Indianapolis Times, Volume 47, Number 44, Indianapolis, Marion County, 1 May 1935 — Page 15

Wall St. Surplus Machinery Elimination Urged to Aid Trade. —BY RALPH lIENDERSHOT. Timet Special Writer

NEW YORK. May I—Goldthwait H. Dorr, president of the Cotton Textile Institute, suggested recently that, all surplus manufacturing equipment in the industry be removed. He urged this step as a menus to eliminate the "overcapacity” in the trade and thus help business. What Mr. Dorr probably had in mind was the elimination of ob-

solescent plant equipment. It is known that this is large in the textile fie 1 and. Those familiar with conditions in the industry say that if antiquated machinery were disposed of the question of overrapacity would no longer exist. And this condition does not

Ralph Hendrrshot

pertain only in the textile fields; it exists in nearly all lines. Obviously it is a drag on recovery, for it makes for high prices, low wages and unemployment. It makes competition in the world markets virtually impossible, particularly in view of the fact that processing taxes and other emergency measures already add materially to the cost of production. B B B INASMUCH as the government has decided to come to the aid of the unemployed, it might be well worth its while to give special thought to this question of obsolescent industrial machinery. It might be able to work out some sort of arrangement whereby it could buy up equipment, provided the owners agreed to spend the proceeds for up-to-date machinery. It might even go joint account with the machinery manufacturers in financing such additional new equipnifnt as might be considered essential to healthy industrial conditions. Such an arrangement would benefit in several ways. The new machinery manufactured would provide employment for a great many people. When installed the new machinery would make it possible to reduce prices and increase consumption. With the lower prices we might be able to win back some of our foreign markets, which would add additionally to employment and absorb our surplus raw products. The nation's industrial xsition would be materially imt bved and the people would be jle to enjoy more of the benefits of science and invention. The cost of such a program would not be excessive in contrast with the benefits to be derived, provided it were carried out with reasonable care. Moreover, in all probability this cost would be returned in a short time through the Increased taxes it would produce. a a a PAYMENT for the old equipment could be made on the basis of somewhere between the value at which it is carried on the books of the owners after depreciation and its value at current scrap prices. An arrangement also probably could be made with tire new equipment manufacturers whereby half of the profits in excess of 1934 earnings would be returned to the government to help pay the cost of the project. At a time when many other countries are exerting a paternal interest in their industries the United States can render itself but a poor favor by taking steps which, either by increasing the debt burden or otherwise, interfere with its industries. And such steps are hardly justified so long as other means are at hand by which the same results can be accomplished without injurious effects. BUILDING OPERATIONS CLIMB SHARPLY HERE Valuation of Permits I'p to 5132.114 in April 27 Week. A sharp expansion occurred in Indianapolis building operations last week as contrasted with the corresponding period last year, according to figures issued by William F. Hurd, city building commissioner. A total of 187 permits were issued during the week and represented operations having a valuation of $132.114, it was disclosed. In the corresponding period last year the number of permit;: was 174 and the valuation was $34,056. The total value of building operations conducted this year to date is $870,326. against $402,020 in the corresponding period last year. On Commission Row Quotations briow are average wholesale prices being offered to buyers by local commission dealers: Fruit*—Bananas. 4%c a lb. Apples. Winesaps. $2.10: Delicious. $2 10. Baldwins, *1 60 Lemons. Sunkist. 2605. S4 25 Grapefruit. Texas, seedless. $4. Florida, seedless. $3 25 Limes. Mexican, per carton. 12s. 20c. Strawberries. Alabama Missionaries. 24-qt crate. $4.50: Mississippi Klondykes, 24-qt. crate $4.50. Apricots. $3 crate. Grapes. South America, white. 20-lb. box. $2.75 Cantaloupes— Honey Dews, South America. $3 Mexican Jumbo's. $6 a crate; standards. $4 75 a crate. Vegetable—Cabbage, new Mississippi, half crate. $2 40. Onions Ne 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 50: northern round white. 100-lb. bag. $1: Ohios. 100-lb bag. $2 25: Idaho Russets, 100-lb. bag. $2 60: new Florida Triumphs, bushel. $2 25. Sweet Potatoes Indiana Jersevs. bushel. $1 10. medium or seed, $1.10: Nancy Hall, bushel. $1.40. Beans, round stringless, hampers. $2 Celery (washed and trimmed', medium, doz., 50c; Jumbo, doz . 75c: hearts, dor . 90c. Cucumbers, hot house. doz.. $1 2 doz box $1.50. Endive. California, dozen, sl. Egg plant. $ 1 25 y 1 50 doz Kale, bushel. 60c. Lettuce, hot house 15-lb basket. • 190. Arizona Iceberg head lettuce. $5 50. Mangoes. *4 50 ; 5 a crate: small basket. 50c. Mint a doz., $1 Parsley, doz, 35c. Peas, Mississippi, hamper. $2 Sp.nach. Texas, bushel. }i Radishes, dozen. 60c Turnips, bushel. 75c. Parsnips, half bushel. SI. Reels, crate, new Texas Carrots, California. bushel $125. Rhubarb, outdoor, doz.. 30c. Mushrooms, lb . 30c. AH quotations subject to change up or down. Fruit* and Vecetabies 3y Umted Pressi CHICAGO. May l \pples—Michigan. Spies, bushel. $1 50: Illinois. Jonathans. $i 504(1 75: Illinois willow twigs, $125 ..- 150 Carrots Western crates. 6 dor . *2 256 265 Turnips lUinots-Michigan. bushel. 2f.i 50c Sweet Potatoes—Tennessee. bushel. 90ti$l Indiana $2 Le.’uce —Western crates. 5 doz $4 25 ®4 50 ~eaf Lettuce—lllinois. 10-lb cartons. $. •/ 110 Beans—Florida, bushel. $1 25u 1 85. Cabbage —California, crates. $3 Mississippi. s3® 325 Onion Sets—lllinois. Michigan a bushel sacks. $2 50® 3 iyellow i peas— California, bushel hampers. slso'/185 Tomatoes—Florida, lugs. sl®2; Mexican, lugs. $1 75*72 50 Rhubarb—lllinois. 40-lb cartons. *1 z 1.15. Spinach Arkansas, bushel. 50cfe$l. Illinois, bushel. 7Sc®sl. Asparagus—lllinois, sectional crates, 2 doz , McßU.lt.

♦ ♦ Abreast of The Times on Finance ♦ ♦

STOCK PRICES FIRMER AFTER MIXED OPENING Volume Continues Small as Recovery Spreads to Nearly All Sections. By ( nit> and Press NEW YORK, May I.—Prices firmed in the early trading on the Stock Exchange today after an irregular opening. Volume continued small. There was no particular feature in the recovery which spread to nearly all sections of the market. U. S. Steel was slow in responding jto strength elsewhere, but it got back to the previous close of 3214. Coppers were most active as a group with Anaconda at new top for the year at 14T, up '4 point. Large amounts oi Mother Lode appeared and the Issue firmed % to l'g, anew 1935 top. Otis Steel issues continued to respond to the company's favorable ! earnings statement. Aviation shares i rose in the early trading and held | gains. Demand continued for mail order shares. Silvers eased to around the previous close after an early rally. Rails improved fractionally, and so did utilities. Consolidated Gas, with a gain of nearly a point, led the latter division. Johns-Manville rose a point in a I firm building group. Case was up more than a point in the farm implement division. Local traction issues made substantial gains on relatively large volume of trading. Money and Exchange INDIANAPOLIS STATEMENT ! Clearings $2,393.000 00 i Debits 5.909,000.00 TREASURY STATEMENT tßv United Press) WASHINGTON. May I.—Government ex- | peases and receipts for the current fiscal year to April 29. compared with the corresponding period of the previous fiscal year; This Year Last Year Expenses $5,839,429,832.62 $5,822,427,211 41 | Receipts 3.086.754,355.02 2.487.983,087 98 Deficit . 2.752.675,477 60 3.334.444 123 43 Cash Bal. 1,953.041.840 86 2.321.935.004.17 Chicago Stocks 'By Abbott. Froctor & Painel 11A.M. Prev. N. Y. close. Armr Steel 50 49% Aih-d Products 18 18 Butler Bros 7 6% Bendix 14% 14% ; Chicago Corn 1% 1% ! Barg Warner I 7 * 1% I Brown Fence & Wire 19'- 18% I Cities Service 1% j% 1 Com A- Edison 65% 65% j Cord 2% 3 j Chicago Mail 18% 19 Iron Fireman 14 15 I Kingsberrv 1% 1% | Libbv 7' 4 77 >t . Nobblitt Sparks 15% is', ! Prirna Beverage 3% 3% j Swift Int 34*4 34 1 2 New York Curb (By Abbott, Proctor & Paine) 12 (Noon) Prev. N. Y. close. Allied Mills 14% 14% Am Cyanide "B" ..j 17% 17a, Atlas Corn 8% 8 1 4 Carrier Corp 16 15% El Bond <fe Share 6% 6% Gulf Gil of Pa 60'.- 60 Hiram Walker 24 * 24% Humble Oil 51 s 51 Imperial Oil Ltd 16% 16 1 2 Lake Shore Min 54% 55% Lone Star Gas 5'4 5% Natl Bellas Hess 1% 1 1 4 Newmont Min 49' 4 48% Novadel Agene 20% 21 '* St of Kv 18% 18% Teck Hughes Gold 4'* 4% Produce Markets Tlelivered in Indianapolis prices: Heavy bleed hens 16c; Leghorn hens. 14c; 1 broilers 2 lbs and up. 20c; Leghorn broilers 2 lbs. and up full feathered. 18c; Leg- , horn broilers. 2 lbs and up full feathered. | 16c: bareback broilers. 13c: cocks and : stags. Bc. Ducks, full feathered and fat. Re geese, ful! feathered and fat. 6c. All classes of guineas. 15c. No 1 strictly fresh countrv run eggs, loss off 20c. Each fuil ! case must weigh 5 lbs. gross a deduction of 10c a pound under 55 ibs. will be made. Butter —No 1, 33®34c; butterfat, 28c. Quoted by the WaCiev Cos. (By United Press) CHICAGO. May I—Eggs—Market, unI settled: receipts. 26.600 cases: extra firsts. 24%c: fresh graded firsts 24%c: current i receipts. 23 1 .-c dirties. 22' <c: checks. 22c. ; Butter- Market, weak: receipts. 11.317 I tubs: extra firsts 190-91 7 _• scorei. 27%®. | 28c. extras (92 score'. 28' 4 c; firsts <BB- - score', 26 1 2® 26 *c: seconds (86-B7 ’ - score'. 26c; specials. 28%®29%c: standards. 28%c Poultry—Market, steady; receipts. 22 trucks, no cars. 1 car due; j capons. 26®27c: hens. 19' ®2le: broilers, 22u23c: fryers, 23©25c; old roosters. 14’* ©ls%c: ducks. 144/210; ceese. 12c: Leghorn hens. 134/18' -c: turkeys, 164118 c; Plymouth Rock fryers. 23%c. Cheese—[Twins. 15%4z15%c: daisies. 15%® 16c: Longhorns. 15^*0/16c. Potatoes, old stock j - Supply liberal: demand and trading j slow; market, dull and weaker; Wiscon- ] sin Round Whites. 75c; Michigan Round Whites 'dealers asking', 75c: Idaho Russet. $1 75.i2; commercial $l5O New stock - Supply moderate, demand and trading slow; market steady; Louisiana Bliss Triumphs. 72 654/2 85: Alabama Bliss Triumphs. $3 Arrivals 72. ->n track 450, ■ shipments 556. CLEVELAND. May I.—Butter—Market barely steady; extras. 32c: standards. 32%c Eggs—-Market, weak; extra whites. 23%c: current receipts. 23c. Poultry—Marj ket firm: heavv fowl. 20® 21c; medium 'fowl 21c; ducks young. 23®24c: ducks, old. 18c Potatoes—Maine $1.15 a 100-ib. bag Ohio best mostly. 65'>i75- Michigan. 80c; Florida Hastings No. 1. $7 a barrel.

An 11-Billion Trade Shows Signs of Life The construction industry used to be an 11-billion-dollar-a-year business that gave work to five million men. The depression very nearly wiped it out. and it is still only a wraith of its former self. But there have been signs in the last few weeks that the patient is beginning to sit up and take nourishment again. What are the prospects for a reawakening of the building industry in America? What are the obstacles, and what is the New Deal doing about them? General recovery depends in large part on the answer. The problems and prospects of housing are explored in six illuminating articles by Ruth Finney of the Washington Bureau of The Indianapolis Times, the first of which will appear on the Financial Page tomorrow.

INDIANAPOLIS, WEDNESDAY, MAY 1, 1935

New York Stocks

'By Thomson <fc McKinnon 1 Oil*— 11:00 Prev. High Low. A. M. close. Amerada 63% 63 63 1 63% Ati Rfg 24' a 24 24'a 24'a Barnsdall B't BFa8 F a 8% 8 -4 Consol Oil 8 8 8 8 ( Corn of Del 20 19 7 a 19 7 a 20 Houston inewi.. 2% 2% 2% 2% Hous'on 101di... 15', 15'1 15’* 15 M;d Cont Pet 12-S. 12 12 - 12 Ohio Oil 11% 11% 11% 11 % Phillips Pet 19', 19% 19'a 19 1 1 Plymouth OH .. 11 10% 10 10% Soaboard Oii 31'a 30% 31 30% 1 I Sheil Un 7', 7'a 7% 7'* I Skellfv Oil .... 9', 9'a 9' a 8%; Soc Vac 14' a 14 14' a 14', ; S O of Cal 33 7 a 33% 33'a 33% S O of Ind 25'a 23'a 25% 25 *a S O of N J 43% 43 43 43 Texas Corp ... 21% 21% 21% 21% Tidewater Assn. 91a 9% 91a 9% Steel*— Am Roll Mills . 18% 17% 18% 17% ; Beth Steel 26 25% 26 25% ■ Byers A M 14% 14 14V* 14% j Inland Steel ... 54 53% 54 53 j i Otis Steel . .. 6% 5% 6% 5% Rep Iron <fc Stl. 12% 12% 12% 12% ! IU S Steel 32% 31% 32% 32% iU. S Steel pfd 87 87 87 87 Warren Bros .. 4% Youngstn B & T 15% Motor*— Auburn 19% 19 19 19% | | Chrysler 33% 37% 38% 37 v S Gen Motors ... 29% 29% 29', 29% 1 Hudson 8 7% 8 7% | Hupp 1% 1 % 1% 1% Nash 12% 12 12% 12% Reo 3* a 3% 3% 3% Studebaker .... 33 33 Motor Access— Bendix 14% 14% 143a 14% Bohn Alum .... 54% 54% 54% 54% 1 Borg Warner ... 32% 32% 32% 33% Briggs ..... 26 26% 27 27% Budd Mfg .. 3% 3% 3% 3% ; Eioc Auto Lite . 20 19% 20 19% Elec Stor Bat .. 42% 42% 42% 42% Houdaille "A”.. 12 11% 12 11% | Murray Bodv 8 7% 8 7% Stew Warner ... 9% 9% 9% 9% Timken Roll 31% 31% 31% 31% Timken Det Axle. 5% 5% 5% 6% Mining— Alaska Jun .... 17-% 17'a 17% 17-% Am Metals 19% 19 19% 19% Am Smelt 43% 43% 43% 43 Anaconda 14% 14% 14% 14 Cerro De Pasco.. 60% 59% 59% 59% Dome Mines .... 41% 41% 41% 42 Howe Sound .... 51% 51% 51% 51V, Ins Copper 3% 3% 3% 3% Int Nickel 27% 27 27% 27 Kennecott Cop . 18% 18 18V, 17% I McTntvre Mine.. 43% 43 43% 43% ’ Park Utah 5% 5% 5% 5% ! Noranda Cop ... 38% 38% 38% 39 j Phelps Dodge .. 18% 18 18% 17% St Joe Lead .... 16% 16 16% 16 U S Smelters .117 116% 116% 116 Amusements— Fox Theater 10% 10% 10% 10% Loews Inc 38% 37% 38% 37% Radio Corp 5 5 5 5 Paramount .... 3% 3% 3% 3% Warner Bros .... 3% 3% 3% 3 Tobaecos — Am Tob “A” ... 81% 81% 81% 81% Am Tob 8”... 84 83% 83% 83 Gen Cigars . . 54% 54% 54% 54% Ligg * Myers B 105'- 105% 105% 105% Phillip Morris 42% 42 42% 42 Aeynolds Tob B 49 49 49 49 Rails— Atchison 40% 39% 40% 40 N. Y. Bonds (Reprinted from Yesterday) (By Abbott. Proctor Painel DAILY BOND INDEX 20 20 20 60 Ind. Rails. Util. Bonds. Today 87.3 76.1 96.5 86.5 Yesterday 87.2 76.8 96.4 86.8 j Week Ago 86.5 76.5 96.3 86.4 Month Ago 84.3 71.0 93.7 83.0 New- 1935 high. Copyright 1935 Standard Statistics U. S. GOVERNMENT BONDS Liberty's Prev. Close, close. Ist 3%s 1932-47 101.20 101.17 Ist 4%S 1932-47 101 23 101.19 4th 4%S 1933-38 called 102.21 102.19 Treasury's 4',s 1947-52 116.28 116.17 4s 1944-54 111.27 111.21 3%s 1946-56 110.6 109.29 3%s 1940-43 108 107.28 3%s 1943-47 107.11 107.7 3% S 1941-43 108.4 108 3%s 1943-45 106.20 106.12 3%s 1941 108.10 108.3 3%S 1944-46 106.11 106.6 3'as 1945-49 105.4 104.30 3%s 1949-52 105.12 105 3s 1951-55 104 104 2%S 1955-60 101.19 101.16 Home Owners Loan Corp. 2%s 1949 100.17 100.15 ! 3s 1952 102.3 101 30 4s 1951 100.27 100.26 Federal Farm Mortgage Corp. 3%S 1964 103.29 103.22 3s 1949 102.6 102.1 3s 1947 102.15 102.6 DOMESTIC Prev. Close, close. Alleg Corp 5s '44 71 72 Alleg Corp 5s '49 62% 61% Alleg Corp 5s 'SO 17 17 Am Frgn Pow 5s 2030 62 60% Am Tel & Tel 5%s '43 112% 112% Ant Tel & Tel 5s '65 112% 112% Arm & Cos (Deli 5%s ’43 ...104% 105 Atl Coast Line 4s '52 99% 99% Atl Coast Line 4%s '64 82% 83% Am Wat Wks 5s '44 94% 94% Am Roiling Mills 5s '3B 103 103 Balt & Ohio 5s '95 62 63 Balt & Ohio 6s ’95 70% 71 Balt & Ohio 4%s '6O 46% 47% Buff Roch & Pitt 4%s '57 56 56% Beth Steel 5s '36 104% 104', Chi Milw & St P 5s ’76 10% 11% Chi Milw- A- St P 5s 2000 3% 3 Cleve Un Term 5s '73 91 91% Clevf Un Term 4%s '77 86 86 Col uas 5s Mav '52 87 87% Col Gas 5s April '52 87 87 Col Gas 5s '6l 86-% 86% Can Pac Perp 4s 86% 86% Cent Pac 5s '6O 72% 75 Big Four 4%s '77 61% 63 Big Four 5s '63 69% 70 Chi & West Ind 4s '52 97% 97 Chi <fc West Ind 5%s '62 104 104% Chi & Nor West. 4%s '49 12% 13 Con Gas 5s '57 105% 105% chesa Corp ss’ 47 103% 103% Dodge Bros 6s '4O 104% 105 Del & Httds 4s '43 82% 83 N Y Dock 4s 'sl 68 68 N Y Dock 5s '3B 49 % 49 Erie 5s '75 58% 59% Erie 5s '67 59 60% Gen Cable 5%s '47 93% 93% Grt Northern 7s '36 87% 88% Grt Northern 4%s ’76 71% 71% Grt Northern 4%s '77 il 4 ij% Hud A Manhat Ref 5s '57 ... 88 88 111 Cent 4%s '66 47% 48% 111 Cent Jt 4%s '63 55% 05% Interlake C & I 5s 'sl <8 77*2 In'erntl Hv Elec 6s '44 . . . 34% 35% Ir.terntl Tel A- Tel 4%s '39 ... 64 63 Interntl Tel & Tel 5s 'ss_ 59% 58% Ir.terntl Tel A' Tel 4%s '52 ... 53% 54 McKess A Rob 5%S 'SO 97 'a 98 Midvale Stl 5s '36 103 103 Natl Dairy s' t s '4B !25', 4 Natl Steel 5s '56 . .106% 106% Nickel Pla'e *4%s '7B 53% 55 Nickel Plate 5%s '74 65*2 66% Nickel Plate 6s 35 56 57 N Y Cent 5s 2013 59* a 60 N Y Cent 4%s 2013 t01d)... 53 54% Nor Amcr Cos 5s '6l 97 Nor Pac 3s 2047 73% (3*4 Nor Pac 4%s 2047 78 7 Nor Pac 6s 2047 95 3v* 4 Nor States Pow 5s '4l 106% 106% Otts Steel 6s 41 92% 92% Penn Rv 4%s 84 104% Penn Rv 4',s 'Bl 104', 104% Penn Rv 4%s '7O 95* a 95 Pac C & E 5s '42 ..- 106% 106% Portland Gen El 4*2* '6O 65 64% Para Publiv 5%s 'SO 89 85% Penn PAL 4%s 'Bl 10d 104% Postal Tel A Cab 5s '53 32% 32 Rem Rand W W 5%s '47 ....104 103% Sinclair Oil 6%s '3B 102*a 102 Shell Union Oil 5s '47 103*2 103*2 Sou Pac 4%s '6B 63% 64*2 Sou Pac 4%s 'Bl 63'- 63% Sou Pac 4%s '69 63% 64*2 Sou Pac 4s ’49 66% SB% Sou Rail 4s '56 42% 43 Sou Rail 6s '56 54 56 Sou Rail 6%s '56 57* 2 58 Sharon Stl Hoop 5%s '4B .... 89 88% Texas Pac 5s 'BO 86% 87 Texas Pac 5s '79 87 87 Texas Pac 5s ‘77 87 87 Union Pac 4s '47 113 113 United Drug 5s '53 90 90*4 U S Rubber 5s '47 94% 94 NY NH A Hart 6s '4B 36 37 NY NH A Hart 4%s '67 31% 32% Warner Bros 6s '39 56 as l 4 Western Mary 5%s '77 99*2 99% Western Mary 4s '52 . 93 93’, Youngstown SAT 5s '7O .... 94*2 04% Youngstown SAT 5s ’7B .... 94% 94*2 FOREIGN Argentina A6s '57 95*2 94% Argentina B fs 'SB 95 94*2 Brazil 8s '4l 29*2 29% Canadian Grvt 4s '6O .106'a 107 Denmark 5* - 55 99 99% French 7s *9 182 181 German 5%s 65 26% 26% German 7s 49 35’ 4 36 Italy 7s "51 88 87% Japan 6%s '54 Rome 6%* ’52 77*2 77% Tokio City 5%s '6l 80 80*a Yokomhama 6s '6l 84 64 FEDERAL FARM LOAN BONDS (By Blyth A Cos.) Bid. Ask 3s Mav 1. 1955-45 101% 102 4s July 1. 1946-44 107*4 107’, 4s Nov. 1. 1957-37 103% 104% 4s Mav 1. 1958-38 103% 104% 4%s July 1. 1956-36 102 s , 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. 1942-32 101% 102% 4%s Jan. 1. 1943-33 101% 101 s , 4%s Jan. 1. 1952-33 101’, 101 s , 4%s Jan. 1. 1955-35 101*, 101 % 4%s Jan 1. 1956-36 102% 102% 5s May U 1941-31 99% 'ss Nov. 1. 1941-SI 99% ....

At! Coast Lines. 22% 22', 22% 22% B A O 10% 10*2 10% 10', Can Pacific 10’, 10% 10*2 10% Ch A Ohio 41% 41 % 41 % 42 C M A St P pfd I*2 I*2 I*2 I*2 Chi N W 3 1 a 3 S 3’a 3*, Dela A Hud .... 29 29 29 27% Dei Lac A W ... 13% 13*2 13% 13% Gt'Northern pfd 12% 12% 12% 12% 111 Central 11 11 11 11 M K A T 3*4 3*4 3*4 3 % N Y Cent 16’, 15% 16’, 15% N Y New Haven 4% 4% 4% 4% Norfolk A West 169*2 169*2 169*2 168% Nor Pacific 15*2 I.4'a 15*2 15*2 Penn R R 20'a 20’ 2 20% 20% Sou Pac 15% 15% 15*4 15 Sou R R 10* 10 10*4 10 Union Pac ... 90 90 90 89% West Maryland . 7% 7% 7% 8 Equipment*— Am teel Fdy ... 13*2 13*2 13*2 13*4 Bald Loco 1% 1% 1% l 7 * Gen Am Tank C 24*, 23% 24 33*2 Gen R R Sig 21% 21% 21% 20% Pullman Inc . 35% 34*2 34% 34% Westingh Elec... 42 40% 42 41 Utilities — Am Power A Lit 3*4 3*4 3% 3*4 A T A T 111% 111*8 111*2 Ill's Am Wat Wks. 11% 11% 11*4 l*'s Col Gas A Elec. 6 6 8 * Comm A Sou .1 1 1 1 Consol Gas ... 23'* 23 23* a 22**, Interboro R T .. 13*2 12 13', ll'.-i Int T A T - . 7% 7 7% 7*, Lou G A E 'A". 15*2 15% 15*2 15% Nat Pwr A Lit . 8 8 8 8 Pac G A E 18% 18 18 18 Peoples Gas 22 22 22 22 Pub Serv N J ... 28', 27% 28% 27% So Cal Edison . . 15', 14% 15% 15 Stone A Webster 4% 4 4*4 4 United Corp .... 2% 2% 2% 2% Un Gas Imp .. 12% 12% 12% 12% Western Union.. 25 24% 25 25 Rubbers— Goodvear 17% 17*2 17*2 17% U S Rubber 11% 11% 11% 11% Miscellaneous— Allis Chalmers 17% 17 s , 17% 17% Am Can . .120% 120% 120'a 120 Am Mach A Fdy 19% 19% 19*2 IS 7 , Brklyn Man Tr. 40% 40 40*2 38% Burroughs Add . 15% IS 1 /* 15*4 15% J I Case 55 3 a 54 55% 55% Conti Can 71% 71% 71% 72 Caterpillar Tract 44 43% 44 43% Curtis Pub pfd 100 100 100 100 Deere &Cos .... 29 28% 29 27% Eastman Kodak 139% 139 139'% 138 Foster Wheeler.. 13 13 13 13% Glidden 27', 27% 27% 27% Inter Harv 40% 4040% 39% Owens Bottle... 91*4 90% 90% 91 Rem Rand .... Bs,8 s , 8% 8% 9 Foods— Armour 3% 3% 3% 3% Borden Prod ... 24V, 24 24'a 24 Coca Cola 203% 203% 203% 204 Corn Prod 67% 67% 67*% 67% Crm of Wheat.. 36% 36% 36% 36% Cuban Am Sugar 6% 6'% 6*2 6% Gen Baking .... 8 8 8 B*2 Gen Foods 34 33% 34 34*, G W Sugar 29% 29% 29% 29% Natl Biscuit ... 26'a 25% 25% 26% Natl D Prod ... 14% 14% 14% 14% Std Brand 14 13% 14 13 7 8 United Fruit ... 86% 86% 88% 86 Retail Stores— First Natl Stores 48 47* 2 47% 48*.4 Gr Un Tea 3% 3 3*/s 3 Kresge S S 20% 20% 20% 21 Kroger Groc .... 25 24% 24% 24% Macv R H 34% 34% . 24', McCrorv St 9 9 9 9 Marshall iFeld . 7% 7% 7% 7% Mont Ward .... 26% 26 26% 26 Penney J C 64*4 64% 64% 64 Safewav St ... 33 33% Sears Roebuck . . 38% 38 38% 37% Woolworth 57% 57% 57% 57% Aviation— Boeing Aircft . 8% 8% 8% 8 Curtiss Wright . 2% 2% 2% 2% Curtiss Wright A B*2 8% 8% 8% Douglas Air ... 25% 25*2 25*4 25 Nor Am Av 3% 3% 3% 3 Sperrv Corp ... 9'a 9 9'/8 8% United Air New.... 13% 13 13 12% Chemicals— Air Reduction ..119% 119', 119% 120 Allied Chent .144 143% 144 144% Am Com Alcohol 23% 23% 23% 23% Col Carbon .... 78% 78% 78% 77 Com Solvents ... 19% 19% 19% 19% Du Pont 97% 96% 97% 96% Natl Dis (new).. 25% 25 25% 25% Schenlev Dist . 24% 23% 24% 24% Tex Gulf Sulph . 30% 30% 30% 31% Union Carbide .. 51% 51% 51% 51% Drugs— Bristol Myers .. 31% 31 "4 31*4 31% Lambert 25*'* 25 25 25% Sterling Prod ... 66% 66% 66% 66% Un Drug (new). 10% 10*.4 10% 10% Vick Chem 35% 35% 35% 35 ta Financial— Allegheny Corp. 1 1 1 1% Am Int Corp ... 6 6 6 6% Lehman Corp ... 74% 74% /4% 73% Transamerica ... 5% 5% 5% % Tr Conti Corp . 3% 3’/4 3% 3% Building— Am Radiator ... 13% 12% 13% 1?% Gen Asphalt .... 15% 15% 15% Ij% Int Cement 25% 25*, 25% 25% Johns Manville . 48% 47% 48% 47% Libby Ow-ens Gls. 25 24% 24% 25 Otis Elev 13% 13% 13% 13% U S Gypsum 49 43% 49 49 Household— Col Pal Peet... 17 16% 17 16% Kelvinator 15 14% 15 14->a Proc A Gamble.. 49 48% 49 48% Servel Inc 8% 8% 8% 8 2 Simmons 8ed.... 8% 8% 8% 8% Textiles— Celanese Corp . 21 20% 20% 20% Coliins Aikman. 10% 10% 10% 10 Gotham Hose .. 3% 3% 3% 3*4 Indus Rayon .... 25*2 25*2 25% 20% Kayser Julius .. 20% 19 20 s , 18 a ASSETS SHOW GAIN Quarterly Income Shares Resources Rise $1,696,336 in Quarter. By Times Special JERSEY CITY, N. J-, May I. Total assets of $31,648,845, with investments taken at cost, for the quarter ended April 15, are revealed in the statement of Quarterly Income Shares, Inc., mailed to stockholders today. This compares with total assets of $29,952,508 at the end of the preceding quarter, a gain of $1,696,336. The total distribution of $765,570 being paid to stockholders today, which is at the rate of 3c per share, is the largest amount that has been made for any quarterly period to date. STEEL PAY ROLLS RISE March Total Nearly 6 Per Cent Ahead of Preceding Month. By Times Special j’EW YORK. May I.—March pay rolls of the American steel industry aggregated $46,764,185, an increase of nearly 6 per cent over the February total of $44,212,859, the American Iron and Steel Institute reported today. For the first quarter of the year pay roils amounted to $135,305,595, contrasted with $111,565,703 in the came period last year. Employment in March increased to 425,189, marking the sixth successive monthly gain. EARNINGS INCREASE By Times Special DETROIT. May I.—Net earnings of the Kelvinator Corp. during the first half of the fiscal year amounted to $66,975, compared with a loss of $36,419 in the same period of 1934, it was announced here today.

WORLD INDUSTRIAL PRODUCTION EQUALS 1928 RATE

/os r\ A ios too f ■ M j • too 95 _ / W \ r\ / 95 (VTV ' 65 S I 85 30 l ' / 60 75 \ j 75 70 \ I 'VI 170 1927 /S2B 1529 /930 (95/ /9 32 /933 (934, /93S

NATIONAL BODY SUGGESTED TO STUDYMNKING Almost Unlimited Power Is Feared in Dominant Party Under New Law. B<! Times Sprrial NEW YORK. May I—Characterizing Title II of the proposed Omnibus Banking Bill as “political banking,” Dr. Walter E. Spahr, professor of economics at New York University and member of the National Advisory Council of the American Liberty League, has issued a strong plea for the appointment of a National Commission on Money and Banking to study the banking system of the country. He also urged every one to bring as much pressure to bear on Congress as possible not to vote in favor of Title 11. during the present session. The proposed law, he asserted, would give the party in power the opportunity to do “almost anything.” “Give a political party control cf the commercial banking system of a country and it can control its citizens to any extent it desires,” he declared. “The freedom of the people can disappear overnight. Views Held Fallacious “Despite the general denials of such interest on the part of those who advocate the passage of Title 11, and despite what may appear to be plausible arguments advanced in behalf of some of its features, a wise and prudent people will not permit such powers to fall into the hands of any political party. “Though the greatest inflation and the greatest aftermath of suffering were experienced by those warring countries in which the central commercial banks wf'Ve brought under direct political control, advocates of political banking would have us adopt such a system as a means of fostering a business recovery. “They do not understand that the only certain way a currency can be made tq cause a rise in prices is to inflate it and that this leads to subsequent disasters. The unsound rise, caused by currency inflation, can end only in a business collapse, or in repudiation of the currency, or in its devalution —all of which involve serious losses for a people. Isolated Market Aimed “They are planning to provide the government with an isolated market in the banks at low interest rates, rather than force the government to go into the open market for its funds as other borrowers do. “It is not the function of any banking system to give the credit of any borrower a higher rating than it deserves; and yet this is precisely what the political bankers propose shall be done with the credit of the government. “The Tidvocates of political banking also are providing the means by which all sorts of long-term illiquid assets can be dumped into the Federal Reserve banks and thereby converted into deposit currency or le-gal-tender Federal Reserve notes. This, too, involves currency inflation.” GRAIN PRICES RISE ON ALIEN STRENGTH Firmer Tone Rules at Chicago in Early Deals. By Vnited Tress CHICAGO, May I—Grain prices responded to higher prices at Liverpool and firmed today on the Board of Trade. At the start wheat was Vs lower to % cent higher. Corn was Vs to *2 cent higher. Oats were unchanged to up Vs cent, and rye was unchanged to •" cent higher. Bartlett Frazier & Co.’s Liverpool house reported that the market was firm and advancing, and that deliveries were light with considerable buying by millers. Weather news was so varied that it failed to have much effect on the trade. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. close May 99% .98% .98% .98% July 1.00 .98% .99 .99*4 Sept 1.00*2 .99*2 .99% .99% Corn — Mav 90% .89% .89% .89% Julv 85% .84% .84% .85 Sept 80 7 e .79% .80 .79% Oats— May 49*4 .48% .48% .48*4 Julv 42% .42' H .42*4 .42*4 Sept 39% .38% .38% .39% Rye— Mav 58% .57 .58 .57 July 59% .58' 4 .59 .57% Sept 60% .59% .60% .59*2' LOCAL CASH MARKET City grain elevators are paying 88 cents lor No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 82 cents, and oats 42 cents. SERVICES ARE EXTENDED By Times Special CLEVELAND, May I.—The Great Eastern system, bus operating company, announces the inauguration of an arrangement whereby bus travelers may secure from Western Union offices rate and schedule information as well as ticket orders.

PAGE 15

Foreign Funds A vaila hie for Purchases Here Off to New Depression Low Expansion in Merchandise Exports in 1934 Almost Entirely the Result of Shipments of Gold, Alexander Hamilton Institute Says. By Times Special NEW YORK, May I.—Funds supplied by imports in 1934. and therefore available for the purchase of American merchandise, slumped to the lowest level of the depression, according to an analysis made by the Alexander Hamilton Institute. During the year an unusually large proportion of the value goods imported into the country went to meet payments on invisible iten.e such as foreign interest and dividend payments to the United States.

Consequently, only $782,000,000 were available for the purchase of American goods last year without recourse to gold as a means of payment. This compares with $1,675,000.000 in 1933. $1,521,000,000 in 1932 and with $5,106,000,000 in 1929. “The expansion in the value of merchandise exported from the United States in 1934,” the institute said, “was thus entirely the result of heavy shipments of gold to this country. These shipments, including a small amount of silver and currency, were valued at $1,351,000,000. Gold shipments thus provided funds for nearly two-thirds of the $2,133,000,000 worth of merchandise exported from the United States. Devaluation Factor “The ability of foreign countries to send such a large sum of gold to the United States was due to a considerable extent to the devalution of the dollar. Devaluation reduced the quantity of gold which was necessary to provide the funds from gold used last year in the purchase of American merchandise. “It is apparent, however, that the drain on the quantity of foreign gold was, at the same time, unusually heavy. The value of merchandise exported from the United States in 1934 was thus supported by a factor which can not be expected to function indefinitely. “In fact, gold imports into the United States during the first two months of 1935 were considerably smaller than in the same period a year ago, suggesting that gold this year will not provide America’s export trade with as much support as it did last year. If this proves to be the ca.;e, the value of goods exported from the United States may be smaller this year than last unless the import trade holds up as well as it did during the first two months. “It is questionable, however, whether the value of goods imported will be sustained at the rate during the first two months when the value was 19 per cent higher than a year ago. This is a greater increase than the outlook for domestic conditions seems to warrant. “Without such an increase being maintained during the remainder of 1935, the value of exports is likely to be curtailed below the 1934 level since the 19 per cent increase in the value of imports during the first two months was accompanied by a gain of only 1.3 per cent in the value of exports. “Consequently, since their is little indication of any particular price recession in the near future, it is apparent that the quantity of goods exported this year will contribute little to an expansion of business activity in the United States this year.” Other Livestock (By United Press) LAFAYETTE, May I.—Market—Steady to 15c higher; 225-275 lbs., $8,850/8.90: 275-325 lbs., 58.75/i/ 8.80: 180-225 lbs., $8.75 0/8.85; 160-180 lbs., $8 60; 140-160 lbs. SB/?/ 8.25; 130-140 lbs.. $7,500/7.75: 120-130 lbs., S7O/7 25: 100-120 lbs., $6 250/6.75: roughs, $8 25 down. Calves —Steady to $7 down. Lambs —Steady. $7.25 down. FT. WAYNE. May I.—Hogs—Steadv; 225250 lbs.. $8.90. 200-225 lbs.. $8 80; 250-300 lbs.. $8.75; 180-200 lbs., $8.75: 160-180 lbs . $8 65: 300-350 lbs.. $8.60; 150-160 lbs.. $8.25; 140-150 lbs.. $8: 130-140 lbs.. $7.75; 120-130 lbs.. $7.25; 100-120 lbs.. $6.75; roughs. $7.75: stags. $5 75. Calves, $8; wooled lambs. $8; clipped lambs. $7. (By Times Special) LOUISVILLE. May I.—Cattle—Receipts. 250; slaughter cattle in light supply; market, slow: steers and heifers around steady; weaker tendency on sausage bulls and plainer grade cows: spots 25c lowr; bulk common to medium grade slaughter steers and heifers. S7O/8.25; better finished dryfeds quotable to $1 and above: most beef cows, 4.754/6 25: good beef bred cows and smooth heifer types quotable to $7 and above; bulk low cutters and cutters. $34/4.50: desirable beef bulls to $6.50 or better for vearling types; Stocker trade slow, mostly steady: bulk better Hereford stock calves. $7 50W8.50: plainer grade southerns. $3 Calves—Receipts. 375, including ICO stock calves; steady; bulk good to choice grades. $64/7: medium and lower grades, $5.50 down. Hogs—Receipts. 750; steadv; top and bulk desirable 180-250 lbs.. $8 65; 255 lbs . up. $8.20; 160-175 lbs., $8.15; 140-155 lbs.. $7 65: 120-135 lbs.. $6.70; sows weighing 400 lbs. down. $6.90: heavier sows discontinued 50c Sheep—Receipts. 100; generally steady market on all classes and grades; medium to good clipped lambs. S5 504/ 6.50; choice to $7 or better; comparable grade woolskins subject to a premium of around $1: common clioped throwouts. $4; fat clipped ewes, $3 down; spring lambs quotable $94(10, according to weight and quality. | 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. S2 50: medium size. $2. All Noi 2 grade horse hides. 50c less: glues arL ponies half price. No 1 rendered tallo - 54/5%c; No. 2 at value. Yellow grease 4% , 85c: dark erease 4@4%

Promoting the Farms On Mail 7 and S representatives of agriculture, industry and science will hold a joint conference at Dearborn, Mich., with the idea of developing a plan to aid. in increasing the use of farm products by industry.

SWINE MARKET RISES 10 CENTS

Cattle, Vealers Unchanged: Lambs Stationary at $7 Down. By t'nited Press CHICAGO, May I.—A new high cattle price since January, 1930, was reached today at the Chicago Stockyards when Fred Attebury of Mitchell, Neb., was paid $16.25 a hundred pounds lor a load of 1232pound steers. Corpsein brothers of Nortonville, Kas., wen? paid the same price for a load of 1317-pound steers. Descpite a continued heavy run of supplies on hand in early trading at the Indianapolis Union Stockyards today, the pork market was strong to generally 10 cents higher than yesterday's weak average. The slight increase was effective in practically all classes. A strong demand prevailed in the majority oi all classes and trading was fairly active throughout the session. Receipts, continuing to flow in extremely heavy supply, were estimated at 5000. Receipts for each session so far this week have held above that mark. Holdovers numbered 144. The general run of hogs weighing from 160 to 325 pounds was selling at $8.90 to $9.05, while few better grades sold at $9.10. Lightweights, ranging from 130 to 160 pounds, cashed in at $7.85 to $8.60. Others, scaling 100 to 130 pounds, brought $6.60 to $7.60. Good packing sows held at $7.75 to $8.50. With practically nothing done in the cattle market trading was largely a continuation of yesterday’s session. Some offerings, however, held slightly higher, but most early sales remained steady. Bulk of steers sold under $12.50. Receipts were 1200. The veal market also remained unchanged, with several classes selling at S8 down. Receipts were 900. Initial dealings were light in lambs and prices showed only a little change. Bulk of shorn fed western grades sold at $7 down, while shorn slaughter sheep held at $4 down. Receipts were estimated at 500.

HOGS A.Piil Bulk. Top. Receipts 2a $8,754/ 8.95 $9 00 6000 26. 8.85(f/} 9.05 9.05 4500 27. 29- 8.90® 9.00 9 05 5000 30. 8.804/ 8.9a 900 60000 May. 1. 8.90@ 9.05 9.10 5000 Light lights: (140 : 160i Good end choice . $8,354? 8,80 Medium 7.85 3; 8.60 Light weight: 1160-130/ Good end choice . . 8 90® 8 95 Medium 8 40® 8 70 <IBO-200) Good end choice .. 8.954/ 900 Medium ... 8.45© 8.75 Medium weignt: (200-2201 Good and choice . . 8.95® 905 1220-2501 Good and choice . . 9.004/ 910 Heavyweight: (250-2901 Good and choice .. 8 95® 905 1290-350) Good and choice .. 8 Ba it 8.95 Packing sows: *275-3501 Good 8 20® 850 I3ao-425| Good 8 10® 835 4 25: 5 ?9i Good 8.004/ 8.25 (275-5501 Medium 7.75® 8 10 Slaughter pigs: (100-140' Good and choice .. 6 60® 8.35 Medium 6.00® 7.90 CATTLE —Receipts. 1200— —Steers—-(sso-9001 choice sll 00® 13 25 Good 9 75® 12 00 Medium 8 00® 10 25 Common 8,50® s.OO <9OO-11001 Choice 12 75® 14 00 Good 10 504/ 13 00 Medium 9 00® 10 75 Common 6.504/ 900 (1100-13001 Choice 13 00® 14 25 Good 1100®13 25 Medium . . 9 50® 11 25 (1300-1500) Choice 13 25® 14.25 Good 11.25© 13.50 —Heifers—-(soo-750) Choice 9 50® 10 50 Good 8 50® 9 50 Common and medium 5.504/ 8.50 (750-900) Good and choice . 8.75® 11 00 Common and medium 5.50® 375 —Cows—(Yearlings Excluded) Good . 6 75® 825 Common and medium 5 004/ 6 75 Low cutter, cutters 3 00® 5 00 Bulls, good 6 25® 7 .50 Cutter, com. and med. bulls .. 4.50® 6.25 VEALERS —Receipts. 900— Good and choice $7 50® 8 00 Medium .. 5 50® 750 Cull and con.ion 3 00® 5.50 —Calves—-(2so-500) Good and choice .. 6 50® 950 Common and medium 3 50© 6.50 —Feeder and Storker Cattle——Steers— (soo-800) Good and choße 6 50® 8.50 Common and medium 5.00® 6.50 (800-1050i Good and choice ■ 6 50® 850 Common and medium 5.00© 6.50 •—C o w *—■ Good 4 50® 5 25 Common and medium 3.75® 4.50 SHEEP AND LAMBS —Receipts. 500— (Shorn Basis) Lambs. (90 lbs. down), good and choice ... $6.85® 7.35 Common and medium 5 10® 6 "5 90-120 lbs., good and choice .. 3.00© 4.00 Sheep: (120-150) Good and choice .. 2 50® 3.75 Ail weights, common and medium 1 59® 2.75 L. & N. IMPROVES SERVICE The Louisville & Nashville Railroad, some time druir.g the current month, plans to place air-conditioned sleeping and dining cars into service on its various lines, it was announced here today.

In Our New Quarters Fourth Floor Corner The Insurance Building A’. E. Cor. Market & Circle Gavin L. Payne & Company INVESTMENT SECURITIES

DECISION NEAR ON DISPOSITION OF FHA PLANS

Three Courses of Actior Open After Resignation of Moffett. 1: // / imrt Special WASHINGTON. May I.—President Roosevelt is expected to decide within a few days what to do with the Federal Housing Administration. The resignation of James A. Moffett as administrator opens three posible courses of action to the White House: 1. The President mav continue 'he Moffett policies in regard to insurance of loans for modernization, construction and converted mortgages, and let Mr. Moffett name his own successor. 2. In view of the overlapping functions of FHA and the Home Owners Loan Corp. the President may combine the two agencies, with. Chairman John A. Fahey of the Home Owners Loan Corp. in charge. 3. He may revert to his original housing program, call together the Walker housing committee and revamp the entire FHA plan. Canaday Is Mentioned Should the first of these possibilities be adopted, the new administrator probabiv would be either Stewart McDonald, executive FHA assistant; Ward M. Canaday, chief of FHA public relations; J. Howard Ardrev and Albert L. Dean, deputy administrators, or an outsider with a favorable business and financial record. Such an appointment would mean continuance of the present FHA policies which have produced since last August nearly $60,000,000 in insured home modernizaUon 'oans and $20,000,000 in insured loans for new construction and converted mortgages. If the third possibility were chosen. however, the President might choose as administrator either Frank C. Walker, chairman of the President's first housing committee; Charles Edison, son of the late inventor. cr Corrington Gill, deputy relief administrator. Difference Under Moffett The FHA under Mr. Moffett has been far different from what the Walker committee had in mind when it lobbied the National Housing Act through the closing days of the last Congress. Principal differences between the original objectives and the Moffett administration rest in the fact that the latter has not brought about a reduction in building construction and labor costs, and has not immediately opened up the nation’s 20 billion dollar home mortgage market.

WORKS-RELIEF FUND ANALYZED BY BOARD Sum in Bill Represents 17 Per Cent of All Wages and Salaries Earned. By Times Special NEW YORK, May I.—The sum of $4,880,000,000 recently authorized by Congress for work relief is the subject of an analysis by the National Industrial Conference Board. The sum represents: 1. About 17 per cent of all wages and salaries earned in the United States. 2. About 68 per cent of the value of all the farm products of our 6,000,000 farms. 3. More than twice as much as all dividends paid. 4. About 94 per cent of all the interest paid. It would take the whole working population of the United States 37 days to produce this $4,880,000,000 work-relief figure, according to the analysis. U. S. GETS EXTENSION ON GOLD CLAUSE CLAIM Period of 16 Days Allowed in Whieh to Answer Dixie Terminal Case. By Times Special WASHINGTON. May I.—A 16day extension until May 8 has been granted the Federal government by the Court of Claims within which, time it must file its reply to I'ne claims of the Dixie Terminal Cos. seeking payment from the United States Treasury of $1.07 on Liberty bond coupons. The government had sought a 30day extension to May 22. TO BUILD NEW PLANT By Times Special TORONTO. May I.—A new distillery at Baltimore, Md., will be prected by Joseph L. Seagrams and Sons, Inc., it was disclosed here today. Ground for the building will be broken within a month, it was said.

BUY A HOME WITH A LOAN FROM A LOCAL Building & Loan Assn< t~ BE SAFE State Automobile insurance Ass’n. LI-8571. 7th Floor OrrMrntal Bldg.