Indianapolis Times, Volume 47, Number 6, Indianapolis, Marion County, 18 March 1935 — Page 14

Wall St. Break in Cotton Held Clue to Artificiality. BY RALPH HESDERSHOT Times Special Writer

NEW YORK. March 18--A little more than a week ago President Roosevelt stated that commodity prices were still too low to suit the government. Open market values for commodities have been declining ever since. Despite the fact that farmers can borrow 12 cents a pound on their cotton the

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price recently has been but little above 10 cents a pound. The Import ance of this is not so much that the government may be stuck with s nsiderable cotton if the price continues below the loan price but that the price structure of the

Ralph Hendcrshot

commodity apparently is so artificial as to be subject to such violent gyrations. Certainly such a condition is not conducive to business improvement. Two factors entered largely into the situation. The first was the belief in the trade, particularly abroad, that the 12-cent loan agreement would not be extended beyond July 1, when the present one expires, and the second was that this year's crop can not be held within the 11.500.000-bale mark if the so-called two-bale farmers are excluded from crop curtailment agreements, as has been proposed. m m m THE pric-' probably would not have dropped so rapidly had not the market been honeycombed with stop-loss orders. But these orders, on the other hand, probably would not have been in existence if traders had not been afraid of the situation. The trade figures that 9 cents a pound should be the ruling price for cotton at this time, assuming no artificial support existed. Underlying the entire price situation, however, is the much more important fact that we already have lost a considerable part of our export market for cotton and that a good share of this loss probably never will be recovered. Because the United States would not meet the world price for the staple other countries began producing cotton on a commercial scale. And consumers in a great many instances have remodeled their plants to conform with the difference between the new fiber and our own. It is rather doubtful that they will change back again when and if we decide once moore to meet world price conditions. m m • A I 3 is generally appreciated, an important part of the United States depends almost entirely on cotton. It is the one cash crop produced by the people in that area. The day undoubtedly will come when the artificial restrictions will be lifted from the staple, and the increased crop output then is likely to constitute just so much overproduction. Its effect on world prices is likely to be rather severe, and the chances are we may be obliged to make some permanent arrangement to substitute cotton growing in part with some other crop.

TEXTILE MACHINERY SALES RISE IN 1934 Inrrrasf of 14*2 Per Out Is Shown Over 1933 Period. B'* 1 i men Special new YORK. March 18.—Despite a decrease in textile mill activity in 1934 of 14% per cent from the 1933 level, sales of textile machinery during 1933 were aproximately 12 per cent greater than in the'preceding year, acording to the annual review released today by the Textile World. In the various groups including spinning ?nd weaving equipment and the group comprising bleaching, dyeing and finishing machinery, each registered an increase of 6 per cent in 1934 over the previous year. Knitting machine manufacturers, on the otherhand. averaged a 29 per cent gain, while manufacturers of miscellaneous equipment and accessories displayed an increase of approximately 17 per cent in 1934 over the preceding period, the report stated. GREYHOUND BUS LINE NET $5.68 A SHARE Earnings at Worlds Fair Decline From 1933 Exposition. Bp Time* Special CHICAGO. March 18—Greyhound Corp. had a combined net income of $3,154,207 in the year ended Dec. 31. 1934. according to the annual statement of the company. This included its cqu*i> u th° year's undivided profits of both controlled and non-controlled affiliated companies, equal to $5 68 a share on the common stock, compared with like income of $1 596.303. equal to $3.10 a share in 1933. Bus service at A Century of Progress Exposition produced a net profit of SIOO 844 in 1934. a material reduction from the $507,230 earned in the preceding year, and was brought about by a less favorable contract and smaller attendance.

OTIS GETS CONTRACT Eli Lilly & Cos. Plan Improvrmont oi Elevator Service. A contract calling for rehabilitation of elevator equipment for Eli Lilly & Cos. has been awarded to the Otis Elevator Cos., it was announced here today. The contract demands changing over from the direct to alternating current operation and changing from hand-rope to double but’on control operation, it was reported. DIESEL PLANT PLANNED Bp Ttmrt Speriai CHICAGO. March 18 —Plans for construction of anew plant, coating approximately 51.000.000. by the Electro-Motive Corp., new Diesel electric locomotive subsidiary of General Motors Corp. on a 70-acre tract owned by the Indiana Harbor Belt Railroad Cos., are completed, it fwa* announced today.

PAGE 14

STERLING DROP SENDS STOCKS ON DOWNGRADE World Commodity Markets Also Are Unsettled by Pound Dip. By Unit'd Press NEW YORK. March 18.—Resumption of the decline in the pound sterling unsettled world commodity markets today and was ? factor in a decline of fractions to more than 2 points in stocks. Stocks steadied somewhat around noon. American Telephone made a new low since 1933 at 98 T ANARUS, off 2\ points net. U. S. Steel, allied Chemical. du Pent and many others made new’ lows for the year. Grains made new lows for the season in many positions. Cotton broke 44 to 63 points with many positions in new low ground for the season. Rubber futures lost 60 points to new seasonal lows. Silk dropped a cent a pound. Cotton oil declined with coton and coffee made new lows since 1933. Sugar, alone, advanced, making new highs since 1929 on the unsettled Cuban situation. Weakness in commodities brought selling into farm shares and new’ lows for the year were made by Case and by International Harvester. Steel shares followed U. S. Steel down. Automobile shares were off fractions to a point. Rails dipped small amounts and so did oils. Utilities behaved better than most other groups. Silvers were weak.

GRAIN PRICES DROP IN SELLING WAVE Political Situation Abroad Held Responsible. Bp United Prest CHICAGO, March 18—The uncertain political situation abroad and a sharp drop in cotton futures generated a selling wave in grains on the Chicago Board of Trade today. and prices were more than 3 cents a bushel lower. May wheat, July and September com and all deliveries of oats and rye touched new seasonal lows. At the start, wheat was % to 1% cents lower, com dropped 14 to 1% cents, oats were off 1% to 2% cents, and rye was off 2'4 to 3Vi cents. Weather over the Southwest was more favorable to the growing crop. There were increased fears of imports of oats and rye and cotton futures dipped sharply. Oats and rye led the downturn in grains. The weakness came in the face of relative strength abroad. At noon wheat in the British market was \ to ’z cent higher in American funds. Reports of dust storms in parts of Kansas fell flat as a market factor. 11:00 Prev. Wheat— High. Low. A. M. Close. Mav 91% .90% .91% .92% julv 88% 87% .88% .89 Sept .88*2 .87** .88’-* .88 Corn— Mav 77 .76% ,78 3 ,77 3 * Julv 72% .72'. .72'a .73% Oats— Mav 42% .41% 42' 2 .43% Julv 37*4 .36 .37's .38 Sept 35*2 34% .35% .36% R Yf*— Mav .54 .53 53\ .56U 1 Julv 55H ,54 5 4 .55 3 .57*2 ; 3fpt .56*2 .55*2 .56*2 .59 BUSINESS MACHINE GAINS DURING 1934 Net Income Totals $6,597,362 in Year, Annual Report Shows. Bp Timet Special NEW YORK. March 18.—Net income International Business Machines Corp. for the year ended Dec. 31, 1934. including foreign subsidiaries and branches, totaled $6,597.362 after all deductions and Federal taxes, equaling $9.38 a share on 703.345 no par shares outstanding, according to the annual financial statement of the company. This, compares with 1933 net earnings of $5,736,424, equal to $8.15 a share on the same amount of stock, or an increase of $1.23 a share. The balance sheet as of Dec. 31, 1934. shows current assets of $5.928.857, of which $1,988,750 was cash, and current liabilities of $1,958,095. Net current assets were $2,970,761, compared with $3,623,918 at the end of 1933. Produce Markets—Deurered id Indianapolis prices: Heavy breed hers. 15c, Leghorn hens, lie; colored springers. 13c; heavy stags. 11c: Leghorn stags. 7c; old roosters, 7c; ducks, full feathered a.nd 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 cases must weigh 55 lbs gross, a deduction of 10c a pound for each pound under 55 los will be made. But-er—No. 1. 33®34c; butterfat. 29c. Quoted by the Wadley Cos. 'Bv United Press i CHICAGO March 18—Eggs—Market, unsettled receipts. 14.859 cases: extra firsts. 21'sc: fresh graded firsts. 20 3 c: current receipts dirties. 18%c; checks. 18c Butter—Market, unsettled: receipts. 8725 tubs; extra firsts i9O-91 ! 2 score'. 28%c: extra i92 score'. 29c: firsts 88-89' 2 score l . 28'4t28%c: seconds 'B6B’% score', 28c specials. 29%®30c; standards. 29c. Poultry—Market, unsettled: receipts 21 trucks: springers. 20c: capons 6-7 lbs 24c: old roosters. 13%®14%c; ducks small. 18c. turkeys. 19®21c: geese. 16c; stags. 16 ! 2c: fryers. 25c; hens, heavy, i 18’.-c Leghorns. 13'.j16%c; broilers. Plymouth Rock. 25c: barebmeks. 18®20c Cheese I—Twins. 15%®15%c: Daisies. 16®16'.c: : Longhorns. 16'®16 3 c Potatoes, old I stock—Supply liberal; demand and tradImg slow; market, slightly weaker on Michigan and Wisconsms. about steady on rawts Wisconsin round whites 65® 6(%c. ! 1 car 70c. commercial grade 60c; Michigan ! russets, rural. 65®6“%c; Idaho russets. *1 52’ 2. 1 car 81 60. commercial grade *130®132'-. New stock—Supply moderI ate: demand and trading light, market, j strong; Florida bushel crates bliss triumphs washed. $2. Arrivals 215. on track 435. Shipments Saturday 1009. Sunday 24 SALES GAIN 300 PER CENT Bp Timet Special YORK. Pa.. March 18.—With sales of York Air Conditioning: equipment increased approximately 300 per cent during the first five months of the present fiscal year, several manufacturing departments are now working on three eight-hour shifts a day. S. W. Lauer, general sales managen of the York Ice Machinery Corp* **{l ioday.

Abreast of The Times on Finance

Drop in Per Capita Weekly Earnings Was 44 Per Cent in Current Slump

Control Over Wages Now Surpasses That in England. Thi* it the first of four articles written for the National Bureau of Economic Research. Inc., by Dr. Leo Holman, chairman of the National Automobile Labor Board, and former chairman of the Labor Advisory Board of the .NBA. Dr. Woiman, a recognized labor authority discusses a phase of economics with which he is entirely familiar. BY DR. LEO WOLMAN Control over wages and hours began with the passage of the National Industrial Recovery act on June 16, 1933. By means of the codes of fair competition, negotiated by the National Recovery Administration with each industry, and the President’s re-employment agreement (a temporary measure designed to raise wages and to lower hours in classes of employment not yet brought under codes) wager and hours in most of the major categories of employment were subject to some degree of regulation before the spring of 1934. At this writing w r age and hour regulations apply to all manufacturing industries, to the extractive industries, to a large proportion of employment in wholesale and retail trade, to the public utilities, to transportation other than rail, and in lesser degree, to a variety of service occupations in many diverse fields of employment. In their totality these regulations over working conditions in American industry constitute an unprecedented phenomenon in this country. and they surpass in their scope similar legislative experiments in England, which only recently was

New York Stocks

(By Thomson & McKinnon' 1100 A.M. Prev. Oils— High. Low. N. Y. close. Amerada 52 50 50 52 Atl Rfg 21% 21'a 21 Vi 21V4 Barnsdall 6 6 6 6 Consol Oil > 6% 6% 6% Cont of Del .... 15',* 15Vs 15% 15/4 Houston (new).. 2 2 2 2/8 Houston (01d)... 9% 9% 9% 10 Mid Cont Pet .. 9% 9% 9’a 9% Ohio Oil 9% 9 3 s 9% |% Phillips Pet .... 15 14% 14V 15/4 Plymouth 0i1... 6% 64 64 6/4 Seaboard Oil .. 21 21 21 21/a Shell Un 5% 5% 5% S/t loc u vL 12% 1 1* ik SO of Cal •••• 28V2 28*4 28Va 28j/a SO of Ind 23's 23% 23% 23% SOof N J 36 35% 35% 36 Texas Corp 17% 17% 17 % IT' Tidewater Assn. 7% 7 5 /s 7*% 7/s Steels— Am Roll Mills . 16% 15% 16 16% Beth Steel ..... 22% 21% 22 23 4 Ludlum Steel ... 13% 13 a 13 s 13 * Otis Steel 4% 4% 4% 4% Rep Iron & Steel 9*2 9 9 a 9 Rep Ir &St pfd 29% 29% 29 4 30 2 U 8 Pipe & Fdy. 15 H% 15 15 , U S Steel 28 27% 27,4 28 )2 U S Steel pfd.. 74 <4 74 75.a Warren Bros .. 3% 3% a 4 0 2 Youngstn S&T 14 13% 13 4 14 Motors— Auburn 15 Va 15 15 16 Chrysler 31 3 a 31 3 b 31 3 b 32/2 Gen* Motors .... 27% 26% 26% 27% Graham Mot ... 1% 1% 1/4 Nash 13% 12% 12% 13% Packard -3 s 3'a 3,a 3,2 Studebaker 2% 2% 2% 2% Yellow Truck ... 2 3 4 2% 2% 2/4 Motor Access — Bendix 12% 12% 12% 12‘/2 Bohn Alum .... 50% 50% 50 a 52 Borg Warner .. 30 29% 29% 30 Briggs 25% 25 25 26 Buad Mfg 3; s a 3 * 3 2 3.2 Eaton Mtg IVs 17_4 17 4 1< * Elec Auto Lite .. 20 Elec Stor Bat .. 39*2 39*2 39 2 40 b Houdaiilc “A”.. 7 64 64 1b Mullins Mfg .... 7*2 ] 2 7/a < * Murry Body s*b 5 5 0 b Stew Warner ... 7 6% 7 •'* Mining— Alaska Jun 15% 15% 15% 16% Am Metals 13% 13% 13 a 14 Am Smelt 33 32 32 33 Anaconda 8% 8% 84 8,2 Cal & Heel a ... 2% 2% 2% 2/s Cerro Pe Pasco.. 41 40% 40% 41 s Dome Mines ..44 38% 38% 38/2 39 2 Granby 5% 5% 5a 0 8 Gt Nor Ore .... 9% 9% 9% ?% Howe Sound .... 44 43% 43 2 4o 4 Int Nickel ... 23 22% 23 23 s Kennecott Cop.. 14 3 4 14% 14 2 15 Mclntvre Mine.. 44 43% 43% 44% Park Utah 2% 2% 2% 2', 2 Noranda Cop ... 34% 33% 33 '2 34 Phelps Dodge ... 13% 13% 13% 134 U S Smelters.... 112% 112% 112% 113% Vanadium 14 14 14 14,8 Amusements— Crosley Radio.. 12% 12% 1?1 3 i? 8 Fox Theat 8% 8% 8% 9 Loews Inc 34 32 % 33 s Radio Corp •••• 4% 4 4s 4s Paramount 2% 2% 22 22 RKO 1% 1> 1 * 1 Warner Bros 2% 2% 2% 2 s Tobaccos— Am Snuff 65% 65% 65% 65% Am Sum Tob ... 19% 19% 19_s 19 2 Am Tob "A"... 76% 75's <5% 46% Am Tob “B” ... 77% 77 77 <f Ligg & Myers B 103% 103% 103% 103 4 . Lorillard 19*. 19 2 19 2 1% Phillip Morris... 36% 36% 36% 37 Reynolds Tob B 46% 46% 46% 46 s Rails— Atchison 39 38% 33% 40 Atl Coast Lines.. 21 21 21 21 Vs B & O 8 7% 7% 8 Can Psrifle ... 9% 9% 9% 9% Ch & Ohio 38 37% 37% 38 ; Chi & Gt W ... % 3 4 % % ICM&StP .... 1% 1% 1% 1% C M & St P pfd 2% 2% 2% 2V 1 Chi N W 3% 2% 3% 3% Dela & Hud 24% 24% 24% 25% Del Lac & W ... 11% 11% 11% 11% Erie 7% 7% 7% 7% Gt Northern pfd 10 9% 10 10% 111 Central 9% 9% 9% 10% Lehigh Valley.... 5% 5% ’% 6 MK&T 33 33 N Y Cent 12% 12% 12% 13 N Y New Haven 3% 3% 3% 3% N Y Ont & West 33 33 Nor Pacific 13% 13% 13% 14% Penn R R 17% 17% 17% 17% Sou Pac 13% 12% .12 a 13 5 s Sou R R 8 % 7% 7% 8% Union Pac 85 84% 85 86% Equipments— Am Car Ac Fdy.. 10% 10% 10% 11% Am Loco ... 9% 9% 9% 10 Am Steel Fdy.. 13% 13% 13% 13 Bald Loco 1% 1% 1% 1% Gen Elec 21 20% 20% 21 >s Gen R R Sig 19 19 19 19 Pullman Inc .... 41% 41% 41% 42-2 Westtngh Elce . 33% 32% 32% 34 Utilities— Am Ac For Pwr . 2% 2% 2% 3% Am Power Ac Lit 1% 1% 1% 1% A T & T 101 98% 99% 101% Am Wat Wks .. 8% 7% 7% 7% Col Gaz A- Elec.. 4% 4% 4% 4% Com A: Sou % % % Vs Consol Gas 17% 16% 17% 17 Elec Pwr A: Lit.. 1% 1% 1% 1% Int Hraro Elec.. 1% 1% 1% I*4 Interboro R T .. 10% 9% 9% 10% Ini T k T 6 5% 6 6 Lou GA: E “A”. 10% 10% 10% 11 Nat Pwr & Lit.. 5 5 6 5 North Amer .... 9% 9% 9% 9% Pac GAc E 14%. 14 14% 14% Pub Serv NJ .. 21% 21 21% 21% So Cal Edison... 11% 11% 11% 11% Stone A: Webster 2% a- 2% 2% United Corp 1% 1% 1% 1% Un Gas Imp 9% 9% 9% 9% Ut Pwr A: Lt W 1 1 1 1 Western Union 21% 21% 21% 22 Rubbers— Goodrich 7% 7% 7% 8 Goodyear 16% 16 16 17 Kelly Spring ... 1 1 1 % U S Rubber -. . 9% 9% 9% 9% U S Rubber pfd 25 24% 24% 24% Miscellaneous— Allis Chalmers.. 13% 12% 12% 13% Am Can 113% 113% 113% 113% Brklyn Man Tr . 88 38 38 38 Burroughs Add.. 14% 14 14 14 J I Case 48% 45% 46 47% Conti Can 8% 65 #6% Caterplllor Tract 3T 37%wgJ% 38% Crown Cork .... klvg 24

INDIANAPOLIS, MONDAY, MARCH 18, 1935

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far ahead of us in this area of social legislation. In comparison with the depression of 1921, actual per capita earnings have, during this last depression, declined much more and over a considerably longer period. Whereas in the depression of 1921 the interval from the high to the low month in manufacturing industries w’as 15 months, in the present depression the decline in weekly earnings in manufacturing industries lasted 47 months. Likewise the amount of the decline in the weekly earnings of manufacturing labor was 25 per

Curtis Pub pfd.. 91 91 91 91 Deere Ac Cos .... 23% 22% 22% 23% Eastman Kodak 116% 116% 116% 117J/a Foster Wheeler.. 10% 10% 10% 10% Gillette 13 12% 12% 13 Glidden 25 24% 24% 25% Ingersoll Rand.. 61 61 61 o 2 Inter Harv 34% 34% 34% 3j% Owens Bottle ... 85 83% 84 84% Rem Rand 8% 8% 8% BV2 Foods— Am Sugar 60 60 60 BO'/s Armour 4% 4 4 4 Armour 6% pfd. 64 64 _ 64 64 Beatrice Cream . 16% 16% 16% 16% Borden Prod ... 21% 21% 21% 21% Cal Packing 38V. 37% 37% 38% Coca Cola 178 178 178 178% Corn Prod 65 64 64 64 Crm of Wheat .. 38% 38% 38% 38% Cuban Am Sugar 7% 7% 7% 5% Gen Foods 33% 33% 33 2 34 Gold Dust 15% 15% 15% 15% G W Sugar 29% 28% 28% 29'A Natl Biscuit ... 26 35% 25% 26 Natl D Prod 15 14% 15 15 Purity Bak 9 , 8% 9 8% S Porto Rico Sug 21 7, ? 21% 21% 21% Std Brands 15% 15 15 15% United Fruit ... 77 77 77 75 Retail Stors— Assd Dry Goods. 8% 8% 8% 8 Gr Un Tea 2% 2 3 8 2% 2% Hahn Dept Sts . 3% 3% 3 3 . 4 Kresge S S .... 20% 19% 19% 20% Kroger Groc ... 24V* 24 24 24% Macy R H 35% 35 35 35% McCrory St .... 3% 8% 8% 9 Marshall Field... 6 7 c 6 3, 4 6% 7 May Dept St ... 37% 36% 36% 37 Mont Ward .... 22% 22 22% 23% Natl Tea 8% 8% 8% 8% Penney J C .... 65% 65V. 65% 65% Safeway St 37% 37% 37% 38% Sears Roebuck.. 34 32% 33 33% Woolworth 52% 51% 51% 53 Aviation— Aviation 00rp... 3% 3'/* 3% 3% Boeing Aircft .. 7 6% 6% 7% Curtiss Wright.. 2% 2 2 2% Curtiss Wright A 6% 6% 6% 6% Douglas Air .... 18% 17% 17% 18% Nor Am Ap .... 2% 2% 2% 2% Sperry Corp ... 7% 7% 7% 7% Chemicals— United Aircraft N 10% 10 10 10% Air Reduction . 104% 103% 103% 106 Allied Chem 125 125 125 127% Am Com Alcohol 23% 23 23 24 Col Carbon 72% 72 72% 73% Com Solvents ... 18% 18% 18% 18% Pu Pont 87% 87 87 87% Freeport Tex ... 18% 18% 18% 18% Monsanto Chem 57% 57% 57% 58% Natl Dis (new) . 26% 26% 26% 26% Schenlev Dist 24% 24% 24% 24% Tex Gulf Sulph 30% 30% 30% 30% Union Carbide 45 % 44% 45% 43 % U S Indus Alcohol 36 35'% 35'% 36 Drugs— Bristol Myers.... 33 32% 33 32% Lambert 26% 26'% 26'% 26% Sterling Prod 63 63 63 62% Un Drug (new).. 10 9% 9% 10'% Vick Chem 36'% 36% 36'% 36 Zonite Prod .... 3V* 3% 3% 3% Financial— Adams Exp .... 4% 4% 4*4 4% Allegheny Corp.. 1111 Am Int Corp .. 4% 4'% 4% 4% Chesa Corp 37% 37'% 37V* 87% Transamerica ... 5% 5 5 5% Tr Conti Corp... 2% 2% 2% 2% Building— Am Radiator .. 11% 10% 11 11% Gen Asphalt .... 12% 12% 12% 12% Johns Manville . 39% 38% 38% 39V, Libbv Owens Gls 24% 23% 23% 24% U S Gypsum... 41% 41% 41V* 41% Ulen Cons i% 1% I*4 IV* Household — Col Pal Peet.... 16% 16% 16% 17 Congoleum 27% 27% 27% 27% Kelvinator 15 14% 15% 15 Mohawk Carpet. 11% 11% 11% 11% Proc & Gamble.. 46% 46% 46% 47 Servel Inc 7% 7% 7% 7% Simmons 8ed.... 6% 6Va 6% 6% Textiles— Amer W001en.... 5% 5% s'/ 5% Celanese Corp.. 20% 20% 20% 21% Collins Aikman.. 9% 9% 9% 9% Gotham Hose ... 33 33 Indus Rayon .... 26% 26 26 26% Kayser Julius.. 16% 16% 16% 16% Chicago Stocks (Bv Abbott. Proctor & Paine) 11:00 Prev. A. M. close. Affiliated Products 14 14 Borg Warner 30 30' Butler Bros 6% 6% Cities Service % % Crane Cos 7% 1% Com & Edison 56 56 Libby % 6% Marshall Fields .............. 7 7% Lynch Glass 27 28 Swift 16'/* 16% Swift Int 32 32 Util Inv Pfd % ■% New York Curb (By f.jbott, Proctor Sc Paine) 12:00 Prev. Noon close. Allied Mills 13% 13% Atlas Oorp 7% 7% Distillers Corp 15% 15% El Bond Sc Share 4% 4% Hiram Walker 57% 2i% Lake Shore Min 56% 56% Natl Bellas Hess 1% 1% Nia Hud Pwr 2% 2 * Novadel Agene 21V* 21% Money and Exchange INDIANAPOLIS STATEMENT Clearings *2.040 000 00 Debits 6.724.000.00 TREASURY STATEMENT Bp United Prett WASHINGTON. Marth 18.—Government expenses and receipt.! for the current fiscal year to March 15. compared with the corresponding period of the previous fiscal year: This year. Lastyear. Expense! .84.788.' 23.829 87 *4 545.977.606 29 Receipts . . 2 477/>8.404 41 2.085.930.571 38 Deficit ... 2.311 .'5.425.56 3.480.047.037 91 o*B* tel.. 4.773,396,75MJ

Dr. Leo Woiman

Total Disbursements in 1934 Far Below That of 1929. cent then as against 44 per cent in the more recent period. Manufacturing, and the extractive industries, except anthracite coal, show' drastic reductions in weekly earnings for the entire period, 19291934, while the other industries show only a moderate decline. In general, weekly earnings in noncompetitive industries and in industries in which wage rates were subject to some control have been, in view of the character of this depression, remarkably steady. In manufacturing industries the cutting of wage rates and the general use throughout the depression of the device of work spreading largely account for the persistence of low levels of weekly earnings. In spite of a substantial recovery in weekly earnings during 1934, the earnings of manufacturing employes and of labor in the extractive industries remained far below the weekly earnings of 1929. Earnings of employes of public utilities, in wholesale trade, anthracite coal mining, and on railroads were, on the other hand, only slightly below the levels cf 1929. It is, moreover, significant that the weekly earnings of manufacturing employes were in 1933 only 11 per cent below those of 1920 whereas in 1934 they were 30 per cent below 1929. The total volume of wage and salary disbursements, as estimated by the National Bureau of Economic Research, remained in 1934 far below 1929 for all classes of employment, and in construction they were in the later year only 17 per cent of their volume in 1929. (TOMORROW—Cost of Living)

SWINE VALUES RISEJLIGHTLY Market Generally 5 Cents Higher; Some Grades Unchanged. A strong undertone prevailed in the pork market during early trading at the Indianapolis stockyards today with the general run around 5 cents higher than last week’s close. Practically all clases of lightweights, however, remained unchanged. The slight advance in prices was the first evident since a week ago, and came in face of a normal run of supplies. Today’s receipts were estimated at 5000, the largest on hand since last Tuesday. Initial dealings were fairly active and demand slightly stronger. Bulk of 160 to 250 pounds w r as selling at $9.00 to $9.25, while few better grades were reported salable at $9.30, the highest price paid. Heavier classes, scaling 250 pounds and upward, brought $8.60 to $9. In the lightweight classes, porkers weighing 130 to 160 pounds, cashed in at $7.75 at $8.75, while others ranging from 100 to 130 pounds, sold at $6.50 to $7.50. Sows held at $8 to $8.50. Holdovers numbered 292. With better classes scarce in the cattle market, general trade was slow and undertone slightly lower. Most steers were valued to sell under $lO. Receipts were 900. Vealers, advancing sl, regained the sharp loss of Saturday and were selling at $lO down. Receipts numbered 500. The lamb market continued steady, with few wooled fed western and native grades selling at $8.25 to $8.50. Receipts were 700. HOGS Mar. Bulk. Top. Receipts. 12. *9.55® 9.85 $9 70 5000 13. 9.20® 9 3 0 9.30 7000 14 9.20® 9.30 9.35 3500 15. 9.20® 9.30 9.35 4000 16. 9.05@ 9.20 9.20 4000 18. 9.10@ 9.25 9.30 2500 Light light: . , ... U4O-160) Good ana choice . *8.25® 9.00 Medium 7.75@ 8.75 " l a6o- V iio) h Good and choice... 9.15® 9.20 Medium 8.50® 8.90 “tftoSffcorf and choice... 9.20® 9.25 Medium 8.50® 8.90 (180-200) Good and choice.... 9.20® 9.25 Medium 8.60® 9.00 Medium weight: (200-220) Good and choice... 9.20® 9.30 (220-225* Good and choice... 9.10® 9-25 He |2so-290) 8l Good and choice... 8.90® 9.10 (290-350) Good and choice... 8.70® 8.90 Facking sows: „ (275-350) Good f.25® 8.50 (350-425) Good 8.15® 8.40 (275-350) Medium 715® 8 15 (425-550) Good B.oo® 8.25 Sl * 100 h -I*4o) P Cood and choice .. 6.50® 8.25 Medium 'WS 7 - 75 CATTLE —Receipts, 900 — —Steer*— (550-900) Choice Og® 13.00 Medium (9CKMIOO) Choice Medium (1100-1300) Choice 13 00® 13.75 Oood ...•••• ..*•••• ■•••••••10.25 '(L. 19.25 Medium '"."I 8.50® 10.50 (1300-1500) Choice 13.00fi13.75 —Helfere—-(soo-750) Good 10.50® 13.25 Choice 10.-5 Good 8. 9.75 Common and medium 5.00® 8.75 (750-900> Good and choice ... 9.00® 11.00 Common and medium 5.25 9.00 (Yearling Excluded) Good 600 f 7 50 Common and medium 4.00® 6.00 VEALEBS —Receipts 500Good and choice *9.50® 10.00 Medium J.so® 9 50 Cul and common 3.50® 7.50 —Calves—-(2so-500) Good and choice.... 6 50® 9.50 Common and medium 3.50® 6.50 —Feeder and Stocker Cattle——Steer*— (500-900) Good and choice 6.00® 800 Common and medium 4.50® 6.00 )900-1050> Good and choice... 6.00® 825 Common and medium 4.50® 6.00 —Cows— Good 3.75® 4 50 Common and medium 3.25® 3.75 SHEEP AND LAMBS —Receipts, 700— Lambs. 90 to 120 lbs., good and choice **'22S 5'2S Common and medium 6 00® 8.00 90-120 lbs., good and choice .. 4.50® 5.50 Good and choice .. 4.00® 5.25 All weights, common and medium * 3 00 ® 4.28 LOCAL CASH MARKET City (rain elevators are paying S3 eents for l*o. 2 soft rad wheat. Other grades on thalr merit. Ouh corn No. S yellow, 24 aodlua 43 mow.

HESTITANT TONE IN TRADE PACE NOTED IN WEEK

Textile Branch Affected by Bad Break in Value of Cotton on Hand. By Times Special NEW YORK, March 18.—Suffering from a slight case of late-winter nerves, business was inclined to hesitate this week to think about its worries, particularly its political ones, Business Week declared in its issue today. “In doing so,” the report continues, “business overlooked such favorable factors as the opening up of the capital markets with the refunding operations of Pacific Gas and Electric and Swift, the earmarking of the balance of the gold profit for retirement of national bank notes (thus removing these funds from ,he view of bonus enthusiasts), the continued expansion of automobile production and sales, the rise in factory pay rolls and of consumer 'xpenditures in retail channels, the growing market for such durable goods as machinery and machine tools, the upturn in check payments in the first u’eek of March to the highest level of any week since Jan. 6, 1932. Steel Orders Held Up “Textile men were saying sadly that ‘it never rains but it pours’ as the precipitous break in cotton prices reduced inventory values, enhanced the hand-to-mouth buying of the trade, added another weight to the sagging price structure. Setel buyers who could wait out the market while the future of the NRA and of the steel basing-point problem was being thrashed out in Washington were withholding orders in the hopes that prices might prove more favorable to them later on, “Meanwhile, without regard to the business propensity for gloom, the figures are showing that department store sales for February actually increased over January levels and w’ere 5 per cent ahead of a year ago, against a 4 per cent spread in January. Individual Federal Reserve districts fared irregularly in the twomonth period. Boston, running 4 per cent behind 1934 in January, shot up to 3 per cent above last year in February. Cleveland, on the other hand, stood 14 per cent ahead in January, slipped to 1 per cent behind 1934 last month. For the first two months, the Kansas City and San Francisco districts led the country with 10 per cent gains. First 22 chain stores to report February sales were 9 per cent ahead of last year, with individual variations rainging from 6 per cent behind to 22 per cent ahead. Only two of the list failed to show gains. Auto Trade Active “Final figures for automobile sales in January fell a trifle below early estimates, but passenger cars to the number of 136,635 found their way to the public, a gain of 123 per cent over 1934. Commercial cars sold totaled 34,775, a 44 per cent increase from December and 52 per cent over a year ago. This is much Jitter than was expected. For February, Ford claims retail deliveries of 90,857 trucks and cars, the largest volume for any month since April, 1931. “Such reception of motor products has stimulated the industry-un-certainties’ regardless—to produce the largest first-quarter volume since 1929, has provided the main prop in the spurt of manufacturing activity this spring. “Steel activity averaged 51.6 per cent of capacity in February compared with 46.4 per cent in January. Present operations have slowed down a bit as a whole, though tin plate and flat-rolled steel divisions are holding at a high level. With motor requirements for the second quarter still substantial, plus the increasing volume from household and farm equipment makers, some rail tonnage and prospective construction awards, the next few weeks should see the steel industry operating at a fairly stable rate around current levels.”

Other Livestock

CHICAGO, March 18, —Hogs—Receipts. 13,000. including 4000 directs; slow, weak to 10c lower than Friday; 200-250 lbs., $9.15®9.25; top. $9.30; heavyweights. s9 ( d 9.15; 140-200 lbs.. $8.5009.20; slaughter pigs. s7® 8.50; packing sows. $8,506(8 60; light lights. 140-160 lbs., good and choice, $8.40® 9.05; medium weights. 200-250 lbs., food and choice. $9,106(9.30: heavyweights, 50-350 lbs , good and choice. $96^9.25: packing sows, 275-550 lbs., medium and choice. $7.50®8.65: slaughter pigs, 100-140 lbs., good and choice. s7® 8.75. Cattle— Receipts. 12.000; calves 2500: few strictly good and choice weighty steers about steady, but general market including shestock; 15®25c lower; spots off more; bulls and vealers steady; early top around 1500lb. steers. sl4; slaughter cattle vealers; steers, 550-900 lbs., good and choice, slo® 13.25; 900-1100 lbs., good and choice. $10.25 ®l3 75; 1100-1300 lbs., good and choice, sllOl4 25; 1300-1500 lbs., good and choice, $11014.25: 550-1300 lbs., common and medium. $5.75011' heifers, 550-750 lbs., good and choice, $9.25(g11.75; common and medium. $5,250,9 50; cows, good. $7.25 0 9.50; common and medium. *4 250 7.25: low cutter and cutter cows, $3.2504 50; bulls (yearlings excluded, good beefi. $5 60® 7.75; cutters, common and medium, $4 50 05.85; vealers, good and choice, $7.50® 9150; medium. S6O 7.50; cull and common. $406: stocker and feeder cattle: Steers. 550-1050 lbs . good and choice, $6.750 9; common and medium. $5 50 6(7 SheepReceipts, 14.000; slaughter lambs fairlv active; bids and sales 100 25c higher; sheep dull; better grade ewes 25 0 50c lower; feeding lambs steady; bulk good to choice slaughter lambs eligible around $7.9008 35; best held. $8.50 upward; native ewes, 5405; slaughter sheep and lambs; Lambs. 90 lbs. down, good and choice. $7,756(8 50; common and medium $6.5007 85; 90-98 lbs., good and choice. $7.65 0 8 50: ewes. 90-150 lbs., good and choice. $4 0 5.50 all weights, common and medium. $36( 4 50; feeding lambs. 50-75 lbs., good and choice. $6 250 i FT. WAYNE, March 18.—Hogs—100 25c higher: 200-250 lbs.. $9.15; 250-300 lbs., $9; 300-350 lbs., *8.70: 180-200 lbs . 53.05: 180180 lbs., *8.95: 150-160 lbs.. $8 50: 140-150 lbs., *8: 130-140 lbs . $7.75; 120-130 lbs., *7.25; 100-120 lbs., *6.75; roughs, *7.75; stags, *5 50. Calves. *9.50. Lambs, *8.25. (By Times Speciali LOUIS VILE, 'March 18—Cattle—Receipts. 1300, liberal proportion of run Stockers and feeders; salable supply slaughter cafle moderate, aualitv generally plain: market opening moderately active. generally steady; bulk common to medium steers and heifers. *6.506(9, few common down to *6; most better finished steers and heifers. *9 50® 10. strictly good kinds auotable. higher: bulk beef cows. *4.750 6 25; good cows and smooth heifer types Quotable, *6 75 or better: low cutters and cutters. *3® 4.25: bulk sausage bulls. *4® 5.50: most desirable beef tvpe stock calves. *76 ( 7.50; choice steer calves to $8 or better. Calves— Receipts. 800 including about 350 stock calves; market weak to 50 cents lower; bulk better grades. *7.500 8: few strictlv choice hand-picked vealers. *8.50; most medium and lower grade vealers. *6 50 down to around *3 Hogs—Receipts. 1100' market 10 cents lower than Saturday or 30 cents under last Friday; top and buik better. 180-250 lbs . *8.85: 255 lbs. up. *8 40; 160-175 lbs.. *8.35; 140-155 lbs.. *7 85; 120-135 lbs.. *6.90; sows weighing 400 lbs. down. *7.10; heavier sows disco' nted 50 cents. Sheep—Receipts. 100; market generally steady; bulk medium to good lambs. S7sß; choice Quotable around $8 50; common throwouta. $6; most fat •vea. $3.60 down. /

What Doeß It Mean? Bond Discount —When a borrower receives less than the par value of the bonds this is known as a bond discount. This occurs when the bond, or its term.i are unattractive.

CONGRESSMAN ASKED TO WRITE TO HIMSELF Scripps-Hotcard Xetcspaper Alliance WASHINGTON, March 18.— “Write yourself a letter. Congressman, and say you're opposed to the holding company bill.” This, in effect, is what Rep. Mead (D.. N. Y.) has just been advised to do. He owns one share of stock in a big utility holding company, In his notice of an annual meeting, he found a note urging him to advise his Congressman that he had read the Rayburn-Wheeler holding company bill and emphatically opposed it. He isn’t going to write himself the letter, because he heartily favors the bill.

PALMER PENS SUBSIDY BILL Senator Copeland Objects to Measure of Former Attorney General. By Times Special WASHINGTON, March 18—A. Mitchell Palmer, former Attorney General, was reported today to be writing a ship subsidy bill in answer to the President’s recent message to Congress on that subject. It was said that Mr. Palmer, who is not known to have had previous contacts with the shipping industry, would recommend that the government construct merchant ships in private yards and sell them to private operators. Senator Copeland (D., N. Y.), chairman of the Senate subcommittee on merchant marine, said today he would accept no bill sent to the Capitol from the Commerce Department or any other source. “I have an expert,” he said, “who is gathering all the necessary information on ship subsidies and I will depend largely on this information when it comes to the actual drafting of legislation.” Mr. Copeland’s expert 3s a well known subsidy student in the government, and his services have been placed at the disposal of the Copeland subcommittee. The Senator believes the present mail contract subsidies should be continued until new legislation is passed. The President, he said, is empowered by the Independent Offices supply bill of 1933 to terminate ship mail contracts on April 30, 1935, if they are found to be against the public interest.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. Fruits —Bananas. 5c a lb. Apples, fancy Winesaps. $1.85; Delicious. $1.75®1.85. Lemons, sunkist. 2605. $4.25. Grapefruit. Texas, seedless. $3®3.25: Arizona. 645, 70s and 80s. $2.50. Limes, Mexican, per carton 12s, 25c: Byram. seedless, per hundred. $3. Pineapples, Porto Ricans, crate. $5. Avocados. Florida, box. $1.50. Strawberries. Florida, pint. 16c per 36-pt. crate. 15c. Apricots. $3 crate. Grapes. South America, white. $7: black. $3. Honev Devs. South America. $2.75; Nectarines. South America, box. $2.50. Vegetables—Cabage, Northern Danish 50-lb. bag, $1.60: red. 50-lb. box. $1.50; New Texas cabbage, half crate. $2.50. Onions, sweet Spanish, large, 50-lb. bag. $3: medium Michigan yellows. 50-lb. bag. $2 75; Texas green onions. 40c doz. Potatoes. Green Mountains. 100-lb. bag. $1.50: selected *scobblers. 50-lb. bag. $1.75; northern round white. 100-lb. bag, *1; Ohios. 100-lb. bag. $1.90: Idaho Russets. 100-lb. bag. $1.90: New Florida Triumphs, bushel, $2.10. Sweet potatoes. Indiana Jerseys. bushel. $1.50; Nancy Halls, bushel, $1.15. Beans, round stringless, hamper. $2.25®2.50. Celery (washed and trimmedi. medium, doz.. 45c; jumbo, doz.. 75c: hearts, doz., 90c. Cucumbers, hot house, dozen, $1.40; 2 dozen box, $2.50. Endive. California, dozen. 90c; crate, $4 25. Egg plant. $2.50 dozen. Kale, bushel. 90c. Lettuce, hot house. 15-lb. basket. $1; Arizona Iceberg head lettuce, $3.25. Yuma, crate, $4. Mangoes, $5 a crate; small basket, 50c. Mint, a dozen, sl. Parslev, dozen, 35c. Peas, hampers. $3. Spinach. Texas, bushel. $1.65. Radishes, dozen, 60c. Tomatoes. 10-lb. carton. $1.75. Florida original, $2.75. Turnips, bushel. 75c. Parsnips, bushel, $1.40. Beets, bushel, sl. Carrots, bushel. *1: 100-lb. sack. $1.75. Rhubarb, hot house. 5-lb. carton. 50® 55c dozen bunches. sl. Mushrooms, lb.. 30c. All quotations subject to change up or down. FRUITS AND VEGETABLES (By United Press) CHICAGO, March 18.—Apples—Michigan Mclntosh bushels, $1.50® 1.75; Jonathans, [email protected]. Turnips—lllinois bushels, 20® 35c. Lettuce—Western crates, $2.75®3.25. Carrots California crates. $2.50® 3. Sweet potatoes—Tennessee bushels, 80® 90c. Beans—Florida bushels, green, $1.25 ®2.25. Spinach—Tennessee bushels, $1.25 <6.1.85. Cabbage—Wisconsin 100 lbs.. $2.50 <62.75. Onion sets—Michigan sacks per bushel, $4. Peas—California bushel hampers. $2.25®3. Tomatoes —Mexican lugs. s3® 3.50. Rhubarb—Michigan 5-lb. cartons, choice, 34®40c. Onion market < 50-lb. sacks) —Michigan yellows, $2.10®2.15, Illinois yellows, $1.50®1.60.

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COLLECTION OF TAXES GY ONE ' AGENCY URGED Co-Ordinated System Seen Paring Number of Delinquencies. By Times Special NEW YORK. March 18—Recommendation that Federal, state and municipal agencies co-operate in establishing a central agency for collecting revenues jointly under a “well co erdinated and equitable national tax system” is made in a study of the five-year trend in tax delinquency published today by Dun & Bradstreet, Inc. The study was made by Frederick L. Bird, director of municipal research. Not only does the study contain general deductions and suggestions regarding improvement in tax collection but it provides a table showing the percentage of uncollected taxes in cities of 50.000 or more population for the last five years, the increase in percentage which appeared between 1930 and 1933. the decrease in most instances during 1934 and the net increase for each city for the entire period. Only 26 Sh >w Gain Out of 151 cities studied only 28, or 17.2 per cent, showed an increase in the percentage of unpaid taxes in 1934 over 1933. For all cities the average percentage of delinquency increased from 13.07 per cent in 1930 to 26.18 per cent in 1933 and then declined to 23.23 per cent in 1934. the average improvement last year being 2.95 points. The highest percentages of delinquency in 1934 were shown in Akron, 0., 57.8 per cent; Toledo, 0., 53.5 per cent; Erie, Pa., 46.6 per cent; Jersey City, 40.6 per cent, and Milwaukee, 39.2 per cent. Chicago showed a delinquency of 34.4 per cent. Methods Held Antiquated “The factor of antiquated, un- l businesslike tax collection administration still bears an important share of the responsibility for delinquencies,” Mr. Bird points out. “While real progress has been made recently in some cities in the modernization of this important phase of management, much more remains to be done, particularly in the consolidation of duplicating assessment and collection agencies under scientific direction and trained personnel. “That the present system of local taxation itself is somewhat inadequate and undependable has been borne out by collection results during depression years. The leniency exercised toward tax delinquents in many cities has been to some degree a recognition of the inadequacy of the system, but at the same time it has placed a premium on tax dodging and a double burden on those who have had to pay the difference.”

AXTON-FISHER NET • EARNINGS DECLINE Sales in 1934 Are Largest in History of Company. Bp Times Special LOUISVILLE. March 18.—Net income of the Axton-Fisher Tobacco Cos., Inc., for 1934 totaled $1,469,906, the company’s annual reoprt showed today. This was equal to $13.65 a share of Class A stock and $6.25 Class B stock under the participating provisions of the issues. In 1933 the company earned $1,689,663 or $17.02 a Class A and $7.21 a Class B fliare. Net sales for 1934 were $28,531,842, the largest in the history of the company, and compared with $23,704,029 in the preceding year. Klein & Kuhn, Inc. Property Management LI-3345 706 Guaranty Bldg. J. EDWARD JONES ROYALTY TRUST CERTIFICATES Chapin Seward & Shiel, Inc. Fletcher Trust Bldg. LI-4468