Indianapolis Times, Volume 47, Number 2, Indianapolis, Marion County, 13 March 1935 — Page 14

WaU_St. Financial District Worried Over Business. _BY RALPH lIENDERSHOT__ Tine* s**<■) I Writer

NEW YORK. March 13.—The . -head of a large Wall Street ban Icing house is worried over the business outlook. He Is worried because he fears President Roosevelt has undertaken a task no man or small group of men are capable of performing. He illustrates his point with the following narrative: It seems that in a certain European city vehicular traffic was not well regulated. One of the promi-

nent citizens of the town became per turbed by what he regarded as the inefficiency of the police officials and wrote letters to the newspapers about it. The chief of poire called upon the man and asked if he would oblige by taking direct

%

Ralph Hendcrshot

charge of a difficult street intersection. The man agreed, and. with a number of police officers, proceeded to demonstrate the points he had made. Instead of nelpmg matters, however. traffic became so completely demoralized within half an hour ♦hat not a wheel was moving for a n.ile in all directions. After the man had given up in dismay the officers went quietly to work and in a short time had straightened out th* tangle. They did not regulate the traffic well, |ut they did keep It moving. mm* THE banker fears we are close to a traffic jam in business and hopes that the Administration will permit those accustomed to handling such things to put their shoulders to the wheel once more. He believes that with each one doing his bit, things will straighten out soon again. This banker is in complete accord with the aims of President Roosevelt and would like to see him succeed. He is one of the few bankers in Wall Street who give serious consideratioan to the social side of the economic situation. He sees the need for reform of the old order, but thinks it should come gradually and and should be well thought out. He does not see how a group of inexperienced, though highly intelligent, men can successfully blueprint business in this country, however. 0 * • MANY other people in Wall Street also are becoming concerned over business prospects. Recent court decisions and the apparent revolt in Congress have added to the uncertainty. There is no way of telling whether we are to go forward under the code system, whether the government is to be permitted to stay in the power production field, whether we are to have inflation, or whether a great many other things may not jump out at us without notice. Much as many of the leaders in Wall Street disliked the experimentations of Mr. Roosevelt, they preferred them, once they felt they knew what he was about, to the uncertainty which has now arisen. As it stands now. they do not quite know whether we are to have old deal or new deal, and they know that such a condition is not conducive to better business conditions.

On Commission Row

Quotation* beiow aro avrrapr wholesale prices being offered to buyer* by local commission dealers. Frails—Bananas. 5c a!b Apples, fancy Wlresap*. SI 65. Golden Delicious. *2 10. Lemons, sunkist. 2605. 64 25. Grapefruit. Texas seedless. $3'r3.25. Arizona. 645. 70s and 60s. $3.50 Limes. Mexican, per carton 1 35c Bvram. seedless per hundred. S3. Pineapples Porto Ricans, crate. *5. Avocados Fi-irida. bax. $1 50. Strawberries. Fi'rid*. pir.’. 16c per 36-pt. crate. 15c. Anricdtv 63 cra'e. Grapes. South America, white, S3: black 63. Honev Dews. South America S2 75. Nectarines. South America, box. 62 50. \ e eel a Me*—Cabbage. Northern Danish SO-lb. bag *1 65: red. 50-Ib. box. *1 50; New Texas cabbage, half cra'e. *2 75. Onions sweet Spanish, large. 50-lb. bag *3- medium Michigan yellows. 50-lb. bag *2 75 Texas green onions. 40e doz. Potatoes. Green Mountains. 100-lb. bag. SI 50 selected cobblers SO-lb. bag. $1 7s; northern round white. 100-lb. bag. 61 Nebraska, triumph. 50-Ib bag. $2 25. Ohtos 100-lb bag Si; Idaho Rnusets. 100Ih bac ft 90- New Florida Triumphs, bushel, *2 10. Sweet potatoes. Indiana Jerev> bushel. 61 65; Nancv Hail*, bushel. 61 25. Bean*, round stringless, hamper. 63 25 Celerv Iwashed arfd trimmed*, medium dor . 60c: jumbo, doa.. 60c; hearts, dor 90c Oicumoers. hoi house, dozen. $125: 2 dozen box. *2 25 Endlre. California. df'-en. 90c crate. *4 25 Ecc plant. (2 50 doren. Kale, bushel. *1 Lettuce, hot house. 15-lb basket *1 15: Arizona Iceberg brad lettuce. 63 25. Yuma, crate. S3 25. Mangoes. 65 a crater small basket. 50c. Mint a torn. 81. Parsley, dozen. 35c Peas, hampers. $2 75. Spinach. Texas bushel. *1.75. Radishes dozen. 45c. Tomatoes. 10-lh. carton. 61 85 Florida original. *2 75 Turnips, bushel. 75c. Parsnips, bushel. *1.40 Been*, bushel. 61 Carrots, bushel. 61: 100-Ib. sack. 61 75 Rhubarb fcet house 50-lb. carton. 55% 60c doz. bunches. 61. Mushrooms, lb . >Ce All quotations *ubject to change up or down. FRUITS AM) VEGETABLES ißy United Press* CHICAGO Msrch 1J Apple*—Michigan Mclntosh bushel 6! 50ft 1 75; Jonathans. 8! SO .I 75 Turnips—lllinois, bushel 20<r 3V Lettuce—Western crates, *2-12 85 Carrots :-- a crates. *2 2 s - 2 .*.' Bweet potatowa—Tennessee, bushel. 75c*l. Bears- F-r da. bu‘b.el. green Spinach—Texas, bu-hel. *125.! 175. Cabbage—Wisconsin. 100 lbs *2 25 .3. Onion arts —Michigan sacks a bushel. No 1. St : *ls.

New Business Books Available at Library The following new books are now available at the business branch of the Indianapolis Public Library: LIFE INSt%SCE ACCOUNTING b* E- C. Wigtmaw'—Are accounting systems in Ufa .rsurar.ee companies archaic caor.r.e the true purpose ct aceour.’.r.c t management control 1 This book poses this question. IHi KTBHBW POLICY or TBl >T INSTITUTION* (by V Gilbert Itiddte —The investment policy ot the trustee is the very heart of trust admir.istraticn. sav* the aur UNFAIR TRADE PRACTICES (by Lin.'cln Filewe i - How too establish fair practices m business under existing NRA codes. GOVERN MINT AND BUSINESS iky Ford P. Halit—A survey of government control over, and aid to busi"''dictionary or poreign TERMS (Camp, be C. O. Svlvewterl— Contains foreign terms from over 50 languaaea. used in commerce, law. music, fine arts, science, diplomacy. *' CONSTRUCTION COSTS. I*lß- - (P*aa. by Engineering News Record.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 14

SLASH IN DUTY ON MANGANESE DRAWSATTACK American and Cuban Trade Placed at Disadvantage, Critics State. BY HOWARD CARSWELL Tlmrt special Writer Alarmed over the prospective effects of the new reciprocal trade treaty between the United States and Brazil, which halves the import duty on Braziiian manganese to 1 about $5 50 a ton, American and Cuban manganese producers are continuing their efforts toward modification of its provisions, it was learned today. The treaty does not become effective, however, until President Roosevelt so proclaims after 30 days following notification of its ratification by the Brazilian congress. Critics of the treaty point out that the tariff is halved on all other foreign manganese, except Russian, and that its net effect will be that the steel industry will buy its foreign manganese ore of 50 per cent content at $17.10 a ton instead of $22.70, This places the American and Cuban manganese industry at a grave competitive disadvantage. The Cuban American Manganese Corp., a Free Port (Tex.) property, has already shut down its Cuban mines, throwing 300 out of work. Cutting :he tariff by $5.60 a ton more than wipes out its margin of profit. Cuban manganese is duty free. Is Small Proportion On the other hand, it is pointed out that domestic manganese amounts only to a small proportion of the manganese needed by the steel industry. However, an effective lobby obtained a tariff in manganese imports in 1922 and this was raised in 1930. While the United States is predominantly an importing nation, it has a high manganese tariff. Domestic manganese is a high cost product from low grade ores, as in Cuban iffanganese. Due largely to competitive price conditions arising out of the depression, exploitation of Brazilian manganese was virtually suspended in 1932. The dominant producer in Brazil is the United States Steel Corp., while the Bethlehem Steel Corp., also has interests there. Formerly Brazil was an important exporter of the metal until driven out by the larger manganese exports of Russia. India and the Gold Coast of West Africa. In 1929 the United States Steel Corp. imported 172.000 tons of manganese ore. In 1932 its importations dwindled to 26.000 tons before production was suspended.

Penalization Doubted Penalization of Russian manganese is not expected to last. This is presumed to have been a point of contention in the breakdown of the debt settlement negotiations with the Soviets. The Soviet fields in the Caucasus are the world's largest. India, where the production is more diversified, ranks second and the African fields third . in the export market. Critics of the treaty declare that ; Brazil is only nominally, but not! actually helped. 1 3 world price of $11.50 a ton of 50 *.er cent manganese content is set at the American seaboard. Steel importers pay an aditional tariff of $11.20 a ton which, however, is now to be reduced to $5.60 a ton. Thus the American steel industry will pay about $11.70 a ton instead of $22.70, to the injury of domestic and Cuban producers. Brazil will still have to complete with cheap Indian and African mines. Another angle in the situation is that of shipping, which has influenced the widespread distribution of American purchases of foreign manganese. Manganese ore takes a very low shipping rate. For this reason big freighters fill up with manganese ore primarily when higher priced cargoes are unavailable.

MILD BUYING LIFTS GRAINS AT OPENING Strength in Cotton, Liverpool Firmness Factors. ** United Prct* CHICAGO. March 13. —New strength in cotton and firmness at Liverpool encouraged a mild wave of buying today in wheat futures cn the Board of Trade and prices vere higher. Wheat at the start was unchanged t> 4 cent higher, corn was up 4 t > ’a cent, oats were up H to ** cent, but rye was unchanged to *a cent lower. Bartlett Frazier & Cos. reported Liverpool was firm and advancing, due to a scarcity of sellers. The British market opened lower, but later picked up when a good demand developed for Australian wheat. Little attention was paid to routine developments here and the market was not particularly active. Strength in cotton added impetus but easiness in stocks held the market in check. •By James E. Bennett! 11:00 Prev. Wheat— H:ph. Low. A M. close. Mar 9c 924 .934 .934 Ju’.r 894 88'a 64 JS4 Sept 894 MS -884 .884 .'ora— Ma- 794 784 I? July .754 ..4 Sept 73 a .73 .73 .73 Oats— Mar ........ .474 .464 .464 .*64 Julv 41 4 .404 .404 .41 Sept 394 .38S .384 .39 ByeMar 604 .584 594 .804 ' July 614 -60 604 614 Sept 6J4 .614 .614 .624 LOCAL CASH MARKET | City aratn elevators are paving 84 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow. 75 cents, and oats 45 cents. united fruit declares -Bp Time* Special BOSTON. March 13 —The United Fruit Cos. has declared the usual divident of 75 cents (Mi the common stock, it was announced today.

INDIANAPOLIS, WEDNESDAY, MARCH 13, 1935

N. Y. Stocks

(By Thomson St McKinnon) 11 AM. Prer. Oil*— High. Low. N. Y. close. ah Rfg 21% 2iH 21% at 1 * Barnsdail 6 6 6 § Consol OH 6*4 6*. 5% % Cont of Del ... 16 15% 16 16 Mid Com Pet... 10 9% 10 10 Ohio Oil S' a 9% % PhiUlPf Pet 14 ! 4 13*4 14 13% Plymouth OU ... 7 6% J% J Pure Oil 6% 6>* 6% eia Seaboard Oil .. 20% 30% 30% 30% Shell Un 5% s'a 5,a Sneilev Oil 7% 7% 7% 7% Soc Vac 11% lift 11% li; S O of Cal ... 23 * 23% 23% 23% SOof N J .... 36% 36% 36% 36% Texas Corp ... 17% 1.% 17% I'% TicU*rater A*sn . 8 TH A*/ Un Oil of Cal .. 16 15V* 16 15V Steels— Am Roll Mills .. 17 15% 15% 16% Br-h Steel 24% 23% 24% 23% B-.err A M ..... 12% 13 12% 12% Col Fur-1 & Iron 1% 1% 1% 2% Cruc S’eel . . 15-j 15-* 15 a 15 a McKeesport Tin 95 95 96 95 Na*l Steel .... 42% *l% 42% 41% Otis S'eel 4% 4% 4% 4‘a Re I & Stl 9 x 9% 9% 9 b Rep Ifc Stl pM. 31% 31% 31% 31 U 6 Pipe & Fdy. 15% lj% i5% la% U S Steel ... 29% 29% 29% 29% U S Steel pfd... 79 78% <9 78% Warren Bros • ■ 33 33 Your.gstn S& T 14% 14 14% 14% Motors— Auburn 17 16% 16% 16% j Chrysler 31% 31% 31% 31% Gen Motors .... 27% 26% 28% 28 * Graham Mot-... 1% 1% 1% 2 Hudson „8% 8% 8% 8 • H’JDD 1~8 1 7 8 1 7 8 *8 Mack Truck .... 21% 21% 21% 22 Nash 12% 12% 12% 12% Packard 2% 3% 3% 3;* Reo 2% 2% 2% 2-n Studebaker 2% 2% 2% 2 4 Yellow Truck ... 33 33 Motor Access— Ber.dix 12% 12% 12% 12% Bohn Alum .... 50% 49% 00% 51% Borg Warner .. 30% 30% 30% 30% Briggs 26 25% 25% 25 5 4 Bund Mfg 3% 3% 3% 3% Budd Wheel .... 2% 2% 2% 2% Eaton Mfg ink 17% 17% 17 Elec Auto Lite.. 19% 19% 19% 20% Houdaille (A).. 6% 6% 6% 6% Murray Body ... 5% 5% 5% 5% Stew Warner .. 7 6% 7 7 Timken Roll 29 28% 28% 29% Timken Det Axle 4% 4% 4% 4% Mining— Alaska Jun .... 16 15 s * 15% 16% Amer Metals .... 14% 14% 14% 14% Amer Smelt.... 33 32% 32% 32 s * Anaconda 8% 8 8% B'* Cal & Hecla 2% 2% 2% 2% Cerro de Pasco 41% 40% 41% 40% Dome Mines ... 38% 38% 38% 38% Granbv 5% 5% 5% 5% Ot Nor 0re.... 9% 9% 9% 9% Ins Copper 2% 2% 2% 2% Int Nickel 22% 22% 22% 22% Kcnnecott Cop.. 14% 14'-* 14% 14;. Mclntyre Mine.. 43% 43 43 42% Noranda Cop ... 33 32% 33 32% Phelps Dadge.... 13% 13% 13% St Joe Lead ... 10% 10% 10% 10% U S Smellers ..112 112 112 111% Amusements— Crosley Radio.. 13% 13% 13% 13% Fox Theater.... 9% 9% 9% 9% Loews Inc ...... 34 33% 33% 33% Radio Corp .... 4% 4% 4% 4% Paramount .... 2% 2% 2% 2 u RKO 1% 1% 1% 1% Warner Bros .... 2% 2% 2% 2% Tobaccos— Am Snufl 67 67 67 66% Am Sum Tob... 19% 19 19 , 19% Am Tob <Bi ... 78% 78% 78’/* 78% Lig & Myrs <B> 104 104 104 104% Lorillard 20% 20 20 20 Phillip Morris . 36 36 36 35% Reynolds T IB) 48% 47% 48% 48 Rails— Atchison 39% 38% 38% 38 Atl Coast Lines 20% 20% 20% 28% B&O 8 7% 8 7% Can Pacific .... 9% 9% 9% 9% Ch St Ohio 37% 37% 37% 3* 1 a Chi A: Gt W l* % % % CM& St P .... 1% 1% 1% 1% C M & St P pfd 2 2 2 2 Chi NW 33 33 Dela & Hud ... 24% 24% 24% 24% Del Lac 6s W.... 11% 11 11% 11% Erie 7% 7% 7% 7:* Erie pfd 9 9 9 10 Grt North pfd .. 10% 9% 9% 9% 111 Central 9% 9% 9% 9% Lehigh Valley.. 5% 5% 5% 6 MKftT 33 33 MK & T pfd... 6% 6% 6% 6 Mo Pac 1% 1% 1% 1% N Y Cent 12% 12% 12% 12% N Y New Haven 3% 3% 3% 3% N Y Ont & West 3% 3% 3% 3% Norfolk & West 158 158 158 159 Nor Pacific .... 14 13% 13% 13% Penn R R 17% 17% 17% 17% Sou Pac 13% 13% 13% 13% Sou R R 77s 7% 7% 7% Union Pac 85 84% 84% Ji4% West Maryland.. 57'# 5% 5% 5% Equipments— Am Brake Shoe. 23 23 23 23% Am Car St Fdy.. 10% 10% 10% 10% Am Loco 9% 9% 9% 9% Am Steel Fdy... 12% 12% 12% 12% Bald Loco 1% 1% 7% 1% Gen Am Tank C 33% 33 23 32% Gen Elec 21% 21% 21% 21% Pullman Inc ... 43 42% 42% 42% W'est Air Br ... 19% 19% 19% 19% Westingh Elec .. 34% 33% 34V* 33% Etilities— Am & For Pwr . 2% 2% 27* 2% Am Power & Lit 1% 1% 1% 2 A T & T 106% 105% 105% 106% Am Wat Wks . 8% 8% 8% 8% Col Gas ft Elec. 4 3% 3% 4 Consol Gas 16% 16% 16% 16% Elec Pwr & Lit 1% 1% 1% 1% Int Hvdro Elec 1% 1% 1% 1% Interboro R T . 11% 117* 11% 11% Int T & T ... 6% 6 6 6% Lou G&E A . 11% 11% 11% 12 Nat Pwr & Lit . 5% 5% 5% 5% North Amer .... 9% 9% 9% 9% Pac G St E ... 13% 13% 13% 14 Peoples Gas .. 18% 18% 18% 18% Pub Serv N J ... 20% 20% 20% 20% So Cal Edison .. 10% 10% 10% 10% Std Gas 2% 2% 2% 2% Stone & Webster 2% 2% 2% 2% United Corp .... I'm 1% 1% 1% Un Gas Imp .. 9% 9% 9% 9% West Union ... 22 22 22 21 % Rubbers— Goodrich 8 7% 7% 8 Goodvear 17% 16% 16% 17% Kcllv Spring ... 1 1 1 1 , U S Rubber 9% 9% 9% 9% U S Rubber pfd 26% 25 % 26% 26 Miscellaneous— Allis Chalmers .. 12% 12 , 12% 12% Am Can 113*4 113% 113'% 112% Am Mach & Fdv 19% 19% 19% 19% Brk.’vn Man Tr .39 38% 38% 39 Burroughs Add . 14% 14'* 14% 14% ,T I Case 49% 49 49% 49% Conti Can 67 66% 66% 67 Caterpillar Tract 38% 38 38 38% Curtis Pub .... 15'2 15% Id'* 15% Deere & Cos. .. 2.7% 23% 23% 23 Eastman Kodak .118 118 113 119 Foster Wheeler . 10% 10% 10% 11 Giliette 12% 12% 12% 12% Ctlidden 25% 25 25 2a% Ir.cersoll Rand- 60% 60% 60% 62 Int Bus Mach .153 , 152 152 155 Inter Harv .... 35% 35 35 35 Natl Cash Reg .. 14'* 14% 14% 14% Rom Rand 8% 8% 8% 8% Worthington Pm. 12' * 11% 12V* 11% Foods— Am Sugar 59*% 59 59 59% Armour 4 3% 4 4 Armour 6% pfd 63 62 62 64’* Borden Prod ... 23'a 22 s * 22% 23% Cal Packing ... 37% 37% 37% 37% Can Drv G Ale 10’* 10 10 10 Coca-Cola 178 178 170 118 Corn Prod 63% 63% 63'a 64 Crm of Wheat.. 39 38% 39 38 a Cuban Am Sugar 5% 5% 5% 5% Gen Baking .... _7% 7% 7% 7 * Gen Foods ...... 33% 33'* 33V* 33% Gold Dust 16% 16 16 16 O W Sugar 29% 29% 29% 29' 2 Int Salt 29 29 29 29 Loose Wiles ... 33 s * 33% 33% 34 Natl Biscuit 26 26 26 25% Natl D Prod .... 15% 15% 15% 15% Purity Bak B’* 8% 8% 9 S Porto Rico Sug 21% 21 s * 21 s * 21% Std Brands .... 15% 15 15 15% Un Biscuit 23% 23% 23% 24 United Fruit ... 77 75% 75% 77 Ward Bak B".. 1% 1% 1% 1% Wrigley 73% 73% 73 s * 74 Retail Stores— Gimbel Bros 2% 2% 2% 2% Gr Un Tea ... 2% 2% 2-* 2% Hahn Dept Sts . 5 5 5 4% Jewel Tea 49 49 49 49 Kresge S S 20% 20 . 20 20 Kroger Groc ... 23% 23'2 23% -7 s Macv R H 36'* 36'* 36% 36% McCrorv St .... 8% 8 8% 1% McLellan St 10% 9% 10 9% Marshall Field.. 7% 7% 7% <% May Dept St...* 37 7 a 3i 7 s 3 7 s 38 Mont \Vard .... 21% 21% 21% 21% Natl Tea B s * 8% B s * 8% Per.nev J C 65 65 65 65-, Safeway S* .... 39% 39% 39% 40% Sears Roebuck.. 31% 31% 31% 31% Woolworth 53% 53 53 53-* AviationAviation Corp-. 3% 3% 3% 3% Boeing Aircraft.. 6 3 6 s * 6% 6 * Curtiss Wright.. 2 2 2 2 Curtiss Wn tA) 6 3 * 6 s * 6% 6% Douglas Air 18 17% 1.% 17 2 Nor Am Av 2% 2 2 2% iSperrv Ccrp .... . s * /% 7% 7% Uid Aircraft new 10% 10 10% 10 Chemicals— Air Reduction ..109% 109 109% 109 i Aihed Chem ...131 131 131 131 lAm Com Alcohol 23% 22% 23'* 23% , Col Carbon .... 73 73 "~3 74% Com So.verts .. 18% 17% 18% 17% I Dupont 88% 88 88 88 j Freeport Tex .. 19% 19% 19% 20_ Liquid Carb ... 24% 24% 24% 24% 1 Math Alkali ■ ... 24 23% 24 24% Monsanto Chem 58 58 58 58 * NaU Dts inewi.. 25% 24 s * 24% 24 3 * I schenlev Dtst.. 22 s * 22% 22% 22 Tex Gulf Sulph.. 31% 31% 31% 31% Union Car bice - 45 44 s * 44 s * 44% U S Icdu Alcohol 36 35% 35% 35% Drug*— Cotv Inc ........ 4% 4% 4% 4% Lambert 27% 27% 27% 27% Sterling Prod .. 63 82% 63 62% Un Drug (new). 10 9% 10 10 Vick Chem ..... 36% 36% 36 s * 37% Zonite Prod .... 3% 3% 3% 3 s * Financial— Adams Exp 4% 4% 4% 4% Allegheny Corp .1 1 1 Am Int Corp ... 4% 4% 4% 4 s * Chesa Corp .... 36 36 36 36 Transamerica .. 5 5 5 5 Tr Conti Corp.. 2% 2 2% 3V*

STOCKS SHOW MIXED DECLINE IN DULLIDEALS Utilities Sag on Administration Support of Holding Company Bill. By United Pres NEW YORK, March 13.—The stock market made an irregular decline in light trading the first two hours today. Utilities sagged on Administration support of the utility holding company bill. Rails were down fractionally, some at new lows. Oils dipped. Rubbers were weak, as were some sugars, while steels were barely steady. Widest declines were made in higher priced issues or in special stocks. Spiegel, May, Stern lost 2% points to anew 1935 low at 54-2, but other mail order shares were firm. International Business Machines, which lost 5 points yesterday, touched 152, off 3, on three sales. Goodyear and U. S. Rubber made new lows in the rubber division. American Sugar made a new low for the year at 57 1 £, off 2%, without disturbing otoher sugar shares. Among the issues to advance were McCrory Stores preferred at 67, up 2; U. S. Smelting 112, up %, and Cerro De Pasco 41%, up %. Chrysler made a small gain. U. S. Steel touched a 1935 low at 29 and then rallied slightly. American Telephone lost more than a point.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,369,000.00 Debits 5.476.000.00 TREASURY STATEMENT (By United Press) WASHINGTON. March 13.—Government expenses and receipts for the current fiscal year to March 11. compared with the corresponding period of the previous fiscal This Year. Last Year. Expenses ..$4,723,755.706 88 $444,687,140.94 Receipts .. 2,402,146.009.67 2.001.959.165.34 Deficit ... 2,321.629.697.21 2.442.727,974.70 Cash bal .. 2,038,652,563.66 4,816,129.049.33

Other Livestock

(By United Press) CHICAGO, March 13.—Hogs—Receipts, 15.000. including 5000 directs; slow. 15')/: 20c lower than Tuesday; weights above 200 lbs. $9.25'</ 9.40; top. $9.45; 140-200 lbs. 58.75'-/9.35: slaughter pigs. $7.23/18.75: good packing sows, $8.654/ 8.75; light lights 140-160 lbs., good and choice, $8.60')/9.15; light weight 160-200 lbs., good and choice, 88.90/1/ 9.40; medium weights 200-250 lbs., goed and choice. $9,204/ 9.45; heavy weights 250-350 lbs., good and choice, $9.20/-/9.40: packing sows, 275-550 lbs., medium and choice. $7,754/ 8 90; slaughter pigs 100-140 lbs., good and choice, $7.25f)i8.75. CattleReceipts, 9000: calves, receipts, 2000; fed steers and yearlings, steady to 25c lower; better grade kinds selling at sl3 upward; ftillv steady: not much done on iuoetweens; few early sales steady to weak but bidding 25c lower; early top sl4; several loads held higher; practically al grade heifers and shipping cows steady; ower grade beef cows and cutters, weak to 15c lower; bulls strong; vealers. steady'• slaughter cattle and vealers: steers 550900 lbs., good and choice, $10.25(7/13.50; 900-1100 lbs., good and choice, $10.50///14; 1100-1300 lbs., good and choice, $11.25@ 14 10:1300-1500 lbs., good and choice $11.25 0) 14 10 550-1300 lbs., common and medium, $6/-/11.25. heifers 550-750 lbs., good and choice, $9 500/ 12; common and medium. $5,500/9.75: cows, good, $7.50® 10; common and medium. $4 500/ 7.50; low cutter and cutter. $3.50®4.75; bulls (yearlings excluded I good ibeefl $5,500/7.50; cutter, common and medium. [email protected]; vealers, good and choice, $7,500/9.50; medium,. $6 /i7.50; cull and common. s4®6: stocker and feeder cattle: steers 550-1050 lbs., good and choice. $6.750?9; common and medium, $5,500)7. Sheep—Receipts. 10,000: slaughter lambs opening fairly active; around steady with Tuesday's close; bids and sales on merely good to choice qualities, sß® 8 25; numerous offerings held $8.50®8.65 and above; sheep strong to 25c higher; feeding lambs little changed: native ewes, S4 500)5.50 mostly; slaughter sheep and lambs: lambs 90 lbs. down, good and choice. $7,750)8.75; common ana medium, $6,500/7.85: 90-98 lbs., good and choice, $7,650) 6.75; ewes 90-150 lbs., good and choice. $4,250)5 85: all weights, common and medium. $3 25®4.90: feeding lambs 50-75 lbs., good and choice, [email protected]. LAFAYETTE. March 13.—Market. 250 45c. lower: 200-250 lbs.. $9®1t1.15; 250-300 lbs., $8,800)8 90; 30-325 lbs., 1.8.70; 170-200 lbs., S9O/9.10; 155-170 lbs., SS TS/ffß 3D: 140155 lbs.. $8,250/8 50: 130-140 lbs., *7.75®8: 120-130 lbs.. $7.25® 7.50; 100-120 lbs , $6.50 ff) 7; roughs. $8 25 down. Calves—Market 50c lower; $8.56 down. Lambs —Market 25c lower: $8.50 down. FT WAYNE. March 13.—Hogs—Market 25c lower: 200-250 lbs.. $9.25: 250-300 lbs $9.10: 300-350 lbs . $8.80: 180-200 lbs $9.15; 160-180 lbs., 59.05: 150-160 lbs.. $8 40: 140150 lbs.. $7.90: 130-140 lbs., $7.65; 120-130 lbs . $7.15; 100-120 lbs.. $6.65; roughs. $7 75; stags, $5.50. Calves, $9.50. Lambs, $8.25.

Produce Markets

Delivered In Indianapolis prices: Heavy breed hens. 15c: Leghorn hens, lie; colored springers. 13c; heavy stage. 11c- Leghorn stags, 7c; old roosters, 7c: ducks, full feathered and fat. 9c: geese, full feathered and fat, 7c; all classes of guineas. 15c; No. 1 strictly fresh country run eges. loss off 17c. Each full case must weigh 55 lbs. gross, a deduction of 10c a pound for each pound under 55 lbs will 6e made. Butter —No. 1. 34®35c; butterfat. 29c. Quoted by the Wadley Cos. (By United Press) CHICAGO. March 13.—Eggs—Market, easy receipts, 15.016 cases; extra firsts, 21 %c; fresh graded firsts, 21c; current receipts. 19%c; dirties. 18%c; checks, 18c. Butter—Market, easy; receipts, 5624 tubs; extra firsts. 30®30%c; extras (92 score), 30%c: firsts 188-89% score), 29®29%c: seconds 186-87%, score). 28%c: special 31 /i3l%c: standards. 30%c. Poultry-Mar-ket. steady; receipts 1 car. 33 trucks: 3 cars due; springers. 20c; Leghorns, 14%c; broilers, 23® 24c; capons, 6-7 lbs., 23c: old roosters. 13%®14%c: ducks. 18®21c; turkeys. 19/i2lc; geese. 15%c; stags, 16%c; frvers. 23® 24c; hens, 16®20%c. Cheese — Twins. 16®16%c: daisies. 16%®16%c; Longhorns. 16%®17c. Potatoes—Supply liberal: demand and trading slow: market, I dull: Wisconsin round whites. 70®72%c; j Michigan rurals. 70®:72%c; Idaho Russets. $1 50- combination grade. United States No 1 and No. 2. $1.40®1.45; commercial grade. $1.30® 1.35. Florida bushel crates Bliss triumphs, washed. *lßs® 190. Arrivals 100. on track 355. shipments 86,. CLEVELAND. March 13.—Butter—Market weak: extras. 34%c: standards. 34c. Eggs —Market, weak: extra whit*. 20%c: current receipts. 20c. Poultry—Market steady: fowls under 6 lbs.. 20c: ducks voune. 24® 25c: ducks old. 20c. Potatoes —Maine. *l® 1 10 a 100-lb bag; Ohio mostly 75®75c; New York. 80c: Florida. $1.90®2 a bushel. OIL PRODUCTION DROPS By Times Special NEW YORK. March 13.—Daily oil production in Oklahoma filed during the week ended March 9 averaged 457.650 barrels, a decrease of approximately 150 barrels daily in comparison with the preceding week, according to preliminary estimates today. Building— Am Radiator ... 11 10% 10% 11 Ger. Asphalt 12% 12% 12% 13 Holland Furnace 6% 6% 6% 6% Int Cement 24 23% 23% 24% Johns ManviUe 39 s * 38% 38% 39 Libbv Owens Gls 25 24% 24% 24% Otis Elev 12% 12% 12% 12* U S Gypsum ... 41 41 41 40% HouseholdCol Pal Peet .... 17% 16% 16% 17 Keivinator ... . 15 14% 14% 14% Mohawk Carpet.. 11% 11% 11% 12 Proc & Gamble. 47% 47% 475* 47% Servel Inc 7% 7% 7% 75* Simmons Bed .. 6% 65* 6% 6% Textile*— Amer Woolen .. s'* 4% 5 5% Belding Hem ... 11% 11% 11 s * il% Ceianese Corp.. 21% 29% 20% 21 s * Collins Aikman.. 9% 9 9 9% Gotham Hose ... 33 33% Indu* Rayon ... 26- % * 26% 26% 26% Ka>ser Julius ... 16% 16% 16% 16%

Capital Goods Depression Charged Principally to Current Uncertainty

Securities Act, Federal Interference Both Minimized. The New Deal enter* upon its third year. Where are we now? What dis- j tance have we traveled along the road ] to economic recovery? John T. Flynn, America's foremost writer on financial topic;, tells you. In five article*, written exclusively for The Indianapolis Time* and NEA Service, Flynn shows with refreshing clarity how far we have progressed toward better time*. This is his third article. Why is the capital goods industry failing to move into activity? In Wall Street they will tell you it is due to three reasons: The securities act which frightens away bankers and corporation executives; government interference in business; to uncertainty about the future which frightens investors. The first two are so much undiluted bunk. But the third reason is more valid. Uncertainty always' scares the investor. Uncertainty about the value of the dollar is always enough to frighten any man who is asked to lend his money. The importance of introducing certainty into the money markets by taking a final position on money matters can not be overstated. But this is not the chief reason. There is no great market for the only kinds of commercial building that are profitable. Back in the twenties we built too many office buildings, too many hotels, too many apartment houses, too many of the better class residences. U. S. Part Cited As for industrial building, the government itself through the NRA, has been moving heaven and earth to prevent manufacturers from putting up new plants or buying new machinery on the ground that we already have too much plant capacity. Many important codes have rules to prevent further plant expansion. Where is the new building to come from? No man can dismiss the matter mererly because he can not see what is hidden in the womb of time and science and enterprise. Tn the past the rise has come from new forms and styles and techniques in building and from new industries. Shortages will soon develop in the supply of moderate homes—shortages caused by obsolescence, increasing population and changing styles. The government could give a great fillip to residential construction by embarking on a great program of building in the one field which is not over-supplied—low-cost housing. Doubtless our railroads need complete rehabilitation. This would require billions. But they are handicapped by vast and crushing debts which make it impossible for them to borrow any more money to remodel their outworn and out-moded equipment. A tremendous development of the electrical age would have a great effect. But this is hindered by the stupid policies of high rates which utilities persist in in order to make profits for their topheavy capital structures. Foreign Trade Viewed There are those who think recovery might be hasteied by rebuilding foreign trade. Unhappily that hope is chimerical. It will take decades to bring foreign trade to any level sufficient to afford us real aid. The whole business is out of our hands, other countries have imitated our example and surrounded themselves, for economic and military reasons, by tariff and trade walls. They will not let our products in. Meantime, you ask, where is all the money coming from which the government is using for relief, etc? Where does the government get it? The government is borrowing it. In 1930 our national debt was 16 billion. Now it is over 28 billion. In six months it will be over 33 billion. These are appalling figures. From whom is the government borrowing this money? Chiefly from the banks. Many banks had from one-third to three-fourths of all their deposits loaned to the government. The government borrows the money from the banks. The government spends it. In a short time all the money is back in the banks again. And there it sticks until the government borrows it again. The government denounces the banks for not lending this money to individuals. But business men do not want to borrow it. There is little or no demand for credit. They will not want to borrow it until they can see some profitable use for it. Money’s Part Shown What becomes of all the money the government pays out in relief? Why doesn’t it keep on circulating? Well, Uncle Sam gives Smith $lO. Smith spends it at a store. The storekeeper pays it to Brown, his clerk. The clerk buys a suit of clothes with it. The clothing storekeeper buys another suit from the manufacturer. The manufacturer buys cloth from the woolen mill. The woolen mill buys wool from the farmer. The farmer buys anew radio set. The rauio man sends the ten dollars to a stockholder as a dividend. He may put it in a savings bank and leave it there. Now that ten dollars is through working until someone comes along and borrows it and starts it on another journey by spending it. But nobody wants to borrow it and so it is trapped in the bank and passes into idleness. But it must be evide~ that the government can not go on borrowing forever. But if the government must go on spending and yet can not continue borrowing indefinitely, what is to be done? This is the point toward which the whole confused political battle is converging. One* group will favor borrowing. Another group will favor taxation. Another group will favor inflation — printing noney. This is rapidly coming to be the point of cleavage about which, perhaps, the next presidential campaign will be waged.

MR, A, ON RELIEF ..'GETS sl2 All?- A BUYS CKOCeCIES grocer buys fccm factory factory 'pays wages # <*> •••*.. x . . ~ .

SWINE VALUES DRUPSHARPLY General Bulk 35 to 55 Cents Lower; Veals Move Down. With apparently all demands filled in early trading at the local stockyards today, porker prices underwent the sharpest decline since starting of the long upward movement more than two months ago. Supplies were the largest on hand for some time and all classes were extremely lower than yesterday's average. Following a decrease of from 35 to 55 cents in the general run of hogs, prices for extremely good and choice grades held at $9.30, compared with a top of $9.90 late last week. Receipts were estimated at 7000, the largest on hand for approximately a month. This was believed mostly responsible for the sudden slurip in prices. With lightweight classes less active, prices in that division were only around 25 cents lower than yesterday’s averages. The bulk of 160 to 250 pounds sold at $9.20 to $9.30. while 250 pounds and up brought $8.70 to $9.10. Light lights, scaling 100 to 130 pounds, cashed in at $6.50 to $7.50. Packing sows held at $8.25 to $8.65. Only a slight change w r as evident in the cattle market. One load of good and choice steers was valued at $13.25 while others held mostly under sll. She stook remained unchanged. Receipts were 1200. Vealers showed a weak undertone and were largely* 50 cents lower, selling at $9.50 down. Receipts numbered 700. Practically no change was displayed in lambs, with several shorn fed western grades salable at SB. Native classes sold at $8.75 down, with quality being considered. Plain fed western grades brought $8.50 down, while slaughter ewes held at $5.50 down. Receipts were 1000.

New York Curb

(By Abbott. Proctor & Paine) 12 i Noon) Prev. N. Y. close. Allied Mills 13% 13% Alum Cos of Am 34 34% Am Cyanide IB) 15% 15% Am Superpower % % Atlas Corp 7% 7% Carrier Corp 15-U 16*4 Distillers Corp 15’a 14 * El Dond & Share 4 4*4 Ford of Europe 7 Vi Hiraii Walker 26*2 26 Nia Kl'd Pwr 2% 2 3 i Novadel Agene 21% 21% Penn Road 1% 1% TRACK VOLUME GAINS By Times Sped cl NEW YORK, March 13—Shipments of tee rail track totaled 2892 tons in February, compared with 2333 tons in January, according to statistics compiled by the American Iron and Steel Institute. Report of the condition of the LINCOLN HIGHWAY SAYING * LOAN ASSOCIATION, of Indianapolis, Marion County, Indiana, at the close of business on December 31, 1934. —Resources— Cash on hand and due from the banks $ 69.90 Mortgage loans 9.700.00 , Other real estate —book value 4,798.67 Total * $14,559.57 LiabilitiesBook value of installment shares $10,£47.99 Book value of loan shares.... 775.23 Borrowed money (bank) 150.00 Borrowed money (Individuals) 2,600.00 Undivided profits 183.35 Total 114 559.57 State of Indiana. County of Marion, ss: We, the undersigned officers and directors of the Lincoln Highway Saving & Loan Association of Indianapolis. Indiana, do solemnly swear that the above statement is true. THEODORE W. KEMPF. President. RAYMOND L. WALD, Secretary. O. R. WALD. Director. M. A. RABB. Director. Subscribed to and sworn before me this 12th day of March, 19.35. My Commission expires Jan. 20, 1937. (SEAL) LELAND RICE, Notary Public.

I BE SAFE Insure Your Car Today IfhiSSstate Automobile Insurance Ass’n. LI-8671. 2th Hoot Occldftal Bl4g^

What Does It Mean? Net Interest Cost — Calculating the interest rate on anew bond issue and giving consideration to any premium or discount ifill determine the net interest cost to a corporation borrowing funds.

Local Livestock

HOGS Mar. Bulk. Top. Receipt:.. 7. $9.60® 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 13. 9.20@ 9.30 9.30 7000 Light light: (140-160) Good and choice. .$8.25® 9.00 Medium 7.75® 8.75 Light, weight: (160-180) Good and choice... 9.20® 9.25 Medium 8.75® 9.00 (180-200) Good and choice... 9.25® 930 Medium 8.85®. 9.10 Medium weight; (200-220) Good and choice.. 9 25® 9.30 (220-250) Good and choice.. 9.20® 9.30 Heavy weight: (250-290) Good and choice.. 9.00® 920 (290-350) Good and choice.. B.Bo® 9.00 Packing sows: (275-350) Good 8.50® 8.65 (350-425) Good 8.40® 8.60 (275-350) Medium 8.00®) 8.40 (425-550) Good 8.35®; 8.50 Slaughter pigs: (100-140) Good and choice . 6.50® 8.25 Medium 6.00® 7.75 CATTLE —Receipts, 1200— Steers — (550-900) 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 medium 4.75® 8.75 —Cows— Good Soo® 8.00 Common and medium 4.25® 6.00 Low cutter and cutter 2. \s@ 4.25 (Yearlings Excluded) Good 5.75® 7.00 Common and medium 3.75® 5.75 VEALERS —Receipts, 700— Good and choice $9.00® 9.50 Medium 7.00®; 9.00 Cull and common 3.00® 7.00 —Calves—-(2so-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® 8.00 Common and medium 4.50® 6.00 (900-1050) Good and choice... 6 00® 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, 1000 Cull and common $ 3.00® 5.50 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... 4.50@ 5.50 Sheep: (120-150) Good and choice.. 4.00® 5.25 All weights, common and medium 3.00® 4.25 BOND ISSUIE AWARDED The City Securities Corp of Indianapolis nas been awarded a $360,000 bond issue by the city of Richmond, Ind., for the construction of a sewage disposal plant, it was announced today.

WE OWN AND OFFER TAX-EXEMPT 360,000.00 City of Richmond, Indiana 3%% Municipal Bonds of 1935 Dated March 1, 1935 Denomination, SI,OOO MATURITIES AND YIELDS SIO,OOO Jan. 1, 1938 2V£% $20,000 Jan. 1, 1947 3% 10,000 Jan. 1, 1939 2.60 r ' c 20,000 Jan. 1, 1948 3% 10,000 Jan. 1, 1940 2.75 Tc 20,000 Jan. 1, 1949 3% 10,000 Jan. 1, 1941 2.75% 20,000 Jan. 1, 1950 3% 10,000 Jan. 1, 1942 2.75% 30,000 Jan. 1, 1951 3% 20,000 Jan. 1, 1943 .... 2? 5 % 30,000 Jan. 1, 1952 3% 20,000 Jan. 1, 1944 27*% 30,000 Jan. 1, 1953 3% 20,000 Jan. 1, 1945 275% 30,000 Jan. 1, 1954 3% 20,000 Jan. 1, 1946 3% 30,000 Jan. 1, 1955 3% Approved—Matson, Ross, McCord and Clifford, Attorneys. DEBT STATEMENT Net assessed valuation, 1934 $31,071,310.00 Total bonded debt (including this issue) 561,000.00 Overlapping debt 480,000.00 The purpose of this issue is to procure funds with which to finance the cost of a complete sewage disposal works. According to opinion of counsel these bonds are a valid and binding obligation of the City of Richmond and payable out of ad valorem taxes to . be levied and collected on all of the taxable property of said city in the limits prescribed by law. City Securities U>Jrporation 420 CIRCLE TOWER Lincoln 5535

PRESIUENT AIM UN RELIEF PAY VIEWEUSUUND Prevailing Rate, Economist Says, Would Prolong Depression Ills. This is another of a series of article* written for The Indianapolis Time* by members of the economies department of the New York University School of Commerce, Accounts and Finance. BY EARL E. MUNTZ NEW YORK, March 13.—The unfortunate decision of the Senate to insert the prevailing wage rate provision in the $4,880,000,000 work relief bill necessitates clarification. Sympathy and desire to improve the lot of the unemployed, shared by all of us, must not be used as a screen to bind us as to the consequences of the Senate's plan if finally adopted. What are the long run social benefits to be achieved from President Roosevelt's proposal to pay persons on work relief a wage higher than ordinary poor relief grants, but lower than the prevailing wages in industry? They may be summarized as follows: 7. A given sum of money will provide work for a greater number of persons, or it will provide work relief for a given number of people for a longer time. 2. Work relief wages will be less attractive than the regularly prevailing wages in private employment. The relief worker will therefore shift to private employment at the first opportunity. 3. Work relief will gradually taper off and ultimately cease as private industry absorbs the labor oroginaliy assisted by government projects. 4. Government projects, designed purposely as relief projects, will be finished, but few new ones will be started as private industry re-em-ploys the former relief workers. 5. Government money, that is, our money raised from general taxation, will no longer be necessary to carry such a huge relief burden, and a reduction in taxes may be expected to ensue. 6. Money not handed over to the government to spend is available to the formerly oppressed taxpayer to save for the “rainy day” or to spend for the improvement of his own standard of living. In general it may be said that work relief wages lower than prevailing private wage rates are a monopoly of the government, benefiting the relief worker until he can be absorbed by private industry, and benefiting society or the state by procuring valuable public works at the lowest cost to the citizen. Wages in private employments will continue to be determined, as before, by the respective bargaining power of buyers and sellers of labor as effected by the supply and demand for labor services. buildTwg permits' up City Value Also Shows Rise in Week Ended March 9. Building permits totaling 149 with an estimated valuation of $26,043 for the week ended March 9, were submitted to the Safety Board at its meeting yesterday by William F. Hurd, city building commissioner. This compares with 104 permits of a total valuation of $14,487 during the corresponding week last year, or a gain in valuation of $11,556. Total valuation of building operations so far this year is $374,428, against $231,892 at this time last year, Mr. Hurd reported.

Chicago Stocks

(Bv Abbott. Proctor & Paine) 11 00 Prev. A. M close. Butler Bros 6% 6% Bendix ... 12% 12% Borg Warner 30% 30% Brown Fence & Wire 17% 18% Chicago Corp 1% 1 3 /* Chicago Mail 15% 16 Cord 2% 2% Libbv •• 6% 6% Marshall Fields 7% 7 3 /* Perfect Circle 36 37 Prima „?% 3 Swift 16% 16% Swift Int 33 33