Indianapolis Times, Volume 47, Number 43, Indianapolis, Marion County, 30 April 1935 — Page 11

Wall St. Credit Control Grip in Banking Bill in Balance. —BY RALPH lIF.NDF.RSIIOT Time* Special Writer

YORK. April 30— Presi-r-L n dent Roosevelt is quoted in Washington dispatches as being in favor of a planned economy. It is proposed to insert a provision in the Administration banking bill now before Congress stating that it shall be the "duty” of the Federal Reserve Board to juggle credit in such a way as to bring about

the greatest possible stability in general business. The idea is a splendid one. The only question concerning it is whether it will work. Many people who pose as authorities say ic not, but any number of these same folk said the government could not force

Ralph Hcndershot

mo./ey into industry by loading the banks up with more funds than they could lend profitably according to their own conservative loan ideas. It is beginning to look as though they were wrong in their views. It is rather obvious that credit can be restricted. The point up until now was whether it could be expanded. Some drew a comparison between credit and a string, which can be pulled but not pushed. Credit is becoming easier almost daily, as is indicated bj the excellent manner in which bonds are being absorbed at unusually low rates. This constitutes a practical experience which is rather difficult to talk down. ana BUSINESS can not prosper by easy credit alone, but it must be granted that credit is a decidedly important ingredient in business medicine. Certainly it can not prosper without ample credit. Consequently, while it would be difficult to guide the ship of trade by merely controlling ci*dit, the influence of this control should not be underestimated. When the United States broadened the credit base through devaluing the dollar it opened the way for excessive credit inflation at some later date when conditions would be right to absorb in large amounts. The step f instituted a potential danger, which the Administration apparently now proposes to eliminate through the control provided in the banking measure. It may be difficult to secure a Federal Reserve Board which is sufficently competent and courageous to take the credit wheel. Such a board probably would be quite unpopular if it were to put on the brakes at a time when business was booming. Anti if the board continues under the domination cf the President the question of its popularity might become an important one. In other words, the board might have the power and be chaiged with the duty of keepling to the middle of the road and yet get off on a dangerous by- ! path. It might be better to pattern the board after the United States Supreme Court. W ana P’p'HEN, too, there might be times F X when the greater progress could be made by taking a neutral position. An industry which had outlived its usefulness receiving credit with which to keep alive might well account for some verylarge losses in the And another industry which might be in the making and, through lack of credit, hold back general prosperity. Certainly it will require the best brains of the country to properly handle the purse strings of the nation.

NEW CORPORATION IS FORMED IN OKLAHOMA All Stock Will Be Issued to Holders of Barnsdall Corp. Issues. By Times Special TULSA, April 30.—Formation of anew corporation to operate the marketing and refining divisions of the Barnsdall Oil Corp. has been completed, it was announced here today by F. S. Reeser, president of the iatter firm. All stock of the new corporation will be issued to stockholders of the Barnsdall Corp. on the basis of a half a share of the new company stock for each share of the Barnsdall Corp.. Mr. Reeser stated. The main purpose of organization of the new corporation, it is said, is to divorce the two divisions which have been losing money, and also to assist independent operators.

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; Del/cious. $2.10. Baldw/ns. $1.60. Lemons. Sunk/st. 2605. $4 25. Grapefruit. Texas, seedless. $4; Florida, seedless. $3.35. Limes. Mexican, per carton. 12s. 20c Strawberries. Alabama Missionaries, 24-qt crate. $4 50: Mississippi Klondvkes, 24-qt. crate. $4.50. Apricots. $3 crate. Grapes. South America, white. 20-lb. box. $2 75 Cantaloupes— HoneyDews, South America $3; Mexican Jumbo's. |6 a crate; standards. $4.75 a crate. Vegetable—Cabbage, new Mississippi, halt crate. $2.40. Onions. New Texas yellow, 50-lb. bag. $2.40; new Texas boiler. 50-lb. bag. $2 60. new Texas white. 50-ylb. bag. $2 60. Potatoes. Green Mountains. 100-lb. bag. $1.75: selected cobblers. 150-lb. bag. *2 M); northern round w hite. 100-lb. bag. ,1; Ohio*. 100-lb. bag $2 25; Idaho Russets. 100-lb. bag. $2.60: new Florida Triumphs, bushel. $2.25. Sweet Potatoes. Indiana Jersevs. bushel. sl.lO. medium or *e<ed. $1.10; Nancv Hall, bushel. $1.40. Beans, round stringless, hampers. $2. Celeiy (washed and trimmedi. medium, dox., 50c; Jumbo, doz., 75c: hearts, doz., 90c. Cucumbers, hot house. doz.. sl. 2 do*, box $1 50 Endive. California, dozen, sl. Egg plant, $1 25 j 1.50 doz Kale, bushel, 60c. Lettuce, hot house. 15-lb. basket, 8190. Arizona Iceberg head lettuce. $5 50. ugues. $4.50® 5 a crate; small basset. 50c. Mint a doz.. tl Parslev. doz. 35c. Peas. Mississippi, hamper. $2. Spinach. Texas, bushel. sl. Radishes, dozen. 60c. Turnips, bushel. 75c. Parsnips, half bushel. *l. Beets, erste. new Texas. Carrots, California. bushel. $125. Rhubarb, outdoor, do*.. JOc. Mushrooms, lb.. 30c. All quotations subject to change up or down. FRUITS AND VEGETABLES (By United Press( CHICAGO. April 30—Apples—Michigan gnies bushels. $1.50. Illinois Jonathans. $T506175; Illinois Willow Twigs. sl2s® 150 Oarrots— Western crates. 6 dor. $3 254) 265 Turntps —Illinois and Michigan bushel.-, .25*150c. Sweet potatoes—Tennessee bushels. $1 Lettuce — Western crates. 5 do*. $4 75 Leaf lettuce — O'hnois and Michigan 10 lbs . sl4/120 Beans — Florida bushels. $1.25® 1.50. Cabbage— California and Mississippi crates. $34/3 50. Onion sets—lllinois and Michigan sacks, a bushel, $3 50® 3 Peas—California bushel hampers. $1 504/ 1 65. Tomatoes—Florida lugs. 11® 2 Rhubarb —Illinois. 40-lb. cartons, sl. Spinach— Arkansas bushels. 75c ®sl. Asparagus—lllinois sectional crates.

STOCK VALUES i TURN LOWER IN QUIET SESSION Rail Shares Extend Losses More Than 2 Points After Firm Start. By United Prrng NEW YORK, April 30. —Railroad shares resumed their decline today after a steady to firm opening on the Stock Exchange. Other groups were unaffected and around noon the list was quiet with prices irregularly lower. Selling in the rails represented disappointment over failure yesterday of the Supreme Court to announce a decision on the railroad pension bill. Declines ranged to more than 2 points with Union Pacific the heaviest loser. Pennsylvania Railroad was down a point and losses of fractions to a point were sustained by Atlantic Coast Line, Nek York Central, Southern Pacific and Northern Pacific Silver shares turned down after an early rise. United States Smelting touched 120and then fell to 117 1 1 , off r?i points net. Utilities sagged to small losses and so did Steels. Westinghouse Electric declined more than a point to 41% before meeting support. Coppers showed small losses as did gold mining shares. Exceptions to the trend were noted among the mail order shares, some of the wet stocks and building issues. The latter, aided by sharp gains in home building, were fractions to a point above the previous close. Some of the oils also made gains.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $2,260,000.00 Debits 5.292.000.00 Clearings ior .e month 58.014.000.00 Debits lor the month 143,227,000.00 TREASURY' STATEMENT ißy United Press) WASHINGTON. April 30.—Government expenses and receipts for the current fiscal year to April 27. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses .$5 810 157.019.79 $5,788,364,808.44 Receipts.. 3.080.513.578.03 2.478.203.022.60 Deficit . 7.729.643 441 76 3.308.121.785 84 Cash bal.. 1,971,163,979.48 2,328.5.' , 60G.50

Chicago Stocks

(Bv Abbott. Proctor & Paine) 11:00 Prev. t\. M. close. Allied Products 17% 18 Butler Bros 7 6% Cities Service 1% 1% Chicago Mail 18% 18% Cord 3 3’a Libby 7% 7% Lynch Glass 29% 29% Marshall Fields 7% 7% Noblitt Sparks 15% 15% Pub Service of 111 24% 25 Swift 15 15%

New York Curb

(Bv Abbott. Proctor & Paine). 12 Noon. Prev. N. Y. close. Am Cyanide “B" 17% 17% Atlas Corp 8% 87b Carrier Corp 16' B 16 El Bond & Share 6% 6% Gulf Oil of Pa 59% 60 Hiram Walker 24% 24% Humble Oil 50% 50 3 b Imperial Oil Ltd 16% 16% Lake Shore Min 55% 54% Lone Star Gas 5% 5' 2 Natl Bellas Hess IV* l'/i Newmont Min 47% 48% Nia Hud Pwr 4 4 Pan Am Airways 41 41 Penn Road 1% 1% St of Kv 18% 18 a Teck Hushes Gold 4U 4' 4 IMPROVED WEATHER DROPS GRAIN VALUES Fractional Recessions Rule in Early Dealings. By United Press CHICAGO. April 30.—Improved weather conditions lent a rather bearish undertone to the wheat market today and prices declined slightly on the Board of Trade. At the start wheat was Vs to V 2 cent lower, com was to cent lower, oats were unchanged to % cent lower, and rye was unchanged to off 'j cent. Although there was little rain in the Southwest last night forecasts indicated precipitations for some of the drier sections, and some traders are of the belief that weather conditions generally are improving.

11:00 ?rev. Wheat — High. Low. A. M. close. Mav 99% .98% .98% .99'.. Julv 99'* .98 1 2 99 .99'. Sept 1.00% .99'* .99'* 1.00% Corn — Mav 89'* .18'* .88% .88% Sept 80'* .79'* .79% .80 July 85'* .84'* .84'* .?*% Oats— Mav 48% .48 .48% .48'* Julv 42% .41% .41% .42% Sept 39% .38% .39 38% Kve— Mav 57% .56% .56% .56% Julv 58% .57% .58% .58% Sept 60 .59'* .59% .59% LOC \L CASH MARKET City grain el-varors are paying 88 cents for No. 2 soft tea wheat. Other grades on their merits. Cash corn No. 3 yellow 82 cents, and oats 42 cents. SAVINGS BANK GROUP TO HOLD CONVENTION National Association to Meet in New York May 8-10. By Times Special NEW YORK. April 30.—The. National Association of Mutual Savigs Banks will, it was announced today. when it convenes here on May 8. 9 and 10. spend a considerable part of its conference in examination of governmental influence upon business. Henry R. Kinsey, president of the Williamsburgh Savings Bank of Brooklyn, will welcome the delegates on behalf of the New York savings bankers. Resident Philip Benson of the national group will analyze the trend of saving. The railroad situation will take up a good part of the discussions planned. Joseph B. Eastman will speak for the government. John J. Pelley, head of the Railroad Association, will state the railroad's views, and Henry Bruere, head of the Bowery 7 Savings Bank, will sum up the railroad question from the savings viewpoint.

Abreast of The Times on Finance

OUTPUT NEARING PEAK

Current Figure Topped Only by 1929

BY BARROW LYONS Times Special Writer NEW YORK. April 30. While millions of workers in every industrial country are unemployed and live by virtue of charity or relief, the wheels of the world’s workshops are turning out more goods today than in any other period of human history save one—the frantic year of 1929. A report to this effect came today

New York Stocks

ißy Thomson & McKinnon) Oils— 11:00 Prev. High. Low. A. M. close. Amerada 63% 63% 63'2 63',2 Atl Rfg 24 1 g 24 24% 24 Barnsdall IPs B'2 B'2 8% Consol Oil 8 7% 8 73,8 Cont of De 1.... 20 19% 19%. 20 Mid Cont Pet ... 11% 11% 11%* 11% Ohio Oil 11% 11'4 11% lIV2 Phillips Pet .... 19 18% 18% 19 Plymouth 0i1.... 10 7 b 10% 10% 10% Seaboard Oil .... 31's 31% 31% 31 Shell Un 7% 7Vs 7V4 7 Soc Vac 14Va 14 14 137a S O of cal 33 1 4 33 5 a 33% 33% SO of Ind 25*2 25% 25% 20% S O of N J 43 42 5 a 42% 42% Texas Corp ... 21% 21% 21% 21% Tidewater Assn 9% 9% 974 97a Un Oil of Cal.. 1774 1774 1774 18% Steels— Am Roll Mills.. 18% 18 18 1874 Beth Steel 25% 25% 25% 26 Col Fuel & Iron 1% 1% 174 1% Inland Steel ... 5374 52 74 537* 52% Ludlum Steel ... 15 15 15 157a Natl Steel 47 4674 46 % 46% Otis Steel 6 0% 57a 574 Rep Iron & Steel 12% 1274 12% 12% U S Steel 32% 32% 32 % 33 U S Steel pfd . 87% 87% 8774 8874 Youngstn S& T 1574 15 15 1 574 Motors — Chrysler 3734 3774 77% 3774 Gen Motors .... 3072 30% SOT'S 3074 Graham Mo) ... 2 2 Hudson 7% 774 774 774 Hupp 1% 1% 174 174 Nash 12 >a 1274 1274 1 27 8 Packard 374 3% 37a 3% Reo 37s 374 3% 374 Studebaker 3 17s 17s 3 Motor Access-^* Bendix 14% H 74 14% 1474 Bohn Alum .... 54% 5474 54% 5474 Borg Warner ... 33% 3374 33% 33% Briggs 27% 27 27 2T% Budd Mfg 3% 374 374 374 Budd Wheel ... 374 3% 3% 3% Elec Auto Lite . 20% 2074 20 % 20% Houdaille (A).. 12% 12% 12% 12% Murray Body .... 8% 8% 8% 8% Stew Warner.... 9% 9% 9% 9% Timken Roll ... 31% 3174 31% 31% Timken Det Axle 674 674 67a 674 Mining— Alaska Jun 17% 17% 1774 1774 Amer Smelt .... 447s 43% 43% 44% Anaconda ....... 14 13% 1374 1 4 Cal & Hecla 3% 3% 3% 3% Cerro de Pasco.. 62% 61 6274 62V4 Dome Mines .... 42 41% 41 7 e 42 Gt Nor Ore 1174 1174 1174 1174 Homestake Min.. 398 398 398 400 Howe Sound ... 5374 52 % 5272 52% lilt Nickel 27 27 27 27% Kennecott Cop.. 187* 17% 18 18% Park Utah 5% 574 5% 87s Noranda Cop ... 38% 38% 38% 3872 Phelps Dodge 18% 1874 18% 18 U S Smelters ..1207* 118 118 119. Vanadium 12 12 12 1274 Amusements— Fox Theat 10% 10% 1074 10% Loews Inc 38% 38 38 387s Radio Corp 5 5 5 5 Paramount .... 3% 3% 3% 37a RKO 1 5 b l s a 17a 172 Warner Bros ... 3% 3% 3% 3% Am Sum Tob 22% 22% 2274 227a Am Tob <BI 83% 83% 83% 84 Ligg & Myers B 105% 105% 105% 10572 Lorillard 20% 20% 20% 21 Reynolds T (B) 48% 4874 48% 487a

Rails — Atchison 40 3 8 39% 40' 4014 Atl Coast Lines.. 22% 22% 22 ! Vb 24 B& 0 11'/b 10% 10% ll'A Can Pacific .... 10% 10% 10% lOV2 Ch & Ohio .. . 42 42 42 42% CM&StP 1 1 1 1, C M ft St P pft' 1% l'/a l s a l'/a Chi N W 3% 3% 3'.b 3 Dela & Hud 28 28 28 29% Del Lac & W ... 13% 13', 2 13% 14_ Gt Northern pfd 12% 12% 12% 12% N Y Cent 16% 15% 15% 16 V 4 N Y New Haven 5 4% 4% 5% Nor Pacific .... 16 15% 15% 16% Penn R R 21 20% 20-Vs 21% Sou Pae 15% 14% 14% 15% Sou R R 10% 10 10 10% Union Pac 90 89% 90% 91% Equipments— Am Brake Shoe.. 26 26 26 26% Am Loco 11% 11% 11% 11% Am Steel Fdy .. 13% 13% 13% 13% Bald Loco ...... l 7 n 1% 1% 1 % Gen Am Tk Car. 33% 33% 33% 34 Gen Elec 24% 24% 24% 24% Pullman Inc .... 37% 37 37% 37 West Air Br ... 19% 19% 19% 20 Westingh Elec.. 42% 41 % 42 42% Utilities— Am & For Pwr . 3% 3% 3% 3% Am Power & Lit. 3% 3% 3% 3% AT&T 112% 112% 112% 112% Am Wat Wks ... 11% 11% 11% 11% Col Gas & Elc.. 6% 6% 6% 6% Comm & Sou ... 1% 1% 1% 1% Consol Gas 23 7 a 23% 23% 23 4 Elec Pwr & Lit.. 2% 2% 2% 2% Interboro R T ... 10.% 10% 10% 10% Int T & T 7% 7 7 7% Nat Pwr & Lit.. 8% 8 8 8% North Amer 13 7 a 13% 13% 13 Pac G& E 18% 18% 18% 18% Pub ServN ,T ... 28% 28 28 28% So Cal Edison .. 15% 15% 15% 15% Stone & Web 4 4 4 4% United Corp ... 2% 2% 2% 2 .4 Un C.as Imp .. 12% 12% 12% 13 Ut Pwr &Lt 'A’ 1 % IV4 1% 1% Rubbers— Goodrich 8% 8% 8% BVi Goodyear 18% 17% 17% 18 Kelly Spring .. % % , % ,„? U S Rubber 12 3 s 12% 12% 12% U S Rubber pfd 30 30 30 30% Miscellaneous — Allis Chalmers.. 17% 16 17 16 Amer Can . • 121% 121% 121% 122 Am Mach & Fdy 19% 19% 19% 19% Burroughs Add . 15'i 15% 15% 15 J I C'as.- 55 3 8 54% 55 3 55% Conti Can 72% 72% 72% 73 Caterpillar Tract 44% 44% 44% 44% Ccown Cork ■ 29% 29 29% 28% Curtis Pub pfd.. 99 3 4 99% 99% 99% Deere &Cos 28% 28% 28% 28% Gillette 15% la% 15% 15',a Ingersoll Rand.. 76% 76% 76% 76 Inter Harv . .. 40% 39% 40% 39% Natl Cash Reg . 14% 14% 14% lo Rem Rand 9 9 9 9% Foods— Am Sugar 62% 62% 62% 62 Armour 3% 3% 3% 3% Borden Prod ... 24% 23% 24 23% Corn Prod .... 67% 67% 67% 67% Cuban Am Sugar 6% 6% 6% 6% Gen Baking ... 8% B'i B'4 8% Gold Dust 15 14% 14% 15'a G W Sugar 30% 30 30% 30 Int Salt 32% 32% 32% 32Vi Natl Biscuit .... 26 25% 26 26 Natl D Prod 14% 14% 14% 14% Purity Bak 10 9% 9% 9% S Porto Rico Sug 26 25% 26 25% Std Brands .... 14% 13% 13% 14 United Fruit ... 86% 86% 86% 86% Retail Stores— Assd Drv Goods. 8% 8% 8% 9% First Natl Stores 48 48 48 48% Kresge S S .... 20% 20% 20 7 A 20% Kroger Groc 24% 24% 24% 2a MeCrorv St 9% 9 9 9% McLellan St .... 9% 9% 9% 9% May Dent St 41% 41% 41% 41% Mont Ward 26% 26 26% 26 Natl Tea 9% 9% 9% 7% Penney J C .... 64 64 64 64 Safeway St 38% 37% 37% 39% Woolworth 58 58 58 58 Aviation— Aviation Corp ... 3% 3% 3% 3% Curtiss Wright • 2% 2% 2% 2% Curtiss Wright A 8% 8% 8% 8% Douglas Air 24% 24% 24% 24% Soerrv Corp .. . 9 8% 8% 9% United Aire new. 12% 12% 12% 12% Chemicals — Air Reduction . 120 120 120 ll?% Allied Chem 145 144% 144% 145_ Am Conr Alcohol 23% 23% 23% 23% Com Solvent* 19% 19% 19% 19% Du Pont 97% 97 97 97% Natl Dis (new).. 25% 25% 25% 25 Schenlev Dist ... 24 24 23% Tex Gulf Sulph.. 31 31 31 31 Union Carbide . 52 9i% 51% 51% Drugs— Lehn & Fink ... 15% 15% 15% 15% Sterling Prod ... 66% 66% 66% 66% Un Drug inew).. 10% 10% 10% 10 s * Vick Chem 35% 35% 35% 35% Zonite Prod .... 4% 4% 4% 4% Financial— Allegheny Corp.. 1% 1 1 1 Am Int Corp ... 6% 6 6 6% Transamerica .. 5% 5% 5% 5% Tr Conti Oorp .. 3% 3% 3% 3% Building— Am Radiator ... 13% 13 13% 12% Gen Asphalt .... 15% 15% 15% 15% Int Cement ... 25% 25% 25% 25%’ Johns Manville 47% 46 47% 46% Libby Owens Gls 25% 25% 25% 25% OtU'Elev 13% 13% 13% 13% U S Gypsum... 49% 49 49% 49 Household— Col Pal Peet ... 16% 16% 16% 16% Congoleum 32% 32% 32% 32 Kelvinator 15 s * 15% 15% 15 Proc & Gamble 48% 48% 48% 48% Servel Inc . ... 8% 8% 8% 8% Simmons Bed... 8% 8% 8% 8% Textiles— Amer Woolen.. 6% 6% 6% 6% fielding Hem ... 12V 12% 12% 12%

INDIANAPOLIS, TUESDAY, APRIL 30, 1935

from Germany. It was the result of a world-wide survey of production in the industrial nations published by the German Institute for Business Research, a semi-govern-mental institution headed by Professor Ernst Wagemann. World industrial production in January, the report showed, was 5 per cent greater than the average month of 1928, the base to

Celanese Corp .. 20% 20% 20% 21 Collins Aikman. 11% 11% 11% 11% Gotham Hose... 374 3% 3% 3% Indus Rayon ... 26 25% 25% 26 Kayser Julius... 1974 1874 197a 18

N. Y. Bonds

(Reprinted from Yesterday) (By Abbott. Proctor & Paine) DAILY BOND INDEX 20 20 20 60 Inds. Rails Util. Bonds Today 87.2 x 76.8 96.4 86.8 Yesterday 87.1 77.1 96.5 86.9 Week ago 86.4 75.9 96.2 86.2 Month ago 84 4 71.1 93.9 83.1 xNew high for 1935. (Copyright, 1935, by Standard Statistics.) UNITED STATE GOVERNMENT BONDS Liberty* Prev. Close, close. Ist 374s 1932-47 101.17 101.15 Ist 4 74s 1932-47 101.19 101.17 4th 4>*s 1933-38 102.19 102.20 Treasury* 474s 1947-52. 116.17 116.14 4s 1944-54 111.21 111.19 3%s 1940-43 107.28 107.23 3 3 /as 1943-47 107.7 107.7 3%s 1941-43 108 107.28 3'4 s 1943-45 106.12 106.11 374s 1941 108.3 107.31 374 s 1944-46 .. 106.6 106.4 374s 1946-49 104.30 104.25 3%s 1949-52 105 104.31 3s 1951-55 104 103.28 3s 1946-48- 103.31 103.31 2%s 1955-60 101.16 101.15 Home Owners Loan Corp 274s 1949 100.15 100.14 3s 1952 101.30 102 4s 1951 100.26 100.27 Federal Farm Mortgage Corp. 374s 1964 103.22 103.21 3s 1949 102.1 102.1 3s 1947 102.6 102.8

DOMESTIC Prev. Close. close. Alleg Corp 5s ’44 72 71% Alleg Corp 5s '49 61% 61% Alleg Corp 5s ’SO 17 17 Am Frgn Pow 5s 2030 60% 60 1 a Am Tel & Tel 5%s ’43 112% 1112% Am Tel & Tel 5s '65 112% 112% Arm & Cos 'Del) 5%s ’43 105 104% Atl Coast Line 4s ’52 99% 100 Atl Coast Line 4%s '64 83% 83% Atch Top &S Fe 4%s '4B 106% 105% Am Wat Kks 5s '44 94% 94 Am Rolling Mills 5s ’3B 103 103 Balt & Ohio 5s '95 63 63 Balt & Ohio 6sv’9s 71 72 Balt & Ohio 4'Ws '6O 47% 47% Buff Roch & Pitt 4%s ’57 56% 56 Beth Steel 5s ’36 104% 104% Chi Milw & St P 5s ’75 11% 11% Chi Milw & St P 5s 2000 33% Cleve Un Term 5s ’73 91 % 91% Cleve Un Term 4%s ’77 86 86 Col Gas 5s May ’52 87% 87% Col Gas 5s April ’52 87 88 Col Gas 5s ’6l 86% 87% Can Pac Perp 4s 86% 86% Cent Pac 5s ’6O 75 74 Big Four 4%s ’77 63 64% Big Four 5s ’63 70 70% Colorado & So 4%s ’BO 62V* 62 Chi & West Ind 4s ’52 97 96% Chi & West Ind 5%s ’62 104'% 104% Chi & Nor West 4%s ’49 13 13% Con Gas 5s ’57 105% 105% Chesa Corp 5s ’47 103% 104 Del & Huds 4s ’43 83 83% N Y Dock 4s ’sl 68 69 N Y Dock 5s ’3B 49 49 Erie 5s ’75 59% 60 Erie 5s ’67 60% 60% Gen Cable 5%s ’47 93% 93% Grt Northern 7s ’36 88% 88 Grt Northern 4%s ’76 71% 71% Grt Northern 4%s ’77 71'a 71 Gen Stl Cast WW 5%s ’49 77 77 Hud & Manhat Ref 5s ’57 88 88% 111 Cent 4%s ’66 45% 50*4 Illinois Cent Jt 4%s ’63 55% 55% Interlake C & I 5s ’sl 77% 78 Interntl Hv Elec 6s ’44 35% 36 Interntl Tel & Tel 4%s '39.... 63 65% Interntl Tel & Tel 5s ’55 .... 58% 60% Interntl Tel & Tel 4%s ’52 54 56 P Lorillard 7s ’44 128% 128'% McKess & Rob 5%s *SO 98 97% Midvale Stl 5s ’36 103 103 Natl Dairy 5%s ’4B 103% 103% Natl Steel 5s ’56 106% 106% Nickel Plate 4%s ’7B 55 54 Nickel Plate 5%s ’74 66 7 / 8 66% Nickel Plate 6s ’35 57 57% N Y Cent 5s 2013 60 59% N Y Cui 4%s 2013 (Old) 54% 54% Nor Amer Cos 5s ’6l 96% 97% Nor Pac 3s 2047 73% 73% Nor Pac 4 Vis 2047 78 78 Nor Pac 6s 2047 95% 94% New Orleans Term 4s ’53 86% 86% Otis Steel 6s ’4l 92% 92% Penn Rv 4’is ,p 4 104 104 Penn Ry 4%s 104% 104% Penn Rv 4%s "t 95 95 Pac G & E 5s 42 106% 106V 8 Portland Gen El 4%s ’6O 64% 64 Para Publix '/25s ’SO 85% 85 Penn P & L 4%s ’Bl 104% 104% Postal Tel & Cab 5s ’53 32 35% Rem Rand WW 5%s ’47 103% 103% Sinclair Oil 6%s ’3B 102 102 Shell Union Oil 5s ’47 103% 103% Sou Pac 4'is ’6B 64% 65 Sou Pac 4'is ’Bl 63% 64 Sou Pac 4%s ’69 64% 64% SOU Pac 4s ’49 68% 67% Sou Rail 4s ’56 43 43 Sou Rail 6%s '56 58 59% Sharon Stl Hoop 5%s '4B 88 Vi 88 Texas Pac 5s ’79 87 86% Texas Pac 5s ’77 87 87% Union Pac 4s ’47 113 113 United Drug 5s '53 90% 90% U S Rubber 5s ’47 94 94 NY NH & Hart 6s '4B 37 37% NY KH & Hart 4',is '67 32% 33% Warner Bros 6s ’39 55% 56% Western Marv 5%s ’77 99% 99% Western Marv 4s ’53 93Vi 93% Youngstown S & T 5s ’7O .... 94% 95 Youngstown S & T 5s ’7B .... 94% 94%

FOREIGN Argentina A 6s ’57 94% 94% Argentine B 6s ’SB 94% 94% Canadian Govt 4s ’6O 107 107 Denmark 5%s ’55 99% 99 French 7s '49 181 181 % German 5%s ’65 26% 27% German 7s ’49 36 36% Italy 7s ’sl 87% 88 Japan 6%s ’54 96% 96% Poland 7s ’47 11l 111% Rome 6%s ’52 .. 77% 77% Tokio Citv 5%s ’6l 80% 79% Yokohama 6s ’6l 84 84 FEDERAL FARM LOAN BONDS (By Blyth & Cos.) Bid. Ask. 3s Mav 1, 1955-45 101% 102 4s July 1. 1946-44 107% 1#7% 4s Nov. 1, 1957-37 103% 104% 4s Mav 1, 1958-38 103% 104% 4%s July 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 May 1. 3942-32 101% 102% 4%s Jan. 1. 1943-33 101% 101% 4%s Jan. 1. 1953-33 101% 101% 4%s Jan. 1, 1955-35 101% 101% 4%s Jan. 1. 1956-36 102% 102% 5s Mav 1. 1941-31 99% ... 5s Nov. 1. 1941-31 99 7 a ... CAR SALES AT RETAIL SHOW SHARP INCREASE Department of Commerce Index Up From February to March. By Times Special WASHINGTON, April 30—The preliminary adjusted index of the value of retail sales of new passenger automobiles shows a very sharp ruse from February to March, 1935, according to the Department of Coipmerce. This index, which makes allowance for the number of days as well as for usual seasonal movements, was 94.5 in March, on the basis of the 1929-1931 average as 100, compared with 86.5 in February and 75.0 in January. Daily average sales, without seasonal adjustment, increased about 36 per cent from February to March, in contrast to a usual increase of about 26 per cent.

which the index of production is keyed. And yet ,the League of Nations has just reported that 21.000.000 workers are still idle in the great industrial countries, and more than 9,000,000 of them are in the United States. In the gold bloc countries of the period covered by the German survey—France, Belgium, Holland and Switzerland—the depression continued to descend into gloomier depths and prospect of recovery seemed remote. Also, there was the terrifying paradox presented by the German Institute of a world in which production whirls again at a high level, but in which foreign trade flows thickly, like cooling lava. The figures showing the share of important groups of countries in world industrial production is illuminating. The proportion of the world’s output of industrial Europe in 1928 was 35 per cent. This has dwindled to 32 per cent. Agrarian Europe produced only 7 per cent of the world output, and continued to produce that proportion. 11. S. Share Dwindles Non-European capitalist countries, of which the United States is the greatest, decreased from 47 per cent in 1928 to 37 per cent in 1934. The share of the United States alone fell from 44.8 per’ cent to 33.2 per cent. But, with the movement toward national self-sufficiency smaller nations throughout the world have begun to build factories with which to supply their own needs, particularly in the Orient and in South America. The result is an increase of these countries from 11 per cent of the world's industrial output in 1928 to 24 per cent today—taking up all of the share lost by the United States. Great Britain has increased her share from 9.3 per cent to 10.1 per cent in this period, and Germany’s share, despite the drastic curtailment of her foreign trade, decreased only from 11.6 per cent in 1928, to 10.3 per cent in 1934, according to the institute.

German Thrust Strong Germany’s potential trade thrust, however, is shown to be great. Before the depression Germany had built up what was considered by many the most efficient industrial machine in the world. Efficiencies in all countries have been increased enormously since then—science and invention has made it possible for each worker to produce so rrnich more, that today only a portion of those who worked formerly are able to turn out more goods. Based upon the average for 1928, figures, showing the present volume of production, indicate the greatest increase in the world has taken place in Japan, where the 1934 figure mounted to 153. The next greatest gain was shown by Denmark, for which the index jumped to 121. Other countries follow: Chile, 113; Norway, 109; Finland, 107;Great Britain and Sweden, 105. The latest figure for Greece shows an index of industrial production of 112 for Greece in 1933 and 109 for Rumania the same year. In these figures the advantage of the sterling bloc countries is reflected. Belgium at Bottom The disadvantage of the gold bloc countries also is shown by the figures. Belgium, with an index of 66, but which recently deserted the gold bloc, is at the bottom of the list. Next is Poland, with 70, the United States with 71, Austria with 72, France down to 78 and Canada at 80. In the rating of degree of capacity at which the industrial plant is being used England heads the top of the list at 88 per cent. Hungary comes next with 81 per cent; then Germany with 7S per cent; Italy at 68 per cent; France, 62 per cent; Austria, 61 per cent; Czechoslovakia, 59 per cent; Canada, 68 per cent; United States, 58 per cent; Belgium, 56 per cent and Poland, 53 per cent. Japan is not included in this list. The league reported today that reassuring signs of industrial activity are shown in the February commercial indices in Canada, Chile, Denmark, Italy and Norway. Rapid increase in the construction of Germany’s merchant marine is noted, while shipbuilding also increased in England. France, Denmark, Sweden and Holland.

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 full feathered. 18c: Leghorn broilers. 2 lbs. and up full feathered. 16c; bareback broilers. 13c; cocks and stags. Bc. Ducks, full feathered and fat, 8c; geese, full feathered and fat. 6c. Ali classes of guineas, 15c: No. 1 strictly fresh country run eggs, loss off 20c. Each futl ease must weigh 5 lbs. gross a deduction of 10c a pound under 55 lbs. will be made Butter—No. 1. 33® 34c: butterfat, 23c. Quoted by the Wadley Cos. (By United Press) CHICAGO. April 30.—Eggs—Market, steady; receipts. 36,378: extra firsts. 25'-c; fresh graded firsts. 24%c; current receipts, 23%c: dirt!--, L2%c; checks. 22c. Butter —Barket. unsettled: receipts. 14.993; xtra firsts (90-91% scorei, 28%c®28%c: extras (92 scor;, 29%c: firsts 'BB-89% score'. 27 ®27%c; seconds 'B6-87% score', 26%c; specials, 29%®30%c; standards. 29%c. Poultry Market, steady; receipts 19 trucks. 2 cars; capons. 26® 27c: hens. 19%®21c; broilers, 22®23c; fryers, 23®25c; roosters 14® 15c: heavy ducks. 18® 22c; geese. 12c; Leghorn hens. 18®20c; turkeys, 16® 18c. Cheese Twins. 15%®15%c; daisies, 15%®16c: Longhorns, 15%®16c. Potatoes old stock—Supplies liberal: demand and trading slow; market, dull and slightly weaker: Wisconsin Round Whites, 75® 80c; Michigan Round Whites. 75® 80c; Idaho Russet. $1.904/2.10; commercial, $1.55. New stock—Supplis, liberal; demand and trading good: market, stronger: Louisiana sacked Bliss Triumphs. *2.50® 2.75: Alabama Bliss Triumphs. $2 904/3. Arrivals 92; on track 476; shipments 389. CLEVELAND, April 30.—Butter—Market, barely steady; extras, 33c: standards. 33c. weak: extra whites. 24c; current receipts. 23%c Poultry—Market, firm: heavy fowl. 20® 21c; ducks, young. 23® 24c ; ducks, old. 18c. Potatoes—Maine. $1.15 a 100-lb. bag; Ohio best mostly 654/75c: Michigan, 80c; Florida No. 1. $7.50 a barrel. BOND SALES INCREASE NEW YORK, April 30—Sales of Canadian bond issues, excepting Dominion Treasury billls, during April amounted to $52.400.0000, compared with $2,064,000 in March and $16,846,000 in April, 1934, the Dominion Securities Corp. announced today.

PAGE 11

NEW NRA BILL DRAWS ATTACK BY CONSUMERS Pending Harrison Measure Seen Peril to Woman With Market Basket. By Time* Spccinl WASHINGTON, April 30.—The question whether the consumer is still ‘‘the forgotten man” has been raised as a result of the lack of specific provision for his representation in the pending Harrison bill for extension of NRA. The bill, now under revision by the Senate Finance Committee, is being criticized publicly and privately by the NRA Consumers Advisory Board and other consumer agencies. Emily Newell Blair, Consumers Board chairman, demanded in the Finance Committee hearings that a clause be added to provide for a statutory board to represent the interests of people who purchase things. She argued that although most of us are producers as well as consumers, the two interests are not always identical. Trade Commission Imperiled Other consumer experts have gone much farther in analyzing the Harrison draft, reporting that they find in it distinct perils to the woman with the market basket, and other buyers. Most notable of these suspected perils is a provision that the Federal Trade Commission shall exercise its powers "in a manner consistent with the provisions of this title ” This, it is said, may almost completely subjugate activities of the Trade Commission to NRA. The consumer spokesmen also fear that an “economy of scarcity” will be promoted by the provision for exceptions from the proposed ban on production control. In this connection, the most objectionable feature to the consumer representatives is the omission of that famous fighting phrase—“monopolistic practices” —which the 1933 NIRA. forbade the codes to foster.

Concerned at Tariff Clause The consumers also view with some alarm the expanded provision empowering tariff increases if higher wages increase American costs. A similar provision in the present NIRA has not been widely used, but pressure for increased rates has started. One section of the Harrison bill provides for completed review of NRA codes within 90 days after the bill is enacted. But unless more provisions are made for safeguarding against unreasonable prices and for assuring consumers of representation, many present code policies attacked by consumers will merely be “baptised afresh —down to the last saber-tooth,” in the words of one consumer spokesman. All consumer representatives and advocates are united on the necessity of adding to the Harrison bill a clause for the development by NRA and industry of improved standards of the products of industry. The major argument of the consumers, as stated by Mrs. Blair to the Finance Committee, is this: “The standard of living for masses ■of our people is still shamefully low. Yet there are available the machines, the labor, the technical knowledge to produce the goods which we consumed before the depression. Our need is to utilize them, rather than to stabilize production at something like present low levels.”

Other Livestock

ißv United Press) CHICAGO. April 30—Hogs Rerdots. 12,000 including 4000 direct; active strong to 10 cents higher than Monday 200-2') lbs., s9'f/ 9.10; top. $9.10: 300-350 Its.. SB.. . ®9; 140-200 lbs.. $8,354/9.05: pigs. 57.50® 8.35; most packing sows, $8,157/ 8.25; light, lights 140-160 lbs., good and choice. $8.3541 8.80: light weight. 160-200 lbs., good and choice. $8,604/9.10; medium weights. 200250 lbs., good and choice, $8.95® 9.10: heavy weights. 250-350 lbs., good and choice. [email protected]; packing sows, 275-550 lbs., medium and choice, $7,504# 8.30: slaughter pigs. 100-140 lbs. good and choice, $7,507/8.50. Cattle—Receipts. 6.000; calves, 3.000; steer market very slow; fairly steady: killing quality plainer; shipper demand still narrow: due to depressed dressed beef market in east and local outlets small; especially to big Killers: all she stock getting better action than steers; it being a steer run with bulk of value to sell at $lO4/ 13.50; very little here of value to sell above sl4; bulls and vealers. steady; with undertone lower on eal calves: Stockers and feeders fully steady; slaughter cattle: vearlers, steers 550-900 lbs., good and choice $lO4/ 13.75; 900-1100 lbs., good and choke. $10,757/ 14.50: 1100-1300 lbs., good t.nd choice. $10,754/ 15.50: 1300-1500 lbs., good and choice. $11,504/ 15.50: 550-1300 lbs. common and medium, $6.50® 11.50: heifers, 550-750 lbs., good and choice. $9.504/11.75; common and medium. $5.50® 9.75;0c ws, good. $7.50 4/10; common and medium. $4,757/7.50; low cutter and cutter. $37/4.75; bulls (yearlings excludedi. good (beef), $6 25a 7.75; cutter common and mpdium. $5 257# 6.254/7.75: cutter common and medium. $5.2571 6 25: yearlings good and. choice. $7 4/9; medium. $64/7; cull and common. $4 4/6. stoker and feeder cattle: steers 5501050 lbs., good and choice. $6,757/9- common and /Tedium, $5,504/7. Sheep—Receipts. 14.000: fat lambs opening slow; bids and indications 15 to 25 cents and more lower: sheep strong to higher: earlv sales wooled lambs. $8 downward: best held above. $8.25: talking. s7® 7.25 on clipned offerings: best held higher: lambs 90 lbs. down, good and choice. $6.65 4/7.40; common and medium, $5 754) 6.75; 90-98 lbs., good and choice. $6 507/ 7.35: 98-110 lbs., good and choice. $6.257?7.35; ewes, 90-150 lbs., good and choice. $2.'54/ 4 35: all weights, common and medium. $24/3.25. LAFAYETTE April 30.—Market—Steady to 25c lower; 225-275 lbs.. $8 754/8.85: 275325 lbs. $8,604/8.70: 180-225 lbs. $8 65: 8 75: 150-180 lbs. $8 254/8 50: 130-150 lbs. $7,504# 8: 120-130 lbs.. s7®7 25: 100-120 lbs. $6,257/6.75: roughs. $8 25 down. Calves. 50c lower; $7 down. Lambs, steady, $7.25 down.

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 s<fs%c: No. 2 at value. Yellow grease 4%@5c: dark grease. 4@4%t STOCK INDEX ADVANCES By Times Special NEW YORK. April 30.—The stock index of 10 leading management investment companies during the last week stood at 10.10, compared with 9.47 in the preceding week, an increase of 6% per cent, according to a report made today by Distributors Group, Inc. A

Auto Industry Leads The automobile industry continues to push ahead aggressively and carry the banner for ihr rest of American commerce in its onslaught against depression. Total production in April is expected to approximate 170,000 units.

New Business Books Available at Library The following new books are now available at the business branch of the Indianapolis Public Library: MOBILIZING FOR CHAOS: THE STORY OF THF NEW PROPAGANDA <bv Harold D. Riegel I —" The success of the principle that the state has a right to monopolize the 'education' of every citizen for nationalistic ends is one of the signs of surge in the tide of nationalism. ’ MAKING MILLIONS READ AND Rl Y ißv W. A. Thompson) —"The How, When and Where of newspaper advertising.” METHODS OF INSTALMENT SELLING (by John J. Bartlett and Charles M. Reed)—A complete and comprehensive treatise on instalment selling, finance, credit, collections and accounting PUBLIC UTILITY VALUATION (bv Willard J. Graham)— Reproduction cost as a basis for depreciation and rate-base determination." BOSTON CONFERENCE ON DISTRIBUTION. 1934—A conference that attracted the attention of President Roosevelt whose statement is included. ETIQUETTE: THE BLUE BOOK OF SOCIAL USAGE (by Emily Tost). 1934 Edition.

SWINE VALUES AGAIN DECLINE Prices Steady to Largely 25 Cents Lower Than Yesterday. The pork market, again under pressure of an extremely heavy run of receipts, was 25 cents lower in early trading at the Indianapolis Stockyards today. The medium and heavyweignt divisions, however, resisted the decline and remained steady at yesterday’s best levels. Receipts continued to flow at an extremely heavy rate and were estimated at 6000, an increase of 1000 over yesterday’s figures. This was considered the most depressing factor. Initial dealings were slow with competition light in practcallv all classes. Interest was limited mostly to the lightweight division. The bulk, 160 to 325 pounds, cashed in at SB.BO to $8.95. Few good and choice kinds held at $9. In the lightweight division porkers scaling 130 to 160 pounds, sold at $7.75 to $8.50, while small slaughter pigs, from 100 to 300 pounds, brought $6.50 to $7.50. Packing sows held at $7.75 to $8.35. Holdovers numbered 105.

With largely a steer and heifer run prevailing in the cattle market, early trading devtloped slow and prices of most of all classes were steady at the previous close. Some held slightly lower. The bulk of steers ranged from sl3 down, while few held higher. Receipts were 2200. The heaviest run of receipts for the year were on hand in the veal market and prices were largely 50 cents lower. The bulk sold at $3. The lamb market was mostly 15 cents lower with trading light in all classes. Bulk of short fed western grades sold at $7.35, while shorn slaughter sheep brought $4 down. Receipts were 1500. HOGS April Bulk. Top. Receipts 24. $9 007)/ 9.10 $9.15 4500 25. 8.754? 8.95 9.00 6000 26 8.854? 9.05 9.05 4500 27. 9 004? 9.15 9.15 1000 28. 8 904? 9.00 9.05 5000 29. 8.804? 8.95 9.00 6000 Light lights: (140-160) Good and choice .. $8 257? 875 Medium 7.754? 8 50 Light weight: (160-180/ Good and choice . B. no® 8,85 Medium 8.30® 8 60 (180-200) Good and choice... 8 854/ 8 90 Medium 8.354? 8.65 Medium weight: (200-220) Good and choice... B.R5® 8.95 (220-2501 Good and choice .. 8 904? 900 Heavyweight: (250-2901 Good and choice... 8 85® 8 95 (2.9 L 350) Good and choice .. 8 75® 8.85 Packing sows: (275-350) Good 8 10® 835 (350-425) Good 8 00® 8.25 (425-550) Good 7.90® 8.15 (275-550) Medium 7.75® 8.10 Slaughter pigs: .100-140) Good and choice .. 6 507? 825 , Medium 6.00® 7.85 CATTLE —Receipts. 2200 —Steers—-(sso-900) choice $11.25®13 50 Good 10 007/12 25 Medium 8 25® 10.50 Common 6 504# 8.50 (900-1100) Choice 13 007/14.25 Good 10 75® 11.00 Medium 9 00® 9 00 Common 13 257/14.50 (1100-1300) Choice 13.257/14.50 Good 11.257/ 13.50 Medium 9.50®11.50 (1300-1500) Choice 13.50<&14.50 —Heifers—-(soo-750) Choice in u®'i.oo Good ,07/ 10 00 Common and medium J.007# 9 00 (750-900) Good and choice . . 9 254) 11 25 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 3 004? 5 00 Bulls, good 6 50® 6 25 Cutter, com. and med. bulls... 4.50® 6.25 VEALERS Receipts. 1000— Good and choice $7 50® 800 Medium ... 5 504/ 750 Cull and common 3 00® 5.50 —Calves—-(2so-500) Good and choice .. 6.50® 950 Common and medium 3 50® 6 50 —Feeder and Stocker Cattle—- / —Steers—-(soo-800) Good and choice .... 6.50® 8 50 Common and medium 5 00® 6 50 (800-10501 Good and choice . . 6.50® 850 Common and medium 5 00® 6.50 —Cows— Good 4 25® 5 25 Common and medium 3.75® 4 50 SHEEP AND LAMBS —Receipt*. 1500— (Shorn Basis) Lambs. (90 lbs. down), good and choice $6.85® 7.35 Common and medium 5 10® 6.85 90-120 lbs., god and choice ... 3.00® 4 00 Sheep: (120-150) Good and choice .. $ 50® 3.75 All weights, common and medium 1.50® 2.75

Other Livestock

(By United Pressi FT WAYNE. April 30 Hogs—Steady; 180-200 lbs., $8 90: 160-180 lbs.. $8.80; 200-225 lbs., $8.75: 225-250 lbs . *8.65: 250300 lbs.. *8 55: 300-350 lbs.. 18 35; 150-160 lbs.. $8 40. 140-150 lbs.. $8 15; 130-140 I’m., $7.90: 120-130 lbs, $7.40; 100-120 lbs., $6 90; roughs, $7.75; stags. $5.75. Calves, $8 50; wooled lambs, $8; clipped lambs, $7. (By Times Special) LOUISVILLE. April 30 - Cattle—Receipts 225; generally steady: market on light supply slaughter cattle: bulk common to medium steers and heifers. s7® 9 25: better finished drvfeds quotable to $lO 50 and above; bulk beef cows $54/6.25: good kinds to $7 and above for smooth heifer types: low cutters and cutter corns mostly s3® 4 75: sausage bu'ls mostly ss® 6: desirable beef kinds to *6 50 and above for yearling types: Stocker trade slow, mostly steadv: bulk better Hereford stock calves. $7.50® 8 50; plainer grade light southerns. S3 50 ®5. Calves. 350; market. 50r lower; bulk good to choice grades, s6® 7; medium and lower grades. $5 50 down. Hogs —Receipts. 700; market steady: top and bulk desirable 180-250-lb. weight#: $8 65. 255 lb*, up. *8 20; 160-175 lbs.. *8 15: MO--155 lbs.. S7 65: 120-135 ibs *8 70; sows weighing 400 lbs down. $S 90: heavier sows discounted 50c. sheep 75c: market generally steadv bulk medium to good clipped lambs. $5 50® 6.50: choice to $7 or better; wooled lambs subject to around SI premium; common clipped throwout*. S4. fat clipped ewes. $3 down; spring lambs salable mostly $lO down.

SILVER POLICY HOTLY ASSAILED AS DESTRUCTIVE Economist Sees No Profit Except to Few Producers With Injury to Many. BY CLARENCE W. FACKLER Assistant Professor of Eronomirs. New York University. NEW YORK, April 30.—The spectacle of lifting up this country's underprivileged siher interests and in so doing extending the worldwide depression to China under auspices of the Administration's • good neighbor" today continues. Only the extreme dull citizenry fails to see that the witchery of the silver enthusiasts has so charmed the government that it now supports aggressively a program of acquiring large and useless quantities of silver. By proclaiming the new price of 71.1 cents a fine ounce for domestic siver the President has brought the market vaue of the metail to 180 per cent above the 1932 low (24.75 cents) and to 14 per cent above the 1926 average <62.4 cents). Manifestly the principal object of higher prices is to increase the incomes of silver miners. Small Number Aided Yet, the activities of these enterprises are concentrated in only six states and their production is responsible for only 3-1000 part of the annual national income. It is too bad that since 1933 other business enterprises have not employed “friends at court” whose melodramatics would have been equally as lucrative. Because it is plain that for experienced lobbyists the task of persuading the card-shufflers in the New Deal to throw a few aces one’s way is as easy as saying thanks for a legacy. And it is, of course, unfortunate that raising silver prices has worked a hardship on China despite her 15 per cent, export tax on the metal. However, as long as another objective of the brisk trading for silver is to raise the purchasing power of foreign holders of silver, some allowance will have to be made for the injustice done a few million poor Chinese.

China Woefully Affected But apologies cannot alter the fact that by campaigning for higher silver prices and intentionally disregarding the effects elsewhere the administration has contributed to a 22 per cent decline in China’s commodity prices since 1931, to a reduction in her exports of 26 per cent from 1933 to 1934, to a tightening of her credit and to the closing of some of her mills and many of her banks. $ Inasmuch as the silver buying program is obviously ineffective in stimulating a general business revival, some people half-suspect that the aim is to satisfy the inflationary appetites of the silver bloc. But even here no great success is apparent. For no sooner were prices raised to 71 cents than the inflationists pressed harder for still higher prices. Silver Advocates Unsatisfied The president’s proclamation was, in fact, merely an invitation for the Senate group to report favorably on the Wheeler 16 to 1 bill, which calls for the compulsory purchase of fifty million ounces of silver monthly—more than 25 per cent of the world production in 1934. Adding more silver to an already redundant stock is like adding perfume to violets, because if business does not become more active the unnecessary silver dollars are doomed to pass ultimately into the already execessive bank reserves. Either this administration or a later one will therefore discover that the government, like the boy Benjamin Franklin, has paid a very dear price for a defective whistle.

GOVERNMENT and MUNICIPAL BONDS O. F. FRENZEL, JR. .MERCHANTS BANK BUILDING TELEPHONE RILEY 2537 INDIANAPOLIS

on! m BUSINESS LOCATION Business is seeking more profitable locations, moving to better buildings . ; . business men are demanding this advantage..; together with the conveniences and economies which only buildings ot the better type provide KLEIN* KUHNi.c. PROPERTY MANAGEMENT Lincoln 3545 INDIANAPOLIS