Indianapolis Times, Volume 47, Number 18, Indianapolis, Marion County, 1 April 1935 — Page 11

Wall St. Bank Fails to Find Any Good in Monetary Policy. ' BY RALPH UK MILKSHOT Tlmn Writer

N r EW YORK April 1 —Not only I has depreciation of the dollar and to brine about higher comir.odity price in the domestic markets. but it has hurt business and opened the way to inflation, in the opinion of the Guaranty Trust Cos. , has been created makes it advisable that meas-

ures be taken to control the inflationary and keep government e x p e n and i tures within reasonable limits, the bank contends. In its regular monthly review ot buairesa tlie bank seemingly tries to soften the blow* it would strike at the government's monetary policy, but it

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Ralpn llendershot

i obvious that it feels quite strongly on the subject. Its discussion fails to present a single point in lav or of the action. It would seem that if it had tried real hard it could have presented the situation in a somewhat more favorable light. It might have called attention, for instance, to the * devaluation gave the automobile industry. Likewise it might have iwintrd out that when the move was initiated prices were declining rapidly and that the increa r market for equities and produce was creating a situation that might well have forced us into national bankruptcy. mao IT is true, of course, that devaluation has not brought the results its sponsors had predicted. And it probably has been definitely harmful in some respects. That it has tended to create uncertainty is quite certain. But business conditions today are decidedly better than they were when the dollar value was reduced, and they may be better than they would have been hart not the step been taken. Merely because the crisis apparently has passed is no good reason * by the danger facing the country around the time when President Roosevelt took office should be ignored at this time. It might have been better to have let the deflation take .ts natural course, but your correspondent doubts it very much. m m m THE smaller concerns were not the only ones which were in a bid way when devaluation was ordered. Institutions which go to form the very framework of the country's financial structure were threatened. The statement has been made in responsible quarters that the debts of the country were greater than its assets, and there is reason to believe that such was the case. But it is all too true that in attempting to correct a bad situation the r vemment created another one favor of th taction, of grave possibilities. We have been a long time trying to get over a speculative spree, and it would seem wise to take precautions against going on another one. By increasing the credit base through devaluation we have provided the machinery for credit expansion and speculation on a much larger plane than we had in the years just preceding 1929. New brakes should be attached to our financial and business machinery at this time, even though the time when we may need to apply them seems quite distant. FOOD PRICES INCREASE 1.1 PER CENT IN WEEK Index Shows First Advance in Five Consecutive Weeks Bp Timrt Special NEW YORK. April 1. —Food prices advanced 1.1 per cent during the week ended March 26. according to a report made today by Dun Ac Bradstreet. Inc. Tins was the first increase reported in food values since the week ended Feb. 19. The weekly food index was placed nt $2.65. compared with $2 62 in the previous week, an increase of 3 cents Tins compares with a decline of 5.1 per cent for the period from Feb. 12. when the recent peak was reached, to March 19. Food values at present are approximately 25.6 per cent higher than at the same time in 1934. Among commodities included in the index to show advances during the latest week are: Flour, wheat, corn. rye. oats, barley, hams. lard, butter, eggs, and steers. The declines included bellies, cheese, coffee. cocoa, potatoes, and lambs. In 1933 the food index stood at $1.57. AUTOMOBILE OUTPUT EXCEEDS 1930 PEAK Production Totals 103.286 l nits in Week Ended March 23. By Times Special DETROIT. April I—Production of automobiles and trucks last week totaled 103.286 units and passed the p- ak established July 12. 1930. when 102.000 units were manufactured, according to Cram's Reports. Inc. The production two weeks ago was 100.065 ..nd was the first time since 1930 that the output broke the 100.000 mark. Gains were registered last wreek by Packard. Ford. Oldsmobile. Terraplane-Hudson. White Indiana Truck. Nash. Hupmobile. General Motors Truck and Chevrolet. INDIANAPOLIS MAN PROMOTED By rimes Specini BOSTON. April I—Ernest A. Burtzloff. district manager in the Ita office of the American Mutu. 1 Liability Insurance Cos. since last October, following his transfer from Indianapolis, has been prom* cd to resident vice president, Charles E Hodges, president, announced today. NEW PRESIDENT NAMED By Times Special CHICAGO. April I—S A Helllngs. former vice president and general manager of the Stewart Die Casting Corp.. a wholly owned subsidiary of Stewart-Wamer Corp.. has been elected president, it was announced here today. LOCAL CASH MABKET CUT gram rl*v*tor* *re pat mg t celt's tee So. 2 soft red r.*at. Other trade* on their merK*. Cuh corn No. S yellow. It ccau. and oat* 40 cent*.

TRADE OUTLOOK VIEWED POORER IN 2ND QUARTER Sentiment Seems Unduly Pessimistic, Business Week Declares. By Tim*t S per ml NEW YORK. April I—Business sentiment seems unduly pessimistic regarding second quarter prospects. Business Week declared today. Any .'lowing of pace is a signal for discontent. a bid to lay caution on thicker, rather than a challenge to go after sales, it continued. ‘ Actually,’' the review’ said, “motor companies plan to make the second-quarter output about equal to that of the first-quarter, though, as usual, production will taper off from the April peak to June. The big motor selling season is at hand. Construct ion and related fields, such as lumber and cement, should begin to revive; first March reports indicate that a start has already been made. The lateness of Easter inures merchandisers of a long spring season, a minimum of markdowns. “Pay rolls in manufacturing industries. one of the most vital indicators of business recovery, reached in February' the highest level of the current revival, a 73 per cent gain over the March, 1933, low. Both employment and pay rolls made larger increases over January that have been reported for 16 years, 1934 excepted. Some Gains Cited “Especially noteworthy were those in men’s clothing, automobiles, steel, building materials, railroad shops. Decreases were largely seasonal, appeared in beet sugar, slaughtering and meat-packing industries. General unemployment declined 3 4 per cent, but is still large enough to disturb relief distributors. “Due largely to reduced activity in textiles, meat packing, and tobacco. manufacturing production, as measured by the Federal Reserve Board, increased less than customary for February. The adjusted index of industrial production which includes mineral output as well, dropped from the January peak of 91 per cent of the 1923-1925 average to 89 per cent. “Following an expansion of manufacturing in January, which was much greater than customary, the slight decline in the adjusted figure was to be expected. March output probably stayed close to these let els, making a satisfactory’ showing for the first quarter. General Index Off “Business Week's more general index of business activity which takes account of the much-de-pressed state of construction will fall 3 per cent short of the first quarter of 1934. despite the gaina made in steel, coal, electric power and check transactions. The irregular trends of first-quarter trade volume are apparent from these preliminary estimates of changes from the same period of 1934: Manufacturing. +l2 per cent; automobile. +44 per cent; steel, +2O per cent; electric power. +6 per cent; construction. -37 per cent; cement. -20 per cent; bituminous coal. -6 per cent; car loadings, -1 per cent. "The cotton textile industry’s growing dilemma of high costs, consumer resistance to high prices, foreign competition, and increasing stocks is now’ to be met by a 12week curtailment of operations in those branches of the industry whose supply and demand factors are most out of line. This temporary expedient was utilized last summer to bolster the price structure. It contributed to the labor discontent that culminated in the September strike. It Is not likely that a 30-hour week with 30 hours’ pay will be any more acceptable now.”

■OOB Mar. Bulk. Too. Receipts. 26 *8 853 9 00 *9 05 5000 2*. 9.0*3 9 25 9 25 4000 28 . 9 00-1 9 10 9 15 5000 29. 905 ; 9 15 &20 4000 30 9 05 u 9 15 9.!5 2000 April. 1. 9 00 3 9 10 9.U 5000 Light lights: •140-160. Good and choice $8 SO 1 !? 905 M*-dium 8 003 8.75 Licht eight: ■ 160-180! Good and choice .. 900 3 905 Medium . .... 8.503 880 .I*o-2001 Good and choice .. 905 n 9 10 Medium 8 60 3 8 85 Medium weight: 200-220- Good and choice .. 9 053 9 15 .220-250. Good and choice... 9 00 9 15 He aw weight: 250-790. Good and choice .. 8 90-7 900 ■ 290-3501 Good and choice .. 8 60 a 8 90 Packinc sows 275-350. Good 8 007 3 25 .350-425* Good 7.903 8.10 >275-350. Medium 7 753 8.00 .425-450. Good 7.60'a 7 90 Slauchter pics -100-140: Good and choice .. 6 753 8.50 Medium 6 00(3 8 00 CATTLE —Receipts. 800— —Steer*— i 300-900 1 choice *10.50312.50 Good 9 50 3 1150 Medium 7.50-i 9 75 Comtr.or. 5 50 i 7 50 • 500-1100. Choice 12 00713 50 Good 9 50'.i 12 50 Medium 7.75 1 10.00 Common 5 507 7 75 1100-1300. Choice 12 50.1 13 75 God 10 25 .? 12.00 Medium 8 50 3 10 50 .1300-1500' Choice -12.505413.50 —Heifers—--500-7501 Good 10 25 513 00 Choice 9 25<i10 25 Good 82?-i924 Common and medium 5 00 3 8 25 1 750-900. Good and choice ... 8 50-. rlO 50 Common and medium 5.00 3 8.50 —Cow* (Yearling Excluded) Good 6 007 7 50 Common and medium 4 257 f.OO Los Cutter Cutters 275 7 4 25 Bulls, good 5 503 700 Cutter, com and med. bulls 3.753 550 VEALERS —Receipts 500— Good and choice *9 00719 00 Medium 7.006 9 00 Cull and common 3 50 3 7.00 Calces—--250-500) Good and choice .... 6 503 9 50 Common and medium 3 50 3 6.50 —Feeder and Sleeker Cattle — —Steer*— .500-900- Good and choice Common and medium ■ 4 503 600 900-1050. Good and choice 600 3 825 Common and medium 4.503 600 —Caw— Good .*. 3 753 450 Common and medium 3 253 3.75 SHEEP AND LAMBS —Receipts. 500— Lambs 90 to 12C lbs . good and choice *7 503 8 50 Common and medium 6 003 775 90-120 lbs. good and choice... 4.50a 550 Hicep: 120-130) Good and choice . 400 3 5.25 All weight*, common and me* dinv. 3.003 4.25

Abreast of The Times on Finance

THE BANKING BATTLE bob bob b b b Fight for Central Institution Now 011

F.ditor’i Note: Thi it the first of four arlirlet on the impending Congressional battle oter basic changes in the nation's banking system. BY THOMAS L. STOKES Times Special Writer WASHINGTON, April I.—Father Charles E. Coughlin champions a central bank as a means of lodging the power over money in the hands of the people. The youthful Marriner S. Eccies, governor of the Federal Reserve Board, argues for a series of reforms in the Federal system to make it operate like a central bank. Senator Carter Glass <D., Va.> resists the central bank ideas of each and would preserve the Federal Reserve System. About these three viewpoints—the left-wing program of the Detroit priest, the middle-of-the-road program of Governor Eccies and the Roosevelt Administration, and the right-wing program esppused by the Virginia Senator, now revolves an issue which soon will absorb Congress. Father Coughlin and Gov. Eccies would attain, by different methods, virtually the same end. The Federal Reserve Board governor, gradually, and the radio priest, suddenly and radically, would place in the hands of the government almost absolute power over currency, credit and the banking institutions which are both depositories and investors of the people’s money. Money Control Widens President Roosevelt came into office pledged to “drive the money changers from the temple.” Through a series of acts, both executive and legislative, the Administration has drawn to itself more and more control of banking and finance. The 1935 banking bill, now pending in Congress, carries this several steps further. The issue, as it is drawn today, is between those who would create a central banking system in fact, which includes both the Administration and the force of Father Coughlin, and those who would maintain the co-operative Federal and private banking system, with large powers still left to private bankers, which is the object of Senator Glass. The Federal Reserve System was intended as a long step toward a central banking system. It was almost a radical venture back in 1913. The big Wall Street bankers fought it. Senator Glass, then in the vanguard, finds himself today in the rear guard. One result of the reform movement initiated by Governor Eccies would be an end of thi crazy-quilt banking system, with its multifarious forms of currency, which this country has had since its foundation, and which has been one source of many of its panics. The United States has been moving toward a unified banking system since the panic of 1907 awakened the country to its ineffectual decentralized system which always flew to pieces under a strain. The National Banking System, created 50 years earlier, had proved wholly inadequate. The panic provoked a congressional tudy, directed by Senator Nelson T. Aldrich (R., R. I.), which was the germ of the Federal Reserve Act of 1913 engineered through Congress largely by Mr. Glass, then a member of the Blouse. For its time it was a monumental reform, though representing a series of compromises with those who hesitated still to delegate too much power to a federally supervised system. Slow Reaching Point Looking back across the country’s banking history, it may appear strange that the United States was so slow to come to a central banking system, that it w’as so long-suf-fering under a loose banking confederation which was powerless to move effectively in a crisis. England’s private central bank was established in 1694—the famous Bank of England. France and Germany have similar central banks. The explanation lies partly in the desire for local autonomy in banking, the fear of agricultural comOlhcr Livestock (Bv United Pressl CHICAGO. April 1. Hors Receipts. 13 000. includinc 6000 directs; moderately active, fullv steadv with Friday: 200-250 lbs. s9'.; 9.10: top $9.10: 250-375 lbs. $8 85 <1 9: 140-190 lbs.. $8.25'.; 9: piss. $7 25'.; 8 25; good packing sows, $8 25'<;8.35; light lights. 140-160 lbs., eood and choice. $8,25'.;5.75; iißh' weicht 160-200 lbs.. Rood and choice. $8 50 .; 9 10: medium weights 200-250 lbs., good and choice. 58 90'.;9 10; heavy weights 250-350 lbs., good and choice. $8 85'<: 9.05: packing sow s. 275-550 lbs . medium and choice. $7 50'.; 8 40; slaughter pigs, 100-140 lbs., good and choice. $7.25'.; 8 50. Cattle —Receipts. 12.000; calves, receipts, 2000: better grade steers and yearlings, fully steady: others slow; mostly steady; some weakness on inbetween grade light kinds: all heifers steady to strone: cows about steady; bulls, steadv: vealers. steady to weak; choice. I*o9-1342 lbs. steers 'sl4; selected vealers, $9: slaughter ca'ae and vealers: steers 550-900 Ibr.. good and choice. $lO 25'.; 14; 1150-1300 lbs., eood and choice. $lO 50'.; !i 25: 1300-1500 lbs , good and choice. $’.U 75'; 14 20; 550-1300 lbs , common and medium. s6'; $10.75; heifers 550-750 lbs . good and choice. $9 50'S 11.75; common and medium. $5.254; 9 50: cows, good. sS7s'<; 9 25: common and medium. *4 25'.i6 75: low cutter and eutter. S3'.t4 50; bulla yearlings excluded i good ibeef>. $5 504T7: cutter, common and medium. s4'.; 5 75; vealers good and choice. $7 39: medium. s6'.i 7. cull and common. $436: s’oeker and feeder cattle: steers. 500-1050 lbs. good and choice. $6 50'.; 8.75; common and medium $5 25'<?6.75. Sheep—Receipts, 19.000: fairly active, around steadv with Friday's average on most killing classes: lamb ' oualitv not particularly attractive at $7 7,V ; o *8 25 bid and paid for choice offerings, best held above $8 35: native ewes $43 5 mostly: slaugb"r sheep and lambs: lambs 90 lbs. dew good and choice. $7 50’;8 35: common and medium, $6 50/7 65. 90-98 lbs., good and choice. $7 35-8 35 ewes. 90-150 its. good and choice. $4 ?5 50: all weights, common and medium. s3'.; 4 50: feeding lambs, 50-75 ibs . good and choice. $6 25'3 7. FT WAYNE. April I.—Hogs Steadv: 200-:'0 lbs.. *9: 180-200 lbs 58 90: 250-300 ’.hs $8 85 160-180 lbs . $8 80 300-350 lbs . $8 55 150-160 lbs . $8 50: 140-150 lbs.. $8.25: 130-140 los.. $8: 120-130 lbs . $7 50: 100-120 lbs $7: roughs $7 ”5: stags. $5 50. Calves. $9 50: lambs. $7 75. LAFAYETTE April I.—Hogs—Market. 5 ; 10c lower: pics steadv 200-235 ibs $8 90 .8 95 235-275 lbs $8 75*; 880 275-325 lbs . $8 3018 65: 170-200 lbs. sßßo'-;8 90: 160170 lbs. $8 75: 140-160 lbs. $8 25-7 8 30: 130-140 lbs S7 75'<7 $: 120-130 lbs. $7.25"; 7 50: 100-120 lbs. S6 50'-r7: roughs. $8 down: calves. $9 down; lambs. $7 50 down. WILLY'S PLANT TO OPEN By Times Special DETROIT. April I.—Opening of the Willys-Overland plant which was scheduled for March 25 probably will be April 1, according to Cram's Reports, Inc. The delay was due to shortage of parts, it was said. April production is estimated at 450,000 utils.

INDIANAPOLIS, MONDAY, APRIL 1, 1935

munities that control over their credit will be lodged far away, the fear of political control by a powerful agency. In its early days the United States had private central banks on two occasions. Andrew Jackson, in destroying the second—the ’’monster,” as he called it—said it was discriminating against the farmers and artisans and was favoring the moneyed classes. Today the situation has changed. Big bankers are fighting the Coughlin and Eccies proposals on the

ißy Thomson & McKinnon; 11:00 A. M. Prev. Oils— High. Low. N. Y. close. Atl Rfg 21 1 s 21 ‘g 21 1 g 22 + Barnsdall 6+ 6+ 6 + 6 + Consol Oil 1 7 7 7 Cont of Del .... 17 17 17 16+ Ohio Oil S t b 9*4 9+ Ota Pet Corp 8 7 3 4 8 8 Phillips Pet ... 15 7 8 15 3 4 13 7 s 15+ Plymouth Oil .. 7+ 7 3 a 7 3 8 7+ Pure Oil •• 6 + 6 + 6'a 6 Seaboard Oil 23 + 23 + 23 + 23 + Skellev Oil 8 + B's 8 + 8 Soc Vac 12' 4 12 1 8 12‘s 12+ S O of Cal .... 29 7 s 29+ 29+ 29*a SO of Ind . 2.3*z 23*2 2**2 23‘z S O of N J 37 37 37 37 Texas Corp .... 18*4 18 18 + 17+ Tidewater Assn . 8 7 7 s 8 7 3 4 Un Oil of Cal .. 16 15 7 s 15 7 b 15+ Steels— Am Roll Mills .. 16+ 16+ 16+ 16+ Beth Steel 24 3 4 24 3 ,4 24 + 24*4 Byers A M .... 12 12 12 12*z Col Fuel fc Iron. 1 3 b 1 3 b l 3 s I*4 McKeesport Tin 98*2 98*2 98*2 99*4 Natl Steel 42 42 42 41*2 Rep Iron & Steel 10+ 10*4 10*4 10*2 U S Steel 29 28 3 4 28 7 s 28+ U S Steel pfd... 76 5 a 75">4 76 76* 2 Warren Bros ... 3 3 4 3 3 4 3% 3*4 Motors— Auburn 15 + 15+ 15 7 e 16 Ohrysler 34*4 34* a 34% 34 + Gen Motor3 .... 28*2 28% 28*4 28+ Hudson 7 7 7 6 7 s Hupp 1 + 11a l'e I*B Nash 12 + 12*4 12*■ 12*2 Packard 3 + 3 + 3+ 3 3 4 Studebaker 2' 2 2 + 2 + 2*2 Yellow Truck.. 2 7 a 2:4 2 7 /* 2+ Motor Access— Bendix 13*2 13*2 13*2 13% Bohn Alum 58 7 a 58 58% 57* 2 Borg Warner ... 31% 317% 31 7 s 31*2 Briggs 26 3 a 267a 26 3 ,s 26 + Budd Wheel ... 33 3 Elec Auto Lite . 20*4 20*4 20*4 20 Elcc Stor Bat ... 41 3 4 41 3 4 4IN 42 Houdaille A 7*2 7*2 7*2 7 + SCATTERED RAINS PUT WHEAT DOWN Corn and Rye Are Higher, but Oats Recedes. By United Press CHICAGO. April I.—The Southwest reported scattered precipitation over the week-end, and wheat futures eased. Corn and rye were higher while oats followed wheat down. At the opening wheat was V% to U cent lower, corn ranged from Vs cent lower to 3 s cent higher, oats were off H to % cent, and rye was up to Vs cent. The local market was steadied somewhat by firmness at Liverpool. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close. Mav 95*4 .94*4 .94 3 8 .95*4 Julv 92*4 .90 7 a .9*. *s .92*4 Sept 9174 .90+ .90+ .92 Corn— Mav 80*4 .79*2 ,79 3 4 .80*4 JulV 74 4 .74 .74'a -74 3 s Sept 70 + .69+ .69 + .70* 4 Oats— Mav 44 5 8 .44*8 .44*8 .44% Julv 39 1 8 .38 7 8 .38 7 b .39*2 Sept 37 3 a .37*8 .37*8 .37+ Rve— May 55 .54+ .54% .54 + July .58 .5794 .57% .57*2 Sept 58 .57 3 4 57+ .57*2

Stock Studies

COMMERCIAL SOLVENTS i COMMON STOCK PE 8 f |P<E Share EARNINGS PRICE RANGE SCALE LOO- 53 60 mill, I"O . /ehwYfl/e " I —L—- 0 130 31 32 33 34|31 32 33 3435| WINCHESTER INSTITUTE OF FINANCE . Commercial Solvents Corp. is a leading producer of various chemical solvents by the fermentation of grains. At its organization the company bought the government’s plants and research laboratories at Terre Haute. In order to meet competition from synthetic solvents the company has also perfected processes enabling it to compete with certain of tliese synthetic products. Thus the company has availabe synthetic processes for producing some of its solvents if the cost of grains proves too high. The company also has a process for producing butyl alcohol from cheap molasses. FINANCIAL DATA As of Dec. 31, 1934 Common Stock ino par).. 2.636.042 shares Surpluses $ 9,441.296 Cash 8.776.567 Inventories 4.697,823 Total Current Assets 14,937,018 Current Liabilities 1,135,039 Last December Commercial Solvents sold its 30 per cent interest in Krebs Pigment and Color Corp. to the du Pont interests thereby increasing cash by more than $7,100,000. During the year there was practically no change in inventories, but net working capital increased nearly $7,400,000 while surpluses gained $5,300,000. The company is planning to use some of this additional cash in plant improvement and extension. On Dec. 31 the current ratio was about 13 to 1 while the per share equity of the common stock was $6.10, an increase of $2.04 for the year. The low point in earnings was in 1932 when 50 cents was earned. The common earned stock 88 cents in 1933, and 89 ceiits in 1934. The present annual dividend rate is 60 cents, which has been maintained since 1932. Commercial Solvents was incorporated in 1919 in Maryland. The stock is listed on the New York Stock Exchange. So far this year the common has ranged from a high of 23' s to a low of 18 At a current price of around 19 it sells to yield nearly 3 ! * per cent and for 21 times 1934 earnings. (AU Rights Reserved. Winchester Institute of Finance. Winchester. Mass.)

New York Stocks

ground that they would establish a political banking system, a system that will be employed for partisan purposes by the party in power. Largest support for the central bank idea comes from farmers and labor, who argue that only by giving the government control can power be wrested from the big financial interests which have for long dominated banking. Next—The Federal Reserve System.

Murray Body ... 6% 6 3 4 6 3 4 6*2 Stew Warner 7*4 7*a 7+ 7 + Timken Roll ... 29+ 29*2 29*2 30 Mining— Alaska Jun 16 3 s 16*. 164 16*4 Am Metals 15 + 15 1 2 15 5 s 15*2 Anaconda 10*4 10 + 10*/* 10*2 Cal & Hecla 33 33 Cerro De Pasco 43% 43 * 43 4 42 7 s Int Nickel . . 244 24 24*s 24** Keniiecott Cop . 164 16 16 16 Park Utah 2+ 2*4 2+ 2 + Noranda Cop ... 35*4 35*2 35*2 354 Phelps Dodge .. 14+ 14 14+ 14 ot Joe Lead ... 12*4 12*4 12*4 12 + U S Smelters . .1044 104*4 104*4 103 3 4 Amusements— Loews Inc 35% 35+ 35+ 35+ Radio Corp 4*2 4+ 4+ 4 + Paramount 2+ 2*2 2*2 2+ Warner Bros ... 2+ 2+ 2+ 2+ Tobaccos— Am Tob "A” ... 75 75 75 75 Am Tob ••B" ... 77 76*4 77 76 Ligg & Myers B 96+ 96*4 96+ 96+ Lorillard 19 19 19 19 Reynolds Tob B. 44+ 44+ 44% 44+ Rails— Atchison 38*2 37+ 37+ 37* 2 Atl Coast Lines. 21 20+ 21 20*2 B & O 9*4 9 9 8 + Can Pacific 10+ 10*4 10+ 10+ Ch & Ohio 39 38% 39 38 C M & St P ... + + + 5 8 C M & St P pfd 1+ 1+ 1+ 1 + Chi N W 2+ 2+ 2+ 2+ Chi N W pfd.... 4+ 4+ 4+ 4 + Deia <fc Hud . 25% 25* 2 25*2 24% Del Lac &W .. 12+ 12+ 12+ 12 Erie 8+ 8+ 8+ 8+ Gt Northern pfd 10+ 0+ 10+ 10 + 111 Central 11 10+ 10+ 10+ MK&T3 33 2+ N Y Cent . .. 14 13*2 13% 13 + N Y New Haven 4% 4+ 4% 2 + Nor Pacific 14 14 14 13 + Penn R R 18+ 18+ 18+ 18 Reading 30 30 30 30 Sou Pac 14+ 13+ 13% 13+ Sou R R 9+ 9'a 9+ 8+ Union Pac 86*2 86+ 86+ 85 West Maryland 6+ 6+ 6+ 6 + Equipments— Am Car & Fdv.. 11+ 11+ 11+ 11 + Am Steel Fdv . 13’2 13+ 13+ 13 Gen Am Tk Car 34+ 34+ 34+ 36+ Gen Elec 22 22 22+ 22 Pullman Ir.c .... 43+ 43*4 43+ 42+ West Air Br .. 19+ 19+ 19% 19 Westingh Elec.. 35% 35+ 35+ 35 + Utilities— Am & For Pwr . 3+ 3+ 3+ 3*4 Am Power & Lit 3 2+ 2+ 2+ AT&T . 102+ 102+ 102*2 102 + Am Wat Wks.... 11 10+ 10+ 11 + Col Gas & Elec.. 5+ 5+ 5+ 5+ Com & Sou 1111 Consol Gas 20*4 20 20*4 20 + Elec Pwr & Lit . 2+ 2+ 2+ 2 + Int Hydro Elec.. 1+ 1+ 1+ 1+ Interboro R T... 11+ 11+ 11+ 10 Int T & T .. 6+ 6*2 6*2 6*4 Nat Pwr & Lit . 6*2 6+ 6+ 6*2 North Amer 11+ 11+ 11+ 11 + Pac G & E 17 17 17 16+ Pub Serv N J .. 25 25 25 24+ So Cal Edison .. 13+ 13+ 13+ 13+ Std Gas 3' 4 3*4 3*4 3 + United Corp 2*4 2+ 2+ 2 + Un Gas Imp .. 11+ 11+ 11+ 11*4 Western Union . 23*2 23+ 23*+ 23 + Rubbers— Firestone 13+ 13+ 13+ 14 Goodyear 17+ 17+ 17+ 17*4 Kelly Spring ... + + + + U S Rubber .. 11 10+ 10+ 10+ U S Rubber pfd 27+ 27+ 27+ 27 Miscellaneous— Allis Chaimers . 14 14 14 13+ Am Can .. 116+ 115+ 116+ 115+ Am Mach & Fdy 21 21 21 21 Burroughs Add . 14*4 14*4 14+ 1 4 + J I Case 50+ 50+ 50+ 50 Conti Can 70+ 70+ 70+ 70 + Deere & Cos . . 25*/* 24 25 24+ Eastman Kodak 120 119+ 120 119 + Gillette 14+ 14+ 14+ 14% Ingersoll Rand . 66 66 66 63 Infer Harv .... 36+ 36+ 36+ 36+ Owens Bottle ... 85 84+ 84+ 83 + Underwood E 54*4 54'2 54+ 54 Foods— Am Sugar .... 55+ 55+ 55+ 55 + Armour 4 4 4 4 Canada D G Ale 9 9 9 9 Coca Cola 201+ 201+ 201+ 201*4 Corn Prod ... . 64 63+ 64 65 + Crm of Wheat . 38 38 38 38 Cuban Am Sugar 6+ 6+ 6+ 6% Gen Foods 33+ 33+ 33+ 33 + Natl Biscuit 2+ 22+ 22+ 23 + S Porto Rico Sug 22+ 22% 22+ 22 + Std Brands .... 14+ 14+ 14+ 14+ Un Biscuit 22+ 21+ 22+ 22 + United Fruit 82 82 82 82 Retail Stores— First Natl Stores 46+ 46+ 46+ 47 Kresge S S 20+ 20* 4 20+ 20*4 Kroger Groc ... 23+ 23 J a 23+ 23*2 Macv R H 31 30+ 31 31 + McCrorv St .... 8+ 8% 8+ 8+ McLellan St .... 9% 9+ 9+ 10 Marshall Field-. 7+ 7+ 7+ 7 Mav Dept St ... 36+ 36+ 36+ 36 Mont, -Ward 23+ 23+ 23+ 23+ Penney J C ... 62+ 62+ 62+ 62 + Sears Roebuck.. 33+ 33+ 33+ 33 + Woolworth 53+ 53 53 53 + Aviation — Boeing Aircft .. 7 7 7 6+ Curtiss Wright . 2+ 2+ 2+ 2*4 Douglas Air .... 20+ 20+ 20*8 19 + Nor Am Av .... 2+ 2+ 2+ 2*2 Sperrv Corn .... 8+ 8+ 8% 8 + United Air new 11+ 11+ 11+ 11 Chemicals— Allied Chem ...133 133 133 131 + Com Solvents .. 19+ 19+ 19+ 19+ Du Pont 90+ 90 90 89*2 Freeport Tex ... 22+ 22+ 23+ 22% Liquid Carb .... 28*2 27+ 28+ 27+ Math Alkali ... 26 26 26 26 Monsanto Chem 59 58*4 58+ 59+ Natl Dis 1 new) 27+ 27+ 27+ 27+ Schenlev Dist . 25+ 25+ 25+ 25 Tex Gulf Sulph . 30+ 30 20 30 U S Ind Alco .39 38+ 38+ 38 + Drugs— Un Drug (new). 10 10 10 9+ Vick Chem 37 37 37 37 Financial— Adams Exp 4+ 4+ 4+ 4+ Allegheny Corp.. + + + + Lehman Corp .. 67*2 67+ 67*2 68*4 Transamerica .. 5+ 5+ 5+ 5+ Tr Conti Corp .. 2+ 2+ 2+ 2*2 Building— Int Cement . 23+ 23+ 23+ 23*4 Johns Manville 42 42 42 41 + Libby Owens Gls 22+ 21+ 21+ 22 Household— Col Pal Peet . . 16+ 16+ 16+ 16+ Proc & Gamble. 46 46 46 45+ Servel Inc B*4 . B*4 8+ B*4 Simmons Bed ... 6+ 6*2 6+ 6+ Textiles— Celanese Corp.. 20*2 20*2 20*2 20+ Indus Rayon ... 24+ 24+ 24+ 24*2

Chicago Stocks

(Bv Abbott. Proctor & Paine i 11:00 Prev. * A. M. close. Acme Steel 46*4 46 Borg Warner 31+ 31+ Cities Service + ’a Com Edison 63’a 63 + Cord Corp 2% 2+ Chicago Mail 18*4 18*2 Gen House Util 4+ 4+ Iron Fireman 14+ 11 Libbv 6+ 6+ Swift 15+ 15+ New York Curb * <B7 Abbott. Proctor & Painei 12 iNoon) Prev. N. Y. close. Am Cyanide :B) 16* * 16 + Atlas Corp 7+ 8 Can Marc 1+ 1 + Distillers Corp 15+ 16 El Bond and Share 5+ 5+ Ford of Europe 7 s * 7*2 Hiram Walker 27*2 27* 2 Lake Shore Mm 56+ 56 + Long Island Lighting 2+ 2+ Natl Bellas Hess 1-H 1 + Newmont Min 38+ 38*2 Nia Hud Pwr 3*2 3*2 Pan-Am Airways 39*2 39 + Penn Road 1+ 1 + St of Kv 18+ 18+ J. EDWARD JONES ROYALTY TRUST CERTIFICATES Chapin Seward & Shiel, Inc. Fletcher Trust Bldg. LI-4466

PAGE 11

CARRIER GROUP LENDS MARKET IMPROVED TONE Rail Shares, However, Give Up Some of Gain in Later Dealings. By United Press NEW YORK. April I.—An early rise in railroad shares brought into the stock market today a firm tone which contiued in extremely dull trading. Strength in the rails was somewhat curtailed after first effects of the I. C. C. freight rate decision, but most issues managed to hold fractionally above tne previous close. Atchison, New York Central and other leaders held fractional gains while Union Pacific retained an early advance of 1+ points. The industrial list generally was firm, United States Steel holding just above the previous close, du Pont * 2 point higher at 90 while General Motors and Chrysler were about steady. Utilities were mixed. Consolidated Gas selling off + at 20. Some weak spots appeared including National Biscuit which dropped l n * to 22 + and Macy which touch another new 1935 low of 30' 2, off 1. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,206,000.00 Debits 5,454,000.00 TREASURY STATEMENT ißy United Press) WASHINGTON, April I.—Government expenses and receipts for the current fiscal year to March 29, compared ,vith the corresponding period of the previous fiscal year: This year. Last year. Expenses. $5,507,128,129.01 $4,817,522,582.96 Receipts.. 2,854,196,681.26 2,305,864,344.40 Deficit . . 2,202.931.447.75 2,511.658.233.56 Cash bal.. 2,429,069,298.54 4,849.253,392.77 On Commission Row Quotations below are average wholesale prices being ottered to buyers by local commission dealers. Fruits —Bananas, 5c a lb. Apples. Winesaps, sl.6a; Delicious. *1.8o; Baldwins, Sl.oO. Lemons. Munkist. 2bos. $4.20. Grapelruit. Texas, seedless. $3.25; Arizona. b4s, :0s ana 80s. sz.oO. Limes, Mexican, per carton. 12s. 25c; Bvram. seedless, per hundred. $3. strawberries. Florida, pint. 20c: per 36-pt. crate. lMc. Apricots. $3 crate. Grapes. South America, wnlte. $3; b:acK, *3. Honey Dews, South America, $2.75; Nectarines. South America, box. $3.50. Vegetables—Caobage. Northern Danish 50-10. bag. $2; new red Texas, hamper. 53.50; new Texas, naif crates. $2.:0. Onions, Western Spanish. SU-lb. oag, 3.o0; Michigan yellows, 00-ib. bag. s2.do. Potatoes. Green Mountains, 100-lb. bag. $l.o0; selected coboiers. 150-!b. oag. s2.ou; northern, round wnite. 100-ib. Oag, $1; Onios. 100-lb. bag. $2; Idaho Russets. 100-Id. bag. $2; New Florida Triumphs, bushel. s2+o. Sweet potatoes. Indiana Jerseys, ousnel, $1.50; medium or seed. $1.10; Nancy Halls, oushel. $1.15. Beans, round stringless, namper. $2.50® 2. jo. Celery wasned and trimmed), medium, doz.. oOc; mmoo, doz., 75c; hearts, aoz.. MOc. Cucumoers, hot house, dozen. $1+0; 2 ao,en box, $2.55. Endive. Ganlornia, dozen. $. crate. $4.25. Egg plant, $1.50® 2 doz. Kale, bcsnei. sc. Lettuce, hot house. 15-io. basxet. $_.6U; Arizona iceburg head lettuce. $3.00. Yuma, crate. $4.50. Mangoes. $3.00Ca.5 a crate, small basket, 5Uc. Mint, a dozen. sl. Parslev. dozen. 35c. Peas, hamper. $3.50; Spmacn. rexas. bushel, sl. Kaaisnes. dozen. bs®7sc. Turnips, bushel, 7oc. Parsnips, bushel. $1.25. Beets, bushel. sl. Carrots, bushel. $1; 100-ib. sack. $1.75. Rnubarb, hot house. 5-lb. carton, bsc; dozen bunches. $1.20. Mushrooms, lb.. 30c. All quotations subject to cnange up or down.

Produce Markets

Delivered, in Indianapolis prices: Heavy breed hens. 15c; Legnorn hens. 11c; colored springers, 13c; heavy stags, lie; Leghorn stags, 7c; old roosters. 7c; ducko, full featnered and fat, 9c; geese, lull leathered and lat, 7c; all classes of guineas, 15c; No. 1 strictly fresn country run eggs, loss off 17c. Eacn full case must weigh od los. gross, a deduction of luc a pound for each pound under 5j lbs. will be made. Butter —No. 1. 33@34c; butter-fat, 30c. Quoted by the Wadley Cos. (By United Press) CHICAGO. April I.—Eggs—Market steady; receipts, 28.286 cases: extra iirsts. 22%c; fresh graded firsts, 22c; current receipts. 20+c; dirties. 19+c; checks. 18+c. Butter —Market. steady; receipts, 5:43 tubs; extra firsts (90-91-2 score), 32+c; extras (92 scorei, 33c; firsts (88-89la score), 326/32* 2 c; seconds (86-87+ score), 31+c; specials, 33 + (s34c; standards, 33c. Poultry —Market, unsettled; receipts. 1 car; 11 trucks, 2 cars due; capons. 6 to 7 lbs., 24c; old roosters, 14+c; ducks, 18 + 'd2l+c; turkeys. 16(a 22c; geese. 14c; stags. 16+c; oroilers. 23&24c; fryers. 23')t24c: hens, Daisies, 15*/2<&.ls+c; Longnorns. 15+c. Potatoes—Old stock, supply moderate: demand and trading moderate; market stronger; Wisconsin round whites. 80c; unclassified, 65c; Idaho russets, $1.75®'1.8a; commercial. $1.50; United States No. 2. $125; Nebraska Bliss Triumphs. $2.05. New stock, supply light; demand and trading limited: market firm; Florida bushel crates Bliss Triumphs. $2.20. Arrivals, 154; on track. 262; shipments on Saturday. 723; Sunday. 26. CLEVELAND. April I.—Butter—Market, firm; extra, 37c; standards, 37c. Eggs— Market, firm; extra white, 20c; current receipts. 19+c. Poultry—Market, steady; fowls under 6 lbs.. 22c; ducks young. 24/ij 25c; ducks old, 20c. Potatoes—Maine, $1 (3 1.10 a 100-lb bag; Ohio mostly 70@75c; New York. 80c. PRESENTATION OFFICE SPACE The facilities and wide selection of space offered by this organization enable you to come to a quick decision based on pertinent facts reguarding any business location. KLEIN, KUHN,, PROPERTY MANAGEMENT Lincoln 3545 INDIANAPOLIS

hat Does It Mean? Paper Currt ties—Those monetary units U'hich are rot baeked by gold are classified as paper cv^revciss.

JOINS GILLETTE CO.

Charles M. Pritzker Formerly vice president of the Conrad Razor Blade Cos.. Inc., Charles M. Pritzker has sold his interest in that company and joined the Gillette Safety Razor Cos. as advertising manager. Mr. Pritzker was advertising manager of the Valet Auto-Strop Safety Razor Cos. for five years.

12,930 CARRIER MILESDROPPED Line Abandonments Since 1920 Cited in I. C. C. Annual Report. By Times Special WASHINGTON, April I.—ln order to reduce the financial losses incurred in the operation of unprofitable lines, the carriers have in recent years filed under section 1 of the act an increasing number of applications for permission to abandon railroad lines, according to the annual report of the Interstate Commerce Commission. From the effective date of section 1, May 29, 1920, to Oct, 31, 1934, the commission granted 854 applications involving abandonment of railroad lines or of the operation thereof, of which number 317 were contested and 537 were uncontested cases. During the same period the abandonment permitted involved 704 miles of main line, 5753 miles of branch line, and 63 miles of other mileage, of Class I carriers, together with 6408 miles of so-called “short lines,” of which 4612 constituted the entire lines of the carriers and TT9S miles only portions of such lines. The above figures do not include abandonment of trackage-right operation or ferry and boat lines.

Are You Missing Anything? Before your Automobile insurance expires, see what / \ Employers Mutuals have Q T ] to offer. Comparisons dis- gs ■Sjapr jLP merits you may find a betjer 1108 Circle Tower Lincoln 2211

COMMERCIAL BANKING / SAVINGS / TRUSTS WE INVITE INSPECTION of our safe deposit department which has been enlarged to provide customers with greater conveniences and protection. This improved service will be found especially adaptable to the requirements of large institutions whose security holdings are inspected periodically by boards of directors, trustees, or committees. AMERICAN NATIONAL BANK AT INDIANAPOLIS Capital and Surplus $3,360,000 Branch at College Avenue and Forty Second Street

HOG PRICES 5 CENTS LOWER AT CITY YARDS Cattle, Lambs Stationary; Veals Sharply Higher at $lO Down. The pork market a? the Indianapolis Stockyards today was generally 5 cents lower than Saturday’s best prices. Trading developed slowly and receipts were abound normal. Top price for good and choice weights held at $9.15. Interest during the early trading seemed to have centered in the medium and heavyweight divisions, with practically no activity shown in the lighter classes. Today's supplies were estimated at 5000, compared with 2000 Saturday. The regular bulk, 160 to 250 pounds, cashed in at $9 to $9.10, while few grades were reported selling at $9.15. Heavy butcher classes, scaling 250 pounds and up, ranged from $8.60 to $8.75. Lightweights, weighing 130 to 160 pounds, sold at S8 to $8.75, while others from 100 to 130 pounds, brought $6.75 to $7.75. I Packing so vs held at $7.75 to $8.25. j Holdovers w ere 82 Initial dealings were slow in the I cattle market and bidding was slightly lower. Few early sales, however, held around steady with the bulk of steers and heifers valued to sell at $lO. Vealers were largely 50 cents higher, selling at $lO down. Lambs held steady. Bulk of fed Western grades sold at $7.50. Few natives brought $8 to $8.25. Receipts were 500. Other Livestock (By Times Special) LOUISVILLE. April 1. -Tattle—Receipts, 1000; demand broad irom all sources; market, active and steady to strong;; spots higher than close last wees; quality only lair; bulk, common to medium, steers and heifers, SH.bO® 8.75; few common down to $6; most better finished steers and heifers, 59(u.10; strictly good steers quotable higher; bulk beef cows, s4.so''/b; good kinds and smooth heiler types to $6.50 or better; bulk low cutters and cullers. $2.70(u4; strong weight cutters to $4 25; bidding mostly $5.50 on sausage butts; desirable beef bulls to $6 and above for yearling types; stockers steady; better Hereiora stock calves, mostly $6 50'<i7.50; cnoice steer calves quotable to $8 2a. Calves —Keceip s, 550. including 200 stock calves; market steady with last Friday and Saturday; bulk good to choice otleri.igs. SJ.SO 8; strictly choice. $8.50; medium and lower grades. $6.50 down. Hogs—Receipts. 800; market. 5c lower than last Friday and Saturday; top and bulk desirable 183-250 lb. weights, $8.90; 255 lbs. up, $3.45; 160175 lbs.. $8 40; 140-155 lbs , $7.90; 120-135 lbs., $6.95; sows weighing 400 lbs. down, $7.15; heavier sows discounted 50c. Sheep Receipts. 75; market, steady: bulk medium to good lambs, s7'B; choice quotable to $8 50; common light throwouts, $6 and fat ewes, $3.50 down.