Indianapolis Times, Volume 47, Number 22, Indianapolis, Marion County, 5 April 1935 — Page 36

Wall St. New Angle Enters Stock Exchange Election. BY RALPH HENDERSHOT Time* Financial Writer

NEW YORK. April 5 Recent diplomatic negotiations among members of the New York Stock Exchange suggests that the coming election of a president for the institution may not be as much an open and shut proposition as some seem to think. Bets have Oeen placed on the relative chances of Richard Whitney and Charles R. Gay, but it is

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possible that neither will have a look-in when the final ballots are cast. Strenuous efforts are being made to bring the opposing factions on the big board together. Within the last week many members have been won over to the idea

Ralph Hendershot

that it would be much better for the Exchange if it were able to present a more or less united front. Asa result, the regular nominating committee has been flirting around with the idea that it might be wise to place Frank Altschul, a partner in Lazard Freres, at the top of the list The suggestion that an outside man on a salary basis might be the answer to the Exchange’s prayer also is receiving serious consideration. The difficulty in that connection is where to get a man who knows enough about the Exchange’s affairs to keep the wheels moving smoothly, one who is not smeared with the Wall Street taint, and one who would go over well with the public and the Administration in Washington. non THEN, again, there is the question of the basis upon which he would be hired. Such a man probably would not care to take over the assignment unless he were given a long-term contract. And the members probably would much prefer to take him on a tryout basis so that in case he was unable to fill the bill and win back the public to the big put and put market he could be supplanted with another candidate. The attitude of the brokers is easily understandable. They have been losing money for quite some time, and they see little in the outlook to lead them to hope for an improvement. Under the circumstances, they do not feel they should sit back and do nothing about it. But they don’t quite know what to do, and opinions differ so greatly that it is virtually impossible for them to present a united front, and yet that is what they would like most to do. a a a UNDER the plan suggested to give Mr. Altschul the job as president it is also proposed to make Mr. Gay a vice president, which probably would mean that he would be in line to become chief executive at some later date. Such a situation would make it easier for Mr. Whitney to retire gracefully. He would then be able to say that his action was taken to bring harmony among Exchange members. The brokers are inclined to blame the government to an important degree for their troubles. The change which has been brought about under the reform movement is really no reform, in the opinion of some of them. They make the point that it is merely a shifting of power from private to political hands. Joseph P. Kennedy, chairman of the Securities and Exchange Commission, is more of a czar of the Exchange than any president of the institution has been, it is maintained.

On Commission Row

Quotations below are aver aw wholesale prices being offered to buyers by local commission dealers. Fruits—Bananas. 5c a lb. Apples. Winesaps. Si 65: Delicious. $1.85: Baldwins. *1 60. Lemons. Sunkist. 2605. $4 25. Grapefruit. Texas, seedless. $3.25; Arizona. 645. ■7os and 80s. $2 50. Limes. Mexican, per carton. 12s. 25c: Bvram. seedless, per hundred. $3. Strawberries. Florida, pint, 17c; per 36-pt. crate. 11c. Apricots. $3 crate. Grapes. South America, white. $3; black. $3 Honev Dews. South America. $2.75; Nectarines. South America, box. $3 50 Vegetables—Cabbage. Northern Danish 80-lb. bast. $!; new red Texas, hamper, $3.50: new Texas, half crates. $2.75. Onions. Western Spanish. 50-lb. bag. $3 50; Michigan yellows. 50-lb. bag. $2 50. Potatoes. Green Mountains. 100-lb. bag. $1 50: selected cobblers. 150-lb. bag. $2.50; northern round white. 100-lb. bag. $1; Ohios. 100-lb. bag. $2: Idaho Russets. 100-lb bag. $2; New Florida Triumphs, bushel $2 40. Sweet potatoes. Indiana Jersevs. bushel. $1.50: medium or seed. $1.10: Nancv Halls, bushel. $1.15. Beans, round strtngless. hamper. $2.50f'2..5. Celery swashed and trimmed!, medium, doz.. 50c; jumbo, doz.. 75c: hearts, doz.. 90c. Cucumbers. hot house, dozen. $1.40: 2 dozen box. $2 65. Endive. California, dozen. sl, crate. $4.25. Egg plant. $1.50b2 doz. Kale, bushel. 6c. Lettuce, hot house. 15-lb. basket. $1.50: Arizona Iceberg head lettuce, $3.69. Yuma, crate. $4 50. Mangoes. $350®5 a crate; small basket. 50c. Mint, a dozen. sl. Parsley. dozen. 35c. Peas, hamper. $3.50: Spinach. Texas, bushel. sl. Radishes, dozen. 65 S 75c. Turnips, bushel. 75c. Parsnips, bushel. $1 25. Beets, bushel sl. Carrots, bushel. $1: 100-!b. sack. $1.75. Rhubarb, hot house. 5-lb. carton. 65c; dozen bunches. $l2O. Mushrooms, lb.. 30c. All Quotations subject to change up or down. fruits avi> vegetables itßv United Press* CHICAGO. April s—Apples—Michigan Spies bushel. $1 40G1 50; Illinois Jonathans. sl3s® 140. Carrots —California crates. $2 50® 2 75. Michigan, bushel. 50® 60c Turnips—lllinois and Michigan, bushels. 25® 40c Lettuce—Western crates. S dozen. $4 25® 450 Turnips—lllinois, bushel. 25*5 40c. Sweet potatoes—Tennessee. bushel. 80cfi$l: Indiana, $125. Beans— Florida, bushel, green. $2 25® 2 75. Spinach—Texas, bushel. $1 10® 1.25. Cabbage—Wisconsin. 100 lbs . $4. Onion sets —Michigan, sacks, a busheL No. 1 yellow. S3 50®3.75. Peas—California. bushel hampers. S3® 3 50. Tomatoes—Florida, lugs. $1.50® 2 Rhubarb—Michigan. 5-lb. cartons. 30® 25c. Produce Markets Delivered In Indianapolis prices: Heavy breed hens. 15c: Leghorn hens, lie: colored springers, 13c; heavy stags. 11c; 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 55 lbs. gross, a deduction of 10c a pound tor each pound under 55 lbs. will be made. Butter—No. 1. 33 9 34c; butter-fat. 30c Ouoted bv the WaJley Cos. <By United Press* CHICAGO April 5 —Eggs—Market, firm; receipts. 36.746 cases: extra firsts. 23 %e; fresh graded firsts. 23*c; current receipts. 31%c: dirties. 20%c; checks. 19%e. Butter —Market, firm; receipts. 7759: extra firsts (90®91% score), 34%c; extras (92 score), 34%c. firsts 'BS-89% score',33l,4 1 , QM'it: specials. 35®35%c; standards, 34%e. Poultry—Market, firm: receipts. 21 trucks. 1 car due: capons. 25®26c; old roettert. 14® 15c; ducks, 15%®21%c: turkeys. 16®23c: geese. 14c; broilers. 24®25c: fryers. 24® 25c. hens. 20c Cheese—Twins. 15® 15*c; daisies. 13%®15%c: Longhorns. 19%®15%c Potatoes—Supply on russets sib' others moderate, market steady: demand and trading alow; Wisconsin round white! 75® 83%c; commercial, 70® 75®; Michigan round whites. 75c; Idai.o russets. $1 85 New stock—Supply light; demand and trading limited; market, steady; Florida b ;UMI crates bhss triumphs washed, $1.10®2.80. Arrivals 70. on track 399, shipment* <39.

PAGE 36

UTILITY SHARES LEAD LIST ON STOCK MARKET

Electric Equipment Issues Also Active in Early Trading. By United Press NEW YORK. April 5 —Utility and electrical equipment stocks made up the bulk of activity on the stock exchange today during early trading. The general list followed them to higher levels with gains ranging to more than 2 points. Automobile shares were relatively quiet and so were rails. Merchandising issues, light in volume, made the widest advances with Spiegel, May, Stem up 2L4 points at and J. C. Penney up 1 at 61%. General Electric was the most active issue on the board with around 7500 share turnover to noon. It reached 22%, up %, while Westinghouse Electric with a sales volume of around 4000 shares was at 36%, up %. United Corp. preferred reach 27%, up 1%, to lead the utility group. Declaration of its dividend yesterday aided. The common was up a fraction and gains of fractions to a point were noted throughout the remainder of the gas and electric list. Money and Exchange TREASURY STATEMENT (By United Press) WASHINGTON. April s—Government expenses and receipts for the current fiscal year to April 3, compared with the corresponding period of the previous fiscal year: This year. Last year. Expenses. $5,115,610,492.12 $4,967,705,250.62 Receipts . 2,899,790.474.92 2,338,660,668.24 Deficit ... 2,215,820,017.20 2.629,044,582.38 Cash bal.. 2,437.187,074.86 4,738,223,634.82

PELLEY MAPS RAILPROGRAM Withdrawal of Subsidies for Other Carriers Advocated in Address. By Times Special NEW YORK, April 5.—A threepoint program to resuscitate the railroad industry was laid down here yesterday by John J. Pelley, president of the Association of American Railroads, in an address before the New York State Chamber of Commerce. The three-fold scheme of Mr. Pelley was as follows: 1. Withdraw the subsidies from other forms of transportation and regulate them on a basis comparable with the railroads. 3. Prevent the enactment of any legislation that increases the cost of railroad operation. 3. Discontinue the co-ordinator law and give the Association of American Railroads an opportunity to do for the rail carriers what can be done within the industry itself. “With this three-point program effective,” Mr. Pelley said, “and with a return of anything like normal business conditions, the railroads again will give a good account of themselves from the standpoint of earnings and the effect on general business through their increased purchasing power.” Mr. Pelley said “the two real causes of the present poor showing of the railroads are the general business depression and the competition of other forms of transportation which are heavily subsidized and not effectively regulated.” MEETING OPENS TODAY FOR MERCHANTS FIRE State Agents of Four States Begin Three-Day Parley. State agents of the Merchants Fire Insurance Cos. from lour states will meet for three days, beginning today, at the home office, 1715 N. Meridian-st. In charge of the meeting will be Ralph B. Clark, executive head of the company, who will be assisted by Robert W. Clark, assistant secretary, and Webber D. Donaldson, superintendent of agencies. Those attending from Indiana are G. H. McKenzie, William Daily and George L. Clark; from Ohio, Floyd C. Wright and H. Leo Wright; from West Virginia. Ruffner R. Payne, Robert G. Haile Jr. and Robert Hawkins. and from Alabama, William H. Hoover. ASSETS UP IN QUARTER Brown Brothers-Harriman Total Is $57,240,344 on March 30. By Times Special CHICAGO. April s.—The financial statement of Brown Brothers, Harriman & Cos., private bankers, as of March 30, today showed that total assets increased to $57,240,344 from $56,666,085 on Dec. 31, 1934. Deposits rose to $33,588,687. while surplus increased to $8,550,786, compared with $8,507,205 on Dec. 31. Holdings of United- States government securities, valued at lower of cost or market, totaled $6,365,000, against $7,194,390. Other Livestock ißy Times BpectH LOUISVILLE. April s.—Cattle—Receipts. 200; run includes two loads direct salable supply: light killing quality plain: market moderately active and fqiiv steady; bulk common to medium steers and heifer*. $6.5008 75; better finished offerings quotable $9 to around $1025; bulk beef cows, $4 50 06: good cows to $6.50 and above: low cutters and cutter cows mostly $2 75® 4 25: bulk sausage bulls. $4 250 5.50; desirable beef bulls to $6 and above; most better Hereford stock calves. $6 506 7.50: choice steer calves to around *8.25. Calves —Receipts. 375; market steady; bulk good to choice vealers. $7 5068.50: medium and lower grades $7 down to around S3 Hogs —Receipts. gOO. steady; top and bulk better. 180-250 lbs.. $9; 255 lbs. up. $8.55: 160175 lbs.. 38.50: I'o-155 lbs . 88; 120-135 lbs., 87 0$; sows weighing 400 lba. down. 87 25; heavier sows ..iscounted 50c. Bheep —Receipts, 25: steady; bulk medium to good wooled lambs. *6 50 0 7 50; choice salabta around SI; common -oo>d throwout*. ss* and tat noM net, 83.50 deva.

Abreast of The Times on Finance

OPEN DRIVE ON

um w |

Joseph B. Kennedy

Following the same methods as the Department of Justice has used to drive out gangsters and kidnapers, the Securities and Exchange Commission has launched a campaign against stock swindlers. A permanent information section is being set up in line with the announced policy of Joseph B. Kennedy, SEC chairman. Commissioner James M. Landis said activities have been directed against “big operators,” but that they will be broadened later.

New York Stocks

(By Thomson & McKinnon) 11:00 Prev. Oils— High. Low. A. M. close. Amerada 52V* 52% 52'* 52% Atl Rig 23 >4 23% 23% 23 Barntdall 6% 6% 6% 6*4 Consol Oil 7% 7% 7% 7% Cont of Del 17% 17% 17% 7.7% Mid Cont Pet.... 10% 10% 10% 10% Ohio Oil 10% 10 10% 10 Pet Corp 8% 8% 8% 7% Phillips Pet 17 16% 17 16% Plymouth 0i1.... 8 8 8 7% Pure Oil 6% 6*4 6% 6% Seaboard Oil ... 25% 25% 25Va 25% Shell Un 7 6% 6% 6% Skelley Oil 8% B‘/4 8% 8% Soc Vac 12% 12% 12% 12% SO of Cal 30% 30% 30% 30'4 SO of Ind- 23% 23% 23% 23% SOOf N J 38*4 38 38% 38 t/ Texas Corp 19 18% 19 18% Tidewater Assn.. 9 8% 9 8% Un Oil of Cal... 17% 17% 17% 17% Steels— Am Roll Mills 18 18 18 17% Beth Steel 25% 21% 21% 21 Inland Steel .... 47*4 46% 47% 46>/ a McKeesport Tin 99 99 99 97% Natl Steel 42% 42% 42% 42% Rep Iron & Steel 10% 10% 10 % 10% U S Steel 29% 29% 29 Vi 29 Vs U S Steel pfd.... 77% 77% 77% 77% Warren Bros ... 3% 3% 3% 3 Youngs’wn S& T 14% 14% 14% 14% Motors— Auburn 16% 16 16% 15% Chrysler 34% 33% 34 33% Gen Motors 28% 28 Va 28% 28% Hudson 7 6% 7 6% 1 % 74 1 Truck .... 21% 21% 21% 22 Nash 12% 11% 12 11% Packard 3% 3% 3*4 3% Reo 2% 274 274 2% Studebaker 2 Vi 2% 2% 2 Vi Motor Access— Bendix 13% 13% 13% 13% Bohn Alum Borg Warner A . 32% 32% 32% 32 Briggs 26* 26% 26% 26% Eaton Mfg 17% 17% 1774 18 Elec Auto Lite .. 20% 20% 20% 20% Elec Stor Bat... 41% 41% 4174 41% Houdaille “A”... 37% 8 7% Murray Body ... 674 6% 674 6% Stew Warner ... B’s 8 8 7% Timken Roll ... 30% 30% 30% 30% Mining— Alaska Jun 16% 16% 16% 16% Am Metals 16 15% 16 15% Am Smelt 33% 33% 33% 32% Anaconda 10% 10% 10% 10 Cal & Hecla 33 32% Cerro De Pasco.. 42% 42% 42% 42% Dome Mines .... 37 36% 37 36% Granby 7 7 7 7 Howe Sound 45% 45% 45% 45% Int Nickel 24% 24% 24% 24% Kennecott Cop.. 16% 18% 16% 16% Mclntyre Mine.. 41% 41 41% 41 Park Utah 2% 2% 2% 2% Noranda C0p.... 35 35 35 34% Phelps Dodge .. 15% 15% 15% 14*4 St Joe Lead 12% 12% 12% 12*4 U S Smelters.... 95% 95 95% 95% Amv.sements— Pox Theater.... 9% 9% 9% 9% Loewr, Inc 36% 3574 35% 36 Radio Corp .... 4% 4% 4% 4% Paramount .... 2% 2% 2% 2% Tobaccos— Am Snuff 66 66 66 66 Am Tob (A) 73% 73% 73% 74 Am Tob <B>... 75% 75*4 75% 76 Gen Cigars 52% 52% 52% 51*4 Ligg & Mvrs (B) 95Vi 94% 95% 94% Lorillard 19% 19% 19% 19 Vi Phillip Morris 37*4 37% 37 74 37% Reynolds Tob B 45*4 45% 45V4 45 Rails— Atchison 38% 38 38V4 38% Atl Coast Lines.. 21 21 21 21 Vi B & 0 9% 9% 9*4 9% Can Pacific .... 9% 9% 9% 9*4 Ch & Ohio 40 39% 40 39% C M & St P pfd 1% 1* 4 1% 1% Chi N W 2% 2% 2% 2% Dela & Hud 25% 25% 25% 25% Del Lac & W ... 12% 12*4 12*4 12% Grt North pfd .. 11 10% 11 10% MK&T 33 33 MK&Tpfd... 6% 6% 6% 6Vi Mo Pac pfd 1% 1% 174 2 N. Y. Cent .... 13% 13% 13% 13*4 N Y New Haven 4 4 4 4 Nor Pacific .... 14% 14% 14% 14% Penn R R 18% 18% 18% 18% Sou Pac 14% 14% l*v, 14% Sou R R 9% 9% 9% 9% Union Pac 87% 87 87% 87 Equipments— Am Car & Pdv. 12 11% 12 11*4 Am Loco 10*4 10% 10% 10% Am Steel Pdy .. 13% 13% 13% 13% Bald Loco .... 1% 1% 1% 1% Gen Elec 22% 22% 22% 22% West Air Br ..20 19% 19% 19% Westingh Elec .. 36% 36% 36% 36% Utilities— Am & For Pwr . 3% 3% 3% 3*4 Am Power & Lit 3% 3% 3% 3 AT&T 103% 103% 10374 103% Am Wat Wks .. 1% 11** 11% 11 Col Gas & Elec . 6% 6% 6% 6% Comm & Sou .. 1% 1 1% 1 Consol Cas .. 20% 20% 20*4 20 Elec Pvm <s Lit . 2% 2% 2% 2% Int T & T 6*4 6% 6% 6Vi Lou G & E “A”. 15 14% 15 14% Nat Pwr & Lit.. 8 7% 7% 7% North Amer .... 12% 12% 12% 12% Pac G & E 18V4 18 18% 18 Peoples Gas .... 23*4 23V4 23V S 22% Pub Serv N J ... 26 25% 25% 25% So Cal Edison... 15 14% 15 15 Std Gas 3% 3% 3% 3% Stone & Webster 3% 3% 3% 3% United Corp 2% 2% 3% 2% Un Gas Imp 12 11% 12 11% Ut Pwr &Lt ‘A*. 1% 1% I*4 1% Western Union.. 25% 24% 25*4 24% Rubbers— Goodrich 8% 8% 8% 8 4 Goodyear 17*4 17 17 17'4 Kelly Spring ... % Vi % % U S Rubber 11 10*4 10% / 10*4 U S Rubber pfd. 27 26% 27 26% Miscellaneous— Allis Chalmers.. 13*4 13*4 13% 13*4 Am Can 116*4 116** 116*4 116% Anchor Cap .... 14% 14% 14% 14% Brklyn Man Tr.. 37*4 37% 37% 37% Burroughs Add .. 14% 14*s 14% 14% J I Case 48% 48 48% 48% Conti Can 70*4 70% 70*4 70% Caterpillar Tract 39% 39% 39% 38% Crown Cork .... 26% 26% 26% 25% Deere & Cj 25% 25*s 25*4 24% Eastman Kodak. 121% 120% 121*4 120% Poster Wheeler.. 11% 11% 11% 11 Gillette 15 14% 15 14*4 Olidden 26% 26% 26% 26% Inter Harv 37% 37% 37V4 36% Owens Bottle . 86 86 86 84% Rem Rand 8% 8% 8% 8% Foods— Am Sugar . 59 59 59 57% Armour . 3% 3% 3% 3% Armour 6 r e pfd 59% 59 59% 58 Borden Prod ... 22% 21*4 22 1 22% Coca Cola 197% 197% 197% 197% Cont Bak 'A‘ . 9% 9% 9% 9*4 Corn Prod ... 64% 64% 64% 64V* Crm of Wheat . 37% 37% 37% 37 Cuban Am Sug 6% 6% 6% 6% Gen Poods .... 33*4 33% 33% 33% Gold Dust .... 16% 16% 16% 18% G W Sugar 29*4 29% 29% 29 Natl Biscuit 23% 23% 23% 23% Natl D Prod .. 13% 13% 13% 13% S Por Rico Sug 23% 23% 23% 23 Std Brands 15 14% 14% 14% United Fruit ... 82% 81% 82% 81% Wriglev 75% 75% 75 % 75 Retail Stores— Assd Drv Goods 8% 8H 8% B*4 Best & Cos. ... 36 36 36 55% Gimbel Bros .... 2% 2% 2% 2% Hahn Dept Bts . 4 4 4 4 Kresge S S 19% 19% 19% 19% Kroger Groc.... 24% 24% 24% 24 Macv R H 32% 32 32% 31% McCibrv St 8% 8% 8% 8% Me Lilian St .... 8% 8% 8% 8% Marshall Field.. 7 7 7 7 Mav Dept 5t.... 3? 38% 38% 38% Mont Ward .... 23% 23% 23% 23% Natl Tea 9 8% 9 8% Penne J C ... 61% 60% 61% 60% Sears Roebuck.. 34% 84% 34% 34 Woolworth .... 54 53% 54 53% Aviation— Aviation Corp .. 3% 3% 3% 3% Boeing Aircraft.. 7% 7 Curtiss Wright.. 5% 2% 2% 2% Curtiss Wn (A) 7*. 7% 7% 7% Douglas Air .... 20% 20 30 19% Nor Amer Av.... 2% 2% 2% 2% i!s £

INDIANAPOLIS, FRIDAY, APRIL 5, 1935

STOCK SWINDLERS

James M. Landis

Chemicals— Air Reduction ..112 112 112 111 Allied Chem ...133% 133 133% 133 Am Com Alcohol 24% 24 24 Vi 24 Col Carbon 73% 73% 73% 73% Com Solvents ... 18% 18% 18% 19 Du Pont 91 90% 91 90% Freeport Tex ... 23% 23Va 23% 23% Liquid Carb .... 28% 28% 28% 28% Monsanto Chem 59 59 59 59 Natl Dis (new).. 27% 27% 27% 27% Tex Gulf Sulph.. 29 29 29 29 Union Carbide.. 46% 46% 46% 46% Drugs— Bristol Myers.... 31% 31% 31% 31% Coty Inc 4% 4% 4% 4% Lambert 26% 26Vi 26% 26% Lehn & Fink 15% 15% 15% 15% Un Drug (new). 10% 10% 10% 11% Vick Chem 36% 36% 36% 36 % Zonite Prod .... 3% 3% 3% 3% Financial— Adams Exp 4% 4% 4% 4% Allegheny Corp.. % % % % Am Int Corp ... 5 5 5 5 Transamerica ..; 5 4% 5 5 Tr Conti Corp... 2% 2% 2% 2% Building— Am Radiator ... 11% 117* 117s 11% Gen Asphalt 14 14 14 13% Holland Furnace 6*/ s 6% 6% 6% Int Cement 23 % 23'% 23% 23 Johns Manville • 42% 42% 42% 417s Libby Owens Gls 23% 23 % 23% 23 1 a Otis Elev 11% 11% 11% 11% U S Gvpsum .. 41% 41 41*% 41 Household Congoleum 29*/s 29 29 29 Kelvinator 15% 15*/* 15% 15% Proc & Gamble. 46% 46% 46* 8 45% Servel Inc 8% 8% 8% 8% Simmons Bed ... 6*/i 6*4 6% 6% Textiles— Celanese Corp .. 21% 207s 21% 20%

Chicago Stocks

(By Abbott, Proctor & Paine) 11:00 Prev. Allied Products *15% C 15% Berghoff ;. 3Vi 3% Bendix 13% 13y 8 Borg Warner 32% 32 Butler Bros 6% 6 s /s Cities Service 1 % Com Edison 65 64 7 /s Cord 2% 2% Iron Fireman 14% 14 Libby 6% 6% Swift 16% 16 Swift Int 34% 33% Vortex Cup 17% 17% New York Curb (By Abbott. Proctor & Paine) 12 i Noon) Prev. N. Y. close. Alumn Cos of Am 39% 39% Am Cyanide (B) .. 16% 16% Atlas Corp 7% 7% Distillers Corp 15% 15% El Bond and Share 6% 6% Ford of Europe 7% 7% Gulf Oil of Pa 54 53 Hiram Walker 27 27 Humble Oil 47% 47 Imperial Oil. Ltd. 16% 16% Natl Bellas Hess I‘4 1% Nia Hud Pwr 3% 3% Novadel Agene 20% 20% Penn Road 1 % 1% St of Ky 19 18% Stock Studies CONSOLIDATED GAS OT N-t $ COMMON STOCK PER " IPRICE SHARE EARNINGS PRICE RANGE scale IrTTT" 100 130 31 32 33 34]31 32 33 34 35| WINCHESIER INSTITUTE OF FINANCE Operations of the Consolidated Gas Cos. of New York and its subsidiary include practically the entire electric light and power and gas business of Manhattan and the Bronx boroughs and nearly all of Westchester County. The company serves a very densely populated territory. Plants have adequate capacity with ample reserve. Furthermore, the company is connected by high-tension power lines with the Niagara Hudson Power Corp. The company has recently offered a rate reduction to New York City and to the Federal government averaging 25 per cent. FINANCIAL DATA As of Dec. 31. 1934 Common Stock (no par) ..11,476,527 shares Preferred Stocks $ 290.955.039 Funded Debt 396.782.090 Plant and Equipment 1,249.967 499 Surplus 220.099.506 Reserves 63.513 926 Net Working Capital 22,102.230 Consolidated Gas was incorporated in 1884 in New York. Both preferred and common stocks are listed on the New York Stock Exchange. At a current price of around 16% the common sells for 7% times 1934 earnings, and to yield 6 per cent on the dollar annual basis. (All Rights Reserved. Winchester Institute of Finance, Winchester. Mass.). PENNSY REDEEMS NOTES Principal of Public Works Loan Is Reduced By $1,928,000. Bp Times Special NEW YORK. April s.—Approximately $1,928,000 principal amount of 10-year secured 4 per cent serial notes sold to the public works administration in 1934 by the Pennsylvania Railroad Cos. has been redeemed, it was announced nere today. The notes were part of a total issue of $3,648,000 allotted the company for the purchase of steel rails. The balance of the notes are expected to be retired later this month. The notes were paid out of current cash of the cojqpany.

FURTHER HOME MORTGAGE AID, SENATE’S PLAN

Relief to the Extent of $1,750,000,000 Approved by Subcommittee. By Scrippg-Howard Xewspoper Alliance WASHINGTON, April 5. —Additional home mortgage relief was being hurried toward the Senate floor today, with a banking subcommittee in accord on the $1,750,000,000 figure voted by the House. The authorization is a quarter of a billion dollars higher than President Roosevelt asked. The extra amount was inserted by the House to aid mortgagors shut off from relief last fall when the Home Owners Loan Corp. suspended new applications. Senator Robert J. Bulkley (D., O.), chairman of the Senate subcommittee. said executive sessions probably would be completed this week and that he hoped to get the measure to the floor next week. Disagreement Reported Sharp disagreement was reported among committee members on several house amendments, particularly those fathered by patronage-seek-ers. It was indicated the committee would eliminate a clause sponsored by Rep. Martin L. Sweeney (D„ O.), which would permit installments to be paid at any postoffice or substation. The Postoffice Department opposed the provision and HOLC officials said it would mean the scrapping of their present collection set-up. Mr. Sweeney insisted that the amendment was not intended to create more jobs, but to provide a convenience to HOLfC clients. The Senate subcommittee was still debating a clause inserted in the House which would displace any person in a state or regional office unless he was a resident of that state or region when the branch was established. Fahey Asks Elimination Chairman John H. Fahey of the HOLC, asserting the provision would displace nine of the 11 regional managers, has asked its elimination. Several controversies are expected when the measure reaches the floor. Senator George Norris (R., Neb.) is prepared to re-offer his amendment of last session to put appointments and promotions on a) merit basis and to provide for dismissal of any official who bases appointments on politcial indorsements. An attempt to reduce the 5 per cent interest charged home owners is in prospect. The Senate has set a precedent by voting to cut 1 per cent from Federal Land Bank loans. N. Y. Bonds (Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 84.9 72.2 94.5 83.9 Yesterday 84.8 7£.0 94.1 83.7 Week ago 84.1 71.8 93.8 83.2 Month, ago 86.7 78.7 94.6 86.7 (Copyright. 1935 by Standard Statistics) U. S. GOVERNMENT BONDS (By Abbott. Proctor & Paine) Liberty* Prev. Close, close Ist 3%s 1932-47 101.11 101.12 Ist 4%s 1932-47 101.18 101.17 4th 4%s 1933-38 (uncalled) 102.24 102.23 4th 4%s 1933-38 (called) ... 100.2 100.3 Treasury* 4V4s 1943-45 116.2 115.31 4s 1944-54 111.14 111.14 3%S 1946-56 109.27 109.27 3*/eS 1940-43 107.15 107.5 3%S 1943-47 106.24 106.5 3%S 1941-43 107.16 107.13 3%s 1943-45 105.18 105.20 3%s 1941 107.19 107.17 3%s 1944-46 105.17 105.13 3%s 1946-49 104.20 104.17 3%s 1949-52 104.20 104.17 3s 1954-55 103.25 103.24 3s 1946-48 103.19 103.17 2%S 1955-60 101.20 101.16 Home Owners Loan Corp. 2%s 1949 100.11 101.17 3s 1952 101.28 100.10 4s 1951 100.31 101.27 Federal Farm Mortgage Corp. 3Vis 1964 103.22 103.22 3s 1949 101.28 101.27 3s 1942-47 101.30 101.29 DOMESTIC Prev. Issue. Close, close. Alleg Corp 5s '44 66 66% Alleg Corp 5s ’49 55 55 Alleg Corp 5s 'SO 14% 14% Am Frgn Pow 5s 2030 60 59% Am Tel & Tel 5%S '43 113 112% Am Tel and Tel 5s ’65 112% 112% Arm & Cos (Del) 56s ’43 105% 105% Atl Coast Line 4s ’52 96% 95 Atl Coast Line 4%s '64 79 79 Atch Top &S Fe 4%s '48.... 105% 105% Am Wat Wks 5s ’44 92 91 Am Rolling Mills 5s ’3B 104% 103% Balt & Ohio 5s ’95 58V'* 58 Balt & Ohio 8s ’95 67Va 66% Balt & Ohio 4%s '6O 41 40% Buff Roch & Pitt 4Vis ’57 52% 51 % Beth Steel 5s ’36 103% 103% Chi Milw & St PI 5s ’75 10V* 10% Chi Milw &St P 5s 200 C 2%. 2% Cleve Un Term 5s ’73 86% 86% Cleve Un Term 4%s ’77 81% 80 Col Gas 5s May ’52 82% 79% Col Gas 5s April ’52 82 79 Col Gas 5s ’6l 81 79% Can Pac Perp 4s 83 82% Cent Pac 5s ’6O 69% 69% Big Four 4%S ’77 53% 53% Big Four 5s '63 .... 60 50 Chi & West Ind 4s ’52 96% 97 Chi & West 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% 102% Dodge Bros 6s '4O 105% 105V* Del & Huds 4s ’43 79% 76 N Y Dock 4s ’sl 61% 61% N Y Dock 5s ’3B 43% 42%, Erie 5s ’75 53% 53% Erie 5s ’67 55 54 Gen Cable 5%s ’47 89 87% Grt Northern 7s '36 82% 83% Grt Northern 4%s ’76 63 % 64% Grt Northern 4%s ’77 63% 62% Gen Stl Cast WW 5%s ’49.... 70% 71 Hud & Manhat Ref 5s '57 .... 84 85 111 Cent 4%s ’66 44% 46% m Cent Jt 4%s ’63 50% 50 111 Cent 5s ’63 54 53% Interntl Hv Elec 6s ’44 33 32 Ir.terml Tel A i- l%s 38 64 63% Interntl Tel &Te 3s ’55 .... 59% 60 Interntl Tel & Te* 4%s ’53... 55 54% P Lorillard 7f, 127 McKees & Rob 5%s ’SO 97% 97% 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 49 Nickel Plate 5%s '74 58 58 V* Nickel Plate 6s '35 48 49 N Y Cent 5s 2013 51% 51 NY Cent 4%s 2013 (01d).... 48% 48% Nor Amer Cos 5s '6l .... 92 90 Nor Pac 3s 2047 73% 73% Nor Pac 4%s 2047 75% 74% Nor Pac 6s 2047 89% 89% Nor States Pow 5s ’<l 106% 107 New Orleans Terms 4s ’53.... 82 Otis Steel 6s ’4l 85 85 Penn Rv 4%s ’B4 102% 102% Pena Rv 4%s ’Bl 103% 102 Penn Rv 4%s '7O 92% 92% Pac G & E 5s ’42 107% 106% Portland Gen El 4%a ’BO .... 60% 60 Para Publix 5%s ’SO 71% 73 Penn P & L 4%s ’Bl 103% 103% Postel Tel & Cab 5s ’53 41V* 42% Rent Rand WW 5%s ’47 101% 101% Sinclair Oil 6%s ’3B 103*- 103% Shell Union Oil 5s '47 102** 102% Sou Pac 4%S 68 58 57 Sou Pac 4%s 'Bl 57% 57% Sou Pac 4%s '69 i7% 57 Sou Vac 4* 49 61% 61% Sou Rail 4s '56 38% 38% Sou RaU 6s ’56 49 % 46% Sou RaU <%* ’56 51% 51% Texas Pac 5s ’BO ............. 82 80 Texas Pmc ss’ 79 81% 81% Texas Psc 5s ’77 82% 80% Union Pac 4s ’47 11l 110% Uaitsd Drug 3a 33 Uta M

Early European Conflict Unlikely, Winkler Says; Sale of Bonds Is Scouted Head of Foreign Bondholders’ Council Declares German Sword Rattling Is Chiefly for Home Consumption. BY DR. MAX WINKLER President. American CouncU of Fore*m - rcdholder*. Ine. NEW YORK, April s.—War on the Continent is out of the question, at least for the present, and the sale of Continental European bonds on the grounds that a conflict is imminent is. in the writer s opinion, utterly unwarranted. Happenings abroad within the recent past have not been especially cheerful or conducive to optimism.

These are: Announcement by I Germany that compulsory military I service would soon be introduced in! violation of provisions of the Ver- j sailles pact, failure on the part of Sir John Simon to achieve concrete results in Berlin during his recent visit, the conviction of National Socialists at Memel, the resignation of the Polish Cabinet and the closing of the Belgian Stock Exchange—all of which is sufficient to disturb those who are not readily frightened. Pessimism Exaggerated However, an analysis of the above events suggests that pessimism which they have engendered, particularly on this side of the Atlantic, is to a large extent exaggerated The following considerations maybe cited: 1. Germany’s latest move was designed primarily for home consumption. 2. Sir John’s visit to Berlin may be viewed as constructive in that it emphasized once again that the two great European democracies, Great Britain and France, are pursuing the same constructive policy with respeet to Germany. ‘ 3. The conviction of the National Socialists in Lithuania merely indicates that the little republic is determined to stop all foreign interference, especially when it is designed to affect territorial changes provided in the various peace treaties. Polish Change Favorable 4. The resignation of the Polish Cabinet, with its admittedly proGerman leaning, may be viewed favorably, especially because the new government is confidently expected to work with France, Poland’s traditional friend, rather than Germany, the republic traditional foe. 5. The decline in the value of the belga, the change in the Belgian government, and the temporary closing of the Belgian Stock Exchanges, while disturbing are, as careful analysis reveals, less serious than alarming newspaper headlines would seem to indicate. Closing may have been, and in all probability was, resorted to in order to curb excessive speculative activities, not so much by Belgians as by foreign operators. Although the market for European bonds outstanding in this country may continue under pressure, largely because of the temporary cessation of buying on the part of Europeans, rather than because of a marked change for the worse in the inherent postion of the varous loans, I cannot subscribe to the views of the alarmists. Sees Many Fallacies I can not see my way clear to indorse the standpoint of those who hold that the danger spot in Europe has shifted to the Baltics from the Balkans, that Memel, former German city and now Lithuanian, may prove another Sarajevo, and that Germany will demand explanations from her neighbor as did Austria in 1914 in the case of Serbia. Nor do I believe that Lithuania will refuse to comply with Germany’s request, as did the Balkan kingdom more than two decades ago. As soon as those who are desirous of disturbing the peace of the continent discover that the powers are ready to abandon the policy of “splendid indifference,” they will cease forthwith the saber rattling which, even though meant for do-, mestic consumption, is disturbing, or at least very annoying. GRAIN PRICES DROP IN FOREIGN NEWS Weakness at Liverpool Is Predominating Factor. By United Press CHICAGO, April 5 Reports of scattered rain in the Southwest and weakness in Liverpool were responsible for lower grain prices on the Board of Trade today. At the start wheat was % to % cent lower, corn was off % to % cent, oats was down % to % cent and rye was % to % cent lower. Weakness at Liverpool was the predominating factor in the decline. The drop in prices there was attributed to the reaction in the Argentine yesterday and. to firmness in sterling. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close. May 95% .94% .95% .95% July 92% .91% .91% .92% Sept 91% .91% .91% .92% CornMay 85 .84% .84% .85% July 78% .77% .78% .78% Sept 73% .72% .73% .73% Oats— May 48% .47% .48 .48% July .40% .40.40% .40** Sept 37% .37% .37% .38% RyeMay 56% .56% .56% .57% July 57% .57% .57% .58% Sept 57% .57 .57% .60 LOCAL CASH MARKET City Brain elevators are paying 86 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yeuow, 79 cents, and oats 42 cents. NET LOSS IS REDUCED Sales of Yellow Track & Coach Cos. in 1934 Total $28,294,839. By Times Special PONTIAC, April s.—Net sales of the Yellow Truck & Coach Manufacturing Cos. for the year ended Dec. 31, 1934, amounted to $28,249,839, Paul W. Seiler, president, announced here today. After deducting provision for depreciation of $912,830 for plants and equipment, the consolidated net loss for the year of 1934 totaled $886,468, compared with a net loss of $982,348. - - ••'li’p" i 'r- i 8 ■ r •**<** .

What Does It Mean? Free Coinage—This is a privilege granted any owner of standard money metal to present it to the government mint to be made into coin and returned to the owner.

PORKER PRICES RISESHARPLY Market Largely 15 to 25 Cents Higher; Veals Unchanged. Despite a normal supply of porkers on hand at the Indianapolis Union Stockyards today prices were generally 15 to 25 cents higher than yesterday’s best average. The advance, however, was somewhat unexpected as receipts have been around the 5000 mark during recent sessions. New interest was displayed in practically all classifications, especially in the lightweight division where prices were largely 25 cents higher. Initial trading was active and purchases were made immediately after the opening, indicating a strong demand. Receipts today were estimated at 5000. The bulk, 160 to 275 pounds, was selling at $9.25 to $9.35, anew top price for the last two weeks. Heavier grades, scaling 275 pounds and upward, cashed in at $8.95 to- $9.20. Light kinds, weighing 130 to 160 pounds, sold at $8.25 to $9, while light lights from 100 to 130 pounds brought $7 to SB. Packing sows held at $7.75 to $8.50. Holdovers were 113. Early trading was active and strong in the cattle market, with a light week-end supply prevailing. No choice grades were available. Most slaughter classes of steers were valued to sell under sll. Receipts numbered 400. Vealers showed only a slight change, selling at $lO down. Receipts were 600. Lambs remained unchanged, with few clipped westerns selling at $7. Receipts were 500. HOGS Mar. Top. Receipts. 30. $9.05® 9.15 $9.15 2000 April. f. 9.00® 9.10 9.15 5000 2. 8.90® 9.00 9.05 6000 3. 9.05® 9.15 9.20 4000 4. 9.10® 9.20 9.25 5000 5. 9.25® 9.35 9.35 5000 Light lights: (140-160) Good and choice . $8.75® 9.25 Medium 8.25® 9.00 Light weight: (160-180) Good and choice... 9.25® 9.30 Medium . 8.75® 9.10 (180-200) Good and choice... 9.30® 9.35 Medium B.Bo® 9.10 Medium weight: (200-220) Good and choice.. 9.30® 9.35 1220-250) Good and choice.. 9:30® 9.50 Heavy weight: (250-290) Good and choice.. 9.20® 9.30 (290-350) Good and choice... 9.05® 9.20 Packing sows: ) (275-350) Good 8.15® 8.50 (350-425) Good 8.15® 8.40 (275-350) Medium B.oo® 8.30 (425-550) Good 7.75® 8.15 Slaughter pigs: (100-140) Good and choice... 7.00® 8.75 Medium 6.25® 8.25 CATTLE —Receipts, 400—• —Steers—-(soo-900) choice $10.75® 12.75 Good 9 50® 11 25 Medium 7.50® 10.00 Common 6 00® 8.00 (900-1100) Choice 12.00® 13.50 Good 9.75® 12.50 Medium 8.00 0 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 10.50013.00 Choice 9.75® 11.00 Good 8.75® 9.75 Common and medium B 50® 8.75 (750-900* Good and choice.... 9.<50011.00 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 and choice $9.00® 10.00 Medium 7 50 ® 9 00 Cull and common 3.50® 7.50 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 ... B.oo® 8.00 Common and medium 4.50® 600 (900-1050) Good and choice. 6.00® 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® 8.25 Common and medium 6 00® 7.7a 90-120 lbs., good and choice... 4.00® 5.00 Sh fi e 2o-150) Good and choice . 3.50® 4.75 All weights, common and medium 2.50® 3.75 Other Livestock (By United Press) LAFAYETTE. April s—Market—ls®2sc higher: 225-250 lbs., $9.1509.25; 250-300 lbs. $909.10; 300-350 lbs.. $8.90; 180-225 lbs $9.100 9 15; 160-180 lbs , $909 05; 140160 lbs.. $8.50® 8.75; 130-140 lbs.. SBO 8.25; 120-130 lbs . $7.50 0 7 75: 100-120 lbs.. $6 75 1 07.25; roughs. $8 25 down. Calves. $9 i down. FT. WAYNE. April 5 Hogs—2oo 25c j higher: 200-250 lbs , $9.20; 180-200 lbs. $9.10 : 250-300 lbs , $9 05: 160-180 lbs.. $9; 300-350 lbs,, $8.75. 150-160 lbs., $8 80; 140150 lbs. $8.55; 130-140 lbs.. $6 30; 120-130 lbs.. $7.73; 100-120 lbs . $7 25; roughs, $7.75; stags. $5.50. Calves. $9.75; lambs $7.75. 1

p-WE BUY. SELL. and gladly furnish quotations on t Bond* of ths United States Government* Its Territories and Insular Possessions Home Owners* Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. la* EAST MARKET STREET

STOCK MARKET PUBLIC UTILITY, MEMBERAVERS Exchange Must Change Attitude to Restore Faith, Murray Asserts. By Times Special NEW YORK. April s.—The attitude and policy of the New York Stock Exchange must be changed toward the end of regaining public confidence, John F. Murray, floor member for John F. Murray St Cos., said today in an outspoken discussion of the problems the world's largest securities market faces in improving its public relations. The nominating committee of the Stock Exchange has under consideration a petition, with 205 signatures, urging the nomination of Mr. as a governor. Held Personal Views Mr. Murray for several years has been a member of the Port of New York Authority and managed the last political campaign for Governor Lehman. He was emphatic in calling his statement only an expression of his personal views on exchange policy. He favored a change of public policy, regardless of whether Richard Whitney or Charles R. Gay Is president. As to his choice Mr. Murray was noncommittal. “The stock Exchange Is now a public utility.” said Mr. Murray. “It must have the confidence of the public and the press. To my mind it has been poorly managed and Its narrowmindedness has resulted in a nationwide ignorance and hatred of Stock Exchange brokers, an antagonistic press and intolerant government relations. “We must think of the lack of vision and methods of technical management which has caused what to me is an unwarranted loss of more than $1,000,000 last year.” SEC Co-operation Urged Mr. Murray said the Exchange should correct the public belief that a mysterious clique or club dominates its affairs. He favored wholehearted co-operation with the Securities Exchange Commission and praised Chairman Joseph P. Kennedy. The high cost of legal counsel was criticized. If the membership of the Exchange wants it the Exchange should test the constitutionality of the SEC law, according to Mr. Murray. OLDSMOBILE OUTPUT UP IN FIRST QUARTER March Production Shows Increase of 21.5 per Cent. By Times Special DETROIT. April s.—Total production of Oldsmobile cars during the first quarter of the current year amounted to 44,441 units, compared with 16,151 for the corresponding quarter of 1934, it was announced. The total output for March was reported at 19,432 cars, an increase of 21.5 per cent over February’s production of 15,155 cars Anew production record was set by the company during the last week of March when 4577 cars were pro* duced, exceeding the record set in the previous week of 4473 cars. Employment also reached anew peak in the company’s history when it stood at 5950 on March 29. With dealers having approximately 18,000 unfilled orders on hand, the April schedule calls for 19.000 cars, evhilai approximately 20,000 are expecteq to be manufactured in May,

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