Indianapolis Times, Volume 47, Number 309, Indianapolis, Marion County, 5 March 1936 — Page 19

Trends Borrowing’ Is Not Dropped From Tax Plan. Bi JOHN T. FLYNN YORK. March s.—The President s "billion dollar’’ taxing program turns out. as you examine it, not to be a billion dollar taxing plan at all. The whole story, as it came from the White House, gave the impression that somehow the President was abandoning his policy of paying a large part of government costs out of

borrowing and turning to taxes instead. Nothing could be further from the truth. One part of this program is a tax for paying the expenses of the soil erosion program. However, this is precisely the same item that is to be found in the President’s budget for 1937 and also in his 1936 and 1935

Flynn

budgets. But it is less by $47,000,000 than the amount proposed in the 1937 budget which it replaces. In the budget message of Jan. 0. the President proposed processing taxes of $547,300,000 to pay the subsidies to farmers under the AAA act. That act has been declared unconstitutional. Anew soil erosion act has been passed to take its place. And this $500,000,000 tax is merely a substitute for the processing tax. o tt tt eTHHE new taxes proposed are ac- -*• tually only $219,000,000 more than those in the budget message proposed to Congress six weeks ago. The President points out that under the AAA act the government had promised payments to farmers during the fiscal year. The taxes can not now be collected. Therefore, the President says we must find some other way to raise the money to pay this year’s benefits. It is important to see that there are two items—ssoo,ooo,ooo for next year under the soil erosion program; $500,000,000 for this year under the AAA program. But even this $500,000,000 for this year the president does not propose to raise in a single year. He suggests it be spread over three years. tt tt tt THIS would mean a tax of $166,000,000 next year. But, of course, against this must be set off the reduction in the tax this year by nearly half a billion because the processing taxes are not being collected. Then there is another item of $120,000,000 for the bonus. The President estimates that up to 1945—which means for nine years —5120,000,000 a year is needed to pay the bonus. This does not mean that the President ’proposes to pay the bonus out of taxes now. Apparently he still plans to borrow through a bond issue or through Treasury notes, the money to pay the soldiers. But he proposes that we amortize this over the next nine years. At least that is the inference from his extremely meager statement about the bonus. n a BUT how $120,000,000 is going to amortize the bonus and take care of the interest charges on it nine years it is difficult to see. Perhaps this can be explained. To find out. therefore, what the tax burden will be next year under these new proposals, compared with the budget plan, we have first to find the total of these taxes for next year—which will be $500,000.000 erosion tax, $166,000,000 AAA deficit tax and $120,000,000 bonus tax. The total is $786,000,000. From this we must subtract the taxes in the budget which are eliminated, namely the $547,000,000 processing taxes. This leaves $219,000,000. The President, therefore, plans a tax increase of $219,000,000 for next year. But, in justice, a large slice of this, $166,000,000, is merely making up a deficit in this year’s taxes. (Copyright, 1936, by NEA Service, Inc.)

On Commission Row (Quotations below subject to change are average wholesale pnees being offered to buyers by local commission dealers.) FRUlTS—Strawberries: Florida, pint, 20c; 36-ptnt crates, 19c. Cranberries, C. C. Howes. Eat mores. 25-lb box, $2.50. Pears: Washington D'Anjo (100s box). $3.25; Washington Bose (100- 120s>. $3.25; California, Avacado i2OO-245), $3 50. Grapes: Extra Fancv Emperors (34-lb. sawdust chesti. $3 50. Limes: Mexican carton 22c. Peretan seedless idoz.t. 45c. Dates: Fresh Arizona, $1.50. Bananas, seven hands, pound, 5%c. Apples: Delicious (fancy baskets). $1.50; Jonathans, $1.60; Grimes Golden, *1.25: Rome Beauty. $1.65. Lemons: Sunkist ‘36os). $6. Grapefruit: Texas seedless <s4s-80s>. $3.75. Arizona Sunkist 'Bosi. $3. Tangerines, Florida (120s. 1445. 168s(. $1.75. VEGETABLES Artichoke. California (doz.i. slls. Beans, green round strmgless ‘hampers' $2.75. Beets: Texas ‘3 <loz. cratei *1.50; cut offs (bu.), *l. Brussels Sprouts. California (lblßc. Cabbage, New York Danish (50-lb. bag). 90c; New Texas icratei, $2.15. Red Cabbage ■SO-lb. bag), $2 Carrots. California (6 rioz cratei, $2 25 Texas '3% doz. crate), $165 (bushel). $1,65. Cauliflower. California (12s cratei. $1.75. Celery. Florida washed and trimmed tdoz.), 45c@ POc Florida <4s. 6s, Bs. 10s cratei. $3 25. Cucumbers, hothouse (doz.). $1.25; (southern bushel*. $6 Egg plant. Florida idoz.l. $1.50. Kale (Virginia bushel), 85c. Lettuce Iceberg Arizona (best 4s. ssi, $3 25; home grown leaf (15-lb. baskets!, 75r Endive. California (doz.). 90c. Peppers, mangoes (crate), $6.50; peck basket $1.65: tdoz i. 45c. Mint, hothouse • doz), 75c. Mushrooms (pounds). 30c Mustard. Texas ibunch). 75c. Onions — Indiana yellow (50-lb. bagi. $1.25; Indiana yellow (10-lb. bagi. 28c; Western Spanish (50-lb. bag). sl/75. Oyster plant, home grown 'doz.'. 40c Parslev. southern ilong bunches doz ), 45c. Parnips. home grown washed ibushel). *1; (half-bushel). 60c. Peas. Florida (hamper), $2.50. Potatoes. Michigan Round Whites (100-lb. bag', $175, Main Green Mountains < 100-lb. h#gi. $2.25; R R Early Ohio* (100-lb. bac. R. R Cobblers (100-lb. bag), $l9O. Idaho Russets (100-lb. bag. $2 35: Idaho bakers i7os box'. $2 50: Col. McClures. 100lb. bag'. $2 10; New Texas Triumphs (50lb bag), $2 15. Sweet Potatoes. Indiana Jerseys (Is bushel). $1.50: medium • bushel). *1: Tennessee Nancv Halls (hampers). $1.15: Southern Puerto Ricans (bushel crate), $1 50. Radishes, home grown buttons idoz *. 45c: white. 40c Rhubarb, hothouse ibunch'. 50c Rutabagas. northern 150-lb. bag). 85c. Sage • doz.) 45r Shallots, Louisiana (doz.i, 45® 50c. Spinach, New Texas (bushel). *1 Turnips, home grown washed (bushel). $1 50. Tomatoes repacked (10-lb. box). $1.60; original Cuban 130-lb. lug® *3. FRUITS AND VEGETABLES (By United Pressi CHICAGO. March s.—Apples—Michigan Mclntosh, bu.. 75c® *159. Carrots—lllinois, bu.. 35® 40c. Sweet Potatoes—Tennessee, bu . 85 i 90c. Beans—Florida, bu. slso® 3 Cabbage fcxas. crate. *1.40® 1.60 Peas— California, bu. hampers. $2 50® 275 Spinach- Texas. bu., 50® 90c Lettuce—Western crates 5 doz S2 25®2 75. Celery— Florida, crate. *2 >3. Cauliflower—California. erdate. *l2s® 1.35 Tomatoes—Mexican, lug. *2®3 50 Onion market (50-lb. sackai. Illinois, yellows, 50/; 90s- Michl ean .. vellows, 501; 90c; Indiana, yellows, a- .uvt.

♦ ♦ Abreast of The Times on Finance ♦ ♦

47 STATES NOW GUARD INVESTOR IN STOCKOEALS Nevada Only One With No Regulations, Magazine Declares. Times Special CHICAGO, March s.—Fortyseven of the 48 states now offer the investor some protection against securities of doubtful value. During the last three years 31 state legislatures have completed this “blue sky” safeguard, the current issue of State Government, publication of the Council of State Governments, said today. Nevada is the only state which does not regulate the sale of securities in any way, the magazine reported. "Blue sky laws fall into two classes: Fraud acts and regulatory acts. Fraud acts provide only that the authorities shall investigate securities already being sold, and, by administrative order or court injunction, prohibit the further sale of issues discovered to tbe fraudulent, or suspected of being so. Four States Use Fraud Act "Regulatory acts empower the state regulating body to require that dealers be registered or licensed before they can offer securities for sale, or to demand approval of the securities themselves before the issue goes on sale, or include both provisions. "The compilation of laws shown in State Government indicates that only four states of the 47—Delaware, Maryland. New Jersey and New York—use the fraud act. Connecticut, Maine, Pennsylvania and Rhode Island ‘assume that honest men will not swindle the public, and depend upon dealer license laws alone’. “Four other states —Idaho, New Mexico, Tennessee and Wyoming—demand registration of the securities, but not the dealers. The remainder of the states use both provisions. Sixteen states permit registration of certain classes of securities by notification only. Sale is permissible as soon as securities are registered. Bonds Are Exempt In the 47 states government bonds are exempt from regulation, and certain other types of securities are also exempt because they change hands in particular kinds of transactions. such as executors’ or guardians’ sales. Most of the states having regulatory laws also have fraud provisions allowed for the use of the injunction in preventing or remedying fraud. The administering agent or agency of the "blue sky” law may be the" secretary of state, as is the case in eight states, the attorney general, the superintendent of banks, a securities commission or commissioner, the auditor, or the public securities commission.

NEW DEALERS SPUR PRIVATEJNDUSTRY Administration Seeking Way to Ease Relief Burden. By United Press WASHINGTON, March s.—The Administration sought today to ease its costly work-relief burden by spurring employment in private industry. President Roosevelt already has conferred with Labor Secretary Frances Perkins, Commerce Secretary Daniel C. Roper and Maj. George Berry on re-employment possibilities. Meanwhile, he prepared estimates of the cost of anew work relief program for the 12 months after July 1. with the hope of having them ready for Congress between March 10 and 19. Indications were that he would recommend an appropriation of some $2,200,000,000 to make jobs for about 3,000,000 needy. At present, the $4,880,000,000 program is employing more than 3,800,000. B. & 0. LOADING uFebruary Total of 182,426 Cars Largest Since 1931. Times Special BALTIMORE, March s.—Freight cars loaded on the Baltimore & Ohio Railroad lines during February totaled 182,426, an increase of 18.368 cars over the corresponding 1935 month, when the total was 164,058, the company announced today. The total for February this year was the largest since 1931, and the best monthly figure since October, 1935. Car loadings in February also showed an increase of 5789 cars over January, when the total was 176,637.

Busigraphs

ESTIMATED THEATRE RECEIPTS (NEW YORK ANNALIST) 1200 Y! a. < *• -jaoo .mi o a __ rm j * s O' 1))1. 1111 1111.1930 1931 1932 1933 193* 1935 TH£ PAK£R CORR GENERAL DISTRIBUTORS INCORPORATED INVESTORS

For the last three years receipts by our motion picture theaters have steadily risen. While estimated 1935 receipts were 32 per cent below the record year of 1930. they were 34 per cent above the low year of 1933. The recent gain in receipts was the result of increased attendance and not due to generally rising box office prices, although admission prices havs increased slightly in some of cities.

~ 2g°°i —i 1 ■■■■'■! ■ ,—n I ! ! i • "*OO 1 THE MONEY PICTURE 1 j iaooo j t j 1 1 9,000 1 1 H UJJ* j 8(000 O 7000 Money in Circulation ; Gold Stock* o 6000 -4- -j I | Member Bank Reserve Balaaces I / , w- J —i——j.ft; jl , i 1 2POO - Q 1 1 m 1 n n 11! "imm n! 11 ml 1929 1930 1931 1932 1933 1934 1935 1936 BUSINESS WEEK

New York Stocks

(By Thomson & McKinnon) 11 30 A. M. Oils— High. Low. N. Y. close. Amerada 92% 92 */ 4 92 % 92 Vi Atl Rfg 33 1 a 33Vi 33Vi 33 Barnsdall 17>i 17*/, l7Vi 17% Consol Oil 14% 144* 14% 14>2 Cont of Del .. 37 37 37 37 Houston inew) . 11% 114* 11% 11*2 Mid Cont Pet ... 19*2 19% 19'a 20V* Ohio Oil 16% 16% 16% 16*2 Pet Corp 17Vi 17Vi 17% 17% Plymouth Oil ... 14% 14% 14% 14% Pure Oil 23% 23% 23% 23% Seaboard Oil ... 38% 38% 38% 384* Shell Un 18% 18% 18% 18' 2 Skelley Oil 26% 26% 26% 26 % Soc Vac 16 16 16 15% S O of Cal 46 46 46% 45% S O of Ind 38% 38% 38% 38% SOof N J 62 V* 62 62 V* 62 Texas Corp 38% 37% 37% 38% Tidewater Assn . 18% 18% 18% 18% Un Oil of Cal ... 27% 27% 27% 28% Steels— Acme Steel 31% 31% 31% 71% Beth Steel 58% 58% 53% 58% Brers AM 22% 22% 22% 23% Inland Steel ....113% 113 113 114% Ludlum Steel ... 32% 32% 32% 32V* McKeesport Tin. 110% 110% 110% 111 Mid Steel 39% 39 39% 38% Natl Steel 66 66 66 66% Otis Steel 20 20 20 19% Rep Iron k Steel 25% 25% 25% 25% U S Pipe k Fdy. 36% 36 36% 36 U S Steel 66 65% 66 66% U S Steel pfd . 129 129 129 129% Youn'own S & T 54 53% 54 53 Vi Motors— Auburn 52% 51 52% 50 Chrysler 103 99% 100 99% Gen Motors 62 V* 61% 62 V* 62 % Grahom Mot ... 4% 4% 4% 4'* Hudson 18% 18% 18% 18% Hupp 2% 2% 2% 2% Mack Truck ... 35 35 35 35*2 Nash 20% 20*4 20% 20% Packard 11% 11% 11% 11% Reo -7% 7% 7% 7'% Studebaker ... 14% 14V* 14% 14% Yellow Truck... 17% 17% 17% 17% Motor Access— Bendix 25% 25% 25% 25% Bohn Alum 62 61% 62 61*% Borg Warner ... 81% 81% 81 Vi 82 Brigs s 63 1 i 62% 63 62% Budd Mfg 14% 14*2 14% 14V* Budd Wheel 14 13% 14 13% Eaton Mfg 32% 32% 32% 32 Vi Elec Auto Lite . 43% 43 43 43 Greyhound “B”. 69 69 69 69% Houdaille 32% 32% 32% 32*/ 4 Murray Body.. 21% 21% 21% 21*4 Timken Roll ... 70 69% 69% 70*4 Timken Det Axle 16% 16% 16% 16% Mining— * Alaska Jun 15% 15% 15% 15% Am Smelt 69% 69 69 69% Anaconda 35% 35% 35% 35% Cal k Hecla ... 8% 8% 8% 3% Cerro De Pasco. 51% 51 51 51V, Dome Mines ... 47*4 47% 47*4 47% Gt Nor Ore .... 20 20 20 20 Ins Copper ... 11*% 11 11% 11*/* Int. Nickel 51 *, 50% 51*% 51% Kennecott. Cop ~ 38% 38*2 38% 38% Park Utah 4% 4% 4% 4*. Phelps Dodge .. 35% 35% 35% 36*4 St Joe Lead ... 29 29 29 28% U S Smelters . 86% 86% 86% 86% Amusements— Fox Theat. 31% 31*4 31*4 31% Loews Inc ...... 49V* 49% 49% 49% Radio Corp 13% 13 13*/* 13 Paramount 10 10 10 10 RKO 8% 8% 8% 8% Warner Bros ... 13 13 13 13 Tobaccos— Am Tob “A”.. 94% 94% 94% 94% Am Tob “B” . . 95% 95V4 95% 95% Ligg k Myers B 105 105 105 104% Lorillard .... 23% 23% 23*/* 23*4 Reynolds Tob 'B’ 55*4 55*4 55% 55% Rails— Atchison 80% 77% 80% 77% Atl . Coast Lines 32% 32% 32% 31*2 B & O 23 22% 23 22% Can Pacific 14% 14% 14% 14% Ch k Ohio . 59% 59 % 59 Vi 59% Chi & Gt W pfd 7% 7 7 7 C M & St P 2% 2% 2% 2% C M & St P pfd 5% s*/* 5% 5% Chi N W 4-% 4% 4% 4*4 Chi N W pfd... 11 11 11 10% Dela k Hud ... 49% 48% 49% 47% Del Lac & W ... 21% 20% 21% 20% Erie 16% 16 16*4 16 Erie pfd 25% 25 25% 25 Gt Northern pfd 42% 42 42% 42*/s 111 Central 26% 25% 26% 25% K C Sou 23 22% 23 22% Lehigh Valley.. 13% 12% 13% 12% Lou & Nash ... 69 69 69 68 M K & T 8% 8% 8% 8% MK k T pfd.. 24'a 24% 24% 24 Mo Pac pfd ... 6% 6% 6% 6% N Y Cent 38% 38 38% 37% N Y New Haven 5 4% 5 4% N Y Ont & West 6% V 8 6% 6% Norfolk k West 233 233 233 233 Nor Pacific .... 34% 33*4 34% 33% Penn R R 36% 36 36% 35% Sou Pac 37% -36 37% 36% Sou R R 19% 18% 19% 18V* Union Pac 134 132*4 134 132 Wabash 4'/* 4*/* 4>* 4% West Maryland. 11% 11 11% 10% Am Car k Fdy. 39% 39% . 40 Am Loco 34% 34V, 34% 34% Am Steel Fdy... 31 31 31 31% Bald Loco 5% 5% 5% 5% Gen Am Tank O 57*4 57V, 57% 56% Gen Elec 41 40% 40% 40’* Pullman Inc ... 48% 48 48% 48*2 West Air Br ... 47% 47% 47% 47% Westingh Elec . .120% 120 120 120% Utilities— Am k For Pwr 7% 7% 7% 8 Am Power k Lit 9% 9% 9% 9% AT&T 174% 174 174% 174 Am Wat Wks .. 23% 23% 23% 23*1 Col Gas & Elec. 19% 19'* 19V* 19% Comm & Sou .. 3% 3% 3% 3% Consol Gas . 36% 36% 36*4 36% Pwr & Lit. 11% 11% 11% 10% Ivdro Elec.. 3% 3% 3% 4 Intcrboro R T.. 17% 17*4 17% 17 Int T k T ... 18*2 18*4 18*4 18% Nat Pwr & Lit.. 11 10% 11 11 North Amer ... 28% 28*i 28% 28% Pac G & E 34% 34% 34% 34% Sr. Cal Edison.. 25% 25% 25% 26'i Std Gas ...... 8 8 8 8% Stone & Webster 16% 16% 16% IS' 4 United Corp .... 7% 7'j 7% 7% Un Gas Imp. ... 17 17 17 17 Ut Pwr & U *A) 6*4 6*4 6*4 6% Western Union.. 93'* 93'* 93% 93% Rubbers— Firestone 30% 30% 30% 30% Goodrich 19 19 19 19 Goodyear 29*4 29 29% 28% U S Rubber . 19% 19% 19% 19% U S Rubber pfd.. 58% 58' 58% 58’a Miscellaneous— Allis Chalmers .. 45% 45% 45% 45% Amer Can 128% 128!* 128% 128 Am Mach & Fdy 26 26 26 26% Anchor Cap .. 26% 26'* 25% 26 Brklyn Man Tr . 48% 48% *o% 47*2 Burroughs Add . 30*2 30% 30% 30*2 Conti Can 82*4 82% 28*4 81% Caterpillar Tract 71% 71*2 71*2 70' 2 Curtis Pub .... 20% 20% 20% 20% D--re & Cos ... 72*2 75% 72*2 73 oster Wheeler . 34 33*2 33*2 35 Gillette 18 18 18 17% Glidden 51*4 51 51% 50% Inter Harv .. 72 71% 72 72 Natl Cnsh Reg 28% 28% 28% 28% Worthingt'n P 32% 32% 32% 31% Foods— Armour 6% 6% 6% 6% Beatrice Cream .21% 21 21*2 20% Borden Prod 29** 29 29% 29 Canada D G Ale 13% 13% 13% 13% Cont Bak ‘'A”... 17% 17% 17% 17% Corn Prod . . 77% 77'* 77'* 77 Cuban Am Sug 12% Gen Baking ... 13*4 Gan Foods 33% 33 s * 33% 33% Natl Biscuit ... 33% 33% 33% 33% Natl D Prod 24% 24% 24% 24% S Por Rico Sug 33% 33% 33% 33% Std Brands 16% 16% 16% 16% Un Biscuit 25 25 25 25 United Fruit .. 73% 73'2 73'a 73% Retail Stcres— Allied Stores 8% 8% S-4 B'Assd Drv Goods 17'* 17 17’* 16% First Natl Stores 44% 44% 4.% 44% Gimbel Bros ... 10 9% 9% 9% Kresge S S . 23% 23% 23 s * 23% Kroger Groc . 24 s * 24% 24 s * 24% Macy R H 48*2 48*2 48*2 48% McCrory St 13 s * 13% 13% 13% McLellan St .14 14 14 14 Marshall Field . 18 17% 17% 17% Mont Ward 41% 41** 41% 41'* Penney J C 74 74 74 74 Sears Roebuck . 64% 64% 64% 64 Woolworth 52% 52% 52* * 52% Aviation— Aviation Corp .. 6 s * 6% 6% 6% Boeing Aircft . 23’* 23% 23% 23% Curtiss Wright 6% 6% 6% 6 s * Curtiss Wright A 18 s * 18% 18% 18'* Douglas Air 71 71 71 70'* Nor Am Av_... 9 8% 9 8% Sperry Corp 21% 21 21% 21% United Air aft N 28% 28 s * 28% 29 Allied Chem 188 188 188 189% Am Com Alcohd* 32% 32'* 32% 31 s * Com Solvents ... 23% 22% 23% 23

THURSDAY, MARCH 5, 1936

DuPont 147% 147 147% 145 Freeport Tex ... 34 34 34 34% Liquid Carb . ... 39% 39% 39% 38% Natl Dis inew). 31% 31% 31% 31*2 Schenley Dist . 50% 50% 50% 50% Tex Gulf Sulph. 37*4 37% 37 *4 37% Union Carbide . 85% 85% 85% 85 U S Indus Alco. 46% 45% 45% 46% Drugs— Coty Inc 6% 6% 6% 6% Lehn & Fink... 13’2 13*2 13% 13% Zonite Prod 7% 7% 7% 7% Financial— Adams Exp 13% 13% 13% 13% Am Int Corp.... 12*4 12% 12', 12*2 Transamerica .. 14% 14% 14% 14'/* Tr Conti Corp.. 11% 11% 11% 11 Building— Am Radiator .. 23% 23% 23*/* 23% Gen Asphalt . . . 34% 34 34 34y 4 Libby Owens Gls 61% 61% 61% 61 Otis Elev 31 Vi 31% 31% 31% U S Gypsum.... 107 107 107 109'.* Household— Col Pal Peet.... 19% 19% 19% 18% oCngoleurn. 38% 38% 38% 39 Kelvinator .. 20% 20% 20% 20*4 Proc & Gamble. 47 47 47 47 Servel Inc 19% 19% 19% 19% Simmons Bed .. 27% 26% 27*2 26% Textiles— Celanese Corp.. 29% 29% 29% 29% Collins Aikman.. 46 46 46 46% Indus Rayon 30*4 30% 30% 30'% Kayser Julius.. 32*4 32% 32% 32 Real Silk 14% 14% 14 s * 14% Chicago Stocks (By Abbott, Proctor & Paine) 11:00 Prev. A. M. close. Berghoff 10% 10% Butler Bros 10% 10'% Chicago 6 6 Cities Service 5% 5*4 Com Edison 103*4 102*2 Conti Steel 40% 40% Cord 6% 6% Crane 27% 27% Elec House 16% 16% Gen House 4 4 Grt Lakes Dredge 29% 29% Libby 10'/* 10% McGraw Elec 30% 30% Natl Standard 40% 40% Noblitt Sparks 34% 34 V, Pub Servos North 111 59% 60 Swift 24 24 Swift Int 33% 33% Zenith 18 % 18 New York Curb (By Abbott, Proctor & Paine) 12:30 A. M. Prev. N. Y. close. Alumn Cos of Am 149 146 Am Cyanide "B” 37% 36% Am Superpower 32% Carrier Corp 11%, 11% Creole Petrol 31% 30 El Bond & Share 18V* 18% Fisk Rubber 7% 8 Ford of Can “A” 27 27% Imperial Oil 23% 23% Lake Shore Min 56% 56% Niag Hudson Pwr 9% 9% Pan Am Air 65% 65 Penroad 4% 5 Root P.?t 10% 10% St Regis s>/„ s'/a Money and Exchange TREASURY STATEMENT •By United Press) WASHINGTON. March s.—Government expenses and receipts for the current fisGal year to March 3, as compared with a year ago: This Year. Last Year. Expenses $4,800,338,157.11 $4,568,159,129.10 Receipts.. 2.373,723,223.78 2.285,783.289.70 Deficit... 2.426.614.933.33 2.282.375.839.40 Cash bal. 1,755.807,130.96 2,023,966,275.08 Investment Trusts (By Thomas D. Sheerin & Cos.) Bid. Asked. Administered Fund 2nd $17.20 $ 18.30 Affiliated Fund, Inc 1.97 2.15 American General Equities .. 1.12 1.21 American Business Shares ... 1.18 1.29 Bullock Fund Ltd ; 17.90 19.50 Century Shares Trust 28.35 30.49 Collateral Tr Shares “A” 6.64 6.72 Corp "AA'’ or lAccum” (Mod) 3.34 3.37 Corp AA or ACC (Unmod).. 2.68 2.71 Corp Trust Shares lOrig) 2.83 2.86 Diversified Trustee Shares “B" 11.00 11.10 Diversified Trustee Shares “C” 4.58 4.62 Diversified Trustee Sharles “D” 6.85 6.95 Dividend Shares, Inc 1.67 1.80 Incorporated Investors 22.85 24.53 •Investors Fund Amer 1.08 1.18 Market St Investment Corp. 31.94 33.61 •Maryland Fund 19.35 20.90 Massachusetts Investors 25.75 27.96 Nation-Wide Sec Cos ’ B’’ 4.75 Nation-Wide Voting 1.75 1.91 North American Tr Shs 1955 3.36 3.39 North American Tr Shs 1956 3.32 3.35 North American Tr Shs (Orig) 2.62 1.71 Quarterly Income Shares 1.59 1.72 Representative Trust Shares . 12.55 12.70 Amer Shares, Inc . 1.58 1.73 Selected Amer Shares (Orig). 3.68 ... Selected Cumulative Shares . 9.39 9.49 Selected Income Shares ... 4.97 5.07 State Street Investment Corp 98.75 103.25 Super-Corp of America “AA". 2.82 2.85 Super-Corp of America ‘BB”. 2.85 2.88 Super-Corp of America “A" . 4.20 4.25 Super-Ccrp of America “B” 4.40 4.45 Super-Corp of A ”C” and “D” 8.13 8.21 Supe’/vised Shares. Inc iDeD. 1.69 1.85 Trustee Stand Oilshares “A". 7.65 7.75 Trusiee Stand Oilshares ’’B". 6.76 6.86 Trustee Stand Investment “C” 3.00 3.03 Trustee Stand Investment “D” 2.94 2.97 Universal Trust Shares 4.27 Useips "A” 18.75 19.15 Uselps “B” 2.92 Useips Voting 1.13 .... •Ex-dividend. Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers’ 64% 66*2 Central Hanover 114 116*4 Chase 40 41% Chemical National 59 60% Guaranty 292 296% Irving 16% 17% Manufacturers 47% 49 National City 36% 37% Cont 111 Chicago .....162% 165% First National Boston 47* * 48% National Shawmut • 27 28% FIRE INSURANCE Aetna Fire 60 1 2 62% American Ins of Newark...... 16 s * 18*4 Baltimore American 9*2 11 Citv of New York 30*4 32% Federal Ins 55 58% Franklin Fire . 32% 34*2 Great American Ins 31'* 32% Hanover Fire Ins 40 41% Hartford Fire Ins 85 87*4 Home Ins 37% 39(2 National Fire 81% 84 Ins Cos of A 77% 79*2 National Liberty 10% 12% National Fire 81% 84 North River 28 30 Phoenix 99 100% U S Fine 57 59% Westchester Fire 38% 40% Chicago Grain Futures (By James E. Bennett & Cos.) 11:00 Prev. Wheat— High. Low. A. M. close. Mav 1.00% .99% I.oo‘* 1 00% July 90*8 .89% .90'* .% Sept 89 .88% .88% .86* 4 Corn— Mav 61% .61% .61'* .61'* Julv 61% .61*4 .61*4 .61% Sept 61 s * .61'* .61% .61 Oats— Mav 28% .28% .28% .28% Julv 28% .28*4 .28% .28*4 Sept 28 .28 .28 .28 RyeMay 57'j .57'* .57'* .57*4 July 57% .56% 56% .56% UTILITY FILES WITH SEC Br United Press WASHINGTON. March s—The Pacific Gas and Electric Cos. of San Francisco has filed registration of a $90,000,000 bond issue with the Securities and Exchange Commission, it was learned today. 1

LOOK TO SHARP GAIN IN ORDERS FOR EQUIPMENT

Mounting Net of Oil Trade Expected to Spur Replacement. Times Special NEW YORK, March s.—With profits of the oil industry in 1935 running up to $275,000,00 or more, a record high since 1930, according to trade estimates, furnishers of materials and equipment to the trade were looking forward today to a sharp expansion of orders in 1936 from this source. Customarily, the oil industry spends in an active year approximately $850,000,000 for supplies, materials, equipment and expansion. A high percentage of this huge outlay reaches the steel industry. Oil purchases have been under curtailment as the industry fought the depression in 1931, 1932 and 1933, and current and accumulated demand this year, it has been estimated, may account for nearly a billion dollars of new purchases. Improved Status Factor Strengthening of the statistical position of the industry by four successive years of steady improvement has encouraged formation of a record program of expansion and reequipment for 1936, An itemization of some of the projected purchases this year includes 6,000,000 steel drums, 535,000,000 tin cans, 607,000 tons of steel pipe, 4,200,000 tons of sulphuric acid. 2.500.000 gallons of ethyl alcohol, 750,000 gallons of paint, $15,000,000 worth of rubber tires and inner tubes, $2,500,000 worth of lumbar and $33,000,00 worth of electric power. Eight companies have made public their 1935 reports so far. Eich has shown a profit, and only one failed to show a wide gain over 1934 earnings—the Atlantic Refining Cos., engaged primarily in refining and marketing operations. Sun Oil Cos. earned $3.45 a share on the common, against $2.98 in 1934, Pure Oil Cos. reported $1.99, against a deficit of 97 cents in 1934. Union Oil of California earned $1.15, against 66 cents in 1934; Houston Oil Cos., 27 cents, against a deficit of 29 cents, and Shell Union Oil 35 cents, compared with a deficit of 27 cents. Atlantic Refining earnings dropped from $2.07 to $1.49. Crude Stocks Reduced The price of crude oil was steady around $1 a barrel in 1935. It has moved up approximately ten cents since the turn of the year. Control of production, a moderate success in 1935, tightened this year with the new California field the only locality running dangerously over allotment. Stocks of crude above ground at the end of 1935 stood at 311,000,000 barrels, the smallest in any recent year. Demand for gasoline rose 6 • cents in 1935 and in January of this year ran 15 to 20 per cent above the corresponding months of 1935. Standard Statistics, surveying the industry recently, declared prospects for favorable earnings in 1936 are the best since the beginning of the depression. COMMON STOCK VALUE INCREASES SHARPLY 100 Representative Issues Advance 79 Per Cent in 11 Months. By United Press NEW YORK, March s.—The market value of 100 representative common stocks has increased almost 79 per cent in 11 months of market advance, according to a compilation by Frazier Jelke & Cos., released today. On Feb. 29 these stocks were apraised at $20,608,620,000, compared with $11,647,030,000 on March 31, 1935, a rise of $8,9^1,590.000. During the period the utilities, mines motors, steels and building shares more than doubled in value. In February the market appraisal of the 100 stocks increased $395,797,000, or 1.8 per cent nine of the 13 sub-groups advancing. The largest rise was a gain of $158,549,000 in the steels. On a percentage basis the February advances were 16.8 per cent in the steels, 10 per cent in the railroad equipments, 7.3 per cent in the chemicals, 7.2 per cent in the mines, 6.2 per cent in the building shares, 4.7 per cent in the rails, 1.9 per cent in the motors and 1.5 per cent in the miscellaneous industrials. ALLOCATES RAIL ORDERS 6800 Tons Contracted for With Steel Companies. By United Press CLEVELAND. March 5. The New York, Chicago & St. Louis Railroad today had allocated orders for 6800 tons of 112-pound rail. Bethelehem Steel Corp., Lackawanna <N. Y.) plant, received 800 tons; Carnegie-Illinois Steel Cos. Bessemer plant, 1250 tons; CarnegieIllinois Steel Cos., Gary (Ind.) plant, 3250 tons, and Inland Steel Cos., Indiana Harbor plant, 1500 tons. Produce Markets The prices quoted are paid for stock I (fathered in the country, while delivered j in Indianapolis the price is a cent higher. Heavy breed hens. 18c: Leghorn breed i hens. 13c; Leghorn springers, 12c: old I stags. 13c; old cockS, 9c. Ducks, white. 5 : lbs. and over, 11c; geese, full feathered, | all sizes, 10c; all guineas. I*2 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 i lbs. will be made. No. 1 butter. 39%@40%c; : No. 2, 37%@38%c. Butterfat. 35c, ‘By United Press' CHICAGO March s.—Eggs—Market steady: receipts. 12.365 cases: fresh graded | firsts. 23%c: extra firsts. 24c; current re- ; ccipts, 21%c; dirties, 20c; checks. 19c Butter—Market, weak; receipts.’B99l tubs: extra firsts <9O-91*2 scorei. 31%@31%c: extras •92 scorei. 32%c: firsts 188-89* 2 score 1. 31®31%c: specials. 32%®33%c; standards. 32c. Poultry—Market, steady; receipts. 14 ; trucks: ducks, 21® 24c: geese. 18c; spring : chickens. 24c; hens. 20®22%c: turkeys. 20 |523c: capons. 25(&26c: Leghorn hens, 14'<i 1 19c; old roosters. 16c; broilers. 22%; stags, ■ 20c. Dressed poultry—Turkevs, voung toms. ■! 26@27%c; hen turkeys. 27c: capons. 27® 30c Cheese—Twins. 15% Hi 15%c: Daisies, • 15*2TT 15%c; Longhorns. 15%‘ff 16%c. Pota-toes-Supply. moderate: demand, slow; market firm on McClures and western Triumps: steady on other stock; Idaho Russet Burbanks. $1.70(5180; U. S. No. 2. $1.50; Wisconsin round whites, $1.1551.20; Commercials. *151.05: Colorado McClures. ! $1.92*2; Nebraska Bliss Triumphs. *1.455 1.65. Arrivals, 86; on track, 212; shipmeats, 856,

PAGE 19

Stock Prices — 1933-1936 By United Press NEW YORK. March s.—Three years ago today stock markets were closed for the bank holiday. Since then values of all listed issues on the New York Stock Exchange have risen $31,000,000,000. The following list gives some of the principal gains: Close March 3. 1933 Today Gain Allied Chemical 77% 187 lOC'i Amer. Tel & Tel 99% 174 74% J. I. Case 36% 1214 84% Chrysler 84 99% 91*2 Du Pont 354 147% 1124 General Motors 104 62 4 51 % U. S. Steel 26 4 654 49 4 Western Union 20 934 734 Westinghouse Elec 224 120 97 4

N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails Util Bonds Todav 92.6 93.9 105.1 97.2 Yesterday 92.7 93.8 105.0 97 2 Week ago 92.8 93.6 104.8 9i.l Month ago 92.8 91.7 105.2 06.6 Year ago 86.7 78.7 94.6 86 1 1936 high 93.4 95.6 105.5 97.9 1936 low 91-6 84. 1 103.5 93.3 (Copyright. 1936. bv Standard Statistics) U. S. GOVERNMENT BONDS (Bv Abbott. Proctor & Paine) Treasury's Prev. Close, close. 4(4 s 1947-52 11T.5 4s 1944-54 02.20 112.14 3%s 1946-56 110 14 110.21 3%s 1940-46 108.20 108.16 35,, 1943-47 107.19 107.19 3%s 1941-43 108.28 108.25 3%s 1943-45 107.8 •)i.c IQ4I 109 lCu.Jy 3%s 1944-46 106.29 106.22 3%s 1946-69 " 105.75 105.1 3 its 1949-52 I: . .... 105.2 104.30 3s 1961-55 " 103.27 103.20 3s 1946-48 104.7 104.5 2%s 1955-60 :: 101 10 101.6 2%s 1945-47 102.7 102.75 Home Owners Loan Corp. 2%S 1949 101-5 101.3 3s 1952 102.7 102.3 Federal Farm Mortgage Corp. 3*ls 1964 103.31 102.27 3s 1949 ! 102.16 102.14 3s 1942-47 102.31 103 2%s 1947 . 101.23 101.20 DOMESTIC Prev. Close close Alleg corp 5s ’44 94 93% Alleg Corp 5s 49 89 89 2 Alleg Corp 5s 'SO T7/a *(,4 Am Tel & Tel s*/ 2 s '43 114 Va 114 Am Tel & Tel 5s '65 114% 114 Arm &Cos (Del) 5%s ’43 .... 97% 97/* Atl Coast Line 4s ’52 98 /* 98 /4 Atl Coast Line 4%s 64 86 86 ,4 Atch Top &S Fe 4%s ’4B. ...114 114 Am Wat Wks 5s ’44 112 112 Am Rolling Mills 5s ’3B 127% 127 a Balt & Ohio 6s ’95 98 97% Balt & Ohio 4%s ’6O ........ 75% 75% Buff Roch & Pitt 4%s ’57.... 82 81% Beth Steel 4 Vis ’6O . 105% 105% Chi Milw & St P 5s '75 23 22_4 Chi Milw & St P 5s 2000 8% 8% Cleve Un Term 5s ’73 106'% 106* Cleve Un Term 4%s ’77 100 99% Col Gas 5s May ’52 103 103 Col Gas 5s ’6l 102% 101% Can Pac Perp 4s 93*,a 93% Cent Pac 5s ’6O 96% 9( Big Four 4Vis ’77 90% 90% Colorado & So 4%s ’BO 76 75/4 Chi & West Ind 4s '52 104% 103'* Chi & West Ind 5%s ’62 ....107*% 107*% Chi & Nor West 4%s ’49 16 15% Con Gas 5s ’57 104% 705 Chesa Corp 5s ’47 135 133 * Del & Huds 4s ’43 101% 101*4 N Y Dock 5s ’3B 71 71 Erie 5s ’75 80% 81% Erie 5s ’67 81*/* 81% Gen Cable 5%s ’47 105 105 Grt Northern 7s ’36 102*/* 102 Grt Northern 4%s ’76 707 JO3 Grt Northern 4%s ’77 103% 703% Hud & Manhat Ref 5s ’57 .... 85% 86% 111 Cent 4%s ’66 82 79 111 Cent Jt 4Vis ’63 82% 82% 111 Cent 5s ’63 87% 87% Interlace C & I 5s ’sl 96 96 * Interntl Hy Elec 6s '44 a3% 54% Interntl Tel & Tel 4%s ’39.... 97 96 Interntl Tel & Tel 5s ’55 90% 90% Interntl Tel & Tel 4%s ’52.... 86% 85% McKess & Rob sVis ’SO 103% 104 Natl Dairy 5%s ’4B 10 2/, 2 Natl Steel 5s *56 106% 106% Nickel Plate 4%s ’7B 85% 85 Nickel Plate 5%s ’74 95% 94% N Y Cent 5s 2013 92 92 N Y Cent 4%s 2013 (old) 86% 86 Nor Amer Cos 5s ’6l 105% 105/2 Nor Pac 3s 2047 82 81% Nor Pac 4%s 2047 101% 102 Nor Pac 6s 2047 110% 111 New Orleans Term 4s ’53 91% 92 Penn Ry 4*/ 4 s ’B4 110 Va 110 /z Penn Ry 4*/ 4 s ’Bl 11l 111 Penn Ry 4%s ’7O 103% 108'* Pac GkE 5s ’42 93% 94% Portland Gen El 4%s ’6O 74% 74% Para Publix 5%s ’SO 91 90% Penn P& L 4%s ’Bl 107*/ 4 107 Postal Tel & Cab 5s ’53 39 38 Rem Rand WW 5%s ’47 ....109% 109% Shell Union Oil 5s '47 102% 103 Sou Pac 4%s '6B 92 91 4 Sou Pac 4%s ’Bl 90% 90% Sou Pac 4Vss ’69 90% 90% Sou Pac 4s 49 89% 81 ,i Sou Rail 4s ’56 63% 65 Sou Rail 6s ’56 80' 4 81,2 Sou Rail 6Vis '56 84% 84 Sharon Stl Hoop 5%s '4B •... 103% 103% Texas Pac 5s ’BO 103 JSH"? Texas Pac 5s ’79 103 * s 102 * 2 Texas Pac 5s ’77 l® 3 y? 1??,, Union Pac 4s '47 114% 114% United Drug 5s ’53 101% 101% C S Rubber 5s ’47 105% 105% NY NH & Hart 6s '4B 35% 37% NY NH & Hart 4%s ’67 35 34% Warner Bros 6s ’39 94 94 Western Mary 5%s ’77 I°B_ 108% Western Mary 4s '52 100% 99% Youngst’n S & T 5s ’7O ....106% 106% Youngst’n S & T 5s ’7B 106 106 FOREIGN Argentina A 6s ’57 100 99% Argentine B6s ’SB 99% 99% Brazil 8s '4l 33 32% Canadian Govt 4s ’6O 108% 108% Denmark 5%s ’55 102 101% German 5%s ’65 28 28*4 German 7s ’49 37V* 37 Italy 7s ’sl 67 67% Janan 6Vis '54 97% 97% Poland 7s ’47 107*/ 4 107'/* Rome 6%s '52 58 % 57% Tokio City 5%s ’6l 79*2 79 Yokohama 6s '6l 83% 84

Local Securities (By Indianapolis Bond & Share Corp.) The following quotations do not represent actua. bids or offerings, but merely indicate the approximate market level on buying and selling inquiries or recent transactions. BONDS Bid. Ask. Home T & T. Fort Wayne. 5% 104 105 Home T & T. Fort Wayne. 6 .103 106 Indianapolis Railways, Inc... 67*2 70 Indianapolis Water Cos.. 4*2 .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 T & T. 5*2 95 97 Kokomo Water Works. 5 104% 105% Morris 5 & 10 Stores. 5 100 103 Muncie Water Works. 5 . 103 Noblesville Heat. Lt. k Pwr. 6% 98 100% Ohio Telephone Service. 6 ... 97% Richmond Water Works. 5 .. 1046 106 Seymour Water Cos.. 5 101 104 Terre Haute Trac & Light. 5 106 108 Terre Haute Water Works. 102 104 Terre Haute Water Works ...103 105 Traction Terminal Cos.. 5 .... 77 80 STOCKS Belt R R k Stock Yards Com 53 55 Belt R R & Stock Yards pfd. 6 72% Central Ind Pwr pfd. 7 .20 23 Home TANARUS& T. Fort Wayne. 7.. >2% 54*2 Hook Drugs. Inc., com ... 16*2 18 Ind & Mich Elec Cos., pfd. 7 103% 106% •Ind General Service Cos.. 6 . 96*2 99 Ind HvdiO Elec Cos.. 7 .59 62 Indianapolis Gas Cos., com.. 6 . 35 38 •Indpls Pow & Lt Cos . pfd.. 6 88 91 •Indpls Pow & Lt Cos . pfd.. 6*2 92 95 Indianapolis Water Cos pfd. 5 103% 106*2 North Ind Pub Serv pfd. 5*2. 69 72 North Ind Pub Serv pfd. 6 . 76 79 North Ind Pub Serv pfd. 7.- 85 88 Progress Laundry Cos, com 9 10% Pub Serv Cos of Indiana, pfd. 6 21% 24% Pub Serv Cos of Indiana, pfd. 7 46 49 South Ind Gas & E>jc. pfd. 6 97 101 Terre Haute Elec Cos, 6 . . 87% 89% Union Title Cos. com, 6 20% 23 •Ex-dividend. BUS TRAFFIC GAINS Times Special CHICAGO, March s.—The Chicago Motor Coach Cos. today reported an increase of 22.57 per cent in passengers carried during February, compared with the same month a year ago. The increase excludes riders transferring from the elevated lines. PROFIT REPLACES LOSS Times Special CLEVELAND, March s.—The Republic Steel Corp. today reported a net profit of $4,445,735 for 1935, compared with a net loss of $3,459,428 in 1934. ‘

Alien Bonds Little Changed Foreign bonds remained practically unchanged during February, according to Foreign Bond Associates, The index of 50 representative issues, which stood at 5,9i on Feb. 29, compared with 55.59 on Jan. 31.

SWINE MARKET TURNS UNEVEN Prices Steady to 20 Cents Lower; Veals Weak at $9 Down. The swinee market displayed an uneven trading range today at the Indianapolis Union Stockyards. Prices were generally steady to 20 cents lower than yesterday's best average. Lightweights suffered the full loss. A slightly weaker demand and an increase in receipts, both at the local exchange and at surrounding centers, was believed largely responsible for the downward movement. Receipts were estimated at 5000, compared with 4000 on hand yesterday. Holdovers numbered 367. The bulk of 160 to 225 pounds cashed in at $10.60 to $19.70, while 225 to 275 pounds brought $10.20 to $10.50. Extreme heavies, scaling 275 to 350 pounds, sold at $9.80 to $lO.lO. Lightweights, from 130 to 160 pounds, were salable at $9.75 to $10.25. Packing sows held at $9 to $9.50. Finished steers were steady in the cattle market while other grades were slightly lower. Top steers sold at sll. Bulk of heifers sold at $7.50 to $9.25. Beef cows and bulls remained unchanged, with the latter selling at $5.50 to $6.75. Receipts numbered 1000. Vealers were sharply 50 cents lower than yesterday, selling at $9 down. Receipts were 700. The lamb market was strong with most fed Western kinds active to 10 cents higher. Bulk sold at $9.75 to $9.85. Most native classes sold downward from $9.50. Slaughter sheep held at $3 to $5. Receipts were 2000, HOGS Feb. Bulk. Top. Receipts. 28. $10.55® 10.65 $10.65 5000 29. [email protected] 10.75 1000 March. 2. 10.65010.75 10.75 6000 3. 10.65010.75 10.75 4500 4. 10.80010.90 10.90 4000 5. [email protected] 10.70 5000 Light Lights (140-160) Good and choice* 9.75010.60 Medium ... . . 9.25010.10 (160-180) Good and chocie.. 10.60010.70 Medium 10.10010.60 (180-200) Good and choice.. 10 60010 70 Medium 10.10010.60 (200-2201 Good and choice.. 10.60010.70 (220-2501 Good and choice.. 10.400 10 60 Heavyweights (250-290) Good and choice.. 10.10010 40 (290-3501 Good and choice.. 9.80010.10 Packing Sows (275-3501 Good 9.100 9.35 (350-425) Good 9.00 0 9.25 1425-550) Good 8.750 9 10 (275-350) Medium 8.50® 9.00 Slaughter Pigs (100-140) Good and choice.. 9.000 9.75 Medium 8.000 9.25 CATTLE —Receipts. 1000— (550-900) Choice $ 9 50010.50 Good 7.750 9.75 Medium 6.50® 7.75 Common ... 5.250 6.50 (900-1100) Choice 10.00011.50 Good 8.25010.00 Medium 6.50® 8 25 Common 5.25® 6.50 (1100-1300) Choice 10.50 011.75 Good 8.25010.50 Medium 6.75® 8.25 (1300-1500) Choice [email protected] Good [email protected] Heifers (500-750) Choice 7.50® 8.75 Good 6.75® 7.50 Common and medium 5.00® 6 75 (150-900) Good and choice... 7.00® 900 Common and medium 5.25® 7.00 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 m and. bulls.. 5.00® 6.50 VEALERS —Receipts, 700— Good and choice $ 8.50® 900 Medium 6.00® 8.50 Cull and common 4.00® 6.00 Calves (250-500) Good and choice .. 7 00® 9.50 Common and medium 4.50@ 7.00 Feeder and Storker Cattle (500-8001 Good and choice . 6.50® 750 Common and medium ..... 5.00® 650 (800-10d0i Good and choice . 6 50® 750 Common and medium 5.00® 6.50 Cows g ood 4.50® 5.00 Common and medium 4.00® 4.50 SHEEP AND LAMBS —Receipts. 2000— Lambs, 90-Ibs, down, good and choice $ 9.50® 9.85 °°°“ 9.00® 8,30 e Common 7.00® 8.50 (90-1751 Good and choice . 4.00® 500 Common and medium 3 00® 4 00 wethers, good choice 8.25® 900 Medium 7.00® 8.25 LOCAL CASH MARKET f„? it Nj ?r 3 in e J? vat 2 rs arfi Paying 96 cents !hPir N m.rL S Wheat. Other grades on '-ash corn new No. 4 yellow oO cents and oats 21 cents.

Government Bonds Home Owners' Loan Corporation and Municipal Bonds The Union Trust Cos. ★ of Indianapolis + BOND DEPARTMENT 120 E. MARKET RILEY 5341

Thomson & McKinnon MEMBERS NEW YORE rUir*r*A New York Stock Exchange. TORONTO 1 UIvUA 1 U New York Cotton Exchange. BOSTON New York Coffee and Sugar Exchange SOUTH BEND qjl New Orleans Cotton Exchange, pep WAY'VF Chicago Stock Exchange FUAYCVIIIP Chicago Board of Trade li V AINSV ILLu W innipeg Grain Exchange Indianapolis Office And other leading Exchange* 200-214 Circle Tower LI. 5501

URGE I, C. C. TO RETAIN FREIGHT RATE CHARGES

Rail Chiefs Gloomy Over Prospects of U. S. Carriers. By T'nitcd Press WASHINGTON, March s.—Railroad chieftains, painting a gloomy picture of American rail prospects, today urged that the Interstate Commerce Commission continue indefinitely the emergency freight rate surcharges. The railroad leaders said that even if the rates were continued past June 30. the carriers still would be “in the led.” Dr. Julius H. Parmelee. director of the Bureau of Railway Economics of the Association of American Railroads, and R. V. Fletcher, general counsel of the association,’ took the lead in the discussion. Dr. Parmelee said that even if the emergency rates were continued the railroads of the countrv would “fail by approximately $150,000,000 to meet increased costs of operation.” “Desperate Need of Revenue” He said that the carriers had shown some improvement during the last year because of an upturn in freight traffic, but that their annual deficits still were being written in red ink. The railroads of this country are still in desperate need of revenue and the emergency charges should be continued indefinitely,” Mr Mr. Fletcher said. “But for these emergency increases the year 1935 would have been disastrous for the rail carriers of this nation ’’ Because of increased operating costs and the new social security act and railway pension act, Mr. Fletcher said, no reductions in expenses were in sight. CRANE EARNINGS RISE Sales Increase of 13 Per Cent Doubles Net Income. Times Special CHICAGO, March 5.—A 13 per cent increase in net sales of Crane Cos. during 1935 resulted in the highest net income earned by the company since 1930, according to the annual report released today. Sales, however, are still below the normal mark, officials declared. The 1935 profit amounted to $2,590,289 before extraordinary charges, equal, after preferred dividends, to 67 cents a share on the 2.348,628 shares of common stock. The company had a net income of $1,442,637, or 18 cents on the common stock, ’ Other Livestock (By United Press) .CHICAGO. March s.—Hogs—ReceiDts 12,000, including 2000 directs; market steady to 10 cents lower than Wednesday % 5X r s b * e; sparingp; bulk lho- - $10.35®. 10.60; 250-300 lbs $9 90® ?0 25® ?o'sn 50 lbK " 659,9 90; light hgh%. $10.25® 10.50, sows, *8 85® 9.35. Cattle—--7°o0 h CaheS ' 1500: seneral market le. s active, shipper demand narrow; trade steady to 15 cents lower; lower grades however showing downturn; such offerings la to 25 cents lower for last two days—eln'ln seilln B at $9 down; best steers early, $7 7S®Q9°s me h £ ld well above *D: largely 5,. 75 @9.25 market on steers: all grades of heifers fully steady: best. $8.75; fat cows, a . cen , ts lower : cutters and bulls steady to weak; vealers unevenly steady to 25 cents lower; best around $9. SheepReceipts. 8000; fat lambs steady to strong' 10 Jo 15 , cents higher; sharply higher, asking prices meeting resistanceother classes unevenly strong to 25 cents higher, few corn belt fed lambs grading good and choice, $9.25® 9.85; best held *?i gber: f choice, $4 lb.: fall shorn yearlings, iPu f 2i n 4 doubles around 75 lb shearing lambs, $9.50; most ewes. $4®5.50. LAFAYETTE. Ind., March s.—Hog marsteady to 10 cents lower: 170-210 lbs.. oasoen' lo .u°’ 2io-235 lbs.. *10.25® 10.40; 235-260 lbs., $10.05® 10.15; 260-325 lbs 7 5<5.9.95; 140-170 lbs $9.75® 10; 100-140 lbs . *9® 9.50. Roughs. $9.25 down. Calves. $8 down. Lambs. $9 down. FORT WAYNE. Ind.. March s.—Hogs Market, 10® 15c lower: 160-180 lbs., $lO 60-180-200 lbs., $10.50; 200-225 lb.s . $lO 40' 225-250 lbs.. $10.30: 250-275 lbs.. *10.75: 275300 lbs,. $10.05; 300-35 lbs . $9 80: 140-160 lbs.. $10.20; 120-140 lbs., $10; 100-120 lbs $9.70; roughs, $8.5: stags, $6.75; calves, $9; lambs, $9.25. (Times Special) LOUISVILLE. March s.—Cattle —Receipts, 275: demand still broad for most classes' slaughter cattle active, fully steady at week's advance: most common to medium grade steers and heifers Salable, s6® 7.50only few common dairy-bred and offcolored steers and heifers down to *5 75 or below; better finished steers considered salable upwards of $8: bulk beef cows, $4.75® 5.50; good kinds and smooth heifer types quotable to $6 or better; low cutters and cutters mostly $3.50® 4 50: sausage bulls considered salable, $5.25® 6.75. light beef type Stockers and stock calves. s6® 8; desirable native feeding steers. $6.50® 7 50. Calves—Receipts, 200; market weak to 50 cents lower: most loss on better grades: good to choice vealers. $7 50® 8.50; most medium grades. s6® 7; plainer sorts. $5 50 Hown. Hogs—Receipts. 600: weights from lfto lbs. up and sows 15 cents lower; 120155 lbs.. 10 cents higher: top and bulk bette.-. 160-225 lb weights. $lO 55: 230-250 lbs., $lO 25: 255-300 lbs $9.70; 305 lb.s up $9.25; 120-155 lbs.. *9.70: sows. $8 35: soft hogs or distillery mash feeding subject to a discount of $2 or more. Sheep—Receipts, 25: steady "for meager quota of slaughter sheep and lambs; most better native lambs. $8,509; choice quotable higher: plainer grades, sß® 7.50; bulk fat ewes, $4 down.

INVEST with Ist Mortgage Security on Improved Real Estate BUY Building & Loan Shares