Indianapolis Times, Volume 47, Number 27, Indianapolis, Marion County, 11 April 1935 — Page 22

Wall St. Stock Speculation Return Is Likely, Consensus Shows. BY R*l.ril lIENDER<HOT Time* Special Writer

NEW YORK. April 11 —With New York Stock Exchange memberships selling around the lowest price in more than fifteen years Wall Street brokers are more than ever concerned over the future of security trading. Opinions on the question differ, but the majority believe that sooner or later the public will come baric into the market.

and then all will be happy again. Thus point of view would seem to have logic to support it. Human nature doubtless has chang'd very little since 1929. and purchases and sales of securities are still prompted by the very hunt an desire to make profits. And, in all probability, there are a? many

Ralph Ilrndrrshot

now who would like to make quick profits as there were in the boom era of a few years ago. which would suggest that, we may expect plenty of speculation at the proper time. The securities and Exchange Commission has put an effective damper on the business of making markets. It is no longer possible legally to ‘•jiggle" stocks in an effort to attract attention and. incidentally, buying, so it. is more than likely that the market will lag behind business somewhat. a a a TJUT it follows also that if it is illegal to start markets artificially. it likewise is illegal to stop them artificially. Under the circumstances, therefore, the stock market of the future may move faster and further once it gets going than it ever has in the past. If the public acts in mass formation when it gets frightened, as it did in the 1929 crash, it may be expected to perform similarly when the proper encouragement of possible profits presents itself. The fact that people will spend virtually their last dollar on a sweepstake ticket would seem to indicate that they still have the gambling urge. In all probability they would play their all on the stock market again, too. if they thought the prospects of profits were sufficiently attractive. BUM XI THEN business increases stock * ’ market prices will follow. And when prices begin to advance speculators will come out of their shells again. At present most people are afraid to invest in any but the highest grade bonds, but It is reasonable to suppose that this fear is only a temporary condition. With the return of general confidence which would come with a sustained improvement In business, stocks would be likely to get their share of attention. When this is likely to occur, however. is almost anybody's guess. All the brokers can do in the meantime is to trim their sales as well as passible and try to ride out the storm. The rules of the game have been changed, but the game remains.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers. Fruits—Bananas. 5c a lb. Apples. Winegaps. $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: Bvram. seedless, per hundred. $3 Strawberries. Louisiana 24 pt. -rate. $3 25. Apricots. $3 crate. Grapes. Smith America, red. $3: white, $2 75; Honey Dews. South America, $3. Nectarines. South America, box. $3.50. Vegetable* Cabbage. Northern Danish 80-lb bag. $2 new red Texas, hamper. $3 50: new Texas, half crates. $2.75 Onions. Western Spanish. 50-lb. bag. $3 75; Michigan yellow. 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 strmgless. hamper. $2 50'i3. Celerv (washed and trimmedl. medivm, doz.. 50c; jumbo, rioz. 75c hearts, doz. 90c Cucumbers, ho: house, dozen. *1 35: 2 dozen box *2 50 Endive. California, dozen sl. Egg riant. slSo( ( i2 doz Kale, bushel, 60c. ettuce. hot house. 15-11. basket, $160; Arizona Iceberg head 1* ttuce. $5. Yuma, crate $4 Mangoes. $5 <i 6 a crate: small basket. 60c. Mint a dozen, sl. Parslev, dozen. 35c Peas hamper. $3 50. Spinarn Texas, bushel. $1 Radishes. dozen.' 651-75 Turnips bushel. 75c Parsnips, bushel. I! 25 Brets, bushel. I. Carrots, bushel <1 100-lb sack. $1.73 Rhubarb 6e: house. 5-h carton. 63c doien bunches. *l2O. Mushrooms, lb 30c. All quotations subject to change up or down. FRUITS AM> VEGETABLES Bv United Press > CHICAGO. Aorii 11 Apples—Michigan R" bushel. *1 50 Illinois Jonathans, bushel, $1 50 Illinois Willow Twics. bushel. *1 40 C’rrots—Western Lettuce, crate $2 25 265 Turnips Illinois, bushel 25 n 40c. Sweet Potatoes Kentuckv. Tennessee bushel 80si90c: Indiana bushel $1.25 h 1 50 Lettuce- Western, crate 5 dozen. *3.50'.<3 75 Leaf Lettuce—lllinois, crate 654i 75c Bear.?—Florida, green bushel. $2 255i2 50 Spinach - Texas bushel sl*i 150 Cabbage—California lettuce crate *4 50 Onion Sets Illinois Mirhiean sacks, a bushel vellows $3 50 ;3 75 ‘Vas— California, bushel hampers. $3 50 Tomatoes Florida lues. $1 25 t I Mexican 'ucs s2*i 2.60 Rhubarb—Michigan. 5-pound cartons. 30 '*t 60c. Produce Markets Delivered In Indianapolis prices; Heavy breed hens. 16c. Leghorn hens. 14c; boilers 2 lbs and up. 20c: Leghorn boilers. 2 lbs and up 17c barebacks boilers. 13c: rocks and stags 8c Ducks full feathered and fat 9c geese full feathered and fat. 6c All classes f guineas. 15c. No. 1 stnetiv fresh country run eggs, loss oS 19c. Each full case must weigh 55 lbs. gross a deduction of 10c a pound under 55 Ib.cw will be made Butter—No. 1. 38 039 c; butterfat. 34c. Quoted by the Waaler Cos. (By United Presai CHICAGO April 11 Eggs—Market firm; receipts. 29 604 cases; extra firsts. 24c. fresh graded firsts. 23'jc: current receipts. 22’jc; dirties. 21’sc checks 22c Butter- Market, weak: receipts. 7604 tubs: extra firsts t9O-91 ! - score'. 35*i35'zc; ex tras <92 score'. firsts. <6B 89 ! g score'. 34’ J i34 , ,c: seconds 86-67'j score, 535Z33'.c: specials 36 1 4$i36 1 4C: standards; 3S’4c Poultry—Market, steady, receipts. 22 trucks and one car. none due; capons. 25 i 26c hens. 2I t 22c: broilers. 24'<i25c: fryers 24 <;2c turkevs 23*r27c old roosters. 14 115 c ducks. 18't4i22r; geese 13$t lie; leghorn hens. 19c Cheese—Twins 1*416 ! 4C daisies. H'ISIIV; longhorns. J f jt 16 ,c Potatoes -Supply moderate, demand and trading active market stronger Wisconsin round whites 87’ji95e: Idaho russet. S2 27' 2 *t2 40: United States Commercial, $2 Uni?d States No 2, *lB5. New stock—Supply light: demand and trading limited; market stronger Florid* bushel crates bliss iriumphs. washed S3 25 AritvalsM. on track 260. shipments 904. 1/OC4I CASH MARKET City grain elevators are paying t 7 cents Jpr No 2 soft red wheat. Other grades on their mnta Cash corn Ho. 3 yellow. •1 cents, aa.t ou 43 cent*.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 22

STOCK MARKET TURNS UNEVEN AFTER GAINING

Early Demonstration Shown as Result of Lift in Silver Buying Price. Bp I nited I’ri •* NEW YORK. April 11—The stock market turned irregular today after an early demonstration in silver stocks as results of the government's announcement of a price increase for newly mined silver. The early strength swept into commodities markets with silver gaining more than a cent an ounce in Montreal, cotton advancing more than $1 a bale here and lesser gains in other divisions. Wheat in Chicago jumped more than 3 cents a bushel at the opening. Profit-tak-ing pared many of these gains. On the stock market silver shares maintained most of their gains with United States Smelting up 4'* points at 108. American Smelting up - at 36\. while fractional gains appeared for Howe Sound and Cerro De Pa.sro. The remainder of the market was mixed, Steel issues generally showing small declines with United States Steel common at, 30'S. Atchison was off '*■ at 35. Union Pacific off i at 89> 2 , but New York Central was up ' at lb I .*. Consolidated Gas was . lower at 19 s * and American Telephone was lower at 106. FEBRUARY JOBLESS REPORTED 13,378,000 No Real Progress Made in Solution of Problem, Survey Shows, Bp Tunes Special NEW YORK. April 11—The total number of persons unemployed in the United States declined from 13,657,000 in January to 13.378,000 in February, according to the Business Conditions Weekly of the Alexander Hamilton Institute. Unemployment in February was only slightly lower than in the corresponding month last year when the figure was 13.621.000, and It was considerably higher than the low for the recovery movement reached in May last year, when the figure was 12,398 000. February unemployment also was larger than in September, 1933, show ing that no permanent progress has been made in the solution of the problem since the first six months after the bank panic in March, 1933, when the number of unemployed declined from the depression's peak' of 16,814,000 to 12.913.000. INGOT PRODUCTION RISES IN QUARTER Open Hearth Output Operates at 49.32 Per Cent of Capacity. Bp Time s Special NEW YORK, April 11.—Open hearth and Bessemer ingot production in the March quarter totaled 8.406,995 grass tons, and operations were at an average of 49.32 per cent of capacity, according to reports received by the American Iron and Steel Institute. Output compares with 6,915,785 gross tons in the first quarter of 1934. with 4.992.947 gross tons in the December. 1934, quarter and 9,081,025 gross tons in the full second half of 1934. The operating rate of 49.32 per cent compared with 40.27 per cent in the March, 1934, quarter, 28.07 per cent for the December quarter and an average of 36.89 per cent for the full year 1934. USE of steelTreduced Industries Consume Only 59,000,000 Tons in Five Years. Bp Times Special NEW YORK. April 11.—Consumption of finished steel by major American industries during the last five years, from 1930-35, amounted to only 59.000.000 tons, compared with 126,000,000 tons in the preceding five years, the American Iron and Steel Institute reported today. Steel consumption by railroads during the last five years has run approximately 67 per cent under the tonnage of the preceding fiveyear period. Consumption of steel by automobile industries during the period showed a decrease of 40 per cent, the report stated. PETROLATUM NOT TAXABLE WASHINGTON April 11. The Bureau of Internal Revenue has ruled that petrolatum is not a lubricating oil under Section 601-C-l of the Revenue Act of 1932 and may therefore be sold tax free with an exemption eerti .cate.

(By Thomson A McKinnon 11:00 Pre v High. Low. A M. close. i Oil Amerada 57 56' - 57 56% I At 1 Rfe 24 3 , I4 3 24 3 4 245, Barnsdal! 7' 7 V 7 s , 7w Consol Oil 8V S 8 R Com of Del 18V IFV 18' • IB 3 * Houston inewt .. 2" 2V 2", 2 3 Mid Cont Pet .. 11’, ll 3 ,11 V 12 'Ohio Oil .... 10', io 3 HP, 10 3 , , Phillips Pe- ... 18’, 18 18’, 17 3 , Plymouth Oil ... 8 3 , 8 3 , B', Bs.8 s . : Pure Oil 7V 7V 7V 71, ! Seaboard Oil ... 27 3 , 27 3 ,27 V 27 3 4 Shell Un 7>, 7 7 Soc Vac 13V 13 V 13 V 13’.. SO Os Ir.d 24V, 24’, 24’, 24’, S O of N J 40’, 4040 40 I Texas Coro .. 20 V 20 20V 20’, 1 Tidewater Assn 9 3 * it 3 , 9 V 9 3 * : Un Oil of Cal .. 17 3 17 3 , 17 T ANARUS, 17', I Steel,— Am Roll Mill# .. 19’j 19’, 19’, 19V Beth Stee. 28’, 25’, 25’, 25V Bvers AM 14’. 14’, 14’, 14', McKeesport Tin 100’* 99 3 , 99 s , 100’, Natl Steel 44’, 44’, 44’, 44’, ' Otis Steel s>, 5V 5V s>, Rep Iron A: Steel 11 s , 11-V 11 s , lit, Ro Irr. & Stl nfd 35’, 35’, 35’, 35 U S Pine & Fdv 17 17 17 17>, U S Stee!333.C 3 .30 3 , 31 ! U S Steel pfd ... 8! 81 81 81 Warren Bros ... 4’, 4‘, V ', Chrysler 35 35’, 35 s , 35 s , Oen Motors 29V 29’, 29', 29V Oraham Mot ... i 3 , 13,l 3 , IV 2 Hudson 7V 7 7 Nash 13 V 13 13 13 Packard 3 V 3 V , 3 V 3', Reo 33 33 Studebaker .... 2 s * 2’, 2‘, 2V Yellow Truck .. . 33 3 2 3 , Motor Access— Bendlx 14V 14 14 14 Bohn Alum 55 55 55 55 Bor* Warner .... 333332 3 33 3 , 33 Briggs 27 26 s , 26 s , 26 s , Buad Mfg 3 s , 3 1 , 3 s , 4 Elec Auto Lit* . 21V 205, 20 s , 21 dec Stor Bat ... 42 43 4ft. 42 Houdaille A, ... S’, B', flft B‘, Stew Warner .. B', B', B s , Tuawca BoU ... Ji.a Ilia

STILL OPTIMISTIC

| ' 'I 1 5 * | <> ipglfc

Charles M. Schwab

Atoning for his gloomily interpreted statement when he returned from abroad a ,-hort while ago, Charles M. Schwab, chairman of the Bethlehem Steel Corp., told stockholders at the annual meeting Tuesday that he was "enthusiastic and optimistic regarding the industrial future of this eountrv.’’

LAND BANK DEAL SPURS INTEREST Seekers of Tax-Exempt Bonds Scrutinize Refunding 3 1 -4s. B]f Times Special NEW YORK. April 11.—Investors seeking tax-exempt bonds were reported showing particular interest today in the marketing of the refunding 3Us of the Federal Land Banks, although outside interests recognized that the opportunity would be narrowed because of preference to be given to holders of the called 5s to be redeemed May 1. The new investment presented was regarded as favorable in comparison with other land bank issues, notably the 4s of 1944-1946, the premium on which incurrent quotations reduces the yield to only slightly above 3 pier cent. The supply of tax exempt securities has not been too plentiful in recent weeks and yields have narrowed sharply. The demand for issues of this character has become considt v ably more obvious since the federal government announced the call of the Liberty 3U-s for redemption June 15. That announcement led to a perceptible increase in activity in the land bank issues, bond houses report. Bonds in the railroad group, although secondary issues have shown some pickup in speculative following in recent sessions, have failed to display a marked response to the general freight rate increase approved by the Interstate Commerce Commission. The reason for this, according to some statistical sources, is that the benefits of the new rates are expected to do only a little more than offset the higher wage scales which became effective at the beginning of this month. Furthermore, the roads are not likely to share equally in the benefits, according to such estimates as have been made. Some of the weaker carriers may even be affected adversely, it is claimed. SALES OF SEAL, FOX SKINS TOTAL $631,997 Prices Range From 24 to 34 Per Cent Higher Than Y'ear Ago. By Time* Special ST. LOUIS. April 11.—Sales of Alaska seal and blue fox skins at tne government's semi-annual auction amountedh to $631 997, it was announced here today. The attendance was the best for the last several years, which indicated an improved demand from both European and American fashion leaders. Approximately 26.600 seal skins sold at an average price of $23.37, an increase of 24 per cent over last fall's prices. The best grades brought S4O. The majority of blue fox skins averaged from S2O to $65 each, exceeding last fall's prices by 34 per cent, it was reported. Under the 1911 treaty Canada and Japan each receive approximately 15 per cent of the annual kill of 45.000 seals, while nearly 10 per cent of the skins now go to European buyers. Blue fox skins sold at the auction were estimated at 457.

Trend of Quotations on the New York Stock Exchange

J Minins—- ; Alaska Jun .... 17’, 17 17 17 Am Metals 17 16”, is 3 , lg', Am Smelt 36V 36’, 36', 35 V Anaconda U l , 11', 11’* 11 £ al * S ec! * • 3 ’ 3: 3>, 3', Cerro De Pasco 46 45', 44V ! Dome Mines ... 39 38 3 , 39 38 s , Gt Nor Ore ... 9 3 , 9 3 9V 10 Hawe Sound .. 45V 48 s , 48 s , 48’* j Ins Copper 33 33 Int Nickel . . 25 3 , 25 5 , 25 5 , 25 Mclntvre Mine . 42’, 41 3 , 42’, 42', Park Utah 3 s , 3 s , 3 s , 3‘, Noranda Cop ... 36 5 , 36’, 36>, 36 5 , Phelps Dodge .. 16‘, 16>, is 3 , ig St Joe Lead 14 3 , 14>, 14’, 14’, U S Smelters ...108', 106', 106', 103', .Vanadium 14', 14’, 14', 14 3 Amazements— Pox Theat V, 9 s , 9 s , 9 s , Loews Inc 38 37 5 , 37 5 , 37 5 , Radio Corp 4 3 , 4 s , 4 s , 4', 1 Paramount 3', 3 3’, 2 3 RKO I s , is i 3 , is | Warner Bros ... 3', 3’ 3‘, 35, Tobaccos—- ! Am Tobacco ‘ A' - 78 77 1 , 78 77 Am Tobacco B’ 79 s , 79 79’i 79J^ Gen Clears 55’, So 3 , 551, 551, Lie A- Myers B 98 s , 98’, 98 s , 98 Lorillard 19 3 , 19 3 , 19 3 , 19 3 , Phillip Morris 39 39 39 39 Reynolds Tob B 45’, 45‘, 45’, 45 3 , Rails—- ! Atchison *. 39’, 38', 39', 39V ' All Coast Lines 22 s , 22 5 , 22 5 , 22'B& O ... 10', 10S 10 s , 10 3 , Ch A Ohio 41 3 , 41’, 41', 41 Chi A Gt W s , s , s , r, C M A Sr P pld I’, I s , I s , I s , De!a A Hud . 27 s , 27 s , 27’, 27 s , ! Del Lac A- W .. 13’, 13 s , 13 s , 13 3 , Erie pfd 10 3 . 10 3 . 10 3 . 11 Grl Northrn pfd 11V 11 s , 11 s , 11V M K A- T ... 3 V 3 s , 3 s , 3’, N Y Cent . 15 3 ,15 V 15’, 15V N Y New Haven 4’, 4', 4’, 4*, N Y On: A West 3’a JV 3’, 3’, Nor Pacific 15V 15*. 15’, 15 Penn R R 20V 20V 20V 20V Sou Pac 14 V_l4 p 14 V 14 V Sou R R 10% H* 1 * lO'w 105, Union Pm ...... 89% ***• 49% M

INDIANAPOLIS, THURSDAY, APRIL 11, 1935

GUILDER'S ROLE POSES PROBLEM IN SUGAR TRADE Devaluation Threat Seen Enabling Javan Growers to Spur Exports. Bp Timet Special NEW YORK, April 11.—Threatened devaluation of the guilder was adding today td current agitation of the sugar industry through fear that Java might again invade world sugar markets. Cheapest producer of sugar and with a known capacity of 3.000,000 tons annually, the little island of the Malay Archipelago, under Dutch control, was the “problem nation’’ of the sugar industry in the early days of the Chadbourne agreement, but lately has withdrawn from Western world markets. Curb on Production The Chadbourne agreement curtailed the islands exports and placed a curb on production. It will not expire until April 1, 1936. The agreement is flexible, however, and Java could step up production if a market, were readily available, and. regardless of production, the island has considerably over 1.000.000 tons of surplus sugar impounded in its warehouses. With Holland on the gold basis. Java has been able only to sell sugar to Far Eastern neighbors, such as China, Japan and India. If the guilder cracked, an opportunity would be afforded to unload the island's surplus sugar through competition in England and the European Continent with Cuba and other Western world producers. The current crop of Java has been estimated at 500,990 tons, and production for 1936 is set at 450,000 tons. On Feb. 1 of this year the surplus sugar impounded on the island totaled 1.862,159. Big Exportable Surplus The surplus and the two coming crops aggregate 2,812,159 tons as total available supplies of the island through 1936. Domestic consumption to the beginning of 1937 has been estimated by Gordon Paton, statistician of the New York Coffee and Sugar Exchange at 756,000 tons, which would leave Java 2.056,000 tons available for export in the next two years. Theoretically, such a supply does not threaten any expansion of Javan sales activity. Exports of 73,000 tons a month would move it all away, and China, Japan and India are taking about that much from Java now. Potentially, however, Java could triple or quadruple projected 1936 production. In 1928, the island, which is just about the size of New York State, but has a population of produced 2,923,550 tons of sugar. Stock Studies AMERICAN TOBACCO t COMMON STOCK C* > |gice xRe EARNINGS PRICE RANGE SCALt 10 "B" —F7I r— 150 I 6 1 .JII-rI i | ■ ■ TnT. [3O 3i 32 33 34131 32 33 34 351 WINCHESTER INSTITUTE OF FINANCE American Tobacco Cos. is one of our largest producers of tobacco products, handling about one-third of the cigarettes and smoking tobacco used in the counti Large expenditures for national vertising have put across the “Lucky Strike” cigarets, as well as “Bull Durham” and “Tuxedo” smoking tobaccds and “Cremo” cigars. FINANCIAL DATA As of Dec. 31, 1934 Common stock is2s par) 1.609,696 shates Common "B” stock. ($25 pari 6% Preferred stock (SIOO pari $ 52.699.700 Funded Debt 962.900 Surplus 105.251.117 Cash and securities 34,639,798 Inventories 121,612,399 Total current assets 166,550.595 Current liabilities ... 9.314.458 American Tobacco Cos. was incorporated in 1904 in New Jersey. Both classes of stock are listed on the New York Stock Exchange. At a current price of around 76 s the “B’’ stock sells to yield 6’ 2 per cent and for 17 times 1934 earnings. (All riehts reserved. Winchester Institute of Finance. Winchester. Mass.) JOINS INDIANAPOLIS AGENCY Appointment of James C. Logan, Danville, Ind., as a special representative of the Ohio State Life Insurance Cos. was announced today. Mr. Logan will be associated with the Indianapolis agency.

Am Loco 11 s , UV 11V 11V | Am Steel Fdv ..14 14 14 14’, Bald Loco . IS is I s , IV ! Gen Am Tnk Cr 34’, 34 s , 34V 34', Gen Elec 23 5 , 23V 23 s , 23 s , WeSt Air Br 20 s , 20 s , 20 s , 20’, I Westingh Elec .. 37% 34’, 34', 37V Utilities— Am A For Pwr 3 s , 3 s , 3 V 3', j Am Power A Lit 3 s , 3 V 3 s , 3 s r A T A T 106 106 3 , 103 106 V : Am Wat Wks 11’, 11 11 11’, | Col Gas A Elec 6 3 , 6‘, 6V 6', Comm A Sou IV IV IV IV Consol Gas 20V 19', 19S 20 Int T A T 7>, 7 V 7V 7V Lot; G A . "A”. 15’, 15 15V 15V I Nat Pwr A Lit . 7 V 7 s , 7V 7V North Amer 12 s , 12 s , 12% 13 P3C GAO 17 17 17 17', ! Pub Serv N J ... 26 26 26 26 i So Cal Edison . 14V, 14 s , 14V 14 s , j Std Gas - - 3', 3 3 , 3V 3Vj United Corp 2 T , 2 s , 2V 2V Un Gas Imp .. 12 ll 3 , ll 3 , 12 | Ut PwrALt A' . IV I s , I s , IV Western Union . 25 s , 25 s , 25V 25', Rubbers — Firestone 14V 14V 14V 14V Goodrich B', B'-, 8 V 84, Ooodvear 18', 18V 18V 18 I Kelly Spring ... V V V V U S Rubber . 11 s , 11', 11 s * 11', U S Rubber pfd 29 V 29 29 28V Miscellaneous— Allis Chalmers 14V 14 s , 14", 14 s , Am Can 118 118 118 118 V Am Marh A Fdv 21 21 21 21V Brklvn Man Tr 333,7 3 ,37 5 , 37 5 , 37', J I Case ' 51 50V 50V 50', Conti Can 71V 71', 71>, 71V j Caterpillar Tract 41V 41 41V 41 s , j Crown Cork . 27V 27V 27', 27',; Curtis Pub 19', 19 19', 19 Curtis Pub pfd 98 98 98 97 1 , Deere A Cos 26 26 26 2 Eastman Kodak 124 V 124’, 124’, 124 V Gillette 14', 14 s , 14 s . 14 s , Giidden ... 26 5 , 26 s , 26 s , 26V Ingersoll Rand .68 68 68 67‘, Int Bus Mach . 168 V 168 V 168 V 168 , Inter Harv 37 s , 37V 37V 37V Natl Cash Reg .15 V 15V 15V 15V Owens Bottle .. SA. 87’, 87', 87V, Rem Rand 8 s * 8% 8% Underood X .. #■ J* M 49

LEAVES FOR CAPITAL

. / ' ,^**N **lW| •• &

Gen. R. E. Wood

With the $4,880,000,000 work fund hill passed. Gen R. E. Wood, president of Sears. Roebuck & Cos., who is slated to become head of the advisory apd allocation committee which will pass on distribution of the expenditures, has left for Washington to “find out what it’s all about.”

PORKER PRICES DROP SLIGHTLY

Market Generally 10 Cents Lower; Veals Strong to $1 Higher. Weakness developed in hog trading at the local stockyards, despite a decrease in receipts, and prices were steady to generally 10 cents lower than yesterday’s best average. The lightweight division, however, showed only a little change from the previous close. Dealings were light in practically all classifications, with oply a few scattered sales .being made during the early part of the session. Receipts were estimated at 4000, a decrease of 1000 from yesterday’s supply. This, however, had no effect on the market, as the demand Was smaller. The bulk, 160 to 275 pounds, sold at $8.90 to $9.20, while few better grades brought $9.25. Heavies, scaling 275 pounds and upward, cashed in at $8.55 to $8.85. Lightweights, from 130 to 160 pounds, sold at $8.25 to $9, while others, scaling 100 to 130 pounds, brought $7 to $8.25. Packing sows held at $7.75 to $8.35. Holdovers were 737. Trading was light in the cattle market, especially in slaughter steers, where prices remained unchanged at the previous close. Most steers held under sll. Few strictly choice kinds held above sl4. Vealers moved sharply $1 higher, selling at $11.50 down. Lambs were steady to strong, with clipped westerns salable at $7.50 to $7.75. STANDARD LIFE HOST AT PUBLIC RECEPTION New Office in Guaranty Building Will Be Open House. Former Governor Harry G. Leslie, as president, and his associates in Indiana's newest legal reserve life insurance company, the Standard Life Insurance Cos. of Indiana, were hosts today at a public reception held in the firm’s new home office in the Guaranty Building. A dinner, for which several hundred reservations had been made, was held at the Columbia Club last night. Officers and directors had as their guests all the stockholders. Among the speakers at the dinner were President Leslie, J. Raymond Schutz, Manchester College professor and a member of the board of directors, Harry C. McClain, Indiana insurance commissioner, and several others. FARM“ WORK” DELAYED General Rainfall Throughout State Checks Oats Sowing. Oats sowing and plowing, the two main farm activities in progress throughout the state, was somewhat delayed during the last week by general rainfall, according to a report released today by the United States Department of Agriculture. Oats sowing is well advanced, however, except in the northern counties. The condition of wheat throughout the state is reported as very good with the recent cold weather having practically no effect on the crop. Fruit trees have survived the recent cold and fro6ts with only slight damage.

Worthingtn Pmp 14V 14 s * 14 s , 14V Foods— Am Sugar 58V 57V 57V 58 Armour 4 3V 4 3V Armour 6% pfd 60V 60V 60V 60 Borden Prod . 23V 22V 22 s , 23 Can Dry G Ale . 9V 9 s * 9 s , 9 3 t Corn Prod ..66V 66 66 66V Crm of Wheat . 37 s , 37 5 ,335,7 5 ,37 s , Gen Baking ... 7V 7 s , 7 s , 7V Gen Foods 34 33 5 , 34 33V Gold Dust 16V 16 16 16V G W Sugar . ... 30V 29V 30 30V Natl Biscuit .. 24V 24 s , 24 s , 24V Natl D Prod ... 14V 14V 14V 14 s , Purity Bak 10 10 10 9 V S Porto Rico Sug 24 23V 23V 24 Std Brands 15V 15V 15 3 , 15 s , Cn Biscuit 23 V 23 23 23V United Fruit ... 82 81V 81V 81V Retail Stores— Assd Dry Goods 9V 9V 9V 9 s , Best A Cos 37V 36 s , 37V 36’, First Natl Stores 47’, 47’, 47V 47’, Gimbel Bros 2V 2V 2V 2V Gr Un Tea . 2 s , 2 s , 2 s , 2V Hahn Dept Sts . 4V 4’ 4V 4V Chicago Stocks ’By Abbott. Proctor A Paine! 11:00 Prev A M dose Berghoff 4 s , 4 s , Ber.dix ............... 14 14 , Cent Southwest V V ch icago Cork 1 , I s , Chicago Corp 30 30 Cities Service IV IV Cran* Cos 9 ’, 9’, Com A Edison .*.......... 60 61 Cord 2 s , 2 s , Chicago Mail . 18 s . 13 , Kingsberry IV I s , Libbv *.■•*•••••••••••••••••••• iV i 3 , Prim a 3 , 3 3 a Swift >...*••• Bwift Int 33 5 , 34V M 49

U. S. STUDYING CONVERSION OF LIBERTYBQNDS Replacement of War-Time Liens With Lower Coupon Issues Aimed. Bp United Press WASHINGTON, April 11.—Conversion of the remaining $1,300,000,000 of the original $25,000,000,000 in war time bonds into lower interest bearing securities may be called for by the Treasury soon, it was indicated today. The treasury has until April 15 to call inthe Fourth Liberty Loan 4*4 per cent bonds. The call, if one is to be made, must be made six months prior to the next interest date, which is Oct. 15. The First Liberty Loan issue of $1,933,212,400 bonds bearing 3 ; 2 , 4 and 44 per cent interest, has been called for June 15 and will be converted into lower interest bearing securities. Others Paid Off All the remainder of the war-time bonds either have been paid off in cash or refunded into lower interest bearing securities Despite the retirement of the war time bonds, heavy New Deal spending has carried the public debt to a record peak of $28,700,000,000. A large part of the refunding of the war-time bonds has been undertaken by the Roosevelt Administration with the aid of the lowest interest rates in decades. When President Roosevelt took office there were still $8,201,307,550 of war-time Liberty bonds outstanding. Through refunding of the larger part of these securities, principally into 3 and 34 per cent bonds, the Treasury has saved some $100,000,000 annually in interest charges. Gold Bonds Retired In addition the Treasury has eliminated many of its securities which bore the “payable in gold” clause, object of protracted controversy in the courts. Retirement of the gold bonds is intended to remove the government’s liability on the gold clause score. Three separate transactions occurred in the last 18 months in the conversion of all but the Fourth Liberties. First a block of $1,250,000,090 was exchanged, followed by two exchanges of $1,850,000,000 each at six-month intervals. Because of the heavy demand for government obligations, most of them are selling at prices to yield only 2% per cent in the open market.

GRAIN PRICES SPURT ON TREASURY MOVE Action on Silver Boosts Values at Pits. Bp United Press CHICAGO. April 1 1. Whea t prices bounded 3 cents higher at the opening of trading on the Board of Trade today, as a result of the Treasury’s action in raising the price of newly mined silver. July and September wheat was up 3% cents over yesterday’s close and May was 2% cents higher. The rise in wheat, which was reflected in other grains, followed sharp increases in the stock and cotton markets which greeted the new 71.11 cents price on silver. July wheat sold at 98 Vs cents at the opening; September at 98 and May from 98’i to 99 U. Rye was up from 1 to 11-i cents, oats 1 cent and com from to ! cent. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. Close. May 99 .98V4 ,98 3 p ,96 3 4 July 98’4 .96 7 / .967* .94 7 r Sent 98'/* .ae 3 -* .97 .9474 CornMay 88 3 4 .878* .87 *i .88'2 July 84 .82 Vg ,82 3 .82 7 Sent 78’2 .77 5 * .77 3 .78 Oats— May 50*4 .49'.* ,49’ii .49'. Julv 43 > 42 3 42% .42’* Sent 40.39 3 .39'2 .39'2 Rye— Mav 60' .59'2 .59' 2 ,58 7 4 Julv 61 r 4 ,60 s * ,60 3 < .60 Sept 63' 4 62’, .62 ’4 .61 T * PAID BUSINESS GAINS Bp Times Special FT. WAYNE. April 11.—A 31 per cent gain in regular paid business for the first quarter of 1935 over the corresponding period of 1934 has been made by the Lincoln National Life Insurance Cos., Arthur F. Hall, president, announced today.

Jewel Tea 52 V 52 s , 52V 52 Kresge S S 20 V, 20 Va 20 V 20 V Kroger Groc . ...J5 25 25 24 5 , Macy R H 35V 34V 34V 36 McCrory St 9 8V 9 SV McLellan St ... 10 10 10 9 V Mont Ward 24V 24V 24V 24 s , Penney J C 63V 63V 63V 63 5 , Safeway St ... 38 s , 38V 38 s , 38 s , Sears Roebuck .. 36 35V 35V 35 s , Woolworth 55V 54 5 , 55 54V AviationAviation Corp .. 3 3 3 s * 3 s , 3* Boeing Aircft .. 7V 7V 7 s , 7 s , Curtiss Wright . 2V 2V 2V 2’, Curtiss W'r "A”. 8 ,8 8 8 Douglas Air 21% 31V 21V 21V Nor Am Av 2% 3V 2 s , 2 3 , Sperry Corp ... 9 8V 8V 9 Un Aircft New. 11H 11V UV 11V Chemicals— Air Reduction ..114V 114 V 114 V 114 V Allied Chem ..13V, 132’, 132', 133 V Am Com Alcohol 26 26 26 25 V Com Solvents .. 19V 19V 19V 19V New York Curb ■By Abbott. Proctor A Painet 12:00 i Noon) Prev N. Y. Close. Allied Mills 13 s , 13V Am Cyanide B 16 s , 16 s . Am Superpower IV IV Atlas Corp 8 8V Carrier Corp 17 V 17’ Distillers Corp 16 16 El Bond A Share 66*, Gulf Oil of Pa 67', 57', Hiram Walker a 26V Humble Oil 4 49 Imperial Oil Ltd V n I*V Lair Shore Mm t 54 s , Natl Bellas Hess IS IV* Newmont Min 455, 44V Penn Road I s , IV jtu Kutbu am w

What Does It Mean? Fiat Mount — This currency is made from metal V'ith less value than the coin itself mid coined only on government re-count. Usually fiat money is though* of as being irredeemable paper.

ASKS CURB ON DEBTS

M 4*l v jgl' * jj Y>"

Fred W. Sargent

Referring to borrowings by his road. Fred W. Sargent, president of the Chicago <fc Northwestern Railway, told stockholders that “the time has come when you have got to quit piling up this debt and adjust it, if necessary, without borrowing more money.” The government has been good to us. he said.

$1,50 FOR OIL SEEN IN YEAR Rise Is Forecast by Hose Unless New Outlets Are Discovered. Bp Times Special NEW YORK. April 11.—Unless major sources of production are unearthed. it is safe to predict that crude oil will be selling at $1.50 a barrel or more within a year, the T. S. Hose petroleum review stated today. Wild-catting, or prospecting for new wells, is likely to play an important pare in the oil industry later this year, the review indicated. “The future price of both oil and gasoline,” said the review, “may be determined largely by what the prospectors discover in Texas, Okla., and other leading oil states. “At present, gasoline stocks are declining, crude oil production is running about equal with current consumption, but oil stocks as a whole are low in relation to both production and consumption.” Local Livestock HOGS April Bulk. Top. Receipts . $9.25® 9.35 *0,35 5000 6. 9.10® 9.30 9.30 1500 8. 9.20® 9.45 9.50 4000 9. 9.00® 9.30 9 3 0 5000 10. 9.05® 9.30 9 30 5000 11. 8.90® 9.20 9.25 4000 Light lights: (140-160) Good and choice . .*8 75® 9.15 Medium 8.25® 9.00 Light weight: 1160-180) Good and choice... 9.15® 9.25 Medium S.s® 9.00 (180-200) Good and choice .. 9.15® 9.25 Medium 8.65® 9 00 Medium weight: (200-220) Good and choice... 9.05® 9.15 (220-2501 Good and choice... 8 95® 9 05 Heavyweight: (250-290* Good and choice .. 8 85® 8.95 (290-350) Good and choice... 8 65® 8 85 Packing sows:' (275-3501 Good 8.15® 8.35 (350-4251 Good B.oo® 8 25 (275-350) Medium 7.85® 8.10 (425-550) Good 7.60® 8 00 Slaughter pigs: 100-140) Qood and choice . 7 00® 8.75 Medium 6.50® 8.25 CATTLE —Receipts. 800— —Steers—-(soo-900) choice sll 00®13 00 Good 9.75® 12.00 Medium 8.006(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 13.00614.25 Good 11.00® 13.25 Medium 9.00® 11.00 (1300-1500) Choice 13.25614.00 —Heifers—-(soo-750) Good 11.00® 13.25 Choice 10.00® 11.25 Good 9.00® 10.00 Common and medium s 00® 9 00 (750-9QO) Good and choice .. 9 25611.50 Common and medium 6.00® 9.25 —Cos, ■■■ (Yearling Exiuded) Good 6.50® 8 00 Common and medium ... 4.75® 6.50 Low cutter, cutters 3 00® 4.75 Bulls, good .. 6.00® 7.25 Cutter, com. and med. bulls . 4 25® 600 VEALERS —Receipts. 700— Good and choice $lO 50® 11.50 Medium 8.50® 10 50 Cull and common 4 50® 8 50 —Calves—-(2so-500) Good and choice .... 6 50® 9 50 Common and medium 3.50® 6.50 —Feeder and Stocker Cattle— * —Steers—-(soo-9001 Good and choice . 6 25® 625 Common and medium 4 75® 6 25 (900-10501 Good and choice . 6 25® 825 Common and medium 4 75® 6 25 —Cows— Good ...... 4 25® 5.00 Common and medium 3 75® 4.25 SHEEP AND LAMBS —Receipts. 1000— (Shorn Basis) Lambs. 90 to 120 lbs., good and choice $7 00® 7 75

DU Pont 92V 9! 3 91’, 92V I Liquid Carb 29 3 ,29 V 29V 29 5 , Math Alkali ..27’, 27V 27V 27', Natl Dis (new,. 28 27V 27V 28 Schenlev Di*t .. 25V 25 25V 25V Tex Gulf Sulph.. 30 s , 30V 30V 31 Union Carbide 48V 48 48’, 48 U S Ind Alcohol 38V 38V 38V 39V Drugs— Bristol Myers ... 32 31V 31V 32', ■ Lambert ... 25V 25V 25 s , 25V! Lehn A Pink ... 18 18 18 15V Sterling Prod ..63V 63 63 64 Un Drug (new) .11 Vs 10V 11 Vick Chem 38 36 36 36 Zonite Prod 3V 3V 3V 3 s . Financial— Lehman Corp ... 71 s . 71V 71 s , 71 s , Transamerlca ..5 5 S 5 Building— Am Radiator ... 13'* 12V 12V 13V Gen Asphalt .. 15 s , 15V 15 V 15', Johns Manville . 43V 43 43V 43', Libby Owens GLs 27 V 26V 27 26V Congoieum ..29 V 29 29 29 Proc A Gamble . 48V 48 48V 47 s ; Serve! Inc 9 8V 8V 9 Simmons Bed ... 7V 7V 7 3 , 7 s , Textiles— Amer W'oolen .. 6V *V 8V 8V Celanese Corp 22V 22V 22V 22V ! Indus Raven 25’, 25 3 , 25 3 , 25*, Kayscr Julius 17 s , 17 s , 17 s , it Money and Exchange TREASURY BAATYMENT <Bv United Press i WASHINGTON April 11—Government expenses and receipts for the current hscai vear to April 9. compared with the corresponding period of the previous flacat This Year This Year Expenses *5.212 598.298 39 *5 112 122 257 03 Receipts . 2.971.534.281 58 2 392 133.767 63 Deficit . 2.252.084.014.81 2.719 989.489 20 GMU ML- 2.4.M.022.828J8 <464.101.4408

U. S. SPENDING HELD SLOWING PRIVATE TRADE

Government Interference With Business Also Seen Contributing. BY CLARENCE \V. FACKLER A**istant Profe*so* of Economfrt, New York l'ni%er*itY. NEW YORK. April li.—Business continues to be exposed to but as yet is not much improved by the Administration's inflationary program of excessive spending. To be sure, writing checks for $10,000.000.000 in 20 months is not child's play, and so is not to be taken at all lightly. But if it develops, as it ha. that, neither capital nor labor Is finallyutilized any more extensively than before, inflation has certainly failed to induce any sort of a general economic recovery, which, afier all. is worth yelling oneself hoarse about. Perhaps the blame can be shifted partially to government interference in business and to the dampening effects of the Securities Act of 1933. But the planners and soothsayers at Washington are supposed to iron out, all these inconsistencies. And so one can tacitly assume that these obstacles are merely the nightmares which capable business men of long experience have in their off moments hypnotized themselves into believing are real. Business Inhibited The truth is. however, that these are the precise reasons why prices do not respond readily and vigorously to the Congressional acceptance of such proposals as the $4,880,000.000 Work Relief bill, a silver amendment to expand the currency by some $375,000,000, or a bill to print j $2,000,000,000 for the veterans. At the first glance it prpbablv ! seems to many people that if more money and credit corpuscles are sucked from the arms of the taxpayers and banks and are pumped into the blood stream of inactive business revival should occur immediately. It comes closer to the t"uth to say. however, that the heart action | of business is still so weak that adding more purchasing power fluid i causes each thousand, million or bil- | lion dollars of bank credit to flow ! less rapidly through the arteries of trade and industry. Bank Deposits Swelled For example, since March, 1933, $5,500,000,000 of the bank credit which the government has borrowed and spent have passed from the hands of the Treasury to the accounts of individuals and corporations. Added to what credit these private interests held previously, the I transfer has brought the total dei posits in the principal commercial i banks of the country to $14,500,000.000. Circulation is, however, extremely | poor. Being used at the rate of 72 I times a year at the beginning of i 1933, these bank depasits outside of New York City, fell to a turnover of 65 by the beginning of 1935. And in New York City during the same period their velocity declined from 52 to 45. Meanwhile member banks reduced their borrowings from the Federal Reserve banks to practically nothing and increased their excess legal reserves to approximately $2,450,000.000. Seemingly, every effort has been made, and is being made right along to widen the credit base so that larger and larger sums can be loaned. But the fact is that, with the exception of the government, enterprisers who wish to borrow funds are few and far between. Not in Competition So of consequence, it may be said to the credit of business that, voluntarily or otherwise, it has not yet manifested a desire a keep up with the administrative Joneses at Washington. By appropriating almost five billion dollars, a sum larger than any nationality heretofore has provided at one time, the government will, of course, become an enterpriser-phi-lanthropists par excellence. But the progress toward economic recovery very likely will not be more rapid than it has so far as long as the administration clings to the idea that the art of co-operating with business is more like wrestling with an adversary than like dancing with a partner. Other Livestock (By United Press ) FT WAYNE. April 11.—Hogs !5e lower; 160-200 lb*.. $9; 200-250 lbs $8 90; 250-300 lbs $8 70; 300-350 lbs. $8.40 150-190 lb*. $8 75: 140-150 lbs. $8.50; 130-140 lot., $8 25; 120-130 lb* $7 75 100-120 lbs. $7 25; roughs, $7 75: stag* $6 Calves, $10.50, woo.ed iambs. $8; clipped lambs. $7. LAFAYETTE. April 11 —Hoz mark* 5® 20c lower; pigs steady; 180-200 lbs.. $3.10; 200-210 lbs . $9 210-225 lbs *8 90: 225235 lbs. $8 85: 235-250 lbs $8 80; 250-275 lbs.. $3 75; 275-300 lbs $8 65 300-325 ifcf , $3 50; 170-180 lbs , $9.05 160-170 lbs . *9. 150-160 lbs . *8 75 140-150 lbs . $8 50; 135MO lbs. $8 25: 100-135 lbs.. $8 7568. roughs. $8 25 down: calves, top. $10; lambs, top. $7. 'By Time* Special) LOUISVILLE. Apr:i 11 Cattle—Rer.:p--300: slaughter cattle in light supply, part of run atockers and feeders demand fairly broad for slaughter classes’* market moderately active, fully steady; bulk common to medium steers and heifers, *7 25 >/J.SC-. better finished kinds quotable *9 75610.50 or better; bulk beef cows. *56 6.75; good heavy cow* and smooth heifer types to $7 and above: bulk low cutters and cutters s3®4 75; sausage buU* mostly *5 75 down: good beef bull* to *6 50 and above for yearling types; s'oekero moderately active, fully steady: bulk better Hereford stock cal vs. *7 5068 50; plainer grade southerns mostlv $3.50®5 50. Calves—Receipts. 325. including about 125 stock calves: vealer market fully steady to strong: bulk good to choice grades. *8 50® 9 50; medium and lower grades $7 50 down to around *4 for light culls. Hogs—Receip's. 700: market 15c lower top and bulk better 180-250 lbs $8 85 255 lbs UP. 18 40 160-175 lbs. *6 35 140-135 lbs *7 85: 120-135 lbs.. *6 90. sows weighing 400 lbs down. *7 10 heavier sows discounted 50c Sheep—Receipts 25 market steady, bulk medium to good wooled lamb* $6 50 -7 5" choice to $a common wooled throw outs. $5, and fat wooled ewes. $3 50 down

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