Indianapolis Times, Volume 47, Number 5, Indianapolis, Marion County, 16 March 1935 — Page 14

Trends Highlights of News During Last Week. —BY FREDERICK MATSON— Tlan Fin.nri.l Writer

INDIANA S Seventy-ninth General Assembly adjourned shortly before midnight Monday following creation of a bi-partisan legislation committee to chart the states work relief and social security program for adoption at the coming special session. At a joint session of the Legislature. Gov. Paul V. McNnutt earlier had pointed out the inadvisability of enacting state measures for financing unemployment relief and social security in advance of congressional action at Washington. . . . S^mi-demoraliza-tion gripped domestic cotton markets early in the week as a wave of frightened liquidation swept over the pits. Prices plunged downward in one of the fastest and wildest breaks on record and the worst since 1927. In Chicago, prices fell as much as 191 points as frantic brokers attempted to execute the flood of orders sweeping into the pit. At its low for the day, off $9 55 a bale, the market Mondav came within 45 cents or 9 points of the maximum allowable limit for any single day's trading. . . . Chief Justice Charles Evans Hughes of the Supreme Court halted argument Monday in the Spielman Motor Sales Cos. case, first test of the national industrial recovery laws to corn** before the court, because of the failure of attorneys to cover questions of jurisdiction considered of vital importance to the case. Chief Justic Hughes directed the attorneys for both sides to file additional briefs before April 8 and announced that the court would set another date for argument later. The Spielman case tests the validity of the New York state recovery law. mam THE United States Treasury continues to move ahead boldly in ambitious program to reduce interest charges on outstanding bonded indebtedness. On Thursthe governmental agency called for redemption June 15 of the entire outstanding amount of 51.932.209.950 First Liberty Loan bonds. . . . Financial observers read the "boldness'' into the action because of the fact that only a few days earlier the Treasury had drafted a plan for the exchange of $1,870,000,000 Fourth Liberty 4%s into bonds bearing a lower rate of interest and the success of this operation has not been determined as yet. . . . Somewhat in the same vein, but pertaining to a private corporation, was the action this week of the Chrysler Corp. in calling for redemption $30,150,500 Dodge Brothers debentures. The issue will be paid off with cash in the company's treasury and with the proceeds of loans from about a score of banks in various parts of the countrv. This arrangement will not involve any new offering of securities and, consequently, the company will not have to deal with the Securities and Exchange Commission. . . . Incidentally, the

Chrysler Corp. setup calls attention to highly significant items. The first is that such an operation deprives the new capital market of an offering and the second is that it gives the banking institutions an outlet lor some of their surplus lunds. The bank loans granted Chrysler undoubtedly will be on a longer term basis than is granted ordinarily. m m m RESPONDING to a strong congressional demand for a smaller and simpler NRA. the administration Wednesday proposed consolidations and eliminations that would reduce the agency's 731 codes to 181. The plan was put forward by Donald R. Richberg at the conclusion of his testimony in the Senate's NRA invest iw ion. Mr Richberg said that 537 of the codes could be dropped by bunching the great bulk of small industries under a single blanket trade agreement. . . . Smashing of the existing public utility holding company system was demanded by President Roosevelt as "utterly essential to avoid governmental socialism.** In one of the most forthright messages he has sent to Congress this session. Mr. Roosevelt supported fully the pending legislation for stringent regulation of holding companies and denounced the campaign of propaganda against it. . . . Expenditures of $700,000,000 by the Department of Agriculture and the AAA during the fiscal year beginning July 1 was indicated when the department's appropriation bill was reported to the House of Representatives. . . . How building activities in the United States have been lagging far behind other nations of the world was described this week bv the First National Bank of Boton. On the basis of League of Nation statistics. America ranked last of 11 countries in 1933. Switzerland. the United Kingdom and the Netherlands topped the list in that order. They were the only three countries whose building activi'ies in 1933 exceeded those in 1928.

FORD FREIGHT RECORD SET AT ROUGE PLANT Movement of 30.0041 Cars Exceed Previous Mark Set in 1930. By Timet Special DEARBORN, Mich.. March 16 All existing records for movement of railroad freight through the great Rouge plant of the Ford Motor Cos. were broken in February, it was disclosed at the company's home offices here Movement of freight into and out of the plant during the month exceeded 30.000 cars, which was greater than the previous record movement in April. 1930. To handle the unusual volume. Ford had to rent 10 locomtives to supplement the 12 constantly in service m the Rouge plant yards. Another new record in volume was set Feb. 20. when there were 9029 cars chi track in the Rouge plant yard at 8 a. m , with 500 additional cars waiting at Flat Rock. Mtch.. to come in. The yards have 92 miles of track and normal capacity for 3000 cars. 151ST ANNIVERSARY OBSERVED NEW YORK. March 16—The Bank of New York and Trust Cos., the first bank established in New York, this week is observing its 151st anniversary. The bank, of which Alexander Hamilton was one of the founders, is the oldest in the .United States still preserving its 'original identity, officials declared.

PAGE 14

SINGLE PAPER MONEY VIEWED ULTIMATE AIM Only Three Kinds of Currency Will Be Left in Circulation. BY THOMAS L. STOKES Timen Special Writer WASHINGTON. March 16. Though the Treasury is retiring NaI tional Bank notes, the average citizen still will find trickling in and out of his billfold—if he's lucky—five different kinds of paper currency which continue in circulation. These are Federal Reserve notes, ! silver certificates. United States I r tes. Treasury notes of 1890 and ; Federal Reserve Bank notes, though •he latter two are being retired now ilso and less than $100,000,000 of them are in circulation. Gold certificates still exist as currency theoretically, but they are impounded under lock and key and if you have any you are violating the law. paradoxically, gold certificates are to be used in operations to retire the national bank notes, but tb .*y will go into vaults of Federal Reserve Banks which will issue Federal Reserve notes against them to take up the National Bank notes. Secretary of the Treasury Morgenthau predicts that all National Bank notes will be out of circulation in a year.

Single Type Is Aim Only three types of currency will be left in a year or more, with gradual retirement of National Bank notes. Federal Reserve Bank notes, of which there are some $97,000,000 in criculation. and Treasury notes of 1890. cf which there are only $1,184,474 theoretically in circulation and most of which probably have disappeared. Remaining will be Federal notes, silver certificates and United States notes. What Senator Thomas (D.. Okla.) calls our “hodge-podge” of currency thus is becoming simplified, with the ultimate objective reported to be the circulation of only one type of paper money over whose issuance the Federal government will have complete control. Os the $5,380,428,959 of money in circulation on Jan. 31 a total of $827,062,304 was in National Bank notes. This is quite a slice of the total currency and yet the average citizen will not miss it. Federal Reserve notes will replace them. Federal Reserve notes now are preponderant in currency in circulation. constituting $3,048,255,300 of the over $5,000,000,000. Next are National Bank notes and third are silver certificates, of which there were $580,000,000 in circulation on Jan. 31. Whatever currency you have now is legal tender for all debts. It was made so by the gold-dollar-devalu-ation act. On the face of the nation's currency mav be read much of the history of the country. Civil War Issues. The issuance of notes by the national banks, for instance, was authorized to help finance the civil war. Bonds which secure the $674,000.000 of National Bank notes which are to be retired from "profits” of dollar devaluation are Panama Canal bonds to finance that giant project and consols, or consolidated, bonds, which include an issue to help finance the Spanish-American War. United States notes are the greenbacks of the civil war. orginally issued under acts of February 25 *nd July 11. 1862, and March 3. 1863 to help piv for civil war materials. The largest amount outstanding was $449,338,902 on Jan. 31, 1864. The Treasury maintains a reserve of $156,039,430 in gold against these and the Treasury notes of 1890. The siver inflation fever of the early nineties played about the socalled Treasury notes of 1890. They were issued under the Sherman act, which provided for compulsory purchase of silver and issuance of notes against it which could be redeemed either in gold or silver. This started a gold run on the Treasury which compell -d President Grover Cleveland, at the expense of public criticism, to get a loan from J. P. Morgan the e’.der and subsequently to obtain repeal of the Act by Congress. The Federal Reserve Act authorized the issuance of Federal Reserve notes by Federal Reserve Banks. Federal Reserve bank notes were authorized firs* temporarily in 1918 to replace silver certificates being withdrawn from circulation, and again during the 1933 banking crisis when there was a shortage of actual currency. They can not be issued after the President declares an end to the banking emergency he proclaimed March 6. 1933. They are being retired now.

SILVER CIRCULATION AT ALL-TIME RECORD Total of 5929.019.912 Now in Hands of Public, Treasury Reports. By l Kited Press WASHINGTON. March 16. A total of $30,775,065 in additional silver money was placed in the hands of the public during February, bringing total silver in circulation to an all-time record of $929,019.912. Treasury figures showed today. The increased silver circulation resulted largely from the Administrations silver rehabilitation program which involves substantial metal purchases in the world markets and issuance of money against the silver. Total money in circulation during February showed an unseasonal rise of $59.911459, of which silver accounted for more than half. All money in the hands of the public at the end of February stood at $5,456.362.748 or $43 08 per capita, compared with $5 381.063.608 at the end of January, or $(242 per capita. COTTON EXPORTS DECLINE By United Press WASHINGTON, March 16—Raw cotton exports from the United States In February totalled 390.000 bales valued at $26,532,000, a sharp decline under and February, 1934. ccfe?\o a department *

Abreast of The Times on Finance

New York Stocks

(Reprinted from yesterday) (By Thomson it McKinnon. Oil*— High. Low. Close, close. Amerada 52 52 52 53 At 1 Rfe 22 21% 21% 2P Barnsaall 6., 6 § 7 ; Cont of Del ... 15% 15% 15* lo ! Houston jnewj.. 2 1* 2 is i Houston (oldi .. 9% 9 % ?-* Mid Cont Pet .. 10 9% 10 9* j Ohio Oil 9% 9% 9N 9". , Pet Corp 7> 7* ■% Phillips Pet .... 14% 14% 14% 14 Plymouth Oil ... * §, §, 4 ?* p-r# Oil 6 $ b 4 ® 8 Roval Dutch ... 29S 29'. 29% 29’. Seaboard Oil .. 21% 21% 21’ 2 20 4 Shell Un . 5% Soc Vac 12*4 ll'a IZ'a 11 4 soofcaijj*. 2% m . SO of Lnd 23'2 23 23 23 SOOf N J 36’. 3t> 36'2 36 Trias“corp .... 17 s * 16 s . 17% 16% Tidewater Assn 7. <_ 7* 7* Un Oil of Cal .. 15’* 15 s * 15% lo 3 Steels—■Am Roll Mills... 17 16 16% 18 Beth Steel 24 22% 24 23 Bvers A M 11% 11% 1} 11 7 8 Col Fuel & iron. 1 ’* J Cruc Steel 14% 14 14% 14% Inland Steel ... 9's 8 9 8 Ludlum Steel .. 13% 13 2 13% 13% McKeesport Tin. 49% 94% 94% 94,2 Mid S’eel 9% 9 9% ? Natl Steel 41 40% 41 41% Otis Steel 4% 4% 4% 4 2 Rep Iron & Steel 9% 9 % J Rep Ir &St pf 33% 33% 33 * 30% 1U S Pipe & Fdy 15% 14% 15% 14% iU S Steel 29% 28 29 28 U S Steel pfd... 76% 75% 76% 75% Warren Bros 32% 3 Youngstwn S&T. 14 13 14 13,2 Motors— Auburn 16% 1C / 16% 16 Chrysler 33 31% 32% 31% Gen Motors .... 27% 26% 27% 26. Graham Mot ... 1 7 *.• Hudson B*2 8* 82 8 4 Hupp 1 l% l’ J 4 Mack Truck .... 21% 21% 21% 21% Nasn 13% 12% 13% 12% Packard 3% 3% 3% 3% Reo 2’. 2% 2% 2% Studebaker 2% 2 s * 2% 2-4 Yellow Truck 2% 2% 2% 2% Motor Access— Bendix 13 12 12% 13 Bohn Alum 51% 51% 51% 51 Borg Warner ... 30% 30 30% 30 a Briggs 26% 25% 26% 25% Budd Mfg 3% 3% 3% 3% Budd Wheel .... 2% 2% 2% 2% Eaton Mfg ... 17% 17% 17% 17/a Elec Auto Lite . 20% 19% 20% 19 Houdaille A .. 7% 6% 7% 6 4 Mullins Mfg .... 7% 7% 7% 7 Murray Body .. 5% 5 5% 5 Stew Warner ... 7% 7 7% 7 Timken Roll 29% 28% 29% 29. Timken Det Axle 4% 4% 4% 4% Mining— Alaska Jim 16% 15% 15% 15% Am Metals 14 13% 14 13% Am Smelt 33% 32 33 32% Anaconda 8% 8 8% 8 Cal & Hecla ... 2% 2% 2% 2% Cerro de Pasco.. 42 40% 42 40% Dome Mines ... 40 39 40 39 Granbv 5% 5% 5% 5Gt Nor Ore .. 9% 9% 9% 9% Howe Sound 45 44 44% 44% 43% Ins Copper 2% 2% 2% 22 Int Nickel 23% 22% 23% 22% Isl Creek C0a1... 31% 31% 31% 34 Kennecott Cop . 14% !4 14% 14 Mclntyre Mine . 45% 43% 33% 43% Park Utah 2% 2% 2% 2% Noranda Cop ... 34% 32% 34% 33 Phelps Dodge ... 13% 12% 13% 13% St Joe Lead .... 11% 10% 11% 10 2 U S Smelters ...115% 113 115% I}3, Vanadium 14% 13% 14% 13.4 Amusements— Croslev Radio 13% 13% 13% 13 Fox Theat 8% 8% 8% 9 Loews Inc 34% 32% 33% 32% Radio Corn 4% 4 4% 4 Paramount 2 5 . 2% 2% 2% RKO 1% 1 % 1% 4 Warner Bros ... 2% 2% 2% 2.2 Tobacco.— Am Snuff . 66% 66 68% 67 Am Sum Tob ... 19% 19% 19% I§_2 Am Tob -8”.... 78% 78% 78% (8% Gen Cigars E 2% 52% 52% 53 Ligg & Myrs "B" 10% 103% 104 14 10 * Lorillard 19% 19% 19% i?' 2 Phillip Morris -.37 37 37 36 Reynolds Tob “B'’ 47% 46% 47 46 4 Rails— Atchison 40% 38% 40% 38% Atl Coast Lines .21 20% 21 20 B * O 8% 7% 8% 2% Can Pacific 10 9% 9% 9% Ch & Ohio 38 37% 38 38% Chi & Gt W % % % % Chi &Gt W pfd. 1% 1% 1% ••• Chi N W 2% 2% 2% 2% Chi N W pfd ... 3% 3% 3% 4% Dela & Hud .... 26 25 25% 25% Del Lac & W ... 12 UVa 12 11 Erie 7% 7% 7% 7% Erie pfd ••• .9 9 Grt Northern pf 10% 10 10% 9% 111 Central 10% 9% 10 9% Lehigh Valley .. 5% 5% 5% 5 t M K fc T ... 2 s 4 2% 2% 2% MK<k T pfd... 6% 6% 6% 6% Mo Pac pfd 2 2 2 1% N Y Cent 13 12% 13% 12% N Y New Haven 3% 3% 3% 3% N Y Ont & West 32% 32% Nor Pacific I*% 13% 14% }•};* Penn R R 18 17% 18 17% Reading 32 32 32 ... Sou Pac 13% 12% 13% 13 SOU R R 8% 7% 8% 7% Union Pac 87 85% 87 85/4 Wabash 1% 1% I‘A •••_, West Maryland. 6 5% 6 5% Equipments— Am Car & Fdy.. 10% 10’i, 10% 11% Am Loco 10 9% 10 9% Am Steel Fdv... 13% 12% 13% lj Bald Loco 1% 1% 1% l,a Gen Am Tk Car 33% 33% 33% 32% Gen Elec ... 21% 20% 21% 21% Gen R R Sig ... 19 19 19 17 2 Pullman Inc 42% 41% 42% 41% West Air Br ... 19 18% 1? 18% Westingh Elec . 34% 33’. 34 32"* Utilities— Am & For Pwr.. 2% 2 2% 2% Am Pwr * Lit 1% 1% 1% 1% AT&T 103% 102% 103% 102% Am Wat Wks .. 7*4 7% 7% 7% Col Gas & Elec . 4% 3% 4% 3% Com &• Sou ’a 3 4 % % Consol Gas . ... 16% 16% 16% 16% Elec Pwr & Lit .1% 1% 1% 1% Int Hvdro Elec. 1% 1% 1% 1% Interboro RT .. 10% 18 3 4 10,, 11% Int T & T . 6% 5% 6% 0% Lou C. St a “A” 11% 10% 10% 11% Nat Pwr & Lit- 5 t% 5 5 North Amer 9% 9 9% 9% Pac G& E .... 14% 13% 14% 13% Peoples Ga* .. 18% 18% 18% 18% Pub Serv N J 21% 21 21% 20% So Cal Edison . 11% 10'* 11 11 Std Gas I 7 * 1% 1% 2 Stone & Web .. 2% 2% 2% 2% United Corp 1% 1% 1% 1% Un Gas Imp ... 9% 9% 9% 9% Ut Pwr <& Lt A 1% 1 1% l'a West Union ... 22 20% 22 20% Rubbers— .... ~,, Firestone 14% 14% 14% 14% Goodrich 8% 7% 8% 7% Goodyear 17% 16% 17% 16 ! Kellv Spring ..1 1 1 1 , 1U S Rubber .. 10% 9% 10 9% ; U S Rubber pfd 26 24% 26 24% Miscellaneous— Allis Chalmers .. 13% 13 13% ,}?? 4 Am Can 114% 114 114% 113% Am Mach & Fdy 20 28% 20 18% Anchor Cap .. 18% 18% 18% 15 Brklvn Man Tr.. 38 36% 38 3% Burroughs Add .14 13% 14 13 a J I Case 49% 47% 49 47 ! Conti Can 67 65 67 65% 1 Caterpillar Tract 38 36% 38 36 a ! Crown Cork .... 23% 23% 23% 23% Curtis Pub .15 15 15 15 Curtis Pub pfd 91 91 91 89% Deere &Cos • 24% 23% 24% 23% Eastman Kodak 118% 116% 118 7 a 117 Wheeler .. 10% 9% 10% 10% i Gillette 13 12% 13, 12 G’idden 25% 25 25% 25% Int Bus Mach ..153% 151% 133% I|3 4 ! Inter Harv .36. 34% 36 34% Natl Cash Reg 13 • 13 5 a 13% 13 a Owens Bottle ... 85 83 % 84% 84 Rem Rand 8% 8% 8 a 8 a Worthingtn Pmp 13 13 13 12 s Foods— Sugar 60 59% 60 58 I Armour .4 3% 4 3 a Armour 6G- pfd 63 62% 63 62 Beatrice Cream 16 J a 16 s a 16% le^a Borden Prod 21% 21% 21 3 a 21 4 Cal Packing ... 38 37% 3.% j 8 Can Drv G ale 10% 10 10% 10% Coca Cola ...178% 178% 178% 178 i Cont Bak “A”... 4% 4% 4% 4% Corn Prod ... 64% 63% 64% 64 : Crm of Wheat 38 3 4 38% 38% 38% I Cuban Am Sugar 6% 5% 6% 5% Gen Foods 33% 32% 33% 32% Gold Dust 15% 15*2 15% 15% G W Sugar 29 28% 29 25% Hershev 75% 75% 75% 75 Loose Wiles .... 33% 33% 33% 33% Natl Biscuit 26% 26 26 25% Natl D Prod 15 14% 15 14% S Porto Rico Sug 22% 21% 22% 21 Std Brands . .. 15% 15 15% 15% Cn Biscuit 24% 24 24 24 United Fruit .. ■! 7% 75% 77% 75% Ward Bak B - 1% 1% 1% 1% Wrigley 74% 74% 74% i4% Retail Stores— First Natl Stores 46% 46% 46% 47% Gimbel Bros 2% 2% 2% 2% Gr Un Tea 2% 2% 2% 2% Hahn Dept Sts 3% 3% 3% 3% Kresge S S .... 20% 19% 20% 19% Kroger Groc .... 24 23% 24 23% Macv R H 35% 35% 35% 36 McCrorv St .... 9 8% 8% 8% Me Leila n St ... 10N 10% 10% 10% Marshall Field.. 7 6% 7 6% Mav Dept 5t.... 37 37 37 37 Mont Ward .... 23% 22% 23N 22% Natl Tea 8% 8% 8% 8% Penney J C 65% 65 65% 65% Safewav St .... 38% 37% 38% 38% Sears Roebuck.. 34% 33 3 4 33 Woolworth 53 52% 52% 52% Aviation— Aviation Corp .. 3S 3 3N 3 Boeing Aircraft . 7% 6% 7% 7 CurtiK Wright 2% 2 2% 2 Curti.' Wri (A) 6% 6% 6% 6% Douglas Air 18% 18 18% 18 Nor An Av 2% 2% 2% 2% Sperrr Corp 7% 7% 7% 7% Utd Aircraft new 10*4 !£% 10% 10% Chemicals— Air Feduction .107% 106% 107 108% Allied Chem 130 128% 129% 129 Aa Com Alcohol 24 22% 24 22% Col Carbon 72% 72% 72% 72% Com Solvents ... 18% 17% 18% 18 Du Pont 89% 87% 88% 87% Freeport Tex ... 19% 19 19 19% Uouid Carb .... 25% 34% 35% 24% Math Alkali .... 24% 34% >4% 33% Monsanto Chem 51 57 87 57% Kali DU (MWI . 30% 37% 38

INDIANAPOLIS, SATURDAY, MARCH 16, 1935

Schenlev Dist .. 24% 2J% 24% 23% Tex Gulf Sulph. 31% 30% 31% 32% Union Carbide .. 45% .54% 45% 44% U S Indus Alco. 36% 35% 36% 35% Drugs— Bristol Myers .. 32 32 32 32 Cotv Inc 4% 4% 4% 4% Lambert 26% 26% 26% 27% Sterling Prod . 62% 62% 62% 62 Un Drug inew).. 10% 9% 10% 9% Zonite Prod 3% 33% 3% Financial— Adams Exp .... 4% 4% 4% 4% Allegheny Corp.. 11l Am Int Corp.... 4% 4% 4% 4% Chsa_ Corp .... 37% 36 37% 37% Lehman Corp.... 68 68 68 68 Transamerica ... 5% 5 5% 5% Tr Conti Corp... 2% 2% 2% 2% Building— Am Radiator .. 11% 10% 11% 11 Gen Asphalt ... 12% 11% 12% 12 Holand Furnace. 6 5% 6 5% Int Cement ... 23 22% 23 23% Johns Manville . 40% 39% 40% 39 Libby Owens Gls 24% 23% 24% 23% Otis Elev 12% 12% 12% 12% U S Gypsum ... 41% 41 41% 41% Ulen Cons 1% 1% 1% 1% Household— Col Pal Peet ... 16% 16% 16% 16% Congoleum 28 27 27% 29 Kelvinator 15% 14% 15 14% Mohawk Carpet 11% 11% 11% 11 Proc it Gamble. 46% 45 46% 45 Servel Inc 7% 7% 7% 7% Simmons Bed .. 6% 6 6% 6% Textiles— Amer Woolen ... 5 4% 5 5 Belding Hem .... 11% 11% 11% 11% Celanese Corp .. 21% 20% 21% 20% Collins Aikman.. 9% 9% 9% 9% Gotham Hose -. 33 33% Indus Rayon ... 26% 25% 26% 25% Kayser Julius ... 16% 16% 16% 16%

N. Y. Bonds

DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today *85.2 *73.5 92.3 *83.6 Yesterday .... 85.4 73.9 92.5 83.9 Week ago .... 86 3 76.2 94.1 85.5 Month ago . 86.9 82.9 93.9 87.9 (Copyright. 1935, by Standard Statistics! * Nevr 1935 low. U. S. GOVERNMENT BONDS Libertys P/ev. Close, close. Ist 3%S 1932-47 101.14 102.18 Ist 4% s 1932-47 101.19 101.27 4th 4 7 4S 1033-38 (uncalled).. 103.5 103.8 4th 4%s 1933-38 icalled \ ... 100.20 100.22 Treasurys 4%s 1943-45 115.23 115.16 4s 1944-54 110.20 110.23 3%s 1946-56 109.11 109.10 3%s 1940-43 107.3 107.8 3%s 1943-47 106.17 106.20 3%S 1941(43 107.3 107,8 3%s 1943-45 105.5 105.5 3'is 1941 107.7 107.8 3’tS 1944-46 105.4 105.7 3%s 1946-49 104.4 104.7 3%S 1949-32 104.9 104.7 3s 1951-55 103.8 103.7 3s 1946-48 103.8 103.8 2%s 1960-55 100.23 Home Owners Loan Corp. 2%s 1949 100.6 100 4 3s 1952 101.21 101.22 4s 1951 101.11 101.12 Federal Farm Mortgage Corp. 3’/is 1964 103 103.10 3s 1949 101.21 101.21 3s 1942-47 101.21 101.22 DOMFSTIC Prev. Close, close. Alleg Corp 5s '44 66% 66 Alleg Corp 5s ’49 56 56 Am Frgn Pow 5s 2030 52% 52% Am Tel it Tel 5%s '43 113 113% Am Tel & Tel 5s '65 112 112 Arm & Cos (Dell 5%s ’43 105 105 Atl Coast Line 4s ’52 99% 101 Atl Coast Line 4%s ’64 85% 85 Atch Top & S Fe 4%s ’4B 106 106% Am Wat Wks 5s ’44 85 83 Am Rolling Mills 5s ’3B 104% 105 Balt & Ohio 6s ’95 64% 66% Balt it Ohio 5s ’95 55% 57 Balt & Ohio 4%S ’6O 40% 40 Buff Roch & Pitt 4%s ’57 54 55 Beth Steel 5s ’36 103% 103% Chi Milw it St PI 5s ’75 15% 15 Chi Milw it St P 5s 2000 3% 3% Cleve Un Term 5s ’73 87% 88 Cleve Un Term 4%s ’77 80% 80 Col Gas 5s May ’52 69 70 Col Gas 5s April ’52 69% 69% Col Gas 5s ’6l 69% 69% Can Pac Perp 4s 84% 84% Cent Pac 5s ’6O 71% 72 Big Four 4%s ’77 53% 53% Big Four 5s ’63 64% 65 Colorado &So 4%s ’BO 56% 57% Chi St West lnd 4s ’52 96% 97% Chi & West lnd 5%s ’62 ...103% 103% Chi it Nor West 4%s ’49 12% 11% Con Gas 5s ’57 105 105% Chesa Corp 5s ’47 -02% 103 Dodge Bros 6s ’4O 105% 105% Del it Huds 4s ’43 79% 80 N. Y. Dock 4s ’sl 65% 65 N Y Dock 5s ’3B 44 44 Erie 5s ’75 55% 55% Erie 5s ’67 55% 57 Gen Cable 5%s ’47 88% 88% Grt Northern 7s ’36 85 85 Grt Northern 4%s ’76 65% 65% Grt Northern 4%s ’77 66% 66 Gen Stl Cast W W 5%s ’49 74% 75% Hud St Manhat Ref 5s ’57.... 88% 88% 111 Cent 4%s ’66 45 45% 111 Cent Jt 4Vis ’63 53 54 111 Cent 5s ’63 55 55% Interntl Hv Elec 6s ’44 30 32% Interntl Tel & Tel 4%s ’39.... 60,, 61% Interntl Tel & Tel 5s ’55 57% 57% Interntl Tel & Tel 4%s ’52 52 53 P Lorillard 7s ’44 .. 126% 126% McKess & Rob 5%s ’SO 98% 98% Midvale Stl 5s ’36 103% 103 Natl Dairy 5%s ’4B 103% 103% Natl Steel 5s ’56 .....106% 107% Nickel Plate 4%s '7B 49% 49% Nickel Plate 5%s ’74 58% 58% N Y Cent 5s 2013 50% 50% N Y Cent 4%s 2013 (old) 47 47% Nor Amer Cos 5s ’6l 86% 86 Nor Pac 3s 2047 74% 74 Nor Pac 4%s 2047 81% 80 Nor Pac 6s 2047 . 94 94% Nor States Pow 5s ’4l 106% 107 Otis Steel 6s ’sl 83% 85 Penn Ry 4%s ’B4 102% 102 Penn Ry 4%s ’Bl 102% 102 V. Penn Rv 4%s ’7O 91% 91 Vi Pac G it E 5s ’42 106% 107 Portland Gen El 4%s ’6O ... 55% 55% Para Publix 5%s ’SO 71 Vi 72% Penn P it L 4%s ’Bl 102N 102% Postal Tel it Cab 5s ’53 43 42% Rem Rand WW 5%s ’47 100% 101 Sinclair Oil 6%s ’3B 104 104 Shell Union Oil 5s ’47 103V* 103 Sou Pac 4%s ’6B 57 58 Sou Pac 4%s ’Bl 58 57 Sou Pac 4%s ’69 58% 56% Sou Pac 4s ’49 62% 63 Sou Rail 4s ’56 43% 41 % Sou Rail 6s "56 55% 56% Sou Rail 6%s ‘56 57% 57% Sharon Stl Hoop 5%s ’4B ... 81% 81% Union Pac 4s 47 110% 111% United Drug 5s '53 89% 87% U S Rubber 5s ’47 92% 92 NY NH & Hart 6s ’4B 34 33% NY NH it Hart 4%s ’67 29% 29% Warner Bros 6s ’39 49% 48% Western Mary 5%s '77 96% 96 Western Mary 4s '52 . . 90% 90% Youngstown S & T 5s *7O .... 93 93% Youngstown SitT 5s ’7B .... 93y 93% FOREIGN Argentine A6s '57 93% 91% Argentine B6s ’SB 93% 92 Brazil 8s ‘4l 28% .28% Canadian Govt 4s '6O ........105% 105% Denmark 5%s '55 99% 99% French 7s ’49 183% 183V* German 5%s '65 30% 30% German 7s ’49 41% 41 Italy 7s ’sl 86% 88% Japan 6%s ’54 92V* 92V* Poland 7s '47 122 123 Rome 6%s ’52 . 77% 781'b Tokio City 5%s '6l 79 78% Yokohmama 6s ’6l 82% 83‘/a LOCAL CASH MARKET Citv grain elevators are paving 83 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow. 76 cents, and oats 45 cents.

MONTHLY; DAILY FROM OCT. Ist1 st t 48 r* * 1 * i DAILY AVERAGE | 44 ; 300 COMMON STOCKS 42" T 1 i— I 40 1 1 1 | 1 1 1 - 1 ■ Wetiei Market Bureau, Inc., ' 3 a 36 1 34, ! | ‘ 28 1::: f 1 11 *:::: :UlT;;; ;:: I: Li i j ; ■ ■ ■ ■ ; : 91 L'.'J-J-U. 1 , 1 1 If 1 1 ■ 1 * ? *—j— Tl —, -1 1 u jiilYYiVi II i 111 I I • i i ( i 1 i j 1 i 1 < 1 I I I I 1 1 I 1 1 1 1 1 1 1 i ; 20i 111 ill i iii f it iiiii ii* j jr l 1,1 a*' 1 * * 1 1 * * i ll ( it-4 l 1 1 1 1 Y i ll.iii i INS 25 I 6 15 2226 6 13 20 275 1017.24 51 7 1420 28 7 ggftg OCT. NOV. DEC. JAN. FEB. MAlf. ■■, j ■

U. S. SUBSIDIES FOR PAY ROILS IS ADVOCATED Plan Suggested as Means for Co-Operative Absorption of Idie. Sit Timra S/irritil WASHINGTON, March 16—Government subsidy to industries for co-operative absorption of the unemployed has been suggested to President Roosevelt. Its sponsor is Thomas J. Surface, a Richmond lawyer, who had some part in promoting the guarantee of bank deposits. The plan is somewhat similar to one discussed by Mrs. Roosevelt, though her idea would be to absorb young people into social service and relief agencies. Under Mr. Surface's plan, which he presented in a letter to the President, the government would apprentice an unemployed worker to an industry or other employer, and the government would pay his full wages the first year, one-half the second year and one-fourth the third year, the industry paying the full wage in the fourth year. Cites Six Advantages As advantages of such a program, Mr. Surface’s letter listed: “1. An entree is given to the employe in an endeavor of his choice and selection. “2. His initiative is stimulated from the beginning by requiring him to make a decision relative to his future occupation, and therefore the burden is on him to make good in his job, emphasized by the temporary assistance to the government. “3. The employe will be inculcated with the idea that only through profit to his employer by virtue of the quality of his work can he succeed, receive promotions, or even hold his job. Stimulus to Industry “4. This program will give a discinct stimulus to industry as a whole, thus being of benefit to every one through increased prosperity. To start with, the employer’s business is stimulated. The cost of labor is one of the largest operating expenses. The diminishing effect upon this expense will enhance the employer’s profits. Thus, a surplus is created for expansion and increased operation. The wheels of industry and society are so interlocked that the turning of one causes the turning of another. “5. The employer will be a partner with the government for a mutual purpose. His co-operation, which has been nominal, will be augmented when it is benefiting him so directly. “6. The plan is in keeping with the government’s purpose, that is, a gradually diminishing relief program. Instead of placing all the burden on the government, it shifts a helpful part of this weight where it properly belongs.” movementslf PRODUCE DROP Shipments Off 7 Per Cent In Mid-Western Area, Report Shows. B\j Times Special WASHINGTON, March 16.—Attributed largely to a sharp decrease in movements of Southern and southwestern produce, shipments in the midwestern district during the initial part of the current month were around 7 per cent lower, according to the weekly report released today by the United States Department of Agriculture. The decrease in some vegetables extended to 18 per cent, including onions, cabbage and some southern produce, it was stated. The extremely light movement recently is believed mainly the result of weather damage and and lay to early crops. With trading reported as quiet in various central markets, prices have shown only slight changes. Activity has been limited in the potato markets with fairly steady prices prevailing in northern sections. In southern districts where receipts have been running light, prices have shown a slight tendency to advance. In the vegetables, onions and cabbage have advanced to sharply higher levels. Lettuce prices are irregular with peas and celery slightly lower. In the fruit division, oranges have led at slightly higher prices. Strawberries are in limited supply and selling considerably above the lowest price of last month.

Wheeler’s Attack on Railroads Amazes Pittsburg Capitalists By Scrippg-Hnicard y rirspaper Alliance PITTSBURGH, March 16.—Pittsburgh capitalists have not yet recovered from what happened to them when they met to enjoy the Traffic Club's annual love feast. Senator Burton K. Wheeler (D., Mont.) who heads the Senate Committee on Interstate Commerce, which handles railre-ad legislation, began in a quiet, measured voice. What they heard caused many astonished listeners to forget to puff their cigars. "Government ownership is entirely consistent with our theory of government,” said Senator W'heeler. “Providing arteries of commerce has been a function of the state for 2000 years “The management and operation of the roads would be freed from the domination of financial interests, which in most cases are so wholly ignorant of operation as to believe that no rate reductions ever produce more net revenue. . . . "Regulation and operation could be largely merged. Actual operation could be made more efficient. . . . “We do know that railroad business has been managed from New York,” he said. "It has been controlled in many cases by bankers, not by railroad operators. Its chief officers have been stationed, not on the railroad lines but in Wall Street.” Richard King Mellon, son of R. B. Mellon, heir to millions, director of the Pennsylvania Railroad, sat with eyes glued on the speaker. He had no comment. Among others who listened in silence were F. E. Williamson, of New York, president of the New York Central Lines; J. J. Pelley, American Railroads; H. S. Palmer of New Haven, of the New Haven road; M. W. Clements and J. F. Deasy of Philadelphia, vice presidents of the Pennsylvania Railroad, and several high executives of steel companies, locomotive plants and air transport companies.

Doubt Constitutionality of NR A’s Price-Fixing Law Professor Declares Oil Case Decision Suggests Need of More Specific Delegation of Power Than Blanket Clause in NIRA Provides. By United Press NEW YORK, March 16.—The validity of price-fixing provisions in NRA codes is subject to grave Hnubt, particularly since the decision of the Supreme Court in the recent oil case, Harold R. Shapiro, authority on the NRA and professor of administractive law at the New York Law

School, declared today. “Before the oil case decision, most of those engaged in the code-mak-ing process held that the declaration of policy contained in Section 1 of the NIRA constituted a carte blanche for the President to approve code provisions which in his judgment would effectuate the policy of the act,” said Mr. Shapiro. “Artificial control provisions were inserted in codes with the understanding that she President had ample authority in this declaration of policy. Power Must Be Stated “But since then, the majority of the Supreme Court (Justice Cardozo dissenting) has held that the power of the President under Section 9C of the NIRA must be found within the four corners of that section; and that the legislative policy as to other particular subjects must be found, if at all, in the sections subsequent to, and without the aid of, the broad introductory outline of policy declared in Section 1. “Therefore, the authority for the contents of codes of fair competition, unless otherwise specifically declared in the act, must be found, essentially, in the meaning of the term ‘fair competition.’ ” Pointing out that “price-fixing’’ is the antithesis of competition; that “codes of fair competition,” not “codes of fair monopolistic practices,” were authorized by the Nationrff Industrial Recovery act, and that “monopolistic practices” are specifically excluded from the codes by the NIRA, Mr. Shapiro was of the opinion that the Supreme Court’s interpretation of “fair competition” would be governed largely by its past interpretations of “unfair methods of competition” under the Federal Trade Commission act. Fair Competition Defined Mr. Shapiro recalled the work begun by the Federal Trade Commission in its trade practice conference resolutions, and felt that the farthest the Supreme Court would go—in view of the provision in the NRA exempting code conformists from anti-trust law violation —would be to include within the proper sphere of codes of fair competition most of the provisions which the Federal Trade Commission indorsed in the trade practice conference resolutions, but which until the NRA it regarded as within the possible inhibitions of the Sherman law. While the Federal Trade Commission regarded selling below cost as a competitive evil which should be outlawed, if only that were practicable, it regarded price fixing as a stifler of competition, he said. The only refernce to in the act, declared Mr. was in connection with delegation of power to the to license business enterprises if he should find, among other things, that “destructive price cutting” is being practiced in a trade or industry. The licensing provision expired a year after the act became effective. TRANS-AMERICA HAS PROFIT SAN FRANCISCO, March 16 Trans-America Corp. earned sll,450,587 in 1934, the company’s annual report showed today. A net of $11,339,638 was reported for 1933.

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 specified assets.

Local Livestock

(Reprinted from yesterday) HOGS Mar. Bulk. Top. Receipts. 9. $9 5042 9.50 $9.65 2000 11. 9 65(3! 9.75 9.80 3000 12. 9.55(3! 9.65 9.70 5000 13. 9.20(3 9.30 9.30 7000 14. 9.20'® 9.30 9 35 3500 15. 9.20® 9.30 9.35 4000 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® 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® 9.20 (290-350) Good and choice.. B.Bo® 9.00 Packing sows: (275-350) Good B.lo® 860 (350-425) Good 8.25® 8.60 (275-350) Metium B.oo® 8.25 (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 600— Steers—-(sso-900) Choice $10.75®12.75 Good 9.50® 11.75 Medium 7.00® 9.75 Common 5.00® 7.25 (900-1100) Choice 12.25® 13.50 Good 9 75® 12.75 Medium 7.75®10.00 Common 5,50® 7.75 (1100-1300) Choice 12.75®13.75 Good 10.00® 12.75 Medium B.oo® 10.00 (1300-1500) Choice [email protected] —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) Ottl 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 —Receipts 500— Good and choice $9.50® 10.00 Medium 7.50® 9.50 Cull and common 3.50® 7.50 —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® 825 Common and medium 4.50® 6.00 —Cows— Go>d 3.75® 4.50 Common and medium 3.25® 3.75 SHEEP AND LAMBS —Receipts. 500— Lambs, 9>) to 120 ibs„ good *** choice $8 25® 8.75 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

FARM CASH INCOME CONTINUES INCREASE Average Prices Received in February Above Pre-War Levels. ■By Times Special NEW YORK, March 16.—Cash income of farmers is continuing to run moderately ahead of 1934 levels, and should maintain its lead until the next crops are harvested, according to a report today by the Standard Statistics Cos. Although farm reserves of crops are small and marketing of livestock is light, income is being bolstered by relatively high prices. As of Feb. 15, average prices received by farmers were 11 per cent above pre-war levels. The outlook for the final six months of the year, however, is less certain. While the basically unrelieved drought conditions now point to subnormal yields, good rains during the growing season could result in fair sized crops. As the export market for grains has been practically lost and domestic requirements have been reduced by the sharply smaller livestock population, even moderately short yields might represent an oversupply.

Evening School Strong courses offered in Secretarial, Stenography. Accoun'ing. Bookkeeping and kindred 1 subjects. Spend part of your evenings in selfimprovement. Cost low. Central Business College Architect. A Builder. Building, Indianapolis.

DIUREX Relieves Bladder and Kidney Trouble, Stops Getting Up Nights, Expels Nervousness. Try DIUREX Today Can Be Purchased at HAAG’S

INDIANA RANKS 17TH IN STATES ANENTHOUSING Per Capita Potential Market Put at 8.85 in Federal Survey. By Times Special WASHINGTON. March 16—Indiana ranks 17th on a per capita basis, among all the states of the country in the matter of potential market for all products and services used in the repair, maintenance and construction of the home, according to a special analysis issued today by the Federal Housing Administration. The total dollar volume of the potential housing market is variously estimated at from one to four and a half billion dollars a year, with the average in normal times around two and a half billion. On the per capita basis, the District of Columbia leads with sl2 per person per year. Nevada, with the smallest and most scattered population, is eighth with $9.44, while New York ranks 16th, a notch above Indiana. The per capita uotas for all the states follows: California $10,61 Vermont $8 40 New Jersey ... 10 10 New Hampshire. 8 38 lowa 10.08 Missouri 8 29 Nebraska 9.93 Maine 8 25 Kansas 9.90 Montana 8 15 Oreßon ...... 9.67 Maryland ...... 8.14 Nevada 9.44 Idaho 7.82 Wisconsin .... 941 Utah 764 Connecticut .. 9.38 Florida <4l Minnesota ... 931 Oklahoma ..... 713 South Dakota . 9.30 Texas 7.11 Ohio 9 23 Arizona 6 70 Washington .. 910 New Mexico 605 Illinois 899 West Virginia . 604 New York 8.91 Kentucky 6 02 Indiana 8 85 Virginia 5 Colorado 8 82 Tennessee 5.00 North Dakota. 8.81 Louisiana 541 Delaware 8 81 Arkansas 5.25 Michigan 8.77 Georgia 5 01 Pennsylvania . 874 North Carolina . 492 Wyoming 8 69 Alabama 4.75 Massachusetts. 861 Mississippi. 463 Rhode Island . B.6liSouth Carolina . 495 The quotas for each state, it was explained, were based on population; number, type and value of dwellings; purchasing power, and building group outlets. The anaysis definitely excludes expenditures for housing financed through direct government subsidy. ( An analysis also was made of th potential housing market on a percentage basis, showing that 38.5 per cent of the entire market is concentrated in the five states of New York. Pennsylvania, Illinois, Ohio and California, with New York leading with 11.2 per cent.

iTmt y^osE What comes out of the oil filter and crankcase? Well, even Mr. Thurston would be surprised to see the mess of accumulated junk and muck we clean out after a season of ordinary driving. And it is this injurious matter that is constantly working into the moving parts of your motor causing scored cylinders, worn valve seats, oil pumping, carbonized spark plugs and waste of gasoline. Drive in and let us drain, flush and refill with your favorite brand of oil in sealed, tamper-proof cans and also replace the oil filter cartridge. We’ll do the job right. We are open all day Sunday until 6 p. m. for your convenience and until 9 p. m. this evening. an u While the new champions of the hardwood are rapidly approaching their goal, a couple of towns are ready with their buckets of red paint. n n u The Rose Tire Cos. is ready for your Spring Auto CleanUp. We have tar removers, body and metal cleaners and polishes, sponges, brushes, chamois skins, floor mats, running board matting, radiator hose, fan belts, windshield wiper blades, windshield and glass cleaner, new seat covers, spark plugs and hun- : dreds of other items. Come in and look around. And while you’re here listen to the new Philco Auto Radios for 1935. They’re marvelous! Don’t forget we are open all day Sunday until 6 p. m. ana Whether it’s a Philco Auto Radio, a Philco or Vesta Battery, one or a complete set of Miller Geared -to - the - Road Tires, you can have the merchandise right now and pay us as convenient. Your plan is our plan. Stop in and talk it over. Open until 9 p. m. tonight and all day Sunday. # n CHIEF TIRE CHANGER miijjer TIRE DISTRIBUTORS