Indianapolis Times, Volume 47, Number 36, Indianapolis, Marion County, 22 April 1935 — Page 11

Wall St. Call Money Rate Cut Seen Pointing to General Ease. BY RALPH HENDERSHOT Timri Special Writer NEW YORK. April 22. Call money on the New York Stock Exchange is now ’* of 1 per cent. This reflects the present state of the money market. Reserves of the institutions have continued to pile up, with the result that ‘ understandings" heretofore adhered to are now being ignored to such an extent that

they have been thrown into the and; card entirely. This renewal or op n competition is likely to have beneficial results. It probably will be followed by a lowering of money rates all along the line. And as the rates decine investors and banks are likely

Ralph Hendershot

to reach out into new territory to should result in a further pickup in business. The development, though not unexpected, tends to conform to the normal recovery pattern. During a financial panic such as we have been experiencing money always becomes exceedingly timid. Gradually the fear passes, however, and funds begin to flow in their normal channels. When this happens the accumulated demands for goods are given expression in the resumption of business activity. a a a BIG banks and other lending institutions always lead the way in the resumption of capital movement after a panic. From there the circle widens untli it finally reaches the man in the street, who begins to invest his surplus savings in business enterprises. The cut in the call rate is of the highest importance, therefore, from a long range point of view’. The reduction did not come about naturally, however, and consequently may or may not be as indicative of a business pickup as it would have been under other circumstances. The government has been pursuing an easy money policy for several months, and it has been responsible in large measure for the huge excess reserves of the banks. When the government first adopted this policy there were many who predicted that it would not be effective. For a long time it did seem to fall far short of its purpose, which was to force money out into industry. More recently it seemed as though the theory was about to work out in actual practice. Now it is quite certain that it will. a a a TO find employment for their . funds the banks and insurance companies first turned to government bonds. From there they moved into the State and municipal bond fields. Os late the yields on these securities have become so low that the institutions now' are bidding for the better grade industrial bonds. Within the last few weeks several large corporation bond issues have gone over very well at low interest rates. The market, in fact, showed itself to be so good that several corporations with bonds which do not mature for years yet are thinking seriously of refunding them at the lower rates of interest. The banks resisted the downward movement of rates as long as possible but they now seem to be weakening. Some of their numbers began shading the rates on outside call money, so now all have derided to cut rates. This probably constitutes an important early step in the direction of credit inflation. CORN GRIND IN MARCH SHOWS SHARP DECLINE Figure 18 Ter Cent Below Corresponding Month Last Year. A corn” grind during March of 4.574.000 bushels, used in the manufacture of starches, syrups, sugars, dextrins and other corn derivatives made for domestic use, was reported today through the Corn Industries Research Foundation by all refiners. This figure is 18 per cent below the grind for March. 1934. and reflects an unusually low level of activity in the industry, according to the Foundation. The total grind for the first quarter of 1935 was approximately 12.500.000 bushels, or 19 per cent less than the total grind for the first quarter of 1934. ASSETS GAIN REPORTED Massachusetts Investors Trust reports for the March quarter net assets of $34,651,401 compared with $30,809,648 at the end of the previous quarter. Net assets per share were $18.07, compared with $18.83.

Other Livestock

tßv United Press* CHICAGO. April 22 —Hogs-Receipts. 4000 direct; active. 15m25c higher than Fridav; 200-240 lbs. 89 15i9.2V 240-300 $9 - 140-190 lbs . $8 50 9 9 15; good pigs $7 50m 8.50; packing sows. $8.35 down: top $9 25 light lights. 140-160 lbs . good mid choice. $8 50 :9 10; lightweights. 160200 lbs . good and choice. $8 85 u 9 20; tnedium weights 200-250 lbs good and choice. $9.05m 9.25. heavyweights. 250-350 lbs good and choice. $8 90 :9 15; packing sows. 275-550 lbs., medium and choice. $7 50m 8 40. slaughter pigs 100-140 lbs. good and choice $7 50m 8 75. Cattle—Receipts 10.000: calves. 2000 strictly good and choice steers with weight 25c higher on shipper accounts; some sales nearly back to last week's high time, general killing quality comparatively plain: top. sls. best vearhngs sl3 40: run includes about 1400 thin New Mexico bred stock calves and yearlings: all she stock: generally steady with better grades active and lower grades slow; bulls firm to shade higher: vealers about steady; steers: Steers. 550-900 lbs . good and choice. *lO 75 :14: 900-1100 lbs, good and choice. sll m 15; 1100-1300 !b> eood and choice. sll 25m 15 50: 1300-150 lbs. good and choice. *11.75ft 15 50: 5: -1300 lbs . common and medium. $6 75m i! 75; heifers. 550-750 lbs., good and choice. $9 75 :12 25; common and medium. *6 25m 10; cows. good. *7 75m 10 25; common and medium. *5 50 m 7 75;! lowcutter and cutter cows. $3 50u 5 50: bulls, yearlings excluded, good beef. $6 a 7 50: cutters, common and medium. $4 75m 6 50: vealers good and choice. *7 50m9 50: raed'um 6$ 50m 7 50; culls and common. $4 50 '•i 6 50' Stockers and feeders Cattle: S'eers 550-1050 lbs . good ar.d choice $6 50 it 875 common and medium. $5 25 7 6 75. Sheep-Receipts. 15 000. fat lambs active; strong to 25c higher: scattered sheep and spring lambs littie changed good to choice wooled lambs. sBmB 50: bulk above *8 25; clipped offerings. $6 75'a7 35: top. $7 60; few merely good 80-lb. spring lambs. $8 50: wooled native ewes. s4<ts 25: shorn. s3m 4; lightweights Quotable higher; slaughter sheep and lambs Lambs. 90 !be down good and choice sßm 8 50. common and medium. $7 25m 810 90-98 lbs., good and choice. *7 75m 8 50 ; 98-1170 lbs . good and choice. $7 50 i 8.50: ewes. 90-150 lbs., good and choice. S3 75&525: all weights, common and medtum, 82.7564.2i.

INFLATION HELD PHANTOM FEAR, YEARS DISTANT Moody’s Declares Economic Conditions Point Toward Slow Price Rise. * Hy Tim Special NEW YORK. April 22.—A rise in the prices of firm commodities accounts for all of the 11.5 per cent increase in wholesale prices that has taken place since January, 1934, Moody’s Investors Service pointed out today in scouting the idea that inflation was around the corner. In fact, commodities other than those originating on the farm actually declined 0.5 per cent during the period, the service declared. No nearby ruinous price rise is in prospect, Moody’s asserts, and “inflation fears on the part of investors are j decidedly premature.’’ “The rise in farm products and : foods was due to drought and AAA policies,” the service asserted. “Had : the increased supply of money been the sole factor, all prices would have i gone up. Budget Deficit Factor “Big price inflations,” the analysis points out, “have occurred almost exclusively during wars or periods immediately thereafter. Wars bring huge govemmnt deficits, rapid creation of bank deposits; at the same time the government becomes an insatiable buyer of war goods, which are almost immediately consumed; the productive capacity of the coun- | try is turned to making war materials and peace-time sources of supply abroad are badly restricted. Under these conditions commodity price inflations ensue fairly easily. “The present resembles war conditions only in respect to piling up of a huge governmental deficit each year, the translation of this deficit : into money through bank deposits, the abandonment of the gold standard and depreciation of the currency in terms of foreign exchange. “But the analogy breaks down and supply factors are considered. Far from having a shortage, we actually have a plentiful supply of raw materials, a productive capacity for both agricultural and manufactured goods far in excess of current consumption, an unheard of amount of unemployed and a condition which holds back the expenditure of savings for capital goods. The effect of these factors is to depress rather than stimulate prices. Not Out of Question. “The foregoing does not mean, of course, that a dangerous rise in commodity prices is wholly out of the question, but it k plain that there are many obstacles. Tire clearest road to ruinous price inflation lies in an indefinite continuation of the present situation, in which we are getting nowhere. “Without recovery and re-employ- ! ment and with business being harassed and hamstrung with regulations, we could arrive at a growing distribution of money and an actual scarcity of goods and an inability to produce goods rapidly. This would amount to economic disintegration. “There is nothing to prove or to disprove to the investor’s satisfaction that this sort of thing will happen. The best that one may say is that if it does happen it is likely to be only after a considerable lapse of time—say several years. This is not to say that investment should not proceed along more normal channels, but only that purchases should be made when one is satisfied on other than inflation grounds that the investment is safe.” AWARD RECORD CONTRACT The largest contract ever placed for modernizing elevator equipment has been awarded the Otis Elevator Cos. for the rehabilitation of the elevators in the Municipal Building. New York City. The contract covers thirty-two elevators and amounts to $1,350,000.

Other Livestock

'By United Press) LAFAYETTE, April 22. Market steady to 10c lower: 180-225 lbs.. $8 95©9 225250 lbs . $8.85© 5.90. 250-300 lbs.. $8.75 ft 8 80; 300-325 lbs . $8 70; 160-180 lbs., $8 90; 140-160 lbs. $8 50© 8.75; 130-140 lbs., $8 ft 8 25: 120-130 lbs.. S7 50©7.75: 100-120 lbs. $6.75© 7.25: roughs, $8 down: calves 50c higher; $8.50 down; lambs, steady $7.25 down. FT WAYNE April 22.—Hogs—Steady to 10c higher; 180-200 lbs., $9 15; 160-180 lbs $9 05: 200-225 lbs., $9; 225-250 lbs.. $8 90: 250-300 lbs. $8.80; 3(fT)-350 lbs. $8 60 150-160 lbs . $8.75; 140-150 lbs.. $8.50 130140 lbs . $8 25; 120-130 lbs.. $7.75; l(>0-120 lbs . $7 25: roughs. $8: stags. $6. Calves. $8.50; wooled lambs. *Z, clipped lambs. $7. ißv nines Special) LOUISVILLE. April 22 —Cattle—Receipts. 1400: run includes several loads Stockers and feeders, but supply slaughter classes liberal: market opening slow; local killer demand narrow and outlet to order buyers uncertain on earlv rounds; slaughter steers, heifers and cows mostly 25©50c lower 'han last Monday; sausage bulls and stocirers and feeders mostly steady: bulk common to medium steers and heifers. $7®9.15; few common dairvbreds down to $6 50: better finished steers and heifers mostly 59.50© 10.50. the latter for 10 head of good 1042-lb. steers; bulk beef cows. $5®8.50; good heavy cows and smooth heifer types to around $7; bulk law cutters and cutter cows. $3 25 ft 4 75; sausage bulls mostly $6 down: desirable beef bulls to $6.50 and above for vearl'ag types: most desirable Hereford stock calves. $7 50© 8 50; plainer grade southe.n Stockers generally $3.50© 5 50. Calv.s 550. including 150 stock calves; vealers mostly 50c lower: bulk good to choice vealers s7©B; medium and lower grades. $6 50 down t* around $3 50 for light culls. Hogs—Receive 1000; market 10'’ lower than Friday and Saturday; top aid bulk better. 180-250-lb. weights. $8 75 255 lbs up. $8 30; 160-175 lbs . $8 25: 140-151. lbs $7 75: 120-135 lbs. $6 80; sows weigh! ig 400 lbs. down. $7: heavier sows discounted 50c. Sheep—Receipts. 100; genera'lv steady market for all classes and giades: bulk medium to good wooled lambs. $6 50 © 7 50: choice kinds to around $8 conmon wooled throwouts. $5: bulk fat woole-. ewes. $4 down; spring lambs salable mostly $lO down.

New York Curb

(By Abbott. Proctor <& Paine) 12:00 Noon Prev. „ N. Y. close. Allied Mills 153, i 6 Alumn Cos of Am 48’- a 48 Am Cvanide "B" 17*, 17*, Art Metal 5 s* Atlas Corp B s , B=, Carrier Corp 18 18 Distillers Corp 15*j 15 5 , El Bond * Share 7 1 , 7 Gulf Oil of Pa 60 59’, Hiram Walker 25 3 , 25*, Humble Oil 50 49 T > Imperial Oil Ltd 16', IB 3 . Lake Shore Min 55 55', Newmont Min 45’2 44 Novadel Agene 21 * a 21*, Pan Am Airways 43 43 Salt Creek Product* 6 6*4 St of Kv 19 19 T*c£ Bugbe* Cold 4>, 4?,

Abreast of The Times on Finance

Chamber of Commerce Demands Law to Prohibit Lump Maturity of Bonds

Each Government Unit Is Urged to Set Up Sinking Fund. Enactment of a law by the State Legislature to prevent any unit of government from issuing term bonds, or obligations which mature all at one time, is recommended by the bureau of governmental research of the Indianapolis Chamber of Commerce in a study made public today. The survey was under the direction of Virgil Sheppard. Although Indianapolis has the lowest net. bonded debt per SIOO9 adjusted assessed valuation and next to the lowest on a per capita basis in comparison with other cities in the same population class, there is little or no co-operation among local governmental units in planning bond issues, the study points out. In both the civil city and the school city bond laws, the bureau declares, adequate provisions have not been included for accumulating sinking funds to meet term bond maturities. Asa result, within the next five years approximately $3,500,000 worth of refunding bonds probably will have to be issued to pay bond maturities. To protect the favorable position of bonds of local units of government making debt levies upon Indianapolis property, the bureau recommends that these agencies form a joint committee to advise upon all future bond issues of any of the units. It is suggested that each unit

SWINE MARKET HOLDSSTEADY Cattia Weak to Slightly Lower; Vealers Rise 50 Cents. A strong undertone prevailed in the pork market at the Indianapolis Union Stockyards today and the majority of classes held steady at Saturday’s best average. Interest in early trading was about evenly divided with all grades fairly active. Receipts were, estimated at 4000, around a normal figure, but considered light for a Monday session. The bulk, 150 to 275 pounds, was selling at $8.90 to $9.10. Few good and choice weights were reported salable at $9.15. Light kinds, scaling 130 to 160 pounds, cashed in at $8 to $8.75. 1 Extremely small slaughter pigs, ranging from 100 to 130 pounds, sold at $6.75 to $7.75. Heavy grades, weighing 275 pounds and upward, brought $8.55 to $8.85, while good •classes of packing sows were selling at $7.75 to $8.25. Holdovers were 138. Developments were slow in the cattle market, especially steers, where prices were weak to slightly lower than Saturday's close. Quality consisted mostly of common and medium steers. Receipts numbered 1000. including 300 feeder steers. Vealers were largely 50 cents lower, selling at $9.50 down. Interest was lacking in the lamb market and prices showed only a slight change with quality considered. Bulk of shorn fed Western grades sold at $7.15 down. Shorn slaughter sheep ranged from $4 downward. Receipts were 100. HOGS April Bulk. Top. Receipts. 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 20. 8.90® 9.10 9.10 1000 22. 8.90® 9.10 9.15 4000 Light lights: 1140-160) Good and choice $8.50® 8.90 Medium B.Bo® 8.60 Light weight: (160-180) Good and choice... 9.05® 9.15 Medium 8.50® 8.85 1180-200) Good and choice... 9.05® 9.15 Medium 8.50® 8.85 Medium weight: (200-220i Good and choice... 9.05® 9.10 (220-2501 Good and choice... 8.95# 9.05 Heavyweight: (250-290) Good and choice... 8 85® 8.95 (290-3501 Good and choice... 8.65© 8.85 Packing sows: (275-3501 Good B.lo® 8.15 Packing sows: (275-290i Good 8 00® 8.15 4,350-4251 Good 7.90 t 8.10 (275-3501 Medium 7.65© 8.00 (425-550) Good 7.75® 8.10 Slaughter pigs: (100-140) Good and choice... 6.75® 8 50 Medium 6.75® 800 CATTLE —Receipts, 1000— —Steers—-(soo-900) Choice $11.25© 13.50 Good 10.00 ft 12.25 Medium 8 25® 10.50 Common 6.50© 8.50 (900-1100) Choice 13.00® 14.25 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-7501 Good 11.50® 13.75 Choice 10.25® 11.50 Good 9.25® 10.25 Common and medium 6 25® 9.25 (750-9001 Good and choice .. 9.50® 11.50 Common and medium 6.25® 9.50 —Cows—(Yearlings Excluded) Good .... 7.00® 8.50 Common and medium 5 25® 7.00 Low cutter, cutters 3 23® 5.25 Bulls, good 6.50® 6.25 Cutter, com. and med. bulls... 4.50® 6.25 VEALERS —Receipts, 600— Good and choice $9 00® 9.50 Medium 7.00® 9.00 Cull and common 3.50© 7.00 —Calves—- • 250-500) 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 Good *"" C ° W ?7? 4 25® 5 25 Common and medium ... 3.75® 4.50 SHEEP AND I AMBS —Receipts. 1000— (Shorn Basis) Lambs. 90 to 120 lbs., good and choice $6 75® 7 25 Common and medium 5 25© 7.00 90-120 lbs., good and choice... 3.50® 4.00 Sheep: 1 120-1501 Good and choice . 2.50® 3.75 All weights, common and medium 150® 2.75 STOCK AVERAGES RISE By Timet Spei.al NEW YORK, April 22.—The investment companies common stock index advanced with the general stock market during the last week, as evidenced by the averages compiled by Distributors Group. Inc. The average for the common stocks of 10 leading management companies. influenced by the leverage factor, stood at 9.47, compared with 9.02 on April 12.

INDIANAPOLIS, MONDAY, APRIL 22, 1935

lik 'v-,/ Ljfgm —mmmmmmmmammmmmmmrnaiLmammmma

prepare an annual bond program or budget for the consideration and advice of the committee and that the maturities of all future issues be such as to fit into a planned retirement program. The practice of the school city in using the sinking fund to purchase and cancel bonds before maturity is open to question, it is said. School officials are urged to review this practice and ascertain if a public saving is effected in the long run. The use before 1930 of the school city sinking fund to finance new

11:00 Prev. High Low A M. close Oils— Amerada 58 57% 58 57% Atl Rig 24% 24 24 24 Barnsdall 9 Vi 9 9'4 8 3 4 Consol Oil 8% B'4 8% B*B Cont Os Del 19 3 4 19 1 2 19 3 4 19*3 Houston told) .. 15% 15 3 e 15 3 8 15 Mid Cont Pet . 12' 2 12% 12 3 a 12% Ohio Oil 12Vs 12 12% 12, Pet Corn 9 7 8 918 9% 9% Phillins Pet 19 1 a 19 19Va 18 7 b Plymouth Oil .. 10 7 8 10% 10% 9% Pure Oil 7% 7% 7 7 s 7% Seaboard Oil ... 28% 28 28% 28 Shell Un 7 6 7 a 7 7 Soc Vac 14 13% 14 14 S O of Cal 32 7 a 32% 32% 32% S O of Ind 25 25 25 25% SOof N J 41% 41 41 41% Texas Corp . 21% 21 21 21% Tidewater Assn 10Va 9% 10Va 10 Steels— Am Roll Mills . 19 3 a 19% 19Vs 19% Beth Steel 27% 26% 27% 27 Bvers AM 15% 15 15 15% Mid Steel 12% 12% 12% 12% Natl Steel 48 48 48 47% Otis Steel 5% 5% 5% 5% Rep Iron & Steel 12% 12 12 12 Rep Irn-Stl pfd 38% 38% 38% 36 U S Pipe & Fdy 18% 18 18% 17% U S Steel 33% 33% 33% 33% Warren Bros • 4% 4% 4% 4% Youngstn S& T 16% 16% 16% 16% Motors — Auburn 21% 21% 21% 21 Chrysler 38% 38% 38% 38% Gen Motors 31% 31% 31% 31% Graham Mot ... 2 2 2 Hudson 8% 8% 8% 8% Hupp 1% 1% 1% l*/ Mack Truck .... 24% 24% 24% 25 Nash 13% 13% 13% 12% Packard 4% 4 4% 4 Reo 3% 3% 3% 3% Studebaker 2% 2 % 2% 2% Yellow Truck ... 3% 3% 3% 3% Motor Access— Bendix 16% 16 16 16% Borg Warner ... 35% 34% 34% 35 Briggs 29% 29 29% 28% Budd Mfg 4% 4% 4% 4% Eaton Mfg 20% 20Vs 20% 20% Elec Auto Lite -. 23% 22% 23% 22% Houdaille "A” • 14% 13% 13% 13% Murray Body ... 9% 8% 8% 8% Stew Warner ... 9% 9% 9% 9% Timken Roll 33% 33% 33% 33% Timken Det Axle 6% 6% 6% 6% Mining— Alaska Jun 16% 16% 16% 16% Am Metals 18% 18% 18% 18 Am Smelt 38% 38% 38% 38% Anaconda 12% 12 12 12 Cal & Hecla 3% 3% 3% 3% Cerro De Pasco . 51% 51% 51% 51 Dome Mines 40% 40% 40% 40% Gt Nor Ore .... 11% 11% 11% 11% Howe Sound .... 50% 50% 50% 50 Int Nickel 26% 26% 26'a 26% Kennecott Cop . 17% 17% 17% 17% Mclntyre Mine .. 43% 43% 43% 43% Park Utah .... 3% 3% 3% 3% Phelps Dodge ... 17 16% 17 161a St Joe Lead ... 16% 16% 1614 161a U S Smelters... 112 111 112 110% Vanadium 13% 13% 13% 13% Amusements— Crosley Radio .. 15% 15% 15% 16 Fox Theat 10 9% 10 9% Loews Inc 39 38% 38% 37% Radio Corp 5% 5% 5% 5 Paramount 2% 2% 2% 2% Warner Bros ... 3% 3% 3% 3V* Tobaccos— Am Snuff 69% 69% 69% 69 Am Sum Tob ... 21% 21% 21% 21% Am Tob A 8014 80% 80% 80% Am Tob B 82% 82% 82% 82% Gen Cigars 54% 54% 54% 54 Ligg & Myers B 103% 103% 103% 103% Lo.ullard 2114 21 % 21V* 21 Phillip Morris .. 44 43% 44 43% Reynolds Tob B . 47% 47% 47% 47% Rails— Atchison 40% 39% 40% 3912 Atl Coast Lines 24% 24% 2412 24 B & O 11% 11% 11% 11 Can Pacific 10% 10% 10% 10% Ch & Ohio 42% 42% 42% 42% CM&StP .. 7* % % % C M & St P pfd 1% 1% l'/a 1% Dela & Hud ... 30% 29% 30% 29% Del Lac & W ... 14% 14 14% 14 Erie 10 10 10 9% Erie pfd 11 10% H 10% Grt Northern pfd 13 12% 13 12% 111 Central 12 12 12 12 M K & T 3% 3% 3% 3% M K & T pfd . 7% 7% 7% 6% N Y Cent 16% 16% 16% 16 N Y New Haven 5% 5% s‘a 5 Nor Pacific .... 16% 16% 16% 16 Penn R R 21 20% 21 20% Sou Pac 15% 15 15% la% Sou R R 10% 10% 10% 10% Union Pac .... 90% 90 90% 90% Equipments— 4 Am Car & Fdy.. 13% 13% 13% 13% Am Loco ... 12% 12% 12% 12% Am Steel Fdy... 14% H 14% 14 Bald Loco 1 % 1 % 1% Gen Am Tnk Cr 34% 34% 34% 34% Gen Elec 25 24% 2a 24% Pullman Inc .. 40 39% 40 39% West Air Br ... 20% 20% 20% 20% West..lgh Elec .. 42% 41% 42% 41% Utilities— Am & For Pwr 3% 3% 3% 3% Am Power & Lit 3' i 3’4 3% 3% AT&T ...112% 110% 112% 110 Am Wat Wks . 11% 11% 11% 11% Col Gas & Elec. 7% 6% 7% 6% Comm & Sou .. 1% 1% 1% 1% Consol Gas . 23% 21% 23% 22 Elec Pwr & Lit . 2% 2% 2% 2% Interboro R T .. 11 11 11 10% Int T & T 8% 8 8% 7% Lou G& E "A”. 15% 15% 15% 15% Nat Pwr & Lit . 8% 8 8% 8 North Amer .... 14% 14% 14% 14 Pac G & E 18% 17% 18% 17% Peoples Gas .... 23% 23% 23% 22% Pub Serv N J ... 28 27% 28 27% So Cal Edison .15 15 15 14- 4 Std Gas ■ 3% 3% 3% 3% Stone & Webster 4% 4 4% 4 United Corp . 32% 32% Un Gas Imp 13% 12% 13% 12% Ut Pwr & Lt 'A' 1% 1 3 4 1 % 1% Western Union.. 28 26'8 28 26 a Rubbers— Firestone 15 15 15 14% Goodrich 9 9 9 9 Goodyear 19 18% 18% 19 U S Rubber 12% 12% 12% 12% U S Rubber fjfd 31% 31% 31% 31% Miscellaneous— Allis Chalmers . 16% 16 16% 16’4 Am Can 121% 121% 121% 121% Am Mach & Fdy 21% 21% 21% 21 Anchor Cap 16% 16 16% 15% Brklyn Man Tr . 35*2 39% 39% 39'a Burroughs Add . 15% 15% 15% 15% J I Case . 65H 54% 55% 54% Conti Can . 73% 73% 73% 73 Caterpillar Tract 43% 43% 43% 43 Crown Cork .... 28% 28% 28% 28% Curtis Pub . 20 20 20 20 Curtis Pub pfd 98% 98% 98% 98% Deere &Cos 29 28% 28% 28% Eastman Kodak 134% 133% 134% 134% Foster Wheeler 13% 13% 13% 15% Gillette 15% 15% 15% 15% Glidden 28% 28% 28# 28% Ingersoll Rand 73 72 73 72 Int Bus Mach .173 173_ 373 172 Inter Harv ... 40% 39 a 40% 39% Natl Cash Reg . 16% 15% 16% 15% Rem Rand ... 9% 9% 9% 9% Underwood E V- 60 60 60 61% Worthington P.. 16% 16 16% 15% Foods— Am Sugar 61% 61 61% 59% Armour * 3% 4 3% Beatrice Cream'y I'*'% 17% 17% 17% Sordea Prod 24% 24% 24% 24%

Virgil Sheppard

New York Stocks

School City’s Sinking Fund Use Draws Adverse Criticism. improvements, it is held, was bad practice and open to severe criticism. The term bond sinking fund accumulations suffer from such practice. The bureau recommends that a inking fund be created upon an I actuarial basis for all term bonds maturing after 1941 of the civil city and the school city. This would mean that each year there would be a levy of sufficient size for each term bond issue which, invested at a stated minimum rate of interest, would provide a fund sufficient to amortize the bond issue at maturity. For the purpose of retiring civil city term bonds which fall due before 1942 it is suggested that refunding bonds of the serial type be issued. For retiring school city term bonds due in 1940 which can not be matured by the then existing sinking fund, it is urged that similar refunding bonds of the serial type be issued. The bureau declares that at the next session of the Legislature a uniform bond act should be adopted to provide that all units of government shall be required to make an annual levy of sufficient size to meet the serial bond requirements maturing in the year for which the levy is made, and that in the event the local unit does not make an adequate levy, the county auditor shall make such a levy.

Cal Packing . 39© 39'4 39' 2 39 Can Dry G Ale . 9© 9 5 b 9© 9© Coca Cola . 206 206 206 205© Cont Bak (A) .. 5© 5% 5© 5 Crm of Wheat 37V* 37 37' 4 37 Cuban Am Sugar 6© 6© 6© 6© Gen Baking ... 8© 8© 8© 8© Gen Foods 35' 2 35*4 35© 35'b Gold Dust 16© 16© 16© 16*8 G W Sugar 28'4 27© 28© 27 3 4 Loose Wiles 34© 34© 34' 2 35 Natl Biscuit 27V g 26 2 27'„ 26’4 Natl D Prod ... 15 14© 14 3 4 14© Puritv Bak .... 10© 10 10* 2 10 Std Brands 15© 15© 15© 15© Wrigley 77 3 4 77© 77 3 / 77>/a Retail Stores— * Assd Dry Goods 9© 9 3 4 9© 9© Best &Cos 37 ’4 37 37© 37’ First Natl Stores 47 3 4 47© 47 3 4 47’ 2 Gimbel B-os 3’/4 3)4 3> 4 3’4 Gr Un Tea ...3 33 2 1 g Hahn Dept Sts . 4 1 4 4© 4’4 4© Jewel T-a 53© 53', 53© 53 Kresge S S 21'- 21© 21© 21 Kroger Groc 25' 4 25‘a 25© 25© Macy R H 37© 36 3 4 37> 4 36© MrCrorv St .... 9© 9© 9© 9© McLcllan St ... 10© 10 10© 9© Marshall Field .. 8© 8 8© 8 Mont Ward 25’ 2 25 ,/ g 25© 25' g Natl Tea 9© 9’4 9> 4 9' a Penney J C .. 65 1 2 64© 65 1 2 64' 3 Sears Roebuck . 37© 37 3 4 37© 37' 2 Woolworth 59© 5814 59 3 /4 59 Aviation— Aviation Corp ... 374 374 3 7, g 3© Boeing Aircrft.. 8 8 8 8 Curtiss Wright .. 2© 2 3 a 2% 2© Curtiss Wri (A).. 8© 8© 8© 8© Douglas Air .... 23 7 a 23© 23© 23' a Nor Am Av .... 3'a 3© 3© 3 Sperry C'orp 9’/ a 9' a 9’ a 9© Utd Aircraft new 13© 1274 12 7 a 13 Chemicals— Air Reduction . 117© 117' 2 117© 117© Allied Cheni 145© 145© 145© 146 Am Com Alcohol 26© 25© 26© 25 5 a Col Carbon . 78’4 78 78 77© Com Solvents . 21© 20© 21 20© Du Pont . 98 3 4 98 98 98© Math Alkali 28© 28© 28© 28© Monsanto Chem 64© 64© 647a 63© Natl Dis (new) . 28 27© 28 27© Schenlev Dist . 25© 25© 25© 25 Tex Gulf Sulph . 32© 32© 32© 3274 Union Carblae 52© 52 52© 52 U S Indus Alco 41© 40 1 2 41© 40© Drugs— Bristol Myers ... 3274 32© 32© 32© Coty Inc 5*/ 2 5'4 5© 5© Lambert 26 26 26 26 Lehn & Fink 16 16 16 157a Sterling Prod . 65© 65© 65© 65 Un Drug (new).. 11© 1174 11© 11© Vick Chem 36 36 36 36 Zonite Prod 374 3 7 4 374 3© Financial— Adams Exp .... 5© 5© 5© 5© Am Int Corp . .. 6© 6© 6© 6© Chesa Corp .... 42© 42 42>4 41© Lehman Corp ... 75© 75 75© 75 Transamerica .. 5© 5© 5© *• 5© Tr Conti Corp . . 3© 3 3 /a 3© 3% Building— Am Radiator ... 13© 13© 13© 13© Gen Asphalt ■ ... 15®4 15*4 15*4 15© Holland Furnace 8 8 8 8 Int Cement . 26© 26© 26© 26© Johns Manville 47 46© 47 46© Libby Owens Gls 26© 26© 26© 26© Otis Elev .... 13© 13© 13© 12© U S Gypsum ... 47© 47© 47© 47© Ulen Cons 2 2 2 2 Household— Col Pal Peet ... 17© 17© 17© 17© Congoleum 32© 32© 32© 33 Kelvjnator . 16© 16© 16© 16© Mohawk Carpet 15© 14© 15© 14© Proc & Gamble . 49 4874 487 a 49 Servel Inc .... 9 9 9 9 Simmons Bed ... 8)4 8 8© 8© Textiles— Amer Woolen ... 7© 7© 774 77a Belding Hem .... 11 3 /4 11© 117a Celanese Corp . 23 22© 2274 23 Collins Aikman . 11© 11)4 11)4 11% Gotham Hose ... 3© 3© 3© 3© Indus Rayon ... 26© 26 26 26 Real Silk 4© 4© 4© 4© WEATHER REPORTS LIFT MAIN PRICES Dust Storms, Drought Help Resumption of Advance. By United Press CHICAGO, April 22.—Bullish weather news from the Southwest caused wheat prices to firm today on the Board of Trade. At the start wheat was U to cent higher, corn was unchanged to l i cent higher, oats were up © to 3 g cent, and rye was © to % cent higher. Weather news included reports of dust storms in some areas and reports of continued drought over the entire Southwest section. Other grains took their cue from wheat and firmed slightly. (By James E. Bennett) 11:00 Prev. High Low A. M. close Wheat. May 1.02*4 I.ol© I.ol© I.ol© July 1.02 1.01 101© 100© Sept 1.02© I.ol© I.ol© I.ol© Corn: May 92 .91© .91© .91© July 85© .84© .84© .84© Sept ‘.B0 3 a .79© .79© .79© Oats: May 50© .50© .50© .50© Julv 43© ,43 3 a .43© .43*8 Sept 41© .40© .41 .40© Rye: May 61© .61© .61© .60© Julv 61© ~,.61© .61© .60© Sept 64© .63 3 4 .63© .63©

Chicago Stocks !

(By Abbott, Proctor & Paine) 11:00 Prev. A M. close Acme Steel 48’ 48'a Butler Bros 7*, 1 Bendix 16’, Borg Warner 35 1 ,33 3 , Cord Corp 3 ! 3 Chicago Mail 19* 19>, Marshall 8 ! , 8 Noblitt Sparks 16', 15 s , Public Service of 111 25 24 Quaker Oats 130'j 130 Swift 16', 16 : Swift Int 35V, 35', J R Thompson 8 4V

PAGE 11

NEW EVIDENCE POINTS TO GAIN IN TRADE PACE Removal of Menace of Rubber Strike. Metal Markets Pickup Aid. By Times Special NEW YORK. April 22.—Business sentiment is taking a better tone as evidence piles up that the country is not going to the dogs after all. Business Week says in its issue today. The threatened strike in rubber plants was neatly averted at the last minute, it continued. Steel activity has called a halt to the spring decline. Detroit has abolished the blues. Metal markets feel the pickup all along the line. Stock and commodity markets are on the upward grade. “Electric power production.” the Review said, “reached anew high for the week. Private heavy engineering construction began the current month with the largest volume of contracts in over two years. Lumber production in the first week of April was the highest since last October. On the other hand, coal production took the expected nosedive when the strike threat crumbled, shaking down our general business index temporarily. , Coal Carloadings Off “Carloadings, too, suffered when coal shipments were cut in half, but are likely to recover in the next few weeks. Dust storms and unseasonably cold weather over large parts of the country are no help to Easter retail sales. “March employment in the industrial states of New York and Michigan made better than usual gains over February, while pay rolls made even better showings as hours worked increased. In New York, the largest additions to working staffs occurred in lime, cement, plaster, saw and planing mills. In Michigan, sharp increases appeared in shipbuilding, electric machinery, lumber, stamped and enamel ware, chemical and clothing plants. “Enthusiasm around the motor centers continues to run high. Peak production is expected to be reached this month with assemblies of 475.000 compared with 447.581 estimated for M?rch. May will be nearly as good, tentatively placed at 400,000, with June at 325,000. This will bring the second quarter up to IfIOO.OOO cars against LIOO.OOO in the first three months of 1935. Buying Exceeds Hopes “Nor are these cars hanging heavy on dealers’ hands. Buying by the public has exceeded the fondest expectations of the industry. Passenger cars sold for the first three months of 1935 are estimated at 547,000, a 66 per cent increase over the same period of 1934. Truck sales exceed 108,000, 34 per cent ahead of last year. “March department store sales jumped 38 per cent from February levels, but one less business day in March, 1935, together with the Easter influence in March, 1934, conspired to keep the dollar sales volume 8 per cent below a year ago for the country as a whole. Only the Chicago district overcame these influences and showed a 1 per cent gain. “For the first three months, dollar sales were no larger than in 1934 in Minneapolis and St. Louis districts, from 4 per cent to 8 per cent below 1934 in the three northeastern seaboard areas, and from 1 to 7 per cent above the first quarter of 1934 in the balance of the country. Variety store? (5c to $1) found sales 412 per cent lower in the first quarter of this year compared with last, while rural merchandise sales increased 15 per cent in the same period.”

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers: Fruits—Bananas, 4©c a lb. Apples, Winesaps. $2.10: Delicious. $2.10, Baldwins, 51.60. Lemons. Sunkist, 2605. $4.25. Grapefruit, Texas, seedless. $4: Florida, seedless. $3.25. Limes. Mexican, per carton, 12s, 20c; Byram, seedless, per hundred, $3. Strawberries. Louisiana. 24-qt. crate. $2.50; Mississippi, 24-qt. crate. $4.25. Apricots. $3 crate. Grapes, South America, white, 20-lb. box. $2.75. Cantaloupes— Honey Dews, South America. $3; Mexican Jumbo's. $6 a crate: standards. 54.75 a crate. Nectarines. South America, box. $3.50. Vegetables—Cabbage. new Carolina, hamper. $2.75; Florida. $2.75 a hamper: Mississippi, half crate. $2.50. Onions, 50-lb. bag. $2.50; new Texas boiler. 59-lb. bag. $2.25; new Texas white, 50-lb. bag, $2.75. Potatoes. Green Mountains, 100-ID. bag. $1.75; selected cobblers, 150-lb. bag, $2.50; northern round white. 100-lb. bag, $1.15; Ohios. 100-lb. hag. $2.10; Idaho Russets. 100-lb. bag, 60; new Florida Triumphs, bushel, $2. Sweet Potatoes. Indiana Jerseys, bushel. $1.50; medium or seed. $1.10; Nancy Hall, bushel, $1.40. Beans, round stringless, hampers. $2 75. Celery (washed and trimmedi. medium, doz., 50c; jumbo, doz., 75c; hearts, doz., 90c. Cucumbers, hot house, doz., $1.15; 2 doz. box. $2. Endive. California, dozen, sl. Egg plant. $1.50® 2 doz. Kale, bushel, 60c. Lettuce, hot house, 15-lb. basket, $2.10. Arizona Iceberg head lettuce. $4 50. Mangoes. Ss®6 a crate: small basket. 60c. Mint, a doz., sl. Parslev. doz, 35c. Peas, California, hamper, $3.50: Mississippi, hamper, $2.35. Spinach. Texas, busnel. sl. Radishes, dozen. 60® 75c. Turnips, bushel, 75c. Parsnips, bushel. half bushel. $1 Beets, crate, new Texas. $2 Carrots. California, crate, $3. Rhubarb, outdoor, doz.. 30c. Mushrooms, lb.. 30c. All quotations subject to change up or down.

Produce Markets

Delivered in Indianapolis prices: Heavy breed hens. 16c: Leghorn hens. 14c; broilers. 2 lbs. and up. 20c; Leghorn broilers. 2 lbs. and up. 17c: barebacks broilers. 13c: cocks and stags. Ec. Ducks full feathered and fat. 9c; geese full feathered and fat. 6c. All classes of guineas. 15c: No. 1 strictly fresh country run eggs, loss off 19c. Each full case must weigh 55 lbs. gross a deduction of 10c a pound under 55 lbs. will be made. Butter—No 1 35ft36c: butterfat. 32c. Quoted bv the Wadlev Cos.

We Jend A(onej/ /or

Bond Salesmen Stampede

Concomitant with the signs of revival in the investment market, discouraged bond salesmen who up to a few months ago scattered into various fields in quest of jobs are now scurriring back to their old positions.

Color Choicd Becomes Key to Recovery Lack of Orders Due to Ignorance of Tint Appeal, Expert Says. By Times Special NEW YORK. April 22.—Manufacturers of almost all kinds of consumer goods are today becoming more keenly aware than ever before of the very close relationship between sales and color—so much so, in fact, that color consciousness is playing a very important part in the recovery movement, according to Howard Ketcham. color engineer. Mr. Ketcham speaks from experience of a number of years in developing the paint and color sales of E. I. du Pont de Nemours & Cos.. Inc., with which he is still associated on a consulting basis. He devised the automobile color index, j which charts the moving trends in consumer color preference in automobiles. Red Handles Win Order He has been color counsel foi kitchen utilities manufactured by j the General Electric Cos. and tells how the failure of one manufacturer to recognize that handles for electric irons in South American trade had to be of a certain shade of red lost him a $250,000 order. A certain red also pulls better than 50 per cent of the total sales in the 10-cent toothbrush market, Mr. Ketcham asserts, whereas red on a 25-cent toothbrush has practically no appeal, but amber has. “It was quite surprising to see how the sale of black automobiles absorbed a larger and larger proportion of the cars sold as the depression deepened.” Mr. Ketcham commented. “Before the depression bright colors in multiple hues were more in demand than black. This all disappeared and the black line on our color chart rose to the top and stayed there. Brighter Hues in Vogue “Now, however, brighter hues i again are coming into vogue, but consumers are much more sophisticated about color now than they were before the depression, and dealers have become much more critical of what manufacturers send them. Fine differences in shade, it has been found, mean large differences in sales. Since that has been definitely established, manufacturers are watching their step in regard to color much more closely. “By the same token it is evident that the more intelligent regard for color is playing an important part in bringing about greater business activity. By making goods more appealing to consumers more are being sold, now that buyers are getting more money to spend. “But there is obviously competition among the various objects they see upon the counters. A careful study in almost any line of goods reveals that it is the articles that are tinted in accordance with the psychological reactions of the purchaser that are bringing in the cash.” AUTO PRODUCTION i AT NEW 1395 HI6H 110.235 Cars Turned Out in Last Week. By Times Special DETROIT, Mich., April 22.—Total automobile output in the United States and Canada last week was 110.235 units, the highest mark reached yet this year, according to Cram's, Inc. The current total compares with 1C9.537 reported on April 13 and compares with 91.224 for the corresponding week in 1934. Increases were registered by the plants of Buick. Oldsmobile, Packard, Pierce-Arrow and WillysOverland. Production schedules j which remained the same were those of Auburn, Cadillac-La Salle, Chevrolet, Chrysler, De Soto, Dia-mond-T Truck, Ford, General Motors Truck, Lincoln, Mack Truck, Nash. Plymouth, Pontiac. Reo, Terraplane-Hudson, White-Indiana Truck. Dodge and Federal Truck. i Slight declines were reported by Graham-Paige and Studebaker. “First quarter reports of corporations,” Cram's Reports said, “show a marked improvement over the comparable period in IC-34. Dividends are being resumed and most companies are reporting better financial positions.” BORDER PLAN VOTED By Times Special NEW YORK April 22.—Stockholders of The Borden Cos. have approved the recapitulation plan recommended by the board of directors. The plan includes reduction of the par value of the company's stock from $25 to sls and a reduction of the good-will item from $7,000,000 to SI.

The WisU of Bargain Beware of bargains in automobiie insurance lest you /I find yourself without protec- O - 1 tion in an emergency . Em- Os jHH PLOYtes Mutual policies * feature protection first. Sold ML. V*KSii^j|||lJj at standard premium rates j mgs. A buy - not a bargain \|f Indianapolis 1108 Circle Tower Lincoln 22^1

'SI BLDG, and LOAN STOCKS j™“ SELL 415 Lmcke Building

FIRST LIBERTIES MAY EXCHANGE FOR 2 7-8% BOND Holders Also Offered Option of 5-Year Notes Bearing 1 5 /s Per Cent Interest. By l nitcfi ['rest WASHINGTON, April 22—The First Liberty bonds sold to finance American participation in the World War came back to the Treasury today for redemption or exchange into peace-time government bonds. The refunding will leave but $1,250,000,000 of the original $25,000,000,000 war-time bonds outstanding. These, the Fourth Liberties, have been called for redemption before Oct. 15. Exchange of the $1,933,209,950 First Liberty Loan bonds into cash, 20 to 25-year 2© per cent bonds or five-year Is per cent notes will save the Treasury $20,003,000 annually in interest, it was estimated. Interest to Cease Interest on the First Liberties, now amounting to V- to 4' 4 per cent, will cease after June 15. By late summer, according to present plans, the Roosevelt Administration will have converted the $8,201,304,100 in Liberty bonds outstanding when it took office, into lower interest bearing securities at a saving of $100,000,000 a year to taxpayers. In exchange for First Liberty Loan bonds the Treasury offered 2© per cent bonds, due March 15, 1960, but callable March 15. 1955. or per cent notes, due March 15. The exchange will be made on a dollar-for-dollar basis and holders of Firsts not exchanging will be paid eash on on June 15. Secretary of Treasury Henry Morgenthau Jr. ascribed an increase in private refundings and anew flow of capital into business to the pace set by the Federal government- in its own financing program. These trends, he said, show “conclusively that the financial log-jam has been broken. Interest Rates Drop The ability of the Federal government to refund its obligations at lower interest rates has rested upon a steady decline in interest rates. An increased flow of capital into business was reported today by the Securities and Exchange Commission. however, with a total of $28,135,700 of new issues registered with the commission in the past wek. The steady decline of interest rates on government securities was stressed today by the Federal reserve board in its monthly bulletin in tracing the refunding program the bulletin said: “Compared with an increase in the total interest bearing debt of the United States government of onethird in the past two years, the computed annual interest charges on this d n bt increased from $720,000,000 to $800,000,000, or 11 per cent, and the average rate of interest paid declined from 3.43 per cent to 2.86 per cent. “This decline reflects both the unusually low rates paid at present upon short-term borrowings and the refunding of high coupon liberty bonds into lower coupon securities. The present level in yields is the lowest of the post-war period.”

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,025 000.00 Debits . 4.652,000.00 TREASURY STATEMENT •Bv United Press i WASHINGTON. April 22—Government expcn. es and receipts for the current fiscal year to April 19, compared with the corresponding period of the previous fiscal year; This year. Last year. Expenses. $5,613,710,526 05 $5,567,035,686 70 Rec"ipts 3.036.142,924 22 2 441.292.607.62 Deficit 2,577.567 601 83 3.215,743.079.08 Cash bal. 2,103,292,046.34 4,474,979,505.85 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. 84 cents, and oats 42 cents.

LOANS REPAIRS AND NEW HOME BUILDING See Your Local Building & Loan Assns.

J. EDWARD JONES ROYALTY TRUST CERTIFICATES Chapin Seward & Shiel, Inc. Fletcher Trust Bldg. LI-4466

Klein & Kuhn, Inc. Property Management LI-3545 706 Guaranty Bldg.