Indianapolis Times, Volume 47, Number 4, Indianapolis, Marion County, 15 March 1935 — Page 44

Wall St. Results of Swift Bond OfferingAwaited. __BY RALPH HENDERSHOT_ Tian >r(i>t Writer

NEW YORK Marrh 15—Swift A: Cos has an application with the Securities and Exchange Commission for the sale of $43 000000 3\ per cent refunding bonds to mature in 1950. The proposed offering of these secureles will constitute the first major industrial financing operation in months. Joseph P Kennedy, chairman of the commission.

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be 11 eve sit will break the log Jam of new security flotations. It is to be sincerely hoped that Mr. Kennedy is correct. A natural flow of investment money into industry again should prove one of the biggest stimulants to business recovery that

could be imagined. Permanent expansion of industry can not be ftnanceo on commercial bank loans, and such expansion is needed to relieve the unemployment situation. the heaviest load business and taxpayers now have to carry. The stage would seem to be set for the resumption of corporate financing. At any rate, the time would seem to be opportune if the political situation were cleared up sufficiently foi business people and investors to be able to gauge the prospects for a reasonable distance into the future. The money for expansion is available, and Mr. Kennedy has cleared the way, apparently. for its use. mm m EVER since the passage of the so-called Truth in Securities Act corporate executives have been afraid to borrow and investment hankers have been afraid to act as the agent between the borrower and the lender. The lenders likewise have been hesitant about investing in securities. But by interpreting the act as liberally as possible Mr. Kennedy has relieved the iear of the borrowers and the agents to a very material degree, and the plethora of money and the lower trend of interest rates have forced those with surplus funds into the investment field. Uncertainty over the business and financial policies of the Administration and Congress may cause investors to continue to hold back to some extent. For that reason primarily there is a chance that the Swift issue may not go over as well as might be hoped. Moreover, the rate on the issue is relatively low. This may be improved. however, by a discount in the price when the issue is placed on sale. m m m A FACTOR w hich munv people may not have fken into consideration is the savings which could be effected bv corporations through refunding outstanding obligations with new issues at lower interest rates. It Is proposed in the Swift case to substitute 5 per cent bonds and notes with a 3\ per cent obligation. The saving would be quite heavy. Savings such as these would permit corporations to sell their goods cheaper, pay higher wages to employes. and to make larger disbursements to stockholders in the form of dividends. Any or all of these results would, in turn, help to stimulate the sale of goods. FEBRUARY COTTONCONSUMPTION DIPS Sharp Drop From Januarv Recorded in Census Bureau Report. By Cmitr 4 Press WASHINGTON. March 15—Cotton consumption during February totaled 478.291 bales, compared to 546.787 bales in Januarv- and 477.046 bales in February. 1934. a Census Bureau report showed today. For seven months ended Feb. 28 consumption was 3.152.892 bales, compered to 3.400.277 bales last year. Cotton exports last month, the bureau reported, totaled 390.294 bales, compared to 465.711 in January and 628.457 bales in February. 1934. February imports were 8137 bales, compared to 13.575 blaes last year. NET INCOME RISES Pittsburgh Plate Glass Cos. Reports Net Income of 55.763.684. By T>mr • Special PITTSBURGH. March 15 —Gross earnings of the Pittsburgh Plate Glass Cos. during 1934 amounted to $7,485 147 after deducting depreciation. depletion, and losses and expenses in connection with property removals, according to the fiftyfourth annual report released today Net income for the year totaled $.5.763664, compared with $3,993,934 in 1933 Cash dividends declared during 1934 amounted to $3.104 614. compared with $1498.563 declared in the preceding year.

On Commission Row

Ouota'ior.s be'.ow ace average *ho>si> price* being offered to buyer* by local commission dealer* grail*—Banana* Sc alb Apples, fancy W-neaps. *1 W. Golden Delicious. *2 I®. Lemces. sunkirt. 200* *4 25 Grapefruit. Texas, seedless. *3 -i 3 25. Aruona 4s. .0* and 90s *2 50 Lines Mexican per carton 13* Jsc Bvratn seedless, per hundred. *3. Pineapples Porto Ricans crate $5. Mocadc Florida, baa *1 50 Strawberries. Florida. pint. l*c _per 36-d* crate. 15c. Aoncots. *3 crate Orapes. South America, white *3. black *3 Honev Dews. South America 12.75. Nectarines. South America, box. 12 30 X ere tables—Catbaee. Northern Danish 50-:tn bag. II #5. red. 50-lb. box. II 50. New Texas cabbage, half crate. 12 75. Onions. sweet Spanish. large. 50-lb. sac 13: medium Michigan yellow* 50-lb. B x' * r*- Texas green onions. 40e dot. Pc'atoe*. Veen Mountain*. 200-lb. bag. •ISO; sen-ted cobb.ers 50-lb bag. II 71; northern round white. 100-lb. bag. *r Nebraska triumph SO-lb bag. 12 25. Ohk>s 100-lb bag 12: Idaho Ruusets. 100lb bag *1 *>. Florida Triumphs, btishel 12 10. Sweet potatoes. Indiana Jerseys bushel. II IS: Nancy Balls, bushel. lI2S. Beans, round stringless, hamper. ,1 31 Celery. washed and trimmed-, median! do*. 0c Jumbo, do* 80c. heart*. Aoi 90c Cucumbers hot house, dogen. *1 ji: 2 dosen box 12 25 Endive. Califarfla, doaen. 90c; crate . M 25 Egg plant. *2 M dogen. Kale bushel. II Lettuce, hot house. 15-lb basket 11 15: Arnoaa iceberg head lettuce. 13 25. Yuma, crate, I) 55. jCaagoe* 15 a crate: small basket, 50a. Minv a doeen 11. Parsley, doten, 35* Peas hampers 12 75. Spinach. -T-fgag baste 211 "5 Radishes, dozen. 45c. Tomato**. 10-lb. carton. |lls Plot-da original- 12 75 Turnip#, bushel, 75c. FarMHP*- buaheL It 40 Beets bushel. il. Carrot*, bushel. II: 100-lb. sack. I ITS Rhubarb hot house 50-lb carton. 51C40e dm. bunches, 11. Mushrooms, lb, ' 43 quotation* rsbfoct to ehanga bp or

PAGE 32

STOCK MARKET HOLDS TO GAIN MADE EARLIER Advance of Fractions to Full Point Shown With Volume Small. By T'niteH Pre* NEW YORK. March 15—The ; stock market advanced fractions to a point in the early trading today and maintained the gams in the first two hours of trading with volume small. Leading industrial Issues were steady. Utilities rallied. In the latbetter as were rails Oils were ter group. Consolidated Gas reached 16‘i. up and Public Service of ■ New Jersey 21%, up i. United States Steel reached 28-2. up %; American Telephone 103. up I%; Union Pacific 86%. up 1%; Westinghouse Electrict 33%, up %; General Motors 27%, up ~ and Chrysler 32. up 1 2 . A few issues were depressed. Pittsburgh Coal preferred on a single transaction lost 5 points to 32, while local traction shares were down 1 to nearly 2 points. Air Production lost a point to 107%, anew low for the year.

Ralph Hendershot

Money and Exchange

INDIANAPOLIS STATEMENT Ciesrimn $2.19200000 Debits 6 519 000 00 TICAStKT STATEMENT iB United Press! WASHINGTON. March 15—Government expenses ard receipts for the current fiscal vear to March 13. compared with the core.sponding period of the previous fiscal vear: This Year Last Year. Expenses $4 749 873 239 35 $4 502 471 802 25 Receipt . 2 427 18735 758 2.035 093.319 1 0 Deficit . 2 322 685.881 77 2.467 378 483 15 Cash bal 2 075.641.171 68 4.787.551.870 90

Chicago Grain Futures

<Bv James ES Bennet ( 11:00 Prev. Wheat— High. Low. A M. close. Mav 32% .91% 92% 92% Julv 88% 88% .88% .88% Sent .88% 88% .88% .88% Corn— Mav 79 .78% 78% ,78 s * Julv .74% 74 .74% .74% Sept 72 .71% .71% .72 Oats— Mav 46% 46 46% .46% Julv 40% 39% 39% .40% Sep* 38% 37% .37% .38'* Rve— Mav 57 s * 56 .56% ,57 s * Julv 58% .57% .57% .58% Sept 59% 59 .59'* ,60%

Produce Markets

Delivered in Indianapolis prices: Heavy breed hens. 15c: Leghorn hens. 11c; colored springers. 13c: heavy stage. 11c: Leghorn stags. 7c; old roosters. 7c; ducks, lull feathered and lat. 9c: geese, lull leathered and lat. 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 earn pound under 55 lbs will oe made. Bu’ter —No 1. 33@34c; butterfat. 29c. Quoted bv the Wadlev Cos.

Other Livestock

•By United Press) LAFAYETTE steadv to 10c higher 200-235 lbs.. S9 15<u 92 V 235-275 lbs S9(O 9.10; 275-325 lbs.. $8 75 16 90: 170-200 lbs, *9.05 5 9 15: 155170 lbs $8 75 .9 ' 40-155 lbs. $8 25(8 8 50. 130-I*o lbs $7 75-86 120-130 lbs. $7 258 7 50. 100-120 lbs . $6 507; roughs. $8 25 don. calves, 50c higher. *9 down; lambs, steady: $8 50 down IT WAYNE. March 14 -Hoes- 5 to 10c hither: 200-250 lbs $9 20 : 250-300 lbs. VOOTSO lbs.. *8 75 180-200 lbs. $9 10 ! 160-180 lbs . $9 1 50-160 lbs . $8 35; 140-150 !bs *7 85 130-140 lbs. *7.60: 120130 lbs $7 10 100-120 lbs. $6 60; roughs. $7 75; stags. *5 50. Calves. $9 50; lambs. *825. containerlncome HITS TOP SINCE 1927 Best Earnings Are Reported by Company Since 1927. By Ttmf Special CHICAGO. March 15—Best earnings since 1927 were reported by Container Corp. of America in its annual statement this week. Dollar sales in 1934 were 18.8 per cent larger in face of a 2.5 per cent decline in units and profit for the year equaled $1.58 a share on the class A stock and 79 cents a share or. the class B stock. The report showed net income of $1,112,711 after raising depreciation to $984,162. compared with $140,921 after $91,007 depreciation in 1933. Working capital decreased $129,637, but cash actuallv was increased by $381,296. DOLLAR VALUE DROFS Purchasing Power of Unit Held in Common Stock Dips 3.8 Per Cent. By Time* Special NEW YORK. March 15 —The purchasing power of the dollar held in common stocks showed a decline of 3 8 per cent for the first two months of the year, according to the monthly survey of Administrative and Research Corp. During the same period the purchasing power of the dollar held in cash declined 3 1 per cent. The dollar held in bonds decreased 1.8 per cent. Wholesale commodities, as measured by the Bureau of Labor wholesale commodity index, stood at 79.6 per cent on March 2. 1935. as compared with 771 per cent on Dec. 29. 1934. Thus the purchasing power of the dollar held in cash fell 3 1 per cent during the two months, the survey says. AIR LINES HIRE 6455 Department of Commerce Announces Employment Statistics. By Times Special WASHINGTON. March 15. American-operated air lines had 6455 persons in their employ Jan. 1. according to an announcement today by the Bureau of Air Commerce. Department of Commerce. These included 503 pilots. 248 copilots. 2201 mechanics and ground crew men, 1846 other hangar and field employes and 1657 operations and office employes. LAMBERT NET EQUALS tt.94 NEW YORK. March 15 Lambert Cos. and subsidiaries 1934 profit totaled $2,199,069. equivalent to $2 94 a share of capital stock, according to the annual statement. In 1933 net profit was $2,229,661, or $2.97 a sfear*.

♦ ♦ Abreast of The Times on Finance ♦ ♦

New York Stocks

(Bv Thomson Si McKinnon! 1100 Prev. Oil*— High. Low A. M. close. AM Rl* 22 21 >4 21 % 21 % Barnsdall 6 6 6 6 Consol Oil 6% 6% 6 3 . 6’* Con- of Del ... 15U 15', 151* 15% Houston told'.. 9'-, 9‘, 9% 9% Mid Cont Pet .. 9% 9% 9 s . 9’-, Ohio 0:1 9% 9% 9’a 9% Phillips Pet 14'-* 14% 14% 14% P'vmo'ith Oil 6% 6'a 6% 6% Pure Ol! 6 6 6 6 1 * I Roval Dutch ... 29’, 29', 29, 29, Seaboard Oil .. 21’* 21 ! . 21', 20% j Shell Un s’, 5% 5% 5 7 , Soc Vac 12 11% 11% 11% !SO of Cal 26% 27% 27% 28% S O of Ind 23% 23 23 23% 3O Os N J 36% 36% 36% 36 Texas Core .... 17% 17% 17% 16 s * Tidewater Attn.. 7'3 7% 7% 7% Steel,— Am Roll Mills... 16% 16 16% 16 B'-th Steel 23% 23 23% 23 B-.ers A M 11% 11% 11% 11% Coi Fuel A- Iron 1 1 1 7 a Inland Steel . 48 48 48 48 McKeesport Tin 94% 94% 94% 94% M:d Steel 9% 9% 9V 9 Natl S’eel 41 41 41 41 % Otis S-ee! . 4% 4% 4% 4% Rep Iron St Steel 9% 9 9% 9% Rep Iron & Stl and 29 29 29 30% U S Pipe Sc Fdv 15 14% 14% 14% U S Steel 28% 28% 28% 28 U S Steel pfd ... 77% 75% 75% 75% Warren Bros 2 s * 2 2 2% Youngst’n S & T 13% 13 13% 13% Motors— Auburn . 16 15% 15% 16 Chrysler .. .. 32 31% 32 31% Gen Motors .... 27% 26% 26% 26 5 , Graham M0t.... 1% 1% 1% 1% Hudson 8% 8% 8% 8% Hunp I s * 1% 1% 1% Mack Truck .... 21% 21 s * 21 s * 21% Nash 12% 12 s * 12 s * 12% Packard 3 s , 3% 3% 3% Reo 2% 2% 2% 2% Studebaker ... 2% V 2% 2 s * 2 s * Motor Access— Bendix 12% 12 12% 12 Bohn Alum 51% 51% 51% 51 Bore Warner .. 30% 30% 30% 30% Brives 25 s * 25 s * 25 s * 25% Budd Mfe 3% 3% 3% 3% Budd Wheel 2% 2 s * 2 s * 2% Eaton Mfp .. . 17% Elec Auto Lite .. 20 19 s * 19 s * 19 Houdaille A ... 6 7 6 s * 6% 6% Murrav Bodv ... 5 5 5 5 Stew Warner .. 7 7 7 7 Timken Roll 28% 28% 28% 29% Timken Det Rxle 4% 4 7 4% 4% Mining— Alaska Jun .... 16 15% 15% 15% Am Smelt 32% 32 32% 32% Anaconda 8% 8 8% 8 Cal & Hecla ... 2% 2% 2% 2% Cerro De Pasco . 41% 40 s * 41% 40% Dome Mines ... 39V* 39 39 39 Granbv 5'% 5% 5% 5% Gt Nor Ore ... 9% 9% 9% 9% Howe Sound ... 45 44% 44% 43 % Int Nickel .... 22% 22 s , 22 s * 22% Kennecott Cop.. 14% 14% 14% 14 Mclntvre Mine.. 44 43 s , 44 43% Park Utah 2% 2% 2'% 2% Noranda Cop ... 33 32% 33 33 Phelps Dodge ... 13% 13 13 13% St Joe Lead 11 10% 11 10% U S Smelters 114 113% 114 113 Vanadium 13% 13% 13% 13% Amusements— Fox Theat 8 s * 8% 8% 9 Loews Inc 32 s * 32 s * 32 s * 32% Radio Corp .... 4% 4 4 4 Paramount 2% 2% 2% 2% RKO 1% 1% 1% 1% Warner Bros ... 2% 2% 2% 2% Tobaccos — Am Snuff 66 66 66 67 Am Sum Tob 19% 19% 19% 19% Am Tobacco ”B' 78% 78% 78% 78% Gen Cigars .. . 52% 52% 52% 53 Lig & Myers B’ 104'* 103% 103 s * 104 Lorillard 19% 19% 19% 19% Reynolds Tob B 48% 48% 48% 48V* Rails— Atchison 39 38% 39 38% Atl Coast Lines 20% 20% 20% 20 B & O 8 7 s * 8 7% Can Pacific 9% 9% 9% 9% Ch & Ohio 38 37 s * 38% 38% Chi A- Gt W ... % % % % C M & St P 1% 1 % 1% 1% Chi N W 2% 2% 2% 2% Del Lac & W ... 11% 11% 11% 11 Erie 7% 7% 7% 7% Gt Northern pfd 10'* 10% 10% 9% 111 Central 9% 9% 9% 9% Lehigh Valiev .. 5% 5% 5% 5% M K & T 2 s * 2% 2% 2% M K & T pfd-. 6 6 6 6% N Y Cent 12% 12% 12% 12V* N Y New Haven 3% 3% 3% 3% N Y Ont & West 2% 2% 2% 2% Nor Pacific 14% 13% 14% 13% Penn R R 17% 17% 17% 17% Sou Pac 13% 12% 13 13 Sou R R 8 7% 8% 7% Union Pac 85% 85% 85 s * 85‘* Wabash 1% 1% 1% .. West Maryland.. s s , 5% 5% 5% Eauipments— Am Car & Fdv-. 10% 10% 10% 11% Amer Loco .... 9% 9% 9Vi 9% Am Steel Fdv... 12% 12Vi 12% 12 Bald Loco 1% 1% 1% 1% Gen Am Tk Car 33% 33% 33'* 32% Gen Elec 21% 20% 21 21% Pullman Inc 41% 41% 41% 41% Westingh Elec.. 33% 33% 33% 32% Utilities— Am & For Pwr . 2% 2 2 2% Am Power <fc Lit 1% 1 % 1% 1% A T A- T 102% 102% 102 s * 102'* Am Wat Wks .. 7% 7% 7% 7% Col Gas A; Eelc. 4 3 s * 4 3% Comm & Sou ... % % % % Consol Gas ... 16% 16 s * 16% 16% Elec Pwr & Lit.. 1% 1% 1% 1% Int Hvdro Elec.. 1% 1% 1% 1% Interboro R T... 10% 8% 8% 11% Int TA- T . s s * 5% 5% s', Lou G & E "A". 11% 11 11 11% Nat Pwr A Lit.. 5 4% 5 5 North Amer .. 9% 9 9 9% Pac G A E 13% 13% 13% 13% Peoples Gas ... 18 s * 18 s * 18 s * 18% Pub Serv N J... 21% 21 21% 20% So Cal Edison... 10% 10% 10% 11 Std Gas .. I s * 1% 1 % 2 Stone A Webster 2% 2% 2% 2% United Oorp .. I s , 1% 1% 1% Western Union . 21% 20 s * 20 20% Un Gas Imp 9% 9% 9% 9% Rubbers— Goodrich 7% 7% 7% 7% Goodvear 17 16% 16% 16 Kcllv Spring ... 1 1 1 1 U S Rubber.. 9% 9% 9% 9% U S Rubber pfd 25% 24% 24 s * 24 s * Miscellaneous— Allis Chalmers . 13 13 13 12% Am Cars .. .114 114 114 113% Burroughs Add 13 s * 13% 13% 13 s , Am Mach A Fdy 18% 18% 18% 18% J I Case 47% 47% 47Vi 47 Conti Can 65% 65 65% 65% Caterpillar Tract 37% 36% 37% 36% Curtis Pub .15 15 15 15% Curtis Pub pfd 91 91 91 89% Deere A Cos ... 23% 23% 23% 23% Foster Wheeler.. 10 10 10 10% Gillette ... 12% 10% 12% 12 Int Bus Mach .152 151 s * 152 153 s * Glidden 25 25 25 25% Inter Harv ... 35 34 34% 34% Natl Cash Reg.. 13 s * 13% 13% 13% Owens Bottle .. 83% 83% 83% 84 Rem Rand 8% 8% 8% BVa Food,— Armour 4 4 4 3% Borden Prod ... 21% 21% 21 Vi 21% Cal Packing 37% 37% 37% 38 Cont Bak A!... 4% 4% 4% 4% Corn Prod .... 64 63'2 64 64 Crm of Wheat.. 38% 38 s * 38% 38 s * Cuban Am Sugar 5% 5 s * 5% 5% Gen Foods 32% 32% 32% 32% Gold Dust 15% 15% 15% 15 s * G W Sugar 28 s * 28% 28 s * 25 s * Hershev 75% 75% 75% 75 Natl Biscuit 26 26 26 25% Natl D Prod ... 15 14 s * 15 14% S Porto Rico S . 21% 21% 21% 21 Std Brands 15% 15 15% 15% Un Biscuit 24% 24% 24% 24 United FTuit ... 76 75% 75% 75% Ward Bak (B).. 1% 1% 1% 1% Wriglev 54% 54% 54% 54% Retail Stores— Gimbel Bros 2% 2% 2% 2% Gr Un Tea .... 2% 2 S 2 2% 2% Hahn Dept Sts.. 3% 3% 3% 3% Kresge S S 19% 19 s * 19% 19 s * Kroger Groc 23 s * 23 s * 23 s * 23 s * Mac.' R H 35% 35% 35% 36 McCron- S' 8% 8% 8% 8% McLellan St ... 10% 10% 10% 10% Marshall Field . 7 6% 6% 6 s * Mont Ward .... 22 s * 22 s * 22% 22% Pennev J C ..65% 65% 65% 65% Sears Roebuck . 33% 33 33% 33 Wool worth 52 s * 52% 52 s * 52% Aviation— Aviation Corp... 3% 33 3 Boeing Aircft ... 6% 6% 6% 7 Curtiss Wright 2% 2 2 2 Curtiss Wright A 6 s * 6 s * 6% 6% Douglas Air .... 18 18 18 18 Nor Am Av 2% 2% 2% 2% Sperrv Corp 7% 7% 7% 7% United Airct new 10 s * 10% 10% 10 s , Chemicals— Air Reduction ..107% 107% 107% 108% Allied Chem ...130 130 130 129 Am Com AICO .. 23 22 s * 23 22% Col Carbon ... 72% 72% 72% 72 s * Com Solvents .. 18 17% 18 IF Du Pont 88% 87 s * 87% 87 s * Freeport Tex ... 19% 19% 19% 19% UUd Carb 24% 24% 24% 24 s * Math Alkali ... 24% 24% 24% 23 s * Natl Dis 'new! 26 5 , 26% 26 s * 26 Schenlev Dist .. 23 s * 23% 23% 23% Tex Gulf Suiph . 31 s * 31 31 32% Union Carbide 44 s * 44% 44 s * 44% U S Ind Alcohol 35 s , 35% 35% 35% Cotv Inc *% 4 s , 4% 4% Lambert 26% 26% 26% 27% Sterling Prod 62 62 % 62% 62 Un Drug 1 newt.. 9% 9% 9% 9% Zonite Prod .... 3% 33% 3% Financial— Adams Exp .... 4% 4% 4% 4% Allegheny Corp.. 1111 Am Int Corp ... 4% 4% 4% 4% Chesa Corp 36 36 36 37% Lehman Corp .. 88 68 68 68 Transamerica-... 5% 5 5% 5% Tr Conti Corp.. 2% 2% 2% 2% Building— Am Radiator .. 11% 10% 11 11 Gen Asphalt ••• 13 11% 12 *2 Holland Furnace 5% 5% 5% 5% In: Cement ... 22% 22% 22% 23 s , Johns Manville.. 40% 39% 40% 39 Libbv Owens Gls 33% 23% 23% 23 5 . U S Gypsum 41 41 41 41% HouseholdCol Pal Peet.... 16% 16% 16% 16% Congoleum .... 28 27% 27% 29 Kelvinator 14% 14% 14% 14% Proc A Gamble . 45% 45% 45% 45 Serve! Inc 7% 7% 7% 7% Simmons 8ed.... 6 6 6 6V Textiles— Am*r BtovtV u 44* 4B 44$ I

INDIANAPOLIS, FRIDAY, MARCH 15, 1935

i Belding Hem ... 11% 11 s , 11 s , 11% 1 Celanese Corp . 21% 20 s * 20 s * 20% Collins Aixman.. 9% 9‘* 9% 9% Gotham Hose .. 33 33% Indus Ravon ... 25 s * 25% 25 s * 25% Kavser Julius 16% 16% 16% 16%

Chicago Stocks

(By Abbott, Proctor A Paine! 1100 Prev. A M. close. Allied Products 14 14 Butler 3ros 6 s , 6% Bendix 12 s , 12 Borg Warner 30 s , 30% Com A Edison 54% 54% Cord Corp 2% 2% Gen House Util 4 4 Libbv .. 6 s * 6% Noblit Sparks 14% 14% Swift 16% 16%

New York Curb

(By Abbott. Proctor A Paine! 12:00 Noon Prev. N. Y. close. Allied Mills 13 13V, Am Cyanide ‘ B” 15% 15 Atlas Corp 7% 7% Distillers Corp 15 15% El Bond A Share 4 3% Lake Shore Min 55% 55% Long Island Lighting 2 2 St of Ky 18% 18% Teck Hughes Gold 4 4

N. Y. Bonds

(Reprinted from yesterdavi DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Todav *85,4 73.9 92.5 83.9 Yestredav 85.6 73 8 92.3 83 9 Week argo 86 3 76.3 94.0 85.5 Month ago 86.7 82.6 93.5 87.6 •New' 1935 low. (Copyright. 1935, by Standard Statistics.) U. S. GOVERNMENT BONDS (By Fenner & Beane) Liberties Prev. Close, close. Ist 3%s 1932-47 101.18 103.4 Ist 4%s 1932-47 101.27 102.5 4th 4%s 1933-38 (uncalled).. 103.8 103.7 4th 4%s 1933-38 (called) 100.22 100.24 Treasury* 4%s 1943-45 115.16 115.18 4s 1944-54 110 23 110.14 3%s 1946-56 109.10 109 3%s 1940-43 107 8 107.2 3%s 1943-47 106.20 106.12 3%s 1941-43 107.8 107.3 3%s 1943-45 105.5 105.1 3%s 1941 107.8 107.4 3Vis 1944-40 105.7 106 3%s 1946-49 104 7 104.6 3%S 1949-32 104 7 104.5 3s 1951-55 103.7 1C3.4 3s 1946-48 103.8 103.3 Home Owners Loan Corp. 2%s 1949 100.4 100.4 3s 1952 101.22 101.18 4s 1951 101.12 101.11 Federal Farm Mortgage Corp. 3 Vis 1964 103.10 103 3s 1949 101.21 101.19 3s 1942-47 101.22 101.20 DOMESTIC Prev. Close, close. Alleg Corp 5s '44 66 66% Alleg Corp 5s ’49 56 55% Alleg Corp 5s 'SO 16 15% Am Frgn Fow 5s 2030 52% 52% Am Tel A Tel 5%s '43 113% 113 Am Tel A Tel 5s ’65 112 112 Arm A Cos (Del) 5%s ’43 105 105 Atl Coast Line 4s '52 101 99% Atl Coast Line 4%s ’64 85 85 Atch Top A S Fe 4%s ’4B ...106% 105% Am Wat Wks 5s ’44 83 80 Am Rolling Mills 5s ’3B 105 104% Balt A Ohio 5s '95 57 57% Balt A Ohio 6s '95 66% 68 Balt A Ohio 4%s ’6O 40 41% Buff Roch A Pitt 4%s ’57 55 56 Beth Steel 5s ’36 103'/a 103% Chi Milw A St PI 5s ’75 15 15% Ch* Milw A St P 5s 2000 3% 3% Cleve Un Term 5s '73 88 87% Cleve Un Tern- 4%s ’77 80 80% Coi Gar, 5s Mi,y '52 70 70% Co* Gas 5s April ’52 68% 70 Cos! Gas 5s ’6l 69% 69% Can Pac Perp 4s 84'/* 84% Cent Pac 5s '6O 72 72 Big Four 4%s ’77 53% 54% Chi A West Ind 4s '52 971% 96% Chi A West Ind 5%s ’62 .103% 103% Chi A Nor West 4%s '49 11% 11% Con Gas 5s ’57 105% 105 Chesa Corp 5s ’47 103 103 Dodge Bros 6s ’4O 105 Va 105% Del A Huds 4s ’43 80 77% N Y Dock 4s 'sl 65 65% N Y Dock 5s ’3B 44 441* fie 5s; 75 ' I. 55% 56 4 Gen Cable 5%s ’47 88% 88% Grt Northern 7s ’36 "i 85 84% Grt Northern 4V*s ’77 66 66 Gen Stl Cast, WW 5%s ’49 ... 75% 76% Hud A Manhat Ref 5s ’57 88% 88% 111 Cent 4%s '66 45% 44% I Cent Jt 4%s ’63 54 52 J ll . Cent 5s ’63 55% 56 Interlake CAI 5s ’sl 75% 75% Interntl Hy Elec 6s ’44 32% 34 In tern atl Tel A Tel 4%s ’39 .. 61% 63 Internatl Tel A Tel 5s ’55 ... 57% 58% Internatl Tel A Tel 4%s ’52 ..53 53 P Lorillard 7s ’44 126% 127 McKess A Rob 5%s ’SO 98'* 98 Midvale Stl 5s '36 103 103 Natl Dairy s'*s 48 103% 103% Natl Steel 5s '56 107% 107% Nickel Plate 4%s ’7B 49% 50 Nickel Plate 5%s '74 58 s ,* 61% Nickel Plate 6s 35 53% 55 N Y Cent 5s 2013 50% 51% N Y Cent 4%s 2013 (old) 47% 47 Nor Amer Cos 5s ’6l 86 86 Nor Pac 3s 2047 94% 94% Nor States Pow 5s ’4l 107 106% Otis Steel 6s ’4l 85 83% Penn Rv 4V*s 'B4 102 102 Penn Ry 4%s ’Bl 102'/* 102% Penn Rv 4%s '7O 91 % 91% Pac G A E 5s ’42 107 107 Portland Gen El 4%s ’6O 55% 55% Para Publix 5%s 50 72% 73% Penn PAL 4%s ’Bl 102% 102% Postal Tel A Cab 5s '53 42% 43 Rem Rand WW 5%s ’47 101 102 Sinclair Oil 6%s ’3B 104 104% Shell Union Oil 5s ’47 103 102% Sou Pac 4%s '6B 58 57 Sou Pac 4%s 'Bl 57 57 Sou Pac 4%s ’69 56% 57Vi Sou Pac 4s '49 63 63 Sou Rail 4s 56 41% 42 Sou Rail 6s ’56 56% 54 Sou Rail 6%s ’56 57% 57 Sharon Stl Hoop 5%S ’4B 81% 80 Texas Pac 5s ’BO 84 % 84% Texas Pac 5s '79 83% 83% Union Pac 4s '47 111% 110% United Drug 5s ’53 87 V* 89% U S Rubber 5s '47 92 93 NYN H A Hart 6s ’4B 33% 34 N Y N H A Kart 4%s '67 29% 29 Warner Bros 6s '39 48% 48% Western Marv 5%s '77 96 96% Western Marv 4s '52 90% 90 Youngstwn S A T 5s '7O .... 93% 94 Youngstown SAT 5s ’7B ... 93V* 94 FOREIGN Argentina A 6s 57 91% 91 s * Argentine B 6s 'SB 92 91% Brazil 8s ’4l 28% 28% Canadian Govt 4s '6O 105% 105% Denmark 5%s ’55 99% 99% French 7s ’49 183% 185 German 5%s ’65 30% 30% German 7s ’49 41 41% Italv 7s ’sl 88% 88% Japan 6%s '54 92% 91% Poland 7s ’47 123 123% Rome 6%s ’52 .. 78% 78% Tokio Otv 5%S '6l 78% 78 Yokohama 6s ’6l 83% 83% FEDERAL FARM LOAN BONDS (By Blyth A Cos.) Bid. Ask--43 Julv 1. 1946-44 105 105% 4s Nov. 1, 1957-37 103% 103% 4s Mav 1. 1958-38 103% 103% 4V*9 Julv 1, 1956-36 103% 103% 4%s Jan. 1. 1957-37 103% 104 4%s Mav 1. 1957-37 103% ... 4%S Nov. 1. 1958-38 104 .•• 4%s Mav 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 s * • • 5s Mav 1. 1941-31 101 101% 5s Nov. 1. 1941-31 101 101 Vi

Other Livestock

(By Times Speclall LOUISVILLE. March 15.—Cattle—Receipts, 200; demand fairly broad for light run of slaughter cattle; killing quality plain: market, mostly steady; bulk common to medium steers and heifers, salable $6 50 69: better finished fed steers quotable to $lO 25 and above: bulk beef cows. $4.75 <96 25: good heavy kinds and smooth heifer tvpes eligible to $6.75 or better: bulk low cutters ana cutters. s3(g4 25: sausage bulls, mostly $5.25 down: desirable beef bulls salable to around *6: bulk better beef tvpe stock calves, S7(B 7.50: few plainer heifers down to $6.50; choice steer calves ouotable to $8 or better. Calves — Receipts. ?CO. market, steady; bulk good to choice vealers. *7 50(88 50. few strictly choice handpicked vealers. *9: medium and lower grades. *7 down. Hogs—Receipts. 700: market, steady; top and bulk better 180-250 lbs . *9 15: 255 lbs. up *8 70; 160-175 lbs. *8 65; 140-155 lbs.. *8 15: 120135 lbs.. *7 20: sows weighing 400 lbs. down. $7 40: heavier sows discounted 50c. Sheep —Receipts. 50 steady: bulk medium to good lambs. $738. choice quotable around $8 50: common light throwouts, *6, and fat twe, tl.tt 4wb*

RESERVE RANK BILL PROJECTS NEWCONFLICT Many Questions Must Be Settled Regarding Proposed Legislation. The New Deal enters upon its third year. Where are we now? What distance have we traveled along the road to conomlc recovery? John T. Flynn, America’s foremost writer on financial topics, tells you. In five articles, written exclusively for The Indianapolis Times and NEA Service, Flynn shows with refreshing clarity how far we have progressed toward better times. This is his fifth article. BY JOHN T. FLYNN (Copyright. 3935. by NEA Service. Inc.) The goverment now issues its bonds and sells them to privately owned banks and pays three per cent interest or more on the bonds. Under the new plan the government could issue its bonds and sell them to its own bank, without restriction and without paying interest. But how would the government bank pay for these bonds? It could issue central bank notes just like Federal Reserve notes (which we now use for money). The government-owned central bank could give the Treasury its bank notes in payment of the government bonds. This would be printing money without seeming to do so. The central bank advocates declare that this would not be “print-ing-press” money, because the government with its eight billion dollars in gold has enough gold to give a legal backing to nearly 20 billion dollars of central bank notes. The government could then use this money to pay relief bills, build houses, etc. Reach Same Station Now it so happens that the government, studying its problem of raising money to meet its vast obligations and to render itself free of the bankers, got around to pretty much the same station as these inflationists. If the bankers rebel against further bond issues, what can we do? it asked. Why the best thing for us to do is to take over the Federal Reserve System. Then if the banks resist, we can issue our bonds and self them to the Reserve banks, which is the same as selling them to a central bank. And thus, for the first time, the inflationists and the government are almost united in their plan to meet a growing difficulty. Up to now the government has tried to block the inflationists. But now. almost without realizing it, the government finds itself moving over to that side. This is the principal significance of the Federal Reserve Bank bill. Senator Carter Glass (D., Md.), who considers himself the watchdog of the Reserve system, has announced his intention to lead the fight on this bill. Senator Elmer Thomas (D., Okla.), and the inflationist bloc backed by Father Charles E. Coughlin will put their force behind the government. The fight will split both parties. You will be called on to take sides. Do you think the banking system should be controlled by the government? Or do you favor having it directed by private business? Issues Are Raised Are you in favor of the government raising funds for emergency purposes by borrowing or do you favor the issuance of government reserve banknotes without interest for this purpose? Do you think the Treasury, which has a number of political problems, should direct the banking policy or should that policy be directed by some separate agency in either the government or business? These are the questions which Congress is going to have to settle. Meantime there is a growing number who insist that government borrowing must cease. These also are split into two groups. One group thinks that relief payments should be drastically curtailed. The other favors continuing them. But both insist that whatever is done, the payments should be raised by taxes. Some think there should be higher income taxes. Others favor sales taxes. But the problem of banking reform seems to get lost in the shuffle. The new Reserve Board bill does propose some changes in the banking practices. But it may be they do not go to the root of the problem and it may be questioned whether they are really reforms, such as permitting banks to lend more extensively on real estate collateral and for very long terms. This is, in my judgment, a backward step. Os course, if Congress supports a great works program with a guarantee of prevailing wages and if it votes for the bonus, which would mean an additional two billion in payments by the government, a powerful impetus will be given to the whole movement of inflation. Looking over the whole picture, therefore. and attempting to answer the question—“ Where Are We Now?” perhaps we may sum it all up about as follows: Busines volume—it has increased. Production —it has traveled half the way to recovery. Employment—it has traveled onequarter of the way. Wages—they have traveled 18 per cent of the road. Total pay rolls—they have journeyed one-fifth of the way. Profits —they have outstripped all others. To do this much, we have spent nearly 10 billion dollars of government money. How we shall travel the rest of the way and how much it will cost, we have not settled. The big problem is to get the heavy capital goods industries revived and we have not tackled that problem yet. And out of it all looms a great battle over the control of our banking system which will decide whether we will move into inflation before the year is out. LOCAL CASH MASKET Cltv grain elevators are paying 83 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow, 7i and W 4i mum.

Political Maneuvering. Holds Back Commerce Banking Bill, Works Relief, Adverse Court Rulings Seen as Deterrents to Forward Movement in Trade. BY JULES BACHMAN and A. L. JAnfcSON, Editors of Economics Statistics, Inc. NEW YORK. March 15.—Although the statistical picture of business is favorable, a number of intangible factors, especially those of a political nature, have caused a feeling of uncertainty during the last few weeks. The passage of the McCarren amendment to the President’s $4,800,000,000 works relief bill and subsequent recommitment to the Senate Appropriations Committee is a good example of disturbing factor.

Among the other factors making for unsettlement can be listed the drastic Public Utilities Holding Company bill; the widespread defects being uncovered in the security legislation; the NRA and the banking bill of 1935. Renewed difficulties have beset the path of the NRA as a result of several decisions declaring its activities unconstitutional. The Weirton Steel decision and the Kentucky coal decision, both of which were handed down in the federal courts last week, brought this problem to the fore. A similar ruling declaring certain activities of the TV A unconstitutional has caused uncertainty in connection with that phase of the Administration's program. Uncertainty to Persist Although these court decisions would tend to aid confidence, if sustained by the Supreme Court, uncertainty will persist until the higher court renders Its decision. The recent gold clause decision, with its verbal rebuke to the Administration, but vnlth the refusal to allow damages to be collected, has made it difficult to interpret exactly what the attitude of the court will be toward these other phases of the New Deal-

The banking bill is still submerged in committee and w’ill remain there until the works relief bill has been disposed of. Senator Glass, who heads the sub-committee which is to conduct the hearings on the banking bill, refuses to consider it until the works relief bill, which is under the jurisdiction of another committee which he heads, is out of the way. The President has declared himself in favor of paying a security wage, or one that is lower than prevailing wages, but still high enough to enable the recipients to purchase the necessities of life. We believe that the President should be supported in this policy. The payment of wages by the government equal to that paid by private industry has several disadvantages. Works Bill Sound

Although we favor the payment of security wages rather than prevailing wages, this should not be taken to mean that we believe the works relief bill is the soundest approach to the problem of relief. It appears to us that the disadvantages of this type of relief outweigh those of direct relief. Those disadvantages include the difficulty of finding worthwhile projects, the necessity of moving men from localities where they are living, and the development of wasteful projects in order to provide relief. A direct relief bill carrying appropriations of half of that provided for in the works relief bill would be less of a strain on the government credit, and would be a factor tending to stimulate confidence on the part of business men. It also would seem advisable and necessary to segregate the bill into its two Component portions, namely the SBBO,000,000, which is being asked for immediate relief, and the balance which is wanted for the works relief, or if it should prove more advisable the smaller amount for direct relief.

Local Livestock

HOGS Mar. Bulk. Top. Receipts. 9. *9 50® 9.60 $9.65 2000 11. 9.65® 9.75 9 80 3000 12. 9.55® 9.65 9.70 5000 9.20® 9.30 9.30 7000 14 9.20® 9.30 9.35 3500 15. 9.20® 9.30 9.35 4000 k^HO-l'fo) 4 Good and choice .$8.25@ 9.00 Medium 7.75@ 8.75 Ll ?^Tß e jfGood and choice .. 9.20®, 9.25 Medium 8.75® 9.00 (180-200) Good and choice... 9.25® 9.30 Medium 8.85® 9.10 Medium weight: , (200-220) Good and choice.. 9 25® 9.35 (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 10® 8.60 (350-425) Good 8.25® 8.60 (275-350) Medium B.oo® 8 2o (425-550) Good B.3d® 8.50 S1 i*ri e 4 r o, Pl Sood and choice 6 ® Medium 6.00® 7.75 CATTLE —Receipts 600 — (550-900) Choice S . Oond 9.50^11.75 Medium J-SSg 9 Common (9CO-1100) Choice [email protected] Good 9.75® 12.75 Medium 2 Common (1100-1300) Choice 12.75®13.75 Good 10 00® 12.75 Medium B.oo® 10.00 I (1300-1500) Choice [email protected] j —Heifers—-(soo-750) Good 10.25® 12.7a Choice 9.50®10.50 Good * 8.50® 9.00 Common and medium 4 50® 8.50 (750-900) Good and choice.... [email protected] Common and medium 4.75® 8.75 —Cows— Good 6.00® 8 00 Common and medium i f 29 i Low cutter and cutter 2 25® 4.25 (Yearlings Excluded) _ „„ Good 5.7a@ 7.00 Common and medium 3.75® 5.75 VEALERS —Receipts 500— Good and choice *-'Snw l a'sn Medium ‘’Of S'iS Cull and common 3.503 1.00 —Calves—-(2so-500) Good and choice ... 6 25® 9.00 Common and medium •••• .J, 508, ®.20 —Feeder and Stocker Cattle — —Steers—-(soo-900 Good and choice.... 6-22? !22 Common and medium 4.30® 6.00 ; (900-1050> Good and choice... S 25 i Common and medium 4.30 a 6.00 —Cows— Good 3.75® 4.50 Common and medium 3.25® 3.75 SHEEP AND LAMBS —Receipts. 500— Lambs. 90 to 120 lbs., good nd choice •••■• •: las Common and medium • • f-QJI § ?5 90-120 lbs., good and choice... 4.50@ 0.50 Sh a Good and choice . 4.003 5.25 All weights, common and medium 4 25 HARDWARE SALES ARE STEADY By Times Special NEW YORK. March 15—Hardware store sales held their own during February better than most other branches of every-day retailing. according to the current issue of Hardware Age. Household supplies, particularly electrical appliances and equipment, appear to have made the best record.

What Does It Mean? Debentures —These obligation, virtually bonds, are an evidence that the holder has loaned a certain sum. However, in most cases the loan is not secured by speciped assets.

SWINE MARKET HOLDS STEADY Cattle Prices Stationary: Vealers 50 Cents Higher. Porker prices again were unchanged in early trading at the local stockyards today, marking the third consecutive session, since Tuesday's extremely sharp decline, in which values have remained steady. Light supplies on hand during the last two sessions, however have failed to have any effect on the local market. Receipts today numbered only 4000, compared with 3500 in the preceding session. The bulk, 160 to 250 pounds, sold at $9.20 to $9.30, while few better grades ranged upward to $9.35. Heavies, scaling 250 pounds and upward brought $8.70 to $9.10. Light lights, weighing 100 to 130 pounds, cashed in at $6.50 to $7.50. Packing sows sold at $8 to $8.65. Holdovers numbered 226. With general trading less active than in the early part of the current week, cattle market continued unchanged. Most steers and heifers were valued to sell under $lO. Bulk of cows ranged from $4.75 to $7.50. Receipts were 600. With a fairly strong demand prevailing in the veal market, prices were largely 50 cents higher than yesterday, selling at $lO down. Receipts were 500. With the market not established, asking remained steady and bidding was slightly lower in the lamb market. No choice grades were available. Receipts were 500. WASSON IS DIRECTOR OF FLETCHER TRUST Native of Indianapolis Is Elected at Board Meeting. Hugh McK. Landon, vice chairman of the board of directors of the Fletcher Trust Cos., has announced the election of Stowell

Wasson to membership on the board. Mr. Wasson, who is general manager of the National Malleable and Steel Casting Cos., an Indianapolis firm, was elected to his new post at the March meeting of the Fletcher Trust board Wednesday.

n

Mr. Wasson

Mr. Wasson is a native of Indianapolis and has been active in the Indianapolis Community Fund and other civic activities. He is a member of the Chamber of Commerce, the Indiana Rotary Club, the Indianapolis Athletic Club and the Columbia Club. TRAIN TIME IS CUT By Times Special CHICAGO, March 15.—A reduction to 8 hours 50 minutes on the running time of the Pacific Limited between San Francisco and Chicago, and 7 hours 20 minutes in the Los Angeles-Chicago service will be made April 1 by the Chicago & North Western Railway, R. Thomson, passenger traffic manager, announced today.

INSURANCE All Kinds With the Exception of Life A. J. Wichmann & Cos., Ine. 712 Circle Tower

NO PREFERENTIAL BIDS Will Be Allowed on CORPORATE TRUST SHARES (All Series) or BASIC INDUSTRY SHARES After February 28. 1935 Breed, Elliott & Harrison Established 1912 115 CIRCLE TOWER

I BUY AND SELL

BLDG, and LOAN SIOCKS 415 Lemcke Building

-WE BUY. SELL. and gladly furnish quotations oat Bonds of the United States Government, Its Territories and Insular Possessions Home Owners’ Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 129 EAST MARKET STREET

SHIP SUBSIDIES BRING CONCERN TO LEGISLATORS Roosevelt Declines to Say What Type of Payment He Desires. By Srripps-Hntrarr] Xncspnper Alliance WASHINGTON. March 15. Merchant marine authorities in House and Senate professed today to be puzzled about the President's attitude toward shipping subsidies. Several members had expected him to supplement his recent message on the subject by sending up a bill with concrete suggestions for a direct capital subsidy to ship operators. The President, however, has now denied any such intention and placed entire responsibility for such legislation upon Congress. Some members complain that the President has not indicated clearly the type of direct subsidy he favors. There is the “differential plan" whereby the government would contribute to a ship builder the difference in cost of construction in this country and abroad. Yardstick Is Different Another direct subsidy plan would base grants on tonnage and speed of the projected vessel. Experts say the difficulty here is in selecting an. adequate yardstick with which to fix the subsidy. It also involves enormous administrative difficulties, they say. for each ship must be dealt with according to size, purpose, type, speed, tonnage and equipment. There appears to be a plan afoot among Senate Republicans to limit the maximum subsidy allowable for any ship. Substantial opposition to any direct subsidy at all is also apparent, particularly in the Senate, though members refuse to be quoted because of their uncertainty about th# Administration's attitude. One Senator, who was instrumental in drafting the existing law known as the Jones-White Act, said he would fight to retain the mail contract system but not in its present state. Amendments Held Need This Senator believes that five or six amendments to the Jones-White Act would meet every valid objection to the mail contract plan. He declared that it was the original intention of the Jones-White sponsors to confine mail contracts to fasti liners operating on bona fide mail routes. LEGAL NOTICE First Liberty Loan Bonds notice of call for redemption before maturity to holders of First Liberty Loan Bonds of 1932-47, and others concerned. Public notice is hereby given: 1. All outstanding First Liberty Loan Bonds of 1932-47 are hereby called for redemption on June 15, 1935. The various issues of Firsts Liberty Loan Bonds (all of which are included in this call) are as follows: First Liberty Loan 3)4 pep cent bonds of 1932-47 (first 3%’s* dated June 15. 1917; First Liberty Loan converted 4 per cent bonds of 1932-47 (first 4's) dated Nov. 15, 1917; First Liberty Loan converted 4% per cent bonds of 1932-47 (first! 4%’s), dated May 9, 1918; and First* Liberty Loan second converted 4%,] per cent bonds of 1932-47 ("first-sets* ond 41i’s), dated Oct. 24, 1918. 2. Interest on all such outstandfc ing First Liberty Loan Bonds wijj cease on said redemption data, June 15, 1935. 3. Full information regarding tha presentation and surrender of Firsfc Liberty Loan Bonds for redemption under this call will be given in g treasury department circular to bet issued later. 4. Holders of First Liberty Load bonds now called for redemption or* June 15, 1935, may, in advance of that date, be offered the privilege of exchanging all or any part of their called bonds for other interestbearing obligations of the UnitetJ States, in which event public notice will hereafter be given. HENRY MORGENTHAU, JR, Secretary of the Treasury Treasury Department, Washington. March 14, 1935.

U* tlo aNftP° bIS 0. 11,01

BE SAFE Vonr Car To<Uf SJyjaHfstate Automobile m&r Insurance Ass’n. I. -8571. 7th Floor Occldeetal BUg,

NEWTON TODD