Indianapolis Times, Indianapolis, Marion County, 13 March 1937 — Page 13

Trends

Interstate Facts Are

breast of The Times on Finance

* *

SATURDAY, MARCH 13, 1937

PAGE 13

Gold Stocks Mount With an increase of $41,000,000 for the week ended March 10, gold stocks of the United States reached a new peak of $11,484,000,000.

largest since November.

The increase. was the

Economic, Flynn

Declares. lee. By JOHN T. FLYNN c——

EW YORK, March 13.—In the discussion of the President's pian to change the composition of the Court to reverse its opinions, we have arrived at the conclusion that there are six parts of the Con-

stitution which have stood in the way of economic change. Of these it has seemed that three are fundamentally unimportant—the general welfare clause, the tax provisions and the rule that Congress may not delegate its powers. These have been used merely because there are no direct grants in the Constitution to Congress to deal with our Mr. Flynn economic problems. If these direct grants existed then Congress would not have to resort to the general welfare, tax and delegated power devices. The important points of difference between the Congress and the Supreme Court are therefore three —the interstate commerce clause, the Fifth and 14th Amendments (which prohibit nation and state from depriving rersons of life, liberty and property without due process of law).

u =

ERE let us deal entirely with the interstate commerce clause. Congress is given power to regulate commerce between the states. Congress has passed many laws which propose to deal with commerce between the states. But over and over the Supreme Court has ruled that these laws were unconstitutional. The decisions turned upon the question whether or not the particular activity to be regulated was in fact interstate commerce. Now the overwhelming importance of the subject matter involved in this controversy is this. There is no difference between Court and Congress as to the limits upon the power of Congress. Congress’ power is limited to interstate matters. That was the Jaw in 1787. It is the law today. The only question is whether any given set of operations are in fact interstate, This is not a question of law at all. It is a question of fact. No one denies that our railways represent an interstate problem. Congress and Court are agreed on that. In the early days of the roads when roads were small and ran between two points a few miles apart from each other in the same state, Congress could not assert any power over them.

”

” =

AILWAYS were strictly intrastate. But as they grew and ran across state boundaries their interstate character became obvi-

ous. The law had not changed. The facts had changed. Now, in a different sense, the facts have changed about industry. . The soft-coal industry, for instance, was undoubtedly a pure intrastate industry once. But now, with different kin2s of ownership, different forms or operation and merchandising, it is conceded that the coal industry is interstate. This is a question of fact. It is a question of economics -—economic fact, and not law at all. Is the Supreme Court organized to deal with such facts? Will we, therefore, be doing any violence to our system of government, to our Constitution, if we try to find some way of dealing with these questions of fact outside the Supreme Court? The Court need not be changed or reorganized or deprived of any of its powers. If any given condition is intrastate the Court can apply the unchanging and immutable law of the Constitution. But some tribunal equipped to deal with the facts ought to be organized to decide whether a condition is interstate or not. Here, perhaps, is a clue to the final decision of this troublous problem,

Copyright, 1937

=

. NEA Service, Inc.)

Fruits and Vegetables

{Quotations below, subfect to change, are | =verage wholesale prices being offered io buvers by local commission dealers.) Pruits—_pears, Oregon D’'Anjou, extra y. 110 $4.50; California Avocados, 205-245-305, " box, $3. Bananas, selected | 1b., . Apples, No. 1 Indiana Deliciou: 2 inches up, $2.50; No, 1 Staymans, 2). $2.25; No. 1 Jonathans, 2's! $2. 25: No. 1 Starks. 2% Ww aps, 2'4 inches up, $2. 0s, $7.50. Limes, N eoTepSiuL, Texas seed- | $3.2 California, 3 Pineapples, 30s es, Florida, pt., 24c Ra . Florida . Xs. Beets, homegrown, 3-doz crate, $1.65. Broccoli. case, $3: bunch, 15¢; Brusper drum. $3.50: at.. bage., New York, 50-1b bag. 85¢. 1, crate, $1.35. Carrots, California, u., $1.25. Cauliflower, 10s-11s-12s, doz, 35¢; Cucumbers,

., 126, Sunkist, navels, te. $3.

bu. $1;

California. sel Sprouts,

4 Celery, Mammoth, 45-65-10s, crate, $3.73. house, doz. $1. 40. Chives, doz.. pot, . Plant, Florida, doz. $1.50. ale, Virginia .» oc. Lettuce, Jeeberg, California best. . $5.50; 5s, $6.25: leaf, hothouse, No. 15 $1.25. Peppers. ‘Mangoes, No. 1 4; doz. 40c. Mushrooms, home- . . 30c. Onions, Indiana yellow. 50-1b. ‘bag. $1.60: Western Spanish, large, $1.90; Northern White, $1.65 Parsley homegrown, doz. 35c. Parsnips. homey bu., 85¢. Peas, Mexican, hamper, y Maine Green Mountains, 100idaho Russets, $3.90: MichiSs, $2.7 Colorado MeClures, £3.65; Florida eS Triumphs, 50-1b $2.35. Rutabagas, Canadian. 50-1b bag, 90c¢: Canadian, waxed and tagged, Potatoes, Tennessee, Nancy Halls, £1.75; Louisiana, Puerto Ricans. bu, Radishes, buttons, hothouse, doz, 45¢: white, 40¢. Rhubarb, hothouse, No, 1, 5-1b. carton, 45¢. Sage, doz., 45¢. Spinach, Texas, bu., $1. Shallots, 35¢. Squash, Hubbard, bu., $1.56. Turnips, bu, $1.25. Toma. toes, repacked, 10-1b basket, $1.25

gan

hamper, $2.35.

(By United Press) CHICAGO. March 13. —Apples— (Mich y Intosh, [email protected]. Carrots—Illinois, 75¢@ $1.10, Slims bu. «@ Cauliffower—Calif., crates, $1.40@ 1.30. Peas —Mexican, hampers, $3.75@ 4.75 Celery—10-inch crates, $2.75@ 3.75. Onions—Market 50 1b. sacks), Illinois, Indiana and Michigan vellows, 25¢@ $1

Produce Markets

(The prices quoted are paid for stock gathered in the country, while for deliv-

eries in Indianapolis the prices are 1 cent | Pach jun case of eggs must weigh |

higher. 55 pounds gro Eggs—No, 1 “strictly fresh, dozen. Heavy breed hens, 5 lbs. and over, 16¢ Leghorn breed hens, heavy, 12¢. Heavy breed springers, 1'2 Ibs. over, soft meated, 13¢c. Leghorn breed springers, 8¢. Heavy breed stags, 8c; Leghorn breed stags, 6c; heavy breed cocks, 8¢. Ducks, full-feath-ered and fat, 5 Ibs. and up, 6c. Geese, full-feathered and fat, 5¢. Turkeys, young toms, 14c; young hens, 10 Ibs. and over, 24¢} old toms, 8c; old hens, 9¢; No. 2, 8c. utter—Creamery, No. 1, 38@309¢; No. 2, 35@ 6c. Butterfat—No. 1, 35¢; No. 2, sl.

loss off, 19¢

{ XSept. ..

| Mav

Wheat

i Oats ..

| No

inches | Lem- | Mexican, |

20¢, Cab- | new Texas, |

box. | $1.10. Sweet |

HEAVY SELLIN FORCES WHEA PRICES LOWER

‘Reports of Widespread Rain | In Dust Bowl Cause of | Liquidation.

| By United Press

CHICAGO, March 13.—Heavy

liquidation struck the wheat pit at! | the opening here today following re- |

{ports of widespread precipitation {over the dust bowl of the Southwest. | Prices were down better than a | cent a bushel in the initial transac- | tions and although pressure eased | toward the close the market held near the day's low point. { At the close wheat was 1 to 1% | cents lower. New corn, 5 to !'2 cent | higher, and old corn was 5 to 15 | cents higher, Oats were !'s to 3: cent lower. With the May delivery off 6 cents

| from Wednesday's top, speculators | well | improved |

| felt that the market | liquidated. As a result buying was encountered in the final { hour,

was

Corn Trading Light

Wheat prices at Liverpool closed |1 to 1% pence lower for the day, re- | flecting the sharp decline in prices in North American markets here yesterday. Purchase of a cargo of | Indian wheat by Germany had a | steadying effect on the British market. Winnipeg futures followed the trend of Liverpool. Corn prices held with practically ‘no change for the day in extremely | light dealings. Prices worked frac- | tionally higher shortly after the cpening, but fell back in the final (hour. Oats were gnoderately lower rand rye sold off better than a cent | a bushel. Wheat in the Texas and Okla{homa Panhandle is in fair shape at | this time aside from the western half of the Oklahoma Panhandle land four northwestern counties in | the Texas Panhandle, a local expert reports.

CHICAGO GRAIN RANGE (By United Press) | _Wheat— High May «..... 135 July Jo... 1.18 | Sept. 1.16 Corn— xMay XxxMay xJuly xxJuly

1.08"; 1.041;

987%

1.03% 984 Oats— Nav July «...s Sept. .... Rye—

46% 421 .40

! May | July | Sept

Barley

| Mav

Sov Beans— . 1.431% July . Lard—

March

Mav ......12.83 July 13.20 xNew; xxOld ;

12.82 13.05 aAsk; bBid.

CHICAGO PRIMARY RECKIPTS M5 + Week 50.000 351.000 113,000 ’

Bu L

Corn "i . 133. 000

INDIANAPOLIS CASH GRAIN Wheat—Market weak, receipts, 3 ca { loads: No. 1 red, $1.34; No. 2 red, $1.33 1 hard, $1.34; No. 2 hard. 351.33. Corn Market firm, 1ceipts, 21 carloads: No. 3 white, $1.08'>4:1.10; No. 4 white, 81.06% y L 08; No. 5 white, [email protected]: No. 3 veljow, $1.05@ 1.0%: 0. 4 vellow, $1.03@ 1.05: | No. 5 yellow, $1.01@103; No. 3 mixed, $1.03126 1.6312: No. 4 mixed, $1.01'2 { 1,035: No. 3 mixed, 99'%¢@$1.01'2. Oats— | Market easy. receipts, 3 carloads; No. 3 Xie, 471. @48':¢c. No white, 46'24 12€.

CHICAGO CASH GRAIN (By United Press)

March 13.-—Wheat—No sales. mixed, $1.11; No. 4 mixed, ; No. 3 yellow, $1.11'2@ 1.13%; No. 4 yellow, $1.08'54 1.11% 3% No. 5 yellow, | [email protected]%2; No. 3 white, $1.14%; white, ANN 2611.1274. Oats—No. y white, 501: 5c; sample, 4841 48':c. Barley—Feed, | 73@ 87¢c; malting, $14 1.35. Timothy Seed— Old crop, $5.25@ 35.50; new crop, $55.25. | Clover Seed —$28% 35. Soy Beans—No. 2 | yellow, $1.56'5. Cash Provisions — Lard, | $12.57, nominal; loose, $11.95. nominal; | leaf, $11.87, nominal; bellies, $16.87, bid. (By United Press) TOLEDO, March 13.—Grain Close Elevators transit billing): red, $1.42'[email protected]'>. Corn—No. 2 yellow, $1,12'26:1.13%2. Oats—No. 2 white, 55'2 56'2¢c. Rye—No. 2. $1.19% @@1.201%, Track | prices (24'5¢ rate): Wheat No. 1 red, $1.385@ 1.39%; No. 2 red. $l. 37V2@ 1.38% Corn—No. 2 vellow, $1.08@ 1.09; No. 3 vel- | low, $1.05 1.07" No. ¢ vellow, $1.10771.14. | Oats No. 1 “White, 521561 5415¢; No. 2 | white, 51126754¢. Produce: Butter—Extra 1-1b. prints, 39%¢. Eggs—Extras, 21@21%e.

CHICAGO, Corn—No. 3 | 31.08@ 1.09%

in Wheat—No. 2

LOCAL CASH MARKET

City grain elevators are paying | 81.30 for No. 1 red wheat. Other | grades on their merits. Cash corn, | new No. 3 yellow, $1.03. Oats, 45c. | Hay—No. 1 timothy, $13.50@14; No. ‘1 clover, $15@8$15.50; No. 1 alfalfa, first cutting, [email protected]; second cutting, $17.50@ 18.50.

- INDIANAPOLIS WATER CO.’S NET INCREASES

stringle s8. |

Last year’s net income report-

© | ed by the Indianapolis Water Co. | - | stands at $577,461, comparing with | Zia total net of $509,297 for 1935.

Gross operating revenue during 1936 totaled $2,634,239, an increase of $188918 over the previous year, | the report stated.

Produce Markets

(By United Press) CHICAGO. March 13. — Eggs — Market, steady; receipts, 17,969 cases: fresh graded firsts, 23'ic: extra firsts, 2334c; dirties, 20'2¢: current receipts, 2134¢: checks, 19'2c: storage packed & Xitas. 241%¢; storage packed firsts, 24% Butter—Market. steady: receipts, 7715 tubs; extra firsts. (90-91'> score), 34'2@ 3434¢; specials, 35'5@ 36¢; extras 192 =core). 35¢: firsts, 33@34c; standards, 343c. Poultry—Market steady. receipts, 2 trucks: gees, 1l4¢; ducks. 14@20c¢: spring . 19@21c: broilers, 25@ 26c¢: : Jeghorn hens, 104@17¢: oil roosters, 126 13%sc; turkeys, 15@21c; fryers, 256 27c. Cheese—Twins, 17@ 17" ac Saisies. 17% @ 1735¢; longhorns, 1756117 Potatoes (Old Stock) Supplies moderate: demand slow; market weak: Idaho Russert Burbanks, $3206 3.65: 0. $2.65. Colorado Red McClures, $3; Maine Green Mountain, $2.62'2@ 2.65; Wisconsin Round Whites, $2.30@ 235; U Commercials , $2.05: Michigan Rurals, $2.25; Minnesota Cobblers, (New Stock)-—supplies moderat>; demand slow: market dull and weak; track sales, cariots: none reported; less than carlots, Un Bliss Triumphs, bushel crates,

118: 215:

ens,

Russet $2.50.

on track, shipments,

Daily Price Index

NEW YORK, March 13.—Dun & Bradstreet's daily weighted price index of 30 basic commodities, compiled for the United Press (1930-1932 average 100): Today, 150.69, new high Yesterday .... 150.43 Year Ago Week Ago .... 147.53/1937 High . | Month Ago... . 144.89(1937 Low 141.47 (Copyright, 1937, by Dun & Bradstreet)

| "Arrivals, | 833.

No. 4

Inflation Index Has Climbed to 92.1 From 8.5

| The Trend of Inflation

Stare of

Long Term

Long Term Deflation

Temporary Inflation

1354-9 1870-5 1876-81

1882-

Inflanon

Eod of we

7 188893 1894 1900-05 1906-11 1912-7

Peak of World War Inflation

Temporary Inflation Exhaustion of Private id

Resumption of Long Term Deflation |

— ADP y Temporary Inflation

1918-23 1924.9 1930-35 1936-41

1942-7

(Copyright,

1937, by Alexander Hamilton Institute)

New York Stock Exchange Prices

Transactions approximated 1,130,000 shares, compared with 1,770,000 shares last Saturday. Curb sales approximated 307,000 shares, compared with 507,000 shares last Saturday. Dow-Jones’ preliminary closing averages showed: Industrials, 190.62, off 62; railroads, 62.05, off .22; utili- | ties, 32.87, off .13.

(By Thomson & McKinnon)

High Amusements— Crosley Radio Loews Inc Paramount Radio Corp RKO

Low Close

20th Century Fox Warner Bros ... Aviation—

Aviation Corp Boeing Aircraft. Curtiss Wright . C Wright “A”.. Douglas Air .... Nor Am Av..... Sperry Corp .... United Air Lines United Air New Trans Contl & W

Building—

Am Badiater Barber Rolland © Furnace Lone Star Johns Manville Libby Owens Gls Otis Elev .

Warren Bros Chemicals—

Air Reduction Allied Chem ' Am Com Alcohol 28 Col Carbon .....11«& Com_Solvents .. 183% Du Pont 17012 Freeport Tex ... 281, Liquid Carb .... 512 Math Alkali . 39% Monsanto Chem. 93 Natl Dis (new). 327% Schenley Dist .. 49 Tex Gulf Sulph. 497; Unien Carbide. 109% U 8 Indus Alco. 39% | Am Home Prod. 483% Drugs— | Bristol Mvers .. iy ; Lambert “eh Lehn & Fink ... T8654 | Parke Davis .... 38 Walgreen ses 93 | Sterling Prod. . 67% | Vie Drug (new) 8 Vick Chem .. 43 | Equipments— | Am Brake Shoe { Am Car & Fdy Am Loco «64 | Steel Fdy. { Bald Loco 8 Gen Am Tank C % Gen Tlec «++ BY Gen R R Sig.... § Poor & Co ..... 29 Pullman Inc

763% 249

. 541,

Westingh Elec... 148%

Financial— Adams Exp

Allegheny Corp. . Am Int Corp

Lehman ( . Transamerica ...

Foods—

Am Sugar | Armour Armqur 67% pid. 9834 Beatrice Creamry 3955 Borden Prod . Cal Packing . Canada D G Coca Cola .. ‘AW... |

Cont Bak, Corn Pro { Cuban a Sugar | Gen Baking 16 Gen Foods i Hecker Prod ....

Swift Intl .. Un Biscuit United Fruit Household— Col Pal Peet Congoleum Mohawk Carpet Proc & Gamble... | Servel Inc | Simmons Bed Mining— Alaska Jun Am Metals Am Smelt Anaconda Cal & Hecla .... Cerro De Pasco.. | Dome Mines { Gt Nor Ore .... | } Roluesiake Min. |} Howe Sound .... ns Cop Int Nickel ennecott . Magma Copper... | tel tyre "one . Utah

no S Smelters | Vanadium Miscellaneous— { Allis Chalmers .. | Am Can ... 1134 | Am Mach & Fdy 271s Anchor Cap ._... 203s Brkivn Man Tr.. 43'2 Burroughs Add . 34 J I Case 18 Contl Can Caterpillar Tract ots rown k . 8134

3

Deere & Co Eastman Kodak. 16615 Foster Wheeler.. 45%

Owens Bottle ... Rem Rand of Wrthngtn Pump. 43 Motors—

Chrysler Gen Motors Graham Mot ... Hudson .. Mack Truck .... Nash

Reo Studebaker White Mtrs .... Yellow Truck ...

Motor Access—

Borg Warner ... Briggs Budd Mfg Budd Wheel .... Eaton Mfg N Elec Auto Lite. . Elec Stor Bat .. Grevhound New Houdaille . ... Motor Wheel Stew Warner . Timken Det Axle Timken Roll .... 6

Ofls—

Amerada Atl Rig Barnsdall

68's 682 113% 353% 3134 17% 44

113'%

| Atchis

Prev. | close. !

High. Low. Close. Mid Cont Pet ... 34': 33s Jia Ohio Oil 2% 22 : Pet Corp “ 20%: Phillips Pet .... 567s Plymouth Oil ... 25%

33

Texas Corp .... Tidewater Assn. 21 Un Oil of Cal .. 26% Rafe _— 85% 32s 37 i610 65! 1655 234 $e ae 17 vo 954 . 23%

Atl Const ‘Lines. B&O

bt 5 CD OY De DDI le.

Ls Ch aan RnR a

a -_p-

pfd . 38 Gt ® Northern pid : Ill Central 36 K C Sou Lehigh Valley Lou ash . M

DO 0S 1 C3 LI BIBI UY he BID I 03 ve U1 C0 Td et BD sh =F IY DBI

3 Db ow @®

517

Chicago Stocks

Hamill & Gates)

Close. + 13.

(By Atkins, Prev. Close. 13 12 338 542 21%

Adams MoRuiaeturing ' Advance Asbestos I acturitng Associate Investors Bastian Blessing ergho Butler Brothers Central Tiinois Publ Serv..... Chicago Corp Chicago Yellow Cab Cities Service Commonwealth Edison Consolidated Biscuit Cord Corp Crane C Dixie Vortex Electric Household Field, Marshal General Household .... Great Lakes Dredge

nts North west Band Corp Northwest Eogineering Schwitzer-Cumm Standard Sahm Pra Sundstrand Machine Swift Internshiong) Walgre Woodall Industries Zenith

New York Curb

(By Atkins, Hamill & Gates)

Aluminum Co. of America American Airline ... American Cynamid “B” m. Gas and Electric .. American General . Arkansas Napural Gas Barium Ste Chica > Fieivte’ Shaft Colum Oi trrsaieens Consolidated Copper Cooper Bessmer Detroit Grey Iron Eagle Uicher Lead Electric iy and Share General T Greenfield Tap and Die Gulf, Oil, Hygrade Food International Vitamin Lion National Rubber Niagara Hudson Power Pan American lirvays., Root Petroleu Rustless Iron nd ‘Steel Segal Lock Spencer Stores Standard Oil of Ohio Stutz Motors Sunrav Oil

Woodley Petroleum

New Bond Issues

(By W. L. Lyons & Co.) Bid. Asked. Argentine £2 qs "13 . ! Assd_ Tel 4s 6 0 : Atl City is, ‘64 B&O 4! 9 Calif Oro “Pur 4s ‘66 Delotex 4'ss 47

Grt North 35% "67 . 5 Houston Lt & power 3hs 88. Indpls Water 3'%5 66 Kansas P & Koppers Co 4s Kresge Foundation 3s 47. Los Angeles Rev 3s Louisville G & E 3

Ss 10234 OI rs Qos, % E Inc 3%s '66 9814 Otis Steel 4's 62 91

Commodity Prices

(By Abbott, Proctor & Paine) COTTON NEW YORK

March ay

ny “ava October ... Decembe Jan. 11938) 13 1 Spot—15.5¢ up 7. N ORLEANS

Low 14.20 13.81 13.60 13.12 13.14 13.16

COTTONSEED OIL

3.20 (1938). 13.18 NEW YORK

Jan.

High 1118 11.27 in 29

SUGAR Low 2.53

2.54 253

BUTTER

Jul SN iti

March seiraiaaeen

March TI

| Nat | North | Pac

High. N Y New Haven 9

West Maryland. Retail Stores— Allied Stores 20 First Natl Stores Gimbel Bros .... 27 Gd Un Tea Kresge 8S S Kroger, Gree Ma R H McLellan St “a Marshall Field.. : y Dept St.

Woolw orth Rubbers—

Firestone Goodrich

er U S Rubber pfd 150 Steels—

Am Roll Mills .. Beth Steel Byers A M Cruc Steel 78 Inland Steel ....1: Keystone Steel.. Ludlum Steel .. 4034 McKeesport Tin. i: Mid Steel Natl Steel Otis Steel .... 3 Rep Iron & Steel 46%, Sharon Steel . 40' U 8 Pipe & Fdy 67% U 8S Steel 1: U S Steel pfd Warren Pipe-Fdy 44'; Youngstown S-T 9734

Textiles—

Amer Woolen ... Belding Hem Celanese Corp .. Collins Aikman.. Gotham Hose .. Indus Rayon ... . Kayser Julius ... Real Silk Tobaccos— Am Tobacco Am Tobacco * Ligg & Myrs * Lorillard . Reynlds Tob “B’ Utilities—

Am & For Pwr... Am Pow & Lit..

ATG& trian Am Wat Wks .. Col G & Elec.. Comm & Sou... Consol Gas ' Elec Pwr & Lit.. 2 Interboro R T.. Mt T&T lou G & B “A Pwr & Lit.. Amer G & El Peoples Gas .... © Pub Serv N J... So Cal Edison Std Gas Stone & Webster United Corp .... Un Gas Imp .... Ut Pwr & Lt ‘A Western Union

433% 2

Low. Close.

87% 5'% 34's 48% 44 62% 39%

1 nvestment Trusts

(By M. P. Crist & Co., I

Administered Fund 2d, Inc... Affiliated Fund, Inc sishane American Business Shares . Broad Street Investing Corp. 34 Bullock Fund, Ltd Century Shares Trust Corp Wi or Acc’ Corp * or “Acc” Corp Trust Shares Diversified Trustee Shs Diversified Trustee Shs Diversified Trustee Shs Dividend Shares, Inc. . . Fundamental Investors, ‘Inc.. General Capital Corp General Investors Trust .. Incorporated Investors . Market Street Inyest Corp. . Maryland Fund, Inc

(unmod) (orig) . Lg" “en

“p”

Bid 20

ae 353 5105 0153 0919 55 Ta =

nc.)

“tw

~ Cw uy wo

»

Se Se et GD OO wT NOWO* pow

Massachusetts Investors Trust 30. 81 Mutual Investment Fund .... 13 3:

Nation-Wide Voting N American Tr Shs 1955 N American Tr Shs 1058 N American Tr Shs (orig). Quarterly Income Shs Selected Amer Shares, Inc. . Selected Amer Shs (orig) Selected Cumulative Bat Selected Income Shs .. State St Investment "Corp. . Supervise Shs, Inc (Del) Trustee Am Bk "ras Trustee Standard Oilshs na. Trustee Standard Oilshs "B”.

7.99

Unlisted Stocks

(By Blyth & Co.) Bankers Trust

Central Hanover Chemical Continental ‘Ilinois First National Boston Guaranty Irving . Manufacturers National City ....... National Shawmut .. FIRE INSURANCE

Aetna Fire Insurance American of Newark Baltimore American Federal .. Franklin Fire

Great American Insurance .... 3

Hartford Hanover Fire Phoenix .. National Fire National Liberty North River U 8 Fir Westchester Fire

BI rt BD fn UV DD BD

—

-T

38%

GL DDO EIW LI = wrt LIT w

PORKER PRICES

REMAIN STEADY INLOCAL TRADE

Top of $10.45 Paid for 200 To 210-Pound Weights; Receipts 1500.

Hog prices today were steady with the best prices of yesterday at the | Indianapolis Union Stockyards. Receipts were 1500. Packing sows ranged from $9.15 to $9.60. Weights of 160 to 180 | pounds sold for $10.35; 180 to 200 | pounders brought $10.40; 200 to 210 | pounds, $10.45; 210 to 225 pounds, | $10.40; 225 to 235 pounds, $10.35 |

| and weights of 235 to 250 pounds were $10.30. Weights of 250 to 260 pounds sold for $10.25; 260 to 275 pounders were $10.20; 275 to 285 pounds, $10.15; 285 to 300 pounds, $10.10; 300 to 325 | pounds, $10.05; 325 to 350 pounds, | $10 and weights of 3590 to 400 pounds |

| brought $9.95.

Week's Steer Top, $14.35

In the lighter divisions, 155 to 160 | pounders brought $10; weights of 150 to 155 pounds, $9.75; 140 to 150 | pounds, $9.50; 130 to 140 pounds, | $9.25; 120 to 130 pounds, $9; 110 to 120 pounds, $8.75 and the 100 to 110pound class was $8.50. Cattle receipts were 200 and calves 50. Compared with the close of last week fed-steers and yearlings were strong to 25 cents higher. Heifers were fully 25 cents higher and cows were mostly 25 cents higher. Bulls were 25 to 50 cents higher. Vealers were steady. Top price for steers during the week was

$14.35 and top for heifers was $10.]2°

Vealers today were nominally steady. On a run of 50, lambs today were nominally steady.

0GS

u 10.00@ 10.35 10.106210.45 9.854 10.30 9.70% 10.05 [email protected] 9.95710.40 gis 056 10.40

(140- 160) “Good and

um Lightweights— (160-180) Oood She 9.2566110.25

Medi . (160-200) Good and choice. . 10.256110.45 Medium 9.766 10.25 Medium Weights— (200-220) Good and 10.25@ 10.45 (220-250) Good and [email protected] Heavyweights— (250-290) Good and 10.05@ 10.30 (290-350) Good and 9.95@ 10.10 Packing Sows— (275-350) Good i 9.65 1350- 20) Sood 5@ 2.30 4 ) 9.25 (275- To 8.25 9.50 8.50@ 9.} @ 9.25

arch Receipts . $ 1000

a POINT

ft et ft rk fk fk et 55525550

5 choice. .$ 2 238 10.35 [email protected]

choice.. 10.056 10.40

choice... choice. .

choice. . choice...

d (275-550) jeasum Slaughter Pig (100-140) Good and choice... Medium

CATTLE —Receipts, 200— Choice [email protected] {500-300 ood 9.50(@12.00 7.75@ 9.50 6.00@ 7.55 12.506013.75 1.7561:12,50 ". 5@ 9.75 . 6.50@ 7.75 12.506213.75 10.256112.50 M 8.00% 19.23 00-1500) Choice 12.752 13.76 a3 G 10.35 12.55

C (000-1100) Go

c (1100-1300)

Heifers Choice geod ommon. medium. Good and choice . Common, medium.

[email protected] 9.00610.00 6.0062 9.00 8.75(211.00 6.00@ 8.75

(500-750)

(750-900)

Common and medium Low cutter and cutter Bulls, good Cutter, com,

Davina «103 Dred roo

Vealers —Receipts, 5 Good and choice $ 9.50@10. 4 Medium . 8.00@ 9 cull and medium 5.00@ 3.00 Calves (250-500) Good and choice..$ 6.50@ Common, medium. 5.00@ Feeder and Stocker Cattle (500-800) Good and choice. 3 6.50@ 8.50 Common, medium. 5.50@ (850-1050) Good and choice. . 6.50@ Common, medium. 5.50@ 6.50 Heifers— Good and choice. . Common and medium

SHEEP AND LAMBS —Receipts, 50— Labs Choice $it 00@ Good Medium

212.50

9.0010. 50

wWes— (90-175) Good and choice.. 5.50@ 6.50 Common, medium. 4.50@ 5.50 (Sheep and lamb quotations on clipped

basis.) Other Livestock

(By Times Special) LOUISVILLE, Ky., March 13.—Catile— Estimated receipts, 100, including 48 direct; today's market, nominal; for the week, killing steers, yearlings and all she stock active and 25 cents or more higher; bulls, strong; stockers, slow; steady, light trade in feeders; bulk, medium to good lightweight steers and yearlings, S$b@9,; few fed good grades, $9.50 10; plain killers down to $6.50; common and cutter sorts down to $5. 50; cows, scarce; few good beef cows, $6. 50%7 and above; other 1leshy cows, $5. 25 6. 25; cutter grades, $4@ 5, largely; few, $3.50; best weighty sausage bulls, $6.75, most stockers, $6.50 7.50; few, $8. Calves— Estimated receipts, 150, ineluding 85 stock calves; today's vealer market, nominal; choice quotable to $10.50; for the week, vealer prices steady; bulk, good and choice, $9410; few selects on several sessions, $10.50: medium grades and all heavies, $7@9; cull and common grade, $4 «7. Hogs—Estimated receipts, 500, inciuding 417 stock pigs on through billing; today's market, steady; few best 200-230 1b. lots, $10.20 10.30; top, $10.30; good 295-1b. weights, $9.90; for the week, ‘market lower to mid-week, recovering later to close steady with Friday of last week; final top, $10.30; bulk, good and choice, 170-280 lbs., Friday, $1010.25; com arable 140-160 lbs., from $9.500110; fat 120-130 lbs., $8. 75 9.25; sows, [email protected]. Sheep — Receipts, none; today’s trade nominal; for the week, hardly enough here all week to test market, but undertone unevenly higher; medium to good grade predominated closing, $10.50 11.50; choice absent all week, quotable late to $12; best lightweight slaughter ewes, $6: heavies, $5615.50; around 3 decks bred ewes to country from $7@10 a head.

PREPARED BY A

WEEKLY INDEX OF BUSINESS TREND

ADMINISTRATIVE AND RESEARCH CORPORATION . NEW YORK 1926 = 100

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FEB. MAR.

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JAN. APR.

MAY JUNE JULY AUG. SEP.

OCT. NOV. DEC.

The Administrative and Research Corp. weekly index of business activity advanced to 96.0 as against 93.5 for the week before and 73.5

a year ago.

| (Copyright,

New Business Books Available at Library

The following new business books now are available at the business branch of the Indianapolis Public Library.

THE THEORY AND PRACTICE OF SOCIALISM, by John Strachey, ‘Strachey’s enthusiasm for m= munism, his sincerity, his Andoubee ed literary abilities, his very name which evokes a great literary tradition and also perhaps his aristocratic family affiliations, have firmly established him as a favorite of the radically-minded reader.”

FAMILY FINANCES: THE ECONOMICS ©O LCONSUMPTION, bv H. F. Bigelow. “The American family is the greatest business in the United States es.

A STUDY IN

THE BU SINESS | PAPER EDITOR AT WORK, by Douglas G. Woolf. “From RE -pot-and-scissors automatons, editors of business papers have grown within a quite short time to leaders of industrial destiny.”

MILK AND MILK PRODUCTS, by C. H. Eckles and others. A book for students of farming operations and also for those engaged in dairying in a commercial way

BUS TRANSPORTATION HANDBOOK. Ideas and suggestions applicable to a wide range of maintenance, management and operation in the bus field.

N. Y. Bonds

DAILY BOND INDEX (1026 Average Equals 100)

| Yesterday

Week Ago £ Month Ago ... Year Ago

| 1937 High

1937 Low .

' 98.9 08.8 xNew Low,

1937, by Standard Statistics) (By E. 8S. Moseley & Co.) U. 8. GOVERNMENT BONDS

Close. Treasurys

VODs ND

tet £3 £3 D9 BI DI it BI ND et 1.3 1b 63 1k 3 +t ® WWOIW

DOMESTIC

Yodays Bond Leaders— N Cent 6s '44 ... Portland G E 4128 '6 Rep Steel 4155 '50 West Maryland 45 . Youngstown 3'us

Alleg Corp 5s '44 .. Am Frgn Pow 5s 2030.. Am Tel & Tel 5'zs 43 . Arm & Co (Del) 4s ‘55 Atl Coast Line 4s ’'52 . Atl Coast Line 415s "64

, & Ohio BS 2000 snns 911% Balt & Ohio ge ‘95 Balt & Ohio 4! '60 Buff Roch & Pitt 413 '57...... 90°! Beth Steel 4%s '60. Chi Milw & St P 5s '75 Chi Milw & St P 5s 2000 Cleve Un Term 5s '73 Cleve Un Term 4!:s Col Gas 5s May ’'52 Col Cas 5s '61. Can Pac Perp ds Cent Pac 5s '60 Die Four 4's’ Big Four 5s '63 Colorado & Sou 4! 58. 80 Chi & West Ind 4s Chi & Nor West 494s 40 Con Gas 4's '51 Chesa Corp 5s °’ Del & Huds 4s ’ N Y Dock 4s '51 N Y Dock 5s ' Erie 5s 'b Erie 5s '67.. Grt Northern * Grt Northern * Grt Northern 2 Gen Stl Cast WW Hud & Manhat Ref 53 Ill Cent 434s '66 ill Cent Jt 415s "63 Ill Cent 5s '63 .. ‘ Interboro Rap pid Trans 5s Internt]l Hy Elec 6s '44 Internt] Tel & Tol 1s, : Internt] Tel & Tel 5s 55 Interntl Tel & Tel i ny Lehigh Valley McKess & Rob 5148 Natl Dairy 33s ' Nat] Dairy 334s Natl Steel 4s 65 : Nickel Plate 41.5 '73. N Y Cent 59 2013 . N Y Cent Conv 6s 44. Nor Amer Co 5s '61.. Nor Pac 3s 2047 Nor Pac 6s 2047 v New Orleans Term 4s

"a

Penn Penn RY 4! 18, ! 81 Penn 33s "70 Py Gen “Bl 41,5 '60 Para Publix 5 5% Penn P & L 4 8... Postal Tel & ‘Eh Bg Rem Rand WW 4'45 '5 Shell Union Oil 3las ! Socony Vac 3'.s ’ Sou Pac 4'2s '68 Sou Pac 4'2s '81 Sou Pac 4s '4¢ Sou Rail 4s ' Sou Rail 6s °' Sou Rail 6'4s ’ Texas Pac 5s '80 . Third Ave Adj 55 '60 ....ce.u.. 381% Union Pac 4s '47 2 United Drug 5s '’ U 8 Rubber 5s '47 .... NY NH & Hart 4'2s '67 Warner Bros 6s '39 Western Union 5s '60 Youngstown S & T 45 '6 Youngstown 8S & T 312s '51 ...

FOREIGN

Argentina A 6s Australia 4los '56 ‘ Canadian gov, 45 Denmark 4'% French 7Tl%s Sa1 German 5's °' German Ts '49 : Italy 7s ’'51 87% Japan 634s '54 ,.......i0000ny 0512

Other Livestock

(By United Press) CHICAGO, March 13. —Hogs—Receipta, 4500, including 4000 directs: market nominally steady with onlv a few small lots of hogs offered: top. $10.35, nominally. Cattle—Receipts, 200: calves, receipts, 100: market steady: fed steers, vearlings strong to 25¢c higher for wrek: all except common and medium grade light kinds showing full advance; general market at new high quality considerbd; extreme next highest $14.90; very above 13.50: vearlings, $13.90: bulk steers crop, 12.50; ali she-stock firm to 25¢ higher: bulls firm, and vealers $1 Dlener, i sausage bulls closing at [email protected]: seJecsed vealers, $10; light Boal turning at ai Sheep—Receipts, 1000: market, steady: fat lambs SUPP J nearly 75 per cent from Colorado and Nebraska, very fow clip lambs or fat ewes offered; fat lambs, oe 75¢ higher; spots showing more advance; fat sheep around 50c higher; week's top made in closing session: best woolskins, $12.65: late bulk, [email protected], f>w under $12; throwouts closing around $10.50 upwards: bulk wooled lambs, $11.766012.25; freshly shorn week's opening, $9.75: summer shorn late, [email protected]; best fat ewes closing $7.50: week's bulk, $6@17.

(By United Press)

FORT WAYNE, Ind., March 13. ~—Hogs— Market steady: 200-235 lbs., 230 1bs., $10. 20; 180-200 1bs.,

$8 70: 100-120 1bs., 4 ughs, $8 $8. 5: Ry $7.50; Calves, $10.50; Lam

(By United Press)

LAFAYBTTE, March 13.— market,

, $10.10 : 130-150 lbs, . roughs, Calves, 50 cents lower, $10 steady, $12 down.

down. down. Lambs,

Safe Deposit Boxes

The

Indiana National Bank of Indianapolis

SAGGING STEEL ISSUES DEPRESS

STOCK MARKET

Losses Range to More Than Five Points; U. S. Bonds Make New Lows.

Ry United Press NEW YORK, March 13—Sagging prices for steel shares unsettled the stock market today. United States Steel lost 2 points, National more than 2 points and Bethlehem more than a point. Re public was depressed and Gulf States dropped more than 2 points from its high. Sloss Sheffield was down more than 5. Railroad issues were depressed. Westinghouse Electric dropped more than 3 points. American Smelting led a setback in metals.

2 | Clearings for

Oils were irregularly lower. Rub-= | bers sagged despite announcement lof a 6 per cent tire price rise by | U. 8. Rubber. : Meanwhile, support was noted in the market for United States Government bonds. However, 13 made new lows for the year, Selling by banks to bolster reserves and fears of advances in money rates cons tinued to influence the market.

Motor Shares Quitt

Some selling in steel shares was ascribed to shorts. News from the industry continued favorable. Oper= ations in the Pittsburgh area next week were scheduled at 90 per cent of theoretical capacity, a gain of a point and equal to the high record made in September, 1929. The market for motor shares was quiet. Leading issues slipped back although there was no particular pressure. Chrysler touched 1307s, up 1s, but drifted down to 127%. General Motors was about a point lower. Ohio Oil made a new high. Con= solidated Oil was unchanged. §mall losses were noted in Standard of New Jersey, Barnsdall, and Texas Corp. Pierce Petroleum made a small gain in active dealings following an opening block of 8000 shares.

Exceptions to Decline

Exceptions to the decline included Amalgamated Leather issues which made new highs. Amalgamated preferred reached 52, up 4. American Hide & Leather issues made new { tops with the preferred at 55%, up 33. TU. S. Leather issues made new tops and then eased. Canada Dry Ginger Ale made a new high at 35, up 2'2. Interna= tional Mercantile Marine touched 13%, up 3% and a new high and then dipped. G. R. Kinney touched 8%, up 1% and a new high. U. S, Hoffman Machinery made a new high at 22%, up 13 and its preferred made a top at 62!'2, up 5%. Late short covering came into steel shares and they rose above the lows. Utilities met meager sup- | port and were barely changed from previous closing levels.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $ 3,609,000 | Debits . 9,764,000 19,388,000 47,049,000

eek. Debits for week.

TREASURY STATEMENT (By United Press) WASHINGTON, March 13.—Government expenses and receipts for the current fiscal year through March 11, compared with a

year ago. Last Year $4,908,479,193.77 2,491,861,187.24 2,416.618,006.53 1,757,235,841.47 30,503,744,123.38 10,169,531,037.52 271,084,565.36

This Year ..$5,045,429,534.43 Receipts .. 2,938,245,734.80 Deficit . 2,107,183,799.63 Cash Bal.. 1,672,519,046.77 Pub, Debt, 34,747,723,231.¢ Gold Res..11,489,36¢ Customs 320, 316,

Expenses

5 ,226, 14

FOREIGN EXCHANGE (By Abbott, Proctor & Paine)

Prev.

Par Close

Country $.2397

England *France Italy Belgium Germany *Switzerland “Holland Norway Sweden Denmark Canada is undetermined.

Local Securities

(By Indianapolis Bond & Share Corp.) The followin quotations do not repre sent actual s or offerings. but merely indicate 8 I sO i market level based on buying and selling inquiries or recent transactions. BONDS Ask.

Citz Ind Tel (TH) 4Vis '61....103 104%, H Tel & Tel Ft W G5 '43..... 106%a Ind Asscc Tel 4'%s '65 104 106 Indiana Tel Co 5s 60... Indpls Railway Inc 5s Indpls Water Co 3's '66 Interstate Tel & Tel 5'us "63. Kokomo Water Works 5s '58.. Morris 5 & 10 Stores 5s '50... Muncie Water Works 5s ‘45... Noblesville H L & 28 '41. Ohio Tel Serv 6s a Richmond W W 5s Seymour Water Co os Trac & L 55 ‘44 T H Water Works 5s 156. T H Water Works 6s '49. Trac Term Co 5s '57..

STOCKS

Belt Railroad & St 5 com» 6 Belt Railroad & St Y Cent Ind Pwr pfd Home Tel & Tel Ft Ravns: ee Hook Drug Inc ‘es & Mich Elec Co ‘pfd’ 15 .. xInd Gen Serv Co 6s Ind Gas Co Com... Ind Hvdro Elec Co xIndpls Pwr & Lit co pfd 6s. . xIndpls Pwr & Lit Co pfd 6'%2s 99 xIndpls Water Co pfd 5s.. .104 N Ind Pub Serv pfd 5's.. N Ind Pub Serv Co pfd 6s N Ind Pub Serv pfd 7s Progress Laundry Co Pub Serv Co of Ind 6s Pub Serv Co of Ind Ts Terre Haute Elec Co 6s Union Title Co com Van Camp Milk Co pid Van Camp Milk Co com xP R Mallory Co com xEx-Dividend.

5000 TONS C-0-A-L-! Extra good 4th vein mine run. Avallable until April 1st. Good for steam or domestic use. Write or phone for prices. VICTORY COAL So.

No. 2, Brazil, Ind. 1, Terre Haute after M.

ESTATE Administration

memecR FEDERAL DEPOSIT INSURANCE CORPORATION