Indianapolis Times, Volume 47, Number 12, Indianapolis, Marion County, 25 March 1935 — Page 9

Wall St. Unlisted Security Regulation Is Difficult. BY RALPH HENDERSHOT— Tlmn Suppirl Wrilff

N'FW YORK March 25—Joseph p Kennedy, chairman of the Sfi ;r;t.es And Exchange Corn mis* sion. finally has gotten around to bringing unlisted security dealers under the wing of the government. Having put the listed exchanges fairly well to rights, he now takes on he bicgen alignment of his r.fflrr

Unlistcd - Include thoae for which a market is made but which are not lu'ed on any recognized exchange. Dealers In these securities are i-cattercd 0v e r the country, but few of them belong to any organization or follow

Ralph llendershot

any set rules of rivaling Mo. ' of the leading dealers in New York, however, have handed together under the New York Security Dealers Association. By reason of the tact that trading m unlisted .securities is very slow, dealers are obliged to assume the roie of buyers, sellers and brokers. They usually buy as cheaply as they can and sell at the best pnre possible and take the difference a' a legitimate commission. The market m some issues, though, is sufficiently active to establish a fairly close market. u m a YT will be extremely difficult to establish rules and regulations which will be just and satisfactory to all of the dealers concerned and yet provide the proper protection for the public. Mr. Kennedy realizes this and quite propeilv has approached the problem carefully. He has given it considerable study, and probably has some very definite ideas on how it should be worked out, but essentially it is one to solve through the trial and error method. It was nothing in the old days for dealers to practice the worst sort of horse trading methods. Your correspond it frequently has witnessed the "copping" of five nr ten points on stocks selling from SWO to S2OO a share despite the fact that the dealers made no commitments until they had buyers and sellers ready to deal. In more recent years, however, the larger dealers in the New York arra have taken on a higher degree of respectability. They have established rules of conduct and trading, and require that all members of their association adhere strictly to them. They collect legitimate quotations for the newspapers and require that members trade at the prices established. mm m SOME readers may be surprised to learn that the unlisted dealers do all their business over the telephone. Quite frequently men who never have met each other are well acquainted through their market operations and trust each other in transactions involving thousands of dollars. Mr. Kennedy and his assistants undoubtedly will work out rules and regulations which will prove satisfactory to the broad list of unlisted dealers. They have proven their ability to overcome difficult situations in the past, and would seem to be going about this one in the proper fashion. CAR. TRUCK PRODUCTION REACHES 100.000 MARK Wffklv Output in United States, Canada at lf'.'O Level. B't Timet DETROIT. March 25.—For the first tune since 1930 the 100.000 mark was passed in the weekly production of automobiles and trucks in the United States and Canada last week. The current estimated output was 100.065 units winch compares with 97.090 recorded for last week. Weekly production a year ago amounted to 81 596 units, according to Cram’s Reports. Inc. The present total exceeds the peak of last year which was reached dunne the week ended April 28, when the estimated volume was 95.336 automotbles and trucks. It also closely approaches another high peak for the industry which was seen the week ended July 12. 1930, when 102.000 units were manufactured.

On Commission Row

Quotation* or:-a arr wholesale p::cr* being offfrfi to buyers bv local commission dealers. Fruit* -Banana* 5c a lb. Apples W;ne*p4 Si 75 Delicious *: 85 lemons. sun--11 :s< *eecm< |3 ;s, Arizona. 645. 70s and 80* S- SO l:rr.es Mexican per carton 12*. 25c; B\:am vftilfit per hundred. 33 Pineapple* P rto Ricans crate $3 A'oeado*. F -rida box. ft 50. Strawberries. Florid* r"• 10. He per J6-p’ cra'e Apricot*. *1 crate Grope*. South America while. *3 black. 93 Honev Per*. South America. *1 T 5 nectarine*. South America, boa. 12 W. IrrrtaMe* Cabbage. Vrr‘hfrn Danish 50-th bar $t is. new red Texas hamper. 13 50 ne* Texas, half crates I- *5. Onions Western Spanish 50-’.b. has 13*5 Miehten ve::s s<*-!b n*e II *V Greer Mountains 100-10. be. *1 50 selected cobblers. 50-lb bar. 31.75: r-nherr re.ad h.e 100-lb bag It: Gb..'*. 100-lb bar. 1190 Idaho Russets, lw-.t bag 1190 New F ond* Triumphs, bushel II !5. Sweet potatoes Indiana Jer- •* t-be: 1150 medium or seed 1110: Nano Ha.ls bushel It IS Beans, round j’r.r.gless hamper 1150 .?2 75 Celery washed and trimmed medium, dor. 50c. bo dor. 75c; hearts dor 90c Cucumber*. hot house dozer. $1 50 2 doren box, S3 73 Endue California, dozen 90c crate. 14 15 Eg* plant. II S Ka’.. bushel. *oc lettuce, hot house. 15-lb. basset It 25: Ar tor* Iceberg head lettuce. 93 I* Yuma crate II 50 Mingoes 150iS a crate unil! basket 50c Mint a down *1 Parsley dozen. 3Sc Fms hamper* 13 25 Spinach Texas bushel $1 50 Radishes dozen. s<s#Sc Florid* o'ar.se* $2 75. Turnip* bushel *V Parsrps buhe 1110. Bee’S, bushel. 11. Carry’s b .she!. It t"0-lb ack I! 75 Ffiibarb ho’ house 5-lb carton 50.; 55c dozen bunches 1. Mushrooms, lb . 30c. All euotation* subtect to change un or down. EROT* AND MOFT.IBUS Be United Pies*. CHICAGO March 25 App-.es-M chigan Jonathan* buhel 1150-i2 2* Mcln-o*h I tail I*s Carrots—California crate* |2*otj 3 Lettuce -Western crate*. II So*i 5 5 do* Turnip* Illinois bushel. 20i 3V Swee* potatoes—Tennessee, bushel. 95*r tie Indiana $125*1115 Beana— Florida, bethel, green 1150i.-2 2S Spinach Texas, bushel |1 J 5 150 Cabbage W *eons;n io ’ha. *2 9S*jS25 Onion set* x; rr.itur. urks a bushel No 1 yellow, II 7S Peas California bushel, hamper* *2 9011135 Tomatoes- r.erida lugs. 12 75 tl 25 Onion market 50-lb. aeks> Michigan vellew*. 1*95*2 Illinois >eaoai. %U6sii. ittiufi Va.iat.a*. ua *.•.

BRITAIN'S IDLE PLAN IS URGED AS U.S. MODEL We Can Use Their Experience, Avoid Their Mistakes, Authority Says. f <il HdK#rt G. *f th# I nrmphtment Ini*ranrp Commitnf Presidffit Industrial %dsi**rY Board has written fill trlirlrs fr Th Indianapolis Timev of which this it the third The English have had more than twenty years of experience with unemployment insurance. We can use ome of their experience to advantage. We also can avoid most of their mistakes. The British system has gone through a number of vicissitudes since it was started in 1912. They had no precedent to guide them, and had to learn it all at first-hand as they went along. The greater part of their troubles, by far. came from an extension of insurance benefits to the hopelessly unemployed. Politics comes in here as it mav in any democratic country. A multitude of people who had no claim on insurance benefits was thrust on the insurance system. Eventually, that came to an end. and now the insurance system is on a sound basis. Constnbutinns, as prrmiums, are paid weekly by the worker, his employer and the state in equal portions —one-third for each. British Plan Compulsory The British system is compulsory and is a flat rate sytsem. Everybody w ho is insured pays weekly the ame amount of premium (it varies slightly, according to sex and age*, and in case of unemployment the weekly benefits are the same for all. irrespective of salary or wages earned, except that there is a gradation on account of age, sex and number of dependents. The system originally was based on an actuarial calculation, carefully computed, and for some years it more than paid its way. At the commencement of 1921 it had a reserve of more than £22.000.000. What has happened in Great Britain ever since 1921, and in America for some portion of that time, has been nothing less than the partail breakdown of the wage system as the basic means of distributing the available wealth of the community. Added to the normal complement of poverty, the British community has had to support from 1.000.000 to 2.500.000 able-bodied wage-earn-ers and their families out of collective funds of various kinds. This is mass unemployment and no final remedy for it has yet been discovered in the United States. In 1920. unemployment relief was costing Encland upward of $650.000 000 a year, not counting extras such as relief works. Only $130,000.000 of this came from contributions. Reorganization of their then existing benefit arrangements also was urgently required. The insurance scheme had been sadly mishandled. Contributory benefits and non-con-tributory doles, all at the same rates, were jumbled together, and an immense debt was being piled up for the insured contributors of the future. Means Test Adopted In 1931, it was decided to treat extended benefits as relief rather than as insurance, and a "means test" was put into effect. By that time, the insurance system was in debt to the exchanae to the extent of £115.000.000. The radical change that was made in the British system—that Is, the divorce between unemployment and public relief —made a conspicuous difference in results. The system Is now paying back its debt to the exchequer at the rate of £5.000.000 a year. Workers are qualified for benefits when premiums in respect to them have been paid for not less than thirty weeks in the preceding two years. Benefits beam after a waiting period of six days. In the case of workers who have left their employment through misconduct or voluntary quitting, the waiting period is increased to six weeks. No benefits are paid for loss of employment during a strike n the worker's own establishment. Under the act of 1934—n0w in force—training is given to unemployed persons in schools or training centers. Labor exchanges are an important feature of the British plan, and have proved of great use in placing unemployed workers in new jobs.

PRODUCTION INCREASES Westinehouse Electric Operates at Capacity During Week. SPRINGFIELD. March 25.—The Westinghouse Electric and Manufacturing Cos. here last week reached capacity production of refrigeration units and fans, according to a report released today. A slight increase also was registered in the output of small motors. At present the plant is operating three turns of thirty-six hours each and employment is estimated at around 4000.

Produce Markets

Delivered in Indianapolis prices: Heavy breed hens. 15c. Leghorn hens, lie; colored springers. 13c; heavy stags. 11c: Leghorn stags. 7c; old roosters. 7c; duck*, full feathered and fat. 9c; geese, full feathered and ft. 7c: all classes of guineas. 15c; No. 1 strictly fresh country run egg*, loss oft 17c. Each full cases must weigh 55 lbs gross, a deduction of 10c a pound for each pound under 55 lbs will be made. Butter —No. 1. 33 :34c; butterfat. 26c Quoted bv the Wadlev Cos. Bv Luited Press < CHICAGO. March 25 Eggs—Market unset’. ed rece’.p’s. 29 90! case*, extra firs’*, lie fresh graded firsts, 2 r s>.. current re-c.-p’j 19’.c dir’ie* lf-.c: check*. 18c B;."er Market, firm: receipts. 5802 tubs: ex-ra fir** 90-91'.; score> 31c: ex’ras 92 score:. 31 c fir*’* *B-88* i score'. JOsi 30 ‘,c seconds • 88-87 score:. 29tt29'jc 12 ,c standards 3". c Poul’rv —Market steadv; receipts. 19 trucks; spring*. 20c 7 .5* 24c. o.a -Aos’rr* 13':t14'gc: riu*k 18s;21c: turkevs. 194i21f. geese. Ilal5c: stats 16’ *c: bt:.rr 7lc fr*er* 24c. hens. lß’*O2oc Cheese—Twins. ISirlS'sc Daisies li'iir 15 .c Longhorns. 15 j ixlßc Potatoes Old itoex supply libera: including seed s-ock demand and trading slow: market s’eadv on good stock; Wisconsin round * fires. 85c commercial. 62 ; c Idaho rus*e: $1 80 r *t 1 62' 3 ; commercial grade. 81 SJtjli I 25. New stock—Florida, bushel crates bits* triumphs washed. ll.liOl: United Sta’e* No 2 *! 75 Arrival*. 153: on track. 302. sa.pments. 278 Saturday. 33 Suudajr^,

Abreast of The Times on Finance

'Things in Wall Street ‘Not So Hot) Broker Takes Up With Teipsichore

Charles D. Brooks, Ne Carlos de Vega, Finds Traders’ Shoes Pinch. BY LEONARD ROGERS Time* Special Writer NEW YORK, March 25.—Carlos de Vega is going to return to the dance stage. Lately he has been practicing the classical and modern Spanish dances that made him famous in international halls in pretiepression days, and proposes shortly to abandon a career as a Wall Street broker, which he has followed since 1929. “I’m tired of this uptown lowdown I’ve been doing,” said Senor de Vega. "Besides,” he added, "things aren’t so hot in Wall Street any more.” In April, 1929, Senor de Vega was co-starred with Carola Goya in a recital of Spanish dances at Carnegie Hall. To the accompaniment of a harp and a piano he danced ■ La Vida Breve," a De Falla Opera and Andalusian and Aragonesa folk steps in bell-legged trousers and a red sash. The next day he donned a business-like tweed suit and plunged into finance as “Charles D. Brooks." broker and specialist in what then were known as "puts and calls.” but now' are more politely identified as “options.” On Crawford Bandwagon In the middle of the depression Edward A. (Doc) Crawford was riding into the peak of his corner in rye and enormous speculation in stocks and all commodities. Mr. Brooks, the erstwhile danger, climbed on to the Dr. Crawford bandwagon. By the middle of June, 1933, he had amassed SBOO,OOO in paper profits was spelling art with a low'er case initial and was becoming known in sections as a broker. The Crawford crash a month later carried Mr. Brooks’ profits away, but, like a veteran Wall Streeter, he entered upon new speculations, as he admitted today, and has been a familiar figure in the financial section ever since. Dapper, sleek but minus the sideburns he wore in 1929, he was found by an interviewer at a brokerage office on lower Broadway. He was watching with evident interest fluctuations of cotton futures as recorded on an illuminated ticker tape. Returning to Spain “I’m going back to Spain for a few weeks to perfect the refurbishing of several dance numbers and to add somewhat to my repertoire.” he said. "I have some prospective concert engagements in Europe and will be back in the United States porbably next autumn.” While Senor De Vega's actual career in finance began in 1929, he made his debut, as he called it, as a speculator in 1920 when he was 17 years old. While he was studying dancing in Europe in the early twenties he kept superficial contact with Wall St., so he said, and was well pasted on the general technique of trading when he abandoned dancing. In like way, he has kept up connections formed in his dancing days, but always, in recent years, as i Mr. Brooks, the broker. His dinner uptown for Escaduero last winter set a modern-day high for receptions to visiting stage celebrities. "So now you are going to com- ; pete with Escaduero?” he was asked. "No. no. no." said Senor de Vega. "He dances the primitive. I dance the classical.”

Stock Studies

STERLING PRODUCTS CAPITAL STOCK Pf 1 - -i XAA£ EARNINGS PRICE RANGE SCALE 6 Tk_ !|;l ’ 6O 4 - *— l - i- ‘ - j 40 0 . ■ y -4- —. *-*. • ■" II ■ 0 130 31 32 33 34131 32 33 34 35l WINCHESTER institute of finance - - Sterling Products Inc. is rated as one of the largest producers of medical household remedies in the world. The company was originally organized in 1901. but merged with the United Drug Company in 1928. becoming one of the units of Drug Inc. Upon the dissolution of that company if hecame an independent manufacturer. Produces are widely advertised and used by families in practically every part of the world. Its two principal products are Bayers Aspirin and Phillips Milk of Magnesia. FINANCIAL DATA .As of n. St, 1934 Capita! S'ock *lO pan 1,750.700 sharps Goodw.ll and Trade Marks . ...* 4.915,638 Surpluses .. 12.119.373 Contingent Reserve 5,096.319 Cash and Securities 17 532.728 Inventories 3.429.068 Total Current Assets 24.398.320 Current Liabilities 3.234.057 During the year 1934 cash and securities dropped $5,800,000. Inventories, however, were up $555,000. but net working capital declined more than $5,100,000. Surpluses increased $1,700,000. Good will and trade marks was figured on the books Dec. 31, 1933, at sl. This item appeared as 34.915.638 on the December. 1934. balance sheet. On Dec. 31. 1934. the current ratio was about 7% to 1 while the capital stock equity, exclusive of goodwill and trade marks, was $1659 or a drop of $2.31 during the year. Sterling Products has always shown good earning ability. The low point of recent years was in 1933 when $4 66 was earned on the capital stock. It earned $4.79 in 1934. The company has paid regular dividends since it became independent after the dissolution of Drug Inc. The capital stock paid $3.80 in 1934 and the present annual rate is $3 80. Sterling Products was incorporated in 1932 in Delaware. The capital stock was listed on the New York Stock Exchange in August. 1933. At a current price of around 62 the capital stock sells to yield better than 6 per cent and for 13 times 1934 earnings, iah Rights Reserved. Winchester Institute ol Finance. Winchester, Mass.

INDIANAPOLIS, MONDAY, MARCH 25, 1935

Jk IMh J&r--Jn, R iplmti ItroliriMP rMIIW hi* JEj olt * 'r' 1 '* n "' 1 role as Carlos 4 •% By Timex Special of the American Maize-Products Cos.

(By Thomson & McKinnon^ A. M. Prev, Oils— High. Low. N. Y. close. Atl RfR 22 22 22 22% Barnsdall 6% fi % 5,1 Consol Oil 7' 4 7% 7)4 7 Oont of Del .... 15% 15% JJ,’* Jp," Houston (oldl.. IT’s 11 4 11% 11* Ohio Oil 9% 9% 9% 9% Pet Corp 8 8 8 7 s Phillips Pet ... 15% 15% 15 2 15 2 Plymouth Oil .. 7 1 2 7 a %* <vb Pure Oil 6 5% 5% 6 Shell Un 5% 5)4 5% 5s Soc Vac 12% 12)4 12 s 12-4 SO of Ind .... 23% 23 2 23 2 23 2 SOOf N J .... 37% 37' 2 37)2 3 >-4 Texas Corp 18 17% J‘ 2 J”, " Un Oil of Cal .. 16 16 16 16 1 a Steels— Am Roll Mills... 17' 4 16% 16)* J]!'* Beth Steel ... 25 23% 23)4 24% Col Fuel & Iron 1% 1% 1% 1 2 McKeesport Tin 98 98 98 99 Mid Steel 9’a 9 2 9 a 10 Natl Steel 41 3 4 41 '2 41 2 41 a Otis Steel 5 5 5 5 Rep Iron & Steel 10% 10 10 11 Rep Ir &St pfd33l,2 1 , 32% 32% 34 U S Pipe & Fdy 16' 2 16' 2 16) 2 16 2 U S Steel ... 29 28 3 s 28 3 s 29% U S Steel pfd . 77% 77't 77 '4 78 Young'wn S & T 14 3 * 14 14 15 Motors— Chrysler 34 33 33 34)4 Gen Motors .... 28 3 a 27 7 s 27% 28',a Hudson 3 , 6% % B’* Maclc Truck ... 21% 21 1 2 21 '2 22 Nash 13's 13 13 13% Packard 4 3 7 s 3’s 3% Studebaker ... 2 7 4 2% 2 3 s 2% Yellow Truck... 3 2 7 a 2 T B 2 7 s Motor Access— Bendix 13's 13 13 13's Borg Warner ... 31'* 30'4 30'4 30's Briggs 26 25' 2 25' 2 26's Budd Mfg .... 4' s 4 4 4's Budd Wheel ... 3's 3% 3% 3% Eaton Mfg . ... 17% 17'2 17'2 17 7 s Elec Auto Lite . 21 20 '2 20 1 2 21's Murray Body ... 6 6 6 5% Timken R 011... 30% 29% 29 '2 30% Mining— Am Metals 15% 15's 15% 15% Am Smelt '4% 34% 34% 34 Anaconda 9% 9% 9% 9% Cal & Hecla ... 5 33 Cerro De Pasco. 43 42 3 4 42% 42 3 4 Dome Mines ... 39 38% 39 39 Gt Nor Ore .... 9T 9 7 8 9% 9 7 r Howe Sound ... 46 46 46 47% Int Nickel 23** 23% 23% 23% Kennecott Cop . 15% 15% 15% 15% Mclntyre Mine . 44 44 44 44)2 Noranda Cop ... 34% 34'* 34% 34% Phelps Dodge .. 13% 13 13 13% St Joe Lead . ... 12% 12 12 12% U S Smelters . ..115% 114 114 116 Amusements — Fox Theat 1 9% 9% 9% 9% Loews Inc 34% 34% 34% 34% Radio Corp 4% 4% 4% 4% Paramount 2% 2% 2% 2’a RKO I*B 1% I s * 1% Warner Bros ... 2% 2% 2 7 a 2% Tobaccos— Am Tob 1 A • 75 75 75 75 Am Tob 1 8 1 76 3 .6% 16% 16 r Gen Cigars .. . 51% 50% 50% 51 2 Lig & Myrs (B) 98 97 % 97% 98% Lorillard 19 18% 19 18 4 Phillip Morris . 37% 37 37 3i 2 Reynolds T (Bl 44% 44% 44% 44% Rails— Atchison 39% 37 % 37) 39% Atl Coast Lines. . 22% 22% 22% 22 B A O B*s 8% 8% 8% Can Pacific .... 9), 9% 9% 9), Ch A Ohio 39*r 39% 39% 39% C M & St P pfd 2% 2% 2% 2% Chi N W 3% 33 3% Chi N W pfd 6 6 6 Grt Northern pfd 11 10% 10% 10% 111 Central 10% 10 10 10% Lehigh Valley .. 6% 6% 6% 7 N Y Cent ... 13% 13 13 13% N Y New Haven 4% 4% 4% 4% Nor Pacific 15% 14 14 14% Penn R R 19 18% 18% 1? Sou Pac 14% 13% 13% 14 Sou R R 9% 8% 8)4 9% Union Pac 87% 86% 86% 88 Equipments— Am Brake Shoe 22 22 22 23 Am Car & Fdy.. 11% 11% 11% 12% Am Loco 10 9% 9% 10% Am Steel Fdy... 13% 13% 13% 14 Bald Loco 2 1 3 4 1)4 1% Gen Elec 22% 21% 21% 21% Pullman Inc .... 43 43 43 44 West Air Br ... 19% 19% 19;b 19% Westingh Elec.. 34% 34% 34% 35% Utilities — Am & For Pwr 33 33% Am Power & Lit 2% 2% 2% 2% AT&T ... 101% 101% 101% 102% Am Wat Wks .. 11 10% 10% 10% Cos! Gas & Elec . 5% 5% 5% s_a Com & Sou 1 % 1 ,„) Consol Gas . 19% 18% 18% 19% Elec Pwr & Lit. 2% 2% 2% 2 Int Hvdro Elec .2 1% 1% 2 Int T & T • 6% 6% 6% 6% Lou Cr & E A" 13% 13% 13% 13% Nat Pwr & Lit . 6% 6 4 6% 6% North Amer • 11% 11 11 11% Pac G & E 16% 16 16 16% Pub Serv N J 24% 23% 23% 24% Std Gas 3% 33 3 Stone & Webster 3% 3% 3% 3% United Corn 2% 2 2 2 Un Gas Imp ... 11 1C a 10* 11 Western Union . 23% 23% 23% 23% Rubber*— Firestone 13% 13% 13% 14% Goodrich 8% 8 8 8% Goodvear 17% 17- 3 17% }■% U S Rubber .. IPs 10% 10% 11% U S Rubber pfd 27% 26% 26 4 7.% Miscellaneous*— Allis Chalmers . 14% 14 14 14% Am Can . 114 114 114 115% Am Mach * Fdy 20% 20% 20% 20% J I Case 49 4 48 % 48 ■ j 49 Conti Can 67% 67 67 61% Caterpillar Tract 38% 38% 38% 28% Crown Cork 24 24 24 24 4 Curtis Pub ■■■ 1; J* J] 18 % Deere & Cos. 25 24% 24% 24% Eastman Kodak .118 117 117 118 Fos-er Wheeler . 11% 11 11 11% Gillette ... 13'a 13 7 r 13 r 13 r int Bus Mach . 155' 2 155% 155% 1554 Inter Harv 36% 36 4 36 4 3. Natl Cash Reg . 14% 14 14 14% Owens Bottle ... 84% 84% 84% 84 4 Rem Rand 8% 8% 8% 8% Foods— Am Sugar 5f % 59% 59% 59 Armour ... ■ 4% 4% 4% 4% Armour 6% pfd 63% 62% 63% 63 4 Borden Prod .... 23va 22%. 22% 22%

New York Stocks

Charles D. Brooks, who made and lost an SBOO.OOO fortune in Wall Street during the depression, is retiring from his business as an option broker to resume his old Spanish dance role as Carlos dc Vega, as at left. DIVIDEND IS DECLARED Ftif Timm Special NEW YORK, March 25.—Directors of the American Maize-Products Cos. have declared a regular quarterly dividend of $1.75 a share on the preferred stock and 25 cents a share on the common, it was learned today. Both are payable March 30 to stockholders of record.

Cal Packing ... 39 39 39 39 Can Dry G Aie . 10% in l , 10% 10% Corn Prod 64 s , 64% 64% 64% Crm of Wheat... 38 s * 38% 38 1 2 38 s * Cuban Am Sugar 6 s * 6% 6% 61 Gen Baking 7% 7% 73* 8 Gen Foods .... 33 32 '2 32*2 32 * Gold Dust 15*4 15 15 15U G W Sugar 29% 29 2 29 2 29 2 Loose Wiles .... 34 ! 2 34% 34V* 34*2 Natl Biscuit 25% 25 25 25 Natl D Prod 13% 13 s , 13 s , 13% Purity Bak . ... 9’ 2 9 ! 2 9'® 94* S Porto Rico Sug 22'2 22 1 2 22 2 22V 2 Sid Brands 14 1 * 14% 14% 14* United Fruit ... 7744 77 '4 77% 77% Ward Bak (B) - - IV* I s * 1% 1!® Retail Stores— Assd Dry Goods 8% 8 7 * 8% 9% First Natl Stores 47 47 47 47* 2 Hahn Dept Sts . 4' 2 4' 2 4' 2 4'a Kresge S S 20' 4 20% 20', 20' 2 Kroger Groc ... 24 s , 24 24 24' 2 Macy R H 36 35% 36 35% Marshall Field.. 7'2 7'2 7% 7 , Mav Dept St ... 37", 37 s , 37 s , 37 2 Mont Ward 24 23 s , 23% 24% Penney J C . .. 66'j 66'2 66 % 66% Sears Roebuck.. 34' 2 34 34 34% Woolworth 53 % 53 53 53 ’/, Aviation — Aviation Corp .. 3% 33 3% Boeing Aircft .. 7 6% 6% 7 4 Curtiss Wright . 2% 2% 2 s , 2% Curtiss Wr "A”. B', 7 7 , 7 7 , 8 Douglas Air .... 20', 19' 2 19 3 4 20 Nor Am Av 2 s /* 2 s , 2’, 2 4 Sperry Corp .... 8 7 t 8' 2 8® 8 , Un Aircft New.. 11'® 1 1 2 ll'a 11', 2 Chemicals — Com Solvents .. 18 s , 18'4 18' 4 18 7 4 Du Pont 90 88 s 4 88 s 4 89; 4 Freeport Tex ... 22'2 22'4 22'* 22', Math Alkali ■ 25 s , 25’® 25' 2 26 Monsanto Chem. 58 5,7'2 57*2 58 Natl Dis 1 new). 26'/2 26', 26', 26 Schenlev Dist, . 24- 1 4 24 s , 24 s , 24U Tex Gulf Sulph 31 s , 31'4 31 > 4 31 s , Union Carbide 46', 45 s 4 45 s 4 46’, U S Ind Alcohol 37' 4 37', 37'/* 37 >2 Drugs— Coty Inc 4 5 4 4-<4 4 3 4 S Lambert ... 26 s , 26], 26 , 26 2 Lehn <V Fink .. 14 s , 14°, 14’, 14-, Sterling Prod ... 62 62 6® 62,, Un Drug (new). 10’a 10'/a 10Vs 10 a Financial — Adams Exp ... 5 4 5 4 4 s /l 4 N Allegheny- Corp. 1 1 J 1 Am Int Corp ... s>, 5 , 0 s a , Chesa Corp ... 38 '2 38 '2 38'® 38 2 Tr Conti Corp. 25* 2(4 2 1 /* 2 2 Building— Am Radiator ... 11 7 11'® ll'a JJ I’, 1 ’, Gen Asphalt- 13 1 2 13 '2 13'2 14(4 Int Cement ... 24 24 24 24 Johns Manville 42'* 40 s * 40-', 42 Libby Owens Gls 24 23', 23', 24 Otis Elev ... 13' 4 13*4 13’, 13 U S Gypsum .. 42*2 42 1 2 42'® 43 Household — Col Pal Peet ... 16\ 16 s 4 lfi ’l 17U Congoleum 28*2 28'2 28*2 28 Kelvinator 15 s , 15 '2 15' 2 15 2 Mohawk Carpet, llri 11U 11U 11 4 Proc & Gamble. 46'4 46U 46', 45U Servel Inc ... 8 8U 8U 8(4 Simmons Bed .. 7 6' 6U 7 Textiles— Amer Woolen.. ss,5 s , 5' 2 s'® 5 7 , Belding Hem .. 12 12 12 12 4 Celanese Corp .. 20 , 20' 2 21U 21 2 Collins Aikman. 10 s , 9 7 , ?'* 10 Indus Rayon ... 26 '2 25 25 27 Kayscr Julius.. 16 s , 16 s , 16 s * 16 ,

Chicago Stocks

(Bv Abbott, Proctor & Paine' 11:00 Prev. A. M. close. E. L. Bruce 5 3 n Butler 7V* T* Bendix . . 12-4 2 Borg Warner 30'2 30’* Cities Service 7 7 Com Edison 63'2 60 2 Chicago Mail 16’a 16’ Cord 2 *2 2' 2 Elec Household 16 14 Gen House Util 5 5 4 Grt Lakes Dredge 18'a 18 '2 Lynch Glass 27 s '* 28 Pub of Nor 111 23 3 * 25 Quaker Oats 130’ 130 3 * Swift Int 32 ! 2 33’* Swift - 16’* 16*s Walgreen 27’2 28’*

Xcir York Curb

(Bv Abbott. Proctor & Paine 1 12 'Noon) Prev. N. Y. close. Allied Mills 14 3 * Alumn Cos of Am 36’. 36 7 2 Am Cyanide iB) 15 3 * 153 Am Gas A: Elec 20 3 * 21 "■ Amer Superpower 1 Art Metal 4 4'% Atlas Corp 7 7 a 8 Brazil Tract & Lt B’* 8-2 Can Marc 1 3 1 Carrier Corp 15 7 * 16 Commonwealth Edison 63 63 Distillers Corp 16 16 3 * El Bond and Share 5 3 5’ 2 Fisk Rubber 8 J 3 , Ford of Can (A) 28’a- 28 Ford of Europe 7 3 7’2 Glen Alden Coal 16> 2 16’* Hiram Walker 27 7 * 28 Hoilinger Mines 17’2 Ij’s Imperial Oii Ltd 16 lo * Hudson Bav Min 32 3 12’ Int Petrol 29'* 29'* Lvnch Glass 27'* Lake Shore Min a6 3 * Lone Star Gas 5 : 5 Natl Bellas Hess l’a l'a Newmont Min 37\ 37 7 * Nia Hud Pr 3' 3'4 St of Kv 18'2 18 7 Swift ACo 16>4 16 3 4 Technicolor Ind 18 18 Teck Hughes Gold 4'4 4‘. Wright Hargraves Min 9’* 9‘* LOCAL CASH MARKET Citv grain elevators are paying 84 cents for No. 2 soft red wheat. Other grade* on their merits. Cash corn No. 3 yellow, 75 cents, and os is 82 cents.

NEW SELLING PUTS CARRIER GROUP LOWER Other Sections Follow Carriers: Steadier Tone Develops Later. Rtf I llitril Tern* NEW YORK, Maroh 25.—Renewal of weakness in the railroad division brought the stock market down in the first two hours of trading today. Rails and other sections had losses ranging to more than 2 points. Trading continued light, however, and toward noon a somewhat steadier tone was noted. In the carrier group. Atchison made anew low for several years at 37. off 2' 4. and then regained a small fraction of the decline. Union Pacific was down 3 points at 85 and losses of fractions to a point were made bv New York Central. Pennsylvania and Southern Pacific. Steel common slipped back nearly a point to 28'i and other industrials followed it down. American Telephone last nearly a point. Motors met selling that brought Chrysler down to 33, off IU, and Hudson to anew low for the year at 6'i, off 1%. Industrial Rayon declined 2'i to 25, anew 1935 low. Utilities resumed their decline. Rubbers, oils, chemicals, coppers and amusements eased. Wet stocks and silvers aboui held their own.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $1,713,000.00 Debits 4,266.000.00 TREASURY STATEMENT IBv United Press) WASHINGTON. March 25.—Government expenses and receipts for the current fiscal year to March 22, compared with the corresponding period of the previous fiscal year: This year. Last year. Expenses. $4,978,415,509 59 $4,672,432,371.79 Receipts.. 2.799.645,037.50 2,262.517,268.63 Deficit. .. 2.172.770,472.09 2,409,915.103.16 Cash bal. 2,330.729,370.80 4.894,836,919.09

REPORTS OF RAIN FORCE GRAINS OFF Uneasiness Abroad Factor in Early Downturn. By ('nited Prcm CHICAGO, March 25—Uneasiness at Liverpool and scattered precipitation over dry sections of the Southwest started a wave of liquidation today on the Board of Trade. Prices were lower on the first sales. Wheat opened ' 2 to % cent low’er. corn was down % to 7 * cent, oats was off 5 s to cent, and rye was off Vs cent. The English market opened H cent lower to '4 cent higher on discouraging advices from this side. Longs liquidated their holdings. The paramount factor here, however, was the report of good rains in some parts badly in need of precipitation in the domestic Southwest. (By James E. Bennett) Wheat— 11:00 Prev. High. Low. A M. close. May 93 s , .93 .93' 4 .94 July .91 .90 1 i .90 s , .91', Sept. 90U .89 7 , .90' 4 .90 s , Corn— Mav 77 s , .77 .77'4 .77U July 72'. .71 s 4 .71 7 , ,72 s 4 Sept 68', .67 s 4 .67T, .68V2 Oats— Mav 43 U .43 .43 U .43'® July 38 '2 38 '4 .38 5 ,33 7 , Sept 3614 .36' 2 .36% .36% Rye— Mav 55% .55 .55 .55% July 57% .56% .56% .57% Sept 58% .58 .58 .58 s , TRADE VELOCITY DROPS SLIGHTLY DURING WEEK Favorable Easter Business Seen for Current Year. By Timeg Special NEW YORK, March 25.—Resulting mostly from adverse weather conditions and some recession in the rate of general industrial activity, trade velocity slackened during the last week, according to a report made today by Dun & Bradstreet, Inc. With the spread between distribution and production narrowing in recent weeks, indications are that a favorable Easter business will be done this year. The slight weakness in trade, however, can be considered a period of relaxation after the steady advance from October, it was stated. Retail sales during the week in dollar volume were approximately 2 to 7 per cent higher than a year ago, with unit turnover 3 to 5 per cent lower. Industrial operations as a whole were slightly lower than in the preceding week, the report showed.

SURVEY PLANNED BY CONFERENCE BOARD Place of Machine in American Industry to Be Studied By Timrg Special NEW YORK, March 25—A careful and complete survey of the extent of mechanization in industry will be made by the National Industrial Conference Board, Inc., according to an announcement made today bv Charles J. Stilwell, president of the National Machine Tool Builders’ Association. Included in the survey which, it is hoped, will establish facts concerning the place of the machine in American industry, will be a study of machine production, machine displacement of labor and technological unemployment, it was said. TAX RETURNS INCREASE Canadian Income Statements for First 11 Months Show Gain. By Timet Special TORONTO, March 25.—Canadian income tax returns for the 11 months of the fiscal year ended Feb. 28 show a substantial increase over the corresponding previous period, according to the Toronto Industrial Commissko. v

What Does It Mean? Bonds in Default — When a borrower fails to pay off bauds at time of maturity the issue is considered in default of princijnil.. If interest is skipped, interest default results.

PAGE 9

SLATED TO SPEAK

me; '4

Theodore M. Riehle

The gu°st speaker at the luncheon meeting of the Indianapolis Association of Life Underwriters, which will be held tomorrow at the Columbia Club, will be Theodore M. Riehle. president of the National Association of Life Underwriters.

SWINE VALUES RISE !25 CENTS Top Price Again Reaches $9 Level: Cattle Market Strong. Hog prices at the Union Stockyards this morning displayed a general advance of 25 cents, the first substantial upswing in about a week. The sharp advance, attributed chiefly to an extremely light run of supplies on hand during the last few sessions, was effective in practically all classifications. With initial trading at a fairly active pace, demand was slightly stronger. Receipts were estimated at 4000, compared with only 1000 Saturday, the lightest supply available for the month. The bulk, 160 to 250 pounds, was selling at $8.85 to $9, today’s top price. Heavier weights, scaling 250 pounds and upward, were salable at $8.35 to $8.75. In the lightweight division, hogs weighing 130 to 160 pounds, cashed in at $7.65 to $8.65. while 100 to 130 pounders, brought $6.40 to $7.40. Packing sows held at $7.75 to $8.25. Holdovers were 102. With initial supplies consisting mostly of odds and ends, trading in slaughter steers was, strong to slightly higher than Saturday. Most odd lots hold under $9, while few loads of heifers sold at $9. Some classes of steers held steady ats9.so down. Vealers again were unchanged at $9.50 down. Lambs were scarce and unchanged, with ho sales reported. HOGS Mar. Bulk. Top. Receipts. 19. $8.80'?/ 890 $8.90 . 7000 20. 8 60® 8 70 8 70 4500 21. 8.60® 8 70 8.70 4500 22. 8.60® 8.75 8.75 4000 23. 8.60® 8.75 8 30 1000 25. 8.85® 9.00 9.00 4000 Light light: 1 140-160/ Good and choice...sß 15® 8.90 Medium 7.65® 8.65 Light weight: (160-180) Good and choice.. 8.90® 895 Medium 8.40® 8.75 (180-200) Good and choice .. 8.95® 900 Medium 8.50® 8 85 Medium weight: (200-2201 Good and choice .. 8.95® 900 i220-250i Good and choice... 8.95® 9.00 Heavy weight: (250-290i Good and choice .. 8 65® 885 (290-350i Good and choice... 8.45® 865 Packing sows: (275-3501 Good 8 00® 825 (350-4251 Good 7.85® 8.15 (275-3501 Medium 7."5® 8 00 (425-5501 Good 7 50® 7.90 Slaughter pigs: (100-140) Good and choice... 6.40® 8 15 Medium 5.75®. 7.65 CATTLE —Receipts 600— —Steers—-(soo-900) Choice $10.50® 12.50 Good 9.50® 11 50 Medium 7.50® 0.75 Common 5.50® 7.50 (900-1100) Cnoice 12.00® 13.25 Good 9.50® 12.50 Medium 7.75® 10.00 Common 5.50® 7.75 (1100-1300) Choice 12 50® 13.25 Good 10.25® 13.00 Medium 8 50® 10.50 (13C0-150O) Choice 12.50® 13.25 —Heifers—-(soo-7501 Good 10 25® 13 00 Choice 9 25® 10 25 Good 8 25® 9.25 Common and medium 5 00® 325 (750-9001 Good and choice ... 8.50® 10.50 Common and medium 5.00® 8.50 —Cows—(Yearling Excluded) Good $5.75® 7.25 Common and medium 4 00® 5.75 Low Cut'ers, Cutters 2.75® 4.00 Bulls, good 5.50® 700 Cutter, com. and med. bulls.. 3.75® 5.50 VEALERS —Receipts, 500Good and choice $9 00® 9 50 Medium ... . 7.00® 9.00 Cull and common 3.00® 7.00 —Calves—-(2so-500) Good and choice.... 6 50® 950 Common and medium 3 50® 6.50 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice. .. 6 00® 800 Common and medium 4 50® 6 00 (900-1050i Good and choice ... 6.00® 825 Common and medium 4.50® 6.00 —Cows— Good 3.75® 4 50 Common and medium 3 25® 3.75 SHEEP AND LAMBS —Receipts, 300— Lambs. 90 to 120 lbs., good and choice $7 75® 8 25 Common ar.d medium 6 00® 7 75 90-120 lbs., good and choice .. 4 50S 5.50 Sheep: (120-150) Good and choice 4 00® 5.25 All weights, common and medium 3.00® 4.25

Other Livestock

IBy United Press) FT. WAYNE. March 25 —Hogs—2s')/30c higher: 200-250 lb* , 18 90; 250-300 lbs . S8 75 300-350 lbs. S3 40 180-200 lb* S8 80, 160-180 ibs., $8.70- 150-160 lbs.. 58.40, 140150 lbs $7.90; (30-140 ibs.. $7.65: 120-130 lbs.. $7.15; 100-120 Ibs.. $6 65; roughs, $7.50: stags, $5.25. Calves, $9. lambs, $3. (By Time* Special) LOUISVILLE. March 25 —Cattle—Receipts. 1000: most of run butcher cattle: quality fairly desirable; maiket, moderately active, fully steady to strong with close las* week or 25r50c under last Vondav. bulk common to medium slaughter steers and heifers. $6.50*78.75: most better finished steers and heifers, $94; 10.25: latter top for good 670-ib. mixed yearlings; bulk beef cows. $4 50<&6; good kinds and smoo’h heifer tvp*s to $6 50; low cutters and cutters, mostly $2 754/4: bulk sausage bulls, $5,25 down; desirable beef bulls, quotable to $6: stocker trade moderately active, generally steady: bulk better Hereford stock calves. $6 504/7 50: choice steer calves to $8 or better. Calves—-Receipts. 600: market, s'eady with last Friday and Saturday; bulk good to choice vealers. $7 504/8. strictlv choice to $8 50: medium and lower grades. $6 50 down to $3 or less for light culls. Hogs—Receipts, 1000; market. 30c higher than last Friday and Saturday. top and bulk desirable 180-250 lbs. $8 70. 255 lbs up. $8 25: 160-175 lb* $8 20: 140-155 lbs . $7 70: 120-135 lbs.. $6 75; sows weighing 400 ibs. down. $6 95: heavier sows discounted 50c. Sheep— Receipts. 50: steady; bulk, medium to good lambs, 174i 8. choice quotable to 18 50; common light throwouts, mainly $6 and fat ewes, 33.50 down.

PARIS SELLING LINT AS HEDGE AGAINST FRANG Dealers Assert Speculators Expect Defection From Gold Standard. By Timex Special NEW YORK. March 25 New Indication came to light today of lack of confidence by speculative interests in the ability of France—supported now only by Holland and Switzerland—to remain upon a "free” gold standard. Cotton dealers declared that Paris, since the i middle of last week, has been selling cotton futures heavily in New York. The purpose of this, local dealers believe, is to build up dollar balances as a hedge against the possibility of devaluation of the franc or defection of France from gold. If France takes steps similar to those of Belgium, the dollar would rise and cotton prices would drop for a time, it is believed. The trade threat of sterling against all of the gold bloc countries is also seen as a reason for the depression of world commodity prices. Belga Analogy Stressed A number of analogies were drawn today between the present position of Belgium and that of the United States when President Roosevelt put lock and key on the nation's gold on March 6. 1933. Remembering that it was not until April 19. 1933, that this country officially announced itself as off gold, foreign exchange dealers were wondering whether Belgium eventually would talke similar action. In both countries, the original occasion for declaring an embargo upon gold was accompanied by a dangerous exodus of the metal from the country. It was revealed today that during the two weeks preceding the Belgian declaration, there had been a loss of some 250.000.000 Belgian francs from the National Bank of Belgium, chiefly because of a wave of hoarding. This was accompanied by withdrawal of deposits from mast of the Belgian batiks and a flight of capital from the country—manifestations similar to those which took place here on a huge scale previous to the gold embargo two years ago. Moreover, in both countries, the depression was at its bottom. Whereas conditions in the United States are far better than in 1933, the Belgian situation, with the exception of a slight improvement in 1933, has continued to become worse. The chief point of difference in the action on gold Is that Belgium has not prohibited private hoarding, but has only made gold more difficult to get, whereas the Roosevelt order removed it from private hands, placing a heavy penalty upon hoarding. In that sense, Belgium is still a gold nation. Probably the Bank of France has also made other stipulations regarding maintaining gold exports in return for credits, it is believed. Importations Blocked Another point of difference is that according to cable dispatches the Belgian exchange control has prohibited the importation of gold, as well as its export. This was done, exchange dealers here believe, to make the position of the speculators, who had been selling the belga short, still more difficult. Contracts in Belgium can not now easily be satisfied in gold without permission of the authorities. The result, as intended, has bee# to place the shorts in a serious predicament and effectively to discourage belga speculation. It is not at all clear, however, that the Belgian action will have a permanently stabilizing effect. By placing the belga in the semi-gold category as the lira, the foreign trade of the country is put under additional impediments. Unless France can and will suppl# the needed orders that are require* to increase Belgium's export trade, the position of her currency will be helped but little. Belgium must continue to import large quantities of food supplies to feed her people. Either exports in larger amounts, or gold, is essential. Belgium can not spare the gold. BUILDING AWARDS DROP By Timex Special NEW YORK. March 25.—A decrease in the volume of engineering construction to $22,641,000 for the week, compared with $27,721,000 in the previous week, has been attributed to lower Federal awards, according to the Engineering NewsRecord.

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