davidaulloa/AmericanStories huggingface dataset:
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
UTILITY GROUP
PUSHES AHEAD;
OTHERS MIXED
and Light Shares
Move Up on Statement
by WilIkie.

BIZ United Prose
NEW YORK. April utility
issues strengthened today on the
Stock Exchange on the action Of
Wendell L. Willkie, president Of
Commonwealth 81 Southern Corp,
in giving specific proposals to regu-
late holding companies without de-
stroying them as proposed under the
Rayburn Act now being discussed.
Gains in the utilities ranging TO
more than a point stood out in an
otherwise irregular stock market list.
Trading picked up in the utility di-
vision but vas dull elsewhere.
Consolidated Gas. most active is
sue on the board. rose TO 20i2, up
its preferred TO a new 1885 high
al 81 Public Service Of New Jer-
seq 25 up a.: and United Corp.
preferred 257.. up 5. West Penn
Electric and West Penn Power is
sues were bid up. some Of them
gaining as much as 3 points. Com
municatiOn issues strengthened.
U. S. Steel. American Can,
Chrvsler and American Tobacco B
made small gains. Rails were about
steady.
J. c. Penney. a weak spot in the
mercantile group. declined 2as to
a new low for the year at 59A.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
On Commission ROW

Quotations below are average wholesale
prices beluE offered TO BUYERS by local
Commission dealers
Fruits-Bauanas. Sc a n Apple. Vine
srus. si.h1- Delicious. el67. ba.CWluS.
81 f0- Iempus. Suukfst. 1tOs. S415. Grape
truIf. Texas seedless $50 Arizona o4s.
COS and SOS. $3.50. Lines. Mexican. per
rrr-rr. IZs. Z5c Bvram. secdless. per hun
dred So Strawberries. FLORIDA. pint. zoe
per sept. crate. l9c. AurlcotS g crate
cranes. south America. white. So hlacS.
81 Honey pevs south America ..
Yeretables-CabhiCe. Northern Danish
SOD 1as So new rea Texas hamper.
Onions. Western spanish. sob. bag.
So So. Nichir-a IcloWs 5o-ln bag $50
Potatoes Green Mountains lQQ-lo- bag.
81 Fn- elected cobrlers. lr0-lh- bag s. sos
northern round white. lo0-lh- bag. 81
fCC-l1 har. So New F1ortda Triumphs.
rlsneL So 90. sweet potatoes. indiana Jt-
srrs. huenrL 81 500 medium or seed. Sl4Ns
Nancy Halls. busleL Sis Beans. round
~s-rlrCless lauper $50 20 Ce.eEE
washed and trlur mecilmz Coz SOC
flwho. dog use. arts dog. 9oc- Cucum-
trre hrr house dozen. Sifo. 2 dozen box.
g. SIS Euflre. California. dozen 81. crate,
ss-5 Esq plant $50 ? dCE- kale. busheL
&C. lettuce hot house l7-lb- basket 81 SOC
small basket. soc Mlu r. dozen. 81 FaTs-
lev. dozen. 55c. Peas hamper $3.50 Spir-
arh. Texas busleL. 81 Radishes dozen
g sc Turuirz basheL 55c Parsnips.
hlshs- SIS Bee-S busheL 81 Ca%otS
hot house. s-lb. carton. csc. dozen bunch
e.. N-o Mushrooms. ID soc
AT cuC,aticns subject 20 chance I'd Or
down
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
BY THOMAS L. STOKES
Times Special Writer

WASHINGTON, April 2.-The
aim Of Mariner S. Eccies, governor
Of the Federal Reserve Board, IN
the pending bank reform bill is to
unity the nations banking system
under direction of a strong and
powerful Reserve Board that can
operate a. a central bank.
Fundamentally, the objective is to
curb the financial power of a few
private individuals who have mis-
used it, to provide business and in
dustry with credit for safe and sane
operations, to safeguard the ordi-
nary citizen in his investments and
his savings-all by vesting control in
the government.
Issuance of currency would re-
main a function of Federal Reserve
member banks. though under close
supervision of the Federal Reserve
Board with its enlarged powers. Ma
/ tiona banks now have lost that
privilege through the recent Treas
ury order retiring national bank
notes.
Secretary of the Treasury Nor
genthau aims at simplifcation of
the currency in the future to two
forms-silver certificates and Fed
eral Reserve notes. Silver GER
tifcates are issued by the Treasury
against silver reserves. Since the
Federal Reserve Board, which gu
pervises issue of Federal Reserve
notes, is the fiscal agent Of the
Treasury, the Treasury then will
have complete control of currency
issues.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
HI BANKING BATTLE
Control OUer Credit F7OW Aim

less plentiful, or more or less ex-
pensive.
Sale and purchase Of government
bonds is the method in open market
operations. If credit is tight, the
regional banks buy bonds held by
member banks to provide them with
more funds. If initiation or undue
expansion is in prospect, the re-
gional banks sell government bonds
to the member banks to withdraw
funds from the market.
The %rediscount rate is the rate OF
interest the member banks must pay
on eligible collateral they hold IN
order to get funds from the re-
gional banks. BY raising the rate,
the regional banks discourage bor-
rowing by member banks and thus
restrict the amount of credit avail
able for the banks to lend their GUS
toners. BY lowering the rate, they
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
SWINE VALUES
DROP 10 CENTS
Best Glasses SaIabIe al
$9.05; Cattle Active
and Strong.

The pork market, facing a sharp
increase in receipts, moved 10 cents
lower in early trading at the local
stockyardS today. Few classes OF
odd weights, however, remained
about steady at yesterdays best
average.
Supplies on hand during the
initial trading were estimated at
5000, the largest number of hogs
available for more than a week. This
was believed to be the chief factor
behind today's movement toward
lower levels. With most buyers
heSitant in making early purchases,
the market was slow in establishing
a price range.
The best grades of hogs on hand
sold at $9.05, only 5 cents above the
SO level. The bulk, 100 to 275
pounds, was selling at $3.50 to SO.
Heavies, scaling 275 pounds and up,
brought $3.50 to $685.. Light lights,
weighing 100 to 100 pounds, sold at
$3.50 to $8.65, while others from 100
to 100 pounds, cashed in at $685.
to $7.65. Packing sows held at
SITS to 1925. Holdovers numbered
SO.
Trading was active and strong in
the cattle market, especially in
slaughter steers. The top price for
slaughter grades held at $13.25,
while most heifers ranged from $3.50
down. Vealers lost the advance of
the previous session and we're salable
at $3.50. Early sales were steady in
the lamb market, with heavy wooded
western kinds selling at $50.
Clipped grades brought $3.50.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02

encourage borrowing and thus loosen
credit.
The recently acquired means Of
controlling credit is by arbitrarily
raising or lowering the amount
which may be regarded as re-
serves. This would either free more
money for lending or reduce the
amount.
Plentiful credit is necessary to
the business man, but too easy
credit often produces an expansion
that is unhealthy. The objective
of the Federal Reserve system is to
keep a balance, but it has not been
able, as the boom period and the
depression have demonstrated, to do
this. Nor was it able to prevent the
greatest bank collapse in the ma
tons history.
Tomorrow: The Eccles Plan.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
NET INCOME, OPERATING
REVENUES SHOW GAIN
Consolidated G. T. L. and Power Co.
Earnings Up S53,49O.
By Times Special

~ 'FE|
NEW YORK, April 2.-The Con-
solidated Gas Electric Light and
Power Co. of Baltimore, an operat.
ing company, showed increases in
both gross operating revenue and in
net income for the first two months
of 1885, compared with the sans
month last year, according to Her.
bert A. Wagner, president.
The increase in gross operating
revenue for the period amounted TO
S252,676. Net income, despite an in-
crease of 1925, 997 in total operate
ing and retirement expenses and
taxes, showed a gain of $751; 400 over
the first two months of 1894, the
report stated.
Sales of electricity during the
first two months Of the year showed
an increase of 7.57 per cent over the
1884 period, while the revenue from
electric sales increased 1925, 1874. The
use of gas increased 5:54 per cent
and revenues were up $36,753.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
STOCK VALUES SHOW
GAIN OF $349, 833,375
Fifty Representative Issues Rise
3.35 Per Cent in Week.

NEW YORK, April 1.-The mar
ket value of so representative stocks
listed on the New York Stock Ex-
change at the close of business for
the week ended March 80 was S10,-
1873, 821 ,375, an increase of $349, 1885,
375, or 1856 per cent, compared with
the market value Of S10,438, 988, 900
at the close of the preceding week,
according to Paul H. Davis & Co.
At the close Of the corresponding
week a year ago, the same so
stocks had a market value Of S14,-
041 POI, 125, indicating a decrease
during the year Of s3,252, 1886, $50, or
2316 per cent.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
Other livestock

LOUISVILLE April s-Cattle-Receipts.
ZOO Salable. supply slaughter cattle. lCht
quality rather plain. demand. fairly
broad market. moderately active and fully
steady. bulk. common 20 medium grade
steers and heiferS. $50. OnlV Few
common killers below $50. better I'm
ished steers and heifers salable. SEA 10 IS.
and smooth heifer fvpeS 10 s.. 50 or better:
BULK low cutters and cutters. So .15N425.
sausage bulls mostly 81 5 so. beef bulls
20 SIS and above for vearlinE types. most
Hereford stock calves. S6.50MT.50. choice
steer calves 70 IS IS. CalveS-Receipts. 225.
SteaCv. bulk good 20 choice vealerS. ST.5e0
s. strictly choice. $3.50. medium and low
er Eraces. $50 down 10 around So. Hogs
REGENTS 600: market. Sc lower. TOD and
S. 40s l60-i75 lbs. SS35. isO-l55 lbs 81 IS.
l-0-lS5 lbs. $3.50. sowS Weighing 400 lbs.
down. $40. heavier SONS discounted soc.
Sheen-Receipts. 50. demand easier for
lambs and market mostly soc lower. bulk
medium 70 EooG lambs. $500 $50. choice
cuotable around IS. common throwouts
mostly IS down; bulk fat ewes. $50 down.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
FRUITS AND VEGETABLES

CHICAGO April 5-Auple-Mlchi-an
caiforE.s- crateS. s. sou
s sweet pCtafcCs- Tennessee. nu. s1t
Ff- Illinois hu- IS COS. Bcars-FcrlGa.
h- sf-7 as farefuE. Siuach-TeXas.
hr FI - z 50. CahcEEe-WiscCusiu 100
Is 81 3 315. Florida. s. 5.t325- Onion
Sft-TtchlElu. slcEs a cu.. No ! yellow.
81 ~ fEr Ecas-Cla-crr.d. cu. hampers,
So fr F-f Tuwlrres-Fclir1 luCS- SGT
= -F ErEE1rh-MlcEi-au- 5-lh- cartons. sQsl
sos LEe-lce-Wcs-ern crates. 5 oc--
So SO SIS
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
GRAIN PRICES HIGHER
AT CHICAGO MARKET
Strength at Liverpool Brings
Buying.

BIZ United Press
CHICAGO, April 2.-Unexpected
strength at Liverpool encouraged
buying of wheat futures or the
Board of Trade today. Prices were
higher.
First sales Of wheat were i to
= cents higher, corn was up Il
cent. oats were unchanged to off
= cent. and rye was up Il cent.
Liverpool wheat stood q to z cent
higher in the face of a rather sharp
recession here yesterday
Reports Of scattered showers and
generally unsettled weather over the
domestic Southwest vas without
special effect here.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
STABLE MONEYS
HELD DEPENDING
ON PRICE RATIOS
Economist Says New Pari-
ties Must Permit Goods
to Move Freely.
By Times Special

bY 4 tmtS SpfClQt
NEW YORK, April 2.-World
sterilization of %currencieS awaits
the laying down of a new price
floor" that will bring wages, hours
of labor and other costs into rea
sonable alignment, according to the
opinion expressed today by Scoville
Hamlin, Wall Street economist. Not
until then will goods and services
come on to the markets in proper
proportion and value to exchange
freely.
With statesmen now concerned
over Belgium's decision to end the
free movement of gold, the posi-
biIity of France, Switzerland and
the Netherlands being forced off a
free gold standard looms as a dis
tinct possibility, according to Mr..
Hamlin.
AS to whether devaluation of gold
bloc currencies would lead to gen.
eral agreement for adjustments or
to further devaluation in q cur
rency war;" Mr.. Hamlin pointed out
that wide disparities between wages,
hours of labor and costs still per-
sist in the United States and abroad.
The bottom of the depression re-
mains a mirage, he said.
New Price Floor Needed
Devaluation in itself will not
overcome the disparity in prices and
costs as between industries and ma
tions. Until a new price floor" is
laid down, nations will lack a point
of reference for relating the costs
and prices of gold, silver, foodStuffs,
manufactured goods and other prod
ucts and services, Mr.. Hamlin stated.
IF commodity and metallic value
of c%urrencies can not be brought"
Mr.. Hamlii said, Into reasonable
relationship without laying down a
price floor suited to a machine
economy, it would be fatal to delay
this change in the economic syS-
tenn.
while goods must come on the
market in proper proportions to ex-
change freely, the freedom of ex-
change also depends upon cost. If
n industry or nation produces in
one hour what another industry or
nation produces in two hours the
exchange value can not be the same
without disturbing trade.
Costs Control Outputs
THE measure of capital-labor eff
f1ciency determining value is the
cost of production, the point about
which prices gravitate. When prices
rise above this cost, industry is en-
couraged to expand. When prices
decline toward or fall below this
point, expansion is out of order.
THE use of an outWorn meas
ure Of cost for many decades has
left the nations without a price
floor They r employing a meas
ure of capital-labor efficiency suit
ed to an economy in which hand
labor predominated. Under the new
conditions more capital and less la
Dor is required per unit of output.
A new ratio is required to insure
an output sufficiently large to cover
the increase in overhead attendant
upon the increase in the capital
structure of industry"
Thus, a new price floor" is need
ed as a point of reference for re-
lating costs and prices to gold, prod
ucts, services and so on, Mr.. Ham
ilton commended.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
APPLICATIONS RECEIVED
Four Corporations Apply to Stock
Exchange for Registration

= TT" 'T"""0
NEW YORK. April 2-The New
York stock Exchange Committee
on stock list has announced receipt
OF applications for permanent regis
tration under the Securities Ex-
change Act of 1884 from four
corporations.
They are the American Agri-
cultural Chemical Co. of Delaware,
the California Petroleum Corp. the
Indiana Refining Co. and the Texas
Corp. Last week the exchange an
nOunced receipt Of applications
from eight other corporations.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
A n REVENUES DROP
By Times Special

NEW YORK, April 2.-Transit
revenues for the week ended March
%, as reported by a representative
group of companies, stood at 97.25
on the Transit Journal Indicator,
as compared with the corresponding
week in 1884.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
FAVORABLE DIVIDENDS RISE
By Times Special

NEW YORK, April Favorable
dividend changes in March amount
ed to los, compared with 76 during
February, according to the Standard
Statistics Co. Unfavorable changes
numbered 81, against q in the
previous month.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
New Business Books
Available at Library

The following new books are
now available at the business
branch of the indianapolis
Public Library:
THE OPEN DOOR AT HOME Cby
Charles A. Beard)-"The greatest sin
gle contribution TO the literature OF
the depression"
SKIN DEEP. THE TRUTH ABOUT
BEAUTY iIDS (hy NJ. c. PhillipSl
What a wide chasm yawns between
the cost IF its simple ingredients and
the price gullible ladies paw for the
finished bottled. Jared or p~ackaged
product"
FEDERAL TAX HANDBOOK. 1885,
1885 tbv Robert II. MOntgom srY)-
Il have no apology 70 make for call
ing attention 10 anv lawful plan
which enables taxpayers TO save
money
UNDERSTANDING THE NEW
STOCK MARKET (by Robert l. War
shaw)-"In the past, large operators
and insiders have been armed with
machine guns and the small traders
with toy pistols
LIFE INSURANCE EFFICIENCY
(bv Walter Clunl-"To develop a
high degree of efficiency, It NAV be
necessary for o to recast some OF
your wPvs of thinking and change
your me.nods OF procedure
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
Produce Markets

Delivered IN Indianapolis prices Heavy
krrea hens. l5c- LeEhorm hens. lie. col
cred sprnEers. isc heavy stays. lie. Leg
horn stays. &C. old roosters. &c. ducks.
flu featherpd and fat. &C. geese. fuii
seathered and TAT. Tc- all classes Of
ruiueas. Use No. I strictly fresh country
rln eggs. loss o. fsc- Zach full case must
weigh SIS lbs. rross. a deduction % Zoe
. pound Ter each pound under IS lbs.
wil BE- made. Butter-Nc. J. 27Gs4c.
buttsE-faL 5oG Quoted ~ he Wsclsy CO.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
SILVER IMPORTS RISE
Gain Attributed to Heavy Purchases
From United Kingdom.
By Times Special

WASHINGTON. April 2-Silver
imports for the week ended March %
rose sharply TO S9.145.317 from the
S1.496.lOO during the preceding week,
according TO a Department Of Com
merce report today.
Most Of the gain was attributed to
heavy purchases from the United
Kingdom. These totaled S~7.955.578.
Other leading purchases were
$685. 3 from Canada. S730.32S from
Mexico and sS5.S50 from Peru.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
Wall st.
Underwriters Work
Indicates Business
Is on Rise.
by RALPH HENDERSON,
Times special Writer

NEW YORK. April 2-Develop-
~ ments in the securities market
would seem 20 indicate quite
definitely that business in the
United States IS well on the way 70
recovery. Underwriting houses
have become unusually active OF
late in the bond market, and IN
the past that invariably has marked
a milestone on the road TO trade
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
BOND ISSUES OFFERED
By Times Special

oN AMfe cltCA4A
CHICAGO. April 2-Twenty-four
issues aggregating l 2.434.OO0 Of pri-
mary road refunding bonds, obliga-
tons Of the issuing Iowa counties,
were offered today by Halsey, Stuart
& Co
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
aim
Seen EXTENDED
TO LOWER FIELD
Norfolk & Western Action
Cited as Evidence of
This Change.
By Times Special.

By Times Special
NEW YORK, April 2.-Consider-
able revamping in the prospective
refunding situation among corpora
tons was regarded in many in
vestment quarters today as war
ranted by the decision of the Nor
folk & Western directors last week
to redeem their entire S35, 000, 600
of 4 per cent bonds next July /.
1t was frankly admitted on many
sides that disturbance of 4 per cent
issues had not been expected, even
in the face Of the increasing mo-
mentum which the refunding wave
has been gaining.
That bonds with that relatively
low coupon rate would be called to
effect a saving Of interest charges
was described as the strongest kind
of commentary upon the current
cheapneSS of money and the eager
ness of banks to gain ever low-wage
employment for their idle funds.
The Norfolk g. western, it was
conceded, enjoys an enviable cash
position, not only for a railroad at
this particular time, but for any
corporation. nevertheless, the
cheapness Of bank loans when Sc
curity is attractive was directly in
volved in the decision to retire the
bonds.
Potential List WidenS
AS a result of this retirement an
nouncement, the list Of corporations
put in the already large group Of
potential candidates for refunding
is being considerably widened in
many quarters.
1--WE have completely changed
our view of the situation since the
Norfolk 81 Western decided to re-
tire its As" said an investment eX-
ecutive. 1--WE had thought that As
were immune, despite low money
rates. Now, however, we look for
possible refunding of 4 per cent
issues by any corporation that has
a substantial cash reserve or has
such short-term collateral as would
invite bank loans on a favorable
basis.
This does not mean that we ex-
pect to discover any other rail-
reads in a position to follow the
lead of the Norfolk & Western. but
obviously some strongly fortified in
dustrial and utility corporations
will give considerable thought to
taking advantage of the present
situation to cut debt charges even
on 4 per cent paper"
Non-C allables Sought.
The bond market has been
squeezed fairly dry of non-callable
bonds of the highest grade, al
though each day continues to bring
a deluge of inquiries for possible
"sleepers" in that category.
Seeking the next best thing, in
vestors have begun a rush for a
relatively small group of bonds Of
good security that still have from
three to five years of assured life
before becoming subject to call.
Bonds in this class have been
picked up this week at prices still
yielding slightly above 4 per cent,
but the supply has dwindled all
most to the vanishing point.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02

4 iva
To appreciate
The significance
81 the develop
uen 10 neCe--
sarv 20 tie IN The
lo0se ends q
What has hap
peued before
AFT he market
collapse OF 1923
e. Kas b q Q
natural ard nor
NAL that in
vestors shOuld
have been partic-
rlnrf- careful Of
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02

Editors Note-This is the second of
four dispatches on the impending Con-
EressiOnal battle over basic changes in
the nations banking system.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
Retail Coal Prices
DOMESTIC RETAIL PRICES

The following prices represent quota
tfcus frcm leacIrg Indianapolis coal deal
eEs A ascent carving Charge Der ton
WII be added
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
FINANCIAL DATA

Brooklyn Union Gas was incor-
porated in 1895 in New York State.
The capital stock is listed on the
New York Stock Exchange. At a
current price of around At it sells
to yield 1917 per cent and for II
times 1884 earnings.
(All Rights Reserved. Winchester Institute
of Finance. WincheSter. MasSl.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
What Does 1t Mean?

Gold Bloc Moneys-Nations rhose currencies are
payable in gold are known as the gold bloc. The group
consists of France. Belgium, Holland, Switzerland and
Italy.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
Money and Exchange
TREASURY STATEMENT

BY United Press
WASHINGTON. Aril 2-Government ex.
nense7 and receipts for the current fiscal
wear 70 March 30. compared with the cor.
70 nonding period Of the reElOus fiscal
wear
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02
LOCAL ash MARKET

LOCAL Cash MARKET
Civ grain elevators are paving IS cents
for No. 2 soft red wheat other grades
on their merits. Cash corn No. 3 yellow.
IS cents. and oats 40 cents.
The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-04-02

A ND il is when the new capital
n begins TO flow into business
that the pickup in trade is likely
10 make itself felt. The money viii
be used for permanent property
improvements and betteTmentS
rather than for the production of
~s0-CalIed consumer goods. II has
been the lack Of activity in the
heavy goods industries. such as this
new capital viii stimulate, that has
been the chief drag on general
business during the last year or
more. II has been the One out
standing factor which has delayed
the recovery.
Assuming the Administration n
Washington does nothing more TO
make investors fear for the safety
Of reasonable business profits, and
assuming il does not lean any
farther toward currency imitation.
It is fair 70 suppose that the circle
Of investment demands will con-
tinue to widen. And If it does
progress toward recovery should be
steady but certain.