Indianapolis Times, Indianapolis, Marion County, 27 March 1937 — Page 13

Trends

¢ *

Abreast of The Times on Finance

¢ *

Borrowing Policies Aid Inflation, Flynn Says. By JOHN T. FLYNN

EW YORK, March 27.—The old subject of inflation rises to the surface once more. For a while, when the President was formulating his money policies and later during the bonus agitation, this terror of inflation was played upon almost daily. But recently in the general satisfaction with rising business and profits not so much has been heard of it. But since the decline in United States bonds the financial editors turn to it again with a certain glee. It is hailed with peculiar zest by financial departments, first as they seem to see a certain confirmation of their own warnings and secondly because it throws a certain discredit on the Administration. And the most popular matter you can print in a financial page is something discreditable to the Administration,

Mr. Flynn

” un

on UT is inflation threatened? And B if so, from what source? What is causing the high prices? Is it the President's monetary policies or the rise of war orders, as Mr. Marriner Eccles tells us? First there is a threat of inflation. Indeed we are already actually in inflation and have been for some time. This does not mean

we are in currency inflation, but in credit inflation or rather inflation of bank money through Gov=ernment credit operations. This is what 1s causing the high prices. Mr. Eccles attributes it to war orders. But that is only a part and a small part of the cause.

There seems to be little doubt that war orders, by American and European governments, are playing a large part in the rise of activity in the steel, copper, munitions and warship business as well as in some other commodity lines. But they are small compared with the vast amount of buying which results from government spending made possible by government borrowing.

The whole world is being lit by the blaze of government spending created by government credit. England has joined the list. Italy, Germany, France, Spain, Austria and a number of smaller countries are borrowing vast sums from their central banking systems and from their people and these sums are being used to buy war supplies.

HE same thing is true in Amer=ica, only here the far greater part is used in recovery and relief measures. In this country bank money has expanded ten billion dollars in four years and most of this through Government borrow=ing at the banks. The purchasing power created by all this has made it possible to raise prices. When Dr. Eccles says rising prices are not caused by the President's monetary policies, he is thinking of his gold and devaluation policies. But he cannot say that the President's borrowing policies are not responsible, for they are the chief and overmastering cause. How far this movement will go no man can tell. Because no one can tell when the Government's borrowing will be halted, or whether it will be halted at all. But as long as Government borrowing continues, the inflationary movement will continue. It may go so far that it may be impossible to stop it. But it can be checked now, though this will take courage. Of course the rising price trend has been helped along by the existence of numerous price pools and by the settled policy of many that high prices will make prosperity. But this would not be possible through agreement if not support-

ed by Government borrowing. (Copy right, 1937. NEA Service, Inc.)

td b-4

Fruits and Vegetables

(Quotations below, subject to change, are average wholesale prices being offered to buvers hy local commission dealers.) Fruits—Pears, California Avocados, 24s5-30s, box, $3.50. Bananas, selected, Apples, No. 1 Staymans, 2'2 No. 1 Jonathans. 2'% inches 5: 1 Starks. 22 inches up, $2 Lemons, Sunkist, . $7.50. Limes, Mexican, carton, 12s 5 Grapefruit, Texas seedless, 64s5-80s, $3.2 25 Oranges, California, Sunkist, navels. $4.25 @5.50. Pineapples, 30s, crate, $5. Strawberries. Florida, pt., 22c. Vegetables Beans, Florida stringless, hamper, $4, homegrown, bu., $1; new Texas, crate, $1.75. Broccoli, California, $3: ‘bunch. 15¢.. Brussel Sprouts, per drum, $3.25: qt. 20c. Cabbage, New York, 50-1b. bag, 90c: new Texas, Ya crate, $1.50. Carrots, California, old bulk, bu., $1.50. Cauliflower, 10s-11s-12s, crate, $1.85. Celery, Mammoth, doz. 85¢c: Florida 4s-6s-10s, crate, $3.75. Cucumbers, hothouse, doz., $1.25. Chives, doz.. ot, Egg Plant, Florida, doz. $2 N fa. bu.. 7156. Soiguce, Iceberg, California best, 80s, $7: . leaf, hot- , No. 15 basket, $1.75. Pepners, ManNo. 1s, crate, $4: doz. 40c. Mushhomegrown, 1b,, 30c. Onions, Indiana vellow, 5C-1b bag, $1.50; Western Span3h. large, $1.90, Parsley, homegrown, doz. 35¢. Parsnips, homegrown, 2 bu. 90c. Peas, Mexican, hamper, $525, Potatoes, Maine Green Mountains, 100-1b. bag, $3.25; Jdaho Russets, $3.90; Michigan Rurals, $2.65; Colorado McClures, $3.65: Florida. New Triumphs, 50-1b box, $2.40, Rutabagas.

20s-

1b.

Canadian, waxed and tagged, $1.10. Sweet |

hamper, buttons, hothouse, doz.. 65¢;: white, 40c. Rhubarb, hothouse. No, 1 | 5-1b. carton, 60c. Sage, doz. 45¢c. Spinach, Texas, bu,, $1. Shallots, doz., 40¢. Squash, Hubbard, bu. $1.50. Turnips. bu., $1.25. Tomatoes, repacked, 10-1b. basket, $1. 40@ 1

Potatoes, Tennessee, Nancy Halls, $1.90, Radishes,

(Bv United Press) CHICAGO. March 27.—Apples—Michigan McIntosh, $185 $2.15 Suwet Potatoes Louisiana Puerto Ricans, [email protected]. Carrots—Illinois, bu 65% 90c. Spinach— bu., 506 80c Tomatoes Florida, $27 3 50 Cauliflower—California, ,. $1.25 1 45, Peas Mexican, [email protected]. Celerv—Florida, 10-inch . $343.50, Onions-—Market (50-1b sacks) —Illinnis, Indiana and Michigan yellows. 40@85c.

Produce Markets

(Bv United Press) CHICAGO. March 27. — Eggs -— Market steady, receipts, 25,931 cases; fresh | graded qs. 23% ¢c; extra firsts, 24c; dirties, 21! current receipts, 2234c; checks, 20: storage packed firsts, 25c, storage Focked extras, 2%4%¢ Butter —Market steadv: receipts, 10.975 tubs: extra firsts (90-91', score), 353m 361% c: exiras (92 score), 36'5c: firsts, 3414 @25'3¢: standards, 36¢; specials, 37@3%715¢ Poultrv—Market unsettled: receipts, 5 trucks: geese, 17¢; ducks, 14@22',c: spring | chickens, 19@21c: broilers, 26@2%¢: hens 14'5@19'5¢: leghorn hens, 104 16'cc; old roosters, 124 13':c; turkeys, 15@25¢; fryers, 26'.2f@28c Cheese Twins, 17717, ¢: daisies, 17! 73,c; longhorn, 17'.@17%¢ Potatoes, Old Stock Supplies demand slow: market steady undertone; Idaho Russet @315; U. 8. No. 2 $2 Mountain, $2474 250: Minnesota Oobblers, $2.35 New Stock-—-Supplins moderate; demand slow: market weak: track sales, carlots, Florida bushel crates, Bliss Triumphs, $2.17'[email protected]: less than carlots, Texas 50-1b. Sooke [email protected].

TN Ja moderate: with weaker Burbanks, $2.80 50: Maine Green

COMMON STOCK

ISSUANGE GAINS FINANCE FAVOR

American Corporations Tend

| stock flotation.

Toward More Flexible Fiscal Methods.

By SANDOR S. KLEIN United Press Staff Correspondent

WASHINGTON, March 27.—Securities and Exchange Commission | records today disclosed American corporations are moving toward more flexible financial structures,

designed to save them from pitfalls disclosed by the last depression. SEC statistics away from preferred stocks and bonds and a corresponding sharp increase in the proportion of money raised through common stock issuance—a method which does not commit corporations to fixed obligations. During 1936, the SEC records disclosed, $1,094,000,000, or 21.6 per cent of proceeds from all types of financing, was raised through common This compared |

| with only 15.1 per cent in 1935.

More Preferred Stocks Preferred stocks, which carry a | fixed rate of return payable before

(common stock dividends, accounted

for 8.4 per cent, an increase of only

2.1 per cent over the 1935 proportion. |

Secured bonds, which make it | obligatory for corporations to make [fixed interest

{cent of the total

An increase to 24 per cent from 15.4 per cent of the total was noted

| in proceeds from issuance of deben-

| tures,

| |

which are interest bearing notes that ordinarily have no collateral behind them.

Include Conversion

In recent months there has been | a sizeable increase in the practice | known as “sweetening” bond or pre- |

| ferred stock issuances with conver- | sion features that enable the invest-

ors to exchange them for common |

stock.

An SEC official suggested an im- |

portant reason for the increase in

[common stock financing was that

corporations are seeking to build up | &uo

|a more flexible financing structure. | It was explained that in times of | depression corporations may suspend

| Wheat | Corn Oats

| loads;

| 1.121; | vellow, $1 131, | 1. 13!

inches up. | up. |

bey 49!

| | | &

| |

| | | | |

| |

Jule | October | December | January

dividend payments on common stock. But they would be obliged to pay interst charges on bonds. Another practice more common in recent months, registration ments or

corporation managements by

| families.

Chicago Grain Futures (By United Press) High 43

Prev. Close 404 dE

Wheat—

2 2.62 2 BF aAsk. CHICAGO PRIMARY RECEIPTS

Bushels Today Last Week

bBi

(two days) (two days)

334.000 (two days) .

141,000 136,000

INDIANAPOLIS CASH GRAIN Whea! —Market strong, receipts. No. 1 red, $1.39'2; No. & No. 1 hagd, $1.38; No. Corn-——Market strong, No. 3 white, white, $1.14%1.16',: No. 3 vellow,

6 ca

$1.15 @1.15'5: No. 5 vellow : x 3 mixed, $1.13';@1.15'2 No mixed, $1.11%:@ 1, 13'2; No. 5 $1.00 1, 111% i Oats— Market strong, receipts, 12 carloads: No. 2 white, 50':@b1'2¢: No. white, 49':@ 50 c.

CHICAGO CASH GRAIN (By United Press)

March 27.—Wheat-No. 1 $1.48', q 8 1 hard, $1.48'.% 2 mixe $ 45. Corn—No, 5 ne $1.18'2: No. 3 yellow, $1.20", 1.24; No. 4 yellow, $1.18% al, 22'2; No. 3' white, $1.26% @1.27'%; No white, $1.9215m 1.95: | No. 5 White, $1.2134, s—No. 1 white, 94'.@55'.c; No. 2 white, “She: No. 3 white. 3'2c; No. 4 white, 53c; sample, 52':c. Barley Feed, Tl 75¢; malting, $11.33 Soy Beans- “No. 2 yellow, $1631, | Timothy Seed 505.5 50. Clover Pee, TN pon FIRIons Lard . loose, i eaf, $11.75 nomin I | Bellies—$i6. 25 nominal, a

(By United Press)

TOLEDO, March 27.-—-Grain close elevators, transit billing): Wheat No. red, $1.48% 1.49. Corn—No. 2 yellow. $1 2 wl.22, Qats—No 2 white, LYR 241 58% Rye-—No. 2 rate): Wheat—No. red, $1.44a1.45; No. 2 red, Slay Corn—No 2 yellow. $1.16, ; No. 3 vellow, $1.14% 1.16", No. 4 $1.1171.13'2, Oats—No. 1 white, 54'.@56',¢c. No. 2 white, 53! 56¢ Produce: Butter—EXxtra, 1-1b. prints, Egrs—Bxtras, 22@22'z¢

LOCAL CASH MARKET

CHICAGO, hard,

(in

City grain elevators are paying | Other |

$1.37 for No. 1 red wheat. grades on their merits. Cash corn, new No. 3 yellow, $1.05. Oats, 44c. Hay—No. 1 timothy, $13.50@14: 1 clover, [email protected]; No. 1 alfalfa,

first cutting, [email protected]; second cut- | | ting, $17.50@ 18.50.

Commodity Prices (By Abbott. Proctor & Paine) COTTON NEW YORK

Close 1

1938) (1839)

ber January March

Mav

11938) March (1938) NEW YORK COTTONSEED OIL Close 11.17 11.22 11.18

High Low Mav . July | September

Prev. Close Close 347% 351% Prev. Close

March ceesesesessesnnsenssnses 24% 25%

showed a trend |

| Adams

1 Cal

| Natl

state- | disclosed, was the sale of all | ior portions of stocks closely held by

| Alaska

| Am

Park | St

{ Anchor Cap

. 451,000 270,000 | 420.000 |

4lc. |

No. |

| Roger

SATURDAY,

New

York Stocks

shares last Saturday. Curb transac

| Saturday.

| Transactions approximated 530,{000 shares compared with 710,000

tions approximated 218,000 shares compared with 253,000 shares last

Dow Jones preliminary closing averages showed: Industrials, 184.95, up .87; railroads 61.05, up .26; utilities |

| | | 32.03, up .03. (By Thomson & McKinnon)

High Close Amusements— Crosley Radio ... | Loews Inc .... Paramount Radio Cerp

| 20th Century { Warner Bros | Aviation— | Aviation Corp Eoeing Aircft Curtiss Wright Curtiss Wrgt * Douglas Air | Nor Am Av | Sperry Corp United Air Lines Un Aireft new Trans Cont] & W

Building—

Am Radiator Barber Co Holland Furnace. | Lone Star . | Johns Manville Libby Owens Gls | Otis Elev oh | U 8 Gypsum. | Warren Bros .... Chemicals— | Air Reduction .. 72 Am Com Alcohol 20% Com Solvents . 8% Du Pont . | Freeport Tex Liquid Carb | at Alkali | Monsant o Chem | Natl Dis (new) Schenley Dist .. | Tex Gulf Sulph 40% { Union Carbide .10 415 'U 8 Indus Alco alls | Am Home Prod. 47! Drugs— Bristol Myers Lambert Lehn & Fink | Parke Davis Walgreen

Low

Fox

2D 38% 43 70 144 hata 37

— — 03

WDLILN LI UN 03]

Raa EN Cm Na IN

DANII = WD Ir==1OWPOLS “II ~1 DVDS — WO SIDI DION ID wir alr DWI —- Hol. 4 w

Un Drug Vick Chem Equipments— Am Brake Shoe Am Steel Fdy Bald Loco Gen Elec . Gen R R Sig Poor & Co .

(new). vB

| Pullman Inc

West Air Br Westingh Elec Financial— EXp .... Allegheny Corp.. Comm Credit Chesa Corp “ Comm Inv Tr.. Transamerica . Foods— Am Sugar Armour Armour 677 | Beatrice Cream Borden Prod Packing Can Dry Gin Ale 24 Coca Cola 169 Cont Bak Corn Prod { Crm of Wheat : Cuban Am Sugar 3 Baking 16

| Gen Foods | Hecker

Prod Biscuit D Prod Purity Bak S Por Rico Sue. Std Brands ‘ | Swift & Co Swift Intl “ United Fruit Wrigley Household— Col Pal Fret | Congoleum | Proc & Gamble Servel Inc | Simmons Bed Mining— Jun Metals Smelt Anaconda . Cal & Hecla . Cerro De Pasco.

Natl

| Dome Mies | Granby

C4 Nor Or ‘° Howe Sound Ins Copper Int Nickel

| Kennecott Cop ..

McIntvre Mine . Utah . Phelps Dodge Joe Lead .... U 8 Smelters . Vanadium 3 Miscellaneous—

Chalmers Am Can Am Mach & Fdy 22% Brkivn Man Tr . 43 Burroughs Add . 32 Contl Can . 60%, Tract 915 >> Bi

67% n9 26%

| Streevaier . White Mtrs | Yellow Truck Motor Access— Bendix

* | Bohn Alum

"| “

$1.24611.25 Track prices (24 Tac i

| Tidewater Assn Un Oil of Cal Rails— | Atchison .. . | Atl Coast Lines IB «0

Can Pacific

Del Lac & W Erie Erie Gt (IN | K

Dehigh “Valley "|. 3 Lou & Nash .

30 WorSern pie ] co Tal . 34

Macy | MeSror: v Marshall

i Sears Roebuck . Woolworth Ruhbers— Firestone | Goodrich | Goodyear RY S Rubber Steels— | Acme Steel Am Roll Mills .. Beth Steel ...... 97

Prev. Close |

| Ludlum Steel | McKeesport | Mid Steel

High Low Cruc Steel Inland Steel “a Keystone Steel Tin 41'4 . 4578 86

29!

Natl Steel Otis Steel

| Rep Iron & Steel 451,

Sharon 393 8

Warren Pip&Fdy

| Youngstwn S&T.

Textiles— Amer Woolen Belding Hem ..

| Celanese Corp .. { Collins Aikman..

' | Indus | Real

| Am Tob | Am Tob | Ligg & My

Gotham Hose ... Rayon Silk Tobaccos— GAY “B" CB

| Lorillard . « | Philip Morris | Reyn Tob “'B"

¥en » @ a

| H | Ind Assoc

Z| Ohio

Advance Alum .. | Allied Products 4 | Asbestos , | Bastian Bless | Butler

| Chicago P 5 | Chicago Yellow Cab | Cities Service

| Consolidated Biscuit

| Lion Oil

| Interboro R T | Int |Lou G & E “A” | Pac G & E

93, | Pub

Utilities— or Pwr

Am Power & Lit T f +. 168

— Pt BD TY et ht

~SIDII LDN WDD

TS T

North A

LEI m= me hI CS

Peoples Gas "inn Serv N J So Cal Edison

EI lI LIDD =] rt Ld WI DUI DE : <

0D ULI BSB DB

& Webster 2 Corp Un Gas Imp

Ut Pwr & Lit ‘A’

| Western Union

Chicago Stocks

| Dayton

(By Atkins, Hamill & Gates)

Manufacturing ng

now

Brothe Bhnols Publ, Cor

“30

Central Service

Commonwealth Edison

- 3.3 3 NRE S He

d Corp Rubber General Household Great Lakes predge

Cor

“313 SIAR NETO SUIT ID D Nm :

by Ne and Libby .

Mid-West Corp

| Noblitt Sparks { Public Service North Ill 2 | Schwitzer-Cummins

| Utah

| Arkansas | Barium

Signode Steel Radio Prod Walgreen % . William Oil.O-Matic Woodall Industries

Zenith 343,

Prev. close 6% 118'2 164 | a7 4]! 45 83) 2 217 44°, 38% 117 » 145 913%

1 554% 1034

134 3% 214

80 8215 101% 241y Tay

qa 17s

BO rst BS TN CODD BD mt pt BD WB bet DD (0 bt pt =

an >

HLA ATWUNAIDN =WOWNHUWL OD -

-1

grat] ° -

[3 td »

30d

03 — 0D ee LO a UTES ON 0s ~T00 da LOU LOT

3 > a

— — o- Bo 3 Ne PB aX@esdn ®

Vt BO pt BI BD 0D

New York Curb

(By Hamill & Gates)

Close 168%

Atkins,

Aluminum Co of America American Cynamid 'B"” Am Gas & Electric Natural Gas Steel Chicago Fiexible Shaft Columbia Oil

| Consolidated Copper

| Eagle Picher

Lead Electric Bond & Share

Ford Motors Canada “A”

a | Gulf Oil Penn | Humble Oil 2 Refining Co.

| based on buying 2 | recent transactions

! HS dad

Hygrade Foo Vitamin

| Lion Oil

| sent

Citz Ind Tel H.

Rubber Hudson Power Airways

National Niagara Pan American Root Petroleum Rustless Iron & Segal Lock Spencer Store Standard Oil of Ohio Sunray Oil ves Tila Roofing Twin Coach

Steel

167!

MARCH 27, 1937

LACK OF BUYING ‘DEMAND FORCES

. HOG PRICES OFF

Weights Above 160 Pounds Feel Maximum Decline

| Of 25 C Cents.

prices 10'2 |apolis Union Stockyards.

Lack of buying demand forced hog | ; at the Indian-|3?

lower today Weights

| above 160 pounds were mostly 25

| cents

| brought

lower than yesterday's high and the underweights were 15 cents

off. | holdovers.

(ranging from $9 to $9.65. Weights »f [160 to 180 pounds sold for $10.20;

| 180-t0-200 pounders brought $10.25; | 210 to 225 |

[200 to 210 pounds, $10.30; | pounds, $10.25; $10.20 and weights of 235 | pounds were $10.15. Weights of 250 to 260 $10.10; 260 to 275 pounds 275 to 300 pounds, $10; 300 to 325 pounds, $9.95; pounds, $9.90 and weights of 350 to 400 pounds, $9.85.

Week's Steer Top $15 155-to-160

225 to 235 pounds, to

were $1005;

lighter divisions, sold for $10; 150-t0-155 pounders were $9.75; 140 to 150 pounds, $9.50; 130 to 140 pounds, $9.25; 120 to 130 pounds, $9; 110 to

In the pounders

120 pounds, $8.75 and the 100 to 110- |

| pound class was $8.50.

the close of last heifers and

with yearlings,

Compared week steers,

| medium and better grade cows were

cows

were

Cutter grade Bulls were 25

cents higher. steady.

fully

[cents lower,

The week's steer top was $15. | Heifer top was $10.50. The bulk of | the heifers brought $8.50 to $9.50.

| Top price for sausage bulls was $6.50.

| closing | were 100 cattle and

Lightweights—

| Medium Weights

Vealers were 50 cents lower top of $11. Receipts today 75 calves. cars of strictly choice 87wooled fed Western lambs steady at $13. Receipts

Four pound were fully were 1000,

HOGS March Bulk 20 $ 9.906 1030 10 00% 10.40 9.904:10.30 9.65% 10.25 10.0041 10.40 10.15% 10.50 10.004,10.30 Light Lights (140-160) Good Medi

Top Receipts 5

and um

choice

$ 9.25@10 oo B15 BA

10.00% 10.25 9.206 10.10

(160-130) Good and choice... Medium (180-200) Good and

choice. . Modium .

9.704:10.10 10.20% 10.30

1200-220) 2: 10.10% 10.25

-250) weights -290) Good 1290- 350) Good

and and

Good

choice choice. .

10 10.00

and and

10.00% 9.85

choice. . choice...

2 | Packing Sows

4 sinus Zhter

Local Securities

(By Indianapolis Bond & Share Corp.)

The following quotations do actual bids or offerings, but indicate the approximate market and selling

BONDS

(TH) 4's Tel & Tel Ft W §'cs lel & Tos FLW = 43 Tel *'ss “ Inarana fei Co os -o Indpis Railway Inc bs "67 indapts Water Co 3'zs '66 Interstate Tel & Tel 5lus Kokomo Water Works os Morris & 10 Stores 5s Muncie Water Works 8 Noblesville H L & P Tel Serv 6s Richmond W W 5s '57 Seymour Water Co 5s '’ H Trac & L 5s '44 Yah T H Water Works bs "56 .

Bia 101 10312 104 v2

61 39

KX] '58 . 30. . "65

| T H Water Works 6s '49 | Trac Term Co 5s '57

xBelt Railroad & St Yds com ! xBeit Railroad & Bt Yds ptd Cent Ind Pwr

| Home Tel & °

Ind Gas Co Com

| xInd Gen Serv

| xInd & Mich Elec Co pfd 7

| N Ind Pub Serv

xHook Drug Inc 108 Ind Hydro Elec Co Ts “ xIndpis Prw & Lit Co pfd 6s 96 xIndpls Pwr & Lit Co pfd 6'.s "he xIndpls Water Co pfa 5s . N Ind Pub Serv Co pfd 5'zs.. "82 N Ind Pub Serv Co pfd 6s5.... 8 pfd Ts.. 93

| xP R Mallory Co com..

| Pub Serv

s | slaughter sheep around 50c¢ off:

a |B

| 7) |

{ J Sok

| other

| stockers, | and heifers,

| bulk good and choice, {and medium,

| bulk

| bulk desirable, | weights above

| | | | |

| lambs,

| 32 Tow. 75. 1

Market

Progress Laundry Co Pub Serv Co of Ind 6s Co of Ind Ts Terre Haute Elec Co 6s Union Title Co com Van Camp Milk Co pfd Van Camp Milk Co com xEx-Dividena

- Other Livestock (Times Special) LOUISVILLE, Maren Cattle ceipts 50; today's trade pominal All classes slaughter cattie closing tirm; [broad demand unchanged: |2nd yarlings medaium to low 9.50; best lightweights and | Refers, $10, common killers down to around 86. fat cows, fleshy cows, $5.506 6.50; and cutters predominated at best butcher bulls, . most sausage $6@ 6.75: feeders, $8.50; . few Western "$88.50. calves steady at All grades top and

load 8

0.50 Mis closing top $9@ 10.50; $679; culls, $4w@ 6 run includes load stock 106 15¢ lower; top, anda up, $106.10 25;

Receipts, 250, hog market, 170 Ibs. week; for the period; week's 170-270 270 8 comparable 140-160 lbs. 130 S., [email protected]:. most $9. Sheep—Receipts,

Ihs practically $9.50 10 SOWS, few, none; for Closing lambs,

top. choice old crop

not r merely

for steady. stockers and teeaers in fairly most beef steers good, $8.50 50-1b

epre-

evel

105 106% 106%

103 110 104 105 8

61'2

a | 23 : Common,

201% ‘80 UB 100! 106 by

373

Re the

low cutters $3.75 5.25;

bulls,

inquiries or |

106 ig | Common and

{

ket

bulk |

steers Receipts, down: around $1 $10.50 common Hogs

100; for

DIRS |

$10.25 for today's loss leaves prices unchanged high mark, $10.40 89.90m 10 30; lacking.

the

120-

$8.50 8.75, all classes week

$12;

| $12.60:

| on

| bulk natives, $15

medium to good grade predominated at $11 |

12; week's top. weights mostly Te slaughter spring lambs, 17. Receipts Friday—Cattle, 82: 306: hogs, 725; sheep, 34. Shipments day— Cattle, none; calves, 215; hogs, sheep, none.

$12.50; common weighty but £5.50 own:

By United Press) Ind., March 200-225 lbs... 180-200 Ibs 4

WAY NE, 10c lower;

250 Ibs. $10.10;

65 130-140 1bs., 100-120 bs. $7.75; calves,

(By United Press) LAFAYETTE, Ind, arch 10% 20c low pigs, steady 5... $10. 10110 90+ 295-950 bs. 250-275 La 8069 85: ! -200 Ibs $104 10.10: bs.. $9.50 9.85: 130-150 Hag S 1o0- 130 Ibs., $8@ 8.75. Roughs calves, $10.50 down: lambs,

$9. 30: . 38 70; , stags, 25,

27 -

Daily w Price Index

NEW ORE, March 27.street's aily weighted 30 basic commodities rice

| United Press (1930-1932 average 199):

| Thursday

—Today—156.35 ..154.18 Year ago “. 152.04/1937 high .. 144 67 1937 low

Week ago . Month ago __ (Copyright.

12 3

good 61-63

of season, $16 and , calves,

Fri176

$10.50

$917 5.25 $9 25 down; $11.50 down.

-Dun & Bradindex of compiled for

the

0.50 4.18 41.47

131. Dun , & Bradstreet)

* The Indiana National Bank

of Indianapolis

SAFE DEPOSIT BOXES

light - |

275-350) Good (350 425) Good 4 50) Good Medium Pigs — Good and choice Medium

CATTLE

100— vee $12.25 + B.1b@ 800m 9 . 6.25@ 8 . 13.00@14 10.256 13.1 8.006110 28 6.75% 8 13.00@ 14.25 10.254213. 57 10.7F 13 2914 2% 10.75@ 13.25

5501

-140)

Receipts Choice , Good Medium Common 8 hoice rood . Mod jum Common Choice Good . Medium Choice Good

13 12

(1100-1300)

11300-1500)

Heifers $10 257 11 2! Good ‘a . 0.25610 Common 6 9.25 Good and choice 0.256111.25 Common, medium. 6.25@ 9.25 Cows

(500-750) Choice

anf a0 fe

$ 6.50 T.F 5.000 6.F 3.75@ 5 8.800

7 500@ 6

medium v cutter and cutter .. Bulls, on ‘ . | Cutter, com, rue Vealers Recein 5, 1 Cood and choice ! { Medium | Cull and common Calves (250-500) Good and choice .$ 6.50@ medium 5.00@ Feeder and Stocker Cattle (500-800) Good ana choice & 6.75 Common, medium (850-1050) Good and choice . Common, medium

$10.00@ 11 8.50410 5.500, 8

9 6.

Heifers— Good and choice Common and medium SHEEP AND LAMBS

—Receipts, 1000— 50413

$1: 11.75 12 10.75 11

[email protected] |

b.50m 4.50

choice meditm

(90- 175) Good and Common, (Sheep and

Other Livestock

(By United Press)

March 27. Hogs 8200 direct

5.50

Receipts, hardly

CHICAGO 8500, including enough supplies ket: steady. top Cattle—Receipts steady; choice and steers 25m 50c higher 5¢ higher: good and choice beef cowz 25¢ higher on shipper accounts » grades beef cows, cutter grades and . 10@15¢ higher vealers steady on d market growing sc ity . all weights, main market $15.90. hich for march in nine best vea ; fed heifer largely $f 3.5 short fed steer finishwd kinds, $14.50 up; close active killing classes Receipts, 3000; steady ;

higher: top early $12 top. $12.85: fat sheep scarce, lower: bulk for week, Colorado Western lambs, $12 1071 12.35; $12.25% 12.40 clipped lambs, lat» top. $11: ‘nlorado pringers 17 50 early. closing bulk fat ewes, $6@ 7

on $10.55, 500:

nominal caves prime weight heifers steady

100; mar-

top years

run; all Sheep 35% 50¢

fat 10, closing around and Colorado $104 10.50; $13.50 top

around $13

We solicit

applications for first mortgage real estate loans on well located Indianapolis property.

Nominal expense. Attractive Interest Rate,

Fletcher

Trust Company

N. W, Corner Pennsylvaniaand Market Sts,

| N.Y. Bonds

PAGE 13

DAILY BOND INDEX (1026 average equals 100) Ind. Rails Utils 20 20 20 Today ...... Thursday Week ago

| | Month ago

, | Packing sows were 15 cents lower, |

pounds | :

325 to 350 |

with a |

10.206210.30 |

3 | Sou J | Sou

| Texas )

5 | Western

5 | Fed

| Hanover

6.50

lamb quotations on ciipped |

hand to make a mar- |

me- |

finished | feature: |

lambs, |

75¢ | fed |

| |

Year 1937 high 1937 low

ago

1937, by

(By F. 8. Moseley & Co.) U. S. GOVERNMENT BONDS

= “<

Treasurys 1047-52 1044-54 1046-56

DODO re PATI RPDOOW BO BDI 9 Ed

Receipts were 1500 with 1318 3

1951-54 1956-60 1956-60 1949-50

Home ‘Owners Loan

250 | 31

2 102.26 . 101.6 DOMESTIC Today's Bond Leaders— { Chesp Corp 5s '47 | Rep of Cuba 5':s [Rep Steel 4'55 '5 | Southern R R 61 Youngstown 3'gs

Prey Close he 33a 131! 5 . : 613% ' 200! 10574 14614

Alleg Corp 5s ‘44 Am Frgn Pow 5s 207 Am Tel & Tel 5'25 '43 Arm & Co (Del) 4s '5 | Atl Coast Line 45 '5 | Atl Coast Line 4'zs ' Atch Top & S Fe 4!;¢ & Ohio & Ohio 6s 'f & Ohio 4':s Beth Steel 4'4s '6 Chi Milw Chi Milw Cleve Un T Col Gas Can Pac Cent Pac Big Four Big Four ‘63 | Coloradn ao So 41; | Chi & West Ind 4s | Chi & Nor West Con Gas 414s | Chesa Corp 5s ° | Del & Huds 4s N Y Dock 4s '5] NY ag 5s n Erie 5s '75 . | Brie bs "67 | Grt Northern *G' Grt Northern “H" | Grt Northern 4'.s '17 Stl Cast WW 5:5 & Manhat Ref 5s | II1 Cent 4%s ‘66 II1 Cent bs '63 Interboro Rapid Trans | Interntl Hy Elec 6s '44 Interntl Tel & Tel 4'.s Internt]l Tel & Tel 5s 'bH5 | Interntl Tel & Tel 4'ss Lehigh Valley 4s 2003 ve McKess & Rob 5i.s5 '50..... Natl Dairy 33s '51..... Natl Steel 4s '65 Nickel Plate 4'.s Nickel Plate 5'.s N .Y Cent 5s 2013 { NY Cent Conv 6 °’ | Nor Amer Co 5s '61 Nor Pac 3s 2047 Nor Pac 6s 2047 New Orleans Term 4s '3 Penn Ry 4s ’'63 | Penn Ry 4's '84 ... Penn Ry 4Y%s '81 | Penn Ry 3%s '70 Portland Gen El 4'2s ’ | Para Publix 6s '55 ' tPenn P& 1. 415s 81 | Pos stal Tel & Cab 5s { Shell Union Oil 3':s Socony Vac 3'is Sou Pac 4's 'A8 Pac 47,5 '81 Pac 4s '49 Rail 4s '56 . Rail Bs ’'5 Rail 615s °' Pac 5s Third Ave Adj | | Union Pac 4s ‘47 United Drug 5s | US Rubber 5s °' Warner Bros 6s ' Mary | Western Union " Youngstown S & T '61 Youngstown S & T 3's '51

FORFIGN ‘56

46.

4s rls 46.

45 Gen Hud

‘49 5%

5s "66.

Sou Sou | Sou

146'%

Australia 4',s Brazil 8s ’41 Canadian Govt French f%l23 '41 German 5'2s ‘65 German Ts '49 |. Italy 7s '5l Japan 6';s Rome 6':s

100 50 1055, 11814 2354 20%, 84 9414 73%

041, 3%

Unlisted Stocks

‘By Blvth & Co.)

5 ‘59

| Bankers | Chase Central | Chemical uh Continental Tilinois First National Boston. Guaranty Irving Manuafcturers | National City National Shawmut FIRE INSU RANCE | Aetna Fire Insurance American of Newark.. Baltimore American .. eral oe Franklin Fire Vins Great i Insurance. ... Hartford

Trust

Hanover

Fire | Phoenix . National Fire National Liberty | Jos, River U

SS) | Wostehester Fire . IE

75 |

March

cars or 1.4

| Bonds 60

2 | by

+ | York Central

2 | Chesapeake & Ohio

. [to a new

° | Bradstreet

. |of Chrysler

TOCKS FIRM IN LIGHT TRADING;

U.S. BONDS GAIN:

Steel Shares Helped by Out-

Standard Statistics) |

look for Boost in Rate Of Operation.

By United Press NEW YORK, March 27.-—Stocks | firmed in dull trading today. U. S | Government bonds made moderate gains. (lower. May and July wheat and all | corn positions made new highs. Cot- | ton made small gains. Absence of many traders for | Easter holiday reduced volunie

the on

_ | the Stock Exchange.

Outlook for a rise in steel opera[tions to new highs since May, 1929 | helped steel shares. U. S. Steel reached 119%, up 1% Bethlehem 96%, up 1':, and Republic Steel 45':, up Republic was the most actively traded issue on the | board. Most railroad issues | vances of fractions to a point, rising car lloadings.

made adhelped

Atchison Up a Point

Atchison rose nearly a point. Smaller advances were noted in New and Pennsylvania. | Baltimore & Ohio was up 114 at 38 rallied to a | small net gain after touching a new |low for the year at 57%, off “i. Utilities were little changed. { Philadelphia Co. 6 per cent pre- | ferred, however, dropped 5 points low at 90 on a single | transaction. Columbia Gas equaled { its low at 157«, off 1% American Commercial equaled its high at 29%, up 1% and U. 8. Industrial touched 41%, up 2. R. H. Macy jumped more than a [ point to 5215, Easter business was expected to make a sharp gain as | compared with a year ago. Dun & found business so far 112 to 30 per cent over the com- | parable week of 1936.

Motor

Homestake Mining jumped points to 429, a new high. Stockholders will be asked shortly to vote on a 4-for-1 split. Other gold | mining stocks were firm. | Texas Corp. rose a point to above | 539, responding to a favorable earnings report. Other oils registered smaller gains. Virginia Carolina Chemical issues were better, with the common at a new top and the | preferred equaling its high. Motor issues were firm in dull | trading as traders awaited outcome conferences. Mullins | Manufacturing B rose more than a

Issues Firm

; | point.

Money and Exchange

INDIANAPOLIS STATEMENT | Clearings $ 3,151,000 | Debits 7,642,000 Clearings 16,411,000 Debits tor

for week week

TREASURY STATEMENT (By United Press) WASHINGTON, March 27 —Goy ernment expenses and receipts for the current fis cal vear through March 25, compared with 1 4 year ago This Year Last Year Expenses $5,426 681 785 . 266.762.5778 .46 Recepits 3 . 5 3.060,360,767.95 | Deficit 1 7 2,206.392,810.51 | Cash Bal. 1.7 ,923.126,381.17 Pub. Debt 34, 436.657,5987.63 Gold Re. 11/1 176,842 356.47 Customs 286.580,412.41

606. 600, 706 35

342,916 558.5

FOREIGN EXCHANGE (By Abbot, Proctor & Paine) Prey Close $4 8854 0459! 09261, 1684!

Clo ose $4.88 0120 0-16 526%

Par $8.23097

Country England *France Italy Belgium Germany “Switzerland *Holland Norway Sweden Denmark ' Canada 1 is undetermined

N89 1 1695 .4033

ea 140217 22 2701%

54751,

2278, 5473 2456 2520 2182 1.0016

4537 4537 4537 1.6931 *Par

BUSINESS EDUCATION

Strong Accounting Bookkeeping, Sienographtc and Secretarial courses. Day and evening sessions. Lincoln 8337 Fred W. Case. Principal.

Central Business College

Architets and Builders Building Pennsylvania & Vermon*® Sts., Indpls.

Carloadings Climb The Association of American Railroads today reported loading of revenue freight for the week ended 20 totaled 759,269 cars,

an increase of 10,276

per cent in the week.

Other bonds were irregularly |

New Business Books Available at Library

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

“PRINCIPLES OF ECONOMICS” By Frederick S. Deibler

Institutional changes effected or attempted under the New Deal have been given careful consideration in this volume.”

“STOCK EXCHANGE PROCEDURE" By Birl E. Schultz The detailed story, for new plovees, of the procedure and chanical operation of the New Stock Exchange HOW TO FIND AND FOLLOW YOUR CAREER” By W. J. Reilly impor tance of some orderly procedure young men or women can an intelligent selection of work

emme-

York

“The developing whereby arrive at their life's “OUTLINES OF MARKETING" By Hugh E. Agnew A first course in marketing, scien= tific in treatment, but elementary in form “ACCOUNTING PRINCIPLES FOR ENGINEERS" By Charles Reitell

engineer able to

“The be at

in industry must analyze every deta

of roduction in

37 |

43,827,000 |

40221 |

d parcel

of dollars and cent

New Bond Issues

Houston It Indpls Water Kansas P & 1, ¢ Koppers Co 4s Kresge Foundatic Los Angeles Rev | Louisville G & KE 3! Mengel CV 4's Mnotro Fd 4 Narra Elec N ¥ City N Y State Northern Norwan . Ohio Edis Okla G & E Okla Gas & Otis Steel 4! Pac Li hting

Pub Sve

Investment Tr usts By M. P. Cri

tered Fund 2d Ine

Admini ated B ind

Corp "AA Corp “AA Corporate Trust Diversified Tr Diversified Ti Diversified ‘I } Dividend Shar Fundamental \ General Capital General Inve Incorporated In \

Py oduce Mar rkets

quoted ar the country

e pald f

while

gl 1 pound Eggas—N 107 Heavy bree Leghorn bre breed springen 1 eghorn breed tags, 8 Leghorn

cock 8¢

ESTATE Administration

oN NP = wor? 3 " = INDIANA TRUST

COMPANY

memeser FEDERPL DEPOSIT INSURANCE ORPCRATION

Do You Do The Right Thing At The Right Time?

Do you know when to make a duty call? Do you know when to leave cards? Can you make a graceful introduction? Do you know how to enter a theater? Do you know how to walk with two men friends on the street? Do you know if you may invite a man friend to call on you? Should you thank a man for a social courtesy? Do you know the proper form for a formal dinner invitation? Can you set a table properly?

woman and not her husband? Do you know how to dress properly for all occasions?

You will find helpful information on these and many other points in the booklet "Etiquette for Everybody" ready for you now at our Service Bureau at Washington. Send the coupon below, with a dime enclosed for your copy:

CITY

SEBEL EI II EEE E EEE IEEE EEE ENE Es

Can you invite a

CLIP COUPON HERE

Dept. B-109, Washington Service Bureau, The Indianapolis Times, 1013 Thirteenth Street, Washington, D. C.

| want the 24-page bound booklet "Etiquette for Everybody," for return postage and handling costs:

STREET AND NUMBER +vuuvurrsrnsrsssssnssnsrnsressnssssssssssreseses

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and enclose a dime