Indianapolis Times, Volume 47, Number 312, Indianapolis, Marion County, 9 March 1936 — Page 11

Trends Tax Reform Closes One Door, Opens Another. BY JOHN T. FLYNN

TLTEW YORK, March 9. The President's proposed tax “reform" touches and disturbs so many dangerous spots in the whole corporation income tax scheme that it should be approached with the gravest caution. Corporation taxes are really part of our personal Income tax plan. All within certain brackets pay

taxes on their incomes. The earnings of a corporation be--1 0 n g to the stockh 0 1 der s. The earnings, therefore, are a part of the income of the stockholders. Let us suppose that a corporation earns $lO a share in a year and that you own a share of that stock. The present law imposes a tax on those earnings graduating

Flynn

from 12 1 a to 15 per cent. One way for the government to collect this tax would be to wait until you received your share of the earnings from the corporation and then count that a part of your Income and tax it. Another way is to have the corporation pay the tax out of the earnings and then deduct it from the dividends paid to you. This is caiied collecting taxes at the source. This is what Is done now. tt tt a ONE great difficulty grows out of this. In this corporation referred to, which made $lO in earnings, the corporation may decide to pay out $5 in dividends to you and keep the other $5 as surplus. If you earned this $lO as a private, unincorporated business you would have to pay a tax not only on the $lO but the $lO would help to swell your personal income and hence to increase your surtax. But in the case of the corporation, while the $lO is taxed, only $5 is paid as a dividend to you and your personal income is increased by only $5 and hence your surtax is held down. The practice of piling up surpluses by corporations for the purpose of defeating the surtax is a common one, and an undeniable evil. The trouble is that in attacking it, the President proposes to pull down the whole structure of corporation income taxes. •This means that he will do away with the excess profits tax and the more or less new capital stock tax which is an extremely important feature of the present tax system. tt tt tt ONE wonders why it is necessary, in order to tax undistributed surpluses, to do away with nil the other corporation income taxes. The President's objective could be attained quite as effectively by imposing a proper tax on undistributed surpluses and permitting the other corporation levies to stand. Loss of taxes through undistributed corporation surpluses is one evil but it is only one evil in the tax system. There are others equally as grave and causing as much loss to the government. One of them is the indefensible writing .up of assets in order to make the rate of profit seem smaller. This evil was attacked in 1533 by passage of the capital stock tax. That tax alone ought to save the government countless millions in taxes. Yet the President proposes to wipe it out and thus, while closing one door to the tax evaders, open another almost as large. (Copyright, 1936, by NEA Service. Inc.) RFC SELLS HUGE ISSUE Sanitary District of Chicago Bonds Sold to Banking Group. By United Press WASHINGTON. March 9.—The Reconstruction Finance Corp. has sold to a group headed by the Harris Trust and Savings Bank, Chicago, a $41,469,000 issue of 4 per cent bonds of the Sanitary District of Chicago. The bonds had been acquired by the RFC from the PWA at par. The sale was at 101, giving the RFC a premium of $414,690. On Commission Row (Quotations below subject to change are a\ei-ace wholesale prices being offered to buyers by local commission dealers.) TRUlT—Strawberries: Florida. pint. 18c; 36-pint crates. 17c. Cranberries. C. C. Howes. Eatmores, 25-lb box. $2.5P. Pears: Washington D'AnJo ilOOs boxi. $3; Washington Bose 1100-120 >. $3 25; California. Avacado i2OO-2si. 23 50. Grapes; Extra Fancy Emperors 134-lb. sawdust chesti. S3 50. Limes: Mexican carton. 22c; Persian seedless (doz.i. 45c. Dates; Fresh Amona. $1.50. Bananas, seven hands, pound. 5%c. Apples: Delicious ifancv baskets), *1.50: Jonathans. $1.50; Grimes Golden. *1.40: Rome Beauty. *1 60. Lemons: Sunkist i36osi, *6. Grapefruit: Texas seedless is4s-80si. *4: Arizona Sunkist (80s), *3. Tangerines: (Florida 120s. 1445. 168si, $1.75. VEGETABLES Artichoke. California (doi.). *1.15. Beans, green round stringless ihampers), $2.75. Beets: Texas (3 doz. crate). $1.50: cut offs tbu.). sl. Brussels Sprouts. California tlb i. 18c. Cabbage, New York Danish <SO-lb. bag). 85c: New Texas (crate). *2 15. Red Cabbage 50-lb. bag), *2. Carrots. California (8 do*, cratei. *3; Texas <3% do*, crate). *1.50 Cauliflower. California 12s cratei. *1 65. Celerv. Florida washed and trimmed V idoz.i. 45cfi 85c; Florida i4s. 6s, 8s 10s 'cratei. *3 Cucumbers, hothouse tdoz ) *1.25: (southern bushel). *6 Egg plant Florida tdo*.i, *1.50. Kale (Virginia bushel'. $1 Lettuce. Iceberg Arizona (best 6s. ss), *4.25; home grown leaf 115lb lasketsi. *l. Endive. California idoz.i. BOe. Peppers, manjoes (cratei. *7; peck basket. *1 75; idoz i. 45e. Mint, hothouse idoz.i. 75c. Mushrooms (pound) 30c Mustard. Texas half crate. *1.50. Onions —lndiana yellow 150-lb. bagi *1 Western Spanish 150-lb. bag'. *175. Oyster plant, home grown (doz.i. 40c Parslev southern dong bunches doz.i. 45c Parsnip*. home grown washed <buscheli *l--60 c. Peas. Florida 'hamper'. *2 25. Potatoes. Michigan Round Whites 1100-lb. bagi, *1.65; Maine Green Mountains . 100-lb. bagi, *2.25; R R. Early b# *' *’ 90; R R Tr.umphs iIOO-lh. bag' *185; Idaho Russets ' 100lb. bag. *2.25: Idaho bakers '7os box' *2.50; Col. McClures (100-lb. bag' *2 10 ; New Florida Triumphs iSO-lb. bagi, *2 oo' Sweet Potatoes, Indiana Jerseys <ls bushel), *1: medium fbusheli, *1: Tennessee Nancy Halls (hampers). *1.15; | n . ctana Puerto Ricans (bushel cratei, *1 50 Fadlshes. home grown buttons idoz.i. 45c ; white. 40c. Rhubarb, hothouse (bunch 1' ',oc. Rutabagas, northern 50-lb. bagi. 85c. Saga (doz.i, 45c. Shallots. Louisiana idoz.i. 45c. Spinach. New ~>xas 1 bushel). $ . Turnips, home grown washed ibusheli. *} Tomatoes repacked 110-lb. box'. (1.35® 1.60. original Cuban 130-lb. lug), *3. >3——— Produce Markets The prices quoted are paid for stock f 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; jeese. 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 5* J's. will be made. No. 1 butter, 37®28c: Iro. 2. 334} 36c. Butterfat, 31c. . ■ - -'<?> .. s ,-v ... ...

♦ Abreast of The Times on Finance ♦ ❖

BROKERS OPEN BRANCH OFFICE ! IN INDIANAPOLIS Hemphill, Noyes & Cos. Are Located in Fletcher Trust Building. Indianapolis offices of Hemphill, Noyes & Cos., members of the New York Stock Exchange, were opened formally today on the tenth floor of the Fletcher Trust Building. Roger G. Wolcott, who recently completed his duties as receiver of the Citizens National Bank of Terre Haute, and who has been associated with investment firms in Indianapolis for several years, is manager of the local offices. He is a graduate of Wabash College and attended the Harvard School of Business Administration. Firm Established in 1915 Associated with Mr. Wolcott in the stock and bond departments are E. E. Bollinger, who has long been connected with the investment business in Indiana and Ohio, and Harry T. Hession and Yale Rice. Harry Gillie, who comes from the New York office, Ls cashier. Hemphill, Noyes & Cos. was established in 1915. The main officers are located at 15 Broad-st, New York, and in addition to Indianapolis, the firm has branch offices in Albany, N. Y.; Altoona, Pa.; Bridgeport, Conn.; Camden, N. J.; Detroit, Mich.; Harrisburg, Philadelphia, Pittsburgh and Pottsville, Pa.; Trenton. N. J„ and Washington. D. C., together with private wire connections to Binghamton, Elmira, Ithaca, Rochester and Watertown, N. Y., and New Haven, Conn. Maintains Statistical Division The firm maintains large trading departments in the corporate, municipal, United States government and unlisted stock divisions. The facilities include statistical and analytical departments. The company is also a member of the New' York Curb Exchange, the Pittsburgh Stock Exchange and the New York Commodity Exchange. Jansen Noyes, a senior member of the firm, is a brother of Nicholas H. Noyes, who is secretary-treasurer of the Eli Lilly Cos. Other partners of the firm include Clifford Hemphill, Stanton Griffis, L. M. Blanke, Harold C. Strong, Kenneth K. Ward, Walter T. Collins, Charles L. Morse Jr., Percy H. Johnston Jr., Willard I. Emerson and Claude F. Leaman.

STOCK MARKET WEEK IN REVIEW

By United Prrsn NEW YORK, March 9. Wall Street’s favorable interpretation of President Roosevelt’s proposal for a tax on corporate surpluses turned the stock market upward last week. Gains ranged to 25 points in Allied Chemical. Some issues were whirled up, suggesting that only small amounts were available for the market. However, while some favorites were making new highs, there was selling elsewhere under cover of this strength, a factor that led to caution warnings. While the Street felt the stock market would benefit, at least temporarily, by a tax that would force corporations to distribute greater amounts in dividends to escape what otherwise would be a confiscatory tax on surpluses, business men were worried over the trend at Washington. They argued that such a Ux might prevent corporations from building up surpluses in good times to carry on in poor times. Bonds Floated Early Aside from the tax proposal, there was little to influence markets. The government floated $1,250,000,000 in bonds with seemingly phenomenal success. The offerings were oversubscribed more than five times, but much of that bulge was what is called padding doubling or trebling the amount actually wanted so that in event of a proration the penpn placing the order would receive what he originally wanted. The reception given the bonds had a good influence on the bond market, especially for United States issues. Business continued good with gains outbalancing declines. Automobile production rallied sharply. So did car loadings. Steel operations made a small gain, as did bank clearings and retail trade. Declines from the preceding week were noted in building and in electricity output. Commodity prices in the main were highly irregular. Silver Stocks Advance While silver metal declined in the London and Montreal markets, silver shares advanced substantially on the Stock Exchange. The gains began when Secretary Morgenthau announced the Treasury had turned its buying operations to the primary markets such as Peru, Mexico and Canada. He would not say whether the Treasury had ceased operations in the major trading markets such as London and Montreal. Numerous issues were carried to new highs for many years. Chrysler and General Motors made new tops since 1929. U. S. Steel was at its best level since 1931. Other steels and motors strengthened, favorably influenced by heavier output of motor cars which meant larger orders for steel companies. HUDSON SALES RISE Timr Special CHICAGO, March 9.—Sales r-f Hudson and Terraplane cars during February amounted to 5100 units, the largest volume for that month since 1930. William R. Tracy, vice president in charge of sales for the Hudson Motor Car Cos., announced today. SHIPMENTS INCREASE Timet Special DETROIT, March 9.—February shipments of Kelvinator household refrigeration units increased by approximately 107 per cent over the corresponding 1935 month. V. J. Mclntyre, domestic sales manager announced today.

HEADS LOCAL OFFICE

Mll 11 I s

Roger G. Wolcott

HOGS CONTINUE UNEVEN TREND I Medium Grades Mostly 10 Cents Higher; Others Around Steady. The pork market again continued to display an irregular trading range today at the Indianapolis Union Stockyards despite a light supply of receipts on hand. Weights ranging from 160 to 275 pounds were generally 10 cents higher, while heavier and lighter classes held steady. Receipts were estimated at only 3500. This apparently had no effect on the local market as trade developed slowly and buyers were hesitant in making early purchases. The supply was slightly heavier at the 11 major surrounding liestock centers. Today the total was 63,000, compared with only 50,000 a week ago. Holdovers here numbered 103. The general bulk of 160 to 225 pounds cashed in at $10.75 to $10.85. The latter also was paid for choice weights. Other classes from 225 to 260 pounds sold at $10.45 t $10.70. Extreme heavies, from 300 to 400 pounds, brought $9.50 to $9.90. Light slaughter pigs, from 130 to 160 pounds, were salable at $9.75 to $10.25. Light lights, scaling 100 to 130 pounds, sold at $9 to $9.50. Packing sows held at $8.75 to $9.25. The cattle market was irregular, with steers and heifers around steady and beef cows weak to lower. A single load of steers sold at sll, while others ranged mostly from $6.50 to $8.25. Heifers sold downward from $7. Beef cows ranged from $5 to $6. Receipts were 900. Vealers continued unchanged, with the bulk of good and choice kinds salable at $8.50 to $9. Receipts were 500. The lamb market was strong to mostly 15 cents higher on choice fed Western classes. The bulk of these grades sold at $9.50 to $9.85. Most native classes ranged downward from $9.50. Slaughter sheep held at $3 to $5. Receives were 1500. HOGS March. Bulk Top Receipts 3. $!0.65® 10.75 $10.75 4500 4. 10.80(5:10.90 10.90 4000 5. 10.60(510.70 10.70 5000 6. 10.65(5 10.75 10.75 4000 7. 10.65(510.75 10.75 1000 9. [email protected] 10.85 3500 Light Lights (140-160) Good and choice .$ 9.75(5:10.70 Medium 9.25(510.25 (160-180) Good and choice . 10.705/10.85 Medium 10.10(5 10.65 (180-200) Good and choice.. 10.75(5 10.85 Medium . .. 10.20(5; 10.75 (200-220) Good and choice . 10.75(510.85 (220-250) Good and choice.. 10.50(&10.65 Heavyweights (250-2901 Good and choice . 10.15(110.60 (290-350) Good and choice.. 9.70®10.10 Packing Sows 275-350) Good 9.10® 9.35 350-425) Good 9.00® 9.25 (425-550) Good 8.75(g) 9.10 (275-3501 Medium 8.50® 9.00 Slaughter Pigs (100-140) Good and choice . 9.00® 9.75 Medium B.oo® 9.25 CATTLE —Receipts, 900— (550-900) Choice $ 9.50® 10.50 Good 7.75® 9.75 Medium 6.50® 7.75 Common 5.25® 6.50 (900-1100) Choice 10.00® 11.50 Good 8.25®10.00 Medium 6.50® 8.25 Common 5.25® 6.50 (1100-1300) Choice 10.50®11.75 Good [email protected] Medium 6.75® 8.25 (1300-1500) Choice 10.75®11.75 Good [email protected] Heifers (500-750) Choice 7.50® 8.75 Good 6.75® 1 7.50 Common and medium 5.00® 6.75 (150-1901 Good and choice . 7 00® 9.00 Common and medium 5.25® 7.00 Cow* 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, 500— Good and choice $ 8.50® 9 00 Medium 6.00® 8.50 Cull and common 4.00® 6.00 Calves (250-500) Good and choice.... 6.50® 900 Common and medium 4.50® 6.50 Feeder and Stocker Cattle (500-8001 Good and choice 6 50® 7 50 Common and medium 5.00® 6.50 (800-10501 Good and choice.... 6 50© 750 Common and medium 5.00® 6.50 Cows £ ood 4.50® 5.00 Common and medium 4.00® 4.50 SHEEP AND LAMBS —Receipts. 1500— Lambs. 90-lbs. down, good and choice .$ 9 50® 9.85 Medium 8.50® 9.15 Common 7.25© 8 50 Ewes. (90-175) Good and choice . 4 00® 500 Common and medium 3 00® 4.00 Yearling wethers, good choice 8.40® 915 Medium 7.25® 8.50 Other Livestock (Bv United Press)" 9 - r °Bs —Receipts. 19.000. including 7000 directs; steady to 15 cents higher than Friday s average on 250 lbs. and down; little done on weights above 250 lbs., few sales strong to 10 cents higher: sows 10 to 15 cents up: top $10.70: 160-250 lbs. $10.35® 10.60: 140-160 lbs.. [email protected]; few 250-280 lbs *9 90® 10.35: sows. s9® 9.40. Cattle— Receipts.' 14 - 000: calves. 1500: general market slow; weak to uneven'v lower; moderate suppiv better grade weigiuv steers about steady at *ll® 11 50: earlv top. *11.65: best light cattle *11.35: general run weak to 25 cents lower: excessive sudplv of heifers and yearling type mostly 25 cents off: most few heifers *7.50®8.25: some held well above *9; cows. 10 to 15 cents off: bulls steady to weak; vealers about steady with shippers paying *8 50®9 and packers mostly *7.50® 8 Sheep— Receipts. 21.000: lambs, slow: 25 to 50 cents lower; heavies off most; scattered early sales medium to choice under 90 lbs., lambs. *9 25© 9.75: no heavies sold earlv; sheep and yearlings scarce; steadv; choice Mexican yearlings. (9; good to fed ewes. *5.50.

OFFICE MACHINES New and Used HILLER OFFICE ‘APPLY CO. 2* S. Penn. R l-1597

MONDAY, MARCH 9, 1936

BOND INVESTORS MAKE SWITCHES ON FARE RULING New Haven Is Held Hardest Hit; Otter Issues Seen Benefited. BY CHARLES H. HUFF Times Special Writer NEW YORK, March 9.—Second grade rail bonds have developed a somewhat spectacular two-way market as a direct product of the passenger fare reduction ordered by the Interstate Commerce Commission, to become effective in June. Pencils and comptometers have been pushed into overtime service in an effort to separate the carriers into two main classifications—those that will benefit and those that will suffer as a result of the new fare schedule. ' The influence of such calculations already has made itself felt noticeably in the market. Bond houses report that traders have engaged in a brisk activity of switching as an outcome of their findings. The price column of the rail group, with its mingling of plus and minus signs, provides a graphic measure of both the nature of the switching and its effect. Hit Cross Current The New Haven, up to date, has been, perhaps, hardest hit by this advance speculative acumen in undertaking to discount specific results of the lower passenger fares. The loss of speculative affection by the bonds of the New Haven has come at a time when hope was running high in many quarters in anticipating the impending' reorganization plan. Most of the issues had been acting particularly well marketwise until they hit this unexpected cress current. Bond house opinion is somewhat divided as to the extent of damage to earnings to be expected, but speculators have acted in unison in the first stages of reversed sentiment. While several other Eastern roads have been classed along with the New Haven and received moderate treatment of the same order in the bond market, the swing to roads of the West and Southwest has been noticeable in substantial price markups since the fare decision became a trading factor. Studied Switches Made As an example of some of the finer calculations entering into rail bond operations induced by preliminary consideration of the effects of the new passenger fares, some bond houses mention a considerable amount of switching from New York Central 4 1 /zS to Nickelplate 4V 2 s. When the I. C. C. announced its order the Central bonds were slightly more than 3 points above the Nickelplate issue of that same coupon rate. At a pace that was gradual, but nevertheless noticeable, the spread has been narrowed to about a point. Traders are assuming, acceding to the word in bond centers, that the New York Central will be hurt by the lower fares, while no unfavorable results are expected for the Nickelplate. Some of the more astute projectors of potential statistics advance the estimate that the fare reduction will reduce Central earnings 58 cents a share. Chicago Grain Futures (By James E. Bennett & Cos.) •• 11:00 Prev. Wheat— High. Low. A. M. Close. May I.oo>/* .99% ,99'/ 2 .993,4 July 90% .89% .89% .89% Sept 89% .88% .88 Vs .88% CornMay 61% .60% .60% .60% July 61% .60% .60% .61 Sept 61 >4 .60% .60% .61 Oats— May 28% .27% .27% .28% July . ... 4 28 .27% .27% .28 Sept 273/4 .27% .27 % .27% RyeMay 57 .56% .56% .563/4 July 56 34 .56% .56% .56% Sept 56% .56% .56% .56>/z LOCAL CASH MARKET City gram elevators are paying 95 cents for No. 2 soft wheat. Otner grades on their merits. Cash corn new No. 4 yellow 50 cents and oats 21 cents. Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers 65 66*4 Central Hanover 115 117% Chase 39% 41 % Chemical National 58% 60'* Guaranty 292 296V* Irving ; 16% 18 Manufacturers 46% 48% National Citv 35% 36*4 Cont 111 Chicago 167 *'169% First National Boston 47 48% National Shawmut 26*4 28% FIRE INSURANCE Aetna Fire 58% 60% American Ins of Newark 16 17*4 Baltimore American 9% 11 City of New York 29% 31V4 Federal Ins 54% 57'4 Franklin Fire .. 32* 4 34% Great American Ins 31% 31% Hanover Fire Ins 39% 41% Hartford Fire Ins 82 84% Home Ins 37V4 3874 National Fire 79% 81*4 Ins Cos of A 75 79% National Liberty 10% 12% North River 28 30 Phoenix 97 99 V 4 U S Fire 57% 59% Westchester Fire 39 41

Hemphill, Noyes Cos. MEMBERS NEW YORK STOCK EXCHANGE 15 BROAD STREET. NEW ”ORK ANNOUNCE THE OPENING OF AN INDIANAPOLIS OFFICE litm FLOOR FLETCHER TRUST BUILDING TELEPHONE: LINCOLN (4M ROGER G. WOLCOTT MANAGER PRIVATE WIRE CONNECTIONS TO THEIR NEW YORK OFFICE AND THE FOLLOWING CITIES ALBANY CAMDEN ITHACA POTT3VILL* ALTOONA DETROIT NEW HAVEN ROCHESTER BINGHAMTON ELMIRA PHILADELPHIA TRENTON BRIDGEPORT HARRISBURG PITTSBURGH WASHINGTON WATERTOWN MARCH t. lIM.

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New York Stock Exchange Prices

(By Thomson St McKinnon). 11:15 , A. M. Prev. Gils— High. Low. N. Y. close. Amerada 108 108 108 109 Atl Rfg 31% 31% 31% 32 % Barnsdall 17 V 417 V* 17% 17% Consol Oil 147* 14% 14% 15 Cont of Del .... 37% 36*4 36% 3674 Houston inew'.. 11% 11% 11% 11% Mid Cont Pet.. 19% 19% 19% 19% Ohio Oil 15*4 15% 15*/4 16% Phillips Pet ... 43 43 43 43% Plymouth Oil ... 14% 14% 14% 14% Pure Oil 22% 22% 22 % 23 Shell Un 18% 18% 18'% 19 Skelley Oil 26 *4 26 26 26% Soc Vac 15% 15% 15Vi 15% S O of Cal 45% 45% 45% 45% S O of Ind .... 38% 38 38 3874 S O of N J ... 61'4 60 % 60% 62% Texas Corp ... 38 37% 38 37% Tidewater Assn .18 17% 17% 18% Un Oil of Cal f 27% 27% 2718 27% Steels— Am Roll Mills .i 30% 30% 30% 30% Beth Steel 57% 5674 5674 58 Inland Steel ...113% 113% 113% 113% McKeesport Tin 110 110 110 110% Mid Steel 39 39 39 48% Natl Steel 65% 65% 65% 66*4 Otis Steel 19'i . 19% 19% 19*4 Rep I & Stl 24 237s 23 74 24% U S Steel 65% 65 65% 65% U S Steel pfd 129 129 129 127% Warren Pipe-Fdy 26% 26% 26% 26 % Yungstwn S St T 52 52 52 53 Motors— Auburn 50% 50% 50 % 51% Chrysler 98 97*4 98 9874 Gen Motors 62% 61% 62'% 62% Graham Mot .. 4 374 4 4% Hudson 18% 18% 18*4 19 Hupp 274 2 74 2 74 2 74 Nash 20% 20 20% 20% Packard 11% 11 11% 11% Reo 7*4 7% 714 7% Studebaker 13*4 13'4 13 >4 13% Yellow Truck ... 26% 26 26 26 Motor Access— Bendix 26 % 26 26 26 Bohn Alum ; 61 61 61 62 Borg Warner ... 79% 79% 79% 81 Budd Mfg 14*4 1374 1374 14% Budd Wheel 12% 12% 12% 12% Eaton Mfg 31 30% 30% 31% Elec Auto Lite .. 41% 41% 41% 42% Elec Stor Bat .52 52 52 51% Greyhound “B'\ 67% 67 67 68 Houdaille 30% 30% 30% 31*4 Murray Body ... 20 74 29 % 2074 21% Stew Warner ... 21 % 21% 21% 21% Timken Roll . 68% 68% 68% 68% Timken Det Axle 16% 16% 16% 16% Mining— Alaska Jun 15% 15% 15% 15% Am Sipelt 76>4 75% 76% 77% Anaconda 35% 35% 35% 35% Cal & Hecla .... 9*4 9',8 .9% 974 Cerro De Pasco .. 53*4 53% 53 74 53 74 Dome Mines 47% 47% 47 74 47% Granby 10% 10% 10% 1074 Gt Nor Ore 19% 19% 19% 2074 Howe Sound 5 5 5 5 Ins Copper 13% 12% 13% 12% Int Nickel 50% 50 50% 51% Isl Creek Coal .. 28 28 28 287 2 Kennecott Cop.. 39 3874 39 39 Park Utah 474 4% 4% 474 St Joe Lead 27*4 27% 27% 2774 U S Smelters ... 9074 90% 9074 9074 Vanadium 2474 24.74 24 74 24 74 Amusements— Croslev Radio .. 17 16% 17 17 Fox Theat 30% 30 74 30 % 30% Loews Inc 49 48% 48% 4974 Radio Corp 12% 1274 12% 14 Paramount 974 9 7s 974 9% RKO 8% 8 8 8% Warner Bros ... 12 11% 11% 12% Tobaccos— Am Snuff 60 60 60 59 Am Tobacco ‘B - 94 94 94 9474 Lig & Myers ‘B' 102’4 102% 10274 10274 Lorillard 22% 22% 22% 2274 Phillip Morris 71% 70% 70% 71% Reynolds Tob ‘lf 53% 53 53% 5374 Rails— Atchison ........ 76% 7674 76% 78 B& O 21% 21 2174 21% Can Pacific 13% 13% 13% 14% Ch $ Ohio 58 74 58 % 5874 58% C M & St P 274 274 274 2% C M <fe St P pfd. 4% 4% 4% 5 Chi N W 4% 4% 4% 4% Dela <fc Hud 46% 46% 46% 47% Del Lac & W ... 19% 19% 19% 20V* 111 Central 25% 25 74 25 % 25% Lehigh Valley .. 13% 13 13 13% M K & T 874 874 8 % 8% MK & T pfd 227* 21% 21% 22% Mo Pac pfd 674 6V 2 6% 6*4 N Y Cent 36% 36% 36% 37*4 N Y New Haven 4% 4% 4% 4% Nor Pacific 31% 3174 31% 32% Penn R R 34% 34 7 4 34 74 35 7, Sou Pac 34% 34 34% 35% Sou R R 1774 17% 17% 1874 Union Pac 135 134 134 136*4 Wabash 3% 3% 3% 3% West Maryland.. 1074 974 1 074 10% Equipments— Am Brake Shoe.. 49% 49% 4974 50 Am Car & Fdy.. 38 38 38 3874 Amer Loco . .. 32 74 3274 32 % 33% Am Steel Fdy 30 29% 30 30% Bald Loco 574 5% 5% 574 Gen Elec 40% 40% 40 74 40% Gen R R Slg 42 42 42 4474 Pullman Inc 46 46 46 47 West Air Br 46*4 46 46 47 Westingh E1ec...11674 116 11674 113 Utilities— Am & For Pwr . 7% 774 7*4 7% Am Power & Lit 974 9 974 9% AT&T 172% 172 172% 173 Am Wat Wks .. 22 74 2 2 22 74 23% Col Gas & Hec. 1874 17 18*4 15% Com & Sou 374 374 374 3% Consol Gas ... 34 74 34 74 34% 34% El Pwr & Lit.. 1174 10% 1174 11% Int Hydro Elec .. 374 374 374 3% Int T & T . . . 1774 1 7 1 774 17% Nat Pwr & Lit. 1074 10% 10% 11V* North Amer . 27% 27% 27% 27*'* Pac G& E ... 34*4 34% 34% 34% Pub Serv N J 43 42% 42% 43 Stone & Wobster 16% 16% 16*4 16*4 United Corp ... 774 774 774 7% Un Gas Imp .. 16% 16*4 16% 16% West Union .... 98 89 89 92 Rubbers— Firestone 30% 30 7 4 3074 3174 Goodrich 18% 18% 18% 18% Goodyear 28% 27% 277* 28% U S Rubber . 20% 20% 20% 20% U S Rubber pfd 60>4 60% 60% 607* Miscellaneous— Allis Chalmers . 45% 4574 4574 <s*4 Am Can .. 124 124 124 125% Am Mach & Fdv 26% 26 26% 26% Anchor Cap 2474 24 74 24% 20% Brklyn Man Tr. 49% 49 74 49 % 4974 Burroughs Add . 2974 29 % 29% 30% J I Case 120 11974 120 121 *4 Conti Can 80 80 80 8074 Crown Cork 52 51% 52 51% Curtis Pub 19 18% 18% 2074 Deer & Cos 75 74% 7474 74% Eastman Kodak 165 164 164 167 Gillette 18*4 18*4 18*4 18*4 Inter Harv 74% 74% 74% 74% Natl Cash Reg. 28% 28% 28% 29 74 Rem Rand 22’* 22% 22% 23 Underwood E ... 91% 90% 90% 91 Foods— Am Sugar 59 59 53 58% Armour 6% 6% 6% 6% Beatrice Cream. 22% 22% 22** 22% Borden Prod ... 29 28% 28% 29% Cal Packing . 35 35 35 Cont Bak "A" . 17 16% 16% 17%

Corn Prod 73 73 73 75*4 Cuban Am Sugar 13% 13>4 1374 . 13% Gen Foods 34% 341* 34 7* 34% Gold Dust 20 *4 20 % 20% 207* G W Sugar 36% 36% 36 s * 37 Hershey 77 77 . 77 77 Natl Biscuit ... 34*4 3474 3474 3474 Natl D Prod . 24% 24% 24% 25 S Porto Rico Sug 33% 33% 33% 3374 Std BrandS 16% 16% 16% 17 Un Biscuit 25 25 26 24% United Fruit ... 7274 7274 7274 737a (Retail Stores— Allied Stores ... B*4 8% 874 B*4 Kresge 3 S ..... 23% 23 s * 23% 23% Kroger Goc 24% 24% 24% 24% Mac.v R H 47 46% 47 47 s * McCrory St 14% 14% 14% 15% McLellan St . . 137* 13% 13% 14 Marshall Field.. 17% 17% 17*4 1774 May Dept St ... 48% 48% 48% 49 Mont Ward 40% 4040% 4174 Penney J C 73 73 73 72% Sears Roebuck.. 6474 64 74 64 7* 65 Wool worth 52 74 52 % 52 74 52 74 Aviation— Aviation Corp .. 7 7 7 7 Boeing Aircft ... 2674 25% 267* 2574 Curtiss Wright . 8% 8 8 77 2 Curtiss Wr "A”. 21% 21 2174 2074 Douglas Air .... 71 74 7 1 7 1 71 Nor Am Av 9*4 9% 974 9% Sperry Corp 21% 2172 21% 21 s * Uni Aircft New. 31% 31 31 30% Chemicals— Com Solvents... 22% 22% 22% 23 Du Pont 149'% 1497 4 1497 4 148*/* Freeport Tex ... 33 33 33 33 Liquid Carb .... 39 39 39 40 Natl Dls (new). 32 74 32V* 32 74 32 5 ,4 Schenley Dist .. 50% 50 74 50 % 5174 Tex Gulf Sulph . 36% 36 74 36 % 3774 U S Ind Alcohol. 5074 4874 50 74 49V 2 Drugs— Coty Inc 6% 674 674 6*/* Lambert 24% 24% 24% 25 Sterling Prod .. 70 70 70 70% Un Drug (new).. 15% 15*4 15*4 1574 Zonite Prod 874 874 874 87* Financial— Adams Exp .... 13 12% 12% 13*4 Allegheny Corp.. 3*4 3% 3*4 3% Transamerica ... 13*4 13% 13% 14 Tr Conti Corp . 1074 1074 1074 10% 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. Home T & T. Fort Wayne. 574 104 105 Home T & T. Fort Wayne. 6 .103 106 Indianapolis Railways. Inc... 6774 70 Indianapolis Water Cos. 474 .105 107 Indianapolis Water Cos.. 5.. 105 107 Indianapolis Water Cos., 5 . 105 107 Indianapolis Water Cos., 574 105 107 Indianapolis Water Cos.. 574 105 107 Interstate T & T. 574 95 97 Kokomo Water Works. 5 10474 105% Morris 5 & 10 Stores, 5 100 103 Muncie Water Works. 5 .. 103 Noblesville Heat. Lt & Pwr. 674 98 100% 'Ohio Telephone Service, 6 ... 97 74 ... Richmond Water Works, 5...104>/ 4 106 Seymour Water Cos.. 5 101 104 Terre Haute Trac & Light, 5 89 9174 Terre Haute Water Works.. 102 104 Terre Haute Water Works ...103 105 Traction Terminal Cos.. 5 77 80 STOCKS ifelt R R & Stock Yards Com. 53 55 Belt R R & Stock Yards pfd, 6 52 74 ■ Central Ind Pwr pfd, 7 20 23 Home TANARUS& TANARUS, Fort Wayne. 7.. 52% 5474 Hook Drugs. Inc., com 16 74 1 8 •Ind & Mich Elec Cos., pfd. 7 103% 10674 •Ind General Service Cos.. 6 . 9674 99 Ind Hydro Elec Cos.. 7 .59 62 Indianapolis Gas Cos., com.. 6 . 35 38 •Indpls Pow &Lt Cos., pfd., 6 89 92 •Indpls Pow & Lt Cos., pfd.. 674 9 3 96 Indianapolis Water Cos pfd. 5 .10 374 106 74 North Ind Pub Serv pfd. 574. 69 72 North Ind Pub Serv pfd. 6 . 75*4 ~ 78*4 North Ind Pub Serv pfd. 7 . 847 2 8774 Progress Laundry Cos. com.. 9 10Va Pub Serv Cos of Indiana, pfd. 6 2174 24 * 2 Pub Serv Cos of Indiana, pfd. 7 46 49 South Ind Gas & Elec. pfd. 6 97 101 Terre Haute Elec Cos. 6 ... 88 91 Union Title Cos. com. 8 20 74 23 •Ex-dividend. Investment Trusts (By Thomas D. Sheerin & Cos.) Bid. Ask. Administered Fund 2nd $17.09 $lB.lB Affiliated Fund. Inc 1.98 2.16 Amer General Equities 1.11 1.14 Amer Business Shares 1.19 1.29 Bullock Fund, Ltd 17.90 19.50 Century Shares Trust 28.29 30.42 Collateral Tr Shares “A".. . 6.68 6.76 Corp “A” or ‘ Accum” (Mod) 3.37 3.40 Corp “A” or “ACC” (Unmod) 2.70 2.73 Corp Trust Shares (Orig.) ... 2.85 2.89 Diversified Tr Shares ”8”... 10.90 11.05 Diversified Tr Shares “C”... 4.58 4.62 Diversified Tr Shares “D” 6.80 6 90 Dividend Shares, Inc 1.66 1 81 Incorporated Investors 22.95 24 75 Investors Fiind Amer 1.08 1.18 Market Street Investment Corp 3.81 33.47 •Maryland Fund 19.40 20.96 Massachusetts Investors .... 25.85 28.10 Nation-Wide Sec Cos “3” 4.20 Nation-Wide Voting 1.75 1.92 North Amer Tr Shs 1955 3.35 3.38 North Amer Tr Shs 1956 3.31 3.34 North Amer Tr Shs (Orig).. 2.64 . . Quarterly Income Shares 1.58 1.73 Representative Tr Shares .... 12.55 12.70 •Selected Amer Shares. Inc.. 1.80 1.74 Selected Amer Sh (Orig) 3.70 Selected Cumulative Shares .. 9.48 9.58 Selected Ipcome Shares ... 4.99 5.09 State Street Investment Corp 99 25 103.75 Super-Corp of Am ”AA” .... 2.83 2.87 Super-Corp of Am “BB” 2.86 2.90 Super-C'orp of Am "A” .. 4.24 4.29 Super-Corp of America ”B" 4.44 4,49 Super-Corp of Am "C” & “D” 8.15 8.23 Supervised Sh. Inc (Dela) .. 1.70 1.86 Tr Standard Oilshares “A” .. 7.65 7.75 Tr Standard Oilshares “3 6.80 6.90 Tr Standard Invest;,lent C” 3.00 3.03 Tr Standard Investment “D” 2.94 2.97 Universal Trust Shares 4.30 . Uselps “A” 18 75 19.10 Uselps “B” 291 Uselps Voting 1.12 1.15 United Standard Oillunds 1.39 1.52 •Ex-dividend.

This advertisement is not, and is under no circumstances to be construed as, an offering of these Bonds for sale, or as a solicitation of an offer to buy any such Bonds. The offering is made only by the Prospectus. $1,450,000 Citizens Independent Telephone Company First Mortgage 4 54% Twenty-Five Year Sinking Fund Bonds, Series A To be dated January 1, 1936 To mature January 1, 1961 The issuance of these bonds has been authorized by the Public Service Commission of Indiana. Price: 101% and Accrued Interest We are participating in the distribution of the above named issue and copies of the Prospectus may be obtained from our office. Indianapolis Bond And Share Corporation 129 East Market Street Indianapolis

Price of Curb Seat Drops The price of a membership on the Xeiv York Curb Exchange dropped SII,OOO to $37,000 in a sale announced today. The previous price of $48,000, on Feb. 17, was a high since 1933.

PAGE 11

From the Magazine of Wall Street.

Building— Am Radiator ... 22% 22 22 22 s * Gen Asphalt 32% 32% 32* 4 33% Johns Manville 119 119 119 119 Libby Owens Glas 61’* 61** 61’* 62% Otis Elev 31 30% 30% 31 U S Gypsum 107 107 107 107% Ulen Cons 6’* 6’* 6’* 7% Household— Kelvinator 21% 21 21 22 Proc & Gamble.. 46 s * 46% 46 s * 46% Servel Inc 19 19 19 19* Simmons Bed .. 27 26% 26% 27% Textiles— Amer Woolen ... 10% 10% 10% 10% Belding Hem 15*, 15% 15% 15% Celanese Corp .. 28%. 28% 28% 28% Kayser Julius .. 31% 31% 31% 31 1 Real Silk 15 15 15 15% Chicago Stocks (Atkins, Hamill & Gatesl 11:00 Prev. A. M. close. Advance Alumnium 8% 8% Berghoff 10% 10% Bruce (E. L.) 17% 17% Butler Brothers 10 10% Cities Service 5 5% Commonwealth Edison 100 101% Continental Steel 38% 38% Cord 6% 6% Goichaux Sugar A 37% 37 Great Lakes Dredge 29% 30 % Jarvis Mfg 21 21% Ken-Rad TANARUS& L 11% 12 Lincoln Printing 8% 9 McGraw Electric 31 31 Noblitt-Sparks 33% 33% Northwest Bancorporation ... 10% 10% Vortex Cup 18% 19% Zenith 17 17V* New York Curb (By Atkins, Hamill & Gates) 12:30 P. M. Prev. N. Y. close. Alum Cos of Am 139 144 Am Cyanamid “B” 34*4 36 Am Gas & Elec 39% 40% Am General 11 11% Am Superpower 2% 2’* Ark Natural Gas A 6% 6% Atlas Corp 13% 14% Carrier Corp 10% 10% Creole Pet Corp 31V* 14% Crocker Wheeler 14 14% Elec Bond and Share 18% 19% Fisk Rubber 7% 7% Ford Motor Canada A 25*4 27 Greenfield Tap & Die Corp.. .. 9% 9% Gulf Oil Corp of Penn .... 92% 93 Humble Oil & Refining Cos. .. 71% 72% Huler’s of Del pfd 37 38 Hygrade Food 4% 4% Imperial Oil of Canada 22% 22% Irving Air Chute 24% 25% Mead Johnson Cos. 87 % 87 % Molydenum Corp of America.. 11 10% Natl Bellas Hess. Inc 2*4 2% Niagara Hudson Power 9% 9% Pennroad Corp 4*4 5 Root Petroleum 10 10*4 St. Regis Paper Cos 5 5% Segal Lock 4% 4% Sonotone 2% 3 Stutz Motor Car of Am 2% 2'4 Technicolor. Inc 30% 31% Wayne Pump 29 % 29% Money and Exchange INDIANAPOLIS STATEMENT Clearings $2,146,000 Debits 5,204,000 TREASURY STATEMENT (By United Press) WASHINGTON. March 9.—Government expenses and receipts lor the current fiscal year to March 6, as compared with a vear ago: This Year Last Year Expenses $ 4.840.927.495.51 $ 4.647,813.917.48 Receipts 2.415.479.763.24 2.342.438,288.35 Deficit . 2.425.447.732.27 2.305.375.629.13 Cash Bal. 1.754.823,357.44 2.049.143.918.68 Public Debts.. 30,510.845,090.00 28,554.642.325.00 Gold Reserve 10.167.226.241.00 8.545.636,436.00 Customs 264.055.775.21 226.804.600.38 REAL ESTATE TRADED Deals Totaling SBB,OOO Reported by American Estates Cos. Sale of five residences and an apartment building at aggregate cost of SBB,OOO has been announced by the American Estates Cos., Inc., realtors, whose offices are at 332 Circle Tower. All of the properties are located in exclusive residential sections of North Side Indianapolis. The deals were made during the last 30 days, the company reported.

BEMIS LETTER SERVICE 303 Merchants Bank Bldg. Lincoln 6122

LOANS REPAIRS AND NEW HOME BUILDING See Your Local Building and Loan Assns.

TRADE RECOUPS FROM GRIP OF COLOWEATHER Roosevelt’s Income Tax Plan Highlight of Week’s Action. Timrx Special NEW YORK, March 9. The President’s proposal to revise corporation income tax procedure virtually overshadowed last weeks emergence of trade from the grip of freezing temperatures, Business Week reports in its issue today. The stock markets leaped to the conclusion that dividend distribution would be more liberal. Construction interests speculated concerning the possible effect on expansion programs. Meanwhile Business Week calculates that even the 1935 tax rates, based on the business volume of a year as prosperous as 1929, would yield an enormous income, obliterating all fear of inflationary expedients to solve the budget problem. “Milder weather over practically all parts of the country except the circle of northern states near the Great Lakes is loosening up sales and construction activity. With Easter coming early in April, the next six weeks should see the best buying spurt in spring apparel since 1931. Rail Rates Reduced “After setting records in many lines in 1935, the household appliance industry is out to make the most of the 1936 market. Washing machine manufacturers started the yea£ with a 33 per cent margin over last. Frigidaire is backing its 1936 line of refrigerators with the heaviest advertising campaign in its history. Kelvinator reports that its February factory shipments of household refrigerators were double those of a year ago. “The Eastern railroads which have fought the passenger rate reduction proposals were dismayed when the Interstate Commerce Commerce Commission approved the 2-cent-a-mile rate, to replace the basic 3.6-cent rate. Motor Output Due to Climb “The reluctance of buyers to place orders immediately after the settlement of the threatened dress strike is annoying to manufacturers, who are confident that the delay only means that orders will be bunched just before the Easter season. “Motor manufacturers are going ahead with spring business, in the belief that the worst winter in decades is about spent. Motor production, which dipped to 380,554 cars in January, as was forseen, and shrank further in February, Ls now expecter to climb to the 400.000level in March, and even higher in April. “Steel operations in the first week of March are estimated at 53.5 per cent of capacity and destined to go considerably higher now that the motor industry is ready to expand production. Railroad business continues to pile up. Agricultural equipment, road machinery, machine tool, refrigerator and tinplate makers are stepping up activity as spring gets under way.”