Indianapolis Times, Volume 47, Number 23, Indianapolis, Marion County, 6 April 1935 — Page 14

Trends Highlights of News During Last Week. —BY FREDERICK MATSON— Timet Financial Writer

THE Senate last night approved, fA to 13, the long-embattled 14 880.000.000 work-relief bill. Earlier in the day Vice President John N. Gamer, in his haste to push through the measure, announced adoption of the conference report. A few minutes later he was forced to admot he had ordered a vote without authority. . . . During the mixup Sena ter Elmer Thomas got the floor and proceeded to prolong the deadlock by asking why his f1,000.000.000 inflation amendment was eliminated. Thus tripped on their own legislative strategy, the New Deal Democrats again temporarily blocked final action. ... All this in spite of a compromise reached Thursday after a series of high-tension conferences on the measure which has been beset by difficulties since it came to the Senate late in January. The compromise reuires that of the $900,000,000 set aside for loans and grants on self-liquidating projects, 25 per cent must go for labor, instead of the 33 1-3 per cent quota favored by Senator Carter Glass. . . . Rumors continue to grow that Indiana is unlikely to have a special session of the General Assembly this summer, although such was virtually promised by Gov. Paul V. McNutt when the Assembly adjiurned sine die last month. The reason, according to many Democratic leaders, is that to call a special session to enact a sales tax—and that admittedly is the only piece of important pending legislation—would mean political suicide. mum PRESIDENT ROOSEVELT has a double barreled charge in support of his Yankee trading policy, now officially under way. First, early this week he proclaimed the recently negotiated reciprocal trade agreement with Belgium which will become effective May 1. This treaty reduces the American tariff on 47 products. . . . Second, he served notice upon a number of foreign countries which have discriminated against American products that such discrimination must cease or their own products will not be granted the reductions in the American import duties provided in the Belgian agreement.... Five countries were given six months in which to think over their policies of discrimination and to mend their ways. These are Canada, the Netherlands and its colonies, Spain, Switzerland and Leichtenstein. Negotiations for reciprocal treaties with these nations have been announced. . . . A nation-wide drive to rid the country of stock swindlers who reap an annual harvest of billions from investors' pocketbooks was being prepared this week by the Securities and Exchange Commis•sion. The campaign is expected to be the most intensive ever made against “blue sky” promoters who continued lawless activities to rob the public despite the new stringent securities laws. HARLEY CLARK. Chicago Utilities magnate, was re-elected chairman of the board of the Indianapolis Power and Light Cos. at the annual stockholders meeting Tuesday. Contrary to rumors in some quarters, no move was made by the Reconstruction Finance Corp. to wrest control of the company from present interests because of RFC's relation to the Clarke utilities empire. . . . Production of automobiles and trucks last week totaled 103.286 units and passed the peak established July 12, 1930, when 102.000 units were manufactured, according to Cram's Reports. Inc. . . . The United States is keeping abreast of the fast-arming nations of Europe and Asia. A survey this week showed that this country during the 193536 fiscal year will spend larger sums on its Army and Navy than during any previous peacetime year. ... It probably will spend nearly a bilion dollars on national defense—s4oo,ooo,ooo for the Army and $475,000,000 for the Navy. This does not include th eallotment which the Army is asking from the President's $4,800,000,000 workrelief fund, for "modernization'’ of the Army. This sum exceeds the national defense budget of every other power for the 1935-36 period with the possible exception of Soviet Russia. . . . The Treasury sold $38,012,982 (maturity value) in “baby bonds" to 70.000 investors during March, the first month in which this method of financing was attempted. Secretary Henry Morgenthau Jr. announced. M M M DIRECTORS of the utility district of Indianapolis yesterday adopted a Anal resolution calling for sealed written bids on an SB.999,999 revenue bond issue to be received April 25. This marks the first concrete move leading to acquisition by the city of the plant and pror of the Citizens Gas Cos. . . . .menting on the resolution. jr John K. Kern said the city uuid make efforts to introduce natural gas. to be combined with the present artificial gas. and indicated the possibility of reduced rates. Just how a rate reduction would be achieved, in view of the financial setup of the Citizens company, which has been consistently losing money for the last three years, was not explained. . . . Government employes during February reached anew high in nearly 15 years, according to a Civil Service Commission report. The number on the Federal pay rolls at the end of February was 680.456. the highest since July, 1920, when 691,116 were carried.

Cost of Living Naturally it's not news to You that the cost of living today is higher than it was. Your grocer s bills tell that story better than a newspaper can. But why is the cost of living higher? And what will be the consequences—e con o m ically and politically? Ruth Finney, of the Washington Bureau of The Indianapolis Tunes, discusses the high con of living in a senes of three articles of which the first will appear Monday on The Times' financial page.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 14

DIRECT SUBSIDY FOR SEAMEN IS UNDER SCRUTINY

Workers, Instead of Owners, Would Get Funds Via Discussed Aim. By Timm Special WASHINGTON, April 6—A new type of merchant marine subsidy, involving direct grants to labor, Is being discussed informally in Congress. The existing system is a subsidy to ship owners through ocean mail contracts whereby the government sometimes pays $7500 for the transportation of a single letter. The mail-pay plan has been widely abused, and its failure to provide the Uniter. States with an adequate fleet of modern passenger and cargo ships is generally conceded. In his subsidy message, to Congress, President Roosevelt suggested that ocean mail contracts be terminated and that annual appropriation be made thereafter for direct payments to the shipping companies. The House Merchant Marine Committee, now at work on subsidy legislation, apparently is confining itself to carrying out the President’s suggestion. U. S. Would Pay The new plan under discussion takes into consideration the two primary handicaps of the United States merchant marine—the higher costs of constructing ships in this country and of operating them with American seamen. Investigations have shown that subsidies paid into corporation treasruries frequently went into dividends and high salaries rather than into the property itself or into wages. The new plan would pay the subsidy to labor. For example, on a ship costing $600,000 to build in Great Britain and $1,000,000 in the United States, the government would allow the domestic shipyard to pay British labor rates and would make up the difference between that rate and the domestic scale, paying the money directly to the workers. The operating differential would be handled the same way. Tha American lines would base their pay on that of their nearest competitor and the government would make up the difference directly to the employes. 200,000 Workers Involved Less than 200,000 individuals are employed by United States shipping companies, so the administrative problem of handling direct wage payments would not b great, sponsors of the plan believe.' Some contend that this plan would effecG great savings for the government. They suggest that the differentials, particularly in operating costs, are not as great as the shipping companies have contended. The United States is the only major maritime nation which does not provide social security benefits for its merchant seamen. This fact alone, it is said, goes a long way toward equalizing the difference between wages on American and foreign ships. In this connection it has been pointed out that present mail payments of $28,500,000 a year more than meet the entire wage, subsistence, maintenance and repair charges of the mail contractors. RAILWAY OPERATING INCOME IN DECLINE First Two Months Show Return Rate of 1.57 Per Cent. By Timm Special WASHINGTON, April 6.—Class 1 railroads of the United States for the first two months of 1935 had a net railway operating income of $47,047,014, which was at the annual rate of return of 1.57 per cent on their property investment, according to reports filed by the carriers with the Bureau of Railway economics of the Association of American Railroads. In the first two months of 1934 net railway operating income was $60,479,052, or 2.01 per cent on their property investment. Property investment, it was explained, is the value of road and equipment as shown by the books of the railways, including materials, supplies and cash. The net railway operating income is what is left after the payment of operating expenses, taxes and equipment rentals but before interest and other fixed charges. CONSTRUCTION AWARDS SHOW GAIN IN MONTH March Contracts Display Increase of $68,089,000 Over 1934. By Timrs Special NEW YORK, April 6.—Engineering construction contracts awarded in the middle Atlantic territory during March amounted to $90,958,000, an increase of $68,089,000 over the February total, according to a report released today by the Enginearing News-Record. Private contracts during the month amounted to $22,084,000 of the total and public works $68,876,000. while Federal construction amounted to $13,493.00 r These figures are lower than in March, 1934, out they represent a larger number of medium sized and smaller projects. Highway awards in March increased slightly to $19,568,000. but continued below the volume of last year. Public building awards are up more than 50 per cent from February and are slightly higher than in March a year ago. Industrial building showed a substantial increase in February, but remained under the high volume of March last year. AFRICAN ORDER RECEIVED | By Timet Special YORK. Pa.. April 6.—An order for | the Central Mining and Investment Corp. for the installation of an air , conditioning system in the East , Rand Mine, Johannesburg, South Africa, has been received by the j York Ice Machinery Corp., it was learned today.

New York Stocks

i Reprinted hom yesterday) By Thomson St McKinnon. Prer. j Oil.— High. Low. Close, close. ! Amerada 53*4 52% 53*. 52% ; Atl Rtg 34 23'* 23’. 33 i Barnsds’.l 8% 6** 6% 6*. Consol OU 7% 7> 7% 7'* i Corn of Dei .... 18’* 17% 18'* 17*. i Houston inewi . 2%' 2S 2’ 2*. (Houston (old) .. 14% 13% 14% 124 Mid Cont Pet .. 11 * a 10*. 11 j 10 s . Ohio OU 10 s . 10 10 * 10 Pet Corp S' 2 8% 8 a 7% Phillips Pet ... 17 s . 164 17* 16 s , Plymouth OU ... 8% 8 B’. 7 s * Pure OU 64 6*. 6 s * 6’* Seaboard OU .. 26 25' 2 251. 254 Shell Un 7 64 7 64 Skeilev Oil 84 8 4 8 4 84 80c Vac 13 12 s * 13 124 jSO of Cal 30 s * 30 4 3C% 304 8 O of Ind ... 30* 30 4 30% 304 S O of N J .. 38* 38 4 384 38 Texas Corp 194 18' 2 194 1Tidewater Assn . 9 84 9 84 Un OU of Cal 174 17 4 174 174 Steels— Am Roll Mills., 184 18 184 174 Beth Steel 26 25 4 25 s * 26 Byers A M 134 134 134 114 Col Fuel Sc Iron 14 14 14 I*. Cruc Steel .... 174 17 174 16% Inland Steel 47 4 464 47 4 464 Ludlum Steel .. 134 134 134 134 McKeesport Tin *Ol4 99 1014 974 Mid Steel 94 94 94 9 Natl Steel 424 42*. 424 42% Otis Steel 44 44 44 44 Rep Iron Sc Stl 11 104 104 104 Rep Iron & Stl p 344 344 344 32 4 U S Pipe Sc Fdy 16** 16% 164 16 U S Steel 30 29 4 29 4 29 4 U S Steel pfd .. 78 77 4 78 774 Warren Bros . 34 34 34 3 Youngstn SSt T 154 144 154 144 Motors — Auburn 174 16 174 154 Chrysler 35 4 33 4 35 33 4 Gen Motors 29 28*. 284 284 Graham Mot ... 14 14 14 14 Hudson 74 64 74 64 Hupp 1 4 4 1 Mack Truck .... 214 214 214 22 Nash 124 114 124 114 Packard 34 34 34 34 Reo 34 24 34 24 Studebaker 24 24 24 34 Yellow Truck ... 24 24 24 24 Motor Access— Bendlx 134 134 134 134 Bohn Alum 55 54V* 55 55 Borg Warner ... 33 4 32 32 4 32 Briggs 27 4 264 274 264 Budd Mfg 34 34 34 34 Budd Wheel ... 24 24 24 2% Eaton Mfg 184 174 184 18 Elec Auto Lite .. 214 204 21% 204 Elec Stor Bat .. 424 414 424 414 Houdaille "A" .. 84 74 84 7% Murray Body .. 74 44 7 64 Stew Warner .. 84 8 8 74 Timken Poll . 314 304 314 304 Timken 141 Axle 54 54 54 54 Mining— Alaska Jun 164 164 164 164 Am Metals 164 154 164 154 Am Smelt 34 324 334 32 4 Anaconda 104 104 104 10 Cal Sc Hecla ... 32% 24 2% Cerro De Pasco 434 42V. 434 42 4 Dome Mines ... 38 364 38 314 Granbv Gt Nor Ore ... 10 9% IC* 94 Howe Sound .. 46 4 45 4 46 4 454 Ins Copper 24 24 24 24 Int Nickel 25'/* 244 247a 244 Kennecoti Cop.. 164 164 164 164 Mclntyre Mine .. 42 4 41 42 4 41 Park Utah 2'/a 24 24 24 Noranda Cop ... 36 35 36 34% Phelps Dodge ... 15'* 154 164 144 St Joe Lead .... 12% 124 12 4 12% U S Smelter 99 95 98 95% Vanadium 15 14*,* 15 144 Amusements — Croslev Radio ... 154 14% 154 144 Fox Theat 94 94 94 94 Loews Inc 364 35% 36% 36 Radio Corp 4% 44 4' 2 4% Paramount .. 2% 24 24 24 RKO ■ 1% 1% 1% 14 Warner Bros ... 3 24 3 24 Tobaccos— Am Snuff 66 66 66 65 Am Tob (A).... 73% 734 734 74 Am Tob (B) 76*4 754 764 76 Gen Cigars 53 4 52’* 534 514 Ligg & Myrs (B) 96 944 954 944 Lorillard 19% 194 19% 194 Phillip Morris . 384 37V* 38V* 37% Reynolds T (B) 45% 44% 44% 45 Rails— Atchison 39% 38 394 384 Atl Coast Lines.. 224 21 224 21V* B & 0 10 94 94 94 Can Pacific .... 10 9% 10 94 Ch Sc Ohio 40% 394 40% 394 CMiStP.... 4 4 4 % C' M Sc St P pfd 1% 14 1% 14 Chi N W 3'/a 24 34 24 Chi N W pfd 6 5% 5% 5 Dela & Hud ... 27% 25% 27 254 Del Lac & W.... 13% 12% 134 12% Erie 94 8% 9'/a 8% Erie pfd 11 104 11 9% Grt North'n pfd 114 10% 114 104 111 Central 11% 10% 11% 104 Lehigh Valley... 7% 6% 74 64 LOU Sc Nash .... 37 35Va 37 34 M K Sc T 34 3 34 3 MK & T pfd... 74 7% 7% 64 Mo Pac pfd .... 2 1% 2 2 N Y Cent 14% 13% 14% 13% N Y New Haven 4% 4 4% 4 N Y Ont Sc West 3% 3% 3% 34 Nor Pacific 15% 144 154 14% Penn R R 19% 18% 19% 18% Reading 32 314 32 30 Sou Pac 14% 144 144 144 Sou R R 10% 94 104 9% Union Pac 89 87 88 87 West Maryland. 74 7 7% 6 7 /s Equipments— Am S.ice. 234 234 234 21 Am Car & Fdy.. 12% 11% 12% 11% Am Loco 114 104 114 104 Am Steel Fdy ... 134 134 13% 13% Bald Loco 3% 14 14 1% Gen Am Tk Car 344 33% 344 334 Gen Elec 22% 22% 22% 22% Gen R R Sig ..21 204 21 204 Pullman Inc ... 44 43 4 43 4 42 4 West Air Br ... 21% 194 21 19% Westingh Eric .. 374 36V* 37 364 Utilities — Am & For Pwr . 34 34 3% 3% Am Pwr Sc Lit . 3% 34 3% 3 A T Sc T 105 103% 104*8 103'/a Am Wat Wks ... 11% 11% 114 11 Col Gas & Elec . 64 64 6% 64 Comm Sc Sou .. 14 1 14 1 Consol Gas ... 214 204 20% 20 Elec Pwr & Lit. 32% 2% 24 Int Hydro Elec.. 24 2 24 1% Int T & T 74 64 7 64 Lou G& E "A". 154 14% 154 14% Nat Pwr & Lit.. 8% 7% BVs 74 North Amer .... 134 12% 13% 12/a Pac G& E 184 18 18Va 18 Peoples Gao .... 234 234 23% 224 Pub Serv N J.... 26*8 254 26’* 254 So Cal Edison... 15% 14% 15% 15 Std Gas 34 34 34 34 Stone & Webster 44 3% 44 34 United Corp 34 2% 32% Un Gas Imp 12% 11% 124 11% Ut Pwr & Lt 'A 1 2% 14 2% 1% Western Union.. 25% 24 4 25 4 24% Rubbers— Firestone 1* 14 14 14 Goodrich 84 84 84 8 Goodyear 174 17 17% 174 Kelly Spring ... % Va % 4 U S Rubber .... 11% 10% 11% 104 U S Rubber pfd 28 264 28 26% Miscellaneous— Allis Chalmers... 14*6 13*6 14% 134 Am Can 1174 116** 117 116% Am Mach Sc Fdy 20% 204 204 20% Anchor Cap ... 144 14V* 144 144 Brklyn Man Tr.. 384 374 384 374 Burroughs Add . 144 144 14% 144 J I Case 50 4 48 50 4 48 4 Conti Can 70% 70’i 70% 704 -Caterpillar Tract 41 394 41 38 4 Crown Cork ... 264 264 26*6 254 Curtis Pub pfd . 944 944 944 94 Deere &Cos 26 25*8 26 24% Eastman Kodak. 122 4 120*8 1224 120*2 Foster Wheeler.. 12 11% 12 11 Gillette 15 14** 14% 14% Glidden 26% 26 4 26 4 26% Ingersoll Rand. 67 67 67 67 Int Bus Mach . .1614 1614 1614 161 Inter Harv . 37% 374 374 36V* Natl Cash Reg 14% 14% 14% 14% Owens Bottle ... 87 86 87 84V6 Rem Rand B*6 8% 84 84 Worthing'n Pmp 144 14 14% 13% Foods— Am Sugar 59% 59 59% 57*6 Armour 3% 3% 3% 3% Armour 6% pfd. 60 59 60 58 Borden Prod ... 22 4 21% 224 224 Cal Packing ... 39 4 39 39 4 38 4 Canada Dry G A 9* 94 9% 9 Coca Cola 197% 197 197 1974 Cont Bak A .... 4** 4% 4% 4% Corn Prod 654 644 654 644 Crm of Wheat... 37% 37 37 37 Cuban Am Sugar 6% 6% 6% 6% Gen Baking 7% 7% 7% 74 Gen Foods 33*8 334 33% 334 Gold Dust 16*8 16% 16% 16% G W Sugar 29*8 29 4 29 % 29 Hershev 74'* 74% 74% 74 Loose Wiles . 33% 33% 33% 33% Natl Biscuit . 24% 234 24% 22% Natl D Prod 14% 13% 14% 13% i Puritv Bak . . 9% 9% 9% 9 S Porto Rico 8 . 24 23 >8 24 23 Std Brands .. . 154 14 s . 15 14% Un Biscuit ... 224 224 224 21 s . United Fruit . - 834 814 82 814 Wriglev ..75% 75 75% 75 Retail Stores— Assd Dry Goods 9*. 8% 9% 8% Best & Cos 36 36 36 354 First Natl Stores 47% 47 47% 46% Gimbel Bros .2% 24 24 24 Uahn Dept Sts.. 44 4 4 4 Jewel Tea 524 524 524 52 Kresee S S 20 19% 20 19% Kroger Groc .. 24% 24 4 24 % 24 Macv R H 32 s . 32 32 s . 31% McCrory St 8% 0% 84 84 McLellan St ... 9% Bs*8 s * 9 8% Marshall Field .74 7 74 7 Mav Dent Ft. ... 39 4 38% 39 4 38 4 Mont Ward 24% 23 4 24 4 23% Natl Tea 9 8% 9 8% Penney J C ... 62% 604 62% 604 Safewav St ... 884 38% 384 38 Sears Roebuck .. 35% 34% J4 Woolworth 54% 534 54% 53% Ayiation— Aviation Corp .. 34 1% 84 3% Boeing Aircft .. 7% 7 7% 7 Curtis Wright . 24 24 2% 34 Curtiss Wright A 8 7% 7 s * 7 s * Douglas Air ... 20% 20 204 19 s * Nor Am Av .... 2% 24 2% 24 Sperry Corp ..9 8% 9 84 United Air new 11%. 114 114 114 Chemical.— Air Reduction ..112% 113 113% 111 Allied Chem .. 134% 133 134% 133 Am Com Alcohol 25 24 24% 34 Col Carbon 74 73 % 74 734 Com Solvents .. 194 19% 19% 19 lit £ St V

INDIANAPOLIS, SATURDAY, APRIL 6, 1935

Math Alkali 27% 36% 37% 26 Monsanto Chem. 59’* 59 59 s * 59 Natl Dis 1 new 1 .. 37% 27% 27% 274 Schenlev Dist .. 25 4 25 25 24 s . Tex Oulf Suiph 29* 284 29% 29 Union Carbide .474 464 47 V, 46% U S Indus Alco. 38 4 38 38 4 37 Drug.— Bristol Mvers .. 32 31% 32 31% Cotv Inc 4% 4% 44 4% Lambert 264 24 24% 264 Lehn Sc Fink ... 15% 15% 15% 15% Sterling Prod .. 62% 62% 62% 624 Un Drug mew). 10% 104 10% 114 Vick Chem 36% 36 s . 364 364 Zonite Prod ... 3% 3% 3% 34 Financial— Adams Exp .... 5 4% 5 44 Allegheny Corp.. % % % % Am Int Corp .. 5% 5 5% 5 Chesa Corp .... 40 39% 4039 V. Lehman Corn ... 70 70 70 Transamerica ... , : 4 4% 54 5 Tr Conti Corp .. .? 2% 32% Building— Oen Asphalt .... 144 14 144 13% Am Radiator ... 124 11% 124 11% Holland Furnace 7 6% 7 6% Int Cement ... 24% 23 4 24% 23 Johns Manville . 43 4 42 4 43% 41% Libbv Owens Gls 24% 23 s * 24 23 4 Otis Elev ... 114 11% 11% 114 U S Gypsum .. 41% 41 41% 41 Household— Col Pal Peet ... 174 16% 17 164 Congoleum 29% 29 29% 29 Kelvir.ator 184 15% 15% 15% Mohawg Carpet.. 11V. 11% 114 10% Proc Sc Gamble. 46% 46% 46% 45% Servel Inc 9 8% 8% 84 Simmons Bed... 7V 6% 74 6% Textiles— Amer Woolen ... 5% 5% 5% 54 Belding Hem... 11% 11% 11% 114 Celanese Corp .. 224 21% 22 20% Collins Aikman. 9% 9% 9*4 94 Gotham Hose ... 2% 24 2% 2% Indus Rayon . . 26% 26 26% 25% Kayser Julius.... 16% 164 16% 16% N. Y. Bonds (Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails Util. Bonds Today 85.0 73.2 95.0 X 84.9 Yesterday 84.9 72.2 94.5 83.9 Week ago 84.4 71.1 93.9 83.1 Month ago ..... 86.4 77.6 94.5 86.1 x—New 1935 high. (Copyright. 1935. by Standard Statistics.) U. S. GOVERNMENT BONDS (By Abbott. Proctor Sc Paine) Libertys Prev. , . Close, close Ist 34s 1932-47 101 12 101 11 Ist 44s 1932-47 : 101 18 101 18 4th 44s 1933-38 (uncalled).. 102.23 102.24 4th 44s 1933-38 (called) ... 100.2 100.2 ~, Treasuryg lc 4S 116 5 116 2 if, lit*- 5 * 111-22 111.14 ?3 4 f Joln'aS 110 -1 109 -27 ?3 8 ! 107 '1 9 10715 a3 a lolM? 107 106 24 Q? 8 } 941 - 4 ? 107.19 107.16 i 4 Jo!?' 45 105 24 105 16 J 9 ! 1 :i (107.22 107.19 l '•* }°! 5 ' 49 104.22 104.20 °' 8S } 94 ?” 52 104.23 104.20 1954 ” 55 103.28 103.25 ijf, } 9 ?§‘ 46 103.23 103.19 2%s 1955-60 101.22 101.20 Home Owners Loan Corp. 2^ 4s 1949 100.11 100.11 4s 1951 100.30 100.31 Federal Farm Mortgage Corp. 1564 10 3.26 103.22 3s 1942-47 102 101.30 DOMESTIC , ... Close. Close. Alleg Corp 5s '44 69 66 A1 eg Corp 5s ’49 56 V. 55 Alleg Corp 5s 'SO 15 143,1 Am Frgn Pow 5s 2030 60 60 Am Tel Sr. Tel 54s ’43 113 113 Am Tel Sc Eel 5s ’65 1124 112% Arm Sc Cos (Deli 54s ’43 105 105’% Atl Coast Line 4s ’52 964 96% Atl Coast Line 44s '64 81 79 Atch Top Sc SFe 44s ’4B 105% 1054 Am Wat Wks 5s ’44 934 92 2 Am Rolling Mills 5s ’3B 104% 104V* Balt & Ohio 5s ’95 59 58’% Balt & Ohio 6s ’95 684 674 Balt & Ohio 44s ’6O 42% 41 Buff Roch & Pitt 44s ’57 . . 53’,, 524 Beth Steel 5s ’36 105% 103% Chi Mi)w Sc St PI 5s ’75 11% 10% Chi Milw Sc St P 5s 2000 32% Cleve Un Term 5s ’73 85 86% Cleve Un Term 44s ’77 804 81% Col Gas 5s Mav ’52 834 82’* Col Gas 5s April ’52 83% 82 Col Gas 5s ’6l 83 81 Can Pac Pern 4s 84% 83 Cent Pac 5s ’6O 70 69 Vi Big Four 4 Vis ’77 55 53 4 Colorado &So 44s ’BO 58% 57 Chi Sc West Ind 4s ’52 96% 96% Chi Sc West Ind 5 Vis '62 104 V. 104% Chi & Nor West 4%s ’49 10 94 Con Gas 5s '57 105% 105% Chesa Corn 5s ’47 102 s /, 102% Dodge Bros 6s ’4O 105V4, 105V(* Del Sc Hud 4s ’43 78% 79 Vi N Y Dock 4s ’sl 63% 614 N Y Dock 5s ’3B 43 4 43 Vi Erie 5s ’75 56 4 53 4 Erie 5s ’67 55% 55 Gen Cable 54s ’47 88% 89 Grt Northern 7s ’36 84 82 Vi Grt Northern 44s ’76 63 s /. 63% Grt Northern 44s ’77 63 4 63V* Gen Stl Cast WW 54s ’49 ... 69% 704 Hud Sc Manhe.t Ref 5s ’57 84% 84 111 Cent 4%s ’66 45 % 44% 111 Cent .It 44s ’63 50% 50% 111 Cent 5s ’63 55 54 Interlake C Sc I 5s ’sl 77 76 Interntl Hy Elec 6s ’44 36% 33 Interntl Tel & Tel 44s ’39 ... 64 4 64 Interntl Tel & Tel 5s ’55 .... 60% 59% Interntl Tel Sc Tel 44s '52... 55 4 55 McKess Sc Rob 54s ’SO 974 97% Midvale Stl 5s ’36 103 103% Natl Steel 5s ’56 1064 1064 Nickel Plate 44s ’7B 51 48 Nickel Plate sVis ’74 60 58 Nickel Plate 6s '35 52 48 N Y Cent 5s 2013 53 4 51 4 N Y Cent 44s 2013 (old) 49 48% Nor Amer Cos 5s ’6l 93 92 Nor Pac 3s 2047 73 73 l /g Nor Pac 44s 2047 77 75% Nor Pac 6s 2047 90 4 89% Nor States Pow 5s ’4l 106% 106% Otis Steel 6s ’4l 84% 85 Penn Ry 4%s ’B4 103 102% Penn Ry 4Vis ’Bl 1034 103V* Penn Rv 4Vis ’7O 93 4 92 Vi Pac G & Ess ’42 106% 107% Portland Gen El 44s '6O 60% 60% Para Publix 54s ’SO 75 % 714 Penn P Sc L 44s ’Bl 103% 1034 Postal Tel Sc Cab 5s ’53 434 41% Rem Rand WW 54s '47 1014 101% Sinclair Oil 64s ’3B 103 4 103% Shell Union Oil 5s ’47 102% 102% Sou Pac 4Vis ’6B 60 58 Sou Pac 4Vis ’Bl 60 57% Sou Pac 4s *49 634 61% Sou Rail 4s ’56 41 394 Sou Rail 6s ’56 51% 49V* Sou Rail 64s ’56 54 Vi 54% Sharon Stl Hoop 54s ’4B .... 82V* 81% Texas Pac 5s ’BO 83 4 82 Texas Pac 5s ’79 83 4 83% Texas Pac 5s ’77 834 824 Union Pac 4s ’47 1114 111 United Drug 5? ’53 884 88% U S Rubber 5s ’47 92 92% NY NH & Hart 6s ’4B 34% 324 NY NH & Hart 44s ’67 30 28% Warner Bros. 6s ’39 51 51 Western Mary 54s ’77 98% 974 Western Marv 5s ’52 93% 93 Youngstown S Sc T 5s ’7O 90 894 FOREIGN Argentina A 6s ’57 93 93 Argentine B6s ’SB 924 92’,i Brazil 8s ’4l 28 28 Canadian Govt 4s ’6O 105% 105% Denmark 54s '55 99 98 French 7s ’49 177% 184 German 54s ’65 28 28% German 7s ’49 31% 37% Italy 7s ’sl 86% 85% Japan 64s ’54 94V* 93% Poland 7s ’47 109 % 115 Rome 64s ’52 75 744 Tokio City 54s ’6l 77 77 Yokohama 6s ’6l 81% 82% FEDERAL FARM LOAN BONDS (By Blyth Sc Cos.) Bid. Ask. 4s July 1. 1946-44 107% 107% 4s Nov. 1. 1957-37 104% 104% 4s Mav 1. 1958-38 104% 104% 4Vis July 1. 1956-36 103% 104 V, 44s Jan. 1. 1957-37 104 4 105 4%s Mav 1. 1957-37 104 4 105 4%s Nov. 1. 1958-38 105% • 44s Mav 1, 1942-32 102 1024 44s Jan. 1. 1943-33 101% 1024 44s Jan. 1. 1953-33 101% 103% 44s Jan. 1. 1955-35 101% 1024 44s Jan. 1. 1956-36 102** 103% 5s Mav 1. 1941-31 101% 101% 5s Nov. 1. 1941-31 1014 101% SECURITY TRADE DROPS Dollar Value of Sales in February Totals $*84,4*9,~U, SEC Reports. By Timet Special WASHINGTON, April 6.—The total dollar values of trading on 22 registered securities exchanges in the United States in February was $824,489,314, according to a report by the Securities and Exchange Commission today. Os this amount, $787,778,789, or 95.05 per cent of the total, represented the turnover of the New York Stock Exchange and the New York Curb Exchange. Hie total for February compared with $1,201,728,494 in January and $1,154,083,453 in December, 1934.

FEDERAL BOND OFFER IN JUNE SEEN AT 2 34%

Treasury Faces Retirement of Issues Aggregating $2,316,602,800. By Timet Special NEW YORK, April 6.—Bond house opinion disclosed today a fairly well formed expectation that the Federal government's June financing program will involve a substantial offering of long-term 2%5. This would mark anew low in the current steady shaving of Treasury coupon rates and would equal the rate set for the most recent issue of Home Owners Loan bonds. Belief of such forthcoming offering gained ground in response to indication in Washington by Thomas J. Coolidge, Acting Secretary of the Treasury, that the Treasury would have no important offerings, other than bills, prior to June 15. In its June financing problems, the government faces redemption of $1,900,000,000 of First Liberty bonds, including 3V2S, 4s and 4Vis, already called for June 15, and a maturity on that same date of $416,602,800 in 3 per cent notes. Market Invites Rate In expressing the belief that the Treasury’s next coupon rate will be 2% per cent, it is pointed out that the present government bond market invites such an offering. The level of the market already is of a character to lend attraction to a 2 \ per cent issue, and in some quarters it is expected that the government bond market is likely to feel the influence of added support before the time for a government offering arrives. It is significant, in anticipating such a prospective issue, that the Treasury 2 7 5, offered in exchange for the called Fourth Liberty 4Vis up to Wednesday of last week, already have advanced in the market to reduce the net yield to about 2.78. The Home Owners Loan 2%s also have passed par, cutting the yield to 2.70 per cent. Support Seen There is considerable belief around bond houses that the government bond market is receiving at least indirect support from 'ederal sources. A continuance of such support is expected so that the stage may be even better set than now for a large June offering at the 2% per cent rate. The trend seems definitely headed, some bond men say, toward establishment of a 24 per cent yield basis in government bond prices. In such a situation, with no prospect that the huge available investment funds will be reduced in the meantime by other operators, it is foreseen that the Treasury could dispose of its June financing problem with ease.

Local Livestock

(Reprinted from yesterday) HOGS Mar * * Bulk. Top. Receipts. 30. $9.05® 9.15 $9.15 2000 April. 1. 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 Lisrht lights: (140-160) Good and choice...sß.7s® 9.25 Medium 8.25® 9.00 Liqht 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 (220-250) 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— —Steer*— (500-900) choice $10.75®12.75 Good 9.50® 11 25 Medium [email protected] Common 6.00# 8.00 (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®!3.75 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 (750-9001 Good and choice.... [email protected] Common and medium 5.5C® 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. 600Good and choice $9.00010.00 Medium 7.50® 9 00 Cull and common 3.50® 7.50 Calve,— (250-500) Good and choice .... 8.50® 9.50 Common and medium 3.50® 6.50 —Feeder and Stocker Cattle——Steers— (soo-9001 Good and choice ... 6.000 8.00 Common and medium 4.50® 600 (900-ICSO I 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® 7.75 90-120 lbs., good and choice... 4.00® 5.00 Sheep: (120-150) Good and choice.. 3.50® 4.75 All weights, common and medium 2 50® 3.75 NEW ‘BABY BOND’ CAMPAIGN PLANNED Program Resembling War-Time Liberty Loan Drives Contemplated. By Timet Special WASHINGTON, April 6.—A new sales campaign resembling the wartime Liberty Loan drives is planned by the Treasury to bolster sales of “baby bonds,” it was learned today. Full details have not been completed, but it was reported it will exceed in scope and aggressiveness any sales program since the wartime Liberty Loans. Treasury officials inferred the sale of $38.012582 of the “baby bonds” during March, the first month they were on the market, justified even greater sales efforts. The new plans call for distribution of literature on the baby bonds house-to-house by mail carriers, radio speeches by postmasters and meetings in m an y cities,

New Procedure Adopted in Examination of Home Financing Associations

Simplified Method Is Expected to Speed Development. By Timet Special WASHINGTON, April 6.—The Federal Home Loan Bank Board announced today anew procedre in examination of home financing institutions applying to any of the three agencies of the board. • John H. Fahey, chairman, said that the new plan, although seemingly consisting only of a change of routine, has an important significance to some 7000 building and loan associations throughout the country. He explained that the simplified procedure is expected to acelerate greatly the development of the three systems, and at the same time allow considerable reductions in examination costs, which are borne by the institutions making application. The revised method provides for simultaneous examination, in the future, of institutions for (1) admission to the Home Loan Bank system; (2) conversion into Federal savings and loan associations, and (3) the insurance of their investors under the Federal Saving and Loan Insurance Corporation. More than seven million small investors and home owners, according to Mr. Fahey, are neabled by the change to gain speedier advantage of these three governmental efforts to strengthen American home finance.

12 Branches Open Examining activities under the new procedure are centered in ai examining division in Washington, with branches in each of the 12 Federal Home Loan Banks, located in Boston, New’ark, Pittsburgh, Win-ston-Salem, Cincinnati, Chicago, Indiaiiapolis, Des Moines, Topeka. Portland (Ore.), Los Angeles and Little Rock. When established in 1932, the board administered only the Home Loan Bank System, craated as a credit reserve in the home-finan-cing geld similar to the Federal Reserve System in commercial banking. There are now some 3200 Home Loan Bank member institutions located in every part of the country. An Act of 1933 authorized the organization of new Federal savings and loan associations and the conversion of existing statechartered home-finarncing unit,? into Federal associations. There are now 752 Federal associations, of which 225 represent conversions. In 1934, Congress provided for the insurance up to SSOOO of investors’ accounts held in institutions of the building and loan type, compulsory for all Federal savings and loan associations, and optional for state-chartered institutions. Insured institutions now number 669. Applications Analyzed Many member associations of the Bany System desired to federalize and also to obtain the further protection of insurance for their investors. Other members applied for insurance but wished to retain their state charters. Many norimember associations made application for membership, federalization and insurance simultaneously. Other non-members applied only for membership or for insurance. The examining division of the Federal Home Loan Pank Board analyzes the ne wapplications in these three categories, together with the supporting data, and conducts field examinations and appraisal of assets where necessary. The standards and qualifications required by the board emphasize solvency, earning power and soundness of management. Progress is being made toward uniform standards in all 12 Home Loan Bank districts, as well ?/ toward standard accounting systems and operations among different types of building and loan associations in all parts of the country, to the benefit of the institutions and the protection of their investors and borrowers. Chicago Grain Futures (Reprinted from vesv*rday) (By United Prers) Wheat— Prev. Open. Hiqh. Low. Close, close. May... .95 .95% .94% .94% .95% July... .91% .’>2% ,91V* .91% .92% Sept... .91% .91% .91% .91% .92% CornMay... .84% .85 .83% .84% .85% July... .78 .78% .77 .77% .78% Sept... .73 .73% .72% .73% .73% Oats— May... .47% .48% .47 .47% .48% July... .40% .40% .39% .39% .40 s , Sept .. 37 s * .37% .36% .37% .38% May... .56% .56% .55% .58 .57% July... .57% .57% .56% .57 .58% Sept... .59% .58% .38% .58% .60 Barley— May... .69% .69% .69% .69% .70'/* July... .65 .65 .85 .65 .65 Lard— May. 12.75 12.75 li. 75 12.75 12 80 July. 12.70 12.72 12.70 12.70 12.77 Sept. 12.70 12.75 12.70 12.70 12.77 Bellies— May. 16.55 16 57 18 55 16.57 16 50 July. 16.60 16 62 16.60 16.62 18 55 Sept. 16.62 16.62 16.62 16.62 16.55 LOCAL CASH MABKET City grain elevators are paying 85 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow. I 78 cents, and oats 42 cents. TOBACCO PROFITS RISE _______ American Company Gains Daring First Two Months This Year. By Timet Special NEW YORK, April 6.—American Tobacco Co.’s profit in the first two months of 1935 was somewhat in excess of the corresponding period last year, Paul M. Hahn, vice president, said today. Costs are substan- i tially higher this year over 1934, he said, and indicated that the actual effect of this increase will depend i upon volume over the year. Evening School Strong courses offered In Secretarial, Stenography. Accounting, Bookkeeping and kindred subjects. Spend part ot your evening* is selfimprovement. Cost low. Central Busin#** C#ll#ga Architects * ISaUders 801 l ding,

What Does It Mean? Seigniorage—When a charge is levied for minting metal this is known as seigniorage. When the operation is done without charge it is called gratuitous coinage.

Direct Reduction Scheme Favored by Those Repaying Loans. By Timet Special WASHINGTON, April 6—Of the 24 million American home owners whose mortgages are held by building and loan associations, an increasing number are now seeking to repay their loans by the “direct reduction” plan, according to an article in the current issue of the Federal Home Loan Bank review, which compares the three principal methods of amortization. By the direct reduction plan, which is assf rted to be the most economical and convenient of the three loan nethods for the borrower, a fixed, unchanging payment is made each month, in an amount sufficient to extinguish the pntire debt within a definite period, generally from 10 to 15 years. Part of each monthly payment is applied to interest due on the unpaid balance of the loan, and the remainder to principal. The ether two methods are the “share account sinking fund” and the “drop share” plans. Three Plans Compared A table in the Review compares the three plans over the full period on a S3OOO loan at a nominal interest rate of 6 per cent. The table shows that by direct reduction payments, the borrower pays much less to clear the debt than by the “share account” plan, and that he pays off the loan in a shorter period. The effective interest rate paid by the borrower under the direct reduction plan is likewise lower than on loans on the share account plan. The complex share account plan is stated to be a survival of early days of the building and loan movement in this country, when practically every member joined an association as an investor in the hope of eventually receiving a home loan. As associations began to attract the savings of investors, In addition to the separate class oi borrowers, the justification for the plan largely disappeared. In most such institutions today, investors outnumber the borrowers by as much as five to one. Represents a Compromise The "drop share” or "cancel-and-endorse’’ plan is a compromise between the other two plans. It was adopted by associations desiring to use the direct reduction system without giving up the "share account” feature. The use of the economical direct reduction loan plan is optional in most states for state-chartered building and loan associations, an increasing number of which have adopted it. It is compulsory for all Federal savings and loan associations, except in the few states where state legislation makes such a plan impracticable.

Ss© Us at the HOME SHOW Ask About Our COMPLETE LOAN SERVICE Covering Repairs , Remodeling Modernization New Residential Construction • Loans made under our Standard Savings and Loan Plan or under Approved Federal Housing insured loan schedules. • Building and Savings Association 21-23 VIRGINIA AVE. INDIANAPOLIS, IND.

WORLD PARLEY ON ECONOMICS ' GAINSSUPPORT Administration Leaders Ars Reluctant to Take Lead in Movement. By t'niffd Trett WASHINGTON. April 8. Another world economic and monetarf conference to check Europe's present rapid drift toward war appeared today to have official support in Washington. President Roosevelt, Secretary of 1 State Cordell Hull and other Administration officials have delicately hinted on several occasions this belief to European political leaders. So far no one has cared to take thd responsibility for a re-convening oi the London Economic and Monetary Conference. Administration leaders will no( take the initiative because they regard the present situation in Euroufi as one much more immediately affecting European nations than th United States. They believe barring some unforseen “accident,’* an outbreak of war In the immediate future is unlikely. Economists here, however, arf convinced the eventual remedy must be written in new trade pacts, reestablishment of natural trade areas and frontiers. They regard the general dislocation of trade and the practical disappearance of economic equilibrium as the real causes, and the political and military foment more as the results ot the underlying situation. Unless here is some readjustment of the economic situation, particularly the removal of some of th# almost countless artificial trade barriers which have grown up in Eurrope since 1919., economist observers believe, the results of the Berlin, Moscow’. Warsaw and Stresa conferences must be written in sand. Nations which had been predominantly agricultural before World War, have encouraged th* establishment of manufacturing industries behind these tariff and trade barriers. Other nations which had been essentially industrial set to work to raise their own agricultural products JL evergreens SP ecial Sale This Week Douglas GOLDEN ARBORVITAE h.,h At nursery M _ § JJ C Open 7 Days a Week Eagle Creek Nursery Cos 82nd St. and Route 52, Indianapolis Also sales yard 12 ml. west on Rockville Rd.