Indianapolis Times, Volume 47, Number 31, Indianapolis, Marion County, 16 April 1935 — Page 15

Wall St. Salaries for Large Companies Still a Problem. —BY RALPH MENDERS HOT

Time* Sp< ial Writer NEW YORK. April 16 —At the recent annual meeting of the Bethlehem Steel Gorp. a stockholder protested against the payment to Charles M. Schwab of an annual salary of $250,000. Three others Joined in with him. but the rest in attendance, aggregating about 50 people, seemed to be perfectly satisfied. A motion to re-

duce the salaries of Bethlehem executives w a s voted down by an overwhelm in g majority. It is virtually Impossible for any one to place an accurate estimate on the worth of an executive to a corporation the size of Bethlehem Steel. His services might be

Ralph Ilendershot

cheap at 10 times the salary he is receiving, or a corporation might save money if it paid him a bonus to employ his efforts eleswhere. Certainly the valuation can not be based upon the amount of work done, it would have to be determined on the quality. Advice given during a 15-minute interview might save a company thousands of dollars. Or an idea might be equal y beneficial from a profit standpoint. A contract secured through a friendship might well account for more than a year's salary. 0 0 0 ABOUT the safest way to evaluate the services of an important executive in a big concern Is to inquire into the earnings of that concern over a period of years. And even then the estimate would be likely to be wide of the mark. A comparison also would have to be made of the accomplishments of other companies in the same line of business. Mr. Schwab founded the Bethlehem Steel Corp., and he has been the mainspring of the organization for most of the years since. It has kbeen quite successful, although it can not be said that stockholders always have fared particularly well. Not even preferred stockholders are receiving dividends at this time, and the company has lost a great deal of money since the depression.

BY way of comparison it is interesting to note that Myron C. Taylor, chairman of the board of the United States Steel Corp., received $162,562 as a salary for 1934. Moreover, Mr. Taylor spent the greater part of his time on the job, whereas Mr. Schwab was virtually in retirement during the year. In contrast to the criticism directed against the head of Bethlehem a stockholder for another large company, the Pennsylvania Railroad, thought the concern had not done well enough for its chief executive. After learning at the annual meeting yesterday that the stands to save $7,250,000 annually beginning on June 1 through having electrified the line between New York and Washington, he suggested that, W. W. Atterbury be retained until he is 75 years of age and that he be given a bonus of $15,000. Mr. Atterbury, who is 69. will be forced to retire next January. PROTECTION IS MOTIVE Steps Taken to Safeguard U. S. Industry From Devalued Currency. By United Pre WASHINGTON, April 16—Steps have been ta'ien to safeguard American industry against possible ill effects on American manufacturing resulting from devaluation of the Belga, national currency of Belgium, according to a formal State Department announcement. The Administration will not permit foreign countries to flood American markets with cheap goods through manipulation of deflated currency, the State Department said.

On Commission Row

Quotations below are average wholesale prices being ottered to buyers by local commission dealers: Fruits Bananas, 44c a lb. Apples. Wtnesaps, Delicious. $2; Baldwins. $1.60. Lemons. Sunkist, 260*. *4 25. Grapefruit. Texas, seedless. $3.50. Florida, seedloss. $2 25 Limes. Mexican, per carton. 12s. 20c Bvram, seedless, ner hundred. $3 Strawberries, Louisiana 24 pt. crates. $2 75. Aprlco'-., $3 crate. Grapes. South America, white, 20 lb. box. $2 75: HoneyDews. South America. $3; Nectarines, South America, box. $3,50. Vegetables Cabbage. new Carolina, hamper. $3 25: medium, hamper. $2 75 new red Texas hamper. $3. Onions. West--lem Spanish. 50-lb bag, $3.75: Michigan vellow, 50-lb bag. $3: new Texas yellow. 50-lb. bag. $3 25. new Texas boiler. 50-lb. bag $2 25; new Texas white. 50-lb. bag. $3 50. Potatoes Green Mountains. 100-lb. bag. $1 75: selected cobblers. 150-lb. Dag, $2 50; northern round white. 100-lb. bag. $1 15: Ohios, 100-lb. bag. $2: Idaho Russets. 100-lb. baa. $2.75: new Florida Triumphs, bushel. $3 25. Sweet potatoes. Indiana Jersevs. bushel. $1 50: medium or seed. $1 10. Nancy Hall, bushel. $1.15. Beans, round strinfless. hampers. $2.75. Celery ■ washed and trimmed>, medium, doz.. 50c; ♦umbo, doz. 75c; hearts, doz. $1 10. Cucumbers. hot house, do*.. $1.15; 2 do*, box. $2. Endive. California, dozen, sl. Egg plant. $1 5002 doz. Kale, bushel. 60c. Lettuce, hot house. 15-lb. basket. $175; Arizona Iceberg head lettuce. $* 50. Mangoes *s'<r6 a crate; small basket. 60c. Mint, a do* . $1 Parsley, doz.. 35c Peas, hamper. S3 75. Spinach. Texas, bushel. sl. Radishes, doz., 50065 c. Turnips, bushel. 75c. Parsnips, bushel. sl. Beets, bushel. $1 Carrots, bushel. SI: 100-lb. sack. $1 75. Rhubarb, hot house. 5-lb carton. $3; doz. bunches. $1 20. Mushrooms, lb,. 30c. All quotations subject to change up or down. FRI ITS AND VEGETABLES ■By United Press • CHICAGO. April 16—Apples—Michigan Spies, bushel, $1 50**165: Illinois. Jonathans. $1.5091 60. Carrots Western, crates. $2 50 i 2 75; Illinois and Michigan, bushel. 75c® sl. Turnips—lllinois and Michigan, bushel. 350 40c. Sweet Potatoes —Tennessee, bushel, 900*1: Indiana, $1.35 or 1.40. Lettuce —Western, crates. s3**4 (5 f doz.. Beans —Florida. $1 75*r2 75 >Green■: s ax. *2.50 a3. Spinach—Texas, bushel, $1 gs 1 50. Cabbage California, crates. $4 Onion Sets—lllinois. Michigan, sacks a bushel No. 1. yellow. *3 50it 3 75. Peas— California. bushel. hampers. *3O 3 25. Tomatoes—Florida lugs. sl%r 2. Rhubarb —Michigan. 5-lb. cartons, 300 50c; Illinois. 40 lbs . $24(2 25 FIRM’S ASSETS DECLINE By Ttmes Special CHICAGO. April 16.—Balance sheet of Supervised Shares, Inc., as of March 31, shows assets amounting to $1.14 a share after giving c fleet to the distribution of 1.4 cents a share payable April 15. This compares %th $1.20 a share as of Dee. 31, 19a*.

TRADING QUIET AS ISSUES DIP ON |IG BOARD Some Preferred Make New Highs, but Majority Decline. By f 'nitrrt Prctt NEW YORK, April 16.—The st-ccli market made an irregular decline this morning after an irregular opening. Tradirg was quiet. Some of the preferred utilities were bid up. notably the West Penn Electric and West Penn Power. In the latter group, the 6 per cent issue made anew high for the year at 103%, while West Penn Electric 7 per cent rose 2% points to 67. American Chain preferred on a single sale, rose to anew 1935 high at 70. up 8%. Tricontinental preferred jumped 3 points to 75 on 200 shares. American Smelting preferred issues advanced. National Lead rose 7 points to 160. United States Steel sagged to 31 k. off ■%; American Telephone, 106' 2, off %; American Can 119, off %; Chrysler 36, off •%; General Motors, 29%, off % ; Loew’s 37%, off %; Pathe A 10%, off 1 1 i and anew 1935 low; and Westinghouse Electric 37%, off 7 . Rails were about steady. Oils were mixed with Standard of New Jersey up at 40% and Seaboard off •% at 27%. Utilities eased fractionally, as did coppers.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,418.000 00 Debits 6,363,000.00 TREASURY STATEMENT .By United Press) WASHINGTON. April 16—Government expenses aid receipts lor the current fiscal year to April 13. compared with the corresponding period of the previous fiscal year: This year. Last year. Expenses. $5,290,220,009.29 $5,170,711,458.48 Receipts . 3.000.139,621.84 2,412.881.905 53 Deficit. . 2,290.080 387.45 2.757.829.552.95 Cash bal.. 2,429,044.352.77 4,650,767,444.79

Chicago Stocks

( By Abbott, Proctor & Paine) 11:00 Prev. AM. close. Acme Steel 48% 48 Butler Bros 7% 7% Bendix 14% 14% Borg Warner 33 33% Chicago Corp 2 1% Cities Service 1% 1% Chicago Mail 19 19 Com Ac Edison 62% 63% Iron Fireman 14% 14% Marshall Fields 8% 8 Lynch Glass 28% 29 Perfect Circle 36*8 37 Pub Servos 111 23% 24 Prima 3% 4 Quaker Oats 130 130 Swift 16 16% Swift Int 35 35 Util Inv pfd 1% 1% Walgreen 29% 29%

New York Curb

(Bv Abbott. Proctor Ac Paine) 12 Noon Prev. N. Y. close. Allied Mills 15 14% Aluman Cos of Am 45% 46% Am Cyanide ' B” 16% 16*s Am Superpower 1% 1% Atlas Corp 8% B*4 Dow Chemical 87% Ei Bond & Share 6% 6% Gulf Oil of Pa 58 58*s Humble Oil 49% 49 Imperial Oil Ltd 16% 16% Lake Shore Min * 54% 54% Natl Bellas Hess 1% 1% Nia Hud Pwr 3% 3*4 Salt Creek Products 6% 6% St of Kv 19*8 191. REPAYMENTS ON POLICY LOANS RISE SHARPLY Northwestern Life Cos. Reports Gain of 45 Per Cent. By Timet Special MINNEAPOLIS April, 16.-For the quarter ending March 31, repayments made by borrowers on policy loans showed a gain of 45 per cent over the first quarter a year ago and 73 per cent over the first: three months of 1933, according to the quarterly report of the Northwestern National Life Insurance Cos. The company’s statement showed that repayments totalled $110,728.02 for the first quarter of 1935, as compared with $76,448.05 for the first quarter of 1934 and $63,911.73 for the same period in 1933. For the twelve months’ period ending March 31, 1935, total repayments on policy loans of the company were $406,688.31, a gain of 60 per cent over the preceding 12 months’ total of $254,335.87. Both the total amount outstanding and the number of individual loans showed a steady reduction. Policy loans as of March 31, 1935, totalled $9,373,385.40, compared with $9,821,685.48 a year ago and $10,805.167.89 at thus same date two years ago. Meanwhile the number of individual loans stood at anew low point. 30.470 as of March 31, 1935, compared with 32.381 loans outstanding a year ago and 33,653 as ol March 31, 1933.

WHEAT BOOTLEGGINIi INVESTIGATION BEGUN Canadian Grains Imported for Feed Believed Diverted to Mills. By Times Special CHICAGO, April 16.—Customs agents here today were investigating whether an extensive bootleg wheat ring is operating in the Central states via Canada. Although customs officials are as yet not ready to make public their activities, it was learned that agents working under Chief Customs Agent W. H. Tidewell have been informed that wheat brought into the country under reduced tariff for use in drought-stricken areas is being diverted into milling and other commercial channels. Under the emergency tariff reduction. importation of wheat for use in the drought areas was permitted on a 10 per cent tariff basis rather than the usual 42 per cent. The investigation was begun following reports that the mJ”ced tariff imports were being used for other than emergency purpcyTs.

Abreast of The Times on Finance

New York Stocks

(By Thomson Ac McKinnoni 11 A M. Prev. I Oils— High. Low. N. Y. close. ; Amerada 57% 57> 57% 57‘a Atl Rfe 24", 24’a 24% 24*4 Barnsdail 9 8% 8% 9 Consol Oil B'a 8% 8% 8% ICont of Del ... 18% 18‘a 18% 18‘a Houston ‘oldi .. 1514 15' 15% -J% Mid Cont Pet... 12 11% 11% }f% Ohio Oti 11% 11% 11% 11 Pet Coro 10 10 10 If Phillips Pet ... 18% 18% 18% 16% Plymouth Oil ... 9% 9% 9 a 9 * Pure Oil 7* 7% J% 7*4 Seaboard OH ... 28% 27% 27*4 28% Shell Un 7% 7% 7% 7% Skelloy Oil 9% 9% 9% #% Soc Vac 13% 13% 13. a 13% SO of Cal 32% 32% 32% 32% SO of Ind .... 24% 24% 24% 24 S O Os N J .. 40% 40% 40% 40% ' as Corn 21% 21% 21% 21% ...ewaier Assn 10% 10% 10% 10% Un Oil ol Cal .. 18% 18% 18% 18% Steela—/1m Roll Mills 18% 18% 18% 19% Beth Steel . . 25% 25% 25% 26 Bvert A M ■ 14*4 14% 14% 14% Col fuel Ac Iron 1% 1% 1% Us Inland Steel ... -.8% 48 48. 48% Ludlum Steel .. 14% 14% 14% 14% Natl dßteel 46% 46% 46% 46% Otis Steel 5 5 5 5% Ren I At Stl 11% 11% 11% 11% Rep I & Stl pfd 36'a 36% 36‘a 37 U S Steel 32.4 31% 31% 32% Motors— Auburn 21 20% 20% 20% Chrysler 38% 36% 36% 36% Gen Motors ... 29% 29% 29% 29 ■ Hudson 8% 8% 8% 8% Hupp 1% 1% 1% 1% Nash 13 13 13 13% Packard 3% 3% 3% 3-2 Reo 3% 3% 3% 3% Studebaker 2 5 a 2-<i 2 5 g 2% Motor Access Bcndix 14% 14'4 14% 14% Bohn Alum 56% 56 56 56% Bora Warner .. 33*2 33 33 33% Briggs 27% 27 27 27% Budd Mfg 4 3% 3% 4 Eaton Mfg • 19% 19*4 19*4 19% Elec Auto Lite 21 20% 20% 21 Houdaille "A”.. 9% 9 S 9% Mullins Mfg .... 9% 9% 9% 9*4 Murray Body .. 7% 7% 7% 7% Stew Warner ... 8% 8% 8% 8% Timken Roll ■ 31% 31% 31% 31% Timk Det Axle 5% 5% 5% 5% Mining— Alaska Jun 17% 16% 16% 17% Am Metals 18% 18% 18% 18% Am Smelt 37% 37% 37% 37Vi Anaconda 11% 11% 11% 12 Cal & Hecla ... 3% 3% 3% 314 Cerro De Pasco. 50Vo 49% 50 50 Dome Mines ... 39% 38% 39% 39% Gt Nor Ore 11 10% 11 10% Homestake Min 376 376 376 376 Howe Sound ... 50% 50 50% 50% Ins Copper 3% 3% 3% 3% Int Nickel 26% 26% 26% 26% KefiheCOtt Cop . 17% 17% 17% 17% Mclntyre Mine.. 42*4 42*4 42*4 43 Park Utah 3% 3% 3% 1 Noranda Cop 38% 38 38 38% Phelps Dodge .. 18% 16% 16% 16% St Joe Lead ... 15% 15% 15% 15% Vanadium 13 12% 12% 12% Amusements— Loews Inc 37% 37% 37% 37% Radio Corp .... 5 4% 4% 4% Paramount ..... 33 33 RKO 1% 1% 1% 1% Warner Bros .... 3Vs 3Vs 3Vs 3% Tobaccos— Am Snuff 69 Vi 69 Vi 69% 69% Am Tob (A) 79 79 79 78-/4 Am Tob (B) 80*4 80* 4 80% 80% Gen Cigars ■ 56% 56% 56% 55Vi Lig Ac Myers (Bi 101 100*4 101 100% Lorilard • 21 20% 20% 20*4 Phillip Morris . 39% 39% 39% 39% Reynolds T (B) 47% 47% 47% 47% Rails— Atchison 39% 39 39% 39% Atl Coast Lines. . 22% 22% 22% 23 B& O 10% 10% 10% 10Vi Can Pacific .... 10% 10 10 10 Ch & Ohio 42 42 42 41% C M & St P 1 % % 1,, C M & St P pfd 1% 1% 1% 1% Chi N W 3% 3% 3% 3% Chi N W pfd ... 6% 6% 6% 6% Dela & Hud ... 28*8 28*4 28% 28% Del Lac &V/ 13% 13% 13% 13% Grt Northern pfd 12 11% 11% 12 111 Central 1114 11% 11% 11% Lou & Nash 39% 39% 39% 39% M K & T ... 3Vi 3% 314 3 M K & T pfd .. 7 7 7 7 N Y Cent 15% 15% 15% 15% N Y New Haven 4% 4% 4% 5 Norfolk & West 168 168 168 166 Nor Pacific 1514 15% 1514 1514 Penn R R 20% 20 20 20 Sou Pac 14% 14% 14% 14% Sou R R 10% 1014 1014 1014 Union Pac 89% 89% 89% 89% Am Car & Fdy.. 14% 14% 14% 13‘2 Bald Loco I*4 1% 1% 1 3 4 Gen Am Tit Car. 34% 34% 34% 34% Gen Elec 24% 24 24% 24% Pullman Inc .... 41% 41% 41% 4214 West Air Br 20% 20% 20% 20% Westingh Elec .. 38% 37% 37% 38% Utilities— Am & For Pwr • 3% 3% 3% 3% Am Power & Lit 3% 314 3Vi 3% AT* T 106% 106% 106% 107 Col Gas & Elec. 6% 614 6'4 614 Comm Ac Sou ... 114 1% 114 114 Oonsol Gas 21% 2114 21 3 4 22 Interboro RT .. 11 Vi 10% 11V* 1074 Int TAc T ... 7% 714 714 7% Nat Pwr & Lit.. 8 8 8 8 North Amer .... 13% 13% 13% 13*4 Pac G Ac E ..... 17% 17% 17% 18 Pub Serv N J 27% 26*s 267 8 27% So Cal Edison... 15% 15% 15Vs 15% Stone Ac Webster 4 4 4 4 United Corp 274 274 2*4 2% Un Gas Imp 12' 12% 12% 12% Western Union. 25-s 2572 25% 25% Rubbers— Firestone 1514 15 15 15% Good rich 9% 9 9 9% Goodyear 19% 1914 19% 197a U S Rubber 12% 1214 12% 13 U S Rubber pfd . 31 31 31 32 Miscellaneous— Allis Chalmers . 14% 14% 14% 14% Am Can 119% 119 119 119% Am Mach Ac Fdy 21% 21 21 21 Brklyn Man Tr . 39% 39 39 38% Bonoughs Add 15% 15 15 15 J I Case 52% 52% 527 g 53 Conti Can - . 72% 71% 72% 72% Caterpillar Tract 42% 42% 42% 42% Crown Cork . 28 28 28 2814 Curtis Pub pfd 97 97 97 97 Deere & Cos . 26% 26% 26V4 26% Eastman Kodak .125% 125% 125% 125% Gillette 14% 14*4 14’s 14% Glidden 27% 2714 27% 27% Ingersoll Rand . 71* 4 71 71 717* Int Bus Mach .168% 168% 168% 168 Intel Harv .. 37% 37% 37% 38% Natl Cash Reg . 15% 15% 15*4 15% Owens Bottle ... 89% 88% 89% 88% Rem Rand .. 8% B*B 8% B*B Underwood E .69 59V 2 597* 597s Foods— Armour 4 3% 3% 3% Armour 6% pfd 61% 61 61 6114 Borden Prod .. 23% 23 23% 23 Can Drv G Ale . 9% 9% 9% 9*4 Crm of Wheat . 37% 37% 37% 37% Cuban Am Sugar 6% 6% 6% 6% Gen Baking 8% 814 BV4 8% Gen Foods 35 35 35 35 Gold Dust 16% 16 16 1614 C W Sugar 28% 28*4 28% 28% Natl Biscuit 25% 25 25 25% Nat.’ D Prod 14*4 14% 14% 14% Purity Bak 9% 9% 9% 9% 3 Porto Rico Sug 24% 24 24% 24 Std Brands 16 15*4 15% 16 United Fruit ... 82% 82% 82% 83 Retail Stores— Best Ac Cos 37% 37*4 37% 38 First Natl Stores 48% 48% 48% 48% Gimbel Bros . 2% 2% 2% 2% Hahn Dept Sts.. 4% 4% 4% 4 Kresge S S 20% 20% 20% 20% Kroger Groc ... 25% 25% 25% 25 Macy R H 35* 4 35% 35* 4 35% McCrorv St 9% 9% 9% 9% McLellar. St .. 10% 10% 10% 10% Marshall Field .. 8% 8% 8% 8% May Dep; St 41% 41 41 41% Mont \Vard 25% 25 25% 25% Penney J C 63*4 63% 63% 64 Sears Roebuck . 37% 36% 37 37 Woolworth .... 55*8 55*4 55% 55% Aviation— Aviation Corp . 3% 3% 3*4 3% Boeing Aircraft .. 7% 7% 7% 7** Curtiss Wright . 2% 2% 2% 2% Curtiss Wri (A) 8% 8% 81s 8% Douglas Air... 22% 22 22% 22% Nor Am Av 2% 214 2% 3 Sperry Corp 9% 9 9% 9% Utd Aircraft new 12% 12% 12% 12%

Produce Markets

Delivered in Indianapolis prices: Heavy breed hens. 16c; Leghorn hens. 14c; broilers 2 lbs. and up, 26c; Leghorn broilers. 2 lbs. and up. 17c: barebacks broilers. 13c; cocks and stags. Bc. Ducks fuli ieathered and fat. 6c; geese full feathered and fat, 6c. All clases of guineas. 15c; No. 1 strictly fresh country run eggs, loss oft 19c Each full case must weigh 55 lbs. fross a deduction of 10c a pound under 5 lbs. will be made. Butter—No. 1 36 ■j 39c: butterfat, 30c. Quoted by the Wadley Cos. (Bv United Press! CHICAGO April 16—Eggs Market steady: receipts. 33.759 cases; extra firsts. 23>,c: fresh graded firsts, 23c: current receipts, 22c; dirties. 204 c: checks. 204 c. Butter—Market steady: receipts. 10.270 tubs; extra firsts 9019-4 score*. 3240 324 c: extra <92 score). 33c; firsts >BB--9 1 1 score). 314032 c: seconds 'B6-87*2 score. 31031*30: specials. 334034 c: standards. 324 c. Poultry-—Market steady; receipts. 1 car. 19 trucks, 3 cars due. Capons. 25'i 26c: hens. 16*2 0 20c; broilers. 23 ®24c: fryers. 24 1 25c: turkeys. 23027 c: old roosters. 1440154 c; stags, no auote; ducks. 178*2 0 224 c: geese. 130 14c; Leghorn hens. 18c. Cheese—Twins. 16**0 164 c: daisies. 16 5 ,9 17c; Longhorns. 1640 17c Potatoes—Old stock, supply liberal, demand and trading slow: market slightly weaker on Wisconsin: unsetlei on others: Wisconsin round whites. 85 0 95c: Russet Burbank. *l.6<* Michigan round whites. 90c; Idaho Russets. $2 354(2.50 'dealers asking*: no sales reported. New stock, supply light: demand and trading limited: market steady; Florida, bushel cratjes. Bliss Triumphs. *3 15. Arrivals 82. on track. 385. shipments 568. CLEVELAND. April 16 —Butter—Market, steady: extras. J7c; standards. 364 c. Eggs —Market, steady: extra whites. 23c; current receipts. 224 c. Poultry—Market, firm: fowls, under 6 lbs.. 23c: ducks, vouna. 24w 25c. ducks, old. 20c. Potatoes—Maine. $1 25*) 1.40 a 100-lb. bag; Ohio best mostly otf 75c: Bliss Triumphs. $2 9003 a bushel w. Spaulding Btw, $2.6002,65 a buafcai.

INDIANAPOLIS, TUESDAY, APRIL 10, 1935

Chemicals— Air Reduction . 114 114 114 114% Am Com Alcohol 25% 25% 25% 26 Col Carbon 75 74% 74% 75% Com Solvents 20 19% 19*4 20% Du Pont 95 94% 94% 94% Freeport Tex ... 24% 24 24% 23% Liquid Caro 30% 30 39 30% Math Alkali . 28% 28 28 28% Monsanto Chem 62% 61% 61% 62 Natl Dis (new) . 27% 27% 27% 27% Tex Gulf Sulph . 31% 30% 31 31% Union Carbide 49% 49*4 49% 50 U S Iridu Alcohol 40% 4040 40% Drugv— Coty Inc 4% 4% 4*4 4% Lambert .. ... 26 26 26 26 Sterling Prod . 64% 63% 63*, 64 Un Drug o.ew). 11% 11% 11% 11% Financial— Adams Exp . ... 5% 5% 5% 5% Allegheny Corp .. 1 l l i Am Int Corp . . 5% 5% 5% 5% Transamerica .. 5% 5% 5% 5% Tr Conti Corp ..3 2% 2% 3% Building— Am Radiator .. 13% 13% 13% 13% Gen Asphalt 15% 15% 15% 15% Holland Furnace 7% 7*4 7% 7*4 Int Cement 45% 45% 45% 45% Libby Owens Gls 25% 25% 25% 25% U S Gvpsum . 45 45 45 45% Ulen Cons ... I*% 1% j% i% Household— Col Pal Peet .. 17*4 17% 17% 17% Congoleum 29% 29% 29% 29% Kelvinator 16% 16% 16% 16% Mohawk Carpet , 14 14 14 13% Proc Ac Gamble 48% 48*4 48*4 48% Servel Inc 8% B*4 8% 8% Simmons Bed .. 8% 8% 8% 8% Textiles Amer Woolen .. 7% 7% 7% 7% Belding Hem ... 11% ll s s 11% 11% Celanese Corp . 22% 22% 22% 23% Collins Aikman • 10% 10% 10% 10% Gotham Hose .. 3% 3% 3% 3% Kayser Julius .. 18% 18% 18% 18% Real Silk 4 4 4 3%

N. Y. Bonds

(Reprinted from yesterday) (By Abbott. Proctor At Paine) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 86.1 75.5 *95.4 85.6 Saturday 85.7 75.7 95.2 85.5 Week ago 85.3 74.2 95.1 84.9 Month ago . . 85.2 73.7 92.3 83.7 “New 1935 high. (Copyright. 1935. By Standard Statistics.) C. S. GOVERNMENT BONDS Libertys Prev. . . Close. close. Ist. 3%5. 1932-47 101.4 101.4 Ist. 4 Vis. 1932-47 101.7 101.6 4th. 4%5. 1933-38 (called).. 102.18 102.18 Treasury* 4% S. 1947-52 115.30 116. 4s. 1944-54 111.12 111.12 3%5. 1946-56 109.24 109.26 3%5, 1940-43 107.9 107.13 3%5. 1943-47 106.26 106.25 3%5. 1941-43 107.12 107.16 3 Vis. 1943-45 105.16 105.20 3%S 1941 107.12 107.18 3%5. 1944-46 105.15 105.15 3%5. 1946-49 104.16 104.16 3 las. 1949-52 104.16 104.16 3s. 1951-55 103.18 104.19 3s 1946-48 103.14 103.14 2%5. 1955-60 101.10 101.11 Home Owners Loan Corp. 2Vis. 1949 100.7 100.7 3s. 1952 101.18 101.19 4s. 1951 100.26 100.27 Federal Farm Mortgage Corp. 3%5. 1964 103.16 103.14 3s. 1949 101.19 101.19 3s. 1947 101.26 101.28

DOMESTIC Prev. Close, close. Alleg Corp 5s '44 68 69 Alleg Corp 5s ’49 57% 57*/ 8 Alleg Corp 5s ’SO 15% 16 Am Frgn Pow 5s 2030 58 58 Am Tel & Tel 5%s '43 113% 113% Am Tel & Tel 5s '65 112% 1121* Arm & Cos (Del) 5%s ’43 104% 105 Atl Coast Line 4s ’52 98% 98 Atl Coast Line 4%s '64 83% 83% Am Wat Wks 5s '44 94% 95 Am Rolling Mills 5s ’3B 103% 103% Balt & Ohio 5s ’95 60% 61 Balt & Ohio 4%s '6O 47% 48% Buff Roch & Pitt 4%s ’57 ... 58 58% Beth Steel 5s '36 104 103*1 Chi Milw &StP 5s ’75 12% 13% Chi Milw & St P 5s 2000 33% Cleve Un Term 5s ’73 86% 87% Cleve Un Term 4%s ’77 .... 82% 82 Col Gas 5s May ’52 83% 82% Col Gas 5s ’6l 83 83 Can Pac Perp 4s 8614 86% Cent Pac 5s ’6O 70% 70% Big Four 4%s ’77 60 60% Big Four 5s '63 65% 67 Chi & West Ind 4s ’52 97 971% Ch & West Ind 5%s ’62 103% 104 Chi & Nor West 4%s ’49 14 15 Con Gas 5s ’57 105% 106 Chesa Corp 5s ’47 103% 103% Dodge Bros 6s '4O 105% 105% g e l & Huds 4s ’43 79% 80% N Y Dock 5s ’3B 45% 441, Erie 5s '75 59% Erie 5s ’67 60 60 % Gen Cable 5%s '47 92% 921* Grt Northern 7s '36 86% 86" Grt Northern 4%s '76 68% 67 Grt Northern 4%s ’77 . . 68 68 Gen Stl Cast WW 5%s ’49 ... 72 71 Hud & Manhat Ref 5s ’57 .... 84 84 II Cent 4%s ’66 47% 48% £ en , 1 a Jt ’ 63 55% 55% 111 Cent 5s 63 59% 58% Interlake C&I 5s ’sl 77% 75% Intertl Hy Elec 6s ’44 36 36 Interntl Tel & Tel 4%s ’39 66 66 Interntl Tel & Tel 5s ’5 61% 61 *4 Interntl Tel & Tel 4%s ’52 .. 56% 55% McKess & Rob 5%s ’SO 97 97 Midvale Stl 5s ’36 103% 105% Natl Dairy 5%s ’4B 103'/* 103% Natl Steel 5s ’56 106% 106% Nickel Plate 4%s ’7B 54% 54*a Nickel Plate 5%s ’74 64 63% Nickel Plate 6s ’35 56 56 N Y Cent 5s 2013 58% 58% N Y Cent 4%s 2013 (old) 53% 53% Nor Amer Cos 5s ’6l 92% 92% Nor Pac 3s 2047 72% 73% Nor Pac 4%s 2047 77% 77*2 Nor Pac 6s 2047 93% 93% Nor States Pow 5s ’4l 84% 84% Otis Steel 6s ’4l 84'2 84% Penn Rv 4*is ’B4 ..103 103 Penn Rv 4%s 'Bl 103% 103 Penn Ry 4%s ’7O 94 94% Pac G & E 5s ’42 106*4 106*4 Portland Gen El 4%s '6O 66 59% Para Publix 5%s ’SO 79 791* Penn P it L 4%s 'Bl 100% *03% Postal Tel & Cab 5s ’53 83% 83% (Rem Rand W W 5%s ’47 ....*103*2 103 Sou Pac 4%s ’6B 60% 61% Sou Pac 4%s ’Bl 60% 61 Sou Pac 4%s ’69 60% 61 Sou Pac 4s ’49 64 64 Sou Rail 4s '56 42% 43% Sou Rail 6s ’56 55% 54% Sou Rail 6%s ’56 59 59 Sharon Stl Hoop 5%s ’4B 8514 85 Texas Pac 5s 'BO 85% 86 Texas Pac 5s '79 85*4 86*4 Union Pac 4s ’47 112% 112% United Drug 5s ’53 90 90 U S Rubber 5s ’47 .. 93 93 N Y N H & Hart 6s ’4B 36 36 NYN H & Hart 4%s ’67 ... 30% 29*4 Warner Bros 6s '39 54% 53% Western Marv 5%s ’77 98% 98% Western Marv 4s '52 93% 93% Youngstown S & T 5s ’7O 93 98*4 Youngstown S & T 5s ’7B ... 93 92% FOREIGN Argentina A 6s ’57 93% 93% Argentine 8.6s 'SB 93*4 93*4 Brazil 8s ’4f 30*4 30*4 Canadian Govt 4s ’6O 106* 8 106% Denmark 5%s ’55 98% 98% German 5%s '65 29*4 29% German 7s '49 38% 39% Italy 7s ’sl .87 85*4 Japan 6%s '54 95% 94% Poland 7s ’47 110% 110 Rome 6%S ’52 79* 2 74% Tokio Citv 5%s ’6l 78% 78% Yokohama 6s ’6l 83% 83%

FEDERAL FARM LOAN BONDS (By Blyth & Cos.) Bid. Ask. 34s May 1. 1955-45 1014 101 1 i 4s July 1, 1946-44 1064 107*2 4s Nov. 1, 1957-37 1034 1044 4s Mav 1. 1958-38 104 4 104 s , 44s July 1. 1956-36 103 1034 4*.s Jan. 1. 1957-37 104 104 s , 4*,s Mav 1. 1957-37 1044 1044 4**s Nov. 1. 1958-38 1054 44s Mav 1. 1942-32 1014 102*2 44s Jan. 1. 1943-33 1014 101 s , 44s Jan. 1. 1953-33. 1014 1014 44s Jan. 1. 1955-35 1014 101 s , 44s Jan. 1. 1956-36. 102 4 -02 4 5s Mav 1. 1941-31 100 5s Nov. 1. 1941-31.5. v. 100 NET INCOME DECLINES Container Corp. Earns $207,810 in First Quarter of 1935. * By Times Special CHICAGO. April 16.—Consolidated net income of the Container Corp. of America for the first quarter of the current year amounted to $207,810, after interest, depreciation, federal income tax and adequate reserve for year-end adjustments, it was announced here today by Walter P. Paepcke, president. This compares with a net profit of $291,690 for the same period of 1934. Reserve for depreciation taken in the initial quarter of 1935 was $37,000 higher than in the 1934 quarter. After deduction of $21,115.50 for preferred dividend requirements for tfie three months, the earnings are equivalent to 28 cents a share on Class A and 14 cents % share on Class B common stocks.

BOND TRADERS' INTEREST GAINS IN SECONDARIES Attention Directed to More Speculative Issues as Yields Fall. By Times Special NEW YORK, April 16.—Signs of revived speculative interest in the stock market have had an obvious influence among bond traders. With patience tried and nerves frayed by the tightening yield position of high grade issues, and with many bonds at a standstill because of the checK exercised by call prospects, a large fraction of the bond trading fraternity has been waiting eagerly for a palpable excuse for stepping into the more speculative group. Rails have felt the principal effect of this change of spirit, and in many quarters bond men report a gradual accumulation of confidence in the railroad position as a whole. The rail issues lagged longest at the year’s bottom and were regarded, therefore, as offering the greatest attraction in any general wave of speculative interest. Reports of continued improvement in consumer purchases, not yet fully reflected in industrial reports, are cited as offering considerable encouragement in support of various secondary issues. The climb of sugar prices tyas been converted into noticeable strength of some of the sugar issues, utilities continue in favor with a large group of traders. Speculative industrials show direct responsiveness to the trend of stocks. Bonds at Auction California has staged a spectable in going after the most that the present money market will bear that is likely to arouse among the financial experts of many states and municipalities a blend of admiration and envy. Controllers in various centers may be expected to scratch their heads and wonder just how much they have been losing by adhering to the old-fashioned method of receiving sealed bids for new issues. The Coast state seems to have developed a more sensitive appreciate nos the rivalry with which i..oney is looking for a job for almost any sort of compensation. Hence, it was decided to stage the competition for its $24,000,000 issue of relief bonds in the form of a public auction. In the course of a three-cornered bidding contest, an initial premium offer of no great consequence was boosted by steady stages until it reached the highly respectable figure of $1,375,000. Bidding Feverish So feverish was the state of bidders at that point, with the sky threatening to become the limit, that a brief recess was called. At the conclusion of the recuperation period, two of the bidders—one group headed by Edward B. Smith & Cos. of New York, and the other the Anglo California National group —made a joint and final bid of sl,376,090 above par for the 3% per cent issue, and it was accepted. In comparison with this syndicate price of almost 105% for the California relief 3%5, many recent bids for municipal and state issues, considered high in their time, pale considerably. Even the price paid for the recent issue of refunding 4s of the Port of New York Authority, thought in some quarters at the time to have set a high mark, was pointed to today by some bond men as decidedly moderate by contrast.

GRAIN VALUES OFF ON BEARISH NEWS Easiness Due Principally to Liverpool Decline. By United Press CHICAGO. April 16. Bearish news predominated on the Board of Trade today and grain prices were fractionally lower At the start wheat was Vi to Va cent lower, corn was off Vi to 1 2 cent; oats were *s to % cent lower. and rye declined V* to Vi cent. The easiness was due principally to the decline at Liverpool. The trade paid little attention to the report by the Department of Agriculture covering the drouth areas in the winter and spring wheat areas. (By James E. Bennett) _ , 11:00 Prev. Wheat— High. Low. A. M. close. May 1.00% .99% 1.00 5 * 1.00% July I.ool* ,99’* 1.00 .99** Sept 1.00*4 1.00 I.oo'/i I.OOV* CornMay .88% .88’ * .88 s , .88% July 82% .81 3 * .82% .82 Sept 77% .77 .77>4 . .77Vi Oats—%Uy 49 5 s .49'i .49*4 .49’ 2 July 43’s ,42 3 * ,43'a .43’s Sept 40 5 8 .40'/* .40Vs .40 >2 RyeMay 61 .60’* .60% .60% July 62'4 .61% .62’* .62 Sept 64 .63>a .64 .63% LOCAL CASH MARKET City grain elevators are paying DO cents for No. 2 soft red wheat. Otner (trades on their merits. Cash coin No. 3 yellow. 80 cents, and oa'.s 42 cents

Hides and Skins

Hides —Green country cows and steers 4*2C flat: 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. $2 50: medium size. $2. All Nol 2 grade horse hides. 50c less: glues and ponies half price. No. 1 rendered tallow. 50:54c: No. 2 at value. Yellow grease. 4405 c; dark grease. 4044 c. TRANSIT REVENUES DOWN By Times Special NEW YORK, April 16.—Transit revenues for the week ended April 6, as reported by a representative group of companies, were slightly less than a year ago, according to the Transit Journal Indicator, which stands at 89.95 compared with corresponding week in 1934. For the week ended March 30, the Indicator stood at 96.90.

PAGE 15

Job Insurance Viewed Deterrent to Security,; Adjustment Held Need Technological Unemployment a Disease, Economist Holds, Which Can Not Bo Eradicated That Way; New , Controls Advocated. BY SCOYILLE HAMLIN Industrial Economist NEW YORK, April 16—Wage earnefs of the United States can not realize economic security through insurance. Technological unemployment is a disease to be eradicated, not insured. By encouraging conditions favorable to the spread of this disease, insurance would prevent the treatment of the cause. Responsibility for preventing the displacement of men by machines and machines by men rests with every citizen of the United States.

Regularity can be given to the operations of men and machines through the adjustment of production to sustained buying power or income rather than profits. The recurring demand of old customers is of more importance today than new buyers. A buyers’ market has come to stay. World-Wide Problem Technological unemployment Is no longer local in character. It has spread from industry to industry, from nation to nation, until the entire industrial organism is infected. The most advanced as well as the most backward nations are victims. No nation is free of this modern scourge. Economics and politics are in very much the same position as was medicine, when Pasteur, Koch and others proved that bacteria and other micro-organisms could not arise in a sterile medium; when they furnished the evidence essential to the dissipation of belief in spontaneous generation. Until the causes of the great scourges of the race, the plagues, fevers, pestilence were known, the medical profession was forced to treat symptoms. With the isolation of the germ of contagion, medicine was transformed into an exact science. The isolation of the idle capacity bacillus and the discovery of the medium in which the germ breeds have opened the way for an attack upon the cause of this disease. We need no longer remain in doubt as to whether the eight to ten million unemployed in this country are temporarily or permanently out of work. Population Growth Those who claim that science, power machinery and technology have only made jobs fail to measure the influence of these same forces on the rate of population growth; fail to realize that the world of 1800 was peopled by only about 640 million human beings, as compared with over two billion today. They fail to realize that close to one billion people are living near the subsistence level; that "“more people are living within the reach of starvation than inhabited the world in 1800. They fail to realize that pressure of population in a large proportion of the agricultural nations has forced a reduction in fawn acreage to between two and five acres. These farmers can not produce more than barely enough for subsistence; they can not produce income. The premium given to the expansion of wealth and population by profits makes it impossible for these nations to slow down their rate of expansion and improve their actual earning power or income. The responsibility for preventing expansion up to the saturation point rests with the citizens of every nation. Wealth and population, which are advancing independently, must be brought into productive relationship; into line with the growth of income. We lack a measure of cost or capital-labor efficiency which can be applied as a dividing line bebetween efficient and wasteful producers. We lack a measure of cost that can be applied on the demand side of the question in distinguishing between sustained and temporary buying power; between wealth, income and profits. Job Apportionment The nations are faced with the task of working out a measure of cost or capital-labor efficiency designed to insure an output that will cover the bare expenses of upkeep of the capital-labor investment. The full-time operation of efficient plants would provide for the apportionment of jobs. In this country it would provide for the absorption of eight or ten million workers permanently out of work. By making expansion conditional upon a corresponding growth of income, industry would bring into operation forces that would prevent the violent forward surging and recessing of business; it would bring into operation forces that would prevent production from running ahead of consumption. Instead of perpetuating and encouraging through insurance, technological unemployment, industry would be adopting a philosophy which recognized the advantages of prevention over disease.

HUDSON MOTORS HAS $3,239,201 NET LOSS Delay in Production Early in 1934 Is Held Responsible. By Times Special DETROIT, April 16.—Hudson Motor Car Cos. for the year ended Dec. 31, 1934, suffered a net loss of $3,239,201 after all charges, including depreciation and amortization compared with a net loss of $4,409,929 in 1933, the annual report of the company showed today. Roy D. Chapin, president, explained that profits were shown in certain months, but due to serious delay in production early in the year, operations as a whole showed a loss. Production for 1934 was double that of 1933, he indicated. For the first quarter of 1935 operations were on a profitable basis, Mr. Chapin stated in the annual report.

War Bonds Retired Secretary of the Treasury Morg erf halt's action in calling the remainder of the Fourth Liberty Loan bonds eliminates all of the war-time bonds. “H'ar on depression” bonds are numerous.

SWINE MARKET HOLDS STEADY Cattle, Veals Move Lower: Lambs Unchanged at $9 Down. No change was registered in the pork market at the Indianapolis Union Stockyards today despite a continued heavy run of supplies on hand. Trading was at practically the same pace as in the previous session. Receipts were estimated at 5000, the same as yesterday. Extremely light supplies on hand at surrounding livestock markets was believed a strong factor in keeping the local prices from moving downward under pressure of heavy receipts. Demand, however, continued strong with trading fairly active in most all classes. The bulk. 160 to 250 pounds, was selling from $9 to $9.20, while few classes of good and choice kinds were reported at $9.25. Heaviest grades available, ranging from 250 pounds and upward, sold at $8.60 to $8.95. Medium lightweights, scaling 130 to 160 pounds, cashed in at $8.25 to $9. Extremely light slaughter pigs, weighing from 100 to 130 pounds, brought $7 to SB. Gcjd classes of packing sows sold at $7.75 to $8.25. Holdovers numbered 500. Initial dealings were weak in the cattle market with bidding slightly lower than yesterday. Bulk of steers was valued to sell at sll down. Receipts were 2000. Extreme weakness appeared in the veal market and most grades were largely 50 cents lower than yesterday’s best prices, selling at $9 down. The top price today was $2 lower than that of last Friday. Receipts were 800. Lamb values remained unchanged, with native spring grades selling from $9 down. Clipped slaughter sheep brought $4 down. No choice stock was available. Receipts were 500.

HOGS April Bulk. Top. Receipts 10. $9.05@ 9.30 $9.30 5000 11. 8.90fu 9.20 9.25 4000 12. 9.10# 9 40 9.40 3500 13. 9.00@ 9 30 9.30 1309 15. 9.000 9 20 9.25 5000 16. 9.000 9 20 9.25 5000 Light lights: (140-160) Good and choice $8 750 910 Medium 8 25® 8.85 Light weight: (160-180) Good and choice .. 9.150 9.25 Medium 8.65# 9.00 (180-200) Good and choice .. 9.150 9 25 Medium 8 65® 9.00 Medium weight: (200-220) Good and choice .. 9.10# 9.20 (220-2501 Good and choice .. 9.00® 9.10 Heavyweight: (250-290) Good and choice . 8.90® 9.00 (290-3501 Good and choice . 8.70® 8.90 Packing sows: (275-350) Good 8.70@ 8.90 Packing sows: (275-350) Good 8.100 8.25 (350-425) Good B.oo# 8.20 (275-350) Medium 7.854i 8.10 (425-550) Good : 7.60® 8.00 Slaughter pigs: (100-140) Good and choice . 7.000 8.75 Medium 6.50® 8.25 CATTLE —Receipts, 2000— —Steers—-(soo-900) choice $11.00013.00 Good 9.75 0 12.00 Medium B.oo® 10.25 Common 6.50® 8.25 (900-1100) Choice 12.75014.00 Good 10.25 0 13.00 Medium 8.500 10.50 Common 6 50 0 8.25 (1100-1300) Choice 13.00014.25 Good 11.00# 13.25 Medium . 9.00011.00 (1300-1500) Choice 13.25®14.00 —Heifers—-(soo-750) Good 11.00# 13.25 Choice 10.00011.25 Good 9 00010.00 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 VEALEBS —Receipts, 800— Good and choice $8,500 900 Medium 6.500 8 50 Cull and common 3.000 6.50 —Calves—-(2so-500) Good and choice .. 6 500 9.50 Common and medium 3 50# 6.30 —Feeder and Stocker Cattle— Steers—-(soo-900) Good and choice . 6.25# 825 Common and medium 4.75® 625 (900-1850) Good and choice 6 250 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. 500— (Shorn Bvsis) Lambs, 90 to 120 lbs., good and choice $7,000 7.50 Common and medium 5 25® 7.00 90-120 lbs., good and choice .. 3 50# 4.00 Sheep: (120-150) Good and choice .. 2 50# 3.75 All weights, common and medium 1.500 2.75

Other Livestock

(By United Press) LAFAYETTE. April 16.—Hogs—Steady to 5c lower: pigs 25c lower: 180-219 lbs., *3O 9 10; 210-235 lbs . *8 9008 95; 235-275 lbs.. *8 7508 85: 275-325 lbs. *8 8008 70: 160180 lbs. *9: 140-160 Ids- *BO 8 25; 12 -130 lbs., $7.50 0 7.75: 100-120 lcs. *6 75fiV25; roughs. *8 down. Calves. *8 down. Lambs. *7.2t> down. (Bv Time* Special) LOUISVILLE April 16 —Cattle— Receipts, 225: salable supply slaughter cattle very light: demand dependable: market generally steady; bulk common to medium frade slaughter steer* and heifers, *7.50 0 75. few common dairvbred* down to around *7; better finished steer* and heifers quotable to around $11; bulk beef cows. $507: good kinds and smooth heifer types to *7 50. or better: most low cutters and cutter cows. *3 5004.75. real thin shelly low cutter* down to around *3; sausage bulls quotable mostly *SO 8: desirable beef bulls to *6 50 and above for yearling types: bulk desirable Hereford stock calves salable *7 5008 50. choice steer calves higher. Calves—Receipt*. 200: market steady to weak, bulk better grade vealers. $708: few strictly choice, $8 50; medium and lower grades. 17 down. Hogs —Receip's. 800: market 10c higher: top and bulk better 180-250 lbs.. $8 85 255 lbs up. $8 40; 160-175 lbs $8 35; 140-155 lbs $7 35 129-135 'bs. $6 90 sows weighing 400 lbs (4wn. $7 10: heavier sows discounted 50c. dheep—Receipts. 100: market steady, bulk medium to good wooled lambs, $6.500 7.50 choice quotable around ss: common wooled throwouts. $5, and ia* wooled ewes. 84 dawa

TEXTILE MILLS RENEW ATTACK ON COTTON TAX Tide of Resistance to Levy Explainable on at Least Five Premises. By Timet Special NEW YORK. April 16.—The increasing tide of resistance against the cotton processing tax on the part of the cotton textile Industry is explainable on at least five major premises, a checkup at the Cotton Textile Institute today revealed. In the first place, the processing tax of 4.2 cents per pound of raw cotton raises the cost of the finished cotton fabric by 15 or perhaps 20 per cent to the ultimate consumer it is contended. This is explained on grounds that the levy is a basic cost which is pyramided upward by successive mark-ups in the procedure of processing and merchandising the fabric. Consumption Declines In 1934. domestic cotton consumption was 15 per cent below 1933 and was, moreover. 14 per cent under the average domestic consumption from 1921 to 1930. inclusive. Secondly, the prices of cotton fabrics are out of line with commodity prices generally. A fair index is the average price of 38% inch. 64x60, print cloths of 5.35 yards per pound. According to the Bureau of Labor Statistics, the average 1910-1914 price was 5.17 cents a yard. Last December, its price, including the processing tax, was 675 cents a pard. or 30 per cent above the prewar average. For purposes of comparison, prices of all commodities are only 12.3 per cent above the 1910-1914 level. Removal of the processing tax would put the December price of this print cloth, which accounts for the largest volume of cotton textiles. about 14 23 per cent above the average 1910-1914 price. This would, in other words, place it in line with general commodity prices. Other Fibers Tax Exempt In the third rlace. cotton textile manufacturers feel they have contributed enough toward national recovery in shorter working hours and higher wages to labor. The cotton processing tax amounts to virtually half the annual wage bill to the industry, it is contended. Moreover, it is pointed out that competitive fibers do not pay a compensatory tax and hence are not so penalized as are cotton textile mills. The fifth major premise of dissent from the cotton processing tax is one of taxation principle. Federal taxation should not be levied directly against necessities of life, especially since farm relief is a national problem and the cotton farmer should be benefited out of general taxes, according to their argument. In this case, the biggest money crop of the farmer is directly taxed. Except for the six months i following the launching of NRA, th% j cotton textile industry has operated at a loss since 1930, it is pointed i out.

RURAL RETAIL SALES CLIMB 22 PER CENT Dollar Volume In March Shows Gain Over 1934 Period. By Timet .Special WASHINGTON. April 16.—Sales of general merchandise in small towms and rural areas in March were approximately 22 per cent higher in dollar volume than in the corresponding month of 1934, and 105 per cent higher than in the same month of 1933, according to a report released today by the Foreign and Domestic Commerce. Daily average sales during March showed an increase of about 10 per cent from February. The seasonally adjusted index for that month was 97’,4 per cent of the 1929-31 monthly average, compared with 90 V 4 per cent in February. The total sales for the first three months of the current year were approximately 15 per cent higher than in the same period of 1934. In March, 1933 sales reached the lowest point during the last six years.

Other Livestock

(By United Press) CHICAGO. April 16—Hogs—Receipts, 11.000, including 5000 directs; active. 50 15c higer than Monday; 170-250 lbs.. $9.10 0 9.20; top $9.25: 250-290 lbs.. *BO 9.10: 290-350 lbs.. $8.850 9; 140-170 lbs- *8 60 0 9.15; slaughter pigs, *8 50 down; good packing sows. *8 150 8.25, light lights 140160 lbs., good and choice, *8 600 9.15; light quality 160-200 lbs., good and choice, *390 0 9 20; medium weights 200-250 lbs. good and choice, *9.050 9 25; heavy weights 250-350 lbs., good and choice. *8 8509 15: packing sows 275-550 ibs , medium and choice. *7 250 8.35: slaughter pigs 190140 lbs., good and choice. 8>.50 0 8.85. Cattle—Receipts 600; calves, receipts, 300; most classes unevenly strong to 25c higher; shippers competing for all grades fed steers and yearlings; best 1370 Ibs. steers. 114.25: heifer yearlings. *10.75; bulls, strong to shade higher; vealers about steady: select, *9.50010 Steers 550-900 lbs., good and choice. *10.500 13 75 ; 9001100 lbs , good and choice, *10.750 14.50; 1100-1300 lbs., good and choice. $11.250 15: 1300-1500 lbs., good and choice, $11750 15; 550-1300 lbs . common and medium, *6 50011.75; heifers 550-750 lbs., good and choice, $9.750 12; common and medium, S6O 9.(5: cows. good. $7.750 10; common and medium, SSO 7 75; low cutter and cutter, $3 2505.25; bulis lyeariings excluded) good (beef). $5.75072a; cutter, common and medium. $4 2506; vealers. good and choice. $7.50010; medium. $8 5007 50; cull and common. $4 5006,50: Stockers and feeder cattle: steers 550-1050 lbs., good and choice. $8 5008.75; common and medium. $5 250 6.75 Sheep—Receipts, 12.000: fat iambs active: strong to 15c higher: sheep, steady: good to choice wooled lambs. $808.49. to local packers; best held $8 50 upward: doubler, merely good clipped lambs. *7; packaged choice. 79-lb. springers. Colorado natives. *10.50; slaughter sheep and lambs: lambs 90 lbs. down, good and choice. $’ 85 0 8 50; common and medium. $6,850 .76: 90-98 lbs., good and choice. *7 5008.50: 98-110 ibs., good and choice. *7.25 0 8 40. all weights, common and medium. *2.7504.25. FT WAYNE. April 16—Hogs—Steady to 5c lower: 160-200 lbs . *9 10; 200-225 lbs *8 95 : 225-250 lbs. *8 80 : 250-130 lba. *8 70 300-350 lbs . *8.55: 150-180 lba . *8.75: 140 150 lbs $8 50: 130-140 lbs . *8 25: 120-13) ibs . $7 75; 100-120 lbs . $7 25: roughs. $8 stags. $6. Calves. $9; wooled lambs. $8; clipped lamb*. *7.

L. S. Ayres 8% Preferred Stock O. F. FRENZEL, JR. MERCHANTS BANK BUILDING TELEPHONE RILKY 1531 INDIANAPOLIS