Indianapolis Times, Volume 47, Number 3, Indianapolis, Marion County, 14 March 1935 — Page 16
Wall St. Railroads Urged by Eastman to Act Boldly. Bi RALPH HENOERSHOT
'Hoc* i Writer YORK, March 14 —"lf the railroad managements and their conservative business friends wish to avoid this contingency [public ownership and operation! they must act boldly and aggressively and with the degree of enterprise and initiate <* that the hope of private profit is commonly supposed to inspire." In these words
*
Joseph b. Eastman. Federal Co-ordinator o f T r a mportation. summed up the railroad situation recently. And in doing so ne placed an almost impossible han dicap upon thof . responsible for railroad operations. Railroad managements are un-
Ralph Henderehot
like!’.- to act either boldly or aggre ively. They have neither the finances nor th£ latitude to do much other than that which they have been doing in recent years. The hope of private profit, moreover, is too mueh of a “long shot" for them to work up much mthWri am. mm* WHEN Mr. Eastman assumed his present office he was regarded quite highly in railroad quarters. Now he Is rather thoroughly disliked by the transportation people. Some say he is not sufficiently practical to do a constructive Job. It is just possible that others have turn“d against him because he has suggested that they help themselves. He might have more popular had he secured more government money for the carriers. It is beginning to look very much as though the railroad baby will be Jeff cn the government's door- ; *rp Many railroad men even are convinced that such will be the case. The government doctors have b'en prescribing for this infant which has had its face lifted several times. The patient has become worse and probably will have to have a major operation, so few tears probably would be shed if an outright adoption is affected. am* THERE is no reason to suppose, sos course, that a government agency could run the railroads any better than the private operators have done. They might not even do as well. But the government seemingly has a great deal ot money to spend, and if port of it were Vpent on new railroad equipment and generally better transportation facilities it might be that the public would reap greater benefits than would accrue if a few more postoffices were built or if desert lands were reclaimed. mam IT might have been merely an accident or it might reflect a marked improvement in technique on the part of the New York Stock Exchange authorities, but the •"competition" which has developed or has been created for non-paying jobs on the Exchange should prove beneficial. To your correspondent the opposition which has arisen, particularly for the post of president, looks very much like a "setup.’’ But it should make the members feel better, and it should "improve the Exchange's relations with the public.
On Commission Row
Quotations bo low aro average wholesale prices being offered to buyers by local commission dealers. fruit* —Bananas 5c • lb. Apples, fancy W neaps $185; Golden Delicious. $2 10. t--mon* sunkiat. 2*os. $4 25. Grapefruit. Teas' iccAru. $3%t3.25: Arirona. 645. .0s and Wts $2 50 Lime*. Mexican, per carton li ;v- Bvram. seedless, per hundred. $3. >- Porto Ricans, crate. $5. A'Ocad' Florida, bax. $l5O. Strawberries. Florida, plr.t. 16c per 36-pt. crate. 15c. Apricots *3 crate. Grape* South America, wh e $3 black *3 Honev Dews. Sou.h America $2 75. Nectarines. South Ameilca. box, $2 50. Vegetables—Cabbage. Northern Danish 50.1 b bag. *l-65: red. 50-lb. box. SI 50; New Texas cabbage, half crate. $2 ;5. O 'tor - sweet Spanish, large. 50-lb. b, c *3 mc'..um Michigan yellows. 50-lb. b-.g $2 75 Texas green onions. 40c do*. Five*-. Green Mountains. 100-lb. bag *1 50. selected cobblers 50-lb. bag. sli a: northern round white 100-lb. bag. <; Nebraska triumph. 50-lb bag. s-% Ohios JOO-'.b bag $5 Idvho O bag *l9O Now F.orida Triumphs, b ishel 12 10 Sweet potatoes. Indiana Jer<r(< bushel. $1 65. Nancv Hills, bushel. $125 Bea ns. round strmgless. hamper, $ 4 25 Cclerv (washed and trimmed', medium dor. 60c; lumbo. dor 80c; hearts, an d JOc Cucumbers, hoi house, dozen. $1 25 2 dozen box, $2 25 Endive. Califsrma dozen. 90c: crate. $4 25 Egg plant. *7 50 do er. Kale busheL *1 Lettuce, h - hc..*f. 15-lb. basket. *t 15; Ariiotta Iceberg b-ad lettuce. *3 25 Yuma crate. *3 25. Mangoes *5 a crate; small basket. 50e Mint, a dozen. *1 Parsley dozen. Pea* hampers. *2 75. Spinach. T- X-* bushel *1 75 Radishes, dozen. 45c. Tomatoes ld-lb. carton. *1 85. F.o r _ida c-c-i’ $2 75 Turnips, bushel. *sc. Parsnips bushel. *t 40 Beets bushel. ! Carro’- bushel 91; 100-lb sack. *; 75 Rhubarb, hot house. 50-!b. carton. 55 ,60c do*, bunches. sl. Mushrooms, lb.. 3 All quotation* subject to change up or down. vmrm and vegetables Br United Press' CHICAGO. March 14 Apple*. Michigan Mclntosh bushel. *1 50 11 75. Jonathans. 9! 1 ?5: turnip? Illinois, bushel. -o*** 35c lettuce, western crates. $2 50*13. carro's California crates. $2 50s; 3; linnet- bushe! 60- 70c. sweet potatoes Ten90c: beans Fla. bushei. g-eer 's! 25 1 75. snnach Texas, bushel. *1 }o 2 cabbage Wisconsin. 100 lbs. s3ti 275 onion sets Michigan sacks a bushel. N* 1 *4-4 15: tomatoes. Mexican. lugs. i. ; 3 75. peas. California bushel hampers. *2 25 275 rhubarb. Michigan. 5 2b. storage 25® 35c.
Retail Coal Prices
Th loliewin* prices represent Quotations from leadmk Indianapolis cosl dealers. A 2S-cent carnrme cfcsrke rer ton w li be added. ™OUSI STIC RETAIL PRICES Indiana lump ***s in 6 03 NuJ - c Bra *ll Block— Lump ttf Nat 6<H Glendora— Lamp j JJ?* *2 West Virginia and Eastern Kentucky (Group Bt *7f7 I* Boeal-.ontas and New Riser, smokeIttm * S"u* 33 Coke ea and nut Pea Coke •■ • 7.40 agifcracite IPI3QI3W PLAN IS APPROVED r Tim*s Special NEW YORK, March 14— A recapitalization plan for Hahn Departments Stores, Inc., has been approved In principle by directors and will be submitted to stockholders at the annual meeting May ft. it was learned today.
♦ ♦ Abreast of The Times on Finance ♦ ♦
PAGE 16
BUSINESS HELD SATISFIED WITH LONG’S REGIME Kingfish Not So Radical After All, Trade Reports Indicate. BY RI'TH FINNEY Tlm*x "o'rial Writer WASHINGTON March 14 —Business does not classify Huey Long as 1 a dangerous radical In spite of his utterances about sharing wealth. As a matter of fact, business is well •atufied with his regime in Louisiana, according to a report on the situation by the magazine Business Week. “So far ’’ the story says, “hectic melodrama on the political stage has had littlfc influence cm the state's business welfare. ... Asa matter of fact business and productive activity are burdened more heavily in many states than in Louisiana. Much of the high-1 handedness in the extraordinary sessions of the Louisiana Legislature dealt with political controversies. New laws affecting business, despite all that has been published, were not drastic. They would have received little publicity had enactment been in a different setting. Moratorium Analyzed ' Huey’s so-called moratorium act j simply authorizes the state bank commission, after proper hearings, to suspend laws (1) ‘relative to the reduction of any debt to judgment or the enforcement hereof’ or ’relative to the enforcement of any lien, privilege or mortgage securing the same through the means of any process whatsoever.’ “ It applies to past debts only. Suspensions are for the period *sf the emergency but in no case relay extend beyond Aug. 10, 1936. The debtor must pay all back taxes and insurance before suspension will be allowed. . . . "Existing law in Louisiana with regard to general obligations is more j liberal than that of many states. . .! “Tie effort to tax newspapers having a circulation in excess of 20,000 has been set aside by an injunction granted in the Federal court. This was an effort to single out anti-Long papers for punishment. The grade labeling law that so dis- < turbed canners has been found im- 1 practical of enforcement and is now inoperative. "Increase in the corporation fran- | chise tax to $2 per SIOOO of capital j stock, surplus and undivided profits with a minimum payment of $lO hardly can be regarded as excessive. License Tax Levied "An annual license tax was levied on all persons and corporations pursuing any vocation or business. For I banks with less than $25,000 in capital and surplus the tax is SSO. This is graduated in 92 steps until the bank with $75,000,000 in capital and surplus pays $76,000 annually. . . . “Recent laws-have been aimed at. the larger corporations but those organizations already have demonstrated their ability to take care of themselves. . . . “Failure of the state administration to curtail public expenditures dv ring the depression has caused widespread complaint in Louisiana but the average tax per capita and the levy on business firms and corporations is greater in half the states of the Union. . . . "So far there has been no flight of capital from the state as a result of Huey’s swashbuckling. The trend is in the other direction and is expected to accelerate with general recovery."
Other Livestock
(Bv United Press) CHICAGO. March 14— Hogs—Receipts, 13.000. including 5000 directs: slow. 5 to 10 cents lower than Wednesday; medium weights. $9 205i9:30: top. $9.35. sparingly; heavy weights, $9.15® 9 25: 160-200 lbs. s9*i9 25: light lights. $8.50®9: slaughter £ig. *7 25'.i 8.50; packing sows largely. *SO i 8 60: light lights. 140-160 lbs. good and choice. 18 50'.; 9; light weights. 160200 lbs. good and choice. $8.75® 9.30‘ medium weights. 200-250 lbs. good and choice. $9 10® 9.35. heavv weights. 250-SSO lbs. food and choice. $9.15® 9 30; packing sows. |?5-550 ibs. medium and choice. $7.75®8.75; slaughter pigs. 100-140 lbs. good and choice. 7.25® 8.75. Cattle —Receipts. 7000. cahes. 2500; general market about steady; not many well-finished steers and y< ar;mgs in run: bulls 15 to 25 cents higher: Best yearlings and light steers early. sl3 40: some held above sl4 00; weighty sausage bulls up to $6 00; selected vealers. *9: odd head. $9 50: slaughter cattle and vealers: steers. 550-900 lbs. good and choice. $lO 50® 13.50 : 900-1100 lbs. good and choice. $10.50® 14 00: 1100-1300 lbs. good and choice. $11.25® 14.25: 1300-1500 lbs good and choice, $11.25® 14.25; 550IJOO lbs. common and medium. s6® 11 25: heifers. 550-750 lbs. good and choice. $9.50 12 00; common ar.d medium. *5 50<.i 9.75: cow - coed. 7 50'.; 10: common &tid medium. 54 50 .'7 50; low cutter and cjtter. *3 50®. i4 75 bulls, vearlings excluded, good. beef. I*s 75® 7.75; 'cutter common and medium. '*4 50®6; vealers. good and choice. $7 50® ; 9 50: medium. s6® 7,50; cull and common. i 4 1 6. stocker and feeder cattle: steors. 1550-1050 !bs. good and choice. 6 .5®9: < ccmmon and medium. $5 50® 7 . Sheep— Receipts. 19 000 slaughter lambs slow: In- : ■ dica'ions around 25 cents lower with early j : bids off more: sheep and feeding lambs firm earlv bids downward from $8 and 1 merely good to choice slaughter lambs i now held at $8 25® 835 and upward; few native ewes. $4 50® 5 50; slaughter sheeo i and lambs iambs. 90 ibs. down, good and I choice $7.60® 8 40: common and medium. I*6 25® 7.75; 90-98 lbs. good and choice. I*7 50®8 40; ewes. 90-150 lbs. good and : choice. $4 25® 5 85: all weights common and medium. 3 25® 4 90; feeding lambs.so- - 75 Ibs.. good and choice. $6 50®7.25. •Bv Times Special) I LOUISVILLE. March 14 —Cattle 250. dependable demand for all classes of slaugh- ! ter cattle: killing quality plain; market generally steady; bulk common to medium steers and heifers. S6 50 ®9; better finished steers quotable to $lO 25 and above; bulk heel cows. $4 75®6 25: good heavy offerings and smooth heifer types eligible to *f 75 or better: bulk low cutters and cutters. $3,4 25: sausage bulls mostly *5 I down- good beef bulls quotable around $6 bulk desirable beef type stock calves. 6 50® 7.50: choice steer calves eligible i higher. Calves 300. including 125 stock , calves: vealer market not established: earlv indications, weak to bulk ! better grades Wednesday. sß® 9. Hogs. 600. market steady: top and bulk better. •80-250 lb* $3 15 255 bs. up. $8 iO: 160175 lbs $8 65. 140-155 lbs. 18 15: 125-135 : ;h5 *7 20: sows 400 lbs. down. *7 40: heavy- • weight* discounted 50c Sheep 50 generally steady bulk medium to good native lamb*. *7 8; choice quotable to *8 50 or better: common light throwouts mainly, *6. and fat ewes. *3.50 down. BUICK SHIPMENTS GAIN Exports of “Knocked Down'’ Cars Ration of 1929. By Time* Spfnnl FLINT. Mich.. March 14 —lndication of improved activity in foreign markets was seen today in figures released by the Buick Motor Cos. showing that the percentage of Buick cars shipped "knocktd down” for assembly in foreign plants of General Motors has ncreased steadily during the last two years and now exceeds the ratio of 1929. These shipsments, to date this year, already exceed the total for both 1932 and 1933 ar.d are equal to nearly half of the total foreign assembly Supments made in 1934.
INDIANAPOLIS, THURSDAY, MARCH 14, 1935
Federal Aim to Recast Reserve System Viewed Developing Into Battle Coming Skirmish for Control of the Banking System Will Decide Whether Nation Is to Move Into Inflation This Year. The New Deal enters upon its third year. Where are we now? What distanre have we traveled along the road to economic recovery? John T. Flynn, American's foremost writer on financial topics, tells you. In five articles, written exclusively for The Indianapolis Times and NEA Service, Flvnn shows with refreshing clarity how far we have progressed toward better times. This is his fourth article. BY JOHN T. FLYNN (Copyright. 1935. by NEA Service. Inc.i Uncle Sam has got to go on digging into his pants pocket for some time to come. This inescapable necessity means that we will go on arguing about where he will get the money. Will he continue to borrow it? Or will be dig It out of the pockets o i the taxpayers? Or will he print it? This is to be the motif of the coming struggle.
This whole subject gets very confusing because it stems off into | various apparently unrelated problems. First there is the problem of j the banks. There is a clamor for overhauling our banking system. Then there is the problem of debt and inflation for the purpose of re- : lieving us of the load of debt. There are the demands of various groups for money, as for instance the bonus advocates and the relief .dvocates. Then there is the question of money—gold, silver, managed currency, greenbacks and so on. Then tiiere is the rapidly rising and commanding question of government borrowing and the public credit. And there is the equally rising clamor for balancing the budget. Difficult to Understand Most readers, most business men do not have time to study these intricate questions and hence hsve difficulty understanding them. But, by an interesting coincidence, all these problems are drawing together —tending to become fused into one big problem—the problem of what j the government is going to use for 1 money. ’ To understand it the reader must keep in mind just a few simple facts. First of all, it is not a question of mere money. We have in circulation now nearly two billion dollars more than we had during the prosperous days of 1929. We also have far more gold and under the new valuation, an enormous increase— $3,900,000,000 in 1929; 54,000.000.000 in January, 1934; $7,000,000,000 in February, 1934, and SB,387.000.000 in January, 1935. Second, we do our business with bank money—bank deposits. This is what has shrunk. At the beginning of 1929 our commercial banks had deposits of about 35 billion dollars. Now they hold about 28 billion. However, in spite of the fact that this is so much less than in 1929, the banks can not lend it. It is actually more than we can use. Our need, therefore, it i.ot for more money. It is for more income. There is ample money to do all our business with. All we have to do is to keep the money we have moving faster —passing from hand to hand. We can not do that until the income, the money income, the purchasing power of the people is increased. Income Chief Need Os course, I think the money problem important in that I believe we ought to equip ourselves with a more intelligent money system than we have. But that is another question. Right now what we need is income. The income being supplied by private business is not sufficient to keep us functioning. And so the government has had to go on pouring more and more money into the blood stream of trade. The government has been obtaining thus money by borrowing it chiefly from the banks. i Still another and powerful objec- , tion comes from the banks. They | insist that the government is load- i ing them up with government securities and that is not good banking. The banks have already balked once at taking any more government bonds. They may do it again. In the next six months the government must do two billions in refinancing and sell in addition over four billions in new’ bonds. Can the banks take these? There is a question. Thev probably will. But there must come a point'when they will refuse. Suppose they refuse, what will the government do? In the meantime there is a strong agitation for improving our banking system. It was, as we know, the most amazingly weak banking system in the world. Since the crash very little has been done to change it fundamentally. The government guarantees deposits up to SSOOO. That makes the guaranteed banks reasonably safe, but it still leaves us with a ramshackle banking system which depends upon a government backing to stand up. Are Many Weaknesses There are many weaknesses, even vices. The Glass-Steagal Banking Act attempted to correct some, but it was very ineffective. The simple ! truth is that the government has I never made any attempt to deal in an intelligent and comprehensive way w’ith our great banking problem. contenting itself with the makeshift of government guarantee rather than building a system which does not need to be guaranteed. Now all these problems, simmering away in the minds of different groups, have gotten mixed up together. The newspapers during the last month have contained stories about the government’s plans to re- ; cast and strengthen our Federal Reserve system. The busy reader has had no time to examine that. ' But that proposal, now embodied in a bill, promises to develop into one of the biggest, if not the biggest, battle of the New Deal, alongside which the relief battle Is just a summer breeze. Now let us see how all this comes about. First of all. the government became alarmed at the prospect of resistance from the banks when iit comes to offer more bonds. It did not want to be caught helpless if the banks refuse to take its paper. It put a committee to work, therefore, to study the situation. That committee work'd all through last summer and very secretly. Meantime, the various inflation-
ists were busy trying to agree on a program. They held a meeting in January at which various plans were discussed. At that meeting and for the first time they agreed upon a common program. They agreed to support a demand and a bill for a central bank. That is, they want the government either to abolish the Federal Reserve System or to take it over and set up a central bank owned and controlled by the government.
N. Y. Bonds
(Reprinted trom vesterdavi DAILY BOND INDEX 20 20 20 20 Inds. Rails. Util. Bonds. Today *85.6 X 73.8 92.3 X 33.9 Yesterday .... 85.8 74.3 93.2 84.5 Week Ago . 86.5 76.4 94.0 85.6 x—New 1935 lows. Copyright, '35. bv Standard Statistics Cos. U. S. GOVERNMENT BONDS (By Fenner & Beanei Libertys Prev. Close, close. Ist 3%S 1932-47 103.4 103 Ist 4'is 1932-47 102.5 102.11 4th 4%s 1933-38 (uncalled). .103.7 103.9 4th 4%s 1933-38 (calledi ....100.24 100.19 Treasurys 414 s 1943-45 115.18 115.10 4s 1944-54 110.14 110.14 3%s 1946-56 109 108.28 3 3 *s 1940-43 107.2 106.20 3%s 1943-47 106.12 106 3%S 1941-43 107.3 106.22 3Us 1943-45 105.1 104.22 3 Vis 1941 . 107.4 106.25 3% S 1944-46 105 104.20 3 'as 1946-49 104.6 103.29 3'is 1949-52 104.5 104.1 3s 1951-55 103.4 102.29 3s 1946-48 103.3 102.30 Home Owners Loan Corp 2'is 1949 100.4 99.31 3s 1952 101.18 101.10 4s 1951 . 101.11 101.10 Federal Farm Mortgage Corp 3 Vis 1964 103 103.2 3s 1949 101.19 101.11 3s 1942-47 101.20 101.10 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 66% 67 Alleg Corp 5s ’49 55% 55% Alleg Corp 5s ’SO 15 3 i 15 Am Frgn Pow 5s 2030 52% 53 Am Tel V Tei 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 99',2 99% At 1 Cast Line 4%s ’64 85 86 Atch Top & S Fe 4%s ’48....105*4 105% Am Wat Wks Mills 5s ’33 104 3 4 104'/ 2 Balt & Ohio 5s '95 57‘,2 57 Balt & Ohio 6s ’95 68 68 Balt & Ohio 4%s ’6O . ■ 41‘A 42'% Buff Rocll & Pitt 4' 2 S ’57 ... 56 57% Befh Steel 5s ’36 103% 103% Chi Milw & St P 5s ’75 15'4 15 Chi Milw & St P 5s 2000 3% 3% Cleve Un Term 5s ’73 .... 87'2 87% Cleve Un Term 4%s ’77 .... 80% 8138 Col Gas 5s Mav ’52 70V 2 74 Col Gas 5s April ’52 70 , 76 Col Gas 5s ’6l 69‘ 2 <2 Can Pac Perp 4s 84% 85 Cent Pac 5s ’6O 72 , 72 Big Four 4%s ’77 54',2 55 Colorado fz So 4%s 'BO 57's 57% Chi & West Ind 4s ’52 96% 97% Chi & West Ind 5%s ’62 103 3 4 103% Chi & Nor West 4%s ’49 .. 11% Ills Con Gas 5s ’57 . 105 105% Chesa Corp 5s '47 103 10234 Dodge Bros 6s ’4O 105% 1053a Del & Huds 4s ’43 77% 76% N Y Dock 4s ’sl 6512 67 N Y Dock 5s 38 44'* 44% Erie 5s ’76 56 55 Erie 5s ’67 56 3 s 55% Gen. Cable s’/ 2 s ’47 88V2 88% Grt Northern 7s ’36 84% 83Vi Grt Northern 4V2S ’76 65% 6s Grt Northern 4'2S ‘77 66 65',2 Gen Stl Cast W W 5%s '49 .. 76'/ 77 Hud & Manhat Ref 5s '57 .... 88% 88% 111 Cent 4%s ’66 44% 45'/ 2 111 Cent 5s ’63 56 57 Interlake C&I 5s 'sl 75% 76 Internatl Hy Elec 6s ’44 ... 34 30% Internatl Tel & Tel 4’ 2 s '39 .63 65 Internatl Tel & Tel 5s '55 ... 58% o9',s Internti Tel & Tel 4Vis ’52 .. 53 55 P Lorillard 7s ’44 127 127V2 McKess <fc Robb s'is ’SO 98 99 Midvale Stl 5s '36 103 125,, Natl Dairy 5%s '43 103% jO3 ,2 Natl Steel 5s '56 iO7V 2 107 '.4 Nickel Plate 4' 2 s ’7B 50 50 Nickel Plate s'2s '74 61’2 62 N Y Cent 5s 2013 51',2 51 Vi N Y Cent 4'is 2013 (old) 47 48 Nor Amer Cos 5s ’6l 86 87% Nor Pac 3s 2047 74 3, 8 743s Nor Pac 4'is 2017 80% 62 Nor Pac 6s 2047 94% 94Vi Nor States Pow 5s ’4l 106% 107% Otis Steel 6s '4l 83 is 83 Penn Ry 4' 4 s 'B4 102 101% Penn Ry 4'4S 'Bl 102% 102 Penn Rv 4%s ’7O 913s 92 Pac G & E 5s ’42 107 106 Portland Gen El 4%s ’6O 55% 55% Para Publix 5%s ’SO 73% .lV 2 Penn P & L 4%s ’Bl 102% 103 Postal Tel & Cab 5s ’53 43 4 Rem Ran W W 5%s ’47 102 102 Sinclair Oil 6%s ’3B }04% Shell Union Oil 5s ’47 102' 8 103 Sou Pac 4%s '6B 57 57's Sou Pac 4%s 'Bl 57 57 Sou Pac 4%s ’69 57% 58 Sou Pac 4s '49 63 64% Sou Rail 4s 06 42 42 2 Sou Rail 6s ’56 54 56V2 Sou Rail 6%s ’56 57 59 Sharon Stl Hoop 5%s 48 80 81% Texas Pac 5s 'BO 84% 84 2 Texas Pac 5s ’79 83% 84% Texas Pac 5s ’77 85 85 Union Pac 4s ’47 United Drug 5s ’53., 89% 89% U S Rubber 5s ’47 93 94% N Y N H & Hart 6s ’4B 34 32% N Y N H & Hart 4%s ’67 29 23 Warner Bros 6s 39 48% j>o% Western Mary 5%s ’77 Pi'i 96-* Western Mary 4s 52 ■ _ 90 90 Youngstown S & T 5s 70 ... 94 9o Youngstown S & T 5s '7B ... 94 94'i FOREIGN Argentina (A) 6s ’57 91% 92 Argentine <B) 6s 'SB 91% 91% Brazil 8s ’4l *?,' a 3?,, Canadian Govt 4s ’6O 105'2 105% Denmark 5%s '55 99% 99% German 5%s '65 30% 30% German 7s ’49 41V4 42 Italy 7s ’sl Japan 6%s '54 91a 92% Poland 7s ’47 123% 124% Rome 6%s '52 80 a Tokio City 5%s '6l 78 i9 Yokohama 6s 61 83% 83% FEDERAL FARM LOAN BONDS (By Blyth & Cos.) Bid. Ask. 4s July 1. 1946-44 104% 105 4s Nov. 1,( 1957-37 103 103 *'2 4s Mav 1. 1958-38 103 103% 4%s July 1.( 1956-36 103 103% 4%s Jan. 1. 1957-37 103% 103% 4%s May 1, 1957-37 103% 103% 4%s Nov. 1. 1958-38 103% 104% 4%s May 1. 1942-32 101 101% 4%s Jan. 1. 1943-33 101 101% 4%s Jan. 1. 1953-33 101 101% 4%s Jan. 1, 1955-35 ..| 101 101% 4%s Jan. 1. 1956-36 102% 103 5s May 1. 1941-31 100% 101% 5s Nov. 1, 1941-31 100% 101% HOME LOAN BANK TO GET USE OF TREASURY Special Account Maintained in State by Regional BankMembers of the Federal Home Loan Bank of Indianapolis are now eligible to use the United States Treasury as a depository for excess funds, through a special account maintained by the regional bank for Indiana and Michigan, it was announced today by F. B. McKibbin, president. Funds received at the bank from member institutions will be redeposited immediately in this special account and withdrawn on demand by check on the Treasury, it was stated. The new move is intended only as an auxiliary depository service as all member associations carry active accounts in their local banks.
SEARS PROFITS AT NEW PEAK; DIVIDENOVOTED Good-Will Written Down From $10,000,000 to Nominal Worth of sl. By Times Special CHICAGO, March 14.—Inspired j by the best year, from an earnings ; standpoint since 1929, Sears, Roe- i buck & Cos. today gave stockholders occasion for cheer by voting a special dividend of 75 cents on the common shares. It represented the first payment to be made on the stock since May 2, 1932. At the same time the company announced two other progressive steps by writing down good will from its present figure of $10,000,000 to the purely nominal valuation of $1 and settling the contingent liability with the Julius Rosenwald estate Tor $1,000,000. The annual report of the premier mail order organization of the company disclosed net income last year of $15,020,551, which was equivalent to $3.13 on the common. This contracted with $11,249,295 or $2.25 a share in the preceding year. The special distribution of 75 j cents a share on the common shares is a direct reflection of the improved earnings during the year and the fact that gross sales were the best since 1931. The following statement was issued by directors of the company: “Directors feel that the present situation of our company and tb*> future prospects warrant a conservative distribution to the stockholders, and have, therefore, declare a special dividend of 75 cents per share, payable May 1 to stockholders of record April 1. “Directors feel that it is not yet the proper time to establish the stock of the company on a regular dividend basis. “Directors will review the position of the company in the latter part of the year, when a large part of the profits of this business is made, and will then decide as to what dividend policy should be adopted. Until that time there will be no further consideration of the subject.” PORKER PRICES REMAIN STEADY Cattle Market Unchanged to Slightly Lower; Veals Even. Despite an extremely sharp drop in supplies on hand at the Indianapolis Union Stockyards today, porker prices were mostly unchanged from yesterday's session. Initial demand was slightly weaker and trading less active than lyNo particular trading interest was evident in the various clarifications, which indicates that practically all demands were filled from the extremely heavy run of hogs in the preceding session. Top price for good and choice grades held at $9.35. Receipts were estimated at only 3500, compared with 7000 yesterday. The bulk, 160 to 250 pounds, was selling from $9.20 to $9.30, while heavyweights, ranging from 250 pounds and upward, brought $8.70 to $9.10. Lighter classes, scaling 130 to 160 pounds, sold at $7.75 to $8.75. Others, weighing 100 to 130 pounds, cashed in at $6.50 to $7.50. Good packing sows held at $8.25 to $8.65. Trading was less active in the cattle market, with steers.and heifers mostly unchanged. Various classes of cows were tending slightly lower than yesterday. No choice stock were available. Bulk of steers held under $11.50. Vealers again held stpady, selling at $9.50 down. Receipts were 500. With the lamb market not established during the early trading, bidding was slightly lower and asking steady. Practically no early sales were reported. Slaughter sheep held at $5.50 down. Receipts numbered 2500. HOGS Mar. Bulk. Top. Receipts. 8. $9.509.70 $9.75 4000 9. 9.50(3! 9.60 9.65 2000 11. 9.65(3; 9.75 9.80 3000 12. 9.55® 9.65 9.70 5000 13. 9.20® 9.30 9.30 7000 14. 9.20® 9.30 9.35 3500 Light light: il4o-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 (180-2CO) Good and choice... 9.25® 9.30 Medium 8.85® 9.10 Medium weight: (200-220) Good and choice.. 9.25® 9.35 (220-2501 Good and choice.. 9.20® 9.30 Heavy weight: (250-290) Good and choice.. 9 00® 9.20 (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 B.oo® 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. 800— Steers—-(sso-900) Choice $10.75012.75 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 12.75013.75 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 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 —Receims, 500— 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 —Receipt . 2500 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: A (120-150) Good and choice . 4.000 5.25 AH weights, common and medium .... 3.000 4.2 b
CAR LOADINGS CHARTED
THOUSANDS MILLIONS OF CARS OF CARS 1100 I ysar | weekended - | TO 1080 MARCH 2 : 28 n r~j DATE r 1000 —i 25 I 2 V900 22 850—— 21 —1 750 8 — ’’’ —■ Compiled by Brooks Earning Indicator,
New York Stocks
ißy Thomson & McKinnon) 11:00 Prev. ! Oils— High. Low. A. M. close. Amerada 53% 53% 53% 54 Atl Rfg 22% 22% 22% 21% I Barnsdall 6 6 6 6% i Consol Oil 6% 6% 6% 6% | Cont of Del 15% 15% 15% 15% ! Houston (new).. 1% 1% 1% Its Mid Cont Pet ... 10% 10 10% 10 Ohio Oil 9% 9% 9% 9% Pet Corp 7% 7% 7% 7% Phillips Pet 14% 14V* 14% 14% Shell Un 6 6 6 5% Skelley Oil 7% 7% 7% 7% Soc Vac 11% 11% 11% 11% S O Os Cal 28% 28% 28% . 28% S O of Ind 23% 23% 23% 23% SOof N J 36% 36% 36% 37 Texas Corp 17 16% 17 16% Tidewater Assn.. 8 8 8 8 Un Oil of Cal.. 15% 15% 15% 15% Steels— Am Roll Mills.. 16% 16% 16% 17 Beth Steel 24% 24% 24% 24% Bvers A M ... 12 12 12 12% Col Fuel & Iron. 1% 1 1 1% Ludlum Steel . 14 14 14 13% Rep Iron & Stl . 10 9% 9% 9% U S Pipe & Fdy 15% 15 15% 15 U S Steel ... 29% 29% 29% 29% U S steel pfd ■ 78 77% 78 77 % Youngstwn S&T 14% 14% 14% 14 Motors— Auburn 17% 17% 17% 17 Chrysler 32% 32% 32% 32% Gen Motors 27% 27'/* 27% 27% Hudson 8% 8% 8% 8% Hupp 1% 1% 1% 1% Mack Truck . .. 21% 21% 21% 21% Nash 13 13 13 12% Packard 3% 3% 3% 3% Reo 2% 2% 2% 2% Studebaker 2% 2% 2% 2% Motor Access— Bendix 12% 12% 12% 12% Borg Warner ... 31 30% 30% 31% Briggs 26% 26% 26% 26% Budd Mfg 3% 3% 5% 3% Budd Wheel 2% 2% 2% 2% Eaton Mfg 17% 17% 17% 17% Elec Auto Lite .. 20% 20% 20% 20% Houdaille “A” .. 7 6% 7 6% Murray Body ... 5% 5'% 5% 5% Stew Warner ... 7’% 7 7% 7 Mining— Alaska Jun 16*4 16 16% 16 Am Metals 14% 14% 14% 14% Am Smelt 33% 33% 33% 33 Anaconda 8% 8% 8% 8% Cal & Hecla ... 2% 2% 2% 2% Cerro De Pasco . 41% 41% 41% 41 % Dome Mines .... 39% 38% 39% 38% Gt Nor Or 9% 9% 9% 9% Ins Copper 2% 2% 2% 2% Int Nickel 22% 22% 22% 22% Kennecott cop . 14% 14 14% 14% Mclntyre Mine.. 44 44 44 43% Park Utah 33 32% Noranda C0p.... 33'4 33'4 33V* 33 Phelps Dodge .. 13% 13% 13% 13% St Joe Lead 10% 10% 10% 10% U S Smelters.... 113 113 113 113 Vanadium 14% 14% 14% 14% Amusements— Loews Inc 34% 34% 34% 34% Radio Corp .... 4V* 4% 4% 4Va Paramount 2% 2% 2% 2% RKO 1% 3 Vi 1% 1% Warner Bros ... 2% 2% 2% 2*2 Tobaccos— Am Tob (B) ... 79 73% 79 78% Lig & Myrs iB) 104% 104 104% 103% Lorillard . 20 19% 20 20 Reynolds T (B) 40% 48% 38% 38% Rails— Atchison 39% 39% 39% 39 Atl Coast Lines 21 21 31 20% B & 0 BV* 7% 7% 8 Can Pacific .... 9% 9% , 9% 9% Ch & Ohio 38% 38'/* 38% 38 Vi C’hi & Gt W.... % % % % C M & St P ... 1 % 1% 1% 1% C M & St P pfd 2 2 2 2 Chi N W 32% 2% 3 Dela & Hud 25% 25% 25% 25 Del Lac & W.... 11% 11% 11% ll'/i Erie 8 7% 7% 7% Grt Northern pfd 10% 10% 10% 10 • 111 Central 10 9% 9% -9% M K & T pfd .. 6% 6% 6% 6% Mo Pac 1 % 1% 1% 1% Mo Pac pfd 2% 2% 2>/s 2 N Y Cent 13% 12% 13 12% N Y New Haven 3% 3% 3% 3% N Y Ont & West 33 32% Norfolk & West 159 159 159 158 Nor Pacific 14% 14% 14% 14% Penn R R 18% 17% 18 18 Sou Pac 13% 13% 13% 13% Sou R R 8 8 8 7V* Union Pac 86% 83% 86'/* 86% Equipments— Am Brake Shoe. 22% 22% 22% 223'* Am Car & Fdy.. 10% 10% 10% 10 Am Loco 9% 9% 9% 9% Am Steel Fdy ... 12% 12% 12% 12% Bald Loco 1% 1% 1% 1% Gen Elec 21% 21% 21% 21% Pullman Inc .... 43 43 43 43 West Air Br 18% 18% 18% 19% Westingh Elec .. 34% 34 34 34% Utilities— Am & For Pwr . 2% 2 2 2 Am Power & Lit. 1% 1% 1% 1% ATftT 102% 102 102 s * 105% Am Wat Wks . 7% 7% 7% 7% Col Gas A: Elec. 4 3% 4 3% Conn & Sou .... % % % % Consol Gas .. 16 3 * 16% 16% 16% Elec Pwr & Lit . 1% 1% 1% 1% Int Hydro Elec. 1% 1% 1% 1% Interboro R T .. 11% 1% 11% 11% Int Tic T 6 5%, 5% 5% Lou G & E ‘A’. 11% 11% 1% 11% Nat Pwr & Lit .. 5% 5 5% 5 North Amer 9'* 9 9% 9% Pac G& E .... 14% 14 14% 14 Peoples Gas ... 18% 18% 18% 18'* Pub Serv NJ .. 21% 21. 21 20% So Cal Edison .. 10% 10% 10% 10% Std Gas 2% 2 2 2 Stone & Webster 2-% 2% 2% 2 * United Corp 1% 1% 1% Un Gas Imp .. 9% ?% ?•’* 9% Ut Pwr & Lit A 1% 1% 1 % 1% West Union ... 22% 22% 22% 22% Rubbers— Goodrich 8 7% 7% 7% Goodyear 16% 16-a 16% 16% Kelly Spring ... 1% 1 1 J,, U S Rubber . 10 9% 10 9% U S Rubber pfd 27 27 27 26% Miscellaneous Allis Chalmers .13% 13 13% 13 Am Can . • H 5,, 1 Am Mach & Fdy 18% 18% 19% 19 Burroughs Add. 14 14 14 14 J I Case 51 50 50 49% Conti Can 67% 67% 67% 67 Caterpillar Tract 38% 38V* 38% 38% Crown Cork .... 23% 23% 23% 24 Deere & Cos. ••24% 24 24 23 x Foster Wheeler . 11 11 H 16% Gillette 12% 12 x 12% 13 Glidden • 26 26 26 25'* Inter Har/ 35% 35% 35% 35% Natl Cash Reg.. 13% 13% 13% 13 * Rem Rand 8% -8% 8% 8 Worthington P.. 12% 12% 12% 12% Foods— Am Sugar 59 59 59 58% Armour 4Vs 4 4Vs b ArSSur 6% pfd 63 63 63 62 Beatrice Cream’y li'a 1J j-J j-J Borden Prod .. 22% 21% 21% 22 4 Cal Packing • • 33% 38% 38% 38 Canada D G Ale 11 10% 11 10% Corn Prod 64 64 64 63 4 Cuban Am Sugar 5% o% a% 5% Gen Baking .... 7 3 4 < 3 4 3 < 7 3 4 Gen Foods 32% 32% 32% 32% Gold Dust 16 16 16 la% G W Sugar 29% 29% 29% 30 Natl Biscuit ... 26% 26% 26% 26% Natl D Prod ... 15 14% 14% 15% Purity Bak . ••• 8% 8% 8% 8S Porto Rico Sug 21% 21% 21;* 21% Std Brands la% 15% la% la% Un Biscuit 24 24 24 24 United Fruit .. 76 * 76 (6 75% Ward Bak (B) - - IV* IV4 IV4 1% Retail Stores — Assd Drv Goods B'4 8 8 1 * 7% First Natl Stores 47 s * 47% 47% 47% Gimbel Bros ... 2% 2% 2% 2% Hahn Dept Sts.. 3% 3'* 3;* 3% Kresge S S .... 19% 19% 19% 20 Kroger Groc ... 23% 23% 23% 23% McLellan St ... 10% 10% 10% 10'* Marshall Field.. 7% 7% 7'* 7% Mav Dept St ... 37% 37% 37% 37"* Mont Ward .... 22% 22% 22% 22% Natl Tea 8% 8% 8% 8% Penney J C 66 65% 65% 65% Safeway St ... 39% 39 39 39 Rears Roebuck .. 33% 33% 33% 32 Woolworth 53 53 53 53 Aviation — Aviation Corp . . 3% 3%- 3% 3% Boeing Aircft .. 7% 7% 7% 7 Curtiss Wright . 2% 2% 2% 2 Douglas Air ... 18% 18% 18% 18% Sperry Corp • 7% 7 s * 7% 7% United Aircraft N 10% 10% 10% 10% Chemicals — Air Reduction . .109% 109% 109% 109% Allied Chem .131 131 131 131% Am Com Alcohol 24 23% 24 23% Col Carbon 73% 73% 73% 74 Com Solvent* ••• 18% 18% 18% 18 OUPonH 88 88% 88% 88
What Does It Mean? Fired Charges—The fixed charges of a company are represented by bond interest, leasehold rentals or other items which, are stipulated under certain contracts made by the company.
Liquid Carb ... 25% 25% 25% 25 Math Alkali ... 24 24 24 23% Natl Dis mew). 26% 26% 26 s * 26 Schenlev Dist . 24% 23% 24% 23% Tex Gulf Sulph 31% 31% 31% 31% Union Carbide 45% 44% 44% 45 U S Indus Alco 6 36 36 35% Cotv Inc 4% 4% 4% 4% Lambert 27% 27% 27% 27% Sterling Prod .62% 62% 62% 62 Vick Chem 36% 36% 36% 36 3 * Zonite Prod .... 3% 3% 3% 3% Financial— Adams Exp 4% 4 s * 4% 4% Allegheny Coro .1% 1 1 Transamerica .. 5% 5% 5% 5% Tr Conti Coro . 2% 2% 2% 2% Building— Am Radiator ... 11% 11% 11% 11 Int Cement ... 23 s * 23 s * 23% 23% Johns Manville 40% 39% 39% 39% Libby Owens Gls 24% 24% 24% 24% Otis Elev 13 12% 12% 12% Congoleum 29 28% 29 28% Kelvinator 15 14% 15 15% Mohawk Carpet . 11% 11% 11% 11% Proc & Gamble . 46% 46% 46% 46% Servel Inc 7% 7% 7% 7% Simmons Bed .. 6% 6% 6Vi 6% Textiles— Amer Woolen .. . 5% 5% 5% _5 Celanese Corp .. 21% 21% 21 s * 21% Collins Aikman • 9% 9% 9% 9V* Indus Rayon • 26 s * 26% 26% 26%
Chicago Stocks
(By Abbot). Proctor & Paine) 11:00 Prev. A. M. Close. Bendix 12% 12% Butler Bros 6% 6% BerghofT 2% 2% Borg Warner 31V* 31 Cities Service 1 % Grt Lakes Dredge 17% 17 Marshall Fields 7% 7% Noblitt-Sparke 14% 14% Swift 16% 16*8 Sears Roebuck 33% 33 Quaker Oats 130% 130% Crane Cos 7% % Libby 6% 6% Asbestos Mans 2 2 Cent Southwest % % Bastian Blessing 2% 3 Zenith Radio 1% 1%
New York Curb
(Bv Abbott. Proctor & Paine) 12 Noon. Prev. N. Y. close. Allied Mills 13% 13% Alumn Cos of Am . .. 34% 34* Am Cyanide "B'’ lj>% 4 Atlas Corp Tj? 2•* Brown Forman £ % ( Commonwealth Edison 55 4 • ' Consol Gas of Balt 57% 58 Cord Corp 2 2% Creole Petrol 10,8 JO? Distillers Lim 21- * 21, 2 Distillers Corp 15 4 I 3 El Bond & Share 3% 3% Fisk Rubber ° ' 4 Ford of Can “A 27_* 26-4 Gulf Oil of Pa 50% 50% Hollinger Mines 16v J® Int Petrol 28 ,4 28 * Lake Shore Mine 54 2 53 * Lone Star Gas f% 4% Natl Bellas Hess 1% Newmont Min 35 55 Nia Hud Pwr •• 2% 2% Penn Road } - 2 J., 2 Sonotone * 4 ,1, 4 Swift &Cos l£ * 16% Technicolor Ind 15% 14/ Teck. Hughes Gold 4'/ 4 Un Gas , J,. J,, Wright Hargraves Min 9% 9% GRAINS ARE STEADY IN EARLYDEALINGS Temper of Overnight News Little Changed. By United Press CHICAGO, March 14.—The temper of overnight news was little changed today and prices on the Board of Trade held about steady. At the start wheat was up % cent, corn was unchanged to H cent improved, oats were unchanged to up cent, and rye was down to up V*. cent. Cables from abroad reported Liverpool tended higher with a decidedly better demand for Argentine wheat as well as for Canadian offerings. The domestic southwest rehiained dry. The market here was not active at the start. * 11:08 Prev. Wheat— High. Low. A. M. close. Mav 94 .93% .93% .93% Julv 89% 89% .89% .89% Sept 39 7 * .89% .89% .89% Corn— May 80'/* .79% .79% .79% July 26 .75% .75% .75% Sept 73% .73% . .73% .73% Oats— May 47% .47 .47% .47% July 41% .40% .41% .40% Sept 39% .38% .39 .39% Rye— May 55% .59% 59% .59% July 60% .60% .60% .60% Sept 61% .61% .61% .61% LOCAL CASH MARKET Citv grain elevators are paying 84 cents for No. 2 soft red wheat. Other grade* on their merits. Cash corn No. 3 veUow, 71 cents, and oats 45 cents.
Other Livestock
(By United Press) * LAFAYETTE. March 14.—Hogs—Steady: 200-250 lbs . $9<99.15: 250-300 lbs.. $8 80® 8 90; 3 0-325 lbs.. *8 70. 170-200 ibs. *99 9 10: 155-170 ibs . $8 75®8 90: 140-155 lbs.. $8.25® 8.50: 130-140 lbs. *7 75®8; 120-130 ibs $7.25® 7.50: 100-120 ibs.. *6 5007; roughs. $8.25 down. Calves —50c lower; *8.50 down; lambs. 25c lower; *8.50 down. FT. WAYNE. March 14.—Hogs—10 to 15*. lower: 200-250 lbs.. $9.15: 250-300 lbs.. *i; 300-350 lbs.. $8.70: 180-200 lbs.. $9.05: 16"*180 lbs. $8 95. 150-160 lbs *8 25; 140-150 lbs $7.75: 130-140 lbs.. $7.50: 120-130 lbs.. $7: 100-120 lbs . .’d 50: roughs. $7 75: stags. $5.50. Calves—s3.so. lambs. $8 25. NORGL SALES ADVANCE By Times Special DETROIT, March 14 —Norge shipments for the first two months of 1935 were 243 per cent of those in the corresponding period of last year, Howard E. Blood, president of the Norge Corp. announced today. He stated that his company had closed the biggest February business in its history.
CARRIER ISSUES FEATURE EARLY MARKET TRADE Rail Stocks Show Strength in Irregular Sales on Big Board. By Unit*. <1 Press NEW YORK. March 14 —Strength in railroad shares featured an otherwise irregular stock market today in the first two hours of trading. Union Pacific held a gain of more than a point after reacting from its early high of &6%. up 2, and smaller gains were noted in New York Central and Atchison. Utilities were mixed in a narrow range. Motors east and slightly following an early advance. Chrysler failed to respond to vote of directors to call the Dodge 6 per cent debentures. only funded debt of the company. Farm shares lost early gains when grains and cotton sagged. Mailorder shares were firm with Sears, Roebuck up more than a point on its dividend action yesterday. Steels were steady. Wet stocks rose with Schenley up a point at 24%. The favorable report of National Distillers released yesterday helped the group. American Telephone cut down an early loss and was dull. Silvers were steady, golds lower, and coppers firmer.
Money and Exchange
INDIANAPOLIS STATEMENT Clearings nil Debits 5,566,000.00 TREASURY STATEMENT ißy United Press) WASHINGTON. March 14.—Government expenses and receipts for the current fiscal year to March 12. compared with the corresponding period of the previous fiscal year: * This Year. Last Year. Expenses $4,738,072.766 07 $4.478.543 240.42 Receipts. 2.414.768,188.54 2.022.761.410,07 Deficit 2,323.304.597.53 2.455.781.830,35 Cash Bal. 2,045.415.471 60 4,301,493,524.04
% Produce Markets
Delivered in Indianapolis prices: Heavy breed hens. 15c: Leghorn hens. 11c: colored springers. 13c: heavy stage, lie: 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 eggs, loss off 17c. Each full case must weigh 55 lbs. gross, a deduction of 10c a pound for each pound under 55 lbs. will oe made. Butter—No 1, 33®34c; butterfat, 29c. Quoted by the Wadley Cos. (By United Press' CHICAGO. March 14.—Eggs—Market steady; receipts. 16.763 cases: extra firsts. 21 3 4 c; fresh graded firsts, 21' 4c: current receipts. 19 3 ic; dirties. 18 s 4c; checks. 18c. Butter—Market, steady; receipts. 7028 tubs; extra firsts < 90-91 1 score), 30 fa 30Uc; extras i92 score). 30'qC; firsts (88-89>2 score), 29 , i®29 3 4c: seconds 186-87 ’ i score). 28'2C; specials, 314131'2c: standards, 30' 4 c. Poults—Market steady; receipts. 17 trucks, two cars due: springers. 20c; Leghorn 14'2c; broilers, 24@25c; capons, 6 to 7 lbs, 24c: old roosters. 13',2® 14',2c: ducks. 184) 21c; turkeys, 194; 21c; geese. 16c: stags. 16lie; fryers. 244) 25c; hens. Leghorn. 13 (Tt 17c. Cheese—Twins. 164)16' 4 c; Daisies, 16 1 2 4i 16 3 4 c; Longhorns. 16 3 4@17c. Potatoes —Supply liberal; demand and trading slow; market slightly weaker on Michigan and Wisconsin; about steady on russets. Wisconsin round whites 70 cents, commercial 654) 67’ he; Michigan russet rurals, 67’ 2 4)70c; Idaho russets. $1,504)1.55. few higher: commercial. $l.3OS< 1.37V*: No. 2. $1.25; Florida bushel crates Bliss Triumphs, washed. $1.85. Arrivals, 114; on track. 363; shipments, 873. CLEVELAND, March 14.—Butter—Market steady; extras 34’,he; standards. 34c. Eggs—Market, steady: extra white. 20’,2c; current receipts, 20c. Poultry—Market, steady; fowls under 6 lbs.. 20c: over 6 lbs.. 19c; ducks young, 244) 25c; ducks, old, 20c. Potatoes —Maine, $14)1.10 a 100-lb. bag Ohio best mostly, 7047 75c: New York, 80c; Florida, $1.90g2 a bushel. INTERNATIONAL NICKEL EARNS $1.13 A SHARE Surplus Also RisesBy Times Special TORONTO, March 14.—The annual report of International Nickel Cos. for 1934 today showed net income of $1.13 on each common share, compared with 53 cents in 1933 and a net loss of $135,344 in 1932. After depreciation, mine depletion and other reserves net income amounted to $18,487,473, and after preferred dividends, there was $16,553,580 for the common. Net operating income was $23,808,610 compared with $14,381,327 in the previou: >ar and as the result of this im l .ovement earned surplus rose to 30,990,016 from $22,767,576 at the close of 1933. Cash and securities increased to $20,555,118 as of Dec. 31, 1934, from $15,616,011. MAYTAG HOLDS DINNERS L. M. Green, Indianapolis Manager, Is Principal Speaker at Series. The last two of a series of four banquets and sales meetings conducted by the Maytag Sales Corp. for regional organizations in central Indiana will be held tonight and tomorrow night at the Antlers. L. M. Green, Indianapolis branch manager, is the principal speaker at each session. In addition ‘to Mr. Green’s addresses a motion picture each evening showing the Maytag factory at Newton, la., and various steps in the manufacture of Maytag washers is exhibited. The series of meetings began Tuesday night. SALES AGENT NAMED J. C. Todd Joins London Guarantee and Accident Cos., Ltd. Appointment of James C. Todd as sales representative of the Loni don Guarantee and Accident Cos., Ltd., Indianapolis, has been announced here by J. L. Hawkins, general agent of the Credit Insurance Department. Mr. Todd, who is former manager of the Bradstreet Mercantile Agency, will solicit credit insurance in Indiana and will establish headquarters in the local offices at 130 E. Washington-st. FORM INSURANCE GROUP Indiana Farm Bureau Enter* Auto Surety Field. The Indiana Farm Bureau. Inc., has entered the auto insurance business in this state, L. L. Needier, state director of Farm Bureau insurance. has announced. The Farm Bureau Mutual Insurance Cos. has been fermed, incorporated and licensed to handle the business. Funds were subscribed by the bureau and Its affiliated organizations.