Indianapolis Times, Volume 47, Number 11, Indianapolis, Marion County, 23 March 1935 — Page 14

Trends Highlights of News During Last Week. BY FREDERICK MATSON Tins* rißiitiii Wrtt.r INFLATION .wntimrnt received a boort in Washington late this tri'clt, Th** House of Representatives yesterday passed by a onesided vote the $2 0000.000.000 Patman inflation bonus bill. The measure now is before the Senate, where it undoubtedly will be held up pendant action on the workrelief bill. In the latter case, attempts are bring made to attack an inflation rider. ... If the Patman bill should be approved by the Senate, it is understood that Prerldent Roosevelt stands ready to veto it on the grounds that $2.000.000.000 of printing press money would undermine government credit. . . . Menace of drought and a grain shortage, presaged by a gigantic dust storm gripping the Middle West, compelled Henry A. Wallace. Secretary of Agriculture, to remove all restrictions on the 1935 production of spring wheat. His announcement came amid national anxiety over rising food prices. The government, Mr. Wallace said, owed a duty to the consumer and could not take a chance on weather. In Chicago, the wheat trade was little impressed by she action ... Two optimistic reports, one covering domestic business and the other foreign trade, were made bv the Department of Commerce this week Substantial guns in many lines of business were reported by H P. Kendall, chairman of the business advisory and planning council. A department survey showed exports in 1934 increased 27 per cent over 1933. . . . Expenditure of $1,379,064 on Indiana state highways since the first of the vrar was announced by James n Adams. State Highway Commission chairman. During February, tork totaling almost threequarters of a million dollars was placed under contract by the State Department. m m m F'OREIGN exchange trading was thrown into a turmoil in the financial capitals of the world bv announcement of the Belgian cabinet resignation Tuesday. Whep the cabinet was formed last November if was definitely pledged to ms intenance of the gold standard. This is now left open for devaluation of the belga and the tenure of the gold bloc is thereby threatened. Seven prominent engineers and contractors were indicted this week on charges of plotting to defraud the government on a $4.853 000 Texas irregation project, the first major scandal in the Federal Public Works program. The indictment. returned by the first special Federal grand jury called in Washington since the Teapot Dome oil scandals 10 years ago. named a former high PWA official, three wealthy California lumbermen and three Texans. They were accused of conspiring to provide for use of 250 miles of CalfornU redwood pipe in the Willacv Countv t Texas* irrigation project, which under plans originally approved by PWA railed for use of no pipe at all. . . The first important corporation bond offering since the gold clause decisions were handed down by the Supreme Court last month were made yesterday with an issue of $7,000,000 first lien and refunding mortgage 5’ • per cent bonds of the Wisconsin Public Service Commission. TTv* bonds, which will mature in 1959. are being offered by a group of six firms headed by the FirrJ Boston Corp Proceeds from the sale of the bonds will be used lo pay $8,375,000 of the Public Service Corp.'s bank loans. a * THE RFC Thursday elected six of its selections as directors of the Public Utility Securities Corp . a Chicago holding company of Harley L Clarke This marked the entrance of the government agency into the direct management of the Clarke empire . Through this maneuver the RFC may possibly extend its control to operating companies in the Clarke setup. The Indianapolis Power and Light Cos, whic his directly controlled by Clarke s Utilities Power and Light Cos., is in no immediate prospect of coming under direct RFC domination, as the first opportunity for the Federal agency m ret a voice in the management of the local company will not be presented until a year from now. The United States has officially invited the world to bid for its huge gold stock. In the first government intimation that it was prepared to sha’t*. if favorable inducement is offered, its supply of the precious metal with those countries in need of if. Henry Morgenthau Jr. Secretary of the Treasury, said the Treasury is readv to consider any good proposition '* This announcement followed disclosure that the government had sold 32.000 ounces to the Bank of Mcxko and 10.000 ounces to Guatemala . . Construction work on three PWA projects. carrying total allotments of $837 000. have been started in Indiana since Feb 1. They are the improvement of the waterworks system at La Porte, with an allotment on $190000: sewage treatment works at Michigan City, carving na allotment of $435,000. and waterworks improvements at Van Buren. with na allotment of $12,000. GENERAL FOODS CORP. EARNS 52.12 A SHARE Net Income During 1934 Amounts to $11,143,873. if* l nttr4 Prett NEW YORK. March -3—Net earnings of the General Foods Corp. during 1934 amomed to $11,143,875 after all charges and expenses and provisions for income taxes, according to the pamphlet report submitted to stockholders today. The total income was equivalent to $2 12 a share on 5.251.400 shares of common stock outstanding at the close of the yea*, and compares with net income of $11,032 948 or $2 10 a share, in 1933 on 5 251 468 shares then outstanding. Net earnmzs during the final quarter amounted to $2,112,142. or 40 -enU • share, compared with sl.454 090. or 28 cents a share for the corresponding quarter of 1933. Stockholders of the corporation received $9,452,814 m dividends during 1934, the report stated.

PAGE 14

JOB INSURANCE AIM DECLARED PAY SPREADING Scheme, It Is Held, Would End Calls on Public Relief and Charity. f*# 1 RnH#rt O. Hb*rt. a m+mb+r f the t'item|lYment Intorinr* Committee nf PreiMfent R/*%eselt’t InHuttrial Advi*rr Hoard, ha* written *ix article* fr the In’tianapolia Time*, of whirh thi* ia the arrond. The aim of unemployment insurance is simply that of spreading out the industrial wage bill in such a manner that benefits to the unemployed will cover the limited interruptions of earning power to which most wage eaincrs are exposed. The benefits, or payments, will represent a certain proportion of the wages or salaries that the unemployed would earn under normal conditions. This implies a reserve fund which is built up by definitely fixed contributions from both the employer and the worker, or, as in England, by the employer, the worker and the state, or by the employer alone, or by the worker alone through trade unions or associations. The result is a smoothing out of the business cvcle to a large extent. Another effect is to obviate very considerably the demands on public relief and private chanty during periods of industrial depression, when it can least be borne. Objectives Cited The reserve fund should be accumulated with three definite ob- ; jer lives in view*. Its primary obI ject is to afford a guaranteed in- ’ come for a limited time to workers who are unable to find jobs. In periods of general prosperity, there is always a certain amount of un- . employment due to seasonal variations, technological changes in industry. etc. Unexployment insurance. if properly conceived and administered. will relieve the distress of practically all unemployment in normal times. In periods of general depression workers will be guaranteed an income for a certain number of weeks, say. for the first 26 w r eeks of their unemployment. Unemployment insurance will not. however, be able to care for the whole problem during a major depression. The proportion of the unemployed receiving benefits will rise sharply when a major depression sets in; but. in the course ot time, as the depression is prolonged, the proportion of beneficiaries to those who are gainfully occupied will decrease. Those who have exhausted their * right to benefit—that is. those who have received benefits for the full number of weeks—must be cared for by governmental relief in a major depression. In England this is clearly understood. Insured workers are carried for 26 weeks; then, if they have no means of their own, they are looked after by what, the British call Relief Assistance." Aid Purchasing Power Unemployment insurance has an important economic effect in stabilizing industry. The amounts paid out as benefits sustain the purchasing power of workers who are without job' and thus help prevent the curtailment of consumption which now marks both major and minor depressions. When you put a man out of a job you have killed a customer: not only your customer but a customer of many either producers. When a manufacturer says: "I've reduced expenses today. I've laid off 500 men." the interpretation of his statement, in the language of reality. is that he has destroyed 500 customers. Yet—and here is the paradox of the situation —no one can expect an employer to carry people on his, pay roll when he is losing money, when his business is going down in volume, when he is in red ink every month. Os course not. In that case, he must lay off workers even if he does destroy customers. Eventually the solution of this complicated problem will be found in a higher development of social consciousness, in a wider vision of human affairs, in a profound change in the economic system Perhaps it may come about through a cult of leisure and shorter hours of labor, or through an adjustment of the wage system so that production and consumption will be evenly matched. Meanwhile, unemployment and the necessity for public relief exist as actualities, and should be so considered $7,000,000 IN BONDS OFFERED TO PUBLIC Wisconsin Publir Service Corp. Issues Are Placed on Sale. Bv Timet Special NEW YORK. March 23.—An issue of $7,000 000 first lien and refunding mortgage 54 per cent bonds due 1959 are being offered by the Wisconsin Public Service Corp . it was learned today. This is the first important corporation bond offering since the gold clause decisions were handed down by the Supreme Court in February. The bonds are priced at 954 and accrue interest to yield about 5.86 per cent. Proceeds fom the sale of the issue will be used to pay $6.375.000 of the corporation's bank loans. These loans were used in part to pay obligations of Wisconsin Valley Electric Cos., whose propen ies were acquired in 1933. The bonds are secured by a direct mortgage on all fixed property of the company to only $5,990,000 bonds on part of the property. They are a direct first mongage on approximately 50 per cent of the company's properties. OPERATING REVENUES I P Bv Times Special NEW YORK. March 23—Gross operating revenues of operating i subsidiaries of the Associated Telephone Utilities Cos. amounted to $10,748,258.22 in 1934. compared with $10,627,612.66 in 1933. an increase of $120,645 56. according to a report to 1 ttockhAiden today.

Abreast of The Times on Finance

New York Stocks

(Rvprtn’sd from vesterdav* ißy Thomson k McKinnon* Prev. j Oil*— High. Low. Close, close Amerada S2'a 52 52'a 52’, All Rfg 22’, 22'. 22’, 224 ! Barnsdall A l , 6 84 84 Consol Oil t'a 84 74 8 a Con*, of Del .... 18 154 18 15 • Houston inewi.. 24 24 24 2 Houston told*... 114 114 11 2 J2‘ M:d Con* Pet .. 104 104 104 10 t Ohio on 10 10 10 10 i Pe* Corp 8 8 8 ,] I Phillips Pe* 154 154 154 154 ! Plymouth Oil .. 74 74 74 •'* ! Pure Oil .... 84 s’, 84 8 | Seaboard Oil ... 23 224 23 22 a Shell Un s’a 54 54 54 Slc-llev OH 74 74 74 74 Soc Vac 13 124 124 124 SO of Cal 29 4 29 29 4 294 3O of Ind 23 4 23 4 23 4 23 4 18 OOf N J .... 374 36’, 37’, 3^4 Texas Corp . 184 174 184 1' a TidewaW Assn.. 8 7’, 8 8 lUn Oil of Cal . 164 18 164 184 Steels— Am Roll Mills. 18 174 18 174 Beth Steel 25 4 23 4 25 24 4 Bvers A M 124 124 124 124 Col Fuel k Iron 14 14 14 14 Inland Steel 464 46 46 * 47 . i McKeesport Tin lf>o 4 98 100 , 96 , I Mid Steel 10 94 10 94 Natl Steel 414 414 414 42 Otis Steel . 54 ♦’* 5 a 5 a 1 Reo Irno At Stl 11 J? * 11 15 1 Rep Ir k Stl pf 35 35 35 32 lU S Pipe k Fdv 164 16 184 16 U S Steel ... 30 284 30 28 a U S Steel pfd 78 774 <8 77 , Warren Bros 44 4 4 4 Youngstown S. Tla 14 a 14 4 14 , Motor*— Auburn 174 17 174 17 Chrysler 344 334 344 33 * Gen Motors .... 28’, 28 a 28’* 28 a 1 Graham Mot ... 14 14 la l’a Hudson 84 54 8a 8 , Hupp 2 14 la I'a Mack Truck .... 22 21 4 22 22 ’ Nash 134 124 134 134 Packard . •• 4 3'* 4 3, Reo 24 24 24 24 Studebaker 24 24 2 s 2s Yellow Truck .. 24 24 2 a 2 a Motor Access—- ’ Bendix 134 124 134 13 Bohn Alum .... 53 4 52 4 53 4 53 Borg Warner ... 32 314 32 31,2 Briggs 26’, 26 264 26 s , Budd Mfg 4 4 4 44 4 Budd Wheel 34 3 34 3 Eaton Mfc .... 18 174 18 174 Elec Auto Lite .. 214 204 21 a 21 Houdaille A ... 74 74 74 Mullins Mfg .... 8 j 8 8 Murrav Body .. 54 84 s', J 2 Stew Warner ... 74 7 74 7 a Timken Roll ■3O 4 30 4 30 4 304 Timken Det Ax. 54 5 a a 3 Mining— Alaska jim ... 164 164 }f4 ]64 Am Metals 15 4 15 154 1’ Am Smelt 344 334 34 a 33 Anaconda 94 B’, 9 , 9* Cal k He 'la .. 34 3 34 24 Cerro De Pasco. 43’, 43 434 43 , Dome Mines .... 39 4 39 39 4 39 Granbv 54 54 s’* Gt Nor Ore 10 f°* 94 94 Howe Sound ... 57 454 47 46 Ins Copper 24 24 24 2 2 Int Nickel •23 4 23 4 23--a 23 a Kennecott Cop . 154 144 154 14-, Mclntvre Mine .45 4 44 4 44 4 44 4 Park Utah .... 24 24 24 24 Noranda Cop ... 344 34 344 34 , Phelps Dodge ... 134 13 4 134 13 St Joe Lean .. 124 124 124 ,}?!* U S Smelters .1164 1144. 1154 115*2 Vanadium 15 14 * 15 la Amusement*— Crosley Radio .. 144 14 144 14 Fox Tneat 94 94 9 4 9 4 Loews Inc 34’, 344 344 34-’* Radio Corp 44 44 44 4;, Paramount 24 24 24 24 RKO .... 14 14 l’a 14 Warner Bros ... 24 24 2’a 2’a Tobaccos— Am Snuff 64 4 64 64 4 64 Am Sum Tob 194 194 194 194 Am Tobacco “A" 75 4 7 4 75 *4 Am Tobacco B .. 77 76 77 76 Gen Cigars . 52 514 52 52 Ligg k Myers B 984 964 984 99 Lorillard 194 184 194 194 Phillip Morris .. 384 37 4 38 4 374 Revonlds Tob B 44 4 44 44 4 444 Rails— Atchison 41 39 404 40 Atl Coast Lines . 23 4 214 23 4 22 4 k O 94 84 94 84 Can Pacific .... 94 94 94 94 Ch k Ohio 40 39 4 40 394 Chi k Gt W ’ 4 ’, 4 Chi & Gt W pfd 2 2 2 14 C M k St P 14 l’a 14 14 CMk St P pfd 24 2 2 2 Chi N W ... 34 3 34 24 Chi N W pfd .. 6 6 6 6 Dela Ac Hud .. 27 4 25 4 27 25’, Del Lac A- W ... 134 124 134 124 Erie 84 8 84 84 Erie pfd 10 94 10 f Grt North pfd .. 114 104 114 104 111 Central ... 114 104 114 104 Lehigh Vsllev .. 74 64 7 , 64 Lou k Nash ... 37 4 37 4 37 4 374 M K k T .... 34 34 34 34 MK k T pfd ... 84 84 84 7 Mo Par 14 14 14 14 N Y Cent 144 13 144 134 N Y New Haven 44 44 44 * N Y Ont k West 34 34 34 3 * Norfolk k West.lsß 4 158 4 158 4 160 Nor Pacific 154 15 154 154 Penn R R 194 184 194 184 Reading 33 4 33 4 33 4 33 Sou Pac 14’, 134 14., 134 Sou R R 94 84 94 84 Union Pac .... 874 864 894 81 Wabash 14 14 1* 14 West Maryland . 7 64 7 64 Equipments— Am Brake Shoe 23 4 23 23 4 22 4 Am Car k Fdv 12 114 12 114 Am Loco • 104 10 104 10. Am Steel Fdv 14 134 14 15’* Bald LOCO la l’a la la Gen Am Tk Car 35 35 3a 35 Gen Elec 234 214 224 26 Gen R R Sig ... 19 19 19 194 Pullman Ine ... 444 43 44 4 43 West Air Br .. t 94 194 194 194 Westir.crh Elec . 364 34’, 36 3a , Utilities— Am & For Pwr 3 4 24 3 4 34 Am Power k Lit 2’, 24 24 24 A T k T 1034 101’a 103 102’, Am Wat Wks 114 104 114 10 Col Gas & Elec 5 54 6 54 Comm A Sou .. 1 * Consol Gas . 19-, 18-4 194 19 1 Elec Pwr A Lit . 24 2 24 2 Interboro RT .. 104 94 104 10 2 Int T A T 6’* 64 64 64 LOU GA E A”. 13 124 13 124 Nat Pwr A Lit.. 64 6 64 64 North Amer 114 104 114 11 Pac C, A E 164 15’, 164 154 Peoples Gas ... 224 204 224 20 Pub Serv NJ.. 22 4 20 4 22 4 24 4 So Cal Edison . 124 124 124 12 a Std Gas 34 3 34 3 Stone A Webster .34 34 3*2 3 4 United Corp . 24 24 24 2 a Un Gas Imp 114 104 114 10 a Ut Pwr A Lt ‘A* 14 14 14 14 Western Union .24 4 22 4 24 4 23 , Rubber*— Firestone 144 144 144 15 Goodrich 84 84 84 8 , Goodvear 184 17’s 184 17Kelly Spring ... 1 ’a 4 a U S Rubber . IP, 104 114 11 U S Rubber pfd 28 4 26 4 28 4 264 Miscellaneous— Allis Chalmers .. 14’, 14 14’ Amer Can ■ 1154 1144 1154 115 Am Mac AF .. 21 19;. 21 20 , Anchor Can . 144 144 14 a 14, Brklvn Man Tr 394 394 394 39 Burrough Add . 144 14 14 * 14 J I Case 514 49 50% 494 Conti Can 68 66 , 68 6.4 Cater Tract 38 4 38 4 38-, 39 Crown Cork ... 244 24 , 244 24 Curtis Pub 184 1.4 I<4 17 * Deere ACo .... 2a * 24’, 25 , -5 East Kodak ...118 1164 118 I|7‘ Foster Wheeler 114 114 114 11 * Gillette 14 13’, 13 ■* 4 Glidden • ■ 254 25', 254 25 . Ingersoll Rand . 65 53 ?2 2 ■ Int Bus Ma 554 1554 1554 156 Intfr Harv ... 37 7 * ST* 7 *333* 3 3i : i Natl CVsh Reg .. 144 14 144 14 4 Owens Bottle ... 8s 844 8s 844 Rem Rand 84 84 84 84 Worthing’n Pmp 13’, 134 134 13 Food*— Am Sugar 504 59 594 59 ; Armour ..4 4 4 4 4 44 Armour 6'- pfd 634 63 634 68’, Beatrice Cream 164 164 164 16’* Borden Prod . ... 224 2-4 22 a 22, Cal Packing ... 39 4 39 39 4 39- a Can Drv G Ale . 104 104 104 104 Coca Cola 1904 189 4 189 4 18.’’, Corn Prod 644 Crm of Wheat 38 . 38 4 384 38 a Cuban Am Sugar 64 6 64 s Gen Baking 8 8 8 8 Gen Foods 33 4 324 33 , 33 2 Gold Dust 154 154 154 154 Hershev 764 .64 .64 .64 Int Salt 294 294 29 . Loose Wiles .... 34 4 344 34 4 344 Natl Biscutt .... 224 224 224 254 Natl D Prod .... 14’a 14 s * 14’, 134 Puritv Bak 94 9 9’, 8 ■ 5 Porto Rico Sug 224 224 224 224 Std Brands - 144 144 14’, 144 Un Biscuit .... 234 234 234 23 Uni-ed Fruit .. 78 4 77 4 78 78 4 Ward Bak B l** IV P, 1> Wng’.ey 75 V 75 W 75 V i4*. Retail Stsree— Assd Dry Goods 9 9 9 9 V Best ACo 36 35 4 35’, 36 First Natl Stores 47 4 47 4 47 4 47’, Gimbel Bros .. 2’, 2V 24 24 Hahr. Dept Sts.. 4 4 4 4 Jewel Tea 54 54 54 534 Kresge S S ... 204 20 , 204 20V Kroger Groe ... 24’, 24 4 24 4 24 4 Macv R H 35 s . 354 354 35’, McCrorv St 94 94 94 9V McLelian St ... 104 104 104 104 Marshall Field . 7V 7-, 7V 7V Mav Dent St ... 374 37V 37 4 374 Mont w'ard . .. 24 4 23 V 244 244 Natl Tea .... 9V 94 9’a 94 Pennev J C ... 564 654 664 66’, Safeway St 39 39 39 39V Sears Roebuck • 354 34’, 354 354 Woolworth 53V 53 V 53 4 53 4 Ayiation— Aviation Clorp . 4 3 4 3 V 34 Boeing Aircft .. 7’, 7V 7’, 74 Curljs Wright . 24 2’* 2V 2’ 2 Curt Wright A 8 V 74 8 1 , 7’, Douglas Air 204 194 23 19 * Nor Am Av .... 24 24 24 24 Sperry Corp ... 84 8 84 24 Unit Air New .. 11 ll-% 114 114 Chemical*— Air Reduction .167 107 107 10# Allied Chem 1404 128 1304 128 Am Ootn Aicoboi L Hv 244. 244

INDIANAPOLIS. SATURDAY, lIARCH 23, 1935

Col Ca rbon 73 4 73 73 4 73 4Com Solvents .. 19 184 19 184 Du Pont 91 89’, 90 4 89 4 Fr-eport Tex .. 2P, 204 2P 194 Liquid Caro ... 27 254 27 26 Math Alkali .. 25 4 25 254 *5 Monsanto Chem. 58 57 4 58 57’, Natl Dis mew*. 274 28 4 264 274 Schenlev Dlst .. 264 25’, 26 4 264 Tex Gulf Sulph 314 31 314 314 Union Carbide 46’* 46 4 46 4 464 U S Ind Alcohol 374 37 374 374 Drugs— Bristol Myers... 32 4 32 4 32 4 33 Cotv Inc 44 44 4’* 44 Lambert 26 4 25 4 26 4 264 Lehn A Fink .. 14’* 14’, 14’, 144 Sterling Prod .. 62 4 6P, 62 624 Un Drug inewi 104 10 104 104 Vick Chem . .. 364 364 39 364 Zonite Prod ... 34 34 34 34 Financial— Adams Exp .... 5 44 5 44 Allegheny Corp .1 1 1 14 Am Int Corp .. 54 54 54 5 Chesa Corp .... 384 38 384 374 Transameriea .. 54 44 54 5 Tr Conti Corp .. 24 24 24 24 Building— Am Radiator ... IP, 114 11’, 114 Gen Asphalt. ... 134 124 134 13 Holland Furnace 6’* 64 6’* 64 Int Cement ... 24 24 24 244 Johns Manville . 43 4 41 43 4 41V* Libby Owens Gls 244 234 244 24 Otis Eiev 13 13 13 134 U S Gypsum ... 43 43 43 43 Ulen Cons l’a 14 14 IV* Household — Col Pal Peet... 174 17 174 174 Congoleum 28’a 28 4 28 4 28 4 Kelvinator .... 15’a 154 17’a 154 Proc A Gamble. 474 47 47 474 Servel Inc 84 7% BV* * 84 Simmons Bed.. 7 64 7 6’* Textiles — Amer Woolen... s’* 5 4 54 54 Belding Hem ... 124 12 124 ll’a Celanese Corp .. 22 20’, 214 21 Collins Aikman.. 104 10 10-a 104 Gotham Hose... 33 33 Indus Ravon... 274 26'a 274 27 Kavser Julius... 16’, 16’, 16’, 164 Real Silk 44 44 4',* 4

HOGS Mar. Bulk. Top. Receipts. 18 $9.10-3 9.25 *9.30 2500 19. 8.801(2! 8 90 8.90 7000 20. 8.608.70 8.70 4500 21 8.604 c 8 70 8 70 4500 22. 8 600 8.75 8.75 4000 23. 8 604 j 8.75 8.80 1000 Light light 1 (140-160* Good and choice.. .*7.90(5. 8.15 Medium . 7.40rg; 8.40 Light w-eight: 1180-1801 Good and choice.. 8.6547. 870 Medium 8.15@ 8.50 (180-200* Good and choice ... 8.704i 8.75 Medium 8.25© 8.60 Medium weight; 1200-2201 Good and choice... 8.700 880 (220-2501 Good and choice... 8.604i 8 80 Heavy weight: (250-290i Good and choice... 6.400 8.50 (290-350i Good and choice... 8.2041 8.40 Packing sows: 1275-3501 Good 8.75<® 8.00 (350-425* Good 7 650 7.90 *275-350* Medium 7.50® 7.85 (425-550) Good 7.25® 7.75 Slaughter pigs: (100-1401 Good and choice . 6.15® 7.90 Medium 5.50®j 7.40 CATTLE —Receipts 50— —Steers—-(soo-900) Choice $10.50® 12.50 Good [email protected] Medium 7.50© 9.75 Common 5.50@ 7.50 (900-1100* Choice 12.00 0 13.25 Good 9.50(3.12.50 Medium [email protected] Common 5.5041} 7.75 (1100-1300) Choice 12.504i.13.25 Good i0.25@ 13.00 Medium i>.so© 10.50 (1300-1500* Choice .’2.50©13.25 —Heifers—-(soo-750) Good 10.25013.00 Choice [email protected] Good 8.25@ 9.25 Common and medium 5.00@ 8.25 (750-9001 Good and choice ... 8.504H0.50 Common and medium 5.00® 8.50 —Cows—(Yearling Excluded) Good $5.75© 7.25 Common and medium 4.00©> 5.75 Low Cutters, Cutters 2.75(3} 4.00 Bulls, good .... 5.50® 7.00 Cutter, com. and med. bulls.. 3.75® 5.50 VEALERS —Receipts. 50— Good and choice $9.00® 9.50 Medium 7.00® 9.00 Cull and common 3.00® 7.00 —Calves—-(2so-500) Good and choice 6.504J} 9.50 Common and medium 3.50© 6.50 —Feeder and Stocker Cattle — —Steers—-(soo-900* Good and choice 6 00® 800 Common and medium .... 4.50® 6.00 (900-10501 Good and choice... 6.00® 8.25 Common and medium 4.50® 6.00 | —Cows— Good 3.75® 4.50 Common and medium 3.25® 3.75 SHEEP AND LAMBS —Receipts. 50 — Lambs. 90 to 120 lbs., good and Choice $7.754j 8.25 Common and medium 6 no© 7.75 90-120 lbs., good and cnoice... 4.50® 5.50 Sheep: 1120-150> Good and choice . 4.00® 5.25 All weights, common and medium 3.00® 4.25

MONON HAS DEFICIT OF $1,416,314 IN 1934 Chicago, Indianapolis & Louisville Railway Issues Report. By Timet Special March 23—A net deficit of sl,416.314 during 1934 is shown in the annual report of the Chicago, Indianapolis & Louisville Railway. This compares with a net deficit of sl,514.467 in 1933. Operating revenues were $7,427.499 against $7,228,716 and operating expenses $6,168,313 against $5,745.056. Non-operating income totaled $25,678 against $104,798 and fixed charges were $1,561,792 against sl,598.182. Profit and loss account after adjustments showed a credit balance of $788,809 as of Dec. 31, 1934, compared with $2,286,790 a year earlier. Passenger traffic increased with a total of 218.689 carried last year, against 216.628 in 1933. TEXTILE ACTIVITY UP Gain of 10 Ppr Cent Voted in First Two Months. By Timet Special NEW YORK, March 23.—Activity in textile mills for the first two months of 1935 was approximately 10 per cent higher than that for the corresponding period of 1934 and was almost equal to the rate of activity for the 1924-31 average, roughly assumed as “normal.” Textile World will report in its March issue. "Surprisingly.” it is stated in the report, "in the face of despair, manufacturing margins in carded cotton fabrics showed only a very slight loss for the month of February’ while those for carded yarns actually registered a gain. A decline in wool values the middle of February forced the raw wool, top and yarn indices down, cloth being as yet unchanged. For the fir#t time since last September silk halted its steady advance and declined one point.

Now Is the Time lo Tour EUROPE There is a European Tour that fits into even the most limited budget There i* no time quite like Sprinp to tour Europe, and whether von plan to join one of the many low-oo*r conducted tours —or desire to see Europe leisurely "on your own," you'll profit by letting us care for all the details of your trip. RICHARD A. KURTZ. Wanaeer Travel Bureau The Loading Travel Bureau of Indianapolis THE UNION TRUST CO. of Indianapolis 120 E. Market SU RI-5341

Local Livestock

VAN SWERINGEN HOPE FOR LOAN GETS SETBACK Plan for Missouri Pacific Railroad Seen Doomed by Disclosures. BY THOMAS L. STOKES Time* Special Writer WASHINGTON, March 23.—The ambitious scheme of the Van Swer- | ingen brothers to borrow $75,000,000 j from the Reconstruction Finance Corp. to reorganize the Missouri Pacific Railroad, a segment of their vast empire now in receivership, encountered serious obstacles today through a bit of Senate publicity. The $75,000,000 loan proposal was dragged from the secrecy surrounding negotiations between Chairman Jesse Jones of the RFC and the Van Sweringen brothers, which have gone on for weeks, by testimony before the Senate Interstate Commerce Committee. Mr. Jones was somewhat surprised by the disclosure, as were the Van Sweringens, but the genial Texan was his usual urbane self when he faced reporters. He assured them the RFC had made no comments, indicated that a loan of such size was merely a hope of the Van Sweringens, and said the RFC is investigating the probable paying ability of the railroad before deciding on any loan. Gets Senate Invitation While somewhat indefinite about the proposed reorganization plan, Mr. Jones said he understood it entained altogether a $175,000 firstmortgage. in which the road wanted the government to share. He has been invited before the Senate committee to discuss the plan. The railroad already owes the RFC $23,000,000. The Van Sweringens owe $67,000,000 altogether to the government on this and loans to other of their properties, and they owe a banking syndicate headed by J. P. Morgan & Cos., $48,000.000. ' It was evident today that Mr. Jones will go very slow now, in view of the publicity of this proposal and of Van Sweringen financial operations which have been condemned before the Senate committee. It was very apparent that a loan of $75,000,000 is doomed—if indeed it is ever given any serious consideration—and that any further advance of government money will be most carefully scrutinized in view of the revelations of the banking group’s control .over the road, and the past history of Van Sweringen speculative ventures. Cites Morgan Position Maxwell Brandwen, counsel for an independent Missouri Pacific bondholders’ committee, who disclosed the loan proposal, put it bluntly by saying that the Van Sweringen railroad properties “are completely in hock to the banking syndicate headed by J. P. Morgan.’’ In approving any loans to the Van Sweringens, Chairman Jones will be under the constant threat of the Senate. Senator Couzens <R.. Mich.), who has attacked the Van Sweringens before, declared that "instead of granting this loan they ought to put the Van Sweringens in jail.” Revelation of the secret loaji negotiations also enhanced the Prospects of passage of the resolution of Senator Wheeler <D.. Mont.), chairman of the committee, for a thorough senatorial inquiry into railroad refinancing operations. “I have no objection to a Senate investigation,” Mr. Jones said. He expects the study of Missouri Pacific paying ability to be completed in about two weeks. He was somewhat vague about the Van Sweringen reorganization plan, but said he understood it provided a cash payment of some sort to the bondholders. Asked when he thought the Van Sweringens would pay back the $48,000,000 they owe the banking syndicate. Mr. Jones turned to his questioner, who has a bald spot on the top of his head and remarked: ' “That bald spot will be a lot larger.” NORTH WESTERN CUTS TIME OF - 400’ TRAIN Crack Flyer Will Reduce ChicagoSt. Paul Schedule April 28. By Time* Special CHICAGO. March 23.—Effective April 28. the Chicago & Northwestern Railway will reduce running time of the ‘‘4oo" to six and one-half hours between Chicago and St. Paul, giving an average station-to-station speed of 63 miles an hour and a sustained speed of about 66 miles an hour, company officials have announced. The faster schedule will *go into effect with the advent of daylight saving time and will permit travelers to put in a full business day before leaving. Departure time, central standard time basis, will remain unchanged.

Fidelity Trust Company Member Indianapolis Clearing House Association 148 E. Market St. General Commercial Banking t Your Account Solicited

New Insurance Company Will Make Formal Bow Here Late Next Month

Former Governor Leslie to Be President of Enterprise. On April 10 Indiana’s newest legal reserve life insurance company will be launched with former Gov. Harry’ G. Leslie at the helm. On that day, amid ceremonies both professional and festive, this tyro in the business world will make its bow under the name of the Standard Life Insurance Cos. of Indianapolis. A license to do business was granted by the state a few days ago after half of the initial 10.000 shares of S2O par value stock had been subscribed for. Additional blocks of stock have been taken since then and it is expected that the entire 10.000 shares will have been sold before the formal launching of the enterprise. The stock is being sold for SSO a share, or two and a half times the par value. To Increase Stock A meeting of directors and officers of the embryonic company will be held on April 10. At that time stockholders will be asked to approve an increase in the common stock capitalization from 10,000 to 25.000 shares. It is the intention of Standard Life to make these additional shares available for subscription at three times par value, or S6O, Floyd E. Williamson, former state auditor, and John W. Cherry, who recently resigned as vice president of the United States Mutual Life Insurance Cos. of Chicago, will be vice presidents of the new company. George F. Flagg, former state agent of the Wisconsin National Life Insurance Cos., will be secretary and E. J. Barker, president of the Home National Bank of Thorntown, will be treasurer. The Standard Life Insurance Cos. is wholly a Hoosier proposition. All officers and directors of the company are. or presently will be. residents of Indiana. Furthermore, all stock in the enterprise has been sold to residents of this state. To Give Dinner Offices have been rented In the Guaranty Building and workmen are now remodeling and fitting them up for occupancy on April 10, the day on which the first meeting is scheduled. Later in the evening the officers are tendering a dinner to stockholders and directors at the Columbia Club to celebrate the launching of the company on its career. President Leslie and other prominent speakers will address the gathering. Standard l ife Insurance Cos. will start with a large active organization in the field and the sales department has set a monthly goal of $1,000,000 for the balance of the year. LOCAL CASH MARKET City grain elevators are paying 85 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow, 75 cents, and oats 42 cents.

3,500 Shares at $50.00 per Share The Standard Life Insurance Cos. OF INDIANA An Old Line Legal Reserve Company Now licensed to write insurance under the rigid compulsory reserve deposit laws of Indiana Officers Hon. Harry G. Leslie, President Former Governor of Indiana Floyd E. AVilliamson. Vice-President E. J. Barker, Treasurer Former Auditor, State of Indiana President, Home National Bank Former State Agent, Provident Former Secretary, Indiana Life and Accident Insurance Cos. Board of Agriculture. John IV. Uherry, Vice-President George F. Flagg. Secretary Former Vice-President, I‘. S. Former State Agent. Mutual Life Insurance Company Wisconsin National Life of Chicago. Illinois. Insurance Company. In addition to the above, the following comprise the Board of Directors Marshall Haywood Lafayette IVm. C. Lehman Canneltnn President, Haywood Publishing President, Lehman Company of Company America Harry P. Fletcher Ft. Wayne J. H. (ikinner Lafayette Patterson-Fleteher Company Dean of the Agricultural Department Edwin S. Mills Indianapolis Purdue University Chairman. Board of Directors J- Raymond Srhuti North Manchester Maplehurst Farms, Inc. Professor, North Manchester College President. Farmers Mutual Itisur- John H. Teder Jasper ance Association County Superintendent R. D. Canan Lafayette of Schools In Charge of Milk Supply Charles E. Smith Anderson National Dairy Products Corp. Judge. Circuit Court George W. Talbot Bloomington Charles H. Kellermever Indianapolis Manufacturer Auditor. Indiana Trnst Company Lloyd VanScoy Delphi Elton F. Leffler Indianapolis Agriculturist Attorney Guv Cantwell Gosport General Connsel for Standard Life Member, Stale Board of Agriculture Insurance Company of Indiana A. H. Wyatt Indianapolis T. P. Bradley Louisville, Ky, Investment Counsellor Director. Bowling Green Refining Cos. Chief Medical Director—James W. Canaday, M. D. Consulting Actuaries—Haight, Davis and Haight Over one-half of the Capital Stock We now offer for public subscription 3500 of this company has been sub- shares of stock at $50.00 per share as long scribed by the above officers and as it is available and reserve the right to directors and leading business and allot the stock if oversubscribed and return professional men of Indiana. all or any payments made thereon. Terms of Payment Cash or 40% upon application— All checks payable to Standard Life balance within 9 months. Insurance Company of Indiana. Full Particulars on Request to Standard Life Insurance Company OF INDIANA Guaranty Building, Indianapolis Offered to Residents of Indiana Only

What Does It Mean? Conversion—When a borrower attempts to hare holders of an outstanding issue of bonds accept new bonds at a lower rate of interest this is known as a conversion operation.

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Harry G. Leslie

MOVEMENTS OF PRODUCE EVEN Current Output 12 Per Cent Lower Compared With Last Year. By Timet Special WASHINGTON. March 23.—Shipments of produce in the Midwestern district during the current month have held around steady with the volume nearing 2000 carloads, according to the weekly report released today by the United States Department of Agriculture. Current movements compared with the corresponding month of last year are running approximately 12 per cent lower, especially in Southern produce which was affected by last winter’s freezing spells. Several of the delayed or replanted crops have a tendency to catch up with the season, but some lines are expected to continue light through April, including Southern potatoes, onions, cabbage and strawberries. Current prices of the various classes show no general trend. Most kinds of produce, excepting old potatoes, usually are as high or higher compared with a year ago, but onions and cabbage have maintained the higher market values established this month and supplies of old stock are lasting well. Practically nothing has happened in the market for old potatoes, carrots and apples. Citrus fruits have followed an irregular course of prices without sharp changes. Prices at some city markets weakened around 5 cents at the middle of the month and carlot sales at Chicago followed with a lower range of 65 to 70 cents on northern stock.

2 BILLIONS OF MORTGAGES TO MATURE IN '35 Fahey Calls Attention to Present Facilities for Refinancing. By Timet Special WASHINGTON. March 23.—1n order to assist 500.000 urban homeowners throughout the United State# who are not in financial difficulty, but whose short-term mortgages fall due this year, John H. Farley, chairman of the Federal Home Loan Bank Board, stresses the desirability of refinancing these obligations as long-term amortized loans. He points out that ample longterm funds are now available through private lending agencies, particularly the 3180 member institutions of the Federal Home Loan Bank System, with its present reserves of nearly $180,000,000 at the disposal of members for loans to home owners. 500,000 Home Affected "Nearly two billion dollars in short-term mortgages, representing some 500,000 city homes," Mr. Farley said, "mature in 1935. Many borrowers under present conditions find it difficult to make the large lump-sum payments required on the loans. Such a home owner will readily see the advantage of refinancing the troublesome loan now falling due by means of anew longterm mortgage which he can pay off over a term of from seven to 15 years in small monthly installments, each containing a partial payment on principal with interest on the unpaid balance. "Lending institutions in certain parts of the country are now offering long-term loans at even lower interest rates than are carried by the lump-sum mortgages now falling due. This partly reflects the ample credit reserves available at low rates to member institutions of the Federal Home Loan Bank System. Advantages Explained / "To illustrate the advantage of refinancing a maturing mortgag* through anew amortized loan, suppose that a home owner has a S3OOO mortgage at 6 per cent interest coming due next month, which he is unable to pay off in full and will have difficulty in renewing through the present lender. By refinancing the S3OOO loan as a 12-year amortized loan, through a local building and loan association or other member of the Federal Home Loan Bank System, the present S3OOO obligation is paid off in full. "The new loan which replaces it will require a monthly payment of principal and interest of only S3O. In 12 years, the entire S3OOO loan will have been repaid without a single payment of more than S3O. "The 3180 member home-financ-ing institutions of the Federal Home Loan Bank System, mainly building and loan and Federal Savings and Loan Associations, specialize in making long-term amortized home loans to people of sound credit standing.