Indianapolis Times, Volume 47, Number 306, Indianapolis, Marion County, 2 March 1936 — Page 11

rrt 7 1 rends Speculation Is Too Risky Game for Uninitiated. BY JOHN T. FLYNN

NEW YORK, March 2.—ls we do not have a lively stock exchange boom, it will not be because certain very conserative persons have not done their best to whip one Into action. This they are doing now very industriously by advertising the coming inflation. The latest chapter in this episode

is the application of the t r u s tees of Stanford University, under ine advice of Herbert Hoover, tc invest university funds in common stocks as a hedge against, inflation. The Superior Court of San Jose, Cal., has gr anted permission to do so. This is a very eminent example. Mr. Hoover insists that

Flynn

inflation is inevitable. He has advertised this in half a dozen speeches and has given his warnings the tempo and quality of an alarm. Then he goes to a court in California and literally alleged that the way to protect one’s self against inflation is to invest in common stocks; that his university has funds to invest and that these funds may be jeolardized if put into bonds. Mr. Hoover is supposed to be an eminent financier as well as engineer and economist. And so, With the court’s permission, as a sort of blessing upon his advice, people everywhere may be ex- , pected to follow his example. a a * IT is indeed a very dangerous course. And the ordinary citizen will be a very foolish person if he permits himself to be drawn into this course. What can I do in the event of Inflation? This question has been put to me almost daily for the the last two years. The only answer I can make is this: that in the event of inflation you can make a lot of money by speculating. But this brings up another question—do you know how to speculate? And the answer is—NO! Os you do not know how to speculate, particularly in an inflaSodflary period when all the rules ar( it the window. ,’peculation is the most intricate r me, far more intricate and pron'ssional than bridge. Unless you nave mastered it, understand all its ramifications, have the time to give up your business and investigate the shares you speculate in and have access to the necessary data—which few have—and have a special talent for the art—then you had better leave it severely alone. a a a IF YOU decide you should buy stocks as a hedge, then the question arises, what stocks? How will you find out? If you ask a customer’s man, you are a fool. If you ask a banker, you will be very unwise, because the average banker really knows as little about it as you do. Whom will you ask? How will you find out? Strange as it seems, there is no way. This business of speculating in common shares is a professional job. In 1927 a determined effort was made in New York by life insurance companies to get legislative sanction to invest in common stocks. The permission was refused. Had it been granted and had life insurance companies gone into common stocks they might have been wiped out. What is overlooked is that all inflations collapse and that in the collapse common stocks are among the first values to be wiped out. The best advice I can give is to urge you to put your moral force aganist inflation. If it comes you will be helpless to protect yourself. (Copyright, 1936. by NEA Service. Inc.) On Commission Row (.Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUITS -Strawberries: Florida. pint, 20c: 36-pint crates, 19c. Cranberries, C. C. Howes, Eatmores. 25-lb. box, $2.50. Pears: Washington D'Anjo ilOOs box). $3-85; Washington Bose iloo-120st. $3 25: California, Avacado (200-245), $3.50. Grapes: Extra Fancy Emperors 1 34-lb. sawaust chest). $3.50. Limes: Mexican carton 22c: Persian seedless tdoz.i. 45c. Dates: Fresh Arizona, $1.50. Bananas, seven hands, 1 pound. 5Uc Apples: Delicious (fancy! baskets). $1.50: Jonathans. $1.60: Grime* Golden. $1 25: Rome Beauty, $1.65. Leifipnk: Sunkist '36os> $6. Grapefruit: Texas iseedless is4s-80sl. $3.75. Arizona Sunkist 1 80s i. $3 Tangerines, Florida 120s. 1445. 168s), $1.75. / VEGETABLES Artichoke, California (doz.), $1.15. Beans, green round stringless (hampers), $2 75. Beets: Texas (3 doz. crate), $1.50; cut offs ibu.), sl. Brussels Sprouts. California ilb.) . Cabbage, New York Danish 1 50-lt ia 90c; New Texas (crate). $2 15. K. . <_ bbage (50-lb. bag), $2 Carrots. Cal..-, .ila )6 do t. crate), $2 25. Texas '3' 2 doz. crate), $1.65 ibushelt. $1.65. Cauliflower. California (12s crate). $1.75. Celery, Florida washed and trimmed idoz.), 45cc,/ 90c; Florida i4s. 6s. Bs. 10s crate). $3 25. Cucumbers, hothouse idoz. 1. $1 25; (southern busheli, $6. Egg plant. Florida (doz ). $1.50. Kale (Virginia bushel), 85c. Lettuce. Iceberg Arizona (best 4s. ss). $3.25; home grown leaf (15-lb. baskets). 75c. Endive. California idoz). 90c. Peppers, mangoes icratei, $6 50; peck basket. $1.65; (doz). 45c. Mint, hothouse idoz). 75c. Mushrooms (pounds), 30c. Mustard, Texas ibunch). 75c. Onions — Indiana yellow 1 50-lb. bag'. $1.25: Indiana yellow (10-lb. bag'. 28c; Western Spanish (50-lb. bagi. $1775. Oyster plant, home grown ■doz.i. 40c Parslev. southern dong bunches doz.). 45c Parnips, home grown washed (bush 1). $1: (half-bushel). 80c. Peas Florida (hamper), $2 50. Potatoes. Michigan Round Whites (100-lb. bag). $1.75, Main Green Mountains 1 100-lb. bag). $2.25; R R. Early Ohios 1 100-lb. bag). R R Cobblers 1 100-lb. bag). $1 90. Idaho Russets (100-lb. bag. $2 35; Idaho bakers (70s boxi. $2 50: Col. McClures. 100lb. bag), $2.10; New Texas Triumphs 1 50lb. bag), $2 15. Sweet Potatoes, Indiana Jerseys (is busheli. $1 50; medium (bushel). $1; Tennessee Nancy Halls (hampers), $1.15; Southern Puerto Ricans (bushel crate', $1 50 Radishes. home grown buttons idoz.). 45c; white. 40c Rhubarb, hothouse ihunchi, 50c, Rutabagas, northern (30-lb. bag). 85c. Sage (doz.). 45c Shallots. Louisiana (dozJ. 45® 50c Spinach. New Texas (bushel). sl. Turnips, home grown washed (bushel), $1.50. Tomatoes repacked (10-lb. box), $160; original Cuban 1 30-lb. lug), $3. FRUITS AND VEGETABLES (By United Press) CHICAGO. March 2—Apples. Michigan Mclntosh, bu.. *7'<i7.so Carrots. Illinois, bu., 3541400. Sweet potatoes. Tennessee, bu.. 854i90c. Beans. Florida, bu., sl4/125. 2.50 Cabbage, sacks, per cwt.. sl4/1.25. Peas, California, bu. hampers. $2,604/2 75. Bplnach, Texas, bu., $ 504/ 1. Lettuce, western crates. 5-(loz. $24(2 50 Celery, Florid*. crates. $1 754/ 3 Cauliflower, California, crates *1154/140 Tomatoes. Mexican, lugs, $34/3.50 Onion market (50lb. sacks'. Western Valencias. $1.40 Illlnol syellows. $ .504/1. Michigan yellows, * L Indiana yellows 25^—ic.

♦ ♦ Abreast of The Times on Finance ♦ ♦

WEATHER AGAIN CHECKS UPTURN IN TRADE GROUP

Factories Cut Employment, Production Schedules During Week. Times Special NEW YORK, March 2.—Weather still held business in. its grip during the last week, curbing the usual expansion in spring lines, retarding shipments and giving an unseasonal fiillip to coal production. Business Week declared in its current issue today. Cold, rain, floods and even dust storms occurred, checking retail trade and thereby causing factories to reduce production and employment. On the contrary, there is a growing feeling that when weather conditions permit, there will be such a rush of buyers seeking goods for immediate delivery that producers will be hard-pressed to supply the demand. “In the durable-goods field, the weather has been a less important factor than in consumer lines. Here the long-range view of business recovery has motivated purchases. Railroads have entered the market with orders for rails, freight cars a.id locomotives in such number that the steel industry itself is amazed. Farm Demand Strong “Machine-tool business from domestic sources hit anew high in January for the present recovery period, and all indications point “o equally good business through March and perhaps April. Farm-equipment companies stepped up their forces in January by 4 per cent to take care of spring demands from agricultural areas, making a 40 per cent increase from the 1932 low. Officeequipment plants also increased their staffs early this year in expectation of brisk business. “Not only have the railroads garnered some extra tonnage and a few passengers as a result of snowblocked highways, but the urban transit lines have profited also. Transit Journal reports that when the public deemed it wiser to get to work or to shopping districts by using public transportation, it boasted revenues nearly 5 per cent above the same weeks of ’35. “In the construction field, the seasonal February drop from January levels was no surprise But Engineering News-Record’s totals of heavy construction contracts reached $164,499,000 in February, compared with $68,089,000 a year ago. Steel Output Spurts “The TVA decision, plus the later PWA decision in the Duke Power case, have tempered the utility industry’s enthusiasm for carrying out the expansion program that had been lined up earlier in the year, requiring $371,557,774. Estimates that these expenditures will be cut to nearer $100,000,000 are too gloomy. Power consumption is at new highs, and bound to rise further this year. “Steel production reached the year’s high this week without benefit of motor business. Railroad and construction buying continues to expand and to support steel activity. Disturbing element In steel is the price situation. The strength in scrap is due to the curtailed movement of supplies after the severe weather of recent weeks, and to export demand, chiefly from Italy. “Retail sales in 1935 jumped 14 per cent over 1934 and reached a total of $32,600,000,000, the best since 1931. The biggest gains were in mail-order, automotive, home furnishings, lumber, and restaurant sales.’’

GILLETTE RAZOR FIRM EARNS $1.51 A SHARE Net Income Totals 84,586,805 for 1935 After All Charges. Times Special CHICAGO, March 2. Gillette Safety Razor Cos. and its foreign subsidiaries in a consolidated income account shows net earnings for the calendar year 1935 of $4,568,805, equivalent’after payment of preferred stock dividends to $1.51 a share on common stock. This compares with $1.34 a share in 1934. The company also declared regular quarterly dividends of 25 cents a share on common stock, payable March 31 to stockholders of record March 12. and a reguiar quarterly dividend of $1.25 on preference stock payable May 1 to holders of record April 1. S. C. Stapleman. president, stated that the total number of razor blades sold during 1935 by the company and its subsidiaries throughout the world was the largest in the company's history. In England, where the company’s plants have long been overtaxed, anew factory is being constructed at a cost of $1,000,000 and will be completed during 1936. NAMES INDIANA AGENT First Cleveland Corp. Appoints Paul Schulze Representative. Paul Schulzu. Indianapolis, has been appointed Indiana representative of the First Cleveland Corp./ it was announced today. Mr. Schulze, who has ben active In the investment business in Indiana, Michigan and Ohio for the last 12 years, will establish headquarters in Indianapolis. The First Cleveland Corp., which has its main office in Cleveland and branches in Chicago. Columbus, Cincinnati, Akron, and Toledo, underwrites and distributes government, municipal and corporation securities. EARNINGS RISE IN 1935 Beneficial Industrial Loan Corp. Reports Gain of 32 Cent. Times Special CHICAGO, March 2.—Net earnings of the Beneficial Industrial Loan Corp. and subsidiaries for the vear ended Dec. 31, 1935 totaled $5,574,292, after amortization charges and provision for minority interests and Federal taxes, it was reported today. Net income amounted to $4,820,312, equivalent to $2.21 a share on the common stock. Consolidated net earnings for 1934 amounted to s4,* 710,030, and net income was $3,956,050 equivalent to $1.89 a share.

New York Stock Exchange Prices

(By Thomson & McKinnon) Prev. Oil*— High. Low. Close, close. Atl Rfg 30% 30 30 31 Vi Barnsdall 16% 16% 16% 17 Consol Oil 14% 1414% 14' 4 Cont of Del . 35% 35% 35% 35 s , Houston inew).. 11 10% 10°, 11 Mid Cont Pet.... 19% 19% 19 3 4 19% Ohio Oil 16Vi 16V* 16!i 16% Pet Corp 17 17 17 16% Phillips Pet 47% 43'/, 43 1 i 43 Plymouth Oil .. 14’i 14 14V4 14 Pure Oil 21V, 21 21'/, 20% Seaboard Oil . .. 36% 36% 36 3 4 36 s , Shell Un 18 17% 18 17% Skelley Oil 24% 24 '., 24*i 24Vi Soc Vac 15% 15 s , 15% 15®, S O Os Ind .. . 38V 2 38% 38% 38 s , 8 O of N J 60 59 '2 60 59% Texas Corp ... 36% 36'2 36% 37 Tidewater Assn • 18 ! 2 18' 2 18' 2 18% Un Oil of Cal . 27’., 27V, 27V, 27 Steels— Am Roll Mills ... 31% 31 Vi 31% 31% Beth Steel 56' 2 56 56', 2 56% Bvers AM 23'/, 23 23'/, 22% Inland Steel ...114 114 114 113% Ludlum Steel . 33', 33 33 32% McKeesport Tin 108% 108% 108% 109% Mid Steel 35% 35% 35% 35% Natl Steel 67% 67% 67'% 67% Ctis Steel 20% 19% 20% 19% Rep Iron & Stl 25 24% 25 24Vi U S Pipe & Fdv 34% 33% 34'/, 35 U S Steel ... 64% 63% 64% 63% U S Steel pfd....129% 129% 129', 129 Warren Bros 7% 7% 7% 7% Warren P & Fdy 27 27 27 27% Youngstn S&T 52 51'% 52 51% Motors — Auburn 46 46 46 46 Chrysler 95% 94% 95% 95 Gen Motors .... 59% 58V, 59 5 , 58% Graham Mot .... 4’/, 4 4% 3% Hudson 18% 17% 18*4 18 Truck .... 36 35% 36 35% Nash 20% 19% 20% 19% Packard 11% 11% 11*4 11% Reo 7% s’/g 5% 7V, Studebaker ... 14% 13% 14V 4 13% Yellow Truck 17% 17% 17% 17V, Motor Access— Bendix 24% 24'/, 24% 24% Bohn Alum .... 57'% 57 57'% 58% Borg Warner .... 81 80 81 79% Briggs 59 '4 58% 59 Vi 59 Budd Mfg 12% 11% 12V4 11% Budd Wheel .... 12% 12% 12% 12% Eaton Mfg 32% 32% 32Vi 32*4 Elec Auto Lite . 42% 4'% 42'% 41% Greyhound (B) 69 68 69 68% Houdaille 30% 30% 3014 30% Murray Body .. 20% 20 20% 19% Stew Warner ... 20V, 20% 20V, 20% Timken Roll ... 68% 68'% 68'% *6B'4 Timken Det Axle 16V4 15% 16'4 15% Mining— Alaska Jun .... 15% 15% 15% 15'4 Anaconda 34% 34% 34% 33% Cal & Hecla 8% 8 5 , 8% 8% Cerro de Pasco.. 51'% 51 Vi 51% 51'% Dome Mines .... 47'% 47'% 47% 47% Gt Nor Ore 19% 19% 19% 19'% Ins Copper 11'4 11 11% 11% Int Nickel 57% B 'Vi 57% 50% Kennecott Cop .. 37% >t>Vi 37% 37% Park Utah .... 4% 4% 4% 4% Phelps Dodge . 35% 35% 35V, 35V, St Joe Lead ... 28% 28% 28'% 29 U S Smelters.... 87% 87'/, 87Vi 86% Vanadium 24% 24% 24% 24 Amusements— Fox Theat 32% 31>4 32'% 31% Loews Inc 49 48% 49 48% Radio Corp 12% 12'/, 12% 12% Paramount 10 9% 9% 9% RKO 8% 8% 8% B'/, Warner Bros ... 12% 12% 12% 12'% Am Tob "B" .. 97% 97’% 97% 97% Gen Cigars ... 57% 57 57V, 57 Lorillard 23% 23'/, 23% 23 Phillip Morris .. 71% 71% 71% 71% Reynolds Tob ‘B’ 56 55% 55% 56 Raffs— B & O 22% 21% 21% 21% Can Pacific .... 14% 14% 14% 14% Ch & Ohio .... 58% 58% 58% 59 Chi & Gt W pfd 6% 6% 6% 6'4 CM&StP ... 2'4 2V, 2% 2'% C M & St P pfd 4% 4% 4% 4% Chi N W 4% 4', 4'/, 4% Dela & Hud .. 48 47% 48 47% Del Lac & W .. 20% 20% 20% 20% Erie 16% 15 16% 15 Erie pfd 24% 24% 24% 24% Gt Northern pfd 41% 40% 41% 40% 111 Centra] 25% 25% 25V, 25% Lehigh Valley.. 12% 12% 12% 12% M K & T . ... 8% 8% B Vi B*4 MK & T pfd... 22% 22% 22% 22 Mo Pac 3% 3% 3'4 3% Mo Pac pfd 6% 6 Vi 6*4 6% N Y Cent 37% 37 37% 37 s /, N Y New Haven 17,l 7 ,4% 4% 5 Nor Pacific .... 33% 32% 33 33 Penn R R 35% 35% 35% 35% Sou Pac 35*4 34*4 35% 34% Sou R R 18% 17% 18% 17% Union Pac 129% 129% 129% 129*4 West Maryland ’O% 10% 10% 10% Equipments— Am Car & Fdy. 39 38% 39 39 Am Loco 34% 34 34'/, 34'/, Am Steel Fdy... 31% 31% 31% 31% Bald Loco 6 5% 6 6 Gen Elec 39% 39% 39*/, 38% Gen R R Sig... 46% 46% 46% 46'/, Pullman Inc ... 46V, 46'/4 46V, 45% West Air Br .. . 45 45 45 45 Westingh Elec.ll6 116 116 116 Utilities— Am & For Pwr 1% 7*4 7% 8 Am Power & Lit 9 8% 9 8% AT&T 172% 172 172% 172% Am Wat Wks ... 23% 23% 23% 23% Col Gas & Elec. 12'% 16% 17% 16% Comm & Sou .. 3% 3Vi 3% 3V4 Consol Gas 34 34 34 33 Vi Elec Pwr & Tit. 10% 10% 10% 10% Int Hydro Elec.. 4 4 4 4 Int T & T 18% 18 18 18V, Nat Pwr & Lit .. 10% 10% 10% 10% North Amer 27% 27% 27% 26% Pac G& E ... 34% 34% 34% 34’% Pub Serv NJ .. 43'% 43% 43'A 43% Std Gas 8 §7% 8 8 Stone & Webster 16 15% 16 15% United Corp 7'/, 7 7% 7 Un Gas Imp .17 17 17 17% Ut Pwr & Lt ‘A’ 6*/, 6 6% 6 Western Union.. 89 88% 89 88% Rubbers— Goodrich 19'% 19 19% 19 Goodyear .... . 27% 27 27% 27 U S Rubber pfd 58% 58% 58% 58 Miscellaneous— Allis Chalmers.. 44 43% 44 44% Am Can 121% 121'% 121% 121% Brklyn Man Tr. . 45% 45% 45% 45% J I Case 122 117 118'% 117

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 Fort Wavne 5%%.. 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 5%%.. 105 107 Indianapolis Water Cos 5%%.. 105 107 Interstate Tel & Tel 5%% 95 97 Kokomo Water Works 5% 104'i 105% Morris 5 & 10 Stores 5% 100 103 Muncie Water Works 5® 103 Noblesville Heat. Light & Pow 98 100 Ohio Telephone Service 6%.. 97% ... Richmond Water Works 5% ... 104% 106 Seymour Water Cos 5% 101 104 T H Traction & Light .106 108 Terre Haute Water Works 5. 102 104 Terre Haute Water Works 6% 103 105 Traction Terminal Cos 51? 78 81 STOCKS Belt Railroad &S Y com ... 53 55 Belt Rail & Stock Yd pfd 6% 52% Central Indiana Pow pfd P%. 21 24 Home Tel &T Ft Wayne 7%.. 52% 54% Hook Drugs. Inc., common ... 16% is Ind & Mich Elec Cos pfd 7% 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%.. 86% 89*4 Indpls Pow & Lt Cos 6%% 92 95 Indianapolis Wa Cos pfd 5'% 103% 106' o North Ind Pub Serv pfd 5%% 69 72 North Ind Pub Serv pfd 6%.. 75% 78% North Ind Pub Serv pfd 7%.. 85 88 Progress Laundry Cos com ... 9 10% Pub Serv Cos of Ind pfd 6%... 21 24 Public Serv Cos of Ind pfd 7fc 45 48 South Ind Gas & Elec 6% 96% 99% Terre Haute Elec com 6% 87% 89% Union Title Company com ... 20% 23 Investment Trusts (By Thomas D. Sheerin & Cos.) Bid. Ask. Administered Fund 2nd $16.87 sl7 95 Affiliated Fund. Inc 1 92 2 10 Amer General Equities 1.09 1 12 Amer Business Shares 1 16 1 27 Bulock Fund. Ltd 17.50 19 00 Century Shares Trust 28 50 30 19 Collateral Tr Shares “A".... 6.48 . ... Cor ”AA” or "Accum'' (Mod) 3.24 328 Cor “AA” or “ACC" 1 Unmodi 2.60 2.64 Corp Trust Shares (Orig.)... 280 283 Diversified Tr Shares "8".... 10.87 10 97 Diversified Tr Shares “C" 4 48 4 52 Diversified Tr Shares "D"... 660 670 Dividend Shares. Inc 1 63 1 77 Incorporated Investors 22 40 24 06 •Investors Fund Amer 1.05 1 15 Market Street Invest Corp 31.29 32 93 •Maryland Fund 18.95 20 41 Massachusetts Investors 25.31 27.51 Nation-Wide Sec Cos "8”.... 466 . . . Nation-Wide Voting 171 1 74 No Amer Tr Shs 1955 3 27 3 31 No Amer Tr Shs 1956 3.23 3 27 No Amer Tr Shs (Orig) .... 259 Quarterly Income Shares.... 1.56 1.69 Representative Tr Sharzs ... 12.22 12 37 •Selected Amer Sh. Inc 1 56 1.70 Selected Amer Sh (Orig) . . 357 Selected Cumulative Shares . 9.12 9.22 Selected Income Shares 4 83 4.93 State Street Invest Corp . 96.87 101 37 Super-Corp of Amer "A" 2.75 2 78 Super-Corp of America BE" 2.78 2.81 Super-Corp of America “A".. 407 4.12 Super-Corp of America “B" 4.27 4 32 Super-Corp of Am "C" & D” 7.90 7.98 Supervised Sh. Inc. (Dela.).. 1.65 181 Tr Stand Oilshares "A" .... 753 763 •Tr Stand Oilshares B ’ 6,65 6.75 Tr Standard Invest "C" ... 293 296 Trustee Stand Invest “D".... 2.86 2.90 Universal Trust Shares 4 15 •Uselps "A" 18.65 19.00 Uselps “B" 285 Uselps Voting 108 •^-dividend.

MONDAY, MARCH 2, 1936

Conti Can ... 79% 79% 79% 79% Caterpillar Tract 70% 70% 70% 70 Curtis Pub 20% 20% 20% 21 Deere & Cos 73% 73 73 71 % Gillette 18 17% 18 17% Inter Harv 69% 68% 69% 68% Natl Cash Reg.. 27% 27% 27% 27 Owens Bottle 150 149% 150 147% Rem Rand 23'% 23% 23% 23V, Foods— Amer Sugar .... 58% 57% 58% 57 Armour 6% 6% 6% 6% Beatrice Cream’v 19 s , 19% 19% 19% Cont Bak (At-. 13% 18% 18 s , 18% Crm of Wheat . 37 11 37 37 Cuban Am Sugar 13% 13% 13% 13% Gen Foods .... 34V, 34% 34% 34 Gold Dust 20 s , 20*, 20% 20 s , G W Sugar 35% 35 35% 34% Natl Biscuit 33% 33% 33% 33% Natl D Prod 24% 24% 24% 24% Purity Bak . . . 15% 15% 15% 15 s , S Porto Rico Bug 33 33 33335,2 5 , Std Brands 17 17 17 16% United Fruit .. 73 73 73 73% Ward Bak tßi.. 33 33 Retail Stores— Allied Stores ... 8% 8% 8% 8% Assd Dry Gods . 15% 15% 15% 15% Kroger Groc.... 25% 25% 25% 25% Macy R H .. 45% 45% 45% 45% Marshall Field.. 15 14% 14’% 14% Mont Ward .... 39% 38% 39% 39 Natl Tea 10 % 10% 10% 10% Penney J C 72% 72% 72% 72% Safeway St 32% 32% 32% 33 Sears Roebuck.. 63 62% 62% 63% Woolworth 52% 52% 52% 52% Aviation— Aviation Corp... 6% 6V4 6% 6'/, Boeing Aircft . 23% 23% 23% 23% Curtiss Wright .6% 6 6% 6 Curtiss Wright A 15% 15% 15% 15% Douglas Air .... 69% 69% 69% 69 Nor Am Av 8 7% 7*4 8% Sperry Corp . ... 20% 20% 20% 20% United Air’aft N 28% 28% 28% 28% Allied Chem ...172 172 172 172 Com Solvents... 23% 23% 23% 23% Du Pont 143% 143% 143% 143% Math Alkali 34% 34% 34% 34% Natl Dis (new). 30’% 30% 30% 30Vi Schenley Dist .. 51% 51% 51% 52 Tex Gulf Sulph. 37% 37V, 37% 37% Union Carbide . 83% 83 83% 82% U S Indus Alco. 42% 42'A 42% 42 V, Drugs— Bristol Myers ... ... 46'/, Coty Inc 6Vi 6Va 6'/* 6'/, Lambert 25 25 25 24% Un Drug (new) 14% 14% 14% 14% Vick Chem 43% 43% 43% 43% Zonite Prod .... BVi 8 BVi 8 Financial— Adams Exp 13% 13Vi 13 % 13Vi Allegheny Corp . 3*4 3% 3% 3*4 Allegheny Corp 3% 3% 3% 3% Chesa Corp 68 68 68 68 Vi

GEN. MOTORS SHOW SETS SALES RECORD Attendance Figures Also Exceed Year Ago. The annual spring show of the General Motors Corp. held in the Manufacturers Building at the State Fairground, came to a close Sunday night after breaking all previous sales and attendance records. The show, which run only six days this year, exceeded by a large margin the all-time sales and attendance record set last year when an eight-day exhibit was held. The various automobile units of the corporation showing increases in sales were Chevrolet, Buick, Oldsmobile, Pontiac, LaSalle, Cadillac and General Motors trucks. Sale increases also were reported for Frigidaires, Delco and United Motors. Officials sponsoring the show for the motor corporation included L. C. Burnett, Oldsmobile zone manager, general chairman, and L. H. Pomery of General Motor Acceptance Corp., Indiana, assistant chairman. Others were E. W. Berger, Cleveland zone manager, sales director; Carl S. Wheeler, president of the Refrigeration Equipment Corp., Frigidaire distributor, assistant sales manager; Carl M. Hammond, president of the Hoosier Cadillac Cos., Inc., chairman of publicity and entertainment; George E. Hall, manager of United Motors, Inc., assistant to Mr. Hammond, and Roy F. Chalmers, zone manager for General Exchange Insurance Corp., chairman of building, products and decorations. HUDSON EARNINGS RISE Motor Firm Earns $584,749 in 1935, After All Charges. Times Special CHICAGO. March 2.—Net earnings of the Hudson Motor Car Cos. amounted to $584,749 in 1935, after all charges, including depreciation and income taxes, A. Edward Barit, president, announced today. In 1934 the company reported a net loss of $3,239,201. Net sales of automobiles and parts during the year totaled $63,077.414, an increase of approximately 20 per cent, compared with sales of $52,567,560 in the preceding year. The cost of sales in 1935 was $60,376,000, which left a net profit of $2,701,014. STUDEBAKER SALES UP First 20 Days of February Shows Gain of 45 Per cent. Times Special SOUTH BEND, Ind., March 2. Sales of the Studebaker Corp. for the first 20 days of February show an increase of 45 per cent, totaling 3562 units, against 2452 in the corresponding period of 1935, it was reported today by Paul G. Hoffman, president of the company. Sales for 1936 through Feb. 20 amounted to 9604, a gain of 38 per cent over the 1935 figure. Busigraphs PORTLAND CEMENT PRODUCED <p. S. DEPT. OF COMMERCES 15 m / -* t v u , % | 10 l—--5 5 ' 2 | V/ DOTTED USE !S THE PAST Vj /A’’/ Y/ c TEN TEARS average of, Y .. psai THE PORKER COfir. DISTRIBUTORS INCORPORATED investors Portland cement productioon decidedly improved during the last five months of 1935. Although actual production dropped somewhat, the decline was very much less than the seasonal trend. Production in the last three months of 1935 passed the corresponding 1934 months by 21 per cent, while December alone exceeded the previous December by 32 per cent. Even with this improvement. cement output is only about one-third the average production in the years 1925 through 1929.

Lehman Corp ... 99% 99% 99% 99% Transamerica ... 14 14 14 14 Tr Conti Corp . 11 11 11 10% Building— Am Radiator ... 23% 23% 23% 23% Gen Asphalt .... 32 31% 32 32% Holland Furnace 38% 38% 38% jB% Int Cement . 44% 44% 44% 44% Johns Manvilie 121 121 121 122 Libby Owens Gls 58*3 58% 58% 58 Otis Elev 31 31 31 30% Household— Amer Woolen ... 10% 10% 10% 10% Celanese Corp .29 28% 28% 28% Collins Aikman. 46% 46% 46% 45% Indus Ravon ... 30% 30% 30% 30% Kayser Julius... 32 32 32 32', 4 Chicago Stocks (By Abbott, Proctor & Paine) 11:00 Prev. „ , _ A. M. close. Berghoff 9Vi 10 J D Adams 16% 16% Butler 9% 9 r 4 Chicago Corp 5% 5% Cities Service 5% 5% Com Edison 102% 103 % Conti Steel 40% 40% Cord 6 6 Elec House 153* 155“ S l t,T'„ ak ? s ° ret *ge 29 >/ 4 29% Noblitt Sparks 33 33 Vi Quaker Oats 134% 134 % Swift Int 33 4 331 4 J R Thompson 11 10% Zenith ... 18% 18% New York Curb (By Abbott, Proctor & Paine) 12:30 a m. Prev. ~ _ NY. close. Alumn Cos of Am 129 128 Am Cyanide 181 38Vi 37% Amer Superpower 14% Tarrier Corp 11% 11% Creole Petrol 30% 30% Elec Bond and Share 17% 17% Fisk Rubber 8% 8 Imperial Oil. Ltd 24 23% Lake Shore Min 57 57% Nia Hudson Pwr 9% . 9*4 Pan-Amer Airways 62 ',2 62Vi Unlisted, Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS _ , Bid. Ask. Bankers’ 65% 67% Central Hanover 114 Vi 116% Chase 40'% 41% Chemical National 59 Vi 61 Guaranty 296 300% Irving . 16% 18% Manufacturers 48% 49% National City 36% 37% Cont 111 Chicago 164 167% First National Boston 47 48% National Shawmut 27% 29 FIRE INSURANCE Aetna Fire 58% 61 American Ins of Newark 16% 18% Baltimore American 9% 10% City of New York 30% 32% ‘Federal Ins 54 57% Franklin Fire 32% 34% Great American Ins 31% 33% Hanover Fire Ins 39% 41% Hartford Fire Ins 84 86% Home Ins 37% 39% National Fire 81% 83% Ins Cos of A 77% 79 'A National Liberty 10% 12% Phoenix 97'% 100% U S Fire 57 59 Vi Westchester Fire 37% 39% •Sstock splitl Money and Exchange INDIANAPOLIS STATEMENT Clearings $3,099,000 Debits 7,046,000 TREASURY STATEMENT (By United Press) WASHINGTON, March 2.—Government expenses and receipts for the current fiscal year to Feb. 28, as compared with a year ago: This Year Last Year Expenses $4,742,047,730.17 $4,511,935,367.91 Receipts.. 2,339,508,110.39 2,262,012.132.51 Deficit . . 2,402,539,619.78 2,249,923,235.40 Cash Bal. 1,773,449,788.37 2,085,507,060.26 Chicago Grain Futures (By James Bennett & Cos.) 11:00 Prev. Wheat— High. Low. A. M. Close. May 1.00 .99% .99% 1.00% July 90% .90% .90% .90% Sept .90 .89% .89% .90% CornMay .61% .60% .60% .61 July 61% .60% .60% .61% Oats— May 29 .28% .28% .29 July 28% .. .. .28% Rye— May 57 .56% .56% .56% LOCAL CASH MARKET City grain elevators are paying 96 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new No. 4 yellow 50 cents and oats 21 cents. 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, white, 5 lbs. and over, 11c; geese, full feathered, all sizes, 10c; all guineas, 1% lbs. and up, 15c; No. 1 strictly fresh eggs, loss off, 17c. Each full case must weigh 55 lbs. gross, a deduction of 10 cents a pound under 55 lbs. will be made. No. 1 butter, 39 %® 40'/2c; No. 2, 37%@38%c. Butterfat, 35c. ANTHONY WAYNE LIFE FIRM IS PURCHASED Benjamin Harrison Firm Files Application in Court. The Anthony Wayne Life Insurance Cos. of Fort Wayne and Hammond has been purchased by the founders’ committee of the proposed Benjamin Harrison Life Insurance Cos., it was learned today. Removal of the home office of the Anthony Wayne Life Insurance Cos. from Fort Wayne to Indianapolis has been completed and the company now is in its temporary quarters in the Guaranty Building. The company has already taken legal steps toward changing the name to the Benjamin Harrison Life Insurance Cos., by filing a petition in the Marion County courts. Newly elected officers of the company are Fred S. Purnell, president; Perry B. Ward, executive vice president and secretary; Raymond S. Springer, vice president; William P. Tilley, Brazil, treasurer; Dr. C. E. Stephenson, medical director, and Noel C. Neal and Frederick E. Schortemeier, attorneys.

INSURANCE ADVISORY BOARD TO MEET HERE American Mutual Liability Group to Hold Annual Session. The Indiana advisory board of the American Mutual Liability Insurance Cos. is to hold its annual meeting here tomorrow, officials have announced. Charles E. Hodges Jr., president of the company, is scheduled to report that premiums written in Indiana in 1935 showed an increase of 37.1 per cent over the preceding year, while workmen’s compensation premiums increased 40.4 per cent. Board members expected to attend the meeting include Marshall D. Lupton and Charles F. Zwick, both of Indianapolis; George W. Ansted, Connersville; Girnie L. Reeves, Columbus: C. K. Robinson, Richmond, and Temple Williams, Mishawaka. VOTES S3 ANNUAL BASIS Times Special CHICAGO. March 2. —Directors of the Borg Warner Corp. have voted to place the common stock on a $3 annual basis, it was learned today. They also voted to redeem 5000 additional shares Os SIOO par value 7 per cent preferred stock. The common stock hay been on a $2 annual basis.

REVENUES AT NEW PEAK FOR BUSJNDUSTRY Output Is Almost Doubted; Passengers, Mileage Also Gain. Times Special NEW YORK, March 2.—The motor bus industry enjoyed the best year in its history during 1935, with production of new busses almost doubling the 1934 output, the magazine Bus Transportation reported today in its annual statistical issue. The industry attained anew high in sales volume and in total gross revenues, total bus miles traveled and the aggregate number of revenue passengers carried, the survey indicates. Last year 15,675 motor busses were produced, of which 6233 were common carriers. One-third were placed in new fields not formerly using busses and two-thirds were replacements. School busses made a spectacular gain of 105 per cent over 1934, there being 9403 of these, worth $23,000,000, put in the service of carrying school children. About 4000 for Cities City service busses were produced in the number of 3978, worth $29.000,000. while 2255 of the capacious intercity type, worth $16,000,000, were turned out. This was the largest output of city service busses since 1925 and exceeded the combined output of 1931, 1932 and 1933. Basic facts as to operations follow: Total Gross Total Bus Year. Revenue. Miles. 1935 $393,046,000 1.812,861.000 1934 310.600,000 1,543,500.000 1933 283.199,000 1.521.450,000 1932 292,250,000 1.506,950.000 Year. Revenue Passengers. 1935 2,738,478,000 1934 2,202,500,000 1933 1,672,015,000 1932 1,662,800,000 The number of operating companies declined from 5024 in 1934 to 4700 last year. Os the 45,000 motor busses coursing the nation’s streets and highways 23,750 are of the intercity type and 2000 of the sightseeing, or irregular usage, type. Electric railways own 12,600 busses, the steam railroads own- 1750 and the motor carriers have 30,650. The bus industry spent $189,000.000 last year on new busses, shops, terminals, supplies and so on.

STOCK MARKET WEEK IN REVIEW

By United Press NEW YORK, March 2.—Trading on the stock market last week was the lightest since the first of the year and prices fluctuated irregularly over a broad area. After four days of steady decline, the market had a rousing recovery Thursday, only to sag again Friday. Various moves at Washington to curb speculation together with a prospect of heavy taxation were factors. Automobile production turned up slightly and sharp pickup was looked for next week. That brought demand for automobile shares but a majority of the issues closed lower on the week because of losses established earlier. Motor equipments, however, made sharp gains and closed the week higher. Dividend Is Disappointing Steel shares were little changed, having recovered losses. Steel ingot production for the week was the best since Dec. 16, with the output around 703,000 tons, against 687,000 tons in the preceding week. Utility issues rallied from early lows but closed the week lower. Several companies reported improved earnings and electricity output continued to make a good showing. Mail order shares met good demand for a time, but Montgomery Ward broke more than 2 points Friday when directors declared a 20cent dividend. That was the first payment since 1930, but Wall Street had anticipated a payment as high as a dollar and sold the stock ilyTokyo Coup Unsettles Market Railroad issues were bid up for a time but sold off when the Interstate Commerce Commission ordered a reduction in passenger fares. Some of the roads anticipate higher revenues through increased travel, but others held reverse views. M. w. Clement, president of the Pennsylvania Railroad, said the decision was a “terrific disappointment.” It will mean a terrific loss in revenues for the Pennsylvania Railroad.” The market w r as unsettled or Wednesday by the attempted military coup in Tokyo. If it had not been for that, some observers felt, the market would have rallied. Japanese bonds shot down, the yen was depressed, and the silk market plunged down. When the situation clarified somewhat markets returned to normal. DIVIDEND IS DECLARED Times Special NEW YORK, March 2.—Directors of Tide Water Associated Oil Cos. have declared a quarterly dividend of $1.50 a share on the company’s 6 per cent cumulative convertible preferred stock payable April 1, to stockholders of record March 12. Other Livestock , ißy Times Special) LOUISVILLE, March 3.—Cattle—Receipts, 900; salable supply slaughter cattle light; demand only fair; light slaughter steers and Tieifers opening fully 25c higher than close last week: steers with weight and all grades cows slow and about steady; sausage bulls mostly 25c higher than close last week, or about steady with last Monday: bulk common to medium grade steers and heifers. [email protected]; common dairvbred and off colored kinds down to 85 50 or lessvery little available of value to sell above 87.50; early top. S8 for small package good 933-lb. steers; bulk beet cows, $4.50® 5 50practical top. 85.75; smooth heifer ' type cows quotable higher: most low cutters and cutter cows. $3.25464 25: sausage bulls considered salable $5.254/6 75: stocker and l feeder trade more active fully steady to strong: light beef type Stockers and stock calves salable. 86® 8: native feeders. 86 50 ®.7.25; plain southern dairybreds mostlv s4®s. Calves—Receipts. 700. including 175 stock calves and 75 direct: market not fully established, but most bids 50c lower; bidding sß®9 for bulk good to choice: vealers 56®7.50 for medium grades and $5.50 down on plainer sorts. Hogs—Receipts. 1100, including 275 direct; market steady with Saturday or 10c higher than last Friday; top and bulk better. 160-225 lbs.. S4O 60. 230-250 lbs.. 810.30: 255-300 lbs.. $9.75: 305 lbs. up. $9 30; 120-155 lbs.. 89.50; sows. $8.40; soft hogs of distillery mash feeding subject to a discount of $2 or more. Sheep—Receipts, 100; run mostly plainer grade native lambs; market quotable steady; better natives considered salable. $6.50® 9; choice quotable higher plainer grade natives mostly $6:37.50; bulk lat -ewes, $4 down* 1

Wool Consumption Gains Weekly average raiv wool consumption showed increases in January over December, the Commerce Department announced today. While pounds were consumed during the average December week, 5,645,000 were used weekly last month.

PAGE 11

TESTS ABROGATION

W V ‘ s<* L ®1 WH \ : i. f V 4 y| |j

HOGS CONTINUE STEADY TREND Veal Market Generally 50 Cents Lower; Lambs Stationary. With receipts near normal, both at local and surrounding markets, porker prices continued unchanged today at the Indianapolis Union Stockyards. The majority of buyers were hesitant in making early purchases, mostly awaiting a definite price range which developed slowly under a narrow demand. Outside interest was light as most centers reported supplies around normal. Receipts here were estimated at 4000, compared with only 1000 Saturday. Holdovers numbered 83. The general bulk of 160 to 225 pounds, cashed in at $10.65 to $10.75. The latter also continued to act as top price. Medium heavyweights, scaling from 225 to 260 pounds, brought $10.40 to $10.60, while 260 to 325 pounds, were salable at $lO to $10.30. Light grades, from 130 to 160 pounds, sold at $9.75 to $10.25. Packing sows held at $8.50 to $9.25. Despite a reasonable outlet for all slaughter classes, early buyers consistently resisted higher asking prices in the cattle market. Two loads of steers, averaging 1337 pounds, sold at sll. Others, consisting largely of odds and ends, sold under $9. Heifers were steady to strong at $6.75 to $7.50. Late trade, however, was steady, especially on those under $6. Holdovers were 900. Vealers were sharply 50 cents lower, due mostly to a limited supply. The bulk of good and choice kinds sold at $9.50 to $lO. Receipts numbered 400, Lambs were unchanged, with the supply consisting largely of fed westerns selling at $9 to $9.75. Slaughter sheep held at $3 to $5. Receipts were 2000. HOGS Feb. Bulk. Top. Receipts 25. $10.400710.50 $10.50 3000 26. 10.550} 10.65 10.65 2000 27. 10.550)10.65 10.65 2000 28. 10.550), 10.65 10.65 5000 29. [email protected] 10.75 1000 March. 2. [email protected] 10.75 • 6000 Light Lights (140-160) Good and choice. .$$ 9.750? 10.60 Medium 9.250/10.10 (160-180) Good and choice.. 10.600/10.75 Medium 10.10t10.60 (180-200) Good and choice.. 10.600) 10.75 Medium 10.100/10.60 (200-220) Good and choice.. 10.600Y10.75 (220-2501 Good and choice.. 10.500i10.65 Heavyweights (250-290) Good and choice.. 10.150/10.50 (290-350) Good and choice.. 9.800/ 10.15 Packing Sows (275-350) Good 9.100)1 9.35 (350-425) Good 9.000/ 9.25 (425-550) Good 8.750/ 9.10 (275-350) Medium 8.50® 9.00 Slaughter Pigs (100-140) Good and choice.. 9.000 Y 9.75 Medium B.oo@ 9.25 CATTLE —Receipts, 900— (550-900) Choice $ 9.250)10.50 Good 7.500/ 9.50 Medium 6.250/ 7.75 Common 5 000/ 6.25 (900-1100) Choice 9.75® 11.25 Good 8.000/ 10.00 Medium 6.50® 8.00 Common 5.00®) 6.25 (1100-1300) Choice 10.' 3® 11.50 Good 8. J® 10.50 Medium 6. )® 8.00 (1300-1500) Choice 10. i® 11.50 Good 8. [email protected] Heifers (500-750) Choice 7. @ 8.75 Good 6.) ®) 7.50 Common and medium 4.5 ® 6.50 (150-900) Good and choice .. 6.75® 9.00 Common and medium 5.00@ 6.75 Cows Choice 6.50® 7.00 Good 5.50®: 6.50 Common and medium 4.75®) 5.50 Low cutter and cutter 3.50® 4.75 Bulls, good 6.50® 7.25 Cutter, com. and med bulls . 5.00® 6.50 VEALERS —Receipts. 400— Good and choice $ 9.50® 10.00 Medium 7.00® 9.50 Cull and common 4.00®, 7.00 Calves (250-500) God and choice .. 7.00® 9.50 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® 650 (800-1050) Good and choice.. 6.50® 7.50 Common and medium 5.00® 6.50 Cows Good 4.50® 5 00 Common and medium 4.00® 4.50 SHEEP AND LAMBS —Receipts. 2000— Lambs, 90-lbs. down, good and choice $ 9 50® n ' Good 9.00® 9.50 Medium g 50® 960 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 8.25® 9.00 Medium 7.00® 8.25 Other Livestock ,(Bv United Press) CHICAGO. Maroh 2.—Hogs—l6.ooo. including 3000 directs; steady to 10 cents lower than Friday’s average on weights below 230 lbs.: opened around 10 cents lower, later bids 15 to 25 cents off- rows 15 to 25 cents lower: top *10.10: bulk 160250 lbs.. $lO 25® 10.50: 140-160 lbs $9.90® 10 40; few 250-300 lbs.. $9.70® 10.25; sows $8.75® 10. Cattle—lo,ooo; calves, 1500market active: generally 25 cents higher; steers predominating; quality plain; bulk sß® 10: prices ruling unevenly 50 cents to SI higher than a week ago; all she stock getting action; beef cows and general heifer crop 25 cents higher: most heifers S7 down to $5.50: best around $8: bulls strong: vealers 25 cents hieher: best weighty sausage bulls $6 50: vealers sß® 9 few $9 50: best fed steers. sll 65; heavies. sll. Sheen—9ooo most classes 15 to 25 cents higher: spots up more: earlv hul!c good and choice few western lambs $9 50 9.75 to packers: extreme top to outsiders and city hutcheis, $9.85; outstanding 121 ib. ewes. $5 60. FORT WAYNE Ind . March 2—Hogs— Steady; 160-180 lbs., $lO 55- 180-200 Tbs $lO 45: 200-225 lbs.. $lO 35; 225-250 lbs . $lO 25; 250-275 lbs $lO 10: 275-300 lbs $9.70: 140-180 1b... $10; 100-120 lbs.. $9 65; roughs. $8.50; stags, $6.75; calves, $10; lambs. $9. LAFAYETTE. ltd . March 2 Hog Market—Steady; 17(i-210 lbs., $10.50® 10 60; 2.C-23S lbs., *10.30® 10 40; 235-260 lbs.. slo.lo® 10 20; 260-325 lbs . *9 75® 10: 140170 lbs., 59.75@10; 100-140 lbs . *99.50; roughs. *9.25; calves, $9 down. Lambe, , *9.50 down. 1

Robert A. Taft

GOLD CLAUSE SUIT HEARINGS SETMARCH 9 New Case Brought by Taft Tests Abrogation by Government. Bp Z’uiteiJ Press WASHINGTON, March 2. —Hearings in the new test of the abrogation of gold clause in government bond issues brought by Robert A. Taft, son of the late President, will open March 9. the Court of Claims has announced. The case concerns a suit brought by the Dixie Terminal Cos., an Ohio corporation, for $1.07 in interest, allegedly due on a SSO Fourih Liberty Loan 4 1 i per cent bond originally issued Oct. 24. 1918, and callable from 1933 to 1938. The bond had been called and when payment in gold was refused, the test suit seeking the interest was filed. A government brief just filed and signed by James W. Morris, Assistant Attorney General, seeks to fight the suit on a legal point. Redemption Call Issued The government claims that the Dixie Terminal Cos. purchased the bond on March 9, 1935, and testified that it was bought “in order to acquire a bond on which the suit could be brought.” The brief claims that after the Secretary of Treasury had issued a notice of call for redemption of the bond on April 15. 1934, the company presented the bond asking payment in gold. The brief points out the plaintiff conceded that the United States was ready to pay legal tender when the bond was presented. Claims No Interest Due This payment was refused and later the terminal company asked payment of six months interest of $1.07 in gold or legal tender. Payment was refused. The suit was immediately instituted for interest allegedly due. The brief calls attention to Treasury Circular No. 121 dealing with bonds and interest payments. This says; “From the date of redemption designated in any such notic*/ interest on bonds called for redemption shall cease.” The government claims that r.o interest is due and that the plaintiff has not shown “that currency tendered (at the time the bond was presented for full payment) was not the equivalent of gold.”

THOMAS LAWRENCE TO HEAD NEW LIFE FIRM Former Chief of Chicago Group Named to Chicago Body. By United Press DETROIT, March 2.—The reorganized Detroit Life Insurance Cos., now known as the Insurance Cos. of Detroit, will be headed by Thomas F. Lawrence, former president of the Chicago Association of Life Underwriters and of the Missouri State Life Insurance Cos., it was learned today. Reorganization of the Detroit Life was approved by Federal Judge Edward J. Murnet on Feb. 18. Other officers elected to the new institution included: Robert B. Locke, former president of the American Instittue of Banking and long prominent in Detroit banking circles, treasurer; Theodore Levin, Detroit, vice president and general counsel; Fred A. Ossanna, Minneapolis, vice president and associate counsel; Estel Scott, Kansas City, vice president, and L. C. Cortright, Detroit, secretary and actuary. Directors who were elected included: George E. Allen, commissioner of the District of Columbia: William B. Edwards, Chicago land appraiser; and J. Earle Brown, Lansing, Mich., attorney. The 22,800 Detroit life policy holders will bo mailed contracts and certificates for the assumption of policies within the next 20 days, it was announced after the elections. U. S. FIRM PURCHASES 14 CANADIAN PLANTS Minnesota Valley Canning Cos. to Form New Corporation. By United Press i CHICAGO, March 2.—Purchase of 14 plants forrrerly operated by Associated Quality Canners, Ltd., cf Canada and incorporation of anew $2,000,000 organization was announced today by Edward B. Cosgrove. president, Minnesota Valley Canning Cos. of La Sueur, Minn. The new firm. Empire Foods Corp., Ltd., will be headed by John Wall of Windsor, president; James Wall of Windsor, vice president; P. G. Pryor of Windsor, treasurer, and Edward B. Cosgrove of Minneapolis, chairman of the board of directors, the announcement said. Headquarters will be at Toronto. CAR SALES INCREASE By United Press WASHINGTON, March 2.—Although retail sales of new passenger automobiles decreased almost 23 per cent from December to January, they were 36 per cent greater last month than in January, 1935, the Commerce Department reported today. BEMIS LETTER SERVICE 303 Merchants Bank Bldg. Lincoln 6122 />EC|f*E supplies v/rnwc FURNITURE •HILLER* OFFICE SUPPLY CO. 28 S. Penn. St. RI. 1597 LOANS REPAIRS | AND NEW HOME BUILDING See Your Local Building and Loan Assns.