Indianapolis Times, Volume 47, Number 24, Indianapolis, Marion County, 8 April 1935 — Page 8

Wall St. Realty Liquidation Should Help to Solve Problem. BY RALPH HEN'DERSHOT Tlnn SfMlil Writer

NEW YORK, April B—A development with important possibilities has taken place in the real estate financing field during the last few years. A distinct trend from fixed mortgages to liquidating obligations has occurred, and many people in that line of business believe the change is a fairly

permanent one. It is quite well Known that the financing of real estate has been one of the biggest problems with which bankers and the government hatfie had to cope during the depress i o n. Neither the property owner nor the person or institution which ad-

Henut. it

vanced money on real estate mortgages was satisfied with the situation. Each blamed the other to a certain extent. But it is likely that all principals In these deals were subject to a full measure of blame. Loans had been made without due regard for values, and funds had been borrowed without full realization of the obligations involved. And, to make matters worse, speculation had been allowed to run wild. nun MOST people who borrowed on first mortgages, did so without any intention of ever paying off the loa l. They merely hired the money and took for granted the lenders were not interested in repayment. And if repayment was considered it was assumed that no difficulty would be encountered in obtaining refinancing. In fact, it was thought quite generally that it was good business to have a fairly large first mortgage on property. Many of our largest institutions dealing in real estate mortgages and virtually all of the real estate “developers” assured borrowers that they were not interested in repayment of first mortgages and that extension of such mortgages would be but a matter of course. A great many of them were incapable of making proper appraisals of property for mortgage purposes, or if they were fitted for the work they took chances they should not have taken, in most cases with other people’s money. B B B MANY mortgages have been made during the past year or more which call for amortization of principal as well as payment of interest. This should go a long way toward correcting the entire mortgage situation. The lender is better protected in that he is receiving repayment and is gradually and steadily reducing his risk. The borrower is protected because he is less likely to assume obligations he can not meet under normal conditions. Also, in times of depression, he is less likely to lose his property. The savings and loan associations lay claim to the credit for having set up the proper relationship between the borrower ancT the lender on real estate mortgages. And it is not anew wrinkle with them, either, they contend. They have been making liquidating mortgages for about a hundred years, so they say. The government apparently has taken a leaf from their book of experience and has set up its home loan mortgages after that fashion. And more recently a prominent savings bank has adopted a somewhat similar practice. It is to be hoped that the movement continues.

CAR. TRUCK OUTPUT REACHES NEW LEVEL Production During Week Estimated at 107,895 Units. Bn Times Special DETROIT, April B.—Automobile and truck production in the United States during the last week was estimated at 107,895 units, anew weekly peak for the current year, according to a report today by Cram's Reports, Inc. These figures compare with a total output of 108.286 in the preceding week, and 89,722 a year ago. The current production is the highest since the week of April 26, 1930, when the total units amounted to 118.800. Fo:d plants during the week showed a total output of 38,555. which was 1000 more than in the preceding week. In the preceding year Ford production for the same week was reported at 19.310 units. Production of the Chrysler Corp. during the week receded slightly amounting to 19,725 units, compared with 19,950 in the preceding week, and 21.450 in 'he corresponding week of 1934. EARLY”"AIR MAIL CARD SOLD TO NEW YORKER Aviation Writer Buys Relic of 1914 Airplane Shipments. Bp United Pre*i CLAYTON. N. M.. April 8 —One of the first airmail cards of the country was recently sold to a New York writer on aviation. In 1914 an airplane was shipped in to Clayton during the county fair. It was uncrated and proceeded to collect cards and letters at the fairground which it would drop at the postoffice. Mrs. A. W. Tanner sold a postcard carried in the ship to Erik Hildesheim of New York. HUDSON OUTPUT GAINS Factory Shipments Show Increase of 14 Per Cent. Bp Times Special CHICAGO. April 8 —Factory shipments of the Hudson Motor Car Cos. during the current season to April 1 aggregated 34 881 cars, compared with 30.586 in 1934, an increase of 14 per cent, it was announced here today. Monthly shipment in 1934 ranged from a low of 7414 cars to a high of 9997 cars. This contrasts with practically no shipments in December. 1933, and a jump of from 3230 cars in January. 1934. to 17.917 cars in March, 1934. The average for the four month period. Dec. 1, 1934. to April l, 1935. was *. .9 cars monthly, the report stated.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 8

STOCK MARKET SLUMPS AFTER FIRM OPENING

Coca-Cola Loses 3 Points in Widest Drop of Main List. By United Prett NEW YORK. April B—The stock market sagged after a steady to firm opening today. Around noon a majority of issues showed losses ranging to a point. Utility shares held better than the other groups. Several showed small gains. Silvers were steady and so were communications. Motors, Steels, Mercantile issues and special stocks eased. Coca-Cola lost nearly 3 points to 193 the widest decline in the main list. Union Pacific was down a point at 874 in the rails. Fractional losses were noted in General Motors, Chrysler, United States Steel, Cleanese, Westinghouse Electric, Sears, Roebuck and Atchison. American Sugar refining declined IV* to 574. A few issues gained, including R. H. Macy, which was at 344, up a point; National Supply 12, up %, and Hercules Motors 154, up 14. Fractional advances were noted in United Corp., United Gas Improvement, Consolidated Gas, American Tobacco B and American Telephone. Money and Exchange INDIANAPOLIS STATEMENT Clearings *2.031,000.00 Debits 5.443.000.00 TREASURY STATEMENT (Bv United Press) WASHINGTON. April 1. —Government expenses and receipts for the current fiscal year to April 5. compared with the corresponding period of the previous fiscal year; This Year. Last Year. Exenses $5,166,414,005.29 *5.038.193.423.88 Receipts . 2.934.307.300.77 2.364.062.826.75 Deficit . 2.232.106.704 52 2.674.130.597.13 Cash Bal 2.459.873.972.11 4.711,680.816.50 On Commission Row Quotations below Sre average wholesale prices being offered to buyers by local commission dealers. Fruits—Bananas. 5c a lb. Apples. Winesaps. $1.75; Delicious, $2- Baldwins, *1.60. Lemons, Sunkist. 2605. $4.25. Grapefruit. Texas, seedless. $3.50; Arizona. 645, 70s and 80s. $2.50. Limes. Mexican, per carton. 12s. 25c; Byram, seedless, per hundred. $3. Strawberries. Louisiana 24 pt. crate, $3.25. Apricots.,s3 crate. Grapes. South America, white. $3; Honey Dews. South America. $3; Nectarines. Soutfe America, box, *3.50. Vegetables—Cabbage. Northern Danish 50-lb. bag, *2; new red Texas, hamper, *3.50; nrw Texas, half crates, $2.75. Onions. Western Spanish. 50-lb. bag, $3.75; Michigan vellow, 50-lb. bag, $3. 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. $2.15; Idaho Russets. 100-lb. bag. $2.40: New Florida. Triumphs, bushel, $2 75. Sweet potatoes. Indiana Jerseys, bushel, $1.50; medium or seed. *1.10; Nancy Halls, bushel, *1.15. Beans, round stringless. hamper, $2.5063. Celery (washed and trimmed), medium, doz., 50c; Jumbo, doz, 75c; hearts, doz, 90c. Cucumbers, hot house, dozen. $1.35; 2 dozen box. *2.50. Endive. California, dozen, *l. Egg Elant. $1 50 6 2 doz. Kale, bushel, 60c. ettuce. hot house. 15-lb. basket, *1.60; Arizona Iceberg head lettuce, *5. Yuma, crate. *4. Mangoes. ss®6 a crate; small basket, 60c. Mint, a dozen. sl. Parsley, dozen, 35c. Peas, hamper. *3.50. SpinacFi, Texas, bushel. sl. Radishes. dozen. 656 75. Turnips, bushel. 75c. Parsnips, bushel. *1.25. Beets, bushel. 1. Carrots, bushel. $1: 100-lb. sack. $1.75. Rhubarb, hot house. 5-lb. carton. 65c; dozen bunches. *1.20. Mushrooms, lb.. 30c. All quotations subject to change up or down. FRUITS AND VEGETABLES (Bv United Press! CHICAGO. April 8. —Apples—Michigan spies, bushel. Si.4o® 1.65: Illinois Jonathans. $1.50; Illinois willow twigs. $1.25® 150 Turnips—lllinois, bushel. 25® 25c Sweet potatoes—Kentucky and Tennessee j bushel. 80 a 90c. Lettuce—Western crates, 5 dozen $4.25. Lettuce Leal. .75® 85c. Beans—Florida, bushel. *2.25® 2.50. ach—Texas, bushel. sl2s® 1.50. Cabbage —California, lettuce crates. $4.50. Onion sets— Michigan, sacks, a bushel, yellow $3.50® 3.75. Peas California. bushel hampers. $3 2563.65. Tomatoes—Florida, lugs. $1.50® 2: Mexican, lugs *26 2.75. Rhubarb—Michigan. 5-lb. cartons. *3o® 50c. Illinois. 40-lb. boxes. *2.25®2.50. Produce Markets Delivered in Indianapolis prices: Heavy breed hens. 16c; Leghorn hens. 14c; boilers 2 lbs. and up. 20c: Leghorn boilers. 2 lbs. and up 17c: barebacks boilers, 13c: cocks and stags. Bc. Ducks full feathered and fat. 9c: geese full feathered and fat. 6c. All classes of guineas. 15c; No. 1 strictlv fresh country run eggs, loss off 19c. Each full case must weigh 55 lbs. fross a deduction of 10c a pound under 5 lbs. will be made. Butter—No. 1. 36® 37c; butterfat. 32c. Quoted by the Wadlev Cos. (By United Press) CHICAGO. April 8 —Eggs—Market, firm; receipts, 39.964 cases; extra firsts. 234 c; fresh graded firsts, 23%c: current receipts, 214 c: dirties. 204 c; checks. 204 c. But-ter-Market. firm: receipts. 7839 tubs; extra firsts (90-914 score). 354 c; extras 192 score). 354 c: firsts (88-89 4 score), 344 <.(35c; specials. 36 6 364 c; standards., 35 4c. Poultry—Market, steady: receipts, 2 cars. 3 trucks; 2 cars due; capons. 25® 26c. hens. 204@21c: broilers. 245'25c: fryers. 24®25c; turkeys. 23®25c; old roosters. 14® 15c; ducks. 184®214c: geese, 13 ; 14c Cheese—Twins, 154616 c: Daisies. 16%®164c; Longhorns. 164® 164 c. Pota-toes-Supply of Wisconsins liberal, others limited; market strong on Idahoes. others steady; Wisconsin round whites, 724® 824 c; commercial. 70c; Michigan round whites. 72’ c; Nbraska Bliss Triumphs. *2 05; Idaho russets. (2® 2.15: United States No. 2. $1.35. New stock: Supply light: demand and trading limited: Florida bushel crates Bliss Triumphs washed. *2.35® 2.50. CLEVELAND. April B—Butter—Market, firm; extra. 394 c: standards. 394 c. Eggs —Market, firm; extra whites. 22c; current receipts. 22c. Poultry—Market, steady; fowls under 6 lbs . 21c; ducks, young. 24® 25c: ducks, old. 20c. Potatoes—Maine. $1 ® 1.10 a 100-lb. bag; Ohio best mostly 70 ® 75c; New York, 65 375 c; Pennsylvaia. 45 355 c. STOCK MARKET SEAT PRICE NOW $65,000 Value Declines S7OOO From Preceding Sale—Lowest Since 1919. By Timet Special NEW YORK. April B.—The price of memberships on the New York Stock Exchange today was $65,000, the lowest posted price sir.ee 1919. This does not. however, give allowance to the 25 per cent dividend declared in 1929, officials pointed out.. The recent sale represents a decline of S7OOO from the preceding transaction and is $25,000 lower than the year's high of $90,000. It was pointed out in market circles that total volume in Mar:h was 15.850.057 or a daily average of 609,617 shares. The daily average for 1934 to the end of March was 671.617 this year against 1,90P,a27 shares in the 1931 period. CARLOADINGS INCREASE By United Prett WASHINGTON. April 8. —Carloadings of -evenue freight for the week ended March 30 totaled 617,485 cars, an increase of 9705 above the preceding week and 7295 above the corresponding week in 1934, according to the Association of American Railroads today. LOCAL CASH MARKET City gram elevators are paying IS cents for No. 2 soft red wheat. Other grades on their oerit*. Cash corn No. * yeiiow. 7* renu, |Ad oats 43 cents.

New York Stocks

(By Thomson dt McKinnon) 11:00 A. M. Prev. High. Low. N T. close. OKAmerada ....... 54 54 04 54 A’.l Rfg 24 4 34 24 244 Bsrnsdall 7 7 7 64 Consol Oil 74 7% 74 74 Corn of Del ... 184 18 18 184 Houston (new) . 24 2% 2% 24 Ohio Oil 104 104 104 104 Phillips Pet .... 174 174 174 174 Plymouth OH . 84 84 84 8 Pure Oil .... 64 64 64 84 Seaboard Oil ... 254 254 254 254 Shell Un 64 64 64 1, Skellev Oil 9 9 9 84 Soc Vac 124 124 124 13 8O of Cal .... 304 304 304 30 SO of Ind 24 234 24 234 SO of N J ... 394 394 394 394 Texas Corn .... 194 194 194 194 Tidewater Assn . 9 84 84 84 Un Oil of Cal ... 18 174 18 174 Steels— Am Roll Mills .. 10 184 184 19 Beth Bteel .. 254 254 25 4 254 Bvers AM ”... 124 124 124 13 Natl Steel .... 434 434 434 434 Otis Steel 5 5 5 5 Rep Iron & Bteel 104 104 104 104 U S Pipe & Fdy. 164 164 164 164 U S Steel 304 294 294 30 U 8 steelpfd 784 784 784 784 Warren Bros .. 44 44 44 44 Youngstn SSi T 154 154 154 154 Motors— Chrysler 35 344 344 35 Gen Motors ... 284 284 284 284 Graham Mot ... 14 14 14 14 Hudson 74 74 74 74 Hupp 11l 4 Nash 124 124 124 124 Packard 34 34 34 34 Reo 33 33 Studgbaker 24 24 24 24 Motor Access— Bendix 134 134 134 134 Bohn Alum 544 544 544 554 Borg Warner ... 334 334 334 33 as 27 27 27 Vs 274 Mfg 4 34 34 4 Budd Wheel ... 34 34 3Vs 3 Eaton Mfg 184 184 18Vis 174 Houdaille (A) 84 84 84 84 Mullins Mfg 9 84 9 84 Murray 80dy.... S’*. 64 64 64 Stew Warner.... 8% £‘/t 84 BVa Mining— * Alaska Jun 174 17 v 174 17 Amer Metals.... 164 164 164 164 Am Smelt 344 334 334 334 Anaconda 11 104 104 11 Dome Mines 38 4 374 38 4 374 Granby 74 74 74 74 Gt Nor Ore ... 10 10 10 10 Howe Sound .... 47 4 47 4 47 4 46 4 Int Nickel 254 25Vi 254 254 Kennecott Cop.. 174 17 17 174 Mclntyre Mine.. 424 424 424 42 Park Utah 24 24 24 24 Phelps Dodge ... 154 154 154 16 St Joe Lead 134 124 134 124 U S Smelters ... 99 99 99 99 Amusements— Fox Theat 94 94 94 94 Loews Inc 36 4 364 36 4 364 Radio Corp 44 44 44 44 Paramount 24 24 24 24 RKO 14 14 14 14 Warner Bros ... 3 24 24 24 Tobaccos— Am Tob “A” ... 754 754 754 475 Am Tob "B” 77 77 77 764 Gen Cigars 55 54 4 55 54 4 Ligg & Myers B 96 96 96 954 Lorillard 194 194 194 194 Phillips Morris 384, 38 4 384 38‘/a Reynolds Tob B 45 444 444 45 Rails— Atchison 40 394 39 3 /a 394 Atl Coast Lines 23 25 23 23 B <fc O 104 104 104 10% Can Pacific 10 94 10 104 Ch & Ohio 404 404 404 404 CM&StP 1 4 1 4 C M & St P pfd 14 14 14 14 Chi N W 34 3% 34 3% Dela & Hud .... 274 27 4 274 Del Lac & W 134 134 134 134 Grt Northern pfd 114 114 114 I}4 111 Central 114 11% 114 114 Mo Pac pfd 24 24 2% 14 N Y Cent 154 144 15 154 N Y New Haven. 44 44 44 44 Nor Pacific .... 154 ,54 154 15% Penn R R 194 194 194 194 Sou Pac 154 15 15 154 Sou R R 104 104 194 104 Union Pac 88% 87 4 87 4 884 Wabash 14 14 14 1 Equipments— Am Car & Fdy . 134 134 134 13 Am Loco 12 114 12 114 Am Steel Fdy 14 134 14 134 Gen Am Tnk Car 34 4 34 % 344 344 Gen Elec 23 22 4 22 % 23 Gen R R Slg ... 204 204 204 21 Pullman Inc 43 4 43 4 43 4 434 Westingh Elec .. 374 364 364 37 Utilities— Am & For Pwr . 34 34 34 34 Am Power & Lit 34 34 34 34 A T & T 105 1044 105 104 4 Am Wat Wks .. 114 114 114 114 Col Gas & Elec . 64 64 64 64 Cbmm & Sou ... 14 1% 1% 14 Consol Gas ... 204 204 204 204 Elec Pwr & Lit . 3 24 24 2% Int Hydro Elec . 2 2 2 24 Int T & T 74 74 74 74 Lou G& E "A”. 154 154 15Vs 15 Nat Pwr & Lit.. 84 8 8 84 North Amer .... 134 134 134 134 Pac G& E 184 184 184 18 Peoples Gas .... 234 234 334 334 Pub Serv N J... 264 264 264 264 So Cal Edison .. 154 15 15 15 Std Gas 3Vs 34 34 34 Stone & Webster 4 4 4 4 United Corp .... 34 33 a 3 Un Gas Imp .... 124 124 124 124 Ut Pwr & Lt ‘A’ 14 14 14 14 Western Union.. 254 254 254 25,* Rubbers — Firestone 134 134 134 14 Goodrich 84 84 84 8 a Goodyear 174 Mis 17 2 17/s Kelly Spring .... 4 4 4 _ 4 (J S Rubber .... 11 3 / 114 114 114 Miscellaneous— Allis Chalmers.. 144 144 144 144 Am Can 1174 1174 1174 1174 Am Mach & Fdy. 214 21 214 21 Burroughs Add .15 144 144 15 Conti Can • 71 704 70 71 Caterpillar Tract 424 424 424 42 Curtis Pub •• 184 184 184 184 Curtt, Pub pfd . 954 954 954 944 Deere &Cos ... 254 254 254 254 Eastman Kodak 1244 1244 7244 124 Gillette 144 144 144 144 Glidden 264 264 264 26 Ingersoll Rand . 68 68 68 68 Inter Harv 374 374 37 4 37 2 Rem Rand 84 84 84 84 Foods— Am Sugar 58 57 4 574 584 Armour 34 34 34 4 Armour 6 l ~e pfd. 614 614 614 61*2 Beatrice Cream. 164 164 164 164 Borden Prod .... 224 224 224 224 Coca-Cola .1944 1934 1934 1964 Corn Prod ...... 65 65 65 654 Crm of Wheat .- 374 37V 374 37 Cuban Am Sugar 64 64 64 64 Gen Baking 74 74 74 (4 Gen Foods 34 34 34 24 Gold Dust 17 164 17 164 G W Sugar 29 4 29 4 29 4 294 Natl Biscuit .... 244 244 244 244 Natl D Prod .... 144 144 144 144 Puritv Bak 94 94 84 94 Std Brands 154 154 154 154 United Fruit ... 82 814 814 82 Retail Stores— Assd Dry Goods. 94 94 94 94 Gr Un tea 24 24 24 24 Kresge S S 204 20 204 204 Kroger Groc .... 24 4 24 4 24 % 244 Macv R H 344 34 34' 3 334 McLei'.an St 9% 94 _9% 04 Mont Ward 244 244 24 4 244 Penney J C 63% 624 63* 63 Safewav St .... 39 4 39 39V* 384 Sears Roebuck.. 354 35 4 354 35% Woolwcrth 544 544 54 4 544 Aviation— Aviation Corp .. 34 34 34 3 s * Curtiss Wright . 24 24 24 24 Curtiss Wri (A) 8 74 . ■ . .8 Douglas Air 204 204 204 204 Nor Am Av.... 24 24 24 24 Sperrv Corp 9 9 9 9 Utd Aircraft new 114 114 11.1a 114 Chemicals— Allied Chem ... 133% 133% 133 4 1344 Am Com Alcohol 25 4 25 25 4 25% Com Solvents... 194 19 19 194 Du Pont 92 914 914 914 Freeport Tex ... 24 24 24 244 Liquid Carb.... 294 294 294 294 Math Alkali 264 264 264 27 Monsanto Chem 59 4 59 59 59 4 Natl Dis (new) . 274 274 274 27% Tex Gulf Sulpb-. 30 29% 294 30 Union Carbide . 47% 47% 474 474 U S Indu Alco.. 394 39 39 394 Drugs— Cotv Inc 44 44 44 44 Lambert 254 244 344* 244 Un Drug (new) . 104 104 104 104 Financial— Adams Exp ... 5% 54 5% 54 Allegheny Corp. 1 % 1 4 Am Int Corp ••• 54 54 54 54 Transamerica .. 54 5 54 54 Tr Conti Coro . 33 33

Investment Trusts

ißt Abbott. Proctor Painei _ Bid. Ask. American Bank Stocks C0r0... .90 .95 American & General Sec A... 4.00 8.00 Basic Industry Shares 2.93 3.00 British Tyne Inv Tr Sh 28 .34 CoUateral Trustee Shares A.. 4.22 430 Corporate Trust Shares (old) .. 1.90 1.95 Corporate Trust Shares (new) . 2.13 2.18 Cumulative Trust Shares ... 352 3.60 Diversified Trust Shares A . 6.25 Diversified Trust Shares B . 662 6.87 Diversified Trust Shares C.. 2.76 280 Diversified Trust Bhares D... 4.17 422 First Insurance Stock Corp .. .87 1.25 Fixed Trust Oil Shares A... 7.75 .... Fixed Trust Oil Shares B .. 6.25 Fundamental Inv. Inc 1.78 1.99 Incorporators Investments ....1580 16.05 Low Priced Trust Shares ,4.50 .... Mass. Inv. Trust Shares 18 62 19 00 Nation Wide Securities 2.85 2.90 North Am Trust Shares (53) 1.78 182 North Am Trust Shares '55-56) 2.13 216 North Am Trust Shares (58) .. 2.15 2JO Selected America Shares 2.17 . Selected American Shares Inc.. 1.07 1.17 Selected Cumulative Shares .. 602 Selected Income Shares -2 12 3.50 Std American Trust Stares A 3.73 2.78 Trust Shares of America 2.5* 3.64 Trustee Std oil A• J -<o Trustee Std Oil _B_ 4.85 5.0 U S Bectric Lt * Pwr A 11.50 12.00 Universal Trust Shares 2-8® 3-00 f

INDIANAPOLIS, MONDAY, APRIL 8, 1935

Building— Am Radiator .. 124 12% 124 124 Gen Asphalt ... 144 144 144 134 Int Cement ... 26 4 28 % 264 264 Johns ManvlUe . 434 43 434 43 Libby Owens Gls 25 244 24 4 24 4 Otis Elev 11% 11% 114 114 U 8 Gypsum ... 43 42 4 43 43 Ulen Cons 14 14 14 ... Household — Col Pal Peet .. 174 17 17 17 Congoletim .... 284 284 284 28 Kelvinator 164 164 164 16 Proc & Gamble . 47 47 47 47 Servel Inc ... *4 84 84 84 Bimmons Bed ... 74 74 74 7% Textiles— Celanese Corp .. 22 4 22 23 4 224 Collins Aikman . 104 104 104 10% Gotham Hose .. 2% 24 2% 24 Indus Rayon .. 26V 254 254 264 Kavser Julius 17 164 17 17

SWINE MARKET MOVESHIGHER Majority of Classes Up 10 to 15 Cents; Cattle Active, Strong. A strong undertone featured trading in hogs at the Indianapolis Union Stockyards today, and practically all classifications were generally 10 to 15 cents higher than Saturday. The increase sent prices for extremely good and choice graders up to $9.50, or 40 cents under the high level for 1935. Trading was active and demand showed considerable improvement, especially in the medium weights. Supplies today were estimated at 4000, compared with 1500 Saturday. The bulk, 160 to 250 pounds, sold at $9.20 to $9.45, while heavies, scaling 325 pounds and upward, brought SB.BO to $9.10. Light lights, weighing 130 to 160 pounds, cashed in at $7.15 to $8.15. Others, from 130 to 160 pounds, sold at $8.40 to $9.10. Packing sows held at $7.75 to $8.50. Holdovers were 103. Trading was extremely active in slaughter steers in the cattle market, with most grades scarce and strong to unevenly higher than last week’s close. No test was made of good and choice classes. Receipts numbered only 600. vealers continued unchanged, selling mostly at $lO down. Receipts were 400. Interest continued light in the lamb market with hardly enough stock on hand to establish a trading range. Few grades of choice clipped lambs were quotable to sell at $7.50, while clipped slaughter sheep ranged from $3.50 downward. Receipts numbered 100.

Chicago Stocks

(By Abbott. Proctor & Paine) 11:00 Prev. A. M. close. Borg Warner 33 334 Cities Service 14 14 Com Edison 64 4 65% Elec House 144 144 Kingsburry 14 1% Noblitt 14% 14% Swift 16 16 Util Investors 4 % Walfreen 30 30 BANKING GROUP OFFERS * HUGE REFUNDING ISSUE $160,000,000 in Federal Land Bank Bonds to Be Sold . By Times Special NEW YORK, April B.—A refunding issue of $162,000,000 Federal Land banks consolidated bonds are being offered today by a nationwide banking group acting for the 12 Federal Land banks under the direction of Charles R. Dunn, fiscal agent for the land banks. The group comprises Alex Brown & Sons, the Chase National Bank, Brown, Harriman & Cos., Inc.; Guaranty Trust Cos. of New York; the National City Bank of New York; Edward B. Smith & Cos.; the First Boston Corp. and Lee Higginson Corp. The issue consists of 10-20-year consolidated 3%, per cent bonds, dated May 1, 1935, due May 1, 1955, and not redeemable before May 1, 1945. At the offering price of 100% and interest, the bonds will yield about 3.16 per cent to the first redeemable date and 3.25 per cent thereafter to redemption or maturity. Other Livestock By United Press CHICAGO, April 8 —Hogs—Receipts, 17.000, including 9,000 direct; active steady to 10 cents higher than Friday; 170-230 lbs., *9.20<&9.25; top, *9.30: 230-325 lbs., *s® 9.20; 140-170 lbs., 58.756 9.25; pigs, *8.75 down; good packing sows around $8.35; i>Bbt lights, 140-160 lbs., good and choice, [email protected]; light weight 160-200 lbs., good and choice, [email protected]; medium weights, 200250 lbs., good and choice, *9.1069.30; heavy weights. 253-350 lbs., good and choice, $9©9.20; packing sows. 275-550 lbs., medium and choice, *7.50® 8.50; slaughter pigs, 100-40 lbs., good and choice, *7.75® 8.90. Cattle—Receipts. 10.000; calves, 2000; fed steers and yearlings strong to 25 cents higher; better grade suitable to ship active at advance; others slow; she stock mostly 10 to 15 cents higher: bulls, 15 to 25 cents higher; vealers steady, early 590-1213-lb., Nebraska steers. *14.70: some held higher; best yearlings, *l4; slaughter cattle and vtalers: steers 550-900 lbs., good and choice. *10.75®14; 900-1100 lbs., good and choice. *11.25® 14.50: 1100-1300 lbs.. Rood and choice. *11.50@ 14.75; 1300-1500 good and choice, $11.50614.75: 5501300 lbs., goon and choice. $6.50611.50; heifers, lbs., good and choice, *9.756 12; common and medium. $6®9.75; cows good. $7.59® 10; common and medium. *4.856 7.50; low cutter and cuttei*. *3.25® 5: bulls (yearlings excluded), good (beefi, $5.7567.25; cutter common and medium. *4.25®6; yearlings good and choice, $6,756 9: medium. *66 6.75; cull and common. *4 ®6; Stocker and feeder cattle: steers, 5501050 lbs., good and choice. *6.50 6 8.75: common and medium. $5.25®6.75. Sheep— Receipts. 16.000; fat lambs, active: strong to 25 cents higher; bulk 15 cents and more up at close: good to choice wooled lambs. *B6 8.40; *8.5068.60 paid sparingly by local packer; choice clipped lapibs, *7.40; sheep firm: wooled native ewes, *465. Slaughter sheep and lambs; lambs: Lambs, 90 lbs. down, good and choice. *7.75@ 8.60: common and met’.iU.n. *6.75 6 7.85; 90-98 lbs., goo-, and '.noice. *7.60 6 8.60; ewes. 90-150 lbs., good and choice. *3.75® 5 25: all weights, common and medium. *2.7564.25; feeding lambs, 50-75 ihs., good and choice. *6.256 7. LAFAYETTE. April B—Hogs—Market. 5 ®2sc higher; 180-200 lbs.. *9 30: 200-210 lbs.. *9 25; 210-225 lbs., *9.20; 225-235 lbs.. *9.10; 235-250 lbs., *9 : 250-275 lbs.. *8 95; 275-300 lbs.. *9.80: 300-325 lbs. *8.80; 170180 lbs.. *9 25: 160-170 lbs., *9 20; 150-160 lbs.. *9; 140-150 lbs *8.75; 135-140 lbs., 88 50: 100-135 lbs.. *76 8.25. Calf market steady; top, *9; lambs, *7: top roughs. FT. WAYNE. April B.—Hogs—Market. 10 625 c higher; 200-250 lbs., *9 30: 180-200 lbs.. *9 20 : 250-300 lbs . *9 15: 160-180 lbs.. *9 10 : 300-350 lbs., *885: 150-160 lbs.. *9: 140-150 lbs.. *8 75: 130-140 lbs , *8 50; 120ISO lbs.. *8; 100-120 lbs.. 17.50: roughs. *8: stags. *5.75. C*lves. *10: lambs. *7 75. DIVIDEND IS DECLARED By United Prett NEW YORK, April B.—Directors of the Amerada Corp. have declared a regular quarterly dividend of 50 cents a share on capital stock, payable April 30 to stockholders of record April 15, it was learned today.

LOW PRICE ERA FOR SECURITIES SEEN NEAR END

Inflation Fears or Monetary Confidence to Force Upturn, Broker Says. BY ALBERT K. ETTLINGER Times Special Writer NEW YORK, April B.—Either through fear or confidence, higher stock prices are assured for the future. So says the veteran broker and market observer, Jaques S. Cohen, in a letter sent today to every Stock Exchange firm here and abroad and to every dormant account on the books of his firm. “Call It inflation, reflation, business improvement—or what you will,” asserts Mr. Cohen, “the fact remains that economic and financial forces, day by day, are piling brick upon brick, laying the foundation for the advance to come.” Bank Tunds Plentiful There may be a scarcity of some things, but certainly there is a superabundance of bank money about, willing and anxious to work for very small returns, is the first point the broker drives home. As money gets cheaper and competition becomes more keen, high-grade bonds are forced higher and higher. Ultimately the time comes (and it seems to be mighty near) when money can not be profitably employed in high-grade bonds. Then the overflow shifts successively to second-grade bonds; to preferred stocks, and finally to common stocks. This shifting of funds, according to Mr. Cohen, actually does not take place “en masse.” There is already noticeable, and has been for some months, gradual but consistent absorption of high-grade preferred stocks, and in many instances common stocks, where there are no prior obligations. In time a continuation of this competitive struggle to employ funds is bound to have a decidedly-uplifting effect on stocks. Dynamite, Fuse and Explosion “Perhaps it would be more pertinent to say that the ammunition dump is being loaded with dynamite and that, some timp or another, the fuse will be lit and the explosion follow. In any event, there it is, waiting to be touched ofl.” Meanwhile the Baar, Cohen partner explains, the time element — “that one indeterminable factor which has ruined more than one brilliant speculator”—is still on unknown quantity. “However, the time is coming,” he states bluntly, “when capital will venture into equities through fear of currency and credit iosing its purchasing power because of dilution of confidence in future monetary policies. At present capital is still in a state of indecision—hence the plethora of money seeking temporary employment.”

Local Livestock

HOGS April Bulk. Top. Receipts 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 6. 9.10® 9.30 9.30 1500 8. 9.20® 9.45 9.50 4000 Light lights: (140-160) Good and choice $9.00® 9.40 Medium 8.40® 9.15 Light weight: (160-180) Good and choice... 9.40® 9.50 Medium 8.90® 9.20 (180-200) Good and choice... 9.40® 9.50 Medium 8.40® 9.25 Medium weight: (200-220> Good and choice... 9.35® 9.45 (220-2501 Good and choice.. 9.20® 9.35 Heavy weight:. (250-2901 Good and choice . 9.10® 9.20 • 290-350) Good and choice.. 8.90@ 9.10 Packing sows: (275-350) Good 8.25® 8.50 (350-425) Good 8.15® 8.40 (275-350) Medium B.oo® 8.25 (425-550) Good 7.75® 8.15 Slaughter pigs: (100-140) Good and choice... 7.15® 8.90 Medium 6.50® 8.40 CATTLE —Receipts, 60G —Steers—-(soo-900) choice $10.75® 12.75 Good [email protected] Medium 7.50 ®> 10.00 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® 13.75 Good 10.50®13.00 Medium [email protected] (1300-1500) Choice [email protected] —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, 400— Good and choice [email protected] Medium 7.50® 9.00 Cull and common 3.50® 7.50 —Calves ■ (250-500) Good and choice .. • 6.50® 9.50 Common and medium 3.50@ 6.50 —Feeder and Stocker Cattle——Steers— (soo-900) Good and choice .... 6.00® 8.00 Common and medium 4.50® 6.00 (000-1050) 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. 100Lambs, 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... J.so® 4.75 All weights, common and medium 2.50@ 3.75 j Other Livestock (By Times Special) LOUISVILLE, April B.—Cattle—Receipts. 750, slaughter cattle in light supply; quality only fair: demand broad: market, active; steers heifers and beef cows mostly 25c up; low cutter and cutter cows strong to 25c higher; bulk common to medium grade steers and heifers, $6 75@9; better finished kinds quotable to 110.50 or better; little included of value to sell above. *10: bulk beef cows. $4 75® 8 50; low cutters and cutters mostly 53®4.25; sausage bulls salable mostly. $4 50 ®5.75: desirable beef bulls to around *6.50: Stocker traae moderately active fully steady; bulk Hereford stock calves, *7?7 50; choice kinds to around *8 50 Calves—Receipts. 500, Including 200 stock calAs; vealers 50c higher than Friday and Saturday: bulk good to choice grades. medium and lower grades. *7.50 down to around *3 50 Hogs—ReceiDts. HUM). 20c higher than Priday and Saturday on all weights and classes: top and bulk better 180-250 lbs . *9 20 : 255 lbe. up. *8 75: 160-175 lbs.. *8 70; 140-155 lb*.. W 20: 120-135 lb*.. $7.25: *ow* weighing 400 lb*, down. *7 45: heavier *ows discounted. 50c. Bheep—Receipts. 75. :t£dy; bulk medium to good wooled lambs. *6 50®7.50: choice eligible around *8: common wooled throw out* mostly $5; bulk fat owe*. $3.50 down.

Qualms Strike Capital as Rising Living Costs Squeeze All Consumers Washington Officialdom Worried Over Failure of Recovery Devices on Farm and in City to Mesh Perfectly. (Editor’s Note—This is the first of three artie'es about the high cost of living.) BY RUTH FINNEY Times Special Writer WASHINGTON, April B—An old and ominous wail has begun to sound through the land again, making officials on the banks of the Potomac shiver under their blankets at night. It has to do with the high cost of living. It is one wail in which wage earners, salaried workers and the jobless join in harmony. And wherever it is heard long enough and loud enough, things usually happen to the governments in power.

Already printing-press inflationists and the groups that would make every man a plutocrat are pricking up their ears. The fact that the old high-cost-of-living complaint has been dusted off and put into use again is particularly disagreeable to the Roosevelt Administration, pledged as it is to a restoration of purchasing power. The Administration has educated the country to believe that prosperity can return only when incomes are rising a little faster than prices, so that people can buy more than they did even in 1929, Some Examples Worst of all, it is food prices that are rising. Butter is 40.3 per cent higher than a year ago, according to consumers council of AAA. Cheese is 12.4 per cent higher. Milk is up 2.6 per cent. Beef, even the cheap cuts, is up anywhere from 33 to 38 per cent. Pork chops have increased 25 per cent, hams 43 per cent and lard has almost doubled in price. Lamb hasn’t risen as much, but the different cuts are from 15 to 27 per cent more expensive this year. Eggs are 37.5 per cent higher. Even bread has gone up and cereals. Canned corn costs 16.4 per cent more, canned peas 9:3 per cent more. Potatoes and onions are down, but carrots and spinach are' higher. And so are canned peaches, canned pears and oranges. New York restaurants are raising their prices, and in many other cities the change has already taken place. Rents, clothing and other items that go to make up the cost of living haven’t increased as much as food, but they have increased, and wages have not kept pace. This is an especially unfortunate state of affairs for the Administration in power, the year before an election. The government can’t be blamed for the drought, but men and women forced to fill *up on codfish cakes and commeal instead of pork roast and beefsteak are not always reasonable.

.No H. C. L. In March, ’33 Little comfort can be drawn from the fact that the destitute arb getting more to eat than they did in the old deal. There are sc ~ , ething like three wage earners for every unemployed person. If it is true that an army marches on its stomach, it may turn out that an electorate, heading for the polls, does too. There was no high cost of living when the Roosevelt Administration took office. Prices were so low that agriculture and industry were both starving to death, and wages were rapidly heading downward. The first step toward recovery, the Administration decided, was restoration of prices, and the first prices to receive attention were those of agriculture. Farmers had to get more for their crops if they were to buy the goods made in factories so that the factories might run and pay wages to city dwellers so they could buy the products of the farms. Gears Fail to Mesh The crop reduction program was to do this, but no sooner was it under way than labor began to point out that city workers couldn’t stand higher food prices unless something was done for them at the same time. The Industrial Recovery Act was then bom, with its wage and hour agreements and its Blue Eagle, designed to raise industrial incomes as fast as farm incomes. The success of the whole cycle of recovery depended on how well its different parts meshed together, how well the delicate balance between income and necessities of life could be maintained. President Roosevelt acknowledged this when he signed NIRA by saying: “The aim of this whole effort is to restore our rich domestic market by raising its vast consuming capacity. If we now inflate prices as fast and as far as we increase wages, the whole project will be set at naught.” But the gears never meshed. NRA moved ahead faster than AAA. Farmers complained that the price of cotton overalls had gone up before they got their crop-reduction checks. They didn’t buy enough goods to make the volume of business for factories ana retail stores that was supposed to be the reward for shortening hours and raising wages. NRA staged a buy now campaign, trying to get city dwellers to supply the volume, but the response w r as languid. Both NRA and AAA gave lip service to the importance of the consumer in the recovery cycle, but gave little else. NRA had its Consumers Advisory Board, which pro-

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tested steadily and futilely against price fixing, production control, and other code provisions designed to raise prices fast and far. NRA went ahead, gambling on volume purchasing and wage increases to make everything right. AAA had its Consumers Counsel and for a time seemed inclined to take steps to control the price of milk and other commodities to the consumer, but recently Consumers Counsel has been reorganized and Secretary Wallace has announced that hereafter he will be concerned only with the prices farmers receive for their products. Meanwhile 10,000 Los Angeles housewives have organized a boycott on meat until prices fail. Similar revolts are threatening elsewhere and in every city housewives, organized or unorganized, are studying recipes foi “substitutes” and buying cheaper foods. They would pay the higher prices if they had the money. TOMORROW—Statistical Labyrinth.

CORN FUTURES UP 3 CENTSAT START Spurt Is Attributed to Short Supplies. By United Press CHICAGO, April B.—Grain prices soared on the Board of Trade today, led by corn, which jumped 3 cents a bushel. Traders attributed the increased prices to short supplies and a tendency by “shorts” to cover their commitments against the impending delivery date for May futures. July corn led the advance at SI 1 * cents, up 3% cents from Saturday’s close. Wheat was up % to 1 cent and l 1 /* cents with May at 954; corn was up Ts to 3% cents with May at 86%, and oats were up *4 to % cent with May at 48% cents. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close. May 954 .944 .95% .94% July 93% .924 .924 .91% Sept 93 .92 .92 V .914 CornMay 86% .854 .85% .844 July 814 .794 .80Vo .784 Sept 754 .74 .744 .73% Oats— May 49 .48% .484 .47% July .404 .404 .404 .394 Sept 37 4 ,37% .374 .37 RyeMay 57 .564 .56% .554 July 574 .57% .574 .564 Sept 594 584 .59 .58 V* Stock Studies J. C. PENNEY CO. $ COMMON STOCK PCX 1 ■■ l — 1 1 —A— owe t JHARf EARNINGS PRICE RANGE SCALI :: jfiop 11 .o PQ3I 32 33 34131 33 34 351 WINCHESTER INSTITUTE OF FINANCE In 1902 a dry goods store was started in a Wyoming town by J. C. Penney. Ten years later 34 stores were in operation. The number of stores has been increasing e’er since, so that at the end of 1934 the J. C. Penney Cos. operated 1474 stores. These stores are located in more than 1000 cities and towns of the country. The company retails a line of reasonably priced men’s and women’s wearing apparel and dry goods. Most of the store properties are leased, many of them under very favorable terms. FINANCIAL DATA As of Dec. 31. 1934 Common Stock (no par) 2,468.984 shares Preferrec Stock (*IOO par) *10,326,300 Surplus 30,412.172 Cash 20.605.510 Inventories 41.931.431 Total Current Assets 63,412.205 Current Liabilities 11.711.521 Earnings: J. C. Penney has operated at a profit right through the depression. Earnings have increased each year from the low point in 1932; $5.51 was earned in 1933 and $6.29 in 1934. Dividends: Dividend policy for the last two years has been very conservative; 1.40 was paid on the common in 1934. The last two quarterly dividends declared were of 50 cents each, but the company does not consider this a regular rate. (AU Rights Reserved. Winchester Institute of Finance, winchester. Mass ).

LOWER FRIGES DRIVE COTTON FROM MARKET

Doubt Still Exists Whether 12-Cent Loan Will Be Maintained. By Timet Special NEW YORK, April B.—Although Henry A. Wallace, Secretary of Agriculture, made another announcement last week regarding the government’s cotton loan intentions for 1935, doubt continued to exist in the trade today as to whether the current 12-cent loan level is to be maintained. Secretary Wallace's statement also shelved, temporarily at least, the fight of the textile industry to abolish the cotton processing tax. No Change Contemplated “No change in the processing tax is contemplated by the AAA until Aug. 1, the beginning of the now cotton program,” said the Agricultural Administration head. “At that time the tax will be redetermined on the basis of the between the current average’ farm price of cotton and the parity price.” The parity price, it has been explained, represents that price which could enable the cotton grower to buy as much with a pound of cotton as he could in the period 1909 to 1914. The government loans granted to farmers who put up their cotton with the AAA pool managers is derived from funds raised by the processing tax and, accordingly, it is considered that the current loan level of 12 cents a pound likewise will be held stationary until Aug. 1 and then be adjusted in accordance with the tax adjustment. Since March 11, when the cotton market broke sensationally, the “free market” price of cotton has been well below the loan level. This has brought about a situation that is stagnating cotton trading. “Free Market” Reduced It is responsible, furthermore, for a sharp reduction of “free market” cotton to something like 4,000,000 bales. George W. Foshe of the commodity brokerage firm of Harriman <Ss Keech,, estimates that ordinary consumption of cotton by the mills of the world between now and Aug. 1 will average about 900,000 bales a month. On this basis of consumption the free market cotton in the country will be barely enough to last until the new crop begins to come into market. While the free market stocks are dwindling, the government is daily adding to its pooled and impounded cotton, as farmers, noting the difference between loan values and free market values, hurry their remaining stocks to the loan counter. Actual figures on the government’s holdings in the staple have not been issued recently by AAA, but the trade estimates that not less than 5,000,000 bales are on the government account.

EXCHANGE LOANS DROR Collected Borrowings March 31 Decline $42,735,173. Bp Tildes Special NEW YORK, April B.—Collateral borrr wings of members of the New York Stock Exchange on March 31 amounted to $773,123,266, a decrease of $42,735,173 from the corresponding period in Febuary, it waa learned today. Face amount of government securities pledged as collateral for the borrowings on March 31 totaled $69,278,261, compared with $62,729,273 on Feb. 28. Demand loans dropped $20,400,000 during the last month, while time loans were off $21,600,000. LEGAL NOTICE First Liberty Loan Bonds notice of call for redemption before maturity to holders of First Liberty Loan Bonds of 1932-47, and others concerned. Public notice is hereby given: 1. All outstanding First Liberty Loan Bonds of 1932-47 are hereby called for redemption on June 15, 1935. The various issues of First Liberty Loan Bonds (all of which are included In this call) are as follows: First Liberty Loan 3 ] i per cent bonds of 1932-47 (first 3 la’s) dated June 15, 1917; First Liberty Loan converted 4 per cent bonds of 1932-47 (first 4’s) dated Nov. 15, 1917; First Liberty Loan converted 4*/4 per cent bonds of 1932-47 (first 4Vk’s), dated May 9, 1918; and First Liberty Loan second converted 414 per cent bonds of 1932-47 (first-sec-ond 4!4’s), dated Oct. 24, 1918. 2. Interest on all such outstanding First Liberty Loan Bonds will cease on said redemption date, June 15, 1935. 3. Full information regarding the presentation and surrender of First Liberty Loan Bonds for redemption under this call will be given in a treasury department circular to be issued later. • 4. Holders of First Liberty Loan Bonds now called for redemption on June 15, 1935, may, in advance of that date, be offered the privilege of exchanging all or any part of their called bonds for other interestbearing obligations of the United Spates, in which event public notice will hereafter be given. HENRY MORGENTHAU JR., Secretary of the Treasury, Treasury Department, Washington. March 14, 1935. /

J. EDWARD JONES ROYALTY TRUST CERTIFICATES Chapin Seward & shi:l, Inc. Fletcher Trnst*Bld)t. LI-4468. Klein & Kuhn, Inc. Property Management LI-3545 706 Guaranty Bldg.