Indianapolis Times, Volume 47, Number 303, Indianapolis, Marion County, 27 February 1936 — Page 18

Trends Speculation on N. Y. Stock Exchange Is Discussed. B7 JOHN T. FLYNN

VTEW YORK, Feb. 27. Speculation rises on the Stock Exchange. It is not fair to assume that evme of the old weapons, the old instruments for operating on the customers, from the scalpel to the oattle ax. are being taken out and dusted off and sharpened up for action.

In the meantime, what has the Securities and Exchange C ommission done about any of these things? The answer, of course, is that to date it has done nothing. Most people think of the exchange as made up of brokers men who act as the agents of other people; that those men you see milling around on the

Flynn

floor of the great exchange are buying ar.d selling stock for other people, specifically for the wicked American people who will gamble in ipite of all warnings. u n a OF course many are buying and selling for themselves. In other words the biggest stock gamblers are to be found right down there on the floor speculating for their own account. There is some reason, in spite of assurances to the contrary, to believe that a very large part of the trading in the last six months has been done by the brave boys right down on the floor for themselves. One of the problems* involved around this point is that of the specialist. The specialist is a broker who acts as a broker in some special stock or group of stocks. He gets his orders to buy and sell that stock from other brokers who pay him a definite sum as a fee out of their commissions. They give to him to execute orders which they have received from their clients because he is in a better position to watch the market in that particular stock and execute the orders as directed. a tt a THIS man will have orders to buy and sell shares of the same stock at varying prices. His position in the market is a very delicate one. He should favor buyer nor seller. He should be an impartial agent and he should be bound by ethical restrictions of the severest character. The opportunity to abuse his position is too frequent and too tempting. In many stocks and on many days most of the sales of the shares in which he is a specialist will pass through his hands. In the case of 23 stock issues which I studied in 1933 in a whole month, from 22 to 60 per cent of all trades each day in those 23 shares were cleared through the specialist. u tt a SUCH a man should not be permitted to trade or speculate in the shares in which he is a specialist. But unfortunately it is his own trading which is the source of his greatest profit. This, of course, is not true of all, but it is certainly true of many, if not most. The trading of seven specialists for their broker clients and for themslcves for six years was studied by the Senate Banking and Currency Committee. In every case the chief profits were made out of their own speculation rather than commissions. The profits from their commissions were $9,987,000. The profits from their speculations were $24,976,000. Which do you suppose they are most interested in? Are they doing this today? I do not doubt that they are. (Copyricht. 1936. by NEA Service, Inc.) AUTO SALES DECREASE 7'imcs Special WASHINGTON. Feb. 27—Factory sales of automobiles manufactured in the United States totaled 367,252 in January, compared with 407.804 in December and 292.785“ in January, 1935. the Department of Commerce reported today. On Commission Row (Quotations below subject to change are average wholesale prices bring offered to buyers by local commission dealers.) FRUlTS—Strawberries: Florida. pint, 20c 36-pint crates. 19c.. Cranberries C. C. Howes. Eatmores, 25-lb. box, $2.75. Pears: Washington D'Anjo (100s box', $3.25; Washington Dose 1100-I2os>, $3.25: California. Avarado i2OO-245), $3 50. Grapes: Extra Fancy Emperors (34-lb. sawdust chest), $3.5f). Limes: Mexican carton 12s), 23c; Persian seedless (doz ), 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 (360 st, $6 Grapefruit: Texas seedless ts4s-80s). $3.75. Arizona Sunkist (80s t. $3. Tangerines. Florida (120s, 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 tbu.l. sl. Brussels Sprouts. California (lb.). 18c. Cabbage, New York Danish (50-lb. bag'. 90c; New Texas (crate), $2.25. Red Cabbage (50-lb bagt. $2. Carrots. California t - doz. crate'. $2 50: Texas '3% doz. crate). SI.TS (bushel). $1.65 Cauliflower, California (12s crate). $1.75. Celery. Florida washed and trimmed idoz.), 45c@ $1 Florida >4s. 6s. 8s 10s crate). $3.50. Cucumbers, hothouse idoz.). 51.25; 'southern bushel). $6. Egg Plant. Florida idoz.). $1.50. Kale (Virginia bushel). 90r. Lettuce. Iceberg Arizona (best 4s. ss), $3 home grown leaf (15-lb. baskets). 85c Endive. California idoz.). 90c. Peppers, mangoes tcratei. $7; peck basket $1 75 t Joz ). 45c. Mint, hothouse idoz ) 75c Mushrooms (pound). 30c Mustard. Texas (bunch). .sc. Onions diana vellow (10-lb hag). 28c: Western Spanish iSO-!b. bag). $175. Oyster plant, home grown idoz ). 40c: Parsley, southern (long bunches doz.V 45c Parsnips, home trown washed (bushel). $1: (half-bushel). c Peas. Florida (hamper). $2.75. Potatoes Michigan Round Whites (100-Ib. bag'. *l ho Maine Green Mountains 4100-lb. bae) $2 35; R R Early Ohio? tIOO-lb. bag) $2. R R Cobblers (100-Ib bag). $1.90. Idaho Russets (100-lb. bag. $2 40; Idaho bakers (70s box). $2.50: Col. McClures. 100lb bag> $2.10. New Texas Triumphs (50lb bag) - . $2 15. Sweet potatoes. Indiana Jersevs (Is bushel). $1.50: medium (bushel) $1: Tennessee Nancy Halls (hampers'. $1 15; Southern Puerto Ricans (bushel crate i. $1.50 Radishes, home crown buttons (doz). 45c; white. 40c Rhubarb hothouse (bunch). 50c. Rutabagas, northern (50-lb. bag). 85c Sage (doz l 45c Shallots. Louisiana (doz.' 45 f? 50c. Spinach. New Texas (bushel) *i jo Turnips, horn* grown washed ’bushel). $lO Tomatoes repacked <lO- - boxl *1*0: original Cuban • 30-lb. lug). $3 fruits and vegetables ißv United Press) CHICAGO. Feb. 27.—Apples—Michigan, Mclntosh bu , $1 10t1.50 Carrots—lllinois, bu 40® 85e. Bweet Potatoes—Tennessee bu ’ 804/90c. Beans—Florida, bus . sl.2S® 275 Cabbage—Sacks per hundred weight $1 250< 1 40. Peas—California, bu. hampers. $2 554/$. Spinach—Texa*. bu., Lettuce—Western crates. 5 doz., s2® 2so Celery—Florida, crates. sl. 90 Cauliflower—California. crates $1154/1.35 Tomatoes—Mexican lugs. $2 50 ® 3 50. Onion market 150-lb sacks', western Valencias $1.40: Michigan yellows. 50c#$l; Indiana vellow*. 75$j85c; Minnesota yellows, $1 01.10.

PAGE 18

STEEL CHANGES MANY POLICIES, SURVEY SHOWS U. S. Corporation Controls Only 38 Per Cent of Output Today. i Time* Special NEW YORK, Feb. 27.—A continued loss of its markets and the poorest depression earnings of any major steel company, have forced I the United States Steel Corp. into a sweeping reversal of many of its past policies, and the adoption of a new five-point program, according to a review of the company pubi lished today in tne March issue of Fortune. Tracing its past history, the re- | view shows that the corporation has ! slipped from a position in which it controlled 65 per cent of the country’s steel output in 1901 to only 38 per cent of the nation’s capacity today. Management Blamed Earnings which averaged 12 per cent in the first ten years of its corporate existence have dropped to an average of 2.8 per cent for the last 10 yea:% including the 1927-29 boom. Not even a return to that prosperity would restore old time earnings, according to the survey, which lays the blame for the company’s moribund condition squarely at the doorstep of past management. New policies effecting financing, operations, sales, organization and personnel, with whom Myron Taylor, chairman of the board of directors, is bolstering the corporation, also were outlined in the survey of the corporation. Chairman Taylor has already scored an unqualified success, the publication states. At the height of the bull market he retired $265,000,000 of the steel firm’s bonds and $45,000,000 of its subsidiaries’, thus reducing interest charges from $24,000,000 in 1928 to $5,000,000 in 1934, New Start Underway In operations, sales, organization, and personnel a start has been made with large sums being spent on plant improvement; with the forming of joint organizations to sell the corporation’s products; the merger of Carnegie Steel and Illinois Steel, and the addition of younger men in many key positions, the article points out. The basic weakness of the United States Steel Corp., which is the largest industrial company in the world, is its huge size, according to the publication. At the end of 1934 the mammoth corporation, the plant and properties, could be measured at $1,600,000,000, The influence of that gigantic figure on the company's general operating policies is, according to Fortune, the key to U. S. Steel's present condition.

$15,000,000 DEBENTURE OFFERED FOR LOEW’S Net Proceeds to Be Used For Redemption of Notes. Times Special NEW YORK, Feb. 27.—A public offering of $15,000,000 of Loew’s, Inc., 3% per cent sinking fund debentures. due Feb. 15, 1946, has been made through an underwriting group headed by Dillon, Reed & Cos., is was announced today. The debentures are priced at 99 and accrued interest. Net proceeds from the sale, to the extent required, are to be used for the redempLon on April 1 of $7,972,500 of the company’s 15-year 6 per cent debentures, and the balance is to be used to reimburse the treasury for advances made to subsidiaries for the retirement of debt and preferred stock,, and for additions to the company's working capital. The debentures are subject to redemption in advance of maturity and are entitled to the benefit of a semi-annual sinking fund, beginning May 15, 1936. which will retire at least $750,000 principal amount annually. LOAN ASSOCIATION TO CONTINUE BUSINESS Frankfort Firm to Reopen March 2, Following Reorganization. Time* Special FRANKFORT, Ind., Feb. 28.—Reorganization of the Citizens Building and Loan Association, Frankfort. was announced today. The association is to resume business on March 2 on the ground floor of the People's Life Building. By a majority vote of stockholders, the association went into voluntary liquidation on May 6, 1931. On the opening date approximately 43 per cent of the organization's stock account will have been liquidated. Articles of reorganization have been filed and permission granted and recorded. Officers of the association serv*K at the time of the voluntary qu Jation will continue in their om positions. They are: Robert A. Aughe, president: L. R. Kramer, vice president, and C. E. Swayzee, secretary-treasurer. SUGAR OUTPUT HIGHER Production of Holly Corp. Totals 3,895,993 Bags in Year. I'imes Special NEW' YORK. Feb. 27. Holly Sugar Corp. reports that the final output of its 1935-1936 manufacturing operations totaled 3,895.993 bags of refined sugar of 100 pounds each. This is an increase of 262,169 bags, or 7.2 per cent, over the previous year's production of 3.633.824. Earlier estimates of production were exceeded, the company states, principa’ly because of the higher sugar content of the year's beet crop. NET PROFIT INCREASES Time* Special NEW YORK. Feb. 27.—Briggs and Stratton Corp. reports net profit for 1935 of $1,063,324 equal to $3.54 a share compared with $540,498. or SI.BO a share in 1934, it was announced today.

Abreast of The Times on Finance

90' | I 1 p I J I T] r 180 WOODY’S DAILY f. /.•>.• / 80 - COMMODITY INDEX J- V- — [ —l6o^ § j+kJ $ I \r \ /• / t ? , I !••• ' x/ § •g WEEKLY •/ i “ 7 g BUSINESS TREND . 1 , 40 g i fio >OOP y, S INVESTORS SERVICE 1 120 FEB. MAR. APR. MAY JUN. JUL. AUG. SEP. OCT. NOV. OEC. JAN. • FEB. 1935 1936

New York Stock Exchange Prices

By Thomson & McKinnon Prev. Oils— High. Low. Close, close. Amerada 78% 88 88% 87% Barnsdall 16V 2 16% 16% 16% Consol Oil 13% 13 1 2 13% 13% Cont of Del 36 36 36 35% Houston inew) . 10% 10% 10% 10% Mid Cont Pet.. 19% 19% 19% 79% Ohio Oil 15% 15% 15% 16 Phillips Pet .... 42% 41% 41% 42 Plymouth Oil ... 20% 20% 20% 13% Pure Oil 20% Seaboard Oil .... 34 34 34 33% Skelley OH 24% 24% 24% 24 Soc Vac 15% 15% 15% 15% S O Os Cal .... 45% 45% 45% 44% S O of Ind .... 37% 37% 37% 37% SOof N J .... 59% 59 59 57% Texas Corp 35 34% • 35 34% Tidewater Assn 18% 18% 18% 17% Un Oil of Cal . 26% 26% 26% 26% Steels— Am Roll Mills .. 32% 32% 32% 32 Ludlum Stel .... 32% 32% 32% 31% McKeesport Tin 107% 107% 107% 107% Mid Stel 36% 35% 26% 35 Natl Steel .... 68% 68% 68% 67% Otis Steel .... 20% 19% 19% 19% Rep I & Stl . 24% 24 24% 23% U S Steel 61% 61% 61% 60% U S Steel pfd . 126% 126% 126% 125% Warren P & Fdy 27% 27% 27% 27 Youn’own S& T 51% 51% 51% 50% Motors— Chrysler 95% 95 95% 94 Gen Motors ... 58% 58% 58% 58% Graham Mot ..." 4% 4 4'/a 3% Hudson 17% 17% 17% 16% Hupp 32% 32% Mack Truck 33% 33% 33% 33% Nash 20% 19% 20% 19% Packard 11% 11 11% io% Reo 7% 7% 7% 7 Vi Studebaker 12% 12% 12% 12% Yellow Truck . . 18% 17% 18% 17% Motor Access— Bendix 24% 24% 24% 24% Bohn Alum 55% 55% 55% 55% Bor? Warner ... 77 76% 77 75% Budd Mfg 11% 11% 11% 11% Budd Wheel 12% 12% 12% 12% Eaton Mfg 31% 30% 30% 30% Elec Auto Lite.. 42% 41 42% 40% Greyhound 8.. 75% 74 75% 73% Houdaille 30% 30 30% 29% Murray Body .. 20% 19% 20% 19% Stew Warner .. 20% 20% 20% 20% Timken Roll ... 69 69 69 68% Timken Det Axle 16% 15% 15% 15% Mining— Am Smelt 65% 65% 6f,% 64Va Anaconda 34% 33% 34% 32% £f 1 * Hecla ... 8 7% 8 8 Gt Nor Ore 19% 19 19 % 19 Ins Copper .... 11 10% 11 10% Int Nickel ... 52% 51% i,z% 51 Kennecott Cop . 36% 36% 36% 35-% Park Utah ... 4% -t% 4% 4% Phelps Dodge . 35% 34% 35% 35 St Joe Lead ... 27% 27% 27% 26% U S Smelters .. 86% 86% 86% 86% Vanadium ... 24% 24% 24% 24% Amusements— Croslev Radio .. 17% 17% 17% 17% Fox Theat 23 27% 28 ' 27 Vi Loews Inc 48% 48% 48% 48% Radio Corp 12% 12% 12% 12% Paramount 10 10 .’0 10 RKO 8% 7% 8% 8 Warner Bros ... 127a 12% 12% 12% Tobaccos— Am Tobacco ‘B’ 97 97 97 96% Ligc & Myers ‘8’.107 107 107 167' Lorillard 22% 22% 22% 22% Reynolds Tob B 55% 55% 55 Vi 551% Rails— Atchison 75% 74% 75% 74 Atl Coast Lines . 33% 32% 33% 32% B & O 22% 22 22% 21% £an Pacific 14% 14% 14% 14% £h & Ohio 58 % 58% 58 % 58 Chi &Gt W pfd 6% 6% 6% 6% OM& St P pfd 4% 4% 4% Chi N W ...... 4% 4% 4% 4% Dela & Hud ... 48% 48 48 47% Del Lac & W .. 21% 21% 21% 20% § r ' 6 .. 15% 15% 15% 15% Erie pfd 24% 24V* 24% 24 Gt Northern pfd 41% 41% 41% 41V* Galley •’ 13/3 13% 13% 13 M K & T 8% 8% 8% 8% MK & T pfd... 22% 22% 22% 22 Mo Pac 3% 3% 3% .. Mo Pac pfd .... 6% 6% 6% 6% g Y Cent 38% 38 38% 37% N Y New Haven 5% 5 5% 5 N Y Ont & West 7 7 7 6% Nor Pacific 34% 34 34% 33% Penn R R 37 36% 37 35% Sou Pac 36 35% 36 34% Wabash 3% 3% 3% 3% West Maryland. 11 10% 11 10% Equipments— Am Car & Fdy.. 39% 39 39% 37% Am Loco 34% 34% 34% 33'Am Steel Fdy... 30% 29% 30% 29% Bald Loco 6 5% 6 6 Gen Am Tk Car 55Vi 55% 55% 55 Gen Elec 39% 39V* 39% 38% Gen R R Sig ... 45% 45% 45% .45' 2 Pullman Inc 46 45% 46 45% West Air Br ... 48% 45% 45V* 44% Westingh Elec ..115 114V* 115 113% Utilities— Am & For Pwr 7% 7% 7% 7% Am Power & Lit 8% 8 s * 8% 8% AT&T 170% 170'4 170% 170% Am Wat Wks 22% 22% 22% 22% Col Gas & Elec.. 16% 16% 16% 16% Comm & Sou ... 3% 3% 3% 3% Consol Gas ... 34 33% 34 33% Elec Pwr & Lit.. 10% 10 10 9% Int Hydro Elec ..4 4 4 3% Int TANARUS& T ..18 17% 18 17% Lou G & E A . 21 21 21 21% Nat Pwr & Lit.. 10% 10% 10% 10% North Amer .. 26% 26% 26% 26% Pac G & E .34 33% 34 33% Pub Serv N J . 44 44 44 43% So Cal Edison.. 25% 25% 25-'* 25% Std Gas .... 7% 7% 7% 7% United Corp U Gas Imp . ... 17 16% 17 16% Ut Pwr & Lt. A 6-* 6Vi 6% 5% West Union 89% 89% 89% 88V4 Rubbers— Firestone 29% 29% 29% 29 Goodyear ..... 27% 27 27% 26% U S Rubber . .8% 18% 18% 18% U S Rubber pfd 57 56% 57 56% Miscellaneous— Allis Chalmers .43 42% 43 42% Am Can .. 148% 118% 118% 117% Brklvn Man Tr. 45% 45% 45% 45% Burroughs Add . 30% 30 30 30% J 1 Case 11l ill in 111 Vi Conti Can 79V* 79 79 79 Caterpillar Trt . 69% 69% 69% 69% Curtis Pub .... 20 19% 20 19% Gillette 17% 17% 17% 17 Glioden .... 49% 49% 49% 49% Natl Cash Reg 28 27% 28 27% Worth ton Fmp 31% 30 31% 29% Foods— Armour 6% 6% 6% 6% Beatrice Cream 19% 19% 19193. Borden Prod 28% 28% 28% 28% Canada Dry G A 13% 13% 13% 13% Cont Bak 'A” 16% 16% 16% 16% Crm of Wheat 37 37 37 37 Cuban .Am Sug . 11% 11% 11% 1134 Gen Baking ... 13% 13% 13V* 13% Gen Foods 34 34 34 33% Gold Dust .... 20% 20% 20% 20% Natl Biscuit .... 33% 33% 33% 33 N.U D Prod 24% 23% 24% 23% Purity Bak 15% 15% 15% 14% f Porto Rico S 32% 32% 32% 32 Std Brands ... 17% 17% 17'* 17 Un Biscuit 24% 24% 24% 24% Retail Stores— Allied Stores 8 7% 7% 7% Assd Dry Goods 15% 15 15% 15 Best & Cos 51 51 51 50% Qimbel Bros . . 7% 7% 73; 73 Gm Un Tea . . 5% s% 5% 5 Krcsge S S 23% 23 s * 23% 23% Macy R H 46% 46 46% 45% McCrorv St 14 14 14 14 McLellan St 14'. 14% 14V. 13% Marshall Field 14% 14% 14% 14% May Dopt St 47'* 47% 47% 47% Mont Ward 41% 40 s * 41% 40 Sear* Roebuck . 63'* 63% 63% 63% Woolworth 53 52% 53 52% Aviation— Aviation Corp .. $% 5% 5% 5% Boeing Aircft .. 23'* 23 23'* 22% Curtiss Wright 6 5% 6 5% Curtiss Wr "A”. 18 15% 16 15% Douglas Air 68% 68'* 68% 67% Nor Am Av 7% 7% 7% 7% Sperry Corp 20% 20 20% 20 Uni Aircft New 29% 28% 29% 28% Chemicals— Air Reduction .183 183 183 182% Allied Cbeu ...16$ Al67V* 168 167

THURSDAY, FEBRUARY 27, 1936

COMMODITY AND TRADE TRENDS CHARTED

Com Solvents .. 23V* 22% 23% 22 Math Alkali .... 35 34% 35 34Vi Monsanto Chem. 96 96 96 96 Natl Dis (new).. 30% 30% 30% 30% Schenley Dist .. 49% 49V* 49'/* 48% Tex Gulf Sulph. 36% 36% 36% 37 Union Carbide .81 % 80% 81 % 80 U S Ind Alcohol 41% 41% 41% 41% Drugs— Bristol Myers .. 46'/* 46% 46'/* 45% Lambert 24% 24'/* 24% 24 Lehn & Fink ... 13% 13% 13% 13% Sterling Prod .. 66% 66'a 66% 66Vj* Un Drug (new). 14’4 14% 14Vi 14 Vick Chem ... 93% 93% 93% 43'/* Zonite Prod .... 7% 7% 7% 7% Financial— Adams Exp Allegheny Corp. 3% 3% 3 s ,* 3% Chesa Corp 70 70 70 70 Transamerica .. 13% 13% 13'% 13% Tr Conti Corp. 10% 10% 10% 10% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 20 Inds. Rails Util. Bonds Today 92.8 93.6 104.9 97.1 Yesterday 93.1 94.2 104.8 97.3 Week ago 93.1 94.8 104.9 97.6 Month ago 92.7 90.8 105.2 96.2 Year ago 86.7 78.3 94.0 86.3 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. Close, close. 4s 1944-54 112.10 112.12 3%s 1946-56 110.14 110.16 3%s 1943-47 107.15 107.13 3%s 1941 108.23 108.22 3%s 1944-46 106.17 106.14 3%s 1946-49 104.30 104.27 3%S 1949-52 104.28 104.27 3s 1954-55 103.19 103.17 3s 1946-48 103.30 103.30 2%s 1955-60 101 101 2%s 1945-47 102.32 102 Home Owners Loan Corp. 2%s 1949 100.24 100.19 3s 1952 101.24 101.25 Federal Farm Mortgage Corp. 3s 1949 102.01 101.30 3s 1942-49 102.26 102.18 2%s 1947 101.6 101.28 DOMESTIC Prev. Close, close. Alleg Corp 5s ’44 94 95 Alleg Corp 5s '49 91% 91% Am Frgn Pow 5s 2030 80% 80 V* Am Tel & Tel 5%s ’43 113% 114 Am Tel & Tel 5s ’65 114 114% Arm & Cos (Dell sVis ’43..... 97% 97V* Atl Coast Line 4s '52 99'% 99% Atl Coast Line 4%s '64 86 87 Atch Top &S Fe 4Vis '4B H3 Vi 113 Am Wat Wks 5s ’44. .. 110’/* 110 Am Rolling Mills os ’3B 127% 128% Bait & Ohio 6s ’95 97 97 % Balt & Ohio 4Vis ’6O 76 77 Buff Roch & Pitt 4Vis ’57 80% 82 Beth Steel 5s ’36 .* 105% 105V* Chi Milw & St P 5s ’75 22% 23 Chi Milw & St P 5s 2000 6 8% Cleve Un Term 5s ’73 105% 105% Cleve Un Term 4%s ’77 99% 99% Col Gas 5s May ’52 101% 101% Col Gas 5s ’6l 101% 101% Can Pac Perp 4s 92% 93% Cent Pac 5s '6O 107% 99 Vi Big Four 4Vis ’77 92% 92% Chi & Nor West 4%s '49 15 15 Con Gas 5s ’57 105 104% Chesa Corp 5s ’47 130% 131 Dodge Bros 6s ’4O 36 88% N Y Dock 5s ’3B 70% 706 Erie 5s ’75 81 1 /* 82% Erie 5s ’67 81 % 83 Gen Cable 5%s ’47 105 105 Grt Northern 7s ’36 102% 102% Grt Northern 4%s '76 102% 103 Grt Northern 4%s ’77 103% 103% Hud & Manhat Ref 5s ’57 ... 86 88V* 111 Cent 4%s ’66 79V* 79 5 /* 111 Cent Jt 4%s '63 83% 84 111 Cent 5s 63 88% 88% Interlake C & I 5s ’sl 93% 92% Interntl Hy Elec 6s ’44 53% ... Interntl Tel & Tel 4%s ’39 .. 96’/* 96 Interntl Tel & Tel 5s '55 ... 91 90 Interntl Tel & Tel 4%s ’52... 86% 85 P Lorillard 7s ’44 133 132% McKess & Rob 5%s ’SO 104 104 Natl Dairy 5'4 s ’4B 103 % 103% Natl Steel 5r ’56 . 106% 106% Nickel Plate 4%s ’7B 83 84% Nickel Plate 5%s ’74 94 95% N Y Cent 5s 2013 ? 93 99 N Y Cent 4Vis 2013 (old) 86% 84 Nor Amer Cos 5s ’6l 105% 105% Nor Pac 3s 2047 81% 81 Nor Pac 4%s 2047 101% 101% Nor Pac 6s 2047 110% ' 110% Nor States Pow 5s ’4l 105V* New Orleans Term 4s ’53 91% 92% Otis Steel 6s '4l ..102% 102% Penn Ry 4%s 'B4 109% 108% Penn Ry 4'4s ’Bl 109% 108% Penn Ry 4%s ’7O 102% 103% Pac G & E 5s ’42 103% 103% Portland Gen El 4%s '6O 74 74 Para Publix 5%s 'SO 92% 93 Penn P & L 4%s ’Bl 107 106’* Postal Tel & Cab 5s ’53 36% 37 Rem Rand WW 5%s ’47 111'% 111% Sinclair Oil 6%s '3B 102 - 102% Shell Union Oil 5s '47 90% 91% Sou Pacific 4%s '6B 89% 90 Sou Pac 4'is ’Bl 89% 90% Sou Pac 4Vis '69 89% 90% Sou Rail 4s '56 64*4 65% Sou Rail 6s '56 80 81% Sou Rail 6%s ’56 R3% 85% Sharon Stl oop s'is ’4B 103% 103% United Drug 5s ’53 101% 101 % U S Rubber 5s ’47 105 105 NY NH & Hart 6s '4B 38V* 38% NY NH & Hart 4%s ’67 38 38 Warner Bros 6s ’39 95 95 Western Marv 5%s ’77 108-’* 198% Western Mary 4s ’52 99% 99% Youngstown S & T 5s ’7B 105'% 105 Vi FOREIGN Brazil 8s ’4l 31% 31% Denmark s'is ’55 101 % 101% German s'is ’65 28 27% German 7s ’4 37V* 37 Italy 7s 'sl 65% 67 % Japan 6%s '54 95 99 Rome 6%s ’52 56 58 Tokio City 5%s ’6l 79% 81% Yokohama 6s ’6l 84% 87% Investment Trusts (By Thomas D. Sheerin & Cos.) Bid. Ask. Administered Fund 2nd $16.74 $17.81 Affiliated Fund, Inc 1.87 2.05 American General Equities . 1.07 1.10 •American Business Shares . 1.15 1.25 Bullock Fund. Ltd. . 17.15 18.75 Century Shares Trust 28.25 29.68 •Collateral Tr Shares “A”.. 6.40 6.50 Corp “A" or "Accum” (Mod.) 3.19 3.22 Cor ”AA" or “ACC” (Unmod.) 2.56 2.59 Corp Tr Sh (Orig.) 2.76 2.79 Diversified Tr Sh ’B” 10.70 10.80 Diversified Tr Sh “C” 442 4.46 Diversified Tr Sh “D” 6.52 6.62 Dividend Shares. Inc 1.61 1.75 Incorporated Investors 22.20 23 68 Investors Fund Amer 1 06 1.16 Market St Investment Corp.. 30.91 32.53 Maryland Fund 18.85 20.32 Massachusetts Investors 25.10 27.28 Nation-Wide Sec C'o “B” 4.5 C Nation-Wide Voting 1.67 1.34 No Amer Tr Shs 1955 3.23 3.27 No Amer Tr Shs 1958 3.19 3.23 No Amer Tr Shs (Orig.) 2.57 . .. Quarterly Income Shares 1.55 1.67 Representative Tr Shares ... 12.12 12 27 Selected Am Shares. Inc. .. 155 169 Selected Amer Sh (Oris.' ... 351 Selected Cumulative Shares . 898 908 Selected Income Shares . ... 4.75 485 State Street Inv Corp 95 62 100.12 Super-Corp Os Am "AA” 2.71 2.74 Super-Corp of Amer "BB” . 274 2.77 Super-Corp of Amer “A” .. 402 407 Super-Corp oi America “B” 4 22 4 27 Super-Corp of Am “C” * "D” 7.78 7.85 Supervised Sh. Inc. (Del) 1.64 1.79 Trustee Stand Oilshares “A” 745 755 •Trus Stand Oilshares “B" 6.56 6.66 Trustee Btand Investment ’*C' 288 293 Trustee Stan Investment “D” 2.83 2.86 Universal Trust Shares 4.07 Uselps “A” J 8.40 18.90 Uselps “B” 2.78 .... Uselps Voting 1.06 .... •Ex-dividend.

Building— Am Radiator .. 23% 23% 23% 24 Gen Asphalt . 32 s * 32% 32 s * 32 Holland Furnace. 34% 34% 34% 39 Int Cement .... 44 44 44 43% Johns Manville ..120% 119% 120% 120 Otis Elev 31‘A 31V* 31'/ 31% HouseholdCol Pal Peet . 18% 18% 18% 18% Kelvinator 18 V* 18V* 18 Vi 18% Proc & Gamble 46% 46% 46% 46% Servel Inc 19V* 19% 19V* 19V* Simmons Bed .. 23% 23'% 23% 23 V* Textiles— Amer Woolen ... 10% 10 10V* 10 Balding Hem ... 15% 15'/* 15V* 14% Celanese Corp .. 29% 29 % 29 Vs 29 Collins Aikman .47 46% 47 46% Indus Rayon .... 31 30% 31 30% Kayser Julius .32 Vi 32 % 32% 32 % Chicago Stocks (By Abbott, Proctor & Paine) 11:15 Prev. A. M. close. Allied Products 23 23 Butler Bros 10V* 9% Chicago Corp 6 5% Cities Service 5% 5% Conti Steel 41'/ 2 40'A Cord Corp 6% 6Vs Crane Corp 27% 27 V* Elec House 16 16 Gen House 4% 4% Grt Lakes Dredge 30 29V* Lynch Corp 51% 46 Zenith 18% 18% J D Adams 16% 16% J R Thompson 11% n New York Curb (By Abbott, Proctor & Paine) Prev. Close, close. Am Cyanide “B” 37% 36% Atlas Corp 14% 14% Carrier Corp n% n% El Bond & Shares 17% 17V* Fisk Rubber 8% 8 Ford of Can "A” 26V* 26% Ford of Europe 8% 8% Nia Hudson Pwr 9% 9% Pan American Airways 59% 68% Penn Road 5% 5 Creole Petrol 30% 30V* Root Petrol 10% ... Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,351,000 Debits 5,146,000 TREASURY STATEMENT (By United Press) WASHINGTON, Feb. 27. —Government expenses and receipts for the current fiscal year to Feb. 25, as compared with a year ago: This Year. Last Year. Expenses $4,694,752,924.69 $4,491,024,620.23 Receipts. 2,315,078.389.32 2,243,255,065.25 Deficit . 2.379.674,535.37 2.247.769,554.98 Cash Bal. 1,794,825,050.58 2,059,104,754.82 Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers’ 65 66% Central Hanover 114 116 Chase 36% 38% Chemical National 57V* 58% Guaranty 294 297% Irving 16% 47% Manufacturers 43% ... National City 34% 36% Cont 111 Chicago 149 143% First National Boston 46% 48V* National Shawmut 27 28% FIRE INSURANCE Aetna Fire 56 58 %- American Ins of Newark 15% 18V* Baltimore American 8% 10% City of New York 30% 32% •Federal Ins 52 56% Franklin Fire 31% 33’/* Great American Ins 30% 33 Hanover Fire Ins 38% 40% Hartford Fire Ins 80% 83 V* Home Ins 36 37% National Fire 79% 82'/* Ins Cos of A 77% 79 % National L'berty 10% 15% North R vet 26% 29% Phoenix 95% 98% U S Fin; 57% . Westchester Fire 37 39% •Stock split. 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 Indianapclis Railways Inc 5% 67', 3 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%%- 104 105% Interstate Tel & Tel 5%% ..95 97 Kokomo Water Works 5 r v.... 104% 105% Morris 5 & 10 Stores 5% 100 103 Muncie Water Works 5% ...103 Noblesville Heat. Light & Pow 98 100 Ohio Telephone Service 6%.. 97VI* Richmond Water Works 5T..104V 2 106 Seymour Water Cos 5% 101 104 T H Traction & Light 5% .106 108 Terre Haute Water Works 5% 102 104 Terre Haute Water Works 694.103 105 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 & T Ft Wavne 7% 52% 54% Hook Drugs, Inc common . 16% 18 Ind & Mich Elec Cos pfd 7X 103% 106% Indiana Central Service Cos 6% 98 100% Ind Hydro Elec Cos 7% 59 62 Indpls Gas Cos com 6% 35 38 Indpls Pow & Lt Cos pfd 6%.. 89 92 IndDls Pow &Lt Cos 6'V% ... 93% 96% Indianapolis Wa Cos pfd 594 103% 106% North Ind Pub Serv pfd 5%<“4 69 72 North Ind Pub Serv pfd 6'V,.. 75% 78% North Ind Pub Serv pfd 7% . 84% 87% Progress Laundry Cos com 9 10% Pub Serv Cos of Ind pfd 619% 22% Public Serv Cos of Ind pfd 794 43% 46% South Ind Gas & Elec 6% .96 99 Terre Haute Elec com % 87% 89 Union Title Company com ... 20% 23 Chicago Grain Futures (By James E Bennett & Cos.) Prev. Wheat— High. Low. Close, close. Mav 1.00% 1.00 1 00’* 1.00% July 92 s * .91 '4 .91% .91', Sept 91 .90% .90% .90% Cern— May 61% .60% .60% .60% July 61% .61 .61 .61V* Sept 61 % .61% .61% .61 Oats— May 29% .29% .29% .29% July 29 .29% .28% . Sept 28'. 28% .28% .28% RyeMay 57% .56% .56% .57 Julv 57 .58% .56% .56% Sept 57% .57% .56%* .55% •Asked. LOCAL CASH MARKET City grain elevators are paying 94 cents for No. 2 soft wheat other trades on their merits. Cash corn new No. • yellow SO cents and oats 31 cent*.

FORMER U. S. TAX BOARD MEMBER TO AjDJPSON C. M. Trammell Attempts to Save $40,000,000 for A. G. & E. Bp United Pres* WASHINGTON. Feb. 27.—Charles M. Trammell, until two weeks ago a member of the United States board of tax appeals, has began tracing financial dealings of Howard C. Hopson in an attempt to save the utilities magnate and his Associated Gas and Electric Cos. $40,000,000 in claims made by the government. The claims, protested in petitions filed by the company and its 149 subsidiaries, are for alleged income tax and excess profits tax deficiencies for the years 1929 through 1933. Trammell, one of three A. G. & E. lawyers, is a former Florida judge. He was appointed to the tax board when it was organized in 1924 and reappointed in 1926. Claim Second Largest His resignation came upon conclusion of hearings in the government's case against Andrew W. Mellon, in which the commissioner of internal revenue sought $3,075,103 from the former Secretary of the Treasury. The A. G. & E. claim is the second largest filed by the government since the board's creation. The largest was against Tex-Pan Oil Cos. for $44,000,000. The board allowed $5,750,000. Tax claims against A. G. & E. were first instituted in 1919. A payment of $6125 was made after legal dispute. An assessment in 1920 was dismissed and one of $23,392 was settled for $15,391. This was for 1921 tax deficiencies. Two claims for 1927 and 1928 taxes totaling $1,819,648, are pending. Other Claims Filed A first hint of the present suit was given when the government filed jeopardy assessments against the company on Dec. 16. These totaled SSO 962,164. Another assessment to protect government interests and totaling $3,898,030 accompanied this. These were duplicated Monday and Tuesday in Wilmington, Del., and Utica, N. Y„ as the government sought to protect itself in all regions where the utility operated. Two days after the first jeopardy assessments were filed similar claims against Howard C. Hopson personally and against the company's vice president, John I. Mange, were levied. They totaled $1,521,604 and $221,545, respectively.

WESTERN BUSINESS REACHES NEW HIGH January Index Figure Rises 14 Per Cent Over 1935. Times Special CHICAGO, Feb. 27.—The business volume in the western district continued into new high ground during the first month of the current year, according to a survey by the Bank of America. In January the index stood at 74.4, an increase of 9.5 points or 14 per cent over the same month last year. The January index figure was the highest mark reached since September, 1931. The index is computed on the basis of carloadings, electric power production and bank debits. Building and construction in the Western area during January showed an increase of 62 per cent over the corresponding 1935 month. Another item showing an outstanding gain was retail sales, increasing 7.7 per cent. Farm value of principal crops in 11 Western states during 1935 amounted to more than $800,000,000, the survey showed. This was a gain of about $45,000,000 over the previous year and an increase of more than $158,000,000 over the average for the three years, 1931-34 inclusive. WHOLESALE COMMODITY PRICES SHOW DECLINE Index Drops to 77.8 Per Cent of 1926-28 Average. Times Special WASHINGTON, Feb. 27. —The general level of wholesale commodity prices was somewhat lower in the week ended Feb. 22, according to the index compiled by the National Fertilizer Association. The index fell to 77.8 per cent of the 1926-28 average from 78.3 in the preceding wook. The decline was due largely to lower prices for foods and farm products, and, more specifically, to a continued downturn in prices of livestock and meats. The grain price average was higher during the week, but substantial downturns in livestock quotations were sufficient to lower the farm products index to 76.5 from 77.4 in the week preceding. Foodstuff price trends were mixed, with 10 commodities included in the group declining and eight advancing. Thirty-two price series included in the index declined during the week and 19 advanced; in the preceding week there were 21 declines and 31 advances; in the second preceding week there were 25 declines and 21 advances. NET INCOME IS LOWER Western Auto Supply Cos. Has Total of $867,396 for 1935. Times Special CHICAGO. Feb. 27.—Net income of the Western Auto Supply Cos. for 1935 totaled $867,396 equal to $4.42 a share on the outstanding class A and B common stock of no par value. This compares with a net income of $4,411,383 ©r $7.20 per share on the combined sharea in 1934. Sales during 1935 amounted to $19,217,354 against $17,242,102, an increase of 11.5 per cent. Operating costs were slightly higher due to increased taxes, expenditures for store improvement and new stores, and increased service facilities.

New Car Financing Spurts Financing of new passenger cars during January increased approximately 61 per cent, compared with, the corresponding 1935 month, according to the Department of Commerce. This, however, was a decrease of 12 per cent from December, 1935.

Busigraphs

TREND OF FACTORY EMPLOYMENT (U. S. DEPT. OF LABOR) 120 —|— ■ "• DOTTED UNE IS THE PAST TEN TEARS AVERAGE Os THE SAMI MONTHS j' THE PARKER CORP. GENERAL CXSTRiBUTORS INCORPORATED INVESTORS

Factory employment as a whole gained B’-j per cent during 1935. The largest gain during the year was in the manufacture of agricultural implements, with a 54 per cent increase in employment; while our automobile factories scored a 33 per cent employment gain. The 17 per cent gain in the durable goods is most encouraging. A slight drop in employment occurred in our electric railway repair shops, structural steel work, and the manufacture of drug preparations.

HOGS CONTINUE UNEVENTREND Prices Again Are Steady to 15 Cents Higher; Top Holds at $10.65. The pork market continued to display an uneven trading range at the Indianapolis Union Stockyards today. Prices were mostly steady to around 15 cents higher than yesterday’s best average. Continuation of light shipments throughout the Midwestern district, including the local market, increased demand and resulted into the moderate upward movement. Receipts at the Indianapolis exchange were estimated at 2000, same as in the preceding session. Holdovers numbered 57. The general bulk of 160 to 225 pounds, sold at $10.55 to $10.65. The top price also held at $10.65. Medium heavy slaughter classes scaling 225 to 275 pounds, brought $10.35 to $10.50, while weighty classes, from 275 to 300 pounds, held at $lO to $10.30. In the lightweight division, hogs from 130 to 160 pounds, were salable at $9.75 to $10.25. Packing sows brought $8.75 to $9.50. A strong undertone prevailed on all slaughter classes in the cattle market, due mostly to scarce supplies. Steers generally were strong to higher, with stale kinds salable under SB. Heifers, cows, and bulls were strong to largely 25 cents higher. Bulk of heifers and bulls sold at $7. Receipts numbered 300. With both supply and demand limited, the veal market continued stationary. The bulk of good and choice kinds sold at $10.50 to sll. Receipts were 300. Lambs also were steady. The supply consisted largely of fed Westerns selling to local packers at $lO. Slaughter sheep brought $3 to $5. Receipts were 1000. HOGS Feb. Bulk. Top. Receipts. 21. $10.80(410.90 $10.90 3000 22. 10.80(410.90 10.90 1000 24. 10.55(410.65 10.65 4000 25. 10.40(0110.50 10.50 3000 26. 10.55® 10.65 10.65 2000 27. [email protected] 10.65 2000 Light Lights. (140-160) Good and choice..s [email protected] Medium 9.25® 10.90 (160-130) Good and choice.. 10.50(510.65 Medium . 10.00® 10.50 (180-200) Good and choice.. 10.50® 10.65 Medium i0.00®:10.50 (200-220) Good and choice.. 10.50@'10.65 (220-250) Good and choice . 10.45@10,55 Heavyweights. (250-290) Good and choice.. 10.30@ 10.45 (290-350) Good and choice.. 10.00® 10.30 Packing Sows. (275-350) Good 9.25@ 9.50 (350-425) Good 9.10@ 940 (425-550) Good 9.00@ 9.25 (275-350) Medium 8.75® 9.10 Slaughter Pigs. (100-140) Good and choice.. 9.00@ 9.75 Medium B.oo® 9.25 CATTLE——Receipts, 300— (550-900) Choice $9.25010.50 Good 7.50@! 9.50 Medium 6.25@ 7.75 Common 5.00@ 6.25 (900-1100) Choice [email protected] Good B.oo® 10.00 Medium 6.50@ 8.00 Common 5 00®i 6 25 (1100-1300) Choice 10.50® 11.50 Good B.oo® 10.50 Medium 6.50® 3.00 (1300-1500) Choice 10.75® 11.50 Good [email protected] Heifer* (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(3 9.00 Common and medium 6.00® 6. 5 Cows Choice 6.50 @ 7 1 Good 5 50® 6 ) Common and medium 4 75® 5 1 Low cutter and cutter 3.50® ii Bulls, good 6.50® 7 ■ Cutter, com. and med. bulls . 5 00@ 6; VEALERS —Receipts, 300— Good and Choice $10.50911.00 Medium B.oo® 10.50 Cull and common 4.50@ 8.00 Calves (250-5001 Good and choice... 7,00® 2.50 Common and medium 4.50# 7.00 Feeder and Stocker Cattle (500-8001 Good and choice .. 6 50® 7.50 Common and medium 5.00@ 6.50 (800-1050) Good and choice.. 6 50® 750 Common and medium 5.00® 6.50 Cows Good 4.50® 5.00 Common and medium 4.00® 4.50 SHEEP AND LAMBS —Receipts. 1000Lambs, 90-lbs. down, good and choice $ 9.75® 10.00 Good 9.50@ 9.75 Medium 8.50@ 9.50 Common 7.00@ 8.50 Ewes. (90-175) Good and choice . 4.00® 500 Common and medium 3 00@ 4 00 Yearling wethers, good choice 8.50® 9.25 Medium 7.25@ 8.50 Other Livestock )By United Pres*) CHICAGO. Feb. 27.—Hogs—Receipt*. 8000. including 2000 directs; around 25c higher than Wednesday's average; sows 10 to 15 cents higher: top. $10.50 bulk. 180-250 lbs., [email protected]; 250-310 lbs.. 59.85@10 25; better grade. 140-170 lbs . 59.75® 10.30; few sows. $8 [email protected]. Cattle —Receipts. 4000; calves, 1000; meager run active and generally 25c higher; stetrs 50 to 75 cents higher than Monday's low time: not much beef in run; shippers after weighty bullocks; local large and small buyers taking light steers, heifers and cows: best steers, $11: several loads weighty bullocks. $9.40® 10 50: bulk. $7.35® 9.50: heifers. $7.75 down; generally 25c higher: weighty sausage bulls up to $6,50: cutter cows. $4 75 down to $3.75: vealers. $9 down: mostly sß®9. Sheep—Receipts. 14.000; fat lambs slow; weak to 25c lower compared with uneven trade Wcdneiday; sheep weak: feeding lambs steady: good to choice fed western lambs upward to $9.50 and $9.65: choice medium weights to shippers. $9.75: scattered native ewes. $4 ®5: desirable 70-76-lb. feeding and shearing lambs, S9 50 ®9.60. INVEST with * .. Ist Mortgage Security on Improved Real Estate BUY Building & Loan Shares

BANKERS INVEST IDLE MONEY IN U. S. SECURITIES Stock Holdings of Federal Reserve Institutions at New High. By United Prr** WASHINGTON. Feb. 27. The nation's banks are pouring their idle funds into Federal government and other securities rather than into commercial loans, the Federal Reserve Board revealed today. At the same time the board reported a further increase in industrial output during January. The gain was less than seasonal because of a slump in the automobile and allied industries. Security holdings of Federal Reserve member banks in 101 leading cities rose to an all-time record of $13,088,000,000 on Feb. 12. These holdings comprised $8,716,000,000 in government securities, $1,199,000,000 in government-guaranteed securities and $3,173,000,000 in other securities. These investments rose $300.000,000 in the four weeks ended Feb. 12, a period in which total bank loans decreased $130,000,000. Deposits of the banks continued to increase despite a reduction in government deposits. Activity Index Off The less than seasonal increase in industrial output during January, the board said, reduced its index of activity to 99 per cent of the 1923-25 average from 104 per cent in December. The latter had set anew high for that month since 1928. “Total output at factories,” the board said, “increased by a smaller amount than is usual in January, while output at mines showed a seasonal increase. “Factory employment showed a small seasonal decrease between the middle of December and the middle of January. At automobile factories the number of workers, which usually increase at this season, was unchanged, and at textile mills employment declined. Factory pay rolls decreased by more than the usual amount.” FOUR SEEK STOCK LISTINGS WASHINGTON, Feb. 27.—Four foreign issuers have applied for permanent registration of their securities on the New York Stock Exchange and the Boston Stock Exchange, the Securities and Exchange Commission announced today. Other Livestock (By Times Special) LOUISVILLE, Feb. 28.—Cattle—Receipts, 250, very few slaughter cattle available: demand dull; market quotable steady to weak at recent decline on practically all slaughter classes; most steers and heifers of quality and condition to sell at, $5,50@) 6.75; nothing available of quality to sell above $7.25 early, but good led steers with weight considered eligible to around $8; bulk beef cows. $4,50® 5.50: only good bepf bred and smooth heifer type cows ellgibl# above $5.75; most low cutters and cutters, [email protected]; sausage bulls considered salable. ss® 6.50. according to weight and quality; light beef type Stockers and stock calves salable mostly, s6®B. Calves—Receipts, 200, indications about steady on vealers at 58.50® 9.50 for good to cnolc* grades: medium sorts mostly. $6,50® 8; plainer kinds $6 down. Hogs—Receipts, 800, including 50 direct; market 20c higher; top and bulk better, 160-225 lbs., $10.50; 230-250 lbs., $10.20; 255-300 lbs.. $9.65; 305 lbs. up, $9.20; 120-155 lbs. $9 40; sows. $8.30; soft hogs of distillery mash feeding subject to a discount of $2 or more. Sheep—Receipts, 50. generally steady; market on all slaughter classes: most better native lambs, $8.50@9; choic* quotable higher; plainer natives mostly [email protected]; bulk fat ewes, $4 down. Produce Markets The prices quoted are paid for stock gathered in the country, while delivered in Indianapolis the price Is a cent higher Heavy breed hens. 18c; Leghorn breed hens, 13c; Leghorn springers, 12c; old stags. 13c: old cocks, 9c. Ducks, wnite. 5 lbs. and over, Uc: geese, full feathered, ail sizes. 10c; all guineas. 1% lbs. and u" 15c; No 1 strictly fresh eggs, loss ofi, 19c. Each full case must weigh 55 lbs. gross, a deduction of 10 cents a pound under 55 lbs. will be made. No. 1 butter, 40@41c: No. 2. 38®39c. Butterfat. 35c. Quoted by the Wadley Cos. (By United Press) CHICAGO Feb. 27.—Eggs—Market, firm; receipts. /926 cases; fresh graded firsts, 26c; extra firsts. 26%c; current receipts, 20%c; dirties, 22%c: checks, 21 %c. But-ter-Market, unsettled; receipts, 13,751 tubs; extra firsts (90-91% score), 34®j 34%c; extras (92 score). 35c, firsts (8889% score). 33%@33%c; specials, 35%®' 36c; standards, 35c. Poultry—Market, steady; receipts. 16 trucks, one car due; ducks, 21® 24c; geese, 18c; spring chickens, 24® 25c; hens. 18®23%c; turkeys, 20® 23c; capons. 25®26c; Leghorn hens, 14@19%c; old roosters. 17c; broilers, 23® 24c. Dressed poultry—Turkeys, young toms, 24c; hen turkeys, 26® 29c; capons. 27® 30c. Cheese—Twins, 15V® 15%c, Daisies. 15% ®ls'*c; Longhorns. 15%®16'/c. Potatoes —Supply moderate demand good for McClures and Triumphs, fair for other stock; market, steady with firm undertone Idaho Russet Burbanks, $1.70® 190: U S. No. 2. *145. Wiscons.n Round Whites, slls @1.25. Michigan Russet Rurals. $1.25; Colorado McClures. $1.52%® 1.75 North Dakota Bliss Triumphs. $1.25. Nebraska Bliss Triumphs, *1.40® 1.50. Wvomlng Bliss Triumphs. $1.42% Arrivals 86, on track 322. shipments 800.

OFFICE SPACE activity la bringing many inquiries per* taining to better of* fice and business lo* cations . . . Tha facilities and wide selection of space of* sered by this organ* lsation enable you ta make an Intelligent decision without torn of time. KLEIN ft KUHN lae. Property Management LINCOLN 384S