Indianapolis Times, Indianapolis, Marion County, 15 March 1937 — Page 11

Trends

Brokers Should Be Agents Only, Flynn Says.

By JOHN T. FLYNN

EW YORK, March 15.—More than once I have called attention here to a controversy which persists in the financial world— namely, the attempt to prevent bankers and brokers from trying to serve two masters. Now Senator Wheeler's committee has brought out a very good instance bearing on this discussion. In business it is pretty generally recognized that the man who spends other people's money ought not to be permitted to have an interest in the business of those to whom t hat money is paid. No corporation would permit its purchasing agent, for instance, to be employed at the same time by one of the concerns from whom he bought supplies for the corporation. In the stock markets this simple principle gets very badly confused under a mass of details. The stock broker, for instance, is an agent— an agent of the investor.

”

Mr. Flynn

T has long been contended by many observers of the market place that he ought to be confined to this function and not be permitted to engage in other and contradictory functions. He ought not to be permitted to speculate for himself, or to run an investment banking business or an investment trust. The Stock Exchange is an organization which takes upon itself the ruling of the security markets. It is governed by a board of governors. And there are vatious committees. One of these is the Committee on Listing. No security can be traded on the floor of the Exchange unless it is listed.

Under the rules of the Exchange it cannot be listed unless the corporation applying for the listing complies with certain requirements. These requirements are for the protection of investors. Now obviously the men who sit on that listing committee ought not to have any interest in the security which is offered for listing, A sound rule would prohibit any stock broker or member of the Exchange from being a member of a listing committee if he engages in the underwriting of securities.

N 1929 application was made to list $80,000,000 of securities of the Allegheny Corp. The expert of the committee had frequently called attention to the danger of listing such securities. In this case he called attention to the danger. Yet not only was his warning disregarded but the whole thing was rushed through in the most indecent haste. Out of these securities American investors lost vast sums. Senator Wheeler intimated that they never would have been listed but for the influence of the banking firm behind them with the officials of the listing committtee.

The Exchange has been called on to reform this practice. It has proposed a rule that any member of the listing committee interested in a security offered for listing must step out of the room when it is being considered and cannot vote on it. The futility and folly of such a rule is obvious. Men engaged in the investment and banking business and therefore always interested in listings ought not to be permitted to serve on such a committee in the first place.

In fact, the whole question goes back to the original one that members of the Stock Rxchange ought not to be permitted to be in the underwriting business. It is a simple question of very fundamental and practical morals. 1037. NEA | Ser rvice, I Ine.)

n 2

(Copyright, 1

WHITE MOTOR CO. TO EXPAND PLANT

Times Specinl CLEVELAND, March 15.—An expenditure of more than $2,000,000 within the next year-and-a-half by

the White Motor Co. for building

construction, property improvement and creation of a heavy-duty bus body building division, was announced today by Robert F. Black, chief executive, The company also reported a 40 per cent increase in employees in the last year.

Other Livestock

(By United Press)

CHICAGO, March 15. —Hogs—Receints, 21,000, including 7,000 directs: market, gen. + steady with Friday's average; spot Ss to shade lower; top, $10.30; 1x good and choice 190- 320 lbs. $10.10¢310.25; 150. 180 1bs., $9.50 10; sows mostly $9.40@

9.70. Cattle— Receipts 14,000. Calves—Receipts, 500: strictly good and choice fed steers and vearlings fully steady; supply very small: common and medium grades mostly with bu such kinds unsold; odd lot choice to prime ers, numerous . $12 50%: 14, 25; bulk, $11.50 down to 88.50; stockers an feeders fully steady; all other Ring classes steady: most fed heifers, $7.50¢:9.50: cutter cows, $1450: beefy cows, $6 7 90: shippers and ord buyers fairly broad operators in all Killing classes: weighty sausage bulls up to $6.5 selected vealers to $10; od clots, $10.50 on shipper accounts. FT. WAYNE, Market, 5¢ lower:

however, top, $14.50; $15;

slow, steady,

Ind,, March 15.—Ho 200-225 1bs., $10. 25. 180-200 Ibs, §

Qos 25-

s : 40. Roughs, & 4) 75. Stags, $7.50. Calves, $10.50.

Lam LAFAY ETE, Jud Maren, 5 5¢ lower, y: 200-223 tos $10.10@ 10. s.. $9.95610; 250-275 Ibs. 9.8509. 90; 275-325 Ibs., $9.75@ 9.80: 170- 500 1 $106 10.10; 150-170 ibs. $9.25¢9.85; 130 180 bs., i 10 1bs., $7. as. 50; ol Calves, $10.50 down. Lambs,

15. —Hogs— Pigs —Market, 5 225-250

$9.25 down.

Money and Exchange INDIANAPOLIS STATEMENT

Clearings £3.460.0600 Debits 8,126,000

TREASURY STATEMENT (By United Press)

WASHINGTON, March 15.—Government expenses and receipts for the carrent fiscal year through March 12, compared with a year age

s Yea % 061 “122, 10.8 288. 383. oe:

i 883. iis: 338.

t Year Expenses . Re Rts... “ Dtie t h Bal . Bib Gola Ree" i

S.ee

Abreast of The Times on Finance

ev. ¢

MONDAY, MARCH 15, 1937

PAGE 11

it was reported today.

Car Loadings Climb

With a total for the week of freight car loadings set a new high for the current year and broke all records for comparable periods since 1930,

734,127 cars, revenue

INFLATION SEEN IN PRICE RISE OF RAW MATERIAL

‘Commodities Still Long Way From Ultimate Peaks, Writer Says.

By RALPH HENDERSHOT Times Special Writer NEW YORK, March 15.—There | seems to be little need for further | doubt that we are to have a period | | of inflation in this country.

Situation Changing Rapidly |

They bid against one another, and a movement which otherwise would | | have been normal becomes a runaway affair. | For several years we have been in | ! what is known as a buyers’ market. Manufacturers bought on a hand-to-mouth basis and never had any difficulty in getting delivery. There is every reason to believe that this situation has changed, and {rom now on they may be expected to place orders as far ahead as producers will accept.

But producers recently have found it against their best interests to accept orders very far ahead. The | copper producers, for instance, are | reported to be booked up for two or | three months and are unable to | take advantage of the current high | prices. Under the circumstances the chances are that the manufacturer rather than the producer will | carry the inventory. | |

Effect of Hoarding Goods

And the same theory is likely to | be carried out to the wholesale and retail merchants and even to! the ultimate consumers. Merchants who had been in the! habit of buying goods only as they! needed them are likely to see the advantages of carrying large inventories. They wlil call on manufacturers for advance deliveries, and when they are refused because of the price situation they may be expected to buy currently as heavily as possible and store their goods for future needs. When the effect of this desire all along the line to hoard goods rather than money begins to be felt the present surplus of raw maberiais and manufactured goods is unlikely ! to last long. And when people engaged in the various stages of production, manufacture, distribution and sale begin to gamble on prices | a month of two or three months! ahead we will be in the inflation muddle up to our necks. The time will come when these gamblers will be caught once more with more goods on their shelves than they can dispose of. And they will be pinched again as they have been pinched in the past.

REPORT NET INCOME

Times Special

NEW YORK, March 15. —Assets amounting to $2404,236413 were reported by the New York Life Insurance e Co. for the close of 1936,

Fruits and Vegetables

(Quotations below, subject to cl average wholesale Briony being Dered 10 ers by local commission dealers.) ruits—Pears Oregon ~ D’Anjou Sano 110s, $4.50 California Avocadas fs-2s- -30s, box, O43 55. Bananas, selected RB c. Apples, . 1 Indiana Delicious, 2 inches up, 50; No, 1 Staymans, 2'a inches up, . $2.50; Jonathans, 1, inches us; $2.25; No. i Starks, 215 inches up, $2; Winesaps. 24 inches up, $2. Lemons, Sunkist, 360s, $7. 50. Limes, Mexican, is 35% poTapgiuit Texas seedan Sunkist, navels, $4. 25613.50, Elieapples. 305. crate, $5. Strawberries. Florida, pt., 17's¢c Vegetabl es — Beans, Florida stiingless.

hamper, y ig Wey . home rown, bu, California, : sel Sprouts, per drum, ; New York, 50-1b bag Soc. ‘hew Texas, . Carrots,. ‘California, bulk, auliflower, 10s-115-12s,’ crate. /, Mammoth, doz. 85c; Florida ate, $3.75. Cucumbers, $1.25. Chives. Florida, doz., $1.50. Kale, Vir3c, Lettuce, Iceberg. California $5 ; 30; 5s, il leaf, hothouse, ers. Mangoes, No. MOShr oni. home- ; Western pdtana, Yow: anis r i Northern’ White, S188. Parsiey. homegrown, d Z., 35¢. Parsnips, homePeas, Mexican, hamper, j oMaine Green Mountains. Fae Sa. gdaho, Russelh $3.90; olora $3.65; Florida, New Tri fumphs, 0 MeCiures. $2.50. Rutabagas Canadian, 50-1b. bag, 90c: Canadian, waxed and tagged, $1.10. Sweet Potatoes, Tennessee, Nancy Halls, h $1.85: Louisiana, Puerto Ricans, bu., Radishes, buttons, hothouse, whie, 50c. Rhubarb. hothouse. No. 1. 5.1b. carton. 60c. Sage, doz., 45¢..8 inach, Texas bu., $i. Sur doz., 0c. 5 bard, bu. . _Turnips, i toes, repacked, 10-1b.

extra

house, doz., Ezz Plant, inia, bu.,

Ontons,

1.25 San: 8 2561.50. (By United Press)

CHICAGO, M; = McIntosh, $1. Torna Apples,

Louisiana Puerto Ricans, 3 rots, Illinois, bu., 75@ 90¢. 82. 25 fie. 35. S toes,

Michigan atoes, carSpinach, Texas, Florida,

1.50, Celery. “Floida, © loin, cr al s— (Mar sacks) — fh Indiana and Michigan yellows, 25¢

Produce Markets

(By Dien Press) rch 15. —Eggs—Market 15. 081 cases, Fresh graded extra firsts, a Yc; dirties, receipts, checks, Ronit Str Hes storrsts , Butter Market firm; “receipts, 8,261 tubs. Extra firsts (90-91'a score), 3426: 343¢: specials, 35 430; extras (92 score), 85c: standards, 3434 oultry. Market easier: receipts, 14 trucks, 2 cars. Geese, 14c; ducks, Nei 200: spring chickens, 196i 21¢; broilers, 23a: 26¢: hens, 14156 19'2¢: Leghorn hens, 10616! 2c old roosters. 126 13'ac; turkeys, 15a 2ic: fryers, 256 27c Cheese—Twing, 17@17'¢: i 17 @17%¢; Lognhorns, 17'2@ 173 {Old Stocks) - Supbites liberal; Send oe ho, BR st 8 steady aho usset Burbanks. Af Ss. $2.65 2.70; Colorado Red ME, 3 Bas : Colorado Rus-

Wisconsin Whites, $2.2 Com Michigan Russet Rurals, $2. 30 13, 40, ek Sunhlies moderate; a s 8 Bi yi trac Sales, carlots. crates, $2.12!

CHICAGO, steady; receipts, firsts, 2315c; 2 current 1915¢: storage age packed

HRA hie ot op Sak 8 dlritth

New York Stock Exchange Prices

(By

High

Amusements— Loews Inc Paramount Radio Corp | RK

20th Century Fox : 3%

Warner Bros ... Aviation—

| Aviation Corp ..

Boeing Aircft

Curtiss Wright .

Curtiss Wright A 65

Douglas Air .... Nor Am Av ..... Sperry Corp United Air P Lines Unitd Aireft New

Trans Contl Wst &

Building—

Barber . “asad Folland Furnace Lon

S Gypsum ... Chemicals— Allied Chem

24 | Am Com Alcohol

Col Carbon. .... Com Solvents .. Du Pont ‘an | Liquid ¢ Tex ... Carb .... Math Alkali Monsanto Chem Natl Dis (new) Schenley Dist Tex Gulf Sulph.. | Union Carbide

Drugs— Bristol Myers ... Lambert “at { Lehn & Fink ... Parke Davis .... | Walgreen . | Un Drug (new).. | Vick Chem ... Equipments— Am Loco : | Am Stool a : Bald Loc Jen 4m “nk Car

Gen R R Sig linan me .... West Air Br Westingh Elec . Financial— Adams Exp Allegheny P corp Am Int Corp ... { Comm Credit Chesa Corp .. . Com Inv Trust Transamerica . Foods—

Am Sugar Armour Armour 67% Borden Prod

.. 34 . 64s

".. 831;

| Am_ Radiator ... 40

Star . It ap- Johns Manville’ 3

pears to be with us now. uU 122

Ma 15 18'2 69 2834 52

. 3934

Ny,

. 32% . 4834

397s

10734 | U 8S Indus Alcohl 39%

431% 2

1815 30%

3 1534

. 432

a 1a

66!

537% [146%

«21% 3

Can Dry G Ale - 3 + 24:153

Coca Cola Cont Bak (A). Corn Prod

Cuban Am Sika }

Household—

Col Pal Peet Congoleum . ¢ & Gamble.

ro Simmons Bed ... 57

Mining— Alaska Jun Am Metals Am Smelt

| Anaconda

Cal & Hecia .... Cerro De Pasco..

Gt Nor Ore ‘a Homestake Min . Howe Sound Ins Copper Int Nickel ... Kennecott Cop . { McIntyre Mine. . Park Utah . { Phelps Dodge. ... & Joe Lead

Vanadium Miscellaneous—

Am Can Am Mach & Py Brklyn Man Tr. Burroughs Add. . Contl Crown Cork .... Curtis Pub Deere & Co Eastman Foster Wheeler. . Gillette Inter Harv Natl Cash Rig: Rem Rand Underwood E.. Motors—

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

Studebaker White Mtrs Yellow Truck

Motor Access—

Timken Roll Oils—

Amerada Rig

H is Mid Cont Pet...

Ohio Oil Pet Corp Phillips Pet ‘eis Plymouth Off .:.

s 4 Kodak 1

svi ip S Smelters. .. 3

3, 43% 331%

0 66% 44's 7

Pu is fous oil’ 47

Un Oil of Cal... Rails— Atchison . o¥ au Coast Lines. . & O siti ean Pacific .... Ch & Qhio_.,.::

Chi & Gt W Chi & Gt W pfd CM&StP

Low

78 24 11% 8% 39394 V8

Thomson & McKinnon) 11:00

Vt 3 in UY 03 pe ODES 0d = 00 1.3 00

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Ba CF C3 OY

Pa - a

SUI =I VO

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«3 on bn W=IDDOWRA re N= OBI Tie =I WD

New Bond Issues

(By W. L. Lyons & Co.)

Argentine Rep 4s ssd Tel 4s '65 Atl City S33 oe’ B& O 4:5 '3 Cal Oro Par 4s Delotex 4lcs 47

| Cent Maine Pwr 4s '60

Cent Maine HR 3a 8 ‘66.

Great Nor 33

Y4s "67

Houston Lt & Bower, Stas 86 “1%

Indpls Water 3 Kansas P &

Narra Flec

G E 3% Wise Pub Serv 4

S S38 '66 NX dg as NY State Elec. Gas 4s '65 ...

48 '6 s 61

Bid. 934

1 1 1 1 1 1

(

Ph Bl pt ol pt

15. Omit P= BD

Ask. 3014

Unlisted Stocks

(By Blyth ' & Co.)

Bankers Trust

Gent ral Hanover Chemical

Sonnet Illinois

First National Boston :

har anty ng Manttactirers City

National National Shawmu

Aetna Fire Insur

bo oiiieiia FIRE INSURANCE

ance

American of Newark ... Baltimore American

deral Franklin Fire

ee 83, Great American Insurance ... d i

Liberty

% HE

Seba RRb a

Seeiiareisaes

DEE

Prev.

11:00 High Low A.M. Close lg M&S St P pd $8 5 . 13 35

S 2 1 tie. p fd 3234 Gt Northern pfd « 33s Ill Central 35% K C Sou ses : Lehigh Valley ... 222 MK&T "ee : MK& T pfd .. 31'2 Mo Pac iis IB Mo Pac pfd ..... 107% NY Cent ...... 520

Chicago Stocks

(By Atkins, Hamill & Gates) 11a. m.

3214 9 311%

10%% : 51's 51°

Prev Close

12% 312 13's 1 64 41%

454 527 2834 934 29

Advance Alum Asbestos Manufacturing

Sonne Dayton Rubber Electric Household Field, Marshall General Household Ken-Rad Tube . Libby, McNeill and Libby Lincoin Printing .. Lion ‘ . Loudon Packing . McCord Radiator .... Midwest Corp Northwest Rand Corp oe Schwitzer-Cumm ‘ao Standard Dredme preferred Swift Internationa Utah Radio Prod . Walgreen Woodall Industries Zenith .....

-y ro

CO ht 1D ot bt et et pt 1 3 3 TY CD I TY et

New York Curb

(By Atkins, Hamill & Gates)

Aluminum Co of America .... American Cynamid * Am Gas & Electric American General : Arkansas Natural Gas Barium Steel Carrier Corp Columbia Oil Consolidated Copper . Cooper Bessmer Detroit Grey Iron .... Eagle Picher Lead Electric Bond & Share . General re Greenfield Tap & Die Gulf Oil, Pen vee Humble Oil Fy Refining Co... jiyerade Food National Rubber Niagara Hudson Power Pan gh Airways .. Root Petrole 5 Rustless Ron & Steel Segal Lock . Stutz Motors i

Local Securities

(By Indianapolis Bond & Share Corp.) The following quotations do not represent actual bids or offerings, but merely indicate the approximate market level based on buying and selling inquiries or recent transactions.

BONDS

Citz Ind Tel (TH) 4!is '61.... H Tel & Tel Ft W 6s '43......10 Ind Assoc Tel 4'>s '65 ......., Indiana Tel Co 5s '60 Indpls Railway Inc 5s '67...... Indpls Water Co 3':s '68 Interstate Tel & Tel 5'28 °’ Kokomo Water Works 5s '58. Morris 5 & 10 Stores 5s °' .. 100 Muncie Water Works 5s '65 .. Noblesville H L & P 6'2s8 on Ohio Tel Serv Bs '47 ...... Richmond W W 5s '57 Seymour Water Co 5s '87 .. T H Trac & L 5s '44 T H Water Works 5s ' T H Water Works 6s '49 Trac Term Co 5s '57

STOCKS

Belt Railroad & St Yds com... 80 Belt Railroad & St Yds pfd... Cent Ind Pwr pfd 7s vir 80 Home Tel & Tel Ft Wayne.... 52 ’ Hook Drug Inc . «181% xInd & Mich Elec Co td 7s. 108 xInd Gen Serv Co 6s .103'% Ind Gas Co Com 24 Ind Hydro Elec Co xIndpls Pwr & Lit co xIndpls Pwr & Lit Co xIndpls Water Co pfd N Ind Pub Serv pfd 5's ..... n N Ind Pub Serv Co pid 6s... N Ind Pub Serv pfd Ts 97 Progress Laundry Co .........-1 Pub Serv Co of Ind gs Ribkins Pub Serv Co of Ind 7 8 Terre Haute ae Co as Union Title C

pfd 6s . 96 pid 8: Blas, 98a

R Mallory Co com xEx-Dividend.

Investment Trusts (By M. P. Crist & Co, Inc.) A

Administered Fund nd, Inc... 20.69 Affiliated Fund 12 American Ph "Shates ; Broad Street Investing Corp. . Bullock Fund, d. conury Shares Trust

wo ox

TE 36a

Corp. Corporate T torig.) Diversified Trustee Shares Diversified Trustee Shares 'C’ Diversified WAL Shares ‘D’ Dividend Shares, Inc, ive Ba) Investors, Inc. .. 26 General Capital Corporation. « § General Investors Tr PUSH “ k [Incorporated Investo 2 Market Street fnyest. ‘Corp. “ag Maryland Fund 1 Massachusetts tavesiors isi 30. 1

SD BBBD ed

‘RB

- > wn apa |, LC!

Wr BD 28553 »

Ch din

Mutual Whiestment Wide Votin

or C3 LSD ®

Nation-

CDI reBI=IEIOY + + + - © DIO EODISRITH- «+ + -

Ah Income ected Amer. Shares ected Amer, Shares orig.) ected Aimuiative ares ‘a ected Income Share tate Street Investment Corp Supervised Shares, Inc. (De [rustee Am. Bk. ‘ Trustee Standard Ojlshe. ‘A’. . LO RL .

[rustee Standard Ollshs. Produce Markets (The prices quoted are paid for stock gathered in the country, while for deity eries in Indianapolis the prices are 1 cent higher, Each oy case of eggs must weigh 55 pounds gro daess—No. 1 “strictly fresh, loss off, 19¢c Heavy breed hens, 5 Ibs. an Leghorn breed hens, hea Ny Deh Rud breed springers, 11% Ibs. over, soft meated, 13¢. Leghorn breed springers, 8c, Heavy breed stags, 8c; Leghorn breed stags, 6c; heavy breed cocks 8c. Ducks, full-feath-ered and fat, 5 lbs. and up, 6c. Geese. full-feathered and fat, Be, Turkeys, young toms, 14¢; young hens, 10 lbs. and over, ue ‘old toms, 8c; old hens, 8c; No. 2, Bec. Butter—Creamery, No. 1, 38@30 35@36¢. Butterfat-No. 1. 3500 No: No, 2

FTE ma - MADE -TO-MEASURE Gentlemen Who Seek the Finest

—- oes t 00 CO oa 1 a 3D =F =F 03 DOB ID D

wld er Tyre WD BID

‘128. ) 18.

2 332

Sw no

High. 8%

N Y New Haven Norfolk & West 2 Nor Pa

Union Pac ... abash ‘pts West Maryland . Retail Stores— Allied Stores .

Assd Dry Goods Pus Natl Stores

McLellan St Marshall Field Mont Ward .... Denney J C .... Safeway St Sears Roebuck Woolworth

Rubbers— Firestone

8S Rubber .... 66'2 U 8 Rubber pfd 109's

Steeis— Am 11 Mills...

Cruc Steel ...... 178 Keystone Steel Ludlum Steel McKeesport Tin id Steet .......

. 40 84 46

87 . 23'% 459,

Ste fd Youngstn

Textiles— Amer Woolen .. Belding Hem ... Celanese Corp... Gotham Hose .. Indus Rayon .... Real Silk

Tobaccos— Am Tob (A). Am Tob (3). 845s Lig & Myrs ‘B) 10114 Loti iar d . 24% Philip Morris, ;é 4% Reynolds T (B)., 52 Utilities— Am & For Pwr . Am Pwr & Lit ‘ T&T ' Am Wat Wk Col Gas & Elec.

Interboro IntT&T Nat Pwr & North, Amer Pac G B.. Pub Serv N J.. S Cal Edison ... Std Gas ......: Stone & Webster United Corp .... Un Gas Imp .. Ut Pwr & Lt “A” West Union ....

Local

March Bulk 8. $10.1062 10.45 9. 9.856 10.30 10, 9.706:10.05 11. .80@ 10.15 12, 9561 10.40 13. 10.05@ 10.40 15. Lights Light

9. 254 10.35 0-160) Good and Me 1 (160-180) Good She

Mediu Cishi (180-200) Sood and Mediu

Medium Weights 1200-220) Good and (220-250) Good and Heavyweights — 1250-290) Good (290-350) Good Packing Sows— 1275-350) Good (350-425) Seed 1425-550) (275-550) Seanuin Slaughter Pigs— (100-140) Good Jind Mediu

19's

| & T 964

127 173%

11:00 Prev. Low. AM. Close.

SRI NOHO WD DOD

LS pe -ro

421, 01%

Sb -n aw

—

CORD pt pt ut BIB Bt 3 om et pt

td Eee

BS dhe G3 DI DOT BS BI BS bt fd ft DT bt DT nt pt CO re fa DCI ee IDG

Livestock

To $10.50 10.35 10.10

Receipts 6000

.$ 3 13% 10.30 da 9.95

3 956 10.35 coe 9.156210.15 . 10.15 10.40 cov 0.65 10.15

» , 10.15@ 10.40 choice . 10.15% 10.55

9.954110.25 9.851 10.00

9.40% 9.65 9.25@ 0.50 9.00@ 9.256 8.256 9.50

8.50@ 9.50 7.00@ 9.26

choice

choice . choice .

sheice. ‘

CATTLE =Reteipts, 1800

1550-300 &

(900-1100)

(1100-1300)

(1300-1500)

(500-750)

Common, Good and Common,

(750-900)

Good Common and medium

$i. 001 @ 13. 330 2.30

0 75612. 50 7.506 6.75 wes 8.5060 7.50 + 12.50%13.75

‘medium. choice . medium

Low cutter and cutter

Bulls, good .. Cutter, com,

Vealers —Receipts, 500—

Good and choice .... Medium : Cull and medium

Vania $10.007711.00 .. [email protected] 5.60 8.50

Calves

(250-500) Good and Common, Feeder and (500-800) GO and on, (850-1050) Good and

ommon, Heifers— Good and choice

choice .§ 6.50@ 0.00 medium 5.006 6.50

Stocker Cattle

choice § 6.50 medium. 5.50% choice . 6.50% medium. 5.50@

8.00%

Common and medium SHEEP AND LAMBS —Receipts, 500—

hit TH 175) Good and choice .

mmon,

5.50@ 6.50

medium 4.50@ 5.50

(Sheep ard lamb quotations on clipped

basis.)

B. & 0. CARLOADINGS UP

Times Special

BALTIMORE, March 15. — Carloadings for the month of February, 1937, totaled 203,749, showing an ins crease of 21,323 over the previous year, the Baltimore & Ohio Railroad announced today.

«For Waltham Watches

have x TIE AND LINOLEUM COMPANY 139 WEST WASHINGTON STREET

OLD BTATE HOUSE BOSTON

MASSACHUSETTS INVESTORS TRUST

Organized 1924

Prospectus and Latest Quarterly Report Embodying Portfolio of Stocks Available on Request

Indianapolis Bond and Share Corp.

129 EAST MARKET STREET

HOGS OVER 160 POUNDS DIP 10 CENTS LOCALLY

Heavy Receipts Again Factor in Determining Trend of Market.

With heavy receipts reported around the packing circuit, hog prices today at the Indianapolis

Union Stockyards broke 10 cents on weights above 160 pounds.

Underweights were steady. The

local run totaled 9000 compared with 6000 last week. In 11 packing centers receipts were 70,000 against 63,000 last week. Packing sows were steady to a shade lower and the buik ranged from $9 to $9.50. Weights of 160 to 180 pounds sold for $10.25; 180 to 200 pounders brought $10.30; 200 to 210 pounds, $10.35; 210 to 2256 pounds, $10.30: 225 to 235 pounds, $10.25, and weights of 235 to 250 pounds were $10.20.

Top of $10.40 Made

Later in the session a top of $1040 was established for strictly choice 200 to 210-pounders. Weights of 250 to 260 pounds brought $10.15; 260 to 275-pounders sold for $10.10; 275 to 285 pounds, $10.05; 285 to 300 pounds, $10; 300 to 325 pounds, $0.95; 326 to 350 pounds, $9.90 and weights of 350 to 400 pounds were $0.85.

In the lighter divisions, 155 to 160 pounders brought $10; weights of 150 to 156 pounds, $9.75; 140 to 150 pounds, $9.50; 130 to 140 pounds, $0.26; 120 to 130 pounds, $9; 110 to 120 pounds, $8.75 and the 100 to 110-pound class was $8.50.

Good and choice steers and yearlings were steady. Common and medium grade steers and yearlings were unevenly steady to 25 cents lower, the medium kinds off most. Bulk steers and yearlings sold for $8 to $9.60 with a sprinkling of good and choice kinds at $10.50 to $12.75. Heifers were steady at mostly $8 to $9, top $9.35.

Cows Weak to Lower

Cows were weak to mostly 25 cents lower, the cutter grade ranging from $3.75 to $4.75. Common to medium beef cows were $5 to $6, the good grades at $6.25 to $7 and a few choice up to $8. Bulls were steady and top price for weighty sausage offerings was $6.75. Vealers were 50 cents higher and the good and choice kinds sold for $1050 to $11. Receipts were 1800 cattle and 500 calves,

Lambs were steady to strong on a run of 500 sheep. Good and choice native and fed Western lambs ranged from $12 to $12.50, with an extreme top of $12.75 for odd lots. The bulk of the slaughter ewes sold for $5.25 to $6.26, top $6.50.

Other Livestock

(Times Special)

LOUISVILLE, March 15.—Cattle—HEstimated receipts, 1000 head; receipts include around 100 head through and direct; market active, strong on all slaughter classes of cattle; mostly local demand; instances as much as 25 cents jigher on steers; numerous lots shortfed, lightweight, buteh= of steers and heifers, medium to good rade, $8.50 0.50; nothing ister offered, plainer ills around $7@ 17.75; fey. loads wo way kind to feeders, $7. San LH best fat cows, $7; other beef cows, 38, Bows. poi low cutters’ and cutters, $4@5 weight bulls, $6.75 down: ay hig feeder Hie improved; (AIEDY 8 st00K STs plain and medium frade, 4 0617.50. Calves— Estimated receipts, 550, including round 200 stock calves; vealers openin ‘on to 50 cents higher: good yi cholee, @10.50; selects scare, but few weights and med 9.50; little dairybred culls around $5, Est mated receipts, 1000 head: opening around cents | Friday irday:

nd freely. best 200: 0 1b, Su 170-; 7 ibs. $104 Bh 140-160 $0.50 10 “pik. $8. gud. oh: Sows, y 1 heep-—Estimate.' r~>ipts, 100 head: no fat lamb sales oo" irs round; undertone firm: medium Rood ewes and » qu uotable, $10. 80% 1.50; lacking salable to $12 or above; best light s Sd ter ewes eligible to $6 or above; heavies, $5.50 down. Receipts Saturday—Cattle, 56 calves, 134; hogs, 475; sheep, 1. Shipments

Saturday—Cattle, 92; Calves, 87;

hogs, none; sheep, none,

Busigraphs

GROWTH OF AIR=CONDITIONING INSTALLATIONS (THE ANNALIST)

» Q

nN o

Ilooil

1930 1931 1932 1933 1934 1935 1936

THE PARKER CORR GENERAL DISTRIBUTORS INCORPORATED INVESTORS

MILLION DOLLARS

Air conditioning installations have increased five-fold since 1933 and in the last year alone gained 50 per cent over 1935.

STOCK MARKET WEEK IN REVIEW

By ELMER C. WALZER United Press Financial Editor NEW YORK, March 15.-—Stocks reacted on profit-taking last week after the industrial average touched the highest point since 1030. ‘The market finished irregular, The week was marked by uncertainties over labor difficulties in the automobile industry and by further troubles in French finance. The latter were eliminated when the French defense loan was oversiub= scribed, Talk turned to outlook for higher automobile prices. All raw materials that go into automobiles and tires rose sharply. Nonferrous metals were strong and active. Commodities elsewhere were slightly higher,

Steel Operations at 87.3

Steel operations mounted to 87.3 per cent of capacity which would make March, on the basis of ingot output, a record, Car loadings rose to a new high since mid-December, but experts said the rise was less than seasonal. This had an adverse effect on carrier shares for a time, but they steadied. Dun & Bradstreet estimated retail trade up 15 to 30 per cent over a year ago and wholesale trade up 18 to 256 per cent. Mercantile issues were firm,

U. 8. Bonds Break

Steels often were leaders, with Bethlehem making a new high since 1030 and U, 8. Steel a new high since 1931, Nonferrous metal shares soared to new highs and then ran into profittaking that reduced or wiped out gains, Leather stocks followed a sharply rising hide market. Oils were steady. Utilities lost ground and the average made a new low for the year. Rubbers were up. United States Government bonds broke to new lows in the most active trading since Dec. 30, 1920. Selling was induced by approach of the dealine for an increase in reserves of member Federal Reserve Banks and by generally unsettled condition of the bond market,

Chicago Grain Futures

(By James E. Bennett & Co.) 11:00 High Low A.M.

Prev, Close

i. 5 5 a po 3

1. 1

ote, Lag 4 Sept. AAREEEY 4 938 sB8ellers,

LOCAL CASH MARKET

City grain elevators are paying $1.30 for No. 1 red wheat. Other grades on their merits, Cash corn, new No. 3 yellow, $1.02. Oats, 44c. Hay-No. 1 timothy, $13.560@14; No 1 clover, $15@$15.50; No. 1 alfalfa, first cutting, [email protected]; second cutting, $17.50@ 18.50.

HOLG FOLLOWS NEW POLICY IN FORECLOSURES

Adopts New System to Ease Burden of Defaulting Borrowers.

By NED BROOKS Times Special Writer WASHINGTON, March 15—A new foreclosure policy adopted by the Home Owners Loan Corp. was believed by officials today to have eliminated a major source of criticism against HOLC practice.

Under regulations adopted ree cently by the HOLC board, deficiency judgments against defaulte ing borrowers will be based on ape praisals of the “fair value” of prope erties, rather than on the prices which such homes bring at foree closure sale, The new rules are intended to ease the debt burden on foreclosed home owners. Policy in Contrast

The policy 1s in contrast to that followed by some private lenders who, after foreclosing, bid in a property at a low price and then enforce a deficiency judgment for the balance of the debt, thus not only wiping out the owner's equity but leaving him with an added burden, HOLC officials expressed a hope that the new practice might be followed by private mortgage ine vestors, Although the HOLC has been proceeding under state laws, many of which make deficiency judg=ments automatic, it has in no case attempted to collect sums from home owners in excess of their debts, officials said. Such judgments to date amount to about $4,000,000, of which nearly $1,100,000 is in New York, but col« lections have amounted to only $27,500. Judgments have been enforced only against willful defaulters who were found to have concealed assets, The new policy involves continu ation of the practice of bidding in foreclosed properties at as low a figure as possible, to keep court costs and incidental fees at a mini« mum, This figure, however, ceases to be a factor in determining the amount of the deficiency judgment, because the appraisal figure is substituted, In actual practice the new system will work like this:

Example Is Cited

Assume a defaulting borrower owes the HOLC $4000 and his home is appraised at $3500. If the property is bid in for $500 he would have been liable under the old practice for a deficiency judgment of $3500; under the revised plan he will owe only $500. If the HOLC sells the property for $4000, the original debt will be wiped out; if it brings $4500, the original owner will receive $500 in cash. If the debt exceeds the appraised value, the difference is to be write ten off as a bad debt of the HOLC, In the theoretical case cited here, officials explained that it would be unfair to seize a $3500 home and enforce a $3500 deficiency judgment -a total of $7000—to satisfy a $4000 debt, The new policy is retroactive and will have the effect of reducing or eliminating defleiency judgments now hanging over many borrowers in states where such claims are automatic as part of foreclosure procedure,

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OUR FEDERAL GOVERNMENT AND ITS THREE CO-ORDINATE BRANCHES

The Constitution of the U. S. provided three branches of the Federal Soverns ment-— Legislative, Executive and Judicial.

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How much do you know about the actual operation, the powers, duties, checks and balances involved in this “three-horse” government at Washington?

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