Indianapolis Times, Volume 47, Number 1, Indianapolis, Marion County, 12 March 1935 — Page 11

Wall St. I Record Low Interest for U. S. Bonds Analyzed. ! BY RALPH HfcNDLRSHOT rinx 'iwriti Writ*? yfEW YORK. March 12—The sale of long-term United F ates government bonds on the Je*est Interest basis m history at a t.m r when leading economists are predicting currency inflation because of a breakdown of govemrr. th rredit must stnke a great many people as being unusual, to the least Yet there is noth-

ing inconsistent about the two The v* ry fear jf investors to make business investments has cau.ed mvestors to seek the utmost in investment safety, * hich is government bonds. The fart that these b nds are tax exempt at a time h>n the only

_

Ralph liendershot

alteinative to inmay be high taxation likewise is an important factor. Bank-, the biggest purchasers of government bonds, hrve more money than they know what to Jo wi*h They can not MORI satisfactory commtrctal loans, so they .urn to Federal obligations. And the proceeds from their purchases are Jest on deposit for the most part, which adds to their difficulties in keeping their funds employed. mm* MOREOVER, these bonds are ra-ily converted into cash at the Federal Reserve banks. Any time, therefore, the banks need fi,nds, either for more attractive commercir. loans or to meet the demands of depositors, they can g-t it. It is to their advantage to koep their money thus employed, even though the return is small. A high government official stated a few days ago that we will have no currency inflation during President Roosevelt's term of office. It is to be hoped that he is correct. Unfort una'ely. however, it is not always possible to make good on such statements. In any event it would be much more convincing if It came from the President himself, a * m THE relationship between the world ownership of gold and the commodity price situation may be likened to a poker game in whmh one player is consistently loaning money to other players on questionable I. O. Us to keep the gam** going. Lack of gold or the inability to get a sufficient amount of the yellow* metal is causing many countries to force commodities upon the world m? w**t m order to meet debt and trade deficits. These offerings us **tn. - modules continue to depress wor'd price - and interfere witn effor.s within nations such as the United States to pro note internal increases m price If we were able to extend credits or make loans w* would materially help our internal economy, but we are prevented from doing so in most instances by the Johnson law. But. of course, if w*> did make the we might not fare any Idler than we did on many of thot-e granted in 1926 and 1927. It is difficult to say whether it is better to break up the game or go on tak - ing I. O. U.s.

On Commission Row

(Junta-ions b*lo ate sv*r-** wholes* price- being offered to buyers by loc*l Commission dealers. *it—Bananas. V a lb Apples, fancy Wtne;*p< *1 Ba. Golden Delicious. SI 10. lemons, sunklst 26©s. $4 25. Grapefruit, res toed less <li3 25 Anrona. Ms. 70s and SOs 50 limes, Mexican, per car'on I.’. 2ac: Bvram. seedless, per hundred. $3. Pineapple P'rto Ricans crate. $5 A'ortrio Florida, bax. II 50 St ra a berries. r la. ptnf 18c per 36-p crate. 15c. Aprico - - *3 crare Grapes South America. ii:*e 13. black 13 Konev Dears. South A-nerici I! 75. Nectarines. South America, box. *: 50. t ecelables— Cabbage. Northern Danl-h (e :b h,c $1 85 red. 50-lb box. 1150. New Texas cabbace. half crate. *2 75. OnMms *weet Sp:<ni<h. large. 50-lb har 13 medium Michigan Yellows 50-lb. I c *2 75 Texas green onions. 40c dor. Green Mountains 100-lb bag. *1 SO. -elected cobblers 50-lb bag. II 75, northern round white. 100-lb. bag. ’ Nebraska Triurnph. 50-lb bag. 12 25. Orv.o- 100-fb bsg *2. Idaho Ruusets. 100lb h.c *! 90 New Florida Triumphs, t .-be' *2 in Sweer potatoes. Indiana Jervis bushel. HAS Nanev Halls, bushel. II *A Reins, round -tringless. hamper. 12 25. Celerv. • washed and trimmed*, med;i;m dor . 80c tumbo dor 80c. hearts. - ooc Puruirbers hot house, doren. - 2 do -en box 12 25 Endive. California doren 90c crate 14 25 Egg plant. ; |2 50 doren Kale bushel. 11 Lettuce. ! hot hou-e is-!b baske- |1 U; Anrona Iceberg head !et*uce. 13 25 Yuma, crate. |l 25. Mangoes 15 a crate: small basket. Mint a doren It. Parsley, doren. 3Se Peas hampers $2 75 Spinach. T.-xas. bushel 11 75 Radishes doren. 45c. ?I BS Florida g.rt’. 12 75 Turnips, bushel, 75c. Parsnips bushel. II 40 Beets bushel. II Carrot- bushel. II: 100-lb. sack. $: 7S Rhubarb hot house 50-lb carton. 55 . see dor bunches. *l. Mushrooms, lb . SO All quotations subject to change up or down ERIITB AM* VEt.FT%BI.ES >Bv United Press* CHICAGO March 12 -Apple*-Michigan. Mclntosh bushel. 11 50:1 75. Jonathans.' t rurnips Illinois bushel 20tt levuce Western crates 52 2'' .75 * crates. 12 35 i 2 85 pv.i-.-et Tennessee bushel. 90-iH green. II 25 -i 1 75 Rr r.ach Texas bushel, tl 3591 75 tt-bijt Wisconsin 100 lbs. 12 25*72 75. Or - Se-- Michigan sacks a bushel. No 1 Produce Markets Del.tered ir. Indianapolis prices’ Heavy b-*ed her* 15c. Leghorn hens. 11c. eolgers 13c heavv stage. 11c. legb rn s*xg. 7c old roosters. 7c. ducks. 'red and fat. 9c geese, full feathred and fa* 7c all classes of g. r.ea 15c No 1 atnctlv fresh countrv 8 1 Each full case must ete 55 lb- gross a deduction of 10c a .-id for each pound under -5 lbs will t* * B N I. 34®35c: butter-: fa- 23c Q-r-ed bv the Wadley Cos. Bv Uni'ed Press* CLKVB4RD. March 12 Bu-ter—Market ! M*r-- steady: extra white 20 ; r. current s’eady ex-ras 35c standards. 34c. Eggs—receipts 2c Poultrr Market steadv. - 6 .bs itc. ducks, young. 34 ,2V ducks eld. 20e Potatoes—Maine. II t; 10 a 100-ib big Ohio mostlv. 70fe 75c a 100-lb. bag Fiend*. SI 9t)®2 a bushel. Retail Coal Prices The foiioxrmg prices represent quotatiros from .ead;ng Indianattolu coal dealers A 35-cect carrying charge per ton will be added DOMESTIC RETAIL PRICES Ind-ana tump 55 X Egg . .. .. 503 Nut 410 Brastl Block— Lllitiß 5 54 Egg ill Nut 5 54 Glendora*— L mp 5 14*5 59 Egg 5 II g 5 43 Nut 4 55 u 5.30 Wert Virgin .a and Eastern Eentuck* ■ Group B* .. .. 4 77tt7.1l Pocahontas and New River, smoke.eaa 7 3CB 33 SB* cl?, ? 55 "'W.nL. liiASttlXM

♦ ♦ Abreast of The Times on Finance ♦ ♦

COTTON BREAK BRINGS SELLING ON BIGJOARD Stock Trading Is Quieter as Commodity Sales Remain Active. By r nitrti Prr NEW YORK. March 12—A new break in cotton in the late morning dealings today brought some selling into stocks. At noon the share market was irregular, with prices ranging from gains of a point to losses of 2 points. Trading was quiet. Cotton trading continued active. Highly nervous movements characterized the market. Prices swung back and forth with 10-pomt changes between sales. The market opened irregular and then shot up. It fell aeain. rallied and around 11:30 ran into another wave of liquidation from which it also recovered. Traders were on edge as uncertainty continued. Stock trading was quieter. U. S. Steei. American Can, American Telephone and Chrysler made fractional gains. New* York Airbrake dropped 2 1 * to anew 1935 low* at 18%. U. S. industrial Alcohol lost nearly a poir*, and United Fruit a point. Mining issues were quiet, featured : bv a 12-point decline in Homestake Mining. Mclntyre Porcupine made a small advance. Gains of a point were noted in Radio preferred B and in Pennick Sc Ford. — Money and Exchange INDIANAPOLIS STATEMENT Cietrings *2 053. W) 00 Debits 5 013 000 00 TREASURY STATEMENT 'Bv United Pressi WASHINGTON March 12—Government expenses and receipts for the current fiscal year to March 9. compared with he corresponding period of the previous fiscal year This Year Last Year. Expenses *4 006 058 499 29 $4 425.426.730 14 Peceipts . 2 370.519 548 89 1 995,140 201 07 r-ficit 2 306.538.950 40 2 430 286 529 07 ' sh Bal 2,050 357.720 98 4.827 973.703 45 I Stock Studies^ AMERICAN CAN I COMMON STOCK eca " *wt MM EARNING" PR ICC RANGC SCALf n-l r— -150 . 1 ~T~*t 100 4_ m 1 50 *-||||| T 0 " 30 31 32 13 3. 30 31 32 333. ’ ° WINCHESTE* INSTITUTE Os EINANCE American Can Cos. is the leading company in the United States producing tin containers used for food, chemicals, oils, paints and the like; 45 per cent of the cans thus used in this ’ountrv are produced by American Can. The firm produces nearly three times the volume of its largest competitor. The company's plants are well located, largely throughout the Eastern and MiddleWestern states. In all the company operates about 50 factories in the United States. Canada and the Hawaiian Island. FINANCIAL DATA As of Dec. 31. 1931. Common Stock '*2s pan 2.473.998 shares 7 - Preferred Etock $lO pari *541 233.900 Profit and Loss Surplus ... 75 029,050 Cash and Securities 23 819.0 - Inventories 24.te5.v5" Total Current Assets 60.001.292 Current Inabilities 16.892 726 American Can was incorporated in 1901 in New* Jersey. Both classes of stock are listed on the New* York Stoc< Exchange and quoted on the unlisted deportment of the Chicago Stock Exchange. So far this year the common has ranged from a high of 117*2 to a low of 116. At a current price of around 116% the stock sells to yield nearly 3% per cent on its regular dividend, and for IT 1 - times eaniings. All Rights Reserved Winchester Institute of Finance. Winchester. Mass.).

GRAINS STEADY TO LOWER AT CHICAGO Easiness in Live r pool Adds to Slight Decline. By l’*itetl Prrtt CHICAGO. March 12 —Grain futures held steady to lower today at the opening of the Chicago Board of Trade. Easiness at Liverpool contributed to the decline. At the start wheat was unchanged to % cent lower, com was unchanged to s * cent off, oats were unchanged to 3 * cent off. and rye was down ** to N cent. Provisions were easy in sympathy with grains and a decline in hog prices at the Chicago stockyards. Broomhall said Liverpool was lower in sympathy with weakness here yesterday. Although there was little demand for cash wheat in the British market, there was. on the other hand, no selling pressure from the Argentine or Canada. All futures were at new seasonal lows. (By James E. Bennett) Wheat— 1100 Prev. High Low A M cl"se Mav 94*a 93 * .93% 93% JOlv 89% • 68% 89 .88% Sept M*a 8(*. .8% 8% CornMay 79% .78% .79'* .79 Julv 75% .74% ,75'a .75 Sept 73% .72% .73 .73% Oata— Mav .47' 2 46% .47** .47* Julv 41% .40% .41% 41 Sep* 39% 38% .39 .39 . Rye— Mav 61 1 * .60% .61 l .% July 62% 61% 63 ,62'a Sept 63 62% .63% 62% LOCAL CASH MARKET Cite gram elevators are paying 84 een*s for No 2 soft red wheat Other grades on their merits Cash corn No. 3 veUovr. 75 cents, and oata 45 cents. — “BABY BOND”SALES HIGH By United Press WASHINGTON, March 12 i Nearly $15,000,000 in ’ baby bonds” was sold by the Federal government in the first eight days of their sale i to March 8. the treasury announced ' today. Actuarsales were $14,575,695.

INDIANAPOLIS, TUESDAY, MARCH 12, 1935

RELIEF SPURS CLIMB earn a a a a a a U. S. Spending Held Cause of Recovery

The New Deal enters upon ita third year. Where are we now? What distance have we traveled along the road to economic rfcovery? John T. Flynn. American's foremost writer on financial topics, tells you. In five articles, written excluslvelv for The Indianapolis Times and NEA Service, F vnn shows with refreshing claritr how far we have progressed toward better times. This is his second article. BY JOHN T. FLYNN iCopvright. 1935 bv NEA Service. Inc.) Traveling on the way toward recovery*. we have covered 54 per cent of the distance in production. 28 per cent in employment, 21 oer cent in payrolls, 18 per cent in wages and a very large per cent in profits. But what has produced that recovery? we have to know that before we can know whether the advance is to continue. Os course,

various claims are made for the NRA, the AAA the monetary experiments and so on. Was it these? Or was it certain forces at work jvithin business itself? The answer, I think, is that such distance as we have traveled has been due to none of these things. Our advance has been due to one thing and one

WF || ♦ dpi;. '

John T. Flynn

thing alone—to the great sums of money expended by the government. From July 1, 1933, up to Feb. 23

New York Stocks

ißv Thomson & McKinnon* 11 A M. Prev. Oils— High. Low. N. Y. close. Amerada 54% 54% 54% 54% Atl Rfe 22'a 22 22 22 Barnsdal 6' a 6 6 6% conslol Oil 6 7 a 6’a 6% 6% Cont of Del ... 16'2 16'a 16% 16% Mid Cont Pet .10 10 10 10 Ohio Oil 9% 9% 9*a 9 5 a Phillips Pet 14 1 * 14 14J-B 14 Pure Oil ..... 6% 6 1 2 6*2 6*4 Roval Dutch ... 29*2 29*2 29*2 29% Shell Un 6 ,6 6 6* Skellev Oil 11 * 2 11% 11% 11‘* 3oc Vac 11*2 11% 11% 11'* SO of Cal 28% 28% 28% 28* . S O of Ind 23% 23 3 4 23 3 4 23 3 4 S O Os N J ... 36 3 4 36% 36 3 4 37 Texas Corp ... 17% 17 3 4 17 3 4 17% Tidewater Assn . B*4 B*a 8% B*/4 Steels— Am Roll Mills . 17% 17*4 17*4 17*2 Beth steel 24'a 24% 24% 24% Bvers AM .. 13 * 2 13*2 13 * 2 13 * Col Fuel St Iron 2*2 2*4 2V* 2 3 4 Mid Steel ....... 8% 9 9 9% Natl Steel 42% 42 42 42*2 O'is Steel 4% 45a 4% 4 3 4 Rep I St Stl . 10*2 10 10 10*. U S Pipe St Fdv 16 15*2 16 15*2 U S Steel .. 29 7 29 3 4 29 7 a 29% U S Steel pfd . .. 79'a 79 79'a 79 Warren Bros 3*2 3*2 3*2 3*/4 Youngs wn S & T 15 15 15 14 3 Motors— Auburn 17 7 4 17 17% 17% Chrysler 32% 32 32 32*a Gen Motors .... 28'a 27% 28 28 Hudson B'2 B*2 B*2 8% Hupp 2 1% 2 2 Nash 13*a 13 13 13*a Packard 3 7 a 3 3 4 3’* 3 3 4 Reo 2*2 2'a 2'a 2*2 Studebaker .... 2 7 a 2% 2% 2 7 a Yellow Truck ... 33 33 Motor Access— B’ndix 12 5 a 12*2 12% 12*4 Bohn Alum 53*2 53*2 53*2 53 Borg Warner ... 31 30% 31 30% Briggs 26 3 a 26 >s 26% 26 Budd Mfg ... 3 7 a 3 7 a 3 7 a 3 3 4 Elec Auto Lite.. 20 s a 20*2 20' 2 20% Elec Stor Bat .. 41 40 3 4 40% 41 Houdaille "A”.. 7*4 7'a 7*4 7*4 Murray Body ... 5% 5 5 a 5% 5 3 4 Stew Warner ... 7*B 7 7 7 Timken Roll ... 29 3 a 29'* 29% 29% Timken Det Axle 5 5 5 5 Mining— Alaska Jun 16*2 16*2 16*2 16*4 Am Smelt 34 33% 33% 33% Anaconda 9% 9% 9*B *9*B Cal St Hecla . 2 5 a 2% 2% 2 3 Cerro De Pasco. 42 41% 42 41*2 Dome Mines . 39% 38% 38% 39% Granbv 6 5 7 /a 6 5 7 a Gt Nor Ore ... 9*2 9*2 9*/4 9'2 Homestake Min .368 368 368 380 Howe Sound Int Nickel ... 22 7 y 22 5 a 22 3 4 22*2 Isl Creek Coal .34 34 34 33*2 Kenrecott Cop.. 15 14 3 4 14 7 a 14 7 a Mclntvre Mine . 44'4 44' 4 44* 4'. 3 i Park Utah 2S 2 5 a 2 5 a 2 5 a Noranda Cop 34'a 34 34 33*2 Phelps Dodge ... 13 3 4 13 3 4 13 3 4 lost Joe .. ll s 8 11’-* ll 5 a 11’.' Vanadium 14 14 14 14* t Fox Theat 9*2 9 3 a 9J4 9 7 a loews Inc 34*2 34* 34 3 a 34 *4 Radio Com 4*2 4*2 4*2 4*2 Paramount 2 7 2 7 v 2’a 2 3 a RKO 1 3 a l 3 a l 3 a la Warner Bros ... 2 7 a 2 7 w 2 7 a 2 7 r Tobaccos — Am Snuff .... 1 2 67*2 67 1 2 66*2 Am Sum Tob 19 3 a 19’a 19*2 Am Tobacco A 77*2 77*4 77*w 78 Am Tobacco B . 79 79 79 79*4 Ligg fc Myers B 104 3 104 3 4 104 3 4 104 7 a Lorillard 20'a 20 20'a 20'a Phillip Morris 36’a 36’a 36S 37 Revnolds Tob B 48 3 e 48*a 48*a 48'a Rails— Atchison 39 38 3 a 39 38 3 a Atl Coast Lines 22 3 4 22*4 22 3 4 22' B St O 8 1 2 8 3 a B*2 B*4 Can Pacific . 10*a 10 10*a 10'a Ch St Ohio 37*2 38’a 37*2 37*2 Chi St Gt W 7 a 3 4 3 4 7 * Chi &Ot W pfd 2 2 2 lfa C M & St P I*2 I*2 l'a I*4 C M & St P Pfd 2 2 2 2 Chi N W 3'a 3'a 3'a 3'a Dela St Hud .. 25'j 25*4 25*2 25'* Del Lac AW.. 12', 12, 12 12 Erie 7 3 4 < 3 4 < 3 4 Gt Northern pfd 10'a 10 10*a 10’a 111 Central .. 10 9 3 * 9 3 * 9 3 * Lehigh Valiev .. 6*a 6*a 6*a 6 7 a M K ft T pfd .. 6 3 6H 6 3 a 6 7 s Mo Pac pfd 2 2 2 2 N Y Cent .13 12’a 12’a 12 3 N Y New Haven 4 4 4 4 Norfolk A- West 159 159 159 160 Nor Pacific 14’. 13 3 * 13'* 14 Penn R R 18*a 17 3 17 s * 18 Sou Pac 13 7 a 13 3 13 3 * 13 3 * Sou R R 8 3 a 7 7 a 8 7 3 * Union Pac 84 3 * 84 3 a 84’2 84]a Wabash l*/ l*w lVa l'a Equipments— Am Car A- Fdy.. 12 ll 3 * 11’* 12 Am Loco . 10*2 10*2 10*2 10 Am Steel Fdy . 12 3 12’a 12 3 * 12 3 * Bald Loco •• I s * l 3 * I’* 1 3 Gen Am Tk Car 32'. 32'* 32* 4 33'* Gen Elec 22** 21 7 a 22 22 Pullman Inc .... 43*a 43*2 43*2 43 Westingh Elec . 35 7 a 35'* So 3 ® 35** Utilities— Am & For Pwr . 2'a o'2 2*a 2*a Am Pwr St Lit 2 2 2 2 A T A- T . 106‘a 106 1 2 106’* 106> 2 Am Wat Wks 8 7 a 8’! 8> 9, Col Gas A- Elec 4V* 4*a 4'a 4*a Conn A- Sou 3 * ’* * Consol Gas - 16 3 * 16’a 16’a 16’a Elec Pwr St Lit . I*2 I*2 l*a I*2 Int Hydro Elec . l'a l'a l'a l'a Interboro R T . ll’a ll’a ll’a ll’a Int T A* T • 6 7 . 6’a 6’a 6 4 Nat Pwr A- Lit . 5 3 a s’a v*a s** North Amer . 10'a 9 a 10 9a Pac GA- E ... 14'* i4 14 * 13 3 * Pub Serv N J ... 21' 21 21'* l a So Cal Edison .. 11 10 7 a 11 11* Std Gas ■ 2*4 2‘* 2*4 2 3 a Stone A* Webster 2 7 a 2 7 a 2 a 2 7 a United Co.p l’a I*2 l’a l'a Un Gas Imp •10 9 a 10 9 7 a Ut Pwr A- Lt A" I'* I'* l‘ ■ * Western Union-. 23 22'a 23 23 Rubbers—’'•'•stone 14 7 a 14’a 14’a 15 n 8 : a B*a B'a B*a ar 18*4 18 18'a 18 jbber 10 3 . 10*4 10 3 a 10'a > lubber pfd- 28’* 27’* 28** 28 Miscellaneous — Allis Chalmers . 13'* 13' 13** a Am Can 114*a 113j* I}J 312 a Am Mach St Fdy 19’. 19’a 19’. 20 Burroughs Add 14 3 14’* 14 3 s 14 1 J I Case . 51*4 49 7 a 50*a 50 J Conti Can 68’* 68'* 68'a 68 s Caterpillar Tract 38’* 38* j 38’a 38 s Crown Cork 24*a 24*2 24*a 24*a Curtis Pub 16 16 16 16 Deere ir Cos .24** g3’* 24 24 Foster Wheeler . 10 3 * 10’* 10’* 11 Gillette 13** 13'a 13*a 13 4 Glidden 25 25 25 25*. Inter Harv ... 36‘* 35 3 * 36'a 36 Natl Cash Reg . 14’* 14’* 14’* 14’* R*m Rand B‘a B*s B*s B*a Fsods— Am sugar S4*a 64’a 64’a 64*a Armour 4 3** 4 3 a Aromur fr pfd 64 64 64 64 Beatrice Cream y 17*. 17** 17’* 17'* Borden Prod ... 25'a 24’* 24 1 * 34 7 g Cal Packing.... 38'* 38‘a 38 : 2 38 \ Con. Prod ...... 55 641a 64'a 64Va

last—a period of almost 20 months —the government has paid out in emergency expenditures, over and above the ordinary expenses of the government, $9,871,809,584.91. It is very important that you understand just what this money does tc us—how it gets into our economic system and works its way around. To make the matter quite simple, let us look at Mr. A. who is on relief and who is getting sl2 a week. What does he do with ft? He spends it. He takes it to the grocery. What does the grocery man do? He buys goods at the factory. The factory man uses the money to pay wages and buy raw materials. The raw material man pays wages in turn. It is very plain, therefore, that when the government poured into the blood stream of business nearly ten billion dollars in the last twenty months that that ten billion aided not merely the people who received it from the government, but retail merchants wholesalers, manufacturing plants of all sorts, railroads and so on. You may think that government doles are not being used to buy automobiles. But they are. The man who gets the dole does not buy autos. But the man he spends it with buys automobiles and radios. Is it not perfectly plain, therefore, that if that ten billion had not been spent, not only would those on relief have perished, but business itself would have had none of the advances we have recorded? Factories have been able to put men to work, wages have advanced slightly, production has increased,

Crm of Wheat . 39'* 39Va 39/i 3914 Cuban Am Sugar 5 7 s 5 7 a 5 7 g 5 7 a Gen Baking 7 7 s 7 7 * 7 7 a 7 7 a Gen Foods 33 3 * 33 3 * 33 3 * 33 3 * Gold Dust 16 3 4 16*4 16 3 4 16V* C W Sugar ... 30 3 4 30'* 30V* 30 3 9 Hershev 78 78 78 77* 2 Loose WUes 34'a 34*/a 34*. 34‘s Natl Biscuit .. 26 7 a 26'a 26*b 26 Natl D Prod ... 15 7 8 15 3 * 15 3 ,* 15% Purity Bak 9 9 9 9 S Porto Rico Sug 23 22 3 * 22% 22*2 Std Brands 15% 15% 15% 15% United Fruit 78% 77 78% 79 Wrigley 76% 7C% 76% 77 Retail Stores— Assd Drv Goods 8% 8% 8% 8% Best St Cos 35% 35 35 35% Firs* Natl Stores 47'a 47*2 47% 48% Gimoel Bros 2% 2% 2% 2% Hahn Dept Sts . 4% 4% 4’a 4% Jewel Tea 51% 51% 51% 54 Kresge S S 20% 20*4 20*2 20% Kroger Groc 23% 23% 23% 23% Macv R H 36% 36% 36% 37 McLellan St .. 11% 11% 11% 11'2 Marshall Field . 7% 7'* 7% 7% Mav Dept St 38% 38% 38*2 39 Mont Ward 23'* 22% 22% 22% Natl Tea 9 9 9 8% Penney J C 66% 66% 66% 66% Safeway St .... 41 40*2 40% 40% Sears Roebuck . 32% 31% 32% 32 Woolworth 54 53% 53 7 a 54 Aviatigtn— Aviation Corp .. 3% 3*4 3% 3% Boeing Aircrft .. 7 6% 7 6% Curtiss Wright . 2'a 2'a 2% 2% Curtiss Wri (A) 6% 6% 6% 6% Douglas Air ... 18 17% 17% 18 Nor Am Av 2% 2% 2% 2'/* Sperrv Corp 7’a 7’a 7% 7% Utd Aircraft new 10% 10% 10% 10% Chemicals— Air Reduction ..110% 109% 110% 111 Allied Chem 132 132 132 132 Am Com Alcohol 24% 24% 24% 24% Cos) Carbon 75 74% 74'* 76 Com Solvents ... 18% 18% 18% 18% Dupont £O% 89% 90 89% Freport Tex 20% 19% 2014 20% Liquid Carb .... 2o 25% 26 26 Math Alkali 24% 21% 24% 25 Monsanto Chem 50% 59% 59% 59% Natl Dis 1 new) . . 25% 25 25% 24% Schenlev Dist . 23 23 23 23 Tex Gulf Sulph . 32% 32 32 32 Union Carbide . 46% 45% 46'* 46 U S Indu Alco . 35% 35% 35*2 36% Drugs— Cotv Inc 4’a 4*4 ' 4*4 4% Lambert 27% 27% 27% 27% Sterling Prod .63 63 63 63% Un Drug inew). 10% 9% 10% 10 Vick Chem 37% 37'* 37V* 37% Zonite Prod .... 3% 3% 3% 3% Finanrial— Adams Exp ... 5 4% 5 4% Allegheny Corp .1 1 1 1% Am Tnt Corp ... 5 4% 4% 5 Transamerica ... 5% 5 5 5 Tr Conti Corp . 2% 2% 2% 2% Building— Am Radiator .. ll’a 11% 11% 11% Gen Asphalt 13% 13% 13 1 2 13% Holland Furnace 6% 6% 6% 6% Int Cement 24% 24 1 2 24 1 2 24% Johns Manville . 40% 39% 40% 40% Libbv Owens Gls 25% 25% 25% 25% Otis Eiev 13% 13% 13% 12% U S Gypsum ... 42 1 2 42 42% 42 Household— Col Pal ePet . . . 17% 17% 17% 17 Kelvinator 15'* 15 15% 15 Proc & Gamble 48'j 48 48 47% Servel Inc .. . 7% 1% 7% 7% Simmons Bed .. 6% 6% 6% 6% Textiles— Amer Woolen ... 5% 5% 5% 5% Belding Hem .12 12 12 12 Celanese Corp . 22% 22% 22% 22% Collins Aikman .10 9% 10 9% Gotham Hose 3% 3% 3'4 3% Indus Ravon . 27% 27 27% 27% Kavser Julius . 16% 16% 16% 16% Real Silk 4% 4% 4% 4% j Chicago Stocks ißv Abbott. Proctor <5: Paine'. 11:00 Prev. A. M close. E L Bruce & Cos 5% 6 Butler Bros 6% 6% Asbestos Mans 2 2 Bendix 12% 12 Berehoff 33 Borg W’arner 31 31% Cord 2 s * 2’a Grt Lakes Dredge 17% 17% Gen House Util 4'y 4% Libbv 7 7 Marshall Fields 7% 7% Lynch Glass 28 28% Quacker Ooats 130% 131 Swift 16% 16% Sew York Curb (By Abbott, Proctor St Paine) Prev. Close. Close. Allied Mills 15% 13% Atlas Corp 7% 7% Can Indus Ale “A” 7’a 7% Carrier Corp 16% 15’* Distillers Corp 15% 15 Dow Chemical El Bond St Share 4% 4’a Hiram Walker 26 25% Humble Oil 47 46% Imperial Oil. Ltd 16 15% Lake Shore M in 55% 55% Nia Hud Pwr 33 MAYTAG SHOWS GAIN 1934 Net Profits Total 51,960,836. or $5.62 a Share. By Timet Special NEW YORK. March 12. The Maytag Cos. reports for 1934 net profits of 51.960.836, equivalent, after dividends at the rate of $6 a share on the first preferred*stock, to $5.62 a share on 285.483 of preference stock. After deducting dividends at the rate of a share on the preference stock the balance is equivalent to 46 cents a share on 1,617.922 shares of common stock. This compares with net profits of 51.204.503 for 1933. equivalent, after dividends, at the rate of $6 on the first preferred stock, to 52.97 a share on the preference stock. Net sales in 1934 were $14,716,706 compared with $8,589,053 in 1933.

profits have risen because that half billion dollars a month was poured into business every month since the middle of 1933. Os course, it must be said that the government did not spend all this money outright. Some of it was loaned to others—to railroads, banks, etc. But whether spent directly or loaned by the government, the funds were introduced into the streams of business where they were available for spending over and over again. Held as Necessary Without these spendings it is safe to say we would have had a complete and paralyzing collapse. What is more, if they were to be stopped or even diminished we would have a complete and paralyzing collapse. The government, of course, has no intention of diminishing them. And as long as the government keeps up we are not likely to have anything resembling a great collapse. But why has not this vast flood of government money made more of an impression? In January, 1932, before the New Deal, business was at a level represented by an index number of 72. It is now at an index number of 87. This is a rise of but 15 points. In January, 1932, the government was spending little or nothing. Why, with this vast stream of government spending, has it risen but 15 points? The answer Is more or less obvious. I have said that the country may be looked upon as two great workshops—one engaged in making consumers’ goods, things sold in stores and at retail to the public, and the other engaged in making heavy machinery, roads, houses, buildings, locomotives, railroad equipment, etc., and sold not to the public for cash but to business enterprises on credit. This second great workshop has been almost completely shut down. The most important single element in this great workshop is the construction industry—that great industry which puts up our houses, buildings, roads, schools, and so on. And this industry has been in a state of great depression. For instance, if you will go back to 1929 you will find that construction contracts amounted to from 300 to 472 million dollars a month. It has been declining ever since. Building Shows Dip By 1931 it was down to over a hundred million dollars a month. By 1932 it had shrunk to between 75 and 105 million dollars a month. During 1933 and 1934, if it were not for various government projects undertaken to aid business, there would be almost no construction industry- In January of this year private construction had fallen to about 22 millions. The hope of the government has been that this industry wouid revive; that shortage in homes, in commercial buildings, in industrial plants would develop and that the building industry would go to work to supply these things. But it has not done so. To state the matter simply then, it is this great heavy industries workshop which must get under way and take up the burden which now is being borne by the goverriment through public spending. Until this is done there can be no end of government doles and subsidies. You can tell just when recovery is coming by watching two sets of figures. One is the record of private building construction. The other is the record new financing. In watching the figures on financing, it will be important to distinguish between refunding operations and new financing. When a corporation puts out on bond issue to pay off an old one, this, while important to the corporation, does not supply any fresh funds to business. But when it puts out anew bond issue or stock issue and the securities are sold for cash to buy new machinery or to erect new plants, then the capital goods industry is being stimulated; this great idle workshop is being speeded up.

Other Livestock

(By United Press) FT. WAYNE. March 12.—Hogs—10c lower; 200-250 lbs., $9.50; 250-300 lbs.. $9 35; 300-350 lbs., $9.05: 180-200 lbs., $9.40; 160180 lbs.. $9 30: 150-160 lbs . $8.65; 140-150 lbs., $8.15: 130-140 lbs.. $7.90; 120-130 lbs., $7.40; 100-120 lbs., $6.90; roughs. $8; stags, $5.75. Calves. $9.50; lambs, $8.25. LAFAYETTE. March 12— Hoes—Market, steady to 10c lower: 200-250 lbs., $9.45® 9 55: 250-300 lbs., $9.25®9.35: 300-325 lbs., $9.15; 170-200 Its., $9.40®9.50: 155-170 lbs.. $9®9.30: 140-155 lbs., $8.50®8.75: 130-140 lbsL sB®B 25; 120-130 lbs., $7.50®7.75: 100120 lbs.. $6.75® 7.25: roughs. $8.75 down; calves, 50c higher; $9 down; lambs, steady, $8.75 down. (By Times Special) LOUISVILLE. March 12.—Cattle—Receipts. 175; supply slaughter cattle meager; demand dependable for all slaughter classes: market generally steady; bulk common to medium, steers and heifers, salable $6.50® 9; better finished kind auotable to *10.25 and above; bulk beef cows. $4.75®6.25; most low cutters and cutters. s3® $4 25; sausage bulls, mainly $5 down; good beef bulls to around $6!; bulk desirable Hereford stock calves, *6 50®7 50: choice steer calves higher. Calves —Receipts. 175; market fully steadv to strong; bulk better vealers. $8®8a0: strictly choice, $9; medium grades mostlv $6 50® 7.50: plainer sorts. $6 down. Hogs—Receipts. 500: market. 10c lower: top and bulk desirable 180-250 lbs . $9 35: 255 lbs. un. $8.90: 160-175 lbs $8 85: 140-155 lbs., $8 35: 120-135 lbs.. $7.40: sows weighing 400 lbs. down. $7.60: heavierweights discounted 50c. Sheep—Receipts. 50; steady; bulk medium to good native lambs. s7®B; choice quotable to *8 50 or better: common light throwouts, *6 and fat ewes, $3.50 down. “BABY BONDS” RECEIVED Baby bonds having a total maturnlty value of $350,000 were received at the Indianapolis postoffice from Washington yesterday, Postmaster Adolph Seidensticker has announced. Bonds amounting to $64.087.50 have been sold so far, but requests for bonds have been about three times the amount sold, he said. LOANS MAKE RECORD By Times Special NEW YORK, March 12.—Beneficial Industrial Loan Corporation and subsidiaries’ loans during 1934 established anew high record, totaling $77,445,600. it was announced today. This compared with $52,790,344 made during 1933 and $73,445,600 made during 1931, the previous high.

PAGE 11

ERRING SUPPLY, PARCHED FARMS BOONTOWHEAT Bullish Factors Expected to Moderate Trade Slump, Money Gyrations. B’l Times Special NEW YORK. March 12—Visible supplies of the principal grains are receding gradually, while deficient moisture in the domestic winter wheat belt implies limited harvests unless rainfalls become more profuse. These developments were interpreted in trade circles today as factors that might offset reactionary market tendencies occasioned by a further recession in business activity and continued foreign exchange uncertainty. With respect to wheat, weather reports show that many sections of the belt have been confronted with a lack of adequate rainfall ever since the last harvest. Thus, preparations for this year's crop were conducted under moisture conditions far below normal. During the winter, plants in many areas often were exposed to frost without sufficient snow covering. Asa result, the winter wheat crop is entering the spring months with an increasing deficiency of subsoil nr .ture. The parched state of the soil is emphasized by the violent dust storms of recent weeks, confined to the West and Southwest. Favorable growing conditions are reported only from the Eastern section of the belt, other areas being below normal. Department of Agriculture officials estimate that 121 per cent of normal moisture is needed from now on until harvest to secure average yields in the Western plains section. Moreover, some authorities point out that the chance are about five to one that the necessary amount of precipitation will be received. Similarly, the spring wheat outlook remains uncertain because many of the growing areas also lack normal moisture.

SWINE VALUES DROPfIT PENS Market Generally 10 to 15 Cents Lower; Veals Rise Sharply. With a normal run of supplies on hand during early trading in the pork market at the Indianapolis Stockyards today, practically all demands seem to be filled as prices moved around 10 to 15 cents lower than yesterday’s best average. Few lightweights, however, remained stationary. Receipts were estimated at 5000, the largest number on hand for mere than a week. Initial trading was slower and several buyers were hesitant in marking purchases after considering the amount of hogs available. The majority of today’s supplies, however, were consumed with only 361 holdovers. The bulk, 160 to 250 pounds, sold at $9.55 to $9.65, while extremely good grades were reported at $9.70. Heavies, ranging from 250 pounds upward brought $9.25 to $9.45 Lightweights, scaling 130 to 163 pounds, cashed in at $8 to $9. Others weighing 100 to 130 pounds, sold at $6.75 to $7.75. Packing sows were salable at $8.25 to $9.90. Slaughter steers were active and firm in the cattle market with early sales of medium grades ranging from $8.65 to $11.75. Few choice weights held above sl3. Vealers were sharply 50 cents higher, selling at $lO down. Cattle receipts were 1800; veals, 500. With trading interests still lacking in the lamb market, the majority of prices continued steady. Bulk of shorn fed western grades sold a<; $8 down, while most natives were quotable at $9. Some heavy grade natives brought $8.25 down, while slaughter ewes held at $5.50 down. Receipts numbered 800. HOGS Mar. Bulk. Top. Receipts. 6. 19.70® 9.85 $9 90 4500 7. 9.60-a 9 80 9.85 4000 8. 9.50® 9.70 9.75 4000 9. 9.50® 9 60 9.65 2000 11. 9.65® 9.75 9.80 3000 12. 9.55® 9.65 9.70 5000 Light light: (140-160) Good and choice 18.50® 9.25 Medium B.oo® 9.00 Light weight: 1160-I8O) Good and choice • 9.55® 9.60 Medium . 9.00®,* 9.35 (180-200) Good and choice 9.50® 9 65 Medium 9.10® 9.40 Medium weight: (200-220) Good and choice . 9.60® 9.70 (220-250) Good and choice . 9.55® 9.65 Heavy weight: (250-290) Good and choice . 9.40® 9.55 (290-3501 Good and choice ■ 9.30® 9.40 Packing sows: (275-350) Good 8,75® 8,90 (350-425) Good .. 8 60® 8.85 (275-350) Medium 8.25® 8.60 (425-550) Good 8.50® 8.75 Slaughter pigs: (TOO-140) Good and choice . 6.75® 8.50 Medium 6.00® 8.00 CATTLE —Receipts. 1800— Steers—-(sso-900) Choice $10.75®12.75 Good 9.50® 11.75 Medium 7.00® 9 75 Common 5.00® 7.25 (900-1100) Choice 12.25® 13.50 Good 9.75® 12.75 Medium 7.75®10.00 Common 5.50® 7.75 (1100-1300( Choice 12.75®13.75 Good 10.00® 12.75 Medium B.oo® 10.00 (1300-1500) Choice 12.75® 13.75 —Heifers—-(soo-750) Good 10 25® 12 75 Choice 9.50® 10.50 Good 8 50® 9.50 Common and medium 4 50® 8.50 (750-900 ( Good and choice ... 8.75® 10.75 Common and meoium 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 (Yearlings Excluded) Good 5 75® 7.00 Common and medium 3.75® 5.75 VEALERS —Receipts, 500— Good and choice $9.50® 10 00 Medium 2 2 Cull and common 3 50 ® 7.a0 —C alves—--1250-500) Good and choice ... 6 25® 9.00 Common and medium 3.50® 6.25 —Feeder and Stocker Cattle — —Steers—-(soo-900) Good and choice ... 6,00® 800 Common and medium ♦ ■ 4 59® 600 (900-1050) Good and choice 600 ® 8.25 Common and medium 4.50® 6.00 —Cows— Good 3.75® 4 50 Common and medium 3.25® 3.75 SHEEP AND LAMBS —Receipts. 800 — Cull and comrrfcn $ 3 CO® 5.50 Lambs. 90 to 120 lbs., good and choice .... 8 25® 9.90 Common and medium 6.00® 8.25 90-120 lb* , good and choice .. 4.50® 5.50 Sheen: _ (120-150) Good and choice 400 ® 5 25 All weight*, common and melima ....................... (.00® 4.25

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

Home Made Cigarets Up in Depression •Roll-Your-Own’ Type Gain Nearty 8-Fold in Five Years. BY HOWARD CARSWELL Times Special Writer NEW YORK, March 12.—Usage of ‘“roll your own” cigarets has leaped nearly eight-fold in the last five years of hard times, judging by the sharp increase in the number of papers put out for "roll your own,” a checkup disclosed today. Smoking of factory-made cigarets also has increased during the depression, but to a much less spectacular extent. The indicated consumption of the cheap hand-rolled "homespun” so popular in rural sections would seem to point to a potential market for talor-made cigarets of 165.000.000,000 a year, according to Tobacco Leaf, a leading publication in the trade. Consumption of the faciory-made smokes approximates 125,000.000.000 annually, so the American market for standard brands of tailor-mades apparently is not near to saturation. If the homespun cigarets were factory-made, the Federal government would derive $130,000,000 or more annually on the basis of the $3 cigaret tax, Tobacco Leaf estimates. Internal Revenue Department figures cite the great jump in the number of cigaret paper packages used during the depression years. Booklets of less than 25 leaves are tax free, but they are reported to the government by the tobacco manufacturers. The figures cover the fiscal years ended June 30 and the latest available full year is that ended last June 30. 1934. Government figures are usually six months or more late in coming out. The figures follow (OOOs omitted): „ . Tax Paid Tax Free Fiscal Packs of Packs of Year. 25 or over. 25 or over. 1931 124.393 211.492 1932 127,653 1.261,276 1933 67,715 1.195.576 1934 68,871 2.469.759 Tobacco Leaf thereby estimates that from 40,000.000.000 to 60,000.000.000 homespun cigarets were used during the fiscal year ended June 30, 1934. No estimate of the number of “roll your owns” can be made on the basis of tobacco used for them. Government tax figures on smoking sold provide no break-down as to type of usage.

N. Y. Bonds

(Reprinteo trom vesteraavi U. S. GOVERNMENT BONDS (Bv Fenner & Beanei Libertys Prev. . Close. close. Ist 3%s 1932-47 103.2 103.14 Ist 4%s 1932-47 . . 102.21 102.15 4th 4’*s 1933-38 (Uncalled) 103.9 103.13 4th 4%s 1933-38 (Called) .. 100.22 100.28 Treasurys 4',is 1943-45 115.16 115.22 4s 1944-54 110.19 110.22 3%s 1946-56 109.12 109.10 3%s 1940-43 106.22 107.2 3%s 1943-47 106.14 106.19 3%s 1941-43 107. 107.3 3%s 1943-45 104.23 105.2 3'is 1941 106.28 107.5 3%s 1944-46 104.23 104.31 3%s 1946-49 103.31 104.3 3%S 1949-32 103.31 104.5 3s 1951-55 102.30 103.7 3s 1946-48 102.26 103.4 Home Owners Loan Corn. 2%S 1049 ...... 99.31 100.5 2 s 1952 101.12 101.22 4s 1951 101.10 101.2 Federal Farm Mortgage Corp. 1964 103.10 103.16 5s 1949 101.13 101.20 3S 1942-47 101.14 101.25 DOMESTIC t- .. Prev. Issue. Close, close. Alleg Corp 5s ’44 69% 70% A eg Corp 5s ’49 59 79% Alleg Corp 5s ’SO n% is'. Am Frgn Pow 5s 2030 55% 55% Am Tel & Tel 5%s ’43 113% 113', Am Tel & Tel 5s '65 112% 112% Arm & Cos, (Del) 5%s ’43 .. 105% 105% Atl Coast Line 4s ’52 100*4 100% Atl Coast Line 4%s '64 86% 87% Atch Top &S Fe 4' 2 s ’4B 106% 107 Am Wat Wks 5s ’44 .... 88 89 Am Rolling Mills 5s ’3B ...105% 10U Balt & Ohio 5s '95 60 60% Balt & Ohio 6s ’95 70 70' . Balt & Ohio 4%s ’6O .... 43% 44% Buff Roch & Pitt 4%s '57 57 58% Beth Steel 5s '36 103% ins „ Chi Milw &St PI 5s ’75 ... 15% 17 Chi Milk & St P 5* 2000 . . 3% 4 Cleve Un Term 5s ’73 88% 89% Cleve Un Term 4%s '77 83% 82% Col Gas 5s Mav ’52 76 76% Col Gas 5s ’6l 73% 73% Can Pac Perp 4s 85% 85% Cent Pac 5s '6O 74 74’, Big Four 4Vis ’77 55% 55', 4 Big Four 5s ’63 65 68 Chi & West Ind 4s '52 97% 97% Chi & West Ind 5%s ’62 ..104% 105 Chi & Nor West 4%s ’49 12% 14 Con Gas 5s ’57 105% 105% Chesa Corp 5s ’47 103 103% Dodge Bros 6s ’4O 105 Vi 105% Del & Huds 4s ’43 80 81 N Y Dock 4s 'sl 67 66% N Y Dock 5s '3B 45 45 Erie 5s '75 57% 59% Zr!e 5s ’67 59% 60 Gen Cable s'is ’47 88Vi 89 Grt Northern 7s '36 83% 84*4 Grt Northern 4%s ’76 67% 69% Grt Northern 4%s '77 66% 68% Hud & Manhat Ref 5s ’57 ... 89 88% 111 Cent 4%s '66 48 48 111 Cent Jt 4* is ’63 55 56% 111 Cent 5s '63 58 60 Intern tl Hv Elec 6s ’44 ... 36% 38 % Interntl Tel & Te! 4%s 39 ... 66% 68% Interntl Tel & Tel 5s ’55 .. 60 % 61 Interntl Tel & Tel 4%s ’52 .. 56% 56% P Lorillard 7s 44 127-2 127% McKess & Rob 5%s ’SO 99% 99% Midvale Stl 5s ’36 103% 103 Natl Dairy 5%s ’4B 104 104% Natl Steel 5s ’56 107% 107% Nickel Plate.4%s '7B 53 54% Nickel Plate 5%s ’74 64% 65% Nickel Plate 6s ’35 55% 57% N Y Cent 5s 2013 53% 54*2 N Y Cent 4%. 2013 (old) 50% 50% Nor Amer Cos 5s ’6l 88 88 Nor Pac 3s 2047 74% 74% Nor Pac 6s 2047 95 95% Nor States Pow 5s '4l 107% 107'/* Otis Steel 6s '4l 80% 83 Pen R v 4%s ’B4 101% 102% Pen Rv 4*/*s ’Bl 102 102% Pen Rv 4Vis ’7O 92% 92% Pac G & E 5s ’42 106% 107 Portland Gen El 4%s ’6O .... 56 55% Para Publix s'is 'SO 74% 74 Pen P St L 4%s 'Bl . 103% 103% Postal Tel St Cab 5s ’53 .... 44% 44% Sinclair Oil 6*is ’3B 104'* 104 Sinclair Oil 5s ’47 103 103% Sou Pac 4%s '6B 58% 01 Sou Pac 4%s ’Bl 58% 60% Sou Pac 4%s ’B9 58% 61% Sou Pac 4s ’49 65 66 Sou Rail 4s ’56 43 43 Sou Rail Sou Rail 6%s ’56 59% 60% Texas Pac 5s ’BO 84% 85 Texas Pac 5s ’79 84% 85% Texas Pac 5s ’77 85% 85% Union Pac 4s ’47 11l 110*2 United Drug 5s ’53 89% 89% U S Rubber 5s ’47 95% 95% NYN HSt Hart 8s ’4B 35% 35% N Y N H & Hart 4%s ’67 30 3! Warner Bros 6s '39 51% 50% Western Mary s*2* ’77 98 97'* Western Marv 4s 52 .... 91 91 % Youngstown S&T 5s ’7O 94% 95 Youngstown SStT 5s ’7B 94* 2 94 % FOREIGN Argentina (A) 6s ’57 91% 92 Argentine (Bl 6s 'SB 92 91% Brazil 8s ’4l 30% 31 Canadian Govt 4s '6O 105% 105 s * Denmark 5%s ’55 99 % 99% French 7s '49 184 136% German 5%s '65 31 31% German 7s '49 41% *l% Italy 7s 'sl 90 90 Japan 6%s '54 92% 93 a Poland 7s ’47 123% 124% Rome 6%s '52 SO 1 . 80 Tokio Cltv 5%S '6l 79 78% Yokohama 6s 61 83% 83% FEDERAL FARM LOAN BONDS (Bv Blyth St Cos. 1 •Bid Ask 4s Julv 1, 1946-44 104% 105% 4s Nov. 1. 1957-37 . 103% 103% 4s Mav 1. 1958-33 103'* 103% 4%s July 1. 1956-36 103% 103*. 4%s Jan. I. 1957-37 .... 103% 103% 4%s Mav 1. 1957-37 103% 103% 4%s Nov. 1, 1958-38 104 4%s May 1. 1942-32 101% 101% 4%s Jan 1. 1943-33 I° l3 4%i Jan. i, 1953-31 101%

NEW REFINING METHODS SEEN AID TO METALS High Purity Obtained in Modern Processes Gives Greater Strength. B;l Timm Special NEW YORK, March 12.—Highly efficient refining of zinc, copper, lead and nickel to an extreme degree of purity is a metallurgical achievement promising extension of the commercial uses of these metals, B. H. Strom, consulting metallurgical engineer, said today. He is a member of the ditorial staff of the Engineering and Mining Journal and Metal and Mineral Markets. Largely due to the spur of competition, zinc is now being refined to a state of 99.998 per cent purity in quantities of many thousands of tons annually, principally for usage in die castings. Copper is refined to a 99.98 per cent purity, while chemical lead, a superior grade, is refined commercially up to 99.99 per cent. Nickel, whose industrial uses have greatly expanded in recent years, is now approaching the 99.99 per cent fineness commercially. Die-Castings Stronger Because zinc finds such a large market in zinc die-castings for sundry machinery uses, its common impurities of lead and cadmium have had a weakening effect on the metal's strength. The automobile industry is the largest user of zinc die-castings. The New Jersey Zinc Cos., the Anaconda copper Cos. and the Bunker Hi.l and Sullivan Cos., using the Tainton process, have long striven to improve the refining of zinc to eliminate the bad effects of these impurities. Cadmium and lead, under high humidity and heat, tend to oxidize and thus weaken the die-casting’s strength, according to Mr. Strom. High purity zinc also improves the bending and twisting properties of galvanized steel wire when applied electrolytically as a coating. In his field Bethlehem Steel Cos. has pushed its "Bethanized" wire with a heavy coating of highly pure zinc. This type of wire finds a big market in the telegraph and telephone industries. Highly pure copper, or wire bar copper, has its major market in electrical machinery and wire. In this case the impurity is oxygen in the minute proportion of .02 to .04 per cent. This oxygen impurity, with others, induce “fatigue” and weakness in the red metal’s standing up under vibration. American Metal Cos. has progressed far in refining highly pure copper, according to Mr. Strom. Lead Refining Easy Lead is comparatively easy to refine and the so-called chemical lead has long been of high purity. There is not such great commercial demand for highly pure lead as there is for highly pure zinc, copper and nickel. Usage of nickel in alloy steels, stainless steels, nickel-silver and nickel-copper alloys has greatly expanded. In nickel’s case, the harmful impurity to be refined out depends upon the kind of alloy the nickel is to be used in. Carbon for some time has been successfully refined out. In some cases traces of iron in the nickel are considered harmful. For other uses, a slight content of copper is bad. Copper and nickel are taken from the same ores by the International Nickel Cos. and the refinement of nickel is thus a more expensive process.

WESTINGHOUSE HAS FIRST GAIN SINCE 1930 Company Reports Net Income Equal to $2.37 a Share in 1934. By Timet Special CHICAGO. March 12.—Westinghouse Electric and Manufacturing Cos. has reported net income of $189,563, or $2.37 a share on the $3.50 preferred stock for the year ended Dec. 31, 1934, marking the first year of profitable operations tor the company since 1930. This net compares with a net loss of SB,636.841 in 1933. Accompanying this retoration of Westinghouse operations to a profitable basis was an increase in net sales billed of 39 per cent to $92,158,893. Better business was reported by all principal divisions, according to A. W. Robertson, chairman, and F. A. Merrick, president. 50 NEW YORK STOCKS DECREASE IN VALUE Representative Issues Drop 3.38 Per Cent, Compilation Shows. By Times Special NEW YORK. March 12.—The market value of 50 representative stocks listed on the New York Stock Exchange at the close of business for the week ended March 9 was $10,903,632,250, a decrease of $381,801,500, or 3.38 per cent, as compared with the market value of $11,285,433 750 at the close of the preceding week, according to a compilation by Paul H. Davis & Cos., members of the New York Stock Exchange. At the close of the corresponding week a year ago, the same 50 stocks had a market value of $14,065,678,250, indicating a decrase during the year of $3,162,046,000, or 22.48 per cent. REAL SILK SHOWS LOSS Operations Off $350,769.75 in 1934, Statement Reveals. Real Silk Hosiery Mills, Inc., and subsidiary companies, show a net operating loss during 1934, after all charges and before deduction of federal income taxes, of $350,760.75, according to the annual statement released today by G. A. Efromyson, president. Deficit of the company on Dec. 31, 1934, amounted to $1.093.139 79. The operating loss was attributed to mill strikes in April and May and a large increase in manufacturing costs during the year, the report revealed. Operations for 1933 showed a profit of $174,947.15. f