Indianapolis Times, Volume 47, Number 47, Indianapolis, Marion County, 4 May 1935 — Page 14

T rends Highlights of News During Last Week. —BY FREDERICK MATSON Timri Financial Writer

PRESIDENT ROOSEVELT, in '*■ his “fireside chat’’ to the nation Sunday night, served notice that he has not abandoned his cconom- , ic program nor relaxed his insist- I ence on its prompt enactment. . . . j In spurring into action a Congress | that has passed but one major measure in 17 weeks, the President forsook his custom of refraining from discussing pending legislation. His “mast” program includes extension of NR A (preferably for a two-year period, elimination or regulation of utility holding com- \ panies, the banking bill which ! would reform the Federal Reserve system, legislation unifying transportation facilities, and adoption of his social security measures. . . Hot on the heels of the President’s radio address came roaring disapproval of his policies. The storm ’ center was the twenty-third annual , convention of the United States Chamber of Commerce in Washington. . . . Resentment among a large group of delegates over the Administration's program flared as the convention closed with the ! election of anew president, Harper Sibley of Rochester, N. Y., to succeed Henry L. Harriman. . . . ! Scuttling the work of the steering committee, the business leaders refused to sanction any part of the i broad program of social legislation proposed by Mr. Roosevelt. Resolutions condemning the new banking act. extension of power for the AAA, the 30-hour week, the Wag- i ner labor disputes bill, and the ■ holding company bill were jammed 1 through without a dissenting vote. ] Perhaps the mildest of all the criticisms uttered at the convention was made by Mr. Harriman: “The j New Deal has attempted much that j is good, but it has tried to do too much in too short a time.” ana Relief administrator HARRY 1. HOPKINS yesterday carried out his threat to withhold Federal aid to states which do not meet his demands for cooperation. He dropped Illinois from those states allotted Federal money for May relief. . . . The next move in determining the face of Illinois’ 1.200.000 needy is up to the state Legislature, which Mr. Hopkins has demanded contribute $3,000.0000 a month to the state's $14,000,000 a month relief bill. . . Nearly half of tne $1,933,000,000 of First Liberty Loan bonds has been refunded into lower interest-bearing securities under the government’s refunding program, the Treasury announced. ; Os the total called for redemption j June 15, $910,000,000 have been offered for exchange into new securities. Approximately $605,000,000 have been offered to date for exchange into five-year Is per cent certificates and $305,000,000 into 20 to 25-year 2% per cent bonds. . . . Mayor John W. Kern at noon today was to receive sealed bids from prospective buyers of an j $8,000,000 issue of revenue bonds to enable the city to take over the plant and property of the Citizens Gas Cos. a tt a Complications were added to the controversy between | General Motors Corp. and organized labor this week when 9000 union employes at the Fisher Body Co.'s plant a Cleveland went on strike. This brings the total number of men out of work in the General Motors group to more than 20,000 in the peak of the pro- I duction season. ... In Toledo, j where the present widespread con- ' troversy began when union cm- j ploves walked out of the Chevro- ' let transmission assembly plant, | labor leaders awaited outcome of ; conferences between Edward P. McGrady. Assistant Secretary of Labor, and union leaders and company officials in Detroit. . . . Shutting down of General Motors plants j through closures or strikes have spread to Janesville. Wis.. Kansas City and Atlanta. Chevrolet and Fisher body plants in each citv were shut down by the company because of lack of transmissions caused by the Toledo walkout. . . . In the meantime. Chrysler Corp. announced an extra dividend of 25 cents a share in conjunction with issuance of its first Quarter report showing the highest net income for any quarter since 1929 an the largest volume of sales in both units and dollars for any quarter in its history. tt a a MERGER of the Republic Steel Corporation and Corrigan-Mc-Kinney Steel Cos. contemplated for some time, was given Federal Court approval yesterday when Judge Frederick M. Raymond ruled against the Government in its suit at Cleveland to block the amalgamation. . . . Judge Raymond ruled that the pronesod $323 000.000 merger would not be in violation of the Clayton anti-trust act. as charged by government attorneys. Approval of the merger makes Republic Steel a dominant figure in the steel industry. creating a corporation with a capital structure of more than a third of a billion dollars. It will be topped only by United States and Bethlehem. The Federal Government suffered another defeat in its battle to send the rulers of de-pression-wrecked utility systems to prison for investors’ losses. A jury in the Chicago Federal Court acquitted Frank P. Parish and Samuel J. Maddin on charges of using the mails to defraud stockholders in the Missouri-Kansas Pipe Line Cos. The government's charges against Mr. Parish were similar to those on which Samuel Insul! and 17 others were prosecuted and acquitted last November—misrepresentation of assets and market rigging to withstand stock raids. CHICAGO BUILDING UP Number and Value of April Permits Tops March and Year Ago. By 7 out * Special CHICAGO. May 4.—April building permits issued here numbered 95 and had an estimated value of *1.859.778, compared with 57 and *1.370.740 in March and 43 and $712 650 in April. 1934, according to figures made available today. In the first four months of the year a total of 221 building permits have been isued and had an estimated valuation of $4,006,283. contrasted with 108 and $2,387,325 in the 1934 period.

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 14

HOME ACTIVITY HOLDS KEY TO BUILDING TRADE Inventory Shows Estimated Need of Five Million New Dwellings. Thi i the third of nix article* on the problem* and prnvperts of housing in America. BY RUTH FINNEY. Time* Special Writer WASHINGTON. May 4—ls anything can turn the trick for the down and out construction industry, it has to be home building. The NewDeal reached this conclusion reluctantly, for home building is a problem it can attack only by round - -about, time - consuming methods. The country spent $11,339,000,000 for building in 1928. Even if the national credit could stand it, there is little chance that the Government could spend this much every year, usefully, for roads, bridges, dams, postoffices and other public projects. The Real Property Inventory disclosed that 563.474 homes, or 17.1 of all those surveyed in 63 cities, were overcrowded, and that 161.933 families were doubling up with other families because of poverty. Five Million Needed On the basis of these figures. Daniel E. Casey, in charge of the inventory, estimates that there is a shortage of five million dwelling units for the country as a whole. The inventory found, also, that 38.188 of the structures examined were unfit for human use. Another 273.511. or 15.8 per cent, were in need of structural repairs, while 44.5 per cent needed minor repairs. Even more shocking, to a country which has considered itscll the most modern and the most civilized in the world, were discoveries having to do with sanitation and convenience. The Federal Housing Administration. studying the inventory’s figures on the condition of buildings, estimated that 16 million of the country's 26 million homes are in need of major repairs or improvements. It figures that about three million can only be saved by rebuilding. The National Survey of Potential Product Capacity, after conducting its own investigation, announced that even if we should spend 10 billion dollars a year on housing, it would take 15 years to raise Amer- j ican housing to reasonable stand- i aids of sanitation and comfort. Still another survey was made in j Europe, fer comparative purposes, j by Relief Administrator Harry Hop- j kins. He came back reporting that ; housing in the United States, especially for working families, is “noth- j ing short of a scandal” and that j American slums are the most degraded in the world. “A Costly Luxury” All of which would be most encouraging for the unemployed building tradesman if enough people had the necessary money for building homes or even for renting good ones built by someone else. "The chief obstacle to recovery in housing,” said N. H. Engle, assistant director of the Bureau of Foreign and Domestoc Commerce, in an address a few days ago. “is that adequate housing, and particularly home ownership, as now' constituted, is a costly luxury which few' can afford.” The cost of building a brick and frame house of five rooms, government figures show, dropped to 75 per cent of the 1929 figures in 1932. but by last year it had mounted again to 94.1 per cent of the 1929 figures. Income Figures Cited Building materials are 87 per cent as expensive as in 1926. Wage rates for the building trades are only about 5 per cent less than in 1926. Incomes ’ have dropped while these costs have remained relatively stable. And even in better times, the Brookings Institution found that. 9C? per cent of the workers in this country earn less than $2500 a year; 83 per cent of them less than $2000; 68 per cent of them less than $1500: 44 per cent of them less than SIOOO. Under these circumstances. S3OO a year is about all such families can afford to pay for rent or for carrying charges. This is not enough to support even a S3OOO in\estment in a house and lot. and one-family houses, in 1934. cost on the average a little more than S4OOO. Monday What can be done about costs? FOOD INDEX LOWER Drop in Week Wipes Out Gain Made Earlier in Year. Bu Times Special NEW YORK. May 4—A furthe” sharp drop in wholesale food prices during the last week wiped out most of the gain recorded in the early part of this year. FTom $2.68 a week ago. the Dun & Bradstreet Weekly Food Index declined 6 cents, to stand at $2.62 for the period ending April 30. A net decrease of 7 cents, or 2.6 per cent, is thus shown from the beginning of April, and the increase over the first week of this year, when the index stood at $2.58, is now only 3 cents, or 1.6 per cent. ENGINEERING AWARDS UP By Timex Special NEW YORK. May 4.—Engineering construction awards for April ■ total SI 16.972.000 compared with $101.192.000 a year ago. the En- | gineering News-Record reported to- ■ day. This is a gain of 15 per cent, due to the substantial increase in private construction from 517.737,COO last April to 542.439.000 thus j ear. BOND ELECTIONS GAIN tl<l 7 i met S pr, -i | NEW YORK May 4% New state and municipal issues reported approved by the voters of 96 communities in 30 states during April totaled sl6 807,400. as compared w ith $11,350,575 m March, according to i the Daily Bond Buyer.

Van Sweringen Brothers Maintain ■ Rail Holdings Despite Unpaid Loans

Probe of Holding Unit Is Opened, However, by Cos Eastman. The Van Sweringen brothers. Cleveland's gift to the railroad world, continued to maintain nominal corffrol of their little dominion in the transportation field today, but only through the grace of J. P. Morgan Cos., which holds the bulk of their matured and unpaid securities. A financial headache in' the form of millions of dollars of due debts had plagued them early this week, but the difficulty was ironed out amicably. The brothers’ equanimity, restored to normal by the gracious gesture on the part of the bankers, was disturbed afresh a little while later when announcement arrived from Washington that Joseph B. Eastman, Federal Co-ordinator of Transportation, was delving into their financial transactions. On May 1 the Van Sweringen brothers were confronted with the maturity of $48,000,000 in loans which were made to them by a banking syndicate of which J. P. Morgan & Cos. was the head. The future control of more tha $2,000,000.000 in railroad and other properties hung in the ba.ance. 815,000,000 Notes Due On the same day the Van Sweringen Corp., minor holding company of Oris P. Van Sweringen and his brother Mantis J., was supposed to pay off $15,000,000 of 6 per cent gold notes. The two Cleveland citizens, unable to pay off these claims, were extricated from this precarious position by comparatively simple maneuvers. The bankers decided not to press for payment of the money due them and the Van Sweringen Corp. announced a plan to extend the maturity of its 6 per cent note for five years. Only $1,213,000 of the Van Sweringen Corp. notes are in the hands of the public, the remainder being held by the Vaness Cos., private holding company of the Van Sweringens and the subject of Mr. Eastman’s investigation. Positions Not Affected Depression-born difficulties of the Van Sweringen brothers, outside of giving them many anxious moments, has had little effect on their actual positions in the railroad field. Oris Van sweringen remains president of the Alleghany Corp. and of the Chesapeake Corp. and is an officer of most of the roads in the Van Sweringen system. Mantis Van Sweringen likewise retains all the offices he held prior to the depression. Federal co-ordinator Eastman has declared that auditors of his staff were in Cleveland studying records of the Vaness Cos. to determine the disposition of funds received by the company from member railroads of the Van Sweringen system. The Misosuri Pacific, Erie. Chesapeake Ohio and Nickel Plate,railroads have made substantial payments to the Vaness Cos. since 1930. according to an interstate Commerce Commission study of special payments. THIRD T)F EMERGENCY FREIGHT RATES REPAID Railroad Credit Corp. Paid 1 Per Cent as of April 30. Nearly one-third of the net emergency freight revenues collected by the Railroad Credit Corp. has been returned to participating carriers through liquidating distributions since termination of its lending period on June 1, 1933, according to a report filed today with the Interstate Commerce Commission. Sixteen distributions, aggregating $22 812.439. or 31 per cent of the net contributed fund as of March 31, 1935. have been made. Os this, $10,145,863 has been made in cash and $12,666,576 in credits on debts due the corporation. The last distribution made by the Railroad Credit Corp. was on April 30. at which time $732,703. or 1 per cent, was repaid to participating carriers. SILVER IMPORTS DROP Purchases Abroad Almost Halved in Week Ended April 26. llii l nil' ri Press WASHINGTON, May 4—The United States curtailed purchases of silver abroad coincident with the rapid rise in price of the metal lasi, week. Department of Commerce figures showed today. In the week ended April 26 imports. mostly for account* of the Treasury, totalled $1,350,377 against $2,619,195 in the previous week. The week's silver imports included $727,829 from the United Kingdom; $188,863 from Mexico and $229,655 from Peru.

On Commission Row

Quotations below are average wholesale prices being offered to buyers bv local commission dealers: Fruits —Bananas. 4'ic a lb. Apples, Winesaps. $2.10: Delicious. $2.10, Balnwins. $1.60. Lemons. Sunkist. 2605, 54 25 Grapefruit. Texas, seedless. $4: Florida, seedless. $3 25. 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. 52.75 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. New Texas yellow 50-lb. hag. $2 40: new Texas boiler. 50-ib. bag. $2 60. new Texas white. 50-ylb bag, $2 60 Potatoes. Green Mountains. 100-lb. bag $1.75: selected cobblers, 150-lb. bag. 52 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. 52.25. Sweet Potatoes. Indiana Jersevs. bushel sl.lO. medium or seed. $1 10; Nancy Hall. bushel. $1.40. Bcar.s, round stringless. hampers. $2. Celery (washed and trimmed), medium, dor., fOc: Jumbo, dor... 75c: hearts, dor.. 90c Cucumbers, hot house, doz.. $1 2 doz box 51.50 Endive California, dozen. S! Egg riant. $! 25 a 170 doz. Kale, bushel. 60c Lettuce hot hjuse 15-lb basket. $1 20. Ariror.a Iceberg head lettuce. $5 50. Mangoes. $4.50 ft 5 a crate; small basket. 50c. Mint a doz. Si Parsley, doz. 35c. Peas. Mississippi, hamper. *2 Spinach. Texas, bushel. sl. Radishes, dvzen. 600. Turnips, bushel. 75c Parsnip;, hall bushel. Si. Beets, crate, new Tex,:.--. Carrots. California. bushel. $1.25. Rhubarb, outdoor, doz.. 30c. Mushrooms, lb.. 30c. All quotations subject to change up or down.

INDIANAPOLIS, SATURDAY, MAY 4, 1935

Wo^‘ r ; . .

Mantis J. Van Sweringen

New York Stocks

(Reprinted from Yesterday) ißv Thomson & McKinnon) Prev. Oils— High. Low. Close. Close Amerada 63% 6 63% 61 % At! Rfe 23% 23'a 23'a 23% Barnsaall 8% 8% BVi 8% Consol Oil 7% 7% 7% 77b Cont of Del 19 3 B 19 1 a 19% 19* Houston (new) . 2% 2% 2% 2% Houston (Oldl .. 15% 15% 15% 15 Mid COnt Pet .. 12' < 12 12% 12 Vi Ohio Oil 11% 11 11 11V* Pet Corp 9% 9 9 9% Phillips Pet 19% 19Vi 19% 19% Plymouth 0:1 ... 10% 10% 10% 10% Pure Oil 7% 6% 7 7Va Roval Dutch ... 36 36 36 35Va Seaboard Oil ... 32% 31 1 /* 31% 31 Shell #Un 7 % 7 7'/* 7 Skelley Oil 9% 9Va 9'/a 9 Soc Vac 14% 14 14'/8 14% S O of Cal 34% 33% 34% 34 S O of Ind 25% 25 257s 25%. SOof N J 43 >4 43 4314 42% Texas Corp .... 21 20% 21 20% Tidewater Assn. 9% 9% 9% 9% Un Oil of Cal .. 18% 18 18% 177 b Steels— Am Roll Mills .. 19% 18% 19 18% Beth Steel 26% 25 25% 257a Byers A M 13% 12% 13% 13% Inland Steel ... 55% 54% 55% 53% McKeesport Tin. 107% 103 107% 102 Mid Steel 11% 1174 11% 1174 Natl Steel 47% 46V* 46% 46 Otis Steel 6 6 6 5% Rep Iron & Stl. 13% 12% 13 11% Rep Ir & Stl pfd 42% 42% 42% 38 U S Pipe & Fdv 17% 17 177a 17% U S Steel ... 3274 31% 32 31% U. S. Steel pfd . 86% 85% 86% 86 Warren Bros 4% 4% 4% 4% Yngstwn S & T 15% 15% 1572 15% Motors— Auburn 20% 19% 20 1874 Chrysler 41% 93% 41% 39% Gen Motors ... 30% 29% 30% 24% Graham Mot .. 1% 1% 1% 1% Hudson BV2 8 Vi 8% 8% Hupp 1 % 1 % 1% 1% Mack Truck .. 23% 23% 23% 23 Nash 12% 12 12% 12 Packard 4 3% 3% 3% Reo 3% 3% 3% 3% Studebaker .... 2% 2% 2% 2% Yellow' Truck . 27a 27a 2% 274 Motor Access— Bendix 15% 14% 15 14% Bohn Alum 53% 58% 53% 53% Borg Warner .. 33% 33% 33% 33% Brices 28 27% 277* 29% Budd Mfe 3% 3% 3% 3% Budd Wheel .... 4 3% 3% 3% Eaton Mfg 1974 18% 18% 18% Elec Auto Lite .. 21 % 20% 21% 20% Elec Stor Bat... 42 41% 41% 42 Houdaille "A”... 13% 12% 13% 12% Mullins Mfe .... 9 8% 9 9(4 Murray Body ... B'i 7% 8% 7% Stew Warner ... 9% 9% 9% 9% Timken Roll . ... 32% 31% 32% 31% Timken Det Axle 5% 5% 5% 5% Minine — Alaska Jun 1774 1 7'/* 17% 1774 Am Metals 19% 19 19% 19 Am Smelt 44% 43 43 % 42% Anaconda 14% 13% 13% 13% Cal & Hecla 3% 3% 374 3% Cerro De Pasco. 60% 58% 59% 58% Dome Mines 41 % 40% 41 41% Granby 8% 8 8 8 Howe Sound .... 52% 5174 5 2 51 Ins Copper 3% 3% 3% 3% Tnt Nickel 27% 27% 27% 28% Krnnecott Cop.. 18% 17% 17% 18% Mclntyre Mine.. 44% 43% 4374 43 Park Utah 5% 5 5% 5 Noranda Cop ... 38% 38% 38% 37% Phelps Dodee ... 18 17% 17% 17% St, Joe Lead 16 15% 15% 15% U S Smelters ..117 114% 115 113 Vanadium .... 1274 12% 12 3 a 12 Amusements— Croslev Radio .. 15 1474 15 14% Fox Theat 10% 10% 10% 10% Loews Inc 39% 38% 39% 38% Radio Corp .... 3% 3% 374 874 R K O 1 % 1 % 17 2 174 Warner Bros ... 374 33 ? Tobaccos— Am Snuff 72% 72% 72% 72 Am Sum Tob .. 22 12% 22 2174 Am Tob “A” ... 83 82 83 82' Am Tob “B” ... 85V4 84% 85 84 Gen Cigars .... 55% 55% 55 % 55 Liee & Myers '8’.106% 106 106% 10574 Lorillard 21% 20% 21 21 Phillip Morris 44 43 44 42% Reynolds Tob B’ 49% 4874 49 48% Rails— Atchison ... ... 4174 40% 40*4 40% At I Coast Lines 23% 23 23 % 22% Bfz O 11% 10% 11 10% Can Pacific .... 10% 10% 10% 10% Ch & Ohio .. 42% 42% 42% 42% CM& St P pfd. 1% 174 1% 1% Chi N W pfd . . 5% 5% 5% 5% Dela & Hud ... 29% 29% 29% 29% Del Lac <5; W .. 14% 13% 13% 13% | Erie 8% 8% 8% 8% I Erie pfd 10% 10 10% 11% Grt Northern pfd 12% 12% 12% 12% i 11l Central 11% 11% 11% r.% j Lehigh Valley .. 7% 7% 7% 7% : Lou &• Nash 38% 38% 3874 3 8 MK & T pfd .. 7 7 7 6% jMo Pac pfd .... 174 1% 1% 2 N Y Cent 16% 16% 16% 1674 N Y New Haven. 5 4% 4% 4% Nor Pacific 16% 15% 16 15% Penn R R 20% 20% 20% 20% j Reading 32 32 32 3174 ! Sou Pac 15% 15% 15% 15% ; Sou R R 11% 10% 11 10% Union Pac 90% 89% 90 9074 Equipments—i Am Brake Shoe 25 26 26 26 Am Loco IU4 11% n% n% lAm Steel Fdy .. 12% 13 13% 13% Bald Loco . .. 7% 1 % 1% 1 % I Gen Am Tnk Car 33% 33 33% 33% ] Gen Elec 23% 23% 24% 23% ! Gen R R Sig 22 21% 22 21% Pullman Inc ... 38% 37 37% 37% 1 West Air Brk 19% 19% 19% 19% 1 Westingh Elec .. 437a 42% 43% 42 Utilities— Am & For Pwr . 3% 33% 3% Am Power & Lt. 3Vi 33% 3% AT&T 115% 113% 115 113% Am Wat Wks ... 11% 11 11% 11% Col Gas <fe Elec.. 6% 6% 6 1 6% Comm & Sou ... 1% 1 1% ]% Consol Gas .. 23 3 4 23 23% 22% Elec Pwr & Lt.. 2% 2% 2% 2% Interboro R T.. 14', 13 13% 13% Int T &• T .. . 7% 7 7% 7% Lou G& E “A” 15% 15% 15% 15% Nat Pwr fz Lit 8 7% 7% 8 North Amer 13% 13% 13% 13% Pac G & E 18% 18% 18% 18% Peoples Gas ... 22% 22% 22% 22 Pub Serv NJ .. 29% 28% 28% 28% So Cal Edison . 15% 15% 15% 15% Std Gas 3% 3% 3% 3% Stone & Webster 4% 3% 4% 4 United Coro .. 2% 2% 2 s , 2% Un Gas Imn 12% 12% 12% 12% Ut Pwr &• Lt "A’’ 1% 1% 1% 1% Western Union 26% 25% 25% 25% Rubbers— Goodrich 8% 8% 8% 8% Goodyear 18% 17% 17% 17% Kellv Spring % % % % U S Rubber . 12% 12 12 12 U S Rubber pfd 30% 29% 30% 30 7% Miscellaneous— Allis Chalmers... 18% 17% 18% 17% lAm Can 120 119% 120 118% Am Mach & Fdv 20 20 20 19% Brklyn Man Tr.. 40% 39% 40 39% Burroughs Add . 15% 15% 15% 15% J I Case 55", 54% 55% 54 s . Conti Can 73% 72% 72% 72 Caterpillar Tract. 44% 43% 44 43% Crown C\< 19% 18% 19% 18% : Curtis Pub pfd 100 100 100 99% Deere &- Cos .138% 137% 138% 137 i Foster Wheeler . 13% 13% 13% 13% Gillette 16 15% 16 15% Glidden 27% 26 26% 27% Ingersoll Rand . 76% 75% 76% 75% Int Bus Mach .172 171% 172 175% Inter Harv .4! 39% 41 39% Natl Cash Reg 14% 14 14% f4 Owens Battle .91 90 90% 09% Rem Rand 8% 8% 8% 8% Worthington Prop 15 15 15 15 Foods— Am Sugar 63% 62% 63 62% ! Armour 3% 3% 3% 3% Armour 6% pfd 59% 57 59% 56% Beatrice Creamy 16% 16% 16% 16% Bcrtien Prod... 24% 23% 23% 23% Cal Packing 35% 34% 35% 35% Can Dry G Ale 107a 9% 9% 97a

1111 frp; ~

Oris P. Van Sweringen

Coca Cola 206 201 206 199 Corn Prod 67% 67 % 67% 67'% Crm of Wheat . 37 36% 37 37 Cuban Am Sugar 6% 6% 6% 6% G’n Bakin; 8% 8% 8% 8% Gen Foods 34 33% 33% 33% GoK Dust 14% 14% 14% 14% G W Sugar 30% 29%3330 3 i 30 Loose Wiles 34% 34% 34% 34% Natl Biscuit ... 25% 25 25 25 Natl D Prod ... 14% 14% 14% 14% Purity Bale .... 9% 9% 9% 9% S Porto Rico Sug 25% 25% 25% 25% Std Brands 14% 13% 14 13% United Fruit ... 87% 86% 86% 86 Wrigley 81% 80% 81 Vi 80 Retail Stores— Best &- Cos 35% 35% 35% 35 First Natl Stores 47% 47% 47% 47% Gr Un Tea .... 33 o 2% Hahn Dept Sts .. 3% 3% 3% 3% Jewel Tea 54% 54 Va 54% 53% Kresge S S 21% 21 21% 21 Kroger Groc 25% 25 25% 25''a Macv R H 35% 35% 35% 24% McCrory St 11% 10% 10% 10% McLellan St ... 10% 10% 10% 10% Marshall Field . 7% 7% 7% 7% May Dept St .. 41% 41% 41% 41% Mont Ward 26% 26% 26% 26% Penney J C 65% 64% 65% 64% Safeway St 40% 39% 39% 39% Sears Roebuck . 38% 37% 37% 37% Woolworth 58% 58% 58% 57% Aviation— Aviation Corp .. 4 3% 3% 3% Boeing Aircft. ... 8% 8% 8% 8% Curtiss Wright . 2% 2% 2% 2% Curtiss Wright A 8% 8% 8% 8% Douglas Air ... 26% 25% 25% 25% Nor Am Av 3% 33 3 Speery Corp .. . 9% 9% 9% 97a Uniter Aircraft n 13% 12% 13% 12% Chemicals— * Air Reduction ..121% 118’* 121 119 Allied Chcm ...144 142% 143% 141 Am Com Alcohol 24% 23% 23% 23% Col Carbon 79% 78 79% 77% Com Solvents .. 19% 19 19% 19% Du Pont 97% 96% 97% 96% Freeport Tex ... 21 20% 20% 20 Liquid Carb ... 29 28% 29 28 Math Alkali ... 27% 27% 27% 27% Monsanto Chem 68% 68% 68% 56% Natl Dis (new) . 24% 24 24% 24% Schenlev Dist .. 25% 25 257a 24% Tex Gulf Sulph. 31 % 31 31 31% Union Carbide . 53% 52% 53% 52% U S Indus Alco 42 40 Vi 41 % 40 % Drugs— Bristol Myers ... 32 32 32 31% Cotv Inc 5 4% 5 5 Lambert 26 26 26 25% Sterling Prod .. 66% 66’% 66% 66% Un Drug (new) 10 9% 9% 10 Vick Chem 36 35% 35% 35% Zonite Prod ... 3% 3% .3% 3% Financial— Adams Exn .... 5% 5% 5% 5% Allegheny Corp.. 1% 1% 1% 1 Am Int Corp ... 6% 6 6 1 /* 6Va Chesa Corp .... 41 40% 41 40 Lehman Corp ... 74% 74 74% 74 Transamerica •. 5% 5% 5% 5% Tr Conti Corp 3% 3Vi 3% 3% Building— Am Radiator... 13 12% 12% 12 7 4 Gen Asphalt .. . 15% 15 15% 15 Holland Furnace 7% 7% 7% 7% Int Cement ... 257a 27% 25% 25% Johns Manville 48 47 47 47 Libbv Owens Gls 25% 23% 25% 24% Otis Elev 15% 14% 14% 14% U S Gypsum... 49 48% 48% 48% Ulen Cons 1% 1% 1% 1% Household— Col Pal Peet .. 16% 16% 16% 16% Congoleum .... 32% 32% 32% 32% Kelvinator 15% 15 15 15% Mohawk Carpet . 15 14% 14% 15% Proc & Gamble. 49% 49 49% 49 Servel Inc ... 8% 8% 8% 8% Simmons Bed .. 8% 8% 8% 8% Textiles— Amer Woolen ... 6% 6% 6% 6% Bolding Hem ... 12% 12% 12% 12% rcanese Corp . 22% 21% 22% 21% Collins Aikman.. 11% 11% 11% 10% Gotham Hose .. 3% 3% 3% 3% Indus Rayon ... 26% 25% 25% 25 s , Kavser Julius .. 20 19% 19% 20

Local Livestock

(Reprinted from Yesterday) HOGS April Bulk. Top. Receipts 27. $9.00® 9,15 $9.15 1000 29. 8.90*11 9.00 9.05 5000 30. 8.90® 9.00 9.00 6000 May. 1. 8.90® 9.05 9.10 5000 2. 9 00® 9.15 9.15 2500 3. 9 15® 9.25 9.35 3500 Light lights: il4o-160i Good and choice.. $8.60® 8 95 Medium B.oo® 8 85 Light weight: (160-180) Good and ehoice... 9.15® 9.20 Medium 8.65® 8 95 1 180-200) Good and choice... 9.20® 9.25 Medium 8.70® 9.00 Medium weignt: (200-220) Good and choice .. 9 20® 935 (220-250) Good and choice... 9.25® 9.35 Heavyweight: (250-290) Good and choice... 9.20® 9.25 (290-350) Good and choice .. 9.10® 920 Packing sows: (275-350) Good 8 25® 8.50 1350-425* Good 3.10® 835 (425-550) Good B.oo® 8.25 (275-550) Medium 7.75® 8.10 Slaughter pigs: (100-140) Good and choice .. 6.85® 8 60 Medium 6.25® 7.15 CATTLE —Receipts. 400— —Steers—-(sso-900) choice Ill.OOf 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 13.00314.25 Good 11.00® 13.2a Medium 9.50®11.25 (1300-1500) Choice 13 2514.25 Good 11.25® 13.50 —Heifers—-(soo-750) Choice 9.50® 10.50 Good 8 50® 9.50 Common and medium 5.50® 8.50 (750-900) Good and choice . . 8.75 @ll no Common and medium 5.50® 8.75 —Cows—(Yearlings Excluded) Good 6.75® 8.25 Common and medium 5 00® 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 57.50® 8 00 Medium ... 5.50® 7.50 Cull and conwnon 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® 850 Common and medium 5.00® 6 50 (800-1050i Good and choice .. 6 50® 850 Common and m;dium 5.00® 6.50 —Cows— Good 4 50® 5 25 Common ar.d medium 3 75® 4 50 SHEEP AND LAMBS —Receipts, 800— (Shorn Basis) Lambs. (90 lbs. down), good and choice $8 85® 7.35 Common and medium 5 10® 6.85 90-120 lbs., good and choice... 3.00® 4.00 Sheep. dfo-150) Good and choice... 2.50® 3.75 All weights, common and medium l.M® 2.7S

MANY BANKERS SEE LIENS SOLD AT 3.5% RATE Others Say Coupons Below 4 Per Cent Level May Fail to Attract Buyers. lijl Times Special NEW YORK, May 4.—lnvestment bankers are developing diverse atti- j tudes toward the outlook for coupon rates on future refunding operations in the public utility field. In many quarters the belief is expressed that it was a mistake to penetrate below i a 4 per cent level. Other bankers, however, view the 3% per cent coupon rate as only a temporary attraction. One of them said today that it would not be at all surprising to see new offerings carrying 3% per cent coupons before the present wave of refunding comes to an end. Oppoistion to 3% per cent coupons, while conceded on all sides, is described by some of the investment men as solely psychological. It is merely something that institutional investors have not yet grown accustomed to, it is stated. ‘■There is no reason to take the attitude that utilities should not pay less than 4 per cent for borrowed money in a money market like the present.” the head of one investment house said. “You need only look at the yield on municipals, in many cases below 2% per cent, to come to the conclusion that 3% or even 3% is an attractive return on a sound utility bond.” Commonwealth Flan Jars The plan of the Commonwealth Edison Cos. of Chicago to manage its impending issue of $29,000,000 of 3\s to refund outstanding 5%5, only incomplete details of which have been made known, has proved an unpopular gesture with some of the local investment houses. They feel that better relations can be maintained with an investing clientele if a syndicate stands directly responsible, through its managing head. Earlier advices that the Chicago corporation was aiming to float its issue, under its own management, as largely a sectional enterprise, however, appear to have been poorly founded in the light of current information that three New York bankers have put themselves down for $5,000,000 each. Sifting of reasons which the Commonwealth Edison Cos. may have in mind for its departure from usual underwriting methods leaves only the presumption that the company expects to save a part of the underwriting cost. Check on Rate Decline At least a temporary check in the downward course of coupon rates is to be supplied in an issue of $4,000,000 mortgage 4Us by the Androscoggin Electric Corp., award of which, it is understood, will be made early next week. The Main company has received bids on the issue. The proceeds of the issue will refund bank loans which were arranged last fall to meet an issue of first and refunding 5s that matured Oct. 1. 1934. It was strongly intimated in investment circles today that refunding operations have entered into a comparative lull because of indecision on the question of coupon rates. The attitude is to put out the lowest possible coupon rate without straining the temper of investors. The main hitch involves longterm projects. Several plans to file registration applications with the SEC are said to have been held in abeyance because of such indecision. RURAL RETAIL SALES UP SHARPLY IN SOUTH Increase of 35% Per Cent for March Scored Over Year Ago. Flu Times Special WASHINGTON, May 4 Daily average sales of general merchandise in small towns and rural areas showed a larger increase in the South than in other parts of the country for March, 1935, as compared with March. 1934, according to estimates of the Bureau of Foreign and Domestic Commerce, based on rural chain store and mail order sales. Sales in the South were about 35% per cent larger in March, 1935, than in March of the preceding year, compared with an increase of about 22% per cent for the country as a whole. The smallest gain was in the East which showed an increase of 13% per cent, it was stated. The increase in daily average sales from February to March varied greatly in the different regions of the country. The largest gain was in the far West, amounting to 15 per cent, while the smallest, 4 per cent, was recorded in the South. These differences, however, might be accounted for, at least in part, by varying seasonal movements in the different sections. HIGH COURT TO DECIDE IN WHEELING GAS CASE Natural Gas Cos. of West Virginia Posts Bonds. By Times Special WASHINGTON, May 4.—The Supreme Court formally decided today to take jurisdiction of the fight of the Natural Ga;j Cos. of West Virginia against the reduction in rates of gas in the city of Wheeling, which was ordered by the Public Service Commission. The court recently stayed imposition of the new rates, but ordered the company to post bond to assure consumers a return on their money if the court should find the reduction proper. 5239.968 LOSS SHOWN Bp Times Special PONTIAC. Mich, May 4.—Net sales of Yellow Truck and Coach Manufacturing Cos. for the March quarter were $6,765,078, it was announced today. After depreciation the consolidated net loss was $239,968. compared with a net profit of $7,315 a year ago.

All Stocks Vp $2.04 The, market value of all shores listed on the Sew York Stock Exchange as of May 1 was $28.13, an appreciation of $2.03 over April 1. Total market value of all listed shares on May 1 was $33,538,337.

N. Y. Bonds

(Reprinted from Yesterday) (Bv Abftott. Proctor Sz Paine) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Uttl. B* r.ds Todav 87 4 75 7 97 4x 88 8 j Yesterday .... 87 3 75 6 97 i 86 7; Week aso 87 0 77 4 96 7 87 n Month aco 84.8 72.0 94 1 83 7 xNew 1935 hich. (Copyright. 1935. Bv Standard Statistics. C. GOVERNMENT BONDS Liberty* Prev. Close. close Ist. 3' -s 1932-47 mi 20 101 23 Ist. 4'.s, 1932-47 101 22 101 25 , 4th 4%5. 1933-38 102 18 102.1 Treasury 4%5. 1943-45 116 23 116 27 4s 1944-54 11l 22 111 24 3%5. 1946-56 110 5 110 9 3%S 1940-43 107 24 108 3%s 1943-47 107 2 107 12 3%5" 1941-43 107 31 108 2 3 S. 1943-45 106 8 106 17 ; 3%5. 1941 108.3 108 8 3,s 1944-46 106 7 106 11 3%s 1946-42 105 5 105 8 3 1 as. 1949-32 105 1 103 7 3s 1954-55 104 6 104 6 3s! 1946-48 104 3 104.9 Home Owners Loan Corp. "’%* 1949 106 12 100 16 3s 1952 ! 102 3 102 7 4s. 1951 100.30 100 27 Federal Farm Mortgace Corp. 3' 4 S 1964 103 27 103 27 3s 1949 102-4 102" 2%5. 1947-42 102.11 DOMESTIC Prev. Close, close. Alice Corp 5s '44 71% 70 Alice Corp 5s '49 02 62% Allee Corp 5s ’SO l&t 16 Am Fren Pow 5s 2030 62'a 6* * Am Tel & Tel 5%s ‘43 112% 112% Am Tel &• Tel 5s '65 112% 112% Arm &• Cos 'Deli 5%s '43 ••••105'. 100% Atl Coast Line 4s \o2 100 99 ■ Atl Coast Line 4%s 64 81% 81 i Atch Top & S Fe 4%s ‘4B ...106% 106 Am Wat Wks 5s '44 94% 95 Am Rolline Mills 5s ’3B 103 102% Balt & Ohio 5s ’95 62 61 t Balt &• Ohio 6s ’95 <O% .0 Balt &' Ohio 4%s '6O 46% 46 BufT Roch &• Pitt 4%s '57 .... 55% 33 % Beth Steel 5s '36 104% 104% Chi Milw &StP 5s '75 10; 10% Chi Milw & St P 5s 2000 3% 3% Clove Un Term 5s '73 90% 90 a Clevel Un Term 4%s '77 86% 86_ Col Gas 5s May '52 89 Col Gas 5s April '52 88% 8i i Col Gas 5s '6l 88% 8, % Can Pac Derp 4s 86% Bfi 2 Bie Four 4%s '77 62 62 Bie Four '63 69 68% Chi & Wesst Inri 4s '52 9,% 96% Chi &- West Inri 5%s '62 104% 104% Chi & Nor West 4%s '49 12% %% Con Gas 5s '57 106 10 3 Chesa Corp 5s '47 I* 1 ?., %'%* Del & Huds 4s '43 81% 81 1 N Y Dock 4s 'sl 68 61 .4 N Y Dock 5s '3B 51% 51 Erie 5s '75 59% 59 Erie 5s '67 "9 a j?** Gen Cable 5%s '47 95 94 2 Grt Northern 7s 36 88% 88 Grt Northern 4'is '7l . 71 4 a t Gen Stl Cast WW 5%s '49 ... 78% Hud &- Manhat Ref 5s 5i 89% 89 . 11l Cent Jt 4%s 63 55% 3 3% 111 Cent 5s '63 59% 59% Interntl Hy Elec 6s ‘44 34% 34 Interntl Trl & Tel 4'.% ’39 ... 65% 66 Interntl Tel & Tel 5s '55 _ .... 60% 58% Interntl Tel & Tel 4%s ’52 ... 6d% 66 Interntl Tel & Tel 5s 55 60% 58 .. Interntl Tel & Tel 4%S '52 .... 55% srj% P Lorillai'd 7s '44 128% 128% McKess & Rob 5%s 'SO 98% 98% Midvale Stl 5s '36 103 a IC3 Natl Dairy 5%s '4B 103% 103% Natl Steel 5s '56 IC® * I ?sv Nickel Plate 4%s '7B 52% a2_, Nickel Plate 5%s ’74 62 61 4 Nickel Plate 6s '35 53% a3 N Y Cent 5s 2013 59 58 a N Y Cent 4%S 2013 (old) ... 53% t>3' ; . Nor Amer Cos 5s ’6l 98% 912 Nor Pac 3s 2047 73% <3 a Nor Pac 4%S 2047 '8 2 ' Nor Pac 6s 2047 ••••,_, 94% 94 New Orleans Term 4s ’o3 86% 86 Otis Steel 6s '4l ,2?’ a init 2 Penn Ry 4%s 'B4 104 104% Penn Rv 4%s ’Bl ...104% 104% Penn Rv 4*28 ’7O Pac G & E 5s ’42 196% 106'4 Portland Gen El 4%s 60 66 67 Para Pttbiix 5%s ’SO 90 89 Penn P & L 4%s 81 " Postal Tel &• Cab 5s 53 33 33_4 Rem Rand WW 5%s '47 103% 103% Sinclair Oil 6%s '3B JS?, 8 }n?i* Shell Union Oil as '47 1 !?3% 103% Sou Pac 4%s ’6B a 64 Sou Pac 4%s ’Bl 64% 64 Sou Pac 4%s ’69 64 7 a 64 Sou Pac 4s '49 89 66 2 Sou Pail 4s '56 ?1 2 4. Sou Rail 6s ’56 55 53 Sou Rail 6%s ’56 • •••••• 57 5,% Sharon Stl Hoop 5%s 48 89 4 o 9 . Texas Pac 5s ’BO 86 4 8< Texas Pac 5s ’79 86% 86 2 Texas Pac 5s ’77 .viU Union Pac 4s ’47 112% 112 United Drue 5s ’53 92 90 •> U S Rubber 5s ’47 94% 94% NY NH &• Hart 6s ’4B 36 4 36 NY NH & Hart 4%s ’67 32 31% Warner Bros 6s ’39 a8 56 Western Mary 5%s ’77 99% 99% Western Mary 4s ’52 94% 93 4 Younestown S&T 5s ’7O .... 94 a 95 Youngstown S&T 5s ’7B 94% 94 % FOREIGN Argentina A6s ’57 95% 95% Argentine B 6s ’SB 95-1 95% Brasil 8s ’4l i 29 , 4 ,H 2 Canadian Govt 4s ’6O 107 1 10'* Denmark 5%s ’55 99% 99 2 German 5%s '65 25% 26 . German 7s '49 35 35 % Italy 7s 'sl §7 88 2 Japan 6%s '54 96% 97 Poland 7s ’47 108% 108 Rome 6%s ’52 78 <Bl Toicio Citv 5%s ’6l 82 80.2 Yokohama 6s ’6l 84 84 FEDERAL FARM LOAN BONDS (Bv Blyth & Cos.) Bid. Ask. 3%S May 1 1955-45 102 1021. 4s. July 1. 1946-44 107% 107 ■ 4s Nov. 1. 1957-37 103% 104% 4s. May 1. 1958-38 103% 104;. 4%5. July 1. 1956-36 102% 103 . 4%5. Jan. 1. 1957-37 103% 104% 4%5. May 1. 1957-37 103% 104% 4*4S. Nov. 1 1958-38 105% 4%5. May 1. 1942-32 101% 102% 4%5. Jan. 1. 1943-33 101% 101 % 4%5. Jan. 1. 1953-33 101% 101% 4%s Jan. 1. 1955-35 101% 101% 4%5! Jan. 1. 1956-36 102% 102%

Chicago Grain Futures

(Reprinted from Yesterday) Prev. Wheat— Open. High. Low Close. Close. Mav 97 .97% .96% .97% 97 July 97 .97% .96 •% .97% .97 Sept 97% .98 .96% .97% 9r% Corn — Mav 88% .88% .88% .88% 88% July 88% 84% .83% .83% .83% Sept 79 .79% .(B'4 .*3% 79 a Oats— Mav .... .46% .46% .46% .46% .46% July 46% .41 .40 % .40% 40% Sept 37% .38 .37% .37% .37% Rve— Mav 60 . 60% .58% .58% 59% July .60% .60% .58 a .59% .59% Sept 61% .61 % .60% 60% .60% Bariev — Mav .... 64 .64 .64 .64 .66 July 59 .59 .59 .59 62 Lard— Mav 12.52 12 62 12 52 12 62 12 50 July 12 72 12 80 1272 12 80 12 67 Sept. ... 12.82 12 95 12 32 12 95 12 80 Bellies— Mav 1675 1675 16.75 16 75 16.75 July 16.75 1675 1670 16 70 16.75 Sept. ... 1670 18.70 16 70 1670 16 70 LOCAL CASH MARKET City grain elevators are paying 85 cents for No. 2 soft red wheat. Other grades on their merits. Cash corn No. 3 yellow 82 cents, and oats 42 cents. CAR LOADINGS DROP Decline of 52,019 Registered in Week Ended April 27. By United Press WASHINGTON, May 4 —The Association cf American Railroads announced today that carloadings of revenue freight for the week ended April 27 totaled 558,886 cars, decrease of 52,019 below the preceding week and 50,818 below the corresponding week in 1934. Miscellaneous freight totaled 230,949 cars, decrease of 18,769 below the preceding week and 11,624 below last year. Merchandise in less than carload lots totaled 159.495 cars, decrease of 859 below the preceding week and 5,941 below 1934.

Buy Building & Loan Shares Your Money Stays Here, Works Here Earns Here

SECTION 7A IS VIEWED VAGUE IN NEW STUDY Must Be Made More Explicit by Congress. Brookings Report Shows. Bit Tim* * Sprriql WASHINGTON May 4 —Congress should affirm the interpretation of Section 7a by the National Labor Relations Board, if the government intends to encourage collective bargaining. the Brookings Institution asserts in its massive analysis of NR A. The Institution's book, “The National Recovery Administration," devotes nearly one-third of its 900 pages to labor. Dr. Leon Marshall, a member of the Recovery Board which runs NR A. wrote on labor provisions of codes, and Dr. Lewis Lorwin on collective bargaining. Held "Vague, Ambiguous” Dr. Lorwin indicts Section 7a as “uncertain in purpose, vague in content, and ambiguous in language” —a case of “muddling through” by a government without a labor policy. The section did. he concedes, serve as a challenge to the status quo in labor relations, stimulate labor organization, and result, through the decisions of the Wagner Labor Board and the later Labor Relations Board, in the establishment of a “common law of labor.” These decisions gave a “clear and specific content” to 7a. he says. Dr. Marshall’s anaylsis of labor provisions in codes concludes that the minimum-wage structure is complex and un-co-ordinated, due ‘o the haste and bargaining of the code-making process. He thinks a "more rational scheme” is needed. The code clauses applying to wages above the minima have been handled ineptly, he reports, and there is wide disagreement as to whether these should be written into code law, or left to the more plastic process of collective bargaining. 5 Questions to Answer Dr. Marshall poses five questions to be settled when the United States gets around to making a national labor policy: 1. Whether minimum wages are to be a permanent feature of law. 2. Whether the whole wage structure is to be regulated. 3. Whether regulation is to cover such details as classification of workers and other parts of employment. 4. Whether a permanent limit of working hours is to be set. 5. What is the Government attitude toward collective bargaining? Dr. Lorwin alleges several contradictions as to 7a, notablly that it is aimed at reconstruction, not recovery, and that the Recovery Act’s aim of promoting “united action” of management and workers was hindered, not helped, by 7a's encouragement to labor. It gave collective bargaining anew legal status, he said, but in administration and enforcement governmient officials were reluctant to face the basic issue—the part that labor unions are to play in industry. LIGHT PRODUCE SUPPLY HELD NORMAL FEATURE Price Trend Downward at Start Os Month, Report Declares. B;i '1 lines Special WASHINGTON, May 4.—Lighter carlot supplies of produce the past few weeks resulted mainly from the usual rapid late spring decrease in movement of old potatoes, sweet potatoes, apples, and carrots, the Department of Agriculture said today. There was a let-up in shipments of citrus fruits. Lettuce movement increased sharply the last week of April. Southern tomatoes continue active and prices low. Supplies of peas, peppers, beets and strawberries also are increasing, but Louisiana strawberry movement is lighter than expected. Asparagus is becoming abundant and prices are lower. Price trend of most produce was downward, or at best fairly steady, around the first of May. Cabbage and lettuce were exceptions, and the carrot market has shown firm market action. SCRAP EXPORTS AT PEAK March Figure Climbs to 323,035 Tons, Commerce Department Says. Bp United Press WASHINGTON, May 4.—Exports of iron and steel products from the United States during March established an all-time record high of 323.035 gross tons, the Department of Commerce reported today. March figures brought exports for the first quarter of the year to 814,312 gross tons, a gain of 223.338 over the 590.476 tons exported the first quarter of last year. POWER OUTPUT GAINS B'l Times Special NEW YORK. May 4.—The power output of the electric subsidiaries of the American Water Works and Electric Cos. for March totaled 176,254.833 kilowatt hours, against 160.821.140 kilowatt hours for the same 1934 month, an increase of 10 per cent, it was announced today.

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