Indianapolis Times, Volume 47, Number 21, Indianapolis, Marion County, 4 April 1935 — Page 22

Wall St. Reception Given to New Bond Issues Encouraging. _ RY R\i ril HfM)FR'II()T

Tlnn Financial Writer ■VTEW YORK, April 4—Wail Street ha? very much encouraged bv the reception given the new corporation bond issues offered last week. Most of them were heavily oversubscribed within a short time, the performance rivaling the financing operations of the palmy days back in 1923 and

1929. But, of course, the bulk of the sales were made with large institutions, such a the insuri nee companies, rather than with private investor?. Th;? the ineeessity of lar. e selling organizations. which are non-exis 7 **nt tori ay. Consequently. while the offering? may be

Ralph Ilcndershot

ipsprrirfl 3 of ni3rK r * t they can not be considered a nuolir sale in the ame ?ea?e that they were a few sears ago. The current yields on the highest grade bonds are smaller than they .should be, and it is doubtful that they will la t for am great length of time. The rondhion is due to the abnormal money market we are experiencing. Sooner or later mve’-tmont interest i? likely to switch to the higher yielding securities Whether the low rate issues will recede In price or the ■high rate obligations will advance, rhowever. w ill depend in large measure on the return of confidence in business and the goverment's monetary policies. u m a Richard whitney. pre.-ident • of the New York Stock Exchange. is still unwilling to say whether he will seek another term on an independent ticket if the regular nominating committee goes through with its present plans of naming Charles R. Gay. senior partner of Whitehouse i Cos., for the post But those who know him best seem to have little doubt but that he will toss his hat into the ring when the committee's decision is made know n officially. Mr. Whitney is frank to admit that he 1? not enjoying his position. however. This is not strange, for he has given of his best for several years and his chief reward has b'H-n criticism If h" could be dislodged from his position of extreme reserve he probably would get a great many things off his chest. And he probably would feel much better if he did. B B BUT there is scant likelihood that he ever will "open up.” He is not a New Dealer. Neither is he a Huey Long or a Hugh S. Johnson, although the fact that he isn t does not lessen his stature. He probably never will be very popular with newspaper men because he provides so few "hot” pieces of copy. The weekly press conferences to which he subjects himself are about as productive of headlines as a Sunday school pienie. The Exchange chief is mast cordial on such occasions, though And he displays more patience than would most busy executives. But he seldom drops his reserve unless the conversation switches around to horses or yachting. At such times he becomes as “regular" as Alfred E. Smith or Charles M Schwab. He is a hard man to know but an easy man to like.

On Commission Row

see av<*rc whok'sk BrsfMt iwir.c to buyer* bv local eornmtFiion dealer* Frail*- Banana*. 5c alb Ar>t>!e. Wtne**ev *165 Delicious, f. 85 Baldam*. t! 60 Le-vnaa Sunk.-t. 36-y *4 2? Grapefruit Texas seedless. (3 2*- Arizona. Ms 2P< and- $2 50 I iir.es. Mexican, pet ear* -n 12- 25c Hi ran aeed’.ess per hundred $3 Strawberries. Florida, pint. l”c. per 36-p - rrate. lie Apricots, *3 crate e* South America, xlt’te 83: black, S3 Honev tv* South America $2.5. nectarines South America, box $3 50. XreelaMe* Cabbaee. Northern Danish |d-lb. bac S3, new red Texas, hamper |3 50- new Texas. halt crates. 13.75 Onions Western Spanish. 50-lb. bad, *?’ M c.- setlows s*-:b bac. $2 50 Po'.foe< G-een Mountains. 10©-lb. bac $ -5 s*-e.l cohtu-r* 150-lb bad 13 50 r.'fherr. r * . white ion-lb bac 81. O s i* > s iPO .b Pac $2 Idaho Russets. 100-lb hat $2 New Florida Triumphs, b he'. *2 it Sweet pota* es Indiana Jersei s bustyrl *1 50 ntear-m or seed. $1 10 Karev Hai - hushel $11? Beans. roun<l ttnnclew hamper. $2 503 275 Celery iwa-hed and -rimmed', medium, dor . 50c • doren 81 40 2 cercn box $2 65 Fr toe C.! m e $1 crate $4 2? f.v r.r. $l5O :2 dor Ka> bushel Sc Lc" ee ; A- -n Iceberc head '.e’tuce ?’> -O Yuma G ?.i Mancoes $3 50 s 5 a cra-e MV Mint a de.-eti $1 Parsley and >.-er 35c Pea", hamper $3 50. Spinach Texas buahel $! Radishes doren. 6- 175 c Turnips, bushel 75c Parsnips b -he sl2? Beet-S bushel *1 Carrots buh* s'. 1 00-ib sack $1 75 Rhubarb b’• h •. e 5-lb car*on. 65c. do-e n bunchts *1 20 M -shrooros lb 3iV All ouctatidM subtect to char.ee no oi down.

Produce Markets

D*:tvred :n Indianapolis price* Hea’v brrvd hf r.s. 15.- Leghorn her. s. lie. ec>;oret sp::: ger- 13c heavy stags lie. Leghorn *i> 7c old roos'er*. 7c. duck*, full le.-hered ar.d fat. 9c geese. lull <1 and fat 7c all classes of rulr.e 15c Ko t * ric h fresh country r-ir. e : ; -a of lSc k-tch full case must - Im. gross, a deduction of 10c a pound i.r each pound under 55 lb •■til be tr.sie. Butter—Nr. 1 ”3ff34c; bu'ter-fat. 30c Q ..'ted bv the Wac>y Cos Bv United Pre*t CHICAGO Apni 4 Eccs Market firm; rece r - - If 591 cases extra firsts. I3e; fresh crafted firsts 22%c. current receipt 31%c Jrt.e- 20‘iC checks. 19%c B-:‘-ter Mart-e’ f.rrr. receipts. 6145 tubs; extra fir-’.- >9O-91% core 32%-i32%c. extra *2 score 3’%c firsts 88-89% score. 32’. 1 33 c specials. J4**34c. standards .53'. P.’.rrv Marks stead* receipt* 24 'ruck ! car due capons. 6-7 lbs 24c old roosters. 14 15<-, ducks. I*'. i2l %c. turke* - 20 22c gee*e 14c sacs 16 .. broiler- 23 24c. fryers 24 §2sc hers 19c Leghorn hens 17’ ,c Cheese Tams 15-.-15’,c daisies. 15%'i l.Vc torch *rr.- 15% : 15%c Potatoes, ©id stock Supplv moderate, demand and trading moderate tnarke' s'eadv Wiscoasir. round white*. 75n82%c Michigan russets *llO Idaho russets *!Bst2 05 New stock -Stipplx light, demand and trading Hatred market firm Florida bushel cmum bliss triumph* washed *2 25. Arrnals 92 on track 237. shipments 761

Other Livestock

Bv Cnred Press* FT WAYNE. April 200-250 *9 180-200 lbs UN 250-ldO lbs 18 85 180-180 lb* *8 80 300-350 lbs. r 5 150-140 lbs *8 50 140-150 lb, 88 35 IJO-140 ltM . *8 120-130 lbs 37 50. 100-120 lot 87. roughs 87 75. slags. 15 50 Oaires. 89 50, iambs. 87 7s. LAFAYETTE. April 4 —Market steady to • Aetna higher 235-250 lbs 89 1 *OS . 250tm lbs 88 85t#8 05; 900-325 iba . M 75. IF-238 lba. 18 *sit; 180-180 loa. 28 85 9 IK. P 4 MSO down. Cairn, I*. Lamb*. 81-1* down.

PAGE 22

OILS FIRM IN UNEVEN TRADE ON BIG BOARD Strength in Petroleums Helps Steady Other Sections. /t r mifrj prr • NEW YORK. April 4—Oil shares ?treng*her.rd in a dull and irregular stock market this morni..g. Gams ranged to more than a point in oils, with Seaboard at 25 1 2 : Standard of New Jersey 38. up %; Amerada 32. up 1; Atlantic Refining 22V up %: Simms 17. up V and Standard of California 30’*, up V Texas Pacific Land Trust was the most active oil issue. It made anew 1933 high at 11 1 *. up V and then settled back to the previous close. Firmness in the oils helped steady o' her sections. Silvers had a rally after their recent declines. Golds w fre -toady. Motors were little changed and steel? came back after an early dip. Parking issues recovered slightly. Utilities and rails were about steady. Around noon United States .Steel was at 28 up %; American Can 115. up 1 American Telephone 102 up .: General Motors 28V 0 ; Chrysler 33 ,up *,*; Consolidated (Fas 19 V off V New York Central 13V up V Union Pacific 84 off V and Woolworth 53V unchanged.

Money and Exchange

|\|l| \N XPOI Is STATEMENT $2 654.000.00 LMJI'S 5.955.000C0 TREASI RV STATEMENT .By United Press. W \SHINGTON April 4 Government expenses ar.d leceip"- for the current nca' - ear to April 2 compared with the eortespondins per.cd q! the previous ttsca. ear This vear Last year Fx-ien-e* $5 Ooj .)*. 683 39 $4 896.863.084 58 p.; '2 836 033 857 99 2 322.753 876 48 lie fin- 2 212 328 825 40 2 574.109 208 10 Cash bai 2454 530.358 72 4.809.336.811.45 STOCK RACKET DRIVE STARTED Securities and Exchange Commission Prepares to Act. Bit Vnitfd Press WASHINGTON, April 4.—A nationwide drive to rid the country of stock swindlers who reap an annual harvest of billions from investors’ pocketbooks was prepared today by the securities and Exchange Commission. Department of Justice tactics which have driven gangsters and kidnapers to cover are being adopted, it was revealed. The drive is expected to be the most intensive ever made against blue .?ky” promoters who have continued lawless activities to rob the public despite the new stringent securities laws. John Burns, commission chief counsel, is coordinating picparations for the campaign. Regional centers are being established rapidly to direct activities in the field. The commission is setting up a permanent "information’' section in line with the announced policy of chairman Joseph B Kennedy of "no quarter” for wildcat promoters. The ‘'information" section will compare to the identification bureau of the Department of Justice. Fingerprints, records, photographs and known information about "blue sky” and bucket shop operators will be classified for ready use. The new office will cooperate closely with authorities in 47 states having "blue sky” laws. A preliminary and informal start on this work already is under way.

GRAIN VALUES TURK HIGHER AT CHICAGO Domestic Market Reacts to Sharp Upturn Abroad. Bv l 'nit,-4 Prett CHICAGO. April 4—Grain prices on the Board of Trade today turned higher, in sympathy with a sharp upturn abroad. At the start wheat was ** to s * cent higher, corn was up % to 1 * cent, oats were % to T * cent higher ar.d rye ua. up •’* cent. Broomhall reported the Liverpool market advanced on strength late yesterday at Buenos Aires. Good outside buying of futures continued throughout the morning in the British market but there was a pause in the demand for actual wheat. July and October contracts were at new seasonal highs. The trade here paid little attention to other news. Activity was rather spirited. <Bv James E. Bennett' 11 DO Prev Wheat— High. Low AM. Close Mjv 9* 95% 95’. .95% Julv 92-t 91*. .92'-* 91 % Sept 92 , 91’a 91% 90% Corn— Mar 84% 83*. 84% 8.1% Julv -B*. .77% .77% .76% Sept 71 .72% .72% .71S Oat*— Mav . 48% .47% .47*. 48% Julv . 40% .40% .39% Sept 38% .37% .38 37% Rve— Msv 56S 58 56% .55% July 57 .56% .56% .56 Sept 56". .58% 58% .57% LOCAL CASH MARKET C;-v grain elevators are paving 86 cents fir No 2 soft red wheat Other grades >'n *;-.e:r mer-.ts Cash corn No. 3 veliow. 77 centa. and oa’* 40 cents LIBERTY BONDS EXCHANGED By l mitrd /Vet# WASHINGTON April 4—Of the nearly $2,000,000,000 of Fourth Liberty Loan bonds called for redemption April 15. $1,559.569 300 have been exchanged for 2% per cent Treasury bonds. Henry Morgenthau Jr, Secretary of the Treasury, said today. Cash will ce paid lor the remainder.

Abreast of The Times on Finance

THE BANKING BATTLE B B B a B B B B B Coughlin Would Give U. S. Control

Editors Note—Thi* is the last of four articles on the impending congressional battle over basic changes in the na* tion banking system. BY THOMAS L. STOKES Times Special Writer WASHINGTON, April 4.—Father Charles E. Coughlin holds, in effect, that money is the root of most evils in the economic body—that is, money in its large sense. He is one of the numerous group, including some members of Congress. which believes that most of the ills today— unemployment, overproduction, maldistribution of income, etc. —may be cured by the control of money and credit and the regulation of its volume and flow. This he would do by creating a central bank, to be known as the Bank of the U. S. A., a single monetary authority set up here in Washington, which would issue all money, regulate its value. own outright or control all banks, be the central depository of all bank reserves, and be the sole ft cal agent of the government —quite a large order. Nye Sponsors Bill A bill for this purpose has been introduced by R r, p Sweeney <D.. Ov and Senator Nye 'R., N. D.. It takes its place with several earlier bills which have the same general objective of centralizing monetary and banking power in the government. but w hich do not go quite so far nor possess some of the very novel aspects of this measure. President Roosevelt opposes them all and offers instead the bill prepared by Marriner S Eccles, governor of the Federal Reserve Board, which would revise the existing Federal Reserve System into a compact ..nit that would operate like a central bank, but still would leave the banks in private hands under strict supervision. It may be safely predicted that neither Father Coughlin's bill nor any bill of its general nature will get anywhere in the present Congress. It can not be forecast that the Eceles bill will get through as it stands, though it is slated for enactment in some form. Conservatives will join ranks with Administration supporters against anything like the Couchlin measure, and will seek to temper the Eccles plan. Eccles’ Views Tempered Gov. Eccles, it is known, would have gone much further himself in his bill, which' at one time contemplated Durchase of stock in Federal Reserve Banks, but other Administration advisers counseled a more gradual approach. They would save something to meet the Coughlinites in the future. The times, however, are moving the Administration toward centralized money and bank control. Father Coughlin's bill would set up a sort of soviet of finance. The directorate of his proposed central bank would consist of 48 members, one from each state. They would be elected by popular vote, just like Senators, to serve for 12 years after preliminary staggered terms of service. and would draw the same salaries as Supreme Court justices, $20,000 a year. By law. they would have to sit at least nine months of the year in Washington. The board of directors would choose an executive committee of seven from their number, with a governor and vice governor. Would Buy Up Banks Tire central bank would assume control of the nation's bank system, first, by purchasing the stock of all Federal Reserve Banks and taking them over as agents of the central bank; second, by declaring all banks to be engaged in interstate commerce and bringing them under jurisdiction a:td control of the government and the central bank. Tl'.e central bank would be empowered to set up banks of its own where there were not adequate banking facilities. The theory of banking, as it has been known, would be changed entirely under the Coughlin plan. Banks would become mere depositories of currency. The object is to get away from check money and deal in real money. No one has explained exactly the mechanics of operation, nor how lending policy would be regulated. The central bank is given blanket powers to make all rules and regulations.

Single Form of Currency Each bank would be required to keep United States bank notes up to 100 per cent of its demand deposits. and 5 per cent upon all time deposits, which compares with reserves of 13. 10 and 7 per cent against demand deposits, and 3 per cent against time deposits now required of Federal Reserve member banks. To create the money required by the banks, the central bank would purchase bonds from the banks and pay for them in United States bank notes, which would be the sole currency under the Coughlin plan. The major function of the Bank of the U. S. A., beyond control of banking operations, would be to maintain an equitable price level by stabilizing the purchasing power of money. After fixing an equitable price level, it would seek to mainta_n this by regulating the amount and flow of currency. This it would do by the progressive purchase of United States bonds and creation of 100 per cent reserves behind demand deposits and. if necessary, by increasing the money in circulation through paying the extraordinary and then the ordinary expenses of government by currency issue. The bank would recommend to Congress the retirement, through taxation, of suc.i excesses of currency as would oe necessary to keep the price level from rising too high. To help the central bank in stabilizing prices the bill transfers to it numerous government statistical services. Eocles Challenges Theory The central bank also would assume the functions now performed by the Treasury, partly through its stabilization fund, in purchase of gold and silver and regulation fit foreign exchange. Gov, Eccles disputed, before the House Banking Committee, the

INDIANAPOLIS, THURSDAY, APRIL 4, 1935

theory of price control through a government banking agency, and likewise challenged the ability to meet all the problems of the depression through this avenue. "No one would be satisfied if we reached the 1926 price level, with our national income $50,000,000,000 instead of $80,000,000,000, and with 10.000,000,000 unemployed,” he said. "The Federal Reserve Board is not. charged, as I understand it, with the responsibility of creating stable prices or employment. "No monetary policy alone will give stable business. The distribu-

■Bv Thomson & McKinnon 11 AM. Prev. Oils— High. Low. N. Y. close. Amerada 52 51% 52 51 | Atl Rfg 22% 22 g 22% 22% Consol Oil 7 6% 7 § Cont of Del ... 17% 17V* I<% J 7 M:ri Cont Pet . 10% 10% 10% 10% Ohio Oil . ■ 9% 9% 9’g 9% Pe* Cor ... 7% 7% 7% 7% Phillips Pet . 16% 16% 16% 16% Plymouth Oil 7*2 7% 1 i 7,2 Pure Oil . ... 6% 6% 6% 6% Seaboard Oil .. 24% 21** 24% 24 a Shell Un .... 6% 6's 6 s 6 s Soc Vac 12'2 12'2 12*2 12% S O of Cal 30 30 30. 30 SOof N J ... 37% 37'2 37;* 3< ’ 2 Texas Corn . 18’s 18's 18% 18 Tidewater Assn . 8% 8% B'2 8% Steels— Am Roll Mills .. 17’s 17% 17% 17% Inland Steel 46% 46% 46% 46% McKeesport Tin. 97% 97% 97% 97% Natl Steel 41% 41% 41% 41% U S Steel ... 28% 28% 28% 28% U S Steel pfd .. 77% 76% 77% 76% Warren Bros . 33 33% Youngstn S& T 14% 14% 14% 14V* Motors— Chrysler 33% 33% 33% 33% Gen Motors .... 28 27% 27% 28% Graham Mot ... i% 1% 1% 1% Hudson 6% 6% 6% 6% Hupp I % 7 s 1% Nash 11% 11 11% 11 Packard 3% 3% 3% 3% Reo 32% 2% 2% Studebaker 2% 2% 2% 2% Yellow Truck ... 2% 2% 2% 2% Motor Access— Bendix .13 12% 12% 13% Borg Warner ... 32 31% 31% 31% Briggs 26% 26% 26% 26% Budd Wheel 2% 2% 2% 2% Elec Stor Bat ... 41% 41% 41% 41% Houdaille A” .. 7% 7% 7% 7% Murray Body ... 6% 6% 6% 6% Stew Warner . . 7% 7% 7% 7% Timken Det Axle 5 5 5 5% Mining— Alaska Jun 16% 16% 16% 16% Am Metals 15 15 15 15 Am Smelt .72 31% 32 32 Anaconda 10 10 10 9% Dome Mines .... 37% 37% 37% 38 Granby 7% 7 7 7 Int Nickel . .. 24% 24% 24% 24% Kennecott Cop . 16 16 16 16 Mclntyre Mine 43% 43% 43% 43% Noranda Coo . 34% 34% 34% 34° 8 St Joe Lead . 12 12 12 12 U S Smelters.. 96% 96 96% 97% Amusements— Croslev Radio .. 14% 14% 14% 13% Loews Inc 35% 35% 35% 35% Radio Corn ... 4% 4% 4% 4% Paramount 2% 2% 2% 2% Warner Bros .. 2% 2% 2% 2% Tobaccos— Am Tobacco A . 73 73 73 73 Am Tobacco B 75% 75% 75% 75% Ligg & Mvers B 95% 95'/2 94''2 95 Reynolds Tob B 45 44% 45 45 Rails— Atchison 36% 36% 36% 36% Can Pacific .... 9% 9% 9% 9% Ch & Ohio ... 38% 38% 39% 38% C M & St P % 7 a % % C M & St P pfd 1% 1% 1% 1% Chi N W 2% 2% 2% 2% N Y Cent 13% 13% 13% 13% N Y Ont & West 2% 2% 2% 3% Nor Pacific 13% 13% 13% 13% Penn R R 18% 18 18 18% Sou Pac 13% 13% 13% 13% 1 Sou R R 8% 8% 8% 8% Union Pac 85% 84% 84% 85% Equipments— Am Brake Shoe . 21 21 21 Am Loco 10% 10% 10% 10 Oen Am Tk Car. 33% 33% 33% 33% Gen Elec . . 22% 21% 22 22 Oen R R Sig ... 20% 20% 20V' 19% Utilities— Am Power & Lit 2% 2% 2% 2% AT&T 102% 102% 102% 102% Am Wat Wks .. 10% - 10% 10% 10% Col Gas & Elec . 5% 5% 5% 5% Comm <fc Sou ... 1 1 1 % Consol Gas . ... 19% 19% 19% 19% Elec Pwr & Lit.. 2% 2% 2% 2% Int TANARUS& T . 6% 6% 6% 6% Lou G& E "A”. 14% 14% 14% 13% Nat Pwr & Lit.. 7% 7 7% 7 North Araer . .. 12% 12 12 12% Pac G & E 17% 17% 17% 17% Peoples Gas ... 21% 21% 21% 21% Pub Serv N J .. 25% 25% 25% 25 So Cal Edison . . 14% 14% 14% 14% United Corp .... 2% 2% 2% 2% Un Gas Imp 11% 11% 11% 11% Ut Pwr & Lt ‘A’ 1% 1% 1% 1% Rubbers— Firestone 13% 13% 13% 14 Goodrich 8 8 8 8 Goodyear 16% 16% 16% 16% Kelly Spring ... % % % % U S Rubber 10% 10% 10% 10% Miscellaneous— Allis Chalmers . 13% 13 13 13% Burroughs Add.. 14% 14 11% 13% J I Case 47% 47% 47% 47% Conti Can 69% 69% 69% 70% Caterpillar Tract 39 39 39 38% Crown Cork 24% 24% 24% 24% Eastman Kodak 120% 120% 120% 120% Gillette ...’ 14% 14% 14% 14% Glidden 26 26 26 26 Int Bus Mach ..161% 160% 161% 160 Inter Harv . . 36% 36% 36% 36% Natl Cash Reg 14% 14% 14% 13% Owens Bottle 84% 84% 84% 84% Armour •• 3% 3% 3% 3% Barden Prod ... 21% 21% 21% 21% Cal Packing 38% 36% 38% 38% Canada D G Ale 9% 9% 9% 9 Coca Co'a 97% 197% 197% 198 Cont Bn.t; A" 4% 4% 4% 4% Crm of Wheat 37% 37% 37% 37% Cuban Am Sug . 6’s 6% 6% 6% Gen Foods 33's 33% 33% 33% Gold Dust 16% 16% 16% 16% G W Sugar .. 29% 29% 29% 29 Int Salt 29% 29% 29% 29% Loose Wiles ... 33% 33% 33% 33% Natl Bisciut 22% 22% 22% 22% Natl D Prod 13% 13% 13% 13% S Porto Rico Sug 23 23 23 23 Std Brands 15 14% 14% 14% Un Biscuit 22% 22% 22% 21% United Fruit ... 81% 81% 81% 80% Gimbel Bros ... 2% 2% 2% 2% Kresge S S 20% 20% 20% 20 Kroger Groc .... 23% 23% 23% 23% Macv R H 31 30% 31 30% McCrorv St 7% 7% 7% 8 McLellan St ... 8% 8% 8% 8% Marshall Field .7 7 7 7% Mav Dept St ... 38% 38 38% 37% Mont Ward .... 23% 23% 23% 23 Penney J C ... 59% 59% 59% 60 Sears Roebuck . 34 34 34 33% Woolworth 53% 53% 53% 53% Aviation— Aviation Corp . 3% 3% 3% 3% Curtiss Wright . 2% 2% 2% 2% Douglas Air ... 19% 19% 19% 19% Nor Am Av 2% 2% 2% 2% Utd Aircrft New 10 7 § 10% 10% 10% Chemicals— Allied Chem ....132% 132% 132% 132% Com Solvents ... 18% 18% 18% 18% Du Pont 89% 89% 89% 89% Liquid Carb 28% 28% ?8% 23% Math Alkali 25% 25% 25% 26 Monsanto Chem 59% Natl Dis 1 new 1 . 27% 27 27% 26% Schenlev Dist .. 24% 24% 24% 24% Tex Gulf Sulph . 29% 29 29% 19% Union Carbide ..46 46 46 46% Drugs— Bristol Myers ... 32 31% 31% 31% Cotv Inc .... 4% 4% 4% 4% Lambert ••• 26% 28% 26% 28% Sterling Prod 61% 61% 61% 62', Un Drug (new). 9% 9% 9% 10

Chicago Stocks

(By Abbott. Proctor Sc Paine) 11:00 Prev. A. M. close. Cities Service % % Cord Core 2% 2% Libbv 6% 5% Lvnch Glass 28% 29% Perfect Circle 39% 37% Swift }jj% 15% Nor’ex Cup 17* 17% Walgreen 28 27%

Sew York Curb

IBv Abbott. Proctor A- Paine) 12 Noon Prev. N. Y Close Alumn Cos of Am 38> 38% Am Cvwide B 15, 16% Am Gas & Elec 22% 22% Cities Service 1 1 El Bond & Share 6 6 Hotimger Mines 18% 16% Int Petrol . 30% 30% Lake Shore M;n 56 56% Penn Road 1% 1% St of Kv 18% 18% Swift Sc Cos 15% 15% Wright Hargrave* Min ..... ft 1%

New York Stocks

tion of wealth production is the paramount factor, and that gets back to the tax system which must, in the last analysis, control the velocity of currency. "Means of payment in the hands of people who spend means stable business, price level and employment.” The Federal Reserve System, he said, could to some extent control the volume of money through open market operations and rediscount rates, but these operations must be supplemented by intelligent income taxation and public works. (THE END)

Financial— Allegheny Corp. % % % % Transamerica .. 5% 5 5 5 Building— Am Radiator ... 11% 11% 11% 11% Gen Asphalt ... 13% 13 13% 13 Johns Manville 42 42 42 41% Libby Owens Gls 22% 22% 22% 22% Otis Elev 11% 11% 11% 11% Household— Col Pal Peet .. . 16% 16% 16% 16% Congoleum 29 29 29 28 Kelvinator .... 15% 15% 15% 15% Proc & Gamble 45% 45% 45% Textiles— Belding Hem ... 11% 11% 11% 11% Collins Aikman.. 9% 9% 9% 9% Gotham Hose .. 2% 2% 2% % Indus Rayon ... 25% 25 25% 25

N. Y. Bonds

(Rpprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 84.8 72.0 94.1 83.7 Yesterday . ... 85.1 71 8 94.0 83.6 Week Ago 83.6 72.3 93 8 83.2 Month Ago 86.7 79.1 94.6 86 8 • Copyright. 1935. bv Standard St tistics.) U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Prev. Close. Close. Liberty* Ist 3%s 1932-47 101.12 101.13 Ist 4Vis 1932-47 101.17 101.18 4th 4%s 1933-38 (Uncalled) . 102 23 102.24 4th 4Vis 1933-38 (Called) 100.3 100.4 Treasurys 4',is 1943-45 115.31 116 4s 1944-54 111.14 111.14 3%s 946-56 109.27 109.24 3%S 1943-47 106.5 106.26 3%s 1941-43 107.13 107.14 3 Vis 1943-45 105.20 105.21 3%s 1941 107.17 107.16 3Vis 1944-46 105.13 105.13 3%S 1946-49 104.17 104.17 3%s 1949-52 104.17 104.88 3s 1954-55 103.24 103.23 3s 1946-48 103.17 103.19 2%s 1955-60 101.16 Home Owners Loan Corp. 2%s 1940 101.17 100.10 3s 1952 100.10 101.23 4s 1951 101.27 101 Federal Farm Mortgage Corp.* 3%s 1964 100.31 103.20 3s 1949 103.17 101.27 3s X 942-47 101.29 101.30 DOMESTIC „ Prev. 4 ,lssue. Close, close. Alleg Corp 5s 44 66% 67 Alleg Corp 5s '49 55 55 Alleg Corp 5s 'SO . . 14% 14% Am Frgn Pow os 2030 59% 59 Am Tel & Tel 5%s '43 .112% 113% Am Tel & Tel 5s '65 112% 112% Arm & Cos (Dell 5%s '43 ....105% 105% Atl Coast Line 4s '52 95 93 Atl Coast Line 4',2S '64 ..... 79 80 Atch Top &S Fe 4%S '4B 105% 104% Am Wat Wkfs 5s '44 91 91 Am Rolling Mills 5s '3B 103% 1U3% Balt & Ohio 5s '95 58 57% Balt & Ohio 6s '95 66%. 68% Balt & Ohio 4%s '6O 51% 51% Beth Steel 5s ’36 103% 103% Chi Milk & St PI 5s '75 10% 10% Chi Milw & St P 5s 2000 2% 2% Cleve Un Term 5s '73 86", 4 86% Cleve Un Term 4%s '77 80 % 82 Col G sss May '52 79% 79%. Col Gas 5s '6l 79% 79% Can Pac Perp 4s 82% 82% Cent Pac 5s '6O 69% 70 Big Four 4%s '77 53% 53% Chi & West Ind 4s '52 97 96% Chi & West Ind 5'2S '62 ...104 104% Chi & Nor West 4%s '49 .... 9% 9% Con Gas 5s '57 105% 100% Chesa Corp 5s '47 102% 102% Dodge Bros 6s ’4O 105 V* 105% Del & Huds 4s '43 76 76 N Y Dock 4s 'sl 61% 61% Erie 5s '75 53Va 53% Erie 5s '67 54 53V* Gen Cable 5%s ‘47 87% 88 Vi Grt Northern 7s '36 83% 83 % Grt Northern 4%S ’76 64% 64% Grt Northern 4%s '77 62 s /* 64% Gen Stl Cast W W 5%s '49 71 73 Hud & Manhat Ref 5s '57 .... 85 85 111 Cent 4%S '66 46% 46% 111 Cent Jt 4%s '63 50 50% 111 Cent 5s '63 53% 55 Interlake C & I 5s 'sl 76 Interntl Hv Elec 6s '44 32 32% Interntl Tel & Tel 4%s '39 . 63% 63% Interntl Tel & Tel 5s '55 60 59% Interntl Tel <k Tel 4%s '52 ... 54% 54',2 McKess & Rob 5%s 'SO 97% 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 49 47% Nickel Plate 6s '35 49 47% N Y Cent 5s 2013 51 51 N Y Cent 4%s 2013 (old) ... 46% 46% Nor Amer Cos 5s '6l 90 89 Nor Pac 3s 2047 73% 72% Nor Pac 4’is 2047 74% 75% Nor Pac 6s 2047 89 s * 90 Nor States Pow 5s '4l 107 106% Otis Steel 6s '4l 85 85 Penn Rv 4%s 'B4 Penn R v 4%s ‘Bl 102 fjhj? Penn Rv 4%s '7O , 92 ! 2 Pac G & E 5s '42 ... ...106% 106% Portland Gen El 4%s '6O ... 60 60 Para Publix 5%s 'SO 72 72 Penn P & L 4%s 'Bl _ 103% 103 Portland Gen El 4%s 60 60 60 Para Publix 5%s 'SO 72 72 Penn P <te L 4’is ‘Bl 103% 103 Postal Tel & Cab 5s 53 42% 43 Rem Rand W W 5%s '47 .101% 100% Sinclair Oil 6%s '3B Shell Union Oil 5s '47 102% 103 Sou Pac 4%s '6B 57% 57% Sou Pac 4%s 'Bl 5i% 57 Sou Pac 4%s '69 57 57 Sou Pac 4s ‘49 61% 62 Sou Rail 4s '56 39 2 40 Sou Rail 6%s '56 51% 52 Sou Rail 6s '56 48% 48% Sharon Sti Hoop 5%s 48 81% 81% Texas Pac 5s '79 81% 80 Texas Pac 5s '77 80 % 80 Union Pac 4s 47 110% 110% United Drug 5s 53 88 88% U S Rubber 5s '47 92 92% NY NH & Hart 6s '4B 32% NY NH & Hart 4%s '67 29 30 Warner Bros 6s '39 50% 50 FOREIGN Argentina A 6s '57 92% 93% Argentine B 6s 58 92 92% Brazil 8s '4l 28% 28% Canadian Govt 4s '6O 105% 105% Denmark 5%s '55 98 98 French 7s '49 184 188% German 5%s '65 28% 28% German 7s ’49 37% 36% Italy 7s 'sl 82% 82 Japan 6%s '54 93% 93% Poland 7s ‘47 115 119 Rome 6%S '52 73 * 72 Tokio Citv 5%s *6l 76% 77% Yokohama 6s 61 82% 82V*

CHRYSLER PRODUCTION RISES 48.3 PER CENT Output Totals 249,064 Units in First Three Months. By Timet Special DETROIT, April 4.—Production and shipments of the Chrysler Corp. during Marsh and for the first three months of the current year set new records, according to an announcement made today by Walter P. Chrysler. More passenger cars and trucks were produced and shipped by the Chrysler Corp. in the first quarter of the year than in any comparable period, it was stated. Production totaled 249.064 units, compared wirh 167.842 in the like 1934 quarter, an increase of 43 3 per cent. The previous record was established in the second quarter of 1934 when 220,747 units were reached. Production at all Chrysler plants during the initial three months was kept at capacity, and output was twice that of the first quarter in 1929,

DOLLAPSE OF GOLD MONEYS BELIEVED NEAR Bloc Seen Facing Fall as Result of Belgian Belga Action. JULES BACKMAN AND A. L. JACKSON Editors of Economics Statistics. Inc. NEW YORK. April 4.—The depreciation of the belga marks the beginning of the end for the gold bloc. Belgium, which is mainly a manufacturing country and is to a large extent dependent on its pxport trade, has long been the weakest link in the gold bloc chain. Currency depreciation by competitor countries and the erection of tariff walls, quota restrictions, etc., in many countries have resulted in a sharp decline in Belgium's export trade. This decline has had its repercussions in an increase in domestic unemployment and in further declines in internal prices. Industrial production in Belgium, according to the League of Nations’ figures, reached anew low during 1934. Production in none of the gold bloc countries has shown much improvement, but Belgium has made the poorest showing of the entire group. Sterling Forced Deflation The steady pressure of internal deflation has recently been aggravated by the sharp decline in sterling. This decline placed Belgium at a further disadvantage as compared with the sterling bloc and thus precipitated the crisis which is now taking place. The fall of the Theunis cabinet, which was pledged to an adherence of the old parity of the belga, left the way open for the formation of anew cabinet which could devalue the currency. The question arises as to what will be the effects on international commodities and on the other gold bloc countries of the devaluation of the belga. As regards international commodities, the depreciation of the belga should have little effect. No important supply of raw materials originates in Belgium and the belga is not an important currency m world trade or international finance. Devaluation of the belga alone will have no effect on price levels in thh country, except in so far as it might have psychological reactions because of the repercussions of such an action. France to Devalue However, it is very likely that a sharp depreciation in the value of the belga will be accompanied by the abandonment of the gold standard by Holland and Switzerland, thus leaving France as the only Central European country still adhering to gold. In time France, too, would have to reduce the gold content of its currency or abandon gold entirely. The effects of the collapse of the gold bloc on international trade and international commodities would be as follows: International trade should show little change since these countries account for only a small portion of the entire world trade. Stimulation of exports from these countries, due to a decline in the value of the currency, would be offset by a decrease in imports and the uncertainty to which fluctuating currencies lead. As regards international commodities, it seems likely that the price in dollars will not be directly affected. Speculative Period Possible It is possible, of course, that the breakdown of the gold bloc would lead to a short period of speculation in international commodities in the hope of world-wide inflation, but such a movement would in all probability be short-lived. However, prices in the United States are affected mainly by the dollar-sterling rate. Thus, if that rate remains stable at current levels, there would be no effect on dollar prices unless prices in London declined or a wave of speculation similar to tuat which occurred during the second quarter in 1933 took place. We feel that international trade and international commodity prices should show no substantial advance as a result of the disintegration of the gold bloc. However, if this breakdown should cause major countries of the world, including the United States and England, to realize the futility of their present nationalistic policies, it might be possible for currencies to be stabilized. This stabilization would give a sharp stimulus to world trade and prices.

PUBLIC SERVICE CO. NET IS ONLY $1748 Indiana Firm Reports Sharp Drop in Income. Net income of the Public Service Cos. of Indiana during 1934 totaled $1748.76, despite an increase of $162,309, or 1.33 per cent, in gross revenues, theycompany’s annual report of operations showed today. This net compares with $497,721.41 in 1933. Although gross revenue in 1934 showed the above increase, operating expenses, retirement provision and taxes increased $662,557.78, the report stated, resulting in a decrease in net earnings of $500,248.77. New directors elected at the annual meeting of stockholders are G. O. Nicolai, Terre Haute K. F. Dickinson, Lafayette, and G. J. Oglebay, Indianapolis. Other members of the board who were reelected are John N. Shannahan, president; E. J. Booth and W. Marshall Dale, both of Indianapolis, and Laurence K. Callahan, Chicago. NATIONAL TEA SALES UP By Timet Special CHICAGO, April 4. National Tea Cos. reports $4,898,378 sales in the four weeks ended March 23, an increase of 3.1 per cent over $4,747,235 sales in the corresponding period in 1934. PROGRAM IS LAUNCHED By Timet Special PITTSBURGH, April 4 —National Steel Corp. today launched a mill expansion program for its Detroit district plant, which .will require the expenditure of approximately $20^000,000.

W hat Does It Mean? Hedge—A speculation that when added to another previous or more important speculation either cancels or reduces the element of risk is characterized as a hedge.

VISIONS PROSPERITY

MS IRS

Henry I. Harriman

The progress of American industry from the depression doldrums was epitomized Tuesday by Henry I. Harriman, president of the United States Chamber of Commerce, who in an address in Boston before the centenary convention of the New England Mutual Life Insurance Cos. said: ‘‘Prosperity is on the way.”

PORKERS OP 5 CENTS AT PENS Veals Move Sharply Lower: Cattle Market Active and Strong. A strong undertone again featured trading in the pork market at the local stockyards today and prices of al classes, excepting underweights, were generally 5 cents higher than the previous close. Lightweights, however, remained unchanged. The slight advance was registered in face of an increase in the number of supplies on hand compared with recent sessions. Receipts today were estimated at 5000. Trading was fairly active and demand during the early dealings showed improvement. The 5-cent gain brought prices for good and choice hogs up to $9.25, the high level for last week. The general bulk of 160 to 275 pounds was salable from $9.10 to $9.20. Among the heavyweight classes, hogs scaling 275 pounds and upward cashed in at SB.BO to $9.05. Light medium grades weighing 130 to 160 pounds, sold at $8 to $8.75, while light lights, 100 to 130 pounds, brought $6.75 to $7.75. Packing sows held at $7.75 to $8.50. Holdovers were 121. With practically no choice grades available, the' cattle market was active and steady to strong. Most steers w r ere valued ic sell under $10.50. Veals moved 50 cents lower, sellig at $lO down. The lamb market was underdeveloped, with bidding lower and asking steady. Fewclipped western grades sold at $7.50. HOGS Mar. Bulk. Top. Receipts. 29. $9.0541; 9.15 $9.20 4000 30. 9.05® 9.15 9.15 2000 April. 1. 9.00®) 9.10 9.15 5000 2. 8.90® 9.09 9 05 6000 3. 9.05® 9.15 9.20 4000 4. 9.10® 9.20 9.25 5000 Light lights: • 140-160) Good and choice . $8 50® 9 00 Medium B.oo® 8.75 Light weight: (160-180) Good and choice . 9.104? 9.15 Medium . 8.50® 8.90 • 180-200) Good and choice.. 9 15® 9.20 Medium 8.65# 8.95 Medium weight: • 200-2201 Good and choice . 9.20®' 9.25 • 220-2501 Good and choice •. 9 15® 925 Heavv weight: '<2so-290i Good and choice.. 9.054? 9.15 (290-350) Good and choice . 8.90# 9.05 Packing sows: (275-350) Good 8 15® 8 50 • 350-425) Good B.lo® 8 35 (275-350) Medium B.oo® 8.25 (425-550) Good 7.75® 8.15 Slaughter pigs: • 100-140) Good and choice... 6.75® 8 50 Medium 6.00® 8.00 CATTLE —Receipts, 700— —Steers—-(soo-900) choice $10.75® 12.75 Good 9 50® 11 25 Medium 7.50® 10.00 Common 6.00® a.oo (900-1100) Choice 12.00® 13.50 Good 9.75® 12.50 Medium B.oo® 10.25 Common 6 00® 8 00 (1100-1300) Choice 12 75® 13.75 Good 10.50® 13.00 Medium 8.50® 10.50 (1300-1500) Choice 12.75® 13.75 —Heifers—-(soo-750) Good 10.50® 13.00 Choice 9.75®11.00 Good 8 75® 9.75 Common and medium 5 50® 8 75 (750-900! Good and choice 9.00® 11 00 Common and medium 5.50® 9.00 —Cows—(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. 600 — Good add choice *2 222 1 2 22 Medium 7 50 'i 9on Cull and common 3.50® 7.50 Calves—-(2so-500) Good and choice 6 50® 9.50 Common and medium . 3 50# 6.00 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice ... 6 00® 800 Common and medium • 4 50® 600 • 900-1050) Good and choice 6 00® 825 Common and medium .... 4.50® 6.00 —C o w s—• Good 3.75® 4.50 Common and medium 3.25® 3.75 SHEEP AND LAMBS —Receipts. 1500 — Lamps. 90 to 120 lbs., good and choice *' 75® 8 35 Common and medium ■ 6 ?0 ri TiJ 90-120 lbs., good and choice .. 4.30® 5.30 Sh , e i?o-150. Good and choice . 4 00® 5.25 All weights, common and medium 3 00® 4.25

Other Livestock

(By Times Special) LOCIBVILLE, April *■— Cattle—Receipts. 300, slaughter cattle In light supply; part of run stockers and feeders; demand dependable; market, mostly steady; bulk common to medium steers and hei.ers, *6.50*1 8.75: few common killers down to %t\ better finished steers and heifers scarce quotable. SC to around *lO 25; bulk beef cows. $4 50'S 6; good cows and smooth heifer types quotable around *6 50: most low cutters and cutters. $2.75'<; 4 25; bulk sausage bulls. $4 25*1 5 50; desirable beef bulls to 88 and above for yearling tys. bulk Hereford stock calves. *6.50"/ . 50: choice steer calves to around $3 25 Calves —Receipts 400. including 200 stock calves, market, fully steady to strong, bulk good to choice grades. $7 50'S 8.50; medium and lower grades. $6 50 down. Hogs—Receipts. 700; market 10c higher: top and bulk desirable. 180-250 lbs $9: 255 lbs. up. *8 55- 180-175 lbs. *8 50; 140-155 lbs . $8: 120-135 lbs , $7,05: sows weighing 400 lbs down *7 25; heavier sows discounted 50c Sheep-Receipts. 50: market, steady; bulk medium to good wooled lambs $6 50-.4 ~50: choice quotable around *8: common light throwouts, $5, and fat wcoled ewes, $3.50 down.

CHILEAN BOND SERVICE SEEN PUSHED AHEAD World Revival in Nitrate and Copper Demand Cited as Influences. By Times Special NEW YORK, April 4—Gradual revival in world demand for nitrate and copper, Chile's principal export commodities, today was seen in financial quarters as enabling ths South American republic, coincidentally, to increase interest payments to foreign holders of hei more than $400,000,000 external indebtedness, of which approximately $240,000,000. including mortgage bank and municipal obligations, is outstanding in the United States. Under the terms of a law enacted by the Chilean Congress in January last, foreign exchange equivalent to the government’s share of the profits from those two basic industries, which exceeded $4,000,000 in 1934. has been allocated. in equal amounts, for the resumption of partial service on the nation's foreign obligations, in default since 1931, and the amortization, at prevailing quotations, of dollar, sterling and Swiss franc bonds. $5 a SIOOO Seen On the basis of the government’s current revenue from the two industries, coupons will be serviced at the rate of about $5 a SIOOO principal amount of bonds. With Chilean loans generally priced around 12 per cent of parity, this amount is equivalent to slightly more than 4 per cent of present market value. Subsequent payments, incidentally, are dependent upon the trend of prices and exports of the red metal and nitrate. That interest disbursements at rates prescribed in loan indentures could be reinstated upon the restoration of normality in the world economy, authorities pointed out, is indicated by the fact that the currently dwarfed volume of Chile's nitrate and copper exports compares with 1929 shipments totaling $28,000,000. At that time the two items represented nearly 80 per cent of the nation's export trade. Pact a Factor The agreement reached on Thursday by world copper interests for a 20 per cent curtailment of production annually for the next three years, it was indicated, shoulc have a beneficial effect upon the piice of the red metal. Concomitantly, exports of the metal at higher levels, it was pointed out, should provide Chile with expanded revenues from this source for utilization in the servicing of her long-term indebtedness abroad. Likewise the reorganization of the nitrate industry last year, involving substantial write-off, has improved the competitive position of the Chilean product in world markets. Asa result, exports have been increasing gradually. Last year, shipments of the product amounted 7 o less than 1.000,000 tons, compared with 2,788,000 tons in 1929. Copper exports currently are at the rate of about 200,000 tons annually, against 679,689 tons in 1929.

WINTER WHEAT UNDER NORMAL CONDITION 1935 Production Estimated at 490,000,000 Bushels by Authorities. By Times Special CHICAGO, April 4. Winter wheat at the start of the spring season is below normal condition for the fourth successive year, according to reports today by local crop authorities. Average of the estimates on probable production i£ 490,000,000 bushels. A year ago the government indication w r as 492,000,000 bushels and crop harvested last year was 405,000,000 bushels. Average for the preceding five years was 565,000,000 bushels. The reports indicate that percentage of acreage abandoned will be above normal, some stating that the abandonment may be as much as 21.1 per cent of the area seeded. ‘ ASBESTOS COMPANY REPORTS $76,524 NET 1934 Income Declines From Preceding Year, Report Shows. By Times Special CHICAGO, April 4—Net income of the Asbestos Manufacturing Cos. for the year ended Dec. 31, 1934, totaled $76,524 after expenses, interest and Federal taxes, according to the company’s annual report. This is equal to $4.87 a share on the 15.700 shares of preferred stock outstanding and after deduction of preferred dividends during the year equal to 17 cents a share on the 320.000 shares of common stock. This compares with net income of $79,104 in 1933, equal to 18 cents a share on the common stock. Gross profits on sales dropped to $259,243 in 1934 from $356,363 in the preceding year. GASOLINE TAX INCREASED By T\mes Special ALBANY, N. Y.. April 4.—A 1-cent-a-gallon increase in the state gasoline tax, through which Gov. Herbert Lehman hopes to raise $16,500,000 to aid in wiping out a deficit, was in effect today. The increase, which began April 1, brings | to 4 cents a gallon the state tax on ! motor fuel.

Building & Loan Stocks Bought and Sold SCHLOSS BROS. INV. CO. 137 E. Wash. St. 2818