Indianapolis Times, Volume 47, Number 313, Indianapolis, Marion County, 10 March 1936 — Page 15

Trends Repeal of Capital Stock Tax Is Urged. BY JOHN T. FLYNN

NEW YORK, March 10.—There Is one aspect of the President's tax program which must not be lost sight of. I predict that we will see a powerful lobby around "Washington supporting at least one

phase of it. There is in our tax system at the present moment nothing that the big corporations are so anxious to punge from it as the capital stock tax. In any system in which an attempt is made to tax the earnings of corporations either in the hands of the corporation or in the hands of the stockholder s, the

Flynn

question of the value of the corporation’s assets will be an essential one. In the past corporations have robbed the government of countless hundreds of millions, perhaps billions, of dollars In taxes by writing up assets. If a corporation makes a million dollars profits and its assets are $10,000,000, it has made 10 per cent, but if it can write those assets up to $50,000,000 that one million profit seems to be only 2 per cent. a a a TO reach this evil the finance committee of the Senate in 1933 Imposed a capital stock tax. It worked this way: In 1933 profits of corporations were obviously •small and so they weren’t worried about profits taxes. The committee very shrewdly imposed a tax of $1 on every SIOOO of the capital value of the corporation, that is, on the value of the corporation’s free assets. But it authorized the corporation to state freely its own estimate of Its asset value with no power in the Treasury Department even to contest it. Therefore, they could write it up or down just as they chose, but they were warned that having stated their capital value, they could never afterward change it except as to new assets. True to form, great numbers of corporations which formerly had written up their assets in the most shameful manner to defraud the Rovernrwent on the excess profits tax, now wrote them down in order to defraud the government pn the capital stock, taxes. nun BUT somehow the American Treasury, even under the New Deal, is merciful with corporations when they are trying to swindle the government on taxes. And so in 1934 they re-enacted the capital stock tax and provided that the valuation set in 1933 would not be binding on the corporations. They could have one more chance to /alue their assets, but this time it would be binding. Then, to put them on notice, the Treasury sent a solemn warning to every corporation. Under these circumstances, in 1934, they revalued their assets. Now profits have returned and they are more interested in the profits tax than in the capital stock tax and once again they would like to write up their assets, but they are hooked by the capital stock tax. There is only one way out for them and that is to repeal the capital stock tax. Instead of moving heaven and earth to stop that repeal, the President takes the Jead in advocating it. (Copyright, 1936, by NEA Service, Inc.) On Commission Row (Quotations below subject to change are average wholesale prices being offered to buyers by local commission dealers.) FRUIT—6 tra wherries: Florida, pint, 38c; 36-pint crates. 17c. Cranberries, <5. c! Howes, Eatmores, 25-lb. box, $2.50. Pears: Washington D'Anjo 1100s boxi, $3; Washington Bose (100-1201. $3.25; California, Avacado (200-245). $3 50. Grapes; Extra Fancy Emperors (34-lb. sawdust chest), 53.50. Limes: Mexican carton. 22c; Persian seedless (doz..), 45c. Dates: Fresh Arizona, $1.50. Bananas, seven hands, pound. s'c. Apples: Delicious (fancy baskets), $1.50: Jonathans. $1.50; Grime's Golden. $1.40; Romo Beauty, $1.60. Lemons: Sunkist (3605), $6 Grapefruit: Texas seedless (545-80s), $4; Arizona Sunkist- (80s), $3. Tangerines: (Florida 120s. 1445, 168si, $1.75. VEGETABLES Artichoke, California tdoz.), $1 15. Beans, green round stringless (hampers), $2.75. Beets: Texas (3 doz. crate), $1.50; cut offs (bu.), sl. Brussels Sprouts. California (lb). 18c. Cabbage, New York Danish (50-lb. bag). 85c; New Texas icrate), $2.15. Red Cabbage (50-lb. bag), $2. Carrots. California (6 doz. cratei. $3; Texas (3 1 a doz. crate). *1.50. Cauliflower. California (12s crate), $1 6S. Celery. Florida washed and trimmed (doz ), 45cit 85c; Florida 14s. 6s. Bs. 10s crate), $3 Cucumbers, hothouse (doz.), $1.25; (southern bushel), $6. Egg plant, Florida (doz.), $1.50. Kale (Virginia bushel), sl. Lettuce, Iceberg Arizona (best 6s. ss), $4 25; home grown leaf (15lb laskets), sl. Endive, California (doz.), 90c. Peppers, mangoes icrate), $7; peck basket. $1 75; (doz.). 45c. Mint, hothouse (doz.l, 75c. Mushrooms (pound). 30c. Mustard. Texas half crate, $1.50. Onions - Indiana yellow 150-lb. bagt. $1- Western Spanish (50-lb. bag), 51.75. Ovster plant, home grown (doz.), 40c Parslev southern (long bunches doz.), 45c. Parsnips. home grown washed ibuschel). sl--60 c. Peas. Florida (hamper). $2.25. Potatoes, Michigan Round Whites (100-lb. bag), $1.65; Maine Green Mountains (100-lb bag). $2.25; R R. Early Ohios (100-lb. bag). $1.90: R. R. Triumphs • 100-lb. bag), $185; Idaho Russets 1100lb bag, $2.25; Idaho bakers (70s box). $2 50; Col. McClures (100-lb. bag), $2.10; New Florida Triumphs (50-lb. bag), $2.00. Sweet Potatoes, Indiana Jersevs ils bushel). $1; medium (bushel), si: Tennessee Nancy Halls (hampers). $1.15; Indiana Puerto Ricans (bushel crate). $1 50. Radishes, home grown buttons (doz.), 45c; white, 40c. Rhubarb, hothouse (bunch). 40c. Rutabagas, northern (50-lb. bag), 85c. Sage (doz ). 45c. Shallots. Louisiana i? oz _ - 4 * e - Spinach. New Texas (bushel). i]-.J urntDS - home grown washed (bu&heli. Tomatoes repacked (10-lb. box), s'.3atal.6Q; original Cuban (30-lb. lug), $3. Produce Markets The prices quoted are paid for stock gathe ed in the country, while delivered in Indianapolis the price is a cent higher. Heavy breed hens. 18c; Leghorn breed hens, 13c; Leghorn springers, 12c; old stags. !3c: old cocks. 9c. Ducks, white, 5 lbs and over, 11c; geese, full feathered, all sizes, 10c; all guineas. 1% lbs. and up. 15c: No. 1 strictly fresh eggs, loss off. 17c Each full case must weigh 55 lbs. gross, a deduction of 10 cents a pound under 55 lbs. will be made. N 1 butter, 37ft38c No. 2. 35fe36c. Butteifut. 30c. (By United Press) CHICAGO. March 10.—Eggs Market easy; receipts. 22.382: fivsh graded firsts. lD'rc: extra firsts. 20c: current receipts. 18c: dirties. 16%c: checks. 15' 2 c. ButterMarket. weak: receipts. 11.910; extra firsts (90-91't score). 30fa 30'.c- extras (92 score). 306 c; fidsts ibß-89% scoivi. 29**fa 29 %r seconds 186-87' 2 score), specials 31®31%c: standards. 30c Poultry—Market. steady to firm- receipts. 19 trucks. 1 car due; ducks. 21<tt24c: geese. 17c: spring chickens. 54c; hens. 17ft21%c; turkeys 20 ft 23c; capons. 25b 26c: Leghorn hens. 14® l*c; old roosters 16c- broilers. 22%c Dressed Poultry Turkeys, young Toms, 25 27• 3 c: hen turkeys. 31c; capons. 274$ 30c Cheese—Twins. 15 1 < 15 T -ac: daisies ISU-Cr 15%c; Longhorns. 15% fa 16c. Potatoes—BuppLr moderate: market about Meadv on table stock Idaho Russet Burbanks. 81.70 M 80' U. 8 No. 2 $1 65- Wisconsin round whites. $1 20 Michigan Rusrural*, $132%; North Dakota Bliss Triumphs, Sl.42’a- Colorado McClure* $1.82%rJ.90: U. 8 No. 2. 81.02'v Nebraska Bliss Triumphs. $1 60fa 1 70- ‘Florida. bushel crates, $1 25ft 140 Arrivals Sli on track. 207; shipment*. 80S.

F. D. R, APPEALS FOR QUICK RAIL CONSOLIDATION President Requests Parley ' if Negotiations Are Deadlocked. By United Press WASHINGTON, March 10.—Presider* Roosevelt appealed to capital and labor to agree on proposed railroad terminal consolidations in a letter which rail officials interpreted today as indicating the Administration believes that the controversy should be ended before Congress intervenes to settle it by statute.

The President’s letter disclosed that Railroad Co-ordina-tor Joseph B. Eastman had consented to delay his proposed order forcing terminal unifications in 11 cities. Mr. Eastman recently said that unifications would effect huge s a v ings and, unless rail officials acted, he would order them, indicating he planned

Eastman

such action eventually In some 5000 cities. Mr. Roosevelt, writing to J. J. Pelley, president of the Association of American Railroads, and J. A. Phillips, Cedar Rapids, la., vice chairman of the Association of Railway Labor Executives, invited both to a joint conference if they do not agree on a consolidation program before June 16. The Emergency Railroad Transportation Act expires on that date. Progress Is Seen • Railroad officials indicated progress had been made, but that they were uncertain whether an agreement could be reached that would eliminate the need for a joint conference. Negotiations among labor, capital and Mr. Eastman still are in progress. “The situation remains up in the air,” one rail official told the United Press. “But some d%cinct progress has been made.” This official said some labor people felt they would be holding the bag unless negotiations were finished before June 16, when the coordinator’s office goes out of business under the present law and the President’s letter apparently was an effort to speed agreement. In his letter, Mr. Roosevelt said: “What disturbs me is the apparent inability of the managements and the men to co-operate in working out such common problems. Issues which ought to be settled by friendly negotiation are being fought out in the battle grounds of Congress and the courts. Legislation has its place. Often it has been necessary for the welfare of labor or capital or both, but it is a remedy to be taken with caution or it may prove worse than the disease. Situation "Critical” “A critical situation prompts this letter. It is common knowledge that there is much waste in railroad operation, caused by the .great number of railroad companies, and that much of it can be avoided, either by consolidations or by greater co-operation and co-ordi-nated use of various facilities. “This waste hampers railroad progress and is a burden on the rate-paying public. It ought to be eliminated for the good of all concerned, and conditions favorable to its elimination are now developing. . . . “In the long run, the employes will surely gain from maximum efficiency and economy in railroad operation. . . . But sudden steps in this direction may cause temporary hardships. The employes are fairly entitled to protection against such hardships. . . . “If they do not agree and legislation is sought as the only solution, I fear harm to the railroad Industry. ... All this can be avoided if the contending parties will confer with each other in a spirit of reasonableness and moderation. ... Suggests Joint Parley “Convinced, as I am, of the great benefits which will accrue to the railroad industry, to its employes, and to the country if this matter can be adjusted satisfactorily to both parties, I address you, as representatives, respectively, of the managements and the men, to express the hope that no effort will be spared on either side to reach such an adjustment. May I suggest that before you permit such an effort to fail you, you confer jointly with me? “The Federal Co-ordinator of Transportation, acting under the mandate of the Emergency Railroad Transportation Act, 1933, Is proposing certain orders directed toward the unification of railroad terminal facilities. ... In view of the proposed negotiations, I have asked the co-ordinator, and he has consented, to defer these proposed orders for a time.” Money and Exchange TREASURY STATEMENT (By United Press) WASHINGTON. March 10.—Government expenses and receipts for the current fiscal y-ar tc March 7, as compared with a year This Year. Last Year. Expenses.. $4,858,538,072.27 $4.631.480,021.78 Receipts. 2 427.089,571.23 2.356,391.847.51 Deficit .. 2.431.448.501 04 2.305.088.173.67 Cash bal.. 1,750,604.176.84 2.048.001.04’.97 Pub. debts 30.511.259.850 002 8.556.673.961.00 Gold res. . 10.167.488.520.00 3.545.829.973.00 Customs . 265.241.210.14 228.055,228.12 Other Livestock (By United Press) CHICAGO. March 10—Hogs—Receipts. 12.000. including 1000 directs: steady with Monday's average; very uneven: top 10c lower; few earlv sales on medium weight butchers, stronger: late bids on butchers, unevenly lower; sows steady; top, $10.60; bulk. 140-250 lbs.. $10.25 10.60; 250-300 lbs.. *9.75(1/ 10.40; little done on weights over 300 lbs.; sows. $9fa9.40. Cattle—Receipts, 6000. calves. 2000; fed steers and yearlings. 15ft 25c higher: Monday’s decline regained; trade fairly active; little beef in crop; consequently all weighty steers getting best action; top. $11.25; little above. $9.25; stackers ana feeders active: meaty feeders. *7.25ft8; thin offerings, *6ft7; heifers fully steady; about 25c lower than last week- best. *8; *8 60 paid late Monday; cows fully steadv; bulls slow; steady; vealers 25h50c lower; mostly s7ft 850 Sheep—Receipts. 9000: fat lambs opening 25c higher; strictly god to choice corn belt fed western handy-weights, $10; some held higher, sheep extremely setree; 2“°*Wy fully steady; few good fed eves.

Abreast of The Times on Finance

New York Stocks

(By Thomson ti McKinnon) 11:30 A. M. Prev. Oils— High. Low, K. Y. close. Amerada 104% 104 104 102% Atl Rf 31*6 30* 31*4 30*8 Barnsdall 16% 16*4 16% 15*8 Consol Oil 14? e 14'% 14H 14> 2 Cont of Del 35% 35 35 s * 35 Houston inewj .. 11 Va 11 % 11V 11 Mid Cont Pet .. 19V* 10% 19 7 . 19% Ohio Oil 16 I*>* 16 15*4 Pet Corp 16*4 76*4 16*4 16*4 Phillips Pet 43*8 42 3 * 42** 42% Plymouth Oil ... 14% 14% . 14% 14% Pure Oil 22*4 22% 22* 4 21* 4 Seaboard Oil ... 36 s * 36% 36% 36>* Stoll Un 18*4 18' 2 18*4 17 s * Skellev Oil .... 25 25 25 26% Soc Vac lj% 15** 15% 15 s ,* S O of Cal ... 74' 2 44% 44V* 14% SO of Ind .... 37 36% 36% 36% S O of N J . 60% 59% 60% 60 Texas Corp 38*4 38** 38** 37 Tidewater Assn . 17*4 17 s * 17% 17*4 Un Oil of Cal ... 27 26 s * 27 26% Am Roll Mills .. 29% 29% 29 s * 29% Beth Stee' 57% 56% 57** 55** Byers A i.i 22 % 22% 22% 23% Cruc Steel 112 112 112 113% Ludlum Steel ... 30% 30% 30% 31% McKeesport Tin 109% 109% 109% 109% Mid Steel 38% 38 38 Vs 39 Natl Stye 67 68% 67 65% Otis Steel 19% 19% 19*4 18% Rep I & Stl ... 24i 2 24% 24% 23% USPA- Fy ... 35% 35% 35% 35 u S Stesl 6474 64% 648 63% U S Steel pfd 129 123 129 129 Warren Bros . 6% 6% 6 7 * 7 Youngstn S & T 52 51 52 51% Motors— Auburn 52 49% 52 49 Chrysler 96% 9674 96*4 94% Gen Motors 61% 60% 61V* 60 Graham Mot .. 3% 374 3% 374 Hudson 18% 18% 18% 18% Hupp 2% 2*4 2*4 2% Mack Truck .... 33% 33% 33 s * 33% Nash 20V* 20 20 19% Packard 11% 10% 11 10% Heo . 7% 7 7% 7 Studebaker 13% 13% 13 *4 13Yellow Truck 16 *,4 16% 1674 16% Motor Access— Bendix 25% 25 25% 24% Bohn Alum .... 60 60 60 59 Borg Warner ..79 79 79 89 Briggs 61 6074 61 60 Budd Mfg 14 13% 13 7 4 13% Bund Wheel 12 7 4 12** 12% 1274 Eaton Mfg 30% 30% 30% 30% Elec Auto Lite.. 4174 4074 41% 40% Eiec Stor Bat ... 50% 50 s * 50% 51 Greyhound (B).. 66 65% 65% 65% Houdaille 30% 29% 3074 29% Murray Body .. 21 20% 21 20% Stew Warner,... 21% 21 21% 21% Timken Roll 69% 68% 69% 6674 Timken Det Axle 16V* 1574 1674 16 Mining— Alaska Jun .... 15% 15'% 15% 15% Am Metals .... 34 33% 33*4 33*4 Amer Smelt .... 78 77 78 • 76% Anaconda 3574 3574 35% 34% Cal & Hecla 9% 874 9% B*/4 Cerro de Pasco. 52 50*% 52 51% Dome Mines.... 46 45 46 46 Howe Sound 55 55 55 5474 Ins Copper 1374 13% 13% 12% Int Nickel 50% 497% 49% 48'% Kennecott Cop.. 38% 377* 38% 38V* Mclntyre Mine .. 41% 41% 41% 4174 Park Utah 5V4 5 5'% 5' Phelps Dodge ... 36% 36% 3674 36 St Joe Lead .... 27% 277% 27% 27 5 /* U S Smelters ... 88% 8 8 8674 Vanadium 247% 24 2474 23*% Amusements— Crosley Radio .. 16%. 16% 16% 17 Fox Theat 30 29% 30 30 Loews Inc 48% 48'% 48% 48% Radio Corp 12% 12*/* 12% 127% RKO 8% 8 8 8 Warner Bros ... 12 117% 1174 n*% Tobaccos— Am Sum Tob ... 22% 22% 22% 22V4 Am Tobacco 'B\ 93% 93V* 9374 93*% Gen Cigars 57 57 57 57'% Lig & Myers ‘B’ 102% 1027% 10274 102% Phillip Morris 70 74 70'% 70V4 70 Reynolds Tob B’ 527* 52Va 527* 52% Rails— Atchison 7674 75'% 75'% 757% Atl Coast Lines.. 30 297* 297* 29% B&O... 21% 21 2174 20% Can Pacific .... 13*% 13% 13*4 13% Ch & Ohio 57'% 57 57% 57'/* Chi & Gt W .... 2 2 2 274 Chi &Gt W pfd. 6% 6% 6 % 6% C M & St P 2'% 2'% 2'% 274 C M&St P pfd. 4% 4% 4% 4% Chi N W 374 374 374 7 Dela & Hud .... 45*4 45 4574 44% Del Lac & W ... 19*% 19*% 19*% 19% Erie 14% 14% 14% 14% Erie pfd 22% 22% 22% 22% Gt Northern pfd 40'a 39% 4074 39 111 Central 25 24*% 24% 24% Lehigh Valley... 12'% 12 12 74 11*% MK&T ...... Bs*8 s * 8% 8% B'/* MK & T pfd... 21% 21'% 21% *l% Mo Pac . 374 3V4 374 3% Mo Pac pfd 6 s /* 674 6% 674 N Y Cent 36’/* 35*4 35*% 34% N Y New Haven 4% 474 474 4% Nor Pacific 3174 31*4 317% 30'% Penn R R 34% 34'% 34% 34 Reading 44% 44*4 44*4 45 souf ou 34% 34,/ * 3iV * 3374 Sou R R 18 17% 18 1674 Union Pac 134 133% 134 134 Wabash 374 3% 334 33/ 4 West Maryland. 1074 10 1074 10 Equipments— Am Brake Shoe 4774 47 % 47*4 48% Am Car & Fdy 3774 37V* 37V* 36 Am Loco 32'% 31 32 31 Bald Loco 5% s'/* 5’% 574 Gen Am Tank'O 57 57 57 56% Gen Elec 40 39% 40 39% Pullman Inc ... 45*% 45 45% 457* West Air Br ... 45 45 45 44 Westingh Elec.. 11774 114'% 116*% 1147% Utilities— Am & For Pwr 7'/* 7% 7% 774 Am Power & Lit 9 9 9 9 AT&T 172 171 171 17174 Am Wat Wks... 21*4 21% 21% 21'4 Col Gas & Elec. 18 17% 18 17% Comm & Sou... 3% 3'% 3'% 3'% Consol Gas .... 3**4 34% 34% 33 7 /* Elec Pwr & Lit.. 1.% 1174 11% 10% Int Hydro Elec.. 3% 3*4 3% 3% Interboro R T. 16 s * 16% 16% 16% Int TANARUS& T 17'% 17 17 16% Nat Pwr & Lit.. 10% 10% 10% 10% North Amer ... 27'% 26*4 2774 26% Pac G& E 34% 34'% 34% 34'/* Peoples Gas 42% 42% 42% 4274 Pub Serv N J 25'* 25% 25V* 42% Std Gas 7% 7% 7% 774 Stone & Webster 16 15% 16 15% United Corp ... 7% 774 77% 7% Un Gas Imp . . 16% 16% 16% 16% Ut Pwr & Lt ‘A’ 5% 5% 5% 574 West Union 90 90 90 97% Rubbers— Firestone 30 74 3 0 3074 29% Goodrich 19 18 74 19 18 Goodyear 27% 27% 2774 26'4 U S Rubber 21'* 20% 21 74 207* U S Rubber pfd. 61% 60% 61% 60 Miscellaneous— Allis Chalmers . 43% 43% 43% 43V. Am Mach & Fdy 25% 25% 25% 26 Anchor Cap 23% 23 74 23 *4 24 Brklyn Man Tr 49 49 49 48% J I Case 123 123 123 123 Conti Can 77% 7774 77% 78 Caterpillar Tract 69% 69 74 69*4 6974 Crown Cork 52 51 74 5 2 51% Curtis Pub 18% 18% 18% 19 Deere & Cos ... 75 7474 75 74% Foster Wheeler.. 3174 31% 31% 31% Gillette 17% 17% 17% 17% Glldden 49 49 49 4874 Inter Harv .... 74% 7474 74% 74 Natl Cash Reg.. 28** 28 28% 27 Rem Rand 2174 217* 21% 21% Foods— Am Sugar 58 57 58 57% Armour 6'/* 6% 674 6% Beatrice Cream. 28 1 2 $ 28% 28% 22% Cal Packing 34 34 34 34% Coca-Cola ... 91 91 91 91 Cont Bak •'A'\f. 17 16% 17 16% Corn Prod 73% 72% 7374 72'4 Cuban Am Sugar 137* 13% 13** 13 s * Gen E'aking 12 s * 12 s * 12% 1274 Gen Foods 33*4 33% 33*4 33 Gold Dust 20% 20% 20% 20*4 G W Sugar .... 37% 3774 37% 3774 Hershev 77 77 77 77% Natl Biscuit .... 33% 33% 33% 35% Natl D Prod .... 24% 24% 24% 24** Purity Bak 15% 15% 15% 15** Std Brands 16% 16% 16% 16% Un Biscuit 25% 25% 25% 25% United Fruit ... 73% 73% 73% 73% Retail Stores— Assd Dry Goods. 1674 1 674 1674 1 6 Kroger Groc 24 24 24 24% Macy R H 46 s * 46% 46% 46'* Mcl.e!lan St 13% 13% 13V* 13% Marshall Field.. 18 17% 18 17 May Dept St 48 47% 48 48 Mont Ward 40 39% 40 3974 Penney J C 71*4 71% 71% 72 Safeway St 32% 32% 32% 32 s * Sears Roebuck.. 63** 63% 63% 63% Woolworth 51% 8174 51% 51% Aviation— Aviation Corp .. 7% 7% 7% 7% Curtiss Wright .. 8% 8% 8-% 8% Curtiss Wri (A) 20% 18*. 20% 19% Douglas Air 70** 69% 70% 69% Nor Am Av 9% B** 9% B s * Sperry Corp 22% 21% 21** 21% Utd Aircraft new 3074 30 30% 29% Chemicals— Air Reduction ...183 183 183 18 % Allied Chem .. 189 189 189 19i'• Am Com Alcohol 30** 30% 30% 30% Col Carbon 99 99 99 100% Com Solvents .. 22 21% 22 22 Du Pont 148 147% 147% 146** Freeport Tex .. 32*4 32% 32% 32% Liquid Carb 38% 38% 38% 38% Math Alkali .... 34 34 34 34 Natl Dis mew).. 31% 31% 31% 30% Schenlev Dist ... 49% 49** 49** 49% Tex Gulf Sulph.. 36** 36 36 36% Union Carbide . 84 84 84 83% U S Indus Alco. 49** 49 49*4 48 Drugs— Lambert 23% 23% 23% 23% Un Drug (new). 15 s * 15** 15% 157* Financial— Adams Exp. 12 s * 13% 12 s * 12% Allegheny Corp. 3% 3% 3% 3% Am Int Corp ... 11% 11% 11% 12 Chcsa Corp .... 67% 67% 67% 69% Transamerica .. 13% 13% 13% 13% Tr Conti Corp .. 10% 10% 10% 10% Building— Am Radiator .. 22% 21% 22% 21% Gen Asphalt ... 32% 32% 32% 31** Holland Fur. .. 36% 36% 36% 36% Int Cement ... 43% 43% 43% 44 Johns Manvllle 116 116 116 116 Libby Owens Gls 60 59% 60 59% Otis Kiev 30*4 30% 30*4 31*4 U S Gypsum .108 106 106 105% Household— Kelvinator 21*4 2074 21 20% Mohawk Caxpot. 26 26 26 25%

TUESDAY, MARCH 10,1936

Servel Inc 19 19 19 18*4 Simmons Bed ..26% 26 2674 . 25% Textiles— A.ner Woo'en .. 10% 10% 10% 10% Belding Hem .. 15% 157* 15% 15% Celanese Corp .. 28*4 27% 28** 28 Collins Aikman.. 46 46 46 45% Indus Rayon ... 29*4 29% 29*4 29% Real Silk 14** 14** 14** 14% N. Y. Bonds (Reprinted From Late Times Yesterday) DAILY BOND INDEX 20 20 20 60 Inds. Rails. Util. Bonds. Today 92.4 93.1 105.1 96.8 Saturday 92.4 94.1 105.3 97.3 Week ago 92.6 93.4 105.1 97.1 Month ago 93.1 92.6 105.2 96.9 Year ago 86.2 76.1 94.1 85.5 1936 high 93.4 95.6 105.5 97.9 1936 low 91 6 94.7 103.5 93.3 (Copyright, 1936, by Standard Statistics) U. S. GOVERNMENT BONDS (Bv Abbott. Proctor & Painei Treasurys Prev. , Close. Close. 474s 1947-52 117.5 117.14 4s 1944-54 112.15 112.24 3%s -1960-43 108.25 108.26 3%s 1943-47 108.6 108.3 3%S 1943-46 107.12 107.15 3%s 1941 108.31 109.8 3'As 1944-40 106.31 107.2 3;s 1949-52 105.7 105.9 3s 1951-55 103.30 104.1 3s 1946-48 104.10 104.15 2%s 1955.60 101 9 101.16 2%S 1945-47 102.13 102.16 Home Owners Loan Corp. 2%s 1949 101.5 101.12 3s 1852 102.12 102.15 Federal Farm Mortgage Corp. 3s 1949 102.14 104.5 3s 1947-42 102.31 DOMESTIC Prev. Close close Alleg Corp 5c '44 94'% 94% Am Frgn Pow 5s 2030 79*% 80% Am Tel & Tel 5%s '43 113% 114 Am Tel & Tel 5s '65 114 114% Arm & Cos (Del) 5%s '43 97 5 /* 97% Atl Coast Line 4s '52 98% 99% Atl Coast Line 4%s '64 85% 86% Atl Coast Line 4%s '64 85'/* 86% Atch Top & S Fe 4%s '4B ~..113 113% Am Wat Wks 5s '44 112% 112% Am Rolling Mills 5s '3B 121 124 Balt & Ohio 6s '95 96% 97% Balt & Ohio 4%s '6O 72% 75 Buff Roch & Pitt 4%s '57 80% 82% Beth Steel 4'/*s %60 105% 105% Chi Milw & St P 5s '75 22% 23% Chi Milw & St P 5s 2000 7% 8% Cleve Un Term 5s '73 106% 106 Cleve Un Term 4%s '77 100% 100% Col Gas 5s May '52 103 103% Col Gas 5s '6l 103 103'/* Can Pac Perp 4s 92 93 Cent Pac 5s '6O 96 97% Big Four 4%s '77 90% 91% Colorado & So 4%s 'BO 74 75 Chi & West Ind 4c '52 105% 105% Chi & Wect Ind 5%s '62 107% 107% Chi & Nor West 4%s '49 15% 15% Con Gas 5s '57 104% 104% Chesa Corp 5s '47 131% 133'% N Y Dock 5s '3B 72 71 Erie 5c '75 78 80 Erie 5s '67 88% 89% Gen Cable 5%s '47 105 Iss Grt Northern 7s '36 101% 102 Grt North 4%s '76 104 105 Grt North 4%s '77 103% 104 Hud & Man Ref 5s '57 87 88% 111 Cent 4%s '6 6 76 77 111 Cent Jt 4%s '63 82% 83 111 Cent 5s '63 86 % 88'* Interlake C&I 5s 'sl 94'/* 95% Interntl Hy Elec 6s '44 52% 53% Interntl T & T 4%s '39 96V* 96% Interntl T & T 5s '55 89% 90% Interntl T & T o%s '52 86 87% McKess & Rob 5%s 'SO 104 104*4 Natl Dairy 5%s '4B 103% 103% Natl Steel 5s '56 105 105% Nickel Plate 4%s '7B 84 85% Nickel Plate 5%s '74 94% 95% Nickel Plate 6s '35 106'% 106’% N Y Cent 5s 2013 84'% 85'% N Y Cent 4%s 2013 (old).. 90% 91% Nor Amer Cos 5s '6l 105% 105% Nor Pac 3s 2047 84% 84% Nor Pac 4%s 2047 102% 103% Nor Pac 6s 2047 .‘...110% 110% Nor States Pow 5s '4l 104% 105'% New Orleans Term 4s '53 .... 92 92'% Otis Steel 6s ’4l 102% 102% Penn Ry 4%s ’Bl 111% 110% Penn Ry 4%s ’7O 103’% 104 Pac G & E 6s ’42 103'% 103% Portland Gen El 4%s '6O .. 72 74'% Para Publix 5%s 'SO 88% 88 Penn P& L 4%s 'Bl 107'% 107% Postal T & C 5s '53 37 37'% Rem Rand WW 5%s '47 107% 108% Shell Union Oil 5s '47 102% 102% Sou Pac 4%s '6B 89% 90'% Sou Pac 4%s 'Bl 89 90’% Sou Pac 4%s '69 89% 90'% Sou Rail 4s '56 63 64 Sod Rail 6s '56 80 80% Sou Rail 6Vis '56 82% 82% Sharon Stl Hoop 5%s '4B 103% 103% Texas Pac 5s '77 103% 103% Union Pac 4s '47 114 113% United Drug 5s '53 102 102 U S Rubber 5s '47 105 105% NY NH & Hart 6s '4B 37% 38'% NY NH & Hart 4%s '67 36% 37 Warner Bros 6s '39 90 92 Western Mary 4s '52 100'% 101 Youngstown S & T 5s ’7O 106% 106% Youngstown S & T 5s '7B ...105% 106 FOREIGN Argentina A 6s '57 99% 100% Argentine B 6s 'SB 99% 99% Brazil 8s '4l 33 33(2 Canadian Govt 4s '6O 108% 108% Denmark 5%s '55 101% 101% German 5%s '65 28 28 German 7s '49 36*4 37'/* Italy 7s 'sl 67% 67'% Japan 6%s '54 97% 97'% Rome 6%s '52 58% 58% Tokio City 5%s '6l 78% 79 Yokohama 6s '6l 83% 83% 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. 5'% 104 105 Home T & T. 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., 5'%. 105 107 Indianapolis Water Cos., 5'%. 105 107 Interstate T & T. 5'% 95 97 Kokomo Water Works. 5 104% 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 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 & Stock Yards Com 53 55 Belt RR & Stock Yards pfd. 6 52% ... Central Ind Pwr pfd. 7 20 23 Home TANARUS& T. Fort Wavne. 7.. 52% 54% Hook Drugs. Inc., 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 . 89 92 •Indpls Pow &Lt Cos, pfd, 6’% 93 • 96 Indianapolis Water Cos pfd. 5 .103% 106'% North Ind Pub Serv pfd. 5'%. 69 72 North Ind Pub Serv pfd. 6 . 74 77 North Ind Pub Serv pfd. 7.. 84 87% Progress Laundry Cos. com 9 10% Pub Serv Cos of Indiana, pfd. 6 20 23 Pub Serv Cos of India, pfa 7 43 46 South Ind Gas & Elec. pfd. 6 98 101 Terre Haute Elec Cos. 6 ... 88 91 Union Title Cos. com. 6 20'% 23 •Ex-dividend. Investment Trusts IBy Thomas D. Sheerin & Cos.) (By Thomas D. Sheerin & Cos.) Bid. Ask. Adminstered Fund 2d $16.65 $17.71 Affiliated Fund, Inc 1.91 2.09 Am General Equities 1.08 1.11 Am Business Shares 1.16 1.26 Bullock Fund Ltd 17.55 19.00 Century Shares Trust 27.76 29.85 Collateral Tr Shares ‘A’ 6.52 Corp 'AA' or ‘Accum’ imod.) 3.29 3.33 Corp 'AA' or 'ACC' lunmod.) 2.64 2.68 Corp Trust Shares torig. 1 . 2.81 2.84 Diversified Trustee Shrs 'B'. 10.80 10.90 Diversified Trustee Shrs 'C'. 4.50 454 Diversified Trustee Shrs 'D'. 6.65 6.75 Dividend Shares. Inc 1.-64 1.77 Incorporated Investors .... 22.45 23.00 •Investors Fund Amer 1.05 1.15 Market St Investment Corp.. 31.29 32.23 •Maryland Fund 19.00 20.48 Massachusetts Investors .... 25.31 27.51 Nation-Wide Voting 1.73 1.87 Nation-Wide oVting 1.73 1.87 North Am Tr Shs 1955 3 27 3.31 North Am Tr Shs 1956 3.23 3.27 North Am Tr Shs (orig.) .... 2.59 ... Quarterly Income Shares .... 1.55 1.70 Representative ®>ust Shrs... 12.25 12.50 •Selected Am Shares. Inc ... 1.55 1.69 Selected Am Shares tong) .. 3.60 Selected Cumulative Shares. 9.27 9.37 Selected Income Shares 4.87 4.97 State St Investment Corp . 96.50 101.00 Super-Corp of America ‘AA’ 2.78 2.81 Super-Corp of America BB' 2.81 2.84 Super-Corr of America ‘A’ . 414 419 Super-Corp of America B' 4.34 439 Sliper-Corp of Am ‘C’ and 'D‘ 7.97 8.05 Supervised Shrs. Inc (Dela.) 1.65 1.81 Trustee Stand Oil Shrs 'A'.. 7.46 7.56 Trustee Stand Oil Shrs B'.. 662 6.72 Trustee Stand Invest ‘C’... 294 298 Trustee Stand Invest 'D'... 288 2.91 Universal Trust Shares 4 23 Uselps "A” 18.40 18.75 Uselps “B'' 2.84 Uselps Voting 1.10 United Standard Oil Funds . 1.35 1.48 •Ex-Dividend. LOCAL CASH MARKET City grain elevators are paying 94 cents for No. 2 soft wheat. Other grades on their merits. Cash corn new Ho. 4 yellow 60 cents and oats 21 cents.

GOLD EXPORTS RISE SHARPLY, FIGURES SHOW Huge Gain in February Shipments Cited by Commerce Department. By United Press WASHINGTON, March 10.—Increase in exports of gold and coincidental decline in imports was registered last month compared with January and with February, 1935, the Commerce Department reported today. Exports rose from $337,997 in January to $23,637,257 last month. Imports fell to $7,002,242, from $45,980,918 in the first month of the year. An even stronger demarcation was shown between gold shipments last month and in February, 1935, when only $45,616 worth of gold was exported and $122,817,357 was shipped into the country. France Largest Customer A slighter difference was shown in silver shipments which nevertheless declined from the previous month. Exports fell from $252,992 t 05140.687 last month, and imports fell from $58,482,874 in January to $17,535,974 in February, Bullion shipments from the country in February, 1935, totaled $1,661,054 as against imports of $16,351,318. Largest recipient of gold bullion exports was France, which received $17,180,452 during the months. Australia and the Philippine Islands sent most of the new gold, contributing, respectively, $1,498,539 and $1,519,925 during the month. INDIANA BELL FIRM REPORTS ADVANCES More Phones in Use in ’35, Statement Shows. The Indiana Bell Telephone Cos. has reported an increase of 7182 in the number of phones in service during 1935, and an increase of 9.3 per cent in long-distance c.-ills over the preceding year. Operating revenues of the company increased by $533,677 during the year, and approximately $25,000 additional was made to incollectible revenues, according to the annual report. Operating exenses rose $47,632 and taxes $111,599. The investment account showed a total of $48,451,107, compared with $48,854,313 for 1934. Unappropriated surplus was reported at $1,764,431, against $1,554,165 in the preceding year, an increase of $209,959.16, after dividends were paid. Local calls handled by the company during the year totaled approximately 360,000,000, while longdistance calls aggregated 6,500,000 according to the annual directors’ report. Chicago Stocks (By Atkins, Hamill & Gates) 11:00 Prev. A. M. Close. Advance Aluminum B'/* 8% Allied Products 23 23 Asbestos Mfg 4% 4% Associated Investors 30 29% Bastian-Dlessing 8% 9 Berghoff 10'% 10% Bruce E L 17% 17 Butler Brothers 10'/* 9% Cities Service 4% 4% Commonwealth Edison 100 99'% Continental Steel 38% 38 Cord 6'% 6'% Electric Household 16'% 16'% General Household 4 4 Godchaux Sugar “A” 36% 36 Jarvis Mfg 20 20 McGraw Electric 30% 30% Nachman Spring Filled 12 12% Nat Gypsum 59% 58'% Noblitt-Sparks 33 33 Northwest Bancorporation ... 10 10 Zenith 16'% 16%

New York Curb (Dy Atkins, Hamill & Gates) 12:30 A, M. Prey. N. Y. closes. Aluminum Cos. of America ....13114 131 Am Cyanamid "B” 34% 33% Am Gas & Electric 38*/2 38% Am General 10'/2 10% Am Superpower 2% 2% Ark Natural Gas “A” 6 5% Atlas Corp 13% 13% Canadian Indust Alco “A” ... 10% 10% Carrier Corp 10% 10% Creole Petroleum Corp 30 % 30% Crocker-Wheeler 13% 13' 2 Elec Bond & Share 17'2 17% Fisk Rubber 7Vi 7 3 4 Ford Motors Canada “A” ... 25% 25!2 Glen Alden (1) 15% ... Greenfield Tap & Die Corp... 9% 9% Gulf Oil Corp of Penn 90 90 Humble Oil & Refining Cos. ... 71 70 Hygrade Food 4% IV4 Imperial Oil of Canada ... 22Vi 22% Irving Air Chute 25 25% Lake Shore Mines 54 V 2 55 Mead Johnson & Cos 87% 87'2 Molybdenum Corp of Amer... 10% 10% Natl Bellas Hess Inc 2% 2'/* Niagara Hudson Pwr -9% 9*2 Pan-American Airways 4% 4% Root Petroleum 10 10 St Regis Paper Cos 4% 4% Segal Lock 4% 3% Sonotone 2% 2% Stutz Motor Car of Amer.... 2Vi 2% Technicolor, Inc 31 29% Tubize Chatillon Corp 8% 8% Wayne Pump 27% 27% Unlisted Stocks (By Blyth & Cos.) NEW YORK BANK STOCKS Bid. Ask. Bankers 63% 65% Central Hanover 113% 115% Chase 37% 38% Chemical National 57% 59% Guaranty 290 294% Irving 16% 18 1 a Manufacturers 44% 46% National City 34% 36% Cont 111 Chicago 160 164% First National Boston 46% 47% National Shawmut 25% 27% FIRE INSURANCE Aetna Fire 56 58% American Ins of Newark 15% 17 Baltimore American 9% 11 City of New York 28% 31 % Federal Ins 53 56% Franklin Fire 32 34 Great American Ins 29% 31% Hanover Fire Ins 39% 41 1 2 Hartford Fire Ins 79' 2 82 % Home Ins 36% 38'a National Fire 75 79'* Ins Cos cf A 75 79 % National Liberty 10% 11% North River 27% 29% Phoenix 95% 97% U S Fire 57 59' 4 Westchester Fire 38 40% Chicago Grain Futures (By James E. Bennett <fc Cos.) 11:00 Prev. Wheat— High. Low. A M. Close. Mav 99% .98% .99% .98% July .89% .88% .89% .88% Sept 88% .87% .88% .87% CornMay 60 s . .60% .60% .60% Julv 60 s a .60% .60% .60', Sept 60% .60% .60% .60% Oats— May 27% .27 .27% .27'a July 27% .27% .27' .27', Sept 27 V 4 .27'a .27V* .27% RyeMay 56% .56% .56% .56% July 56 .55% .56 . 55% Sept .56 ,56 .56 .55%

COTTON CONUNDRUM CD United States Carryover . PA ESI United States Production EZ3 World Carryover “ IB World Production • —Average Price of __ !' ~ri ~n 20 3 §/m mSrt | | 030 —g— | /|— | |—| |-is£ i5 S 0 Averao? of f'rsh Six months** ** ~~ Bus/mESS WEEK f

Now that the Federal government has collected six million bales of cotton, helping the cotton farmer, it wants to get rid of them, and apparently is having a pretty hard time doing it. This chart, prepared by Business Week Magazine, shows the present status of world and American cotton production and carryover.

CHEVROLET SALES SET NEW ALL-TIME RECORD January, February Retail Volume Totals 145,789 Units. Times Special DETROIT, March 10.—Domestic retail sales of the Chevrolet Motor Car Cos. aggregated 145,789 during the first two months of the current

year, compared with 87.677 units in the corresponding 1935 period, anew alltime record in history of the company, W. E. Holler, vice president and general sales manager, announced today. The previous sales record for that period was 133,999 units, established in 1929. Sales of cars and trucks during

C'

February amounted to 70,087 units. Used car sales also showed corresponding increases for the period. February used car sales totaled 149,698 units, an increase of 65,000 over the same month of 1935, also anew high record. The best previous record was 90,046 units, reached in 1930. Used car sales for both January and February amounted to 316.662 units, also a record for the first two months of a year. GREYHOUND EARNINGS SET RECORD IN 1935 Net Income Equivalent to $5.03 a Share on Common Stock. Times Special CHICAGO. March 10—Net income of the Greyhound Corp. and wholly owned subsidiaries amounted to $3,210,365 during 1935, equal after preferred dividends to $5.03 a share on 597,947 shares of $5 par common stock outstanding at the end of the year, it was announced today. This was anew all-time record for the corporation. The figure compares with $1,801,050, or $3.08 a share on 514,910 common shares earned in the previous year. Gross revenues of the bus companies in 1935 totaled $37,816,640, compared with $33,603,109 in 1934, a gain of 12.5 per cent. The corporation acquired control of three bus companies during the year in which is formerly held minority interests. These include the Pacific Greyhound Corp., Atlantic Greyhound Lines, Inc., and Teche Lines, Inc. AUTO PRODUCTION RISES Increases of 25 Per Cent Reported for Week Ended Friday. DETROIT, March 10—Automobile production stepped up sharply during the last week, according to Ward’s Automotive Reports released today. Total production of 88,217 units reflected an approximate increase of 26 per cent over the output of 70,516 cars the week before. Much of the increase was accounted for by the return o's Chevrolet, Ford and Plymouth to five-day schedules. However, Ward’s noted that “other plants almost uniformly held their pace or increased it” during the week. OPERATIONS INCREASE YOUNGSTOWN. March 10.—Steel mill operations increased 2 points to 70 per cent of capacity in this district last week. Ingot production is expected to reach the highest point.

Busigraphs

TREND OF * DEPARTMENT STORE SALES § iso* ~ DOTTED LINE IS THE PAST V? g TEN YEARS AVERAGE OF v) g THE SAME MONTHS J // CO 100 4, Ii .Ml “ JFMAMJJASONDJ Lu THE BARKER CORP. GENERAL DISTRIBUTORS INCORPORATED INVESTORS

The severe winter weather in January throughout almost the entire country was not sufficient to seriously interfere with our department store sales, which exceeded the previous January by almost 7 per cent. As we would expect, those cities located in farming areas did have some lag in business, but this was more than made up by the increased sales in our industrial centers. Well advertised clearance sales played an important part in getting customers to brave the weather.

USED OFFICE FURNITURE Repairing—Refinishing W. C. BRASS ASSOCIATES I 134 8. Meridian. 81-9727

Hoosier Coal Production Gains Indiana produced more than UVi per cent of the nations bituminous coal supply during the week ended Feb. 22. The state's tonnage was 1*51.000, against 1*35,000 tons this time last year.

PAGE 15

PORKER PRICES CLOSE STEADY Cattle, Vealers Unchanged; Lambs Stationary at $9.85 Down. After displaying an irregular trend in the fore part of the session, the pork market closed steady today at the Indianapolis Union stockyards During the early trading weights from 160 to 260 pounds were generally 10 to 15 cents higher, while heavy butchers and packing sows held steady. The slight advance carried the top price for good and choice grades to sll, anew high for the current movement. Receipts increased to the normal figure of 5000, the largest supply on hand for approximately a week. The bulk of 150 to 225 pounds cashed in at $10.85 to sll. Holdovers numbered 27. Early sales were unchanged on slaughter classes in the cattle market. Few good and choice grades sold at $lO. Bulk held at $7 to $9. Heifers sold at $7.35 to SB. Receipts numbered 1800. Vealers continued stationary, selling mostly at $9 down. Receipts were 800. Lambs also were unchanged, with the bulk of fed westerns ranging from $9.75 to $9.85. Most native grades sold at $9.50 down. Slaughter sheep held at $3 to $5. Receipts were 1500. HOGS March. Bulk Top Receipts 4. [email protected] $10.90 4000 5. 10.60fa10.70 10.70 5000 6. 10.65fa10.75 10.75 4000 7. 10.65fa10.75 10.75 1000 9. 10.75fa10.85 10.85 3500 10. 10.85<§.1L00 11.00 5000 Light Lights (140-160) Good and choice..? 9.75 ft 10.80 Medium 9.25 ft 10.20 (160-180) Good and choice.. 10.80 ft 11.00 Medium 10.25ft10.85 (180-200) Good and choice.. 10.85 fa 11.00 Medium 10.350/ 10.90 (200-220) Good and choice.. 10.80 fa 11.00 (220-250) Good and choice.. 10.60fa10.75 Heavyweights (250-290) Good and choice.. 10.15ft10.70 (290-350) Good and choice.. 9.70fa,10.10 Packing Sows 275-350) Good 9.10 ft 9.35 350-425) Good 9.00 ft 9.25 (425-550) Good 8.75@ 9.10 (275-350) Medium 8.50 ft 9.00 Slaughter Pigs (100-140) Good and choice.. 9.00 ft 9.75 Medium B.ooft 9.25 CATTLE —Receipts, 1800 — (550-900) Choice $ 9.25 ft 10.50 Good 7.50 ft 9.75 Medium 6.50 ft 8.00 Common 5.50 ft 6.55 (900-1100) Choice 9.75 fa 11.50 Good 8.25ft10.00 Medium .. 6.50 ft 8.25 Common 5.50 fa 6.25 (1100-1300) Choice 10.50 fa 11.50 Good 8.25fa10.50 Medium 6.75 ft 8.25 1300-1500) Choice 10.75 fa 11.50 Good 8.25fa10.75 Heifers (500-750) Choice $ 7.75 ft 8.75 Good 6.75 ft 7.75 Common and medium 5.00 ft 7.00 (150-190) Good and choice.... 7.25 fa 9.00 Common and medium 5.25 fa 7.25 Cows Good ...: 5.50 ft 6.50 Common and medium 4.75 ft 5.50 Low cutter and cutter 3.50 ft; 4.75 Bulls, good 6.25 ft 7.00 Cutter, com. and med. bulls... 5.00 ft 6.50 VEALERS —Receipts, 800— Good and choice $ 8.50® 9.00 Medium 6.00 fa 8.50 Cull and common 4.00 ft 6.00 Calves (250-500) Good and choice.... 6.50® 9.00 Common and medium 4.50 ft 6.50 Feeder and Stocker Cattle (500-800) Good and choice ... 6.50 ft 7.50 Common and medium 5.00 ft 6.50 (800-1050) Good and choice 6.soft' 7.50 Common and medium 5.00 ft 6.50 Cows Good 4.50 ft 5.00 Common and medium 4.00 ft 4.5 C SHEEP AND LAMBS —Receipts, 1500— Lambs, 90-lbs. down, good and choice $ 9 50ft 9 85 Good 9.15 ft 9.50 Medium 8.50 ft 9.15 Common 7.20 ft 8.50 Ewes, (90-175) Good and choice . 4.00® 5.00 Common and medium 3.00 ft 4.00 Yearling wethers, good choice 8.40 ft. 9.15 Medium 7.25 ft 8.50 STOCK FILED WITH SEC. CHICAGO, March 10.—The Peter Fox Brewing Cos., Chicago, has filed r, registration statement with the Securities and Exchange Commission covering 23,000 shares of 6% cumulative convertible $lO per value preferred stock and 25,000 shares of common stock it was announced today. The preferred is convertible share for share into common stock.

Holler

PUT YOUR MONEY TO WORK LOCALLY! BUY Building & Loan Shares

Thomson & McKinnon MEMBERS NEW YORE PHiriffi cw York R tock Exchange. TOROXTH NeW T ° rk Curb Exchani;e *UivUA 1U New York Cotton Exchange. BOSTON j New York Coffee and Sugar Exchange | SOUTH BEND 911 New Orleans Cotton Exchange. prp IL* AVNF Chicago Stock Exchange f F Chicago Board of 'irade o V LILLEi Winnipeg Grain Exchange Indianapolis Office And other leading Exchangee 200-214 Circle Tower LI. 5501

FORD OFFICIAL HITS NEW DEAL TAX PROPOSALS W. J. Cameron Sees Danger in Future If Surplus Is Fined. By United Press DETROIT. March 10.—The National Administration’s plan for taxing corporate sOrpluses would force the nation to meet the next depression with less resources than before, William J. Cameron, public relations director of the Ford Motor Cos., warned today. “We entered the 1930-1936 period of decline with vast surpluses of food and facilities and money. There was both individual and corporate surplus. It was in the hands of the people,” Mr. Cameron declared. “But the new doctrine is that nothing is national unless the government owns it, that every surplus is suspect except a government surplus. “If it is carried through, we will be compelled to meet the next period of change with less resources than before. The people's surplus is always a government surplus resource, but when private resources are absorbed by government, they never serve their real purpose again,” he continued. Pointing out that relaxed production periods have occurred about every seven years since 1860 and are almost certain to reoccur, Mr. Cameron asserted that it was too early yet to say what knowledge we have added from our present experiment. “It will prove to be much—that is certain,” he said. “It is not too early to say as to whether anything we are doing or proposing to do will leave us worse prepared to meet the next depression when it comes.” STATTWHEArCROP’TO BE LARGE, IS BELIEF Favorable Spring Weather to Bring Yield Up, Says B. B. Benner. The Indiana wheat crop will be better than normal this year, according to B. B. Benner, manager of the Indiana Grain Producers, Inc., although the past winter has been hard on Hoosier growers. Favorable spring* weather is expected to bring the crop through, although early indications pointed to a winter-killed wheat crop.

First Mortgage -v Loans On well-located modern jgSKlßPlj&jpa Indianapolih Property Ks&SMPS&Z 6% INTEREST Weekly Payments HL NO COMMISSION HOMEBUILDERS SAVINGS I- and LOAN ASSOCIATION 1001 Lemcke Bldg.

Don’t Worry Bowlers l You can ride direct to the door of the BOWLINS CONGRESS *or only 7 cents. Just take a trolley. New fast cars take you out from -downtown in 22 minutes. And there’s no waiting, either. Cars run every 6 to 10 minutes during the tournament. Board any trolley marked "lllinois-Fairground,” going north on Illinois street downtown, just a step from your hotel. RAILWAYS