Indianapolis Times, Volume 47, Number 310, Indianapolis, Marion County, 6 March 1936 — Page 36

Trends Levying* ‘Windfall’ Tax Might Be Difficult. BY JOHN T. FLYNN

NEW YORK. March 6—President Roosevelt has aroused curiosity by talking about a windfall tax. when in outlining his new tax program he declared that some means might be found to recapture from the flour millers and packeis and others the process taxes which they had collected from their customers but had not paid to the government because of

the AAA decision. Calling this a windfall tax puzzled the reporters who were questioning him. What is a windfall tax? It is, of course, a profit lax, although this is a rather new ( term for it. Economists speak of normal profits and windfall profits. The terms are fairly self-de-fined. A normal profit is the profit

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Flynn

which the enterpriser hopes to make after he has determined the cost of production and settled on the price at which he will sell his product in order to recover for him that cost of production plus the usual profit of the trade. However, under special circumstances, windfall profits fall into his lap. u a LET us suppose a fire manufacturer buys a large supply of rubber at 14 cents. After he has stored up rubber to make tires from, some unforeseen set of circumstances sends the rubber up to 20 cents a pound. Although he has not paid 20 cents for the rubber, but only 15 cents, the manufacturer will include ihat additional 6 cents a pound for rubber in the cost of his tires and recover it in price. This is a windfall profit. Under the AAA law, a flour miller was compelled to pay to the government a tax on every bushel of wheat which he processed. When suits were instituted against the government to declare the AAA unconstitutional, the courts ordered the amounts of these taxes paid by the millers set aside in a special fund. a u n HOWEVER, the millers, in selling their flour, included the taxes in the price and got them back. When the AAA was declared unconstitutional, the courts ordered the government to turn back to the millers all the taxes they had deposited. Thus they got back their taxes both from the government and the purchaser; and this would very probably be called a windfall profit. Now the President would like to take this money away from them by a windfall tax. To do so he would have to impose the tax so that it fell on no one but millers and bakers and those who recollected these processing taxes. And since a windfall tax, if we are to speak of such a tax. is a profits tax or an income tax, it is difficult to see how the government could lay an income tax on meat packers and flour millers and not on other manufacturers. (Copyright. 1936. by NEA Service, Inc.) UNITED MINE WORKERS DEFEND GUFFEY LAW Labor Counsel Files Brief With Supreme Court. Bv United Prrxx WASHINGTON. March 6. —The United Mine Workers of America, whose strike threats hastened the enactment of the Guffey coal control law, today defended the “little NRA’’ in the Supreme Court against attack by James Walter Carter, West Virginia coal operator. In a brief filed as a “friend of the court,” Henry Warrum, counsel for the mine workers, asserted the industry is “chronically insolvent” and that even with collective bargaining employes could not make a living wage. Mr. Warrum's brief asserted that only under NRA had the industry seen able to break as well as even. On Commission Row (Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUlTS—Strawberries: Florida. pint. 20c; 36-pint crates. 19c. Cranberries. C. C. Howes. Eat mores, 25-lb box. $2.50. Pears: Washington D'Anjo (100s box). $3.25; Washington Bose ilofl-120st, $3.25; California. Avacado i2OO-24sj, $3 50. Grapes: Extra Fancv Emperors (34-lb. sawdust chestt. $3 50. Limes: Mexican carton 22c Persian seedless tdoz.i, 45c Dates: Fresh Arizona, $1.50. Bananas, seven hands, pound. s',c. Apples: Delicious (fancy baskets). $150: Jonathans. $1.60; Grimes Oolden. $1 25 Rome Beauty. $1.65. Lemons: Sunklst • 3605•. $6 Grapefruit: Texas seedless is4a-80st. $3.75. Arizona gunkist '80:i. $3 Tangerines. Florida (120s. 1445. ;$). $1.75. VEGETABLES Artichoke. California (doz.), $1.15. Beans, green round slringless (hampers'. $2.75. Beets: Texas (3 doz. crate' $1 50: cut offs ibu.), sl. Brussels Sprouts. California <lb.i, 18c. Cabbage, New York Danish (50-lb. bag'. 90c; New Texas tcratei. $2 15. Red Cabbage 'SO-lb. bag). $2. Carrots. California '6 doz crate). $2 25 Texas 'S'; doz. crate). $1 65 (bushel). $1.65. Cauliflower. California 'l2s crate.. $175. Celery. Florida washed and trimmed idoz.l, 45c6 90c. Florida (4s. 6s. Bs. 10s crate). $3.25. Cucumbers, hothousa (doz.). $1.25; (southern busheli. $6 Egg plant. Florida (do* ). $1 50. Kale (V(rginia busheli, 85c. Lettuce. Iceberg Arizona (best 4s. ss), $3 25; home grown leaf (15-lb. baskets). 75c Endive. California idez i. 90c. Peppers, mangoes (crate). $6.50; peck basket. $1.65; tdoz.i. 45c. Mint, hothouse (doz). 75c. Mushrooms ipoundsi. 30c. Mustard. Texas ibunch). 75c. Onions—- . Indiana vellow (50-lb bag), *1.25; In- \ diana veflow 110-lb. bag). 28c: Western \ Spanish 150-lb bag). *1 75. Oyster plant. \ home grown idoz.t. 40c Parsley, southern \i long bunches doz.). 45c. Parnips. home (crown washed ibusheli. *1: ihalf-bushel). ftOc Peas. Florida ihamperl, *2.50. Potatoes Michigan Round Whites (100-lb. bagi. $1 75. Main Oreen Mountains 1100-lb. hag). *2.25; R It. Early Ohtos (100-lb. beg'. R R Cobblers v 100-lb. bagi, *1 90. Idaho Russets (100-lb bag. *2 35: Idaho bakers '7os box). *2.50: Col. McClures, 100lb. bag'. *2 10: New Texas Triumphs 150lb, bag). *2.15. Sweet Potatoes. Indiana Jerseys (Is busheli. $1.50: medium (bushel). *1: Tennessee Nancv Halls (hamper*). *1.15: Southern Puerio Ricans bushel crate). *l5O Radishes. home " yjwqwn buttons idoz.l. 45c 1 , white. 40c HKMuirb hothouse (bunch). 50c Rtuaidoz) 4$V Shallots. Louisiana (doz (. 456 50c. Spinach New Texas (bushel). *1 Turnips, home grown washed 'bushel'. $1 SO Tomatoes repacked (10-lb. box). $1.60; original Cuban 30-lb. lugi. *3. MITT* AND VEGETABLES (By United Press 1 CHICAGO March 6—Apples-Michigan Bclntosh. bu.. 75c*i *1.50 Carrots—lllinois. bu., 256 35c. Sweet Potatoes—Tennessee bu., 65690 c, Beans—Plorida. bu *1.50% S. Cabbage—Texas, crates *1 50%1.75 Pea*—California, bu hampers. *2 506 265 Spinach—Texas, bu.. 50e*l. LettuceWestern crates. 5 do*., *2.SOrJ. CeleryFlorid* crates t 1.5063 Cauliflower— California, crates. *1.156 1.40 Tomatoes Mexican, lugs. Ujje. Onion Market *SO lb. sacka>—Western Valencias. 90c: Illinois Yellow*. 50665 c: Michigan vellow*. 50H5c Indiana yellows, 706 80c. California white*. *1.60, Oregon yellows,

♦ ♦ Abreast of The Times on Finance ♦ ♦

PAGE 36

GOLD MINING IS SEEN AFFECTED BY U, S. POLICY Authority Says Revaluation Caused New Fields to Be Opened. BY HOWARD CARSWELL Time* Special Writer NEW YORK. March 6.—The upward revaluation of the gold price j from $20.67 to $35 an ounce gave the ! world s gold mining industry, at one ; magic stroke, a rebirth of high activity and has had more effect than I the efforts of an army of prospectors during a whole generation. This is the opinion of John J. Croston, Boston, whose survey of world gold mining is to be issued in pamphlet form by the American Institute of Mining and Metallurgical Engineers. More than 30,000,000 ounces of the precious yellow metal were produced last year. The 1934 world production was 27,126,000 and in 1933 the output was 25,370,000 ounces. The current boom in gold mining should have far-reaching importance in expanding the world's credit base. As a whole, ore tonage worked last year was 70 per cent greater than three years previously. Rand Gave 10.800,000 Ounces The Witwatersrand in South Africa produced last year 10.800,000 ounces and now has 31 of the 51 gold mines of the world, which turn out more than 100,000 ounces annually. Hundreds of square miles have been adaed to its potential reserves. In 1929, under the old $20.67 price, this most prolific region had nine big mines which could not pay dividends. Fourteen new companies are embarked in the newly extended areas of the Rand fields, thanks to the $35 price, and at an investment of $110,000,000. Depth of Mines Lower Gold mining shafts in the Rand went down to 7500 feet when the $20.67 price prevailed. At $35 an j ounce and with air-conditioned ‘ mines, operations can go down I 10,000 feet. Gold mining is also booming in I the Tanganyika, Kenya and Bel- \ gian Congo regions of Africa. In j South America Brazil, Colombia and | Venezuela did well, with the eastern slope of the Andes now being considered virgin territory of promise. Oriental fields have prospered. There are rich fields in the Fiji Islands and New Guinea, and the Philippine industry is expanding. In this country the Homestake mine is pre-eminent, with AlaskaJuneau and Empire-Star following. United States Smelting in Alaska and Natomas and Yuba in California are the principal dredging enterprises. while many small enterprises are pushing along. The Golden Queen mine at Mojave in California is the only really important gold strike in 30 years in this country, according to Mr. Croston. Canada at New Peak Canada hit anew peak last j/ear, six big producers accounting for half of its 3,291,000 ounces. Many small properties hold promise. No data is available on Sweden's Boliden mine. French operations are small. Russian production is spectacular, but no information is available on individual properties. Western Australia is enjoying a gold mining boom, thanks to London and South African financing. New mines are coming in. The remarkably rich property at Yellowdine should start producing by summernet profit drops Timex Special CHICAGO. March 6.—Net profit of the American Ice Cos. and subsidiaries amounted to $30,108 for 1935. compared with $453,778 in 1934. it was announced today. Current assets were listed at $3,384,100. Investment Trusts (By Thomas D. Sheerin & Cos.) Administered Fund 2nd $n a 7 VuTri Affiliated Fund. Inc. 1,98 2 16 American General Equities .. Ll3 116 American Business Shares... 119 129 Bullock Fund Ltd 18.00 19 50 Century, Shares Trust ...28 33 30 46 Collateral Tr. Shares “A” . 6.69 Corp. "AA" or "ACC imod.) 338 341 Corp. "AA” or "ACC." 1 Unmod.i 2 71 2 74 Corp. Trust Shares tOriß.) . . 2.85 289 Diversified Trustee Sh. B . 11.03 11 13 Diversified Trustee Sh. "C”.. 461 465 Di\ersified Trustee Sh. "D’\. 683 693 Dividend Shares. Inc 1.67 1.31 Incorporated Investors 23 00 24 6$ •Investors Fund Amer. 1.08 118 Market Street Investmt. Corp. 31.93 33 61 •Maryland Fund ... 19 45 20 98 Massachusetts Investors ... 25 86 28 11 Nation-Wide Sec. Cos. B". .. 4.12 Nation-Wide Voting . 1 76 1 92 North Amer. Tr. Shs 1955 .. 3.38 342 North Amer. Tr. Shs. 1956 .. 334 338 North Amer. Tr. Shs lOrift ) 264 Quarterly Income Shares . 1.60 173 Representative Trust Shares. 12 63 12 78 •Selected Amer. Shares. Inc.. ! 59 1 74 Selected Amer. Shares lOriß.) 371 Selected Cumulative Shares . 949 959 Selected Income Shares ... 502 512 State Street Investmt. Corp.. 98 75 103 25 Super-Corp. of Amer. "AA”.. 285 289 Super-Corp. of Amer. "BB'\. 288 292 Super-Co#p. of Amer. "A"... 4.25 430 Super-Corp. of Amer "B" 445 450 Sup.-Corp. of Am. •C" & D” 8.21 829 Supervised Shares. Inc. (Del.) 1.69 185 Trustee Stand. Oilshares A ' 765 775 Trustee Stand. Oilshares "B ' 677 687 Trustee Stand. Investmt. "C" 302 305 Trustee Stand Investmt. "D” 295 299 Universal Trust Shares 4 31 Uselps "A" 18.80 19.15 Uselps "B " 293 Uselps Voting M3 United Standard Oilfunds ... 1.39 152 •Ex-Dividend. Unlisted Stocks 'By Blyth & Cos.) NEW YORK BANK STOCKS _ , Bid. Ask. Rankers 64% 66-’. Central Hanover 114 116'< Chasr 391, 403 Chemical National 5g% so s * Guaranty 292 296 1 , Irving 16% 17% Manufacturers 47 495, National City 35% 37 Cont 111 Chicago 162 165% First National Boston 47'. 49 National Shawmut 27 28’, FIRE INSURANCE Aetna Fire . 60 62% American Ins of Newark 16% 18 Baltimore American 9’. 11 City of New York 30% 32% Federal Ins 55 58' 4 Franklin Fire 32’ 4 34% Great American Ins 31% 33’. Hanover Fire Ins 39% 41*, Hartford Fire Ins 84 86' 4 Home Ins 37 : * 4 39’. National Fire 81 83% Ir.s Cos of A 77> a IS'i National Liberty 10’. 12', North River 28 30 Phoenix 97% 99’ 4 ÜBFt re ... 57*. 59% I Westchester f-re JS% 40%

BUSINESS * ACTIVITY ] INDICATORS ESTIMATED normal*too INOCX ** u * e * - c fNOCX 140' j * —l4O ~~r — | i•• i;“ Ibusiness activity (composite pidcx) 1 ! 1)10 100 1 ! -100 90 1 POWER J | —/ ;90 ,0 1 J 70 60 I- A\^l oadings ' 'Cy !so * *0 *> \v J. *’ I—-vQ\1 —-vQ\/—| ; so ■ nLii,, 11 .li. J.,. i,. I■. i.. ~ t..! i.. fi.. 1..... j I. (ft •928 1930 193 • 1932 1933 1934 1935 1936 0 ———— , •* j t 11 set* yg evictee jOurimi o* zomutm sv©,cati

New York Stock Exchange Prices

(By Thomson <fc McKinnon ) AM. Prev. High Low N. Y. Close 11:30 Oils— Amerada 101 101 101 101% Ati Rtg 32 32 32 33 Barnsdall 1714 17', 4 17% 17 Vs Consol Oil 14% 14% 14% 14% Cont of Del ... 37 37 37 37 Houston (new) . 11% 11 Vi 11 % 11 % Mid Cont Pet ... 19% 19% 19% 19% Ohio OU 16% 16% 16% 16% Phillips Pet 43Vs 43'/* 43% 43% Plymouth OU ... 14% 14% 14% 14% Pure Oil ... 24% 24 24 24'/. Seaboard Oil .. 37% 37% 37% 38 Shell Un 19 /8% 18% 18% Skelley Oil .... 26 26 26 26% Soc Vac 16 15% 15% 35V* S Oof Cal 46% 45% 46% 45% S O of Ind 38 % 38% 38 % 38% SOof N J 62 % 62 62% 62% Texas Corp 38% 38 38 38 Tidewater Assn . 18% 18% 18% 18% Un Oil of Cal .. 27% 27% 27% 27% Steels— Am Roll Mills... 3074 30% 30% 31 Beth Steel 58% 58 s * 58% 58% Byers AM 23% 23% 23V* 23% Inland Steel ...113 112** 113 113 Ludlum Steel ... 31 31 31 30% McKeesport Tin .111% 111 111 3 * 111% Mid Steel 39 38% 39 38% Natl Steel 65V* 65'/* 65V* 65% Otis Steel 19% 19** 19% 19** Rep Ir & Stl .. . 25% 25% 25% 25% Rep Ir <fc Stl pfd 97% 97% 97% 98 U S Steel 66 65% 66 66 War Pipe & Fdy. 27 27 27 27 Youngstn S& X 53% 53V* 53'4 53% >lotors~ Auburn 53% 53 53'% 53’i Chrysler 100 99% 100% 99% Gen Motors 62% 63 V* 62% 62% Graham Mot ... 4% 4% 4% 4 Hudson 18% 18% 18% 18% Hupp 32%- 2% 3 Mack Truck 35 35 35 34% Nash 20% 20% 20% 20% Packard. 11% 11% 11% 11% Reo . 7% 7% 7% 7% Studebaker 14% 14'/* 14% 14'/* Yellow Truck ... 17% 17% 17% 17'/ 2 ■Motor Access— Bendix 25Vi 25% 25Vi 25'/* Bohn Alum 62% 62% 62% 62% Borg Warner ... 81% 81% 81’,* 81% Briggs 64 64 64 63% Budd Mfg 14% 14% 14% 14% Budand Wheel Eaton Mfg 32% 32% 32% 32% Elec Auto Lite . 42% 42% 42% 42% Greyhound 'B' .. 65% 65 65% 65'4 Houdaille 32 31% 32 31% Murray Body ... 22% 22'4 22% 221/* Stew Warner ... 22’4 22V* 22% 22'4 Timken Roll 69 69 69 69% Timken Det Axle 16% 16% 16% 16% Mining— Alaska Jun 15% 15’4 15V* 15% Am Metals 33% 33% 33 33% Am Smelt 71% 70% 71V* 70% Anaconda 35% 35% 35% 35% Cal & Hecla 8% 8% 8% 8% Cerro De Pasco. 53V* 51% 52% 51V* Gt Nor Ore 20 20 20 20 Howe Sound ... 55% 54% 55% 54% Ins Copper 11% 11% 11% 11% Int Nickel 51% 51 51 51% Kennecott Cop . 38% 38% 38% 38% Mclntyre Mine . 43% 43 43 % 43 Park Utah 4% 4% 4% 4% Phelps Dodge ... 36 36 36 36 U S Smelt 88% 87 88% 86 Vanadium 241* 24% 24V* 24'% Amusements— Cvosley Radio .. 17% 17% 17% 17% Loews Inc 49% 49V* 48*-* 48% Paramount 9% 9% 9’* 9% R K O 8% 8% 8% 8% Warner 3ros ... 13% 13 13V* 13 Tobaccos— Am Snuff 61'4 61V* 61V* 61 Vi Am Tob “A” ... 92% 92% 92% 92% Am Tob "B” . . . 94% 94 94% 94% Ligg & My "B" 103 103 103 103 Lorillard 23 22V* 22% 23% Reyn Tob “B” .. 51 Vi 53% 51'A 54% Rails— Atchison 80 79% 79% 80 All Coast Lines. 32% 32% 32% 31% L> cL O 22% 22% 22** 22V, Can Pac 14% 14% 14** 14% Ch & Ohio 59% 59% 59’* 59% Chi &Gt W .... 2' * 2% 2'a 2% Chi & Gt W pfd 7% 7% 7% 7 C M & St P pfd 5V* 5% 5% 5Vi Chi N W 4'/a 4% 4% 4% Chi N W pfd ... 11% 11% 11% 11% Dela &, Hud ... 48% 48% 48% 48% Del Lac & W .. 21 % 21 21 21 Vi Erie 16% 16% 16% 16'% Erie pfd ........ 25% 25% 25% 25Vi Gt Northern pfd 42% 42% 42% 42 111 Central 26'/S' 26% 26% 26% K C Sou 23 22% 22% 23 Lehigh Valle" ... 14% 13% 14% 13V4 Mo Pac pfd 7'/* 6% 6% 7 N Y Cent 38** 38% 38% 38 Penn R R 36% 36% 36V* 36V* Sou Pac 37 36% 37 36% Sou R R 19% 19% 19% 18% Union Pac :.37% 136% 137% 137 Wabash 4 4 4 4 F.quipments— Am Brake Shoe . .70 50 50 50% Am Car <fc Fdy . 39 38% 39 39 Am Loco 33% 33* 33% 33% Bald Loco 5% 5% 5% 5% Gen Am Tk Car. 60 60 60 59% Gen Elec. 40% 40% 40% 40V* Gen R R Sig ... 44% 44% 44% 44 Pullman Inc .... 47V* 47% 47% 47% West Air Br 47% 47% 47** 47% Westingh Slec ... 120 119% 120 119% Utilities — Am & For Pwr.. 8% 8% 8% 8% Am Pwr & Lit... 10% 10 10% 10 AT&T ... ,174% 174% 174** 174% Am Wat Wks . .. 23** 23% 23% 23% Col Gas & Elec. 19% 19 19% 19V* Comm & Sou ... 3% 3% 3% 3% Consol Gas .. 36% 36% 36% 35% Elec Pwr & Lit.. 12% 11% 12% 11% I Interboro R T .. 17% 17V* 17'* 16% Int T & T . . 18 18 18 18% ! Nat Pwr & Lit . 11% 11% 11% 11% I North Amer ... 28% 28% 28% 28% Pac G & E 35% 35 35’* 34% Peoples Gas .... 45% 45% 45% 45% Pub Serv N J... 43% 43% 43% 43% Std Gas 8% 8% 8% 8% United Corp 7% 7’* 7% 7’* Ut Pw & Lt “A” 6% 6% 6% 6% West Union 91% 91% 91% 92 Rubbers— Firestone 30% 30% 30% 30% Goodrich 19% 19% 19% 19'* Goodyear 28% 28% 28% 28% U S Rubber 19*, 19% 19*. 19% U S Rubber pfd 58% 58% 58’* 58% Miscellaneous— Allis Chalmers .. 46% 45% 46% 45** Busigrap]is NET RAILWAY OPERATING INCOME CLASS I ROADS (interstate commerce commission) I 120-1 — DOITEO LINE IS THE CAST TEN YEARS AVERAGE Os THE SAME NORTHS / * ! A—A—- “ r _l\ j Mmmmm 0 DJFMAMJJASOND |341 It3S TH£ PARKER CORP GENERAL DISTRIBUTORS INCORPORATED INVESTORS Our railroads are making progi ress. The November to December 1 drop in net operating income of our Class I roads was considerably less than seasonal. There are 145 roads in Class I group with a total mileage of 237.661. Net operating income for these roads during 1835 exceeded the previous year by 7.4 per cent, and was the largest for any year since 1931. Gross freight revenues were up 5.9 per cent and passenger revenues up ,3.3 per cent from 1924.

FRIDAY, MARCH 6, 1936

Am Can 128 128 128 128 Am Mach & Fdy 25% 25% 25% 26 Anchor Cap ... 26 26 26 26 V* Brklyn Man Tr.. 49% 49% 49% 49 Burroughs Add . 30% 30% 30% 30% Conti Can .... 82% 82 82 82% Caterpillar Tract 71% 71% 71% 71% Deere & Cos . ... 74% 74% 74% 74 Eastman Kodak. 166% 166% 166% 166'% Foster Wheeler . 32’* 32% 32% 32% Gillette 18% 18% 18V* 18% Int Bus Mach ..182 182 182 180% Inter Harv 74Vi 74% 74% 75'% Natl Cash Reg.. 30 29% 29% 30 Rem Rand ..... 23Vi 23'/* 23% 23'/* Foods— Am Sugar 59 58% 58% 59 Armour 6'/* 6V* 6'/* 6'* Beatrice Creamry 23 22’* 23 22% Borden Prod 29% 29% 29% 29% Cal Packing ... 35 35 35 35 Can Dry G Ale.. 15V* 15% 15% 14% Coca Cola 94 94 94 93Vi Cont Bak “A”... 17% 17% 17% 17'% Corn Prod 77*, 77% 77% 77% Cuban Am Sugar 12% 12% 12% 12% Gen Baking 13 13 13 13 Gen Foods 33% 33% 33% 33% Gold Dust 20V* 20 20 V* 20 G W Sugar 36% 36Vi 36% 36% Natl D Prod 24% 24% 24% 24’* Purity Bak 15% 15 15 15% Std Brands 16V* 16% 16% 16% Retail Stores— Assd Dry Goods. 17% 17% 17% 17% Gimhei Bros 10% 10% 10% IOVa Kroger Groc .... 24% 24‘ 3 24% 24% Maty R H 48 V* 48V* 48% 48% McLellan St .... 14'4 14Vi 14V* 14V* Marshall Field .. 18% 18% 18% 18% May Dept St ... 49% 49%- 49% 50V* Mont Ward 42% 42% 42% 42% Penney J C 73 73 73 73 Sears Roebuck .. 65% 65% 65% 65% Wool worth 52% 52% 52% 52 V* Aviation— Aviation Corp .. 6% 6% 6Vi 6% Boeing Aircft . 24'/* 24 24V* 23% Curtiss Wrt 'A’. 19 18% 19 18% Nor Am Av .... 9 9 9 9 Sperry Corp 21% 21% 21% 21 Utd Aircft (new) 29% 29V* 29% 29 Chemicals— Allied C'hem 194 193% 193 Vi 192 Am Com Alcohol 32% 32 32% 32 Com Solvents ... 23 22% 23 22% Du Pont 148 % 148’,* 148% 148 Freeport Tex ... 35 35 35 34 Monsanto Chem.lo2 102 102 IOO'/i N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Utils. Bonds. Today 92.6 94.2 105.2 97.3 Yesterday 92 6 93.9 105.1 97 2 Week Ago 92.8 94.1 105.1 97.3 Month Ago 93.1 91.8 105.0 96.6 Year Ago 86.4 77.6 94.5 86.1 1936 High 93 4 95.6 105.5 97.9 1936 Low 91.6 84.7 103.5 93.3 (Copyright, 1936. by Standard Statistics) U. S. GOVERNMENT RONDS (By Abbott. Proctor & Paine) Treasurys. Prev. Close, close. 4V4s 1947-52 117.7 117.9 3%s 1940-43 108.26 108 20 4s 1944-54 112.23 112.20 3%s 1943-47 108 107.19 3%s 1941-43 109.4 108.28 3*/*s 1943-45 107.14 107.8 3%s 19-11 109.7 109 3V*s 1944-46 107.1 106.29 3 1 *s 1946-49 105.3 105.75 3%s 1949-52 105.6 105.3 3s 1951-55 104, 103.27 3s 1946-48 104.15 104.7 2%s 1955-60 101.14 101.10 2%s 1945-47 102.16 102.7 Home Owners’ Loan Corp. 2%s 1949 101.8 101.5 3s 1952 102.9 102.7 Federal Farm Mortgage Corp. 3', *s 1964 104.1 103.31 3s 1949 102.16 102.16 3s 1942-47 103.2 102.31 2%S 1949 101.23 101.23 DOMESTIC Prev. Close. close. Alleg Corp 5s ’44 94Vi 94 Alleg Corp 5s ’49 91 89 Alleg Corp 5s ’SO 80 77'% Am Frgn Pow os 2030 80% . Am Tel & Tel 5%s %3 114% 114% Am Tel & Tel 5s ’56 114 114'* Arm & Cos (Deli 5%s ’43 97% 97% Ati Coast Line 4s '52 99% 98% Atl Coast Line 4'/as ’64 86% 86 Atch Top & S Fe 4%s ’4B 113’* 114 Am Wat Wks 5s ’44 112% 112 Am Rolling Mills 5s ’3B 124% 127% Balt & Ohio 6s ’95 ’ 98 98 Balt & Ohio 4%S '6O 75% 75% Buff Roch & Pitt 4%S ’57 82 82 Beth Steel 4%s . '6O 105% 105'* Chi Milw & St P 5s '75 24 23 Chi Milw & St P 5s 2000 8% 8% Cleve Un Term 5s ’73 106% 106’* Cleve Un Term 4Vis ’77 100% 100 Col Gas 5s May ’52 103 3 * 103 Col Gas 5s ’6l 102'* 102% Can Pac Perp 4s 93% 93% Cent, Pac 5s ’6O 97% 96% Big Four 4Vis ’77 90% 90% Colorado &So 4%s 'BO 75% 76 Chi & West Ind 4s ’52 104’* 104% Chi & West Ind 5%s ’62 107’* 107'* Chi & Nor West 4%s ’49 16% 16 Con Gas 5s ’57 105 104% Chesa Corp 5s ’47 134% 135 Del & Huds 4s '43 101 101% N Y Dock 4s ’sl 72 72% N Y Dock 5s ’3B 71 71 Erie 5s ’75 75 so** Erie 5s ’67 gi% 81 '* Gen Cable 5%s ’47 105 105 Grt Nothern 7s ’36 102 102V* Grt Northern 4%s ’76 104’* 104 Grt Northern 102 102% Grt Northern 4%s ’76 104% 104 Grt Northern 4%s ’77 105 103% Hud & Manhat Ref 5s ’57 87 85% 111 Cent 4%s 66 79% 82 111 Cent Jt 4%s ’63 83% 82% 111 Cent 5s ’63 1)8% 8~% Interlake C & I 5s 'sl 96 96 Internti H" Elec 6s '44 . 54 53% Interntl Ve> & Tel 4%s '39 96% 97 Internti lei &Tel 5s '55 90% 90% Interntl Tel & Tel 4%s 52 86% 86% P Lorillard 7s '44 132% 132% McKees & Rob 5%s ’SO I)3’* 103% Natl Dairy 5%s 48 103% 103% Natl Steel 5s '56 106% 106’* Nickel Plate 4%s '7B 86% 85% Nickel Plate 5%s ’74 95% 95% Nickel Plate 6s 35 106 106 N Y Cent 5s 2013 86 92 N Y Cent 4%s 2013 (old) 92 86% Nor Amer Cos 5s ’6l 105% 105% Nor Pac 3s 2047 83 % 82 Nor Pac 4%s 2047 102% 101% Nor Pac 6s 2047 110’* 110% Nor States Pot-. 5s ’4l 104% 105 New Orleans Term 4s ’63 92% 91 % Otis Steel 6s 41 102% 102’* Penn Rv 4%s 'B4 111% 110% Penn Rv 4%s 'Bl Ill’* ill Penn Ry 4%s '7O 103 % 103% Pac G&E 5s '42 93% 93’* Portland Gen El 4%s ’6O. 74% 74% Para Publiv 5%s 'SO 90 91 Penn P & L 4%s 'Bl 107 107% Postal Tel & Cab 5s ’53 38’* 39 Rem Rand WW 5%s '47 108% 101% Shell Union Oil 5s '47 102% 202’* Sou Pac 4%s '6B Pl% 92 Sou Pac 4%s 'Bl 90% 90% Sou Pac 4Vis '69 89% 90*.! Sou Pac 4s '49 89’* 89% Sou Rail 4s '56 64’* 64% Sou Rail 6s *56 81 80' 4 Sou Rail 6%s '56 84% 84** Sharon Stl Hoop 5%s '4B 103’* 103’* Texas Pac 5s '79 103’* 103% Texas Pac 5s '77 103% 103% Union Pac 4s '47 114 114% United Drug 5s '53 102 101% U S Rubber 5s '47 105% 105% NY NH & Kart 6s ’4B 37% 35% NY NH & Hart 4%s 67 36% 35 Warner Bros 6s '39 ? 94% 94 Western Mary 5%s '77 109 108 Western Mary 4s '52 100’* 100% Youngstown S & T 5s '7O 106’* 106% Youngstown S & T 5s '7B ....106% 106 ' FOREIGN Argentina A 6s '57 100% 100 Argentine B 6s 'SB 100 99% Brazil 8s '4l 33 33 Canadian Govs 4s '6O 108% 108% Denmark 5%s '55 101% 102 German 5%s ’65 28 28 German 7s '49 37% 37% Italy 7s 'sl 68 67 Japan 6%* '54 97 97% Rome B%* *52 59% 58% Tokio City 5%s '6l 79% 79% Yokohama $s 61 83% $3%

Natl Dis (new).. 33 32% 32% 31% Schenlev Dist ... 52 50V* 52 50 Union Carbide . 86% 86V* 86V4 86% U S Indus Alco.. 47% 46 47V* 45', 2 Drugs— Bristol Myers ... 46% 46% 46% 46' 4 Coty Inc 7% 7% 7V* 7% Un Drug inew).. 14% 14% 14% 14% Zonite Prod .... 8% 8% BVi 8 Financial— Adams Exp 13Vi 13% 13% 13% Allegheny Corp. 3% 3% 3% 3% Am Int Corp ... 12% 12% 12% 12% Transamerica .. 14V* 14% 14V* 14 V* Building— Am Radiator ... 22% 22% 22% 22’* Gen Asphalt ... 34’* 34 34% 34* Holland Furnace 37% 37’, \ 37% 38% Int Cement 45% 45’* 45% 46 Johns Manville.. 122 122 122 122 Otis Eiev 31% 31% 31% 31% Congoleum 38 38 38 38 % Kelvinator 21% 21% 21% 21% Servel Inc 19% 19% 19% 19% Simmons Bed... 28V* 28% 28% 29 Textiles— Belding Hem ... 16% 16V* 16V* 16 Celanese Corp . 29V* 29% 29’4 29% Collins Aikman. 46V* 46% 46% 46% Gotham Hose .. 10% 10% 10% 10% Indus Rayon ... 30% 30% 30% 30% Kayser Julius .. 32% 32V* 32V* 32% Chicago Stocks (By Abbott, Proctor & Paine) 11:00 Prev. A. M. Close Allied Products 23% 22% Berghoff 10'% 10% Butler Bros 10Vi 10 Vi J D Adams 17'/i 18 Chicago Corp 6 6 Cities Service 5% 5Vi Con Steel. 39% 39Vi Cord 7 7 1 /* Electric Household 16 Vi 16 V* Gen Household 4 4% Grt Lakes Dredge 30’* 30% Iron Fireman 28 Vi 28% Libby McNeil 10% 10% McGraw Electric 30% 31 Vi Noblitt-Sparks 34'/* 34 Vi Swift 24 24'A Zenith 17'/* 18 New York Curb (By Abbott, Proctor & Paine) 12:30 P. M. Prey. N. Y. Close. Alumn Cos of Am 150 Am Cyanide "B” 37 37 Am Superpower 33 Can Indus Ale “A” 11 11% Carrier Corp IOVk 10% Creole Petrol 31 % El Bond & Share 20% 15'% Fisk Rubber . 8% 7% Ford of Can “A” 27 26% Ford of Europe 9 Glen Alden Coal . . 15% Imperial Oil 23% 23Vi Lake Shore Mining 55% 56 Nia Mudson Pwr 9% 9% Penn Road 5% s'/* Root Petrol 10% 10% St Regis Paper 5V* 5% Money and Exchange INDIANAPOLIS STATEMENT Clearings ' $2,223,000 Debits 5,739,000 TREASURP STATEMENT (By United. Press) WASHINGTON. March 6.-—Government expenses and receipts for the current fiscal year to March 4, as compared with a year ago: This Year Last Year Expenses $ 4.819,456,207.28 .$ 4,618,182,412.96 Receipts 2,387.227.928.56 2,313,783,910.65 Deficit . 2.432,228,278.72 2,304,398.502.31 Cash Bal, 1,751,323,626.22 2.023,966,275.08 Public Debts.. 30.515,068.699.63 28.524,029,028.20 Gold 10,166.928,903.82 8.544.629,664.13 Customs. 261,089,331.59 224,892,743.82 Local Securities (By Indiana mlis 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. Home T & T. Fort Wayne. 5% 104 105 Home T & TANARUS, Fort Wayne. 6.. 103 106 Indianapolis Railways. Inc... 67% 70 Indianapolis Water Cos., 4% ..105 107 Indianapolis Water Cos.. 5.. 105 107 Indianapolis Water Cos.. 5.. 105 107 Indianapolis Water Cos.. S% 105 107 Indianapolis Water Cos.. 5% 105 107 Interstate T & T. 5% 95 97 Kokomo Water Works. 5 104 Vi 105% Morris 5 & 10 Stores. 5. 100 103 Muncie Water Works, 5 .-103 Noblesville Heat. Lt & Pwr, 6% 98 100% Ohio Telephone Service. 6 ... 97% Richmond Water Works. 5 ..104% 106 Seymour Water Cos.. 5 101 104 Tert;e 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 & Stock Yards Com 53 55 Belt R R & Stock Yards pfd. 6 52% ... Central Ind Pwr pfd. 7 ..... 20 23 Home T & TANARUS, Fort Wayne. 7.. 52% 54Vi Hook Drugs. Inq.. com .... 16% 18 Ind & Mich Elec Cos., pfd. 7 103% 106% •Ind General Service Cos.. 6.. 96% 99 Ind Hydro 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% 92 95 Indianapolis Water Cos pfd. 5 .103% 106% North Ind Pub Serv pfd. 5%. 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. 621 % 24% Pub Serv Cos of Indiana, pfd, 7 46 49 South Ind Gas & Elec, pfd. 6 97 100 Terre Haute Elec Cos. 6 ... 87% 89% Union Title Cos. com. 6 20% 23 •Ex-dividend. Chicago Grain Futures (By James E. Bennett & Cos.) Prev. Wheat— High. Low. Close. Close. Mav 1.00% .98% .99% 1.00 July 90’* .88% .88% .89’, Sept 88% .87** .87% .88% Corn— Mav 60% .60% .60% .61% Julv 61 .60% .60% .61 Sept 61 .60% .60*. .61 Oats— May 28% .27% .27% .28', Julv 28 .27% .27% .28', Sept 27% .27% .27% .27% RyeMay 56% .55% .56 .56% July 56% .55% .55% .56% Sept 56'ya 55%a .56% a—Asked. LOCAL CASH MARKET City grain elevators are paving 95 cents for No. 2 soft wheat. Other grades on their merits. Cash com new No. 4 yellow 50 cents and oats 21 cents. EARNS 75 CENTS A SHARE Times Special CHICAGO, March 6.—The Budd Wheel Cos. in 1935 earned $784,455, equal after one year’s preferred dividend requirements to 75 cents a share on the common stock, against $111,944, or 6 cents a common share in 1934, it was learned today. .

PREDICT LARGE REVENUES FROM TAXMEASURES Government Fiscal Experts Are Optimistic Over New Proposals. B’l United Pres* WASHINGTON, March 6.—Large increases in corporation profits during the last three years indicate probability of sizeable revenue from new tax measures offered Congress, government fiscal officials said today. Daniel C. Roper, Secretary of Commerce, said corporation incomes increased 300 per cent in 1935 over 1932. Treasury experts said this rising trend would more than compensate for diminished Federal receipts which would result from repeal of present excess profits and corporate income taxes a:- 4 proposed by President Roosevelt. These levies affix a 6 per cent assessment upon net corporation income in excess of 10 per cent of the declared value of the company. After the 15 per cent level has been attained the excess profits tax increases to 12 per cent. Large levies are also placed upon actual corporate revenues. Heavy Dividends Expected It was expected that their repeal would be much more than offset by proposed new taxes to range from 27 to 40 per cent upon undivided profits. The Treasury also expects to receive additional funds through ordinary assessments. Experts claim that heavy dividend payments would result from the proposed corporate tax changes. With increased dividends to stockholders, an ensuing rise in the country’s personal income would be subject to Federal tax. Receipts from present corporation levies have generally reflected the nation's business conditions. Largest payments came in 1918 when war industries accelerated the nation’s commercial output. In that year corporation tax levies were $3,158,764,000. A gradual decline in receipts was evident until 1921, when corporate •taxes fell to $701,570,000. Reverse trends in the national income boosted returns steadily to almost $2,000,000,000 in 1929. ALLEGHENY PRODUCES LARGE STEEL ORDER Fifteen Stainless Sheets Completed by Pittsburgh Company. Times Special PITTSBURGH, March 6. The Allegheny Steel Cos. has just completed production and shipment cf what is believed to be the largest polished stainless steel sheet yet produced, it was announced by company officials here today. Each of Allegheny metal sheets, 15 in all, is slightly over 203 inches long, 72 inches wide, 3-16 inches thick and weighs approximately 810 pounds. These sheets were all furnished With a. bright smooth finish and are used in the textile industry in forming the bottom of dye kettles through which articles being dyed are conveyed. The fifteen sheets were part of an order for 45,000 pounds of stainless steel received by the company. Other Livestock (By United Press) CHICAGO, March 6.—Hogs—Receipts, 9000. including 2500 directs; weak to mostly 10c lower than Thursday’s average; heavy butchers in extreme steady to 25of comparing against Thursday’s low and high points; top. $10.55; bulk, 150-250 lbs., $10,154/10.50: 250-300 lbs., $9,754/10.15; 300350 lbs., $9,504/9.75; sows fully steady; mostly $94/9.35. Cattle—Receipts, 2500. Calves*—Receipts, 500. Moderate supply steers here suitable for shipping purposes; orders narrow and buyers bidding 25c or more lower; practically nothing sold, however; heifers getting action; fully steady at $8.60 down to $8 in load lots; moderate supply lower grades, $7 down to $6: other killing classes mostly steady; most cutter cows turning at $4.75 down to $4; practical top weighty sausage bulls. $6.25; vealers, $8.50 down; very few bringing, $9. Sheep—Receipts. 800; fairiy active; strong to 15c higher; mostly 104i 15c higher on fat lambs; no yearlings or aged wethers here: early bulk choice fed western lambs, $9.75 4/10: weights under 96 lbs., selling at outside price: on deck strictly choice 89lb. corn belt fed lambs. $10.15 to city butcher: few native ewes. double 65-lb. feeding lambs, $9.40. (By Times Special) LOUISVILLE. March 6.—Cattle Receipts. 250. demand dependable for light salable supply of slaughter cattle: market, fairly active, fully steady at week's advance; most common to medium grade steers and heifers, salable $64/7.50; only common dairybred and off-colored kinds below the inside price; better finished steers, quotable above $8; bulk beef cows. $4,754/5.50; practical top. $5.75; good smooth heifer type cows eligible higher: low cutters and cutters, mostly $3,504/ 4.50: bulk light beef type Stockers and stock calves, $64/ 8; desirable native feeding steers. $6,504/7.50. Calves—Receipts. 400. including 100 stock calves: market, steady: bulk good to choice grades, $7,504/8.50: medium sorts, $64/7; plainer kinds. $5.50 down. Hogs—Receipts, 500 market 20c higher on all weights and classes; top and bulk better 160-225 lb. weights. $10.75: 230-250 lbs., $10.45; 255-300 lbs.. $9.90: 305 lbs. up, $9.45; 120-155 lbs., $9.90; sows, $8.55: soft hogs of distill;ry mash feeding subject to a discount of $2 or more. Sheep—Receipts. 25; market, steady; better native lambs salable mostly $8,504/5 choice absent eligible higher: plainer grades, $64/7.50; bulk fat ewes. $4 down. Produce Markets The prices quoted are paid for stock gathered in the country, while delivered in Indianapolis the price is a cent higher. Heavy breed hens, 18c: Leghorn breed hens, 13c; Leghorn springers, 12c; old stags. 13c: old cocks. 9c. Ducks, 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, 374? 38c; No. 2, 35fr36c. Butterfat, 31c. 'By United Press) CHICAGO. March 6—Eggs—Market, steady: receipts. 9887 cases: fresh graded firsts. 32%c: extra firsts. 24c: current receipts, 22%23%c: dirties, 20%c; checks, 19%c. Butter—Market, weak: receipts, 10.077 tubs: extra firsts '9O-91% score), 304?30%c. specials. 31’,%32',c: standards, 31c Poultry—Market, steady: receipts, 24 trucks. 1 car due; ducks. 214r24c: geese. 18c; spring chickens. 24c; hens. 204/22%c: turkeys. 204i23c: capons. 254/26c: Leghorn hens. 144? 19c; old roosters. 16c: broilers 22%c. Dressed Poultry—Young Toms. 26 4t 27 %c: hen turkeys, 27c: zapons. 274/ 30c. Cheese—Twins. 15',4i15%c; daisies 15%ei5%; longhorns. 15’,4/16 , ,c. Potatoes —Supply, rather light: demand, slow: market, steady: Idaho russets Burbanks. $1.7061.87%; Wisconsin round whites. $1.1561.20; Bliss Triumohs 51.20: Michigan russet rurals $1.20; Minnesota and North Dakota early Ohios. *1.40; Colorado McClures. $1.85**1.90; Nebraska Bliss Triumphs, $1.55% 1.70. Arrivals. 78. On track, 173. Snipments. 1007.

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

Benefit Payments Listed Rental end benefit payments to farmers rn-opernf-ing in seven adjustment programs during 1935 totaled $580,821,071, according to a report issued by the AAA controller.

BANK CHIEF OUSTED

ÜBp . SSL 5 - W

J. Herbert Case

PORKER PRICES RISE ]0 CENTS Cattle, Vealers Unchanged; Lambs Move Higher at $lO Down. Porker prices recovered slightly today at the Indianapolis Union Stockyards. The market, influenced by a firmer demand and a slight decrease in receipts, was steady to generally 10 cents higher than yesterday’s weak average. The total supply of 4000 was consumed in fairly active trading as outside interests developed when several nearby markets reported lighter receipts. Local demand also showed improvement over the preceding session when approximately 183 head of hogs remained unsold. The slight advance carried the top price for good and choice kinds to $10.75. The bulk of 160 to 225 pounds sold at $10.65 to $10.75, while medium heavies, from 225 to 260 pounds, brought $10.35 to $10.60. Extremely weighty butchers cashed in at $9.65 to $9.85. Packing sows held at $8.50 to $9.25. Light slaughter pigs, from 130 to 160 pounds, were salable at $9.75 to $10.25, Trading was unchanged in the cattle market, especially on a light supply of slaughter classes. These grades, mostly in small lots, ranged downward from $7.50. Few yearlings were eligible above SB. Bulk of heifers sold at $7.25 to $7.75. Beef cows were steady at $5 to $6.50. Receipts were 500. Vealers also were steady with the bulk of good and choice selling from $8.50 to $9. Receipts numbered 600. Lambs were mostly 15 cents higher. Plain fed Western classes sold at $3.50 down. Top held at $lO. Slaughter sheep brought $5 to $5.50. Receipts were 1000. HOGS Ppl?. Bulk. Top. Receipts. 29. $10,656.10.75 $10.75 1000 March. 2. 10.654110.75 10.75 6000 3. 10.654/10.75 10.75 4500 4. 10.80610.90 10.90 4000 5. 10.60610.70 10.70 5000 6. 10.65610.75 10.75 4000 Light Lights (140-160) Good and choices 9.75610.60 Medium . 9.25610.10 (160-180) Good and choice.. 10.60 6 10.75 Medium 10.10610.60 (180-200) Good and choice.. 10.65610.75 Medium 10 106 10 65 (200-220) Good and choice . 10.65610.75 (220-250' Good and choice.. 10.50610.65 Heavyweights (250-290) Good and choice.. 10 15610.50 (290-3501 Good and choice.. 9.85610.15 Packing Sows (275-350) Good 9.106 9.35 (350-425) Good 9.006 9.25 (425-550) Good 8.756 9.10 (275-350) Medium 8.5.7® 9.00 Slaughter Pigs (100-140) Good and choice.. 9.006 9.75 Medium B.oo@ 9.25 CATTLE —Receipts, 500— (550-900) Choice $ 9.50610.50 Good 7.75 6 9.75 Medium 6 5C6 7.75 Common 5.25® 5.50 (900-1100) Choice 10.00 611 50 Good 8.25610.00 Medium 6.506> 8 25 Common 5.25 6 6.50 (1100-1300) Choice 10.50611.75 Good 8.256 10 50 Medium .' 6.756 8 25 (1300-1500) Choice 10.75 611.75 Good 8.25610.75 Heifer* (500-750) Choice 7.50 6 875 Good 6.75 6 7.50 Common and medium 5.004/ 6.75 (150-900' Good and choice... 7.00 6 900 Common and medium 5.25® 7.00 Cow* Choice 6 506 7 00 Good 5 50 6 6.50 Common and medium 4.756 5.50 Low cutter and cutter 3*50 6 4,75 Bulls, good 6.506 7.25 Cutter, com. and med. bulls.. 5.00® 6.50 VEALERS —Receipts, 600Good and choice $ 8.50 6 900 Medium 6.006 8 50 Cull and common 4.00® 6 00 Calves (250-500) Good and choice ... 6.506 900 Common and medium 4.506 6 50 Feeder and Starker Cattle (500-800/ Good and choice . 6.506 750 Common and medium ..... 5 006 650 (800-10501. Good and choice.. 650 6 750 Common and medium 5 00® 6.50 Cows £ ood •••"•• *t.so® 5.00 Common and medium 4,oj)® 4.50 SHEEP AND LAMBS —Receipts, 1000— Lambs. 90-lbs. down, good and choice $ 9 65610.00 £°° and 9 156 9.65 Medium 8656 9.15 Common 7 25 6 8.65 ICW6S. (90-175) Good and choice.. 4.00 6 500 Common and medium . 3.00 6 400 Yearling wethers, good choice 8.406 915 Medium 7.256 8:50 Other Livestock (Bv United Press) TORT WAYNE. Ind.. March 6 —Hogs— Steady; 160-180 lbs., $10.60; 180-200 lbs 200-225 lbs., $lO 40; 225-250 lb*; $10.30, 230-275 lbs., *10.15; 275-300 lbs., *10.05: 300-350 lbs. $9.80: 140-160 lbs $10.20; 120-140 lbs., *10: 100-120 lbs.. *9.75roughs, *8.50, steady; stags. *6.75 steady Calves, *9. steady. Lambs. *9.25. steady. REPORTS SLIGHT LOSS CHICAGO, March 6.—The Truscon Steel Cos. today reported a net loss of $354,781 for 1935, slightly less than the $358,235 loss reported in 1934, and the smallest for any year since 1930.

| f FOR MORTGAGE 1 1 FINANCING / >. W h*va ample funds which will be >^ r /* VJ \ quickly advanced on all approved applt- , I / / A rations. If you are planning to rela If I finance, build, buy or improve your A. RB > A ( / acme, it will pay you to enter into ne- | ( A/* J zotiationa with us for the necessary y—l •“"“■WV a / financial co-operation. You will be / /|\ / * \VI f accorded every courtesy and your needs 4 f jL / * 1 J . will be acted upon promptly. W The UNION TRUST m company LOAN DEPARTMENT "jgj# v ISO E. Market St. KI-.VMI

DRASTIC SHIFTS ANNOUNCED BY RESERVE BOARD Nine Veteran Bank Chiefs Are Transferred or Dismissed BV RICHARD L. GRIDLEY United Press Staff Carrespondent WASHINGTON. March 6 Centralization of banking powers in the hands of Washington officials proceeded rapidly today with drastic changes among high officials of the 12 Regional Federal Reserve banks. Nine veteran heads of the banks are to be dismissed or transferred into other positions and several vacancies are to be filled by the Federal Reserve Board of Governors under broad new powers granted in the banking act of 1935. The board announced chairmen of the board (Federal Reserve agents) of six of the banks would be dismissed April 30 in the interest of “efficient and economical operation” to be replaced with lower salaried or "honorary” members. J. H. Case Ousted Only nine of the 12 governors of lhe banks were reappointed as “presidents'* of the banks. Under the banking act the chief executive officer of the banks is designated as president. Previously the governor and the chairman of the board have served in the dual capacity as head of the banks. The high-salaried chairmen to lpave office April 30 are J. Herbert Case of the Federal Reserve Bank of New York, who received $50,000 in 1934; E. M. Stevens. Chicago. $35.000; R. L. Austin, Philadelphia: J, S. Wood, St. Louis; C. C. Walsh, Dallas, and F. H. Curtiss, Boston, each of whom received $20,000. The board disapproved of the action of the directors of the Federal Reserve Bank of Philadelphia in designating their governor, George W. Norris, New Deal critic, as president at a salary of $50,000. Governors of the San Francisco and Richmond banks failed of reappointment as executive heads of the banks. Eight Posts Yet Unfilled The office of chairman of the board is submerged under the banking act to a routine affair of heading the board of directors. The Washington Reserve Board, appointed by the President of the United States, is given veto power over the selection of presidents of the individual banks by their directors. The board also influences appointment of directors of the regional banks. Along with the dismissal of the six chairmen the Reserve Board has appointed chairmen at four other banks at unnamed salaries. This leaves eight posts yet to be filled. Those appointed are E. S. Burke Jr. at Cleveland Federal, H. W. Martin at Atlanta, W. B. Geery at Minneapolis and J. J. Thomas at Kansas City. Their terms run until Dec. 31, 1936. The board indicated its future policy would be the selection of “high-spirited citizens” for the position of chairmen of the board at little or no salary. Many of the duties performed by these officers will be assigned to other officials of the banks. SEARS, ROEBUCK SALES HIGHEST IN 6 YEARS February Total Shows Increase of 10.3 Per Cent Over 1935. Timex Special CHICAGO, March 6.—Despite the severe weather conditions which prevailed during the month, February retail sales of Sears, Roebuck & Cos. established anew six-year high record for thee period, according to the monthly statement released today. Sales of the company for the period amounted to $25,541,825. a decrease of $102,991, or 0.40 per cent, from sales of $25,644,816 recorded during January, and an increase of $2,394,759, or 10.3 per cent over sales of the comparable period of 1935. The decrease in sales from the preceding month was influenced by the bad weather conditions which hampered retail buying in general. Sales in the February period this year were the best since 1930, but were exceeded by the sales made in the corresponding period of 1930 and 1929. REPORTS PEAK INCOME Homestake Mining Earns 532.43 Share During 1935. Timex Special CHICAGO, March 6.—The Homestake Mining Cos., one of the oldest and largest gold producers in the United States, has reported a record income of $8,144,523 for 1935. This is equal to $32.43 a share on outstanding capital stock, compared with $7,104,342 or $28.28 a share in 1934. Large dividends were paid by the company during the year, including the regular distributions of sl2 a share, in addition to which extras aggregated $44 a share, the latter including a special payment of S2O a share on Dec. 5. 1935. With the exception of 1920, the company has paid dividends every year since 1920.

JL Commercial Banking Savings • Trusts , American National Bank AT INDIANAPOLIS