Indianapolis Times, Volume 47, Number 13, Indianapolis, Marion County, 26 March 1935 — Page 13

Wall St. Kennedy’s Pep Talk Hits Unresponsive Chord. BY RALPH HLNDERSHOT 1 Ttnfi "Pfritl Vinter N'EW YORK. March 26 Nearly a thousand of New York's foremost financial and business leaders deserted their offices last scp**k to listen to Joseph P. Kennedy. chairman of the Securities and Exchange Commission, deliver a pep talk. Mr Kennedy urged his listeners

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to adopt the slogan Business as Usual.” maintaining that most of the things they were worrying about would tie. er come to t-a.ss. Many of those present thought he voiced the sentiments of President Roosevelt and it is fair to assume, at least, that the

Ralph Hendershot

chief executive had given the speech the once-ovcr before it was delivered. As an individual and as the head of one of the most important branches of the government Mr. Kennedy was well received. It should be related, however, that no great enthusiasm was manifest over his utterances. Most of those seemed to fall rather flat. Obviously, his listeners felt they were as well ported on business as he. and their investigations would not permit them to share in his seeming enthusiasm. mam ALTHOUGH the commissioner . "=pent three weeks in the preparation of his address, it contained few of the nuggets of knowledge the bankers and brokers and business men had hoped they would hear. Just when it seemed he was about to impart some choice morsel of "inside dope” he would spread out into generalities. The speaker appeared to be afraid he might step on somebody's toes in the Administration if he became explicit. ’Gentlemen,” he said. ‘‘l am deeply concerned about the low state to which courage and confidence among business men have fallen ” But he did not go on to present convincing evidence as to why they should act otherwise. He urged them to take the initiative in business, but offered no assurances that some legislative action might not be taken which would cause them to suffer severe loss. Mr. Kennedy is recognized in Wall Street as a capable executive and a convincing speaker. But he had no message of encouragement for those who had gathered to pay him their respects. He was more critical than encouraging. “I must sav.” he chided, ’’this aee of American cities is not giving a good account of its stewardship as the pace-setter of business enterprise.” nun IT was rather unlike the commissioner to express enthusiasm over business prospects or anything rise, for that matter, without having some very decided and definite reasons to back it up. This led some of his listeners to feel that he may have received suggestions from other important quarters as to what he should say. But he did strike a responsive rhord when he referred to the fact that two important corporations already have decided to offer securities under the new’ rules and regulations, and that he expected this lead to be followed by others. It is known that several refunding deals are "in the works,” and Mr. Kennedy Is given credit for helping to bring them that far along.

On Commission Row

Quotations below are average wholesale prices hem* offered to buyers by local Commission dealers. Prut ts—Bananas 5e a lb Apples. Winesaps *1 75. Delicious. $1 85 Lemons, sur.kisv 2605. M 75 Grapefruit. Texas, seedless S3 25, Arizona. 645. 70s and 80s, S2 50. Mexican, per carton 12.. 25c: Bvram seedless, per hundred. $3 Pineapple Porto Ricans crate. *5 Avocados. box. $t 50. Strawberries. Florida, pint. 20 ; 21c per 36-pt crate Apricots. S3 crate Gropes. South America white. 87 black. $3 Honey Devs. South America. 12 75. Nectarines. South America, box. 2 50. VecelaWc* Cabbace. Northern Danish 50 lb bag $1 75. nw red Texas, hamper. S3 50 new Texas, half crates. $2 75. Ontona. Western Spanish 50-lb. bag. 82 65 Michigan yellows. 50-lb. bag 82 65. Po-atoes Green Mountains 100-lb. bag. 81 50. selected cobblers. 50-lb bag. 81 75: rorthirn round white. 100-lb. bag 81: Ohio-. 100-lb. bag. 81 90; Idaho Russets. 100-lb. bag *190: New Florida Triumphs, bushe'.. 32 IS. Sweet potatoes. Indiana Jersey bu nel. *1 50. medium or seed. 81 10; Nancy Palls, bushel. $1 15. Beans, round stringles:. hamper. $2 504i 275 Celery washed and trimmed* medium, dez . 50c; tumbo doe. 75c; hearts dor . 90c Cucumbers. hot house dozen 81 50; 2 dozer, box. *2 75 Endive. California, dozen. 90c. crate. *4 25 Egg plant, $2 60 dozen. Kale, bushel. *c Lettuce, hot house. 15-lb. basket. 81 25 Arizona Iceberg head lettuce 83 25 Yuma, crate. *4 50 Mangoes. 83 30.i5 a crate small basket. 50c Mint, a dozen *1 Parsley, dozen. 35c. ■ess. hampers 83 25 Spinach Texas, bushel i5O Radishes, dozen. 65.:85c Florida ■ranges 82 75. Turnips bushel. 75c Parsnips bushel. 8! 40. Bets. bushel. 81. Carrots bushel. 81: 100-lb sack. 8175. Rhubarb, ho' house. 5-lb. carton. 50*i55c dozen bunehes. 1 Mushrooms, lb . 30c. All Quotations sublect to change up or down. Produce Markets Delivered In Indiar.a->oUs prices: Heavy breed hens. 15c Leghorn hens, lie: colored springers. 13c: neavy stags, lie: Leghorn **acs. 7c: old roosters. 7c: ducks, lull feathered and fat. 9c. geese, full feathered and fat. 7c: ail classes of guineas. 15c. No 1 strictly fresh country run eggs loss off 17c. Each full cases must weigh 55 lbs gro-s, a deduction of 10c a pound for each pound under 55 lbs. will tr made. Butter—No 1 33 :34c butterfat. 28c. Quoted bv the Watiley Cos. By Ur.i-ed Press > CHIC AGO March 26 Eggs —Market, firm, recent* 26 275 cases, extra firsts. 7l’tf fresh graded firs’* 20 J c: current receipt* :9*,c dimes. checks. ISc B .tier Market firm receipts 9129 tubs, extra firsts 90-91 1 j score>. 31 5 .-c. extras 92 scoret P.c. ftrs-s SB-S 9 score* 31 • iluc. see nds 86-87- 1 score-. 30.i30’iC. spec;*.*. J2 s .c. standards 31 J c. Poultry—*, -rket about steady, receipts one car 18 tru ks. one car due: capons. 6 to 7 lb*.. 24c. old roosters, ISfrlSc. ducks. IS 4 : 21c turkeys 19ull<- geese lltilt'jc stags. Itut broilers. 24 i 25c. fryers. 24 25 hens. 19,-20c Cheese —Twins. 15-. r IS’.e: daisies. 15 ! . •: 15*c Longhorns. 15* *tl6c. Potatoes—Suplv xr.oderatpe demand trd trading slow market, steady Wisconsin Round white* 65c commercial. 66 U 62 -it Michigan Russet rural* 65c: Idaho Russets. *1 S2 ! .ul 6C United States No 2. 81 15 New stock Florida bushel crates Bliss Triumphs washed 81 95i2; United States No 2 81 75. Arrivals 73. on track 256. shipments 550 CLEVELAND March 26 —Butter—Market firm, extra. 36c standards. 36c. Eggs Market firm extrw white. 2©c. current rece.pts. 19*.c Poultry Market steady; fowls under 6 lbs. 20c ducks, young 24n 25c. ducks. okA. 30c Potatoes Maine sti 81 16 a 100-lb bag Ohio, mostly 707 Sc To- :da 82 a bushel. PETITION FOR LIQUIDATION CHICAGO. March 26 Liquidation of the Chicago Curb Exchange Association is being sought in s petition circulated among the memoers, U was learned todaj.

FLAWS FOUND IN WISCONSIN JOBLESS PLAN Contributions by Workers Declared Essential to Program. Col Robert Ci. Elbfrt. a mfmbfr < f th* I nempioTinrnt Insurance Committf of Prcaidrnt Industrial Advisor* Board, has riUn six articles lor the Indianapolis Times of which Ibis is the fourth. Wisconsin is the only state in whfcrh an unemplostnent insurance law has been enacted. It went into effect on July 1, 1934, and covers workers in establishments employing ten or more persons whose wage ! is not more than SISOO a year. All that is needed to qualify for benefit payments is that the worker has been employed for two weeks, but ; the benefit is limited to one weekly benefit for each four weeks of employment and not more than ten weeks of benefit as a maximum. The fund is contributed by employers only. Workers pay nothing. Employers pay 2 per cent of pay roll plus two-tenths of 1 per cent for administration until a fund ox $55 a worker has been established; thereafter 1 per cent until the fund for that one corporation or concern amounts to $75 a worker. Funds are I segregated under the names of the contributors, though all the funds are administered by the State Industrial Commission. This means that a worker on the benefit register must depend on the fund contributed by his employer. Whenever that is exhausted he receives no more benefits.

Benefits SlO Weekly The waiting period is two weeks.! Benefits are $lO a week or 50 per I cent of average weekly wage, which- ! ever is lower. No benefit is paid out of an employer’s fund if the worker has not been employed by him during the last six months. If an in-! sured worker quits his job voluntarily he is not entitled to unemployment benefits. No payment is made to a man discharged for ‘ misconduct.” 1 Companies which guarantee 42 weeks employment in a year to their workers are exempted from payments as are concerns which have a plan of their own that is approved by the State Industrial Commission. The Wisconsin plan contains many serious defects. Whatever protection it gives may be lost to the worker by any one of a number of arbitrary rulings. If he is discharged for ’‘misconduct,” he gets no benefits. Almost any minor breach of factory rules may be twisted by a , tyrannical manager into a case of i misconduct. It would be possible for ' an unscrupulous employer to keep his reserve fund completely intact by declaring that every man he lays off has misconducted himself. Provision Is Criticised Then there is the provision that companies which guarantee their employes 42 weeks of work in a • vear are not required to set up a fund, the employment guarantee taking the place of insurance. The question arises: To whom is the guarantee made? It is made to the individual worker and is in essence a labor contract. Through this clause any business enterprise where employment is relatively stable may escape the insurance tax altogether. Another undesirable feature is that the w’orker contributed nothing. This turns to small benefits, such as they are, into a gift with a string attached to it. The only feasible plans of unemployment insurance are those in which the unemployed worker has a property right in the benefits. The segregation of reserves by companies as embodied in the Wisconsin law’ is a fundamental defect. It is not in harmony with the principle of mutual assistance. Unemployment insurance is primarily a social service and it is only indirectly a protective relation between any one employer and any one man. Not Wholly Incorporated Thus principle, which should be the basts for any form of unemployment insurance, has not been wholly incorporated in any plans either for state or Federal systems so far submitted. Among these should be mentioned those drafted by the Ohio Commission, the American Association for social Security, the Industrial Relations Committee headed bv Walter C- Teagle and the Wagner-Lewis bill, which is now before Congress. The Wagner-Lewis bill as first submitted proposed to levy a Federal excise tax of 5 per cent on employers’ pay rolls throughout the United States, this tax to go into the Federal treasury. In the latest revision of the bill the tax reduced to 3 per cent. Employers in States which approved systems of unemployment insurance would be entitled to a rebate on the tat equal to their contributions to the state system: an obvious purpose of the bill is to encourage state action. The bill says nothing about contributions from the worker. This is decidedly an objectionable feature. The insured worker ought to be sufficiently interested in his own welfare to contribute a part. All European systems require worker contributions. SURPLUS FREIGHT CARS SHOW GAIN OF 13.163 Carriers in Good Repair on Feb. 28; Totaled 320.103. B y Tim ft Special W ASHINGTON. March 26 —Class I railroads on Feb. 28 had 320.103 surplus freight cars in good repair and immediately available for service. the Association of American Railroads announced today. This was an increase of 13.163 cars compared with Feb. 14. at which time there were 306.940 surplus freight cars. Surplus coal cars on Feb. 28 totaled 78 337, an increase of 16.920 cars above the previous period, while surplus box cars totaled 191,613. a decrease of 2744 cars com pared with Feb. 14. Reports also showed 27.184 surplus stock cars, a decrease of 407 compared with Feb. 14. (chile surplus refrigerator cars totaled 8174. a decrease of 1036 for the same i period.

Abreast of The Times on Finance

New York Stocks

(Bv Thomson Si McKinnoi 11 A. M. Prev. ! Oil*— High. Low. N. Y. close, j A*i Rfg 21% 21** 2 J’ 22 Barnsdal! 6% §* 2* 27* Conxol Oil 7% ’l* Com of Del •• •16 I*!* 1 6J* *• Ohio Oil Pet Coro < * 7 * jj .7,’* Phillips Pet ... 15% 1| 3 16*w 15 a p<ir* Oil ... 6 a 6 o o Dutch ... 30•: 30% 30% 30% Soc Vac 12’* 12 s * 12 s , 12 s , S O of Cal ... 29 29 29 29% t SO of Ind 23 s . *3% 23 5 . 23% J SO of N J 3i% 3i|3 37*3 37 s . Texas Corp 18 17‘a 17* *7 * I Tidewater Assn 8 8 e ® Un Oil ot Cal . 16 s . 1616*. 16 g Steels Am Roll Mills .. 17 Ifk IS 5 . l| s l Beth Steel 21 s . 24 24 23 s , Col Fuel <fc Iron I s . I s . 1, !■* Inland Steel .. 46-g 46 % 46N 46% Rep I & Stl 10 s * 10’. 10'. 10 2 U S Pipe and Fd 16 16 16 16 j U S Steel .. 29% 28% 28 s , 29'* U S Steel pfd 77Vw 77% 77% 77 Young wn S&T 14 13 s . 13 s 14 * Motor*— Chrysler 33 s * 32 s . 33 33% Gen Motors 28 2,% 27 s . 27 s , Graham Mot ... I s , I s * l s * s * I Hudson 7 6% 6* 6 * Nash 13% 13 73V* 73/. Packard 3 5 , 3 s , 3% 3_, I Studebaker .... 2 s . 2 7 2. 2*, Motor Access— Bendix 13 12 s , 12 s , 12% j Borg Warner .. 30% 30• 30'a 30 s , i Briggs 26 25 s a 25% 20% Buca Mfg ■ .. 3 s . 3• 3% 3 s , ' Budd Wheel 33 33% j Ea'on Mlg 17 s s 17% 17% li‘, i t,lcc Auto Lite . 20'a 20*2 20% 20’g Murray Body -. 6 6 6 6'. Stew Warner .. 7% 7'g 7% 7‘/g Timken Roll .... 30*2 3030‘, 30 Mining— Am Metals 16 16 16 16 Am Smelt 34'2 34' 2 34 1 3 34-2 Anaconda 10'. 9 a 10 9'* Cal 6c Hecla 3'g 2 a JVa 3 Cerro De Pasco 44'. 4; g 44 43 V, Dome Mines ... 39 38 s , 38 s /* 39 Granby 6 6 6 6 Gt Nor Ore .... 9% 94a 9% 9% Howe Sound ... 47 47 47 46% Ins Copper 33 3 24. Int Nickel 23 s . 23 s , 23 s * 23‘* Kcnnecott Cop . 15 s . 15 s . 15 s -. 15% i Mclntyre Mine . 44 1 * 44 44 44% Park Utah 2 J . 2 s * 2% 2% Noranda Cop ... 341. 34' 2 34*2 34Vg Phelps Dodge .. . 13 s * 13 s , 13 s , 13 s , U S Smelters ...117 116*a 116*2 115', Vanaaium 14 s , 14 s , 14 s , 14V, Amusements— Fox Theat 9' 9', 9% 9‘, Loews Inc 34 s , 34% 34>a 34 s , Radio Corp 4% 4 s . 4 s . 4 J /a Paramount 2‘ 2 2‘2 2% 2V 2 RKO I s . I s . I s . I s . Warner Bros ... 24. 2 s / 24k 2 s /, Tobaccos— Am Snuff 64', 64 64',, 634* Am Tobacco “A" 75% 74 s , 75 75 I Am Tobacco ’ B" 76 1 a 76 76 1 a 76Vs 1 Gen Cigars 50'2 50', 50% 50 I Ligg & Myrs "B" 97' 2 97 97 97'a j Lonllard 18 s . 18'a 18 s . 184* Phillip Morris 374a 37V2 3742 37 Reyn.ds Tob "B" 44 434a 434* 44 Rails— Atchison 37 s g • 374* 374* 374* B Ac O B*2 8‘ 2 BV2 Bs/a8 s /a Can Pacific 9 s * 9 s g 94* 94* Ch & Ohio 39’, 39', 39'* 39 C MAcSt P . l'a I'2 lVa IV2 CMAc St U pfd 2 2 2 2 Chi N W 34k 3'/* 3Vs 3 Dela Ar Hud 25 25 25 25 Va Del Lac Ac W 12 12 12 12V* Gt Northern pfd 10', 10'g 10'g 10'2 N Y Cent ... 134 kl3 13 13 s /. N Y New Haven. 4 4 4 4 Nor Pacific 14'b 14 14's 144, Penn R R 18 s a 18 s ; 18 s . 18% Sou Pac 13 s , 13 s . 13 k 14 Sou R R 84b 8 1 * 844 84k Union Pac 85 7 b 85 8a 8b West Maryland.. 64* 64s 64k 6V, Equipments— Am Brake Shoe.. 22 22. 22 22 Am Car Ac Fdy.. 114a 11 s * 114. ll.'s Am Loco 10 94, 94* 9% Am Steel Fdy 134* 12ts 12% 13'g , Bald Loco 14, I s , I s , l's Gen Am Tk Car 34 s 8 34 s b 34 5 , 34 2 Gen Elec 224, 21 7 b 21 7 b 224, Gen R R Sig ... 19% 19% 19% 19 Pulman Inc .... 42 s a 42'2 42% 434* West Air Br ... 184s 184. 18% 18Vg Westingh Elec... 354* 344. 344 y 3oVg Utilities — Am Power Ac Lit 24s 2'2 2' 2 2 s g A T Ac T 102 101*2 102 1 Am Wat Wks 10 7 s 10% 10% 10-,2 | Col Gas Ac Elec.. 5 7 g 5* 5 s * 54a Com Ac Sou 1 1 l 7 Consol Gas .... 19 s /s 19V* 19 s * ISH ] Elec Pwr Ac Lit . 2 2 2 24k Int Hydro Elec. 14* I'2 14i I'k Interboro R T. 9 s * 9 s . 9% 10 Int TAc T .. 6 s , 6k 6 s * 6 s * Nat Pwr Ac Lit . 6 3 g 6% 6% 64. North Amer .. Ilk Ilk 11% 1.4* Pac G Ac E ... 16% 16% 16% 164. Pub Serv N J . 24 7 g 24 24 25 So Cal Ed.son.. 12 s . 12 s . 124 k 12 United Corp .. 2% 2*/a 2Vs 2 Un Gas Imp .. 114. H 11 11 RubberyFirestone 14'* 1414'b 14 Goodrich 84* B'a B', 8 Goodyear 174* 17k 17k 17*2 Kelly Spring 7 b 7 4 ..k 1,, U S Rubber 11% 11 11% 10% U S Rubber pfd 28V 2 28 284* 26'2 Miscellaneous — Allis Can 116 115 115 175% Burroughs Add . 14'* 14' b 14'* 14% J I Case 49 s * 48 s * 49 48 s 4 Cont Can 68', 68 68'/, 68 Caterpillar Tract 38 s , 37% 37% 38% Deere Ac Cos. 24 s * 24% 24k 24 s , Eastman Kodak 118 1 k 118 118% 118 Gillette 13 s , 13 s , 13% 13% Glidden 25'. 25 s , 25% 25% Ingersoll Rand . 63 63 63 .63 Int Bus Mach .154% 154 J, 154% 154% Inter Harv ... 36 7 s 36 7 § 36% Underwood E ... 54'a 54 54 55 Foods— Am Sugar 584i 57% 57% 58% Armour 4% 4% 4% 44s Armour 6*7- pfd .63% 63 k 63 s g 63 Beatrice Cream'y 16 16 16 16% Borden Prod .... 22 22_ 22 22 Cal Packing .. 38% 38% 38% 38 5 a Can Dry G Ale.. 10% 10% 10% 10% Corn Prod 64% 63% 63% 64 s , Gen Foods 33335,2 5 , 32% 33% G W Sugar 29 5 , 28% 28% 29% Natl Biscuit 25 25 25 25 Natl D Prod 13% 13% 13% 13% Puritv Bak .... 9% 9% 9% 9% S Porto Rico S-. 22% 22% 22% 224 g Std Brands ... 14% 14 s , 14% l* 7 . Un Biscuit 23 23 23 23% United Fruit .. 77% 77 77 77 Ward Bak <Bi -. I', 1% 1% 14, Wriglev 75 k 75 75 754* Retail Store*— First Natl Stores 46 46 46 47 Hahn Dept Sts.. 4% 4% 4% 4% Kresge S S 20% 20 20 20% Kroger Groc 24% 23k 24% 24 Macy R H 35 s . 35k 35k 35 s ; McCrorv St .... 9 9 9 9 Mont Ward 23% 23% 23% 23% Penney J C ... 65% 65% 65% 66% Sears Roebuck.. 34% 33% 33% 34% WooNvorth 53% 53 k 53% 53 k Aviation— Aviation Corp . 4 3% 3% 3% Boeing Aircraft.. 7% 7% 7'g 7 s ; Curtiss Wright . 2% 2% 2% 2% Curtiss Wri ■AI 8 7% 8 8 Douglas Air 19% 19k 19', 19% Nor Am Av 2% 2% 2% 2% Sperrv Corp .... Bs*8 s * 8% B s , Bs,8 s , Utd Aircraft new 11 s . Ilk Ilk 11% Chemicals— Am Com Alcohol 23 s , 23 5 , 23 s , 24 Com Solvents .. 18k 18', 18k 18% Du Pont 89% 89 89% 89 s , Fre-iort Tex 22 s . 22% 22% 22% Math Alkali 25% 25% 25% 25 s , Monsanto Chem 58 57 5 . 58 57% I Natl Dk tnew).. 26% 26 26 26% Schenlev Dist .. 25k 24% 24 s . 24% Tex Gulf Sulph . 31% 31>g 31% 31% Union Carbide 46k 46 46k 46 U S Indu Alcohol 36% 36 s , 36% 36% Drugs— Cotv Inc 4% 4% 4% 4% Lambert 26k 26k 26% 26 I Lehn & Fink 14% 14% 14% 14% Sterling Prod .61% 61% 61% 61 s ; Un Drug (new) . 10% 10 10 10% Vick Chem 3% 3% 3% 3 Financial— Adams Exp 4% 4% 4'. 5 , Allegheny Corp .1 1 1 1 Am Int Corp ... 4 s , 4 s , 4 s , 4% Lehman Corp ... 69 68 68 69 Transamenca ... 5 4 s * 4% 5 Building— Am Radiator ... 11 s , 11% 11% 11%

Chicago Stocks (Bv Abbott. Proctor & Paine). 11:00 Prev. A. M. close. Acme Steel 46 45 Cent Southwest ** Chicago Coro 1 3 1* Cities Service i 7 Com Edison 63'* 62 2 Cord 2' 2 2' Grt Lake* Dredge 18 18 cor. HS If; A 'etc York Curb •By Abbott. Proctor & Paine) . Prev. 12 (Noon) close. Allied Mills 14 14 Am Cyanide "B" 154 15*. Atlas Corp 74 .4 El Bond k Share 54 54 Ford of Europe 74 7H Gulf Oil of Pa 51 51 Hiram Walker 27>. 274 Imperial Oil Ltd 16 16 Lake Shore Min 564 56% Natl Bellas Hese .. 14 14 Nia Hud Pwr 3’* 34 Penn Road I‘* 14

INDIANAPOLIS, TUESDAY, MARCH 26, 1935

Int Cement .24 24 24 23% Johns Manville 40 s , 40 s , 40 s , 41% Libby Owens Gls 23% 23 23 23% Otis Elev 13% 13% 134* 13% U S Gypsum .... 42 42 42 42 s , Hnusebold— Col Pal Peet .... 17% 16% 16% 16 s , Congoleum 29 28 s , 28 s , 29 Kelvinator 15% 15% 15% la% Servel Inc 8% 8% 8% 8% Simmons Bed ... 7 6% 6% 6% Textiles— Celanese Corp .. 20% 20% 20% 21 % Collins Aikman . 9% 9% J 7, ?% Indus Rayon 25% 25% 25% 25 s , OPERATING NET OF PENNSY UP Revenue From Passenger Traffic Rises for First Time Since 1926. The annual report of the Pennsylvania Railroad Cos. for 1934, made public today, shows that operating revenues increased $18,952,886, a feature of which was an advance of $4,810,336 in revenue from passenger service, the first increase recorded in passenger revenues over the preceding year since 1926. Operating expenses advanced $22,017,761, which included increased expenditures of more than $7,000,000 for the maintenance of tracks, bridges and other structures, and cars and locomotives. Also included wefe charges of approximately $2,800,000 for employes’ pensions from Aug. 1 to the end of the year, required by the provisions of the Railroad Retirement Act. An increase of $9,586,514 in transportation expenses during the year, representing the actual costs of moving the traffic, reflected, in common with the other increased items of expense, the restoration to employes on July 1, 1934, of 2% percent of the 10 per cent deduction from wages which had been in effect since Feb. 1, 1932. A further 2Vi per cent was restored on Jan. 1 of this year and the remaining 5 per cent will be added to the pay rolls on April 1 at which time the full 1929 levels of wages will have been fully restored. After deducting expenses, taxes, interest payments, rent for leased roads and miscellaneous charges, there remained a net income for the year of $18,815,694, a decrease of $465,476 from 1933. The net income represented a return of 2.86 per cent on capital stock, compared with 2.93 per cent in 1933, and 2.06 per cent in the previous year. The net income per share was $1.43 compared with $1.46 in 1933,

HOGS Mar. Bulk. Top. Receipts. 20 85.60® 8.70 $8.70 4500 21 B.SO® 8 70 8.70 4500 22. 8.60® 8,75 8.75 4000 *3 8 60® 8.75 8.80 1000 25. 8.85® 9 00 9.00 4000 26. 8.85® 9.00 9.05 5000 Light light: * 140-160) Good and choice.. $8.15® 8.90 Medium 7.65® 8.65 Good and choice.. 8.90® 8.95 Medium 8.40® 8.75 (180-200) Good and choice... 8.95@ 9.00 Medium 8.50@ 8.85 Medium weight: . , . _ *2OO-220* Good and choice.. 8.95® 9.05 (220-250* Good and choice.. 8.85® 9.05 He (2so-290i ? Good and choice... 8.65® 8.85 (290-350) Good and choice... 8.45® 8.65 Packing sows: _ „ „„ (235-350) Good B.oo® 8.25 (350-425) Good 7.85® 8.15 (275-350) Medium 7.75® 8.00 (425-550) Good 7.50® 7.90 Slaughter pigs: (100-140) Good and choice... 6.40® 8.15. Medium 5.75® 7.65 CATTLE —Receipts. 1500— —Steer#— (500-900) Choice $10.50® 12.50 Good 9.50® 11.50 Medium 7.50® 9.75 Common . 5.50® 7.50 (900-1100) Choice 12.00®13.25 Good 9.50® 12.50 Medium [email protected] Common 5.50® 7.75 (1100-1300) Choice 12.50® 13.25 Good [email protected] Medium 8.50® 10.50 (1300-1500) Choice 12.50© 13.25 —Heifers—-(soo-750) Good 10.25®13.00 Choice 9.25® 10.25 Good 8.?5® 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 6.00® 7.50 Common and medium 4.25® 600 Low Cutters. Cutters 2.75® 2 25 Bulls, good 5.50® 7.00 Cutter, com. and med. bulls.. 3.75® 5.50 VEALERS —Receipts. 700Good 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® 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 (900-1050) 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. 1500 — Lambs. 90 to 120 lbs., good and choice $7.75® 8 25 Common and medium 6.00® 7.75 90-120 lbs., good and choice... 4.50® 5.50 Sheep: (120-150) Good and choice .. 4.00® 5.25 All weights, common and medium 3.00® 4.25 Other Livestock (Bv United Press) FT. WAYNE, March 26—Hogs—Steady to 5 cents lower: 200-250 lbs., $8.85 . 250300 lbs., $8.70; 300-350 lbs.. $8.40; 180-200 lbs.. $7 85; 160-180 lbs.. $8 65: 150-160 lbs.. $8.40: 140-150 lbs., $7.90: 130-140 lbs . $7.65; 120-130 lbs.. $7.15; 100-120 lbs.. $6.65; roughs, $7.50; stags, $5.25. Calves, $9. Lambs, $7.75. Chicago Grain Futures (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. Close. May 94' .93*4 .94*4 .93*4 July 92'4 .91*4 .92 .91‘a Sept 91 ! , .91>4 .91*4 .90 T CornMay .78*4 .77*. .78.1, .77*. July 73 72'. x TS’, .72*4 Sept. 68’. .68*, ,6V t 68 Oats— Mav 44 43*4 .44 .43*4 July 39 .38'’, .30 .38 Va Sept 37*. .36*. .37 .36*, Rye— Mav .56 .55*4 SS’, .55*a Julv 57*4 .57*2 .57*. .57*, Sept 59*, 59 .59), .58*4 LAMP BULB PRICES CUT By Timet Special NEW YORK. March 26.—General Electric Cos. and Westinghouse Lamp Cos. have announced reductions of more than 20 per cent in list prices of 60 per cent of all large incandescent lamp's, effective April 1.

Local Livestock

RAIL CONTROL AWAITS RULE ON CREDITORS

Domination of MissouriPacific Depends on Court Case. By Times Special NEW YORK. March 26.—Whether J. P. Morgan & Cos. or the Reconstruction Finance Corporation will have a dominating voice in the reorganization of tiie bankrupt Missouri Pacific Railroad Corp., depends 0% a decision to be handed down next month by Marion C. Early, special master for the Federal Court at St. Louis, it was stated today. The government agency, in conjunction with the Railroad Credit Corp., is seeking to have a reclassification made of creditors of the Missouri Pacific on the ground that the present classification allows the banking house to veto any plan of reorganization not acceptable to it. Although the RFC now has the sane right, a victory in this case would result in a lumping of its claims with those of Morgan and the Railroad Credit Corp. and a,ilow it to have the dominating hatid with respect to a reorganization. J. P. Morgan & Cos. is now sitting on the side of three different types of creditors in the Missouri Pacific bankruptcy proceedings. In the first place it participates indirectly as a creditor through a loan of $48,000,000 made to Allegheny Corp.. by a banking syndicate of which it is the head. Morgan Holds Notes This loan is secured by common stock of the Van Sweringen holding company, and this stock in turn has an interest in 50 per cent of the common stock of Missouri Pacific. The value of the stock securing the Morgan loan, therefore, depends largely on the treatment accorded Missouri Pacific stock in the reorganization of the railroad. In the second place, the banking house participates as a creditor in the reorganization by virtue of the fact that it has placed a partner—S. Parker Gilbert —on the “protective committee,” representing the interests of holders of Missouri Pacific first and refunding bonds. Dr. Charles A. Beard, chairman of an independent bondholders committee, has opposed this representation on the basis that Morgan can not represent both stockholders and bondholders. The third participation of the firm as a creditor is by reason of its being owed $5,850,000 in secured notes by the Missouri Pacific. The RFC is owed $23,547,000 in secured notes and the Railroad Credit Ccrp. $3,500,000. In accordance with the terms of the bankruptcy act, two-thirds of each class of creditors must approve a reorganization plan to make it

THE UJESTERN AND SOUTHERN LIFE INSURANCE j —. i . , CWWBIES —l—

FINANCIALLY INVULNERABLE The Western and Southern Life Insurance Company presents to its policyholders the report of its stewardship for the year 1934. An examination of this statement discloses the presence of that essential to successful administration, namely, Safety. During the past five years of arrested economic development, we have proceeded in the administration of the Company conservatively, but with abiding faith in Amer:‘an institutions, in the common sense of our people, and in their resourcefulness and ability to adjust themselves to adverse circumstances. This policy and confidence has resulted, as can be clearly seen from the following statement, in the affirmation by the people of their trust in the safety and security of life insurance institutions thus conducted, as ihe most dependable trustees of long-term investments for the protection ol the individual, hi* family and his business. On the basis of Reliability and Value, The Western and Southern invites your business. Lowest Guaranteed Life Insurance Premium Rates of any I'niled States Comnany 3/, Jty34ASSETS Home office building and properties * 897,000.00 City real estate, exclusive of home office 10,979,472.26 Farm properties 1,293,288.90 First mortgage loans on city property \ A u loans limited by i*. I 76,096,028.97 First mortgoge loons on form property .. J t 0 * of appraUed Ta,a * ( 987,218.41 Policy loons 8,596,973.70 United States Government bonds 24,819,454.29 •Municipal and Home Owner's Loan Corp. bonds 7,629,993.03 Ground rents Hoo'c-rMS Net uncollected and deferred premiums ]645, 359.76 Total $137,063,676.84 •Delinquent Interest December 31, 1934. only $2.711.50.(This delinquent interest since paid In fall.) LIABILITIES Reserve for protection of policyholders $112,075,516.59 Premiums and interest paid in advance 475,724.34 Taxes (1935) and incurred unpresented items 2,192,010.82 Surplus 12,320,425.09 Total $137,063,676.84 INCREASE IN ASSETS DURING 1954 $5,364,060 INCREASE IN INSURANCE IN FORCE $32,450,043 TOTAL INSURANCE IN FORCE $680,813,279 TOTAL POLICIES IN FORCE 2,341,896 B. P. DIFFILY, Manager 705-7 Merchants Bank Bldg. Meridian and Washington Sts. INDIANAPOLIS

the WESTERN and SOUTHERN LIFE INSURANCE company HOME OFFICE CINCINNATI A HUMAN INSTITUTION SERVING HUMAN NEEPS^__^

PAGE 13

New York Bond Market

(Reprinted from yesterdayi DAILY BOND INDEX 20 20 20 20 Inds. Rails. Util. Bonds Today 84 2 70 0 93 7 84 0 Saturday 84.2 74.5 93.8 84.2 Week a?o 84 8 . • Week ago 84 8 73 6 92 6 83.7 Month ago 86 8 80 0 94 3 87.0 (Copyright, 1935, by Standard Statistics.) j U. S. GOVERNMENT BONDS (By Fenner <S: Beane.) Liberty* Prev. | Close. close. Ist. 3%5. 1932-47 1019 101.7 Ist. 4%5. 1932-37 101 14 101.13 4th. 4%5. 1933-38 (uncalled) 102.24 102 22 4th 4%5. 1933-38 tcalled> . 100 25 100.20 Treasury* 4ks. 1943-45 115 24 115 17 4s. 1944-54 110 27 110.22, 3%5. 1940-43 107.5 107.4 3%5. 1943-47 106.20 106.15 3%5. 1941-43 107.9 10. 4 3ks. 1943-45 105 4 105 3k S. 1941 JO7 U 10. 10 3ks 1944-46 105.2 104.30 3' as] 1946-49 l<>j Jj 103 30 3s 1951-55 103.5 103 2 3s 1946-48 . 103 3 103.2 2%. 1955-65 :::::: 100.30 100.25 Home Owners Loan Corn. js.e 1949 100.8 100.1 3S 4 1952 101 19 101.14 4s. 1951 101 3 101.4 Federal Farm Mortgage Corp. 31/e 1964 103.8 103 4 2s 1949 101.19 101.12 II: 1942-47 .. i 1014 101.23 DOMESTIC Prev. Issue , Close, close Alleg Corp 5s 44 66 67 * Alleg Corp 5s 49 55 * 57 Alleg Corp 5s ’SO 14 a 15 Am Frgn Pow 5s 2030 55 56 Am Tel & Tel 5%s '43 112% 112* Am Tel & Tel 5s ’65 112 111% Arm ti Cos (Del) 5%s ’43 105% 105 Atl Coast. Line 4s '52 100 100 , 2 At 1 Coast Line 4%s 64 §3 ■ 84 Atch Top & SFe 4%s '4B 100% 105 8 Am Wat Wks 5s ’44 91 2 91 Arc Rolling Mills 5s ’3B 104% 104- * Balt & Ohio 5s ’95 5. 57% Balt & Ohio 6s ’95 66 67,* Balt & Ohio 4%s 60 .. 42 1 43 Buff Roch & Pitt 4%S 57 54% 55 Beth Steel 5s '36 . 10j;% ■ Chi Milw &StPI 5s ’75 1-% 13 Chi Milw &StP 5s 2000 3% 3% Cleve Un Term 5s 73 87 * 8. a Cleve Un Term 4%s 77 81 * 82 Col Gas 5s May ’52 78% 79 Col Gas 5s April ’52 79 /* (9 Col Gas 5s ’6l. 77% 78 Can Pac Perp 4s binding on all creditors. The Federal Court at St. Louis originally directed 28 different classifications of Missouri Pacific creditors, “according to the Mature of the stock, securities or claims held by them.” Claims Now Separated This resulted in a separate classification for the RFC, Railroad Credit Corp. and Morgan claims, despite the fact that the nature of their claims is identical. The RFC and the Railroad Credit Corp. are objecting to this classification and asking that it be amended on the ground that the original court classification was not in accordance with the bankruptcy act because it classified creditors and not claims. Morgan opposes this interpretation of the act on the ground that each secured note is backed by different collateral and carries a different interest rate. Therefore, it requests the court to sustain the present classification. The RFC answer is that, despite these differences, one collateral note has the same nature as another.

What Poe * It Mean? Foreign Exchange—This term applies to the rntscellaneons moneys of the irorld which are exchangeable one for the otlier.

Cent Pac 5s ’6O 72% 73 Big Four 4%s '77 56% 56% Colorado & So 4%s 'BO 57 60 Chi & West Ind 4s '52 97 97 Chi & West Ind 5%s 62 103% 104 k Chi & Nor West 4%s '49 11% 12% Con Gas 5s '57 103% 105% Chesa Corp 5s '47 103 103 Dodge Bros 6s '4O 105S 105% Del A- Huds 4s '43 78 79 N Y Dock 4s 'sl 63 k 65 N Y Dock 5s '3B 43% 45 Erie 5s '75 55 56% Erie 5s '67 58% 57'Gn Cable 5%s 47 88% R 7% Grt Northern 7s '36 85 86% Grt Northern 4%s '76 70 71 Hud & Manhat Ref 5s '57 88% 88% 111 Cent 4%s '66 46 46 111 Cent Jt 4%s '63 52% 53 s * 111 Cent 5s '63 55% 57% Interlake C & I 5s ’sl 75 s , 75 s * Interntl Hv Elec 6s 44 35 35 Interntl Tel & Tel 4%s '39 .. 63% 6i Interntl Tel & Tel 5s '55 58% 39% Interntl Tel <fc Tel 4%s '52 ... 54 54% McKess A Rob 5%s 50 97% 98 Midvale Stl 5s '36 103% 103% Natl Dairy 5%s '4B 103% 103% Natl Steel 5s '56 106% 106'Nickel Plate 4%s '7B 50 49 s * Nickel Plate 6s '35 51 50% N Y Cent 5s 2013 50% 52 N Y Cent 4%s 2013 told) ... 46 s * 48 Nor Amer Cos 5s '6l 88% 89% Nor Pac 3s 2047 74 74% Nor Pac 4%s 2047 81 8! Nor Pac 6s 2047 94% 94% Nor States Pow 5s '4l 106% 107% Otis Steel 6s '4l 84 s * 84 s * Penn Rv 4%s 'B4 102% 103% Penn Ry 4%s 'Bl 103% 103% Penn Rv 4%s '7O 92% 93 Pac G & E 5s '42 .. . 107 107 Portland Gen El 4%s '6O .. . . 56 56% Para Publix 5%s 'SO 72% 73% Penn P A’ L 4%s 'Bl 103% 109% Postal Tel A' Cab 5s ’53 . . 42 43 Rem Rand W W 5%s '47 .. . 100% 101 Sinclair Oil 6%s '3B 104% 104 Shell Union Oil 5s '47 103 102 s * Sou Pac 4%s '6B 60% 61% Sou Pac 4%s 'Bl 59 s * 60% Sou Pac 4%s '69 60 61% Sou Pac 4s '49 62% 64% Sou Rail 4s '56 42 43 Sou Rail 6%s '56 58 58% Sharon Stl Hoop 5%s '4B 80 s * 81 Texas Pac 5s 'BO 86 86 Texas Pac 5s '79 85% 86% Texas Pac 5s '77 86 86% Union Pac 4s ‘47 110% 110% United Drug 5s '53 88 s ; 88 U S Rubber 5s ‘47 91% 92 NY NH <fe Hart 6s '4B 33% 32% NY NH A Hart 4%s ’67 30 30 Warner Bros 6s '39 50 49 5 ; Western Mary 5%s ’77 98% 98% Western Marv 4s '52 93% 94 Youngstown S & T 5s '7O ... 92 s * 92% Youngstown S A T 5s '7B ... 93% 93% FOREIGN Argentina A 6s ’57 91 s '* 91% Argentina B6s ’SB 91 % 91 Canadian Govt 4s ’6O 106 s * 106% French 7s ’49 177% 180 s ; German 5%s ’65 28% 28 German 7s '49 39% 39% Italy 7s ‘sl 80 80% Japan 6%s ’54 92% 91% Poland 7s ’47 118% 116% Rome 6%s ’52 73 s * 74 Tokio City 5%s ’6l 77 5 ; 77% Yokohama 6s ’6l 82% 83% FEDERAL FARM LOAN BONDS ißv Blyth A Cos. 1 Bid. Ask. 4s July 1, 1946-44 106 s , 107% 4s Nov. 1. 1957-37 103% 104% 4s May 1. 1958-38 104', 105% 4%s July 1. 1956-36 104 104% 4ks Jan. 1. 1957-37 104 k 104 k 4'is May 1. 1957-37 104 k 104% 4'*s Not’. 1. 1958-38 104% 105 4'/is May 1. 1942-32 101% 102% 4%s Jan. 1. 1943-3.7 101*. 102% 4%s Jan. 1. 1953-33 101% 102 4%s Jan. 1, 1955-35 101% 102 4%s Jan. 1. 1956-36 103 103% 5s May 1, 1941-31 101 101% 5s Nov. 1. 1941-31 101 101 %

Government Bonds Home Owners’ Loan Corporation and Municipal Bonds BOND DEPARTMENT The Union Trust Cos. of Indianapolis 120 E. Market RI ley 5341

TRADING DULL AND UNEVEN ON STOCK MARKET

Most Utilities Hold Above Yesterday’s Close; Rails Dip. By United Press NEW YORK, March 26—The stock market was irregular with trading dull today. Early morning steadiness gave way to a little further easiness in rails and industrials. Utilities, with some exceptions, managed to hold above yesterday's close. Consolidated Gas was one of the active issues and showed !* gain at 19%. Columbia Gas was fractionally higher. American Telephone, however, slipped off % point as result of the leased wire inquiry while Public Service of New Jersey was more than a point lower at 23%. Atchison declined fractionally to 37%; New York Central was off •'* at 13. Pennsylvania was off % at 18% and Union Pacific declined % point at 85%. United States Steel was % lower at 28*k, Chrysler ■''* lower at 33%, Pullman a point lower at 42% and du Pont % lower at 89%. Money and Exchange INDIANAPOLIS STATEMENT Clearings ,$1,999,000,00 Debits 4.362,000.00 TREASURY STATEMENT (By United Press) WASHINGTON. March 26.—Government expenses and receipts for the current fiscal year to March 23, compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $4,988,226,929.15 $4,684,872,434.41 Receipts 2.812,379,512 84 2.274.308.413.42 Deficit 2.175.847.416.31 2.510.564.020.99 Cash Bal. 2.342.047.395.32 4.903.211,174.30 LOCAL CASH MARKET City grain elevators are paying 84 cents for No. 2 soft red wheat. (Other grades on their merits. Cash corn No. 8 yellow. 74 cents, and oats 42 cents.