Indianapolis Times, Volume 47, Number 29, Indianapolis, Marion County, 13 April 1935 — Page 14

T rends Highlights of News During Last Week. BY FREDERICK MATSON

limn Financial Writer SILVER has occupied the renter of the 'taee in Washington, aeverU western capitals and market circles the last few days. The Adminisf rat.K/n 1.- seeking to speed advancing commodity prices by paying more for the domestically mined product. . . . Over night sll- • ver pne's were boosted from 64 64 Cent, to 71.11 cents an ounce. The movement carried definite inflationary posubilitie-. Treasury officials said the rise was likely to carry up the price of various commoddities. stimulate new silver production and lead to i suance of additional money against the increased amount of newly mined silver turned in. . . . The New YorK price for foreign* bar silver was fixed at 68% cents an ounce ye - terday. an advance of 2 . cents over the previous level and the highest since Jan. 9, 1926. The silver bloc, flashed with victory, sought to gam further advantage by mandatory buying legislation and force the 16-to-l ration. At the same time Henry Morgenthau. Jr. Secretary of the T reasury warned the bloc not to tamper, hinting at possible crises in international exchange. . . . Indiana's share m the $887,512,255 or Agricultural Adjustment Administration expenditures to March 1, amounted to $20,861,381, Administrator Chester C. Davis reported. a a a Retention of the profit mo- . tive was advocated by Daniel C. Roper, Secretary of Commerce, in an address delivered Wednesday at the luncheon meeting of the Indianapolis Chamber of Commerce In the Claypool. Unless business prospers, such earnings must fall, he said, and henre, successful business is the keystone in the arch of our national welfare. A thinning out of financial houses in Indianapolis during recent weeks was again evidenced Monday by the filing in Federal Court of a voluntary petition in bankruptcy by PfafT A- Hughel. local investment securities firm. Scarcely two weeks ago the nationally known brokerage firm of Fenner fc Beane closed its Indianapolis agency and merged with the local branch of Abbott, Proctor sic Paine. . Following close on Pfnff A Hughel's bankruptcy petition, the state Securities Commission revoked the firm's license and announced it would launch an investigation into the company's a flairs. An inquiry also is expected to be made b\ the Marion County prosecutor's office. For the first time since 1925 an increase over the preceding year was shown last year in the number and value of buildings for which permits were issued, the bureau of labor statistics of the Department of Labor reported. an a A few strokes of President Roosevelts pen on the $4,880.000 000 work-relief bill Sunday released history's largest lump sum appropriation. Mr. Roosevelt signed the resolution aboard train rn route from Florida to New York. The peak load in the program will be reached in mid-November, he indicated. Meanwhile, he ordered immediate expenditure of $155.000.000 by the Federal Emergency Relief Administration and the Civilian Conservation Corps. . . . Farmers in western Kansas this week gave up hopes of a wheat crop. Anew dust storm, denser and more destructive than the dozens which a'ready have swept their fields, tugged at what vegetation remained and threatened to leave a third of the state virtually barren. Effects of the adverse weather reports were felt daily in the grain markets. . . . Income tax collections from 64 districts at. the end of March amounted to $321,726,348. and increase of 39.7 per cent over the corresponding month in 1934, according to a Treasury report. In Indiana, a 57 per cent increase in Federal income tax collections during last month over March. 1934 was indicated in figures compiled by Will H. Smith, internal revenue collector. a a a THE Marion County Council authorized the County Commissioners to issue poor relief bonds in the amount of $1,250,000. for delivery May 1. The money from the bonds will be used to pay outstanding obligations and to finance poor relief until the end of June. Their issuance is provided for in a law passed by the last General Assembly. . . Under the former system of paying for relief purchases. no method was provided for issuing bonds. The practice then was for vendors of food and other supplies to credit the bill and eventually bring a “friendly” suit against the township for the amount involved, with interest accruing at as high as 6 per cent. With the bond issue method now in force, prompt payment of bills is assured. . . Legal notice of the $8.00.000 revenue bond issue to be used by the utility district of Indiapolis in acquiring the Citizens Gas Cos. was published in all three Indianapolis newspapers Monday. Yesterday, that notice was scrapped and anew stipulation advertised. Directors of the utility district said | the changes are “to facilitate the sale and make the issue more attractive.” Mast important revision in the new advertisement provides that the bonds to be sold will mature in not more than 40 years. The original announcement stated that the life of the contemplated bonds would be limited to not mere than 20 years. BANK CLEARINGS DIP Total for 22 Cities Shows Loss of 9.4 Per Cent Over 1934 Week. By 7 tm-; Special NEW YORK. April 13.—Bank clearings this week showed some recession from preceding weeks, as well as from those of a year ago. The total for the 22 leading cities in the United States for the week ended April 10. as reported by Dun A Bradstreet. Inc., was $5,200,577,000 against $5,742,746 000 for the sameweek of last year, a loss of 9 4 per cent. This contrasted with a gam of 17 4 per cent in the previous week. At i New York City, clearings were $3.I 624.118 000, a reduction of 14 8 per I cent from the amount reported last kyear, while the aggregate for centers ■outside of New York of $1,576,459,000 Vvas 5.9 per cent higher.

PAGE 14

CORN SQUEEZE FACES TRADERS AS SUPPLY DIPS Yellow Cereal Pushes Aside Wheat in Bid for Attention. BY LEONARD ROGERS Tim** '-prrial Writer NEW YORK. April 13—Corn at a price level 90 per cent above that of a year ago. with short stocks and problematical praspects for the new rrop. has shouldered aside wheat, the age-old leading cereal, in the bid of the grains for speculative attention recently. The situation that has brought this about is what technically is described as “a tight position in May deliveries.” Various trade leaders have intimated recently that a positive “squeeze” in May may develop. Shorts in Tight Corner In less technical language, this means a lot of traders sold com short some time ago. bulking their transactions in the May option of the Chicago Board of Trade. Stocks of corn in Chicago have dwindled to almost unbelievable figures in the meantime, stocks on farms are much lower than last year, and farmers, bolstered by AAA aid, are holding back from market such corn as they have. The result is that the time for delivery on these sold May options is rolling near and the distinct possibility exists that the “shorts” will have difficulty fulfilling their contracts. The outcome, according to shrewd market observers, depends largely upon the ability of holders of “long" futures contracts in the May pasition to hold out in the face of current high prices, and the consequent opportunity to collect a fat profit now r . On the chance that the “longs” will hold out. forcing the corn .shorts” to bid up this grain to buy back their contracts, a lot of “straddle” speculation has been drawn into the market. The straddle in this situation consists of sales of wheat matched by purchases of corn. In such a deai, the market operator expects to profit as the "spread" between the prices of these two commodities widens—if it does. Weather Ruling Wheat Statistical data of the trade, ordinarily little considered by the futures traders, has become of high interest. Receipts of corn at Chicago is an instance. Trains rolling into Chicago from the corn belt are checked every morning, cars of corn counted and the result flashed to the Board of Trade with all possible speed. If the receipts for any one day run up to 300.000 bushels, the harried shorts derive encouragement for the though that the farmers’ holding movement is breaking down. When the receipts dip to 175.000 bushels, or less, as it frequently does on particular days, the squeeze in May looks more probable. Wheat, while the feed grain occupies the spotlight of public attention. hovers in value around 95 cents for May, which is exactly 7 cents a bushel higher than it was worth a year go. and price fluctuations in the immediate future depend, in greatest measure, upon the weather.

Local Livestock

iß"printed from yesterday) HOGS April Bulk Top Receipts 6 10e,t .0 30 *9 30 1500 8. 9 20 V, 9.45 9 50 4000 ®- *-°5 3 30 9 3 0 5000 '0- ??5? l ? 30 930 5000 11. 890 'i 9 20 9 25 4000 12. 9.10't? 9 40 9.40 3500 Light lights: •140-lfiOi Good and choice . $9 004? 9 40 medium 8 50ft 915 Light weight: •160-180) Good and choice... 9 35® 9 40 Medium . . .. , 8 85® 915 180-2001 Good and choice . . 9 35® 9 40 Medium 8 754? 9 15 Medium weight: 1 200-2201 Good and choice .. 9.25® 9 35 • 220-250, Good and choice 9.15® 9 25 Heavvw eight • 250-290* Good and choice . 9 05® 915 290-350, Good and choice . . 8.854, 9 05 racking sows: (275-350* Good ... 8 254? 8 50 1150-425) Good 0.15® 8 40 275-350) Medium 8 00® 825 425-550' Good 7 75®. 815 Siaughier pigs ion-140) Good and choice ... 7 25® 9 00 Medium ... 6 75® 8.50 CATTLE Receipts. 500— —Steers—--500-900) choice sll 004713 00 Good 9 754? 12 00 Medium 8 00® 10 25 Common 6 504? 8.25 (900-1100) Choice 12 754714 00 Good 10 25® 13 00 Medium 8 504?10 50 Common 6 50® 8 50 11100-1300) Choice 13.00 u!4 2.4 Good 11 004, 13 25 Medium 9 004? 11.00 11300-1500) Choice 13 254 14 00 —Heifers—--500-750) Good ...... 11 004? 13 25 Choice 10 004, 11 25 Good 9 00® 10 oo Common and medium ... 6 004? 900 750-900, Good and choice 9.25911.50 Common and medium 6 00ii 9 25 —Cows—(Yearling Fxluded) Good 6.50 v? 8 00 Common and medium .. . 4 75® 650 Low cutter cutters 309 l? 475 Bull*, good 6 004? 7.25 Cutter, com. and med bulls . 4 25® 600 VEAI.ERS - Receipts. 700— Good and choice $lO 00® tl 00 Medium 8 00® 10 00 Cull and common 4 004? 8.00 —C alTes—--250-5001 Good and choice 6 50 ® 9 50 Common and medium 3 50® 6.50 —Feeder and Stocker Cattle——steer*— 500-900) Good and choice 6 25® 825 Common and medium 4 75,? 6 25 900-1050) Good and choice • 6 2sß 25 Common and medium 4 75® 6 25 Good 4 25® 5 00 Ccmrnon and medium *3 75 ® 4 25 SHFEP AND LAMBS —Receipts. 1700— , Shorn Basis) Lambs 90 to 130 lbs , good ar.d C'mmon and medium . 5 254? 700 90-120 lbs . good ar.d choice 3 50® 4 OC Sheep 120-150) Good and choice 2 50® 3.75 All weights, common and medium 1.50® 2.75 RANK DEPOSITS RISE R>i Timrt Sft frial CHICAGO. April 13.—Deposits of the weekly reporting Federal Reserve member banks in Chicago broke their downtrend of the three weeks in March in the period just ended, with a gain in indicated gross deposits of $95,000,000 and a gam in indicated individual deposits of $108.®0.000, it wag reported today. I

Abreast of The Times on Finance *

New York Stocks

from yesterdavl (Bv Thomson ic McKinnon) Prv Oils— High. Low. Close. Close. Amerada 57 2 57 57'2 57% At: Rfe 24'-* 24-’* 24% 24% Bar.-.scfßl! ON 8% 8% 8% Consol Oil ... 8' j 8' a 8% 8 Com of De, 18 1 2 18'a 18’a 18 1 a Houston >nei . 2% 2% 2% 2'a Hous-on told 1 14% 14% 14% 15% Mid Cont Pet IT, 11*2 11% IT'a Ohio 10’. 10’* 10'a 10'. P*” Coro 9% 9'* 9% 9% Phillips Pet ... 18' 2 18 U 18% 18% Pivmo'rh Oil ... 9'a 8% 9'a 9' P ire Oil ... 7% 7 1 • 7% 7 Ro-.al Dutch . 33 ! a 33 > a 33'a 33 S-fißoard Oil ... 27% 27% 27'* 27 Shell Un 7 : . 8% 6% 7% Skellev Oil . .. 9'a 9'a 9'a 9 So< Vac 13% 13' a 13'a 13'? SO of Cal . .31% 31* 31 ’ a 3’.'* ■S O of Ind 24 23% 24 24'a S O Os N J 40 39'2 4040 Texas Corp . 20"a 20 20% 20% Tidrua'cr Assn 10'* 10 10'a 10 Un Oil of Cai .. 18 17a 18 17% Steels— Am Rol Mills .. 18% 18' a 18% 18% Beth Steel .. 25% 24'* 2-S' 2 25 Bvers AM 14 14 14 14 Col Fuel <v Iron 1% l' 1% 1% Cruc Steel ... 18'2 18'2 18 2 18'. Inland S'eel ... 47% 47% 47% 47% Ludlum Steel . . 14 13% 14% 14% Nall Steel ... 44% 44 44 % 43% Otis Steel 5% 5 5 5% Rep Iron At Steel 11% 10 T a 11% 11 Rp Irn At Stlpfd 35% 35% 35% 35% D S Pipe At Fdv. 17 16% 16% 17 U S Steel .. 31 30% 31 30% , U S Steel pfd .. 82 81 81% 80% Warren Bros . 4% 4 4% 4% Younetwn S At T 15% 14% 15% 14% Motors— Auburn 18% 17% 18% 17% Chrysler 36 35% 35% 35% Gen Motors .... 29% 23% 29% 28% Graham Mot ... 2 1% 2 2 Hudson 7 6'* 7 6% Hupp 1% 1 1% 1 Mark Truck 21% 21% 21% 22% Nash 12% 12% 12% 12% Packard N% 3% 3% 3% Reo 2% 2% 2% 2% Studebakrr 2 f 2 2% 2% 2% Motor Access— Bendix 14% 14 14% 14% Bohn Alum 56 55% 56 55 Bort: Warner .. 37% 32% 32% 32% Briggs 26% 26% 26% 26% Budd Mfe % 3% 3% 3% Budd Wheel ... 3% 3% 3% 3% Eaton Mfg . 18% 18 18 18% Elec Auto Lite . 20% 20% 20% 20% Elec Stor Bat, 41% 41% 41% 42 HoudaUle A’. 8% 8% 8% 8% Murray Bodv .. 6% 6% 6% 6% Stew Warner .. 8% 8% 8% 8% Timken Roll ... 30% 30% 30% 30V* Mining— Alaska Jun 17% 17 17 17 Am Metals 18% 17% 18% 17 Am Smelt 38% 36% 38% 36% Anaconda 11% 11% 11% 11% Cal At Hecla 3% 3% 3% 3% Cerro De Pasco 50 47 50% 47% Dome Mines ... 39% 38 38% 38% Granbv . ... 8% 7% 8% 7% Gt. Nor Ore . 10 9% 10 9% Homestake Min 376 376 376 372 Howe Sound ■ 50% 48% 50% 48% Ins Copper 32% 33 Int Nickel ... 26% 25% 26% 25% Kennecott Cop . 17% 17 17% 17Va Mclntyre Mine . 42% 42% 42% 42% Park Utah . ... 4% 3% 4% 3% Noranda Cop ... 37% 36% 37V* 37 Phelps Dodge ... 17 16% 17 16 St Joe Lead .... 14% 14% 14% 13% U S Smelters ...111 108% 111 108 Vanadium 12 11% 12 11% Amusements— Croslev Radio ... 16 15% 15% 15% Fox Tneat 9% 9% 9% 9% Loews Inc 37% 37% 37% 37% Radio Corp 4% 4% 4% 4% Paramount 3% 33 3% RKO 1% 1% 1% 1% Warner Bros .... 3% 3% 3% 3 Tobaccos— Am Snug 69% 69% 69% 68 Am Sum Tob . 21% 21% 21% 20% Am Tob tAI 78 78 78 78 Am Tobacco “B" 79'* 79% 79% 79% Gen Cigars . 55 54% 55 55 Lig At Myers B’ 99 98% 99 98% Lorillard . 19% 19% 19% 19% Phillip Morris 39 39 39 39% Reynolds Hob B' 45% 45% 45% 45% Rails— Atchison 40% 39% 40% 39% Atl Coast Lines . 24% 22% 23% 22% B At O 11 10% 10% 10% Can Pacific 10 9% 10 9% Ch At Ohio 41% 40% 41% 41 C M At St P % % % % CMA: St P pfd 1% 1% 1% TANARUS% Chi N W . . 3% 3% 3% 3% Chi N W pfd . .. 6% 6% 6% 6 Dela A: Hud ... 29% 27% 28% 27% Del Lac At W .. 14% 13% 14 13% Erie 9% 9% 9% 9 Erie pfd 11 10% 11 10% C.rt Northrn pfd 12'* 11% 12% 11% 111 Central 11% 11% 11% 11% Lehigh Valev ... 7% 7% 7% 7 Lou At Nash . 39 38% 39 38 M K A: T . . 3% 3% 3% 3% M K At T Pfd . . 7% 7% 7% 7% Mo Pac pfd ... 2% 2% 2% 2% N Y Cent 16% 15% 15% 15% N Y New Haven 4% 4% 4% 4% Norfolk At Weft 167% 167% 167% 167 Nor Pac fc 15% 15 15% 14% Penn R R .... 20% 20 20% 20% Reading 32 32 32 32 Sou Pac 15% 14% 15% 15% Sou R R 11 10% 10% 10% Union Pac 90% 89’* 90a 89% West Maryland . 8 7"* 7% 7% Equipments— Am Brake Shoe 22% 22% 22% 23 Am Car & Fdv 13% 12% 13 12% Am Loco 11'* 11% 11% 11% Am Steel Fdv.. 14% 13% 14 14 Bald Loco I'* I'* I'* 1% Gen Am Tk Car 34% 33% 34% 34 Gen Elec 23% 23% 23'* 23% Pullman Inc ... 41% 41 41% 42 West Air Br .. 20% 20% 20% 20'* Wrstingh Elec . 38 37% 37% 37% Utilities— Am A: For Pwr 3', 3% 3'* 3% Am Power At Lit 3% 3% 3% 3% A T A: T . 10b , 10j a 100-a 10.) * Am Wat Wks 11% 10'* 11 10', Col Gas At Elec 6% 6 6% 6 Comm At Sou ... 1% 1% 1% 1% Consol Gas . 21% 19% 21 19% Elec Pwr At Lit . 2% 2% 2% 2% Int Hydro Elec . 1% 1% 1% 1% Interboro R T . 10% 9% 10% 10% Int T A T 7% 6% 7 6% Lou G A: E “A" 15 14% 15 15 Nat Pwr Ac Lit . 8 7% 8 7'* North Amer ... 13 12% 13 12'* Pac G& E . ... 17% 16% 17% 16'* Peoples Gas ..22% 21 22% 21% Pub Serv N J .. 26% 25% 26% 26% So Cal Edison 14'* 14% 14% 14% Stone Ac Webster 3% 3'* 3% 3% United Corp .... 2'* 2% 2% 2% Un Gas Imp . 12% 11% 12% 11% Western Union . 24 s * 24 24% 24 Rubbers— Firestone 14% 14 14% 14 Goodrich 8% 8% 8% 8% Goodyear 18% 17'* 18% 18 Kelly Spring ... % % ’% .% U S Rubber 12 11% 12 11% U S Rubber pfd 30% 29% 30% 28% Miscellaneous — Allis Chalmers .. 14% 14% 14% 14% Amer Can 118 117% 118 118'* Arr. Mac’.i fc Fdv 21% 21 21% 21% Brklyn Man Tr 38% 37% 38% 37% Burroughs Add . 15 14% 14% 14% J I Case 52 50 52 50% Conti Can 71% 70'* 71% 71 Caterpillar Tract 41'* 41% 41% 41 Crown Cork 28% 27% 28% 27% Curtis Pub . .. 19% 19% 19% 19% Curtis Pub pfd 97% 97% 97% 97% Deere Ac Cos 27 26% 27 24% Eastman Kodak 125% 124% 125% 124% Foster Wheeler . 12'* 12% 2T% 30% Gillette 14% 14% 14'* 15 Glidrien . 27% 26'* 27% 27 Ingersoll Rand • 68’* 68% 68% 68 Inter Harv ■ 37% 36'* 37% 3'* Na*l Cash Reg . 15% 14% 15% 15 Rem Rand 8% 8% 8% 8% Underwood E ... 58% 58 58% 58% Foods— Am Sugar 57'* 57% 57'* 57% Armour 3'* 3'* 3% 3% Armour 6' pfd . 59'* 59'* 59% 60 Beatrice Cream'v 18 18 18 17% Borden Prod 23% 22'* 23 23 Cal Packing . 39 38'* 39 38% Can Drv G Ale 9% 9% 9'* 9% Coca Cola 191 190 190% 192 Corn Prod 66% 66 66 66 Crm of Wheat . 37'* 37% 37% 37*8 Cuban Am Bug 6% 6% 6% 6 Gen Baking . 7'* 7’* 7% 7'* Gen Foods .. .. 34% 34% 34% 34% Gold Dust 16% 16 16% 16 G W Sugar .. 29% 28% 28% 29 Int Salt 29% 29 29 29% Loose Wiles 34'* 34'* 34% 34% Natl Biscuit . ... 24% 24% 24% 24a Natl D Prod . 14% 14% 14% 14% Purity Bak 9% 9'* 9’* 9'. S Porto Rico Sug 23% 23': 23’* 23% Std Brands 15% 15% 15% 15% Un Biscuit . ... 24 24 24 23 United Fruit . 82 81% 82 82 Wrielev • 75% 74% 75% 75 Retail Stores— Assd Drv Goods 9% 9 * 9% 9% Best A: Cos 37% 37 37 37% First Natl Stores 48'* 48 48% 43% Gimbel Bros 2% 2% 2% 2% Hahn Dept Sts .4 4 4 4 Jewel Tea ... 52% 52% 52% 52% Kresge S S ... 20% 20 20 20% Kroger Groc .. 24% 24 24% 24'* Macv R H 34% ?1 34 * 34 McCrorv St .... 9 * 9 9 McLellan Si .10 9% 10 9% Marshall P.rld . 7% 7% 7% 7% May Dept St .41 ,0% 41 40% Mont Ward . 26 24% 25 24'. Natl Tea 8% 8% 8% 8% Penney J C 62% 61% 62% 61% Safeway St .38% 38% 38% 36% Sear? Roebuck.. 36% 35'* 36% 35% Woolworth 55 54% 55 55% Aviation— Aviation Coro 3% 3'* 3% 3% Boeing Aircraft 7% 6’* 6% 6% Curtiss Wright 2% 2'* 2% 2% Curtiss Wrist A 7'* 7', 7% Douglas Air 21% 21 21% 21% Nor Am Av 2% 2'* 2a 2% Sperrv Corp 8% 8% 8% 9 United Air New 11% 11% 11% 11% Chemicals — Air Reduction • 114 li?% 114 113% Allied Chem .. 133 , 1.13 133 133 a Col Carbon 73'* 73’* 73% 73% Com Solvents .. 19', 19 13', 19, Du Pont 92% 91'. 92% 91% Freeport Tex 2 22% 23 22% Liquid Carb .29 29 29 29% Math Alkali 27% 27 37% 27 Monsanto Chem 59% 59% 59% 59% Natl Dis inf*! . 27', 27% 27% 27% Schenlev Dm 25% 24 5 , 25 24 , Tex Gulf Sulph .SI ' 30% 1! *o*, Union Carbide .. 4*’. 4H 48% 48% U S Indu Alco . 38% tt% 38% 38%

INDIANAPOLIS, SATURDAY, APRIL 13, 1935

Drugs— Br;s*ol Mvers ... 31', 31', 31’, 31’* Lambert .... 26 25% 26 2.6% Lbhn Ac Fink ... 15', 15', 15', 16 Sterling .... 63% 63% 63% 64 : Un Drug me*'.. 11 10v 1! 11% Zonlte Prod .... 3% 3% 3% 3 s , Finanriai— Adams Exp .... 5% 5 5 5 Allegheny Corp .1 1 1 % Am Int Corp ... 5% 5% 5% 5% Lehman Corp .. 71% 71% 71% 71% Transamerlca .. 5% 5 5% 5 Tr Conti Corp .. 2', 2'* 2', 2% Building— Am Radiator . 13 12’, 13 12% Holland Furnace 7% 7% 7% 7'* Johns ManviUe 44% 43', 44 43% Libby Owens Gls 25** 25% 25* 25% Otis Elev 11% 11% 11', 11% U S Gypsum ... 45% 44', 44', 45 Household—- ! Col Pal Peet ... 17% IS' 17% 16’, i Congoleum 29 28’, 29 28% Kelvmator .. . 16 15’, 16 16% Mohawk Carpet. 12% 12 12’* 12 Proe Gamble .. 48% 48 48% 48 ; Servel Ins 8% 8% B', 8% Textiles— Amer Woolen... 6’* 8% 6% 6% Belding Hem ... 11% 11% 11% 11% Celanese Corp . 21% 21 21 21% Collins Aikman 9’* 9’, 9% 10% Gotham Hose .. 3% 3% 3% 3% Indus Rayon .. 25 24% 24’, 25% , Kavsed Julius ..18 18 18 18

N. Y. Bonds

DAILY BOND INDEX 20 20 20 60 Inds Rails Utils. Bonds Today .. 85.5 75 3 95.1 85 3 | Yesterday 85 2 75.2 84.9 85 1 I Wee kago 85.0 73 2 95.0 84 4 Month ago .. 85.9 74.3 93 2 84.5 iCopyright, 1935, by Standard Statistics) V. S. GOVERNMENT BONDS Libertys Prev. Close, close. Ist 3%s 1932-47 101 6 101.5 Ist 4%s 1932-47 101.10 101.10 4th 4%S 1933-38 (uncalled).. 102.20 102.21 4t’.l 4%s 1933-38 tcalledi 109.93 10C Treasurys 4%S 1943-45 116 1 116.2 4s 1944-54 111 8 111.11 3%s 1946-56 109 27 109.1 3%s 1940-43 107.10 107.10 3%s 1943-47 106.25 107.8 3%s 1941-43 107.12 107.16 3%s 1943-45 105.18 105.18 3%s 1941 107.18 107.20 3 1 *S 1944-40 105.12 105.13 3%s 1946-49 104 11 104.13 3%S 1949-52 104.15 104.15 3s 1954-55 103.15 103.18 3s 1946-48 103.13 103.15 2%s 1955-60 101 8 101.13 Home Owners Loan Corp. 2%s 1949 100.5 100.6 3s 1952 101.19 101.20 4s 1951 100.28 100.26 Federal Farm Mortgage Corp. 3%S 1964 103.16 103.1 3s 1949 101.17 101 23 3s 1942-47 101.26 101.28 DOMESTIC Prev. Close. close. Alleg Corp 5s ’44 69 69), Alleg Corp 5s 49 58 58 Alleg Corp 5s ’SO 16 16 Am Frgn Pow 5s 2030 58 57% Am Tel & Tel 5%s ’43 113% 113% Am Tel & Tel 5s ’65 112% 112% Arm & Cos iDel 5%s ’43 104% 104% Atl Coast Line 4s ’52 98% 98% Atl Coast Line l%s ’64 83% 83% Atch Top Ac S Fe 4%s ’4B 105% 106 Am Wat Wks 5s ’44 95 93% Am Rolling Mills 5s ’3B 103 103 Balt & Ohio 5s ’95 60% 60% Balt & Ohio 6s ’95 69% 70 Balt & Ohio 4%s ’6O 48 47% Buff Roch & Pitt 4%s ’57 58% 58% Beth Steel 5s ’36 103% 103% Chi Milw & St P 5s ’75 12% 12 Chi Milw & St P 5s 2000 3% 3 Cleve Un Term 5s ’73 86% 85% Cleve Un Term 4%s ’77 81 80% Col Gas 5s May ’52 83 82% Col Gas 5s April ’52 83% 83% ! Col Gas 5s ’6l 81% 82% Can Pac Perp 4s 86% 86 Cent Pac 5s ’6O 70% 70% Big Four 4%s ’77 59% 59% Big Four 5s ’63 65% 66 Chi At West Ind 4s ’52 97 97 Chi Ac West Ind 5%s ’62 103% 103% Chi At Nor West 4%s ’49 15% 14 Con Gas 5s ’57 106 106 Chesa Corp 5s ’47 103% 103% Dodge Bros 6s ’4O 105% 105% Del Ac Hud 4s ’43 80 79% N Y Dock 4s 'sl 64 63% Erie $s 75 59', 59% Erie 5s '67 60 59% Gt Northern 7s 36 86 85% Grt Northern 4%s ’76 67 67 Grt Northern 4%s ’77 ........ 67% 67 Gen Stl Cast W W 5%s ’49 71% 70 Hud A: Manhat Ref 5s ’57 83% 84 111 Cent 4%s ’66 48% 49% 111 Cent. Jt 4%s ’63 54% 54 111 Cent 5s ’63 57% 58% Interntl Hv Elec 6s ’44 .... 35% 35 Interntl Tel Ac Tel 4%s ’39 64% 64% Interntl Tel Ac Tel 5s ’55 60V* 60 Interntl Tel Ac Tel 4%s ’52 55% 55 P Lorillard 7s ’44 .. 128% 128 McKess At Rob 5%s ’SO 96% 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% 54% Nickel Plate 5%s ’74 64% 65 Nickel Plate 6s ’35 54% 54% N Y Cent, ’s 2013 . . 58% 57% N Y Cent 4%s 2013 (old) 53 52% Nor Amer Cos 5s ’6l 92% 92 Nor Pac 3s 2047 73% 73% Nor Pac 4%s 2047 77% 77', Nor Pac 6s 2047 93% 93% Otis Steels 6s ’4l 84', 83'* Penn Rv 4%s 'B4 103 102% Penn Rv 4'*s 'Bl 103 103% Penn Rv 4%s '7O 94% 94% Pac G At E 5s '42 106% 106% Portland Gen El 4%s ’6O 59 59 Para Publix 5%s ’SO 79% 78% Penn P Ac L 4%s 81 104 103'* Postal Tel At Cab 5s '53 41% 42% Rem Rand W W 5 1 •■ s '47 ... 102', 102% Sinclair Oil 6%s ’3B 103% 103 Sou Pac 4%s ’6B 61 61 Sou Pac 4%s ’Bl 60% 60% Sou Pac 4%s ’69 61 % 60 Sou Pac 4s 49 64 64 Sou Rail 4? ’56 43% 42% Sou Rail 6s ’56 54% 53% Sou Rail 6%s ’56 58% 57% Texas Pac 5s ’BO 85 85% Texas Pac 5s ’79 85% 85% Texas Pac 5s ’77 86 85% Union Pac 4s 547 112% 112% United Drug 5s ’53 89’, 90 U S Rubber 5s ’47 92% 92% NY NH Ac Hart 6s 48 36 34% NY NH Ac Hart 4%s ’67 29% 29% I Warner Bros 6s ’39 53', 53'* Western Marv 5%s ’77 98% 99 Western Marv 4s ’52 .... 93% PI 1 Youngstown S Ar T 5s ’7O ... 93 J 3 Youngstown SAcT 5s ’7B ... 92% 92% FOREIGN Argentina A 6s '57 93 93% I Argentine B 6s ’SB 93 93% Brazil 8s ’4l 30'* 31% i Canadian Govt 4s ’6O 106% 106% Denmark 5%s ’55 98% 99% German 5%s ’65 29% 29 German 7s ’49 39 38% Italy 7s ’sl 83% 81% 1 JaDan 6%s ’54 94% 94'* Poland 7s ’47 110 110% Rome 6%s ’52 74% 72', | Tokio City 5%s ’Bl 78% 78% Yokohama 6s ’6l 84 83

Chicago Grain Futures

(Reprinted from yesterday) Wheat— Prev. Open His?h. Low. Close, close. Mav .. .9 i'i ino'a .9"’ 2 100 .97’a July... ,96> .99 7 .96*4 .99’a ,96 s 8 Sept .. .96'a I.OOU 96 3 s 1.00 Corn— Mav .. .86 ,88'i .86*8 88 7 , ,87>4 ! July .. .Si's 83 5 s 81 '2 83 1 2 .82'4 Sept . . .76 1 2 .78’ .76'a .789-4 .77*$ Oats— Mav .. .47 3 4 .49' 2 48'a .49' 4 .48 'July... .41 's 433* .41 5 b 43 5 s .42 Sept . .38 , 4 .40' 2 3358 5 40's .39's Rye— Mav .. .58'4 59 7 4 .58 ,59>4 .59 Julv .. ,59 s 4 .61 1 2 .59 '2 .61'a 60'i ! Sept .. .61 1 4 .63 .61 .63 .62 Barley— May .. .72 3 4 ,72 3 72 3 . ,72’ 4 .72' 2 July .66' 2 .66' 2 ,66’a .66’2 .66'2 I.ard— May 12 80 12 92 12 80 12 92 12 97 ; Julv 12 90 *3.02 12 87 13 02 13 02 Sept 12 90 13 05 12 90 13 02 13 07 Bellies— Mav 16 70 16.70 16 70 16 70 16.77 Julv 16 77 16 77 16 77 15.77 16 77 Sept 16 85 16 85 16 85 16 85 15 85 NET EARNINGS DROP Niagara Hudson Power Corp. Reports Income of 46 Cents a Share. By Tim's Sp> rinl NEW YORK. April 13—Consolidated net earnings of the Niagara Hudson Power Corp. during 1934 amounted to $4.051.590, compared with $5."77.702 in the preceding year, according to a report made today by Alfred H. Schoellkopf, president. This was eqiuvalent to 46 cents a share on the outstanding capital stock, against 66 cents a share in 1933. Mr. Schoellkopf also predicted at the annual stockholders' meeting that the light and power industry is cn the upgrade.

INCOMES SHOW i RISE OF BILLION OVER YEAR AGO Consumers Received More in January and February Than in 1934. By Timm Special NEW YORK, April 13.—The i American public received nearly a billion dolllars more from pay rolls in industry, trade, service and ; transportation as well as from the i sale of farm products and governI ment payments to agriculture dur- { ing January and February than during the first two months last | year. A. W. Zelomek. economist of | the International Statistics Bureau, j Inc., asserted today. The bureau estimated consumer j income at $7,037 000.000 for the first two months in .035. as compared with $6,040,000,000 for the corresponding period two years ago. This was the highest total since 1931. Highest Since 1934 The February index of incomes, i after seasonal adjustment, was the highest, with the exesption of July, 1934, since September, 1930. The greatest percentage of increase was in income from manufacturing pay rolls, which were 29.8 per cent higher than a year ago. The second largest increase was in the pay rolls of the metalliferous mining and canning and preserving industries. Pay rolls of Class I railroads showed a fractional decline for the first two months under a year ago. Income from trade lagged as compared with that received from industry. Public utilities showed a smaller increase in pay rolls than manufacturing industries. Farm income, including government payments, showed an increase of only 3.6 per cent. Explains Buying Gain According to Mr. Zelomek, the estimated billion dollar gain in consumer income explains to a large extent the sharp increase in the public's expenditures for such items as automobiles, electrical appliances and, to some extent, semi-luxuries. It is also accountable for the latest improvement in consumer expenditures for general merchandise, which are now considerably above the corresponding period a year ago.

Stock Studies

AM. SUGAR REFINING common stock PER f 1 1 * PRICE SHARE EARNINGS PRICE RANGE scale “1 JTW n 'pll I'l’ll WINCHESTER INSTITUTE OF FINANCE The American Sugar Refining Cos. is a leader in this country in the refining of sugar. Its refineries are located at tide water in Baltimore, Philadelphia, Brooklyn, Boston and Chalmette, La. Plants have ample rail and dock facilities. Capacity of refineries is just slightly less than one-third the total output of the country. American Sugar manufactures 52 grades of sugars and syrups, put out in 190 different packages, many of which are sold under well-known and nationally advertised trade names. FINANCIAL DATA As of Dec. 31. 1934 Common stock ISIOO pari . 450,900 shares Preferred stock isloo par) $45,000,000 Funded debt 2,134.000 Surplus 12.904.299 Investments 9.142.469 Cash 10,181.769 Inventories 12.193.035 Total current assets 33.769.369 Current liabilities 8.031.717 During 1934 the funded debt was reduced by nearly $1,400,000. Cash was $500,000 less, but inventories increased nearly SBOO,OOO while net working capital gained nearly $4,500,000. Investments dropped nearly $1,400,000 and surplus gained $1,300,000. On Dec. 31 the current rate was nearly 4% to 1, while the common share equity was $148.23 or $4.33 less than the year previous. Earnings of American Sugar have been fairly steady during the last five years. The common stock earned $4.03 in 1933 and $3.56 in 1934. The company has been liberal with dividends, though conservative. The present rate of $2 was paid in 1933 and 1934. American Sugar Refining was incorporated in 1891 in New Jersey. Both classes of stock are listed on the New York and Boston Stock Exchanges. At a current price of around 57 the common sells to yield 3 52 per cent and for 16 times 1934 earnings. iAll Rißhts Resetved. Winchester Institute of Finance. Winchester. Mass.) 3Vi P. C. LOANS OFFERED FOR HOME FINANCING New Low Rate Applies to Indiana and Michigan. Money as low as 3 1 2 per cent to assist and encourage the building and loan associations of Indiana and Michigan to provide plentiful funds for home financing is offered by the Federal Home Loan Bank of Indianapolis, in an announcement today, by F. B McKibbin, president. “This comes at a time,” the bank official stated, "when many home owners begin to plan repairs and modernization and others sre getting ready to start new construction.” “The rate is the lowest authorized by the Federal Home Loan Bank Board for use in any of the 12 bank districts. It applies to the one-year secured advances. Member associations may obtain funds on a short term unsecured basts, or on a tenyear collateralized plan at slightly increased rates." DIVIDEND IS 75 CENTS By Timm Special NEW YORK. April 13—A dividend of 75 cents a share on the common stock, payable April 17 to stockholders of record April 10. was declared tcxfay by directors of Foreign Bond Associates.

TV A Expects to Return to Treasury $60,000,000 Spent on Muscle Shoals

Repayment of Every Cent Is Promised to Federal Body. BY BENTON J. STRONG Times Special Writer WASHINGTON, April 13,—The Tennessee Valley Authority expects to pay back into the Treasury the nation's full investment in Muscle Shoals. The Wilson Dam at Muscle Shoals cost about $60,000,000. TVA engineers have estimated its present value for power purposes at $22,000,000. citing excessive war-time costs and natural depreciation. David E. Lilienthal, TVA director in charge of power, said to the Interstate and Foreign Commerce Committee recently that “we want the people of the country to know that the users of electricity in the Tennessee Valley area need no subsidy and are asking for no subsidy from the Federal Treasury. Not Entirely Fair” ‘■The Tennessee Valley Authority is in a position, on the basis of present wholesale power rates, to repay into the Treasury not only the present value of Wilson Dam. but every penny the government has invested in that property ... a total in the neighborhood of $60,000,000. Frankly I think such disposition of excess revenues is not entirely fair to consumers of electricity in the valley. The excess war cost should be borne by the whole country. Electric consumers should not bear all the navigation costs. But there is no business reason why this property will not permit the repayment of every cent that was actually invested, war or no war, naviation or no navigation. Congress may decide, in order to remove the red herring of value of Muscle Shoals from the trail once and for all, that such a disposition should be made.”

TVA’s Rate System Questioned closely by committee members, Mr. Lilienthal outlined the basis upon which TVA rates were set up. "First” he said, “consumers of electricity must pay all the operating costs of furnishing that elec*tricity, without any contribution whatever from taxpayers. "Second, consumers of electricity pay taxes through the TVA rates equivalent to the national average taxes, local, state and Federal, paid by private-owned utilities. Municipalities buying TVA power and reselling it to their citizens pay taxes, also equivalent to the amounts a private utility would pay. "Third, depreciation and amortization are provided for. both by TVA and the municipalities. As to TVA. the rates charged include a margin to offset depreciation from year to year so that in the course of years there is a reserve adequate to rebuild the plant as anew plant; and there is also a surplus which if Congress so desires can be used to pay back to the Treasury not only + he present value of this depreciated war-time property, but also every penny of the original investment, put into the property in order to defend this country against its enemies. "Fourth, interest is charged. "Computations of cost of furnishing electricity have produced a wholesale rate which will make the bulk sale operations of the Authority wholly self-sustaining.” 5 Per Cent Goes to States The TVA now pays 5 per cent of its gross revenue to the states in which power is generated. In addi- ! tion it is setting aside another 7 per J cent tax reserve to bring their total | charges up to the national average paid by private utilities. Municipalities buying TVA power at wholesale and reselling it have I agreed to pay 7 per cent of their gross revenues to their city treas- i uries in lieu of taxes. Future dams. Mr. Lilienthal testi- I fled, will be included in the power rate base at the actual cost of the power installation. The TVA wholesale rates, scaled on consumption, now range from 2 to 7 mills per kilowatt hour. Domestic retail rates range from a top of 3 cents for the first 50 kilowatt hours to 4 mills per KWH for all over 400 KWH used in a month. INSURANCE BILL SIGNED New Compensation Guaranty Law Passed in Minnesota. By Times Special ST. PAUL. April 13.—The compensation insurance guaranty bill which is considered the most important piece of insurance legislation enacted at the present session of the Minnesota Legislature has has been signed by Gov. Floyd B Olsen, it was announced here today. Under the new law all companies writing compensation losses in the state are required to chip in and make good the defaulted awards against financially distressed companies. It has been indorsed by both stock and mutual companies.

JL EVERGREENS .jte. Special Sale This vJlfi) Week NORWAY SPRUCE 2 2% A mm 'ltr jjrrtiiT f - II L onlr ” Open 7 Dav* a 44>*k !g^^s^*£agl6XreekNurseniCo. 82nd St. and Route SS, Indianapolis ill J Also sales rard 12 mi. west on Rorkfilie Rd.

Buy Building & Loan Shares Your Money Stays Here, Works Here Earns Here

What Doe* It Mean? RJorkrd Funds—\fnnry in a foreign country vhich can not he withdrawn unless some product or serrier is bought at that point is known as heing "blocked This occurs where exchange restrictions ore in effect.

David E. Lilienthal

SHIPMENTS OF PRODUCE CLIMB Carlot Movements Rise 13 Per Cent in First Week of April. R’! Times Special WASHINGTON, April 13 —Carlot snipments of produce in the nndwestern district during the initial week of April showed an increase of 13 per cent over the preceding week, according to the weekly report of the United States Department of Agriculture released today. Stimulation of shipments of northern potatoes by rapidly advancing prices and the truck crop movement from the South increasing with the progress of the season were reported as the two principal factors behind the upw’ard movement. There w’ere sharp increases during the week in lettuce, cauliflower, strawberries and tomatoes. The majority of southern produce, except peas and peppers, are noi? back to fairly normal volume for this time of the year. Current shipments of old onions are running low. with potato movements active. The sharpest advances in the potato market during early April w'ere registered in Maine where sacked stock was selling from 70 cents a hundred weight. Carrots sold at slightly higher prices during the week in sympathy with rising values of other northern vegetables, but heavy receipts from California and Texas prevented any sharp advance. Sweet potatoes maintained a steady market tone, while tomatoes showed slight weakness with a rapid increase in Florida shipments. The midwestern strawberry supply has shifted from Florida to Louisiana with quality showing some improvement this month. Prices have recovered moderately during recent w’eeks from the extremely low point and are now selling from 10 to 15 cents a pint. Lettuce prices still remain at a high rate in the midwestern cities with some selling as high as $4.50 a crate.

What TVA Really Means

Down in the valley of the Tennessee River, the most far-reaching social and humanitarian project ever launched moves steadily toward ultimate achievement. To most people the cryptic letters TVA are familiar. But few realize that they symbolize a program of such magnitude that it directly affects the people of our own Indiana. The reclamation of thousands of square miles of once productive land . . . reforestation to prevent soil erosion . . . the rehabilitation of nearly 2,000,000 under-privileged people who, under present conditions, are now able to eke out only a barren existence . . . an opportunity for better homes, better schools, and a finer, fuller life . . . these are some of the things TVA is designed to accomplish. To understand this gigantic project, to really appreciate its significance —(an impossible undertaking by a mere study of dry official reports)—Talcott Powell. Times editor, spent 10 days making a personal survey of the territory and its people. Mr. Powell has set down his observations, experiences and impressions gained during this first-hand study of TVA, in a series of interesting and informative articles. They bring you a Complete, closeup authoritative view of the entire project. You'll thoroughly enjoy these articles . . . the first of which will appear Monday in The Indianapolis Timi

INTEREST RATES ON NEW BONDS PLUMBS LOWS New York City Issue Sold at Best Rate in 30 Years. By Times Special NEW YORK. April 13—Investment leaders were disposed today ro withhold opinion as to how far the current process of shrinking interest rates on loans to Federal, sta'e and municipal governments is likely to be carried The spectacle of New York city obtaining a premium from a banking group on 3% per cent bonds—the lowest cost to New York city for such financing in thirty | years—was received with considerable of a stir in bond trading centers. particularly among groups ; identified with municipals. In recent weeks, bond men have I witnessed one slash after another at the already reduced coupon rates. ; With Federal issues headed well bei low 3 per cent and municipals drawing steadily down toward 3. especially on longer-term paper, the stopi ping point has ceased to become even a subject of conjecture. No Stop Likely The general indefinite opinion is that nothing can stop the down trend of interest rates on governments and municipals so long as those borrowers virtually have the field to themselevs, insofar as absorption of new funds is concerned. Money Is available in enormous amount, and it is going to work in the only field offering employment, at its own terms. In some quarters it is feared that the turnabout may be somewhat abrupt if industry should develop a demand for investment money. Contrast With Britain The fact that new' capital issues in this country have represented almost entirely increased state and municipal financing, in such investment expansion as has taken place in the last year, is emphasized in | the monthly review of credit and i business by the Federal Reserve Bank. The situation Is contrasted with a much different rise in expansion of capital issues in Great Britain. State and municipal issues, it is | pointed out, are a minor factor in British capital issues, yet the level of security issues for new capital purposes has recovered in Great Britain to about 80 per cent of the 1920-1925 average, as against about j 25 per cent recovery in the United , States. Furthermore, financing for new ! capital purposes has been on the up- ! grade in Great Britain since the beginning of 1932. whereas the less marked uptrend here (and ac- | counted for almost entirely by [ states and municipalities), has been in evidence only since the beginning of 1934. LOCAL CASH MARKET City cram (“levators are payinc 30 ront* for No 2 soft red wheat. Other Bradei i on their merit? Cash corn No. 3 yellow. 82 cents, and oats 40 cents

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