Indianapolis Times, Volume 47, Number 40, Indianapolis, Marion County, 26 April 1935 — Page 38

WaUSt. Savings to Nation by Cut in Money Rates Large. BY RALPH HENDERSHOT Timet Sperial Writer

YORK, April 26.—1 t would be impossible to determine the savings to the United States by the decline in money rates during the past year, but it is obvious that it will be enormous. The government itself will save about $100,000,000 annually in interest, according to estimates, and this will be added to materially by corporations and

W '

1 n and i v i duals through refunding operations. One of the chief reasons why the depression ■was so severe and lasted so long was the excessive propo rti on of earnings which were needed to meet interest charges on debts. Moreover, the inability on the

part of many to meet their interest obligations caused properties to be thrown on the market through foreclosure. Consequently, not only was the ruirhas' power of the public g-eati\ .educed but values were great’ effected by the huge burden interest payments. So long as business was booming the huge debt structure of the country’ constituted no great handicap to general wellbeing. And it would have been an excellent thing after the slump developed had it been possible to cut debts proportionately. But that was out of the question, so the only way relief was possible was through a reduction in interest rates. Now that we have received that relief in some quarters and have the promise of its spreading to others the outlook takes on a much brighter hue. a a a *T'HE government was responsible largely for the lower interest rates. It flooded the banks with so much money that they were hs-rd pressed to find employment for it. The competition which arose for the better class loans became so keen that interest rates could not hold. Call money rates recently dropped to % per cent, the lowest level in several decades. The banks, moreover, are being forced into corporate issues now in Older to secure a reasonable rate of return on their surplus funds. Bond prices have been advancing consistently for some months, and some authorities seem to think the market has reached a dangerous position. Others say, however, that w r e have not even approached the peak of bond prices. The vast amount of funds awaiting employment and the easy money policies of the government are likely to smake price levels of the last few jyears seem unusually low’, they contend, a a a THE benefits of such a development would be of tremendous importance at this stage of the recovery. The cost of carrying the debt burden would be so greatly reduced that properties and other tangible goods probably would find a teady market again. Building operations probably would be materially assisted, business people c-ice more would be able to get the credits they need, and frozen situations would be thawed out. INDEX OF FARM WAGES AT HIGHEST SINCE 1932 Department of Agriculture Figure 94 Per Cent of Pre-War. By United Press WASHINGTON, April 26.—Farm wages on April 1, as measured by an index of the Department of Agriculture, were the highest for that date since 1932, it was reported today. The index level stood at 94 per cent of the pre-war average, compared with 88 per cent on April 1 last. year. The supply of farm hards was 38 per cent in excess of demand, although 27 per cent less than the pre-war average. This compares W’ith a 58 per cent excess of farm hand supply over demand." GROSS INCOME LOWER United Corp. Reports Profits at 52,324,469 for Three Months. ByT imes Special NEW YORK. April 26.—Gross income of the United Corp. for three months ended March 31. 1935. amounted to $2,324,469, compared with $2,727,108 in the same period of 1936, it was announced here today. Net income after taxes and exenses amounted to $2,225,400. ?quivalent after dividend requirements on the $3 cumulative preferred stock to about 2 cents a share on 14,529.323 shares of common stock. This compares with net income of $2.- , 540,047 last year, or 4 cents a share.

On Commission Row

Quotations below are average wholesale prices being offered to buyers by local commission dealers: Fruits —Bananas. 4 s <c a lb. Apples. Wmesaps. $2 10. Delicious. S2 10. Baldwins. $1 60. Lemons. Sur.kist. 260s S4 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. t 4 25. Apricots. $3 crate. Grapes. South America, white. 20-lb. box. *2 75 Cantaloupes— Honev Dews. South America. *3: Mexican Jumbo's, *6 a crate, standards. *4.75 a crate. Nectarines. South America, box. *3 >O. Vegetables—Cabbage. new Carolina, hamper. *2.75: Florida, *2 75 a hamper; Mississippi, half crate. *2 50. Onions. SO-lb. bag. *2 50; new Texas boiler. 50-lb, bag *2 25: new Texas white. 50-lb. bag, $2 ;5. Potatoes. Green Mountains. 100-10. bag. *1.75: selected cobblers. 150-lb. bag. *2 50; northern round white. 100-lb. bag. *1 15- Ohios. 100-lb. bag. *2.10; Idaho Russets. 100-lb. bag. *2 60: new Florida Triumphs, bushel. *2 Sweet Potatoes, Indiana Jerseys bushel. SI 50: medium or seed *110: Nancy Hall, bushel. *l4O. Beans, round stringless, hampers, *2 75. Celery (washed ana trimmed), medium, do*., 50c: Jumbo, dor.. 75c; hearts, doz.. 90c Cucumbers, hot house, do*.. *1.15; 2 do* box. *2 Endive. California, dozen. *l. Egg plant. *1 50C2 do*. Kale, bushel. 60c Lettuce, hot house. 15-lb basket, *2 10. Arizona Iceberg heid lettuce. *4 50. Mangoes *s{j6 a crate: small basket. 60c. Mint a do*.. *l. Parsley, do*. 35c. Peas. California, hamper, *3.50: Mississippi, hamper. *2 35. Spinach. Texas, bushel. *1 Radishes, dozen. 60875< Turnips. husheL 75c. Parsnips. bushel. half bushel. *l. Beets, crate, new Texas. *2. Carrots, California, crate, *3. Rhubarb, outdoor, do*. 30c. Mushrooms, lb.. 30c. All quotations subject to change up or dew a.

PAGE 30

SILVER ISSUES AGAIN IN LEAD; COPPERS FIRM New Tops Made in Long List of Mining Shares. I By T nitrd Press NEW YORK, April 26—Bar silver soared to 81 cents an ounce here today, a rise of 4 cents over | yesterday's price and nearly 4 cents above the price the Treasury pays for newly mined silver. By United Press NEW YORK. April 26.—Silver issues and coppers were strong and active on the Stock Exchange during this morning, while other sections were irregular. A long list of silvers made new tops for the year or longer, including Silver King Coalition at 18%, up 2%; Howe Sound 56, up 1; and American Smelting 45 4, up 2. Cerro de Pasco reached 63%. up l'i. and United States Smelting 124%, up 2%. Coppers at new tops included Anaconda, Magna, Park Utah and International Nickel. Homestake Miniing soared 10 points to anew 1935 high Eastman Kodak was up 2% points to anew high at 144% on the strength of its large silver inventory. Liquor stocks were weak at losses ranging to more than a point, with United States Industrial Alcohol, the heaviest loser, off 1% at 41 Vi. Motor shares and steels eased fractionally. Utilities slipped off with Public Service of New Jersey off a point at 27%. Rails were mixed in a narrow range. Amerada rose more than 2 points in the oils. Radio Corp. issues were active and strong.

Ralph Hendershot

Chicago Stocks

(Bv Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Allied Products 18 18 Bendix 15% 15V* Cities Service 1% 1% Crane Cos 10 10 Com & Edison 65% 65 Cord 3% 3% Libbv 7% 7% Quaker Oats 130 130

New York Curb

(Bv Abbott. Proctor & Paine) 12:00 Noon Prev. N Y. close. Alumn Cos of Am 48 47% El Bond & Share 7 7V* Imperial Oil Ltd 16% 16% Newmont Min 50% 49% Novade! Agene 21 21 Penn Road I s * 1% Salt Creek Products 6% 6%

Other Livestock

(By United Press) FT- WAYNE. April 26—Hogs—Market 5 cents higher 180-200 lbs., $8 90; 160-180 lbs . $8.80; 200-225 lbs., $8.75; 225-25 J lbs., S8 65; 250 300 lbs.. $8.55; 300-350 lbs., $8 35; 150-100 lbs.. $8 50: 140-15 C lbs., $8 25: 130-140 lbs.. $8; 120-130 lbs., $7.50; 100-120 lbs . $7: roughs. $7.75; stags $5.75. Calves. $8.50. Woolea ’ambs, $8; clipped lambs, $7. LAFAYETTE. April 26.—Market 10 to 20 cents higher: 180-225 lbs. $8.90'§8.95: ’.’25275 lbs.. sß.Bo® 8 85: 275-325 lbs.. $8.70® 8 75; 160-180 lbs . $8.85: 140-160 lbs.. sß® 8 35: 130-140 lbs.. $7.60®7.85: 120-130 lbs., S7 13® 7.35; 100-120 lbs. $6 35® 6.85; roughs. $8 25 down. Calveo—Steady, S8 down. Lambs—Steady, $7 25 down. (By Times Special) LOUISVILLE. April 26.—Cattle—Receipts, 225. slaughter cattle in very light supply; run includes about two loads of Stockers and feeder ; demand dependable; market eenerally ..teady: bulk common ,o medium steers aud heifers. s7®9: better finished kinds scarce, quotable to $10.50 and above for st.ictlv good steers; beef cows mostly ss®e 25; good kinds to $7 and above for smooth heifer tvpes; low cutters and cutters mostly s3® 4.50; bulk sausage bulls, ss® 6: beef bulls to $6 50 and above for yearling tvnes: bulk better Hereford stock, calves. $7 50® 8 50; plainer grade light southern Stockers mostly $3 50® 5. Calves Receipts. 375. including 12 > stock calves; market steady; bulk better grades, S7®B; medium and lower grades $6.50 down. Hogs—Receipts. 600; market. 10 cents higher: top and bulk better 180-250 lbs., $8 75: 255 lbs up. $8.30: 160-175 lbs.. $8 25; 140-155 lbs $7.75; 120-135 lbs.. $6 80; sows. 400 lbs down. $7; heavier sows discounted 50c. Sheep—Receipts. 50; inn mainly wooled sheep and lambs; market steady; bulk medium to good lambs. $6.50® 7 50: choice quotable around $8 common wooled throwouts mostlv $5: fat wooled ewes largely $4 down; spring lambs absent. ARGENTINE IS NEW U. S. COTTON RIVAL Plans to Be One of Greatest Producers in World. Says Report* By Times Special NEW YORK. April 26. —The United States cotton industry, already beset by increased competition in the world raw market by Brazil and in finished goods by Japan. faces anew threat in the Argentine, advices from the South American nation and Europe revealed today. A London correspondent cabled that one of the largest London Stock Exchange firms, which follows developments in the United States closely, and which was one of the first organizations to draw attention to the possibilities of Brazilian cotton, and the fact that it might result in the United States government affections a subsidy plan, said: “With no idea of adding to the troubles which President Roosevelt has already brought on himself, he must record the fact that a movement is being started in the Argentine to make that country one of the greatest cotton producing nations in the world.” ONE-SIXTH POPULATION NOW ON RELIEF ROLLS 20,523,042 Persons Listed in March, FERA Report Shows. By Times Special WASHINGTON. April 26.—Federal Emergency Relief Administration statistics today revealed that onesixth of the country's population de- i pends on the government for food and clothing. Relief rolls listed 20,523,042 persons in March, the last month for which figures are available. Co6t of caring for them was more than $150,000,000. March relief rolls dei creased 147.304 persons below January, the winter’s high point.

Abreast of The Times on Finance

New York Stocks

lißv Thomson & McKinnon*. 11 A. M. Prev. Oil*— High. Low. N. Y. close. I Amerada 60 58% 59% 59% Atl Rfg 24% 23% 24% 24 1 Barnsdall 8% 8% 8% 9 Consol Oil 8% 8 8% 7% Cont of De! ... 19% 19% 19% 19% Mid Cont Pet .. 11% 11% 11% 11% I Ohio Oil 11% 11% 11% lit. Pe? Corp 9% 9% 9% 9% Phillips Pet 19 19 19 19 Plymouth Oil ... 11 10% 11 10% Pure Oil .... 7% 7% 7% 7% Seaboard Oil ... 29% 28% 29% 28% Shell Un ... . 7% 7% 7% 7% Skeiiev Oil 8% 8% 8% 8% Soc Vac 13% 13% 13% 13% S O of Ca! 33% 32% 33% 33 S O of Ind .... 25% 25 25% 25% S O of N J ... 42% 42% 42 42 Texas Corp . ... 21% 21% 21% 21% . Tidewater Assn . 9% 9% 9% 10 Un Oil of Cal . 18% 18% 18% 18 Steels— Am Roll Mills .. 19 18% 18 19% Beth Steel 27 26% 26% 27% Bvers A M 14% 14% 14% 15 Cruc Steel 19 19 19 20 Inland Steel ... 51% 51% 51% 51% Ludlum Steel ... 16% 16% 16% 16% McKeesport Tin 104% 104% 104% 105 Mid Steel 12*8 12% 12% 12% Natl Steel 48% 48% 48% 49 Ous Steel .... 5% 5% 5% 5% Rep I & Stl 12% 12% 12% 12% U S Pipe & Fdv 18 17% 17% 17% U S Steel ... 32% 32% 32% 33% U S Steel pfd ... 87% 87% 87% 87% Warren Bros ... 5 4% 5 5 Youngstn S& T 15% 15% 15% 16 Motor*— Auburn 21% 20% 20Vi 2174 Chrysler 38‘8 37% 31% 38 Gen Motors 31% 30% 30% 31% Hudson .. 77* 7% 7% 7% Hupp l 5 *. 1% i% 1% Mack Truck 24% 24% 24% 24% Nash 12% 12% 12% 12% Packard 3% 3% 3% 4 Reo , 3% 3% 3% 3% Studebaker 33 33 Motor Access— Bendix 15% 15 15% 14% Bohn Alum 55% 55% 55% 55% Borg Warner ... 34% 337* 34% 34% Briggs 28 28 28 28% Eaton Mfg 1974 19% 19% 19% E.'ec Auto Lite .. 21% 207* 207* 21% Elec Stor Bat ... 43 43 43 43% Houdaille •A" .. 12% 12% 12% 12% Murray Body ... 9% 8% 8% 8% Stew Warner ... 10% 9% 10% 974 Timken Roll 32% 32% 32% 32% Timken Det Axle 6% 6% 674 6% Mining— Alaska Jun 17% 1774 1774 1774 Am Metals 20% 20% 2074 20% Am Smelt 4574 437* 45% 43% Anaconda 147* 14% 14% 13% Cal & Hecla .... 3% 3% 3% 3% Cerro De Pasco . 63% 61% 63% 61% Dome Mines ... 42 7* 4274 42 74 42 Granby 874 8 % 8% 8% Gt Nor Ore 11% 11% 11% 1174 Homestake Min .395 395 395 385 Howe Sound ... 56 55 56 55 Ins Copper 3% 3% 3% 374 Int Nickel 27% 27% 27% 27 Kennecott Cop.. 18% 18% 18% 18% Park Utah 5% 5*4 574 5% Noranda Cop ... 40% 39% 4074 3974 Phelps Dodge ... 18% 1874 18% 184* St Joe Lead .... 177* 16% 177* 167* U S Smelters ...12 474 122 7 4 1 24% 122 Vanadium 13 1274 1274 1 3 Amusements— Croslev Radio .. 1574 15% 15% 15% Fox Theat 1074 10 10 1074 Loews Inc 3874 3 8 38 74 38 Radio Corp 574 5 5% 5 Paramount 32% 3 274 RKO 1% 174 1% 1% Warner Bros ... 374 374 374 3 Tobaccos— Am Snuff 72 71% 72 7074 Am Sum Tob . 22% 2274 22% 22% Am Tobacco “A" 82 8174 82 8174 Am Tobacco ‘B” 84% 84 84 84% Lig & Myers -8’.107% 107% 107"% 10774 Lorillard 2174 2074 2074 2074 Phillip Morris 43 43 43 4374 Reynolds Tob ‘B’ 4874 4874 4874 4874 Rails— Atchison 4274 41% 4174 42 Atl Coast Lines . 24% 24 24% 24% B& O 11% 11% 11% 1174 Can Pacific .... 1074 10% 1074 1074 Ch & Ohio 43 42% 42% 4274 CM&StP 1 1 1 1 CM& St P pfd 174 1% 1% 174 Chi N W 374 3% 3% 3% Dela & Hud 3174 30% 30% 30% Del Lac & W... 14% 14% 14% 1474 Erie 974 9% 974 9% Grt North pfd. 1374 13% 137* 137* 111 Central 12% 12 12% 12% M K & T pfd... 1% 1% 13/4 j5 3 N Y Cent 17% 17% 177 a 17% N Y New Haven 5% 5% 5% 574 N Y Ont & W . . 3 3 4 3% 374 3% Nor Pacific 16% 16% 16% 1674 Penn R R 217* 21% 21% 21% Sou Pac 16% 16% 167* 16% Sou R R 11% 11% 11% n% Union Pac 92 % 92 92 91% W Maryland ... 874 8 % 874 874 Equipments— Am Brake Shoe 2 6 25 74 2 6 25 74 Am Car & Fdy 1374 1 374 13% 13% Am Loco 12% 12 12 % 12 Am Steel Fdv .. 13% 1374 13% 1374 Bald Loco 1% l 7 * 17* 17* Gen Elec 24% 24 74 24 % 247* Gen R R Sig .. 23% 23% 23 74 23 7* Pullman Inc ... 39 74 38 % 39 74 31 74 West. Air Br ... 2074 20% 2074 20 Westingh Ele ... 41 74 41% 413% 42 Utilities— Am & For Pwr. 374 374 374 3% Om Pwr & Lit.. 37* 3% 3% 3% AT&T 11274 111 3 * 112% 1127* Am Wat Wks . 12 117* 11% 12% Col Gas & Elec 674 6% 6% 6% Comm & Sou ... 174 1% IT* 1% Consol Gas ... 24 23% 23% 24% Int Hydro Elec . 174 it* 174 174 Int T & T 8 77* 77* 8 Lou G& E •‘A”- 16 1574 16 157* Nat Pwr & Lit.. 874 874 874 8% North Amer .... 14% 14% 147* 14% Pac G & E 18% 18% 18% 1874 Pub Serv N J ... 28% 2774 2774 29 So Cal Edison .. 15% 15% 15% 15% Std Gas 37* 374 3% 37* Stone & Webster 47* 4% 4% 47* United Corp .... 33 33 Un Gas Imp .... 13% 13% 1374 1 3 3 / 4 Ut Pwr &Lt “A” 1% 1% 174 17* Rubbers— Firestone 14% 1474 1474 14 3 4 Goodrich 874 8 74 8 74 8% Goodyear 18% 1874 18% 18% Kelly Spring .... 74 74 74 74 U S Rubber 1274 1274 12% 1274 Miscellaneous— Allis Chalmers .. 15% 1574 1574 1 574 Am Can 12374 *22 122 123% Am Mach & Fdy 21 21 21 21 Anchor Cap 15% 1574 1574 1574 Brkiyn Man Tr.. 38% 38% 38% 3874 Burroughs Add . 15*4 1574 15% 157* J I Case 56% 56% 5674 567* Conti Can . 72 3 4 72% 7274 727* Caterpillar Tract 44% 447* 44% 44% Crown Cork 29% 28% 29% 28% Curtis Pub 197* 19% 1974 i% Curtis Pub pfd .98% 98% 9874 9874 Deere &Cos 28% 2874 2874 28% Eastman Kodak .144% 142 74 144% 141% Foster Wheeler . 14% 1374 14% 14% Gillette 15% 1574 1574 1574 Glidden 27% 27% 27% 27% Ingersoll Rand . 7772 75% 7674 75% Int Bus Mach ..174% 174% 17474 174% Inter Harv 40% 35% 39 3 4 40 Natl Cash Reg.. 15% 15% 15% 15% Rem Rand .. .. 974 9 % 9% 9% Worthington Pm 14% 1474 14% 1674 Foods— Am Sugar 62% 62% 62% 62% Armour 3% 3% 3% 3% Borden Prod ... 24% 24 247* 24% Cal Packing ... 377a 3774 37% 3774 Can Dry G Ale. 10 10 10 10 Coca-Cola 203 202% 202% 205 Cont Bak “A".. 5% 5% 574 5% Corn Prod 68% 67% 68 677* Crm of Wheat.. 37% 37% 37% 37 Cuban Am Sugar. 6% 6% 6% 6% Gen Baking .... 8% 8% 8% 8% Gen Foods 34% 33% 33% 34% Gold Dust 15% 1574 15% 15% G W Sugar 30% 30 30% 29% Int Salt 3174 3174 31% 3174 Loose Wiles 33 33 33 33 Natl Biscuit ... 23% 22% 23% 22% Natl D Prod 147* 14% 14% 14 Puritv Bak 10% 9% 9% 10% S Porto Rico Sug 25% 2574 2574 25% Std Brands 14% 14 14 14% United Fruit ... 86% 8674 86 % 86 Wrigiey 82% 82% 8274 82 Retail Stores— Assd Dry Goods. 9 9 9 9% Best &to 37% 37% 3774 3774 First Natl Stores 48% 48 48 48 Gimbel Bros .... 33 33% Hahn Dept Sts.. 3% 3% 3% 3% Kresge S S 21% 21 217* 217* Kroger Groc .... 25 25 25 25 Macv R H .... 3674 3674 3 674 36 McLellan St ... 10 10 10 9% Marshal Field .. 774 774 7 % 77* Mont Ward 25 24% 24% 24% Penney J C .... 65 64% 64% 65 Safeway St 41% 41% 41% 42 Sears Roebuck . 37% 36% 36% 37 WooTworth 58 s * 58% 58% 5874 Aviation— Aviation Corp .. 474 4 4% 4 Boeing Aircft ... 8% 8% 8% 8% Curtiss Wright... 2% 2 s * 2% 2% Curtiss Wrgt A 8% 8% 8% 8% Douglas Air .... 25% 25 25 35% Nor Am Av .... 3% 3% 374 3% Sperry Corp ... 9% 974 9% 97*

j—-WE BUY, SELL, and gladly furnish quotations oat Bends of the United States Government, Its Territories and Insular Possessions Home Owners' Loan and Land Bank Bonds Indiana Municipal and Corporate Securities General Market Securities Indianapolis Bond and Share Corp. 129 EAST MARKET STREET

INDIANAPOLIS, FRIDAY, APRIL 26, 1935

| United Airct new 13V. 12% 12% 12% Chemical*— Air Reduction.-. 119% 119% 119% 11874 Allied Chem 144 141 141 143 Am Com Alco .. 24 23% 23% 24% Col Carbon ... 78% 78% 78% 80 7* Com Solvents .. 21% 20% 20% 20 7 * Du Pont 99 98% 98% 99 Freeport Tex ... 227* 22% 22% 22% Louid Carb 29 29 29 30 Math Alkali 28% 28% 28 7 * 28% Monsanto Chem 67% 67% 67% 66 Natl Dis (new). 25% 24% 24% 26 Schenlev Dist . 23% 22% 22% 23% Tex Gulf Sulph.. 32% 32 32 32% Union Carbide . 52% 51 s * 51% 52 U S Ind Alco . 43 41% 4174 437* Drugs— Bristol Myers . 32 s * 32% 32% 32% Lambert 25 7 * 25% 25% 25% Sterling Prod .. 66% 66% 66% 67 Un Drug inewi.. 10% 10% 10% 10% Zonite Prod .... 47* 47* 4% 4% Financial — Adams Exp 5% 574 57* 5% Allegheny Corp .1 1 1 1 Chesa Corp 42% 42 42 42% Lehman Corp ... 75 74 74 75% Transamerica .. 5% 574 57 * 5% Tr Conti Corp ... 374 37* 374 3% Building— Am Radiator ... 13% 13 1 /* 1374 13% Gen Asphalt 15 14% 15 15 Holland Furnace 8% 77* 774 8% Johns Manville 47% 47 47 477* Libby Owens Gls 25% 25% 25 s * 26 Otis Elev 14V* 14 14% 14 Household— Col Pal Peet .... 17 17 17 17 Congoleum 32% 327* 32 74 32 Kelvinator 15% 15% 157* 153% Mihawk Carpet.. 15% 14% 147* 15 Proc & Gamble.. 49 49 49 49 Servel Inc 87* 8% 87* 9 Simmons Bed ... 97* 974 9V 9‘4 Textiles— Belding Hem 1274 12 12 12% Celanese Corp . 21% 19% 19% 21% Collins Aikman . 11% 11% 11% 11% Gotham Hose .. 374 37* 374 3% Indus Rayon ... 25'* 25 25 25% Kayser Julius.. 18% 187* 1874 187*

N. Y. Bonds

(Reprinted from Yesterday) (By Abbott, Proctor & Paine) DAILY BOND INDEX 20 20 20 60 _ . Inds, Rails. Util. Bonds. Today 87.0 77.3 X 96.6 87.0 Yesterday 86.9 76.7 96 3 86.7 Week ago 86.3 75.0 95.9 85.8 Month ago . 84.2 73.9 93.7 83.9 x—New 1935 high. (Copyright. 1935. by standard Statistics). V. S. GOVERNMENT BONDS Libertys. Prev. , * Close, close. Ist 374s 1932-47 101.15 101.20 Ist 474s 1932-47 101.19 101.24 4th 4V*S 1933-38 102.22 702.21 Treasurys 4%s 1947-52 116.6 110.6 4s 1944-54 111.18 111.18 3%s 1946-50 109.31 110 3%s 1940-43 107.25 107 26 3%s 1943-47 107.6 107.6 3%s 1941-43 107.28 107.29 374s 1943-45 106.9 106.9 374s 1931 108.2 108.6 3 74s 1&44-46 106.2 106.5 3;s 1943-49 104.30 104.29 3Va S 1949-32 104.31 104.30 3s 1951-55 103.30 103.26 3s 1946-48 103.28 103.28 27*s 1955-60 101.15 101.18 Home Owners’ Loan Corporation. 2%s 1040 100.15 100.15 3s 1952 101.28 109 1 4s 1951 100.27 100.27 Federal Farm Mortgage Corporation. 374s 1964 103.24 103.26 3s 1949 102.1 102.2 3s 1947 102.6 102.5 DOMESTIC Prev. Close. close. Alleg Corp 5s '44 70 70 V* Alleg Corp 5s ’49 60 60 Alleg Corp 5s 'SO 18 16 1 /* Am Frgn Pow 5s 2030 59% 58 Am Tel & Tel 57*s ’43 112% 112V* Am Tel & Tel 5s '65 112% 112% Arm & Cos (Del) 5%s ’43 ...105 105 Ati Coast Line 4s ’52 99% 99% Atl Coast Line 474 s ’64 83 V* 83% Atch Top & S Fe 4%s ’4B ...106 106 Am Wat Wks 5s ’44 95% 95% Am Rolling Mills 5s ’3B 103 103 Balt & Ohio 5s ’95 63% 62% Balt & Ohio 6s ’95 72 71 Balt & Ohio 4%s ’6O 48% 48 Buff Roch & Pitt 4%s ’57 56% 56% Beth Steel 5s ’36 . 1047* 10474 Chi Milw & St P 5s ’75 12% 12 V* Chi Milw & St P 5s 2000 33% Cleve Un Term 5s ’73 90% 90% Cleve Un Term 4%s ’77 85 847* Col Gas 5s Mav ’52 88 87 s * Col Gas 5s April ’52 88 867* Col Gas 5s ’6l 88 86% Can Pac Perp 4s 86% 86% Cent Pac 5s ’6O 75 72% Big Four 474s '77 64% 62% Big Four 5s ’63 70% 68% Colorado & So 474s ’BO 58 58 Chi & West Ind 4s ’52 97 96% Chi & West Ind 57*s ’62 10474 104 Chi & Nor West 4%s ’49 ... 137* 13 Con Gas 5s ’57 105% 106 Chesa Corp 5s ’47 104% 104V* Dodge Bros 6s ’4O .....105 105 Del & Huds 4s ’43 8274 81% N Y Dock 5s ’3B 49 48% Erie 5s ’75 60% 60’/* Erie 5s ’67 61 61 Gen Cable 574s ’47 93 92% Grt Northern 7s ’36 89 V* 88% Grt Northern 4%s ’76 70% 70V* Grt Northern 474s ’77 70% 6974 Gen Stl Cast WW 574s ’49... 77 7574 Hud & Manhat Ref 5s ’57 .. 87% 8674 111 Cent 4%s ’66 50 49% 111 Cent Jt 4%s ’63 55 55 111 Cent 5s ’63 60% 59% Interlake C & I 5s ’sl 787* 78 Interntl Hv Elec 6s ’44 36% 37 Interntl Tel & Tel 4%s ’39 .. 6774 66% Interntl Tel & Tel 5s ’55 .... 63 627* Interntl Tel & Tel 474s ’52 .. 58 56% P Lorillard 7s ’44 12874 128 7* McKees & Rob 574s ’SO 97V* 97V* Midvale Stl 5s ’36 103% 1037* Natl Dary 574s ’4B 104 10374* Natl Steel 5s ’56 7067* 1067* Nickel Plate 4%s ’7B 55 65% Nickel Plate 574s ’74 67 6674 Nickel Plate 6s ’35 57% 56 7* N Y Cent 5s 2013 60% 59% N Y Cent 474 s 2013 (old) 55% 55 Nor Amer Cos 5s ’6l 96 96% Nor Pac 3s 2047 7874 78 Nor Pac 6s 2047 93% 93% Nor States Pow 5s '4l 106% 106% New Orleans Term 4s ’53 .... 85% 85 Otis Steel 6s '4l 90 89% Penn Ry 47*s ’B4 104% 104% Penn Ry 4V*s ’Bl 10474 104% Penn Ry 4%s ’7O 94% 94% Pac G & E 5s ’42 10674 107 Portland Gen El 474s '6O .... 62% 62% Eara Publix 574s ’SO 81% 79 Penn P & L 4%s ’Bl 105 105 Postal Tel & Cav 5s ’53 4274 4274 Rem Rand WW 57*s '47 104 104 Sinclair Oil 6%s '3B 102 10274 Shell Union Oil 5s '47 103V* 10374 Sou Pac 4%s ’6B 65% 64 Sou Pac 474s ’Bl •■•..•••••.. 65% 63% Sou Pac 47 2 s '69 6574 64 Sou Pac 4s ’49 68 67 Sou Rail 4s '56 43 42% Sou Rail 6s ’56 56 56 Sou Rail 674s ’56 59 59 Sharon Stl Hoop 574s ’4B .... 88% 88 Texas Pac 5s 'BO 87 86 Texas Pac 5s ’79 87 86% Texas Pac 5s ’77 87 86% Union Pac 4s ’47 113 11274 United Drug 5s ’53 90% 89’s U S Rubber 5s ’47 93% 93% NY NH & Hart 6s ’4B 37 74 3 7 NY NH & Hart 474s ‘67 33 32 Warner Bros 6s ’39 55% 54 Western Mary 574s '77 99 99 Western Mary 4s ’52 93% 93% Youngstown S&T 5s '7O .... 94% 9472 Youngstown S&T 6s ’7B .... 9474 947* FOREIGN Argentina A6s '57 9474 947’* Argentina B6s "58 947* 947* Brazil 8s ’4l 3074 30V* Canadian Govt 4s ’6O 107 107 Denmark 574s "55 99 9974 French 7s ’49 182% 182% German 5%s *65 27% 2774 German 7s ’49 37% 37 Italy 7s ’sl 87V* 88% Japan 6%s '54 96 96 Poland 7s ’47 111% 111 Rome 6%s ’52 77% 78 Tokio City 5%s '6l 79% 79% Yokohama 6s ’6l 84 8374 RELIEF BILL PASSED By Times Special SPRINGFIELD, 111., April 26. The Illinois House of Representatives today was considering the state administration’s emergency relief bill, by which the state will raise $36,000,000 for the unemployed, following passage of the bill in the Senate. The vote was 43 to 14.

HOG PRICES UP 5 TO 25 CENTS AT CITY YARDS 4 All Classes Unevenly Higher as Receipts Decrease Sharply. A strong undertone developed m hog trading at the Indianapolis Stockyards today and all classes were unevenly higher than yesterday’s weak close. The general run was mostly 5 to 10 cents higher, while extreme lightweights were up from 10 to 25 cents. The two main contributing factors toward the sharp advance was a decrease in the number of receipts and a strong demand prevailing in practically all divisions. Light classes, however, were scarce and bidding was sharply higher. Supplies were estimated at 4500, compared with 6000 yesterday. The bulk, 160 to 275 pounds, was selling from $8.85 to $9.05. while heavy butcher grades, scaling from 275 pounds and upward, cashed in at $8.50 to $8.85. Lighter weights, Lorn 130 to 160 pounds, sold at $7.85 to $8.65. Others, weighing 100 to 130 pounds, brought $6.60 to $7.75. Packing sows ranged from $7.75 to $8.35. Holdovers numbered 126. The cattle market held stationary with a week-end cleanup trade prevailing in practically all light classes. Run of steers and heifers consisted mostly of odds and ends, selling under $lO. Receipts were 500. Vealers also remained unchanged, salable at $9 down. Receipts were 700. With supplies scarce and practically no demand evident in the lamb market all prices continued steady at yesterday’s average. Bulk of clipped fed Western grades was selling at $7.25 down, while clipped slaughter sheep brought $4 down. Receipts numbered only 600. HOGS Anrll Bulk. Top. Receipts. 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 9.10 9.15 4500 25. 8.75® 8.95 9.00 6000 26. 8.85® 9.05 9.05 4500 Light lights: (140-160) Good and choice.. $8.35® 8.85 Medium 7.85® 8.60 Light weight: (160-180) Goot and choice... 9.00® 9.05 Medium 8.50® 8.85 (180-200) Gool and choice... 9.00® 9.05 Medium 8.60® 8.90 Medium weight: (200-220) Good and choice... 8.95® 9.05 (220-150) Good and choice... 8.90® 9.00 Heavyweight: (250-290) Good and choice... B.Bo® 8.90 (290-350) Good and choice... 8.60® 8.85 Packing sows: (275-350) Good B.lo® 8.35 (350-425) Good B.oo® 8.25 (275-350) Medium 7.90® 8.15 (425-550) Good 7.75® 8.10 Slaughter pigs: (100-140) Good and choice... 6.60® 8.35 Medium 6.10® 7 85 CATTLE —Receipts, 500— —Steers—-(soo-900) choice $11.25® 13.50 Good 10.00® 12.25 Medium [email protected] Common 6.50® 8.50 (900-1100) Choice 13.00® 14.25 Good 10.75®11.00 Medium 9.00® 9.00 Common [email protected] (1100-1300) Choice [email protected] Good 11.25®13.50 Medium [email protected] (1300-1500) Choice 13.50® 14.50 —Heifers—-(soo-750) Good [email protected] Choice [email protected] Good 9.00® 10.00 Common and medium 6.00® 9.00 (750-900) Good and choice... [email protected] Common and medium 6.00® 9.25 —Cows—(Yearlings Excluded) Good 7.00® 8.50 Common and medium 5.00® 7.00 Low cutter, cutters 3.00@ 5.00 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 LAMBS —Receipts, 600— (Shorn Basis) Lambs. 90 to 120 lbs., good and choice $6.75® 7.25 Common and medium .. 5.00@ 6.75 90-120 lbs., good and choice... 3.50® 4.00 Sheep: (120-150) Good and choice... 2.50® 3.75 All weights, common and medium 1.50® 2.75

Bank ftT n*T>' *3 360,00° 1 nd Svitp^ s '

office mi The money value of office space is not determined by the number o| square feet but by the number of useable square feet We invite yon to use our custom-built service. KLEIN, KUHN.sc. PROFERTY MANAGEMENT Lincoln 2545 INDIANAPOLIS

Effects of Depression on Indianapolis Industry Depicted in New Survey Wages Paid by Establishments Drop $39,220,143 in First Four Years, but Slump Is Less Marked in Last Two Years. BY VINCENT LYONS Times Financial Editor The devastating effects of the malignant depression on Indianapolis industry and those dependent on it for a livelihood are graphically depicted in a biennial census of manufacturers released today by the Bureau of the Census.

Within the industrial area of Indianapolis, which is defined as consisting only of Marion County, the Bureau discloses that from the end of 1929, which marked the birth of the slump, to the close of 1933 these significant changes took place: 1. The number of industrial establishments declined from 910 to 634, a loss of 276 units of industry. 2. Average wage earners receded from 51,090 to 31,286. a loss of 19.804. 3. Wages paid fell from $67,688.063 to $28,465,920, a decline of $39,220,143. 1500 Units and Up Listed Thus, for the first time, a person is able to gauge the deportment of Indianapolis industry in the first four years of the current economic plague. Only those establishments whose business amounted to SSOOO or more were included in the census. To assuage the "calamity howlers” it must be pointed out that the greater part of this industrial backpedalling occurred in the first two years, or in 1930 and 1931. The years 1932 and 1933 were marked by a perceptible slowing down in the rate of plants shut down, decline in average wage earners and the drop in total wages. For instance, in 1930 and 1931, the number of industrial establishments which disappeared was 153, against 123 in the following two years. In the matter of average wage earners the improvement is considerably morf marked. In the first two years the total of wage earners was lowered to the extent of 15,834, but in the two latter years the drop had been pared to 3,970. Wage Cut Pared Wage disbursements at the end of 1931 were $28,808,100 below the 1929 figure, but the 1933 figure in turn was only $10,412,043 less than in 1931. The value of products turned out by the various industries aggregated $427,211,023 in 1929, contrasted with $168,139,983 in 1933. Here, too, the bulk of the recession shown was concentrated in the first two of the four-year period. By 1931 the decline had amounted to $185,129,614, but in the next two years the recession was reduced to $73,941,426. At the close of 1933 it is disclosed that the printing and publishing business (book, music and job) had the largest number of establishments with 76. Steam railroad repair shops were first in two respect, average wage earners and wages paid, with 3468 and $3,817,869, respectively. The wholesale meat packing industry was first in value of products produced with a figure of $25,861,086. LO JAL CASH MARKET City grain elevators are paying 87 cents for No. 2 soft red wheat. Otbrr grades on their merits. Cash corn No. 3 yellow. 81 cents, and oats 42 cents.

To Holders of First Liberty Loan Bonds * * * * * All First Liberty Loan Bonds Including 3 *4% Bonds, 4% Bonds and 414% Bonds Have Been Called for Redemption on June 15,1935 and will cease to bear interest on that date ***** For a Limited Period , These Bonds May Be Exchanged at Par for U. S. Treasury 2%% Bonds of 1955-60 Dated March 15, 1935, Due March 15, 1960 Callable March 15, 1955 or for * U. S. Treasury 1%% Notes Dated March 15, 1935, Due March 15, 1940 With Interest Adjusted as of June 15, 1935 ***** The right is reserved to close the books without notice, and to increase the offering price by public announcement, not earlier than April 29, 1935 ***** Our facilities are offered for the Exchange of the Called Bonds The Indiana National Bank of Indianapolis 3 Virginia Ave. Lincoln 2331 The Union Trust Company of Indianapolis 120 E. Market St. Riley 5341

Selling Mdre Lots One Hoosier realtor has sold 86 lots since June 1, last. Nine of these have been sold thus far this month. In the entire year of 1933 this same realtor's total sales amounted to 11 lots.

BULLISH NEWS AT PITS BOOSTS PRICES Unfavorable Reports From Southwest Is Factor. lift l nited Press CHICAGO, April 26.—Bullish news predominated today on the Board of Trade and grain prices were higher. At the start wheat was % to % cent higher; corn was up % to 1 cent, and oats was % to % cent higher; rye improved Vi to 3 i cent. Weather reports from the Southwest and strength at Liverpool were the main factors that caused firmness here. There wer~ dust storms in some sections of the .inter wheat belt last night and the forecast indicated no immediate precipitation. Bartlett Frazier & Co.'s Liverpool correspondent cabled that the market was firmer on a generally good demand. 'Bv James E. Bennett) 11:00 Prev. Wheat— High. Low. A M. close. Mav 99% .98% .98% .98 July 98 s * .97% .98% .97% Se P f 99% .98% .98% .97% Corn— Mav 89% .88% 89 ,87 s * July §4% .83% .83 % .83% Sent 79% .78% .78% .78% Oats— May 50 s * ,49 s * 50% .49% JulV 43 .42% .42% .42% Sent 39% .39% .39% .39% Rve— May 60 .59'.59% .58% July 61 .60 3 s .60% 60% Sent 62% .61 % .62% .61% RAILROAD TO OFFER NEW FREIGHT SERVICE Home Office of Minneapolis & St. Louis Line Informs Local Agent, The Minneapolis & St. Louis Railroad Cos. proposes to inaugurate pickup and delivery service on less than carload merchandise at all stations on its line, C. L. Fuller, Indianapolis general agent, was informed by his home office today. The new service will be given at as early a date as permitted under the rules of the Interstate Commerce Commission, Mr. Fuller indicated. The receivers for the company feel that the shipping and receiving public have a right to a service that is complete, which means transporting less than carload freight from the shipper's platform to the receiver's platform, such service to be included in the published tariff rate and not an added expense, Mr. Fuller explained.

Produce Markets

Delivered in Indianapolis prices: Hear*, 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 fu< feathered and fat. 6c. All classes of guineas. 15c; No. 1 strictlv fresh country run eegs. loss off 20c. Each full case must weigh 5 lbs. gross a deduction of 10c a nound under 55 lbs. will be made Butter—No. 1. 34®35c; butterfat, 30c. Quoted by the Wadlev Cos.

ALIEN HOLDERS OF U. S. BONDS WILLASK GOLD Attorneys Arrive From Abroad to Weigh Chances of Court Action. BY FRANK GLASSEY United Press Staff Corresnondent. NEW YORK. April 26 —European holders of American gold-clause bonds may bring suit within the next three months in an attempt to force payment in gold, Edgar J. Bemheimer. attorney representing British and Continental protective committees, told the United Press today. Mr. Bemheimer’s legal associate, Barnett Hollander, arrived in the United States Wednesday from London. He will ret turn tomorrow after completing preliminary plans looking toward court action. Foreign owners of United States government obligations have a better chance of obtaining payment in gold than have holders of corporate issues, Mr. Bernheimer believes. May Prove Damages "The Supreme Court decision in the Perry case.” he said, "prevented payment in gold to American holders of government bonds unless they could prove damages sustained. Mot.) European holders will be able to prove such damages, regardless of the adventitious circumstance that the sterling-dollar exchange relation is approximately the same today as it was before the wave of international currency devaluation. "Europeans can justly contend that the contract calls for payment in gold, and that there is no reason why gold should not be paid them. Even if they are prevented from shipping the gold abroad, they can nevertheless use it to purchase a greater amount of foreign currency than the paper dollars named in the bond would buy.” Cites Private Contracts While conceding that foreign holders of private gold-clause bonds might have less chance of recovering in gold, Mr. Bernheimer said that they might seek to have the contract voided by the courts, since its performance has been made impossible by government action. “In that case,” he said, ‘‘holders of such bonds as second-grade railroad issues that have been defaulted and are currently selling at sacrificial prices might ask the courts to order payment of those bonds dollar for dollar, even if only in paper currency. "While in some instances this might force receiverships, that is not the concern of the foreign bondholder who originally bought the bond in good faith.” MOORE NAMED PRESIDENT By Times Special NEW YORK. April 26.—R. W. Moore, vice president in charge of operations of Canada Dry Ginger Ale, Inc., has been named president, succeeding p. S. Saylor, who remains as chairman and the corporation's chief executive officer, it was learned today.

Your Local Building & Loan Association Makes Modernization Loans and Loans on New Homes.

Your Car Today HJstate Automobile Insurance Ass’n. LI *571. 7th Floor Orcidental ni*.