Indianapolis Times, Volume 47, Number 19, Indianapolis, Marion County, 2 April 1935 — Page 15

Wall St. Underwriters’ Work Indicates Business Is on Rise. __BY RALPH HLMILRSIIOT time* itfdtl Writer

New YORK. April 2 —Development* in the securities market would eem to Indicate quite definitely that business In the United States Is well on the way to recovery. underwriting houses have become unusually active of late In the bond market, and In the past that invariably has marked a milestone on the road to trade

*rtlvi‘y. To appreciate the significance af the development it .* necessary to lie in the loose ends of what has happened before. Aft'r the market collapse of 1929 It vas but natuial ar.d normal that investors should have been particularly careful of

Ralpn Hendershot

w hat money they had saved from the wreck And when conditions went from bad to worse in business it was to be expected that they should draw back farther into their shells. Investors forget, but not easily Or quickly. Those who had .surplus funds were Interested more in protecting what they had than m risking them for the sake of high interest rates. They were willing to buy only the highest grade securities. primarily government and high-class municipal issues. m a a BUT gradually, as their confidence increased and their funds grew through savings, they were willing to take a slightly greater risk in order to get a somewhat higher return on their investments. Moreover, the supply of the highest type investments was not sufficient to meet the demand, go prices increased quite sharply. We h. ve now reached the point where excellent demand exists for th better grade corporate bonds, and the securities and Exchange Commission has liberalized the Securities Act sufficiently for concerns which need funds to risk borrowing and for bankers to act as underwriters. Within the last few weeks underwriting bankers have conducted preliminary negotiations for the tale of a great many issues. Almost every important concern in the Street has two or three deals -on the fire.” To be sure, these issues are for refunding purposes in virtually every instance, but the next step will be the flotation of bonds for the purpose of raising new capital. a m a AND it is when the new capital begins to flow into business that the pickup in trade is likely to make itself felt. The money will be used for permanent property improvements and betterments rather than for the production of so-called consumer goods. It has been the lack of activity in the heavy goods industries, such as this new capital will stimulate, that has been the chief drag on general business during the last year or more. It has been the one outstanding factor which has delayed the recovery. Assuming the Administration in Washington does nothing more to make investors fear for the safety of reasonable business profits, and assuming it does not lean any farther toward currency inflation. It is fair to suppose that the circle of investment demands will continue to widen. And if it does progress toward recovery should be steadv but certain.

On Commission Row

Quotations below are average wholesale ®ru-es being offered to buyer* by local (nrmission dealers. Frail* Banana*. 5c alb Apple:. V.ne- §. p - 1165: Delicious. $lB5. Ba'uwms. SI6. lemon*. Sunktst. 26<K $4 25 Orapetexas. seedless. $3 25, Arizona. Ms, 70s and Ms. $2 59 Limes. Mexican, per Its ram. seedless, per hundreti $3 S?ra berries. Pionda. pint. 20c: per 36-pt crate 19c Apricots. $3 crate. . Sou*h America, white. $3: black. s.* Honey IV* s. South America. $2 75; Nectarine*. South America, box. $3 50. WxelaMes Cabbage. Northern Danish 5P b bae. $2 new red Texas hamper. $3 50; r.ew Texas. half crates. $2.75. Onions. Western Spanish. 50-!b. bag. < Mlchtr-s yellows. 50-lb bag. $2 50. Fo-atoes sireen Mountains. tOO-lb. bag. $t so. ..elected cobbler-. 150-lb bag. $2 50: not hern round white. 100-lb. bag. 81; Oh:. 100-lb tag $2 Idaho Russet*. 100-lb hag $2 New Florida Triumphs, bushel $2 40. Sweet potatoes. Indiana Jersey. tv hrl $t 50. medium or seed. $1 10: Karev Halls, bushel. $1 15 Beans, round s-ri: *>.*- hamper $2 50 ■■ 275 Celerv • washed and uimr . medium, dor 50c; I.rr.bo d.-r 75c; arts. dor. 90c. Cucum- ■ dozen. $140: 2 dozen box. 82 65 Endue. California, dozen. sl. crate. s4.’? Egg plant. $l5O -. 2 dor Kale bushel. 6c Lettuce hot house 15-lb. basket. $1 50: Art.’on* Iceberg head lettuce. $3 50 Yuma. cr-.'e $4 50. Marcoea. $3 50 :5 a crate; am all basket 50c Mint a dozen sl. Parsley dv.-er.. 35c Peas hamper $3 50; Spinach Texas, buane!. $1 Radishes, dozen. •5 u 75c. Turnips, bushel. 75c. Pa: fc .• -el. $t 25 BeeV bushel. $1 Canota. bushel. $t 100-lb sack, $1 75 Rhubarb, hot house. 5-lb caron. #sc. dozen bunchrs $t 28 Mushrooms, lb.. 30c All quotation* subject to change up or down. FBlir* AND VEGETABLES Bv Crated PressCHICAGO April 2 Apples Michigan ft.- rs $5 35 165 Turnip* -Illinois, bu . 15 C 2 V Carrotg California, crates. $2 50*i 3 Sweet Potatoes Tennessee, bu . 75n s*.-. Illinois bu. 75 -9oc Beans Florida, b. S', t* 22> • fireer. Smach-Texas, t- ; ' $1 2- .1 50 Cabbage— Wisconsin 100 Si .3 75 F. 'rida $2 75 ■: 325 Onion fu- M chican sacs- a bu . No. 1 yellow. California, bu.. hampers. *i so 375 Tomatoes Folira. lugs. 82® 2 75 Rhubarb-- Michigan. 5-ib. cartons. 30, 5- , let ■ .ce—Western, crates. 5 dez.. $1 SC :s 3 75.

Retail Coal Prices

Tha to..owing prices represent quotattona from ;eadmt Indianapolis coal dealers A 25-cent carrying charge per ton will be added. DOMFSTIC RE I AIL PRICES Indiana -uap 85 30 Eg* 8 03 Nut 480 Lump 34®5 55 Brazil BlockLump a s 4 Egg 5 31 S:t EM u>rdpra— Eg* 5 18 35 43 Nut 4 95 u 5.20 West Virginia and Eastern Kentucke (Group Bl 6 77 37 IS Pocahontas and New River, smokeless . 7 308 32 Coke, egg and nut 890 Pea Coke 7.40 Anihracsta 10 13012 88

Produce Markets

Delivered in Indianapolis prices Heavy breed hens. 15c. Leghorn hens. He; colored springers 13c heavy stags, lie. Leghorn stags. 7c. oid rooatera, "c. ducks, fall feathered and tat. 9c. geese. lull feathered and fat. 7c all classes of guineas. Xsc No i strictly fresh country run eggs, loss ot 15c. Each full case must weigh 55 lbs. gross, a deduction ot 10c a pound tor each pound under 55 lbs will be made. Butter—No 1 33034 c. butur-Xat, 30c. Quoted hr tha W*diy Cos.

UTILITY GROUP PUSHES AHEAD; OTHERS MIXED Power and Light Shares Move Up on Statement by Willkie. Ril f It it r 4 Prms NEW YORK. April 2.—Utility issues strengthened today on the Stock Exchange on the action of Wendell L. Willkie, president of Commonwealth Southern Corp., in giving specific proposals to regulate holding companies without destroying them as proposed under the Rayburn Act now being discussed. Gains in the utilities ranging to more than a point stood out in an otherwise irregular stock marked list. Trading picked up in the utility division but was dull elsewhere. Consolidated Gas, most active issue on the board, rose to 20%. up its preferred to anew 1935 high a* 84 T ANARUS,; Public Service of New Jersey 25'... up l i: and United Corp. preferred 25'.. up •%. West Penn Electric and West Penn Tower issues were bid up. some of them gaming as much as 3 points. Communication issues strengthened. U. S. Steel. American Can. Chrysler and American Tobacco B made small gains. Rails were about steadv. J. C. Penney, a weak spot in the mercantile group, declined 2 1 * to anew low for the year at 59%.

Money and Exchange

TREASURY STATEMENT 'Bv United Press i WASHINGTON Aril 2 Government expense and receipts for the current fiscal vc ir to M.irch 30. compared with the corre ponding period of the revious fiscal vear: _ ... This Year Last Year Fxpenses $5,062.459 201 21 $4 848 004.417 51 Receipts . 2 862.760 231 76 2 305 704.722 23 Deficit . 2.199.898.969 45 2.542 299 635 28 Cash bat 2 445.841.872 39 4.829.750 870 69 GRAIN PRICES HIGHER AT CHICAGO MARKET Strength at Liverpool Brings Buying. By T nitfd Prrtt CHICAGO. April 2—Unexpected strength at Liverpool encouraged buying of wheat futures on the Board of Trade today. Prices were higher. First sales of wheat were J i to % cents higher, com was up *i cent, oats were unchanged to off *s cent, and rye was up U cent. Liverpool wheat stood % to cent higher in the face of a rather sharp recession here yesterday. Reports of scattered showers and generally unsettled weather over the domestic Southwest was without special effect hete. <Bv James E. Bennett* 11 00 Prev Wheat— High. Low. A M close. Mav 95*. .94% .94*, 94% Julv 9U 4 .90*8 .90% .91% Sept 91% .90' ,90'a .90*8 Cor— Mav 81> .80% .80*4 80% Julv 75 74% .74% .74% Sept 70* .70% .70*2 .70 Oats— Mav 45*8 44% .44% .44% Julv .39% .39 .39% .39% Sept 47% .37 .37% .37% Rv*— Mav ........ .55 .54*8 .54*8 .54% Julv 56% .55% .56 .56 Srpt 58 .57*4 .57% .57*4 LOCAL CASH 3IARKET City grain elevators are paving 85 cents for No 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow. 75 cents, and oats 40 cents. APPLICATIONS RECEIVED Four Corporations Apply to Stock Exchange for Registration. By TANARUS, me* Special NEW YORK. April 2.—'The New York Stock Exchange Committee on stock list has announced receipt of applications for permanent registration under the Securities Exchange Act of 1934 from four corp nations. Tney are the American Agricultural Chemical Cos. of Delaware, the California Petroleum Corp., the Indiana Refining Cos. and the Texas Corp. Last week the exchange announced receipt of applications from eight other cor; orations. SILVER IMPORTS RISE Gain Attributed to Heavy Purchases From United Kingdom. By Timet S/ifoal WASHINGTON. April 2—Silver imports for the week ended March 23 rose sharply to 59.145.317 from the 51.496.100 during the preceding week, according to a Department ot Commerce report today. Most of the gain was attributed to heavy purchases from the United Kingdom. These totaled 57.955.578. Other leading purchases were 5295 435 from Canada. $730,328 from Mexico and $85,850 from Peru.

Other Livestock

(Bv Times Special* LOLTSVUXE. April 3—Cattle—Receipts. 200 salable, supply slaughter cattle, light; qualify, rather plain: demand, fairly broad: market, moderately active and fullv steadv: bulk, common to medium grade steers ar.d heifers. $6.50®8.75: only few common killers below $6 50: better finished steer* and heifers salable. s9® 10.25: bulk beef cows. $4 Vi -6: good heavv cows and smooth heifer tvpes to *6 50 or befer: b:..g low cutters and cutters *2s'i 4 25: sausage bulls mostly $4 25vi5 50: beef Bulls to *6 and above for yearling tvpes; most Hereford stock calves. $6 50*i7 50: choice steer calves to *8 25. Calves—Receipts. 225: steadv: bulk gixid to choice vealers. It 5% 8 strictly choice. *8.50: medium and lower grades. *6 50 down to around *3 Hogs Receipts. 600: market. 5c lower: top and b lit be-er, 180-250 lbs. *8 85 255 lbs up. it 40 lfO-175 lbs . *8 35: 140-155 ibs . *7 85. 120-135 lbs *6 90: sows weighing 400 lbs. down *7 10; heavier sows discounted 50c. Sheep—Receipts. 50: demand easier for iambs and market mostlv 50c lower: bulk medium to good lambs. *6 50 <5 7.50. choice Quotable around SB. common throwouts mostly $5 down; bulk fa: ewes. $3 50 down. BOND ISSUES OFFERED By Timm Special CHICAGO. April 2.—Twenty-four issues aggregating $12,434,000 of primary road refunding bonds, obligations of the issuing lowa counties, were offered today by Halsey, Stuart & Cos.

Abreast of The Times on Finance

THE BANKING BATTLE a a a a a * a a a Control Over Credit Flow Aim

Editor’* Note—Thi* is the iecond of four di.patcbes on the impendin* Con(retsional battle OTer basic chances in the nation's bankinc system. BY THOMAS L. iTOKES Times Special Wt'fer WASHINGTON, April 2. —The aim of Marriner S. Eccles, governor of the Federal Reserve Board, in the pending bank reform bill is to unify the nation's bamcing system under direction of a strong and powerful Reserve Board that can operate as a central bank. Fundamentally, the objective is to curb the financial power of a few private individuals who have misused it, to provide business and industry with credit for safe and sane operations, to safeguard the ordinary citizen in his investments and liis savings—all by vesting control in the government. Issuance of currency would remain a function of Federal Reserve member banks, though under close supervision of the Federal Reserve Board with its enlarged powers. Nation;# banks now have lost that privilege through the recent Treasury order retiring national bank notes. Secretary of the Treasury Morgenthau aims at simplification of the currency in the future to two forms—silver certificates and Federal Reserve notes. Silver certificates are issued by the Treasury against silver reserves. Since the Federal Reserve Board, which supervises issue of Federal Reserve notes, is the fiscal agent of the Treasury, the Treasury then* will have complete control of currency issues. The Coughlin Plan Contrasted with Governor Eccles’ central banking plan, the idea of Father Coughlin and congressional advocates of an out-and-out central bank is for the government to take over the Federal Reserve Banks by the purchase of stock and to make all other private banks mere agencies of the central bank. This central bank would issue money, control its value, and be the sole fiscal agent of the government and the depository of all bank reserves. The administration’s proposal to make the Federal Reserve System operate as a central bank in fact but not in name is the culmination of a series of steps to extend its control over banking. These include R. F. C. purchase of a billion dollars worth of preferred stock in banks tan emergency measure to bolster weakened capital structures, but at the same time a very effective means of control); establishment of bank deposit guarantee, which is designed to force all banks into the Federal Reserve System and simultaneously gives the government still stricter supervision, the gold dollar devaluation act, which deprived the Federal Reserve System of its previous control over gold and transferred this control to the Treasury. Original inspiration of the Federal Reserve System was the need for a central banking system, but sponsors of that reform in 1913 were forced to a series of compromises which left large powers of independent action with the banks, a sort of dual authority which has demonstrated numerous defects. The panic of 1907 revealed the breakdown of the national bank system, which was created in 1863 to help finance the Civil War by setting up banks which could absorb government bond issues. The trouble was that there was no means by which the national banks, in such a crisis, could act together. There was no medium through which they could pool their resources. Instead of standing together, bank after bank fell separately. The principal currency, national bank notes, was found to be inelastic, because when money got tight the banks would withdraw bonds against which this currency was issued, in order to sell them and obtain more funds; this would serve to contract the outstanding currency. In simple terms, the aim of the Federal Reserve System was to create a reservoir or pool for all the banks. In normal times this would provide a pieans whereby the banks could rediscount their paper, that is, obtain funds on various types of notes they held. In times of emergency. it offered a means of pooling their resources to protect the weak points in the banking structure. How the System Operates Accordingly, a dozen so-called regional Federal Reserve Banks were created. To provide these banks with operating capital, each national bank had to subscribe 6 per cent of its capital and surplus. All national banks automatically became members of the Federal Reserve System, and state banks could come in on the same terms. Co-ordinating this new system was the Federal Reserve Board here whose members were appointed by the President. Through their regional bank, member banks could rediscount their eligible paper. They also were given the privilege of issuing notes or currency, for which they had to keep a 100 per cent deposit of rediscounted credit paper and 40 per cent backing in gold. The banks also were required ot keep reserves in the regional bank against demand and time deposits, now 13 per cent. 10 per cent, and 7 per cent respectively, according to the size of the bank, for demand deposits. and 3 per cent for time deposits. Co-ordination between the Treasury and the Federal Reserve Board is achieved by making the Secretary of the Treasury and the Controller of the Currency ex officio members of the Reserve Board. The Control of Credit The task delegated to the Federal Reserve Board was to control currency issues and credit generally. The Reserve Board has three means of controlling credit —by so-called open market operations, by the rediscount rate, and by its new authority under the 1933 act (further increased in the pending bill), to raise or lower the requirements for reserves which the banks must maintain. Basically, these are means of expanding or contracting available credit, either by making it more or

INDIANAPOLIS, TUESDAY, APRIL 2, 1935

less plentiful, or more or less expensive. Sale and purchase of government bonds is the method in open market operations. If credit is tight, the regional banks buy bonds held by member banks to provide them with more funds. If inflation or undue expansion is in prospect, the regional banks sell government bonds to the member banks to withdraw funds from the market. The rediscount rate is the rate ot interest the member banks must pay on eligible collateral they hold in order to get funds from the regional banks. By raising the rate, the regional banks discourage borrowing by member banks and thus restrict the amount of credit available for the banks to lend theiir customers. By lowering the rate, they

ißv Tmomson & McKinnon) 11 AM. Prev. Oils— High. Low. N. Y. close. Amerada . 51 1 1 51 51’a 51 All Rfe 22’s 22 1 s 22'* 22 Barnsdall 6% 6% 6% 6% Cont of Del ... 17% 17 17's 17 Mid Cont Pet ..10% 10% 10% HPs Ohio Oil 9% 9% 9% 9% Phillips Pet ... 16 15 7 g 16 15% Plymouth Oil .. 7% 7 1 2 7% <% Pure Oil 6% 6'a 6% 6% Shell Un 5 7 8 5% s's 5% Soc Vac . 12 3 4 12’s 12% 12% S O of Cal 30 29 7 a 30 29% S O Os Ind 23'2 23 3 's 23% 23% SO of N J ... 37 3 i 37'a 37% 37% Texas Corp .... 18 3 e 18 18% 18% Tidewater Assn B' 4 8 8% § Un Oil of Cal .. 16*2 16% 16% 16% Steels— Am Roll Mills . 17 16 7 s 17 16% Beth Steel 24 7 8 24 7 a 24% 24% Bvers A M .. .. 12 12 12 12*4 McKeesport Tin 97'2 97'2 97'2 98'* Mid Steel 9 9 9 9% Natl Steel .. 41U 42 42% 42 Rep I & Stl pfd 31 3 4 31 3 4 31 3 4 32 U S Pipe & Fdv 15'2 15% 15% 15% U S Steel 29'a 29' B 29*8 29 ■* U S Steel pfd . 77'2 7714 77*2 76^ s Motors— Chrysler 34 7 a 34 3 8 34% 34% Gen Motors .... 29 28% 28% 28% Graham Mot ... 1 5 b 1% 1% 1% Hudson 7 7 7 7 Hupp I*4 IVi I*4 I*4 Mack Truck .... 21 21 21 21 % Nash 13 3 s 13' a 13' 4 12' 4 Packard 3% 3% 3 4 3% Roo 2*4 2*4 2* 4 2*4 Studebaker 2% 2' 2 2’s 2% Yellow Truck .. 2% 2 7 b 2'b 2% Motor Access — Bendix 13% 13 "4 13 % 1314 Borg Warner .. 32’ 4 32's 32 1 4 32 Briggs 26*4 26*2 26 3 4 2614 Eaton Mfg . ... 18% 18 18's 18 Elec Auto Lite . 20% 20*i 20% 20% Houdaille 'A).. 7*2 7'2 7% \ 7 3 a Mullins Mfg .... 8' 4 8% B> 4 8% Murray Body ... 6% 6 3 4 6 3 4 6’s Stew Warner .... 7*4 7*e 7% 7'/s Timken Roll .... 30'/* 30‘b 30'a 30 Mining— Am Metals 15% 15'2 15% 15' 4 Am Smelt 33 5 b 33% 33% 33% Anaconda 10-% 10% 10’s 10% Cerro de Pasco 42% 42% 42% 42’ 4 Dome Mines .... 39 38% 39 38% Granby . 7 6% 7 6% Ot Nor Ore... 9% 9% 9% 9% Howe Sound .... 47 47 47 46% Ins Copper 2% 2% 2% 2% Int Nickel 24% 2414 24% 24% Kennecott Cop .. 16% 16 16 16 Mclntyre Mine . 44 43% 43*4 44% Park Utah 2% 2% 2% 2% Noranda Cop .. 35% 35% 35% 35% Phelps Dodge .. 14% 14 *4 14% 14% St Joe Lead ... 12V 4 12 12 12% U S Smelters . 104% 104% 104% 104% Vanadium 14% 13% i3% 14% Amusements— Fox Theat 9% 9% 9%. 9% Loews Inc 36% 35% 35% 35% Radio Corp .... 4% 4% 4% 4% Paramount .... 2% 2% 2% 2% RKO 1% I*2 1% 1% Warner Bros .. 2% 2% 2% 2°/* Tobaccos— Am Sum Tob 19% 19% 19% 19% Am Tobacco “B” 77% 77 77% 76% Gen Cigars . 51 51 51 51 Lie & Mvers ’B’ 96% 96% 96% 96% Phillip Morris 38% 38 38% 38 Reynolds Tob B' 45% 45 45% 45 Rails— Atchison 38% 38 38 38% B & O 9% 9 9% 9% Can Pacific 10 10 10 9% Ch & Ohio 39% 39% 39% 39% CM&StP .. 7 a % % % CM& St P pfd 1% 1% 1% 1% Chi N W 33 32% Del Lac & W 12% 12% 12% 12% Gt Northern pfd 10% 10% 10% 10% 111 Central 10% 10% 10% 10*4 Lehigh Valley .. 6% 6% 6% 7 Mo Pac 1% I*2 1% 1% N Y Cent 13% 13% 13% 13% N Y New Haven. 4*4 4% 4% 4% Nor Pacific 14% 14% 14% 14% Penn R R 18% 18% 18% 18% Reading 30 30 30 30% Sou Pac 14*4 14% 14% 14% Sou R R 9% 9% 9% 9% Union Pac 85% 85% 85% 85% Equipments— Bald Loco 1 7 a 1 % 1% 1% Gen Am Tk Car 33% 33% 33% 33% Gen Elec 22% 22% 22% 22% West Air Br .... 19% 19% 19% 19-’a Westingh Elec... 36 35% 36 35',2 L T tilities-r Am ft For Pwr.. 3% 33% 3 Am Pwr & Lit.. 33 33 AT&T ...103 102% 103 102% Am Wat Wks .. 11 10% 11 10% Col Gas & Elec :6% 5% 6 5% Com & Sou 1 % % 7 a Consol Gas 20% 20 20% 20' „ Elec Pwr & Lit.. 2% 2% 2% 2% Int Hvdro Elec.. 1% 1% 1% 2 Interboro R T.. 11% 11% 11% 11% Int T & T . 6% 6% 6% 6"e Lou G& E (At.. 14 13% 13 7 8 13% Nat Pwr & Lit.. 6% 6% 6% 6% North Amer .... 12% 12 12% 12 Pac G & E 11% 17 17% 17 Peoples Gas 22% 22% 22% 23 Pub Serv N J 25% 24% 25% 24% So C'al Edison.. 14% 13% 14% 13% Std Gas 3% 33% 3% Stone & Webster 3% 3% 3% 3% United Corp 2% 2% 2% 2% Un Gas Imp 11% 11% 11% 11% Ut Pwr &Lt (A) 1% 1% 1% 1% Western Union . 24% 23's 24% 23-a Rubbers— Firestone 13% 13% 13% 13% Goodrich 8% 8% 8% 8% Goodyear 17% 17% 17% 17% Kellv Spring % % % . % U S Rubber . 10% 10% 10% 10'a U S Rubber pfd.. 27% 27% 27% 27% Miscellaneous— Amer Can .. -.115% 115% 115*4 115% Am Mach & Fdy 20% 20% 20% 21 Anchor Cap 14*4 14% 14% 14 J I Case 50 49% 50 50 Conti Can 70*2 70% 70*4 70% Deere &Cos ... 25*4 25% 25% 25 Eastman Kodak 121 120% 121 120% Gillette 14% 14% 14% 14*4 Glidden 25% 25% 25% 25% Inter Harv ... 37*s 37% 37% 31 % Natl Cash Reg . 14** 14% 14% 14% Owens Bottle 85 85 8 84% Rem Rand 8% 8% 8% 8% Armour 4 4 4 4% Coca Cola 201% 201% 201% 202 Cont Bak “A” .. 4% 4% 4% 4% Corn Prod 64% 64% 64% 64% Cuban Am Sugar 6% 6*B 6% 6% Gen Foods 33% 33% 33% 33% Loose Wiles 33% 33 % 33% 33% Natl Biscuit 22% 22% 22% 22% Natl D Prod ... 1% 13% 13% 13% Puritv Bak 9% 9 9 9 Std Brands 14% 14% 14*4 15 United Fruit ... 82% 82% 82% 82% Wrigley 7* Retail Stores— Assd Dry Goods . 8% 8% 8% 8% Best & Cos 35% 35% 35% 36% First Natl Stores 46% 46% 46% 46% Gimbel Bros ... 2% 2% 2% 2% Jewel Tea 52 52 52 53 Kresge S S 20% 20% 20's 20% Kroger Groc .... 23% 23% 23% 23% Macv R H 31% 31*8 31% 31% McCrorv St .... 8% 8% 8% 8% McLellan St ... 9% 9 9 . 9% Marshall Field . 7% 7% 1% 7% Mav Dept St 37 37 37 36% Mont Ward 24 23% 34 23% Penney J C 61 59% 59% 61% Safeway St ... 38% 37% 37% 3.% Sears Roebuck .. 34% 34% 34% 34 Woolworth 53** 53% 53% 53% Aviation — Aviation Corp.. 3% 3% 3% 3*4 Curtiss Wright . 2% 2% 2% 2% Curtiss Wrl (At 8 7% <% 7% Douglas Air 20% 20% 20% 20 Sperrv Corp 8% 8% 8% 8% Utd Aircraft new 11% 11 * 11% H Chemicals— Com Solvents .. 19% 19 19 19% Du Pont 90% 90*4 90% 89% Liquid Carb 29% 28% 28% 28% Natl Dis mew).. 27% 27% 27% 28 Schenlev Dist . 25% 25% 25% 25% Tex Gulf Sulph 29% 29% 29% 30 Union Carbide 46% 46% 46% 46% U S Indus Alco.. 37% 37% 37% ... Drugs— Bristol Mvers .. 31% 31%, 31% 31*2 Cotv Inc 4% 4% 4% 4*2 Sterling Prod .. 61*2 61*2 61*2 62 Un Drug mew). 10 10 10 10 Vick Chem 36% 36% 36% 3> Zonite Prod ... 3*2 3% 3% 3*2 Financial— Adams Exp 4% 4% 4% 4% Allegheny Corp.. % % 7 3 Lehman Corp .. 68 67% 68 67*2 Traasamenca • 5% & 6 6%

New York Stocks

encourage borrowing and thus loosen credit. The recently acquired means of controlling credit is by arbitarily raising or lowering the amount which may be regarded as reserves. This would either free more money for lending or reduce the amount. Plentiful credit is necessary to the business man, but too easy credit often produces an expansion that is unhealthy. The objective of the Federal Reserve system is to keep a balance, but it has not been able, as the boom period and the depression have demonstrated, to do this. Nor was it able to prevent the greatest bank collapse in the nation’s history. Tomorrow: The Eccles Plan.

Tr Conti Corp .. 2% 2% 2% 2% Building— Am Radiator ... 11% 11% 11% 11% Gen Asphalt 13 13 13 13 Holland Furnace 6% 6% 6% 6% Int Cement 23% 23% 23*4 23% Libby Owens Gls 23 23 23 23 U S Gypsum 43 43 43 42% Household— Col Pa! Peet 17% 17 17 17% Congoleum 29 28% 29 29 Proc & Gamble 46 45% 46 45% Servel Inc 8% 8% 8% B*/ 4 Textiles— Belding Hem ... 11% 11% 11% 11*4 Celanese Corp .. 20% 20% 20% 20% Indus Rayon 25% 25% 25% 24% Kayser Julius . 16% 16% 16% 16%

Chicago Stocks

(By Abbott, Proctor <Sc Paine.) 11:00 Prev. „ , „ A. M. close. Berghoff 33, 3 3 8 g end *x 13% 13% Borg Warner 32% 31% Cord Corp 2% 2% Libby 6% 6% Pub Service of 111 23% 24 Swift 15% 15% Swift Int 34 33% Gen House Util 4 % 4%

New York Curb

(By Abbott, Proctor & Paine) 12:00 Noon Prev. , . N Y. close. Alumn Cos of Am 40 38% Am Cyanide "I 16% 16% Atlas Corp 7% 7% El Bond & Share 5% 5% Ford of Europe 7% 7% Imperial Oil Ltd 16% 16% Long Island Lighting 2% 2% Natl Bellas Hess 1% 1% Nia Hud Pwr 3* s 3% St of Ky 18% 18%

N. Y. Bonds

(Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 84.7 71.8 93.7 83.4 Saturday 84.3 71.0 93.7 83.0 Week ago 84 2 73.9 93.7 83.9 Month ago . 86.8 78.8 94.4 86.7 (Copyright, 1935. by Standard Statistics) U. S. GOVERNMENT BONDS (By Fenner & Beane) Libertys Ist 3%s 1932-47 101.14 101.15 Ist 4%s 1932-47 101.18 101.16 4th 4%s 1933-38 (uncalled).. 102.23 102 24 4th 4%s 1933-38 called) 100.3 100.5 Treasurys 4*4s 1943-45 115.25 115.25 4s 1944-54 111.7 111.4 3%S 1946-56 109.18 107.6 3%s 1943-47 106.25 107.7 3%s 1943-45 105.16 105.10 3%s 1941 107.16 107.14 3%s 1944-46 105.14 105.9 3%s 1946-49 104.16 104.9 3%S 1949-52 104.15 103.8 3s 1954-55 103.17 103.14 3s 1946-48 103.16 101.3 2%s 1955-56 101.10 101.6 Home Owners Loan Corp 2%s 1949 100.6 100.6 3s 1952 101.21 101.20 4s 1951 101 100.31 Federal Farm Mortgage Corp. 3*4 1964 103.12 103.9 3s 1949 101.21 101.20 3s 1942-47 101.28 101.27 DOMESTIC Prev. ... „ Close. close. Alleg Corp 5s *44 67 65 % Alleg Corp os ’49 55 53% Alleg Corp ,5s 'SO 14% 14 Am Frgn Pow 5s 2030 57 57% Am Tei & Tel 5%s '43 113 113 Am Tel & Tel 5s '65 112% 112'/4 Arm & Cos (Del) 5%s ’43 ...105% 105% Atl Coast Line 4s ’52 94 95 All Coast Line 4%s '64 80 79 Atch Top & S Fe 4%s '4B 104% 104% Am Wat Wks 5s ’44 90 91 Am Rolling Mills 5s ’3B 103% 103% Balt & Ohio 5s ’95 57 59 Balt & Ohio 6s '95 65 63% Balt & Ohio 4%s 60 41 40 Beth Steel 5s '36 103*4 103% Chi Milw &StPI 5s ’75 10% 10 Chi Milw & St P 5s 2000 . 2% 2% Cleve Un Tetrm 5s ’73 87% 87 Cleve Un Term 4%s ’77 81% 81% Col Gas 5s May ’52 79*4 79% Col Gas 5s April ’52 79% 79% Col Gas 5s ’6l 78% 73% Can Pac Perp 4s 82% 82 Cent Pac 5s 60 70% . . Big Four 4%s ’77 56 Chi & West Ind 4s '52 96% 95*4 Chi & West Ind 5%s '62 104% 104% Chi & Nor West 4%s ’49 9% 9% Con Gas 5s ’57 105 105 Chesa Corp '47 103*4 102% Dodge Bros 6s ’4O 105% 105% Del & Huds 4s ’43 76V4 75* 4 N Y Dock 4s ’sl 62 62 % N Y Dock 5s ’3B 42% 43 Erie 5s ’75 53% 52% Erie 5s '67 53% 52*4 Grt Northern 7s ’36 83% 83% Grt Northern 4%s ’76 64% 64% Grt Northern. 4%s ’77 65 65 Gen Etl Cast WW 5%s ’49 ... 68 63 Hud & Mahat Ref 5s ’57 ... 86 86% 111 Cent 4* is 66 45 44 111 Cent Jt 4%s ’63 50 % 50 111 Cent 5s ’63 54% 52% Interlake C&I 5s ’sl 75% 76 Interntl Hv Elec 6s 44 35% 35% Interntl Tel & Tel 4%s '39 62* 4 62% Interntl Tel & Tel 5s '55 59% 60 Interntl Tel & Tel 4%s '52 ... 54 54 P Lorillard 7s ’44 127% 127 McKess & Rob 5%s ’SO 98 97*4 Midvale Stl 5s ’36 103% 103% Natl Dairv 5%s '4B 103% 103% Natl Steel 5s ’56 lu'l% 106% Nickel Plate 4%S ’7B 48% 47 Nickel Plate 5%s '74 58 58. Nickel Plate 6s ’35 44*4 43*4 N Y Cent 5s 2013 50% 49 N Y Cent 4%s 2013 (old) 46% 45 Nor Amer Cos 5s ’6l 88% 88% Nor Pac 3s 2047 71% 71 Nor Pac 4%s 2047 75% 74% Nor Pac 6s 2047 90 89*4 Nor States Pow 5s ’4l 106*4 107 Otis Steel 6s '4l 85 85 Penn Rv 4%s ’8 4 .100*4 101 Penn Rv 4%s ’Bl 101% 102 Penn Rv 4%s '7O 91 90% Pac G E 5s '42 107 107 Portland Gen El 4%s ’6O 59% 59 Para Publix 5%s 'SO 72 72% Penn P L 4%s 'Bl .. 103 102% Postal Tel A: Cab 5s '53 41 41% Rem Rand WW 5%s 47 101 100% Sinclair Oil 6%s '3B 104 104 Shell Union Oil 5%s 47 102*4 102% Sou Pac 4%s 68 57% 57% Sou Pac 4%s ’Bl 57*8 56% Sou Pac 4%s '69 57% 57 Sou Pac 4s ’49 61% 60% Sou Rail 4s ’56 39* t 39 Sou Rail 6s ’56 48 46% Sou Rail 6'..s 56 51% 48% Sharon Stl Hood 5%s ’4B 81 81 Texas Pac 5s 80 79% 79% Texas Pac 5s ’79 ... 79% 79% Texas Pac 5s 77 to 79 Union Pac 5s '47 110 110 United Drug 5* ’53 88% 88% U S Rubber 5s ’47 93 93 NY NH & Hart 6s ’4B 32*4 31 NY NH & Hart 4%s ’67 30 28% Warner Bros 6s '39 50% West Marv 5%s '77 97 97% West Marv 4s '52 91% 91*4 Youngstown S A T 5s ’7O 91 \ 91 % Yokohama 6s ’6l 82* 4 82% Youngstown S & T 5s ’73 91*. 9?% FOREIGN Argeritina A6s 57 93% 92% Argentine B 6r ’SB 92% 92% Brazil 8s ’4l 29 29 Canadian Govt 4s '6O 105% 106% Denmark 5%s ’55 97% 97 German 5%s 65 28% 28*4 German 7s ’49 38 38 Italv 7s 51 81*4 31% Japan 6%s ’54 93 92% Poland 7s ’47 116% 1*2% Rome 6%s ’52 81% 71%

PAGE 15

STABLE MONEYS HELD DEPENDING ON PRICE PATIOS Economist Says New Parities Must Permit Goods to Move Freely. By Timm Special NEW YORK, April 2.—World stabilization of currencies awaits the laying down of anew “price floor” that will bring wages, hours of labor and other costs into reasonable alignment, according to the opinion expressed today by Scoville Hamlin, Wall Street economist. Not until then will goods and services come on to the markets in proper proportion and value to exchange freely. With statesmen now concerned over Belgium’s decision to end the free movement of gold, the possibility of France, Switzerland and the Netherlands being forced off a free gold standard looms as a distinct possibility, according to Mr. Hamlin. As to whether devaluation of gold bloc currencies would lead to general agreement for adjustments or to further devaluation in a “currency war,” Mr. Hamlin pointed out that wide disparities between wages, hours of labor and costs still persist in the United States and abroad. The bottom of the depression remains a mirage, he said. New Price Floor Needed Devaluation in itself will not overcome the disparity in prices and costs as between industries and nations. Until anew “price floor” is laid down, nations will lack a point of reference for relating the costs and prices of gold, silver, foodstuffs, manufactured goods and other products and services, Mr. Hamlin stated. “If commodity and metallic value of currencies can not be brought,” Mr. Hamlii said, “into reasonable relationship without laying down a ■price floor’ suited to a machine economy, it would be fatal to delay this change in the economic system. “While goods must come on the market in proper proportions to exchange freely, the freedom of exchange also depends upon cost. If one industry or nation produces in one hour what another industry or nation produces in two hours .the exchange value can not be the same without disturbing trade. Costs Control Outputs “The measure of capital-labor efficiency determining value is the cost of production, the point about which prices gravitate. When prices rise above this cost, industry is encouraged to expand. When prices decline toward or fall below this point, expansion is out of order. “The use of an outworn measure of cost for many decades has left the nations without a ‘price floor.’ They are employing a measure of capital-labor efficiency suited to an economy in which hand labor predominated. Under the new conditions more capital and less labor is required per unit of output. Anew ratio is required to insure an output sufficiently large to cover the increase in overhead attendant upon the increase in the capital structure of industry.” Thus, anew “price floor” is needed as a point of reference for relating costs and prices to gold, products, services and so on, Mr. Hamilton contended.

Stock Studies

BROOKLYN UNION GAS $ CAPITAL STOCK PfR " ' I --.PRICE SHARt EARNINGS PRICE RANGE scale 8 ' | —r 125 e LIOO 130 31 32 33 34)31 32 33 34 351 WINCHESTER INSTITUTE OF FINANCE

Brooklyn Unio . Gas Cos. supplies manufactured gas to nearly all of Brooklyn and part of Queens, New York City. The territory served is one of the most densely populated in the country with an estimated population of around 2,800,000. Property includes four manufacturing plants, 16 gas holders and 2250 miles of mains, besides office and commercial buildings. The company has nearly 700, 0ne meters in use. Franchises are perpetual. FINANCIAL DATA As of Dec. 31, 1934. Capital Stock (no pari 744.596 shares Funded Debt $ 49,138,600 Profit and Loss Surplus 17.926,799 Reserves 10.215,987 Fixed Assets 107,711,869 Net York Capital 7,019.402 Brooklyn Union Gas was incorporated in 1895 in New York State. The capital stock is listed on the New York Stock Exchange. At a current price of around 47 it sells to yield 10% per cent and for 11 times 1934 earnings, iAll Rights Reserved. Winchester Institute of Finance. Winchester. .Mass.). stocTvalues^show GAIN OF $349,833,375 Fifty Representative Issues Rise 3.35 Per Cent in Week. NEW YORK, April I—The market value of 50 representative stocks listed on the New York Stock Exchange at the close of business for the week ended March 30 was $lO,788,821,375, an increase of $349,833,375, or 3.35 per cent, compared with the market value of $10,438,988,000 at the close of the preceding week, according to Paul H. Davis & Cos. At the close of the corresponding week a year ago, the same 50 stocks had a market value of $14,041.207,125, indicating a decrease during the year of $3,252,385,750, or 23.16 per cent. TRANSIT REVENUES DROP By Times Specinl NEW YORK, April 2.—Transit revenues for the week ended March 23. as reported by a representative group of companies, stood at 97.25 on the Transit Journal Indicator, as compared with the corresponding week in 1934.

What Does It Mean? Gold Bloc Moneys—Nations whose currencies are payable in gold are known as the gold bloc. The group consists of France. Belgium, Holland, Switzerland and Italy.

New Business Books Available at Library The following new books are now available at the business branch of the Indianapolis Public Library: THE OPEN DOOR AT HOME (by Charles A Beard)—' The greatest single contribution to the literature ol the depression." SKIN DEEP. THE TRUTH ABOUT BEAUTY WDS (hv M. C. Phillips) “What a wide chasm yawns be’ween the cost it its simple ingredients and the price gullible ladies pav lor the finished bottled, jarred or packaged product.” FEDERAL TAX HANDBOOK. HW4l<m ibv Robert H. Montgom?r) I have no apology to make for calling attention to anv lawful plan which enables taxpayers to save money." UNDERSTANDING THE NEW STOCK MARKET (bv Robert I IVarshaw>—“ln the past, large operators and insiders have been armed with machine guns and the small traders with tov pistols." LIFE INSURANCE EFFICIENCY (bv Walter ClutT)— ' To develop a high degree of efficiency, lt may be necessary for vou to recast some of vour we vs of thinking and change your me.hods of procedure."

SWINE VALUES DROP 10 CENTS Best Classes Salable at $9.05; Cattle Active and Strong. The pork market, facing a sharp increase in receipts, moved 10 cents lower in early trading at the local stockyards today. Few classes of odd weights, however, remained about steady at yesterday’s best average. Supplies on hand during the initial trading were estimated at 6000, the largest number of hogs available for more than a week. This was believed to be the chief factor behind today’s movement toward lower levels. With most buyers hesitant in making early purchases, the market was slow in establishing a price range. The best grades of hogs on hand sold at $9.05. only 5 cents above the $9 level. The bulk, 160 to 275 pounds, was selling at $8.90 to $9. Heavies, scaling 275 pounds and up, brought $8.60 to $8.85. Light lights, weighing 130 to 160 pounds, sold at $7.90 to $8.65, while others from 100 to 130 pounds, cashed in at $6.65 to $7.65. Packing sows held at. $7.75 to $8.25. Holdovers numbered 96. Trading was active and strong in the cattle market, especially in slaughter steers. The top price for slaughter grades held at $13.25, while most heifers ranged from $9.50 down. Vealers lost the advance of the previous session and were saiable at $9.50. Early sales were steady in the lamb market, with heavy wooled western kinds selling at SB.IO. Clipped grades brought $7.69. HOGS Mar. Bulk. Top. Receipts. 27. s9.ootfi 9 25 $9.25 4000 28. 9.00(5; 9.10 9.15 5000 29. 9.05® 9.15 9.20 4000 30. 9.05(3 9.15 9.15 2000 April. 1. 9 00® 9.10 9.15 5000 2. 8.90@ 9.00 ' 9.05 6000 Light lights: (140-160) Good and choice $8.40® 8.90 Medium 7 90® 8.65 Light weight: G6O-180) Good and choice .. 8 90® 8.95 Medium 8 40® 8.70 GBO-200) Good and choice 8.95® 900 Medium 8.50(3 8.75 Medium weight: 1200-220) Good and choice .. 9.00® 9.05 (220-250) Good and choice .. 8.95@ 9.05 Heavv weight: 1250-290) Good and choice . 8.85® 895 1290-350) Good and choice .. 8.70® 8.85 Packing sows: (275-350) Good B.oo® 8.25 (350-425) Good 7.90® 810 (275-3501 Medium 7.75® 8.00 (425-550) Good 7.60(3 7.90 Slaughter pies: (100-140) Good and choice •• 6.65® 8.40 Medium 6.00® 7.90 CATTLE —Receipts, 1800— s(soo-900) choice $10.50® 12.50 Good 9.50® 11.50 Medium 7.50®' 9 75 Common 5.50® 7.50 (900-1100) Choice 12.00® 13.50 Good 9 50® 12.50 Medium 7.75® 10.00 Common 5 50®' 7.75 (1100-1300) Choice 12.50®13.75 Good 10.25® 12.00 Medium 8 50® 10.50 (1300-1500) Choir ...12.50(313.50 —Heifers—-(soo-750) Good 30.25® 13 00 Choice 3.25® 10.25 Good 8 25® 9.25 Common and medium 5.00® 8 25 (750-9001 Good and choice .. 8.50® 10.50 Common and medium 5.00® 8.50 —Cows—(Yearling Excluded) Good 6.00® 7.50 Common and medium 4.25® 6.00 Low Cutter. Cutters 2.75® 4 25 Bulls, good 5.50® 7.00 Cutter, com and med. bulls 3.75® 5.50 VEALERS —Receipts 800 — Good and choice $9 00® 9.50 Medium 7.00® 9.00 Cull and common 3 00® 7.00 Calves—-'2so-500) Good and choice 6.50® 9.50 Common and medium 3.50® 6.50 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice ... 6 00® 800 Common and medium 4 50® 6.00 (900-1050) Good and choice 6 00® 8.25 Common and medium 4.50® 600 —Cows— Good 3 75® 4 50 Common and medium 3.25® 3.75 SHEEP AND LAMBS —Receipts. 1500— Lambs. 90 to 120 lbs., good and choice $7 50® 8 50 Common and medium 6 00® 7.75 90-120 lbs., good and choice .. 4.50® 5.50 Sheep: G2O-150) Good and choice . 4.00® 5.25 All weights, common and medium 3.00® 4.25

FENNER AND BEANE ABBOTT, PROCTOR & PAINE Members New York Stock Exchange and Otb' ading Exchanges Announce the Consolidation of Their INDIANAPOLIS OFFICES • On and after April Bth, the office of Fenner and Beane will be discontinued and RUSSELL W. McDERMOTT and staff will become associated with the office of ABBOTT, PROCTOR & PAINE Continental Bank Building The clients of Fenner and Beane are cordially welcomed and are assured the same service as formerly

REFUNDING AIM SEEN EXTENDED TO LOWER FIELD Norfolk & Western Action Cited as Evidence of This Change. By Timm Sprcial NEW YORK, April 2.—Considerable revamping in the prospective refunding situation among corporations was regarded in many investment quarters today as warranted by the decision of the Norfolk & Western directors last week to redeem their entire $35,000,000 of 4 per cent bonds next July 1. It was frankly admitted on many sides that disturbance of 4 per cent issues had not been expected, even in the face of the increasing momentum which the refunding wave has been gaining. That bonds with that relatively low coupon rate would be called to effect a saving of interest charges was described as the strongest kind iof commentary upon the current 1 cheapness of money and the eagerness of banks to gain even low-wage employment for their idle funds. The Norfolk & Western, it was conceded, enjoys an enviable cash position, not only for a railroad at this particular time, but for any corporation. Nevertheless, tha I cheapness of bank loans whpn sej curity is attractive was directly ini volved in the decision to retire tha i bonds. Potential List Widens Asa result of this retirement announcement, the list of corporations put in the already large group of potential candidates for refunding is being considerably widened in many quarters. “We have completely changed our view of the situation since the Norfolk & Western derided to retire its 45,” said an investment executive. “We had thought that 4s were immune, despite low money rates. Now, however, we look for possible refunding of 4 per cent issues by any corporation that has a substantial cash reserve or has such short-term collateral as would invite bank loans on a favorable basis. “This does not mean that we expect to discover any other railreads in a postion to follow the lead of the Norfolk Western, but obviously some strongly fortified industrial and .utility corporations will give considerable thought to taking advantage of the present situation to cut debt charges even I on 4 per cent paper.” Non-Callables Sought. The bond market has been | squeezed fairly dry of non-callable bonds of the highest grade, al- | though each day continues to bring a deluge of inquiries for possible “sleepers” in that category. Seeking the next best thing, investors have begun a rush for a j relatively small group of bonds of good security that still have from three to five years of assured life before becoming subject to call. Bonds in this class have been picked up this week at prices still yielding slightly above 4 per cent, but the supply has dwindled almost to the vanishing point.

NET INCOME, OPERATING REVENUES SHOW GAIN Consolidated G. E. L. and Power Cos, Earnings Up $53,490. By Times Special NEW YORK, April 2.—The Con* solidated Gas Electric Light and Power Cos. of Baltimore, an operating company, showed increases ini both gross operating revenue and in net income for the first two months of 1935, compared with the sama month last year, according to Herbert A. Wagner, president. The increase in gross operating revenue for the period amounted to $252,676. Net income, despite an increase of $225,997 in total operating and retirement expenses and taxes, showed a gain of $53,490 over the first two months of 1934, the report stated. Sales of electricity during the first two months of the year showed an increase of 7.57 per cent over the 1934 period, while the revenue from electric sales increased $226,164. The use of gas increased 5:54 per cent and revenues were up $36,753. FAVORABLE DIVIDENDS RISE By Times Special NEW YORK, April 2.—Favorable dividend changes in March amounted to 105, compared with 76 during February, according to the Standard Statistics Cos. Unfavorable changes numbered 37, against 27 in the previous month.