Indianapolis Times, Volume 47, Number 35, Indianapolis, Marion County, 20 April 1935 — Page 16
Trends Highlights of News During Last Week. BY FREDERICK MATSON Times Financial Writer
REMAINING war time bond*— $1.250 000.000 of Fourth Liberty Loan 4'* —were called for redemption by Henry Morpenthau Jr. Secretary of the Treasury, early this week, thus completing the government's bond refunding program. The last of the $25,000,000.000 war obligations will be redeemed Oct. 15. paving the wav for a possible saving of more than *IOO.OOO 000 annually in interest charges. The Roosevelt Administration has now called eight billion dollars' worth of Liberty bonds. . . . By a vote of 372 to 33, the House yesterday passed the social security bill, designed to levy Upward of $2,783.200 000 in new taxes and in return give financial aid to the aged, jobless, children and mothers. Liberals apparently felt that their fight was lost in the face of Administration "steam roller" tactics. They were beaten down on 26 amendments, the Townsend old-age plan and the Lundeen unemployment insurance plan suffering one-sided defeats. James H. Moffett. Federal Housing Administrator, tendered his resignation to President Roosevelt and expected to leave his past within two weeks. His intention of leaving the government had been indicated for a number of weeks. a a a SEVERAL encouraging bits of news regarding Indianapolis and Indiana affairs were disclosed this week. Os an $34,768 increase in gross revenues shown by the Indianapolis Water Cos. last year over 1933. a total of $74,869 was added to net income, according to the 1934 annual report of the company filed with the Public Service Commission. Total gross revenues last year rase from $2,418,739 to $4,503,507. while net income expanded from $500502 to $575,371. After payment of $52,745 dividends on the preferred stock and $350,000 on the common, the company had a balance of $172,626 available for surplus. . . . The cast of the state government was cut 11.6 per cent, or $1.35 per capita in the last two years, the State Board of Accounts announced. There was a reduction of $4,348,614 for the fiscal year 1934 under the previous two fiscal years, the figures show. , . . Indiana's budget for the next two years is blamed if there is no demand for an increase in old-age pension payments, Clarence A. Jackson, state gross income tax division director, declared at a meeting of the Indianapolis Real Estate Board. Indiana is one of the few r states with all bills paid, schools operating on schedule and a balanced budget, he said. . . . The Indiana State Employment Service set a record in March by placing 3558 persons in private industry jobs. The Indianapolis office placed 690. In addition to private placements there were 1195 PWA jobs found. a a a ONE of the most Important piece? of New Deal legislation received its baptism of fire yesterday as the Senate Banking and Currency Committee, headed by Virginia's Carter Glass, began Its hearings on the Administrationsponsored banking bill. Leo T Crowley, head of the Federal Deposit Insurance Corp., was the first witness, who testified regarding Title 1 ' the bill which makes pernranp the Federal bank deposit insurance plan. . . . The Senate received the compromise bonus plan worked out by Senator Pat Harrison, an Administration leader. Mr. Harrison would make bonus certificates mature in 1938 insteal of 1945. They could then be immediately converted into 3 per cent bonds. . . . Cash bonus advocates gave the compromise measure a thoroughly hastile reception. Rep. Wright Patman, author of the $2,500,000,000 "greenback” bonus bill approved by the House, asserted the former service men would rather lose their battle than to accept the Harrison proposal. Money went begging this week as result of lowering the official call money rate to the all-time low record of one-quarter of 1 per cent. Short-term bonds reacted by showing a decided stiffening in price. a a a THE Federal government laid down 16 new rules for the nation's stock exchanges designed to restrict excessive trading by brokers and to discourage manipulation of prices. The rules were Issued by the Securities and Exchange Commission for adoption by the exchanges. At the same time the commission made public stockholdings of directors and officers of hundreds of American corporations. . . . Slaughter of hogs at all markets under Federal inspection during March was 2.158.326. the smallest number recorded this century, government figures showed. Pork prices have not expanded in proportion to this shortage for the reason that the public balks as soon as prices reach a level that pinches the pocketbook too hard. . . . Federal income for the current fiscal year ta date is nearly double the low levels of the depression, according to a Treasury announcement. In the nine months and 16 days to April 16. total Federal revenues amounted to $302,000,000. or 24 per cent ahead of the corresponding period of last year and 97 per cent ove rthe $1 530.000.000 collected in a like period of the 1933 fiscal year. . . . Major fctock and commodity markets of the world were closed yesterday in observance of Good Friday. All British markets will remain closed until next Tuesday so rthe feaster holidays. CLEARINGS DIP WIDENS Volume for April 17 Week 11.6 Per Cent Under 1934 Period. fly Timn Special NEW YORK. April 20-Bank clearings at 22 leading citlies for the week ended April 17 totaled $5,321.203.000. a decrease of 11.6 per cent from the $6,021,939,000 reported in the corresponding week last year, according to figures issued today by Dun & Bradstreet. Inc. For New York City alone the total was $3,535,596,000. a reduction of 17.7 per cent from a year ago. For centers outside of New York the aggregate was 3.5 per cent higher.
PAGE 16
DISCOUNT RATE SEEN REDUCED TO LOW LEVEL Street Disappointed Over Failure to Slash This Week. ; B'l Timm Special NEW YORK, April 20.—Wall Street, disappointed over the failure of the Federal Reserve Bank of New York to slash the rediscount rate to anew record low when they met Thursday, was inclined to look forward to the possibility of a reduction next week. The prevailing 1 1 i per cent rate has been in effect since Feb. 2. last year, when it was cut from the 2 per cent basis ruling prior to that time. It represents the all-time minimum for member banks acI commodation and duplicates the low which ruled during the greater part of 1932. prior to the suspension of the gold standard in Great Britain. General Market Eases General relaxation which has taken place in the open money market since the beginning of the week is. of course the basis for prevailing expectations. Official rates for money are now the lowest in 31. ! years, while unofficial rates in the outside market are at unprecedented ' minimums. A reduction in the Reserve Bank rediscount rate at this time would mark revival of the established policy of the reserve, which has been to adjust its rate to condition# ruling in the open market. Such procedure, however, has been held in abeyance over a period j of many months, despite the tremendous pressure of enormous excess reserves which have piled up in banks, in consequence of the operations of Federal agencies, and the heavy influx of gold from abroad, both of which have tended to expand the credit base. Rate Out-of-Line The official bank rate has long been out of customary relation with open market rates. Normally it rules between the prevailing rates for 90-day commercial paper, now H of 1 per cent bid, and the rate for 90-day bankers’ acceptances, now quoted 3-16 per cent bid and % per cent asked. A cut in the official rate at this time might be regarded as significant and accepted as indicating a broad measure of co-operation between Administration agencies, including the Federal Reserve Board, and the banks generally to encourage increasing use of vast credit resources that have accumulated over a long period. High Spots Cited The situation in that respect is perhaps best depicted by setting forth a few of the high spots in the general monetary picture. Gold reserves, on the basis of the last report. are at the unprecedented level of $8,614,000,000. or some $882,000,000 in excess of the total for the same week a year ago. Member banks, despite the tremendous ease in rates, have had little actual opportunity to put funds to work, with the result that they are entirely out of debt to the Federal Reserve. At the present time the rediscounts of the local Federal Reserve Bank total only $4,065,000, these contrasting with the huge total of $1,858,517,000 in reserves credited to member institutions. For the system as a whole, rediscounts aggregate only $6,019,000. while aggregate reserves maintained against deposits stand at a total of $4,286,830,000.
Local Livestock
(Reprinted from Yesterday) HOGS April Bulk. Top. Receipts. 12. *9 10® 9 40 *9 40 3500 13. 9.00(1? 9.30 9.30 1500 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: <l4O-1601 Good and choice $8 75® 910 Medium 8 25® 8.85 Light weight: G6O-1801 Good and choice... 9 15® 9 20 Medium 8 65® 9.00 (180-2001 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 ■ 290-350' Good and choice . . 8.75® 8.95 Packing sows '275-350' Good 8.70 3 8.90 Packing sows: '275-290' Good 8.15® 8.35 1350-425' Good 8 00® 8.20 (275-350 Medium 8 00® 8.15 (425-550' Good 7.753 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 sll 25® 13 50 Good 10 00® 12.25 Medium 8.25® 10.50 Common 6 50® 8 50 '9OO-1100' Choice 13.00® 14.25 Good 10.75® 11.00 Medium .. 9 00® 900 Common 13 25® 14 50 1100-1300) Choice 13.25914.50 Good 11 25® 13.50 Medium 9.50® 11.50 (1300-15001 Choice 13 50314.50 —Heifer*— ■ 500-750) Good 1150313 75 Choice 10 25® 11.50 Good 9 25® 10.25 Common and medium 6 25® 9 25 '750-900' 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 25® 7 no Low cutter cutters 325 3 525 Bulls, good . 6 503 6.25 Cutter, com and med. bulls .. 450® 625 VEALEBS —Receipts. 500— Good and choice *9 (XV? 9.50 Medium 7 00 ® 9 00 Cull and common 3 503 7 00 —Calve*— <250-5001 Good and choice 6 503 950 Common and medium 3 500 6.50 —Feeder and Stocker Cattle— Sters—- ■ 500-9001 Good and choice ... 6 503 850 Common and medium 5 00 ® 6.50 ■ 900-1050' Good and choice .. 650 3 8.50 Common and medium .... 500 0 6.50 —Cewi— Good 4.250 5 25 Common and medium .. 3 750 450 SHEEP AND I AMBS —Receipts. 2400 (Shorn Basis) Lambs 90 to 120 lbs . good and choice . . *7 003 750 Common and medium 5 25 3 7 00 90-120 lbs. good and choice 3 500 4.00 Sheep: (120-150* Good and choice . 2 500 J 75 All weights, common and medium 1.508 2.75
Abreast of The Times on Finance
JUDGING THE NEW DEAL aa'*a a a a a a NRA, AAA, TV A to Get Conn Test
BY HERBERT LITTLE Times Special Writer WASHINGTON, April 20—Nearly all of the New Deal experiments have now reached an advanced stage of litigation, in which both general principles and particular limits of fact and law will now be defined in the law books. The stage will not be completed for years, as far as the exact boundary marks are concerned, and may go on indefinitely. But the Supreme Court decision in the Schechter poultry code case, expected late in May following arguments on May 2, is counted upon
Other Rand Gold Mines Propose Air-Conditioning Two Leading Units in Field Have Established Offices in South Africa. By Timm Special NEW YORK. April 20—The York Ice Machinery Corp.. which recently was awarded the contract for air-conditioning a 6500-foot-deep gold mine of the Central Mining and Investment Corp., Ltd., in the Rand fields of South Africa, is expecting formal award for conditioning another mine in that locality owned by the same group, it was learned today.
The recent contract applies to the East Rand Proprietary mine near Johannesburg, while the next contract would apply to the socalled Crown mine of the Central Mining group, which is the largest of five major gold producers in the world's most prolific source of the precious yellow metal. Central Mining and Investment Corp. has eight deep shaft mines in this region which need air-conditioning. Held Receptive Market Indicative of the prospects in South Africa is the fact that both York Ice Machinery corp. and Carrier Corp., which account for the bulk of air-conditioning business, have established sales agencies there. In the last year Carrier Corp. has set up anew affiliate, Carrier South Africa <Pty.) Ltd. Carrier Corp. will complete soon the first gold mine installation of air-con-ditioning in the Robinson Deep Gold Mine, the deepest in the world, where miners work 8.380, or 1.6 miles, beneath the earth’s surface. There are two prime reasons for air-conditioning the deep shaft gold mines of the Witwatersrand. In the first place the efficiency of the miners is immeasurably raised. Whether white overseer or African native, men can not work more than 30 per cent of the time in the deep shafts due to the extreme discomfort of heat and saturated air at such depths. Work to Start Soon By air-conditioning the efficiency of the labor is greatly increased and this allows deeper penetration, thus prolonging the life of the mine. Moreover, richer ores are generally found at the greater depths. Installation of air-conditioning will begin in the autumn, which is the South Africa spring, on the East Rand Proprietary Mine. Total cost of the installation is estimated at $250,000. The contract calls for cooling from 82.5 degrees F. saturated to 73 degrees F. saturated, a lowering of virtually 10 degrees in temperature and humidity. The project will require a special engine room approximately 75 feet by 50 feet hewn out of solid rock 6500 feet below the surface. Tims far the two American airconditioning firms have won oi* over British rivals in bidding for the South African gold mine projects. The British competition to Carrier Corp. and the York Ice Machinery Corp. includes Haslem Cos., Ltd.; j. & E. Hall, Ltd., and Brown-Bovcri. TAX ON CIGARETS NOW IMPOSED BY 17 STATES Thus Far This Y’ear Washington and Oklahoma Join List. By Timm Special NEW' YORK. April 20 —So far in 1935, two states, Washington and Oklahoma, have been added to those which impose state taxes on cigaretfl, and the Arizona law scheduled to expire March 1 has been extended, according to the Standard Statistics Cos. After May 1, when the Washington law becomes effective, there will be 17 states which levy such taxes, and similar legislation is pending in Pennsylvania and Minnesota. State taxes on cigarets range from 2 cents to 5 cents a package, Arkansas levying the highest rate. These are in addition to the Federal tax of 6 cents a package of 20.
f —1934 —; 1934 5 MONTHLY; DAILY FROM OCT. Ist1 st I 48 ; 44 j 1 DAILY AVERAGE | 44 300 COMMON STOCKS 42 ; 40 ; Weticl Market B uresu, Inc., “ 1 3a 1 36 1 34 i “!i! ; ~U_Li lit) tilt I l Ii | t 1 it* • • I I t • • i • • i ii t i iI I I l ii *"i | | ii ii ii • • * • • ii i * i" i•. l • < l i_• 1J Ii lit, l | l t I t i I • * • * t Ii Ii • • i i i • 44 ii ii “ii ii it” 7 |j ii ii | i’ • * i •ii i • t ii ~'i "ii O/N I 1 I II I I 111 I I I I I 1 I I*l •**••*•••*••• • tv ‘• Tt ii ii • i!i ii i ; ii ii i ■ ; : i ■ : i —i —;i —i —i —i —i — jg l Esksooico OCT. NOV. DEC. JAN. FEB MAR. APR
INDIANAPOLIS, SATURDAY, APRIL 20, 1935
to decide the major principles under which the leading alphabet agency, NRA, may continue to operate. The outstanding constitutional point in this case is the extent of the Federal government's power over commerce, not merely interstate commerce but also the production of goods and services which affect interstate commerce. This is the nub of NRA. Many observers expect NRA to win by a single vote in a 5-4 division of the highest court. It won the poultry case in the United States Circuit Court of Appeals in New York City, except as to hours and
DECATUR WILL GET NEW INDUSTRY SOON Huntington Men to Operate Tomato Canning Plant. By United Press DECATUR, Ind., April 20.—A new industry, to be known as the Decatur Packing Cos., Inc., will be opened here this summer, it was announced today. Tht new company, which will be operated by Dr. Meyer D. Beems, former prosecuting attorney of Huntington County, Arthur J. Palmer and Ross W. Morris, also of Huntington, will be the largest tomato canning factory in Northeastern Indiana. During the peak of the canning season, between 150 and 175 persons will be I employed by the company. The industry is contracting farmers to grow as much as two acres of tomatoes for the coming year.
ANTONOW HITS CRITICS DEMANDING END OF NRA Discontinuance Seen Playing Into Hands of “Chisclers.” By Times Special NEW YORK CITY, April 20. Failure of Congress to extend the NRA beyond June 16 would play directly into the hands of the "chiseling 10 per cent” of business men who have sought to hamper and discredit the recovery measure from its very inception, Samuel L. Antonow, president of the American Druggists Syndicate, stated today. "The dropping of the NRA would simply indicate that an unprincipled, vociferous minority is stronger than the great majority of legitimate business men who have been living up to the code requirements, even though in many respects they have worked hardships on them,” Mr. Antonow said. “It will mean that the shortsighted element in every industry will be able to carry down their whole industry to its own degraded level and into the verge of bankruptcy, destroying that protection of wages and hours of work for which labor has struggled for 75 years.” ENGINEERING AWARDS DECLINE DURING WEEK Volume Falls Off From Record Highs Reported Week Ago. By Times Special NEW YORK. April 20.—Engineering construction awards for the week totaled $26,087,000, the Engineering News-Record declared today. Os this $10,029,000 was private work and $16,058,000 was public construction. Os the public awards, $2,711,000 was Federal and $13,347,000 state and municipal. All three classes of work were lower than the record high volume registered in ealh last week, although private awards chalked up their second highest week of the year. Highway awards at $2,145,000 were the lowest for any week this year or last. Bridges at $428,000 also were low while waterworks were higher at $4,205,000 an dsewerage awards were higher at $1,362,000.
labor of poultry-slaughterers, which were held not to affect interstate commerce. NRA has lost about 20 decisions out of 200 in the lower Federal Courts, most of them in enforcement suits. Agricultural Adjustment Administration has trimmed its sails to the wind of unfavorable decisions, particularly in the milk cases, without waiting for a Supreme Court decision. But it is fairly certain that some of the dozens of AAA controversies will come up in the court’s October term. Two decisions expected this month or next from the Circuit Court of Appeals at Cincinnati are of major importance because of their possible effect on legislation, even though the Supreme Court will not have time to hand down final rulings on these cases before it adjourns in June. Rubber and Coal Cases One of these is the FirestoneGoodrich appeal from a National Labor Relations Board orders for elections in the Akron tire factories. This involves the validity of Section 7A and of the Labor Board setup. The other is the Hart coal-code case from western Kentucky, challenging constitutionality of NRA as it affects labor and prices in a leading natural-resource industry. Other major cases which probably will sprawl over court dockets and headlines for the next year include : Tennessee Vallley Authority— Judge Grubb's adverse ruling in Alabama enjoining TVA from buying certain power facilities. A TVA amendment now pending in Congress may knock out the Grubb decision as a test case. Section 7A—The Houde case in Buffalo involving validity of majority rule after an employes’ election, and the Weirton case in which Judge Neilds at Wilmington held 7A invalid and company unions legal. The Houde case is to be tried this spring, and the Weirton case is being appealed to the Circuit Court. Tobacco and Rail Pensions AAA tobacco law —Judge Dawson of Kentucky, who held against NRA in the coal case, found the XerrSmith tobacco quota law unconstitutional. On appeal, this case may involve the validity of the Bankhead cetton restriction act and the whole processing tax question. Social security—A Supreme Court decision is expected April 29 on the railroads’ suit to scrap the Railroad Retirement Act of 1034. The decision probably will define the limits of Federal power, to govern social security legislation now pending in Congress. There are dozens of other tests, but these are the clear-cut ones. A test of the Frazier-Lemcke farm mortgage moratorium law is now before the Supreme Court, and may be ruled upon in May. No further monetary tests are expected soon.
TRADE AT NEW HIGH Post-Depression Record in March Cited by Brookmire. By Times Special NEW YORK, April 20.—Retail trade in the United States rose to a new post-depression high level in March after correction for normal seasonal variation and the calendar position of Easter, according to the Brookmire sales map. Based on scattered reports, April trade, however, probably will not show ft sufficient rise to hold the Federal Reserve Board’s trade index at the March level, the service said, but expressed the belief that by June it will again turn upward and proceed into new high ground. OIL ACREAGE BOUGHT By Times Special NEW YORK, April 20.—Tidewater Oil Cos. has increased its holdings in the Conroe field, Montgomery County, Tex., by purchasing from Alpha Petroleum Corp. the latter company’s Krone lease. The property is fully developed and consists of 120 acres with seven producing welis. PEAK YEAR REPORTED By Times Special STEVENS POINT, Wis., April 20.—The largest year in history was reported for 1934 at the annual meeting of the policyholders of the Hardware Mutual Casualty Cos. Assets increased $966,569 to a total of $6,312,755 as of Dec. 31, 1934. STOCK SALE APPROVED Stockholders of Reynolds Metals Cos. at a special meeting approved the issuance of 50,000 shares of SIOO par convertible 5V4 per cent preferred stock. The sale of the stock at SIOO per share to an underwriting group was also approved.
TAX REDUCTION URGED AS GIFT FOR NEW JOBS Bounty to Employer Aimed to Offset Increased Wea:th Levy. By Times Special NEW YORK. April 20.—A bountyin the form of lower taxes to the employer who increases the volume of his re-employment was suggested last night as a means of averting "disastrous results” by imposing extreme taxes to bring about redistribution or wealth. The suggestion was made by Mark Eisner, profesor of law on taxation at New York Law School and chairman of the Board of Higher Education. Prof. Eisner also favored greater concentration of tax powers in the Federal government to avoid the "indiscriminate scramble” of Federal, state and local governments in the multiple system of taxation. "It is being rather silly,” commented Prof. Eisner, "to hope for extensive re-employment while at the same time taxing away the initiative and courage which will promote such re-employment. Would it not be better if it could be legallydone to give a bounty in the way of a reduction in tax to the employer who increases the volume of his re-employment beyond a specified limit?” System “Unscientific’* "Instead of talking about increasing taxes on the basis of excess profits, it might be better to reduce taxes on the basis of excess employment, and expenditures designed to improve the environment, welfare and future security of the worker.” "Our unscientific tax system is almost collossally so from the standpoint of lack of uniformity, the inequities and hardships it produces, and the deadening weight of its burden. This must be remedied if it is not to encompass and insure its own defeat.” "There are a good many people,” continued Professor Eisner, "who believe in our high taxation as the means of correcting economic disequilibrium. They think that by imposing extreme taxes upon those who are still able to bear them v,c will insure a redistribution of the nation’s wealth and accomplish much in the direction of economic well being. Cites Law of Rotirns "If this course of philisophy is maintained and translatea into legislation the result fill be disastrous. It is like a family depriving itself of sustenance in order to fatten a pig so that when the pig is slaughtered it will be a jucier morsel for the family to eat The meal will not equal the deprivation suffered. "Thus we deliberately permit the acquisition of large incomes in order to tax them away. Soon we will find that the law of diminishing returns will operate inexorably and cruelly.” Congress should submit to the states a constitutional amendment subjecting tax exempt securities to income levies, according to Professor Eisner.
BURLINGTON ANNOUNCES FIVE NEW COAST TOURS Low Cost Trips, Starting in June, Will Be for Two Weeks. Information has just been released by the local Burlington office of the operation of five low-cost allexpenses tours to California this cummer. These tours of two-weeks duration will travel westward via the Sante Fe lines stopping at Grand Canyon en route and eastward via the scenic Western Pacific-Denver & Rio Grende-Burlington "New Moffat Tunnel” route. These special low cost tours will leave Chicago on Sundays Jure 16 and 30, July 7 and 21 and August 4, returning to Chicago on the Burlington’s Aristocrat at 7:15 p. m. on the second Saturday following.
Other Livestock
(Reprinted from Yesterday) (By Unlied Press) LAFAYETTE. Ind.. April 19. Hogs— Steadv to 10c lower: 180-225 lbs., 18.95@ 9; 225-250 lbs., 58.85<&8.90: 250 300 lbs., [email protected]: 300-325 lbs.. $8.70; 160-170 lbs., $8.90; 140-160 lbs.. $8,501x8.75: 130-140 lbs., $8'8>8.25; 120-130 lbs.. [email protected]; 100-120 lus.. $6.75*47.25; roughs, $8 down. Calves— Steady. $8.50 down. Lambs—Steady, $7.25 down. (By Times Special) 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*i9.50; better finished kinds quotable to $10.50 and above; bulk beef cows. ss@7; good heavy cows and smooth heifer types to $7.50 or better; most low cutters and cutters. $3.25©*.75; bulk sausage bulls, ss*6; desirable beef bulls to $6 50 and above for v-arling types: bulk desirable Hereford stock calves, $7 50 *iß 50; choice steer calves h.xher; most southern stockers. $3.50@5 50. Calves—6so, including 200 stock calves; market steady to weak; bulk better vealers *7.50@8; medium and lower grades $7 down to around $4. Hogs—-550; market l(c 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 ma-ket on all classes and grades: medium to good wooled lambs. $6.5007.50; choice quotab.e around $8: common wooled throwouts salable mostly $lO down.
Retail Coal Prices
The following prices represent quotations from leading Indianapolis coal dealers. A 25-ceut carrying charge per ton will be added. DOMESTIC RETAIL PRICES Indiana lump $5.20 Egg 6 03 Nut 480 Lump $.3405.a1l Brazil BlockLump 8 54 Egg 6*l Nut 6 04 Glendora— Egg $.1805.43 Nut 4 9505.20 West Virginia and Eas'ern Kentucky iGroup B) 6.7707.18 Pocahontas and New River, smokeless 7.3008.31 Coke, egg and nut * 90 Pea Coke 7.40 Anthracite 10.1301288
Evening School St rone courses offered In Becrei aria 1. StenoersDhr. Accounting. Eookkeeninc and kindred subjects Sr-*nd oart of your evenings in selfin.orovements. Cost low. Central Business College Architects A Builders Building. i, Indlsns'uolls.
Banks Cut Call Loans 1 With call money lending at 1-4 of 1 per cent, hanks outside of New York City hare begun dropping their call loans. New York hanks charge 1-4 of 1 per cent to outofltown hanks for investing and servicing their loans.
OFFERS NEW PLAN
sbß fir
Mark Eisner
GAINS SHOWN FOmODUCE Carlot Movement increasing at Rate of 1000 Carloads Weekly. Carlot movement of produce has been increasing at the rate of 1000 carloads a week lately, owing to gains for potatoes, apples and many lines of Southern vegetables, the Department of Agriculture declared today in its review of Midwestern markets. "Potato output,” the review continued, “was stimulated by higher prices. Other northern vegetables are in light supply as usual near the close of the season. The spinach crop is still suffering from the effects of unfavorable weather and supplies are lighter than usual. Orange and grapefruit shipments are moderate and prices were rising slowly during the first half of April. "Prices of many products seem to have reached the limit of the April rise near the middle of the month, and theer were setbacks for potatoes and onions, Western lettuce. Southern strawberries, tomatoes and celery. "Sweet potatoes show no market effect from the much higher prices of white potatoes. Tennessee, Kentucky, Mississippi and Illinois, Nancy Halls are steady at 75 cents to $1 a bushel in leading city markets. Tomatoes are now comparatively cheap at $1 and $2 a lug box. Prices of spinach also show a downward trend, although huspplies have been lighter than usual for the time of year. "Best lots or boxed Winesaps have been selling above $1.50 in producing sections, compared with a range around $1 a few weeks ago. Average of auction prices in New York and Chicago also advanced. Eastern and Midwestern apples show little change in price. Michigan McIntosh brought $1.50 to $165 in Chicago.”
On Commission Row
(Reprinted from Yesterday) Quotations below are average wholesale prices being offered to buyers by local commission dealers: Fruits—Bananas, 4 J 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; Byram, seedless, per hundred, $3. Strawberries, Tennessee's, quarts. $4 @4.50 crate; Mississippi. [email protected]. 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 yellow, 50-Ib. beg, $3; new Texas yellow, 50-lb. bag. $3 25; new Texas boiler. 50-lb. bag. $2.25; new Texas white, 50-lb. bag. $3.50. Potatoes. Green Mountains. 100-lb. bag. $1.75; selected cobblers. 150-lb. 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 strlngless. hampers. $2 50*2 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 Elant. sl.sG<g2 doz. Kale, bushel. 60c. ettuce, hot house. 15-lb. basket. $1.75; Arizona Iceberg head lettuce. $4 50. Mangoes. ss@6 a crate; small basket. 60c. 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. $1). 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.
Produce Markets
(Reprinted from Yesterday) Delivered In Indianapolis prices: Heavy breed hens. 16c; Leghorn hens, 14c; broilers 2 lbs. and up. 20c; Leghorn broilers. 7 lbs. and up. 17c: barebacka broilers. 13e; cocks and stags. Bc. Ducks full feathered and fat. 9c; geese full feathered and fat. 6c. All clases of guineas. 15c; No. 1 strictlv fresh country run egijs. loss off 19c. Each full case must weigh 55 lhs. gross a deduction of 10c a pound under 55 lbs will be made. Butter—No. 1 35@38e: butterfat. 32c. Quoted by the Wadley Cos.
Hides and Skins
Hides—Green country cows and steers 4' 2 c flat; bulls and glues. 3c flat; green crontry calf hides. 5c flat.; green country kip. 4c; No. 1 large horse hides with full heads, shanks, manes and tails. $2 50: medium size. $2 All Not 2 grade horse bides. 50c less: glues and ponies half price. No. 1 rendered tallow. s@sVjc; No. 2 at value. Yellow grease 4ls©sc: dark grease. 404'^e. LOCAL CASH MARKET City grain elevators are paying 89 cents for No. 2 soft red wneat. Other grades on their merits. Cash corn No. 3 yeUow. 83 cents, and oats 42 cents.
Fidelity Trust Company Member Indianapolis Clearing House Association 148 E. Market St. General Commercial Banking Your Account * Solicited
STRIDES SHOWN IN SHIPBUILDINGDURING QUARTER Volume Up 20.000 Tons Over Year-End and 200,000 Over Year Ago. By Times Special NEW YORK. April 20—A marked increase in the volume of orders for merchant vessels on which work has started was reported today by Lloyd's Register of Shipping. Gains in the volume of merchant vessels being built were moderate, being only 20,000 gross tons more on March 31 than at the 1934 year-end. Lloyd's Register figures include all merchant ships of 100 tons or upward being built in all maritime countries, excepting Russia. The United States is now building less shipping than any other principal maritime nation. Germany In Lead As compared with the end of the first quarter of 1934, production figures show an increase of 200.000 gross tons, with Germany making the greatest gains for the threemonth period. In all 1.269.534 grass tons of merchant. vessels are under construction throughout the world, according to Lloyd's Register. Os this amount 43.8 per cent is being built in Great Britain and Ireland. The share of the United Statps in the world's output is less than 'z per cent. At the end of the first quarter last year there were 1.079.000 gross tons building throughout ths world. Figures Compared The following table compares construction in gross tons of shipping for the first quarter of 1935, with the preceding three months: Quarter Quarter ended ended March 31, Dec 31. Great Britain and Ire. ’.and 555.51S 596 S3* United States 18.473 30 10* Other countries 695 248 634,785 World total 1 269.534 1 251,722 Production of steam and motor tankers of 1000 or more gross tons/ showed a decline of 25,000 gross ton* during the first quarter this year, due largely to the fall-off in Great Britain and Ireland. Os the total of 313,000 gros stuns of tankers now being constructed, 283,000 tons are motor vessels. Week in Review A buying spurt in the highest grade industrial issues on the Stock Exchange this week carried the Dow, Jones industrial average to anew high for the year and within a few points of the 1934 high. Railroad issues and utilities did not fare as well as industrials, although pressure lifted on these groups. Chemicals behaved best in the industrials with several at new highs since 1931. Coca Cola soared to a record high and gained 15 points for the week. Railroad shares recovered substantially Thursday. Call money slumped to M of 1 per \ cent and, what was even more significant, time money rates were quoted at the same level for some maturities. The decline reflected a market glutted with money seeking a natural level. For more than a year the money market had been artificially pegged.
There was cheed in a good showing made by electricity output, and a small gain in steel operations. Automobile business continued ths brightest of all, and as a result of its resolute attention to higher production levels traders sought automobile equipment shares whose companies profit by heavier orders from the motor industry. Car loadings were better. Railroad shares had a bit of good news when the Senate passed the bill to regulate other forms of transportation. It now goes to the House. An adverse item was Chicago As Northwestern Railway talcing a 60day grace period to meet interest on its bonds, steel shares did little better than hold thei rown. Oila had some good gains. Silvers lost slightly on the week, while golds were firm. SEARS SALARIES CITED Rosenwald and Wood Draw 1*5,13* and SBI,BIB, Respectively. By I'nitrd prr* WASHINGTON, April 20—Sears, Roebuck <fc Cos., Chicago reported to the Securities and Exchange Commission today that it paid 12 officials salaries totaling *387,695 in 1934. Lessing J. Rosenwald, chairman a of the board, drew *85,139 and Rob- • ert E. Wood, president, received *BI,BIB. 'Hiree vice presidents, Emil J. Pollac, James M. Barker and Thomas J. Carney, received *40.000 each. Seven other unnamed officer* drew a total of *100,738.
EVERGREENS IL Special Sait This afiK* Wttk N HOILY Open 7 Way* • Week Creek Nursery Cos. S2nd St. and Ronte s*. Itrl Alt# sales yard 1* ml. F west an RoekrilU M.
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