Indianapolis Times, Volume 47, Number 16, Indianapolis, Marion County, 29 March 1935 — Page 42

Wall St. The New Deal Now Stands at the Crossroads. BY RALPH HESDERSHOT T*m*% llritfr N r FW YORK March 29 —' The Nc* Deal would v'f.m to be at the erowroads. The industrial codes are not being adhered to in a great many instances, and there exists the possibility that they may be abandoned after June 15. Sentiment is running high on both sides of the issue among business men It is being criticised particu-

larly by the owners of small businesses, many of whom do not know where they Itand. Obviously, the most important feature of the codes is the opportunity they afford to well organized industries to maintain higher prices than free competition would

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perm.t. Were it not for that feature most business people would not be interested in them at all. Officially, the administrators of tne codes are not in accord with the idea of price Axing. But the codes m a great many lines are not being enforced, and those who would like to live up to the agreements are being forced to become "chiselers” because their competitors are cutting prices. And in some instances these people are at a further disadvantage where they do business with other industries which live up to the codes, becau e they have found it advantageous to do so. * * * ORGANIZED efforts are being marie to continue the codes in some lines Thosp behind the move fear a complete breakdown in prices if they are not extended. And If prices drop wages are bound to fall, and unemployment, no doubt, will become worse. In all probability, however, when a rock bottom had oeen established conditions would improve again, and the unemployment situation might become better than it is now’. The country is in a much better condition to go through a deflation now, however, than it was when the codes were inaugurated. Corporations and individuals alike have adjusted their financial and operating positions to cope with the depresslon. Bank loans, likewise, have been straightened out to an important degree, and many weak properties have passed from weak into strong hands. A resumption of the deflationary movement would constitute a serious development, though. Such gains as have been made by business would he wiped out. and the chances of early recovers’ would be slight. The care of those additional people who would be forced m the relief roles would throw an added weight on the government, which might prove difficult to carry. Some think, however, that we can not emerge from the depression until all factors interfering with tH* free operation of the law of supply and demand have been eliminated. For that reason they would like to see business thrown on its own at this time. nan THAT the codes can not be properlv administered has been fairly definitely demonstrated. In some industries a fairly good job has been done, but in others there has been complete failure. The question of whether the government has the right to enforce them is likewise a fly in the ointment. Moreover, charges have been made that the codes are in direct conflict with the anti-trust laws, and that concerns in some industries are legally out of order in adhering to them And underlying the entire problem and a consideration of the higher importance is the report that .nsumers are withholding purcha with the idea that the codes \ break down and prizes will rec< I sharply. This condition in i‘s. if not quickly corrected. ma. orce abandonment of the codes.

On Commission Row

Ou"'ttt>ns below are averse? wholesale orTces b-;ne offered to buvers bv local commission dealers I'ruitv Bar, inis 5c a lb. Apples. W:nesars *1 "5 Delicious. *1 85 Lemons, sunkst ;*%.s• 25 Grapefruit. Texas, seed•,}t S3 2 5 Arizona. 64a. 70s and 80s. $2 50 L Wes Mexican, per carton 12s. 25c: Bvrim seedless per hundred. *3 Pineapple- P rto Ricar.s crate *5 Avocados. F r da. box s’.so Strawberries. Florida. n r .t 20glle per 36-p* crate Apricots. 13 erase Gropes. South America white. *3 Mark $3 K nev Devs. South America. $2 75. Nectarines, tSouth America, box. ‘'vegetable*— Cabbaee. Northern Danish ** .> t-a; $1 75 n-w red Texas hamp;". $3 Ml new Texas, half crates, $- .5 O- : Western Spanish, 50-ib. bag. f;:> MCh:can vel'.owe 50-lb bag $285. Pt-*3 r oes Green Mountains 100-lb. bat. *so ,Vic‘ed c. — ~ bae. $1 75 round white 100-!b bac $1: jv- .. ion-ip ha* $1 SKi Idaho Russets. P {.-.re 15. S*e* potatoes. Indiana JerK V< b-.-hel. $1 50. medium or seed. $1 10-Nani-v H*U< bushel. $1 15 Beans, round ter $2 5 275 Celery (washed and trimmed', medium, dor . 50c; (j,,; 75c hearts dcr . 50c Cucumbers hot house dozer. $1 50 2 dcren t-ox. *2 75 Endue. Calitornta. dozen. 90c. crate. *4 -x Fee p’ant. $2 50 doten Kale, bushel B<V Lettuce, hot house. 15-lb. ba.‘<- t. s’. 25 Arizona Iceberg head lettuce. $3 35 Yuma crate $4 50 Mangoes. $3 50 .• 5 a crate small basket. 50c. M—.t a dcren. sl. Parslev, dcren. 35c Peas hampers S3 25 Spinach Texas, bushel $l5O Radishes, dcren. 85 :85c: Florida ora'ce- $2 75. Turnips bushel. 75c Parsnip- bushel. $1 to. Beets, bushel. *l. Carr—* b shel. sl. 100-lb sack. $175 Rhubarb ho- house 5-'.b car’on. 50ii55c dozen bunches 1. Mush ooms. lb . 30c. A., cuotation* subtect to change uo cede* h. FRi its ivo ifr.mßits B\ United Press' CHI' AGO \larcn 29 Apples- Michigan Jena- i- bu-he! $1 65. Mclntosh. $1 *0 017* Turnip* Illinois, bushel 2P'i3sc Ca-ro-s California, crate *2 75 :3 Sweet Potatoes Tennessee, bushel. 75 i 90c Ind ma. $1 25 •: 135 Beans—Florida, bushel. *1 2 Cittbag- Wisconsin. 100 lbs. *3 50 ©r,:en Bets Michigan, sacks, a bushel. $: 75 j* 55 .yellows* Pea*—California, unperi $3 253 85 Tomatoes— F la :gs si "s Rhubarb—Michigan. s.b cartons 25iSOc. Lettuce—Western, cra-es. $3 50*4

Produce Markets

Ve-Uered ta b-n.'n spoil* pric** He*vy fcrrfd hen*, lie Leghorn hn*. lie; colored *pnr.*er*. Ue; heovy stags, lie; Leghorn stags, “e; old roosters. 7c; ducks, full feathered and fat. 9c geese, full feathered and fat. 7c; all classes of guineas. 15c; !*o. 1 strictly fresh country run ecg* loss off 17c Each full cases must weigh 55 lb* gross, a deduction of 10c a pe _r.d for earn pound under 55 lbs will be msde. Butter-No. 1 SJ i3*c; butterfat 30c Quoted br the Wadler Cos. DIVIDEND IS VOTED NEW YORK. March 29—Guaranty Trust Cos., as depository, has been informed by cable from London of the declaration by Ford Motor Cos. Ltd., of a dividend of 5 per cent less British Income tax for the >ar ended Dec. 31. 1934.

PAGE 42

BELGIAN LEADER URGES END OF GOLD STANDARD Premier Proposes Ultimate Devaluation of 30 Per Cent. Ay T nitri} Press BRUSSELS. March 29 Premier Paul Van Zeeland announced in ♦he Chamber oi Deputies today that the present gold parity of the belga would be modified. He proposed, he said, that the bGga temporarily be divorced from gold, but eventually be rebased on gold at a maximum devaluation of 1 30 per cent. He proposed provisionally to revalue the gold reserve at 25 per cent below the present fixed gold value of the belga The ‘intermediate currency regime.” Premier Van Zeeland said, will begin Sunday. Bank's Obligation Suspended The rebasing on gold, the premier said, would be effected when an international currency agreement was reached. He announced that the obligation of the national bank to pay gold for bank notes would be suspended. M. Van Zeeland proposed formation of an equalization fund to protect the belga against fluctuation. “Remaining faithful to the principles of the gold "standard.” he said, “we propose to do everything possible to speed up an international agreement by which the chief currencies will be re-estab-lished on a basis of gold. ‘We will request parliament to authorize us to reattach the belga to gold as part of a currency pact in which other great countries of the world join. ’ The currency level would not be the same as today's, but in any case it would not be more than 30 per cent below present levels.” Government to Fix Value The premier said that pending an international currency agreement and reattachment of the belga to gold, the government would fix the external value of the belga and maintain that value through the national bank. The bank, he said, would buy and sell as required, using the proposed equalization fund. • The stability of the belga abroad will be assured by the national bank, which will buy and sell by means of the equalization fund,” he continued. “The level of exchange will be fixed by the government.” It was understood, though M. Van Zeeland did not indicate it, that if necessary the official exchange would be altered from time to time. The chamber was jammed, and a large crowd waited outside. WHEAT PRICES ARE STEADY AT CHICAGO Market Is Influenced by Continued Drought. Bf Vnitrd Press CHICAGO. March 29—Wheat prices were steady today on the Board of Trade, influenced by continued drought in the Southwest. First sales of wheat were % cent lower to % cent higher. Com was unchanged to up cent, oats were unchanged to up % cent, and rye was unchanged to off ’* cent. The weather map showed no rains fell over the winter wheat belt, and this bullish item discounted easiness in he Lherpool market. Broomhall reported the British market opened steady but eased later, influenced by the sharp advance in sterling and the pending 30 per cent depreciation in the belga. ißv James E. Bennett Prev. High Low 11:00 Close Wheat: Mav 95 94*. 94 5 . ,94 s * Julv .92% 92% 92'•* 92% Sept. 92 s . 92 .92 .92 Corn: Mav 79% 78 s . ”B'* .78 s . Ty’v .74 1 73% 73 s . .73*2 Sept 69% .69*. .69% .69* Oats: M’V ......... 44% 44 5 . 44 s . ,44 5 . JU'.V 39*. 39 .39 .39 Sep- 37*2 ,37 5 . .37% 37 5 . Rvel Mav 54'a 54 54*. 54 5 , Julv 58 .55% .55 5 . 55'. Sept. 57*. 56 s . .57 57 LOCAL CASH MARKET Citv tram ele'. a’ors are paving 85 cents for No 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow. 73 cents and oats 40 cents. NEW PLAN REGISTERED NEW YORK. March 29.—Trust Endowment Agreements. Type B. a capital accumlation plan which offers the investor the profit possibilities of common stocks and also protects him against loss, have been registered with the Federal Trade Commission, J. W. Stewart, president of Corporate Equities. Inc., announced today.

Ralpn Ilendershot

MONTHLY DAILY FROM OCT. Ist1 st - - 8 ' 46 1 DAILY AVER AG E 44 300 COMMON STOCKS £Z ‘ 40 —■—“ Wet*el Market Bureau, Inc., 3d 3$ —— 34 ’' I'l PH: 'Vx,' 26 tiii iI I I |"i U | iii i'i i i• * i■■•i •j* i • 9 .i ii ii ii i iiii lit iii t i* 1 ii i ii ) 1 1 * i 24ii i • aii iii lit ii ii 11 * • 1 ; ! 11 ! * 1 1 * 95 Ii iI II J lli I I| Ii ii > t 1 1 * 1 * i> 22 ii ii i iii i ii i || n i Ii 1 1 I—ll 1 * 1 1 * * ' • 1 * _ .ii i ii ii 1 ii i t ii i t i ill •* I•• a a 201 ii ii ii i • i ; ; ; ; ; ii i > i ; i 1 ii ii i r 10 ♦ i fittft'yzJoo; 4 1116 15 16 15 2226 6 13 20 27 3 1017 24 31 7 U 202& 7 14 21 OCT - NOV. DEC. JAN. FEB. MAR. —™J— ■ "

Abreast of The Times on Finance

New York Stock Exchange Prices

By Thomson & McKinnon Prev. High Low 11 00 Close Oil*— Amerada 52 52 52 51 s . A*l Rfg 22 21 % 22 21’. Barnsdall 6 s . 6* f% * * Cont of Del 16 l6*. 16 , 16 Houston iddi ... 11*2 il% 11% 12 Miu Cont Pet . 10'. 10*4 10*4 10 s . Ohio Oil 9’. 9 s * ?% 9 s , Phillips Pet 15 4 15 s * 15 3 4 15% I Plymouth Oil 7*2 7*2 7*2 7*4 Pure Oil ... s*. 6*. 64 6 1 * Roval Dutch .. 32 31’. 32 30". Seaboard Oil . - 23% 23% 23 s 23*a Shell Un ss.5 s . ss,5 s , ss,5 s , s s , Soc Vac . . .. 12*2 12U 12'a 12*2 S O of Cal ... 30 30 30 29 5 . SO of Ind .. 23’, 23 s , 23 5 . 23* 2 S O Os N J J7 S 37*, 37 s , 37% Texas Corp 17’, 17*2 17’1 17% Tidewater Assn 7', 7’, 7’, •'* Un Oil of Cal 16*. 16', 16*, 15’, Steel,— Am Roi; Mills .. 18 s , 18 s , 18 s , 18 s , B”h St*cl 24 s , 24*4 2*% 24’ 2 Col Fir: * Iron I*4 1 ! I*4 I*4 Inland Steel 46*a 46*2 48*2 46-4 Natl Steei 41*2 41* 41*4 41*2 Rep Iron A Steel 10 s , 10 s , 10 s , 10*, U S S’**l 28'a 28 s . 28 s , 28 s . U 6 Steel pfd 76 76 76 76 Motors— Chrv ler 33’, 33'2 33*4 33 s , G®n Motors .... 27’, 27% 27*2 27’, Graham Mot ... l’a l’ Is l'a Hudson 7 7 J 7 Hupp 1 s 4 1 4 *l’ J*4 Nash 12’, 12’, 12’, 12', Packard 3", 3 s , 3% 3 s , Reo 2 s . 2 s . 2 s , 2*2 Studebaker 2 s , 2 s , 2 s , 2 s , Motor Access— Bendix 13*4 13*4 13*4 13', Behn Alum • 55 53’, 55 53-2 Borg Warner ... 31 *2 31 *2 31 1 2 31% Briees .. 26', 28', 26', 26', ' Houdaiile "A” .. 7% "'2 7* 7’, Murrav Bodv 6% 6 J , 6 s , 6% Timken Roll 30 30 30 31*2 Timken Det Axle 5 5 5 s', Mining—--1 Alaska Jun .... 16 16 16 15’, Am Metals ... 15*, 15 ! 4 15*4 15 , AmSSmelt 35,3 5 ,33 5 ,33 5 , 33 a Anaconda 10% 10% 10'a 10% 1 Cal A Hecla ... 33 33 j Cerro Dr Pasco . 42' 2 42'- 42% 43 1 Dome Mines . 38% 38% 38’, 39 Granbv ...... 6’, 6 s , 6 3 , 6% !Int Nickel . .. 24 s . 24', 24’, 24', Kennecott Cop . 16 s . 16 16 16'4 Mclntyre Mine 44% 44 s , 44% 44*2 Nnranda Cep .35 35 35 34% Phelps Dodge .. 14 s , 14*4 14% 14 St Joe Lead ... 12*2 12', 12 s , 12 U S Smelters . 103'2 103 103 ‘2 103', Amusements— Fox Theat 9% 9’, 9', 9% I Loews Inc 35 34*2 34 b 34 ', Radio Corp 4’a 4*, 4% 4* 4 Paramount .... 2*2 2 s , 2 s , 2% Warner Bros .. 2 3 2 3 4 2% 2% Tobaccos— Am Tobacco A . 75 75 75 75 Gen ClEars 50 3 50 3 4 50% 50' 2 Ligg A Myers B 97 98 s , 98 s , 96 s 2 Phillip Morris 37 37 37 37 Reynolds Tob B 43% 43 s , 43 s , 43'2 Ralls — Atchison 37'2 36 3 4 36% 36', Ati Coast Lines 20 v , 20' 2 20 s , 27 Can Pacific ... 10*, 9 s , 10'4 9 3 4 Ch A- Ohio 38', 38', 38', 33', Chi A Ot W ... % 3 4 % % Dela A- Hud . 24 24 24 24 Pei Lac A- W 12 12 12 11’, Grt Northern pfd 10*2 10’ 10’s Til Central 9 7 b 9 7 b 9‘b 9* a Lou A- Nash 34 34 34 34 M K A- T pfd 6>4 6', 6‘4 7% N Y Cent 13', 12 3 4 13-, 12’, N Y New Haven 4 4 4 4 Nor Pacific . .. 14', 13 s , 13 s , 13 2 Prnn R R 18 18 18 }7% Sou Pac 13% 13 ! 2 13 ! 2 13 4 Sou R R 8 3 4 8 3 4 8% 8/2 Union Pac 84'2 83 s , 83 s , 83% W Maryland ...... 6% 6', 6% 6 Equipments— .... Am Car A Fdy . II 3 , ll 3 , 11% 1 4 Am Loco . 10% 10'4 10'2 10% Am Steel Fdv ..13 13 13 13 Gen Elec 22', 22 22 22', Gen R R Siß 17% %% 17 s , 18 Pullman Inc . 42’, 4..%% J- * 4 West Air Br 18.* 18;* 18’, 18 2 Westingh Elec . 35 7 8 3d 1 * 30*4 So 1 * Am A For Pwr . 3', 3', 3', 3% A T A T . . 101’a 101% 101% 102. Col Gas A Elec s’, 5 3 4 5-> J 7 * Common A Sou 1 1 1 1 Consol Gas 20% 29 20 20 a Elec Pwr A Lit 2*4 2*4 2% 2% Int TAT .. 6 s , 6 s , 6 s , 6 s , Nat Pwr A Lit.. 6*2 6*2 6*2 6*2 \ North Amer 11% 11 s , 11 s . J* j Pac G A E 16 3 4 16 s , 16 s , 16% Peoples Gas ... 22*2 22 22 22 I Pub Serv N J ... 25 24% 24% 24 s . So Cal Edison .. 13*2 13 2 13% 13 4 Std Gas 3*2 1 8 a 3*2 Stone A Webster 3% 3 4 34 os United Corp 2% -* 2 4 2 . Un Gas Imp 11 1} 1} 4 Ut Pwr ALt ‘A P. I s a „} * I Western Union.. 23', 23 3 4 -04 -rd; n ; Goodyear 17 16’, 17 u.'4 : Kelly Spring .... s 4 3 4 % 4 ; U S Rubber 11 11 11 , JJ U S Rubber pfd 26 3 4 26 3 4 26 3 4 27 Miscellaneous — Allis Chalmers. 13>2 13'a 13'a }3 S : Am Can 116 116 Ij?, l ini 4 Am Mach A Fdy 20 s , 20 s , 20 s , 20 3 . : Burroughs Add 14 4 14 s 14 4 14 J I Case 49U 49 49 49U I Conti Can .. . . 70*2 70 10 Caterpillar Tract 38U 38 38Js 38J 4 Deere ACo 24 s , 24 s , 24*, 24U Eastman Kodak 120>2 120*4 120J* 120' 2 Gillette 14 l4 14 , 14 Giiaden 2$ 3 4 *34 -5 4 25 4 Inter Harv 37 s . 37*, 3 * 37 Owens Bottle ... 84*4 84U 84■ 64 4 Rem Rand B’g 8 3 a Bxgß x g 8/2 Foods— Am Sugar 57'* 57'4 57*4 57% Armour 6G pfd 62' 4 62U iorden* P^od*" 10 21 S J 21 s 31 s i 21‘i Coca Cola 200' 2 19? 3 , 8 3 4 Corn Prod ... 65 3 4 6a'B 65 t 65 I Crm of Wheat.. 38U 38' 4 38% 38J. I Gen Baking ... 7 3 . 7 3 b 7% 7 u Gen Foods 33*2 33% 33 2 33 . G°W Sugar ':' 28-: 28% 28 4 . 28% BENDIX MAKES BEST SHOWING IN 5 YEARS Sales Increase More Than 50 Per Cent During 1934. By Times Special CHICAGO. March 29—The Bendix Aviation Corp. during 1934 increased sales by more than 50 per cent and working capital approxi- ■ matelv 29 per cent, the annual report showed today. This was the best income showing made by the; corporation for the last five years, j The corporation, a leading manufacturer of products essential to | automobile, aircraft and marine industries, reported a consolidated net. income of $1,903,120 lor the year. \ This was equivalent to 90 cents a share on the capital shares, com- ’ pared with earnings of 59 cents a share in 1933. The 1934 net income, however, does not include the corporation's proportion of earnings of non-con- j solidated foreign and domestic subsidiary and affiliated companies, amounting to $316,000. which would increase the net income to $2,- 1 219,120. 1

INDIANAPOLIS, FRIDAY, MARCH 29, 1935

INS 1 B.scuit ... 24’4 24 s . 24 s * 24% Natl D Prod ... 13% 13% 13% 13% S’d Brands 14-% 14*2 14 s , 14 s , i wrigley ....74 73% 73% 73% Retail Store.— Best A Cos 36% 36 36*4 35% Hahn Dep*. Sts . 4' t 4% 4% 6% Kresge S S . . 20 20 20 20% Kroger Groc 23% 23 s , 23 s , 23% Macv R H . 34 33% 33% 34% McCrorv St 9 9 9 9*4 Mav Dept St ... 36% 36 36 36% Mont ward ... 23% 23% 23% 23% Safeway St .. 37% 37% 37% 38% Sears Roebuck. . 34', 33% 33 s , 34 s , Woolworth .... 53 5 , 53% 53% 53% Aviation— Boeing Aircraft . 7% 7% 7% 7% Curtiss OVrigh’ 2% 2% 2% 2% I Curtiss Wri lA> 7’, 7% 7 s , 7% Nor Am Av . .. 2% 2% 2% 2% Sperrv Corp 8% 8% B*2 8% Utd Aircraft new 11% 11% 11% 11 Chemicals— Air Reduction ..109% 109% 109% 109% Allied Chem ...130% 130% 130’, 130% ! C'ol Carbon 72*4 72*2 72*2 73 Com Solvents.. 18*4 18% 13% 18% Du Pont ... 89% 88 s , 88% 89*2 Freeport Tex .. 23% 23* a 23% 23*4 Liquid Carb .... 26% 26% 26*4 26*2 Natl Dis inew).. 27% 27% 27*2 27 Schenlev Dlst . 24% 24% 24% 24*2 ! Tex Gulf Sulph.. 30% 29*2 29*2 30% Union Carbide .. 46% 45% 46*2 46 U S Indus Alco 36*2 36*2 36% 36*2 DTUgS— Bristol Mvers .. 31% 31% 31% 31% Sterline Prod 61*2 61% 61% 61% lUn Drug <new). 10 10 10 10% ! Zonite Prod .... 3% 3% 3 s . 3%

PORKER PRICES RISESUGHTLY General Run Up 5 Cents, Others Unchanged; Veals Drop. Only a slight change was displayed in hogv trading at the Indianapolis Stockyards today. The general run was mostly 5 cents higher than yesterday’s average, while underweights remained unchanged. The slight increase brought the top price for good and choice hogs up to $9.20, anly only 5 cents under the high level for the current week. Receipts, numbering 4000, continued slightly under the normal mark, and initial trading was somewhat slower than in recent sessions. The bulk, 160 to 250 pounds, sold at $9.05 to $9.15. Weighty kinds, csaling from 250 pounds and up, cashed in at $8.65 to $9. Lightweights from 130 to 160 pounds, sold at $8 to $8.75, while others, scaling 100 to 120 pounds, brought $6.75 to $8.25. Packing sows held at $7.75 to $8.25. Holdovers numbered 93. Dealings were scarce in the cattle market, especially in slaughter steers, where prices were mostly unchanged Steers and heifers sold at $9 down. Veals declined 50 cents, selling at $9.50. No change was evident in the lamb market, with wooled western grades still salable at SB. Clipped kinds brought $7.25. HOGS Mar. Bulk. Top. Receipts. 23. $8.60?4 8.75 SB.BO 1000 25. 8.85® 9.00 9.00 4000 26. 8.85® 9 00 9.05 5000 27. 9.00® 9.25 9.25 4000 28. 9.00® 9.10 9.15 5000 29. 9.05®. 9.15 9.20 4000 Light light: 1 140-160) Good and choice $8.50® 9.00 Medium B.oo® 8.75 Light weight: 1160-180) Good and choice •• 9.05® 9.10 Medium 8.50® 8.85 iloo-200| Good and choice . . 9.10® 9.15 Medium 8.65® 8.90 Medium weight: 1200-220) Good atid choice .. 9.10® 9.20 (220-250) Good and choice .. 9.05® 9.20 Heavy weight: (250-290) Good and choice •• 8.95® 9.05 (290-3501 Good and choice... 8.65® 8.95 Facking sows. (275-350) Good B.oo® 8.25 (350-425) Good 7.90® 8.10 1275-350) Medium 7.60® 7.90 1425-550) Good 7.75® 8.00 Slaughter pigs: (100-140) Good and choice... 6.75® 8.50 Medium 6.00® 8.00 CATTLE —Receipts, 300— —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®13.50 Good 9.50®i2.50 Medium [email protected] Common 5.50® 7.75 (1100-1300) Choice 12.50®13.75 Good [email protected] Medium 8.50® 10.50 (1300-1500) Choice 12.50® 13.50 —Heifers—-(soo-750) Good 10.25® 13.00 Choice 9.25®10.25 Good 8.25® 9.25 Common and medium 5.00® 8.25 (750-900i 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® 4.25 Bulls, good 5.50® 7.00 Cutter, com. and med. bulls.. 3.75® 5.50 VEALERS —Receipts, 700— Good and choice $9 00® 10.00 Medium 7.00® 9.00 Cull and common 3.50® 7.00 —Calves—-(2so-500) Good and choice 6.50® 9.50 Common and medium 3.50® 6.50 i —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice 6 00® 3.00 Common and medium .... 4 50® 6 00 (900-1050i 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: 1 120-150* Good and choice .. 4 00® 5.25 All weights, common and medium 3.00® 4.25 j

Financial — Allehenv Com ..1 1 1 % Am Int Coro ... 4 s , 4% 4S 4% Transamerica 5% 5 5 5% Tr Conti Corp .. 2% 2% 2% 2% Building— Am Radiator .. 12 11% 11% 12 Gen Asphalt 13% 13% 13% 13% Int Cement 24% 24% 24% 24% Libbv Owens Gls 23 22’* 22% 23', U S Gvpsum 42*2 42*2 42*2 42% Household— Col Pal Peet 17 16% 16% 17 Proc A Gamble 46 46 46 45% Servel Inc .. Bs,8 s , 8% 8% B*4 Simmons Bed .. 6% 6% 6% 6% Textiles— Beldine Hem 12 12 12 12*, Celanese Corp 21% 21 % 21** 21 Indus Rayon ■■ 25 24% 25 24*2

Chicago Stocks

(By Abbott, Proctor A Paine) 11:00 Prev. A. M. close. Acme Steel 46 46 Butler Bros 6% 6% Bendix 13% 13 Borg Warner 31*2 31% Berghoff 3% 3 Cent So West 3 % Crane Cos B’, 9 Com Edison 63*2 64 Chicago Mail 17 16% Iron Fireman 14 14% Kingsbury l’a I*4 Noblitt Sparks 14*4 14*8 Swift 15% 15*4 Swift Int 32*2 32% Walgreen 28 28

New York Curb

(Bv Abbott. Proctor A Paine) 12 Noon Prev. N. Y. close. Allied Mills 14 14% Atlas Corp 7% 8 Carrier Coro 16% 16% El Bona A Share 5% 5% Ford of Europe 7% 7% Humble Oil 47 46% Imperial Oil Ltd 16% 15% Lake Shore Min 56*2 56% Lone Star Gas 5 4% Natl Bellas Hess 1% 1% Newmont Min 37* 2 37 Nla Hud Pwr 3% 3% Novadel Agene 21% 21% Pan-Am Airways 4040 Park Davis 36% 36% Penn Road 1% 1%

N. Y. Bonds

(Reprinted from yesterday' U. S. GOVERNMENT BONDS (By Fenner & Beane) Liberty* Prev. Close Close Ist 3%S 1932-47 101.16 101.15 Ist 4Us 1932-47 101.16 101.15 4th 4' 4 s 1933-38 (uncalled) 102.24 102.25 4th 4%s 1933-38 (called) .. 100.4 100.5 Treasury 4%S 1943-45 11l 115.24 4s 1944-54 109.15 111.2 3%s 1946-56 107.6 109.16 3%s 1910-43 106.18 107.12 3%S 1943-47 107.7 106.26 3%S 1941-43 105.8 107.13 3%s 1943-45 107.14 105.16 3%S 1941 105.6 107.17 3' 4 S 1944-46 104.6 105.7 3'sS 1946-49 101.9 104.9 3’sS 1949-52 103.8 104.11 3s 1951-55 103.9 103.12 3s 1946-48 101.3 103.10 2%s 1955-56 100.5 101.5 Howe Owners Loan Corp. 2%s 1949 101.20 100.8 3s 1952 101.1 101.23 4s 1951 103.10 101.2 Federal Farm Mortgage Corp. 3 ] / 4 s 1964 103.10 103.8 3s 1949 101.20 101.24 3S 1942-47 101.27 101.25 DOMESTIC Prev. Close, close. Alleg Corn 5s '44 ... 66 66 3 / 4 Alleg Corp 5s ’49 54 54% Alleg Corp 5s ’SO :.... 13 14 Am Frgn Pow 5s 2030 56 56 Am Tel & Tel 5%s '43 113 113 Am Tel & Tel 5s ’65 112% 112% Arm & Cos (Del) 5%s ’43 ...105% 105 Atl Coast Line 4s ’52 96% 98 Atl Coast Line 4%s '64 79% 80V 2 Atch Top & S Fe 4%s ’48...105% 105% Am Wat Wks 5s ’44 91V 2 91 *2 Am Rolling Mills 5s ’3B 104% 104 Balt & Ohio 5s 95 55 55% Balt & Ohio 6s ’95 64 64 Balt & Ohio 4%s '6O 4040% Buff Roch & Pitt 4', 2 s ’57 53 54% Beth Steel 5s ’36 103% 103% Chi Milw St Pi 5s '75 10 1 2 12% Chi Milw V St P 5s 2000 3'i 3% Cleve Un Term 5s ’73 87*4 87 Cleve Un Term 4 1 2 s '77 .... 81 81 s /a Col Gas 5s May ’52 79% 79 Col Gas 5s April ’52 79% 79 Can Pac Perp 4s 82 82% Cent Pac 5s '6O 71% 71% Big Four 4 , / 2 s '77 51% 52*4 Colorado & Sf 4 1 2 s ’BO 56 57 Chi & West Ind 4s ’52 96% 97 Chi & West Ii and s' 2 s ’62 104 104% Chi & Nor West 4%s ’49 10 3 4 11% Con Gas 5s ’57 505% 105% Chesa Corp 5s ’47 102 102% Dodge Bros 6s '4O 105% 10o 3 ,a Del & Huds 4s ’43 75% 76 N Y Dock 4s 'sl 62'4 62% N Y Dock 5s ’3B 43% 43% Erie 5s '75 52 1 2 53% Erie 5s ’67 54 54 'i Gen Cablfe 5%S ’47 88% 88 5 /a Grt Northern 7s '36 84% 85 Grt Northern 4' 2 s ’76 65 69 Grt Northern 4%s '77 66 3 4 69% Gen Stl Cast WW s' 2 s '49 .. 60% 54 Hud & Manhat Ref 5s '57 ... 87 1 2 88 111 Cent 4 3 -iS '66 44% 45 111 Cent Jt 4' 2 s ’63 51% 51'/ 2 111 Cent 5s '63 54% 54% Interlake C&I 5s 'sl 75% 75% Interntl Hv Elec 6s ’44 33'4 31% Interntl Tel & Tel 4%s '39 .... 63% 63 3 s Interntl Tel & Tel 5s ’55 60 59V 2 Interntl Tel & Tel 4' 2 s ’52 .... 53 3 4 54% P Lorillard 7s ’44 126 . McKess &• Rob s' 2 s ’SO 98 9i' 2 Midvale Stl 5s '36 103 3 a 103 1 4 Natl Dairy 5'4S ’4B 103 3 a 103% Natl Steel 5s ’56 106% 106% Nickel Plate 4' 2 s '7B 48 48’ 4 Nickel Plate 5%s '74 58 58% Nickel Plate 6s ’35 48 49 N Y Cent 5s 2013 48 47% N Y Cent 4' 2 s 2013 (old) 45 43% Nor American 5s ’6l 88% 87% Nor Pac 3s 2047 73% 74 Nor Pac 4'is 2047 80 79% Nor Pac 6s 2047 89% 92 Nor States Pow 5s ’4l 106% . Otis Steel 6s ’4l 85 85 Penn Ry 4’ 4 s 'B4 101% 102% Penn Ry 4%s ’Bl 102 102% Penn Rv 4%s ’7O 91% 92% Pac G & 3 5s '42 107 107 Portland Gen El 4%s '6O 56% 56 Para Publix 5%s ’SO 72% 71% Penn P & L 4>is 81 103 103 Postal Tel & Cab 5s ’53 41 42% Rem Rand WW 5%s '47 100% 1 Sinclair Oil 6%s '3B 104 10J, I Sou Pac 4%s 68 58 58' 2 1 Sou Pac 4%s 'Bl 57 58 ! Sou Pac 4%s '69 57% 58 j Sou Pac 4s '49 61% 61% Sou Rail 4s ’56 39 39% Sou Rail 6s '56 49% 50% Sou Rail 6%s ’56 53% 53% Texas Pac 5s 77 82 84 Union Pac 4s ’47 110% 110% United Drug 5s o3 88% 87% U S Rubber 5s '47 92 91% NY NH & Hart 6s ’4B . .. 31% 33% NY NH & Hart 4%s ’67 28% 24 Warner Bros 6s ’39 50% 51% Western Marv s%_s 77 97 97% | Western Mary 4s ’o2 91% 92 Youngst’n S&T 5s '7O 92% 92 | Youngst’n S <fc T 5s <8 .... 92 92% FOREIGN Argentina A6s '57 92% 93% Argentine B 6s ‘SB 93 93 Brazil 8s ’4l •• . 29% 29 Canadian Govt 4s ’6O 107 106% Denmark 5%s ’55 9i% ... French 7s ’49 I<6 4 German 5%s ’65 28% 28% German 7s ’49 37% 39 Italy 7s ’sl 81% 81 Japan 6%s 54 93% 93 Rome 6%s ’52 Poland 7s ’47 .. 118 Tokio City 5%s ’6! <7% 18% j Yokohama 6s 61 83% 82%

Other Livestock

.Bv Times Special) LOUISVILLE. March 29—Cattle—Receipts. 250: demand broad for lißht supplyslaughter cattle mcderateiv active and fullv steadv; bulk common to medium steers and heifers. $6.50-5 8.75; better finished kinds auotable upward of $lO 25; bulk beef cows. $4.50'56; good kinds and smooth heifer tvpes to 6$ 50 or better; lowcutters and cutter cows mostly $2.75'5 4: sausage bulls quotable $5 50 down; bulk desiraDle Hereford stock calves. $6 5041 7 50; choice steer calves to $8 25. Calves — Receipts. 350; market steadv; bulk good to choice vealers. $7.505 8: strictly choice. $8 50: medium and lower grades. $6 50 down. Hogs—Receipts. 500: market. 10c higher: top and bulk desirable 180-250 lbs.. $8 95; 255 lbs and up $8 50; 160-175 lbs . $8.45: 140-155 lbs . $7.95; 120-135 lbs . $7. sows weighing 400 lbs. down. $7 20: heavier sows discounted 50c Sheep—Receipts. 50 generallv steadv: bulk medium to good 1 lamts. $758 choice to $8 50; common light throwouts. $6 and fat ewes. $3 50 down. WRIGLEY GIVES DIVIDEND By Times Special CHICAGO. March 29.—Five dividends of 25 cents each, payable monthly from May 1 through Oct. 1, were declared by directors of William Wrigiey Jr. Corp.

REDEMPTION OF DONDS SEEN AS EXPANSION ACT Inflation Possibilities Are Enhanced, Economist Believes. Thi, is another of a series of articles written for The Indianapolis Times by members of the economics department of New York University’s School of Commerce. Accounts and Finance. BY JOHN J. QUIGLEY NEW YORK. March 29.—The Treasury recently has announced its intention to retire $675,000,000 cf “circulation - privilege” bonds through the substitution of new Federal Reserve notes “backed” by new gold certificates in the Federal Reserve banks, which in turn will be “covered” by $646,000,000 of the nearly three billions in gold dollars created through devaluation and held in the Treasury. A brief review of what has happened in two years will illustrate the confusing nature of the situation. To begin with, Congress took us off the gold standard in the spring of 1933, without any necessity for the action in the shape of gold shortage. Soon afterward the Treasury began a deliberate policy of forcing up the price of gold, thus causing a decline in the dollar as measured in foreign currencies, and setting the stage for the devaluation of the gold dollar of less than 60 per cent of its former weight in metal in the winter of 1933-34.

Funds Accumulate Meanwhile, despite a tremendously increased program of spending by the Administration, the reluctance of business men to expend their operations as fast as the Administration desires, and the fear-of-the-future on the part of those whose incomes permit them to save, both perhaps partly induced by the monetary program itself, have resulted in so great a plethora of funds seeking employment as to make it possible for the Treasury to borrow increasing billions at the lowest interest rates known in twenty years. It can be said safely that possibilities of inflation in the future, already great, have been enhanced by the decision to put some of the gold profit to use. By being translated into gold certificates issued to the Reserve banks, this $600,000,000 of gold serves not only as the basis for the issuance of enough Federal Reserve notes to retire the bonds in question, but as the basis for a possible future expansion of credit to member banks of nearly a billion dollars, and of several times that amount by member banks to business men, should business expansion prompt such bor- |

rowing. $2,000,000,000 More at Hand The inflationist forces may seize upon the retirement action as a welcome precedent for an inflation of the currency more readily securable than the kind they are seeking, an inflation which could occur in addition to the credit inflation already referred to. For there lies in the vaults of the Federal Reserve Banks a fund of some two billions of dollars of gold certificates beyond what is required as reserve for Reserve notes and member banks’ deposits at present. If sufficient political pressure could be brought to bear upon the Reserve banks —as, for example, ! through the passage of the proposed Banking Act of 1935—half or more of this fund could be made the basis of the issuance of between two and three billions of dollars in Federal Reserve notes, which could be employed over a period of months in purchasing federal bonds as they mature or reach their callable date. AUTO FINANCING GAINS Retail Business Increases 46 Per Cent During February. By Times Special WASHINGTON, March 29.—The dollar volume of retail financing of new passenger automobiles during February shows an increase of 46 per cent compared with the corresponding month of 1934, according to the Department of Commerce. The figures for 1934 also showed an increase of 155 per cent compared with the same month in 1933. All percentages are based on daily average figures with each business day of the week weighted according to the relative volume of busi- j ness as determined by experience in the trade. INSURANCE MEN LEAVE Seven From Meub Agency Will Attend Boston Convention. Seven members of the William H. Meub life insurance agency left today for Boston to take part in the Charter Centenary Convention of the New England Mutual Life Insurance Cos. Those qualified to make the trip are Lyman Whitaker, Norman Miller, Ralph Hiller, Roy Shields, John Lance. Eber M. Spence, supervisor, and William H. Meub, general agent of Indianapolis.

Correction In Thursday’s Times we advertised “Jockey Shorts” at 29c. We now find that the name “Jockey Short” is copyrighted by Cooper for a similar garment selling at 50c. We regret this misstatement. Any dissatisfied customer may obtain a refund by returning merchandise. BLOCKS Downstairs Store

What Does It Mean? Demand Rates—The price of pound sterling or French francs immediately is called the demand rate. .4 synonym is the spot rate.

PET PROJECT SPIKED

Senator La Follette The leading advocate of "pink slip” publicity of income tax details, Senator Robert La Follette Jr. (Prog., Wis.), saw his favorite measure decisively defeated yesterday. Reversing the position it has maintained in recent years, the Senate voted, 53 to 16. not to open the fi’e of “pink slip” data to the public gaze.

FOREIGN TRADE SHOWSDECLINE U. S. Commerce in February Slumps, Department Report Says. By Times Special WASHINGTON. March 29. United States foreign trade in February showed a substantial decline from January, according to a Department of Commerce report today. Exports totaled $163,006,000 in February compared with $176,223,000 in January, 1935, and $162,729,000 in February, 1934. Imports were $152,537.000 for the month compared with 166.993.000 in January and $132,735,000 in February, 1934. The department said exports normally decrease about 11 per cent in value from January to February, but were only 7 per cent smaller last month. Imports, which ordinarily decline 2 per cent for the month, fell off 9 per cent. Exports of meats, fats, grains, feedstuffs, raw cotton and tobacco showed large declines compared with January. Exports of finished manufactures also declined, although automobile shipments increased nearly $3,000,000. Gold imports for the month totaled $122,817,000, compared with $452,622,000 in February, 1934. Exports totaled $46,000 compared wUh $51,000 in February, 1934. Silver imports totaled $16,351,000 for the month against $2,128,000 in February, 1934, while exports aggregated $1,661,000 compared with $734,000 for the same month last year.

WHEAT EXPORTS DROP Shipments From United States and Canadian Ports Decline. By 1 imes Special NEW YORK, March 29.—Exports of wheat from United States and Canadian ports, for the week ended March 23, totaled 2,255,264 bushels, compared with 2.936,566 bushels in the previous week and 3,312,655 bushels in the corresponding week of last year, according to a report by Dun & Bradstreet. Corn exports for this week were nil, compared with none in the preceding week and none in the same w’eek last year. RAIL ORDERS PLACED By Times Special CHICAGO. March 29.—The Chicago & Northwestern Railroad has ordered 25,000 tons of steel rails and approximately 9000 tons oi track accessories as well as other equipment as part of its 1935 rehabilitation program, officials said today.

INSURANCE All Kinds With the Exception of Life A. J. Wichmann & Go., Inc. 712 Circle Tower

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-WE BUY, SELL. and gladly furnish quotations on: Bonds of the United States Government, Its Territories and Insular Possessions Home Owners’ Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp* 12 9 EAST MARKET STREET

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BLDG, and LOAN STOCKS 415 Lemcke tmilding

STOCK MARKET FLUCTUATES IN UNEVEN TREND Coca-Cola Tops 200 Mark for First Time in Its History. By T'nitrd rr< NEW YORK. March 29.—The stock market fluctuated narrowly today and at noon the list was irregular with a major number of issues slightly above the previous close. Coca-Cola crossed the 200 mark for the first time in its history. It touched 200 ’■ 2, up l v points, and was the only stock of major importance to make anew top. Chicago, Milwaukee, St. Paul & Pacific issues dwindled toward zero. The common touched %. off 7 s and the preferred %, off %. Traders anticipated no equity for either stock in the company's reorganization program. Railroad shares slipped back after early firmness, but were holding near the previous close at noon. Utilities slipped back fractionally. Steel shares wore setody. Leading motors lost % point each. New lows for the year were made by National Biscuit, Macy and Texas Gulf Sulphur. Farm shares firmed. Coppers made small gains and amusements were firm.

Money and Exchange

TREASURY STATEMENT (By United Press) WASHINGTON. March 29 Government expenses and receipts lor the current fiscal year to March 27. compared with the corresponding period of the previous fiscal year: This Year Last Year Expenses $5,027,691,250.32 $4,772,811,675.41 Receipts 2.83868.6.926.69 2.294.874.858 58 Deficit, 2.189.004,323 65 2.477.936 816 83 Cash Bal. 2.413.884.741 41 4.863.463.697.66 NUMBER OF BUILDING PERMITS SHOWS GAIN Value Increases 32.2 Per Cent During February. B;> Times Special WASHINGTON. March 29.—For the second consecutive month the number and value of building permits have shown a marked increase compared with the corresponding month of 1934, according to the report made today by the United States Department of Labor. The number of building permits increased 39.7 per cent and the value by approximately 32.2 per cent during February compared with the corresponding month of the preceding year, it was reported. Permits issued in February were for 2833 family dwelling units in new buildings on increase of 127 per cent over last year. Sizable increases were also shown in both the number and cost of new ronresidential buildings, and of additions, alterations, and repairs, the report showed. These comparisons are based on reports received from 775 cities having a population of 10,000 or over. Two hundred and twenty-two buildings were constructed in Indianapolis during February at an estimated cost of $96,216.

fno money value of office space 1b not determined by the nun* ter ot square feet but by :he number of useable square feet. We invite you to use our cu.itam-bullt service. KLEIN. KUHN,, PROFERTY MANAGEMEKT Lincoln 3545 INDIANAPOLIS

NEWTON TODD