Indianapolis Times, Volume 47, Number 34, Indianapolis, Marion County, 19 April 1935 — Page 36

Wall St. Speculative Marts Slow to Reflect Relief Fund. BY RALPH HtvDERSHOT Tines Special Writer

NEW YORK. April 19.—The various speculative markets have been slow to reflect the possibilities In the way of a business pick-up due to the spending of nearly $5,000,000,000 which has been set aside by Congress for relief. Yesterday stocks and commodities improved somewhat in price, but the response thus far to the new de-

velopment has been of very little consequence. In all probability the answer to this apparent lack of interest Is the belief in many quarters that the major portion of this money will not be spent; that a sufficient number of desirable enterprises can not be found upon

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Ralph Hendershot

which to spend it. This attitude is founded, no doubt, on the slowness with which other Federal proposals have taken hold. Whether or not the President is able to put the spending wheels in motion within a reasonable period remains to be seen. Despite the many things which might be done. It is likely to prove no easy job to do them. Every project must be investigated before even preliminary work can begin. And even after they have been found satisfactory plans must be drawn and approved and designs must be made before materials can be purchased and large numbers of people are put to work. a' a a BUT Mr. Roosevelt is not faced, he has been heretofore, with the necessity of building organizations of trusted men with which to do the preliminary work. Washington reports indicate that he now has many able lieutenants upon whom he may call, and that a vast amount of research work already has been done which will prove helpful in getting things started. Consequently, it may prove unwise to gauge future possibilities by the actual performance of the past And it would seem that the spending of $5,000,000,000 or any apprec.able portion of it should prove a very great stimulant to business. Moreover, the wheels of recovery already are moving, and this push might easily put it over the top in a big way. a a a IF the new projects come into competition with private enterprise, however, the results may not be so available. If. for instance, low-priced houses are produced in large numbers it even might be harmful to business. The shortage of houses, which seems to be developing, quite naturally would tend to raise rentals. The higher rentals would add value to all real estate property. If. therefore, government construction work had the effect of holding rentals to low levels there might be just cause for complaint. But this might not be the logical development. We experienced high rentals for properties even when the supply seemed ample. The reason was that people were earning enough to pay high prices, and we had less “doubling up" of families. The work provided by government construction and other efforts consequently may permit of a general advancing price level for tangible properties irrespective of where these efforts are directed.

PURCHASING POWER OF DOLLAR OFF SLIGHTLY Decrease of 5.2 Per Cent Shown in Common Stocks. By Timet Special , NEW YORK. April 19 —The purchasing power of the dollar held in common stocks showed a decline of 5.2 per cent for the first quarter of 1935, according to the monthly survey of Administrative and Reserve Corp. released today. This compares with a decrease of 4.3 per cent for the dollar invested in bonds. During the same period, the purchasing power of the dollar held in cash declined 2.3 per cent. Wholesale commodities, as measured by the Bureau of Labor Wholesale Commodity Index, stood at 78.9 on March 30, 1935. as compared with 77.1 on Dec. 29. 1934. Thus the purchasing power of the dollar held in cash fell 2.3 per cent during the three months. As measured by Dow-Jones Industrial Averages, common stocks stood at 103.9 at the beginning of the year and 100 81 on March 30. When the decrease in the purchasing power of the dollar held in cash is taken into consideration, this shows a loss of 5.2 per cent in the purchasing power of the common stock dollar for the three months. AVERAGE WAGE IN JANUARY RISES $2 Earners Work One and One-Half Hours Longer Than in 1934 Month. By Timet Special WASHINGTON. April 19—Wage workers in American factories in January earned $2 more on the average and worked one and one-half hours longer than in the same month of 1934. the Bureau of Labor Statistics reported today. The data showed that these wage earners received an average of S2O a week in the first month this year compared with $lB in January last year. The satisfies coverd 20,536 factories reporting in January this year. They embraced 10 major industries, five of the durable goods classification, including automobiles, and the nondurable goods group, among them tires and paper manufacturing. OTIS GETS LILLY CONTRACT A contract has been awarded the Otis Elevator Cos. for the removal of the freight elevator in the Eli Lilly it Cos. Bldg., Indianapolis, and the reinstallation of it in a i.cw location. The length of travel for this Alevaior will be increased two floors.

PAGE 36

UTILITY ISSUE SEEN DRAWING BIDNEAR PAR Southern California Edison Offering to Be Sold Monday. By Times Special NEW YORK. April 19.—Preliminary circulars carrying details of the $73,000,000 refunding offering of Southern California Edison Cos, registered with the Securities and Exchange Commission March 31, are expected to reach dealers during the latter part of this week. This led today to understanding that the public offering of the new bonds would be made by the banking syndicate next Monday. It also was reported in some quarters that the bonds, carrying 3% per cent coupons and running for 25 years, would be offered to investors at slightly below par. Large Saving Effected This financing has been awaited as one of the important refunding projects among utilities. It is regarded as particularly significant in that it marks a dropping below 4 per cent as yield on anew utility issue. Southern California Edison, however, has been earning its fixed charges close to two and a half times, even at the bottom of the depression. The refunding to be effected by the new financing will produce a large saving for the California company, despite the substantial premium entailed in redeeming outstanding bonds to be retired with the proceeds of the new issue. The financing will retire $13,360,000 of 5s due in 1939 and $55,000,000 of 5s due in 1951. As both of these issues are callable at 105, the premium will amount to $3,418,000. No New Money The financing will involve an increase of $4,640,000 in the company’s funded debt. Because of the sharply lower coupon rate, however, interest on the larger new issue will be $680,500 less annually than the interest at present on the two issues to be retired. Allowing for amortization of the call premium, and probable discount on the new issue, this would net the company a saving of more than $12,000,000 during the 25-year life of the new bonds. It was regarded apparent that the financing would net no new money for the utility company, inasmuch as it is expected that the bonds will go to the bankers at a discount of something more than 1 per cent. The company would have to realize approximately 98.33 on the new issue in order to meet exactly the face value of the bonds to be retired plus the call premium. Belief that the bonds are to be offered publicly at slightly below par indicated, therefore, that the underwriters were financing the offering at a narrow margin.

CATERPILLAR NET RISES First Quarter Income Equals 58 Cents a Share. By Times Special CHICAGO, April 19.—Caterpillar Tractor Co.'s net income for the first quarter this year totaled $1,084,777, equal to 58 cents a share on the common stock, compared with $787,477, or 42 cents a share, earned in the corresponding period of 1934, according to the quarterly report. March net amounted to $458,817. Net sales for the first quarter totaled $7,603,445. against $5,544,474 in the 1934 period. Balance sheet as of March 31. 1935, showed current assets of $22,733,549 and current liabilities of $1,962,910. Cash totaled $2,605,086. FORD SPENDING AT PEAK By United Press DETROIT, April 19.—Production of Ford motor cars will pass the half-million mark by the end of April, Ford officials said today as they anounced an expenditure of nearly $100,000,000 for wages and materials in March, largest in history. Pay rolls totaled $16,500,000 of the sum.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,077,000 Debits 5.842,000 TREASURY STATEMENT (By United Press) WASHINGTON. April 19.—Government expenses and receipts for the current fiscal year to April 17. compared with the corresponding period of the previous fiscal vear; This Year. Last Year. Expenses $5 434.933.654 $5,600,489,549 Receipts 3.019.917.004 2.430 479.082 Deficit 2.475.016.649 3.170.010.467 Cash Balance . 2.180.410.850 4.581.983.595

Other Livestock

ißv tTnlted Press) CHICAGO April 19—Hosts—Receipts. 6000. including 3500 direct' slow: steady to 100 lower; 200-240 lbs.. $9.39.0* top $9.05; small lots. $9 10 : 240-350 lbs.. *8.70®9: 160-200 Tbs . $8 751ei9. picks scarce: packing -sows $8,104*8.25. light lights. 140-160 lbs. good and choice. $8 35i8.90: light weight. 160-200 lbs., good and choice. $8 <A<t*9os: medium weights. 200-250 lbs., good and choice. $8.90 ®9 05; heavy weights. 250-350 lbs., good and choice. $8 7069: packing sows. 475-550 lbs., medium and choice. *7.5068.30: slaughter pigs. 100-140 lbs . good and choice. *7.506 BGO Cattle—Receipts. 2500: calves. 500; fed steers and yearlings weak to unevenly lower: mostly 25 to So cents under high on Wednesday; no choice steers and yearlings here; selected vealers. $9; few $9.25 ana better. Slaughter cattle, vealers: Steers. 550-900 lbs. good and choice. $10.75 314 : 900-1100 lbs., good and choice. 1100-1300 lbs. good and choice. sll .5615.50' 1300-1500 lbs. good and choice, sll 7545 15 50: 550-1300 lbs., common and medium. *6.75611.75; heifers. 550-750 lbs . good at;l choice. *9.75® 12 25; common and medium. $6 25610; cows, good. sßs 10 25: common and medium. $5 3568: low cutter and cutter. $3.5065.50; bulls • yearlings excluded), good ibeef). SB6 7 50: cutler common and medium. $4 >56 6 40: vealers. good and choice, $7 50 6 9 50: med:um. $6 50 6 7.50: cull and common. $4 5066 50. Stocker and feeder cattle: Steers. 550-1050 lbs., good and choice. $6 50fa8 75; common and medium. $5 256 6 75. Sheep—Receipts. 15.000: practically no early action: bids 25c and more lower at $8.25 downward: nothing done on shorn offering*: few sheep about steady. Slaughter sheep and lambs: Lambs. 90 lbs. down, good and choice. $7856 8 65; common and medium. $7 10 68 : 90-98 lbs., good and choice. $7 6068 65; 98-110 lbs., good and choice. *. 2568.50: ewes. 90-150 lbs. good and choice. $3.756 5 25: all weight*. ccMunon

Abreast of The Times on Finance

Actors and Spectators as Banking Bill Hearings Open

BF ■ Hifft H m I

Rudolph Hecht . . . Concerned

One of the most important pieces of New Deal legislation got its baptism of fire today as the Senate Banking and Currency Committee, headed by Senator Carter Glass, Virginia’s stormy petrel, began its hearings on the Admin-istration-sponsored banking bill.

Holland's Gold Outflow Sharply Paring Reserve Economists Declare Metal Standard Will Be Abandoned Soon if Bullion Exports Continue. BY JULES BACHMAN AND A. L. JACKSON Editors. Economics Statistics. Inc. NEW YORK, April 19.—Two important events in the financial markets during the last week have been the sharp fluctuations in the Dutch guilder and the increase in the United States Treasury price paid for newly mined silver. The devaluation of the belga a short time ago led to increased pressure on the other gold currencies. During the latest week Holland lost more than 100.000,000 guilders from her gold reserve.

In order to combat this export of capital the Dutch discount rate has been raised twice, from 2'k cents to 3*2 cents, and then to 4% cents. Despite these measures, which have been taken to prevent an outflow of capital, the guilder still remained below the export point and additionall shipments of gold took place. Gold Defense Expected It seems very likely that Holland will make a valiant effort to defend the gold standard. Its action in twice raising the discount rate is one indication of this effort. That the government is determined to maintain the gold standard, for the time being in any event, was indicated several weeks ago, in a speech made by Dr. Colijn, premier of Holland. In this address he pointed out that “devaluation would help nobody and it would prove disadvantageous to the small saver and to the many thousands of Netherlander who had proved their unshakable confidence in the government by converting almost 1,500,000,000 guilders of the public debt in order to reduce thereby the burdens of public corporations.” Dr. .Trip, who is president of the Netherlands Central Bank, is also a stanch anti-devalua-tionist. However, if the rapid outflow of gold continues, Holland will be forced off the gold standard in the immediate future. Before final stabilization can take place, Holland as well as Switzerland and France will revalue their currency downward. While it is difficult to forecast the exact time it seems likely that if the outflow of metal in the next few weeks is not sufficient to force Holland from gold, she will h? able to maintain the gold standard for at least several more months. The action of the Treasury in raising the net price paid for newly mined silver comes as no surprise to those who have been watching the situation closely. When existing stocks of silver were nationalized in August, 1934, we pointed out in this column that it was only a question of time before the price of 64 H cents paid by the government for newiy mined silver would be raised to new high levels as a result of a rise in the world price due to purchases by our government. The action taken this week by the Treasury is the first step in this direction. High Silver Seen It seems very likely that the price of silver will be raised still higher in the not very distant future. Unless the fantastic silver purchase program which has been adopted by the government is abandoned, it is only a question of time before the price will reach the statutory price of $1.29 an ounce. This latest action has no inflationary implications. At best ,it means an addition of several million dollars to the income of silver producers. This total increase is ve:y insignificant as compared with the total national income. Thus there should be no increase in the demand for commodities as a result of this latest subsidy to the silver miners. The effect of this action on China will be to further accentuate the deflationary effects which have resulted from our previous successful attempt to raise the 'price of silver.

ADVERTISING VOLUME GAINS DURING MARCH Increase of 5.2 Per Cent Over Tcbruary Indicated in Report. By United Prest NEW YORK. April 19.—Newspaper advertising in March increased 5.2 per cent over the preceding month, the index of newspaper advertising published by Printers’ Ink showed today. The March index stood at 77. compared with 73.2 in February, and was 4.1 oer cent greater than in March, 1834. The compilation uses an index figure of 100 to represent the average of newspaper advertising lineage for the five-year period. 1928-32. and is adjusted for the number of days and Sundays in a month and for seasonal fluctuations. LOCAL CASH MARKET City grain elevator* are paying 89 cents tor lie. 3 soft red wheat. Other grades on their merits. Cash, corn Ho. 3 yellow. 83 cents, and oata 42 deal*.

INDIANAPOLIS, FRIDAY, APRIL 19, 1935

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Marriner S. Eccles . . . All for It

Europe’s Wheat Crops Also Hit by Weather By Science Service WASHINGTON, April 19. Russia, Germany and other wheat-growing countries of Europe are having their weather troubles, too, the Department of Agriculture reports. Drought threatens in Russia. A cold March following a warm February has damaged winter wheat. In Germany, Poland and the-Danube basin wheatlands, the same combination has had unfavorable effects, though on the whole not to an alarming extent. One country only, Czechoslovakia, seems to be up against a surplus problem. The government urges planting restriction.

STABLE MONEY VIEWEDURGENT Shifting Currency Values Disturbing, Anderson Declares. By United Press NEW YORK, April 19.—Urgent necessity that great currencies of the world be stabilized at once, was expressed yesterday by Benjamin M. Anderson Jr., economist of the Chase National Bank, speaking at the luncheon of the Association of Foreign Press Correspondents. “Every change in the gold value of a great currency,” he said, “particularly a currency of such international importance as sterling or the dollar, creates fresh fears and disturbances throughout the world. “As long as a great currency is left unanchored, it is certain that it will shift in unpredictable ways and make frequent disturbances in world equilibrium. Far from believing, therefore, thai waiting will produce a better situation from he standpoint of ‘natural levels,’ I am convinced that waiting will create more disequilibria.” Mr. Anderson 'riticized as fallacious the theory that comparative international commodity prices will work to place exchange rates at a level dictated by comparative purchasing power. He maintained that unanchored paper currency has no natural level. “Factors affecting the value of money manifest themselves first in the foreign exchange markets,” he said, “and then, with* a lag, which may be a very long lag indeed when foreign trade is choked, in the commodities markets.”

S. 0. OF CAL. NET UP 1934 Profits More Than Doubled Those in Preceding Year. By Times Special LOS ANGELES, April 19.—Standard Oil Cos. of California’s profits for 1534 more than doubled those for 1933, the annual report forwarded to stockholders revealed today. Net income after depreciation, depletion and other charges amounted to $18,327,807 for 1934, equal to $1.40 a share, compared with $7,560,903 or 58 cents a share for the preceding year. Dividends paid in 1934 amounted to $13,049,479, or $1 a share.

Hides and Skins

Hides —Green country cows and steers 4 l ,*c flat; green country bulls and glue*, 3c flat: green country calf hides. 5c flat: green country kip. 4c: No. 1 large horse hides with full head*, shanks, manes and tails. $2.50: medium size. $2. All Noi 2 grade horse hides. 50c less: glues and pomes half price. No. 1 rendered tallow. 565*wc: No. 2 at value. Yellow grease, 45c. dark grease. 464 Vie.

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Leo T. Crowley . . . Explainer

Leo T. Crowley, head of the Federal Deposit Insurance Corp., was the first witness. To him goes the task of explaining Title 1 of the new bill. Mr. Crowley is very much interested in the fate of the measure, as is Marriner S. Eccles, who is awaiting Senatorial confirmation as governor of the Federal Reserve System.

PORKER PRICES TRENDLOWER Receipts Show Slight Drop at Local Yards; Cattle More Scarce. Hog values turned slightly lower at the Union Stockyards today after displaying a steady tone at the outset of trading. The lower trend was more apparent on the bidding side than it was in actual transactions. Receipts were put at 4000, against 4500 yesterday. In the cattle division, steers and heifers were scarcer. Most of the early sales were around yesterday’s average quotations, although some bidding was on a lower basis. The lamb market was undeveloped in the early dealings with bids placed lower. HOGS April Bulk. Top. Receipts. 12. $9.10® 9.40 $9.40 3500 13. 9.00® 9.30 9.30 1500 15. 9.00® 9.20 9.25 5000 16. 9.00@ 9.20 9.25 5000 17. 9.00® 9.25 9.25 4500 18. 9.00® 9.20 9.25 4500 19. 9.00® 9.20 9.20 4000 Light lights: (140-160) Good and choice.. $8.75® 9.10 Medium 8.25® 8.85 Light weight: 1160-180) Good and choice .. 9.15® 9.20 Medium 8.65® 9.00 (180-200) Good and choice .. 9.15® 9.20 Medium 8.65® 9.00 Medium weight: (200-220) Good and choice .. 9.15® 9.20 (220-250) Good and choice .. 9.05® 9.15 Heavyweight: (250-290) Good and choice ■. 8.95® 9.05 1 290-350) Good and choice... 8.75® 8.95 Packing sows: (275-350) Good 8.70® 8.90 Packing sows: (275-290) Good 8.15® 8.35 (350-425) Good B.oo® 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. 600— —Steers—-(soo-900) choice [email protected] Good 10.00-5 12.25 Medium 8.25®10.50 Common 6.50® 8.50 (900-1100) Choice [email protected] Good 10.75® 11.00 Medium 9.00® 9.00 Common 13.25® 14.50 (1100-1300) Choice 13.25 ®14.50 Good 11.25® 13.50 Medium 9.50® 11.50 (1300-1500) Choice 13.50®14.50 —Heifers—-(soo-750) Good 11.50® 13.75 Choice 10.25®1!.50 Good 9.25® 10.25 Common and medium 6.25® 9.25 (750-900) Good and choice... 9.50®11.60 Common and medium 6.25® 9.50 —Cows—(Yearling Excluded) Good 7.00® 8.50 Common and medium 5.25® 7.00 Low cutter, cutters 3.25® 5.25 Bulls, good 6.50® 6.25 Cutter, com. and med. bulls... 4.50® 6.25 vealers —Receipts, 500— Good and choice $9.00® 9.50 Medium 7.00® 9.00 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-900) Good and choice 6.50® 8.50 Common and medium 5.00® 6.50 (900-1050) Good and choice... 6.50® 8.50 Common and medium 5.00® 6.50 —Cows— Good 4.25® 5.25 Common and medium 3.75® 4.50 SHEEP AND LAMBS —Receipts. 2400 (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

Other Livestock

(By United Press) LAFAYETTE, Ind., April 19. Hogs— Steady to 10c lower; 180-225 lbs., $8,956 9; 235-250 lbs., $8.85 6 8.90 ; 250-300 lbs , $8.756 8.80 ; 300-325 lbs.. $8.70; 160-180 lbs., $8.80; 140-160 lbs.. $8.5068.75; 130-140 lbs., $868.25: 120-730 lbs.. $r5067.75; 100-120 lbs., $6.7567.25; roughs, $8 down. Calves— Steady, $8.50 down. Lambs—Steady. $7.25 down. FT. WAYNE. Ind., April 19. Hogs— Steady; 180-200 lbs., $9.10; 150-180 lbs., $9; 200-225 lbs., $8.95: 225-250 lbs.. $8.85; 250300 lbs.. $8.75; 300-350 lbs.. $8.55; 150-160 lbs., $8.75- 140-150 lb? $8.50; 130-140 lbs., $8.25; 120-130 lbs., *7.75; 100-120 lbs.. $7.25; roughs, $8; stags. $6. Calves. $9. Wooled lambs. $8; clipped lambs. $7. ißy Times gpecial) LOUISVILLE. April 19.—Cattle —Receipts. 325; run< includes 4 loads stockers and feeders: salable supply slaughter cattle light, demand dependable; market mostly steady; bulk common to medium steers and heifers. $7.50 6 9 s®: better finished kinds quotable to $10.50 and above; bulk beef cows. ss@7; good heavy cows and smooth heifer types to $7.56 or better; most low cutters and cutters, $3 2564.75: bulk sausage bulls. $568: desirable beef bulls to $6.50 and above for yearling types; bulk desirable Hereford stock calves, $7.50 68.50: choice steer calves higher; most southern Stockers. $3.50® 5.50. Calves—6so. including 20<5 stock calves; market steady to weak; bulk better vealers, $7.50® 8. medium and lower gTades $7 down to around $4 Hogs—sso; market 10c lower on all weights and classes; top on better 180-250 lbs.. $8 85; 255 lbs. up. $8.40: 160175 lbs.. $8 35: 140-155 lbs., $7.85; 120-135 lbs., $6 90: sows weighing 400- lbs. down. *7.10; heavier sows discounted 50c per cwt. Sheep—so: generally steady market on all classes and grades; medium to good wooled lambs. *6.50®7.50; choice quotable around *8: common wooled throwouts salable mostly *lO down. GLIDDEN EARNS $917,698 By Timet Special NEW YORK. April 19.—Net profits of the Gliddeu Cos. of $917,698 for five months ended March 31 compare with $565,722 for the corresponding period last year, the company has announced.

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Carter Glass . . . Stormy Petrel

Although not on the scene, James H. Perkins, head of the National City Bank of New York, one of the nation's largest institutions, and Rudolph Hecht, president of the American Bankers Association, are much concerned with the destiny of the proposed act.

Soft Drinks Seen Faced With Era of Competition Large Supplies of Low Cost Inventories Aided Companies Following Repeal. By Times Special NEW YORK. April 19.—Sales of certain nationally advertised soft drinks have registered marked gains in the last year or so, but sales henceforth are expected to stabilize at about current levels. Moreover, earnings growth will probably be relatively more moderate, as rising costs of ingedients will tend to narrow profit margins, according to the Standard Statistics Cos.

“In the months immediately following prohibition repeal,” the study said, “the large producers of carbonated beverages enjoyed an unusual rush of buying and large supplies of low cost inventories permitted very satisfactory profit margins. Profit Margins Narrow “Subsequently, however, demand subsided to normal consumptive needs and profit margins were narrowed by higher raw-material, labor, and distributing costs. Moreover, extremely keen competition developed from small producers offering acceptable but cheaper products, and loss of business to these cheaper products by the large concerns is believed to have been considerable. “To combat this competition, some of the large companies have brought out cheaper products and lowered prices on their regular lines, although others have maintained quotations. Beer of Little Aid “ Anumber of soft drink manufacturers, in an effort to bolster earnings from their old established lines, have undertaken the distribution of beer, wines and liquors. These supplementary activities have thus far contributed little, if anything, to profits, because of introductory and advertising expenses. “However, sales have made encouraging gains and this business may eventually become a fairly important source of Vncome if conditions in the liquor industry become more stabilized. “Meanwhile, competition in the beverage field promises to remain extremely keen, although further recovery of purchasing power may tend to bring about some alleviation and to stimulate demand for higher grade products.”

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers: Fruits —Bananas, 4 3 ,,c a lb. Apples, Winesaps. $2; Delicious. $2; Baldwins, $1.60. Lemons. Sunkist 2605. $4.25. Grapefruit, Texas, seedless. $3.50; Florida, seedless. $2.25. Limes. Mexican, per carton, 12s, 20c; Bvram. seedless, per hundred. $3. Strawberries, Tennessee's, quarts. $4 @4.50 crate; Mississippi. $4.50'5 4.75. Apricots, $3 crate. Grapes, South America, white, 20-lb. box. $2.75. 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 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, 100-16. bag, $1.75; selected cobblers. 150-lb. bag, $2.50; northern round white. 100-lb. bag, $1.15; Ohios, 100-lb. bag. $2; Idaho Russets, 100-lb. bag. $2.75; new Florida Triumphs, bushel, $3.25. Sweet potatoes, Indiana Jerseys, bushel. $1.50; medium or seed, $1.10; Nancy Hall, bushel $1.15. Beans, round stringless, hampers. s2.so'b 2.75. Celery • washed and trimmed), medium. doz„ 50c; jumbo, doz., 75c: hearts, doz, sl.lO. Cucumbers, hot house, doz., sl.la; 2 doz. box, $2. Endive, California, dozen, sl. Egg Slant. $1 50@2 doz. Kale, bushel, 60c. ettuce. hot house, 15-lb. basket, $1.75; Arizona Iceberg head lettuce. $4.50. Mingoes. ss@6 a crate; small basket, 60c. lint, a doz., sl. Parsley, doz., 35c. Peas, hamper, [email protected]. Spinach, Texas, bushel, sl. Radishes, bushel, $2.25. Turnips, bushel, 75c. Parsnips, bushel, $1). Bests, 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 Chang* up or down. FRUITS AND VEGETABLES (By United Press> CHICAGO. April 19.—Apples— Michigan spies, bushel [email protected]: Illinois Jonathans. $1.50@ 1 65. Carrots—Western. crates. $2 65<52.75. Turnips—lllinois and Michigan. bushel. 35(& 50c Sweet Potatoes— Tennessee, bushel. [email protected]; Illinois, bushel. [email protected]. Lettuce—Western, crates. 5 doz., [email protected]: leaf lettuce. 10 lbs.. 85c<fi$l. Beans —Florida, bushel, green, Spinach—Texas, bushel. 75c<B‘$l 25. Cabbage—California, crates, $3413.50. Onion Sets—lllinois. Michigan, sacks, per bushel. $2.75413 50. Peas—California, bushel hampers, $2 25412.50. Tomatoes—Florida, lugs, $1411.75: Mexican, lugs. $1.50@2. Rhubarb—Michigan, 5-lb. cartons. 20@50e; Illinois. 40 lbs.. $1.75.

Produce Markets

Delivered In Indianapolis prices; Heavy breed hens, 16c; Leghorn hens, 14c; broilers 3 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 country run eggs, loss off 19c. Each full case must weigh 55 lbs. ?ross a deduction of 10c a pound under 5 lbs. will be made. Butter—No. 1 356 36c; butterfat, 32c. Quoted by the Wadley Cos. ißy United Press) CLEVELAND. April 19.—Produce; Butter—Market, weak: extras. 35c; standards, 35c. Eggs—Market, weak; extra white, 23c; current receipts. 22'*e. Poultry—Market, steady; fowls under 6 lbs.. 22c; ducks, young, 23624 c; ducks, old. 19e. Potatoes— Maine. *1.256 135 per 100-lb. bag; Ohio best, mostly 756 80c; Michigan. 80c; Florida Bliss Triumphs. *3.9063 per bushel crate. 1

A New Experiment Conservative Nebraska this month will launch a new experiment. The state will undertake to write surety bonds for all its officers and those of its subdivisions.

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James Perkins . . . Watching

Stock and Commodity Markets Closed Today Major stock and commodity markets of the world paused today in observance of Good Friday. The New York Stock Exchange, Chicago Stock Exchange and other stock markets, as well as the Chicago Board of Trade, refrained from dealings. They will resume operations tomorrow. Several commodity markets have voted to remain closed until Monday. All British markets suspended today and will remain closed until next Tuesday for the Easter holidays. The foreign exchange market will be closed today and Monday, but will operate as usual tomorrow.

PARED SUPPLY AIDJO FATS Cottonseed Oil, Lard Butter Draw More Attention From Traders. By Times Special NEW YORK, April 19.—Sharp reduction of United States supplies of lard, butter and cottonseed oil—the Big Three of food fats—has attracted wide attention among commodity speculators recently and induced high volume of trading in these products drawn from American farms. Lard stocks in cold storage April 1 stood at 104,831,000 pounds, a drop of 40 per cent from a year ago. Creamery butter stocks were 5,338,000 pounds, which was 65 per cent below supplies April 1, 1934. The dip from March 1 to April 1 amounted to 35 per cent. Cottonseed oil supplies at 1,851,272 barrels April 1 were off 34 por cent from a year ago. Various forces have conspired to bring about these great changes, but AAA regulation is the chief one. The cut in cottonseed oil stocks grew out of the short 1934 cotton crop, which, in turn, was due to acreage restrictions. The hog-killing program reduced lard supplies and dairy restrictions, high prices of feed and drought depleted butter stocks. Values in these three commodities have risen sensationally during the last several months. Domestic butter supplies have been so small that several millions of pounds have been imported from foreign lands, tariff proving no barrier in the emergency. CONSOLIDATED INCOME UP By Times Special CHICAGO, April 19.—Consolidated Mining and Smelting Cos. of Canada reports net income for 1934 of $2,211,559 after depreciation and other charges, equivalent to $3.39 a share on 651,652 shares, compared with $1,058,277 or $1.62 a share on 651,475 shares in 1933.

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r—WE BUY. SELL. and gladly furnish quotations on: Bonds of ths United States Government, Its Territories and Insular Possessions Home Owners’ Loan and Land Bank Bo ids Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp* 129 EAST MARKET STREET

TRADING RULES OF SPECIALISTS TO BEJEVISED Regulations on Big Board to Be Promulgated Shortly. By T\mes Special NEW YORK. April 19.—The new floor trading regulations for the New York Stok Exchange will be promulgated as soon as the difficulties with respect to specialists are ironed out, it was learned today. Recent conferences between officials of the exchange and of the Securities and Exchange Commission have progressed toward a common understanding of the specialist's function. Early in March, the SEC sent to all leading specialists a memorandum of its ideas for the control of floor-trading. The memorandum included a preliminary draft of the rules to be promulgated, but it wfcs understood that these rules were subject to modification after conference with the parties affected. Provisions Cited Original suggestions of the SEC included a provision that the specialist dealing in stocks on a day to day basis would be compelled to have enough money on g recognized margin basis to pay for his stocks. Other provisions were that restrictions be placed on the specialist to limit his buying in an upward market and selling in a downward market, and that the public be facilitated in getting into the market by the imposition of intervals between each of the specialist’s orders. When these thoughts of the SEC were made known to the specialists, there was an immediate outcry. Richard Whitney, president of the exchange, went to Washington with Raymond Sprague and T. Ferdinand Wilcox, leading specialists, and attempted to get less stringent requirements. Specialists Heard The specialists’ complaints of the margin requirement is now understood to have been fruitful of a less drastic provision, which will allow the carrying of stocks on a day to day basis with less capital than the public would be required to put up. Disagreement over the sales intervals, however, has prevented the early promulgation of the rules. The specialists contend that such intervals would merely tend to retard trading and might prevent the specialist from stepping into the market at a time when his support j would be useful.

CONTAINER CORP. NET REDUCED BY STRIKE Income for 1935 First Quarter Totals 5291,960, Report Shows. By Timex Special CHICAGO, April 19.—Container Corp. of America, although reporting a decline from a year ago, more than covered preferred dividend requirements for the period and earned a balance applicable to the common stocks in the first quarter of- 1935, the company’s report showed today. Net income in the three months ended March 31 was $207,810, compared with $291,690 in the same period last year, but the depreciation charge was $37,000 greater than last year. The decline in earnings was due, the report states, wholly to the fact that February profit was completely wiped out by the strike at the Philadelphia plant. March earnings, adjusted to former basis for reserves, depreciation, etc., were the largest for any month since October, 1927.

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