Indianapolis Times, Volume 47, Number 20, Indianapolis, Marion County, 3 April 1935 — Page 15

Wall St. Richard Whitney Is 3-to-l Favorite On Stock Exchange. —BV RAl.ril HENDEKSHOI Timet .ptrul Krltrr

YORK. April 3. of 3 to 1 are being placed on the floor of the New York Stock Exchange that Richard Whitney ill be elected to succeed himself as president of the institution. These wagers are being made in the face of the almost certainty that Charle- R. Gay. senior banner of Whitehouse <k Cos., cm re-

ceive the regular nomination for the }ob. Within the last month or so the “insiders” on the exchange have been busy building up supixirt behind the man who has earned the flag throughout the depression. The feeling aeems to be growing among members that he

■i * %

Ralph llendershot

is entitled to at least another year at the helm so that he may retire gracefully from an undesirable situation rather than he ousted while he still is under fire. The point is being made on every hand that no matter who happened to U? the chief executive on the exchange in recent years he would have had a difficult time of it. Politicians, it is asserted, needed a “goat.” and Wall Street filled the requirements very well. It is supposed to represent wealth and wealth is a public enemy in times of depression. The exchange, of course, is the outstanding representative of Wall Street. B B O FEW people in the financial district expect Mr. Gay to make much of a fight for the presidency of the big buying and selling place. His public announcement indicated as much. He seemed to have been flattered that he was being so seriously considered, but he was not disposed to say or do anything which might hurt the chances for re-election of the present incumbent. And his seeming attitude is not at all surprising. Although Joseph P. Kennedy, chairman of the Securities and Exchange Commission. may set the pace in the matter of rule making for the exchange, he is not the man who wears the iron hat whenit comes to dispensing Wall Street favors to white-haired boys or meting out punishment to those who decline to play the game. That privilege still rests with a famous banking house, and Mr. Whitney is very well regarded by that banking house. The insurgent group on the exchange undoubtedly has made considerable progress, but this program has been made for the most part by way of Washington. The on-the-fencers, however, have been rather reluctant to throw their weight to the side of this group for fear of reprisals later on. and it is largely because of this that the boys are laying such good odds on Mr. Whitney. n n n A GREAT many of the exchange member firms are indebted to certain important banks for past and current financial favors. And they haven't a very definite idea of when the brokerage business will improve sufficiently to make them as independent as they might like to be. And then, again. Mr. Whitney Is looked upon in most Wall Street quarters as being a mighty fine and capable fellow. Those who criticise are inclined, for the most part, to blame the exchange’s lawyers and publicists for its rough treatment in Washington. Consequently. when it comes time to cast ballots, present betting odds may not seem to have been so far out of line.

On Commission Row

Quotations below are averse* wholesale prices beine offered to buvers bv local commission dealers. Frail*- Bananas. 5c alb Apples. Winesap.. SI 65. Delicious $1 85: Baldwins. $J 60. Umons. Sunkist. 569s S4 25 Grapefruit Texas, seedless $3 25: Arirona. 645. 70. and 80s. $2 50 Limes. Mexican, per carton !2s 25.- Bvram. seedless, per hundred, $3 S rawbernes. Florida, pint. 17c; per 36-p- crate, lie Apricots, $3 crate. Grape. South America, white. 93: black. *3 Honev South America. S2 7a; Nectarine*. South America, box. $3 50. Yetetables Cabbace. Northern Danish SO-th b.e 83 new red Texas, hamoer. S SO: new Texas. half crates. $2 75. Or ns We.tern Spanish. 50-lb baa. *3 50 Michican vellows 50-lb bae. *2 50 Potatoes Green Mountains, 100-ib. bac. SI 50 selec'ed cobblers. 150-!b bae. *2 50. northern round white. 100-lb. bae. 81; Ohio*, too-lb bae S3 Idaho Russets. 100-ib re S3 New Florida Triumphs. bi.hr!. $3 40 Sweet po'a'oes. Indiana Jersev.< bushel. $1 50: meaiutn or seed. *1 10: Nancv Hails, bushel. *! 15 Beans, round s:rir.*le*> hamper. $2 50 ? 2 75. Celerv twashed and trimmed', medium, doi. 50c: do? 75c. hearts, dor. 90c. Cucumber ho' house, dozen. $1 40; 2 doxen box. $2 65 Fndne. California, dozen. 81. crate. $t 25 Fee plant. $l5O 2 dor. Kaie. bushel. 6c Lettuce hot house 15-lb. basket. 51.50: Ar.sona Icebere head lettuce. $3 50 Yuma, ci ate. 84 50 Mangoes. 83 50 15 • crate: risktt. 50c Mint, a dozen. *l. Parslev doxen. 35c Peas, hamper $3 50. Spinach Trxas. bushel. $1 Radishes dozen. §5 :75c. Turnips, bushel 75c Parsnips, b-'hfi $1 25 Beet*, bushel. 81. Carrots, b :hel. *1 100-lb sack. $1 75 Rhubarb, hot house. 5-lb carton. 65c: dozen bunches $t 20. Mushrooms, lb.. 30c. AU Quotation* subject to chance up or #on rtllD AND VEGETABLES •Bv United Press i CHICAGO April 3 —Apples—Michigan sp.e* bushels. $1 35 :l 65 Illinois Jonathans. $1 50 11 75 Turnips—lllinois ar.d Michigan bushels. 20 • 25c Carrots—Cali- * crate- 6 dorm bunches. $2 50.;3. I ::: Michigan bushel. 35-i6sc Sweet r .foes Tennessee bushel. UtilSc: Indians $1 25 130 Beans Florida, bushel* $1 50 .2 25 'greenu Spinach— Texas bushels. SI 25-'I SO. Cabbage—loo lb. Wisconsin. $3 50.: t Onion Sets M ch.gan sacks a b ;xhe. No l veliow $3 50 a: 375 Peas California, bushel hampers. $3 25 (3 75 Tomatoes Florida lugs. 81 50 *r 2 Rhubarb Michigan. 5-!b, cartons. 35 55- le" :,e Western crates, t tfOMB. *3 50®. Onion Market • 50-lb. tacks> Mic.ngan velloxs. U2s>!jM. Western Va 'tunas ->is yellows 91259 150. Indiana-Michigan white. $2 75'-2.

Retail Coal Prices

Th following prices represent quotations from leading Indianapolis coal dealer*. A 35-cent carrvtn* chant* per ion will C added. DOMESTIC RETAIL PRICES In dun* lump 85 30 Elf .. hut *0 Lump 8 34 35** Brazil BlockLump ......................... *54 Egg 5 31 Nal *•s O lend or*— In Nut 4 95u5 20 West Virginia and Eastern Kentucky (Oroup B) . • 8.7(37.18 Pocahontas and New River, smokelea* 7.3038 33 In.hrtrtu ................... 1803013 88

♦ ♦ Abreast of The Times on Finance ♦ ♦

STOCK MARKET IS UNSETTLED; SILVERS LOWER U. S. Smelting Again Breaks to New Low for Year: Packers Weak. By Press NEW YORK. April 3—U. S. Smelting continued to decline to new 1935 low levels today, unsettling the main stock list after early steadiness. Smelting tpuched 96. off 2\ points, and anew low for the year. The stock sold as low as 10 in 1932 and then had a phenomenal rise to 141 in 1934. It touched 124% earlier this year, but has been declining rapidly since it reduced the quarterly dividend payment and reported a sharp decline in earnings in the first two months of 1935. Other silver shares sold lower with U. S. Smelting and golds dipped mall amounts. Steel shares give ground after early firmness. Packing issues weakened. Some of the motors met selling, notably Nash which made anew low for the year at 11. off 1. J. C. Penney and McCrory issues made new lows in the mercantile division. Case was down more than a point in the farm shares. Utilities. tobaccos and wet stocks eased. Rails lost small amounts. Around noon. U. S. Steel was at 28'*, off American Can 114%, off v; American Telephone 102%, off Atchison 36%, off %; Chrysler 33 % off General Motors, off %; Armour prior preferred 56, off 2, and Consolidated Gas 19%, off •%.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2 789.000 00 Debits - 5.707.000 00 TREASURY STATEMENT (Bv United Press) WASHINGTON April 3.—Government expenses and receipts for the current fiscal vear to April 1. compared with the corresponding period of the previous fiscal vear; This Year. Last Year. Expenses $5 089 645.734 13 $4.674.125.376 69 Receipts. 2.878 650.864 67 2.316.276.804.50 Deficit 2 210.994 869 46 2 557.848.572 19 Cash bal. 2.443 192.614 9* 4 817 870.615.36 PRICES UNSETTLED IN GBliN TRADING Values in Narrow Range During Early Sales. By United Press CHICAGO. April Grain prices today on the Board of Trade w r ere unsettled in a narrow range. First sales of wheat were cent lower to % cent higher, corn was off % to l t cent higher, oats were unchanged to cent lower, and rye was unchanged to off ** cent. In wheat the far-away delivery eased on reports of unsettled weather over the southwestern winter wheat belt. The nearby futures, on the other hand, were a shade higher in sympathy with a mild upturn at Liverpool. Corn, oats and rye were about steady. Activity in all pits was limited. Traders preferred to stand to the sidelines to await developments. •Bv James E. Ber.fett) 11:00 Prev. Wheat— High. Low. A. M close. Mav 94% .94 .94% .94' 2 Julv .91 .90% .90% .90% Sept 90% .89% .90 . 90% CornMay 81 s * .80% .81% .80% Julv 75 .74% .74% .7*' a Sept 70% .69 s * .70 .69% Oats— Mav 45% 44% .45% .44% Julv 38% .38% .38% .39 Sept .37 .36% .36% .37 Rve— Mav 54 % .53% .54 .54% Julv 55% .55> .55% .55% Sept 57' 4 .57 .57 .57'a I.OCAL CASH SIARKET Citv 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.

Other Livestock

(Bv United Press) LAFAYETTE. April 3. Market. 10fti 15c higher. 225-250 !. $8 95ft; 9. 250-300 ibs . $8 80.(8 90. 300-325 lbs . $8 70: 180-225 lbs.. S8 90 .18.95; 160-180 lbs.. SB.Boftiß.Bs: 140160 lbs. $8 25 i 8 50; 130-140 lbs. $7.75'a8: 120-130 lbs. $7,25.(7 50: 100-120 lbs. $6.50.(7: roughs. $8 down: calves, 50c higher. $9 down: lambs. $7.75 down FT WAYNE. April 3 —Hogs— 10c higher; 200-250 lbs . $9 180-200 lbs . $8 90; 250-300 lbs. $8 85: 160-180 lbs . $8 80; 300-350 Ibs $8 55; 150-180 ibs.. $8 50; 140-150 lbs. $S 25 130-140 lbs.. SB. 120-130 lbs . $7 50 100-120 lbs $ 7 . roughs. $7.75, stags. $5.50. Calves. 39 50. lambs. $7 75. ißv Times Special) LOUISVILLE. April 3 —Cattle—Receipts, 225. supply light quality generally plain; market mostly steady: bulk common to medium steers and heifers. $6 50ft; 3.75; better finished fed offerings quotable to around $lO 25; bulk beef cows. $4.50® 6: good heavy cows and smooth heifer types to $6 50 or better; bulk low cutters and cutters 82.75ft;4 25: sausage bulls mostly $4 25 i5 50 desirable beef bulls to $6 and above for yearling types: most Hereford stock calces salable. $6 50®750; choice steer calves to around $8 25. Calves—Receipts 275. sreadv; bulk good to choice vealers. *7,50-8: strictly choice. $8.50; medium and lower grades. $6 50 down. Hogs—Receipts. 800: market 5c higher: top and bulk better 180-250-lb weights. *8 90 : 255 lbs up. $8 45 160-175 lbs. *8 40: 140-155 lbs *7 90; 120-135 ibs.. $6 95; sows weighing 400 lbs . down. $7 15; heavier sows discounted 50c Sheep—Receipts. 25. steadv: mostly $6 50 ? 7.50 for medium to g.'od wooled lambs; choice quotable around $8 common light throwouts mainly $5 and fat wooled ewes. $3.50 down.

Produce Markets

Delivered In Indianapolis prices: Heavy breed sens. 15c. Leghorn hens. 11c: colored springers, 13c: heavy stags, lie; Leghorn stags. 7c: old roosters. 7c: ducks, full feathered and fat. 9c: geese. full feathered and fat. 7c: all classes of guineas 15c No. 1 strictly fresh country run eggs, loss of 18c. Each full case must weigh $5 lbs. gross, a deduction of 10c a pound for each pound under 55 lbs. will be made. Butter—No. 1. 33 934 c; butter-fat. 50c. Quoted by the Wadley Cos. (Bv United Press* CHICAGO April 3.—Eggs—Market, firm: receipts 26.197 cases: extra firsts. 23%c; fresh graded firsts. 22c. current receipts. 20%c dirties 19%c: checks. IB%c. Butter —Market, firm, receipts. 4368 tubs: extra firsts .90-91 1 1 score.. 32%ft;33c. seconds (86-87% score*. 32c. specials. 34%fti34%c; standards. 33%c Poultry— Market, steadv: receipts 20 trucks: capons 8-7 lbs . 24c; old roosters. 13%<.;14%e: ducks. M%® 21c%c; turkevs. 20 22c: geese 14c: stags. 16%c; broilers. 23 .-24 c: fryers. 24ti2$c; hens 19%c. Leghorns 18c. Cheese —Tw.ns. 15i15'4C: Daisies. 15%'?15%e: Longhorns. 15% sr 15%c Potatoes Bupplv moderate: demand and trading moderate market steady. Wisconsin Round Whites. 85c, Russets, *1 45. Nebraska Bliss Triumphs *2 05; Idaho Russet. 8190fti2; United States No 2. tl 35; new stock —Supply light: msrket steady: Florida bushel crates. 82 20# 2 25. Arrival* IDS, on track 332. ahuateau 708.

INDIANAPOLIS, WEDNESDAY, APRIL 3, 1935

THE BANKING BATTLE n n n nun n n u Federal Reserve System Exposed

EDITOR S NOTE—This Is the third of four articles on the impending Congressional battle over basic changes in the nation's banking system. BY THOMAS L. STOKES Times Special Writer WASHINGTON. April 3 Passage of the Federal Reserve Act in 1913 was hailed with exuberant prophecies that it would prevent panics, transfer control of finance from Wall Street back to the Main Street banker, and give business, industry and agriculture a flow of cheap credit. None of these prophecies has been fulfilled. The country has gone through the biggest speculative boom of its history, which ended in the direst depression of history. Banks cracked right and left just as they did in 1907 and 1893 and before. And Uncle Sam did not become the super-banker. The big eastern bankers still were dominant. Partly through this influence, partly because the Federal Reserve Board here lacked the necessary powers, partly perhaps because of the ineptitude of the Reserve Board of the post-war era, it found itself unable to stem the tide of inflation and speculation which bl?w into the bubble that popped so lisastrously. McAdoo Forced Control Nor could it act effectively to temper the storm of depression. Champions of the Federal Reserve System contend that the reason it did not operate in the public interest was that it abdicated its independent role and was subservient to an Administration whose policies were ill-advised. It has been charged, and it has been true often, that the Treasury dominated the Federal Reserve Board. Undeterred by this school of thought, champions of a real central banking system would give the government complete control, and trust to the people to elect a President who would manage it for the common welfare. Soon after its creation the Federal Reserve System came entirely under the thumb of the Treasury. This was during the World War. At one point, when the system sought to display independence, Secretary of the Treasury' McAdoo was reported to have threatened to take over the gold reserve and all the funds in the banks. Central control was inevitable in the emergency of war. Similarly, the Roosevelt Administration gradually has moved toward centralization in the present emergency. Marriner S. Eocles, governor of the Federal Reserve Board, would carry this gradually further in the pending banking bill, w'hile Father Coughlin and his followers would achieve it in one bold stroke by creating a supreme central bank with absolute power over banking, currency and credit. The Eccles Bill In his measure Gov. Eccles draws still more power to the Federal Reserve Board and thus, by relation, to the Administration. He strikes, first, at the independence now enjoyed by the 12 regional banks which Senator Glass (D., Va.) would preserve. He does this by clipping the wings of the regional governors. These officials now are chosen by the local private bankers, who also fix their salaries. Naturally this inclines the governors to look to the local bankers rather than to Washington. Under the pending bill, the regional governors still are elected by directors of the regional Reserve Banks, but must be approved by the Federal Reserve Board, which also will fix their salaries. Another centralizing process lies in the creation of anew committee to supervise open market operations. The committee would be composed of the governor of the Federal Reserve Board, two members of the Reserve Board to be selected by their colleagues, and two governors of Federal Reserve Banks selected by the 12 governors. This gives the central board here three out of five members. Under the bill, in order to enforce a national policy, legional banks are required to follow the orders of the open market committee. This replaces the present committee of 12 made up of a representative of each regional bank, selected by the banks. Hitherto, only the open market committee could initiate open market operations, with a veto in the hands of the board here. The board could not initiate. Frequently, in the past, the board found itself handicapped by governors who would not co-operate. Bankers Are Opposed These changesc are opposed by the American Bankers Association, as well as by’ the American LibertyLeague. which contend they will tend to create a “political banking system” subject to the whims of the party in power. “Past experience of all nations,” says the Liberty League, -‘proves that a government should not be in a position to dominate a central banking system. Too close an alliance encourages policies which ray be helpful for immediate needs of a treasury, but give encouragement to inflation and in the long run are injurious to industry and agriculture.” This represents the viewpoint of big bankers. Likewise they oppose the power granted the President to end the term of the Federal Reserve Board's governor at his pleasure. Big bankers severely criticise several other provisions of the bill. Eccles Defends Provisions One would repeal the requirement for 100 per cent collateral in eligible paper behind Federal Reserve note issues, though retaining the 40 per cent gold backing. To charges that this proposal is inflationary. Governor Eccles replies that it does not mean that notes will be issued without adequate backing. It is merely doing away with an obsolete requirement, he says, since Federal Reserve notes are an obligation of the United States and have a prior lien on all assets of the Federal Reserve banks. Another criticised provision would

open all sound assets of Faderal Reserve member banks to rediscount by the regional banks, subject to such regulations as the board may prescribe. At present, the rediscount privilege is limited to 90-day commercial paper and 12-month agricultural paper. Governor Eccles says these restrictions have tied up godd assets. Opposed by the American Bankers Association is the proposal to

New York Stocks

ißy Thomson & McKinnon) 11 AM. Prev. Oil*— • High. Low. ft. Y. close. Amerada 51*2 51 51 51 Atl Rfg 22'8 22 22 22% Barnsdall 6% 6*4 6 3 6% Consol Oil 7'g 7 7 7 Cont of Del .. 17V 17 17 17% Mid Cont Pet .. 10% 10% 10% 10% Ohio Oil 9% 9% 9% 9% Phillips Pet . 16’ 4 16 16 16% Plymouth Oil ... 7% 7% 7% 7% Pure Oil .... 6% 6 6 6 Roval Dutch . . 32% 32% 32% 32% Seaboard Oil ... 23% 23% 23% 23% Shel Un '6 6 6 6 Skellev Oil 8 8 8 8% Sue Vac 11% 11% 11% 12% S O of Cal 30 29% 29% 30 S O of Ind ... 23% 23% 23% 23% S O of N J 37% 37% 37 3 a 37% Texas Coro ... 18% 18 18 18 Tidewater Assn . 8% 8% 8% 8% Un Oil of Cal .. 16% 16% 16!% 16% Steels Am Roll Mills . 17 16% 16% 15% Beth Steel 24V* 23% 23% 24% Bvers AM 12 12 12 12% Col Fuel & ron . 1% 1% 1% i% Inland Steel • 46% 46% 46% 47 % McKeesport Tin. 94% 97 97% 97 Natl Steel 42 41% 41% 42 Otis Steel 4% 4% 4% 4% Rep I &i Stl. ... 10 V* 10 10 10 Rep I & Stl pf'i 31 % 31% 31% 31% U S Steel 29 28% 28% 28% U S Steel pfd ... 77 76% 76% 77% Warren Bros . 3% 3% 3% 3V* Youngtwn S & T 14 14 14 14 Motors— Auburn 15% 15 15 16 Chrysler 33% 33% 33% 33% Gen Motors.... 28% 27% 28 28% Hudson 7 6% 6% 6% Hupp 1% 1 % 1% i% Nash 11% 11 11 12 Packard 3% 3% 3% 3% Reo 3% 2% 32% Studebaker ... 2% 2% 2% 2% Yellow Truck... 2% 2% 2% 2% Motor Access— Bendix 13% 13 13 13% Borg Warner.... 32 32 32 31% Briggs 26 3 4 26 % 26% 26% Budd Mfg 3% 3% 3% 3% Eaton Mfg 17% 17% 17% 17% Elec Auto Lite .. 19% 19% 19% 20% Houdaille > A).. 7% 7% 7% 7% Murray Body .. 6% 6% 6% 7 Stew Warner ... 7% 7% 7% 7% Timken Roll .... 30V* 30 30!* 30V* Mining— Alaska Jun 16% 16% 16% 16% Am Metals 15% 15% 15% 15% Amer Smelt .... 32% 31% 31% 32% Anaconda 10 9% _ 9% 10 Cerro de Pasco . 41% 41% 41% 41% Dome Mines .... 38 37% 37% 38% Granby 6% 6% 6% 7 Howe Sound .... 45 45 45 45% Int Nickel 24% 23% 24 24% Kennecott Cop . 15% 15% 15% 15% Mclntyre Mine . 43% 43% 43% 43% Park Utah 2% 2% 2% 2% Noranda Cop ... 34% 24% 24% 24% Phelps Dodge ... 14 13% 13% 13% St Joe Lead .... 12% 12 12 12% U S Smelters ... 98% 96 96 93% Vanadium 14% 14% 14% 13% Amusements — Croslev Radio .. 13% 13% 13% 13% Fox Theat 9 9 9 9% Loews Inc 35% 35% 35V* 35% Radio Corp 4% 4% 4% 4% Paramount 2% 2% 2% 2% Warner Bros ... 2% 2V* 2% 2% Tobaccos— Am Tobacco A . 73% 72'% 72% 74 Am Tobacco 8.. 76% 75 75 76% Gen Cigars ... 51 51 51 51 Ligg & Myers B 95 95 95 95% Lorillard • . 19V* 18% 19 19% Phillip Morris . 37% 37% 37% 38-s Reynolds Tob B 45% 44% 44V* 45% Rails— Atchison 36% 36% 36% 36% Atl Coast Lines 19% 19% 19% 20% B & O 8% 8% 8% 8% Can Pacific 9% 9% 9% 9% Ch & Ohio .... 38% 38% 38% 38V* Chi &Gt W ... % % % % CM&StP ... % % % % CM& St P pfd 1% 1% 1% 1% Chi N W 2V* 2V*> 2Vi 3 Dela & Hud 25 25 25 25 Del Lac & W ... 11% 11% 11% 11% Erie 8 8 8 9 Erie pfd 10 9Vi 9 7 /* 10% Grt Northern pfd 10% 10% 10% 10% 111 Central 10 10 10 10V* MK&T 33 33 N Y Cent 13% 13% 13% 13% Norfolk & West 161 161 161 163% Nor Pacific 13% 13% 13% 13% Penn R R 18% 18 18 18% Sou Pac 13% 13% 13% 13% Sou R R 8% 8% 8% 8% Union Pac 84% 84% 84% 85 Equipments— Am Car & Fdy.. 11% 11% 11% 11% Am Loco 10% 10 10 10% Am Steel Fdy.. 12% 12% 12% 13 Bold Loco IV* 1% 1% 1% Gen Elec 22 21% 21% 22 Pullman Inc ... 42 41% 41% 42% West Air Br ... 18% 18% 18% 19% Westingh Elec .. 35% 34% 34% 35% Utilities— Am & For Pwr . 3% 3 1 4 3% 3Vi Am Power & Lit 2% 2% 2% 3 AT&T 102% 102% 102% 102% Am Wat Wks ... 10% 10% 10% 10% Col Gas & Elec.. 5% 5% 5% s!* Comm & Sou ... 1 % % 1 Consol Gas . ... 19% 19% 19% 20 Elec Pwr & Lit.. 2% 2% 2% 214 Int Hydro Elec.. 1% 1% 1% 1% Interboro R T .. 11 11 11 11 Int T & T 6% 6V 4 6% 6% Lou O & E A . .. 13% 13% 13% 13% Nat Pwr & Lit . 6% 6% 6% 6% North Amer .... 12% 11% 11% 12% Pac G & E 17% 17% 17% 17% Pub Serv N J ... 24% 24% 24% 24% So Cal Edison .. 14% 14 14 14% Std Gas . 3% 3% 3% 3% Stone & Webster 3% 3% 3% 3% United Corp 2% 2% 2% 2% Un Gas Imp ... 11% 11% 11% 11% Western Union . 23% 22% 23 23% Rubbers— Goodrich 8 8 8 8 Goodyear 17 16% 16% 17% ■ Kelly Soring .... % % % % ' U S Rubber . . 10% 10% 10% 10% U S Rubber pfd 26% 26% 26 V* 27 Miscellaneous— Allis Chalmers . . 13% 13% 13% 13% Am Can . 115% 114% 114% 115%: Am Mach & Fdy 20% 20% 20% 20% Brklyn Man Tr . 38 38 38 39 Burroughs Add . 14% 13% 13% 14% J I Case 47% 46% 46% 48 Conti Can . 70 69% 69% 70 Caterpillar Tract 39 38% 33% 38% Curtis Pub pfd . 94 94 94 94 Deere &Cos . 24% 23% 23% 24% Eastman Kodak 121 119% 320 121 Foster Wheeler . 11 11 11 11% Gillette 14% 14% 14% 14% Glidden 25% 25% 25% 25% Inter Harv 36% 35% 35% 36% Natl Cash Reg 14% 14 14 . 14% Owens Bottle .. 85% 85% 85% 85 Rem Rand ... 8% 8% 8% 8% Underwood E .. 54% 54% 54% 54 Foods— Am Sugar 56% 56% 56% 56% Armour ........ 3% 3% 3% 3% Armour pfd 58 56 56 58 Borden Prod ■■ 21% 21% 21% 21% Canada D G Ale 9 9 9 9 Coca Cola ... 201 198% 197% 201% Corn Prod .... 63 1 a 63% 63% 64 Crm of Wheat .. 37% 37% 37% 37% Gen Baking 7% 7% 7% 7% Gen Foods .... 33% 33 33 33% Gold Dust 16 16 16 16% G W Sugar 28% 38% 38% 38% Natl Biscuit ... 22% 22% 22% 22% Natl D Prod ... 13% 13% 13% 14 Puritv Bak ... 9% 9% 9% 9% Std Brands ... 15 14% 14% 14% Un Biscuit 22% 22 22-a 22% United Fruit ... 82% 81% 81% 81% Best & Cos. 35% 35% 35% 35% First Natl Stores 46% 46% 46% 46% Gimbel Bros .... 2% 2% -% 2% Gr Un Tea 2% 2% 2% 3 % Hahn Dept Sts 4 4 4 4% Kresge S S 20% 20 20% 20% Kroger Groc .... 23% 23'2 23% 23 Macv R H 31% 31% 31% 31% McCrorv St .... 8 7% 7% 8s McLellan St 8% 8% 8% 8% Mav Dept St 37 s . 37 37% 37 Mont Ward 23 s * 23% 23% 23% Natl Tea 8% 8% 8% 8% Penney J 0 59% 57% 57% 59 2 Safeway St .... 37% 37% 3.J* 38 Sears Roebuck .. 33% 33% 33% 33% Woolworth 5% 53% 53% 53% Aviation— Aviation Corp . 3% 3% 3% 3% Boeing Atrcrft .. 6% 6% 6% 6% Curtiss Wright . 2% 2% 2% 2 2 Curtiss Wri <Ai. 7% 7% 1% 7 2 Douglas Air 79% 19% 19% 19% Sperrv Corp 8% 8% 8% 82 Utd Aircraft new 10% 10% 10 s * 10 s Chemicals— Allied Chem 133 133 133 132% Am Com Alcohol 23% 23% 23% 23% Col Carbon 72 72 72 73 Com Solvents .. 18% 18% 18% 19 Du Pont 89% 88% 88% 89% Liquid Carb .... 28% 27 s , 27 5 , 28% Math Alkali 26 25 25 26% Monsanto Chera 59% 59% 59% 08% Natl Dts 'newt.. 27% 26% 26% 2i% Schenlev Dist .. 24% 24% 24% 25 Tex Gulf Sulph.. 29% 29% 29% 29 , Union Carbide .. 46 45% 45% 46% U S Indus Alco. 36** 36% 36% 37% Drur* — Cot y lea 4V 4U 414 414

advance loans on real estate up to 75 per cent of the value if amortized 20 years, or up, to 60 per cent of value for not more than three years. This relaxation is fought on the ground that it would tend to freeze a bank's assets and bring a repetition of difficulties encountered in the 1933 collapse. Tomorrow: The Coughlin Central Bank Plan.

Lamberw 26% 26% 26% . . Sterling* Prod ... 62% 62% 62% 62 Financial— Adams Exd .... 4% 4% 4% 4% 1 Allegheny Corp .. % % % % Am Int Corp .. 4% 4% 4% 5 Lehman Corp .68 67% 67% 67% Transamerica .. 5 5 5 5 Building— Am Radiator ... 11% 11 Vi 11% 11% Gen Asphalt ... 13 13 13 13 Int Cement . 23 23 23 23 Johns Manville 40% 40% 40% 41% Libby Owens Gls 22% 22% 22% 22% U S Gypsum 41 41 41 41% Household— Col Pal Peet .. 17 16% 16% 16% Congoleum 29% 28% 28% 29 Kelvinator 15% 15% 15% 15% Mohawk Carpet 11V* 10% 10% 11% Proc & Gamble . 46 46 46 46 Servel Inc 8% .. .. 8% Simmons Bed .. 6% 6 s * 6 s/ 6% Textiles— Amer Woolen ... 5% 5% 5% 5% Belding Hem .. 11% 11% 11% 11% Celanese Corp . 230V* 19% 19% 20% Gotham Hose .. 2% 2% 2% 2% | Indus Ravon .. 24 s * 24% 24 s , 2 Kayser Julius ... 16% 16% 16% lb

Chicago Stocks

(Bv Abbott. Proctor & Paine) 11:00 Prev. A. M. close. Com Edison 64% 64% Cord 2% 2’* Elec House 14% 14% Chicago Mail 18 18% Marshall 7 7‘ 4 Swift 15% 15% Swift Int 33% 33% Walgreen 28 28

New York Curb

(By Abbott. Proctor & Paine) 12:00 (Noon) Prev. N. Y. Close. Allied Mills 14 14 Alumn Cos of Am 38% 38% Am Cyanide B 16% 16% Atlas Corp 7% 7% Distillers Corp 15% 15% El Bond & Share 5% 5% Ford of Europe 7% 7% Humble Oil 47 46% Lake Shore Min 56% 56% St of Ky 18% 18%

N. Y. Bonds

(Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 85.1 71.8 94.0 83 6 Yesterday 84.7 71.8 93.7 83.4 Week ago 83.8 73.1 93.7 33.5 Month ago . 86.7 79.1 94.6 86.7 (Copyright, 1935, by Standard Statistics) U. S. GOVERNMENT BONDS (By Fenner & Beane) Liberty Prev. Close. close. Ist 3%s 1932-47 101.13 101.14 Ist 4%s 1932-47 10-.18 101.18 4th 4%s 933-38 (Uncalled)... 102.24 102.23 4th 4%s 1933-38 (Called) ... 100.4 100.3 Treasurys 4%s 1943-45 116. 115.25 4s 1944-54 111.14 111.7 3%S 1946-56 109.24 109.18 3%s 1940-43 107.13 107.6 3%s 1943-47 106.26 106.25 3%s 1941-43 107.14 107.7 3%s 1943-45 105.21 105.16 3%s 1944-46 105.13 105.14 3%S 1946-49 104.17 104.16 3%S 1949-52 104.88 104.15 3s 1954-55 103.23 103.17 3s 1946-48 103.19 103.16 2%s 1955-60 101.16 101.10 j Home Owners Loan Corp 2%s 1949 100.10 100.6 3s 1952 101.23 101.21 4s 1951 101. 101. Federal Farm Mortgage Corp. 3%s 1964 103.20 103.21 3s 1949 101.27 101.21 3s 1942-47 101.30 101.28 | DOMESTIC Alleg Corp 5s ’44 67 67 Allee Corp 5s '49 55 55 Alleg Corp 5s ’SO 14% 14V* Am FrgtL Pow 5s 2030 59 57 Am Tel * Tel 5%s '43 113% 113 Am Tel & Tel 5s ’65 112% 112% Arm & Cos (Deli 5%s ’43.... 105V* 105% Atl Coast Line 4s '52 93 94 Atl Coast Line 4%s '64 .. ... 80 80 Atch Top & S Fe 4%s ’4B ..104% 104% Am Wat Wks 5s ’44 91 90 Am Rolling Mills 5s ’3B ....103% 103% Balt & Ohio 5s ’95 57% 57 Balt & Ohio 6s ’95 65% 65 Balt & Ohio 4%s '6O 41 41 Buff Roch & Pitt 4%s ’57 .... 51% 52% Beth Steel 5s ’36 103% 103% Chi Milk & St PI 5s ’75 10 s * 10% Chi Milw & St P 5s 2000 ... 2% 2% Cleve Un Term 5s ’73 86% 87% Cleve Un Term 4%s '77 82 81% Col Gas 5s Mav ’52 78% 79% Col Gas 5s April ’52 79 79% Cos! Gas 5s ’6l 79% 78% Can Pac Perp 4s 82% 82% Cent Pac 5s ’6O 70 70% Big Four 4%s ’77 53% 56 Colorado & So 4%s 'BO 57 56 Chi & W Ind 4s ’52 96% 96% Chi & W Ind 5%s '62 104% 104% Chi & Nor W 4%s ’49 9% 9% Con Gas 5s ’57 105% 105 Chesa Corp 5s ’47 102% 103% Dodge Bros 6s ’4O 105% 105% Del & Huds 4s ’43 76 76% N Y Dock 4s ’sl 61% 62 N Y Dock 5s ’3B 42% 42% Erie 5s '75 53% 53% Erie 5s ’67 53 >. 53'% Gen Cable 5%s ’47 88% 88 Grt Northern 7s ’36 83% 83% Grt Northern 4%s ’76 64% 64% Grt Northern 4%s ’77 64% 65 Gen Stl Cast WW 5%s ’49 ... 73 68 Hud & Manhat Ref 5s ’57 ... 85 86 111 Cent 4%s ’e6 46% 45 111 Cent Jt 4%s ’63 50% 50'i 111 Cent 5s ’63 55 54% Interntl Hv Elec 6s ’44 42% 30'2 Interntl Tel & Tel 4%s ’39... 63 s * 62% Interntl Tel & Tel 5s ’55 ... 59% 59% Interntl Tel & Tel 4%s ’52 .. 54% 54 McKess & Rob 5%s ’SO 98 98 Midvale Stl 5s ’36 103% 103% Natl Dairy 5%s '4B 103% 103% Natl Steel 5s '56 106% 106% Nickel Plate 4%s ’7B 47% 48% Nickel Plate 5%s '74 SS-* 58 Nickel Plate 6s ’35 47% 48% N Y Cent 5s 2013 51 50% IT Y Cent 4%s 2013 (old' 46% 46% Nor An. Oc s <= ’6l 89 88% Nor Pac 3s 204 T 72% 71 1 2 Nor Pac 4%s i-. 75J* 75% Nor Pac 6s 2047 90 90 Nor States Pow 5s ’4l 106% 106% Otis Steel 6s ’4l 85 85 Penn Rv 4%s ’B4 101% 100% Penn Rv 4%s ’Bl 101% 101% Penn Rv 4%s ’7O 91 % 91 Pac G & E 5s ’42 10e% 107 Portland Gen El 4%s *6O 60 59% Para Publix 5%s 'SO 72 72 Penn P & L 4%s 'Bl 103 103 Postal Tel & Cab 5s '53 43 41 Rem Rand WW 5%s ’47 100% 101 Sinclair Oil 6%s ’3B 103% 104 Shell Union Oil 5s ’47 103 102% Sou Pac 4%s '6B 57% 57 s * Sou Pac 4%s 'Bl 57 57% Sou Pac 4%s ’69 57 57% Sou Pac 4s ’49 62 61% Sou Rail 4s ’56 40 39% Sou Rail 6s '56 48% 48 Sou Rail 6%s '56 52 51% Sharon St! Hood 5%s ’4B 81% 81 Texas Pac 5s 'BO 80 79% Texas Pac 5s ’79 80 79% Union Pac 4s 47 110% 110 United Drug 5s ’53 88 ! 2 88% U 3 Rubber 5s ’47 92% 93 NY NH & Hart 6s '4B 32% 32% Warner Bros 6s ’39 50 50's Western Marv 5%s ’77 97 97 Western Marv 4s ’52 91% 91% Youngstown S&T 5s ’7O .... 91% 91% Youngstown S&T 5s ’7B 91% 91 s * FOREIGN French 7s ’*9 181% ... German 5%s 65 28% 28% German 7s ’49 36% 38 Italv 7s ’sl 82 81% Poland 7s ’47 119 116% Rome 6%s ’ss •••••••••••••••• 72 71V

PAGE 15

LOCAL BROKERS CONSOLIDATE IN ECONOMY MOVE Fenner & Beane Facilities to Be Joined With Abbott, Proctor & Paine. Fenner & Beane, members of the New York Stock Exchange, are to retire from the brokerage and commission field in this city and all their facilities and business w-ill be taken over by Abbott, Proctor & Paine, also members of the Stock Exchange, it was announced today. The action is part of a movement begun by the two houses to end duplication of wire facilities in several cities where both operate. Abbott. Proctor & Paine is giving up its branch offices in Macon and Atlanta, Ga„ and Norfolk, Va., and Fenner & Beane is retiring from the field in Charlotte, N. C., and Indianapolis. The consolidation of the local offices will take place officially on April 8, but meanwhile the Fenner & Beane activities gradually are being absorbed by the Abbott, Proctor & Paine organization. Russell McDermott. who has been manager of the local office of Pinner & Beane, will go into the organization of Abbott, Proctor & Paine. James T. Hamill and K. K. Wooling, comanagers of the latter firm, will retain their present positions. Business of the two firms will be ■carried on in thp present location of Abbott, Proctor & Paine in the Continental Bank Building. On May 1 additional space will be taken up. FEDERAL PAY ROLL SETS 15-YEAR PEAK Employes Total 680,546 in February, Civil Service Reports. By Times Special WASHINGTON, April 3.—Government employes during February reached anew high in nearly 15 years, according to a Civil Service Commission report today. The number on the Federal pay rolls f t the end of February was 680,546. the highest since July, 1920, when 691,116 were carried on the pay roll. During February of this year the employes showed a gain of OO tit. The gain since President Roosevelt took office is now more than 110.000. Federal salaries and wages were raised 5 per cent Monday, restoring them to pre-depression levels. They were reduced 15 per cent in 1933. Two 5 per cent restorations had been made previously. N. Y. EXCHANGE ACTS FOR ABSENTEE VOTING Governing Committee Adopts Amendments to Constitution. By Times Special NEW YORK, April 3.—The governing committee of the New York Stock Exchange has adopted amendments to the exchange’s constitution which permit absentees voting and allow the nominating committee to nominate a member to fill vacancies in the offices of president and treasurer, it was learned today. The amendments, which broadened the voting powers of absent members, were suggested by the Securities and Exchange Commission, while those having to do with special elections were advanced by the present nominating committee, headed by R. Lawrence Ookley. CITY MAN APPOINTED Frank B. McKibbin Is Member of New Society’s Governing Board. Frank B. McKibbin, executive vice president of the Fgjderal Home Loan Bank of Indianapolis, has been appointed a member of the board of governors of the newly organized Society of Residential Appraisers, a national professional group with headquarters in Chicago, word was received here today. The society has 15 members of its board of governors chosen from different sections of the country by I. Friedlander, Houston, Tex., president of the United States Building and Loan League. The league is sponsoring the activities of the new society.

Stock Studies

UNITED STATES GYPSUM COMMON stocr share EARNINGS PRICE range scale IT- 80 ;|5 =jgp : "IWiViT . 0 130 31 32 33 34)31 32 33 34 ..51 WINCHESTER INSTITUTE OF FINANCE The United States Gypsum Cos. is by far the leading producer in this country of all forms of building materials having gypsum as a base. Metal lathing, wall boards, pain - ;, asphalt and such products are among the wide line of building materials manufactured by the company. United States Gypsum supplies about half the gypsum requirement of the country and a quarter of the metal lathing used. Plants are well located throughout the United States and Canada. Its plants and properties include gypsum deposits, mines, crushing plants, plaster and paper mills, and warehouses. FINANCIAL DATA As of Dec. 31. 1934 Common Stock (S2O par. . 1.193.082 shares 7’“r Preferred Stock (SIOO par; $ 7.822.200 Surpluses 25 752.456 Cash and Securities 14,003,628 Inventories 3,597,413 Total Current Assets 20,140.715 Current Liabilities 1.297,884 United States Gypsum was incorporated in 1920 in Illinois. Both classes of stock are listed on the New York and Chicago Stock Exchanges. At a current price of around 44 the common sells to yield nearly 2% per cent and for about 32 times 1934 earnings. (AU Rights Reserved. Winchester Institute of Finance. Winchester, Mass.)

What Does It Mean? Nominal Rates — A nominal foreign exchange rate means a quotation for a currency so inactive or chaotic that it is that in name only.

AVERTS NRA TEST

.' Jkp' ■ J

Stanley Reed

While a wrangle was in progress in the Senate, Stanley Reed, newly appointed Solicitor General, appeared in the Supreme Court and filed a motion for a dismissal of the government's appeal in the Belcher lumber code case. The Belcher case would have provided the first Supreme Court ruling on the validity of the NRA. Mr. Reed’s appeal was granted.

HOG VALUES UP 10T0J5CENTS Cattle Market Active and Strong; Vealers Rise Sharply. The swine market at the Indianapolis Union Stockyards today was generally 10 to 15 cents higher than yesterday’s best average, and receipts were sharply lower than in the two preceding sessions. This, however, was believed to be the strong factor in pushing prices upward. With early supplies estimated at only 4000, compared with 6000 yesterday, a fairly strong demand prevailed in all classes, and especially in the medium and heavyweights which were up 15 cents. The top price for better classes held at $9.20, the highest point for the week. The bulk. 160 to 275 pounds, cashed in at $9.05 to $9.15, while heavyweights, scaling from 275 pounds and upward, brought $8.75 to $9. In the lightweight division, hogs weighing 130 to 160 pounds, sold at $8 to $8.75. Others, scaling 100 to 130 pounds, were salable at $6.75 to $7.75. Packing sows ranged from $7.75 to $8.50. Holdovers numbered 107. Trading improved in the cattle market, with practically all classes of slaughter steers active and strong to slightly higher than yesterday’s close. Most steers sold at $10.85 down, while some classes held above sl2. Vealers again were largely 50 cents higher, selling at $10.50. Cattle receipts were 1400; calves, 500. Interest continued light in the lamb market and the majority of all classes held steady. Bulk of clipped western lambs sold at $8.25 to $8.50, while wooled native grade , brought $8 down. Wooled western lambs were unsold. Slaughter grades cashed in at $5.25. Receipts were 500. HOGS Mar. Bulk. Ton. Receints. 28. $9.00® 9.10 $9.15 5000 29. 9.05® 9.15 9.20 4000 30. 9.osft® 9.15 9.15 2000 April. 1. 9.00 ft? 9.10 9 15 5000 2. 8.90 ft? 9.00 9.05 6000 3. 9.05® 9.15 9.20 4000 Light lights: (140-160) Good and choice sß.soft? 9 00 Medium B.ooft® 8.75 Light weight: (160-180) Good and choice .. 9.05 ft? 9.10 Medium 8.50 ft? 8.85 (180-200) Good and choice .. 9.loft® 9.15 Medium 8 60ft® 8.90 Medium weight: (200-2201 Good and choice .. 9.15 ft? 9.20 (220-250) Good and choice .. 9.10® 9.20 Heavy weight: (250-2901 Good and choice .. 9.00 ft? 9.10 (290-3501 Good and choice . . 8.85® 9.00 Packing sows: (275-3501 Good 8 15ft? 8.50 (350-4251 Good 8 10ft? 8 35 (275-3501 Medium 3.00 ft? 8.25 (425-550) Good 7.75® 8 15 Slaughter pies: (100-140) Good and choice .. 6 75ft? 8.50 Medium 6.00® 8.00 CATTLE —Receipts, 1400 — —Steers—-(soo-900) choice $10.75® 12.75 Good 9.50 ft; 11 25 Medium 7.50 ft? 10.00 Common 6.00 ft? 7 50 (900-11001 Choice 12.00 ft; 13.50 Good 9.75 ft? 12.50 Medium . . 8.00 ft; 10.25 Common 6.00 ft; 8 00 (1100-1300) Choice 12.75 ft; 13.75 Good 10 50ft? 13 00 Medium 8.50 ft? 10.50 (1300-1500) Choice 12.75®13.75 —Heifers—-(soo-750) Good 10.50 ft? 13.00 Choice 9.75ft?11.00 Good 8.75® 9.75 Common and medium 5 50ft? 8.75 (750-900i Good arid choice ... 9.00® 11.00 Common and medium 5.50® 3.00 —Cons—(Yearling Excluded) Good 6.25® 7 50 Common and medium 4.50® 6.25 Low cutter, cutters 2.75® 4.50 Bulls, good 5.75® 7.00 Cutter, com. and med. bulls . 4.00® 5.75 VEALERS —Receipts, 500— Good and choice $9 50® 10 50 Medium 7.50® 9.50 Cull and common 3.50® 7.50 , Calves—-(2so-500) Good and choice 6 50® 9.50 Common and medium . 3 503 6.50 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice 6 00® 800 Common and medium 4 50® 6.00 (900-1050i Good and choice 600 ® 8.25 Common and medium ... 4.50® 6.00 —Cows— Good 3 75® 4.50 Common and medium 3.25® 3.75 SHEEP AND LAMBS —Receipts, 500— Lambs. 90 to 120 lbs., good and _ , choice $7.75® 8.35 Common and medium 6.00® 7.75 90-120 lbs., good and choice .. 4.ao® 5.50 Sh a2O-150) Good and choice . 4 00® 5.25 All weights, common and medium 3.00® 4.25

Government Bonds Home Owners’ Loan Corporation and Municipal Bonds BOND DEPARTMENT The Union Trust Cos. of Indianapolis 120 E. Market RI 5341

BUSINESS SEEN FACING PERIOD OF UNCERTAINTY Condition Viewed as Result of Slow Progress of Congress. By Times Special NEW YORK. April 3 —The spectacular activity which characterized the two previous sessions of Congress has not been in evidence during the current session. Although Congress has now been in session for nearly three months, little space is needed in which to sum up its achievements, according to the Business Conditions Weekly of the Alexander Hamilton Institute. Adherence to the World Court was defeated, the life of the Reponstruction Finance Corp. was extended for two years, the sale of baby bonds was authorized, the pay of Federal employes was restored, and it was voted to recruit the regular Army up to the strength fixed by the National Defense Act. A good part of the first quarter of the year was taken up by the Senate in wrangling over the work-relief bill with its appropriation Os $4,880,000,000. This, together with the passage of a soldiers’ bonus bill by the House, completes the record of Congressional activity up to the present time, insofar as measures are concerned which do not fall into the category of ordinary business such as the passing of the r ular departmental appropriation bis. In view of the slow progre ; made by Congress during the three months and in view of the large amount of unfinished business still remaining, there is little prospect that Congress will adjourn before the end of the second quarter. In fact, some observers are of the opinion that the session will last well into the summer. This means that business is facing a fairly prolonged period of uncertainty and anxiety, especially since the matters vet to be considered by Congress are of the gravest concern to the business world. The unfinished business before Congress includes (1) the soldiers’ bonus bill; (2) social security legislation involving old age pensions and unemployment insurance; (3) the holding company bill which provides for the eventual abolishment of public utility holding companies; (4) the banking bill providing for increased centralization of banking control in the Federal Reserve Board; (5) legislation extending, modifying or abolishing the NRA; (6) amendments to the Agricultural Adjustment Act increasing the government’s control over the marketing of farm products; (7) the Wagner National Labor Relations bill ; giving the government complete 1 control of employer and employe relations and removing minority rights from employes; (8) amend- : ment of the Federal Trade Commisj sion law to permit Federal inquisi- [ tion of every business in the country; (9) legislation making oil and coal public utilities under the control of the government; (10) creation of an “Intermediate Industrial Credit Corporation,” permitting the government to extend credit to small and medium-sized commercial and industrial establishments; (11) control of motor carriers by the Interstate Commerce Commission, and (12) the Black bill restricting work to 30 hours a week. CANADIAN NATIONAL ISSUES BOND CALL Railway Believed Taking First Step in Large Refunding Policy. By Times Special TORONTO, April 3.—Canadian National Railways has called for June 1 redemption of all of Its $35,000,000 4% per cent bonds, due Dec. 1, 1968, at 103 and accrued interest, it was learned today. The bonds have been quoted nearly a point above the call price, not including the premium on New York funds, which involves a 1 per cent exchange. This issue was sold in 1928 by a Chase Securities Corp. at 96. It is believed that this call represents the first step in refunding a total of $200,000,000 Canadian National bonds. The road is in position to effect considerable saving through replacing its outstanding issues, it is understood. UNITED AIRCRAFT LOSES Deficit Is for Four-Month Period Ended Dec. 31, 1934. By Times Special CHICAGO. April 3.—The United Aircraft Corp. and subsidiary groups, representing the Eastern manufacturing unit formed as a result of the split-up of the United Aircraft and Transport Cos. last year, report, covering the four months ended Dec. 31, 1934, today showed a net loss of $27,027 after depreciation, $28,811 for organization expenses and $31,767 for Federal income taxes. Consolidated earned surplus account showed a deficit of $27,975 ht the end of the year. Current assets, including $1,536,137 in cash and sl,249,433 in marketable securities. I BE SAFE jfL Insnr* Your Car Today —Full I’rotectlo* SjKilroStaU Automobile Insurance Ast’n. LI -8571. 7th Floor Occlde*tl Bldg.