Indianapolis Times, Volume 47, Number 8, Indianapolis, Marion County, 20 March 1935 — Page 10

Wall St. Borden Cos. Draws Praise for Book Revisions. _BY RAI.PH HENDERSHOT

Tlnn 4**f)*l Write, NfFW YORK. March 20—The 1 Bord*n Cos has taken a courageous and noteworthy step in suggest mg io its storkholedrs that Its capitalization be revised in order to provide for a writedown of it* property values It proposes to reduce the book value of good will from $7 009 r 0 to *l. and to make other adjustments which it regards

•s essential. Stock holders probably will not like the idea of the proposed cut in the par value of the company’s stock from $25 to sls a share, but this is necessary. the management feels, to carry' out its plans. In the long run. however, they are

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likely to benefit. The reduction will not mean a less to them in any way. In fact, it probably will mean larger dividends at some later date. Many corporations are unable to make profits today because they carry their properties at figures well above their actual worth Figures on a balance sheet mean little or nothing unless there is actual value behind them, and it is obvious that property values have declined materially since 1929. m m m "kjsrlTHIN the last few months W the NR A has come in for considerable criticism. The code system particularly has been attacked, tome say it has brought great bencf.ts, while others charge it has been a distinct failure. Claims are mad* that the entire legislation is unconstitutional and should be declared so. Cricisism is unlikely to accomplish very much. Such a drastic change in the manner of doing business was bound to be faulty in some respects. What is needed, and needed badly, is some careful and unbiased study to determine the w.c-th of the new venture. The weak spots then probably could be strengthened or eliminated, and whatever is worth saving could be sa~. L As the situation stands now no one seems to have a very cl ear picture as to where we are going with it. Concerns in many lines of industry have adjusted their operations to the code provisions, and if they were obliged to change back to the old order, considerable confusion would result. In other lines, it apparently has not worked well, and plans are being laid to have it decared unconstitutional. m m m THE motive behind the experlln.'>nf undoubtedly was good, but nevertheless, it was an experiment. Whether it was justified initially is immaterial. That issue already is history. The question is wh uer it has proven of any value and whether it should be contini *d or abandoned. For those resp. isible for it to establish a defense merely because it was their idea, will serve no good purpose, and for those who have disliked the . ira from the start to revel in its -*Lort comings, Is equally bad. It probably is not wholly good or wholly b-.d. It should be possible to determine that part of *t which is worth saving and to discard the rest, 'rhis should he done without delay. And if the legislative action iinor which it was created is unconstitutional, plans shoild be made to rectify it or amend the Constitution. At any rate, we should make up our mind; and relieve the uncertainty for business.

Local Livestock

ROCS Mr. Bulk Top. Receipts 14 *9 20 9 30 *#Ji 3500 IS. 9 JO * 9 30 f 35 4TOO Ik 9 05S 9 20 *25 1500 18 lO -t 9 IS 9 20 2500 If 9 80*f 8 90 * 90 7000 30 8 *O*T S TO 8 TO 4500 L. Hghr: 140-ifoi Good nd chcirg . ST 7S@ *to Medium T 25 S 835 Light weight' 100-idO' Good and choice . * SOv# *BS Medium ... . S 00Vi 8 40 *IBO-200* Good *nd fholf* * s'*i BTO Medium —.... 8 IS*t 8 50 Medium weight 200-330' Good nd choice .. 885 and 870 220-350* Good *nd choice .. 8 80*t 870 Reave weight 250-200. Good and choice 840 B5O 290-350* Good and choice .. 820 r 840 Packing sow* . 375-350* Good 8 7541 800 >350.425* Good 7S@ 7.## 275-350* Medium 7 50VI 785 425-550* Good 7 25*1 775 •laughter pigs !&••> iso, Good and choice .. *OO 775 Medium * 50@ 7 25 cvm.E -.Receipt*. 3000 — —Steer*— ISSA-900* Choice It 00 13 00 Good 754a 12 25 Medium 7 504110 00 Common ............... 5 54> *i 7 50 1900-1100* Choice 12 50ft 13 50 Good r 10 0013 00 Medium 8 0091025 Common ............. 5 758 800 11100-1100* Choice .13.00911.75 Good 10 25*i13 2S Medium 8 [email protected] 11300-1580* Choice 13 00tt13.75 —Heifer*— 150*3-750* Good 1# 5091S 25 Choice 17J9 *52? Good ... 8 .5 u 8 .5 Common and medium 5.00 f 8. >5 1750-800* Good and choice ... 9MO 1180 Common and medium 5 25 5 9 00 —Cewa—(Yearling FtrlaOcdl Oood .... 8009 750 Common and medium 4 009 800 must - Receipts. 800 - Good and choice . 89 00 if 9 50 M. - 7 BO 780 % 3on Cull and common 3OOM 700 1250-500* Good and choice ... 8 50| 950 Common and medium 3 50 ® 8 50 —Feeder and Sleeker Cattle——Sieere— -I*oo-90 Good and choice ... BDolf gno Common and medium ... 150*1 800 it o *sn Good and ■ — re *v ■■ s;* C-m-non and medium .. . 450 ® 800 Good . 3 78 4 50 Common and medium 3 23 3 75 SHFFP 4ND I AMBS Receipt*. 1500 - Lamb*. 80 te 130 Its* . food and bSBm 88 00a BSO Common and medium 8 00 r 8 00 *O-130 iba. good and choice .. 4 50® 550 Mm: IJO-150* Good and choice .. 4 00® 5 25 All weights, common and medium 3 00 ® 4 35

Produce Markets

De2!r*r*4 In Indianapolis prices' Hary breed h*ns>Je; Leghorn hen*, lie; colored (printers. 11c. heary nsg*. lie: Leghorn >tin Te; oM roosters. 7c; ducks, full feathered *nd fst. *e. geese, full festhered end fst. 7c; ail classes of guinea* lie: No 1 strictly fresh country ran eft* loss off 17e. Each fall cases must eigh JJ lbs gross, a deduction of 10c a pound for each pound under 55 lbs will be made. Butter— No 1, UfMc butterM, Us. Quoted by the WatLsj Cos.

PAGE 10

HOUR EARNINGS ONLY SLIGHTLY OFF FROM 1929 Actual and Real Pay Aided Substantially Since NRA Appeared. Thi* i the third of a wrin of four article* written by Dr. Irq W.lmtn. rhairman .1 the National Automobile Tabor Board, and former rhairman of of the I.abor Advisory Board of the NRA. for the National Bureau of Economic Research. Dr. Wolman. a reeogniied labor authority, di.ro,e* a phase of economics with which he it entirely familiar. BY DR. LEO WOLMAN Except for manufacturing, rail transportation, and a limited number of occupations, data on hourly earnings are available for only the past several years. From the high to the low of this depression, the hourly earnings of manufactcuring labor apparently declined between 20 and 30 per cent. The recovery in hourly earnings has been rapid and great. Where it is possible to piece together the pertinent figures, they show that the losses in hourly earnings suffered during the depression had bv the close of 1934 been substnatially made up. and that hourly earnings were then not far below the levels of 1929. Since the NRA has been operative, from June. 1933. to the end of 1934, both actual and real hourly earnings have increased very substantially in practically all categories of industry. and real hourly earnings have declined only in those industries in which rates of wages were already high and had not been reduced materially during the course of the depression. Actual Earnings Off Hourly earnings in manufacturing were, in the last quarter of 1934, as high as they were in 1929, whereas the actual weekly earnings of the same class of employes were 30 per cent below the level of 1929. Similarly the hourly rate of wages of railroad workers was, toward the end of 1934. 4 per cent below 1929. but actual weekly earnings were 12 per cent below. Again, soit-coal miners had a higher rate of hourly wages in the last quarter of 1934 than in 1929, but their weekly earnings were 25 per cent less. On the whole such records as we have indicate that hourly earnings have returned to their pre-depres-sion level. In light of the decline in the cost of living, real hourly earnings are now substantially higher than they were in 1929, and even in 1920, for employes on the railroads, in manufacturing, for j ’nirmon labor, and. judged by the prevailing levels of hourly earnings at the end of 1934. probablv for many other categories of industry as well. The hours of labor fixed in the codes ot fair competition are the fuil-time hours per week, to the maximum work week. Such regulation of hours is t.fectivs, therefore, only when labor is fully employed and when the reduction in the maximum work-week spreads the available employment over a larger number than would otherwise have been employed. Manufacturing in Lead The most satisfactory record of changes in the full time hours of work is to be had for the manufacturing industries. The available date ; show’ that the maximum work-week declined from 57.3 hours in 1909 to 51.2 hours in 1929. and during the depression increased again probably to as much as an average of 55 hours for all manufacturing. The great majority of the codes provide a maximum work-week of 40 hours; a lesser number of 36 hours, and only a few of more than 40 hours. It may be estimated that the average full-time week in manufacturing is now between 40 and 44 hours. This represents a radical decline in the hours of labor and means that, under prevailing business conditions, there is considerable work-spreading and sharing of work witn a consequent reduction in the average weekly earnings and annual earnings of those who are employed. (Tomorrow—Conclusion I

Ralph llendershot

On Commission Row

Quotations below are oversee wholesale prices being offered to buvers by local commission dealers Fruits -Bananas. 5c a lb Apples fanev Winesaps. *lB5. Delicious. 81.7591-85. Lemons, sunkist. J6os. *4 25 Grapefruit. Texas, seedless. *363 25: Arizona 645. 70s and 80s *2 50 Limes Mexican, per carton 12. 25c Bvram seedless, per hundred *3. Pineapples Porto Ricans, crate. *5 Avocados Florida, box. $1 50. Strawberries. Florida. pint. 17c per 36-pt. crate. Apricots *3 crate. Graoes. South America, white *3 black. *3 Honev Devs. South America *2 75. Nectarines. South America, box. *2 50 Vegetables Cabbage. Northern Danish 50-ib. bag 81 60' red. 50-lb. box. *1.50 New Florida cabbage hamper. *3 259 3 50. Onion-, sweet Spanish, large. 50-lb. bag. S3 medium Michigan yellows. 50-lb. bag, *2 75. Texas green onions, 40c doz. Potatoes. Green Mountains 100-lb. bag •1 SO: selected cobblers. 50-lb bag. *1 75: northern round white. 100-lb bag *1; Ohios. 100-ib bag. SI 90 Idaho Russets. 100-lb bag $1 90. New Florida Triumphs, bushel. *2 10. Sweet potatoes. Indiana Jersey s bushel. *1 50. Nancv Halls, bushel. *1 15 Beans, round stringless, hamper. *1 5093.75. Celery iwashed and trimmed*, medium, doz 45c. Jumbo, doz . 75c. hearts, do? . 90c Cucumbers, hot house, dozer. *140: 2 dozen box. *2 50 Endive. California, dozen. 90c. crate. *4 25. Egg plant *3 50 dozen Kale, bushel. 90c. Lettuce. hot house 15-lb. basket. *1: Arizona Iceberg head lettuce *3 25 Yuma, crate. *4 Mangoes. *393 50 a crate: small basket. 50c Mint, a dozen. *l. Parslev. dozen. 35c Peas, hampers. *3 Spinach Texas, bushel *1 85 Radishes, dozen. 90c To-irs-ocs. 10-lb. carton. *1 25. Florida original *2 75 Turnip* bushel. 75c Parsnips, bushel. *1 40 Beets, bushel. *l. Carrots, bushel. *’. 100-ib sack. *175. Rhubarb hot house. 5-lb carton. 50955 c dozen bunches. *1 Mushrooms, lb . 30c All Quotations subject to change up or down. Fill ITS AND VEGETABLES <Bv United Press* CHICAGO March 20- Apple*-Michigan Mclntosh bushel. *1 5061 *5: Jonathans. *1509175 Carrots—California, crates. *3*sp 3 Lettuce- Western, crates. *2 756 375 Turnips—lllinois, bushel. 20 9 35c Sweet Potatoes—Tennessee, bushel. 80n 90c Indiana 81 356 135 Beans—Florida, bushel. *17502 35 Spinach—Texas, bushel. *1256175. Cabbage Wisconsin. 100-lbs. *3 356 2 50. Onion sets —Michigan, sacks a bushel No. 1. *4 Peas —California, bushel, hampers a bushel. (2 2593; few. *3 25 Tomatoea —Mexican Lugs. *2 7563 35; Florida. *3 75 6 3 35. Rhubarb —Michigan. 5-Ib. cartons. 35655 c. Onion Market —150lb sacks'. Mich.gin yellows. *363 IS. Western. Valencias. *3 50. Cluioi* y*"oars.

Abreast of The Times on Finance

New York Stocks

(By Thomson & McK.ir.nom 11 00 A M. Vrt' Oil*— High. Low. N. Y. close. Amerada 51 51 51 50% At! Rfz 22' 22 22% 22 Barnsdall 6 6 6 Corn of Del . . IS% 15% 15% 15% Hous'on <nev-> . 2% 2% 2' 2 Houston fold 10 10 10 10 a Ohio Oil 9% 9% 9% 9% Pet Corp "*• 7% 7% 7* Phillips Pe .... 15'* 15 15% la Plymouth Oil . 7 7 7 1 Pure Oil .... 0 6 0 0 Roval Dutch ... 30% 30% 3030 Shell Un ss,5 s , 5% 5 s * 5% Bkelley Oil -7% 7% 7% 7% Sor Vac 12% 12' a 12 s , 12% SO of Cal .... 29', 29 29'* 28 s * SOofN J. . 36% 36% 30’a 36% Texas Corp . 17 s , 17 s , 17% 17a Tidewater Assn 8 7 3 , 8 7% Steel*— Am Roll Mills .17 17 17 16 s , Be-h Steel 23% 23 a 23'a 23 s , Byers, A M 12'. 12 1 * 12'. 12'. Col Fuel A- Iron l' I*. l' 1% Inland Steel 47 5 , 47% 47 s , 47'a McKeesport Tin 94', 94’, 94’, 94’a Natl Steel . . 41 * a 41'a 41'a 41 Rep Iron A Steel 10 9% 10 9% Rep Ir kSU pfd 30’. 30% 30% 30% U S Pipe k Fdy 10 16 18 16 U S Steel 25'. 28% 28% 28'a Warren Bros 4 4 4 3 s , Younzst'n S& T 14'* 14' 14' 14 Motors— Auburn 16% 18'a 16'. 16'. Chrysler 33". 33'. 33% 33'. Gen Motor* .... 28 27% 28, 28 Hudson B'a B'a B'a f% Mark Truck 21% 21 s , 21 s , 21% Nash 13’, 13', 13'. 13 a Packard 3*. 3% 3% 3a Studebaker .... 2", 2 s , 2 s , 2 s , Yellow Truck .. 2 3 . 2 3 , 2% 2 s , Bore Warner —31 3 31 31 31 Brices 25'. 25% 26 25 . Budd Mfe 3% 3% 3% 3% Elec Auto Lite .. 20’, 20% 20'a 20% Elec Stor Bat .. 4040 4040 Houdaille "A’ .. 7% 7 7'a 7. Stem- Warner ... 7'* 7% 7% 7'* Timken Roll ... 30'a 30% 30% 30 Mining— Alaska Jun 16% 16% 16% 1?% Am Metals 14% 15% 15% lj>% Am Smelt 33 32% 32% 33% Anaconda 8% 8% 8% 8% Cal A Hecla ... 2% 2% 2% 2% Cerro De Pasco . 42% 42% 42% 42% Granbe 5% % 5% 5% Howe Sound ... 45’. 45% 40% 45 Int Nickel 23% 23% 23% 23% Kennecott Cop . 14% 14% 14% 14% Mclntyre Mine . 45', 45 45% 45 Park Utah . ... 2% 2% 1% 2% Noranda Cop ... 34% 34% 3.% 34% Phelps Dodge... 13% 13% 13% 13% U S Smelters 113% 113% 113”, 114% Vanadium 14% 14% 14% 14% Amusement.— Loews Inc 34% 34% 34% 34% Radio Corp .... 4', 4% 4% 4% Paramount 2 s * 2% 2% 2% Warner 8r05,... 2% 2% 2% 2% Tobaccos— Am Tob ■ A’ ... 75% 75% 75% 74% Am Tob B 77 76', 77 78 Gen Cigars 53 53 53 53 Lies A- Mvcrs B 103% 103 103% 103 Reynolds Tob B . 46% 46 46% 46% Rails— Atchison 39% 39% 39% 39% B A O 8% 8% 8% 8% Can Pacific .... 9% 9% 9*B 10 Ch k Ohio .... 38% 38% 38% 38% Chi k Gt W ... % % % % C M k St P 1% 1% 1% 1% C M k St P pfd 2% 2% 2% 2% Chi N W . ... 2% 2% 2% 3 Del Lac k W 12% 12% 12% 12% Grt Northern pf 10'. 10% 10% 10', 111 Central .... 10', 10% 10', 10 Lehigh Valley .. 6% 6% 6% 6% MKAT ..3 33 3 M K k T pfd . 7 7 7 6% N Y Cent ... 13% 13 13 13 N Y New Haven 3% 3% 3% 3% N Y Ont k West 33 33% Nor Pacific 14% 14% 14% 14 Penn R R 18% 18 18 18 Sou Par 13% 13% 13 s . 14 Sou R R 8% 8% 8% 8% Union Pac 86 86 86 88 West Maryland. 6% 6'% 61% 6 Equipments— Am Car k Fdy 11% 11% 11% 11 Am Loco ... 9% 9% 9 s * 10 Am Steel Fdy... 13% 13% 13% 13% Bald Loco i% 1% 1% 1% Gen Am Tk Car 34% 34% 34% 33% Gen Elec 21% 21% 21 s . 21% Pullman Inc ... 42 42 42 42 Westingh Elec 34% 34% 34% 34% Utilities— Am A For Pwr 2% 2% 2% 2% Am Power A Lit 1 % 1% 1% 1% A T A T .101 100% 100% 100% Am Wat Wks ... 9 8% 9 8% Col Gas A Elec . 4 s * 4% 4% 4% Com A Sou .... ’a % % % Consol Gas . .18 17% 17% 17% Elec Pwr & Lit. 1% 1% 1% 1% Int Hydro Elec.. 1% 1% 1 % 1% Int T A T 6% 6 f% 6 Nat Pwr A Lit.. 5% 5% 5% 5% North Amer .... 10% 10 IV* 10 Pac G A El ... 14% 14% 14% 14% Pub Serv N J ... 22% 22% 22% 22% So Cal Edison.. 11% 11% 11% 11% Std Gas 2% 2 % 2% 2% Stone A Webster 33 32% United Corp .... 1% 1% 1% 1% Un Gas Imp .., 10 9% 10 9% Rubbers— Goodvear 17 17 17 17% U S Rubber 10% 10% 10% 10% U S Rubber pfd 16% 26 26% 26% MisceUaneous — Alis Chalmers.. 14 14 14 13% Amer Can 114% 113% 113% 113*% Am Mach A Fdv. 20'. 20% 20% 20 Anchor Cap 13% 13% 13% 14% J I Case 48% 48 48% 48 Conti Can 66% 66% 66% 66% Caterpillar Tract 39 39 39 38% Deere A Cos 24 24 24 24 Gillette 13 13 13 13% Glidden 25% 25% 25% 25% Inter Harv .36% 36 36% 36 Owens Bottle 86 85 86 86 Worthington Pm 13% 13% 13% 13% Food.— Armour ♦ 4 4 4 Beatrice Cream 16% 16% 16% 15% Borden Prod .... 22% 22V, 22% 22% Cal Packing 38% 38% 38% 38% Coca Cola 183% 183% 183% 180 Corn Prod 64% 64 64 54% Gen Foods 33% 33% 33% 33% Gold Dust 15% 15% 15% 15% G W Sugar ... 30% 30% 30% 30% Loose Wiles ... 34% 34% 34% 34% Natl Biscuit ... 25% 25% 25% 25% Natl D Prod 14% 14% 14% 14", S Porto Rico Sue 22% 22% 22'. 22% Std Brands 15% 14% 14% 15 Un Biscuit 24 24 24 23% United Fruit 78% 78% 78% 78% First Natl Stores 48% 48% 48% 48% Hahn Dept Sts . 4 4 4 3% Kresge S S 20% 20% 20% 20% Kroger Groc ... 24% 24% 24% 24', Macy R H 35% 35% 35', 35% McCrorv St .... 9% 9% 9% 9% McLellan St 10% 10% 10% 10 May Dept St... 37% 37% 37% 37% Mont Ward 23% 23 23% 23% Natl Tea 9 9 9 9 Penney J C 65 s * 65% 65% 65% Sears Roebuck.. 34% 34', 34% 34% j Wool worth 53 52 7 53 52 % Aviation — Aviation Corp .. 3% 3*. 3*. 3 s . Boeing Aircft ... 7% 7% 7% 7 Curtiss Wright. 2% 2% 2', 2% Curtiss Wr A". 7% 7% 7% 77% Douglas Air .... 19% 19 s * 19 s . 19 s . Nor Am Av 2% 2% 2% 2', Sperrv Corp .... 8 7 s , 7 s , 7% Uni Aircft New 11% 11% 11% 11 s . Chemical* — Air Reduction . 105% 105% 105% 105 Am Com Alcohol 24% 24% 24% 23% Com Solvents .. 18% 18% 18% 18 s , Du Pont 88% 88% 88% 88%

New York Curb

ißv Abbott. Proctor & Paine* Noon Prev. N. Y. close Allied Mills 13’ii 133. Am Superpower •’ 3 Atlas Corp T l * 8 Distillers Corp 15 s . 16 El Bond & Share 4' 4> Ford of Europe 7*. 7 3 Hiram Walker 28 3 * 27 7 Lake Shore Mm 56*2 5S 5 Lone Star Gas 4’ 4*. Natl Bellas Hess I* l'a Nia Hud Pwr 2 T 3 Penn Road 1 3 l'a Sonotone l'a l'a St of Ky 19’* 19

Daily Price Index

By United Frett Yesterday ... 118 83 Year ago .... 108*5 Week ago 119 51 1935 high 134 37 Month ago 132 83 935 low 118 22 Copyright. 1935. by Dun & Eradstreet, Inc. DEBITS SHOW DECREASE 41 Leading C ities Report Total of 5886.573.000 During Week. By Timet Special CHICAGO. March 20—Debits to individual deposit accounts for the week ended March 13. 1935, reported by 160 banks in 41 leading clearing house cities in the Seventh Federal Reserve District, amounted to $886.573.000, a decrease of 14.4 per cent under the previous week, it was learned here today. A total of $884,344,000 from 39 cities during the week ended March 13 compared with $760,844,000 for the corresponding week of last year, an increase of $6.2 per cent.

INDIANAPOLIS, WEDNESDAY, MARCH 20,1935

Freeport Tex ... 18% 18% 18% 18% Liquid Carb 25 s , 25*, 25% 25% Math Alkali 24% 24% 24% 24% Monsanto Chem 57 s , 57 5 , 57 5 , 58 Natl Dis (new-).. 28% 27 5 . 27% 38% Schenlev Dist .. 26% 25% 25% 25% Tex Gulf Sulph 31% 31% 31% 31% Union Carbide 46% 46 46% 46 U S Ind Alcohol 37% 37 s . 37V. 36 s . f)rur— Lambert 26 s , 26 s , 26 s , 26 s , Sterling Prod .. 62 s , 62% 62% 62% Un Drug ine*) 10 10 10 10 Vick Chem 36 s , 36% 36 s . 36% Zonite Prod .... 3 s . 3S 3% 3% Financial— Allegheny Corp . 11l Am Int Corp 5 5 5 J Transarrciica ... 5 5 5 5Tr Ccatl Corp .2 s * 2H 2% 2% Building— Am Radiator ... 11 s . 11% 11 s * 11% Gen Asphalt ... 13', 13% 13% 13 Holland Furnace 6% 6'. 6% 6% Int Cement . 24 24 24 23% Johns Manvllle 40 s , 40% 40% 40% Libbv Owens Gls 24 23 5 , 23% 23 s . Otis Elev 13 13 13 12% Household— Congoleum 28 27% 28 28% Kelvinator 15% 15% 15% 15 Proc A Gamble 46% 46% 46% 46 5 , Serve! Inc ... 7% 7% 7% 7 s , Simmons Bed... 6% 6% 6 s , 6 s . Textile.— Amer Woolen ... 5% 5% 5% 5% Belding Hem .. 11% 11% 11% 11% Celaness Corp . 20 s , 20% 20 s , 20 s , Gotham Hose .. 2 s , 2 s , 2% 2 s , Indus Ravon .. 26’, 26% 26% 26%

(Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails Util. Bonds. Today x 84.6 73.6 tk.b x 83.6 Yesterday ... 84.8 73.6 92.6 83.7 Week ago ... 85.8 84.3 93.2 84.5 Month ago ■ 86.9 83.4 94.2 88.2 xNew 1935 low. (Copyright. 1935. bv Standard Statistics) U. S. GOVERNMENT BONDS (By Fenner & Beane. Liberty. Prev. Close. Close. Ist 3%s 1932-47 10-.8 101.10 Ist 4% s 1932-47. 101.12 101.15 4th 4%s 1933-38 (Uncalled). 102 28 102 30 4th 4%s 1933-38 tCalledi 100.17 100.20 Treasurya 4% s 1943-45 115.21 115.22 4s 1944-54 110.18 110.12 3%s 1946-56 109.1 109.8 3%s 1940-45 107.5 107.9 3 s .s 1943-47 106.14 106.15 3%s 1941-43 107. 107 4 3%s 1943-45 105.3 105.8 3%s 1941 107.9 101.7 3%s 1941-46 105.30 105.7 3%s 1946-49 104.5 104.10 3%s 1949-52 104.2 104.10 3s 1951-55. 103.3 103.7 3s 1946-48 103.1 103.7 2%s 1960-55 100.9 100.20 Home Owners Loan Corp. 2%s 1949 100.2 100.2 3s 1952 101.14 101.16 4s 1951 101.7 101.9 Federal Farm Mortgage Corp. 3%s 1964 103.3 103. 3s 1949 101.16 101.18 3s 1942-47 101.23 101.22 DOMESTIC Prev. Close. close. Alleg Corp 5s ’44 66% 66% Alleg Corp 5s '49 56% 56 Alleg Corp 5s ’SO 15% 16 Am Frgn Pow 5s 2030 51% 50 Vi Am Tel A Tel 5%s ’43 112% 113 Am Tel A Tel 5s ’65 111'% 111 7 /* Arm & Cos (Del) 5%s ’43 104% 104% Atl Coast Line 4s '52 99% 99% At 1 Coast Line 4%s ’64 84% 85 Atch Top A Fe 4'/is ’4B 106V* 105% Am Wat Wks 5s ’44 87% 87 Am Rolling Mills 5s ’3B 105 105 3 /. Balt A Ohio 5s ’95 56 56 Balt A Ohio 6s ’95 . 64% 64% Balt A Ohio 4%s ’6O 42% 41% Buff Roch A Pitt 4%S ’57 53 V, 54 Beth Steel 5s ’36 103% 103% Chi Milw A St PI 5s ’75 15 15 Chi Milw’ A St P 5s 2000 3'% 3% Cleve Un Term 5s ’73 87 % JB% Cleve Un Te,m 4%s ’77 80 Vi 80'% Col Gas 5s May '52 72% 72 Col Gas 5s ’6l 72 Vi 71 Vi Can Pac Perp 4s 83% 83% Cent Pac 5s '6O 71% 72 Big Four 4Vis 77 53% 53Vi Big Four 5s ’63 63 64% Colorado ASo 4',-s ’BO 56% 56% Chi A West Ind 4s ’52 97 96'% Chi A West Ind s'is ’62 103% 103'% Chi A Nor West 4%s ’49 12'% 12% Chesa Corp 5s ’47 102% 102'% Dodge Bros 6s ’4O 105'% 105'% Del A Huds 4s '43 79% 79 N Y Dock 5s ’3B 44'% 44 Erie 5s ’75 55 54'% Erie 5s ’67 55 55 Gen Cable 5%s ’47 88% 88% Grt Northern 7s '36 84% 84% Gen Stl Cast W W s>%s ’49... 69% 72*% Hud A Manhat Ref 5s ’57.... 88'% 88% 111 Cent 4%s ’66 46 45% 111 Cent Jt 4*%s ’63 52% 51 *% 111 Cent 5s ’63 55V, 54'% Interntl Hy Elec 6s '44 28% 28% Interntl Tel A Tel 4'is ’39 59 59 Interntl Tel A Tel 5s ’55 55% 56% Interntl Tel A Tel 4'%s ’52 ... 51% 50'% McKess A Rob s'%s 'SO 97V, 97 Midvale Stl 5s '36 103'% 103 V. Natl Dairy s'is ’4B 103% 103'% Natl Steel 5s ’56 106'% 106% Nickel Plate 4%s ’7B 48% 49'% Nickel Plate 5%s '74 59 59% Nickel Plate 6s ’35 60% 53 N Y Cent 5s 2013 50'% 49% N Y Cent 4%s 2013 (old) 47 46'% Nor Amer Cos 5s '6l 86% 86% Nor Pac 3s 2047 73% 74% Nor Pac 6s 2047 9S 93 Nor States Pow 5s ’4l 107% 107 Otis Steel 6s ’4l 83 83'% Penn Ry 4Vis ’34 102% 102 V, Penn Rv 4',s ’Bl 103 102% Penn Rv 4%s ’7O 92 91% Pac G A E 5s ’42 106% 106% Portland Gen El 4%s ’6O 54 % 54% Para Publlx 5%s 'SO 71 70% Penn PAL 4'%s ’Bl 102% 102% Postal Tel A Cab 5s '53 42 42% Rem Rand W W s'is ’47 101 99'% Sinclair Oil 6%s '3B 104% 104% Shell Union Oil 5s ’4 102'% 103 Sou Pac 4'%s ’63 59 58% Sou Pac 4%s ’Bl 58% 57% Sou Pac 4%s ’69 58'% 58'% Sou Pac 4s ’49 62% 62% Sou Rail 4s ’56 43 43% Sou Rail 6s '56 56 56% Sou Rail 6Vis ’56 58% 59% Sharon Stl Hood 5%s ’4B 81% 81% Texas Pac 5s ’79 83% 83 Texas Pac 5s ’77 83% 85 Union Pac 4s ’47 110% 110% United Drue 5s ’53 87'% 89 V S Rubber 5s ’47 91 % 91 N Y N H A Hart 6s '4B 33% 33 N Y N H A Hart 4%s ’67 29% 29% Warner Bros 6s '39 49 49 Western Marv 5%s '77 96'% 96% Western Marv 4s ’52 .. .... 92 91% Youngstown S A T 5s ’7O ... 93% 93 Youngstown S % Tss '7B .. 93% 93'% FOREIGN Argentina A 6s ’57 92% 97% Argentine B 6s 'SB 92 s * 92'% Brazil 8s '4l 29 28% Canadian Govt 4s '6O 106'* 106 Denmark 5%s ’55 98% 99 French 7s ’49 183% 183% German 5%s '65 29% 28% German 7s '49 41% 39V, Italy 7s ’sl 85 85% Japan 6%s ’54 92% 92% Poland 7s '47 122% 122 Rome 6%s '52 76% 77 Toklo Cltv s'is '6l 77% 77% Yokohama 6s '6l 82 82 FEDERAL FARM LOAN BONDS (Bv Blyth A Cos.) Bid. Ask. 4%s Julv 1. 1946-44 106% 107 4s Nov. 1, 1957-37 104 104'% 4s Mav 1. 1958-38. 104 104% 4 1 ,s July 1. 1956-36 104 104'% 4%s Jan. 1. 1957-37 104% 1041* 4%s May 1. 1957-37 104% 104% 4%s Nov. 1. 1958-38 104% 105% 4%s Mav 1. 1942-32 101% 102 4%s Jan. 1. 1943-33 101% 102 4%s Jan. 1. 1953-33 101% 101% 4%s Jan. 1. 1955-35 101% 101’* 4%s Jan. 1. 1956-36 102% 5s Mav 1. 1941-31 101 101% 5s Nov. 1. 1941-31 101 101%

We Offer Our Facilities To Holders of Called Fourth Liberty Loan Bonds Who may desire to effect an exchange for the new r issue of U. S. Treasury Bonds. The exchange offer, which applies to Fourth Liberty Bonds with serial numbers ending in 5, 6 or 7, terminates on March 27, 1935. American National Bank at Indianapolis

N. Y. Bonds

FOREIGN NEWS ACTS ASGURB; STOCKS MIXED List Moves Within a Fractional Range: Bonds Are Dull.* B\l United Prrs a NEW YORK, March 20.—Security and commodity markets moved narrowly today with trading still restricted by uncertainties of the foreign situation. Stocks were in a fractional range, cotton was around the previous close and bonds were dull. Foreign exchange operations were not so excited as yesterday. On the stock market there was an undertone of firmness with many leading issues showing fractional gains. Chrysler was one of the leaders and was up % to 33%. American Can was U higher at 113% and most leading rails showed small gains including Atchison at 39%. U. S. Steel was off % at 28%. American Telephone gained % to 101 to bring improvement to most of the utilities. Otis Elevator was active and showed % gain at 13%. New York Shipbuilding showed a point at 8%. American Tobacco B lost a point to 77 and General Cigar was 1% lower at 51%.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings ' ™ Debits 6,213,000.00 TREASURY STATEMENT ißv United Pressl WASHINGTON, March 20.—Government expenses and receipts for the current fiscal year to March 18, compared with the corresponding period of the previous fiscal year: . , This Year. Last ar. Expenses $4,905,708,824.29 $4,607,437,764.05 Receipts. 2,641.163,340.47 2,164,813.773.64 Deficit 2.264.545.483.82 2.442.673.990.41 Cash Bal. 2,149,350,020.44 4,880,302,966.21

Chicago Stocks

11:00 Prev. A. M. close. Butler Bros 7'% 6% Berghoff 32% Bendix 12% 12% Borg Warner * 31 31% Cities Service % % Commonwealth Edison 58% 57 Cord 2% 2'% Elec Household Utilities 13% 13% Iron Fireman 14 14 Noblitt-Sparks 14% 14 s , Public Service (no par) 21’a 21% Prima Beveridge 3% 3 Swift 16% 16% Vortex Cup 17% 17% Walgreen 28% 27% GRAIN FRIGES MOVE FORWARD AISIARI Governing Factors Bullish in Early Dealings. By United Press CHICAGO, March 20.— Governing factors were bullish today and grain prices moved forward on the Board of Trade. First sales of wheat were % to % cent higher, corn was up % to cent, oats were up % to U cent, and rye was improved % to % cent. Broomhall reported that Liverpool opened higher because of the improved demand for Australian and Argentine wheats ana in sympathy with a higher opening at Buenos Aires. Cotton futures firmed here, adding to the better all-round feeling. Little attention was paid to reports of unsettled weather in parts of the domestic southwest.

Chicago Grain Futures

(Reprinted from yesterday) Wheat— Prev. Open. High. Low. Close. Close. May. .91 .92 .91 ,91V* .91 Julv.. .88% .89% .88% .88 s , .88% Sept.. .88'/ .89 .88% .88% .88% Corn— Mav. .77 .77% .76% .77% .76% Julv . .72% .73% .75% .73% .72% Sept.. .70% .70% .70 .70 .70 Oat*— Mav . .42% .43% .42% .42% .42% julv . .37% .33% .37% .38 .37% Sept.. .36% .26% .36 .36% .35% Ma/? - " .54% .54% .53% .54% .53% Julv . .55% .56% .55% .55% .55V, Sept.. .56% .57% .56% .58% .58% Barley— May . .62 .62 .62 .62 .62 July . .56 .56 .56 .56 .50 Lard— Mar. 12.37 12.37 12.37 12.37 12.30 Mav. 12.25 12.47 12.25 12.37 12.30 July. 12.25 12.50 12 25 12.35 12.27 Sept. 12.30 12.57 12.30 12.35 12.27 Bellies— Mav. 16 00 12.12 12.00 12.12 15.97 Julv. 16.30 16.30 16.30 16.30 16.10 Sept. 16.10 16.15 16.10 16.15 16.00

1 BE SAFE JglkSgßlQt I nan re Your Ca r Today Automobile Insurance Ass’n. LI-6971. 7th Floor Peridental Bldg.

Friends Gained by TVA in Cheap Power Scheme Despite Court Setbacks Chattanooga’s Vote to Provide Outlet for Product Is Latest Victory; Individuals and Cities Both Profit From Low Rates. BY MARSHALL M’NEIL Times Special Writer KNOXVILLE. March 20.—The Tennessee Valley Authority’s cheap power program, despite attacks in the courts, is steadily gathering support in this valley. For the third time, with the third overwhelming majority, a valley city has voted for municipal power operation, to provide consumers with cheap electricity from TVA dams.

Chattanooga voted 2 to 1 for TV A power despite an intensive fight by private power interests. Earlier, Memphis voted for TVA power, 37,735 to 1868, and Knoxville approved a bond issue with which to build or acquire a municipal system for distributing TVA energy. Knoxville, unable to buy, is building a competing system, using funds advanced on its bonds by PWA. Memphis is negotiating a contract with TVA and then will try buy the private power system there; failing that, it will build. And TVA will be ready to serve Chattanooga when Norris Dam is completed in the spring of 1936. Beaten Only Onc Out of four times the issue of supporting TVA has been put to the voters, it has failed once. That was at Birmingham, where other issues were simultaneously involved. Those who should know believe that Birmingham, if given a second opportunity, would vote for TVA. Thus, while one Federal judge has already ruled against TVA, the people of the valley have shown by unmistakable majorities that they want cheap government-generated power. Already more than 11,000 persons of the valley are receiving these benefits. TVA, under the direction of David E. Lilienthal. is furnishing cheap power to the cities of Tupelo, Miss., Athens, Ala., and Pulaski and Dayton, Tenn. In addition, it is supplying customers in nine northeastern Mississippi counties, and it has other customers along 83 miles of rural lines about Wilson Dam at Muscle Shoals. The four major towns are wholesale customers, re-selling energy to local consumers at low rates fixed by their contracts with the Authority. Co-operatives are operating the TVA power systems in Alcorn and Pontatoc Counties. That this is good business for these political subdivisions, as well as for the consumers, is proved by the fact that during the first 11 months it received TVA power, the city of Tupelo (population 6361) made a net profit of $20,955. Residential consumption of electricity in Tupelo increased about 114 per cent in the same period, at rates estimated to be about half of those charged by the Mississippi Power Cos., which used to serve Tupelo. Much Is Available Although TVA is selling some power at Wilson Dam to the Alabama Power Cos., is supplying energy used in building the Norris, Joe Wheeler and Pickwick dams, and is using power in its fertilizer experiments and at the town of Norris, it still has much energy available at Muscle Shoals. When Norris, Wheeler and Pickwick dams are completed and their power installations complete, the Authority will have more than 500,000 kilowatts of prime power available. From this pool, TVA’s supporters hope, the whole valley will eventually receive cheap power. The disposition of this surplus power is the issue involved in the suit decided against TVA by Federal Judge Grubb at Birmingham sev-

6 Exchange Offering to Holders of Fourth Liberty Loan Bonds Bearing Serial Numbers Ending in 5,6, or 7 Called for Payment April 15, 1935, at which time interest will cease Until Wednesday, March 27, 1935 Such Fourth 4|4% Liberty Loan Bonds May Be Exchanged for U. S. Treasury 2%% Bonds of 1955-60 Dated March 15, 1935 Due March 15, 1960 Callable March 15,1955 With interest adjusted as of March 15 on the Called Bonds and as of -the date of exchange on the Treasury Bonds. * Jjt * * * Sfc sjg Our facilities are offered for the Exchange of the Called Bonds. The Indiana National Bank of Indianapolis 3 Virginia Ave. Lincoln 2331 The Union Trust Company of Indianapolis 120 E. Market St. RHey 5341

What Docs It Mean? Internal Bonds—When a qoreniment sells (in issue of bonds strictly to persons rcithin the borders of that government the issue is known as an internal issue.

eral weeks ago, and now being appealed to the Circuit Court. Judge Grubb held, in effect, that TVA was within the law when it built dams to provide navigation and flood control and to prevent soil erosion. He also held, in effect,, that if TVA produced at these dams a small amount of power above that used in its operations, it might sell such energy, but that it could not sell large quantities of power. For this, he decided, would put the TVA and the government in a ‘proprietary business,” which ne held improper. In appealing this decision, TVA will seek a definition of surplus power, contending that it must manufacture power to prevent waste of a natural resource and to carry out its constitutional functions of providing flood control and navigatin, and that it can sell surplus power in any quantity. SWINE VALUES CONTINUE DROP Prices Generally 20 Cents Lower Despite Dip in Receipts. Prices in the hog market at the Indianapolis Stockyards today continued their downswing, despite a sharp decrease in receipts. The range was generally 20 cents lower than yesterday, with underweights quoted mostly 25 cents lower. Receipts were 4500, compared with 7000 yesterday. The bulk, 160 to 250 pounds, sold for $8.60 to $8.70. Heavyweights, 250 pounds up, brought SB.IO to $8.50. Lighter grades, ranging from 100 to 160 pounds, cashed in at $6 to $8.25. Packing sows were priced at $7.50 to SB. Holdovers numbered 422. Trading was slow in all classes of the cattle market. The outlet was narrow with prices tending lower. Most steers sold under sll. Receipts were 1000. The veal market was steady with the majority of grades bringing $9.50 down. Vealer receipts totaled 700. The lamb market was steady, wool classes being quoted at $8.50 down and clipped classes at SB. Slaughter sheep sold at $5 down. Receipts were 500. CHAIN STORE SALES UP By Times Special WASHINGTON. March 20.—Daily average sales of chain grocery stores during February of the current year were 3% per cent higher in dollar volume than in the same month of 1934, and about 13 per cent higher than in February, 1933, according to the Department of Commerce. LOCAL CASH MARKET City grain elevators are paying 82 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow. 74 cents, and oats 42 cents.

BROKERS TAKE TIME TO STUDY UTILITY'S ROLE Nine Holding Companies Seen Requiring Simplification of Structure. By 7 imes Special NEW YORK. March 20.—N0 question before the public has aroused greater interest in the financial community than the controversy over the proposed bill for regulation of public utility holding companies. Realizing the importance of the measure several Stock Exchange firms have made intensive studies into the affairs of such organizations, and one, Weingarten & Cos., it was learned today, went so far as to submit a questionnaire to 18 leading units. The survey, covering eight vital points of the proposed law, asks— Is simplification of corporate structure required? Is system economically integrated? Is system geographically integrated? Does system combine electricity and natural gas? Does system combine domestic and foreign properties? Does system operate servicing subsidiaries? Any “upstream” loans? Any extraneous activities? According to Weingarten & Cos., the replies to the questionnaire would indicate in what respects the larger holding companies conflict with provisions of the Rayburn till, bearing in mind that the bill is likely to be substantially amended before it becomes a law. Nine concerns replied to the firm's inquiry', giving it their own interpretations. Weingarten Co.'s tabulation and findings with respect to three of the eight pr'nts, follow: ' . JSa. £*. “C—2, us- 1 - rt S oSS’S >o>"nF- 33 SoM o vi e**-* : — Amer. Gas *>n> E'ec. .. No Yes YtfH Amer. Power aiici Light. No No N’oß Amer. Water Works ... No Yes Ye Cities Service No Yes Yes* Columbia Gas and Elec. No Yes Yes Comm, and Southern .. No No No Elec. Bond and Share .. No No No Elec. Power and Light . Yes No No Inti. Hydro-Elec ? Yes Yes Nati. Power and Light Yes No No Niagara Hudson Yes Yes Yes North Amfican .. •. Yes No No Standard Gas and Elec. Yes No No Stone & Webster Yes No No United Gas Impvt. Yes No No United Light and Power Yes No No Utility Power and Light Yes Yes No JOIN STOCK EXCHANGE By Times Special NEW YORK, March 20.—Wilmerding & Cos., specialists in municipal bonds, have become members of the New York Stock Exchange wi<h the admission of two, new general partners, Allan McLane Jr., a member of the exchange, and Walter Shepperd, both former partners of Redmond & Cos., it was announced today.

Breed, Elliott & Harrison Established 1912 1115 CIRCLE TOWER GOVERNMENT BONDS FEDERAL AND JOIVT STOCK LAND BANK BONDS HOME OWNERS’ LOAN CORPORATION BONDS REAL ESTATE PREFERRED STOCKS AND BONDS BUILDING & LOAN STOCKS