Indianapolis Times, Volume 47, Number 314, Indianapolis, Marion County, 11 March 1936 — Page 15

Trends Flays Attacks On Investigations by Senate. BY JOHN T. FLYNN

TwTEW YORK. March 11.—An at- -*■ tack—apparently an organized attack—has been launched on Senate investigations. The indictment is that innocent people are dragged to Washington and mercilessly questioned without benefit cf counsel, while their private papers are raked through and their private affairs exposed ruthlessly.

But let as see how far this Is true. Take the great investigations of the last four year s—first the investigation of Wall Street and the banks by the Senate Banking and Currency Committee and Mr. Pec o r a. Would anybody undo that investigation? What innocent persons were dragged to Washington in that investiga-

Flynn

tion without benefit of counsel? Asa matter of fact, I can see the picture now. On one side of the table sat Mr. Pecora. patriotically serving the government at the pitiful salary of $255 a month. On the other side was Mr. Wiggin of the Chase National Bank, surrounded by a host of the biggest and most expensive lawyers and an army of accountants and clerks. a a tt AT almost every question asked by Mr. Pecora, Mr. Wiggin turned to his lawyers and accountants and held a little conference before answering. This scene was duplicated a dozen times. These great business men could scarcely give their middle names or the names of their partners without consultnig their staffs and lawyers. And what was the upshot? The facts about banks in Detroit, Cleveland, the National City and Chase National in New York were brought to light. The head of the National City was forced to resign. Mr. Wiggin of the Chase, who had retired, was forced to give up his juicy life pension of SIOO,OOO a year and now the stockholders of the bank are suing for large sums. In Cleveland some of the bankers have been convicted. In Detroit they are yet to be tried. tt tt tt THAT investigation cost about $275,000. It brought into the Rovern’rtent, from just two or three taxpayers, six times that amount in income taxes and must have saved countless millions besides, to say nothing of the great reforms eflected in our financial system—the Securities Exchange Act, the Securities Act of 1933, the GlassSteagall Act of 1933. What innocent persons were dragged without counsel before the Munitions Committee? Those who think the Morgans were manhandled in Washington ought to read the record of the investigation. And can it be that any decent group is going to try to stop the lobby investigation, which has already revealed such shocking practices by lawless utility magnates? During the Hoover Administration the Senate passed a resolution limiting salaries in investigations to S3OO a month. This was done to cripple investigations. Another method of crippling them is to deprive them of the necessary funds. That's the move whicn is on now. The greatest and most useful fun tion of the Senate is investigation It would be a public calamity to cripple this arm of the Senate. (Copyright. 1936. by NEA Service. Inc > AIR TRAFFIC INCREASES American Airlines Reports Gain of 50 Ter Cent for 1923. By United Press WASHINGTON. March 11. American Airlines carried 860.761 passengers in 1935, registering an increase of 50 per cent over the jest previous year, Eugene L. Vidal, director of air commerce, announced today. Air express last year totaled 5,511,737 pounds. On Commission Row (Quotations below subject to change are average wholesale prices being ottered to buyers by local commission dealers.) FRUlT—Strawberries: Florida, pint. 18c; 36-pint crates, lie. Cranberries. C. C. Howes. Eatmores. 25-lb. box, $2.50. Pears: Washington D'Anjo < 100s box', $3: Washington Bose 100-1201. $3 25; California. Avacado (200, Ist. $3 50. Grapes; Extra Fancy Emper, i 134-lb. sawdust chestl, $3 50. Lime* Mexican carton. 22c; Persian seedles* (do*.), 45c. Dates: Fresh Arizona, $1.50. Bananas, seven hands, pound, 5%c. Apples. Delicious i fancy *-*skeis), $1.50: Jonathans, $1.50; Grimes •jolden. $1 40; Rome Beautv. $1 60. Lemons: Sunkist (3605). $6. Grapefruit: Texas seedless (545-80si $4: Arizona Sunkist (80s). $3. Tangerines: (Florida 120s. 1445, 168s), $1.15. VEGETABLES Artichoke, California idoz.), $1.15. Beans, green round stringless (hampers). $2.75. Beets: Texas (3 doz. cratei. $1.50: cut offs (bu.), sl. Brussels Sprouts. California (lb.). 18c. Cabbage, New York Danish (50-lb. bag), 85c; New Texas (crate). $2.15. Red Cabbage (50-lb. bag), $2. Carrots. California 16 do* crate). $3; Texas 13 doz. cratei. $1.50. Cauliflower. California (12s cratei. $1 65. Celerv. Florida washed and trimmed (doz.), 45c©85c; Florida i4s. 6s. Bs. 10s crate), $3 Cucumbers, hothouse (doz), $1 25: (southern bushel), $6. Egg plant, Florida tdoz.), $1.50. Kafe (Virginia bushel), $1 Lettuce, Iceberg Arizona (best 6s. ss). $4.75; home grown leaf (15lb lasketsi, sl. Endive, California idoz.i. 90c. Peppers, mangoes tcratei. $7; peck basket, $1 75; idoz.i, 45c. Mint, hothouse 'doz I, 75c. Mushrooms (pound). 30c. Mustard. Texas half crate. $1.50 Onions —lndiana veltow .50-lb. bag'. $1; Western Spanish (50-lb. bag), $1.75. Ovster plant, home grown (doz.i, 40c. Parslev. southern (long bunches doz.). 45e. Parsnips. home grown washed ibuschel). $1: ihalf-bushel), 60c. Peas. Florida <hamper i. $2 25 Potatoes. Michigan Round whites (100-lb bagi. $1.65: Maine Green Mountains (100-lb. bag), $2 25: R. R. Early Ohios 1100-lb. bag). *1 90: R. R. Triumph's HCO-lb. bag). $185: Idaho Russets (100Ib. bag. $2 25; Idaho bakers (70s box). $2 50; Col. McClures (100-lb bag', $2 10; New Florida Triumphs (50-lb. bagi. $2 00. Sweet Potatoes. Indiana Jersevs (Is bushel). $1: medium (bushel). si: Tennessee Nancy Halls (hampers). $1.15; Indiana Puerto Ricans (bushel crate). $1 so. Radishes, home grown buttons (doz.). 45c white. 40c. Rhubarb, hothouse (bunch). 40c. Rutabagas, northern (50-lb. bag) 85c. Sage (doz !. 45c. Shallots. Louisiana (doz). 45c. Spinach. New Texas ibusheli. sl. Turnips, home grown washed i bushel i, $1.50. Tomatoes repacked (10-lb. boxi. $1 35(21.60. original Cuuan (30-lb. lug). $3. FRUITS AND VEGETABLES (By United Press) CHICAGO. March ll.—Apples—Michigan Mclntosh, bushel. 75c®*l$5 Carre*.:Il'tnoi*. bushel. 30® 40c. Sweet pciatoes— Tennessee, bushel. 804) 90c Bean.s—Florida, bushel $2*t2.73 Cabbage—Texas, crates. $1354)150. Peas—California, bushel hamper* $2 504)2 65. Spinach—Texas, bushel. 60A 90c Let luce—Western crates. CVlery— Florida crates. Cauliflower—California crates. *Lls4i 1,35. Tomatoes —Mexican lugs. $3 ri3 50 Onion market iSO-lb. sacksc Writein Valencia*. $1,104)1 IS; Illinois yellows. Michigan yellows and Indiana yellows. 50 SJ*: Minnesota yellows. 65c; California while*, $1.60.

♦ ♦ Abreast of The Times on Finance ♦ ♦

U. S, CITIZEN'S ; INCOME SHOWS GAINFOR YEAR 7 Per Cent Increase as of Feb. 1 Is Reported in Current Study. Times Special NEW YORK, March 11.—Real income of the average American was almost 7 per cent larger Feb. 1, 1336, than it was the same date a year earlier, and nearly one-half of 1 per cent above that of a month earlier, becaase cash income rose faster than cash outgo, according to the current consumers’ study made by Investors Syndicate today. The 9.04 per cent rise in investment income during January, 1936. a reflection of business improvement last autumn, was offset somewhat by the declines of 5.9 per cent in wages and 4 per cent in salaries, results of general activity and the hampering effect of unusually cold weather in most sections of the United States. Upward trend of housing, costs of whirh were up 63 per cent in January and 10.45 per cent for the 12 months ended Feb. 1, 1936, however, promises to accelerate building activity and thus relieve unemployment. Food Prices Down Food prices were down 87 per cent in January, though they were up 7.2 per cent over l, 1935. Clothing costs during January declined 2.6 per cent, and dropped 1.82 per cent in the 12 months preceding Feb. 1, 1936. But miscellaneous cash expenditures during January w'ere practically unchanged. They were up only 32 per cent during the 12 months period. The cash outgo index, that is, all expenditures combined, remained unchanged in January, though on Feb. 1, 1936, it was 4.17 per cent higher than on Feb. 1, 1935. Real income—that is, the relationship between actual earnings and living costs —as a result of the changes in income and outgo, were up both for the month and the | year. Compared with a year ago, wages Feb. 1, 193tT were up 12.42 per cent, salaries 8.19 per cent and investment income 11.26 ner cent, thereby lifting the general cash income index by 11.13 per cent. Local Securities (Bv Indianapolis Bond & Share Corp.) The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level on buying and selling Inquiries or recent transactions. BONDS Bid. Ask. Home T <fe T. Fort Wayne. 5% 104 105 Home T At TANARUS, Start Wayne. 6 .103 106 Indianapolis Railways, Inc... 67% 70 Indianapolis Water Cos. 4Vi .105 107 Indianapolis Water Cos.. 5.. 105 107 Indianapolis Water Cos.. 5 . 105 107 Indianapolis Water Cos., 5*/ 2 105 107 Indianapolis Water Cos.. 5% 105 107 Interstate T At TANARUS, 5Va 95 97 Kokomo Water Works, 5 104’,4 105% Morris 5 & 10 Stores. 5 too 103 Muncie Water Works. 5 .. 103 Noblesville Heat. Lt Ac Pwr. 6Vi 98 100% Ohio Telephone Service. 6 ... 97'/* . Richmond Water Works, 5 . 104*4 106 Seymour Water Cos.. 5 101 134 Terre Haute Trac Ac Light. 5 106 108 Terre Haute Water Works. 102 104 Terre Haute Water Works .. .103 105 Traction Terminal Cos. 5 77 80 STOCKS Belt R R Ac Stock Yards Cfccv 53 55 Belt RR Ac Stock Yards pier 652 Va . Central Ind Pwr pid. 7 20 23 Home TAc TANARUS, Fort Wayne, 7.. 52% 54'/a Hook Drugs. Inc., com . . 16% 18 •Ind Ac Mich Elec Cos., pfd. 7 103 1 a 106‘/a •Ind General Service Cos.. 6 . 96'/a 99 Ind Hydro Elec Cos., 7 58 61 Indianapolis Gas Cos„ com.. 6 . 35 38 •Indpls Pow &Lt Cos., pfd., 6 89 92 •Indpls Pow A: Lt Cos., pfd., 6'i 93 96 Indianapolis Water Cos pfd. 5 .103 Va 106'/a North Ind Pub Serv pfd. s'a- 68 70 North Ind Pub Serv pfd. 6 . 74 77 North Ind Pub Serv pfd. 7... 82 1 a 85% Progress Laundry Cos. com. 9 io% Pub Serv Cos of Indiana, pfo. 6 19% 22' 2 Pub Serv Cos of India, pfd. 7 44 47 South Ind Gas Ac Elec. pid. 6 98 101 Terre Haute Elec Cos. 6 ... 89 91',a Union Title Cos. com. 6 20% 23 •Ex-dividend. Investment Trusts (By Thomas D. Sheerin Ac Cos.) Bid. Asked. Administered Fund 2d $16.80 $ 17.87 Affiliated Fund Inc 1 95 2.13 American General Equities.. 1.09 1.12 American Business Shares .. 1.17 1.27 Bullock Fund Ltd 17 65 19.12 Century Shares Trust .. ... 27.78 29.88 Collateral Tr Shares "A" . 6.55 .. . Corp "AA” or ‘ Accu” (mod) 3.32 3.36 Corp 'AA' or 'Acc' (unmodi 2.66 2.69 Corp Trust Shares (orlgi 2.82 2.85 | Diversified Trust Shares "B” 10.82 10.92 Diversified Trust Shares “C" 1.52 4.56 Diversified Trust Shares "D" 8.73 6.83 Dividend Shares Inc 1.64 1.78 Incorporated Investors 22.70 24.31 Investors Fund Amer 1.06 1.16 Market St Investment Corp 31.38 33.03 Maryland Fund 17.15 20.65 Massachusetts Investors .... 25.52 27.74 Nation-Wide Sec Cos "8’.... 4.22 Nation-Wide Voting 1.74 1.90 North American Tr Shs 1955 3.30 3.34 North American Tr Shs 1956 326 3.30 No American Tr Shs (orig). 260 Quarterly Income Shares . 1.57 1.71 Representative Trust Shares 12 40 12.55 Selected Amer Shares Inc 1.57 1.71 Selected Amer Shares (orig) 3.62 Selected Cumulative Sharres 9.33 9.43 Selected Income Shares ... 4.90 5.00 State St Investment Corp 97.75 102.25 Super-Corp of America ‘‘AA'' 2.79 2.82 Super-Corp of America "BB ’ 2.82 2.85 Super-Corp of America "A”. 4.17 4.22 Super-Corp of America "B" 4.37 4.42 Super-Corp of Am ‘C’ As 'D' 8.00 Supervised Sh Inc (Dela© 1.67 1.83 Trustee Stand Oilsharcs ‘’A” 7.54 7.64 Trustee Stand Oilshares ‘'B" 669 6.79 Trustee Stand Investmnt C’ 296 2.99 Trustee Stand Investmnt 'D‘ 289 2.93 Universal Trust Shares .... 4.26 Uselps -A" 18,40 18.75 Uselps "B" 2.85 .... Uselps Voting 1.10 .... United Standard Oilfunds.. 1.38 1.51 Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,521,000 Debits 5.263.000 TREASURY STATEMENT (By United Press) WASHINGTON, March 11.—Government expenses and receipts for the current fiscal year to March 9. as compared with a ye&r ago; This Year. Last Year Expenses. $4,900,008,718 41 $ 4.675,556.197.50 Receipts 2.444,349.298.08 2.371.186.331.71 Deficit 2.455.659 420.33 2.304,369.265.79 Cash bal. 1.726.918.120 88 2,050.357.720.98 Pub debts 30.508.655.05 PBB 28.560.624.676.20 Gold res. 10.168.352.176 02 8.547.422.440 31 Customs. 267,374.459 66 229.464.549 64 Chicago Grain Futures >By James E. Bennett & Cos.) 11:00 Prev. Wheat— High. Low. A M. close. May 99'a .99 ,99>a .99** July 89% 88*4 88% ,89 l a Sept 88'a 87 s * .87*4 .88** Corn— May 60'- 60', .60’, .60', Julv 60 s , .60** .60** .60** Sept 60** .60' 2 .60' a .60 s * ! Oats— May 27% .27', .27', .27', I July 27)4 .27 .27'* .27V, RyeMay 56', .56 .56', .56', July 55% .55% .55% .55', Sept 56 .55*4 .55% .55% STEEL SHIPMENTS RISE NEW YORK, March 11.—Daily shipments of finished steel products by subsidiaries of the United States Steel Corp. are expected to equal the daily average of 27.730 tons in January, it was reported today.

New York Stocks

lßy Thomson Ac McKinnon) 11:30 Oils— High. Low. NY Close! Amerada lli% 117 118'a 114 Atl Rfg 31 1 a 31'4 31' a 31 Vi Barnsdall 17 183* 17 16% Consol Oil 14*4 14' a 14*4 14% Cont of Del 36 35*, 36 35 I Houston (new . 11'a 11'a 11 Vi 11*, Mid Cont Pet .. 20 19'a 20 19*4 Ohio Oil 16 15 s , 16 15% Plymouth Oil ... 14'/, 14', 14% 14'/, Pure Oil 23 5 , 23', 23'a 23 Seaboard Oil 39*4 39 s * 39*4 38 s , Shell Un 18 s * 18% 18 s * 18*, Soc Vac 15 s * 15Va 15 s * 15** S O of Cal 45 44 5 , 45 44’a SO of Ind 37’a 37’a 37% 37', SOof N J 61% 60*4 60% 60 s , Texas Corp . 38V, 37% 38% 37% Tidewater Assn 18% 18 18% 17% Un Oil of Cal .. 27% 27% 27% 26% Steels— Am Roll Mills .. 30% 30% 30*i 30*4 Beth Steel ... 57% 56% 56% 57 Ludlum Steel . 30V* 30 30V* 29% McKeespon Tin 110 110 110 109 Mid Steel 38V4 38% 38% 38 Natl Steel 67% 67 67% 67 Otis Steel 20% 19% 20% 19% Rep Iron Ac Steel 24% 24% 24% 24% Rep Ir Ac St pf . 95 95 95 95 U S Steel . .. 65% 64% 64% 65 U S Steel pfd 129% 129% 129'/, 129% Warren Bros . 7 7 7 6% Youngstn SAc T 51% 51% 51% 51 Motors— Auburn 51% 51 51% 50% Chrysler 98 97 97% 97% Gen Motors 62 s , 62 62% 61% I Graham Mot ... 3% 3% 3% 3% 1 Hudson 18*4 18% 18*4 18% 1 Hupp 2% 2% 2% 2% ! Nash 20% 20 20 20 j Packard 11% 11% 11% 11% Reo 7% 7% 7*, 7% | Studebaker . . . 13% 13% 13% 13*, j Yellow Truck .. 16% 16% 16% 16% ! Motor Access—i Bendix 25% 25% 25% 25% Pohn Alum .... 61% 61% 61% 60% Briggs 62'/a 62% 61 Va 61 % Budd Mfg 14% 14% 14'/a 14% Budd Wheel 12% 12% 12Vi 12% Eaton Mfg 31% 31V, 31% 31 Elec Auto Lite . 42% 41V* 42% 41% Greyhound “B". 66% 66% 66% 65% Houdaille 30% 30% 30% 30V, Murrav Body .. 21% 21V* 21% 20% Stew Warner ... 21% 21 21% 21% Timken Roll • • 70% 69% 70'/4 69% Timken Det Axle 16% 16% 16% 16 Mining— Alaska Jun 15% 15% 15% 15% Am Metals 34% 34% 34% 33% Am Smelt 78 77% 77% 78 Anaconda 35% 35% 35% 35% Cal Ac Hecla 9% 9% 9% 9% Cerro Dc Pasco., 57% 52% 52% 53 Dome Mines ... 45 45 45 45% Granby 10% 10*4 10% 10% Howe Sound .... 56% 55% 55'4 55 Ins Copper .... 13'4 13% 13% 12% Int Nickel .... 50% 49% 52% 50% Kennecott Cop . 38% 37% 38% 37 Mclntvre Mine.. 42 42 42 41% Park Utah .... 5% 5% 5Vs 5% PhelDS Dodge . . 36% 36V, 36% 36'i St Joe Lead 27V* 27% 27 V, 27% Vanadium 24 24 24 23% Amusements— Corsley Radio ..17 17 17 16% Loews Inc 49% 49Vi 49% 49 Radio Corp 13 12% 12% 12'4 RKO •. 8 8 8 3% Warner Bros .... 12% 12 12'/8 11% Tobaccos— Am Snuff 58% 58% 58% 59 Am Tob (B) 93% 92% 93% 93 Gen Cigars . . 57% 57% 57% 57 Lig Ac Mvers (B) 102'4 102% 102% 103 Lorillard . .. 23% 23'/* 23'/, 23% Phillip Morris . . 70% 70% 70% 70% Reynolds T (B).. 5414 54 5414 54% Rails— Atchison 78% 77% 78% 76% Atl Coast Lines 29% 29% 29% 29% B Ac O 21% 21 21'/a 21 Can Pacific 13% 13% 13% 1314 Ch & Ohio ... 57% 57 *i 57*8 57%. Chi Ac Gt W ... 2 2 2 2 C M Ac St P 2% 214 2% 2 C' M Ac St P pfd 4% 4*4 4*4 4% Chi N W 4'4 4'4 4% 4 Dela Ac Hud ... 47% 47 47% 47 Del Lac Ac W.... 19% 19% 19% 19% Erie 15% 15 15% 14% Erie pfd . . . 23% 23% 23% 23% Gt Northern pfd 40'4 40% 40*4 40'4 111 Central 25>4 24% 25 25 Lehigh Valley .. 12% 12% 12% 12% M K Ac T B*4 8% B>4 814 M K Ac T pfd... 22 22 22 21% Mo Pac pfd 6% 6% 6% 6% N Y Cent 36% 36 36 36% N Y New Haven. 4% 4% 4*4 4)4 Nor Pacific 32% 31% 31% 31% Penn RTo 34% 34% 34*4 34% Sou Pac 24% 34% 34'* 34% Sou R R 17% 1714 17% 17% Union Pac 135% 134% 135% 133% Wabash 3*4 3% 3% 3% West Maryland.. 1014 10)4 1014 lO'/e Equipments— Am Brake Shoe. 47 47 47 48 Am Car Ac Fdy . 37% 37% 37% 37 Am Loco 32% 32'/, 32% 31% Am Steel Fdy... 29% 29 29 29 Bald Loco ■. 5'4 514 5'4 514 Gen Am Tk Car. 58% 58 58% 5714 Gen Elec 40'4 39% 40 39% Gen R R Sig ... 44'4 43 % 4414 44 Pullman Inc ... 45% 44% 45% 45 West Air Br . . 45% 45 45 44% Westingh E1ec..117% 117 117 117>/4 Utilities— Am Ac For Pwr 7*4 7% 7% 7% Am Power Ac Lit 9% 9% 9*, 9% A T Ac T 172% 171 172% 170 Am Wat Wks . . 22% 21% 22-, 21% Col Gas Ac Elec. 18% 1814 18% 18 Comm Ac Sou .. 3'4 3% 3 % 3Vi Consol Gas ... 34% 34'% 34% 34% Elec Pwr Ac Lit.. 13'4 12% 12% 12'4 Int Hydro Elec.. 4 314 3% 3% Int T Ac T 17% 17 17% 17 Nat Pwr Ac Lit.. 11% 10% 11% 10% North Amer .... 27% 26% 27% 26% Pac GAc E 34% 34% 34*4 34% So Cal Edison . 25% 25% 2514 25% Std Gas •... 7% 7% 7% 7% Stone Ac Webster.. 16% 15 16% 16 United Corp .... 7% 7% 7% 7% Un Gas Imp. 16*4 16% 16*4 16 s , Ut Pwr Ac Lt (A) 6% 6 6% 5% Western Union . 89% 89% 89*4 89% Rubbers— * Firestone 31% 31 31% 30% Goodrich 19% 19% 19% 18% Goodvear 28% 28 28% 27% U S Rubber 22% 21% 22% 21% U S Rubber pfd . 63% 63'4 63 % 62% Mi cellaneous — Amer Can 125*4 125% 12i>% 125 Am Mach At Fdy 26 26 26 26 Anchor Cap . 50 49%x 50 24% Burroughs Add . 29% 29% 25% 29 J I Case 129% 128% 129% 127 C'ontl Can ... 79)4 78*4 79V* 78% Caterpillar Tract 68% 68% 6814 62'4 Crown Cork ... 51 51 51 51 % Deere Ac Cos 79 79 79 78 Gillette 17*8 17% 17% 17% Int Bus Mich .. 180 180 180 176 Inter Harv 76% 76% 76% 76 Natl Cash Reg. . 28% 28)4 28% 28% Rem Rar.d 22% 22% 22% 22% Foods— Am Sugar 53% 53% 53*4 54% Armour 6)4 6% 6% 614 Beatrioc Cream.. 26 25 26 24% Borden Prod .. 28% 28 28% 28% Cal Packing .... 34 34 34 33% Corn Prod .. .. 73 72% 73 73 Crm of Wheat . 36 36 36 36 Cuban Am Sug.. 13% 13% 13% 13% Gen Baking .... 12% 12% 12*, 12*4 Gen Foods 3414 34% 34% 34% Gold Dust 21 20*4 20*, 20% G W Sugar ... 37*4 37% 37*4 37*4 Natl Biscuit ... 33*4 33*4 33*4 33% Natl D Prod ... 24% 24% 24% 24’, Puritv Bak . . 15*4 15*4 15% 15V, S Por Rico Sug 33 33 33 32% Std Brands ... ..16% 16% 16% 16% United Fruit .*73% 73% 73% 73% Assd Dry Goods. 16% 16% 16*, 16% Best Ac Cos. 52% 52% . 52% 52% First Natl Stores 43% 43 43 43% Kresge S S 23% 23 23% 23 Vi Macv R H .47 46*4 47 46% Marshall Field.. 17% 17% 17% 17% Mont Ward .. 41 40*4 41 40% Sears Roebuck.. 63% 63% 63% 63% I Woolworth 52 52 52 51% Aviation— Aviation Corp . 7% 7% 7% 7% Boeing Aircrft.. 26% 25% 25*4 24% Curtiss Wright 9% 9 9% 8% Curtiss Wri (Ai 21 20% 20 s , 20 Douglas Air .... 72% 71% 71% 69% I Nor Am Av 9% 9% 9% 9% ! Sperrv Corp 22’, 22% 22% 22% | Utd Aircraft new 30% 30% 30% 29% | Chemicals — Air Reduction .182 182 / ! i<s 180% Allied Chem 193% 192*, 193% 191 Am Com Alcohol 31% 30% 31% 39% i Col Carbon ... 101 100 101 100 | Com Solvents ... 22% 22 22% 21*, (Du Pont 148 = , 148% 148*, 147*, I Liquid Carb . . 39% 39% 39% 39 (Natl Dis (new).. 32% 32% 32% 31% I Schenlev Dist . 49% 49% 49*, 49% iTex Gulf Sulph . 36% 36% 36% 36 [Union Carbide 85% 84% 85% 83*4 :U S Indus Alco 49*, 49 49 49% i Cotv Inc 6% 6% 6% si, , Lambert 23*, 23*, 23% 23*4 Enlisted Stocks (By Blyth Ac Cos.) NEW YORK BANK STOCKS Bid. Ask. •Bankers 64% 66% Central Hanover 115 117 Chase 39 40 s , ' Chemical National 58% 60% Guaranty 294 298% lining 17 18% Manufacturers 45% 47% National City 35% 37 Cont 111 Chicago 164% 167% First National Boston 46 s , 48% National Shawmut 26% 28% FIRE INSURANCE Aetna Fire 57% 59% American Ins of Newark 15% 17% Baltimore American 9% IC% City of New York 28% 3<)% Federal Ins 53% .*6% Franklin Fire 32% j 4% Great American Ins 30% 32% Hanover Fire Ini 39% 41% Hartford Fire Ins 80% 82% Home Ins 36% 38% 'National Fire 79% 81% Ins Cos of A 76 78% National Liberty 10% 12% North River 28% 29’* Phoenix 95% 97% U S Fire 57 58% Westchester Fire 38)4 40% •Ex div.

WEDNESDAY, MARCH 11,1936

Sterling Prod .. 69% 69% 69*4 69*4 Un Drug 'newt.. 15% 15 15% 15% Vick Chem 43% 43% 43% 43% Zonite Prod .... 8% 8% 8% 8 Financial— Adams Exp .... 12% 12% 12% 12% Allegheny Corp.. 3% 3% 3% 3 s , Am Int Corp ... 12 12 12 12 Lehman Corp .. 98% 98 98% 91*s Transamerica .. 13% 13 s , 13% 13% Tr Conti Corp . 101* 10 10 10 Building— Am Radiator. .. 22% 22 22% 22 Gen Asphalt 32% 32% 32% 32% Holland Furnace 36% 36% 36% 35*4 Int Cement 44% 44% 44% 43*4 i Johns Manville 118% 118% 118% 117 I Libby Owens Gls 60 s , 60% 60% 60% Otis Elev 30% 30% 30% 30% U S Gypsum 106 106 106 104% Household— Congoleum 37*4 37% 37% 37 s , Kelvinator 22% 22*4 22’, 22% Mohawk Carpet.. 26% 26% 26% 25% Proc & Gamble.. 46% 46% 46 s , 46% Servel Inc 19% 19% 19Va 19% Simmons 8ed.... 27% 27 27% 26% Textiles— Belding Hem ... 15% 15'i 15% 15 Celanese C’orp... 28% 28% 28% 28% Collins Aikman.. 46% 46% 4614 45% Gotham Hose .. 11 10% 11 10% j Indus Rayon 29% 29% 29% 29% Real Silk 14% 14% 14% 14% Chicago Stocks (By Atkins, Hamill & Gates) 11:30 Prev. A. M. Close. Asbestos Mfg 4% 4 s a Berghoff 11 10% Lvuce E L 17% 17'4 Butler Brothers 10% 10% Cent 111 Pub Service pfd 61 60 Cities Service 5 5 Commonwealth Edison 100 98% Cord 6% 6% Electric Household 16V2 16% Jarvis Mfg 21 20% Ken-Rad TANARUS& L 11’/* 11% Libby McNeil & Libby 9*4 9% McGraw Electric 31% 31 Musk Motor Sp “A” 21 20 Nat Gypsum 59 59Va Noblitt-Sparks 33 33 Northwestern Bancorporation. 10% 10 Signode Steel 12'/a 12% William Oil-O-Matic 10% .. Vortex Cup 19 19 Zenith v 17% IT/i New York Curb (By Atkins, Hamill & Gates) 12:30 a.m. Prev. N. Y. close. Aluminum Cos of America 140 137% Am Cvanamid (B) 36 35% Am Gas and Electric 39 V* 38% Am General 10% 10% Am Superpower 2% 2% Ark Natural Gas (A) 6)4 6% Atlas C'orp 14% 14 Carrier Corp 10% 1014 Creole Petroleum Corp 30% 29’, Crocker-Wheeler 13% 13*4 Elec Bond and Share 18% 18% Fisk Rubber 7% 7% Ford Motors Can (A) 25% 25% Glen Alden (1) 15% 15% Gulf Oil Corp of Penn 97 97 Humble Oil and Refining Cos.. 72V4 71’, Hygrade Food 4% 4% Imperial Oil of Canada 23V* 22’, Lake Shore Mines 54% 54% Mead Johnson Cos 89Va 88 % Molybdenum Corp of Amer.... 10% 10% Nati Bellas Hess Inc 2% 2V4 Niagara Hudson Pwr 9% 9% Pan-American Airways 64% 63 Pennroad Corp 5 4% Root Petroleum 11V* lO'/s St Regis Paper Cos 4% 4% Segal Lock 4% 4Vs Sonotone 2% 2% Stutz Motor Car of Amer 2'4 2% Technicolor. Inc 31% 32 'Tubize Chatillon Corp 9 9 Wayne Pump 28% 28% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds Todav 92.0 92.8 105.0 96.6 Yesterday 92.4 93.1 105.1 96.8 Week ago 92.7 93.8 105.0 57.2 Month Ago 93.1 92.9 105.3 97.1 Year ago 86.2 76.1 94.1 85.5 1936 High 93.4 95.6 105.5 97.9 1906 Low 91.6 84.7 103.5 53.3 (Copyright, 1936, by Standard Statistics) U. S. GOVERNMENT BONDS (Bv Abbott. Proctor & Paine) Treasury* Prev. Close. Close. 414s 1947-52 117.18 117.5 4s 1944-54 112.16 112.15 3%s 1946-56 110.29 3%s 1940-43 108.24 108.25 3%S 1943-47 108.9 108.6 3%s 1941-43 109.8 107.12 3'4s 1943-45 107.13 108.31 3'As 1941 109 106.31 314s 1944-46 106.31 105.12 314s 1946-49 105.5 105.7 3%s 1949-52 105.3 103.30 3s 1951-55 103.28 104.10 3s 1946-48 104.9 2%s 1955-60 101.13 101.9 2%S 1951-47 102.16 102.13 Home Owners Loan Corp. 2%s 1949 101.5 101.5 3s 1952 102.11 102.12 Federal Farm Mortgage Corp. 3'As 1964 104 3s 1949 102.13 102.14 3s 1942-47 103.1 DOMESTIC Prev. Close, close. Alleg Corp 5s '44 94% 94)4 Alleg Corp 5s '49 87% 89 Alleg Corp 5s 'SO 77% Am Frgn Pow 5s 2030 79'/a 79'4 Am Tei & Tel 5%s '43 114 113% Am Tel & Tel 5s ’65 114 114 Arm & Cos (Del) 5%s '43 97% 97% Atl Coast Line 4s '52 99 98% Atch Top & S Fe 4%s '4B ...113 113 Am Wat Wks 5s '44 113% 112% Am Rolling Mills 5s '3B 123 121 Balt & Ohio 6s '95 96 96% Balt & Ohio 4%s '6O 73 72% Buff Roch & Pitt 4%s '57 79% 80% Beth Steel 5s '36 105% 105% Chi Milw & St. P 5s ’75 22** 22% Chi Milw 'j, St P 5s 2000 8 7% Cleve Un Term 5s '73 105% 106', Cleve Un Term 4%s ’77 100** 100% Col Gas 5s May '52 103 103 Col Gas 5s April ’52 101% 101% Col Gas 5s ’6l 103 Vi 103 . Can Pac Perp 4s 92 92 1 Cent Pac 5s '6O 96% 96 Big Four 4%s '77 90% 90% Colorado & So 4%s ’BO 74% 74 Chi & West Ind 4s ’52 104% 105% Chi & West Ind 5%s ’62 107% 107% Chi & Nor West 4%s $49 14% 15% Con Gas 5s '57 104% 104% Chesa Corp 5s '47 130% 131% Del & Huds 4s '43 101 Vi 101 N Y Dock 4s 'sl 73 72 N Y Dock 5s '3B 71 72 Erie 5s '75 N 75 78 Erie 5s '67 87'/a 88'/a Gen Cable 5%s '47 105 105 Grt Northern 7s '36 101% 101% Grt Northern 4%s '76 104% 104 Grt Northern 4%s '77 102'% 103% Hud & Manhat sees 5s '57 ... 87 87 111 Cent 4%s '66 75% 76 111 Cent Jt 4%s '63 82 82% 111 Cent 5s '63 87 86'A Interntl Hy Elec 6s '44 .... 51% 52% Interntl Tel & Tel 4%s '39 ... 95% 96>A Interntl Tel & Tel 5s '55 ... 88% 89*4 Interntl Tel & Tel 4%s '52... 84% 86 P Lorillard 7s '44 132% 132 y* McKess <fc Rob sVis 'SO 105 104 Natl Dairv 5%s '4B 103% 103% Natl Steel 5s '56 106% 106% Nickel Plate 4Vis '7B 83% 84 Nickel Plate 5%s '74 94% 94% Nickel Plate 6s '35 106*, 106% N Y Cent 5s 2013 90% 90% N Y Cent 4Vis 2013 (old) .... 84% 84% Nor Amer Cos 5s '6l 106 105% Nor Pac 3s 2047 84 % 84% Nor Pac 4%s 2047 102% 102V* Nor Pac 6s 2047 110% 110% Nor States Pow 5s '4l 105% 104*4 Otis Steel 6s '4l 102 s , 102% Penn Ry 4%s 'B4 110% ill Penn Rv 4%s 'Bl 109% 111% Penn Rvl4%s '7O 103*, 103% Pac G & E 5s '42 103% 103% Portland Gen El 4%s '6O ... 71’, 72 Para Publix 5%s 'SO 88 88*4 Penn P & L 4%s 'Bl 107% 107V* 1 Postal Tel A- Cab 5s '53 36% 37 Rem Rand WW 5%s '47 104% 107** Shell Union Oil 5s '47 102*, 102*, Sou Fee 4%s '6B 90% 89% Sou Pac 4%s 'Bl 89% 89 Sou Pac 4%s '69 89% 89% Sou Pac 4s '49 89 89% Sou Rail 4s '56 62% 63 Sou Rail 6s '56 78 s , 80 Sou Rail 6%s '56 82 82% Sharon Stl Hood 5%s '4B ....103% 103% Texas Pac 5s 80 103% 104 Texas Pac 5s '79 102% 104 Union Pac 4s '47 113% 114 United Drug 5s '53 102% 102 U S Rubber 5s '47 105% 155 NY NH & Hart 6s ’4B 37% 37% NY NH & Hart 4%s '67 36% 36% Warner Bros 6s '39 90% 90 Western Mary 5%s ’77 108% 108% Western Mary 4s '52 101 100% Youngstown S & T 5s '7O 106% 106% Youngstown S & T 5s '7B ....105** 105** FOREIGN Argentina A 6s ‘57 100 99% Argentina B6s 'SB 99% 99% Brazil 8s '4l 32% 33 Canadian Govt 4s '6O 108% 108% Denmark 5%s '55 101% 101% German 5%s '65 28 28 German 7s ’49 36% 36% Italy 7s ’sl 69% 67*, Japan 6%s ’54 97 97% Poland 7s ’47 106 107% Rome 6%s ’52 . . 63 55% Tokyo City 5%s ’6l 78% 78% Yokohama 6s ’6l 83% 83% LOCAL CASH MARKET City grain elevators are paving 94 cents fdr No. 2 soft wheat. Other grades on their merits. Casa corn new No. $ yellow 50 cents and oats 21 cents.

NEW DEAL ACT IS ATTACKED IN HIGHEST COURT ‘Truth-in-Security’ Law Hit as invasion of Rights. Bit United Press WASHINGTON, March 11.—The New Deal’s Truth-in-Security Act of 1933 today stood attacked in the Supreme Court as an unconstitutional invasion of the rights of persons selling securities. Harry O. Glasser, attorney for J. Edward Jones, New York promoter of oil participation certificates made the attack before the court yesterday. James M. Beck, New Deal critic, was to present the constitutional argument in the Jones’ case. Mr. Beck, as the case was called, sought to obtain additional time for his argument but withdrew the request when he learned that the court had allotted three hours. Mr. Glasser devoted his argument to an outline ci the law, passed at President Rooievelt's request to establish a policy of “let the seller beware” for the security markets. He described how Mr. Jones had registered an issue of oil participation certificates and how the Securities and Exchange Commission sought to question him on the veracity of some of the statements made in the registration papers. He said Mr. Jones failed to appear before the SEC and attempted to withdraw the registration papers. Mr. Glasser said that his client challenged the manner by which rules governing the registration of securities were promulgated. He asserted the procedure was not sufficient to inform those involved of their responsibilities. The lawyer challenged the validity of the SEC order which refused to allow Mr. Jones to withdraw his resignation statement. He said that the law itself was objected to as an unlawful attempt to delegate congressional power to the SEC, as an unlawful attempt to regulate purchase and sale of securities and of persons engaged in that business. BRITAIN INCREASES USE OF PETROLEUM Consumption Last Year at All-Time Peak. Times Special NEW YORK, March 11.—The United Kingdom joined the United States in consuming a record amount of gasoline during 1935, figures published in the current edition of the Investors’ Chronicle and Money MarKet Review, London publication disclosed today. Consumption of “petrol,” as it is known in England, last year rose to 1.3zi,000,000 gallons in contrast with the 1934 —and previous high —of 1,212,000,000 gallons. In America consumption last year of 17,632,143,000 gallons set anew peak, and compared with the former record of 16.587,356,000 gallons established in 1934. Demand for “petrol” in the United Kingdom has practically doubled in the last nine years, the publication stated. It was in 1926, it pointed out, the year of the great transport strike, that consumption first started moving into higher levels, to continue since in an unchecked move into new record totals. Concomitant with the rise in consumption in the United Kingdom has come a rise of nearly r,5 per cent in automobile registrations since 1931. At the close of February last year the number of vehicles titled totaled 2,043,797. The latest available report placed the total as of last November at 2,369,430 vehicles. WESTINGHOUSE INCOME LARGEST SINCE 1929 Electrical Firm Earnings Total $11,983,380 for 1935. Times Special PITTSBURGH, Pa., March 11.— Net income of the Westinghouse Electric and Manufacturing Cos. for the year ended Dec. 31, 1935, amounted to $11,983,380, according to the annual report of the company, released today. The total compares with $189,552 earned in 1934 and is the largest reported for any year since 1929. The net profit was reported after provision for depreciation, taxes and other appropriate reserves. The report, issued as the company celebrates its Golden Jubilee of business existence, was accompanied by a review and summary of the operations, the engineering achievements, and facts and figures of the 50 years from 1886, when the company was incorporated, to the close of 1935. Busigraphs STEEL INGOT PRODUCTION (AM. IRON & STEEL INSTITUTE) * DOTTED LINE !S THE PAST / TEN YEARS AVERAGE OF /**.** THE SAME MONTHS 5 •'■Bill iHWII o, ‘ OFMAMJJ A S O N D J -j!. ' 1125 Bfi the barker CORR GENERAL DISTRIBUTORS INCORPORATED INVESTORS production continues at a very satisfactory rate, in spite of the smaller demand from the automobile i%iustry. orders for railroad and stnictural steel have bolstered the production rate. It is estimated by The Iron Age that nearly one-quarter of the 1935 finished steel production went to the automobile industry, nearly 12 per cent for construction, the same amount for raetal containers, 9 per cent for agriculture and 614 per cent for railroads.

Listing of Bank Stocks Likely to Be Protested by Executives, Dealers

Delisting Drive Argument of 1927-28 Believed Holding Good. BY VINCENT LYONS Times Special Writer NEW YORK, March 11.—Some 65 New York City banking institutions, with shares in the hands of the public, today are manifesting interest in the implication given recently by James M. Landis, chairman of the Securities and Exchange Commission, that he favored listing of such stocks on a registered exchange rather than in the over-the-counter market. Currently, only one institution, the Corn Exchange Bank Trust Cos., enjoys whatever distinction may apply to having its shares listed on the New York Stock Exchange. Carrying Mr. Landis’ inference to its furthermost extremity, Corn Exchange would be joined, presumably, by the other banks in the metropolitan area. It is much too early to foretell whether the bank stocks eventually will be listed on the Stock Exchange, the Curb Exchange or remain in the over-the-counter market. It is not too early, however, to entertain thoughts of where opposition will develop to any move which has as its objective the elimination of bank stocks from the over-the-counter markets Dealers’ Reasons Obvious In the vanguard of the oppositionists are, of course, the over-the-counter dealers, and for obvious reasons. Banks, or at least a portion of them, might also be expected to present some forceful arguments against listing of their shares on an exchange. Executives have some telling points left over from their campaign of 1927, when a delisting move was started because of too rapid appreciation of bank stocks on the Big Board. The hullabaloo started in September, 1927, when the Stock Exchange suddenly moved the 19 bank stocks from the bond post to Post 30, or the inactive group. This proved to be a misnomer, for the switch automatically pared the trading unit from 100 to 10 shares and ignited the spark of speculation. Ostensibly designed as a means of stimulating activity in the bank stocks, the transfer immediately back-fired. Bank executives, alarmed over the gyrations, protested vehemently. After several weeks of absorbing such protests, the Stock Exchange recovered its position in November and ordered the stocks brought back again to the bond post. Wiggin Followed Suit This action, however, did not definitely still the critics. A short while later Charles E Mitchell, in his capacity as president of the National City Bank, requested the removal of his bank’s stock from the list. After some quibbling, the Exchange said it would give consideration to withdrawal applications. Albert H. Wiggin, chairman of the Chase National Bank, emulated Mr. Mitchell by asking for the delisting of the shares of the bank and the Chase Securities Corp. On January 1, 1928, the three issues were dropped from the exchange, within the next few months Bank of America, Chatham Phenix National Bank and the Bank of Manhattan also quit. Most of the other issues remained on the Big Board until the New Deal brought into being the Securities and Exchange Commission. All of them, with the exception of the Corn Exchange, were dropped when they failed to register with the SEC. Restoration of the bank stocks to listing, it is contended, would make the issues available for margin accounts and thus create speculation. Produce Markets The prices quoted are paid for stock gathered in the country, while delivered in Indianapolis the price is a cent higher.* Heavy breed hens. 18c: Leghorn breed hens. 13c; Leghorn springers. 12c: old stags. 13c: old cocks. 9c. Ducks, white. 5 lbs. and over, 11c: geese, full feathered, si: sizes. 10c: all guineas l'/a lbs. and up. 15c No. 1 strictly fresh eggs, loss off, 14c: deliver in Indianapolis. 15c. Each full case must weigh 55 lbs', gross, a deduction of 10 cents a pound under 55 lbs. will be made. No. 1 bv er, 37©38c; No. 2, 25©. 36 c. Butterfat. (By United Press) CHICAGO. March 11.—Eggs—Ma rket steady; receipts. 9846 cases; fresh graded firsts. 19c; current receipts. 18c; dirties. 16 1 2 c: checks. 15%c. Butter—Market, steadv: receipts, 8209 tubs; extra firsts (90-91% scorei. 30(f?30%c; extras i92 scorei, 30%c: firsts (88-89% scorei. 29'■'b 29%c: specials. 31(f)31%c; standards. 30’ic: standards. 30'ic Poultry—Market steady: receipts. 10 trucks. 1 car due: ducks. 21® 24c: geese. 17c: spring chickens. 24c: hens. 17® 22c: turkeys. 20® 23c; capons. 25® 26c: Leghorn hens. 14® 19c: old roosters. 16c; broilers. 22%c: fryers. 23c. Dressed poultry—Young tom turkeys. 25®27%c: hen turkeys, 27c: capons. 27®30c. Cheese— Twins. 15% @ls' 2 c: Daisies. 15%®15%c: Longhorns. 15*4® 16c. Potatoes—Supply moderate: on table stock demand slow; market steady: Idaho russet Burbanks. $1.70411 82%: Wisconsin round whites. $1.15 ® 1.25: Wisconsin cobblers. $1.40. Colorado McClures. $1.72% ® 1.90: Nebraska Bliss Triumphs. $1.50® 1.60. Arrivals, 86: on track. 203: shipments, 1043. Other Livestock (By United Press) LAFAYETTE. Ind., March 11.—Hogs, market, steady to 10c higher; 170-210 lbs.. $lO 65; 210-235 lbs.. $10.50® 10 60 : 235-260 lbs.. $10.25® 10 40: 260-325 lbs.. $9.70® 10 10: 140-170 lbs.. $9.75® 10: 100-140 lbs., s9® 9.50. roughs. $9.25 down. Calves, *9 down. Lambs. $9 down. FORT WAYNE. Ind.. March 'll.—Hogs. 15c lower: 160-180 lbs.. $10.60: 180-200 lbs, $10.50: 200-225 lbs.. $lO 40; 225-250 lbs., $10.30: 250-275 lbs. $10.15; 275-300 lbs.. $10.05: 300-350 lbs . 59.80: 140-160 ibs.. $10.20; 120-140 lbs . *10: 100-120 lbs.. $9.70; roughs. $8.50; stags, $6.75: calves. $9.50: lambs, $9.50. (By Times Special) LOUISVILLE, March 11.—Cattle—Receipts 325. including 60 billed through; salable supply slaughter cattle light: demand dependable: market moderately actve generally steady; bulk common to medium grade steers and heifers. $6.25® 7.50: few common dairvbred and off colored steers and heifers down to $6 or less: odd head better finished fed steers to $8 and above: bulk beef cows, *4.75® 5.50: good beef bred cows to *6- low cutters and cutters mostly 53.50©4.50; sausage bulls salable mostly 55.50® 6 50: light beef tvpe Stockers and stock calves salable mostly *6.50® 8.50: better native feeding steers. *6 50® '.50. Calves—Reosipts, 225: steady: bulk good to choice grades. $7.50®8 50: medium grades. s6® 7: plainer selections. $5 50 down. Hogs—Receipts. 700; market steadv: top and bulk better, 160-225 lb. weights. $lO 65; 230-250 lbs.. $10.35; 255-300 lbs., $9 80; 305 lbs. up. *9.35; 120-15-, lbs.. *9 80: sows. *8.45. Sheep—Receipts. 25: market quotable steady: better native lambs salable $8.50©9: choice eligible higher; plainer grades, sf®7.so; bulk fat ewes, $4 down. i

H orld Cotton Stock Declines World stock of American cotton on Fch. 1 teas 1,094,000 bales, against 643,000 bales the same date last year, according to the New York Cotton Exchange.

PAGE 15

SWINE MARKET MOVES LOWER 160 to 260 Pounds Off 10 to 20 Cents; Others Mostly Steady. A weak undertone developed in the pork market today at the Indianapolis Union Stockyards, resulting in a decline of 10 to 20 cents on weights ranging from 160 to 260 pounds. Few classes, however, maintained a steady trading range. The moderate decline, which carried the top price for good and choice grades down to $10.90, was influenced somewhat by heavy receipts reported at surrounding livestock centers. The local supply was estimated at SSOO. same as in the preceding session. Holdovers numbered 357. Demand was weak near the close. The bulk of 160 to 225 pounds cashed in at $10.70 to $10.90, while medium heavies, from 260 to 300 pounds, sold at $10.40 to $10.75. Extreme weighty classes, ranging from 300 to 400 pounds, were salable at $9.40 to $9.90. Underweights, scaling 130 to 160 pounds and which were mostly steady, brought $9.75 to $10.25. Packing sows held at $8.75 to $9.25. Trading on slaughter steers in the cattle market was active and steady to strong. The bulk of good and choice grades, weighing 1195 to 1253 pounds, sold at $lO to $10.50. Desirable heifers brought $7.75 to SB. while most beef cows held at $3.50 to $4.50. Receipts were 1400. Influenced mostly by a strong demand, the veal market moved sharply $1 higher. Bulk of good and choice kinds sold at $9.50 to $lO. Receipts were 600. The lamb market was largely 15 cents higher than yesterday, with the bulk of fed Westerns selling at $lO down. Fewscattered lots of native classes held around $9.50. Slaughter sheep brought $3 to $5. Receipts numbered 500. HOGS March. Bulk Top Receipts 5. $10.60® 10.70 $10.70 5000 6. 10.65® 10.75 10,75 4000 7. 10.65® 10.75 10.75 1000 9. 10.75® 10.85 10.85 3500 10. 10.85®.11.00 11.00 5000 11. [email protected] 10.90 5000 Light Lights (140-160) Good and choice. $ 9.75® 10.70 Medium . 9.25® 10.00 (160-180) Good and choice . 10.65® 10.65 Medium 10.10® 10.65 (180-200) Good and choice . 10.70® 10.90 Medium 10.25® 10.70 (200-220) Good and choice . 10.65© 10.85 (220-250) Good and choios.. 10.50® 10.75 Heavyweights (250-2901 Good and choice . 10.00® 10.65 1290-350) Good and choice.. 9.60© 10.10 Packing Sows (275-350) Good 9.10® 9.35 1350-4251 Good 9.00© 9.25 (425-550) Good B.7b©) 9.10 •(275-350) Medium 7... 8 50® 9.00 Slaughter Pigs (100-140) Good and choice . 9 00® 9.75 Medium 8.00(g) 9.25 CATTLE —Receipts. 1400— (550-900) Choice * 9.25® 10.50 Good 7.50® 9.75 Medium 6.50® 8.00 Common 5.50® 6.55 (900-1100) Choice 9 75® 11.50 Good 8 25® 10.00 Medium 6 50® 8 25 Common 5.50® 6 25 (1100-1300) Choice 10.50® 11.50 Good 8.25® 10.50 Medium 6.75® 8 25 1300-1500) Choice 10 75® 11 50 Good 8.25(§. 10.75 VEALERS —Receipts 600— Good and choice $ 9.50® 10.00 Medium 7.00® 9.50 Cull and common 5.00® 6.00 Calves (250-500) Good and choice ... 6 50® 900 Common and medium 4 50®. 6.50 Feeder and Stocker Cattle (500-800) Good and choice . . 6 50ki 750 Common and medium 5 00® 6.50 (800-1050) Good and choice . . 6 50® 7.50 Common and medium 5.00 ft 6.50 Cows Good 4 50® 5.00 Common and medium 4.00 ft 4.50 Heifers (500-750) Choice $ 8.00 875 Good 7.00® 800 Common and medium 5 25® 7.25 (150-190) Good and choice 7.50® 9 00 Common and medium 5.25 ft 7.25 Cows Good 5 50®. 'I 50 Common and medium 4 75©; 5.50 Low cutter and cutter 3 50® 4 75 Bulls, good 6 25®* 7 00 Cutter, com and med bulls 5.C0 ft 5.50 SHEEP AND EAMBS —Receipts 500— Lambs, 90-lbs. down, good and choice $ 9.55© 10 00 Good 9 35® 9 65 Medium 8 65® 9 40 Common 7.50© 8 65 Ewes. (90-175) Good and choice . 400 ® SOR Common and medium 300 ft 400 Yearling wethers, good choice 8 50® 925 Medium 7.25 ft 8.50 Other Livestock (By United Press) CHICAGO. March 11.—Hogs—Receipts. 11.000, including 2500 directs, steadv to 10 cents higher than Tuesday's average, some sales heavies more than 10 cents above close: top $10.65 for short load strictly choice 180 ibs.: 150-250 ibs.. *lO 15 ©10.55; 250-290 lbs . *9 80® 10 25; 290-350 lbs.. $9,604)9 85: sows. *9® 9.40 Cattle — Receipts. 7000: calves. 1500; fed steers and ye*' ngs generally steadv to strong folio uig active and strong to 25-cent higher market early; killing quality improved' dressed trade sluggish: this tending to weaken position of better grade steers wanted on shipper account; supply such kinds fairly liberal: early top. *ll 65: some held around *l2: most steers. *7.75® 10: fed heifers strong to 25 cents higher; cows strong: best fed heifers. *9- stockers and feeders fairlv active at *7.75 down to *C. Sheep—Ranpu. 7000: fa:->4mbs generally 25 cents higher; morning top. *lO 35 to ail interests: 101-lb Colorado’s at *10.10: odd lots medium to good light lambs, *9.25© 10.15: no strictly good vearlings offered: fed Texas yearlings bid around *9- sheeo extremely scarce; fully steady, odd native ewes. *5.59 down; no feeding lamb* offered.

James M. Landis

EUROPE WHEAT CROP LOOMING WORLD FACTOR Heavy Stocks Are Reduced, Survey by Bureau Reveals. Timr* Special NEW YORK. March 11. The European wheat crop looms as an important factor in the world wheat situation this year more than ever, a survey by the Bureau of Agricultural Economics indicated today. Burdensome stocks have been generally reduced, so that any reduction in production will make for definitely larger imports, says the bureau in its current report on world wheat prospects. No forecast of European production is available, but early reports indicate a decrease. European winter wheat acreage is about 4 per cent less than last year, and the condition of the crop is “the poorest in years.” Buys Argentine Surplus The fixing of the high minimum price of wheatrin Argentina has resulted. it is stated, in European buyers shifting to Canadian and Australian wheats, with Australia especially benefit ting from Argentina's withdrawal. It is estimated that one-fourth the Argentine surplus has already been bought by Europe. Exports from Canada have been much below expectations. With regard to the situation in the United States, the bureau says it now seems likeiy that wheat stocks here at the end of the year will be reduced to about normal proportions; but that if winter killing is not unusually heavy, and should growing conditions for both winter and spring wheat be about average, there may be an export surplus. This would cause a downward adjustment of prices to facilitate exports. NEW YORK, CHICAGO STOCK VALUES RISE Fifty Issues Show Increase of 3.16 Per Cent in Week. Times Special NEW YORK. March 11. The total market value of 50 representative stocks listed on the New York Stock Exchange at the close of business for the week ended March 7 was $19,811,216,000, an increase of $606,529,375, or 3.16 per cent for the week, Paul H. Davis & Cos. reported today. The total for the preceding week amounted to $19,204,686,625. At the close of the corresponding week a year ago, the same stocks had a market value of $10,905,216,625. indicating an increase of $82,805,999,375, or 80.75 per cent for the year. Times Special CHICAGO, March 11.—Twentyfive representative stocks listed on the Chicago Stock Exchange at the close of business for the week ended March 7 had a market value of sl,033,053,750, an increase of $4,996,750, or 0.49 per cent, compared with the total of the preceding week, it was announced today, LIFE UNDERWRITERS TO HEAR ILLINOIS AGENT A. E. Patterson, Chicago, to Address Local Insurance Groups. Alexander E. Patterson, Chicago, vice president of the National Association of Life Underwriters and general agent for the Penn Mutual Life Insurance Cos. in Illinois, is to speak before the Indianapolis Association of Life Underwriters and the Indianapolis General Agents and Managers Association here tomorrow. Mr. Patterson also is to be guest of the general agents and managers of Indianapolis life insurance firms at a breakfast in the Columbia Club. William H. Meub, president of the association, will preside. He also is to address a luncheon meeting of the Indianapolis Association of Life Underwriters in the Y. M. C. A. auditorium. James L. Rainey, president of the local underwriters, will preside and Dan W. Flickinger is to direct the program. The guest speaker is to be introduced by Ray Patterson, Indianapolis, general agent of the Penn Mutual Life Cos. SELECTS NEW MEMBER P. O. Ferrel May Be Appointed to Real Silk Board. The selection of P. O. Ferrel, vice president and general sales manager of the Real Silk Hosiery Mills, Indianapolis, for appointment as a director of the company, to be elected at the annual meeting March 26, has been announced by the proxy committee of the board. Mr. Ferrel, who has been connected with the Real Silk firm for the last 13 years, has been active in the sales executive capacity. Other board members to be voted on at the meeting include J. A. Goodman, chairman; G. A. Efroymson, president; J. L. Mueller, secretary; L. L. Goodman, treasurer; Arthur V. Brown, William G. Irwin, P. C. Reilly and E. W. Stout.

BUY A HOME WITH A LOAN FROM A LOCAL Building & Loan Assn.

First Mortgage Loans pMPjyial Or. -*•- .-.c.cA’'© rr.odrm inc.ar.spo...'. Property 6%% INTEREST I \ Weeklv Payments NO COMMISSION HOME BUILDERS SAVINGS m and LOAN ASSOCIATION 1061 Lemcke Bldf. M