Indianapolis Times, Volume 47, Number 45, Indianapolis, Marion County, 2 May 1935 — Page 13

Wall St. Roosevelt Expected to Alter Silver Policy Soon. BY RALPH HENDERSHOT TimM Special Writer NEW YORK, May 2—World speculators seem to have taken the ‘play” in silver away from the United States government, bidding well above the official rate established here in the firm conviction that the metal shortly will reach the $129 price which has been fixed for monetary uses. A? the same time it became rather

obvious that the government would be unable to secure enough of the whitel metal to create the 3 to 1 ratio of gold to silver railed for in the Silver Purchase Act. In the world market yesterday the price is a little under 81 cents an ounce. The official price

fjm 9

Ralph Ilendershot

fixed by the government was 77.57 at: ounce. Obivously, the Treasury could acquire no metal other than that produced within our own country. A distinct shortage pf silver appears to be developing, and, despite the fact that the government has been steadily raising its price, it is growing increasily difficult to make purchases. Foreign speculators having taken s ich an interest in silver, with the United States government playing Santa Claus to them, the chances me that President Roosevelt will change his purchasing tactics. He may limit purchases to new’ly mined metal in this country and make a final j.rice increase to as near $1.29 an ounce as he thinks Is necessary to meet the requirements of the law. American speculators must pay a 50 per cent tax on profits when they speculate in silver. 000 THE government’s silver policy has materially broadened the currency and credit base of this country. To that extent it holds potential credit inflationary possibilities. Moreover, it has stimulated the mining of silver throughout the world, mines which heretofore had been unprofitable to operate having been reopened. Some thought the policy would lead to currency inflation, but thus far no evidence of this has been seen. Far flung influences haVe been felt as a result of the step. Hoarding has been going on in China and India, and the currency system of the former has been demoralized, according to foreign dispatches. Canada amd Mexico have reaped a harvest, the later being more prosperous than in several years, it is said. nun SILVER KING COALITION MINES, a silver mining stock, has been a recent feature of the market. It was up more than 3 points, and its present price is more than double that of a few weeks ago. It is reasonable to suppose that Joseph P. Kennedy's sleuths are already on the job to see if any illegal “jiggling” has been taking place. Suppose their quest of trading activities and propaganda were to take them to the halls of Congress or to the Treasury Department? Suppose, even, that Mr. Kennedy were obliged to place the "blame” on his boss, President Roosevelt? Just suppose, of course. CANADIAN EXPORTS UP $63,000,000 IN YEAR United Kingdom Takes 20.4 Per Cent More Goods From Dominion. By Times Special MONTREAL, May 2.—Exports to British Empire countries by Canada in the year ended March aggregated $341,323,978. against $278,025,134, an increase of more than 563.000.000 or 22.8 per cent, according to the Dominion Bureau of Statistics. The United Kingdom was the best customer among the empire countries, taking goods to the value of $274,022,137, a gain of 20.4 per cent over the preceding year's figure of $227,601,411. Australia was in second position with $18,081,847. an increase of 49 per cent, compared with $12,138,869.

On Commission Row

Quotations below are average wholesale prices being ofTered to buyers by local commission dealers: tiuits—Bananas, 4'-c a. lb. Apples. Winesaps. $2 10: Delicious $2 10. Baldwins. $1 60. Lemons. Sunkist, 2605. $4 25. Grapefrurt. Texas, seedless. $4: Florida, seedless. $3 25. Ltmes. Mexican, per carton. 12s 20c. Strawberries, Alabama Missionaries. 24-qt crate. $4 50: Mississippi Klondvkes. 24-qt. crate. $4 50 Apricots. $1 crate Grapes. South America, white. 20-lb. box, $2 75. Cantaloupes— Honey Dews. South America $5. Mexican Jumbo's, $6 a crate: standards, $4 75 a crate. \ecetable —Cabbage, new Mississippi, half crate, $2.40 Onions. New Texas yellow. 50-lb. bag. $2 40: new Texas boiler. 50-lb. bag $2 60. new Texas white. 50-yib bag, *2 SO. Potatoes. Green Mountains. 100-lb. bag. $1.75; selected cobblers, 150-lb. bag. $2 50: northern round white. 100-lb. bag. $1: Ohio* 100-lb bag. $2 25; Idaho Kussets. 100-lb bag. 52.60; 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, dor.. 50c: Jumbo, dor...* 75c: hearts, dor. 00c Cucumbers, hot house. dor.. sl. 1 dor. box $1 50 Endive. California, doren. $1 Egg plant. $1.25 yl 50 dor Kale, bushel. 60c Lettuce, hot house 15-lb basket. *1 90. Arizona Iceberg head lettuce $5 50. Mangoes $4 50 <is a crate; small basket. 50c. Mint a doz., $1 Parsley, doz. 35c. Peas. Mississippi, hamper. $2 Spinach. Texas, bushel. $1 Radishes, dozen. 60c Turnips, b hel. 75c. Parsnips, half bushel. sl. Beets, crate, new Texas Carrots. California. bushel, $1 25 Rhubarb, outdoor, dor... 30c Mushrooms, lb.. 30c All quotations subject to change up er down. FRUITS AND VEGETABLES ißy United Pressl CHICAGO. May 2.--Apples—Michigan Spies, bushels, $1 50; Jonathans. $1 50 •: 175; Illinois willow twigs. $i.25<i1.50. Carrots—Western, crates. 6 doz.. 52.25 -i 265 Turnips— lllinois. Michigan, bushels. 25m 50c Sweet Potatoes Tennessee, bushels. 90cst$l; Illinois, bushels. $1 Lettuce — Western, crates. 5 doz . s4w4 25 Leaf Lettuce— Illinois. 10-lb. cartons. sl. Beans— Florida, bushels, si 50m 175 Cabbage— California, crates. $2 50m 3; Mississippi. $3 Onion Sets— lllinois. Michigan sacks, bushels. $2 50 m3. Peas—California. bushel hampers. $L50M175. Tomatoos— Flm Ida, lugs. SIM 2 Mexican lugs *sl.7sm 2 50. Rhubarb— lllinois. 40-lb cartons 85cm SI Spinach -Arkansas, bushels 50m 75c AsFaragus— Illinois, sectional crates. 2 doz 14*1 25.

Hides and Skins

Hides—Green country cows and steers 4'ac flat; green country bulls and glues. Sc flat; green country calf hides. 5c flat: Rreen country kip. 4c; No. 1 large horse ides with full heads, shanks, manes and tails. *1 50: medium size. $2. AH Not 2 grade horse hides. 50c less; glues and Knies half price. No. 1 rendered taliow, tSLjc: No. 2 at value. Yellow grease. 4t*oic; dark grease. 4j4Ue.

♦ ♦ Abreast of The Times on Finance ♦ ♦

NARROW TREND RULES IN LIST; VOLUME LIGHT Few Issues Break Out of Point Area: Chrysler Moves Ahead. By United Trees NEW YORK. May 2—A half dozen issues broke out of a point area in a dull stock market session this morning. Chrysler was outstanding, rising 2 points to 39 4 on heavy turnover. It held most of the gain and steadied other automobile shares. Silvers dropped sharply for a time with United States Smelting touching lll’j, off 3' from which it rallied partially'before the end of the second hour. Allied Chemical lost 3 points to 140 on a few sales. Columbia Pictures gained IN to 45'j, anew high for the year. McCrory Stores preferred spurted nearly 7 points to 72, anew 1935 high and its common rase a i>oint to 10. Firestone and National Distillers were among issues making new lows for the year. J. I. Case at its low was down more than a point. United States Steel and Bethlehem eased fractionally. Railroad shares were steady to slightly easier, and so were utilities. Oils were mixed. Small gains were noted in Westinghou.se Electric, Woolworth and Pullman. American Bank Note made anew 1935 high.

Money and Exchange

INDIANAPOLIS STATEMENT Clearings $3,494,000 00 Debits 6.557.000.00 TREASURY STATEMENT <By United Press) WASHINGTON, May 2.—Government expenses and receipts lor the current fiscal year (o April 30. compared with the corresponding period of the previous fiscal year: This Year. Last Year. Expenses $5,859,078.116 55 $5,822,427,211.41 Receipts . 3.090.616 990 13 2 487.983.087 98 Deficit .2.768 461.126 42 3.334.444 123.43 Cash 8a1... 1,934,717,533 45 2,288,673.819.56 BEARISH SENTIMENT PUTS GRAINS LOWER Easiness Abroad Contributes to Downward Trend. By United Tress CHICAGO, May 2.—Bearish sentiment predominated today on the Board of Trade and grain prices ranged lower. At the start wheat was % to % cents lowpr, corn was unchanged to % rent lower, oats were off % to Ts cent, and rye declined U cent. Weather news was varied with dust storms being reported in some sections of the Southwest and heavy precipitation in others. Easiness at Liverpool contributed to the bearishness in local markets. Barlett Frazier te Co.’s Liverpool house cabled that the market declined because of discouraging advices from America and because of deliveries of undesirable grades. (By James E. Bennett) 11:00 Prev. Wheat— High. Low. A. M. Close Ma>- 97% .96% .97% .97% July 97% .97 .97% .93% Sept 98% .97 .97% .98% Corn— May 89 .88% .88% .89% July 84% .83% .83% .84% Sept. .79% .78’ .79% .79% Oats— Mav 47% .46% .47 .47% July 41% .40% .41 .41% Sept 38% .37% .37% 38% Rve— Mav 59% .57% .59% .58% July 59% .59% .59% Sept .60% .59% .60% .60 LOCAL CASH MARKET Citv grain elevators are paying 86 cents for No. 2 soft rea wheat. Other grades on their merits. Cash corn No. 3 yellow 82 cents, and oats 42 cents.

Produce Markets

Delivered In Indianapolis prices: Heavy bleed 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. 16 c. bareback broilers. 13c; cocks and stags. 8c Ducks, full feathered and fat 8c; geese, full feathered and fat. 6c. All classes of guineas. 15c: No. 1 strictly fresh country run eggs, loss of! 20c. Each fuil case must weigh 5 lbs. gross a deduction of 10c a pound under 55 lbs. will be made. Butter—No. I. 32m 33c: butterfat. 28c. Quoted by the Wadlev Cos. ißv United Pressl CHICAGO. May 2—Eggs Market unsettled: receipts. 26.381 cases: extra firsts. 24' 4 c. fresh graded firsts. 24c: current receipts. 23'c; dirties. 22c: checks. 21 3 4C. Butter- Market weak; receipts. 7604 tubs: extra firsts i9O-91'2 score'. 26u26'jc: extras |92 score'. 27c; firsts 'BB-S9 1 ; score', 25'<m 25'jc; seconds 186-87’ i score'. 25c. specials. 27‘g < 28c: standards. 27c Poultry Market steadv: receipts. 2 cars. 19 trucks, canons 26 / 27c; hens. 19'- • i 71c broilers. 22m 23c: fryers. 23M25e: old roosters. M'zM lS'.ac: ducks. 17 (/21c: geese* 12c: leghorn hens. 18'2C; turkeys. 16/ 18c. Leghorn broilers. 19c. Cheese— Twins. 15>.m 15'uc; daisies. 13' 1 416 c; I/Onghorns. 15’c Potatoes —Old stock: Supply liberal: demand and trading slow: market weaker: Wisconsin round whites. 67'270e: commercial. 636.. ./65c: Michigan round whites 70c: Idaho Russet $1 70: commercial. $165: United States No. 2. SI 25 New stock: Supplv liberal: demand and trading slow market slightlv weaker; Louisiana Bliss Triumphs S2 40M2 75. Alabama Bliss Triumphs $2.85 Arrivals. 101: on track 398; shipments. 652 CLEVELAND. Mav 2.—Buter—Market weak extras. 31c. standards. 31c Egcs Market weak: extra whites. 23'.-c; current receipts. 23c. Poultry—Market firm: heaw fowls 204/21c: ducks, voung. 23 a 24c ducks, old. 18c Potatoes- Maine $1.15 a 100-Ib bag; Ohio best mostly 65 775 c: Michigan. 80c: Florida Hastings No. 1. 56.50M7 a bbl. BUSINESS FAILURES INCREASE OVER 1934 Insolvency Index for April to Date Placed at 68.9, Report Shows. By Times Sprciol NEW YORK. May 2.—The insolvency index for April, including all but the last week, stood at 68.9, compared with 65.1 for the same month last year, and 115.1 in April, 1933. Dun <& Bradstreet, inc., announced today. The increase over the same month la§t year was the first instance, since October. 1932, where the monthly figures were above those recorded during the preceding year, it was stated. During the last two years there has been an almost constant decline in business failures, according to the monthly report. For approximately a year the record has been below that published for each month back to 1920. The current increase in April was registered during the initial part o l the month.

INDIANAPOLIS, THURSDAY, MAY 2, 1935

New York Stocks

(By Thomson & McKinnon' 11 30 A M. Prev. Oil.— Huth. Low. N. Y. close. Amerada 63 62 62 63 Atl Rfg 23’ 2 23% 23 1 3 23% Barnsdall 3% 8% B'2 8% Consol Oil 7% 7% 7*4 7% Corn ot Del 19% 19% 19% 19% Houston inew).. 2% 2% 2% 2% Houston ‘old) .. 15 15 15 15>2 Mid Cont Pet .12 12 12 12 Ohio Oil ll 3 s 11% 11' 4 11% Pnillips Pet ... 19% 19% 19% 19% Plymouth Oil ... 10% 10% 10% 10% Pure Oil 7% 7' g 7% IN Seaboard Oil ... 30% 30 30 30% Shell Un 7', 7% 7% 7'.* Soc Vac 14 13 3 4 13% 14 S O Os Cal 33% 33% 33% 34 S O of Ind 25 25 25 25% S O Os N J 43% 42% 43 42% Texas Corp .21% 21% 21% 21% Tidewater Assn . 9% 9% 9% 9% Un Oil of Ca 1.... 18 17% 17% 17% Steels— Am Roll Mills... 18'a 17% 17% 18% Be'h S’eel 25 24% 24% 25% Byers AM . .. 13% 13% 13% 14% Col Fuel <fc Iron. 1% 1% 1% 1% Cruc Steel 18% 18% 18% 19 Inland Steel 53% 53% 53% 54 McKeesport Tin 102 102 102 101% Mid Steel 11% 11% 11% 11% Natl Steel 4% 45% 45% 46% Otis Steel 5% 5% 5*4 5% Rep Ir fc Steel . 12 11% 11% 12 U S Steel 31 % 30% 31 31% Warren Bros . 4% 4% 4% 4% Youngst'n S& T 15% 15% 15% 15% Motors— Chrysler 39% 38% 39% 37% Gen Motors .... 29% 29% 29% 29% Graham Mot. . 1% 1% 1% 1% Hudson 8% 8% 8% 8 Hupp 1% 1% 1% 1% Mack Truck .... 22% 22% 22% 22% Nash 12 11 3 4 11% 12 Packard 3% 3% .3% 3% Reo 3% 31 a 3% 3% Studebaker 33 32% Yellow Truck .. 2% 2% 2% 3 Motor Access — Bendix 15% 14% 14% 14% Bore Warner ... 33 32% 32% 33 Brices 27% 26% 27 26% Budd Mfe 3% 3% 3% 3% Budd Wheel 3% 3% 3% 3% Eaton Mfe 18% 18% 18% 18% Elec Auto Lite.. 20% 20 20 19% Houdaille (Ai 12% 12 12% 12 Murray Body .. 7% 7% 7% 7% Stew Warner .. 9% 9% 9% 9% Timken Roll 32% 32 32 32 Timken Det Axle 5% 5% 5% 5% Mining— Alaska Jun 17% 17% 17% 17% Amer Smelt .... 42% 41% 42% Anaconda 14 13% 13i 4 14% Cerro de Pasco.. 58% 56% 57% 58% Dome Mines .... 41% 41 41% 41 Granby 7'g 7% 7% 7% Gt Nor Ore 11% 11% 11% 11% Howe Sound 51 49% 50% 50% Int Nickel 27% 27 27% 27% Kennecott Cop . 18% 17% 17% 17% Mclntyre Mine . 43 43 43 43 Park Utah 5 4% 4% 5% Noranda Cop ... 37% 37% 37% 37% Phelps Dodge ... 17% 17'% 17% 17% St Joe Lead 16 15% 15% 16 U S Smelters ...114% 111% 113 115 Vanadium 12% 12 12 12 Amusements— Fox Theat 10% 10% 10% 10% Loews Inc 38% 37% 38% 37% Radio Corp 4% 4% 4% 4% Paramount 3% 3% 3% 3% RKO 1% 1% 1% 1% Warner Bros ... 3% 33 3 Tobaccos— Am Snuff 71 % 71% 71% 71 Am Sum Tob... 21% 21% 21% 21% Am Tob (Ai B!>% 81% 81% 81% Am Tob ißi . 83 83 83 83 Llee & Myrs (Bl 105% 105 105 105% Lorillard 20% 20% 20% 20% Phillips Morris . 42% 42% 42% 42% Reynolds Tob tB) 48% 48% 48% 48% Rails— Atchisor. 40 39% 4040 Atl Coast Lines 22 21% 22 22% B& O 10% 10% 10% 10%

N. Y. Bonds

(Bv Abbott. Proctor A Palna* U. S. GOVERNMENT BONDS Libertys. Prev. t i Close, close. 1 ! . 2S IZIZ'H 10123 101.24 Ist 4 1 4 s 1932-47 101.25 101 27 4th 4Us 1933-38 <called> ... 102.20 102^20 Treasurys. • 4 '* s 116 27 116 27 4 ® }9-54 111.23 111.28 •H* s i® 48 "®? 110.10 110.10 iji aS 108 108 1 3? s } 8 j 2 'i 7 107.12 107.12 2 * s }2l?' 45 106.14 106.18 4 ‘ s 108.8 108.10 8s J 944-40 106.11 106.15 3s 1946-49 105.8 105.10 3 'as 1949-52 105.6 105.8 3s } B6 l-? 6 104.6 104.10 3s 1940-48 104.7 104.10 2’aS 1955-60 102.22 101.23 Home Owners’ Loan Corporation. 3s 1952 102.6 102.7 Federal Farm Mortgage Corporation 3'S 1964 103.27 103.30 2 ® 1848 102.7 102.10 3s 1947 102.15 102.15 (Reprinted from Yesterday) DOMESTIC Prev. Close, close. Alice Corp 5s ’44 70Vi 71 Alice Corp 5s '49 62* 4 62'i Am Frgn Pow 5s 2030 62 > 2 62 Am Tel A Tel s' 2 s '43 112* 8 112*8 Am Tel A Tel 5s '65 112 112* a Arm ACo (Del) 5' 2 s '53 105 104 7 B Atl Line 4s '52 99'a 99' 2 Atl Coast Line 4\ 2 s '64 81*4 82* a Atch Top A S Fe 4' 2 s '4B 106 1 a 106 1 . Am Wat Wks 5s '44 94> 2 94 Ve Am Rolline Mills 5s ’3B 103 103 Balt A Ohio 5s '95 61 1 i 62 Balt A: Ohio 6s '95 70*4 70 1 z Balt A Ohio 4lbs ’6O 46 46 1 2 Beth Steel 5s '36 104 104' 4 Chi Milw &StP 5s ’75 10 1 a 10' 2 Chi Milw & St P 5s 2000 3' 4 3> g Cleve On Term 5s ’J3 90*4 91 Clcve Un Term 4'_,.s ’77 86', 2 86 Col Gas 5s Mav '52 87 87 Col Gas 5s April '52 87' 4 87 Col Gas 5s '6l 86 86* a Can Pac Perp 4s 87 86 7 t Cent Pac 5s '6O 73*4 72‘ 2 Big Four 4' 2 s '77 61 1 2 61* 4 Colorado A- So 4' 2 s 'BO 60', 8 62' Chi & West Ind 4s '52 97 97' 8 Chi A West Ind s' 2 s '62 102'i 104 Chi & Nor West 4Us '49 12*4 12' 8 Con Gas 5s '57 105' 4 105* a Chesa Corp 5s '47 103'2 103 r u Del A Huds 4s '43 82 82' 4 N Y Dock 4s ’sl 68 68 N Y Dock 5s '3B 51 44'4 Erie 5s '75 58*4 58 7 o Erie 5s ’67 58 7 8 59 Gen Cable s' 2 s '47 94 93U Grt Northern 7s '36 87*i 87'2 Grt Northern 4' 2 s '76 71 71U Grt Northern 4' 2 s ’7/ 71 71 1 4 Gen Stl Cast W W H 2 s '49 .. 77'i 77 Hud A Manhat Ref 5s ’57 .... 88*4 88 111 Cent 4* 4 s '66 47 47*4 111 Cent Jt 4' 2 s ’63 54* 4 55U 111 Cent 5s ’63 59' 2 60' a Interlake C A I 5s 'sl 78' 2 78 Interntl Hv Elec 6s- J 44 34U 34 7 8 Interr.tl Tel A Tel 4' 2 s '39 ... 65' 2 64 Interntl Tel A Tel 5s '55 59' 4 59' a Interntl Tel A Tel 4Us '52 ... 54* 4 53U P Lorillard 7s '44 128' 2 128 U McKess A Rob 5' 2 s 'SO 98 97 7 8 Midvale Stl 5s ’36 103 103 Natl Dairy 5' 4 s '4B 103 U 103 U Natl Steel 5s '56 106*8 104*8 Nickel Plate 4' 2 s '7B 53' s 53' 2 Nickel Plate s' 2 s '74 63 65'i Nickel Plate 6s '35 55 56 N Y Cent 5s 2013 58'.a 59' B N Y Cent 4' 2 s 2013 (01d).... 53 53 Nor Amer Cos 5s '6l 97’ 8 97 Nor Pac 3s 2047 73' 2 73*s Nor Pac 4' 2 s 2047 78 78 Nor Pac 6s 2047 94' 2 95 Nor States Pow 5s '4l 106'* 106' 2 New Orleans Term 4s '53 ... 86 86 7 8 Otis Steel 6s '4l .'... 95 92 7 a Penn Rv 4Us 'B4 104 U 104* a Penn Rv 4' 4 s ’Bl 104' 8 104'i Penn Rv 4' 2 s '7O 95 95' a Pac G A E 5s '42 107 10S* 4 Portland Gen El 4' 2 s '6O ... 66* 4 65 Para Puhlix 5'.-s ’SO 89*8 89 Penn PAL 4' 2 s 'Bl 10.5> a 105 Postal Tel A- Cab 5s '53 33 32' 8 Rem Rand WW 5Us '47 103 U 104 Sinclair Oil 6' 2 s '3B 102*k 102', Shell Union 5s 47 103 U 103', Sou Pac 4' 2 s '64 64 63' 2 Sou Pac 4' 2 s 81 63'- 63' 2 Sou Pac 4' 2 s 69 63*8 63*8 Sou Pac 4s '49 66> 2 66U Sou Rail 4s ’56 41' 2 42* a Sou Rail 4s ’56 41' 2 42*8 Sou Rail 6Us '56 .67 57' 2 Sharon Stl Hoot* 5> 2 s ’4B 88' 2 89 Texas Pac 5s 80 87 86* Texas Pac ss* 79 86 7 a 87 Texas Pac 5s '77 87'a 87 Union Pac 4s ’47 .....112*i 113 United Drug 5s 53 90U 90 U. S. Rubber 5s '47 94' a 94* 4 NY NH A Hart 6s '4B 35' 2 36 NY NH A Hart 4' 2 s '67 31* a 31* 4 Warner Bros 6s '39 56 , 56 Western Marv s' 2 s ’77 99'i 99' 2 Western Marv 4s '52 .. 93'- 93 Youngstown S A T 5s "70 .... 95 94' 2 Youngstown S A T 5s '7B ... 94'i 94U FOREIGN Argentina A '57 95' 2 95' 2 Argentine B 6 58 95 95 Brazil 8s '4l . . 29U 29i Canadian Govt 4s '6O 107' 4 106 Denmark 5' 2 s ’55 99 9? German 5' 2 s '65 26U 25;% German 7s ’49 35', 35' 4 Italv 7s 'sl 88 88 Japan 6' 2 s '54 97 96' 2 Romeo 6U'S 52 77 1 i 77 1 2 Tokio Citv 5' 2 s 61 80', 80 Yokohama 6s '6! 83"- 84 FEDERAL FARM LOAN BONDS ißv Birth A Cos.). Bid. Ask. 3s Mav 1. 1955-45 101% 102', 4s July 1. 1946-44 107' 2 108* 4 4s NOV. 1. 1957-37 103 103 U 4s Mav 1. 1958-38 103’ 8 104', 4U S July 1. 1956-36 102’ 4 103 U 4US Jan. 1. 1957-37 103% 104' 4U s Mav 1. 1957-37 103*. 104', 4 1 4 s Nov. 1. 1958-38 105* 8 4 1 73 Mav 1. 1942-32 101 7 , 102*8 4' 2 s Jan. 1. 1943-33 101-’a 101 7 4'.-s Jan. 1. 1953-33 10'.U 101* 4 4' 2 * Jan. 1. 1955-35 ICl> 4 101* 4V>s Jan. 1. 195fi136 U2*i 102%

Can Pacific .... 10% 10% 10% 10% Ch A- Ohio 41% 41% 41% 41% Chi <fc Gt W ... 3 4 % % 3 4 C M & St P . 1 1 1 *1 C M & St P pfd 1% 1% 1% 1% Dela & Hud . .. 28% 27% 28% 28% Erie 8 % 8' 8 % 8% Gr; Northern pfd 12% 12 12% 12% 111 Central 11% 11 11% 11 Mo Pac pfd ... 2 2 2 2 N Y Cent 16 15% 16 16 Norfolk k West 169% 169% 169% 169% Nor Pacific 15% 15% 15% 15% Penn R R 20% 20% 20% 20% Sou Pac 15 14% 15 15 Sou R R 10% 10% 10% 10% Union Pac 89 88 83 89% Wabash .. 1% IS 1% 1% Equipments— Am Car Fdy . 13 13 13 13% Am Steel Fdy . 13 13 13 13% Gen Am Tk Car 33% 33% 33% 33 Gen Elec 23% 23% 23% 23% Pullman Inc 36 35% 35% 25% West Air Br ... 39% 19 19 19% Westingh Elec .. 41% 41 41' z 41 Utilities— Am & For Pwr . 3% 3% 3% 3% AT&T’ 111% 111 ' Ill's 111% Am Wat Wks . . . 11 11 11 11% Col Gas & Elec. 6 6 6 6 * Comm & Sou ... 1 % IV* 1 % 1 % Consol Gas . ... 23% 22% 22% 22% Elec Pwr & Lit . 2% 2% 2% 2% Interboro R T . 14 13% 13% 13 Lou GAEA... 15% 15% 15% 15% North Amer .... 13% 13% 13% 13% Pac G & E 18% 18% 18% 18% Peoples Gas .... 23 23 23 22 Pub Srrv N J ... 28', 28 28 28% So Cal Edison .15 15 15 15 Stone & Webster 4 4 4 4 United Corp ... 2% 2% 2% 2% Un Gas Imp ... 12% 12% 12% 12% Western Union . 24% 24% 24% 25 Rubbers— Firestone 13% 13% 13% 14 Goodrich 8% 8% 8% 8% Goodyear 17% 17% 171 4 17% U S Rubber pfd 29% 29 29 29% Miscellaneous— * Allis Chalmers.. 19 17% 17% 18% Amer Can 119 118% 119 119 Am Mach A Fdy 20 19% 19% 19% Brklyn Man Tr.'. 40 39% 39% 39% Burroughs Add.. 15% 15% 15% 15% J I Case 54% 53% 53% 54% Conti Can 72 71% 72 72 Caterpillar Tract 43% 43 4.3% 44 Crown Cork ... 30% 30% 30% 30 Curtis Pub pfd.. 99% 99% 99% 99% Deere A Cos .. 27% 27% 27% 28 Eastman Kodak 1.37% 135 135 136 Gillette 15% 15% 15% 15% Ingersoll Rand.. 76% 75% 75% 76 Inter Harv 39% 39% 39% 39% Rem Rand 8% 8% 8% 8% Underwood E .. 61% 60% 60% *63 Foods— Am Sugar 62% 62 62 62% Armour 3% 3% 3% 3% Borden Prod ... 24 23% 23% 24'/8 Cal Packing . . 36% 35% 35% 36% Canada D G Ale 9% 9% 9% 9% Coca Cola ...199% 199 199 201 Cont Bak ‘A’ .. 5% 5V t 5% 5% Corn Prod .... 67'% 67% 67% 67% Crm of Wheat .. 36% 36% 36% 36% Gen Foods 33% 33% 33% 33% Gold Dust 14% 14% 14% 14% G W Sugar ... 30 29% 30 30 Loose Wiles .... 34% 34 34 33% Natl Biscuit ... 25% 24% 25% 24% Natl D Prod ... 14% 14% 14% 14% S Porto Rico Sug 25% 25% 25% 25% Std Brands 13% 13% 13% 13% United Fruit .. 86% 86% 86% 86% Retail Stores— Assd Drv Goods 8% 8% 8% 8% Kresge S S 20% 20% 20% 21 Kroger Groc ... 24% 24% 24 7 . 24% McCrorv St 10 9 9% v 9 McLellan St 10 9% 10 9% May Dept St 40'2 40% 40 V* 41 Mont Ward 26% 25% 26'/ 26% Penney J C 64% 64 64(4 63% Safewav St 39% 39 39 39% Sears Roebuck.. 37% 37 37% 37% Woolworth 57% 57% 57% 57 Aviation— Aviation Corp ... 3% 3% 3% 3% Boeing Aircraft. 8 8 8 8% Curtles Wright . 2% 2% 2% 2% Curtiss Wri (A) 8% 8% 8% 8% Douglas Air .... 25% 24% 25% 25% Nor Am Av 3Vs 33 3% Sperry Corp .... 9% 9% 9% 9% Utd Aircraft new 12% 12% 12% 12% Chemicals— Air Reduction ..118% 118% 118% 117 Allied Chem ...142% 140 140 143 Am Com Alco . 23% 23 23 23% Col Carbon 77 76% 77 77 Com Solvents .. 19 18% 18% 19 Du Pont 96 !m% 05% 95% Freeport Tex ... 20% 20 Vs 20% 20% Liauid Carb .. 27% 27% 27% 28 Math Alkali .. 28 27% 27% 28 Monsanto Chem 66 65% 65% 66% Natl Dis mew) 24 23% 23% 23% Schcnlev Dist . . 24% 24% 24 Vs 24% Tex Gulf Sulph. 30% 30% 30% 30% Union Carbide . . 52% 52 52% 52 U S Ind Alco .. 40% 40% 40% 41 Drugs— Bristol Mvers .. 32 32 32 32 Sterling Prod • . 66% 66% 66% 66% Un Drug (new). 10% 10% 10% 10% Vick Chem 36 35% 35% 36 Financial— Allegheny Corp .1 1 1 1 Am Int Corp Chesa Corp 4040 40 41 Lehman Corp ... 7% 7% 7V 4 7% Transamerica .. 5% 5% 5% 5% Tr Conti Corp.. 3% 3% 3% 3% Building— Am Radiator ... 12% 12% 12% 12% Gen Asphalt .... 15 14% 15 15% Int Cement. 25% 25% 25% 25% Johns Manville . 48% 46% 47% 47% Libby Owens Gls 24% 24'% 24% 24% Otis Eltv 13% 13% 13% 14 U S Gypsum .... 48% 48 48% 48 Household— Col Pal Peet ... 16% 16% 16% 16% Congoleum 32 % 32% 32% 32 Kelvinator 34% 14% 14% 14% Mohawk Carpet. 15% 15 lS'/a 15% Proc A Gamble. 48% 48% 48% 48% Servel Inc 8% $% 8% 8% Textiles— Belding Hem ... 12% 12% 12% 12% Celanese Corp.. 20% 20% 20% 20% Gotham Hose .. 3% 3% 3% 3% Kayser Julius.. 19% 19% ... 20%

Chicago Stocks

(By Abbott, Proctor & Paine) 11:30 Prev. AM. Close. Bendix 14% 14% Borg Warner 32% 33 Chicago Corp 1% 1% Chicago Corp pfd 30% 30% Cities Service 1% 1 % Crane Cos 9% 9% Com & Edison 66 66% Cord 2 % 2% Elec Household 12% 12% Chicago Mail 18% 18% Grt Lakes Dredge 19% 19% Kingsberry 1% 1% Lynch Glass 30 29% Noblitt Sparks 15% 15% Pub Serv 23% 24 Swift 15 15% Swift Int 34 34' 2

New York Curb

ißy Abbott. Proctor A Paine) 11:00 A. M. Prev. N. Y. close. Aim Cos of Am 45 U 46' 4 Am Cyanide *'B'’ HU H's El Bond A Share 6 6' a Gulf Oil of Pa 59 59* 4 H.ram Walker 24 7 a 24' 2 Humble Oil 51 7 8 51' 2 Lone S'ar Gas 5U 5> 4 Long Island Lighting 3' 2 3*s Natl Bellas Hess l'i Hi Newmont Min 48 U 48 HOSE NOW OPERATOR Relinquishes Engineering Activities to Buy Oil Properties. Bv Times Special NEW YORK. May 2.—T. S. Hose, petroleum engineer, announced today that he was relinquishing 'his engineering activities to devote his entire time to the purchase of oil properties. The running of ‘’hot oil,” Mr. Hose believes, is no longer a menace to the industry. The recent adjustment of gasoline prices in various parts of the country, he said, is the forerunner of a material advance in the price of crude oil, which may be expected within a month. HUDSON PROFIT HIGHER Motor Firm Reports Earnings for First Quarter at 5235.610. By Times Special NEW YORK, May 2.—Net profit of the Hudson Motor Car Cos. during the first quarter amounted to $235,610. the largest of any quarter since 1931, the company reported today. The March quarter profit compares with a loss of 5802.845 for the first quarter of 1934. and is after allowing for all charges, including reserves of $464,750 for depreciation, but before provision for estimated income tax.

PORKERS AGAIN MOVE UPWARD; RECEIPTS DROP General Bulk Around 10 Cents Higher: Cattle, Veals Steady. The lightest supply of hogs s>ince | last Saturday were on hand at the Indianapolis Stockyards today, and the market was steady to generally 10 cents higher than yesterday's advance. Few classes of underweights, however, failed to show any change. Receipts which have been running at an extremely heavy rate during the last three sessions at the local exchange were estimated at only 2500 today The sharp decrease in supplies naturally was considered an Important factor in boosting prices. Demand was moderate, with j initial trading at a fairly active I pace. Early interest was centered mostI ly in the general run, ranging from | 160 to 325 pounds, which sold at $9 ! to $9.15, the top price for the sesj sion. Light slaughter pigs, weighing j 130 to 160 pounds, cashed in at $7.85 I to $8.60, while light lights, scaling 100 to 130 pounds, sold at $6.60 to | $7.60. These classes were unchanged from yesterday. Good packing sows brought $7.75 to $8.50. Holdovers were 104. Improvement was evident in the cattle market, with practically all classes extremely active and strorfg to slightly higher than the previous close. Quality was plain. Several steers in small lots ranged from $10.50 down. Receipts numbered 500. Interest was light in die veal market and prites held mostly stationary. The bulk sold at $8 down. Receipts were 500. Lambs al3o were unchanged, with shorn fed western grades salable at $7.35 down. Shorn slaughter sheep brought $4 down. Receipts totaled 800. HOGS April Bulk. Ton Receipts 26. $8.8541 9.05 $9.00 4500 27. 9.00 M 9.15 9.16 1000 29. 8.9044 9.00 9.05 5000 30. 8.90® 9.00 9.00 6000 May. 1. 8.904? 9.05 9.10 5000 2. 9.00® 9.15 9.15 2500 Light lights: ‘l4O-160) Good and choice . . $8.35® 1.60 Medium 7.85® 8.60 Light weight: 1160-180) Good and choice... 9.004? 9.05 Medium 8.50® 8.80 '(180-200) Good and choice .. 9.05® 9.10 Medium 8.55® 8.85 Medium weignt: (200-220) Good and choice... 9.05® 9.15 (220-2501 Good and choice... 9.10® 9.15 Heavyweight: 1250-290) Good and choice... 9.05® 9.10 (290-350) Good and choice... 8.95® 9.05 Packing sows: (275-3501 Good 8.25® 8.50 (350-425) Good B.lo 'w 8.35 425-550' Good B.oo® 8.25 (275-550) Medium 7.75® 8.10 Slaughter pigs: 1100-140) Good and choice .. 6.60® 8 35 Medium 6.00® 7.90 CATTLE —Receipts, 500 — —Steers—-(sso-900) choice .sll.oo® 13.25 Good 9.75® 12.00 Medium B.oo® 10.25 Common 6.50® 8.00 (900-1100) Choice 12.75® 14.00 Good 10.50® 13.00 Medium 9.00® 10.75 Common 6.50® 9.00 (1100-1300) Choice 13.00®14.25 Good 11.00®' 13.25 Medium 9.504111.25 (1300-1500) Choice 13.254/ 14.25 Good 11.25513.50 —Heifers—-(soo-750) Choice 9.50® 10.50 Good 8.504? 9.50 Common and medium 5.50®' 8.50 (750-900) Good and choice... 8.75® 11.00 Common and medium 5.50® 8.75 —Cows—(Yearlings Excluded) Good 6.75® 8.25 Common and medium 5 004 c 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, 500 — Good and choice $7.50® 8.00 Medium 5.50® 7.50 Cull and connon 3.00® 5.50 —Calves—-(2so-500) Good and choice .. 6.50® 9.50 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 (800-1050) Good and choice . . 6.50® 8.50 Common and medium 5.00® 6.50 —Cows— Good 4.50® 5.25 Common and medium 3.75® 4.50 SHEEP AND LAMBS —Receipts, 800 — (Shorn Basis) Lambs, (90 lbs. down), good and choice ... $6.85® 7.35 Common and medium ......... 5.10® 6.85 90-120 lbs., good and choice .. 3.00® 4.00 Sheep: (120-150) Good and choice .. 2.50® 3.75 All weights, common and medium 1.50® 2.75

Other Livestock

(Bv United Press) CHICAGO, May 2.—Hogs—Receipts. 11.000, including 5000 directs: active; 5c to 10c higher tnan Wednesday; 200-250 lbs., $9.104/ 9.20; top. $9.25 for load of 252 lbs.; 260-360 lbs.. $8 854(9.15; 140-200 lbs., $8,354(9 15; pigs. $8.35 down; most packing sows, $8,154(8.25; ligh lights. 140-160 lbs., good and choice, $8,364(8.80; light weight, 160-200 ibs., good and choice. $8,504(9.15: medium weights. 200-250 lbs., good and choice S9 4(9.25: heavy weights, 250-350 lbs., good and choice, $8,904(9.25: packing sows. 275-550 lbs., good and choice, $7.504( 8.35; slaughter pigs, 100-140 lbs., good and choice. $'(.504(8.50. Cattle—Receipts, 4000; calves. 2000: steer market steady; slow: not much beef in run; shipper demand narrow; nothing strictly choice here, top being sls for 1169 lb. averages: few loads $13,504(14,50. with bulk at sl3 down to . $9.50; better grade butcher and yearlings heifers firm but cows uneven, mostly steady; bulls and vealers steady; most light vealers, only select around 58.50. Slaughter Cattle and Vealers—Steers, 550-900 lbs., good and cho.ee, $104( 13 75: 900-1100 lbs., good and choice, $10,754(14.75; 1100-1300 lbs., good and choice, $10.754116; 1300-15QQ lbs., good and choice. $11,504( 16; 550-1300 lbs., common ; and medium, 56.504111.50: heifers, 550-750 jibs., good and choice, $9,504( 12; common land medium. $5,504(9.75, cows, good, $7.25®10; common and medium. 54.75'u ! 7.50; low cutter and cutter, $34(5; bulls i.vearlings excluded', good ibeefi. $64( 7.75; cutter common and medium. 55.254( 6.40; vealers. good and choice. $74( 8.50: I medium. $5,504( 7; cull and common. $44/. 5.50; stocker and feeder cattle, steers, 1550-1050" lbs., good and choice, $6,754(9; common and medium, $5 504( 7. Sheep— Receipts. 16.009; fat lambs opening slow; undertone weak to 15c or more lower; I sheep about steady; talking $8 downward ; on bulk wooled lambs: best held around ! $8 25: asking $7.25 and better for choice shorn, offerings; few shorn native ewes, $34(4 25; slaughter sheep and lambs, lambs 90 lbs. down, good and choice, 6:504( 7.35: common and medium, $5,754(6.65: 90-98 lbs., good and choice, $6,404(7.25; 98-110 lbs., good and choice. $6,154(7.25: ewes. 90-150 lbs., good and choice, 52.754i. 4.50; all weights, common and medium, $24(3.25. LAFAYETTE. Mav 2.—Hog market 1015c higher: 225-250 lbs.. $9: 250-275 lbs . 8 95: 275-300 lbs.. $8 90: 300-325 ibs $8 80; 1 200-225 lbs.. $8,95; 180-200 lbs.. $8.85; 160I 180 lbs.. $8.75: 150-160 lbs.. $8 35: 140-150 libs.. S8.10: 100-140 lbs.. $6.35 & 7.85. Cattle —Roughs. $8 25 down: calves, steady; top. $7: lambs, top. $7. FT WAYNE Mav 2.—Hogs—loc higher: 225-250 lbs.. $9; cuO-225 lbs $8 90: 250300 lbs. $8 85: 180-200 lbs,. S3 35. 160-180 lbs . $8.75: 309-350 lbs . $8 70: 150-160 ibs , $8 35: 140-150 ibs $8 10; 130-140 lbs., $7 85; 120-130 lbs $7 35: 100-120 lbs $6 85. i roughs. $7.75: stags. $5.75. Calves—'Receipts. $8: wooied lambs. $8; clipped j lambs. $7. CLOSED BANK PAYS i B’J Times Special CLEVELAND. May 2.—W. • A. Kimley, liquidator of the closed Standard Trust Bank, announced today that a 5 per cent dividend will be paid to 35,000 depositors of the institution around June 1.

PAGE 13

—The Housing Riddle — Vast Need of Homes Exists as Uncle Sam Puts a Mighty Shoulder to the Wheel. BY RUTH FINNEY Times Special Writer

This is the first of a series of six articles on the problems and prospects of housing in America. WASHINGTON. May 2.—Compared with the New Deal's housing problem, the riddle of the Sphinx has never been anything but a child's conundrum. 'Die housing problem has more incompatible elements than a divorce court, more irreconcilable conflicts than a League of Nations, more blind alleys, pitfalls and labyrinths than the city slums it has to do with. This is particularly unfortunate because recovery, to a large extent, de-

pends on its solution. There are not enough homes for the people in this country today, i There are millions of men skilled in building trades who can’t find : work and haven’t been able to find it for seven years. And the peo- i pie who want homes haven't money ! enough to hire the people who want j to build homes. Costs Are Still High Within the last few weeks building has turned upward. The cost j of a home is still higher, propor- ' tionately, than the cost of anything I else for which men spend their money; building materials and building wage rates are still above the existing price levels. To balance this is the fact that ! the cost of financing a home is less, that money is available in large quantities for financing home construction, and that there is a rea’ shortage of decent habitations. Whether or not the balance is true remains to be seen. When you talk about the housing problem you talk About many different things, so interwoven that you can’t separate them. The list Is endless, and it takes in almost every element in modern life. Biggest Group on Relief The New Deal first bumped into the housing problem when it found that the largest single group of people on its relief rolls came from the building trades. It encountered it in frantic pleas from distressed home owners for help in staving off foreclosure. NR A found the construction industry one place where the formula of shorter working hours and higher wage rates was meaningless and impossible. PWA learned what an involved, tedious task it is to build, even when you have money; how many obstacles there are to overcome; how many problems must be dealt with before you can start paying wages to men whose purchasing power you seek to improve. The Relief Administration and the Commerce Department went to work trying to get the first necessary facts about this gargantuan problem—how many homes needed repair, how many should be condemned, how many lacked modern conveniences, how many families were doubling up. Unemployed men and women were sent out to make a count in 64 cities. On Many Fronts The Home Owners Loan Corp. shouldered the task of saving homes for people who were in danger of losing them. NRA thrashed out the problem of high wages and high building material costs but accomplished little—except, perhaps, to make building material costs even higher. PWA spent money trying to make as much work as possible for builders but did it slowly, and the debate still rages as to whether or not any faster expenditure was possible. At any rate the men it employed were an infinitesimal part of those who needed employment. It tried to deal with the low-cost housing problem by lending money to limited-dividend corporations for construction of inexpensive, healthful, attractive apartments. It found that in spite of its best efforts the apartments just weren’t cheap enough, and it abandoned this enterprise and turned to direct federal slum clearance work. FERA and PWA both experimented with subsistence homesteads, construction of homes in rural regions where residents could work part time and till the land part time. Swinging Into Stride And finally the Federal Housing Administration was created to try to coax private money back into housing, and at the same time to correct the abuses private money had imposed upon home financing. After two years of trial and error, falling down and picking themselves up again, turning back and starting up new trails, most of these efforts seem to be swinging into their stride. Something is helping building and the industries that stand or fall with it, for this particular season at least. Tomorrow —The government tries spending.

Other Livestock

(By Times Special) LOUISVILLE. Mav 2.—Cattle—Receipts 250. slaughter cattle in light supply: demand limited: market slow, mostly steady, except sausage bulls around 25c lower; bulk common to medium steers and heifers. $7 ft 9.25; common dairybreds down to $6 50 or less for grassy offerings; better finished steers and heifers scarce quotable, $9 SO 4( 10.50 or better for strictly good dryfed steers with weight; bulk beef cows. $4.75(5 6 25; good heavy beef bred cows ana smooth heifer types quotable to S7 and .above; low cutters and cutters mostly $3 4(4.50; bulk sattsage bulls. $4 755 5.75; desirable beef bulls to $6.50 or better for yearlings stockers- trade slow about steady at week's loss, bulk better Hereford stock calves. $74(8: most plainer grade light southerns. 53.505 5. Calves. 375. including 75 stock calves: market, steady; bulk good to choice grades. s6*(7: medium and lower grades $5.50 down. Hogs—Receipts. 800 local packers practically out of market.-; demand from order buyers narrow: market mostly steady; some hogs unsold held higher: bulk better 18-250 lbs.. S8 65: 255 i 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; heavies sows discounted 50c. Sheep—Receipts. 100. steadv on all classes and grades: most ; medium to good clipped lambs. SS.SO'S 6 50: j choice quotable *7 or better: wooled lambs , quotable at around $1 premium; common clipped throwouts. $4: fat clipped throwouts. $4; fat clipped ewes. $3 down: ! spring lambs auotable. SBSIO. according to weight and finish. FORD PLACES ORDER Coke Oven Costing 53.500.000 Will Be Bought From Koppers. Bp Times Special DETROIT, May 2.—The Ford Motor Cos. has placed an order with the Koppers Construction Cos. for a by-products coke oven costing approximately $3,500,000. it was disclosed here today. This is the largest order of this type placed in more than seven years. The equipment, *which will be erected at Dearborn, will consist of two batteries of sixty-one ovens each.

Ford in Africa Reports in Xew York financial circles state that the Union Government of South Africa has begun negotiations with the Ford Motor Cos. for the establishment of a factory setup for the manufacture of passenger cars and trucks.

BACKS BANK BILL I* jgg||| f M % llr ■L - .Jiiy

A. P. Giannini On the grounds that the measure will deprive New York City of its domination of the nation's banking structure, A. P. Giannini, chairman of the Transamerica Corp, and prominent west coast banker, has come out in favor of the Administration's barking bill.

CUMPANY 6UNU UFFERINGS UFF Bulk of Issues Scheduled Now Are in Municipal Class. By Times Special NEW YORK. May 2.—The investment market looked principally to municipal offerings this week to maintain a fair measure of the pace that has been set in recent weeks In that particular field of financing the figure was scheduled to nln considerably ahead of last week. Due to a lapse in the filing ot registrations with the SEC, however, there will be u, comparative falling off in utility and industrial refunding until well toward the middle of May. It was thought possible that the week might bring some important new registrations, which would lead to offerings 20 days later. The rail, industrial and utility groups were each represented by a single offering la*t week, although the amounts were sufficiently large to make the aggregate, combined with municipals, one of the important weekly totals since refunding has reached high gear.

NEW YORK, WASHINGTON and the EAST Four great flyers over the shorter route to New York three to Washington and Baltimore conveniently timed for your departure —and arrival. Lv. Indianopolii Ar.NewYork Ar. Baltimore Ar. Wathington (C S. TANARUS.) <E S T ) (E. S TANARUS.) (E. S. TANARUS.) THE AMERICAN 1:48 P M. 800 A M. 7. 01 A. M. 7:58 A. M. "SPIRIT OF ST. LOUIS" 4:44 P M. 11:05 AM. 9:55 A.M. 10:50 A.M. THE PENNSYLVANIA LIMITED 8:30 p. M. 5:40 p M. THE GOTHAM LIMITED 11:00 P. M. 6:30 P. M. 4:57 P. M. 5:55 P. M. THE ST. LOUISAN (Westbound only) Lv. New York 10:10 P. M. (Daylight Saving Time) —Ar. Indianapolis 1:28 P. M. (C. S. TANARUS.) For reservations and information consult ticket agents, or J. C. MILISPAUGH, Division passenger Agent Railway Exchange Building, Riley 9331 The Largest Fleet of Air-Conditioned Trains in the World

LINT NATIONS REJECT PLAN FOR CONTROL Reduction in 12-Cent Loan Rate Held at Hand on Failure to Agree. By l ime* Special NEW YORK, May 2 —Cotton-pro-ducing nations in competition with ihe United States have turned down America's appeal for co-operation in a worldwide cotton control program, the cotton trade learned today. Oscar Johnston, head ol the Federal government's cotton pool, who went abroad several weeks ago to effect such an agreement, is returning home virtually emptyhanded, according to trade report. France is going ahead with plans to develop cotton raising on a large scale m West Africa, the British government plans more extensive production in East Africa and in doubling of the current season's high production in the next cotton season is expected. Fight to Finish Seen A fight to the finish for world raw cotton markets appears to lie in the immediate future, and in view of this situation and the kind of report Mr. Johnston is expected to make when he gets back to Washington the trade was speculating today on the possibility of the AAA reducing its cotton loan valuation for the 1835-1936 season. |The loan value now stands at 12 cents a pound. Until several weeks ago this loan value acted as a peg on the open market price of cotton. The open market cracked early in March and prices dipped 2 cents a pound under the loan value, causing great havoc throughout the industry and establishing a paper lass of $50,000,000 on the gov-ernment-controlled cotton stocks cf 5,500 000 bales. Since the break about 75 per cent of that initial loss has been erased. The resistance of the futures market to the various drives to push prices back to the loan value has established that the domestic cotton parity is consistently under 12 cents a pound, while world parity is estimated somewhere between 8 cents and 9' 2 cents a pound. New Loans at 11 Cents Several Hanover Square traders who are clase students of AAA technique said today they believed the new loan value—which will be announced probably late in June—will be cut to “about 11 cents or 10.80 cents a pound.” Such a cut would bring the loans for the new season in line with today’s open market valuation, but whether or not the open market would “stay -put’’ in such an event is considered doubtful. The cotton trade’s solution of the problem is to have the government sell out its holding at a sliding scale of values over a period of time, thus returning to private trade the huge impoundage of lint. Such a move would mean “writing off” of losses from the government’s balance sheet. FUNDED DEBT REDUCED By Times Special CHICAGO. May 2.—Notes payable and funded debt of the Cities Service Col in 1934 were reduced $20,316,000, according to the annual report of the company.