Indianapolis Times, Volume 47, Number 26, Indianapolis, Marion County, 10 April 1935 — Page 13

Wall St. Battle of Utility Companies Is Impressive. BY RALPH MENDERSHOT Tim*t Writer XTEW YORK. April 10.—Wall Street has been very much impressed with the battle the utility companies have been- putting up in an effort to k°ep the WheelerRayburn bill from being enacted into law by Congress. Many of the brokers and bankers believe that if they had been as active in fighting reform in their fields they

would now have more [attitude in w hich to conduct their businesses. The word *'p repa ganda” does not disturb the boys in that moneyed sector so much any more. They look look upon it as a new and effects e vehicle by which legislative acts are committed or omitted.

Ralph Hrndcrshot

They charge the Administration with having introduced the idea, and contend they should not be debarred from its use. To oppo.e, successfully, those in Washington who would turn private business r er to government supervision involves use of weapons of equal effectiveness, they contend, and the “lobbying” idea has proved to be out of date. That the bankers and brokers put up a very poor fight to keep control of their businesses is conceded in most quarters. Sremingly, they were caught by surprise, and were unable to organize. But the utility people were able to collect their defense forces within a relatively short time, and they have been pressing forward fearlessly ever since. B B B 'T'HE utility executives have enJoyed an important advantage ever the brokers and bankers, however. The public today is not qu’te as hysterical as it was a few months ago. It is not disposed to follow blindly all of the suggestions made in Washington. Recent Supreme Court decisions have had the effect of raising questions of legislative authority, and monetary and trade policies have not worked out as well as had been anticipated. A few years ago the leaders of finance and business were inclined to believe that to be quoted in a newspaper on a controversial subject was undignified. More recently, however, some of them have been more than anxious to break into print. This should bring about a healthier condition. Many untruths and half-truths about business and business practices have been allowed to stand in important statements in the past merely because business leaders though it beneath their dignity to make reply. BBS IT Is true, of course, that Wall Street and big business, leaders have had their lobbies in the past which were supposed to use persuasion and other means of achieving their purposes in legislative matters. It was thought best to take the shortest route to a desired end, which was to see legislators themselves rather than their constituents. But it has been demonstrated that such tactics have not proved effective under emergency circumstances, so the line of battle is being rapidly changed. Some are inclined to condemn big business for putting out “propaganda.” They apply the term to any and all defensive arguments. Your correspondent can not string filing with such views. A onesided argument or investigation seldom develops truth, and we can not have good government unless the public is appraised of all of the facts.

MAYTAG VOTES DIVIDEND Payment of 51.50 to Be Made on S3 Cumulative Preferred Stock. R; i Time ■. Spec ini CHICAGO. April 10.—Directors of the Maytag Cos. have declared a dividend of $1.50 on the $3 cumulative preferred stock and also a regular quarterly dividend of $1.50 a share on the $6 prefered stock, both payable May l, of record April 15, it was announced today. The dividend reduces the accumulation on the $3 preference stock to $6 a share and follows three 75-cent dividends which were paid at quarterly periods beginning Aug. 1, 1934. when dividends were resumed after omission of the May 1, 1933, dividend. On Commission Row Quotations below are average wholesale prices being offered to buyers bv local commission dealers. Fruit*—Bananas. 5c a lb Apples, W:ne•aps $1 *5 Delicious. $2 Baldwins. $1 60. Lemons Sunkist. 2605. S4 25 Grapefruit. Texas, seedless. $3 50. Arizona. 645. 70s and 80s. $2 50. Limes. Mexican, per carton. 12s. 25c. Bvram. seedless per hundred. $3 Strawberries. Louisiana 24 pt. cra’e $3 25 Apricots, S3 crate Grapes. Scuth America red S3, white. S2 75; Honey Dew s South America. S3. Nectarines. South America, box. $3 50. Vegetables—Cabbage Northern Danish 50-lb bag $2 new red Texas, hamper. S3 50: r.ew Texas, half crates. S2 75 Onions. Western Spanish. 50-lb. bag. S3 75: Michigan yellow. 50-lb bag S3 Potatoes. Green Mountains. IOQ-.b bag SI 50. selected cobblers 150-lb bag S2 50: northern round white. 100-lb. bag SI; Ohios. 100-lb bag $2 15 Idaho Russets, iro-lb. bag 52 40. New Florida. Triumphs, bushel. $2 ,5 Sweet potatoes. Indiana Jersevs. bushel. *1 50. medium or seed. SI 10. Nancy Halls, bushel. $1 15 Beans, round stnngless. hamper. $2 50 83. Celerv iwashed and trimmed', medium, doz.. 50c: Jumbo, dor. 75c hearts, doz. 90c. Cucumbers, hot house, dozen. $1 35; 2 dozen box *2 50 Endue California, dozer., sl. Fgg Llant, M 50*i 2 do: Kale bushel. 60c. e’tuce. hot house. 15-lb basket. II 60; Aruon.i Iceberg head lettuce. $5 Yuma crate. $4 Mangoes. *5*J6 a crate: small basket. 60c. Mint, a dozen. SI. Parstev. dozen. 35c Peas, hamper. 350 Spinach. Texas, bushel. SI Radishes. dozen, I 75 Turnips bushel. 75c Par bushel. SI 25 Beets bushel. 1. Carrots, bushel. SI 100-lb. sack. 51.75 Rhubarb, hot house. 5-lb carton. 65c dozen bunches II 20. Mushrooms, lb.. 30c. All quotations subject to change up or down PLANT TO BE IMPROVED By 7 me* Special PITTSBURGH, April 10—Pittsburgh Plat* Glass Cos. will undertake a $1,905,000 plant extension and improvement program, H. S. Wherrett, president, announced today.

♦ ♦ Abreast of The Times on Finance ♦ ♦

REFRIGERATOR ISSUES LEAD IN ACTIVE MARKET Some Special Shares Also in Demand: List Is Irregular. By Lnit. <i Pr< at NEW YORK, April 10 —Mechanical refrigerator issues and lowpriced mercantile shares featured the stock market in activity in morning dealings. The general list was irregular Some special issues were in demand at rising prices. Servel led the refrigerator division in volume and it approached its high for the year. Servel shared honors with Libby-Owens Glass for lead in volume. The latter rose to 27%, up 2% points. Kelvinator also was in demand. In the low-priced mercantile group. McCrory Stores reached 9%, up Is, and McLelian Stores 10%, up %. Both were active. United S lores issues were strong with the preferred rising 2 points. Mail order shares were steady. National Department Stores preferred spurted 4 points to 23. New York Central led a moderate rally in the rails. Curtiss-Wright, Chrysler and National Distillers were active and firm in their respective divisions. U. S. Steel held a small gain as did General Motors, Consolidated Gas and Du Pont. Eastman Kodak reached anew 1935 high. So did International Business Machines, which rose to 169%, up 2,. American Tobacco issues gained a point each. Silvers eased. Golds firmed. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,157,000.00 Debits 5 305.000.00 TREASURY STATEMENT Bv United Pressi WASHINGTON. April 10.- Government expense? and receipts for the current fiscal vear to April 8, compared with the corresponding period of the previous fiscal vear. This Year Last Year Exposes . $5,206,806.338 69 $5,097,578,081.11 Receipts. 2 964 056.058.69 2 385.485.348.96 Deficit . 2.242.750.330.00 2 712,092.732.15 Cash bal 2.460.871.323.55 4.666.808.581.89 Chicago Stocks (By Abbott. Proctor Sc Paine) 11:00 Prev. A. M close. Butler Bros 7% 7 Bendix 14% 14% Borg Warner 33% 33% Chicago Corp 1% 1% Chicago Corp pfd 30% 30 Cities Service 1% 1% Crane Cos 9% 9% Com Sc Edison 62 64' 2 Cord 2 7 4 2% Kingsbuy 1% 1% Libbv 8 7% Marshall 8 7% Pub Service of 111 24 25 Prima 3% 4 Swift 16 16% Walgreen 30 29% Zenith Radio 1% l*/a

WHEAT PRIGES FIRM ON EUROPEAN NEWS Reports of Dust Storms Also Held Factor. By United Brest CHICAGO. April 10.—Wheat prices were firmed today on the Board of Trade by higher prices at Liverpool and reports of dust storms in the Southwest. Other grains also tended higher. At the start wheat was % to 1 cent higher; corn was up % to % cent; oats were % to % cent higher, and rye was up •% to 1% cents. Reports of liberal purchases of French wheat by Italy were the main factors in advancing Liverpool. Baraett Frazier & Co.’s Liverpool office cabled that a better demand had appeared there and that millers were buying largely. Bv James E. Bennett' Wheat— 11:00 Prev. High. Low. A M. close. Mar 97 95% .96% 95% Julv 95% .93% 94% .92% Sept. 95% .93 .94% .92% Corn— Mav .88% .87% 88 87% Julv 83% 82% 83 .82% Sept. 78% .77% .77% .77 Oats— Mav 49' 4 49 .49 .48% Julv 42 .41% .41% .41 Sept. 39 .38% 38% .38 Rve— Mav 58" a 58 .58% .57% Julv 60 = a .59% 59% 53% Sept 61% .61 .61% .60% LOCAL CASH MARKET Citv grain elevators are paving 86 cen"s for No 2 soft red wheat. Other trades on their merits Cash corn No. 3 yellow. 81 cents, and ots 42 cents. Produce Markets Delivered in Indianapolis prices: Heavv breed hens. 16c. Leehorn hens. 14c: boilers 2 lbs and up. 20c: Leehorn boilers. 2 lbs and up 17c: barebacks boilers. 13c: cocks and stags. 8c Ducks full feathered and fat. 9c ecese full feathered and fat. 6c All classes of guineas. 15c: No. 1 strlctlv fresh country run eecs loss off 19c Each full case must weich 55 lbs. cross a deduction of 10c a pound under 55 lbs will be made Butter —No. 1 33 <s 39c. butterfat. 34c Quoted by the Wadlev Cos. 'Bv United Press' CHICAGO April 10 Eges-Market steady; receiDis. 24 241 cases Extra firsts. 23%c. fresh craded firsts. 23%c. current receipts 21 7 .c: dirties. 20%c: checks. 20%c Butter—Market steadv: receipts. 9076 tubs: extra firsts '9O-91% score l . ■€ extras '92 score'. 36=.c; firsts 'BB- - sc-re $5%236c: specials 37137%-c: standards 36%c Poultry—Market steady; receipts. 27 trucks, no cars. 1 car due. Capons 25® 26c hens. 21T22c: brot’ers. 24 i 25c frvers 24 ;25c: turkey*. 23® 25c: old roosters HfilSc stags 16’ ic ducks. 18 =i® 22c: geese 13® 14 r Leghorn hens. I9c Cheese —Twins. 16®16=4C: daisies. 16%®16%c. longhorns. 16% ®l6%e Potatoes —Suppiv moderate: demand and trading actne markr* sTonger Wiscor.sjr, Round Whites 60 ®9oc: Michigan Round Wh-.'es 85 .90c Colorado Red McClures. *2 75 Idaho Russet. *2 20® 3.25: United States Commercial SI 85 u 1 90. New stock Supply light demand ar.d trading limited: market stronger. Florida bushel crates Bliss Triumphs washed. 52 60 a2.75 Arrival*. 45. on track. 251; shipments. 904. EXCHANGE BONDS”DROP Issues Listed on New Y’ork Board Valued at $40,360,681,526. By Timet Special NEW YORK. April 10 —The total value of’ all bonds listed on the New York Stock Exchange as of April 1 amounted to $40,360,681,526. compared with $41,111,937,232 on the same date of the previous month, the exchange announced today. The average price of the issues was SB9 49 on April 1, compared with $91.29 on March 1. On April 1 there were 1537 issues with a par value of $45,100,588,676, compared with 1535. having a par value of a month earlier.

INDIANAPOLIS, WEDNESDAY, APRIL 10, 1935

Ne w Yo 1 •By Thomson <Sj McKinnon) 11 00 A M Prev. Oils— High. Low. N Y. close Amerada . ... 55’* 55 55 54'j Atl Rfg 24 s * 24 5 . 24% 24'a Barnsoall 7 6 7 6% < n O] Oil 8 7% 7% 7 * Corn of Del ... 18 = 4 18 18 % 13 Mid Cont Pet . 12 11"* 11% 11 3 4 Ohio Oil 10 s . 10 3 10% 10% Pet Corp 8% i t 8% 8 a Phillips Pet .. 18=4 17 7 . 17", 17"* Plymouth Oil ... 8= a 8% 8 3 s 8% Pure Oil ... 7 7 7 7 S“aboard Oil ... 28'j 26% 26% 25 3 Snell Un . . 6 T t 6 7 t 6" 5 3 4 Skeilev Oil 9 9 9 9 Soc Vac . 13=4 13 = 4 13 = 4 l3’- t S O of Cal 31H 31 = • 31=4 31 S O of Ir.d . 24 * a 24 24% 24 S O of N J . 39 -. 39’ 2 39 = 2 39' 2 Texas Corp . 20 19’* 19 3 4 19% Tidewater Assn . 9= a 9= 3 9‘a 9 Un Oil of Cai . 17 5 17 s , 17 s , 18 Steels— Am Roll Mills . 19", 19 3 4 19 3 , 19% Beth Steel 26% 26'* 26 = 4 26=4 B ers A M 14 = a 14 = , 14 = , 14 Col Fuel Sc Iron l‘a 1= 2 1 1 a 1 = 2 McKeesport Tin 101 101 101 103 = 2 Mid Steel 10=4 10=4 10' 4 10 NaM S’eei 45 44% 44 = 4 44% Otis Steel 5% 5=4 5=4 5= 4 Rep Iron A- St°el 11% 11 11 Ills Rep Ir Sc S'! pfd 35 35 35 35 U S Pipe & Fdy 17% 17 = 4 17 = 4 17 U S S'eel 31 3 a 21= 31 3 a 31% U S S'eel pfd 89 80 80 80 Warren Bros 4% 4% 4 3 4 4% Youngstn S&TI6 = 4 15 3 4 IS 3 * 16=4 Motors— Auburn 19 19 19 18% Chrysler 36 35 3/ 36 35 7 e Gen Motors . 29’ s 29 3 a 29 = , 29 = 2 Graham Mot . 2 1% 2 l 7 e Hudson 7> 7', 7% 7% Mack Truck . 22 = 4 22', 22=4 22 Nash 13 = 4 13‘a 13 4 13 Packard 3% 3 s * 3% 3% Reo .... 3=a 3=a 3’a 3 Yellow Truck 3 2", 32 7 e Motor Access— Bendix 14% 14 14% 14% Bohn Alum 56 56 56 55% Borg Warner ... 33>4 33 33 33 >4 Briggs 27% 27 27 27% Budd Mfg 4 4 4 4 Eaton Mfg ... 1?% 18 = 4 18% 18 3 a Elec Auto Lite .. 21% 21% 21 s . 21% Elec Stor Bat .. 42 42 42 41 Houdaille A”.. B’s 8% 8% 8% Mullins Mfe ... 9' 2 9'a 9'a 9= 2 Murray Body ... 7% 7 7 7 Stew Warner ... 8% 8= 2 8% 8% Timken Roll . 32 32 32 31 3 a Timken Det Axle. 5% 5 3 s 5% 5% Mining— Alaska Jun 17% 17> 4 17 ! 4 17% Am Smelt 35% 35’a 35% 35 Anaconda 11 10% 11 10 Cerro De Pasco . 44% 44*4 44 3 a 44% Dome Mines ... 38 3 4 38 3 4 38 3 4 36% Granby 7 3 a 7 3 a 7% 7 3 g Howe Sound .... 47% 47’ 4 47 5 a 47 Int Nickel 25 s a 25 1 2 25% 25 3 8 Kennecott Cop . 17% 17% 17% 17’ 4 Mclntyre .... 42% 42’2 42’, 42 3 a Park Utah .33 3 2 7 a Phelphs Dodge . 16 3 8 16’' 4 16% 16t 4 St Joe Lead .. 14 s a 14 3 a 14 1 2 14 3 a U S Smelters . 104’4 104 104% 104 3 4 Vanadium 14 3 4 15% 15% 15 3 4 Amusements— Croslev Radio . . 15 3 s 15 3 a 15 3 a 15% Fox Theat . . . . 9 7 a 9=4 9% 9 3 4 Locw's Inc 38 3 a3318 1 38'4 38 Radio Corp 4% 4% 4% 4% Paramount 2 7 a 2 3 4 2% 2% RKO I s s 1% 1% 1 3 8 Warner Bros ... 3’ 4 3% 3' a 3% Tobaccos— Am Tobacco “A" 76% 76% 76’ 2 76 Am Tobacco ”B” 79 79 79 78% Gen Cigars 55% 55*2 55% 55 Ligg&Mvers “B'* 97% 97% 97’ 2 97 Lorillard . . 19% 19=>4 19% 19% Phillip Morris 39 ’4 39’ 4 39 % 39 Reynolds T "B“ 45 3 4 45% 45% 45% Rails— Atchison . . 40% 39% 39 3 4 40’i Atl Coast Lines 2 7 ’ 4 23 13=4 23 ’4 BSc O . .... 10% 10’ 2 10% 10 5 a Can Pacific 10’a 10 10 10% Ch Sc Ohio .... 41 = 2 41 ’2 41% 41% C M Sc St P 7 8 ‘ a % =4 C M & St P pfd 1= 2 1= 2 1 ='2 1= 2 Chi N W . . 3% 3>4 3=4 3% Chi N W pfd . 6= 2 6’ 2 6V2 6=i Dela Sc Hud . . 28% 27 7 a 28 23 Del Lac Sc W 13 3 4 13 3 4 13 3 4 13 5 a Erie 9 3 s 9 9 3 a 9 Erie pfd 10* 10’4 10>4 10 Gt Northern pfd 12 11 3 4 11 3 4 11 3 4 111 Central ... ll’i 11 7 2 11 1 s H’2 Lehigh Valley.... 7’i 7=4 7’4 7% N Y Cent ... 15 ’2 15’4 15 3 a 15 3 a N Y New Haven 4 3 4 4 5 a 4 3 s 4 3 a N Y Ont & West 3V* 3V 3’4 3>4 Nor Pacific . . la’2 15’/2 15 ! 2 15 l / a Penn R R 20 s a 20> a 20 3 s 20 Sou Pac. 15 ! 4 15 15 Va 15 Sou R R 10 5 a 10V* 10V 2 10 3 8 Union Pac 91>'2 90 3 /* 91 90Vi West Maryland . 7'/a 7 1 /a 7’i 7*/2 Equipments— Am Brake Shoe . 23> a 23 23’a 23 Am Car & Fdy.. 13 7 a 17 7 4 17 7 'g 13 3 4 Amer Loco ... 12’a 12 12 11 a Am S'eel Fdy . 14’ 2 14>' 2 14> 2 14% Bald Loco l 7 a 13/l 3 / l’a 1 3 4 Gen Am Tk Car 35 34 17 2 34’ 2 35 Gen Elec 23 7 a 23 5 i 23 7 a 23 7 'a Pullman Inc ... 43 43 43 43 Westingh Elec... 8' 37 7 a 38 38‘/8 Utilities— Am & For Pwr • 3*'2 3*'2 Z'2 Am Power & Lit 3 5 a 3’ 2 3V2 3% A T Sc T 107’ 2 106 3 4 107 107> 2 Am Wat Wks ... 11 3 4 11% ll 3 a 11% Col Gas & Elec.. 6 s a 6% 6% 6’g Com & Sou 1% 1% 1% l 3 a Consol Gas ... 20 5 a 20% 20% 20-s Elec Pwr Sc Lit-. 2 3 4 2 5 a 2% 2% Int Hydro Elec .2 1% 1% 2 Int T & T . 7% 7*4 7% 7% Nat Pwr & Lit.. 8 7% 8 7% North Amer .... 13% 13% 13% 13% Pac G Sc E 17% 17% 17% 17% Peoples Gas .. 22% 22% 22% 22% Pub Serv N J ... 26% 26% 26% 26% So Cal Edison ... 15% 14% 14% 15 Std Gas 3% 3% 3% 3% Stone &■ Webster 4 3% 4 4 United Corp ... 33 3 Un Gas Imp . ... 12% 12% 12% 12% Ut Pwr &Lt A . I 3 1% 1% 1 3 4 Western Union . 26% 26 2$ 26V4 Rubbers— Firestone 14% 14% 14% 14% Goodrich 8% 8 8% 8% Goodyear 16% 18% 18% 18% Kellv Spring ... % % % % U S Rubber 11% 11% 11% 11% U S Rubber pfd 29% 29% 29% 29% Miscellaneous— Allis Chalmers . . 14% 14% 14% 14% Am Can . 119 118% 118% 119 Am Mach Sc Fdy 21% 21% 21% 21% Anchor Cap . 15% 14% 15% 14% Brklyn Man Tr . 38% 37% 38% 37% Burroughs Add 15% 15 15 15% J I Case .. 52 51% 52 52 Conti Can 71% 71% 71% 71% Caterpillar Tract 42% 42% 42% 42% Curtis Pub 18% 18% 18% 17% Deere & Cos 26% 26% 26% 26% Eastman Kodak 125% 125 125% 125% Foster Wheeler.. 13 13 13 13 Gillette 15 14% 14% 14% Glidden 27 26% 27 26% Int Bus Mach... 169% 169% 169% 167% In'er Harv ...38% 38% 38% 38% Natl Cash Reg . 15% 15% 15% 15 Owens Bottle .. 89% 89% 89% 89% Rem Rand . .. 8% 8% 6% 8% Worthington P.. 14% 14% 14% 14% Foods— Am Sugar 58 s a 58% 58% 57% Armour 4 3% 3% 4 Armour 6C- pfd 60 60 60 59% Borden Prod .23 22% 22% 22% Cal Packing 39% 39% 39% 39 Can Drv G Ale 10 10 10 10 Cont Bak (A) . 4% 4% 4% 4% Corn Prod ..„ 66 65% 66 65% Cuban Am Sug . 6% 6% 6% 6% Gen Baking .. . 7% 7% 7% 7% Gen Foods 34% 33% 34% 34% G W Sugar .... 30% 30% 30% 30% Loose Wiles 34% 34 34 34 Natl Biscuit 25% 25 25 25% Nat! D Prod - 14% 14% 14% 14% S Por* Rico Sug 24 23% 23% 23% Std Brands . . 16% 16 16 16 Un Biscuit 23 23 23 23 United Fruit .82 81% 81% 82 Ward Bak iB).. 1% 1% 1% 1% Retail Stores— Assd Drv Goods 9% 9 s * 9% 9% Best Sc Cos 36% 36% 36% 36% First Natl Stores 47% 47% 47% 47 Gimbel Bros .... 2% 2% 2% 2% Gr Un Tea . 2% 2% 2% 2% Hahn Dept Sts . 4% 4% 4% 4% Jewel Tea 52 52 52 52 Kroger Groc ... 24% 24% 24% 24% Kresge S S . 20% 20% 20% 20% Macv R H ... 36% 35% 36% 35% McCrorv St 9% 8% 9% 8% McLelian St . 10% 9% 10% 9% Marshall Field . 8 8 8 7% Mav DeDt St 40% 40 = 4 40% 40% Mon: Ward .... 23% 25 25% 25 Natl Tea 9 9 9 9 Penney J C 63% 63 63 63% Sears Roebuck 36% 36 36 36 Woolworth 55% 55 55 55% Aviation— Aviation Corp .. 3% 3% 3% 3% Curtiss Wright 2% 2% 2% 2% Curt Wright "Jf‘ 8% 8% 8% 8% Douglas Air . ... 21% 21% 21% 21% Sperrv Corp 9% 9% 9% 9% Un Aircraft New 11% 11% 21% 11% Chemical*— Air Reduction . 114% 114% 114% 114% Allied Chem 134% 134% 134% 134% Am Com Alhohol 26% 25% 26 a 25% Col Carbon ... 75% 75 75% 75% Com Solvents .. 19% 19% 19% 19% Du Pont 93% 93 93% 93 Licu’d Carb 29% 29% 29", 29% Math Alkali . 27% 27% 27% 27% Monsanto Chem 59 59 59 58% Na'l Dis 'new. 28% 27% 28% 27 s , Schenlev D'.st .. 25% 25 25% 25% Tex Gulf Sulp . 31% 20% 31% 30 Union Carbide 48% 48 48% 48% US Indus Alcohl 39 s . 39 39% 39 Drugs— Cotv Inc 5 4% 5 4% Lambert 26 25% 25% 25 a Lehr. Sc Pink ... 15% 15% 15% 14% Sterling Prod 64 64 64 64 Un Drug 'new' 11% 11 11% 11% Zonlte Prod •... 3% 3% 3% 3% Financial— Adams Exp ... 5% 5% 5% 5% Allegheny Corp .1 % 1 1 Chesa Corp . 40% 40% 40% 41% Transamenca .. 5% 5 5 5% Tr Conti Corp .. 2% 3% 2% 2% Building— • Am Radiator ... 13% 13% 13% 13% Qcn Asphalt ... U U U 14%

New York Stocks

Holland Furnace 7% 7% 7% 7% Ist Cement 27% 27% 27% 27 Johns ManvlUe 44% 44% 44 =. 44% Libbv Owens Gls 27% 25% 26", 225% U S Gypsum 45 45 45 44 Household Cal Pal Peet .. 17% 17% 17% 17% Congoleum ... 29% 29% 23 = , 29 Kelvinator 16% 18% 16% 16 = 4 Proc A- Gamble 48 47% 47% 47", Servel Inc .. 9% 8% 9= a 9 Simmons Bed .. 7% 7% 7% 7% Textiles— Belding Hem .. 11% 11% 11% Celanese Corp 22% 22% 22% 22% Collins Atkman . 11 11 11 10% Indus Ravon 26% 26% 26% 26% Kayser Julius .18 18 18 18

New York Curb

(By Abbott. Proctor Sc Paine) 12 (Noon) Prev. N Y close Allied Mills 13% 13 s , Aiumn Cos of Am 41 40% Am Cyanide 'B> 16% 16% Am Superpower 1% 1% Art Metal 4 a 4% Atlas Corp 8% 8% Can Indus Ale iAi 9% 9 Can Marc 1% l% Carrier Corp 16% 10% Distillers Corp 16% 16= a E! Bond and Share 7% 7% Ford of Europe 7% 7% Guif Oil of Pa 57 57 Hiram Walker 27% 27 Humble Oil 48" a 49 Imperial Oil Ltd 16% 16% Lake Shore Min 55 55 Lone Star Gas 5% 5 Natl Bellas Hess 1% 1% Newmont Min 48 = 2 43% Nia Hud Pwr 4% 4% Pan-Am Airways 41 40 =, St of Ky 19% 19=4 N. Y. Bonds (Reprinted from yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails Util. Bonds Today 85 1 74 7 95.1 85 0 Yesterday 85 3 74.2 95.1 84.9 Week ago 85,1 71 8 94 0 83.6 Month ago 86 2 76.1 94.1 85.5 (Copyright. 1935. by Standard Statistics.) tJ. S. GOVERNMENT BONDS (By Abbott. Proctor At Paine) Prev. Close Close Liberty* Ist 3%5. 1932-4'. 101.9 101.10 Ist 4%5. 1932-47 101.15 101.16 4th 4%5, 1933-38 (uncalled). 101.24 102.24 4th 4%5. 1933-38 (called) .100. 101.1 Treasury's 4%5. 1943-45 116.6 116 6 4s. 1944-54 .111.19 111.22 3%5. 1945-56 110.5 110 14 3%5, 1940-43 .101.14 107.19 3%5. 1043-47 107. 106.31 3%5. 1941-43 107.19 107.20 3%5. 1943-45 105 23 105.24 3%5. 1941 107.21 107.22 3%5. 1944-46 105.20 105.22 3'aS. 1945-49 / 104.25 104.24 3%5. 1949-52 S. 104.21 104.24 3s, 1954-55 103 24 103.27 3s. 1945-48 103.22 103.24 2%5. 1955-60 101.21 101.24 Home Owners Loan Corp. 2 3 4S. 1949 . 100.10 100.10 3s. 1952 101.29 101.29 4s. 1951 100.28 100.29 Federal Farm Mortgage Corp. 3% 5. 1964 103.28 103.31 3s. 1949 101.30 101.28 3s. 1942-47 101.28 102.1 DOMESTIC Prev. Issue Close close Aleg Corp 5s ’44 69% 69 Alleg Corp 5s 'SO 14% 15 Am Frgn Pow 5s 2030 58% 58% Am Tel Sc Tel 5%s '43 113% 113% Am Tel & Tel 5s '65 112% 112% Arm & Cos (Deli 5%s ’43 104% 105 Atl Coast Line 4s '52 98% 97% Atl Coast Line 4%s ’64 82 Atch Top Sc S Fe 4%s '4B 106% 106% Am Wat Wks 5s ’44 93% 93% Am Rolling Mill: 5s ’3B 106 105% Balt Sc Ohio 5s ’95 60 59% Balt Sc Ohio 6s ’95 69% 69% Balt & Ohio 4%s ’6O 47% 45 Buff Roch & Pitt 4’is ’V 56% 56 Beth Steel 5s ’36 103% 103% Chi Milw & St PI 5s '75 11% 11% Chi Milw Sc St PI 5s 2000 3% 3% Cleve Un Term 5s ’73 85 85 Cleve Un Term 4%s ’77 80% 81% Col Gas 5s May ’52 84 83 Col Gas 5s April ’52 83% 83% Col Gas 5s ’6l 83 83 Can Pac Ferp 4s 85% 85% Cent Pac 5s ’6O 70% 70% Big Four 4%s ’77 64% 62% Chi Sc West Ind 4s ’52 97 96% Chi & West Ind 5%s '62 103% 104% Chi Sc Nor West 4%s ’49 11% 11% Con Gas 5s ’57 105% 105% Chesa Corp 5s ’47 103% 103% Dodge Bros 6s ’4O 105% 105% Del Sc Huds 4s ’43 79 79% Erie 5s ’75 58% 56% Erie 5s ’67 58 57 Gen Cables 5%s ’47 89 89 Grt Northern 7s ’36 85 84% Grt Northern 4%s '76 66% 63 Grt Northern 4%s 477 67 65% Gen Stl Cast WW 5%s '49 70 70 Hud & Manhat Ref 5s ’57 86 86 111 Cent 4%3 '66 .. 48 47% 111 Cent Jt 4%s '63 52% 52 111 Cent 5s ’63 57 56% Interntl Hy Elec 6s ’44 .... 35% 36 Interntl Tel Sc Tel 4%s ’39 ... 64% 65 Interntl Tel & Tel 5s '55 .... 60 61% Interntl Tel & Tel 4%s ’52 ... 55% 55% P Lorillard 7s ’44 127% 127% McKess & 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 54 53 Nickel Plate 5%s ’74 63 62% Nickel Plate 6s '35 55 55 N Y Cent 5s 2013 .. . 57=4 55 N Y Cent 4%s 2013 (old) 53 50% Nor Amer Cos 5s '6l .. - 91 92% Nor Pac 3s 2047 73% 73% Nor Pac 4%s 2047 77 77% Nor Pac 6s 2047 92% 91% New Orleans Term 4s ’53 82 82 Otis Steel 6s '4l 85 85 Penn Rv 4Hs 'B4 102% 102% Penn Rv 4%s 'Bl 102% 102% Penn Rv 4%s ’7O 93% 93% Pac G Sc E 5s '42 ... 107 106% Portland Gen El 4%s '6O 59% 60 Para Publix 5%s ’Bl 103% 103% Postal Tel Sc Cab 5s 53 44% 43 Rem Rand W W 5%s '47 102 101% Sinclair Oil 6%s ’3B 103% 103 Shell Union Oil 5s ’47 103 102% Soi Pac 4%s '6B 60% 60 Sou Pac 4%s ’Bl 61 60 Sou Pac 4%s '69 61 60% Sou Rail 4s ’56 42 % 42 Sharon Stl Hoop 5%s ’4B 83 83 Texas Pac 5s ’BO 83% 83% Texas Pac 5s ’79 83% 83% Texas Pac 5s ’77 84% 84 Union Pac 4s ’47 111% Ill’s United Drug 5s ’53. 89% 89 = 2 U S Rubber 5s ’47 91% 92 NY NH & Hart 6s ’4B 35 34 NY NH Sc Hart 4%S 67 29 28% Warner Bros 6s ’39 52% 51% Western Mary 5%s ’77 99% 99% Western Mary 4s ’52 93 93 Youngtown S Sc T 5s ’7O .... 92% 92 Youngstown SScT 5s ’7B ... 92% 92% FOREIGN Argentina (A) '57 93% 93% Areentine =B' ’SB 93% 93% Brazil 8s '4l 30% 30% Canadian Govt 4s ’6O 105 = 4 105 = 4 Denmark 5%s '55 99% 99% German 5%s 65 28=4 28% German 7s '49 37% 36% Italy 7s 'sl 86% 87 Japan 6%s '54 95 94% Poland 7s '47 102% 102% Rome 6%s '52 77% 76% Tokio City 5%s '6l 77% 77%

1 - 1934-5-MONTHLY; DAILY FROM OCT. Ist1 st l ~ 48 T - ! 46 j 1 DAILY AVERAGE b i 41 300 COMMON STOCKS & • L_ 40 Wetiel Market Bureau, Inc., ————————————- 38 1 3 6 j 34 I “I,!, ~ oy 1 I _• _t_* II I * f I I t t I _ •ii i;|l Ii ii ii ii Ii ii< 1 1 1 1 1 1 1 • 1 l > i > ; ; 9 , tii ii i > t ti i i i t i ? > t it* i t t l ii t ii , t ii ii t~~ i i | ( ii ii j ii ii i 1 ' ■ • 1 ‘ 1 i I 1 • < ' • . i 77 ' 1 I * l 1 * * * 1 * t I tf t t > 1 1 11 1 iI I I I I I ) I l i | 11(1111 |l> I | | Ii t I C” I'| "" I I "I 9A 1 * 1 1 1 I 1 (Iff I ( t > t t | I*l I I I • I t * I I I I l '< I I I >li > II I 111 ( t ( I I I * 1 • 1 I I I I I l ,1 t l 18 '* ** l 11 1 * 1 * * t> * t > t i t i I t I I| ii , i , t . fittaiyz jOCL 4 IMS 25 16 15 2226 6 13 20 273 10 17 24 31 7 U 202& 7 5421 26 4 OCT NOV. DEC. JAN. FEB. MAR. APJfr

ALIEN RETURN TO GOLD SEEN VIA SWAPPING

United States Is Exchanging Yellow Metal for White Metal. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON, April 10.—'Th? Treasury is speeding up exchange of gold for foreign silver as a move toward eventual return of foreign nations to the gold standard, observers celieved today. In the past two weeks secretary of the Treasury Henry Morgenthau Jr., has sent gold abroad in return for $12,000,000 worth of silver, he announced. Principal sales have been to Latin-American countries. Mexico has taken $4,312,000 of gold in return for silver and $3,010,000 worth has been sold to Venezuela. Officials said “swapping” of gold for silver was a part of the silver purchase program passed last year by Congress to raise silver monetary stocks to 25 per cent of gold stocks. Former president Hoover recently urged a return to the gold standard. Administration officials believe this may be accomplished eventually through international argeements. American silver advocates who have demanded the treasury carry out terms of the 1934 silver purchase act hailed the new purchases as presaging higher prices for domestic producers. Domestic miners have received the equivalent of 64= > cents an ounce sipce Dec. 21, 1933, under a presidential proclamation carrying out the terms of the London silver agreement. The 64%-cent price at the time represented a substantial “subsidy” to American producers. With government purchases carry-* ing prices up to around 63 cents an ounce, this spread has narrowed. When the world price rises above the 64%-cent level, it was indicated, American producers will receive the benefit of the higher prices. Officials were undecided whether issuance of anew proclamation to raise the domestic purchase price above cents would be necessary. At the present rate of silver production, everv cent rise in the price means $30,000 additional income to American producers. Treasury purchases were influenced by continued abnormal increase in this country’s gold holdings because of disturbances abroad. Gold stocks on April 5 reached a record high of $8,580,089,425. Even the exchange of a part of the gold for foreign silver has not raised the silver percentage to 2 S. On the basis of $8,580,089,425 in gold, silver stocks still must be boosted to $2,860,027,808. The Treasury now has approximately $1,000,000,000 in its silver reserves.

RALPH L. BOGAN WILL HEAD NEW BUS FIRM Great Eastern System, Inc., Appoints New Executive. Revamping of Great Eastern Stages, Inc., involving a change of name to the Great Eastern System, Inc., and the acquisition of newexecutive blood and new capital, has been completed, it was announced today. Ralph A. L. Bogan, formerly vice president of Greyhound Management Corp., is now president of the Great Eastern System, Paul K. Wadsworth is vice president, and A. P. Sledz, Cleveland, is treasurer. Ralph Bogan has played an important role in practically every phase of the bus industry. L. R. Higgs, Great Eastern division superintendent at Indianapolis, reported a 30 per cent increase in business in March over the month of February for the local department. MARCH INCOME TAXES TOTAL $321,726,348 Increase of 39.7 Per Cent Is Shown Over Same Period in 1934. By Times Special WASHINGTON, April 10.—Income tax collections from 64 internal revenue districts at the end of March amounted to $321,726,348, an increase of 39.7 per cent over the corresponding month of 1934, the treasury- reported today. The report, after a final check, showed that there were increased collections from every district except Hawaiia. Collections in the latter district fell from $1,005,648 to $976,511. Last year’s collections for March in the 64 districts totaled $230,358,089.

PAGE 13

Curve of Prices Tells U. S. Economic History; Price-Fixing, in Disfavor Complaints About High Cost of Living Have Been a Danger Signal to Administrations Ever Since Birth of Governments. Editor's Note—This is the last of three articles about the cost of living. BY RUTH FINNEY a -nes Special Writer WASHINGTON, April 10.—Complaints about .he high cost of living have been a danger signal to governments ever since there have been governments. In the United States the curve of prices has outlined the . economic history of the country F3l ing prices have produced their crises, their greenback mc.vements and Populist movements and the Roosevelt "revolution,” and rising prices have given birth to the antimonopoly party, the anti-trust laws, the Granger movement, the labor movement, utility regulation of all kinds, and the ' return to normalcy " of 1920.

The Administration has decided to turn its back on‘price-fixing and production controls for industry, and President Roosevelt has indicated he will favor a return to sonre of the principles of the anti-trust laws in remodeling NR A. But AAA is defending higher food costs, for the most part. Bottom in 1933 i “Food costs,” says Consumers’ Guide, issued by the Consumers’ Council of AAA, struck bottom in 1933 when they were slightly less than food costs in 1913. Total cost of living in 1933 yvas still 30 per cent above the 1913 level. No other item in the cost of living dropped so low as food in 1933. Even with the increase in food costs since 1933, food prices on Feb. 12, 1935, were probably about 15 per cent below the February average of all living costs. “1934's bad growing weather, which drastically reduced supplies, is responsible for the severity of 1935's food-cost increases. Even with weather-reduced supplies, farmers produced in 1934 within 15 per cent of the amount they produced in 1929. 1934's industrial production was still about 40 per cent under that of 1929. . . . Permanent gains, both for farmers and consumers, can come only yvith greater industrial production at lower prices." Figures indicating how many families in the United States suffer hardship when living costs rise only a little, and how general the protest against this condition is likely to be, were compiled recently by the Brookings Institution. Most Incomes Under S2OOO Its studies show that even in 1929, 60 per cent of all families in the country received less than S2OOO a year and 71 per cent received less than $2500. One in every five families had less than SIOOO a year. Os all farm families, 82 per cent received less than S2OOO. Their living cost them less than urban dwellers, but the figures show that 72 per cent of the farm families did not have even SISOO a year. Taking all families, there were in in 1929 as many yvith incomes lower than SI7OO as there were with incomes above that figure. Sixtyeight per cent of the non-family individuals in the country received less than SISOO a year. The Brookings Institution commented that “at 1929 prices, a family income of S2OOO may be regarded as sufficient to supply only basic necessities.” At about the same time, Dr. Moredcai Ezekiel, economic adviser to the Agriculture Department, estimated that $2500 a year was necessary to assure “a moderately full life” for an American family. The national survey of potential product capacity, financed partly by CWA funds and completed last fall, estimated that each of America’s 27 million families must hdve an income of $4700 if the country is to realize its full production capacity. Hold 43 Per Cent Too Low The American Federation of Labor estimates that $1912 was necessary 7 to support a family of five in “health and decency” in 1934, and adds that the average income was $1099, or 43 per cent below the “health and decency” level. Some of the low wages which went into this average were disclosed by the census of manufactures made in 1933. It found that makers of men’s shirts and work clothing were averaging SSOO a year —which meant that unskilled workers received even less. Makers of clay products averaged $600; of pottery, $760; of cigarets, $622. Steel workers averaged $935; automobile workers, $1060; makers of machine tools, tires and inner tubes, SIOOO. President Roosevelt has indicated several times that he would like to see wages stablized on an annual basis rather than an hourly or daily rate, which means little when gaps in employment and part-time work are taken into consideration. So far little has been accomplished along these lines. And food goes up. (The End.)

What Does It Mean? Commodity Money — A gold currency nnder the system of gratuitous or virtually gratuitous coinage may b called a commodity money, if is a tcryn tor money with full bullion value.

SWINE VALUES MOVE UPWARD Cattle Market Unchanged: Vealers Steady at $10.50 Down. Despite a continued heavy run of supplies on hand at the Indianapolis Union Stockyards today, the pork market was generally steady to 15 cents higher than yesterday's weak averages. A brisk demand prevailed in practically all classes. The increase, however, was limited mostly to the medium and heavyweight divisions, where competition was strong. The lightweight classes were mostly unchanged. Receipts today were estimated at 50G0, same as in the previous session. Holdovers numbered 188. The bulk, 160 to 250 pounds, sold at $9.05 to $9.30, while heavyweights, scaling 250 pounds and upward brought $8.65 to $9. Light classes, ranging from 130 to 160 nounds. cashed in at $8.25 to $9. while light lights, weighing 100 to 130 pounds held at S7 to $8 Packing sows brought $7.75 to $8.50. Trading was less active in the cattle market, especially in slaughter steers, where prices remained mostly unchanged. Today's run included approximately 800 feeder stcck. Buik of steers held undsr sll, with some choice kinds considerably higher. Vealers were stationary at $10.50 down. Lambs were dull and unchanged, selling at $7.65 down. HOGS April Bulk. Top. Receipts 4. $9.10*/ 9 20 $9.25 5000 5. 9.25® 9.35 9 35 500 C 6. 9.10® 9 30 9 30 150f 8. 9.20 S 9 45 9 50 4=or 9. 9.00® 9 30 9 30 5000 10. 9 05® 9.30 9 30 5005 Light lights: (140-160) Good and choice $8 75® 925 Medium * 8 25® 900 Light weight: (160-180i Good and choice . 9 25® 930 Medium . . 8 75® 910 'IBO-200) Good and choice . 9 25® 930 Medium . 8 75® 910 Medium weight: (200-220) Good and choice .. 9 15® 925 '220-250' Good and choice . 9 05® 915 Heavyweight: (250-290' Good and choice .. 8 95® 9 0.5 '290-350' Good and choice 8 75® 8 95 Packing sows: '275-350! Good 8 25® 8 50 '350-4251 Good 8 15® 8 35 1275-350' Mdium 8:00® 8 25 1425-550' Good 7 75® 8 15 Slauehter pigs: 100-140' Good and choice • 7 on® 875 Medium 6.5 )® 8 25 CATTLE —Receipts. 2200 —Steers—-(soo-900) choice $110071300 Good 9 75 ® 12.00 Medium 8 00® 10 25 Common 6 50® 8 25 (900-1100) Choice 12 75®14.00 Good 10 25® 13.00 Medium 8.50®10.50 Common 6.50® 8.50 (1100-1300) Choice 13.00® 14 25 Good 11.00® 13 25 Medium 9 00® 11 no (1300-1500) Choice 13 25® 14 00 —Heifers—-(soo-750) Good 11 00® 13 25 Choice 10 00® 11.25 Good 3 00® 10 00 Common and medium .. 6 00® 900 (750-900) Good and choice 9 25®11.50 Common and medium 6 00® 9.25 —Cows (Yearling Exluded) Good 6.50® 8 00 Common and medium . 4.75® 650 Low cutter, cutters 3.00® 4.75 Bulls, good . 6.00® 725 Cutter, com. and mcd. bulls 4.25® 6.00 VEALERS —Receipts 700— Good and choice . .. $9 50® 10 50 Medium 8 00® 9 50 Cull and common 4.00® a.OO —Calves—-(2so-500) Good and choice ... 6 50® 950 Common and medium 3.50® 6.50 —Feeder and Stocker Cattle——Steers— (soo-900' Good and choice 6 25® 825 Common and medium 4 75® 6 25 (900-1050) Good and choice . 6 25® 825 Common and medium 4 75® 6 25 —Cows— Good . . . . 4.25® 500 Common and medium 3 75® 4 25 SHEEP AND LAMBS —Receipts. 600— (Shorn Basis) Lambs. 90 to IJO lbs., good and choice $7 (0® 7 65 Common and medium 5.25® 7 00 90-120 lbs., good and choice 3 50® 4 00 Sheen: 120-150' Good and choice 2 50® 3 75 All weights, common and medium 150® 2 75

Other Livestock

•Bv '.'ntted Press • LAFAYETTE, April 10.—Market steady to 15c higher; 160-310 lbs. $9 05-69 13; 210-235 lbs. $8 950 9; 235-275 lbs., $8 33-% 890 275-325 lbs. $6 70-68 80. 180-180 lbs, $909 10: 140-180 lbs. $8.50-6 8.75: 130-140 lbs. SBOB 25: 120-130 lbs $7.5007 75; 100120 lbs . S6 750725; roughs. $8 25 down Calves—Steady, $9 50 down. Lambs — Steady. $7 down. FT WAYNE April 10.—Hogs—Stead v; 160-180 lb; . $9 20. 180-200 lbs . $9 10. 200225 lbs.. 52, 225-250 lbs $8 90 . 250-300 ib< . $8 80; 300-350 lbs $8 60; 150-160 lbs. $8 90: 140-150 lbs 53.65. 130-140 ifcs . $8 40; 120-130 lbs.. $7 90. 100-120 lbs $749 roughs. SB. stags. $6 Calves, 10; lambs, wocled, 8. clipped lambs. $7 •By Times Special) LOUISVILLE April 10—Cattle—Recelp's 600. including 350 slaughter canle in light supply; quality generally plain, demand fairly broad, market, moderately active, full v s-eady; bulk common to medium grade, steers and heifers salable $709.25. bet’er finished kinds quotable $9 50010 50 and above for strictlv good kinds; bulk beef cows. $5-6 6 50: good heavy crows and smooth heifer types to $7 and above, lowcutters and cutters, mostly S3O 4 50, bulk sausage bulls. $4 50-6 5 75. desirable beef bulls to $6 50 ar.d above for vearling typebulk desirable Hereford stock calves. $7 30 08 50 choic* kind* higher plainer grade southern tockers $3 500 550 Calves—Receipts 300. including 75 s’ock calves, vealers mistiy 50c hlgh*r. bulk better grades $8 50 09: strictlv choice $9 50. medium and lower grades, 17 50 down Hogs—Rceipts. 800; msrket. !0c lower f op and bulk better, 180-250 lbs $9 255 lbs up, S3 55 160-175 lbs, $3 50; 140-155 lbs. $3 120-135 lbs, $7.05; sows weighing 400 lbs down. $7 25; heavier sows discounted 50c. Sheep —Receipts, 25. market, steady; bulk medium to good woo led lambs $8 50 0 7 50; choice quotable around M. common throwouts. mostly $5, and most fag aoo.ed ewe* 13.50 down. I

SHIPMENTS OF CATTLE FROM CANADA SPURT

One Week's Sales to U. S. Nearly as Large as All of Last Year. By T mr* Sp‘ i ini MONTREAL. Quebec. April 10 During the second week of March, shipments of live cattle from Canada to the United States were nearly as large as for the whole of the preceding year and exceeded those of 1933, according to the monthly survey of the Royal Bank of Canada. This movement, which began late in January, electrified an unprepared market and intensified the competition for finished cattle which previously had been in demand for export to Great Britain, the bank said, adding that the immediate cause ot the opening of this new outlet was the shortage of goed animals in the United States resulting from adverse feed conditions and the rapid rise in cattle prices in Chicago from a depression low of $7.30 to a top price in January of $13.65 for choice steers. Profit Allowed “With a top price at Toronto for choice steers at $7,” the study continued, "this margin allowed the profitable shipment / of Canadian cattle to the United States markets in spite of the barriers imposed by the Smoot-Hawley tariff. “In January 1271 head of cattle were exported to the United States and in February 7654 head were shipped. The movement gained momentum—in the first week of March shipments amounted to 4841 head and in the second week to 6117. During the first 10 weeks of the year a total of 19,883 head of Canadian cattle was shipped to the United States, as compared with 879 head during the first three months of the preceding year. “From $5.60 for choice steers at Toronto in the second week of February prices advanced to $7 four weeks later. This has narrowed the margin between prices in Canada and the United States and it is reasonable to expect Canadian prices to continue to advance until prices in the domestic market plus tariff imposts and carrying charges to United States points balance the prices ruling in those markets. On the who’e, conditions are favorable for a continued advance in prices in United States markets. No Objections Seen “It will require an appreciable interval before the shortage in the United States can be overcome. Since shipments from Canada can constitute but a fraction of a per cent of the total slaughter requirements in the United States, it is unlikely that there wdll be strong objections to these imports on the part of the livestock industry in the United States. Certainly such objections are not likely to receive serious consideration from that government at a time when the United States hopes to negotiate a mutually favorable trade treaty with Canada. “During the last few years Great Britain has been the principal export market for Canadian cattle. In 1933 and 1934 shipments to that market amounted to 50,000 and 54,000 head respectively. Stringent regulation concerning cattle imports to Great Britain together with the recent rise in prices in Canada has retarded sales to Great Britain and exports to that market in 1935 have been substantially reduced. “In the past British cattle importers have frequently complained that Canada can not de depended upon as a source of steady supply. It has been their contention that the expense of establishing transportation facilities and building up the market is not justified. As against this viewpoint, however, it can hardly be contended that the Canadian livestock industry is to be blamed for taking advantage of a price differential as great as that provided by the recent rise in prices in the United States.” G. M. MARCH SALES • BEST SINCE 1929 Business Totals 126.691 Units in Month, Report Shows. B y Timet Special NEW YORK. April 10.—Sales records of six years’ standing had fallen today with the General Motors Corp. report that March business operated at levels surpassed only by 1929 figures. In all three classifications —sales to consumers, to domestic dealers and to all dealers, including overseas shipments—March sales were the best for any month since the boom year of 1929, bringing first quarter sales to impressive totals, the best for any similar quarter since 1930. Sales of General Motors cars and trucks to consumers in the United States during March totaled 126.691 units, compared with 77,297 in February and 93,174 in March. 1934. In March. 1929, the company sold 156,942 units.

CANADIAN IMPORTS INCREASE By Times Special MONTREAL. April 10—The importation of farm implements and machinery into Canada in February was valued at $337,000, compared with $200,000 a year ago. according to a report of the Dominion Bureau of Statistics today. BE SAFE Inaur- Ynar Car Today —Full Protection SgSgjKS State Automobile Iniuranee Aes'n. 1.1 37L 7th Floor Peridental BldgBUY A HOME WITH A LOAN FROM A LOCAL Building & Loan Assn.^