Indianapolis Times, Volume 47, Number 304, Indianapolis, Marion County, 28 February 1936 — Page 32

Trends Stock Speculation Tough Problem for SEC. BY JOHN T. FLYNN NEW YORK. Fob. 28—Chairman Landis of the Securities and Exchange Commission is & little horrified at the blaze which has made its appearance in Wail Street. This is well enough. Rut he

goes somewnat further to say the effort to legislate speculation out of existence by government fiat is futile. Aside from its special phraseology, the whole address gave off the clear impression that the Securities Exchange Act is futile to correct the grave abuses of Wall Street speculation. It is, to say the least, amaz-

liynn

ing that the chairman of the commission should give such a verdict before his commssion has even tripd to deal with the problem. The law' puts great powers into the hands of the SEC to deal with speculation. Up to now it has scarcely used any of them. It is, therefore, pretty early to be confessing failure. a it a FOR some reason the SEC has resolutely refused or at least drawn away from the job of realistically facing the problem of security speculation. The commission will never do so, will never make any impression on the subject until it recognizes one or two very fundamental and very obvious facts about the markets. First of all, it must recognize precisely what is the Stock Exchange. The exchange labors industriously to create the impression that is is primarily and solely a great free market, in which the members of the exchange upon the floor act as the agents of millions of private investors and speculators. Tilts Is absolutely false. The great business of the exchange, the business in which the exchange is most interested, the very heart and center of the exchange, is the speculative activities of the brokers themselves and their groups of professional traders. Until this fact is recognized and dealt with, all else the commission does will be so much waste motion. The great reform is to force the exchange to be w'hat it pretends to be--a free market in which the brokers will be what they pretend to be—agents and nothing else than agents. tt a tt THE Stock Exchange brokers don’t care wdiat else the commission may do to them, so long as it leaves untouched this central racket. The commission has it in its power to deal with this subject. It has dawdled with the subject since its inception. It has listened to all the foolish, thin, preposterous explanations and excuses for broker speculation which the exchange has invented to support this precious, indeed priceless, game. The members of the New York Stock Exchange know all this is so. Experienced operators in Wall Street know it is so. Everybody knows it is so, apparently, but the commission. Or, if it knows the facts, it is afraid to act. Who is keeping the commission from acting? Is there political pressure coming from higher up not to disturb the money changers whom the President started out to drive from the market? (Copyright. 1936. by NEA Service. Inc.) Local Livestock HOGS Feb. Bulk. Top. Receipts. 22. $lO, 80® 10.90 $lO 90 1000 24 10.5541 10.65 10 65 4000 25. 10.404; 10.50 10.50 3000 26 10 55(110 65 10.65 2000 27. 10 55Hi 10.65 10.65 2000 28. 10.55 blO 65 10.65 5000 Licht Lights. H4O-1601 Good and choice .$ 9.755H0.05 Medium . .9 iifi 10.00 (160-180) Good and choice.. [email protected] Medium . i0 [email protected] >l6O-200) Good and choice.. 10.5015 10.65 Medium . •• 10 00® 10.50 (200-2201 Good and choice . 10.50@ 10.65 (220-250' Good and choice . [email protected] Heavyweights. (250-2901 Good and choice.. 10.30@ 10.45 (290-3501 Good and choice.. 10.00a 10 30 Packing Sows. (27.5-3.50i Good 9.25® 9.50 (350-425) Good 9 10® 9.40 (425-550) Good 9.00® 9.25 (275-350) Medium B.7s<d> 9.13 Slaughter Pigs. (100-140) Good and choice.. 9 00@ 9.75 Medium B.oo# 9.25 CATTLE—- - Receipts, 800— (550-900) Choice [email protected] Good 7.50@ 9 50 Medium 6.25@! 7.75 Common 5 00@ 6.25 (900-1100) Choice 9.75® 11 25 Good 8 00(1 10 00 Medium 6.50® 8.00 Common 5 00@ 6 25 (1100-1300) Choice 10.50® 11.50 Good B.oo<i 10.50 Medium 6.50® 8.00 (1300-1500) Choice 10.75@11 50 Good B.oo<ti 10.75 Heifers (500-750 Choice 7.50® 875 Good 6.50 W 7.50 Common and medium . ... 4 50® 6.50 (150-900' Good and choice... 6.75® 9.00 Common and medium S.OOfci 6.75 Cows Choice 6.50® 7.00 Good 5.5041 6.50 Common snd medium 4.75® 5.50 Loo cutter and cutter 3.50® 4.75 Pulls, good . 6.50® 7.25 Cutter, com. and med. bulls . 5.00@ 6.50 VEALERS Receipts, 500— Good and choice SIO.OO o 10 50 Medium 7.50® 10.00 Cull and common 4.50® 7.50 Calves (250-500) Good and choice... 7 00® 950 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® 750 Common and medium 5.00@ 6.50 Cows Good ...... 4.50® 500 Common and medium 4.0041 4.50 SHEEP AND LAMBS Receipts. 3500 Lambs 90-lbs. down, good and choice $ [email protected] Good 9 50W 975 Medium 8.50® 9.50 Common 7 00 ® 8.30 Ewes. (90-175) Oood and choice . 400 <9 500 Common and medium .. 300 ® 400 Yearling wethera. good choice 8.50® 935 Medium 7.25# 8.50 Produce Markets The prices ouoted a r e paid for stock gathered in the country. w lie delivered Vn Indianapolis the pries Is a cent higher Heavy breed hens. 18<; L.-ghorn breed B, l>c Leghorn sprtngrcj. 12c. old stags old cocks. 9c Hacks, wnite. 5 lbs over. 11;: geese, full leathered, tu . 10c: all gulneae. it* lbs. snd up. 15c--1 strictly freeii eggs, loss off, luc. lUch lull esse ig-jet weigh 55 lbs gross, a -deduction of 10 cents a pound under 55 lbs. will be made No l butter, 40® 41c. |No. 3^38 9 Butterlat, J6c. Quoted by 3 * Ml 111— - *

PAGE 32

DISPUTE OVER FARM INFLATION BILL CONTINUES O'Connor Group Fails to Approve Order Giving Right-of-Way. BY NED BROOKS Time' ftpectal Writer WASHINGTON, Feb. 28.—A dispute over the circumstances under which the House Agriculture Committee approved the $3,000,000,000 Frazier-Lemke inflation bill continues today as an offshoot of the word battle between Rep. O'Connor (D., N. Y.) and Father Charles E. Coughlin. O'Connor, accused by the radio priest of obstructing House consideration of the greenback measure retorted that the Agriculture Committee had “passed the buck” to the Rules Committee, of which he is chairman. The%bill was reported favorably, by the Agricultural Committee last May, but has been blocked from a vote by the failure of O'Connor’s group to approve a special order giving it right-of-way in the House. Same Old Story O’Connor said he had not brought the matter before his committee because neither Chairman Jones iD., Tex.) nor any Democratic member of the Agriculture Committee had indicated a desire that the bill be called up. “It’s the same old story of passing the buck to the Rules Committee.” said O'Connor. “It has happened before on controversial issues. I’ve tried to find out what happened in the Agricultural Committee but it's all mystery. “However, I’m satisfied that Father Coughlin's statement that the bill was approved, 18 to 5, is an untruth. The best information I have is that is was approved, 13 to 12.” Members of the Agriculture Committee who checked records of the executive meeting said the vote was 15 to 5, with eight members absent. The records also showed that Reps. Gilchrist < R., la.) and Boileau • Flog., Wis.) had been authorized by the committee to ask O'Connor's committee to grant the rule for House consideration. O'Connor conceded that these two members had made the request, but indicated he was still waiting to hear from Chairman Jones or some other authorized Democratic spokesman. Makes Special Request After hearing O’Connor’s explanation. Rep. Pierce (D„ Ore.), a member of the Agriculture Committee, made a formal request of O'Connor for action on the % speeial order. Meanwhile, the inflationist drive to force consideration of their bill by a petition of 218 members is at a standstill. The number of signers at last count was 209, or six fewer than the bloc had mustered two weeks ago. The petition lost ground after Father Coughlin's attack on members for their refusal to sign. Democratic leaders are confident of defeating the bill even if a vote is forced, which they believe doubtful. Some members, they explain, signed the petition to bring the issue to a climax but would vote against the measure. NET INCOME INCREASES Time* special NEW YORK. Feb. 28.—Net income of the Commonwealth and Southern Corp. for 12 months ended Jan. 31, 1936, increased to $9,533,475, compared with income of $7,610,427 for the preceding year, the company reported today. Local Securities (Bv Indianapolis Bond <fc Share Corp.) The following quotations do not represent actual bids or offerings, but merely Indicate the appro-; mat, market leyel on buying and selling inquiries or recent transactions. BONDS Bid. Ask. H T * T Ft. Wayne 5Vi7t.104 105 H T & 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. S'a'T.- 104 105% Indianapolis Water Cos 5%%..104 105% Interstate Tel <fc Tel 5%% . 95 97 Kokomo Water Works 5 f „.... 104* 105% Morris 5 & 10 Stores 5%..., 100 103 Muncie Water Works 5% . 103 Nobiesville Heat, Light & Pow 98 100 Ohio Telephone Service 6'*.. 97% Richmond Water Works 5%. 104' 2 106 Seymour Water Cos 5% ...101 104 T H Traction <5: Light 5% . 106 108 Terre Haute Water Works 5% 102 104 Terrv Haute Water Works 6% 103 105 Traction Terminal Cos. 5%.... 78 81 STOCKS Belt Railroad & S Y com ... 53 55 Belt Rail A: Stock Yd pfd 6% 52% . Central Indiana Pow pfd 7% 21% 24 Va Home Tel & T Ft Wayne 7% 52% 54'a Hook Drugs, Inc common 16'a .18 Ind k Mich Elec Cos pfd 7% 103'a 106% Indiana Central Service Cos 6 „ 98 100>2 Ind Hydro Elec Cos 59 62 Indpls Gas Cos com 6'r 35 38 Indpls Pow & Lt Cos pfd 6%.. 89 92 Indpls Pow k Lt Cos 6%% 93% 96% Indianapolis Wa Cos pfd 5<7. 103'a 106% North Ind Pub Serv pfd 5%® 69 72 North Ind Pub Serv pfd 6'r . 75‘a 78' a North Ind Pub Serv pfd 7% . 81% 87'a Progress Laundry Cos com 9 10)2 Pub Serv Cos of Ind pfd 6 20 23 Public Serv Cos of Ind pfd 7% 44 47 South Ind Gas A: Elec 6% . 96 99 Terre Haute Elec com 6- ~ 87% 89 Union Title Company com ... 20'a 23 Chicago Grain Futures (By James E. Bennett Cos ) 11:00 Prev. High Low A. M. close Wheat—• May 100 7 . 1 00% LOO 3 * 1.00 5 , July 91", .91*, .91% .91', Sept 90', .90 .90% .90!, Corn— May 65% .60% .60% .60% July 60% .60', .60% .61 Sept 60 7 , .60', .60% .61 Oats— Msv 29', .29’, .29', .29', July 28’, 28’ 4 .28-, .28’, Sept 38 1 2 .28-3 .28' a .28'a Rye— May 57', .56% .57 .56% Julv 56’, .56'a .56’, .56’, Sept 56'a .56’a .56 3 .56>a LOCAL CASH MARKET City grain elevators are paving 95 cents for No 2 soft wheat Other grades on their merits. Cash corn new No ♦ vellow 50 cents and oats 21 cents

Your Local Building & Loan Association Makes’Modernization Loans and \ Loans on New Homes.

Abreast of The Times on Finance

New York Stocks

(By Thomson <fc McKinnon 1 11:15 A. M. Prev. Oils— High. Low. N. Y. Close Amerada 92 92 92 91 Atl Rfg 31 31 1 a337,1 7 , 311# Barnsdall 17% 17’, 17’, 17’, Consol Oil 14*, 14 ’, 14% 14 Cont of Dei ... 36'2 36 1 2 36‘a 36 Houston 'newt., ll 7 * 11% it ’■ ll'.a Mid Cont Pet .. 19 7 19’, 19% 20 Ohio Oil 16 s , 16*a 16% 16’, Pet Corp 17’, 17% 17% 17% Phillips Pet .. 43% 43% 43% 43% Plymouth Oil ... 14', 14% 14% 14% Pure Oil 21% 21% 21% 21% Seaboard Oil ... 35% 35 35 34 % Shell Un 18% 18% 18% 17% Soc Vac 16 15% 15% 15%. S O of Cal 46 46 46 46 S O of Ind 39% 39 39% 39% S O of N J 60% 60% 60% 60 Texas Corp , .... 36% 36% 36% 36 Tidewater Assn 18% 18% 18% 18% Un Oil of Cal . 27% 27% 27% 27% Steels— Acme Steel 71% 71 71 % 70% Am Roll Mills .. 32% 32% 32% 32% Beth Steel 57% 57% 57% 57% Byers AM 23% 23% 23% 23% Cruc Steel 36'a 38% *B% 37% Inland Steel ...113% 113% 113*% 114% Ludlum Steel ... 33% 33% 33'a 33 Mid Steel 35% 35% 35% 35% Otis Steel ...... 20% 20% 20% 20% Rep It & Steel 25% 24% 24% 25 U S Pipe k Edv 36 36 36 35% U S Steel 63% 63% 63% 63% Warren Bros 7% 7% 7% 7% Young.swn Sk T 52% 52% 52% 52% Motors— Auburn 47% 47% 54% 47% Chrysler 95% 95% 95V, 96 G’.:ii Motors .... 59% 58% 59% 59% Graham Mot .. 4', 4% 4% -4% Hudson 18% 18% 18% 18% Hupo ... 2% 2% 2% 2% Mack Truck . . 35% 35% 35% 34% Nash 20% 20% 20*, 20% Packard ll 7 , 11% ll 7 , 11% Reo 7% 7% 7% 7% Studebaker 13% 13% 13% 12% Yellow Truck . 18 17% 17% 17% Motor Accessories— Bendix 25 24% 25 24'-'a Bohn Alum 57% 57% 57% 57% Berg Warner ... 79 78% 78% 79 Briggs 60% 60 60 V, 60 Budd Mfg 11% 11% ll 3 , 11% Budd Wheel 12% 12% 12% 12% Eaton Mfg 33% 32% 32% 31% Elec Auto Lite . 42% 42% 42% 42% Greyhound ”B”. 75 74% 75 74Va Houdaille 30% 30% 30% 30% Murray Body .. 20% 20% 20% 20V, Stew Warner .. 21% 21% 21Va "21% Timken Roll .. 70 69% 70 69V, Tmken Det Axle. 16% 16% 16% 16% Mining— Alaska Jun ... 15% 15% 15'/2 15 Am Smelt 67 67 67 66% Anaconda 35% 35% 35% 35 Cal k Hecla 8% 8% 8% 8% Cerro De Pasco 52Vi 52 52 51% Dome Mines .... 47% 47 s , 47% 48 Granby 10% 10% 10% 10% Gt Nor Ore ... 19% 19% 19% 19% Howe round ••• 64% 54% 54% 54'% Ins Copper 111 *4 111% 111% 111 Int Nickel 52', 52% 51% 52Vi Kennccott Cop.. 37% 37% 37% 37)* Park Utah .... 4% 4 4 4% Phelps Dodge .. 36% 36 36% 35% St Joe Lead .. 29% 29% 29% 28% U S Smeiters .. 87% 37% 87% 86% Vanadium 25% 25 25 24% Amusements— Crosley Radio ..17 17 17 171.', Fox Theat 31 30% 30% 30% Loews Inc .... 4P% 49% 49% 49% Radio Corp 12% 12% 12% 12% Paramount 8% B*4 8% 10% RKO 13 12*/, 12% 8% Warner Bros ... 66 66 66 13 Tobaccos— Am Snuff 23% 23% 23% 66 Am Tobac “A” 99 98% 99 98 Phillip Morris .74 73% 74 74 Reynolds Tob B. 56% 5614 56% 56% Rails— Atchison 76% 76% 76% 76 Atl Coast Lines. 34 37Vi 33% 331.. B&O 23% 27 23 23% Can Pacific ... 15 14*/* 14% 15 Ch & Ohio 59% 58% 59% 59 Chi k Gt W . 2 2 ‘2 2 Chi k Gt. W pfd 6% 6% 6% 6% CM& St P 2% 2% 2% 2% CMk St P pfd 5% SV, 5% s', Chi N W ... 4% 4% 4% 4% Chi N W pfd.. 11% 11% 11% hi® gije •• • 10% 16% 16% 16), Erie pfd ..... 26% 26 26 25 Gt Northern pfd 42% 42 47% 42% 111 Central 27% 27 27% 27 K C Sou 24 23% 23 V. 993/. Lehigh Valley .. 13% 13% 13% 13% Lou & Nash .... 71 70 71 70% M K & T . ... 9 9 9 8 .(? SJ K * T " f d •• 23% 23% 23% 23% Mo Pac pfd 7’% 7% 71J 7v® N v M ent u ' 4O 39Sa 3£)5 39% N X New Haven 5% 5% 5% si,, N Y Ont k West 7% 7% 7% 7 Norfolk k West 229% 229% 229% . Nor Pacific 35% 35 35% 35 Penn R R 38% 377, 373" 371/ | ou £ 37V, 36% 36% 37 So uR R 19 % 19 % 19 V, 19 -t; Union Pac 132 132 132 133 West Maryland . 11% 11% 111% f]ic. Equipments— Am Car k Fdy . 39% 39% 39% 391; Am Loco ... 36 35V, 36 34’! S"’ s ;eel Fdy .. 32% 32 32% 31% Bald Loco ... 6% 6 6% Pi’ Tk Car 56 56 56 56 Gen Elec 40 39% 40 30% Pullman Inc ... 46% 46 46% 46% Westingh Elec .. 17 Vi 17 17 jg Utilities— Am <fc For Pwr. 8% 8% 8% s u Am Pwr & Lit.. 9V 9 9% 9 AT&T ....172 171 172 171 Am Wat Wks .. 24 23% 23% 23% Col Gas & Elec 17% 17% 171® f?,'? Comm & Sou .. 3% 3% 317 %i 4 Consol Gas 34% 3.3’, 33% 341, Elec Pwr & Lit. 10% 9% 10 10% Int Hydro Elec. 4% 4% 4% 41® Int T & T 18% 18’, 18% i ß i" Nat Pwr & Lit. 10% 10% 10% in*, North Amer .. 27% 27% 27% 27* Pac G & E .... 35 34% 33% 34% Peoples Gas ... 45 45 45 4s So Cal Edison . 26% 26% 26% 26 Std Gas 8% 8% B’i Rt/. Webster !6% 16% 16% 16% United Corp 7% 7% 734 nu. Un Gas Imp . 17*8 37*8 171/J i7i 4 Hi Pwr &Lt “A” S% 6% 6% 'IA Western Union. 91% 91 91% 90% Rubbers— ?'>% 30% 30% 30 Goodrich ly 19 19 18 % Goodyear 28% 28 28% 21% U S Rubber .. . 19% 19% 191 2 19% U S Rubber pfd 58 58 58 57% Miscellaneous— Allis Chalmers.. 44% 44% 44% 44% Am Can 120 120 ~ 120 " 119 Am Mach & Fdy 25% 25% 15% 25% Brklyn Man Tr 45% 45% 45% 45% Burroughs Add 31 31 31 71 v Conti ' an . 80 80 an oni 4 Caterpillar Tract 20% 70'k 70% 70 " Curtis Pub .... 21% 21 21 % 21% Glidden aO% 50 50% 50 IP'er Harv .68 68 68 67% Nati Cash Reg . 28 28 28 27% Rem Rand . 21*% 21% 21% 21% Foods— Am Sugar 56% 56Vi 56% 55% Armour 6% 6% 6% 6% Borden Prod .. 28% '’a 7 , 28 7 , 29’ Cal Packing .. 56% 351.. 351,, 351 Can Drv G Ale.. 14% 14% 14% 14 Cont Bak 'A’... 17% 17 % 17% 17% Corn Prod .. 76’, 76% 76% 76% Crm of Wheat . 37 37 37 37 Cuban Am Sugar 13% 13 13% 12% Gen Baking 13% 13% 13% 13.1,

WE OFFER $83,500 Trustees of Indiana University 31/4% General Obligation Bonds For School of Music Building Dated December 28, 1935 Denomination, SI,OO0 —$500 MATURITIES AND YIELDS $ 500 April 15, 1943 2.80% $7,000 April 15, 1954....3.10% 3.500 April 15, 1949 3.00% 8.000 April 15, 1955 3.10% 4.000 April 15, 1950 3.05% 7,000 April 15, 1956... .3.10% 5.500 April 15, 1951 3.05% 8.000 April 15, 1957 3 1-8 5.000 April 15. 1952 3.05% 8.000 April 15, 1958 3 1-8 6.000 April 15, 1953....3.10% 9.000 April 15, 1959....3 1-8 $12,000, April 15, 1960 .3.15% The bonds are a general obligation of the Trustees of Indiana University payable out of any income of the University. In the opinion of counsel, based on rulings of the State Board of Tax Commissioners and the Federal Treasury Department, these bonds are free from Indiana Intangible and Federal Income Tax. Legality approved by Maton, Ros. McCord & Clifford, Indianapolis City Securities Corporation 417 Circle Tower v. Lincoln 5535

FRIDAY, FEBRUARY 28, 1936

Gold Dust 21 20% 21 20% C W Sugar 33’, 33% 33 , 33% Natl Biscuit ... 33% 33% 33% 33V, Natl D Prod 24% 24’, 24% 24% S Porto Rico Sug 32% 32% 32% 32% Std Brands 17’, 17% 17% 17% United Fruit ... 74% 74% 74% 74% Retail Stores— Allied Stores . B%* 8% 8% 8% Assd Drv Goods 15’* 15’, 15% 15% Gimbel Bros .. 8% 8% 81* 7V , Jewel Tea 73 73 73 72 Kroger Groc ... 26 26 26 26% Macy R H ... . 46% 46% 46% 46% McCrorv St . .. 14 14 14 14 McLellan St . . 14’, 14% 14% 14% Marshall Field . 15% 15% 15% 15 Mont Ward ... 41% 41% 41% 41 % Penney J C .... 53 53 53 72 s , Safeway St .33% 33% 33% 33% Sears Roebuck.. 64% 6.5% 64% 64 Woolworth 53% 53% 53% 52% Aviation— Boeing Aire ft... 24 24 24 23% Curtiss Wright 6% 6% 6% 6% Curtiss Wrt •■A" 16% 16% 16% 16% Douglas Air .... 68% 68% 68% 68% Nor Am Av .... 7% 7% 7% 7’, Sperrv Corp . ... 20% 20% 20% 20% Utd Aircft (new) 29 28% 28% 28V, Chemicals— Am Com Alcohol 30% 30% 30% 30% Com Solvents .. 24 % 24% 24% 24 Du Pont 143% 143 1 2 143% 143% Liquid Carb ... 38’, 38’, 38% 38 Math A kali 35% 35% 35% 35% Natl Dis (newi . 31% 31% 31% 30% Schenle / Dist .. 50% 50% 50% 50 Tex Gulf Sulph. 37% 37% 37% 38 Union Carbide . 83 82% 83 81% U S Indus Alcj. 42% 42% 42% 43% Drugs— Coty Inc 6' 6% 6% 6% Lambert 24% 24% 24% 24’ t Un Drug Inew). 14% 14% 14% 14% Zonite Prod 8% 8 BV, 8 Financial— Adams Exp 13% 13% 13% 13’, Allegheny Corp . 4 4 4 3% Lehman Corp .. 97% 97% 97% 97% Transamerica .. 14% 14% 14V, 14% Building— Am Radiator ... 24 23% 23% 24 Gen Asphalt 33% 33Vi 33 Va 33% Holland Furnace 39’, 39% 39*, 39% Int Cement .. 49 49 49 44'i Libby Owens Gls 57 57 57 57% U S Gypsum ...106% 106% 106*% 105% Ulen Cons 6% 6’/ 6% 6V, Household— Col Pal Peet ... 19 18% 18% 19*4 Congoleum 39% 39% 39% 40 Kelvinator 18% 18% 18% 18% Mohawk Carpet.. 25% 25% 25% 21% Proc & Gamble.. 46% 46% 46% 46 Servel Inc . . ... 19% 19% 19% 19% Simmons Bed .. 24% 24% 24% 23% Textiles— Amer Woolen ... ll'/, 11 11 10% Belding Hem ... 15% 35% 15% 15V, Ceianese Corp .. 29% 29% 29% 29 Collins Aikman.. 45% 45 45 44% Gotham Hose .. 10% 10% 10% 10% Kayser Julius .. 32% 32% 32% 32% Chicago Stocks (By Abbott, Proctor & Paine) 11:15 Prev. A. M. Close. Allied Products 23*4 23% Berghoff 9‘, 9% Butler Bros 10% 10 Chicago Corp 6 6 Cities Service 5% 5% Commonwealth Edison 103% 103'/a Conti Steel 41 41 Cord Corp 6Vi 6Vs Gen House Utilities 4% 4% Godscaux 32% 32% Grt Lakes Dredge 29% 29% Iron Fireman 28Vi 28V, Libby-McNeil 9% 9% McGraw Electric 30% 30% Noblitt Sparks 32% 33 Swift 24_ 24 V, Swift Inter 32% 32% Zenith 18 V 2 18% New York Curb (By Abbott, Proctor & Paine.) Prev. Close Close Alumn Cos of Am 129% 120% Am Cyanide ‘'B“ 37% 38 Am Superpower 33 Can Indus Ale 11% 11% Carrier Corp lIV2 11V4 El Bond & Share 17% 18 Fisk Rubber 8% 8% Ford of Europe 8% 8% Lake Shore Min 57% 57’, Nia Hudson Pwr 10 9% Pan American Airways 60’i 59% Boot Petro'. 10% .... Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,142,000 Debits 5,787,000 TREASURY STATEMENT By United Press WASHINGTON. Feb. 28.—Government expenses and receipts for the current fiscal year to Feb. 26, as compared with a year ago: This Year. Last Year. Expenses $4,711,408,166.90 $4,497,920,510.23 Receipts . 2.323,057,754.77 2.249,176,427.47 Deficit .. 2,388,350.412 13 2,248.744.082.76 Cash bal.. 1,788.061.839.04 2.057,926.294.00 Unlisted Stocks IBy Blyth & Cos) NEW YORK BANK STOCKS Bid. Ask. Bankers’ 65 Vi 67V, Central Hanover 115% 117’, Chase 38% 40% Chemical National 58% 59% Guaranty 237 301% Irving 16% 13% Manufacturers 44% 46% National City 35% 37% Cont 111 Chicago 16? 165*-, First National Boston ... .... 46% 46% National Shawmut 27V, 29 EIRE INSURANCE Aetna Fire 57 59% American Ins of Newark 15% 18% Baltimore American 9Vi 10’1 City of New Y’ork 30V* 32% ■‘Federal Ins 52 56V, Franklin Fire . 33 35 Great American Ins 31% 33% Hanover Fire Ins 39'4 41% Hartford Fire Ins 82 84% Home Ins 38 39’, National Fire 30% S3 1 , Ins Cos of A 77% 79% National Liberty 10% 12% North River 28 30 Phoenix 97 100% U S Fire 57 59 V, Westchester Fire 37% 40 ‘Stock split.

Commercial Banking Savings * Trusts , American National Bank AT INDIANAPOLIS

STREET AWAITS FEDERAL PLANS ON MARCH ISSUE Bills Maturing in Month to Total $450,000,000: Rates Lower. BY CHARLES H. HUFF Times Sperial Writer NEW YORK. Feb. 28.—The investment market is directing its attention chiefly toward Washington, with a prospect that the end of the week will bring from the Treasury Department an announcement covering plans for March financing. The forthcoming gesture from the Treasury is expected to be particularly of interest in the matter of rates. Money rates have slipped off perceptibly since the Treasury last appeared as a borrower. There has been a mark-down in short-term bill rates, the yield on municipals has been shaved, with prices in that category at a peak, and anew low coupon basis has entered into refunding by industrial, railroad and utility corporations. Evidence of what effect this situation may have upon government operations is awaited with more than ordinary interest. Idle Funds Available In some quarters it is believed that the favorable conditions, with idle funds still available in more than ample amount, may cause the Treasury to include a measure of new borrowing with the necessary March refunding. The latter alone will not amount to a particularly large item, as Treasury operations have come to be measured. Bills to mature March 16 total approximately $450,G00,000, that figure being exclusive of regular weekly maturities. The general belief is that notes will be offered to provide funds for paying the bills. The offering of bonds, it is believed, will be deferred until April, when a somewhat larger amount in notes falls due. The Treasury is not considered greatly in need of additional funds unless a speeding up in public works projects during the summer is contemplated. The borrowing of new money at this time, therefore, is regarded as doubtful unless the step would be decided upon chiefly because of the attractive situation in the money market. Bond Market Preferred In the meantime, the government bond market is fairly well prepared to contend with a Treasury operation. Prices have been firming almost steadily for about a month and in most cases the current level is close to the 1935-1936 top. There has been little said around government bond houses to indicate that the government was showing any direct activity to support or bolster prices. Support from that quarter has not been exactly necessary, although in-

Financial Statement • • ■ * December 31, 1935 ASSETS f ah $ 1,856,991.51 Uniled States Government Bonds 36 248 431.65 , Municipal Bonds (only $260.00 Past Due) ” 7,255*717.67 First Mortgage Leans on City Property 1 A " ,oan * limited t 68 727 621 66 !?• i Tt/T i T r i hr law to 50% of r '10,161,041.00 rirst Mortgage Loans on Farm Property I appraised vaiu* > 954,400.45 Ground Rents . 1,852,171.42 Policy Loans 8,422,845.12 Preferred Stocks 68,911.50 ( City Properties 12.105,243J7 ) City Properties Sold on Contract 481.358.52 Real Estate ■ Farm Properties 1,267.347.46 f Farm Properties Sold on Contract 44 792.34 Net Uncollected and Deferred Premiums 1.775,976.37 Accrued Interest on Investments 1,707,251.57 Total Admitted Assets $143,969,061.01 LIABILITIES Reserve for p otection of policyholders $ 119,137.170.37 Premiums anc interest paid in advance 513,231.96 Taxes (1935) and accrued unpresented items 2,296,581.99 Borrowed money NONE Capital 10,000,000.00 Surplus 12,022,076.69 Total Liabilities $143,969,061.01 llirnr ACV IN INSURANCE IN FORCE 52.364,900.00 invnCiASli IN ASSETS 6,905,384.00 TAT A T INSURANCE IN FORCE .. .................... 733,178,180.00 AV A All ASSETS .. .. w 143,969,061.01 ' * PERIODICAL GROWTH \ ASSETS TEAR INSURANCE IN FORCE ASSETS YEAR INSURANCE IN FORCE \ $ 104,307 1888 $ 889,073 $ 10,279,633 1915 $ 89,596,833 '\_ ; 155,640 1895 5,294,381 56,174,995 1925 438,794,588 1,824,295 1905 31,739,266 143,969,061 1935 733,178,180 During the past year The Western and Southern Life Insurance The father of a family wants to provide a safe and certain income Company has maintained and enhanced its reputation for continu- in case of his death, for his children during their school vears and* ous progress. The gains registered during 1935 were outstanding for his wife as long as she lives. At the same time he wants to asin every phase of our business. The Company particularly invites sure a regular income for himself should he live to retirement attention to its steadily maintained increase in assets and reserves, age. Monthly income life insurance is the safest and surest war and its most remarkable gain in insurance in force. ,o do it. Life insurance on the Monthly Income plan finds increasing favor The Commercial Whole Life Policy, for select risks only, is am ideal meant every year. It protects *he beneficiary from investment worries of providing protection and income. It is the Lowest Guaranteed Rata and the danger of losing the principal. It provides regular income, Policy issued by any United States Company. The Commercial Wholt oermitting the beneficiary to live in the regular way. Life Policy is the utmost value i life insurance. J. B. MILLER, Manager 705-7 Merchants Bank Bldg. Meridian & Washington Sts. Indianapolis

New York Bonds

‘Rtprlntfd From Lite Times Yesterday) DAILY BOND INDEX 20 20 20 60 _ Inds. Rails Utils. Bonds Toeay 92.3 94.1 105 2 97.4 Yes erday 92.8 93 6 104.9 97.1 Week ago 93.3 95 2 104.8 92.8 Month ago 92.9 91 0 105.2 96 4 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) Treasury Prev. 4i _ Close, close. 4. 116 22 116 20 4* H2.1l 112.10 2®®s j21 3 "1J 107.14 107.15 3s 19 H-j3 108.20 108.19 3l s 3J4s 1941 108.25 103.23 3%S 1944-46 106.16 106.17 3%s 1946-49 104.29 104.30 3%S 1949-52 104.28 104.28 3s 1951-55 103.17 103.19 3s 1946-48 103.29 103.30 2%S 1955-60 100.30 101. 2%s 1945-47 102.2 101.24 Home Owners Loan Corp. 2%s 1949 100.25 100.24 3s 1952 101.30 101.24 Federal Farm Mortgage Coro. 3s 1949 102.5 102 01 25*3 1947 ; 102.28 101.6 DOMESTIC Prev. Close. Close. Alleg Corp 5s *44 94’* 94 Alieg Corp 5s '49 91 913,j Alleg Corp 5s 'SO 77 80Vs Am Frgn Pow 5s 2030 80% 80% Am Tel & Tel 5%s '43 113’, 113% Am Tel & Tel 5s 65 114% 114 Arm &Cos 1 Del 1 5%s '43 .... 97% 97% Atl Coast Line 4s '52 100 99% Atl Coast Line 4%s 64 86% 86 Atch Top & S Fe 4%s '4B 113% 113% Am Wat Wks 5s ’44 115 110% An- Rolling Mills 5s '3B 129% 127% B;.it & Ohio 6s ’95 98 97 Palt & Ohio 4%s '6O 76% 76 Buff Roch & Pitt 4%s '57 .... 83% 80% Chi Milw & St P 5 '75 23% 22% Chi Milw & St P 5s 2000 .... 8% 8 Cleve Un Term 5s '73 106 105% Cleve Un Term 4%s ’77 99% 99% Col Gas 5s May ’52 102 101% Col Gas 5s ’6l 101% 101% Can Pac Perp 4s 92 Va 92% Cent Pac 5s '6O 96% 107% Big Four 4Vis '77 99% 92*% Big Four 5s €3 80 100% Colorado &So 4%s ’BO 76% 77 Chi & West Ind 4s '52 103% 103% Chi & West Ind 5%s '62 107 V, 107*% Chi & Nor West 4%s ’49 15% 15 Con Gas 5s ’57 104% 105 Chesa Corp 5s ’47 132'% 130% Del & Huds 4s '43 101 N Y Dock 4s ’sl 73% 73'% N Y Dock 5s ’3B 72 70Vi Erie 5s '75 82 81% Erie 5s ’67 82 % 81 Vs Gen Cable s'is ’47 105 105 Grt North 7s '36 102% 102% Grt North 4*%s ’76 103 102% Grt North 4%s '77 . 1027* 103% Hud & Manhat Ref 5s ’57 .. 85% 86 111 Cent 4%s '66 80 79% 111 Cent Jt 4Vis ’63 84% 83'., 11l Cent 5s ’63 88% 88% Interlake C&I 5s ‘sl 94% 93'% Interntl Hy Elec 6s '44 54% 53% Interntl T & T 4'sS '39 97'% 96% Interntl T & T 5s '55 91% 91 Interntl T & T 4'% s ’52 87% 86'% P Lorillard 7s ’44 .. 133 133 McKess & Rob s'%s ’SO 104 ,104 Natl Dairy s*%s ’4B 103% 103% Natl Steel 5s '56 106% lfi% Nickel Plate slis ’7B 84% 83 Nickel Plate s'is ’74 95'% 94 N Y Cent 5s 2013 93% 93 Nor Pac 3s 2047 81% 81'% Nor Pac 4 Vis 2047 ....102 101% Nor Pac 6s 2047 110'% 110 Vi Nor States Pow 5s ’4l 105% 105% New Orleans Term 4s ’53.. 92'% 91% Otis Steel 6s '4l 102 1 2 102% Penn Ry 4'%s ’B4 109% 109% stitutional buying has been light for several weeks. The point is that liquidation has been absent and prices have b£fen easily sustained. Large investors already are marking time, so far as the government bond market is concerned, and are unlikely to do any buying in the market until the Treasury makes its intentions known. The general temper of the investment market is such, however, that from no quarter is there expression of a thought that the Treasury’s new operations will serve as a market disturbance.

Electricity Output Higher Electricity production in the United States during the week ended Feb. 22 totaled 1,911,633,000 kilowatt hours, an increase of 12.3 per rent over the corresponding 1935 week, according to the Edison Electric Institute.

Penn Rv 4%s 'Bl 109% 109% Penn Rv 4%s '7O . 103% 102% Pac G & E 5s 42 97 123% Portland Gen El 4'%s "60 74 74 Para Publix 5%s 'SO 92% 92% Penn P k L 4%s 81 106’, 107 Postal T & C 5s '53 37 36% Rem Rand WW 5%s '47 110 111% Sinclair Oil 6%s '3B .102% 102% Shell Union Oil Cs '47 .102% 90% Sou Pac 4%s 68 91% 89% Sou Pac 4%s 'Bl 90% 89% Sou Pac 4%s '69 90% 89% Sou Pac 4s '49 90 Sou Rail 4s 56 66 64 % Sou Rail 6s '56 81% 80 Sou Rail 6'as '56 84% 83% Sharon Stl Hood 5%s '4B 103% 103% Texas Pac 5s 00 . 103% 104 Texas Pac 5s ’79 102% 103% Pac 5s '77 103% 103% Union Pac 4s '47 113% 113% United Drug 5s '53 101% 101% U S Rubber 5s '47 105% 105 NY NH & Hart 6s '4B 38’* 38% NY NH & Hart 4%s '67 38% 38 Warner Bros 6s '39 95 95 Western Mary 5%s '77 108'i 108% Western Marv 4s 52 99% 99% Youngstown S & T 5s '7O 106 105% Youngstown S & T 5s '7B 100 105% FOREIGN Argentina A 6s '57 98% 98% Argentine B6s ’SB 90% 98% Brazil 8s '4l 3ia 4 311 2 Government 4s ’6O 105 105 Denmark 5%s ’55 101% 101% French 7s 49 igi 181 German 5%s '65 27% 28 German 7s ’49 37% 37% Italy 7s 'sl ; 64 65'2 Japan 6%s ’54 94% 95 Rome 6%s ’52 55 58 Tokio City 5%s '6l 79 79% Yokohama 6s ’6l Investment Trusts (By Thomas D. Sheerin k Cos. Bid. Asked. Administered Fund 2nd ... $17.05 18.14 Affiliated Fund. Inc. 1.93 2.11 American General Equities. 1.08 1.11 •Am. Business Shares 1.16 127 Bullock Fund Ltd. 17.55 19.12 Century Shares Trust 28.50 ‘Collateral Tr Shares “A" .. 6.51 6.60 Corporate ‘‘AA’’ or "Accum.” (Mod.l ... 3.25 3.28 Corporate “AA” or “ACC.’’ tUnmod.) 2.60 2 60 Corporate Trst Shrs (Orig.i. 280 2.84 Diversified Trustee Shrs "B". 11.00 11.10 Diversified Trustee Shrs “C". 4.51 4.55 Diversified Trustee Shrs “D ". 6.64 674 Dividend Shares. Inc 1.65 1.77 Incorporated Investors 22.55 24.14 Investors Fund American... 1.08 1.18 Market St. Investment Corp. 31.40 32.93 Maryland Fund 19.15 20.71 Massachusetts Investors 25.46 27.69 Nation-Wide Sec. Cos. ”B’’ ... 4.66 Nation-Wide Voting 1.71 1 88 N. American Tr. Shs. 1955.. 3.29 3.33 N. American Tr. Shs. 1956 . 3.25 3.29 N. American Tr. Shs. lOrig.) ?.59 Quarterly Income Shares .. 1.57 169 Representative Trust Shs... 12.30 12 45 Selected Am. Shares, Inc. .. 1.59 1.73 Selected Am. Shs. (Orig.).. 3.54 . Selected Cumulative Shares. 9.15 9.25 Selected Income Shares ... 4.85 4.95 State St. Investment Corp... gt.oo 101.50 Super-Corp. of Am. “AA” .. 2.76 280 Supsr-Corp. of Am. “BB ”. . 279 283 Super-Corp. of Am. “A" 4.08 4.1.3 Super-Corp. of Am. “B“ 4.28 433 Super-Corp. of Am. “C"-“D" 7.92 Supervised Shares. Inc. (Del,l 1.57 1 83 Trustee Stand. Oil Shs. “A’’ 7.57 767 •Trustee Stand. Oilshs. , B". 6.68 6.78 Trustee Stand. Invest. “C”.. 2.94 298 Trustee Stand Invest. “D”.. 280 291 Universal Trust Shares .... 413 ..... Uselps “A” 18.65 19.00 Uselps “B” 2.85 Uselps Voting 1.07 •Ex-dividend.

Thomson & McKinnon MEMBERS NEW YORK piryp , p/-. New York Stock Exchange. TnnniVTn New York Curb 1 UlvUii I U New York Cotton Exchange. BOSTON (] New York Coffee and Sigar Exchange SOUTH BEND 0 ll New Orleans Cotton Exchange. FT WAYNE Chicago Stock Exchange E*y/a AJCAriT T c Chicago Board of Trade E/ \ Ai\ o VILiLJI Winnipeg Grain Exchange Indianapolis Office And other leading Exchangee 200-214 Circle Tower Ll. 5501

PORKER PRICES REMAIN STEADY AT CITY YARDS Cattle, Lambs Unchanged; Vealers Largely 50 Cents Lower. With receipts back to a normV figure, the pork market settled down to a steady trading range to- ' day at Indianapolis Union Stockyards. The total supply was estimated at 5000, compared with only 2000 on hand yesterday. Demand, both from local and outside interests showed improvement despite the sharp increase in shipments. This, however, failed to have much effect toward increasing prices. The top price paid for good and choice weights held at $10.65. Holdovers numbered 59. The bulk of 160 to 225 pounds continued to sell at 510.55 to $10.65. while medium heavies, scaling 225 to 275 pounds, cashed in at $10.35 to $10.65. Heavy butcher classes, from 275 to 350 pounds, sold at $lO to $10.30. Light slaughter pigs, weighing 130 to 160 pounds, were salable at $9.75 to $10.25. ’ Packing sows held at $8.75 to $9.50. With heifers predominating In run. practically all classes of slaughter cattle remained unchanged. Most steers were valued to sell under SB. A single load of heifers 687 pounds sold at $8.50. Others held at $7 down. Bulls were salable at $7 or better. Receipts numbered 800. Vealer prices were sharply 50 cents lower with the bulk of good and choice grades selling from $lO to $10.50. Receipts were 500. The lamb market was undeveloped and sentiment lower. The total supply of 3500 consisted largely of fed western lambs. SEAT VALUE INCREASES Time* Sperial CHICAGO. Feb. 28.—Arrangements have been completed for the sale of two memberships on the Chicago Stock Exchange at a cost of $6500. This is an increase of SISOO over the preceding sale on Jan. 29 and is the highest at which memberships have sold since Sept. 15, 1933.