Indianapolis Times, Volume 47, Number 17, Indianapolis, Marion County, 30 March 1935 — Page 14

T rends Hignlights of News During- Last Week. —BY FREDERICK MATSON

Tims finaiiriil Writer A~BFTER a 48-hour deadlock. ron- - gressional conferees Thursday night struck down the controversial Thomas silver inflation amendment and reached a eompeite agreement on President Roosevelt's $4 880.000 000 work-relief bill. The lareest appropriation measure in national history emerged in a form almost certain to be approved by the President. The conference report satisfied the warring clemen*s and left, little* ground for any fresh assaults upon the bill. De*-pi f e previous threats of a filibuster in the Senate by Senator Thomas D. Okla.i. members of the silver bloc asserted that they would not stand in the measures path A constitutional amendment to eliminate all tax-exempt bonds in the future was advocated by Bernard M. Baruch, financier and adviser to five Presidents. Testifying before the Senate Munitions Committee on plans to take the profits out of war. Mr. Baruch said he possessed some tax-exempt bonds but favored their elimination as a means of "making taxes fairer ” . A 2 or 3 per cent retail sales tax was predicted for Indiana by Clarence A Jack-on, state gross income tax director. Mr. Jackson is on a study tour as chairman of the research committee charged with submitting a tax program to the special session of the Legislature to be called by Gov. Paul V. McNutt. . . Advertising for bids on approximately $7 000.000 in bonds to enable the Utility District of Indianapolis to acquire the plant and property of the Citizens Gas Cos. will probably be made next week. Albert Rabb. attorney for the Utility District, announced Wednesday. . The resolution, drawn by the district, declares that the bonds to be offered are to be pain solely and exclusively from th“ income and revenue of such utility property and shall not in any reyprrt be a corporate obligation of indebtedness of the city. • * ft"HE Belgian Chamber of Dep--1 uties today approved Pr p tniei Paul Van Zeeland's proposal to suspend the gold standard and devalue the belga by 25 per cent. In bis proposal yesterday the premier said the reta sing on gold would b** fleeted if. and when, an international currency agreement was reached. Formation of an equalization fund to protect the belga against fluctuation also was advocated. . . . Observers m Washington, although alarmed at thedeveloping European monetary crisis, predicted that the devaluation of Belgian currency will have a negligible effect, of itself, upon American trade. ... In the meantime. Treasury officials adopted a new method of short-term financ,ng. Instead of borrowing SIOO.000.000 weekly, as has been the practice, the amount will be restricted to $50,000,000. ... A national eo-ordinated land-use program under the direction of Rexford Ct. TugwelL Undersecretary of Agriculture, was in the final stages of formation this week. Mr. Tugwell was appointed by the President to head a concentration of present government agencies concerned with land use. At present a large number of government bureaus are administering policies which, officials concede, are conflicting because of lack of a entral directing force. . . . For the first time since 1930 the 100.000 mark was passed in the weekly production of automobiles and trucks in the United States and Canada last week, according to Cram's Reports. Inc Th** estimated output was 100.065 units, compared with 97.090 recorded for the preceding week Production in the corresponding week a year ago was 81.896 units.

REVERSING the position for income tax publicity it has maintained consistently in .eeent years, the Senate Thursday voted. 53 to 16 not to open the file of • pink sho" data to the public Raze. An amendment to the income tax bill, however, was attached permittinz state and municipal ax officers to examine any income tax return on official business. Senator Robert La Pollette • Prog. Wis ' led the unsuccessful fight against repeal of the "pink slip'* section. United States foreign trade in February showed a substantial decline from January, according to a Department of Commerce report. Exports totaled $163,006,000 in February compared u ith $176,233,000 m January and $162 729.000 in February. 1934. Imports were $152 - 537.000 for the month, compared \u*h $166 993.000 in January and $132 735 000 in February last year. . . . Meanwhile, government -pending hit anew peace time peak with Treasu® figures showing expenditures in excess of $5,000,000.000 so far this fi-cal year. The period covers from July 1. 1934. to March 25 1935. less than nine months Expenditures were nearly S3OO 000 000 above the corresponding period last fiscal year ... A general reduction m light and power rates was seen this week as a major goal of the new public works program. The movement to cut monthly utility bills by government financing of municipal plants went forward on two fronts—in the office of PWA Administrator Harold L Ickes and various state legislature- Spearhead of the Federal program is New Yorks proposed sls 000.000 municipal plant to supply city buildings. ... In Texas, the House of Representatives passed by unanimous vote a bill providing for the elimination of ga- waste in the state. The bill stipulates that stripping' 'operations. the chief source of waste, will be unlawful. SILVER IMPORTS RISE Shipment* Amount to $<*.145,317 for Week of March 22. B* f rr<„ WASHINGTON. March 30-Sil-ver imports for the week ended March 22 ro.-e sharply to $9.145317 from $1 496 100 during the preceding week, the Department of Commerce reported today. Most of the gam was the result of heavy purchases from the United Kingdom. These totaled $7.995 578 Other leading purchase* were from Canada. $295 435; Mexico. $730328. and Peru, $55,850.

PAGE 14

CURRENCY WAR IS IMPLIED BY STEEL THREAT Emile Francqui, Belgian Iron Leader, Warns Britain. BY BARROW LYONS liibm Financial Editor NEW YORK. March 30.-Steel men here were watching with close attention a drama in international commerce that was unfolding today in the trade struggle between England and the Continent for world markets, the latest move in which was reported to be a warning from Emile Francqui. industrial leader of Belgium, to the iron masters of Britain. According to dispatches from Brussels M Francqui has informed British authorities that if Great Britain persisted in using currency depreciation to further its own ends, it might expect competition in the iron and steel markets of the world such as it had not received for a long time. British imports of Ton and steel have risen 40 per cent over the figures of a year ago. The British government has announced that in view of this situation, additional import duties amounting to between half and one-third of the value of merchandise would be imposed next w.-ek on a number of iron and steel products, chiefly blocks, billets, slabs, bars, section girders, beams, joists and pillars. May Adopt Japanese Plan Belgium, it has been pointed out, can not hope to invade the British home market for steel and iron by leaving gold and keeping the belga beneath the pound, but if political conditions shape up in such a way that the industrialists do not lose their grip on the government it might pattern its practice after the Japanese. Japan has depreciated its currency several notches lower than the pound, and has consistently kept it under sterling for the selling advantage to be gained in world markets. So long as the gold bloc continues to base its exchange currency upon gold. Berlin may continue to hold an advantage in world markets. exchange experts, declare, but if a policy of ruthless trade competition through depreciated currencies is begun the picture will be entirely changed. How real the threat to Britain is may be judged from the fact that last week British steel shares tumbled sharply upon the very threat of Belgian competition. Difficulties May Increase How such commercial warfare might affect the steel industry of the United States is not at present clear to steel men here, but the figures of American exports suggest increasing difficulties in world markets. Exports of steel products, excluding scrap, which is going chiefly to Japan, showed a decrease in January from the same 1934 month of 14.123 gross tons, or 15 per cent. Exports in gross tons, less scrap, for the last three months for which figures are available, together with the figures for the previous comparable months, were as follows: Gross Tons. Gross Tons. 19'V 1934 Jtnuarv IS.<>2B 90.751 1934 1933 Pfcrmbrr 86 294 83 602 November .. R 2.697 71.997 Three months 245.619 246.350 Further inroads of Belgian steel producers are expected by American steel producers as soon as the recent reciprocal trade treaty goes into effect the end of this month. The pact reduces the tariff $1 to $3 a ton on steel products from Belgium, and hence from other countries having a “most favored nation’” clause in their trade treaties with us.

Local Livestock

R-prmted from yesterday) HOGS Mar. Balk Tod Receipts. -3 $8 6042. 8 75 $8 80 1000 25. 8 8.4 J 9 00 9 00 4000 26. 8 85vt 9 00 9.05 5000 27 900 *7 925 925 4000 "8 9 004i 9 10 9 15 5000 29 9 05l& 9 15 9 20 4000 Ugh* light: 140-160' Good and choice *8.5047 900 Medium • 8 00 u 8.75 Light weight--160-180' Good and choice .. 9 05,7 910 Medium 8 5041 8 85 180-200* Good and choice .. 9 104/ 915 Medium ■ 8 65 h 890 Medium weigh’* 200-220 > Good and choice 9 1 047 9 20 • 220-250' Good and choice 9 054/ 9 29 Hea*T weight: • 250-290' Good and choice 8 9547 9 05 i290-350' Good and choice 8 65H 8 95 Packing sows <275-350. Good 8 004? 825 '3.50-425' Good 7.906 8 in 275-350. Medium 7 60’/ 790 424-550 Good 7.79# 800 Slaughter pigs: 100-140 Good and choice 6 7547 8.50 Medium ...... 6 00a 800 CATTLE —Receipts. 300— —Steer*— (500-900* Choice *lO 50912 50 Good 9 50611.50 Medium 7 5047 9.75 Commin 5 50@ 7.50 900-1100' Choice 12 004/13 50 Good 9 50'i 12 50 Medium 7 75*710 00 Common 5 5047 7.75 1100-1300* Choic- 12 50'., 13 73 Good 10 25 / 13 00 Medium 8 50 •/10 50 1300-1500' Choice 12 50513 30 —Heifer*— 500-7501 Good 10 254? 13 00 Choice ...... 9 25-./10 25 Good ■ . . 8 25 1 9 24 Comrr.op tnd medium 5 0047 825 1150-900■ Good *nd choice .. 8 504/10 50 Common and medium .. . 500 ® 850 —C*w—t Yearling Excluded) Good .. 8 00 ® 7 50 Common and medium 4 25 5 600 Lorn Cutters. Cuttera 2 754/ 435 Bulla, good 5.50>? 700 Cutter, com. and med. bulls . 3 75tf 5 50 VF4I ERS —Receipt*. 700— Good and choice J 9 004T10 00 Medium 7.08 9.09 Cull and common 3 50 7 00 —C ml* ra—-r.4o-500' Good and choice 6 50 Q 9 50 Common and medium ... 3 50(9 650 —Feeder and Stacker Cattle——Steera— -500-900> Good and choice 600 J 800 Common and medium .. 440 -7 600 • 900-1050' Good and choice 600 825 Common and medium 4 50 3 6.00 —Caw*— : Good .... | 75 4 4 50 Common and medium 325 U 3.75 SHEEP AND LAMBS —Receipt*. 1500— Lambs. 90 to 120 lb*., good and choice *7 754 *25 Common and medium ....... 6 004 7 75 99-120 lb*, good and choict .. 450 3 550 Sheep: • 120-150' Good and choice .. 4 009 535 All weighu, common and medium J 006 4.28

Abreast of The Times on Finance

New York Stocks

(Reprln’ed from yesterday* ■Bv Thomson k McKinnon) Prev. Oil*— Hign. Lo. Close, close. Amerada 52% 52 52 * 51 % Atl Rfg 22', 21 % 22'* 21% Barnsdal! 6 6% 6% 6% Consol OU ” 6 7 * 7 Oont ot De! ... 16% 16'* 16% 16 Houston ioldi.. 11' a ll'j 11 1 a 12, M;d Cont Pet .. 10' 10', 10', 10% Ohio Oil 9% 9'* 9% ?% Phillips Pet .... 15% 15% 15% 15% Plvmou'h Oil ... "'a 7'* 7's <% Pure Oil 6', 6 6 6'* Roval Dutch 32 31’, 31%337,0 7 , S*aboard OU 23 s , 23'* 23% 23% Shell Un s’* ss.5 s . 5% 5% Skrilev Oil 8 8 7 Soc Vac 12' 2 12'* 12'2 12* a S O of Cal . 20 29% 29'2 29% S O of Ind 23 ‘2 23 J 23 s 23', IS O of N J ... 37 s , 37', 37'2 37 * Texas Corp .18 17'* 17'* 17% Tidewater Assn 8 TANARUS% 7% 7% Un Oil of Cal .. 16', 15', 15 7 , 15 7 Steels— Am Roll Mills .. 15'* 16'2 16 s , 16 3 * Be* h S’eel 24', 24'* 24'* 24'a Cos: Fuel A- Iron l' I'* I'* l' Gulf Sts Steel .. 12 12 12 15 Inland Steel . 46 7 , 46' 2 46 7 4fi 3 Ludlum S'eel . 13 7 , 13 7 13 7 13% McKeesport Tin 99'* 99 99'* 99 s , Natl S'eel 42 4!'* 42 41 >j Rep Iron k Steel 10’2 10% 10 1 2 10'* U S Pipe k Fdy 16'2 16 16 3 , 16 U S S'eel 28 7 , 28', 28 3 28 s , ; U S steel pfd . 76' 2 76 76'2 76 Young S & T .. 14'* 14', 14', 14' Motors— Auburn 16', 16% 16 s , 16% Chrysler 34 33' 2 33% 33 s * Gen Motors .. 27 7 , 27' 2 27% 27 7 , ; Gen Mot pld 113 113 113 112, Graham Motors IN l 3 * l’ I'*1 '* [ Hudson 7 6 3 7 7 Hupp I 3 * 7 l' 1 3 * Mack Truck . 20’* 20% 20% 20% Nash ... 13 12'2 12 3 12% Packard .. 3 7 , 3 3 % 3 3 * Reo 2% 2% 2 3 2% Studebaker ... 2% 2% 2% 2 s * Yellow Truck .. 2’ 2 3 * 2% 2% Motor Acce,— Bendix 13'* 13 13% 13', Bohn Alum . ... 55% 53 3 * 53 s * 53% Bore Warner ... 31% 31 s , 3i% 31'* Briggs 26'* 2.V, 26, 26'* Budd Mfe 3T4 3 7 , 3% 3% Budd Wheel 3 2 3 * 2% 3 Eaton Mfe 17 s , 17 s , 17 s , 17% Elec Au Lite 20'* 20 20 20 Elec Stor Bat ... 4 4 4 4 s * Mullins Mfe 7' 2 7’, 7% B', Murray Body .. 6% 6 s , 6% 6% Timken Roll 9 3 * 30 30 2 Tim Det Axle .. s'* 5 s'* s', Minina— Alaskan Jun ... 16 3 , 16 16 15% Am Metals 15'* 15 15'* 15 Am Smelt ...... 33%33 7 ,33 s , 33', Anaconda . . 10 s , 10'* 10% 10% Cal k Hecla .33 3 Cerro De Pasco . 42 7 , 42 3 , 43 2 43 Dome Mines .. . 39', 38% aJ'a 39 Granbv 6% 6% 6 % ~5 a Homestake Mm 376 372 376 370 Howe Sound ... 46' 2 46 46'2 46 Ins Copper 2 s , 2 s , 2 s * 3 Int Nickel .. 24", 24', 24% 24 * Kennecott Cop . 16% 15 7 , 15% 16'< Mclntyre Mine . 44 7 * 44' 44'* 44% Park Utah ... 2 s , 2'2 2 s , 2,g Noranda Cop . 35'* 35 35', 34 a Phelps Dodee .. 14 s , 14', 14 , 14 St Joe Lead ... 12 s , 12', 12', 12 U S Smelters... 103*2 101'2 102 103% Vanadium 14', 14 14', 14 3 * Amusements— Croslev Radio... 13'2 13’, 13’, 13’2 Fox Theater ... 9'2 9', ?’♦ 9'* Loews Inc 35 3 , 34 233 3 , 34 s Radio Corp .... 4 1 , 4'* 4* 4* Paramount 2% 2’, 2% 2% RKO IN IN iiWarner Bros .... 2’* 2 s , 2 s , 2% Tobaccos — Am Snuff 66 66 66 65 Am Tobacco A . 75 75 7a 75 Am Tobacco B 76 75'2 <O2 7a 2 Gen Clears 50 3 * 50 3 * 50 3 * 50 2 LIRB * Myers B 97% 96'* 96'* 96% Lorillard .. .. 19 18 s , 19 19 Phillip Morris 37 37 37 37 Reynolds Tob B 44% 43 s . 44'* 43% Rails— Atchison 37*2 36*2 36>2 36'* Atl Coast Lines 20 s , 20 3 . 20% 20 B k O 8N B*2 8 2 B'* Can Pacific 10'* 9 s , 19% £,* Ch & Ohio 38'* 38 38 38'* Chi fc Gt W 3 % * ** Chi k Gt W pfd 1% 1% IN 2 C M ft St P 1 C M k St P pfd l'a % 1 l a Chi N W 2 7 . 2 s , 2 s , 3 Chi N W pfd ... 5 4'2 j a 5',, Dela A- Hud ... 24'a 24 24'* 24 Del Lac AW.. 12 11% J 2 11, Ort North pfd 10 2 10 10 10, 111 Central 10'* 9% 10 * 9Lehieh Valley 6’* 6% 6', 6 Lou k Nash 34 34 34 34’* Mo Pac pfd ... IN IN 1% IN N Y Cent 13'* 12% 13 12 , N Y New Haven 4 4 4 4 Norfolk ft West 161 161 161 160 Nor Pacific .... 14N 13 s . 13;, 13% PFnn R R lg < 18 IB* It* Sou R R 8 3 * 8N 8* 8 * Union Pac 84N 83N 84 3 * 83 2 W Maryland 6N 6** 6 , 8 Equipments— Am Brake Shoe.. 21 21 21 21N Am Car k Fdy.. UN }l s , 11N 11'* Am Loco ... 10 2 10 * 10; 10* Am Steel Fdy 13‘2 13 Bald Loco ...... IN ,1N IN 1 Gen Am Tk Car 33 . 33'* 33 * 33 Oen Elec 22** 22 2. s 22 , Oen R R Six ... 17N 17N 17N 18 Pullman Inc 42% 42 4 42_* 42 4 West Air Br ... 18N 18N 18 , 18 2 Westineh Elec-. 35N 35 ! ' 35 s s 35,* Utilities— Am A For Pwr 3'* 3', 3 , 3 * Am Power <fc Lit 32, 2 3 A T A T 192 * I9IN 192 * 102 Air. W r at Wks 11'. 10 7 , 10, 11N Col Gas & Elec 5N 5N s_* 5 s Com k Sou .-. 1 " " _i 3 C'onsol Gas . 20’, 19 , 20 20 , H T gVe A' 13-2* 13N 13j2 13 P^r Lit .: 1 IN IN IN Pac G k E 16 , 16 s . 16N 16’* Peoples Gas 22*2 22 22 * 22 Pub Serv N J 25 So Cal Edison 13' 2 13 * 13, 13 , Sid Gas 3' 2 3’* 3* S' one A- Webster 3N 3* 3;, 3;, United Corp . 2'* 2', 2 * 2 , Un Gas Imp . U' I}, Ut Pwr Lt A 1 * \ -i, 4 West Union 23 7 , 23 , 23 * 23,* Rubbers Firestone 13N 13N 13N 13 , Goodrich §' 8, 8 * 8 , Goodyear ••• 17 * 16, 1. 17 Kelly Spring ... 3'* S * 3 * 3 * U S Rubber 11 J] 11 “ U S Rubber pfd 26’* 26 2 26 * 2. Miscellaneous — Allis Chalmers 13’* 13N 13N }3N Am Can 118 115% 115* 4 1% 4 Am Mach A: Fdy 20% 20% 20*4 20 Burroughs Add .14 * 14 , 14 , 14, J I Case 49’* 49 49N 49’* Conti Can >0 7 '0 .0 2 .0 g^^ TrßCt p i. t 4 , 4 C K°od.k-lf I N I N 120|2 Foster Wheeler ll’a IJN 11, 11 2 Gillette 14 2 14 14 * 14 Olidden •• 25 3 4 25% 25% zo 4 Int Bus Mach . 158 158, laß 106 Inter Harv33s,7 5 , 36 , 36 , 37 Natl Cash Reg 14 14 14 13 * Owens Bottle 84'* 83 3 * BT* 84* Rem Rand 8N B'* 8 * 8 2 Underwood E ..54 53*4 o3 4 54 Foods— Am Sugar 57'* 56'2 56'2 5i 7 , Armour 6'i- pfd 62N* N2N 62'* 62' 2 Beatrice Cream 16 15 3 * 16 16 Borden Prod 21* .1 -1 2 -1 2 Coca-Cola ° 200 1 2 19 N2O/19 '* Crm* oLwJtea, 37N ! n Cuban Am Sugar 6', o', • Gen Baking - 2 • • • 3 Gen Foods 33‘ 2 33 33 , 33 r Gold Dust 15’* 15 2 15, lo 2 G W Sugar 28 s , 28 * -8 * 28 2 Hershev 76 76 Natl Biscuit ... 24 s * 23 * 24 -4 . Natl D Prod . . 13.* 13 IJN Std Brands .... 14 s , 14 2 14, Un Biscuit 23 23, -3, -- United Fruit ... 80’ 1 80', 80 , 80 Wriclev . 4 ‘3N -4 <3 * Retail Stores — Ass Drv Goods 8N B'a 8N 8N First Nat Stores 46', ,6 s , 46 * 4^* Gimbel Bros .. 2' 2, 2 , - * i& h scc D S ,t S S, \' 20 4 . 20* * 20*: 20N Kroger Groc 23N 23 s , 23 s . *3N Macv R H . 34 33 . 33U 34^. McCrorv St gN 8 . 9 Marshall Field ]N • * '* Mav r.pt St 36;. 35N g® 35.,* Mont W%rd *3% 23 * -J Per.nev J C ... ;* 62’* 62a Safeway St ■ 38 3R 38 * Sears Roebuck . 34 . 3333 * 34 , Wool worth ... 53'2 53 53 53 S Aviation— Aviation Corp .. 3' 2 3N 3'a 3^ Boeing Aircraft . *'• ‘ Curtiss Wright 2S 2 s Curtiss Wri 'A> 7 , • • j ‘ ■ Douglas Air .... 1S 1N Nor Am Av .... 2N 2N *N -2 Sperrv Corp 8- 82 62 2 Utd Aircraft new ll't 10 7 , 11 11 Chemicals— Air Reduction .110 109'* 110 Ai.led Chem 132‘a 130 ■ fJJ'a 130 • Am Com Alcohol 24 23 2 24 .4 Col Carbon .... 73 >2'2 <3 <3 Com Solvents 19*. Du Pont 89’* 88 , 89-* 89 2 Freeoort Tex -. 23' 2 22 2 22 1 23 Liquid Carb .. 2.'* 26'* -, • -62 Math Alkali 26 26 26 26 2 Monsanto Chem 60'* 59'2 59' 2 59'* Natl Dis 'new 1 27’, 27’, 27'* 2Schenlev Dtst 25‘, 24 .5 -4'2 Tex Gulf Sulph 30', 29'2 30 30' Union Carbide 46 5 , 46', 46 s , 46 C S Indus Alcohl 37 36 ! 2 37 36N Drugs— Lambert 26N 26' 2 26'2 26\ Sterling Prod ..61*2 61'2 61N 61 3 , Un Drue new> 10 9 7 , 9 7 , 10', Zomte Prod .... 3 s , 3 s , 3 s , 3S Financial— Adams Exp ... 4N 4 s , 4N 4 s * Allegheny Corn .1 N \ 7 , Am Int Corp ... S 4 s , 5 4N Lehma Corn ... 66N 68*, 68'* 67N Transamerica .. s', 5 s>, s', Tr Conti Coro .. 2'u 2 1 * 2N 2N Budding— Am lUdlutor ... 1!N UN 13

INDIANAPOLIS, SATURDAY, MARCH 30, 1935

Gen Asnhait .... 13N 13 13 13 2 Int Cement . • 24'i 24 7 , 24 s , 24 2 John* Manville 42 41* 41N 42 Libbv Owens Gls 23 21 s , 22 23 U S Gvnsum .. 42 s * 42N 42 1 , 42 1 * Ulen Cons IN *'* 1 N Household — Col Pal Peet ... 17 16 3 * 16 s * 17 Congoleum .... 29N 28', 39', 29 Kelvinator . .. 15N 15 15;, 15 2 Mohawk Carpet. UN H i }'N H. Proc k Gamble 46 45 7 , 45 7 45* Servel Inc ... B’, 9' 8N B', Simmons Bed .. 6 s * 6’, 6’* *5 Textiles—• Amer Woolen .. s'* 5 3 SN 5'2 Balding Hem ... 12 12 12 12 Celanese Corp .. 21'* 21 21 21 Collins Ailtman. 9 , 9 7 , 9 7 * 10 , Gotham Hose .. 2N 2 3 J’* 2 3 , Indus Rayon

N. Y. Bonds

'Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Tnds Rails Util Bonds Today 84.4 71.1* 93.9 83.1* Yesterday 84.1 72.0 93.6 83.2 Week ago 84.4 74.4 93.6 84.1 Month ago 86.6 79.1 94.3 86.7 •New 1935 lows. (Copyright. 1935. bv Standard Statistics) U. S. GOVERNMENT BONDS (By Fenner k Beane) Prev. Close Close Libertys Ist 3'2S 1932-47 101.13 101.16 Ist 4'*s 1932-47 101.16 101.16 4th 4Ns 1933-38 (uncalled) 102 24 102.24 4th 4’*s 1933-38 1 called 1 .. 100.6 100 4 Treasurys 4'* s 1943-45 115.20 111 4s 1944-54 111.4 109 15 3 3 s 1943-47 106.9 107.7 3 3 ,s 1941-43 107.7 105.8 3'* s 1943-45 105.9 107.14 3',s 1931 107.16 105.6 3’*S 1944-46 105 6 104.6 3',s 1946-49 104.10 104.9 3',,s 1949-52 104.9 103 8 3s 1951-55 103.10 103.9 3s 1946-48 103.14 103.10 2 7 ,S 1955-56 . 101.4 100.5 Home Owners Loan Corp. 2Ns 1949 106.6 101 20 3s 1952 101.21 101.1 4s 1951 101.1 103.10 Federal Farm Mortgage Corp. 3s 1949 ; . 101.17 101 20 3s 1942-47 101.26 101.27 DOMESTIC Prev. Issue. Close, close. Alleg Corn 5s '44 65'* 66 Alleg Corp 5s '4O 54 54 Alleg Corn 5s ’SO 14 13 Am Frgn Pow os 2030 57 56 Am Tel dc Tel s' 2 s '43 H 2.Ant Tel & Tel 5s ’65 U2V* 112/, Arm & Cos 'Deli 5', 2 s ’43 2 Atl Coast Line 4s 'o2 95', 96 , Atl Coast Line 4' 2 s ’64 ..... 79 7?N Atch Top & S Fe 4Ns ’4B ..105', 105N Am Wat Wks 5s ’44 91 * 91N Am Rolling Mills 5s ’3B fO^ 3 , Balt k Ohio 5s ’95 54 s , 55 Balt & Ohio 6s 95 63N 64 Balt k Ohio 4Ns 60 39 40 Buff Roch k Pitt 4Ns 57 52N 53 Beth Steel 5s '36 .. . 103N 103N Chi Milw & St PI 5s 75 10 lON Chi Milw k St P 5s 2000 2N 3V* Chi k W Ind 4Ns '62 104', 104 Chi & Nor West 4Ns ’49 ?N lON Con Gas 5s '57 100 JOgN Dodge Bros 6s 40 105N 105N Del & Huds 4s ’43 75 75 ,2 N Y Dock 4s ’sl 62'* 62 1 N Y Dock 5s ’3B 4? 43 N Erie 5s ’75 5*N 52N Erie 5s *67 #>3 Gen Cable 5Ns ’47 88_* 88^, Grt Northern 7s ’36 83N 84 s , Grt Northern 4Ns '76 64 3 ,* 65 Grt Northern 4Ns ’77... _ ... 65 66 * Gen Stl Cast W W 5Ns ’49 ... 63 60 , Hud & Manhat Ref 5s ’57. ... 85N 87N 111 Cent 4 3 *s ’66 4?N 44N 111 Cent 5s ’63 Interntl Hv Elec 6s ’44 32 3 * 33 * Interntl Tel k Tel 4Ns ’39.... 62V* 63-? 8 Interntl Tel k Tel 5s ’55 60 60 Interntl Tel & Tel 4Ns 52 ... 54 55 3/4 P Lorillard 7s ’44 127 126 McKess & Rob 5Ns ’SO 98 j}B Natl Dairy 5Ns ’4B JO3 103;, Natl Steel 5s ’56 106** 106N Nickel Plate 4Ns ’7B 47 3 /* 48 Nickel Plate 5%s ’74 58 58 Nickel Plate 6s '35 43% 48 Nor Amer C’o 5s ’6l 88N 88-a Nor Pac 3s 2047 72 73*; 8 Nor Pac 4Ns 2047 74N 80 Nor Pac 6s 2047 89N 89N Nor States Pow 5s '4IY?® 3 3 3 Otis Steel 6s ’4l 85 85 Penn Rv 4’is ’B4 102 101N Penn Rv 4's 'Bl 102 102 , Penn Rv 4Ns '7O 91 91 4 Pac G k E 5s 42 307 I QL, Portland Gen El 4Ns 60 5i * 56 2 Para Publix 5Ns ’SO 72N 72/2 Penn P k L 4Ns 81 ■ 102 3 /* 103 Postal Tel k Cab 5s '53 41 . 41 Rem Rand WW 5N ’47 100N 100 s , Sinclair Oil 6Ns ’3B 104 104 Shell Union Oil 5s ’47 102 3 , . Sou Pac 4%>s ’6B 57 58 Sou Pac 4Ns ’Bl 56V, 57 Sou Pac 4s ’49 60 s , 61N Sou Rail 4s '56 38 ,2 39 Sou Rail 6s ’56 48N 49N Sou Rail 6Ns ’56 ••• 49V, 53V 2 Sharon Stl Hoop 5Ns 48 .... 81 81 Texas Pac 5s ’79 <9N 83 Union Pac 4s '47 110'/, 110N United Drug 5s ’53 88 * 88*., U S Rubber 5s 47 92 92 NY NH k Hart 6s ’47 31 31 * NY NH k Hart 4Ns '67 28 3 28 2 Western Mary 5Ns '77 97 97 Western Mary 4s '52 91N 91N Youngstown SkT 5s 70 ... 91 2 92,2 Youngstown S&T 5s '7B ... 92 * 92 FOREIGN Argentine A 6s ’57 93', 92 s , Argentine B 6s ’SB ,2o, 4 Canadian Govt 4s '6O 106N 107 Denmark 5Ns ’55 ,2Z, 4 ,H, 2 French 7s '49 4 iSi 4 German 5Ns '65 27 3 * -8,2 German 7s '49 37 37* 7 , Ttalv 7s ’sl 81 2 Hi b Japan 6%s ’54 i^2 3 4 93 3 8 Poland 7s '47 112 Rome 6Ns *52 72 47*"* Tokio City 5',2S ’6l 77N 77N FEDERAL FARM LOAN BONDS 'BV Blvth ft CO.) B . d Ask Ti.iv 1 1946 —44 107 107 3 , 4s Nov. I'. 1957—37 104N 104 s , 4s Mav 1. 1958—38 104N 104- * 4',s July 1. 1956—36 in* 7 " 4'l s Jan. 1. 1957-37 104 3 , 104 7 , 4'*s Mav 1. 1957—37 104N 105 4's Nov. 1. 1958—38 100 ■ 4Ns Mav 1. 1942—32 ' 4 iUS SSS: List g :::::::: B*s 4Ns Jan.' li 1956—36 ‘.!i 102 7 , 103 3 , u nov’. 1: :::::::: \oo< lolu

BUSINESS IMPROVES IN GREAT LAKES REGION Meeting of Advisory Board Discloses Bright Trade Prospects. By Times Special CLEVELAND. March 30.—Indications that business ih the Great Lakes regions will be considerably better during the second quarter of the current year than in the same period of 1934. were explained at a meeting of the Great Lakes advisory board here. Favorable comment, provided by 350 business leaders and shipping men from all Great Lakes cities, was that the region will use 9.2 per cent more freight cars during the second quarter of 1935 than in the same quarter of 1934, and that iron and steel will require an increase in traffic of 3.8 per cent. The business leaders also predicted an increase of 18.1 per cent for automobiles, 14 per cent for lumber and a boost of 10 per cent in the traffic for cement. The biggest decrease for traffic in that region, however, is expected in fresh fruits where a drop of 15.6 per cent is predicted. 15 BUSSES DELIVERED Greyhound Lines Places Order for 206 New Coaches. By Times Special CLEVELAND. March 30.—Delivery of 95 new 33-passenger busses for use in the East by Greyhound Lines was started today when 15 were accepted from the manufacturers. In all 206 busses were ordered by the company for delivery in Apnl. The new coaches, which are to be placed in service immediately, have the same streamlines as the 1934 model. Fifty of the 95 coaches delivered at Toledo and Cleveland will be operated by the Pennsylvania Greyhound unit and 45 by the Eastern Greyhound system. The remainder of the large lot order goes to the far West and South.

PRIMARY BONDS BEING ABSORBED IN LARGE^ORDER Low Yields of Governments Turn Buying to Best Industrials. B'J Timrg Sprrial NEW YORK, March 30—Continued domination of the investment field by high-grade, low-yield bonds, with government, state and municipal issues comprising the front ranks, was explained in investment circles today as due to the fact that such categories of securities are still without competition as attractions for conservative investors. A further explanation was advanced by pointing out that such intermediate fluctuations and movements in business as have tended to disturb industrial outlook and speculative markets have exercised virtually no influence upon the technical position of high-grade bonds. With government bonds priced to yield about 2.75 per cent to even less than 2 per cent, and with outstanding municipals commanding prices to yield as low as 2.40 per cent, the concentration of investment sources upon bonds of the highest grade has become pronounced. Testing Ground Seen But certain fundamental factors are pointed to as indicating that government, state and municipal borrowers are likely to continue for some time as the main attraction for investors. Growing bank reserves, money rates dragging bottom and continued absence of new financing by major industrial units are outstanding among such factors. By some observers of the investment trend, it is believed that the tendency toward narrower yields for strictly high-grade bonds is drawing near a testing ground. As low as money rates are, it is pointed out, the margin between them and the yield on long-term investments has been steadily shrunk. The first signs of industrial demand, it is believed. would mark the halt of this tendency. In this situation, the public offering of the Port of New York Authority’s refunding issue of $34,300,000 of 4 per cent bonds to mature in 1975, at a price to yield about 3.67 per cent to maturity, but somewhat less than that if called prior to maturity, has attracted major interest among investment houses. Reports by the syndicate, headed by Speyer & Cos., were that the offering was moving well. Other Issues Watched Marked success by this offering, it was held, would be received by investment houses generally as distinctly encouraging. It would tend to indicate at least an approach toward a more liberal attitude on the part of investment sources. This week is afforded considerable interest to investment houses, along the line of demonstrating the absorptive powers of investors with respect to refunding offers. An issue that will be watched with special interest is that of $10,000,000 of’Chicago Union Station Cos. 4 per cent bonds due in 1963. It was offered Thursray at 101 by a syndicate headed by the Lee Higginson Corp., Brown, Harriman & Cos., Inc.; Edward B. Smith & Cos., Field, Glore & Cos. and the First Boston Corp. The syndicate acquired the issue at 98’i. The proceeds are to be used solely for redemption purposes.

Stock Studies

NATIONAL BISCUIT * COMMON STOCK PE „ ' I 'IPBICC SH*(U EARNINGS PRICE RANGE SCALE 3 -fU_ li ■ I | - 7S 2 '- ilfetlTl' _s ° VcvfvTr/V/ o .#ff?i ,1 i ~ |3O 31 32 33 34|31 32 33 34 351 •WINCHESTER INSTITUTE OF FINANCE

The world’s largest biscuit manufacturer is the National Biscuit Cos. Through efficient management and consistent advertising, the company has grown to its present proportion. The company • produces some 500 varieties of crackers and biscuits, mast of them packaged and sold under nationally advertised trade names. Eighty-five plants are operated in the United States, three in Canada and one in London, England. FINANCIAL DATA As of Dec. 31, 1934 Common Stock islo par'. 6.289,448 shares 7"- Preferred Stock (SIOO pari. .$24,804,500 Surpluses 23,698.806 Cash and Securities 23.722.a27 Inventories Total Current Assets 35.856.397 Current Liabilities 7.011.144 The National Biscuit Cos. was incorporated in 1898 in New Jersey. Both classes of stock are listed on the New York Stock Exchange. At a current price of around 25 T s the stock sells to yield about 7' ! * per cent and for 164 times 1934 earnings. (All Rights Reserved. Winchester Institute of Finance. Winchester. Mass,). ANNOUNCE BOND MATURITIES NEW YORK. March 30—Corporate bond maturities during April will total $38,655,933. according to the Standard Statistics Cos. _March maturities amounted to $39,524,325. and the 155 issues and portions of issues falling due in May wall total $110,324,400.

Banking What do you know about banking? Major changes in the American banking system are on the fire in Washington. The issue will reach the floors of the House and Senate soon. To give its readers a better understanding of the facts and forces involved. The Indiana! - olis Times has asked Thomas L. Stokes of its Washington Bureau to prepare four informative articles on the subject. They will appear, beginning Monday on The Times’ financial page.

Tariff Cuts in Trade Treaties Seen as Menace to Wage Rates in U. S. Lower Duties Feared Subjecting American Steel Makers to Competition on Increasing Scale With Cheaper Foreign Products. BY HOWARD CARSWELL Times Special Writer NEW YORK, March 30.—The national policy of tariff reduction through reciprocal trade treaties will tend to lower American wage rates in the steel industry in competition with the much lower wages paid in European countries, an authoritative source indicated today. Economic self-interest of American labor and wage standards in the steel industry lies in the exclusion of im-

ported steel products on which the spread between domestic and foreign-made products is mostly in labor costs, it is contended. The American Iron and Steel Institute has officially protested the projected reciprocal trade treaties with Belgium, Sweden, the Netherlands and Canada. The Brazilian treaty, in which manganese was a moot feature, was not protested. Last week. Great Britain raised its import duty on steel by 50 per cent ad valorem. Cut Under Belgian Pact The Belgian treaty would lower the American duty on imports of iron and steel products from $1 to $3 net a ton. This concession in the Belgian treaty is incidental to the fact that any other nation which is held not to discriminate against United States goods will benefit from the tariff reduction. Thus, Sweden, Great Britain, Czechoslovakia, Italy and perhaps Japan would stand to benefit most. While a large steel producer, Germany is earnestly occupied in rearming. Sweden has long been an important producer of special alloy steels. In the United States the composite average selling price prevailing on finished steei products is $54 a ton. Domestic steel producers declare that foreign nations can ship into this country at prices of $5 to S2O a ton under the American prices. Finished steel products include sheets, strips, plates, bars, wire, structural shapes, pipe, rails, tubes or, in short, steel which has left the mill in finished form, but which provides the new material for fabrication. Varying Wage Rates cited A general comparison of steel wage rates, as published recently by “Steel Facts” of the American Iron and Steel Institute, follows. The calculation is based on records of the United States Department of Labor and the League of Nations. Average Hourly Country Wage Rate in Date Cents United States 65.5 1935 Sweden 29.0 1932 Italy 27.6 1933 Germany 25.9 1934 Great Britain 25.1 1933 Czechoslovakia 22.7 1934 France 20.0 1933 Belgium 17.0 1933 Japan 9.7 1933 India 8 6 1933 The American steel producers point to the paradox on government policy whereby domestic wages are boosted by the NRA and at the same time placed in competition by tariff reduction with foreign wage rates which are from one-fourth to onehalf the American level. The average hourly wage rate in this country of 65.5 cents per hour is the highest in history. The same situation obtains in those industries supplying the steel mills, including coal and iron mines, quarries, and so on, according to the American steel producer’s point of view on the long controverted subject of national tariff policy.

OHIO OIL SHOWS PROFIT Consolidated Income Amounts to $5,411,924 in 1934. By Times Special FINDLAY, March 30—Consolidated net income of the Ohio Oil Cos. during 1934 amounted to $5,411,924, equivalent to 32 cents a share on 6,563,377 common shares, excluding 84,675 treasury shares, it was learned here today. This compared with a net loss of $130,016 in 1933. Current assets on Dec. 31 totaled $37,455,529, including $10,058,660 cash and marketable securities, and current liabilities were $3,714,548, compared with $9,964,155 cash and securities, $36,347,331 current liabilities in the preceding year. NET INCOM E HIG HER Earnings of Dome Mines, Ltd., for 1934 Total $3,882,423. By Times Special NEW YORK, March 30.—Net income of Dome Mines, Ltd., for 1934 amounted to $3,882,423, equivalent to $4.07 a share on 953,334 shares, after $500,000 contingency reserve, it was reported today. In the preceding year net income totlaed $3,651,008 and was equivalent to $3.93 a share, exclusive of a $500,000 contingency reserve appropriation which was charged to surplus account.

Chicago Grain Futures

(Reprinted from yesterday) Prev. Open High Low Close Close Wheat: Mav.. 94 5 , .95 ,94 3 S .94% .94 5 , Jillv.. .92H .92% .91 s , 91 7 , .92% Sept.. .92% .92% .91% .91N .92 Corn: May.. .78% .79 3 * .78 s , ,79'i ,78 3 Julv . .73’* .74% .73% ,73 3 * .73% Sept-. .68% .70 .69'/* .69% .69% Oats: May . .44% .44% .44% .44% .44% Julv.. .39% .39% .38% .38% .39 Sept . .37% .37% .37% .37% .37% Rye: May. • .55% .54% .53“, .53% .54% jul” . .55% .56 .55% .55 5 , .55% Sept.. .57 .57% .56% .56% .57 Barley: May .. .68% .88% .88% .68% .69 July.. .60 .60 .60 .60 .60 Lard: Mar. 12 85 12 85 12 85 12 65 12 90 Mav 12 7 s 12.75 12 70 12.70 12 80 Julv. 12.30 12 80 12 67 12 67 12 80 Sept 12 80 12.82 12 67 12.67 12.80 Bellies: May 18 57 16.57 18 57 16 57 16.57 July. 16 67 16 67 18 65 16 65 16 67 Sept. 16 65 16 65 16 65 16.55 16 67 LOCAL CASH MARKET Citv grain elevators are paving 85 cents for No. 2 soft red wheat. Other grade* on their merits. Cuh corn No. 2 yellow, 74 cents, and oats 40 cent*.

What Doeß It Mean? Repatriation of Funds—When money which is sent out of a country because of an unhealthy internal situation subsequently finds its way hack the resulting return flow is called repatriation of funds. .

RUBBER OUTPUT AGAIN REDUCED Total Production Placed at 748.000 Tons for Current Year. B<) Times Special CHICAGO, March 30.—'The production curb to date has not solved all of the rubber difficulties, it was indicated today after a further decrease in the new quotas was ordered by the International Control Committee. With the second quarter quota set at 70 per cent of last year’s output and the last half at 65 per cent, the production prospects for the balance of the year are reduced by approximately 63.000 tons, it was estimated. Prooably production for the current year, therefore, will amount to about 748.000 tons, and consumption is estimated at approximately 1,000,000 tons. Despite the production curb, surplus rubber stocks have held around record highs for the industry. Until the fresh curb on production was established this week carryover prospects looked gloomy, it was reported. When the Anglo-Dutch restriction agreement was established. rubber prices advanced about 3 cents a pound from depression lows, and declined 16 cents before heavy world-wide buying slackened.

FREIGHT LOADINGS SET NEW HIGH FOR YEAR Revenue Shipments During Week Total 608,000 Cars. By Times Special CHICAGO, March 30. —Revenue freight carloadings during the week ended March 23 were estimated at 608,000, anew high for the current year, according to the weekly report of Association of American Railways. The figures, however, are slightly under those for the same week in the preceding year when loadings amounted to 608,462 cars. Handlings, including receipts from connections, of 19 major railroads last week totaled 536,949 cars, compared w h 527,939 in the previous week, . • crease of 1.7 per cent. Individual loadings on own lines of the Pennsylvania during the week of March 23 showed an increase of 3.8 per cent from the same week last year. This compares with a decrease of 2.3 per cent in the preceding week this year. NET INCOME DROPS By Times Special NEW YORK, March 30.—The American Waterworks and Electric Cos., Inc., for the year ended Dec. 31, 1934, shows net earnings equivalent, after payment of preferred dividends, to $1.03 a share on common stock, compared with $1.22 a share in 1933, it was learned today.

The Very Highest Type of Investment Attainable from the standpoint of • Safety • Extraordinary earning capacity • Enhancement in value and as a • Safeguard against inflation is the stock of a well managed Old Line Legal Reserve Life Insurance Company. The Standard Life Insurance Company of Indiana is organized under the rigid compulsory reserve deposit laws of Indiana. Every department of the business is under the direction of a man of wide experience in this particular field well known for his integrity and ability. This Company is sponsored by over one hundred leading Indiana business and professional men. We will be glad to furnish, to residents of Indiana only, particulars of our plans and purposes and a list of sponsors upon application. Detach and return coupon to Standard Life Insurance Company of INDIANA Hon. Harry G. Leslie, President Floyd E. Williamson, Vice President £. J. Barker, Treasurer John W. Cherry, Vice President George F. Flagg, Secretary Guaranty Building, Indianapolis COUPON Standard Life Insurance Cos. of Indiana Guaranty Building Indianapolis, Indiana Without obligation on my part, please furnish me with full particulars of the possibilities of an investment in the stock of your company. Name Address

PRICES REFLECT EBBING SUPPLY OF FREE COTTON Disparity Cited Between Nearby and New-Crop Deliveries. />/ Times Special NEW YORK. March 30—A good part of the current “tight” condition of the cotton market and th© sensitivity of prices derive, trad© leaders were pointing out today, from the extraordinary small stock of certificated or deliverable supplies at the different delivery points designated in the New York Cotton Exchange futures contract. Total certificated cotton at all delivery points on March 23 was 83.542 bales, against 263.313 bales on the corresponding day a year ago. At New York City, alone, certificated stock amounted only to 12,630 bales, against 79.252 bales a year ago. New York City stocks have been as high as 200.000 bales in past years. This condition grows out of th© fact that the AAA has assumed control of the bulk of domestic supplies and, as these stores are now practically impounded by the difference in government loan value and market levels, none of the government supplies has been graded for certification. Merchants Without Stocks The result is a small floating supply of actual cotton available to th© futures markets. Big private merchant houses, such as Anderson, Clayton & Cos.. Well Brothers and George McFadden & Sons, have disposed of huge quantities of their supplies in the last few weeks and their brokerage representatives have been bidding up th© futures market in an effort to obtain actual cotton for unfulfilled contracts. Where this ultimately will lead is to a sharply widening difference between prices on future deliveries up to and including July and the distant. or new-crop months. That the government can relieve this abnormality in the trade by releasing to the private markets a portion of the loan and pool stocks is clear enough, but. to do so, of course, certainly would break down the government's effort to bolster prices. On Two Sides of Fence Accordingly, the government’s operations in cotton and the activities of private interests have definitely parted company. The government has a large supply of lint and a high price rendered inflexible by the 12-cent loans made against it. and the private interests have a small supply with a price range that moves upward or downward in conformity with the old law of supply and demand. In the meantime, foreign growths of cotton are expanding as rapidly as possible, and Brazil, exclusively an importer of cotton a few years ago, has become an important exporter, and two American spot firms have recently established branches in Rio de Janeiro and made other preparations to handle the competitive foreign fiber. NEW OFFICE TO OPEN By Times Special FT. WAYNE, Ind., March 30. Opening of anew office of the Lincoln Life Insurance Cos. in the Plaza district of Kansas City, wax announced recently by A. L. Dern, vice president and manager of agencies. The office will be under the management of George L. Grogan.

Evening School Strong courses offered In Secretari hI. Stenography, Accounting, Bookkeeping ari/1 kindred subjects. Spend part of your evenings in selfimprovement. Cost low. Central Business College Architects A Builders Building, Indianapolis.