Indianapolis Times, Volume 47, Number 32, Indianapolis, Marion County, 17 April 1935 — Page 17

Wall St. Investment Banking Firms Accepting New Act. BY R ALPH lIFNDERSHOT Tim.* Special Writer

NEW YORK. April 17—A sufficient number of new bond Issues have been placed on the market during the past month or so to indicate beyond a doubt that Wall Street investment bankers have accepted the new Securities Art and are ready and willing to do business under its provisions. Virtually every important house in the Street has

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either headed or participated in an underwriting operation. It can not be said, of course, that they look upon the law v ith favor. Most of them still are critical of it. although so m ewhat less so than when it was first enacted. Nor are they entirely cer-

Ralph llcndcrshot

tain that they are not making a mistake in participating in new financing with it on the books. To a very important degree ihey are taking the word of Josepii P. Kennedy. chairman of the Securities and Exchange Commission, that It is safe for them to go ahead. On the other hand, however, investors are getting a better deal than they ever got before. The fact that the underwriters are obliged to reveal fully the terms of all contracts with the borrowers and others involved in the transaction has had the effect of reducing the toll collected by them. Whether the benefits will prove permanent remains to be seen. It is possible that ns time goes on underwriters will become careless again, particularly ■when it is felt that investors do not go to the trouble of reading the material they are obliged to prepare. Baa 'TX) assume that the Securities * Act had added much to the safety of securities placed on sale, though, would be a huge mistake. The safety of securities always will depend on the business success or failure of the companies which issue them. It probably will be as easy to lose money on security investments in the future as it has been in the past. About thl only safeguard the new law will provide is against the misleading statements or overstatements. It will, of course, guard against incomplete statements also. The underwriters are not so much opposed to the restriction against misleading statements as they are to the provision of the law which makes them liable if they fail to tell all. They fear that if they happen to overlook some minor factor or consideration some shyster lawyer will be abl * to put them ‘on the spot” for it at some later date. To the extent that they will be dependent on the fairmindedness of the public and the judicial branch of the government they are taking chances in engaging in underwriting activities. 000 THE fact, however, that the commission has approved a security offering is no guarantee to the investing public that the statements contained in the prospectuses are accurate. It would be impossible for that organization to check on such statements. And the Government would not put itself in the position of guaranteeing the safety of an investment under any circumstance. It may be argued that investment houses should not be obliged to accept ail of the responsbillties provided by the Securities Act, but it would be difficult to insure the protection to which investors are entitled in any other way. So long as the public is invited to play the investment game, it should have the assurance that the cards are not marked in any way. It can not and should not be guaranteed against loss, however. TOURIST TRADE JUMPS Foreigners Spent 5131.0f10.000 in Canada During 1934, Report Reveals. JJj t Time* Special OTTAWA. April 16. Foreign tourists spent a total of $131,000.000 in Canada during 1934. compared with $117,000,000 in 1933. a preliminary estimate issued by the government reveals. United States tourists, entering bv automobile and boat, spent more than $121,000,000.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers: Fruits- Bananas. 4’c a lb -'hP 1 ?*- Wu.-sans $2 Delicious $2, Baldwins. $1 60 lemons. Sunkist. 2605. $4 25 C.rapelruit, Texas, seedless. $3.50. Florida, seedless $2 25 Limes. Mexican, per carton, l’s ’ 20c Bvram, seedless, per hundred. St ' Strawberries. Tennessee s. quarts. $4 .4 50 crate: Mississippi. $4.504*4..5 Apricots. 53 crate. Grapes. South America, whi-x. 20-lb. box. $2 .5 Cantaloupes— Honev Dews, South America. $3; Jumbo's. $5 75 a crate standards. $4 75 a crate. Nectarines, South America box. $3 50 Vegetables Cabbage. new Carolina, hamper. $3 25: medium, hamper. $2 75 r.rw ted Texas hamper. $3 Onions. Western Spanish. 50-lb. bap $3 75: Michigan xellow 50-lb bag. $3; new Texas yellow. i>o-lb. bac. $3 25; new Texas boiler. 50-lb. bac $2 25: new Texas w hite. 50-lb. bag. $3 50. Potatoes. Green Mountains. 100-lb. bac $1 75: selected cobblers. 150-!b. bag. $2 50; northern round wh.te, 100-lb. bag. $1 15. Ohios. 100-lb. bag. $2. Idaho Russets. 100-lb bac $2.75; r.ew Florida Triumphs, bushel. $3 2r Swe’t potatoes. Indian:. Jerseys bushel. $1.50: medium or seed. $1 10 Nancy Hall, bushel. $1 15 Beans, round strinsless hampers. $2 50 : 2 75 Celery .washed and trimmed*, medium do*, 50c: Jumbo, dor , 75c. hearts, do*. $1 10. Cucumbers hot house, dor . $1 15: 2 do*, box. $2 Endive. California, doren. sl. Egg riant. $1 50-u2 dor. Kale, bushel. 60c. e'tuce. hot house. 15-lb basket. $175: Arizona Iceberg head lettuce. $4 50. Mangoes. $5-i 6 a crate; small basket. 60c. Mint, a do* .$1 Parslcv. do? . 35c. Peas, hamper. $3 50 -13 75 Spinach. Texa\ bushel. sl. Radishes. bushel. $2 2? Turnips bushel 75c Parsnips, bushel. S3. Beets, crate, new Texas. $1.75vi2 Carrots, r.ew $2 bac. $1: 100-'.b sack. $1 75 Rhubarb, hot 5-Ib. carton $3: do*, bunches. $1 20. Mushroom*, lb . 30c All quotations subject to change up or down. FRIITW A\l> VEGETABLES ißv United Pressi CHICAGO. April 17 Apples—Michigan Spies, bushel $1 50m 1 65. Illinois Jonathans. $i SO.i 1 65. Carrots —Western crates. $2 502 75: Illinois M:chlgan. bushel. 85c $1 Turnips—lllinois and Michigan, bushel. 25n 40c Sweet potatoes Tenncstee bushel. *sc4jsl; Indiana. *1 25m 140 Lettuce—Western crates. $3 50 m 425 five do*en. leaf. 10 lbs . Illinois. Ilul 10. Bea.a Florida, bushel. $26 3 Spinach—Texas, bushel. 7Sen $1 25. Cabbage—California, crates. $3 75m 4. Onion sets—lllinois. Michigan, sacks a bushel. No. 1 vellow. $3 25 Peas—-California, bushel hampers. $2 758 3 Tomatoes— Florida lugs. slt 150. Rhubarb—Michigan, 5-lb cartons. SiftMc; liitaou. 0 ibs, $2.15 0 2.25.

FARM PRODUCE MARKETED HITS FRESHJOTTOM Prices Up Sharply, but Further Rise Needed to Maintain Income. By T Imf| Special NEW YORK, April 17.—The quantity of farm products marketed in February dropped to the lowest figure for any month of the depression. according to the Alexander Hamilton Institute. The index for February, based on 1929 as 100, was 57.1 this year as against 77.5 last year, a decrease of 26.3 per cent. For the first two months of this year, the quantity marketed was 27.1 per cent lower than a year ago. This curtailment was the result of the drought and the government's acreage restriction measures in 1934. Offsets Price Rise The drop in the quantity of farm products marketed in February as compared with the corresponding month last year more than offset the rise in the price index of farm products from 56.8 to 76.0, an increase of 33.8 per cent. This was also true for the first two months when the price level was 36.3 per cent higher than a year ago. On the basis of the 21.6 per cent decrease in the 1934 harvest as compared with that of 1933, the quantity of farm products marketed this year will provide the same receipts as in 1934 only If the price index of farm products during the last nine months of the year averages 80.6. In other words, the price index must average 8.9 per cent higher than in March when the index was 74.0. An even greater price increase may be necessary since the size of a harvest does not measure exactly the following year’s receipts from marketings. Receipts this year are likely to show more rather than less of a decrease than that indicated by last year’s harvest since the quantity marketed last year was unusually large in relation to the previous harvest. The fact that the quantity marketed during the first two months of this year was 27.1 per cent lower than a year ago suggests that the quantity marketed this year will show a greater decrease than the 21.6 per cent decline indicated by the 1934 harvest. Depression Effect Seen It is possible that farm prices this year will not show the rise necessary to provide as large an income from marketings as in 1934. If the 1935 farm income is smaller than that of 1934, this will have a depressing effect on business unless the prices of manufactured goods are lowered, which, at the present time, does not seem likely in view of the small margin of profit already prevailing. On the other hand, if the prices of farm products rise sufficiently to provide a greater income than last year, such a rise will tend to be reflected in higher prices for manufactured goods which will also have a depressing effect on business. Thus in either case business can not escape the retarding influence of last year’s poor harvest on the recovery movement.

Local Livestock

HOGS April Bulk. Top. Receipts. 11. S8 90D 9.20 $9.25 4000 12. 9 10® 9 40 9 40 3500 13. 9.00'5 1 9 30 9.30 1500 15. 9.00® 9.20 9.25 5000 16. 9.ooifi 9 20 9 25 5000 17. 9 0044 9.25 9.25 4500 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: 1200-2201 Good and choice... 9.15® 9.20 (220-2501 Good and choice... 9.05® 9.15 Heavyweight: (250-2901 Good and choice... 8 95® 9.05 '290-3501 Good and choice... 8.75® 8.95 Packing sows: (275-350) Good 8.70® 8.90 Packing sows: (275-2901 Good 8.15® 8.35 (350-425) Good 8 00® 8.20 (275-350 Medium 8 00® 8,15 '425-5501 Good 7.75# 8.10 Slaughter pigs (100-1401 Good and choice... 7 00® 8 75 Medium 6.50# 8.25 CATTLE —Receipts. 2200 —Steers—-(soo-900) choice $11.00®13 00 Good 9 75® 12 00 Medium 8 00® 10.25 Common 6 50® 8 25 900-11001 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® 13 25 Medium 9 00®11.00 (1300-1500) Choice 13 25® 14.00 —Heifer*— (500-750) Good 11 00® 13.25 Choice 10 00® 11 25 Good 9 00® 10.00 Common and medium 6 00® 9.00 (750-9001 Good and choice .. 9 25® 11.50 Common and medium 6 00® 9.25 —Cows— (Yearling Excluded) Good . ... 6 75® 8.25 Common and medium 5 00 6 6.75 Low cutter, cutters 3 00® 5 00 Bulls, good 600 ® 7.25 Cutter, com. and med. bulls.. 4 25# 6.00 VEALERS —Receipts. 800— Good and choice $9 00®10 00 Medium 7.00® 9.00 Cull and common 3.50® 7.00 —Calves—-'2so-5001 Good and choice ... 650 ® 9.50 Common and medium 3 50 # 6.50 —Feeder snd Stocker Cattle — Steers—-(soo-900' Good and choice... 6 25® 825 Common and medium ... 4 75® 625 (900-10501 Gocd 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 I AMBS " —Receipts. 400— (Shorn Basis) Lambs. 90 to 130 lbs., good and choice $7 00® 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 .. 3 50 # 3.75 All weights, common and medium 1.50® 2.75

Other Livestock

(By United Press) FT WAYNE. April 17 Hogs—Steadv to 7c higher. 180-200 lbs . $9 10: 160-180 lbs . $9 200-225 lbs, $8 95; 225-250 lbs $8 85; 250-300 lbs $8 75: 300-350 lbs . $8 55: 150160 lbs $8 75: 140-150 lbs $8 50 130-140 lbs . $8 25 120-130 lbs. $7.75; 100-120 lbs , $7 25: roughs. $8; stags. $6 Calves. $9 Wooled iambs. SB. Cupped lambs. $7. LAFAYETTE April 17 —Hogs—Market, steadv to 10c higher: 180-200 lbs, *9.10: 200-225 lb*.. $9 225-235 lbs $8 95. 235-250 ibs $8 90 . 250-275 lbs. $8 85 : 275-300 lbs . $8 80 : 300-325 lbs . $8 75: 160-180 lbs, $9; 150-160 lbs . $8 75: 140-150 lbs. 88 50: 135140. lbs. 88 25; 100-135 lbs, $6 756 8; roughs. $8 down. Calves, 50c higher; top, 85.50. iambs steady, $7.25.

Abreast of The Times on Finance

New York Stocks

(Bv Thomson & McKinnon i 11 A. M. Prev. ' Oil* High. Low. N. Y. close. Amerada 57% 57 * 57% 57% ! Atl Rfg 2*’ 24% 24 s , 24’* I Barnsdall .. .... 9 8 * B’* 9 Consol Oil *% B'* 8 * 8% Com ol Del 19'* 19>, 18'* 19*. Houston ine*c.. 33 32% Mid Corn Pet.. 12% 12'* 12% 12' a I Ohio OU 12 11’* ll’s 12 Pet Com 10’. 10’, 10'. 10 * ■ PhllllDs Pet .... 19'. 19 19 18;. Plymouth Oil .. 10 9’* 9’* 10'* Pure Oil 7% 7% ‘ % *% Roval Dutch ... 33% 33’* 33’* 33% Beabosrd Oil ... 28 27’* 27% 28 Shell Un 7'* 2'* .21* ,2?4 Boc Vac 13% 13’* 13'* 13% SO of Cal 32’. 32% 32% 32’, S O of Ind ... 24 % 24’ 2 24’. 24’, BOOf N J ... 41’. 41 1 a 41 1 2 41’, Texas Com .. 21 '2 21 '2 21‘* 21 2 Tidewater Assn . 10% 10’ 10' 10% Un Oil of Cal . 18’* 38% 18’* 18% Steels — Am Roll MULs . 18% 18% 18’, 18’* Be-h Steel 25’. 2fS 25’. 28 Mid Steel 11% JO’ 2 U'* 10’. Natl Steel .. 46’* 46’. 46’. 46% Ret) I Ac Btl .11 ’ 2 11*2 11 ’ 2 11 1 2 U S Steel 32 31% 31’* 32 Warren Bros .... 4Vi 4‘. 414 4Va Motor* — Auburn 20 20 20 20 Chrysler 36% 36', 36', 36', Gen Motors 30'* 29 X 29% 29’* Graham M0t.... 2 2 2 2 Hudson B*2 8% B'2 8’ 2 Hupp I'. 1% I'i l' Mack Truck 24', 24 24'* 23’* Nash . . 12’, 12' 2 12 1 2 13 Packard 3’. 3’* 3*. 3’. Studebaker 2 1 3 2'2 * a 2 3 Motor Access— Bendix 14% 14' 14 s * 14 s , Bohn Alum .... 56 56 56 56 Borg Warner.... 34’* 33% 34'* 32% Briggs 26’* 26’* 26’* 27 Eaton Mfg 19’. 19% 19% 19% Elec Auto Lite.. 20' 2 20% 20' 2 20' 2 Elec Stor Bat ... 42'. 42 42 42% Houdaille *A ► Murray Body .. 7'* 7 7’* 7'* Stew Warner .. B'* B’. 8 % 8% Timken Roil ■ 31' 2 31 '2 31 ‘2 31 '2 Timken Det Axle 5'2 5 1 a 5'2 s’* Mining— Alaska Jun .... 16 7 * 16’. 16’. 16’, Am Metals 18% 18% 18' 18’* Am Smelt ..... 38 37*2 37’. 37’* Anaconda ll’/a 11% 11% 11% Cerro tie Pasco.. 51 50 ‘2 50% 51 Dome Mines 40 39'* 40 39', 2 Gt Nor Ore ... 11 11 11 11 Howe Sound .... 50'/a 50 50 50 V* Ins Copper 33 33% Int Nickel 26’* 26', 26>/ 26’, Kennecott Cop.. 17% 17’* 17’* 17', 2 Mclntyre Mine . 43 V. 43'. 43*4 43 Park Utah 3’* 3’* 3’* 3% Noranda Cop ... 38’* 38% 38’, 38'2 St Joe Lead .... 15% 15% 15’. 15 s * U S Smelters ...109 '2 108’* 108’* 11054 Amusements— Crosley Radio... 15 1 i 15' 1 15' 2 15la Loews Inc 37’* 37% 37 1 2 37’ 2 Radio Corp 5 5 5 5 Paramount 2’4 *2’* 2’* 2% Warner Bros ... 3',4 3 Vb 3V* 3V* Tobaccos— Am Snuff 69*i 69*4 69*4 69'a Am Tob ••A” ... 79*4 79*4 79'* 79 Am Tob •B” ... 81 80’* 80’/* 80’* Gen Cigars 55 55 55 55' 2 Ligg A: Mvers B 102% 102 102 102 Lorillard .21 20’,* 21 20 s * Reynolds Tob B. 47’* 47 47'4 47'* Rails— B Sc O 10’* 10*4 10’a 10', 2 Can Pacific 10*4 10' 4 10*4 10 Ch Sc Ohio 41/a 41'/ 2 41</ 2 41% Dela Sc Hud . 28 28 28 28 54 Grt Northern pfd 12 12 12 12 111 Central .... 11% 11% 11% 11% Lou Sc Nash 39 % 39'4 39'* 40 Mo Pac I'4 154 154 I*4 N Y Cent 15% 1554 15 5 4 1 ss*5 s * N Y New Haven 4’, 4’* 4% 4% N Y Ont Sc West 3'4 3% 354 3'i Nor Pacific 15% 15% 15% 155* Penn R R 205* 20'* 20'/* 20',* Reading 34'4 34 34 36 Sou Pacific .... 14’* 1454 14’4 14% Sou R R 10 '2 10% 10% 10% Equipment*— Am Brake Shoe.. 23 ‘2 23% 23% 23 Amer Loco 11% 11% 11% 11% Bald Loco 1% 1% 1% 1% Gen Am Tk Car 34% 34% 34% 34 s * Gen Elec 24% 23% 24'4 24 Pullman Inc .... 41 40% 40% 415* West Air Br 20% 20 s * 20% 20’* Westingh Elec... 38% 38% 385* 38% Utilities— Am Sc For Pwr.. 3% 3% 3 s * 3% Am Pwr Sc Lit.. 3% 3>4 354 3% AT&T 107% 107 107 106% Am Wat Wks ... 115* 11'% 11'/* 115* Col Gas & Elec.. 6% 6% 6% 6% Com & 50u.... 1 % 15* 1 */ 15* Consol Gas 21% 21% 21% 21% Interboro R T... 1054 10% 10% 10’, Int T & T 7% 7% 7’* 7 s * Nat Pwr & Lit. 8 8 8 7% North Amer ... 13% 13% 13% 13% Peoples Gas .. 22 21% 21% 22% Pub Serv N J... 27% 27% 27% 27% So Cal Edison . 1554 1554 15% 15% Stone & Webster 4 4 4 4 United Corp .... 2% 2% 2% 2% Un Gas Imp .. 12% 12% 12% 12% Ut Pwr & Lt A 1% 154 154 1% West Union ... 25% 25% 25% 25% Rubbers—ipoodrich 9V* 9'4 954 9'4 Goodyear 19% 19% 19% 19% Kelly Spring ... % % % % U S Rubber ■ 12% 12% 12 s * 12% U S Rubber pfd 30% 30% 305a 30 5* Miscellaneous— Allis Chalmers . 15% 15% 15% 1554 Am Can . . 119% 119’* 119% 119% Am Mach & Fdv 2154 20% 20% 21 Brklyn Man Tr. 39 39 39 39% Burroughs Add.. 15% 155* 1554 15% Burroughs Add . 15% 155* 1554 15% J I Case 53% 5354 53% 53 s * Conti Can ... 72% 72 72% 72% Caterpillar Tract 42% 42% 42% 42 5a Deere & Cos 27% 26% 27% 27 East. Kodak ..126% 126% 126% 126% Gillette 15% 15 15% 14% Glidden 27’* 27% 275a 275* Int Bus Mach .169% 169% 169% 168% Inter Harv ... 38% 37% 38 38% Natl Cash Reg . 15% 1554 1554 1 554 Rem Rand 9 9 9 9 Underwood E ... 59% 59’% 59% 60 Woth’ton Pmp.. 15 15 15 1554 Foods— Armour 3’* 3% 3% 3’, Armour 6% pfd.. 61 61 61 60% Borden Prod .... 23 5* 23% 23% 235 e Cont Bak A .... 6% 6% 65* 5 Crm of Wheat.. 37% 37% 375* 37 Cuban Am Sugar 6% 6% 6% 654 Gen Foods 35% 35% 35% 35 Gold Dust 16 15% 15% 16 G W Sugar . .. 28% 28% 28% 28% Hershev 79% 79'4 79% 79% Natl Biscuit ... 27% 27 s * 27’* 24% Natl D Prod 14 s * 14% 14% 14 s * Purity Bak 954 9 % 9% 9’* S Porto Rico Sug 24 24 24 24% Std Brands 16 15 s * 15 s * 15% United Fruit ... 83% 83 83% 82% Wrigley 78 78 78 77% Retail Stores— Assd Dry Goods. 954 9 % 9% 9% First Natl Stores 48 47% 47% 48% Gimbel Bros ... 2’* 2’* 2’* 2 s * Gr Un Tea 2% 2% 2% 2% Kresge S S 20% 20% 20‘a 20% Kroger Groc ... 25% 24% 25 25% May Dept St ..41 41 41 40% Mont Ward 26% 25 25 25% Penney J C 63% 62% 63% 63% Safeway St ... 39’* 39% 39% 39’* Sears Roebuck.. 37% 37 37% 37% Woolworth 56'a 565* 56% 56 5 4 Aviation— Aviation Corp .. 3’* 3% 3% 3’* Boeing Aircft ... 7 s * 7 s * 7’* 7’* Curtiss Wright.. 254 254 2% 2% Douglas Air .... 22 22 22 22% Nor Am Av ..... 2% 2% 2’* 2% Sperry Corp .... 9 B’* B’* 9 Uni Aircft new.. 12% 12’* 12% 12% Chemicals— Air Reduction ..116% 116% 116% 116% Allied Chem .140 I*o 140 140 Am Com Alcohol 25’* 25% 25’* 265*

GRAIN PRICES DROP FRACTIONS AT PITS Bearish News From Southwest Reduces Values. By Vnited Press CHICAGO, April 17.—Grain prices were fractionally lower on the Board of Trade today as the result of bearishness from the Southwest. At the start wheat was unchanged to % cent lower, corn was off % to cent, ats were ' j) *s cent lower and rye was unchanged to U cent lower. Reports of scattered rain in the eastern Kansas and unresponsive cables from Liverpol dampened the bullish enthusiasm which has been prevalent in the wheat market. (By James E. Bennett* 11:00 Prev. Wheat— High. Low A. M. close. Mav 1 02*. 1.01 3 . 1.02 102% July 1.01% I.ol'a 101*. I.ol’a Sept 1 02’. 1.01% 1.01% 1.02% Corn— Ma 89*, 88 s , 88% .89% July 83 82*2 82' 2 .83% SeDt 78 3 * .77% .78 .78* a Oats— May 49 s , .49% ,49 s a .50 July 43 3 -43' 2 .43% .44 Sept 41% .40% .40% .41 3 , RyeMay 61 3 s .61 .61 .61* 4 Julv 63 3 , .62% 62' 2 .62% Sept 64% 63% .65 .64*2 LOCAL CASH MARKET City grain elevators are paying 92 cents for No. 2 sob red wheat. Otner grade* on thetr merits. Cash corn Mo. 3 yeuow. A3 cents, and oats 63 cants.

INDIANAPOLIS, WEDNESDAY, APRIL 17, 1935

Col Carbon 75’, 75% 75’, 75’* Con Solvents ... 20% 20 20 20% Du Pont 95 94% 94% 94% Math Alkali . . 27% 27’* 27% 27% Monsanto Chem 61’* 61’* 61’* 62% Natl Dis (new). 27% 27% 27’. 27’, Schenley Dist .. 25 24% 24% 25 Tex Gulf Sulph . 30% 30 s , 30% 31% Union Carbide . 50% 50 50 % 49% U S Ind Alcohol. 4040 4040% Drugs— Bristol Mvers ..32% 32% 32% 32 Coty Inc . .... 4% 4% 4’* 4% Sterling Prod ... 64 64 64 63’* Un Drug inew) 11 % 11’, 11’, 115* Financial— Adams Exp s'* 5% 554 5% Allegheny Corp .1 1 1 1 Am Int Corp ... 5% s’* s’* ss,5 s , Lehman Corp ... 74% 74% 74% 74% Transamerica . . 5% 5% 5% 5% Tr C'ontl Corp . 3% 33 3 Building— Am Radiator ... 13% 13% 13% 13% Holland Furnace 7’* 7’* 7’* 7% Int Cement . 26% 28% 26% 26% Johns Manville .45 '45 45 45% Libby Owens Gls 25 s * 25% 25 s , 25% Otis Elev 12 12 12 12 Household— Col Pal Peet 17% 17% 17% 17% Kelvinator 16% 16% 16% 16% Proc & Gamble . 48% 48% 48’, 48% Servel Inc 9 9 9 B’* Simmons Bed .. 8% 8% 8% 8 * Textiles— Amer Woolen .. 7% 6’, 6’* 7% Belding Hem ... 11’ 11’* 11% 11% Celanese Corp . 22% 22’* 22% 23 Collins Aikman.. 10’* 10% 10% 10 Indus Ravon .... 25% 24% 24 s , 25 s * Kayser Julius.... 18% 18% 18% 18%

Chicago Stocks

(Bv Abbott. Proctor & Paine) 11:00 Prev. A. M. close. Allied Products 18 10% Borg Warner 33% 33% Butler Bros 7% 7% Chicago Corn I’* J’* Cities Service 1% 1% Com & Edison 62 62% Cord 2’* 2% Chicago Mail 19 19 Elec House • 14 14% Kingsbury 154 I’* Marshall 8% 8% Libbv 7’,* 7 s * Noblitt Sparks 15 14% Quaker Oats 130 130 Swift 15% 16 Swift Int 35 35'4 F R Thompson 5’4 s’/*

(By Abbott, Proctor & Paine) 12 (Noon) Prev. N. Y. close. Allied Mills 15% 15% Am Cyanide ”B” 17 17 Am Superpower I'/* 1% El Bond & Share 6% 6% Ford of Europe 8 9 Gulf Oil of Pa 57 59% Humble Oil 49% 49 Imperial Oil Ltd 16% 16% Lake Shore Min 54% 54% Novadel Agene 21 21

(Reprinted from yesterday) (By Abbott, Proctor & Paine) * DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 86.1 75.5 *95.7 85.8 Yesterday 86.1 75.5 95.4 85.6 Week ago 85,1 74.7 95.1 85.0 Month ago 83.1 74.0 96.2 83.9 •New 1935 high. (Copyright. 193' bv Standard Statistics.) U. S. GOVERNMENT BONDS Liberty* Prev. Close, close. Ist 3> 2 s 1932-47 101.10 101.4 Ist 4V,s 1932-47 101.12 101.7 4th 4'/is 1933-38 (Called) ...102.20 102.20 Treasurys 4 tis 1947-52 116 115.30 4s 1944-54 111.10 111.12 3%S 1946-56 109.24 109.24 3 3 aS 1940-43 ...107.11 107.9 3 3 aS 1943-47 106.25 106.26 3%s 1941-43 107.12 107.12 3',is 1943-45 105.21 105.16 3 Vis 1941 107.18 107.20 3'iS 1944-46 105.15 105.15 3Vas 1.946-49 104.18 104.16 3 las 1949-52 104.18 104.16 3s 1951-55 103.20 103.18 3s 1946-48 103.20 103.14 2Vis 1955-60 101.12 101.10 Home Owners Loan Corp. 2Vis 1949 100.9 100.7 3s 1952 101.22 101.18 4s 1951 100.26 100.26 Federal Farm Mortgage Crop 3Vis 1964 103.16 103.16 3s 1949 101.22 101.19 3s 1947 101.30 101.26 DOMESTIC Prev. ... _ e ... Close, close. Alleg Corp 5s ’44 68 1 2 68 Alieg Corp 5s ’49 57'a 57Vi Am Frgn Pow 5s 2030 57 Vi 58 Am Tel & Tel SVis is 113 V, 113'/2 Am Tel & Tel 5s '65 112*4 ii2 3 a Arm &Cos (Del) s> 2 s ’43 104 3 4 104 3 4 Atl Coast Line 4s ’53 99 98 1 2 Atl Coast Line 4V2S '64 83*/2 83Vs Am Wat Wks 5s ’46 95 94 3 a Am Rolling Mills 5:, ’3B 103 Vi 103',4 Balt & Ohio 5s ’95 60*2 60 3 , Balt &Ohio 6s '95 69 70 Balt & Ohio 4'iS ’6O 47'/ 2 47*2 Buff Roch & Pin 4' /2 s ’57 57 7 , 58 Beth Steel 5s '36 104 104 Chi Milw & St 1' 5a ’75 12 12'i Chi Milw & St P 5s 2000 33 Cleve Ull Term 6s '73 87 3 i 86% C’leve Urx Term 4'■.?, '77 82*i 82 3 4 Col Gas 5s May ’52 84 7 a 83'2 Cos) Gas 5s April ’52 84 7 a 83%, Col Gas 5s ’6l 83 7 s 83 Can Pac Perp 4s 85% 86'i Cent Pac 5s ’6O 70 3 i 70 5 / s Big Four 4Vis ’77 59Vi 60 Big Four 5s ’63 66 65'i Colorado & So 4ViS 'BO 59 59 7 a Chi <fc West Ind 4s '52 97% 97 Chi & West Ind s'is '62 104 103 1 2 Chi & Nor West 4%s '49 ... 13 3 i 14 Con Gas 5s *57 105% 105 1 2 Chesa Corp 5s '47 103*2 103 5 a Dodge Bros 6s ’4O 105*. 105'i Del & Huds 4s '43 80 7 a 79*% N Y Dock 4s 'sl 64Vi 64 N Y Dock 5s '3B 45 45 1 i Erie 5s ’75 59 59* /a Erie 5s ’67 59'i 60 Gen Cable s'is .. 92*® 92*i Grt Northern 7s ’36 86 5 a 86** Grt Northern 4>is ’76 67 3/ , 68'4 Grt Northern 4'is ’77 67* 2 68 Gen Ft) Cast WW 5' 2 s ’49 72 3 i 72 Hud 6c Manhat Ref 5s ’57 .... 84'* 84 111 Cent 4 3 4S '66 47 47*i lit Cent Jt 4*23 ’63 54 55'* El Cent 5s ’63 59 59'4 Interntl Hv Elec 6s ’44 36* 36 Interntl Tel & Tel 4' 2 s 39... 66 66 Interntl Tel & Tel 5s 55 61'i 61*4 Interntl Tel & Tel 4‘ 2 s 52 ... 56' 2 56‘ 2 P Lorillard 7s 44 127 7 128*2 McKess & Rot 5 1 2 s 50 97' 2 97 Midvale Stl 5s '36 103*a 103*4 Natl Dairy s*4s ’4B 103 3 a 103*2 Natl Steel 5s '53 . 106 3 4 106' 2 Nickel Plate S'ss ’74 63 7 s 64 Nickel Plate 6s ’35 54 56 N Y Cent 5s 2013 58 58* 2 N Y Cent 4' 2 s 2013 (old) 52*4 55' 2 Nor Amer Cos 5s '6l 97 92' 2 Nor Pac 3s 2047 71 s . 72 * 2 Nor Pac 4' 2 !i 2047 77 3 a 79% Nor Pac 6s 2047 93*4 93’ 2 Nor States Pow s '4l 106*2 106 3 4 New Orleans Term 4s ’53 84 84*4 Otis Steels 6s '4l 83 3 § 84* 2 Penn Ry 414s 'B4 103*4 103 Penn Rv 4%s 'Bl 103’ 2 105', Penn Rv 4V4s ’7O 94*a 94 Pac G * E 5s '42 106% 106% Portland Gen El 4%s '6O 61 60 Para Publlx s'-s 'SO .... 79*4 79 Penn P & L 4%s ’Bl 104*% 104'i Postel Tel fc Can 5s ’53 43 43*4 Rem Rand WW s' 2 s '47 103 Si 103* 4 Sinclair Oil 6‘ 2 s '3B 102*4 102* 2 Shell Union Oil 5s '47 103% 103* 4 ton Pac 4*is '6B 61 60S ou Pao 4* 2 s ’Bl 61 60S SOU Pac 4’iS ’69 61*4 60% Sou Pac 4s ’49 65 64 Sou Rail 4s 56 41 % 42% Sou Rail 6s 56 55 55** I Sou Rail 6*-s ’56 58* 2 59 Sharor Stl Hooo 5* 2 s ’48.... 86* 4 85% Texas Pac 5s ’79 85* 2 65% Texas Pac 5s ’77 86 87 Union Pac 4s ’47 112*4 112% : United Drug 5s ’53 89% 90 r. S. Rubber 5s ’47 94 93 NY NH & Hart 6s ’4B 35’ 2 36 NY NH & Hart 4%s ’67333,0 3 , 30* 2 j Warner Bros 6s ’39 54** 54% West Marv 5* 2 s '77 77 98% j West Marv 4s '52 93 93’* Youngstown S & T 5s ’7O 93 93 Youngstown S A- T 5s '7B .... 93% 93 FOREIGN Argentina A 6s '57 94'4 93% Argentine B 6s 'SB 94 93* 4 Brazil 8s ’4l 30 s i* 30’ * Canadian Gov* 4s '6O 106* 2 106*. Denmark s' 2 s ’55 98 3 4 98*2 French 7s ’49 179 German 5'2S '65 28% 29'* German 7s '49 37’* 38% Italy 7s 'sl 89 7 * 87 Jaoar. 6' 2 s '54 95 98 3 Poland 7s ’47 no no*- ! Rome 6' 2 s '52 79 T w 77*2 Tokio City s*2* 61 78% 78*2 Yokohama 6s ’6l 84% 83a FEDERAL FIRM LOAN BONDS (By Blvth ic Cos.) Bid. Ask 3%s Mav 1. 1955-45 101'a 101 3 s 4s July 1. 1946-44 106% 107*2 4S Nov 1. 1957-37 103’ 104 3 4s May 1. 1958-38 104 104% 4*s July 1. 1956-36 102% 103 3 * 4*as Jari. 1. 1957-37 104 104% 4>.s Mav 1. 1957-37 104*. 104 7 a 4* 4 s Nov. 1. 1958-38 105' 4 4*2S May 1, 1942-32 101 7 a 102* a 4> 2 s Jan. 1. 1943-33 101> Id 7 . 4%s Jan. 1. 1953-33 ld* 4 Id’s 4>,s Jan. 1. 1955-35 101‘, Id 7 . 4*as Jan. 1. 1956-36 ...Jt..... 102’, 102V* 5s May 1, 1941-31 100 As Mot. 1. 1941-31 100 ... 1

New York Curb

N. Y. Bonds

STOCK VALUES EASE HIGHER IN NARROWJANGE Reduction of Call Money Fails to Stimulate Dull Trade. By United Tress NEW YORK, April 17.—Reduction of the call money rate to % of 1 per cent, the lowest rate in history, on the New York Stock Exchange today failed to stimulate any great market activity. The list had wandered listlessly through the first two hours when the new call money rate—reduced from the J 2 of 1 per cent rate set Monday—was announced. Prices were irregularly higher but the main list was extremely narrow. Only special issues pulled out of the rut, including Gillette preferred, up 2 points to anew 1935 high of 84; issues of Houdaille Hershey at new 1935 high rates; Eastman Kodak at anew nigh of 126%, and Woolworth and United Fruit, both at new 1935 top figures. American Telephone equaled its year's high of 107% and then slipped back to 107. Leaders such as United States Steel, Consolidated Gas, General Motors. Chrysler, Atchison and New York Central held close to previous closes.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,153,000.00 Debits 6,422,000.00 TREASURY’ STATEMENT (By United Press) WASHINGTON. April 17.—Government expenses and receipts for the current fiscal year to April 15, compared with the corresponding period of the previous fiscal year: This year. Last year. Expenses. $5,327,546,273.56 $5,493,008,448.64 Receipts.. 3.008.132.567.76 2.420.020,382.20 Deficit 2.319,413,705.80 3.072.988,066.44 Cash bal.. 2,344,525,485.82 4,640,364,829.81

Other Livestock

(By Times Special) LOUISVILLE, April 17.—Cattle—Receipts, 350: generally steady market on moderate supply slaughter cattle; killing quality only fair; bulk common to medium steer* and heifers. $7.504>.9.75; few common dairybreds down to $7 or less; better finished offerings quotable slo® 11; bulk beef cows, $54?7; good heavy cows and smooth heifer types to $7.50 or better; most low cutters and cutters, $3,504/4.75; thin shelly low cutters down to around $3; sausage bulls, generally $54/6; desirable beef bulls to $6.50 and above; bulk desirable Hereford stock calves. $7.50®.8.50; choice steer calves higher; plainer grade southerns, mostly $44/5.50. Calves—Receipts, 350; including 75 stock calves; vealer market, steady; bulk good to choice vealers, $7.50 4/8.50; medium and lower grades $7 down to around $4 for light culls. Hogs—Receipts. 500; market. 10c higher: top and bulk better 180-250 lbs., $8.95; 255 lbs. up, $8.50; 160-175 lbs., $8.45; 140-155 lbs., $7 95: 120-135 lbs., $7: sows weighing 400 lbs. down. $7.20; heavier sows discounted 50c. Sheep—Receipts. 100; run mostly spring lambs; bulk $104}12; few choice lightweights, sl3; old crop wooled lambs, steady; bulk nydium to good grades. $6.50 457.50: choice eligible around $8: common wooled throwouts, $5; most fat wooled ewes, $4 down.

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, 9c; geese full feathered and fat, 6c. All clases of guineas, 15c; No. 1 strictly fresh coun'ry run eggs, loss off 19c. Each full ca ,e must weigh 55 lbs. gross a deduction of 10c a pound under 55 lbs. will be made. Butter —No. t. 36 @39c: butterfat 30c. Quoted by the Wadley Cos. (Bv United Press) CHICAGO. April 17. Eggs—Market, easy; receipts, 22,948 cases; extra firsts, 23c; fresh graded firsts. 22%c; current receipts, 22c; dirties, 20%c: checks, 20%c. Butter —Market, weak; receipts. 7514 tubs; extra firsts (90-91% score*. 31%4531%c; extras (92 score). 32c; firsts (88-89% score), 31(531%c; seconds (86-87% scorei, 30%c: specials, 32%4/33c; standards. 32c. Poultry—Market, steady; receipts 18 trucks, no car; capons. 254/26c; hens. 20c; broilers. 234}24c: Leghorn broilers. 22c; fryers. 24 4} 25c; turkeys, 2341.27 c; old roosters, 14% 4/15%c; stags, no quote: ducks, 17%4i 22%c; geese, 134x14c; Leghorn hens, 134} 17c. Cheese—Twins, 16%4iT6%c; daisies, 16%®17c: Longhorns. 16%4i;17c. Potatoes old stock—Supply liberal: demand and trading slow; market, slightly weaker; Wisconsin round whites. 9045 95c (dealers asking, no sales reported); Michigan round whites. 90c: Nebraska bliss triumphs. $2.30 452 52%: Idaho russets, $2.35; commercial. 52.10; United States No. 2. $1.5545 1.70. New stock —Supply light: demand and trading limited: market, steady Florida bushel crates bliss triumphs. $3.154/3.25: Spaulding rose. United States No. 1. $8.50. Arrivals 93, on track 383, shipments 590. CLEVELAND. April 17.—Butter—Market, weak; extras. 36c; standards, 36c. Eggs— Market, steady; extra whites. 23c; current receipts, 22%c. Poultry—Market, weak: fowls under 6 lbs., 25c; ducks, voung. 23 ®24c: ducks, old, 19c. Potatoes—Maine. $1,254x1.35 a 100-Ib bag; Ohio best, mostly 60'5-75c; Michigan. 80c; Florida Bliss Triumphs, No. 1. $2.60(5:2.65.

Survey of Current Business Conditions By V. S. Department 0/ Commerce

WEEKLY BUSINESS INDICATORS legem© wccklv avtDiGt (923-197S (rJCLUSivc • :OC> -3 J* f —— i,3J BUSINESS ACTIVITY (Ntw YORK times)* steel ingot PRODUCTION construction contracts AWARDED' 50 444 ixu IttI.kI(1(I(1II(ilx1(IX 11 11 I1(1III1 11111 . 11 O 1.1. !I■. 1. ■' I , .1. 1 .1,11'.i 1 . .' 1. -l.i ,! , 1.1.. '.I O I 1.., ,I.■ ■I, I automobile production *■ lumber production bituminous coal production* -60 j * 100 1 'OO f ■ •301 90 so o rCQe >y!_y 1-zz: FREIGHT CAR LOADINGS COTTON RECEIPTS ELECTRIC POWER PRODUCTION* 100 1 ■ I I .... *o'- | ; SC 300 ' ... * ' 0 r.L.i...1.■■:..;i,..!..,.l c w*'^Sr'.w ...i..JVffTT.,1,,..i...!., i.,,.ii..1.-i.,.. FISHER'S WHOLESALE PRICE INDEX* BOND PRICES* STOCK PRICES* •OO r . r-—-— ———————— .sc ~ —— •O ... 1... 1.... 1.. ■■ 1.,., I, .. 1.., 1,. .I. ..i.i. ■ 60 ..i!ii. li.iil.. il. .i1... .!...!..-li:iil..i !■■■ L... o ... 1.,.1,..h,1..'.1..,1.",1 COMMERCIAL FAILURES* BAN>< OEOITS OUTSiOt NEW rOR* C(Tv * AROatAS LOANS NEW yOR* CiTy lie j isoi >oc laokj- no , 4P js— >OO 1 *• -- - - TOERAi RESERVE MEMBER Bank LOANS Time mONEt RATES* _ mQnEy in CIRCULATION* •oo j ■ i6o i hj r r 90 100 10 °iffii?iiw b-i^ 1 PS? T COMPUTED NORMAL - 100 * CRAMS ESTIMATI ■(!) CANADA • 1928 • (OO * NUMBER * QAH.T ArtRAM * '926 'MO • 100

PAGE 17

Utility Holding Company Bill's Drastic Provisions Slated for Modification Thousands of Letters and Telegrams of Protest Pour Into Capital; Wide Differences Shown on Aims to Prevent Abuses. BY DI'ANE WILSON United Press Staff Correspondent WASHINGTON. April 17.—Modification of drastic provisions of the Wheeler-Raybum utility holding company bill was indicated today as the Senate Interstate Commerce Committee resumed hearings. Thousands of letters and telegrams protesting against provisions for elimination of holding companies by 1940 were before the committee. The House Interstate Commerce Committee, which held extensive hearings on the bill, planned to debate the final committee draft in secret sessions this week. The committee is composed of 19 Democrats and eight Republicans.

All mmbers of the committee have agreed abuses which have spring up in connection with operation of the $12,000,000,000 (B) holding company system should be eliminated. But there the agreement ends. There are wide differences as to the best method of accomplishing this. Rayburn Asks Elimination Rep. Sam Rayburn <D., Tex.), coauthor. believes outright elimination of holding companies, as provided in the orginal draft of the bill, should be enacted into law. Representing the opposite view was Rep. Charles A. Wolverton <R., N. Y.), who believes the* bill’s provision should be limited to legislation correcting the abuses testified to before the committee. The House Committee has recessed for several days to permit the printing of records of the public hearings. Rep. Rayburn said he plannned to start the executive discussions later this week. Indications were the committee would be compelled to continue in executive session for several weeks before it could whip the bill into a form acceptable to a majority of the members. The committee completed its open hearings on the bill Monday when Dr. Walter M. W. Splawn, onetime Texas University president, who is now an Interstate Commerce Commissioner, renewed his plea for elimination of the holding companies. Executives Argue Case Hearings have been in progress for more than a month. Executives of the great holding companies argued their organizations should not be ruthlessly exterminated. Wendell L. Willkie, aggressive head of the Commonwealth and Southern Corp., continued enactment of the bill in its present form would ruin the market for utility securities, prevent the expansion of the industry, destroy the investments of hundreds of thousands of innocent security holders and so burden the industry with regulation that it would eventually result in public ownership without compensation. The principal arguments in behalf of the bill were advanced by Splawn and Dozier A. De Vane, solicitor for the Federal Power Commission. Splawn confined his case to* title one of the bill, which contains the elimination privisions. De Vane argued in behalf of title two. which includes the regulation legislation.

A. T. & T. NET INCOME TOTALS $30,097,288 Earnings in First Quarter Equal to 51.61 a Share. By Times Special NEW YORK, April 17.—Despite an increase in the number of telephones in use during the first quarter of the current year, net income of the American Telephone and Telegraph Cos., due to higher pay rolls, was slightly under that of the same quarter in 1934, according to a report released today by Walter S. Gifford, president. At the end of the recent quarter net income of the company amounted to $3C,097,288. equivalent to $1.61 a share on 18,662,275 shares, compared with an income of $32,992,340 or $1.77 a share in the same quarter of the preceding year. The report, for the first time, containing a statement of consolidated earnings of the Bell System, American Telephone and Telegraph Cos. and its 24 associated telephone companies, showed net income applicable to stock of the parent company at $18,616,727.

Revision Ad Infinitum The city again has amended the resolution calling for bids on $8,000,000 bond issue to take over the Citizens Gas Cos. Two sets of revisions have been made since the original was drawn up April 5.

New Business Books Available at Library The following new books are now available at the business branch of the Indianapolis Public Library. LIQUID CLAIMS AND NATIONAL WEALTH (bv Adolf A. Berio Jr. and V. J. Pederson)—‘Men do desire, somehow or other, to hare part or all of their worthwhile Roods available for immediate use on the instant.” CLOSED AND DISTRESSED BANKS: A STUDY IN PUBLIC ADMINISTRATION (bv Cyril B Upham and Edwin I.amke* Not the causes of bank failures but the problems of administrative control in the reorganization and liquidation which follow bank supervision. THE MARKETING INSTITUTION (bv Ralph F. Breyer)—'The marketing institution is not a device for governing Industrial profits, but a social instrument designed for the best interest of the public at large.” THE BRITISH ATTACK ON UNEMPLOYMENT (bv A C. C. Mill Jr. and Isadore Ltibin)—"The successes or failures which have mark’d the experience of other nations hold much of value to the United States.” THE SPIRIT OF LIFE UNDERWRITING .by Walter Cluff).

SWINE PRICES RISE SLIGHTLY Vealers Sharply 50 Cents to $1 Higher; Cattle, Lambs Steady. The pork market, still resisting pressure from recent heavy supplies, maintained a firm undertone in early trading at the local livestock exchange today. Prices were steady to generally 5 cents higher than yesterday’s average. The slight increase, however, again came in face of a fairly heavy run of receipts. Supplies were estimated at 4500, slightly lower than in the two preceding sessions. The scarcity of hogs at several surrounding livestock markets was again reported today, indicating a brisk demand at the local yards. The bulk of 160 to 275 pounds was salable at $9 to $9.20, while the top price was reported at $9.25 for a few extreme good and choice weights. All classes of heavy weights, scaling from 275 pounds and upward, sold at $8.65 to $8.95. Medium kinds, weighing from 130 to 160 pounds, cashed in at $8.25 to $9. In the extreme lightweight division, hogs scaling 100 to 130 pounds, were selling at $7 to 8. Good grades of packing sows ranged from $7.75 to $8.35. Slaughter steers showed only a slight change in the cattle market and prices were mostly steady. Few early sales of steers held at $9.50 to $13.25. Receipts were 2200. An extremely strong demand featured trading in the veal market and prices moved around 50 cents to $1 higher than the previous close. Bulk sold from $9.50 to $lO. Receipts were 800. With no choice kinds available, lamb prices were quotably steady. Few clipped grades brought $7. Receipts were 400. GRAHAM NETS $120,397 By Times Special DETROIT, April 17. GrahamPaige Motors Corp. reports $120,397 net income for the three months ended March 31, equal to 4 cents a share on 2,371.773 common, compared with $15,142 or $1 a share on 15.000 preferred in the first quarter of 1934.

3 EXECUTIVES OF REAL SILK RECEIVE 565,824 President Efroymson's 1934 Salary $25,000: Goodmans Get $20,412 Each. B t 7 imw* Special WASHINGTON. April 17,-Three officers of Real Silk Hosiery Mills, Inc., received a total of $65,824 in salaries in 1934, according to information released today by the Securities and Exchange Commission. G. A Efroymson. president, received $25,000; J. A. Goodman, chairman, and L. L. Goodman, treasurer, received $20,412 each. At the same time is was disclosed that two brokerage firm* were represented as owning 25 per ennt of the entire common stock of the company and approximately 20 per cent of the cumulative preferred stock. Car! M. Loeb A* Cos. held 20.620 common and 2238 preferred shares. Thomson A McKinnon, which has a branch office in Indianapolis, held 36.408 common and 1972 preferred shares. The 1934 report of Real Silk showed that there were outstanding on Dec. 31. last, 205.000 shares of common stock and 30.950 shares of preferred stock. Other Salaries Shown By I niti •l Press WASHINGTON. April 17. —An annual salary 7 of $75,000 plus $25,000 for expenses is being paid to Edward A. Deeds, chairman of the board of the National Cash Register Cos., it was disclosed today in the company’s registration siatement filed with the Securities and Exchange Commission. F. B. Patterson, president, received $72,000. and S. C. Allyn. vies president, $54,000. J. H Barringer received $50,000 ”on account of obi ligation to former officer under employment contract provided fer out of earnings of prior years.” Mr. Deeds held 24.000 shares and Mr. Allyn, 12,050 shares of common stock. The Jewel Tea Cos., A. M. Byers Cos. and South Puerto Rico Sugar Cos. refused to report their salaries publicly, but submitted them to the commission confidentially. Lehmans Largest Stock Holders Lehman Brothers were shown to be the largest stockholder of Jewel Tea Cos., holding 31,416 shares of common stock or 11.2 per cent on Feb. 15. I. E. Boyd, president of the BoydRichardson Cos., St. Louis, received $26,000 last year in salary and owned 725 shares, or 36.3 per cent of the issue. K. A. Schrader, vice president, received $12,000 and N. E. Spilker, vice president, SBSOO. E. W. Stix, president of the RiceStix Dry Goods Cos., St. Louis, received $36,800 salary; F. B. Eiseman, vice president, and A. S. Rauh, vice president, $31,789 each. E. J. Miller, president, St. Louis Screw and Bolt Cos., received $lO,000; Edward H. Miller and A. E. Krug, vice president, $4200 each, D. P. Hamilton, president, Root Refining Cos., received $24,000 and H. Canon, vice president, $7275. Day Receives $36,960 Addison B. Day, president, Los Angeles Gas and Electric Corp., received $36,960; H. L. Masscr, vice president $17,140 and W. E. Houghton, vice president, SIO,BOO. T. C. Turper, president. Securities Investment Cos., St. Louis, received $24,375, and J. F. Boyce and C. H. Schreiber, vice presidents, $10,700 each. C. H. Wright, president, Sunray Oil Corp., received SIB,OOO and W. E. Hightower, chairman, S9OOO. T. H. Borton, president, Lion Oil Refining Cos., received $19,999; T. M Martin, vice president, $10,075, and J. J. Allison, vice president. SBSOO.

DUN’S WITHDRAWS BUSINESS FORECAST President Tssu- Statement Saying Rosy Outiook Unwarranted. By Times Speciel NEW YORK, April 17.—Dun & Bradstrect, Inc., through its president, A. D. Whiteside, today had withdrawn its rosy prediction contained in the weekly Dun & Bradstreet review last Friday that “the immediate future is to bring the sharpest rise that has been witnessed in business in the last quarter of a century.” Mr. Whiteside, in a signed statement, said: “No significant information justified the inadvertent and unauthorized departure from our Policy of not making predictions as to the future business trend which was evidenced in our ’weekly review of business’ released under date of April 12.” PACKARD OUTPUT UP Current Production Is Estimated at 100® Cars Weekly. By Times Special DETROIT. April 17.—Current production of the Packard Motor Car Cos., since entering the low priced field, is estimated at 1000 cars weekly, Alvan Macauiey, president, reported at the annual stockholders’ meeting here this week. “We still have several unfilled orders.” Mr. Macauiey stated, "and our foreign market is especially promising. Packard has doubled its dealer organization since the first of the year and further expansion is under way. Our Diesel engine development is in a state of suspended animation.”

BUY A HOME WITH A LOAN FROM A LOC AL Building & Loan Assn.

>||K BE SAFE Insure Your Car Todav —Full Protection wr —i.oa cost. Automobile Insurance Ass’n. LIAA7I. 7th rioar Ocddeatal Bldg.