Indianapolis Times, Volume 47, Number 302, Indianapolis, Marion County, 26 February 1936 — Page 13

Trends Business Upturn Is Based Chiefly on U. S. Spending B7 JOHN T. FLYNN VTEW YORK, Feb. 26.—1f JuM 12 months ago you had made b selection of 25 common stocks ■which were then more or less active in the market and had bought one share of each, you would have a pretty profit now—what in Wall Street would be called a conservative profit. For instance, to settle on 25 ac-

tual stocks, you might have bought them for $2104 in March of last year. Thase same 25 stocks today are worth $3050. Here is a profit of $946 or roughly 43 per cent, not counting the dividends which would have been paid in the year. And while not all of the shares to which I refer paid dividends, most of them did. If you had

Flynn

made a more speculative and discriminating selection, you would, of course, have made a gread deal more. What Is the reason for this? The recovery of business is, of course, given as thp chief reason. But. it is thp future—its complexion and promises—which fixes the price of stocks and not the present. ana THERE has been an uplift in business which I think is based cn government spending chiefly. But the most important factor in the price of stocks is the belief of many people that prices are going higher. They may not know why they are going higher. They may attribute it to recovery, they may attribute it to the coming inflation. Whatever the reason, it is this conviction that prices are going higher which makes prices higher now. But on what is this conviction based chiefly? Is it confidence in recovery or the expectation of inflation? Among the speculative groups it is certainly based on the expectation of inflation. And this is a fair expectation. The recovery so far is suported by government expenditures. And everybody believes that they are going to continue. That is also a fair expectation. They are going to be whatever is necessary to keep prices up during the coming year. The President is committed to the theory that high prices are essential to prosperity. He may, therefore, be relied on to increase the recovery expenditures whenever prices tend to lag. a a a IN addition to the relief money, the enormous bonus payments are to be flooded out into the stream of business. And there is a general feeling that, in spite of the talk of Republicans and conservative Democrats against spending, no matter who is elected the spending will continue. In the field of private business there is a good prospect of an expansion in building, the signs of which will make themselves felt in a month or two. If this goes as far in the private housing field as it now promises to do we may see something approaching a rudimentary fever in speculative channels. Mr. Hoover and his Democratic allies are doing their best to frighten people with the prospect of ruin. But nobody believes them. The one thing which could check this inflationary urge now is a tax program by the administration, but we may rest assured nothing like that will happen. The fever chart looks as if it would rise. (Copyright. 193fi. by NEA Seri ice, Inc.) CANADA ORDERS PLANES 2'iinr* Special FORT ERIE, N. Y„ Feb. 26.—Receipt of an order for 20 planes for the royal Canadian air force was announced today by officials of the Fleet Aircraft Cos. of Fort Erie. An order for ten training planes was received some time ago, and later doubled making it one of the largest orders ever given by the air force. On Commission Row 'Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers.! FRUlTS—Strawberries.* Florida, pint 20c. 36-pmt crates. 19c. Cianbernes, C. c' Howes. Eatmores. 25-lb. box, $2.75. Pears Washington D’Anjo (100s boxt. $3.35; Washington Pose tloo-120s>. $3.25; California, Avacado (200-2451, $3.50. Grapes: Extra Fancy Emperors (34-lb. sawdust chest), $3.50. Limes: Mexican ; carton 12s. 25c; Persian seedless idoz.). 45c. Dates: Fresh Arizona. $1.50. Bananas seven hands, pound. sc. Apples: Delicious (fancy baskets), $1.50; Jonathans, $1.50; Grimes Golden. $1.25; Rome Beauty $1.65 Lemons: Sunkist 360si. $6 Grapefruit* Texas seedless (545-80s>. $3.75 Arizona Sunkist (80s'. $3. Tangerines. Florida tl2os, 1445. 168s). *1.75. VEGETABLES Artichoke. California (doz.) $1.15. Beans, green, round stringless (hamper). *3. Beets; Texas <3 doz. crate>. $1.50: cut offs <bu.). sl, Brussels Sprouts. California (lb.i. 18c Cabbage, New York Danish (50-lb. bag' 90c; New Texas (crate'. $2.25. Red Cabbage (50-'b. bag l , $2. Carrots. California J>ioz. crate'. *2.50; Texas i3% doz. crate). $1.75 'bushel). *1.65. Cauliflower. California (12s crate). $1.75. Celery. Florida washed and *.immed idoz), 45c4c $1; Florida (4s. 6s, Bs. 10s crate), $3.50. Cucumbers, hothouse idoz.). $1.25; isouthern bushel), *6 Egg Plant, Florida 'doz.), $1.50. Kale (Virginia bushel', 90c. Lettuce. Iceberg Arizona 'best 4s. sst. *3; home grown leaf (15-lb. baskets'. 85c. Endive. California (doz. I. 90c. Peppers, mangoes (Crate I. 87; peck basket $1.75; (doz.), 45c. Mint, hothouse idoz), 75c. Mushrooms ipound). 30c Mustard. Texas (bunch). .sc. Onions - Indiana yellow (50-lb. bag'. $1.25; Indiana yellow (10-lb. bag). .’Sc: Western Spanish 150-lb. bagi, sl/75. Ovster plant, home grown idoz.), 40c. Parsley southern (long bunches doz.'. 45c Parsn:":;. iiu.,.e grown washed ibusheli. $1; ihalf-bushel*. 60c. Peas. Florida 'hamper). $2.75. Potatoes. Michigan Round Whites 1100-lb bagt, $l9O. Maine Green Mountains 1100-lb. baa). $2.35; R. R. Early Ohios < 100-lb. • ag>. *2: R. R. Cobblers < 100-lb bag). $1.90. Ir.aho Russets (100-lb. bag. *2.40: Idaho bakers (70s box). $2 50. Col. McClures, 100lb bag), $210; New Texas Triumphs (50lb. bag), *2,15 Sweet potatoes. Indiana Jerseys (Is busheli. $1.50; medium (bushel), *1: Tennessee Nancv Halls (hampers'. *1.15; Southern Puerto Ricans (bushel crate). *1.50. Radishes, home grown buttons idoz.l. 45c; white. 40c Rhubarb, hothouse (bunchi, 50c. Rutabagas. northern iSO-lb. bag(. 85c Sage (dor.). 45c. Shallots. Louisiana (doz.), 454? 50c. Spinach, New Texas (busheli 81 10 Turnips, home grown washed (bushel'. $1 50. Tomatoes repacked (10lb box'. *1.60; original Cuban (30-lb. lug). $3 Produce Markets The price* uuoted are paid for atock gathered In the country, while delivered In Indianapolis the price is a rent higher Heavy breed hens. 18c; Leghorn breed hens. !3c; Leghorn springers, lie: old stagy 13c: old cocks. 9c Ducks, white. 5 lbs and over, lie: geese, full feathered, ait sizes. 10c; all guineas. 1% lbs and up 15c* No. .1 strictly fresh eggs, loss off. 19c Each full case must weigh 55 lbs gross, a deduction of 10 cents a pound under 55 lbs. will be made. No l butter. 404<41e; No. 2 38 '•! 39c Butterfat, 35c. Quoted by the Wadley Cos.

MASS MEETING IS CALLED FOR STORE OWNERS Independent Merchants to Convene at Washington on March 4, 5. BY HERBERT LITTLE Times Special Writer WASHINGTON, Feb. 26.—A mass meeting of several thousand independent merchants has been called for March 4 and 5 by backers of the Patman-Robinson “fair trade” and "anti-chain store” bill, to impress upon Congress the sentiment for its enactment. Merchants from each state are being urged to contact their Senators and Representatives in behalf of the legislation, now pending before the Senate and the House Judiciary Committee. The bill, amending the 1914 Clayton Anti-Trust Law, would forbid discounts on large purchases made because of the quantity purchased, and also brokerage fftid advertising allowances granted by manufacturers to large-scale buyers to an extent greater than the “fair value” of the services rendered. Expects Big Attendance The Unit D d States Wholesale Grocers’ Association, which is responsible for drafting the bill, has called the “Independents Day” mass meeting, and has sent out notifications of several special trains and the reservation of Constitution Hall here for the meeting. Many independent retailers are expected, as merchants of this type have been active in tele-gram-lobbying of congressmen in behalf of the bill. The legislation, which may be called up for Senate debate at any time, is the outgrowth of two House committee investigations. One of | these was by a special committee headed by Rep. Patman (D., Tex.), sponsor of the bill, and aimed originally at the lobbying practices of ; the American Retail Federation, j headed by Col. C. O. Sherill. Hearings Are Held Later Patman obtained House | action extending its scope to ini vestigation of “the trade practices ;of big-scale retail and wholesale buying and selling organizations.” This committee held hearings last | year, and continued them this sesj sion. Senate Majority Leader Robinson i tD., Ark.) and Rep. Patman introduced the bills last June, and the I House Judiciary Committee held I extensive hearings on lines similar jto the Patman committee’s last ! summer and this January. The j Senate Judiciary Committee favorI ably reported the bill two weeks j ago without hearings, although i Senator Ashurst (D., Ariz.), committee chairman, explained later that members had before them the transcripts of the two House hearings. Bill Is Opposed These hearings developed caustic exchanges between proponents of the bill, including several committee members, and representatives of the chain and department stores. The National Association of Manufacturers, Gen. Robert E. Wood of Sears-Roebuck, and many chainstore executives opposed the bill, the principal arguments being that it was unconstitutional and that it would “freeze*' present “middleman” setups and prevent economic | marketing. They also argued that the bill would prevent the economic operation of the numerous current “voluntary” or “cooperative” chains, in which many indepedent merchants have banded themselves together for buying direct and obtaining quantity discounts and other favorable factors in purchasing. Local Livestock HOGS Feb. Bulk. Top Receipts. 20. slo.Bo/<i 10.90 $10.90 5000 21. 10.804/10.90 10.90 3000 22. 10.80(6 10.90 10.90 1000 24. 10.55(6! 10.65 10.65 4000 25. 10.40(6 10.50 10.50 300 C 26. 10.55© 10,65 10.65 2000 Light Lights. 1140-160) Good and choice $ 9.75(610.0*3 Medium 9.25(6 10.90 (160-480) Good and choice . 10.50(610.65 Medium . 10.00(610.60 GBO-200) Good and choice . 10.50(5 10.65 Medium 10.00(610.50 (200-220) Good and choice . 10.50(610.65 (220-2501 Good and choice.. 10.40010.55 Heavyweights. (250-2901 Good and choice . 10.15(610.45 290-350' Good and choice . 9.85(^.10.15 Packing Sows. (275-350) Good 9.250 9.50 (350-4251 Good 9.10(6 9.40 (425-550) Good 9.00(6) 9.25 (275-350) Medium 8.75® 9.10 Slaughter Pigs. 1100-140 L Good and choice . 9.00(6 9.75 Medium 8 00*® 9.25 CATTLE——Receipts, 500— (550-900) Choice $9,250*10.50 Good 7.50(6 9.50 Medium 6.25(6 7.75 : Common S.CO@ 6.25 (900-1100) Choice [email protected] Good B.oo® 10.00 Medium 6.500 8.00 Common 5.00(6 6.25 (1100-13001 Choice 10.50011.50 Good B.oo@ 10.50 Medium 6.50© S.OO (1300-1500) Choice 10.75(011.50 Good 8.00010.75 Heifers (500-750 Choice /. 7.50® 8.75 Good 6.50® 7.50 Common and medium . . 4.50® 6.50 (150-900) Good and choice . 6.75/6 9.00 Common and medium ... 5.000 6.75 Cows Choice 6.25® 7.00 Good 5.50© 6.25 Common and medium 4.75/6 5.50 Low cutter and cutter 3.506 4.75 Bulls, rood 6.23® 7.00 Cutter, com. and med. bulls . 4.50® 625 VEALERS —Receipts, 300— Good and Choice $10.50© 11.00 Medium B.oo® 10.50 Cull and common # 4.50® 8.00 Calves (250-500) Good and choice .. 7.00® 9.50 Common and medium 4.50® 7.00 Feeder and Stocker Cattle (500-800) Good and choice .. 6.50© 7.50 Common and medium .. 5.00® 6.50 (800-1050) Good and choice . 6.50/6 7.50 Common and medium 5 00® 6.50 Cows Good 4.50® 5.00 I Common and medium .. 4.00® 4.50 SHEEP AND LAMBS —Receipts 500— Lambs. 90-lbs. down, good and choice $ 9.75© 10.00 i Good . . 9.50® 9 75 Medium 8.50(6 9.50 Common 7.00® 8 50 ! Ewes. (90-175) Good and choice 4 00® 5.00 , Common and medium 3 00® 4.00 Yearling wethers, good choice 8.50© 9.25 ! Medium 7.25® 8.50 [ Other Livestock ißv United Press) FORT WAYNE. Ind.. Feb 26 Hogs— Receipts 10c higher; 160-180 lbs., *10.53: 180-200 lbs.. *10.45: 200-225 ibs. *lO 35; 225-250 lbs.. *10.25: 250-275 lbs.. *10.10; 275300 lbs., *9.95 : 300-350 lbs.. *9 70; 140-16) lbs . *10.15: 120-140 lbs . *9 90: 100-120 lbs.. *9_65 roughs. *8 50; stags. *6.75. Calves. sll;,lambs. $9.50,

Abreast of The Times on Finance

■New York Stock Exchange Prices

(By Thomson & McKinnon) Prev. High Low Close close Oils— Atl Rig 30% 30 30% 31% Barnsdall 16% 16% 1S 7 16% Consol Oil 13% 13',* 13% 13% Cont of Del .. 36*4 36 36'4 36% Houston inewt.. 10% 10% 10 3 4 10 3 4 Mid Cont Pet .19 19 19 19% Ohio Oil 16 15% 16 16 Pet CorD .16 16 16 16 Phillips Pet. 4 2% 41 s , 42'4 43 Plymouth Oil . 13 3 /4 1.~% 13 3 ,4 13% Pure Oil 20 20 20 20 Shell Un .17 16 7 , 17 18% Skelley Oil ...?4% 24% 24% 24% Boc Vac 15', 2 15 3 a 15% 15 s , S O Os Cal 45 44 7 , 44’, 45 SO of Ind 37% 37% 37 3 4 38 SOof N J 53% 58Vs 58 3 4 59 Texas Corp ... 34'© 34% 34' 2 34>© tin Oil Os Cal .. 26 V 2 26 1 4 26 % 27 Vs Steels— Am Roll Mills.. 31% 31V* 31% 31% Beth Steel 55% 54’© 55 ! 4 56'a Byers A M .... 22'© 22' 8 22', 22'© Cruc Steel 37 37 37 37'© Inland Steel .. 111 3 © 111 111 112% Ludlum Steel ..31 31 31 31'© Mid Steel 32 31 31% 31 Natl Steel 68 67 s ', 68 68V2 Otis Steel 18% 18% 18% 18*© Rep Iron <fc Steel 23 5 , 23'/, 23% 23% Rep Irn - Stl old 92 92 92 93'© U S Pipe & Fdy 34'© 34 34 34'© U S Steel 60'© 59% 60% 61% U S Stl pfd ..126'© 126'- 126'2 127 Warren Bros. 7'© 7% 7Va 7Vt Youngst’n S& T 50'© 50 50 50V 2 Motors— Auburn 46% 46% 46% 47 Chrysler .. 94 s , 94% 94% 94% Graham Mot. .. 3% 3 7 , 3 7 , 3% Hudson 16% 16':; 16% 17 Hupp 2% 2% 2% 3 Mack Truck ... 34'© 34% 34% 34% I Nash 19% 19% 19% 19% * Packard 10% 10% 10% H Reo 7% 7 7% 7% 1 Studebaker ... 12% 12% 12% 12*, | Yellow Truck ... 17v 2 17% 17% 17% Motor Access— I Bendix 24'© 24 24 24% Bohn Alum . .. 56% 56 56% 56V, Borg Warner ... 75 74% 75 75 Briggs 57% 56% 56 57% Budd Mfg 11% 11 11% 11% Budd Wheel ... 12% 12% 12% 12% Eaton Mfg . .. 30% 30'/, 30'/, 30% Elec Auto Lite . 41 40% 41 40'© Elec Stor Bat . 52% 52V, 52V, 521a Greyhound *B* .. 73 73 73 73 Houdaille 29% 29% 29 % 29% Murray Body ... 19% 19% 19% 19 s , Stew Warner .. 20’/, 20'© 20’/, 20% Timken Roll . 69% 69 69 % 69'© Timken pet Axle 15% 15% 15% 16% Mining.— Am Metals 34 34 34 33% Am Smelt 64% 63% 64% 65% Anaconda 32 s , 32% 32% 33% Cal & Hecla ... 8 8 8 8 Dome Mines ... 47% 46% 47% 4, u, Gt Nor Ore 19 18% 18% 18% Ins Copper 10% 10V, 10% 10V© Int Nickel ... 50 49'© 50 51 K/ennecott Cop 35% 35% 35% 36'© Phelps Dodge .. 34 34 34 34 St Joe Lead ... 26% 26 26 26'© U S Smelters .. 85% 85% 85% 85'© Vanadium 24 23% 24 2334 Amusements— Fox Theat 27% 26'© 27'© 27’© Loews Inc 48'© 49 49 49 Radio Corp 12 11% 12 12 Paramount 10'/, 10 10% 10% RKO 8 7% 8 B'© Warner Bros— 1234 12' /3 12% 13 Am Tob ■‘A’” .. 95 95 95 95 Am Tob “B” ... 97 97 97 99 Gen Cigars 55% 55% 55% 55 Lorillard 22%. 22% 22% 22'© Phillips Morris . 70% 70% 70V, 70% Reynolds Tob B 55'© 55 % 55’© 55% Rails— Atchison 73% 73 73% 74% Atl Coast Lines 33% 33 33% 33% S& O 21% 21% 21% 21% Can Pacific ... 14% 13% 14V 2 14% Ch & Ohio 58% 57% 58 " 58'© Chi & Gt W pfd 6% 6% 6% 7 £ w , & o St T, P . 23s 2% 2% 2% C M & St P pfd 4*, 4% 4% 4% Chi N W . .. .. 4% 4% 4% 4% Dela & Hud 48% 48 48% 48% Del Lac & W ... 20% 20% 2034 20’/Erie 15% 15 15% 15% Erie pfd . 23% 23 23', 2 24'© Gt Northern pfd 40% 39% 40 40 s , 111 Central 25% 24% 25'A 25% K C Sou 22% 21% 21% 22% Lehigh Valley .. 13% 123, 13'© 13% Lou <fc Nash ... 70% 70% 70% 71% M K & T ... 8% 8% 834 8 7 © MK & T pfd 22% 21 % 22% 22% Mo Pac 3'© 3% 3'© 3% Mo Pac pfd 6% 6% 6% 6% N Y Cent ... 37% 36% 37% 37% N Y New Haven 4% 43, 434 5 N Y Out & West 6% 63, 634 7’© Nor Pacific .... 3% 32% 33 s , 33% Penn R R 36’© 36 36'© 36% Reading 45 45 45 46 Sou Pac 34 7 © 34% 34 7 4 34% sou R R 1734 17’© 17% 173, Union Pac 131 131 131 131% West Maryland . 1034 10% 103, 11 Equipments— Am Brake Shoe.. 50 49% 50 49% Am Car & Fdy.. 37*% 37% 57% 38 7 /s Am Loco ... 33% 33'/4 22'© 34 Am Steel Fdy.. 30 29% 29'© 30% Bald Loco . ... 57, 5% 5% 5 Gen Am Tk Car 55'© 55% 65% 55'© Gen Elec 39% 39'© 59V, 40 Gen R R Sig ... 45'© 45% 45% 4534 Pullman Inc .... 46 45% 45% 46 West Air Br ... 45% 45 45% 45% Westingh Elec ..114% 113'© 114% 115'© Utilities— Am Power & Lit 8 8 3 B'© AT&T 170 169% 169 171 Am & For Pwr.. 7% 7% 7 1 © 7 s , Am Wat Wks ... 22% 21% 22% 22 Col Gas & Elec . 16 15% 16 16 Com & Sou ... 3% 3V* 3% 3'© Elec Pwr & Lit . 9 s , 8% 9% 8% Int Hydro Elec . 3% 3% 3 s , 3% Int TANARUS& T .... 17% 17 17% 17% Lou G & E A . 21 21 21 21% Nat Pwr & Lit . 10% 10'© 10'© 10% North Amer 26V, 26 26% 26 Pac G & E e*. . . 34 33% 34 34 Peoples Gas ... 44% 43% 43% 44'© Pub Serv NJ .. 43% 43% 43% 44% So Cal Edison... 26 26 26 26'© Std Gas 7'© 7'© 7'© 7% Stone & Webster 15 15 15 15% United Corp ... 6% 6% 6% 6% Un Gas Imp ... 167, 16% 16% 16% Ut Pwr & Lt A 5% s'© 5% 5% Western Union . 88 87 88 881© Rubbers— ' Goodrich 17% 17% 17% 17% Goodyear 26% 26% 26% 27% U S Rubber 18% 18% 18% 19 U S Rubber pfd 57 57 57 59% Miscellaneous— Allis Chalmers.. 42% 42'© 42% 42% Am Can 118% 117 118% 117% Am Mach & Fdy 25% 35'© 25% 25% Brklyn Man Tr. 45% 45 45% 44% Burroughs Add.. 30% 30% 30% 31 i 1 Case 112'© 112'© 112% 113 Conti Can .78 77 78 77% Caterpillar Tract 68% 68% 68'© 68% Crown Cork .. . 48% 48% 48 s © 48% Curtis Pub 19% 19% 19% 19% Curtis Pub pfd 103% 103'© 103% 103% Deere & Cos 69 69 69 69% Eastman Kodak 160 160 160 161 Foster Wheeler 32% 32% 32% 36% Gillette 17% 17 17% 17% Glsdden 48 s , 48 s , 48% 49 Int Bus Mach .174% 174' . 174' . 174% Inter Harv .... 68% 67% 68% 67% Natl Cash Reg . 27'i 26% 27% 27 Rem Rand . 21 21 21 21% Worthington P.. 28% 28© 28% 28'© Foods— Am Sugar 55 55 55 55% Armour 6% 6% 6V4 6% Borden Prod 28% 28% 28% 28% Coca Cola 92 92 92 92 Cont Bak (A) 16% 16% 16% 16% Corn Prod 75% 75 75% 75 Crm of Wheat 37 37 "7 37 Cuban Am Sugar 11% 11 11% n% Gen Baking . .. 13% 13'© 13% 13% Gen Poods ...... 33% 33% 23% 34% Gold Dust 20 19% 19% 20% G W Sugar33 s , 32 s , 32 5 , 33% Hershev 76 76 76 77% Natl Biscuit 33% 33% 33% 34 Natl D Prod . ... 23% 23% 23% 24 Std Brands 16% 16% 16% 17'© Retail Stores— Allied Stores .... 7% 7% 7% 7% Gimbel Bros 7% 7% 7', 7% I Jewel Tea 71 71 71 76 Kresge S S 23 s , 23% 23% 24

Busigraphs

PRICE RANGE OF SEAT ON NEW YORK STOCK EXCHANGE *OO i 4 ” 0O ‘ ■ ■■ 1929 1930 1931 1932 1933 1934 1935 THE PARSER COR°. GENERAL DISTRIBUTORS INCORPORATED INVESTORS More as a 'matter of curiosity than any statistical value are the price variations of a New York Stock Exchange seat. On the other hand, '.he price naturally varies according to the activity, or anticipated activity, in security trading. There are at present a total of 1375 seats on the exchange, the number being increased by 275 seats in 1929. On last Dec. 31 there were 1175 stocks, both common and preferred. listed on the exchange, compared with the high mark of 1308 stocks at the .end of 1930.

WEDNESDAY, FEBRUARY 26, 1936

Kroger Groc ... 26 26 26 26 Macy R H 45% 4.5% 45% 43% McCrory St 13% 13*% 13% 13% McLellan St . 13% 13% 13% 13% Marshall Field 14% 14% 14 s , 14 s , Mont Ward . . . 39% 38% 39 s , 39 Natl Tea 10% 10% 10% 10% Penney J C .. . 72 72 72 72% Safeway St 33% 33% 33% 33% Sears-Roebuck . 63% 62% 63% 63 Woolworth 52% 52% 52% 52', 2 Aviation— Aviation Corp.. 5% 5% 5% 5% Boeing Aircft .. 23% 22 5 , 23% 23% Curtiss Wright 5% 5% 5% 5% Curtiss Wrignt A 15% 15% 15% 15% Douglas Ai. 68 67 68 68% Nor Am Av 7 s , 7% 7% 7% Sperry Corp 20 19 s , 19% 20 United Airft N 28% 28% 28% 28% Chemicals—i Allied Chem . 168 167 167 170 Am Com Alcohol 29'© 29’© 29% 29%

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails Util. Bonds Today 93.’ 94.2 104 8 97.3 Yesterday 93.4 95.4 104.9 97.9 Week ago 93.1 94.4 104.0 97.5 Month ago 92.7 90.8 105.2 96.2 Year ago 86.8 80.0 94.3 87.0 1936 High 93.4 95.6 105.5 97.9 1936 Low 91.6 84.7 103.5 93.3 U. S. GOVERNMENT BONDS (By Abbott, Proctor & Paine) Treasurys Prev. ,1 Close. close. 4%s 1947-52 116.20 116.19 1944-54 112.12 112.13 2?**S 1946-56 110.14 110.16 •j/sS 1943-47 107.13 107.13 2;’* s 1941-43 108.19 108.22 3/4S 1943-45 106.28 106.27 2 4S 108 * 22 108.22 3%s 1944-46 106.14 106.12 2 * s }946-49 104.27 104.30 2s J 951-55 103.17 103.19 2®. 1®46;48 103.30 103.28 Hr 101 100.30 2%s 1945-47 7 102 102.1 Home Owners Loan Corp. J 949 10019 100.18 4952 101.25 100.19 Federal Farm Mortgage Corp. 3s 1949 101.30 102 21 J 942-49 102 :i8 102.24 2%s 1947 101.28 101.4 DOMESTIC Close Prev. Close Alleg Corp 5s ’44 95 96 Alleg Corp 5s ’49 913© 911/, Alleg Corp 5s ’SO 80V, 80'© Am Frgn Pow 5s 2030 80',, 80’© Am Tel & Tel s>©s ’43 114 113% Am Tel & Tel 5s ’65 114 3 © 114'© Arm &Cos (Del) 5%s ’43 97'© 97 Atl Coast Line 4s ’52 99% 99'© Atl Coast Line 4'©s ’64 ... 87 87% Atch Top & S Fe 4'©s ’4B ... 113 Am Wat Wks os 44 no ill’© Am Rollins Mills 5s ’3B 138'© 132 Balt & Ohio 6s '95 77 793/ Buff Roch & Pitt 4%s ’57 82 Beth Steel 5s ’36 105% 105 3 © Chi Milw & St P 5s ’75...: 23 22% Chi Milw & St P 5s 2000 B s © 9 Term 5 s ’73 105% 105'© Col Gas 5s May ’52 101'© 101% Col Gas 5s ’6l 101% 101% Can Pac Perp 4s 9 3 3 4 93% Big Four 4>©s ’77 923© 94 Big Fur 5s ’63 100% lot Colorado & So 4'©s ’BO 77 77 Chi & West Ind s'©s ’62 107'© 107% Chi & Nor West 4%s ’49 .... 15 16% Con Gas 5s ’57 104% 104% Chesa Corp 5s ’47 131 134 N Y Dock 4s ’sl .... 7314 733/. N Y Dock 5s ’3B . 70% 73% Erie 5s ’75 lii* Erie 5s ’67 S3' 4 ft,, 4 Gen Cable s’©s ’47 ’lot 104% r!*r M ern 7 , 5 ,,’ 36 ■ 102% 102>4 Grt Northern 4V2S 76 .. . . 103 103% Grt Northern 4'©s ’77 103% 104 Hud & Manhat Ref 5s ’57 ~ 88% 89 111 Cent 4%s ’66 ......! 793 J 2? t!I S en / e 1 ’ 63 84 86 111 Cent 5s ’63 88 s © 90'© Interntl Tel & Tel 4'©s ’39 ... 96 97 Interntl Tel & Tel 5s ’55 ... 90 90'© Interntl Tel & Tel 4'©s ’52... 85* 86 P Lonllard 7s ’44 .. 132'© 132 McKess & Rob s'©s ’SO 104 104 Natl Dairy s'©s ’4B 103'© 103% Natl Steel 5s ’56 106 3 © 106% Nickel Plate 4'©s ’7B 84'© 86 Nickel Plate s'©s ’74 95% 97 N Y Cent 5s 2013 99 95% N Y Cent 4'©s 2013 (old) ... 94 89% Nor Amer Cos 5s ’6l 105'© 105’© Nor Pac 3s 2047 81 81 Nor Pac 4%s 2047 .101% 102'© Nol* Pac 6s 2047 110% 111% New Orleans Term 4s ’53 ... 92% 91% Penn Rv 4'4s ’B4 108% 109 Penn Rv 4%s ’Bl 108% 109'© Penn Rv 4%s 70 103% 103% Portland Gen El 4'©s ’6O .. 74 74 7 © Para Publix s’©s ’SO 93 94 Penn P L 4'©s ’Bl 106% 106'© Postal Tel & Cab 5s ’53 37 37V, Rem Rand WW s'©s ’47 Ill'© 113 Sinclair Oil 6'©s ’3B 102'© 102'© Shell Union Oil 5s ’47 91% 93 Sou Pac 4'©s ’6B 90 90% Sou Pac 4%s ’Bl 90% 91% Sou Pac 4'©s ’69 90% 92% Sou Rail 4c ’56 65'© 67% Sou Rail 6s ’56 81'© 83'© Sou Rail 6Vis ’56 85'© 87 3 © Texas Pac 5s ’79 103% 104 Union Pac 4s ’47 113% 113% United Drug 5s ’53 101% 101% U S Rubber 5s ’47 105 105'© NY NH & Hart 6s ’4B 38V 2 39% NY NH & Hart 4'is ’67 38 39 Warner Bros 6s ’39 95 95'© Western Mary s’is ’77 10(.% 103 Western Mary 4s '52 99% 99% Youngstown S & T 5s 70 ...105', 105% Youngstown S & Tss ’78... 105V 2 105% FOREIGN Argentina A 6s '57 98% 98% Argentine B 6s ’SB 98% 96 Brazil 8s ’4l 31% 32% Denmark s'©s ’55 101% 101% German s'©s ’65 27% 38'© German 7s ’49 37 37 Italy 7s ’sl 67'© 69 Rome 6'/ 2 s ’52 .'1 58 61 Tokio City s'©s ’6l BL',i 80'© Local Securities (By Indianapolis Bond & Share Corp.) The following quotations do not represent actual bids or offerings, but merely Indicate the approximate market level on buying and selling inquiries or recent transactions. BONDS Bid. Ask. H T & T Ft. Wayne 5'©%.104 105 HT & T Fort Wayne 6% 103 106 Indianapolis Railways Inc 5%. 67'© 70 Indianapolis Water Cos. 4*©%.. 105 107 Indianapolis Water Cos 5/©.... 105 107 Indianapolis Water Cos 5%.... 105 107 Indianapolis Water Cos. 5%%.. 104 105'© Indianapolis Water Cos. 5%%..104 105la Interstate Tel & Tel s’©% .. 95 97 Kokomo Water Works 5% —lo4',© 105% Morris 5 & 10 Stores 5% 100 103 Muncie Water Works 5% v.. 103 Noblesville Heat. Light & Pow* 98 100 Ohio Telephone Service 6%.. 97'© f Richmond Water Works 5%.. 104% 106 Seymour Water Cos 5% 101 104 T H Traction & Light 5% . .. 103 105 Terre Haute Water Works 5% 102 104 Teriv Haute Water Works 6% 103 105 Traction Terminal Cos. 5% 78 81 STOCKS Belt Railroad & S Y com 53 55 Belt Rail & Stock Yd pfd 6% 52*© . Central Indiana Pow pfd 7% 21% 24% Home Tel .& TFt Wayne 7% 52% 54'© Hook Drugs. Inc common 16% 18 Ind & Mich Elec Cos pfd 7% 103% 106'© Indiana Central Service Cos 6% 93 100% Ind Hydro Elec Cos 7% 62 65 Indpls Gas Cos com 6% 35 38 Indpls Pow &Lt Cos pfd 6%.. 89 92 Indpls Pow &Lt Cos 6%% ... 93% 9 g% Indianapolis Wa Cos pfd 5% 103% 106% North Ind Pub Serv pfd 5%% 69 72 North Ind Pub Serv pfd 6% 75 78 North Ind Pub Serv pref 7%.. 84 84 Progress Laundry Cos com ... 9 io'© Pub Serv Cos of Ind Dfd 6% : 18% 21% Public Serv Cos of Ind pfd 7% 42 45 South Ind Gas & Elec 6% 57 99 Terre Haute Elec com 6% 87% 89 Union Title Company com .. 20% 23 Unlisted Stocks 'By Blyth & Cos.) NEW YORK BANK STOCKS _ . , Bid, Ask. Bankers’ 64% 66'* Central Hanover 113% 115% Chase . 37% 38 s , Chemical National 56 s , 58 © Guaranty 293 296** Irving 16 17% Manufacturers 43% 45% National Citv 34 5 , 36% Cont 111 Chicago . 156 160 1 * First National Boston 46 47% National Shawmut 27 28© I FIRE INSURANCE Aetna Fire 56% 58% Ameucan Ins of Newark 15% 18® Baltimore American 0% 10% Citv t.f New York 30V* 32% Federal Ins 106 111’* Franklin Fire 31% 33% Great American Ins 30 s , 32 s , Hanover Fire Ins 38% 40% Hartford Fire Ins 80% 82% Home Ins 35% 37% National Fire 7"% 79% Ins Cos of A 79% 82 ** National Liberty 10% 11% North River 27** 29% Phoenix 91; 99% C S Fire 57% . Westchester Fire 38 40%

BUY A HOME WITH A LOAN FROM A LOCAL Building & Loan Assn.

Col Carbon ... 102 102 102 102% Com Solvents .. 23% 22 s , 23% 22% DuPont .. 141% 140% 141, 141 s , Freeport Tex ... 32% 32% 32% 32% Math Alkali ... 35 34% 34% 34 Natl Dts mew) .. 30% 30% 30% 30% Schenley Dist .. 48 47% 48 48% Union Carbide . 81% 81% 81% 81% U S Indus Alco. 40% 40% 40% 41 Coty Inc 6 6 6 6% Un Drug (ntw). 14% J 4 14% 14% Financial— Adams Exp 13% 13% 13% 13% Allegheny Corp . 3% 3 s , 3 s , 4 Am Int Corp ... 11% 11% 11% 11 s , Transamerica .. 14 13% 14 14 Tr Conti Corp.. 10% 10 10 10% Building— Am Radiator ... 23% 23% 23% 23% Gen Asphalt ... 32 31% 31 3 * 32 3 * Int Cement 43% 43% 43% 44V 4 Johns Manville 120 120 120 121 Libby Owens Gls 55% 55% 55% 56% Otis Elev 31% 31 31 31% U S Gypsum ....104% 104% 104% 107% HouseholdCol Pal Peet ... 18% 18',© 18% 18% Kelvinator 18% 18 18% 18'© Servel Inc 19% 19 19% 19% Simmons Bed .. 23 22% 22V, 23V, Textiles— Amer Woolen .. 10’© 10 10'© 9 s © Belding Hem ... 15 15 15 14% Celanese Corp .. 29'© 28% 28% 29 Collins Aikman 46% 46 46% 46% Indus Rayon ... 30% 30% 30% 30% Real Silk 14'© 14% 14V 2 14'© Chicago Stocks 'By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Berghoff 9'©> 9 Butler Bros 10% 9% Chicago Corp ss,5 s , 5% Cities Service 5 s'© Conti Steel 40% 40% Cord Corp 6% 6% Crane Corp 27 27% Elec House Utilities 15% 16 Gen House 4% 4V* Grt Lakes Dredge 29% 29% Libby McNiel 9% 9% Nobblitt Sparks 32% 32% Quaker Oats 134 134 Swift 24 24 Zenith ... iß>© 16% New York Curb (By Abbott, Proctor & Paine) N. Y. Prev. 11:15 close. Alum Cos of Am 118 116'© Am Cyanide “B - ’ 36% 37 Am Superpower 2' /s 2 7 © Fisk Rubber 8 B'© Ford of Can “A” 26 25 3 © Ford of Europe 8% 8% Lake Shore Min 57% 57'© Nia Hudson Pwr 9 s , 9V, Pan American Airways 58% 56 V 2 SvUtz 2 2 Investment Trusts (By Thomas D. Sheerin & Cos.) Bid. Ask. Administered Fund 2d $16.70 $17.86 Affiliated Fund Inc 1.87 2.05 American General Equities... 1.09 1.12 'American Business Shares... 1.15 1.25 Bullock Fund Ltd 17.50 19.00 Century Shares Trust 29.00 29r66 •Collateral Tr Shares “A”.. 6.52 6.60 Corp - A’ or ‘Accum’ (Mod) 3.26 3.29 Corp ‘AA’ or *Acc* (Unmod) 2.59 2.63 Corporate Trust Shares (Origi 2.83 2.86 Diversified Trustee Shares *B’ 10.80 10.90 Diversified Trustee Shares ‘C’ 4.53 4.57 Diversified Trustee Shares ‘D’ 6.68 6.75 Dividend Shares Inc 1.64 1.77 Incorporated Investors 22.50 23.72 Investors Fund Amer 1.06 1.16 Market Street Invest Corp ... 31.09 32.71 Maryland Fund 19.20 20.43 Massachusetts Investors .... 25.16 27.35 Nation-Wide Sec Cos *'8”.... 4.70 . . . Nation-Wide Voting 1.71 1.87 North American Tr Shs 1956. 3.27 3.30 North American Tr Shs 1955 3.31 3.34 No American Tr Shs (Orig.) 2.58 Quarterly Income Shares ... 1.58 1.68 Representative Trust Shares. 12.40 12.55 Selected Amer Shares Inc .. 1.56 1.70 Selected Amer Shares (Orig) 3.60 Selected Cumulative Shares . 9.18 9.28 Selected Income Shares 4.86 4.96 State Street Invest Corp .... 95.75 100.25 Super Corp of America “A” . 2.76 2.79 Super Corp of America - *B”. 2.78 2.82 Super Corp of America “A”.. 4.09 4.14 Super Corp of America “B” . 4.29 4.34 Super Corp of Amer ‘C’ & ‘D’ 7.95 8.03/ Supervised Shares Inc (Dela) 1.64 1.80 Trus Standard Oilshares ‘A’ 7.63 7.73 •Trus Standard Oilshares *B' 6.74 6.84 Trus Standard Investment ‘C’ 2.95 2.99 Trus Standard Investment ‘D’ 2.89 2.92 Universal Trust Shares 4.15 Uselps “A” 18.50 19.00 Uselps “E'’’ 2.82 Uselps Voting 1.10 ..... •Ex. Dividend. Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,340,000 Deficits 7,199,000 TREASURY STATEMENT (By United Press) WASHINGTON. Feb. 26.—Government expenses' and receipts for the current fiscal year to Feb. 24. as compared with a year ago: This Year. Last Year. Expenses $4,682,586,233.00 $4,478,316,325.03 Receipts . 2.309.601.642.20 2.234.049,579.79 Deficit . . 2.372.984,590.80 2.244.266.745.24 Cash bal. 1.802.307.897.85 2,061.975,558.96 Chicago Grain Futures (By James E. Bennett & Cos.) Prev. Wheat — High. Low. Close, close. May 99% .99 .99% .99’© JUlv 90% .90 .90% .90 Sept 89% .89'/* .89% .89'© Corn — May 61 .60% ,60 7 /* .60% July 61'© .60% .61 .60'© Sept 61'© .60% .61 .60% Oats— Mav .29 .28% .29 .28% Sept 28% .28% .28% .28'/, Rye— May 57 .56% .56% .56% July 58 s , .58% .58% .56 Sept 55b .55% (b)Bid. LOCAL CASH MARKET City grain elevators are paying 94 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. ♦ vellow 50 cents and oats 21 cents Other Livestock IBy United Press) LAFAYETTE, Ind., F-sb. 26.—Hog market steady to 25c higher; 170-210 lbs., $10.40© 10.50* 210-235 lbs.. $10.20® 10.30: 235-260 lbs.. [email protected]: 2€-325 lbs.. $9.70 ©3.90: 140-170 lbs.. $9.75®10: 100-140 lbs., $9©9.50; roughs, 09.25 down; calves, $lO down; lambs, $9 fiO down. HOUSTON PROFITS UP Times Special CHICAGO. Feb. 26.—A sharp increase in consolidated net income of the Houston Oil Cos. of Texas, and the Houston Pipe Line Cos. was reported today for 1935. Earnings during the past year totaled $846,790 equal to 28 cents a share on the common stock, against* $281,146 in 1934.

sfcHATUWE *8; COMPANY

ADMINISTRATION FEARS STOCK MARKER BOOM Stringent Restrictions May Be Placed on Bank Credit. BY RICHARD L. GRIDLEY United Press Staff Correspondent WASHINGTON, Feb. 26. Administration officials, fearing a possible speculative boom, have planned stringent restrictions of bank credit for stock market use. The Federal Rserve Board, which took office Feb. 1, is holding daily conferences for discussion of possible overexpansion of credit for speculative purposes. Economists have been called for consultation. Sharp restriction of bank credit on securities, similar to the 55 per cent maximum margin requirement on stock market loans placed in effect Feb. 1, will be ordered within a few weeks, it was learned. Fears Credit Restriction But ther is considerable doubt in high Administration financial circles that prices can be controlled with these or higher restrictions. There are fears that more drastic restriction of credit, such as wiping out of excess reserves, would have the effect of curtailing commercial as well as speculative credit. Chairman James M. Landis of the Securities and Exchange Commission is directing government efforts to guide the flow of idle credit from speculative purposes into commercial channels. The SEC and the FRB together are charged with the responsibility of regulating the security markets. Mr. Landis, expressing concern over signs of growing speculation, indicated the principal method of controlling excess speculation was

91 st annual statement DECEMBER 31, 1935 NEW YORK LIFE INSURANCE COMPANY A MUTUAL COMPANY FOUNDED IN 1845 INCORPORATED UNDER THE LAWS OF THE STATE OF NEW YORK

To the Policyholders

and the Public: During the year 1935 the New York Life paid or credited $141,602,272 to living policyholders and $67,991,240 to the beneficiaries of those who died. These huge disbursements reflect the great social service rendered by this mutual Company through the cooperative effort of its policyholders. The Company’s assets were $2,243,587,752 at the close of 1935, an increase of $134,082,528 over the previous year. Bonds eligible for amortization are carried at their amortized value determined in accordance with the laws of the State of New York. All other bonds, including bonds in default, and all shocks (guaranteed and preferred), are carried at market value as of December 31, 1935. The following table shows the diversification of the Company’s assets at the end of 1935. Per Cent of Asset! each item to Dec. 31, 1935 Total Assets Cash on Hand or in , Bank $57,207,273.47 2.55 United States Government, direct, or fully guaranteed Bonds... .321,276,844.71 14.32 State, County and Municipal Bonds 218,461,03*!* A* 9.74 Railroad Bonds 326,116,485.74 14.54 Public Utility 80nd5.... 165,657,871.33 j 7.38 Industrial and Other Bonds 25,607,657.58 1,14 Canadian Bonds 53,235,381.24 2.37 Foreign Bonds. ~ 1,500,627.37 .07 Preferred and Guaranteed Stocks 80,880,743.00 3,50 Real Estate Owned (Including Home Office ) . 115,335,505.83 5.14 Foreclosed Real Estate Subject to Redemption 4,106,665.78 ,ig First Mortgages on City Properties 425,058,944.91 18.95 First Mortgages on Farms t 9,493,652.22 .42 Policy Loans 379,961,059.47 16.93 Interest & Rents Due & Accrued 29,544,227.37 1.32 Net Amount of Uncollected and Deferred Premiums 29,997,474.44 1.34 Other Assets 146,303.28 .01 TOTAL ASSETS $2,243,587,752.37. 100% Securitie* ■mounting to $35,722,134.15 included above •re deposited at required by law.

JAMES ROWLAND ANGELL President, Yale University New Haven, Conn. NATHANIEL F. AYER Treasurer, Cabot Mfg. Cos. ( Textiles ) ARTHUR A. BALLANTINE Lawyer, Root, Clark, Buckner PJ Ballantine CORNELIUS N. BLISS Member of Board, Blisa, Fabyan P Co.] HENRY BRUERE •President, Bowery Savings Bank MORTIMER N. BJJCKNER Chairman of Board, New York Trust Cos. THOMAS A. BUCKNER President NICHOLAS MURRAY BUTLER President, Columbia University CHARLES A. CANNON President, Cannon Mills Cos. Kannapolia, N. C.

IN INDIANAPOLIS, THE NEW YORK LIFE’S BRANCH OFFICE IS AT Merchants Bank Bldg„ 11 South Meridian Street

March Oil Estimate Up Daili/ average required production of crude oil for March is 2,738,900 barrels, an increase of 90,800 barrels above the level recommended for February, according to a forecast by the United States Bureau of Mines.

PAGE 13

NEW FINANCING

. \-N* l| |

Anew government financing pfogram, for the purpose of refunding $1,090,000,000 of outstanding treasury notes and bilis, is to be announced on March 2. according to Henry Morgenthau Jr. (above), Secretary of the Treasury.

through education of the public and through publicity of corporation activities. Other officials are voicing the same opinions as Mr. Landis, raising one of the most important credit problems since the Federal Reserve Board sought unsuccessfully to arrest the 1927-29 stock market boom in its early stages. Curb Stock Boom One high official said it wqs virtually impossible to bottle up credit in air-tight containers and proscribe its use. It was believed any drastic attempt to curb a security market boom would also cut off easy credit for commercial purposes and thus retard recovery. At the height of the 1929 stock market boom call money soared to 20 per cent on the New York Stock Exchange. This was believed a factor in the curve of credit restriction that ran through 1932.

BOARD OF DIRECTORS

GEORGE B. CORTELYOU Former Secretary of the Treasury of the United States WILLIAM H. DANFORTH Chairman of Board, Rahton-Purina Cos. St. Louia, Mo. ROBERT E. DOWLING President, City Investing Cos. JAMES G. HARBORD Chairman of Board, Radio Corporation of America CHARLES D. HILLES Resident Manager. New York State, Employers ’ Liability Assurance Corp. HALE HOLDEN Chairman of Southern Pacific Cos. HERBERT HOOVER Former President of the United States Palo Alto, California PERCY H. JOHNSTON Chairman of Board. Chemical Bank P Trust Cos.

SWINE PRICES STEADY TO 15 CENTS HIGHER Advance on Weights From 160 to 250 Pounds: Receipts 2000. With lighter supplies reported at various markets, throughout the Midwestern district as well as at the local exchange, porker prices were steady to mostly 15 cents higher today at the Indianapolis Stockyards. The advance, however, was limited largely to weights ranging from 160 to 250 pounds. Receipts were estimated at only 2000, compared with 3000 in the previous session. The upturn, which carried the top price to $10.65, was the first for the current week. Demand. however, still was light considering the scant supply. Holdovers numbered 53. The bulk of 125 to 225 pounds sold at $10.55 to $10.65. while heavy kinds, from 260 to 350 pounds, brought $9.85 to $10.20. Light lights, scaling from 130 to 160 pounds, were salable at $9.75 to $10.25. Packing sows held at $8.75 to $9.50. Trading was unchanged in the cattle market, with a salable supply of slaughter steers including liberal holdovers and a few fresh arrivals. Most classes sold from $6 to $7.50. Cows and heifers were steady to a shade higher. Receipts numbered 500. The lamb and veal markets also were unchanged. Bulk of good and choice veals sold at $10.50 to sll. Receipts were 300. The supply of lambs consisted largely of fed western selling at $lO. Few natives brought $9 to $lO. Receipts were 500.

The liabilities, including policy reserves calculated on the most conservative basis used by American life insurance companies, were $2,126,880,881 on December 31, 1935. A Special Investment Reserve of $40,000,000 not required by law, and reserves of $40,073,472 for dividends payable to policyholders in 1936 are included in the liabilities. Surplus funds reserved for general contingencies amounted to $146,706,871. Mortality was favorably low. Expenses iyere slightly higher, due chiefly to increased taxation. The interest yield on securities obtainable in 1935 of the high quality and type demanded by the Company for the investment of its policyholders’ funds declined throughout the year. In view of the general financial situation and in adherence to the Company’s principle that safety is the first requisite in life insurance and must always be the first consideration, the Company deemed it prudent to strengthen its reserves. At the close of 1935 the Company had 2,672,636 policies in force giving insurance protection of more than $6,620,800,000 to homes, families and business interests. The amount of new insurance issued by the Company during the year was $466, >56,000. In addition, men and women paid $40,428,582 to the Company for annuities to provide a guaranteed life income. During its history of 91 years, throughout every financial and economic crisis, the New York Life has met every obligation it assumed. Today, as in the past, it is sound and safe. Policyholders may be assured as to their wisdom in making provision for their dependents in event of death and for themselves in old age through their insurance in this Company. A more complete report listing the securities owned by the Company, as well as detailed information on any of our policy contracts, will gladly be sent upon request to the Company’s Home Office, 51 Madison Avenue, New York, or to any of its Branch Offices throughout the United States and Canada. President

WILLARD V. KING Retired GF.RRISH H. MILLIKEN President, Deermg, Milliken P Cos. FRANK PRESBREY Chairman of Board, Frank Presbrey Cos., Advertising EDW ARD L. RYERSON, Jr. Vice-Chairman, Inland Steel Company Chicago, Iff. ALFRED E. SMITH Former Governor of tho State />/ New York J. BARSTOW SMULL Vice-President. J. H. Winchester P Cos. PERCY S. STRAUS Pres ident, R. H. Macy P Cos., I no. RIDLEY WATTS Direc tor. Chemical Bank P Trust Cos.