Indianapolis Times, Volume 47, Number 9, Indianapolis, Marion County, 21 March 1935 — Page 20

Wall St. Continuance of U. S. Reform Program Questioned. _BY RALPH HENDERSHOT— Ttns Writer

TLTEW YORK. March 21.—That the present Administration, throuch reform legislation, has corrected many of the weak spots In the country's financial and business makeup will be conceded by most poeple who have been following closely the developments in govemnunt during the last two years. L’aewise. most of these peo-

ple wil'. grant that tl "re are attll other conditions "vhich, if correct ?d, would make lor greater stability and prosperity in the years ahead. But the question arises at this time as to whether we can afford to continue the reform program now. It

I JM

Ralph Hendershot

may be argued that we should clear up the situa’lon once and fro ail while we are at it irrespective of the consequences. but your correspondent is of the opinion that such a procedure should not be adopted without *ome very serious thought. The United States has paid a fairly high price for such reforms as already have been effected. There can be little doubt but that they have had a retarding effect on business, and that the consequent lag had been offset only by direct and indirect government expenditures. These expenditures, in turn, have constituted a he ivy drain on the government's credit, and they are yet to be repaid through taxes, assuming they are repaid. m m m \ DDITIONAL return might well result in currency inflation. The government can not continue indefinitely to borrow money to care for those forced into idleness by lack of trade activity. In fact, it is doubtful that it could have proceeded as far as it has gone in that direction had it not set up an j artificial and potentially dangerous | marketing procedure. It probably is safe to say that I the banks of the United States would not be carrying so many government bonds in their portfolios if they did not realize that they could easily convert them into cash at the Federal Reserve banks. The banks today are the largest purchasers of government securities. But if the Reserve banks are obliged to take back government bonds and pay out cash to the banka for them in very large amounts the printing presses will have to be brought into play. Such a development might well be regarded as an important step in the direction of inflation. man THE question, therefore, which should be considered at this time is whether we desire additinoal reforms at the risk of inflation or whether the needed reforms should be postponed unlit such time as the business health of the country Is good enough to stand them. Doctors frequently refrain from performing needed operations due to the general weakness of the patient. and those who would do a thorough job of trade repairs at this time could do worse than look at the problem from the same angle. The stock market has jeen regarded as a reliable busi less barometer for many years, a id it innflablj has proved to lx an accurate forecaster. The rm rket action during the last mon h or so has pointed in the direction of a slump in trade. It says that the small recovery we have experienced may be erased in the months directly ahead. The warning may be more important than many people believe.

Other Livestock

•Bv Unit! Prpsi CHICAGO. Murch 31 Hop-Receipts, 10POO including 5000 directs: active. -• rong to mostlv 10c higher than Wednesday 300-300 lbs. **7oB*o: top $* *5 160-200 :hs *R 25 *BO !‘4|ht lights *7 75 R 35 slaughter pigs *6 50 57 75; packing sows. *BB 25 light lights. tO-l#o lbs good and choice *7.75 c 8 50; lightweights. IjO-200 lbs good and choice. **Js'a3Ro; medium weights 200-250 lbs good and chocie, 58 60'., g 8S; heavvweigh’s. 250-356 ibs good and choice. *8 6OvaBo packing ns 275-550 Ibs. medium and ihotce. *■ ••9 25 slaughter pigs. 100-140 tbv. good and choice 16 50 8 Cattle—Receipts. 4-viO; caites 1500. general market more active fed steers and vearlWigs steads to strong better grade suitable to ship shade higher in instances she-stock strong to 2V higher, bulls strong to 10c hther; sealer* steadv to 25c higher; selects *9fe 925 odd head. *9 50 best weichtv steers. *l3 5” slaughter cattle and sealers Steers. 50-500 lbs . good and choice. J 9 50U1I 25. 9XI-1100 lbs good and choice *9 75si !? 75 1100-1300 ibs good and choice. 810 25 ’l4 1300-1500 lbs. good and choice. *lO 50 :14 550-1300 lbs. common and medium *5 75 ;10 50. heifers 550-750 lbs good and choice. Mn 11.50: common and medium. *55; 9 25. Ctsws. good. *6 75t9. common and medium. *4 6 75; low cutter and cutter cows *3 • 4 bulls, yearlings excluded good beef *5 50ii7 25: cutters, common and med um *4 25 a 5 85. sealers, good and choice. *7.i9 25; medium. *6’it; cull and common *4 •< 6 stockers and feeder cattle Steer* 550-1050 lbs. good and choice *6 50 ;R 75 common and medium. *5 25 16 75 Sheep Receipts. 15.000; fat lambs slow bids and few eartv sales 2So or more lower shep and feeding lambs little changed desirable s.aughter lamps bid (8 downward early, asking *8 25 and above few ewes $4 5: slaughter sheep and lambs Lambs. 90 ibs down good and choice. *7 508 35. common and medium. $8 50 760 90-98 Ib. good and choice. *7 356 835 ewes. 90-150 lbs. good and choice *4,: 550 all weights common and medium *3 •4 50 feeding lambs. 50-75 lbs . good and choice. *6 3545?. LAFAYETTE March 21—Hog* Market steadv 200-225 lb- $8 55 225-235 lbs. *8 SO 235-250 lbs . *S 40 230-275 lbs *8 30; 275-300 lbs *8 20: 300-325 Ihs *8 M; 180200 lbs *8 50 170-18.* lbs 88 40 180-170 lbs *8 30 1 55-160 lbs. *S 150-155 lbs, (7 75 140-150 ibs 87 SO 100-140 lbs $5 7* - 7 25. roughs. *7 75 down, calves steady. $' lambs.'*B down. " . WAYNE. March 21 —Hoga—Market 10 to 15 cents higher 200-250 lbs *8 55: 350-330 lbs *8 40 300-350 lbs. *8 10: 180300 Ibs. *8 40 160-190 Ibs (8 40: 150-180 Ihs 88 140-tSO ibs. 87 50; 130-140 lb* *7 25 120-130 lbs *6 75. 100-120 ibs 86 25 rough*. *7 25 Stags. *5 Calves. (9. Lamb*. 98 • Bv Times Special) LOUISVILLE. March 21 -Cattle— Receipts. 250. market generally steadv on aU slaughter classes: supply light and killtr.g plain bulk common to medium steers and heifer* *8 25*t8SO; better finished fed steers quotable to around 110 25 bulk beef cows 84 50i8. good heavy cows asd smooth heifer types, quotable to ** 50 or better, low cutters and cutters, mostly 82 75*i 4 thin shelly Ibw cutters, down to 82 25 bulk sausage bulls. *4tis 2S. desirable beef bulls to 86 most desirable beef tvpe stock calvea, *74r7 50 choice steer csTves. to *8 or better. Calves—Receipts, 375 including 150 stock calves market s'eadv bulk good to choice vealers weighing ISO .b up. *7 50*i8 strictly choice around 200 lb weights. *8 50: medium and lower grades 88 50 down. Hogs—Receipts 000, market ready- top and bulk better. 180-350 ibs 88 25 255 Ths up (7 80 100173 ibs . 87 75: 140-155 lbs . 87 35. 130-I*s lbs *6 30. sows weighing 400 lbs down. $g 30: heavier sow* discounted SO cents Sheep—Receipts. 50. market steady: bulk ■mßmp *0 pood lamka. 87w*. choice. A-otab.e around 38 30. common throwouts. mostly 30. bulk fat twwa. *3 50 down.

PAGE 20

RATE OF PAY FOR WORKERS AT’29 LEVELS

Readjustment Nothing Like Decline Shown in Cost of Goods. Thit Is the fourth and final article In a series written be Dr. Leo Wolman, rbairmis of the National Automobile Labor Hoard, and former chairman of the Labor Adelsore Board of the NBA, for the National Bureau of Economic Research. Dr. Wolman. a recorniied labor authority, dlacoaaea a nbaae of economics with which he is entirety familiar. BY DR. LEO WOLMAN Unquestionably the most striking feature of the statistics of wages and hours is the degree of recovery of hourly earnings and the reduction in the hours of work. Hourly earnings have now’ praci tically made up the losses suffered m the depression and are in general at their 1929 levels. It is, moreover, a fact of the utmost significance that hourly earnings in the important categories of employment are about where they were during the years of post-war prosperity from 1922 to 1929, and are, in many instances, not materially below recorded hourly earnings in 1920, the year of peak wages in this country. In the face of drastic declines in the price level, rates of w’ages, in so far as they are measured by hourly earnings, have apparently escaped readjustment of anything like the tame amount. Full Time Hours Cut The full-time hours of work have, in the past two years, been more radically reduced than in any similar period of which we have any record. The maximum work week is now oertainly five hours shorter than it was in 1929 and, in the judgment of the writer, the reduction it. v easily have been greater. The s erage weekly earnings of employed labor have increased from 1933 to 1934 in all important categories of employment, but they have not increased by the same amount as hourly earnings. In some the increase was less than that in the cost of living. But in these classes of employment (public utilities, wholesale and retail trade. Class 1 railroads) the decline in weekly earnings throughout the depression was not so great as in the others, with the result that the real weekly earnings of employes In public utilities, wholesale and retail trade, and Class 1 railroads were higher in 1934 than in 1929. Pay Rolls Show Gain In all important groups of industries. both the volume of employment and the volume of pay rolls were materially higher in 1934 than in 1933. In all of these groups, also, the total volume of wage and salary disbursements in 1934 was considerably below 1929. as is indicated in the following table: Wage and Salary Disbursement* in 19.11 Index No. Industry. 1929=100 Manufacturing 56.7 Extractive industries 49.1 Construction (private) 17.4 Telephone and telegraph 71.5 Electric light and power and gas .... 77.9 Trade* 54.1 Transportation* 54.1 • Includes wholesale and retail trade. + Includes electric railroad, steam railroad and motor bus transportion. The decline in that period ranged from 83 per cent in private construction to 32 per cent in the group of electric light and power and manufactured gas industries. (THE END)

Local Livestock

HOGS Mar. Bulk. Top. Receipts. 15. *9 201? 9 30 (9 35 4000 16. 9 050 9 20 9 20 25C0 18 9 10< t 9.25 930 2500 19. 8 80 8 90 8 90 7000 20. 8 Ro<fi 8.70 8 70 4500 21. 8 60 8 70 8.70 4500 Light light: • 140-1601 Good and choice. - 87 75 870 Medium 7 25f 8 25 Light weight: 1160-180! Good and choice.. 8 60'S 8 65 Medium 8 00ff 8 40 • 180-200) Good and choice ... 8 65'a 8.70 Medium . 8.15($ 8.50 Medium weight; 1200-220i Good and choice .. 8 65® 8 70 • 220-250i Good and ihotce... S-OO® 8.70 Heavy weight. 750-200• Good and choice ... 8 40® 8.50 • 290-350i Good and choice... 8 20a 8.40 Packing sows • 275-350 • Good 8 75 BCO .350-425* Good 7 65® 7.P0 • 275-3501 Medium 750 4 7.35 • 425-550' Good 7.25 S 7.75 Slaughter pigs • 100-1401 Good and choice .. 6 00® 7 75 Medium 5.505 L 7.25 CATTLE —Receipts. 400— —Steers—-'soo-900' Choice 810.50®1250 Good 9 50®. 11 50 Medium 7.50© 9.75 Common 5.50© 7.50 901-1100' Choice 12.00© 13 85 Good 9 50*i 12 50 Medium 7 75® 10 00 Common 5 50 ® 7.75 1100-13001 Choice 12 5043 13 25 Good 10.25© 13.00 Medium 8 50© 10.50 ,1300-15001 Choice .. 12.50© 13.35 —Heifers—--500-7501 Good 10 25® 13 00 Choice 9 254i 10 25 Good 8 25© 9 25 Common and medium 5 00© 8.25 (750-900* Good and choice ... 8 50© 10 50 Common and medium 5 00® 8.50 —Cows—(Yearling Excluded) Good 85.75© 7 25 Common and medium 400 ® 5.75 Low Cutters. Cutters 2 75® 400 Bulls, good ... 550 © 700 Cutter, com. and med. bu©s.. 3.75® 5.50 VEALERS —Receipts. 600Good and ehoire *9 00 ® 9 50 Medium 7 00 © 9.00 Call and common 3.003 7.00 ■ 250-500) Good and choice.... 650 ® 950 Common and mediuri 3 50 © 6.50 —Feeder and Steeker Cattle——Steer*— • 500-900' Good and choice ... 600 © 800 Common and medium ... 4 50 ® 6 00 900-1050’ Good and choice .. 600 © 825 Common and medium 4 50 © 8.00 —Cews ■■ Good . 3.753 4 50 Common and medium 3.25® 3.75 SHEEP AND LAMBS Receipts. 200— Lambs. 90 to 120 lbs., good and choice 88 00 ® 8.50 Common and medium 6 00© 8 00 90-130 Ibs. good and choice .. 4 50© 5.50 Bhep • 120-ISOi Good and choice •• 4 00 ® 5 25 All wetghta, common and medium 3 00 ® 4.25 21-CENT DIVIDEND VOTED By Timet Special NEW YORK. March 21—Trustres of Massachusetts Investors Trust have declared a quarterly dividend of 21 cents a share, payable Apn*-20 to stockholders of record MarcJ 30, It was learned today.

Abreast of The Times on Finance

i—1934 -I - -1934 5 MONTHLY; DAILY FROM OCT.l aT - 48 ! j * 1 46 1 DAILY AVERAGE 44 i 300 COMMON STOCKS i 42- i—--40 ; Wettel Market Bureau, Inc., 39 1— 3 r . ! - - ■ —■ -- ■— i 34 i * “Ijj. 28; " 11 i 11 i ’III 11 • ; ; I I ! w 26 i,ii i 111 in i ii i ni ' 1 ■ 1 [ \ ‘ T a 111 i tiii i tii tt t < i t i ! ? I !I 1 * / * * Z4 >i i i iii rm •••>•'* rn TTTTTTTTTI 091 1 I I I t I I I I I I t I t I I t 1 1 * ' . -I 1 ■ .- . 22 Fi it ii i iT 1 i mii i“ ii 1 T”j ’!JJ |' ' on 1 i<' 1 lii i tt 1 i t t i t ll 1 •* * l i l * * * ' . . - 20 ii ii ii ii i ii ii ii i t it n l ' • • ' 1 • 1 * • q 1 1 1 1 1 f 1 1 t i t t iii i t ii t 1 I 111 I | i t i 1 > 4 II 19 25 16 15 2226 6 13 20 273 10 17 24 31 7 14 202£. 7 14OCT NOV. DEC. Jan! FEB. MAR.

New York Stock Exchange Prices

(By Thomson A McKlnnon3. 11 A M. Prev. Oils— High. Low. N. Y. close. Barnsdall 6 6 6 6 Consol Oil 6% 6*4 6*4 6*4 Com of Del... !*> 15 V* 15 >4 15*4 Pet Pet Corp ... 7*4 7*4 7% 7% Phillips Pet ... 15’4 15 15V 4 15 Pure Oil 6 6 6 6 Shell Un 5*4 5*4 5 5*4 Soc Vac 13 12** 12*4 12 7 /a S O Os Cal ... 29*4 29% 29% 29 S O of Ind 23% 23% 23% 23’* S O of N J .... 37 1 * 371* 37>4 37** Texas Corp .... 17% 17 1 2 17% 17% Tidewater Assn . 7% 7 7 4 7 7 * 7*4 Un Oil of Cal .. 15'4 15*4 15 7 4 16V* Steels— Am Roll Mills .. 16*4 16% 16*4 16*4 Beth Steel .. 23'* 23 23% 23V* Col Fuel A Iron IV, 1V IV IV McKeesport T'n 94% 94% 94V 94V U S Pipe A Fdv 15 7 15 7 15% 18 U S Steel ... 28 27% 28 27% U S Steel old . . 76 76 76 75*4 Warren Bros 4 4 4 3* Youngst'n S A T 14 14 14 14 Motor*— Chrysler 33% 33% 33% 33V Gen Motors 27% 27% 27% 28 Graham Mot ... 1% 1% 1% I*4 Hudson B’* 8% 8% 8 V Hupp 1% 1% 1% 1% Mack Truck 21% 21% 21% 21% Packard 3*4 3*4 3% 3*4 Reo 2% 2% 2% 2% Studebaker 2% 2% 2% 2% Motord Access— Bohn Alum 52 52 52 52% N. Y. Bonds (Reprinted from yesterday! DAILY BOND INDEX 20 20 20 20 Inds. Rails. Util. Bonds. Today 84.6 73.9 92.9 83.8 Yesterday 84.6 73.6 92.5 83.6 Week ago 85.6 73.8 92 3 83 9 Month ago 86.9 83.0 94.2 88.0 (Copyright, 1935, by Standard Statistics) U. S. GOVERNMENT BONDS (By Fenner A Beane) Libertys Prev. Close, close. Ist 3%s 1932-47 101.6 100.8 Ist 4> 4 s 1932-47 101.11 101.12 4th 4%s 1933-38 102 23 102.28 4th 4%s 1933-38 100.15 100.17 . Treasury* 4%s 1943-45 115.14 115.21 4s 1944-54 110.14 110.18 3**s 1940-43 107 107 5 3**s 1943-47 108.10 106 14 3**s 1941-43 107.2 107 3Vs 1943-45 104 29 105 3 3Vs 1941 107.8 107.9 3Vs 1944-46 104 26 105.30 3Vs 1946-49 104.2 104.5 3Vs 1949-52 104 104.2 3s 1951-55 102.31 103.3 3s 1946-48 102.28 103.1 2Vs 1955-65 100.18 100.9 Home Owners Loan Corp. 2Vs 1949 100.3 100.2 3s 1952 101.14 101.14 4s 1951 101.5 101.7 Federal Farm Mortgage Corp. 3%s 1964 103.2 103.3 3s 1949 101.14 101.16 3s 1942-47 101.21 101.23 DOMESTIC . Prev. , Issue Close. Close. A'.leg Corp 5s ’44 66 66% Alleg Corp 5s '49 56% 56% Alleg Corp 5s 'SO 16 15% Am Forgn Pow 5s 2030 52 51% Am Tel A Tel 5%s '43 112% 112% Am Tel A Tel 5s ’65 112 111% Arm & Cos (Del) 5%s '43 104% 104% Atl Coast Line 4s '52 99% 99% Atl Coast Line 4%s '64 85% 84V Atch Top & S Fe 4%s ’4B 105% 106% Am Wat Wks 5s '44 88V 87% Am Rolling Mills 5s ’3B 104% 105 Balt A Ohio 5s '95 56% 56 Balt St Ohio 6s '95 66% 64% Balt St Ohio 4%s '6O 42V 42% Balt A Ohio 4%s '6O 42V 42% Buff Roch St Pitt 4%s '57 .... 54 53% Beth Steel 5s '36 103 V 103% Chi Mtlw Sc St PI 5s *75 14% 15 Chi Milw & St P 5s 2000 3 V 3% Cleve Un Term 5s '73 87% 87% Cleve Un Term 4%s ’77 81 80% Col Gas 5s May '52 75% 72% Col Gas 5s April '52 73% 72 Col Gas 5s '6l 75 72% 4s Mav 1. 1958-38 104'/* 104*,* 4Vs July 1. 1956-36 104% 104% 4Vs Jan. 1. 1957-37 104% 105 4Vs Mav 1. 1957-37 104% 105 4Vs Nov. 1. 1958-38 104% - 4%s Mav 1. 1942-32 101% 102 4%s Jan. 1. 1943-33 101% 101% 4%s Jan. 1. 1953-33 101** 101% 4%s Jan. 1. 1955-35 101% 101% 4%s Jan. 1. 1956-36 102% . 5s Mav 1. 1941-31 101 101 Va 5s Nov. 1. 1941-31 101 101% Can Pac Pern 4s 82% 83% Big Four 4%s ’77 54% 53% Colorado St So 4%s 'BO 60 56% Chi & West Ind 4s '52 96 97 Chi A West Ind 5%s ’62 104 103% Chi A Nor West 4%s '49 12% 12% Con Gas 5s '57 105 105 Chesa Corp 5s '47 103 102% Dodge Bros 6s '4O 105% 105% Del A Huds 4s ’43 fO% 79V N Y Dock 4s ’sl 65 65 N Y Dock 5s '3B 44% 44% Erie 5s '75 55 55 Erie 5s '67 55% 55 Grt Northern 7s '36 84 84% Grt Northern 4%s '76 67% 66 Grt Northern 4%s '77 67% 66 Gen Stl Cast WW 5%s ’49 .68 % 69% Hud A Manhat Ref 5s ’57 ... 89% 88% 111 Cent 4%s ’66 46V 46 111 Cent Jt 4%s 63 52% 52V 111 Cent 5s ’63 56 55V Interntl Hv Elec 6s '44 29 % 28 s * Interntl Tel & Tel 4%s '39 .. 60 59 Interntl Tel A Tel 5s '55 ... 57 55% Interntl Tel A Tel 4%s '52 ... 51% 51% McKess & Rob 5%s 'SO 9i% 97V Midvale Stl 5s '36 103% 103% Natl Dairv 5Vs 48 103% 103% Natl Steel 5s '56 106% 106% Nickel Plate 4%s ’7B 49 49% Nickel Plate 5%s '74 59% 59 Nickel Plate 6s ’35 50 50% N Y Cent 5s 2013 51% 50% N Y Cent 4%s 4013 (old) .... 47% 47 Nor Amer Cos 5s '6l 86% 86% Nor Pac 3s 2047 74 V 73% Nor Pac 4%s 2047 80 80% Nor Pac 6s 2047 .. - 94 93 Nor Btates Pow 5s 41 105% 107% Otis Steel 6s '4l 83% *l, Penn Rv 4Vs 'B4 102 V 10*% Penn Rv 4Vs ’Bl 102 V 193 Penn Rv 4%s '7O 92% 92 Pac G*E 5s ’42 106 V 106 V Portland Gen El 4%s ’6O ... 55% 54% Para Publlx 5% 'SO 71 71 Penn P A L 4%s 'Bl 103% 102% Postal Tel dr Cab 5s '53 41 42 Rem Rand W W 5%a '47 |<>o% J 21., Shell Union Oil 5s '47 102% 102% Sou Pac 4%s '6B 59% 59 Sou Pac 4%s 'Bl 58% 58% Sou Pac 4%s ’69 59V 58% Sou Pac 4s ’49 62 62% Sou Rad 4s M 42% 43 Sou Rail 6s ’56 55% 56 Sou Rail 6%s ’56 59 58% Sharon Stl Hoop 5%s '4B 81 81% Texas Pac 5s '79 83 % 83% Texas Pac 5s ‘7 W% 83% Union Pac 4s '47 110% 110% United Drug 5s '53 87% 87V U S Rubber 5s '47 91 91V NYN H A Hart 6s '4B 33% 33% N Y N H A Hart 4%s 7 29 29V Warner Bros 6s '39 50 49 Western Mary 5%s '77 96% 96% Western Marr 4s '52 ....92% 92 Youngstown SAT 5s ’78.... 73V 93% FOREIGN Argentine 'B) 6s 'SB 91% 92% Brazil 8s '4l 29 29 Canadian Govt *s SO 106% 10fc% Denmark 4%s '55. 96% 98% French 7s '4O 183% 183% German 5%s 'BS 23 % 29% German 7s '49 40% 41% Italy 7s 'sl 85 85 Japdh 6%s '54 92V 92% Poland 7s ’47 121 V 122% Roma B%s '52 77% 7Ma Tokio City 5%s ’6l .73V. 77% 77% YiwhUM 8a tt 83 83

INDIANAPOLIS, THURSDAY, MARCH 21, 1935

Borg Warner ... 31 31 31 31 Briggs 25% 25% 25% 25% Budd Mfg 4 3 V 4 3% Budd Wheel .. 2% 2% 2% 2% Eaton Mfg .... 17% 17% 17% 17V Elec Auto Lite .. 20V 20% 20V 20Vs Elec Stor Bat .. 39 V 39 39 40 Mullins Mfg 7% 7% 7% 78 Murray Body .. 5% 5% 5% s*/s Mining— Alaska Jun .... 16% 16V 16V 16% Am Metals .... 15 15 15 14 7 /* Anaconda 8 V 8% 8% 8 V Cerro De Pasco . 42% 42% 42% 42 Dome Mines .... 39 39 39 39 Granbv 5% 5% 5% 5% Int Nickel 22V 22V ?2V 22V Kennecott Cop.. 14V 14% 14% 14% Park Utah 2V 2% 2% 2% Phelps Dodge... 13% 12% 12% 13 St Joe Lead 12% 12 # 12% 11% Amusements — Loews Inc 34 34 34 34Vi Fox Theat 9% 9 9% 9% Radio Corp .... 4% 4% 4% 4% Paramount .... 3% 2% 2% 2% RKO 1% 1% 1% 1% Warner Bros ... 2% 2% 2V 2V Tobaccos — Am Snuff 64 64 64 64% Am Tob “A” ... 73 72% 73 73 Am Tob “B" ... 70% 74% 74% 75% Ligg A Myers B 100 99% 99% 100 Lorillard 19 18V 18% 19 Phillip Morris... 37% 37 37 36% Reynolds Tob B 44% 44% 44% 45 Rails— B & O 8V BVs 8% 8% Can Pacific .... 9% 9% 9% 9V Ch & Ohio 38% 38 38 38V Chi & Gt W.... % % % % C MASt P ... IV IV l‘/4 1% C M A St P pfd 2V* 1% 1% 2 Chi N W 3 2V 2% 3 Erie 7 Vs 7 Vs 7 Vi 7% Gt Northern pfd 10% 10V 10V 10 111 Central 9% 9% 9% 9% Lehigh Valley .. 5% 5% 5% 8 MK&T 33 33 N Y Cent 12% 12% 12% 12% N Y Ont & West 33 32% Nor Pacific 13% 13V 13 13% Penn R R 17% 17% 17% 17% Sou Pac 13% 13% 13% 13% Union Pac 87 86% 87 86 Equipments— Am Steel Fdy.... 13% 13V 13Vs 13V Bald Loco 1% 1% 1% 1% Gen Am Tk Car 34 34 34 34% Gen Elec 21% 21% 21% 21% Pullman 1nc.... 42% 42% 42% 42 West Air Br 13 18% 19 1& Westingh Elec.. 34V 34 34V 34V Utilities— Am A For Pwr . 2% 2% 2% 1% Am Power & Lit 2 1% 2 ... A T A T 100% 100% 100% 100% Am Wat Wks 9 9 9 9 Col Gas A Elec.. 4% 4% 4% 4% Com & Sou 7 a V % % Consol Gas .... 17% 17% 17’, 4 17*,* Int T A T 5% 5% 5 V 6 Nat Pwr A Lit .. 5% s‘/4 5% s*,* North Amer .... 9% 9% 9% 9% Pac G A E 15 15 15 15 Pub Serv N J ... 22% 22 22>/s 22% So Cal Edison .. 11% 11V 11% 11% Std Gas 2% 2% 2% 2Vs Stone & Webster 32% 33 United Corp .... 1% 1% 1% 1% Un Gas Imp .... 9% 9% 9% 9% Ut Pwr &Lt “A” 1% 1% 1% 1 Western Union.. 21% 21% 21% 21% Rubbers— Goodyear 16% 16% 16% 16% Kelly Soring ..1 V % 1 U S Rubber 10% 10% 10% 10Vs U S Rubber pfd . 26% 26 26% 26 Miscellaneous— Allis Chalmers .. 13% 13% 13% 13V Am Can 113% 113 113 113% Am Mach A Fdy 19% 19% 19% 20% Anchor Cap .... 14 14 14 14% Burroughs Add.. 14% 13% 14V* 13% J I Case 48% 48Vs 48 Vs 48 Conti Can 66% 68% 86 V 66% Caterpillar Tract 38% 38% 38% 38V* Eastman Kodak. 116% 118% 116** 116% Foster Wheeler . 11 11 11 11 Gillette 14% 13% 14Vs 13% Inter Harv 36% 36% 36% 36% Rem Rand 8V 8V 8V 8% Foods— Am Sugar 58% 58% 58% 59% Armour 4 4 4 4V* Borden Prod 22 21% 22 21% Can Dry G Ale.. 10 9% 9% 10 Coca Cola 189 188% 188% 189 Cont Bak (A).. 4% 4% 4% 4% Corn Prod 63 63 63 63% Cuban Am Sugar 5% 5% 5% 6 Gen Baking ... 7% 7 7 / 7% 7% Gen Foods 33% 33V* 33V* 32!* Gold Dust 15 14V* 14 7 * 15% Hershey 76V 76% 76V 75V Loose Wiles ... 34% 34% 34% 34% Natl Biscuit .... 25Vs 25 25 25V Natl D Prod 14 13% 13V 14V* Purity Bak .... 8% 8V 8% B*4 S Porto Rico Sug 22 V 22% 22 V 22 V Std Brands 14% 14% 14% 15 United Fruit.... 78% 78 78Vs 78% Retail Stores— Assd Drv Goods. 9 9 9 9 Best A Cos 35% 35% 35% 36 Hahn Dept Sts.. 4 4 4 4% Kresge S S 20% 20% 20% 20V Kroger Groc .... 23% 23% 23% 24 Macy R H 35% 35 35 35 McLellan St 10% 10% 10% 10% Marshall Field ..7 7 7 7% Mav Dept St ... 36% 36% 36% 37 s * Mont Ward 23% 23V, 23% 23% Natl Tea 9% 9 9% 9 Penntv J C 64% 65(2 65% 65% Safeway St 38Vs 38% 38% 38% Sears Roebuck .. 34% 34% 34% 34% Woolworth 53% 53% 53V* 53% Aviation— Aviation Corp .. 3% 3% v 3% 3% Boeing Aircft ... 7 7 7 7 Curtiss Wright -2% 2% 2% 2% Curt Wright "A” 7% 7% 7% 7V Douglas Air .... 19% 19% 19% 19% Nor Am Av 2% 2Vs 2% 2*/Sperrv Corp .... 8 7% 7V* 7% Utd Aircft New .. 11% 11 1 11 % Chemical*— Air Reduction .105% 105* 106% 105% Am Com Alcohol. 23% 23% 23% 23% New York Curb t (By Abbott, Proctor A Paine) 12 (Noon) Prev. N. Y. close. Am Superpower V % Atlas Corp 7V 7V El Bond * Share 4V 4% Ford of Europe 7% 7** Hiram Walker 27% 27% Imperial Oil Ltd 15% 15V Lake Shore Min 56% 58% Nia Hud Pwr 2% 2% Penn Road 1% 1% Std of Ky 19% 19% ADVERTISING VOLUME CONTINUES INCREASE Gain of 4.9 Per Cent Over Year Ago Shown in February. By Timet Special NEW YORK. March 21.—Further increases in advertising volume were recorded in February, according to an analysis of newspaper iineage figures in 81 cities released by Advertising Age. The total was 124.601,000 lines, a gsin of 4.9 per cent. This continues a trend which has been in effect for more than a year. Retail advertising continues to reflect improved business in department stores and other retail lines, the total for this classification for February being nearly 600,000 lines ahead of the corresponding figure for last year.

Com Solvents ... 18% 18% 18% 18V Du Pont 88% 87% 88V* 87% Freeport Tex ... 19% 18% 10% 18% Liquid Carb .... 25** 25% 25% 25% Math Alkali .... 24% 24% 24% 24% Natl Dis (new) . 27V* 27 27 26% Schenley Dlst, ... 25V 25% 25% 25% Tex Gulf Sulph . 31% 30% 31 31% Union Carbide ..46 46 46 46 U S Inds Alcohol 37V* 36% 36% 37% Sterling Prod .. 62% 62 V 62 V 62% Un Drug (new).. 9% 9% 9% 10 Vick Chem .... 36% 36% 36% 36% Zonite Prod .... 3% 3V 3% 3% Financial— Adams Exp 4% 4% 4V 4% Allegheny Corp.. 1 1,, 1 j., Am Int Corp ... 4% 4% 4% 4% Transamerica ... 5 4 s s 4V 5 Tr Conti Corp... 2V 2V 2% 2V Building— Am Radiator .... IV, 11 11 11% Johns Manville . 41 40% 41 40% Libby Owens Gls 23% 23% 23% 24 U S Gypsum ... 42V 42% 42% 42'/ 2 Household— Col Pal Peet.... 16% 16% 16% 17 Kelvinator 15V 15(4 15V 15% Proc A Gamble. <6*4 46% 46% 46% Servel Inc 7*4 7*4 7% 7% Simmons Bed ... 6V2 6% 6% 6% Belding Hem .... 11% 11% 11% 11% Celanese Corp... 20 20 20 20 Indus Rayon .... 38% 26 26 26% Real Silk 4 4 4 4% Chicago Stocks (By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Butler Bros 7% 7% Bendix 12% 12% Cities Service - % % Crane Cos 9 *B%t Corn Edison 59(4 59% Cord Corp 2% 2% Chicago Mail '• 16% 16 Iron Fireman 1* 14 Libby 6% Perfect Circle 36 36 Swift 16V2 16*a Chicago Grain Futures IBy James E. Bennett) Prev. Wheat— High. Low. 11:00. close. Mav .94% ,93V .94 .93% July 92% .90% .91 % .91 Sept 93 .90% .91% .91 Corn— Mav 79V .78(4 .78% .78% July 75 .74V .74V .74*4 Sept 71% .70 Va .70% .71 Vi Oats— May 44% .43% .44V .43% July 40 V* .39% .39% .39% Sept 38 Va .37% .35 .38 RyeMay 56 .55 .55% .55% July 57*4 .56% .57V* .56% Sept 58% .57% .58% .57% LOCAL CASH MARKET City grain elevators tie paying 84 cents for No. 2 soft red wheat. Other grades on tneir merits. Cash corn No. 3 yellow. 75 cents, and oats 42 cents. Produce Markets Delivered in Indianapolis prices: Heavy breed hens, 15c; Leghorn hens. 11c; colored springers, 13c; heavy stags, 11c; 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. Eac). full cases must weigh 55 lbs. gross, a deduction of 10c a pound for each pound mder C 5 lbs. will be made. Butter—No. 1. 33®34c; butterfat. 28c. Quoted by the Wadley Cos. (By United Prcssi CHICAGO. March 21.—Eggs—Market unsettled; receipts 16879 cases; extra firsts 21V4c; fresh graded firsts. 20%c; current receipts. 20c; dirties. 18%c; checks. 18c. Butter—Market, steady; receipts 6564 tubs; extra firsts (90-91 % score). 29% @29%c; extras <92 score). 30c: firsts (8889% score), 28%@29c; seconds (86-87 % score), 28c; specials, 30%®31c; standards. 29%c. Poultry—Market steady to firm: receipts 24 trucks; springers, 20c; capons. 6 to 7 lbs., 24c; old roosters, 13%@14%c; ducks. 181f21c; turkeys. geese. 16c; stags, 16%c; broilers, 25c; Legnorn, 22c; fryers, 25c. Cheese—Twins, 15%c; daisies, Potatoes—Old stock: supply libjrai, demand and trading slow; market abqut steady: Wisconsin round whUes, 65Kj67%c; few. 70c; commercial grade. 57%@60c; Michigan Russet rurals, 65c; Idaho Russets. *1.55® 1.60: commercial grade, *1.30; Nebraska Bliss Triumphs, *1.40; new stock —Florida bushel crates Bliss Triumphs, washed. *2. Arrivals 87, on track 300, shipments 771. On Commission Row Quotations below are average wholesale prices being offered to buyers by local commission dealers. • Fruits—Bananas. 5c a lb. Apples, fanev 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. Strawberriea, Florida, pint, 17c per 36-pt. ’ crate. Apricots. *3 crate. Grapes, South America, white, *3: black, *3. Honev Devs, South America, *2.75; Nectarines. South America, box. *2.60. Vegetable*—Cabbage. Northern Danish 50-lb. bag *1.60: red. 50-lb. box. *1.50; New Florida cabbage, hamper, *3.251)3.50. 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 cobblers. 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, *3.10. Sweet potatoes. Indiana Jersevs, bushel. *1.50: Nancv Halls, bushel. *1.15. Beans, round stringless, hamper. *1.5083.78. Celery 1 washed and trimmed 1, medium, dot.. 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. Ege plant. *2.50 dozen. Kale, bushel. 90c. Lettuce. hot house, 15-lb. basket. *1; Arizona Iceberg head lettuce. *3.25 Yuma, crate. *4. Mangoes, *31f3.50 a crate; small basket, 50c. Mint, a dozen. *l. Parsley, dozen, 35c. Peas, hampe. s. *3. Smnach. Texas, bushel. *165. Rauishes. dozen. 90c. Tomatoes. 10-ib. cartor. *1 25. Florida original *2.75. Turnips, bushel. 76c. Parsnips, bushel. *1 40. Beets., bushel. *l. Carrots, bushel. *1: 100-lb. tack. *1.75. Rhubarb hot house. 5-!b. carton. 50855 c dozen bunches *l. Mushrooms, lb.. 30c. All Quotations subject to change up or iOWn FRUITS AND VEGETABLES (Bv United Press 1 CHICAGO. March 21.—Apples—Michigan Jonathans, bushel, *15081.75; Mclntosh. *1 508 1.75. Carrots—California, crate. *2.35 (§3. Lettuce—Western, crate. *3 2584 Turnips—lllinois, bushel. 208 35c Bweet Potatoes Tennessee. bushel. 658 90c. Beans—Florida bushel, green. *15082 25. Spinach—Texas, bushel. *1 358 1 65. Cabbage. Wisconsin, 100 lbs., *2®2.50. Onion Bets—Michigan, bushel sack. *4. Peas— California, Tjushel. hamper. *283. Tomatoes—Mexican. *383 50: Florida. *2.758 3.25 Rhubarb—Michigan. 5 lb. carton, UQUt.

STOCK MARKET TRADING LIGHT; PRICESUNEVEN Majority of Changes on Da> Are Fractional: Tobaccos Off. NEW YORK. March 21.—The stock market drifted irregularly in light trading during the first two hours today. Around noon the list ranged between gains of a point to losses of more than point, a majority of the changes being fractional. Tobaccos sagged to new lows for the year, but pressure was lighter than yesterday In the group. United States Steel, General Electric and American Radiator lost fractionally. American Can was depressed to 112, off V 2. Union Pacific was a strong spot in the rails, rising a point to 87. Other carriers were about steady. Utilities met support and firmed from early lows. Coppers were steady and Silvers slightly easier. Motors lost fractionally. Food shares were lower with National Dairy Products and* National Biscuit at new lows for the year. Wet stocks firmed on a favorable Schenley report. Farm implements were steadied by further gains in the grain market. American Telephone dipped to I'o%, off and Western Union ]jst a similar amount to 21^. Money and Exchange INDIANAPOLIS STATEMENT Clearings *1.976,000.00 Debits 5,066,000.00 TREASURY STATEMENT (Bv United Press) WASHINGTON. March 21— Government expenses and receipts for the current fiscal year to March 19, compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $4,930,456,851.68 $4,634,379.082 48 Receipts.. 2.705.881.042.75 2.208.594.033.66 Deficit ... 2,224.575.808.93 2.425.785.048 82 Cash bai. 2,201.875,505.51 4,882.727,990.14 WALLACE’S ACTION IGNORED BY WHEAT Commodity Moves Down a Bit at Opening. By United Press CHICAGO, March 21—The wheat trade was little Impressed by action of Secretary of Agriculture Henry A. Wallace, who late yesterday removed all restrictions on 1935 spring wheat planting. Prices at the start on the Board of Trade were little changed from yesterday’s last levels. At the start wheat was off % to V 2 cent, corn was off x ,i to % cent, oats were unchanged to down % cent, and rye moved % to % cent higher against the trend. The Department of Agriculture said before Mr. Wallace made his statement that spring wheat planters would sow about 17,847,000 acres. The modification of the control program was expected to increase this figure to about 19,000,000 acres. Other factors commanded the attention of the trade this morning, however. The dust storms in the Southwest, which tormented the growing crop all through the week, abated, but this section of the winter wheat territory remained badly in need of rain. Another bullish factor was firmness in Liverpool. RADIO CHAIN’S NET UP NEW YORK, March 21.—The Columbia Broadcasting System, Inc., today reported 1934 net income of $2,274,120, or $2.67 on the combined class A and B stocks, contrasted with net of $923,794, or SI.OB on the combined shares, in the preceding year.

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. ******* 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 t of Indianapolis 120 E. Market St. RHe>’ “341

. What Does It Mean? External Bonds—When a government sells an issue of bonds abroad ns ircll as in its other country the resulting obligations are known as external bonds.

New Business Books Available at Library The following new books are now available at the business branch of the Incianapolis Public Library: THE SECRET WAR FOR OIL (bv F C. Hanighen)—The history of the next generation or two will be read in the light of the struggle lor oil. says the author. PUBLIC UTILITY VALUATION FOR PURPOSES OF RATE CONTROL (by John Bauer and Nathanr! Gold)—"Valuation is not value in the ordinary economic or commercial sense, but rather the basis for the determination of the return that must be allowed to public utility companies or investors." UNEMPLOYMENT INSURANCE: LESSONS FROM BRITISH EXPERIENCE (composed by National Industrial Conference Board). DICTIONARY OF DATES (composed by Helen Rex Kelleri—A history of the world by dates, from earliest times through 1930, arranged under countries. KELLY’S DIRECTORY OF MERCHANTS, MANUFACTURERS AND SHIPPERS OF TIIF WORLD, 10:44. OFFICIAL RAILWAY GUIDE. December. 1934.

SWINE MARKET HOLDS STEADY Cattle Supply Light With General Trade Active; Veals Even. With trading less active than in previous sessions, the pork market at the Indianapolis Union Stockyards today remained steady at yesterday's best average. A slightly weaker demand prevailed in all classifications during early dealings. Sharp declines, resulting mostly from extremely heavy supplies, during the last two sessions brought the top pries for good and choice hogs down to $3.70. Today’s receipts were estimated at 4500, the same as in the previous session. The bulk, 160 to 250 pounds, was selling at $8.60 to 58.70, while heavier weights, ranging from 250 pounds and upward, brought SB.IO to $8.50. In the lightweight division, porkers scaling from 130 to 160 pounds, sold at $7.25 to $8.25. Light lights, from 100 to 130 pounds, cashed in at $6 to $7. Packing sows held at $7.50 to SB. Holdovers numbered 307. With early supplies light in the cattle market, general trade was active and steady to strong. Few spots were slightly higher than yesterday. No good and choice offerings were on sale. Vealers held stationary, selling at $9.50 down. Interest was light in the lamb market and no early sales were reported. Receipts were only 200. FORD WILL EXPEND" $3,000,000 ON GLASS Marks Preparation for Manufacturing Next Wi'iter. By Times Special DETROIT, March 21.—Preparing for the manufacture of glass next winter at the River Rouge plant, the Ford Motor Cos. announced today that $3,000,000 will be spent within the next few months to install glass manufacturing equipment. This expenditure will lift total spending to $23,000,000 under Ford’s expansion pregram, it was pointed out by officials. When glass manufacturing is resumed the plan will provide sufficient capacity to supply a part, if not all, of the company’s glass requirements. COURT TO GET PLAN NEW YORK, March 21—R. G. Page, chairman of the reorganization committee of Associated Telephone Utilities Cos., announced that, upon the application of the committee, the Federal District Court here had ordered a hearing to be held on May 9, 1925, for the purpose of considering the final confirmation of the reorganization plan.

WEIGH ITEMS CAUSING DROP IN LINT PRICE Rayon Growth, Alien Desire for Independence Cited by Professor. BY LOUIS BADER. PH. •- Associate Professor of Marketing, ww York University. NEW YORK, March 21.—Beginning with the announcement of the Agricultural Adjustment Administration restriction programs, there has been much discussion of their effects on prices and the sales of the affected commodities in world markets. It was quite eindent that advances in domestic prices above world prices would lead to a decreased demand for the American products so affected. This was particularly true of cotton. As the principal world producer of cotton for more than a century we had become the principal exporter of it, sending to foreign countries usually more than 50 per cent of our annual crop. Exports Off Sharply Since the application of the AAA program our exports have fallen off materially, a recent report of the Department, of Commerce showing only 2.864.538 bales exported for the six months ending Feb. 1, against 4.919.450 bales the preceding year. This situation is giving concern to the Southern cotton grower and to others in our country. The question also is being raised: It is due altogether to the AAA program? The phenomenon is, however, not anew one. The AAA program may accentuate, but it is not the only factor in the movement which has been taking the foreign market for cotton away from us. Reasons Are Cited Among others there are two reasons particularly which account for it. One is the spectacularly rapid growth of the rayon industry in most of the countries which have been large manufacturers of cotton. The second and even more important reason is to be found in the fact that the principal cotton manufacturing countries have been trying for 30 years to make themselves independent of American cotton. Great Britain, for example, has been at work in India for decades, not only to increase the size of the crop but to improve its quality so that it might be used in place of American cotton. PEOPLES LIFE WRITES $8,157,623 BUSINESS 1934 Activity Brings Total Insurance to $44,000,000. The People’s Life Insurance Cos. of Frankfort, Ind., wrote $8,157,623 in new business during 1934, according to the annual statement issued by E. O. Burget, president and general manager. This brought total insurance in force to $44,000,000. Total assets of $7,854,143 include $4,075,302 in real estate first mortgage loans. The company materially increased its government bond account which, with municipal bonds, totals $279,326. Cash in banks amounts to $242,014. The policyholders’ surplus totals $890,973: reserve on policies, $6,637,257, and a contingency reserve for losses, $190,973. NET EARNINGS HIGHER By Times Special NEW YORK, March 21.—Consolidated net income of the Sunray Oil Corp. and its subsidiary during 1934 amounted to $209,127, after all charges, including allowance of $648,344 for depletion and depreciation, it was announced today. Net loss in 1933 amounted to $249,189..