubbers— Goodrich 9 8% 8% 8% Goodyear 19% 19% 19% 19 Vi Kelly Spring .. 1 1 1 1 U S Rubber .. 11% 11% 11% 12 U S Rubber pfd 30 V 2 30'% 30 Vs 30 Miscellaneous— Allis Chalmers . 14% 14% 14% 14% Am Can 117 116% 117 116% Brklyn Man Tr. . ... 40% Burroughs Add. 14% 14% 14% 14% J I Case 53V* 52% 53% 52% Conti Can •• 70% 70 70% 69% Caterpillar Tract 4040 40 39% Crown Cork .... 25% 25Vs 25Vs 25 Curtis Pub .... 17 17 17 17 Deere & C 0... 25% 25% 25% 25% Eastman Kodak 121% 121% 121% 121% Gillette 13% 13% 13% 13% Glidden 26 26 26 26% Ingersoll Rand ...64% 64% 64% 66% Int Bus Mach .160 160 160 160% Inter Harv ... 37% 37 3 s 37% 37'. Natl Cash Reg.. 15Vs 15'/s 15*/s 15% Foods— Armour Com ... 4% 4 3 s 4% 4% Armour 6% pfd 66 3 s 66% 66% 66 Borden Prod .. 24% 24% 24% 24% Cal Packing 40 39% 39% 39% C’oca Cola 179'% 179% 179% 180% Corn Prod 65% 65% 65% 65% Crm of Wheat.. 39% 39'/ 2 39% 39% Gen Foods 34% 34 34% 34% Gold Dust 16% 16% 16% 16% G W Sugar 31% 31 31% 31 Natl Biscuit 26 25% 26 25% Natl D Prod 16% 16% 16% 16% Purity Bak 9% 9% 9% 9% S Porto Rico Sug 23% 23V 8 23% 23% Std Brands 16% 16 16 16 Utd Fruit 81% 81V 8 81% 81% Ward Bak (B).. IV2 IV2 IV2 IV4 Retail Stores— Assd Dry Goods 9 8% 8% 9 Best & Cos . . 35% 35% 35% 35 First Natl Stores 48% 48% 48% 49 Gimbel Bros .. 2% 2Vi 2% 2% Hahn Dept Sts . 5% 5 5 5% Kresge S S 20% 20% 20% 20% Kroger Groc .... 24% 24% 24% 24 Macv R H 37% 37% 37% 37% Marshall Field . 7% 7% 7% 7% Mont Ward 24% 23% 24% 23% Safeway St 40% 40% 40% Sears Roebuck . 33 32% 33 32% Woolworth 54% 54% 54% 54% Aviation— Aviation Corp .. 3% 3% 3% 3% Curtiss Wright . 3% 3% 3% 3% Cutriss Wr “A”. 7'/4 7% 7% 7% Douglas Air 19 18% 18% 19 Nor Am Av .... 2Vi 2% 2% 2% Sperry Corp ... 8 8 8 8 Uni Aircft New. 11V4 ll ] / ll'A 11% Chemicals— Allied Chem ... 134 134 134 134 Am Com Alcohol 25% 25V 25% 26 Com Solvents .. 19% 19 19% 19% Dupont 92% 91% 92% 91% Liquid Carb 26% 26% 26% 26% Math Alkali 25% 25% 25% 25% Monsanto Chem. 59% 59 59% 59% Natl Dis 'new'). 26 25% 25% 25% Schenlev Dist . . 24 23% 24 24% Tex Gulf Sulph 32% 32% 32% 32% Union Csrbide 47'/ 4 46% 47% 47 U S Ind Alcohol 38% 38% 38% 38% Druirs — Sterling Prod ... 63 63 63 63Vi Un Drug (new) 10% 10V 10 Vi 10 Financial— Adams Exp ... 5 5 5 5 Allegheny Corp .1 1 1 1% Transamerica .. 5Va 5 5 5Va Building— Am Radiator .. 12 11% 12 12 Holland Furnace 6% 6% 6% 6% Int Cement .. 25% 25% 25% 25 Johns Manville . 42% 42% 42% 42% Libbv Ow'ens Gls 25Vi 25% 25% 25% U S Gypsum ... 43 42% 42% 41% Ulen Cons IV2 lVi IVa IV2 Household— Congoleum 29% 29 V 2 29% 29% Kelvinator 16% 16 16% 16 Servel Inc 8% BVi 8% 8% Simmons Bed ... 7 6% 6% 6% Textiles— Amer W001en.... 5% 5% 5% 5% Belding Hem ... 12% 12% 12% 12% Celanese Corn . 24% 24 24 24 GRAIN PRICES DROP IN OPENING TRADE May Wheat at Lowest Level Since Feb. 7. By United Press CHICAGO, March 11.—Trading was light and prices worked lower under influence of week-end news and Liverpool prices at the opening of the Board of Trade today. Wheat opened % to VM cents off Saturday’s close. Corn was down % to % cent. Oats was off Vi to Vs and rye dropped % to %. Reports of scattered rains from parts of the dry areas in Kansas, Oklahoma and Texas led to increased pressure, sending prices to a new low on the current downturn. May wheat at 94 3 i was at the lowest level since Feb. 7. Scattered liquidation was in evidence with a few stop loss orders uncovered. (By James E. Bennett* 11:00 Tev. Wheat— High. Low. A M. close. May 95 .94% .94% .95% July 90 .89% .89% .90% Sept 89% .89 V .89% .90'/* CornMay 80% .80% .80% .81 July 76% .76% ,76V 2 .77% Sept 74% .74% .74% .74% Oats— May 48% .48 .48 .48% July 42 .41% .41% .42% Sept 39 Vi .39% .39% .40 Vi RyeMay 62% .62% .62% .62% July 63% .62% .62% .63% Sept 63% .63 Vi .63%. .63% INSURANCE VOLUME UP By Times Special FT. WAYNE, Ind., March 11.—A 49 per cent increase in regular paid j for business of The Lincoln National ; Life Insurance Cos. for the month of February, 1935, over the same month in 1934 was announced here today by Arthur F. Hall, president. February marks the fourteenth consecutive month business has gained over the corresponding month a year ago,

GOLD NATIONS' FOREIGN TRADE ON DOWNGRADE Pound’s Decline Expected to Give Britain Further Price Advantage. j By Times Special NEW YORK, March 11.—If English industrialists and bankers were responsible for starting sterling on | the toboggan to increase their leverage in world markets, they chose a particularly opportune time to give I themselves an overwhelming advanj tage over other European nations, trade authorities here declared to- , dayA study of commerce reports for March, published by the Bureau of Foreign and Domestic Commerce, indicated clearly that foreign trade of the gold bloc countries has been slipping to lower levels in recent months, and that, even without tha additional push a cheaper pound might given English trade, competition from the Continent was steadily becoming weaker. It also was pointed out. however. that the political and financial results to France, Belgium and Holland might be exceedingly serious. The condition in these countries is forcefully outlined in the reports. French Failures Gain ‘‘Despite the rise that has taken place in security prices, evidence that the gravity of the economic crisis in France in the form of an unusually rapid increase in unemployment during recent weeks, an equally striking decline in railway traffic and a marked falling off in receipts from the business turnover tax is too convincing to justify a belief that an early recovery can be brought about,” Commerce Reports declares. “The number of failures and receiverships reported for December again was exceedingly large. There was an exceptionally large increase in unemployment during January, the number of totally unemployed in receipt of benefits having risen to 479.005 on Jan. 26, compared with 332.266 on Jan. 27, 1934. “The depression continues to be especially marked in the textile, leather and building construction industries, with little change in general, though slightly more activity was shown in industrial machinery, chemicals and rubber during the month. “January imports increased sharply to 1.944,000.000 francs—the largest total since June, 1934—while exports declined further to 1,450,000,000 francs. The import surplus for the month thus amounted to 494,000.000 francs as compared with 241,000,000 in December.” Dark Picture Elsewhere Other gold bloc countries show an equally dark picture. In Belgium “increased difficulties in the way of export” reduced orders for iron and steel. Spinners of cotton yarns had to reduce prices to keep their plants in operation because of falling exj ports, and “the generally bad situa- | tion in textiles” was reported as | “one of the chief contributors to unemployment.” In Holland the report declares: “The weakness in commercial activity which characterized the closing months of 1934 has continued into the new year.” “The essential difficulty appears to be reflected in the foreign trade figures,” the report asserts, “which show no improvement in the value of exports, stimulation of these is the central aim of the government’s recovery program. “The general level of industry has fallen to anew low during January, continuing the recession which has been apparent during the past few months. To some extent this is seasonal, but the decline in textiles has been far greater than seasonal and has affected all branches.” G. M. SALES LARGEST IN FIVE-YEAR PERIOD Total in First Two Months of 1935 60 Per Cent Ahead of 1934. By Times Special NEW YORK, March 11.—February sales of General Motors Corp. cars at retail maintained the comparable position established in January, the month’s sales to consumers oeing the largest of any February since 1930, officials have announced. Sales of cars and trucks to consumers totaled 77,297 units, against 54,105 in January and 58,911 in February, 1934. For the first two months of the year, sales to consumers of 131,402 units contrasted with 82,349 sold in the corresponding period of 1934, an increase of approximately 60 per cent. AUTO OUTPUT CLIMBS Last Week’s Production Rises to 86,973 Units. By Times Special DETROIT, Mich., March 11.—Automobile and truck production in the United S ates and Canada last week amour ted to 86,973 units, compared w.th 83.899 reported on March 2 and 73,645 units a year ago, according to Cram’s Report* Inc. Survey of the large automobile plants showed that one was closed, II were operating on larger schedules, two were below the previous week and 13 remained unchanged.

Klein & Kuhn, Inc. Property Management LI-3545 706 Guaranty Bldg.

J. EDWARD JONES ROYALTY TRUST CERTIFICATES Chapin Seward & Shiel, Inc. Fletcher Trust Bldg. LI-4466.