Indianapolis Times, Volume 47, Number 7, Indianapolis, Marion County, 19 March 1935 — Page 15

Wall St. Financial Position of Russia Shows Betterment. ! BY RALPH HI.NDF.RSHOT Time* .(ftul'WrUti NEW YORK March It.—Soviet Russia has taken a rather Interesting step in connection wiih the bonds it is selling in this country. It has announced that it mil pay them off in cash at par any time holders decide to dispose of them. This is tantamount to making them demand notes. Moreover, they will be paid off on a gold

basis. Few investors probably realize *.*.5 attractiveness of this issue of seeunt les in comparison with other foreign bonds Th** yield is high nearly 7 p-'r cent, and the financial position of the country is excellent. The total commercial and funded external debt of

Ralph Hcndershot

the country is about s*so 000000 This is less than the funded debt of many of our secondrate cities. The gold production of the nation last year alone was $147.000 000. or nearly enough to pav off these obligations in full. The internal debt of the country is about SIO.OOO 000 000 pajxr rubles, or about $8 700 000,000. Its budget surplus in 1934 was 2 800 - 000 000. or enough to retire more than om'-fourth of its total interna! drbt. That debt, incidentally. include* all c rrov rcial debt, inasmuch a" all property belongs to the government. Its national budget has not been out of balance in any year during the last decade. mm m RUSSIA is doing business today virtually on a cash basis. Whereas, a short time ago it was seeking credit almost anywhere it could get it. the countrv is now turning down credit offers. And whatever may be said of its credit standing, it is one of the few nations which have not defaulted on their obligations or snitched on their contracts during the depression. It seems that Russia’s improved financial status has gained greater aurntinn in Europe than in the United States. Arthur Chamberlain. chairman of the Tube Investment. Ltd., for instance, made the following comment recently in London: "It will perhaps be a long time before Russian trade plays so important a part in the world as American, but I fancy that in the immediate future her contribution to world recovery’ will be greater than Americas. Let us help her and ourselves by doing what we can to foster her progress. m m m banks our Insurance comV-/ panics and our investors, w-hether professional or private, find it increasingly difficult to place their funds where they may earn a respectable return, and increasing amounts are being placed or terms that I should expect will ultimately be rued by the investor. Why have not these good people turned their attention to Russia? Every year that they overlook this field the benefit, both to Russia and ourselves. diminishes. Today the rate Russia would pay can not compare with what she would have been glad to pay this time last year. . . . "I am astonished that our government. our banks, our industrial leaders and. in fact, the whole country does not take action in this direction. I should say that today money could be lent to Russia with greater security and greater ensuing benefit than to any other country in Europe. ’’ The United States should be getting a great deal of business from Russia today. The filling of that nation's needs by manufacturers here would stimulate general trade to a very great degree.

On Commission Row

Quotations below sre sveraee wholesale being offered to buvers bv locsl commission dealers .... Frail* Banana*. 5c a lb Apple* fancy Wtne*aos. *lB5. Delicious. $175 a 185 Lemons sunkist 260s $4 25 Grapefruit. Texas seedless. *3i3 25. Artmna. 64s 70s and K'' $2 50 Limes Mexican per carton 12* 25c Bi ram. seedless, per hundred. $3 Pineapples Porto Ricans, crate. $5 Avocados Florida, box. $1 50 strawberries. Florida, pm!. !6c per 36-pt crate. 15c Apricots $3 crate Grapes. South America. h;(e *3 black $3 Honer Devs. South America *2 75 Nectarines. South America, box. *2 50 Vegetable* Cabage. Northern Danish SP-’b bag $l6O red. 50-lb box. IIM; New Texas cabbage, half crate. $2 50. Onions sweet Spanish, large 50-lb. bag $3 medium Michigan yellows. 50-ib. bag. 82 75 Texas green onions. 40c do*. Po'atoes Greer, Mountains. 100-lb bag. *1 50 selected cobblers. 50-lb bag. $1 <5 northern round white. 100-lb bag $1; Oh:os tOO-lb ba*. $1 90. Idaho R-*ssets. 100-lb bag *1 90. New Florida Triumphs. bu*hei $2 10 Swee’ potatoes. Indiana Jer**ts bushel SI SO. Nancy Halls, bushel. 81 15 Beans, round str-.nglcss. hamper. 82 25*.i 250 Celerv .washed and trimmed>. medium do*. 45c: Jumbo, do* . .sc: hearts, do* 90c Cucumbers, hot house, doren $1 40 2 do*en box. $2 50 Endue. California dozen. 90c crate. ,*4- 5 - Plant $2 50 do.-en 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 doren. sl. Parslev. dozen. 35c Peas, hampers S3 Spinach. Teias. bushel $1 65. Radishes, doren 60c. To-ma-oes. 10-lb carton $1 75 Florida original $2 75 Turnips, bushel. 75c Parsnips, bushel. $1 40 Bec-s. bushel. sl. Carrots, b ;hel $1 100-lb. sack. $1 75 Rhubarb, hot house. 5-lb carton. 30-u 55c doren b .nches $1 Mushrooms, ’.b . 30c All quotations subject to charge up or down. FRUITS AND VEGETABLES B\ United Press' CHICAGO March 19 Apples—Mclntosh bushel. SI 50 11 75. Mclntosh. $1 50 *i 175 Turnips Illinois, bushel. 20: 35c Lettuce - Western crates. $2 50 t 3 50. Carrot' -California crates. 82 35j3. Sweet po-atoes—Tennessee bushel. 80 *i 90c Beans Florida, bushel $! 75 •2 25 -green). Sp r.ach Texas bushel. $1 25-j 175. Cabbage Wtscor.’.(V> ,o* s2i 2.50 Onion set* Michigan sacks, a bushel. $4 Peas California bushe. hampers $2 50 , u3 Tomatoes Mexican, lugs. s3>:3 50. Florida. 82 75 u 3 25.

Money and Exchange

TIHMKV STmNtNT Bv United Presst W ASHINGTON March 19.—Government !aKi and receipts for she current fiscal year to March I*. compared with the corresponding period of the previous fiscal year This Year Last Year Expenses $4 843 SJ7.IS3 63 $4 569 680 132 69 Raretpis 2 MC.2M.2I* 49 2 132 545 062 74 Deftc;' 2 377 270 834 14 2 457 135 o*3 95 Cash 3a 1. 2 129 212 155 49 4 795 444 025 50 TRANSIT REVENUES DROP By Tim ft Spfrlnt NEW YORK. March 19—Transit 1 revenues for the calendar week ended March 9. as reported by a representative croup of companies were somewhat less titan a year ago. na shown by the Transit Journal indicator. which stands at 98 40. compared with the corresponding week U* 193*.

LIVING COSTS NOW OFF 20% FROM ’29 RATE Food and Rent Approximately at Their 1913 Level, Study Reveals. This i* (lie second of four trlicl.i written for thr .National Bureau of Eeonomir Rrvirrh. In*.. b Dr. Leo Wolman. rhairman of thr National Automobilr Labor Board, and formrr chairman of thr labor Aduvnrv Board of th* NIH Dr. Wolman. a reeognlred labor authority. diseusex a phase of economics with which he is entirely familiar. BY DR. LEO WOLMAN Since 1914 there have been several great swings in the general level of prices, and hence, in the B> tween 1914 and ( 1920 the cost of living roughly doubled. During the depression of 1921 it fell nearly 25 per cent, rose slightly after%l922. and from 1925 to 1929 remained at approximately 70 per cent above the pre-war level. In the latest depression, living costs again fell more than 25 per cent, j increased about 10 per cent over j the low of April, 1933. and are now ! roughly 20 per cent belo w 1929, 33 per cent below 1920 and 37 per cent above 1913. Clothing Above 1913 Among the items whose retail prices make up the index number | of the cast of living, food and rent are now approximately at their 1913 level; clothing is one-third higher than it was n 1913. house furnishing goods are about 60 per cent above 1913; the fuel and light group, according to the classification of the U. S. Bureau of Labor Statistics, is also 60 per cent above the pre-war level, although within this group the average price of electric current for household use is below 1913. whereas the price of coal is much higher, and the miscellaneous group, including such iti '.is as carfare, fees for services and the like, is at practically double the pre-war level. It Is a statistical commonplace that changes in the material standards of living of a population are the resultant of movements in the cost of living as well as of money income. Particularly in periods of rapidly changing prices, indexes of money wages may yield a totally misleading picture of the actual course of events. It is thus clear that a great rise in money wages may be completely neutralized by an equivalent increase in the prices of the goods bought, and that a severe decline in money wages may be mitigated by an equivalent drop in the cast of living. Hourly earnings measure the earning power of labor. They indicate how r much a worker earns w hen he is at work. They are at the same time a measure of the price of labor in the labor market. And if allowance Is made for changes in the productivity of labor, they are a rough indicator of the prevailing level jI labor cost. When the government. through one or another of its regulatory agencies, fixes wages. It sets the rate of hourly earnings. Like Fixing Price It does not fix weekly, monthly or annual earnings, but establishes the appropriate hourly earnings, presumably in the hope that they will yield labor the anticipated weekly, monthly and annual earnings. Fixing wages, then, is like fixing any price that is established at a specified level in the expectation that it will yield a specified incomp. Thus public utility rates are established at specified levels in the expectation that such a schedule of rates will yield a specified volume of business and hence a specified income. To the extent to which the actual volume of business and of income falls short of the estimated, the established schedule of rates may be said to represent an error in I judgment. The sar..e thing is true of the fixing of wage rates. Much of the current confusion concerning the movement of wages rests ! upon the failure to distinguish between rates of wages and earnings. Tomorrow —Hourly Earnings Continued. ALASKA JUNEAU NET LARGEST IN HISTORY 1934 Income. 51,922,766, Equals 51.28 a Share. By I niteii Prent SAN FRANCISCO. March 19. Alaska Juneau Gold Mining Company's 1934 net income was the largest in its history’, although gold production was less than in any year since 1927. P. R. Bradley, president. today revealed. Net income was $1,922,766 before depletion eo.ual to $1.28 a share on 1.590 000 shares compared with sl.497.253 or $1 a share on 1.491.700 shares in 1933. Production of 128.015 ounces of gold was 15 per cent less than 1933 recovery of 150.967, while revenue from gold and other minerals was $600,000 in excess of 1934. setting anew high record.

Produce Markets

Delivered in Indianapolis prices: Heavy breed hens. 15c Leghorn hens. 11c; colored springers. 13c: heavy stags, lie: Leghorn stags. 7c; old roosters. 7c; ducks, full feathered and fat. 9c. geese, full feathered and fat. 7c; all classes of guineas 15c: No 1 strictly fresh country run eggs loss off 17c. Each full cases must weigh 55 lbs gross, a deduction of 10c a pound for each pound under 55 lbs will be made. Butter—No 1. 33Vi34c; butterfat. 28c. Quoted bv the Wadley Cos. ißy United Press* CHICAGO. March 19—Eggs-Market steady; receipts. 22021 cases: extra firsts. 21'c; fresh graded firsts. 20**c; current receipts. 20c; dirties. 18 L aC; checks. 18c Butter—Market firmer: receipts. 10210 tubs; extra firsts *£>o-91 1 score'. 294/29'c: extras <92 score*. 29'ac: firsts .88-89 ! a score*. 28tai28 s c; seconds .86ti87'a score'. 26c. specials. 304i30'ac: standards. 29*ic Poultry—Market, steady: receipts. 32 trucks. 1 car due; springers. 20c. capons. 6 to 7 lbs . 24c; old roosters. 13 1 j *il4*ac; ducks, small. 18c. turkeys. 19*i 2lc geese. 16c: stags 16'ac; hens, heavy. 18 ac Leghorns. ISuie'ac. broilers. P.v mouth Rock. 25c: barebacks. 18<i20c: fryers. 24'jc Cheese—Twins. 15*ac; Daisies. 16h 16*c; Longhorns. 164i16'c. Potatoes—Old stock, supply heavy: demand and trading slow; market steady to weak. Wisconsin round whites, commercial grade, *® c .? c * ho russets. sl.so*rl 55. Fne quality. 31 s.'ti 160 commercial grade. $1 32‘at* 135. fair qua lit.- $127*2 New stock— Florida bushel crates Bliss Triumph*. • ashed 33 Arrivals, 88. on track. 370. >hipoien'.*. 644.

Abreast of The Times on Finance

New York Stocks

ißv Thomson Az McKmnoni 11 A. M Prev. i Oil*— Huh. Low. N. Y. Close. Amerada 50 50 50 50 Ba rnsdail 6 8. § Consol Oil 6 s , 6% 6 s 6% Com of Del ... 15‘ 15‘ 15 • 15% Houston inewi . 2 2 2 2 Houston foldi .. 9’, 9', 9% 9% Mid Cont Pet ..10 10 10 9% Ohio Oil .. 9’* 9', 9’* ?% Phillips fPt 14% 14', 14’, 14S Plymouth Oil ... 6% 6% 6% B’, Pure Oil 6% 8 6 6% Roval Dutch ... 30 29% 30 30 Shell Un ss.5 s . 5% 5% 5% Soc Vac ... 12% 12', 12 , 12', SO of Ind .... 23 2 23% 23% 23% SOof N J 36 35’* 36 35 % Texas Coro ... IT, 17 1(% 17% Tidewater Assn 7% 7% 7% 7 3 , Ud Oil of Cal .. 15% 15% 15 • lou Steels— Am Roll Mills .. 16% 16'2 16*2 16% Be-h Steel ... 23% 22% 22% 22% Bvers AM .12 12 12 11% Col Fuel Az Iron. 1' l’a i% 1% Natl Steel 41 41 41 41% Rep Iron At Steel 10 9% 10 9% Rp Irn * S I pfd 30 30 30 29% U S Pipe At Fd . 15 15 IS 15 U S S-eel ... 26% 27% 28% 28% U 8 Steel pfd ... 75 73% 75 73% Warren Bros 3% 3 s , 3% 3% Youngstn S£ T 13% 13% 13', 13% Motors— Auburn 15 15 15 15 Chryslt* - 33% 33% 33% 33% Gen Motors .... 27', 27% 3P% 27% Hudson 8% 8% 8% 8% Hunp 2 2 2 Mack Truck 21% 21 21 21% Nash 13 13 13 12% Reo 2% 2 a 2% 2% Studebaker 2% 2% 2% 2'g Motor Aecesa— Bendix 12% 12% 12% 12 Boris Warner ... 30% 30% 30% 30% Br:gks 25% 25% 25% 25% Budd Mfg 3% 3% 3% 3% Budd Wheel .... 2% 2% 2% 2% Elec Auto Lite ..20% 20 20% 19'8 Houdaille "A'’ .. 7 6% 6* • 7 Murray Body ... 5% 5% 5% 5% Stew Warner ... 7% 7% 7% 7 Mining— Alaska .tun 16% 15% 16% 76% Am Metals 14 14 14 14% Am Smelt 32% 32% 32% 32% Anaconda 8% 8% 8% B'2 Cal As Hecla 2', 2% 2% 2% Dome Mines .... 39% 39 39% 38'2 Granbv 5% 5% 5% 5% Gt Nor Ore ... 9% 9% 9% 9% Homestake Min .368 368 368 360 Int Nickel ..23% 23 23 23 Isl Creek Coal .. 30% 30% 30% 31 Kennecott Cop . 14% 14% 14% 14% Mclntvre Mine . 44% 44% 44% 44% Park Utah 2% 2% 2% 2% Noranda Cop ...33 5 , 33% 33% 33% Phelps Dodge U S Smelters .. 113% 113 113% 112% Vanadium 14 14 14 14'/a Amusements— Pox Theat 8% 8% 8% B s , Loews Inc 34% 34 34% 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 64 64 64 64 Am Tobacco ‘B” 77 76% 77 76% Liz As Mvers , B' 103% 102% 103% 103 Lorillard 19% 19% 19% 19% Phillip Morris 37 37 37 36% Rcyonlds Tob B' 46% 46% 46% 46% Rails— Atchison 40% 39 40% 39 B A: O 8% 8 BV4 7% Can Pacific 10 9% 10 9% Ch As Ohio 38% 38% 38% 38 Chi Ac Gt W % % % % C M As St P 1% 1% 1% IV2 C M As St P pfd. 2% 2% 2/ 2'% Chi N W 32% 33 Dela At Hud ... 25% 25% .. 25% Del Lac At W 12% 11% 12% 11% Grt Northern pfd 10% 10 10% 10 111 Central 10% 10% 10% 9% Lehigh Valley... 6 5% 6 5% M K Az T 2’, 2% 2% 2% M K As T pfd... 6% 6% 6% 6% N Y Cent 13% 12% 13% 12% N Y New Haven 3% 3% 3% 3% N Y Ont As West 33 33 Nor Pacific 14% 13% 14% 13% Penn R R 18% 17% 18% 17% Sou Pac 13% 13 13% 13% SOU R R 8% 7% 8% 8% Union Pac 86 85% 86 85 Wabash 1% l'/4 1% 1% Equipments— Am Loco 9% 9% 9% 9% Am Steel Fdv . 13% 13 13% 12% Bald Loco 1% 1% 1% 1% Gen Elec 21% 21 21% 21% Pullman Ine ... 41% 41% 41% 40% Westingh Elec . 34% 33% 34% 33% Utilities— Am As For Pwr . 2% 2% 2% 2% Am Power As Lit 1% 15,l 5 ,1% I s , AT&T 100% 99% 100% 99% Am V’at Wks ..8% 8 8 8% Col Gas As Elec . 4% 4 4% 4% Comm As Sou ... % % % % Consol Gas . 17% 17% 17% 17% Elec Pwr As Lit. 1% 1% 1% 1% Int Hydro Elec.. 1% 1% 1% V/x Int T As T 5% 5% 5% 6 Nat Pwr A: Lit.. 5 5 5 5 North Amer .... 9% 9% 9% 9% Pac G As E 14% 14% 14% 14% Pub Scrv N J ... 22% 22% 22% 22 So Cal Edison .. 11% 11% 11% 11% Std Gas 2 1% 2 2 Stone As Webster 2% 2% 2% 2% United Corp 1% 1% 1% 1% Un Gas Imp 9% 9% 9% 9% Ut Pwr As Lt 1A) 7 7 7 1% Western Union.. 21% 21% 2iys 21 Rll bbe rs— Goodrich 8 8 8 8 Goodyear 17 16% 17 16% Kelly Spring ... i 1 1 1 U S Rubber.... 10 10 10 9% U S Rubbert pfd 26 25 26 25% Miscellaneous— Allis Chaimers... 13% 13% 13% 13% Amer Can 113% 112% 113% 113 Brklvn Man Tr.. 38 38 38 38% J I Case 48 47 47% 47 Cont Can 66% 65% 66% 65% Caterpillar Tra t 38% 38% 38% 37% Crown Cork 24 24 24 23% Curtis Pub 15% 15*4 15% 15 Deere As Cos 24 23% 24 23 Eastman Kodak 118 118 118 117% Foster Wheeler . ,0% 10% 10% 10% Gillette 13% 13% 13% 13 Glidden 25 25 25 24% Int Bus Mach.. 153 153 153 153% Inter Harv 35% 35 35% 34% Owens Bottle ... 85% 85% 85% 83% Rem Rand .... 8% 8% B'/a 8% Underwood E 55 54% 55 54% Worthnztn Pump 12% 12% 12% 12% Foods— Am Sugar 59% 59% 59% 59% Armour 4% 4 4 4 Armour 6’“r pfd. 64 64 64 64% Borden Prod ... 21% 21% 21% 21% Can Drv G Ale.. 10% 10% 10% 10% Coca Cola 180 180 180 179% Corn Prod 63% 63 63 63 Crm of Wheat .. 38% 38% 38% 38% Cuban Am Sugar 6 6 6 5% Gen Baking .... 8 7% 8 7% Gen Foods 33% 33% 33% 33% Gold Dust 15% 15% 15% 15% G W Sugar 30% 29% 30% 29% Int Salt 29% 29% 29% Loose Wiles 34% 34% 34% 34 Natl Biscuit 25% 25% 25% 25% Natl D Prod 14% 14% 14% 14% S Porto Rico Sug 22% 21% 21% 22% Std Brands 15% 15% 15% 15% Un Biscuit 23% 23% 23% 23% United Fruit ... 78% 77% 78% 77% Retail Store*— Assd Drv Goods. 8% 8% 8% 8% Best At Cos 35-2 35% 35% 35% Kresge S S 20% 19% 20% 18% Kroger Groc ... 24% 24 24% 24 Macv R H 34’, 34% 34% 35 McC'rorv St . 9% 9 9% 8% Marshall Field.. 6% 6% 6% 6% Mont Ward 23% 22% 23% 22% Natl Tea 9 8% 9 8% Penney J C 65 5 , 65 s , 65% 65% Safeway St 38 38 38 37% Sears-Roebuck.. 34% 33% 34% 33% Woolworth 52% 52% 52% 52%

GRAINS UP SLIGHTLY DURING EARLY TRADE Sentiment Turns Bullish at Chicago Trade Board. Bit Vnitrd Prise CHICAGO. March 19.—Sentiment turned to the bull side today on the Board of Trade and prices were slightly higher. Wheat opened N cent lower to ’t cent higher, com was up 3 * to S cent, oats were ** cent lower to *2 cent higher, and rye was up to ■Si cent. Liverpool showed relative strength in the face of sharply lower prices here yesterday and cotton futures firmed. Bartlett, Frazier <fc Co.'s English representative cabled. “Tendency is upward with the market sustained by small offerings.’’ (Bv James E. Bennett* 11 00 Prev. Wheat— High. Low. A M. close. May 92 .91 ,91’a .91 July ........ .89* a .88*2 .89*a .88*2 Sept ..* 89 88* .88’, 88S CornMay 77* .76 7 4 .77S .7***, July 73*. 72 s . 73 s , .72 S Sept 70’. ,70‘a .70*,, .70 Oats— Mav ........ .43*. .42 3 , .4s*, .42*, Julv 58'335,7 5 , .38*4 37S Sept .... .38*2 36 .36N .35’, Bye— May ........ .54 s , .53*2 54 s , .53’, July .55’, .551, .55’, ,55V. Sept 57 .58 .56 .59* a

INDIANAPOLIS, TUESDAY, MARCH 19, 1935

Aviation— Aviation Corp . 3 3 * 3 1 * 3N 3** Boeing Aircft .. 6 l * 6 3 4 Jj* Curtiss Wright 2% 2% 2% 2% Dcug’.as Air 19% 19% 19% 18% Nor A Av 2% 2% 2% 2% Sperrv Corp 7% 7% 7% 7% United Air N 10% 10% 10% 10% Chemical*— Allied Chem 126% 126% 126% 125 Am Com Alcohol 23% 23% 23% 23 Cold Carbon ... 73% 72% 73% 72% Com Solvents... 18% 18% 18% 18% Du Pont .... 88% 87% 88% 87% Freeport Tex 18 17% 18 17% Liquid Carb 25 24% 25 25 Math Alkali . 24% 24% 24% 24% Natl Dis inewi . 27', 27% 27% 27% Schenlev Dist .. 25% -25 25 24% Tex Gulf Sulph.. 31% 31% 31% 31% Union Carbidt . 46% 45% 46% 45% U S Indus Alco. 35% 35% *5% 35% Drugs— Bristol Mvers ... 32% 32% 32% 33 Cotv Inc 4% 4% 4% 4% Lambert 26% 26% 26% 26% Sterling Prod . 62% 62% 62% 62% Un Drug inew).. 9% 9% 9*, 9% Financial— Adams Exp .... 4% 4% 4% 4% Allegheny Corp . 1 1 1 1% Am Int Corp ... 4% 4% 4% 4% Chesa Corp 37% 37% 37% 37% Lehman Corp... 68 67% 68 67% Transamerica ... 5% 5 5% 5% Tr Conti Corp . 2% 2% 2% 2% Building— Am Radiator .... 11% 11 11% 11% Gen Asphalt 13% 12% 13% 12% Int Cement 23 23 23 % 23 Johns Manville . 40% 39 s , 40 39% Libby Owens Gls 24 24 24 23% Household— Col Pal Peet 16% 16’, 16% 16% Kelvinator 15 15 15 15 Mohawk Carpet 11 11 11 11% Proc Az Gamble.. 46% 46 46 45% Simmons Bed ... 6% 6% 6% 6% Textiles— Celanese Corp.. 29% 20% 20% 20% Gotham Hose .. 2’, 2% 2% 3 Indus Rayon 25% 25% 25’, 25%

N. Y. Bonds

(Reprinted from yesterday i DAILY BOND INDEX 20 20 20 20 Inds. Rails. Util. Bnds. Today *B4 8 73 6 92 6 83.7 Saturday 4 N 85.1 74.0 92.5 83.9 Week ago 86.2 75.3 93.9 85.2 Month ago 87.0 83.6 94.1 88.2 •New 1935 low r . (Copyright 1935 bv Standard Statistics.) U. S. GOVERNMENT BONDS (By Fenner Ac Beane.) Liberty, Prev. Close. Close Ist 3%s 1932-47 101.10 101.14 Ist 4%3 1932-47 101.15 101.19 4th 4%s 1933-38 (Uncalled) 102.30 103.4 4th 4%s 1933-38 (Called) 100.20 100.25 Treasurys 4%s 1943-45 115.22 115.22 4s 1944-54 110.12 110.20 3%s 1945-56 109.8 109.12 3%s 1940-43 107.9 107.10 3%s 1943-47 106.15 106.18 3% s 1941-43 107.4 107.10 3V,S 1943-45 105.8 105.10 3%S 1941 101.7 107.1 3%s 1944-46 105.7 105.7 3%s 1946-49 104.10 104.10 3%S 1949-52 104.10 104.12 3s 1951-55 103.7 103.14 3s 1946-48 103.7 103.11 2%S 1960-55 100.20 100.26 Home Owners Loan Corp. 3%s 1949 100.2 100.8 3s 1952 101.16 101.24 4S 1951 101.9 101.10 Federal Farm Mortgage Corp. 3%s 1964 103 .103.6 3s 1949 101.18 101.24 3S 1942-47 101.22 101.28 DOMESTIC Prev. Close. Close. Alleg Corp 5s - 44 66% 66% Alleg Corp 5s ’49 56 56 Am Frgn Pow 5s 2030 50' \ 52 Am Tel & Tel 5%s '43 113 13 Am Tel Az Tel 5s ’65 111% 112 Arm & Cos (Del) 5%s ’43 104% 105 Atl Coast Line 4s '52 99% 99% At.l Coast Line 4%s 64 85 85% Am Wat Wks 5s '44 . 87 86 Am Rollin Mills 5s ’3B 103% 104% Balt & Ohio 5s '95 56 56 Balt Ac Ohio 6s ’95 64% 64% Ball. Ac Ohio 4%S ’6O 41% 42% Buff Roch Ac Pitt 4%S '57 ... 54 54% Beth Steel 5s '36 103% 103% Chi Milw & St PI 5s ’75 15 16% Chi Milw & St P 5s 2000 3% 3% Cleve Un Term 5s ’73 88% 88 Oleve Un Term 4%s ’77 80% 80% Col Gas 5s May ’52 72 71 Vi Col Gas 5s April ’52 72 72 Col Gas 5s '6l 71 Vi 71 Can Pac Perp 4s 83% 84% Big Four 4%s '77 53% 54% Chi Ac West Ind 4s '52 9% 96% Chi Ac West Ind 5%s '62 103% 104 Chi Ac Nor West 4%s ’49 12y, 13% Con Gas 5s ’57 105 105% Chesa Corp 5s '47 102'% 103 Dodge Bros 6s ’4O 105 % 105% Del Ac Huds 4s ’43 79 79 N Y Dock 4s 'sl 65 65% N Y Docks 5s ’3B 44 44% Erie 5s ’75 54% 55% Erie 5s ’67 55 56% Gen Cable SVis ‘47 88% 88% Grt Northern 7s ’36 84% 89% Grt Northern 4%s ’76 66 66% Grt Northern 4%s '77 66 67% Gen Stl Cast WW 5%s ’49 ... 72% 73% Hud Ac Manhat Ref 5s ’07.... 88% 89 111 Cent 4%s ’66 45*4 45 111 Cent Jr 4%s '63 51 % 53 111 Cent 5s ’63 54Vi 55% Interlake C Ac I 5s ’sl 75% 75% Interntl Hv Elec 6s '44 28*4 29% Interntl Tel & Tel 4%s ’39 ... 59 60% Interntl Tel Ac Tel 5s '55 56% 57% Interntl Tel Ac Tel 4%s 52 ... 50% 51*2 P Lorillard 7s 44 127 126% McKess & Rob 5%s 50 97 97% Midvale Stl 5s 36 103% 103% Natl Dairy 5%s ’4B 103% 103% Natl Steel 5a ’56 106% 107 Nickel Plate 4%s ’7B 49% 50*4 Nickel Plate 5%s ’74 59% 58% Nickel Plate 6s '35 53 53 N Y Cent 5s 2013 49% 50Vi N Y Cent 4%S 2013 (Old) 46% 47% Nor Amer Cos 5s ’6l 86’, 87% Nor Pac 3s 2047 74% 74% Nor Pac 4%s 2047 80% 81% Nor Pac 6s 2047 93 93 Vi Nor States Pow 5s ’4l 107 106% Otis Steel 6s ’4l 83% 83% Penn Rv 4%s ’B4 102% 102% Penn R y 4%s ’Bl 102% 102% Penn R v 4%s ’7O 91V4 92% Pac G Az E 5s ’42 106% 106% Portland Gen El 4%s ’6O 54% 55% Para Publix 5 2 s ’SO 70% 71 Penn P Sc L 4%s ’Bl • 102% 102% Postal Tel Ac Cab 5s ’53 .... 42% 44 Rem Rand WW 5%s ’47 99% 101 Sinclair Oil 6%s ’3B 104% 104*8 Shell Union Oil 5s ’47 103 103 Sou Pac 4%s '6B 58% 59% Sou Pac 4%s ’Bl 57% 59% Sou Pac 4%s '69 58% 59% Sou Pac 4s '49 62’, 62% Sou Rail 4s ’56 43% 44 Sou Rail 6s '56 56% 56 Sou Rail 6%s '56 59% 59% Sharon Stl Hoop 5%s '4B 81% 81% Texas Pac 5s '79 83 83% Union Pac 4s '47 110% 110% United Drug 5s '53 89 89% U S Rubber 5s '47 91 92 NY NH <fc Hart 6s '4B 33 34 NY NH Az Hart 4%s 67 29’, 29% Warner Bros 6s '39 49 50 Western Mary 5%s '77 96% 96% Western Mary 4s '52 91% 91 Youngstown S Ac T 5s ’7O .... 93 93 Youngstown S& T 5s ’7B ... 93% 93% FOREIGN Argentina A 6s '57 92% 93% Argentine B 6s ’SB 92% .2? 8 Canadian Govt 4s '6O 106 106 Denmark 5%s ’55 99 99 German 5%s ’65 28% 29 2 German 7s '49 39% 40% Italy 7s 'sl 85% 85% Japan 6%s '54 ,22 4 ,22 4 Poland 7s '47 122 123 Rome 6%s ’52 77 77% Tokio City 5%s '6l 77% 79 Yokohama 6s '6l 82 82

Chicago Stocks

(Bv Abbott. Proctor Ac Paine) Prev. 11 A M Close. Butler Bros 6% 6% Bendix J2J* J*! 2 Borg Warner 30 5 * 30% Cities Service % * Crane Bs*8 s * “% Com Edison 57 55% Cord Cork 2% 2% Libby g*i Lvnch Glass 2i*4 27 Pub Servos HI 19 Prima 3 Quaker Oats I? 94 4 Swift 16%. 16% Swift Int 32 w 32%

(By Abbott, Proctor Sc Painel 12:00 Prev. Noon, close. Am Superpower 3 , s Atlas Corp 7 s . 7 3 . Carrier Corp 15*2 15 El Bond Sc Share ............. 4 3 , 4*, Hiram Walker 28 27*. Lake Shore Min 56*2 56'a Natl Bellas Hess I s , I‘a Penn Road .. l’a l 3 a Teck Hughes Gold 4 4 LOCAL CA?H MARKET City grain elevators are paving 81 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow. 73 cents, and oats 42 cents.

New York Curb

SHARE VALUES GAIN SLIGHTLY ON BIG! BOARD Stock Market Gets Indirect Lift From Exchange Turmoil. By United Pres* NEW YORK, March 19.—Turmoil in the foreign exchange markets following resignation of the Belgian cabinet brought forth new talk of dollar devaluation and indirectly gave stock and commodity markets a lift during the rhorning trading. Enthusiasm was lacking, however, and there was no apparent desire to follow the rally. Stocks gained fractions to more than a point with silver and gold issues again receiving attention. Cotton spurted $1.50 a bale. Grains, silk, rubber and sugar advanced. The dollar fluctuated widely. It dropped in sterling terms and rose in gold bloc rates. The Belgian Belga experienced a sharp decline. In the stock marker, United States Steel firmed to 28%, up %; American Telephone 100%, up 1; American Can 113 *2, up %; Atchison 40*8, up *g; du Pont 88%. up 1; Union Pacific 86, up 1; United States Smelting 113'%, up I*4, and Bethlehem Steel 23%, up I*4. Komestake Mining, selling ex-dividencl at 368, was up 6 points.

PORKER VALUES BREAKSHARPLY Prices Generally 30 to 35 Cents Lower Than Yesterday. Resulting mostly from an extremely heavy run of supplies on hand in early trading at the Indianapolis Union Stockyards today, porker prices again were forced sharply lower than in any session during the last week. With the majority of classes largely 30 to 35 cents under yesterday's average, several livestock dealers attributed the sharp drop to natural causes, resulting mostly from the extremely high prices paid, during the last two months. Most classes of underweights, however, were only 25 cents lower than yesterday. Following the decline, top price paid for good and choice hogs today was $8.90, compared with $9.90 the new high price which was established about two weeks ago. Today's receipts were estimated at 7000. the largest supply on hand since last Tuesday when prices were 50 to 55 cents lower. The bulk, 160 to 250 pounds, was, selling at SB.BO to $8.90, today’s top price. Heavyweights, scaling from 250 pounds and upward, sold at $8.30 to $8.70. Others, weighing 130 to 160 pounds, cashed in at $7.50 to $7.25, while 100 to 130 pounds, brought $6.25 to $7.25. Packing sows held at $7.75 to $8.25. numbered 270. Initial trading was extremely dull in the cattle market. Early indications were largely 25 to 50 cents lower on most classes. Best steers were valued to sell above sl2. Recepits were 3000. Veals moved down 50 cents, salable at $9.50. The lamb market was inactive with asking steady and bidding slightly lower., No early sales were reported. HOGS Mar. Bulk. Top. Receipts. 13. $9 20<rj 9.30 $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 2500 18. 9.10® 9.25 9.30 2500 19. 8 80® 8.90 8.90 7000 Light light: G4O-160) Good and choice.. .sß.oo® 8.75 Medium 7.50® 8.50 Light weight: (160-180) Good and choice... 8 80® 8.85 Medium 8.25® 8.60 (180-200) Good and choice... 8.85® 8.90 Medium 8.35® 8.75 Medium weight: (200-220) Good and choice... 8.85® 9 00 • 220-250) Good and choice... B.Bo® 8.90 Heavy weight: (250-290) Good and choice... 8.60® 8 80 (290-350) Good and choice... 8.40® 8.60 Packing sows: (275-350) Good B.oo® 8.25 (350-425) Good 7.90® 8.15 (275-3501 Medium 7.50® 7.90 (425-5501 Good 7.75® 8.00 Slaughter pigs: (100-140) Good and choice... 6.25® 8 00 Medium 5.75® 7.50 CATTLE —Receipts, 3000— —Steers—-(sso-900) Choice 11.00® 13.00 Good [email protected] Medium [email protected] Common 5.50® 7.50 (900-1100) Choice [email protected] Good 10.00® 13.00 Medium 8,00®!0.25 Common 5.75® 8.00 (1100-1300) Choice 13.00® 13.75 Good 10 25® 13.25 Medium 8.50® 10.50 (1300-1500) Choice 13.00® 13.75 —Heifers—-(soo-750) Good 10 50® 13.25 Choice 9.75® 10.75 Good 8.75® 9.75 Common and medium 5.00® 8.75 (750-900) Good and choice ... [email protected] Common and medium 5.25® 9.00 —Cows—(Yearling Excluded) Good 6 00 ® 7.50 Common and medium 4.00® 6.00 VEALERS —Receipts. 800Good and choice $9.00® 9.50 Medium 7.00® 9.00 Cull and common 3.00® 7.00 —Calves—-(2so-500) Good and choice ... 6 50® 950 Common and medium 3.50® 6.50 —Feeder and Stocker Cattle——Steers— (soo-900* Good and choice 6 00® 8 00 Common and medium 4.50® 6 00 (900-1050i Good and ohoice... 6 OCS 825 Common and medium 4.50® 6.00 —Cows— Good 3.75® 4.50 Common and medium 3.25® 3.,5 SHEEP AND LAMBS —Receipts. 1500— Lambs. 90 to 120 lbs., good and choice $8 00® 8 50 Common and medium 6 00® 800 90-120 lbs., good and choice... 4 50® 5.50 Sheep: . _ 1 (120-150' Good and choice .. 4 00® 5.25: All weights, common and medium 3.00® 4.25

Other Livestock

(By United Press) LAFAYETTE, Marcn la. —dogs—Market. 25 'n 50c lower; 200-235 lbs . 38.750 8.85. 235275 lbs. 58.60ti8.70: 275-325 lbs 38.4041 8 50: 170-200 lbs.. 58 604/8 75: 155-175 lbs. $8 254/8 50 140-150 lbs..' $7 754/8: 130-140 lbs, $7.25 f? 7 50; 120-130 lbs. $6 75tf 7; 100120 lbs.. SS I 6 50; roughs. $8 down. Calves steady, $8 50 down. Lambs steady, $8 down FT WAYNE. March 19.—Hogs—Market 35tf45c lower: 200-250 lb.-. $8 80: 250-300 lbs . $8 65 ; 300-350 lbs. ** 30; IRO--’o<) ihs . $8 65: 160-180 lbs, 38 55; 150-160 lbs., $8 15: 140-150 lbs.. $7 65 130-14(1 ib„ S. ... 120-130 lbs . $6.90: 100-120 lbs.. $6.40. roughs, $7.50; stags, $5.25, Calves. *9. Lambs. *8.25.

PAGE 15

U. S. Hands Viewed Bound in Fighting Sterling Drop Heavy Refunding Operations Here Give England Chance to Put Pound Down, Economists Assert in Study. BY JULES BACKMAN and A. L. JACKSON Editors, Economics Statistics, Inc. NEW YORK, March 19.—The sharp decline in the pound sterling during the last few weeks has been the major event in the international exchange markets since the revaluation of the dollar in January, 1934. The basic causes for this decline are twofold. First, there has been a decline of confidence in the national government, and, second, the halt of domestic recovery in England. The majority of English economists are agreed that further recovery in England depends upon a revival in international trade.

The major portion of employment is in those industries engaged in foreign trade. The increase in the unfavorable balance of trade during January and the record increase in unemployment during the same month has increased the desire for further depreciation of the pound. Deliberate Policy Seen With these major events as the background and indicating the possibility of a flight of capital, the recent collapse in the minor commodity markets has been the fuse which has set the decline in motion. The failure of the British equalization fund to intervene in the exchange market indicates that the decline in sterling is the result of a deliberate policy on the part of England. With a narrow market now existing in most international currencies, due to the sharp decline in international trade, it would have been relatively easy for the British equalization fund to prevent this decline. The fact that it failed to intervene is a definite indication that England feels that the pound should be lower in terms of the gold currencies and in terms of the dollar. U. S. Can Not Fight Back It might be only a coincidence that this decline is taking place during a period when the United States is engaged in large refunding operations. However, the factors listed above as the background for th 6 current decline in the pound were all prevalent several weeks ago. Thus some credence may be lent to the supposition that England is acting now, because the hands of this country are tied as a result of its financing program. The effects of a further decline in the pound can be summarized as follows: First, there will be an increased agitation for further devaluation in the United States. In light of the huge spending program and the necessity for large refunding operations, regardless of how weak the pound becomes, we do not believe that the dollar will be reduced below its present value during the immediate future. Second, the dollar prices and gold prices of international commodities, such as rubber and tin, should decline. Third, there will be increased pressure on the gold bloc to abandon gold. Recent reports indicate that the deflation is still continuing in these countries. A further decline in the pound will accentuate the deflation in the gold countries. If the decline is carried far enough, it may force the gold countries off gold. It seems to us only a question of time before these gold currencies will be revalued downward. Currency War Ahead Whether the revaluation will take place at a final stabilization con-

Annual Statement December 31, 1934 Peoples Life Insurance Cos. FRANKFORT, INDIANA ASSETS First mortgage loans on real estate $4,075,302.00 Real estate, including home office building 791,159.00 Real estate sold under contract 177,404.00 Loans on company’s policies 1,834,350.00 Bonds, government and municipal 279,326.00 Cash in banks 242,014.00 Interest due and accrued 172,007.00 Net outstanding premiums 217,617.00 All other assets 64,964.00 Total admitted assets $7,854,143.00 LIABILITIES Reserve on policies $6,637,257.00 Reserve for losses, no proofs received 10,722.00 Premiums and interest paid in advance 67,831.00 Reserve for taxes 37,756.00 Reserve for trust funds 140,368.00 Contingency reserve for losses 190,973.00 Reserve for other liabilities 69,236.00 Total liabilities $7,154,143.00 Capital stock 300,000.00 Surplus unassigned 400,000.0Qi Total $7,854,143.</o Review The Peoples Life Insurance Company was organized in 1907 under the "Indiiina Compulsory Deposit Law” and the company has complied strictly With this law and 7n addition to its requirement, voluntarily maintains an excess deposit with the Indiana of over $500,000.00. During the year the company materially increased its Government Tiond Account and maintained a splendid cash balance, giving it a very liquid position. It has no borrowed money. It has insurance in force of $44,000,It has no deferred policy loans. 000.00. It has no unpaid cash surrender values. It has paid Policyholders and BeneficiIt has no unpaid death claims. to date $8,212,4</i.OO. It has Policyholder's Surplus of SBOO,- It has ample Surplus and very strong; 973.00. , Reserve basis, mqfjerate expenses and . . . ~ verv low rates. It wTote new business during the year of $8,157,623.00. It stands A-l i the insurance field.

What Does It Mean? Bond Syndicate—When several banks or investment houses join in buying an issue of bonds the resulting combination is known as a bond syndicate.

ference or will take place prior to that time because of a currency war. it is hard to say at this time; but devaluation must take place before international stabilization can be assured. Fourth, if the decline in sterling is continued after our refinanciiy war with the resulting chaos in international trade and a completion of the breakdown in international relationships. Depreciation of the currency can only be harmful in the long run. While temporarily the country depreciating its currency may gain some advantage in trade, the gains are only short-lived. This is especially true at present, when practically every country in the world has set up restrictions on trade in the form of quotas and other devices.

BUSINESS TREND SEENIMPROVED Current Volumes Expected to Continue in March, Survey Shows. By Times Special NW YORK, March 19.—Current prospective trends in the major industrial lines indicates that total volumes of February will be well sustained during March and for the greater part of April, according to a weekly survey of general business conditions released today by the Standard Statistics Cos. The remainder of the second quarter, however, probably will witness declining activity this spring, the report stated. The peak of industrial activity this spring was reached during February. Total production for the first quarter is expected at around 11 per cent greater than in the same period of 1933. A decline of about 5 per cent more than seasonal is now in prospect for the second quarter. Thus, first half operations will probably average around 5 per cent above those for the corresponding period last year. ‘‘lndividual business indicators present a mixed picture. Automobile manufacturers are continuing to step up production and no let down is in prospect for another month. Steel activity is holding fairly steady. Power production is above a year ago, although the year-to-year increase has recently narrowed. Freight car loadings are slightly below year earlier levels.

EASTMAN POST MAY BE LBST FAR RAIL LAWS Abolition of Co-Ordinator’s Job Seen as Price of New Legislation. By Time* Special NEW YORK. March 19.—Railroad officials admitted today that the fate of Joseph B. Eastman rests in the hands of President Roosevelt. Only three more months of life is guaranteed the Railroad Emergency Act. and unless extending or substitute legislation is enacted, the abolition of the office of Federal Co-ordinator of Transportation is in sight. The crisis in the railroad industry has been intensified by the legislative stalemate inthe present Congress. Whether the Administration can force through a comprehensive transportation bill this session is an open question. Many railroad executives will not be put out if no legislation is enacted, inasmuch as this would automatically mean the end of Mr. Eastman's office. There is a further attraction to this possibility, they say, in that failure to renew the act would release them from the strict provisions against the discharge of workers as a result of co-ordination of facilities. However in return for the injunction against reduction of workers below the May, 1933, level, the act allows the railroads immunity from the anti-trust laws, if they wish to co-ordinate services and facilities. With more bankruptcies looming unless there is a drastic reversal of present trends, it is possible that Congress will be startled out of its present inactivity and aroused to the necessity of passing alleviating legislation, it is believed. Railroad executives agree that it Is essential that laws be enacted placing competing forms of transportation under regulation. Such enactment in the opinion of Wall Street would measurably improve the health of railroad securities. It is questionable whether the administration will make mandatory the continuation of the co-ordina-tor's office as the price for forcing through such legislation. As soon as a transportation bill is brought before the Senate, the railroads also will have to reckon with the demand of Senator Burton K. Wheeler for government ownership. Rather than see the labor safeguards of the present emergency act lapse, it is also passible that the railroad brotherhoods would exert their influence on behalf of government ownership. It is up to the administration leadership to deal with these complexities, Wall Street feels. The fact that Henry Bruere, president of Bowery Savings Bank, and F. J. Lisman, an experienced dealer in railroad securities, have both conferred in the last few days with President Roosevelt is considered an augury of a conservative bill bearing administration sponsorship. President Roosevelt has failed to fill a vacancy on the Interstate Commerce Commission. If Mr. Eastman is unable to get the President to sponsor his proposal for making the co-ordinator’s office permanent it would be logical for him to return to the commission.