Indianapolis Times, Volume 47, Number 38, Indianapolis, Marion County, 24 April 1935 — Page 13

Wall St. Foreign Exchange Movements Now Narrow. —BY RALPH HENDERSHOT Timri Social Writer

VTEW YORK. April 24 - Foreign exchange price movements have been comparatively narrow in U e last few days, and the Street has been inclined to drop the gold standard issue as a market factor. But it is still there, nevertheless, and probably will be coming back from time to time to disturb world trade conditions.

(M iMffl

Financial experts are inclined to agree that the few remaining countries still on the gold standard must give up the struggle sooner or later. They believe that even France will not be able to hold out against the trade pressure despite her large hoard

Ralph Hendershot

of the yellow metal. If and when all of the European countries have discarded gold as a currency base, the United States might be expected to stop payments in the yellow metal also. This might well bring the question of stabilization to the fore again, and an international monetary conference would be in order. The question arises, therefore, as to how far world trade recovery can proceed so long as this issue remains open. But another question also presents itself, viz., Will the trade revival which now seems to be definitely under wav eliminate the necessity of securing international agreement, or will each nation be able to adjust its currency problems without very great concern for the acts of the others? a a a IT would be unfortunate indeed if the world were to be drawn into a currency deflation war. None could hope to gain trade advantages if an open struggle were to develop, for deflation would be about as easy for one as for another. But all easily could be damaged bv the uncertainty which would be created. International trade would be likely to stop almost entirely. As was the case in the United States, Belgium, the last country to suspend gold payments, went back on a modified gold standard after she had devaluated. The other countries comprising the gold bloc may be inclined to do likewise. In such an event it might be possible to adjust the currency problems of all nations without srieously disturbing trade in other countries. Widespread eurency manipulation is much like a price war within an industry so long as gold is acknowledged as tender for international trade payments and so long as the price of gold is determined in an open world market. Devaluation is the equivalent of a cut in the prioc of goods in the world marker, and the cut is dependent upon the amount of the devaluation. ana THE confusion which arises arises when a nation begins to shop among other nations which are tinkering with their currencies may well be imagined, though. It may buy a consignment of goods from one country at one time and a second from another, and a third shipment of the same type of goods might be from still another. The regular channels of trade would be completely disrupted, and countries which had been in the habit of producing a particular class of goods for export might find those goods left on their shelves.

On Commission Row

Quotations below are average wholesale 'prices being offered to buyers by local commission dealers: Fruits -Bananas. 4’e a lb Apples. Winesaps. $2 10. Delicious. *2 10. Baldwins, $1 SO Lemons. Sunkist. 2605. S4 25 Grapefxnit Texas, seedless $4: Florida, seedless. $3 25 Limes. Mexican, per carton. 12s. 20e: Byram. seedless, per hundred. $r S*rawberrtes. Louisiana. 24-qt. crate, $2 .in. Mississippi. 24-qt crate. $4 25. Anricots. S3 crate. Grapes. South America, white 20-lb. box. $2 75 Cantaloupes— Honor Dews. South America. $3. Mexican Jumbo's $6 a crate: standards. $4.75 a r-aic Nectarines. South America, box. $3 SO. „ I esetables -Cabbage, new Carolina, hamper. $2.75; Florida. $2 75 a hamper: Mississippi, halt crate. $2 50 Onions, 50-lb bag. $2 50; new Texas boiler. 50-lb. bag $2 25 new Texas white. 50-lb. bag. $2 75. Potatoes. Green Mountains. 100-lb. bag $1.75: selected cobblers. 150-lb. bag. $2 50; northern round white. 100-lb. bag, $1 15 Chios. 1 00-lb. bag. $2 10: Idaho Russets 100-Ib. bag. $2 60; new Florida Triumphs bushel. $2 Sweet Potatoes. Indiana Jeraevs. bushel. $1 50: medium or sed SI 10; Nancy Hall. bushel. $1.40 Beaus, round slrmgless. hampers. $2.75. Celery iwashed and trimmedi. medium, do? , 50c. Jumbo, do?.. 75c: hearts, doz . 90c Cucumbers, hot house, doz.. $1.15: 2 doz box. $2 Endive. California, dozen. St Egg plant. SI 50u 2 doz. Kale, bushel. 60c lettuce, hot house, 15-lb. basket. $2 10. Arizona Iceberg head lettuce. $4 50. Mangoes ss'i£6 a crate: small basket, 60c. Mint a doz . sl. Parslev. doz. 35c. Peas. California. hamper. $3 50: Mississippi. h..mper. $2 35. Spinach. Texas, bushel, $1 Radishes, dozen. 60S'75c Turnips, bushel. 75c Parsnips. bushel, half bushel. $1 Beets, crate, new Texas. $2. Carrots. California, crate. $3. Rhubarb, oiudoor. doz. 30c. Mushrooms, lb. 30c. All quotations subject to change up or down. NET PROFIT DROPS B’l T im> * Special NEW YORK. April 24.—Net profit for 1934 of the Colgate-Palmolive-Peet Corp, was $3,744,107, equal to $1 16 a share on the common stock, against $373,389, or $1.50 a share on the 6 per cent preferred stock in 1933. the company's financial report showed today.

New Business Books Available at Library The following new business books are now available at the business branch of the Indiana polls Public Library: GATEWAY TO RADIO (br Ivan Firth and G. S Erskine ( "First-hand information on all aspeus of the radio industry by two people who have written, prepared and directed broadcasts.” PRACTICAL BUSINESS STATISTICS ibr Frederick Croxton and Dudley J. Oowden)— "Business is Just beginning to use statistics and it is safe to sav that the use of such methods will expand rapidly In coming decades.” B WAY. INC: THE THEATRE AS A BUSINESS (by Morton Eustis) show-business, from earliest times, has always been speculative and uncertain iii nature " principles or accounting: ADVANCED (by H. A. Finney)—New Edition. PI T-AND-CALL TRADING GUIDE (bv Bernard Winfield <— ' Put* *nd call* serve as a form of insurance in stock trading operations." THE EXECUTIVE S DESK BOOK (td. by W. J. Pelo).

♦ ♦ Abreast of The Times on Finance ♦ ♦

SILVER GROUP LEADS STOCKS ON BIG BOARD Boost in White Metal to Nine-Year Peak Favors Market. It ’I United Press NEW YORK. April 24—Silver shares took command of trading on the Stock Exchange today as the price for bar silver in London advanced to another new nine-year high. After absorbing some profit-tak-ing, silver issues started an upward drive which carried Cerro De Pasco to anew 1935 high of 58, up 2 points, American Smelting to a newhigh of 41. up and United States Smelting to 113 l i. for 1% advance. The strength extended into utility shares which made a number of new 1935 peaks including issues of American Power and Light, Consolidated Gas at 24% up •% ana the preferred up % at 94%, Commonwealth & Southern, North American and public Service of New Jersey. American chain issues hit new highs as did McKeesport Tin Plate. United States Steel had a fractional gain while other in the industrial list such as du Pont. General Motors, Chrysler and American Can held close to previous closing levels. Railroad shares were about steady.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,244,000.00 Debits 4,531,000 00 TREASURY STATEMENT (Br United Pressi WASHINGTON. April 24 Government expenses and receipts for the current fisral vear to April 22. compared with the corresponding period of the previous fiscal vear: This Year. Last Year. Expenses $5,686,367,914 25 $5,724,115 612 23 Receipts .. 3.051.309.136.53 2.454.041.061.93 Deficit . 2.635,058 777 72 3.270.074.550.30 Cash bal . 2,074,530.763 45 4.379,902.741 41

Chicago Stocks

(Bv Abbott. Proctor & Paine) 11:00 Prev. A. M close . Butler Bros 6% 6% Bendix 15% 15* - Borg Warner 34% 34% Chicago Corp 1% 1% Cities Service 1% 1% Com & Edison 65% 66 Cord 3% 3% Libbv 7% 7% Nobblitt Sparks 16 16% Swift 16 16 Swift Int 34% 34% J R Thompjson 6 6

New York Curb

ißy Abbott. Proctor & Paine I 12:00 Noon Prev. N Y. close. Am Cyanide "B” 17% 17% Atlas Corp 86 8% El Bond & Share 7% . Humble Oil 50 50 Imperial Oil Ltd 16% 17 Lake Shore Min 55 55% Lone Star Gas 5% 5% Long Island Lighting 33 Natl Bellas Hess 1% 1% Newmont Min 46 46 Nia Hud Pwr 4% 4% Teck Hughes Gold 4% 4%

Other Livestock

(Bv United Press) CHICAGO. April 24. —Hogs—Receipts. 11.000, incluidng 5000 direct: active; fully steady with Tuesday: 200-260 lbs.. $9.10© 9 20; top $9 25. 260-360 lbs., $8 90(7/9.10: 140-190 lbs, $8.50@9 15: pigs. $8 50 down; packing sows. $8 25© 8.40: light lights. 140160 lbs, good and choice. $8 50©9: lightweights. 160-200 lbs . good and choice. $8.75 *(9 20; medium weights. 200-250 lbs . good and choice. $9,054/9.25; heavyweights. 250350 lbs. good and choice. $8.90@ 9.15: packing sows. 275-550 lbs , medium and choice. $7.50© 8 40: slaughter pigs. 100-140 lbs. good and choice. $7,504/8.75. Cattle —Receipts. 9000: calves. 2000: few loads choice to prime weighty steers unevenly strong to 25c higher: top. sls 85. new high since February. 1930, several loads. $14,754/ 15.60: all other steers unevenly steady to 25c lower on slow market: all she stock excepting strictlv good and choice yearling heifers unevenly weak to 25c lower; bulls strong and vealers 25c lower; bulk general run bulls and she stock unsold; slaughter cattle and vaelers: Steers, 550900 lbs . good and choice. $10.50© 14; 9001100 lbs., good and choice. sll4/15; 11001300 lbs . good and choice. sll4/ 15.50. 5501300 lbs common and medium, $6.75® 1150. heifers. 550-750 lbs , good and choice, $9,754/12.25: common and medium. $6.25© 10: cows, good, $7,754/ 10.25: common aid medium. $54/7.75; low cutter and cuti'r cows. $34/5; bulls, yearlings excluded, gool beef. $6,504/7.75: cutters, common and medium. $5,254/6 60: vealers. good and choice. $7 254/9; medium. $6 50@7 25; culls and common. $4.50© 6.50; stocker and feeder cattle: Steers. 550-1050 lbs., good and choice. $6 504/8 75: common and medium. $5.254i 6.75. Sheep Receipts. lii. 000: fat lambs slow: early bids on sales weak to 25c lower: shep weak: scattered lightweight native springers on Greek Easter accounts unevenly $1 504/2 50 higher: bids and sales wooled lambs. SB4/8.25; best held around $8 50: clippers upwa:d to $7 35; asking $7 50 nr above: few 44-lb. spring lambs. sl4 Slaughter sheep and lambs: Lambs. 90 lbs. down, good and choice. $7 85/8 50: common and medium $74/3: 90-98 lbs good and choice. $7.75©*.60: 98110 lbs . good and choice. $7 504/ 8 50: ewes. 90-150 lbs. good and choice $3 75© 5 25: all weights, common and medium. $2,754/ 4 25. (By Times Special* LOUISVILLE. April 24 —Cattle —Receipts. 400, including 150 nan-through biling: fair demand for light salable supply of slaughter cattle: market, generally steadv; bulk common to medium steers and heifers. $774/ 9 25: few common dairybreds down to around $6 50. better finished offerings veryscarce. quotable mostly $9 50 to around $lO 50; bulk beef cows. , 554J6 50; good cows to $7. and somewhat above for smooth heifer types low cutters and cutters mostly $3 254/4.75: real thin . helly low cutters down to $3: bulk sausage bulls. ss©6; desirable beef bulls to $6 50. and above for yearling types; stocker trade moderately active mostly steady: bulk be/'r Hereford stock calves. $7.50®8 50: cnoice eligible higher, most plainer grade southern Stockers. $3.50®5. Calves—Receipts. 275. market, steady: bulk good to choice vealers. $74/ 8: medium and lower grades. $6.50 down. Hogs—Receipts. 900. market, steadv; top and bulk desirable 180-250 lbs weights. $8 85. 255 lbs. up $8 40 160-175 lbs. $8 35; 140-155 lbs.. $.85: 120-135 lbs. 16 90; sows weighing 400 lbs. down. $7 '.O; heavier sows discounted 50c Sheep—Receipts. 50: run mostly wooled lambs: market, steadv; bulk medium to good wooled lambs. $6,504/ 7 50; choice to around $8: common wooled throwout. $5: most fat wooled ewes $4 down; spring lambs absent. INCOMES, EMPLOYMENT INCREASE FOR INDIANA Five Other Industrial States Also Show Gains, Study Discloses. By 7 ime* Special CHICAFO. April 24.—Incomes as well as employment are shown to be on the upgrade in six leading industrial states, including Indiana, by a survey of the annual earnings of small borrowers, made public todav by B. E. Henderson, president of Household Finance Corp. The survey compares the average incomes, by states, for 1933. for 1933, *34 and 1935. of about 300.000 borrowing families a year, who are distributed about evenly in proportion to population and are representative of families dependent upon pay rol’s. The average income of borrowers in Indiana jumped from $1662 in 1933 to $1709 in 1935. an increase of $47 per year per borrower.

INDIANAPOLIS, WEDNESDAY, APP.IL 24, 1935

Farmer Borrows in 10 Ways; Newest Method Now Pending l'.\j Times Spreia l WASHINGTON, April 24 Senator Arthur Vandenberg <R., Mich.) thinks the various farm credit agencies constitute a governmental hodge-podge. There are 10 ways <ll if the Bankhead Farm Homes Corp. bill is enacted) in which a farmer can finance himself. Senator Vandenberg finds. He suggests how 11 farmers living side by side might get money: Farmer I—Borrows from Federal Land Bank at 4% per cent for 20 to 30 years, on a basis of 50 per cent of his land’s value. Farmer 2—Borrows from the Land Bank Commission at 5 per cent on a 10 to 40-year basis at 75 per cent of the value of his land. Farmer 3—Borrows from Production Credit Corp. at 5 per cent for 12 months. Farmer 4 Borrows from Emergency Crop and Feed Loan at 5 per cent for 12 months but is limited to SSOO. Farmer s—Borrows from Commodity Credit Corp. at 4 per cent and can put up corn at 45 cents a bushel or cotton at 12 cents a pound as collateral. Farmer 6—Borrows from Regional Agricultural Credit Corp. at 6 x /2 per cent. Farmer 7—Borrows from Subsistence Homesteads Division at 3 per cent. Farmer B—His farm co-operative borrows under the Marketing Act of 1929 for as low as one-half of 1 per cent. Farmer 9—(Under pending Bankhead bill) Borrows from the proposed Farm Homes Corp. at 3 per cent and gets a loan for 100 per cent of the value of his land, buildings and equipment. Farmer 10—“ The old-fashioned American farmer” borrows through regular loan agencies at 6 to 9 per cent interest and gets only 40 per cent of the value of his holdings. Farmer 11—Saves his money and finances himself. (And Senator Vandenberg adds that, to his amazement, he finds 51.7 per cent of the farms in America are not mortgaged.)

New York Stocks

(Bv Thomson & McKinnoni 11 a. m. Prev. Oils— Hiah. Low. N. Y. close. Atl Rfc 24% 24' 2 24% 24% Barnsdall 9 BT/g'B T /g' 9 9 Consol Oil 8 7 7 * 7% 7% Cont of Del 19% 19% 19% 19% Houston (new).. 2 7 * 2% 2% 2% Mid Cont Pet 12 12 12 12' 4 Ohio Oil mi 11 3 4 11% ll*a Phillips Pet 19 19 19 19 Plymouth Oil .. 11 10% 11 11 Pure Oil 7',i 7% 7% 7 Vs Shell Un 7% 7 7% 6% Soc Vac 13% 13% 13% 13% S O of Cal 33% 33% 33% 33% SO Os Ind 25% 25 25 25% S O Os N J 42 41% 42 41% Texas Corp 21% 21% 21% 21% Tidewater Assn . 9% 9% 9% 9% Un Oil of Cal .. 18% 18% 18% 18 Steels— Am Roll Mills ... 19 18% 19 18% Beth Steel 27% 26% 27% 26% Byers AM 14% 14% 14% 14% Col Fuel <fc Iron 1% 1% 1% 1% Inland Steel 50% 49% 50% 49% McKeesport Tin 104% 102% 104% 102% Natl steel 49 49 49 48% Rep Iron & Stl 12% 12% 12% 12 Rep Iron & Stl p 39% 39% 39% 38 U S Steel ... 33% 33 33% 33 Warren Bros . 4% 4% 4% 4% Youngstn S & T. 16% 16% 16% 16% Motors— Chrysler 38% 37% 37% 37% Gen Motors 30% 30% 30% 30% Graham Mot ... 2 2 2 2 Hudson 7% 7% 7% 8 Hupn 1% 1 % 1 % 1% Mack Truck 24% 24% 24% 24% Nash 12% 12% 12% 13 Packard 4% 4 4 4% Reo 3% 3% 3% 3% Studebaker ... 2% 2% 2% 2% Yellow Truck... 3% 3% 3% 3% Motor Access— Bendix 15% 15% 15% 15% Bohn Alum 56% 56% 56 1 % 56% Borg Warner ... 35 34% 34% 34% Briggs .. 28% 28% 28% 28% Rudd Wheel . .. 3% 3% 3% 3% Raton Mfg ... 19',. 19% 19% 19% Elec Auto Lite .. 22% 21% 21% 22% Elec Stor Bat .. 43% 42% 42% 42% Houdaille "A"... 13% 12% 13 12% Murrav Body 8% B% 8% 8% Stew Warner ... 9% 9% 9% 9% Timken Roll . . 33 32% 33 32% Timken Det Axle. 6% 6V* 6% 6% Mining— Alaska Jun 17 17 17 17% Am Metals 19% 19 19% 19% Am Smelt 40% 40% 40% 40% Anaconda 12% 11% 12% 12 Cal & Hecla 3% 3% 3% 3% Cerro De Pasco . 56% 55% 56% 56 Dome Mines .... 42% 42 42% 42% Granbv 8 8 8 7% Homestake Min 385 38 . 385 380 Howe Sound 52% 51% 52% 51% Int Nickel 26% 26% 26% 26% Kenneeott Cop . 17% 16% 16% 17% Park Utah ... 4% 4 4% 4 Noranda Con .. 38% 38% 38% 38% Phelps Dodge ... 17% 17% 17% 17% St .toe Lead 16% 16 16% 16 IT S Smelters . 113% 112 113% 112% Vanadium . .... 13% 13% 13% 13V* Amusements— Fox Theat 10 10 10 10 Loews Inc 38% 38% 38*4 38% Radio Corp 5 5 5 5 Paramount .... 2% 2% 2% 2% PKO 1% 1% 1% 1% Warner Bros ... 3% 3% 3% 3% Tobaccos— Am Sum Tnb ... 22% 22% 22% 22% Am Tob •■B" 83 82% 82% 82*4 Lies & Myers B 104*4 104% 104% 104', Lorillard 21% 21 21% 21% Phillip Morris 43', 43 43 % 44 Reynolds Tob B 48% 48 48% 48 Rails— Atchison 42% 4114 41 % 41% Atl Coast Lines 25*4 25 25% 25 BAc O 11% 11*4 11% 11% Can Pacific .... 11 10% 10% 10% Ch W Ohio . 42*4 42% 42', 42', Chi * C.t W pfd 2 2 2 1% Chi N W 3% 3% 3*4 3% Dela At Hud ... 31% 30% 30% 30% Del Lac Ac W ... 14% 14% 14% 14% Erie 9’4 9% 9% 9*4 Grt North pfd. 13% 13 13 13% 111 Central 12% 12% 12% 12% Lehich Valley .. 8 7% 7% 7% Lou Ac Nash .... 41 41 41 41% M K Ac T 3% 3% 3% 3% MKAcTpfd... 7% 7% 7% 7% Mo Pac 1% 1% 1% > ? Mo Par pfd 2% 2% 2% 2_, N Y Cent 17% 17 17 16% N Y New Haven 5% 5% 5% 5% N Y Ont Ac West 3% 3% 3% 3% Norfolk A- West 169 168% 169 167% Nor Pacific ••• 16% 16% 16% 16% Penn R R 21% 21% 21% 21% Reading 34 34 34 34 Sou Pac 16% 16 16 15 n Sou R R 11% 11% H% H% Union Pac . 92% 91% 91% 91% West Maryland 8% 8% 8% 8% Equipments— Am Brake Shoe 25 25 25 25 Am Car Ac Fdv . 13% 13 12 13 Am Loco 12% 12% 12% 12% Bald Loco .1% 1% 1% 1% Gen Am Tk Car 34% 34% 34% 34% Gen Elec 24% 24% 24% 24% Pullman Inc ... 40% 40% 40% 40 West Air Br 20% 20% 20% 20 Westineh Elec . 41% 41% 41% 41% Utilities — Am Ac For Par. 3% 3% 3% 3% Am Power Ac Lit 3% 3% 3% 3% A T Ac T ...111', 111% 111% IU% Am Wat Wks 12% 12% 12% 12% Col Gas Ac Elec 7% 7% 7% 7 Com Ac Sou . 1% 1% 1% 1% Consol Gas 23% 23% 23% 23% Elec Pwr Ac Lit 2% 2% 2% 2% Int Hydro Elec 1% 1% 1% l 7 * Interboro R T • 11% 11% 11% 11 Int T Ac T 8 7% 8 t% Nat Pwr Ac iLt . 8% B*4 8% 7% North Amer 15% 15% 15% 10% Pac OAc E 18% 18% 18% 18% Peoples Gas .. 24% 24 24 24 Pub Sen N J 30 20% 30 30 So Cal Edison . . 15% 15 15 15% Std Gas ■ 4 3% 4 3% S'one Ac Wbster 4% 4% 4% 4% West Union .. .26 26% 26% 26% Rubbers— Firestone 14% 14% 14% 14% Goodyear .... 18% 18% 18-, 18% Ke!lv Spring ... -% % .% U S Rubber 12% 12% 12% 12% U S Rubber pfd Miscellaneous — Allis Chalmers .16 15% 15% 16 Am Can . 120 119% 120 120 Am Mach Ac Fdy 21% 21% 21% 21% Anchor Cap 15% 15% 15% 16 Burroughs Add ■ 15% la% 15% 15* J I Case 55% 55% 55% 55% Conti Can 73 (2% .2% 73% Caterpillar Tract 44% 44% 44% 44,* Crown Cork .... 28 28 28 28% Curtis Pub .. 19 19 19 19% Curtis Pub pfd 100 100 100 *22Deere Ac Cos. 29% 28% 28% 28> Eastman K0dak..134% 134% 13*% 184% Gillette 15% 15 15% 15% Glidden .28% 28 28 38% Ingersoll Rand . 73% (3 <3 73 Inter Harv 39% 38% 38% 39% Natl Cash Reg - 15% 15% 15% 16 Rem Rand 9% 9% 9% 9*4 Foods— Armour 3% 3% 3% 3% Borden Prod ... 24% 24% 24% 24% Cal Packing 39% 39% 39% 39 Canada Dry G A 10 10 10 10 Coca Cola 208% 208% 208% 209 Cont Bak (A) 6 6 6 6 Corn Prod -. 68% 68 68% 67% Crm of Wheat 37% 37% 37% 37% Cuban Am Sugar 6% 6% 6*4 6% Gen Baking .... 8% 8% 8% 8% Gen Foods 35% 35% 35% 35% G W Sugar 29% 29 29% 28% Loose Wiles 34% 34% 34% 34*4 Natl Biscuit ... 26% 26% 26% 26% Nat! D Prod 14% 14% 14% 14% Purity Ba k 11 10% 10% 10% S Porto Rico S 25% 25% 25% 25% Std Brands .... 15% 15% 15% 15% United Fruit ... 84% 84% 84% 84 Wngiey 80% 80 80 % 80

Retail Stores— Assd Dry Goods 9% 9% 9% 9% First Natl Stores 47% 47% 47% 48 Gimbel Bros ... 8% 33 3% Hahn Dept Sts.. 4 4 4 4 Jewel Tea 53% 53% 53% 53 Kresge S S 21% 21% 21% 21% Kroger Groc 25% 25 25% 25% Mack R H 36% 36 36% 36V* McCrorv St 9% 9% 9% 9% May Dept St 41 41 41 41% Mont Ward 25% 25 25 25'/* Natl Tea 10 10 10 9% Penney J C 66 65% 65% 65% Safeway St .... 42% 42 42V* 42% Sears Roebuck.. 37% 37% 37'/* 37 s * Woolworth 58% 58V* 58% 59% Aviation— Aviation Corp.. 3% 3% 3% 3% Curtiss Wright . 2'% 2% 2% 2% Curtiss Wri (A) 8% 8% 8% 8% Douglas Air 23% 23% 23% 23% Nor Am Av 3% 3% 3% 3 Sperry Corp 9 9 9 8% Utd Aircraft new 12% 12% 12% 12% Chemicals— Air Reduction 116% 116% 116% 116% Am Com Alcohol 27 26% 26% 26 Col Carbon 79% 79% 79% 79% Com Solvents .. 21% 20% 21% 21% Du Pont 97% 97 97 V* 96% Freeport Tex ... 22% 22% 22% 23% Liquid Carb ... 30 29% 30 30 Monsanto Chem 66% 66% 66% 66% Natl Dis (new) 27% 27% 27% 27% Schenley Dist . 25'% 25% 25% 25% Tex Gulf Sulph . 32% 32% 32% 32% Union Carbide 52% 51% 52% 52'/* U S Indu Alcohol 44% 42'/, 44% 42% Drugs— Bristol Myers ... 32 32 32 32% Lambert 25% 25% 25% 26 Sterling Prod ... 65% 65% 65% 65% Un Drug (new)., lit* 11 n 11 1a Vick Chem 36% 36 36 36 Zonite Prod 4% 4% 4% 4 Financial— Adams Exp 5% 5'% 5% 5% Allegheny Corp.. 11l 1% Am Int Corp ... 6% 6 6% 6% Chesa Corp 42% 42% 42% 42% Lehman Corp ... 75% 75 75% 75 Transamerica .. s'/* s'* s'* 5% Tr Conti Corp .. 3% 3% 3% 3% Building— Am Radiator ... 13% 13% 13% 13% Gen Asphalt 15 15 15 15 Holland Furnace 7% 7% 7% 8 Int Cement 26% 26% 26% 27% Johns Manville 46% 46 46% 46 Libby Owens Gls 26 25% 25% 26 Otis Elev 14% 137* 14'% 14 Household Col Pal Peet 17% 17 17 17 Kelvinator 16% 16% 16'% 16 Mohawk Carpet . 14% 14% 14% 15 Proc & Gamble.. 48% 48 48% 48% Serve! Inc 8% 8% 8% 8% Simmons Bed .. 9% 8% 9% 8% Textiles— Belding Hem ... 12% 12% 12% 12% Celanese Corp .. 22 21% 21% 22% Collins Aikman.. 10% 10% 10% 10% Indus Rayon 26'% 26 26 25%

N. Y. Bonds

(Reprinted from Yesterday) (Bv Abbott. Proctor & Paine) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Todav 86.5 76.5 96.3* 86.4 Yesterday 86.4 75.9 96.2 86 2 Week ago ,86.1 75.5 95.7 85.8 Month ago . 84.3 74.5 93.8 84.2 •—New 1935 high. (Copyright. 1935, bV Standard Statistics.) U. S. GOVERNMENT BONDS Liberty* Prev. . Close, close Ist 3%s 1932-47 101.19 101.14 Ist 3%S 1932-47 101.22 101.19 4th 4%s 1933-38 (called) ... 102.22 102.18 Treasury* 4%s 1947-52 116.5 116.2 4s 1944-54 111.20 111.12 3%s 1946-56 109.30 1ft9.26 3%s 1940-43 107.23 107.14 3%s 1943-47 107.4 106.27 3%s 1941-43 107.25 107.18 3%s 1943-45 106.8 105.27 3%S 1041 108.6 107.25 3 'is 1944-46 106.6 105.24 3%S 1946-49 104.29 104.21 3%s 1949-52 104.28 104.20 3s 1951-55 103.21 103.22 3s 1946-48 103.29 103.23 2%s 1955-60 101.17 101.13 Home Owners Loan Corp. 2%s 1939 100.17 100.12 3s 1952 101.31 101.24 4s 1951 100.28 100.26 Federal Farm Mortgage Corp. 3%S 1964 103.29 103.20 3s 1949 102. 101.24 3s 1947 102. 101.31 FEDERAL FARM LOAN BONDS (Bv Blyth & Cos.) Bid. Ask. 3%s Mav 1. 1955-45 101% 102 4s ,Tulv 1. 1946-44 107% 107% 4s Nov. 1. 1957-37 103% 104% 4s Mav 1. 1958-38 103% 104% 4%s Julv 1. 1956-36 102% 103% 4%s Jan. 1. 1957-37 103% 104% 4% s Mav 1. 1957-37 103% 104% 4%s Nov. 1, 1958-38 105% 4%s Mav 1. 1942-32 102 102% 4%s Jan. 1. 1943-33 101% 102 4%s Jan. 1. 1953-33 101% 101% 4%s Jan. 1. 1955-35 101% 101% 4%S Jan. 1. 1956-36 102% 103 5s Mav 1. 1941-31 100 5s Nov. 1. 1941-31 100

Hides and Skins

Hides—Green country cows and steers 4%c flat: green country bulls and glues. 3c flat; green country calf hides. 5c flat; green country kip. 4c; No. 1 large horse hides with full heads, shanks, manes and tails. $2.50: medium size. $2. All Noi 2 grade horse hides. 50c less: glues and ponies half price. No. 1 rendered tallow, 5@5%c: No. 2 at value. YeUow grease 4%®5c: dark grease. 4@4%. YOUNG NAMED TRUSTEE Attorney Is Elected in Denham Oil Cos. Bankruptcy Proceedings. At a hearing before Carl Wilde, Federal referee in bankruptcy, Howard S. Young, attorney, was elected trustee for the Denham Oil Cos. by creditors of the company yesterday. The il firm obtained permission to reorganize last fall and continued operations under the same management until recently. With liabilities of approximately SIO,OOO and assets estimated at approximately S3OOO. it was decided to cease operations and distribute assets in regular bankruptcy proceedings.

PORKERS SHOW UNEVEN TREND; RECEIPTS DROP Market Steady to 5 Cents Lower; Cattle, Veals Unchanged. An uneven trading range developed in the pork market in early dealings at the Indianapolis Union Stockyards today despite a sharp decrease in the number of supplies on hand. The market was steady to around 5 cents lower than yesterday’s best average. An oversupply of receipts, due mostly to recent heavy supplies, was believed responsible for the slight decrease in prices. Receipts today were estimated at 4500, compared with 6000 yesterday. Initial trading developed slow in practically all classes. Top price held at $9.15. The bulk, 160 to 250 pounds, cashed in at $9 to $9.10, while heavyweights, ranging from 250 pounds and upward, sold at $8.60 to $8.95. Medium light grades, scaling 130 to 160 pounds, brought $8 to $8.75. Light lights, weighing 100 to 130 pounds, were salable at $6.75 to $7.75. Good packing sows sold at $7.75 to $8.25. Holdovers numbered 97. Better grade slaughter steers remained unchanged in the cattle market, but bidding was slightly lower on other classes than in the previous session. Few early steer sales ranged upward to sl3. Receipts were 1300. Vealers held stationary, selling at $9 down. Receipts were 700. With only a slight change evident in the lamb market practically all classes were steady at the previous close. No choice clipped lambs were available. Few native wooled grade brought $8.50, while clippea slaughter sheep ranged from $4 down. Receipts were 300. HOGS ADril Bulk. , Top. Receipts. 17. $9.00(3i 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 23. 9.00® 9.15 9.20 6000 24. 9,00@ 9.10 9.15 4500 Light lights: (140-160) 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® 8.90 (180-200) Good and choice... 9 05® 9.15 Medium 8.60® 8.90 Medium weight: 1200-220) Good and choice... 9.05® 9.10 (220-250) Good and choice... 9.00@ 9.05 Heavyweight: (250-290) Good and choice... 8 90® 9.00 (290-350) Good and choice... 8.70® 8.90 Packing sows: (275-350) Good B.lo® 8.15 Packing sows: (275-290) Good B.oo® 8.15 (350-425) Good 7.90® 8.10 (275-350) 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, 1300— —Steers—-(soo-900) choice $11.25®13.50 Good 10.00® 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 [email protected] (1300-1500) Choice 13.50® 14.50 —Heifers—-(soo-750) Good 11.50®13.75 Choice 10.25®11.50 Good [email protected] Common and medium ...... 6.25® 9.25 (750-900) 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 3.25® 5.25 Bulls, good 6.50® 6.25 Cutter, com. and med. bulls... 4.50® 6.25 VEALERS —Receipts, 700— Good and choice $8.50® 9 00 Medium 6.50® 8.50 Cull and common 3.00® 6.50 —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 LIMBS —Receipts. 300— (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 Aii weights, common and medium 1.50® 2.75

Produce Markets

Delivered in Indianapolis prices: Heavy breed hens. 16c: Leghorn hens. 14c: broilers. 2 lbs. and up. 20c; Leghorn broilers. 2 lbs. and up. 17c; barebacks broilers. 13c: cocks and stags, Bc. Ducks full feathered and fat. 9c; geese full feathered and fat, 6c. All classes of guineas. 15c. No. 1 strictlv 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 35© 36c: butterfat. 32c. Quoted bv the Wadley Cos. (By United Press) CHICAGO. April 24. Eggs—Market, firm; receipts. 18,039 cases: extra firsts, 24c; fresh graded firsts. 23',ic; current receipts, 22%c: dirties. 21%c; checks, 21c. Butter—Market, unsettled; receipts. 6858 tubs: extra firsts <9O-91% scorei. 30%© 30%c; extra (92 score), 31%c; firsts (8889% score), 29%©30c; seconds (86-87% score), 29c; specials, 31%32%c: standards, 30%c. Poultry—Market, steadv: receipts lltucks. 1 car due; capons, 26© 27c: hens, 18%@19c; broilers, 23©24c; fryers, 244/25c; turkeys, 17© 24c: old roosters. 14© 15c; stags, no quote; ducks, 19© 22c: geese, 14c; Leghorn hens, 17c. Cheese—Twins, 16%@16%c; daisies, 16%®17c: Longhorns. 16%®17c. Potatoes, old stock—supply liberal; demand and trading slow; market, steady; slightly better feeling on Idanos; Wisconsin round whites, 80©85c: Michigan round whites. 80c: Nebraska bliss triumphs. $2.10: Idaho russet, [email protected]; commericial, $1.75© 1 80. New’ stock—Supply light; demand and trading light: market. steady; Texas sacked bliss triumphs, mostly $6. Arrivals 84, on track 374, shipments 438. STOCK VALUES INCREASE NEW YORK, April 24.—The market value of 50 representative stocks listed on the New York Stock Exchange at the close of business for the week ended April 20 was sll,905.680,875. an increase of $354,335,250, or 2.98 per cent, compared with the value of the preceding week, according to Paul H. Davis & Cos.

Government Bonds Home Owners' Loan Corporation and Municipal Bonds The Union Trust Cos. it of Indianapolis ir BOND DEPARTMENT 120 E. MARKET RI ley 5341

PAGE 13

‘Rule of Reason ’ Called Yardstick of Elasticity in Gauging Utility Rates Only Actual Operation of Property Can Meet Requirements of Business-Like Test to Determine Proper Level, It Is Said. This is the last of two articles by Mr. Abbott defending the government policy of setting up ••yardsticks" with which to measure public utility rates. a a a BY TVVYMAX O. ABBOTT NEW YORK, April 24.—1 tis said that there is already a satisfactory “yardstick" for measuring the rights of utilities in their relations with the public. It is called the “rule of reason.” It was adopted by the Supreme Court of the United States in 1910, out of excessive tenderness for investors in trusts and other unlawful combinations. The essence of the rule as there enunciated was that only “unreasonable” restraints of trade were unlawful.

Justice Harlan prophesied at the time that it “would lead to the greatest variableness and uncertainty in the enforcement of the law. “The defense of reasonable restraint would be made in every case,” he said, “and there would be as many different rules of reasonableness as cases, courts and juries.” Prophesy Came True If ever a prophesy came true it was this. Its immediate effect was to practically nullify the anti-trust laws, and its influence has been extended to many other branches of law. At the first opportunity the Supreme Court made its use obligatory upon all rate-making bodies. The judicial ascertainment of values for the purpose of determining whether rates are confiscatory, said the court, “is not a matter of formula, but there must be a reasonable Judgment having its basis in a proper consideration of all relevant facts.” The difficulties of applying such a rule will be apparent to any one who considers the singularly incongruous and inconsistent results that it has actually produced. Rates have been adjudged “reasonable” which were expected "to yield returns from 4 per cent, to 15 different percentages. In other cases upon similar “relevant facts” some of these same rates were held so low as to be “confiscatory.” In one case rates which would be sufficient to pay 11-3 times the fixed charges were adjudged reasonable: in another m times. Rule a Game of Chance This situation can be explained only upon the theory that the whole system of adjudication based upon the “rule of reason,” has become a great game of chance. Such has been the extreme greed of some utilities that they have incurred heavy expense and trouble in order to obtain rates which would produce 15, 16, 25 and even 30 per cent. There is always “a chance” of winning no matter how unfair, unjust and even ridiculous the attempt may be. Anything may be expected to happen with a rubber “yardstick.” Not only has it been held that no formula for the “rule of reason” will be accepted, but no legal chemist has as yet discovered any formula by which it might be compounded. It has a measure without a beginning or an ending; without a boundary to mark its length, depth, or breadth. It is at best, what one court appropriately called it, “a dignified guess.” “Twilight Zone” Outlined. In a case—not unusual in these respects—where the testimony and arguments lasted for months, making up a record of 2700 printed pages; where witnesses were in helpless conflict upon facts, and “experts” disagreed in their opinions; where the commission, the trial judge, and the highest court of appeal—each in turn disagreed with the other—there was finally evolved a “twilight zone” within which the “rule of reason” might be permitted to operate without judicial interference. In such a zone, where the mind was neither asleep nor awake, the “dignified guess” was applied. Could any investor in such a utility feel that his interests had been served in such a contest? Rules for Fair Return The rates finally allowed must be sufficient to produce a return equal to that generally being made at the same time, and in the same general part of the country, on investments in other business undertakings attended 'ey corresponding risks and uncertainties, but not to profits realized or anticipated in highly profitable enterprises or speculative ventures. How will these “inescapable limitations” be met and solved by the proposed “yardstick.” No course of action can safely be called a rule or yardstick which has not beeh tested by many experiments and experiences under relatively similar conditions. When this has been done, and the facts assembled and analyzed, the result will constitute a safe and dependable “rule” to be applied in the future. Such “yardsticks" have been developed and used for solving their problems, by all forms of business enterprises both large and small, from time immemorial. *

BUY A HOME WITH A LOAN FROM A LOCAL Building & Loan Assn.

Your Car Today Sl&KSstate Automobile Insurance Ass’n. TJ-M7I. 7th Floor Occidental Itldg.

Move Over Industry

Air conditioning, America's lusty infant, industry, will hold its first annual exposition in New York City the week of June 10, it was announced today.

PENNSY CHIEF RESIGNS

rap •

W’illiam W. Atterbury

P\j United Pres* PHILADELPHIA, April 24. President of the Pennsylvania Railroad since Oct. 1, 1925, William Wallace Atterbury today announced his retirement as head of the system. Mr. Atterbury, 69, was born in New Albany, Ind. Martin W. Clement, vice presi-. dent, succeeds him. MEN’S CLOTHING TRADE NEARS 1930 POSITION Fall Volume Will Keep Demand at High Level During Winter. Bp Times Special NEW YORK. April 24.—1n spite of its late start, fall trade in men’s clothing gathered sufficient momentum to keep demand at a high level during the winter months, and practically to clear retailers’ stocks of both suits and overcoats, Dun &, Bradstreet, Inc., declared today. “The excellent first-quarter showing,” the study continued, “followed a year of general improvement in the trade, as sales and earnings of men’s clothing manufacturers in 1934 were larger than in 1933. While some concerns still were in the red at the close of 1934, for the fourth consecutive year, the deficits were the smallest recorded during that period. “The trade has achieved the greatest degree of financial stability since 1932, and it is closer to a profit basis than at any time since 1930.

To Holders of Called First Liberty Loan Bonds Optional Exchange Offering PUBLIC notice was given March 14,1935, that all outstanding First Liberty Loan 314 /£> 4 r o and 4 1 4 % bonds due June 15, 1947/1932, are called for redemption on June 15, 1935, and will cease to bear interest after that date. For a limited period beginning April 22, 1935, holders of such bonds are offered the privilege of exchanging all or any part of their called bonds at par with interest adjusted as of June 15, 1935, for an issue of U. S. Treasury 2 7 5% Bonds dated March 15, 1935 due March 15, 1960/55 or U. S. Treasury 1%.% Notes dated March 15, 1935 due March 15, 1940 The Secretary of the Treasury reserves the right to close the subscription books without notice. He also reserves the right to increase the issue price by public ment, but not earlier than April 29, 1930. We offer our facilities for effecting these exchanges. jFletcher (Rust Company EVANS WOOLLEN, Chairman of the Board H. F. CLIPPINGER HAROLD B. THARP Vice-President Manager Bond Department

COURT DISPUTE HALTS OPENING OF GRAIN MART • Board of Trade Dealings Held Up Over Difficulties of Member Firm. /?•/ United Press CHICAGO, April 24—The Board of Trade, grain trading center of the world, was thrown into a turmoil by an unprecedented court dispute today, delaying the opening for several hours. The dispute revolved around a petition to reorganize under the amended bankruptcy laws filed by the Rosenbaum Grain Corp., one of the largest gram houses on La Salle-st. The grain pits were kept closed while the litigation was threshed out in a Federal judge's chambers. Board of Trade attorneys went before Federal Judge William H. Holly seeking vacation of an injunction restraining the exchange from suspending the Rosenbaum firm, in accordance with exchange regulations. Pleads for Injunction Attorneys for the trustee appointed for Rosenbaum, which wa3 forced by drought and a short grain crop to seek relief, pleaded that the injunction remain in force on the ground that suspension might “adversely affect the owners of grain, farmers, producers, shippers and consumers throughout the world.” A compromise was arrived at whereby the injunction remains in effect but all trades of Rosenbaum Grain Corp. were closed out as of today and it was agreed that no further trading will be done under the name of Rosenbaum until reorganization is effected. Meanwhile, the situation in La Salle-st was tense. While the market was closed traders paced the floor nervously discussing the unprecedented situation. Never before has the exchange been restrained by court order from enforcing its regulations. Some Holdings Sold There was talk of Rosenbaum long holdings in wheat, but sentiment among the traders seemed to be that most of these holdings probably had been disposed of before the reorganization petition was filed. It was pointed out that heavy liquidation was brought into the market yesterday, presumably by the Rosenbaum selling influence, and prices slumped 3 cents. Officials of the exchange said this is the first time in history that the affairs of any one member have resulted in a closing. The exchange was closed for slightly more than an hour during the reading of the gold clause decisions by the Supreme Court, and, prior to that, closing was necessitated once by the general banking holiday and once during the war. Since the banking holiday the exchange has operated under restrictions governing the amount of fluci. ation that will be permitted in any une day’s trading. Under the restrictions wheat may fluctuate no moie than 5 cents, corn no more than 4 cents and oats no more than 3 cents. LOCAL CASH MARKET Citv grain elevators are paying 88 cent* for No. 2 soft red wheat. Other grade* on their merits. Cash corn No. 3 vellow. 81 cents, and oats 42 cents.