Indianapolis Times, Volume 47, Number 33, Indianapolis, Marion County, 18 April 1935 — Page 19

Wall St. Opinions Differ on Bankers Bidding for Loans. —BY RALPH HENDERSHOT.

limn Special Writ*r NEW YORK, April 18 —The banker who still prefers to be known as C. W. P started something when t* challenged this writer to make one practical suggestion to improve the banking situation in this country. Several others, including a retired dress manufacturer, an industrial banker, a consulting industrial engineer

and an uncatalogued business man, immediately joined in the discussion. The retired dress manufacturer thinks the medium - sized business organizations are poor credit risks. He says in part: ‘‘l presume you were concerned with the state of

Ralph Jlendershnt

affairs of business firms capitalized at from SSOOO to $50,000. with their owners having no other assets. Since I have particular knowledge of the state of affairs of the ready-to-wear industry—and I presume the same conditions prevail in every industry today—l rise In defense of the much abused bankers. “These firms are poor credit risks for any bank at this time, although they were excellent ones formerly. Manufacturers and jobbers in the wholesale and retail fields are confronted with problems and abuses beyond their control. Industry is infested with leeches bleeding it for their personal gains. . . 0 0 0 SPACE does not permit full reproduction of this letter, but the code authority, trade organization and labor organizations were mentioned as being difficult problems with which to cope. He concludes bv asking whether under the circumstances “the banks can be blamed or criticized for their foresightedness and caution.” The industrial banker took a rather different view'. He agreed that the commercial bankers might well ask to develop business and find employment for their idle funds by contacting the mediumsized business organizations. He said in part: “We, too, have dropped in our usual loan volume, which was mostly personal loans. But we have, as a result of the credit requirements of commercial banks, developed a very large number of small merchant and manufacturer loans. These were 90 per cent former commercial bank customers. The actual delinquency and loss in making these loans are much less than we experienced in personal loans. . . , 000 “OINCE our experience has been so encouraging, we are contemplating modifying our policy, and where we feel we have a fairly good risk we will make loans on a financial statement. . . . “The small merchant and manufacturer are still good credit risks for any bank, and, besides, they are more or less the backbone of industry.” The business man also concurs with your correspondent. He suggests that banks secure the services of competent business men to assist them in securing and passing on business loans. “The banks.” he said, “believe they have new business departments and old business departments also. I wonder if the banks know’ that the average mediumsized business man believes ihat the bank does not understand his problems. “When such a business man goes to a bank vice president he usually goes to put up a bluff or possibly to get a tip on the stock market. More often he goes to pump the banker as to banking opinion of speculative markets with which his business is vitally concerned. 000 *• I TE almost always goes with the JLJL preconceived idea that a bank today Is nothing but a card index with a vice president at one end and an invisible board of directors at the other end. and no human unerstanding in between. “Asa matter of fact, bankers this writer has known are an exceptionally fine group of men, but their training has been such as to exclude them from a knowledge and understanding of the types of business which they really need.” We have saved C. W. P.'s letter until the last, and regret that lack of space prevents us from printing it in full. He said: “The government has set up a plan to lend directly to industry, and the Federal Reserve Banks have a fund of $300,000,000 .'or that purpose. At last accounts about $7,000,000 had been loaned. Why doesn't the man you write about borrow this money? Answer that question and perhaps the banker may change his point of view. 000 “'T'HE writer has signed reams A of letters asking customers why they did not use credit set aside for them, and the composite answer has been that they were afraid of the outlook. There isn’t a line of business in the world that voluntarily reaches out and helps the business man as much as banking. No representatives in any other line of endeavor on earth call on business concerns oftenor to discuss their problems than bankers, and instead of a You are seeking me’ attitude it is now and always has been exactly the reverse. . . . “We twist and turn, scheme and plan. co put out at interest depositors'* money, and we are doing things today that were looked upon by another generation of bankers as undignified and fraught with risks from which they recoiled In holy horror. Only a banker knows that many types of loans are full of dynamite. How can you expect to know these things?” PLANT TO BE REOPENED By Ttrtet Special BALTIMORE. April 18 —Standard Sanitary' Manufacturing Cos., subsidiary of American Radiator and Standard Sanitary Corp., will resume operations at its plants here within three weeks for the first time in three years, it was learned today.

FINANCING LULL AIDING DEALERS TO SELUSSUES Recent Offerings’ Absorption Seen Enabled as Volume of New Deals Falls. B\i Timr/t Fprrinl NEW YORK, April 18—The new week began with promise of a slight let-down in the pace of bond offerings. which last week set a four-year high mark. Prospects immediately ahead, however, indicated that the lull may be brief and no longer than many of the bond houses will welcome as opportunity for the market to digest the heavy volume of recent offerings. State and municipal issues, which have been following something of a whirlwind pace, will contribute particularly to this week's easing in absorption of investment funds. The total of the week’s offerings in this group is likely to be held below $10,000,000, whereas last week’s total was nearer ten times that amount. Among the principal offerings this week is an issue of $1,370,000 by Passaic, N. J.; $1,846,000 by she State of New Jersey today, and an Issue of $1,000,000 by Providence, R. 1., on the same day. Various lesser borrowings by cities are slated for the week. High Since 1931 Last week’s total of bond offerings in the New York market, swelled particularly at the beginning of the period by the $162,000,000 refunding issue of the Federal Land Banks, reached above $363,000.000. That was more than four times the total for the previous week and was the largest amount for any week since April, 1931. Syndicate books on the large volume of offerings were closed with startling promptness, although there is still enough overhanging business to occupy dealers. The industrial group was represented solely by the $5,000.0000 issue of the United' Biscuit Cos. Os particular significance in borrowing by municipalities and States was the trend toward still lower interest costs, with new low points for a long period of years attained by some of the borrowers. New’ York City go the benefit of the best terms in 30 years on its $50,000,000 of 3'is and 4s. Both California and Maryland set new records for themselves in low’ cost of borrowing, the Coast State issuing $24,000,000 of 3'is at a premium of almost 5%, per cent on face amount and Maryland obtaining $5,500,000 of relief money at a cost of 2.09. Other Issues Expected Utilities and, to a lesser extent, rails are expected to figure in forthcoming refunding issues, some of which have been definitely announced and others reported in the making. An offering due during the next week or two is that of $73,000,000 of 25-year 3'-* per cent refunding mortgage bonds by Southern California Edison, already registered with the Securities and Exchange Commission. The Boston and Albany is expected to offer soon anew issue of $9,000,000 of 4' 4 s due in 1943, the proceeds to be used to replace more costly bonds and debentures. Definite announcement is expected almost any day concerning plans of the Duquesne Light Cos. to refund its $70,000,000 oi outstanding 44 per cent first mortgage bonds.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers: Fruits—Bananas. 4’*e a lb. Apples, Winesaps, $2; Delicious. $2; Baldwins. $1.60. Lemons. Sunkist. 269.5. $4 25. Grapefruit. Texas, seedless. $3 50: Florida, seedless, $2 25. Limes. Mexican, per carton. 12s. 20c; Byram. seedless, per hundred. s.l. Strawberries, Tennessee's, quarts. $4 •</ 4 50 crate; Mississippi. $4.50® 4.75. Apricots. $3 crate. Grapes, South America, white. 20-lb. box. $2.i5. Cantaloupes— Honey 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 new red Texas, hamper. $3. Onions. Western Spanish. 50-lb. bag. $3.75; Michigan yellow. 50-lb. bag. $3; new Texas yellow. hO-lb. bag. $* 25, new Texas boiler. 50-lb. bag. $2 25: new Texas white, 50-lb. bag. S3 50. Potatoes. Green Mountains. 100-lb. bag $1.75: selected cobblers, 150-lb. bag. $2 50; northern round white. 100-'b. bag. $1 15. Oluos. 100-lb. bag. $2; Idaho Russets, 100-lb bag. $2.75: new Florida Triumphs, bushel. $3 25. Sweet potatoes. Indiana Jerseys bushel. $150; medium or seed. $1 10; Nancy Hall, bushel. $1.15. Beans, round stringless hampers. $2 50 fi 2 75. Celery ■ washed and trimmed!, medium, doz., 50c; jumbo, doz . 75c; hearts, doz. sl.lO. Cucumbers hot house, doz . $1 15: 2 doz. box. $2. Endive. California, dozen. sl. Egg plant. $1 50®2 doz. Kale, bushel. 60e. Lettuce, hot house. 15-lb. basket. $1.75: Arizona Iceberg head lettuce. $4 50. Mangoes. ss'</6 a crate: small basket. 60 c. Mint, a doz . sl. Parsley, doz.. 35c. Peas, hamper. $3 50®3 75. Spinach. Texas, bushel. sl. Radishes. bushel. $2 25. Turnips, bushel. 75c. Parsnips, bushel. sli. Beets, crate, new Texas. $1.75® 2. Carrots, new $2 bag. $1: 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. FRUITS AND VEGETABLES 'By United Presst CHICAGO. April 18—Apples—Michigan. Spies, bushel. $150i1.75. Illinois. Jonathans. $1 50-u 1 65. Carrots Wes'ern. crates. $2 50 v 2 75: Illinois Michigan. 90c® *1 Sweet Potatoes—Tennessee bushel. $1 >115; Indiana, y .25® 140. Lettuce —Western crates. s4® 450 5 doz.i; leaf. Illinois, 10 lbs.. 85c®$1 Beans—Florida, bushel, green $1 50® 2SO Spinach—Texas, bushel, vsc : $1 25 Cabbage—California. crates $3 50 Onion Sets—lllinots-Michigan. sacks a bushel. No 1 yellow s3®3 25 Peas— California, bushel, hampers. $2 50® 2 75. Tomatoes—Florida, lugs. sl®lso Rhubarb Michigan, 5-lb. cartons, 25 y 50c; Illinois. 49 lbs . $2.

Hides and Skins

Hides—Green country cowa and steers 4';C 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 SO: medium size. $2. All Noi 2 grade horse hides. 50c less: glues and ponies half price. No. 1 rendered tallow. s®s'iC. No 2 at \alue. Yeilow grease 4%® sc. dark grease. 4ws‘hc. CANADIAN GOLD OlTriT UP By Timet Special OTTAWA. April 18—Canadian gold production totaled 229.340 ounces in February, compared with 222,937 ounces in February. 1934, according to the Dominion Bureau of Statistics.

Abreast of The Times on Finance

TREND OF CARLOADINGS CHARTED

rMOu*ANO millions OF CARS OF CARS 1100 11. 1 -hi YEAR 1080 -■ —: APRIL 6 : rr date - 1000 1 25 ■* 1 J4 ~ 23— K>o 22 850 21 -J === - ■ 750 = 18 700 — 16 — 600 KEE _ 14 500— ~ mu :zz p ~ 400— Sli Ml P| 9 -i2|P —LJ-J *. Q I—l n Ifp| e |lg| 0 — I_ mm ,m o- ir| 350 co ley| to|n| 7 —“ r Inl n cr ei o 1 300 glgl *l*l 6 < |2| 2 | ff '| 2! g>| * So E H iSr 5 U m :'| 11 ’-‘I 8 I

New York Stocks

(By Thomson <5: McKinnon! UA. M. Prev. Oils— Hum Low. N. Y. close. At I Rig 23% 23% 23 1 2 24 1 a At! Rig 23 % 23% 23 1 2 24% Barnsdall 8% 8% 8% 8 s Consol Oil 8‘ a 7% 71* 8 1 * Cont of Del ... 19’ 19 19 19 Mid Cont Pet . 12% 12 12'* 12 Ohio Oil 11 • 11' 2 11’2 11 s * Phillips Pet ... 18*’* 18’* 18% 18' 2 Plymouth Oil .. B’* 8' B’* B’* Pure Oil 7’* 7 3 * 7% 74 Shell Un 7 7 7 6’* Skellev Oil 9 9 9 9 Soc Vac 13 ’ 3 13’* 13’* 13'2 SO of Cal .... 324 32’* 32', 32', S O of Ind ... 24"’, 244 24'2 244 S O of N J ... 20’, 20', 20’, 21 Texas Corp 20’, 20', 20’, 21 Tidewater Assn 9% 9% >9% 10 Un Oil of Cal . 18', 184 18', 18% Steels— Am Roll Mills . 18’* 18’* 18’* 184 Mid Steel 114 11V* 11% 114 Natl Steel 46% 464 46’, 46'* Rep I&. Stl .... 114 11 114 11’* U S Steel ... 31', 31",3311 1 31% U S Steel pfd... 824 824 824 824 Motors— Chrysler 35’, 354 35’, 354 Gen Motors 29’, 29 4 29 4 29 4 Graham Mot .... 2 2 2 2 Hudson 74 74 7’, 74 Hupp 14 1% 14 14 Mack Truck 24 24 24 24 Nash 124 124 124 124 Packard 34 34 34 34 Reo 33 3 24 Studebaker 24 24 24 24 Motor Access— Bendlx 15', 144 154 144 Bohn Alum 55 55 55 554 Borg Warner ... 344 33’* 344 334 Briggs 274 264 274 274 Bud Mfg 44 4 44 44 Budd Wheel 3’, 34 34 34 Eaton Mfg 194 194 194 19’, Elec Auto Lite . 214 204 214 204 Houdaille Ali% 114 114 104 Mullins Mfg 94 94 94 94 Murray Body ... 84 74 84 74 Stew Warner ... 94 84 94 84 Timken Roll . . . 314 314 314 314 Timken Det Axle 6V 54 64 54 M.nlng— Alask. jun 16’* 164 164 164 Am Smelt 374 37 37 364 Anaconda 114 114 114 114 Cal & Hecla ... 33 33 4 Cerro De Pasco • 50 4 49 4 50 49 4 Dome Mines ... 404 404 404 404 Granby 74 74 74 74 Gt Nor Ore 104 104 104 104 Howe Sound 50 4 50 50 4 50 Int Nickel 264 26 264 254 Isl Creek Coal.. 29 29 29 304 Kennecott Cop .17 164 164 164 Mclntyre Mine.. 44 43 4 43 4 43 Park Utah 34 34 34 34 Noranda Cop ... 38 4 37 4 38 4 374 Phelps Dodge ... 154 15’* 154 16 St Joe Lead .... 151* i5% 154 154 U S Smelters ...108 1064 108 1064 Amusements— Croslev Radio .. 154 15’* 154 154 Fox Theat 94 94 94 94 Loews Inc ...... 37’/* 374 37' 4 374 Radio Corp 5 5 5 44 RKO 14 1 Vi 14 14 Warner Bros ... 3'* 33 3 Tobaccos— Am Snuff 694 694 694 694 Am Tobacco A ■ 78 4 78 4 78 4 78 4 Am Tobacco B . 804 804 804 804 Ligg & Myers B 1024 102 1024 102 Lorillard 204 20 4 204 204 Phillip Morris . 414 414 414 414 Reynolds Tob B 47 47 47 464 Rails— Atchison 38 4 38 4 38'* 384 B & O 104 10 10 10’* Can Pacific 104 104 104 104 Ch fi Ohio 414 414 414 41 C M ft St P ... ’ 7 s % 1 C M & St P pfd 14 I’* I’* 14 Chi N W 24 24 24 3 Chi N W pfd ... 44 44 44 44 Del Lac * W ... 13 13 13 13 Grt Northern pfd 114 114 114 114 111 Central 104 104 104 104 MK ft T pfd ... 64 64 64 64 N Y Cent 154 144 15 15 Nor Pacific 144 14’ t 14’* 15 Penn R R 20 20 20 194 Sou R R 10 94 10 94 Union Pac 86 86 86 86 West Maryland.. 74 714 7Vi 714 Equipments— Am Loco 114 11’* 114 114 Gen Am Tank C 34 4 34 4 34 4 34 Gen Elec 24 234 23 4 234 Gen R R Sig ... 194 194 194 20 Westingh Elec.. 38 374 374 374 Utilities— Am Power & Lit 34 34 34 3’* AT A T 1064 106 106 1054 Col Gas Ar Elec.. 64 64 64 6’* Consol Gas 214 214 214 214 Elec Pwr & Lit. 24 2-4 24 24 Int T & T 74 74 74 74 Lou G & E (At.. 154 154 124 13 Nat Pwr & Lit.. 74 74 74 74 Norfh Amer 134 134 134 134 Pac G & E 174 174 174 174 Pub Serv N J ... 264 26 26 264 So Cal Edison.. 144 144 144 15 Std Gas 34 34 34 34 United Corp 24 24 24 24 Un Gas Imp 124 124 124 124 Ut Pwr & Lt (A) 14 14 14 14 Western Union.. 24 4 24 4 24 4 25', 4 Rubbers— Firestone 154 144 14’* 144 Goodrich B’* B’* B’* 84 Goodyear 184 18’- 184 18’* U S Rubber . 124 114 114 124 U S Rubber pfd 294 294 294 294 Miscellaneous— Allis Chalmers.. 15'* 15 154 154 Amer Can .119', 1184 118’* 1184 Am Mach & Fdy 21 20 4 21 20’, Brklvn Man Tr . 38’, 38’, 384 38',, Burroughs Add.. 15', 154 154 15 J I Case 51’* 514 51 s * 51’, Conti Can 72 714 714 72 Caterpillar Tract 41’, 41’* 414 42 4 Crown Cork .. 27 4 27’, 274 274 Curtis Pub pfd . 974 974 974 974 Deere A- Cos .. 264 264 264 26'* Eastman Kodak 1284 127 1284 12 % Gillette 154 154 15'* 154 Glidden 27’* 27 4 27'* 274 Ingersoll Rand .. 704 704 704 70 Int Bus Mach ..169 169 169 1684 Inter Harv ... 37 4 37 4 37 4 37 s * Natl Cash Reg.. 15'* 154 15'* 15’* Rem Rand 84 8% B’* 84 Foods— Am Sugar 59 59 59 584 Armour ... 3’* 34 34 34 Beatrice Cream 17’* 17’* 17’, 17’* Borden Prod .... 23 4 23 4 23 4 23 4 Corn Prod 66’, 664 664 66 4 Crm of Wheat.. 36’* 364 364 37 Gen Baking 84 84 84 84 Gen Foods 35 34’* 34’* 344 Gold Dust 16 16 16 16 G W Sugar 28 27 4 27 4 28 Natl Biscuit .... 24 4 24 4 24’* 244 Natl D Prod ... 144 144 144 144 Purity Bak 94 94 94 94 S Porto Rico Sug 234- 23'* 234 234 Std Brands 154 15'* 154 154 Retail Stores— Assd Drv Goods. 9'* 9'* 94 94 Best &Cos 374 37 37 37’, First Natl Stores 47’, 47’* 47’* 48 Gimbel Bros ... 3 4 3 4 3 4 3 Hahn Dept Sts .4'* 4 44 4 Kresce S S 20’* 20 s * 20 s * 204 Kroger Groc ... 244 24 s * 24 s * 24’* Macv R H 36 36 36 36 McCrorv St ... 9’* 94 9’* 94 Marshall Field .. 74 7 s * 7 s * 8 May Dept St .. 40 4 40 4 40‘, 404 Mont Ward .... 24 4 244 24 4 24 4 Penney J C ... 63 s * 63 634 634 Safeway St 404 40 4 40 s * 40', Sears Roebuck . 36’, 36‘* 36 s * 364 Woolworth 56 4 56 4 56 4 56 Aviation— Aviation Cora .. 34 34 3 4 34 Boeing Aircft .. 7’, 74 74 7’, Curtiss Wright 24 24 2’, 2’* Curtiss Wright A 8 8 8 8 Douglas Air 21 s * 214 21 s * 214 Nor Am Av 2’* 2 s * 2 s , 24 Sperrv Corp ... 84 84 Bs*8 s * Bs,8 s , United Air New. 12 11’, 114 li’ Chemicals— Air Reduction .1154 1144 1154 115 s * Allied Chem 140 4 139 140 4 139 Am Com Alcohol 24’* 24 s * 24 s , 24 4 Col Carbon ... 75 74 s , 75 744 Com Solvents .. 194 194 194 19 s * Du Pont 94 4 94 4 94 4 93’, Freeport Tex .. 22 s * 22’* 22 s * 23'* Math Alkali .27 4 27 4 27 4 274 Natl Dis ml. 274 274 274 274 Schenlev Dist 24 4 24 4 24'* 24 4 Tex Gulf SulDh 314 314 314 304 Union Carbide . 504 504 50 s * 504 Drugs— Bristol Mvers . 32 23 32 324 Sterling Prod .. 63 4 63 s * 63 s * 634 Un Drug mew 10 s * 10 s * 10 s * 10 Vick Chem 364 36 36 364 Zomte Prod .... 3’* 34 3’* 34 Financial— Adams Exp 5 5 5 5 Allegheny Corp .1 ’ ’• ’ Am Int Corp ... 5% ss*5 s * ss*5 s * ss*5 s * Chesa Corp 41 41 41 41

INDIANAPOLIS, THURSDAY, APRIL 18, 1935

Transamerica .. s'* 54 51/. 54 Tr Conti Corp .. 34 34 34 3 Building— Am Radiator ... 12’, 12’, 124 12’* Gen Asphalt ... 14’, 14’* 144 15 Int Cement ... 254 25 25 254 Johns Manvilie .43 4 3% 43’* 44 Libby Owens Gls 25', 25 25 24’* U S Gypsum ... 46 454 46 45 s * Household— Col Pal Peet ... 17 16’* 164 17 Congoleum 314 304 314 304 Kelvinator 164 164 164 164 Proc & Gamble. 484 48’* 48’* 48’, Servel Inc 84 84 84 84 Simmons Bed ... 8 7’* 74 74 Textiles— Amer Woolen ... 64 64 64 64 Be ding Hem ... 114 in, 114 114 Collins Aikman . 10', 10', 104 94 Indus Rayon ... 25'* 24’, 244 24 s , Kayser Julius ... 174 174 174 18 Real Silk 44 4'* 44 44

Chicago Stocks

11:00 Prev. _ .. A. M. Close. gendix i s i* 14 s * Borg Warner 341,, 331* Chicago Cork ... jz„ Chicago Cork pfd 30'2 30% Cities Service 1% ji* Chicago Mail 19 19 Cord 2’* 2’* Grt Lakes Dredge 19'* 19 Libby 7*,, <jv a Quaker Oats 130 130 Swift Int 34% 35 Vortex Cup 16’* 17 Walgreen 29'/2 29%

(By Abbott. Proctor & Paine) 12 (Noon) Prev. *iu * w,,, N. Y. close. Allied Mills 15 15 Alum Cos of Am 44'/, 43% Atlas Corp g g Can Marc i s > 8 El Bond and Share 6% 6% Ford of aCn iA) 28'* 27 s * Gulf Oil of Pa 57% 58 Hiram Walker 25'4 25% Imperial Oil Ltd 16 s * 16’. Lake Shore Min 55 54% Natl Bellas Hess 1% 1% Pan-Am Airways 43% 42% St of Ky 19 19

N. Y. Bonds

(Reprinted from Yesterday) (By Abbott. Proctor & Paine) DAILY BOND INDEX * 20 20 20 60 „ . Inds. Rails Util. Bonds Todav 86.3 74 9 *95.9 85.6 Yesterday 86 1 75.5 95 7 85.8 Week ago 85.3 75.5 95.2 85.3 Month ago 85.1 74.0 92.6 83 9 •New 1935 high. (Copyright. 1935. bv Standard Statistics) 11. S. GOVERNMENT BONDS Liberty* Prev. l S t' 4>' 2S ' iq 9 , 3 , 2 '*! 7 101*8" foiYo JsL 4's. 1932-47 101.12 101.12 4th. 4V*s. 1933-38 102.19 102.20 Treasury* f ’S- 1947-52 116.2 116. 4s. 1944-54 11.14 111,10 3%s 1946-56 • 9.26 109.24 3’oS. 1940-43 )7.14 107.11 3’*s. 1943-47 106.28 106.25 3%5. 1941-43 107.18 107.12 3%5. 1943-45 105.22 105.21 3', 4 s. 1941 107.22 107.18 3's. 1944-46 105.17 105.15 3'*s. 1946-49 104 17 104.18 3'*s. 1949-52 104.17 104.18 3s. 1951-F5 103.19 103.20 3s. 1946-48 103 19 103.20 2’*s. 1955-60 101.12 101.12 Home Owners Loan Corp. 2%5. 1949 100.9 100.9 3S. 1952 101.23 101.22 4s 1951 ..... 100.27 100.26 Federal Farm Mortgage Corn. 3’/is. 1964 103.18 103.16 3s. 1949 101.24 101.22 DOMESTIC Prev. Close. close. Allee Corp 5s ’44 68 68% Alleg Corp 5s '49 57% 57% AUeg Corp 5s 'SO 16% 15% Am Fren Pow 5s 2030 57% 57% Am Tel & Tel 5%s '43 113% 115% Am Tel & Tel 5s '65 112% 112% Arm & Cos (Deli 5%s ’43 104% 104% All Coast Line 4s '52 99 99 Atl Coast Line 4%s ’64 83% 83% Am Wat Wks 5s '44 - 95 95 Am Rolling Mills 5s '3B 103% 103% Balt & Ohio 5s '95 59% 62% Balt & Ohio 6s '95 68 69 Balt & Ohio 4%s '6O 45% 47% Buff Roch & Pitt 4%s '57 56 57% Beth Steel 5s '36 104 104 Chi Milw & St P 5s '75 11% 12 Chi Milw & St P 5s 2000 33 Cleve Un Term 5s '73 89% 89% Cleve Un Term 4%s '77 83% 82% Col Gas 5s Mav '52 84’* 84% Coi Gas 5s April ’52 84’* 84% Col Gas 5s '6l 83% 85% Can Pac Perp 4s 85% 85% Cent Pac 5s '6O 69% 70% Big Four 4%s ”77 59 59% Big Big Vour 5s '63 66% 66 Colorado Ar So 4%s 'BO 58% 59 Chi & West Ind 4s ’52 97% 97V* Chi & West Ind 5%s '62 104 104 Chi & Nor West 4%s ’49 9% 13% Con Gas 5s ’57 105% 105 s * Chesa Corp 5s '47 103% 103% Bros 6s '4O 105% 105% Del & Huds 4s ’43 80% 80’* N Y Dock 4s 'sl 65 64% N Y Dock 5s ’3B 45 45 Erie 5s ’75 57% 59 Grt Northern 7s ’36 ......... 85% 86 s * Grt Northern 4%s '76 67 67% Grt Northern 4%s '77 66 67% Gen Stl Cast W W 5%s ’49 ... 73 72% Hud <sr Manhat Ref 5s ’57.... 83% 84% 111 Cent 4%s ’66 46% 47 111 Cent Jt 4%s '63 53% 54 111 Cent 5s '63 58% 59 Interlake C & I 5s 'sl 77% 72% Interntl Hv Elec 6s 44 35% 36% Interntl Tel & Tel 4%s '39... 65% 66 Interntl Tel & Tel 5s '55 61 61% Interntl Tel & Tel 4%s '52... 55 56% P Lorillard 7s ’44 127 s * 127% McKess A- Rob 5%s 'SO 99 s * 97% Midvale Stl 5s '36 103% 103% Natl Dairy 5%s '4B 103’* 103’* Natl Steel 5s '56 106 s * 105% Nickel Plate 5%s '74 62% 63% Nickel Plate 6s '35 52 s * 54 N Y Cent 5s 2013 56 s * 58 N Y Cent 4%s 2013 (old) ... 52 52% Nor Amer Cos 5s '6l 96%. 97 FOREIGN Argentina A 6s '57 94 94% Argentine B6s 'SB 93% 94 Brazil 8s ’4l 3'.% 30% Canadian Govt 4s ’6O 106% 106% Denmark 5%s '55 98’* 98 s * French 7s '49 180 179 German 5%s '65 27% 28’* German 7s '49 37% 39% Italv 7s 'sl 89% 89% Japan 6%s ‘54 95% 95 Poland 7s '47 110 s * 110 Rome 6%s ’52 81% 79’* Tokio City 5%s ’6l 79% 78% Yokohama 6s '6l 84% 84 s * AIR BUSINESS IMPROVES Increases Up to 34.8 Per Cent SJiown During Year. By Timet Special NEW YORK. April 18—Business of the General Air Express during 1934 showed increases in poundage carried, number of shipments, and revenues over the same period of the preceding year, it was .announced here today. Poundage registered an increase of 6.5 per cent, number of shipments 34.8 per cent, and revenues 13.4 per cent during the year. The substantial improvement was due mostly to the increased flow of traffic during the year. , ,

New York Curb

STOCKS MOVE HIGHER AFTER DULLDISPLAY Specialties Again Feature With Motor Equipments Leading Way. By United Prat NEW YORK. April 18.—Stocks were irregularly higher around noon today after a dull forenoon session. Special issues made the widest swings. Houdaille Hershey B in the motor equipments was the most j active stock on the board, reaching 114, up 1. and anew 1935 high. George Helme reached 134’,, up 3 1 *: Eastman Kodak 128' 4 , up 2; and Young Spring and Wire 22 4, up 14, all new tops for the year. American Agricultural rose 2 ’2 points to 47Vi on a rise in earnings from $1.26 a share in 1933 to $2.28 a share in 1934. Allied Chemical rose a point in its division. North American preferred reached anew top for the year at 47, up 2’* in a slightly irregular utility list. Silver issues rallied after a slight decline. Golds firmed as did coppers. Motor equipments followed Houdaille Hershey higher while motor issues held around the previous close. United States Steel fluctuated very narrowly and at noon was at 3114 off American Telephone showed a small advance.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,113,000.00 Debits t,270,000.00 TREASURY STATEMENT „ (By United Press) WASHINGTON. April 18.—Government expenses and receipts for the current fiscal year to April 16. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses. $5,420,990,180.00 $5,568,366,301.83 Receipts.. 3,012,733.559.96 2.423,727,283.29 Deficit ... 2.408,256.620 04 3,144.639,018 54 Cash bal. • 2.256.430.688 94 4,581,983,595.10 WHEAT MOVES UP, CORNTRENDS OFF Major Grain Aided by Alien Steadiness. By United Press CHICAGO, April 18—Wheat prices firmed today on the Board of Trade as Liverpool failed to respond to the sharp break here yesterday and there was no forecast of rain for the Southwest. At the start wheat was unchanged to % cent higher, corn was % cent lower to Vs cent higher, oats were off 14 to 1 cent, and rye % to % cent higher. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close. Mav 1.01% 1.00 s * I.oo’* 1.00% Julv 1.00% .99% .99% .99% Sept 1.00% .99’* 1.00 s * 1.00% CornMay 90% .89% .99% .89% July 83% .82% .83% .82% Sept 78% .77% .78% .78% Oats— May 49% .48% .49% .49% July 43% .42 s * .43V* .43 Sept 40% .40% .40% .40% RyeMav 60% .50% .59’* .60% July 62% .61 .61% .61% Sept 63% .62% .62% .63 LOCAL CASH MARKET City grain elevators are paying 90 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow. 83 cents, and oats 42 cents.

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. ill- clases of guineas, 15c; No. 1 strictly fresh country run eggs, loss off 13c. Each full case must weigh 55 lbs. fross a deduction of 10c a pound under 5 lbs. will be made. Butter—No. 1. 36 ®>39c: butterfat, 30c. Quoted by the Wadley Cos. (Bv United Press) CHICAGO. April 18. Eggs Market steady: receipts. 27.698 cases: extra firsts. 23: fresh graded firsts. 22%c: current receipts, 22c; dirties. 20%c; checks. 20%c. Buter —Market, weak; receipts, 8906 tubs: extra firsts (90-92% score), 30'4®30%c: extras (92 scorei. 31%c; firsts 'BB-89% scorei. 29%ff/29%c: seconds (86®87% score). 29c; specials. 31%®32%c; standards. 30%c. Poultry—Market, steady; receipts. 25 trucks: no cars. 1 car due: capons. 25® 26c: hens. 20® 21c; broilers. 23® 24r; fryers. 24®25c; turkeys. 23®25c: old roosters, 14%®15%c; stags no quote; ducks. 17% @22 Vic: geese. 13® 14c: Leghorn. 13® 18c; Plymouth Rock fryers, 25%c. Cheese —Twins. 16%@16%c; daisies. 16%®' 17c; Longhorns. 16%®17c. Potatoes—Old stock: Supply, liberal demand and trading. moderate: market slightly weak on Idahoes; others steadv: Wisconsin round whites. 85®r5c; commercial. 80c; Russet Burbank. $1.07: Michigan, round whites. 85c; Idaho Russet. $2.20®2.25: United States No. 2. $1.50. New Stock—Supply light: demand and trading limited; market about sUadv: Florida, bushel craes. Bliss Triumphs, washed. $3.15: spaulding rose, asking $8.50. Arrivals 64. on track 326. shipments 613.

Other Livestock

(By United Press) LAFAYETTE. April 18— Steady; 180-200 lbs . $9 10; 200-225 lbs . $9; 225-235 lbs.. $8 95; 235-250 lbs.. $8.90: 250-275 lbs.. $8 35: 275-300 lbs., $8 80; 300-325 lbs . $8 70: 160-180 lbs., $9: 150-160 lbs . $8 75; 140-150 lbs . $8 50; 135-140 lbs.. $8 25; 100-135 lbs . $6 75® 8: roughs. $8 down. Calves. 50c higher; top. $8.50. Lambs steady, $7.25. FT. WAYNE. April 18—Hogs—Top 5c higher: others steadv: 180-200 lbs, $9 15: 160-180 lbs . $9: 200-225 lbs.. $8 95. 225-250 lbs . $8 85; 250-300 lbs . $8 75; 300-350 lbs.. $8 55; 150-160 lbs.. $8 75: 140-150 lbs . $8 50; 130-140 lbs.. $8.25; 120-130 lbs.. $7 75: 100120 lbs.. $7.25; roughs. $8: stags, $6 Calves. $9; wooled lambs. $8: clipped lambs. $7. ißv Times Special) LOUISVILLE. April 18 —Cattle—Receipts. 350. liberal share of run consists of Stockers and feeders: salable supply slaughter cattle light; killing quaiitv rather plain: market generally steady; bulk common to medium steers and heifers. $7.50®9 50; better finished kinds to $10.50 and above; bulk beef cows. ss® 6 50: good kinds to $7 and above for heifer types: most low cutters and cutter cows. $3.25®4.75: sausage bulls mainly *6 down: desirable beef bulis to $6 50 and above for yearling types: supply Hereford stock calves liberal; demand fair: market generally steady, bulk salable. $7 50® 8.50; choice ster calves higher, most southern dairvbred Stockers. $3 50® 5.50. Calves—Receipts. 500. including 200 stock calves; market steady; bulk flood to choice. $7 50® 8 50; medium and ower grades. $7 down Hogs—Market. 600; teadv; 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, 75; generally steadv; market on all classes and grades, bulk medium to good wooled lambs. $6 50 ® 7.50: choice around $8; common wooled throwouts. $5; fat wooled ewes mostly $4 down; no spring lambs on sale. NEWSPRINT OUTPUT DROPS NEW YORK, April 18 —Canadian mill production of newsprint showed a decline in March, the first since May, 1933, according to the News •Print Service Bureau.

PAGE 19

Utility District Alters Gas Purchase Provisions Bids on $8,000,000 Bond Issue to Acquire Citizens Gas Cos. Will Be Opened May 4.

THE date for the opening of bids on the proposed $8,000,000 bond issue, which the city of Indianapolis will sell to take over the Citizens Gas Cos., was postponed for the second time today as further revisions were made in the original resolution. It is now planned to award the issue at noon Saturday, May 4.

The original resolution authorizing the city to call for bids on the issue was approved by the board of directors of the Indianapolis Utility District on April 5. The date for the sale was then fixed for April 25. Last week the board met again, changed some of the provisions of the sale and put off the date for the awarding of the bonds to April 29. Utility District directors were in session yesterday and made further corrections. Each time changes are made the date of the sale is deferred and the new resolution must be advertised. 0 0 0 ONE of the changes decided upon yesterday was that pertaining to when the proposed bonds become due. Originally it was provided that they were not to mature in less than three nor more than 20 years. A week ago this condition was altered from not less than three to not more than 40 years. The latest alteration leaves the 40-year period unchanged, but allows the bonds to mature in not less than two years. Under the second important change the city, in the event that the winning bidder specifies that the bonds bought are to be serial obligations, has agreed to set aside not less than $450,000 and not more than $500,000 annually out of earnings to take care of principal and interest on the issue. Switching Sides BY VINCENT LYONS Times Financial Editor ONE of the many significant items in connection with the proposed purchase of the Citizens Gas Cos. by the city of Indianr.polis is the peculiar alignment of sides. Interests ordinarily opposed to municipal ownership of public utilities find themselves, in this particular instance, in the rather embarrassing position of favoring the proposition. Atsany rate, if they do not whole-heartedly approve the contemplated deal their silence has been deafening since the city asked for bids on $8,000,000 of bonds. To complete the paradox tnose who generally look with favor upon private ownership of public utilities are less constrained to put their stamp of approval on the Citizen Gas-City of Indianapolis transaction on the terms which have been proposed.

T>OTH interests have switched their allegiance for the same reason, the possibility of the city operating the gas plant at a profit is poor. And chances are poor because of the fact that payment of interest on the contemplated $8,000,000 bond issue and the amortization of the investment will tend to handcuff the city for years to come. This switching of sides which has taken place is easy to understand. Those persons who previously have howled against each entrance of a municipality into a field where private funds had once been invested have disdained to repeat the same arguments in the Citizens Gas acquisition. They disdain, secure in the belief that the project will defeat itself. An arbitrary interest rate of 5 per cent on the proposed $8,000,000 bond issue will mean that the city has to pay out $444,444 annually in servicing the bonds. In addition, the city will have to appropriate funds from year to year so that the amount of bonds outstanding can be whittled down each twelve months. 000 NATURALLY then, the success of the entire project is dependent upon earnings. Under private ownership the plant has been unable to meet dividends on its common stock for the last few years. Under public ownership fixed charges will be increased. This means, in turn, that earnings will have to be expanded in the same proportion. If earnings fall short of charges the rate to consumers will be hiked. Advocates of municipal ownership are less prone to applaud in in the present instance. Under the proposed set-up in regard to the acquisition of the Citizens Gas Cos. the city will have to do considerable hustling and financial legerdemain to make a success of their venture into the public utility field These advocates realize that if at the outset a heavy pack of fixed charges is saddled on the back of the city the chances of success are negligible. They also realize that if success does not attend the venture scoffers of municipal ownership can point to Indianapolis and boast that there is a municipality which failed ignobly to benefit from private ownership. Knowing all this it is simple to explain the peculiar alignment of sides in the present controversy.

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Money Goes Begging Call money is now available at 7-4 of 1 per cent on the floor of the Sen' 1 ork Stock Exchange. Asa result short-term bonds arc showing a decided stiffening in price.

PORKER PRICES REMAINSTEADY Cattle Market Active and Strong to Higher; Veals Weak. Trading in hogs at the Indianapolis Union Stockyards today was less active than in recent sessions and prices showed only a slight change from the previous close. The market, however, remained steady under the continued heavy flow of receipts. No particular interest was focused on any division and initial trading developed slow with several buyers hesitant in making early purchases. Demand from outside markets continued strong as supplies still were reported light. The bulk, 160 to 275 pounds, cashed in at $9 to $9.20. Receipts were estimated at 4500. Few good and choice were reported selling at 59.25. Heavier weights ranging from 275 pounds and upward, sold at $8.65 to $8.95, while medium light grades, from 130 to 160 pounds, brought $8.25 tot $9. Light lights, scaling 100 to 130 pounds, were salable at $7 to SB. Packing sows held at $7.75 to $8.35. Holdovers were 183. With initial trading extremely active in the cattle market, prices were strong to slightly higher than yesterday's average on practically all classes. Best sellers held above sl3, while the bulk was valued to sell under sl2. Receipts were 700. The veal market turned weak t.o largely 50 cents lower than yesterday’s strong close. Most classes were selling at $9.50 down. Receipts were 700. Lambs were steady to strong, with few clipped fed western kinds salable at $7.50 down. Wooled lambs brought $8.50, while slaughter sheep sold at $4 down. Receipts were 1800. HOGS April Bulk. ' Top Receipts. 12. $9 10 (ft 940 $9 40 3500 13. 9.00® 9.30 9.30 1500 15. 9.00(f? 9 20 9.25 5000 16. 9.00® 9.20 9.25 5000 17. 9,004? 9.25 9.25 4.300 18 9.00® 9.20 9.25 4500 Light lights: U4O-160) Good and choice $8 75® 910 Medium 8 25® 8.85 Light weight: 1160-180) Good and choice .. 9.154? 925 Medium 8.65® 9.00 (180-200) Good and choice .. 9.154? 925 Medium 8 65® 9.00 Medium weight: (200-2201 Good and choice .. 9 15® 9 20 (220-250) Good and choice . . 9.06® 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 B.oo® 8.15 (425-550) Good 7.75® 8.10 Slaughter pigs: (100-140) Good and choice .. 7 00® 8.75 Medium 6 50® 8 25 CATTLE —Receipts. 700— —Steers—-(soo-90(1) choice .. sll 25® 13.50 Good 10 00® 12.25 Medium 8.254/ 10.50 Common 6.504/ 8.50 (900-1100) Choice 13.004/ 14.25 Good 10.754/ 11.00 Medium 9.00® 9.00 Common 13.254/ 14 50 (1100-13001 Choice 13.254/14 50 Good 11,254/13.50 Medium 9.504/11.50 11300-1500) Choice 13.50® 14.50 —Heifers—-(soo-750) Good 11.50® 13.75 Choice 10 25® 11.50 Good 9.254/10.25 Common and medium 6 25® 9.25 (750-900i Good and choice .. 9 50® 11.50 Common and medium 6.25® 9.50 —Cows—(Yearling Excluded) Good 7.00® 8 50 Common and medium 5 254/ 7 00 Low cutter, cutters 3 254/ 5 25 Bulls, good 6 50® 625 Cutter, com. and med. bulls .. 4.50® 6.25 VEALERS Receipts, 700— Good and choice $9.06® 9.50 Medium .. • 7.00®> 906 Cull and common 3.50® 7.00 —Calves—-(2so-500) Good and choice ... 6 50® 9.50 Common and medium 3 50® 6.50 —Feeder and Stocker Cattle— Steers—-(soo-900i Good and choice 6 50®,8 50 Common and medium .. 5 00*7 650 (900-1050i Good and choice .. 6 504/ 3 50 Common and medium 5.00® 6 50 —Cows— Good 4.25® 525 Common and medium 3.75® 4.50 SHEEP AND LAMBS —Receipts. 1800— (Shorn Basis) Lambs. 90 to 120 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 .. 2 50® 3.75 All weights, common and medium 1 50® 2 75

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RESERVE BANK CREDIT LOWER IN 7TH DISTRICT Lessened Borrowings by Members Cited as Reason for Slump. By Time* Special CHICAGO, April 18—Seventh District banking reserves increased in 1934, mainly the result of the movement into the district of more than $113,000,000 from inter-district commercial and financial transactions, according to the annual report of the Federal Reserve Bank of Chicago, issued today. The amount of reserve bank credit extended locally, however, was lpwer by $3,500,000 at the close of 1934 than a year previous, due for the most part tc lessened borrowings by member banks. Treasury and national bank currency available through the Chicago Reserve Bank declined almost $18,000,000. Reserve Balances I’p Member banks showed an increase in their reserve balances of $138,500,000, reflecting primarily the movement of funds into the district, although lessened demand for currency and an increase in local Treasury collections over disbursements were also factors. The total volume of credit extended by the Chicago Reserve Bank outstanding on Dec. 31, last, amounted to $429,339,'J00, a decrease of $25,000,000 from the close the preceding year. The movement toward lower rates of interest paid by banks, the report said, continued in 1934. At the close of the year a substantially greater number of banks than a year ago, both city and country institutions. were paying not to exceed 2 per cent on time deposits. Such reduction in interest paid, together with the inauguration of service charges, has enabled many banks which otherwise in all probability would have sustained a loss, to show a profit on the year's operations. Positions Were Liquid “Banks in this district, as in others,” the report continued, “were in an unusually liquid condition during 1934, the outgrowth, in large measure, of a greatly increased volume of deposits, coincident with continued small demand for loans. “Deposits of all licensed member banks in the Seventh District, which on Dec. 31. 1933, were reported as $3,134,778,000, by Doc. 31 of 1934 had increased to $4,169,762,000. a gain of more than a billion dollars, or about 33 per cent. Loan on the other hand, in the same period declined approximately 11 per cent, or from $1,207,918,000 at the end of 1933, to $1,074,421,000 on Dec. 31. 1934. - “Banks closed in the district during 1934 were predominantly nonmember institutions which had failed to qualify for a license to reopen on an unrestricted basis since their enforced closing in the moratorium of March, 1933.” OWENS GLASS FIRM MAY BUY LIBBEY CO. Negotiations Reported Definitely Under Way at Toledo. By Timet Special TOLEDO, April !B.—Plans for consolidation of the Libbey Glass Manufacturing Cos. with the OwensIllinois Glass Cos., the largest manufacturers of glass bottles and containers in the world, are well under way, it was learned here today. Complete details of the transaction have not been publicly announced. Officials of the OwensIllinois Cos. recently have made overtures toward control of the Libbey concern, it was learned, and merger negotiations definitely have begun. The Libbey firm is owned by four prominent Toledo families and its business affairs are reported in good shape. The families are Libbey, Robinson, Richardson and Donovan. The Libbey firm manufacturers glass tumblers to the packing trade, and also other glass ware. FEDERAL FARM LOAN BONDS ißeprlntcd from Yesterday) ißv Blyth Sc Cos.) Bid. Ask. 3 s *s May 1. 1955-45 101 '* 107 H Is July 1. 1946-44 106’* 107*4* 4s Nov. 1. 1957-37 103% 104'* 4s Mav 1. 1958-38 103 104'* 4'*s July 1. 1956-36 102’* 103'* 4'.s Jan. 1. 1957-37 103’* 104'* 4>,s Mav 1. 1957-37 103’* 104’* 4' *s Nov. 1. 1958-38 105'4 4' ps Mav 1. 1942-32 102 102 s * 4' s Jan. 1. 1943-33 101% 181% 4'jS Jan. 1. 1953-33 101 ', 101% 4'*s Jan. 1. 1955-35 101 * 101’, 4 1 2S Jan. 1. 1956-36 102', 102’i 5s Mav 1. 1941-31 100 5s Nov. 1. 1941-31 100

INVEST with Ist Mortgage Security on Improved Real Estate BUY Building & Loan Shares