Indianapolis Times, Volume 47, Number 30, Indianapolis, Marion County, 15 April 1935 — Page 6

Wall St. Banker Retaliates to Mew Recently Stated. BY RALPH HENDERSHOT. TitnM Special Writer

XJEW YORK. April 15—Recently 77 your correspondent wrote that the banking profession had not progressed as rapidly as general business in the development of new Ideas and :n the perfection of the trade A banker who signs las name a C W P. retaliates in the following letter.

• In a group of six business nrwn your article on Tuesday conearning the desirability of revamping the banking business was read and di: cussed, at least two of those present were against such an idea on the ground that whilf' you write Intelligently you are merely fol-

Ralph Hendershot

lowing the popular trend of ‘knocking’ the banks. “I. having had considerable banking background suggested that ‘you wrote what, appealed to the public and gave no thought to the logic of what you said. I suggested that you could not write an article outlining intelligently one single thing that a bank could change which would tend to revamp the bu-sin *ss along modern lines. By that, I mean something that could be: made to work, anew idea that has not been tried, one that would g.ve better servicein other words, substantiate your statements. Just one little, single thing. a a a “13UT please remember that one •D 0 f the six will answer it, through your columns, we hope. It should be easy, since you say it is obvious that banking has lagged." Because they have been kicked around so much in recent months the bankers have every right to be touchy. They have every right also, to expect their critics to back up their criticisms. For the good of their own business, however, they should not assume that attitude, as the author of the above letter seemingly has done, that the business is being perfectly conducted, and that there is no room for improvement. It would be rather easy to reply by making the suggestion that the first thing the banker should do would be to change his point of view. But that would not be quite fair. It is not what the writer of the letter has a right to expect, and his apparent attitude cannot be said to be representative of the attitude of bankers generally. Most of them are truly desirous of improving the banking business. 000 A SUGGESTION your correspondent would like to offer Is that the bankers take full cognizance of the fact that the product which they have to sell is the rental of other people’s money, and that they then go out and attempt to develop a market for their product. It is well known that the vaults of the banks are loaded with money which is not now profitably employed. It is known also that this money is "eating its head off.” It is known, too, that industry is hungry for furtds. The situation, therefore, would seem to be that the bankers have a product to sell and that a market exists for that product, but that the buyer and seller have not been able to get together. But, of course, the answer is not so simple as it might seem. Probably a very large percentage of the would-be borrowers lack adequate collateral to safeguard the loans they would make. It is reasonable to suppose, however, that there are a great many also who would like to borrow money and who could meet the requirements of the bankers If the two were brought together. 000 BANKERS in the past have been content to sit back and wait for their customers to come to them. To be sure, thty have solicited some of the larger borrowers, but they have made no real effort, so far as your correspondent knows, to contact the medium-sized borrowers. They have directed their attention almost entirely to prospective depositors and people with trust accounts. Their methods 0? doing business have lacked flexibility. They can not be eaesily adjusted to the changed conditions in their business. Your corrospendent submits, therefore, that the bankers do not know the market for their product, and that they might well contact their depositors as a first step to getting better acquainted with it. They might contact the public at large also through advertisements which tell more than the length of time their institutions have been in business, and that some old fellows who long since have passed on were responsible for their existence.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers: Fruits—Bananas. 4 5 e a lb Apples. W inesaps, $2; Delicious $2. Baldwins. Si 60. Lemons Sunkist. 280s. $4 25 Grapefruit Texas, seedless $3 50: Florida, seedless. $2 25 Limes. Mexican, per carton. 12s. 20c: Bvram. seedless, per hundred. $3 Strawberries Louisiana 24 pt. crates. $2 75 Apricots. $3 crate Grapes. South America white. 20 lb box $2 75 Honey Dgws. South America $3: Nectarines. South America, box. $3 50. \ egetabirs Cabbage new Carolina, hamper *3 25. medium, hamper. $2 75 new red Texas, hamper. $3 Onions. Western Spanish. 50-ib bag $3 75; Michigan vellow. 50-lb bag, $3: new Texas yellow. 50-lb. bag. $3 25; new Texas boiler. 50-ib. bag *2 25; new Texas white. 50-ib bag. 13 50. Potatoes. Green Mountains. 100-lb. bag $1 '5; selected cobblers. 150-lb. bag. $2 50; northern round white 100-lb bag $1 15. Ohio*. 100-ib. bag. $2. Idaho Russets. 100-lb. bag $2 75: new Florida Triumphs, bushel. $3 25 Sweet potatoes. Indiana Jerseys, bushel. $1 50; medium or seed. *l.lO. Narcv Hall, bushel. $1 15. Beans, round stnngless, hampers. *2 75 Celery • washed and trimmed' medium dor, 50c: Jumbo, dor 75c hearts, do*, si 10 Cucumbers hot house, dor , $1 IS 2 dot. box *2. Endive California, doren. $1 Egg Eiant. *1504i2 dor Kale bushel. 60c ettuce. hot house. !S-!b basket. *175. Arirona Iceberg head l.' -, uce. *4 50. Mangoes *s<*:S a crate small basket. 60c. Mint, a dni , si Parsley, dor , 3*c Peas, hamper S3 75 Spinach. Texas bushel. *1 Radishes do*.. 50/65c Turnips, bushel. 75c. Parsnips, busbel. *1 Beets bushel *1 Carrots bushel. *1; 100-lb sack *1 75, Rhubarb, hot house. 5-lb carton. *3; do*, bunches. *1 30 Mushrooms. >b.. 30c All quotations subject to change up or dova.

PAGE 6

BUTTER BOOKED FOB BIG PLACE IN SPECULATION Shortage Leads to Futures Trading; Importations Disturb Status. BY LEONARD ROGERS Times Special Writer NEW YORK, April 15.—Disorganization of American agriculture through operation of AAA regulations and the natural agencies of drought and changing demand have brought mar.; new farm products into the speculative markets. Butter provides an interesting sample of this trend. Before the depression butter was largely a spot market commodity, and the only speculation in it was among a small group of cold storage warehouse men, merchants and brokers. In the current era butter is one of the more actively speculative materials, and a large turnover of future contracts for the commodity is recorded in various markets daily. Storks Dwindling * Trading volume in butter has been particularly high recently because Prices have been rising rather steadily and visible stocks in the ten leading warehouse cities of the country have dwindled to about 1,500.000 Pounds from 7,500,000 pounds a year ago. United States, in fact, is now and has been for some time, in the throes of a butter shortage. Since Jan. 1 about 11,000,000 pounds have been imported from New Zealand, Argentina. Australia, Denmark, Sweden. Lithuania and Siberia. The reasons for these importations and the current small stocks show the saniH complicated and disordered agricultural economy that has upset American and world markets for wheat, corn, cotton and many other farm products. Herds Reduced Dairy herds as of Jan. 1 totaled 25,000,000 head in the United States which is 1,000,000 less than the country had a year ago. Death of animals through drought, slaughter because of high feed prices and reduction of herds on AAA produc-tion-control regulations brought this about. Asa result, production of butter in the first two months of this year aggregated 197,000.000 pounds, compared with 220.000.0G0 pounds in the corresponding period of 1934. March butter production here has been estimated at 11 per cent under March, 1934. Purchases for Relief On top of this drying up of butter production at the source the government purchased 16,000,000 pounds of butter last fall and has been doling it out through relief agencies. The machinery of distribution in the butter trade has been operating disjointedly through its lack of adjustment to these changed conditions. Chicago, for instance, was always butter distributing headquarters until this year. Stocks in Chicago now are under stocks of New York City. The growing volume of importations is responsible.

Stock Studies

ALASKA JUNEAU) $ common stock ■>£ ■■■■■■ ■—|Wwee Shaw WARNINGS PRICE RANGE scale Wy ~n| n - 30 131 inH” ..Him r; winchester institute of finance

Alaska Junea Gold Mining Cos. is one of the largest producers of gold in this country. More than 95 per cent of the company's output is gold, the remaining being silver and lead. The company holds 150 claims in the locality of Juneau, Alaska. Properties consist of mill sites, water-power sites with three hydroelectric power plants. Total daily milling capacity is 14.000 tons of ore. FINANCIAL DATA A* of Dec. 31, 1934 Common Stock ($lO par) ..1,500.000 shares Surpluses $3,130,322 Cash 617.229 Inventories 559 662 Total Current Assets 1,039.766 Current Liabilities 528.259 During 1934 cash declined practically $1,000,000, inventories increased just slightly, but net working capital declined $2,450,000. Surplus increased about SIOO,OOO. On Dec. 31 the current ratio was almost 2 to 1 while the stock equity per share was $12.09, an increase of 7 cents during the year. Earnings have been on the uptrend during the last three years. The stock earned $1 in 1933 and $1.28 in 1934. A total of $1.20 was paid on the stock in 1934. The present annual dividend rate is 60 cents while 15 cents cash extra was paid with the Feb. 1 quarterly dividend. Alaska Juneau was incorporated in 1897 in West Virginia. The stock is listed on the New York, San Francisco and Los Angeles Stock Exchanges. At a current price of around 16’* the stock sells to yield almost 3** per cent on its regular dividend rate and for 12 s * times 1934 earnings. Ail Rights Reserved Winchester Institute of Finance. Winchester, Mass.)

Money and Exchange

INDIANAPOLIS STATEMENT C'earings *2 09S 900 00 Debits 5.215.000 00 TREASURY STATEMENT Bv United Press i WASHINGTON Apr;! IS.—Government expenses and receipts for the current seal year to April 12. compared with the corresponding period of the previous fiscal year: This Year. Last Year Expenses *5 275 190 935 13 *5 15g.062.297 54 Receipts 2.995 167.967 $9 5 409.097.176 16 Deficit 2.280 022 967 2# 2.748 965,121.37 Cud Bsl. 2.437.111. 174.60 <660.061.620.32

Abreast of The Times on Finance

City, by Taking Over Citizens Gas Cos., Falls Heir to $6,362,500 Stock and Bond Debts. BY VINCENT LYONS Times Financial Editor

EVERYTHING comes to him who waits. The stockholders of the Citizens Gas Cos. have waited a long time for the city to exercise its right to take over their company. Now it appears their dreams, and they must have been fond ones, are about to be realized. The city has advertised for bids on an $8,000,000 bona issue, the proceeds of which will be used to retire all of the stock and bond indebtedness of the Citizens Gas Cos. and take title to the enterprise.

Twenty-eight years ago the city would have needed $1,000,000 to acquire the gas company. Today it needs $8,000,000. That is quite a difference. Especially when you haven’t the $8 000.000 and you have to borrow it. In the latter case you have to pay interest on the money you borrew, and the $8,000,000 becomes much more than that before you have the debt paid off. Why has the $1,000,000 grown to $8,000,000? Well, it’s this way. At the outset the Citizens Gas Cos. capitalization consisted of 40,000 shares of $25 par common stock, or $1,000,000. Today there is outstanding in the hands of the public 80,000 shares of common stock, or $2,000,000; 10,000 shares of SIOO par preferred stock, or $1,000,000, and $2,800,000 or 5 per cent bonds. This brings a total stock and bond indebtedness of $5,800,000. 000 IN add.tion to retiring this debt the city, with the proceeds of the contemplated bond issue, in ends to use $500,000 to pay off accrued dividends on the common stock —a heritage of poor earnings years of the Citizens Gas Cos. An additional $12,500 will be paid as a dividend on the preferred shares, plus a $50,000 premium which must be paid when this stock is called for redemption. This brings the total up to $6,362,500. The balance will be used for improvements and betterments of

New York Stocks

ißy Thomson A McKinnon) 11 A. M. Prev. Oils— High. Low. N. Y. close. Amerda 57% 57 *2 57% 57% Atl=tl 24% 243* 24% 243* Barnsdall 9 8% 8% 8% Consol Oil .... !_■ 8% 8 4 8 4 Cont of Del ... 18% 18% 18% 18% Houston 1 new) . 2% 2 a 2_a 2 4 Mid Cont Pe„ .. ll’a IP* IPs J}% Ohio OH IPs IPs IPs IPs Ppt Com .... 10 9 3 4 10 9 2 Phillips Pet ... Plymouth Oil ... 9% 9% 9 2 9 a Pure Oil 7% 7% 7% 7*2 Roval Dutch ... 33% 33% 33 s 33 a Seaboard Oil ... 2i% 27% 27/* 2i 4 Shell Un 7 7 7 7 Skellev Oil 9% 9% 9% 9% Soc Vac 1334 13% 13 /4 13 a S O of Cal ... 31 Ms 31 is 31% 3P, S O of Ind ... 24*g 24 24 24/g SOOf N J ... 40*4 4Q% 40% 40 Texas Corp ... 21’s 21H 24% 21 a Tidewater Assn. . 10*2 10*8 10% 10 .a Un Oil of Cal . 183/g 18% 18 3 /g 18 Steels— Am Roll Mills . 19% 19 19% 19 Beth Steel 26% 26% 26 g 26 Bvers AM -. 15% 15 15 14 g Col Fuel A Iron l’a Pa 1% Pa Cruc Steel ... 19 19 19 18*2 Inland Steel 48*4 48% 48 * 4r * Ludlum Steel • 14* 14% 14% 14*2 McKeesport Tin.lol 101 101 101% Mid Steel .... 10*2 10% 10% W* Natl Steel 47 46% 47 45,8 Otis Steel 5 3 a 5 1 -* j l /* Rep I * St! •• 12 11% li> • U S Pipe A Fdv. 17% 17*2 11 4 17 2 U S Steel ... 32% 32 32% 31/4 U S Steel pfd... 83 83 83 83 Warren Bros .. 4% 4% 4Va 4 ,* Youngstn SAT 16% 16 16 / 16 Motors— Auburn 19% 19% 19*2 18% Chrysler 36% 36% 36 4 36 2 Gen Motors 30% 29% 30% 29 4 Graham Mot .... 2 2 2 2 Hudson 8% 8% 8% 8a Hupp 1% P/4 IV* 1% Mack Truck 22 21% 22 21 * Nash 13% 13 13 13 Packard 3% 3% 3 /* 3/2 Reo 33 “ Studebaker 2*s 2|£ 2Mi |Va Yellow Truck ... 3V* ZYm 3V * Motor Access— Bendix 14% H% 14% 14% Bohn Alum 56*2 56>/a 56/a 56 4 Borg Warner ... 33% 33 33 32 g Briggs 27% 27 27 21 Budd Mfg 4 4 4 3% fiudd Wheel .... 3% 3% 3% 4 Eaton Mfg 1?% 18% 19% 18 a Elec Auto Lite .. 21% 21% 21% 21 Houdaille "A’*.. 9% 9 9 a * Mullins Mfg .... 10 10 10 9% Murray Body ... 7% 7% % 7 4 Stew Warner 8% 8% 8 * 8 4 Timken Roll •••• 31% 31% 31 a 31 Timken Det Axle S'/a 5% 5', 2 5 Mining— Alaska Jun 17% 17 17 17 3 ' 8 Am Metals 18% 18% 18% 18 4 Am Smelt 38% 37% 38% 38 a Anaconda 12% 11 s 12 11 a Cal A Hecla .... 3% 3% 3% 3% Cerro De Pasco-. 50% 49% 50 4 5(1 a Dome Mines .... 40% 39% 39 a 40 g Granbv ......... 8% 8% 8% 8 4 ’CRNor Ore 10% 10% 10% 10% Howe Sound .... 51% 49% 49% 51 Ins Copper 3% 3% 3 4 3 Int Nickel 26% 26% 26% 26% Kennecott Cop .. 17% 17% 17-a 1/ ,2 Mclntyre Mine.. 43 7 a 43% 43 4 43 2 Park Utah 4% *% 4% 4-g Noranda Cop ... 38% 38 38 a 38 4 Phelps Dodge ... 16% 16% 16 4 lb a St Joe Lead 15% 14% 14% 14 a U S Smelters ...110 109% 109% 111 4 Vanadium 13% 13 13, 12- 4 Amusements— Croslev Radio... 15% 15% 15% 15_s Fox Tneat ~10 10 10 9% Loews Inc 38% 37% 37% 38 Radio Corp .... 4% 4% 4% 4% Paramount 33 J a,a Warner Bros .... 3% 33 g 3 8 Tobaccos — Am Snuff 69’ ’4 69*4 69% 69% Am Sum Tob 21% 21% 21 2 21 4 Am Tobacco •B” 80% 80% 80 2 80 Lie A Mvers ‘B’ 100 100 100 90% Loriilard erS . 20% 20% 20% 20 Reynolds Tob B' 46’g 46 46*a 45% Rails— Atchison 41% 40% 40% 40% Atl Coast Lines- 24% 24 24 24 a BSc O 11 1 2 11*4 11% 11 a Can Pacific 10% 16 10% 70% Ch A Ohio 41 7 a 41% 41% 41% Chi & Gt W % % 7 a % CMA- St P pfd 1% 1% 1% 1% Chi N W 4 3 5 s 3 7 b 3 3 4 Dela & Hud ... 30% 30 30% 29% Del Lac & W Gt Northern pfd 13 12% 13 12 a 111 Central ... 12% 12 12% 12 Lehigh Valiev ... 7% P* 7% 7% Lou A Nash ... 40% 4040 2 39 M K & T ... 3% 3% 3% 3 , MK&Tpfd ... 7 7 7 7% N Y Cent 16*2 16% Id% 16% N Y New Haven 5% 5 5% 4% N Y Ont A West 3% 3% 3% 3% Norfolk A West 168 168 168 167% Nor Pacific 16% 16% 16% 16 a Penn R R 20% 20% 20% 20% Reading 36 35% 36 33 Sou Pac 15% 15% 15 * 15 2 Sou R R 11% 11% 11?" Union Pac 91% 90% 90% 90% Wabash 1% 1% 1% £% West Maryland.. 8 8 8 8 Equipments— Am Brake Shoe . 23’, 23% 23% 23 Am Car A Fdy.. 12% 12', 12% 13% Bald Loco l’g 1% 1% 1% Gen Am Tk Car 34% 34% 34% 34% Gen Elec 24% 24% 24 a 24% Pullman Inc .... 42% 41 42-* 41% West Air Br ... 20% 20% 20% 20% Westingh Elec . 38% 38% 38% 38“a Utilities— Am A For Pwr S’, 3% 3% 3% Am Power & Lit 3% 3% 3% 3*2 A T A T 107% 106% IC7 107 Am Wat Wks 11% ll’s 11% 11% Col Gas A Elec 6% 6% 6% 6% Com A Sou 1% 1% 1% 1% Consol Gas . 22% 22 22% 22 Elec Pwr A Lit . 2% 2% 2% 2% Interboro R T . 10% 10% 10% 10% Int T A T 8 7% 7% 7% Lou GA E A - 15% 15% 15% 15% Nat Pwr A Lit B*2 8% B*2 8% North Amer ... 13% 13% 13% 13% Pac G A E ... 18*g 18 18% 18 Peoples Gas ... 23% 23 23*. 22% Pub Serv N J . 27% 26% 21% ,7 So Cal Edison .. 15% 15 15% 15 Std Gas .... 3% 3% 3% 3% Stone A Web ... 4 4 4 4 United Corp 32% 33 Ur. Gas Imp .. 12% 12% 12% 12% West Union ... 26 25% 25% 26 Rubber*— Firestone 15% 15 15% 14% Goodrich 9*2 9% 9% 9 Goodyear 20% 19% 20 19’, Kelly Spring ■■ % % % % U S Rubber 13 12% 12% 12% U S Rubber pfd 32% 31% 32 31 % Miscellaneous— Allis Chalmers 15% 15 15 14% Am Can 119 119 119 119 Am Mach A Fdv 21 20% 31 21 ■ a Anchor Cap 15% 15% 15% 15 Burroughs Add . 15% 15% 15% 15 J I Case 54% 53% 53% 53% Conti Can 72 71% 71% 71% Caterpillar Tract 42% 42% 42% 42* a CurtU Pub pfd . 97% 97% 97% 97 Deere A Cos. 27% 27 27 26% Eastman Kodak 125% 125 125% 125% rcu'dt WbMlu.. 12% 12% 12V. 12%

INDIANAPOLIS, MONDAY, APRIL 15, 1935

the present plant and to reimburse the city for expenses incurred in arranging for the taking over of the company. Despite the new capital which has come into the treasury of the Citizens Gas Cos. in the intervening years and an increase in gas rates charged to consumers from 55 cents to $1.05 a 1000 cubic feet over the same period the company finds it difficult to show earnings sufficient to meet dividends on the common stock. 000 ONE other transaction which sought to bolster the position of the company was taken in 1914 with the signing of a lease with the Indianapolis Gas Cos. By this contract the Citizens Gas paid out to Indianapolis Gas, as a rental, close to $500,000 yearly and, in return, received the right to use and operate the latter’s plant and facilities, which included the gas mains. Thus, we find that in the face of the several millions of dollars which investors have placed into the Citizens Gas Cos. a few years after the company was formed the comQpny has complete title to only 337 miles of mains. The-other 530 miles of the entire Indianapolis gas main system represent the property of the Indianapolis Gas Cos. bondholders by virtue of a first mortgage.

Gillette 15 14% 14% 14% Glidden 28 27% 27% 27% Ineersol Rand . 70 69% 70 69 Int Bus Mach .167 167 167 168% Inter Harv ... 38% 37 7 /g 37% 37% Natl Cash Reg . 15% 15% 15% 15% Owens Bottle 88% 88% 88% 88 Rem Rand 9 8% 8% 8% Foods— Am Sugar 59% 59 59% 58 % Armour 4 3% 3% 3% Armour 6% pfd 61% 61 61% 60% Borden Prod . .. 23% 22% 22% 23% Cal Packing . . 39% 39 39 39% Can Dry. G Ale 9% 9% 9% 91/3 Corn Prod 67 66% 67 66 Crm of Wheat.. 37% 37% 37% 37% Gen Baking 8% 8% 8% 8 Gen Foods 35 34% 34% 35 G W Sugar 29% 29% 29% 29 Kershav 78% 78% 78% 78 Int Salt 30 30 30 29% Natl Biscuit .... 25 25 25 24% Natl D Prod . 14% 14% 14% 14% S Porto Rico Sug 24% 24 24 24 Std Brands 15% 15% 15% 15% Un Biscuit 24% 24% 24% 24% United Fruit 82% 82% 82% 82% Wrigley 76% 76% 76% 76 Retail Stores— Best & Cos 38 38 38 38 Hahn Dept Sts.. 4(4 4% 4% 4 Jewel Tea 52% 52% 52% 52% Kresge S S 20% 20% 20% 20% Kroger Groc 24 % 24% 24% 24% Macy R H 36% 36 36 36 McCrory St 9% 9% 9% 9% Marshall Field.. B*% 8% 8% 8 May Dept 5t.... 41% 41% 41% 41 Mont Ward 25% 25% 25% 25% Penney J C 63% 63% 63% 63 Safeway St 37% 37% 37% 38% Woolworth 55% 55% 55% 55% Aviation— Aviation Corp . 3% 3% 3% 3% Boeing Aircraft .. 7(4 7% 7% 7* Curtiss Wright . 2% 2% 2% 2% Curtiss Wri (A) 8% 8 8 8 Douglas Air 21% 21% 21% 21% Sperry Corp 8% 8% 8% 9 U Aircraft (new) 11% 11% 11% 111% Chemicals— Air Reduction ...114% 114% 114% 114% Allied Chem ... 134% 134% 134% 134% Am Com Alcohol 26 25% 26 25% Col Carbon 74% 74% 74% 74 Com Solvents 20% 19% 19% 19% Du Pont 93% 93% 93% 93 Liquid Carb 29% 29% 29% 29% Math Alkali 27% 27% 27% 27% Monsanto Chem 61% 61 61% 60 Natl Dis (new).. 27% 27% 27% 27% Schenley Dist ... 25% 25% 25% 25% Tex Gulf Sulph 31% 31% 31% 31 Union Carbide 49% 49% 49% 49% U S Indu Alcohol 40% 39% 40 39 Drugs— Bristol Myers-... 31% 31% 31% 32 Coty Inc 5 5 5 4% Lehn & Fink ... 16 16 16 16 Sterling Prod .. 64 64 64 64% Un Drug (new). 11% 11% 11% 11% Vick Chem 36% 36% 36% 36 Zonlte Prod .... 4 4 4 4 Financial— Adams Exp ... 5% 5% 5% 5% Allegheny Corp .1% 1 1 1 Am Int Corp ... 5% 5% 5% 5% Chesa Corp 42% 42% 42% 40% Transamerica .. 5% 5% 5% 5% Tr Conti Corp . 3% 33 3% Building— Am Radiator . 13% 13% 13% 13% Gen Asphalt .. 15% 15% 15% 15 Holland Furnace. 8 8 8 7% Int Cement 27% 27 27 27 Libov Owens Gls 26% 26 26% 25% Johns Manville . 46% 45% 45% 46 Otis Elev 12 % 12 12 % 11 U S Glvpsum .. 45% 45% 45% 45% Ulen Cons .... 1% 1% 1% 1% Household— Col Pal Peet ... 17% 17% 17% 17 Congoleum 30 29% 30 29% Kelvinator 16% 16% 16% 16% Mohawk Carpet. 13% 13% 13% 12% Proc & Gamble 48% 48% 48% 48% Servel Inc 8% 8% 8% 8% Proc & Gamble . 48% 48% 48% 48% Servel Inc ... 8% 8% 8% 8% Simmons Bed ..8 7% 7% 7% Textiles— Amer Woolen .. 7% 7% 7% 7% Celanese Corp . 23% 22% 22% 22% Collins Aikman .11 10% 10% 10% Indus Rayon .. 26 25% 26 25%

Chicago Stocks

(By Abbott, Proctor <& Pain) 11:00 Prev. A. M. close Allied Products 16 16 Butler Bros 7% 7% Cent Southwest % % Bendlx 14% 14% Borg Warner 17% 16% Chicago Corp pfd 30% 30 Cities Service 1% 1% Com 6c Edison 63% 62% Cord 2% 2% Libby 8 8 Noblitt Sparks 14 s , 14% Perfect Circle 37 37 Quaker Oats 130% 130 Swift 16% 16 Swift Int 34% 34

New York Curb

(By Abbott. Proctor & Paine) 12 (Nooni Prev. N. Y. close. Allied Mills 14 13 7 w Alum Cos of Am 46 48’ 4 Am Cyanide • B" 16 5 16 3 Art Metal 4 7 4 3 . Atlas Corp B> 2 8’ Carrier Corp 18’* 18 Distillers Corp 15 7 15 7 El Bond & Share 7 6 7 a Ford of Europe 7 7 t 7 3 Gulf Oil of Pa 57'i 57 5 Hiram Walker 27’ 27 Humble Oil ■8 3 4 48 3 4 Imperial Oil Ltd 16 3 4 16 s a Lake Shore Min 54’j 55 Long Island Lighting 2 3 4 2Y. Newmont Min 44 44 Nia Hud Pwr 3 7 4 Penn Road 1 7 17.l 7 . Salt Creek Products 6 3 4 6 L 4 FRUITS AND VEGE.ABLES ißv United Press i CHICAGO. April 15.—Apples—Michigan Spies, bushel. *1.50i165; Illinois Jonathans. $1,504) 1.60 Carrots—Western crates 6 doren. *2.25'.; 2.75 Turnips—lllinois and Michigan, bushel. ,554) 48c Sweet potatoes —Tennessee, bushel. 85 a 90c: Indiana *1 35 • 140. Lettuce—Western crates, *3 25. 3 75 Beans—Florida, bushel. Sls/1.50. Csbage-Cahfornia. crates $4 59. Onion sets —Illinois. Michigan, sacks a bushel *2; yellow. *3 594(3 75 Peas—California, bushel hampers. *3'<>3 25. Tomatoes— Florida, lugs. *l4! 2. Rhubarb—Michigan. 5-lb. cartons. 30'u 60c: Illinois. 40 lbs., *2. LOCAL CASH MARKEif City grain elevators are paying 90 cents for No. 2 soft red wheat. Otner grades on their merits. Cash corn No. 1 yellow. 62 cents, and oau 62 cenu.

STOCK MARKET TONE FIRM IN EARLY TRADING Call Money Declines to Lowest Rate in History. By United Prf.# NEW YORK, April 15.—The atock market showed a fairly firm tone today, although there was some hesitation as traders waited for Supreme Court decisions hoping the Pension Act case would be decided. The first hour was fairly active with an excellent tone. Trading quieted and showed no particular increase when call money rate was lowered to % of 1 per cent, the lowest rate in the exchange history. Rails particularly were active but the trading was nervous. Atchison opened fractionally higher and jumped nervously around the previous close. Union Pacific had more than a point gain at the opening and then receded to a fractional decline. New York Central was % improved at lO l^. Silver shares underwent profit taking, U. S. Smelting giving 1% points to 109 ! 2. Rubber shares firmed on indications the threatened strike might be averted, Goodyear advancing % to 19%. Leading industrials held close to the previous close.

HOG PRICES DIP STOJSCENTS Cattle, Vealers Unchanged; Lamb Values Turn Lower. The pork market displayed a weak undertone in early trading at the local stockyards today and prices were unevenly lower than Saturday’s close. The general run was off 5 cents while lightweights were largely 15 cents lower. Receipts were estimated at 5000, the largest supply on hand since the middle of last week. This compared with only 1500 hogs available Saturday, interest was lacking in most divisions, especially in the lighter classes. Few good and choice weights sold at $9.25. The bulk, 160 to 250 pounds, cashed in at $9 to $9.20, while heavy butcher kinds, weighing 250 pounds and upward, sold at $8.60 to $8.95. Light slaughter pigs, scaling 130 to 160 pounds, were selling at $8.25 to $9. while light lights, from 100 to 130 pounds, brought $7 to SB. Packing sows held at $7.75 to $8.25. Holdovers were 69. Trading was slow and mostly unchanged in the cattle market, with asking slightly higher than Saturday. No choice steers were available. Bulk was valued to sell under sll. veals remained stationary, selling at $9.50 down. The lamb market showed weaknes with clipped fed western kinds largely 35 cents lower, selling at $7.40 down. Clipped slaughter sheep brought $4 down. HOGS April Bulk. Top. Receipts. 9. $9.00® 9.30 $9.30 6000 10 9.05® 9.30 9.30 5000 11. 8.90® 9.20 9.25 4000 12. 9.10@ 9.40 9.40 3500 13. 9.00® 9.30 9.30 1500 15. 9.00® 9.20 9.25 5000 Light lights: (140-160) Good and choice.. $8.75® 9.10 Medium 8.25® 8.85 Light weight: (160-180) Good and choice... 9.15® 9.25 Medium 8.65® 9.00 (180-200) Good and choice .. 9.15® 9.25 Medium 8.65® 9.00 Medium weight: (200-2201 Good and choice... 9.10® 9.20 T 220-25 01 Good and choice... 9.00® 9.10 Heavyweight: (250-290) Good and choice... 8.90® 9.00 (290-350) Good and choice... 8.70® 8.90 Packing sows: (275-3501 Good 8.70® 8.90 Packing sows: (275-350) Good B.lo® 8.25 (350-425) Good B.oo® 8.20 (275-350) Medium 7.85® 8.10 (425-550) Good 7.60® 8.00 Slaughter pigs: (100-140) Good and choice... 7.00® 8.75 Medium 6.50® 8.25 CATTLE —Receipts, 1800— —Stiers—-(soo-900) choice sll.oo® 13.00 Good 9.75® 12.00 Medium B.oo® 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® 8.25 (1100-1300) Choice 13.00® 14.25 Good 11.00'S 13.25 Medium 9.00®11 00 (1300-1500) Choice 13.25® 14.00 —Heifers—-(soo-750) Good 11.00'® 13.25 Choice 10.00® 11.25 Good 9.00® 10.00 Common and medium 6.00® 9.00 (750-900) Good and choice .. 9.25® 11.50 Common and medium 6.00® 9.25 —Cows—(Yearling Excluded) 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® 6.00 VEALERS —Receipts, 700— Good and choice $9 00® 9.50 Medium 7.00® 9 CO Cull and common 3.00® 7.00 —Calves—-(2so-500 Good and choice 6.50® 9.50 Common and medium 3.50® 6.50 —Feeder and Stocker Steers—-(soo-900) Good and choice... 6 25® 8.25 Common and medium ... 4.75® 6.25 (900-1050) Good and choice . 6 25® 8.25 Common and medium 4.75® 6.25 —Cows— Good 4 25® 5 00 Common and medium 3.75® 4.25 SHEEP AND LAMBS —Receipts. 1200— (Shorn Basis) Lambs. 90 to 120 lbs., good and choice $7 00® 7.50 Common and medium . 5 25® 700 90-120 lbs., good and choice .. 3 50® 4.00 Sheep: (120-150) Good and choice . 250 ® 3.75 All weights, common and medium ■ 1.50® 2.75

Hides and Skins

Hides —Green country cows and steers 4*sc fist; green country bulls and glues 3c flat; green country calf hides. 5c flat: green country kip. 4c; No. 1 large horse hides with full heads, shanks, manes and tails. S2 50: medium size. *2. Ail Not 2 grade horse hides. 50c less: glues and ponies half price No. 1 rendered tallow sis ! jc: No. 2 at \alue. Yellow grease. 4’* a sc: dark erease. 4'ci4’.,c. STEEL * SHIPMENTS RISE By Timn Sprrial NEW YORK. April 15—Shipments of finished steel products by the United States Steel Corp. in March increased 84.919 tons to 668.056 tons, the highest total since June, 1934. the corporation announced today.

Subsidized Housing Goal of Bill Before Congress; Billion in Bonds Aimed

New Agency Would Take Over Present Division of PWA. By Times Special WASHINGTON, April 15. Subsidized housing for the "neglected third" of America’s city dwellers is the goal of a bill just introduced by Rep. Henry Ellenbogen (D., Pa.). The bill would create a United States Housing Authority, which would take over the present Housing Division of the Public Works Administration. The measure is backed by the Labor Housing Conference, which has an affiliation with the American Federation of Labor. Its reception by the Administration is uncertain, although previous policy has been against subsidies except to a limited extent in subsistence Homesteads and rehabilitation of rural families. U. S. Guarantee Urged The legislation would authorize issuance of bonds up to a billion dollars, with the government guaranteeing principal and interest. The money might be used in direct Federal construction of low-cost housing or in assistance to private investors willing to accept a limited return. Subsidies, which the sponsors of the bill regard as essential if lowincome families are to benefit, would take the form of a moratorium or remissioiL of interest payments where necessary. The Housing Authority would be governed by three SIO,OOO-a-year directors. Local taxes would be paid except where the localities exempt lcw-cost housing. Fair “prevailing wages” for construction labor are specified. Only large-scale projects would be eligible, and profit speculation would be guarded against. Does Not Conflict Mr. Ellenbogen, who considers Administration housing policies inadequate, said the bill does not involve conflict with private industry, because the intent is to provide housing for people not being helped from that source. “The building industry,” he said, “years ago became a highly speculative, fluctuating and luxury trade, catering only to the more fortunate. The depression has brought an almost complete stop in production of new residences and there are few signs of renewed activity even with an acknowledged housing shortage." Senator Wagner (D„ N. Y.) recently prepared a bill establishing a permanent Housing Division in the Interior Department, but indicated he would not introduce it if low-cost housing was provided for under the work-relief bill. An allotment of $450,000,000 for slum clearance and low-cost housing has been tentatively made under that measure.

WEAKNESS ABROAD UNSETTLES GRAINS Wheat Declines 1-2 to 1 1-4 Cents in Early Dealings. By United Prest CHICAGO, April 15.—Wheat prices weakened in sympathy with Liverpool today on the Board of Trade. Corn and rye were also weaker while oats were about steady. At the start wheat was to lli cents lower, corn was off % to 1% cents, oats were % cent lower to % cent higher, and rye was % to 1 cent lower. The trade paid litle attention to reports of severe dust storms in the southwest yesterday, but was inclined, instead to follow the Liverpool market which was weaker throughout the day. (By James E. Bennett) Wheat— 11:00 Prev. High. Low. A M. close. May 1 00% .99% 100% 1.00% July 1.00 .98% .99% 1.00 Sept 1.00% .99% 1.00% 1.00% CornMay 88% .87% ,88% .88% July 83 .82% 82% .83% Sept 78% .77% .78 .79 Oats— Mav 49% .49 .49% .49% July 43% 43% .43% .43% Sept. 41 .40% .40% .40% RyeMay 60% .60 . 60% .61 July 62% 61% .62 .62% Sept 64 .63% .63% .63%

Other Livestock

(By United Press) FT. WAYNE. April 15.—Hogs—5c to 15c lower: 160-200 lbs . $9.10; 200-225 lbs , $8.95: 225-250 lbs.. $8 85: 250-300 lbs . $8.70; 300-350 lbs . $8 55; 150-160 lbs.. $8.75; 140150 lbs.. $8.50: 130-140 lbs . $8 25; i2O-130 lbs.. $7 75; 100-120 lbs. $7 25; roughs. $8; stags. $6. Calves, *9.50; wooled lambs, *8; clipped iambs. *7. LAFAYETTE, April 15.—Hoea—Market steady to *c lower: pigs. 25c lower- 180210 lbs.. $9®9.10: 210-235 lbs. S8 90®8 95: 235-275 lbs. $8 75®8 85; 275-325 lbs. $8 60 ®8.70: 160-180 lbs.. $9; 140-160 lbs . $8 50® 8 75: 130-140 lbs, SB3 8.25; 120-130 lbs., $7 90® 7.75: 103-120 ll*.. $6.75® 7 25; roughs $8 down; calves $8.50 down; lambs, $7.25 down.

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Big Bond Issue Xear Reports in banking circles are that the proposed refinancing of the Duqnesne Light Cos. to involve refunding of the outstanding .970,000.000 of first mortgage 4 1-Cs has been virtually arrmged.

.iim.

Henry Ellenbogen

NEW OFFERINGS ENCOURAGE SEG Long-Awaited Break in Capital Markets Seen at Hand. By United Press WASHINGTON, April 15.—Additional applications for registration of new f-ecurtties convinced Security Exchange Commission officials today that the long-awaited break in the frozen capital markets is at hand. The latest application was by the Union Oil Cos. of California for registration of $13,500,000 in new issues to refund 5 per cent debentures with new obligations bearing 1% to 4 per cent interest. The action followed similar steps to refund obligations at current lower interest rates by such large companies as Swift & Cos., Southern California Edison Cos. and Pacific Gas and Electric Cos. Three other major concerns, Chrysler Corp., Standard Oil of New Jersey ttnd Socony-Vacuum Corp., have attempted to reduce their interest charges through replacement of approximately SIOO,000,000 in long-term bonds with short-term bank loans at lower rates. The Union oil issues consist of $6,000,000 in debentures due between 1936 and 1940 at interest rates ranging from 1% to 3% per cent; $7,500,000 of 12-year 4 per cent convertible debentures due 1947 and 300,000 shares of common stock reserves for issuance upon conversion of the latter issues. R. D. Matthews, vice president of the company, said the concern would convert its present 5 per cent debentures maturing 1945 on June 1, 1935. They will be redeemed at 102, plus accrued interest, he said. AMERICAN APPLES ROT AWAITING FRENCH WORD Licenses Delayed Duo to Hitch Over U. S. Wheat Imports. By United Pr< ss PARIS, April 15.—One hundred thousand crates of United States appl°s were beginning to rot at Havre today as dealers were unable to unload the fruit because of failure to receive quota licenses for the period beginning April 1. French fruit importers say the government is holding up the licenses on the claim that the United States has not imported as much wheat as was stipulated under i the Franco-American apple-wheat! agreement.

Produce Markets

Delivered in Indianapolis prices: Heavy breed hens. 16c; Leghorn hens. 14c; broilers 2 lbs. and up. 20c; Leghorn broilers. 2 lbs. and up. 17c: barebacks broilers. 13c; cocks and stags. Bc. Ducks full feathered and fat. Pc; geese full feathered and fat. 6c. All claves of guineas, 15c; No. 1 strictly fresh country run eggs, loss off 19c. Each full case must weigh 55 lbs. gross a deduction of 10c a pound under 55 lbs. will be made. Butter—No. 1. 36 ®39c: butterfat, 30c. Quoted by the Wadley Cos. (Bv United Press' CHICAGO. April 15—Eggs—Market, steady; receipts. 29.841 cases: extra firsts. 23',c; firsts. 23c; current receipts. 22c: dirties. 20%c: checks. 20%c. Butter—Mar. ket. steady; receipts. 7323 tubs; extra firsts '9O-91% score'. 32%®32%c: extras (92 score'. 33c; firsts 'BB-89% score'. 31%® 32cl seconds 'B6-87% score). 31®31%c: specials. )3%®34c; standards. 33c. Poultry Market, steady; receipts 31 trucks. 4 cars. 5 cars due: capons. 25® 26c: hens. 20 ®2lc: broilers. 23®24c; fryers. 24® 25c; turkeys. 23® 27c: old roosters. 14%15%c; s'ags. no Quote; geese 13® 14c. Leghorn hens. ISc. Cheese—Twins. 16%®16%c; daisies. 16%®17c: Longhorns. 16% a 17c. Potatoes—Old stock: Supply limited: demand and trading slow; market, unsetled: Wisconsin round whites. 90® 95c; commercial. 77%c: Minnesota Russet Burbank. $125; Nebraska Bliss Triumphs. $2 40®2 50 New Stock: Supply light: demand and trading limited market steady; Florida, bushel crates. Bliss Triumphs washed. $3.25. Arrivals. 228: on track. 424; shipments 'Saturday) 839. CLEVELAND, April 15—Butter—Market, steady; extras, 37c: standards. 37c. Eggs— Market, steady; extra whites. 23c; current receipts. 22%c Poultry—Market, firm; fowls under 6 lbs.. 23c; ducks, young 24® 25c: ducks, old. 20c. Potatoes—Maine. $1 25 a 100-lb bag: Ohio bert, mostly 60® 75c; New York. 65®75c: Florida. $2 75® 2 85 a bushel.

BANKING LOANS CONFLICT WITH NEW OFFERINGS Pacific Western Oil Reported Planning $10,597,000 Call Through Credits. By 7 ime* Special NEW YORK, April 15.—The extent to which direct bank lending is becoming a competitor of bond financing, due to the somewhat chronic state of oversupply m the money market, became emphasized today by receipt of reports that one of the expected early refunding operations had been side-tracked by negotiations headed toward consummation of a five-year bank loan. The reports involved the Pacific Western Oil Cos. and concerned the prospective redemption of the company’s outstanding $10,597,500 of 6% per cent debentures, due Nov. l 1943. but callable at 103 on 30 days’ notice. Ad\ices about two weeks ago were to the effect that the Shell Union Oil Corp. had virtually concluded a deal aimed at refunding of the debentures with anew issue at a lower interest rate, the offering to include a conversion proposal. Debentures Assumed The interest of the Shell Union Oil Corp. in the outstanding debentures resulted from a deal, mada public late in February, whereby the subsidiary Shell Union Oil Cos. had assumed $10,000,000 of the debentures as part of the consideration in purchase of some of the properties of the Pacific Western Oil Cos. The latter company Issued the bonds in 1926 to the amount of $15,500,000. but $4,869,500 hfld been retired to the end of 1933. Interest on the outstanding balance, which constitutes the entire funded debt of the operating unit, was earned 1.92 times last year, although earn'l933 cover charges in Bank Loans Cheaper. The new reports, although not official, indicated that proceeds for* the contemplated redemption are to be obtained by a private loan at about 3% per cent, to run for five years. A Pacific Coast banking institution was said to be the lending agency. Obviously, this would be considerably cheaper than bond refinancing, as the coupon rate on anew issue would be expected to be at least 5 per cent. Whereas refunding through a 5 per cent issue would have shaved about $159,000 from annual interest charges, the substitution of a 3' 2 per cent bank loan would increase the annual saving* to double that amount. Bank loans have become an increasingly important factor in redemptions, as in the case of th* Norfolk and Western Railway Cos., which is to retire its $35,000,000 of general mortgage 4s with a com* bination of surplus funds and borrowings from banks. For corporations that can qualify banks offe* the cheapest lending source, despite the sharp cut in bond coupon rates, NEW PEAK IS REACHED Auto, Truck Production Amounts Uk 109,537 Units in Week. By Times .Special DETROIT. April 15.—Production of automobiles and trucks in th* United States and Canada during the week ended April 6 amounted to 109,537, new 1935 high, compared with 107,895 in the preceding week, according to a report today by Cram’s Reports, Inc. Survey of automobile plants during the week showed that 14 remained at the same production levels as the preceding week, 10 increased their schedules, three showed slight decreases and the assembly lines of one were closed. LEGAL NOTICE FOURTH LIBERTY LOAN 414 PEH CENT BONDS OF 1933-38 NOTICE OF FOURTH AND FINA* CALL FOR REDEMPTION BEFORE MATURITY. To holders of Fourth Liberty Loan 4’i per cent Bonds of 1933-38, anq Others Concerned: Public Notice is hereby given: 1. All outstanding Fourth Liberty Loan 414 per cent bonds of 1933-38 (Fourth 4Vis) bearing serial numbers the final digit of which is 3 or 4 (such serial numbers in the case of permanent coupon bonds being prefixed by the corresponding distinguishing letter C or D, respectively), are hereby called for redemption on October 15, 1935, on which date interest on such bond* called for redemption will cease. 2. Full information regarding tha presentation and surrender of Fourth 4 , *s for redemption under this call will be given in a Treasury Department circular to be issued later. 3. Holders of Fourth 414s now called for redemption on Oct. 15, 1935, may, in advance of that date, be offered the privilege of * exchanging all or any part of thehr called bonds for other Interestbearing obligations of the United States, in which event public notic® will hereafter be given. HENRY MORGENTHAU JR., Secretary of the Treasury. Treasury Department, Washington, April 13, 1935.

LOANS AND NEW HOME BUILDING See Your Local Building & Loan Assns.

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